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US. ADH.
LIBRARY
flnrnmrifl
C0PYRI9HTED IN 1939 9Y WILLIAM B. DANAOOMPANY,
MEW YORK.
ENTERED AS SeCOND-OLAS9 MATTER JUNE 21, 1979. AT THE POST OFFICE AT NEW YORK. MEW YORK, UNDER THE ACT Or MARCH I, 1979,
NEW YORK, JULY 22,1939
VOL. 149.
BROOKLYN
NATIONAL
Chartered 1866
t
George Vr McLaughlin
-:
i
BANK
OF THE CITY OF NEW YORK
|
•->
CHASE
THE
TRUST
COMPANY-
Maintaining effective cor¬
President
'
NO. 3865.
'
r
NEW YORK
respondent bank service
BROOKLYN
is
Member Federal Deposit Insurance
traditional
a
policy of
the Chase National Bank.
Corporation
Broaden your customer
service with
Chase
cor¬
respondent facilities.
Member Federal Deposit Insurance
|
Corporation
*
Hallgarten & Co.
: established 1850
'
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\
<(]'
^
^
PREFERRED
NEW YORK
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<*f
n
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/:
*
.
**
'
•.
V
f
STOCKS
•
..
S"f
Chicago
.
Underwriters of, capital issues
London
dealers
and
United
in
States
Government, State, County and
Municipal bonds and in Public
Utility, Railroad, Industrial
q>he
FUNDAMENTAL
and other investment securities.
•
FIRST BOSTON
Harriman
CORPORATION
INVESTORS
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V.
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BOSTON
CHICAGO
INC.;
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SAN FRANCISCO
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Boston
Street, New York
Philadelphia
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AND OTHER PRINCIPAL CITIES
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Incorporated
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NEW YORK
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Chicago
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Representatives in other leading Cities
Prospectus on request
from authorized dealers in^all prin¬
cipal cities or Fundamental Group
Corporation, Jersey City, N. J.
The
City of
New York Trust
Philadelphia
Commonwealth of
Company
HOMER & CO., Inc.
40
IOO
BROADWAY
Pennsylvania
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Bonds
Exchange Place, New York
Moncure Biddle & Co.
MADISON AVENUE
PHILADELPHIA
AND 40TH STREET
BEAR, STEARNS & CO.
ONE EAST
57TH STREET
ONE WALL STREET
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Founded 1854
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factors
European
Representative
8 KING
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Offices t
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Correspondent Companies!
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The Commercial & Financial
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Chronicle
July 22, 1939
of record only and is under no circumstances to be construed as an offering of these
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securities in any state to any person to whom it is unlawful for such principal underwriter to ma\e such offer in such state.
This announcement appears as a matter
securities
for sale,
or as an
July 18,1939
New Issue
40,000
Shares
Cumulative Convertible* Preferred
(Par Value $50
♦To be
Company
Steel
Copper weld
Stock, 5% Series
share)
a
designated to and including July 31, 1948, when the conversion rights
designated Cumulative Preferred Stock, 5% Series.
so
terminate, and thereafter to be
Price
$50
share
per
plus accrued dividends from July 10,1939 to date of delivery
Copies of the prospectus may be obtained from any of the undersigned. A complete list of the principal under•
(underwriters as defined in the Federal Securities Act of 1933 as amended) and the respective amounts
severally have underwritten, subject to the conditions specified in the underwriting agreement, are
set forth in the prospectus. Among such principal underwriters are the following:
-
,
'r[.
writers
which they
,
/
,
RITER & Co.
Eastman, Dillon & Co.
Hemphill, Noyes & Co.
Graham, Parsons & Co.
A. G. Becker & Co.
Incorporated
Leading Out-of-Town
Investment Bankers & Brokers
BIRMINGHAM
Expenses of Class One Railroads
Can Be Reduced $500,160
MARX & CO.
Annually
BIRMINGHAM, ALABAMA
Stock and Bond Holders Entitled To Income On Investment
MUNICIPALS
SOUTHERN
With their co-operation
CORPORATION
and
con¬
★
★
★
sent of Interstate Commerce Com¬
mission
enormous
effected enabling
these
savings
can
Railroads to
be
pay
obligations.
tical experience,
HARTFORD
Interview
arranged
after making thor¬
can
Murphy,
Specialists in Connecticut
Huisache
East
Street,
be
through
A. Joseph
229
Railroad man, many years prac¬
Securities
Kingsville,
PUTNAM & CO.
Texas.
Members New York Stock Exchange
ough study of problem has devised
workable
and
BONDS
★
★
★
plan.
6
CENTRAL ROW,
HARTFORD
Tel. 5-0151. A. T. T. Teletype—Hartford 564
DETROIT
COMPLETE
NEARLY
FINANCIAL
OF
SET
CHRONICLES
MAY
BE BOUGHT AT AUCTION PRICE
Leading Out-of-Town
MICHIGAN
Investment Bankers & Brokers
t
ST.
may
1909
to
'
"
Charles A. Parcells & Co.
Members of Detroit Stock
Chronicle from 1872 to 1908, inclusive, and loose
for nearly the entire period
'
•
LOUIS
Bound volumes of the Commercial & Financial
issues
MUNICIPALS
1938
Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
be purchased from 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
issues of the Financial Review (annual) 1916-1919
-1920-1921.
Highest bid received by August 15,
Srtx
&
Dividends
Co.
SAINT LOUIS
THE
BUCKEYE
SO^OUVK ST,
PIPE LINE
26
New York, July 22, 1939.
1939, will be accepted, if not sold prior to that
date.
A dividend of
Buyer will be required to pay packing and
shipping costs from New York.
to V. M.,
Address replies
Box 32, care of The Chronicle, 25 Spruce
Street, New York City.
COMPANY
Broadway,
Fifty
(50)
Cents per share has
been declared on the Capital Stock of this Com¬
Members St. Louis Stock Exchange
pany, payable September 15, 1939 to stockholders
of record at the close of business August 25,1939.
J.
R.
FAST,
Secretary.
,
.1'
Vol.
JULY
149
No. 3865.
22, 1939
fe_
CONTENTS
Editorials
The Financial Situation
page
453
:
Are Rural Electrification
Projects Self-Liquidating?
Beware of Trend Toward Regimentation
465
------
467
Comment and Review
Text
Resolution Making
of
Relief
Week
-
on
-
-
-
—
Appropriations for Work
;
_————
;.
*
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•
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c.'
Course of the Bond Market-
— ...
...
...
—
472
—
Indications of Business Activity
•'■
458
462 & 524
Foreign Exchange Rates and Comment--.
i
469
457
Foreign Political and Economic Situation————
:
—,
the European Stock Exchanges
473
Week
on
the New York Stock Exchange.
Week
on
the New York Curb Exchange
———
455
521
'
r.V;,'\
..'I'
;/ News
Current Events and Discussions
Bank and Trust
General
v
......
Company Items...
517
—
Corporation and Investment News
Dry Goods Trade
567
.....
—
State and Municipal Department-
603
604
Stocks and Bonds
Monthly Range of Prices
on
New York Stock Exchange- 504
531 & 533
Foreign Stock Exchange Quotations
Bonds Called and
Sinking Fund Notices.
Dividends Declared
—
527
....
527
524
Auction Sales
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations—.534 & 544
—
534
New York Curb
Exchange—Stock Quotations
550
New York Curb
Exchange—Bond Quotations
554
Other
Exchanges—Stock and Bond Quotations..——. 556
Canadian Markets—Stock and Bond
Quotations
—
560
Over-the-Counter Securities—Stock & Bond Quotations. 563
Reports
461
Foreign Bank Statements
Course of Bank Clearings. ■
i'.
------522
Federal Reserve Bank Statements...—.————587 & 531
General Corporation and Investment
News
—
567
Commodities
The Commercial Markets and the
Cotton...
Breadstuff s
.........
-
Crops.—
593
596
600
Published'Every Saturday Morning by the William B, Dana Company, 25 Spruce Street, New York City.
Herbert D. 8eibert, Ohalrmai of the Board and Editor; William Dana Seibert. President and Treasurer;
Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South
William D. Biggs, Business
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State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. 0.
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.
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NOTE: On account of the fluctuations in the rates of exchange, remittances
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per agate line.
i
1'
587
The Commercial & Financial Chronicle
Tin
July 22, 1939
■v
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A
Bulwark of Defense
As
method of
a
fluctuating
building
estate—a
up a
secure, non-
of
bulwark
defense
against the unknowable future—the impor¬
tance
of
life
insurance
overestimated.
And
hardly
can
its
ultimate
adequate financial security for
a
be
aim-
family—
is
so
a
necessity by all clear-thinking people.
vital that it
must
surely be considered
.
V.
MASSACHUSETTS
INSURANCE
r
MUTUAL
LIFE
COMPANY
Springfield, Massachusetts
Organized 1851
Bertrand J. Perry, President
Assets, December 31, 1938
Liabilities
Surplus
.
to the
.
are
not
.
.
.
....
.
Assured
(In addition, thereto,
.
•
.
.
.
.
$626,809,000
...
.
.
$647,746,901
$ 20,937,901
.
Contingency Funds which
included in the surplus
.
•
•
$
6,500,000)
*•••;;
■
The Financial Situation
HAVING been obliged to admit definitive defeat tant, this year's lending-spending program, superimtheir efforts to obtain neutrality legislation,
posed
the others that have preceded it, is in
in
upon
the forces of the Administration have
their
attention,
tempted to
divided
task
pro¬
"Self-Liquidating
posed
Projects
book
the
to
without
statute
delay and
few and
as
1939"
Act of
through
with
un¬
unim¬
as
portant concessions as may
Several of the
be.
New Deal
to
leading
special pleaders
have been brought
forward
testify in behalf of the
and of
program,
course
usual methods of
political
have
the
bringing
pressure upon var¬
ious members of
been
not
So strong
Congress
neglected.
is the reluctance
'
of many
members of Con¬
that de¬
however,
gress,
spite all this the outcome
quite uncertain—
appears
and little wonder.
No less
than the.
authority
an
Chamber of Commerce of
the United States describes
the
provisions of the bill as-
"about
tween
equally divided be¬
grants of brand-new
authority to Federal
cies and
agen¬
waiving of statu¬
against
restrictions
tory
That TNEC Seminar
undue liberties with
public
for the future.
out
Here
are some
of the
questions listed for exploration:
"Are the obvious maladjustments of modern
economy due wholly or in part to a decline in
competition?
"What is the effect upon competition, upon
unemployment, upon prosperity, of the sub¬
stitution of organized commercial effort for
individual commercial effort?
"Is there any different rule for
competition
among corporations from the historic rule
which governed competition among individ¬
uals?
To what degree, in what
areas, and by
what agencies has competition as an
matic regulating force been set aside?
price
govern
and
economic power
and of size upon commercial
activity, trade, employment and the distribu¬
tion of income?
agricultural and industrial
on
"To what extent and in what
out¬
"What
the effects
are
Federal
manner
on
business of State
the proper standards of corpo¬
are
are there for 'private' investment?
What can
be done to restlmulate the forward drive of
the American economy?
"What public policies should be adopted to
the
people
measure
about
written
been
have
all
the
of
bright ideas public spend¬
ers
have
since
ever
had, before
'pork-barrel' days."
"self-liquidating"
/•' The
soothing
cleverly
syrup
concocted
by
proponents
of this measure,
fusion
near
or
that
the
con¬
always exists
the end of
session of
a
Congress, and the general
weariness of both
Congress
and the
public with poli¬
tics in its
myriad forms
are
prevent,
if they
are
not
actually
preventing,
the
public from taking the in¬
in
this
which
it
deserves,
mote
may
measure
and
which must be accorded it
guaranteeing
a prosperous economy
all elements of society may
Now,
in which
participate?"
to all
this, let it be noted:
(1) These and kindred topics have been the
favorite subjects of discussion and debate in
university seminars for more than a quarter
of a century, probably nearer a half century.
(2) The TNEC gives strong evidence of hav¬
ing long ago arrived at its own conclusions
concerning many of them.
(3) These conclusions are for the most part
as
untenable.
(4) If
has
generalization in this wide field
irrefutably established, it is this:
any
been
Democratic institutions cannot establish and
guarantee "a prosperous
any
other
headed,
kind
can
of
economy"—nor can
All that
institutions.
do is
certain that it
to be
business
enterprising,
men
are
energetic
unable
to
individual
establish
much
the
litical
manipulations which
po¬
always bedeviled pub¬
lic construction since time
began. These projects,
ac¬
be
to
are
"self-liquidating" business
enterprises, etc., etc.
Let
to the record
us turn
what
in
see
degree
of the mat¬
ter accords with the facts.
A number of
of
amendments,
riders, and the like have
been
suggested,
them
apparently with Ad¬
ministration
some
of
approval.
Senator Barkley, presuma¬
Administration
with
bly
consent, on Thursday sub¬
mitted to the Senate Com¬
mittee
revised text,
among other things
Currency
which
is
and
Banking
on
a
reported to have elimi¬
the
nated
"self-liquidat¬
ing" wording in favor of
"works
financing,"
or
assets"
coverable
"re¬
termi¬
nology, and also to have
dropped the "revolving
fund" idea embodied there¬
in, but
any
changes mil
represent concessions which
have
been
reluctant
wrung
The
from
a
Administration.
real purposes
Administration
of the
to
be
measure
£is
are
taneously in the two houses
just
The trouble is that they tend to
that.
program
of 1939.
more
of
It is
impor-
in
the
originally introducedsimuiCongress by Adminis¬
tration
fitting designation, but,
freer
malodorous
attention.
Washington correspondents have
lending-spending
more
be
the
found
quite aptly labeled this "self-liquidating projects"
measure
Washington, and
consequence
legislators and public officials may be helpful
—provided they do not interfere with per¬
fectly obvious duties pressing for prompt
jury to the public welfare
a
and
maintain "a prosperous economy."
These Rotarian discussions on the part
serious in¬
is to be avoided.
ment in
in
does not create conditions under which clear¬
do
if further very
people, so that democratic institutions
justify themselves by establishing and
Government
apparently threatening to
terest
end to unemployment, the inability of
to support themselves, and to pro¬
an ever-rising standard of
living for all
an
the
President
the
of
and the National Govern¬
tax
doing interstate business?
"Why has new investment lagged?
Is this
lag likely to continue?* What opportunities
put
immediately under the
control
this conception
rations
money," adding that "into
opera¬
question will be
may
laws, regulatory laws, laws
reflecting industrial and economic policies?
"What
public, the
in
tions
and
be increased?
power
directly
to the
unemployment, seasonal employment,
purchasing
Corpo¬
nouncements ,
low-wage income?
and
ration
con¬
"How is economic activity affected by the
character of income distribution and what is
the effect
Finance
obligations
struction
less
to be
by sale of Recon¬
cording to vague pro¬
of scientific development?
sequences
put of
for this program are
raised
production
"Are concentration and size inevitable
beCn
the impres¬
from
the effects of concentration of
are
has
effort
sion, that, since the funds
have
policies?
"What
impression has
made to give
auto¬
"What circumstances and agreements and
conditions
given, or at least a
careful
making a "preliminary,'* but at points
quite disturbing, array of recommendations
to
Congress, the Temporary National Eco¬
nomic Committee early this week, through
its Chairman, indicated* the lines of inquiry
laid
The
been
In
driving the
the worst of thein
all.
to the
attention,
of
several highly significant respects
is
one
their
say
turned
now
supporters.
Here
the "self-liquidating" program for the
essentials of which the Administration will without
question fight with its accustomed resourcefulness
we
find
,
and persistence.
The Commercial & Financial
454
Is the
Here
once
that
although the Reconstruction Finance
Corporation is to raise the funds, the lending and the
spending will in large part be done under the immediate direction of the President by various governrp,
e
named in the measure,
sum of $750,000,000 of public moneys obtained by
the devious means provided in the bill would be fur¬
ment
organizations
be granted the following
extraordinary
"(a)
To
powers:
alter, extend, enlarge,
reconstruct,
construct,
improve, repair, and acquire highway improvements with a
view to
promoting interstate commerce, aiding in the national
defense, facilitating the use of the mails, or promoting the
general welfare;
chattels, real and all rights and interests in land, whether
fees simple, absolute, or any lesser interest •''*
"(k) To enter on any real property for the purpose of making
surveys,
Where, in
maintain, and collect tolls? and other charges for the use of
highway improvements, which shall be sufficient (after mak¬
maintenance
expenses, for depreciation to the extent not provided for by
amortization, and contingencies) to amortize the cost of such
hereinafter provided;
for further highway improvements the rev¬
use
as
enues
derived from such collections to the extent not needed
in the
judgment of the Corporation (RFC) to meet reasonable
allowances for operation
and maintenance expenses
for
or
the amortization of the cost of highway improvements with
interest
hereinafter provided, or for depreciation to the
as
extent not
provided for by amortization and contingencies;
"(e) To acquire in the
purchase, exchange,
by the exercise of eminent domain
or
otherwise, and to hold, lease (as lessor with
or
the option to
otherwise
for
purchase
carrying out
with
lessee),
or as
dispose of real property
any
use,
or
without
sell, exchange,
necessary or
or
convenient
of its functions hereunder in connection
highway improvements,
in connection with
or
Act,
as
amended and supplemented;
any con¬
"(f) In connection with
municipality,
sale
any
or
'
lease to
any
tracts and agreements as
State,
include provisions for
con¬
the Commissioner of Public Roads
deem desirable, which contracts and agreements
may
that
determine to
may
have been realized from the sale of adjacent property
pursuant to subsection (g) of this section;
"(g)
acquired
To acquire by purchase, but not by condemnation,
the vicinity
of any
highway improvements
in the
opinion of the Commissioner of Public Roads and the
Federal-aid construction if,
or
Corporation (RFC), the price at which such real property
be purchased is such
may
in
United States will, as
Carte blanche to "improve" acquired
question!
real
estate, including such construction as may
deemed likely to increase its use
Apparently
even
be
(see Section 4(1))!
to the erection and operation of
gasoline stations, road houses, hotels, trailer camps,
and the Lord knows what else!
Full Federal polic¬
ing of the highways and adjacent property acquired,
apparently to the licensing (for, a fee) of vehicles
and
the
operators thereof
enter any
Authority to
using it!
premises anywhere for the purpose of sur-
veying, testing, boring, examining and the like!
No
provision anywhere in the least likely to exclude the
payment of political debts, in advance or otherwise!
Self-liquidating business enterprises indeed! More
Deal
tunnels,
fantastic-super-highways,
and—pos¬
sibly, but not necessarily—toll gates!
And the remainder of the program
of the bill
itself, here
are some
?
,
In the words
other features:
"To the Public Works Administration:
The
sum
of $350,-
000,000 for projects of the character heretofore financed by
loan
or
grant or both by the Federal Emergency
dustrial Recovery Act,
Act
result of appreciation in land values
of
Adminis¬
the Emergency Relief Appropriation
1935, the Emergency Relief Appropriation Act of
Public Works Administration Extension Act of
1936, the
1937, and the Public Works Administration Appropriation
*
Act of 1938."
'To the Rural Electrification Administration:
to make it probable that the
as
And quite regardless of any use to
be making of the land
purpose!
which local governments may
tration of Public Works under Title II of the National In¬
;
for investment purposes, any real property in
incidental
highway improvements, but "convenient" for
to the
may
deducting from the unpaid portion of
profit which the Corporation (RFC)
Power to acquire by
condemnation land not only necessary or
the sale price, rental payments, or loans an amount equal to
any
only
realistically, $750,000,000 in political bridges, New
-
other public body, to enter into such
or
in pure land
engage
highway improvements, but "Federal-aid con¬
the
struction undertaken in accordance with the Federal High¬
way
Authority to
speculation anywhere "in the vicinity of" not
even
of the United States by gift,
name
the formidable mass of New Deal
"Where?".
swers
ing reasonable allowances for operation and
"(d) To
even
legislation now in force, can there be found as extensive an array of incredible powers granted to the
Chief Executive and his subordinates?
Echo an¬
struction," whatever that is!
"(c) With the approval of the Corporation (RFC), to fix,
highway improvements with interest
borings, tests, and examinations."
Extraordinary Even for the New Deal
,
To maintain and operate highway improvements;
"(b)
under the direction of the
condemnation proceedings for the purpose
of taking any real property (which term includes for purposes
of this Act, property devoted to another public use, lands
under
water,' water
rights,
incorporeal hereditaments,
Attorney General,
nished the Public Roads Administration which would,
in the words of the measure,
July 22, 1939
"(j) To institute and carry on,
Program
Turning to the original Barkley-Steagall bill, we
find at
Chronicle
$500,000r
Federal-aid
000 for projects of the character heretofore financed or authorized to be financed or carried on by the Rural Electrifica¬
construction, be able to dispose of such property within 20
tion Administration under the Rural Electrification Act of
resulting from
at such
years
a
nay
price
a
highway improvement
any
1936."
'
public sale after advertisement and
"To
the
as
such real property at
to result in
competitive bidding and
tions
tion
as
or
upon
a
profit; and to sell
such other terms and condi¬
the Commissioner of Public Roads, and the
(RFC)
may
in their judgment deem in the public inter-
est;
;
"(h) To expend
during the
;
,,
moneys
for the
property has been purchased,
taken
Corpora¬
course
or
purpose
for which
.."J
>■
'•
of
other individuals who obtain, or who
have in the past ob¬
tained, the major portion of their income from farm opera¬
tions, including rural rehabilitation loans, projects for the
real
any
facilities for
■.
Agriculture: $600,000,000 for
farm tenants, farm laborers, sharecroppers, and
Department
possession thereof has been
of condemnation proceedings, and
provision of additional water facilities and farm tenant loans
as
provided for in Title I of the Bankhead-Jones Farm Tenant
Act, approved July 22, 1937."
in advance
of final judgment thereon, in demolishing ex¬
isting structures thereon, in improving such real property in
any
way,
or
in
constructing
any
improvement
highway
Finally, the Reconstruction Finance Corporation
itself is to have $500,000,000
with which to purchase
thereon, notwithstanding the provisions of Section 355 of
railway equipment which it is either to scrap or (so
the Revised Statutes
it
or
any
other law restricting the
expen¬
diture of public moneys upon real
property, the title to which
has been acquired by the United
States;
"(i) To prescribe and publish such rules and regulations
for the proper government and
protection of,
nance of good order on,
and mainte¬
highway improvements or adjacent
real property of the Authority, willful violation of which
shall be punishable by a fine of not more than
$500 or im¬
prisonment for not
more
than three months,
or
both
.
.
.;
hopes) lease to the railroad companies of the coun¬
try, which have been
stances
largely
ence or
reduced to straitened circum¬
result of governmental interfer¬
neglect.
as a
Self-Liquidating
Seld-liquidating projects?
tures ?
Where
are
the
Recoverable expendi¬
assurances
?
The bill merely
/
Volume
The Commercial & Financial Chronicle
149
provides that "the Department of Agriculture, the
tend to increase.
Public
ers'
Roads
Administration,
Public
the
Works
Administration, the Rural Electrification Adminis¬
and
tration
the
their powers
the cost of the
works, projects,
ried out under this
ing
the
same,
Act,
with
interest.
offer
as
■ ■.
be
undertaken and such
reasonable assurance of profit¬
a
the
program,
viewed
of its most ardent advocates, will
eyes
miserable failure—to which
a
such
j To
.
,
are
able operation or full repayment,
through the
undertakings car¬
this thefe need be but one
only such projects
loans made
or
might, however, be
added the assertion that if other projects are
taken and other loans
made, it will be
a
under¬
failure of a
disastrous variety so far as public welfare is
cerned.
this
all
an
$140,000,000
additional
already appropriated but not provided,
financed
is to be
by sale of obligations of the Reconstruction
insignificant
market
figure
lation
bank
higher levels.
Money in circu¬
thus increased
$19,000,000, and
Gold stocks of the
reserves.
$17,000,000 to
The
ever
decreased
another record
country advanced
newly acquired gold, but also for some previ¬
ously purchased metal, and still found its general
with
account
12
the
regional banks lowered by
$26,380,000,
Under these main influences, member
bank
balances
reserve
101,000.
marked upward by $62,-
were
reserves
legal requirements
over
$40,000,000 for the weekly period, to
up
other
this
Excess
record
at
extraordinary figure and the cheap rates of the
market, there is
money
demand
indication of
no
credit accommodation.
anteed
for
ing
These losses
The
$4,000,000 for the week to $1,405,000,000.
member
banks
reports and Treasury deficits, but otherwise the regu¬
loans
lar
$472,000,000..
reports of receipts and expenditures of the Treas¬
would show
ury
trace of these operations.
no
on
security
fell
collateral
7 V7
Gold certificates
The
business
shows
,
effec¬
any
con¬
City weekly report¬
periodically make good losses revealed by appraisals.
in the budget
an¬
Notwithstanding
$4,490,000,000.
dition statement of New York
appear
i
$16,191,000,000.
at
Treasury deposited gold, certificates not only
for the
tive
would, presumably,
of
there in the
portfolio, the credit reservoir con¬
tinues to fill to
Finance Corporation, fully and unconditionally guar¬
by the Federal .Government, which would
nor
Despite the restraining influence of the lowered
open
,
plus
market holdings of bank¬
the
at
present credit situation.
were
1
Now,
con¬
The open
remain
$556,600, which is neither here
view to recovering
a
loans made to aid in financ¬
or
vague pronouncements as
retort: If
(RFC) shall exercise
Corporation
under this Act with
bills
455
down
loans
Brokers'
$24,000,000
V.7 ;;:7. 'V;';-
to
./T:
deposited by the Treasury with
end result of the whole business would, of course, be
the 12 Federal Reserve banks in the week to
precisely the
amounted to
if the Treasury
same as
the program
financing
were
with funds it obtained directly.
The
danger is that the "artful dodge" to be employed in
expansion of the spending orgy without having to
an
account
directly to the
■
actually
public for the funds will
obvious
its
serve
troubled but naive minds.
straightforward and
interest if the full
a
great deal
obviously but
this.
program
as
however,
some
gress
one
were
charged di¬
'
*
more
in the public
more
$2,700,000,000
rectly to the Treasury.
There is
soothing
of
purpose
It would be much
thing to do with such
program we
a
If,
must have, let Con¬
at least eliminate those evils and those excesses
which characterize it in
case even
a
with New Deal
nation would of
course
degree not heretofore the
an
elimi¬
require changes much
more
drastic, and vastly different from
suggested.
Such
legislation.
of those yet
any
■■■/ "
■■
up
banks
slightly, and total reserves of the regional
advanced
ANOTHER
series
of
interesting changes
corded this week in the official
to
$14,015,016,000.
Total deposits with
$32,175,000
$13,747,000 to $4,508,962,000.
the 12 Federal Reserve banks moved up
to
$11,810,317,000, with the account variations
sisting of
a
con¬
gain of member bank reserve deposits
Treasury general account by $26,380,000 to $764,-
216,000; a decline of foreign bank balances by $10,447,000 to $279,038,000, and an increase of other
deposits by $6,901,000 to $355,016,000. The reserve
ratio moved up to 85.9% from 85.7%.
Discounts
/
the 12 banks dropped $669,000 to $4,597,000.
by
Industrial advances
were
up
commitments to make
but
$61,000 to $12,557,000,
such advances declined
$61,000 to $11,292,000. ,V,-v
"ib
V r7-7
:
:
7
?■-
The New York Stock Market
Federal Reserve Bank Statement
Tx
$48,894,000
Federal Reserve notes in actual circulation declined
by $62,101,000 to $10,412,047,000; a decrease of the
<
That is to reject it in toto.
such
of these
was
July 19
$46,499,000, raising the total holdings
instruments to $13,651,218,000.
Other cash
is
re-
banking sta¬
York Stock
SHARP and well sustained advancesExchange,
occurred
this week
on
the New
gains being the most impressive recorded in
Hesitant and modest upward tendencies
tistics, the general tendency being much like that
the
of the three
months.
serve
banks
previous weeks.
permitted
a
The 12 Federal Re¬
further $20,000,000 of their
of last week
suddenly were transformed into some¬
Treasury discount bill holdings to "run off" with¬
thing approaching boom conditions, beginning on
out
Monday.
The stock market surged forward in the
first two
sessions of the week,
replacement in the week ended July 19.
is the third
open
This
drop noted in four weeks, the fall in
market
holdings
since
amounting to $48,878,000.
late
Total
in
open
June
now
market hold¬
on
reacted somewhat
Wednesday and Thursday, and engaged in an¬
decided
other
upswing yesterday.
The profit:tak-
ings of United States Treasury issues still amount
ing of the mid-week periods was modest and the
to
ready absorption of the offering^ clearly prompted
$2,515,137,000, divided into $911,090,000 bonds,
$1,176,109,000 notes and $427,938,000 discount bills.
It
was
the
in
recognition of the technical conditions of
discount
replacement
bill
market
that
the
vances
adopted, but the technical
was
noncon¬
the decline of
especially while
Plainly enough, the
Treasury bill holdings,
excess reserves
Favorable, from any point of view,
tendency of trading to expand on the ad¬
and to contract while reaction was
taking
place.
ditions show little correction.
continue
buying.
a
policy of
Federal Reserve authorities would be well advised
to
fresh
was
of member banks
the
All departments of the stock market joined
movement, but industrial stocks and a few
specialties
were
the leaders.
Gains of two to eight
points are to be noted at last night's closing, in
comparison with figures prevalent a week earlier.
The Commercial & Financial Chronicle
456
'
'
•
.
'
'
•
■
11
1
•
■
July 22, 1939
'
■
■
of
One
which
the
Loft, Inc.,
steadily at smartly rising figures,
taken
was
favorites
persistent
was
continued to move to the American side of the Atlantic, but only modestly on ordinary account.
prominent industrial, railroad and utility
But the
Most of the metal now being transferred is going
advancing scale, with
under earmark and obviously represents prepara-
stocks all
bought
were
on an
ranging nearly to 2,000,000 shares in the
turnover
most active
period, Tuesday, and dropping only
little under
the
1,000,000-share mark in the most
diverse.
Business indices reflected
nificant
gains and stimulated an
improvement during the
The
months.
autumn
some
were
rather
sig-
expectation of
late
and
summer
stocks touched new low levels.
New York
On the New York Stock Exchange the sales at the
warfare.
session on Saturday last were 205,760
Monday they were 1,751,700 shares; on
shares;
Perhaps the most important single influ-
augmented revolt by Congress against
an
was
rubber-stamping of Roosevelt demands and
sug-
gestions which marked the first six years of this
Administration.
Congress obviously wanted to
home and mend its
political fences, and took
on
Tuesday, 1,887,670 shares; on Wednesday, 1,022,300
shares ; on Thursday, 805,930 shares, and on Friday,
1,265,170 shares.
On the New York Curb Exchange the sales on
last were 43,745 shares; on Monday,
go
a con-
Call loans on the
Stock Exchange remained unchanged
at 1%.
foreign situation, although
half-day
the
On the New York Curb
Exchange 99 stocks touched new high levels and 40
obviously critical, failed to produce overt acts of
ence
Stock Exchange 116 stocks
On the New York
touched new high levels for the year while 19 stocks
touched new low levels.
contributing to the movement
The factors
tions for any war emergency that may develop,
a
quiet session, Thursday.
fresh
Saturday
201,165
Wednesday, 133,965 shares;
The legislation desired
by the President was sidetracked in important inyesterday reduced this delicate mat-
unprecedented absurdity by claiming that
boom
business
action,
probably
which
leaders
promptly drew
from
Senate
some
both sides the retort that Mr. Roosevelt's
on
comment is
"poppycock."
The business community
gathered the impression that the congressional
volt
far
re-
against the Administration might be carried
enough to prevent enactment of the
new
000,000 spending-lending bill and the Mead
for term loans to business.
the Administration
the
a
halted by the Senate
was
long
business
vate
the financial
possibly is reaching the end of
even
a
On
fairly good volume of business the stock
a
market last Saturday managed to hold the gains
it
established in earlier sessions, and closed
irregularly
higher
levels.
Out-of-town
at
purchase
orders contributed in good measure to round out
the day's
activity, and indications of
an
improved
situation this fall furnished additional
business
support toward an increase in security values.
the market's pent-up
energy
let go
All
Monday,
on
After opening firm, a lull in trading set in without
material alteration in the price trend.
any
ever,
How-
in the afternoon activity quickened and prices
were
the march again, gaining momentum
on
as
final hour, when close to 1,000,000 shares changed
hands, the general list closing from one to four
few
The favorable factors far
decidedly adverse develop-
sinking spell in agricultural
com-
grave
repercussions.
points higher.
The consensus of opinion with
gard to the upward trend
was
re-
attributed to the
exceptional showing of the steel industry, coupled
with the improvement in railroad revenue for June
the listed
also
on
trading progressed and reaching their peak in the
on
modity prices which ordinarily would have
In
shares;
Thursday, 114,585
proved most encouraging to
affairs
as a
212,870
on
ordinary pri-
community.
overshadowed
ments, such
Such indications that
of encroachment
process
$3,600,-
measure
on
shares, and on Friday, 177,805 shares,
stances, such as the change in the neutrality laws.
Mr. Roosevelt
shares;
Tuesday,
tinually more adverse attitude toward Mr. Boosevelt and his New Dealers.
ter to
'
i
.
;
bond
market
an
upward tendency
the same period
over
one year
and
ago
better
a
discernible, but on a more modest scale,
Speculative attention plainly was centered on equities, and senior securities remained relatively in-
further
active.
hard pressed that the ticker ran as much as four
was
United States Government securities moved
fractionally
loans
pied with
fair
higher,
idle.
were
some
reception.
large
kets the
in
new
prices
corn
and
other
on
a
steady drop
world markets to the
The vast surplus stocks of
Treasury at 35c., but possibly is under the
world
level, for London quotations ex-
natural
ceeded
our
own, and a flow of the white metal to
the week.
with
one
of the pleasant
Copper and other base
little
business
recent weeks.
reported
surprises of
metals
after
the
were
dull,
flurry
of
In the
foreign exchange markets the
leading units remained under stringent control and
variations
were
of
no
immediate importance.
Gold
ignited
again
burden
Monday
on
was spread
Tuesday, and trading facilities
on
minutes behind time.
items, in this country and else-
England provided
spark
which galvanized the market into action
were
occu-
where, apparently will occasion delicate problems,
and
precautionary mark-downs were the rule. The
foreign silver price was maintained by the United
States
The
corporate
In the commodity marwas a
outlook.
was
offerings,; which met
principal development
grain and
rated
slowly higher, while foreign dol-
neglected.
were
lowest levels in years..
wheat
best
Speculative railroad, traction and
other liens moved
lar bonds
while
The investment market
foreign
to
numerous
so
Out-of-town buying orders
and helped to add
already
an
were
an
extra
market.
overworked
The
volume of transactions for the day approximated
close to 2,000,000 shares,
and
gains ranged
net
from fractions to three points, with
reflecting
entered
little
the
strength.
greatest
steel shares
Profit-taking
the market at various intervals, but had
or no
effect
on
prices.
Enthusiasm
ing in Wednesday's session, and equities
shed from fractions to
volume
of
President
ers
sales.
over
a
The
point
on a
concern
was
as a
greatly reduced
expressed
the foreign situation left
took trading on
a
firm
A spell of quiet
over-
Thursday following previous hectic
reasonably active, trading took on
and
was
followed by
a
a
dull
appear-
moderate recession in
In the third hour the report of a severe
values.
break
the
trad-
Beginning the day somewhat higher and
sessions.
ance
by
some
cold to active participation, although
market undertone prevailed.
lack-
result
in
commodities
adversely affected equities,
and losses of fractions to two points were accumti-
.
Volume
lated at
trend
The Commercial & Financial Chronicle
149
the
took
issues commanded
was
A
close.
new
noted from the
in
sales
to
three
prices
metal stocks
duction
of
July 15
was
marked
closing
Friday of last
on
Friday of last week
on
Edison Co. of N. Y. at
Gas & Elec.
N.
J.
at
at
Consolidated
;
32% against 31%; Columbia
6% against 6%
;
457,000 kwh. in the
ings of
General Electric closed yesterday at 38%
against 36%
week
ended
the Independence Day suspension, and with 2,684,-
rubber and
week, closing prices yesterday reflect spectacular
progress.
the
for gains of one
up
favorable attention.
As compared with the
for
power
Electric Institute, this figure comparing with 2,677,956,000 kwh. in the previous week, which contained
A better tone
on a
Rails, steel, motor,
received
electric
2,324,181,000 kwh., according to Edison
large turnover
high prices.
start, and
were
points.
in the upward
and many prominent
resumption
place yesterday,
457
Public Service of
39% against 38%; J. I. Case Threshing
same
week of 1938.
Car load-
freight for the week ended July 15
revenue
totaled 673,812
cars,
according to the Association
of American Railroads.
The loadings are the larg-
est reported since Oct. 29, 1938, and they
by 114,703
and by 71,367
last
higher
are
than those of the preceding week,
cars
than those of the
cars
week of
same
year.
As indicating the
of the commodity
course
mar-
Machine at 77% against 76 bid; International Har-
kets, the July option for wheat in Chicago closed
vester at 58
yesterday at 64c. against 65%c. the close
against 57%; Sears, Roebuck & Co. at
^9% against 77%; Montgomery Ward & Co. at 54%
of last week.
July
corn
against 51%; Woolworth at 48% against 47%, and
day at 39%c. against 43c. the close
American Tel. & Tel. at 165% against 164.
last week.
Western
26%c. against 27%c. the close
against
151%;
against
19;
National
Cash
Register
Dairy
Products
The spot price for cotton here in New York closed
20%
yesterday at 9.44c. against 9.77c. the close
at
17%
day of last week.
against 16%; National Biscuit at 27% against 26%;
day
of last week.
38% against 38%; Eastman Kodak at 169%
against
166%;
Standard
Brands
at
6%
against
6%; Westinghouse Elec. & Mfg. at 108% against
101%; Lorillard at 23% against 23%; Canada Dry
at
18% against 17%; Schenley Distillers at 13%
12%, and National Distillers at 26%
against
against 26.
Rubber
In the rubber group, Goodyear Tire &
closed
;
yesterday
31%
at
against 28
on
16.70c. against 16.57c. the close
was
Domestic
10%c., the close
on
copper
pence per ounce
close
on
against 16%
:
pence per ounce
the
In the matter
transfers
Pennsylvania RR, closed yesterday at 19%
against 17% on Friday of last week; Atchison To-
Friday
of the foreign
exchanges,
cable
London closed yesterday at $4.68 5/16
on
week.
on
;
2.65c., the close
this
In London
York closed yesterday at 34%c., the close
of last week.
The
advances
Friday
Friday of last week, and spot silver in New
against $4.68 5/16 the close
sizable
on
closed yesterday at
Friday of last week.
and cable transfers
made
Fri-
the price of bar silver yesterday closed at 16 13/16
18, and United States Rubber at 47% against 42%.
shares
on
The spot price for rubber yester-
Friday of last week; B. F. Goodrich at 19% against
railroad
Friday of last
on
week.
Texas Gulf
Can at
Friday of
on
at
Sulphur at 29% against 28; Continental
Friday
July oats at Chicago closed yesterday at
Union closed yesterday at 25% against 23% on
Friday of last week; Allied Chemical & Dye at 170
against 167; E. I. du Pont de Nemours at 159%
National
on
at Chicago closed yester-
■■
on
on
Friday of last week,
Paris closed yesterday at
on
Friday of last week,
:
_
c
_
European Stock Mar ets
peka & Santa Fe at 30% against 27%; New York
-L"
/
JITTLE business
Central at 15% against
,*
14%; Union Pacific at 98%
against 97; Southern Pacific at 15% against 13%;
Southern
ern
Railway at 18% against 15%, and North-
Pacific at
terized
the
States
Steel
9% against 8%.
steel
Large gains eharac-
shares the -present week.
closed
yesterday at 51%
United
against 47
was done this week on stock exchanges in1 the leading European financial
centers, and the tendency of prices remained irContinued apprehensions of war kept the
regular.
-markets at London, Paris and Berlin exceedingly
dull,
despite
the
sharp
conditions
business
improvement of general
everywhere
in
Europe.
In
Friday of last week; Inland Steel at 81 against
73%; Bethlehem Steel at 62% against 55%, and
financial markets is most eloquent, for it reflects
Youngstown
against 36%.
the war psychosis which affects all of Europe. The
Auburn Auto closed yesterday
Friday of last week ; General
European centers for a time, but ; such influences
on
Sheet & Tube at 41%
In the motor
group,
at
2% against 1%
Motors
at
47%
on
against
45%;
Chrysler
at
83%
against 75%; Packard at 3% against 3%, arid Hupp
Motors
at
1
against 1%.
Standard; Oil
of
N.
J.
Among the oil stocks,
closed
view of the business gains the apathy of the several
advances on the New York market cheered
proved ephemeral.
ever,
the
It can at least be said, how-
that the London market lost no ground during
the week.
At Paris and Berlin trading was at a
Friday of last week; Shell Union
minimum and net variations of little consequence,
The summer holiday season is reaching its peak in
against 16%, and Atlantic Refining at
26% against 26%. In the copper group, Anaconda
Europe, which also tends to keep financial activity
at a low level. London trading in American securi-
Copper closed yesterday at 26% against 25% on
Friday of last week; American Smelting & Refining
at 47%
against 44, and Phelps Dodge at 46%
ties now is of modified significance, since the un-
against 42%
Oil
at
on
at
423^
11
against 36%.
and the trend
cial markets to
the week
were
mostly favorable this week,
unquestionably influenced the finana
great degree.
ending today
were
Iron and Steel Institute at
55.6%, and
was
a year ago
Steel operations for
estimated by American
56.4% of capacity, which
highest rate attained
week the steel rate
official ban on British purchases of foreign securk
ties is quite effective, but variations in New York
still are a definite factor in London.
:
Business indices
is the
yesterday
so
49.7%,
far this year.
a
the rate
month ago it
was
36.4%.
Last
was
Pro-
ately,
however, the shadow
Unfortun-
of the God of War
dominates everything and makes difficult a proper
appraisal of the trend of ordinary affairs,
On the London Stock Exchange a
was
for
new
account
opened Monday, which ordinarily is the signal
a
degree of activity.
But there
was no
gain in
this occasion, owing to the prevailing
international political uncertainty.
Gilt-edged istrading
on
The Commercial & Financial Chronicle
458
sues
were
at the start, but declined thereafter.
up
mining shares varied little,
and
stocks
Industrial
department a rising ten¬
while in the international
dency of Anglo-American favorites was offset by
Rumors that the Dan¬
declines in other securities.
fixed-interest
Thursday
on
zig question might be settled amicably aided the
on
re¬
of the
were
demand,
about Danzig.
rumors
thusiasm
in keen
as a consequence
There
little
was
en¬
Wednesday, for the international out¬
on
look worsened and
liquidation
was
Gilt-
the rule.
edged issues remained soft, while industrial stocks
showed small losses.
shares drifted
another
In
stocks lost
and
lower,
more
American issues
did international securities.
Thursday,
gilt-edged
ground, while industrial, mining
shares
irregular.
were
Anglo-
marked down to conform with
were
levels, and other international securities
weak.
were
as
session,
quiet
commodity
New York
Mining and other commodity
Gilt-edged issues and industrial stocks
steady yesterday, but international securities
receded.
vV;-'
;
were
issues
colonial
;
Trading
day, after
Bastille
bourse
the Paris
on
a
resumed, Mon¬
was
three-day suspension occasioned by the
Day celebrations, but there was little buy¬
The lack of martial developments over the
ing.
week-end
that
war
the
and
offset
was
by the deepening conviction
must eventuate from the
armaments
vast
present situation
preparations.
The fort¬
nightly settlement was arranged on a carryover rate
of
only 1%, but even this low figure failed to in¬
duce
Small recessions
trading.
tes and French
ties
neglected.
were
York aided the
noted in ren¬
were
equities, while international securi¬
Optimistic reports from New
Bourse, Tuesday, and
were
reflected
by sizable gains in rentes and French bank, utility
The international group re¬
and industrial stocks.
mained
Wednesday
on
highly irregular, for apprehensions regarding
were
the
Changes
quiet, but firm.
political situation
stimulated both by the
were
defeat of President Roosevelt
on
neutrality legisla¬
tion, and by indications that Russia does not
to
Grand
the
enter
Rentes and French
Only
a
against
care
aggression.
equities showed small gains and
international
but
losses,
Alliance
issues
sagged
few scattered transactions
were
sharply.
Neutrality Legislation
MONTHS of arguments about neutrality laws
finally have been terminated in Washington
by
Senate deadlock which indicates that the ex¬
a
isting legislation will remain on the Statute Book,
of President Roosevelt to have the
and the desire
laws
changed thus goes down to defeat.
ficult to believe that much has been lost
sult
of the
may
be to the President.
war
in
of issues.
groups
Rentes showed modest net
gains, while French equities and international
curities
merely
hovered
around
Modest gains were recorded
French
equities,
while
former
warfare
is
The automatic embargo
obvious
an
issues
were
The Berlin
Boerse resumed
on
Monday the dull
regime has decreed for the
principal German financial market, intentionally
'otherwise.
In listless
equities, while fixed-interest securities
There
was no
increase in
price trend
was
points
common
were
better
among
were
to
was
German
China.
against
carry' provisions
velt desired would be more
on
fective is open to
on
the other
eral
and
>
acceptable
or more
ef¬
Not subject to question,
dispute.
hand, is the simple fact that any gen¬
European
would occasion reactions in this
war
country depending on many presently determinable
factors, but also on many others that are not pre¬
dictable, such as the occasion for the conflict, the
initial act of
To
forces.
military nature and the balance of
a
legislate in advance of the determina¬
tion of such factors
seems
idle, and there is
ter evidence of this than the
bet¬
no
varying interpretations
placed on the existing neutrality laws in different
situations.
simple
Underlying all
ought to maintain
political
and
ceeded in
is the
Government
where they impinge directly
clear
following this
interests
immediate
the
on
It is not
America.
matters
States
real aloofness from foreign
a
concerns, save
inescapably
such
United
the
fact that
Mr.
that
Roosevelt
of
suc¬
and the distrust of
course,
his
policies manifested by the Senate Foreign Re¬
lations Committee seems well deserved.
The issue
now
if it
been shelved and
has
can
remain in the
background hereafter a good deal will have been
There will be time enough to consider the
gained.
that the
event of
war
a
United
States should
take in the
general European war if and when such a
develops.
the
firm.
\s''\
;
#
v
European Maneuvers
NOTEWORTHY changeslacking European polit¬
in the this week,
ical
in
situation
were
save
important respect.
one
The exception concerns
official
start
of
conscription in England for
Saturday,
military
service, last
stituting
a
trend
European affairs.
in
of
this
action con¬
sufficiently impressive indication of the
progress
for
some
The World War was
time before Britain found it
necessary
to resort to such extremes, but conscrip¬
tion
is
now
a
reality in the United Kingdom al¬
Some 30,000 British
still is uncertain.
two
youths reported for military service, and at suit¬
The
able intervals
gains of
one
or
market leaders.
Some speculative
advancing levels
was
as
well
interest
Another
reported at Berlin
Wednesday, owing to improved foreign trade
"cash
the
Whether
materials that Mr. Roose¬
on war
and
reported in German "colonial" issues.
session of
applied
though
among
equities.
was
turnover, Tuesday, but the
good tone extended to fixed income issues
as
or
dealings the Boerse disclosed
only small variations in either direction
It
but neglected in the undeclared war waged by
Japan
the
irregular.
sessions which the Nazi
countries engaged
sham.
against the opposing factions in the Spanish civil
war,
se¬
levels.
yesterday in rentes and
international
re¬
on
the Bourse, Thursday, and variations were small in
all
It is dif¬
by the
long conflict, disappointing though it
materials shipments to
on
course
reported
sharply.
dropped
'
••
•
Changes
soft.
were
minute in German stocks and
small scale.
a
but gains were general in
industrial, mining and international sections.
Czech bonds
equities,
unimportant yesterday, with trading
were
soft, owing to the impending financing of
the armaments program,
the
stocks
Gilt-edged
Tuesday.
obligations
were
German
the
London
market,
the rule among
were
bonds, with dealings on an extremely modest scale,
but
Changes
mained
Advances
statistics.
but
July 22, 1939
selves
British
war
for
a
further
170,000
Secretary
for
are
military
compulsory
War,
to present them¬
training.
The
Leslie Hore-Belisha,
truly remarked to a group of the conscripts that
of the most historic
"this is
one
of
country."
the
In all
days in the history
other respects, as well,
Volume
Britain
The Commercial & Financial Chronicle
149
continues
rapidly
to
for a war
prepare
which London clearly regards as inevitable.
brief space
In the
of 25 hours, three British cruisers were
The Air Force is being
launched, early this week.
brought to
high pitch of efficiency and is being
a
trained for long
claims in
Foreign
Italy that the visit paid to Spain by
Count Galeazzo Ciano firmly
Minister
riveted the
last
Monday,
over
statement
Paris, last week, another
size flew
a
the Continent.
over
distance
Berlin.
virtual
of the same
group
Wednesday clear down to Marseilles,
on
The
French
amined.
and
visible and uncertain line which divides the
French
a
on
On the other side of the in¬
footing.
war
combination
Anglo-
Rome-Berlin
the
and
on
military strength is at its maximum.
axis,
The powder-
keg is full to overflowing and the nations
play¬
are
departed from Spain
on
a
issued at San Sebastian to the effect
was
that all problems of mutual interest had been ex¬
long have been
forces
over
warship attended by an impressive
military convoy. On the eve of his departure a
than the mijleage to
slightly greater
The
completed his conversations
week-end, and
FoL
lowing the flight of 120 British bombing airplanes
flights
country to the Rome-Berlin axis.
Italian Minister
the
459
"Complete agreement in all points of view
solidarity have been attained," the statement
continued.;
is
now
"Friendship between Italy and Spain
positive reality in European politics."
a
Immediately after the arrival of Count Galeazzo
Ciano
in
Italy
Diplomatica,"
article
an
in
"Informazione
the
of the Italian Foreign Office,
organ
ing furiously "with the match, which just at present
proclaimed that the Spain of General Francisco
carries the
Franco
of
name
Danzig..
Rumors regarding
the Free City of Danzig were
numberless, hut there were few fresh developments.
The
Danzig Nazi chief, Albert Foerster, conferred
Chancellor
the last week-end with
over
the world is well
Hitler, but
of the firm intention of the
aware
fanatic German Fuehrer to restore
Danzig to Reich;
Berlin
definitely has been aligned in the Romecamp,
and it
emphasized
over
neither Italian
the last week-end that Spain is
German, and fully intends to
nor
remain neutral in any
the situation.
may
determined
Poland
to
has
keep the Reich out of Danzig, and
unconditional
the
Britain and France.
alliance
by
Overseas
Emphasis
But
sailing in the
placed
was
Great
British
not
necessarily
at London, Tuesday,
£5,000,000 which
make to Poland.
and Polish
Britain insisted that the
Great
In discussions
representatives, Great
be
sum
spent within the
Empire, while the Poles wanted freedom to
chase
war
materials
machine
and
tools
they might obtain quickest delivery.
this
question
The debate
on
considered far less serious, how¬
was
and France when President Roosevelt
his endeavor to
war
pur¬
wherever
than the setback suffered by Great Britain
ever,
in
the
on
Grand Alliance arrange¬
arose
advance of
an
Britain proposes to
is
all
new
ments, for difficulties
between
of
Ironside, Inspector-General of British
Forces.
regarding
backing
was
defeated
keep the American market for
materials open on
a
"cash and carry" basis,
general European
war
that
Spanish-Italian friendship
develop.
firmed
was
reaf¬
by the visit of Count Galeazzo Ciano, but the
incident otherwise has little
ish dictator said.
Whether the
visit paid to Poland by Major General
a
Sir Edmund
smooth
Poland remains
importance, the Span¬
:
Spanish Government
new
tain its endeavor to remain
veloping alignment of Europe into two
mains to be
definite
in
statements
will
soon
Somewhat
seen.
visit
reception
already
in
are
aid extended to the
during
Germany
dismissed
of
which
negotiations for bringing Russia
against aggression face
complete breakdown, because Russia does not
to enter the lists.
friends of peace
side.
zano
There is
a
care
little reassurance for
a
in difficulties
the Rome-Berlin
on
Austro-Germans in the Italian Tyrol, or Bol¬
Province,
authorities,
were
which
Rome-Berlin cement.
that there is
being evicted by the Italian
probably tends to
It
was
made
clear,
truth in last week's
no
leasing of Trieste to Germany.
loosen
the
moreover,
reports of the
The situation is
on the other hand, that the Danzig match
might ignite the European powder barrel at any
such,
moment and
ness
a
on
increased
Polish
the
on
soldier
slightest provocation.
Nervous¬
Thursday when it developed that
had
been
shot
reason
a
to
believe,
that
moreover,
real¬
There is
close integration
Spanish mining and other interests that have
international
character
is
being
effected
an
with
and organizations.
It
be significant, finally, that little has been
heard
of
late
regarding
French and other
the
reported
plans
of
democratically inclined European
banking syndicates to extend loans to Spain. Apart
from such
fascist
considerations, it is to be noted that the
dictatorship celebrated
on
Tuesday the third
anniversary of the revolt which ended last March
in the overthrow of the
duly constituted Republican
The sparse accounts currently avaliable
regime.
suggest that little progress so far has been made
toward
demilitarization and reconstruction
of the
Trials and executions of Republi¬
said to be proceeding with grim military
war-torn areas.
cans
are
precision, but this is a species of terrorism and is
hardly likely to aid the recovery of Spain from its
three-year ordeal.
Britain and
Japan
manner
on
of
a
was
FAR EASTERN is hardly less disquieting than
that affairs continue to develop in a
THERE is still position dealSpainuncertainty re¬
of
garding the a good of
the inter¬
chessboard
readily be
Italo-Gepian aim
full discharge thus effected.
amjjtflled by a
Spain and the Axis
political
establishes
preventing the spread of communism
Danziger.
national
war
cannot
by arguments that the
ized, and
of
civil
long
axis claims
Rome-Berlin
may
that
more
Spanish fascists by Italy and
the
Italian and German groups
into the Grand Alliance
Even
progress.
thought-provoking is the realization that the vast
obviously would favor the Sea Powers in the
indications
camps re¬
perturbing are rather
Italy that General Franco
of
important still, perhaps, are
main¬
Rome, where preparations for his
which
More
can
quite neutral in the de¬
event
war.
indicative that
as
Franco, in statements to Portuguese journalists,
sovereignty, and the conference added nothing to
To all appearances
cited
was
Spain has adhered to the anti-Comintern pact and
resigned from the League of Nations. But General
Europe,
despite
the
impasse in Europe
over the question of Danzig.
Negotiations between British and Japanese repre¬
sentatives began in Tokio, last
Saturday, with a
The Commercial & Financial Chronicle
460
view to
there has been no demand by the Japanese Govern-
settling the Tientsin incident and reaching
agreement as to mutual attitudes on the un-
some
declared
which
war
China for
a
bad
two
dor
"fundamental
a
reversal"
Great
by
"In the opinion of his Majesty's Ambassa-
Britain.
The discussions
years.
for
ment
Japan has been waging against
than
more
started in
July 22, 1939
Tokio," Mr. Chamberlain continued, "the
to
Japanese official attitude would be more correctly
general atmosphere, compromised
firstly by the British preoccupation with Continen-
described as a desire that Great Britain should en-
tal
European developments, and secondly by a wave
deavor to regard the Sino-Japanese
of
anti-British
understanding of Japan's difficulties and of
Japan's side of the case." Another meeting of the
serious
have
propaganda in Japan which
made at
the
bassador took place in Tokio on Wednesday, and
Tokio, there is always the question whether
Asia
ern
understanding made in
The Japanese military junta
political capital.
communication to the effect that the conversations
obviously considers that it is a law unto itself, and
if
settlement
Tokio
a
wishes further
it
then appeared that difficulties were being encountered.
The only official disclosure was a brief
observe the
will
Minister and the British Am-
Japanese Foreign
and some sensible adjustments are
Japanese militarists on the mainland of East-
the
hostilities with
more
Even if matters im-
consequences.
prove, moreover,
may
does
accord
not
In press reports it was stated,
Britain to admit
continuing.
were
however, that Japan asked Great
its
with
that London had not been neutral in the Sino-Japa-
provocation is almost certain to de-
and to promise to cooperate hereafter,
velop against Great Britain, and possibly against
nese
other countries with
All that Sir Robert Craigie would concede, it was
Events in the East
East.
quite possibly will
Europe.
The
While the Anglo-Japanese talks continued, military developments in Eastern Asia showed
'
ference
opened at Tokio is indicated by a
in which
anti-foreign feelings
estimated
variously
at
minor
mass
Embassy in Tokio,
were
5,000
voiced by
50,000
to
a
mob
the
on
which joined in
newspapers,
a
manifesto to Great
Britain, urging that country to recognize the Japanese
determination to succeed in the
British Government
The
"Holy War."
urged to "rectify its
was
conception of East Asia, look squarely at the situation
and
there
struction
said
a
cooperate with Japan in the conorder."
new
municipalities
long
All
over
the country,
dispatch of Tuesday to the New York
emotional
relatives,
over
a
Tokio
"Times,"
which
of
holding meetings
are
would have been
are
told that the
but for the British support to China,
war
and that the immense mobilization which
the
depleted
countryside would not have been necessary if
this British assistance to
finding the scapegoat that they needed.
worse
sign for the
both sides,
A still
are
as
the military thrusts by the aggressors
being resisted strenuously.
obviously
of the conference is the
success
are
much
nese
In
and the drain
Shanghai dispatch of last Saturday to the New
York "Herald Tribune" it
was
remarked that anti-
The Japanese quite
finding the task of subduing the Chi-
spread of this agitation through occupied China."
a
more
difficult than they thought likely,
the slim economic resources of
on
Japan continues.
•
foreign agitation is being stirred in China to such a
degree by the Japanese that
fear is growing
between
British
Foreign Minister Hachiro Arita and the
Ambassador, Sir Robert Craigie, only back-
grounds
of
cussed.
the
This
munication.
tsin
maintaining
French
Far
was
was
situation
made clear in
a
brief
were
dis-
:
their
blockade
The
of
and
Chamberlain then declared
the
British
and
(Minister
Neville
categorically that Great
change her general policy at the
bidding of Japan.
After noting that many state-
ments have
been made in
of policy,
■
,
QOME interest attaches to the resumption at LonO don, Wednesday, of discussions regarding aid
for refugees by the Intergovernmental Committee
which
was
set
up
a year ago on
President Roosevelt.
the invitation of
This group, called the "Evian
shores of Lake Geneva, has accomplished virtually
Britain would not
question
^
Committee" because it first met at Evian, on the
question of Far Eastern
Prime
"
com-
joint
reopened in the House of Commons in
Monday,
■
position at Tien-
unchanged, with the Japanese still
concessions.
London,
Eastern
In the meanwhile the
remained
policy
Saturday
■
Refugee Conference
of
another revolt like the Boxer rebellion of 1900.
When the Tokio conference started last
,
Casualties are reported high on
such activities.
China," the report noted,
sentiment and military pride
"Japanese national
reported last
invaders, and efforts by the Japanese to stamp out
"In magnifying
Japan had only China to fight.
are
at
people, many of whom have lost
ago
was
penetration of Manchukuoan territory by
day by all the large Japanese
same
changes.
Sunday, against extensive
Soviet
airplanes. It is a fair assumption that the Soviet
move merely retaliated for similar raids by Japanese airplanes.
Troop concentrations were indicated at some points on the long border.
To all
appearances the possibility of another extensive
conflict finally impressed the Japanese militarists,
.who were reported on Thursday as advancing,
through the closely controlled Manchukuoan press,
a proposal for settlement of the border dispute by
means of pacific negotiations. An Associated Press
dispatch from Hsinking, Manchukuo, stated that
"informed sources" expressed the belief the Japanese would be willing to negotiate if Russia took
the first step. The Sino-Japanese conflict remained
a matter of intensive guerrilla warfare against the
sia
persons,
Typical war-time lack of reasonableness was dis-
played
only
The war being waged on the
borders of Outer Mongolia and Manchukuo between
Russian and Japanese forces apparently increased
in intensity and scope. A Japanese protest to Rus-
atmosphere in which the Anglo-Japanese con-
demonstration before the British
war,
indicated, was that a state of war exists in China,
prove
portentous, in the next few weeks, than those
more
of
important interests in the Far
the press regarding the
Mr. Chamberlain
added
that
nothing in the last 12 months, although private
organizations meanwhile
emigration of
some
were
instrumental in the
150,000 Jewish refugees from
Nazi persecutions in^ Germany.
When representatives of the 32 nations of the Evian conference met
in London they
a
were
informed that an invitation for
discussion with President Roosevelt had been
ex-
tended to the Earl of Winterton, Chairman, and to
five Vice-Chairmen.
The initiative for the meeting,
which is to take place in September, came from the
Volume
Evian
The Commercial & Financial Chronicle
149
conference
itself, according to Washington
dispatches of Wednesday.
sented
the occasion for
ever
Mr. Roosevelt was repre¬
What¬
merely acceding to the proposal.
as
this turn of
affairs, there is
three entries
were
the
461
books representing temporary advances to the
wiped out and the unsatisfied balance of such loans was transferred to
on
Bank's
entry of non-interest-bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg.
was
49 mg.
much
White
House.
action
of
wrath
in
Herr
The
the
'
of
any
action at the
well
is
justified, but
the
peculiar and completely unscien¬
the
a
Much
this
was
rise
of
an
Rates of
£301,000 in
in
expanded in
while
counts
leading centers
are
Effect
Date
Established,
3X
Mar.
1
Batavla—
4
July
4
6
2X
2 1936
2
Dec.
4
Aug. 29 1935
India
3
Nov. 28 1935
Italy
4X
May
Mar. 11 1935
'
■
-
^
Apr.
Dec.
4
16 1936
4
Java
3
Jan.
14 1937
18 1933
5
Lithuania
7
May
15 1939
6X
May 28 1935
Norway
3X
Jan.
*X
Dec.
4
Aug. 111937
3
May
5 1938
3x
Danzig-...
4
Jan.
2 1937
5
Poland.
Denmark.
3M
Feb.
23 1939
4
Portugal
3
June 30 1932
3x
Rumania
_
Eire..
„
-
-
.
.
_
51938
17 1937
BANK
June 30 1932
2X
SouthAirica
3X
May
15 1933
1 1935
5
3paln-.._
5
July
15 1935
3 1934
*X
Sweden
2)4
Dec.
1 1933
2
Jan.
2 1939
214
Switzerland
IX
Nov. 25 1936
Sept. 22 1932
5
Yugoslavia.
5
Feb.
6
Tan.
1 1037
7
Other deposits
2
4
Public deposits
3
France
Circulation
5
Dec.
1 1935
-
Bankers' accounts.
Other accounts..
Other securities
6X
Dlsct. & advances.
Coin and bullion
Foreign Money Rates
1935
97,181,330
38,149,737
9,304,918
5,830,086
23,085,732
23,369,041
19,358,146
12,890,817
39,438,000 40,315,715
34,246,048
53,131,227 52,449,940
247,075,959 327,425,770 327,379,409 236,725,915 193,259,893
24.5%
24.5%
2%
2%
Bank rate..-— ----Gold val. per fine oz
84s.
HSs. 66.
..
22.4%
2%
11 ^d. 84s.
11 ^d. 84s.
13-16%
Friday of last week.
on
call atjLondon
on
Friday
K%- At
and in
was
market rate remains at
1%.
showed
a
reduction in note
of
Notes in circulation
totaled only 6,080,120,000 marks and the
previous year 4,666,009,000 marks.
note
francs, which reduced the total outstanding to 123,totaled
Notes in circulation a year ago
101,100,105,740 francs and the year before
French commercial bills dis¬
88,414,987,540 francs.
counted
recorded
creditor
current
15,000,000 francs while
accounts
The Bank's
francs.
expanded
65,000,000
gold holdings and temporary
State remained unchanged, the former
advances to
at
loss of
a
92,266,003,211 francs and the latter at 20,576,820,-
960 francs.
liabilities
week
The proportion of gold on hand to sight
:
a
rose
the
ago;
little to
proportion
Following,
year.
we
various items with
BANK
64.18% from 64.14%
was
furnish
a
only 47.61%
a
last
tabulation of the
comparisons for previous,
OF FRANCE'S
for Week
000
marks, and
other assets.
are
a
decrease of 414,444,000 marks in
The bank's
Francs
Francs
No Change
Gold holdings
*14,031,914
July 15, 1937
and
total
now
76,801,000 marks, compared with 70,-
773,000 marks gold, and 5,613,000 marks reserves
in
foreign currencies a year ago.
bills discounted.
.
Adv. against securs.
—15,000,000
Francs
13,465,866
Notes circulation—
Credit, current accfcs
Temp, ad vs. with¬
out Int. to State.
_
No Change
Propor'n of gold on
hand to sight 11 ab_
*
a
6,928,000,000
*706,936,363
8,896,037,697
884,978,274
3.493,000.000
20,576.000,000 40,133,974,773 23,886,809,745
+0.04%
Figures as of July 6, 1939.
Includes bills purchased In France,
the process
5,729,544,398
760,485,372
3,560,321,500 4,160,383,770
—154,000.000 123323000,000 101100105,740 88,414,987,540
+65,000.000 20,443,000,000 16,118,606,806 12,168,169,990
—63,000,000
64.18%
47.61%
it
was
1.25%.
Silver and other coin, and other
liabilities showed increases of
30,921,000 marks and
1,528,000 marks, respectively; advances decreased
25,300,000 marks.
A comparison of the different
items for three years
is furnished below:
,\
REICHSBANK'S COMPARATIVE STATEMENT
.
July 15, 1939 July 15, 1938 July 15, 1937
Reichsmarks
Reserve in foreign curr.
Bills of exch. & checks .
Sliver and other
Investments
Other assets
In
------
Reichsmarks
76,801,000
Reichsmarks
Reichsmarks)
70,773,000
69,031,000
19,359,000.
5,613,000
5,948,000
+ 262,800,000 8,041,600,000 5,693,683,000 4,814,530.000
+ 30,921,000
164.329,000
195,234,000
213,414,000
—25,300.000
32,000 000
49,036,000
36,924.000
a924,959,000
846.630,000
403,441,000
20,293,000
—414,444~ 000
975,481.000 1,097,448,000
704,769,000
Liabilities—
Notes in circulation.
Oth. dally matur.
Other liabilities -
-
oblig.
-
Propor'n of gold &
to note
♦"Reserves
c
_
coin...
Advances-------
curr.
b Includes bills discounted abroad,
+246,000
Gold and bullion
48.58%
of revaluing the Bank's gold under the decree of Nov. 13, 1938, the
The proportion of
gold to note circulation is now at 0.92%; last year
Of which depos. abr'd
French commercial
b Bills bought abr'd
c
25,336,289
now
in foreign cur¬
Changes
92,266,003,211 55,808,328,519 48,859,412,197
Credit bals. abroad.
a
Francs
reserves
rencies,* showed a small increase of 246,000 marks '
Assets-
July 13, 1938
gold holdings, which
combined with
shown
COMPARATIVE STATEMENT
July 13, 1939
ap¬
years:
Changes
•*
An increase
peared in bills of exchange and checks of 262,800,-
for Week
WW
11 Hd.
700,000 marks, which reduced the total outstand¬
ing to 8,334,30-0,000 marks.
THE statementin for the week ended July 13
circulation of 154,000,000
323,000,000 francs.
2o/
84s.
THE statement for the second quarter of July,
circulation
196,last year
Bank of France Statement
loss
35.85%
2%
11 ^d
Bank of Germany Statement
Friday of last week, and %% for three-months'
a
33.90%
as
were
showed
98,213,099 100,815,039
38,467,914 36,606,954
95,773,310 88,741,044
25,819,201
23,213,190
6,461,055
10,322,373
Proportion of reserve
IN LONDONjopen market discountagainstfor short
rates 11-16%
Friday
11-16%
on
July 24,
1936
9,120,080
24,743,865
to liabilities
Paris the open
Switzerland at
July 22,
105,051,000 109,821,164 107,448,697
33,863,945
32,390,650 29,199,127
Securities
Money
'
STATEMENT
1937
y
95,519,911 107,339,269
36,423,433
34,669,455
.
Reserve notes & coin
against
.
COMPARATIVE
507,638,000 487,110,055 493,133,361 443,594,688 400,809,953
28,381.000
22,484,516
17,502,357
19,934,832
8,871,219
131,943,344 142,008,724 135,331,067 136,681,013 137,421,993
Govt. securities.
.
as
comparisons for previous,
July 21,
1939
*X
Oct.
bills
week
show
5
4
on
a
we
1938
:
2
on
Below
July 20,
July 19,
5
4X
bills
The reserve!
4
Finland
_.
£112,895 and,
£2,133,608.
4
Estonia
G-eece
off
•.
OF ENGLAND'S
*X
England
Germany
fell
V.
years:
4X
3.29
Japan
1 1936
Jan.
Gov¬
Other securities include dis¬
which
advances
the different items with
*X
3/4
■
Czechoslo¬
vakia
£2,020,713.
and
£8,409,136
£358,519.
£4,610,000 and other,
last year it was also 24.5%.
5
18 1936
6 1936
July
/•'
3
_
increased
The latter
rose
3.65
■
Morocco
Chile
ago;
2X
±x
3X
7
17 1939
Aug. 15 1935
Canada
Rate
2H
Apr.
Bulgaria
vious
Holland
1 1935
Belgium
Date
Established
Hungary...
1936
Argentina..
.
Effect
Country
Public!
proportion dropped to 24.5% from 25.5%
Pre¬
Rate in
Rate
Country
Colombia
';
••
July 21
vious
July 21
.V
successive'
£8,050,617.
rose
securities which increased
shown in the table which follows:
:
deposits
securities
banks.
Pre¬
The current-
<
three
total amount of £13,259,000.
a
other
securities
'late in
follows
and other accounts which decreased
the discount rates of any
the
resulted.
reserves
circulation
consists of bankers' accounts which
THERE have been no changes during the week in
of the foreign central
at
<
deposits decreased in the latest week, £1,143,000,
Foreign Central Banks
rates
As
gain of £9,608 in bullion; a i
a
weekly increases in the item during which time it
ernment
/Present
by
little to
opportunity for constructive measures.
Discount
attended
reduction
done, and the September conference apparently will
afford
small contraction of
a
could well be
more
..
■
.
England Statement
tion, reducing the outstanding to £507,638,000.
problem of political and religious refugees
from the fascist Reich.
•
THE statement for the week ended July 19 shows£292,000 in note circular
more necessary.
The United States Government has done
ease
victims
unfortunate
anthropology is far
on
Bank of
question which pro¬
a
hardly
wrath
interest
Hitler's
tific views
on
and
franc) under the
franc, and before Sept. 26, 1936, there were 65.5 mg. of gold to
per
the franc.
duced
per
decree of Nov. 13, 1938, was effected in the statement of Nov. 17, 1938;
prior to
that date and from June 20, 1937, valuation had been at the rate of 43 mg. gold 0:9
fine per franc; previous to that time and subsequent to Sept. 26, 1936, the Value
something resembling poetic justice in the proposed
White House discussions
gold 0.9 fine
State
a new
-—
—196,700,000 8,334,300,000 6,080,120,000 4,666,009,000
a986,688,000
941,362,000
707,165,000
+ 1,528", 000
408,239,000
272,493.000
231,906,000
for'n
clrcul'n.
coin and bullion.
a
Figures as of
0 .Q2°*
+ 0.02%
in foreign currencies"
and "Deposits abroad"
.
July 7, 1939.
1 25%
are
...
'
1.61%
Included in Gold
4
>
462
The Commercial & Financial
New York
ALL that
i\
•
The
Money Market
be said of the New York money
can
the quiet conditions
market this week is that
continued, with rates unchanged from previous quo¬
The level of excess reserves indicates fur¬
tations.
ther additions to the reservoir of idle
funds, but
for accommodation.
there is little demand
Bank¬
ers' bills and commercial paper, were dull and un¬
changed all week. The Treasury sold on (Monday a
further issue of 1100,000,000 91-day discount bills,
with awards at
an
an
average
of 0.015%, computed
annual bank discount basis.
New York Stock Exchange
Time loans
actions.
ties to 90
on
Call loans op the
held to 1% for all trans¬
again were 1%% for maturi¬
days, and 1%% for four to six months'
between $4.68 3-16 and $4.68 5-16 a
seasonal factors favor the
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Stock Exchange
was
ruling quotation all through the week for both
up
The market
and renewals.
for
new
time money
Rates continued nominal at 1J4%
to 90 days and V/2% for four to six months'
quiet.
The market for prime commercial paper
maturities.
has
been very
been
quiet this week.
The demand has
good but the supply of high-class
light.
Ruling rates
are
is very
paper
%@%% for all maturities.
Bankers'
obtain.
very
light and prime bills
There has been
no
are
change in rates.
hard to
Dealers'
rates
asjreported by the Federal Reserve Bank of
and including 90 days are
A% bid and 7-16% asked; for bills running for four
New York for bills up to
thought the rate might move up to $4.69.
on commercial and tourist account
was
Seasonal factors
should favor the
when
pound until nearly the end of August,
ordinarily sterling weakens in terms of the
dollar, which is then in demand until after the turn
of the year.
9-16% bid and J^% asked; for five and six
months, %% bid and 9-16% asked.
The bill buying
A% for bills
running from 1 to 90 days.
The Federal Reserve
holdings of acceptances remain unchanged at
$556,000.
; -V-; <'>i
Bank's
Discount Rates of the Federal Reserve Banks
in
England, the Fund's
The gold
support sterling.
England to the Fund, with the consequence that the
not affected
note
the
various
classes
of
at the different
paper
high, is not expected to be reached until Aug. 3.
However
high the circulation
advent of the
Effect on
July 21
Boston
IX
New York
1
Philadelphia
IX
IX
1H
Atlanta
__.
Chicago
St. Louis .....
IX
Dallas....;
IX
IX
IX
IX
San Francisco
IX
Minneapolis..
Kansas
...
City...........
Date
Previous
Established
Rate
Sept. 2,1937
Aug. 27, 1937
Sept. 4,1937
May 11,1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21,1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3,1937
Aug. 31, 1937
IX
.
go
with the
such sharp contraction in currency
no
place as has always occurred in
The note circulation is showing
a
tendency toward progressive increase, due notably
to the insistence of
the London banks
on
carrying a
large proportion of cash in their provincial branches.
individuals
Private
the
repeated
war
ready cash
and institutions,
threats,
on
are
influenced by
also inclined to keep
hand than in former
years.
Currently the Bank of England's note circulation
to
amounts
£507,638,000.
Although the outward flow of gold from London
has greatly
diminished in recent weeks, the metal
still continues to
the
come
to New
York, while much of
privately owned gold in London is understood to
have been transferred to
Canada, where it is freely
available to its
A
now
owners.
large part of the British
coming to this side is for official account,
for the Bank of
totaled
Rate in
Richmond
may
August bank holiday, it is generally
previous years.
British
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Cleveland
already extraordinarily
which is
Exchange Equalization Fund
or
England, and is earmarked at the
Federal Reserve Bank of New York.
Reserve banks:
Federal Reserve Bank
The peak of British
by the operation.
circulation,
either for the British
in effect
paid for by the
credit situation in the London money market was
The following is the schedule of rates
now
was
Transfer of Government securities from the Bank of
gold
rates
well
reserves are
that may be required to
of any amount
excess
THERE have been of the Federal Reserve banks.
no changes this week in the
rediscount
for
despite the sale of
London authorities assert that
more
months
rate of the New York Reserve Bank is
and its task
pound, such as was
threatened in Tuesday's market, when for a time it
believed that
Acceptances
THE volume of business in prime bankers' accept¬
has been
light this week. Trans-,
actions have been
The Fund merely
pound.
prevent a sudden rise in the
is to
demand will take
ances
ago.
operates to obviate undue fluctuations
to the Bank of
continues
week
Currently, at least, the British Exchange Equaliza¬
tion Fund is not taxed to support sterling as all
£20,002,848 of gold bars by the Equalization Fund
New York Money Rates
loans
cable transfers has been between
compared with a range of
for
range
July 22, 1939
$4.68 3-16 and $4.68 9-16,
/
datings.
Chronicle
.
Sept.
3. 1937
2
1
IX
2
gold imports in the first half of this
year
£132,517,366, against £133,933,152 in the
half
corresponding
of
Gold
1938.
exports
♦London in the first six months totaled
from
£327,142,455,
against £54,142,455 in the corresponding period of
2
2
London's
1938.
gold imports
came
from
South
2
2
2
2
Africa, Belgium, Holland, Switzerland, and Russia.
Of the
2
2
there
was
2
half-year's total exports of £327,142,455,
sent to the United States £275,619,939,
against only £17,584,977 in the first half of 1938.
Course of Sterling Exchange
STERLING exchange and all the leading European
turned strong
Tuesday last,
currencies
on
reflecting the easing of political tension, particularly
with respect to the
Danzig situation. There was a
demand for sterling
throughout the week on both
commercial
and
tourist account.
The range for
sterling this week has been between $4.68 J4 and
$4.68}^ for bankers' sight bills, compared with a
range
of between $4,683^ and $4.68^ last Week.
There
was
sent
to
Canada
£41,857,955.
The
re¬
mainder went to Switzerland, Frajice, Holland, and
Sweden.
The
half-year's
imports
declined
£1,-
415,786, while the exports increased by £273,064,440.
However favorable the turn of
prove
foreign events may
for London, the flow of foreign funds to this side
for permanent
is evidenced
investment is likely to continue.
by
measures
banks to establish branches and agencies in
in order to
This
being taken by European
New York
keep in close touch with such capital. This
Volume
The
149
Commercial & Financial Chronicle
The above figures are for
trend in the international movement of funds was
exemplified
few weeks ago by the establishment in
a
463
nesday.
On
the week ended
$14,304,000 gold
Thursday
Wed¬
on
was
re¬
ceived from
England.
sponsored by the Credit Suisse of Zurich, and by the
metal.
application to the State Banking Department for
of which
Friday $18,713,000 of gold was received
came from Holland, $5,603,000
New
York
of
Swiss-American
the
Corporation,
On
There
exports of the
were no
$7,751,000
for
from
England, $3,355,000 from Canada, $1,484,000
internationally famous Swiss Banking Corpora¬
from
Mexico, $495,000 from Chile, $22,000 from
permission to
the
tion.
A few
the Swiss bank
open
days
other
New York agency of the
ago a
Anglo-Prague Bank
was
Swiss, Dutch, and
opened.
European banks do not
with their clients who hare
vestment
as an agency
to lose touch
propose
sought
or may
seek in¬
Costa Rica and $3,000 from
exports of the metal.
no
that $5,701,000 of
of which
gold
$5,521,000
Guatemala.
It
were
Friday
received at SanFrancisco
was
came
There
reported
was
on
from Japan and $180,000
from China.
opportunities here.
Swiss and Dutch capital has always
7 Canadian
tendency toward
been an im¬
portant factor in the New York market.
It is esti¬
greater firmness although still ruling at a discount in
mated that Swiss nationals
terms of the United States dollar.
of
American
$236,000,000
not
have
one
approximately
lodged in this
funds
short-term
Dutch holdings in
country.
are
of
about $490,000,000
own
and
securities
It is well known
greatly exceed those of the Swiss.
that Amsterdam
capital
unfavorable
factor
the
in
sterling exchange
situation which threatens to become still
in the months ahead is the
ports
over
exports
and
The
rate
Preliminary
re-exports.
a
£31,255,612 and in June
and the price
a year ago
£34,622,000.
Sir John Simon, Chancellor of the
ago
market gold price,
176.72
Wednesday, July 19...
Thursday,
July 20... .....176.72
Friday,
July 21... .....176.22
176,72
Tuesday, July 18...
.....
....176.72
176.72
LONDON OPEN MARKET GOLD PRICE
148s. 6d.
Wednesday, July 19..-148s. 6d.
Thursday,
July 20.. -148s. 6 Hd
148s, 53^d.
Saturday, July 15.
Monday, July 17.
Tuesday, July 18
Friday,
148s. 5^d.
July 21-..148s.
(FEDERAL RESERVE BANK)
Saturday, July 15
Wednesday, July 19....._$35.00
Thursday,
July 20........ 35.00
Friday,
July 21_.
35.00
$35.00
Monday, July 17.
Tuesday, July 18
35.00
35.00
Referring to day-to-day rates sterling exchange
closed.
were
nominal
was
On
as
Monday
sterling
was steady,
Bankers' sight was
unchanged from previous close.
defense borrowing in the current fiscal year
$4.68%@$4.68 5-16; cable transfers
estimate
of
as
compared with
£350,000,000.
It
was
an
will'
ap¬
original
indicated that
@$4.68
foreign currencies
£150,000,000 of this borrowing would be raised by
The range was
Treasury bills, which the market is well able to
and
absorb.
On
The balance of
take the form of
a
£350,000,000 will probably
long-term loan later in the
The market is not favorable for
a
year.
long-term loan at
$4.68
were
firm in terms of the dollar.
were
$4.68%@$4.68%i for bankers' sight
5-16@$4.68
9-16
for
cable
The range was
and
$4.68%@$4.68% for bankers' sight
for cable transfers.
On
$4.68 3-16@$4.68%
present as various gilt-edged issues of municipalities
Thursday sterling continued in demand.
sight
to
be
absorbed,
while
in
Auguest and
September responsible financial leaders in
London
customarily take their vacations.
>■
London financial authorities continue to maintain
easy
conditions in the
money
market.
against bills is in supply at %%.
Call
money
Two-months bills
11-16%, three-months bills are 13-16%, fourare
15-16%, and six-months bills are
15-16%; ; 7 :'.;/;7;
•.•,'777.'.
::
Gold on offer in the London open market this week
are
months bills
and taken for unknown destination
was
as
follows:
Saturday last £128,000, on Monday £92,000, on
Tuesday, £341,000, on Wednesday £270,000, on
Thursday £359,000 and on Friday £288,000.
At the Port of New York the gold movement for
the week ended July 19, as reported by the Federal
Reserve Bank of New York, was as follows:
on
GOLD MOVEMENT AT NEW YORK, JULY 13-JULY19, INCLUSIVE
Imports
$53,170,000 from England
transfers.
Wednesday the pound continued in demand.
have
still
$4.68 3-16
Tuesday sterling and all the
On
7-16.
on
New York City banks
Exchequer, told the House of Commons that the
proximate £500,000,000,
6^d[
PRICE PAID FOR GOLD BY THE UNITED STATES
Saturday last
days
London check
mean
open
paid for gold by the United States:
Saturday, July 15.
Monday, July 17.
Government's need of borrowing for its rearmament
program.
a
MEAN LONDON CHECK RATE ON PARIS
balance of
Furthermore, sterling'is adversely affected by the
A few
Paris, the London
In May the import balance
imports of £37,971,730.
Montreal funds
discount of %% and
a
following tables show the
on
acute
increasing balance of im¬
foreign trade figures for June showed
was
more
a
discount of 9-64%.
chiefly responsible for
was
building the United States railroad system.
An
ranged this week between
form or another
positively known at present, but they must
shows
exchange
Bankers'
$4.68%@$4,68 3-16; cable transfers
3-16@$4.68 5-16. : On Friday sterling
was
$4.68
were
was
The range was $4.68%@
bankers' sight and $4,68 3-16®
steady in fair trading.
$4,68 3-16
for
$4.68 5-16 for cable transfers.
cable
Closing quotations
on
$4.68% for demand and $4.68 5-16 for
transfers.
Commercial sight bills finished at
Friday
were
$4.68; 60-day bills
$4.66 11-16;
$4.67 1-16; 90-day bills at
at
documents for payment (60 days) at
$4.67Y%, and seven-day grain bills at $4.67%. Cotton
and grain for payment
closed at $4.68.
Continental and Other Foreign
Exchange
FRENCHdollar. are steady in economicboth sterling
and the francs The French terms of situation is
more
gratifying than at
any
time in the past year as
exports are increasing and domestic employment is
Exports
at
7,452,000 from Holland
2,818,000 from Switzerland
a
high level.
However, the Government deficit
continues to mount as a
result of the cost of
arma¬
2,643,000 from Canada
892,000 from India
445,000 from Mexico
offered
165,000 from Ecuador
5,000 from Guatemala
a
report on the gold holdings of the Exchange
Equalization Fund,
Statements
are
to be published
at
Net Change in Gold Earmarked for Foreign Account
Increase: $57,365,000
intervals which will show the status of the Fund
as
$67,590,000 total
of three
date.
Note—We have been notified that approximately $169,000 of gold was
received at San Francisco from Australia.
A few days ago Finance Minister Reynaud
ments.
None
,
reads
or
four months prior to the
The present is
as
follows:
publication
the second such statement and
The Commercial & Financial
464
In Kilos
In Francs According to
900-1000 Fine
459,132
At End of—
Value on Each Date
17,423,000,000
February,
1939
January,
1939
376,485
14,321,000,000
December, 1938
326,945
12,502,000,000
4,942,000,000
November, 1938.^
128,725
—54,776
-
1938
October,
2,167,000,000
the above
"Wall Street Journal," in commenting on
"If it be added that since
said:
official tabulation,
the end of February
the fund is known to have
con¬
tinued to increase its stocks of the yellow metal, it is
40.13 for bankers' sight bills
cable transfers, in comparison with
and 40.13% for
bankers'
1939
22,
July
for Berlin marks were
Italian lire closed at 5.26% for
40.13%.
40.13 and
Paris correspondent of the
Charles R. Hargrove,
Chronicle
sight bills and at 5.26*4 for cable transfers,
against 5.26)4 and 5.26%.
Exchange on Czecho¬
nominally quoted but most banks refuse to
slovakia is
make commitments in
Czech
Exchange
currency.
0.72;
Bucharest closed at 0.72, against
on
on
Poland at
Finland at 2.07, against
closed at 0.86, against 0.85%.
against 18.83; and on
18.83
Greek exchange
2.07.
only fair to the Finance Minister to admit that his
in defending and reenforcing the currency
success
has been
It is true that in the figures
M. Reynaud admits
complete.
of October
cited for the end
consideration of 46,750 kilos valued at 1,700,000,000
fund had placed in the keeping
equalization fund, so that when M. Rey¬
francs, which the
of the rentes
EXCHANGE on the countries neutralimportance.
during the
presents
features of
war
has
of
But
into office he
came
actually found
a
gold stock
101,000 kilos, of value 3,767,000,000 francs.
over
even
he
so,
claim
can
first four months of his
increase of 354% in the
an
Belgian
continues firm, with
currency
new
also
showing
a
better tone.
guilders has narrowed from 12% points below the
basic cable rate on July 12 to 8 points discount, while
30-day guilders are at a discount of 2% points from
spot.
Recent reports
that the Belgian
from Paris and Amsterdam state
Government is negotiating
a
2,000,-
000,000-franc loan with Mendelssohn & Co.
The
proceeds will be used to meet both the ordinary and
It* is"plann*ed
one
year
impossible to issue
internal loan.
Belgium for the week
highest level since Oct. 20.
stocks stand at 3,303,700,000
to notes at
Greek
belgas, its ratio of gold
69.43%.
exchange is regarded
as
units in the New York market.
interest at
of the minor
one
The currency
is of
present because the United States Depart¬
ment of Commerce
was
recently advised that
or
as
a
law
from business carried
profits
as
in Greece
on
remuneration for service rendered in Greece to
following table shows the relation of the lead¬
ing European currencies to the United States dollar:
Old Dollar
Parity
(franc)
Switzerland
b Franc cut
5.26
8.91
32.67
22.54^ to 22.57M
40.20
68.06
53.30
5.26^to
5.26^
to 53.60
before devaluation of the European currencies,
from gold and allowed to "float" on June
20, 1937.
as
devalued
was
francs to the pound, or 2.79 cents
a
The London check rate
against 176.72
New York
on
to 17.00
16.99
19.36
;
parity
This Week
2.64^ to 2.65 3-16
6.63
cOn May 5, 1938 the franc
at 176.72
53.53,
at
against
sight bills
on
on
de facto
a
basis
of
on
on
Checks
20.90% and 20.90%.
Sweden closed at
on
#
E* ^CHANGE on the South American countries con^ tinues to be held steady with relation to sterling
and the dollar through local exchange controls. However durinS the Past week or more the Brazilian milreis has shown a tendency to weaken. London dispatches a few days ago asserted that some gold which
had been held for private account in London is now
bemg moved to Argentina for greater safety. Although no open market for gold exists in Buenos
Aires, arrangements have been made whereby the
Central Bank of
for
Argentina holds gold under earmark
foreign account, private
last
paper
pesos
as
well as official.
closed
on
Friday at 31.22
sight bills, against 31.22
The unofficial
or
free market rate
against 23.15@23.20.
5.10,
5.19
was
(official),
Friday of
23.20@23.25,
Brazilian milreis
against 5.10@5.15.
quoted at
on
against 31.22.
week; cable transfers at 31.22,
are
quoted
Chilean exchange is
Peru is
5.19.
against
nominally quoted at 18.60, against 18%.
XCHANGE
E
to
familiar
on
the Far Eastern countries follows
trends,
as
sterling either legally
The
all these units
or
are
attached
through exchange control.
Shanghai dollar continues to display extreme
weakness
as
a
result
of Japanese
interference with
the yuan.
Paris closed
on
Friday
Friday of last week.
the French
center
Antwerp belgas closed
In
finished
at
16.99%
sight bills and at 16.99% for cable trans-
fers, against 16.99% and 16.99%.
Copenhagen checks
against 22.54% and 22.54%.
179
franc.
Friday at 2.65, against 2.65; cable transfers at
2.65, against 2.65.
for bankers'
53.22; and commercial
Range
'
a
16.95
_
(franc)
New dollar
Parity
3.92
Holland (guilder)
a
New Dollar
,
t
13.90
Belgium (belga)...
Italy (lira)
Friday
on
finished at 20.90 and cable transfers at 20.90, against
at
firms established abroad.
persons or
France
transfers
for bankers'
other earnings
c
Amsterdam finished
on
sight bills at 53.48, against 53.17. Swiss francs closed
at 22.56 for checks and at 22.56 for cable transfers,
requires residents to
or
b
sight
53.52, against 53.22 on Friday of last week; cable
authorized bank within three months all
foreign exchange received from abroad
The
Bankers'
at
Argentine
has been enacted in Greece which
an
The bank
Its total gold
72.59%, and its ratio of gold to total sight
liabilities at
sell to
an
exceptionally strong position.
an
con¬
and cable transfers at 23.53, against 23.53 an 23.53.
for
July 13 shows that the note circulation has
reached the
favoring
from elements
servative fiscal measures.
Government's borrowing require-
The
run
The statement of the Bank of
is in
selected
cabinet
of
premier Colijn's attempt to form a
estimated at around 2,500,000,000 francs,
but it is at present
ended
in former
24-1^and cable transfers at 24.12^, against 24.12
and 24whde che^°n0 Norway f"1L^ed at23'5>3
that the loan should
ments are
The firmness in the tone of the guilder
figure.
with the option
extraordinary expenditures of 1939.
of renewal.
thought
was
ago
attributed in Amsterdam to the expectation
is
the
Future guilders are
The discount on 90-day
wtih
that the guilder was pegged at around
cents, but currently the quotation is far above
days
53.08
this
ministry."
around 17.00.
spot rate ruling
It
displayed exceptional firmness.
success
The
in close sympathy
move
For the past 10 days the Holland guilder
sterling.
some
naud
no new
currencies
these
All
Final quotations
Closing quotations for yen checks yesterday were
27.31, against 27.31
Friday of last week.
on
Hong-
kong closed at 28 13-16@28%, against 28 15-16@
12%; Manila at
54.90, against
54.95; Bombay at 34.93, against 34.93; and Calcutta
29 1-16, Shanghai at 9%, against
49.85,
against 49.85;
Singapore at
at 34.93, against 34.93.
Volume
The Commercial & Financial Chronicle
149
Gold Bullion in
European Banks
Congress made $50,000,000 available to the REA for
7
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate,
the
in
principal
84s. llj^d.
European banks
dates of most recent statements,
special cable yesterday
shown for the
fine ounce)
per
of respective
as
reported to
(Friday);
by
us
comparisons
are
corresponding dates in the previous
the 1937 fiscal
year,
the nine
England—
1938
1937
1936
of
the
£
£
£
£
141,352,112
327,425,770
327,379,409
311.709.184
293,728,209
296,117,650
63,840,050
2,524,000
2,483,600
2,425,000
Spain
c63,667,000
63,667,000
a23.400,000
25,232,000
42,575,000
61,405,000
Netherlands
96,007,000
6,555,000
123,394,000
82,202,000
111,449,000
29,201,000
6,539,000
87,323,000
25,232,000
103,824,000
88,092,000
Italy—...
6,666,000
7,442,000
....
Germany
.
.
Nat. Belg
93,690,000
Switzerland
98,644,000
Sweden.
34,222,000
Denmark
.
_
Norway
Total week.
57,142,000
25,844,000
50,936,000
106,871,000
49,444,000
24,030,000
6,549,000
6,553,000
about
$100,000,000
Pursuant to the
statements for March
6,604,000
6.602,000
83,598,000
101,475,000
45,266,000
19,770,000
Currency and Bank Notes Act, 1939, the Bank of England
1, 1939 and since have carried the gold holdings of the Bank
date, instead of the statutory price,
at the market value current as of the statement
which
was
formerly the basis of value.
On the market price basis
(148s. 6d.
fine ounce), the Bank reported holdings of £247,075,959 equivalent, however,
to only about £141,352,112 at the statutory rate (84s. 11
Hd. per fine ounce), accord¬
per
ing to
our calculations.
periods
In order to make the current figure
comparable With former
well as with the figures for other countries in the tabulation,
English holdings In the above in statutory pounds.
a
as
we show
Amount held Dec.
Bank
of
rencies."
31, 1938, latest figures available,
b Gold holdings of tl®
Germany includes "deposits held abroad" and "reserves In foreign cur¬
c As of
April 30, 1938, latest figure available.
Also first report sub¬
sequent to Aug.
the
it had
year,
allotted
approxi¬
long list of projects,
a
than
more
had
been
or
provided
provisions of the Rural Electrification
■
the REA
United
tion
April, 1935,
first
was
States
just 11 days before
or
established, 758,900 farms in the
being served with central sta¬
were
electricity, equivalent to 11.8% of all the
occu¬
7,394,000
6,602,000
105,795,000
879,752,346 1,072,803,979 1,070,747,659 1,051,748,581 1,156,093,030
880.125,593 1,032,748,169 4,072,217,205 1,047.007,678 1,351,975,593
Prev. week.
*
236,725,915
437,492,666
fiscal
At the close of
193,259,893
569,412,187
3,591,950
90,775,000
France
1939
mately $229,000,000 to
1935
£
for
year
But special appropria¬
years.
tions
Act.
1939
and $40,000,000 each
succeeding
have substantially increased the amount of
Federal funds available to the REA
for, by the close
under
four years:
Banks of—
465
1,1936.
pied farms in the country, and to 17.5% of all farms
with dwellings valued at more than
$500.
And
while, at first glance, the electrification of less than
an
eighth of the occupied farms of the Nation would
appear a severe indictment of
is
well
farms
to
represented
tion of
the
remember
private enterprise, it
these
758,900 electrified
increase in rural electrifica¬
an
than
more
that
145% in nine
Certainly
years.
carrying of electricity to 449,775 farms in less
than
a
decade, half of which covered the
depression
The value of gold held by the Bank of France is
presently calculated, In accordance
13, 1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
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.
public service.
gold to the franc the rate
the
worst of
noteworthy achievement in
years, was a
with the decree of Nov.
about
was
francs per £1; when 65.5 mg.,
190 francs to the £1; when 49 mg., about 165
about 125 francs equaled £1.
Included
in
program, now
the
It. Abrams
new
cies
for
ects, is
seven
tion.
the
lending
before Congress in the form of
years
And
such
to
this
agen¬
self-liquidating proj¬
proposed
$40,000,000
the next
over
program
credit will
already
activity during the
be
appropriated
current
fiscal
farmers of the Nation
in
for
year,
ap¬
would make available
half billion dollars for
even
bill
a
for the expansion of rural electrifica¬
since
proval of this
the
of
allocation of $460,000,000
an
addition
establishment
an
carrying electricity to
during the
seven
years
ending with June 30, 1946.
Other
provisions of the program would earmark
three-quarters of
tion
of
express
a
billion dollars for the construc¬
post
roads
another half-billion for the
to
be
leased
and
since both represent
highways,
of
the country,
no
recent
experience,
any ap¬
praisal of their self-liquidating possibilities
be
based
rural
largely
on
electrification
ernment is
now
well
and
fields of activity in which the
Government has had
conjecture.
program
must
But the national
of the Federal Gov¬
along in its fifth
year, and an
ample record by which to judge the self-liquidating
character of these projects is available.
Established
as
an
by executive order
emergency agency,
on
May 11, 1935,
and converted into
managements
as were our
American farmer for central
extensions,
to
operation
of
station
the
and
rural
would
have
within
areas
carried
their
the less costly of two evils.
as
that event there would have been
no
their
fields
Federal rural
plague them today.
most
too
managements
were
of
For in
electrification activities to
concerned
But
with
the
almost certain loss of
operating income, which the
extension
into
would
of
service
entail, and which
thinly
could
settled
be
regions
retrieved
only
through higher rates to profitable urban customers,
to realize they were
laying themselves wide open
to
public competition.
country
have
For
been
the
farmers
of
the
the
special pets of poli¬
ticians, and these spenders of other peoples' money
immediately converted this unsatisfied farm desire
ever
for central station
electricity into
cal issue.
and
purchase of equipment
the railroads
to
average
service
calling for credits of $2,660,000,000 to various
utility
during this period
politicians in appraising the force of the desire
rural
r
Administration's
private
had
astute
electricity to lighten his daily tasks, and to bring
of the advantages of urban living to his
family, they would have ignored the economics of
Projects
Self-Liquidating ?
By Ernest
so
many
j4re Rural Electrification
'
Nevertheless,
been half
v
During the four
rural
a
burning politi¬
'
years
the REA has allotted
a
'
ended with April of 1939
total of
$209,087,830' to 592
electricifation
that date 586 of
projects in 44 States, and by
these projects had built and ener¬
gized 99,657 miles of rural electric lines which
were
carrying electricity to 218,161 rural customers,
ex¬
clusive of the lines and customers of certain rural
electrification
projects
in
the
Tennessee
which had obtained their funds from other
Valley
sources
than the REA.
In
the
meanwhile the
privately-owned electric
utilities, stirred into action by the prospects of per¬
for¬
manently losing the potential custom of the farmers
May 20, 1936, through the
adoption of the Rural Electrification Actr the Rural
service areas, and
by the probability
having public projects within their spheres of
operation, accelerated their construction of farm
mal
Federal
bureau
Electrification
marily to
Administration
carry
a
on
electricity "to
was
as
created
many
pri¬
farms
as
possible in the shortest possible time, and to have
it used in
And
to
quantities sufficient to affect
finance
this
socially
rural life."
desirable
program,
within
their
of
lines, with the result that 484,284
tomers
same
than
were
four-year period,
were
new
connected to their
systems
connected
or some 120%
by REA projects.
farm
cus¬
during the
more
farms
Accordingly, the product of this combined Fed¬
eral
been
private rural electrification activity has
increase of 92.6% in
of the Nation, an
consumers
which has boosted the proportion of
farms enjoying central station electricity
years,
American
April to 22.7% of all occupied farms
at the close of
the
and to 33.8%
country,
of all farms with
Yet this is not the
dwellings valued at over $500.
he
not afford
it,
appears
■
we
i-V'
•
V '
,
"
7
economic workings of rural elec¬
of the
trification
V
■'
accept these, at least semi-official,
may
estimates
facilities
electrification
rural
in
porting.
If
being served with
are
self-liquidating, but merely self-sup¬
be—not
But if these
non-consuming farms
States
electricity, only around a third of
investment
because they were uninterested in
or
its convenience.
will be necessary to
And, fourth,
to further believe that after half the
central station
April 30, either because they could
on
quarter of our farms has been electri¬
farms in the United
pied farms adjacent to rural electric lines were not
of the central station electricity avail¬
self-liquidating
electricity to the next quarter.
carry
will
use
be served with
a
Third, Mr. Cooke appears quite certain that
after the first
the
able to them
on
fied, some Government subsidy
complete picture, for approximately 300,000 occu¬
making
electricity
station
basis.
702,700 farms to the electric
July 22, 1939
fourth of our farms could
a
addition of
the
in
than
central
and
four
Chronicle
The Commercial & Financial
466
with
confidence,
then
safely
may
we
assume
that the great
consuming farms, then 27.3% of all occupied farms,
ects for
carrying electricity to the farmers will not
and
be
which service
to
available
was
added to the
were
40.7% of all farms with dwellings valued at
than
more
$500, either
electricity,
last
using central station
were
could have used it, at the close of
or
lation of the
South, and the
popu¬
share-crop¬
many poor
of the South and West, nothing approaching
pers
100% farm
be
ever
of central station electricity need
use
expected, unless
tration
self-liquidating and that, before long, they will
not
be
even
some
wire farm
decides to
the farmers the facilities
benevolent Adminis-;
premises gratis, give
they require to
elec¬
use
self-supporting.
For,
as
have
we
already noted, central station electricity had been
carried to
April.
Obviously, in view of the large rural Negro
•
majority of all future proj¬
27.3% of the occupied farms of the coun¬
April,
try by the end of last
Cooke
felt
basis.
And
or
to substantially the
the country which Mr.
served on a self-liquidating
farms in
of the
quarter
be
could
station service has been
after central
extended to about
386,000 additional farms,
after,
or
the total number of farms to which central station
electricity
available last April has been in¬
was
tricity, and then supply their electric requirements
creased
for little
bilities of rural electrification will have been
largely
Thereafter it will be necessary
for the
nothing.
or
Yet in any appraisal of the
self-liquidating possibilities of rural electrification
it
is
of electric
ers
become
can
of
taxpayers of the Nation to bear a portion of the
cost of service to added farm customers in their tax
projects.Fortunately, the first REA
Administrator, Morris L. Cooke, has supplied the
October
Mr.
wrote
Cooke
for
Senator
his
George W. Norris
opinion
"the
to
as
subsidies, either by the Federal Government,
States,
by their combined action, to
or
pro¬
electricity to the farmers.
by
or
carry
And after pointing out
that the
private utilities had already connected "the
cream"
of the farm
remains, naturally cannot be operated on the
level of profit, and on an extensive building program
much of it can probably not be supplied at a
profit, unless
some such subsidy is provided for line construction."
same
And in his answer to this
letter, during the fol¬
lowing month, Mr. Cooke had the following to say:
.
have conceived it to be
we
.
demonstrate
lowered.
.
onstrated
on
a
that
costs
While
.
.
that
the
of
rural
such
self-liquidating basis
^
Almost
gram
to
as
you
have
50%
electrified
public,
have
in
of
of
10
all
rural
years
as to
our
markedly
...
should
total
dem¬
have
electrification
the
to remain
great
without
farm
people would
Under such a pro¬
be possible
homes—farm
at a
$1,500,000,000.
assumption
of
it
will
rural
continue
drudgery.
proposed,
be
can
surmountable,
are
three-fourths
remain condemned to
service
wider
and
.
.
.
non-farm—
investment, private
and
appear that four reasonable inferences
be drawn from this exchange of letters between
leading exponent of public ownership of electric
may
the
utilities
vising
many
essence
public
methods
farms
time."
time."
today and the engineer entrusted with de¬
the
as
for
taking "electricity to
possible
in
First, speed would
of
this
activity—"in
Second, it would
power
the
shortest
appear to
the
appear
very
possible.
that both
advocates recognized that little
as
possible
be the
shortest
of Federal
rural
private utilities of the country,
for
profitable customers, have been building lines
into
rural
before
first
for
areas
nearly half
they have reached into
determined
that
the
ever on
a
the hunt
century.
new areas,
But
they have
probable near-term
rev¬
to be derived from these extensions would at
enues
service, with good prospects
of
on
a
reasonable return
long term.
ing rural
age, no
their investment
these
more
over
And their years of experience in
areas
the
serv¬
has demonstrated that, on the aver¬
rural line will be self-supporting, let alone
self-liquidating, with less than four farm customers
to each mile of line.
Even then
farm lines have often been
succession of poor
the farmers'
But this
been
revenues
during the
immediately following the construction of
years
crops,
buying
which
of activity.
REA lines
no
a
power.
private utility experience
completely ignored
four years
violently distorted by
which seriously affected
seems
to have
by;the REA during its
Excluding those States in
were
in
.
fully one-third of such investment would be
self-supporting."
It would
exponents
carefully soft-pedaled the fact,
the
.
Under
any
reasonable
improvement in rural conditions, probably
.
electrification have
part of our task to
achievement
obstacles to
majority of farms would still
service.
a
to enjoy central sta¬
are
least carry the cost of
business, he observed:
"What
".
political
Although
1935
of
priety, the wisdom, and the justice" of providing
the
bills, if additional farms
tion service.
estimate.
necessary
In
exhausted.
the self-supporting possi¬
even
paying custom¬
to approximate the proportion
necessary
American farmers who
by 22%, then
operation
on
May 1
last, the tangible results of the Federal rural elec¬
trification
program
have been the construction of
99,657 miles of rural lines in 40 States, and the
connection to these lines of
tomers.
218,161
new
rural
Or, in other words, the REA has
financing the construction of rural lines to
an
average
cus¬
been
serve
of 2.19 customers to the mile, approxi¬
mately half the number of connections the privatelyowned
rural
In
which
utilities
extensions
have
addition, in
REA
found
were
necessary
before
only two of the 40
projects
new
economically feasible.
had
connected
States in
13,254
new
Volume
The Commercial & Financial Chronicle
149
rural customers did the number of customers
age
than four to the mile, and in only two
more
additional
tomers,
States, containing 13,565
the
was
customers
mile.
And
more
States in which EE A projects had
the
to
mile.
for this low
reason
Senator
I
Federal
slates
in 19
connected 78,162
the
stationelectricity
established
ered
utilities
rural
before
electrification
the
cream"
reelection.
But
hardly contributes
this
into
it
to
single
ever
of tfiem
one
This may
rural
areas.
rural
more
eral
Government
ment of
STATUS
a
returned its loan with in¬
ever
half
OF
now
RURAL
ELECTRIFICATION
records
Rural Lines Built
Customers
With REA Loans
Receiv'g Service
Allotment*
Energized
14
12
3
Colordao
operating records of
8
indicate
that
either
; ? return of the loan with interest within
more
a
5,873
Maine.
1
Maryland
Michigan
2
14
Minnesota
34
Mississippi—.
20
Missouri
26
9,342,000
Montana..
10
Nebraska
34
6
22
34
have
program
or
lacked
that the
sponsors
sufficient
majority have failed to
profits after cash operating costs to
earn
3
ards
earning,
employed
where
on
between
half
a
and
only
three-fourths
of
the
rural
areas
was
established, and with the
supporting.
are
the
turn of the
same
3
Dakota.
-
~
195
224
/
3
1
247
715
2.90
6,306
2.08
5,364
2.92
7
28
V
1.95
4.44
mm-m
farmers.
But
•
202
•
503,000
V
:
2,000
286
dought
1.95
1.41
1.99
646
11,970
1,373
2.12
99,667
218,416
C2.19
6,999
8
592
$209,087,830
1939.
As of May 6,
b Excludes customers on rural lines built with funds re¬
c Average customers per mile of rural line.
Regimentation
ghastly spectre of
dictatorship haunts the
For the transition from
a
regimented government
seems
chosen
to
by
a
fear for
choice.
process
free people, democracies would have little
no
It is
people would enslave themselves by
only when
we
observe the insidious
by which power is obtained and maintained
by dictators that doubts must arise as to the perma¬
of our democratic institutions, particularly
nence
since it appears so
difficult to determine when and
definite trend is in motion, there is no
nomic
one
XIY, "L' etat c'est moi,"
mild in comparison to the dictates of the present
totalitarian
rulers—Hitler,
Stalin and
who have obliterated all law and all
*
powers.
end—the glorification of the state.
The declaration of Louis the
flict
a
systems, liberty, and society are all regimented
All labor for
was
Once
choice—eco¬
according to the decision of the dictatorial
dollar of Federal
floods, hot
to have
place, without a struggle, in many parts of the
world.
If a totalitarian state had been willingly
showing in plac¬
and
2.02
r
11,259,300
1,665,800
democracy to
Treasury with the blessings of
when
•
.
taken
more
only self-supporting but money-making under¬
the
2.19
6,491
3,207
1,024
1,641,700
7
2 V
608
11,954
12,873
311
2,691
5,872
142,000
5,482,800
12
The
ing electricity in his house and barns, and that
irrigation projects were invariably touted as
to
1.81
1.80
nations that are still free.
these
every
6.07
By Theodore Prince
were evidencing the
providing the farmer with
takings that would return
1.15
1,836
Beware of Trend Toward
ample grounds for
are now
;
their
century politicians
they
2.77
3,028
15,769,185
274,000
ceived from other sources,
will recall that shortly after the
water for his lands
mmm
-
617
how the totalitarian direction is first taken.
you
1.52
6,875
7
«.
223
587,000
3,831,058
12
53
a
some¬
of the Federal Government may have
way of the irrigation projects of 30
feverish interest in
investment
«.
1.91
2,203
4,511
«.
1.71
552,000
;
9
Total
ago.
Many of
3.27
5,351,200
2,561,328
•
6
4
Wyoming
tion program
go
8,324
t
the belief that the entire national rural
electrifica¬
years
2,546
1,151
6,834,000
Wisconsin
be either self-liquidating or self-
In fact, there
b2.14
3.32
West Virginia..
areas already in¬
by the Federal program, there would appear
little likelihood that
many future rural electrifica¬
can
1.83
b4,807
5,119
2.39
Vermont
promising of the remaining rural
projects
9,374
15,036
2,242
18,680
4,225
18
Virginia
vaded
tion
2.20
2.46
7,815
2,347
Utah
already served by the private companies
before the REA
145
541
8,782
1,303,972
13,041,025
Tennessee
densely populated
more
1.93
66
220
1,300
27
REA, which is necessary to return the
3% interest during a period of 25 years.
Obviously, then, with the
1.77
1.77
5,241
1,171
Oregon
operating costs, including fixed charges of
roughly $4.25 per annum for each $100 borrowed
loan with
2.09
647
South Carolina.
actual
from
7,987
2,271
214
Pennsylvania..
the basis of accounting stand¬
private enterprise,
by
3,830
1,174
1,679
Washington
are
17,757
11,608
2,108
2.40
1,189
6,569
1,050,000
Oklahoma
their lines, and to meet the interest charges
loans, let alone repay any instalments of
2.06
6,106,350
5.
Texas
on
2.48
1
Dakota.
Ohio
deprecia¬
2.79
1,132
5,562
21
Carolina
North
sufficient
16,393
7,393
:
420,300
705,000
North
their
ects
the
2\
1.85
465
222,000
New York
and
1.96
1.92
c
2,701
1,913,600
10,092,200
1
New Mexico
principal to the Federal Treasury. In fact, this
survey disclosed that, by and large, existing proj¬
not
27
New Jersey
the
to
9
Nevada
South
cover
23
Louisiana
knowledge to safeguard the funds of the taxpayers.
For a recent
survey of existing projects has shown
great
13
Kentucky
of the
experience
48
:
1.43
718
1
period of
mmi*
1.81
1,560
Indiana...
justification has been subjected to
political expediency,
on
-V'-.
840
Kansas....—
than 25 years" has been openly flaunted,
that economic
tion
1,210
783
375
Idaho
"self-liquidating projects which give assurance of
earnings to cover full operating costs and
the
'
895,037
1,098,000
10,927,615
1,881,750
11,444,630
12,776,195
14,428,128
3,840,651
6,882,720
2,170,100
91,000
469,000
10,726,000
14,531,736
5,788,700
Illinois
the
2.i6
r
255
3,660
1,728
1,637
.7
1
Georgia
year,
j sufficient
or
2,581,000
5,437
2,515
2"020
.'
,
5
....
Iowa
./not
"
Mile
of Line
per
Such Lines
on
Florida
statutory requirement that REA loans be made only
to
$4,826,550
145,000
4,290,500
1,535,500
1
Arkansas
California
would
OF
Customers
(a)
Total
Allotm'ts
projects which have been engaged in carrying
these
AS
Number of
Completed Miles of
(a)
Alabama..
electricity to the farmers for at least the past
for
PROGRAM
1, 1939
No. of
State
;
the
the further invest¬
proposes
billion dollars.
a
NATIONAL
self-liquidating
^
are
\
-
Delaware
those
irri¬
an
skimming of "the
the
damaging to the feasibility of further
electrification
noting, but the
yet be the record of the "self-liquMat¬
Arizona
Even
or
single instance where
ing" rural electrification projects in which the Fed¬
possibilities of electrification projects in remaining
:
their
portion of their loans,' although
a
great majority paid little
MAY
vehicle for
Before
few irrigation projects
a
terest to the Federal Government.
politicians discov¬
converted
and
forgiven.
wiped clean
proved self-liquidating—where
a
by
served
be
a
Possibly most of the
being
clamor for
gation project
October, 1935, that
were
up a
record fails to show
pointed the
where four farmers to the mile could afford
areas
central
Government
were
actually repaid
less than two cus¬
private companies had already connected "the
cream" of the farm business.
grasshoppers, plague and despair settled
land, and the farmers set
relief, political fortunes required their debts to the
cus¬
of customers per mile
average
the
-on
and four
tragic,
Norris
when he stated to Mr. Cooke in
the
REA
new
between three
average
the
to
rural customers the
average was
tomers
winds and
aver¬
467
with the
power
they wield to
Mussolini—
rights that
an
viously unexceeded in the annals of history.
I
con¬
extent pre¬
The Commercial & Financial Chronicle
468
Such
an
array
mobilization of
of omnipotence exists only in the
military state devoted to the main-
a
War thus becomes
tenance of that power.
imple-
an
political aggrandizement instead of a means
defense.
Such a permanent military mobilization
ment of
of
of
threatens the very existence
Is there
our
civilization.
itself invulnerable to
system of government prove
Whether events call for the dictator,
such influence?
the dictator moulds the events that call
or
'
totalitarian trend here, and if so can our
a
him into
old question which only adds to the perLike cancer the growth is
bewilderingly rapid and fatal and the only remedy is
early extirpation. We in this country, therefore, are
vitally concerned with any evidence of a power that
could coalesce rapidly into the much-dreaded regiis
power
an
plexity of free nations.
gradually undermine the independence of the
of the three branches of our government,
The line of demarcation between supervision, regulation, and, finally, management grows thinner as
the bureaucrats get bolder and bolder as is their
wont, and may end in outright regimentation.
In
many instances the commission is prosecutor, judge
can
powers
and jury, and the law cannot reverse on appeal a
decision of an agency where the question of fact can
be supported by the evidence, even though the weight
of evidence may be against the decision. A decision
lately reversed, however, where the entire method
of procedure by a commission was so prejudicial and
violative of a fair inquiry that no sound judgment
could have been rendered.
The danger is ap-
was
parent.
Perhaps
mented state.
Gladstone eulogized
Constitution, which
Our
as
by the brain and purpose of man/' made specific
Federal Government, which
Supreme Court of the United States confirmed
grants of power to the
the
But the Constitution goes further
from time to time.
a
clearer view may be had by an examina-
tion of these various agencies in
particular agencies,
Some time in 1928 the Interstate Commerce Corn-
"the most wonderful work ever struck off at a given
time
July 22, 1939
mission authorized the St. Louis
and San Francisco
Railway to issue $102,000,000 of bonds, (about onethird of its bonded indebtedness) "to be sold at not
less than 94J4 and interest'' and also $49,000,000 of
laying down an inviolable and basic scheme for the
preferred stock to redeem $103,073,000 income and
functioning of the Federal Government which it will
adjustment mortgage bonds. Four years later the
ICC granted the application of the Frisco for a loan
from the Reconstruction Finance Corporation, prac-
in
be noted heads the first three
three articles of
"All
sections of the first
Constitution.
our
herein granted shall be
condition that the road effect a reorganiza-
tically
on
vested in
a
Congress of the .United States which shall
tion !
There was no authority for that condition and
consist of
a
Senate and House of Representatives."—
none
for the order of the ICC by which the Frisco
legislative
Section 1,
powers
Article I.
assumed
"The executive power
United
the
of
shall be vested in
States
a
president
America."—Section
of
1
of
Article II.
"The
courts
as
power
of the United States shall be
prohibition could be
view the historical
from time to time ordain
union, the framers of
our
felt that the importance
a
of
combination
a
might overturn
such
our
totalitarian
a
103
U.
firmed
S.
168
this
in
Having in
permanent
a
Constitution must have
of this allocation of
in
powers
combination of commissions,
into
clear.
powers
Undoubtedly they foresaw that
paramount.
was
more
one
bureaus,
man,
or
delegated and apportioned
state.
Kilbourn
clear
The
or
powers
Supreme Court (in
Thompson) has
vs.
in
agencies,
con-
"It is essential to
language.
partments
without
should be clearly defined and followed
encroachment by
any
the powers
on
Where does
stand
one
of them
system of governmental procedure
Have Congress, the president, and
This
That this
corn-
Only lately the executive in
ment tried to
authority
destroy the judicial
how
a
executive and
mented and
lar
fusion
of
power
court
even
of
ant action for which its approval is unnecessary is
method failed,
but
a
state.
a
apparent in these few instances, chosen from many,
The inability to prevent the Government's repudiation of its solemn promises to pay in gold would support that statement.
grounds—the
our criticism here is
unwarranted usurpation
But
on
of
resulting in consequent danger to our form of
government, should ambitious individuals unite the
powers
thus spread among an increasing number of
tending its control,
The Tennessee Valley Authority is a dictatorial unit
in full flower.
From flood control, navigation and
an
agency
for
destroying private competition and initiative, and
the
powers,
a
regi-
That particu-
far extended network of
multiple^bureaus and commissions, closely linked
with the advent and
the
railroad of a cash dividend,
How powers exercised, grow and become inaccessible to redress except through lengthy, costly, and
uncertain litigation on Constitutional grounds, is
declaration by
forcing out of business lawfully engaged and fairly
judicial, could lead directly to
finally totalitarian
In fact the
move-
packing bill in-
two
hardly be questioned.
practically
guaranteed under the
powers
The infamous
can now
ICC has achieved such control that the only import-
national defense it has grown into
far reaching
compel the legislative
Constitution.
dicates
a
not supervision.
mission exercises quasi-legislative and quasi-judicial
our
forth in the Constitution?
powers as set
did not
bureaus and commissions, each in turn further ex-
confided to the others."
our
today?
any
judiciary preserved the separate exercise of these
to
A decision which hastened if it
management,
powers
coordinate de-
three
its
if
Again the ICC lately has determined the price at
the
separate
or
unwisely
was
its bankruptcy,
broader
which
fixed charge,
actually existed it
authority
the administration of the Federal Government that
lines
interest charge on $102,000,000 of bonds
which services to passengers shall be rendered.
is
background, the then immediate
and the responsibility for
exigency,
cause
Supreme Court and in such inferior
one
the Congress may
and establish."—Section 1 of Article III.
No
such
granted.
judicial
vested in
an
in exchange for bonds carrying no
functioning of the "New Deal"
administered enterprises.
a
Sherlock Holmes to find
It would take more than
any
authority in the legis-
lative act creating that commission to justify the
broad and unwarranted assumption of such powers,
How far the idea of the substitution of a government
by
men
for
a
government by law has advanced
in some minds is indicated by the dissenting opinion
from a majority ruling of the Federal Power Com-
f
Volume
The Commercial & Financial Chronicle
149
mission in the Otter Tail Power Co.
case
permitting
the company to split its stock four-for-one.
missioner
John
Scott writes in that
W.
Com-
409
prosecutor, judge and jury combined into
tyranny and dictatorship
It is
one.
Here the employer
per se.
dissenting
not only lacks all protection in any formal inquiry
opinion, "There is nothing to show that any benefit
directed against him, but the very law itself lacks all
elements of fairness and just cooperation.
A few
flagrant instances should suffice. Under the NLRB
that
the
might be derived by the applicant
as a
proposed stock split-up will be passed
served
sumers
result of
to con-
on
by it."
Exchange Commission
well
as
the Securities Act of 1933 adds to the list of infringe-
as
ments upon
labor union
a
The Securities and
The Act of 1933
Constitutional order.
can secure an
election, but
the NLRB without "clean hands"!
until
not,
recently,
secure
an
condemns alike for what is said and what is unsaid,
bona fide doubt existed
"Protection"
unions, if either, represented
has
been rampant
and has ended by
cutting down the incentive to underwrite, thus affect-
ing the prosperity from which people
wherewithal to
them.
buy securities,
SEC is
entire process
safe,
now
seems
the
failure
of
crime, but it fails to do
if the
purchase
changes.
regulatory
previous
Exchange Act of 1934
manipulation
than describe its
more
a
purpose
sale of securities should result in price
or
The effort of representatives of 16 national
exchanges to
cooperation from the
secure
clarifying this section has
it indicated the desire of the SEC to leave the
of fraudulent
manipulation
the SEC only
and not
security operator
that he
a
point here raised, that
what constitutes
a
question
may
an
understand
inadequate definition of
crime has
no
an
place anywhere,
was
a
majority of his
spread false tales about
labor
the
It
unions.
the perfection of
represents
may
employer to unionize his
an
employees but the employer
may
a
not give his honest
labor organization.
A
union may advise workers that they must join the
union—such advice being untrue. An employer
may
not advise workers that they need not join a union to
hold their jobs, such advice
union may require
A labor
being true.
employer to give its members
an
protection from non-union workers.
An employer
police protection for non-union
may not secure
mem-
bers against union workers.
This does not represent democracy.
totalitarianism.
It is
pure
,
The danger from such governmental agencies is
that their practices and injustices
monplace, establishing
croachments
and
each
governmental
en-
assumes
agency
authority and insidiously
more
the express
to
corn-
the rights of the people,
on
Meanwhile
become
may
precedent for further
a
legislative, judicial and executive
thoroughly biased in favor of
7
•
labor union
a
New
The National Labor Relations Board is the latest
em-
in with "clean
come
more
dictatorial commission,
contending
,
Speaking of "clean hands,"
by the unanimous decision of the Supreme
reason.
when
even
instance, if he should invoke the
Court, March 26, 1938, in reversing a conviction in
Jersey for that specific
employer could
to which of two
aid of courts, however, he must
so
Nevertheless the
employer
hands."
matter of decision by
distributor
or
But
clear prohibition that the
avoid the penalty.
may
confirmed
a
SEC in
become history.
now
In such
as
an
election
opinion about the merits of
to have been well demonstrated.
attempt to make fraudulent
an
ployees.
again going to make the
once
Section 9 A 2 of the Securities
is
obtain the
of Wall Street transactions flawless and
although
efforts
can
the desire to issue
or
an
A labor union may invoke the services of
may not.
prohibition of
our
merges
contrary
powers,
Constitution and
Therein lies the danger of regimentation and
laws.
dictatorship.
Let
beware!
us
^
Text of Resolution
Making Appropriations of $1,755,600,000 for Work Relief and
Ending June 30 1940—Enacted Under Title of "Emergency
Relief Appropriation Act of 193999—Provides for 130 Hours per Month for Those
on Work Projects
Relief for Fiscal Year
V.
Administration's
The
recently-enacted
adopted by Congress in the form of
a
relief
legislation,
resolution, appropriat¬
ing a total of $1,755,600,000, was placed on the statute book
June
30, the date when President Roosevelt signed the
measure..
It was on that date that Congress completed
action on the legislation, as was indicated in our issue of
July 8, page 192.
Congressional action on the bill is indi¬
on
cated
and
follows:
as
June
on
29;
conference report
Act
the
will
go
House
House
June 30.
June
16;
amended
conference agreed to
and
Senate
adopted
Youth
continue
to
issued
a
could
he
work
statement
of the
by
was
rural
rural
and
rehabilitation
for
needy
persons
given
legislation as enacted into law June 30 follows:
[II. J. Res. 326]
the
United
called
States
upon
engaged
hours
of
financed
Act
general
on
in
Employees'
for
whole
shall be
sioner
special
provisions
Compensation
of
the
Act
Commission
the
is
to fix a monthly earning schedule for persons
work projects, and it is stipulated that the
work
in
and
all
or
130 hours
his
persons
engaged
on
such
projects
part by funds appropriated under the
a
discretion
month, "except that the Commis¬
may
require
a
lesser
Making appropriations for work relief and relief, for the fiscal year ending
June 30, 1940
Resolved
States
the
by
Senate
of
hours of work per month in the case of relief workers with
no
dependents, and
the earnings of such workers shall
be
correspondingly reduced."
This provision, and the further
action of Congress in substituting in the measure a
security
wage
system
for
prevailing
wages
brought
about
wide¬
and
the
as
"Emergency Relief
Work
useful
Representatives
the
of
United
That this joint resolution
Appropriation
Act of
public
projects
may
1939."
Projects Administration
(a) In order to continue to provide work for needy
1.
Section
on
Of
House
of America in Congress Assembled,
cited
be
in
the
United
States
and
its
persons
Territories
and
possessions, there is hereby appropriated to the Works Projects Administra¬
tion,
of
out
fiscal
the
balances
any
the Treasury not otherwise appropriated,
in
money
ending June 30,
year
of
appropriations
Resolution
Numbered
Seventy-sixth
including such
of
construction
tion
for
1938,
of
under
or
as
together
Section
of
Numbered
unobligated
on
funds transferred to
the
provisions
of
3
in
the
Public
of
30,
other
section
set aside for specific purposes
all
of
,10
June
for
with
1
supplemented by
Resolution
remain
balances of
projects
supplemented,
with other
Act
(1)
the
1939,
agencies
of
such
accord¬
law:
Provided, That notwithstanding any other provision
law, funds heretofore irrevocably set aside for the completion of Federal
ance
of
as
subsection
Public
which
unobligated
non-construction
Act
1938,
and
1
Congress,
$1,477,000,000,
1940,
under
Emergency Relief Appropriation
for
number
RESOLUTION
JOINT
in
Rico, and $1,350,000 for the Bureau of Indian Af¬
of the Interior, to continue relief and
rehabilitation for needy Indians in the United States.
my
needy
[PUBLIC RESOLUTION—No. 24— 76TH CONGRESS]
[CHAPTER 252—1ST SESSION]
Department
Under
signature and thereby stop
unemployed."
The President's
in our item on page 192.
The text
the
for
relief
Of the total amount which
Administration,
bill," but he stated, however, that
"withhold
not
Puerto
fairs,
indicated in these columns July 15, page
as
signing the legislation on June 30 the President
statement calling attention "to some of the hard¬
ships imposed by this
the
$143,000,000 for
farm-tenant loans.
WPA received $2,250,221,000 during the
1939 fiscal year.
Other appropriaitons in the Act include
$7,000,000 to the Puerto Rico Reconstruction Administra¬
tion
In
appropriates
(viz., $1,755,600,000) $1,477,000,000
to Work Projects Administration; $100,000,000 to
National
the
both
on
the
June 28;
the Senate
passed
House
Passed
spread strikes,
338.
Act of
such
projects under
1938,
as
completion,
authority of the Emergency Relief Appropria¬
amended, shall remain available until June 30, 1940,
and
any
such
funds
which
remain
unobligated
by
:
■:
i
*
such Federal construction
completion or abandonment of any
of the
reason
be returned to this appropriation.
(b) The funds provided in this section shall be available for (1) admin¬
istration ; (2) the prosecution of projects approved by the President under
shall
project
Relief Appropriation Acts of 1935, 1936,
1937, and 1938; and (3) the prosecution of the following types of public
projects, Federal and non-Federal, subject to the approval of the Presi¬
dent, namely: Highways, roads, and streets; public buildings; parks, and
other recreational facilities, including buildings therein; public Utilities;
electric transmission and distribution lines or systems to serve persons in
rural areas, including projects sponsored by and for the benefit of non¬
profit and cooperative associations; sewer systems, water supply, and
purification systems; airports and other transportation facilities; flood
control; drainage; irrigation; conservation, including projects sponsored
by conservation districts and other bodies duly organized under State law
provisions of the Emergency
the
contribute to the rehabilitation
will
national
the
in
the
production
income;
of
such
under
farmers
preference being given to projects
of individuals and an increase
eradication of insect, plant, and fungus pests;
conservation,
and
erosion
soil
for
which
lime and marl for fertilizing soil for distribution to
conditions as may be determined by the sponsors of
law; educational, professional,
projects under the provisions of State
such
and service projects, including
recreational, production,
cultural,
clerical,
domestic service; aid to self-help and cooperative associations
benefit of needy persons; and miscellaneous projects: Provided,
training for
the
for
work projects shall, so far as
their respective homes.
(c) The funds appropriated in this section, exclusive of those used for
all
That
however,
employed
persons
on
practicable, be employed on projects nearest
administrative
shall be so administered that expenditure author¬
the work projects financed from
expenses,
other than labor costs for all
izations for
State, Territory, possession,, or the District of Columbia
exceed an average for the fiscal year ending June 30, 1940, of
funds in any
such
shall
not
that the Commissioner of Work Projects
may authorize an increase
$6 per month per worker, except
(hereafter referred to as the "Commissioner")
the
in
in cases where the increased cost of materials would have
average
effect
the
of
for
the
by the Commissioner
conclusive.
this
in no event shall
exceed
average
be reasonable, and his determinations,
$7:
•
made
shall
by him,
i
;
in
be final
thereafter approved
projects
than one-fourth of such total
are
subdivisions,
political
Columbia,
the
as
requirements of
(e)
The
Work
the
field shall
fiscal
the
following
The
in
shall
of
final
be
which
respective
United
borne
the
or
District
of
compliance with
constituting
be
not
by
determined
the
Commis¬
obligated
thereof,
shall
service,
transmit
by the
unobligated
(b)
on
The
Act of 1938; and
the Emergency Relief Appropriation
the
provisions of
(4)
subject to the approval of the
of needy persons.
President, for projects
involving rural
rehabilitation
to
authorized
are
be
to
carried
amounts
be
to
so
exceed
not
these
for
obligated
Salaries,
sums:
$4,200,000;
travel,
Congress,
showing
such latter Administration
out
the purposes of
(g) The
and
the first day of each
on
for
each
the
of
United
such
of
36,
provisions
by
States
pay
commissioned
and allowances
to make his total compensation
officer
as
$10,000
officer
the
on
active
prejudice to his status
or
shall
detailed
so
such officer,
receive,
while he is
per annum
in
sufficient
amount
an
detailed.
so
2.
(a) In order to provide assistance to needy young persons, there
hereby appropriated to the National Youth Administration, out of any
in the Treasury not otherwise appropriated, for the fiscal year
ending June 30, 1940, $100,000,000, together with all balances of apppro-
money
priations
for
such
Administration
which
remain
1939, and such amounts shall be available
prosecution
of
projects approved by the
Administration
Act
of
President,
under
1938 ;
on
the
and
projects,
provisions
(3)
to
Federal
of
unobligated
June 30,
on
(1) administration;
(2) the
President for the1 National
the
provide,
and
for
subject
the
to
of
approval
the
the
of
specified
types
section^ 1 hereof for the Work Projects Administration, part-time
and
training to needy
young
attendance at school and who
o
enable needy
young
colleges and universities.
(b) The
relief
,rom
ave
worker
earnings
are
longer
no
unable to obtain
to
their
continue
and
of
the
hours
National
of
work
Youth
for
at
workers
on
oir6
prevailing
ect
such
shall
fix
engaged
projects of such Administration financed in whole
e
or
in
on
the
fiscal
year
on
such projects
1939.
,t0. exofd. ?f° of th® amount made available in this section
used for
administration.
Jd)Jhe1940, to carry out the
»atral Y°Uth Administrati°n
30,
June
purposes
is
of
hereby
this
?n
to c°ntinue t<> provide
extended
until
section.
assistance
through
.^ted the Department of
states, its Territories and
to
7.
possessions,
Agriculture,
out
of
there
any
is
money
States
_
,
'
incidental to
herebv
in
the
Commission
Compensation
Employees'
(a) In order to
out the provisions of section
carry
24 hereof,
hereby appropriated to the United States Employees' Compensation
Commission, out of any money in the Treasury not otherwise
appropriated,
$5,250,000: Provided, That so
as the Commission, with the
approval of the Director of the Bureau of the Budget, estimates and
certifies to the Secretary of the Treasury will be necessary for the pay¬
ment
of
such
compensation and administrative expenses, shall be set
aside in a special fund to be available and to be administered by the
Commission
during the fiscal year 1940 for such purposes; and after
June 30, 1940, such special fund shall be added to and become part of
the "Employees' Compensation Fund, Emergency Relief," set up in accord¬
ance
with the provisions of the
Independent Offices Appropriation Act,
1939: Provided further, That the special fund herein authorized shall not
be limited in its use to the United States, its Territories, and possessions.
for
fiscal
the
much
the
of
(b) The
of
Emergency
Relief
and
appropriated
Relief
Appropriation
establishments
injured
section,
allocated
supplied by such departments
of the Commission for
services
with
regulations
the fiscal
24 hereof.
appropriated in this section
under section
$75,000 of the amount
during
together with the balance
such Commission under
to
of 1938 or prior Emergency
available for payments to Federal
Act
be
benefits
entitled to
persons
be available
the
in
shall
accordance
(c) Not to exceed
this
or
hospital
and
in
section,
Appropriation
Acts,
for medical
agencies
in this
appropriated in
funds
heretofore
funds
the
1940,
ending June 30,
year
appropriation
1940
year
for the purposes specified
appropriation for salaries and expenses of such Commission
in the
Independent Offices Appropriation Act, 1940.
Executive
Sec.
President,
the
for
is
any
year
money
of
in
expenses
National
the Executive Office of the
not otherwise appropriated,
1940, $850,000.
Such sum shall be
in carrying out the functions hereto¬
Emergency
the President
to
the Treasury
June 30,
ending
the
in
Office
Office of the President
appropriated
hereby
for administrative
vested
Executive
of
out
fiscal
available
fore
There
8.
Council
and
transferred
to the
functions of the Radio Division
the
and
authorized to be
carried out until June 30, 1940.
Of the sum appropriated in this section
not to exceed $20,000 may be transferred to such Radio Division.
the
Federal
Security
Agency.
National
rural
rehabilitation and relief to needy farmers and
relief to other needy persons
the
appropriated
* "
agencies, out of
following
United
of
Department of Agriculture
(a)
the
to
Sec.
not
<c> Not
may be
'
provide for administrative expenses
to
resolution, there is hereby appropri¬
any money in the Treasury not
otherwise appropriated, for the fiscal year ending June 30, 1940: (1) Gen¬
eral Accounting Office, $5,225,000 ;
(2) Treasury Department: (a) Pro¬
curement Division, Branch of Supply,
$5,200,000; (b) Division of Dis¬
bursement, $2,500,000 ; (c) Office of the Treasurer, $675,000; (d) Secret
Service Division, $2,500,000 ;
(e) Office of Commissioner of Accounts and
Deposits and Division of
Bookkeeping and Warrants, $5,973,825, for
administrative accounting; total, Treasury Department, $14,598,825;
(3)
Bureau of the Budget,
$26,175; (4) Public Health Service, $300,000 ;
and
(5) Civil Aeronautics Authority, $250,000.
ated
part
shall
establishing a national average labor cost per youth
projects during the fiscal year 1949
substantially different
at the
order
In
6.
carrying out the purposes of this joint
of
average labor cost per such worker
close of
the fiscal year
1938 ; and (5) subject to the approval of
involving rural rehabilitation of needy Indians.
Administrative Agencies
Sec.
schools,
Administration
6 appropriation in this section, but such determination
e
regular
in
employment, and
education
youth
for
Act of
Appropriation
President, for projects
shall
Administrator
monthly
who
persons
have been
persons
the
Youth
Emergency Relief Appropria¬
non-Federal,
otherwise appropriated,
not
1940, $1,350,000.
(b) The funds provided in this section shall be available for (1) admin¬
istration, not to exceed $67,500; (2) loans; (3) relief; (4) the prosecu¬
tion of projects approved by the President for the Farm Security Admin¬
istration for the benefit of Indians under the provisions of the Emergency
ending June 30,
carry
NATIONAL YOUTH ADMINISTRATION
Sec.
Treasury
the
in
money
resolution
Army to perform the functions of the office of
loss of
relief and rural rehabilita¬
in the United States, there is hereby appropriated
the Bureau of Indian Affairs, Department of the Interior, out of any
for needy Indians
there is
commissioned
a
(a) In order to continue to provide
5.
the Work
joint
1940,
this
of
hereby extended until such date to
detail
may
Any
his
to
June
until
the
Work Projects, without
officer.
addition
is
this section.
President
Commissioner
out
subject to
and
Sec.
of $50,000,000 during
sum
$600,000;
statement
a
Projects Administration
e
Second Deficiency Act, fiscal year 1939, which remains
June 30, 1939.
funds provided in this section shall be available for (1)
administration; (2) loans; (3) the prosecution of projects approved by
the President for
the Ruerto Rico Reconstruction Administration under
mented
.
expenses
possessions, and the District of Columbia.
(f) The functions heretofore vested in the Works Progress Administra¬
work
appropriated to the Ruerto Rico Reconstruction Administration,
Department of the Interior, out of any mor.ey in the Treasury not other¬
wise appropriated, for tne fiscal year ending June 30, 1940, $7,000,000,
together with the balance of the appropriation under subsection (4) of
section 1 of the Emergency Relief Appropriation Act of 1938, as supple¬
Relief
■
administrative
for
For the purposes of this paragraph, the term "State"
per annum or more.
work
other projects described in this
for
Rico, and
Puerto
hereby
the District of Columbia and in
the
sum
purposes
"/•
conclusive.
and
shall include the Territories,
Under
rehabilitation for needy persons
section, there is
(a) In ordc-r to continue rural
4.
Sec.
in
Administration
Reconstruction
Rico
Puerto
to
and
State the names,
positions, and compensation
of all
employees of the Work
Administration whose compensation is at the rate of $1,200
addresses,
tion
'
of this section.
which
to
States,
binding, $500,000.
session
Projects
•
homesteaders on rural rehabilitation projects.
relief payments under this section, the Secretary of
Agriculture is authorized to require of employable recipients of such pay¬
ments
the performance of work on useful public projects, Federal and
non-Federal, including work on private or public land in furtherance of
the conservation of natural resources, and the provisions of section
24
of this joint resolution, relating to disability or death compensation and
benefits, shall apply to such recipients while performing such work.
(d) The Farm Security Administration within the Department of Agri¬
culture is hereby extended until June 30, 1940, to carry out the purposes
In making any
(c)
tion
by the State and its
possession,
the aggregate the
communication
;
Commissioner shall
regular
be
may
exceed
1940,
year
printing and
is
(not to
provide work relief for
non-
made in conformity with rules and regula¬
shall
which
not
be
facts
Projects Administration in
the
$42,500,000
The
this subsection
him,
amount
the
as
provided in this section shall be available for (1) admin¬
exceed the amount obligated for administration in the
year ending June 30,
1939) ; (2) farm debt adjustment service
and making and servicing of loans under this section and prior law; (3)
loans(4)
relief; (5) the prosecution of projects approved by the
President for the Farm Security Administration under the provisions of
the Emergency Relief Appropriation Act of 1938; and (6) the following
types of useful public projects, Federal and non-Federal, subject to the
approval of the President; (a) Projects involving provision of additional
water
facilities,
(b) projects involving construction and operation of
migratory labor camps, and (c) projects involving land development to
The funds
(b)
istration
fiscal
State,
any
with respect
by the
shall
cost
be.
may
sioner, and his determinations,
prescribed by
borne
by the Territory,
or
case
Columbia,
the District of
or
less
list
apppropriation under
Appropriation Act of
Indian Service
be undertaken within
to
used, shall be
such funds
tion
1938
•
.
three-fourths of the total cost of all
exceed
to
not
Territory, possession,
of
the
such
meet
to
this section shall not be used
or machinery in any case
in
and regulations prescribed
any
tions
such
shall
event
no
machinery can be rented at prices determined
or
to
:
section,
Federal
the
in
necessary
$143,000,000, together with the balance of the
(3) of section 1 of the Emergency Relief
which remains unobligated on June 30. 1939.
1940
subsection
On and after Jan. 1, 1940, in administering the funds appropriated
(d)
in
but
$0
amount
construction equipment
any
equipment
conformity with rules
and
the
funds appropriated
purchase of
which such
exceed
costs, and
Provided, That the
in
above
average
average
material
increase in
such
raising
such
in
increase
appropriated, for the fiscal year ending June 30,
not otherwise
Treasury
July 22, 1939
Chronicle
The Commercial & Financial
470
Sec.
9.
There
is
functions
Such
Resources
Planning Board
hereby appropriated
to
the National Resources Plan¬
otherwise appropriated,
$750,000.
Such sum shall be
ning Board, out of any money in the Treasury not
for
the fiscal
year
ending
June 30,
are
1940,
Volume
available
The Commercial &
149
administrative expenses
for
functions hereto¬
fore vested in the National Resources Committee, and such functions are
authorized to be carried out until June 30, 1940.
On and after July 1,
1939, and until June 30, 1940, said Board shall be composed of three
members
be appointed
to
of the United States,
Total
in carrying out the
by the President from widely separated sections
by and with the advice and consent of the Senate.
Sept.
1,
than
1939,
Sec.
10.
Federal
and
under
the
agencies shall be
perform the work
the
constitute
total
that
amount
during such period for the
administered during such period as
so
be
will
furnished
herein set
purposes
shall
person
whose
such
to
agencies
forth.'
such expiration date.
on
be
persons
in
contained
employed
habits
performing
such
projects
been
not
all
the
be employed on such
been
ment has
certified
by (a)
Administration
where
Administration
certifies
Sec. 11.
(a) The Commissioner is authorized to allocate not to exceed
$60,000,000 to other Federal agencies for the operation, under such rules
certification
and
regulations
the
as
Commissioner
type specified in subsection
the
functions
trative
expenses
of
That
not
That
of
4%
which
upon
the
of
such
for
the
(b) No
Feneral
conservation
there
funds
sufficient
(c) No
shall
for
its
until
employed exceeds
persons
flood
this
in
and
control
law, shall
and
resolution
joint
irrevocably
aside
set
be
an
of their
adequate
the
sponsor.
shall prescribe rules and regulations relating to the
contributions
use
part
if the agency admin¬
taking into consideration the financial ability of
valuation of
under
agreement to finance such
the agency,
of
in
kind
by
of projects through furnish¬
sponsors
employees, which shall also allow credit only to the extent that the
furnishing
such
of
contributions
represents
undertaken
by the
projects,
financial
a
burden
which
is
other sponsored projects.
Sec.
shall
12.
be
mated
None
of
the
Federal
unless
funds
portion
by the President
been
the
of
the
in
made
on
total
of
case
is
prior
of
cost
joint
1939,
prior
or
approved
issue
an
to
from
$52,000,
been
which
for
or
on
payable
exceeds
has
project
held,
resolution
the total esti¬
which
building,
the
1,
election
by this
building, exceeds $50,000,
non-Federal
for which
an
Administration
building (1)
any
Federal
a
to July
approved at
Projects
available
estimated
a
(a)
one
or
of
case
Work
such
of
date,
(b) for the completion of which funds have been allocated and irrevoc¬
or
ably
Sec.
ia
aside under
set
13.
this
relief
prior
(a) The various
joint
resolution
be
authorized
are
deposited with the
tions
and
be
shall
such
expended
for
agencies
Federal projects contributions
to
appropriation
in services,
from
materials,
or
Treasurer of the United
utilized
or
agreed
>>8
money,
States.
of
such
non-
money
Such contribu¬
between
upon
made
are
sponsors
the
sponsor
agencies.
(b) All receipts and collections of Federal agencies by reason of opera¬
consequence of appropriations made in this joint resolution, except
cash contributions of sponsors of projects and amounts credited to
revolving
tions in
funds authorized
by this joint resolution, shall be covered into the Treasury
miscellaneous receipts.
•/
\
(c) Except as authorized in this joint resolution, no allocation of
as
in
be
shall
this
made
14.
other
any
joint resolution
Sec.
Federal
for any Federal
to
funds
the
15.
for
purposes
(a)
The Commissioner shall
engaged
persons
upon
appropriated
by
work projects financed in whole
section
which
1
shall
in
or
from
part
any
living.
persons
Aug.
cost
31,
per
1939,
not
substantially affect the
the Work
of
person
Projects Ad¬
monthly earning schedule shall
such
work projects financed in whole
upon
1 shall
(1) be
Commissioner, in his discretion,
work
month
per
the
in
of
case
exceed
eight hours
week.
in any
may
tions
of
done
on
monthly
involving
emergency
personnel
Sec.
employed
16.
the
are
erans
of
the
work
World
campaign
(as
determined
War
on
the
other
citizens,
American
the United
(b) There
shall
are
be
work
of
lost
up
welfare
and
to
protect
time;
in
the
work
case
in
the
of
already
case
of
an
supervisory
projects.
on
date of
restoration
to
period
all
such
his
so
Spanish-American
18
the
of
Indians
in
and
United
laws
and
War
States
administered
are
American
other
persons
and
veterans
has
been
by
the
accept
to
continued
or
employment
in
who has not made
States
citizenship,
periodic
a
investigation to be made
work projects, and shall eliminate from
need, such
investigation
in need who refuses
person
in
be
a
that
so
six months.
bona fide offer of private
he
the prevailing
pays
resides
and
who
is
retained in employ¬
or
the funds appropriated
this joint resolu¬
in
employment would be available.
who takes such private employment shall at the expira¬
entitled
with
status
be made
to
once every
where
community
the
be
citizenship.
such
cause
does
who
or
affidavit to
such
immediate
to
Work
the
resumption of his previous employ¬
Projects Administration if
he is still
in
need
fault of his
own,
he
has
lost
and
if
he
has
first
that
shajl have accrued to him during his term in private employment and
which
the
made
are
be
in
or
eligible
labor
of
employment
for
than
the
who
on
to
accept
at earnings
project
the
comparable
work
similar
of
employment
Federal
on
need
in
person
no
work project
any
Work
the
Work
or
projects
any
in
shall
Projects
other
any
on
with
work
the
financed
whatsoever,
nature
any
between
non-Federal agencies in
Government,
refused
has
or
for which such
purposes
competition
Administration: Provided further, That
been
has
Federal
the
established for
earnings
Work Projects
who
of
projects
non-Federal
or
avoid
to
other Federal
employment
Administration
no
unemployment compensation
fulfillment of the
and
on
by
part
of
him.
to
Projects Administration and
Federal
the benefits
all
order to insure the
appropriations
employment through
private
drawn
available
are
(c) In
person
higher
of
the
in need
non-Federal project and whose
service has been regularly terminated through no fault of his own shall
not lose his eligibility for reemployment on any other Federal or nonwork
Federal
in
18.
engaged on any
project
(a) No
such
of
account
on
person
or
previous employment.
be employed
shall
or
retained in employment
in any supervisory position on any
project, under the appropriations in this joint resolution unless such person
before engaging in such employment (or prior to Aug.
1, 1939, in the
of
position,
administrative
any
case
of any
'person
or
employed before such date who has not taken
an
oath
subscribes to the following oath:
office)
"I, A B, do solemnly swear (or affirm) that I will support and defend the.'Con¬
stitution of the United States against all enemies, foreign and domestic; that I will
that I take this obligation freely, without
bear truth faith and allegiance to the same;
mental reservation or purpose of evasion; and that I will well and faithfully
any
discharge the duties of the office (or employment)
The head
of
the
on which I am about to enter
So help me God."
(or which I now occupy).
designate administrative and supervisory
shall
agency
fee shall be charged therefor.
made under this joint resolution
employees to administer such oath, but no
the appropriation
of
(b) No portion
to pay any
compensation after Sept. 30, 1939, to any person
is a member of an organization that advocates, the
who advocates, or who
overthrow of the Government of the United States through force or violence.
Sec.
In
19.
the
of
the
carrying out
purpose
of
the appropriations
in
this
the Secretary of the Treasury with the approval of the
Bureau of the Budget, is authorized to prescribe rules
joint resolution,
Director
and
(2)
allegiance
to
need.
on
workers,
such
removed
projects
employment
excepting
projects
shall
be
for
Work
on
Projects
veterans,
more
ineligible
than
to
be
who
18
Ad¬
have
months,
restored
to
until
after (a) the expiration of 30 days
(b) recertification of his eligibility for
such projects.
In the case of relief workers
on
months
of
continuous
employment
expires
before
the establishment
for
regulations
receiving
under
appropriation
an
revolving funds for use, until June 30,
Sec.
21.
expenses
involved is less than $300.
The appropriations in this joint resolution for administrative
and such portions of other appropriations in this joint resolution
for administrative expenses
may
be obligated in the
available
are
as
the aggre¬
with the appropriations in this joint resolution when
amount
gate
the
which
amounts
agency,
the Budget,
of
the
with
approval
of
the
Director
of
the
shall have certified to the Secretary of the Treasury
in the District of Columbia and else¬
where, and for contract stenographic reporting services, supplies and equip¬
ment; purchase and exchange of lawbooks, books of reference, directories,
and periodicals, newspapers and press clippings; travel expenses, including
expenses
of attendance at meetings of officials and employees of the
as
for personal services,
necessary
official business;
rental at the seat of government and else¬
agency
on
where ;
purchase, operation, and maintenance of motor-propelled passenger-
be
printing and binding and such other expenses as may
the accomplishment of the objectives of this joint
vehicles;
carrying
for
necessary
resolution.
Sbc.
June
22.
24,
(a) The provisions
from
payable
of Executive Order Numbered 7916, dated
1938, shall not apply to positions the compensation
appropriations contained
in
this joint
of which is
resolution,
and such
appropriations shall not be available for the compensation of the incumbent
of
from
relief
and
engaged
Veterans'
citizens;
owing
of
removal, and
employment
of
the
need
in
employed
relief worker
employment
and
removed
projects
continuously
the
are
States who
ministration
.whose
actual
period such private
thereof
Bureau
projects,
basis
who
after
hours
expedition in which the
or
Administration)
any
any
•
on
any
and
dependents and
or retaining in
employment on Work Proj¬
preference shall be determined, as far
the basis of relative needs and shall, where the relative
found to be the same, be given in the
following order: (1) Vet¬
practicable,
been
refusal
if
number of hours
no
employing
Administration
needs
with
that
except
correspondingly reduced, and (2) not
making
public
work
on
(a) In
and
permit
to
lesser
a
workers
part by funds
month
authorize exemptions from the above limita¬
may
earnings
project;
a
require
in
or
per
day and shall not exceed 40 hours in
/v '
•'
"
''
f
' V >
'*
(b) The Commissioner
130 hours
relief
the earnings of such workers shall be
ects
where the
connection
After
apppropriated by section
the
(b) the
or
or
engaged
labor
average
be varied for
not
agency
workers of the same type in different geographical areas
greater extent than may be justified by differences in the cost of
The Commissioner shall require that the hours of work for all
national
ministration.
as
monthly earning schedule
a
no
of special funds for any agency
this joint resolution, in the nature of
1940, in the purchase, repair, dis¬
tribution, or rental of materials, supplies, equipment, and tools.
Sec. 20.
The provision of section 3709 of the Revised Statutes (41
U. S. O. 5) shall not apply to any purchase made or service procured in
current
to
fix
relief
its
of
reason
person
any
United
projects under
person
shall be used
under this joint resolution
rules and regulations as may be necessary
which such appropriations are made.
have
(b),
and
the appropriation
Agencies receiving appropriations
out
carry
Sec.
for
of
from
agency
agency.
authorized to prescribe such
are
to
to
pay
to
work
work
(b) Any
,
funds
such
on
ment
employment
exists
agency
investigated not less frequently than
(a) No
for
Sec.
appropriations
receive
to
is
for the
tion
tion
Acts.
which
to
as
those not in
17.
whole
the construction of
on
building
has
the
of
account
on
which, in the
funds,
the
bonds
of
expended
cost
(2)
or
or
sponsors
by
employment
facie evidence of
prima
case
ment
facilities and equipment and the services of their
own
such
no
employment under reasonable working conditions which
unless
4)
available
affidavit
rolls
wage
1
prosecuted
or
(except under section
written
a
the head
as
undertaken
for
capable of performing such work shall be employed
Federal
' ■■■'■•
' '/'
shall
and
unless
Work Projects Admin¬
on
needs
part of the money appropriated in this joint resolu¬
(f) The Commissioner shall
Sec.
or
be given
no
of the rolls of relief employees on
water
undertaken
be
be
make
considered
the
is
be
may
public agencies.
alien shall
tion shall
not
he
work project prosecuted under the appropriations contained in this
any
each
except
resolution
has made
such
any
allocation under this sub¬
projects, determines under the circumstances is
The head of the agency
ing the
to
(e) No
on
joint resolution and
Provided further,
expenses:
any
other
allocated
project
the sponsor
contribution
own
project,
under
this joint
the entire cost thereof
isters sponsored
including adminis¬
Provided,
operation:
completion.
non-Federal
appropriations under
of
been
the
employed.
appropriations
have
of
within the scope
allocated
so
of non-relief
persons
construction
the
projects
of
are
such
to
amount
administrative
projects authorized
under
until
and
incident
total
percentage
10% of the total number of
piosecuted
which
1
project shall be prosecuted under
no
section
agencies
such
shall be used
agency
prescribe,
may
of section
usually carried out by such agencies,
exceed
to
(b)
he
projects until after his need for employ¬
Projects
by local
such
any
that
which
to
local public certifying
a
Projects
in need except as otherwise specifically
able
.
provided in section 17
as
Work
relief for persons
or
work
whose
workers
and, except
agency
are
on
shows
record
■
relief
certified by,
persons
emplyoment
,
provided herein.
relief
for
work
or
(d) There shall be removed from employment
istration
the
resolution,
to which they can be assigned and
Work
for work
joint
whether such
retained
or
are
work projects prosecuted
upon
this
determine
satisfactorily
the project.
on
worker shall
(b) The funds made available by this joint resolution shall be used only
apply to require their removal not later
work projects
on
work
of
assigned
apportioned and redistributed over the period
so
appropriations
incapable
(a) Funds appropriated in this joint resolution to the various
ending June 30, 1940, and shall be
to
Provisions
shall
providing the employment shall
no
Special
471
section
Aug. 31, 1939, rather than
project
General
this
(c) In considering employment of
to
$1,755,600,000.
appropriations,
financial Chronicle
any
United
placed in
position
States
after
Jan.
the
10,
competitive classified
civil
service of
(b) In carrying out the purposes of this joint resolution
receiving
are
appropriations
authorized
services,
to
appoint,
herein
accept
without
and
the
1939.
allocations
or
utilize
regard
to
such
under
voluntary
civil-service
the
agencies
such
appropriations
and
uncompensated
laws,
such
officers
and
employees, and utilize, with the consent of the head of the Federal agency
by which they are employed, such Federal officers and employees, and
with the consent of
the State such
State and
local officers and employees
head of the agency
authorities, duties,
and, without regard to the Classification Act
the compensation of any officers and employees
compensation as shall be determined by the
as may
be necessary, and prescribe their
such
at
involved,
responsibilities, and tenure,
amended, to fix
of 1923, as
appointed.
so
;
capacity under
from
made
be
efficient administration.
with
inconsistent
.
administrative or advisory
the appropriations in this joint resolution in any State shall
among the bona fide citizens of that State so far as not
to Federal positions of an
(c) Appointments
from the Federal service, or furloughs
three months, of persons employed within
the District of Columbia, under the provisions of this joint resolution, the
appointing power shall give preference, as nearly as good administration
will warrant, in retntion to appointees from States that have not received
their share of appointments according to population: Provided, however,
That soldiers, sailors, and marines, the widows of such, or the wives of
injured soldiers, sailors, and marines, who themselves are not qualified,
but whose wives are qualified to hold a position in the Government service,
shall be given preference in retention, in their several grades and classes,
without
making separations
In
23.
Sec,
to last as long as
pay
better.
Sec. 24.
The provisions of the Act of Feb, 15, 1934 (48 Stat. 351), as
amended, relating to disability or death compensation and benefits shall
apply to persons (except administrative employees qualifying as civil em¬
ployees of the United States) receiving compensation from the appropria¬
tions in this joint resolution
for services rendered as employees of the
United States: Provided, That this section shall not apply in any case
ratings are good
their
where
or
the purview of the workmen's compensation law of any
State, Territory, or possession, or in which the claimant has received or is
entitled to receive similar benefits for injury or death.
Sec. 25.
None of the funds made available by this joint resolution shall
within
coming
available—
be
theater project, except that
30, 1939, may continue to be
duty incidental to the closing
down of such project, and paid his salary or wage (1) for the month of July 1939,
if such person is an administrative, supervisory, or other noncertified worker, or
(2) for a period ending not later than September 30,1939, if such person is a certified
1939. for the operation of any
(a) After June 30,
any person employed on any such project on June
carried on the pay roll, with or without assignment of
relief worker; or
Augustl31, 1939, for the operation of any projects sponsored solely
Administration.
section shall not prohibit the payment of wages or salaries accrued,
(b) After
While such persons shall retain the right
privately their opinions on all
political subjects, they shall take no active part, directly or indirectly,
in
political management or in political campaigns or in political con¬
This
the
if
incurred, in connection with any such project
salaries accrued or the obligation was incurred prior to
non-labor obligations
of
wages
or
1939, Oct. 1, 1939,, or Sept. 1, 1939, as the case may be.
The Commissioner and the National Youth Administrator are
1,
Aug.
26.
Sec.
authorized
determine, and
adjust,
ascertain,
consider,
to
from the
pay
appropriation in section 1 or section 2 hereof any claim arising out of
operations thereunder accruing after the effective date of this joint
resolution on account of damage to or loss of privately owned property
by the negligence of any employee of the Work Projects
or the National Youth Administration,
as the case may
caused
Adminis¬
be, while
No claim shall be considered
of $500, or which is not presented in
writing within one year from the date of accrual thereof.
Acceptance by a
claimant of the amount allowed on account of his claim shall be deemed
to
be
in
full
settlement thereof,
and the action upon such claim so
accepted by the claimant shall be conclusive.
Sec. 27.
The Commissioner is authorized to call to the attention of the
city, county, and State governments the unemployment situation of that
city, county, or State, and to seek the cooperation of the State or any
tration
employment.
acting within the scope of his
hereunder which
is in excess
unemployment problem.
subdivision thereof in meeting the
28.
Sec.
Any person
makes
States
United
any
*
who knowingly and with intent to defraud the
false statement in connection with any applica¬
work project, employment, or relief aid
any
joint resolution.
Sec.
or
(a) It shall be unlawful for any person knowingly to solicit,
29.
knowingly
subscription,
or
be in
political party from
provided
receiving compensation or employment
person
any
for by this joint resolution.
(b) Any
be
than
$1,000
guilty of
ventions.
thereto for
any person,
the^ Congress, to any person as consideration, favor, or reward for any
political
in
any
(b)
Except
section
to
activity
election
31
deprive,
may
the
of
support
be required
threaten
or
position,
or
made possible
or
any
person
to
deprpive,
work,
any
than
$1,000
or
by
any
compensation,
knowingly
felony and,
on
imprisoned
violates
(a) It
administrative
Government,
authorized
authority
for
not
shall
be
supervisory
appropriated
by
influence for the
candidate
(b)
of
of any
provided for
creed, color,
person
any
other benefit,
account of race,
addition
this
or
for
capacity
or
any
than
more
unlawful
whose compensation
or
or
or
means,
candidate
any
or any
purpose
of
one
to,
any
part
joint
section
this
shall be fined not more
year,
or
and not in
The
both.
substitution
of this joint resolution.
any
by
any
of
provision
conviction,
upon
provisions of this section shall be in
31.
or
opposition to
or
for, any other provisions of existing law,
Sec.
any
election.
who
be guilty of a
to
for any person to deprive, attempt
by this joint resolution,
shall
opposition
or
the provisions of subsection
by
political activity, support of,
political party in
Any
required by section 21 of said Act of 1938 as amended by
Numbered 1.
No funds appropriated in this joint resolution, whether admin¬
the report
of
Resolution
Public
34.
Sec.
Government or by the States or local governmental
contributed in whole or in part by the Federal Gov¬
shall be used by any Federal, State or other agency to purchase,
relocate, or expand mills, factories, or plants which would
by the Federal
istered
agencies from funds
ernment,
establish,
manufacture
commodities, or products (other
for sale articles,
produce
or
the first
from
derived
those
than
processing of sweet potatoes)
industries. This section shall not apply to
plants in communities not now adequately served at
petition with existing
electric
rates.
■,
,
purphase, or construction of any
be used for the manufacture,
in com¬
municipal
reasonable
appropriated by this joint resolution shall
the funds
None of
35.
Sec.
naval vessel,
munitions, or implement of war, for military or naval
forces, and no funds herein appropriated or authorized shall be diverted
or
allocated to any other department or bureau for such purpose.
Sec. 36.
No part of the funds made available in this joint resolution
shall be loaned or granted, except pursuant to an obligation incurred prior
to the date of the enactment of this joint resolution, to any State, or any
armament,
any
of
or
its
subdivisions or agencies,
political
for the purpose of carrying out
project of constructing, rebuild¬
assisting in carrying out any program or
repairing, or replanning its penal or reformatory institutions, unless
shall find that the projects to be financed with such loan
ing,
President
the
promote competition of the products of
grant will not cause or
or
37.
Sec.
free labor.
expending appropriations
convict
the products of
with
labor
In
or
portions
of appropriations,
resolution, for the payment for personal services in
of Columbia in accordance with the Classification Act of 1923,
contained in this joint
District
the
amended,
as
under
the salaries of the total
the average of
number of persons
grade in any appropriation unit herein shall not at any time
average of the compensation
rates specified for the grade by
any
exceed
the
such Act, as
amended, and in grades in which only one
position is allocated
position shall not exceed the average of the compensa¬
the grade: Provided, That this restriction shall not apply
salary of such
tion
for
rates
4 of the clerical-mechanical service, or (2) to
salary of any person whose compensation was
in accordance with the rules of section 6 of
such Act, or (3) to require the reduction in salary of any person who is
transferred from one position to another position in the same or different
(1) to grades 1, 2, 3, and
the
require
fixed
of
as
reduction
July
1,
in
1924,
bureau, office, or other appropriation
salary under any grade at a rate
higher than the maximum rate of the grade when such higher rate is
permitted by the Classification Act of 1923, as amended, and is specifically
authorized by other law, or (5) to reduce the compensation of any person
in a grade in which only one position is allocated.
Sec. 38.
Any Administrator or other officer named to have general
supervision at the seat of government over the program and work contem¬
plated under the appropriations contained in this joint resolution and
receiving a salary of $5,000 or more per annum from such appropriations,
and any State or regional administrator receiving a salary of $5,000 or
more
per annum
from such appropriations (except persons now serving
as
such under other law) shall be appointed by the President, by and with
the advice and consent o? the Senate: Provided, That the provisions of sec¬
tion 1761 of the Revised Statutes shall not apply to any such appointee
grade
unit,
and
the same
in
or
a
different
(4) to prevent the payment of a
or
the
salary of
any
person
appointed shall not be increased for a
so
period of six months after confirmation.
June
30,
'
1939.
The Course of the Bond Market
Progress has not been great in either
direction this week.
Governments have been
stagnant and high-
United
States
person
agency
thereof
resolution,
employed
of
is
paid
to
use
interfering with
an
the
in
Federal
from
his
any
mid-week
rise
followed
election
or
by
grade issues have been somewhat
mixed, neither gains nor
losses
speculative
large.
being
The
more
rails
gained
ground.
High-grade railroad bonds displayed improvement
in the
irregularly lower toward
Terminal 4s, 1960, were off % at
early part of the week, but drifted
the
Kansas City
close.
106%, while Virginian 3%Sj. 1966, dropped % point to
Price gains
occurred at the beginning of the
medium-grade and speculative railroad
the close.
toward
1%
funds
official
week unchanged, after a
softening tendencies.
Medium-
grade corporates have closed the
political party.
any
hereof, it shall be unlawful
employment,
(c)
for
or
or
as
Provided, That such reports shall be in lieu
regular sessions of Congress:
said
and not in substitution
addition to,
in
directly or indirectly,
employment, position, work, compensation, or other benefit,
made possible by this joint resolution, or any other Act of
or
the appropriations in this
and the appropriations contained in the Emergency Relief
Appropriation Act of 1938, as supplemented by Public Resolution Num¬
bered 1 and Public Resolution Numbered 10 of the Seventy-sixth Congress,
including a statement of the expenditures made and obligations incurred
by classes of projects and amounts, shall be submitted to Congress by the
President on or before the 15th of January in each of the next two
Approved,
(a) It shall be unlawful for
provided for
such candidate.
of the operations under
Reports
joint resolution
existing law, or of this joint resolution.
for, any other provisions of
to promise any
any
33.
Sec.
upon
provisions of this section shall be
30.
.
violating the provisions of this section shall be immedi¬
ately removed from the position or office held by him, and thereafter no
part of the funds appropriated by this joint resolution shall be used to
pay the compensation of such person.
The provisions of this section shall
be in addition to, and not in substitution for, any other provisions of
existing law, or of this joint resolution.
Sec. 32.
No part of any appropriation in this joint resolution shall be
used to pay the salary or expenses of any person in a supervisory or admin¬
istrative position who is a candidate for any State, district, county, or
municipal office (such office requiring full time of such person and to
which office a salary or per diem attaches), in any primary, general or
special election, or who is serving as a campaign manager or assistant
(b) Any person
violates any provision of this section
conviction, shall be fined not more
for not more than one year, or both.
The
felony and,
a
imprisoned
or
to express
as
who knowingly
person
shall
Sec.
assessment,
in soliciting, any
concerned
manner
any
contribution for the campaign expenses of any individual
or
vote
the
under the appropria¬
tions in this joint resolution, or diverts, or attempts to divert or assists in
diverting, for the benefit of any person or persons not entitled thereto, any
portion of such appropriations, or any services or real or personal prop¬
erty acquired thereunder, or who knowingly, by means of any fraud,
force, threat, intimidation, or boycott, or discrimination on account of
race, religion, political affiliations, or membership in a labor organization,
deprives any person of any of the benefits to which he may be entitled
under any such appropriations, or attempts so to do, or assists in so doing,
or who disposes of, or assists
in dispoing of, except for the account of the
United States, any property upon which there exists a lien securing a loan
made under the provisions of this joint resolution or the Emergency Relief
Appropriation Acts of 1935, 1936, 1937, and 1938, shall be deemed guilty
of a felony and fined not more than $2,000 or imprisoned not more than
two years, or both.
The provisions of this section shall be in addition to,
and not in substitution for, any other provisions of existing law, or of this
for
tion
the results thereof.
they please and
affecting
to
by the Works Projects
or
1939
July 22,
Chronicle
Commercial & Financial
The
472
up
to
bonds, but narrowed
Northern "H" 4s, 1946, advanced
90%, while Northern Pacific 4s,
2%.
week's
Great
Defaulted
gains,
rail
following
108%.
week among
issues
the
1997, at 71 were
also participated in
pattern
of
advancing
this
stock
Volume
prices.
car
The Commercial & Financial Chronicle
149
The A. A.
loadings
ended
R.
has
800,000
at
estimated
cars,
July 15 having attained
The
current
a
abrupt rise in the stock market
moderately
favorable
prices
advances
and
since
1939 fall
the
then
receded,
lias
been
although
effect
high
on
broad
a
peak in
week
the
674,000.
of
Monday
on
had
utility
lower-grade
on
occurred
for
loadings
car
a
bond
Action
front.
the
to
slightly.
High
grades
been
have
firm.
but
lost
ground
the net result
fractions,
toward
that
gains
with
most
and
close of
the
changes have
losses
the
week,
been confined
approximately
equal.
Probably the outstanding feature in the industrial section
lias been
several
tapering off, and the price level has
only
wreek,
with
473
a
run-up of the R.
K. O. 6s, 1941, for a gain of
points at 76.
The
foreign
larity.
bond
market
has
displayed
further irregu¬
Japanese issues have been outspokenly weak,
and
Offerings consisted of $5,650,000 California Water &
Telephone 4s, 1969, and $22,250,000 Southern Bell Tele¬
Australian bonds subject to new pressure.
phone & Telegroph 3s, 1979.
City of Cordoba 7s, which, at 65, reached their year's high.
ties
and
The
Exchange
of
amount
Registrations with the Securi¬
Commission
financing in the
new
speculative section
more
indicate
of
substantial
a
future.
near
the
(Based
U,"S.
All
1939
Govt.
Domes¬
Dally
Bonds
on
Averages
im¬
given
MOODY'S BOND
(Based
120 Domestic
Corporate by Groups *
All
•
1939
Aaa
Aa
Baa
103.38
118.60
RR.
87.35
93.69
P.
U.
116.21
July
YIELD
AVERAGES
f
120 Domes ic Corporate
120 Domestic
by Ratings
Corporate by Groups
Aaa
Corp.
3.64
21
Aa
2.90
Baa
3.81
RR.
4.80
A
3.05
4.38
P.
106.36
121.94
118.60
103.20
87.07
93.53
111.64
116.21
20
3.65
2.90
3.05
3.82
4.82
106.36
121.94
118.6Q
103.2ft
87.07
93.37
111.64
116:21
19
3.65
2.90
3.05
3.82
4.82
17-
Indus.
3.38
3.16 j
3.16 j
3.38
3.16
3.38
4.40
.
U.
3.38
4.39
19
18-
averages
Individual Closing Prices)
20— 116.97
116.96
being the
t4 f*
Averages
Indus.
111.64
120
on
Domes-
ijuuy
121.94
softer, the exception
in the following tables:
f
by Ratings
106.54
generally
Moody's computed bond prices and bond yield
are
Average Yields)
120 Domestic Corporate *
Corp
July 21— 117.07
been
Trading .in the European section has been slack and prices
tic
120
have
changed but little.
list
industrial
proved along with the stock market in the earlier part of
MOODY'S BOND PRICES
bonds
South American
3.17
*
106.36
122.17
118.16
103.20
87.21
93.37
111.64
116.00
is——:
3.65
2.89
3.07
3.82
4.81
4.40
106.36
122.40
118.38
103.20
87.07
93.37
111.64
116.21
17
3.65
2.88
3.06
3.82
4.82
4.40
3.38
3.16
106.17
122.40
118.16
103.02
86.64
93.21
111.64
115.78
15
3.66
2.88
3.07
3.83
4.85
4.41
3.38
3.18
14— 116.99
106.17
122.17
117.94
103.02
86.64
93.06
111.64
115.78
14
3.66
2.89
3.08
3.83
4.85
4.42
3.38
3.18
13.
117.05
106.17
122.17
117.94
103.02
86.64
92.90
111.64
115.57
13
3.66
2.89
3.08
3.83
4.85
4.43
3.38
3.19
12,
.
117.07
117.03
15— 116.99
■iv
117.02
105.98
122.40
117.94
102.84
86.36
92.75
111.43
115.78
12—
3.67
2.88
3.08
3.84
4.87
4.44
3.39
3.18
117.01
102.48
86.21
92.43
11.
-
105.79
122.40
111.43
115.78
11.
3.68
2.88
3.08
3.86
4.88
4.46
3.39
3.18
117.02
105.79
122.40
117.72
102.30
86.07
92.28
111.43
115.57
10
3.68
2.88
3.09
3.87
4.89
4.47
3.39
3.19
8—
116.82
105.60
122.17
117.50
103.30
85.93
92.12
111.23
115.57
8
3.69
2.89
3.10
3.87
4.90
4.48
3.40
3.19
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
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
5— 116.46
105.22
121.72
117.50
115.41
5
3.71
2.91
3.10
3.89
4.93
10,
■
'
t
117.94
101.94
85.52
91.81
110.83
4..
Stock
3—
116.28
105.04
121.94
117.29
101.58
85.38
91.66
110.83
115.41
1—
116.37
105.04
121.72
117.29
101.76
85.24
91.51
110.63
115.41
Exchan ge
3.40
3.18
4.48
3.41
3.19
4.50
3.42
3.21
'
4
Clo8 ed
J
Exchan ge Clos ed
Stock
'•
-
3
2.90
3.11
3.91
4.94
4.51
3.42
3.21
1
Weekly—
3.72
3.72
2.91
3.11
3.90
4.95
4.52
3.43
3.21
3.90
Weekly—
June 30,.
116.43
105.04
121.72
117.29
101.76
85.24
91.51
110.63
115.14
June 30
3.72
2.91
3.11
4.95
4.52
3.43
3.21
23— 117.13
105.41
121.49
117.29
102.48
85.93
92.43
110.83
115.14
23
3.70
2.92
3.11
3.86
4.90
4.46
3.42
3.21
16—
116.80
105.22
121.27
117.07
102.12
85.79
92.12
110.63
114.93
16
3.71
2.93
3.12
3.88
4.91
4.48
3.43
3.22
9„
117.34
105.41
121.27
116.86
102.66
86.21
92.59
110.83
114.72
9
3.70
2.93
3.13
3.85
4.88
4.45
3.42
3.23
2
117.61
105.22
121.04
116.64
102.84
85.52
91.97
111.23
114.30
2
3.71
2.94-
3.14
3.84
4.93
4.49
3.40
May 26.. 116.98
104.48
120.82
116.43
102.12
84.55
91.05
110.83
113.68
May 26
3.75
2.95
3.15
3.88
5.00
4.55
101.06
83.46
]89.84
190.59
110.43
113.27
19
3.80
2.96
3.18
3.94
5.08
113.48
12
3.77
2.97
3.15
3.90
4
3.25
3.42
3.28
4.63
3.44
3.30
5.06
4.58
3.45
3.29
3.32
19__
116.97
103.56
120.59
115.78
12„
116.37
104.11
120.37
116.43
101.76
83.73
5__
115.78
103..56
120.14
115.78
101.23
83.06
112.86
5
3.80
2.98
3.18
3.93
5.11
4.62
3.47
102.84
119.47
115.35
100.53
82.40
189.99
189.40
109.84
Apr. 28.. 115.41
21.. 115.13
109.24
112.25
Apr. 28
3.84
3.01
3.20
3.97
5.16
4.66
3.50
3.35
102.66
119.03
114.93
100.53
82.40
189.10
109.05
112.25
21
3.85
3.03
3.22
3.97
5.16
4.58
3.51
3.35
102.30
119.03
114.72
100.18
81.61
111.84
14
3.87
3.03
3.23
3.99
5.22
4.71
3.53
114.85
188.65
108.66
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
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
4.62
3.50
3.32
14-
114.76
6—
Mar.31
—
'
110.24
—
3.37
24— 114.70
104.48
119.92
115.14
102.12
85.79
92.28
109.64
113.27
24
3.75
3.21
3.88
4.91
4.47
3.48
3.30
17..
114.64
104.67
119.92
114.93
102.30
86.07
92.43
109.64
113.27
17
3.74
2.99
3.22
3.87
4.89
4.46
3.48
3.30
10— 114.79
.
105.22
120.37
114.93
102.84
87.21
93.53
110.04
113.68
10
3.71
2.97
3.22
3.84
4.81
4.39
3.46
3.28
3.29
3..
113.59
104.48
120.14
114.72
102.30
85.52
91.97
109.64
113.48
Feb. 24-
113.38
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113.27
17— 113.30
103.38
119.69
114.30
101.23
83.87
89.99
109.05
103.20
119.69
114.09
101.06
83.60
89.69
108.85
113.16
102.84
119.47
113.68
100.88
113.48
3—
10— 113.21
3„
2.99
3.75
2.98
3.23
3.87
4.93
4.49
3.48
24
3.81
3.00
3.25
3.94
5.03
4.61
3.51
113.27
17
3.81
3.00
3.25
3.93
5.05
4.62
3.51
3.30
112.45
10—
3.82
3.00
3.26
3.94
5.07
4.64
3.52
3.29
3.84
3.01
3.28
3.95
5.10
4.68
3.53
3.29
3...
Feb.
—
3.30
83.19
89.10
108.66
112.59
101.94
119.03
113.07
99.83
82.00
87.93
107.88
27.
3.89
3.03
3.31
4.01
5.19
4.76
3.57
3.32
20—
113.18
103.20
119.69
113.48
101.06
83.87
89.55
108.66
113.48
20
3.82
3.00
3.29
3.94
5.05
4.65
3.53
3.29
13-
112.93
102.66
119.47
113.07
100.53
83.06
89.10
107.88
113.27
13
3.85
3.01
3.31
3.97
5.11
4.68
4.57
3.30
6-
Jan. 27..
113.86
Jan.
5.11
3.32
3.58
112.95
102.48
119.25
112.25
100.53
83.06
88.80
107.69
112.86
High 1939 117.72
106.54
122.40
118.60
103.38
87.35
93.69
111.64
116.21
High
3.89
3.05
3.37
4.01
5.26
4.76
3.60
3.38
Low 1939 112.59
101.94
118.60
111.84
99.83
81.09
87.93
107.30
111.64
Low 1939
3.64
2.88
3.05
3.81
4.80
4.38
3.38
3.16
High 1938 112.81
101.76
118.60
111.43
100.18
82.27
88.36
107.11
112.05
High 1938
4.70
3.34
3.85
4.68
6.98
6.11
4.23
8.76
109.58
88.80
112.45
102.66
89.10
62.76
71.15
96.11
104.30
Low
July 21'38 112.02
2 Yrs.Ago
July 21'37 109.11
97.61
114.93
106.92
96.94
77.84
82.53
104.11
109.84
July 21, 1938
102.30
114.09
110.83
101.23
86.21
96.61
101.58
108.85
July 21,1937
Low 1938
1 Yr. Aon
1
4.70
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
4.14
3.22
3.62
4.18
5.52
5.15
3.77
3.47
3.87
1938
3.26
3.42
3.93
4.88
4.20
3.91
3.52
Year Aao—
—
Years Ago—
2
i
3.97
3.35
3.02
3.86
6
—
*
These prices are computed from average yields on the basis of one
"typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
or the average movement of actual
price quotations.
They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement oi
yield averages, the latter being the truer picture of the bond market.
■.
, y
t The latest complete list of bonds used in computing these indexes was published In the issue of Feb. 18, 1939, pages 939 and 940. —level
Indications oi Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Fight, July 21, 1939.
Business
activity
recovered
substantially
from
thft
while electric output established
ment,
set¬
the
current
Bituminous coal
year.
back of the holiday week of July 8, and trade reports gen¬
runs-to-stills declined fractionally,
erally continue favorable.
of
The stock market had its
reac¬
tion during the week, but the tone of the market is reported
as
still
no
small measure to the foreign news,
buoyant.
tension
creased
the
near
are
tion
because
Danzig
of
frontier.
the
war
from
the
leaders
tion remains
or
smoldering
are
more
about
or
fires
that
of
Polish
a
clouds
soldier
Vthe
With steel
when
models will be in larger volume,
sudden erup¬
The
magazine
observes,
that
labor
situa¬
in prospect are of course not helpful to business
sentiment.
to
60%
ers,
or
of
best
month
85.5,
to
which
compared
with
a
revised
figure of 73.5 for the previous week and 72.6 for the
period
a
before
the
Although short of the
year ago.
holiday
contraction,
steel
pace
operations,
same
against
believed,
will
month
the
go
"New business and
previous commitments have
that the month so far compares
June,
gained
of
favorably with the first
which for many companies
the
year,"
jiortant company had
registered
45%
over
load¬
first
half of July
car
is
sharply in the last week over the preceding holiday week,
so
rise
It
next
specifications, according to the survey.
half
a
production
which have held back preparations for new models by
ity for the week of July 15 recovered most of the ground
showing
"Iron Age" reports in its
industry.
General Motors, there has been a slight gain in automotive
lost during the
holiday week of July 8, their business index
the
Despite the strikes of tool and die mak¬
higher.
specifications
According to the "Journal of Commerce," business activ¬
in August
specifications from the automobile industry for 1940
of
What labor disorders pre¬
according to the survey
production at the high for the year, the next
summary
and
record high for
important forward movement probably will come
mid-week
business
a
production and crude
publication.
above-mentioned
Europe
over
a
makes
less cautious.
unchanged.
in
which indicated in¬
killing
The
attributed
was
becoming darker, and it is this threat of
financial
vail
The market's setback
considerable improve¬
ings and automotive activity showed
a
the
review
wras
the
continues.
second
One
im-
gain in orders last week of about
those for the first week of the month.
orders for
some
In the
products have been 5%
10%
to
those for the like period last month.
over
first time in several months some
accumulated.
much
of
automobile
the
"With
still
industry
not
the railroads closely restrict¬
factor, and with
a
For the
backlog tonnage is being
ing their purchases, the bulk of current steel business is
work, including ship¬
building and miscellaneous industries.
An increase in ex¬
coming
port
July 22, 1939
Chicago, 66 to 74; Cincinnati, 66 to 84; Cleveland, 61 to
83; Detroit, 57 to 83; Milwaukee, 62 to 74; Charleston, 74
91; Savannah, 71 to 93; Dallas, 80 to 102; Kansas
to 90; Springfield, 111., 61 to 86; Oklahoma City,
City,
75 to
106; Salt Lake City, 52 to 65; Seattle, 54 to 72; Montreal,
56 to 74, and Winnipeg, 59 to 90.
to
71
.
construction
from
largely
Ended July
preceding week, which showed
slight decrease because of the Independence Day holiday,
production of electricity by the electric light and power
industry for the week ended July 15 continued to gain for
the sixth consecutive week.
Output, amounting to 2,324,181,000 kwh., rose to the highest total since the week ended
at 2,362,947,000 kwh., accord¬
Dec. 24, 1938, when it stood
Loadings Gain 11.8% in Week
Car
Freight
Revenue
#sales has also occurred.
With the exception of the
a
Chronicle
The Commercial & Financial
474
15
for the week ended July 15
totaled 673,812 cars, the Association of American Railroads
announced on July 20.
This was an increase of 71,367
cars or 11.8% above the corresponding week in
1938, but
a decrease of 92,572 cars or
12.1% below the same week
in 1937.
Loading of revenue freight for the week of July 15
Loading of revenue freight
114,703
increase of
an
was
cars
week
corresponding week in
ended
July 16, 1938.
Compared with the preceding
five-day week, production gained 246,225,000 kwh. *
The Association of American Railroads reported today
673,812 cars of revenue freight were loaded during the
ending last Saturday.
This was an increase of
114,703 cars,, or 20.5%, compared with the preceding week ;
an increase of 71,367 cars, or 11.8%, compared with a year
ago, and a decrease of 92,572 cars, or 12.1%, compared
week
:
with 1937.
York,
bank
week, while retail volume receded only slightly and whole¬
sale buying continued to score impressive gains, Dun &
Bradstreet, Inc., reported today in their current trade
review.
By and large, it was pointed out, business activity
made
better showing
a
than would normally be expected
at this season of the year.
"Retailers' forward purchases,"
the
credit
expectations of
months.
disclosed, "left little doubt
agency
to
summer
goods
tending to
were
fall
season and at the
same time encourage
its prospects.
Commodity prices remained
depressed, but stock markets caught the contagion of the
more cheerful spirit
prevailing. The total volume of retail
optimism
over
sales during the week was estimated at
7% to 12% above
last year.
The weather the past week was characterized
by marked
contrasts in temperature between tile East and
Midwest,
Government advices state.
of
the, country
tures
were
was
a
Scanty precipitation
feature.
decidedly
northward
over
central and upper Mississippi
Valley westward to the Great
Basin temperatures were extremely
high, with many points
reporting maximum readings of 100 degrees or over, day
after day.
The highest temperatures occurred in the lower
Missouri Valley and southern Plains,
embracing Nebraska,
Kansas, Missouri and southwestern Iowa.
In some locali¬
the weekly means were 12 degrees to 15
In the Far West seasonal tempera¬
area
degrees above normal.
tures
were
the rule.
mid-western
area
less-than-carload-lot freight totaled 150,488
the preceding week, and an increase
of merchandise
Loading
increase of 22,826 cars above
corresponding week in 1938.
of 5,135 eras above the
amounted to 110,855 cars, an increase of 21,220 cars above
Coal loading
the preceding
week, and an increase of 21,106 cars above the corresponding
week Id 1938.
Grain
5,809
the
and grain products
a
loading totaled 59,265 cars, an increase of
It is also reported that an extensive
maximum temperatures above 100
.
had
degrees.
Some of the higher readings reported
degrees at Omaha, Neb., and Concordia, Kan.,
In the Western districts alone grain
1938.
week in
corresponding
products loading for the week of July 15 totaled 38.003 cars,
week, and a decrease of 4,409
V
decrease of 1,809 cars below the preceding
cars
below the corresponding
week in 1938.
11,845 cars, an increase of 2,423 cars
Livestock loading amounted to
week, but
above the preceding
decrease of 665 cars below the corre¬
were
110
and 111
Sioux City, Iowa.
The highest reported was
degrees at Phoenix, Ariz., on July 12 and 13.
The
continuation of high temperatures intensified
droughty con114
ri
?tS' w5rCl1 are becoming serious in
weather
many
has
week, but
a
decrease of 352 cars below the corresponding
week in 1938.
Forest products loading totaled 31,426 cars, an Increase of
above the preceding week, and an increase
.
The weather
ure
localities.
predicted if relief is not afforded
was cool
Ore
soon.
and at times overcast
Overnight at Boston it was 59 to 75 degrees; Baltimore,
to 74; Pittsburgh, 57 to
76; Portland, Me.* 56 to 69;
cars
'
above the
corresopnding
loading amounted to 44,877 cars, an increase of 8,454 cars
preceding week, and an increase of 20.565 cars above the
week in 1938.
'
Coke loading amounted to 5,958 cars, an increase of
361 cars above the
preceding week, and an increase of 1,766 cars above the corresponding
week in 1938.
Southwestern reported
1938.
All districts
reported decreases compared with the corresponding week in 1937 except
All districts
increases
the
except
Central Western and
compared with the corresponding week in
the Pocahontas.
1937
1939
Four weeks in February
Four weeks in March
-
Five weeks in April
Four weeks in May —,.
Four weeks in June
Week ended July
2,256,717
2,155,536
8...
Week ended July
2,763,457
Total
/
The first 18
3,098.632
2,962,219
802,346
078,958
766,384
20,485,517
15,334,058
10,576,043
....
2,986,166
3,712,906
2,649,960
2,185,822
2,170,778
588,880 v
500,981
602,445
673,812
15
2,714,449
2.222,939
605,528
559,109
1
Week ended July
....
1938
2,302,464
2.297,388
2.390,412
2,832,248
2,371,893
2.483,189
Four weeks in January.
major railroads to report for the week ended
July 15,1939, loaded a total of 318,198 cars of revenue freight
on their own lines, compared with 263,517 cars in the pre¬
ceding week and 294,245 cars in the seven days ended
July 16, 1938. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM
CONNECTIONS
(Number of Cars)
Loaded
on
Own Line*
Received rom Connections
Weeks Ended—
Weeks Ended—
July 15
1939
1939
25,868
17,877
19,370
14,346
14,988
19,524
14,501
2,116
1,915
4,886
11,501
2,007
1,387
4,027
13,111
22,834
Chesapeake A Ohio Ry
Chicago Burlington A Quincy RR
Chicago Mllw. St. Paul & Pao. Ry
Chicago A North Weston Ry.
23,443
30.786
.....
International Great Northern RR
Missouri-Kansas-Texas
RR
Missouri Pacific RR__\—.
14,519
36.787
New York Central Lines......
N. Y. Chicago A St. Louis Ry...
Norfolk A Western Ry
...
Pennsylvania RR...............
Pere Marquette Ry
Pittsburgh A Lake Erie RR......
Southern Pacific Lines..........
Wabash Ry............
1938
24,531
24,093
19,786
Atchison Topeka A Santa Fe Ry.
Baltimore A Ohio RR
Gulf Coast Lines
July 16 July 15
July 8
25,008
19,519
18,410
13,906
2,647
1,946
4,819
15,608
29,840
5,550
4,771
22,187
58,011
4,591
5,462
27,014
6,349
31,684
4,910
18,446
51,185
18,548
46,833
3,639
4,095
3,757
4,093
20,795
26,504
6,409
5,221
1939
5,434
16,993
10,979
6,642
7,675
9,095
1,388
1,822
2,932
7,671
36,045
8,815
July 8
July 16
1939
1938
4.855
13,672
8,716
4,573
15,111
8.387
6,357
6,538
7,224
6,385
8,244
9,176
1,320
2,016
2,841
1,326
1,738
2,587
7,193
29,493
8,313
4,324
40,739
4.405
5,881
7,669
3,619
34,277
4,096
5,167
6,476
7,696
7,603
29,567
7,718
3,787
32.641
3,762
4,136
7,198
7,011
7.388
.......-.1318,198 263,517 294,245 186,205 159,884 160,618
Total...
TOTAL
LOADINGS AND
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
Weeks Ended
In
today, With
temperatures ranging from 67 degrees to 7l degrees.
The
forecast is for partly cloudy weather
tonight followed by
partial cloudiness and warmer temperatures on Saturday.
63
9,396
of 3,051 cars above the corre¬
sponding week in 1938.
been
generally
Up-State severe drought con¬
tinues in many sections, and dire consequences in the
way
<^sas*er
of livestock
totaled 8,969 cars, an increase of 2,327 cars above
for the week of July 15
the preceding
a
In the Western districts alone loading
sponding week in 1938.
degrees at
the New York
City area the
cool and clear the past week.
3,757 cars below
above the preceding week, but a decrease of
cars
The weekly mean tempera¬
normal from the Virginias
and near-normal in the
Southeast and much of the Southwest.
However, from the
ties of this
1938.
much
below
northeastward,
and
and an increase of 24,166 cars above the
above the preceding week,
cars, an
259,098 cars, an increase of 44,214
their
moderate increase in sales during the fall
a
Low inventories of
advance the
as
V
Miscellaneous freight loading totaled
and grain
the continued contraction in transactions at
clearings for the week ended July 19
dropped under those of the preceding week and also below
the corresponding 1938 volume.
The total for New York
City has shown a year-to-year decline now for seven con¬
secutive weeks.
Total clearings for the 22 leading cities
of the United States, according to Dun & Bradstreet, Inc.,
aggregated $4,862,443,000, compared with $5,365,661,000 last
year, a loss of 9.4%.
Further completion of the current model
production
caused a sharp drop in automobile output this week, accord¬
ing to Ward's Automotive Reports; Inc.
The service esti¬
mated production at 47,420 units, a decrease of 14,190 units
from the preceding week and a rise of 12,850 units from the
corresponding week last year.
The seasonal downturn is
expected to continue for about two more weeks, with the
low for the year likely to be reached early next month,
the report said.
Plants other than those of General Motors
Corp. which are involved in a tool and diemakers' strike
are rushing their plans to present the new models.
Industrial
indices moved irregularly during the
last
Reflecting
New
tion further reported:
cars
pre¬
The Associa¬
holiday.
ceding week, which included July 4
to
20.5% above the
or
figures released by the Edison Electric Institute.
Output for the latest week also continued to stay above the
comparable 1938 period, showing a gain of 11.5%, or 239,724,000 kwh. above the total of 2,084,457,000 kwh. in the
ing
—
July 15, 1939
Chicago Rock Island A Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry.—...
Total...........
In the
following
...
we
July 8,1939
July 16, 1938
26,452
27,247
12,645
25,376
23,494
29,347
27,598
11,507
12,316
66,344
60.377
69,261
undertake to show also the loadings
for separate roads and Systems for the week ended July 8,
1939.
During this period 83 roads showed increases when
compared with the same week last year.
Volume
The Commercial & Financial Chronicle
149
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
Total Revenue
Railroads
421
Bangor & Aroostook
473
391
1,028
832
Mobile & Ohio
656
...
Maine
982
1,069
6,986
1,399
198
201
Nashville Chattanooga & St. L.
7,866
1,677
7,117
1,375
21
51
50
1,284
1,581
4,570
6,001
5,549
1,405
5,230
5,789
5,610
1,390
1,261
23
24
Central Vermont
1,011
Delaware A Hudson
3.522
1,032
2,854
5,664
Chicago Indianapolis A Louisv.
Central Indiana
Delaware Lackawanna & West.
7,391
-
7,885
4,421
328
315
364
146
129
1,469
1,010
2,446
953
250
138
318
10,625
12,448
1,345
8,303
Detroit Toledo & Ironton
2,972
8,444
2,538
4,242
1,863
9,621
5,098
Lehigh & Hudson River
109
151
170
1,452
1,372
Lehigh & New England
1,101
1,220
5,460
1,043
5,311
651
Lehigh Valley..
5,630
1,419
1,424
233
161
1,995
1,086
5,559
1,942
2,510
1,526
32
29
29,840
25,552
29,493
25,234
Detroit & Toledo Shore Line.*.
.....
.....
1,892
,i_—
3,344
Monongahela
'
Montour..
New York Central Lines
N. Y. N. H. & Hartford......
6,781
2,387
3,591
2,278
37,358
1,820
2,535
1,353
Piedmont Northern
381
296
300
970
805
Richmond Fred. & Potomac
Seaboard Air Line...
;
255
246
312
4,055
4,355
6,961
7,476
3,427
15,227
18,250
12,264
312
285
397
501
432
109
109
140
587
547
80,928
Winston-Salem
75,723
88,457
55,019
49,787
13,959
2,210
14,652
2,885
12,540
12,769
2,027
14,315
18,276
16,428
8,244
2,309
6,385
2,878
7,786
2,203
6,075
2,685
321
635
5,354
3,424
Southbound
Total..
Northwestern District—
Chicago A North Western
Chicago Great Western
Chicago Milw. St. P. & Pacific
Chicago St. P. Minn. & Omaha.
Duluth Missabe A I. R__.
Duluth South Shore & Atlantic.
Elgin Joliet & Eastern
8,511
1,295
6,906
3,015
Lake Superior & Ishpemlng
Minneapolis A St. Louis
Minn. St. Paul & S. S. M
6,678
3,398
5,001
4,096
3,412
147
318
31
29
Pittsburgh Shawmut & North..
255
226
291
129
159
Northern
820
706
1,093
1,378
969
484
474
557
788
737
5,221
4,785
4,698
7,198
.......
3,289
2,704
4,269
2,339
2,064
95,458
133,178
121,237
103,219
433
333
492
702
435
Baltimore &
24,093
4,077
20,093
27,504
13,672
12,444
2,591
5,953
1,507
952
Ohio..
Bessemer & Lake Erie
Buffalo Creek A Gauley
185
899
831
12
10
3,924
5,468
8,658
7,919
483
492
450
40
42
166
141
189
28
'25
51
41
91
31
13
....
Cumberland A Pennsylvania
Llgonier
Valley
Long Island
516
396
358
154
124
23,829
2,594
2,244
485
532
490
426
671
2,580
1,282
5,970
1,595
1,452
Total
67,473
117,283
35,107
32,009
4,183
1,918
28,160
3,178
4,855
2,322
90
456
54
63
Chicago Burlington & Quincy..
Chicago A Illinois Midland
14,346
1,399
15,117
6,538
5,995
492
528
Chicago Rock Island & Pacific.
Chicago A Eastern Illinois
13,170
1,943
6,593
1,837
14,700
1,423
13,480
2,260
494
597
2,201
1,113
1,528
2,140
2,209
7,014
1,900
1,163
1,997
Colorado
A Southern
1
Denver A Rio Grande Western.
1,516
Denver A Salt Lake
196
Fort Worth A Denver
2,119
190
310
35
29
1,390
1,459
1,037
1,162
2,106
1,527
1,827
835
1,140
1,760
1,045
944
214
525
249
235
465
1,299
76
53
555
511
781
373
322
13
24
154
0
0
16,915
17,690
21,647
288
210
12,335
11,880
13,789
3,337
1,127
5,896
3,202
236
City
Illinois Terminal
3,990
15,160
12
7
30
3
0
2,295
2,986
4,037
3,901
104,708
86,879
134,958
83,025
70,734
....
M lssouri-Illinois
Northern
Southern
Pacific (Pacific)
Toledo Peoria & Western
Union Pacific System...
Utah
999
5,460
60
85
283
3
6
1,090
1,190
1,410
1.640
1,596
97,031
97,511
110,393
40,993
38,747
Western Pacific......
1
1,545
12,152
565
North Western Pacific
Peoria & Pekln Union
963
2,693
i.................
187
963
25,780
2,798
Nevada
3,809
Maryland
240
1,043
239
11,063
9,466
West Virginia Northern.
Western
234
1,343
24,531
2,874
28,710
63,259
11,620
(Pittsburgh)
258
1,244
I.II]
;
Bingham A Garfield
12,985
931
8,161
8,266
52
1,743
1,688
2,538
81,882
1,016
34,277
690
42,696
57
1,434
2,114
3,111
162
Central Western District—
Atch. Top. A Santa Fe System.
2,133
800
1,376
4,113
5,935
1,146
Total.
2,061
9,302
2,835
11,091
Pacific
537
522
46,833
Penn-Reading Seashore Lines..
Pennsylvania System
Reading Co
Union
5
6
357
298
1,153
4,332
Cambria & Indiana.
Central RR. of New Jersey....
Cornwall
147
313
3,537
438
International
Spokane Portland & Seattle...
Alton
Allegheny District—
Youngstown*.
142
375
6,315
.
110,311
Wheeling & Lake Erie
3,186
23,842
1,389
7,628
349
Spokane
Rutland
_
2,825
5,909
4,616
2,994
160
2,140
13,525
Green Bay & Western
Pittsburgh & West Virginia...*
!
673
7,278
I
9,911
1,440
8,313
4,999
3,639
...
Total—
1,552
2,334
785
16,545
Southern System
Tennessee Central
948
8,235
;
-
4,234
6,326
Pittsburgh & Shawmut
Wabash..
1,751
2,136
3,563
3,101
11,132
884
6,758
'
4,771
4,261
Pittsburgh & Lake Erie
Pere Marquette
1,709
2,122
1,146
Ft. Dodge Des Moines & South.
Great Northern
564
'
N. Y. Chicago & St. Louis
1,340
2,248
1,623
Norfolk Southern
3,711
7,259
New York Ontario A Western.
Akron Canton A
1938
543
Detroit & Mackinac
Maine Central
1939
Southern District—(Concl.)
Ann Arbor
Grand Trunk Western
from Connections
1937
1938
1939
Eastern District—
Erie..
Total Loads Received
Freight Loaded
1938
1939
1937
1938
1939,
Boston A
475
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JULY 1
REVENUE FREIGHT LOADED AND RECEIVED FROM
Pocahontas District—
16,110
13,857
3,154
19,918
8,716
19,727
3,619
7,332
3,349
4,003
3,741
828
800
42,337
33,121
43,386
13,163
11,481
Chesapeake & Ohio...
19,786
Norfolk & Western
18,548
Virginian
__
Total..
Southwestern District—
Burlington-Rock Island
Fort Smith & Western
129
129
Southern District—
1,904
1,387
172
94
2,007
International-Great Northern.
,
0
Gulf Coast Lines
Total
1,691
Kansas Oklahoma &
z
277
654
91
0
200
1,998
1,728
1,326
1,738
1,141
1,574
'.
202
254
95
139
Atl. A W. P.—W. RR. of Ala..
642
730
546
1,026
1,005
Atlanta Birmingham A Coast..
908
1,399
988
584
515
7,130
5,871
3,391
8,005
4,074
6,436
Louisiana Arkansas A Texas..
3,426
3,485
2,579
2,512
Litchfield A Madison
272
236
134
774
665
758
554
617
1,090
715
Midland
499
617
633
218
220
96
122
172
178
289
4,027
13,142
4,534
14,395
4,887
16,726
2,587
2,411
7,193
7,382
Alabama Tennessee & Northern
181
Coast Line
Atlantic
Central of Georgia
Charleston A Western Carolina
Clinchfleld
1,071
827
1,187
Columbus A Greenville
388
218
Durham A Southern
150
124
328
360
291
224
208
775
775
1,590
1,342
1,758
1,423
1,822
1,509
1,551
1,379
1,105
977
Gulf
Kansas City Southern
Louisiana & Arkansas
...
Missouri & Arkansas
1,590
1,206
336
262
301
Missouri-Kansas-Texas Lines.
132
233
333
Missouri Pacific
*„
167
y
y
Valley
y
y
Quanah Acme & Pacific
99
114
122
88
61
31
25
40
68
62
St. Louis-San Francisco
7,974
825
891
1,501
1,302
St. Louis Southwestern
6,861
1,779
4,984
3,225
6,629
754
Florida East Coast
1,880
5,115
3,726
2,195
3,450
1,890
4,436
2,566
3,346
3,154
1,890
2,385
3,338
158
210
276
60
76
24
15
27
59
29
41,912
44,816
51,303
29,049
28,67 2
354
Gainsville Midland.
Georgia
358
444
246
291
413
Texas & New Orleans
1,229
15,902
17,447
1,207
1,507
1,142
777
Texas A Pacific
16,395
18,022
8,151
15,005
18,596
4,535
7,634
4,368
Macon Dublin A Savannah
110
128
206
497
351
Mississippi Central
110
103
145
272
221
Georgia A Florida
Gulf Mobile A Northern
Illinois Central System
Louisville A
Nashville
Note—Previous year's figures revised.
Railroads
Place
8,628
397
557
* Previous figures,
Freight
New
z
Wichita Falls & Southern
Wetherford M. W. & N. W
Total.
Discontinued Jan. 24. 1939
Cars
Service
in
hit
a
were
Class I railroads
in the
six months of 1939 put
first
service 8,628 new freight cars, the
Railroads announced
July 22.
on
in
Association of American
In the same period last
y
new
Included in Louisiana A Arkansas, effective July 1,1939.
five-year
rubber,
silk
"ANNALIST"
low.
and
Among the
months of
period of 1938.
stalled
in
the
months'
compared with 72 in the
Class I
railroads
order compared
on
and
9,261
New steam
1939.
New
July 1 this
and 65
WEEKLY
INDEX
"."V
OF
are
Diesel
year
order
on
on
number 48, compared with 26 one year ago
not included in the above
or
otherwise acquired
figures.
Wholesale Commodity Prices
Week Ended
July 15,
1
Weakness
in
grain
weekly
livestock
and
markets
forced
the
wholesale
index
of
was
76.6
commodity prices
down 0.8 of a point during the week ended July .15, thus
canceling most of the June-July advance.
On Saturday,
July
15,
the
index
(1926 eqtials 100),
pared with 77.4 in the preceding week and 81.3
according to an announcement issued by the
on July 17, which went on to say:
Wheat
and
rye
established
were
sold
weight mark again.
and
lard
was
new
in
lows
Steers
heavily sold.
for
sympathy.
were
the
season
Hogs
fell
also weak.
Flour
COMMODITY
July 8, 1939
71.2
PRICES
July 16, 1938
72.4"
79.4
Food produces.
65.6
67.1
73.6
Textile products....
62.7
62.3
59.3
Fuels
83.1
83.1
Metals
95.3
95.3
71.0
71.0
85.2
85.2
87.4
68.9
68.7
70.6
76.6
77.4
81.3
Chemicals
—
Miscellaneous
*
-
85.2
96.2
<
68.7
Moody's
softened
last
the
$7
Pork products
with
wheat.
com¬
ago,
"Annalist"
week, while
below
as
a year
per
corn,
oats
hundred¬
moved
lower,
Cottonseed
oil
Index Declines
Moody's Daily Commodity Index declined from 142.3 a
week ago to 141.1 this Friday.
The principal individual
changes were the declines for cotton, corn, hogs and wheat,
and the advances in hides and steel scrap.
The movement of the index is as follows:
Fri.,
Declined 0.8 Point During
According to "Annalist"
Index
"Annalist"
July 15, 1939
Farm products
1, 1939, totaled
and 63 on June 1,
locomotives
and locomotives leased
cars
WHOLESALE
order oh July
July 1 last
on
trend
(1926=100)
v
All commodities
on
and
downward
the same day last year,
on
June 1, 1939.
on
Freight
year
cars
1939.
locomotives
electric
110
totaled
year
period last year.
July 1 had 10,062 new freight
1,
60, compared with 37
this
same
with 5,071
June
on
on
period
to the
Building materials—
New electric and Diesel locomotives in¬
six
exceptions
hides.
year Class I
New steam
railroads put 6,260 in service.
locomotives put in service in the first six
1939 totaled 16 compared with 132 in the same,
6,156
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
*
July
July
July
July
July
July
July
14
15
17—
18—
19
20
21
— —
—
...142.3
*
142.1
—141.7
142.2
.141.4
-.141.1
—
Two weeks ago, July 7.
Month ago, June 21
Year ago,
J'uly 21
1938 High—Jan. 10.
Low—June 1
1939 High—Mar. 6
Low—Apr. 22
..
■w
142.8
—.142.1
147.7
152.9
-—130.1
145.8
138.6
No index.
Sharp Increase Noted
in June Business Activity, Ac¬
cording to "Annalist." Index
Business
activity in June increased sharply, according to
"Annalist" Index of Business Activity, as a result of
higher rates of operations in most leading industries as well
as an increased distribution of goods as reflected in a
gain in
freight car loadings. The combined index stands at 91 0
the
(preliminary), compared with 86.3 (revised) for May, 86 7
The Commercial &
476
for April and 95.2 for last November,
The "Annalist" further reported:
trary to seasonal rise in steel ingot
an
seasonally ad¬
A slight rise in
fractionally lower, while zinc production gained slightly.
INDEX
"ANNALIST"
I—THE
TABLE
July
July
17
18
1937
193S
1936
20
1935
OF
BUSINESS
64.1
62.7
62.0
70.7
91.1
80.8
67.6
68.1
67.4
67.4
67.1
74.4
86.1
81.3
82.0
92.8
92.8
93.1
93.0
93.0
92.1 107.6
93.8
89.8
67.0
May, 1939
70.1
73.2
73.7
74.3
74.1
77.4
78.4
76.9
75.3
93.3
93.3
93.5
93.4
95.3
95.3
86.1
85.7
89.8
89.5
89.7
89.3
89.5
89.3
96.8
86.1
84.9
69.8
74.7
74.7
74.9
75.0
75 .t
77.1
83.4
79.0
79.5
Housefurnishing goods—..
87.0
87.0
87.0
86.9
86.9
88.0
91.6
82.5
81.8
Miscellaneous
73.3
73.3
73.6
73.7
73.6
72.6
79.2
71.4
67.6
68.0
Chemicals and drugs
-
67.8
67.4
72.7
87.3
79.3
*
74.2
68.4
74.2
67.7
Semi-manufactured articles..
74.1
74.2
74.3
74.3
87.0
75.2
*
Finished products.—.—
79.6
79.6
79.8
79.8
79.8
82.9
88.6
81.4
*
Raw materials
AND
....
other than
farm products.———
All commodities other than
April, 1939
a77.8
80.9
77.7
73.4
93.3
78.1
78.1
78.3
78.4
78.4
80.7
87.2
79.8
79.5
products and foods..
80.4
80.3
80.5
80.6
80.6
81.6
86.2
79.4
77.9
75.6
75.6
75.5
75.6
75.4
78.9
87.8
80.1
79.1
commodities
farm
Freight car loadings
65.7
66.8
67.1
All
June, 1939
66.7
66.9
77.2
Building materials
Activity ex¬
ACTIVITY
63.3
—
Textile products
COMPONENT GROUPS
\
62.9
July
16
1939
Fuel and lighting materials..
Metals and metal products-
durable goods industries, it took place from a
'
comparatively high level.
1939
products..
Hides and leather
Automobile output, adjusted for seasonal variation,
Lumber output
great as that for many
July
17
1
1939
Foods———--
moderately for the first time since last November.
was
Junt
24
8
1939
Farm products———
panded in the textile industry and, although the aggregate increase was not
as
Junt
July
July
15
1939
Commodity Groups
also contributed materially to the
upturn in electric power output
general recovery.
rose
1939
production which in turn was reflected
marked increase in pig-iron output.
a
22,
(1926=100)
July
justed miscellaneous loadings, a substantial gain in "all other" shipments
and
July
the 1938 high mark.
factor in this improvement was a sharp con¬
The most important single
in
Financial Chronicle
76.5
All commodities...
75.3
a74.8
74.9
92.2
a83.8
79.6
Electric power production..—.—
♦99.4
a97.5
99.2
Manufacturing.—.——-—..;——-.
*91.7
81.0
81.8
73.9
61.0
77.2
56.8
71.1
*117.8
112.8
101.7
Unchanged
124.3
121.8
110.2
'87.3
Month
120.6
Miscellaneous
—*——-
——
...
Other.—*-
-
—..
Steel ingot production
Pig iron production.
.......
Textiles...,
.......
...
Cotton consumption.
Wool consumption.....
*»
Silk consumption ........
«•
—
59.2
55.7
al07.7
al12.9
*75.6
70.5
77.5
75.7
76.0
72.6
59.9
70.9
Lumber production...........
■
mmmm
...
Mining.........—L.
79.7
.. .—..—,
production..........
Continued
Fifth
for
Successive
month retail prices have
con¬
unchanged, according to the Fairchild Publications
retail price
The index at 89.1 (Jan. 3, 1931 equals
index.
has held at that level since Jan. 2, 1939, when the
index was 88.9.
As compared with a year ago at this time,
80.2
86.7
.
Index
Price
June
100)
75.0
93.0
a86.3
..
*
Retail
During
For the fifth consecutive
tinued
76.7
73.1
73.8
....
Lead production.................
Publications
Fairchild
59.5
106.6
129.6
Cement production—
64.3
113.9
...
Rayon consumption...
Boot and shoe productions—......
Automobile production........
Zinc
-
♦Not computed.
the index shows
only
fractional decline, 0.1 of 1%.
a
The
period of stability in prices is unprecedented
in the history of the index,
I^urther details, as reported by
Fairchild Publications on July 13, follow:
five-month
Combined index..
*
*91.p
Subject to revision,
Revised.
a
TABLE II—THE COMBINED INDEX SINCE JANUARY,
1933
Only two major groups in the index, piece goods and women's apparel,
change from the previous month's levels,
and that only frac¬
this time was recorded
by the home furnishings group, a decrease of 1.4%, and the smallest
was
shown by the women's apparel group, with a decline of less than
0.5 of 1%.
As compared with the 1937 high, the home furnishings
group
also showed the greatest decline, and the infants' wear group
recorded the smallest, 7.7% and 1.3%, respectively.
There were changes in 14 items during the month, with nine of the
items recording increases and five showing decreases.
These changes were
nominal, with no item showing even a 1% change.
Silk hosiery and silk
showed any
1937
1938
1939
1936
1935
1934
1933
January
February..—.
92.3
79.5
104.3
92.3
87.2
89.7
78.5
105.7
89.0
86.7
83.2
66.1
March
90.0
77.5
106.9
89.5
84.4
84.6
62.5
69.2
79.6
67.5
86.7
74.1
107.1
94.1
82.8
85,9
May.————
a86.3
73.8
109.0
95.9
81.8
86.4
77.3
June.——
*91.0
74.3
107.8
97.6
82.0
83.8
87,5
79.0
108.9
102.4
82.7
78.0
94.0
April-;,
—
July-.—
*
111.2
102.5
84.9
75.1
87.5
85.2
106.5
102.9
86.1
71.4
82.0
98.5
103.3
89.1
74.6
78.5
87,8
107.1
92.0
76.6
75.3
piece goods showed slight increases, as
81.3
110.5
96.7
82.4
77.5
shoes, infants' socks, and furniture.
■
Subject to revision.
a
Commodity
Ended
Weakening
United
Statistics'
Declined
Prices
0,1%
of
prices
farm
products
and
index
wholesale
of
foods caused
Bureau of Labor
prices to drop
0.1% during the week ended July 15, Commissioner Lubin
reported July 20.
"The decline offset the gain of the pre¬
ceding week and placed the all-commodity index at 75.5%
of the 1920 average," Mr. Lubin said.
The Commissioner
commodity
added:
wholesale
1.2% and foods
decreased 0.7%;
The fuel and lighting materials and building materials
groups rose 0.3% and textile products advanced 0.1%.
The remaining
five groups were unchanged from the July 8 level.
Largely as a result of lower prices for agricultural commodities, raw
silk, anthracite, gravel, and sand, the raw materials group index fell
0.6% during the week.
The indexes for the semi-manufactured com¬
modities
and
Average
wholesale
prices
finished
commodities
farm
of
products
prices
groups
were
non-agricultural
of
than
other
products
farm
dropped
fruits,
and
sheep,
in
market
potatoes
group
cotton,
prices
accounted
index.
for
for
Higher
grains,
the
decrease
prices
of
1.2%
reported
were
poultry,
hogs, live
in
for
farm
cattle,
and onions.
Notwithstanding the decline, the farm
products group index, 63.8, is 2.1% above the level of a month ago.
Food prices at wholesale averaged 0.7% lower because of weakening
prices
for
eggs,
fruits
and
vegetables, flour,
butter,
mutton,
copra,
lard,
corn
were
oleo
starch,
sugar,
edible
tallow,
and
oil.
cottonseed
Higher
prices
reported for fresh pork and dressed poultry in the Chicago market.
food group index, 67.6,
is 0.7% above the corresponding week of
The
June.
4
The
fuel
and
higher prices
The
lighting materials
for
advance
higher
of
prices
California
0.3%
for
index
group
gasoline.
Prices
rose
common
because
of anthracite
the
in
0.3%
building materials
brick and yellow pine
group
lower.
were
was
of
caused
by
flooring and timbers.
Prices were lower for yellow pine
lath, linseed oil, butyl acetate, sand,
gravel, nails, and plaster.
Advancing prices for cotton goods, silk hosiery yarn, and burlap re¬
sulted in
for
a
raw
in
the
there
and
the
group
index
was
remained
Offset by
unchanged
92.8%
of the
1926
average.
Although
the metals
during the
silver,
week,
and
prices
metal
were
products
lower
bar silver, solder, and pig tin.
for
group
wire
index did not
nails
Prices for
and
fencing,
eletrolytic
change
quick¬
copper
and
copper wire advanced.
The
index
87.0,
base
floor
for
the
housefurnishing goods
Prices of blankets,
remained
group
sheets, and pillow
cases
unchanged
advanced while felt
covering declined.
Wholesale
of
cattle
crude rubber advanced
prices
0,3%.
The following
feed
declined
minimum
in
wage
1.6%
during
the
week
V
rates.
PRICE
INDEX (JAN. 3. 1931=100)
May 1,
April 1,
July I,
1939
May 1,
1939
June l,
1938
1939
1939
69.4
....
July 1,
1933
89.2
89.1
89.1
89.1
89.1
Piece goods...
Men's apparel
65.1
84.9
84.3
84.1
84.1
84.0
70.7
89.4
88.4
88.4
88.4
88.4
Women's apparel
71.8
89.3
88.8
88.8
88.8
88.9
Infants' wear—..........
Home furnishings
76.4
96.9
96.2
96.0
95,9
95.9
70.2
91.9
90.5
90.5
90.5
90.6
Piece goods;
Bilks
57.4
Woolens
64.1
63.6
63.6
.
85.5
84.7
84.6
84.6
84.6
105.0
104.5
104.0
104.0
103.0
Sheets..—........
65.0
94.2
92.0
91.5
91.2
91.4
Blankets A comfortables
72.9
105.5
102 9
102.5
102.5
102.8
59.2
74.0
74.0
73.8
73.8
74.0
Aprons A house dresses.
75.5
105.0
104.9
105.4
105.4
105.4
Corsets and brassieres..
83.6
92.5
92.5
92.5
12.5
92.5
Furs
66.8
92.0
90.0
90.0
89.8
90.4
.
Underwear..—...
Shoes—
69.2
85.6
85.0
84.4
84.4
84.0
86.9
87.2
and
>
"
toi
Hoeiery
'
^
63.8 ~
63.7
69.2
68.6
Cotton wash goods.—
Domestics:
76.5
87.4
86.5
86.6
64.9
88.3
87.7
87.6
87.6
91.5
91.1
91.5
91.3
....
Shirts and neckwear....
i
91.3
~
i
P*
Hosiery....
Underwear..
*
87.6
69.6
........
Men's apparel:
74.3
86.0
86.1
86.2
86.2
86.2
Hats and caps——.
69.7
82.0
82.0
82.5
82.5
82.5
Clothing, incl. overalls..
Shoes....
70.1
91.4
90.0
89.5
89.5
89.4
76.3
96.4
93.6
93.1
93.1
93.1
74.0
100.6
100.4
100.4
100.4
100.8
Infants' wear:
Socks
74.3
94.0
94.2
94.1
93.9
Shoes....
Furniture
80.9
96.0
94.0
93.5
93.5
69.4
95.5
94.9
95.0
94.9
Floor coverings
Musical instruments
79.9
113.1
113.7
114.0
114.0
50.6
67.3
55.8
55.5
55.4
Luggage
60.1
75.7
74.0
73.9
73.9
73.9
72.5
83.0
80.0
81.0
81.0
82.0
81.5
94.5
94.1
94.1
94.1
94.1
Underwear.....
—
............
Elec. household appliances
China..
...
Wholesale
Ended
94.0
93.0
"
»•
95.3
113.9
55.0
Commodity Prices Declined During Week
July 15, Again
Reaching Lowest Level
Recorded Since 1934, According to National Fer¬
tilizer Association
Reversing the upward trend of the three preceding
weeks, the wholesale commodity price index of the Na¬
tional
Fertilizer
Association,
during
the
week
ended
July 15 fell once more to the mid-June level, which was
the lowest for the year and the lowest recorded by the
index since 1934.
last
week
the
Based
index
on
the 1926-28
average
of 100%,
71.6% against 72.0% in
previous week.
A month ago it stood at 71.6%, and a
year ago at 74.7%.
The high point for the entire recovery
period was reached two years ago, when the index recorded
88.8%.
The Association's announcement, under date of
the
table shows index numbers for the main
groups of com¬
modities for the past five weeks and for
July 16, 1938, Julv 17. 1937,
July 18, 1936, and July 20, 1935.
the
Copyright 1939, Fairchild News Service
higher prices for sole
at
supervision
is
FAIRCHILD PUBLICATIONS RETAIL
0.1% in the textile products group index.
Prices
declined sharply.
In the hides and leather products group
silk
women's underwear,
little likelihood of any marked increase in
Some slight strengthening may occur later on
reflecting the higher raw fiber price trend and prospective
year,
increases
increase of
an
slight decline in prices of calfskins
leather
at
compiled,
...........
oil,
furs,
under whose
Women's apparel:
fresh
the
oats,
blankets,
economist,
retail prices for some time.
unchanged from last week.
commodities were steady
products and foods advanced 0.1%.
The announcement issued July 20 by the Department of
Labor, quoting Commissioner Lubin as above, also stated:
declines
is
Zelomek,
W.
A.
to
Composite index
■.
Average
recorded by sheets, cottons,
and infants' shoes.
were
According
index
States Department of Labor,
recorded by cotton
were
men's shoes,
Week
During
July 15
did furs, sheets, blankets, women's
The declines
women's underwear, men's clothing, infants' underwear,
shoes, and floor coverings.
The greatest declines under a year
infants'
ago
at
ago
goods,
piece
Revised.
United States Department of Labor Index of Wholesale
products
year
95,0
m
December
Sharp
a
95.2
W
November
and
from
82.9
September—.
the
largest change
88.9
August.—
October......
*
The
tional.
July 17, continued:
registered
Volume
The
149
Commercial & Financial Chronicle
Trend
the drop
for
farm products.
The grain price average dropped to a new low point for
the year, and the livestock and cotton indexes also declined.
The com¬
posite farm price index is now lower than at any time since July, 1934.
The food price index was moderately lower for the week, with 10 items
in the gToup declining and five advancing.
Lower quotations for lumber,
linseed oil, and nails took the building material index to a new low for
recent
years.
The
indexes
representing the prices of fertilizers and
Although
in
the
there
miscellaneous
turned
and the textile index
for wool and
15
the
in
its
upward trend in June, total sales being 7% higher than
whereas prior to this the largest increase in 1939
3% for both April and May. Occupancy at 62% is two
points higher than that of last June, but for the first half of
1939 there is no increase.
The rise of 5% in rates is the
best since December, 1937."
The firm's announcement
a
continued:
advances.
week
the index declined during the
in
preceding week there were
second
.
In
27 declines and 14
30 declines and 20
.
,
per
New
York
occupied
high for
a
kept
Increases Over Corresponding Months of
Actuai,
Rooms
Ago
Ago
Week
ing Week
July 15,
July 8,
1939
1939
1939
1938
69.1
69.4
67.9
Transients—May
16,
17, July
June
23.0
Farm Products
...
63.7
49.0
47.1
45.2
Fata and oils
56.8
60.6
63.0
60.1
59.6
Double occupancy in
81.8
59.0
Cottonseed Oil
.
67.7
25%
59%
69%
6%
5%
75%
7%
9%
67%
30%
hotels
the mid-town transient
about
was
52.8
52.9
53.0
48.6
51.0
54.4
56.9
59.8 '
61.2
62.0
60.5
74.9
Fuels
77 A
77.4
77.4
78.7
Miscellaneous commodities..
77 A
77.6
77.9
Textiles
63.1
63.0
63.0
Metals.
88.0
87.7
87.9
88.4
6.1
Building materials
82.7
83.4
84.8
the following shows:
as
1938
Increases and Decreases from June,
58.9
7.1
along the Pacific Coast,
77.5
8.2
79.1
10.8
Chemicals and drugs
.3
91.9
71.2
77.3
77.1
94.9
94.9
94.9
98.1
71.6
72.0
71.6
74.7
Machinery
All groups combined
Exclud¬
the six months of 1938.
ing the two mail order companies, the 26 chains reported
an increase of 5.23 %.
%
Inc.
$
$
$
$
1938
1939
Inc.
53.418.516
3.70
326,234,499
319,699,604
2.04
64,872,497
26,685,783
7.38
8.77
6,919,356
6.26
361,547,145
139,104,481
42,709,433
5.59
7,352,254
7,514,841
381,774,685
151,308,469
45,176,163
6,682,853 12.45
36,283,457
34,288,543
5.82
4,324,000
5 Grocery chains
3,458,000 25.00
19,015,000
14,744,000 29.00
7.00
959,792,273
475,094,115
912,093,206 5.23
402,078,242 18.16
55,392,511
10-cent
&
69,661,499
chains
4 Apparel chains
2 Drug
29,138,654
chains..
3 Shoe chains
9.19
'
5.78
1 Auto supply
chain..
2 Mail order cos.
162,037,005
75,554,259 24.96
94,409,331
267,793.090 237,591.264 12.71 1,434,886.388 1,314.171.448
Total 28 cos
14—DBColsetvnad.
9.19
Output for Week Ended July 15, 1939, 11.5%
Above a Year Ago
The Edison Electric Institute in its current
weekly report
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
July 15, 1939, was 2,324,181,000 kwh.
The current week's
output is 11.5% above the output of the corresponding week
of 1938, when production totaled 2,084,457,000 kwh.
The
output for the week ended July 8, 1939, was estimated to
be 2,077,956,000 kwh., an increase of 10.5% over the like
week a year ago.
^
.
%•
• ^
■/,;; ■
PERCENTAGE INCREASE
FROM PREVIOUS YEAR
Regions
Week Ended
Week Ended
July 15, 1939
July 8, 1939
Week Ended
July 1, 1939
June
24,1939
9.3
13.4
9.2
11.6
11.3
13.6
17.7
4.3
6.0
West Central
12.2
5.9'
3.4
8.7
8.4
13.7
18.2
15.8
19.2
20.5
Pacific Coast
10.2
7.6
11.5
10.3
11.5
10.5
14.2
13.2
RECENT
FOR
DATA
WEEKS
(THOUSANDS
OF
Decrease
or
Occupancy
(—)
Rate
Percentage
Percent¬
Same
of
Inc. (+)
Month
or
age
Res¬
This
taurant
Total
Month
Rooms
Last Year Dec. (—)
59
+ 22
+ 28
+ 38
+ 10
+ 15
+6
68
+8
66
61
6
—2
—11
46
46
+ 20
+ 26
+ 15
68
57
+6
+ 16
+ 17
73
65
+4
51
—3
—
+ 16
+2
—
1
+2
0
+4
53
—3
—1
—6
62
62
0
1
0
—2
64
65
+2
+4
+4
+5
61
60
+2
+7
+9
+5
62
60
+5
Year to date.
+ 1
0
+ 1
63
63
+ 1
Detroit
.
Pacific Coast--.
—
....
Little
Debits
cities
S7,683,000,000,
accounts,
or
the
about
by banks in
reported
included only five business days,
week, which
preceding
as
the week ended July, 12 aggregated
6% below the total reported for the
for
leading
Bank Debits
Change Noted in
individual
to
as
same
the
for
total
the
corresponding
week of last year.
Aggregate debits for the 141 cities for which a separate
has been maintained since January, 1919, amounted
total
ing
$6,999,000,000, compared with $7,535,000,000 the preced¬
week and $7,069,000,000. the week ended July 13 of
last year.
These
figures are as reported
July 17, 1939, by the
Reserve system:
on
Board of Governors of the Federal
SUMMARY BY FEDERAL RESERVE
No.
'
Incl.
—
...........
— .
...
—
July 13, 1938
$454,295,000
15
— -
July 5, 1939
$436,276,000
3,161,271,000
392,244,000
3,738,016,000
$413,372,000
3,522,838,000
18
2—New York.
July 12, 1939
17
—
3—Philad el ph la.
DISTRICTS
Week Ended—
of
Centers
Federal Reserve District
25
490,913,000
536,040,000
24
306.759,000
277,102,000
366,585,000
453,600,000
269,732,000
202,881.000
983,212,000
468,233,000
26
228,687,000
230,234,000
41
1,121,391,000
230,612,000
1,118,931,000
157,244,000
264,339,000
16
8—St. Louis
207,653,000
150,571,000
247,753,000
17
165,617,000
28
285,696,000
18
188,334,000
181,032,000
279,519,000
175,271,000
29
675,379,000
538,973,000
672,891,000
274
$7,683,179 000
$8,212,109 ono
$7,698,125,000
9—Minneapolis
.....
Total
13.9
Rocky Mountain
Total United States.
Room
Sales
Percentage of Increase (+)
12—San Francisco........
16.1
Southern States
WITH
1939, COMPARED
1938
10—Kansas City
10.3
12.9
Middle Atlantic
Central Industrial
again fell below last year, but the
IN JUNE,
HOTELS
IN
Washington
Cleveland
7—Chicago.
Week Ended
'
59%
Philadelphia
5—Richmond
13.6
New England
73%
—4%
7
JUNE,
"6—Atlanta.........
Major Geographic
+ 12%
Chicago
to
Electric
+ 7%
—10%
New York City.
and
Total 26 chains 173,383,579
+ 15%
—9%
Total
Six Months
1938
+ 12%
All others
%
1939
Occupancy
BUSINESS
OF
Texas
June
Rates
"all others" had substantial gains and a rise in room rates.
TREND
According to a compilation made by Merrill, Lynch & Co.,
Inc., 28 chain store companies, including two mail order
companies, reported an increase in sales of 12.71 % for June
1939 over June 1938.
Excluding the two mail order com¬
panies, the 26 other chains reported an increase in sales of
7.00%.
:■+' j,:.
Sales of the 28 companies showed an increase of 9.19% for
over
Restaurant
For Philadelphia and Texas the sales
June Chain Store Sales Total $267,793,090
the six months of 1939
Rooms
Rest of Pacific Coast..
group
100.0
Total
San Francisco..
69.6
77.3
Actual
94.7
67.5
77.2
Farm
.3
91.9
67.5
Fertilizers
.3
91.9
Fertilizer materials
1.3
50%,
The San Francisco Fair boosted sales around that city but not elsewhere
Cotton.
Livestock
11 5
12%
21%
52%
12%
17%
against a normal average of about 30%.
Grains
17.3
Occupancy
30%
21%
38%
10%
13%
June
Resldentials—May
June
Foods
Rates
74.2
Total Index
25.3
Restaurant
Year
Month
Preced¬
Each Group
Group
1938
(1926-1928=100)
Latest
not
was
month with the World's Fair in full swing.
Total
Bears to the
68%
but the occupancy at
rising,
on
•
,
Compiled by The National Fertilizer Association.
Per Cent
The average sale
City the sales continued to increase.
room
COMMODITY PRICE INDEX
WHOLESALE
WEEKLY
year ago,
was
copper
the preceding week there were
in
Hotels, According to Horwath
7% Higher Than
in
Last Year
products, and steel
under the influence of advancing quota¬
rose
Business
Horwath & Horwath, in their monthly survey of the trend
of business in hotels, state that" Hotel business continued
index
metal
The
week.
copper,
of
& Horwath—Total Sales in June
silk.
advanced;
advances;
week,
the
during
last
declined
also
reflecting advances in
Thirty-two price series included
and
declines
due in large part to lower quotations
was
commodities
upward,
scrap,
tions
widespread
were
all-commodity index
477
Inventories of Raw
KILOWATT-HOURS)
in
Materials and Finished Goods Down
May, Semi-Finished Goods Up, Conference Board
Indexes Show
'.
,
■
.
' *'
•'
'
Percent
i
'
'
Change
Week Ended
1939
1938
1939
,1937
1932
1929
from
1938
6
13
2,163,538
1,939,100
+ 11.6
2,176,363
1,429,032
2,170,750
1,698,492
+ 10.3
2,194,620
2,198,646
1,436,928
2,170,496
1,967,613
1,967.807
+ 10.3
May 20
1,435,731
1,704,426
+ 11.7
May
May
1,688,434
Manufacturers'
stocks
of
raw
materials
and
finished
declined slightly during May, more than offsetting
a 0.5% rise in semi-finished goods stocks, according to pre¬
liminary estimates prepared by the Division of Industrial
goods
Economics
of the Conference Board.
Inventories of raw materials continued the decline which
after Aprilt 1938,
and again
registered a new low
2,204,858
1,973,278
2,206,718
1.425,151
1,705,460
began
June
3
2,113,887
1,878,851
+ 12.5
2,131.092
1,381,452
1,615,085
June
10
2,256,823
+13.3
2,214,166
1,435,471
1.689,925
June
17
2,264,719
1,991,787
1,991,115
June
24.n
1,441.532
1,440,541
point for the six-year period covered by the Board's index.
These stocks, which fell 0.7% from April to May, are now
1,702,501
May 27
+ 13.7
2,213,783
2,285,083
2,019,036
+ 13.2
July
1
2,300,268
2,014,702
+ 14.2
2,238,332
2,238,268
July
8
2,077,956
1,881,298
+ 10.5
2,096,266
1,341,730
2,324,181
2,084,457
+ 11.5
2,298,005
1,415,704
1,723,428
1,592,075
1,711,625
1,433,993
1,727,225
1,440,386
1,426.986
1,723,031
plies in manufacturers' hands which resulted from the coal
1.724.728
strike.
July
15
July
22
2,084,763
July
29
2,093,907
2,258,776
2,256,335
2.115.847
2.261,725
Aug.
5__
1,456,961
1,699,227
17.8%
decline
below their 1938 peak.
The primary cause for the
of raw material holdings in both April and May,
however,
was
the sharp reduction in bituminous coal
sup¬
The Commercial &
478
.
goods have been rising steadily
since that date having
of semi-finished
Stocks
amounted
to
4.7%.
goods have shown no significant
changes since the first of the year.
The Board's index of
finished goods stocks was 4.8% lower than at the end of
May, 1938, despite the fact that industrial production was
about 21% higher than a year ago.
The following table gives the Conference Board's indexes
for industrial holdings of the three classes of commodities
at the end of May, 193.'), for the preceding month, and for
May, 1938.
These indexes (1930 equals 100) are adjusted
seasonal variation.
classes of commodity
January,
Adjusted for Seasonal
1933-1939
1933
_
1934
1935
110.4
101.4
114.6
109.9
115.3
110.5
1938
1937
1936
114.0
111.2
_
1939
99.9
110.9
100.6
101.1
99.7
113.2
100.6
100.0
100.2
114.4
98.3
March
112.5
April.
114.5
116.6
110.4
99.3
99.3
116.7
96.6
116.5
116.8
109.2
99.8
102.7
115.9
a95.9
May—
118.2
108.3
104.2
113.7
July
114.4
119.5
103.0
98.8
104.7
111.6
August
116.1»
119.0
107.3
98.1
105.8
117.6
118.2
106.8
98.2
107.0
108.7
105.2
99.5
107.6
105.9
104.2
100.2
108.3
103.5
102.6
100.8
109.7
101.4
113.7
June...„_.
September
_
115.0
November.
114.6
113.4
December
114.0
111.3
_
_
99.9
109.6
H
114.6
October
Payrolls in New York State Factories
During June Over
Employment and
Contra-Seasonally
Increased
usual seasonal lull in June, employment
factories increased 0.4% over May and
payrolls rose 2.0%, according to a statement issued July 11
by Industrial Commissioner Frieda S. Miller.
If it were
not for the large continued seasonal losses at New York
City clothing and millinery shops, these gains would have
been much greater, as most other industries were expand¬
New York State
in
Variation; 1936=100
110.2
February
Commissioner Miller's statement further said:
major gains resulted from seasonal expansion in the canning and
preserving and beverage industries, and the rehiring in June of most
of the workers that were laid off in May by plants in the railroad equip¬
ment and repair, shoe, cement, musical instruments, and up-State men's
clothing industries.
Monthly reports from a fixed list of representative
factories, going back to June, 1914, indicate that the average May to
June movements are decreases of 0.6% in the number of employees and
ing.
The
0.3%
about
Semi-Finished Goods*
payrolls.
total
in
Department of Labor's index of factory
The New York State
1937
1936
1939
1938
1934
1935
128.7
122.8
109.2
102.4
130.9
121.7
108.6
102.5
86.7
119.0
112.3
131.5
120.8
107.5
105.0
87.3
120.8
113.3
130.3
120.0
107.5
103.1
86.3
121.9
113.7
all4.3
1933
January
February
_
_
March
April
,
111.4
116.5
87.8
126.0
118.0
107.8
103.1
87.7
122.6
June
122.0
115.9
108.3
103.3
88.4
121.5
July
118.5
116.0
108.6
August
118.5
115.7
98.7
•
91.4
93.5
114.7
• "7
preliminary tabulations of
workers on a total weeklycollected and analyzed by the
1938.
of
118.1
100.4
108.0
The
June, 1939, are based on
2,096 firms, employing 383,994
figures
from
for
September.
120.6
116.5
107.1
98.3
95.6
111.1
reports
October
120.9
114.6
104.2
96.8
101.4
109.2
payroll of $10,347,849.
November.
122.3
113.4
102.3
92.9
107.7
110.0
December
126.4
112.1
101.6
89.4
113.7
110.8
_
employment
The corre¬
19% above last year's level. The indexes
of employment and payrolls for the first six months of 1939 were in all
cases
higher than the figures for the corresponding months of 1938.
During the first half of 1939 about 8% more workers were employed on a
total payroll
that was 13% higher than in the corresponding period
80.7%, 13% above the level of June, 1938.
for June, 1939, was
sponding payroll index was 75.9,
May
—
and wage dis¬
bursements and
Contrary to the
Including Cotton at Mills
Raw Materials,
.
number of workers employed was 14% larger
total working time showed a gain of 23% <
the
Activity at
increased 2%.
chemical products was well above May, and
reported in the output of foods. Compared with a
out metal and
seasonal expansion was
year ago,
decreased nearly 1% from May to
and working time
but wage payments
plants turning
May
MANUFACTURING
BOARD INDEXES OF
INVENTORIES.
January
bad the following to say re¬
Delaware factories:
factories employment
Delaware
In
June,
May and 31.5 a
the largest since
Bank's announcement
The
garding conditions in
1933:
CONFERENCE
THE
for the second successive month,
June increased slightly
36 hours a week, as against about 35 in
year ago.
Hourly earnings, approximating 69 cents, were
January and about the same as in June, 1938.
with the comparable monthly figures
April, 1939, together
since
the Conference Board indexes
holdings at the end of
following table gives
The
for these three
shops.
railway repair
Working time in
averaging nearly
Inventories of finished
for
The sharpest increase among individual
materials.
by producers of building
lines was at
the advance
1938,
October,
since
July 22, 1939
Financial Chronicle
These reports are
Information under
Statistics and
of
Division
the direction of
Dr.
E. B.
Patton.
85.9
91.6
94.7
97.0
107.3
84.3
91.8
95.0
98.3
107.6
118.0
109.5
up-State industrial districts, Rochester, Albany-Schenectady-Troy,
Binghamton-Endicott-Johnson City, reported increased employment
this month.
In Rochester, all industries except textiles par¬
ticipated in the large net gains.
The largest increases were reported by
the shoe and men's clothing industries.
The levels of employment and
March
83.3
92.1
95.4
97.8
107.9
116.5
100.0
payrolls
April
81.8
93.0
95.3
98.0
107.4
114.9
110.9
May
82.2
92.3
96.8
98.1
108.8
115.6
allO.O
98.0
Three
Finished Goods
and
1934
1933
January
—
February
June
_.
93.2
109.5
95.4
96.0
98.8
109.0
112.6
95.0
95.4
98.4
111.3
111.8
97.4
93.2
90.0
100.8
114.2
95.6
103.7
118.0
112.4
93.8
94.7
104.4
118.5
111.4
95.1
106.1
118.8
110.1
94.7
93.8
.
♦Stocks of copper estimated
for 1933.
a
Preliminary.
Activity During
June
Reported by Wells Fargo Bank, San Francisco
June
business activity in California
showed an improve¬
May, continuing the rise which started in
over
March,
Outlook" released by the
Fargo Bank & Union Trust Co., San Francisco.
The
Fargo index, which measures California business in
of the 1923-25 average being equal to 100, stood at a
according to the current "Business
Wells
Wells
terms
preliminary June level of 99.6%, as against 99.1%
and 94.8% in June, 1938.
The bank added;
Passenger-automobile
sales
in
California
last
(17,730
month
units)
above June, 1938; firstsix-months sales of 89,273 passenger cars were 30% larger than in the
same
1938
period, and 13,198 commercial-car sales were 4% higher.
Building permits for June ($19,272,919 at 57 California cities) dropped
11% from May, 1939 figures but were 13% ahead of June, 1938 ; firstsix-months permits
($116,831,807) rose 21.5% above those of the first
half
of
of
mainly caused
Large layoffs
shops
caused
payroll gains at iron mills and
musical instruments factories more than offset the wage losses.
Layoffs
at automobile plants were also the main contributing factor to the losses
in Syracuse.
In Utica, losses at non-ferrous metal and sporting goods
firms more than offset the gains at most textile mills.
Although many plants and most industries in New York City recovered
in June from the losses sustained in May, the continued seasonal losses
drop in employment there, but large
net
clothing and millinery shops were more than sufficient to
at
offset these
gains.
May to June, 1939
CUV
.
.
■
Employment
Payrolls
+ 7.2
+ 9.3
in May
9% above the preceding month and 34.5%
were
in
recovery
most
by substantial layoffs at some metals and machinery plants.
at Buffalo
automobile and railroad equipment and repair
a
Continued Rise in California Business
ment
this district were at the highest points reached since 1937.
from last month's slump by railroad repair shops accounted
the gain in the Albany-Schenectady-Troy area.
In Bingham¬
ton-Endicott-Johnson City, increases at shoe and chemical concerns out¬
The
weighed minor losses in all other industries.
The losses in forces in Utica, Syracuse and Buffalo were
112.2
95.4
96.7
November.
96.0
96.0
.
payrolls
any
for
113.4
85.5
—
December
110.0
119.9
82.3
»
October
1939
89.8
1.
July
August
September
1938
1937
1930
1935
+ 4.0
Albany-Schnectady-Troy
+2.7
Binghamton-Endicott-Johnson City
+ 0.2
+ 5.3
—0.8
+ 0.2
—0.9
—1.6
—1.8
—0.7
Buffalo
Utica
New York City
United
of
1938.
—2.8
—
—
1.2
States Department of Labor Reports Decline
0.3% in Retail Food Costs Between May 16 and
June 13
Employment
June—Report on Dela¬
Increases Noted in Pennsylvania Factory
and
ware
Payrolls from May to
Factories Also Given
Employment in Pennsylvania factories increased about
1% from May to June and wage disbursements showed a
gain of nearly 5%, according to figures released by the
Federal Reserve Bank of
Philadelphia. ' These gains, in a
month when
manufacturing activity ordinarily declines
somewhat, reflected the unusually well sustained demand for
certain textiles,
shoes, and miscellaneous heavy goods.
Under date qf July 21 the Bank further reported:
The current level of employment is more than 9 %
manufacturing activity
was
cession, and payrolls in this
number
of workers
were
In
1937-38 re¬
have increased nearly 24%.
The
same
period
of wage
disbursements in
than seasonally in the
preceding month,
employed and the volume
June, after having declined
above a year ago, when
approaching the low point in the
more
only fractionally below the peak reached in March.
industries
manufacturing
increases in the latest month
consumers'
were at
goods,
the
most
substantial
woolen and worsted and men's
mills, and at plants producing shoes and leather goods.
clothing
Activity at hosiery
mills was sharply curtailed in June, when there is usually a
small increase,
the decline being due in large part to the current high cost of raw
materials.
Among industries producing heavy goods, increases from May to June were
reported by plants manufacturing nearly all types of metal products and
of food declined 0.3% between
Commissioner Lubin of the Bureau
of Labor Statistics,
United States Department of Labor,
reported on July 14.
"This decrease was due in large part
to lower meat costs and marked declines in the prices of
The
retail
average
cost
May 16 and June 13,
fresh
vegetables,"
Mr.
Food
18
In
Prices
said.
Lubin
added:
costs
cities
were
decreased
lower
in
advanced,
costs
for
48
of
31
of
The
Commissioner
;
.:
the
51
cities
the Bureau's index.
change was recorded.
for 34, and were un¬
in
and
for two cities no
the
84
foods;
rose
changed for two.
The
index
of
general index for all foods was
4.8% lower than a year ago,
was
17.6% higher than
is
June,
and
June
for
almost
1.7%
two
1.0%.
years.
from
Meat costs,
Costs
Price
1933.
103.7.
bakery products
increased 0.2% between May 16
downward trend, which has been continuous
This advance was largely due to an increase of
the
flour,
which was higher in
20 cities.
Cfcrn meal
for bakery products
changes for other cereals and
The decrease of 0.1% for white bread
slightly lower prices in three cities.
which have increased steadily throughout the year, declined
relatively
resulted
1.2%.
reversing
the price of
in
increased
were
13,
in June,
when the index was
1929,
The cost of cereals and
It
The current
It is 26.4% below tbe level
76.3% of the 1923-25 average.
when the index was 80.2.
unimportant.
were
lower in 39 cities.
Price decreases were reported for
Volume
14
of the
The Commercial & Financial Chronicle
149
21
items in
the
Fresh pork showed the greatest decline.
group,
Chops decreased 3.3% and loin roast 3.9%.
The
beef and
of
cost
veal
1.2%
was
showed smaller decreases.
Canned
Cured pork
lower.
salmon
down 1.3%.
was
Lamb and
roasting chickens
slightly higher.
was
Reports from
479
105
hardwood mills give new business as
11,213,000
or 94%
above production.
Shipments as reported for the same week
9,524,000 feet, or 64% above production.
Production was 5,794,000
Identical
INDEX NUMBERS OF RETAIL COST8 OF FOOD BY
COMMODITY GROUPS
Three-Year Average 1923-25=100
Last
'
week's
feet, and
Commodity Group
June
13, May 16, April 18,
June
June
14,
June
15,
15,
1939*
1939
1938
1933
84.9
85.1
91.8
71.8
97.7
94.2
94.1
96.9
65.9
feet
1929
93.1
Dairy products
1939
85.0
Cereals & bakery products.
Meats
123.3
71.2
71.2
76.0
64.7
55.8
55.3
55.4
63.4
43.5
65.6
65.7
64.9
66.0
67.5
of
430
identical
mills
was
148,255,000
125,793,000 feet; shipments were, respectively,
163,750,000 feet, and orders received, 194,312,000
and
225,936,000 feet.
In
the
7,537,000 feet
7,086,000 feet.
and
softwood
ago it was
feet
reported production last week and
feet
feet.
Reports
of
case
a
hardwoods,
and
85
identical mills
4,131,000 feet and 4,513,000
year ago
5,074,000
feet, and
orders, 8,028,000
85.7
Fruits and vegetables
and
production
year
feet; shipments,
101.4
Eggs
a
159,469,000
Mill
feet,
were
98.2
72.2
•
Fresh
65.2
65.3
64.4
65.2
68.9
Canned
73.8
73.8
73.9
78.2
66.7
98.1
Dried
56.6
56.5
56.8
59.0
62.5
102.5
65.4
65.5
66.0
66.8
67.3
110.5
Fats and oils
62.1
62.4
63.0
67.4
49.9
93.4
Sugar and
62.3
62.1
62.0
63.8
61.0
72.3
76.3
76.5
76.6
80.2
64.9
103.7
Beverages and chocolate..
sweets
Gain of
180,000 Workers in Non-Agricultural Industries
May Reported by Secretary of Labor Perkins—
Employment on WPA Projects Declines
in
Approximately 180,000
All foods
*
97.8
Preliminary.
The index for dairy products remained
unchanged,
setting price movements for butter and for fresh milk.
and
the
result
Butter
off¬
of
2.2%
rose
higher throughout the country.
Delivered fresh milk declined
0.8%, due to lower prices in six cities, with the greatest decrease, about
3c.
was
a
shown
quart,
declined
Eggs
Louis.
Cheese
advanced
0.9%,
and
1.0%.
12.0%
were
of
0.2%.
Declines
cities.
Eight
declined
This
below
fruits and
in
28
the
of
less
is
the
vegetables
cities
slightly
fresh
prices
of
other
decreased much
sweet potatoes,
beans.
Prices
significant
of
price
items
apples,
changes
usual
year
ago.
a
the
than
showed
fresh
combined
lemons
recorded
for
decreased
advances
decreases.
vegetables,
and
mid-May,
A
celery
except
and
17.1% for
increased
other
23
in
Potatoes
materially.
canned
and
reported
also
enlarged
8,000
and
tin
oils
and
items
have
containers
year
decreased
0.3%,
0.6%.
shortening
declined
showed
Lard
in
steadily
increase
an
1.1% lower.
was
cartons
for almost
of
Oleomargarine
1.0%.
The prices
decreased
a
Shortening
year.
0.2%, and is. 1.1%
in
higher than
a
ago.
The cost
of
sugar
and
sweets
increased
decreases
decline
in
0.3% in
31
food costs the country over
cities and
increases
in
18.
the net result
was
The cities
showing the most
were
Richmond, 2.8%; Scranton, 1.7%, and Minneapolis and
1.4% each.
In these cities price decreases for meats or for
vegetables were greater than the average for all cities.
In Rich¬
and
also
sustained
in
significant
the other hand,
of
in
showed
being 1.2%,
than
more
or
mond, meats
declined 3,4%.
Potato prices were 31.7% lower in Rich¬
mond; 22.0% in Scranton; 9.3% in Minneapolis, and
3.7% in Columbus,
as
compared with 0.4% for all cities combined.
Increases of 1.0% or
more were
reported for only seven cities.
In Salt Lake City food costs
advanced by 3.7%, due to a rise in the
prices of many items which in
other
cities
showed
decreases.
Potato
INDEX NUMBERS OF RETAIL
prices
45.6%.
rose
COSTS OF FOOD BY REGIONAL
AREAS
Three-Year Average 1923-25=100
Regional Area
June
13, May 16, April 18,
'
'
June
14,
June
15,
June
fib,
staffs,
that
36,000
firms.
gain
May
the
the
level
slightly greater than
a
90,000
workers
Wholesale
workers.
in
the
There
automobile
trade
establishments reported fewer employees, the decrease
0.4% being considerably smaller than the May declines
jn the preceding
Brokerage firms reduced their forces by 1.5%, and anthracite
mines reported a decrease of
0.8%.
Employment in year-round hotels
showed virtually no
change.
Class
I
steam
preceding
The
projects
reported
according
non-agricultural
Works
on
month,
7,200
to
workers
more
preliminary
than
in
Progress
from
had
industries
by
were
employing
approximately
in
the
announcement
which
Civilian
Conservation
Corps.
by the Department of Labor,
Perkins's remarks are taken, also
to say:
which
manufacturing industries
Weekly wage disbursements
labor
.
Employment
in
May.
:
,v
Factory
in
680,000
issued
Secretary
Employment
in
the
These figures do not include
employees
Administration and National
Youth
Administration
the following
1.2%,
May than
compiled
May, 1938.
enrollees
nor
The
in
figures
Commerce Commission.
workers
more
railroads
Columbus,
fresh
insurance
their
to
usual.
the loss
decline
mining, and
workers
being
than
on
May,
metal
added
small,
of
Interstate
The decline of
agree¬
four years.
the
of
while
better
reported
showed
declined
their
establishments
decline
tinuing the upward
a
mid-April
wage
industry, which had labor differences.
0.3%.
Sugar rose 0.5%, con¬
tendency which was first shown in April.
Molasses
slight change upward, while corn syrup and strawberry preserves
0.1% each.
"
a
of
private and public
dyeing and cleaning establishments
reflecting seasonal activity, and public utilities
forces in May,
Smaller employment gains were re¬
Factory employment,
dried
between
increases
workers,
much
was
was
these
in
also registered in
was
by crude petroleum producing,
of
jobs
settlement
trade
seasonal
Fats
employed
Miss Perkins added:
Quarries, laundries
sizable
to
the
Retail
Beverages and chocolate declined 0.1%, with slightly lower prices shown
for all items in the group.
/, •
of
following
ported
items.
declined
miners
substantial employment
gain
construction.
offset
price
bituminous coal
ments," she said.
advance.
seasonal
The greatest decline was
oranges
were
cities
51
more
more.
and
the
of
for
13
0.4%,
than
level
were
approximately
80,000
and
cream
V"
increased
The cost
No
St.
1.0%.
Egg costs
green
for
workers
more
non-agricultural industries in May than in
April, Secretary
of Labor Frances Perkins
reported on June 28.
"This in¬
crease
was
due in part to the return of
reduced
was
by
90,000,
or
were
nearly $1,000,000, or
0.6%, less than in the preceding month.
The typical seasonal decline in
factory employment between April and May is 0.6%.
Payrolls usually
rise by 0.2%.
The greater-than-seasonal decline in
factory employment
in May is attributable in
part to the recession in automobile
employment,
in
difficulties
reduced
New England
Middle Atlantic....
74.8
74.5
101.7
operations in some localities, and to
employment losses in the shoe, women's clothing, and cotton
goods
industries, in which the decreases were somewhat more
77.0
77.5
77.0
80.8
65.8
103.6
usual.
East North Central
76.4
76.6
77.0
82.0
64.5
106.0
80.7
1939*
West North Central
1939
79.9
1939
1938
1929
78.4
75.4
1933
64.4
80.7
83.7
65.9
South Atlantic
104.9
75.6
76.1
76.6
77.6
63.2
East South Central
102.4
70.9
70.3
70.6
73.5
63.2
the
pronounced
May employment index (90.1% of the 1923-25
average) was
8.0% higher than the corresponding index of last "year, while the
payroll
index (84.4) was 15.8%
higher.
•"
104.5
The
West South Central
74.2
74.7
75.3
76.2
61.9
102.1
ment
Mountain
80.9
79.9
78.8
83.5
66.7
102.7
74.9
74.7
group
—..i—»
Pacific
pFUnited States
76.3
♦Preliminary.
■
74.8
77.2
65.4
101.2
■
76.5
76.6
80.2
64.9
103.7
-
■
V?:
♦
durable
decline
goods
of
reported
Report of
Lumber
Ended
The
Movement,
Holiday Week
July 8, 1939
lumber
industry during the holiday week ended
July 8, 1939, stood at 60% of the seasonal weekly
average
of production in 1929 ; 64% of the seasonal
average of ship¬
ments in 1929, and 78% of the seasonal
weekly average of
new business in
1929, according to reports to the National
Lumber
tions
covering
the
hardwood mills.
operations
Reported
July 8,
1939,
average
of 1938 orders.
new
25% in
were
orders
excess
in
of the
the
week
seasonal
ended
weekly
The Association further
repprted:
Reported production
was 7% above the seasonal
weekly average of 1938
production, and shipments were 6% in excess of 1938 seasonal
weekly
shipments.
Compared with the preceding week, production of the
holiday
week ended July 8, as
reported by 3% more mills, was 32% below that
week's output;
shipments were 29% below shipments, and new orders
were 15% below the new business of
that week.
New business
(hardwoods
softwoods) was 33% above production, and shipments were
10% above
output in the week ended July 8.
Reported production for the 27 weeks
of the year to date was
20% above corresponding weeks of
1938; ship¬
ments were 15% above the
shipments, and new orders were 15% above
the orders of the 1938 period.
New business for the 27 weeks of 1939
was
7% above output; shipments were 5% above
output.
"
During the week ended July 8, 1939, 522 mills produced
154,156,000
and
feet
of
booked
week
softwoods
orders
feet;
Lumber
mills
same
mills.
or
509 ;
above
as
shipped
figures
225,933,000
169,104,000
for
feet;
the
feet;
and
preceding
shipments,
feet,
reported
or
for
the
Production
same
was
week
were
148,362,000
159,580,000
feet.
a
1.3%.
whole
while
showed
the
an
employ¬
non-durable
goods
Corresponding
year
5.7% and
were
shown
were
gains
8.8%,
from
respectively.
April
to
May
.•
shown
by 37 of the 87
by the Bureau of Labor Statistics, and payroll increases
by 50 industries.
Among those showing larger than seasonal
were
or
contra-seasonal gains
in employment were aircraft (11.8%, or 3,600
workers), woolen and worsted goods (9.0%, or 11,200 workers), ship¬
building (4.7%, or 2,800 workers), meat packing (3.6%, or 4,300 work¬
ers),
sawmills
workers).
(3.2%,
or
Substantial
shown
were
and
in
ice
cream
fertilizers,
7,600
workers),
and baking (2.5%, or 5,700
approximately seasonal proportions
(14.7%), butter (6.3%), and beverages (4.5%).
increases
Sizable employment
ing
of
declines which,
larger
were
with
than
the
seasonal
exception
of men's cloth¬
shown
were
by factories
(8.9%, or 36,300 workers), shoes (9.1%, or
workers), women's clothing (6.1%, or 13,300 workers), men's
clothing (6.5%, or 12,200 workers), fertilizers (29.3%, or 8,600
workers),
cotton goods (1.8%, or 6,700
workers), steel (1.0%, or 3,700 workers),
agricultural implements (5.1%, or 2,800 workers), and hardware
(6.8%,
or 2,400
workers).
Reports from a number of firms indicated that
plant
manufacturing automobiles
18,300
operations
were curtailed
during the May 15 pay period because of coal
The unbroken expansion in employment and payrolls in aircraft
factories which began in the fall of 1938 continued
in May,
bringing the
index to a new high.
Employment in this industry in May was more
than
double the number
employed in 1929.
Shipbuilding employment,
shortage.
which has climbed each month since last
the
of
month
1923-25
since
in
average
1923,
with
May,
August, reached
which
the exception
the
highest level since
Other
industries
March
of
last
above
was
of
ployment, which likewise has risen each
April,
month
a
that
1937.
level of 117.5%
recorded
in
any
Machine-tool
em¬
since last August,
reached
year.
'
for
which the May
employment indexes were at the
highest levels since the latter months of 1937 were cast-iron
pipe, engines,
textile
and
239,-
8, 1939, by 433 soft¬
31% above the production of the
as
May,
0.3%,
machinery, marble-granite-slate,
pulp, and paints and varnishes.
feet.
for the week ended July
production.
Revised
production,
194,447,000
Shipments
combined;
feet.
241,948,000
reported
totaled
8%
hardwoods
205,660,000
orders,
orders
wood
feet,
of
Mills,
were:
005,000
and
of
to
industries covered
Manufacturers Association from
regional associa¬
of important softwood and
industries
from April
curtailment
a
Employment
Weekly
of
group
1.1%
payroll declines
respectively.
Compared with May of last year,
employment in the durable goods group shows a gain of 10.9% and
payrolls
of 23.8%.
In the non-durable goods industries the gains over the
0.9%
were
interval
-
than
The
corsets
and
allied
garments,
paper
Non-Manufacturing Employment
Employment
while
payrolls
employees and
the
effects
of
in
retail
rose
a
0.7%.
gain
Easter
of
trade
increased
These
nearly
trade,
0.2%
increases
which
affects
between
indicate
$500,000 in
the
weekly
the
April
addition
wages.
March
and
and
May,
of
8,000
Eliminating
April
levels
;
in the East South Central and South Atlantic States remained
unchanged, with slight increases of 0.4% and 0.8% reported.
In the Pacific States there was a decline of, 0.5%,
and in the Middle
Atlantic States there was a 3.1% decrease, due largely to a 6.3% reces¬
sion
in New York.
The reports on which the figures are based do not
cover construction projects financed by the WPA, the PWA and the RFC,
ployment
compared with
the current May figure
the date of Easter,
to
according
virtually
percentage gain in employment than the average
gain over these months for the preceding 10 y^arsThe current employ¬
ment index
(83.7% of the 1929 average) is 2.3% higher than in May
of last year.
The payroll index (71.8) is up by 2.6%.
Among the more
shows a larger
February,
were
month
over the
employment gains
groups showing
the following:
retail
important
interval
0.7
Automotive
merchandise.
General
Hardware
Lumber and
facturing
0.4
2.6
2.7
Furniture.........
1.6
0.6
- -
-....
——
building material,
•
Industry
(1923-25=100)
railroads
+ 5.7
Wholesale
87.0
—0.4
—0.4
75.0
+0.3
—0.2
Retail
85.7
+ 0.2
+ 2.3
71.8
+0.7
+ 2.6
+ 5.5
87.6
+ 1.2
+ 3.7
+0.7
+2.3
Other
82.6
+0.2
+ 1.3
telegraph—
74.7
+0.9
—0.4
95.4
+3.5
and power
and manufactured gas*.
Electric railroad & motor-
91.2
+ 1.0
—0.6
99.4
+ 2.5
+2.0
+ 0.7
—1.5
70.9
+ 1.8
—0.5
maintenance
69.6
chandising
:
Telephone and
-
light
Electric
bus oper. &
Mining:
52.6
—0.8
—0.4
57.0
+31.3
+ 49.0
42.9
+ 65.4
—47.8
17.5
—1.1
—68.3
+ 0.1
+ 4.7
53.9
+2.4
+ 5.3
45.4
+ 5.6
+ 3.9
39.6
+ 10.5
+ 3.5
66.0
+0.3
—9.8
61.3
+0.8
—8.0
93.2
—c
—0.5
d82.0
+0.1
+ 1.9
95.6
+ 2.2
—0.6
83.9
+ 5.0
82.5
+ 12.6
+ 2.3
—0.2
61.6
non-metallic
&
Quarrying
mining
.
Crude petroleum
Services:
1.5%, and insurance firms reported a gain of 0.4%.
Employment in private building construction increased 5.4%, according
to
reports' 'from 12,968 contractors employing 119,521 workers in May.
Corresponding payrolls were up 10.8%.
The marked advances in employ¬
ment reported in the New England, the East North Central and the West
North Central States in April were continued in May with increases of
Hotels
producing
>
,
(year-round)
Laundries
—
b
♦Preliminary,
Less than 0.1
cannot be
b
—1.2
+0.4
+ 1.0
b
+0.2
+ 2.5
+ 5.4
+3.0
b
+ 10.8
+ 12.2
—
a Source, Interstate Commerce
of 1%.
d Cash payments-only;
Mnnijfnciuri.na IndustTics
May,
May,
May,
April,
May,
1939
1938
1939*
1939
1938
78.6
80.1
62.7
Cctton goods
92.3
85.8
80.3
82.8
89.0
90.0
80.7
81.8
83.0
65.0
Cotton small wares...
68.1
rivets
67.4
63.3
63.8
58.5
50.6
Dyeing & finishing
1939
1938
Hosiery.
84.7
76.6
75.0
74.2
61.7
48.3
48.6
42.8
46.2
46.1
31.9
Knitted outerwear.
76.0
80.7
63.5
75.1
76.7
53.2
Plumbers' supplies
73.8
73.4
71.8
132.0
135.3
122.6
Stamped and enameled ware..
heating
apparatus and steam fittings
58.9
128.5
131.8
109.1
79.8
74.4
73.9
82.0
63.1
64.6
70.7
41.5
86,7
77.1
72.2
73.2
80.3
62.0
83.7
70.4
75.7
76.1
112.8
114.4
101.9
94.5
97.0
80.8
74.4
65.6
55.7
56.4
112.4
101.6
154.3
142.0
114.0
Knitted underwear
64.6
77.9
78.0
83.7
114.9
103.3
109.3
145.5
83.8
67.1
87.4
88.8
77.2
Knit goods————
r.'"''
147.2
132.1
146.6
...
hot-water
68.4
56.3
65.1
68.8
56.0
47.5
68.4
58.4
83.2
63.6
58.9
74.2
73.5
64.5
65.8
64.7
52.7
145.3
150.2
132.0
111.8
112.4
97.4
46.1
38.9
72.9
_
Knit cloth.
72.1
68.8
66.6
Silk and rayon goods
58.8
62.0
59.2
46.6
48.7
Woolen and worsted
*
66.3
98.6
82.6
textiles..
Hats fur-felt
Including silver
plated cutlery), and edge
tools
75.3
69.0
54.1
61.1
52.3
82.1
88.8
goods—
72.5
112.6
Wearing apparel
Clothing, men's
Clothing, women's.
119.0
107.2
97.1
103.8
82.6
66.6
74.3
48.0
165.6
110.9
118.0
109.7
82.0
Structural & ornamental
81.0
73.4
68.2
160.7
171.1
Corsets and allied garments.
106.8
106.1
95.1
59.5
48.8
111.2
59.7
59.6
109.7
66.9
98.3
67.7
Stoves...—.—
Men's furnishings-
127.5
132.3
97.7
91.8
109.9
87.5
94.0
104.2
88.2
97.0
126.0
89.3
63.9
64.0
Shirts and collars
+
metals
work
Tin cans and other tinware.—
tools,
tools, flies, & saws)
.
machine
Wire work
not
84.5
159.4
81.7
74.8
84.5
154.4
—
,
152.9
129.4
tractors)
...
and calculating
95.1
94.9
89.7
123.8
126.0
133.8
129.5
85.9
and windmills
134.9
137.2
129.9
140.1
121.7
119.8
86.1
78.1
87.1
85.7
68.4
96.3
117.1
90.1
Automobiles
Cars, electric & Steam railroad.
142.0
141.8
143.3
135.7
139.5
235.7
242.0
302.7
284.1
290.9
101.5
95.6
106.7
87.2
82.1
92.5
92.9
92.8
85.4
85.6
81.0
70.3
72.3
69.1
69.1
67.2
64.2
Confectionery^
76.8
75.31
73.9
74.2
72.6
72.5
86.9
75 8
87.4
75.1
65.7
73.8
.
.
v——-*
T—
...
_
.
99.5
103.6
52.8
45.6
48.3
70.2
85.1
82.5
62.8
61.8
63.8
55.5
53.0
56.6
59.5
60.7
61.0
64.1
62.8
€5.8
76.3
94.e
72.8
72.0
58.0
71.8
71.4
49.3
128.2
115.6
128.5
134.2
92.4
95.4
68.2
87.3
94.4
59.5
1206.1
1078.4
847.5
1184.3
1063.7
797.0
102.1
68.6
87.6
99.5
56.8
33.1
28.4
33.6
31.5
28.5
33.7
16.2
22.3
Shipbuilding
102.6
-—
........
Tobacco manufactures..
—
Chewing and smoking tobacco
63.2
92.4
93.4
81.8
87.1
86.2
69.0
152.8
154.6
126.1
158.0
160.6
119.0
98.9
98.4
87.3
99.4
95.9
76.0
Chemicals
and
78.9
81.8
90.4
75.3
69.1
71.1
Lighting equipment-
80.8
82.9
67.9
73.0
70.9
Silverware and plated ware
66.3
66.3
59.3
59.9
59.4
-
98.5
100.4
103.8
92.2
106.3
102.9
105.5
104.6
97.2
99.9
99.2
90.7
90.2
87.6
106.8
106.5
105.6
109.2
108.9
106.0
72.0
65.1
64.3
61.0
76.9
77.9
70.0
67.0
€6.2
63.4
58.3
55.7
50.5
63.3
63.5
50.4
66.6
Mill work
53.8
54.2
Sawmills.
53.4
43.9
39.5
109.6
127.9
116.8
73.5
57.4
119.4
114 1
80.3
89.5
160.2
100.1
137.3
93.9
117.6
Paints and varnishes
60.3
107.8
80.8
Explosives
69.0
107.6
Druggists' preparations
114.9
123.2
119.5
257.9
83.2
283.8
304.4
88.4
85.0
91.2
86.0
82.1
71.4
83.0
63.3
60.0
52.8
58.6
43.8
67.2
60.4
73.6
56.1
132.3
110.3
126.9
97.5
90.1
91.2
83.4
84.4
84.9
72.9
83.2
84.1
75.0
79.5
80.2
64.2
96.7
98.0
91.5
89.9
90.2
82.6
315.4
Rayon and allied products..
Soap
...
Rubber products..
Lumber:
139.6
105.9
108.3
...
Fertilizers.
71.3
128.5
118.0
114.9
Cottonseed—Oil, cake & meal
46.3
120.9
114.6
refining.
Chemicals.
Smelting and refining—Copper,
115.7
108.8
116.1
56.9
51.7
120.5
114.9
—
;
64.4
84.1
83.7
85.9
55.4
103.3
104.0
products,
refining
Petroleum refining
Other than petroleum
and time-
51.7
103.8
92.7
99.6
allied
and petroleum
54.3
103.4
106.7
Book and job
64.2
105.9
100.0
Boxe£, paper
Paper and pulp—„;
Printing and publishing:
61.9
105.9
Cigars and cigarettes.—.
Paper and printing
Newspapers and periodicals.
82.0
80.3
107.1
117.3
...—
67.9
117.3
91.9
19.6
Furniture
83.7
114.0
91.0
126.8
Lumber and allied products
81.0
120.7
43.5
98.4
lead and zinc
72.3
113.6
91.8
27.1
recording devices
57.6
84.5
114.0
93.9
19.1
Jewelry
70.1
43.5
66.8
112.3
Clocks and watches
57.4
81.0
70.0
111.3
80.8
22.4
Aluminum manufactures
87.6
95.2
78.9
140.8
83.4
117.5
Brass, bronze & copper products
94.5
48.8
80.4
149.6
Locomotives
Non-ferrous metals & their prods.
60.9
145.5
_
*
93.1
__
74.5
246.4
Baking.
and snuff
Aircraft
63.8
Sugar, beet
Sugar refining, cane
81.0
123.8
90.2
Transportation equipment
86.0
Slaughtering and meat packing.
84.5
131.2
126.0
Typewriters and parts
86.6
94.0
Ice cream.
84.5
95.4
Textile machinery and parts...
102.6
97.1
115.1
133.6
Radios and phonographs
101.6
82.1
Flour
97.9
Machine tools
73.0
112.0
116.7
products
Beverages
Engines, turbines, water wh'ls
Foundry & machine-shop prods.
77.7
119.3
86.6
80.6
93.8
55.5
69.9
117.9
84.9
Leather and its manufactures
122.0
apparatus
—
114.4
162.9
——
51.9
Canning and preserving
117.5
and supplies
81.6
—-
Food and kindred
machines
machines—
Electrical machinery,
94.8
(lncl
—
Cash registers, adding
...
Boots and shoes...
Including trans¬
portation equipment
Agricultural implements
—
Millinery
Tools (not including edge
;
1939*
79.8
Hardware
=
May,
1938
85.2
Carpets and rugs..
62.9
Forglugs, Iron and steel
;
April,
1939
88.4
Fabrics
(not
Machinery,
May,
96.3
Textiles and their products
80.7
88.3
91.4
rolling mills
Bolts, nuts, washers, and
Cast-Iron pipe.
and
May,
Non-durable Goods
Durable Goods
Steam
April,
1939*
April,
Iron and steel and
and
Payrolls
Employment
Payrolls
May,
87.4
tips
MANUFACTURING INDUSTRIES
1923-25=100.0)
1939*
their products,
machinery
Blast furnaces, steel works', and
b Not available,
(Three-year Average
Manufacturing Industries
Cutlery
Commission,
value of board, room, and
computed.
PAYROLLS IN
Adjusted to Census Totals for 1935.
—3.0
b
Insurance
Building construction
c
—1.5
b
Brokerage
Gains of 3.1% and 6.5%, respec¬
South Central and Mountain States. Em-
+ 3.7
+ 3.9
—3.4
106.2
Dyeing and cleaning
19%, 14.1% and 16/1%, respectively.
not Including
+4.5
Bituminous coal
Metalliferous
Employment
.
Anthracite
laundries and dyeing and cleaning establishments in¬
creased seasonally by 2.2% and 3.9%, respectively, while hotel employ¬
ment showed virtually no change.
Brokerage firms reduced their forces
INDEX NUMBERS OF EMPLOYMENT AND
b
b
b
68.5
Public utilities:
in
tively, were shown for the West
+0.6
97.5
merchandising.
than general mer¬
General
by 0.7%.
forces
+ 15.8
+ 8.0
+0.8
Trade:
the greater demand for
mines.
their
increased
Employment
0.6
84.4
—1.2
(1929=100)
bituminous
the
1938
90.1
The increase in payrolls
31.3%.
resulting from
of
May,
1939
1938
53.6
railroads.a...
Class I steam
reflected increased pro¬
anthracite during the shut¬
\ ^
Metal mines reported a contra-seasonal gain of 0.1% in employment.
Crude petroleum showed a seasonal increase of 0,3%, and quarrying and
non-metallic mining a seasonal advance of 5.6%.
Telephone and telegraph companies had 0.9% more employees on their
rolls.1 Light and power companies reported 1% more workers, and electric
down
April,
1939*
May,
<*
Manufacturing—
bituminous coal mining increased 65.4%.
Payrolls,
however, were 1.1% lower than in April, as the mines affected by the
shut-down pending the settlement of wage agreements did not generally
resume
operations until after the payroll period for which reports are
received by the Bureau of Labor Statistics.
>
Anthracite
mining showed an employment decrease of 0.8%, but a
duction
Change from—
%
May,
April,
1939
in
payroll gain of
Change from—
%
Index
May,
0.5
products..
Petroleum
Employment
Payrolls
Employment
Index
0.1
0.1
Paper and paper products..
0.4
Hardware
These indexes
available from the Bureau's records.
seasonal variation: ; 7,
1929 is not
adjusted for
to
not
1939*
supplies —
0.7
products........
prior
are
and
equipment,
Machinery,
0.8
Automotive.......
a
industries.
Month
Month
\
as
Over the
Over the
v'
and
used
the indexes for the manufacturing indus¬
Class I steam railroads, and the 12-month average for 1929 is
base in computing the index numbers of the non-manufacturing
Information for the non-manufacturing industries for years
a
% Inc.
% Inc.
Food
as
tries
establishments reported a seasonal employment decline
of 0 4%
or 4 800 workers.
Payrolls rose 0.3% over the month interval.
Among the wholesale lines reporting fewer employees were dry goods and
apparel
(1.1%), farm supplies (7.4%), groceries and food (0.3%),
metals and minerals (2%), and lumber and building materials
(0.6%).
The following wholesale lines showed gains in employment:
•
used
is
The three-year average, 1923-25,
below.
1938, are shown
base in computing
1939, and May,
trade
Wholesale
industries combined, Class I steam railroads, and selected non-manu¬
industries were available, and percentage changes from April,
ing
Month
Month
Food.,.
for all manufactur¬
Indexes
Over the
Over the
local governments.
by regular aporopriations of the Federal, State or
of employment and payrolls for May, 1939,
or
% Inc.
% Inc.
1939
July 22,
Financial Chronicle
The Commercial &
480
.
Rubber boots and shoes
48.7
44.9
51.8
51.1
50.4
46.3
45.4
Rubber tires and innter tubes-
72.5
72.7
66.0
63.8
62.6
57.7
Rubber goods, other
Brick, tile, and terra cotta
53.4
53.6
48.4
40 5
39.6
35.7
Cement...
66.7
66.5
66.7
63.5
61.9
65.7
91.6
91.9
80.7
91.8
89.4
79.1
47.4
47.2
43.4
40.3
38.8
35.5
80.7
81.6
73.3
70.6
72.2
65.5
Stone, clay, and glass products..
t
Glass
Summary
All Industries
Marble, granite, slate & other
products
Pottery
♦
May,
......—_.
1939, indexes preliminary; subject to revision.
Durable goods
"Non-durable goods
Volume
The Commercial & Financial Chronicle
149
Employment
The
decline
through
with
1938.
than
in
April and
increase
of
The
gain
Federal
month
132,000.
Employment
of
the
building
payrolls
for
the month
projects
on
as
month
projects
projects
ending
increased by
There
May,
the program
on
274,000
were
gain of 25,000
in
1938.
Payroll
total
of
336,000
in May,
camps
The
by
for
work
at
men
April
over
reached the point
than
and more
the
double
for
disbursements
value
the
of
PWA
construction
value
of
under
for
May.
May
is
30,000
22,000, making
than
employees
more
1938.
totaled
orders
placed
$37,000,000
projects
were
♦
material
financed
material
orders
works
program
the
This
for
from
placed
the
month
regular
financed
projects
ending
Federal
$36,097,000,
was
the total
construction
on
May
On
15.
appropriations
and
Federal
on
As
Ireland
are now
has
now
Of all
world,
a
the
merchant
shipping
under
now
construction
total of 1,394,526 gross tons is
being
Change from—
Class
May,
by
regular
1939*
May,
1938
April,
May,
1939
1938
S
world output are
being built to Lloyd's classification.
New work begun
during the quarter just ended was 357,000 gross tons
shipping launched during the same period for all
countries, Lloyd's figures show; while in the
previous quarter the volume
of
work
new
launched.
was
For
quarter
only 25,000 tons greater than the aggregate of shipping
Great
was
Britain
265,000
and
Ireland,
tons
gross
work
new
than
more
while for all the other maritime
countries taken
as a
the
begun during the
tonnage
+ 25
+ 151
22,671
launchings by only 91,000 tons.
In the March quarter, however,
launchings in Great Britain and Ireland were 84,000 tons in excess of
new
construction; but for the other countries,
work aggregated 109,000 tons
new
than launchings
more
The exact comparison between
two quarters is shown
new work and
launchings during the last
by Lloyd's in the following tables of gross tonnage:
June
New Work—
30, Mar. 31,
1939
Gt. Britain & IrelandOther countries
1939
June 30,
1939
619,715
879,195
690,471
70,756
Gt. Britain & Ireland
Other countries
.
.
+ 23
+ 11
+ 2,530 + 12,832
21,237
+ 2,087
+ 1,474
Program—
Federal
under
projects
the
Works Program.a
148
+ 28
—106
7,158
+ 1,500
2,468
—161
—211
138,000
—8,388
—5,592
+ 90
...
Projects operated by WPA.b..
Student ald.b
375
+5
+ 45
2,425
+ 25
+9
N. Y. A. work projects.b
223
—4
+44
4,200
—133
+ 1,125
Civilian
336
+ 22
+ 30
+785
+ 10
—42
15,023
9,771
+ 854
132
+ 605
—1,616
Conservation
Corp.c.
State roads.a
*
Preliminary,
Employment figures
a
ended April 15 and May 15.
and
May 31.
c
Figures
on
are
maximum
number
for
month®
the
World total
Mar. 31,
1939
136,125
386,020
154,654
510,982
522,145
Launchings—
401,525
477,670
665,636
A decrease of 42,000
gross tons (or about 7%) was shown in the
produc¬
tion of motor
tankers, each of 1,000 gross tons and upwards, during the
June quarter.
v
.
.
.
How the motor tanker construction has compared
during the last two quarters is shown by
Lloyd's in the following gross
tonnage table:
Federal
214
launched;
group, new construction
exceeded
b Figures are for the calendar months ended April 3°
employment are for the last day of the month; payrolls
for the entire month.
June 30,
1939
Mar. 31,
1939
120,500
92,100
96,210
139,391
Germany..
64,062
Italy
274
throughout the
in excess of the volume of
$
$
appropriations.a
WPA
April,
1939
Construction Projects—
Financed by PWA.a
Financed
Change from—
May,
1939*
61,775
United States
55,300
Holland
37,250
83,962
77,550
4,000
67,500
Sweden
...
Gt. Britain & Ireland-
June
their
1939
36,400
28,400
23,100
12,220
34,600
30,420
33,100
15,226
535,217
577.849
France..,
Japan
Other countries
World total.......
Steam tankers, of 1,000 gross tons
fifth of the volume of motor tanker
now
30, Mar. 31,
1939
Denmark..
each and
up,
less than
represent
entire tanker
production to motorized types.
...
For motor vessels of all
kinds, a small increase in the total of tonnage
construction was reported for the June
quarter; but the gain was
under
only about 7,000 tons; while for all other types of vessels
combined, the gain In
same period was 149,000 tons.
As a result, motor vessels now
June Newsprint Production in Canada Declined Below
Previous Month—Shipments also Decrease
newsprint
production
in
June
amounted
to
240,545 tons compared with 250,015 tons in May and 201,694
tons in June, 1938.
Shipments totaled 232,261 tons in June
against 274,635 tons and 208,476 tons in the earlier dates.
Montreal
The
"Gazette"
of
13, from
July
which
States production, at
year
ago,
year
ago.
ments.
while shipments,
at
84,628
compared
tons,
tons,
was
compared
some
with
with
2,400 tons in
65,382
66,204
excess
During the month Canadian mills operated at 66.4%
from May.
.7'.-'
tons a
tons
a
of ship¬
of capacity,
unchanged
Shipments
by
Canadian
stantially above
a
May's
figure
lower,
year
while those
mills
to
173,760
ago,
201,503
was
United
to
tons.
domestic
about
in the
60% in the March
quarter.
Lloyd's Register shows the
contrast
building of these types of shipping during the past two quarters in the
following
gross
tonnage table:
June 30, 1939
Other types
Mar. 31,1939
1,624,707
1,234,585
Motor vessels
1,085,542
...
World total
1,618,125
2,859,292
-
2,703,667
At the beginning of this year, the production of motor
ships
818,000
was
gross tons in excess of all other types of
80,562
Output in Newfoundland
building
represent 57% of the world's merchant vessel
production, as compared with
fore¬
the
going is taken, also said:
United
a
tonnage, the total of both these types
under construction being 634,665 gross
tons; some countries devoting
the
Canadian
as
Lloyd's Register, and is intended for classification with that
Society.
This amount includes
705,145 tons now being built in Great Britain and
Ireland, and 689,381 tons building in other countries.
Thus, 89% of all
merchant shipbuilding in Great Britain and
Ireland, and 49% of the entire
World total
Payrolls
13%,
built under the supervision
of
(All Figures in Thousands)
Employment
over
compared with 16 at the end of March; and the share of the
other countries,
taken as a group, has
declined, from 62% to 59%.
EMPLOYMENT
AND PAYROLLS ON PROJECTS FINANCED WHOLLY
OR PARTIALLY FROM FEDERAL FUNDS AND
ON ROADS FINANCED
FROM STATE FUNDS,. MAY, 1939
2,703,667
596,903
420,931
changes during the quarter just past, Great Britain and
building 28% of the world's marchant shipping, as against
$1,162,000.
was
1,685,833
.
22% at the end of March; while the United States
the
projects
__
result of the
a
June
The number of employees in camps of the CCC increased
in
to
up
$22,671,000.
were
a
during
10,000
employed
men
791,455
391,824
1,676,013
2,859,292
I
Mar. 31,1939
World total
from
15
by the Public Works Administration
projects
many
a
work
for the
financed
May
$9,771,000.
were
financed
employment.
at
responsible
largely
was
the
of
student aid.
on
construction
on
For
works
the
projects
work
on
employ¬
214,000 and payroll disbursements $21,237,000.
was
ending May 15,
number
increase
an
under
projects
June 30, 1939
Great Britain and Ireland.
United States
Other countries
There was an
ago.
May 15, bringing the number of
increase
maximum
month
and
road
year
a
481
Programs
reported
was
State-financed road
on
ending
to
in
May
Federal
on
Administration;
Payrolls
continued
Other Public
in
employment
appropriations.
Employment
the
employment
these projects
on
than
more
in
increase
employment
regular
ment
in
decrease
Youth
seasonal
in
$90,000
28,000
A
program.
the National
and
in employment on projects
operated by the WPA continued
dropping to 2,468,000, a decrease of 161,000 as compared
Employment on these projects was 211,000 less than in
Payroll disbursements of $138,000,000 were $8,388,000 less
May,
April.
May,
Federal
on
tons
States
comparing with
Shipments
consumers
consumers
were
to
overseas
ships combined; while at the end
of June the motor ships' lead had been cut to less than
half that figure.
For Great Britain and Ireland, 75,000
gross tons less of motor vessels than
of other types were being built
during the June quarter, while in the March
quarter almost the exact reverse condition prevailed; so that now
motor
vessels
were
sub¬
141,055
tons.
markets
were
only slightly higher.
represent 45% of the entire production, and other
types 55%; as
compared with 55% for motor ships and 45% for other types in the March
quarter.
For the other countries, taken as a group, motor ship production
has practically the same status
as in the March
quarter, the motorship lead
being 465,000 gross tons, as against 463,000 tons in
March; with motorships representing 61% of the total output in both quarters.
now
...
Great Britain and Ireland showed
Lloyd's Shipbuilding Statistics for Second Quarter of
1939—Increase
Volume
of
Britain
and
in United
of
155,000
Merchant
Ireland
Gross
Tons in World
Vessels—Increase in Great
More
Than
Offsets
Decline
States and Elsewhere
for the June quarter, as
July 12 by "Lloyd's Register of Shipping," covering
the quarter ended June 30.
The returns include all mer¬
chant ships of 100 gross tons each, and upwards,
being con¬
structed in all the maritime countries except Russia, for which
no authentic returns have been available for some
time past.
The gain in the quarter just ended was due in the main to
one,
but it
offset by
was
by those
reported for Italy,
Sweden, the United States and France, Sweden's being the only sizable one,
while decreases were shown for Germany,
Holland, Japan and Denmark.
has
Lloyd's Register shows how
motor
ship production
compared in these countries in the last two quarters:
June
report
issued
increase in motor ship construction
the much greater gain in the production of other
types of vessels
countries.
Motor ship production gains were also
In the following table,
An increase of 155,000 gross tons in the volume of merchant
vessels being built throughout the world is shown in a
an
compared with the March
30, Mar. 31,
1939
Gt. Britain & Ireland.
357,995
Germany......... 187,714
Italy
224,616
Holland
184,331
Japan....
120,584
June 30,
1939
Mar. 31,
1939
120,750
Sweden
159,120
United States........
83,686
132,760
126,200
58,965
1939
Denmark
332,971
226,785
216,970
206,943
136,780
France
54,230
51,875
Included in the current volume of ship construction is considerable
ton¬
nage
ordered for countries other than the
conditions in Great Britain and Ireland, which
reported an
increase of nearly 200,000 gross tons, or more than sufficient
that
Germany is building for foreign account,
to offset the declines shown for th<© United
Italy, 98,350; and Holland, 32,169.
States, and for the
other maritime countries, taken as a group.
This is in sharp
to the quarter ended March 31
last, in which a
marked decline in construction was reported for Great
contrast
Britain and Ireland, compared with gains for the United
States and the other countries.
The United States, however,
retains
its
position
second
only to Great Britain and
in the volume of merchant
shipping construction
under way.
The following is also from an announcement
issued by "Lloyd's Register of Shipping":
as
Ireland
In addition to
many
reported
Denmark
there
one
was a
a
a
decline fcr the United States of 29,000 gross
tons, Ger¬
decrease
of
33,000 tons,
Holland
one
of
of 10,000 tons, and France a loss of 2,000 tons.
19,000
tons;
For Japan
gain of 2,000 tons, for Italy, about 8,000 tons; and for Sweden,
33,000.
In the
Britain
and
Ireland,
108,333 tons;
gross tons
tons;
group:
reports
tons;
Great
104,410;
own
Sweden,
55,055;
Holland,
33,350;
Poland,
24,790, and
use,
Germany,
Several changes occurred in the relative ship production
ranking
the quarter just ended; but the position of the leaders was not
during
affected.
Great Britain and Ireland now hold first place, with a lead of
400,000 gross
tons over the United States, compared with a margin of
175,000 tons in the
March quarter.
The United States has a lead of 44,000 tons over third
place Germany, as against one of 39,000 tons in March.
tons ahead of
Germany is 39,000
Japan, whom she led by 75,000 tons in March.
Fourth place
Japan's nearest competitor is
now
Italy, who has advanced from sixth to
fifth place, ousting Holland.
Japan leads Italy by 84,000 tons, as against
her previous margin of 90,000 tons; and Italy is now a
1,000 tons in front
ninth
a
Lloyd's
gross
Denmark,
22,520-
and the other maritime countries
as
113,156
104,500;
of shipping; and other nations who have work under
way
Great Britain and Ireland, 92,748
in March, and whom
taken
producing it.
countries other than their own, are,
tonnage table, "Lloyd's Register" shows the output
during the last two quarters in Great Britain and Ireland, the United States,
gross
Sweden,
Lloyd's also reports that Norway is having built abroad for its
204,703
in
of Holland, whom she trailed
following
one
by 25,000 tons In March.
vanced to seventh position, replacing
Sweden
now
Denmark, who led
leads
Sweden has ad¬
her by 5,000 tons
by 38,000 tons.
place, 27,000 tons behind Denmark.
France retains
The Commercial &
482
countries during
Lloyd's Register in the following gross
of ship production in these
The variations in the volume
is shown by
the last two quarters
tonnage table:
1939
596,903
United States
Germany........... 347,832
308,849
Japan..............
224,616
Italy
Sweden
.
242.688
127,700
132,760
97,013
122,440
96,130
Denmark
France...
each of 20,000 gross tonnage or more, are now
Seven large ships,
1939
223,381
160,620
Holland
420,931
381,304
306,745
216,970
791,465
391,824
Gr. Britain & Ireland.
Mar. 31,
June 30,
1939
Mar. 31,
building,
Two (one less than previously)
Britain and Ireland, and one each (as formerly) in
France, Germany, Holland, and Italy,
against eight in the
previous quarter.
under way in Great
are
the United States,
Statistics by
quarter ending
July 1, 1939.
Statistics for foreign countries other than
certifications for entry of sugar which was in transit on
Cuba also include
The figures are subject to change after final outturn
July 1, 1939.
230,132 short tons of sugar, raw value, were
are
yet available.
not
'
'
quantities charged against the off-shore areas
The
(Tons of 2,000 Pounds—96 Degrees)
'•
1939 Sugar Quotas
\
V,
'V.:-.V,
>
Established, Under
Montreal
Amounts Charged
Balance
Against Quotas
Remaining
provinces of Canada have advanced
southern Manitoba an infection of stem rust has ap¬
peared but it is not serious at present.
Grasshoppers are a menace
throughout Saskatchewan and are also numerous in southern Manitoba,
but
damage to
date is not extensive.
Coarse grains are developing
the
In
present.
\
favorably.
♦
'j
Canadian
set
Canada's
surplus this
wheat
is included in the above amounts
sugar
against the various quotas, since
consumption sugar
1939 direct
January-June, showing separately sugar polarizing 99.8
during the period
entered against the quotas.
price of 70 cents a
delivered at Montreal.
the 1939 crop,
:f"
•/>...
QUANTITY CHARGED AGAINST QUOTA
/
wheat delivered at Fort William.
it was
%m". *
; V
^
'
Sugar Polar¬ Sugar Polar¬
-V-'V.-
'
izing 99.8
Quota
.
izing Less
Total
Balance
Degrees and
1939
Area
will be the largest in years,
year
based on reports
for each cargo of direct consumption
of the outturn weight and polarization
sugar
The last
polarizing less than 99.8 degrees.
available for entry during the remainder of the
The separation of sugars into polarization groups is
year.
charged
the quota for such sugar is included in the
The following tabulation indicates the
quotas and charges against cuch quotas
quota for each area.
total sugar
minimum
a
price is the same as for Western
The
15,816
*-"2,510,861
(In Short Tons—96 Degree Equivalent)
today
Government
1 Eastern wheat of
bushel for No.
10,885
2,253,079
Direct Consumption Sugars
V
consumption
Direct
reported the following:
The
26,701
-
Total'
(July 13)
Canada,
from Ottawa,
514,757
9,013
4,763,940
Cuba
than
column shows the balance
v
70 Cents a Bushel on 1939
Wheat ...\ ; v\;:. v;
:v
advices
Press
United
0
degrees and above and sugar
:-/V
Canada Sets Minimum of
."'•V,,
9,013
Virgin Islands
Foreign countries other
are required to pro¬
elsewhere there is sufficient moisture for
heads, but
fill-of
948,218
688,301
433,461
540,829
southern, eastern and
of central and southern Manitoba,
Saskatchewan and southern Alberta rains
parts
normal
Hawaii
1,352,740
500,194
118,341
579,603
806,642
Cuba
Philippines
•
rapidly as a result of hot, dry weather, and prospects con¬
tinue favorable, according to the July 20 crop report of the
Bank of Montreal.
The bank continued:
In
1,932,343
1,041,023
Puerto Rico
mote
during the first six
and the balances remaining are as follows:
months of the year
Latest Regulations
Reports
central
weight
available.
charged against the quota for
the mainland cane area, and 445,177 tons against that for the continental
sugar beet area during the first five months of this year.
Data for June
polarization data for all importations are
and
Area
Rapidly in Canada, Bank of
Crops in the prairie
,
entered or certified
includes sugar from all areas recorded as
for entry before
♦
Crops Advancing
The
off-shore areas totaled 2,662,488 tons.
Department's announcement continued:
"Lloyd's Register of Shipping" covering the
March 31 were given in our May 20 issue,
2970.
page
July 22, 1939
against the
The report
June 30,
1939
as
Financial Chronicle
Than 99.8
Charges
Remaining
97,735
114,958
6,276
48,523
277,265
11,075
23,340
31,691
267.492
343,371
Above
Degrees
believed.
estimate
official
No
available,
was
Canada will harvest a bumper
that
unofficially it was
but
crop
estimated
of about 450,000,000 bushels in
1939.
Approximately 100,000,000 bushels will be
The
1937
needed for domestic require¬
be for export.
1938 was about 40,000,000 bushels,
80,214
export in
for
243,458
24,034
Philippines.
and the remainder will
surplus
36,692
6,677
1,006
11,831
610,863
Rico
Hawaii
ments,
Total
5,270
and in
Quotas for Full-Duty Countries
100,000,000 bushels.
about
The 10,885 short tons, raw
countries other than
Refined Sugar During Five
69% Over Last Year
Exports of
States
United
Months of 1939 Increased
exports by the United States during the
first five months of 1939 totaled 33,065 long tons as con¬
Refined
sugar
during the similar period last year,
13,516 tons, or a little over 69%, according
to Lamborn & Co., New York.
The exports for the five
months of 1939 are the largest since the five-month period
Cuba is the total of charges made during the first six
months of the year against
the quotas for the individual full-duty countries.
The following table shows, in
pounds, the 1939 quotas for those countries,
the amounts charged against the quotas
announcement
firm's
The
to
than
added:
Charged Against
different
60
Guatemala
.
Nicaragua
Labrador with 4,463 tons and
2,453 tons, respectively.
In the previous season the United Kingdom,
with 11,982 tons, also headed the list, while Panama and Honduras, with
1,708 tons and 1,359 tons, respectively, followed.
Peiu
United Kingdom
Quotas not used to date.y
Unallotted
500,000
reserve..
Tons,
June 15 Amounted to 1,244,174
with 1,200,082 Tons in 1938
Compared
exports from Jan. 1 to June 15 this
1,244,174 Spanish long tons compared
to 1,200,082 tons in the same period of 1938, the Foodstuffs
Division of the
Department of Commerce!, reported on
July 17.
Shipments of sugar to the United States in the
period under review declined to 803,343 long tons this
year from 845,796 long
tons in 1938.
The Department
Cuban
sugar
Stocks
aB
to
on
hand
June
15
this
year
compared with 2,205,990
Cuban
26,701
'
0
0
6,216,402
3,442,349
0
0
79,888
21,374,581
420,112
21,770,674
10,885
31,631,326
15,816
In accordance with Sec. 212 of the Sugar Act of 1937, the first ten short tons o
raw value, imported from any foreign country other than Cuba have not
against the quota for that country.
y Argentina,
15,592; Australia, 218; Belgium, 314,817; Brazil, 1,280; British
Malaya, 28; Canada, 603,520; Colombia, 286; Costa Rica, 22,033; Czechoslovakia,
281,649; Dominican Republic, 7,133,147; Dutch West Indies, 7; Prance, 187;
Germany, 125; Honduras, 3,671,753; Italy, 1,874; Japan, 4,288; Netherlands,
233,046; Salvador, 8,780,522; Venezuela, 310,209.
5,388 pounds have been im¬
ported from Sweden, 1,481 pounds from France, 30 pounds from Chile, 1,880 pounds
from Dominican Republic, 153 pounds from Venezuela, 289 pounds from Canada
and 54 pounds from New Zealand, but under the provisions of Sec. 212 of the Sugar
Act, referred to In footnote (x), these Importations have not been charged against
?he quota for foreign countries other than Cuba.
►
x
sugar,
been charged
amounted to 2,181,615 Spanish long
exports
gallons of
Orients
invert
molasses,
Province
having
an
tons;
Santa
output
molasses
of
invert
and 3,241,952
led in the production
of
Clara,
tons, and
and
778,406
599,389
Pisar del
tons.
tons;
Rio,
syrups
gallons
of
of sugar
Camaguey's
Matanzas,
103,876
from Jan.
1
invert syrups.
321,156
crop
was
tons;
year,
693,385
Habana,
tons.
2,253,079 Short Tons of Sugar Received from Off-Shore
Areas During Six Months of 1939
The Sugar Division of the Department of Agriculture on
July 7 issued its sixth monthly report on the status of the
1939 sugar quotas for the various sugar-producing areas
supplying the United States market.
The sum of these
quotas represents the quantity of sugar estimated, under the
Sugar Act of 1937, to be required to meet consumers' needs
during the current year.
The report shows that the quan¬
tity of sugar charged against the quotas for all off-shore
areas, including the full-duty countries, during the first six
months of the year amounted to 2,253,079 short tons, raw
value.
For the corresponding period last year, charges
Affecting
to
in the 1939
production
During June in Economic Conditions
Demand for Farm Products Noted by
of Agricultural Economics
Improvement
tons in Cuba the same day a year ago.
May 31
this
year
increased
to 118,245,400 gallons from
106,207,382 gallons
during the corresponding period a year ago.
These exports were dis¬
tributed in 67,102,764 gallons of Final (blackstrap) molasses, 47,900,684
225,280
,
64,208
r
announced:
further
tons
raw
amounted
year
7,490,865
11,888,543
375,102
53,402,000
Total
Tons...
Cuban Sugar Exports to
235,782
6,452,184
10,933,214
11,888,543
375,102
21,374,581
Mexico
with
12,934 tons, being followed by Belgium and
358,238
986,833
358,238
985,833
went
(Pounds)
113,674
194,517
161,906
226,114
East Indies
Dutch
Remaining
(Pounds)
(Pounds)
308,191
China and Hongkong
Balance
Quota, (x)
1939 Quota
Area
Haiti
exports during the January-May period of 1939
countries.
The United Kingdom leads
refined sugar
more
The
shipments amounted to 34,629 tons.
during the period January-June,
be admitted during the remainder of the year.
and the amounts which may
increase of
of 1934, when the
/•
;
value, charged against the quota for foreign
trasted with 19,549 tons
an
4,520
93,215
108,281
375,000
126,033
29,616
Cuba
Puerto
Bureau
There was some
improvement during late May and June
economic conditions affecting the consumer de¬
mand for farm products, according to the Bureau of Agri-i
cultural Economics, United States Department of Agricul-I
in general
price situation.
recovered sharply from the low
reached in April and early May, and some additional im¬
provement during the remainder of the year is indicated
by conditions in the important industries.
But the changes
in business activity and consumer purchasing power prob¬
ably will not be great enough to warrant any change in
the outlook, expressed in previous issues of this report, for
relatively stable domestic demand conditions during 1939.
ture, in the July 15 issue of its demand and
Industrial
The
Bureau
Industrial
tries
which
further
but
production
went on
to
say:
production and general
important
are
markets
economic conditions in foreign coun¬
for our farm products have shown
improvement, mainly as a result of expenditures for war
this
demand
has
for
Despite
evidence
of
not
United
the
a
materials,
in any important increase in foreign
products.
yet been reflected
States
farm
business conditions in recent weeks, definite
general strengthening of commodity prices still is lacking,
improved
although the decline which has been
in evidence since March appears to
Volume 149
have
been
since June,
in
June
The Commercial & Financial Chronicle
halted.
Wholesale
1934.
also
The
ratio,
paid
of
of
of
prices
the
farm
May
to
with
income
June,
at
from
and
stable
marketings of
wheat,
cotton
below
demand
seasonally
from
marketings
seasonal
Prices
of
an
low
months
in
domestic
cotton
approximately
export
than
in
recent
should
the
slightly
May
higher
seasonally
May,
1939.
from
However,
prospect,
and
with
increase
more
than
expected to
levels of
few
next
of
products
tobacco
and
more
level
by farmers
below
months,
make
from
income
least
at
the
\
spot
at
usual
\
markets
during
the
'
:
month
past
the
highest levels reached in nearly two
by relatively small "free" domestic stocks and prospects
influenced
years,
the
farm
and
unusually
the
received
increase.
remained
for
the
in
for
paid
point
lowest
the
are
prices
one
marketings declined
continued
least
to
level,
a slight decline
in prices
by farmers for commodities.
Farmers'
products
received
pre-war
reflecting
prices
ratio
74%
was
prices
subsidy.
Spot
prices
of
American
cotton
apparently
are
discounting at least partly the prospective export subsidy, with prices at
Liverpool only
Domestic
few
a
wheat
loan
rate,
supplies
88%
and
are
expected
in
domestic
prices.
in 1939-40 are expected to be
by smaller domestic wheat supplies,
continuation
a
increase
above
points
prices
tive to world prices,
be
to
domestic
of
the
export-aid
increased.
flaxseed
.
.
With
clined
since the beginning of the
year in relation
imports of flaxseed have been materially reduced.
Smaller
grains
in
are
prices
tion
production
the
with
corn-loan
possibly
for
prospect
compared
of
and
those
of
and
barley,
prices
foreign
total
accompanied
corn
into
program
to
slightly larger
1939-40,
World
prospects
flaxseed
rela¬
higher Federal
program.
.
production,
supported,
a
wheat
for
have
prices,
supplies
an
de¬
and
and
of
food
relatively high
by
oats
possibly
a
continua¬
1939-40.
Summarizing the developments affecting these and other
products, the Bureau said that although the situa¬
farm
tion
for
and
no
number of
a
commodities remains
great changes
be
can
unsatisfactory,
looked for in the immediate
future, the outlook has been brightened at least slightly
by the recent improvement in general economic conditions.
; '■ si,; ■■
;
■
.
FHLBB
Reports
Estate
13.6%
Foreclosures
Non-farm
real
During
estate
13.6%
over
to
announcement
an
Increase
Non-Farm
in
May
foreclosures
Over
in
Real
April
May
issued
June 26
according
by Corvvin A. Fergus,
Director of the Division of Research and
Federal Home Loan Bank Board.
This
Statistics of
the
unseasonally sharp
rise, which brought the non-farm index from 48.4 for
April
May, compares unfavorably with the 2.6% April
to May increase shown
by the five-year average.
However,
May activity was 4.5% below that for May of last
year.
Foreclosures in the first five months of this
to 54.9 for
year
10.9% less than in the
statement
The
be
further
April
to
attributed
Columbia
and
May
period of 1938.
Mr.
were
Fergus's
said:
advance
principally
17
same
States
was
rather
the
larger
reported
fewer
to
increases, and two States showed
general
geographically
communities.
cases,
while
The
29
but
may
District
States
of
reported
change between April and May.
v
The rate of non-farm foreclosures in
May on an annual basis was 6.7
cases
for each
1,000 non-farm dwellings, which compares with 6.0 for
the 12-month
period ending April 30, 1939.
Petroleum
and
Its
no
Products—Oil
Men
Hit
Refiners
Excessive
Activity—Rowan Hearing on
Tender
Postponed—Mr. Van Covern Cautions Industry—
Probe Louisiana Oil
Setup—Small Changes Shown
in Crude Oil
Output—Oklahoma Calls Allowable
Meeting
Feature of the 2-day meeting of the Interstate Oil
Compact
Commission in Santa Fe, N. M., was the bitter
attack made
upon the refining end of the
industry by guest speakers and
by members of the Commission who were unanimous in
laying the blame for the present unsettled statistical
of
the
position
gasoline
markets
refiners. ...'v.-:
..
on
the
doorstep of the Nation's
refining branch of the industry to coop¬
producing division, which has for years fought
to hold down production to market
demand, came in for sharp
criticism by C. F. Roeser, of Fort
Worth, President of the
Independent Petroleum Association of America who declared
that the failure of the refiners to hold down
their operations
a
end of the
"fine of $10,000,000 monthly"
industry.
on
the producing
*
The theme was carried further
along by A. M. White, of
the U. S. Bureau of Mines, who t oldthe
assembled delegates
that unless refiners made
the next 30
same
fix
as
adjustments in their position within
days, the industry would find itself in the
during 1937 when the low consuming season
or
45
found refiners with excessive runs and
top-heavy stocks of
motor fuel.
He held that stocks should be down to
approxi¬
mately 65,000,000 barrels by Sept. 30.
Ernest O. Thompson, Chairman of the
Commission and
member of the Texas Railroad
Commission, presided at-the
sessions on July 19 and 20.
All member States
were
sented
at
the
repre¬
quarterly meeting of the group with P. J.
Hoffmaster, Director of Conservation, representing the new
member
State,
Michigan.
Kansas was represented by
A. F. Schoeppel, Chairman of the Kansas
Corporation Com¬
mission; Oklahoma by Governor L. C. Philips; Colorado
by
Warwick Downing and New Mexico
by Governor John Miles.
Signing of the resolution giving the consent of Congress
to
a
two-year extension of the Interstate Oil Compact
Commission by President Roosevelt was disclosed in Wash¬
ington Thursday.
The bill, which is a companion measure
for the Connally "Hot Oil" bill which was
recently extended
for three years, was passed
by the Senate and the House
of
controlling petroleum production by legislation.
Daily demand for crude oil during August was placed at
3,521,900 barrels in the monthly market demand forecast
of the United States
Bureau of Mines released in
on
Washington
July 20.
The total for the coming month
represents
increase of 8,700 barrels over the current
figure and is
19,200 barrels above the actual demand for the
comparable
month last year.
The estimated runs to stills of 104,080,000
barrels is 2,728,000 barrels
higher than the actual for
an
August, 1938.
Stocks of domestic and
foreign crude oil
bairels during the first week of the
were off 2,219,000
month, the July total
being 269,348,000 barrels, according to the United States
Bureau of Mines.
Holdings of domestic petroleum were
off 2,299,000
barrels, while foreign crude stocks were 80,000
barrels higher.
Heavy crude oil stocks in California, not
included
in
the
"refinable"
stocks, totaled 14,111,000
barrels, a drop of 88,000 barrels from stocks on hand
July 1.
Postponement of the application made by Rowan and
Nichols, East Texas operators, for an injunction
against
Federal Tender Board No. 1 in Federal
Court in Dallas from
July 15 to July 22 resulted from Federal
Judge T. W.
Davison, of Dallas, excusing himself on July 15.
The in¬
dependent operators had sought permission from Federal
Court authorities to move oil
already produced under another
Federal Court injunction
against the Texas Railroad Com¬
mission.
With the consent of all
parties, the hearing for the
application will be before Judge McMillan at San Antonio
on
July 22.
Judge McMillan, incidentally, granted the
temporary injunction to Mr. Rowan and Mr. Nichols allow¬
ing them to increase their production far above the limits set
by the Railroad Commission which he held unfair.
The petroleum
industry should approach the "demand
definitely
business conditions
on
are
the "conservative side" since general
confused and uncertain, Fred Van
Govern, director of the statistical department of the American
Institute, held in a survey released in mid-July.
The industry's ability to produce has never
been higher, he
pointed out, adding that "among the things that have been
wrong with the industry, during the period of confusion
through which it has been passing, has been that in the
aggregate it has produced too much crude oil and gasoline."
Federal and State investigations into the
Louisiana oil
industry hit the headlines in the daily newspapers throughout
the country on July 19 when it was
reported that Louisiana,
fourth largest producing oil State in the
Union, was being
investigated on two fronts. An investigation of the hot oil
situation is being carried on by a
special investigator sent
to the State from Washington
by Secretary of the Interior
Petroleum
Ickes.
State authorities
are
investigating reports that oil
buy all of their equipment through one company
which, it is alleged, received extremely high commissions.
Daily average production of crude oil in the United States
showed, only a nominal change during the week ended
July
15, dipping 100 barrels to a daily figure of 3,529,700 barrels,
according to the mid-week report of the American Petroleum
Institute.
The figures showed,
however, that "production
had to
men
continued far in
demand for
3,513,200
of the total set as
probable market
July by the United States Bureau of Mines of
excess
barrels.
California and Illinois
Increases
were
in
output
by
Louisiana,
offset by lower totals for Texas,
Oklahoma and Kansas.
Sharpest decline was shown by Texas where production
cut 21,950 barrels to a daily figure of
1,325,750 barrels.
Oklahoma operators also showed lower
flows, production
there easing off 9,000 barrels to a
daily average of 445,400
was
Kansas
barrels.
■.,
The failure of the
erate with the
imposed
Representatives last week.
It was indicated that Presi¬
dent Roosevelt will ask
Congress to consider new methods
situation"
increased
the number for the preceding
month,
483
of
off
850 barrels to a
daily figure of
California spurted 14,700 barrels to hit a
daily average flow of 625,300 barrels with Louisiana going
up 1,100 barrels to a daily average of 275,850 barrels.
was
166,750 barrels.
The Tri-Lakes Corp., subsidiary of Standard of
Ohio, on
July 18 posted an advance of 5 cents a barrel for Bloomingdale, Michigan, crude oil, bringing the new quotation to
barrel.
Another local price change was made in
Shreveport pool in North Louisiana where the
Caddo Crude Oil Purchasing Co. cut the
price of crude 10
cents a barrel to 95 cents on July 17, with other
purchasers
meeting the advance.
A special meeting of producers and purchasers will be held
in Oklahoma City on July 28 in the offices of Chief Con¬
servation Officer W. J. Armstrong to work out recommenda¬
tions for the new allowables for Oklahoma for
August and
probably for the following two months. The main question
to be considered is the possibility of
cutting the State quota
another 25,000 barrels to bring it down to 400,000 barrels
daily.
The following price cuts were posted during the week:
83 cents
the
a
new
.
July 17—Caddo crude cut the price of crude oil in the
in north
July
Louisiana, 10 cents to 95 cents
18—Tri-Lakes
prices 5 cents
a
Corp.
advanced
barrel to 83 cents
a
a
new
Shreveport pool
barrel.
Bloomingdale,
Mich.,
crude
oil
barrel.
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
Lima (Ohio Oil
$2.00
shown)
-
Eldorado. Ark., 40
Rusk, Texas, 40 and
1.02
Corning, Pa..
Illinois
are not
1.25
Co.)
Darst Creek
.95
Western Kentucky
1.20
Mld-Cont't, Okla., 40 and above..
Rodessa. Ark., 40 and above
1.10
1.25
gmackover. Ark., 24 and over.....
.75
$1.05
over
.
Michigan crude
Sunburst, Mont
Huntington, Calif., 30 and ovet...
Kettleman Hills, 39 and over
1.05
1.02
.78
1.22
1.22
1.24
The Commercial &
484
SHOW SHARP
DROP—REFINERY OPERATIONS CURTAILED—FUEL OIL
PRICES
HIGHER
IN NEW
YORK-NEW ENGLAND—SOCONY-VACUUM RESTORES FAIR TRADE PRICES—RETAIL
REFINED
PRICES
GAS
The
STOCKS
FUEL
PRODUCTS—MOTOR
BETTER
sharpest reduction in
stocks of finished and unfinished
registered for the week ended July
15, the American Petroleum Institute report disclosing that
inventories were off approximately 1,500,000 barrels.
Since
the start of the heavy consuming season, withdrawals from
stocks have been half those of a year ago with the result that
stocks are in a top-heavy position.
The July 15 slump in holdings of gasoline of 1,407,000
barrels pared the total stocks of finished and unfinished
gasoline to 79,416,000 barrels which is still far in excess of
what economists hold should be the total at this time of the
year.
Stocks should be pared another 15,000,000 barrels
before the end of the period of heavy disappearance of gaso¬
line, trade economists warn.
The refinery reports were a little more cheering this week
although they disclose a decline of less than 1 point in re¬
finery operations which were 83.1% of capacity.
Daily
average runs of crude oil to stills were off 30,000 barrels to a
figure of 3,390,000 barrels, the second successive weekly
reduction.
The total cut for. the first half of July was
90,000 barrels daily.
Production of gasoline showed a
decline of 58,000 barrels for the period.
Continued expansion in demand for motor fuel in the
motor fuel in
weeks
domestic market
was
market demand estimate of the
of Mines.
Total demand in the
week ended July 8 and
barrels for the
185,571 barrel* daily for the
"
oil at Atlantic and Gulf Coast ports for the week
ended July 15 totaled 243,000 barrels, a daily average of 34,714 barrels
compared with a daily average of 24,000 barrels for the week ended July 8
and 26,179 barrels daily for the four weeks ended July 15.
Reports received from refining companies owning 85.8% of the 4,268,000barrel estimated daily potential refining capacity of the United States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines
Receipts of California
unfinished
11,320,000 barrels during the week.
estimated to have been
panies is
AVERAGE CRUDE OIL
DAILY
B. of
Four
M.
Stale
Week
Change
Weeks
lated,
Allowable
Ended
from
Ended
Ended
July 1
July 15
Previous
July 15
July 16
1939
Week
1939
1938
Require¬
ments
{July)
during August will be 52,900,000 barrels,
ahead of the comparable period last year.
Motor fuel exports were placed at 4,200,000 barrels for the
coming month, approximately the same as the current period
but 629,000 barrels under the total recorded for actual ex¬
ports in August, 1938.
Concrete evidence of the underlying strength of the light
fuel oil market came Monday when a general advance of
Y% cent a gallon in tank car prices was posted throughout
the New York and New England marketing area with some
territories also having kerosene prices moved forward into
higher levels.
The strength in tne local market is a reflec¬
tion of the recent advance in Gulf Coast quotations for heat¬
ing oils in cargo lots.
The Socony-Vacuum Oil Co., Inc., which on June 30 and
July 1 suspended retail price maintenance in Kings and
Queens Counties, respectively, on July 20 restored minimum
resale price levels under the Feld-Crawford Fair Trade Act.
The step was brought about when dealers began selling trademarked products of the company at extremely low levels.
It is believed that all distributors in the Manhattan area will
166,000
Panhandle Texas
70,050
69,000
-—350
32,400
29,000
+ 9,000
225,100
216,400
East Central
Texas..
—7,350
95,000
+ 100
372,900
438,500
223,600
+ 1,000 -218,350
237,000
211,300
Coastal Texas
1,378,200
1,426,500 bl362l58 1,325,750 —21,950 1,323,600
Total Texas....
71,750
204,100
264,500
61,117
+ 50
72,200
+ 1,050
200,800
80,650
183,200
275,850
264,163
53,900
Total Louisiana
Arkansas—
Illinois
+ 1,100
273,000
263,850
+
57,600
59,100
251,200 1 148,850
1,850
263,950
+2,250
105,900
tncl. 111.)
96,000
67,550
62,100
15,950
+ 6,200
94,900
—1,600
+ 4,400
68,000
—200
16,000
53,200
73,200
Michigan
Wyoming
16,100
4,800
116,100
Montana.———
Colorado
—
New Mexico
4,050
109,650
116,100
c595,000
595,200
3,529,700
3,513,200
These are Bureau of Mines
+ 50
12,700
3,750
101,450
4,050
+2,950
107,400
—100 3,493,800 3,343,100
domestic crude
calculations of the requirements of
certain premises outlined In Its
upon
53,800
57,350
62,000
2,904,400 —14,800 2,884,700 2,673,700
669.400
609,100
625,300 + 14,700
2,918,000
Total east of Calif..
California
oil based
61,400
.
187,400
-
Eastern (not
99,000
+ 700
222,900
222,650
Southwest Texas
a
78,000
86,200
373,100
West Texas
East Texas
of
production,
the
detailed forecast for the month
July.
As requirements may be supplied either from stocks or from new
contemplated withdrawals from crude oil inventories must be deducted from
Bureau's estimated requirements to determine the amount of new crude to
be
'.j----.. :::i.
July 1.
produced.
basic allowable for the 31-day period beginning
ordered for all Saturdays and Sundays during July,
daily
b Net
average
Shutdowns are
Recommendation of Central Committee
c
of California OH Producers.
above do not Include any estimate of any
surreptitiously produced.
Note—The figures indicated
might have been
oil which
AND PRODUCTION OF GASOLINE,
ENDED JULY 15,. 1939
STILLS
TO
RUNS
CRUDE
■
at
Refineries
Daily
Percent
Inc. Natural
Average
Operated
Blended
Percent
Reporting
Rate
1,578
88.8
546
East Coast
615
100.0
Appalachian
Indiana, Illinois, Kentucky.
149
85.9
113
88.3
421
574
89.5
474
92.2
1,936
Missouri
419
81.6
268
78.4
z935
Oklahoma, Kansas,
•
f July 17—A general advance of
light fuel oils
50.3
130
.81.8
530
89.5
823
92.0
2,561
149
97.3
135
93.1
342
North Louisiana & Arkansas
100
55.0
36
65.5
Rocky Mountain
118
54.2
40
62.5
191
828
90.0
477
64.0
1,381
85.8
3,042
83.1
348
9,962
1,358
3,390
3,420
11,320
11,378
x3,221
yl0.750
Inland Texas
Texas Gulf
cent a gallon in the
made in the New York-New England
was
316
1,000
Louisiana Gulf
California
on
Representative price changes follow:
tank car prices of
markets.
•
Production
to Stills
Capacity
:
Potential
,
Gasoline
Crude Runs
Daily Refining
District
WEEK
Barrels of 42 Gallons Each)
(Figures In Thousands of
a
the like 1938 date.
442,450
153,700
32,250
236,400
93,700
West Central Texas.
The average retail price of
month earlier and 19.60 cents
167,850
—.
5%
gasoline on July 1 was 13.40
gallon, reports from 50 cities throughout the country
gathered by the American Petroleum Institute disclosed.
This compared with the June 1 figure of 13.22 cents and a
figure of 14.16 cents for the comparable date last year. Ten
years ago, the July 1 price was 18.52 cents a gallon.
Federal,
local and State taxes averaged 5.64 cents a gallon and lifted
the price to 18.86 cents on July 1, last, against 18.66 cents a
457,600
—850
—
North Texas
restore' the minimum prices.
cents
—9,000
58,350 —25,000
50
86,400
Kansas
455,400
166,750
428,000
456,100
160,300
Oklahoma—
market
is
Week
Calcu¬
Coastal Louisiana.-.
which
PRODUCTION
(Figures in Barrels)
United
home
and in
refineries, bulk terminals, in transit
of the end of the week, 79,416,000 barrels, of finished and
gasoline.
The total amount of gasoline produced by all com¬
pipe lines as
North Louisiana
Bureau
during the week, and that all
barrels of crude oil daily
basis, 3,390,000
companies had in storage at
is indicated in the August
States
four weeks
15.
ended July
the record setting pace of last year
over
July 22, 1939
Financial Chronicle
87
U, S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York
Other Cities-
New York-
Std.Oil N.J.$.06 H-.07
Texas
Socony-Vac
.06
Gulf
T.Wat.Oil.
.08K-.08K
-.06 H
Chlcago..
-$.07H-.08
Shell East'n
New
Orleans.
Gulf
.08^-.08^
.07H-.08
$.05 -.05H
.06H-.07
ports—
-05H
$.04%
|
Los Angeles..
.03\i-.05
Fuel Oil, F.O.B. Refinery or
N. Y.
(Bayonne)
Bunker
California 24 plus D
C___.
.04
Tulsa
Terminal
.New Orleans C
$0.90
1.45
(Bayonne)—
27 plus
*
July, 1938, daily average,
y This Is
production based on the United States Bureau of Mines July, 1938, dally
z 12% reporting capacity did not report gasoline production.
28-30 D
Bureau
Estimated
week's
average,
STOCKS
I
iTulsa..^
$.053
OF
New York
■
Brooklyn
$.1951 Newark
.195|Boston
Mines
OIL,
FUEL
basis,
x
WEEK
(Figures in Thousands of
$.02J*-.03
GASOLINE AND GAS AND
ENDED JULY 15, 1939
Barrels of 42 Gallons Each)
I
Stock of
,185IChlcago
Stocks of Gas Oil
Stocks of Residual
and Distillates
Finished and
Unfinished Gasoline
$.17
-.176
.$.159 | Buffalo
...
of
FINISHED AND UNFINISHED
Gasoline, Service Station, Tax Included
■
4,268
—
Terminal
IChicago—
$.04
4,268
8,1939
♦U.S. B.of M. July 15, 1938
a
Phlla., Bunker C
-
July 15, 1939
-.04X
1.65
Gas Oil, F.O.B. Refinery or
N. Y.
I
$1.00-1.25
$1.05
Diesel
•Estimated total U. S.:
July
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
I North Texas..
$.04
i New
Orleans.$.05g-.05J^
(Bayonne)...
Estimated unreported
04 J*.-05 K
Tulsa
RlchOil(Cal) .08^-.08%
Warner-Q.. .07J+-.08
Reported
Fuel Oil
District
At Terms,
At Terms,
Total
zNot Including 2% city sales tax.
Total
Daily Average Crude Oil Production for Week Ended
July 15 Off 100 Barrels
The
American
Petroleum
Institute
estimates
that
the
daily average gross crude oil production for the week ended
July 15, 1939, was 3,529,700 barrels.
This was a drop
of 100 barrels from the output of the previous week, but
the current week's figure was still above the 3,513,200 barrels
calculated by the U. S. Department of the Interior to be the
total of the restrictions imposed by the various oil-producing
States during July.
Daily average production for the four
weeks ended July 15, 1939, is estimated at 3,493,800 barrels.
The daily average output for the week ended July 16, 1938,
totaled 3,343,100 barrels.
Further details as reported by
the Institute follow:
**
Imports of petroleum for domestic
a
in Transit
At
Refineries
and in
Refineries
20,505
2,961
12,077
6,398
1,349
7,781
East Coast
Appalachian...
tnd
111., Ky
Okla
No. La. & Arkansas
Mountain..
■
!
*49
52
273
1,576
329
9,052
2,292
4,236
351
1,200
29
447
253
7
587
1,484
15,030
8,547
1,692
61,536
23,862
8,401
83,304
28,416
68,491
74,266
24,527
5,050
5,150
745
73,541
79,416
a25,272
74,808
80,823
a24,S9l
78,693
S.
*
B.
of
2,355
i
8, 1939
72,031
*
318
625
109
July 15, 1939
July
3,914
409
2,845
2,883
1,781
6,150
1,522
13,715
California
♦Est. total U. 8.:
4,966
64
614
1,401
Louisiana Gulf..
Reported..'
5,592
220
3,170
1,455
365
Inland Texas
Texas Gulf
Rocky
5,008
and in
Pipe Lines
Pipe Lines
21,624
3,241
12,809
6,711
in Transit
1,939
Kan., Mo
8,401
7,544
a85,659
a84,576
28,416
28,918
Mines
receipts in bond at principal
daily average of 200,286 barrels, compared with a daily average of 157,429
At
and
Unjin'd
U.
use and
United States ports for the week ended July 15 totaled 1,402,000 barrels,
Finished
Finished
Estimated
Bureau of Mines basis,
figures must be increased
by stocks "At
25,629
a
114,999
last year these
in California district.
For comparability with
Terminals,
Volume
The Commercial & Financial Chronicle
149
the
Weekly Coal Production Statistics
here
The U. S. Department of
the Interior, office of the Sec¬
retary, Bituminous Coal Division in its current weekly coal
report stated that because of the holiday on Independence
Day, production of soft coal in the week ended July 8 de¬
clined to 5,972,000 net tons.
Production in the correspond¬
in
In
in
*•
'P
'
•
the estiinated
■:
.
July 1
Consumers
1938
Daily average-..
5,972
1,194
_______
6,738
1,123
to
prices.
PRODUCTION
ESTIMATED
OF
ANTHRACITE
PENNSYLVANIA
4.70c.,
remained
settling
St.
July 1
1939
1939
Calendar Year to Date
Prime
Western
1938
1929
4
c
Daily average
326,800
2,050
513,600
3,516,300
2,030
10,300
2,060
3,190
21.840
division
:
Zinc
July
tin
market
forward
'Vv\
June 24
1939 p
1938
1937
1929
2
255
-V
59
,
-
;v
1
57
stock
70
120
175
842
*
99%,
tin,
July
--
s
190
164
232
27
27
35
20
57
52
52
80
87
101
128
742
660
587
689
901
661
76
97
124
195
183
26
26
20
26
43
47
: ■; 6
2
11
12
195
—
—T
Kansas and Missouri----
Kentucky—Eastern
Western
Maryland--—:
7,
——.
■
6
Michigan
.
*
88
38
42
17
15
25
31
46
51
North and South Dakota
22
23
-;i 17
12
sl3
'814
38
46
'
amounted
to
books
of
the
on
' disposed
are
absence
of
extend
to
encouragement
Prime
on
777777? *777'f 7/7','
a
on
the
follows:
as
47.250c.;
July
day
Prices
for
the
Tin-plat
-
65% of. capacity.
July
13,
47.250c.;
17,
here
,
that
average
previous week.
rate between 60% and
nominally
15,
interest
disappeared.
change,
in the
as
the
lute
17, and
virtually
little
same
of
most
July
on
47.225c.
July
;
18,
47.176c.
19,
PRICES OF METALS
("E. & M. J." QUOTATIONS)
Straits
Tin
Zinc
Lead
New York
New York
St. Louis
St. Louis
48.575
4.85
4.70
4.50
9.900
38
50
10.025
9.925
48.600
4.85
4.70
10.025
9.925
48.600
4.85
4.70
10.025
9.950
48.600
4.85
4.70
10.025
9.950
48.600
4.85
4.70
4.50
9.975
48.525
4.85
9.938
48.583
4.85
-
4.50
July 19
—
»
10.025
—
Average.
416
297
New Mexico
Montana.
the
offerings
showed
was
July
10.025
July 18-,.—
1,243
s
687
77
--
Iowa
week
July 15
July 17
387
62
.
541
consumers
tonnage,
market
and
estimated to be at
are
47.250c.;
14,
July 13
8
325
77
*
i
490
;
482
I'm,
last
Orders
In
good
a
Dom„Refy. Exp., Refy.
Avge.
1923 e
8
18
18
7
39
■
for the
before.
Tin '
;
.
involving
however,
DAILY
'
,
week, sales of the
in the week previ¬
July 14_-___
4
153
9
Illinois
-
June 29
2
Georgia and North Carolina
Indiana-
July 3
219
Arkansas and Oklahoma..
Colorado-
July 2
2
,
increased
Electrolytic Copper
229
Co.,
fairly active both here and abroad during the last
was
week,
June
Alabama-
also
was
Refining
&
,
positions.
firmer
Week Ended
State
Alaska.————————
which
Smelting
from 35,384 tons on July 8 to
Last-quarter business has figured in sales booked
became
the
47.250c.;
are based on railroad carloadlngs and river ship¬
revision on receipt of monthly tonnage reports from district
operators.]
p
York,
+
.
[The current weekly estimates
1939
^
New
•'•
;;
•
and State sources or of final annual returns from the
July 1
4.85c.,
;
Chinese
ments and are subject to
before moving to
week involved 6,978
the
the price situation was unchanged, the quotation
continuing at 4%c., St. Louis..'
vV'* ■
' ^
operations
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
(In Thousands of Net Tons)
during
American
weeks, indicating that
the
transactions
during
of working days in the three years.
''
.
during
market
London
lead
the
seven-day period being about the
Adjusted to make comparable the number
c
the
:
July 15.
into
quotations
Includes washery and dredge coal, and coal shipped by truck from authorized
b Excludes colliery fuel,
of
,
accompanied the higher
12,300
of
unchanged at
basis
7""7 7'7''
The
week,
Beehive Coke—
11,500
2,300
metal
London
•7
United States total
a
last
Western
c
Penna. Anthracite—
:
few
the
purchases
Total, lncl. colliery fuel a 484,000 866,000 325,000 27,080,000 25,186,000 36,605,000
231,800
96,800 144,300 65,000
171,900
159,900
Daily average.._____
Commercial product's.b 460,000 823,000 309,000 25,726,000 23,927,000 33,877,000
operations,
on
from
1939
acquiring
Shipments of the common grades
4,350 tons, against 2,849 tons the week
July 9
1938
in
180,433
>
\
was in
fair volume during the last
grades totaling 6,366 tons, against 3,081 tons
in
July 8
172,290
W.,
'■'
ous.
AND
10,289
the last
On July 18 speculative interests abroad
domestic
Louis.
37,400 tons
>
,,53,573
116,571
Buying of zinc
the
Week Ended
of
•
common
(In Net Tons)
7;'7^777■■■
interest
firmness
Sales
■
•
BEEHIVE COKE
:7'-
51,225
10,267 tons in the previous week.
against
contract
and
a Includes for
purposes of historical comparison and statistical convenience the
b Subject to revision,
c Sum of 27 full weeks ended July 8,
1939, and corresponding 27 weeks of 1938 and 1929.
v
\
June
\
12,669
108,402
___
took
the
tost
Quotations
production of lignite,
tons,
.
May
lead
correction
a
to have bought around 3,000 tons of metal through the
Exchange, and quotations there went above domestic parity.
some talk of higher quotations here, but
producers are believed'
was
tons,
4,688 168,568 156,484 267,123
989
938
1,676
1,062
was
in the table, pub¬
Metal
increase
.
a—
Total, including mine fuel
there
May and June, in short
for
,
London metal prices rose.
the
Bituminous Coal
,
Institute
May not shown
reported
1929
1938
1939
of
The deliveries
j
of
as
were
July 9
1939
Copper
....
week
There
1939 b
-
the
Lead
desirous
"
of
Totals...
Calendar Year to Date c
July 8
;
follows:
London
'
statistics
foreign deliveries for the month
as
';
.
latest
Foreign............i.i..j..
COAL
.<*
•.
States.
United States domestic.-United States export...
!
Week Ended
operators abroad are following the trend of business
ordinary interest,, believing that the world situation
in consumption of the metal in the
benefit by any gains
Deliveries, Refined—
(In Thousands of Net Tons)
.7 f
485
than
more
will
the
were
OF SOFT
STATES PRODUCTION
States,
lished) here last week.
production of Pennsylvania anthracite for the week ended
July 8 amounted to 484,000 tons, the lowest weekly record
for the year to date.
The average daily output for the five
working days (July 4 being considered a full holiday) was
96,800 tons, a decrease of 33% from the rate obtained in the
week of July 1, but an increase of 49% over the corresponding
week of 1938, when output amounted to 325,000 tons.
ESTIMATED UNITED
with
copper
United
ing week of 1938 amounted to 4,688,000 tons.
The U. S. Bureau of Mines reported that
United
10.025
_
4.50
!■
4.50
4.70
4.60
4.70
,.
^
4.50
Average prices for calendar week ended July 16 are:
Domestic copper f.o.b.
refinery, 10,025c.; export copper, 9.958c.; Straits tin, 48.538c.; New York lead,
4.850c.; St. Louis lead, 4.700c.; St. Louis zinc, 4.500c.; and silver, 34.750c.
1
,
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced
to the basis of cash, New York Or St, Louis, as noted.
All prloes are in cents
per pound.
r,
■
.
254
382
446
888
1,192
1,966
2,802
3,613
90
71
59
104
99
113
13
19
i6
18
16
21
327
436
1,640
1,625
Ohio
Pennsylvania bituminous
Te nnessee.
•
—
Texas...
29
30
23
45
285
Utah—
277
205
253
238
25
22
25
35
51
44
1,750
1,580
1,230
1,648
2,045
1,380
502
517
389
474
735
856
71
93
Wyoming-...
Other Western States c—
Total
85
_
05
62
:
*
*
*
89
>
.
*
240
6,738
6,500
5,280
7,300
9,648
866
736
991
989
1,352
domestic copper prices are quoted on a delivered basis; that Is,
plants.
As delivery charges vary with the destination,
De¬
at consumers'
livered prices in New England average 0.225c. per pound above the refinery baste.
7,236
6,271
8,289
11,000
•
Export quotations for copper are reduced to net at refineries on the Atlantic
On foreign business in copper sellers usually name a c.i.f. price—
The c.i.f. baste commands a premium of 0.325o.
seaboard.
Hamburg, Hhvre, and Liverpool.
per
pound over f.o.b. refinery quotation,
-
12,822
Pennsylvania anthraeite d_.
Copper, Std.
Tin, Std.
Copper
a
the
O., Virginian, K. & M., B. C. & G.,
Mason, and Clay counties, b Rest of State, including
Grant, Mineral, and Tucker counties,
c Includes
Includes operations on the N. & W., C. &
and the B. & O. in Kanawha,
Panhandle
District
and
Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anth¬
racite from published records of the Bureau of Mines,
e Average weekly rate for
entire month,
p Preliminary.
s Alaska, Georgia, North Carolina,
and South
Dakota included with "other Western States."
*Less than 1,000 tons.
of consequence
occurred.
extraordinary
for
lead,
Buying of copper moderated, fol¬
activity of the preceding week.
and tin was good.
zinc,
The
price
of
foreign silver continued at 34% c. an ounce throughout the
week, based on the Treasury's quotation of 35c., and the
London market steadied.
The publication further stated:
Copper
Domestic
level,
With
most
tone
industry
with
of
copper,
Sales
as
for
tons
far
so
producers well sold
the
indicate
market
that
larger than
The
in June.
London
in
Wall
market
Street.
was
In
Statistic^ circulated
have
more
a
low
280,000
tons
of
privately
copper
in the
on
order
copper
for July are expected to be
held at 10*4c., Valley.
firmer,
view
to
than one-half of this quantity calling
Deliveries of
The price
dropped
week,
against 150,379 tons in the
this month amounted to 161,272 tons.
up, and business news fairly optimistic,
consumers
shipment.
of
being influenced
the large stocks
Zinc
43 %
43 H
48 H
49
229 n
3M
Spot
3M
14?*
14*16
14 J*
14H
14?*.
14?*
14H
14?*
"Spot
229%
225
July 17.------
42?*
43
48 J*
14?*
14?*
14J*
14*16
43*16
435*
49H
229 %
229 %
225 H
July 18
225 H
14>Si6
15
145i«
42?*
43*i«
49
229%
225%
14i»ie
14?*
14?*
42"i#
July 14
—
,.— —
July 19..—
224?*
Prices for lead and zinc are the official
buyers' prices for the first session of th e
London Metal Exchange; prices for copper and tin are the official closing buyers '
All are in pounds sterling per long ton (2,240 lb.).
strongly by develop¬
of copper on hand in
at 56^%
Thus Far'
Production
Ingot
f"
Vvv-
-
Highest
The July 20 issue of the "Iroiv Age" reports
a half points in ingot production to 56
of
Year
that
a rise of
this week
brings steel operations to the highest level of the year thus
far and half a point above the previous peak of 56% in the
second week of March.
The next important forward move¬
ment probably will come in August when specifications from
the automobile industry for 1940 models will be in larger
six and
volume.
to
generally anticipated,
the
firm.
is
producers, with slightly
for last-quarter
ments
of
3,597
week.
preceding
the
sales
totaling
3M
14 H
14»i«
Steel
Markets," in its issue of July 20,
leported that the tone of the market for non-ferrous metals
remained firm throughout the week, hut no price changes
Demand
Spot
Mineral
and
lowing the
(Bid)
Lead and Zinc—
Copper Quiet—Foreign Silver Holds at 34%c.
"Metal
3M
42"i«
July 13
prices.
Non-Ferrous Metals—Good Trade in
Lead
Electro.
Spot
Total, all coal
*
Dally London Prices
10,866
1,956
7,604
bituminous coal
the trade,
85
58
.
*
.
West Virginia—Southern a_.„_
Northern b_-_
In
delivered
the figures shown above are net prices at refineries on the Atlantic seaboard.
104
82
-
-
-
-
Virginia
Washington
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
60%
It is believed that the rate at that time may go
or
higher for at least
a
brief period.
The "Iron
Age" further stated:
Dfespite the strikes of tool and die makers which have held, back prepara¬
tions for new
models by General Motors, there has been a slight gain in
automotive specifications.
Although Packard will be the first motor
com¬
complete its new cars, Ford Motor Co. is the first to inquire for a
sizable tonnage of steel, having asked for prices this week on 75,000 tons.
pany to
New
business
and specifications
against
previous
commitments
have
gained sharply in the past week over the preceding holiday week so that
far compares favorably with the first half of Junes, which
the month thus
for many
companies was the second best month of the
tant company
had
a
year.
One impor¬
gain last week in its orders of about 45% over the
The Commercial & Financial Chronicle
486
have been 5 to 10% over those of the like period
orders tor some products
markets,
For the first time in several months some backlog tonnage is
last month*
being accumulated.
believed to be partly responsible for
improvement in orders.
While concessions have not disappeared, par¬
ticularly on shapes, plates and reinforcing bars, steel users are apparently
becoming convinced that prices are not going lower and are buying with
more confidence.
Definite improvement has taken place in wire products
The strengthening of steel prices Is
particularly bad price situation, and
and bolts and nuts, which were in a
July
1939
22,
"Steel" of Cleveland, in its summary of the iron and steel
In the first half of July aggregate
aggregate in the first week of the month.
July 17, stated;
on
demand and
steel
Finished
from tbe early-July
ingot
production
have recovered
further
slump, but divergent trends in consumption will temper
tbe additional improvement Indicated for the next several weeks.
8H points to 50K%«
This is four points
well above the 32% rate a year ago.
Higher schedules are forecast for several districts this week, and prospects
are favorable for recovery of all the holiday drop before the end of July.
Steel buying has improved materially the past 10 days, in some instances
exceeding the June weekly average.* Miscellaneous consumers predominate
such gains.
Offsetting this upturn is tbe lag in automotive requirements,
part of which is attributed to effects of the tool and die workers' strike.
Major influence is the fact auto companies either have closed for the
changeover to new models or are nearing final runs of current models and
are
tapering operations.
However, some parts makers have held up
steel shipments because'the labor situation has delayed preparatory work
Steel making last week rose
below the pre-holiday average, but is
,
sheets have been made at the new prices
sales of small tonnages of
some
the May debacle.
have been revised, with advances predominating.
Extras
which have nominally been in effect since
wire nails
on
With the automobile industry still not much of a factor and with the rail¬
roads closely restricting their
is coming largely
An increase in export sales has also occurred. With
cellaneous industries.
the exception
purchases, the bulk of current steel business
from construction work, including shipbuilding, and mis¬
of tin plate, which from now on may be a declining trend, and
on
railroad track materials, nearly all steel products have shared in recent
Specifications for sheets and strip have improved, but indications
that most of the ordering out of low-priced commitments will come
gains.
are
later from miscellaneous consumers as well as from the automobile
A further increase in the
demand for structural steel and other products
used in construction work is probable
during the next 30
Federal Works Agency proceeds with the
new
June
30
was
38%
industry.
or 60
days
as
the
PWA program, which
on
While Government-financed projects still
complete.
constitute the bulk of construction steel awards and inquiries, steel com¬
panies and fabricators note with satisfaction that more private money is
Structural steel awards in the week
being expended that heretofore.
more
than
were
19,000 tons, while new projects call for nearly 14,000 tons of
Two sections of the Chicago subway on which bids are to be taken
call tor 22,500 tons of plates, while another section, on which the
shapes.
soon,
general contract may be awarded soon, requires about 25,000 tons of steel.
Lettings of reinforcing bars total 7,200 tons and new projects amount to
nearly 16,000 tons.
Despite the slight decline in machine tool orders in June, buying this
month has been heavy.
The Ford Motor Co. has bought about $750,000
worth of presses, the International Harvester Co. has expended well over
$500,000 for new tools tor tractor manufacture on
a program not yet com¬
pleted, and $200,000 or more will be spent for tooling a new airplane en¬
With Ford, International Harvester and
gine plant to be built in France.
Allis-Chalmers
now
The Improved outlook tor steel production has given additional strength
scrap
markets, though not much consumer buying has taken place.
Average quotations for No. 1 heavy melting steel have gained 25c. at Chi¬
cago,
Pittsburgh and Philadelphia, advancing the "Iron Age" scrap com¬
From the low point of mid-May, this
posite, price to $15-04.
average
has
gained 96c.
60 days. Most opinions are that an early settlement of the
ments the next
strike
Wfill be reached and that automotive steel needs will become in¬
creasingly heavier after mid-August.
Motor
a
assemblies rebounded as expected last week to
car
COMPOSITE PRICES
61,610 units,
gain of 18,826 but nearly 10,000 units below the total for the last week
of
June.
had the largest recovery,
Ford
10,800 to
from
18,500,
with
General Motors rising from 13,775 to 18,425, Chrysler from 13,980 to 18,320
and all others from 4,229 to
Farm equipment
6,365.
builders in the Chicago area again are in production
after recent shutdowns and will provide stronger support to steel demand.
New
small
tractors
likely to become
appear
part of agricultural machinery output in
increasingly important
an
the near future.
*
Continued quiet in railroad equipment orders and a tapering in structural
shape and concrete reinforcing bar inquiries detract somewhat from the
Rail
favorable situation created by gains in miscellaneous steel demand.
production is declining seasonally, and few freight car inquiries are active.
While there
are
intimations recent and prospective improvement in freight
traffic presages expansion in repair and building programs, many carriers
appear
disposed to postpone such work tor the present, or at least until
larger upturn in earnings is an actual fact.
Good
activity
continues
among
'
I
shipyards.
eastern
on
Most of the tonnage
prices,
Steel quotations
steadier, although not rigid, better stability extending even
are
to some of the weakest
products.
Tin plate production, at
week loss.
of bids
Opening
bid at full published
was
with small concessions offered on several lots.
generally
a
material for two battleships disclosed firmer
by the Navy last week
60%, has received only one-half the holiday
letdown in specifications during the remainder of
A gradual
the canning season is indicated.
Pig iron shipments
THE "IRON AGE"
.
prices on steel plates.
competing in the low-priced tractor field, considerable
stimulation of tractor manufacture Is expected.
to
1940 model production.
Extent of this delay will be an important factor in regulating steel ship¬
are
,
back to the June daily average, following a sharp
drop in the first 10 days this month, when many foundries were closed.
Finished Steel
New business in
Based on steel bars, beams, tank plates,
July 18. 1939, 2.2360. a Lb.
2.236c.
wire, rails, black pipe, sheets and hot
rolled strips: These products represent
2.236c.
One year ago—.
2.300o.
85% of the United States output.
One week ago
One month ago--—-—-—-
some
districts is heavier than
a
month ago.
Quickening in scrap markets and stronger prices lend support to expecta¬
tions
of
further gains
quotations
are
in
steel
demand and
Higher
production.
scrap
The composite advanced
forecast shortly in some districts.
-
High
1939.........
—.2.286c.
.—..2.612c.
1938.
Low
21 cents last week to $14.75 on an upturn at Chicago and Pittsburgh.
Except for
3
2.236c.
May 16
May 17
Jan.
a
*
seven-point drop to 21%, all steel-making areas reported
Gains included 8 points to 44% at Pittsburgh,
higher schedules last week.
8
—2.5120.
Mar.
9
2.211c.
2.249c.
Oct.
1937
Mar.
2
5K points to 50 at Chicago, 8 points to 40 in eastern Pennsylvania, 15
1936..
..._2.249o.
Dec. 28
2.016c.
Mar. 10
points to 53 at Youngstown, 17 points to 79 at Wheeling, 15H points to
......2.062c.
—2.1180.
———1.953c.
Oct.
1
Apr. 24
2.056c.
Jan.
8
43 at Cleveland, 4H points to 37 at Buffalo, 15 points to 80 at Birmingham,
1.945c.
Jan.
2
Oct.
3
1.792c.
May
2
—.1.915c.
Sept.
1.870c.
Mar. 15
1.962c,
2.212c.
Oct.
1935—
1934.........
1933....
1932.
1930
2.192c.
1927-..
Jan.
6
7
2.402o.
-
......
Jan.
4
29
Nov.
1
Pig Iron
July 18, 1939, $20.61
a
One week ago
Gross Ton
fBased
—.$20,611
One month ago..
One year ago
.....
......
Philadelphia,
19.011
———
on average for basic iron at Valley
and foundry Iron at Chicago,
furnace
20.61
Buffalo.
Valley
Southern Iron at Cincinnati.
High
1938...
$23.25
and
.
'
■' -
Ingot output for the weekended July 17 is placed at 503^2%
of capacity, according to the "Wall Street Journal" of July 20.
This compares with 39lA% in the preceding week, which
included the Independence Day holiday, and with 54J^%
two weeks ago.
The "Journal" further reported:
U. 8. Steel is estimated to have operated at 45%, against 34V£% in the
Low
June 21
8 points to 40 in New England, 14 points to 45 at St. Louis and 8 points to
64 at Detroit.
week before and 48H % two weeks ago.
Leading independents are credited
$19.61
July
6
23.25
Mar.
9
20.25
Feb.
16
—
19.73
Nov. 24
18.73
1935...
———
18.84
Nov.
5
17.83
Aug. 11
May 14
1934...
1933—.
May
Dee.
16.90
Jan. 27
5
13.50
Jan,
8
with the nearest corresponding week of previous years, together with the
.......
17.90
10.90
14.81
1
..........
1932...
Jan.'
5
13.56
Deo.
6
approximate changes, in points, from the week immediately preceding:
1930...
———
18.21
Jan.
7
15.90
Dec. 16
19.71
Jan.
4
17.64
Nov.l
1937...
1936.
——
.
.....
-
....
1927...
with
approximately
55%,
43 K%
compared with
in the
previous
week
and 60% two weeks ago.
The following table gives a comparison of the percentage of
17. S. Steel
Industry
production
Independents
Steel Scrap
July 18, 1939. $15.04
Gross Ton
fBased on No. 1 heavy melting steel
One week ago..—.—
..$14.79
quotations at Pittsburgh, Philadelphia
One month ago
and Chicago.
14.75
One year ago.—..—...—— 13.42
a
High
*939
..$15.29
1938..—.—...........
J937 + rn m* mmm'm
15.00
1935...
1934.............
1933—..
21.92
45
+ 10K
1938
33
+
5
29X
+
1937—
83
+
5
81
70
+
3
63
+
2
42
+
5
38
+
4
1936
—
—
1934——.
Mar. 28
Nov. 22
$14.08
11.00
May 16
June
Mar. 30
12.92
Deo. 21
12.67
June
Dec. 10
10.33
7
Nov. 10
9
13.00
Mar. 13
9.60
Apr. 29
Sept. 25
12.25
—
+ 11
55
36
+UK
+7 K
84
2K
+8
76
+4
45
+6
'
13.42
«
—
50M
——
1935
Low
17.75
~*»«• M.
1936—.............
1939
Aug.
6.75
Jan.
28
1933
56
1931
—j-..
27M
+
4
60
—
33
+
2
30 K
—
+
+
1
52
IK
IK
100
1
92^
+
+
75
+
2
68
+
1
+
IK
71K
+
2K
65
+
1
31H
57K
+
96H
+
71
68H
1930
1929
3
s
3
51
K
K
+
—„
.....
.
28
K
—
64
K
1K
9
8
1932.—...................
1930.—....................
15.00
Feb. IS
11.25
July
Dee.
1927
15.25
Jan,
17
13.08
1928
....
...
1927
Nov. 22
8.50
—
The American Iron and
Jan.
12
6.43
Steel Institute
on
July 17
5
an-
nounced
that 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 56.4% of
capacity for the week beginning July 17, compared with
49.7% one week ago, 55.0% one month ago, and 36.4% one
year ago.
This represents an increase of 6.7 points or 13.5 %
from the estimate for the week ended
July 10,1939.
Weekly
indicated rates of steel operations since June 6,1938, follow;
1932 not available.
Shifting of Nation's Chemical Industry to
Mineral
__
1938
June
June
1938—*
6
26.2%
13..—.27.1%
Sept. 19
Sept. 26
1939—
47.3% Jan.
2
46.7% Jan.
47.9% Jan.
1939—
50.7%
Apr. 17
9
61.7%
16
52.7%
Apr. 24—48.6%
May
1
47.8%
May
8—47.0%
May 15—45.4%
May 22—48.5%
May 29—52.2%
June
5
54.2%
June 20
28.0%
Oct.
3..
June 27
28.7%
Oct.
10..
51.4% Jan. 23..—.51.2%
22,4%
..32.3%
..36.4%
37.0%
39.8%
Aug. 8—..39.4%
Aug. 15
40.4%
Aug. 22
42.8%
Oct.
17
49.4% Jan.
July
5
July 11
July 18
July 25
Aug. 1
Aug. 29
44.0%
Sept. 0
39.9%
Sept. 12.....45.3%
30
Feb. 20
Feb, 27—
.52.8%
53.4%
54.8%
53.7%
55.8%
Mar.
6
.65.1%
Mar. 13
55.7%
Oct. 24
Oct. 31
6
53.7% Feb.
56.8% Feb. 13—
Nov.
61.0%
62.6%
61.9%
60.7%
59.9%
57.6%
51.7%
38.8%
7
Nov. 14
Nov. 21
Nov. 28
Dec.
5
Dec. 12
Dec. 19
Deo. 26
June
June
July
July
Apr.
Apr.
July
3_
54.7%
12—53.1%
19——55.0%
June 26—54.3%
Mar. 20—55.4%
Mar. 27
56.1%
10—52.1%
50.9%
3—38.5%
10
49.7%
17—56.4%
Areas
Predicted
in
Basic
Survey
Concentration of the Nation's chemical industry in areas
possessing needed basic minerals is foreseen in
ported by R. N. Keller
a survey re¬
and T. T. Quirke of tbe University
of Illinois to the American Chemical Society, which is to
hold its 98th meeting in Boston, Sept. 11 to 15.
"Trans¬
portation of raw mineral resources is generally exceedingly
expensive and the chemical industry may be expected to
become
and more concentrated within
geological resources," the report
says.
The following regarding the study, is from an an¬
nouncement issued by the Chemical Society:
geographically
the districts of
more
desirable
An increasing tendency to
assemble In individual companies all stages of
chemical production from the basic minerals to the marketable product is
encouraging this geographical shift, It is explained.
The magnitude of the potential migration
enormous
is indicated by the industry's
consumption of many natural mineral products, such as coal and
the natural hydrocarbons, sulfur and sulfide ores, limestone, mineral
and brines.
salts
Volume
The Commercial & Financial Chronicle
149
In tracing the chemical products back to their
basic minerals, the authors
of the
investigated
survey
only 34 minerals
150 important
mineral families,
or
chemicals.
such
They found
the sulfide and
as
ores, contribute to the manufacture of all 150 chemicals.
34 minerals
Moreover, these
the basis of an indefinite number of other
chemicals, espec¬
are
ially those of
that
manganese
an
organic nature.
Although the Important chemicals
as a
whole may thus be
paratively few basic mineral constituents, each
traced to com¬
needs
individual chemical
large number of mineral ingredients in its preparation.
Common table
salt, for example, requires at least 18 basic minrals for its production and
purification.
This extreme
complexity and interdependence within the chemical in¬
dustry has given rise to a tendency to form large chemical companies which
manufacture the chemicals from their basic ingredients, market the finished
products, and utilize the by-products themselves, the report describes.
balances increased $62,000,000.
reserves
from
arose
The
reserve
Additions to member bank
decreases
in non-member
deposits and other Federal Reserve accounts,
and from increases of $17,000,000 in
gold stock and $5,000,000 in Treasury
offset in part by
currency,
$32,000,000 in
member banks
Reserve
on
bank
July 19
credit.
decrease of
a
Excess
of
reserves
estimated to be approximately
$4,490,000,000, an increase of $40,000,000 for the week.
The principal change in
holdings of bills and securities was
a reduction of
$20,000,000 in United States Treasury bills.
were
The statement in full for the week ended
July 19
found
on
pages
will be
532 and 533.
increase
(+)
July 12,
1939
$
Bills discounted
or
Commercial,
in
$259,000,000
Demand
cipal
Boston
district,
the
Chicago
City
districts,
increase
declined
Deposits
York
$19,000,000
Kansas
total
increased
being $132,000,000 in
in
district,
and
by
credited
to
-12,000,000
+ 7,000,000
...16.191,000,000
2,890,000,000
+ 17,000,000
—48,000,000
+ 3,202,000,000
+ 5,000,000
+173,000,000
10,412,000,000
+ 62,000,000
+ 2,210,000,000
Money in circulation
7,022,000,000
Treasury cash
2,530,000,000
Treasury deposits with F. R, bank..
764,000,000
—19,000,000
+589,000,000
foreign
Loans and investments—total
—22,000,000
+209,000,000
Loans—total
—27,000,000
+ 40,000,000
—4,000,000
+279,000,000
Treasury currency
...
balances
....
and
the
891,000,000
Member
Banks
in
New
'
change
$9,000,000
banks and also for the
for
in
the
New
banks which will not be available until the
coming Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE
CITIES
$
<
1939
1939
$
$
8,092
Loans—total
2,732
1,405
118
Industrial
'
July 19
July
100,000,000
3,887,000,000
313,000,000
+ 15,000,000
+ 2,000,000
—22,000,000
...
paper
...
paper
Loans to brokers and dealers..
Other loans lor purchasing or
carrying securities
....
Real estate loans
...
Loans to banks
1939
July 20
1938
$
$
$
7,537
2,151
2,758
2,910
544
,1,409
1,451
120
131
12
.....
2,125
Treasury bills..
Treasury notes
358
359
18
18
Obligations guaranteed by
States Government...
Other securities
496
486
33
35
194
71
71
115
117
13
13
"51
50
"52
60
49
101
379
430
125
144
826
256
2411
242
241
640
2,815
628J
2.214J
753
1,059
3,444
136
136
333
871
+328,000,000
+ 259,000,000
+2,374,000,000
5,224,000,000
550,000,000
—5,000,000
+ 15,000,000
+ 23,000,000
+ 176,000,000
—5,000,000
+ 95,000,000
+ 2,000,000
—9,000,000
+ 932,000,000
+ 5,000,000
—1,000,000
-
Domestic banks
—...
Foreign banks..
6,924,000,000
615,000,000
6,000,000
.........
.......
+ 303,000,000
333
115
856
914
32
33
Balances with domestic banks...
Other assets—net
76
77
76
222
224
of Mexico's expropriated foreign
market, according to an announce¬
issued July 14 by the official distributing agency for
the
202
380
376
487
46
45
50
oil.
7,656
6,343
1,682
1,674
1,525
632
630
644
493
494
sales
Domestic
boycott
to
increasing
United
the
some
imperialistic
it declared, and oil Is
constantly,
Guatemala,
States,
Costa
Rica,
Nicaragua,
Italy and other European countries.
Australia, Germany,
entities
has been a failure," the
charges that oil
products
our
been
have
to
Brazil, Uruguay,
"The
Press dispatches from
Reporting this, Associated
City, July 14, went on to say:
being exported
wag
7,655
production
oil industry has found a
129
Liabilities—
Reports Sale of Entire Oil Production
entire
The
Mexico
32
Government
attempted
announcement
firms
the
in
to
said.
declare against
The reference
United
States
had
464
59
61
110
60
2,941
2,940
2,455
760
532
270
12
12
540
.
60
'
763
blocked
of
sales
oil
equipment
to
Mexico,
even
for cash.
72
.
694
.
,
$200,000,000
7
Notes
Issue
of
*348
"348
"291
"l5
"l~5
"~17
1,479
1,478
1*480
264
264
247
Redeem
A
Notes
issue
new
of
Commodity Credit Corporation
Monday—To Be Used to
Crop Loans
Offered
Be
to
....
...
+ 31,000,000
17,368,000,000
United States Government deposits
-
835
Capital account...:
+23,000,000
2,790,000,000
Time deposits
ment
J-
49
Other liabilities.
+ 3,000,000
464,000,000
Mexico
67
Foreign banks
+763,000,000
14,000,000)
+648,000,000
+244,000,000
+1,912,000,000
+49,000,000
Cash In vault..
12
62
Borrowings
2,153,000,000
3,246,000,000
8,649,000,000
-
Reserve with Fed. Res. banks
68
115
1,106
5,044
Domestic banks
+
United
27
190
Cash in vault
United States Govt, deposits...
Inter-bank deposits:
+4,000,000
—15,000,000)
+ 9,000,000}-
2,134,000,000
6,905,000,000
Borrowings.
1,093
1,105
4,985
Demand deposits—adjusted
Time deposits
+ 18,000,000
17
1,100
.....
—60,000,000
—13,000,000
336
Obligations fully guaranteed by
Reserve with Fed. Res. banks
+6,000,000
—48,000,000
454,000,000
.....
United States bonds
512
2,211
United States Government
Other securities...
—6,000,000
—12,000,000
+ 4,000,000
+ 2,000,000
1,163,000,000
58,000,000
1,536,000,000
Loans to banks..
Other loans
1,827
546
,
472
818
United States bonds
644,000,000
530,000,000
or
Inter-bank deposits;
187
375
....
Other loans
—1,000,000
brokers and dealers in
Demand deposits—adjusted
1939
and
agricultural loans
$
+1,655,000,000
-11,000,000
Liabilities—
$
8,140
$
+ 23,000,000
Balances with domestic banks
-Chicago-
20
1938
,
V
..'"v."
Loans and investments—total..
■
(—)
Commercial, industrial and agri¬
Open-market
(In Millions of Dollars)
r
■'.——New York City
i
1- f
July 19 July 12 July
.
"
Decrease
July 13, 1938
8,131,000,000
Real estate loans
week, issued in advance of full statements of the member
July 5, 1939
22,023,000,000
loans lor
purchasing
carrying securities
current
or
or
Since
City and
Chicago member banks for the
(+)
"
July 12, 1939
Chicago—Brokers' Loans
Treasury bills
Treasury notes
net
declined
Increase
"■
Assets—
Other
York
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York
City member
Open market
little
showed
banks
ended July 12, 1939, follows:
year
securities
Commercial,
the
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
Loans to
•
and
summary
cultural loans
eral Reserve accounts
,
district,
,
A
Non-member deposits and other Fed¬
Assets— !
Richmond
the
and
;
—32,000,000
...
Gold stock
IN
Cleveland
the
Borrowings of weekly reporting member banks amounted to $6,000,000
July 12.
'+•
;
2,537,000,000
..
Total Reserve bank credit
.
the
in
prin¬
in
$18,000,000
City.'. '■
—3,000,000
!
each
the
$20,000,000
district,
Time deposits and Government deposits
domestic- banks
to
credited
-49,000,000
Return of
in
districts,
all
City,
Francisco
$17,000,000
$14,000,000
+ 1,000,000
reserve
nearly
York
San
including
$11,000,000 commitm'ts—July 19)
Other Reserve bank credit
Member bank
deposits—adjusted and
$5,000,000.
Deposits
—3,000,000
on
in
New
the
being $259,000,000.
-20,000,000
(not
101
ended
agricultural loans increased
deposits—adjusted
increases
13,000,000
4,000,000
advances
demand
in
in New York City and $14,000,000 at all reporting member
Holdings of "other securities" increased $30,000,000 in New
City and $23,000,000 at all reporting member banks.
2,515,000,000
Industrial
in
banks
the week
for
balances with Federal Reserve banks.
reserve
and
changes
$8,000,000
banks.
York
week.
....
industrial
member
reporting
principal
Holdings of United States Treasury bills declined $23,000,000 in New
City and $15,000,000 at all reporting member banks, and increased
$12,000,000 in the Chicago district.
Holdings of Treasury notes increased
$9,000,000i
Holdings of
United
States
Government
bonds
increased
1,000,000
U. 8. Government securities
weekly
York
$
.
of
following
of
$4,000,000 each
City and in the Kansas City district, and $15,000,000 at all
member banks.
'
•
reporting
((—)
Decrease
the
New York
July 20, 1938
$
5,000,000
Bills bought
An
increase of $176,000,000 in
an
tSiizcc
July 19. 1939
12;
each
Increase
\
•
statement
shows
July
in
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
condition
leading cities
of
$27,000,000 in Treasury
deposits with Federal Reserve banks, $22,000,000 in Treasury.cash, $19,000,000 in money in circulation and $4,000,000
The majority of these minerals are used in the form of com¬
pounds which must be manufactured in the salt
plant or purchased from
other companies.
The Week with the Federal Reserve Banks
During the week ended July 19 member bank
487
a
on
$200,000,000
of Commodity
Credit
Cor¬
poration notes guaranteed by the Federal Government will
Complete
Returns of Member Banks of the Federal
System for the Preceding Week
Reserve
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same wTeek, instead of being held until the
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
of Governors of the Federal Reserve
returns of the entire
Federal
of
Board
System respecting the
body of reporting member banks of
the
Reserve System for the week ended with the close
business July
12:
,
be
offered
ment,
said
Monday
(July 24)
Morgenthau
by the Treasury Depart¬
on July 20.
He
announced
the proceeds of the issue will
that
notes
on
Secretary
held
be used to redeem
by banks for corn, cotton and wheat loans. The
terms of
the offering will
Member
Trading
Curb
The
made
on New York Stock and
New York
Exchanges During Week Ended July 1
Securities and Exchange Commission
on
July 21
public, figures showing the volume of total round-lot
stock sales
York Curb
week
be announced Monday.
on the New York Stock Exchange and the New
Exchange for the account of all members in the
ended
July 1, continuing a series of current figures
weekly by the Commission.
Short sales
being published
The Commercial & Financial
488
Stock
ended July 1, according to the SEC,
of trading for the account of
members of the Stock Exchange was 1,210,085 shares, which
was
18.07% of total transactions on the Exchange of
Securities and Exchange Commission on July 14
public a summary for the week ended July 8 of corrected
figures showing the daily volume of stock transactions for
the odd-lot account of odd-lot dealers and specialists on the
New York Stock Exchange, continuing a series of current
figures being published weekly by the Commission.
The
figuresfor the week ended July 1 were given in these columns
of July 15, page 334.
;
The data published are based upon reports filed with the
Commission by odd-lot dealers and specialists.
The
made
On the
21.44% of total trading of 2,550,890 shares.
Exchange, member trading for their own
during the week ended July 1 was
account
208,540 shares and total
during the previous week member
trading amounted to 158,080 shares and total volume to
trading 572,345 shares;
,
446,590 shares.
the week ended July 1 were given in the
July 15, page 333.
The Commission, in
The figures for
"Chronicle"
of
DEALERS AND SPECIALISTS ON NEW YORK
New
York
4.
202
Reports showing no transactions
75
\
Total
-V.
'
(customers' purchases):
•;
....
9,967
-
....
255,761
10,640,474
575
689
Number of orders:
Customers' short sales
off the
442
...
Customers' other sales, a
9,598
Customers' total sales.
transactions of specialists
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.
'
* Note—On the New
1939
,
Dollar value
46
244
—...— ...
.
-
Odd-lot purchases by dealers (customers' sales):
..v---*-..-.----—---J—.»
Reports showing other transactions Initiated
floor
.
Number of shares
798
103
——
floor,
•
Number of orders
Exchange
1,082
191
specialists
transactions initiated on the
Reports showing transactions as
2. Reports showing other
'
for Week
York
New
Ended July 8,
■
,Curb
Stock
Total number of reports received
3.
,
Odd-lot sales by dealers
Exchange
1.
Week
These reports are classified as follows:
■■■•,.'
■,
ODD-LOT ACCOUNT OF ODD-LOT
STOCK EXCHANGE
TRANSACTIONS FOR THE
STOCK
making available the data for the week ended July 1, said:
The data published are based upon weekly reports filed with the New
York Stock
Exchange and the New York Curb Exchange by their re¬
spective members.
New York Stock Exchange During
on
Week Ended July 8
In the preceding week ended June 24 the
Stock Exchange members' transactions of 1,090,219 shares
Curb
did not appear this week in the official report, and so are our
Odd-Lot Trading
volume
3,304,600 shares.
was
1939
calculations.
own
the week
round-lot
total
July 22,
figures.
Exchange
During
the
These figures
c
the New York
other sales in
separately from
shown
are
Chronicle
10,040
York Curb Exchange the round-lot
In stocks in which they are registered are not
Number of shares:
Customers' short sales
10,643
.......
211,466
Customers' other sales.a
.
number
The
tlian
the
may
carry
of
number
entries
in
than
more
classifications may total more
at times, a single report
various
received
reports
222,109
Customers' totalsales
because,
one
7,619,688
Dollar value...
classification.
ON THE NEW YORK STOCK EX¬
TRANSACTIONS FOR ACCOUNT
STOCK SALES
ROUND-LOT
TOTAL
the
in
reports
of
CHANGE AND ROUND-LOT STOCK
Round-lot sales by dealers:
Number of shares:
OF MEMBERS * (SHARES)
Short sales.
Week Ended July
0
...
43.080
Other sales, b
1, 1939
:
Total for
Per
Cent
-Week
Total round-lot sales:
A.
Other sales.b
Round-lot purchases by dealers:
Number of shares
145,420
3,219,240
Short sales
......
...
67,450
......
.
Sales marked "short exempt" are reported with "other sales."
a
b Sales to offset customers' odd-lot orders and sales to liquidate a
3,364,660
Total sales..
43,080
Total sales....
a
>
which is less than a round lot are reported with
long position
"other sales."
Round-lot transactions for account of members, except for
B.
the odd-lot accounts of odd-lot dealers and
specialists:
registered—Total
purchases
290,900
....
Other sales.b.
Total sales.
341,480
Total purchases and sales..........
2,
632,380
»■....
...
Other sales.b...
Total sales
192,520
Total purchases and sales...
3.
322,520
Short sales
...
Totalsales
Board
of
~261,185
Total purchases and sales
3.88
Short sales..............................
May I again express my grateful appreciation of your acceptance of mem¬
bership on the Public Examining Board which th,e New York Stock Ex¬
95,980
596,765
...
Other sales-b
change has created for the purpose of
of
Total sales...
692,745
v"r
Total purchases and sales.......
ROUND-LOT
STOCK
SALES
18.07
1,216,085
ON
NEW
THE
YORK
CURB
EXCHANGE AND STOCK TRANSACTIONS FOR ACCOUNT OF MEM¬
BERS *
(SHARES)
•
k;
Total
A.
Total round-lot sales...
Cent
a
572,345
.....
.......
Per
for
Week
registered—Bought
...
study of those aspects
Public
follows:
The
Securities and
It is
Exchange Commission and the New York
Stock Exchange have a common interest in providing the greatest measure
possible for the customers of the Exchange's members.
of protection
has twice suggested, in the interest of customer protection, the
visability of establishing brokerage
adequate substitute.
cause
1. Transactions of specialists in stocks in which they
a
banks,
or
This suggestion presents
of providing some
a
The
ad¬
equally
specific problem, but one
which is of the utmost importance to the brokerage business, and it is
Round-lot transactions for account of members:
B.
conducting
business which specifically relate to customer protection.
Examining Board just what I conceive to be their precise function.
SEC
Week Ended July 1, 1939
:■
our
It seems to me appropriate that I explain to the members of the
as
TOTAL
Bartholow & Miller, and former Under-
Dunnington,
follows:
~523,340
4. Total—Total purchases..........
Illinois National Bank & Trust
Secretary of the Treasury, was appointed July 14, as was
noted in our issue of July 15, page 335.
Mr. Martin's letter
158,745
.......
Continental
of the
Co., Chicago, and Roswell Magill, member of the law firm
12,750
145,995
...
Other sales.b
4.79
102,440
Other transactions Initiated off the floor-Total purchases
t
9.40
34,100
158,420
Short sales
posal—Roswell Magill Elected Chairman
Martin Jr., President of the New York
Stock Exchange, on July 17 made public a letter addressed
to the members of the new Public Examining Board, ap¬
pointed to study the proposal for the creation of brokerage
banks or some acceptable substitute, in order that "the
specific assignment given to the Board may be clearly under¬
stood."
The Board, which is made up of W. Randolph
Burgess, Vice-Chairman of the National City Bank; Carle
C. Conway, Chairman of the Board of Directors of Conti¬
nental Can Co.; Walter J. Cummings, Chairman of the
William McC.
130,000
Other transactions initiated on the floor-Total purchases
Outlines Duties of New York Stock
Exchange Board Studying "Brokerage Bank" Pro¬
49,130
292,350
Short sales
Martin
McC.
W.
1. Transactions of specialists in stocks in which they are
be¬
of our determination to have it impartially examined that we have
created this Public Examining Board.
are
54,730
....
It is my hope that,
99,980
Sold
154,710
Total.
although the subject of customer protection is not
simple, the Board by immediately beginning consideration of this matter,
C13.52
will be able to report its findings at
the earliest possible date, which I trust
will be not later than Sept. 1.
2.
Other transactions initiated
on
the floor—Bought...
8,560
12,345
Sold
In other words, we feel that
the proposal of the SEC should have your
prompt attention in order that the SEC and the
cl.82
20,905
New York Stock Exchange
16,595
Sold.
Total.
In short, it is our hope that
most effective means of pro¬
may
viding additional safeguards that may be
16,330
protection.
32,925
Total—Bought
deal properly with the subject involved.
the Board will recommend the simplest and
Total
79,885
C2.88
desirable in the interest of customer
-
I invite the attention of the members of
the Board to the fact that a large
body of statistical data bearing on the subject which will engage your atten¬
4.
Sold...
C.
...
208,540
Odd-lot transactions for account of specialists-—Bought...
Sold
Total
*
The
term
tion
128,655
Total
Shares
These data include, of course,
Board, and other agencies.
have already
57,173
you may
33,388
those which are in the
the SEC, the Federal Reserve
You have the authority of the Exchange, as I
explained, to engage such advisors, technical or otherwise, as
deem necessary.
July 19 Jerome N. Frank, Chairman of the Securities
Exchange Division, Ganson Purcell, Director of the
Trading and Exchange Division of the SEC, and three mem¬
bers of the Examining Board were luncheon guests of Edward
E. Bartlett Jr., Chairman of the Governors of the Exchange,
On
90,561
—,
"members"
Includes
ail
Exchange members, their
firms
and
their
partners, including special partners.
a
is available.
possession of the New York Stock Exchange,
C18.22
in members'
In calculating these
transactions
as
per cent
of twice total round-lot volume.
percentages, the total of members'
with twice the total round-lot volume
of members'.transactions
on
includes both
the
transactions
is compared
Exchange for the reason that the total
purchases and sales, while the Exchange
volume includes only sales.
b Round-lot short sales which are exempted from restriction by the
rules are included with "other sales."
Commission's
and
and Mr. Martin.
Another guest was Joseph L. Overlook,
Vice-President of the Continental Illinois National Bank &
Trust
Co., Chicago, representing Mr. Cummings
who
was
Volume
unable
The Commercial & Financial Chronicle
149
attend.
to
At
the
Board's
organization meeting,
held following the luncheon, Mr.
Magill was elected Chair¬
Jewell.
man.
As
SEC
The
July
Rule
Securities
17
Under
Holding
Act—
Company
Purchases of Stock by Utility Companies
to
that
and
it
U-9C-3 under
Exchange Commission announced
had
the
amended
(13)
paragraph
on
Rule
of
Public
Utility Holding Company Act of
utility company may acquire an¬
1935 so that a public
nually at least $5,000 of securities in any industrial or nonutility enterprise located in the territory served by the
acquiring company without first obtaining Commission ap¬
proval.
The Commission further stated:
Formerly there
the
was
acquisition
calendar year did
total
assets of
continues,
without
SEC
total
Amends
the
the
amount
an
company.
acquisitions may
the
to
to
of
cost
exceed
acquiring
such
regard
exemption
an
the
not
the
but
that
extent
securities
completion
upon
acquired
equal to one-tenth
during
any
1% of the
of
As amended, the former exemption
be
made
the
in
$5,000
of
amount
resulting percentage.
Rule
Permit
to
Earlier
Publication
of
Prospectus of Securities Offering
On July 18 the Securities and Exchange
nounced the
exhibit to its registration application, the association filed a
certifi¬
incorporation and by-laws, rules of fair practice and code of
pro¬
an
cate of
Amends
Relates
of
489
Taylor; Connecticut, New Jersey and New York, Frank F.
Walker; and
Maine, Massachusetts, New Hampshire, Rhode Island and
Vermont, Pliny
adoption of
a
Commission
revision of Rule 930
(b)
an¬
of the
General Rules and Regulations under the Securities Act of
1933.
The revised rule deals with the time when
registra¬
cedure for handling trade
practice complaints.
The application also includes a balance
sheet as of June 30 last and a
statement of income and expenses for the
year ended June 30 for the Invest¬
Bankers' Conference.
ment
Total assets of the Conference are listed as
Income during the year was $122,769 and
expenses were $98,136.
$40,090.
St.
Louis
Stock
Exchange
Public
Organizes
Department
of
Relations
The organization of a
department of public relations of
the St. Louis Stock
Exchange, for the purpose of directing
the attention of the
public to the importance of the Exchange
to the business interests of the
community, was announced
July 17 by J. Gates Williams, of Francis Bro. & Co.,
President of the Exchange.
In a letter sent to all members
of the Exchange, Mr. Williams said the new
department will
start functioning about the middle of
September.
A com¬
mittee consisting of
Chapin S. Newhard, of Newhard, Cook
& Co., Chairman, W. H.
Burg of Smith, Moore & Co., and
E. R. Waldemer of Stix &
Co., has been named to have
on
charge of the project. The services of R. Fullerton Place,
publicity counsellor, have been engaged to direct the
department.
The following outline of the
program of the new depart¬
tion statements become effective
pursuant to Section 8 (a)
of the Securities Act of 1933.
Section 8 (a) provides that,
ment is contained in the letter to members:
with
certain
locally
come
effective
of."
The
exceptions,
"the twentieth day after the
filing there¬
rule provides that "the twentieth day" shall
begin immediately
after
elapsed.
registration statement shall be¬
on
new
mission
a
For
the close of business at
upon
19
days
the
from
the
of
the
purposes
date
rule
closing time is considered to be 4:30
ard
Time, weekdays,
The effect of the
p.
of
the
m.,
the Com¬
filing
have
Commission's
•Plans
is to
for
that
Association
of
the
Sundays alike.
permit publication of
to
organize
groups
Security Dealers, Inc., Files
for
Registration
Under
dealers
for
the
of
A public
purpose
effectuating a program of cooperative regulation.
hearing on the application will be held Aug. 1.
In our issue of
July 15, page 335, the SEC rules for registra¬
tion of National Securities Associations were
given.
The following regarding the new association is
from
The
Chicago Stock Exchange next week will inaugurate
eight-week test newspaper advertising program in the
principal Chicago and Indianapolis daily newspapers, it was
announced July 18 by Kenneth L. Smith, President of the
Exchange.
In announcing the plan Mr. Smith said:
association provides for an optional paid president and the
same
It is hoped that
2,500 of the approximately 7,000 dealers in securities will
eventually
new association.
The membership of the I. B. C.
1,550.
Middle
West
the Chicago
West.
For example, our optional odd-lot system of trading in 65 nationally
important security issues operates to the definite advantage of buyers and
of these securities.
Officers of the association
B. Howell
are:
Griswold Jr., of Alex Brown & Sons, Chairman; Francis A.
Bonner of Blair,
Bonner & Co., Vice-Chairman; Edward H. Hilliard of J. B.
Billiard & Son,
Treasurer; Wallace H. Fulton, Director; Frank L. Scheffey,
Co-Director;
Evans, Controller.
Clifford S.
of
the
banks,
foundation for
Stock
The
its
regarding
member of the
a
of
Messrs.
Griswold,
Committee, but without right to vote.
Committee consists of Messrs. Bovenizer, Chairman;
Chairman,
Mr.
Fulton
The Finance
Griswold,
Hilliard,
Scribner and Fulton (no right to vote).
The membership of the
Chicago and
public
The
the
to
dually
Technical Committee is made up of
Henry L.
14 districts
as
follows
trict); Idaho, Oregon and Washington, Richard H. Martin; California and
Nevada, Malcolm Bruce; Arizona, Colorado, New Mexico, Utah and
Wyoming, Ralph Bulkley; Minnesota, Montana, North Dakota and South
Dakota, Lester Bigelow; Kansas, Oklahoma and parts of
Missouri, John
H. Barret; Texas,
H. H. Dewar, and Arkansas and parts of Missouri and
Kentucky, William H. Burg.
Illinois,
Blunt,
Indiana,
3rd;
Carolina
and
Iowa,
Alabama,
Michigan,
Florida,
Tennessee,
Nebraska and
Georgia,
Louisiana,
Hagood Clarke; Ohio and
Wisconsin,
John
Mississippi,
parts
of
E.
South
Kentucky,
Lowry Sweeney; District of Columbia, Maryland, North Carolina, Virginia
and West Virginia, Y. E. Booker; Delaware and
Pennsylvania, C. Newbold
the
offices
a
in
order
that
savings
of
State
transfer
to
a
in
Chicago
retain
greater
establish them
to
Chicago
customers
taxes ;
(2)
may
urge
Chicago
of
use
its
banking
banks and underwriting houses in a
enhance the importance of the Chicago
with
the
to
program
(1)
to
program,
transfer agency and registration facili¬
warrants,
a
work
(3)
said:
program
its part in the
suggested
program
for
the
banks
includes
(1)
giving
preference
Chicago market in dually listed odd-lot orders at all times and in
full-lot
orders
equalization
to
better
or
constructively studying, with the Stock Exchange,
the Stock Exchange from the standpoint of market¬
on
intrinsic
collateral
for
value
differences between
of such
heretofore worked
the Chicago market is equal
if
(2)
markets,
and
ability
(3)
purposes,
Chicago
and
working
New
York
toward
as
have
against the maximum
use of Chicago bank facilities by
members, (4) working with the Stock Exchange and
underwriting houses in public relations efforts to enhance the importance
Exchange
of
Chicago as a financial community.
The
the
Chicago
Stock
Chicago,
(with chairman for each dis¬
the
heads of
community.
listed
Blyth & Co.
has
of
result
indus¬
The Stock Exchange's
dually listed corporations
urge
with
the securities listed
wieser of
Kuhn, Loeb & Co.; James H. Coolidge of McDonald-Coolidge &
Co.; William A. Fuller of Fuller, Cruttenden & Co. and Lee M. Limbert of
to
volume
relations
financial
Chicago
Rosenfeld Jr., Chairman, of Salomon Bros. & Hutzler;
Benjamin J. Butten-
The association
trading
as
than other
consists
Bonner, Bovenizer, Ford, Scribner, Stevenson and Weeden.
is also
in
ties
Prescott of Prescott, Wright,
Committee
use
a
Stock Exchange officials have
as
maintaining
present rules on
and
Executive
July 17.
Exchange agreed,
facilities,
The
as
in
larger program to broaden the service of
a
announcement
with
and Frank Weeden of Weeden & Co.
between the
try and commerce of this territory.
members
Henry B. Tompkins of Robinson-Humphrey Co.;
Western
Middle Western financing facilities to the investors,
P.
Co.;
Middle
tell to
to
preliminary program of cooperative action by
the Stock Exchange and its members as a
a
transfers
&
story
of conferences
announced
was
facilitate
Co.; John R. Longmire of I. M. Simon & Co.; John A.
Snider Co.; Joseph M. Scribner of
Singer,
Deane & Scribner; A. W. Snyder of A. W.
Snyder & Co.; George B. Steven¬
a
well be told in the newpapers
the constructive expansion of the
recent series
a
here
of the Milwaukee
can
principal Chicago banks and officials of the Chicago Stock
Exchange, held at the suggestion of the Stock Exchange,
Ashmun of C. S. Ashmun & Co.; George W. Bovenizer of
Kuhn, Loeb & Co.;
Donald C. Bromfield of Garrett-Bromfield &
Co.; Charles B. Crouse of
Crouse & Co.; Frank Dunne of Dunne & Co.; Sherman
Ellsworth of William
Harper & Son & Co.; Albert P. Everts of Paine, Webber &
Co.; Nevil
Ford of the First Boston Corp.; N. Penrose
Hallowell of Lee Higginson
Corp.; Theodore E. Hammond of William R. Staats Co.; Joseph T. Johnson
have
Chicago financial facilities is being developed
and David W.
The Board of Governors, in addition to the
above, include;
We
Chicago Stock Exchange and Banks Cooperate
Program for Expanding Financial Facilities
submitted
non-profit non-stock, member¬
ship corporation organized under the laws of the State of Delaware
with
We
use.
major contribution to the economical and efficient growth of the Middle
a
it
a
efficient and advantageous facilities of
Stock Exchange and its members maintain for its
securities of corporations intimately identified with this great territory as
become members of the
principal offices in Washington.
with the extensive,
making every effort to provide here an adequate market place for the
are
at present is around
The application states the association is
We have decided
this medium of acquainting the investing and trading public of the
to test
A program for
a
Washington dispatch to the "Wall Street Journal" of July 21:
schedule of membership fees as now prevails in the I. B. C.
these
among
place the story
an
investors and traders and feel it
of Putnam
industry basis
an
to Conduct Advertising
Program to Inform Public of Its Facilities
sellers
son
on
We have given a great deal of though to this program.
and
the
Chicago Stock Exchange
SEC
brokers
both
increase,
concerning
organizations, and
over-the-counter
around
published
+.
news¬
The
new
hope to
we
news
the public schools.
National Association of Security Dealers,
Inc., for¬
merly Investment Bankers Conference, Inc., filed an appli¬
cation with the Securities and
Exchange Commission on
July 20 for registration as a national securities association
under Mie Maloney amendment to the Securities
Exchange
Act of 1934.
This is the first application for
registration to
be filed under the
Maloney Act, which provides for the
Organization and registration of one or more associations of
The
of
amount
Eastern Stand¬
prospectuses in the early editions of morning news¬
papers of the day on which the offering is to be made.
Application with
Maloney Act
being formulated by which
purpose;
paper
National
now
nationally,
listed companies for the publicising of business
trends; to
of the Exchange and its
operations before clubs and civic
Saturdays and
rule
are
and
Exchange and the companies whose stock is listed on the St Louis Stock
Exchange; to maintain a publicity bureau at the Exchange headquarters
National
banks
Exchange,
that
have been
The
are:
active
American
City National Bank & Trust Co.
Bank
&
Trust
Co.
of
in
the
National
of
Chicago,
program,
Bank
&
along with
Trust
Chicago, Continental
The
First
National
Chicago, Harris Trust & Savings Bank, and The Northern
Co.
of
Illinois
Bank
of
Trust Co.
-
Value of Commercial
New
York
700,000
May 31
Paper Outstanding
Federal
June
30
Reserve
Compares
Reported by
of $180,$188,500,000 on
as
Bank—Total
with
The following announcement showing the total value of
commercial paper outstanding on June 30 was issued
by the
New York Federal Reserve Bank on
July 21:
The Commercial
490
This figure compares
31 and with
1939—
30
Apr.
191,900,000 Aug. 31
191,200,000 July 31
.
Mar. 31
.
Feb.
28
Jan.
31........
Sept. 30
May
Apr.
31
186.900.000
206,300,000
.
.
31
30
Mar.
1938—
Dec.
31
Oct.
210,700,000
31
31
June 30
July
296,600,000
292,600,000
Feb. 28
Land Bank
awarded
the issue at one of the lowest interest rates ever paid by a
Joint Stock Land Bank.
Several bids were received, and
the award was made on the basis of $200,000 of bonds
maturing Aug. 1, 1940, optional Feb. 1, 1940, bearing inter¬
est at y2%; $200,000 due Aug. 1, 1941, optional Aug. 1,
1940, at 1%%; $150,000 due Aug. 1, 1942, optional Aug. 1,
1941, at 1%%; and $387,000 due Aug. 1, 1944, optional
*Re vised.
Export-Import Bank Made Profit
Fiscal Year—Only $50,000 in
Export-Import Bank
The
of $1,740,000 in Last
Loans Delinquent—
As
$1,740,000 in
dispatch of July 15 to
stated:
bonds
Joint Stock Land Bank has ever paid.'
Following a successful refunding of higher coupon bonds, the Atlantic Joint
Stock Land Bank several years ago issued in excess of $3,000,000 of 3%
bonds.
The present low coupon issue in the amount of $937,000 reduces
the average rate of interest which the Bank is paying on its bonds to
approximately 1%%.
This extremely satisfactory refunding is largely
due to the successful progress which the Bank has made as evidenced by
the fact that it now has approximately $1,230 in collateral back of each
has
sellers have found it
Like many Export-Import
The
of
divided
still
Bank loans, it was made in
the danger of German
...
,
for
construction was the largest since
new
building
finance
institutions have undertaken
these
which
The League's
advanced.
reached $26,646,000, the largest
loans
construction
of
volume
of
in
one
associations
of savings, building and loan
by increasing numbers
activity
$9,000,000 more was lent for this
purpose in May, 1939, than in May, 1938, he says.
Both loans
for home purchase and those for remodeling and repairs
totaled more than in any month since June, 1937, and were, respectively,
$7,166,000 and $653,000 greater in volume than in May last year.
There was a rise jn total loans from April to May of 6.8%, and this
is the first time in three years that the volume of lending generated bjP
April enthusiasms and the opening of spring building has not fallen off
some
in May, Mr. Theobald comments.
This is taken as an indication
that so far as the average man was concerned many a home was a good
"buy" or a good "build" in May, 1939, whatever business graphs were
largely for the fact that some
account
,
exporter-importer credit accounts
in loan volume was the May achievvebuilding and loan associations, it was
month since before the depression, according to A. D. Theobald,
Assistant Vice-President of the League.
Beginnings of construction loan
any
credit of
civil
special
50
going
Dollar
Franco
outstanding.
About
it
block
delinquent loan is charged off against a tobacco
made to finance sales to Spain before the Spanish
Government has not repaid the approximately $46,500
only
The
savings,
December, $1 out of every $3.34
announcement went on to say:
About $10,000,000
deals in which the
$65,000,
war.
of
Building and Loan
Highest in 23 Months
reported on July 8 by the United States BiuTdiug and Loan
League, Chicago.
An estimated $89,123,000 was loaned to
those wishing to buy, build or repair homes, and the portion
cooperation with a private bank in Prague, and
Government repudiation thus was eliminated.
about
•,
Loans by Savings,
A 23-month high
ment
made to finance cotton sales to
Chechoslovakia, Italy, Latvia and Poland.
The credit of $750,000 to the
Czechs, granted before Germany took over that nation, was liquidated
just a week ago.
collateral an additional $565 of
has available for
$1,000 bond.
and
Associations Was
financing.
impossible to get private
a
assets per
May Volume of
end, loans have been
the European
On
the new refunding
interest which
the New York
Bank has been
equally among Europe, Asia and Latin America.
been lent for the export of American cotton on
about
bond,
$1,000
unpledged
make only
meet the
expanding competition of the totalitarian nations, including Germany,
and their barter systems.
They point out that the British Exports Credits
Guaranteed Department of the Board of Trade, which performs a function
similar to that of the Export-Import Bank here, has government capital
of
£85,000,000 (more than $400,000,000), or twice as much as is being
requested as capital for the American agency.
Officials say the business of the Export-Import
of
rates
lowest
the Bank say that its policy has been to
would aid American trade and permit it to
Proponents of
loans that
•
award of
The
"Times":
those
•;
bonds, Mr. Hall
"V,
v-X'-v-. -.'-.I.
of the bank marks one of the
In
companies
following Washington
called
all of
presently outstanding 3% bonds.
connection with the sale of these
its
ended last June 30, while present delinquent
obligations total less than $50,000, it was announced in
Washington on July 15.
Since its establishment in 1934
the Bank has made commitments of $242,000,000, of which
$101,000,000 was canceled because American
failed to receive foreign orders or were unable to comply
with the credit conditions.
Actual disbursements have been
approximately $95,000,000, and repayments have exceeded
$41,000,000. The Administration's lending bill, now before
Congress, contains a provision to increase the Bank's re¬
volving fund for trade loans to $200,000,000.
Other data
regarding the operations of the Bank were given in the
the fiscal year
,
.
of this issue the Bank has
Aug. 1, 1939, at 100 and interest,
result of the sale
a
redemption on
for
earned more than
1941, at 1%%.
Aug. 1,
Totaled $242,000,000
Commitments
15 by Irving
announcement made July
Hail, President of the Atlantic Joint Stock
of Raleigh, N. C., Kirchofer & Arnold, Inc., were
284.600.000
Aug. 31
slight premium.
to an
F.
'
331,404,000
329,000,000
324,700,000
Sept. 30
225,300,000
251.200,000
271,400,000
June 30..—
195,200,000
.
Nov. 30
-
195,300,000
_
Dec. 31
Nov. 30
others at a
According
299,300,000
279.200,000
311,000,000
323.400.000
31
Jan.
213,100,000
212,300,000
209.400,000
31
Oct.
180,700,000
.*188,000,(MX)
.
May 31
the
$
1937—
«
IQ^fl
June 30
May
with $188,500,000 (revised) on
1938.
$225,300,000 on June 30,
Raleigh,
divided into
at par, and
& Arnold, Inc.,
Kirchofer
by
C., and New York City.
The issue was
four maturities, the two nearest being offered
N.
$180,700,000 of open
total of
1939
22,
July
Chronicle
publicly
offered
bank from commercial paper dealers show a
market paper outstanding of June 30, 1939.
received by this
Report*
& Financial
have been opened
system by which credit lines of $2,000 to $20,000
provided to enterprises that can show experience and a good record.
All such loans are made through
commercial banks, with the ExportImport Bank usually taking 65% of the responsibility and the exporter
35%.
The Government Bank takes 2%% of the profit and the com¬
mercial banks lti%.
The Bank reports that one exporter with a $10,000
credit has turned it over four and a half times, and another five and a
by the bank, under a
aro
purported to show.
Analysis of the May loans
and the per cent of total
follows:
purposes
.
loaned for various
...
half times.
'
credits
Heavier
are
Estimated Loans Made
Purpose-
power
only about $8,000,000 has been used and more than
firms have benefited by orders ranging from $75 to
$89,123,000
Refinancing...
Other purposes
Total
29.9
Officials
are
American
oil
properties.
system,
ment
firms
dentally,
a
recent $5,000,000 credit for Portugal,
Bank
was
country's
by inability of
and
conditions,
refuse
4-/\
to
trying to
get
firms
that
to
they
get
that the only loans made
handle.
new
issue
Stock
com¬
left
world
which private banks
only trying to fill
financing
are
those
in
of
Land
by
Called for
$937,000
Bank
of
the
Bank Bonds
refunding
3%
of
Atlantic
was
recently
bonds
N.
C.,
Reports Combined
Totaled $1,066,100
combined
surplus
reached for the first time
and
undivided profits
of the
Chicago in its June 30 finan-,
announced on July 10. The figure
and is equivalent to 5.3% of total
capital held by the Government and by Illinois and Wis¬
consin savings, building and loan associations.
Net earn¬
ings for the first six months of 1939 are reported at $257,507.69 by Charles E. Broughton, Chairman of the Board.
cial statement, the Bank
is
now
$1,066,099.89,
The announcement
-
10.6
Statement
dollar mark was
Federal Home Loan Bank of
J:
17.6
The
for
the
amount
same
volume
Broughton
and
is
period
of
further said:
larger than for the
in
1938,
earnings
first half of 1937 but smaller than
which latter six months saw the peak in
during the Bank's
entire existence.
Mr.
pointed out that after transfer
payment
of $187,220.53
of $51,501.54 to legal reserve
in dividends to
stockholders, the Bank had
add to undivided profits.
Partially offsetting the decline in gross income due to smaller loan
demand
was
the lowered
payment required for interest on debentures
$18,785.62
of
to
the generally
lower money rates now
prevalent.
gaps
Redemption
Raleigh,
million
6.8
35.1
troubled
'
linn Jin
Bonds
A
in
June 30
in
The
because
are
private
Offer of Atlantic Joint Stock Land
Joint
the business
manufacturers.
Officials of the Bank claim
■WA-Pilnj*.
aiding the British to develop their
that the British had been
petition with this
vacant
Surplus and Undivided Profits
dollar
which led to charges
ally's
it is noted that six major and 20 minor American rail equip¬
will participate in any business obtained and revealed, coinci-
Concerning
that the Export-Import
rail
Federal Home Loan Bank of Chicago
equally emphatic in
entirely for commercial purposes,
are
:
100.0
"open door."
America
of
$26,646,000
6,069,000
31,289,000
15,687,000
9,432,000
Home purchase
$1,000,000.
"
'
claiming that loans made in Latin
and that even the credits
advanced to central banks in countries to the south can be used only to
aid American exporters.
\
r
On a credit of $5,000,000 opened for Haiti, it is reported, 174 American
exporting houses have psed about $1,000,000 and the rest still is pending.
The same will be the case with the $2,500,000 credit for Nicaragua and a
similar
credit to Paraguay.
The $19,200,000 credit for Brazil already
has been taken up in full to meet the claims of American exporters and
clear the way for further transactions of a commercial character.
The
$500,000 credits for the central banks of Nicaragua and Paraguay, it is
maintained, are conditionally upon their use in the United States.
Cuba has been paying off promptly on credits totaling $26,000,000 to
finance the purchase from the United
States of silver bullion and the
mining of silver.
Mexico has paid off all it owes on loans to finance
the purchase of American pipe, pumps, motors and rail equipment, but
no new credits have been extended by the Bank
since Mexico expropriated
Total
•"
..v.
Repair and modernization
rubber,
electrical,
'
New construction.
130 private commercial
tractor, cotton and road equip¬
ment
firms have taken advantage of the Bank's credit facilities, and
officials feel that this has aided in keeping a trickle of American goods
going into China where the Japanese are trying to end the policy of the
automobile,
Major
■,
Percent
by AU Associations
in the United States
equipment, road-building ma¬
provided for railway
plant equipment, and the like.
Officials assert that no
credits are given unless it is certain that American exporters will benefit.
Thus of the $25,000,000 credit to China, which was attacked as "political,"
chinery,
Liquidation of Eight Receiverships of National
Completed During June
Banks
During the month of June, 1939, the liquidation of eight
receiverships was completed and the affairs thereof finally
closed, it was announced July 18 by Preston Delano, Comp¬
troller of the Currency.
This makes a total of 1,322 receiver¬
ships finally closed or restored to solvency since the Banking
Volume
The Commercial & Financial Chronicle
149
Holiday of March, 1933.
491
Issuing Banks
The Comptroller's announcement
East
further said:
Total disbursements, including offsets allowed, to depositors
Savings Bank,
Bank, Brooklyn, N. Y.
Mechanics Sayings Bank, Rochester, N. Y.
New York Savings Bank, New York City.
Troy Savings, Bank, Troy, N. Y.
liabilities,
of
68.42% of their claims.
Citizens
Total dividends paid and
month of June,
1939, amounted to $1,010,923.
depositors of all receiverships from March
June 30, 1939, amounted to $943,479,381.
Data
tion of receiverships finally closed during the
month
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING THE MONTH OF JUNE,
'
1939
Schenectady
Total Dis¬
Per Cent
bursements
Total Dis-
Dividend
of
including
bursem'ts
Declared
Bank
Failure
to Total
Offsets
to
All
%
%
$
First National Bank Rialto, Calif....
8-2-33
511,795
70.31
1-12-34
824,205
690,572
1,747,643
109.42
111.5
3,295,333
they have
12.4
First Nat. Bank, Monticello, 111
First National Bank, Naperville, 111
x State National Bank, Peru, 111.—-.
x
4-27-34
1-12-34
94.85
106.72
109.28
x
79.05
It
is
672,772
78.40
64.95
11-6-33
778,037
128,887
97.03
96.05
11-17-31
State
that
In
receiver
have
where
the
New York State Mutual Savings Banks
Increased $36,000,000 During the Quarter Ended
Deposits in
York
continued
have been at the rate of 2%
The,
lower
number
of
for
depositors
than
acceleration
of
rate
for
The Association further said:
the
in
gain
annum
per
the
dollar volume
of
at a
For the
deposits.
Certain
it
that
is
body
great
of
business
bank
prudence and
of
citizens
our
every
continues
New
to
sincerely hope that there is much ground for
give
it
increase in
little
us
have given
While
,
to
seems
customary
has
is next to the highest
prevailed for two
noted this year as
Furthermore,
dollar
a
for the past
significance that this year reverses
which
such
proportion
large
of
several
amount
years
a
on
record.
in
the number of
trend
It is of
during the second quarter.
must
be
borne
in
The
the
in
the
to
our
is
an
with
the money
prevent
large
the
sums
money.
These
of mutual
which
are
savings banks
A
temporary
a
are
announced
on
discount basis to the highest bidders. Tend¬
(EST), July 24, but will
to 2 p. m.,
up
the Treasury Department,
at
bills will
Washington.
1939 and will
be dated July 26,
on
both
of
denominations
will be issued in bearer form only, and in amounts
$1,000, $10,000, $100,000, $500,000, and $1,000,000
(maturity value).
in
e.
trust
vestment
of
than
$1,000
$1,000.
100, with
not
will
be
than
more
Each
considered.
offered must be
The price
ex¬
three decimal places,
Fractions must not be used.
without cash deposit from incorporated banks
companies and from responsible and recognized dealers in in¬
securities.
Tenders from others must be accompanied by a de¬
tenders
the
less
will be accepted
10%
of
posit
simply awaiting other forms of investment.
amount
multiples
99.125.
g.,
and
an
in
the basis of
on
Tenders
for
be
must
pressed
do
for
tender
tender
designed to
repository
(the bills)
They
or
gain is
restrictions have nothing to
as
Morgenthau
fering, Secretary Morgenthau also said :
depositors
growth
to be deposited by true savers, but rather
use
Treasury
maturity of a similar issue of bills on July 26 in
of $100,204,000.
In his announcement of the of¬
a
greater
of
receipt of new
r
v.
Oct. 25, 1939, and on the maturity date the face
amount of the hills will be payable without interest. There
deposits and in the number of depositors has occurred
the face of restrictions imposed by 61 of the 134 banks in the State
as
; \
the
on a
Treasury
No
that
mind
of
be received
mature
are
against 1938 and 1937.
it
Total accepted, $100,861,000
amount
record
to
years
,'V
99.996—Equivalent rate approximately 0.015%.
branches thereof
not
deposits during the second quarter of each year, the gain this
for that period
year
when
'
will be received at the Federal Reserve Banks and the
ers
such striking evidence of personal prudence.
been
has
fear
to
savings bank insur¬
of May 13, page 2821.
Offering of $100,000,000 or Thereabouts of 91-Day
Treasury Bills—To Be Dated July 26, 1939
to be sold
exercising sound judgment in putting aside a proportion of their incomes.
There
as
o/ the amount bid for at the low price was accepted.)
Secretary
feeling of
a
encouragement in that people obviously have more money to save and
citizens
amount of
July 20 that tenders are invited to an offering of 91-day
Treasury bills to the amount of $100,000,000, or thereabouts,
of
intention
five years, seems
99.995—Equivalent rate approximately 0-020%.
(37%
J"'
;■■■"'■'/v
the
evidence
the
these columns
100.
V
'
Low
being selfsupporting and self-respecting individuals regardless of what the future
may hold.
It is impossible to drow any perfect correlation between the
growth of savings deposits and general prosperity, but we in the savings
unquestionable
for
people become familiar with this form af insurance*
reference to
Average price
on
Walden, N. Y., said:
"over
the counter"
life
that this demand will make itself felt in New
expected
more
as
demand
♦
High
the figures Albert S. Embler, Presi¬
dent of the Savings Banks Association of the State of
New York and President of the Walden Savings Bank,
commenting
tremendously in the last
grown
Range of accepted bids:
quarter ending June 30, 1939, the increase" was 6.515; for the six months
ending the same date, 49,194; and 58,098 increase over June 30, 1938.
The total number of depositors now listed aggregates 5,973,672.
Dividends
declared for the quarter ending June 30 are estimated to be in excess
of $27,000,000.
' :V"'
'
V In
has
Total applied for, $299,680,000
periods was
similar
is
nounced
$5,514,256,154, a gain of more than $36,000,000 for the three
months'
period, an increase of over $109,000,000 over
Dec. 31, 1938, and a gain of approximately $178,000,000 for
the 12 months' period ending June 30, 1939.
All of these
increases are considerably in excess of the dividends cred¬
past year.
over, the corresponding period last year.
$170,000,000 of savings bank life insurance
savings bank life insurance in Massachusetts,
Secretary of the Treasury Henry Morgenthau'Jr. an¬
on July 17 that tenders to the
offering lastjweek of
$100,000,000, or thereabouts, of 91-day Treasury bills totaled
$299,680,000, of which $100,861,000 was accepted atjan
average rate of 0.015%.
The Treasury bills are dated
July 19 and will mature on Oct. 18,1939.
Reference to^the
offering appeared in our issue of July 15, page 337.
The following regarding the accepted bids to the offering
is from Secretary Morgenthau's announcement of July17: j|
July 17 by the Savings Banks Association of the
State of New York.
Deposits, as of June 30, aggregated
ited, which
29.66%
Offeringfof $100,000,000 of 91-Day Treasury Bills—$100,861,000 Ac¬
cepted at Average Rate of 0.015%
report
to a
just received from Massachusetts show
for the last eight
Tenders of $299,680,000 Received to
gain as was registered in the first
according
say:
savings bank life insurance
.-:-v
during the quarter ending June 30
measurably,
increase
to
Figures
sold appeared in
ance
issued
the
State,
while the number of depositors also
quarter of this year,
to
About 70% of the applicants for savings
constantly increasing
a
It
Earlier
June 30
deposits in the 134 mutual savings hanks
York.
increased
system
indicate
to
to show as substantial a
Y.
on
the growth during the first six months that there
substantial demand for savings bank life insurance in
The experience of
insurance.
of New York continued
N.
savings bank depositors.
Massachusetts there is noyr
in force.
of principal and interest in full to creditors.
The amount of
Schenectady,
from
a
New
of
not
are
that State sales of
in
months
57.7
76.84
Agent elected to continue liquidation after payment by
Shareholders'
evident
is
going to be
the
72.12
3-13-34
11-10-30
Bank,
other insurance.
no
bank life insurance
97.03
•
Qulncy-Rlcker Nat. Bank & Trust Co.,
Qulncy, 111
....
First National Bank, Urbana, III
First National Bank, Richmond, Mich.
First Nat. Bank of Custer City, S, D__
Savings
Although it is possible to apply for $3,000 of savings hank life insur¬
ance, the figures of the banks show that 78% of the applications are
for $1,000 or less.
The average application is $1,150.
It has been found
that 42% of the applicants for savings bank life insurance state that
Liabilities Claimants
Allowed
,
The Council's announcement went
Per Cent
Date
'
Name and Location of
Savings Bank, New York City.
County Savings Bank, Rome, N. Y.
Oswego City Savings Bank, Oswego, N. Y.
Oswego County Savings Bank, Oswego, N. Y.
Peekskill Savings Bank, Peekskill, N. Y.
Rome Savings Bank, Rome, N. Y.
follows:
are, as
,
Oneida
16, 1933, to
liquida¬
to results of
as
1
Agency Banks
Dividends distributed to creditors of all active receiverships during the
distributions to
Y.
Lincoln Savings
creditors of these 1,322 receiverships, exclusive of the 42 restored to solvency,
while unsecured creditors received dividends amounting to an average
York
Brooklyn, N.
Empire City Savings Bank, New York City.
and other
aggregated 1577,437,391, or an average return of 81% of total
New
of the face amount of Treasury bills applied for, unless
accompanied by an express guaranty of payment by an
are
incorporated bank or trust company.
*
$4,074,450 of Savings Bank Life Insurance in Force in
New York State After Six Months' Operation—
13 Banks Now in System
Reports from
in
New
York
State
life insurance is
sayings banks
the
show
now
in
that
force
issuing life insurance
$4,074,450 of savings
after
six
months
of
bank
opera¬
tion, the Savings Bank Life Insurance Council announced
on
July 15.
In Massachusetts, which
ings bank life insurance State, it
the
was
was
the pioneer sav¬
seven
years
So far the banks in New York have had two death claims,
for $2,000 and one for $500, both of which have been
one
At the time the law went into effect, last January,
three savings banks immediately established
life insurance
acceptable prices will follow
the
of
on
reserves
the right to reject any
allot less than the amount
shall
be
final.
Those
at
immediately available funds
prob¬
the
Federal
on
July 26,
Rserve
Banks
in
cash
or
1939.
Treasury bills will be exempt, as to principal and interest, and
gain from the sale or other disposition thereof will also be exempt,
The
any
from
all
vited
to
taxation, except,estate
Treasury
Decision
inheritance taxes.
and
4550,
ruling
that
(Attention is
Treasury
bills
are
in¬
not
exempt from the gift tax.)
the Treasury
No loss from the sale or other disposition of
bills shall be allowed as a deduction, or otherwise recognized,
for the purpose
of any tax
now
prescribe the terms of the
their
possible thereafter,
Payment at the price offered for Treasury
ceptance or rejection thereof.
allotted must be made
bank life insurance.
They are:
as
applied for, and his action in any such respect
tenders will be advised of the ac¬
Since that time 10 other banks have come
Six banks are now issuing life insurance
policies with seven banks acting as agencies for savings
departments.
into the system.
soon
submitting
bills
otlier
as
The Secretary of the Treasury expressly
or all tenders or parts of tenders, and to
the following morning.
ably
before
system reached the $4,000,000 figure, the Council said.
paid;
Immediately after the closing hour for receipt of tenders on July
1939, all tenders received at the Federal Reserve Banks or branches
up to the closing hour will be opened and public announcement
24,
thereof
or
any
of
Treasury
issue.
or
hereafter imposed by the United States
its possessions.
Department
Circular
No.
418,
as
Treasury bills and
amended,
govern
and
the
this
notice
conditions
of
The Commercial & Financial Chronicle
492
Federal
tion that the failure by the Senate to
According to
report of the Bureau of Internal Revenue,
a
issued
July 11, Federal tax collections in the fiscal year
which ended June 30, last, aggregated $5,181,665,000, a
decrease of $477,100,000, as compared with the preceding
year when collections amounted to $5,658,765,000.
New
York again led the States in volume of collections, with
Pennsylvania and Illinois following in the order named.
Washington advices of July 11, to the New York "Herald
Tribune," reporting on the figures, said:
A compilation of tax
receipts by classifications shows that levies for cor¬
profits, pay roll and "all other taxes" decreased
1939 against 1938.
Individual income tax payments showed
porate. individual, excess
in volume in
the sharpest decline of any of
the classifications with a drop of $257,386,000
Pay roll taxes were off only $2,213,000.
in 1939.
Tax collections in New York
class of taxes with the exception of pay
$7,310,433 in the 1933 fiscal year, against $5,451,000 paid a year earlier.
to
Pay roll collections totaled $164,204,000 in 1939, against $158,690,000 in
Europe between now and next January."
"It
Treasury's coffers in 1939, against $323,847,000 in 1938.
paid
$270,743,000
1939, against
in
Individual tax¬
$367,656,000 a year earlier.
Total "all other taxes" paid by individuals and corporations in one form
action on neutrality legislation can
no
another
$323,868,000 in 1939, compared with $378,690,000 in 1938.
were
Mr. McNary expressed the same
"They agreed that the majority of the Senate would consider neutrality
legislation at the beginning of the next session."
In commenting on the failure of neutrality revision, a
Washington dispatch of July 18 to the New York "Times"
said in part:
Prediction of adjournment of Congress by Aug. 5 at the latest,
neutrality measures had been buried for the session.
This
particular legislation
before its final day,
enter
had been considered the key to the whole
Other major legislative tasks asked of Congress
adjournment problem.
including the $2,600,000,000 lending program, did not
seriously into the discussion at the conference.
credited
for bringing the neutrality question to a
or blamed, as the case
head.
the President and Secretary
of the existing arms
of State that action at this session
1939, against $1,540,696,000 in 1938,
a
that mandate to the end of the conference.
Hull tried to meet this dark appraisal of the
The President and Secretary
Corpo¬
The Republican leaders were
to discuss the merits of the
realities of
1938.
V
a
adamant, however.
All other taxes, consisting of customs and taxes
Senator
McNary of Oregon, minority leader; Senator Austin of Vermont,
minority leader, and Senator Borah of Idaho, ranking minority
assistant
from imported liquors, aggregated $2,266,820,000 in 1939, against $2,293,-
member of the Foreign Relations
292,000
affairs fight in the Senate for
earlier, a decrease of $26,472,000.
a year
Federal
Government
taxes in 1939, compared with
collected
only
$27,110,000 in
$36,569,000 in 1938,
a
excess
They
profits
decrease of $9,459,000.
accompanied
were
Committee and veteran of
the last 30
the executive mansion
to
rate
been reduced to
announced
Jersey
has
1%, officials of the Post Office Department
July
order
savings in New
postal
on
of
effective July 1,
time deposits in
14.
•
the
The action
New
was
Jersey
directly attributable
Banking
Commissioner,
limiting the interest rate
banks in that State to
on
savings and
than
1%.
issue of July 1,
no
Reference to
more
that order appeared in our
33.
•
The Banking Act of 1935 specifies that National
page
the neutrality revision bill last Tuesday by
effective
banks
on
July 1 and will continue
long
as
as
was
made
State banks
only 1%,
pay
action until the next session of
The conference
Committee, which bottled
,
'•
Most of Worlds Gold Held
The
following is from
an
V,
by United States
Associated Press dispatch of July
as
much
as
any
other Nation, the statistical bulletin
of the League of Nations reported today.
next with
12K%, Great Britain held almost
Netherlands 3K%, Switzerland 2H%. and Belgium
2%.
was
11%,
the
The bulletin said that these latter figures represented about
30% of the
world's visible gold.
► Canada
other side of the
led the world in increasing her exports of goods during April and
She raised her exports 22M%, while Britain was
When at last the President realized that he
group,
20%, followed by Japan with 15%.
10 M %: and Belgium, 7 H %
The President and
war
in Europe.
military debacle on the
was
faced by a determined
he is reported to have turned to Senator McNary and insisted that
the responsibility.
The Republican leader replied, according to reports,
States,
The three Republican visitors to the White House were split among them¬
selves
in
the merits
on
of neutrality legislation in
May.
Senator Austin
general.
"cash-and-carry" provisions which lasped
Senator Borah is opposed to any changes in the present embargo,
but has stated that he preferred that the committee report a measure so the
Senator McNary is opposed to
action by the Senate or committee.
all
three
at this session and stood
delay action
had
entered
a
combination
of
Republican and
were
together to that end.
Their
;
varied.
reasons
for wanting to
v
,
Senator
Vandenberg on July 18 introduced a resolution
urging the Administration to call a conference of nine Nations
to consider Japan's military campaign in China and to rec¬
ommend "appropriate action."
A Washington dispatch of
July 18 to the New York "Herald Tribune" added the follow¬
ing details:
The resolution also called for legal abrogation of a
commerce
1911 treaty of amity
between the United States and Japan.
the United
Senator Vanderberg
States' hands and made it incapable of
meeting the situation arising from the Japanese-Chinese hostilities.
he
-
was not
protect American interests on the basis of "new necessities."
Roosevelt
Revision
Leading
No
at
Defeat
on
at
This Session, After Conference with
Republican and Democratic Senators—
Further
Effort Will Be Made to Change Law
Time—Vandenberg Resolution Urges 9Conference on Japanese Campaign in China
Prospects for revised neutrality legislation at this session
Congress were definitely ended on July 18 when, after a
conference of Republican and Democratic Senate leaders with
President Roosevelt and Secretary of State
Hull, it was an¬
nounced at the
White, House that the President would post¬
pone his efforts to change the law until the next session of
Congress.
Following this announcement, it was predicted
m Washington that the
present session would probably ad¬
journ not later than Aug. 5. In the White House statements
of July 18 the Senate was
charged with responsibility for
what might happen to world
peace because of failure to
change the neutrality law.
A recent message
by President Roosevelt to Congress,
urging revision of the law, was reported in the "Chronicle"
of July 15, page 339.
The two White House statements which were
read by the
President's secretary, Stephen T.
Early, after the conference
on
July 18
were as
follows:
-
Neutrality
This
Power
of
Concedes
He said
recommending any "arbitrary rupture of relations" and explained
that his resolution contemplated negotiation of a new treaty which would
+
President
and
through any one partisan group.
not
and
Germany, 11^%; the United
a
the Senate, and particularly the Republican wing, would have to shoulder
said this treaty tied
were:
of the most dramatic that
agents were dark and alarming.
May, the bulletin said.
percentage increases
one
many years.
Atlantic, but emphasized that reports from diplomatic
next with
Other
White House in
Democratic circles of the Administration's foreign policy to forestall action
The United States held 58% of the world's visible
gold reserves on March
France
12-to-ll vote to postpone
Secretary Hull returned time and again to the possibilities of
any
17 from Geneva, Switzerland:
31, almost five times
a
They made it plain that they were not predicting
Nevertheless
.
reported to have been
was
has taken place at the
question could be fought out on the floor.
<+»
Vice-President
Congress.
favors the reinstatement of the
2%
by
that the Senate would be willing to accept the responsibility as a whole
and savings institutions may not pay higher rates of inter¬
est within States than do the State banks.
The postal savings interest reduction from
foreign
Garner, Senator Barkley of Kentucky, majority leader, and Senator Pittman
up
Savings Interest Rate in New Jersey Reduced
from 2% to 1%
every
years.
of Nevada, chairman of the Foreign Relations
interest
They virtually declined
pending neutrality legislation, and stood on the
legislative situation as they saw it in Congress.
The bearers of these tidings from the Republican wing of the Senate were
1939 to $1,118,361,000 from $1,299,932,000 in 1938.
Pay roll taxes decreased only $2,213,000 in 1939 to $740,447,000 from
$742,660,000 in
Da vies, United
report received by them today from the lips of Joseph E.
States Ambassador to Belgium.
*
'
311,000 in 1939, against $1,028,925,000, a decline of $257,386,000.
the
revision
might require a change at any time in our methods, including a pessimistic
ration taxes, another important source of revenue, decreased $181,571,000
to
on
embargo law was out of the question, and they followed
Federal tax collections in these three States from all
totaled $1,330,511,000 in
The
might be,
Spokesmen for the minority
called at the White House with a commission from their colleagues to tell
Federal income tax collections for the whole country aggregated $1,286,-
Postal
and possi¬
bly earlier, followed immediately upon the White House disclosure that all
legislative situation with data showing a growing tension in Europe which
decline of $210,185,000-
The
view.'
belief.
totaling $346,251,000 in 1939, against $460,272,000 in 1938, a
drop of $114,021,000.
sources
of those Senators present was that
be obtained in the Senate at the pres¬
and that the majority of the Senate would concur in this
ent session
Individuals residing in New York, Connecticut and New Jersey paid in¬
come taxes
in
said that Mr. B'arkley expressed himself as follows:
was
'The concensus of opinion on the part
The Republican leaders were
payers
or
Senate leaders:
Position of the
2.
1938.
Corporations domiciled in New York contributed $275,462,000 to the
influence in the cause
the nations in the event of a new crisis in
of preserving the peace among
profits taxes,
Excess profits taxes paid by New York corporations rose
decline.
a
Every
take action now would weaken the
leadership of the United States in exercising its potent
1939,
roll taxes, consisting of social se¬
curity and levies collected under the carriers acts, and excess
showed
v
,
.
State aggregated $1,041,589,000 in
1938, off $192,746,000 during the year.
against $1,234,336,000 in
State maintained the definite posi¬
"The President and the Secretary of
-—Smaller Than 1938
1939
Position of the President and Secretary of State:
1.
$5,181,665,000
Year
Fiscal
in
Collections
Tax
July 22,
President
Roosevelt
Invites
Refugee
Washington
Meet in
Officers
of
Committee
to
the
32-nation intergovernmental committee
invited by President Roosevelt on July 19,
to meet at the White House in Washington, to discuss the
task of resettling refugees from Central European countries.
Associated Press advices from London July 19, bearing on
the proposal said:
on
refugees
were
Announcement of the invitation
mittee
at
the
was
made after
a
meeting of the
com¬
Foreign Office.
"United States representative Myron C.
Taylor conveyed
from the President of the United States to the Chairman,
an invitation
Vice-Chairman
and Director of the committee to meet him in conference at the White House
in
Washington the first week in September," the announcement said.
The committee
France, called
on
was
formed at
a
meeting in July, 1938, at Evian-les-Bains,
the initiative of President Roosevelt.
One of its major
problems has been the removal of Jewish refugees from Germany.
A London
dispatch of July 20 to the New York "Times"
contained the following:
President Roosevelt to-night sent to the Evian Inter-Government Refugee
Committee
a
message
expressing his "earnest hope" that the sessions of the
committee here "will result in constructive preparation
tion of the terrible plight of those peoples
assist."
whom
we
for
a
speedy allevia¬
have been striving to
Volume
The
The Commercial & Financial Chronicle
149
which
message,
read
was
by
Myron
C.
American
Taylor,
vice-
chairman of the committee, at a farewell dinner that he
gave for the dele¬
gates, went on to declare that
the
President
years
from
which
made
to
"hopes the 32 governments
which have worked together thus far to
change a
solution of the refugees
a
great human
No
chaotic exodus into an
taken
was
Mr.
on
Roosevelt's
invitation
committee officials to confer with him at the White
leading
to
House in September,
Earlier reference to the committee
columns of Dec. 3, 1938, page 3396.
appeared
Tax
Study Launched
White House
at
member
[S. 1886}
'
■'*
-
Conference
Plans for
period within
of
banks
.
;
Structure
the
officers
ance
these
in
16, 1939,
by the Federal Deposit Insur¬
Corporation.
Reference to the congressional action
and the President's
approval of the bill appeared in our
issue of July 1, page 36.
The text of the Act follows:
^
but all the delegates who commented
publicly praised the President's move.
•»
June
executive
having average deposits of $1,000,000 or more during the
calendar year 1941 or
any succeeding calendar year must
become members of the Federal Reserve
System in order
to have their
deposits insured
question, which has become one of the
problems facing the world."
formal action
loans
prior to June 16, 1933, may be renewed or extended.
This
measure also
repeals the requirement that all State banks
orderly emigration of refugees from Germany will redouble their efforts to
arrive at
493
ing for five
,
To
broad study of the Federal tax structure were
laid July 7 at a conference between the
President, the Secre¬
extend
to
June
a
executive
be
may
'■
•
,
16,
AN
1942,*
officers
of
renewed
'
ACT
the
period
member
banks
within
of
the
which
certain
Federal
extended.
or
'•
v
loans
Reserve
to
System
1
•
tary of the Treasury, and Congressional leaders.
Particular
emphasis, it is believed, will be placed on proposals to broaden
the individual income tax base.
Senators and Representa¬
by the Senate and House of Representatives of the United
States of America in
Congress assembled, That the first sentence of sub¬
tives
included Senator Harrison,
chairman of the Finance Committee;
Representative Doughton of North Carolina, chairman of the
Ways and Means
Committee and Representative Cooper of Tennessee, chair¬
man of the
Ways and Means Subcommittee on Taxation.
Washington advices of
July 7 to the New York "Times."
relating to the projected study, said in part:
\
title
June
16,
While the plans as laid were general in
character, one proposal which the
study is expected to include is that of broadening the income tax base so as
to put from 2,000,000 to
6,000,000 new taxpapers onto the direct Federal
have
satisfied
attending
the
Be
(g) of section 22 of the Federal Reserve Act, as amended
sec.
375a), is amended to read as follows:
otherwise
become
executive
credit
renewed
made
1939,
of
The Treasury is known to
by upward of $250,000,000.
have such
It involves
a
of
proposal already drawn up and
the
lowering exemptions
Board
of
Board
and single persons and increasing the rates in the brackets between
$10,000
and $50,000.
The
plan includes lowering the maximum surtax
same
dividual incomes from 75 to 60%.
The study is intended to be similar to the
of the Tax Bill of 1934.
Congress.
The
system
perhaps the most
was
made
ever
by a
his spurs on the 1934 bill.
won
would
be
laid
immediately,
but
there
was
thought that anything would be ready for action by Congress at this session.
Experts from the Treasury and the Joint Congressional Committee on
Internal Revenue Taxation will be put to work at
once, in order to have
data ready for fuller study when the subcommittee members
gather in the
Fall, Mr. Cooper said.
as much to increase the
raising additional
Act,
as
such
officer
amended
is
by
House
to
His
Bill
Establishing
Official Papers
for
indebted
of section
hereby repealed
1939.
as
to Issue
19.
The
14.
The
on
Senate
had
completed legislative action
authorizes
measure
the construction of
a
on
and
"(2)"
'
'
••
the
Senate
'
■
,
Passes
Request for Return of Confirmation of E.
Davies
as
Tennessee Judge Declined by President
Roosevelt
•./
President Roosevelt
he could
not
return
the nomination
trict
of
on
,
July 13 informed the Senate that
that
he
body the resolution approving
Elmer D.
Davies
as
District
of
United
States
Tennessee
Dis¬
for
the
had
already signed and sent out the com¬
mission appointing Judge Davies prior to
receipt of the Sen¬
ate request.
The Senate, which had confirmed the nomina¬
tion of Mr. Davies
following,
on July 12, asked for its return the
day
the motion of Senator Barbour of New Jersey.
on
Washington Associated Press advices of July 13 said that
Senator
to
the
Barbour
absent
was
appointment.
when
He said
he
the
had
Senate
Davies
testified
joined the Klan
: and
had
years
not paid
not
had
an
oppor¬
At
Senate
a
committee
but attended only
one
that
od
on Bill
Permitting Treasury
$45,000,000,000 Bonds
of
for his
such
States
District
to
Judge
I regret that I
Middle
cannot accede to
signed and
sent out
the
and
advice
appointment
for the
a
-
of
the
Bill
of
Bill
Officers
Elmer-
of
District
D.
of
Davies
to
be
United
this request as before its receipt
I had
appointing Judge Davies, by and with
Senate,, to the position named in the
'•
We
are
gress and
the
as
The
proposed
court
appeals
Interstate
restrictions, the
the country was to
Agencies
standard¬
ac
from
Commerce
Senators
become "first
dozens
of
Commission,
mere
judicial branches of this
administrative agencies."
added,
were
Banks
Renewed
of
Federal
totalitarian
a
police provinces, and with both
government dominated
i
^
;; n
The report complained that Congress had established
by the
'
,
<
of powerful
scores
agencies without consideration to providing means and methods whereby
the governors could be governed and the regulators could be
regulated.
Provisions of the bill
were
recommended
by the American Bar Association
after three years' study.
Senate
Approves Amendments to Walsh-Healey Law,
Extending Wage-Hour Requirements to Govern¬
Contracts
ment
at
ers
of
$4,000
as
Senate
July 17, without
on
to
the
minimum
involving
and
wage
Under
hours
statute.
standards
apply only to contracts
was
sent
to
•
record
a
vote,
dispatch
the
the
House
House wTould
merce"
A
present law
for
over
House
Congress
June 20, extend¬
act
$10,000.
concurrence,
on
it
at
the
to
the
New
York
and
The
hour
meas¬
but there ap¬
Senators
some
as
to
present session.
the proposed amendments
17
established
wage
a
Washington
"Journal
of
Com¬
said:
variation
giving below the text of the bill, passed by Con¬
July
of
approved
than $4,000 to
more
standards
peared to be doubt in the minds of
the
Ex¬
Measure
on
Walsh-Healey law, requiring the hold¬
of Government contracts
observe
ure
More—Doubt
or
to Whether House Will Act
this Session
pressed
In commenting on
to
Reserve
"
on
unless
necessary
parlaimentary and then
a
government with the States reduced to
the legislative and
signed by President Roosevelt
States
•
Member
System May Be
United
under the
Tennessee.
Extending Time Within Which Loans
of
Curb
to
Senators who sponsored the bill protested in the
accompanying report
that many of these agencies considered themselves above the
statutes and
showed contemptuous disregard for both the Congress and the
whether
Text
on
3146.- 1
Commission, Wages and Hours Adminis¬
tration, and National Labor Relations Board, said Associated
Washington, July 18, which added:
amendments
commission
consent
resolution.
maximum, of
a
Press advices from
The
President's message follows:
the
signature"July 14"
to
Trade
meeting,
p. m. today there was delivered to my office the resolution
Senate requesting me to return to the Senate the resolution
advising
consenting
limited
were
regulations and
Bureaus
12:20
of the
law
July 18 and sent to the House. The bill aims
ization
he
dues.
The text of the
and
before
ago,
'
'
assented
tunity to oppose the nomination and told reporters it had
been reported that Mr. Davies was
antagonistic toward
Negroes and once was a member of the Ku Klux Klan.
Mr.
said
*
courts.
that
to
Judge for the Middle
reason
D.
said
► A bill sponsored by Senator Logan of Kentucky, designed
to curb the powers of Federal
agencies, which now exercise
legislative and judicial authority was passed by the Senate
Federal
+•
of
•
the"President
old
.
;*
(2)
beginning of
♦
public and personal papers of the President and other
manuscripts, maps, paintings and pamphlets which Mr.
.
the
page
Senate
the
Roosevelt tendered. The library will be financed by
private
an
i}~.
Action of the House and Senate Finance
Committee
was mentioned in our issue of
May 27,
building
funds and maintained at Government cost.
House passage;
of the resolution was noted in our issue of
July 15, page
342.
:
.v"'
'
paragraph
at
the bill
July
12-acre tract of land of the Roosevelt estate to house
a
in
enacted.
July
on
thereto,
12B of the Federal
$30,000,000,000, outstanding at one time, but the Treasury
had the right to have
outstanding a total of $45,000,000,000
of obligations of all types,
including notes and bills. .n-u
Library
reported signed by the President
was
best
permitting the Treasury to issue bonds up to the
borrowing power, $45,000,000,000 passed the
Senate and went to
The resolution providing for the establishment and main¬
tenance of the Franklin D.
Roosevelt Library at Hyde
Park, N. Y.,
shall
the:
reasonable
:
the Act
Bonds under
Signs
bank
in
made
full limit of its
revenue.
Roosevelt
be
from
,
(y)
striking out
■
So stated in
become
may
of subsection
i
President
is
has
extend
may
years
member
renewal
or
indebted
$2,500."
amended,
as
is
A bill
responsibilities of citizenship
officer
the
of
extension
the
an
Provided,
1933,
five
or
is
or
officers:
16,
than
more
Directors
such
that
not
loan
any
June
to
from
he
Congress Completes Action
President Roosevelt recently made known that he favored broadening the
base,
and
(•
Open hearings will be held after the subcommittee
has made a report on the results of its
inquiries.
income tax
of
which
executive
own
borrow
of
make
obligation, these findings to be evidenced by resolution
Approved, June 20,
*
that
and
exceeding
paragraph.
no
Board
shall
bank
prior
periods expiring
the
Paragraph (1)
subsection
committee of
that
2.
Reserve
com¬
Mr. Cooper said the
added
not
Sec.
of its
officer
bank
shall
Directors,
thereof,
amount
inquiry is to be conducted by the subcommittee headed
new
by Mr. Cooper, who
ground-work
revenue
officer
in¬
ii.'V
conducted before passage
one
Up to that time this
prehensive survey of the
on
-
,
of
member
Directors spread upon the minute book of the
bank:
That with the prior approval of a
majority of the entire
any member bank may extend credit to any executive
Provided further,
both married
on
for
themselves
effort to reduce his
member
bank
to any
6uch
any
bank,
any
any
to
manner
to
where
the
of
member
no
extended
or
interest
and
other
any
loans
officer
indebted
officer,
in
That
executive
■
ready for submission.
(U. S. C.,
12,
"(g) No
,
revenue
enacted
section
meeting,
■
rolls, and to increase the
it
action
of
of
the amendments proposed last session
despite
Industrial
strenuous
efforts
Organizations,
to
of
John
dislodge
L.
which
Lewis,
them
died without
head
from
the
of
the
Rules
The Commercial & Financial Chronicle
494
the
Makes
1.
(the present limit is $10,000), and covers
where the amount equals or exceeds $4,000.
2.
ing
subcontractors into the
for
above the
age of 16
for
He denied
L.
House amendments,
of several
sales
power
Tennessee watershed.
the
to
restrictive
was not so
he
as
He said earmarking of the bonds would
further expansion."
effectively.
limit expansion
Republican charge that the bill
one
President
Willkie,
of the
written by Wendell
was
and
Commonwealth
Southern,
L.
and
J.
Wllhoite, Chairman of the Chattanooga Public Power Board, and said he
inserting the additional requirement that the basic minimum wage be not
lower than the minimum wage required
under the wage-hour law and
prepared the measure himself.
appearing in
dispatches
Washington
requires contractors to conform to
voiced
of any
vance
prohibiting employment of minors under 18 in occupations or Indus-tries designated as hazardous.......
6. Modifies the minimum wage provisions of the Walsh-Healey Act by
The
North
in
earmarked
was
"will force the TVA to return to Congress for approval in ad¬
wanted it,
but
such standards.
only objection raised against the bill during the Senate debate was
by Senator Taft (Rep., Ohio) against the blacklist provisions which
the surrender
TVA
with the statement that while it
to the House
the child
by permitting the employment of female minors
law
purchase of
counties
$7,000,000
Kentucky, foe of the TVA, offered the conference report
Chairman May of
of three years.
labor standards of the Act with the wage-hour
periods
Harmonizes
4.
protested
Republicans
including one confining
Wagner Act and prohibits them from bidding on Government
violated the
contracts
27
in
properties
addition,
deals.
blacklist of concerns found guilty by the courts of having
a
In
for loans to small municipalities participating in the
lines and $2,000,000
and the construction of ships and float¬
equipment within the purview of the Act.
Provides
Southern
rehabilitating the properties and connecting them with TVA'S transmission
Brings contracts for services
3.
and
Mississippi.
and
$6,500,000 for the proposed
earmarked
also
measure
Commonwealth
Alabama
all Government contracts in excess of
applicable to
law
$4,000
law
The
other
following particulars:
the
in
by the Senate would modify existing
the bill approved today
Committee,
law
1939
July 22,
the
"Wall
Street
Journal" of July 20, reporting on Mr. Lillienthal's remarks,
said:
V '
•
V\
.
.
said
he
hold
since they
"unfair"
were
companies
from
contracts
would require that the Secretary with¬
which
might
have
violated
the
Wagner
unknowingly.
Act
charged
that
that
amendments,
which
blacklist
the
provisions
were
less
stringent
than
-
the
because they require that before a concern can be placed on
blacklist there must be a court finding that the Wagner Act had
Under
been
violated.
may
deny contracts
The
when
issue,
which
Senator
law, he stated, the Secretary of Labor
her discretion to companies violating the Govern¬
in
Act.
Contracts
ment
the present
When
Danaber
Senator
Walsh
hibition
against
up
passage
Conn.)
(Rep.,
providing
bidding
offered
the
Secretary
that
for
of the bill
contracts
an
temporarily,
amendment
may
earlier
than
was
accepted
.terminate
three
settled
the
yegrs
a
has permanently removed the grounds on which
by the courts to have violated the Wagner Act.
finding that the concern
it
had
been
held
The only other amendment
Ore.),
or
adopted
was
able to enter a new phase of
Wis.)
(Rep.,
from
which
the
offered
law,
amendment
an
but this
was
to exempt
rejected without
a
dairy
record
products
that
Lilienthal
Observers here
would
mean
emphasis could
more
of the project.
phase
new
However,
less emphasis on public power development.
any
the
would then be
inclined to believe that the so-called
were not
said,
10-dam system is
the Authority
TVA activities in which
be placed on the soil conservation aspects
it is recognized that the T VA has no strictly new expansion program under
and,
way
matter of fact, will be able to undertake little or no new
as a
of
extension
or
its
without
area
specific
congressional
authorization.
Transfer of the private power company properties will bring the revenue
of TVA to
a
operation
is
level of about $12,000,000 gross during the first year after the
completed,
compared
with
for
$6,000,000
this
Mr.
year,
He estimated that eventual gross revenue of the project
Lilienthal said.
would approximate
that offered by Senator Holman
declares the
law ,to be inoperative in event of war
other national emergency proclaimed by the President.
Senator Wiley
(Rep.,
;
Mr.
consummated,
are
TVA director added
The
concerned.
by
pro¬
upon
transactions
these
TVA marketing program will be complete so far as the
construction
held
He added that
Power Co. and Mississippi Power Co., both
C. & 8. subsidiaries, will begin next week.
present law
the
parties to the contract in the immediate future.
are
negotiations with Alabama
the provisions were "a kind of blackmail" to force
compliance with the Wagner Act, and told the Senate that if a stronger
penalty were needed to make concerns comply it should be placed in the
Wagner Act and not in the present bill.
It
was
contended by Senator
Walsh (Dem., Mass.), sponsoring the
He
Lilienthal said he expects to receive the signatures of the 38 cities
Mr.
$25,000,000
a
year.
Mr. Lilienthal said that some of the bonds to be issued for the raising of
funds to enable cities to take over local power systems were
at low interest rates.
*
.
,
being marketed
.
.
.;
.
producers
vote.
Bill
Passes
House
to
Codify and Coordinate Patent
Report Stresses Growing Im¬
portance
of Trademarks—Other Legislation on
Same Subject Pending in Congress
Laws—Committee
Senate Approves
Cotton Insurance Bill—Extension of
Program to Tobacco Growers Studied
The Senate
July 19 approved and sent to the House for
Bankhead-Jones bill, which extends to
farmers crop insurance in the form
already made
on
consideration
cotton
The
the
available to wheat growers.
The bill as passed by the Senate
an
amendment which directs the Federal
Crop
Insurance Corp. to make a special study of tobacco to de¬
House
of
Representatives
to the Senate
sent
and codify the
the Lanham
Nation's patent laws.
includes
to the House the Committee
termine whether it would be feasible to include it under the
insurance program later.
and added that
The program is
supposed to operate without cost to the
Government, except that the Department of Agriculture is
to receive an appropriation to finance the administrative
operations required.
The measure as passed authorized
$6,000,000 in this purpose, a like amount having been ap¬
propriated for the first wheat program.
ject
of
trade-marks
to
The House and Senate
on
July 14 approved legislation to
Valley Authority to purchase from the
Commonwealth and Southern Corp. utility
properties in
three Southern States, and authorized the TVA to issue
$61,500,000 in bonds to finance the purchase of the prop¬
erties.
The compromise
legislation was sponsored by
Representative May of Kentucky, and was referred to in
the "Chronicle" of June 15, pages 342 and 343.
The House
approved the conference report on the bill by 208 to 145, and
the measure was then sent to the
Senate, where it was
approved without a record vote, and then was sent to the
White House for the signature of President Roosevelt.
As a consequence of the
completion of legislative action on
the bond issue, representatives of the various interested
groups conferred early this week on an extension of the
contract of TVA and local
public agencies to acquire the
Tennessee properties of the Tennessee Electric Power Co.
The original deadline for consummation of the Tennessee
enable the Tennessee
Electric
Power contract expired
on June 30.
On July 18
Willkie, President of the Commonwealth &
southern Co. (parent of the Tennessee
company) was able
•a?nounce
^ an agreement had been reached under
which the transfer of the
properties will be effective Aug. 15,
the price of $78,600,000
remaining unchanged.
The day
folio wing, TVA Director
David E. Lillienthal, after a
White House
conference, also announced the consummation
Wendell
L.
of the deal.
of
the
adoption of the
Commerce"
results,
Washington advices of July 14 reported
by Congress, in part as follows:'
Senate bill to
for
which
$100,000,000 bond issue proposed by the
$61,500,000, the House figure, and earmarked the
purposes
the proceeds
could be
used.
the
•
monwealth
and other
in making this purchase.
municipalities
much
was
things
good
dispense
make
to
bill
with
to
simplify
technical
simple
It
also
was
pace
with
pointed
changed
In
of
the
It
30
to
it
make
of
registration
inexpensive,
and
more
arbitrary
relief
pro¬
against
explained.
trade-mark
concerning
protection
years,
dealing with
unfair
a
trade-marks,
party to a number
commercial
names,
competition.
explained that these conventions
question
and
this, the United States has become
conventions
repression
was
their
that
usefulness.
and
was
ideas
their
but that the statutes have not kept
development.
commercial
addition
the
that
out
the past
international
and
"a
in
and
Acts
present
prohibitions
and
infringement prompt and efficient,"
have
the
demonstrated
is
mere
procedure
in
beneficial, the report stated that the bill
which have
this
of
purpose
to
visions,
have been ratified,
but there is
to whether they are self-executing, and whether they do
implemented by appropriate legislation."
The bill, it was explained, attempts to accomplish five
specific reforms
present trade-mark legislation, as follows:
as
not need to be
'
in
To
1.
2.
To
statutes
in
|•.
American
8.
trade-mark
by statute
out
carry
their
to
existing
*
V
To
that
all
put
lation.
traders
marks
in
foreign
which
to
modernize
the
they
countries
piece
legis¬
of
V'.commitments
V
the
may
secure
to
the
end
protection
entitled.
are
trade-mark
single
a
,
international
our
statutes
so
that
they will conform
to
legitimate present-day business practice.
The remedy constructions
4.
in
several
instances
constructions
is
by
5.
have
obscured
become
legislation,
it
of the present Acts which,
and
perverted
it is said, have
their original
These
purpose.
ingrained that the only way to change them
is. pointed out.
so
Generally to simplify, trade-mark practice, to secure trade-mark own¬
the goodwill which they have built up and to protect the
public
imposition by the use of counterfeit and imitated marks and false
in
ers
from
trade
descriptions.
While
is
not
the
the
V
is
measure
related
the
to
Temporary
with
of
extreme
program
National
of
importance,
patent
Economic
the Senate.
it is pointed
reform
Committee
in
out
legislation
its
that
outlined
filed
report
it
by
today
-
•
Several
bills dealing with the same subject which were
by Congress July 6 were outlined as follows in
the Washington "Post" of. July 7:
on
Five
bills,
Committee
indorsed
The
The bill set aside
$46,000,000 as
TVA's share of the $78,600,000
contract for public purchase of Com¬
and Southern's Tennessee
Electric Power Co.
The TVA is
acting in association with Chattanooga, Nashville
the
importance,
added:
the whole, have been
on
liberal,
measure
The compromise reduced the
growing in
constructive study of the subject had been
Stating that there
acted
Associated Press
steadily
was
reported
was
revise, modernize and codify existing laws and to
"simplify and render inexpensive and more certain the pro¬
tection of this exceedingly valuable property right."
A
Washington dispatch of July 17 to the New York "Journal
"The
Adopt Conference Report Enabling
Buy, Properties of Commonwealth and
Southern Corp.—Authorize
$61,500,000 Bond Issue
to Finance
Project—August 16 Set for Transfer of
Properties
TVA
a
When it
Patents stated that the sub¬
on
made to
preserved
House and Senate
July 17 adopted and
on
bill, designed to coordinate
as
the
all
recommended
hearings,
were
Senate
bills,
described
"direct outgrowth"
provide for
the
is
filed.
by
the
Commissioner
House,
while
Coe
at
two
Monopoly
others
were
by the Senate Patents Committee.
two
of
by Patent
passed
life
a
of
new
a
patent
to
by Chairman
O'Maboney of the TNEC
of testimony given before the
Circuit Court of
20
Patent Appeals and
years
from
monopoly
group,
for the limitation
the date when
the
application
Volume
The 20-year
is
intended
The Commercial & Financial Chronicle
149
restriction, said Chairman
to
invention for
application.
the
stop
The
new
five
the bills
stirred
Mr.
Coe
file
patent
A
the
House
that
the
his
is
final
a
patent
the
his
period
limit
patent
a
within
hearing
Commissioner
his
letters
Another
the claim
he
is
of
right
month
a
requires
two
on
the
within
year—instead
a
have
may
eliminates
in
and
two
the
of
one
contested
the
fifth
bill
years—between
steps in
another
cases;
gives
that
a
years—after the
only
inventions
bill, also passed by the House, gives the Patent Office a
for
classifying patents, consisting of at least
three
25
examiners.
V
'
Hatch Clean Politics Bill Passed
by House
authority to interfere in or
presidential or congressional elections, and fixing
severe penalties for
exploitation of relief workers, was passed
after midnight,
following a 13-hour fight.
affect
The bill is in somewhat different form from
the
sent
passed
one
back to that
may be necessary
to iron out the differences in the
two bills.
Previous refer¬
ence to the bill was made in
our issue of
July 8,
200.
page
Washington dispatches to the New York "Herald Tribune"
July 20, bearing on the passage of the bill said:
A
combination
steadily to defeat
of
a
Republicans
Judiciary Committee
sonnel and its
and
conservative
and
designed to soften its effect
participation in
on
operated
by the House
The major difference
between J-he bill as approved by the Senate and
by the House tonight is contained in what has been Section
9
what Senator Carl A.
Hatch,
Democrat, of New Mexico, author of the
has called the "heart of the bill."
measure,
provision
members
was
of the
liberalized
Cabinet
and
to
As approved
the
exempt
President,
This amendment, offered by
Representative John J. Dempsey, Democrat,
Mexico, and in agreement with Senator Hatch, which assures his
Senate,
adopted by
was
as
it stood
as
the result of the action
follows:
Section
1 makes unlawful the coercion or
intimidation of any person by
another person for the
purpose of interfering with his right to vote for
the candidate of his choice in
elections to choose Federal
officials, including
Presidential electors.
Section
to
2
forbids
his official
use
any
person
employed in
authority for the
purpose
administrative
an
position
to choose Federal officials.
Section 3 prohibits the promise of reward or
employment as consideration
for the support of, or
opposition to, a candidate or political party.
Section 4 makes it unlawful to
deprive any person of position, work, or
benefit made possible by Acts of
Congress appropriating funds for work
or
relief purposes on account of
race, creed, color, or political activity.
Section
well
as
5,
the
as
amended
solicitation
by the committee, forbids the receiving of,
of
money
for
political
purposes
appropriated for relief.
Section 6 prohibits disclosure of lists
political purposes
and
Section
or
in his
the
or
the
or
names
has
for
right to
8
been
political
*
•/
7 declares
that
no
part
of any appropriation
for
a
fine
of not
work
more
than
$1,000
or
the criminal code and
the measure, contending
consistency vote its retirement pay for its
with
not
had neglected
extend the
to
Social
passed by the House late in the day.
was
compulsory retirement
House
Security system to
age
As approved, it changes
for Civil Service workers from 62, 65 and
These groups represent those in hazardous
Adopts Trust-Indenture
Bill
designed to protect buyers of
through full disclosure of the pro¬
visions of trust indentures was
adopted unanimously by
the House on July 19.
As the House Interstate and Foreign
substituted its bill for the
Barkley
bill passed by the Senate, the measure must
go to conference
said the New York Times of
July 20 from which we also
take the following:
The bill is
mission,
and
based
it
findings by the Securities and Exchange Com¬
only for full disclosure of trust indenture
upon
provides
not
provisions at the time of sale, but for the life of the securities.
Representative
was
Cole
of
Maryland,
in
charge
of the
Republican, of Illinois, said it would prevent
said
measure,
forward step in protecting
security holders, and Representative
it
Dirksen,
precipitate decline in security
a
prices in the event of future depressions.
The committee said the
Barkley bill, which
1.
issue
bill had the
new
same
primary purposes of the
were:
To provide full and fair disclosure, not
only at the
j,lme of original
bonds, notes, debentures and similar securities, but throughout
of
the life of the securities.
2. To
provide machinery whereby such continuing disclosure
may
be made to the security holders, and
whereby they must get ground for the
protection of their
own
interests,
,
3.
To
that
assure
the security holders
indenture
1
*,
will have the services of
now
observed by the
more
a
dis¬
to
and that such trustee will conform
trustee,
"high standards of conduct
the
conscientious trust
institutions."
The committee said, in reporting the bill, that the item
of registration
of more than
did not prevent the registration
$2,000,000,000 securities in the
two
years prior to
June 30,
1937, and it did not believe the "drying-up" of public financing
was
due
in any part to this cause.
Operation is Described
Instead, the report said, such
,
"drying up" must "therefore be due
other causes, among which may well be lack of investor
The
committee
report
method of operation
"The
was
bill proceeds
to
confidence, and it is
practice
This
committee
are
explaihed
explained
the
as
complicated bill at
length.
The
follows:
the theory that the deficiencies in corporate
largely due to deficiencies in the trust indenture itself.
upon
believes
that
the
remedy is to
proper
correct
these
de¬
ficiencies in the trust indenture, and that the appropriate time to
correct
those deficiencies is before the bonds are publicly offered in interstate
com¬
merce or
through the mails.
If this is done, it is blieved that the enforce¬
ment of the
provisions of the indenture may appropriately be left to the
bondholders themselves, without continuing supervision by a governmental
agency.
"The bill reported by the committee has the approval of the Securities
and Exchange Commission.
special committee
on
Every draft of the bill
was
scrutinized by the
mortgage trusteeships, which was appointed by the
American Bankers Association and is composed of the trust officers of 14
trust
institutions in
vised that
various parts of the country.
and does not oppose its adoption.
American
The committee is ad¬
majority of that committee believes that the bill is workable
a
Bankers
approval of
Association.
That is also the official position of the
In
addition,
the reported
bill
has
the
special committee of the
National Association of Mutual
Savings Banks, which is interested from the investor standpoint."
a
The reporting of the revised trust indenture
House
by the House Committee
Commerce
was
bill to the
Interstate and Foreign
noted in these columns July 15, page 342.
on
House
Completes Action on Bill Setting Minimum
Production, Under Federal Control Pro¬
gram, at 10,000,000 Bales—Measure Sent to White
House for
Signature—Bill Extending Time for
Calling Corn Referendum also Sent to President
Cotton
seven
does not
come
a
misdemeanor
as
within the definition of
defined
a
9 forbids any person
employed in any administrative
felony
or
super¬
visory capacity
by the Federal Government to use his official
authority
influence for the purpose of
interfering with an election or affecting the
thereof,
upon
pain of removal from his office.
The House on July 18 completed action on a bill, passed
by the Senate June 30, fixing annual cotton production under
the Department of Agriculture's control program at not
less than 10,000,000 bales, as compared with the present
minimum of 12,000,000.
The measure was sent to the White
House
Votes
to
Change Civil Service Retirement Age
But Refuses to
Approve Extension of System to
Congressmen
A bill
own
groups.
relief,
imprisonment
both for violation of any of the first
punishment prescribed by the section is that of
House
retired by their
to coerce or restrain
any person
contained in the code.
Section
were
He said he had known of
many such
The Trust-Indenture Bill,
bonds and other securities
The committee amendment strikes out the
language
in this section to the effect that violation
shall be deemed a felony.
The
results
when it
70 years, to 65 and 70 years.
sections of the bill.
or
elderly members who
of service in the House.
vote at any election.
prescribes
for not more than one
year or
in
Service
occupations and those in clerical positions.
of persons on relief for
names
receiving of such lists
public works projects shall be used
Section
that
as
,
■purposes.
relief
other
of interfering with, or affect¬
ing, the result of elections
relief
Congress could
members
trust
House
Civil
Representative Rees, Republican, of Kansas, and Representative
Harter,
vote of 187
a
to 103.
A brief description of the Hatch bill
Republicans.
the
believed this bill will tend materially to restore such confidence."
of New
the
years
by the House,
~
support in the conference with the
of
by his committee in the
Republican, of New York, led the fight against
Vice-President,
policy-making officials of the government,
including diplomatic officers.
of
of
cases
expense under the present securities Acts
agreed to
this
the plan was recommended
by their constituents.
or
during his 30
cases
cam¬
paigns.
or
"hardship" in the
disability,
the Federal per¬
political party management and
any
most of the
chairman
Representative Sabath of IUinois, dean of the House, said he would
not
take advantage of the plan, but nevertheless
urged adoption to prevent
interested
Democrats
series of amendments written into the bill
Georgia,
Commerce Committee
-
The Hatch bill to
keep politics out of relief passed the
House July 20
by a vote of 242 to 133, a few minutes after
the House, voting
by roll call had refused to recommit the
measure.
The bill which is intended to bar Federal adminis¬
trative officers from
using their
by the Senate April 13, and so has been
body.
It is expected that a conference
of
interests of members who devote their lives to
representing their districts
and have no other income
upon which to retire.
of
applying
force
assistant chiefs and
Committee, said that
leeway—
and
-
another
Ramspeck
of the
payment
year's
a
public
patent.
permanent
decisions
speedier
substantial number of Democrats and
The bill
the prior inventor
appealing
requires
inventors
making
a
Representative
that
Patent
months.
with
He conceded,
winter
last
question.
answer
six
of
Chair¬
yesterday stoutly maintained that
the
gives
but
Committee;
495
Speaker Bankhead voted for the plan to extend system to
Congressmen—
[Ed.] but Representative Ray burn, majority leader, voted against it,
along
is
patents
application
work of his committee.
applicants
present
bill
fee;
of
Still
all
during the period
limit
Monopoly
the patent
measures
application
Office
instead
of
term
an
granted.
third
Patent
the
protected
Committee's
public interest in
the
of
to the
Committee
Monopoly
wishing to contest
person
must
the
up
demand
for
by
the result of 14 years'
that
instead
is
of
while retaining the 17-year term fqr granted patents.
'■
bills, also aimed at speeding up the patent process,
of
One
said,
control
private
out
House
were
however,
he
but the inventor
Sirovitch of the Patents
man
to
law,
dragging
Some inventors, he said, take advantage of this period
recommended
were
from the time of filing the first patent
as
endless delays to prolong it.
Mr. Bone explained, would
up
bill,
to three years,
The
years
years;
patent is pending.
by conjuring
of
40
present
Under
technically 17
practice
much
as
Bone of the Patents Committee,
changing the compulsory retirement age of Federal
workers, was passed by the House July 14,
section permitting members of
Congress to partici¬
for
minimum
President
will
become
Roosevelt's
effective
for
signature.
the 1940
Service
York "Journal of Commerce" made the
after
a
on
had .been deleted.
approved by a teller
The
vote
of 119 to 73.
The following describing the action of the House on
the
bill, is taken from the New York "Times" of July 15:
new
The
originally (on May 22) stipulated a minimum of
11,500,000 bales, but has now agreed to the Senate figure of
10,000,000. A Washington dispatch of July 18 to the New
Civil
pate in the retirement system
elimination of the provision was
The
crop.
House
following
comment
the legislation:
The purpose of the legislation is to circumvent the
requirements of the
present
law
which
direct
national
quota
supply.
Stocks of cotton
on
the
the
basis
Secretary of Agriculture
of the expected
are so great
that
a
would have compelled the establishment of
the
10,000,000-bale level fixed in the bill.
indicated
to
establish
the
consumption and
strict enforecement of the law
a
national allotment far below
The Commercial &
496
Bankhead (Dem., Ala.), the level established by
that which has been in effect for the past
According to Senator
the measure will be the same as
Agricultural Adjust¬
ment Administration program were voted by the Senate today.
The
Senate passed and sent to the White House a bill to give the Secretary an
additional 30 dayB within which to determine whether a referendum of
corn producers should be held and
providing further that corn producers
who stay within their marketing quotas shall have the privilege of being
Meanwhile, two other
100% of their production.
market
able to
fundamental changes in the
which still needs the
The other bill,
approval of the House before final
also the privilege of marketing
extends to wheat producers
action is taken,
100% of their production if they stay within their
The first bill is regarded as of major importance
quotas.
and is believed in some
quarters as being an indication that there will be no corn referendum held
this year.
Under its provisions the Secretary will have until Sept. 10 to
make the decision whereas under present law the decision must be made by
hearings
its
Division of the
intention in its
present inquiry into the building industry is to bring about
nation-wide price reductions in an effort to stimulate con¬
struction activity.
General Robert E. Wood, Chairman of
Sears, Roebuck & Co., told the committee on the same day
that "exorbitant" land costs, union restrictions, and an
"alliance" among building material dealers kept housing
construction in large cities beyond the reach of moderate
incomes.
In
:
of the Department of Agriculture has
September corn crop estimate
has been as much as
the September
fallen
drop
that
will be below the August forecast because of
by 100,000,000 bushels and in 2 years the
200,000,000 bushels. This year indications are
below the August estimate
estimate again
the drouth that has swept over
the corn areas of western
Kansas and eastern
Date of Prohibition Against
Banks Serving as Officers of
Extends Effective
House
Officials
Member
of
Other Banks
the
tlie effective date of the 1935
bill postponing
Senate
other bank was passed by the House July 17.
Under the existing law this prohibition would
become
of any
The ^Senate bill, passed on June
19, proposed an extension until Feb. 1, 1944, which was
amended by the House to Feb. 1, 1941.
August 1 next.
Voted
by
House—Resolution
Sponsored by Rep. H. W. Smith
NLRB
the
Investigation
Relations
of 254 to
134.
The resolution for the inquiry was sponsored by Repre¬
sentative Howard W. Smith (Dem.) of Virginia, and was
strongly opposed by the New Dealers. A coalition of Repub¬
broad investigation of the National Labor
was voted by the House July 20, by a vote
Board
licans and conservative Democrats is said to have
been
re¬
sponsible for passage of the bill which provides that the
inquiry be conducted by a five-man investigating com¬
Washington dispatches of July 20 to the New York
"Times," reporting adoption of the resolution, said in part:
The action
on
the Labor Relations Board came
mean
ducting its
a
a
special investigation
"slap in the face" for them. That committee has been con¬
own
inquiry into board activities.
standing committee had been "stalling" the inquiry to prevent consideration
at this session of amendments to the
propriate legislation
upon
cisions and interpretation of the law, particularly
labor organizations and its dealings
2.
What
decreasing
of
installation
houses
the
that
fact
the
was
Roebuck & Co.
these:
"
-
as
between employer and employee.
building
control, control of sale methods
In direct contradiction of the broad intent
patent laws to encourage, through Inventions, development and spread of
limits upon
and
of the
new
2.
the quantities sold,
productive methods.
Distribution of building materials—Two kinds
of restrictive practices have
services by estab¬
and the price at which they
Second, distributors' efforts to see to It that all business passes through
hands and that no new methods are introduced which may dispense with their,
.First distributors try to raise the priee of their
been uncovered.
lishing a fixed mark-up between the price they pay
their
services.
for service by setting up closed
outside contractors or new types of services.
3. Contractors—Efforts to control their charges
markets from which they exclude
Labor—Refusal of unions to permit the use of new products or new processes
4.
it possible to erect a house with
because of fear that the new method might make
fewer hours of labor.
Legislative restraints of trade—Municipal building regulations which apply
method of rating bidders according to vague standards interpreted by the con¬
5.
out-of-State
thereby handicapping out-of-State contractors and
;
'
tractors themselves,
products.
-
.
.
.
Boycott of Standard Products
in
straints
is
big
problem
unreasonable
of
re¬
but is the boycott of standardized materials:
by
ordinances
State
and
but
believe
laws,
whether
it
by labor,
in reality
contractors,
many
protective tariffs
the
the building industry."
in
purpose
or
adequate to accom¬
principles of the anti-trust laws are
economic
an
by
manufacturers,
is done by
vertical com¬
by municipal
of which
are not building
against other parts of the Nation.
equally illegal
said, "is
he
binations,
plish
the
that
stoppage of the flow of competing materials and services in com¬
merce,"
"I
committee
building industry today is not primarily whether a concern
the
little,
or
the
told
Arnold
regulations,
employee, upon increasing or
i'\'1
.
materials to establish restrictive structures of price
effect, if any, the Wagner Act has had upon "increasing or
disputes between employer and
Mr. Arnold said,
program,
1
•
1. Producers of building materials—-Activities of owners of patents on
"The
with respect to the defini¬
Chicago.
built in
have been
to
between labor and contractors preventedplumbing and heating equipment in
agreements
Sears,
High points of the Department's prosecution
are
the following points:
tion of the term "interstate commerce," and in its dealings with different
of houses 60 miles outside of
group
a
sold for $3,100 to $3,200.
The company had to abandon
an
attempt to build the same type homes in Chicago when it was found
that cost would range from $4,800 to $5,000.
The difference, he stated, was large in labor and other items, exclusive
of land.
One of the major items, which figured in the increased cost
Chicago which
Mr.
Whether the Board has been fair and impartial in its conduct, de¬
constructed
recently
Roebuck & Co.
Wagner Act, the ultimate aim of the
be named next week by Speaker Bankhead, to investigate and report ap¬
#
large cities, Genera] Wood said that Sears,
between small communities and
Labor Board's opponents.
The resolution authorizes the five-man committee, which is expected to
\
i;
in costs of building as
^
wide disparity
instance of
specific
Citing a
a
Advocates of the Smith resolution countered with accusations that the
building
large cities rather than in
Arnold.
Mr.
despite the assertions of
members of the Labor Committee that to authorize
Chairman of the Board,
company
Wood,
Robert E.
Roebuck & Co., told the committee that experience of his
field of low-cost housing construction has shown that high
exiBt in
sell.
mittee.
Experience
Wood Outlines
General
time,
same
smaller communities.
High costs, he declared, are largely the result of excessive union wage
scales, price-fixing agreements on materials, and various "labor restric¬
tions."
His testimony in this respect largely
supported the views of
private bankers or as directors or officers
from serving as
effective
Sears,
in
costs
Banking Act provision which would prohibit officers and
directors of member banks of the Federal Reserve system
1.
enforcement.
E.
R.
At
first time such step has
law
of anti-trust
years
of the building industry
been undertaken in 50
problems
the
attacking
scale—the
national
a
on
in
recently,
Congress
Committee,- Mr. Arnold
of the Department to use all the resources
which were doubled in appropriations by
division,
"trust-busting"
its
Investigating
Monopoly
before-the
Testifying
indicated that it was the intent
of
Missouri.
would
July 7, a Washington
the New York "Journal of Com¬
of the testimony, on
summary
a
dispatch of that date to
10-year preiod the
that in 4 years out of the last
Observers have noted
A
told by
July 7, the committee was
on
Arnold, Chief of the Anti-Trust
Justice Department, that the Department's
Thurman
merce" said:
Aug. 10.
A
municipalities to solve it
problem as largely local and urged
cooperation with industry.
in
At
two years.
July 22, 1939
Financial Chronicle
decreasing employment and upon the general economic conditions of the
Henry
country."
What amendments
3.
effectively
carry
out
are
desirable to the Wagner Act "in order to more
the intent of Congress, bring about better relations
between employer and employee, and what changes, if any, are desirable in
the
personnel of those charged with the administration of said law."
4.
Whether the Board has by interpretation or regulation attempted to
write into the Wagner Act intents and purposes not justified
guage.
5.
by the lan■
,
Whether
or
not
Congress
should
by legislation further
on
or not
the subject of the relationship between
the employer and employee.
York,
rise
to
to
to
President
the
at
interest
Advices
ditions.
Taking
and
sharp
lending
in
that
the
in
his
of
rate
would
have taken
Labor Committee
brought to the House floor, language which
Wagner Act legislation out of the jurisdiction of the
was
stricken, and under the resolution
as
the special committee's
recommended legislation must go
it
was
adopted,
before the Labor
Committee.
j..
record
view
of
the
k°r Committee, bitterly
of its sponsor,
attacked the resolution and the "labor
Representative Smith.
a
who
persons
market
than
a
^rii?J.lon Industry—Assistant Attorney
Testifies
Before
Economic
scribes
General
Hearing of Temporary National
Committee—General R. E. Wood De¬
Exorbitant"
adjourned! July 14. Dr. Theodore J. Kreps, economic
consultant to the committee, issued a statement
at the con¬
clusion of the hearings, m which he
described the housing
Commerce"
of
from
is
reduction
Testifying
In
banks
that
Dealers
charges on loans for home
stimulate building, Mr. Bruere
to
would have little
move
a
New
some
interest
or
effect
no
Beginning to Stiffen
business
of
state
and
industry,
which
has
he said, there is
be
induced
to
definite limit
a
purchase
homes.
the number
upon
added
He
that
the
"stiffen" and that it would take more
charges to materially increase the market for
beginning to
in
interest
before
of
in
for
for
a
so
he
said,
today
He
said
and
in
the
company
Borough
planned
Metropolitan
The total investment
the
of
and built
the
W.
described
apartments
has
low-cost housing development
far
Frederic
also,
Co.,
that
Insurance
residences
313,808 families.
constructing
project
Life
field.
housing
181,894
addition,
outright
the committee
Metropolitan
the
furnishing
was
completely
Bronx
has
Viceof
his
provided
accommoda¬
$1,240,683,182.
financed
Long Island
in
Ecker,
activities
and
owns
City and is
the largest
States.
integral
now
housing
in the United
Building Costs
Hearings of the Temporary National Economic Committee
on the building: construction
industry which began June 26
were
due
is not
ownership.
President
tions
can
already
company
Hamper Con-
activity
substantial part of the mass market of employment and reduced
financing
Thurman Arnold
Says Trade Restraints
such
present
of the people,
of
6lash
attempt
opinion
incomes
home
Representative Mary T. Norton, Democrat, of New
Jersey, Chairman
on
activity.
Market
In
of
contentions
should
further
a
deprived
was
"Journal
the
with
issue
institutions
construction
upon
testify.
Bank
committee
present economic con¬
charges but to
to
The resolution allows the committee to sit at
any time, and to subpoena
Before the resolution
Savings
Bowery
before the
the
Washington, July 6, reporting this, continued, in part:*
witnesses and records, and to invoke
penalties against any person for refusal
to
of
hearing
year's heights of
previous
excessive
declared
Powers Given to Committee
Bruere,
New
July 6, stated that the failure of the construction industry
define and
clarify the meanin'g of the term "interstate commerce," and whether
further legislation is desirable
of
Grand
to
fDiat
cities is
Jury Investigations of Construction Industry
Be
Instituted by Department of Justice
the
to
building construction
be subjected
industry in
eight
or
to grand jury investigations,
being prepared by the Department of Justice,
was
10
now
revealed
Volume
by
The Commercial & Financial Chronicle
149
Attorney
General
Frank Murphy at his press confer¬
investigations, which are expected to
commence
in September, will be conducted in New York,
Detroit, Cleveland, St. Louis, and several other cities,
according to Mr. Murphy's statement.
The grand jury
action is to be taken against contractors, labor unions or
their officials, and any others who might be responsible
for "artificial prices" in the construction field, he said.
Advices from Washington,
July 13, to the New York
''Times," bearing on the investigations, said;
July
ence,
13.
The
The assay office is
The
anti-trust
described
is
drive
"a
as
unusual
with
racketeering and drive it to
expose
in
it
simultaneous
Declaring
tractors,
that
labor
Murphy dwelt
trade
the
in
constructive
that
building
the
move
first
in
else
unusual
single
a
various
against
was
the
anti-trust
in
wherever
the
on
industry,
undertaking for
the
prosecutions
and
restraints
is
"all
in
the Florida citrus industry.
The injunction was asked
by cooperative shippers, independent shippers and canners,
who requested that the entire citrus belt be declared free
features
industry
of
on
the
Nation.
con¬
Mr.
law
honest
Mr.
did
unions
in
connection
say,
York
New
in
and
with
the
that
Jersey,
Jersey side, could not be
was
it
as
to
alleged
World's
the
to
explained
been
practiced
attack
an
Mr. Andrews's
on
the
citrus
interpretation of the wage-hour
It
industry.
not
was
attack
an
the
on
Andrews
country,
from
the
from
of
only
packing
less
than
be
and
2,500
should
miles,
exempt
contended,
units
most
of which
many
wide
a
that
towns
10
fruitmen
industry,
held
in
or
within
from
plants
which
the
Florida's
of
the
in
are
processing
population
law.
This
packing
larger citrus
fruit
excluded,
and
centers
the
in
received
processing
and
draw
fruit
area.
by
Fair.
difference
higher
have
F. Andrews, wage-hour Adminis¬
Associated Press advices of July 5
itself.
Mr.
that the New York investi¬
question,
a
Elmer
Tampa
applied to
concerned."
restraints
however,
New
be
answer
include
not
did
need
man
Murphy said,
gation
He
union
The suit
front.
of
From
following is taken:
law
attacking
of
Among other things, he said, the department was looking into "kick¬
backs," described as sums of money paid back by union workers to con¬
tractors who
"pay" union wages.
The Attorney General declared that
"no
the
law,
method
new
control
trator.
created,"
are
nation-wide
a
the
the
violate
prices
from
undertaken
throughout
who
artificial
.
Federal Judge Alexander Akerman granted a
temporary
injunction in Tampa, Fla., on July 5 restraining the Gov¬
ernment from enforcing the Federal
wage and hour law
public,"
ever
.
Treasury Department and is subject to the
Temporary Injunction
Restraining Enforcement of Wage and Hour Law
Citrus Industry
Murphy
the
of
proceeding
cities
Mr.
which
benefit
individual in respect to this silver
as an
part of the
a
in
by prosecution."
cover
497
Federal Judge in Florida Grants
Calling conditions "scandalous" in the building industries of these cities,
Murphy declared:
will
perform any act
laws of the United States and the rules and
regulations of and instructions
of the Treasury Department.
Mr.
"We
to
mon
costs
in
building
reputedly
by "a
difference
of
between
costs
being
found
few
a
Anti-Trust
miles."
Spanish Nationalist Government Loses Suit Over $6,450,000 Silver Sold by Loyalists to United States—
Federal Court in New York Dismisses Plea for ReTurn of Coins
Against Milk Industry Dismissed in
Court—Government
Attorneys
Prepare
Appeal
to United States Supreme Court—Judge
Woodward Rules Sherman Act No
Longer Affects
Farm
Marketing
•
Judge Charles E. Woodward of Federal Court in Chicago,
on
July 13 sustained demurrers against criminal indict¬
ments
Judge Vincent L. Leibell of United States District Court
in New York City ruled on July 15 that the
Spanish Nation¬
alist Government, represented by the Bank of
Spain, has no
Suit
Federal
the
on
individuals and 14 corporations in the
which were voted Nov. 1, charging con¬
violate the Sherman anti-trust laws.
While
industry,
spiracy
the
43
against
milk
to
decision
considered
was
valid claim to the $6,450,000 in silver sold in this
country
by the Spanish Loyalist Government before its defeat in the
recent civil war.
The suit was instituted almost a
year ago,
and was publicly revealed by the
Department of Justice last
The Bank of Spain raised questions of sover¬
eignity, alleged unconstitutional acts by the Loyalist Gover-n
ment made charges of
forgery of Spanish State documents
and said it suspected that the silver transactions were con¬
ducted for the private gain of Loyalist officials and labor
ence
February.
milk
The litigation was not filed
directly against the United
States Government, the actual purchaser of the
silver, but
against the Federal Reserve Bank of New York and Sigmund
his
in
reverse
Gov¬
the
icle" of Nov.
leaders.
major
a
Solomon, Superintendent of the United States Assay Office.
Another defendant was the United States Lines
Co., which
transported one shipment of the silver.
In summarizing the decision, the New York "Herald Tri¬
bune" of July 19 said:
In the suits
against the Federal
He denied the alternative
of jurisdiction.
want
motion
for
The action against Mr.
a
summary
dismissal of the
Soloman
judge¬
for
action
dismissed
was
one
jurisdiction, the Court holding that the suit "in effect
against the United States, which has not consented to be sued."
>
The suits origianlly were brought
State and
in
Federal
in the Supreme Court of New York
Court, but all
were
later transferred to
States District Court here and the Department of Justice took
fense.
T.
a
the Unites
over
the de¬
Appearing for the defendants
were United States
Attorney John
L. Stimson, former Secretary of State, who acted as
General in the case.
John Foster Dulles
Oahill and Henry
Assistant
special
Attorney
represented the Bank of Spain.
The
Spanish claims
tion that the
were
based
principally
on
the insurgents' conten¬
not have the right to soli silver to
any outside power during a state of hostilities because the metal
was
mined
in actual and potential rebel territory.
United
St-tes Lines related to separate lots of the three
ship ments
the
comprising
3,334
The suits against the Federal Reserve Bank and
cases
total amount.
Each of the three shipments comprised
of Spanish silver coin weighing approxiamtely 5,000,000
troy
ounces.,
In the
event
the
against
Federal
that
the
bank
was
unable to
shipment arrived in New York
1939.
In
the suit against
July 2, 1938, involving
was
seded
a
by
Reserve
on the
return
the silver
to
plaintiff.
French liner Normandie
the United States
Lines,
similar amount and the
a
lot in
the
This
May 30,
on
shipment arriving
same amount
of damages
concerned.
of
ment
"If
the following grounds: that the silver involved
on
purchased by the United States in the spring and
former Republican Government of Spain
summer of
was
1938 from the
that to the extent of the 95% of
the
contract price, payment was made to the then Spanish
Ambassador
(Fernando de los Rios); that the silver is owned by and in the possession of
the United States; that the suit is in effect against the United States."
Tracing the
forth that
background of the
case,
Judge Leibell's opinion
set
forth
in
January, 1938, Ambassador de los Rios asked Henry Morgenthau Jr., Secretray of the Treasury, if the United States would make
the silver purchase and a
Rios then delivered
serve
Bank
a
letter
to
tentative agreement
the Treasury
was
reached.
Department and
Mr. de
to the
containing cabled instructions from his
Concerning the
case
against Mr.
individual,
he would commit
and paid for by the
it
,the Court
criminal act.
as
The silver
was
bought
Government of the United States and is
now
in part
of its monetary stocks
.
.
.
a
indicated that
Supreme
four
It
the
policy of the
Division
of
the
Depart¬
"wholly unwarranted."
does
that
restraints
beyond
are
not
of
the
Act
to
purport
trade
in
reach
deals
the
of
any
with
the
cover
the
whole
ultimate consumer."
Government
if
would
in
necessary,
returned
were
counts.
second
third
market.
that the
Marketing Agreement
the
Court,
One
non-competitive
The
the
Anti-Trust
as
mean
commodities
to
super¬
Agriculture to regulate
failure to exercise
declaration
a
a
Count
prices
charged
conspiracy
four
(made
charged
take
the
effort
an
the
to
case
to
have
the
last
paid
to
farm
collusion
to
shut
alleged there
public.—Ed.)
conspiracy
a
in
Nov.
15.
was
fix
to
producers
fixing
independent
and
in
retail
maintain
the
prices
merchants
Chicago
of
out
milk,
of
the
plot to limit the supply of milk
a
coming into Chicago.
Among the defendants
City
Board
wagon
of
Health;
the
of
State's
drivers'
Dr.
were
several
Attorney's
Others
union.
Herman
of
his
police
named
N.
Bundesen,
assistants,
force,
President of the
Captain
and
Daniel
officials. of
the officers
were
of
the
Gilbert,
the
milk
Pure
Milk
Association, farmers'
the
and
heads
and
Lawyers
of
of
Borden
corporations.
representing
indictments.
that
organization supplying most of Chicago's fluid milk,
the large milk
distributing companies, including the
number
a
The argument
Loy N.
Mcintosh.
of
them
had
filed
cal, unfair, and
beyond the law when it prosecuted
for
under
deeds
all
which
but
Judge
and
the milk
gress
his
vested
of
said,
the
in
June
end
the
Act
individuals
and
firms
Secretary of Agriculture
demurrers to all the counts—one, two,
not subject to the Sherman law,
duplicated charges in the other counts.
He
industry is
why
the
anti-trust
He also referred
to
the
laws
new
be
cannot
applied
viewpoint taken by
to
Con¬
programs.
[control of
"powers
the
the
it
opinion,
this
attain
to
do.
to
milk
in considering farm market
Woodward
Act
in
industry.
Agricultural
upheld
the
three because
count
explained,
are
commanded
Woodward
four—because
and to
the
demurrers
that met with the approval of the court was
He contended that the Government was illogi¬
milk
in
interstate commerce]," Judge
with his duty and
responsibility
Under the Agricultural Marketing Agreement
commensurate
Secretary.
1937, the Secretary of Agriculture is vested with full and
enter into marketing agreements with both the
pro¬
ducers, handlers, and distributors of agricultural products.
"A study of the statutory policy from the Sherman
Act of 1890 to the
Agricultural Marketing Agreement Act of 1937 shows a constant and
plenary
3,
power
growing
tendency
marketing of
the
tion,
to
by
Congress
agricultural
to
control
and
regulate
products
through
the
administrative
Secretary of Agriculture.
Marketing Agreement
and
The
Act
whole
is
that
theory and
of
production
policy
Government
of
and
agency
the
of
Agri¬
control, regula¬
supervision."
Federal Court Rules for Swift & Co.
return
said: "If he (Mr. Solomon) were to attempt to comply with the demand
an
down
of
Secretary's
Government
Solomon, in which he is charged with
to
Chicago
been
had
being carried out."
would
Agricultural
indictments
milkshed.
cultural
and the Bank of Spain for the sale of the silver.
wrongfully detaining the silver and is demanded
the
law
reinstated.
were
arbitrary,
"it
by producers.
States
The
los
Federal Re¬
The
milk
Berge
There
that area, is
agricultural
distribution
indictments
and
in
he said,
of
all.
United
the
Berge, Acting Chief of the
of
of
Mr.
Secretary
that
Justice, assailed the decision
at
selling
field
Act,
upheld,"
distribution
law
and
commerce
in Chicago "is equivalent to
power
"To
In his decision, Judge Leibell stated: "The Government of the
United
States has appeared specially in each action and moved to dismiss the
com¬
plaint principally
interstate
Wendell
Bank, the plaintiff sought
one
Judge Woodward's ruling,
legislation empowering the
in
[agricultural]
was
action
damages of $2,150,000, the value of the silver comprising
original charges was contained in the "Chron¬
19, pages 3095-96.
Judge Woodward held that the Sherman anti-trust
involved, ap¬
were
the
summarizing
Bowman
In the action against Mr. Solomon, three shipments
the
In
Chief
Loyalist Government did
proximating $6,450,000.
to
"Tribune" of July 14 said:
on
the ground of lack of
is
to break up an alleged monopoly in the
milk trade, Government
attorneys indicated that it would
be appealed to the United States
Supreme Court.
Refer¬
Reserve Bank and the United States
Lines, Judge Leibell granted their respective motions for
ment.
ernment's attempt
The Court cannot require Sigmund Solo¬
Against Secretary
Wallace—Voids "Cease and Desist" Order of
1938
Charged Violation of Fair Trade Practices
Which
The
Federal
Circuit
Court of Appeals in Chicago on
"cease and desist" order by
Secretary
of Agriculture Wallace which had
been issued against the
July 17 set aside
a
The Commercial &
498
has
"was
r
other packers granted 95% of their
customers one week's credit.
Certain hotels and others received 30 days'
credit.
The court found that Swift & Co. did this to meet the competition
of purveyors who made a business of selling directly to hotels, steamship
lines and other institutional buyers; that the purveyors made a practice
and void as an attempt to abridge the juris¬
diction of the Supreme Court, guaranteed by Article VI,
Section 1, of
the State Constitution in force in 1938."
Associate Judge Irving Lehman, who wrote a dissenting opinion, stressed
his
shall not be
under no legal
Urge Speed in
$2,800,000,000 Spending-Lending Pro¬
gram—Amendments to Bill to Reduce Opposition
Government spokesmen this week urged Congress speedily
to enact
President Roosevelt's $2,800,000,000 spendinglending program,
while Congressional leaders agreed that
this
the chief obstacle to early adjournment.
In order to reduce
in its opinion, the hearing
substance."
summing up, the court found the cease and desist order "funda¬
mentally defective and in violation of the petitioner's (Swift & Co.'s)
rights in that it compels the petitioner, under the business facts disclosed
by the record, either to give up its lucrative business with institutional
buyers or to extend 30 days' credit to all its customers who can show a
credit rating substantially the same as that of any one of the institutional
customers, even the one having the lowest credit rating."
"It is an affirmative command to extend credit to all customers for a
term of 30 days or more or else withdraw from that part of the institu¬
tional trade which refuses to buy except on such terms of credit," the
"in form and
both
In
' '
said.
court
that
ruled
court
The
Secretary Wallace
posed a power at least as comprehensive as
Commerce Commission in its field" and which
"only
treating the packing
by
through his action "presup¬
the power of the Interstate
could be exercised effectively
industry as a public utility."
opposition in Congress to the bill Senator
suggested might lead to a week or two of debate.
There appeared to be some disposition on the part of Demo¬
cratic leaders to accede to Senator Mead's plan to attach a
rider to the bill containing his proposals for loans to small
business
in modified form.
Secretary of the Treasury
Morgenthau, and Jesse H. Jones, Administrator of the FedLoan Agency, and M. S. Eccles, Chairman of the Board of
Governors of the Federal Reserve System, strongly pressed
for the passage of the spending-lending bill at this session.
Mr. Jones said that if the program were adopted immediately
it would require many months to "get into high" on expendi¬
tures, while Mr. Mrogenthau said that delay would seriously
hamper the process of recovery. Mr. Eccles described
passage of the bill as indispensable.
Introduction of the
bill in Congress was described in the "Chroncile" of July 15,
disability to compete and who, by
The court said that,
fair hearing.
a
fair
was
measure
Barkley, Majority leader, indicated that amendments to
the bill would be agreed to by the Administration.
However,
the revisions did not satisfy the Republican Senators who
charted a course of opposition which Senator Townsend
of • the business in which they are engaged, must rely
upon normally fair methods of competition for business success."
With respect to discounts, the court ruled that Swift & Co., through
a
subsidiary, had only met its competition in granting price differentials.
The court held that Swift & Co. was wrong in saying that it had not
was
341.
Washington dispatch of July 17 to the New York
"Times," reporting the views of Jesse Jones, said:
page
*
^
A
Mr. Jones elaborated on the benefits which he said would accrue to the
railroads
from
the
proposal to
He visioned the proposal
operating in such fashion that the railroads would be buying equipment
as
Court of Appeals Sustains
Tribunals to Enjoin Labor Unions
Right of Lower
from Disorderly
Picketing—Ruling Is Issued in Case Arising from
Strike
Busch Jewelry Co.
at
Judge Irving G.
Associate
court's opinion observ¬
free speech, peaceful picketing
rights are fully protected by
responsible for disorderly conduct are
Hubbs, who wrote the
that unions which are
of such rights.
held
to
on
the
overenthusiasm
the
Judge Hubbs wrote, "there may occur
part of some of those engaged in picketing, owing
of individuals, for which acts the unions are not
strike
and
only to avail themselves
to
endeavor
disorderly
which authorize
the public, not
their lawful rights in a legal way, but also
laws to avoid the destruction of property,
assaults, breach of the peace, violence and
which they generally repudiate.
Unions
picketing are under a legal responsibility to
responsible and
a
on
to
of
uphold all
conduct,
personal
that responsibility, but delib¬
that the acts are illegal, advise
and encourage the commission of acts which are in violation of law and
result in disorderly conduct and breach of the peace, they are no longer
entitled to the benefits of special statutes enacted to protect them in the
enjoyment of their conceded right of peaceful picketing."
Reviewing the acts of lawlessness connected with the picketing of the
Busch
stores
in
May, 1938, during which "the companies repeatedly
appealed to the police for protection from the unlawful acts and were
repeatedly informed that the police were helpless to protect them,"
Judge Hubbs wrote that "the unlawful conduct was not that of individuals
acting from impulse and excitement, but were acts deliberately inspired
unions
not
only fail to live up to
erately, wilfully and with full knowledge
by the unions
and
conduct
"The
(Justice
of
the
strikers,"
the opinion
question a deliberately prepared, illegal
Cotillo) has so found."
Judge
could
went
on,
"was advised
in
plan
and the trial judge
Hubbs' asserted that "it is difficult to see how the trial court
more specific findings," and that "if a trial court can
have made
to endeavor to get
us
be," he said.
The authority contained in
the railroads to junk
un¬
equipment.
efforts in this direction it may be that we will make allowances
Such equipment could be scrapped and salvaged
more
We might suffer direct loss, if
reimburse
we
than scrap value, but eventually the roads would be able to
us."
Mr. Jones
was
asked if he thought it would be possible to spend $500,-
000,000 on new railroad equipment under the leasing process in three years.
The speed at which expenditures could
measure
of cooperation given
be made, he said, depended upon the
by the railroads.
It might be possible to
spend that amount in three years.
Facilities for producing rail equipment were
gram
adequate to push the
pro¬
He emphasized the value of the plan to
rapidly, Mr. Jones went on.
the less prosperous roads by saying
that the "better roads
financial aid at good rates" which the "poorer
can get necessary
roads cannot get."
that it would be adapted to meet the requirements of individual railroads
both in respect to the character of the leases
except the advantage which would
flow from the stimulation to work and
generally, he asserted.
"There
"and I
negotiated and the rates to be
The Government would seek no advantage in negotiating leases
charged.
are
»
great advantages in the
can see no
plan in this connection," he said,
bugs in it."
Legalistic requirements would delay operation of the full program many
after its enactment,
months
Mr. Jones stated.
advantage of immediate legislative action.
the electrification
portion of the program would be easiest to put into
operation, while the road program
get under
Therefore, he urged the
He expressed the opinion that
would probably be the most difficult to
way.
Mr. Morgenthau,
testifying
behalf of the bill before the
o.i
Banking Committee on July 18, said that it constitutes
a "realistic approach" to the Nation's economic problems.
His testimony was summarized as follows in Associated
Press, Washington advices of July 18:
Senate
"The important
thing about this bill," he read slowly from a statement,
"is that It will accomplish its objectives
or
to the
"At the
same
of persons who
The
without adding to the tax burden
public debt of the Federal Government.
time the national income
will be increased and the number
need to be supported out of public funds will be reduced."
Secretary, emphasizing that every
contemplated project had been
scrutinized to assure its self-liquidating character, listed the
objectives
as
these:
approved by them."
printed bulletins issued by the unions, and their illegal acts were expressly
approved in bulletins issued after they took place.
The record discloses
beyond
bill would enable
our
discarded equipment.
paid
fraud.
"When
deal of rail equipment is older than it should
by the Public Works Administration.
picketing,"
peaceful
minor disorders
new
"In
business
entitled to the benefits
"During
favorable rates.
Mr. Jones said there would be nothing rigid about the leasing program;
ing that "organized labor has the rights of
collective bargaining," and that "those
not
the
said:
and
law,"
"A great
on
"The average of rail equipment is over-age.
Court of Appeals on
of State courts to
Tribune"
instalment basis
on an
economical
July 11 upheld
enjoin labor unions from dis¬
orderly picketing.
The decision sustained the Appellate
Division in upholding an injunction issued by Justice Salvatore A. Cotillo of the State Supreme Court in June, 1938,
enjoining the United Retail Employees Union, Local 830,
an
affiliate of the Congress of Industrial Organizations,
from picketing stores of the Busch Jewelry Co. in New
York City.
The strike of employees of this firm was
referred to in the "Chronicle" of Jan. 28, page 522.
In
summarizing the decision of the Court of Appeals, an
Albany dispatch of July 11 to the New York "Herald
The New York State
the right
He
lease new equipment to the roads.
expressed confidence that it would appeal to many railroads which might
,
hesitate to negotiate ordinary equipment loans.
New York
Federal Reserve
of
Passage
nature
received
-
Secretary of the Treasury Morgenthau,
Chairman Eccles and Jesse Jones
that Swift and
those who are
Associate
the case.
not eit in
evidence showed that Swift & Co. "was faced
with the alternative of either extending at least 30 days' credit to the
institutional trade or losing such trade."
It added that the Packers and
Stockyards Act, under which Mr. Wallace acted, did not "authorize the
Secretary of Agriculture to put an end to fair and honest competition
very
prohibited."
except
opinion,
granting 30 days' credit.
court held that the
between
regarding the 1935 Act, but
in that a
picketing
All the other judges concurred in Judge Hubbs's
Judge John F. O'Brien, who was ill and did
with Judge Hubbs's opinion
agreement
pointed out that the decision was against "peaceful picketing"
modification of the injunction had been sought "that peaceful
The
the
disorderly conduct and
and effect it is to
dangerous, illegal acts which constituted
peace," and that "if such was its intent
extent unconstitutional
that
lines.
of
intended
never
breach of the
following Chicago dispatch of July 17
"Times":
The case-was an outgrowth of an investigation started in 1930 by the
Department of Agriculture of certain trade practices by Swift & Co. in
the New York area.
The department originally listed eight complaints,
later added two and ultimately dropped ail but three, which were the
subject of the "cease and desist" order.
Mr. Wallace issued the order of June 6, 1938.
In July, 1938, Swift &
Co. petitioned the court to set it aside.
The three charges against Swift & Co. were that it had granted credit
discrimination, given unreasonable preferences in the form of price dis¬
counts, and had made unfair and unjust discriminations on a weight basis.
It was alleged that the packers had committed these breaches in dealing
with certain New York customers, notably in favoring hotel and steamship
said
*
876-A of the Civil-Practice Act, enacted in 1936,
to deprive the Supreme Court of jurisdiction to
that Section
held
enjoin
New York
court
case#"
He
summarized in the
The
a
carried
been
(Such
1939
injunction against continuing picketing where the picketing
on with violence and will be in the future, this is
grant an
ever
Co., and cleared the company of
unlawful practices. The Federal
Court decision suggested that the Agriculture Secretary
had exceeded his authority in
issuing the order. The
opinion was rendered by Judges J. Earl Major, Walter E.
Treanor and Otto Kerner.
The case and the ruling were
packing firm of Swift &
Mr. Wallace's charges of
to the
July 22,
Financial Chronicle
"To
give employment in private
industry to at least one-half million
persons.
"To stimulate private
enterprise.
"To increase the real wealth of the
"To
Mr. Morgenthau
world
Nation.
provide additional investment opportunities."
conditions.
attributed part of the need for the program to disturbed
Volume
The
149
"International economic relationships," he said, "are
lack of free exchange with which to conduct normal
trade suffers from the lack of purchasing
of the world with which to buy
As
soon
Mr.
as
could export."
Democrat of
that the loans would
the products the United States
Morgenthau had finished, Senator Adams,
Colorado, of the committee challenged his assertion
not add to
"I
%'No
the public debt.
for
will be held
case
Hearings
in
Associated Press advices ap¬
pearing in the Washington "Post" of July 12 said:
Southern
Congress is not satisfied they
demands
can stop
"It may well turn out to mark a transition point in the
"In times like the present it therefore becomes
toward
public finances,"
the Government's function
catalytic agent to bring together investors who are
a
lend their savings at rates of interest low
willing to
would provide
$750,000,000 for highway projects, $350,000,000 for loans to municipalities,
$500,000,000 for leasing railroad equipment, $460,000,000 more for rural
to enable
electrification projects, $500,000,000 more in loans to farm tenants
them to buy their own land, and an additional
merchandise.
doubling the present $800,000,000
because
reporting
mittee
Mr. Eccles
on
from
said:
Mr. Eccles, a witness today, had urged approval of
was a
In
amend¬
which
If the country
to
expects
Miss.,
Mr. Roosevelt
petitive
must
the
entire
decreasing taxes
tax
on
structure,"
going
Mr.
Eccles
asserted,
consumption and increasing taxes on
Stimulating consumption and finding
keep the economy going
satisfactorily."
bill which
Wickle
Mr.
of the
2.
to
Senator
the
lending
Barkley told the Senate committee he
3.
a
Modification of
such equipment
loans,
so
it.
use
in the
instead
bill
of permitting re-use
Associated
Following
The
Senate
are
a
provision for leasing equipment to railroads so that
would
also
permit
outright equipment
advices
from
Washington July 21,
Jones
measure.
Federal
Reconstruction Finance Corporation could expend for
Committee
Federal
Loan
was
Administrator,
told the
House
Banking
course,
ridiculous."
.
un¬
*•
reported authoritatively to have told the Senate Com¬
be necessary to carry out such lending proposals as the con¬
Today he told the House Committee that the $1,361,000,000 still avail¬
proposed
RFC
new
present,
the
so
tomorrow on
Ga.,
Atlanta,
in
and
In commenting on this testi¬
July 8.
on
mill
for loans
program.
of all types
He said that
can't and won't take
the RFC did
not
which
by
to three courses of
law
action—approval,
Fair
care
have
file
to
Then
briefs.
manufacturers
and
large
small,
he
will study the evidence
applying
from
the
wage
the 32y2c. wage.
Some of the Southern witnesses
assailed the general principles and operations of
Act, although the Administrator had announced
Standards
These broadsides
textile wage should be considered.
only the 32%c.
institute
they would
indicated
Andrews
Mr.
restrain
to
action
Labor
wage
decision.
a
owners,
if he approves
the
the
that
preparations for a general attack on constitutionality of the Act.
indicated
quote from an Associated Press Atlanta dispatch
We also
June 30:
of
the
Mississippi,
of
textile wage,
Mississippi
opposing
32^c.
proposed
a
an
told Wage-Hour Administrator Elmer Andrews
recommendation
"in direct violation" of the intent of the
was
appearing before Administrator
executive,
Andrews
hearing entered its fifth day, said the Administrator's speech
wage
Birmingham,
"It is
White
Hugh
a
The
law.
support his contentions.
1938, would
29,
Sept.
spirit of those remarks that I come before you," Governor
come
because recommendations of the majority of the
in the
said.
"I
No.
Committee
1
the
"The
protest
I make,
are
direct
in
of the law to
intent
and of
of the spirit of
violation
which
they refer.
,
those
.
the protest which every Southerner interested in
mak'ef, is a protest against perversion of the
the welfare of those about him
and
intention
constructive
perversion which wuold make of this
political tool fostering sectional domina¬
the Act;
of
legislation
another
tion, scuttling Southern progress, and widening
breach which already is
a
those who believe that America can remain a
democracy devoid of internal difficulties."
To avoid such "perversion"
and "keep faith with the assurances of
the Administrator himself," Governor White insisted three principles should
be
busy with details of the legislation,
struction of toll roads and the leasing of equipment to railroads.
able to the
conducted
were
limited
is
time
court
mandate
giving
existing
would
not
were
in
spirit
mittee late yesterday that the RFC could finance the program for two
years
with its present borrowing authority, but that some amendments to
law
testify
about the middle of next month.
case
remarks
congressional circles, that the lending legislation was
was
to
in
re-submission of the
or
Industry
Committee that any inference drawn from previous testimony by him, and
Mr.
the
in
re¬
railroad equipment to be leased to the carriers.
"of
hour
per
minimum were made
the 32 %c.
if
down
scheduled
hearings
announcing
White
posed authorization for toll roads and from $500,000,000 to $350,000,000
current in some
..
United Press Atlanta advices of July 8 said:
sides
before
n
The Committee agreed to cut from $750,000,000 to $500,000,000 a pro¬
necessary was
'1;
ground that it was too
the
both
in
change
fied and would seek further curtailment of the
new
on
recommendation to a textile indus¬
After testimony is completed in Washington he will allow
as
Senator Taft, Republican of Ohio, voicing the views of minority members
Jones,
briefs
Andrews
rejection,
would be built only to the specification of railroads,
of the Committee, told reporters that the Republicans still were not satis¬
Jesse
close
to
ended there
Mr.
Banking and Currency Committee trimmed $400,000,000
the
•
proposal
legal argument before Administrator Andrews
a
filing
decision
were
This
Press
Senate
such as paper and
the ground that it would
products
the proceedings will be set.
Officials of the
division expected that the Administrator would hand down a
for
today such
added $90,000,000 for reclamation projects in the West.
While the
other
with
disadvantage.
witnesses
hour minimum
they
from President Roosevelt's $2,800,000,000 lending program today and then
the total which
;
question of including certain testimony in the record of the hearings,
the
repaid.
as
cut of $400,000,000 in the bill, said:
a
■;
closed.
were
provision for creation of corporations in the separate
that the roads could buy new equipment direct if they desired.
porting
Appear
•
opposed the
have
other
Governor
self-liquidating investments
Elimination of
desiring to
the proposal,
that while his plant might possibly pay a 30c.
would
Five
revolving fund provision so the program would be
a
total authorized
States under the various lending agencies participating in the program.
any
on
the part of
on
Atlanta, Ga.
Witnesses
goods
cotton
also
He said
it
for
advices described the amendments to the
Elimination of
1.
weelcs of hearings
protests
effective.
would present, as follows:
confined
vigorous
Tenn., cotton merchant, and James R. Wickle, Magnolia,
of
status
Southern
markets for idle savings is
new
necessary, he said, "because there is no other way to
same
by
place cotton goods at a
income that otherwise would be added to idle savings."
The
of
try committee.
reconsider
view to
a
"Journal
York
:
opposed the proposed wage minimum on
rayon,
"escape continuing depression," he went on,
consumption.
"We
"with
New
part:
Barringer, who claimed to have made a hobby of studying the com¬
mony,
formulated.
Admin¬
the
to
powers
at the hearings, a Wash¬
the
to
manufacturer.
cotton
Mr.
Earlier
it will be necessary to increase the proportion of the national income
into
said, -in
ringer, Memphis,
testifying in his Federal Reserve capacity but as a
consulted when the lending program was
legislative
..
Only two witnesses appeared at the concluding hearing today, L. T, 'Bar-
step in the right direction.
not
was
*
,
10,
July
Two
final
He said he
■
during two weeks of hearings in
wage-hour
member of the Fiscal and Monetary Advisory Board, which
the law
of
Southern mill
against the' industry committee recommendation because it failed
to provide a differential
between wage rates in Northern and Southern
plants.
These complaints were entertained by the wage-hour division
"a continuing public works pro¬
a
the validity
wage.
delegated
had
.
featured
were
that the lending program, while
He called it
Congress
dispatch,
Eccles said
gram."
textile
a
24 objections to the
of
challenge
would
they
list
a
interests
time
along the lines proposed by Senator Barkley.
general testimony Mr.
in
summarizing the testimony
"excellent," needed supplementing with
In
it
Commerce"
the railroad section,
need for the equipment, but asked an
the recommendation by
on
Southerners,
disclosed
'
hearings
contending that there
ment
in
ington
wage
Washington, July 19,
testimony before the Senate com¬
advices
Press
public hearings
the proposed minimum
as
istrator.
high.
legislation.
Associated
well
as
proposed
overruled
a
were
representing Southern cotton mills, contended the law was unconstitutional
Housing Authority, is in separate
of the United States
power
$100,000,000 for Export-
foreign purchases of American
Another feature of the program, that is,
borrowing
of
committee ended,
of
industry
textile
the
Administrator of the wage-hour Act.
Tyre Taylor, counsel for the American Cotton Manufacturers Association,
purposes."
The bill includes items which, over a period of a few years,
to finance
three weeks
grounds,
technical
on
for
wage
enough and borrowers who are
able and willing to employ funds for productive
Import Bank credits
rejection,
End of the sessions marked three full
"real advance
within our receipts."
he declared.
to act as
As
industry
it that year."
The lending bill, Mr. Morgenthau stated, was a
for
hourly
yesterday by Elmer F. Andrews,
nationwide system of toll roads,"
the goal of bringing our governmental expenditures
on
minimum
itself
Senator
Barley, Democrat of Kentucky, told him, explaining that only in localities
where traffic possibilities had been checked were such roads contemplated.
Senator Tobey, Republican of New Hampshire, inquired it it were not
true that the program, with its contemplated revolving fund would, "like
Tennyson's brook, go on forever, ad infinitum" unless repealed by Congress.
"That is correct, Senator," Mr. Morgenthau replied, adding that he
approved it because a report would be required each year, and "any year
concluded
July 10.
Washington
recommendation,
and expect it to be self-liquidating.
is proposing to set up a
one
of 32^c. an
wage
for the textile industry were
to build a system of toll roads
"No
the proposed minimum
on
hour recommended
replied evenly.
"Self-liquidating loans, guaranteed by the Government, did not add to
the public debt, " he said, "because they were carried out of earnings."
Senator Taft, Republican of Ohio, contended that it would be impossible
facts," Mr. Morgenthau
is trying to evade the
one
July 25, he said, and final date
on
filing briefs has been set for Aug. 2.
32 %c.
should seek to evade the facts."
we
in the
"but I don't
sympathy generally with the program," he said,
in
am
why
see
disorganized by the
world commerce; our
the part of the people
power on
499
Commercial & Financial Chronicle
for alarm to
cause
These were:
recognized.
The
1.
economic
try,
of
purpose
law is
the
to
not
equalize
or
standardize
existing
competitive conditions between different sections of the coun¬
or
but to abolish sweatshop conditions.
2.
It
is
social
advantage
3.
to
established
rates,
legislation, not designed to "grant or deny a competitive
the
South
or
New England."
"specific reference" to Mississippi, wage differentials should be
With
which
such
will
differentials
compensate
to
be
existing
for
continued
until
inequalities
the
in
inequalities
freight
are
ad¬
justed" ; and "exceptions should be made for beginners during a reasonable
training period."
.
of the
adequate
authority to make the types of loans contemplated.
RFC Authorized 6,373 Loans
Aggregating $1,225,664,520
1938, to July 14, 1939—5,608 of These
Loans, Totaling $260,986,262 Were to Business
from Feb. 19,
E.
F.
Andrews, Administrator
of
Wage-Hour
Law,
Hearings on Minimum Wage for Textile
Industry—Governor White of Mississippi Opposes
Proposal for 323^ Cents an Hour Level
Concludes
Administrator Andrews of the Wage and Hour Division
of the Department of Labor said July 20 that he probably
will make a final decision on the minimum
wage for the
textile industry by Sept. 1.
Oral arguments on the record
The
Reconstruction
Finance
Corporation
announced
on
July 17 that since the RFC resumed lending during Febru¬
ary, 1938, it has authorized 6,373 loans aggregating $1,225,564,519.70; 5,508 of these loans, aggregating $260,986,262.38,
were to business, including $7,923,429.58 later taken
up by
Banks
banks.
extent
of
loans to
participated in these business loans
$63,725,720.81, making
business.
a
total
to
the
of $316,788,553.61
-
The Commercial &
500
has bought
National Mortgage Association
Federal
The
Administration insured mortgages,
aggregating $130,248,677.12, and has commitments to buy
2,036 additional mortgages aggregating $8,716,834.94.
It
has authorized 12
large-scale housing loans aggregating
32,266 Federal Housing
$2,025,500.
1939, INCLUSIVE
FEB. 19. 1938. TO JULY 14,
No. of
Amount
Loans
Authorized
7
$480,782.50
100
6
19,101,508.63
8,555,105.25
1,432,891.91
2,363,786.45
3
banks..
152,971,112.30
260,986,262.38
13,863,031.67
2,637,600.00
...............—....—....
34
loan associations.. ....... ......
companies
...
Joint stock land banks—
.Federal National Mortgage Association.
Loans to building and
2
Loans to Insurance
Loans to
Loans to railroads
—
5,508
Loans to business
loan companies..
Loans to mortgage
16
—
22
milling or smelting of ores
self-liquidating project under Section
Loans for mining
to
Loan
1
livestocks
«»
Basis
5
30,210,000.00
49,080,989.50
3,978,075.96
129,500.00
which farmers may
conservation payments,
and
the
price adjustment
conservation payments are
contingent upon the appropriation authorized for the program by Con¬
gress.
An appropriation of $225,000,000 has already been made for the
price adjustment payments, with these payments to be made to producers
who
cooperate in the 1940 program
by seeding within their acreage
allotments.
The price adjustment payment regulations provide that pay¬
ments shall be made to producers of cotton, wheat, corn, tobacco, and rice,
if the farm price of these commodities is less than 75% of parity during
Company
and Irrigation districts.........
168
2
school districts
Electrification Administration
Loans to public
Loan to Rural
1
100,000,000.00
100,000.00
1
preferred stock of an insurance company—....
Loans on and subscriptions for preferred stock of banks..
Purchase of debentures of banks
Purchase of securities from PWA
1940
the
under
the
Loan on
12
99,460,600.00
1,588,900.00
258
9,287,545.34
6,373
$1,225,564,519.70
78
Changes
provide the basis upon which the
and will
the
summarize the recommended changes in
paragraphs
following
The
?
,
Recommended
program
the
These are
payments.
The
program.
marketing season.
principal
the
specific provisions
will be drafted:
Allowance—That a larger proportion of the total available
for soil-building payments.
minimum amount which may be earned by carrying out soilprogram
new
Soil-Building
provided
be
funds
That
5
Loans to the RFC Mortgage
Loans to drainage, levee
212,250,000.00
3
mux •«
mmUfxtx ■*«» — ~
—
156,961,827.81
for Payments
will be two different payments
there
1939
in
As
125,000.00
107
soil-depleting crop
practices to attain
soil-building goal.
the
of
201-a,
and Construction Act of 1932—....
bodies under Section 5d, as amended—
Comitments to Commodity Credit Corporation
Other loans for financing of agricultural commodities or
Emergency Relief
Loans to public
by
and
allotments
for each farm participating
to be earned by keeping within
the carrying out of soil-building
is
program
100,000,000.00
34
banks...
Loans to open
Loans to
the
be calculated
payment to
maximum
The
in
earn
AUTHORIZATIONS FROM
July 22, 1939
Financial Chronicle
a
practices be established by providing that the total payment
be earned on a farm be not less than $20.
Forestry—That an allowance of $30 per farm be established in addition
the regular soil-building allowance, with this sum to be earned only
building
which
to
may
trees.
planting forest
by
Gardens—That,
Home
where State committees recommend,
further en¬
be given the production of food in home gardens by pro¬
viding a $2 allowance for family gardens and a deduction of $2 per farm
from payments
otherwise earned if the farm family has not raised a
couragement
home
garden.
Vegetables—That, as in 1939, commercial vegetable acreage
established in counties designated as commercial vegetable
That this designation apply to counties in which more than
of commercial vegetables are normally grown on farms produc¬
Commercial
Major
Changes Made from 1939 Program—Increased Em¬
phasis on Soil Conservation and Participation
by Small Farmers Included
Increased emphasis on soil conservation, increased oppor¬
tunities for participation by small farmers, anil greater
responsibility of administration in hands of the the farmer
committees are included in the general outline of the 1940
Agricultural Adjustment Administration farm
program
which was announced July 14 by the AAA.
No major
changes in principles or nrovisions were made from the
1939 program.
The program was outlined in a three-day
conference of approximately 100 AAA State farm-committeemen
and others cooperating in the administration of
the program in the field.
Recommendations adopted by
the conference will form
the basis for the drafting of
specific provisions for the 1940 program, which will be
issued
developed
had
which
No
—
meeting brought together the
conferences previously held,
recommendations from State,
of regional
recommendations
and
national
The
later.
Announced
Program
Farm
AAA
1940
and community groups of farmers.
The
taken from the announcement of the AAA:
county
is
following
providing that
the maximum payment® which may be earned on any farm will not be
less than $20, one allowing farmers to earn up to $30 per farm for tree
planting, and provisions for the Great Plains area aimed at restoring to
establishing
for
minimum soil-building allowance by
a
land unsuited to crops.
grass
determination
The
present
crop
is
already
been
established
62,000,000
the
has
increase of 7,000,000
acres,
an
The acreage allotments for other
the allotment for 1939.
over
acres
the acreage allotments for
more
at
special
tobacco, and lyce will be made later in the
the cotton allotment will be substantially
more than 26,000,000 acres.
In view of
the large crops of
corn
and tobacco which are now forecast, acreage
allotments for these crops may be adjusted downward for next year so
that normal supplies of these crops may be maintained.
It was pointed out in the conference that changes in rates of payments
for specific commodities would follow the acreage allotments.
For wheat,
for instance, the rate of payment will be smaller because the 1940 allot¬
ment is larger than for 1939.
For other crops, if acreage allotments are
such as cotton,
crops,
It
season.
the
same
is
be somewhat larger.
Evans, Administrator of the AAA, commented on
R. M.
This
planting
the
as
has
that
The
figures
program
1940
in
farmers
gives
a
in advance of the
Farmers also have
know well
has to offer them.
to
will continue next year almost the same
program
this
farmers
generally
this
accepting
are
participation
1939
the
and
program.
to
meet their problems.
The commodity loan, export, and surplus removal
phases of the farm program are available to meet the problems of handling
have
after they
crops
provide
an
for
of
use
year,
than
more
cooperating
land.
Combined,
effective ever-normal
the necessary
before,
ever
adjust
to
these
parts
through
production
of
means
phases of the program
and the conservation
produced,
are
farmers
their
farm
the
a
program
better
mean
increased soil conservation, and abundant
granary,
production.
The
duties
field
changes
placed
recommended
upon
bility
of
the
1940
program
insurance and loans
crop
committeemen.
the
upon
for
State and local committeemen
administration
This
is
in
each
year
The
The
ments
crops
by
placing
by
AAA
their
and
acres.
exempt upon recommendation
be
of the State committee
construction.
rock
of
production
principal
That
providing for the maintenance of pro¬
cropland.
The latter practice is designed to
dryland farming.
soil-building practices be so worded as to
be established
practice
a
tective
vegetative cover on
longer rotation in
Wildlife—That established
encourage
protection of wildlife.
encourage
since practices
dropped,
needs.
the
Area-r-That
Plains
Great
special
erosion
wind
program
area
be
developed in the regular program fill the area's
*
the
That
land
of restoration
return
to a permanent vegetative cover
be
lower rate over a longer period of time and
by the encouragement of practices on the restoration land area.
That the
method for establishing an allowance on
non-crop pasture
expedited by payment of a
and range
land
on
small farms be simplified by using a minimum flat rate
acre.
per
Grants-of-Aid—That the grants-of-aid program be continued in 1940 on a
most
in
similar
respects
td that
of 1939.
Under this part of the
farmers in some areas may' receive lime, phosphate and seeds
for the carrying out of soil-building practices in lieu of payments.
That the distribution of materials
be tied in with local commercial
program
channels
distribution
Virginia,
area,
peanut-producing area, which
in the commercial
Alabama, Florida and Texas,
less of peanuts for market may be exempted from the
North Carolina, Georgia,
having 300 acres or
commercial
practicable.
wherever
Peanuts—That counties
in
as
1939.
Range Program—Details of the 1940 range program are
at
a
national
range
to be developed
conference to be held in Hot Springs, S. D., beginning
July 24.
Maps Plans to Dismiss 650,000 by Sept. 1—Pro¬
Ineffective—-"Strikes" Dwindling—President
WPA
tests
Roosevelt Says
to
upon
program
provides
crops
with
Relief Officials Have
no
Authority
Prescribe Prevailing Wage
The Works Progress
Administration this week completed
plans to remove 650,000 persons from
WPA rolls by Sept. 1.
a
Con¬
gressional proviso that those who have drawn WTPA
checks for 18 or more consecutive months must take
relief
will
who
Those
be
so
removed
are
subject
to
a
30-
It was believed that those dismissed will
find it extremely difficult to get back on WPA rolls.
These
dismissals have no connection with the automatic dropping
from the rolls of persons
and
who
the
program
wherever
committeemen
elected
are
absent
participating in so-called "strikes"
from
their work
for more than five
Indications were that such strikes were waning this
President David Lassex of the WPA Workers Alli¬
week.
F. of L. in the
discontinue the strikes
July 17, and return to work temporarily under protest.
The Alliance adopted a program, which included a one-day
nation-wide stoppage of work on July 20.
But reports in¬
dicated that substantially less than 10% of the predicted
ance,
which was participating with the A.
strikes, ordered his membership to
500,000 took part in the walk-out.
-/
Another attempted mass protest against the lower wage
scale and dismissals called for in the new law, was the
calling
of
a
half-day
Teachers Union.
stoppage on
July 19 by the WPA
This also was said to have been relatively
ineffective.
It
was
believed that the request for names of
those par¬
in the Workers and Teachers stoppages by H.
Ralph Burton, chief investigator for the Woodrum Com¬
mittee that framed the new law, dissuaded a number from
ticipating
the
program
soil-depleting
practices,
responsibility
of the
greater responsi¬
with the established
a
neighbors.
outlined
conservation
for
local
additional
the handling
in
mean
line
the
and
policy of the AAA to decentralize administration of the
possible,
the
days.
farmer-committeemen
that
indicate
Farmers
mid-July
year.
the
of
reports
in
before
ever
the
the
this
been
conference
than
what
season
assurance
it
AAA
national
opportunity
three
than
counties
is for small local markets and there is no
tendency to increase production substantially.
Soil-Building Practices—That a new practice be established providing
for the control of erosion of farm land along active streams by rip-rap
if
day "vacation."
the program as follows:
better
more
That
that
1939, slightly
the payment rates may
smaller
acres
be
corn,
expected
for
as
200
ing
includes
payments and
of
rates
wheat will be made later when the outcome of
certain.
The 1940 wheat acreage allotment
than
other
crops
of
counties.
basis
included
for the 1940 conservation program
Important recommendations
one
allotments
and
these
a
for
as
broken
follows:
establishment
national
down
objective
to
of
national
for
individual
allot¬
soil-building
farms.
joining in the walk-outs.
The purpose of the request for
names
was
not announced,
but the belief that the list
Volume
The Commercial & Financial Chronicle
149
would be checked for Communists was
Discouragement to the strikers
work
given wide credence.
contained in
was
"you
prominent officials
Government."
Mr.
layman that the law makes
strike
cannot
Roosevelt gave his opinion as a
it perfectly clear that the WPA
The
failure
Congress
of
the
relief
reported
was
workers
Efforts
to
apparently
Murray
restore
have
of
the
with
The
to
don't
Under
month
about
told
security
and
prevailing
that
his
measure
the
Committee
would
he
the
by
amount
Green
The
whose
views
House
that
labor
today
to
Federation
hours
per
for
'only
the
fere
with
Vice-President
Senate's
Mr.
in
not
Chairman
encourage¬
no
N.
John
who
practice
a
Edward
T.
he
what
replied: "All of
thought
the
about
deplore them.
us
strikes
The remedy
(Dem., Colo.) of the economy-minded House
piloted
could not
liance
the
New
New
was
to
Col.
Brehon
2,500
would
local
about
estimated
the
to
crowd
workers
the
at
to
Al¬
of
Alliance
who
taken
while
6,000.
WPA,
Lieut.
said
that
out.
Paul
separate
a
Alliance
3,000,
on
and
entity,
A.
took
officials
place,
insisted
it
'
throughout the Nation the name of Representative
Democrat, $t Virginia, author of the new relief Act,
jeered.
The
however,
was
Alliance,
disappointed
at
Columbus
and
Circle,
where
police
refused
to
allow
the
demonstrators
to
hang in effigy Representative Woodrum and Representative John Taber, of
36th New
York Congressional
District, ranking Republican member
the WPA investigating committee, of which Mr.
In
Washington,
didn't
WPA
up
Attorney
Representative
the
expect
break
Reds
to
General
Frank
declaring
that
the
that
such
procedure
this
country."
Col.
against
Monday,
At
the
had
municipal administration
He
conferred
that
later
In
said
From
the
work
Other
WPA
disclosed
on
a
on
projects
This
started
he
the
WPA,
against
for
itself
"Fascism
spent
said
show
strikers
about
its
force.
believed
he
material
a
100,000
the
about,
worry
in
As
that
reduction.
The
had
and
been
other
decided
Alliance
labor at conditions
in
sections
the
of
before
that
the
city
countries
in
yesterday
officials
$12,518,232,
the
reopening
Jersey
that
State
den,
had
asked
energy
fifth
was
therefore,
almost
with
Italian
in
The four
equaled
total.
Italy's
the
planes,
about
countries
Combined
European
$68,209,050
Powers,
the
of
sales
compared
as
to
with
a
American
,
particularly significant when
The
American
industry
com¬
exported
border, and that business alone, aggregating
the
of
are
America.
the
of
trade,
figures
Latin
18.3%
American
$3,752,208.
$36,004,994
totaled
'v •"
employment. for
Latin
total
3,000
total
a
while
American
wage
of
$4,320,815,
limited
three
to
provided
exports,
full
a
Germany sold
to
15.9%
export
earners.
or
Latin
of
her
14
American
countries,
or
34.5% of her export total.
The two axis Powers
37% of the Latin American trade shared by the three nations.
"Germany's campaign to make her aeronautical exports account'for
$3,047,644,
was
took
increased
bore
employment
fruit
ment
elsewhere
valued
chukuo.
at
The
valued
Germany
Bulgaria,
Greece,
and
in
development
1938.
$4,303,545,
German
Africa
at
records
$1,734,109,
also
Mozambique,
Spain
also
show
while
her
of
Reich
which
the
outsold
Czechoslovakia,
The
of
aircraft
sold
to
industry
Japan
$1,194,358
Italy
is
credited
States
in
Belgium,
(where American sales
Man-
of
South
with
$1,056,155 to
Sweden,
Yugoslavia.
Switzerland,
Denmark,
were
equip¬
to
Union
shipments to the
United
home
at
aviation
direct
went
Portugal,
Embargoed), and
-♦
the
prevailing
the
of
relief
were
wage
The Temporary National Economic Committee issued a
preliminary report July 16, based on seven months' study of
the country's economic system, in which is makes recom¬
mendations for far reaching amendments to the Federal
patent and anti-trust laws.
The committee limited its
recommendations
became
Harring¬
as
a
Justice
be paid
effective
principle
as
of
of
WPA
with
the
men
Park,
Workers'
could
projects disrupted
the
strike
the
by
in
or
be notified
stilled
July
1.
compromise
had
led
to
the
Minneapolis
return,
the local
by walkouts.
Wednesday
on
terms
Minneapolis projects.
headquarters
exception
of
at
Newark,
at
a
Newark
congressional
action
to
The committee recommended:
Modification of patent law procedure in the interest of speed and to spur
initiative.
Prohibition
on
the
use
of patents for the establishment of trade restrictions.
Amending of the Clayton Act to prohibit
one corporation
from acquiring
the assets as well as the stock of a competing corporation.
provide civil remedies for enforcement of the anti-trust
Legislation to
Emphasizing that only a substantial portion of its preliminary work has
been
completed, the committee said it could offer
no
comprehensive
recom¬
mendations but asked for quick action on its preliminary requests.
It pictured the
Nation's economic problem
as:
"People who are able and willing to work cannot find employment.
"People who are hungry cannot provide themselves with food.
-
"People who produce what the idle and the hungry need cannot sell it,
capable
of
producing.
"Owners of money
sure
and owners of machines cannot put their property to
and certain use.
"The
abundance
incapable
of
nature
of distributing it
mocks
among
the
their
intelligence
own
of
men
who
seem
kind either equitably
or
profitably."
its
investigation of the concentration of economic power,
mittee said it
the
com¬
found virtually the sole civil remedy available to the Depart¬
of Justice in its anti-trust
ment
broken, Commissioner
was
agreement reached
an
to
immediate
and, indeed, can find a market for only a small portion of what they are
could
wage
for
pending bills designed to modify patent law procedure and
to prohibit the use of patents as a restraint on trade.
The
report holds that "the survival of the system of private
property itself depends upon the restimulation of economic
activity." Summarizing the committee's report, the Wash¬
ington "Post" of July 17, said:
reports
administrators
Department of
Mayor LaGuardia and other Mayors
of
legitimate
Commissioner
the
Act
Changes in Patent and Anti-Trust Laws Recommended
in First Report of Monopoly Committee
and
yesterday's
of
there
State
prevailing
relief
new
work is
an
action in equity to
enjoin
a
violation or threatened violation of the law.
The
Department, it said, has been forced to resort to criminal proceed¬
ings, but "such procedure has not proved entirely satisfactory."
said
the Cooper River
"practically disappeared."
Washington
County
France
south
or
of
laws.
that
normally.
included:
whether the
the
rapidly
as
motion
"backbone"
New
and
trade
our
worth
"Germany was next in
with which the Reich is
production
.
to
$68,209,050
continued.
the
proving
Italy,
$66,258,542,
"The German
degraded, humiliated and
most
going forward
program.
upon.
said
country
but
stoppage,
was
Harrington said yesterday,
for
of
Mr.
strength.
facilities by foreign sales.
It
history that Germany outsold Great Britain, which
with a total of $26,501,340.
Italy ranked fourth
and
and
exported
Jouett
aircraft
1938
$8,821,493,
Germany
In
Rochester,
set
in
pared
and
strikes.
In
its
time in
industry.
chiefly arranging with
unemployed against conditions
various
the abandonment
WPA
States
Mr.
$30,253,548 for England and France.
involved.
were
demonstration
supportfifor fthe WPA
Workers
the
question
advanced by
was
move;
would
Washington that he had
the
and
LaGuardia
plan
and
developments
in
ruling
for
against
strike but rather the "culmination
projects
on
to
H.
of
workers
participation
some
ton
F.
a
force them to
them."
starved
not
were
of WPA
protests
Act which
of
Mayor
Washington, officials
demonstrations
to
WPA Commissioner,
by skilled WPA workers to
just about
out
for increased
long-range
no
"I
strike by members of the Building and Construc¬
affiliate of the A. F. of L. Col. Somervell said that
an
with
was:
trying
in
strikes
foundation
a
unperturbed
important problems
more
strikes
permit
ago
had
were
approximately
were
the
said
scales,
compiled,
week
comment
Congress
Harrington, National
26,500
officials
continuation of
not
establish
C.
wage
when
last
tion Trades Council,
he
of
condemned
could
might
only
Woodrum is Chairman.
only
action
begun two weeks
new
figures,
WPA
Murphy
Francis
said
point
one
Locally,
the
the
he
yesterday's
the
'
Government
indicated that the strike,
protest
Woodrum's
approve
racketeering."
and
of
United
develop
first
third
year's
force
•
accessories,"
$27,183,501,
to
the
20
air
Hungary."
the
of
the
and
ranked
of
of
reservoirs
as
Woodrum,
booed
was
1938
with
Iraq.
stoppage.
meeting
At all of the meetings
Clifton
"In
Greater
figures,
in the
part
mass
of
walked
Project,
principal
said
he said that 66,000
the
of
those
Arts
had
had
stoppage,
the Alliance's
administrator
Federal
where
Alliance
yesterday's
Workers'
the
estimate"
the
his
Circle,
nearer
was
1,000 of
of
in
in his estimates;
contrast
local
of
Columbus
police
In
"liberal
a
said
that
the Workers
of
Workers'
the
generous
to work.
administrator
of
participate
President
more
Edwards,
At
unit
Somervell,
be
stoppage
on
which
said, in part:
to
would
Morgan,
industries
engines
(Dem.,
the controversial
and the status of the two-weeks-old
York "Herald-Tribune" of July 21 said:
even
go
flatly that
20,
the
B.
told them
one-day
40,000
Willis
York,
refused
had
the
New
that
bill,
repealed.
on
York
Wednesday
yesterday
be
July
on
strike,
the relief
July 19 in releasing
a survey of
emphasized that through lib¬
credits, subsidies, barter deals and official
trade,
of Germany and Italy in building up
foreign aircraft markets to attempts to build up their
own
total
,
Taylor
America, said
ascribed the motives
their
was
to inter¬
not
18
in
missions
the
so-called
"axis"
Powers
led
the
United States in six Latin American countries.
The survey
line
was
aeronautical prod¬
more
States
aviation
with
asked
was
strikes."
Reporting
In
aviation
he
the impression that
gave
Appropriations Committee, and Representative Clifton A. Woodrum
feature
of
Garner,
activity.
Garner
that the Vice-President
here,
the
United
the
countries, John
Jouett, President of the Aeronautical Chamber of Com¬
trying
Garner
1938 than
Jouett
had offered
presiding officer and makes it
legislative
said
in
merce
(Dem., Ala.)
revealed.
not
said
of
colleagues
against
protests
Bankhead
Vice-President
visited
Labor,
Committee.
Speaker William B.
also
of
several
and
their
carry
Appropriations
House
chieftains
were
Green
Va.),
ucts
eral Government
received
130
formerly
members
are
Majority Leader Sam Rayburn (Dem., Tex.)
and
Germany and Italy sold abroad
H.
Appropriations
work
they
money
American
strikers
leaders
the
said
the
of
100,000
requirement in
Countries
to
he said.
schedules enrollees must
of
work
of
WPA
world
deny one,"
can
same
House
to
wage
ment.
He
expect
Minneapolis
at
the
ask
wage
the
William
of
Green
Mr.
scale,
wage
hearing.
a
far this week in conformity with the turnover
so
new
(Dem., 111.),
hours.
most
Mr.
however,
close
Survey Shows Germany and Italy Outselling United
States in Exports of Aircraft—Make Better
Showing
in
18
Nations,
Including Six Latin American
F.
James
Senator
Sabath
agreed that strike rioting
how
security
President
were
Adolph J.
by affecting public opinion adversely.
said,
receive
55
which
the
the
at
legislation.
To replace these discharged, workers, the
Colonel has requisitioned 7,429 from home relief rolls.
Yesterday 741 new
project workers were certified from the home relief rolls and approved.
of the strikes
cause
Neither
session.
restore
grant
see
the
to
this
Both
success.
cause
Murray
Committee
to
the
#
Representative
probabaly
following is from the New York "Sun" of July 21:
sent out
to influence
United Press ad¬
and remove the
wages
for
nor
movement
much
Senator
is
Mont.)
hurt their
"I
collapsed
(Dem.,
leaders
prevailing
rescinded,
protests
Washington
in
vices of July 17 as follows:
meet
no
to alter the controversial wage provision.
power
had
has
Administrator
be
Col. Somervell also announced that 8,500 pink dismissal slips have been
the
against
stoppage order would
today.
state¬
ments of President Roosevelt and other
that
501
that
Dam
the
project
strike
at
in
Cam¬
A small turn-out greeted speakers in
demonstration sponsored by the Essex
Alliance.
Civil damages, rather than criminal penalties, are favored by the com¬
mittee, Senator O'Mahoney
(Democrat), of Wyoming, chairman, said.
said that because of the type of businessman usually involved,
it had proved practically impossible for the Department to obtain con¬
The report
victions, and as the
fine did
not seem to matter in most cases, it was the
Pennsylvania A. F. of L. leaders, meeting in Philadelphia, said that there
had been "pressure" from Washington and elsewhere to end the A. F.
of L.'s
indictment which proved to be the real punishment.
walkout.
who
Some
delegates
of
the
42
unions
Building Trades Council declared that it
was
composing
the Philadelphia
"extremely likely" that the
"Finally, the indictment process is sometimes extremely unfair to
have
been
forced
into
a
combination
in
restraint
of trade
persons
by the
necessity of survival in a complex business structure," the report continued.
The Commercial &
502
Into such a
suspended sentence,
unfair because the indictment rather than the fine is
who forced his smaller competitor
Though the businessman
combination may receive a
such
punishment is
a
fine, and the victim only a
said.
the real hardship, the report
appropriate civil remedies, a court can
"With
tions which make
take into account considera¬
th§ criminal procedure inequitable in the above instance
relief at the end of the trial," the report said.
"Thus
and give appropriate
the adding of
enforcement
an
the anti-trust procedure will create
which, in the ordinary case not involving moral
suitable civil remedies to
method
but more effective."
under the committee's suggestion, would
United States a sum equal to
twice its total net income during the period of the violation, while the
individual officer of the corporation would forfeit a sum twice his compensa¬
tion during the same period.
The report also suggested that the Clayton
Act be amended to fix more clearly the responsibility for any violation on
the officers or directors of the company involved.
The report said that the Clayton Act should also be amended to cover
the acquisition of the stock of one or more corporations, instead of two or
turpitude, is not only fairer
Violation of the anti-trust laws
make the offending
more
corporation forfeit to the
law.
in the present
as
would prevent the closing of what may
Another amendment favored
competitor of a
purchasing
culties
corporation in bankruptcy. A
difficulties should not be barred
the assets of the second corporation, provided the diffi¬
produced through collusion, the report stated.
available market for assets of a
the only
from
be
were not
corporation in financial
Co.
&
cial problems,
of direct negotiation
would result in important advantages to issuers such as reali¬
zation of highest possible prices, a broader market for the
securities, arms length bargaining, &c., is convincingly chal¬
lenged by Franklin T. McClintock of Harriman, Ripley &
Co., Inc., in a study issued July 20.
The study clearly
instead of the more usual method
the
that
establishes
difficult problem, the solution of which is not
the disadvantage of the investing public.
would present a
apparent;
this would operate to
of underwriters under the Securities Act of
1933, as amended, the aggregate cost of investigation of issuers would be
increased substantially under competitive bidding, and in the long run
issuers would be forced to bear most of the increased cost; the Act does not
seem to have contemplated competitive bidding.
(10) It does not appear that there is any satisfactory way in which com¬
petitive bidding could be made to operate with respect to a standby under¬
writing of securities offered by a corporation to its own stockholders through
(9) In view of the liabilities
"rights" of prior subscription.
,
(11) After the initial period of adjustment had been completed, there
of competitive bidding per se any significant change
would not be as a result
involved in the underwriting and
except insofar as issuers might realize a
of the goodwill value created by hundreds
of selling group dealers who in current practice are employed to distribute
securities to Investors In all sections of the United States; in the long run
this would result in an increase to issuers in the cost of gaining access
corporate issuers
in the relative cost to
of their securities,
distribution
saving through relinquishment
private capital market.
to the
The investment banking
business as it stands today in relation to
is definitely competitive in the
terminate underwriting relationships and
underwriting of corporate securities
the
that
sense
issuers
free to
are
elsewhere when the advice
underwriters is un¬
financing to other underwriters or
take their
offered to them by their regular
given or the terms
satisfactory.
competitive bidding for new corporate security is¬
That
sues,
emphasis on their
markets rather than on their knowledge of corporate finan¬
and issuers can no longer have the same right to call upon a
particular underwriter for financial advice as they have when there is a
continuing professional relationship.
8. The creation of corporate trust indentures under competitive bidding
ability to judge
(12)
Competitive Bidding for New Security Issues Found not
Inherently Superior to Direct Negotiation in Study
Made by F. T. McClintock of Harriman,
Ripley
bidding underwriters must place
Under competitive
7.
1939
22,
July
Financial Chronicle
difference in underwriting spread
on
and municipal issues sold through com¬
petitive bidding, is not accounted for by the different
methods of arriving at an underwriting agreement.
Mr.
McClintock concedes that while the underwriters spread
The study has been published in book form by Harriman,
Ripley & Co., Inc., and cover 73 pages.
In addition to anintroduction to the subject, it comtains two general sections
and an appendix.
In one of the two sections, Mr. McClin¬
tock makes a detailed comparison of municipal and cor¬
porate financing and
in the other, he surveys
extensively the
bidding for corporate securi¬
probable results of competitive
ties.
corporate issues,
high-grade municipal issues has ranged from only 1 % to
and has leaned closer to the lower figure, the spread
on the major portion of the corporate bond issues brought
out in the five years 1934-1938 has ranged from 2% to 2^%.
But half of the 1% difference he shows is accounted for by
the unavoidable buying costs connected with corporate issues
while the balance is due to the greater underwriting risks and
?osts of distribution connected with corporate issues.
Pursuing the point further, the study says:
that, in
question of difference in risk, it appears
ties is
ment of
The purpose of the selling group is to gain nation¬
distribution to
perform
Selling group dealers
large number of investors.
a
The practice now followed in the public distribution of corporate
through
a
public.
important and highly useful service to the issuer and the
an
securities
travel of United
Foreign
Balance of
Expenditures
States citizens in the 20-year
expenditure of $5,400,visiting the United
1919 to 1938, involved the
period,
In the same period foreigners
000,000.
These facts were disclosed
Hopkins of the
Department of Commerce, of a study of American travel
as a source of foreign dollar exchange and as a factor in
analysis of the balance of international payments of the
United
States.
Washington advices to the New York
Spent
total of $1,000,000,000.
release, July 16, by
a
Secretary
the
with
"Times," July 16, said:
that
In
selling group dealers in the distribution of corporate securities to
the investing public.
wide
securi¬
involved Jn the employ¬
in large measure attributable to the costs
of
from 1919-1938
1 H%»
Leaving aside any
Payments—Study
International
on
general, the difference between spreads on corporate and municipal
Expenditures Important Factor in
Tourist
period aggregate outlays by foreign
same
visitors to the United
study was prepared by Dr. August
Maffry of the Finance Division of the Bureau of Foreign and Domestic
Commerce.
It does not include in great detail expenditures on travel
between the United States and Canada and Mexico.
The
large group of dealers situated in all parts of the United States
out that since 1934 outlays for foreign
40% of the total payments by this
points
study
The
$1,000,000,000.
totaled
States
for
accounted
for
foreigners
for
services
the distribution of municipal securities.
services
travel have
almost
municipal securities has been the elimination of selling group dealers from
One of the results of competitive bidding
is both sound and desirable.
An interesting point, developed in
Finance
Corporation,
municipal issues
by
which
has
the study, is that the Reconstruction
followed
have
found it more advantageous
of
The study notes that such sales during the past
included
$28,000,000
bonds
of
Bridge
Tri-Borough
of the
few
the
"At
to
and
to
ments
travel in 1929," the report says,
United States travelers (exclusive of
expenditures on board United States vessels,
sold by the RFC through direct
were
negotiation at substantial premiums.
favorable
possible through competitive bidding"
and that "on the basis of the record,
direct negotiation appears, from the
point of view of the issuer, to be a better method (than competitive
for handling transactions involving many millions of
bidding)
dollars."
From his study of competitive bidding versus direct ne¬
gotiation Mr. McClintock has reached a number of con¬
clusions which he summarizes
(1)
As to
prices,
analysis shows
as
low
that
competitive bidding
frequently
much
prices, which
more
are
unfair to issuers, and that direct negotiation is
likely to arrive at prices which represent fair values to all con¬
foreigners
to
payments
on
centrated
in
the
hands
of
a
realtively small
number
of dealers
having
substantial capital resources;
(3)
Small dealers and underwriters would virtually be eliminated from
participating in the underwriting and distribution of large corporate issues
offered
on a
nation-wide basis, and, in addition, the operation of the
markets would be impeded in
require
(4)
access to the money
the financing of enterprises
market of the nation
In respect of large issues particularly,
as a
capital
which do not
whole;
competitive bidding for cor¬
porate securities would tend to operate to the disadvantage of the issuer.
5.
With respect
medium
to
and
low-grade issues, competitive bidding
clearing, does not operate to the advantage of the issuer; despite easy money
conditions
recent
some
years
sale; such
issuers
of railroad
equipment
trust
certificates
have in
failed to receive any bids for issuers put up for competitive
occurrences
would tend to be
conditions; failure to receive bids for
more
new
frequent under tighter money
issues
might
have serious and
1937,
1929
end
the
at
of
period
a
depression
during the
years,
balance.
"Total
foreign travel by United
for
outlays
(6)
Competitive bidding does not tend
to
security, but on the contrary tends to produce
give
broaden
a
the
market
for a
situation wherein dealers
consideration to orders from investors who purchase large amounts
before consideration is given to orders from investors in general;.
States residents, including
Mexico as well as expenditures in oversea
countries, aggregated $771,000,000 in 1929.
This figure dropped below
$300,000,000 in 1933 and then rose to $563,000,000 in 1937, the highest
level
Canada
in
and
1929.
since
"Expenditures
the United
in
of
were,
the
in
States by all foreign travelers,
in addition
to residents of
Mexico
and
Canada
residents
same
years,
including
overseas
$167,000,000, $64,000,000 and $161,-
respectively.
000,000,
dollar
"Net
to
payments
foreigners
international
on
travel
account
These payments declined to $224,$400,000,000 in 1937.
Expenditures by
Americans abroad in 1938, a year in which foreign travel decreased gen¬
erally, were still in excess of $500,000,000, while expenditures by foreign
visitors to the United States remained at approximately $160,000,000.
Net
were
000,000
in
$600,000,000 in 1929.
reduced to
exceeded
and
1933,
by the
payments
were
than
more
United
States to
foreigners on travel account in 1938
$357,000,000.
received by American and foreign vessels
from passenger traffic between the United States and overseas countries
reveal that revenues to American vessels ranged from a high of $55,000,000
in 1929
to a low of $24,000,000 in 1933.
Revenues earned by foreign
vessels reached a peak of $221,000,000 in 1929, as compared with $76,"Estimates
000,000
"The
unwarranted repercussions on the credit standing of issuers.
in 1929.
1929 were,
of increasing travel following the
international payments and receipts
arising from overseas travel were $244,000,000 and $53,000,000, respec¬
tively.
Thus the net 'amount transferred to foreigners in 1937 amounted
to $191,000,000, or approximately one-half the amount of the corresponding
"In
decline
countries
Under competitive bidding, distribution of securities would be con¬
in
travel account
overseas
(exclusive
$371,000,000.
cerned.
(2)
"payments
fare pay¬
aggregated
Receipts from alien visitors to this country
to foreign vessels) amounted to $66,000,000
payments
expeditures
follows:
produces either unwarrantedly high prices, which are unfair to the investor,
or
Net
therefore,
The study notes that these "securities were sold on bases more
to the seller than would have been
fare
by
countries
of
Bridge Revenue bonds, all of which
conclusion that net payments to for*
peak of overseas
foreign
$437,000,000.
$71,000,000 of San Francisco-Oakland Bay Toll
and
not in the near future closely approach
heavy sums transferred from this country in 1928-30 at the height
travel from the United States to foreign countries.
Southern
and
to
country
payments for merchandise
travel will
overseas
on
Authority, $147,000,000 of bonds of the Metropolitan Water District of
California
13% of
combined.
eigners
the
for
Maffry expresses the general
Dr.
through direct negotiation with one or another group of under¬
writers and dealers.
years
small
of selling
has in several instances
bids,
inviting competitive
when large amounts were involved apparently
to sell bonds
practice
the
and
in
rise
$37,000,000
were
year.
still
gross
revenues
1933.
increase
substantial
same
of
in
in
in
1937
Despite
more
overseas
passenger
than
and
the
40%
travel
between
1933
and
1937
produced
a
with United States lines receiving
lines receiving $125,000,000 for the
revenues,
foreign
increase
in
1937, however, aggregate earnings
below the level
of 1929."
*
Volume
The Commercial & Financial Chronicle
149
Nearly Two-Thirds of Corporate Net Income
by Taxes in 1938, Survey Shows
More than twice
American industry as was distributed in dividends to
of common stock,
ers
according to
by American Federation
further
that
amounted
taxes
paid
almost
to
two-thirds
taxes and dividends last
of
shows
The survey
studied
corporations
the
by
just completed
a survey
Investors.
of
before
earnings,
net
The study covers 163 typi¬
year.
cal American corporations, representing a cross-section of
various lines of industry.
Among the salient facts brought
out
the
are
1.
Total
following:
of
assets
these
163
corporations
all
6,500,000 stockholders have invested
or
a
their
holders
hold
The
3.
not
number
total
averaged
2,854,000,
4.
equivalent to $283
5.
These
in
the
to
panies reported
wiped
last year
in 1937.
company
per
per company
the total
share of
by these 163 companies
stock was equivalent to
of/ $2.73
average
paid
amount
each
on
a
61.6% of the net earnings (before taxes) of the 163
of such earnings.
out by taxes, leaving net deficits
The statistical
information
Federation
the
for the year.
letters
upon
House
had
in
its
fiscal
The
bearing
according to the Federation, can be judged
the present situation, and noting the trend of national
000,000
debt is
gross
now
year.
is
keeping methods
the Government this huge spending-lending program
to the obligations of the taxpayers.
Guaranteed bonds
and contingent liabilities of this character now amount to approximately
$7,000,000,000.
It is well to bear in mind that a debt of $45,000,000,000
of
Will add billions
the
that
means
received
future
in
Government
generations
tinued deficit
has
that
spent
much
more
than
has
it
and that unless the debt is repudiated either this
revenue,
have
will
to pay
it
through
by the Government
spending
as
additional
either
means
Foreign
substitute for the Wheeler bill after the latter
a
the Senate.
Representative Lea, the Association said:
prepared without
study and consideration of the needs of the
adequate
coastwise and inland maritime interests of
of
unwise
and
various
illogical,
national
pliers,
regulation
water-borne
the
placing
firm
domestic
water-borne
Commerce
Commission
of
Interstate
the
of
will
and
inevitably tend to increase rates on
a
corresponding adverse effect on
which require, to compete with foreign sup¬
inexpensive forms of transportation.
In this
traffic,
industries
availability
connection
the
that
Association
the
the country.
opposition to. these sections of the bill is the
our
this
tinder
Commerce
is
for
reason
conviction
of
it should be noted
control
It
of
is
or
Con¬
taxes.
increased
intercoastal
the
opinion
water-borne
with
that- since the enactment of
Because
this
the Intercoastal
be
and
that
the
under
under the
believes,
and impartial
comprehensive
-
Association
should
Association
thfg
the
regulation
control
stated
as
investigation
Congress do not enact the Lea bill
act
favorably
mittee
to
on
House Resolution
investigate and
report
the
of
of domestic
United
of
that
above,
the
States
Commission.
Interstate Commerce
problems of the United States has been made,
no
adequate,
transportation systems
strongly urge that
we
S. 2009, but instead that the House
or
which provides, for
226,
the
on
transportation
a
House com¬
problems of
the
country, involving all forms of transportation, the effect of existing trans¬
portation laws and the methods of their administration.
Following such a
thorough investigation and subsequent report Congress can proceed, on a
basis, to establish regulations applicable to all forms of transportation
fact
the
with
assurance
such
that
portation interests involved,
the
a
as
in the interest of industry
transportation is
.
subject of vital importance to
whole and to the Port and business of New York, and
commend" the opinions
respectfully
we
adequate, fair to all trans¬
and
are
f
Domestic water-borne
the Nation
regulations
and are also
generally.
public
a
above expressed to
your
favorable
consideration.
Representative! T. V. Smith and( Senator} Taft Debat
Principles of New Deal Before Virginia"! Institut
Public Affairs—Rabbi
of
Lazaron
Decries
Senat
Committee Action in
Killing,Neutrality Legislation
—General Harbord
Urges Passage of Selective
Conscription Act
(jg
A
debate
on
Charlottesville,
V.
T.
the
before the
ducted
principles of the New Deal
Virginia
Va.,
on
Institute
July
14
was
con¬
of Public Affairs at
between
Representative
Smith, Democrat of Illinois, and Senator Robert A.
Taft, Republican of Ohio, Representative Smith contended
that the maxim of President Roosevelt,
"private office is a
public trust," is the "very key to the Democratic Adminis¬
tration
were
He said that if this
during these trying years."
maxim
observed
would
transform "the
into
mercenary-
philosophy of the com¬
a
The discussion was reported, in part, in the
good."
mon
it
of industrialism
motivation
following Associated Press dispatch of July 14 from Char¬
lottesville
:
taxes
bankruptcy—or both.
Last year's Federal deficit was
$3,500,000,000, and budget estimates
for the current year indicate there will be a larger deficit for the fiscal
year ending June 30, 1940.
The spread between Government expenditures
shipping.
of
commerce
Maritime Commission and not
presenting the Republican point of view to the University
Senator Taft,
national
or
and
point out that this pending legislation appears to represent
largely the viewpoint and interests of the railroads, and that it has been
close to $40,500,-
approximate the statutory limit of $45,000,000,000
To circumvent this statutory limitation, the
undertaking broader spending and lending by Federal
Although not shown in the public debt, under present book¬
fiscal
Administration
agencies.
The
will
and
the
during
plight of the Federal Government is of vast importance
the future.
on
set forth
were
Interstate
on
We wish to
other industry
for the future,
best by summing up
Committee
the
In its letter to
produced last year the industry paid $5.18 in taxes,
was 78% more per ton than in 1929.
What is hap¬
pening in the steel industry as a result, of steadily-mount¬
affairs.
to
passed
steel
every
so
Commerce of the House of Representatives, which now has
before it the Lea bill, which was ordered reported in the
which
The outlook
the country
of
regulation for all forms of transportation.
The Association's findings in the matter
reports, is
ing taxes is taking place in practically
to some degree.
House committee to investigate and
a
the transportation problems
Shipping Act intercoastal freight rates have increased approximately 30%,
a
large part of which increase can be directly ascribed to governmental
which these facts are
authentic, having been
obtained direct from the corporations listed.
Letters of
inquiry were sent to 285 corporations, 163 of which re¬
sponded with the facts requested.
The survey reveals that although United States Steel
Corp. last year earned $41,124,677 before payment of taxes,
nothing was left for stockholders after all taxes had been
paid. In fact, a deficit of $7,717,454 was incurred.
While
168,399 owners of common stock received nothing, the com¬
pany was able to pay a dividend to preferred stockholders
out of surplus accumulated in former years.
Total taxes
were equivalent to $5.61 per share of common stock.
The steel industry as a whole is owned by 519,000 stock¬
holders, about 40% of whom are women.
Last year taxes
amounted to $96,600,000, although earnings before taxes
and dividends amounted to but $83,727,000.
After deduc¬
tion of taxes the industry was "in the red" to the extent
of $14,879,000.
In 1937 the steel industry paid out in taxes
64% more than in the prosperous year of 1929, although
steel output in 1937 was 10% below the 1929 tonnage.
Taxes paid by the steel industry in 1938 were equivalent
to a year's wages for 83,000 workers.
For every ton of
based,
report on
that Congress may proceed on a fact basis to establish fair
domestic
stock.
common
two-thirds
tion, providing for
stockholder and to $576 per employee.
an
were
As a substitute for the Wheeler and
th^ Lea bills, the
Association announced itself in favor of the Bland resolu¬
One
Nineteen of these com¬
deficit before taxes, while the earnings of 15 others
companies—almost
were
employed
5,806,000 holders of common
Taxes consumed
6.
to
for each share of
$1.33
the
transportation field.
The findings of
subsequently approved by the
Association's Executive Committee1, are in line with the
policy of the Association in maintaining that any regula¬
tion of domestic transportation exclusively by water should
be by thA Maritime Commission.
163
of 21,141
average
per common
whereas
stock,
an
companies in 1938
number of investors in
these
one-half
number
average
amounted
taxes
dividends
but
than
of
paid by these 163 companies in 1938 was $1,643,000,000,
Total taxes
common
employees
less
17,601, compared with
was
shares each.
100
of
or
The
stock.
common
than
more
phases of the
committees, /which
in
$40,379,000,000.
are
portion of
savings in the 650,000,000 shares of these 163 companies.
The
average number of common shares owned by each of the 5,806,000 com¬
mon
stockholders is 104.
More than three-fourths of the common Stock¬
More than
2.
ous
the
s
w&s paid in taxes in 1938 by
hold¬
much
as
Taken
503
of
Public Affairs, criticized New Deal spending and
prosperity could be restored, but not "by Government regulation
Virginia Institute of
asserted
.
and
income
widening.
Either Federal expenses must be cut or taxes
be greatly increased.
Taxes of the corporations listed in the Fed¬
must
eration's tabulation
and
the
total
increase
of
necessary
have
taxes
50%
in
more
the
of
the
doubled in the last five
than
Nation
revenues
have
the
of
low
to
reduction of the
costing the taxpayers $1,000,000,000
interest rates paid by
a
since
Federal
to meet current expenses—that is,
nothing left to apply toward
present
doubled
Government
years,
further
A
would
encourage
of
at
the
,
ought
be
to
Merchants Association Opposes Bill for Regulation of
Carriers
oppose
for
New
of
York
to
even
screen
those sections of both the Wheeler and the Lea hills
the
as
regulation
of carriers
carriers in domestic
Interstate
This
Association
commerce
which
action
Association's
was
taken
Maritime
after
would
make
water
subject to regulation by the
Commerce Commission
a
was
announced
July 19.
study of the bills
Committee
and
it does not cost
the taxpayer
any
Taft
more
its
lending
program
of the
Government
than the spending
program,
for
removes
the
asserted
dangerous
present
it
the
for
attitude."
billions
of
The
Barkley bill,
uncontrolled
Federal
he
said,
"is
merely
a
smoke¬
spending."
Representative Smith contended the national debt "will itself be borne
a
public trust until it can be repaid from the earned income of a
prosperity rising on the fundations of justice.
"This acceptance of all private offices as touched with public interest
is laid
upon
modern
men
by the inexorable march of events at home and
abroad."
by the
Committee
on
Transportation, which are made up of 16 men, including
shippers, corporation executives and men engaged in vari¬
as
spending entirely from the control of the Appropriations Committees of
House and Senate, which even in these generous days retain a certain
bard-boiled
Merchants'
encouraged, as long
money."
the Government.
Senator
the
the laws must be administered with the constant effort
the development of private industry.
be a recognition of the fact," he added "that the making
profits is not a crime; that the average business man, making a success
his own business, is an essential cog in the national machine and
"is
Decision of
series of radio debates with
"There must
in
even
"above all,
and,
to
be
now
a
Representative. Smith, argued tonight that present laws need modification,
debt, which is
gross
industry."
who had been engaging in
Senator Taft,
balance the budget, with
in interest alone,
year
six
or
1929.
agriculture and commerce and
of
is
Rabbi Morris S. Lazaron of Baltimore, one of the re¬
ligious group who spoke before the Institute on July 13,
said that the Senate Foreign Relations Committee, in voting
be
will
crucial
and jealousies determined a decision of
time in the Nation's and the world's history.
if
action
the
adjustments and depression, Henry H. Heimann, Executive
Manager of the National Association of Credit Men, said
in his monthly review of business, issued July 15.
.
.' ,
I question
of the people of the country."
member of the Executive Board of the
Conference of Christians and Jews, said many observers believed war might
have been averted in 1914 had Great Britain's position been made clear.
"The United States is now in the same situation as Great Britain was
that
Rabbi
represents the judgment
and
them."
encourages
"It
.
to
speaker at
growing antipathy to the Jews in our day
un-Christian.
It must be counteracted before
"a
and
it
reaches
Religious groups, he said, should make every effort to know each other
because close acquaintance removes prejudice.
"One of the most important contributions of the luncheon clubs is that
intimately,
they bring Protestants,
Catholics and Jews into the most intimate fellow¬
ship," he said.
Dr. Frank Kingdon,
President
University of Newark, said the
in which freedom and security
of the
history
was
one
The
that
said,
he
security,
amount
Germany,
swung
Russia and
in
see
credit
not
before
the
conference
of
enactment
soon
as
follows in
on
Harbord (retired), speaking
July 11, urged the immediate
Service
Selective
a
Charlottesville
a
dispatch of
than
of
already
asserted.
h,;
told
Such
the
delay while Congress,
selective service,
for
the
disastrous
a
University
of
Institute
before declaration
an
legislation
diplomatic
"would end all
war
Ludlow
the
as
of
powers
of
has brought actual
enemy
amendment
President
the
to
war
and
tion
of
America,
to
look
the
to
Men
and
should
should
slur
Dr.
N.
will
The
cism,
Gershoy,
Y., told
will
"will
in
a
day,"
their
are
They
place
he
that
students
those
he
of
the
of
if
her
old humanity"
spirit and
Dr.
Gershoy
averted,
is
war
losing
the
Bronxliberties
its
"another
to avoid
structure of
predicted.
chance"
He
for
symposium
medical
on
of
adequate
1939
Thomas
care
Virginia, Richmond,
medical
service
MONTHLY
"as
on
BONDS
OF
January
Treasury 4-------
...1947-1952
.
118.26
119.14
Brookings Institu¬
July 18,
advised against
business.
Government
the
of
homes
might spend
are
not
numerous,
by the Government must be
The 1937 recession, he asserted, was not
spending
expenditures,
Government
reduced
of
belief
Nelson
sees
im¬
FOR
contrary
Unfilled wants of the people for
better living form a potential demand
many.
and
humming, he said.
A.
Rockefeller
Holds
Leaders
Responsible for
Friendly Relationship of Capital and Labor
of awards by the New York Building
At the presentation
Congress, July 18, to 22, craftsmen for exceptional work on
the nearly completed 16-story office and garage building
at 10 Rockefeller Plaza, Nelson A. Rockefeller, President of
UNITED
STATES
GOVERNMENT SECURITIES
point represent one or more 32ds of a point)
Low
High
Low
High
119.3
119.20
119.21
120.22
119.27
June
May
April
March
February
Low
by
High
Low
High
Low
High
120.20
120.20
121.31
121.8
122.13
1944-1954
114.17
114.25
114.18
115.5
115.5
115.31
115
115.19
115.16
116.4
116
116.19
.I." 1945-1956
113.10
113.28
113.23
114
114.24
115
104.13
115.3
115.4
116.3
115.26
116.5
104.25
104.2
104.12
103.14
104.8
Treasury 4s
Treasury
Treasury 3%g
Treasury
's„_T.
Treasury 3«s_
Treasury 3J^s
Treasury
____.1949-1943
104.31
105.8-
104.29
105.4
104.23
105.2
104.11
1941-1943
106.18
106.27
106.20
106.23
106.15
106.24
106.11
106.21
106.4
106.15
105.16
106.6
109.30
110.9
110
110.9
110.8
110.27
110.19
110.22
110.20
111.2
110.17
111.10
107.6
107.12
107
107.4
107
107.10
106.27
107.3
106.26
107.1
106.19
107
1943-1945
109.22
110.8
109.30
110.5
110.5
110.25
110.13
110.23
110.13
110.29
110.11
111.9
1944-1946
109.22
110.12
110.2
110.13
110.16
111.1
110.22
111.3
111
111.15
110.29
111.27
109.11
109.27
109.20
110.9
110.13
111.8
110.13
111.18
111.14
112.16
112.1
112.21
111.5
110.27
111.23
112.1
113.20
112.30
114.5
_____
1943-1947
__
i94|
L'.Y.IY."
Treasury's
Treasury 3J^s
_____
194>-1949
....a.
_____
'
1949-1952
-
109.2
109.21
109.16
109.28
110.19
108.19
109.7
109.1
109.14
109.22
110.17
110
110.18
110.27
111.29
111.4
111.31
.,..1951-1955
Treasury's.
Treasury 3s
112.26
1945-1948
—
_
_
107.26
107.22
108.16
108.13
109.27
109.5
110.7
110.4
112.10
111.1
104.12
105.2
104.28
105.22
105.17
107.9
106.16
107.24
107.20
109.13
108.32
110.9
1945-1947
Treasury 2^s.
Treasury 2%8
107.4
1955-1950
Treasury 3s
Treasury 2%8_
Treasury 2%s
High
Not Favored
He contended that those who
usually can obtain it from regular
He admitted that self-liquidating projects
the New York Stock Exchange—Quotations after decimal
Low
Lending
credit
of
excessive
result
the
in
Presi¬
of
small
sources.
said
better
French
matter
and
that could keep industry
French
said the layman
PRICES
we
,
fas¬
saw
the
Boushall,
practical
a
RANGE
(Complied from sales transacted
C.
which
against
\
in Cincinnati,
guarded against.
to
rapidly
a
to
which
on
who
government
war.
"anti-collectivist
communism,
is
virtues
spending on projects not self-liquidating, and
lack of sympathy for proposals for Government
worthy
credit
in
intended
maintained.
France
that
event
economic
Moulton, President of
G.
Association,
lending
a
equality.
morning
problem
like
interest.
found
added
He
much
Professor at Sarah Lawrence College,
dent of the Morris Plan Bank of
the
again
Columbia,
of
too
financial
a
have
salvage enough of
prevent
remote
doctrine of
In
has
is
but
for
case
institute
however, while the
"sonm
he
they
term,"
History
the
ware
Government
drawing salaries from the Government should give
that
lose them all
republic
society"
which
District
"It
problem is not to be found
to pay the penalty
willingness
war."
great
Spending
Harold
Dr.
numbers
great
a
tion, addressing the Congress of the National Retail Hard¬
"toward
country
of
in
Dr. Moulton
individuals."
persons
during
the
of
recommended.
when
good
a
this
but
the, time-tested
the
through
indicated
"like citizens
he
in
suffrage
even
all
votes
Leo
ville,
and
is
in
of
violation
the
Government
Department,"
the Radio Corpora¬
tendency
through hypothetical methods
solution to our
philosophies'
economic
'new
fatally
support."
relief,
worthy
upon
that
their
drift
a
increasing
independent of the Government."
"Ihere
believe
the
the
vote,"
action
at)
at
concern
and
for
on
their
in
regain
enterprise
up
State
women
surrender
judge sitting
"no
expressed
paternalism
to our burdens
time and add
sound means rather
promoting recovery by
toward
efforts
our
our
oppor¬
"would
State
Harbord, who is Chairman of the Board of
governmental
turn
waste
sinned
added.
General
throwing our entire economic machinery
bringing
solution.
for
of
homes,"
our
the fact that in this modern world we can never
would accept
"We would know that the
in
inevitably
it
as
Virginia
recovered.
gear,
' '
popular referendum
cripple
voted
war,
Harbord
General
Affairs.
tunity of defense until
he
the chance of
having declared
would,"
Public
A
eliminate
would
was
we
would
,
"This
as
social confusion and chaos into our midst, and
spreading suffering and privation among the people of the world, then we
July 11 to the
Washington "Post" :
witnessed in this country in the 'twenties was generally
being part of a wonderful era of prosperity.
In retrospect
nothing else than a domestic credit debauch, and when
inflation reached its height a collapse ensued from which we have
of
out
reported
was
off, will leave
...
experience a world struggle without
to becoihe effective
Act,
General Harbord
is declared.
war
as
as
G.
James
condition.
progress
it
yet
"If
Major-General
which, once the effect of this drug has worn
worse
accepted
Italy
to
character,
"The
the eclipse of freedom.
democracy and caused
can show some progress, will be found to have made
through turning to preparations for war, monetary programs
confiscation, or other short-sighted policies, nationalistic
that may now ease their suffering a bit for a temporary
progress
in
We may have thought we had, but we were living
Those nations which boast of no unemployed because,
they
statistically,
we
for
demand
from
away
paradise.
that
them
American
in
era
fool's
period but
all-important.
were
repeating day by day.
a
post-war years, here and abroad,
further into difficulties.
a sound,
sustained business recovery anywhere in
that titanic struggle took place.
That statement is worth
had
not
world since
the
in
proportions."
current
the programs launched in the
have
"We
dangerous
were
p.unged us
simply
Fortune, Lexington, Ky., state that there
which is un-American
A. W.
the Rev.
government,
was
altruism
uneconomic,
Institute meeting, now drawing to a close, heard
the round-table discussion of the relation of religion
the
to
Delegates
artificial credit and arti¬
put into effect in order that
might gain a selfish advantage.
Rarely was there a motive
or a thought as to
the world's needs.
Selfish, short-sighted,
policies
Nationalistic
trade.
nation
each
of
ment it overthrew."
another
Monetary
ficial
ruthless and bloody than the govern¬
more
seems
nations destitute of sound credit for commercial pur¬
systems collapsed overnight, barter came into being,
left
purposes
managed currencies were the order of the day.
"The absence of sound credit gave birth to
has
Franco regime
the
And
war
points out
executive
credit
poses.
knows that this country's present policy is not neutral, he
helped and is helping Japan.
It helped General Franco.
Everyone
>
said.
of the past 25 years since the World War began,
that "the diversion of so much credit for
Reviewing the record
the
"Any doubt about our position heartens the. aggressors
1914," he said.
in
and
author
Lazaron,
World War
conflict involving the great nations of
world would result again in widespread economic mal¬
international
An
politics and personal
gravest import at a
partisan
that
feel
who
however,
many,
antipathies
Economic Dislocations
Which Would Result from
and I am sure the opposition
its best judgment," he said.
"There
policy voted
Administration
the
to
Heimann Warns'of
H.
Henry
point to question motives,
"It is beside the
between the medical profession and the
liaison
and
people."
seeking to maintain inter¬
national peace and morality.
He was quoted as follows
in United Press advices of July 13 from Charlottesville:
materially
organization
proved
legislation this session had
action on neutrality
damaged the forces
to postpone
1939
July 22,
Chronicle
The Commercial & Financial
504
107
107.19
107.14
108.3
108.5
109
108.12
109.2
109.1
110.5
109.22
110.6
108.9
109.5
109.27
109.18
109.31
109.21
.1948-1951
.
1951-1954
Seflsnrv Vi*
Treasury 2%s
-1956-1959
1958-1963
Treasury 2%g
Treasury 2J^8
Treasury 2Y2b
1960-1955
Treasury 2Y2b.
""
105.19
106.4
106.1
106.31
107.8
108.2
107.12
104
104.24
104.20
105.14
105.15
106.28
106.4
107.9
107.6
109.6
108.4
103.4
104.29
103.25
104.14
104.10
106.3
105.12
106.13
106.12
108.5
107.13
102.20
103.13
103.8
103.19
103.28
105.9
104.17
105.24
105.22
107.16
107
102.20
103.12
103.9
104.2
103.28
105.1
104.11
105.19
105.10
107.12
106.28
108.16
108.4
109.1
108.20
109.10
'
109
108.23
1945
106.6
106.24
106.18
106.31
107.17
108.1
107.21
108.4
io4«
105.1
105.14
105.15
105.29
105.31
107.10
106.18
107.10
107.7
108.29
108.25
109.8
104.31
104.10
105.19
105.13
107.3
106.2
107.21
Federal Farm Mortgage Corp
Federal Farm Mortgage Corp 3s._
Federal Farm Mortgage Corp 3s.__
107.22
3^s
Federal Farm Mortgage Corp 2%s_
Home Owners' Loan Corp 3s
Home Owners' Loan Corp 2^8
Home Owners' Loan Qorp
Home Owners'
Loan
103.4
102.29
103.21'
103.5
102.31
103.24
103.20
105.2
104.11
105.15
105.12
107.3
106.8
102.17
102.14
102.29
102.29
104.3
103.18
104.14
104.6
105.24
105.11
110
109.20
110.6
109.21
106.3
1944-1964
107.9
107.19
107.14
108
108.14
109
108.23
109.2
109.15
1944-1949
106.26
107.14
107.5
107.15
107.30
108.13
108
108.19
108.15
109.18
109.2
106.27
106.10
106.23
106.10
106.26
106.6
106.27
1942-1947
106
106.5
106
106.5
106.16
1942-1947
105.3
105.4
105.5
105.20
10-5.15
105.26
105.21
105.21,
106.13
106.13
105.24
106.15
107.22
108.10
107.28
108.13
108.9
109.17
108.27
109.17
100.13
1944-1952
.1939-1949
2^s_"Il942-1944
Corp lj^s
102.13
102
1949-1053
........
103.17
102.16
—
1945-1947
106.26
107.11
107.6
107.21
102
102.20
102.9
102.20
101.26
102.23
101.19
101.31
100.13
101.28
100.6
104.1
104.18
104.11
104.19
104.20
104.31
104.19
104.31
104.28
105.12
104.29
105.18
101.29
102.12
Volume
The Commercial & Financial Chronicle
149
Rockefeller
Center,
Inc.,
nessed the ceremony
capital
and
labor
competency
of
made
were
told
that
in
the
United
leaders
by the
wit¬
who
States
both
on
the
depends upon
Speaking
wires
thanked
the
opinion
workmen
their
for
labor
both
on
temporary
main
"excellent
That
the
that
such
fact
feller
a
that
he
said,
should
be
not
condition
far
Inc.,
is
not
there
and
undue
work
hardship
impossible,
have been
the
many
unions
the
on
he
liquidity of money, low interest
increasing ability of corporations to finance themselves,
declining demand for speculative loans, swifter turnover of
goods and consequent lack of demand for long-term loans, and
evidenced by
is
Rocke¬
disputes between
whose
confidence in the future,
rates,
other.
declared,
serious
no
members
been
have
the quick effect felt everywhere of
important developments
any part of the globe.
;
■
'
em¬
on
buildings in the center project.
erecting 13
Referring to this part of Mr.
Rockefeller's
address
..
John
later,
J.
Continuing, Mr. Irwin said:
Bren-
Secretary of the Building and Construction Trades Council, said that
nan,
much
of
the
organization
employed
the
for
the
friendly
unions
was
'chiseling' contractors
any
work."
owners
conditions
credit
and
It
met
that
was
for
easy
without
labor
has
relations
due
or
to
fought
the
to
standards
O
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A change in Government policy, leading to higher interest rates and less
and
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step in State capitalism.
because
'HO»nHrt«HHHCqHNNNS««H
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money
by Mr. Roosevelt that policy actually
began under Herbert Hoover, the great individualist who gave us our first
construc¬
wages,
Washington Government is to make
easy and while it has been continued
not
"which is still in the throes of
OQ
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the
said,
he
of, hours,
g'g'g'
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03
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"have
for.
■o
fl
do
to
cooperate,
The policy of the present
Rockefeller
the
who
owners,
subcontractors
the unions
hesitation
between
the
A.
the convention, which remained in session
through July 14.
He ascribed the absence of a demand for
capital to lack of
character
tolerance,
of
men
W.
Banking, and former head of the Economics Department of
Washburn College, Kansas, spoke at the opening session of
expressed his
and
question.
sides,
will
thus
Center,
ployed in
tion
cooperation"
Rockefeller
Mr.
the structure,
Hears
Lack of Demand for Capital
Assistant Educational Director of the American Institute of
pipes
under scaffolding,
stand
of
with an understanding of the problems faced by the other
Only when such leadership exists, he held, can the two get together
basis
a
the
lobby
integrity,
side.
on
unfinished
on
Association
Association in convention at Chapel Hill, N. C., July 10,
declared that business in this country is chiefly suffering
because of a lack of demand for capital.
Mr. Irwin, who is
New York
flag-draped
a
the
the
on
Leaders
and
from
in
505
Bankers
William A. Irwin, addressing the North Carolina Bankers
awards
The
sides.
Irwin
Building Congress.
Report¬
ing on Mr. Rockefeller's, remarks, the New York "Times"
of July 19 said:
and
Carolina
amicable relationship between
an
the
200 workmen
the
North
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The
506
Commercial & Financial Chronicle
60
War, a large and continued outflow of gold,and a
of the New York City Tunnel Authority,
Fearson Shortridge, Manager
world economic conference.
project.
below those on the tunnel
were
accepted by Local
charged also that wage and work standards
local have
remedies for business in this oountry would
Mr. Irwin said other possible
include another World
1939
July 22,
reached by the conflicting unions.
are to be made at a conference to
by the Walsh Construction Company of representatives of the
of the subcontractors and of the two locals, both of which are
expressed satisfaction over the agreement
Strikes
Tunnel and
Queens
on
The final
Delaware Aqueduct
called
be
End
company,
differences had been submitted to
internal union
After
'
The union dissension
A. F. of L.,
and
some
The 2,000 men employed on the tunnel project
project.
the aqueduct
July 19, reporting the settle¬
French Poster Exhibit at World. Trade Center
Announcement of the truce was made by James Gallagher, President of
Local
voted
The hearing
with the aqueduct operation.
was adjourned
T*he
called by Local 147 in sympathy with
strike on the aqueduct job was
containing five transferable admissions and ten con¬
total value of $7, for $3.75 each. This week
end a new combination ticket providing admission to the
each
walk-out of its members on the aqueduct operation, on which Local 60
holds
a
contract with the
jurisdiction
the aqueduct as well as the tunnel job.
over
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cession tickets, a
Local 147 contends that it has
Walsh company.
on
by Grover A. Whalen, President of the Fair Corporation.
The directors also authorized the sale of 1,000,000 books,
Aug. 21.
to
World's Fair
July 20 to reduce the admission price to the Fair
from 75 cents to 40 cents after 9:30 p.m., it was announced
motion by the Walsh Construction Company,
a
both projects in question, to enjoin members of Local 147
contractors for
from interfering
a
heard
Board of Directors of the New York
The
147, shortly before Justice Edward J. McGoIdrick in the Supreme
was
Types of Tickets—
New York World's Fair Offers New
ment, said:
Court
:
the New York City Delaware
on
July 8, page 201, and July 15, page 352.
job returned to work July 19.
3,000 workers idle on the aqueduct
The New York "Times" of
to have
bearing
Aqueduct project in Westchester, and the Queens-Midtown
Tunnel in New York appeared in the "Chronicle" issues of
pressed Air Workers Union, both of which claimed Jurisdiction over workers
on
would consent to act as arbitrator.
Other items
between Local 147 and Local 60 of the Com¬
was
that William Green, President of the
Mr. Gallagher expressed the hope
ended July 18.
were
Federation of Labor.
affiliated with the American
arbitration, the strikes that had tied up work on the QueensMid town tunnel and the Delaware aqueduct in Westchester
County
arrangements" for arbitration
C5
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Volume
Fair,
The Commercial & Financial Chronicle
149
light luncheon and
a
amusement with
$2.25 will be
on sale at the Fair
gates
50 cents for children.
The National
face value of
a
union
mines without
until all old
employees have
Foreign Trade Council is sponsoring its
poster exhibit at the World Trade Center of the
World's Fair.
This display represents the best
types of the
French lithographers' art and includes a wide selection
This exhibit will continue
The Governor added he
Coal Strike Settled
Major differences between union miners and coal operators
were waived
July 19, to bring peace again to Harlan County,
Ky. After conferring with Federal conciliators at Knoxville,
Tenn., for five days, representatives of the United Mine
Workers and the Harlan
County Coal Operators Association
adopted a seven-point agreement to run until March 31,1941.
Associated Press advices of July 19, from Harlan,
Ky., said:
Workers
points
in
the
agreement
recognition
were
association except exempted
classes; submission to
disputes arising
United
Secretary Perkins in Washington hailed the settlement as a return
of
"industrial peace" to Harlan
County.
"The result showed once more that
bargaining is the proper and satisfactory instrument with
which to adjust
industrial disputes in the interests of the
parties directly
concerned and of the
public," she said.
At Knoxville Dr. John R.
Steelman, Federal labor conciliator who helped
break the
deadlock, said he
strife that
the collection of union dues which cannot be settled
by the association in good faith to co-operate with the
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in the
Earlier references to the soft coal strike
were noted in the
issues of the "Chronicle" of
May 13, page 2833, May 20,
arbitration board of
an
over
the agreement "marks the end of the
was sure
has characterized labor
relations
years."
Mine
agreement
otherwise;
^
of the
'union
peaceful collective
exclusive bargaining agent for all
employees of members of the
as
"glad the union agreed to abandon the
was
for Oct. 2.
The union receded on its demand
for a "union shop" and the operator
waived the "strike
penalty" clause and agreed to dismiss eviction proceed¬
ings against all miners.
Other
opportunity to work.
shop-demand* because I think in
principle that it is not a just demand."
The Governor said
Attorney General Murphy at Washington was arrang¬
ing a meeting to settle legal difficulties
arising from the dispute.
Still
pending is the retrial of defendants in last
year's Harlan anti-labor con¬
spiracy case.
The first trial ended in a
jury deadlock and the retrial is set
♦
Harlan
an
Governor A. B. Chandler, who sent
troops into Harlan County to "pro¬
tect" non-miners
returning to work, said that "as soon as I have assurance
from both the union and
operators that there will be no recurrence of dis¬
order, I will withdraw the soldiers."
po-
traying French life and industry.
July 22 to 24, inclusive.
507
securing convenient and adequate
meeting places for the local
unions, and immediate return to work of all
employees to their respective
discrimination or prejudice, no new employees to be hired
for $1 for adults and
second
from
in
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Committee.
as
personnel, is the third to be issued.
The 1937 report of
Research Committee was a study of recent banking
trends and on merchandising a bank's services while the
templating the installation of a common trust fund, and
better understanding of the major prob¬
lems involved."
In announcing the book Mr. Waugh said:
The need for common trust funds lias long existed to provide diversifica¬
tion and liquidity in investments for small trusts and to enable corporate
trustees
to
administer such trusts economically and profitably to the
benefit of the trusts and to themselves.
In the past legal and tax restric¬
tions have made impracticable the general use of
common trust funds.
Federal tax legislation and regulations of the Board of Governors of the
Federal Reserve System, together with the Board's recent action
on a
proposed plan for a common trust fund submitted by the committee,
have now removed most of these restrictions and cleared the path for the
establishment and operation of such funds by qualified trust institutions
in States where they are authorized or permitted by statute or the common
on
Funds
Trust
Common
Handbook
Issues
Association
Bankers
American
institutions throughout the
recently by the Trust Division of
the American Bankers Association of the completion of a
handbook on common trust funds.
It is a 118-page book,
containing a general discussion of the factors involved in
establishing a common trust fund, installation and opera¬
tion, tax phases, Federal Reserve regulations, and two com¬
plete plans. The title of the book is "Common Trust Funds,
a
Handbook on Their Purposes, Establishment and Opera¬
tion."
It is the culmination of five years' work on the
part of a special committee on common trust funds.
Trust
country
notified
were
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Volume
Analysis
The Commercial & Financial Chronicle
149
of
Patman
Chain
Store
Tax
Bill
Issued
Railway Transportation section
history of locomotives from the "Tom
New York Young Men's Board of Trade
The
It
Young Men's Board
of
adopted
cently
its
regard
to
detailed
effects
Patman
the
the
of
the
The
tend
bill
make
of
Store
for
concluded
Tax
The
Bill.
justification
purpose,
providing
study
York City, re¬
Committee 'on Taxation in
Trade, New
Chain
contents,
stores.
to
report
a
excise
an
that
tax
Under
retail
of motor
011
traffic
"would
economic
our
publication
Thumb"
railroad
on
describes
modern
to
freight
mileage,
the
streamliners.
traffic,
passenger
"Motor Transportation"
the publication deals with the history
carriers, highway financing, automobile and truck statistics, truck
and
dealt
business
in
statistics
the
traffic, rates and fares, finances, freight revenues, distribution of
operating
railway capital, equipment, employment and wages prevailing
through 1937, the latest year available for such data.
competition less free than it is to¬
day" which it says might "lead to further interference by
Government
furnishes
of
revenue,
report
legislation
the
also
possible
and
509
A
by
"Rail
activities."
tion
include
private
revenues,
and
bus
and
carrier,
the
motor
and
truck
types
transportation,
of
costs.
Other
operation,
topics
traffic
and
costs.
Highway Transportation"
Division,
per
length of haul
revenue,
with
Department
of
is
obtainable
Commerce,
from
the
Washington,
Transporta¬
D.
C.,
5c.
at
copy.
Revised "Rail and Highway Transportation" Published
by Commerce Department
The revised issue of "Rail and Highway
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deceptive
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be presented on radio programs.
products claiming
and
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10.
The
publications.
track, "dopester" or tip-sheet
speculative finance.
7. Any race
Certain Advertising
responsi¬
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8.
Broadcasters' Convention Acts to Restrict
.X'.
of unquestioned
agencies.
Matrimonial
bility.
Radio
promises of employment
untrue
for enrollment.
inducements
as
or
.
questionable
offer
that
Schools
4.
which or the method of
character-reading, by hand¬
astrology, or advertising related
fortune-telling, mind-reading,
numerology, palm-reading or
thereto.
rejected by the House of Delegates.
Other addresses made at the convention were reported
in our issue of last week, pages 350-351.
Bill
or
or
which constitutes a violation
of
3.
with the necessary
the official list,
from
names
procedural
committees on
State
49
Any remedy
2.
sale
hard liquor.
other product the sale of
of law.
spirituous
1. Any
membership of standing and special committees.
Abolition of committees which duplicate each other.
the
Immediate
shall
stations
member
in the President to discontinue associate and advisory
adjournment of the next annual meeting, and to reduce
on
York
July 12 to the New
under the program of standards
not accept the following for ad¬
"Herald Tribune" said that
Vesting of power
committees
Atlantic
An
the
an
are
the day before.
City dispatch of
the convention
adjournment.
recommended by Mr. Beardsley were:
scheduled
the
beyond
Association are bound by the
attempt to interpret the general
self-regulation of the radio industry, approved by
standards, which
print."
of
members
322
The
appointments because lawyers like to see
The advices added:
for broad powers to eliminate certain advisory and associate
and urged the house to adopt resolutions abolishing other
The requests threatened to keep the A. B. A. in session
given committee
their names in
July 22, 1939
Financial Chronicle
The Commercial &
510
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Volume
12.
Unfair attacks
industries,
13.
of
The Commercial & Financial Chronicle
149
competitors, competing products,
upon
professions
institutions.
or
Misleading statements
price
I am,
other
upon
or
of
price
embody
value,
or
letter to the
a
of
S«
H.
Kress
Presented
National
to
Gallery—President Roosevelt Expresses Gratitude
The
collection
of
paintings
and
our
happily might find
true
purpose of the
of
sculptures
value of
a
FRANKLIN
In
$25,000,000 to
Dr. Edwin R. A.
Seligman, one of the Nation's foremost
and adviser to foreign
Governments, died on
economists
My Dear Mr. Kress:
July 18 at his summer home in Lake Placid, N. Y.
He
was 78
years old, and had been ill for only a few days.
The
cause
of death was announced Us
coronary thrombosis.
Funeral services were held in New York
City on July 20.
Dr. Nicolas
Murray Butler, President of Columbia Uni¬
versity, was among the honorary pallbearers.
In a brief
Your decision to present to the
people of the United States your priceless
collection is in keeping with the broad
spirit of the Congress in establishing
Nadonal
Gallery of Art, primarily as the home of the Mellon collection.
It has been the
hope of those who have the welfare of the National
Gallery
heart that other private
gifts should supplement the treasures included
in Mr. Mellon's
collection.
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ROOSEVELT.
Death of Dr. Edwin R. A.
Seligman—Noted Economist
Was 78—Had Been Teacher Since 1885
Washington advices of July 13 to the New York "Sun"
the following letter from President
Roosevelt,
thanking Mr. Kress for his donation,
contained
the
D.
issue of July 16, 1938, page 365, the
partial com¬
pletion of construction of the National Art Gallery was
reported.
j
our
paintings and 18 pieces of
sculpture.
:
home in the National Gallery.
a
Very sincerely,
ington for the primary purpose of housing the art treasures of
the late Andrew W.
Mellon, it was revealed July 13. The
of 375
an
National Gallery.
Samuel H. Kress, New York
merchant, has been presented
National Gallery of Art, under construction in Wash¬
Kress collection is said to have
Not only are the
example which may well
countrymen, who have in their stewardship art
to the
$30,000,000 and consists
giving
you are
I feel that
your proposed donation is a decided step in the realization of
the
Italian
by others of
treasures which also
proposed gift.
your
the National incalculable in value and in
on
interest, but in their bestowal
be followed
Collection
1, in which you
board of trustees of the National
Gallery of Art,
treasures you plan to bestow
♦
Art
511
grateful for your letter of July
most
setting forth the generous terms of
misleading comparisons
or
value.
or
therefore,
.
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The Commercial & Financial Chronicle
512
biography of Dr. Seligman, the New York "Sun" of July 19
manuscripts, some
Dr. Seligman was the son of Joseph Seligman,
A native of New York,
Hamilton
Horatio Alger,
author of Victorian age success stories for the young, was Dr. Seligman's boy¬
hood tutor.
After graduating from Columbia in 1879.
Dr. Seligman
studied abroad for three years, after which he received his LL. D. and
Ph. D., respectively, from the law school and the school of political science
& W. Seligman & Co.
founder of the banking firm of J.
books than any other
Seligman's
Dr.
works
in
were
when he overhauled
For 51 years
became one of
The library con¬
pointed a Class C Director of the Dallas
remainder of the term ending Dec. 31, 1940.
Seligman instead sold it to Columbia Uni¬
in
for half that price.
result of a steady accumulation which his
versity, his alma mater,
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naming
the
and
Smyth, Manager of the Transit Department, as
Cashier.
'
personal wealth made possible.
In 1885 he purchased the entire library
of Albert S. Bowles, and later half the collection of Thomas Francis Place,
»i
Cashier,
as
Bank for the
Other changes
of W. O. Ford, an Assistant
the staff were the election
Vice-President,
The famous library was the
so
1941, was
five-year term ending Feb. 28,
of the
recently approved by the Board of Governors of the Fed¬
eral Reserve System.
J. B. Cozzo was also recently ap¬
1930, when he was offered $1,000,000 for it by
University, but Dr.
the
position
adviser to several foreign govern¬
collections on the subject in America.
tained 50.000 bolumes in
appointment of E. B. Stroud as First Vice-President
Federal Reserve Bank of Dallas for the unexpired
The
of
he added to a library on economics until it
the largest private
1932
practically the entire fiscal system of Cuba.
Federal Reserve Bank—Other Changes Reported
ments.
'•
from 1929 to 1931 was on the
Appointed First Vice-President of Dallas
E. B. Stroud
Theory and
municipal finance, as well as serving as
..
member of the advisory committee on
a
was
of his outstanding practical accomplishments in
He achieved one
"The Economics of Installment
Harvard
He
finance.
and
United States census from 1919 to 1922, and
Practice," "Currency Inflation and Public Debts,"
Selling," "Studies in Public Finance" and
"Price Cutting and Price Maintenance."
Dr. Seligman's vast knowledge in his field was not confined to the class¬
room as he often was called up to analyze problems of national, State and
in
of the League of Nations' committee on eco¬
In 1922-23 he served as expert
15 volumes, among which
were "Two Chapters on Medieval Guilds of England," "Finance Statistics
of American Commonwealths," "The Income Tax," "Progressive Taxa¬
tion
held many prominent posts in the course of his long career.
New York State Tax Commission.
prolific writer who was said to have written more
economist,
John Stuart Mill and David Hume.
Dr. Seligman
nomics
trade, and the autograph letters of
wrote on finance and
ever
Adam Smith,
of Columbia.
A
the nineteenth
and
of which dated from the Middle Ages all that Alexander
Besides books, Dr. Seligman's library contained pamphlets
century.
said:
July 22, 1939
prominent in England's social legislation early in
who was
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Volume
S.
149
O. Clark
The Commercial & Financial Chronicle
Named
Assistant
Charge of Tax Division
President
Jr.,
of
Roosevelt's
Connecticut,
nomination
be
to
was
confirmed by the
was
of
named by the President
the
Senate
Samuel
of
Assistant
charge of the Tax Division
of
of
Attorney General
Justice Department
the
Attorney
Officers
Harry C. Dodd
Clark,
General
of the firm of Hornblower &
Weeks was
elected President of the
newly organized Customers' Bro¬
kers Association of
Philadelphia, Pa., at a
in
17; John Stewart
President ; Harry
Mr. Clark, who
July 11, had been Director
on
Reorganization Division
of
the
Securities
change Commission since June, 1938 up until which time
he had served since
1934, as a member of the SEC Pro¬
tective
and
Nominates
C.
A.
meeting on July
Co., was named ViceLaird, Bissel & Meeds,
Eastman, Dillon & Co.,
Pierce &
G.
Rieger
C.
Johnson
of
of
same
meeting a
ethics were adopted.
of
constitution,
Charles
A.
Jones,
of
Pennsylvania,
Jesse H. Jones
Resigns as RFC Head
Loan Administrator—President
Jones
Judge
Appeals
of United States Third Circuit Court
of
as
nominated
was
His Record
by-laws
for Governor of
retirement of Judge Davis
May 27,
page
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was
Roosevelt
President Roosevelt on July 18
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July 18.
Mr. Jones was the unsuccessful Democratic
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Become Federal
to
ity of Americans—Assets of
Agencyf More than
Enough to Pay All Debts—Emil Schram Named New
by
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Judge of the United
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The Commercial &
514
letter accepting
a
by wholly private efforts."
Mr. Jones, in
President, said that RFC assets were more
in their belief, but in many
with the hope that their own
type of partisanship would thereby be served.
In either case their action
did little to encourage the "confidence" they were so loudly talking about.
In either case their gloomy predictions proved false.
I call this matter of history to your attention because it is illustrative
of the difficulties which public servants find in carrying out their duties.
You, the fellow members of your Board, and all of us who have some
confidence in the good sense of the American people and confidence in the
ability of honest government to cope with difficult situations, which have
not been solved by wholly private efforts, have a Tight to some measure
of pride in the. Reconstruction Finance Corporation.
than sufficient
to pay all debts and return to the Treasury the entire capi¬
tal stock invested, "with something in addition."
The let-,
ters exchanged
by the President and Mr. Jones read as
follows:
resignation as a member
Corporation—but I do so
only because of your undertaking the work of Federal Loan Administrator.
The Reconstruction Finance Corporation under your chairmanship has
made an amazing record of financial efficiency while at the same time
assisting many banks, corporations and individuals to continue solvent
and do their part in giving employment and keeping the wheels of industry
Very sincerely yours,
of
® 00
JN
f
Reorganization Plan Number 1.
the RFC upon its establishment, Feb. 2, 1932, it was
that the conditions which caused the creation of the Corporation
your
assumed
by Congress
would soon pass.
The breakdown in our financial and eco¬
have been repaired, but the readjustment is taking much
nomic
affairs
longer
than any of us
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resignation as a member
When I came to
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Mr. Jones said:
I hereby tender you my
of the Reconstruction Finance Corporation in
accept appointment by you as Federal Loan Administrator •
•
■s
ROOSEVELT.
Directors
of
that I may
under
all of its debts and return to
pay
President:
Mr.
Board
the
order
Corporation "has
the Treasury
the entire capital
stock invested in it, with something in addition,"
reminds me that in
1933, 1934, 1935 and 1936 a few people in the
executive branch of the Government, more people in the Congress of the
United States, and many individuals and newspapers in civil life were
announcing to the Nation that the Reconstruction Finance Corporation was
assets sufficient to
letter of resignation,
his
In
Dear
Finance
Reconstruction
the
that
statement
Your
D.
FRANKLIN
turning.
sound
were
Finance
Reconstruction
the
of
Board
the
received and accepted your
I have
Dear Jesse:
of
than 50c. on
people were in some cases honest
making these ghoulish statements
These
cases
letter to the
a
Government would not get back more
dollar.
the
which have not been solved
with difficult situations
cope
the
that
and
broke
the resignation as. head of the RFC,
Mr. Roosevelt said that the RFC's record was a vindication
of the good sense of a majority of Americans and showed
their confidence in the "ability of honest government to
In
July 22, 1939
Financial Chronicle
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Volume
and
honor
an
Chairman
as
shall
The Commercial & Financial Chronicle
149
It has been
be glad
My
greatest
erally.
its
privilege to
a
Board
during
to contribute what I
compensation
confidence and
Congress,
of
and
associates
my
Whatever
in
which
support
in
serve
this
as
director of the RFC
a
period,
reconstruction
work
have given
been
has
Corporation and
continued
the
business
the
Interstate Commerce Commission for a term expiring
Dec. 31, 1945.
Mr. Patterson now is director of the Commission's Bureau
of Safety.
He was chosen to fill a position for which the
T
the confidence
and
me,
and
Administrator.
Federal Loan
as
RFC
my
you
the
I
success
can
world
of
President
gen¬
selected
originally
Thomas
R.
Amlie,
former
Wisconsin Progressive Representative.
have had in furnishing leadership to the
may
515
organization has been due to that confidence and support.
The
Corporation is solvent.
its debts and return to
with
I
something
have said
that
as
of
that the RFC organization
occasions
many
privately-owned business.
any
ment and to
sufficient to pay all
of
Metal
Treasury the entire capital stock invested in it,
addition.
in
on
It has sound assets
the
I
The
Metal
my successor
Chairman
as
same
confidence and Bupport that I have enjoyed.
Mr. Schram is
competent; the organization is competent.
They are in every way worthy
confidence
and
support.
'
Sincerely
i
At
H.
the
this
producing
Emil Schram, member of the Board of Directors of the
was named Chairman to succeed Mr.
Jones.
the
RFC
and
to
meeting
JONES, Chairman.
State
improving operating practices.
„
2,000 delegates from every metal
over
will
assemble
Administration's
social
those present will
among
operators of the West.
President Roosevelt Nominates W. J. Patterson
Act,
President
Roosevelt,
Patterson of
North
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July 20, nominated William J.
on
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Aug. 28-31, offers evidence that the metal mining industry
is paying vital attention to relations with the
National
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to
is as capable
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R. 8. Dickson, Pres.,
Government's position
Department of Labor will present the
N. C.; W. Kelvin Gray!
N. C. Municipal Council, Raleigh, N. C.; T. E. Hemby, Vice-Pres.,
American Trust Co., Charlotte, N. C.; R. L. Pope, Pres., First National
Bank, Thomasville, N. C.; Philip Woollcott, Pres., The Bank of AsheviUe,
Ashevilie, N. C.; J. Lee Peeler, Sec., Kirchofer & Arnold, Inc., Raleigh,
the
N. C.
.
Aug. 31.
North Carolina were ap¬
bankers throughout
investment
bankers and
which is representative of
Committee
The
Division, American Mining Congress, on Thursday evening,
the cooperation of the North Carolina
Executive Committee of the
pointed through
Organizing North Carolina Securities Ad¬
visory Committee Adopted—To Represent State
Bankers Association and the
Banks and Investment Bankers
sociation.
Plans
for
Groups representing State banks and Investment Bankers
a two-day meeting held at Blowing
be utilized
and made available to the Committee and the Commissioner of Banks.
2. To embark upon a program along broad educational lines to encourage
and assist bankers in the interpretation and understanding of financial
mittee," it was announced July 20.
The Committee elected
as its Chairman, R. C. Kirch of er,
President of Kirchofer &
information as to local government units.
3.
Arnold, Inc., Raleigh, N. C., W. H. Wool ward, President
of the Guaranty Bank & Trust Co., Greenville, N. C. as
Vice Chairman.
Other members of the Committee are:
N. Ooburn,
Meade H. Willis,
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which
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standing
units to achieve improved credit
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educational
government
and rating for their bonds.
bankers to encourage officials of local
32*33
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to assist
of local government
information of a broad character along
will assist
-N««5®tO^®»H06®HNi<5i-i©0il
—
to
IS
and practical grouping of obligations
in North Carolina.
units
N. C.;
VIce-Pres., Wachovia Bank & Trust Co., Winston Salem,
Commissioner of Banks with information so as
To provide the
in the intelligent
Pres. Waccamaw Bank & Trust Co., Whiteville,
OffleM-CCWHNMfloO
valid in¬
authoritative, exhaustive and
units of North Carolina may
formation as to local government
Carolina Securities Advisory Com¬
"North
the
To determine how sources of
1.
definite plans for
organization and procedure of the combined groups to be
as
Committee adopted a four-
As its objectives the
point program as follows:
Rock, N. C., July 18th and 19th, adopted
known
Bankers As¬
Group, North Carolina Investment
Informal
of North Carolina at
J.
N.C.; Russel,
R. S. Dickson & Co., Inc., Charlotte,
Hall, Pres., Lewis & Hall, Inc., Greensboro,
P.
application of the latter law to mining.
Industry
leaders will participate in a discussion following liis ad¬
dress and problems peculiar to the metal mining industry
will be brought to his personal attention.
Senator Burton K. Wheeler of Montana has accepted an
invitation to address the annual banquet of the Western
on
1939
July 22,
The Commercial & Financial Chronicle
516
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to
outstanding
of
condition
as
Co. of Newark, N.
Maplewood, N. J., on July 21. Mr. Dunn, who was 58 years
old, was born in Newark and received his education in the
public schools of that city. He began his banking career as
a bookkeeper and teller in the
Atlantic Trust Co. of New
York, and subsequently served as a loan clerk for fifteen years
with the Title Guarantee & Trust Co.
In 1918 he entered
the New Jersey banking field as Cashier of the First National
Bank of Madison, and six years later, when the Lincoln
National Bank of Newark was organized, he joined that
institution as Cashier. Still later, 1937, he became President
of the United States Trust Co., the office he held at his death.
$17,119,574, of which the principal items are:
Cash (in vault, in Federal Reserve Bank and due from
banks), $6,024,251; investments (including United States
Government securities), $4,737,713, and loans and discounts,
of
sources
deposits are given as $15,341,544 and
$1,709,049.
Frederic B. Washburn is
$6,200,032.
Total
funds as
capital
President.
,7.;:..:,,;
•
■
■
formerly Executive Vice-President of
the South Orange Trust Co., South Orange, N. J., was pro¬
R.
Frank
Steyert,
presidency of the institution at a meeting
on
July 14.
Mr. Steyert, who has been
associated with the trust company since February, 1938,
will
succeed Peter
A.
Smith, who resigned the
office,
moted
of
the
to
company
created
The change in the bank's personnel,
position.
The new
1939.
it
stated, was due to the expanding business of the
institution, the deposits of which have increased approxi¬
mately
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1935.
S.
Charles
$250,000 since January.
!U
July 15. He
March 2,
clerk on
Grier Youngman, who died on
President entered the bank as a
1920, and was named Cashier in January,
Fry, who has been with the bank since
Mr. Deeter as Cashier.
July 19,
(3©©-HOJOI©©ififb.04®©
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-<
institution, it
succeeds the late M.
was
J
formerly Cashier and for some time
the Danville National Bank of Dan¬
ville, Pa., has been elected President of the
is learned from "Money and Commerce" of
Chairman of the Board of Directors, a newly-
as
President of
Acting
but will continue his connection with the
effective Aug. 1,
T. Deeter,
William
directors
the
1939
Randolph Dunn, President of the United States Trust
J., died of heart disease at his home in
F.
$100 each, and increases the capital stock
$600,000 from $500,000.
In its statement
of July 5, 1939, the bank shows total re¬
the par value of
July 22,
Chronicle
The Commercial & Financial
518
t
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—4
Volume
The Commercial & Financial Chronicle
149
Lindley S. Hurff, recently elected President of the First
Milton
National
duties
last
Bank
week.
Arrangements were completed July 18 for the sale of a
membership in the Chicago Stock Exchange at $1,500, down
$100 from the last previous sale.
of
Milton, Pa., assumed his new
Hurff, who succeeds W. Walter
Mr.
Wilson, who. resigned because of ill health, is a graduate
of
the
School of
Banking of Rutgers University.
He
resigned as Secretary-Treasurer of the Bound Brook Trust
Co., Bound Brook, N. J., to accept his new position.
4
In its statement of condition
G.
Graybill,
formerly
Cashier,
Mich., reports total resources of $144,151,502 as
against $145,794,347 at the close of business March 29, 1939.
In
and
elected Assistant Cashier.
Mr. Graybill, the new
dent, entered the Keystone Bank
tually became Teller, and in 1911
office he
now
as
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OCO CO ■* © CO©OON-©©N.MtF.t--i4©H©'" '
tv3
side
30,
1939, reports total deposits of $173,646,494 and total assets
of $184,920,265
(comparing with $161,928,017 and $173,-
©Hb©h
©> © H CO -1< F* CO
t((OhhhhN
in
$31,266,617
overdrafts),
debit
condition
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$47,674,242 on the
banks, including
process of collection,
from
with
items
cash
Bankers
Illinois
making up the
obligations, direct
(against $46,560,825), and loans and discounts
three months
the Chicago
Clearing House banks to hold the 50th annual convention in
Chicago, at the Palmer House, on May 21-22, 1940.
*;•-l®cO
(up
balances
and
items
Government
$51,304,963
cash
balance
divided
resigns for the presidency.
The Council of Administration of the
Association has accepted the invitation
S*
date);
chief
the
States
$134,685,810 (having risen from $131,219,780 on March 29).
Capital and surplus continue at $3,000,000 each, but un¬
Cashier, the
elected
was
guaranteed,
reserve
Presi¬
statement
United
$49,089,153
(including
clerk in 1895, even¬
a
current
are:
earlier
President, to succeed the late John B. Shenk; Clair H.
Keen, formerly Assistant Cashier, was advanced to Cashier,
and Howard A.
Merkey, heretofore a member of the staff,
was
the
assets
Active
elected
was
of business
Bank of Detroit, De¬
troit,
the personnel of
Manheim, Pa., at a recent
meeting of the Directors, it is learned from advices from
that place, printed in
"Money & Commerce" of July 15.
John
the close
at
as
June 30, the Manufacturers National
4
Several changes were made
recently in
the Keystone National Bank of
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Twin
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Twin &
EUnileocn
Volume
The Commercial & Financial Chronicle
149
bonds, $32,234,183
liabilities
707,476
side
(contrasting with $29,332,217).
of
the
report, deposits
On the
at $284,-
shown
are
(against
$273,211,080 on the earlier date).
The
company's capital and surplus are unchanged at $15,000,000
and
$4,000,000,
but
against $3,286,751
are
$162,840,360 and total
reported
are
profits
$3,093,475
now
March 29.
by
of $178,-
resources
the
Seattle-First National Bank,
Seattle, Wash., in its condition statement as at the close of
business
June
30,
1939,
comparing
$157,237,868
with
$173,724,412, respectively, at the close
1939.
include:
Cash
and
due
and
of business March
The chief items comprising the assets in
report
from
banks,
The Midland Bank,
Ltd., of London, in its statement of
30, reports total resources of £515,328.-
of June
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pronounced, the
the
list.
Industrial
on
Saturday.
There
was an
were no
occasional
new
transferred in small units.
Aluminum Co. of America
overnight gain of 1 point which it held to the end of
session.; Alabama Power 6 pref. moved forward 2^
points to 88^, and General Tire & Rubber
pref. advanced
134 points to 102.
The volume of transfers was
approxi¬
mately 44,000 shares with 167 issues traded in.
Of these,
an
were
unchanged from the
characterized the
move¬
advances
ranging from 1 to 4 or more points were registered before the
trading ended.
There was a moderate amount of
profit
taking in evidence from time to time, but the
upswing was
unchecked and most of the
realizing was absorbed as the
upward movement progressed.
The aluminum stocks led
the advance, and as Aluminum Co. of
America forged ahead,
many
were at a
standstill but there were a number of
the industrial
group as SherwinWilliams gained 2% points to
92; Royal Typewriter, 2^
points to 56; Corroon & Reynolds, 5 points to 80; Niles-
advances
in
Higher prices again prevailed as the market continued its
upward swing on Tuesday.
Industrial stocks moved to the
as
Singer Manufacturing Co. advanced 33^ points to
169H; Chicago Flexible Shaft, 234 points to 7234; National
Steel Car, 3 points to 5034; and
Pepperell Manufacturing
Co., 234 points to 7134United Shoe Machinery worked
up to new high ground with again of 134 points to 8634» and
Heyden Chemical, 2 points to 39.
Aircraft stocks advanced
changes were narrow.
In the public
utility group several new tops were registered among the
preferred stocks including Utah Power & Light pref. and
New England Power 6% pref.
Aluminum Co. of America
moved forward 134 points to 12334; and Babcock & Wilcox
improved 134 points to 2134Transfers climbed to 214,835
H
_C1 _ci_ci
© ©
-
.:■■■■.
The market turned downward
the
changes
were
V"/
Wednesday, and while
not especially noteworthy they extended to
on
all sections of the list.
the session and cut
Profit taking was apparent early in
deeply into the advances of the previous
There were a few isolated strong spots, but the losses
largely in excess of the gains.
In tiie late trading air¬
craft stocks were inclined to move against the trend but the
advances were generally in minor fractions.
Prominent
among the market leaders closing on the downside were
Midvale Co., 1 point to 96; Todd Shipyards, 2
points to
5434; Quaker Oats, 2 points to 153; Great Atlantic & Pacific
Tea Co. nv stock, 1 point to 113; Aluminum Co. of
America,
1 point to 12234, and Buckeye Pipe Line, 2 points to
3034•
Moderate setbacks all along the line, due largely to profittaking, were apparent on Thursday, and while there were a
few scattered issues that moved against the trend and held
their gains until the end of the session, the recessions at the
day.
were
N
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more
of
fairly strong and public utility preferred issues
registered a number of substantial gains and some new
tops.
Aircraft shares were
generally quiet until Wednesday when
a moderate
spurt in the late trading occurred due in part to
the announcement of the
$250,000 order for Coast Guard
hospital planes.
Oil stocks have shown little
activity and
mining and metal issues were generally unchanged.
Trading was light and changes were few during the two-
shares.
rT
H OH
rH rH
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sections
with the market but the
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were
to 139.
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EXCHANGE
Bement-Pond, 3}4 points to 55; and Mead Johnson, 2 points,
10
V
1 J uG
•"C s-o z oi
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rs't?3
31.
a gain of
53^ points at 1223^, while Aluminium,
Ltd., followed with a gain of 43^ points at 131
Air¬
(
koo
CURB
profit taking became
extended
substantial
'
Dec.
Curb market prices advanced over a broad front
during
the early part of the
week, but turned downward on Thurs¬
craft shares
JJ
on
it recorded
rH
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to
Monday and
r* ©OOWiH
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^
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oil
spectively,
vanced
Advancing prices over a wide front
ments of the Curb market on
T—f
Jo^co^SoSi^obo
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(contrasting with
Capital paid up and reserve
unchanged at £15,158,621 and £12,410,609, re¬
while current, deposit and other accounts ad¬
advanced, 44 declined, and 68
previous close.
4?
I
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£219,976,252
55
i-H
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months ago).
the
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and
remain
were
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had
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notes
of
particularly in the preferred
O b- loiccor-i^cc^eooocior-it-ca
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amounting
£209,255,066 six
ments, and while there
INWOOONHOHMNHH
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bank
spectacular move¬
top established, •
group of the public utilities,
most variations from the
preceding close were in minor
fractions.
Aside from the public utilities a
majority of the
changes were among the slow moving stocks many of which
JJ1
.SPeS*
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i^no«ooNect-o^«oo<cei
I
I®ON^H
IHN
Bank
Dec. 31, 1938,
on
England, £45,639,263 (compar¬
ing with £53,651,380 on the earlier date); money at call
and
short
notice, £28,493,261
(against £25,089,239) ; in¬
vestments, £111,638,789 (against £118,869,021) ; bills dis¬
counted, £54,590,172
(increasing from £48,498,810), and
hour session
rH
»H
*9
balances with the
$65,467,004
March 29.
as
against total assets of £509,036,835
the principal items are:
Coin,
the present
Government securities, direct and fully
guaranteed, $46,882,426 (against $49,006,439 three months ago). The bank's
capital continues at $8,000,000, but surplus and undivided
profits are now $4,787,433, having increased from $4,643,901
accounts
as
which
29,
(comparing with $60,966,216 on March 29) ; loans and dis¬
counts, $52,125,769 (against $47,525,211), and United States
on
of
advances
Total deposits of
938,422
undivided
on
035,
521
© ©
NN©©H©rH©
outnumbered
the advances.
One of the interesting
trading was the appearance on the tape of a
goodly number of slow-moving stocks which in many in¬
close
features of the
i
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******
issues
were
at
attracted
their best
some
levels
attention
of
and
the
year.
Industrial
public utilities regis¬
tered occasional gains among the preferred stocks.
The
transfers dropped to 116,185 shares, the bottom for the week.
Outstanding among the declines were Aluminium Ltd., 334
points to 12734; Montgomery Ward A, 234 points to 165;
Pittsburgh Plate Glass, 234 points to 10334, and Buckeye
Pipe Line, 234 points to 28.
The Commercial & Financial
522
and practically
participated in the general improve¬
ment.
The gains ranged from fractions to 3 or more points
and the
transfers climbed up to approximately 178,000
shares, against 116,185 on Thursday.
Aluminum issues
registered substantial advances and the industrial stocks
shared a goodly portion of the improvement.
Public utility
preferred issues were higher, oil shares recorded small gains
and the aircraft stocks moved briskly forward.
As compared
with Friday of last week, prices were generally higher,
Aluminum Co. of America closing last night at 121 against
Stocks resumed their advance on Friday
all sections of the list
Chronicle
The following were the United Kingdom imports and exports of silver,
registered from mid-day on the 26th ult. to mid-day on the 3d inst.:
Exports
Imports
£112,117
Japan
£208,122 United States of America.
British India
30,467
*2,991
Iraq!...!
against 37; Babcock & Wilcox at
AT
TRANSACTIONS
DAILY
THE
YORK CURB EXCHANGE
NEW
Portugal
x3,752
2,810
Other countries
£175,915
£366,086
x
United Kingdom.
Coin not of legal tender in the
July 21.
1939
Domestic
Monday
......
Tuesday
...——
Wednesday
,
Thursday
—
Friday
Government
1,993,000
1,909,000
1,742,000
2,017.000
$9,842,000
Total
Corporate
$32,000
$581,000
1,600,000
43,745
201,165
212,870
133,965
114,585
177,805
884,135
Saturday
Foreign
Foreign
of
Shares)
$2,000
~~3~6OO
87,000
31,000
17,000
•
IN LONDON
Silver per
-Bar
IN NEW YORK
Oz. Std
(Per Ounce .999 Fine)
38M cents
June 29
38 cents
June 30-—------------38 cents
2 Mos.
Cash
June 28
17Kd.
June 29—17 15-16d.
June 30—18d.
17 ll-16d.
July
1
-18 1-16d.
July
3—18 3-16d.
July
4—17%d.
July
5—18d.
Average
18.0104d.
17 ll-16d.
—
The highest rate
17 9-16d.
17Md.
17Md.
17.6145d.
Statistics for the month of June,
1939:
Week Ended July
Sales at
Jan. 1 to
21
July 21
Aug. 31, 1919,
21,134,758
1,409,453
884,135
Lowest Post-War
Was at Us Peak
Debt
$1,282,044,340.28 $26,696,701,648.01 $10,026,087,087.07
306,803,319.66
1,118,109,634.70
74,210,460.05
Gross debt
Gross
Stocks—No. of shares.
Dec. 31. 1930,
When War Debt
31, 1917,
Pre-War Debt
1938
1939
1938
1939
Exchange
debt
net
less
24,909,317
$1,207,827,880.23 $25,478,592,113.25 $15,719,283,767.52
bal. In gen. fund...
Gross debt per capita.—
Bonds
$9,842,000
Domestic
$9,190,000
$257,248,000
$188,847,000
73,000
118,000
4,079,000
$196,492,000
191,000
_ -
Foreign corporate
Total.
142,000
2,754,000
3,381,000
$10,106,000
Foreign government-
$9,4.50,000
$263,383,000
3,566,000
$250.18
$129.66
4.196
$12.30
of Int.
Interestbearing debt outstand¬
ing (percent)
Computed
3.760
rate
per annum on
2.395
May 31, 1939,
June 30, 1938,
A
THE
148s. 6^d.
148s. 4d.
148s. 5.40d.
19 13-16d.
17 ll-16d.
19.2981d.
(On the basis of daily Treasury statements)
Net bal. In gen. fund-
New York Curb
Per Oz. Fine
2 Mos.
2,048,000
$191,000 $10,106,000
$73,000
Bar Gold
Oz. Std.—
COMPARATIVE PUBLIC DEBT STATEMENT
1,953,000
1,790,000
Mar.
Total
*
Silver per
20d.
-17 15-16d.
19.5048d.
Highest price
Lowest price
Average
$615,000
1,617,000
34,000
period
of exchange on New York recorded during the
1939, was $4.68% and the lowest $4.68.
from June 29 to July 5,
2,083,000
20,000
13,000
14,000
11,000
Sundry coin.
y
Quotations during the week:
Bonds (Par Value)
Stocks
3,091
12,852
Cash
(Number
——V
48,503
-
—Bar
Week Ended
*17,044
42,478
1,185
-
-
Germany
Norway.
Other countries
yl0,945
British West Africa
France.
Gas & Electric at 37%
Egypt.
45,644
Hongkong
Belgium
20% against 19; Bell Aircraft at 23 against 21*4; Carrier
Corp. at 13% against 13%; ElecTic Bond & Share at 8%
against 8; Fairchild Aviation at 11% against 11%; Fisk
Rubber Corp. at 10% against 9%; Ford of Canada A at
20% against 20; Gulf Oil Corp. at 32% against 31%; Hum¬
ble Oil (new) at 59% against 57%; International Petroleum
at 22% against 22%; Lake Shore Mines at 41 % against 40%;
Lockheed Aircraft at 27% against 25%; Newmont Mining
Co. at 73% against 70%; Scoville Mfg. Co. at 21% against
20%; Singer Mfg. Co. at 171 against 166; Technicolor at
16% against 15%, and United Shoe Machinery at 86%
against 83% .
1939
July 22,
from Washington was received yesterday to the effect that the
U. S. Treasury will issue a statement on the monetary situation today and
that it was believed that the statement may include a general outline of the
policy for the purchase of foreign silver.
A further report today, however,
said that the U. 8. Treasury has suddenly decided not to issue any silver
price or make any statement on the monetary situation before the Senate
votes on the Monetary bill late today.
The outlook, therefore, remains
obscure and the result of the vote in the Senate is awaited by the market.
A report
June
Last Month
Year Ago
30, 1939
ENGLISH GOLD AND SILVER MARKETS
reprint the following from the weekly circular of
Montagu & Co. of London, written under date of
July 5, 1939:
'
We
$37,164,740,315.45 $40,281,807,681.92 $40,439,532,411.11
2,838,225,532.52
2,924,260,044.18
2,215,917,913.00
fund-
Gross debt
-
-
Net bal. In gen.
Samuel
Gross debt less net bal.
England gold reserve'against notes on June 28 was £226,414,117 at 148s . 6d. per fine ounce as compared with £226,287,061 at
148s. 5d. per fine ounce on June 21.
The half yearly statement issued by the Treasury on June 29 showed that
the gold held by the Exchange Equalization Account on March 31, 1939,
was 49,490,000 fine ounces; this compared with 21,684,000 fine ounces held
on Sept. 30, 1938.
The combined holdings of the Bank of England and the
Exchange Equalization Account on the respective dates were 79,949,000
fine ounces and 98,528,000 fine ounces.
In the open market about £1,340,000 of bar gold changed hands at the
daily fixing during the past week.
There was the usual inquiry for gold at
prices at which purchases for shipment to America would have been at¬
tractive, but owing to the smallness of genera! offerings and reluctance to
sell on the part of the authorities, this demand could not be met.
Prices
for the most part were at a premium of Id. over dollar parity and it would
appear that small amounts were taken by the authorities, market demand
at this level being insufficient on occasion to absorb even the moderate
The Bank of
amounts offered.
Per Fine
Per Fine
Quotations—
June 30
July
July
Ounce
Ounce
148s. 6^d.
148s. 6d.
June 29
148s. 6Hd.
148s. 6^d.
1
3
__148s. 6^d.
148s. 6Hd.
148s. 6.42d.
July 4
July 5__
Average
the United Kingdom imports and exports of gold
registered from mid-day on the 26th ult. to mid-day on the 3d inst.:
The following
were
Imports
Union of South Africa
British West Africa--
£1,470,211
British East Africa
321,425
19,368
Southern
156,570
Rhodesia
British India
Siam
Iraq
Netherlands
Belgium.
Prance
102,079
14,310
5,891
2,730
30,377
4,959
9,651
7,245
Exports
United States of America-£8,340,136
Canada
21,100
British India
8,700
Netherlands
175,718
France
67,865
$34,948,822,402.45 $37,357,547,637.74 $37,601,306,878.59
In general fund
GOLD
a285.41
Computed
rate
of
b307.28
b308.29
2,589
Gross debt per capita.
2,604
2,600
Int.
Interest-
per annum on
bearing debt outstand¬
ing (percent)
a
Revised,
b Subject to revision.
OF
COURSE
BANK
CLEARINGS
this week will show a decrease compared
Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, July 22),
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 1.1 % below
those for the corresponding week last year.
Our preliminary
total stands at $5,305,989,193, against $5,365,801,203 for
the same week in 1938.
At this center there is a gain for the
Bank clearings
with a year ago.
week ended
for the
Friday of 10.2%.
Our comparative summary
week follows:
Per
Clearings—Returns by Telegraph
-
1939
1938
$2,767,865,467
Week Ending July 22
Cent
19,083
3,149
+ 10.2
Chicago
245.037,210
$2,512,273,965
226,649,997
Philadelphia
308,000,000
290,000,000
Boston
Switzerland
Other countries
189,585,909
106,012,100
176,257,776
93,659,114
+ 13.2
+ 13.3
New York
Kansas City.-------
+8.1
+6.2
+ 7.6
70,700,000
120,262,000
86,220,169
—1.7
89,310,528
74,687,930
65,097,204
+ 14.7
Cleveland
83,914,487
57,485,313
69,371,414
51,206,675
+21.0
$4,120,216,944
$3,761,698,314
+9.5
779,418,295
685,222,250
+ 13.7
$4,899,635,239
406,353,954
$4,446,920,564
918,880,639
—55.8
$5,305,989,193
$5,365,801,203
—1.1
St. Louis
-----
San Francisco
1
Pittsburgh
£8,635,751
£2,144,816
Shipments of gold from Bombay during the past
about £334,000, of which £315,000 is carried by the
80,100,000
118,218,000
Detroit
Switzerland
Other countires
week amounted to
SS. President Polk and
£19,000 by the SS. Strathmore.
Baltimore
Eleven cities, five days
SILVER
Although movements were not so sharp as last week, prices during the
period under review showed a further decline, but whilst the two months'
quotation, with the exception of one day when it remained unchanged,
Other cities, five days
—
Total all cities, five days
All cities, one day
moved
consistently downward, that for cash made some recovery on Indian
buying for prompt shipment.
On the 3d inst., this buying, together with
the fact that offerings were mainly for forward, caused the difference be¬
tween the two quotations to widen to %d. in favour of cash; however, with
the Indian demand slackening this figure was not maintained.
Tfhere has been further reselling and speculative selling and in spite of
the Indian demand already mentioned and some bear covering, the market
was unable to offer adequate
resistance, operators naturally being reluctant
to enter into new commitments owing to the uncertainty.
The TJ. S. Treasury made further adjustments to its buying price for
foreign silver to approximate dead parity with the London price, that is
to say to the actual equivalent in dollars of the sterling price without mak¬
ing any allowance for shipping expenses.
The price was accordingly re¬
duced to 38 H cents on June 28 and to 38 cents on June 29; it remained
unchanged on June 30, since when holidays have intervened.
Although, as reported from Washington, the Joint Committee which had
been considering the Montary bill had agreed to restore the President's
powers, the bill was "talked out" by the Senate on Friday .June 30 when
the financial year expired at mid-night.
It was then agreed that the vote
be taken today, the intervening period being holidays.
_
Total all cities for week
+3.6
+ 12.3
+ 10.2
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detiiled statement, however, which we
give final and complete
previous—the week ended July 15.
present further below, we ere able to
results
for
the
week
For that week there
was
a
decrease of 8.2%, the aggregate
clearings for the whole country having amounted to
$5,373,873,900, against $5,852,098,646 in the same week
of
Volume
149
The Commercial & Financial Chronicle
523
in 1938.
Outside of this city there was an increase of
5.0%,
the bank clearings at this center
having recorded a loss of
17.5%.
We
the cities according to the Federal Re¬
districts in which they are located, and from this it
appears that in the New York Reserve District
(including
this city) the totals show a loss of
17.0% and in the Boston
Reserve District of 3.3%, but in the
Philadelphia Reserve
District the totals show a gain of
2.9%.
In the Cleveland
Reserve District the totals are
larger by 12.7%, in the Rich¬
mond Reserve District
by 8.5% and in the Atlanta Reserve
District by 11.3%.
In the Chicago Reserve District there
is an increase of 7.2%, in the St. Louis
Reserve District of
4.9% and in the Minneapolis Reserve District of 6.3 %.
The
Kansas City Reserve District records an
improvement of
3.4%, the Dallas Reserve District of 6.4% and the San
Week Ended July 15
Clearings
group
at-
Inc.
serve
1939
Mich .-Ann Arbor
Detroit.
Grand Rapids
_
.
Lansing..
Ind.—Ft.
Wayne
Indianapolis
South Bend...
Terre Haute...
Wis.—Milwaukee
%
$
$
—
—0.6
441,095
280,809
+ 17.1
+ 13.5
1,028,451
993,125
+ 31.2
124,593,880
3,153,318
1,811,303
1,596,244
21,255,000
1,584,518
107,031,450
2,505,975
19,109,000
1,312,899
4,434,106
+ 8.8
+ 8.0
+ 19.2
+ 21.9
21,078,310
1,279,834
8,148,345
3,530,313
Chicago
—22.7
24,219,289
1,102,346
8,478,136
3,732,715
383,354
293,890,470
+ 4.4
354,278,456
995,998
3,877,647
1,020,686
1,861,694
+ 8.3
+ 13.6
476,480,263
444,628,638
Decatur
Peoria
Rockford
429,065
—7.2
—0.1
+2.2
8,183,887
3,946,450
356,087
309,314,721
934,630
848,341
—11.7
4,147,134
1,498,131
1,629,739
4,551,089
1,238,906
1,827,584
+ 7.2
560,264,137
492,067,229
107,400,000
39,330,006
18,180,975
101,000,000
+ 12.5
CLEARINGS
Total (18 cities)
2,853,596
1,501,067
1,299,753
20,165,000
2,338,954
5,224,540
20,096,984
1,008,011
5,424,849
+ 7.5
1,147,782
1,643,819
•—Bloomington
1936
418.736
78,713,894
1,078,758
Rapids
Des Moines
Sioux City
HI
416,029
92,166,976
2,845,394
1,349,471
1,080,584
20,629,000
1,564,479
5,403,251
22,668,635
1,187,302
8,142,344
3,607,239
331,588
306,814,110
Springfield
BANK
1937
$
D istrict—C h i
cago
4,403,502
la.—Ced.
Francisco Reserve District of
0.9%.
*
In the following table we furnish a
summary by Federal
Reserve districts:
SUMMARY OF
Dec.
$
Seventh Feder al Reserve
or
1938
Inc.or
Week Ended July
15, 1939
1939
Federal Reserve Dists.
1st
Boston.....12cities
2d
New York._13
3d
5th
6th
6
S
1937
1936
S
%
9
Eighth Federa I Reserve Dis
trlct—St. Lo uis—
Mo.—St. Louis..
89,600,000
87,100,000
+ 2.9
253,774,757
"
Richmond..
4th
S
Dec.
"
262,330,415
—3.3
Ky.—Louisville
284,093,695
279,534,824
35,647,461
2,921,852,682
"
PblladelphlalO
Cleveland.. 7
1938
3,520,826,503
—17.0
Tenn .■—Memphis
3,579,537,227
3,595,220,257
18,141,705
388,914,235
385,881,288
111.—Jacksonville
Qulncy
359,431,162
496,000
310,885,789
547,000
146,455,295
132,577,754
Total (4 cities).
143,885,166
137,136,578
377,219,503
•
300,336,001
266,392,177
142,134,014
"
366,613,414
131,001,848
+2.9
+ 12.7
+ 85
Atlanta
10
"
160,486,030
144,156,124
+ 11.3
7th
159,324,863
Chicago
141,794,606
18
"
476,480,263
444,628,638
8th
+7.2
St. Louis...
560,264,137
"
143,885,166
137,136,578
+ 4.9
165,579.981
+ 7.1
+ 11.8
X
X
17,034,100
X
—9.3
669,000
562,000
+ 4.9
165,579,981
151,743,652
151,743,652
9th
Minneapolis 7
10th Kansas City 10
"
111,855,517
105,212,887
+6.3
122,406,953
116,106,099
"
159,624,266
Ninth Federal
154,338,385
+3.4
11th Dallas
200,236,705
181,781,248
6
M
72,960,904
68,554,178
+6.4
12th San Fran... 10
81,522,457
68,857,027
"
253,264,797
250,907,499
+0.9
Minn.—Duluth..
Minneapolis...
281,395,860
252,321,625
Total
113 cities
Outside N. Y. City.
Canada
32 cities
We
St.
N.
3,445,587
3,680,254
69,666,148
—6.4
74,942,794
26,230,737
25,419,675
+ 3.2
2,180,891
2,407,918
785,087
847,761
797,490
—1.6
833,756
665,756
702,071
+20.8
763,163
3,422,660
2,539,331
+ 34.8
2,778,940
767,724
3,454,018
111,855,517
105,212,887
+6.3
122,406,953
116,106,099
D.—Fargo...
D.—Aberdeen
5,852,098,646
-8.2
6,329,162,570
6,108,771,398
S.
2,557,271,426
2,436,173,254
+ 50
2,877,703,031
2,629,662,229
Mont.—Billings
.
Helena
294,475,693
293.339,909
+0.4
305,583.183
341,519,354
Total (7 cities).
now
Tenth Federal
Week Ended July 15
Clearings
Reserve Dis trict—M inn
eapolis
Paul.
5,373,873,900
add our detailed statement
showing last week's
figures for each city separately for the four years:
Dec.
1937
Kan.—Topeka
First
Federal
Me.—Bangor
512,467
Portland
Fall
River
Lowell
New Bedford..
Springfield
Worcester
Conn.—Hartford
New
562,430
2,328,043
Masa.—Boston..
Haven
—8.9
2,122,388 \ + 9.7
213,951,558
+ 0.9
632,353
+ 4.7
215,941,632
662,127
445,642
720,734
457,880
682,132
—2.7
3,087,431
2,159,667
11,203,015
4,178,177
3,342,150
1,978,251
14,928,396
—7.6
—25.0
4,707,281
—11.2
12,045,000
—34.7
+ 5.7
733,153
2,395,434
244,072,510
718,566
458,314
833,270
3,584,449
622,971
2,826,936
+ 7.5
—5.4
239,471
+ 7.4
3,298,613
35,517,433
2,911,848
—2.8
6,009,151
2,460,151
4,744,625
+ 4.1
+ 11.6
146,177,585
126,051,855
659,169
636,564
+ 9.*
+ 15.3
St. Joseph
Colo.—Col. Spgs.
3,908,699
723,464
Pueblo
—5.3
2,456,444
12,674,862
4,617,047
11,019,900
529,746
—3.3
284,093,695
Total (10 cities)
279,534,824
+ 9.2
733,707
144,492
—1.3
+25.2
4,498,372
786,040
N.H.—Manches'r
490,822
18,447,100
518,496
Total (12 cities)
253,774,757
262,330,416
159,624,266
Eleventh Fede ral
Texas—Austin...
Reserve
2,056,998
154,338,385
+ 3.4
Second
Feder al Reserve D istrict—New
Binghamton...
Buffalo
8,890,516
7,314,042
1,091,05*
31,700,00(
1,062,368
31,700,000
634,798
Elmira
Jamestown
534,51*
793,51C
858,726
New York
2,816,602,474 3,415,925,397
9,086,486
7,537,371
Rochester
Syracuse
181,781,248
52,410,842
7,896,111
3,309,000
934,180
68,857,027
District—Da lias—
Westchester Co
Conn.—Stamford
J.—Montclair
Newark..
Northern N. J.
+ 21.6
—2.6
10,038,902
1,274,702
40,500,006
+ 11.6
7,951,707
8,475,199
—6.2
1,646,100
1,050,510
3,422,058
3,300,000
1,021,141
3,127,779
—50.1
+ 9.4
1,334,405
59,166,077
11,386,107
4,217,000
1,154,262
4,264,606
72,960,904
68,554,178
+ 6.4
81,522,457
Wichita Falls..
18~8
607,092
+8.2
—17.5
890,615
1,118,809
35,200,000
636,746
609,713
,451,459,531
3,479,109,169
8,022,617
+
+ 20.6
17,206,836
+ 0.7
+ 9.6
8,861,631
5,543,48(
3,313,46*
+ 19.1
4,064,99(
387,531
21,986,117
Total (6
7,292,092
4,122,977
3,582,277
4,266,865
410,397
N.
1,717,981
50,912,078
Fort Worth...
...
+ 5.9
+ 10.3
338,14(
21,444,241
31,200,40^
Twelfth Feder al Reserve D istrict—San
Ore.—Portland..
38,592,089
1,108,375
33,492,896
36,318,914
997,232
31,940,651
Utah—S.
15,011,502
4,789,706
4,399,027
14,071,951
4,608,471
5,015,340
Yakima.
30,763,464
4.142.868
2.828.869
3,717,169
cities).
Wash.—Seattle..
21,427,328
20.5
15,598,731
27,642,93'
708,705
+ 19.7
+2.9
1,190,696
3,116,198
York-
4,596,141
4,628,577
4,518,522
734,571
•
200,236,705
56,833,531
Dallas
La.—Shreveport.
N. Y.—Albany..
5,100,406
653,700
Galveston.
R.I.—Providence
134,183
239,576
3,318,890
38,288,286
■
426,022
823,658
3,522,454
1,883,369
12,141,412
3,924,637
10,879,100
424,432
City
89,762
112,629,435
241,215,677
844,156
as
3,758,130
183,935
2,900,933
31,649,393
2,399,979
4,123,341
108,192,988
3,502,321
Wichita..
Mo.—Kan. City.
Reserve Dist rict—Boston
—9.4
77,806,512
27,353,731
2,300,228
96,454
Omaha
1936
a n s
4,937,72£
81,586,646
28,988,457
2,518,263
+ 7.6
173,988
3,115,716
31,229,170
3,005,452
4,008,181
Lincoln
Inc. or
1938
Reserve Dis trict—K
Neb.—Fremont.
Hastings
at—
1939
/
33,147,552
X
492,067,229
4
33,269,562
16,220,016
X
L. City
Calif.—L'g Beach
Pasadena
351,413
San
.....
Francisco.
Franci
SCO—
+ 6.3
43,916,988
1,321,910
37,808,649
18,111,629
36,057,715
973,626
33,622,622
17,101,603
4,702,098 '•> 4,716,341
4,390,924
3,603,132
163,721,000
148,988,677
+ 11.1
+ 4.9
+ 6.7
+ 3.9
—12.3
—
Total (13 cities)
2,921,852,682 3,520,826,503
Third Federal
Reserve Dist rict—Philad elphia-
Pa.—Altoona
397,915
*475,500
337,962
Bethlehem
Chester
Lancaster
Philadelphia...
Reading
Scranton
Wilkes-Bar re
York...
N. J.—Trenton..
"'o
'■
Total (10 cities)
Fourth
389,530
456,221
292,321
643,748
+ 4.2
472,979
+ 15.6
322,093
1,583,790
374,000,000
1,967,066
3,037,546
1,171,498
2,204,915
3,510,600
1,246,704
+0.6
+ 3.7
—21.0
1,638,691
5,054,400
—19.6
+ 14.1
—20.7
—26.1
151,105,000
—1.8
3,209,697
2,732,680
+ 17.5
1,657,941
+ 3.6
1,653,496
1,569,907
Stockton
2,555,564
1,599,790
2,517,470
+ 1.5
2,726,218
2,372,197
253,264,797
250,907,499
+0.9
281,395,860
252,321,625
Total (10 cities)
+2.2
352,000,000
2,026,619
2,628,517
880,411
'•
•
•
1,254,479
365,000,000
1,601,107
2,113,895
1,004,988
1,299,957
3,733,700
*
.
-17.0 3,579,537,227 3,595,220,257
148,448,000
San Jose
Santa Barbara.
...
424,410
400,000
313,296
1,232,858
371,000,000
1,637,589
2,625,134
1,373,385
2,164,116
4,710,500
Grand
total
366,613,414
+2.9
388,914,235
3,315,805
(113
cities)
5,373,873,900 5,852,098,646
—8.2 6,329,162,570 6,108,771,398
Outside New York 2,557,271,426 2,436,173,254
+ 5.0 2,877,703,031 2,629,662,229
Week Ended July
Clearings
13
at—
Inc. or
1939
377,219,503
3,042,948
1938
Dec.
1937
1936
385,881,288
Canada—•
Feder al Reserve D istrict—Clev eland—
Ohio—Canton
Cincinnati
....
Cleveland
Columbus
Mansfield.....
Youngstown...
Pa.—Pittsburgh
_
Total (7 cities).
Fifth Federal
W.Va.—Hunt'ton
2,165,799'
61,984,254
104,462,27*
11,193,80(
1,929,211
1,649,205
57,120,978
89,715,463
10,111,300
1,450,546
3,049,03;
2,098,491
+ 31.3
Toronto
+ 10.7
2,132,139
70,591,176
116,439,702
12,945,600
+ 33.C
2,046,093
3,814,975
95,260,931
13,371,600
1,696,032
3,029,880
151,461,477
134,984,797
Hamilton.
359,431,162
310,885,789
St.
+ 8.5
+ 16.4
115,551,614
104,246,194
+45.1
+ 10.*
300,336,001
266,392,177
+ 12.7
2,198,593
Vancouver
Reserve Dist
364,651
3,154,OOC
rict
Richm ond—
+ 7/.
+26.e
+ 12.C
66,804,935
+ 6.*
23.890.884
142,134,014
131,001,848
Reserve Dist
Nashville
3,964,280
17,466,225
Ga.—Atlanta
57,500,000
52,200,000
1,014,977
931,923
14,671,000
+ 10.2
18,553,139
1,415,960
+ 17.3
S. C.—Charleston
Md.—Baltimore.
D. C.—Wash'ton
Total (6 cities).
...
.....
John—
39,334,412
1,232,491
71,355,427
26,693,016
330,417
Edmonton
2,911,000
36,519,053
1,117,339
68,418,239
23,281,706
Regina—
+ 11.7
428,895
2,778,000
37,242,140
1,337,357
77,787,581
26,881,322
+8.£
146,455,295
132,577,754
+ 0.4
4,730,734
18,884,681
56,300,000
1,273,207
3,766,638
16,442,984
50,100,000
1,094,259
1,032,332
15,295,000
18,069,242
1,410,685
+ 8.1
87,792,845
95,425,857
35,322,629
15,425,935
17,234,145
4.620,375
Quebec
Halifax.
London..—.....
rict—Atlant
3,981,611
18,157,656
__
Ottawa
Victoria
339,552
Richmond
....
Winnipeg..
Calgary-
2,492,000
36.373.883
1,100,594
Va.—Norfolk
Montreal
60,343,956
2,500,177
4,619,997
4,043,853
1,800,492
1,912,868
2,157,398
4,058,028
3,267,607
298,908
Brandon—
Leth bridge—...
Saskatoon
484,004
1,088,199
Moose Jaw..
634,039
Brantford—
869,017
551,146
Fort William
98,654,758
98,589,032
—11.0
100,091,250
105,141,210
—3.2
93,796,986
22,585,828
+ 56.4
35,095,955
15,374,809
16,274,040
+ 0.3
16,548,604
+ 5.9
92,159,070
69,179,604
17,348,376
14,830,364
4,756,867
2,599,951
—3.8
15,980,208
5,072,086
2,659,029
4,942,962
—6.5
5,097,356
3,924,483
3,800,769
1,807,196
1,734,602
2,483,290
3,367,311
+ 6.4
4,737,686
—0.4
1,724,773
1,743,076
2,720,404
3,404,763
6,749,980
1,748,371
1,658,692
3,306,703
340,609
434,295
1,071,285
535,687
834,657
—2.9
+ 10.3
—13.1
+ 20.5
—1.2
Augusta
1,429,737
Macon
Fla.—J acks' n ville
1,197,337
17,155,000
Ala.—Birm'ham
21,764,635
.
Mobile
Miss.—Jackson..
Vicksburg
La.—N e w Orleans
1,923,486
x
139,240
37,237,328
x
180,513
33,758,107
+40.9
+ 28
+16.8
+ 35.8
x
—22.9
+ 10.3
1,195,504
16,569,000
20,908,891
1,728,644
+ 11.4
421,632
459,035
+ 1.6
+ 18.4
1,214,842
1,320,710
576,392
510,871
760,597
639,895
x
145,691
37,588,511
900,483
807,755
740,012
+ 15.7
197,739
—14.2
767,085
704,852
726,206
959,095
2,683,062
1,030,785
2,341,899
627,281
Hat..
220,065
578,972
674,687
Sherbrooke
727,992
678,566
+ 7.3
Kitchener
893,845
1,024,370
—12.7
2,923,106
160,486,030
144,156,124
+ 11.3
159,324,863
—1.6
582,161
232,178
635,472
287,152
2,275,060
287,223
—0.1
345,174
Moncton
930,087
353,788
679,816
+ 36.8
Kingston
573,241
—3.7
745,133
532,008
Chatham
522,420
483,039
595,386
520.221
516,075
1,600,974
535,727
437,525
766,890
490,147
429,224:
—6.4
1,139,974
+ 40.4
1,037,149
822,593
294,475,693
293,339,909
+0.4
305,583,183
341,519.354
Prince Albert
Sudbury
Total (32
Total (10 cities)
265,403
+ 4.1
Peterborough...
Sarnia
113,290
34,470,176
3,185,534
—11.9
625,914
637,746
190.220
Windsor
2,639,787
3,369,412
—12.2
Medicine
+ 4.0
2,560,590
3,086,642
297,346
New Westminster
Sixth Federal
Tenn.—Knoxville
4,240,639
cities)
141,794,606
*
Estimated,
x
No figures available.
+ 28
+ 0.4
436,742
FOREIGN EXCHANGE
July 22, 1939
Financial Chronicle
The Commercial &
524
VOLUNTARY LIQUIDATION
RATES
July 12—The Morgan County
requirements of Section 522 of
different countries of the world.
cable transfers in the
give below
EXCHANGE
FOREIGN
COMMON CAPITAL STOCK
JULY 15,
FEDERAL RESERVE
BY
CERTIFIED
RATES
BANKS TO TREASURY
BRANCH
UNDER TARIFF ACT OF 1930
tion
New
Noon Buying Rate for Cable Transfers in
Value in United States Money
July
July
15
AUTHORIZED
New York
$
$
S
.169894
.169911
.169905
.012075*
.012100*
.012100*
.012100*
$
Bulgaria, lev
Czechofilov'la, koruua
'
a
a
a
a
a
.209018
,209012
.208968
.208943
4.683541
4.682291
4.681597
4.681388
.020585
.020550
.020554
.020564
.020564
3% Conversion bonds of
.026488
.026500
.026491
.026487
.026487
2%% Postal Savings bonds (17th to
.401138
.401155
.401177
France, franc—
Germany, relchsmark
.401150
.4011.30
Greece, drachma
.008566*
.008567*
.008575*
.008567*
Hungary,
.19.5750*
.195750*
.195750*
Bonds—
3% Panama Canal loan of
.008567*
.195750*
.195750*
pengo
.052605
.052601
.052601
.052601
.535202
.535110
.535177
.235187
..188100
.235200
.235302
Poland, zloty
.188080
.188175
.188040
.188100
Portugal, escudo
.042570
.042460
.042565
.042555
.042535
Rumania, leu..
,p(J7125*
.007007*
.007000*
.007035*
.007035*
Spain, peseta..
Sweden, krona
.110225*
.110225*
.110225*
.110225*
.110225*
.241140
.241281
.241200
.241168
.241172
Switzerland, franc...
Yugoslavia, dinar...
.225377
.225619
.225563
.225544
.225616
.022775
.022820
.022800
.022775
,022800
krone
DAY
Chefoo (yuan) dol'r
a
a
a
a
a
a
a
a
a
a
Hankow (yuau) dol
.095000*
.084160*
.081833*
Shanghai (yuan) do!
.124416*
.099166*
Tientsin (yuan) dol.
.094166*
.085166*
.073000*
.067500*
.062758*
Hongkong,
.288093
.286906
.286750
.285462
.285668
.348964
.349156
.349131
.349112
.349043
.272828
.272871
.272835
.272828
.272814
dollar.
British India, rupee.
.
Japan, yen
.548225
.548350
.547962
.547500
.547760
3.730125
3.732500
3.730250
3.730125
3.730000
Straits Settlem'ts, dol
Australasia—
\
Australia, pound
3.744875* 3.746125* 3.745000* 3.744875* 3.744750*
New Zealand, pound.
Africa—
1,036,692,900.00
489,080,100.00
454,135,200.00
352,993,450.00
544,870,050.00
818,627,000.00
755,432,000.00
834,453,200.00
1,400,528,250.00
1,518,737,650.00
1,035,874.400.00
491,375,100.00
2,611,093,650.00
1,214,428,950.00
1,223,495.8-50.00
1,626,687,150.00
981,827,050.00
1,786,140,650.00
540,843,550.00
450.978,400.00
918,780,600.00
1,185,841,700.00
1,485,385,100.00
701,074,900.00
25,218,322,650.00
4.033125
1.632812
4.633750
4.634062
4.633437
Union South Africa, £
$196,470,660.00
$758,945,800.00
3%% bonds of 1941......--.-.—
3%% bonds of 1943-45
3%% bonds of 1944-46—
.........
3% bonds of 1946-48..———......
3%% bonds of 1949-52
2%% bonds of 1955-60—...
........
2%% bonds of 1945-47
—
2%% bonds of 1948-51
2%% bonds of 1951-54—.
2%% bonds of 1956-59
—
2%% bonds of 1949-53
—
2%% bonds of 1945 ——.....
2 H % bonds of 1948
2% % bonds of 1958-63——..———2 % % bonds of 1950-52
■
2%% bonds of 1960-65
2% bonds of 1947
—
HOLI¬
Aaia—
China—
28,894,500.00
117,776,160.00
49th ser.)
4%% bonds of 1947-52—
—
«.——
4% bonds of 1944-54
—3 % % bonds of 1946-56—....
—3%% bonds of J943-47
3%% bonds of 1940-43
...
3% % bonds of 1941-43——,
—.—
3%% bonds of 1946-49-....—
—3% bonds of 1951-55-...-..——_——
.534955
.235193
.235243
$49,800,000.00
1961
1946-47-.
Treasury bonds;
.052604
.533183
Italy, lira..
Netherlands, guilder.
Norway,
prelimirary statement
.208943
Finland, markka
THE
United States June 30, 1939, as
4.681736
krone.—.
Engl'd, pound sterl g
STATEMENT OF
JUNE 30, 1939
of the public debt of the
made up on the basis of the
daily Treasury statement, is as follows:
;
^ The
8
.169911
.012125*
DEBT
UNITED STATES,
July 21
.169880
$
Europe—
Belgium, belga
Denmark,
PRELIMINARY
July 20
July 19
July 18
17
of Inc.
$100,000
National City Bank of New York, New York, N. Y." Loca¬
of. branch: 1490-1498 MetropoUtan Ave., Borough of the Bronx,
York, N. Y.
■
'
'
'
Unit
Ami.
Wellston, Mo.
July 14—The
1939, TO JULY 21, 1939, INCLUSIVE
Country and Monetary
INCREASED
14—The First National Bank of Weliston,
From $100,000 to $200,000—_
July
record for the week just passed:
a
40,000
Common
Effective June 26,
We
-
National Bank of Cannel City, Ky Amount
stock, $25,000; preferred stock (RFC), $15,000
1939.
Liquidating agent: Custer Jones, of
Cannel City, Ky.
Absorbed by: Commercial Bank, West
Liberty, Ky.
the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
Pursuant to the
U. 8. Savings bonds
North America—
.998937
(current redemp. value):
$177,375,145.25
Canada, dollar.
.998296
.998756
.998523
.998691
Cuba,
.999500
.999500
.999500
.999500
.999500
.171000*
.170366*
.170633*
.170433*
.169666*
Series C-1937
.995833
.996210
.990015
.990250
.996367
Series C-1938
425,937,050.75
515,485,401.88
Series D-1939
332,207,625.00
peso
Mexico, peso
Newfoundl'd, dollar-
Series A-1935
South America—
Argentina, peso
.312125*
.312190*
.312130*
.312125*
.312110*
Brazil, rolirels official
.060586*
.060586*
.000580*
.060580*
free..
.051200*
.050200*
.050400*
.050200*
Chile, peso—official.
.051700*
.051700*
.051683*
.051083*
.051083*
91,650,207.23
.060580*
.0 31220*
325,493,685.75
•Series B-1936....
"
"
.0*0000*
*
Nominal rate,
.359865*
.359865*
.359805*
FINANCIAL MARKET—PER
The daily closing
as
.615958*
.359865*
July 18
States
Holiday
price of silver
on
the
BarN.Y.(for'n)
same
148s.6^d. 148s.6Hd,
per
%%
£66%
£105%
71.10
71.10
71.10
71.10
71.10
465,400,000.00
to 1944
Foreign
Service retirement
3,528,000.00
4% Canal Zone retirement fund, series 1940
to 1943
71.10
.
Alaska Railroad retirement
4%
2%
Slocks
$-per Share
245%
*
Mass., par $100
Manufacturing Co., par $12.50
15 Berkshire Fine Spinning Associates common
10 Boston Ground Rent Trust, par $100...
Transportation Associates common...
.
9%
5%
21
8%
...
—
Cooperative Marketing Assn., par $10; 7 The Citizens
par $100; 1,100 The United States Gold Corp., par $1;
$5; 60 The Rllla Mining Co.; 30 Union
Cement & Chemical Co., par $10; 15 The United States Reduction Corp.
pref., par $10; 2 Chicago Great Western RR. Co. pref., par $100; 4 Chicago
Great Western RR. Co. common, par $100; 50 Shannon Copper Co., par $10;
100 Bay State Gas Co, par $50
$10 lot
Hampshire
Construction Co.,
25 The Pioneer-Lynn Mining Co., par
.
$ per Share
Stocks
12~Natlonal Grand Bank, Marblehead, par$100
207
3 Wamsutta Mills, par $100
5
32
2%
80c
130%
110
1'Concord & .-Portsmouth RR.,
18(Pemberton Building Trust,
36,359,000.00
101,000,000.00
par
par
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1940—
$19,500,000.00
2% % Unemployment Trust Fund series, ma¬
turing June 30. 1940
1,267,000,000.00
1,286,500 ,000.00
1,307,569. 000.00
Treasury bills (maturity value).
$39,885,969,732.26
Total interest-bearing debt outstanding
Matured Debt
on
Which Interest Has Ceased-
Old debt matured—Issued prior to Apr. 1,1917
(excluding Postal Savings bonds)
2% % Postal Savings bonds
3%%> 4% and 4% % First Liberty Loan bonds
$3,896,790.26
37,800.00
12,439,000.00
of 1932-47
4% and 4%% Second Liberty Loan bonds of
By R. L. Day & Co., Boston:
Shares
fund series,
Federal Deposit Insurance Corporation
series, maturing Dec. 1,1939,1942 <fc 1943..
•
50 Dwight
New
Government life Insurance
maturing June 30, 1943 and 1944
9,225,905,700.00
By Crockett & Co., Boston:
1
128,000,000.00
2%
of the current week:
5 Worcester
563,000.00
maturing
June 30.
following securities were sold at auction on Wednesday
3,946,000.00
fund series,
1944
Postal Savings System series,
1940, 1942 and 1943
2%
Shares
fund, series
1940 to 1944
34%
AUCTION SALES
5 Essex Trust Co., Lynn,
67,200,000.00
4% Civil Service retirement fund, series 1940
maturing June 30. 1941 to
The
.
1,177,200,000.00
turing June 30, 1942 and 1943
U. S. Treasury
(newly mined)
/
series, ma¬
Railroad retirement account
3%
£105%
4%
34%
34%
34%
34%
15,1940..
15,1940..
15,1941..
15,1941..
15,1941..
15.1942..
15.1942..
15,1942..
15,1943..
15, 1943..
15,1944..
3% Old-Age Reserve account series, maturing
June 30, 1941 to 1943
£92H
days have been:
34%
B-1940, maturing June
C-1940, maturing Dec.
A-1941, maturing Mar.
B-1941, maturing June
C-1941, maturing Dec.
A-1942, maturing Mar.
series B-1942, maturing 8ept.
series C-1942, maturing Dec.
series A-1943, maturing June
series B-1943, maturing Dec.
series A-1944, maturing June
series
series
series
series
series
series
£66X
*
(in cents) in the United
ounce
$526,232,500.00
11,035,100.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
426,349,500.00
342,143,300.00
232,375,200.00
629,116,900.00
420,973,000.00
415,519,500.00
series B-1939, maturing Dec. 15,1939..
series D-1939, maturing Sept. 15,1939..
series A-1940, maturing Mar. 15,1940..
$7,242,709,700.00
£92%
£105%
£105%
£105^
1H %
£92%
,
1% %
1 %%
16 13-16d.
16 3-16d.
148s.5^d. 148s. 6d.
mys
£06%
£92%
2%
Fri„
July 21
July 20
16^d.
18%&.
16%d.
16^d.
Gold, p. fine oz. 148a.5%d. 148s.6d.
Consols 2J^%.
Holiday
£07
British 3%%
W. L._.
Holiday
£92%
Silver, per oz..
week:
Thurs.,
Wed.,
July 19
Tues.,
Mon.,
July 17
Sat.,
The
Treasury Notes—
15^%
1 %%
1% %
1%%
1H%
1% %
l%%
1% %
1% %
quotations for securities, &c., at London,
July 15
...—$28,065,995,032.26
Total bonds
CABLE
reported by cable, have been as follows the past
British 4%
1960-90
783,052,606.40
.5 0450*
.616004*
500,157,956.40
.040000*
.570450*
.616016*
1,868,149,115.80
$282,894,550.00
Adjusted Service bonds of 1945
(Government Life Insurance Fund series)—
No rates available.
a
ENGLISH
.040000*
.570450*
.616092*
.359865*
Non-controlled
.040000*
.570450*
.016021*
export
.140000*
.570675*
'•
Colombia, peso—
Uruguay, peso, contr.
Unclassified sales.
$100
$100
10 Crescent Public Service Co. common, par $1
1 New England Confectionery Co. common, par $100
1 Franklin Co., par $100
1,259,700.00
1927-42
4%% Third Liberty Loan bonds of 1928
i,
4% % Fourth Liberty Loan bonds of 1933-38—
3% % and 4% % Victory notes of 1922-23
Treasury notes, at various interest rates
Ctfs. of indebtedness, at various Interest rates.
Treasury bills
Treasury savings certificates
1,986,400.00
17,884,950.00
614,650.00
24,650,350.00
4,345,300.00
74,945,000.00
223,200.00
142,283,140.26
Debt Bearing No Interest—
$346,681,016.00
United States notes
NATIONAL
The
Less gold reserve
BANKS
following information regarding National banks is
from the office of the
Comptroller of the Currency, Treasury
Department:
$190,641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes
fied sales, &c
STOCK ISSUED
111.
Sold locally
$10,000
215,365,126.50
2,031,728.28
unclassi¬
3,241,098.74
411,279,538.59
Amount
July 8—The Tazewell County National Bank of Delavan, Delavan,
^
...
Old demand notes and fractional currency
Thrift and Treasury savings stamps,
PREFERRED
156,039,430.93
...
Total gross debt
$40,439,532,411.11
Volume
The Commercial & financial Chronicle
149
GOVERNMENT RECEIPTS AND EXPENDITURES
on
Through the courtesy of the Secretary of the Treasury,
are enabled to
place before our readers today the details
—
Receipts—
-Month of June1939
1938
Seigniorage
Unemployment
Old-age reserve
$
MIscell. Internal
Unjust enrichment
Taxes under Social Secur. Act
Taxes upon carriers and their
184,752,614
1,013,424
tax
549,711,028
192,427,368
revenue
'
S
355,136,258
Income tax
626,677
—
6,456,803
5,666,572
359,187,250
curities:
Interest—for'n obligationsAll other.
167,766
169,115
423.943
513,773
2,346,824
1,944,759
58,401,883
64,964,946
76,510
2,009,766
2,199,225
24,834,262
3,239,748
1,408,097
22,758,976
35,603,220
6,566,953
6,279,375
81.269.894
81,891,328
612,521,757
773,947,976
5,667,823,626
6,241,661,227
49,487,724
44,345,996
_~~"
River
and
harbor
flood control,
(Sec.
as
644,992,157
559,598,112
4,107,303
45,124,603
20,499,221
b570,000
176,787,234
152,036,510
Old-age
185,972,352
164,995,449
3,152,004
50,096,453
39,907,513
2.411,664
36,991,307
10,627,512
632,602
977,308
Investments....
9,801,888
11,361,130
851,423
d37,843
el3,000,000
46,335,000
395,000,000
41,153,000
559,705,000
38,725,000
441,795,000
190,975,000
15,400,000
514,900,000
395,200,000
.'
226,239
3,344,829
bl,372,027
341,621,260
291,452,989
Benefit payments
Railroad retirement account:
851,423
383,487
9,000,000
17,474,517
U. 8. Housing Authority.a—
Dlst. of Col. (U. 8. share)
23,890,020
460,953
—
32,841
\
43,407,438
a
3,417,023
37,277,727
35,873,850
441,212,619
48,594,228
633,389,021
9,023,095
'
47,772,932
551,914,009
581,764,663
48,302,176
786,597,453
361,659,309
U.
3,467,849
Civilian Conservation Corps, a
Farm Credit Administration, a
1,736,497
26,634,395
3,051,657
23,939,856
24,826,132
289,831,445
324,986,035
645,709
Tennessee Valley Authority..
Interest on the public debt—
468,533
4,574,140
8,154,936
2,819,989
3,421,443
40,806,801
42,002,238
_
Farm
Tenant
Act
j
Refunds—Customs
Internal
272,150,473
•
940,539,763
on
1,111,755
551,193
16,678,803
39,177,057
402,301,000
To States of taxes collected
under Title IX of Social
12,004,543
40,561,886
—reduction
635,107,290
602,761,954
5,327,746,418
=
int.
of
1,959,748
2,129,452
7,818,548
5,726,515
5,745,139
42,381,521
69,828,306
.....
b34,867
Public highways
River and harbor work and
flood control.
360,832
2,438,224
5,990,167
2,072,454
29,232,975
bl,251
25,498,297
3,030,476
27,729,210
b2,802,128
4,630,308
7,026,401
Rural Electrification Adm.
Works Progress Admin, (in-
43,965
147,550
clud. Nat. Youth Adm.)
166,854,659
Public Wks. Admin, grants
(Act June 21, 1938)
165,726,017
23,617,268
Public Works Admin., loans
(Act June 21, 1938)
All other..
.....
Aid to home owners:
Home Loan system
2,239,603,411
1,200,000
11,000,000
64,300,000
121,700,000
483,000
364,000
857,000
151,000
140,000
610,000
21,000
18,000
236,000
22,659,000
23,000,000
42,759,000
3o.ooo.ooo
25.000,00 n
2,302,065,281
2,659,283,489
13,083,600,411
9,620,796,495
Total public debt
257,761,308
Expenditures—
Cash—Treasury bills
Treasury notes
Treasury bonds
4,746,698
5,212,308
20,487,826
765,807
9,140,867
11,725,019
183,622,851
180,149,109
2,000,000
8,000,000
b22
314,043,821
2,704
bl83
b52
7,150,825
b4,522
3.104,687,554
2,237,563,552
Revolving funds (net):
Public works:
Loans and grants to
States,
municipalities, &C
Loans to railroads
8,575,158
12,673,637
b8,312,100
reserve
12,483,904
92,453,595
Railroad retirement account..
Govt, employees' retirement
Sub-total.
3,721
3,034,884,100
2,673,806,600
1,000,000
expenditures..
685,204,013
6,914,100
58,246,450
...—...
937,003,778
9,268,338,030
or Decrease
657,000
41,000
16,000
326,000
5,000,000
251,000
13,000,000
10,000,000
3,400,000
514,000
29,400,000
14,000,000
35,ooo,oo0
1,472,883,000
1,040,830,002
2,144,340,552
2,916,870,217
9,808,808,3i6
8,880,669,912
1" "3,274,792,096
740,126,583
'
—39,050
Other debt items.--National
bank
notes
-■==========*
-
1,4497625,881
1,449,625,881
6,914,100
58,246,450
65,464,950
153,141,702
243,759,241
3,542,267,955
1,384,160,931
60,172,097
884,286,173
254.999,624
95,969,605
2,657,981,782
—16,750
+160,601,000—1,098,538
000
+2,248,182,842
—25,834
Sub-total
Note 1—Includes
—360,543,000
—619,550
—1,034,550
—925,862,850 —1,901,803,250
—1,466,446.600
+ 838,351,260 +3,958,900,582
—47,178
—303,351
—1,181,269
—2,441,670
—2.972.210
—36.162,335
—58,510,840
+2,180,613^096
—377,528,417
and
Fed. Res. bank notes
Loan
21,235,350
+53,899,729
—351,090,728
+103,825,000
+93,504,000
+157,724,729
transactions
on
+1,094,179,000+1,117,655,000
-257,586,728 + 3,274,792,096
+ 740,126,583
account of RFC
Mortgage Company, Disaster
Corporation, and Federal National
Mortgage Association.
a Additional expenditures
on these accounts
are included
under
relief" and "Revolving funds
"Recovery and
(net)," the classification'of which
will be shown in
the statement of classified
receipts and expenditures
appearing on page seven
of the daily Treasury statement for the
15th of each month. *.
Excess of credits
b
(deduct).
c The item Postal
Deficiency represents advances from
the General Fund
of the
Treasury to the Postmaster General to meet
deficiencies in the postal
These figures do not reflect
revenues
any allowances for offsets on
account of
or the cost of free
extraordinary
mailings contributing to the
certified to the
Secretary of the Treasury by the deficiency of postal
Postmaster General
pursuant to the Act of Congress approved
June 9, 1930.
Further the expendi¬
tures shown above on account of
postal deficiency for
the fiscal year
exclusive of $718,699.88 on account
1938 are
of transfers of
appropriations from the Post
Office Department to the U. S.
Maritime Commission
pursuant to the Act of
June 29. 1936 (49 Stat.
1988). These transferred funds
when expended
U. S. Maritime Commission
by the
are classified on
this page as
"Departmental" and on
™onfh M "Departmental—U. S. Maritime
expenditures
revenues
1,129,161,307
2,554,510
5.497.305
51,478,740
93,415,095
2,652,484,476
1,077,682,567
.
—351,001.823
+622,307,620
'
—337,555,984
'
+157,724,729
—257,586,728
+3,274,792,096
+ 740.126,583
40,281,807.682
37,422,327,043
37,164,740,315
36,424,613,732
40,439,532,411
37,164,740,315
40,439,532,411
37,164,740,315
beginning
or year
GroS8 public debt this date
72,100,000
891,918,000
+19,924,000
—
Total
3,600,514,405
—86,034,512
15,000,000
45,200,000
237,000
(—)
Special series
163,055,802
gross
10,000,000
52,000,000
348,000
in Gross Public Debt—
608,657,587
3,600.51M05
•
864,165,000
257,586,728
7,691,287,108
243,759,241
43,800,000
1,331,000,000
25,200,000
157,724,729
65,464,950
general
834,665,000
of expenditures
(+)
—
29,300,000
1,280,000,000
1,309,989,000
Total public debt expend's.
Increase
59,110,840
=================
73,255,000
95,052,721
Less nat. bank note retirem'ts
Of month
1,186,556,200
415,519,500
-
ctf. fund (ctfs.).
+57,943,383
800,000
gold,
receipts
in
2,673,808,600
Bonds
338,811,962
retirements)
(+) or dec. (—)
public debt
Gross public debt at
3,034,884,100
146,402,587
360,047,312
(—) in
1,186,556,200
,
—
107,097,413
800,000
360,047,312
retirements.
Inc.
...
—21,461,100
Excess of exps. (excl. publio debt
excess of
36.162.335
387,000,000
Summary
Total
303,443
415,519,500
notes..
Certificates of indebtedness..
163,055,802
Excess of expenditures
Less puolic debt
Inc. (+) or dec.
fund balance
serv.
47,333
Treasury bills.
972,569,070
Total expenditures
excess of
1,181,467
322,400
2,972,210
Treasury notes
21,235,350
on
1,024,960
25,925
4,856,487,000
2,441,670
and
fund,
1
Excess of receipts
Excess Of expenditures
Ac.,
notes
120,952,671
56,003,721
Trust accts., increment
15,440,000
295,280
503,000,000
56,000,000
funds (U. S. share)..
Ac.)........
13,782,900
5,430,600
1,400
75,106,600
account
Debt retirements (sinking
2,335,900
375,600
5,066,764,000
Market operations:
Transfers to trust accounts, Ac.:
Old-age
82,624,200
400
Excess Of receipts
8,473,822
66,629,995
42,367,950
746,200
407,850
Unemploy. trust fund (ctfs.).
Railroad retirem't acc't(notes)
Civil serv. retire't fund (notes)
For. Serv. retirem't f'd (notes)
Canal Zo. retire't fund (notes)
Postal Sav. System (notes)
Govt, life insur. fund (notes).
Fed. Dep. Ins. Corp. (notes)
b3,276,580
Sub-total
82,000,208
7,867,100
— —
Sub-tOtal
Adjust,
bl2,646,102
136,875,353
6,586,274
142,600
Special series:
Excess
100,765,695
68,393,000
9,000
7,342,257
4,594,200
Sub-total
bi89,733
1,034,550
64,752,950
2,900
—.—
bank notfg...
Treasury bonds
Agricultural aid:
bioi,336
7,082,250
—
First Liberty bonds
Fourth Liberty bonds
22,457,595
14,715,539
619,550
21,461,100
—.
Exchanges—Treasury
8
16,750
Adjusted service bonds
194,173,016
=====
812,698,000
39,050
—
U. S. savings bonds--
bank
23,000,00n
382,377,000
Certificates of indebtedness
♦
Fed. Res.
65,134
251,748,887
=============
Market operations:
National
248
1,440,685
96,000,000
receipts.^'
Postal Savings bonds
Other debt items
3,296
Administration
32,000,000
1,423,870,000
395,200,000
81,200,000
I5i,600,000
731,oo0
609,000
275,00q
25,ooo,oo0
40,600,000
18,740,572
19,028,024
Export-Import Bank of
Washington
Farm Credit
23,000,000
514,900,000
1,472,499,478
804
77,538
Sub-tOtal
===== =====
=====
1,726,000,000
4,565,207
3,748,478
Admin, for Indus. Recovery..
12,750,800
1^56,719,300
1,617,089,300
15,400,000
265,026,998
3,736,108
33,818,265
776,073
12,614,680
Reconstructs Finance Corp
2,507,718,800
881,000,000
33,639,018
1
Miscellaneous:
6,561,350
527,165,300'
82,900,000
84,575,923
b6,443
Emergency housing
U. S. Housing
Authority..
Federal Housing Admin...
Farm Security
Admin.....
certificate
Postal Sav. System (notes)...
Govt, life insur. fund (notes).
66,966
150,606
Public works (incl. work
relief)
Reclamation projects
776,550
1,267,000,000
94,285,405
108,031
1,681,587
—
======
service
198
600,000
267,775,600
918,780,600
Fed. Dep. Ins. Corp. (notes)
94,285,405
Other————.......
Relief
415,519,500
Canal Zo. retire't fund (notes)
Alaska RRretire't fund (notes)
capital im¬
pairment-—__
504,653,947
91
Unemploy. trust fund (ctfs.).
Old-age reserve acc't (notes).
4,660,648,348
4,255,828
Commodity Credit Corp.:
Restoration
712,476,470
155
fund (certificates)
rate
on mortgages
Federal Land banks
293,513,250
34,373,584
480.700
notes..
Special series:
Mtge. Corp.
in
219,035,700
......—
Treasury bonds
Agricultural aid:
Federal Farm
3,757,949,000
864,582,900
Railroad retirem't acc't(notes)
Civilserv.retire't fund (notes)
For. Serv. retirem't f'd (notes)
"
Sub-total
5,227,365,000
91
Adjusted service bonds
40,561,886
79,849,056
670,668,500
notes—
bank
Exchanges—Treasury
Adjusted
Security Act
Recovery and relief:
10,232,690
452,155,000
—
S.
National
32,791,660
1,283,471
"254,999,624
Treasury savings securities.
Deposits for retirement of
16,156,340
2,490,751
868,936
farm prod.
884,286,173
savings bonds Unci.
unclassified sales) —69,949,990
926,280,714
2,603,438
-
revenue
Processing tax
232,981,724
1,472,032,069
,
44,926,054
Administration.a.
1,033,075,811
60,172,097
,
Cash—Treasury bills
72,523,852
Veterans'
101,039,797
======= =======
===== ======
Treasury notes..
Treasury bonds
Agricultural Adjust. Program
1,000,000
105,774,077
66,200,000
8,078,670
95,052,721
Public Debt Accounts
569,455,394
5,404,063
1,200,000
......
Receipts—
404,701,839
57,446,339
13,891,583
83,007,266
Market operations:
Army
831,429
'
Total..
5,000,000
Navy
1,477,661
...
Excess Of receipts or credits
Excess of expenditures
165,424
5,000,000
—.———
,
National defense:
41,199,420
51,478,739
125,000
Benefit payments
d37,843
5,497,306
National
82,900,000
13,000,026
6,059,824
34,679
i
reserve account:
1,635,232
_
f
•
Investments
Postal deficiency (prior yrs.)_
Rallroad Retirement Board.
2,388
..........
2,554,510
5,885,685
Social Security Act.——--»
bl,640,667
..........
trust fund:
16,041,070
—
1,405,590
b45,002,008
Act,
Investments
Withdrawals by States
60,817,514
11,902,314
Postal deficiency (current)c._
;l
b8,627,452
454,635
b658,437,863
b59,652,141
bl88,297,303
...
of
Reclamation projects.a
4
Res.
amended)
Rural Electrification Adm.a.
Panama Canal
-
33,930,431
10,157,089
...
4,005,628
and
a
bl,206,460
385,539
b9,896,934
revolving
Fed.
retirement
banknotes
Unemployment
13,220,748
work
13b,
For
=
Public buildings.a...
Public highways, a
bl84,487,067
1,549,271
b85,861,900
21,1938)
Chargeable against increment on
gold—Melting losses. Ac..4
Payments to Fed Res. banks
25,107,975
Seigniorage
Other miscellaneous
General—Departmental .a
136,127,036
1,735,032
fund (Act June
74,298
Panama Canal tolls, Ac
Total receipts
Expenditures—
b82,787,791
bi, 117,133
564,449
bl3,146,474
Public Works Admin
2,649
1
327,047,498
183,331
Other
se¬
2,755
;
325,181,585
.
b388,977
Bank of Wash.
Rural Electrification
Admin..
RFC (see note 1)
U. S. Housing
Authority
Principal—for'n obllga'ns.,
147,813,409
1,727,031,693
=
59,028,158
1
Export-Import
—
Miscellaneous receipts:
Proceeds of Govt .-owned
318,837,311
55,515,992
(net), Ac.:
Commodity Credit Corp..
150,131,981
21,950,469
402,412,233
109,299,289^
1,917,361,984
of Govt, agencies
604,448,646
24,516,965
529,951,055
2,048,493
161,211,894
Transactions in checking acc'ts
631,223,715
'' 15,412,233
======
2,279,453,099
109,256,540
90,351,012
762,832,519
1,939,296
2,231,983,302
6,860
1,094,843
90,267,427
838,087,110
82,951,055
2,182,300,487
4,897,108
481,399
6,246,662
82,238,709
183,059,987
Trust accounts
4,019,340
$
322,527,677
8,575,163
account
2,634,618,139
21,074,590
employees
Customs
23,828
349,275,704
32,091,604
fund
Expenditures—
$
5
28,736
Total
1937-38
$
55,241,969
1
trust
July 1 to June 30
1938-39
1937-38
$
57,474,133
account
Railroad retirement
-July 1 to June 30
1938-39
$
-
tion in weight Of
gold dollar..
and 1937-38:
General & Special Accounts:
Gold, &c.
Increment resulting from reduc¬
Government receipts and disbursements for June 1939
and 1938, and the 12 months of the fiscal
years 1938-39
Internal Revenue:
Month of June
1939
1938
Receipts—
Trust accounts
we
of
525
Trust Accounts, Increment
pa^onibe 15t? 0Mhe
Commission "
«i
««7 infi
ok
ye^i i39 represent: Payments and repayments of
$125,343,94 and $87,501.35,
respectively, on account of
adjustments of grants for
prior years.
The net adjustment is
$37,842.59.
e Excess of
redemptions (deduct).
T7ze Commercial & Financial Chronicle
526
July 22, 1939
,
CREDIT AGENCIES AS OF MAY 31, 1939
GOVERNMENTAL CORPORATIONS AND
MONTHLY REPORT ON
of governmental
contained in the Department's "Daily
reports in that
agencies and corporations financed wholly from Government funds are not listed separately from those financed only partly
from Government and partly from private funds.
In the footnotes to the table below, an explanation is given of the sim¬
plification of calculation of proprietary interest.
As now computed, the Federal Government's proprietary interest in these
agencies and corporations, as of May 31, was $3,732,325,149, and that orivately owned was $389,175,431.
The monthly report of the Treasury Department, showing assets and liabilities as of May 31, 1939,
corporations and credit agencies, financed wholly or in part by the United States, was
Statement" for June 30, 1939.
.
Since the statement of July 31, 1938, the report has been made up somewhat differently from previous
SUMMARY OF COMBINED
STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT
STATES. COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY—MAY 31. 1939
.
AGENCIES OF THE
V
UNITED
Assets d
Investments
Real
Securities
Accounts
Estate
United
Guaranteed
and Other
and Other
Slates
by United
All
Receivables
Business
Securities
Slates
Other
Preferred
Loam
Cash
Capital
e
Slock, &c.
$
$
Reconstruction Finance
1,129,009,224 528,572,622
Corporation....
£2,751,469
517,409
3,232,711
Corporation
26,857,828
62",276",683
Corporation .
5,465,490
Authority
49,127*806
Public Works Administration
49,677,332
United States Maritime Commission
117,457,049
Rural Electrification Administration
2,091,324,356 1214338,810 177,826,655
Home Owners' Loan Corporation
799,703
Federal Savings & Loan Insurance Corp..
j43,99l,700
Federal Savings & Loan associations—
84,258,629
157,911,212
Federal Home Loan banks
—
Federal Crop Insurance
Federal Deposit Insurance
1,772,989,871
467,568 £34,932,596
3,000.000 £26,236,192
212
42,471
h20,958,544
21,900
1,218
hl7,765,330
4,900,396
4,289
270,831
39", 996
45,704,962
3,859,765 234,426,203
48,020,200
506,521
369,701.379
30,490,311
Corporation
Export-Import Bank ol Washington
Commodity Credit
Total
Other t
Property
342,281", 693
391,209,127
48,796,168
8,137,396
467,431,893
243,751,458
49,127,806
Tennessee Valley
8,120,423
Administration..
Authority
Federal Housing
United States Housing
Farm Credit
—
—
Federal Intermediate
70,806,007
20,586,623
61,593,425
28,397,457
12,271,422
9,031,699
10,285*823
—
Corporation—
Federal Farm Mortgage
Federal.Land banks
57,809",965
k95,926.568
723,186,612
1,947,944,300
215,274,254
60,465,217
Credit banks
Banks for cooperatives
Production credit corporations...
319,693
—
corporations..
Regional agricultural credit
38,074*,851
18,8*98*522
272.823,877
158,246,932
17,056,837
119,284,032
3,059,009,371
119,199,978
43,991,700
295,099,097
43,667,961
260,788,446
122,150,069
1,609,167,251
5,841,680 112,216,822
2,324,594,516
65,002
198,407
40,634
304,547,581
178,515,097
122,287,485
155,250
21.898,572
104*476
4,650,071
1,905,427
1,826.983
11.838,221 105,517,677
11,870,323
5,9*40*412 558,438", 967
11,140,171
1,038,284
1,053,243
39,889,733
20,326,339
1,350,000
6,093
115*957
1,087,339
12,323,227
783,162 130,039,311
484,671
10,794,193
—
Administration
7,926,240
766,534,180 40,796,197
21,992 155,484,300
2,537,390
1,212,099
11,278*214
20,890,539
498,825
3,562,812 101,483,925
663,306
74,687,965
74,399,513
75,391,285
16,368,850
corporations and agencies
(In liquidation);
Navy Department (sale of surplus war
47*637
12,746
'
1,810,633
5,152*207
War emergency
supplies)..
United States
United States
4,065
4,571
8,345
50,610
14,950,161
34,037
9,500,054
249,762,548
90,827
3,363,699
3,591
742,026
300
340,301
335.299
20,368,398
36,412,249
278,237
295,501
123,334,883
7,531,388
2,472,257
25,881,638
46,922,475
6,009,292
58,649,054
3,050.533
2,472*257
892,960
473,020
3,528,422
9,369,357
6,009,292
55,560,872
Reconstruction Admin..
RFC Mortgage Co..
260,308
...
510,069
~
2*325
384,643
h2,205,320
...
Cooper¬
Associated
'695,627
I7,2(f7
1,346
301,966
Panama Railroad Co
Valley
,697,516
25,291
hi
1,000
13,196,464
9,129,069
249,762,548
120,706,529
Corporation
Farm Authority...
Administration—
Federal National Mortgage Association
Federal Prison Industries, Inc
...
Interior Department (Indian loans)...
Inland Waterways Corporation
Disaster Loan
Farm Security
atives, Inc
*1,630
123,678
17,267
Electric Home and
Tennessee
115,583
524,372
h2,533,936
375,130
45*947
Other;
Puerto Rlcan
*54,312
50,926
60,592
Corporation
War Finance
4,650,071
1,147,265
599,374
Corporation
RaUroad Administration.
Spruce Production Corp.
United States Housing
33,825
495,894
300,500
2,201
4,166
Treasury Department;
Railroad loans (Transp'n
30,230,233
Act, 1920).
from the
1938
received
Securities
30,230,233
RFC
2,570,i00
2,570,400
under Act of Feb. 24,
Inter-agency Items: m
Due from
or
governmental corporations
agencies
—
Due to governmental
corporations or
agencies....
—
7,648,238,983 786,941,022 538,422,252
Total
708,207,245 142,225,9941890,600.944 377,154,889
Excess
Liabilities and Reserves d
Proprietary Interest
476,325.463 895,850,817 12,463,967,609
Distribution of Untied States
of Assets
Guaranteed
Reconstruction Finance
Guaranteed by
821,277,867
206,301,100
Corporation
Owned by
Owned
United Stales
Stock
g87,410,6l9
908,688,486
74,307,011
280,608,111
.
Tennessee Valley Authority
Public Works Administration
Commission
Administration
2,909,467,063
Home Owners' Loan Corporation...
Federal Savings & Loan Insurance Corp..
Federal Savings & Loan associations
United States Maritime
387,088
3,137,396
5,000,000
178,132,336
289,299,557
235,238,479
49,127,806
108.989,368
119,284,032
48,530,407
118.054.289
43,991,700
173,350,074
163",8*34",509
Rural Electrification
Federal Home Loan banks
—
Federal Housing Administration....
*
United States Housing Authority
2,444.440
114.680,220
Farm Credit Administration
1,384,947,920
Corporation
Federal Land banks
Federal Intermediate Credit banks.
Banks for cooperatives
Production credit corporations
Regional agricultural credit corporations.
8,512.979
163",834",509
101,011,901
3,010,478*,964
1,145,689
1,145,689
121,749,023
1,264,785
2,541,220
4,018,869
121,749,023
3,709,225
117,221,440
4,018,869
£42,640,425 1,427,588.345
,808,425,792 1,808,425,792
196,796,291
196,796.291
3,967,223
3,967,223
251,219
251,219
3,182,612
_
864,301,385
110,601,016
48.409,080
864,301,385
110,601,016
48,409,080
387,088
Corporation
Corporation.
Federal Deposit Insurance
War emergency corporations and
Total
3,137,396
178,132,336
8,512,979
Export-Import Bank of Washington
Federal Farm Mortgage
Privately
Liabilities d
United States
Commodity Credit Corporation
Federal Crop Insurance
Over
Not
by
United States
Interests
Interagency
Capital
3,182,612
5,000,000
139,299,557
49,127,806
108,989,368
119,284,032
48,630,407
118.054.289
48,609,074
39,958,736
143,567,005
118,131,200
181,578,906
516,168,724
107.751.290
174,547,874
122,036,266
18,715,960
150,000,000
235,238,479
43,991,700
124,741,000
39,958,736
143,567,005
118,131,200
181,578,906
197,798,213
3*.468*,587
318,370,511
107.751.290
171,079,287
122,036,266
18,715,960
500,000,000
100,000,000
46,000,000
5,000,000
150.000,000
a235,437,874
849,127,806
al08,988,791
857,435,644
200,000,000
100,000,000
43,991,700
124,741,000
839,958,736
1,000,000
8118,131,200
200,000,000
124,952,320
70,000,000
149,000,000
120.000,000
Surplus
£239,188,006
Interests
125,113,379
10,601,016
2,409*080
b!99,395
577
61,848,388
c58.469,593
b93,000,000
18,054,289
142,567,005
47,801,368
bl8,421,©94
5,706,652
bl0,050,078
12,029,209
10,050,078
1187,711,539
2,036,266
5,000,000
13,715,960
agencies
(in liquidation);
Navy Department (sale of surplus war
supplies)
United States Housing Corporation
4,650,071
1,905,427
4,650,071
1,905,427
115,583
84,650,071
34,135,177
all5,583
c32,229,750
115,583
695,627
695,627
100,000
*195*627
10,575
6,692
6,692
1,000
5,692
14,888,060
927,917
249,762,548
16,000,000
cl,111,940
United States Railroad Administration.
United States Spruce Production Corp.
War Finance Corporation
Other:
10,575
>
62,101
Farm Security
8,572,137
87,921,604
162,457
Electric Home and Farm Authority
62,101
8,572,137
Disaster Loan Corporation
87,921,604
Administration
Inland Waterways Corporation
835,897
*835",897
35,413,279
7,368,931
2,472,257
25,045,741
Panama Railroad Co
967,641
967,641
45,954,834
Federal National Mortgage Association
Federal Prison Industries, Inc
Interior Department
Puerto
(Indian loans)
162,457
6,009,292
Rlcan Reconstruction Admin..
RFC Mortgage Co
Tennessee
Valley
2,099,020
Associated
2,099,020
56,550,034
Cooper¬
927,917
850,000
6,009,292
56,550,034
86,009,292
10,000,000
2",450*,370
4,113,380
3,255,551
received
from
the
12,000,000
13~,0*4*5*741
7,000,000
^39,543,219
b5~8~8*,385
25,000,000
189,742
31*.3*6*0", 292
299,500
300,500
1,000
30,230,233
830,230,233
2,570,400
2,570,400
82,570,400
RFC
under Act of Feb, 24, 1938
22,962,909
2,472,257
300,500
Treasury Department:
Railroad loans (Transp'n Act, 1920).
77,917
8249,762,548
30,230,233
atives, Inc
Securities
14,888,060
249,762,548
35,413,279
7,368.931
2,472,257
25,045,741
45,954,834
400,000
Inter-agency items: m
Due from
or
governmental corporations
8340,686,451
corporations or
b340,686,461
813,902,112
agencies.....
Due to governmental
13,902,112
agencies—
Total
For footnotes see top
5,439,118,610 2,903,348,419 8,342,467.029
4,121,500,580
389,175,431 3,732,325,149
of following column
I
3,280,560,351
632,764,798 n!81,
Volume
The Commercial & Financial Chronicle
149
FOOTNOTES FOR TABLE PRECEDING
a
Non-stock (or Includes non-stock proprietary
Interests),
lnter-agency assets (deduct),
b Excess
c
Deficit (deduct).
d Exclusive of lnter-agency assets and liabilities
(except bond Investments and
deposits with Reconstruction Finance Corporation),
Excludes unexpended balances of appropriated funds,
f Also Includes real estate and other
property held for sale.
e
i Adjusted for lnter-agency Items and Items in transit.
Includes deposits with the Reconstruction Finance
h Also
Corporation
and
accrued interest thereon.
1 Shares of State building and loan
associations. 141,770,010; shares of Federal
savings and loan associations, $172,568,800.
j Assets not classified.
Includes only the amount of shares held by the United
States Treasury.
k Net after deducting reserve for estimated amount of uncollectible obligations
held by the Farm Credit Administration.
1
Includes $2,197,076 due to Federal Land banks from the United States Treasury
for subscriptions to paid-in surplus.
m Represents
lnter-agency assets and liabilities of the Treasury
and of Government agencies, which agencies are not Included in this
Department
statement.
n Represents
lnter-agency holdings of capital stock and paid-in surplus items
which are not deducted from the
capital stock and paid-in Burplus of the corre¬
sponding organizations.
*-"'■•■
Note—Effective with the statement of July 31,
proprietary interest
1938, the
527
Company and Issue—
represented by the capital stock, paid-in surplus, and non-stock Interest in govern¬
mental corporations and agencies which were offset by a corresponding item under
"inter-agency proprietary interest" of the Treasury, have been omitted (except for
lnter-agency assets and liabilities shown herein)
such Items as are included in the
for the purpose of simplification In form.
Date
Bates Valve Bay Corp. 6% debentures
Buckeye Steel Castings Co. prior pref. stock
Bush Terminal Co. 1st mtge. 4s
♦Canada Northern Power Corp., Ltd., 5% bonds
Central Illinois Electric & Gas Co. 1st mtge. bonds
Chicago Union
Station Co. 334% guaranteed bonds
Cincinnati Gas & Electric Co. 1st mtge. 334s
Colgate-Palmolive-Peet Co. 6% pref. stock
♦Colon Development Co., Ltdi, 6% pref. stock
Consolidated Gas, Electric Light & Power Co. of Bait.—
1st mortgage bonds
Cuban Telephone Co. 1st
mtge. bonds
Dominion TextUe Co., Ltd. 1st mtge. 4)4s
General Motors Acceptance Corp. 3% debentures
(B. F.) Goodrich Co. 6% conv. debentures
Gulf States Utilities Co. 1st mtge. 4s
Houston Oil Co. of Texas 10-year 534s, series A
Indiana & Michigan Electric Co. 1st mtge. 5s
Iowa Power & Light Co. 1st mtge. 434s
Kansas City Gas Co. 1st mtge. 5s
♦Kansas Power Co., 1st mtge. 5s
Loew's, Inc., 3 34 % debentures
*
Long Beach Gas Co., Inc., 1st mtge 5s
Marshall Field & Co. 7% pref. stock
Memphis Power & Light Co.—
1st & refunding mtge. 5s
1st & refunding mtge. 414s
Mengel Co. 1st mtge. 434s
Nashville Railway & Light Co. 50-year 5% bonds
New York State Elec. & Gas Corp. 1st
mtge. 534s
The cash
June 30,
holdirgs of the Government
1939,
taken
are
CASH AND CURRENT LIABILITIES
are
set out in
as
the items stood
the following.
The figures
entirely from the daily statement of the Urited
CURRENT ASSETS
Assets—
AND LIABILITIES
•*
GOLD
460.285,541.9)
$16,109,993,966.45
Total
$16,109,993,966.45
Liabilities—
Gold certificates—Outstanding (outside of Treasury)
«
Gold certificate fund—Board of Governors, Fed. Res. System__
Redemption fund—Federal Reserve notes
Gold reserve--——————
$2,887,493,419.00
10,699,275,119.95
8,842,394.33
—
—156,039,430.93
——
Vole—Reserve against $346,681,016 of United States notes
and $1,166,872 of Treasury notes of 1890 outstanding. Treas¬
ury notes of 1890 are also secured by silver dollars in Treasury.
Exchange stabilization fund
1,800,000,000.00
Gold In general fund:
$15,551,650,364.21
Balance of increment resulting from reducductlon in the weight of the gold dollar-.
£571
Sept.
1
Sept.
1
Aug.
1
Aug.
1
Aug. 18
xlOO
£102
£102
2892
£573
Aug.
1
Sept.
1
Sept.
1
Aug
1
Aug
2
July 31
Aug. 16
Aug.
1
Sept.
1
£256
1474
£258
3376
3377
£261
3690
£261
£262
1
Sept. 30
3853
July 27
Aug.
1
Sept.
1
July 31
Sept.
1
£114
£114
£419
1
£421
1
Aug.
July
Aug.
Aug.
July
Sept.
Sept.
Oklahoma Power & Water Co. 1st mtge. 5s
Ontario Power Co. of Niagara Falls
5% gold bonds
Paramount Pictures, Inc. 6% debs
Paris-Orleans RR. 514% bonds
Sept.
3379
£579
Oct.
Nord Railway Co. 614 % bonds
Northeastern Water & Electric Co. coll. trust 6s
North Texas Co. 1st coll. lien bonds
1
Aug
1
Aug. 15
Aug.
1
£417
£580
£263
£421
1176
887
22
1
15
31
£265
3855
£421
£266
1179
£119
1
Peoples Drug Stores, Inc.. 614% pref. stock
15
Philadelphia Electric Power Co. 1st mtge. 534s
Aug.
1
Phillips Petroleum Co. notes
Aug.
1
Reliance Mfg. Co. preferred stock
Sept.
1
Rochester Gas & Electric Corp. gen. mtge. 5s
Sept.
1
Safe Harbor Water Power Corp. 1st mtge. 4)4s_Aug.
4
St. Joseph Ry., Light, Heat & Power Co. 1st
mtge. 434s._Aug,
1
Scott Paper Co. 334 % debentures
Sept. 1
Seneca Power Co. 1st mtge. 6s
;
Sept.
1
Shawmut Bank Investment Trust 434 % debs
July 26
(Robert) Simpson Co. Ltd. 1st mtge. 5s
Jan
1
(Robert) Simpson Co., Ltd., 1st mtge. 6s
Jan. 1 '40
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
£124
3700
1
£124
July 27
Aug.
1
Sept. 1
£270
Sept.
United States Cold Storage Co. (K. C.) 1st mtge. 6s
Wheeling & Lake Erie Ry. ref. mtge. bonds
Winston-Salem Terminal Co. 1st mtge. 5s
Woodward Iron Co. 2nd mtge. 5s
*
$142,379,204.93
415,964,397.31
In working balance...
£255
Tennessee Corn. 6% debs, series B & C
United Cigar-Whelan Stores Corp. 5% bonds
States Treasury June 30, 1939.
Gold (oz.
£98
3837
Jan.
1st mtge. 5s
TREASURY
Page
Aug.
1
Aug.
1
July 27
Aug.
1
Announcements this week.
3
Oct.
£267
£267
£267
£122
£423
£423
£423
3388
3388
£268
3547
3860
1
Sept
£119
£422
1
£128
3398
Volume 149.
558,343,602.24
DIVIDENDS
Total.
$16,109,993,966.45
Assets—
Silver (oz.
Dividends
SILVER
951,780.993.6)
388,430,308.4)
$1,230,585,527.01
Sliver dollars (oz.
502,212,924.00
Total
$1,732,798,451.01
Liabilities—
Silver
certificates
outstanding
bring
we
current week.
we
show
grouped in two separate tables.
together
the
Then
we
Silver In general fund
.............
Total
Assets—
pany
Gold (as above)
$558,343,602.24
29,047,161.01
3,814,999.65
273,020.00
585,832,157.11
......
....
.....
United States notes
Federal Reserve notes
...
Federal Reserve bank notes
National bank notes
....
...
in
our
"General Corporation and Investment
The dividends announced this week
776,415,000.00
To credit of Treasurer United States
36,934,132.62
37,676,699.07
Share
of Company
174,027.00
1,384,755.72
Philippine Treasury—To credit of Treasurer United States
Total
$3,086,628,034.70
Liabilities—
Treasurer's checks outstanding
Deposits of Govt, officers—Post Office Department
Board of Trustees, Postal
Savings System:
$7,409,223.96
2,625,131.59
6% reserve, lawful money
Other deposits
11,056,654.41
138,972,147.42
Postmasters, clerks of courts, disbursing officers, &c
Deposits for:
Redemption of National bank notes (5% fund, lawful money)..
Uncollected items, exchanges. &c
Aloe (A. S.) Co. (quar.)
American Book Co
American General Corp., S3 pref.
6234c
-
50c
-
American Investment Co. (111.), 7% pref
American Paper Goods Co.
43 He
50c
(quar.)-
Corp. 7% preferred
$134
7% preferred
$134
Associated Insurance Fund, Inc. (semi-annual)
15c
Atlantic Macaroni Co., Inc. (quar.)
$1
Atlas Plywood Corp
25c
Preferred (quar.)
31c
Bayuk Cigars, Inc
1st preferred (quar.)
$i 34
J
Beacon Mfg. Co., preferred (quar.)
$134
Belden Mfg. Co
15c
Biddeford & Saco Water Co. (quar.)
$1
Blauner's preferred (quar.)
75c
Broadway Dept. Stores, Inc., 5% pref. (qu.)__$134
Buck Hill Falls Co. (quar.)---_
1234 c
25c
Burlington Mills Corp
Burroughs Adding Machine Co
10c
California Water Service, pref. (quar.)
$134
Carolina Insurance Co. (s.-a.)
65c
Castle (A. M.J & Co. (quar.)_
25 c
Chain Store Investment Corp., $634 pref. (qu. )
$154
Chartered Investors $5 pref. (quar.)
$134
Chicago Wilmington & Franklin Coal Co.
6% preferred (quar.)
$134
25c
Chicago Yellow Cab Co
Cincinnati Inter-Terminal RR. pref. (s.-a.)
$2
—
—
$248,402,502.18
2,838,225,532.52
$3,086,628,034.70
The weight of this Item of sliver bullion Is
computed on the basis of
cost per ounce at the close of the month of
May, 1939.
a
the average
Citizens Utilities Co
Note 1—This Item of seigniorage represents the
difference between the cost value
the monetary value of sliver bullion
revalued and held to secure the silver
certificates Issued on account of silver
acquired under the Silver Purchase Act of
1934 and under the President's proclamation dated
and
Aug. 9, 1934.
Note 2—The amount to the credit of
disbursing officers and certain agencies today
$1,982,555,150.86.
10c
Cleveland-ClifJs Iron, preferred
$1
City of New York Insurance Co. (N. Y.) (s.-a.)
City Water Co. of Chattanooga, 6% pref. (qu.)
Coast Brewers, Ltd. (quar.)
Columbia Pictures Corp. $2J4 conv. pref.
(qu.)_
Continental American Life Insurance Co. (qujContinental Oil Co. (Del.)
Copperweld Steel Co
AND
Crown Drug Co. preferred
Dallas Power & Light 7% pref.
a
list of bonds, notes and
preferred
stocks of corporations called for
sinking fund notices.
redemption, together with
The date indicates the redemption or
making tenders, and the
location in which the details
were
American Colortype Co. 6% bonds
Associates Investment Co.. 10-year 3% debs
Bridge Corp. 1st mtge. 634s__
number gives the
given in the "Chronicle":
Company and Issue—
Atlantic Beach
page
Date
Aug.
Aug.
-.Aug.
Page
1
9
1
z96
3525
£251
(quar.)
$6 preferred (quar.)
Davenport Water Co., 6% pref. (quar.)
Dayton Rubber Mfg
Deere & Co.
preferred (quar.)
preferred (div. omitted)
De Met's, Inc.,
De Vilbiss Co
Duquesne
6854c
3734c
25c
2%
4354c
$154
$134
$134
50c
35c
1734c
(quar.)
Brewing
Shore
3c
50c
7% preferred (quar.)
Domestic Finance Corp. cum. pref.
Dominion Bridge, Ltd. (quar.)
Eastern
60c
$134
20c
Courtauld's, Ltd., Amer. dep. rets, (interim)-—
SINKING' FUND
NOTICES
Below will be found
last date for
1
1
Aug. 15 Aug.
1 July
Aug.
July 22 July
1 Aug.
Sept.
1 Aug.
Sept,
1 Aug.
Sept.
$1
75c
(quar.)
$234 preferred (quar.)
$2 preferred (quar.)
Sept. 15 Sept.
Dec.
25c
50c
----
255,615.16
28,783,729.64
$142,379,204.93
536,306,220.68
2,159,540,106.91
Total
CALLS
Holders
25c
—.
59,300,000.00
gold (as above)
When
Payable of Record
25c
(quar.)
Quarterly
Art loom
To credit of other Government officers
REDEMPTION
are:
Per
Name
Aetna Ball Bearing Mfg.
I,02li983jl5.68
To credit of other Government officers
Foreign depositaries—
Seigniorage (silver) (see Note 1)
Working balance
the
second table in which
previously announced, but which
Allen Industries
1,334,411.50
18,374,344.27
....
on
name
9,875,400.00
306,080.00
Deposits in—Federal Reserve banks
Special depositaries account of sales of Govt, securities
National and other bank depositaries:
Balance today—Increment
a
Further details and record of past
dividend payments in many cases are given under the com¬
2,231,593.00
..........
.........
Unclassified—Collections, &c
follow with
In the
announced
2,627.535.83
......
....
dividends
News Department" in the week when declared.
Subsidiary coin (oz. 2,759,675.4)
Bullion—At recoinage value (oz.
197,495.8)
At cost value (oz.
1,132,940,411.0) a
Minor coin
the
have not yet been paid.
GENERAL FUND
Silver—At monetary value (as above)
all
dividends
$1,702,584,818.00
1,166,472.00
29,047,161.01
$1,732,798,451.01
.........
Treasury notes of 1890 outstanding...
was
first
are
50c
30c
15c
Public Service Co.—
$6)4 preferred (quar.)
$6 preferred (quar.)
Equity Corp., $3 conv. pref. (quar.)
$154
$134
75c
Oct.
Aug.
Sept.
Oct.
15 Dec.
1
21
18
15
15
15
1
1
July
21*
1 Aug. 15
2 Sept. 15
July 31 July 21
1 July 25
Aug.
1 July 21
Aug.
1 July 21
Aug.
Sept. 15 Aug. 31
Oct. 15 Sept. 30
Aug. 15 July 31
Aug. 15 Aug.
5
July 20 July 10
Aug. 15 Aug.
1
1 July 19
Aug.
Aug. 15 Aug.
1
5
Aug. 15 Aug.
5 July 29
Sept.
Aug. 15 July 31
1 July 20
Aug.
Aug. 10 Aug.
1
1 July
Aug.
15
1 Aug.
Sept.
1
Aug.
Sept.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
July
1
1
1
10
31
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
10
23
15
1 JulyJ 17
1 July) 17
July 20
15 Aug.
1
1 Aug. 15
1
1
1
15
26
Sept. 28
July 25
Aug. 18
July 20
!♦
Aug.
July 25
July 17
July 20
July 17
Aug.
1
July 18
Sept.15
Sept. 1
July 18
Aug. 10
July 15 June 30
July 15 June 30
Aug.
July 24
Aug. 15 July 31
Aug.
1 July 21
Sept.
Sept.
Sept.
Aug. 10
Aug. 10
Aug. 15
The Commercial & Financial
528
When
Share
Company
50c
Faber, Coe & Gregg, Inc. (quar.)
7% preferred (quar.)
Falrchlld Aviation Corp
Froedtert Grain & Malt--.
—
Participating preferred (quar.)
Fulton Industrial Securities Corp
$134
20c
25c
*—
30c
20c
S334 cum. preferred (quar.) —
General Cigar Co. 2d pref. (quar.)
General Metals Corp
German Credit
-
25c
-
Investment Corp.—
paid allot, ctfs.)
--------Globe-Democrat Publishers 7% pref. (quar.)—.
Great Lakes Terminal Warehouse
-Greenfield Tap & Die $6 pref. (resumed)
1st $7 pref. (25%
(semi-annual)--(Chas.) & Co. pref. (quar.)-—
t40c
$134
10c
$1
$1
Guilford Chester Water
Gurd
$134
25c
Hale Bros. Stores (quar.)
& Sugar Co_--Homestead Fire Insurance Co. (Md.) (s.-a.)
Home Insurance Co. (quar.)
Hawaiian Commercial
50c
— -
50c
—
3uc
10c
Extra
6234 c
(quar.)
25c
Hussman-Ligonier Co. (quar.)__
—
$134
Idaho Power Co., 7% preferred (quar.)
$134
$6 preferred (guar.)
—
—
$134
Indiana Assoc. Telep. Corp. $6 pref. (quar.)-_$134
International Harvester Co. preferred (quat.)-International Utilities, $134 preferred
1 $1.4334
Houdaille-Hershet, class A
Prior preferred (quar.) —
Both divs. subject to approval
Kable Bros. 6% pref.
8734c
...
(quar.)--
$1
$20
12c
40c
$1
$2
B (qu.)_
15c
15c
—:——
$134
$134
pref. (quar.)
25c
,
50c
1834c
30c
fully partic. (quar.)
30c
8734c
Massachusetts Bonding & Insurance
5uc
Mclntyre Porcupine Mines (quar.)
1
5j
Co. (quar.)
(interim s.-a.)
Minneapolis Honeywell Regulator
Preferred B (quar.)
Mississippi Power & Light, $6 pref. (quar.)_—
Monmouth Consol. Water Co. $7 pref. (quar.)-Meadville Telephone
Midland Bank, Ltd.
MuskogeeCo. 6% cum. pref. (quar.)
National Credit Co. (Bait., Md.) class A (qu.)—
National Iron Works, Inc
3734c
8%
50c
$1
$134
$134
$134
134c
3c
—
25c
(resumed)
$134
15c
National Power & Light Co. common
Nation-WIde Securities Co., series B
4c
—
$2
Neptune Meter Co., preferred
50c
New Process Co
.
.
1
2
1
20
1
J
J
J
20c
25c
Aug.
$334
Aug.
Owens-Illinois Glass
$234
10c
$234
50c
-
Pacific Power & Light,
prGf0rr6d
25c
5c
7%, pref
*****
.
Both dividends are 34 reg.
Parker Pen Co
t$334
t$3
$134
$2
$334
15c
1234c
$1
$1
$4
4s.
Rand Mines Ltd., ordinary bearer &
Strapping
Preferred (quar.)
Silex Co. (quar.)
III
Quarterly
Stein (AJ & Co."
Sterling Products, IncT (quarl) ~
Stouffer Corp. $234 class A (quarI)~-~IIIIII
Ulass "ft
Strawbridge & Clothier—
$6 prior preferred series A (quar.)
Syracuse, Binghamton & New York RR
Taylor & Fenn (quar.)
Texas Gulf Sulphur Co
Texas Power & Light, $6 pref.
(quar.)
Tradesmens National Bank & Trust
Trane Co
Preferred (quar.)
"I
Union Electric Co. of Mo., $5 prefMquar")
United New Jersey RR. & Canal (quar.)
United States Fire Insurance (quar.)
Universal Winding Co., 7% pref. (quar.) 11II"
Walton (Chas.) & Co., 8% pref. (quar.)_
West Canadian Hydro-Electric B common
W^t Virginia Pulp & Paper, pref. (quar )
Nov.
(quar,)
Birtman Electric Co. (quar.)
Preferred (quar.)
Bloomingdale Bros
Blue Ridge Corp. $3 pref. (quar.)
Opt. div. of l-32d sh. or com. or cash.
23c
25c
25c
Aug.
Aug.
Aug.
Aug.
Aug.
$134
Aug.
25c
Aug.
50c
$134
$134
20c
25c
95c
5634c
25c
$134
$3
$134
50c
$134
$134
25c
Sept. 1 A
Aug.
1 J
Aug.
1 J
Sept. 15 S
Aug.
1 J
Aug.
1 J
Aug. 15 A
50c
Aug.
$2
tlOc
$134
Byera( A. M.) preferred
(a) $2.20 15-16.
Represents div. of $1.75 due
May 1, 1939, ana accrued int. on div. of
45 15-16 cents up to Aug. 1, 1939.
California Packing 5% pref. (quar.)Corrected-Calgary Power Co., preferred (quar.)
Canada & Dominion Sugar Co., Ltd.—
New
New
1
18
Aug. 15
Oct.
J
10 S
1
Aug.
1
Aug.
1
July 25
Aug. 15
Ji
Ji
Ji
Ji
A
.
Canada Wire & Cable, class A
10c
6834c
40c
US
25c
$134
12 5c
$134
62 34c
2
$134
t$l
-i
(qu.)
Canadian Malartic Gold Mines
(quar.)
Central Arizona Light & Power, $7 pref. (quar.)
$6 preferred (quar.)
Cedar Rapids Mfg. & Power
(a)
(quar.)_.
Canadian Industries, Ltd
Canadian Investment Fund special shares
Canadian Investors Corp., Ltd. (quar.)
17
1234c
3734c
3734c
t30c
(quar.|
(quar
Canada Northern Power Corp.- (quar.)
Canada Southern Ry. (semi-annual)
Class A (quar.)
Canadian Bronze Co., Ltd. (quar.)
Preferred (quar.)
1 A
75c
10c
Burdine's Inc
15 J
$134
3734c
$134
10c
preferred (quar.)
5% preferred (quar.)
1 A
31 J
31 J
62fi
$134
$134
$134
Bullock's, Inc., preferred (quar.)
Bunte Bros., 5%
15 S
$234
$134
$2
Buffalo, Niagara & Eastern Pow. $5 1st pf. (qu.)
2 S
42c
3134c
14c
!—
Bullock Fund, Ltd
2 S
Sept.
Aug.
Sept.
July
July
Edison Co. (quar.)
Buffalo Ankerite Gold Mines
J
Oct.
Sept.
+
J
J
J
J
J
A
J
J
Oct.
$134
$134
$234
$134
7
6834c
8734c
50c
Aug.
July
July
Aug.
Aug.
12
50c
50c
20c
25c
20
%\i
$1
6234c
(quar.)
(quar.)
Bourjois, Inc., preferred (quar.)
Brentano's Book Stores, Inc., A (quar.)
British Columbia Telep. 6% 2nd pref. (quar.)_Brooklyn Teleg. & Messenger (quar.)
Brooklyn Union Gas Co. (resumed)
Buckeye Steel Castings Co.—
6 34% preferred (quarterly)
,
6% preferred (quarterly)
A
Sept.
July
1
11
July 20
Aug. 25
Dec.
Nov. 25
July
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
July
*$134
*4c
*10c
3c
75c
$134
$134
18
July
5
8
July
14*
July
July
July
14
17
Sept.
Sept.
Sept.
14
5
5
Dec.
Dec.
Sept.
Aug.
Aug.
Aug. 25
July 17
July 17
Aug.
4
Aug.
7
July
July 15
July
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
18
20
20
15
Aug.
July
25
Aug.
Aug.
Aug.
July
July
July
20
Aug.
Aug.
Aug.
1
Aug.
1
Aug.
July 15
20
21
Aug.
June 23
Aug.
Aug.
Aug.
July
13
July
July
28
Aug.
July
Aug.
July
15
Aug.
July
24
Aug.
Sept.
July 20
Sept.15
Aug.
Aug.
Aug.
Aug.
July
July
31
July
10
31
20
July
27
July
Aug.
31
July
July
July
Aug.
July
Aug.
Aug.
15
July
Aug.
Aug.
Aug.
July
July
Sept.
Aug.
Aug.
5
20
July
July
14
15
20
25
July 14
July 15
4
Aug.
$134
1834 c July
75c
Sept.
15
J
$134
$134
$3
25c
Bond Stores, Inc., common (quar.)
Boss Mfg. Co
J
30c
37m
40c
-
-
Sept.
15
17
21
15
4
4
10
10
15
10
10
10
20c
1234c
$134
62 34 c
$2
$134
$15HC
Boston Fund (quar.)
10c
15c
25c
Boston
1 A
25c
30c
-
20
_
July
Aug.
Sept.
5c
Bon Ami class A
July
$1
$134
$134
49c
16
III
South Carolina Power Co. 1st $6
pref. (qu.)
Southern Carolina Power Co., $6 pref. (quar.)__
Standard Wholesale Phosphate & Acid Works—
1 J
July
1
Aug.
Aug.
Sept.
Aug.
15
17
15*
12
25*
11
$134
134%
7% 1st pref
28
25c
5c
_ _ _ _
Aug.
Aug.
July
July
11
50c
1 C
lc
6234c
Singer Steel Castings.
Sioux City Gas & Electric
Co., 7% pref. (quar.)
Sivyer Steel Castings
I_ J
5 J
Aug.
1 J
July 15 J
Aug.
July
15
1 July
50c
Aug. 10 J
15c
-
Simmons Co
5
Dec.
1 July
25c
(quar.)
Best & Co., Inc
Preferred (semi-annual)
Class B
t50c
ord. reg_ -Republic Investors Fund, pref. A and B (quar.)
Royal Canadian Oils
Rustless Iron & Steel, pref. (quar.)
Saco-Lowell Shops, pref. conv. A and B (quar.)_
St. Paul Fire & Marines Insurance Co. (quar.)_San Gabriel River Improvement Co. (mo.)
Shawinigan Water & Power
1
Sept. 15
Aug.
25c
-
Beattie Gold Mines
21
Dec.
Dec.
Aug.
25c
Bangor Hydro-Electric Co., (quar.)
Barnsdall Oil Co. (quar.)
Beattie Bros. Ltd., 1st pref. (quar.)
Preferred
Dec.
Sept.
t3734c
$134
__
19
1
3434c
'
Extra
1 J
Sept. 1 A
Aug.
1 J
Aug.
1 J
Aug. 10 J
Aug. 15 A
Aug. 15 A
Aug.
75c
B stk. or cash.
Berland Shoe Stores
25c
Preferred-
Extra
Aug.
July
Aug.
Aug.
Aug.
Aug.
Aug.
5 J
1 J
9 2
15 2
15 J
1 J
21 A
15 J
1 J
and 34 accrued.
Passaic & Delaware RR. (s.-a.)
Pemigewasset Valley RR. (s.-a.)
Peoria & Bureau Valley RR. Co. (s.-a.)
Philadelphia Insulated Wire (s.-a.)
Phoenix Acceptance Corp., class A (quar.)
Pittsburgh Brewing, preferred
Princeton Water Co. (N. J.) (quar.)
Puritan Ice Co., 8% pref. (s.-a.)
Quincy Market Cold Storage & Warehouse—
Signode Steel
Sept.
$1
$6 1st preferred
Associated Telephone Co., Ltd., pref. (quar.)
Atchison Topeka & Santa Fe Ry. 5% pref.
Atlantic City Electric Co., $6 pref. (quar.)
Atlantic Rayon Corp., prior pref. (quar.)
Atlantic Refining Co., 4% pref. A (quar.)
Atlas Powder Co. preferred (quar.)
Ault & Wiborg Proprietary, Ltd., 534% pref__
Automatic Fibres preferred (quar.)
Badger Paper Mills, Inc., 6% pref. (quar.)
Baldwin Rubber Co., common (resumed)
Baltimore American Insurance (semi-annual)
1 J
15
Sept.
$1
Archer-Daniels-Midland Co. pref. (quar.)__
J
J
J
July
Sept.
70c
(quarl)
Associated Telep. & Teleg. Co.
Aug
Aug.
Sept. 15*
Sept. 15
50c
Appleton Co, (quar.)
Preferred
(guar.)
J
20
3
Aug. 15
July 31
Sept.
$134
$134
1234c
Opt. div. l-32d sh-. of cl. B stk. or cash.
(s.-a.)
Envelope Co. 7% pref. A (quar.)
7% preferred A (quar.)
American Equitable Assurance, N. Y. (qu.)
American Fork & Hoe (quar.).
_ ——I
American Gas & Electric Co. pref. (quar.)
American Home Products Corp. (monthly)
American Light & Traction (quar.)
Preferred (quar.)
American Machine & Foundry 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.)American Ship Building Co
American Smelting & Refining Co
Animal Trap of America pref.
July
July
Oct.
50c
m* mm
cf.
Oct.
Aug.
Aug.
Sept.
50c
_
mm
sh. of
21
Aug. 15
Aug. 15
Sept. 15
20c
(quar.)
American Cities Power & Light class A pref
Opt. div. l-32d sh of cl. B stk. or cash.
''tm'm*
15
15
July
25c
Anglo-Canadian Telephone, 534% Pref. (quar.)
2
2
(quar.)
North Carolina RR. Co., 7% gtd. (s.-a.).
North River Insurance, N. Y
Oahu Sugar Co. (monthly)
Ogden Mine RR. (semi-annual)
Oswego Falls Corp. (quarO
Oswego & Syracuse RR. Co, (s.-a.)
North American Oil Consolidated
f50c
(guar )_
Common (extra)
1 J
New York Fire Insurance (quar.)
$134
(quar.)
$134
8734c
American Stores Co.--—------
Aug.
1 J
July 31 J
Preferred
—
American Stove (irregular)
American Thermos Bottle Co. common
.
Aug.
15c
American Chicle Co.
Preferred
Aug. 15*
July 15
Aug. 19 J
Sept. 1 2
15
1
15
10
15
15
1
1
25
$134
(quar.)
American
„
Aug.
tik%
Amalgamated Sugar 5% pref. (quar.)
m
Aug.
Aug.
Sept.
Sept.
J 30c
*20c
(semi-annual)
July
July
July
15c
(quarterly)
Holders
When
Payable of Record
50c
divl~l-64th
10
22
22
25
20
the preceding table.
25c
American Discount preferred A
.
40c
Share
Company
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.)
Opt.
July 31 J
July 31
Aug.
1 J
Aug.
1
Aug.
5 J
t$134
July 31 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
July 31 July
26
26
weeks
include dividends an¬
Class A 1936 series
18
14c
Per
Name of
C>l&iSS
1 Sept. 16
the dividends announced in previous
give
and not yet paid.
The list does not
nounced this week, these being given in
Amerada Corp
Aug. 15
Sept. 1
Sept. 1
Sept. 1
Aug.
1
Aug.
1 J
Aug.
1J
Aug.
1 .
Aug. 30
Aug. 15
Sept. 11
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
July
we
—
Amerex Holding Corp. (semi-annual)
American Can Co. (quar.)
luly
1
Aug. 31
Sept. 30
Aug.
1
July 24
sept.
(quar.)
Alabama Power Co. $5 pref.
Aug.
3c
Ltd., 7% 1st pref-—
1 July
1 July
Oct.
20c
Wood, Alexander & James,
Below
Aug.
Aug.
%%
30c
WJR the Goodwill Station
Preference
1
$1
—
Life Insurance (s.-a.)
Bonus
2
$134
Wisconsin National
Agnew-Surpass Shoe Stores
1
1
Oct.
--------
(quar.)
D.) Mfg. (quar.)
Adams-Millis Corp
Aug.
1
Aug.
1
Aug.
1
Aug. 15
Sept. J
Aug.
1
Aug.
1
Aug.
25c
Ry., 534% Pref
Abraham & Straus
1
Aug.
Aug.
Wheeling & Lake Erie
Prior lien (quar.)
Whitaker Paper Co., 7% preferred
Willamantic Co. (reduced)
Adams (J.
1
Sept. 30
62 34c
40c
Lunkenheimer Co
National Paper & Type
Preferred (semi-ann.)
8734 c
v
Macy (R. H.) & Co
Manufacturers Trading Corp. (Del.)—
2-100ths shs. for each sh. held
Initial stock (quar.)
1
15
1
Sept. 15
Sept. 3u
Aug. 19
25c
--
(quar.)
Preferred (quar.)
Marine Bancorporation
1 July 24
1 Aug. 21
5
15 Aug.
25
15
15 Aug.
1
$134
15c
Special
Liggett & Myers Tobacco com. & com.
Lock Joint Pipepref. (quar.)
Loew's Boston Theatres Co. (quar.)
Louisiana Power & Light, $6
Louisville & Nashville RR
15
15
1.5
15
16
31
Aug. 15 Aug. 15
$134
Corp. 6% pref. (quar.)
---
July
July
July
July
1 Aug.
15 July
24
24
1
1
Inc.—
Lazarus (F. & R.) Co. (quar.)
Leitch Gold Mines, Ltd
Extra------
20
1 Aug. 15
1 July 20
10 July 26
of the SEC
5% convertible preferred (quar.)
Kennecott Copper Corp
Kentucky Utilities, junior pref. (quar.)
King Oil (quar.)
Kings County Trust (quar.)
Klein (D, Emil) Co
Preferred (quar.)—
- ----- - Kokomo Water Works Co. 6% pref. (quar.)
Lanston Monotype Machine---—
Lava Cap Gold Mining
Life Savers Corp.
Aug.
Sept.
Aug.
July
July
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
1 July
$134
Kaufmann Department Stores,
Law beck
Aug.
Sept.
Aug.
Aug.
July
July
Aug.
Aug.
Sept.
Aug.
Holders
Payable of Record
Share
Company
Name of
1939
22,
When
Per
Payable
$234
Erie & Kalamazoo It Ft Co
July
Holders
Per
Name of
Chronicle
31
31
15
15
1
Aug. 21
Aug. 15
Aug.
1
Aug.
1
Sept. 1
Aug.
1
July 15
July 15
Sept.
8
July 31
July 10
July 31
Aug.
1
July 15
July 17
Aug. 21
July
3
Aug.
1 June 30
Aug.
1 June 30
1
Aug. 15 Aug.
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 11
Sept. 1 Aug. 26
Dec.
1
Nov. 24
July 27 July
Aug.
1 July
20
10
Aug. 15 July
Aug.
1 July
31
15
Sept.
1 Aug. 15
Dec.
1 Nov. 15
25 June 30
Aug.
1 June 30
Sept.15 Aug. 31
July
Dec.
15 Nov. 30
Aug.
1 July
Aug.
1 July
July 31 June
Aug.
1 July
Aug.
1 July
Aug. 4 July
Aug. 15 July
Aug.
1 July
Aug.
llJuly
20
20
30
15
18
18
31
17
17
Volume
The Commercial & Financial Chronicle
149
Per
Name of
Company
Share
Central Hudson Gas & Electric
(quar.)
Central New York Power pref. (quar.)
Central Power & Light Co. 7% cum.
20c
$13*
pref
6% cum. preferred
Central Tube
Century Ribbon Mills, pref. (quar.)
Century Shares Trust
Cerro de Pasco Copper
Chase National Bank (N.
Y.)
Cherry-Burrell Corp
Preferred (quar.)
Cincinnati Union Terminal 5% prei. (quar.)
5% preferred (auar.)
City Baking Co. pref.
Clark Equipment
Preferred (quar.)
common
1 June 30
Aug.
Aug.
1 July 10
Aug.
1 July 15
Aug.
1 July 15
July 25 July 15
Sept. 1 Aug. 21
Aug.
1 July 18
Aug.
1 July 18
Aug.
1 July 10*
July 31 July 22
July 31 July 22
Oct.
1 Sept.18
Aug.
Aug.
Sept.
Sept.
July
July
Aug.
Irregular
Cleve. Cin. Chic. & St. Louis
(s.-a.)
5% preferred (quar.)
Colgate-Palmolive-Peet Co. (quar.)
6% preferred (quar.)
Oct.
Columbia Gas & Electric Corp.—
6% preferred A (quar.)
5% cumulative preferred (quar.)
5% cumulative preference (quar.)
Columbus & Southern Ohio Elec. 63*% pf.
(qu.)
Commonwealth Edison Co.
Commonwealth International, Ltd. (quar.)
Aug.
Aug.
25
17
30
30
21
21
25
5
25
25
25
15
14
Coniaurum Mines, Ltd. (interim)
Connecticut Light & Power (quar.)
Preferred (quar.)
Conn. & Passumpsic Rivers RR. 6% pref.
(s.-a.)
Connecticut River Power 6% pref. (quar.)
Sept.
Aug.
July
Aug.
July
Aug.
July 25
July 31
3
Aug.
July 29
July 24
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Consolidated Chemical Industries cl. A
Consolidated Cigar Corp. 7% preferred
-
Consolidated Edison Co., N. Y., Inc., $5 pref__
Consolidated Laundries Corp. pref.
(quar.)
Consolidated Oil (quar.)
Consolidated Retail Stores, 8% pref. (quar.)
Consolidated Royalty Oil Co. (quar.)
July
15
15
1
15
15
15
15
June 30
July 15
July 15
Aug.
Oct.
Sept. 19
July 15
July
July 25*
Aug.
Aug.
July 15
July 15
Aug.
July 21
Aug.
Aug. 15 July 31
1 July 24
Aug.
July 31
Aug.
Sept.
Sept. 20
July 12
July
Continental Can Co, Inc. (interim)
Coon (W. Bl) (quar.)
7% preferred (quar.)
Corn Exchange Bank Trust (quar.)
Cresson Consol. Gold Mining & Milling (quar.)
Crowell-Collier Publishers 7% pref. (s.-a.)
Crown Cork Seal Co. (quar.)
Crum & Forster pref. (quar.)
Cuban Tobacco 5% preferred
Cumberland County Power & Light Co.—
6% preferred (quar.)
53* % preferred (quar.)
July 15
July 14
Aug. 15
Oct.
Coniagas Mines
$13*
$13*
$13*
Aug.
1
Aug.
1
Aug.
1
Sept. 15
50c
Sept. 15
75c
,
Dayton Rubber Mfg., class A (quar.)
Dennison Mfg. Co. debenture stock (quar.)
Denver Union Stock Yards, 53*% Pref. (quar.)
Deposited Insurance Shares, series A
Series B
Diamond Match Co., common
July 20
Aug.
1
$2
Aug.
1
$1 373* Sept. 1
63*c
Aug.
1
5c
Aug.
1
7jk
July
July
July
Sept.
Sept.
July
July
July
Aug.
July
July
Aug.
15
15
20
1
5
14
15
20
20
-1
1
10
50c
Sept.
1
25c
Common
Dec.
1 Nov. 10
Participating preferred (s.-a.)
75c
Participating preferred (s.-a.)
75c
Dictaphone Corp
75c
Preferred (quar.)
$2
Distillers Corp.-Seagrams, Ltd., 5% pf. (quar.)
J$13*
Dividend Shares, Inc. (quar.)
Dr. Pepper Co. (increased quar.)
Quarterly
30c
Dominguez Oil Fields (mo.)
25c
Dominion Tar & Chem. Ltd. 534 % pref.
(qu.)__ $1.37 3*
__
Dow Chemical Co
Preferred (quar.)
75c
1H%
Duplan Silk Corp
50c
du Pont (E. I.) deNemours, §4.50 pref.
(quar.)_
6% debenture (quar.)
Eastern Theatres, Ltd., 7% preferred
(s.-a.)
Elgin National Watch Co
Electric Bond & Share Co. $6 pref.
$13*
isl1^
25c
(quar.)
$5 preferred (quar.)
Empire & Bay State Telephone, pref. (quar.)
Employers Casualty (Texas) (quar.)
Employers Group Associates (quar.)
Emporium Cap well Corp. 43*% pref. A (quar.)
4 3*% preferred A (quar.)
7% preferred (semi-ann.i
Eppens, Smith Co. (semi-annual).Eureka Pipe Line Co_i
Falstaff Brewing Corp.
$13*
25c
25c
(quar.)
.
Preferred (s.-a.)
Sept.
Dec.
July
Aug.
Aug.
Aug.
Aug.
July
July
July
Sept.
Aug.
Aug.
Sept.
Aug.
July
15c
3c
17
12
29
29
4
10
10
June 30
Sept.
July
July
Aug.
July
July
2 Sept.
Aug.
1 July
Aug. 31 Aug.
Nov.
1 Sept.
Sept. 30 Sept.
Oct.
-
25c
Fidelity Fund (quar.)
Fidelity & Deposit of Maryland (quar.)
July
July
July
July
Aug.
July
July
9
10
10
21
25
17
1-2-40
Dec. 21
Sept. 23 SeDt. 13
Aug.
1 July 25
Dec.
43*% conv. preferred (quar.)
Fiberboard Products, Inc.,
6% pr. pref. (qu.)_
31
1
15
15
15
25
25
31
23
1
1
1
1
31
563*c
$13*
(quarj
Aug.
Aug.
1 Aug. 11
1 Aug. 11
1 July 15
1 July 15
1 Aug. 18
1 Nov. 18
Oct.
50c
Fansteel Metallurgical Corp. pref.
(quar.)
Sept.
1 Aug. 10
3-1-40 2-10-40
Sept.
Sept.
563*c
$3 A
$2
Federal Insurance Co. (N.J.)
(quar.)
Federated Dept. Stores,.Inc
July
I1.06K July
$13*
Aug.
15c
Aug.
July
July
21
15*
16
15
15
18 Dec. 15
2 Sept. 21
31 July
31 July
1 July
21
21
15
20
18
18
12
1 July
31 July
Extra
31 July
Fiduciary Corp. (quar.)
Aug.
1 July
Filene's (Win.) Sons Co
25c
July 25 July 15
Preferred (quar.)
$1,183* July 25 July 21
First Boston Corp
40c
July 25 July 14
Florida Portland Cement-7% cum. pref.
(qu.)__
$2
Aug. 15 July 31
Fort Wayne & Jackson RR.,
pref. (semi-annual!
$23*
Sept. 1 Aug. 19
Franklin Fire Insurance (quar.)
25c
Aug.
1 July 20
Extra
10c
Aug.
1 July 20
Froedtert Grain & Malting
25c
July 24 July 15
Preferred (quar.)
30c
July 24 July 15
Fuller Brush Co., class A common
(quar.)
123*c
Aug.
1 July 21
Gardner-Denver Co. $3 conv. pref. (quar.)
75c
Aug.
1 July 20
General Electric Co
25c
July 25 June 23
General Foods Corp.
(quar.)
50c
Aug. 15 July 25
$43* preferred (quar.)
$13*
Aug.
1 July 10
General Mills, Inc. common
873*c
Aug.
1 July 10*
General Motors Corp., $5 pref.
(quar.)-Aug.
1 July 10
General Shoe Corp
July 31 July 17
General Steel Wares, preferred
$13*
Aug.
1 July 20
General Telephone Allied
Corp., $6 pref. (qu.)_$13*
Aug.
1 July 15
General Tire & Rubber Co_50c
July 31 July 21
Getchell Mines, Inc
3c
July 22 July 17
Gibralter Fire & Marine Insurance
50c
(s.-a.)
Sept. 1 Aug. 15
Extra
20c
Sept. 1 Aug. 15
Gibson Art Co. (quar.)
50c
Oct.
1 Sept. 20
Gillette Safety Razor $5 conv. pref.
(quar.)
$13*
Aug.
1 July
3
Gimble Bros., $6 pref. (quar.)
$13*
July 25 July 10
Globe & Republic Insurance of Amer
123*c July 29 July 20
Goodyear Tire & Rubber Co
25c
Sept. 15 Aug. 15
$5 convertible preferred (quar.)
Sept. 15 Aug. 15
Gotham Credit Corp., class B
(quar.)
93*e July 24 June 10
Gotham Silk Hosiery, 7% pref.
(quar.)
Aug.
1 July 12
Grace National Bank
(semi-annual)
i—
Sept.
1 Aug. 25
Great Lakes Engineering Works
(quar.)15c
Aug.
1 July 24
Green (H. L.) Co. (quar.)
40c
Aug.
1 July 15
Name of Company
Share
Grieeedieck-Western Brewery—
„53*% convertible prefixed (quar.)
Harris (A.) & Co.. 7% pref.
(quar.)
Hartford Times, Inc., 53*%
pref. (quar.)
Hat Corp. of America,
63*% pref. (quar.)
Havana Electric & Utilities Co.
6% 1st pref
Hawaiian Pineapple Co.
(quar.)
Hecker Products Corp.
(quar.)..
Hercules Powder Co., pref.
(quar.)
Hershey Chocolate (quar.).
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly
Monthly
Hires (Chas. E.) Co. class A
(quar.)
Holly Development Co. (quar.)
Holly Sugar Corp., 7% pref. (quar.)
Homestake Mining Co.
(monthly)
Horder's, Inc. (quar.)..
Hormel (Geo. A.)
343*c
$13*
685*c
t75c
25c
15c
S8
$1
15c
15c
15c
50c
lc
-
$13*
373*c
25c
3l®
Preferred A
(quar.)
Horn (A. C.) Co. 7% non-cum.
pref. (quar.)
6% non-cum. 2d partic. pref. (quar.)
Horn & Hardart (N.
8Mc
45c
Y.) (quar.)
50c
Preferred (quar.)
Houston Lighting & Power 7
% pref. (quar.)
$13*
$6 preferred (quar.)
;
Humberstone Shoe Co (quar.)
Huttig Sash & Door Co. (resumed).,
2
25c
Preferred (quar.).
Preferred (quar
$13*
$13*
Hydro-Electric Security 5% cl. B pref. (s.-a.).
Illuminating & Power Secur. Corp., com. (quar.)
7% preferred (quarterly)
Imperial Life Assurance (Can.) (quar.)
25c
$1
60c
10c
t50c
$13*
*$13*
preferred
$13*
Interstate Dept. Stores, Inc., 7% pref
Iron Fireman Mfg. Co.
(quar.)
HK
30c
.
Quarterly
Co., Inc.
t
Kaufman Dept. Stores, common
15c
---------------
„
*k
-
-
"8
$13*
$13*
$13*
123*c
Knickerbocker Insurance
Kootenay Belle Gold Mines (quar.)
Kresge (S. S.)
Kress (S. H.) & Co. (quar.)
Special preferred (quar.).
Kroger Grocery & Baking Co
4c
30c
40c
15c
-
40c
Extra
25c
7% preferred (quar.)
6% preferred (quar.)
7% pref. (quar.)
Landis Machine Co. (quar.)
Quarterly
Lane Bryant, Inc., pref. (quar.)--.
Lee Rubber & Tire Corp
Lehigh Portland Cement Co. (quar.)
4% preferred (quar.)...
Lerner Stores Corp. 43* % pref. (quar.)—
Libbey-Owens-Ford Glass.
$13*
$13*
$13*
25c
25c
$13*
75c
373|c
$13*
50c
-
30c
30c
(quar.)..
—
Lincoln Printing Co., pref.
(quar.)
873*c
Lank Belt Co
25c
Preferred (quar.)
$13*
Lion Oil Refining Co
Little Miami RR., original capital (quar.)
25c
$1.10
$1.10
Original capital (quar.)
Special guaranteed (quar.
Special guaranteed (quar..
Lockhart Power Co., 7% preferred (semi-ann.)_
Loew's, Inc., $63* cum. pref. (quar.)
50c
50c
$33*
$13*
Lone Star Gas Co
20c
Longhorn Portland Cement Co.—
5% refunding partic. preferred (quar.)
$13*
Extra
25c
5% refunding partic. preferred (quar.)———
Extra
30
15
20
20
29
29
15
15
12
12
15
15
15
22
2 Sept. 30
1-2-40 Dec. 30
31 July
5
Aug.
1 July
July 31 July
20
15
10 Sept. 22
Aug.
1 July 17
July 26 July
Aug.
1 July
22
15
Aug.
Aug.
15
1 July
1 July
3
Aug. 15 Aug.
5
Aug.
1 July 18
Sept. 1 Aug. 10
Dec.
1 Nov. 10
1 July 20
20 Sept. 6
1 July 18
1
28
31
31
1
1
July 20
July 10
July 11
July 11
Aug. 22
NOV. 21
July 25 July
July 22 July
Sept. 13 Aug.
Aug.
1 July
Aug.
1 July
Sept. 1 Aug.
Sept. 1 Aug.
31
20
20
8
8
Nov.
20
1 Oct.
18
15
Oct.
2 Sept. 20
Aug.
1 July 20
Aug. 15 Aug.
5
Nov. 15 Nov.
4
Aug.
Aug.
Aug.
1 July
1 July
Oct.
2 Sept.
Aug.
1 July
Sept. 15 Aug.
Aug.
1 July
14
14
20
31
27
Nov.
1 Oct.
27
1 Julv
14
14*
Aug.
1 July 17
1 Aug. 10
Oct.
2 Sept.15
July 25 July
5
Sept. 9 Aug. 24
Doc.
9 Aug. 24
Sept. 9 Aug. 24
Sept.
Dee
9 Nov. 24
Sept. 25 Sept. 25
Aug. 15 July 28
Aug. 21 July 20
Sept.
Sept.
Aug. 21
Aug. 21
$13*
Dec.
Nov. 20
25c
5% preferred (quar.)
Taylor, 2d preferred (quar.)
Louisville Henderson & St. Louis RR. (s.-a.)
Preferred (s.-a.)
Lunkenheimer Co pref. (quar.)
Preferred (quar.)
Luzerne County Gas & Electric, $7 pref. (quar.)
$6 preferred (quar.)
McCall Corp. (quar.)
McClatchy Newspapers, 7% pref. (quar.)
7%preferred (quar.)
McCrory Stores Corp. 6% pref. (quar.)
Dec.
25c
'
.
Loose-Wiles Biscuit Co
Aug.
July
Oct.
Sept. 18
$13*
Lord &
$2
$4
$23*
$13*
$13*
— -
—
-
25c
433*c
43 3* c
—
$13*
McGraw Electric Co
25c
McLellan Stores Co. preferred (quar.)
Madison Square Garden
$13*
25c
25c
Magma Copper Co
Magnin (I.) & Co., pref. (quar.)-Preferred (quar.)
Maryland Fund, Inc. (quar.)
$13*
$13*
Nov.
Aug.
July
Aug. 15 Aug.
Aug. 15 Aug.
20
18
17
I
1
Oct.
1 Sept. 22
1-2-40
Dec. 23
Aug. 15 July
Aug. 15 July
Aug.
1 July
Aug. 31 Aug.
31
31
14
30
Nov. 30 Nov. 29
Aug.
1 July 20
5.
Aug.
1 July
Aug.
1 July II
Aug. 31 Aug. 18
Sept. 15 Sept. 1
5
Aug. 15 Aug.
Nov. 15 Nov.
4
5c
Masonite Corp., common
(quar.)
$13*
$3
75c
$13*
— -
75c
75c
73*c
.
Merchants & Manufacturers Ins. (N. Y.)
Merck & Co
10c
25c
6% preferred (quar.)
Mexican Eagle OU Co., Ltd.—
Canadian Eagle Oil Co., Ltd., In pursuance at
Its guarantee obligations will on July 17, 1939
pay to the holders of the 8% participating
preference shares of the Mexican Eagle Ofl
Co., Ltd., on coupon 35. the sum of 32 Mexi¬
can
cents per share in full satisfaction and
discharge of the fixed dividend of 8% on the
$13*
-
nominal value of such shares in respect of the
uear 1938.
Michigan Bakeries, Inc prior pref. (quar.)
Dec.
25c
5% preferred (quar J
Massawippi Valley RR. Co. (s.-a.)
May Department Stores Co. common (quar.)—
Maytag Co. $6 pref. (quar.)
$3 preferred (quar.)
Melville Shoe Corp. (quar.)
(guar.)
Sept. 15 Aug. 31
5c
Quarterly
Preferred
18
15
19
15
18
31
31
Dec.
13c
Kellogg Switchborard & Supply
Preferred (quar.)
Kemper-Thomas, 7% special pref. (quar.)-7% special preferred (quar.)
Quarterly
25
Dec. 30 Dec.
Aug.
Sept.
Aug.
Aug.
July
July
July
Sept.
$1
$1
123*c
Kalamazoo Stove & Furnace....-
JLlncoin National Life Insurance
10
4
25
Aug.
1 July
Aug. 10 July
Aug. 15 July
20c
(quar.)
Special
_
July
July
July
Aug.
Aug.
July
Aug.
July
July
July
18
I
21
30 Sept. 22
Sept. 30 Sept. 22
30c
Ironrite Ironer, preferred
1 July
July
25
1
15
15
25
15
Oct.
International Nickel Co. Canada, Ltd.
7% pref
International Railways of Cent. Amer.
Jewel Tea
Aug.
July
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Sept.
1
1 July
1 July
1 July
15 Mg.
31 July
1 July
15 Aug.
15 July
15 July
28 July
25 Aug.
29 Sept.
1 Aug.
25 June
Oct.
$13*
___
Holders
July
*
International Industries, Inc
International Invest. Corp., $3 conv.
pref.---.
International Metal Industries, Ltd.—
Preferred and preferred A
cum.
Sept.
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
July
Aug.
Sept.
Sept.
July
t$3k
International Business Machine
International Cigar Machinery Co
5%
When
Payable of Record
"ifi
Quarterly
Incorporated Investors
Interchemical Corp., pref. (quar.)._
Inter-City Baking Co. (irregular)
-
...
Press
Preferred (quar.)
Daniels & Fisher Stores Co. (quar.)
Davidson Bros, (increased quar.)
Preferred
July
18
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Concord Gas Co. 7% preferred
Conduits National Co. (irregular)
Cuneo
July
July
July
July
Aug.
Community Public Service
63*% preferred (quar.)
1 July
1 July
15 Aug.
15 Aug.
31 July
31 July
15 July
1 Sept.
Aug.
Aug.
Commonwealth Investment Co. (quar.).Commonwealth Utilities, 63*% pref. C (quar.).
Per
Payable of Record
1-1-40 Dec.
(quar.)
529
Holder$
When
Sept. 10 Aug. 20
Sept.
Aug% 20
1
July
Aug. 16
July 15
July 15
July 14
July 14
July 20
Oct.
Sept, 20
Oct.
Sept, ,20
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
July 29
'
L
25c
$7 preferred (quar.)
Michigan Central RR. Co. (s.-a.)
Michigan Gas & Electric 7 % prior lien
$6 prior lien
15 Nov. 30
t$ 1.313*
t$13*
Aug.
1 July 20
Aug.
July 20
July 31 July 21
Aug.
1 July 15
July 15
Aug.
The Commercial &
530
Preferred (quar.)„_
National City Bank of
Aug.
Sept.
1 Aug. 15
Sept. 28 Sept. 21
Dec. 28 Dec. 21
24
1 July 18
Oct. 14 Sept.12
Aug. 31 Aug. 15
(quar,)
—
Preferred
22
16
15
15
21
20
Aug.
tin
50c
50c
(quar.)
$2s1
(quar.)
H. (quar.)
Northwest Engineering Co
Norwalk Tire & Rubber, pref. (quar.)-Nunn-Bush Shoe
5% preferred (quar.).
Occidental Insurance Co. (quar.)
Co: 7% pref. (mo.).
3734c
160c
*$ih
$134
25c
c
$134
30c
58 l-3c
50c
6% preferred (monthly)
41 2-3c
5% "preferred (monthly)
$1H
534 % preferred (quar.)
50c
Oliver United Filters, class A (quar.)
10c
Orange & Rockland Electric
60c
Outboard Marine & Mfg. Co
75c
Outlet Co. (quar.)
$134
7% preferred (quar.)
$134
2nd preferred (quar.)
20c
Pacific Finance Corp. of Cal. 8% pref. A (quar.)
1634c
634 % Preferred C (quarterly)
5% preferred (quarterly)
75c
Pacific Lighting Corp. (quar.)
3234c
Pacific Public Service $1.30 1st pref. (quar.) —
nV
Parkersburg Rig & Reel Co. $5H pref.
Paymaster Consol. Mines, Ltd
(qu.)
Co., Inc., 5% pref. A (quar.)
Peninsular Telephone
Preferred A (quar.)
$1U
tic
81flo
1 Aug.
Aug.
1 July
1 July
Aug.
Aug.
Northern RR. of N
1 July
1 July
July 31 July
1 July
Aug.
Sept.
July
(quar.)
Penn Traffic Co. (s.-a.)
Pennsylvania Power Co. $5 preferred (quar.) —
Pennsylvania Salt Mtg. Co. (quar.)
Peoples National Bank (semi-ann.)-Preferred (semi-ann.)
Peterborough RR. (s.-a.)
Pfeiffer Brewing Co
Phelps Dodge Corp
Philadelphia Co. (quar.)
Philadelphia Electric Co., $5 pref. (quar.)
Philadelphia Suburban Water Co., pref. (quar.)
Philippine Long Distance Telep. (mo.)
Monthly
:
Pilot Full Fashion Mills, Inc.—
634% cum. preferred (s.-a.)
Pittsburgh, Bessemer & Lake Erie—
(Semi-annual)
Pitts. Ft. Wayne & Chicago 7% pref. (quar.)-7% preferred (quar.)
Pollock Paper & Box, 7% pref. (quar.)
7% preferred (quar.)
Portland RR. (semi-ann.)
Potomac Edison 7% preferred (quar.)
6% preferred (quar.)
Procter & Gamble (quar.)
Power Corp. of Canada (interim)
Public Electric Light Co. (quar.)
Public National Bank & Trust Co. (N. Y.) (qu.)
14
15
29 Sept. 15
29 July 15
29 July 15
July
Aug. 15 Aug.
5
Aug.
Aug.
2 July
15
2 July
Aug.
2 July
15
15
Aug.
2 July
15
Aug.
1 July
21
1 July 25
Aug.
Aug. 10 July 25
1 July 20
Aug.
1 July 20
Aug.
1 July 20
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 15
Aug.
Aug. 15 July 20
1 July 15
Aug.
Sept. 1 Aug. 21
Aug 15 July 31
1 July 20
Aug.
1 Sept.15
Oct.
Aug.
Aug.
Aug.
July
Aug.
Sept.
Aug.
Aug.
4
Nov. 15 Nov.
75c
Penman's, Ltd. (quar.)
1
Nov. 15 Nov.
Sept. 19 Aug. 31
Aug. 19 July 31
July 25 June 30
1 July 15
Aug.
1 July 15
Aug.
July 25 June 30
July 25 June 30
$154
*
15
1 July 14
Aug.
1 July 14
Aug.
1
Aug. 15 Aug.
$124
Preferred A (quar.)
Preferred
1 July
1 July
Sept.
preferred (quar.)
Northern Illinois Finance Corp
Preferred (quar.)Northern Ontario Power Co. (quar.)
6% preferred (quar.)
Pearson
1 June 27
Aug.
A (quar.).
$134
734c
8*
75c
$1
$154
25c
25c
15 Aug.
5
15 Aug.
5
1 July
25 July
1 July
21
11
15
15 Aug. 31
1 July
1 July
11
11
Sept.
8 Sept.17
42c
65c
Oct.
75c
Oct.
1 Sept. 15
Oct.
4 Sept. 10
42c
lYi
1
10
12*
20
19
1 Sept. 15
12-10-39
1-4-40
Sept. 15 Sept. 15
Dec. 15 Dec. 15
$234
$154
$134
50c
J30c
25c
37 34c
Aug.
1 July 15
Aug.
1 July 20
Aug.
1 July 20
Aug. 15 July 25*
July 25 June 30
Aug.
1 July 21
Oct.
2 Sept.20
Public Service Co. of Colorado—
Aug.
50c
Aug.
41 2-3c. Aug.
58 l-3c
7 % preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
(increased).
65c
$2
Sept.
7% preferred (quar.)
5% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
Quaker Oats Co. pref. (quar.)
Quarterly Income Shares Inc. (reduced) (quar.)
Rainier Brewing Co., partic. pref. A&B
Participating preferred A&B
Randall Co. class A (quar.)
Raymond Concrete Pile (quar.)
Preferred (quar.)
Reading Co. (quar.)
1st preferred (quar.)
2d preferred (quar.)
Reed (C. A.) Co. pref. A
Reliance Mfg. Co. (111.)
Republic Petroleum 534 % preferred (quar.)—Reynolds (R. J.) Tobacco Co. (interim)
Rhode Island Public Service class A (quar.)
$2 preferred (quar.)—
Rich's, Inc. (quarterly)
Richmond Insurance (N. Y.) (quar.)
I
Riverside Cement preferred (quar.)
Rochester Button $1.50 conv. pref. (quar.)
Rockland Light & Power (quar.)
$154
$154
Sept.
Sept.
Public Service Corp. of N. J., com.
8% preferred
(quar.)
-
-
Roll and Paper
Preferred (quar.)
Roos Bros., Inc.,
preferred (quar.)
50c
50c
50c
$134
2
2
2
30
15
15
15
15
15
July
July
July
Sept.
Aug. 31 Aug.
Nov.
10c
50c
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
50c
1 Oct.
Oct.
10c
50c
25c
t50c
10c
6854c
50c
$1
50c
50c
15c
$134
37 He
18c
13c
$1H
$154
15
15
15
1
Aug. 15
Aug. 15
Aug. 15
July 15
Aug.
Aug. 15
Sept.
Oct. 14 Sept. 15
Sept.
20c
25c
75c
St.
$1
& Lighting Co.
Mills (quar.)-
Preferred (quar.)
——-■
Schumacher wall Board Corp. $2 pref.
Scott Paper Co., $4H cum. pref. (quar.)
Scotten Dillon
(Del.)
Seaboard Oil Co.
—
Second Standard Royalties, Ltd., pref
Securities Corp. General $7 pref. (quar.)
$6 preferred (quar.)
Servel, Inc., preferred
Preferred (quar.)
%\h
83
(quar.)
$134
50c
Co
Seton Leather
Sharp & Dohme, Inc.,
8734c
$334 Pref. A (quar.)
& Trading American shares
Shenango Valley Water preferred (quar.)
Sierra Pac. Power Co., 6% pref. (quar.)
Silbak Premier Mines
23c
Shell Transport
,
$134
$134
—
An
,
tf 134
Simpsons, Ltd., 634 % preferred (accumulations)
Skefly Oil Co. 6% preferred (quar.)
Smith
$134
$1
$134
$134
J20c
Agricultural Chemical (irregular)
6% preferred (quar.)
Co. 5% pref. (s.-a.)
Power (quar.)
El. Co. 4.8% pref. (qu.) $1*2%
$2
Portland Cement, 8% pf. (quar.)
South Pittsburgh Water
Southern Canada
Southern Indiana Gas &
Southwestern
10
10
1
1
1
10
14
1
15
7
Sept. 7
July 20
July 20
Aug.
July
20
July
13
24
21
20
21
5
25
15
15
Aug.
12 Sept.
Aug.
1 July
Aug.
1 July
Aug. 15 Aug.
Aug. 15 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Sept.
1 Aug.
Aug.
1 July
Aug. 15 Aug.
Sept. 15 Aug.
Aug.
1 July
26
11
14
19
15
15
15
15
1939
Holders
When
Payable of Record
July
Aug.
Sept.
8% preferred (quarterly)
Spiegel, Inc
Preferred (quar.)
lie
July
Aug.
Oct.
1-3-40
Aug.
1 July 18
Aug.
1 July 18
July 24 July 17
Sept. 1 Aug. 21
Aug.
1 June 20
5
July 25 July
Aug.
1 July 19
5
Aug.
1 July
Aug.
1 July 21
Aug.
1 July 21
Aug. 19 Aug. 10
Aug. 15 July 31
Aug.
1 July 15
Sept. 15 Sept.14
Dec.
(quar.)
Co. 7% pref. (quar.)
Mfg., conv. pref. (quar.)
...
Taylor (Wm.) Corp.
Texas Power & Light
Toburn Gold Mines, Ltd.
Aug.
90c
Aug.
2c
Aug.
2c
Aug.
58 l-3c Aug.
50c
Aug.
412-3c
•
Aug.
15c
Aug.
25c
July
5c
Aug.
t$134 Aug.
20c
Aug.
$134
Aug.
20c
Sept.
25c
Aug,
(quar.)
preferred (mo.)...
6% preferred (monthly)
5% preferred (monthly)
Trade Bank of New York (quar.).
Transamerica Corp_.
.
Triumph Explosives, Inc. (quar.)
Tubize Cbatillon 7 % preferred
Tung-Sol Lamp Works, pref. (quar.)
Union Electric Co. of Mo. $5 pref. (qu.)
Union Gas Co. of Canada (quar.)
Union Oil Co.
(Calif.)
Preferred
10
18
31
21
15 July
22 July
22 July
2 July
2 July
2 July
1 July
31 July
1 July
1 July
1 July
15 July
15 Aug.
10 July
7% prior
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 Hoffman Machine pref. (quar.)_.
Oct.
Sept.15
Aug.
Sept.
July
Oct.
6824c
—..
14
Aug. 15
Sept.15
July 20
Aug.
5
Aug. 15 Aug.
Dec.
20 Nov. 29
July
July
12
12
Aug.
1 July
29
Nov.
1 Oct.
28
1-29-40
2-1-40
Oct.
Sept.
9 Dec.
Oct.
July
July
Aug.
July
20 Oct.
1 July
Aug.
Aug.
Aug.
Aug
1 July
10 July
27 July
Aug. 31 Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
July
—
20
15
15
15
Westinghouse Air Brake
Westminster Bank Ltd., £4 shs. (s.-a.)
£1 shares (interim)
Westminister Paper Co. (semi-annual)
Westmoreland, Inc. (quar.)
Nov.
21
15
10
10
20
24
25
25
15
31
(Geo.), Ltd., pref. (quar.)
pref. (quar.)
1 Oct.
Oct.
2
Aug.
Aug.
13
15
1 July
15
Sept.15
15
1 July 10
1
Aug. 15 Aug.
1
Aug. 15 Aug.
1 July 15
Aug.
1 July 15
Aug.
Westvaco Chlorine Products
-
preferred (s.-a.)
Hosiery Co. (quar.)
WilsonLine, Inc., 5% 1st
Extra
Nov.
1 Oct.
Nov.
Quarterly
Extra
1 Oct.
1 Aug.
Sept.
July 31 July
July 31 July
Oct.
2 Sept.
Sept.
1 Aug.
Sept. 1 Aug.
Aug. 15 Aug.
July
Aug.
Sept.
Aug.
Oct.
Sept.
(quar.)
—
Telephone preferred (quar.)
Wolverine Tube Co__
(quar.)
(quar.)
pref. (quar.)
Wrigley (Wm.) Jr. (monthly)
Monthly
Monthly
Yale & Towne Mfg
Yuba Consol. Gold Fields
Oct.
Sept.
Aug.
July
July
An<r.
Zellers, Ltd., pref. (quar.)
Transfer books not closed
1
215
(quar.)
7% preferred (quar.)
Worcester Salt
1
18
15
Aug. 15 July 21
Aug. 15 July
Aug.
1 July
5
1 July
Aug.
July 31 June 30
1
Aug.
1
Aug.
7% preferred (quar.)
Will & Baumer Candle Co
9 Sept.
Dec.
preferred (quar.)
6% pref. (quar.)
West Penn Power Co. 6% pref.
2 Sept. 15
July 29
Aug.
1
Sept.
1
Aug.
1
preferred (quar.)
Woolworth (F. W.) Co.
5
15 Dec.
Aug.
Aug.
(quar.)
6% pref .(quar.)
14
Aug. 15
8*
Sept. 22 Sept
Sept 20 Aug. 31
Weisbaum Bros. Brower
*
July
50c
(quar.)_
Washington Gas Light Co. (quar.)
Preferred
Sept.15
Aug.
Sept.
50c
(quar.)
(H.)-Gooderham & Worts, Ltd
Wisconsin
Oct.
50c
Light—
Wisconsin Electric Power pref.
17
53c
Preferred
Wins ted
19
31
19
10
53c
Upressit Metal Cap Corp., 8% pref
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.)
Walgreen Co. (quar.)
Quarterly (ckv. represents new rate & dates)-.
Weston
$1.34
53c
Common (extra)
Welch Grape Juice Co.,
West Penn Electric Co.,
21
20
16 Sept. 36
Dec.
Universal Leaf Tobacco Co., Inc.
Cum. conv.
14
58 l-3c
38c
25c
8% non-cum. 1st preferred
Preferred
15
20
Sept. 15 Sept. 5
Aug. 15 July 31
Sept. 30 Aug. 31
Sept. 30 Aug. 31
Aug.
1 July 14
Aug. 15
Sept.
Petroleum, common
Common
United States Rubber Co.—
Walker
15
15
Oct.
S.
Upper Michigan Power &
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)_
1 July
Aug.
21
V
„
& Foundry Co. (quar.)
15
20c
58 l-3c
7% pripr pref. (mo.)
(monthly)
preferred (monthly)
United States Pipe
17
58 l-3c
(quar.)
United Light & Rys.,
7 % prior preferred
U.
1
7
21
21
17
20
20
1 July
United Biscuit Co. of America—
7% preferred (quar.)
United Bond & Share Corp., Ltd. (quar.)
United-Carr Fastener Corp. (quar.)
United Corporations, Ltd., $1.50 class A (quar.)
United Gas Improvement (quar.)
17
1
15
1
15
3
20 Oct.
$124
Extra
Toledo Edison Co. 7%
Oct.
14
15 Dec.
*432|c
$1
20
1 Sept. 15
Dec. 15
Aug.
1 July
$134 Sept. 15 Sept.
Aug.
1 July
$134
Squibb (E. R.) & Sons, 1st 6% pref. (quar.)
$134
Sept. 15 Sept.
Standard Brands, Inc., $4.50 preferred (quar.).
75c July 22 July
Standard Fire Insurance (Trenton, N. J.) (quar.)
3134c
Aug. 15 Aug.
Stanley Works 5% pref. (quar.)
—
1 July
*43 24 c & ug.
Steel Co. of Canada, 7% pref. (quar.)
Aug.
1 July
Common (quarterly)
Aug.
1 July
Sterling, Inc. (quar.)
1,
1 July
3734c Aug.
Preferred (quar.)
5c July 27 July
Sudburg Basin Mines (irregular)
20c
Aug.
1 July
Sun Ray Drug
1 July
3734c Aug.
Preferred (quar.)
1 June
Aug.
$134
Tacony-Palmyra Bridge pPref. (quar.)--.
1 July
5c
Aug.
Telautograph uorp
Thatcher
20
Aug. 15
1 July 14
$1.3734 Aug.
25c
Sept. 20 Sept. 8
25c
Aug.
1 July 20
1 July 20
$1*4 Aug.
+50c
5
Aug. 15 Aug.
July 20*
Aug.
$134
40c
4
Aug. 15 Aug.
25c
Sept. 15 Sept. 1
Sept. 1 Aug. 15
July 20
Aug.
1
Joseph Lead (quar.)
St. Lawrence Flour
2
Sept. 25
Aug. 19 July 31
Oct.
July 25 July
1 July
Aug.
1 Aug.
Sept.
July 31 July
Aug. 31 Aug.
10c
$154
$134
Safety Car Heating
15
15
Aug.
Aug.
North American Co. 6%
Ohio Public Service
1 July
1 July
1 July 15
Aug.
Aug. 15 July 31
Aug. 15 July 31
(quar.)
(quar.)—
11
1 July
Aug.
Niagara Hudson Power Corp.—
Norfolk & Western Ry.
1 July
Aug.
Aug.
N. Y. (s.-a.)
preferred (quar.)
preferred series A & B
Aug. 15
July 24
Sept.
6% preferred B (quar.)
New York Air Brake (resumed)—
New York Merchandise (quar.)--1st 5%
3
July 25 July
Extra
2d 5%
2-2-40
2-2-40
Aug.
Aug.
1900 Corp., class A (quar.)
Class A (quar.)-_
19
15
1 July
1 Nov. 10
1 Nov. 10
Dec.
National City Lines, $3 pref. (quar.)
Class A (quarterly).
Distillers Products (quar.)
National Distillers Pro
National Liberty Insurance Co. (semi-annual)--
Newberry (J. J.) Co., pref. (quar.)
Newberry (J. J.) Realty, 6H % pref.
Saguenay Power Co., Ltd.—
534 % preferred (quarterly)
Aug.
1 July 12
July 31 June 30
1
Aug. 15 Aug.
Sept. 30 Sept. 30
Inc.—
National Power & Light Co. $6 pref.
National Savings & Trust Co
Neisner Bros. 4%% pref. (quar-)--
Roses 5-10-25c.
20
Dec.
(John) & Co.
—
& Co.,Ltd., Inc.—
5% conv. pref. A (quar.).
—
Mortgage Corp. of Nova Scotia (quar.)
Mt. Diablo Min. & Dev. (quar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
6 % preferred (quar.)
Nat. Bearing Metals Corp. 7 % pref.
National Biscuit Co., common
15
15
July
1 Aug
Sept
Morris (Philip)
6% preferred (quar.)
National Automotive Fibres,
1 July
1 July
Aug.
Morrell
20c
Stores (quar.)
Aug.
Aug.
-
Share
Company
Name of
Payable of Record
Aug
Michigan Public Service, 7 % preferred
6% preferred
*
Midwest Rubber Reclaiming
—
Preferred (quar )
Mine HU1 & Schuylkill Haven RR. (s.-a.)--Monsanto Chemical Co., $434 pref. A (s.-a.)
Preferred B (s.-a.)
Montana Power Co. pref. (quar.)
Montreal light. Heat & Power Consol. (quar.).
Moody's Investors Service part. pref. (quar.)._
Moore (Wm. R.) Dry Goods (quar.)
Quarterly
Per
Holders
When
Per
Share
Name of Company
July 22,
Financial Chronicle
15
15
15
15
20
15
15
10
4
20
19
20
8
12
15
for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the case
deduction of a tax of 5% of the amount of such
of non-residents of Canada;
dividend will l~ made.
Volume
The Commercial & Financial Chronicle
149
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
New York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business
July 19, 1939,
in comparison with the previous week and the
date last year:
531
The
weekly
STATMENT
OF
issued
statement
Clearing House
corresponding
the New
by
York City
Friday afternoon is given in full below:
on
MEMBERS
OF
THE
NEW
YORK* CLEARING HOUSE
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY, JULY 20, 1939
July 19,
1939 July 12. 1939 July 20, 1938
*
$
$
Gold certificates
Other cashf--
Total
6,556,816,000 6,463,756,000 4,500,356,000
notes
857,000
1,040,000
99,009,000
99,238,000
.
reserves
direct
by
U. S. Govt, obligations,
fully guaranteed...
or
Total bills
281,006
1,003,000
National City Bank
Chem Bank & Trust Co.
1,284,000
2,419,000
216,000
216,000
213,000
Bills bought in open market
Industrial advances
2,798,000
Treasury notes
Treasury bills
....
Total U. S. Government securities..
2,804,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
268,574,000
346,697,000
132,045,000
226,407,000
739,773,000
747,316,000
786,971,000
Due from foreign banks
63,000
Bank premises
...
...
Other assets....
63,000
4,348,000
184,528,000
8,942,000
14.655,000
144,966,000
9,874,000
14,209,000
81,747,000
916,981,200 11,824,153,000
641,335,000
12,500,000
7,000,000
7,000,000
5,000,000
518,997,000
66,000
5,176,000
188,600,000
8,942,000
14,588,000
Federal Reserve notes of other banks..
8,418,200
9,461,700
6,308,000
*
As
per official
reports:
48,877,000
3,890,300
80,095,400
2,497,400
6,000,000
Totals.
Uncollected items
362,630,000
54,197,000
4,359,800
131,089,400 d2,398,983,000
25,000,000
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
780,147,000
751,620,000
9,271,800
27,920,400
27,043,000
3,560,000
5,799,000
1,230,000
47,734,000
4,001,000
34,890,000
2,951,000
3,202,000
26,815,000
2,435,000
50,989,000
500,000
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co..
196,498,000
$
10,717,000
47,849,000
168,926,000
5,480,000
54,829,000
98,335,000
44,550,000
177,409,000
589,733,000
56,010,900
182,957,600 61,779,534,000
45,129,400
587,881,000
c891.011.000
71,802,300
269,480,000
20,482,900
567,472,000
109,782,800
590,574,000
53,061,500
100,270,000
Fifth Avenue Bank
357,242,000
743,974,000
Total bills and securities....
Co
Continental Bk & Tr Co.
Chase National Bank
$
13,782,500
90,000,000
42,227,000
Irving Trust
4,192,000
267,978,000
345,926,000
125,869,000
United States Government securities:
Bonds
Aver aye
453,036,000
26,296,700
60,670,200 al,806,202,000
77,500,000
20,000,000
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
First National Bank
415,000
...
discounted....
Total assets
6,000,000
20,000,000
Guaranty Trust Co
Manufacturers Trust Co
2,004,000
1,187,000
Other bills discounted....
231,000
956,000
Deposits,
Averaye
$
Bank of New York
Bank of Manhattan Co.
Bills discounted:
Secured
Time
Deposits,
$
1,586,000
110,708,000
6,656,911,000 6,563,805,000 4,612,650,000
r
Net Demand
Surplus and
Capital
Members
hand and due from
on
United States Treasury.x
Redemption fund—F. R.
*
Undivided
Profits
Clearing House
Assets—
National, June 30,
£946,187,000
13,880,000
112,208,000
93,112,000
1939; trust
1939; State, June 30,
companies, June 30, 1939.
Includes deposits in foreign branches
follows: (a) $272,000,000; (6) $97,301,000
c) $7,679,000; (d) $100,341,000; (e) $36,870,000.
as
7,618,254,000 7,527,961,000 5,575,044,000
.............
Liabilities—
F. R. notes in actual circulation
1,127,718,000 1,130,418,000
898,978,000
5,591,342,000 3.949,118,000
247,434,000
161,497,000
99,584,000
44,642,000
103,320,000
263,904,000
173,068,000
255,845,000
Deposits—Member bank
THE
reserve acc't.. 5,651,544,000
U. S. Treasurer—General account
180,211,000
Foreign bank
Other deposits
Total deposits
LONDON STOCK
EXCHANGE
Quotations of representative stocks
each
received by cable
as
day of the past week:
Sat.,
175,404,000
165,659,000
140,603,000
657,000
668,000
40/3
92/6
£50)4
4/-
£51
£14%
Courtaulds S & Co
£14%
57/6
27/10%
De
£6
£6
50,865,000
52,463,000
.......
50,854,000
52,463,000
7,457,000
8,438,000
50,958,000
51,943,000
to
reserve
deposit
Distillers
bills
90.6%
86.8%
ad¬
2,211,000
t "Other cash" does not include Federal Reserve notes
or a
bank's
3,939,000
Reserve bank notes.
28/3
28/6
£6%
94/6
9/9
15/9
2 I'd
1/19/3
128/-
94/3
9/9
15/6
2 I'd
1/19/4%
130/3
94/6
9/9
15/6
2/9
1119/4%
130/-
£14%
£14%
71 /9
£7%
£11%
72/£7%
£11%
15/7%
102/6
£34%
15/9
102 /6
£34%
£4%
23/9
33 /9
23/6
18/4%
Ltd
United Molasses
over from
the Reserve Danks 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 lreasury
VIckers
West
under the orovisions of the Gold Reserve Act of 1934.
57/6
29/7%
£6%
15/6
£4%
58/1%
30/£6%
£34%
£4%
Unilever
certificates given by the United States Treasury for the gold taken
are
4/£14%
103/9
Royal Dutch Co
Shell Transport
Swedish Match B
Federal
own
DAY
London Midland Ry._
Metal Box......
350,000
2,194,000
These
4/£14%
15/3
102/6
£34%
HOLI¬
Imp Tob ofGBAI...
90.9%
vances
x
/-
4
68/1%
Roan Antelope Cop M.
Rolls Royce
A
40/10%
91/6
£14%
4/58/9
£11%
Gaumont Pictures ord.
purchased
make industrial
Ltd
40/9
91/10%
£50%
£11%
Ford
Fri.
July 21
£50%
94/9/7%
15/9
2/9
1 /19/3
128/1%
£13%
70/—
£7%
Electric & Musical Ind.
and
for foreign correspondents
to
Co
40/7%
92/6
£50%
Rand Mines
7,744,000
10,008,000
Hudsons Bay Co
F, R. note liabilities combined
on
Beers
40/6
92/6
Rio Tlnto
7,457,000
8,447,000
Total liabilities and capital accounts.. 7,618,254,000 7,527,961,000 5,575,044,000
Commitments
July 20
Cable & Wire ordinary.
Canadian Marconi.
Other capital accounts
Contingent liability
Thurs.,
July 19
548,000
Surplus (Section 7)
Surplus (Section 13-b)
total
Wed.,
July 18
Central Min & Invest.
Cons Goldflelds of S A.
Capital Accounts—
Capital paid in
of
TueS.,
July 17
Boots Pure Drugs
British Amer Tobacco.
7,499,022,000 7,408,749.000 5,454,391,000
Total liabilities...........
Ratio
Mon.,
July 15
6,195,243,000 6,112,004,000 4,414,262,000
Deferred availability items
Other liabilities, inel. accrued dividends.
94/9/8
15/9
*
2/9
1 h
19/6
129/£14%
70/6
•
£7%
24/6
33 /9
23/9
18/7%
£14%
72 /6
£7%
£11%
15/7%
101/10%
£34%
£4%j
24/3
34/24/3
18/7%
£4**2
24/3
34/24 /3
24/1%
34/24/18/4%
18/6
Wltwatersrand
Areas
£4%
£4%
£4%
£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 upon the figures for the latest week
appears in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York ana Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported in this statement, which were
an announcement of the Federal Reserve Bank of New York of
April 20, 1937, as follows:
The changes in the
report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and
(2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
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
described in
paper," instead of in
all other loans," as formerly.
industrial and agricultural loans" and "other loans"
Subsequent to the above announcement, it was made known that the new items "commercial,
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 BY DISTRICTS ON JULY 12, 1939 (In Millions of
Federal
Reserve
Districts—
ASSETS
Total
Boston
Phila.
$
$
New York
Chicayo
St. Louis
S
$
Mlnneap. Kan. City
Dollars)
Dallas
San Fran.
$
$
Commercial, Indus, and agrlcul. loans
Open market paper
$
$
22,023
8,131
Loans and investments—total
Loans—total..
1,154
8,965
1,120
1,885
669
595
3,221
693
371
650
513
580
3,112
411
659
242
307
876
313
160
271
257
943
3,887
267
1,513
184
235
103
177
505
186
79
164
170
304
25
6
10
3
33
4
4
19
2
secure.
16
20
20
4
7
39
5
1
3
5
14
32
26
15
12
82
13
7
10
14
48
21
384
313
64
644
24
249
$
%
$
*
502
22
$
127
530
Loans to brokers and dealers in
Atlanta
$
Cleveland Richmond
2,187
Other loans for purchasing or carrying
securities
Real estate loans
1,163
Loans to banks
80
202
•
54
169
58
Treasury bills
1
49
1
122
470
95
200
454
144
103
37
31
73
76
114
52
8
249
8
3
1,536
Other loans
1
14
m+mm
50
7
25
62
50
3
«
-
-
-
-
-
45
27
...
177
4
Treasury notes
2,134
52
876
40
220
175
32
428
49
34
76
51
101
United States bonds...
5,905
342
2,402
305
596
136
100
913
154
110
114
79
654
Obligations fully guar, by U. S. Govt.
Other
2,154
49
58
Cash in vault..
1,170
99
266
67
24
56
44
163
3,246
securities
Reserve with Federal Reserve Bank..
131
1,261
265
290
65
90
489
102
43
133
55
322
8,649
429
5,131
356
455
156
112
1,085
189
89
180
122
345
106
51
464
142
18
45
22
13
66
12
8
15
12
2,790
1,225
164
183
194
288
171
179
491
150
128
304
252
286
79
453
100
103
34
46
78
23
17
23
29
240
17,368
1,121
8,215
853
1,221
447
374
2,461
454
292
503
458
969
5,224
248
1,008
280
734
200
184
928
190
118
144
136
550
15
53
42
28
40
1,054
79
108
22
3
23
31
106
6.924
Balances with domestic banks
Other assets—net
293
3,025
353
392
253
246
1,011
302
134
399
214
302
4
279
85
350
87
24
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Capital
615
27
13
2
1
1
14
6
1
5
liabilities
749
20
352
13
13
27
7
18
6
7
3
account
3,715
243
1.601
223
372
96
93
401
93
58
100
Borrowings
Other
.......
534
1
22
7
The Commercial & Financial Chronicle
532
July 22, 1939
Weekly Return of the Board of Governors of the Federal Reserve System
was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, July 20,
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
returns for the latest week appear in our department of "Current Events and Discussions"
The
following
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
ASSETS
July 12,
JulyS,
1939
1939
June 28,
1939
8
Omitted
$
«
S
June 7,
June 14,
1939
MaySit
j
May 24,
1939
1939
|
$
$
June
21,
July 20.
1939
S
1939
%
My 19,
1939
Three Ciphers (000)
BANKS AT THE CLOSE OF BUSINESS JULY 19, 1939
1938
%
I
14,420,719
9,467
13,391,719
13,317,722
375,874
349,876
8,547
340.667
13,282.718
9,372
382,078
10,633,423
9,273
13,841,405
13,806,060
13i750.86S
13,672,936
13,674,168
11,050,378
1,575
3,795
1,081
3,712
1,447
1.808
1,659
2,084
1,974
2,207
1,848
4,457
1,690
4,638
5,370
4.793
3.137
3,467
4.058
4,055
7,585
556
556
556
556
561
661
561
561
540
12,557
12,496
12,318
12,440
12,377
12,469
12,429
12,487
12,825
16,214
911,090
1,176,019
427,938
911,090
1,176,109
911,090
1,176,109
463,438
911,090
1,176,109
463,438
911,090
1,176,109
476,816
011,090
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,170,109
476,816
744,105
1,174,105
447,938
2,515,137
2,535,137
2,550.637
2,550,637
2,564.015
2,564,015
2.564,015
2,564,015
2,564,015
2,564,015
2,532,847
2,553,455
2,568,149
2,569,003
2,581,741
2,580,182
2,580,472
2,681.121
2,681,456
2,588,354
Due from foreign banks....—.....—...—
167
""l67
"""167
*""167
167
*162
""l61
161
Federal Reserve notes of other banks......—
23,951
707,470
22,563
20,577
641,188
42,427
45,723
19,612
19,494
762,610
42,452
579.855
651,229
42,453
42,464
48,639
18,886
583,822
42,405
46,718
21,684
707,815
42,356
48,235
20,218
590,799
42,356
47,377
61,182
50,990
54,138
19,807
693,886
42,523
63.092
17,370,435
17,340,713
17,129,953
17,142,390
17,173,228
17,274,332
17,030,411
16,921,543
16.065,093
14,351,414
S. Treas. x_
13,651,218
13,604,719
13,534,719
13,505,719
13,465,718
Redemption fund (Federal Reserve notes)——
7,722
356.076
8,242
353,161
8,412
317,756
8.313
367.357
8,721
366,966
14,015,016
13,968,122
13,860,887
13,881,389
998
1,493
3,773
940
3,599
3,698
Total bills discounted—
4,597
5,266
market
656
Oold etfs. on hand and due from U.
Other cash
Total reserves
9,996
406,959
Bills discounted:
Secured by U.
S. Government obligations,
guaranteed—.-—
direct or fully
Other bills discounted
Bills bought In open
Industrial advances
United States Government
securities—Bonds..
Treasury bills.———
Total U. S. Government securities.......
Other
securities
645,805
————————
1Hi—
Foreign loans on gold
Total bills and securities.————..
Gold held abroad.
TTnoollfWtari IfcorriM
Bank
3,128
...———
------
premises
-
42,345
.....................
All other assets.———
Total assets
—
,
""161
"""180
26,602
593,833
44,581
47,486
LIABILITIES
Federal Reserve notes In actual circulation....
4,508,962
4,522,709
4,543,177
4,449,306
4,429,306
4,437,703
4,476.310
4,470,764
4,446,379
4,124,138
Deposits—Member banks' reserve account....
10,349,946
790,596
289,485
348,115
10,151,053
820,208
297,265
380,299
10,115,744
10.100,029
927,989
351,029
363,444
10,052.643
934,964
309,600
320,441
10.096,622
915,385
281,541
276,227
8,201,896
962.094
351.095
326,133
10,099,163
941,004
354,298
359,797
10,029,054
deposits——————————
10,412,047
764,216
279,038
355,016
Total deposits.—.———————————
11,810,317
11,778,142
11,648,825
11,755,066
11,754,262
11,743,391
11,617.648
11,535,315
11,669,775
9,279,311
703,441
2,172
692,031
2,148
590.412
2,181
585,798
6,666
638,637
5,621
737,472
10,334
584.207
599,244
597,151
6,827
659,681
5,325
16,827,826
16,928,900
10.684,902
United States Treasurer—General account..
Foreign banks
Other
—
......
Deferred availability items......
y
—
—....
Other liabilities, ind. accrued dividends—
Total liabilities..
•,
920,325
284,806
301,130
,
723,989
126,908
226,518
4,961
2,340
16,677,085
16,020.359
14,002,940
17,024,892
16,995,030
16,784,595
16,706,836
135,282
135,137
149,152
27,264
34,130
135,053
149,152
27,264
33,889
135,037
149,152
27,264
34,101
135,011
149,152
27,264
33,975
134,969
149,152
27,264
34,047
134.953
134,945
134,948
149,152
27,263
33,846
1 *9,152
9* .264
149,152
27,264
33,097
149,152
27,264
33.370
133,760
147,739
27,683
39,292
17,370,435
17,340,713
17,129,953
17,142,390
17,173,228
17. "74,332
17,^30 41!"
16.921,543
16,965.093
14,351,414
85.9%
85.7%
85.6%
85.7%
85.6%
85
85 4°"
85,4%
85.4%
82.4%
11,292
11,353
no,958
11,175
11,336
11,388
11,472
11,530
11,635
13,432
1,529
......
2,">7
2,052
2,402
2,938
2,732
5,662
CAPITAL ACCOUNTS
Capital paid in...
Surplus (.Section 7)
Surplus (Section 13-b)
y Other capital accounts
.......
...
...
Total liabilities and capital accounts..
Ratio of total reserves to deposits and Federal
comhinpd„.
Reserve note
3%
84 050
Contingent liabilities on bills purchased for
foreign correspondents...................
975
Commitments to make Industrial advances
*——
?
—
—
Maturity Distribution of Sills and
Short-Term Securities—
1-16 days
16-30 days
31-60 days
61-90 days
bills discounted.
1-15 days
258
197
190
101
107
321
612
183
157
195
244
275
320
360
417
2,271
2 185
2,200
2,182
150
111
129
159
570
524
461
555
572
501
428
564
483
324
4,597
5,266
4,638
5,370
4,793
3.137
3,467
4,058
4.055
7,585
384
342
233
89
66
28
70
239
8
121
227
370
233
90
56
23
23
31
74
234
443
252
""308
190
70
bills bought in open market.......
2 200
23P
441
16-80 days bills bought In open market.......
81-60 days bills bought In open market...
61-90 days bills bought In open market......
Over 90 days bills bought In open market.....
1,571
150
195
611
Total bills discounted.....—.........—.
2,126
108
1,908
................
bills discounted
.......
bills discounted
..............
bills discounted.....
.........
Over 90 days bills discounted...........
65
26
23
28
253
225
301
168
23
.
no
mmmmrnrnrn
.......
556
656
556
556
556
561
561
561
561
540
industrial advances.—.........
1,387
1 225
1 713
1,716
1,739
1,352
1,333
1,367
1,629
1,885
16-30 days Industrial advances-..—.........
767
913
938
151
145
621
628
526
147
58
31-60 days Industrial advances
61-90 days Industrial advances..—..........
Over 90 days industrial advances—..........
270
200
152
990
1,028
1,032
1,052
359
743
367
572
551
547
229
233
198
166
900
985
611
Total bills bought In open market..
.
1-15 days
9,661
Government securities......
9,607
8,968
9,354
9,232
9,266
9,250
9,335
9,321
13,293
12,557
Total Industrial advances
1-15 days T\ S.
16-30 days U. 8.
31-60 days U. S.
61-90 days U. 8.
•
12,496
12,318
12.440
12.377
12,469
12,429
12,487
12,825
16,214
76,055
79,305
54,413
76,055
163,095
139,875
2,117.199
63,798
72,137
159,573
145,765
2,122.742
80,428
54,413
155,360
161,415
69,693
63,798
67,450
82,553
130,468
75,673
81,361
92,335
192,780
2,550,637
2,564,015
74,218
85,355
145,765
105,993
Government securities....
07er 90 days U. 8. Government securities.—.
2,103,836
111,163
2,107,199
72,137
74,218
170,495
127,675
2,106,112
Total U. 8. Government securities.........
2,515,137
2,535,137
2,550,637
Government securities......
Government securities......
161,415
Total other securities....................
2,112,399
137,405
170,495
2,122.624
2,564,015
2,564,015
154,145
2,129,399
69,520
138,060
150,623
2,130,139
229,401
1,968,138
2,564,015
2,564,015
2,564,015
......
.
—
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
...
.
4,819,794
310,832
4,835,140
4,805,166
261,989
4,742,375
293,069
4,733,260
303,954
4,727,517
289,814
4,750,019
273,709
4,738,919
262,155
4,746,943
312,431
300.564
4,455,659
331,521
4,508,962
...........
In actual circulation
4,522.709
4,543,177
4,449,306
4,429,306
4,437,703
4,476,310
4,476,764
4,446,379
4,124,138
4,942,000
2,449
4,940,000
3,039
4,898,500
4,867,500
3,064
4,869,500
3,367
4,872.500
3,838
4,872,500
3,941
4,528.632
3,173
4,865.500
2,701
4.865,500
2,430
4,944,449
4,943,039
4,900,930
4,870,673
4.868.201
4.868.564
4,872,867
4,876.338
4,870,441
4,535,247
Collateral Held by Agent as
Security for
Notes Issued to Bank—
Gsid ctfs.
on hand and due from U. 8.
Treas..
Ay eligible paper
United States Government securities.........
...
,
Total
collateral
*
"Other cash" does not include Federal Reserve notes,
x
These
are
cents on Jan.
6,615
t Revised figures.
certificates given by the United States
Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
1934, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as profit by the Treasury under
31,
provisions of the Oold Reserve Act of 1934.
y With the statement of Jan. 4, 1939 two new items appeared, "Other liabilities. Including accrued dividends,"
two items corresponds exactly to the tetal of two items
formerly in the statement but now excluded, vis.: "All other
statement for July 20,1938 has been revised on the new basis and is shown accordingly.
and "Other capital accounts."
The total of these
liabilities," and "Reserve for contingencies."
The
Volume
The Commercial & Financial Chronicle
149
533
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 19, 1939
Thrte Ciphers
(000) OmUte
Federal Reserve Agent at-
Gold
Total
and
Boston
New York
$
%
Cleveland Richmond
Phila.
3
ASSETS
certificates on hand
$
$
Atlanta
Chicago
St. Louis
$
$
$
$
Minneap. Kan. City
5
Dallas
$
San Fran
$
$
6
13,651,218
Total reserves
845.427
336,190
279,903 2,178,073
253,154
361,661
338,376
218,908
811,888
470
857
986
622
521
287
1,176
518
408
190
503
99,238
28,749
25,299
1,184
22,883
21,177
20,535
45,369
17,238
9,334
17,846
16,544
31,864
816,007 6,656,911
707,903
871,348
357,888
300,725 2,224,618
379,417
262,896
356,412
235,955
844.936
145
23
301
20
17
7,722
356,076
Other cash *.
678,168
792,654 6,556,816
14,015,016
Bills discounted:
998
Total bills discounted
231
10
34
67
60
3,599
Other bills discounted.
90
28
956
196
240
336
106
274
129
61
285
342
646
263
71
319
409
706
16
16
40
565
943
4,597
118
1,187
341
637
126
291
129
556
42
216
56
52
24
20
70
2
12,557
1,663
2,798
2,732
359
1,147
766
474
4
899
207
66,873
267,978
77,318
38,485
25,711
44,780
34,569
73,325
33,188
94,654
23,782
46,230
19,595
12,077
57,807
21,033
44,626
42,872
49,680
18,076
53,855
31,410
99,809
36,316
65,361
427,938
345,926
125,869
98,424
127,054
41,719
86,325
91,275
117,824
50,633
1,176,109
16,237
34,441
Bills bought In open market
Industrial advances
U. S. Government securities—
Bonds
I_.II"
Treasury bills
Total U. 8. Govt, securities
2,515,137
Uncollected
184,608
739,773
213,443
251,971
139,776
106,241
271,708
115,169
70,976
123,620
95,432
202,420
2,532,847
186,431
743,974
216,572
252,645
141,584
107,153
272,543
115,304
71,948
124,162
204,109
12
63
17
96,422
167
15
7
2
2
5
23,951
707,470
Total bills and securities
Due from foreign banks
Bank
394
5,176
1,206
1.199
1,770
1,736
3,125
1,924
573
3,663
188,600
52,405
80,143
57,551
21,254
2,055
2,090
96,599
31,246
1,660
17,887
1,525
69,845
35,120
26,893
29,927
items.
premises
Other
2
6
42,345
Total assets.
2,917
8,942
4,625
5,943
2,583
48,639
assets
3,042
14,588
4,302
5,406
3,193
987,030 1,216,699
17,370,435 1,078,648 7,618,254
21
12
5
3,908
2,268
1,510
3,170
1,233
3,191
4,677
1,958
1,415
2,189
1,786
3,993
564,576
435,019 2,605,491
532,119
357,318
522,583
362,867 1,089,831
LIABILITIES
F. R. notes in actual circulation
4.508,962
385.474 1,127,718
3l7i 068
419,081
195,530
151,256
997,570
179,228
132,050
171,704
76,412
355,871
10.412,047
533,360 5,651,544
581,493
183,262 1,302,847
50,066
117,971
9,766
33,761
253,572
135,114
241,296
188,487
683,820
42,454
48,999
45,932
47,323
8,091
6,417
8,092
5,481
6,920
8,644
8,092
1,362
47,371
20,135
8,641
250,221 1,463,220
309,598
197,450
303,964
245,264
675,911
33,205
Deposits:
Memoer bank reserve account....
Other
764,216
279,038
account.
deposits
Total deposits..
180,211
508,419
39,513
20,088
99,584
27,065
355,016
U.S.Treasurer—General
Foreign bank
5,356
263,904
9,567
25,949
11,825
248,833
35,088
11,998
1,604
598,632 6,195,243
584,564
688,727
297,523
175,404
52,926
76,096
56,675
20,815
99,782
32.743
18,629
36,692
30,096
657
276
195
20
103
199
45
91
197
59
954,834 1,184,099
649,748
422,395 2,560,771
621,614
348,220
512,557
351,831
1,065,037
10,5g5
39,828
11,810,317
Deferred availability Items
703,441
2,172
Other liabilities, lncl. accrued
dlvs.
Total liabilities
70,378
'
280
-
17,024,892 1,054,764 7,499,022
__
69.460
7,127
24,585
50
CA P1TALA CCO UNTS
Capital paid In
13,732
5,113
4,535
13,771
3,992
4,035
4,983
5,630
22,666
4,685
2,914
3,153
4,282
14,323
3,292
713
1,429
545
1,001
3,613
1,142
3,892
1,007
3,538
1,440
1,746
6,854
1,233
2,030
989
1,266
1,843
987,030 1,216,699
564,576
435,019 2,605,491
532,119
357,318
522,583
362,867
1,448
962
436
67
627
135,282
149,152
50,865
2,874
7,457
121051
13,696
4,416
33,846
..
Total liabilities and
capital accounts
Commitments to make Indus, ad vs..
9,407
10,083
27,263
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
1,520
8,447
2,033
52,463
17.370,435 1,078,648 7,618,254
527
11,292
1,348
2,194
140
62
»1
2,123
1.089.8T
3,4d8
•Other cash" does not include Federal Reserve
notes.
FEDERAL
Three Ciphers
Federal Reserve Bank of—
Total
by Agent
as
New York
Phila.
$
$
Cleveland Richmond
$
Atlanta
Chicago
%
$
%
$
$
San Fran.
I
$
334,903
17,835
442,274
23,193
207,737
12,207
163,549 1,027,866
12,293
30,296
191,388
137,651
181,082
84,205
408,903
12,160
5,601
9,378
7,793
63,032
385,474 1,127,718
317,068
419,081
195,530
151,256
997,570
179,228
132,050
131,704
76,412
355,871
4,942,000
420,000 1,265,000
169,000 1,045,000
434,000
due
Total collateral
345,000
445,000
210,000
281
145
73
550
420,098 1,265,281
345,145
445,073
210,550
98
4,944,449
United States
196,000
143,500
182,000
87,500
46
20
25
261
350
561
169,039 1,045,046
196,020
143,525
182,261
87,850
434,661
39
United
Treasury Bills—Friday, July 21
States
York Stock
Rates quoted are for discount at
purchase.
Asked
Bid
0.05%
Sept. 13 1939
Aug. 23 1939
Aug. 30 1939.
0.05%
0.05%
0.05%
0.05%
Oct.
11
0.05%
Oct.
Sept.
Asked
Government
Securities
Exchange—See following
Transactions
Bid
the
at
New
0.05%
Stock and Bond
page
Averages—See
the
New
page.
York
Daily, Weekly and Yearly—See
on
*
Stock
Exchange.
549.
549.
0.05%
Aug.
9 1939
Aug. 16 1939
6 1939
Sept. 20 1939
Sept. 27 1939
0.05%
0.05%
4 1939
0.05%
1939
0.06%
page
0.05%
18 1939
Oct.
-----
THE
PARIS
BOURSE
Quotations of representative stocks
each
July 15
July 17 July 18 July 19
July 20 July 21
one' or
more
32ds of
Francs
Francs
Francs
7,500
7,600
1,085
432
1,111
7,500
1,093
7,600
Banque de Paris et Des Pays Bas
Figures after decimal "point represent
444
437
434
Francs
Banque de l'Union Parlsienne..
Francs
Francs
7,500
1,093
Pacific
160
167
164
175
162
Canal de Suez cap
13,500
13,700
13,600
13,500
13,500
746
762
752
752
1,540
1,550
1,530
Canadian
point.
Cle Distr d'Electriclte
Cie Generale d'Electricite
Int.
Maturity
1 H%
Dec.
1H%
15 1939.__
Bid
Asked
100.3
Maturity
Rate
Dec. 15 1941...
101.16
lbV.18
1,630
46
47
45
45
Citroen B
520
545
530
518
796
240
209
808
795
795
102.29
Comptolr Nationale d'Escompte
Coty 8 A
101.25
240
240
240
213
211
209
517
508
508
Cle
Bid
Generale
Transatlantlque B
1 H%
102.27
104.3
104.5
Courriere
2%
105.14
105.16
Credit Commercial de France
Mar. 15 1942...
101.23
Mar. 15 1940...
1,530
50
Asked
Int.
Rate
Sept. 15 1939
,..
June
15 1940
101.22
101.24
15 1940...
102.4
Credit
102.6
June 15 1943...
102.15
Mar. 15 1941...
102.17
1 K%
IH%
1H%
104.26
Dec.
1H%
1H%
Sept. 15 1 942...
Dec. 15 1942...
102.14
102.16
Dec. 15 1943...
Eaux des Lyonnaise cap
1 H%
102.16
102.18
IH%
102.17
102.19
June
Energie Electrique du Nord
1H%
100.20
100.22
Energie Electrique du Littoral..
June 15 1941
15 1944
104.24
510
as
received by cable
day of the past week:
July
July
15
17
July
July
18
19
July
July
20
21
110
111
■Per Cent of Par
Allgemelne Elektrlzitaets-Gesellachaft (6 %)
Berliner Kraft u. Llcht (8%)
Commerz-und Privat-Bank A. G. 6%
Deutsche Bank (6%)
Deutsche Relchsban (German Rys. pf. 7%).
Dresdner Bank (6%)
547
544
630
626
1,090
1,090
1,080
882
882
875
868
76.00
79.40
75.60
78.90
75.60
78.75
78.80
78.25
78.00
77.90
Rentes 41932, A
84.50
84.90
84.30
84.10
84.10
4*4%. 1932, B
85.10
109.60
85.50
85.10
85.10
84.90
109.75
109.25
109.10
109.00
6,040
6,170
6,090
6,080
6,090
Rentes
Rentes, 5%, 1920
854
858
426
427
36
36
34
1,683
1,651
1,658
427
._
111
160
160
Saint Gobain C & C
1,082
105
._
110
160
..
....
1,090
78.90
105
106
1,995
106
1,972
106
111
1,361
111
111
1,392
111
1,370
77
79
75
66
65
65
65
1,452
1,476
1,456
1,456
635
634
632
78-78
561
555
75.50
1,373
Societe Franciase Ford
427
....
1,975
Schneider & Cie
ill
548
111
160
Royal Dutch
122
122
122
122
122
Soclete Generale Fonclere
105
105
105
105
106
Societe Lyonnaise
142
143
143
143
143
Reichsbank (8%)
Societe Marseilles...
180
180
180
180
180
Siemens <fc Halske
Tubize Artificial Silk
186
187
188
187
186
Union d'Electricite
548
637
1,090
764
75.60
79.30
78.60
Capital
Pechlney
Rentes Perpetual 3%
Rentes4%, 1917
Farbenindustrte I. G. (7%)
(8%)
Vereinlgte Stahlwerke (6%)
1,570
1,470
327
Rentes4%, 1918
Pathe
Closing prices of representative stocks
1,570
1,460
320
868
426
37
1.669
Orleans Ry 6%
EXCHANGE
1,570
1,460
324
640
HOLIDAY
Nord Ry
STOCK
1,600
1,480
314
627
Liqulde
Lyon(PLM)
BERLIN
240
1,570
.
L'Alr
THE
•
1,450
Lyonnaise
Kuhlmann
each
received by cable
Bank of France
July 21
a
as
day of the past week:
Quotations for United States Treasury Notes—Friday,
•
Dallas
City
$
405,014 1,235,222
19,540
107,504
2,449
26 1939
Aug.
2 1939
$
4,819,794
310,832
paper
July
St. Louis Minneap. Kan.
security
for notes Issued to banks:
Gold certificates on hand and
from United States
Treasury
Eligible
STATEMENT
4,508,962
In actual circulation
held
Boston
$
Federal Reserve notes:
Issued to F. R. Bank by F. R.
Agent
Held by Federal Reserve Bank
Collateral
NOTE
RESERVE
(000) Omitted
99
100
100
99
99
Wagon-Lits
j
preferred..
632
,75
554
61
62
60
74
78
61
~~72
I"
"
.11.
1939
22,
July
534
Sales—New York Stock Exchange
Stock and Bond
YEARLY
DAILY, WEEKLY AND
Pages—Page One
Occupying Altogether Sixteen
No
they are the only transactions of the day.
disregarded In the day's range, unless
for the year.
Cash and deferred delivery sales are
of such sales in computing the range
NOTICE
account Is taken
the New York Stock Exchange
Home Owners' Loan and Federal
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
/
United States Government Securities on
Below
furnish
we
Farm Mortgage
daily record of the transactions in Treasury,
a
,
121.21
121.21
Low
4^8, 1947-52
1 Close
121.20
121.20
....
18
1
High
25*s, 1960-65..
....
'mmmm
m
mmmm'
***;
'.mm
m m
Low.
108.20
1
(High
I
1
1
1
1
106.24
*106.17
106.20
106.22
*106.17
106.24
106.19
106.20
106.24
3
6
3
21
202
105.20
Low.
105.19
105.20
Close
105.19
105.20
units...
10
2s. 1947..
mmmm
mmmm
2
mmmm
■mmmm
mmmm
106.11
1O0.U
Total sales in
*1,000
Close
mmm —
Total sales in *1,000 units..
mm
High
110.17
mmmm
3
(Close
Total sales in *1,000 units...
(High
..(Low.
(Close
110.28
Total sales in *1,000 units...
mmmm
111.29
111.30
■mmmm
112.2
111.30
m m mm
mmmm
mmmm
113.11
mmmm
mmmm
113.11
■mmmm
1
mmmm
(High
mmmm
mmmm
113.14
mmmm
111.6
•>
112" i"
Ill" 2 5
111.29
111.25
111.29
112
111.28
mmmm
Close
111.25
111.29
112.1
111.28
.mmmm
*4
1
10
mmmm
6
109.13
109.9
109.12
109.10
109.12
109.14
420
1
109.14
109.11
109.11
mmmm
109.13
109.11
1
2
1
Total sales in *1,000 units
mmmm
mmmm
mmmm
109.10
Close
mmmm
109.10
Total sales in *1,000 units
108.21
Low.
108.23
108.24
108.23
108.20
108.21
108.21
108.23
108.24
108.23
108.20
108.21
108.21
5
1
6
1
2
Low.
108.24
108.27
108.24
108.25
108.24
108.24
mmmm
108.25
109.14
108.24
Close
mmmm
Total sales in *1,000 units
'
■
108.26
100
100.1
100.2
'mmm
mmmm
2
1
100
—
104.29
104.30
104.31
104.29
104.30
104.31
....
*
Odd lot sales,
104.29
104.30
100
above
Treas.
2
'
^
mmm
mm
m
101.31
101.30
101.31
1
....
....
102.2
101.30
7
* Cash sale.
of
includes only sales
registered bonds were:
Treas. 25*s. 1956-59
coupon
121.18 to 121.18
115.25 to 115.25
107.30 to 107.30
Treas. 4s, 1944-54
1
'•
2
table
Transactions in
m-mm
.mmmm
101.30
....
t Deferred delivery sale.
Note—The
bonds.
10
mmmm
mmm
104.31
45*s, 1947-52
-
4
mmmm
107.29
108.3
107 27
'mrnmm
108.3
Low.
107.29
mmrnm
mmmm-
mmmm
mmmm
....
Close
108.23
mmmm
108.3
....
mmmm
mmmm
Total sales in *1.000 units
mmmm
1
4
12
^
High
100
'.mmmm
mmmm
Low.
1
108.26
mmmm
'
Low.
2
m
mmm
mm
*4
7
mmmm
100.1
....
Close
109.14
mmmm
100.2
mm
Total sates in *1,000 units...
109.18
■
1
mmmm
108.20
High
mmmm
109.14
....
100.1
Low.
15*8. 194547
1
mmrnm
109.14
mmm
100.2
High
109.14
mmmm
109.14
—
mmm
h
1
mmmm
—
mmmm
109.10
Low.
High
5
108.21
Close
109.14
mmmm
105.25
mmmm
....
Total sales in *1,000 units
109.14
mmmm
109.13
109.13
'■
109.13
109.13
m
— m
105.25
mmmm
108.20
1
m
— -
mrnmm
108.23
25*s, 1942-44
109.14
109.17
mm
105.25
•■
m ^
■mmmm
mmmm
High
109.14
109.17
109.17
m mm¬
mmmm
'
■
108.24
3
109.10
mmmm
•
'
109.17
Close
■
mmm
mmmm
Close
mmmm
High
mrnmm
10
■
-
108.23
Total sales in '*1,000 units
....
Low.
'
■
High
112
Close
4
106.6
1
'
Low
307
1
High
25*s, series B, 1939-49
112
109.12
•"
Close
112
109.12
til
1
z
lli"28
High
Low.
105*22
105.22
3s, series A, 1944-52..
111.8
Z
Total sales in *1,000 units...
"mmmm
....
t
1
mmmm
mmm
105.22
Home Owners' Loan
111.8
111.6
Close
*1,000 units...
1
»
106.6
(Close
111.8
111.6
mrnmm
'High
1
....
I
Total sales in *1,000 units...
1
mmmm
mmmm
i.
t
106.6
-
Total sales in *1,000 units...
113.14
mmmm
*
Low.
25*s, 1942-47
113.14
m m mm
mmm
Low.
1
1
1
Low.
(High
1
mmmm
mmmm
l
(Close
111.30
mmmm
1
1
1
Total sales in *1,000 units...
111.30
'mmmm
mmmm
113.11
mmmm
,
.mmmm
1
t
(High
3s. 1942-47
iii"§6
mmmm
'
I
Low.
■
— rn — m
1
mmmm
mmmm
'
Total sales in *1,000 units
110.28
mmmm
2
2
3s, 1944-49....
<
111.30
1
mmmm
I
1
«11I
t 1 »1
(Close
112.2
mmmm
1
mmrnm
mmmm
JLow.
1
....
mmmm
1
(High
110.17
110.28
110.29
111
mmmm
....
mrn'mm
mrnmm
....
2
mmmm
mmmm
mrnmm
110.29
mmmm
(High
109.22
mmmm
mmmm
mmmm
Total sales in *1,000 units.
Close
2
110.16
111
mrnmm
.mmmm
v
Total sales in *1,000 units...
110.29
5
111
Low.
Close
110.17
110.16
110.16
mm
mmmm
109.22
mm
mmmm
lib". 16
110.15
mm
mrnmm
Low.
35*8, 1944-64
mmmm
1
109.22
High
Federal Farm Mortgage
106.11
mmmm
1
High
105.19
mmmm
—
Low.
106.18
Close
z
— mmm
110.16
106.18
Total sales in *1,000 units...
110.20
....
....
106.18
Low.
25*8. 1950-52..
105.16
....
mmmm
110.20
....
106.22
..•{Low.
(Close
106.19
High
lio'io
mmmm
106.23
106.24
105.16
....
....
t
1
106.25
Total sales in *1,000 units...
105.16
....
1
*106.19
25*s, 1949-53..
m
mmmm
mm
—
mmmm
High
25*8, 1956-59
3
108.20
108.20
mmmm
3
....
Total sales in *1,000 units—
25*8, 1951-54
108.20
Total sales in *1,000 units...
....
mmmm
Close
2^8. 1948-51
108.20
Total sales in *1,000 units
High
m — m
103.11
Low.
2Ms. 1945-47
Low.
103.11
----
....
Close
Total sales in
108.20
Close
mmmm
....
High
2^8, 1955-60
11
107.15
404
3
--.I
Total sales in *1,000 units...
Total sales in *1,000 units,
107.17
10
107.15
1
2
Low.
3s. 1951-55
107.12
3
107.14
Total sales in *1,000 units—
....
Close
3s, 1946-48
107.11
107.14
Close
115.31
Close
Total sales in *1,000 units...
High
3Hs. 1949-52
Low.
107.13
103.13
Low.
.
107.19
107.6
115.31
2X8, 1948
High
....
107.14
115.31
115.18
'■mmmm
Total sales in *1,000 units—
334)8. 1946-49.
107.14
107.11
115.25
2>*s, 1945
(Close
-
107.16
107.14
115.25
115.18
JLow.
3tfs, 1944-46
107.15
115.25
(High
3^8, 1943-45
1
107.14
115.23
Total sales in *1,000 units—
3^8, 1941
1
115.23
'
3^8, 1943-47
40
115.23
115.20
Close
3Hs, 1941-43
25
High
5
Low.
3^s, 1940-43..
107.21
Total sales in *1,000 units—
115.26
1...
High
.
107.21
107.13
107.13
units...
3MS. 1946-56
107.13
107.17
115.26
Low.
Close
Total sales in *1,000
107.13
107.17
107.16
115.26
High
•
4s, 1944-54.
107.20
107.161
mmmm
5
7
2
*1,000 units...
Total sales in
107.16
Low.
25*8, 1958-63..
■mmmm
121.19
mmmm
107.21
High
Close
121.19
mmmm
I
July 17 July 18 July 19 July 20 July 21
Bond Prices July 15
Treasury
121.19
121.22
121.21
(High
Treasury
Daily Record of U. S.
July 15 July 17 July 18 July 19 July 20 July 21
Bond Prices
Daily Record of U. S.
^
3
54
mmmm
■
^
^
United States Treasury
m mmm
^
Bills—See previous page.
■mmmm
Notes, &c.—See previous page.
United States Treasury
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
Monday
Tuesday
July 15
July 17
$ per share
* per share
July
62
63
130
*61%
62
*12412 130
130
*3714
45
*3714
35i2
*34l2
734
64%
37
*714
*22%
7l2
23
*21
23
42
*38
3012
8I4
8%
42
37
38
*2234
23
22
22
22
2234
22
22
*21
2134
56%
738
5334
54ig
7g
*34
34
8
8I4
914
9
*6l2
7
6%
712
*6
6%
6%
73s
7i2
7%
*11
1134
13
163g
9
169
34
87g
93
16834 170
18%
9%
34
8%
834
834
*7%
7%
73s
7%
13%
12%
18%
18%
10
9%
6712
671
68
69
34
37
37%
38%
9%
3634
12
12
9%
9%
69
*67
36%
3734
*16%
1»4
*1%
65
05%
19
19%
30i4
30l4
3034
31%
13
1278
31!
1384
19%
32%
14
1434
54
54
54
16
54
16
%
Aug
9%
734
7,400
55* % pf A with *30 war. 100
65* % Pf A with *40 war. 100
55*% pf A without wai.100
*2.50 prior conv pref.No par
5
Alghny Lud Stl Corp. .No par
14
7%
7%
8
13%
1334
14
2,800
2,000
2,100
18%
18%
19
14,100
10%
2,600
17034
2,300
11%
11%
11%
200
12
11%
12%
3,100
9%
21,100
10%
171
10%
169
9
938
69
37%
17
1%
69
*67
37%
38%
17
17
600
17,600
1,600
1%
400
16%
*H4
*14
200
*14
16%
*64
6434
64%
64%
1,500
19
19%
700
33%
*18%
32%
19
32
34
33%
343s
14,000
14%
1
16
64%
143.,
14%
143s
14%
1434
6,000
54
54
53
53
*53
19%
54
t In receivership.
* «*ef.
5g July
1
8
June 29
8
June 29
8
1
684 Apr 11
151% Apr 10
10
Apr 10
912 Apr 10
6 * Apr 11
5412 Apr 11
28
Apr 8
1234 Apr «
l%June 29
I312 Apr 4
50
April
16
Apr 26
Industries Inc.....
Allied Kid Co
5
Allied Mills Co Inc
No par
Allied 8tores Corp
No par
100
No par
Alpha Portland Cem_.No par
Amalgam Leather Co Ino
1
6% conv preferred
50
Amerada Corp
No par
Am Agrlc Chem(Del).. No par
5% preferred
Allls-Chalmers Mfg
American
6%
n
Bank
Note
26
10
1034 Apr 11
50 May 24
50
preferred
New «tock
9
June 29
10
Am Airlines Inc
170
delivery,
4
30
11
Allied Chemical A Dye. No par
Allen
Cash sale.
1
Ex-dlv.
y
June 21
40
5s Mar
lis Jan
Jan
10
121
May 25
1U Jan
June
18
65% Jan
5
Apr
7
27ia Jan
June 29
Apr
June
1
Apr 12
6
64%
*18%
Bid and asked prloes; no gales on this day
*11
11%
17%
641
*53
10
169
1®4
19
*
10
17%
64i4
*53
1734
18%
1%
1878
*12%
13
170
9%
*67%
7%
7%
13%
1734
*63
30
4,400
58%
34
S4
34
%
*«4
834
*18i2
Oct
165s Mar
May
117
3414
17%
1%
24
Albany A Susq RR Co
100
Allegheny Corp..
No par
170
*14
14% Mar
Alaska Juneau Gold Mln...l0
12
is
10
No par
Mar
Air Way El Appliance.-No par
12%
16
Corp
25
1,300
12
18
Address-Multlgr
0'4 Mar
9,000
12U
9
67l2
"13s
900
Jan
2,600
*12
1714
223g
Jan
11
1
712
*13
Adams-MUlis
8
28
7*2
7%
7%
158
600
Jan
1
8%
16
64l4
No par
23
Oct
45
31% Mar
634 Apr
19ia Apr
19% Apr
45U Apr
84 Jan
6% Apr
7%
56%
9%
*H4
par
8
31
33'2 Apr
1
54%
54%
'734
*13l2
No
52
Nov
43
7%
*11%
18
Adams Express
Oct
45
61
131
1
11%
*17
9,300
12384
Apr 10
7%
17134 172
9%
83s
share
per
36% Feb
1195s July
30»4 Mar
Apr 11
1
*10%
95
Acme Steel Co
Highest
* per share *
53
7%
1112
.
1,100
No par
25
shars
6434 Mar 15
per
120
1
*107g
9
22%
100
7%
%
734
3,
*2234
45*% conv pref
Lowest
Highest
*
% per share
Air Reduction Ino
54
54%
%
7*8
8
84
*734
*87g
8%
8%
23%
51%
3334
7%
7%
Abbott Laboratories...No par
Abraham & Straus
42
38
38
1,300
Par
40
137
*36%
42
38
38
23%
7%
*66
*36%
64%
64%
*131
23
8ig
8%
64%
137
*131
23
5012
7,
*8l2
*37%
30t2
64%
137
Range for Previous
Year 1938
of 100-Share Lots
Lowest
Week
Shares
2278
*7%
*167
64%
July 21
* per share
2278
5012
*84
.163g
*63%
*131
July 20
$ ver share
...
$ per share
6434
*13312 137
45
*33i2
18
I per share
On Basis
STOCK
YORK
EXCHANGE
the
Friday
Thursday
Wednesday
July 19
Range 8ince Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE,
NEW
Saturday
4
1478 Jan
13*8 Mar
884 Mar
Apr
05
7b Mar
6% June
5
Mar
1284 Jan
5ia June
Mar
7«4 June
145s Sept
4ia Mar
19
28% Jan
I Ha Jan
11)3
137*
Jan
124
-
Jan 21
13% Jan
4
Mar
85s Mar
4i2 Mar
113)] Jan
70
Mar
7
38
Mar
Mar
1284 July
6778 Nov
15s July
133s Feb
125
Dec
5s
Jan
%
17U
173s
Jan
Jan
Jan
2Ha Nov
2984 Nov
14U Aug
197
Oct
1234 Oct
147$ July
13ia Nov
70i$ Oct
55*4 Oct
483s Jan
34U Mar
19% Jan
23s Jan
IH4 Apr
H4 Mar
20
3U
Oct
Oct
19
Jan 20
10
Mar
24
Jan
70
May 25
Jan
3
55
May
78
July
22
Dec
28i2
~l6
Mar
23% July
24U
343s July 21
17'4 Jan
3
60
6
Ex-rlghts
Jan
46%
Apr
63
^ Called for redemption.
Oct
Nov
Volume
LOW
AND
HIGH
Monday
July 15
July
$ per share
41
♦130
96
♦175
SALE PRICES—PER
SHARE, NOT PER CENT
Sales
Tuesday
17
July
$ per share
534
Wednesday
18
19
July
$ per share
Thursday
the
Friday
July 20
July 21
$ per share
180
180
179
*176% 183
179
*176
182
*176
179
22
24
21% 21%
24%
247g
23%
24
22s4 2334
23%
24%
*36
37
36*4
38%
40
40
39%
40
39% 40%
39%
4034
*16%
17
1678
1778
18%
18%
18%
183g
18
18%
1834
18%
*99
110
*99
110
*100
105
105% *100
100
100
*98% 105
*124
12534 *124% 12534
12534 12534
12534 127%
127
127
127% 129
15
*6
*6
6%
*6%
6%
638
*6
7%
87S
*74%
7734
*3i8
3%
314
3%
*514
534
*5%
2%
19%
2%
19i2
7
*16
6
2%
238
2%
2%
20%
19%
7%
7%
7%
20%
7%
1678
1334
4%
16%
1334
17%
16%
16%
1634
16%
16%
2,200
31%
52
32
2%
20%
5%
2%
20%
5%
*13
2%
19%
20
2%
434
5%
17%
18
19
48%
50
13%
13%
1334
3
3
30
30
123% *111
3
31%
120
1334
*13%
4%
4%
33%
52%
4%
51%
33
52
2%
20%
5%
20
20%
52%
55%
13%—l-37g
3%
3%
31%
317g
111
120
*24%
24%
24%
4%
40%
35%
4%
40%
4%
40%
43
43
47g
4334
35%
12%
3434
12%
37%
13%
37%
38
24%
47g
*156
12%
1378
61%
*12%
*23%
434
13%
68
46%
35%
*156
2734
47%
'138% 139
*66
68
'153
1234
17
17
86%
85%
85%
....
16%
16%
166% 16734
17%
18
*1734
81%
83%
*16%
17%
1677g
*81%
*16%
166
8434
85
85%
85
85
5
84
5
35%
3534
5
*30
85
36%
39
1234
*156
13
28
*42% 44
2234
2334
23% 237g
113
112% 112% *112
*978
1034
1034
1034
*134
2%
2678
*134
2%
27
*10
11%
13
18%
82%
27
27
*66
26%
12%
1234
17%
17
86
5
478
3534
*4%
34%
24,300
86 preferred
pref
2 5~ 600
13
81%
800
18%
Preferred
8434
Amer
1,600
84%
3,600
1507g 151
100
Tobacco
25
Common class B
25
6% preferred
100
...
Am Type Foundries Inc
3,900
107g
Telp & Teleg Co
American
300
6
100
Am Sumatra Tobacco..No par
200
83%
No par
American Sugar Refining.. 100
13,100
82
..No par
American Stove Co
500
165% 166%
100
Amer Steel Foundries..No par
1,700
6
100
American Stores
8,000
17%
978
26%
*4078
22«4
100
86 1st preferred
No par
900
American Woolen
No par
1,400
6,500
5
Preferred
Amer Zinc
38
*112
85 prior
27%
*10
pref
25
Copper Mining..50
Anaconda W A Cable..No par
3,600
AnchorHockGlass Corp No par
86.50
60
conv
preferred.No par
100
Andes
2%
200
267g
27% 27% *27% 2734
27%
27%
277g
*119
*118%
*119
*119
*117%
*117%
*10378 104%
1037g 104% *1037g 104%
103
104%
102
101% 103
102
4
4
4
4
4
4%
4
4%
4
4%
4
4%
*38% 39
38
3834 39
39%
38% 38%
37% 37% *38
3834
A P W Paper
800
Archer Daniels Mldl'd. No par
"""800
Armour ACo (Del) pf 7 %gtd 100
2%
2%
*2%
23g
2%
2%
*134
*27%
...
*45
65
*38
*10%
38%
1034
*45
38%
42
11
11
8
8
95
*85
*778
*85
65
*778
8
8%
95
778
*45
42
11%
65
427g
11%
8%
*45
42%
42%
*11%
11%
*87%
95
8%
*85
95
8
*45
4134
*11
8%
8
8%
65
8
878
95
8
734
65
*45
42
43
11%
11%
9%
9%
95
*90
734
Copper Mining
Co
No
4,500
Armour A Co of Illinois
86
1,300
conv
pref
11% Jan
10% Jan
78
9
538
Jan
3%
11%
900
10%
13,500
105
10
5
preferred
Armstrong Cork Co
No
Arnold Constable Corp
Artloom Corp
No
7% preferred
Associated Dry Goods
6% 1st preferred
Jan
4
8% Apr 11
78
Apr 10
3% Apr 8
2838 Apr 10
4% Apr 10
24
Apr 11
2034 Apr 11
35
Apr 11
13% Apr
111
Jan 23
834 April
1% Apr 11
21
Apr 21
117% Apr 27
97
May 9
4
Jan 20
Jan
15
Jan
Jan
63g July
7% Nov
Mar
5% July
25%
6% Mar
10
May
Jan
2
12
15
Mar
53% July 21
2078 July
Mar
35%May 31
3O84 Mar
6% Feb
784
44
June
79
10
Jan
Mar
23
Jan
Jan
Mar
Feb
20
49% Mar 11
44«4 Mar 11
19
45
Oct
122
•
Nov
29%
Jan
7%
Oct
3% Mar
Mar
47% Nov
16% Mar
41% Nov
I83g Jan
9
Jan
Mar
14834 July
13% Mar
2234 Jan
58
_
34% Mar 10
53% Jan 5
140% June 21
June 13
Mar
12
Jan
68
Mar
Dec
7% Mar
2284 Apr
28% Mar
103
Mar
4584 Apr
19% Oct
165% Jan
24% Nov
8034 July
2078 Jan
23% Nov
35% Jan
583s Nov
140
6I84
153
July
6
41
Jan
4
15% Mar
4084
July 21
6% Mar
II84
13%
14%
22%
917a
18%
170%
130
Jan
Feb 18
12
Jan
3
19%
Dec
Jan
9
82
Dec
Jan
4
June
12% Mar
Mar 11
111
Mar
87% Jan 19
8934 Jan 16
58
Mar
153%May 26
130
8% Jan
14%
93%
684
43%
784
33
6884 Mar
5
Apr
37g Mar
Jan 20
6
Mar
Mar 10
68
Apr
19
31
21
May
547g Jan
4
29
Mar
247gJune 24
IO84 Mar
97
Apr
Oct
Oct
91%
152
Oct
Deo
9% Nov
16% Nov
91
Aug
7% July
9%
Nov
Oct
July
42% Oct
6484 Oct
2178 Aug
113%
20%
Oct
Oct
10
Mar
2
Mar
4% July
31% Aug
122% Oct
10378 Oct
6
4
20
Apr
116
July
June 20
82
Mar
29% Jan
121% Jan
Jan
Jan
Dec
43
4% Mar
25
Mar
Dec
88% Aug
45
5
Dec
120%
23% Mar
7
Dec
150%
Jan 10
Jan 5
Jan
Dec
117% Mar
3% Mar
36% Jan
105
160
Jan 10
11434June 8
15% Jan 16
2% Jan 9
Nov
1738 July
5% Jan
99% Mar
3
162
Oct
2% Mar
Mar 20
7
Nov
45% Dec
2% June
20% July
884 July
30% Dec
1%
Jan
Jan
Jan
Jan
*26
Nov
678 Nov
36
13% Nov
4% Mar
12% Mar
2%May 10
22%May 15
30%
79%
1534
4%
40%
124%
Feb
1234 July
Mar
9
1738June
Nov
I6S4
2% Mar
13% Mar
2078 July 18
9>4
15
83
Dec
2% Mar
Mar 22
6
Mar
67%
Deo
97g Nov
8% Mar
July 19
Nov
334 Apr 10
3334 April
July
Jan
6
37g Mar
28% Mar
7
62
72
Jan
100
50
Mar 31
65
Jan
4
50
94%
par
58
Jan
4
24% Mar
par
33% Apr 11
9% Apr 10
5% Apr 11
10% Jan
100
73
95
No par
...
7%
"5" 500
20
par
100
7% preferred
65
4234
July
4% Mar 31
Lead & Smelt... 1
conv
Anaconda
85,700
100
800
45
23%
113
147
Am Water Wis & Elec. No par
33,000
47g
35%
5%
*30
129% Feb 17
59% Apr 14
146%May 3
20% Apr 10
8% Apr 8
9
Apr 1
15% Apr 11
75% Mar 7
14% Apr 8
148
Apr 10
73
April
75% Apr 11
10
86
35
20
20
13%
*434
Oct
13% Sept
4% Mar
72% Jan
15% Mar
...25
Nov
125
1078 Apr 10
6% preferred
Mar
Oct
88% Mar
July 21
14
Apr
884 Feb 24
1138 Apr 10
Preferred
Aug
Nov
Dec
129
American Beating Co...No par
American Snuff.
160% Mar
12% Mar
27
Nov
105%
176%
347g
5784
2334
117
100
American Safety Razor.. 18.50
July 19
52
135
Jan
9% Mar
89% Feb
1,500
April
7084
Jan
2,300
28
*85
55
23% Mar
Apr
114
24% Jan
115% Mar
13%
300
*1734
Jan
13%
conv
11%
*26
3% Apr 10
Apr 8
Apr 8
10% Apr 8
152
May 15
1178june29
32
28
500
5%
11%
4J^%
35
50
68
2678
23
700
...
38
44%
I
No par
26%May 17
117% Apr 20
2134 July 3
35% Apr 10
5
*10
45,400
1578
85 preferred
..No par
Am Rad A Stand San'y.No par
Preferred
100
American Rolling Mill
25
1678
81%
478
34%
113
100
No par
Amer Power & Light...No par
13
17
86
No par
6% conv preferred
American News Co
26
26%
*407g
11
Amer Metal Co Ltd
90
Apr 8
2% Apr 11
Amer Ship Building Co.No par
*30
*10
11
Amer Smelting & Refg. No par
5
*22%
Amer Mach & Fdy Co..No par
Amer Mach & Metals..IVo par
June 30
450
38
*112
43
18,900
5
27%
42%
2234
23%
112% 112%
100
27%
*30
26%
42%
Preferred....
8,400
1234
83%
*85
American Locomotive..No par
3734
26%
166%
83%
84%
85%
8434 85%
151% 151% *150
151%
6
6
6
6%
10%
10%
978
10%
35
par
100
*67
163
*83
No
pref...
non-cum
137% 137%
82%
1734
8334
6%
47%
*153
2738
1234
1234
17%
*81%
Home Products... 1
Apr 8
Apr 11
Jan 24
Jan 23
4% Apr 8
143g Apr 8
27
68
...
Apr 8
Mar 31
46
4634
*135% 138%
*153
484May 26
2
Apr 8
12% Apr 10
5
Apr 10
1
:
July 19
179
1
12
478< 19,100
4334!
4,300
64
2% Apr
278
25%
4134
I3g
14%
1
50
Amer Internat Corp...No par
......
24%'
Feb 11
April
American Ice
*156
15%
61
10
13%
13
...
45%
165% 16634
5%
38
43
27%
27%
12%
*82%
5%
5
35
40
68
...
27
12%
83
27%
68
1134
*12%
83
25%
27
46%
47
137% 139
28%
12%
1234
83
25%
26
*153
857g
*150% 154% *15078 152
*150% 151%
5%
5%
6
578
6
6%
934
934
10%
934
10%
1034
23%
3678
13%
17
112%
4%
423g
35%
13
*16%
86%
*2234
4%
417g
3634
13%
13
1234
*112
434
427g
42%
36%
1234
13
*12%
*38
4%
*22%
4%
41%
July 20
5% Apr 8
534 Apr 10
6% Apr 11
4,500
31
24
Apr 8
13% Apr 8
May 8
109% Apr 20
1,600
120
24
13
12
434
*28
30
*111
30%
120
24%
13%
27%
5
29%
*111
24%
No par
American
2,300
3%
13
12
35
120
13%
3%
13%
2734
*4%
*111
13%
12%
1178
25%
3%
14%
1234
25%
*28
13%
3%
*62%
13%
1178
35
13%
3%
3034
62%
47
44%
13734 138
*82%
*434
13%
3%
534
No par
6% preferred-
1,300
63
*11%
5
13%
30
20
55
5%
32
American Hide & Leather
800
53%
17% Apr 11
J6 preferred..
No par
Amer Hawaiian SS Co
10
8,400
20-%
18«4
*53
63
*153
85
53
4%
Power ...No par
17 preferred
per
54% Jan
May
Highest
share $ per share
634 Mar
143g July
$
100% Jan
Corp..20
$7 2d preferred A
100
14
337g
2%
2%
203g
62%
13%
25
35
53
2
62%
1234
14%
*82%
*4%
5%
19%
55
2
62
27
*34
5%
1834
54
5
Amer & For'n
1,800
2,300
1,700
2,300
11,500
15%
62%
13%
85
20%
2%
20%
52
147g
*2434
*8434
20%
19%
52%
2%
20%
5%
19%
15%
27
*16%
17
165% 165%
*82% 83
*13%
4%
*33%
5234
15%
12%
*12%
14
4%
33%
52%
15%
27
*66
4%
33%
15%
13
*153
13%
*156
*13%
147g
27%
4334
44
*137% 139
6534
66
2434
14
434
3334
16
83% Apr 1J
167% Mar 3
10
10
1st preferred
..100
American Encaustic Tiling..!
Amer European Sees...No par
Jan
8
134
10
Colortype Co
share
8
100
6%
8,000
2,200
16%
378 Apr
Lowest
per
$
3134 Apr 1
April
American Crystal Sugar
3,000
1834
49
*12%
*26%
*5%
Highest
share
125
100
Am Comm'l Alcohol
1,700
2%
20
6
preferred
American
40
7%
51%
63
400
20%
*13%
*234
*60%
12%
1,100
3%
6
per
American Chicle
..No par
Am Coal Co of Allegh Co N J 25
500
7%
51%
13 78
6
5%
10
7%
*3%
100
Am Chain & Cable Inc. No par
700
77
3%
26
Preferred.
100
734
2*4
*47
12%
3%
*5%
-.100
2,000
8»4
*8
*74%
pref
conv
$
1
8,600
6%
*7%
8%
75
Corp
American Car & Fdy.-No par
Preferred
..100
2%
207g
4
1334
3%
7%
8%
200
13
6%
M%
Bosch
American Can
9,300
7%
31%
*156
*7
75
5
734l
4
*111
734
3%
7
*6%
8%
78
*6
Am Brake Shoe & Fdy.ATo
par
20%
3H2
*29%
7%
*8%
10
2,800
"4" 600
7%
*378
*29l2
17%
6%
78
3%
10
Range for Previous
Year 1938
100-Share Lots
Lowest
Par
American
214
1934
7
*13
2%
1934
434
3%
*5%
2%
834
78
14
6%
On Basis of
4,500
*5%
2%
197g
16%
1334
*51
7%
834
*75
6
*6
634
7
878
76%
*74
14
6%
6%
9
*8%
15
Range Since Jan. 1
STOCK
Shares
5l2
*175
YORK
535
EXCHANGE
Week
$ per share
{ per share
55s
534
6
534
534
534
6%
6%
6%
41
42
42
4334
42
43%
44%
42% 42%
41% 42%
134
*13ll2 134
*131% 134
*132% 134
*132% 134
*132% 134
96%
98
9634
98%
98%
97%
98%
96
96%
95%
96%
*6
STOCKS
NEW
for
Saturday
*5%
New York Stock Record—Continued— Page 2
149
5
Jan 23
6% Jan
13
4
Marl5
6% Mar
2% Mar
5
July 20
Mar
72
Nov
3
4
Mar
Marl5
*52
May
Jan
59% Dec
13
Nov
9
Dec
77% Dec
12% Nov
75
Aug
73% Sept
39% Nov
80
*75
75
80
*55
8%
75%
200
Jan
5
78
59%
59%
*56
60
*55%
60
*55
59%
*56
60
100
41
June 12
48
36
8
Dec
36
Apr
60
36
100
100
70
59%
*35%
38
*35
38
*35
38
*35
38
100
98
Assoc Investments Co.-No par
30
98
April
38
June
6
27
Mar
98%
98%
*35%
*96%
99
*96
98%
*96
99
*96
99
Jan
100
1
Mar
28
June
72
27%
30
5% pref with warrants.. 100
90
27
20
30
3034
59
33,400
Atch Topeka A Santa Fe..l00
59%
4
22% Mar
4478 NOV
59%
60%
23% April
517b Apr 26
4278 Jan
59%
71
9
40
May
72
Jan
19%
734
13%
20%
1S34
19%
15
Mar
30
Dec
7%
30% Jan 3
10% Mar 14
14
7%
*1134
*73
77
*57
*73
17%
17%
18
*7
'8%
1378
*7
*1134
20%
*110
20%
110%
*12
20%
110
80
110
8%
8%
83g
8%
*46%
*51%
4634
*46%
53%
4634
54
*117
53%
119
*4%
5
*1%
2
*2%
♦21
2%
23
4
*117
*4%
*1%
*2%
*21
*74%
80
29%
*59
297g
8
29%
28%
30%
5978
59
60%'
19%
19%
20%
8
7
7
8,100
200
13
13
*12
12% 12%
13%
13%
2034
20%
20
20%
20%
20%
20%
1097g *107
109% *107
109
109% *107
878
87g
87g
87g
87g87g
87g
9:
47
47
*467g
47
47
47%
467g 4678
55
55
55
55
*54
*53% 56%
56%
20%
*107
*117
5
5
5
*47g
5
2
2
2
2
2%
2%
23
*23g
119
2%
*117
117%
2%
23
23
4%
127g
4%
43g
4%
127g
13%
57g
12%
5%
23
*18%
117
*434
2%
*2%
*21
92,800
39,500
Baldwin Loco Works v t c..13
13,000
Baltimore A Ohio
7%
6,900
2434
1,300
7%
6%
67g
6%
22%
22%
22%
227g
65
65%
66
66
66
14%
14%
1334
8%
8%
28%
*28%
1334
1334
14%
14%
14%
14%
14
14
23%
66%
6%
24
*66%
14%
14%
40
*
23%
*35
23%
40
24%
*35
23%
40
24%
*35
23%
*8%
14%
8«4
2,800
8'
29
29%
29%
14%
13%
14
13%
1378
6,500
24«4
10,100
85 prior A
*7%
*35
40
24%
23
40
24%
*35
11434
2,800
—100
4% preferred
50
Conv 5%
100
preferred
Barber Asphalt Corp
10
No par
Barker Brothers
preferred
50
Barnsdall Oil Co.
—...5
5H %
Bayuk Cigars Inc.—.No par
20
26%
1st preferred
Beatrice
100
25
Creamery
108
85 preferred w w
Beech Creek RR
130
Beech-Nut Packing Co
8%
1,500
74%
26%
4l",800
203g
3,500
55
No par
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
Bendlx
.6
Aviation
Beneficial Indus Loan..No par
700
priorpf82,60dlv ser'38No par
1,000
63
76,900
Bethlehem Steel (Del).No par
17%
1,200
10834
22%
1,100
18%
3,800
preferred
20
7% preferred
-.100
Blgelow-Sanf Carp Inc.No par
Black A Decker Mfg Co No par
11%
9,200
Blaw-Knox Co
18
800
120
243g
a Def.
22~600
delivery.
No par
Best A Co
5%
No par
Bloomlngdale Brothers. No par
Blumenthal A Co pref
100
Boeing Airplane Co
n
New stock,
r
Cash gala,
5
z
5% Apr 11
9
Apr
Apr
10
Apr
18%May
6
116
6
June 15
4% Apr 10
1% July 10
2
Apr 13
18%June 30
334 June 29
9% April
4% July 10
5
Apr 10
April
65
July 3
1078 Apr 8
6
Apr 8
24% Apr 11
xl2% Apr 11
19
15% Apr 10
110% Apr 11
17
Apr 10
98
Apr 10
28
Mar
18
104% Apr 12
7
April
43% Apr 8
50%June
10% Jan
Mar 15
23% Jan 10
110%June 6
9% July 21
48% Apr
6
14
Apr 8
8% Apr 10
*17% July 13
35
Apr 18
17% June 29
Ex-dlv.
978
Jan
3884 Mar
48% Aug
Mar
68
Jan 11
105
Jan
126%
127
4% Apr
2% June
6% Jan
5
4% Mar 10
378
Jan
2
6
30% Jan
878 JaD
1788 jan
Mar
12% Mar
2% Mar
5
Mar
4
884 Jan
Mar
8
Nov
Dec
Nov
6%
Jan
5%
3684
Dec
Dec
8% Dec
17% Dec
11
July
10% Jan
30% Jan
2484 Dec
36
July
87
Jan 11
82
98
July
21
Jan
5
13
Jan
5
33
Feb 28
19% Jan
5% Mar
4
Dec
12% Mar
Oct
Nov
10% Mar
213s July
9
878 Jan 20
73% Jan 25
2984 Jan 3
21% Mar 11
55
Jan
18
Jan 11
27
Mar
21
Apr
113g Mar
115
90% Apr
25
Apr
94% Apr
684 Mar
102
67
Sept
8% Mar
Oct
30% Mar
117
Dec
9
July
83
Jan
Dec
15% Mar
21
Dec
Jan
4
267g Mar
3984 May
1284 June
66
Nov
7
75
Mar
Feb 28
17% June
10% Mar
13% Apr
984 Mar
Feb 24
3434 Jan
vEx-rlghts.
Jan
Dec
30%
22% Jan 3
1784 Jan 4
23% Mar 11
44
19%
Nov
July 21
57% Mar 11
80
115
Oct
14
34
109
102% July 13
2384
Jan
Mar
5
2484 July 21
26% July 21
1384
21% Mar
11434 Jan 16
Mar 23
43% July 21
50%June 30
15% Apr 10
90% Apr 11
1578 Apr 10
Jan
36
June 12
Mar 22
14%
2738 July
109% Aug
3
29
163g Apr 11
1778 Apr 11
684 Mar
8% July
8
126
70
10178 Apr
Nov
6634 Jan
3
Mar
4% Mar
6% Mar
17«4 Mar
95
4784 Mar
113% Apr 28
7% Apr 10
50
20
45
40
23%
I In receivership,
300
100
Bangor A Aroostook
190
Bid and asked prices; no sales on this day.
120
29
8
...
2278
69
29
8
23
23
23%
23
23% 237g
2334
23
23%
23%' 23%
113% 113% *112% 113%
113% 113% *113% 11434 *113% 11434 *113%
25
2478 25
25%
25%
25%
25%
25%
25% 25%
2534
*103% 107
*103% 107% *103% 107% *105
108
107% *105
*105
*27% 2884 *27% 29
*27%
29
*125
129
*125% 128
*125
'127% 130
130
*124% 130
*124%
*8%
8;
83g
8%
8%
8%
8%
.8%
*8%
8%
8%
*71
*71%
74
*71%
74% *71%
*71%
74%
74% *71%
2378
24
237g 253g
25%
26
25% 26%
2434 26%
25%
20
20
20
20%
20%
203g
20% 20%
20% 20%
20%
54
54
54%
543g
54%
5434
*54%
55%
*54% 55
5434
*44
*44% 4534
*45
4534
45% 46
4534
45% 45%
43%
55%
56%
60
5634
603g
59% 61%
60%
62
607g
60%
*17
17
17
17%
17%
17%
17%
17%
173g
173g
173g
*10678 108
108
107% 108
108% *107% 108%
108% 108% 108%
*20% 21%
2134
22%
22% 22%
2234
22% 2234 *22
22%
♦17
18
17%
17%
18
18%
18%
18%
18%
18%
18%
10%
10%
11
10%
11
10%
10%
10%
10%
1034
10%
18
*17%
18
*17
18
18
*17%
18
*167g 18
*1678
*35
No par
5%
22
28%
Austin Nichols
10
434
65
8
100
23
133g
22
14%
2%
*21
100
5% conv preferred
5%
*63
28%
Corp
No par
tAuburn Automobile..No par
Atlas Tack
4%
*21%
8
700
12%
5%
22
13
300
5%
634
65
28%
10
5%
2%
434
*63
8
117%
2%
*2%
1278
*20%
13%
5
50
No par
5%
47g
28%
Corp
preferred
4%
12
4%
*1278
*7%
*27%
*13%
6%
Atlas Powder
12%
1134
4%
5%
6%
25
100
5%
5
2%
2%
23
Atlas
300
500
100
Refining..
4% conv prel series A
5%
11%
578
*117
5% preferred
Atlantic
4%
13
4
5%
634
117
Atlantic Coast Line RR—100
Atl G A W I SS Lines.-No par
400
12,300
100
5% preferred
200
2,200
1
No par
Aviation Corp. of Del (The) .3
4%
5%
7% 2d preferred
1,600
*7
119
23g
28%
18%
19
18%
6,200
*58%
60
*7
*74
8%
3
7878
24% Nov
1984 Nov
21% Oct
May
1
Dec
18% Nov
11478 Nov
2984 Oct
55
Sept
357b
^ Called for redemption
July
Dec
New York Stock
536
LOW AND HIGH
SALE PRICES—PER SHARE,
NOT PER CENT
Record—Continued—Page?3
Tuesday
July 15
July 17
$ per share
22U 22*4
21*4
2V$
23
*1%
2712
6?ft
1012
21*2
*39ift
*49*8
*1%
1012
12ift
21*4
111
111
Friday
July 21
0 per share
f per share
Shares
68
21
23*4
2
2
27*4
28*4
21%
21%
207ft
2%
28%
7
10*4
11*8
11
2l7g
3912
495ft
231ft
40
go
23%
40%
21lft
2ig
27»2
6%
10%
21*8
3912
50
1*8
11
21%
26%
2%
28
07ft
7
50
11%
1%
1*4
121ft
12*2
11%
127ft
42*4
40*4
41U
411%
2312
*3412
*14%
237ft
37
241ft
*34*2
15%
25%
37
157ft
H
a
8%
8%
*97
104
47ft
15
8%
5
47ft
42
3*4
*2714
37g
28
20
*1912
*14*4
1212
*114
*10*4
*6*4
*207ft
*2*8
*914
5214
*1214
♦517ft
78
7ft
6*4
11%
177«
6
11*8
1712
*43
4
4
321ft
*512
*36*8
*84
821ft
0»4
39%
85l2
*15
15*8
12*4
53
55
27ft
20
14
20%
*50
62*4
1
1
6
6%
13
6%
39%
85%
16
40
40
40
4%
32%
6%
40
3
27ft
00
20*8 *19%
3%
3*8
11312 *112
6
*4*8
*4*8
*87
5
4*8
5
95
*4*8
5
♦89
39
*100
19
20
8*4
2114
*92
94%
337ft
2%
♦%
*1*4
*12*8
12*4
*14
%
*8
8%
38%
8
30%
100
20*4
9%
23
36*4
94%
2*4
20%
9%
22*4
35*4
*92
*2%
39
37%
8%
77ft
32
30
100%
21
100
*17ft
*%
*58
13
9%
94
2%
*2%
*%
17ft
2
13%
1
14%
9
*10%
*%
85
*8%
11%
9
11%
*8%
9
97
9
*27
31
31
31
83%
14
96*4
82
83%
80*4
13%
137ft
13%
96
96%
76%
137ft
96*4
*50
3
*27g
22%
23
9%
60
*50
3
3
24
23%
24*4
*75
*40~
31%
*130%
24*4
76%
40%
31%
-
U3
25%
*74*4
"il"
32
113
~
27
76*4
42"
33
*130%
126
126
120
*61
63
*61
126
28
28%
29
31
16
107
31%
16%
107
32%
66
94%
*2
26%
17ft
127ft
1,600
2,200
350
6,100
40,700
1,000
12,300
300
10,100
120
1%
7ft
9
9
10%
8%
13%
13%
8%
95
7*4
30%
42%
127
23
30%
94%
2%
Central Agulrre assoc.No par
Central Foundry Co.
—.1
Century Ribbon Mills JV#
par
.—100
v' Common....No par
Checker Cab.........
..6
3,300
27,800
Chesapeake Corp.—.No par
Chesapeake A Ohio Ry
25
200
Preferred series A._.
100
tChlc A East 111 Ry Co8% pflOO
1,300
%
100
1,700
1,800
200
13*4
35%
3,800
I Chicago Great Western..100
4% preferred..........100
Chicago Mall Order Co—...6
JChlo Mil 8t P A Pao—No par
5% preferred...
100
(Chicago A North Weat'n.100
Preferred
100
Chicago Pneumat Tool .No par
100
03 conv preferred...No par
46%
%
""165
1%
300
Pr pf (02.50) cum dlv No par
(Chic Rock Isl A Pacific—100
7% preferred..
.100
7ft
10%
8*4
400
2,300
20
84% 157,400
13%
3,100
*91
95
50
50
50
80
40
3%
*3
3%
300
23%
24
24%
2,500
113% 113%
26% 26%
113
*75
42
78
42%
327ft
*130%
I257g 1257ft
*61
16
"l6%
*105
1007ft
31%
113
27%
*75
27%
240
Chicago Yellow Cab
No par
Chickasha Cotton Oil...—10
Child* Co.. ..........No par
Chile Copper Co..........26
Chrysler Corp.............5
City Ice A Fuel.......No par
3H% preferred........100
City Investing Co
—.100
City Stores..........
6
Clark Equipment.... .No par
1,900
Clev El Ilium 04.50 pf.No par
Clev Graph Bronze Co (The).l
7,500
Clev A Pitts RR Co 7% gtd.50
Special gtd 4% stock... ..50
Climax Molybdenum
No par
78
"41%
42%
33
15,200
*130%
126% 126*4
"i"500
32%
par
100
Cluett Peabody A Co—No
Preferred
Coca-Cola Co (The)—.No
Class A
No
46,200
Colgate-Palmolive-Peet No
par
—
*01
--
16% *16%
16%
17%
105*4 105*4 *105
105*4
30
31
30
317ft
( In receivership,
a
Jan 24
12ift
16%
18%
1%
19%
5%
8%
10%
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Apr
...
.
...
100
par
par
200
0% preferred..........100
7,700
Collins A Alkman.... JVo par
30
5% conv preferred..
.100
Colo Fuel A Iron Corp JVo par
Colorado A Southern.....100
2,500
90
150
4% 1st preferred.......100
30
4% 2d preferred...
100
Columb Br'd Sys Inc cl a.2.50
Class B
2.50
7,200
1,600
900
1,700
100
57,100
1,200
......
Columbian Carbon
Columbia Pict
02.75
conv
v
v
t e No par
t c.
No par
preferred.No par
Columbia Gas A Elec
No par
9,900
6% preferred series A...100
5% preferred
.....100
Commercial Credit..——10
lb'ooo
4)4 % conv preferred——100
Comm'l Invest Trust..No par
24*200
04.25 conv pf ser '35 JVo par
Commercial Solvents. .No par
40
27,400
6,200
47,300
Def. delivery.
Commonw'lth A Sou
No par
06 preferred series
No par
Commonwealth Edison Co..25
nNewstock.
r
30
12
11
8
10
10
8
10
31
Apr 12
41*4 Apr 14
1%
5%
7%
27
Apr
Apr
Apr
Apr
l
1
8
8
13% Apr 10
31% Jan 3
9% Apr 8
7
Apr
8
94*4 Apr 11
4
Apr
8
29% Apr 11
3
Apr 8
21% Apr 10
16
April
11% Apr 10
11
June 30
1
Apr 10
6% Mar 31
5% Apr 10
18% Apr 11
2%June 29
7
April
25% Apr 11
11% Apr 8
13% Apr 10
48% Mar 1
% Feb 15
5
Apr 8
9% Apr 11
12. April
43 July 14
3% Apr 8
29*4 Apr 8
Cash sale,
x
Lowest
113% July 21
69%May 13
22 June 21
21% July 19
-
32
Jan
2*4Mar
3
8
29
July 20
7% Feb 27
157ft Jan 4
317ft jan 5
40% July 19
50% July 18
2
Jan 20
12% July 19
13% Mar 1
44*4 July 19
25*4 July 21
Apr 29
17% July 21
30
13% Jan 6
100% July 21
8
Jan
30
Jan
_
Apr
8
Apr 17
18% Apr 8
2% Apr 10
109
Mar 22
3*4June 30
3% Apr 8
3% Apr 11
85%June
3
June 29
32
6% Apr 8
22% Apr 8
98
Apr 20
17% June 30
6% Apr 11
17% Apr 10
27
April
4% Mar
17% Jan
20%June 20
53
July 7
2% Jan 17
8% Jan 5
17*4 Jan 4
20*s Jan 18
June 12
47
20% Jan
37g
4
Jan
3
94% Mar
122% Mar
9
3
Mar 11
55
107% Jan
9
26
July 21
107% July 21
19% Jan 4
72% Mar 14
22% Jan 11
5% Jan 3
113
June 12
9% Jan 5
5% Jan 8
6% Mar 11
95
Feb 24
5
%June 26
%June 30
1% June 28
10
Apr 10
32
April
44% June 22
%June 1
*4 Apr10
% Apr
8
7% Apr 11
Apr 5
7
Apr 8
25
Apr 8
63% April
9
Apr 8
10
79
60
Jan
6
July 20
2% Apr
15
Apr
68
8
8
Mar
28
4
Mar
5% Mar
12*4 Mar
18
Mar
28
Feb
1%
3%
5%
£16*4
10%
29
Dec
16% Aug
22% July
3% Jan
Mar
Mar
Mar
Mar
July
July
5
Oct
45
Mar
51
1
Mar
13
Mar
5% Mar
8% May
12% Mar
37% Apr
5
Mar
21
May
4% Mar
34% Mar
631ft Apr
12% June
2% Mar
62% Mar
98% Jan
29% Mar
100% Jan
9
Mar
82
Aug
2% Jan
10*4 Oct
20% Aog
21% July
46% Nov
8%
Jan
July
8*4 Aug
42
45
Nov
89
Jan
22% Nov
4% Jan
107% July
120
Aug
58
July
106% Dec
26% Nov
July
12% Dec
96
46
72% July
Mar
187ft Dec
2
Sept
19% Deo
28
Jan
Mar
6% July
99*4 Apr
6% Dec
111% Nov
4
Mar
3% Mar
88
Aug
14
July
8% Jan
07ft July
104
Apr
5
26% Mar
59%
Oct
13
Jan
4
Oct
4
4% Mar
17% Mar
12%
47% Jan
46
Oct
106
Mar
102
Mar 21
30
11
Jan
94
June
3
18
May
33% Nov
Feb 25
6
June
12*4 July
48% Mar
38% Jan
-
£25% Mar
40% Mar
8
20
Dec
9
22
June
95% June 27
70
Apr
89
Jan
1% Mar
4
July
% Aug
2% Sept
1%
87ft Mar
1
Jan
17ft
1*4
Jan
Mar
5% July
07ft Mar
19*4 Deo
3
% Nov
4
4
%
%
Jan
3% Jan 4
20% Jan 4
387ft Mar 14
48% Mar 11
2
22
Mar
37%June
% Deo
*4 Feb
6
I7g Jan
1% Jan
5
9% Mar
14% Jan
13% Jan
9
6
3
8
Mar
12
Mar
Jan 11
25
33
58
Mar 11
4% Jan
26
1
3
85% Mar 9
147ftMay 23
97%June 10
3
Mar 11
29% Mar 10
Mar 13
2
60% JaD 5
33
July 17
135
Marl6
133
Jan
6
7
62
Mar
2
11% Apr 10
101% Feb
20% Apr
107
100
108*4 July 12
17% July 21
July 18
86% Jan
23% Jan
5
5
Jan
4
9% Jan
3
7
7% Jan 4
21% July 17
21% July 19
94
July 19
15% Jan 4
30% Mar 6
%
3% Mar
Jan
80
Dec
Mar
60
Feb
2
Mar
10% Mar
5% Nov
27%
Oct
Nov
75
Mar
Apr
15% Mar
67% July
115
Aug
44
Dec
32% Mar
10% Mar
111
Jan
lOSig Mar
57% July
7% Mar
78
May
13% Mar
30% Nov
70
Jan
45
Feb
00% Nov
25*4 July
129
Nov
142*4 Aug
01% Nov
17
Nov
104% Deo
39*4 Oct
87*4 June
9% Mar
3% Mar
4% Mar
.4
Apr
107% Nov
237ft Nov
13% Mar
Mar
22*4 July
22% July
53*4 Apr
98% July
13
9
Mar
Mar
109% Mar 20
84
Mar
Ex-rights.
Oct
64
23
3
51
69
3
Jan
Jan
12*4 Jan
19% July
13% Nov
88% Nov
13% Jan
8
60
July
May
35% Mar
7% Sept
Jan
110% June 21
13*4 Feb 25
2% Feb 0
68% July 13
30% July 21
Jan
2%
Feb
Mar 14
Nov
1%
Dec
57
9
47
3
83
91
Feb
Jan
39*4 Nov
Dec
25% Dec
5% Mar
57
May
50
May
9
Jan
5% Jan
157ft July
Dec
Dec
% Jan
1% Jan
1
45%May
y
10
24
15% Mar
78
Ex-dlv.
547ft
5*4
15% Nov
44% Nov
22
July
24% Jan
74*4 Jan 23
April
7% April
23% Apr 8
6% Apr 10
74% Jan 3
62% Jan 13
38*4 Apr 10
105% Apr 6
42
Apr 8
106
Apr 14
9
July 10
1% Mar 31
45% Jan 3
025% Apr 10
7% Dec
Mar
42
73
Oct
jan
Oct
July
70
4% Mar 31
4
May 16
14
Apr 10
14* April
Jan
14%
39
106
Apr
41
Mar
Mar
9
Apr
Jan
Nov
15%
13%
6*4
14%
1%
4
3
Deo
2*4
12
Mar
Feb
11% Apr
43
Mar
Feb
Jan
37% Aug
40% Aug
13% Oct
100% Nov
69
58
Dec
57( Mar
Apr
75
115
34%June30
21% April
127% Jan 5
114
April
Oct
8% Aug
16
14*4 Nov
46% Nov
23% Oct
Feb 10
3
Jan
Oct
Jan
Mar
Mar
Mar
Mar
Mar
27*4 May
5% Mar
109% June 20
20% April
Jan
Deo
July
52% Jan
3*4 Jan 4
% Jan 4
37ft Jan 5
13% Mar 11
% Apr
34
6
July
1% Apt 10
%Msy 8
lBgMay 19
9% Apr 8
52%
14%
19%
86%
4*4
20
13% Jan
50
Jan 24
86
May
16% Mar
1% Dec
6% May
16% Mar
2% Mar
.85% July 17
1
7
66
April
110
April
38% Apr 1
103% Mar 27
13% Apr 10
84
Apr 14
June
June
9% Jan
23*4 Mar
77
Apr 20
Jan
9
15
3
4%May 19
35 July 10
13% Apr
2% July
40
62
17% July 20
18*4 Jan 3
2% Jan
13
Highest
$ per share 0 per shot*
15% Mar
30% Oct
82
Dee
Apr 107
3% Mar
55% Jan
6% Jan
34% Mar
0% Jan 3
34% Mar 11
7% Jan 9
42% Feb 17
0% preferred—.......100
400
8
Jan 23
51
64
6% prior preferred
100
Cham Pap A Fib Co 6% Pf.100
100
10% Apr
104
.—100
410
""700
2
13
95
32
327ft
127%
*01
31
.
Cerro He Pasco Copper .No par
Certain-Teed Products......1
120
0 per share
28% Jan i
10
5,500
6,000
1,900
Highest
$ per share
No par
400
*91
23
Celotex.Corp,
5% preferred.
Preferred
38
35
81%
13%
...
Preferred.—.
.......100
Caterpillar Tractor—.No par
6% preferred..........100
Celanese Corp of Amrr.No par
7% prior preferred....—100
Central Vloleta Sugar Co—.19
9
*27
Capital Admin class A.
1
03 preferred A ..........10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co.........5
Carriers A General Corp
1
Case (J 1) Co
100
500
**4
*%
11%
26
No par
300
2
**4
*%
Canadian Pacifle Ry
Cannon Mills...
1,200
2
13*4
Callahan Zinc Lead
5%
%
35
...30
5
Byers Co (A M)
...No par
Participating preferred.. 100
Byron Jackson Co.....No par
California Packing....No par
5% preferred—
50
6%
47ft
_%
82%
5V, conv preferred
Butte Copper & Zinc
Central 111 Lt4Hi% pref.—lOO
Central RR of New Jersey .100
*%
*4
JZ
80
......10
CCCAStLoulsRyCo5% pref 100
26%
76%
Bid and asked prioes; no sales on this day.
110
3%
*107% 108*4 *107% 108*4 *107% 108*4 108*4 108*4 108% 108*4 *107% 109
13%
13%
14%
*14
1534
15
15
15% 15*4
15%
15*4
16*4
*4
4%
*4
*4
4%
*4
4%
4
4
4%
4%
4*4
*5
*5%
6
6
5*4
6
6
*412
*4%
5>
*4%
*3%
5
*3%
5
5
5
*4%
*4%
5
*4%
47ft
20%
20%
20% 21%
21
21
21
21%
20% 20%
20*4 21%
*20% 20%
20% 20%
21
21
20% 20% *20%
207ft
20*4 21%
*91% 92*4
92*4 93*4
*92
94
93*4 93*4
94
94
93
94
*10
10%
10%
10%
10% 10%
10
10
9*4
10
9*4 10
*25
28% ♦257ft 30
*26
29
26% 26%
26%
*2578 26*4 *25
0%
6%
6%
6*4
6%
67ft
6%
6%
6%
6%
6*4
*86
87
87
87%
877ft 877ft
87% 87%
86%
80*4
87% 87%
*71
75% *71
75%
75% 75%
70
76
78%
79
*76% 79
46% 4012
46*4 49
49% 50
48
48%
48% 49%
49%
49%
*108% 109% *108% 109% *10812 109% *108% 109%
*108% 109% *108% 109%
52
52
52
54
54% 5434
53
53*4 54*4
54%
52%
54
*109
114% *109% 111
*109% 111
111
*109
*109
111
*109% 111
9*4
*9%
9%
10%
10%
11%
10%
10*4
10%
10%
10%
11%
1%
1%
1%
1%
1*8
1%
1%
1*8
1*8
1%
1%
1%
05%
65*4
65*4 67%
67% 68
66
66*4
65% 66%
65%
07%
29% 29%
29% 30
297ft 30%
30
30%
30% 30%
30% 30%
*
140
700
20%
113
9
22*4
3512
15,700
1,000
1,000
70
19%
9
100
72
113% 113%
32
61
26
107%
127ft
102
19
%
♦27ft
*1301
61
15% 15%
15% 10%
*100% 107
*106
107
23%
*74%
.
45*4
700
106
50
00
23%
*
33
127
30
*8
8%
3%
42*4
127
37%
7*4
*%
*27
82%
13%
95%
*27ft
24%
77
32%
*130%
95%
3%
11234 113
27
27%
42
9
32
*50
60
72
*112*4 114*4
9
*27
9*4
fBush Term Bldgdep7% pflOO
Butler Bros...
Canada So# Ry Co——100
4%
*8%
*10%
9
11%
.No par
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
6
*34
11%
78
Bollard Co
Burlington Mills Corp..
..1
Burroughs Add Mach_.No par
Bush Terminal...
1
20
12*4
19%
45
*%
-
No par
3,600
34,400
340
12%
17%
*45
11%
*5ft
00
,
48
7ft
7
1
500
2,000
4,900
Bulova Watch
1
Calumet A Heel a Cons Cop. .5
*45
9
1
110
No par
6,600
*99
17ft
12%
*%
%
1%
7ft
900
2,000
Budd (E G) Mfg
7% preferred..........100
Budd Wheel
....No par
2,100
48
*%
*7g
♦%
%
10,000
*%
*1%
12%
%
1,000
29,000
Bucyrus-Erle Co
5
7% preferred..........100
1
2
13%
35%
*45
2
%
5,000
3,500
Bruna-Balke-Collender.No/ par
6
*%
17ft
21,700
1,430
.....No par
2,500
6%
*39*4
*82%
2
2
Brewing Corp of America
3
Bridgeport Brass Co
No par
Brlggs ManufacturingJVo par
Brlggs & Stratton
No par
Bristol-Myers Co.
--..-6
Brooklyn A Queens TtmNo par
16 preferred
No par
Bklyn-Manb Transit—No par
06 preferred series A .No pa
Brooklyn Union Gas...No par
137ft
197ft
52*4
*1%
13%
*33%
35%
♦l4
*4
2^2
Bower Roller Bearing Co...17
137ft
19%
62*4
*7«
57ft
%
17g
13%
35%
46*4
%
35
*94
Borg-Warner Corp.........6
Boston A Maine RB
100
10%
13
*45
**8
23
Borden Co (The).--....—15
65
34
20%
9%
23
35%
94%
30
1
.
54%
4
100
Bond Stores Inc
10
*12%
*34
*2*4
22%
3
*32
37%
8
30%
19%
*8%
*22%
3578
94
23
%
14
100
100
347ft
*4
*17ft
30%
20%
35%
178
137ft
30*4
*8*4
46*4
*1%
30%
7%
94
*4
*8
b8
8
20%
♦%
12*4
37*4
9%
23
36*4
*45
*50
100%
5%
6*4
43% 45
4%
4%
27*4 29
21% 21%
16%
17%
14
14%
1%
1%
11% 11*4
7%
7%
22% 22%
3
ii'soo
5
No par
No par
Class B
Brown Shoe Co
7,200
100
77%
118%
21%
*17g
♦%
*1*4
*12*8
9
77
77
75
70
77%
118
118
118
118
*117*4 118
44
44
45% 46
44% 45
44*4
106
*105
106
*105% 100
*105
*105% 106
25*8
25
25%
24% 25%
24% 25%
24*4
105
100
107% fll06% 106*4 107
105*4 106
13
125ft
13%
12% 13
12%
12%
12%
67,
*65
07
66
66*4 66*4
05
65
205s
20
20
19*4 19*4
19% 19*4 *19%
3*4
3%
4
3*4
37ft
3%
3%
3%
*112
113
112
*112
113
112% *111%
"5"
5
5
6
5
*5
*5%
0%
4%
4%
4%
*4%
4*4
4%
4%
*4%
5
5
*4%
5
*4%
5
6%
5%
95
*89
95
*91
*89
95
95
*91
*34%
*94
8%
118
34
9
10
3%
46
28
75*4
13*4
44
25*4
37
17%
3%
34
*8%
*25%
74*4
13*4
43
24%
*34%
3%
*45
11
5,200
19,700
6,600
18,400
3%
79%
13
*8%
*10%
3,600
3%
78
79
24,600
1*4
15%
'3%
2,700
1,700
13,600
11*4
13%
15*4
3%
600
*1%
11%
12%
*15
6%
2,700
19,600
20,900
1,000
1,500
4%
*31%
Bon Ami class A
50%
*39%
*82%
13
*%
**4
*%
41
Bohn Aluminum A Brass
140
310
Rangefat Previous
Year 1938
Lowest
Pat
800
50
15*4
*84
*%
%
%
17ft
13%
*33%
17ft
22
*40
84%
34%
*92
>
7
11%
23*8
*83
105
9%
.
7
107ft
*15%
*3%
31%
102
2%
29
10
29%
19
*8%
*20*4
337ft
26*4
85%
387ft
♦100
25*4
*1*4
287ft
10
«37%
7%
7*8
2812
21%
45*4
104*8
11%
HI4
21%
■
21
0*4
42
85
15%
118
24
23*4
21
45
48
4
21*4 22%
113% 113%
*58% 687ft
33
6*8
42
85
3
*3
*12ift
*44
6
60
♦ftft
*114
47
4%
32%
6%
38%
84%
15*8
105
*184
*13%
10
7%
22
3
10%
4%
33
0%
79
38*4
7la
2818
13*4
20%
52*4
7ft
1%
12
4%
118
*112
*1%
*10*4
7%
*21%
21*4
10%
14%
32%
*6%
79
*04
1%
12
7%
21%
3
10%
52%
29%
4%
118
*19*8
3*ft
15%
4%
32%
44
43*4 43*4
*105
*10512 106
11%
*44
4*ft
29%
21%
4
*75
23*8
18%
44
*97% 1047ft
5%
65ft
42
43%
14
0%
87ft
32
*116
*104
12*4
18%
44
14
07ft
21%
27ft
9%
52%
13%
197ft
45
*2*ft
18%
21%
15%
1%
*10*4
1%
53
1712
29
20
12
157ft
45
28
13
*19
*43
4%
15
*50
7ft
*5*4
42%
37g
7%
211ft
27ft
9*8
6214
1314
19*4
*11
5%
4112
15
13
25%
37
8%
87ft
8%
8%
*98% 1047ft *100
1047ft
5%
5%
5%
5*4
42
42%
42% 44%
4
4
4
4%
28% 29%
28%
28%
*20*4 21*4
20% 20*4
16% 17%
17%
14
14
14%
14%
1%
1%
1*8
1%
11% 11%
11%
11%
7
7%
7%
7%
*22
217« 22
22%
27ft
3
27ft
3
9*4 10
9%
9%
*55
65
55
50%
137« 137ft
*13% 14
19% 20% *19
19%
*50
52*4 *52%
52*4
1
7ft
1
7ft
5*4
6
6%
6*4
12% 12%
12%
12%
17% 18
17% 177ft
-
*97% 1047g
*40is
23%
40%
50*8
11%
1%
11%
12%
41%
24%
*34%
15*4
40
7
11*8
11
I2i8
22
*22
22
22*4
111% 111*4 *111% 114
68% 68%
58%
587ft
20*4 20*4
20% 21
21% 21%
21% 21%
25% 20%
25% 20%
2
2
*1%
2%
28^2 28*4
28% 29
7
7
*6%
7
107« 11%
107ft
11
22% 23
21% 22%
40% 40%
40%
40%
49% 49%
49% 60
1%
1*4
1%
1*4
11% 12%
11%
11%
127ft 13%
12% 13%
42% 44*4
43% 43*4
24
24%
23% 24%
*34% 37
*34% 37
15*4 157ft
15%
10%
58
20*4
2114
257ft
Range Sines Jan. 1
On Basis of IQO-Share Lots
Week
I per share
111
58
20
68
20*4
2II4
23%
111
58
111
*57*4
*19*4
21ift
EXCHANGE
Thursday
July 20
July 18
3 per share
*21
STOCKS
NEW YORK STOCK
the
Wednesday
July 19
0 per share
*109
Sales
for
Monday
Saturday
July 22, 1939
31% Mar
90
Jan
57ft Mar
1
Mar
25
Mar
22% Mar
8*4
Jan
Jan
11*4
10
Jane
Nov
19
35% July
97« Oct
83
Oct
70
Oct
597g Nov
108% Nov
64
Nov
112% Oct
12% July
2% Oct
55*4 Oct
28
May
1 Called for redemption.
New York Stock Record—Continued—Page 4
Volume 149
LOW
AND HIGH
Tuesday
Wednesday
July 18
July 19
$ per share
I per share
2378
24
*55s
*5i4
' 9
6*4
24i4
*6i2
*5i4
20
20
7
7h
*75i2 81
8978 8978
*H4
1%
*103s
10^
31% 31%
*106% 107
634
75s
7U
*75i2
89i4
*1*4
105g
31%
107
1
lh
2l4
*10
96
96
2J4
21
1012
8
7
*5%
*514
20i2
7
21%
7%
25%
*5%
*5i4
*7%
9
634
734
*75
81
*75
81
89%
F4
*88
90
*88l2
89
11%
1112
1114
32%
317g
106% 10634
*6X4
6%
7X2
*li2
7%
11'4
11%
32I2
32%
106% 10634
IO6I2
*6X4
7h
6%
6I2
1734
7
234
2214
2434
25l2
59*4
6H2
58%
6012
176
7
176
378
247S
102lg
31
10*2
24U
24
3612
*32l4
33i2
9*4
♦31-ig
9%
11
714
7%
714
36'4
2i2
22is
37
234
36i2
2i2
3634
22i2
25
26
22is
24i2
22%
2634
59
59
59
61
61%
11
26
36*2
3312
103g
334
79i2
80
81
30
30i2
68i2
31
3378
337g
69
70x4
67l2
3*4
*27g
3i2
*54
4-3«
314
312
57
*11%
47*8
4-38
3X2
*3i2
*54
12
258
378
100
5% preferred v t c
100
Consumers P Co$4.50 pfNo par
Container Corp of America. 20
9312 Apr 27
918 June 30
Continental Bak Co cl ANo par
IU2 Apr 10
*1014
11'4
IOO84 1007g
11
17%
I8I4
*11%
412
278
22%
2214
2778
22i2
287S
2734
58X2
33X4
6934
4
3334
6934
4l2
3X2
3%
*68
4X2
3i2
3334
32
70X2
4%
3%
12
*117g
12
12
12
*lix2
25's
25ig
247s
25i2
25lz
2578
25i2
26%
25i2
26i4
25i2
612
*4i2
*17
53s
90
*80
*55
18l2
6
I8I4
*4i2
18
*17
112
112
53g
♦111
20
1984
57g
2084
27
27
16
16
16
16
16*2
18
*5g
22I2
*33
*4412
*6
18*4
4-58
5*4
*1514
17%
5%
34
34
22l2
122X2 12212 *122
24
22% 23
2OI4
27
1534
*15
18%
1714
5%
%
2078
27%
16
17i2
25
4412
6l4
*43l2
6%
44l4
1812
1834
122
3334
4414
6l2
1834
18%
24I4
*33i2
*43i2
6I4
18x2
83i2
83I2
90
*85
*978
32i4
10
10
10
IOI4
10X2
3178
3178
32
IOI4
3214
10I2
32i4
*32%
32X2
*15i8
*32l2
68*2
15*2
3314
6914
157g
3278
1578
33
16
1612
*16
32l2
33
32X4
71
7178
70
*125
734
*9
*12
*112
130
*847g
69i4
130
734
912
I3I4
118
8X4
912
*12i2
*112
90
7134
131
8
1034
1314
120
*85
129
87g
11
*12X2
*112
130
166i2 167
180
167
*174
18612
180
8h
11
180
90
86
16I2
33
33
71
7278
129% *126
8h
13
13
478
169
180
2678
26t8
2678
2584
26%
25
4%
1912
*1*4
1912
1%
33ig
1034
1934
1934
1934
1934
19
1914
*18'2
IX4
34i2
III4
1914
*2
1%
l-3g
1%
1%
114
1%
36i4
3534
36%
3434
35%
HI4
WX4
nx2
11%
2%
8»4
277g
25
2934
214
8l2
2X4
8X4
8%
2734
2S34
24
28l2
2478
25
28i4
2i4
III4
*214
8%
27%
29
2912
25X2
2934
*24X2
2934
7g
3478
35X2
*37I2 39
1067g 1067g
*7g
734
734
26*8
26'g
214
77g
2612
*2214
24
*27i2
29
*34
*3478
.
7g
36
*34
7g
35%
35X2
*38
39
*37X2 39
IO6I2 106i2 *105X2 106X2
11
lUs
IH4
12
*77
80
*8478
85*2
*88
78
90*2
7«
1'4
*2%
2I4
%
35
2X4
712
35
1%
1%
1%
234
3
3%
600
1,500
1X2
3%
1%
1%
1%
1
1'4
1%
1,600
27g
3
*27g
3
3X4
1,500
1%
*1%
*4x4
H2
*1X4
lh
4%
*4X4
41
*1X4
*4X4
19x4
20-34
20 a4
*li4
*4X4
112
434
H2
434
1X2
4-34
412
2934
*23%
*15%
2934
24I2
15%
700
1,000
78
H2
1%
44,600
92%
4i2
19
200
78
lh
414
8l2
834
8
20
8
2034
1934
2014
1X2
1>2
.
20
8%
2034
lh
100
30
3234
33
3384
24X2
15%
24X2
25
25
25
25
16
I6I4
1534
16
*114
*414
3ix2
*24X2
*15l2
94
*91
94
*92
94
102
99
101
*98
102
5l2
33
200
600
2,600
2,800
*114
*4x4
32X4
*1'4
6% non-voting deb
$4.50 preferred
100
No par
Duquesne Light 5% 1st pf.100
Eastern Airlines, Inc..
1
Eastern Rolling Mills
5
4
Eastman Kodak (N J)-No par
100
Mar
9% Jan
4
5
Mar
20% Mar
1
11
Mar
984May 18
30
Mar 31
Apr 10
12x4 Apr 11
5
65i8 June
9
Jan 16
Jan 3
Mar 29
8i2 Sept
2834 June
Jan
8x2 Apr 10
$6 preferred..
No par
Elec Storage Battery..No par
Elk Horn Coal
Corp—No par
El Paso Natural Gas
3
17
Feb
33
Apr
Apr
Jan 25
8
1% Apr 10
4%
30
33i2
25i8
6,500
Fairbanks Morse & Co.No par
500
Fajardo Sug Co of Pr Rico..20
151*
1534
1,700
Federal Light & Traction—15
Fairbanks Co 8% pref..—100
6
38
I84 Jan
36x4June
4334 Jan
111
Jan 30
12% July 21
80%June 21
Mar
5x2 Jan
3
Jan
Jan
514 Mar
241* Jan
2x4 Jan 20
6I2 Feb 27
37% July 19
10i8 Apr
1% Mar
3i2 Mar
19x2 May
22i2 May
67g Mar
67
Apr
52i2 Apr
2ig Mar
17g Mar
1
Sept
12x4 Mar
677g Jan
22i2 Mar
19
15
437g Jan
29is Jan
100
81
Jan 24
93
200
Federal Mln & Smelting Co 100
85
Maris
3I2
3X2
3%
3%
3%
3X2
2,800
Federal Motor Truck..No par
Apr 5
27* Apr 10
110
334
1%
1%
lh
lis
1
114
1%
1%
IX4
114
ix4
2,100
t Federal Screw Works. No par
7gJune 30
*34
7g
h
78
78
7g
7s
1%
7S
*7g
1
1,700
Federal Water Serv A.No par
*2334
2518
89
36i4
21
25%
25X4
25X4
25X2
*23X2
200
Federated Dept Stores.No par
Fidel Phen Fire Isn N Y..2.50
84May 25
1834 Apr 11
83
Apr
1
27«4 Apr 11
Fllene's (Wm) Sons Co.No par
1634 Apr 11
*86ig
36
*1734
*
*24
*86%
89
*88
3614
*1734
367g
21
*1734
37
*90l2
*99
*24
89
*88
37X2
21
*17«4
37
Bid and asked prices; no sales on this day.
3?
*88
89
37%
21
36X2
*1734
In
24%
89X4
37'2
21
receivership,
78
*24
8812
36i2
*1784
1
25
8812
37
40
100
7,700
21
a Def. delivery,
$6 preferred
Fed Dept Stores
n New stock,
4 H% pf-100
r Cash sale.
*
Ex-dlv.
y
Dec
1% Dec
2i8 Mar
5% Mar
13
II4
li2 Dec
284 Mar
3%
94
103
21* Mar
38X2 Mar
Mar
3
312
*98
94%
Mar
46
I84 Jan
2% Jan
31s
*92I2
2ig Sept
'92X8 July 21
3%
94
103
Mar
40
*3ig
*92X2
*98
6
Junk 13
87
5
4
4
June 23
16%
92
92I2
*100X2 103
Mar
9
7
28
384 July 11
Apr 11
14i4 Apr 11
1
April
234 Apr 10
24
April
20
Apr 10
11
Apr 11
434
2
18
1% Apr 13
2
Apr 10
3H2
25>8
Jan
10 x2 Mar
2184 Mar
x2 Mar
100
100
434
121i2 Mar
157
3
5
Apr 11
7g Apr 10
32%
25X2
I6I4
Jan
314 Mar
6
69
3
4
Apr
1384 Nov
Feb
par
;
3«g Jan
109%
III34
30% Mar
100
Corp
8
Apr
2312 Apr 11
% Apr 4
par
Ex-Cell-O
l23%June13
118% Feb 27
19% July 20
102
90X2 Mar
13034 Mar
6ig Mar
22ig Mar
Jan 23
65% Apr
Exchange Buffet Corp .No par
June 19
Jan
134 May
8i2 Mar
12% Jan 19
41% Jan 20
2
par
5
877g
6i4 Apr 10
2012 Apr 11
1884 Apr 8
Eureka Vacuum Cleaner....6
4% 2d preferred
6
1314 Mar
38
Apr 13
Corp....50
5% preferred
..IDT zl03i8Mar 22
7
Apr 8
Engineers Public Service
1
62X2 Apr 8
$5 conv preferred
No par
Evans Products Co..
14
Mar
Mar
38i2 Mar 10
15% Jan 4
3% Mar 6
Endlcott-Johnson
$5% preferred w w..No
$6 preferred
No
Equitable Office Bldg..No
J Erie Railroad
4% 1st preferred
Jan
IH4 Jan 6
19X4 Jan 13
5
3
No par
31
186ig Jan
No par
5
$7 preferred
3
183% Feb 8
27% Mar 10
197g July 12
18i2June 13
UgJune 29
22x4 Apr 11
(The)
135
12
27% July
Jan
138% Apr 26
2
Jan
Mar 11
173
Edison Bros Stores Inc
Jan
87
4
July 12
% Nov
12x4
3514
2214
337g
78%
Jan
384 July
1514 Apr 11
Electric Boat
Mar
Mar
4
Eitlngon Schlld
Electric Auto-Lite
Mar
7i2 Mar
25
Eaton Manufacturing Co
Electric Power <fc Llght.No par
1
1%
No par
100
Duplan Silk
Elec & Mus Ind Am shares...
9134
8X2
20
9
8X4 Jan
2084
31%
7984 Jan 23
No par
Du P de Nem (E I) & Co_-20
1984 Mar
16%June
25X4 Jan
11
18
13
3
Apr
I5i2 Apr 10
Dunhlll International
6'4 June
102x2 Jan
1384 May
76
Distil Corp-Seagr's Ltd.No par
500
1
4i8
27% July 11
4i2 Mar
1314 Mar
4
Apr 12
5i4 Apr 1
26,100
15,000
91'2
8
Mar
Mar
1314 Mar
25
39
2%
1
*1X4
87g Jan
July 13
18
li2 Jan
2
No par
June
123% Feb
32% Jan
3414 July
447g July
25
5% pref with warrants.. 100
4-% Mar
35
Apr 13
18% Apr 10
Diamond T Motor Car Co
Mar
May
% July 18
103
28
2834
91i2
*3
June 20
17% Mar 10
8
Apr
No par
6% cum preferred..
1
*4
*4%
4,700
1
138
*1%
1,800
92
41g
*1812
450
*90
*1
8
200
24,800
9,900
92
7
Jan 18
360
1
4
Devoe & Raynolds A...No par
6% partlc preferred
May
55i2June 17
24i2 Jan
MarlO
300
9012
28X4 Jan
84
3
314 Mar
12% Mar
48i8 Jan
July 21
2,400
1
9
July 17
7i2 Jan
142
1,100
600
86I2
6i4 Jan
49
115
lo'ooo
78
12
12X8 Apr 11
Diamond Match
Class A.
4
24
100
Dixie-Vortex Co
Jan
1534 Apr 10
23
Apr 18
IH4 Apr 10
Delaware Lack <fe Western..50
5i2 Mar
16
112
20
Delaware <fc Hudson
Mar
1914 Mar
70
Apr
58i2 May
10
Preferred.....
Dlesel-Wemmer-Gilbert
712 Mar
58
3
Apr 11
No par
2214 Mar
29
Apr
25X2 Apr
2
100
Deere & Co
Mar
21% Apr
6'i Mar
May
160
7,000
34,300
78
107
Jan 21
5
Apr 12
1%
*84
Jan 24
6
Jan
85
65i2May
Apr 14
11%
79
86i2
25
preferred
6
Jan
10
35
III4
*75i2
10% Apr 11
378 Apr 1
38
Apr 14
4X2 Apr 11
1914 Apr 11
73x4 Apr 8
13% Apr 10
4% Apr 12
16
Apr 11
4% Apr 8
5
96
108
39
*82
8
5
Apr
Apr
45
Davega Stores Corp...
4
July 13
No par
8% preferred
107
1178
3
4
Jan 10
4784 Jan
126i4 Apr 11
13584 July 20
11712 Jan 26
II5I4 Jan 4
300
2o" 500
*38
85I2
*35g
734
'
107
76i2
June 30
14% Jan
91
Mar 31
1,700
11%
62
No par
Cutler-Hammer Inc
Conv 5%
8
June 29
3,700
85i2
1
Apr 14
3
9
29%
7g
76
19
_
6
25
12X4
Jan
IOU2 Apr 11
78
86
Jan
3l7g July 19
1
24l2
7634
July
110
No par
29%
117g
Class A
8
Apr
162
37g July 11
2
38
No par
1
86
Apr
Apr
Apr
Dresser Mfg Co
36I2
35
40
x53
Dow Chemical Co
257g
38%
38%
*10612 108
1178
1H2
12%
Mar
59% July 18
667g Mar 10
176®4 Jan
10
1<4
34i2
10
30i8 Jan 26
56
Apr 11
30
3414
9
75
24i2 Apr
7g May
2114 Mar
No par
*7g
38%
38%
106X2 10634
Curtlss-Wrlght
April
June
4
No par
35lg
11%
2%
Curtis Pub Co (The)...No par
Preferred
No par
May
Jan
6
2D4 Mar
3
Doehler Die Casting Co No par
1%
o734
7i2 Apr 11
107
Jan 16
Douglas Aircraft
36i4
H84
214
8I4
4
3H* Jan
2914 Jan
Dome Mines Ltd
19%
*19
5
July 18
1,100
180
2514
Apr 12
26% Jan 3
May 31
10% Jan
37
3,500
24
1
H4
27g
4%
Jan 26
116
26,200
1,000
2,000
2,300
297g
1
76
*87
350
27
85X2
90X2
85I2
600
27%
24i2
80
*76
19
168X2 16934
*170
257g
1034
200
120
117X2 117X2
169
*170
2514
3312
600
1,600
2,400
17
1314
8
93
JDenv & R G West 6% pf.100
800
9
4i2
..50
Detroit Edison
1,900
11
18%
Cudahy Packing
900
3234
157i2 160
13634 13634
*120X2 124
Apr
49
3
300
43l2
6%
1834
87%
1078
*8%
13
5
29% Apr 11
1% Apr 10
20i2June 29
16% Apr 11
49
Dayton Pow & Lt 4>$ % pf 100
100
16
129% 129%
*114
65X2 Mar
36X2 Mar
10
Davison Chemical Co (The).l
16,200
1,200
7334
13
U4 Mar
3
4
100
Sugar
2,300
33
120
100
50
7H2
25%
33
678
*10i4
4%
180
100
18
33
156i4 15734
13534 13584
16834 170
*170
100
73i2
12114 12114 *120% 124
117
117i2 11734
11734
1734
19
18%
19%
4%
6I4
9%
*1284
Preferred
$8 preferred
33
130
3
5
No par
Cushman's Sons 7% pref.. 100
3,700
10X2
*114
136
3,500
1,000
10X2
120
""loo
1
*86
Crown Zellerbach Corp
$5 conv preferred
Crucible Steel of America. .100
Preferred
123X2
2434
2514
*3334 34x4
*32I2
16%
8% Mar
Jan
*%
*10l2
1
28
1,100
*119
107g
Apr
22% Mar
Pref ex-warrants
8,000
86
Mar
984 May
100
5%
32l2
10
Apr 29
90
Mar
78
13
9,500
7
2i2 Sept
214 Mar
3
4014 Feb 28
37% Mar 4
10,700
Mar
Jan 10
41 x2
No par
17
8878 Apr
278 Mar
Jan
par
No par
Mar
I6i2 Jan
4
5X8
18X2
15
Jan
1
4i2 Mar
1007g July 18
8
5%
*6%
3
Jan
35
15,400
43i2
6
5
334
2014 Apr
1834
16
914 Jan
3X4 Jan
$2.25 conv pref w w..No par
27%
2478
*1012
Crosley Corp (The)....No
Crown Cork & Seal
27
25
34i2
4414
6I2
18x2
5% conv preferred
100
Cream of Wheat Corp. (The)
Mar 10
100
21
1
1
6,700
*15%
17%
122
100
2,200
23,100
11,100
*8h
11
15534 1577g
136
*10%
32i2
16
112
1314
120
169i2 170X2
*170
128
9
1H2
14934 1515g
15114 159
156% 158%
*1375s 13912
136
137% 137%
137i2
1205s 1205s ♦1205s 124
*12034 124
117
117
*11612 117i2
*116X2 11712
17
1678
17
18
1734
18%
414
4*4
4X2
412
478
47g
*170
200
800
4%
20%
16
35
107% Mar 6
77g Mar 10
71
Jan
19i2June 30
17%
•*%
1
25
6%
27%
5
122
3334
4414
6i2
1878
27%
*15%
167g
Feb 27
July 13
2% Jan 5
12% Mar 10
Mar
.1
5%
26
6
20X2
85
*90
2
25
*111X4
20
25
Dec
1012 Sept
414 Mar
55
Apr
44
Crane Co
1834
5x4
*16x2
6%
Corn Products Refining
Preferred
Mar
100
Coty Inc New
90
18
534
Continental Oil of Del
5
Continental Steel Corp. No par
Corn Exch Bank Trust Co.20
Mar
6
4
5
8
Apr
Coty Internat Corp
*55
18
1
Jan
25X2 Jan 3
87g Feb 28
H4 Apr 10
8,600
47i2
*80
I8I4
6
5ig
*%
122
90
...
*5x4
*17
4X4
*46
*11114
5ig
124
18
6%
2414
44
18-38
17l2
6
*112
3414
34
6
5i2
34Xg
33
33i2
45
6*4
I8I4
6
h
34
122%
17l2
112
*80
*55
18X2
*514
17i2
27
26
16
90
...
18
2H4
26
4%
*80
*55
1834
534
2034
*15
*26ia
90
...
8
Highest
37g Apr
15
June 16
32i2 Apr 11
111
Apr 1
88
7,400
14,300
12
5%
...
Continental Motors
April
547* Apr 19
171
Apr 21
3X2 July 6
138 July 7
300
57
534
1714
7
July 14
9
Cuba RR 6% preferred... 100
*54
5I2
*55
$4.50 preferred
No par
Continental Diamond Fibre.6
Continental Insurance
$2.50
Cuban-American
57
4%
20
280
*54
47
100
500
57
414
1
No par
4
3i2
*54
*45
Class B—
8% preferred
Continental Can Inc
3%
4
4%
*3i2
57
5%
1714
3,600
71
4i2
4714
*80
640
34%
72
3112
4X2
47X4
5%
49
3,400
34,300
10,900
10,900
234
478
47
"i~806
7
36%
278
5%
*120
1,600
7,700
7
7
36l2
4834
4Ss
5,600
37
7
5%
*5
800
5,400
17,400
11%
,
34l2
72
Apr 11
4
434 Apr 11
7
Apr 11
1
5
8% Feb
30% Jan
184 Apr 11
3614
2I2
22i4
2634
£5814
6012
27
10134 Jan
Consol Laundries Corp
5
Consol Oil Corp
-..No par
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t 0..25
4%
*1912
12 partio pref
No par
Consol Edison of N Y_.No par
$5 preferred
No par
791* Apr 18
lis July 10
814 Apr 11
600
4834
*111
1
500
5i2
18
100
June 30
1%
5I4
*4i2
w w
April
5i2June 1
434 Apr 17
234
514
*17
6H % Prior pref
Consol Film Industries
19
1%
5i8
...
7%
712
134
2534
102
102% *101
10234 *101
102-34 *101
10284
3184 3134
3112 3178
*31%
3134
31I2 31Xo
11
11
10 x2
1034
1012
1012
10X2
10%
2512 26^4
25% 2534
2434 2514
24i2 25%
*35
36l2 *35
*36
36X2
36
36
36i2
*32
3312 *32
*32
3312
3314
3314
33I2
10%
10%
10I2
1034
IOI4
1012
10%
11
8 li2
8H2
8034 80s4
*80
8012
8034
8034
lh
2434
*78
*1612
7,500
47,300
2,100
1,300
23,700
59%
*58
68X4
60
6034
60%
6034
62i2
17534 176
*171i4 177
*171l4 177
334
334
3i2
3%
3X2
3%
1%
1%
ix2
134
1%
1%
24
2478
23X4
2414
2414 2434
*17114 17534
37g
17g
134
2314
24
*55
90
100
1%
11%
327g
10634
684
par
*2i2
1%
1%
234
*2i4
*9%
lll2
*9x2
lli2
10034 1007g *100I2 10078
11
11%
III4
1114
17
18%
17%
I8I4
*214
11%
17
17
1H2
32
634
734
7h
*lh
134
214
2%
1014
1014
10078 10078
134
36
90
5% Apr 10
73
Apr 4
81
6%
214
7
*35
*80
17
Consolidated Cigar....No par
7% preferred
100
•75I2
88i2
114
11%
11%
32i4
3234
10634 107
6
300
90
1%
*li4
Apr
9,000
81
1%
5
8
*89i4
*li4
'1*4
11%
$ per share
?1
9
8
*7%
Lowest
$ per share
Congoleum-Nalrn Inc..No
*7i2
20
Highest
$ per share
No par
Congress Cigar.
No par
Conn Ry & Ltg 4>£ % pref.100
Consol Aircraft Corp
1
8
20
Conde Naat Pub Inc
4,700
21
11%
2l2
2l3g
*4
9
21%
Par
600
7%
26'4
Range for Previous
Year 1938
Lowest
Shares
per share
*6%
25%
*734
32i2
36
*46
7
$
7
26
*75i2
678
3%
57
12
*5%
*514
*614
20%
89*4
1%
365s
23S
*9934 102*8 *102
31
*305g 31
*278
*3i2
*54i2
*11*2
25%
7%
26
.
.
*66
*Qh
EXCHANGE
H4
1%
1%
H2
lh
lh
1%
1%
H2
1%
96i2
9612 97
99
9634
98%
9834
9834 *98
38ig
39U
3834
39X4
38
38
3834 39
3834
3878
*112i2 114
*113
114
*112
*112X2 114
114
*112
114
21
914
On Basis of im-Share Lots
NEW YORK STOCK
the
Week
*96
2412
58^4
68I4
6012 60 J2
*171i4 176
35g
378
15s
134
2214 23
*31-38
Range Since Jan. 1
1
2334
10l2
7%
*5U
81
11
I6I4
1%
*614
20*2
7i2
*10018 101
*3734 38
*11212 114
*36
■
73g
26
*6i2
8
*1*4
214
16
13s
25i2
7
107
*8
1012
1578
7
25i2
7%
11
*100% 101
7
*6i2
*
7%
*2
*9i4
ST0CK8
Friday
$ per share
6h
537
Sales
CENT
July 21
Thursday
July 20
$ per share
$ per share
*6
NOT PER
Monday
July 17
July 15
197«
*678
SHARE,
for
Saturday
*6
SALE PRICES—PER
16% Mar
6
Jan
6
37S Jan
7
1% Jan 19
26% Mar 11
89% Feb
Ex-rights.
6
Mar 17
June
T Called for redemption.
New York Stock Record—Continued—Page 5
538
SALE PRICES—PER
HIGH
Tuesday
July 15
July 17
July 18
Wednesday
July 19
$ per share
$ per share
$ per share
$ per share
Monday
NOT PER
Thursday
17%
*67
17%
18%
*67
74
*2*2
*36*2
*20*2
*1%
2*8
*8*8
9*2
*100
*4*4
*107
*107
107
2%
2%
*30%
July 20
Week
$ per share
$ per share
Shares
39%
21
20%
1%
*2
2%
8%
8%
20
19
19
18
74
74
74
*67
4%
27g
*2%
*36%
38
♦2%
36%
22%
23
27g
2%
*2%
*36%
21%
2%
2%
23g
2%
2%
2',i
2%
2%
8%
2%
2%
8%
8%
8%
8%
2%
*8%
39%
21
*4%
4%
40
22
22%
11%
10%
115
100
5
21%
21%
1047g 1047g
49%
497g
10%
100
10%
1*100
434'
4%
*13
14%
*13
14%
*13
14%
*13
1334
*47%
49%
*46%
50
*46%
49%
*46%
4934
434
18%
18%
78
*110
116
%
%
68
*63
116
*111
%
■%
*66
*65
70%
90%
90%
90%
00%
123
123
*122% 123
45%
44%
45%
47%
123% 123% *1237g 125%
*32%
34% *33
34%
*4%
10%
*1
*10%
17
*85*2
*%
88
*16
17
*24
14%
*19%
10%
17
16%
11%
9
*52*8
17%
*40
1678
117g
13%
11%
127g
17%
1134
13%
6%
6%
9%
9%
54%
18%
5478
18%
82
197g
69
68%
28%
317g
*103% 105
3%
3%
74
3%
74
*72
%
34
6
74
34
.
6
6
1
78
7«
15
3%
*15
53
97g
55%
53
*53
3%
2%
18%
18%
41
19%
41
2%
69
3%
*74
0%
%
6%
1%
15%
1%
15%
%
74
74
34
%
1%
15
15
24
24
*23%
24%
15
15
15%
15
*42
66
*42
60
*32%
33%
18%
33%
34%
18%
19%
34%
19%
12
12
12
12%
1%
15%
15
18%
*117g
*%
1%
14
*12%
*3*8
*16%
*30%
*35%
13%
4
*34
15
*3%
18%
4
*42
*%
60
18%
34%
19%
12
12
12
123g
4
18%
*3%
*18%
19%
31
*30%
31
*35%
40
*35%
40
144
7
90%
3
3
*140
6%
*84
2%
142
7
90%
27g
*107
*140
7%
*84
142
7%
9478
3
2%
*108% 109
109
10878 *108
12
12
12%
12%
12%
*110
115% *110
115% *110
115%
*162
169
*162% 169
*162% 160
*12%
13%
14 '
13%
1378
1378
12
72
72
*132
132%
*02%
72
131
75
132% *131
64
64
64
112% 115
115
115
*16
*16
17%
17%
38
*36%
3778
39%
*107% 109
*107% 109
8
*7%
7%
7%
*10
10
10%
10%
*95
74
64%
*112
*16
*34
*3%
18
*30%
*35%
13%
64
*34
35
11%
*70%
11%
71
12%
31
40
*36
40
36
36
14
7,100
*61%
*3%
33%
33%
33%
5
5
5
1%
1%
1%
11%
113<
12
20%
21%
41%
17
6
April
114
Jan
3
% Apr 10
39
Jan
3
117
May
9
363s Apr 11
121*2 Apr
28
Apr
8
4
4l4June 29
Mar 31
Apr 15
34June 30
14
Apr
8
87*2 July 12
i2June 30
Apr 27
19*8 Apr 11
15
1434 July 15
Mar
9
4
11% July
6*2 Mar
Apr
212 Mar
534 Mar
July 21
4*2 Jan
115
130
Oct
5% July
19*2 Oct
387g Nov
18
Jan
4
35
Jan
3
11
Mar
75
Jan
4
35
Mar
2078
108*4
27*4
227g
Mar
28
Feb
Apr
138
Nov
Mar
48
Nov
25*4 Jan 6
J1
130*2 Mar 31
_
445g Jan
5
473g July 18
118&8 July
1*4 Jan
87
40% Nov
117% Nov
Mar
3
10834 June
5
68 Mar
65*2 July 11
25
95
July•21
50%
127
Jan 27
1%
Nov
79
Dec
Jan
118
50
Jan
125
9
126*4June
8
>28
Feb
Aug
537s Nov
124*2 Nov
25*2 Mar
1117S Apr
21i2 Mar
67S Jan
1078 Jan
110
Mar
5
4
3
6
101*4 Apr
1*8 Dec
1234 Mar
x85
Sept
Jan
92i2 Apr
15s Jan
1
20*4 Jan
41
Jan
45
6% Mar
1% Jan 20
28
Mar
.
110
Nov
2% July
27% Nov
95
Mar
July
2% July
26% Oct
41% Nov
15% Mar
~13~
July
978 July
12*8 July
13% Mar
15*8 July 15
32i2 Jan
Oct
Mar
515s Mar
38
Nov
8
Jan 26
7*8 Apr 11
No par
Preferred
100
1
Motors
Granby-Conso JM S & P—-.5
Grand Union (The) Co
1
$3 conv pref series
No par
No var
Granite City Steel
Grant (W T)
5%
Mar 14
1378 Jan 3
66*2 Mar 11
July
7
May 17
2*8 Jan 23
I7g Apr 10
10
preferred
20
Jan
90
Apr
4
8
278June 30
69*2June 2
% July 20
458 Apr 8
78 Apr 10
11
Apr 10
10
Apr
8
Mar
384 Mar 14
Mar
Feb
Feb
Dec
61
5
Mar
37*2 June
15*4 July
67
July
27g Jan
134 Mar
85
10
Mar
32
June
2078 Oct
68% Dee
38*2 Dec
Jan
5
Jan
80
Mar
15%
6934
2%
52*4
18g Jan
778 Jan
I84 Jan
1658June
9
5
2434 Jan 27
2278 Jan 23
34*8 July 18
24%May 31
1212 Apr
8
I6I4 Apr
8
16*4 Jan
31*4 Jan
5
72% Dec
4
8
Mar
Jan
24% Deo
9*4 Mar
15% Nov
12% Mar
23i2 Apr
Apr
122
100
42
50
Apr
4
35
1
24*4 Jan 26
36
Greyhound Corp (The).No par
1412 Apr 11
21»4 Mar
10
.100
10
Northern. .100
9
8
1
1*4 Jan
8
18*2 Feb
9
6
5*4 Jan
4
3
Apr 10
Apr
29
May
25
7% preferred class A
11
25
Water
12i2June 13
Apr
i2 Apr
Apr
100
preferred
32
Jan
8
2
6
24
Nov
July 21
30
35
June
5
Mar
12
Mar
36
32
130
Apr 20
144
3%
108%
4,200
1278
12,700
4?8 Feb
3
2
2
Apr 10
25
Hazel-Atlas Glass Co
Hecker Prod Corp
Helme (G W)
Jan 19
93
April
1
85s Apr 10
Jan
30
103
71
Oct
Jan
Apr
Apr
Apr 10
100
28
Mar
May 19
100
1*4
Mar
Mar
17
w w
13
Feb
7g Mar
Dec
8
96
preferred
22
3
Harbison-Walk Refrac.No par
6H% preferred
Hayes Body Corp
7*2
Oct
28% Nov
734 Mar
24
20
Hat Corp of Amer class A... 1
13% Mar
9
2,400
80
Jan
Dec
50
4
Apr 12
1,700
32
Jan
Apr 19
10
6%
30% Dec
142
July
12
July
32*4May
22
Apr 11
Printing
Hamilton Watch Co
9
22% Nov
30
20
3
July 21
Jan
Oct
2% July
14% Nov
10% May
19
Apr
June
No par
2
87g
Mar
28
Mar 11
Dec
6*2 Nov
Mar
1
140
5H% preferred
108
Nov
Mar
84 Mar
20
Jan
Mar
June
2i2 Mar
.
Apr 10
8% preferred
Jan
2*g Sept
60*2 Apr
Jan 4
Mar 16
Jan 3
Apr 14
May 24
GreeD <H L) Co lnc
37g
4
July 19
24
6%
11%
46*8
133
Hall
June
27*2 Nov
6*2 June
100
Preferred
6%
20 % NOV
100
June
9
84
8
700
98
2484
74i2
383g
10934
15
700
_
Nov
16% Nov
8*2 Mar
14% May
51*2 Jan
3% July
Gotham Silk Hose.....No par
Graham-Paige
34
Mar
14*4 June 20
17*2 Mar 10
10334 Mar 28
6% July
Nov
13% Nov
21% Jan
8884 June
101
Nov
Mar 17
83
June
100
Nov
4
15
Mar
May 29
120
Apr
Jan
7% July 18
80
June 27
34% July
140
z7%
4% June
75
50*4 Mar
6*8
5
1*4 June
June 19
76% June
5i2 Mar
111
4%
Jan
109
13i8May 29
Dec
Jan
Nov
Oct
Dec
11% Nov
25
110
Feb 20
117
Mar 24
81
May
111
Dec
100
159
Jan 21
167
June
5
140
Jan
161
Dec
Hercules Motors
No par
10
Apr 10
17
Jan
5
10
Mar
74%
4,500
Hercules Powder
No par
63
Apr
8
86
Jan
3
110
135*2 Mar
6
13%
73
*16
13%
72%
115
115% *113
17
*95
63%
30
300
*95
»
«
-
64
64
Preferred
0% cum preferred
3,200
$4
10
$5
130
4,400
1234
13%
13%
13%
110
m
6%
57g
preferred
98
300
Class B
Household Fin
300
May 10
stk.No par
5% preferred
57g
47%
1%
9,700
Houston Oil of Texas
47%
48%
3,500
1%
1%
300
*3%
5
*334
4%
200
33%
578
333g
1%
12%
1%
13%
100
t c__25
Howe Sound Co
*1%
584
47
*21%
43
6%
v
5
Hudson A Manhattan
5%
preferred
...
100
..100
33%
7,000
5%
5%
4,500
Hudson Bay Mln A Sm Ltd 100
Hudson Motor Car
No par
1
1%
4,700
Hupp Motor Car Corp
13
13%
22,700
23
23
23
1,300
43
*42%
44
330
Leased lines 4%
7
780
RR Sec ctfs series A
33
6
6%
X In receivership,
•
6%
a
Def. delivery,
Illinois
1
Central
100
New stock,
r
60*2 Mar 31
27
Apr 8
884 Apr 10
61
Apr 8
103
Apr 21
434June 30
40
Apr 10
1
July 3
3
Apr 6
25*4 April
438July
1
1
Apr 8
100
984 Apr 10
16*4 Apr 8
100
6% preferred series A
n
Jan
95
par
No par
com
51
July 10
100
3834 Apr 10
1000
Cash sale,
x
Sept
110
10
12.50
Mar
15
3l%May 1
105*4 Mar 18
No par
7% preferred
80
Jan
5
Ex-div.
April
y
4
17
Jan
Jan
6
98
Jan
11«8 Mar
9
534 Mar
Jan
4
11%June
15*4
104*8 Jan 12
66*4May 11
36*8 Mar 9
17*4 Jan 3
7184 July 18
110*2June 22
Jan
6
55*4 Mar
9
838
20*4
102
Mar
48%
Apr
17*2 Mar
Oct
87
Dec
135%
Dec
Mar
40
7
19
June 29
4234 Mar
126% Jan
July 17
115
7
Houdalile-Hershey cl A. No
64*2 July 18
Apr 27
1484 Apr 17
5
Homestake Mining
14,300
109% 109%
Jan 28
104
Holly Sug'ar Corp
200
72
54
No par
1,200
35%
*70
conv
128*2 Apr 10
No par
preferred
Hollander A Sons (A)
*34%
72
conv
Hlnde A Dauch Paper Co..10
Holland Furnace (Del)
10
1,400
64%
35%
*70
100
Hershey Chocolate
100
17
*16
*34%
13
12%
13%
71
*70
71%
71%
72
110
*108% 109% *108% 10978
5%
6
5%
6%
57g
48
47%
48%
47% 48
1%
1%
1%
*1%
1%
4%
*3%
4%
4%
4%
33%
33%
3378
33%
33%
5%
5%
6
578
534
1%
1%
1%
1%
1%
13%
13%
13%
125g 13%
22%
22% 23% *22
2284
42
42
43
42% 42%
7
6%
6%
*6%
6%
Bid and asked prices; no sales on this day.
31
11
149
136%
131% *131
64
64
*61%
*61%
*95
3%
June 20
59*4 Dec
28*2 Nov
7
*131
64
64%
3478
13-%
114
102% Dec
Mar
99
947g
41
40 7g
40%
40%
4078
*39%
4078
41%
*107% 109
107% 107% *107% 109
*107% 109
9
9
9
9
9
77g
8%
8%
11
11
10%
10%
10%
*10%
*10%
10%
3478
17% Apr 8
Apr 10
l9%May 12
43
Mar
29
700
116% *11178 115% *112
*16
Mar 31
9% Nov
4*4 Mar
82
5
13%
13%
7234
132%
*13%
1
3
Apr
140
166
Jan 18
2*2 Apr
Jan
60i2 Jan
No par
10
113
8% Apr 10
9
Oct
Sept
•28
103*2 Mar
preferred
100
Hanna (M A) Co $5 pf. No par
400
166
8
53
Apr 10
21*8 Apr 11
Hackensack
16%
12%
5l2May 17
No par
500
102%
101%
25%
*110
z64
3%
12%
52
5% preferred
10
166
35
1%
6%
18%
*3034
12
June
Mar
$5 conv preferred
Gulf Mobile &
18
12%
48
13
1
Guantanamo Sugar
31
18%
Jan 17
37
Goodyear Tire & Rubb.No par
110
4
*3%
52
13i2 Apr 11
1,400
"
18
113
95
5%
12%
*109
64%
46
12
*162
35
1%
48,800
111
95
71
4,700
19%
*30%
132% *131
17
34%
19
18
74
64%
4
47i2 Mar 22
7
Green Bay & West RR
34%
164
64
5%
45
417g
*3%
19% Nov
70
20
31
1378
7434
76
66
164
96
*1%
6%
4
Sept
5
Great Western Sugar. .No par
1
13
47
900
15
3
24i2 Jan
51,600
*34
Dec
I884 Jan
8*8
1484 Mar 31
27%
*12
July
12% July 21
No par
200
138
1
15
Mar
4*8 Mar
34
Gt Nor Iron Ore Pro p. No par
Great Northern pref
100
*42
18
97
9*2 Mar
85
50
1
2578
25%
2578
3
Oct
57g July
July
18
Mar
z51
4,000
138
Jan
June 29
„
37g
1*4 Mar
212 Mar
10
No par
No par
15%
110
64%
35%
12%
5%
45
*40
*34
*1034
14%
12 84
13%
13%
13%
*15
*15
10%
16%
101% 101% *101% 102% *101%
101% 101% *100% 101% *100%
25
25
25%
24%
25%
140
140
139% 139% *137
7
7
7
*7
7%
*87
*87
*86
9478
9478
3
3
2%
2%
278
109
108
108
10834 *108
64
*34%
11%
109% 109% *109%
*20
1
15
25
*15
96
*63%
66
34%
13%
13%
13%
13%
13%
*15
16
15%
15% *15
16%
*100% 102% *100% 102% *101% 102%
*100% 101% *100% 101%
100% 100%
22
22
*21%
23%
23%
24%
*6%
*42
66
19%
*3012
*85%
15
35
40
*140
2,000
1,700
*24
3
Jan
5
Goodrich Co (B F)
900
13%
33%
19%
31
18%
15%
13
34%
15
1,7C0
33%
1978
12%
1
7,000
6,000
1%
13
35%
15
34
7
153g
3
Jan
Nov
7*8 Jan
Gold & Stock Telegraph Co 100
130
34
par
4H% conv preferred
(Adolf)
1,200
73%
6%
..No
Brothers
$6 preferred
Glldden Co (The)
1,700
45,300
3384
24%
13
*33
26%
25%
26%
25%
20
26
2534
*2578
*137% 138
*137% 138
*42
20
900
*1
No par
$5 conv preferred
Glmbel
1,600
31,500
3%
3%
Razor..No par
Goebel Brewing Co
15
23%
Gillette Safety
Gobel
24%
*23%
14%
15
15%
General Tire & Rubber Co—5
100
3178
638
1%
15%
13
27
26%
26
257g
*137% 138
3,600
69
34
6%
«
4,100
84
*71
1%
3334
27
73
M
700
30%
334
-
20
Corp.No par
Gen Time Instru Corp. No par
6% preferred
100
500
104% 105
6%
127g
25%
-
44
%
33%
138
U
54
6%
1%
13
23%
25%
11,400
69
Jan
54
52%
9%
1978
July 21
4
44
52%
19%
3
13
27% Mar 10
83g Jan 3
53%
9%
19%
Sept
153s Apr 11
534 Apr 10
4,500
84
32
98*2 Mar 28
200
18%
1978 Mar
5%
17*sMay
6%
*41
3
15*2 Jan
1634 Jan
99*2 Feb
6%
18%
Jan
Apr 28
6%
44
Nov
30
9*4 Apr 11
1034May 11
0%
18%
58
15
13
*52%
18%
91
Jan 13
Gen Theatre Eq
17,400
50
Mar
55
General Telephone Corp
24%
9%
Oct
37*4 Nov
109*2 Nov
29% Oct
212 Mar
25
Apr
1,400
"23%
97%
50
9
Jan
4%
Mar
6
2,900
13
*12
11
Jan
Oct
21
Mar
Jan
39%
Mar
Apr
24%
*
1
18
85
16
*12
73
34%
23
1178
*3%
13
*137
»
384
34
2578
16%
11%
69
*68%
31
30%
104% 105
31%
105
13
138
16%
117g
Shoe Corp
5
Jan 11
Jan 5
Nov
43*4 NOV
Dec
1*4 Mar
108*2
2934
9034
384
thare
Oct
31%
1934 June
15
Apr
Gen Steel Cast $6 pref. No par
2%
23%
*25
1634
1178
23g
*75%
34
*137
16%
*75%
1834
12%
.
General
860
23g
19%
68%
1%
15%
1,800
2%
84
%
6%
3,600
147g
21%
2%
19
74%
29
2%
3%
100
1
preferred
6%
100
2412 Mar
1078 Mar
5
3*4 Jan
3538 Jan
14
105
No par
27%
147g
20%
3%
84
3%
Signal
per
207a
Apr
22*4 July 17
101
No par
$6 preferred
4
37*2 July 21
July 13
Gen Public Service...-No par
Gen Railway
July 14
50
31*2 Jan
Apr 22
3% A or 10
7
2734
97%
9
94
..1
1478
20%
3%
30%
No par
Common
147g
*41
33%
14%
Gen Outdoor Adv A—.N« par
General Printing Ink
S3 preferred
No par
General Refractories—No par
3%
68%
No par
<5 preferred
Gen Realty «fe Utilities
3%
105
10
800
3%
20%
69%
31%
3178
103% 105
100
preferred
6%
General Motors Corp
900
*
2
72i2 Jan 26
General Mills———-.No par
~~
%
3%
84
*82
No par
16
*53
56
19
3%
88
May
1% Apr 10
32
May 29
18% Apr 26
1*2 Apr 10
2
July 10
7% July 11
No par
16
%
14i4 Apr 11
365s Jan 27
General Foods..—.—No par
Gen Gas & Elec A
10%
9
984
42
*40
No par
General Electric
60
52%
684
12%
*14%
22%
200
x23%
53
9%
1
No par
100
Inc....-No par
7% preferred
100
7% cum preferred
$6 conv pref series A.No par
36
6
9
20
1278
25
33%
*1178
*32%
*23*4
*34
21
103*2 Apr
No par
27
97%
0%
*52%
18
104
*
~24%
82
28
27%
*102
97%
25%
18
69
*
17
*24%
82
m
*68
28
25%
6%
52%
2%
36
8
Apr 14
134
Baking
Class A
70
*85%
*16%
167g
11%
*12%
2%
*55
76
1% Apr
67
Highest
16*4 Mar
8
Jan 26
$4.50 preferred
"2^66
9
105*2 June
Apr
General Cigar
„
%
88
88
16%
2%
13,100
116
%
1,600
2,900
%
12
*2%
*75%
*112
58,900
17
258* Mar
Jan 16
Apr 8
Apr 8
Apr 6
May 12
40
General Cable
no
108% 108%
*1%
1%
17%
18%
16%
3%
300
400
25
Loweti
% per thare $
Apr 10
$8 1st preferred..—No par
Bronze
5
2,200
65
1%
18%
108% 108% *108%
1%
*1%
1%
*18
17%
18%
*85% 88
*86%
%
%
*78
16
16% *16
10%
11%
13%
44
26
*21%
21%
122% 122%
37%
38%
473g
46%
17%
99%
38%
16%
96
General
900
1478
3%
25%
*50
1,700
28
*40
16,500
87g
20%
3%
13
47g
27%
44
12
87S
*85%
3%
1,000
$ per lhare
5
5
General
30
3
*4%
147g
20%
54%
17%
2,200
3
Range for Previous
Year 1938
Highest
$ per thare
No par
$6 preferred
8%
15%
52%
9%
54%
17%
Gen Amer Investors...No par
Gen Am Transportation
434
29
9%
"2,700
"2'700
8%
21
53
*52*4
% conv preferred
434
15
6%
5
50
834
20%
6%
Gaylord Container Corp
*34
36
15
6%
200
47g
108% 108%
1%
1%
18%
19%
88
97%
3
8%
20%
"24"
Gar Wood Industries lnc
*4%
19%
*
Gannet Co conv $6 pref No par
1,400
9%
15
13%
10
5
11
47g
257g
97%
570
115
47g
70
1
13 preferred
—
10
Game well Co (The).. ..No par
87g
%
23%
15
34%
123
15%
.
Galr Co lnc (Robert)
300
*34
123
48%
20
*12%
2,200
94
95
92%
92%
"2,500
122% 122% 122% 122%
280
4634
4734
473g
48% 130,100
124% 125
*124% 125
1,000
167g
28%
~23%
Freeport Sulphur Co
10
Gabriel Co (The) cl A—No par
70
2478
*
3
4,800
8,700
92%
897g
%
*16
10
No par
Fk'n Slmon&Co lnc 7% pf. 100
*55
*55
No par
$7 conv preferred
9%
*10%
34
—10
Foster-Wheeler
Francisco Sugar Co
4%
18
*85%
34
*11
,
34
116
34
-100
4M% conv pref
10
13
13%
12%
*46%
4934
*46%
49%
73g
7%
7%
7%
*100% 105
*100% 105
*52
53
52%
52%
9%
9%
9%
9%
149
149
*146% 149
*112
t Follansbee Brothers..No par
Food Machinery Corp
100
100
*1234
34
No par
Florence Stove Co
No par
Florsheim Shoe class A. No par
Fllntkote Co (The)
2%
*110
434
6% preferred series A—100
First National Stores.—No par
60
4,400
Rubber—10
Firestone Tire &
377g
22%
22%
2%
2%
*8%
834
2,700
Loweti
Par
278
*33
36%
23%
2%
2%
500
200
2,600
48
467g
124% 125
70
90%
122% 122%
47%
116
%
%
124% 125
4%
4%
8%
8%
8%
108% *108
108%
1%
1%
1%
*108
.
90%
4%
*8
110% *112
%
1,600
10,000
78
*2%
8
7%
7%
7%
7%
*7*4
7%
7%
*100% 104
*100% 105
*100% 104
*100% 105
50
50
53
5334
51%
54%
52%
*49*4
9
9
9
9%
9%
9%
9%
9%
*145% 149
*145% 149
146% 140%
*146% 149
3
3
3
3
3
3
*2%
*2%
27g
3%
13
11%
11%
12%
13%
12%
11%
12%
12%
127g
25% *24
23% 24%
25%
*21% 23%
25% 26%
25%
57
*46
57
65
7434 *52%
52%
52%
*52%
52%
21
21
*20*4
21%
21%
21%
*20% 21% *20% 21%
120
*121
120
*118*2 122*2 *119% 122%
122% *121
122%
36%
36%
36%
387g
38%
38%
37%
37%
38%
38%
45%
45%
46%
4578 46
46% 47%
47%
45% 47%
*112
100
19%
*67
278
115
2,300
223g
21%
37%
37%
*21%
22%
27g
3%
34
33%
107% 107%
*107
19%
2%
*10
9%
9%
9%
*100
115
*100
115
4%
*107
*67%
19%
74
On Boris of 100-Share Lots
1939
EXCHANGE
Friday
July 21
21
22
21% 22
♦20%
21%
21% 21%
22%
21%
*1047g 105
*1047g 105
*10478 105
*104% 105
*104% 105
49
49%
49%
49%
4978
49%
49%
49%
♦48*2 49%
22
22
22
21
21%
22%
21%
21%
20*8 20%
37
*34
30
36
37
35
35
*36%
37%
*33*2
22%
22%
*21% 22% *21
*21%
22%
22%
*21% 24
3
2
2
2
2
3
2%
2%
*1%
*1%
34
34
33
34
34%
3478
33%
*31% 32% I 32
107
Range Since Jan. 1
NEW YORK STOCK
the
CENT
STOCKS
//I#
AND
Saturday
Sales
JOT
LOW
SHARE,
July 22,
60
Oct
105*2 Dec
21% Nov
52% Oct
118
Aug
v
13% July
25% Jan
108
May
60
Aug
35%
Oct
18%
Oct
6
Mar
46*2
Jan
72% Nov
83%
Jan
105% Nov
Mar
5
23% Mar
9% July
53%
Jan
Jan 20
1
May
3% July
5*2 Jan 9
3538 Jan 10
87g Jan 5
3
Mar
9% July
35% Nov
134
2*8 Jan
2034 Jan
35
49
Ex-rlghts.
Mar
5
10
2*4
Jan
Oct
*2 June
4
6% Mar
12
Apr
207g Dec
23
Mar
44
Nov
Apr
11%
Dec
3
Mar 13
Jan
11*2 Jan
20% Mar
3
4
%
35% Dec
f Called for redemption
Volume 149
LOW
AND
New York Stock
HIGH
SALE PRICES—PER
Saturday
Monday
July 15
July 17
S per share
*5h
26U
*103
*55s
263s
105
106
*153
*55s
106
*153
*105
Sales
the
Week
$ per share
$ per share
Lowest
Shares
6i4
2634
106
*534
2714
106
6
26i2
27U
104
*15312
104
*154
200
6
6
26%
27%
105
Indian Refining
Industrial Ray on
Ingersoll Rand
10,600
105
500
*154
No par
78
7812
81
80
11*8
80
11%
5*2
1178
512
1234
79i2
8O84
81
13
1134
12
5J2
1278
512
5%
5i2
5*2
53s
5i2
512
5i2
5%
512
53g
16,600
1,600
512
123g
5i2
5j2
1284
512
80i2
12%
~~3~ 166
12%
5*2
6i8
5%
6
558
55s
6,400
3,100
Interchemlcal Corp
29
29
106
3
9
9
1^8
1&8
*203s
*180
2I84
182
5634
162
57
31
32
31
*106'4
---
3
984
3
97g
15s
IBs
2134
2134
I8OI2 182
10%
17«
2
2218
2218
184
185
58lg
597g
I6384 164
5
518
53s
234
278
538
234
27g
7
4778
684
684
7
7
48%
♦134
136
483s
8%
32'8
32%
*412
5
83s
*57
50
*134
3312
3278
24
24
93
578
6%
3278
*2334
638
612
105s
884
33i2
*4i2
57
49
*15*2
1634
9l2
*9
*85
17l2
17l2
*9
98
*85
*14l2
1478
*14%
1478
*89
95
*89
93
9i2
*912
10's
683
10%
63s
*79
3412
*1012
*26l2
8134
3434
98
IO84
634
*80
3478
11
11
28i2
28
2i4
*90
25
*90
„
*84
lllg
10%
714
8134
3634
115s
373s
*2612
2%
llSg
28
712
8l34
23g
*90
36%
1214
12
*26%
12%
28%
2%
12
281s
27%
2%
60
I8I2
18
18%
*29%
18
19
18
18
*18
25i8
25U
*4%
2512
255g
25%
27
27
255g
438
27
2512
*414
2712
28
*27%
2812
28i4
X28
*4U
*2612
27l2
*30
277a
60
2778
10
10
18
*1712
16U
512
16
5
5
*3312
*2384
*11312
358
3334
24%
*2312
III4
48
12
2
2334
HI4
29l2
48
484
*38
434
3812
*29%
47g
1178
*%
*15g
2312
113g
2812
48%
434
38l2
16%
578
*4%
5
35
33%
34%
24
24
33%
23%
34
2484
116
37g
12
37g
%
134
2434
*184
1112
2834
5012
245g
2478
2912
5038
5314
484
1112
47g
♦383s
5
3812
*105
10714 *105l2 10714
10714 10714
107
10712 10734 IO8I4
108
IO8I2
*177l2 180
*177l2 180
*177l2 180
*1614
18
*165g
18
*17
18
*25
26
25l2
27
28
2 83g
3234 3234
3234 3312
3514
36
123s
1278
1234
13
13
1314
15
15
15ig
4312 4312
*109
112U
12*4
133s
*49
51
212
1912
2%
1912
*108
23U
2314
*154
157
*1812
19
*43
45
*30
32
*130
1514
I5I4
16
4538
45% 4578
10914 10914 *109
10914
13%
15is
14%
15
44
*154
1812
45
32
157
*155
I8I2
4612
3212
2012
3134
3178
205s
3134
157
30
1%
24%
1178
2934
53%
51
19
24%
1178
48
4934
32%
33
2212
3234
108
108
180
180
*16%
27%
35%
18
28
3578
13%
13%
1534
4434
4534
109
1534
109
157
19%
49»2
4834
*33
*130
23
33%
1%
*1%
1%
400
684
25
634
*6
034
24%
24%
14%
14
25%
1434
23
13%
12%
*1%
12%
12%
12%
1%
*1%
4%
4%
4%
4%
1%
4%
1334
*12%
1%
4%
14%
12%
1%
4%
4
4
*4
*6
1434
1478
147g
15%
15
15%
14%
3312
2l2
33%
34%
3434
2%
35%
2%
34
*214
3912
3912
40
41
42
43
2512
25%
26
25%
2578
*170
51
*4
*2812
*99
*1312
1418
...
51
4lS
2978
2%
*171
51
4%
*28%
*171
52
4
1478
14
4%
4%
5134
4%
2978
*28%
297g
*1
4%
42%
42
25%
2578
25
*171
51
51
4%
4%
*4%
28%
*28 x2
200
10,500
51
51%
47«
1,700
200
*99
100
99
13%
13%
14
14
14
14
1434
14%
14%
14
*104
108
*104
108
* Bid and asked prices; no sales
li
on
this day.
J In receivership,
s Def.
20
1,400
14
14%
1414
*103% 108% *103% 108% *10312 108%
8,700
100
delivery,
4
8
Apr 25
Feb
2
267g Mar 17
164
14%
Jan
Apr
1
pref. 100
preferred
100
May Department Stores... 10
14
Martin-Parry Corp....No par
No par
r
%
Dec
17g Mar
19%
07g
1984
23%
5%
2
62
May 12
34% Apr 10
Apr 11
Jan
Mar
Mar
Mar
Mar
Dec
25
Mar
81
Mar
81% Mar
157
Apr
14% Mar
20% Mar
29
Mar
12% Mar
33
99
Mar
Dec
% Mar
Jan
5
4% Jan
4
22% Mar
9
2% Mar
14% Mar
1
92
June
20% Mar 13
58
Jan
3
33% July 20
131
Mar 29
26
Mar
June
13% Mar
Apr
12% Mar
297* Apr
125
22
Mar
116% Mar
3084 Jan
4
16
43% Feb
6
2478 Mar
19% Jan
38% Jan
I84 Jan
7% Mar
3
4
9
3
25% July 19
1484 July 19
13%
1«4
5%
8%
4% Mar
684 Mar
2% Mar
9
9
Jan
7
Jan
5
9
1%
4%
5%
5%
Mar
15% July 17
Jan
4
176
July 11
62
Mar 11
Mar
18% Mar
>4 Mar
Mar
39% Feb 24
5% Jan 3
57% Jan 3
36
10
Mar
Mar
Mar
Sept
Dec
Mar
14% Mar
2% May
25
Mar
19% Mar
Aug
28% Mar
3% Mar
16% June
156
40% Apr 8
4
Apr 10
28% Jan 30
No par
93
No par
1078 April
17% Jan 20
8*4 Mar
1
984 Jan 26
88
Jan 13
l47gJune
9
6
Mar
July 15
61
Mar
No par
S6 1st cum pref
McCall Corp
McCrory Stores Corp
6% conv preferred
New Stock,
10% Mar
13% Mar
No par
Maytag Co
<3 preferred w w
n
8
Mar
8% Mar
3% May
18
Mar
24% Feb 25
No par
pr
7%
400
Mar
159% June 23
Apr
23
51
15
9
_
Apr
Masonite Corp
*4%
28%
Jan
1
Mathleson Alkali Wks.No par
*171
Mar
20
110
4% Apr 10
3% July
5
984 Apr 10
3,500
400
8
6
10
I
2,800
14%
105
124
25%
1434
100
28
2X2
421?,
14%
*99
Apr
25%
14
100
19%
147%
1584
36%
Martin (Glenn L) Co
14%
*99
2% July 10
Apr 10
Jan
25
Marshall Field A Co
14
100
41% April
Manhattan Shirt
23,300
2%
12% Mar
Jan
17
Maracalbo Oil Exploration_.l
Marine Midland Corp
5
Market St Ry 6%
22
18
20
Mar
105
...No par
49,100
80
21
3
25
10
Mar
5% Jan 4
%May 3
% Jan 8
3
1% Apr 10
Jan 4
20% Mar 31
2784 Jan 5
9% Apr 10
12% Mar 10
23
Apr 10
82>4 Mar 13
36% Apr 10
5684 Mar 13
4% Apr 11
6% Jan 3
3434 Apr 6
40
Jan 10
97% April 107% July 18
99% Apr 11 109 July 21
17178May 10 180 May 20
15
Apr 10
1784 Jan 20
21
Apr 10
40% Jan 5
31% Apr 11
47
Mar 13
12% July 15
16 May 29
13%June 29
19
Jan 5
35
Apr 10
54% Jan 4
105
Apr 10 109% July 17
6
Mar 31
19% July 21
$ Manhattan Ry 7% guar.100
Modified 5% guar
100
15
4i2
28% July
2878 July
13% Jan
23% Jan
18% Mar
5% July
9
15% Mar
2% Mar
3% Apr 10
10
Magma Copper
Manatl Sugar Co.......
36
1418
*99
1,400
1%
281?
991?
100
par
No par
Bros..
Jan 15
•
par
Macy (R H) Co Inc...No par
Madison Sq Garden
No par
Mandel
5%
3
95
1884June 29
30% June 30
13
Apr 10
25% Apr 11
1
Apr 4
5
Apr
9
Apr
5
Apr
570
1% Mar
12% Jan
Mar
Feb
Marl6
No par
preferred
Mack Trucks Inc
33,500
284 Mar 24
40% Mar 9
118
■
4i2
3% Apr
42
2978
51%
14*4
13%
Jan 27
100
Biscuit...
preferred
*334
14%
478
a28%
634
23
13% Apr 11
Cash sale.
'
14%
10%
6% Mar
19
Jan 24
No par
35%
1434
357fi
2%
42%
257s
*171
51
12%
4
347g
*2%
35%
2%
4234
2%
*6
22%
14%
3
Mar
113
No par
MacAndrews A Forbes
6%
51
5
13
25
(P) Co
10
7% preferred
100
Louisville Gas A El A..No par
Louisville A Nashville.... 100
10
26% May
44% Jan
35% Mar 10
Lorillard
900
1%
*6%
2412
33U
*2%
130
331?
130
100
8
preferred.....No par
Inc
91
Jan
Jan 26
Lone Star Cement Corp No par
Long Bell Lumber a...No par
2,800
*6
*25
—
151?
634
4%
33
-
35%
*512
„
Loew's Inc
63
80
100
Liquid Carbonic Corp..No
16
Jan 11
Apr
100
12
100
Mar
17
........25
Dec
Dec
Apr
100
*
Ex-dlv.
Jan
6% Mar 10
36% Mat 10
105
105
Ex-rights.
June 24
75
Oct
13% July
24% July
3
25
Lima Locomotive Wks.No par
Link Belt Co
No par
Lion Oil Refining Co...No par
2,000
49%
33%
Apr 27
20% Apr 11
7
Apr 8
Jan
123
484 Mar
6
24
July
78
24% July
8
26
Preferred
500
51
495g
MM
8
130
10% May
30% July 21
Apr
74% Dec
111% Oct
8
..6
Lily Tulip Cup Corp...No
30
32%
1
*1%
4%
19
35%
14%
3434
1
414
412
157
*18
32%
14%
3334
*li8
414
*155
19
*14%
15
34%
*312
157
Jan 18
Nov
83% Nov
12% July
10% Mar
92
June 12
14
Mar
11
25% July 18
par
5% Mar
12
18
1484 Mar
_
4% Apr
par
Mar
100
95
June 21
Apr
118
Mar 13
20
10
1
6%
12
Jan
Apr
12% Mar
4
4
Jan
Mar
49%
997£ Jan 17
16% Jan 20
_
I84 Apr 11
par
6
Loose-Wiles
11% Jan
23
19
Lehman Corp (The)...
16.60
19% Jan 7
12184 Jan 20
1278 Apr 10
Lebn A Fink Prod Corp
Loft
58
Apr
834 Apr 11
20
....No par
Series B
Feb
Feb
122
4
25
Lerner Stores Corp
„
14%
14%
33
12U
1U
49
Bryant
3
9
28
1
Liggett A Myers Tobacco. .25
...
Nov
No par
500
5%
Jan
124
9
No par
900
*5
39
107
79
No part
39
5234
24
113% Apr
44% Mar
Mar
July 18
Jan
7% Apr 10
5% Apr 10
l
107%
50%
Mar
June
Jan
12% Apr 11
85
Apr 25
.1
conv ci A
B
No par
Llbbey Owens Ford Gl.No par
Llbby McNeill A Llbby No par
Life Savers t orp
5
34%
14
32
„
5,600
1,700
1,000
13.400
1,300
H7g
14%
34%
14
„
24%
2934
4,800
10,500
1,800
*1
*1134
*29
8
June
5% Apr 11
April
8% Apr 24
97
Oct
Oct
16
63
105
11
6
Dec
5
64
Apr 10
117% Jan 27
Feb
0% Mar
133
8
Apr
13
100
Lehigh Valley RR
60
Lehigh Valley Coal....No par
6% conv preferred
..60
500
200
22I2
3112
13%
12%
1%
4%
4%
157
*18%
preferred
6
Jan
Nov
9
85
4% conv preferred
2,000
%
2
2134
li«
24I2'
Lane
30
22%
14
2312
13%
12%
12
297g
52%
5%
38%
couv
Mar
Jan
Jan
Nov
June 20
125
35
June
12
48%
30%
35*4
35%
90%
11%
1178
June
Jan 27
65% Apr
28
6
10s4 Jan
21
122% Apr
Mar
July
15% Nov
627g Nov
3
87
6
Apr
..100
Mar
140
Jan
Apr 14
Lee Rubber A lire
32%
3112
2414
1334
*1%
23%
1178
734June
Mar
Mar
Mar
46% Mar
5% Feb
Mar 24
97a Feb 28
68
Lehigh Portland Cement
*3g
1%
24%
Feb 10
M84
Jan
4%
18%
2%
28%
19%
9% Jan 19
June 30
120
1,900
4
34
1
6,700
37g
132
3
6%May 29
60%June 3
Jan 12
No par
24
*113%
4
*2334
2
&
.No par
3438
24
116
21%
*1
1312
300
32
*13%
24
2,500
5
22%
3234
*30
1%
100
1638
May
1434 Jan
5134 Jan
8% Apr 10
77% Jan
Laclede Gas Lt Co St Louis 100
5% preferred..
100
Lambert Co (The).....No par
,
33%
3134
410
108% 108% 108*4 109
2,000
*17678 180
300
*17678 180
*1634 18
*17
18
27
27%
27% 29%
3,200
36% 36%
37
37
1,500
13% 13%
13
13%
3,600
1534 1534
16
15%
2,100
45% 4578
45%
4578
13,000
♦108% 109% 109% 109%
300
15% 1678
17%
19% 311,200
53% 53%
53
52%
5,300
2%
25ft
900
2%
21?
19% 19%
19% 191?
1,700
108% 108% *108% 109
90
23% 23%
23% 2334
3,300
*130
22%
327g
1%
34
14,300
18%
*4%
„
22%
lig
684
t38
*13%
16%
47g
5
5%
38% 38%
38%
107% 107% *106
107
19%
*130
17%
16%
*37g
2
*1%
24%
llBg
29%
5134
*155
18%
116
37g
%
14%
15%
50l2 5212
5312
55
53
63%
*2%
2%
2%
25g
*2%
234
a:1934 20
20>2 2034
20
20%
10812 108l2 *108% 109
*108% 109
23U 2384
23%
2334
23%
2334
*130
2012
116
37g
%
%
2
113g
2912
3812
10
16%
*115
384
10
*4%
34%
24U
3458
10
57% Nov
18
Kresge (S S) Co
Kresge Dept Stores....No
Kress (S H) & Co
No
Kroger Grocery & Bak .No
500
900
28%
117g
07g Mar
1
18 preferred..
$5 prior preferred
6,100
5
5%
558
25%
0»4 Mar
5% Apr 11
No par
...
Kimberly-Clark
Kinney (G R) Co
""180
28%
28%
1634
1658
512
2414
253s
60
18
*43g
17%
16%
16l2
24
10
18
29
47g
6
3
138
39% Jan
Kendall Co 16 pt pi A..No par
Kennecott Copper
No par
Keystone Steel & W Co .No par
1,400
28%
27%
18
1758
2%
*29%
4%
28
10
2878
lOU
30%
Jan 11
Mar
Jan
6
Class
47,900
3,400
2,000
2%
2
87»
3% Mar
5534 Jan
96
Kelsey Hayes Wh'l
10
28
25%
17%
10
175g
3378
4%
25%
4%
27%
2784
27%
28%
10%
18l2
*113l2
3%
334
*3s
*15s
*28
47g
50
10
*9
*1312
16
*29
85
1647g
9%
31%May 19
Kelth-Albee-Orpheum pf.,100
1,500
37%
12
Mar
Jan
70
141
164
8
Jan
Kayser (J) & Co.
"MOO
7%
36
19
2514
478
60
1034
7%
*81
35%
"l~306
95
10%
10%
7%
85
May
July 18
8% Jan 5
484 Jan 12
8
Apr 10
Corp
37g
Mar
19
6%
1578
185
16% Nov
48
6658 Mar
684 Apr 11
26% Apr 11
3% Jan 23
Kansas City Southern.JVo par
4% preferred...,
..100
Kaufmann Dept Stores
1
500
98
15%
36%
*2
300
*90
29
84
Preferred
500
*90
*1712
*29
0
8%
Mar
xl30
134
par
18
10%
Mar
07g Mar
334 Apr 10
Jones & Laughlln St'l pref. 100
Kalamazoo Stove & Furn
10
Kan City P & L pf ser B No
*120
16
3534
30
17%
10%
2
15
60
Jewel Tea Inc
700
*734
4
2% Apr
No par
Jobns-Manvllle
700
18%
4
3% Jan
April
Apr 11
157% Apr
15
.
400
48
1434 Jan
9
48
100
Island Creek C oal
16 preferred...
11,700
18%
12%
27%
2%
60
*2
847g
8034
129% 129%
98
7%
10
Mar
27% Jan 4
19584 Mar 13
35% Jan21
3178Mar 9
Intertype
400
*45
95
*81
""766
79%
934
*9%
7%
85
87g
21
124
847g
18
*90
10%
7%
*81
*8%
21,
75g
15%
15%
100
124
—
934
3,200
3,000
11%
Mar
June
2
Oct
6% Nov
978 Nov
34% Nov
98
Apr
6% July
8
Apr
5% Apr 11
International Shoe
International Sliver
15
80
19%
8
1% Apr
Foreign share ctfs.._lVo par
Interstate Dept 8tore«_No par
Preferred
..100
23",600
634
-
32
July 18
106% July 20
4% Jan 4
7% preferred
100
Inter Telep &.
Teleg...No par
600
6%
11%
100
>758
95
300
94
6%
638
*17
98
15%
*90
530
1,000
94
11%
*90
15
95
1034
«
7
8134
37
9
98
1478
*90
56%
24i2
11%
*9
200
33%
34
3378
*24%
1H2
17%
1
7»4 Apr 10
5% conv pref
100
Internat Rys of Cent Am..100
5% preferred
100
International Salt
No par
56%
33%
8
8
Apr
2% Apr
Jan
5% July 13
9% Mar 1
4234 Apr 11
Inter Paper & Power Co
6I4
187g
9i2
*17
912
17% Apr
1
Preferred
19,700
*90
8%
17%
934
Nov
Int Nickel of
Canada_.No par
22,100
6lg
6«8
*7%
Sept
95
7% Mar
3% Apr
278 Mar
90
100
5
612
65s
8
146
56% June
5
No par
9%
*120
734
Feb
4
17%
Apr 8
9% Apr 8
4% Apr 8
4% Apr 10
16
Internat'l Mining Corp
200
5612
24
135
94% Ji>ja
Apr
67
Int Hydro-Elec
Sys class A .26
Int Mercantile
Marlne.No par
28,800
9
33i2
3334
....
8
50%
Mar
155
Internat'l Harvester
Preferred
10% July
308g Aug
119% Dec
60
9
100
35%
56
*33
*84
14,400
1,000
10,100
1,300
1,100
14% Mar
Highest
$ per share
3
par
Prior preferred
29% Jan 16
Mar
Jan
Int Business Machlnes.No
par
800
4
June
par
*4%
*3314
100
800
per share
152
100
3334
94
*84
1,100
I
6
119
No par
Interlake Iron
No
Internat Agricultural..No
Jan
3
No par
preferred
Intercont'i Rubber
5
*8U
9
Q
Q
812
8I2
*812
9U
8%
8%
*1978 21
*2012 21
*2038
21
21
21
20% 20%
*121l2 124
*12112 124
*12112 124
*12112 124
*121% 124
*82^2 85
*83
86
85
85
8412 85
*84% 847g
72l2
72l2
7234 77
7812
79
80l2
80
78% 80
*128
131J2 *128
131i2 *128
13112 12912 12912 *129% 132
*40
42
42
42
46
46
|
45
45
*43% 48
*17%
18
*17l2 18
18
18
*18lg
19
18
18%
*11984
*120
♦120
'*120
*7
17,700
136% 136%
912
1138
H84
100
10%
6%
700
3514
6's
612
7
1112
*84
140
3%
9%
33l2
3312
2314
*90
6
7
III4
100
10
3
48i2 49i2
135% I355g
914
3314
23U
94
6I4
.
31
30%
106% 106%
3
9i2
347g
47g
*33
25
*90
93
6
*84
9
33
33l2
495g
136
3414
478
56%
58
6
100
49i8
5
327S
*2i4
lOlg
*134
9%
5712
33l2
30i2 3012
IO6I4 106U
2
2
1%
178
*17g
2
2134 22%
2H2 21t2
23
23
18314 184i4 *183
188
183% 183%
5712
57
583g
577g
5678
58%
16278 1627«
164
164
*162
164%
5i2 ,55S
5ig
5l2
5%
5%
*284
278
234
2%
*234
3
7ig
7%
714
714
7%
7%
3534
33l2
*8912
6
6%
10%
♦103s
*84
571
33^2
*8812
57
3278
22%
22l2
914
5
5714
*33i8
*32i8
136
35
5
10
5014
*134
914
3512
3278
*45s
5%
4958
136
8I2
*
"3"
*2l2
278
*25s
*684
315g
♦106U
*25g
56
5834
16334 16334
163
5
3034
*10514
*23s
9i8
*2i4
|
86
8
Lowest
l47%May 11
6% preferred
100
Inland Steel
No par
Inspiration Cons Copper...20
Iasuransbares Ctfs Inc
1
t Interboro Rap Transit
100
106
105
4% Apr 10
1634 Apr 10
No par
75
....
$ per share
10
7412
Year 1938
Highest
% per share
Par
_
_
614
On Basis of 100-8Aars Lots
74
*2834
Range for Previous
EXCHANGE
July 21
539
Range Since Jan. 1
NEW YORK STOCK
Friday
July 20
$ per share
108
6
STOCKS
for
*153i4
...
Record—Continued—Page
CENT
Thursday
6'4
283f|
273s
PER
July 19
$ per share
6I4
28*4
NOT
Wednesday
Tuesday
July 18
$ per share
6%
26*4
SHARE,
Apr
*f Called for redemption
Deo
Monday
July 17
Saturday
July 15
20
*19%
6%
July 18
Ranoe Since Jan.
7%
7%
6%
20%
July 20
*7%
56%
56%
57
57
56%
57%
56
10%
10%
11%
11%
11%
9%
11%
11%
9%
9
100
56
49
*44
58%
*3%
♦15%
58%
16%
16%
*13%
15*4
*13%
*30
31
68%
3%
3%
49
♦44
59%
3%
16%
*13%
31%
8%
13%
25%
31%
31%
62
63
8%
13%
26
8%
25%
24
13
111
111
*110% 111
60
61
*112% 113
112
111
*59
62
60%
♦112% 113
*10%
*1 %
4
44
11%
44
45
11
♦11
46%
100
61
600
3%
900
3%
18
15%
16%
«
31
3,090
"2~400
32
13%
7,100
6,400
25%
27%
7.500
8%
70
113% 114
61
62%
2,300
63
113
1
113
10
11%
4
4
1,900
*43
45
46
*44
45
200
11
11
11
11
300
*3%
4%
1
McKeesport Tin Plate
6%
Stores..
conv
preferred
No par
56
5% conv 1st pref
Mission Corp..
Mo-Kan-Texas RR
1%
1%
1,100
6%
5%
5%
6,500
%
%
300
1
1
*%
1%
1%
14%
14% 14%
14%
14%
103%
102% 103% 103
101% 102% 101% 103
98%
*112% 118%
118
118% 118% *11234 118% 118
♦115
118% *112% 11812
120
120%
♦120
121% 120l2 120 *2 *120% 121% ♦120% 121% 120% 120%
53%
54%
54% 55%
54%
55
52
54%
55%
65%
51%
51%
*35
39
*35
*35
39
39
39
*35
*34% 37
»8434 37
*27
27% 27%
28
27%
27%
28
28%
26% 26%
26% 27
14
13% 14%
13%
14
14%
13
14%
14%
14%
♦12i2 12%
16
16
15%
16
16
15%
15%
16%
14%
16%
14%
14%
24
23
23% 23%
23%
24
24%
24%
23% 24
23l2 23%
5
5
*4%
5
4%
4%
5%
5%
4%
5
♦4%
434
39%
39%
39%
39%
39% *35
39%
40
37% 38%
♦36
37%
12
*11%
12% *11%
12%
11%
11% *11%
*10%
12
*1034
12
68
68% 68%
68%!
*68%
69%
79%
70
67
67% 70
67
109% 109%
*109%
*109%
*109%
*109%
♦109%
5%
5%
5%
5%'
5%
534
5%
5%
5
5%
5%
"5%
*7»
1'8
14
98%
_
*13%
1%
1%
1%
5%
5%
5%
5%
*%
%
%
*%
%
*%
1%
1%
14%
1%
14%
*%
1%
13%
13%
98% 100
5
800
14%
5,200
20
110
1,200
100
....
6%
6%
7%
6%
20
20
18
20
♦18
7
♦91%
94
*91%
21
21
12
12
12%
2,900
National Acme
11%
27%
8,100
Nat Aviation
17,700
13%
*91%
20
21
21
21
21
19%
20%
20%
21
19%
9%
9%
5%
5%
11%
*93
11%
17
112
109% 109%
6%
*5%
26
12%
12%
14
12%
6%
17%
*17%
8
8
59
59
69%
61%
8
109% 109%
5%
6%
8%
62,500
60
Nat Distillers Prod....No par
700
Nat Enam A Stamplng.No par
400
5%
26%
12%
13
12%
Nat Gpysum
18*600
22%
30,800
National Pow A Lt_...No par
10,000
National Steel
9
6,500
1,300
11%
*11%
12%
36
45
3%
37
39
39
*37
39
38
38
*37
39
*33%
3%
45
*34
45
♦34
45
*34
45
10%
*25%
*84%
27
90
*26
*38
41
*38
*112
28%
200
*26%
28%
*85
90
41
41
*85
90
41
41
10%
39%
14%
14
12
41
42
41
15%
15%
15
15%
15
16
15%
16
26%
35%
25
26%
26
34
34%
2%
2%
*2
2%
35
36%
35% 36%
35%
*2
2%
2%
2%
2%
6%
6%
5%
5%
*5%
5%
*108
112
114%
*109
110% *109
*2
....
*50
*115
*115
63%
*6
109
48%
49%
50%
6%
109
....
49%
Newberry Co (J J)
No par
5% pref series A
..100
107
12,600
Newport Industries
1
92,200
6,300
N. Y. Chic A St Louis Co..100
14,300
6% preferred series A... 100
4,300
80
NYC Omnibus Corp..No par
New York Dock
No par
34%
2
*5% • 6%
6%
6%
*110% 114
*110% 114
*115
*115
...
48%
%
%
2%
2%
2%
2%
*%
%
*%
%
•%
%
*%
%
11%
11%
11%
7734
11
11
11
*75%
77
*75%
"112
112
113
22%
56%
*55%
15%
*84
*75%
77
187
183% 184
"181% 188
16
85%
*85
23
23%
24%
56%
55%
57
57
55%
15%
15%
*85
86
188
112% 112%
23%
24%
56%
57
55%
56
15%
16%
113
55%
87
12%
77%
78%
187% 187%
11%
112
112
12
2%
2%
2%
%
%
*%
13%
12%
13
*79
83
420
192
*188
193
1,000
113
*111
113
100
23%
23%
24%
*19
*143
15%
15%
109
145
6
19%
9
9
36
36
22%
22%
45%
*117
6%
20%
*23%
*42%
9%
36%
24
45%
63
*3%
2%
12%
4
63%
4%
2%
*4
12%
*11
4
2%
4
16%
19%
*143
9%
*38
39
24
45%
23%
*42
9%
9%
109% 110
*30%
4%
40
16%
16%
9
978
11
109
109
*37%
40
7%
23,500
21%
2,200
16
4,700
7
21
21
15%
15%
21%
16%
67%
5%
6
*11
12%
49
*126
*128% 131
156% *155
156% *155
19
*18%
19
*18%
19
49%
12
32%
131
*155
156%
155
19%
*18
Bid and asked prices; no sales on
9%
145
9%
19%
this day.
10
700
*23%
23%
300
*42
75
10
.1
North'n States Pow Co 35
Northwestern Telegraph
50
100
pf.l
50
Norwalk Tire A Rubber No par
Preferred
50
Ohio Oil Co
"8,3o6
5
Otis Elevator
No par
6% preferred
100
Otis Steel...
35.60
No par
1st pref..No par
Outboard Marine A Mfg
5
Outlet
conv
Co
No par
.100
66
6*7" "
*4
4%
300
4%
2,460
14%
15
6%
4%
15%
15%
700
1st preferred
No par
6%
6%
1,220
2d preferred
No par
*10%
32%
33%
6,800
Pacific Gas A Electric
48%
48%
3,200
11%
11%
700
Pacific Ltg Corp
Paciric Mills
48%
11%
129
*18
48%
11%
130
*128% 131
156%
155
155
10
19
*18
19
500
{ In receivership,
a
Owens-Illinois
Class
Def. delivery,
C—32.50
Pacific Amer Fisheries Inc
Pacific
1
16% Apr 11
135
May 26
7% Apr 10
July 11
33
16% Apr 10
Jan 24
114% Jan 26
50
Apr 8
40%
37g Apr 11
2% Apr 10
11% June 30
3%June 29
25
No par
...No par
9% Apr 8
27% Apr 10
41
Apr 8
9% Apr 8
100
114
.100
146
Pac Tin Corp (sp stk).No par
17
preferred...
n New stock,
1
5
Corp (Cal).lO
Pacific Telep A Teleg
6%
Jan 23
Apr
10
Coast
Pacific Finance
30
32% Apr
104
4%
12
4
Feb 24
2% Apr 10
100
6% preferred A
4
12
30
Oppenheim Coll A Co..No par
67%
33
102% Jan
15% Apr 8
12% Apr 10
3%
32%
18% Apr 11
54% Apr 17
53%May 8
12% Apr 11
82
Jan 3
7
June 30
Oliver Farm Equip....No par
Omnibus Corp (The) vto No par
4
*11
8
6% Apr 10
66%
6
Apr
par
No
Preferred
*115%
*115%
156% *155
19
4,600
12,800
75
5%
200
10
24
12
10
6%
39
9%
*42%
32%
10
145
145
*23%
14
"3" 000
19%
*5%
75
248% 48%
*11%
12
*128% 129%
*125% 130
*143
6%
20%
23%
....
14
15
108% 108% *107% 109
*5%
19%
400
40
6%
6%
North Amer Aviation
32%
4%
50
...50
Northern Central Ry Co
Northern Pacific
*30%
4%
39
115%
32%
*11%
.10
30",500
32%
4%
38
4%
3%
49
American Co
38,500
87
*85
38
40
67%
11
20
145
3%
48%
•
6%
4%
10%
l==flfc
16%
67%
47%
North
16%
87
35g
*10%
Apr 12
6% preferred series
4
4%
Jan 25
106
&K% pref series
*5%
10%
32%
70
168
preferred
1,500
*107% 109
6%
20%
*11%
100
—100
Adjust 4% preferred.... 100
7%
1,000
3
4
38May 23
8%June 30
56
4
12%
32%
2% Apr 10
57
66
13%
100
{N Y Ontario A Western.. 100
56
2%
13%
Conv
15%
16%
145
8
July
% Mar 27
57
4%
*10%
31%
9%
38%
*23%
45%
47
55%
16%
1
100
57
87
l%May 20
JN Y N H A Hartford
55%
9
8
N Y Lack A West Ry Co.. 100
57
16
Apr
May 16
56
*85
8
27
Apr 28
12% Apr 8
10% Apr 10
18% Apr 8
119
57
*85%
8
r Cash sale.
*
Apr 11
Jan 30
Apr
Ex-dlv.
10
July
12%
Jan
Nov
Dec
14%
28
Nov
Oct
168%
Nov
19
94% Nov
Oct
25%
30% July
"n%*8ept "16% July
106% Mar
105% Mar
115% Nov
113% Oct
107g Oct
6% July
3%
3%
17%
11%
28% Jan
4
18% Jan 10
16% Jan 4
Mar
Mar
Mar
Apr
207g July
4
4
Mar
16%
30
Nov
Oct
MarlO
106
17% Mar
31
July
27% Jan 3
172% July 12
154
June
178i2
145
127
June
145% Sept
28% Nov
C% Oct
81% Nov
20
50
Norfolk A Western
Sept
12% Mar
44% Mar
July 19
preferred..
20
6
5
109
N Y Shlpbldg Corp part stk.
Mar
9% Mar
81% Jan
15% Jan
.50
24%
64%
12
31%
47%
*10%
31%
*5%
19%
56,900
Apr
30
10% May
65
13% Mar
May 23
47g July
No par
55%
*117
*117
63
16%
*107% 109
*143
*143
9
*32
*42%
16
*107% 109
6
19%
preferred
N Y A Harlem
57
.
*5%
6%
No par
Jan
4
8% Apr
No par
York Central
23%
9%
9
9%
9%
8%
9%
8%
109%
109% *109
109
109% *109
109% *109
32%
*31%
*30
33% *31%
33%
32% *31%
4%
4%
4%
5
4%
4%
*4%
4%
*37%
40%
*38
41
*37%
41
*37% 40
6%
7%
6%
7%
6%
6%
6%
6
20%
21
21
22
20% 22
20% 20%
15%
100
190
82%
New
23%
8%
*107
1,300
12,100
*111
78%
N. Y, Air Brake
10% preferred
1,900
*%
%
70
280
49
%
2%
*%
2%
%
2%
*%
2%
%
*2%
140
...
49
49
1,200
Mar
6
15% Mar
150
8
Apr
32
50
2
15%
25%
34%
serial pref... 100
"""360
35
15%
16%
27%
11%
241
1
147g Nov
6
9%May 8
18% Apr 11
73% Mar 14
16%
17
27%
40%
16%
16%
26%
26%
12%
42
conv
No par
..No par
12%
40%
11%
*34%
*115
42%
15%
15%
23%
90
*41
41
12%
39%
15%
4M %
*85
*110% 112
*110% 112
*110% 112
11%
12
12%
National Tea Co
8% Mar
Jan
33% July 7
43%May 25
2% Apr 11
100
Neisner Bros Inc
10%
28%
42
14%
13%
23%
48
*27
*9%
*26%
90
10%
48
Natomas Co
112
38
*115
800
112
14%
13%
23%
~i",66o
10%
*40
10%
prior preferred
3%
*10%
*85
38
6%
*34
*3
10
40
preferred... 100
prior
3%
10%
41
113%
5H%
45
90
*85
113% *112
32 preferred..
*3
*10
10%
28
27%
600
July
6% Apr
10% July
29
8
1
8
6% Apr
52
25
Corp
Jan
15% July
62% Oct
110% Dec
54
Feb
14% Apr 11
National Supply (The) Pa—10
3%
28
9%
10%
10%
*10
Mar 25
8%
36
3%
Jan 14
135
64
11%
3%
165
100
8%
7%
338
100
8%
63%
11%
3%
preferred A
Nat Mall A St'l Cast Co No par
190
7%
*3
I77gjune 30
8% July
64%
7% Mar
Mar 27
Jan
Mar
17% Nov
32
Oct
37% Mar
6% Mar
6% Feb 17
preferred B
4,600
144
8
7%
310
20%
170
144
5
Jan 17
114
2
6%
i
19%
170
♦11%
*33%
*33%
1
Co
34.50 conv. preferred-No par
Lead..
10
5
157g Mar 7
95%May 31
23% Mar 9
26% Jan 5
12% Mar 3
177g July 21
117% Jan 5
Jan 20
23% Apr 10
11% Apr 4
9% Apr 10
86
Apr 21
National
99
21%
22
170
10
preferred
22,300
13%
*95
6%
4
Jan
25% Jan 4
157gMarl5
14% Jan 3
28% Mar 11
Feb
Apr
34*4 Mar
95
Apr
Jan
4% Apr 11
4% Jan 13
..No par
9%
May 29
109
8,800
26
21%
7% pref class B
Nat Dept Store
Mar
111
...100
100
7% pref class A
*5%
6%
170
Nat Dairy Products...No par
26
6
July 17
9% Jan 20
*8% July
1
Mar
111
16%June 30
7
12% Jan 13
No par
Gas Co
570
12%
13%
99
Cash Register
Mar
4
70
10% Apr 26
Nat
22% July
8
11% Mar
14% Mar
90%May 4
17% Apr 25
National Cylinder
10% Mar
5
38% Aug
3
175
Oct
54%
40% Nov
44% Mar 13
Apr 24
Dec
117% Sept
Mar
Jan
9%
3% Jan
20% Nov
110
25
3
51
""806
Mar
11% July
2% Jan
22% May
Jan
7%
1
5% pref series A w w
100
Nat Bond A Share Corp newNo
Jan
25
9
Jan
Mar
May
111
_
16% Mar 11
Mar 31
Nat Bond A Invest Co.No par
2,000
10
Mar
19
Dec
Dec
67
37% Mar 13
600
5.400
%
30
160
.100
pref
2,600
26%
12%
Corp
Biscuit
cum
6%
5%
*95
7%
6%
12%
13%
National
109% 110%
25%
2144
144
144% 144% *144% 145
19%
19%
19%
20
19% 20%
8
8
8%
8
8%
'8%
63
63%
62%
63%
62%
64
8%
9%
8%
9
8%
9
12%
12%
12%
12%
12%
12%
144% 145
18
19%
7%
8%
144% 144%
*111
5%
21%
21%
21%
22%
21% 21%
21
170
172% *165
172% *165
172% *165
20%
*165
100
17%
113%
17%
17%
112
26%
12%
99
*95
99
*95
99
17%
114%
26%
13%
13%
12%
*95
99
10%
27%
*169% 175
*169% 175
13
*13%
13%
13%
13%
*91% 94
*91%
94
94
21
*20% 21% ♦20% 21%
20
20
20%
20%
20%
10
10
10%
10%
10
17
6%
5%
*5%
26%
12%
11%
27%
114
110
6%
26%
11%
17%
110
5%
26%
5%
26
11%
12
10
10%
17
*114% 115
109% 110
6
6%
6
*5%
25%
*10%
10
10
17%
16%
*114% 115
10%
27%
175
19%
109% 109%
,
10%
27%
10%
27%
1
6
10
Jan
1%
39
5% Apr 10
14% Apr 8
9% Apr 10
7% Apr 11
23% Jan 24
Nashv Chatt A St Louis...100
20
95%
16%
910
Myers (F & E) Bros...No par
Corp
5
Nash-Kelvlnator
11%
20
115
15~ 500
20
♦18%
19%
*8%
16%
6%
6%
12%
♦93
*113
49
6%
*47%
49
20%
175
13%
94
13%
14
*13
6%
12"
12%
10%
10%
11% 11%
10%
9%
10%
034
9:
27
28%
27%
27
27
*169% 175
*170
175
♦170
180
13%
6%
Jan
3%
4% Mar
9% Apr 10
Apr 10
4% July
Oct
17%
Jan
122%May 24
55% July 18
10
46
72%
1% Mar
16% Apr 11
4% Apr 10
30
Apr 8
9% Apr 12
50
Apr 8
106% Apr 14
Inc.....No par
Murphy Co (G C)_.
No par
6% preferred
100
Murray Corp of America... 10
Mar
10% May
9% Jan
24% July 10
37 conv preferred...No par
July
2% Jan
17% Jan
40% Apr 11
33
Apr 28
Munslngwear
8
35
May
1
Oct
Nov
Mar
4
121
July
92
6% Jan 3
MarlO
Apr 10
Essex
111
Jan
Apr *117
49%
100
1
47% July
Apr
76
4
July 13
147g Jan
2% Jan
Mar 22
Morris &
20%
21
11%
10%
27%
*12%
*47%
49
*47%
634
50
*47%
49
*47
48
6%
4,900
Jan
30% Nov
54
118
Mulllns Mfg Co class B^
100
227g
15% June
85% Jan
115
2,700
190
12% Mar
4
113
No par
2,800
6,000
Oct
3
Jan
Jan
No par
60
Motor Products Corp..No par
Motor Wheel..—....—..—5
Mueller Brass Co
-.1
4,600
14%
111
Montg Ward & Co. Inc.No par
Dec
5% Mar
115% Mar 14
..No par
preferred
34.50
Preferred series B
16%
26% Mar
10% Apr 11
85% Apr 10
Co
June
4
5
l%June 30
4
Apr 10
% July 8
78june 28
Morreli (J) & Co
89,600
""466
■
*46
Monsanto Chemical
7% Nov
30
Dec
16% Jan
10% Apr 10
7% preferred series A—100
Nov
57% July
11
Mar 13
20
10
5% conv preferred
Mohawk Carpet Mills
*3g
73
Apr
3% Mar
14
May
32%
29
8
8
3% Apr
40% Apr
Nov
15*4 July
Oct
80
Jan
50
100
100
{Missouri Pacific
400
1%
4%
1%
434
Feb
17
Jan 16
110
No par
1%
1%
95
Apr
39% Jan
12% Jan
11% Apr 10
18% Apr 8
101
Apr 11
55
Apr 11
1
No par
10
preferred
Apr
6»4 Mar
55
28% Jan
8
Apr
6% Apr 10
Minn Mollne Power lmpt
36.50
70
58
June 16
25
26%
1
6% Jan
zl3
Co No par
Mesta Machine Co
5
Miami Copper..
5
Mld-Contlnent Petroleum.. 10
Midland Steel Prod
No par
8% cum 1st pref
100
Minn-Honeywell Regu.No par
4% conv pref series B...100
Oct
Jan
537g
13% May
MarlO
12
14%June 30
1
60
Mengel Co (The)
35% Mar
61%June
July
12% July
11% Nov
7
3
20% Nov
Mar
Mar
April
46
share
Jan
7
70% Jan
46% July 21
35.50 pref ser B w w.No par
No par
Melville Shoe..
per
10
5
99%June
6
July
Highest
share %
per
MarlO
10
June 29
7
$6 preferred series A.No par
Mead Corp
Mercb A M'n Trans
8%
12%
*112% 113
4%
44
11
*42
44
61
*112% 113
4%
4%
3%
3%
37g
*3%
*41
8%
10
60
*13%
14%
32
8%
8%
13%
13%
13%
25% 26%
26%
*113
115
*112% 115
63%
*112% 113
*57
3%
17%
4
18%
15%
8%
60
2,200
46%
17%
12%
25
8% Apr 11
7
Apr 8
88
Jan 27
8%
*59%
*3%
7%
10
1
100
98%
61
*13%
12%
24%
8%
60
4%
7%
McLellan
8%
9%
98
48
15%
32
12%
11%
9%
*96%
*57
18%
7%
57
11
Co
Elec
McGraw
I
22% Jan 21
10% Jan 5
59% June 15
18% Jan 3
49% Apr 11
2,300
57
*59%
4
31%
Mclntyre Porcupine Mines..6
300
*44
18
*12%
23%
*7%
*13%
18%
15%
31%
31%
59%
2,300
4,400
1,900
8%
59%
*57%
*44
*58%
♦57
9%
96%
8%
60
g per share
15% Apr 28
6% Apr 10
20%
*7%
48
60
49%
59
4
56
60
♦44
*56
8%
9
8%
Highest
3 per share
Par
McGraw-Hill Pub Co..No par
20%
8%
57%
11%
Lowest
Lowest
20%
11
98
*94
100
*93
7%
7%
7%
*7%
9%
9
♦93
8'%
100
*93
*9
Shares
*7%
56%
57
*10%
87*
On Basis of 100-Share
Week
$ per share
20
20%
7%
Range)or Previous
Year 1938
1
Lots
EXCHANGE
Friday
July 21
$ per share
19
July
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Thursday
$ per share
$ per share
20%
20%
*6%
8%
f per share
20
20%
% per share
Wednesday
Tuesday
Sales
for
PRICES—PER SHARE,
HIGH SALE
AND
LOW
July 22, 1939
New York Stock Record—Continued—Page 7
540
27%
Mar
5
Oct
23
Feb
Jan
18
Dec
30
July
59% Jan
55
Dec
82
July
50% Apr
70
Feb
75
Feb
12% Sept
4% Jan
11% Feb
2% May
29%June
14% June
85
June
68
Apr
41
June 19
28
Mar
7% Mar
99% Apr
97g Mar
112%June 22
17% Jan 4
47% Jan
22% Jan
23% Jan
38
Jan
Jan
26
July
71
Nov
40
Jan
108% Nov
20
Mar
10
Mar
19% July
48% Nov
21% Nov
7
Mar
23
Dec
38%
Jan
12% Mar
.
43% Feb 25
3% Feb 28
9
Jan
4%
125g Aug
6
18
Mar
37% July
2
Mar
Jan
11% Mar
5% Mar
4*4
118% Mar
101
Mar
120
Apr
120
Mar
110
Aug
111
Apr
62
Mar
54
1
2% Mar
Jan
16% Jan
89% Mar
June
7g Dec
Jan
4% Jan
1%
%
Jan
4% Mar
_
195% Mar 10
113 June 14
63% Nov
2% Jan
7% July
1% Jan
16% Dec
38
Mar
90
133
June
198
Jan
100
Mar
110
Dec
Dec
26% Feb 27
13% Mar
26%
59% June 13
56% July 11
45% Apr
57%
Oct
Dec
20
Dec
19%
Jan
3
88% Mar 27
14% Jan
4
111% June 20
33
June 12
57g Mar
75
June
6% Mar
92% Sept
25
May
Jan
93%
14% July
103
Dec
35
Sept
5%June 10
1% Mar
5
Nov
June 10
12% Mar
41
Sept
10% Jan
5
147g
Jan
30
Jan
6
87g Sept
19% May
327g
Feb
20% Mar
3
7% Mar
19% Nov
113%May 25
83% Apr
111% Sept
42
8% Jan
27% Jan
145
4
3
July 13
4
Mar
13% Mar
122
Jan
10
Nov
29% Nov
147
Nov
15*4 Nov
5
6% Mar
4
9
457g July 18
116% Mar 25
30% Apr
60
10
22% Aug
Jan
3
7% Mar
15
Jan
54% Jan
24%June
70
Mar
52
Oct
115
Apr
115
Apr
40
Mar
2
5% Dec
4% July 20
Jan 25
10% Mar
6% July 21
3% Mar
12% Mar 14
34*4 Mar 10
*22*4 Mar
16
49% July 18
14% Mar 11
132 June
9
156
July
3
25% Jan
y Ex-rights.
7
Nov
39% Apr
2% Mar
9% Mar
32% Mar
9% Mar
87
Apr
*132% Mar
17% Dec
76% Nov
11% Jan
5%
Jan
21% Nov
9% July
15% July
30
43%
Nov
Dec
197g July
121
Dec
149
Nov
30
June
^ Called for redemption.
Volume 149
LOW
New York Stock
AND HIGH
SALE
PRICES—PER SHARE,
NOT PER
Record—Continued—Page
CENT
Sales
STOCKS
NEW YORK STOCK
for
Saturday
Monday
Tuesday
July 15
July 17
Wednesday
July 18
Thursday
July 19
July 20
Friday
July 21
Week
$ per share
9 per share
) per share
$ per share
per share
*8%
834
3%
*8%
3%
3i2
14i2
14
*5
6i2
8%
8%
334
334
14%
3%
1434
8%
3%
14%
14%
*5
47
6%
47
*5
3,
%
*48
*95
9%
*91
48%
48%
9534
10%
*16%
134
10%
42%
134
17
*158
*934
*8i4
1%
134
17%
1%
10%
10%
8%
8%
10
8%
55
*54
10%
9%
*16
*16
1784
134
10%
1,000
1%
900
10
10%
16,100
8
8%
57%
1,800
734
8
3%
3%
*1%
2%
93%
*1%
2
93%
*1%
*3%
3%
338
3%
*3%
*23%
*12%
2534
25%
*24%
26
*23
26
13
13
*13
14
*12%
14
37%
*2%
10%
37%
2%
11
*122
24
27
26%
13%
27%
*18%
20
19%
*18%
*7%
7%
36%
44%
*8334
8
7%
7%
734
7%
7%
20
7%
7%
37
4034
39%
45
46
4584
40%
46%
85
85
85
*84%
*2
2%
334
*3
*3%
*%
90%
334
*%
90
H
90
*133
*334
*26
20
31
86%
2%
*2
*3%
*%
90%
91
*26
6%
285g
50
334
18
2%
44
*26%
36%
*2%
*42%
7%
*6%
28%
*2734
*45%
*15
44
*434
18
3434
2%
*42%
*6%
5%
*60
31
*27%
*45%
*234
3434
2%
*15
62
534
534
8
*7%
16
*19
22
*8%
*%
*8
64
....
8%
600
38
Peoples Drug Stores...No
800
1278
1278
2634
28
1,100
1,130
22
870
*18%
20
*2%
7%
*84
85
22
8%
3834
*112
11234
*124% 126
*141
142%
166
*115% 116%
2534 26
7
7
*80
85%
*70
71%
*16%
17
*12
12%
'
534
5%
*7834 100
*63%
1%
65
*19%
20
134
28
15%
21%
9%
%
""*1*66
28%
200
50
3
684
62
61%
5%
15
15
15
15%
180
22
21
22
140
9
%
1934
8%
7g
19%
8%
7g
1934
20
*8
%
8%
10%
8%
9
11
*%
6,700
1,100
8%
8%
10%
%
*%
*%
%
%
834
*%
%
8%
8%
878
*%
884
*8%
9%
*8%
9
8%
*24%
60%
27
8
9
9%
*834
17
18
*12
*12
1084
1%
60%
26
60%
6o84
117% 118
118%
3938
113
10
*%
%
26
28%
60
59%
60%
117% 118% 118
39
3884
39%
112
11284 112%
*125
*124% 125
142% 142% *141
165% 165% *165%
*11534 116% *115
26
28%
28%
6%
7%
7%
*81% 85
*81%
71
71%
71%
8
38%
39
117
38%
*27
29
28%
28%
7%
7%
7%
7%
*81%
70%
1784
85%
71%
18%
*81%
85%
70%
12
*11%
28%
7%
7%
85%
71%
18%
12%
12
6%
6%
*7834 100
65%
1%
21
6%
6%
*7834 100
66%
21
65
2%
66
2%
1734
6
20
18
12
6%
2%
20
64
9
9%
9%
15
15%
1134
15%
16
12
12
*21
16%
12%
*16
1134
22
22
22
22
22
*21%
*17%
*3%
*16%
*3%
18%
49
3%
*7%
8%
7%
*7
*17%
*3%
19
*43
49
*8%
*7%
*1734
3%
*10
11
*10
11
*11%
*64%
11%
67%
12%
*64%
12%
67%
*62
65
7g
15%
65
1534
*48
54
*43
49
12
12
15%
*50
47%
20%
9%
16%
12%
*7
8
*14
15
*14%
*21
21%
1%
22
*%
353s
35%
36
%
*1
26%
*39
50
*2%
*3%
44
6
44
*105
106%
*112
...
*112% 113
I384
•
7
40%
*82
7
40%
55
*53
8
8
8
15
1%
37
50
834
84
7%
40%
55
8%
8
8
*14%
23%
*34
37
15%
1334
3g
%
*1%
*2%
1%
3%
*3%
6
*3%
43%
46
6
106% 10634
112% 112%
113
14%
113
14%
44% 45%
106% 10634
112% 112%
*112
14%
40
*53
113
15%
83
*7%
*14%
40%
55
23
*7
*14%
12%
*1734
115
29%
7%
13.60
coqv
1,300
Raybe8tos
9%
1,800
Rayonler
13%
900
52
2,000
3%
*""f66
Real
20
*67
70
*61%
69
20
1
3,300
75,200
18
55
54
13%
25%
*2534
66%
50
8%
84
13
500
66%
50
190
87g
'¥,200
*82
7%
7%
40
40
*53
7%
8%
734
*7
15%
734
*7*666
10
*34
1%
1%
1%
*1%
23
Roan Antelope Copper Mines.
Ruberold C o (The)
No par
23
1%
37
*h
...
15%
a
IRutland RR 7% pref
"4*466
St
Joseph
100
10
Lead
1,900
1%
2%
*2
2%
2%
*3%
6
*3%
6
45
4434
45%
IO684 10634
10634 10634
11134 112% *11184
113
*112% 113
113
*15
1,100
MTg
fSt Louis-San Francisco... 100
500
6% preferred
100
tSt Louis Southwestern... 100
5% pieferred
100
30
2*4*766
280
160
120
1,400
Def. delivery,
Safeway Stores
5% preferred
6% preferred
7% preferred
Savage Arms Corp
n
New stock,
r
Cash sale.
Jan
3
104% Jan 11
10«4 Apr 11
Ex-dlv.
y
Jan
25% July
11
Jan
16% Dec
3% Jan
1%
Jan
l4i2 Dec
14% Dec
42% Dec
59
Oct
122% May
35% Jan
106% Oct
11884 Nov
134
Nov
152% Dec
117
Sept
39%
13i2
98%
88%
15%
Nov
July
Jan
July
Nov
16%
Jan
9%
Oct
80
Oct
66% Dec
538 Jan
24
July
Jan
Jan
10% June
22
Jan
18
30%
Jan
Mar
13% June
284 Mar
34% Mar
6
Apr
fii2 Mar
9
June
9% Mar
49i2 May
40
Apr
1
Dec
May
7% Mar
27% Jan
6% July
58
July
11
Jan
11% July
13% July
17% July
78
Dec
69
Nov
3%
Oct
25% Nov
7814 Nov
77% Nov
19% Oct
38i2 Deo
64
45
Dec
10
Sept
64i2
17»4
4
4
Jan
84
17% Mar
65
Apr
6
Apr
Jan
24%
29%
Mar
38
_
Jan
1
June
I684
20X4 Jan
40% Jan
77% Mar 15
Jan 31
8
9
IH4 May
39x2 Mar
11% Jan
96
*
5
68
100
No par
134 Jan
45
100
100
Maris
5% Apr 10
35% Apr 11
184 May 3
33gMay 6
2784 April
82% Jan 4
...No par
72
Mar
8% May
63
34 Apr
7
18
85
27% April
X4June 27
21% May
8% May
Apr
74i2 June
81
484 Mar
37% July 11
7% June 30
78«4 Jan 4
6%May 2
13% Mar 31
18% Apr 11
Rltter Dental
86% Mar
101% Apr
Apr
112
60% Jan
3714 Mar
1«4 Sept
14«4 June
Jan
No par
100
7
17% Jan 5
75% Mar 15
71
6% Apr 11
300
29
17
Mar 20
April
No par
15%
Mar
Jan
Jan
Mar 13
Feb 11
42
June 14
Mar
Nov
25
Jan
Rlchfle d Oil Corp
8%
15%
t In receivership.
Common
Mar
Mar
114
Jan
70
64% July 18
Oct
Mar
18
25% Jan
9% Apr 11
Reynolds Spring
1
Reynolds (R J) Tob class B.10
6
19
x2
484
4%
1384
39i2
27
Jan
Apr
21% July 11
100
5
17
43
8
1% Mar
6
22% Jan
% July
12% Apr 10
6
7% preferred
100
5H % preferred
100
Reynolds Metals Co ..No par
55
6,700
July 11
April
5% Mar
6
9X2 July 21
984 Jan 5
11% Jan 12
10
5H% conv preferred
2,600
65
60
*
Revere Copper A Brass
Class A
Mar
2% Jan
54
Republic Steoi Corp...No par
6% conv preferred
100
6 % con v prior pref ser A. 100
8
Mar 11
July 18
_
84
40%
1434
5,400
66%
*39%
834
7
55
28
500
1,300
16
Jan
43
6
3
4
Mar
July 10
July
Apr 11
Preforred with warrants.. 25
17% Nov
Dec
Mar
132
3
Rensselaer A Sara RR Co..100
45
Mar
x8
112
16
JReo Motor Car
May
6
June 29
6
l0%June 30
Aug
July
3
67% Jan
10
52
30
23
117% Jan 19
39% Jan
11% Jan
90% Mar 29
81% Jan
18% July 17
100
68%
17%
166
9% July
6
84 Jan 17
60
—.
Jan
9% Nov
7i2 Mar
20% Apr
lli2 Apr
Feb 27
9
21
.1
35
4% May
June 10
63% Apr 10
1% Apr 8
I6I4 Apr 4
7
Apr
6i2 Apr
9
Apr
Dec
3% Mar
July
26% Nov
52
May
7% Jan
5
8% Jan
85%June
Rels (Robt) A Co 1st pref.100
Reliable Stores Corp.—A'o par
400
2
23%
18%
25%
21%
6%
Hosiery
18i2
5
2484 Jan
36% Jan
1584 Jan
13
6%June 29
12%June 28
10% Apr
July
9
Mar
5x4 Apr 10
85i4June 1
par
Nov
43
3% Mar
Jan 14
60
Preferred
65
100
Jan 26
4
Jan
174
42
11% Apr 29
1
Remington-Rand
55
July 20
1034
.......50
Silk
1
June 21
1st preferred
4% 2d preferred
Reliance Mfg Co
52%
6% July
81
70
..25
5,200
52%
52%
13%
Apr 11
...
11%
12%
1
8
7
23
4
Apr
115% Mar
Manhattan-Ato par
12%
1%
17%
Jan
Apr 25
148
4%
19
46
115
100
Reading.
200
Apr 10
Mar
Mar
June
Jan
43% Jan
103
Oct
50% Mar
44% July
145
14
6O84 July
11934 Feb
393gJuly
113%June
126% July
142% July
8
Oct
8% July
173% July 21
9% Jan 6
Apr 10
31% Apr
Mar
Nov
50% Apr 14
Maris
1
14384
144%
75
14% Jan
14% Jan
112
6% Nov
Mar
1634 Jan
2% Jan
18
No par
1st pref-.lVo par
Inc
Oct
2
Oct
Nov
41
8
100
preferred
Jan
39
22% Jan
Apr
129
JRadlo-Keith-OrpheumNo
20i2
i4May
1|
6% Apr 10
7% Apr
95 preferred B
510
3684
1434
31,600
"l,700
4
34 July 17
Puilty Bakeries
No par
Quaker Stato Oil Ref Corp.. 10
Radio Corp of Amer ...No par
200
100
184
15%
21,710
Mar 14
July 19
Jan
Jan 12
Apr 11
% Apr 28
190
preferred
27% Mar
30%
7% Jan 11
June 28
-.100
conv preferred
9%
734
23
113
5%
11,300
834
3634
3%
*3%
6
43% 4434
106% 10634
112
112%
6%
*1*566
5
Sept
Jan 3
Mar 29
.8
Pub Sor El A Gas pf 95. No par
Pullman Inc
No par
Pure Oil (The)
...No par
*7%
*10%
12%
23
*2%
200
18,600
8,800
20%
*3
*84
36%
1%
preferred...
23
*43
37%
Bid and asked prices; no sales on this day.
3934
7%
8%
15%
*%
H4
15%
6%
*53
8
*34
112
i*39%
8%
*82
7%
734
12%
25%
*65
8%
714
23
%
3
*81
37
1%
51%
13%
8%
1%
37%
1%
*2%
5h2
23%
%
1%
3%
52%
51%
66
23
*%
17
13
8%
68
*60
1
26%
*40
12%
preferred
8%
16
*22
3%
9%
7%
17%
*50
19
46
11%
58
17
23
*7
1%
66
83%
784
*7%
69
1
13%
*82
*53
*63%
27%
65%
8%
734
67
69
1
13%
27%
64%
43%
55
67
13%
8
40
12%
67%
8%
7%
60
Jan
7
50
32
6
67
June
Mar 15
20% Jan
13%
8%
4% Mar
Mar 23
17% Apr 11
6i2 Apr 14
No par
100
32i2
4384
3%
46i2
8%
28%
6
18
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J ..No
par
95 preferred...
No par
6% preferred
100
300
*9%
16
2d pref
126
4
9
5
Apr 11
7% Apr 10
22
Apr 4
12%May 22
5
142%
1657g
Jan
114
4
166
pai
..100
Procter A Gamble
390
6,700
1,100
2%
20
*10
1234
5134
*40
734
8%
734
12%
67%
3%
*43
10
50«4
43%
40
8%
*7%
50
*38
*53
*17%
3%
5034
28
64%
6%
40%
19
53%
12%
*26%
6%
*22
45
*60
12%
24
47%
*61
6%
12%
9%
*15
1%
10
17%
26
83%
7%
9%
17
45
9
17%
65
*81%
9%
12%
11
1%
18
*23%
8
3%
*7%
7%
1%
*61
*7«4
19
43
*10
65
1
7g
9%|
*3%
43
8%
8
.
9%
113%
10,200
conv
7
Jan
...
6%
1
June
Class B
No par
Pressed Steei Car Co Inc
1
5% conv 1st pref
5
100
3
6
100
Pond Creek Pocahontas No par
Poor A Co class B
No par
t Porto Ric-Am Tob cl A No par
9,600
Nov
Mar
Apr 27
Plymouth Oil Co
900
39%
2
2%
1,700
400
9%
8%
*81%
85%
70%
71
17%
18%
*1134
12
6%
6%
*7834 100
64
' 64%
*7834 100
64
2%
20
70
1%
6034
60%
6034
118
117% *117
38%
1,450
800
28
3834
11234 *112% 113% *112%
125
125
125%
*124%
142% *141% 142% *141%
165% 166
165%
1657g
116% 115% 115% *113
112x2
126
125%
142% *141%
166
165%
116% *115%
29%
28%
*11
*43
1
20%
11%
28
18%
12%
5%
6%
*7834 100
64% 65%
134
134
1934 21
9%
%
Nov
3
Mar 31
100
1st ser conv prior pref 100
Pittsburgh A West Va
100
Plttston Co (The)
No par
400
10%
1%
8%
84
9%
7% pref class B
6% pref class A
74
12
par
July
38% Jan
1784 Nov
Apr
50
4
6% July
17»4 July
43
Jan
1% Apr
2% Mar
14 Mar
7514 Mar
%June 12
Apr 18
50
Mar
Mar
Mar
60
Mar 27
154
3
par
Oct
Feb 16
6
Apr
42
43
35% Mar 27
2% Apr 8
.10*
Jan
Feb
Mar
Mar
103% Mar
6% Apr 11
23
100
55 conv preferred
No
Pitts Ft W A Ch 7% gtd
pf
Pitts Screw & Holt
No
Pltts.Mirgh Steel Co ....No
290
22
10%
9%
4,000
2,700
15%
"
15
6%
834
32
'
*8
27
60
*28
pref... 100
Dec
24i2
31
30
4
Jan
121
Mar
Feb 17
4
Apr 20
36
Dec
Mar
Mar
484
2% June 22
31% Apr 10
2% July 6
5
Pitta Coke A Iron
Corp No par
20
6
32
conv
Pittsburgh Coal of Pa
6% preferred
"""466
62
173%
173
....
par
100
Plllsbury Flour Mills
25
Pirelli Co of Italy "Am shares"
200
17
5%
Preferred
Pierce Oil 8%
Mar
15
9
July
15% Nov
47i2 Nov
8
25
7
5% July
30
17% Mar
Feb 27
Jan
Jan
Aug
MarlO
10
47
234 July
100
Jan
86
May 19
2%
8i8 Mar 14
4484 Jan 5
7
%
July
Deo
Nov
July
8i2 Mar
7'4 Mar
8
82i2May 19
Jan 24
10
120%
14%
19i4
22%
184
6i2
17%
MarlO
Jan
126
July 18
Feb 6
20%June
1% Apr
10
4
MarlO
Apr
..No par
Petroleum... No
Hosiery
Phoenix
30
3
A Co Ltd
Jan
34
Jan 18
3
prof series A. -.100
preferred
Phillips
200
*14%
5%
3
18
*28
1934
2034
2%
44
7%
*6%
conv
7%
22
834
1
20
10%
8%
*8%
15%
9
20
27
6
8%
5%
*6*866
2%
*42%
50
Philip Morris
Phillips Jones Corp.
*27
28%
*5
4,300
"566
9
Mar 15
17
36
50
6
41
75
.50
Mar
1%
8
Oct
14%
13%
68%
85%
884 Mar
16% Mar
7%May 19
584 Apr 10
No par
Oct
234
2% Mar
10% Mar
2438
3938
40%
3%
28% April
No par
$PMla Rapid Trans Co
140
36
preferred
7% pieferred
Phlla A Read C A I..
500
*46
*27
$6
2%
4%
17
.5
Pfelffer Brewing Co...No
par
Phelps-Dodge Corp..
..25
Philadelphia Co 6% pref...50
300
31
3634
7%
'*234
700
90%
100
.
Oct
21%
Mar
124
Oct
Mar
55
Mar
July
3%
IX4 Mar
3i2 Mar
3
5% Jan
8
30
42%
41
33
8
Feb
Mar
July 18
234 July 13
30% Apr 11
2
May 10
7% Apr 8
21
Apr 8
15
Apr 8
No par
Petroleum Corp of Amer
3%
*26%
13
Jan
Dec
Dec
13% July
lx2 Mar
3ix4 Mar
19
Feb
13% Dec
6% Mar
16
3
Apr
24
par
pieferred
Pet Milk...
1,500
%
prior
5%
30,200
*2
50
joo
prefer red .....100
5%
l"400
8
*3%
RR
Pere Marquette
"
734
4034
36%
2%
63%
28
300
46%
44
*6l3s
*172%
6%
534
834
*8%
3
*7%
3934
*4534
*2%
*42%
*6%
...
Pennsylvania
6
5
3
43i2June 13
120%June 20
15% Apr 10
Peonies OL4C
(Chic) ...100
Peoria A Eastern
J00
,20%
31
*15
par
45*200
19%
102
103
Mar
Jan
Apr 11
...
9%
2
Aug
61% Nov
Mar
2% Jan
Apr 11
37
2%
3%
%
9034
36
534
*61
6%
884
21%
%
9
*5%
3
19
12
85%
*46
3
18
*172%
14%
*%
50
3
28
1
*8
63%
6
10
*24% 26
59% 59%
*117% 118%
50
.
8%
9%
1
28%
*15
5%
21
19%
28
3%
18
63%
*172%
7%
par
17 conv pref ser A...No
par
PennG1 Sand
Corpvtc^par
97 conv pref
r/o
46%
*26%
36%
2%
44
*2%
*42%
*6%
50
27%
15%
*8
K
8%
7%
28
5%
6
1
%
2%
44
31
400
200
'4 Apr
Oct
65
94
10
Jan
6
88'4 June
684 Mar
Apr 10
14
Corp
15%
18% Deo
4
74
Penn Coal A Coke
*37
734
26
Mar
4
Apr 10
Penn-Dlxle
Cement...No
Feb 14
2% Feb 25
11%June 9
11*4 Mar 1
57% Jan 3
800
18%
40%
*3%
%
_
29
48
par
No par
No par
37
734
*2
3%
*26%
36%
37
*3
8%
28
9
934
31
*16
5%
*20
8%
1
'
19%
8%
*19
334
5%
734
25%
14%
25%
*14%
50
*4%
*172%
*24
36
*60
*172%
*165
46%
Penney (J C)._.
June 26
25
91%
90
92%
91%
90%
140% *137
144
140% *136
*131
140
*131
140
*131
4%
4%
4%
4%
4%
*4%
4'4
*4%
4%
4%
34%
*2%
*42%
6%
*27%
*45%
*234
38%
8
40%
*84%
2%
334
%
*3%
%
%
734
734
39%
*45%
85%
EnterprTVo
Penlck A Ford
4
1418 Jan
107% Jan
13% Jan
1% Apr 4
36
April
11% Apr 10
lx2June 29
584 Apr 10
7X4 June 12
200
20
*18%
8
17
par
Aro par
5
314 Mar
1634 Dec
6% Nov
1
Sept
104
Apr 10
734 Apr 11
No par
4
1% Jan
60% Jan
May 10
6% Apr 10
1
10
3
684 Jan 20
1
80
10
.
5
484 Jan
100
l
160
l.l.Il
Pathe Film Corp
Patlno Mines &
6,900
37%
37%
2%
12%
2634
20%
20%
20
*7%
3934
46%
87
*2
22%
.100
Highest
11% Jan
41l2 Apr 14
3%
*122
1834
% Apr
No par
Lowest
5 per share i per share
163g Jan
June 26
2%
*12%
...
18%
37%
37%
2%
5
Parker Rust Proof Co
2.50
Parmelee Transporta'n.IVo
600
94
25
14
*11%
26%
27
21%
*18%
*784
36%
2%
3
12
12
22
44%
*2
18%
39%
37%
26
8
7%
21%
*18%
94
*122
...
18%
*37%
37%
*2%
3
12
21%
*55
3%
13
19
734
56
2%
*1214
*121%
17%
19
10%
734
2%
17%
1%
1%
56
25
10%
24%
17%
10
56
19%
39%
37%
Park A Triford Inc
Park Utah C M
Parke Davl<» & Co
900
25
*10%
24%
20
"2*700
94
*2
*16
I84
55
3
20
42%
17%
9384
*2
2,500
1%
55
...
4%conv preferred
Paramount Pictures Inc
6% 1st preferred
6% 2d preferred
200
11
42%
94
37
Paralflne Co Inc
43"400
10%
93
IO84
1%
55
37
9%
93
10%
42%
93%
*134
*121%"
*122
1734
19
17%
19
39%
39
*38% 39%
400
93%
884 July 14
3
Apr 8
10% Apr 1
No Par
Pan
""655
1%
*22
*37
934
Packard Motor Car
10
Amer Airways
Corp
5
Ban-Amer Petrol <fc
Transp__5
Panhandle Prod & Ref new. 1
108
42%
*17%
*1%
55
*36
*47%
*95
53,600
5,400
134
93%
3%
6%
84
49
Corp..
5 per share
Range for Previous
Year 1938
Highest
5 per share
P(1T
Pac Western Oil
1,400
42%
1734
134
10%
3%
2%'
14%
34
48%
108
9%
93%
10%
20
1%
42
9134
*2%
9D2
*3
95
3%
14%
*5
%
48%
*95
Lowest
9%
3%
334
6%
EXCHANGE
„
9
14%
*84
48%
10%
20
3%
14%
108
9%
94%
1%
42%
17%
1%
1034
8%
*42
17%
83g
91%
2%
1%
42
*1634
134
10
*53
20
42
9%
*5
34
48%
*95
10%
95%
10%
95%
10%
*16%
1%
9
6%
84
48%
108
934
95
20
134
*4134
*16i4
10
*5
3,
*95
9%
94i2
103s
*934
*16
6%
34
*95
9%
per share
8%
14%
*14
34
$
834
334
541
Range Since Jan. 1
On Basis of 100-Share
Lots
Shares
9
the
8
Jan 18
1484 Jan
10% Jan
9% Jan
16% Jan
34
4
Mar 13
7
Jan
li4 Jan
4684 Jan
'4 Jan
2
Jan
3% Jan
4
Apr 28
46% July 21
107
July 3
112% July 17
116%June 7
I8I4 Jan 3
Ex-rlghts.
77%
Dec
4% Mar
33>4 Mar
51% Jan
5
Mar
7X2 Apr
14% Mar
13
Mar
85
Jan
Jan
Jan
94
Sept
12%
46%
58%
9%
13%
20*4
33i2
2%
49%
1%
3%
July
Jan
Jan
Nov
July
Jan
Deo
84
Dec
25%
%
1%
1»4
3%
May
12
Mar
58
Mar
68
Mar
99
Nov
79
Mar
108
Nov
8#4 Mar
19
Jan
Deo
Mar
Dec
Dec
Jan
Oct
July
July
6% Jan
714 July
2984 Nov
83i2 Dec
f Called for redemption.
LOW
Monday
July 17
July
per
12%
12%
73
%
6%
50%
612
501?.
501?
50 84
38
Shares
5,100
13%
13%
13%
75%
75%
%
%
1,400
534
534
Schenley Distillers
1,000
%
51
1,800
30
J Seaboard Air Line
No par
4-2% preferred
100
Seaboard Oil Co of Del-No par
3g
%
*%
%
%
38
*38
%
%
%
38
%
114
18i2
1%
1%
1%
1%
1%
18%
1%
*1%
18%
1%
18%
*1%
*1738
1%
18%
2%
600
18%
19
18%
18%
18%
3
*2%
284
*2%
234
7784
79%
79%
80%
7884
7984
78%
1578
al2%
1578
15%
16%
12l2
13
14%
14%
*53
56%
56%
56%
*53%
*4
414
4%
4%
4%
*2
2i2
*43
48
*44%
9
9
9
3634
36«4
8%
*36%
11
11
104% 104%
*10312 104
2314
23U
104
10334 104
104
*2%
*1934
20
*20
20«4
19%
1934
9412
*94%
95%
*94%
99
*96
100
*94
100
94
95
110
110
*107
110
*107
110
9412
99
99
*95
107% 110
10712
*105
*1912
1934
11%
1134
*1«4
178
1534
1534
11%
11%
11%
21
20%
21%
1934
12
11%
12
1134
134
1112
*1058
1%
18
1%
18%
1%
18%
18%
18%
18%
*18" T8% *17% 18%
*1383« 14034 ♦138% 14034 *138% 14034
29
27%
13%
2834
28%
133s
15
14%
15%
153s
15%
17%
17%
24%
24%
17%
25%
28
*2778
1314
15%
2212
22%
40
♦22
40
40
*36
41%
1»4
I84
134
2
2
2%
♦6i2
7i2
7%
7%
7%
7%
*34
*17
*1612
17i4
17%
43
43%
43%
45
44%
243g
24%
49%
26
*4934
*4834
49%
25%
4834
III4
1U4
11%
12%
12%
68%
69%
69%
24
26%
26%
26%
IO684 10634
234
3
634
634
684
12
7%
7%
*50%
51%
*128
-
51%
51%
128
*50%
128%
1584
14%
26%
18
18%
27%
27%
6%
5%
6%
5%
6%
584
434
484
27
6%
*5
*5%
*42%
8
*7%
18
1734
27
27%
6%
*434
6%
5%
5
534
534
37%
5%
38%
4
*378
4
4
2734
28%
784
28%
7
29
784
6%
75s
684
*13
15%
*15
16
*17i2
1934
*18
1984
4%
*593s
*384
3U2
31%
31%
3U
3%
3%
61
61
34
18
18
134
*U2
*3i8
1®4
384
*22i2
23%
23%
1%
*3
4%
3%
18
4
4
4
4
2938
29%
29%
29%
29%
734
784
7%
734
7%
7%
7
7
7%
7%
I584
*19%
153g
19%
*593s
*4
*31
*3%
18
ls4
*1%
*3
2484
15%
20
61
4%
34
3%
20
2%
384
25%
15%
*19%
*60
*4
*31
3%
*17%
*1%
*3
24%
8
7%
15%
*14
16
21
*19
21
*60
61
134
1%
934
10%
12
12%
12%
153s
44
534
5%
5%
8%
85g
9
5%
9%
6%
6%
6%
*6
*25s
*7678
*3ig
*7l2
20
234
80
3%
8%
20
*29
3034
2U
*23
*212
*49
19%
2984
2%
25
984
934
234
50
8
*3%
8%
2%
25
984
25g
*80
78%
97
88i2
*20i2
97
881,
9734
8834
211
21
91%
91%
45%
584
47%
5%
5%
984
7
7%
9%
73s
3%
81
3%
81
3%
8%
9%
20%
21%
2%
25
103g
8%
83
1634
9934
14%
4584
9
2984I *2984
234
8
*88%
15%
91%
8%
2034
50%
79
12
*3%
234
*117%
I684
*16%
12
3%
50%
8
78
*11714
*163s
3%
82
12%
15%
*2%
25
10%
2%
50
30
2%
25
10%
2%
51%
3%
*80
*3%
*9
20%
*2934
15%
46%
5%
9%
7%
100% 101%
2%
1,100
1034
12%
900
.
13%
15%
46
46%
534
9%
10%
200
3%
300
Truax Traer Coal
Truscon Steel
93g
*9
9%
20%
19%
20%
30
2934
30
734
*9
10%
700
20%
20%
8,900
30
2%
2%
2584
2534
25%
26%
25
103s
10
10
10%
25%
10%
98% 100
98
98%
88%
8884
89%
20%
21
21
21
39%
1284
38%
38
39%
38
39%
1134
12%
1134
12%
12
12%
12
I884
1834
18%
18%
18%
18%
*
*114
118
61
62
63
163 1
17
17
114% 114%
*1534
Bid and asked
114
62%
*17
114
*113% 118
63%
*61
64
1734
*16%
17%
prices; no sales on this day.
18%
18%
*113% 118
*62
63%
18
*17
t In receivership,
a
41,100
42,300
1,200
50
.
4% preferred
Union Tank Car
Mar 28
Apr 27
33
Preferred
7% Apr
100
United Carbon.
100
52
United Carr Fast Corp. No par
Def. delivery,
n
New stock,
No par
r Cash sale.
Apr
1578 Feb
112% Mar
Nv par
900
Apr 13
20ig Mar 28
No par
United Aircraft Corp
-..5
Un Air Lines Transport. J
5
United Biscuit
15
Mar
1
Mar
3is
8is
li2
534
Mar
Mar
Mar
Mar
10% Mar
77i2
Apr
8
Mar
Apr
11
11
24
13
8
13% Apr 11
*
Ex-dlv
Jan
53g July
185(4 Nov
2% Jan
6i2 July
287g Nov
4
July
19
July
1584 July
July
98
5i2 Dec
I9«g Nov
55i2 Nov
1234 Jan
4
10%
31U Mar
Mar
47g Apr
25g Mar
77
June
35g Mar
Oct
123g Nov
4?g July
91
Nov
65s Jan
15i2 Nov
283g Nov
38
July
6
Jan
44
Jan
Jan
6
Mar
133g Nov
66
H4 Mar
41
6
Oct
7% Mar
Jan
12is Jan
90i* Jan
70i| Nov
15U Aug
Mar
907# Nov
17ig Mar
55% Mar
99% Nov
57
Mar
July 14
19»4 Jan
Mar
6
4
22l2 July
83i2 Nov
23i2 Jan
4314 Dec
89i4 July 21
23% Jan 5
423s Feb 25
131* Mar 4
1834 July 18
5934
119i2June 16
65i2 Mar 10
20
Mar 13
11038
Jan
118i2 Aug
39
Jan
12«4
Apr
73i2 Nov
20«4 Not
y Ex-rights.
I
57g July
66
72i2 Jan
434 Jan
30
100
88%
21
38
*
104
89
181
1
78
21
12
100
81% Apr 11
89
Apr
Apr
2% Mar
Mar
100
21%
2%
35
16
118
89
Oct
Oct
No par
65% Apr 8
113isMay 17
1618 June 30
21
25i2
6O84
25g Mar
Union Carbide A Carb.No par
89
Mar
3i2 Jan
Preferred
July
Mar
15
158 Apr 8
17i2 April
71s Apr 11
Unlon El Co of Mo $5 p* vo par
Union Oil of California
,..25
21
37%
•
26
Oct
53i2 June
5i2 Mar
16% Mar
25>g Mar
Twin Coach Co
Union Pacific
113g Feb
34U Jan
20
3,500
7,000
1,100
2,300
12i2 Aug
26I4 Jan
6
4,800
8884
18%
Twin City Rap Trans
Ulen A Co
38
165s April
April
23,100
16%
98% 100
11%
Jan
47S Jan
1334 Jan
8%
16%
37%
88
3
Apr 10
84%
8%
8234
183)
Apr 10
684 Apr 10
*117%
16%
Jan
Apr
Jan
Mar
28
10
$1.50 preferred
400
Jan
5i2 June
8
49% Aug
57g Dec
Mar
No par
20th Cen Fox Film CorpNo par
230
5,900
July
4
44
3
49%
8%
500
3
3
10
21
4
....No par
*2%
49%
8334
3
Jan
Union Bag A Paper—No par
3
50
8%
74
No par
133s
54U
734
115g
10?8
Under Elliott Fisher Co No par
*2%
49%
83
No par
$6 preferred
2
9
Mar 31
Oct
13
Feb
1,400
3
*117%
I684
16%
Tri-Contlnental Corp..No par
2
Nov
2984
7
96
Jan
21
6*4 Mar
Jan 10
Jan
414 Aug
23i2 Nov
32
July
15ig Aug
49i2 Nov
25g Mar
3
334 Jan 4
15i2 Jan 3
14U Mar 10
7
148a Mar
43i2 Oct
26
7
2
51%
_
Transue A Williams St'lNo par
1,200
*29%
113j
163 1
Transcont'l & West Air Inc. .5
2
Transamerlca Corp
3%
37
*1534
Timken Roller Bearing-No par
82%
Ills
61
4,600
3,900
*3
367g
II384 1138
601
6OI4
10
13,100
11%
3%
112 July
65ig De°
Oct
128
Apr
325g Mar
378 Jan 10
712 Apr 10
Jan
11
173g Nov
9ig Oct
Mar
3% Mar
28*4 Jan
11% Apr 11
87
April
1034 Apr 10
34U Apr 11
5%May 10
i
6% Apr 10
,
518 Apr 10
7H2 Nov
12»g Dec
5
9
Mar
583g July
34U Nov
10% Nov
8is Jan
9i2 Oct
414 Mar
Jan
3
U2 Jan 17
No par
15%
39
*18
-
$4.50 conv pref
Tlmken Detroit Axle
*80
23g
16%
100
3%
2%
*2%
4,500
3%
23s
50
Thompson Prods Inc..No par
Thompson-Starrett Co.No par
$3.50 cum preferred-No par
Tide Water Associated Oil..10
-
347b July
35i2 Jan
50ig Nov
34
May 17
21
8
Mar
37g May
414 Feb
Apr 10
_
65g June
15
434 Jan 10
Mar 22
Thompson (J R)
82%
3%
2%
10%
3
17
Third Avenue Ry
Apr
Feb
Dec
Mar
Mar
Mar
Mar
22is Mar
434 Mar
Marie
40
14
47%
534
7%
5%
312 Apr 11
July 14
10
100
25
3
*7
Jan 28
2ia Apr 10
$3 dlv conv preferred
200
3
6
4
14
13
19
27
4
4
11
21
11
3
221* Jan
21
Mar
8i2
171s
1»4
8'4
1778
Jan
9
31
100
45
119i2
534 Jan
60
100
Mar
3i2 Mar
325g Jan
10i8 Jan
1134 Apr 10
1684 Apr 3
100
Preferred
400
93
5%
10%
7%
65s April
Thermoid Co
1%
46 84
93
1
Apr
56
80
17i2 Mar
49
48i4 Jan
No par
rMfg
334
12%
*88%
1334
34% June 30
312 Apr 10
2614 Apr 10
712 Apr 10
Texas Pacific Land Trust
*80
3%
8%
17
7,800
*2
*10
12%
4
CoNo par
Texas Gulf Sulphur
3%
83%
16%
25%
2%
10%
3%
43i2 July
6% Mar
412 Jan 26
Texas Pacific Coal A Oil
82%
8%
834
26%
*18%
1%
*3%
25%
7
35U Apr 26
$3.60 conv pref-_—.No par
The Fair
No par
19%
184
8is Jan
7i2Mar
No par
10
Texas Gulf Produc'g
Tatch
2,500
103s Jan
6% Jan
Texas A Pacific Ry Co
4%
20
Apr 10
8
Texas Corp (The)
700
3%
3%
10% Jan
19% Jan
28% Mar
5
25
Tennessee Corp
400
61
34
3
5
Telautograph Corp
Apr
39«4 Mar
Jan
July
July
3212
5i2 Mar
7
5
251s Mar
2434 Mar
128i2June 17
1134 July 6
2434June 30
4% Apr 10
4
Apr 8
9
July
May
30i2 Mar
50
28
Mar
June
8
Jan
July
5
66
Jan
115s
23
6
Apr
1
preferred
8
Jan
Feb
13
July 13
Apr 10
Symington-Gould Corp w w.l
5H %
Jan
9U
107ig
5i2
4i2 Mar,
3
3
Jan
Mar
lOis Sept
5
9
Jan
Mar
10
Swift International Ltd
Without warrants
Mar
173s Jan
8i2 Mar
Apr
17
Mar
8i4 Mar
Mar
July
493g Dec
17i2 Nov
45i2 Dec
157g Dec
70i2 July
31
July
48l2 May
12i2 Mar
61a Mar
2
25
25
Swift A Co
41,700
1,600
14,200
83
83% 84%
117% 117% *117%
8%
3,000
*4
1%
10%
12%
*88%
2
10
14%
7%
16
*31
3%
25%
184
41%
17,900
1,900
3,600
1,800
3%
*1%
9%
14%
41l2
3,500
4%
338
26%
1%
*88%
14%
41%
*60
..........
3734
4%
29%
784
21
100
10
Co of Amer (The)—.50
29
9
8
94
38i2 Jan
3U Jan
2212 Jan
2
Superior Steel
Sutherland Paper Co
Sweets
Apr
43g July
11
24
0
Dec
155g Mar
734 Mar
12«8 Jan
6i4 Jan
120i2 Jan 27
75|j Apr 11
22
Apr 8
Superheater Co (The).-No par
Superior Oil—
1
Talcott Inc (James)--
33%
2%
9%
91%
4%
6% preferred
Sunshine Mining Co
80
*18%
20
*9
*8878
5%
46
No par
100
__10
Sun Oil
900
3%
*4
33s
*is4
12
61
5
1,000
4,400
33%
4%
34
10
12%
91%
37
734
4%
6%
43%
5%
29%
*9
*1®4
38%
6%
5%
*4%
734
4%
29
334
2534
36%
5
27%
5%
5%
*4%
5%
39
27%
6%
534
5
1,000
100
*5%
*4%
5,900
2,400
5,400
43%
5
3,700
8
6%
584
38%
5
9,400
18
43%
584
3884
6%
80
17%
*5%
5%
36%
27
25
600
*7%
*42%
*4%
42%
5%
7%
18
6%
♦53s
42%
6%
2
43%
6%
36%
*16i4
8
1734
43%
*4l2
»59%
*312
5%
26%
*5%
43%
*634
8
*42%
*4%
6
*42l2
7&S
25
15
27%
36
15%
26
2
1434
27
6
512
2
15
26
10%
25%
27
*5ls
2%
10%
25
26%
*7%
51
14%
26%
10%
27
*43g
50%
1
Mar
1918
June 17
29i8
505s
53%
3334
7934
8
July
22ig Jan
233g Dec
3384 Dec
40ig Nov
Mar
4
2412 Jan 19
3018 Mar 14
April
7
Apr 8
35s Apr 8
85s Apr 8
5% Apr 10
5
Stewart-Warner
1,200
51%
127% *123
26%
8
6,300
Studebaker Corp (The)
10%
18
25
32,900
26
26%
Standard Oil of N J
21,900
11%
1784
25
10
7%
2684
2%
2584
*7%
Standard Oil of Kansas
Standard Oil of Indiana
12%
IO84
8
Standard Oil of Calif..No par
7%
26
18
par
11%
2
26
April
135s Apr 10
2 518 June 29
2314 April
46
Apr 28
4018 June 30
par
734
12
11%
2
10
Stokely Bros A Co Inc
1
Stone A Webster
No par
26%
2%
18
*512
8%
4%
13%
2%
1284
*7%
1,700
8%
*4%
900
Jan
Nov
25
5U Jan 20
10% Jan 20
20i2 Feb 6
1
484 Apr 11
par
28
141
2
30ia Mar 10
714 Jan 3
108
Jan
Jan
Jan
5'2 Mar
June 22
I6ia Mar
Nov
16%
318
8i2 Mar
17% June
50
4
2i2 Apr
par
8%
*42
127%
10%
10%
26
26%
2
2%
15%
15%
*123
Jan
15
914 Mar
75i2Mar
18i2 April
6
Apr 8
98
No par
4%
*50%
5184
128
April
Apr 17
9% Apr 11
60
Apr 4
Oct
1914 Aug
15i2 Dec
2U2 Jan 3
4778 Feb 18
26i4 July 18
65
10%
25
♦251s
127
784
4
11
Square D Co class B—
1
Standard Brands
No par
JStand Gas A El Co—No
$4 preferred
No
$6 cum prior pref
No
$7 cum prior pref
No
Apr
20U Apr
25
Yiig
1234
*
7%
2,600
36
Nov
19U Mar
128
4
4
4
4
40
July 17
3% Jan 5
814 Feb 9
8
42
Feb
33% j*n
1
98
U2 Mar
215s Jan
2314 Jan
6
35i2 Nov
314 Jan
24i2 Nov
3434 Jan
83g Mar
10*4 Mar
July 18
29
14i2 Apr
No par
$4.50 preferred
141
434 Apr
2
4
185s July 18
20&8May 1
158 July
Kellogg A Sons No par
Sperry Corp (The) vtc
1
Splcer Mfg Co
—No par
$3 conv preferred A-No par
600
3
Mar 22
34
3
Jan 10
1384 Jan
6
18
July 17
14
Apr 11
127
Apr 17
23% Jan 24
10% Apr 8
11% April
15x2 Apr 11
—
Spiegel Inc
Conv $4.50 pref
2134 Jan
29i2 Jan 6
95% Jan 19
15s Apr
South Am Gold A
Sterling Products Inc.——10
79%
11%
7%
12
II84
7%
2,700
22,600
Socony Vacuum
Starrett Co (The) L S-.No par
18%
79%
484
*4%
12%
12%
784
Mar
700
4%
4%
4%
4%
11%
10
31,600
8%
7934
884
4%
8%
17U Mar 11
2li8July 18
28%
79%
8%
79
Aug
43%
27%
8%
24
41%
28%
79%
43%
27%
7934
Apr
11,800
42
8%
13
25%
4934
27%
79%
79%
17U Mar 11
26%
44%
7934
784
Oct
11% Apr 11
2434
27%
79%
8%
»7834
784
105
26%
43
25%
May
4,400
13,600
4934
44%
27%
44%
27%
45
122
91
1984
25%
4934
27
25%
24%
Mar
July 17
15%
18%
26%
253s
45
110
8,600
16
*14%
17%
16%
19
1838
24,200
5,700
Jan
10l34June 26
7%
16
24%
25
*2
6%
26
43
1118
7
*42
25
*2418
2%
234
634
106%
2%
234
4934
43
5134
106% 10634
*15
6%
6%
106% 106% *106
26
4278
73g
6%
*43
*235s
*50
27
6%
7
27%
25%
27
*128
560
26%
68%
2734
19%
*43
4%
68
19%
25%
4934
11%
7%
68%
*15%
26%
4%
68%
26%
19%
24%
11
23,700
7%
26
*43
130
12%
3
18%
49»4
48%
6%
25
*42
25%
3
26
5,600
12
7%
I8I4
2
47%
3
25
100
9ig
Jan 18
Spencer
44
2434
7%
2584
300
6,700
57,200
51,700
25,000
2534
48%
12%
3
17
300
50
48%
7%
16%
16%
18%
15
14i2
7%
300
Mar
70
No par
*6%
800
24%
26%
6%
10634 10634
3
234
7
6%
12% Apr 8
10i2 Apr 11
-
283$ Oct
183g July
106i2 Oct
Mar
101
92
—
.
a
10
93
5
April
Apr 10
Apr 10
Apr 11
Apr 8
Apr 8
Apr 11
Oil Co Inc. 15
Platinum..1
S'eastern Greyhound Lines..5
So Porto Rico Sugar
No par
8% preferred
—
100
Southern Calif Edison
25
Southern Pacific Co..
100
Southern Ry
No par
5% preferred
100
Mobile A Ohio stk tr ctfs 100
Sparks Wlthlngton
No par
Spear A Co
.1
26
6884
434 Mar
125, Mar
2i2 Apr
1478 Mar
18i2 Mar
*84
Apr
Snider Packing Corp.
48%
68%
26%
3
3,300
21,400
8,600
44%
11%
Jar
11%
2%
18%
44%
12%
7
3234 Jan 4
3i4June 24
20%
4334
12%
3
11%
2%
45%
25
Feb
Oct
Nov
49i2 Nov
12i2 Nov
6*4 Mar
June 22
1518 Jan
20
1634
45%
17
107
434
17ig
2%
I6I2
I8I2
Simmons Co
16 34
7%
17
18
*47%
68%
*106ig 10634
*6%
7-2
lOigJune 29
May
1
101
10%June 13
2
2
1%
2
2058 Apr
Smith & Cor Typewr_.No par
*36
44
*36
41%
2
*684
12%
24
7
*38
38
Jan
Jan
July
70i2 Nov
914 Nov
4514 Mar
5
April
Feb
23
Mar
Aug
300
90
130
*18
18
18
18%
18%
18
18
*18
18%
18%
18%
*137% 140
1383s 138% *137% 140
2734
28%
2734
28%
28%
2:2784
15
15%
14%
14%
14%
143s
17
18%
17%
17%
17%
16%
25
25%
24%
23«4
2484
24%
4884
68
6%
2%
44%
68
6%
1134
45%
26%
*2278
65g
1934
11%
2%
1%
15%
11%
1934
11%
2%
15%
94
110
9334
*107
10
Jan
July
18
Mar
700
*94%
96%
*11
11%
20'
*11
*17
18
17%
25
1534
I584
1534
14%
*11%
1934
115g
15
*14
96%
*94%
96
Mar
9U Mar
5
Jan 11
7% J*n
6
15%
11%
96%
100
19%
3
2712
5l2
80ia
2»4 Dec
47
3
Co.No par
No par
5H % conv preferred
900
234
*18%
1914
7g
36
8
Silver King Coalition Mines.
400
20%
*2%
1814
Dec
Jan
5
June
*15%
11%
20
19%
234
18%
Oct
113>4
50i8 Feb 16
11«4 Feb 24
43
28
Shell Union Oil
10% Nov
507t
Dec
U8 Mar
15i2 Mar
2134 Jan
69
Mar
112i2
l2
18% Jan 10
100
.5
No par
81mms Petroleum—
10
Simonds Saw & Steel.-No par
Skelly Oil Co
25
6% preferred
100
Sloss Sheffield Steel & Iron. 100
$6 preferred
No par
Smith (A O) Corp—
10
20
*1934
20%
*94%
234
1984
*2i2
*18%
par
par
Sheaffer (W A) Pen
700
20
234
par
Shattuck (Prank G) —No par
4,100
20%
234
*2%
6%
8
8
l%June 27
60U Apr 10
11% Apr 11
IOI4 Apr 11
54%May 22
373May 8
par
$3.50 conv
-
300
*6
26%
No
No
No
prefser A-No
Corp
$5 conv pref
10
39
117%May 29
*4 Jan
5
2is Jan 5
2238 Jan 5
3i2 Jan 6
80U July 18
Apr
1% Nov
3434 Mar
6i7gJune 24
4
1
Feb
3
10i2 Jan 25
8
16% Apr
Jan
85
14 Sept
Jan
8g Apr 25
27i2
June
Jan 20
1
Apr
1
Sharpe & Dohme
1334 Sept
62
1
7512 Mar 15
45
Corp
No par
Roebuck & Co—No par
Sharon Steel
13,800
*5%
25%
21
»
6%
6
26%
1934
-
2634
234
*534
25%
*2%
-
2534
*2%
6«8
21
Sears
Servel Inc
177g Mar
30
14
10
10
Highest
$ per share $ per share
113
Seagrave
-
2,600
11%
10%
*103% 104
26%
6
25%
25%
24
104%
104
6%
6%
638
*6*8
-
1,600
*
9
*37
11
.»
100
50
8%
39
10%
11%
^
2,800
4%
*44
9
*37
39
14%
~
27,900
5,500
57
4%
50
8%
9
11
1134
*44
-
16
*53
4%
900
79%
14
14%
57
4%
50
*37
39
14
4%
8%
15%
*50
57
♦44
9%
11%
11
14%
4%
48
*37
39
11
14
434
8%
16
♦50
57
*44
48
15%
16
16%
14%
16
*2%
783g
15»4
2%
79%
*2%
78%
*2
67
$4.50 preferred--..-No par
800
6%
*1%
7734
HisJune
Apr
% Apr
3»4 Apr
5
100
5H % preferred
800
*1734
Corp
Highest
$ per share
JSchulte Retail Stores__
1
8% preferred
100
Scott Paper Co
No par
115
51
5034
50%
*113
115
*113
116
xll4
117
50%
50%
50%
50%
♦114
6%
6%
6%
6%
6%
117
116% *114
H6I4
%
$ per share
Lowest
Lowest
75%
13%
*75
Lois
$ per share
Par
534
75%
%
Week
*3g
13%
75%
%
*%
*5i2
13%
75%
%
75
July 21
$ per share
$ per share
75%
13
74
74
Friday
the
July 20
19
July
18
$ per share
13%
13%
$ per share
share
*1218
Thursday
Wednesday
Tuesday
July 15
On Basis of lOb-Share
YORK STOCK
EXCHANGE
NEW
for
Range for Previous
Year 1938
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
PRICES—PER
HIGH SALE
AND
Saturday
S
July 22, 1939
New York Stock Record—Continued—Page 9
542
20
Apr
Mar
19i2 Mar
5
Mar
14
Sept
13*4 Nov
20
Nov
T Called for redemption.
Volume 149
LOW AND
HIGH
SALE PRICES—PER
Monday
July 15
Tuesday
July 17
July 18
$ per share
$ per share
f per share
2%
3558
5*4
*434
*55%
*358
2i2
357g
514
5U
*5514
378
234
3684
5%
*514
*5514
37g
357g
5%
514
60
3%
30
80%
*29%
*80
13
4
7%
7%
7%
87%
.___
11514 115% *115%
9i2 10%
97s
*4l2
5
4%
8
8%
*7%
784
80
79
12
*%
7
*6
65s
'
1678
*334
4
7%
37%
178
45
44l2
*36%
4634
517g
1077g 10834'
36%
4684
*453g
2%
2%
*2
2%
7
7
21 ft
984
*934
80
18
65
1
10
65
*63
%
1734
*16
21
21i4 21U
237g
23%
34
*3234 3384
34
33 7g
*11534 H6l2 *11534 H6l2 *11534
*4012 4212 *4114 42%
425g
25
*24i2 25
25
25
*212
27g
*234
27g
2%
*21
22
2234
2234
22%
*1163s 117
*1163s 116% ♦1163s
*134
2i8
2%
218
*134
*5I2
75g
*6
*534
75g
*122
♦126
♦1223s
7534 *69i4
*126
...
*78
112
124
*68%
*126
...
1
*78
1
112
134
134
178
*1
178
*1
65s
2212
*95i8
5%
658
*6%
22%
*9538
22l2
99
2234
23
225g
*97
99
22%
99
*20
*9
103s
*10
2%
*834
*6
27
2058
10J2
11
n2
*3334
5%
5H8
25g
27%
17
17
173s
26
26
2712
17%
2634
25g
28
I84
34i2
5i4
5Hg
234
34*2
17%
*60%
96
17i2
6034
963g
108
109l2
108
116% 116%
31%
3ll4
*2%
*4i2
27g
5%
%
%
1
*78
23% 25
20i2 2012
101% 10H2
133
133
*16%
17l2
*39
121
121%
11584 H6I4
31% 3214
*25g
514
*h
*78
5%
234
53g
%
**4
"""266
900
10
163%
*1%
*10%
1%
50*2
2%
*884
16%
60%
99
16
♦27*4
19%
*2584
2%
*34
*2
3%
5%
%
**4
1
*39
6,120
2,410
10,100
3%
2,000
6
1,400
lZ
100
1
1
25%
26%
41,400
22% 23%
107% 109%
12,300
800
17,600
137
138
190
17
17
600
*39
...
—
227g
33
33
*32l4
*26
58
*45
58
*45
58
*45
58
*82
*45
90
68
*82
*45
58
90
*82
90
*82
90
*82
90
*82
90
193s
193g
1934
*60
90
*43
45ig
45ig
♦10%
87g
*37g
11%
*105g
8%
9ig
1%
22
4%
1%
22
*2%
234
*60
4
♦U2
22
25g
233g
23*2
33
33
217g
90
217g
*60
46I2
lll2
9iz
414
47*4
lh
233g
25g
4%
4*8
134
9%
4%
I84
2234
134
23*4
234
234
2234
*2%
2234
2%
178
2
1%
4
*334
33g
312
36i2
*18
18%
4712
36i2
1812
473g
3*2
*37
19%
48%
16%
9%
3%
15
45
45
48
*2312
27
*25
30
26*2
26*2
*34
*34
39
39
39
*82
9984 *100
82
837g
*221JS
23
15%
15i2
*108% 109%
*1134
12
3612
*76
3714
84
*20
20%
23
155g
110
12'g
373g
*76
102
83i2
2334
1612
111
100
4
134
*1%
3%
37
4834
1534
...
100
19*4
50
104
24
24
24
17
16%
16%
83%
111
13*2
13%
13%
13*2
40%
41%
40
41*4
80
*78
*83*2
24%
15%
*108
13
397g
80
39%
100
2384
16%
80
*18%
9
22%
*23
2%
*2%
1%
3%
3%
1%
3%
3%
37
37
12%
39%
484
I84
23%
284
""760
300
8,000
1,000
400
1%
3%
3%
3,800
1,800
2,600
37%
500
l¥*4
1834
19%
"l"306
48
4834
18,600
14%
15%
4,700
52
15%
52
20
6
Va-Carollna Chem.....No par
6% preferred
100
Va El A Pow $6 pref...No
par
Virginia Iron Coal A Coke. 100
157
Jan
IOC
37
48
June 19
134
163
10
21
12
78
20
31% Jan
117%June
2% Mar
No par
June 29
30
19% Apr 28
8% Apr 11
l%June 30
2
Mar
31
May 22
44
23
Mar
4
Apr 10
$3.85 conv pref
J Warren Bros
36
No par
..No par
No par
Warren Fdy A Pipe
No par
Waukesha Motor Co....
5
Wayne Pump Co...
1
Webster Elsenlohr
No par
Wells Fargo A Co
1
Wesson Oil A Snowdrift No par
$4 conv pref erred.... No par
West Penn El class A ...No par
.......100
preferred....
100
West Penn Power 7% pref. 100
6% preferred
100
Western Auto Supply Co.-.10
Mary lard
6%
5H % conv preferred
100
Wheeling Steel Corp—.No par
21%
22%
21
21*4
22
22%
22
23
19%
20%
19
20%
7,900
13,700
234
19%
2%
19*2
2%
19%
*2%
19%
25g
2%
2%
900
f In reoelvershlp.
a Def.
delivery.
Mar
4
3
25*4 Mar
4
71
June 15
70
Apr
Apr
Mar
116
Mar
111%
11
33
July 21
23g Apr 10
3*2 Apr 10
% Apr 21
4%
Jan
8
Jan
4
84 Jan
4
82% May
Jan
12»4 May
Oct
Oct
1% Jan
July
82% July
102% Jan
103% Deo
9784 Jan
39
126
Nov
119*2 Nov
26% Dec
2% Mar
1% Jan 3
26% July 18
31% Jan 4
120
Jan
5
145
Mar
8
4%
Jan
3
,
9
Jan
6134 Mar
103
1% Jan
3% July
34% July
33% Nov
124% Nov
Mar
144
9% Mar
31% Mar
21
Oct
39
Dec
8
20% Jan
37
Mar
3
39
15% Apr
£29
Apr
8
6
2484 July 21
10
7
July 11
Mar
% Mar
84 Dec
16% Mar
15% Mar
10% Apr
6
4%
Mar
Oct
33% July 21
20
Mar
20% July
31% Dec
60
Jan 12
60
Mar
60
Mar
82
June 30
65
Apr
90
Jan
75
Mar
95
Jan
$6 conv prior pref..-No par
White Dent'l Mfg (The S S)20
45
July 10
60
Jan
42
May
IO84 Dec
6% Mar
61
Nov
White Motor Co
.1
$4 conv preferred
Wilcox Oil A Gas
No par
9% Apr 25
7
Apr 10
3*2 Apr
8
l%May
1
14
5
Willys-Overland Motors
6% conv preferred
Apr 10
2% Apr 1
1
1
10
Wilson A Co Inc.——No par
$6 preferred
100
Wisconsin Elec Pr 6 % pref. 100
Woodward Iron Co
—.10
Woolworth (F W) Co
10
Worth! ngton PAM (Del)No par
Preferred A 1%
-100
100
Yellow Truck A Coach c) B..1
2l78
34% Nov
June 23
Apr
Aug
Mar
12484 Mar 10
Mar 27
July
4% July
16% July
17
117
74
8
45
Dec
19
60
Nov
20% Dec
19% July
4
July
51
July
Nov
74
May 20
87*2 Dec
10% July
54
8
July 19
126
43g July
Feb
3%
8*2 July
20% Jan
25
June 15
I
Jan
31
105
84 Apr
4*2
16% Jan
120% Feb
77*2 Dec
119% Oct
2% Jan
Mar
112
16% Apr 8
18*8 Apr 8
82% Apr 11
Dec
5% Jan
32% Jan
116% Nov
6% Dec
16% Mar
79
100
Jan
25*4
11
10
19
88
Nov
42,
80
57,400
2012
11
8
Mar
28*2 Jan
Jan
113
Jan 27
900
2l2
6
J»n
80
1,400
2034
1914
Apr
Apr
Apr
117% July
11234 July
20% Apr
95
Mar
I84 Mar
Dec
100
83%
100
85
Mar
1% Mar
84 Sept
2
83
2884 Oct
28% Nov
36% Nov
32% Nov
24%
17%
84%
20
3
1384May 24
7
169*2 Dec
14% Mar
83%
*78
Jan
July 20
Dec
4
Jan 27
24%
16%
80
1
Nov
334 Mar
Mar 21
3% Jan
6% Apr 27
16
Deo
15
86
31% Jan
84
2,900
8
3184 Mar 14
24% Jan 6
3284 Jan 4
3% July 17
58% Apr 25
52
15% Apr 10
25
52,600
56
Mar
17% May
4
Apr 8
April
April
Apr 10
100
Westvaco Cblor Prod..No par
5% conv pref erred....-.30
Wheel A L E Ry Co
100
3
Mar
4% Mar
8
Mar 13
100
Weston Elec Instrum'i.No par
Class A.
No par
Feb
Mar
6% Jan
5
....100
preferred-
3
19%
1434
20%
1%
..-.100
Western Union Telegraph. 100
Westlngh'se Air Brake.No par
Westlnghouse El A Mfg....50
1st preferred
60
Jan
134 Apr 8
6% Apr 11
$3 convertible pref ..No par
$1 1st preferred
No par
Wright Aeronautical...No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
26
1334
2%
Preferred
Ward Baking Co cl A .No par
Class B
No par
170
42%
Mar
1% Mar
1% Dec
684 Mar
_
6034 Jan
20% July 18
14% Mar
2% Jan
par
102%
111
Jan
1384 June
6% preferred B
13
1
74
Prior pref 4H % series
10
Prior pf 4H % conv serie« 10
40
Mar
116% July
I84 Jan
July 20
9% Jan
140
♦108
37
Ma* 16
Mar 16
Mar
98
par
100
13%
100
7«4 Feb 16
23% July
No
500
41%
84%
July 12
131
Mar
1% Apr
6% Mar
_
5*2 Apr 11
15% Apr 10
Walgreen Co
31
111
Mar
Sept
Mar
Mar
3*2 Jan
40
16%
June
105
Jan
2
40
101
97
30%
13%
284
1634
_
26% Feb 18
4% Jan
1
*45
104
6
77
7
684 July
10% July
3*8 July
1%
Mar
11% Mar
14% Mar
June
124
May
16
_
June
8
47*2 Sept
% June
30*4 Jan
36% Mar
43
Mar
27*2 Mar
Mar 24
100
*26
50
Feb 26
116
Feb
70% Mar
71% Nov
7% June
84 Jan
6
Mar
Dec
1% Mar
_
June 24
%June 27
1% July 8
31
39*4
Mar
7% Nov
100
Waldorf System
38
84
64% Apr 12
126
Mar
3
% Jan 16
...100
£55
_
67%June 10
1284 Jan 21
45% Apr 10
Apr
25
Apr
110% Apr
34% Apr
18% Apr
2% Apr
17
Apr
113
Apr
I3g Apr
5% Apr
116 May
Jan
8% Mar
2% Mar
Apr
May 11
Apr 10
9
Detlnnlng........100
tWabash Railway
5% preferred A...
5% preferred B
48
234
6
White Rock Mln Spr C0N0 par
193g
Bid and asked prtoee; no sales on this day,
100
White Sewing Mach...No par
19%
*
7% 1st preferred
Vlck Chemical Co
Victor Chem Works
700
*2i2
2%
46
June 27
3% Jan 20
13g Apr 10
10
10
26
11
10
5,500
*78
86
1% July
6%May
69
100
Preferred
*110
48
31
40%
£83%
*108
3%
3%
*36
14*4
*48%
4634
*26%
85%
111
4
15%
85
111
1
48*2
40
101
4
*110
*27*4
39
*98
9%
4%
*110
*43
*49
9%
11%
9%
*1%
22*2
2%
8,100
90
49
3%
14i2
*48i2
*60
*10%
*36%
14
22%
*46%
'37%
45
21%
90
11%
2
47l2
21%
800
48*2
334
14
20%
*60
33%
"2"600
*45
1*4
47%
*43
33%
2434
33%
23%
*10%
3%
3%
"l934
*33
23%
11%
19*4
48*8
15%
*48*2
*4634
47%
23*4
47*2
2
*110
195g
48l4
2134
90
I84
334
*110
21%
*60
4%
334
33g
3712
33
47*2
*10%
178
...
90
23%
33%
48*4
105g
978
334
*3658
223g
23%
95g
10*2
2
*10834
2334
33*8
Oct
June
Feb 23
4% 2d preferred
Western Pacific
Oct
36
16
Western
72%
121
7% preferred
118% 118%
109% Nov
91«4 May
17
6%
11284 11234
32%
33
Mar
29*2 Mar
40
Apr
..100
760
2V0
21
45*2 Jan
£4484 Mar
37% June 13
4684 July 14
Corp
Preferred
300
227g
23
5284 Jan 3
112% July 18
July
66*2 Nov
12084 Mar 11
Vandlum Corp of Am. No par
Van Raalte Co Inc
5
1,000
5%
*7,
~2~906
Oct
7
98%May 19
preferred
16
3*4
**4
1
...
2% Mar
Nov
33
Apr 10
433g Feb 16
Steel Corp 1
Universal I^af Tob
N» par
60%
103
118
118*4
11234 11234
3134
32 '
584
1,600
71
49%
70
Universal-Cyclops
98*4
99
110
110%
103
9834
3*8
5*4
1,900
1,600
Mar
21% Mar
.
£70
Conv pref (70c)
No par
United Stores class A new...5
16 conv pref..
No par
16
103
*39
U 8 Tobacco.
60
16%
60*8
111
3
"""600
1
xlll
117% 117*4
11234 H234
3184
32
26
2%
1
£103
103
100
28%
19%
3
*
60%
*97%
11
2,000
*6
18%
25%
*34
1,300
15,200
190
234
*9
28
3
52
*2%
200
1,200
60
Mar 13
37*2 July
6% Mar 10
7% preferred
.....100
Warner Bros Pictures
5
2,000
900
5%
51
11
*27
35
4%
...
1
1
500
""800
13% Mar
3% Mar
53g Mar
Jan 23
Preferred
400
100
1%
35
2%
234
5%
98
*20
1%
50*2
*U
*39
634
22%
5
111*2 112
1'2
1
1%
*1
35
4%
103
234
53g
7g
1%
1%
6%
2234
35% Jan
30% Nov
7% Oct
13% Nov
43%May 18
5% preferred
100
Virginia Ry Co 6% pref.. .100
....
*34
Nov
June
No par
26
Preferred
Vulcan
Nov
10% July
No par
100
1184
3
16%
30
40
60
12% Nov
173
24
65% Jan
11*4
3
99
1,400
..50
Nov
116
10% Jan
6I84 Feb
July
Apr 10
*34
28
*60
1,500
48
20*4
9
*27%
180
1,500
50
Universal Pictures 1st pref. 100
Vadsco Sales.........No par
13,300
1,600
.100
37
2%
*50l2
2l2
20
....10
8% 1st preferred
U S Smelting Ref A Mm
Preferred
8%
3,000
"""366
U-'fl Rubber
par
13
8784 Dec
1% Jan
9% July
Dec
Mar
July 21
2584 Mar
49
Nov
162% Mar
4*8 Mar
34
Apr 25
Apr 10
July
l%June
31% April
8634 April
Walk(H)Good A W Ltd No
25% 2634
25% 267j
26
24%
24% 2584
91
99
2212 237g
22% 23%
22%
23%
1013410884 108
107
10914
108% 106
108%
13234 137
*130
140
*133
136
*130
137
1714
1714
18
17*2
1778 *17
17
17
*39
11
46
1,900
*34
17
1714
6OI4
97U
96i2
10914 11034
103
10314
120*4 12l3g
11434 11578
32*4
327S
1
1,100
2,000
81
*96
5%
51*2
9
60
27g
1%
7*2
4
37
44%
2034
11%
18%
1712
6034
96i2
12112
35
47g
1
35
10
44%
25
*34
20
...100
Playing Card Co
tlJS Realty A Imp....No
44%
20*4
19
1%
1023s 102% *10234 103%
2*4
7*4
7*2 Jan
Apr 10
25%
3%
108
20
500
9
April
4
19
*34
121
46*2
Mar
55
Aug
Nov
10% Aug
8% Oct
3% Mar
684 Mar
4
180
114
May
%
6% Jan
6
85
2434
3
U S Pipe A Foundry
U 8
Apr
3
Jan
3% July
par
4H % pref with warrants 100
Walworth Co
.....No par
19
13g
*17
100
10% Jan
113
Apr 10
13*2 Apr 11
No par
Mar
4*2
62
May 20
784June 12
23
Partlo A conv cl A
Prior preferred
3
8
8
5,800
26l2
314
3is
5X% conv pref
50
U S Industrial Alcohol. No
par
U S Leather.....
..No
Apr
5%
18
*3
4
5*2
20%
11%
1%
11
2814
5
5%
*6
*1
*96
*20*g
11
26i4
3ig
*60
2,100
100
Mar
Sept
4
Mar 31
584 Apr 10
Apr 10
167
Apr 29
8*4 Mar
6
1
77
5*2
45
*6
*2512
69
5
Mar
Mar
100
5
Jan
%May 15
100
7% preferred
U S Hoffman Mach
Corp
7% Jan
11
87% Mar
June 29
44*2
5%
134
*9
*6
...
*26
20%
10%
234
98
1%
*1
684
*97
*20
10
8,900
5234
*129
%
1%
1%
634
22%
178
5*2
*8
112
51
69
163% *157
%
65g
44l2
*2l2
11
98
*1
6
52
57*2
82
22%
1
*1
534
5
110
*6%
1%
*54%
*9%
79%
*129
65g
52
45%
7
*97g
9,500
483s 169,700
*2
2
*79
2"
447g
3212
2%
2
134
*54*8
11
2
46*2
7
2l4
57%
78
5%
47g
200
Apr 11
534 Mar 31
20
7% preferred
United Stookyards
*134
4412
51
"MOO
3734
4
75
No par
*46
2
534
33i2
45%
69%
2
*129
78
♦134
44%
205g
10%
134
34%
514
51
5312
45
*65l2
68% *65
*65
72
68*2
%
**2
*2
%
1734
1784
18
18
*18
21
18*2
237g
2234
2314
22%
23*4
23%
24%
34%
3334 343g
33
33
33
33*4
116% *11534 H612 *11584 116*2 *11534 116%
42%
417g
4/7g
*41
43
4134
4184
2514
2514
2514
25*2
25%
25% 25%
3
278
27g
2%
2%
2%
3%
225g *2214
23
22
22
22%
23*2
116%
116i2 116i2 116*2 116*2 *116% 116%
234
*134
284
*184
234
*184
234
*6
7%
*6
*6
7%
7%
7%
*123
124
124
*1223g 124
*122% 124
*69
7584
7534 *67%
7534
*67%
7534
53s
*325g
478
2,500
*36*2
45
37%
1627g *160
22i2
*15g
400
7%
117%June 23
10% Mar 6
No par
U S Freight
3
21% Mar
£13% Feb 27
10
U 8 Gypsum
Jan
July
Jan
July
Oct
50
8
Oct
7%
4
July 18
6
par
38
10%
80%
8%
39%
67%
12%
81
8
100
Conv preferred..
*46
80
443g
134
4
3%
7*2
*44
$6 first preferred
U S Dlstrlb Corp
Feb 11
6% Jan
Mar
4% June
4% Mar
60
Apr
33% Jan 12
6% Apr
No par
dfc Manu Inc vtc.l
United Paperboard
USA Foreign Secur...lVo
74
22
5
11
Apr
111% Jan
$5 preferred
U 8 Steel Corp
2%
80
*160
514
is8
200
4,700
,
50*4 52*2 119,800
1083g 109*4
7,800
36*2 36*2
1,400
7
684
99
18*2
United Gas Improv't— No
par
United Mer
8% Jan
Highest
( per share $ per share
2
Mar
4% Oot
39% Mar 14
7% Ma.' 10
56
July 11
3% Apr 11
2534 Apr 11
62% Apr 8
par
4914
5118
108% 109
36i2 36j2
46
43%
205g
43i2
34
17%
68
%
1734
81
34
33%
18%
4%
73g
53%
-44%
60
4% Mar 31
Preferred
100
United Electric Coal Cos
6
United Eng <fc Fdy
6
United Fruit..
N»
*69
7
161
161
1,400
434 Jan 26
..10
Corp.
par
Lowest
$ per share
334 Feb 6
2
Apr 10
30% Apr 10
5
51%
2%
*54%
*10%
1012
*797g
16378
684
No par
2%
2%
44%
4684
109% 110
51% 5134
2%
60
2,600
No
5134
46
2i4
*54%
10l2
80
16378 *161
65
2*8
58
600
93*2
*36
108% 109
36i2
37
37
6*2
7*2
50
Corp
13 preferred
United Drug Inc
United Dyewood
Range for Previous
Year 1938
Highest
$ per share
United
70
50'4
4634
2ig
7%
7
218
*53
8112
37
7
2
58
51
200
*384
73g
44%
5134
697g
12
%
7
*44
37%
2ig
467g
*69
36l2
*453g
36%
44
*69
47%
109
111%
51% 5134
*69
697g
475s 5034
10 684 1075g
200
100
*31i2
46ls
10984 Hi
433g
*484
734
*7934
*2
11,100
1,900
734
2
13,900
200
10
6*4
7%
7*4
*91
9414
17484 17434 *17484
6%
6%
634
53l2
2ig
46%
47%
111%11214
51U 52l2
5
7%
84%
17%
37%
2
13*8
9%
5
734
438
*44
13
84*4
18
*4%
734
7%
53%
4534
37%
*44
134
7534
4is
,
7%
50
500
4,300
*7
3314
17
1,400
81
92
7
£33%
173s
4
31
80
13»s
*6
93
612
20
*30
10i8
*4l2
7%
*79%
*3s
Lowest
300
60
*384
31
80%
10
176
Range Since Jan. 1
EXCHANGE
27,100
10,100
6,900
115% 115U *115*4 116
714
73g
7%,
*91%'
176
35
17%
414
7
107
*68
*%
*6%
7
*32
4384
37%
124
%
6%
35
*45
42% 4278
108l2 108%
*50
51%
*69
6978
47
47%
*122
*78
7
*6%
7%
1%
*60l2
*%
79
*5
*57
334
*30
27g
37*4
5*2
5*2
36*4
5*4
5%
384
31
234
60
13
43%
3718
*17
4
*334
*30
73s
73g
7%
88
94
96
96i2
*17434 176
*17434 176
4%
73s
*78
4
*5U
13%
115%
1038
4%
784
80%
%
53i2
*161
60
13
*44
*2
60
13*g
16
*6%
60
5%
13
1584
*52%
*9i8
60
36
5%
13
*32t4
*2
*5%
37%
534
234
36i4
543
On Basis of 100-Share Lots
Shares
234
3584
5%
80
34%
*36'4
♦453s
S per share
27g
3678
5%
5t2
80%
*31%
1584
*35g
*634
107
234
80
*6
63s
43%
*36%
178
$ per share
$ per share
3
10
Week
81
*%
STOCKS
NEW YORK STOCK
July 21
30%
9i2
Sales
July 20
19
80%
%
*5%
July
3012
4%
CENT
the
80 84
116
PER
Friday
30
9%
*414
7'4
*77%
83
%
*634
60
*115
9i8
4%
8712
*17434
63s
512
NOT
Thursday
80
116
*9
*6%
512
127g
*4
*75
3678
Wednesday
30
13
*114
278
SHARE,
Record—Concluded—Page
for
Saturday
25s
=99 f
New York Stock
Preferred
100
Young Spring A Wire..No par
Youngstown 8 A T
No par
5 H%
June 24
23gjune 24
3% June 29
35
June 15
105% Apr 20
15
Apr 10
4134 Apr 11
10% April
47% July 15
43
3
Jan
2484
Jan
3*2 Aug
3i«
3
Mar
32
Mar
Oct
10% Mar
36
Jan
11% Mar
MarlO
42
Mar
Jan
4
27
5
120
Jan
3
28% Mar
55*2 Mar
61% Mar
2O84 Jan
8% Jan
85
Apr 10
75
Mar 31
2184 July 5
11% April
98
Apr 11
984 Apr 10
30
April
May 5
April
8
2% June 30
Ex-dlv.
y
Jan 18
85% July 18
33% Mar 13
21% Jan 5
114% Feb 17
21% Jan 5
65% Jan 4
85
7O84
71
Oct
Mar
Mar
9% Mar
24
Mar
Jan
6
62% Mar
31% Jan
22*g Jan
3% Jan
4
11% Mar
4
9
3
284
Ex-rlghts.
Oct
1% Mar
103
49% Jan
July
25% Jan
60% Jan
23% Jan
114
66
Sept
1% June
3% June
3% Feb
6% Feb
5
6
Jan
Apr
x
Jan
1% Mar
884 Mar
65
12
Cash sale,
11
3
53
17
r
4
38
Zenith Radio Corp
Zonlte Products Corn
nNewgtock.
Jan
1% Jan
May 25
74
1
7
15% July
16% July
23% July 12
384 Mar 9
23% July 5
31% Apr 19
preferred
.100
Youngst'wn Steel Door. No par
No par
4
12% Mar 10
1384 Jan 4
Mar
Jan
Oct
6% Jan
6% July
60%
IO684
27%
5384
27*4
72%
75%
48%
66%
121%
Jan
Dec
Nov
Nov
Nov
July
Nov
Nov
Nov
Dec
78
Dec
39
July
Oct
21%
109
Oct
25% Aug
67*4 Nov
86*2 Nov
31% Dec
25% July
684 Mar
5Called for redemption.
July 22, 1939
544
Bond Record—New York
FRIDAY, WEEKLY AND
range
unless they are the
which they occur.
No account is taken of such sales in
Range or
Range
Friday's
Bid
&
Asked
Since
ftjos
High
No.
Salt
N. Y. 8TOCK EXCHANGE
Week Ended July 21
Price
TjOW
Jan. 1
121.19
D
121.22
14
115.31
11
5
103.13
3
103. 10105.8
105.16
2
105. 16106.27
110.20
2
109. 30111.10
106.11
4
106. 11107 12
110.17
10
103.11
1940-1943 J D
Treasury 3Ks
—1941-1943 M S IO5". 16 105.16
D
110.20
Treasury 3 Ms
..1943-1947
A
106.11
Treasury 314s—
--1941
O
110.15
Treasury 3 lis
..1943-1945
o
110.28
Treasury 3Ha
..1944-1946
D 111.30 111.29
Treasury 3 Ms
1946-1949
D 113.14 113.11
Treasury 3 His
.....1949-1952
Treasury 3s
...1946-1948 J D 111.8 111.6
111.25
Treasury 3s......
1951-1965 M S 112
Treasury 2Kb
1955-1960 M 8 109.14 109.9
Treasury 2Kb
..1945-1947 M S 109.14 109.11
Treasury 2Kb
.....1948-1961 M S 109.14 109.10
Treasury 2 lis
.....1961-1964 J D 108.26 108.20
107.27
Treasury 2Ws
1956-1959 M S
Treasury 2lis...
...1958-1963 J D IbVii 107.13
Treasury 2lis.-.
1960-1965 J D 107.17 107.6
108.20
Treasury 2Ms..........
1946 J D
108.20
Treasury 2 He
1948 M 6
Treasury 2lis....1949-1963 J D 106.24 106.17
Treasury 3Ks
109. 22111.27
112.2
4
109. 11112.21
2
109. 2
112.1
.1950-1952
1947
Treasury 2s
Federal Farm Mortgage
104.,12110.9
5
110.6
107
105. 19109.31
109.18
9
108.27
21
104
109.21
108.3
67
103. 4
109
107.21
67
102. 20108.23
107.19
447
102. 20108.16
108.20
3
106. 6
109.10
♦Costa Rica (Rep of)
08.20
1
105. 1
109.8
Cuba
106.25
235
102. 13107.21
7s
1951
(Republic) 6s of 1904
1944
External 6s of 1914 ser A....
1
102. 16107.22
External loan 4M> ser
M S
106.18
106.18
J
105.19
105.2
D
112.26
107. 4
24
735
109.14
114.5
108. 19111.31
13
109.17
—
Treasury 2 lis
11
Mar 15 1944-1964
May 16 1944-1949
Jan
16 1942-1947
2 lis..
...Mar
1 1942-1947
Home Owners' Loan Corp—
3s series A
May
1 1944-1952
1 1939-1949
1942-1944
1945-1947
72lis series B._Aug
2lis series G
llis series M...
8
M
107.9
109.22
109.22
MN
106.6
J
106.6
110.6
106
105.25
6
MN
108.21 108.20
108.24
22
106.26109.17
100
100.2
13
100
Denmark 20-year
A
100
104.29
J
J
10V.31
D
104.31
101.30
102.2
104.1
106
lst
101.22102.12
8
&
Govt
ser
6 Ms 1st
♦Gtd sink fund 6s...
1947
♦Gtd sink fund 6s._
1948
A
Norway) 48.1968
♦Antloquia (Dept) coll 7s A...1946
♦External s f 7s series B
1946
♦External s f 7s series C
1945
♦External s f 7s series D
1946
26 H
O
*90 H
1967
2d series.1957
♦External sec s f 7s 3d serles.1957
Antwerp (City) external 6s
1958
Argentine (National Government)—
S f external 4 lis
1948 MN
S f external 4 lis
1971 MN
8 f extl oonv loan 4s Feb.—1972 F A
B f extl conv loan 4s Apr
1972 A O
J
J
10M
13M
15M
9M
10M
10M
*13M
13M
13M
♦External sec s f 7s
1956
14
14
♦External s f 7s 1st series
Australia 30-year 6s...
14
13M
J
14M
13M
13M
13K
90 M
28
93
93
93 M
106
89 M
86 H
87 M
59
83M
76 H
77 H
64
76
76 H
77 H
34
75M
97
97
98
40
97 H
93
40
10M
6
96 H
91H
10 H
105M
17
103M
26
111M
111 M
112M
73 |
102
14
Sinking fund gold 5s.
20-year s f 6s
♦Budapest (City of) 6s
Buenos Aires (Prov of)
1961
1977
Refunding sf4|i8-4Me
1976
External re-adj 4Ks-4Ms.—1976
External s f 4Ms-4|is
1976
8% external s f $ bonds
1984
stamped
4M-*Ks
'"l8M
18 M
11
18M
16M
16 H
18
15M
15M
15M
14M
J D
M 8 '"94"
92 H
F A
14
16M
16M
15M
93 M
94
i D
O
A O
A
1962
..1957
1958
1950
1962
♦7s (Central Ry)
Brisbane (City) s f 6s
1
J
D
M
M
F
A
M
J
8
8
A
O
N
J
92 M
92 H
100
100
D
J
3
42
13
11M
9M
9M
13
13
89
89
97
1
^9
54
55 H
20
54M
55
5
44 M
56
8
44 M
55
"56 M
s
...1967 J
f 7s
,98 M
v
♦Carlsbad (City) 8s
♦Cent Agrio Bank( Ger) 7s
♦Farm Loan sf
♦6s
6a..July
July coupon
♦Farm Loan
103M
104
1964 J
s
on
f 6s. .Oct
♦68 Oct coupon on
105M
105K
105 M
102 M
103
102M
102 X
102M
18M
J
*16M
*
M S
1960
15 I960 J
1960
-
*"
J
23M
*18
....I960
♦Chile (Rep)—Extl s f 7s
♦7s assented
*13
.1942 MN
1942 MN
♦External sinking fund 6s... 1960 A
O
10
9M
14
13M
10
i.
♦Os assented
i960
♦Extl sinking fund 6s..Feb 1961
► *6s assented
Feb 1961
I ♦Ry ref extl s f 6s
Jan 1961
♦6s assented
To"
7
46
9
O
71
71
16
20M
20 M
70
*
J
66 M
65
21
14M
74 M
70
*69
O
*20
2
90
J
*85
M
S
105M
21M
100
96
,
.
7
106K
105M 107
109M
109M
7
105
19 li
llOli
105M
105K
2
104
106
118M
118M
2
113M 125
103M 105
*
MN
D
J
D
19M
-
16«
-
15
100
17M
18
15
17M
15M
2
14|i
17M
9
21M
18
17 M
22 M
22 M
19K
18 li
16
27
♦17M
O
*23 H
25
18X
24M
25 M
37 M
22 M
*25M
20 li
22
25
25
4
22 M
30
27 M
20
20
2
16 Ji
25M
71
81
15
19
10M
18
*26 M
A
20
28M
A
O
*79 M
84 M
A
O
*18
20
J
J
*17
18
A
O
*100 M
J
J
—^
-
108
—
100 M 105
—
11
U
*8M
12M
7M
7M
*9
12M
8M
10
8M
22 M
10
33
18 M
30
3
9
9
MN
MN
*9
12M
F
A
*27
37 M
F
A
22 M
*
—
—
3
22 M
101M 113
113
5
43 M
38
55
76
72
76
81
72
85 M
53 M
52 M
54
64
62
57 li
58 M
9M
13 M
13
Italian Public Utility extl 7s
J
J
Japanese Govt 30-yr s f 6
Extl sinking fund 6 Ms
F
A
1952
Ms—-1964
.1965
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947
D
D
D
21 X
14
9
10 M
15H
70 M
5
64
72 M
M
J
-
*K
♦Assenting 4s of 1904..
♦Assenting 4s of 1910 large.
♦Assenting 4s of 1910 small.
D
Vs
H
J
J
*1H
IK
J
J
24|i
31
18
14M
18M
14M
21
23
13M
5
10
5
8 li
12
8M
12
8M
12«
9M
To"
"7
8M
13M
13M
1
12 li
1
8M
12 M
9M
8M
16M
8M
I1M
16
1957
1957
*11H
8M
8K
1961
1961
12M
12M
11M
16 li
8M
8K
7H
14M
8
14M
IK
1M
H
1
IK
1M
M
•
D
IK
1M
IK
*M
'
...
(♦Small.
lli
li
.......
A
O
—
—
—
45
44 H
*>
45 K
28
9K
1
9M
3
Mlnas Geraes (State)—
9H
M S
M S
J
M
3
1M
16
18M
16M
18M
16H
18M
16M
18M
16M
18M
M
1H
IH
M
23 M
12
10
H
1M
lM
J
27 M
10
H
M
1
J
J
27
23
25
*M
♦4s of 1904
18
65 M
38 M
16M
13 M
19M
21
10
5
21 li
32
21
M
75
68
68
MN
Q
76 M
54 M
21M
M N
Q
52
25
32
*26
♦Assenting 5s large
♦Assenting 6s small
24 M
14
A
J
101M 104 M
101M 105M
30
9M
O
F
73
61M
15M
30
*13
A
J
32 M
108 M 111M
108 M 111M
100M 104
98 M 102 M
MN
J
29
9M
O
—
30
16 M
18 M
For footnotes see page 549
71
71M
—
—
61 li
11M
...
66
*70 M
44 li
13M
♦6Ms assented..
71M
65
59 X
13M
♦Sink fund 6Mb of 1926
65
.....
43
♦External sinking fund 6s...1963 MN
♦6s assented
1963 MN
♦Chile Mtge Bank 6 Ms
♦6 Ms assented
*69
60 %
*9M
1962 A
*69
O
MN
72
73
O
M S
78M
65
59M
O
♦6s assented.
81
74
26
125
*13
To"
...Jan 1961
♦Extl sinking fund 6s..Sept 1961 M S
♦6s Assented——
Sept 1961 M S
♦External sinking fund 6s...1962 A
9M
13M
a
68
30
*18
16 1960 AO
28
*70 M
61 li
5
109M
J
101
97 M
92 M
84 M
M S
D
17
103M
J
88 M
98
J
17
110M
J
105
1961
60
30
J
76
93
1960
47 M
17M
J
26
Italian Cred Consortium 7s ser B '47 M S
47
110M
110M
1967 J
18
33
Italy (Kingdom of) extl 7s
32 M
17
1961
1944
80-year 3s
76
30
*24
97
f g
104
73M
58
6
110
A
65M
70
2
110H
Aug 15 1945 F
10-year 2 Ms
26-year 3 lis
7-year 2 lis
16
44 M
57
O
A
66
MN
47 H
1968 M N
65M
*24
1968
11M
56 M
4
1980
100 M
83 M
1946
♦Hungarian Land M Inst 7 Ms. 1961
♦Binklng fund 7 Ms ser B
1961
♦Hungary (Kingdom of) 7Ms—1944
Extended at 4 Ms to
1979
s
60
51
34
1964
...
102M
99
11
51M
Irish Free State extl s f 5s
1952 MN
♦Stabilisation loan 7Ms
Canada (Dom of) 80-yr 4s
6s
102 M 106
103
65M
J
♦7s secured
21H
47
J
100
40
102 ?i
103
30 li
108
30
fll02
51
22 M
11
26 M
25M
Hungarian Cons Municipal Loan—
♦7 Ms secured s f g
1945 J
Bulgaria (Kingdom of)—
♦Secured
80 li
92
A...1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7 Ms '60
Helslngfors (City) ext 8 Ms
I960
98 M
102
65
60 M
76
65 M
64
*65
54
8M
47 M
40
1
76
D
♦6s part paid
22 M
21
1
1
84 M
Haiti (Republic) s f 6s ser
23
9H
65
60 M
92
♦Sink fund secured 6s....—1968 F
28 M
31
112
8M
8M
65
D
♦7s part paid
?!*
19M
-
73M
60 M
J
116M
21
25
♦(Cons Agric Loan) 6Ms
1068
♦Greek Government s f ser 7s__1964 MN
100M 108
99 M 108
20 H
79M
a!02K al02M
*98
102M
J
20 Ji
105M
101M
(Germany) s f 6 His
♦External sinking fund 6s _„195H
♦Brasll (U 8 of) external 8s
1941
♦External s f 6148 of 1926...1957
♦External i t 8 Ms of 1927—1957
♦Berlin
f
16
2 Ui
105K
102M
..1965 J D
1950 A O
External 30-year s f 7s
78 M
mmmm
17M
J
External sf 6s
e
10M
1955 J
Belgium 25-yr extl 6 His
External
39
1945 F A
1949 M S
♦Bavaria (Free State) 6 Ms
79
♦5Ms of 1930 stamped..
♦5 Ms unstamped
1965
♦6 Ms stamp(Canad'n Holder) *65
♦German Rep extl 7s stamped. 1949 A
♦7s unstamped
1949
German Prov A Communal Bks
95M 103M
95M 103 M
88 M
99
10M
76 M
Gorman Govt International—
79M
92 M
21
«7H
external 7s~
27
96 M
94li
83
alOl
1969 A
1969 A
27M
24 li
_
82 M
*104M
80 M
76 H
96 M
*26 M
28
26 M
23M
8
J
88M
76 M
10 li
25
82 M
J
95
86 K
76
27
A
1945
♦Frankfort (City of) s 16Ms...1953
French Republic 7 Ms stamped. 1941
7Ms unstamped...
1941
14M
96M
90 Ji
26 M
*26 M
*26 M
14 M
15
9M
85M
External g
♦6s
9M
13M
88 H
External 6s of 1927
....1957 M S
4Ms of 1928..-..1956 MN
♦Austrian (Govt's) s f 7s
1957 J J
9K
26
26 M
O
Finland (Republic) ext 6s
15M
14M
1
16
19 M
28
61
A
Ms 2d ser 1961
20
19«
27
A
J
15M
15M
15M
8M
12
16
39
94 M
*13M
J
5
15
26
J
27
90
"93
10M
20 M
*8M
J
27
25
*26 H
M 8
Akershus (King of
23M
26 M
7
A
series
♦Dresden (City)
(Colombia)
A
2
A
6 Ms of 1926
5 Ms 2d series
F
8M
10M
O
2d series sink fund 5 Ms
Municipal—
Agricultural Mtge Bank
8M
F
—1942
14K
16M
14M
14M
11
4-
A
Apr 15 1962
Rep Cust Ad 5M«-
Customs Admins 5
Foreign
1
♦
A
extl 6s
18M
7M
1
D
External g 4Mb
Dominican
11
1
8Ji
12M
10M
F
External gold 6 Ms
102.22
105.18
High
Low
121i
-
J
C—-1949
106.15
M 8 105.25 105.22
F
M
F
Sinking fund 8s ser B—
108.27
105,3
10
Since
Jan. 1
8K
external debt
1977
J
J
Sinking fund 6 Ms
Jan 15
♦Public wks 5 Ms—June 30 1945 J D
A O
Czechoslovak (Rep of) 8s—-.1951
106.26109.21
♦108.27108.29
J
3s
3s
w
12
12
MN
4 Ms
106.3
102
Corp—
3 lis
—1981 A O
———1961 A O
1982 MN
♦Guar sink fund 6s
♦6s assented
—1962 MN
♦Chilean Cons Munlc 7s
1960 M S
♦Chinese (Hukuang Ry) 5s——1951 J D
M S
♦Cologne (City) Germany 6 Ms-19 50
Colombia (Republic of)—
•6s of 1928
Oct 1961 A O
J
J
♦6s extl sf gold of 1927. Jan 1961
A O
♦Colombia Mtge Bank 8 Ms -—1947
M N
♦Sinking fund 7s of 1926
1946
F A
♦Sinking fund 7s of 1927—1947
Copenhagen (City) 5s
.1952 J D
26 year gold 4 Ms
1953 MN
F A
(♦Cordoba (City) 7s unstampedl957
F A
(♦7s stamped
—
J
Cordoba (Prov) Argentina 7s..1942 J
109. 22111.9
4
113.14
No.
♦6s assented
113. 10116.5
111
111.8
High
Range
•5
Mun. {Con.)
Chile Mtge Bank (Concluded)
♦Guar sink fund 6s
114. 17116.19
115.20
115.31
S
M
0C)<§
Price
Low
118. 26122.13
115.23
115.18
o
1947-1952
1944-1954
Friday's
Asked
Bid
&
High
Low
Foreign Govt. &
Treasury 3«SJ
Week's
Range or
Sale
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 21
Government
Treasury 4s
Friday
Last
Week's
Lag I
Treasury 4)ii------
deferred delivery sales are disregarded In the
regular weekly range are shown in a footnote
computing the range for the year.
•5
Friday
BONDS
U. S.
YEARLY
interest"—except for income and defaulted bonds. Cash and
only transactions of the week, and when selling outside of the
NOTICE—Prices are "and
week's
in the week In
Stock Exchange
9H
*44
D
7 M
7M
IK
56 M
16
15M
48
49M
*42
MN
39
—
-
-
-
55
45 M
54
94
M 101H
101 li
100M 104K
100M 108 K
94 H
95 H
7
94 M
95 H
13
*103 Ji
104 li
104M
105M
4
103
103M
14
98 M
101
101 H
101 li
12
94 M
105
103K
100
100
100li
37
94
101H
101
101
F
A
A
O
F
A
F
A
105K
M
8
103M
A
O
F
A
J
D
94 M
1
93
99M 104
Volume 149
New York Bond
Friday
BONDS
N. Y. STOCK EXCHANGE
♦Nuremburg (City)
1952 F
extl 6s
...1955 A
♦Panama (Rep) extl 6 Ha
a f
5a
Bid
A
♦Stamped
Ms assented
104
8
43M
5M
8M
8M
8M
8M
8M
44
8M
27
41M
7
39
4Mb assented
42
30 M
54
37 M
36 %
44
♦Ref 4 gen 5s series F
10K
9H
9M
15
♦Certificates of deposit
♦Convertible 4 Ms
♦Certificates of deposit
~30"
*
A
"l8%
18%
18M
104M
2
14
6
102
102M
17
O
9%
A
8
102 %
..1907 J
D
9%
15M
15M
14M
14M
43M
69 M
15
22 M
15
20 M
19
19M
9M
9M
9%
m"
59
16
*8%
8%
12M
8%
6M
6M
8%
14
15%
9M
1
9M
9
8M
D
*22
..1940 J
D
*22
22 M
-.1940 A
O
20 %
22
32
1902
MN
—1902
MN
♦Silesia (Prov of) extl 7a
4M8 assented
♦Slle8lan Landowners Aasn 0s
Sydney (City) a f 5 Ms
1958 J
22
22
22 M
31
18
28
20%
21M
22
15M
25M
28
2
D
28
D
*22
M
25
25 %
18
33
1958 J
1947
F
A
35
25M
29
1956
F
*26 M
*99 M
A
Taiwan Elec Pow a f 6 Ms
1971 J
Tokyo City 6s loan of 1912
External a f 6 Ms guar
1952 M S
J
1901
A
♦Uruguay (Republic) extl 8s.—1946
F
94
31
49 M
64 M
9
28
35
49
60 M
58
43
61
42 M
49
A
*46
6a
1900 MN
*40
MN
54%
—1904
3M-4-4 Ms (J bonds
of
45
*40
47 M
41
42M
44
1979 MN
39M
8
41
1979 MN
D
1978 J
39M
3M-4-4M % ($ bonds of '37)
external conversion
3M-4M-4»i«8
extl conv
4-4 M -4 M % extl
readj
3 Ma extl
1978 F
J
AND
A
*27%
A
22 M
22 M
50%
53
"26
*16M
F
52
Ala Gt Sou 1 st cons A
5s
1st cons 4a series B
1940 F
conv
1
23
♦Coll A
conv
1944 F
1949 J
___
♦Alplne-Montan Steel 7a
Am A Foreign Pow deb
5s
conv 5
J
deb 4 Ms I960 A O
♦Anglo-Chilean Nitrate—
S f Income deb
1907 Jan
{Ann Arbor 1st g 4s
1995 Q
J
s f
Armour A Co (Del) 4s series B.1955 F
1st m s f 4s aer C
(Del)
1967 J
Atchison Top A Santa Fe—
A
28
29M
124
22 M
41M
49
60
102
110 H 110M
17
72
110M
109M
120
109
106
100
2
107"
106M
107
16
107
106M
107
60
37M
37M
*94
766M
42
37M
100M
95%
40
65%
103M
100 % 103 M
98 M 104M
110M H2M
105M 110M
105 M 110M
102M HIM
99 M 107
104 M 107 M
1959 A
♦Mobile Div 1st g 6e
Central Foundry mtge 0a
♦Central of N J gen g 5s
♦General 4s
Central N Y Power 3 Ms
19
27
42
Central Steel 1st g s f 8a
Certain-teed Prod 6 Ms
1st 30-year 5s series B
J
1944 J
Atl Coast Line 1st cons 4s
July 1952 M S
General unified 4 Ma A.
1904 J D
10-year coll tr 5s
May 1 1945 MN
Oct 1952 MN
100
98
~63
92 M
96 M
103
96
101
12
I02M
102M
105 % 111M
91H 100
89
"26
8
*111M
99
30 %
29M
70
67%
38
25
258
41%
3
95
88
113M
113M
40
"§
60
24
95 %
61
105%
110%
92
'33%
"16
33%
5%
10
11
5%
ii'iH
93
40
80 %
92
1O0M 113M
103 M 113M
72 M
95%
93
105%
109M 113M
109 % 109 M
26 M
40 M
40.
25M
10
5%
4%
8M
64% ,75
70
4
40
44
35
6
47
53
92
55%
102
93 %
41 %
56
103
117
22
120M
120M
119M
11
37
116M
118M
116K
116M
61
124
124 %
36
J
J
93M
71 %
72
D
2
14
96 M
117
117
121
120 %
119%
114
116%
112M 116%
124%
W
96%
73%
96%
64
96 M
8
90
100 M
113M
113%
113%
10
112
114M
89
100 M
92 M
84M
*35
108"'
107M
93
33
80
23
82 M
81 M
60
40
109
105
90
91
85
*42
91
109
94
48
43
52
87 M
88 %
82
97
*10M
12%
9%
31M
32
*
34
"6%
7
6M
*3
3%
3
3
O
3%
3
*4%
7
7%
*5
7
2%
5
5
3%
7
7%
7
12M
6M
8M
10
4M
1*
100
100
91
107
78
80
42
80
♦109M
109 M 111M
*110
34 %
32
34 %
29
15M
15%
16
13
15
O
wN
l°4H
107 M 111
68
82 M
45
35
107M
69
71
2
11
137
75
"47%
50
51
15
107M
50M
51
110M 112M
24
39 M
15%
64M
64
189
3
28
24
12%
100 % 110
40M
50
77M
72 %
63M
"12
96
103M
111 %
107
112M
110
"94
*115
S f deb 4MB (1935 Issue)
8 f deb 4Ms (1938 Issue)
Ches 4 Ohio gen g 4 Ms
1950 M S
1950 M S
—1992 M 8
May 1940
2d consol gold 4s
1989
Warm Spring V 1st g 6a
77%
1948 M S
1941
N
A
J J
J
J
J J
J
J
M 8
104%
102%
104%
102%
124%
124%
99%
99M
"99%
115M
79
104M
115
"19
70
55
115M
80
5
100 M 104M
102 %
6
125%
16
99%
66
100M 104 M
118M 125M
95% 100M
99%
94
109%
95 M 100M
103 M 105
109
114" 118*
♦117M
*109
*
104M 111
109M
98 M 103
108
*H1M
'93M
"§§"
79
5M
47
Champion Paper 4 Fibre—
101
95
102M
ill
110M
*109M
1941 M N
A
Potts Creek Branch 1st 4s...1940
R 4 A Div 1st con g 4s
1989
J
95
105M
I
Craig Valley 1st 5e
D
95
70%
96
1940 J
H2M
112M
110M
"50%
95M
1902 M S
82
105M
Through Short L 1st gu 4s...1954
Guaranteed g 5s
1900
Central RR 4 Bkg of Ga—
99
1944 J
*40%
Cent Pacific 1st ref gu gold 4s..1949
91
Cal-Ariz 1st & et 4 Ms A
Atl Knox A Nor 1st g 6s
41
"88
8
120M
J
87M
Atl A Char! A L 1st 4 Ms A
76 M
41
J
1
102M
109M
78
8
102 %
1987 J
1902 A
2
J
109M
6M
60 M
110
A
1987 J
92%
J
60
89 M
Gen mortgage 6s
1941 M 8
Cent Hud G 4 E 1st 4 ref 3 Ms. 1966 M 8
Cent Illinois Light 3 Ms
1960 A O
J
{♦Cent New Eng 1st gu 4a
1901 J
99
1958 J
37M
6%
"06"
1940 J
1941 M 8
92%
1905 J
23
1959 A
99
99M
44
♦Chatt Div pur money g 4s..1951 J
♦Mac 4 Nor Div 1st g 6s
1940 J
♦Mid Ga 4 At Div pur m 6a. 1947 J
30 M
00
100M
*90
31
♦Cent Branch U P 1st g 4a.....1948 J D
{♦Central of Ga 1st g 5s__Nor 1946 F A
♦Consol gold 5s.
1945 MN
86 %
103
39 M
40 M
29%
113M
U3M
117M
117M
116M
Carriers 4 Gen Corp deb 5a w w 1950 MN
Cart 4 Adir 1st gu gold 4a
1981 F A
Celotex Corp deb 4 Ms w w
1947 J D
2
D
24
25
30
O
Ref 4 imp mtge 3 Ms aer D..1996 M
Ref A impt M 3 Ms ser E
1990 F
D
100 M 107 %
35
93
♦Ref 4 gen 6 Ms series B
♦Ref 4 gen 5s series C
105
108%
100% 105%
96% 102%
65
85M
24
1900 J
1948 J
95
36
34%
36%
J
90
D
101 %
28
34 M
J
HOM
92%
D
101
101M
28
26 M
21
33
D
101
1955 J
a28%
106%
104M
21M
19
"l5
*108
—1949 J
aer A1962 J
100
1996 M N
"20M ~30*
1
55
14
M 8
109
1955 J
27M
33 %
30 M
Deo 1 1964 J
1900 J
Coll trust gold 6s
Collateral trust 4 Ms
{♦Car Cent 1st guar 4s
Caro Clinch 4 Ohio 1st 0a
11
28
100
92 %
119"
135M
106M
104M
106 %
104 %
101 %
J
5s extended to May 1 1942
*26
116M
129 M
12
J
100 m
Stamped 4s
page
104
48M
102
110"i«
109M
15
10
"28"
a28%
J
110%
Conv gold 4s of 1909
Conv 4a of 1905
see
168
"50
103 %
1995 Nov
LAN coll gold 4a
63 M
103M
102M
%
101M
117
M 8
J
Adjustment gold 4s
Conv gold 4s of 1910
Conv neh 4 Ms
Rocky Mtn Div 1st 4s
Trans-Con abort L 1st 4a
93
88 M
106 % 112
30
61M
101
110%
109M
M
103 % 108
"
*102 %
61%
80
I16M
116M
J
O
1995 A
For footnotes
2
26
"ibi'%
S
General 4s
1
34 M
75 M
48 M
35
D
3Ms debentures
D
1900 J
Am Type Founders conv
J
deb. .1950 J
Amer Wat Wks A Elec 0a ser A. 1976 MN
A—
85 M
57
110M
M
41
68
13
MN
6
52
39M
107
M
52
53
Bridge A Term 5s. 1904
66 M
108 M
47
23
20-year sinking fund 5Ms... 1943 MN
3Ma debentures
1901 A O
Ark A Mem
M
79
95 %
Amer Telep A Teleg—
Anaconda Cop Mln
49
69 %
1
1949 J
Ms
99 M 104 H
100M 107H
67 M
33
9
1963 J
07
104 M
80
50 M
6Ms—.1949
40 M
32
106M
100M
2030
American Ice a f deb 5s
Amer IG Chem conv
'98%
27M
I
116M
115M
124M
104
50 M
S
78
"28"
28
38 %
F
44
1
135M
118%
100
M
108 %
117M
118M
Guaranteed gold 4 Ms
1960
Guaranteed gold 4Ms—Sept 1951
Canadian Northern deb 6 Ms
1946
Canadian Pac Ry 4% deb stk
perpet
Coll trust 4Mb
1940
5s equip trust ctfa
1944
34
38
86
5%
J
44 M
102
*4M
1960
53
33
....
113M
1900 A
55 M
43*
9
134M
1947 MN
O
M
14M
14M
1
ii7M
113
MN
23
9M
84
83
J
D
23 %
85
*30
1950 F A
1946 MN
J
44
H
117%
83
106M
85
A
2
106M
M
40
D
72
1955 M S
40
38
42 %
106M
June 15 1956 J
60
79M
95
39
116M
44
100
2
41
J
32
110
45
1970 F
44
110M
47
45
38 M
July 1909 J
Oct 1969 A
44
"~95M
46
D
1950
Guaranteed gold 5s
"4
106M
S
J
1955
1952 A
Guaranteed gold 5s
Guaranteed gold 5s
Guar gold 4 Ms
107
%
O
Ms. 1967
♦Certificates of deposit
J|*Burl C R 4 Nor 1st 4 coll 5s 1934
♦Certificates of deposit...
18H
41
34 M
Allied Stores Corp deb 4
Ms.... 1950 A O
4 Ms debentures
1951 F A
conv 4s
1962 M S
Corp
1
3
29M
50M
1998 A
1942 M
167
40 %
A
O
1st lien 4 ref 6s series B
1957 MN
Buffalo Gen Elec 4 Ms series
B.1981 F A
Buff Nlag Eleo 3Ms series
C-..1907 J D
♦Buff Roch 4 Pitts consol 4
34
6
1960 A
AlUa-Chalmers Mfg
Am Internat
1
1950 A
♦5s stamped
Allegh A West 1st gu 4s
Allegh Val gen guar g 4s
1959 F
1941 J
31
77
67%
10
34
45
Bklyn Edison cons mtge 3
M"--1960 M N
Bklyn Manhat Transit 4Ms.-.1960 MN
Bklyn Qu Co 4 Sub con gtd 6s. 1941 MN
10M
50%
107"
*78%
266
116M
40
44
16
J
107M
a49M
107
1940 A
5s
24
♦107M
A
1948 A
trust 5s
48
104M
104M
107
1943 J
5s
44 %
104M
104M
10 M
10M
29
47
M N
1st g 4%b series JJ
1901 A O
{♦Boston 4 N Y Air Line let 4a 1965 F A
Brooklyn City RR 1st 6s
1941 J
J
22
a49M
1943 J
0a with warr assented
Alb A Susq 1st gum- 3
Ms
Coll A
A
1952 A
Albany Pertor Wrap Pap 0s._. 1948
Alleghany Corp coll
47 M
104 M
23 M
46
19M
11M
HM
1957 J
INDUSTRIAL
1953 J D
1948 M S
1947 M"D
24 M
23 M
21
Canadian Nat gold 4 Ms
'
COMPANIES
tl*Ablt!bl Pow A Paper let 5s.
Adams Express coll tr g 4a.—.
Coll trust 4a of 1907
10-year deb 4Mb stamped...
Adriatic Elec Co extl 7s
10
38H
51
15
17M
54
37M
14M
24 M
17M
18M
101
35M
16M
18
15
18
55%
48
73
46
20 %
"20M
101M
47
MN
D
23 M
19%
21%
20%
20%
19%
O
A O
1962 A O
37 M
1958 F
1901 J
4Mb assented
Yokohama (City) extl 6s
63 M
24
1966
39M
O
64%
10 M
Bush Term Bldgs 6s
gu
Calif-Oregon Power 4s
Canada Sou cons gu 68 A
42 M
44
J
A
readjustment
1984
Venetian Prov Mtge Bank 7a..1962
♦Vienna (City of) 0s
1952
♦Warsaw (City) external 7a
1958
49
Bush Terminal 1st 4s
Consol 5s
43
37
57%
62 %
47 M
45 M
30
102
48 M
8
44
35
72
100
112
63
40,
39
43 M
A
21H
1941 M N
1955 A
25
56%
11
1962 A
—...
39M
*38 M
64M
106 %
20M
37
'37)
externa) readjustment
25
53%
10
O
J
1966 A O
Debenture gold 6a—
51M
37 M
53
19M
50
U%
♦Berlin Elec El 4
Undergr 0 Ms 1950 A
Beth Steel cons M 4
%b ser D—1900 J
Cons mtge 3Ms series E
1st lien 4 ref 0s series A
35
f 0a
a f
♦Deb sinking fund 6
Ms
♦Debenture 6s
1st 5s stamped
103
102 M
1
18M
17M
19M
18M
19M
11H
♦S'western Div 1st mtge 58—1950 J
J
♦Certificates of deposit-..c...
Toledo Cln Div ref 4s A
1959 J
J
Bangor 4 Aroostook 1st 5s
1943 J
J
Con ref 4s
1951 J
J
4a stamped
1951 J
J
Battle Creek 4 Stur 1st
gu 3s_. 1989 J
A
Beech Creek ext 1st
g 3 Ms
1951 O D
Bell Telep of Pa 5s
series B
1948 J
J
1st 4 ref 5s series C
I960 A O
Belvldere Delaware oona 3
Ms..1943 J
J
♦Berlin City Elec Co deb
0 Ms. .1951 J D
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st eons g 6s
28
50%
O
s
25
39
56
-
1907 M S
25M
105%
102
A
-
1944
(Kingdom)
♦8a secured extl
♦7a series B sec extl
I960 F
Boston 4 Maine 1st 5a A
C
1st M 5s series II
32
52
High
19M
Big Sandy 1st 4s
14M
9
Low
60
S
15
6M
17M
20M
44
37 M
64 %
Jan. 1
19M
1996 M
15M
7
11
8M
33 %
26%
53 M
55%
19M
18
7M
5
9M
8M
20 M
11
2
1945 J
♦Secured s f 7s
♦Saxon State Mtge Inst 7s
♦Sinking fund g 0Ms
Serbs Croats A Slovenes
14M
14M
7
4
101
102
D
2000 M S
P L E 4 W Va
Sys ref 4s
Certificates of deposit
3 Ms conv debs
J
J
i960 J
1950 M 8
J
—1908 J
♦0a extl dollar loan
7M
0M
7M
7M
10M
*19M
"i
1957 MN
♦7a extl water loan
13 %
61
J
1930 J
♦8a external
27
22 %
A
MN
14 M
5M
9%
O
F
60
31H
6M
8M
A
1952
l*8s extl loan of 1921
30
"9 %
*9M
9M
9M
D
1900 MN
19 M
106 M
100M 107
*30%
O
...1908 J
♦6 Ms extl secured a f
San Paulo (State
of)—
♦External
19 M
101H
Rio Grande do Sul
(State of)—
♦8a extl loan of 1921
-.1940 A
♦External
70
14M
1
No.
43 M
34
20
20 m
♦Certificates of deposit
23
18 %
O
♦Ref 4 gen 6s Berles D
17M
High
20
♦Certificates of deposit
25 M
102 X
f
1995 J
Since
05 eg
%
104M
"be"
♦Certificates of deposit
♦Ref 4 gen 6s series C
3
*9
MN
♦Rhlne-Maln-Danube 7a A
♦Rio de Janeiro
(City of) 8a.._1940 A
♦Extl sec 6 Ms
.-1953 F
a
♦Certificates of deposit
Range
Asked
42%
ioi«
4s.July 1948 A O
July 1948 A O
16
♦9
M S
♦February 1937 coupon paid
♦Saarbruecken (City) 0a
1953
Sao Paulo (City
of, Brazil)—
Bait 4 Ohio 1st
mtge g
♦1st mtge g 5s
J_
43M
1995 J
36 M
dk
64
J
J
atmpd.1940 M N
39M
J
J
1953 M S
*36 M
J
Rome (City) extl
0Ms
1952
♦Rouxnanla (Kingdom of) 7s_—1959
3s
1959 J
conv deb 4Msl939 J
Austin 4 N W 1st gu
g 5s
1941 J
Baldwin Loco Works 5s
44 M
J
78..1941 A O
♦0a extl s f g
♦7s extl loan of 1920
♦7a municipal loan
Refln'ng deb
{I* Auburn Auto
33
♦Ref 4 gen 5s series A
50
...1947 F A
1960 M S
a f
5s
J
12M
34
"46" "~4
or
Friday's
Bid
J
42
8M
26
Range
Sale
1948 J
39
1963 J
Queensland (State) extl
25-year external 0s
12 M
Last
Price
.1948 J
Second mortgage 4s.._
Atl Gulf 4 WISS coll fr
44 M
1950 J
♦Porto Alegre (City of) 8a
1901
♦Extl loan 7 Ms
..1900
Prague (Greater City) 7 Ms
1952
♦Prussia (Free State) extl
OMa-1951
♦External a f 0a
-.1952
76 H
13 M
13M
22
~46~~
1947 A
..1968 A
♦External sink fund g 8s
RAILROAD
207
9
Week's
Low
Atl 4 Data 1st
g 4s
Atlant'c
88
"l2
76 M
41
103
99M 106 M
9
41
62 M
50
6
1958 A
♦Stabilization loans f7s
4Ms assented..
♦8s extl secured
97 M
88
♦Nat Loan extl a f0a 2d aer.
.1901 A
4
40
*7M
70 %
1940 A
57
43 M
79M
69M
1947 M S
♦Peru (Rep of) external 7a
1959 M S
♦Nat Loan extl a f 0a let
aer..1900 J
♦Poland (Rep of) gold 0s
High
19M
23
102
♦102
88
MN
1903
16
48
"63
45M
101%
♦Pernambuco (State of) 7a
Low
50 M
43 M
O
No.
19
44
1
Jan.
High
"48 ~ ~
48 H
1953 J D
...1903 MN
aer A
545
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 21
Since
Asked
A
*
M S
1953
1958 MN
12
Friday't
Price
2
Friday
Range
or
Low
Oriental Devel Tuar 6a
Extl deb 6 Ma
Oslo (City) s t 4Kb
♦Extl
Range
Sale
Week Ended July 21
Record—Continued—Page
Week's
Last
114
85
♦Chic 4 Alton RR ref g 3s
1949 A
Chic Burl 4 Q—111 Div 3 Ms—1949 J
Illinois Division 4a
1949 J
94 M
97
General
89 M
1st 4 ref 5s aeries A
95 M
95 M
3
89 M
84
82 %
84
36
63 M
61M
63%
50
76 M
54
71M
77
76 M
77
9
64%
63
65
22
55
.......1958 M 8
88%
8%
101%
104%
99%
89%
94%
96%
98 %
61
8
49
97 M
57
100 %
14W
101M
104 M
62
94
36
85 M
94 M
40
90 M
99 M
100
79
65
4s
O
8M
8M
100 M
J 101M
J
103M
103M
72
1st 4 ref 4 Ms aeries B
1977 F
A
—1971 F
A
89M
96%
549.
f
•>,
July 22, 1939
New York Bond Record—Continued—Page 3
546
Week's
Friday
Friday
Week's
bonds
Last
Range or
N„ Y. STOCK EXCHANGE
Week Ended July 21
Sale
Fridays
Bid
&
Asked
Price
<§<§
1
Jan.
Bid
A
Asked
NO,
2
{•♦Chicago 4 East 111 let 6«—1934
{♦C 4 E 111 Ry gen 5e
1961
♦Certificate* of deposit
---Chicago 4 Erie let
MN
85
85
6
81m
88 m
20 m
19 X
20 m
08
15m
13 m
12 m
13m
2
24 X
13 X
J
j
10 x
10
10 x
7
9m
9m
J
j
*8m
10 x
-—-1987
Fed inc tax 1987
tax—1987
1987
♦4 Ms stamped
1987
I ♦Secured 6 ms
—-i?30
♦1st ref g 5e
-----May 1 2037
♦1st 4 ref 4Ms stpd-May 1 2037
♦1st 4 ref 4 Ms ser C-May 1 2037
♦Conv 4Mb aeries A—
1949
{|♦Chicago Railways 1st 6s stpd
Aug 1938 25% part paid .. ---.
stpd Fed inc
♦Gen 6s stpd Fed Inc tax
{♦Chic R I 4 Pac Ry gen 4s..
♦Certificates of deposit
1988
J
m
J
J
23
J
J
22
J
J
J
J
J
a
14
22
23 X
24 m
24 X
J
f
23 m
22
24
24 X
7%
108
24
10m
10
10m
16 m
19
11
11
12
20
14
*11m
14
8
MN
14
*
_
13
*8m
16 m
14m
14m
m* -
-
14m
J
J
4
3m
D
8
3
5m
12m
7m
7m
1
5m
11
*7m
D
8m
6m
11
-
J*
6m
3
8X
172
3
54
MN
54 %
10
45
67
11m
*9m
13m
137
11
18m
3m
Tunnel 4 Ms--1901
Dow Chemical deb 3s
1951
Dul Mlssabe4Ir Range Ry 3 Msl902
Detroit Term 4
A
j
j
13m
ms
6s—1900
Dec 11960
7m
54
10 m
6
6
24
4m
8m
7
53
6
9m
♦Ret 4 lmpt
g
♦Ref 4 lmpt 5s of
*
MN
j
*79
„
m
4
J
d
a
8m
a
3m
f
a
4m
a
o
j
J
f
4
43
♦Genessee River 1st s f 6s..
o
1944 A
108
108 M
5
108 m
108m
109 m
30
S
105m
105 m
105m
93
94 m
46
71
72 m
27
11%
2
Chllds Co deb 5s
1943 a
O
71m
{♦Choo Okla 4 Gulf cons 6s—.
1952 mn
-----
1966 F
1st mtge 3 Ms
-
-
UX
110M
a
1907 j
Cincinnati Gas 4 Elec 3Mb
D
4s—.
Cln Un Term 1st gu 8M ser D . 1971
1969
1st mtge gu 3Ms ser E
1943
Clearfield 4 Mah 1st gu 6s
mn
A
j
Lgen 4a... 1993
D
1993
D
Ref 4 lmpt 4 Ms series
1977
j
4a. 1991
j
E
Cln Wabash 4 M Dlv 1st
1940 J
*65 m
3Mb—. 1965 J j
4 Mb Ber B. 1942 A o
50 m
70
10
96
1
90
1942 j
Series C 8Mb guar
20
107
1948 MN
Series D 3 Ms guar
1950 F
Gen 4 Mb series A
1977
J
105
111M
1st s f series B guar
1973
83 m
C
.1977
77 m
Coal River Ry 1st gu
1945
Colo Fuel 4 Iron Co gen s f
6s.
.
Colo 4 South 4 Ms series A
Jan
84
29
76m
77 m
19
103 h
50 m
4
33m
34
181
103 m
3
102 m
103
*113
A.
_
—
40
103
107 M 1UM
110m
111m
118m
121m
666
105 m 121M
89 M
89 M
113m
1
109m
108m
109m
3
108 m
10
105m
106 m
28
110M 113M
109 M
108
107
110M
103 m 107
105 m 108
-
„
98 m
«
*
+
-
«.
107
107 m
55
107 m
17
J
108 m
108m
109
31
J
D
105m
*20 X
105
j
1970
i960
—1940
1943
M N
*8m
M N
j
j
D
j
7Ms series A extended to 1946— J
d
J
Dayton Pow 4 Lt 1st 4 ref 3 Ms I960 A O
Del 4 Hudson 1st 4 refls
1943 mn
-a
.—4
A
iA
Vnr fnntnntfiH baa
nuarp
549.
*
-
15
53
8
10M
9
13 M
10 M
12
....
55M
5
1
12
109m
109m
109m
110m
108m
108
108 X
61
103m
104 m
5
mm.
22 M
100 m 105 M
10 M
—
107m
18
106
111
105 M 109 M
107 M U0M
107M 111M
103 X 109 M
100
105 M
96
100 X
99 m
100 m
100 m
23
107 m
104
107 m
74
105 m 109 M
104 m
12
105 X
107 m
105 X
102 m 106 M
104 M 106 M
100 m
101
2
27
98
101
30
27m
30 m
77
27 M
37
34 m
33
34m
21
33
40 M
36
37
7
36
45 M
32 M
38
d
6s aeries B extended to 1946
m
—
109m
*.
a
a
—
109m
107 m
«.
i960 MN
„
17
10
*8m
D
d
149
*109m
...
D
—.1952 J
105m
52
_
53
104 m 108
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18
25
*8m
1st mtge 3 Ms
Cuba RR 1st 68 g—
108 x
21
100 x
4
r
65
50 m
*
35
__
106m
59 m
106 m
4
56 m
59 m
238
106 X 110M
52 M
70M
65
102
*102
- - - -
92 m
150m
105 m 109 m
106
107m
95 m
*53
103 m
102 m
12,
102 H
40
76
15
22 m
o
14m
13m
15
14
o
15
14
15
11m
hm
o
22
21m
18 X
14
*102
*
o
8m
j
13c
10
153
40
6
40
40
*
7m
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D
94
46 m
37
*60
a
14
7m
38
43 m
*88
48
13
....
10
10
j
3
14
"~8m
9m
45 m
90
87
1
76 m
1
•
i
1
•
k
67
——
107
106 m
106m
6
104
102 m
102 X
3
*99 m
100 m 103
98
101m
------
£
______
o
J
j
100 m
100
D
105 m
*40
------
15
56 m
57 m
26
56 m
7m
8m
08
5m
7m
-
100
102 m 105 m
35
44
-
m^
103m
87 m
65
105 m
102
101
8
103 X
99 X
105
8m
18
5m
m s
♦Certificates of deposit
103
103
99 X
j
*102 m
103 m
d
a
65m
10
9m
-
1951
4 Glov 4 Ms
♦
MN
{•♦Proof of claim tiled by owner.
•Certificates of deposit
*100m
39
MN
5
*125m
126 X
103m
104 m
21
101m
10 i'm
2
j
D
F
a
J
j
-----
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J
------
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d
------
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123m 125m
102m 105
95
104m
56
|J
60
Gen Cable 1st s f 6 Ms A
104m
♦20-year s f deb 6s
__
------
49 m
36
105 m
21
62 m
45
3
53 X
59
48
53 X
102 "ai 1029i#
mn
3m
100m 102m
38m 46m
104
39
3m
im
3m
6
2
3
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------
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17m
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59 m
102it,2107 m
104
107 m
f
a
f
a
"l"05m
j
j
63 m
J
J
*12
15
12 m
J
j
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15
13
18
1
37
00
98
45
104
105 m
62 m
59
64
o
"39
39
D
103
103
103»ie
104m
104m
104 X
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m s
j
J
-
*
-
*60
75
75
62 X
1907
f 4Mb
Hudson Coal 1st s f 5s
ser
Hudson Co Gas 1st g 6s
Hudson 4 Manhat 1st 6s
1987
6s
com g
A.—1902
1949
ser
A.1957
♦Adjustment Income 6s_Feb 1967
Illinois Bell Telp 8 Ms ser
Illinois Central 1st gold 4s
1st gold 3 Ms
Extended 1st gold 8Mb
1st gold 3s sterling
Collateral trust gold 4s
B—1970
1951
1951
1951
.1961
1952
Refunding 4s
1955
Purchased lines 3 Ms
1952
Collateral trust gold 4s
1953
Refunding 5s
1956
I960
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s
1951
Loulsv Dlv 4 Term g 3 Ms—1953
Omaha Dlv 1st gold 8s
1951
St Louis Div 4 Term g 3s... 1951
Gold 3 Ms
1961
Springfield Dlv let g 3 Ms
1951
Western Lines 1st g 4a
1951
40-year 4Ms
Aug 1
-
97
70
88
90
90 X
17
81
94
84 X
10
74M
84
85 m
104
89 M
89 M
99 m
97 m
99 X
300
90 m
89
90 m
116
78 X
75X
78 X
65
*53 m
Feb
1940
A o
1950
1901
♦Harpen Mining 6s
1949
Hocking Val 1st cons g 4 Ms.—1999
Hoe (R) 4 Co 1st mtge
—1944
s
78
100 M 107 M
95%
"85 m
A
o
Gulf 4 Ship Island RR—
J
1st ref 4 Term M 6s stamped 1952
Gulf States Steel
25
106m
83
77 m
77 m
95m
120%
120 x
69
79
"95m
mn
A
W
—
120 m
7
2
91
92
96 m
38
15
-r
40
117m 122 m
07
33
35%
11
25 m
33 m
35
52
28 m
128
1
48
50
81
33 m
"49"
A
O
14m
14m
57
A
o
111M
110m
114m
30
j
J
92 m
91X
92 m
6
14
j
J
*87
a
O
7M
1
72
"35 %
D
55
103 M
83
128
mn
81M
73
72
O
f
5M
103 M
94
85
*36
j
78 M
101M
"3
82
77 m
88
66
103
*103
93m
J
j
"~8
*85
A
a
7
83
74
53
60
6m
"e%
MN
1950
107 m
"80m
02
83 m
Feb
Greenbrier Ry 1st gu 4s
Gulf Mob 4 Nor 1st 6 Ms B
1st mtge 5s series C
73m
12
63
90 X
1946
3Ms series 1
~77m "l9
96m
1977
1946
♦Debentures ctfs B
105
90m
1c7m
1976
General 4 Ms series E
General mtge 4s series O
Gen mtge 4 sseriee H
98
83
____
103 m 106 m
1973
General 4 Ms series D
69
----
86
71m
16
48 m
j
Great Northern 4Mb series A—1981
General 5 Ms series B
1952
General 5s series C
39
*46
D
rJ d
{F a
Gen mtge
1
86
s
m s
{{♦Housatonlc Ry
10
J
1948 F
1942 j
108
106 x
*53
.
106m
85m
139
18
Green Bay 4 West deb ctfs A
110m
M N
f 4b
105 M
55
106
1967
s
109M 114
107 M 110M
104m
106m
list mtge 3 Ms
f deb 3 Ms
«•
3
108 %
107 m
Consumers Power 3 Ms-May 11905 mn
Tilt mtge 3Ms
May 11965 mn
s
109 M 114M
.
O
j
Crucible Steel 4Mb debs
Cuba Nor Ry 1st 5 Ms
103M
92H 103M
94
104
104 m
J
Crown Cork 4 Seal
12
88
151
108 u
47
106m
i960 j
Crane Co
33 M
108 m
1948 J
1951 f
88
*148
65 M
113 X
1960
2Mb
45
108 m
o
conv
110
*113
♦
1956 a
Continental Oil
103
106 m
*106
19
42 m
m
104
92 M 103 M
103 m
103
-
♦Debenture 4s
Container Corp 1st 6s
15-year deb 5s
45
102 X
*
1965
Tsrlst mtge 3 Ms
102 M
121m
♦Debenture 4s
f 6s
108m
12m
108 m 112 m
15m
79 M
68
102 X
J
Conv debs 3 Ms
s
105
1
34
42
85
75
103
1955 F a
Columbus Ry Pow 4 Lt 4b
1965 MN
Commercial Credit deb 3M8-—1951 A O
Commonwealth Edison Co—
1st mtge 8Mb series I
1968
♦Debenture 4a
36
12m
110m
J
106 H 106 X
103
Columbus 4 Tol 1st ext 4b
Consolidation Coal
106 m
12 x
109 m
18
89M
91M
85
"1
33 m
Columbus 4 H V 1st ext g 4s__ 1948 A O
k:
35
50
.1980 mn
1958
Conn 4 Passump River 1st 4s-.1943
Conn Ry 4 L 1st 4 ref 4 Ms
1951
Stamped guar 4 Ms
1951
Conn Rlv Pow s f 3Ms A
1961
Consol Edison (N Y) deb 3M8.1946
8 Ms debentures
—
1948
8 Ms debentures
1956
8Mb debentures
—1968
♦Consolidated Hydro-Eleo Works
of Upper Wuertemberg 7s
1956
Consol Oil conv deb 3 Ms
>.1951
{♦Consol Ry non-conv deb 4a—1954
105 m
D
90 m
82 H
1943
15 1961
100 x
110m
42 m
108 X
107M
79M
84 m
89 m
*105m
103m
Columbia G 4 E deb 6s—-May 1952 mn
Debenture 5s.
Apr 16 1952 a o
Debenture 5s
108x
j
*82 %
,1970 a o
♦6s Income mtge
104
J
*106
90 m
4a
6
a
Cleve Union Term gu 6
1st 8 f 4 Mb series
105 m
98m 103
J
*105
Cleve Short Line 1st gu 4
25
20
123
j
a
series B. 1981
Ms.-. 1961
1972
Mb
Gen 4 ref mtge 4 Ma
108
108 M
108M
108M
25
1c3
m s
93 X
108M
44
40
102 m
o
100 m
93%
112m
110m 113
105 m
J
68
03 m
68M
100
1
50
*18
J
1942 A o
Series A 4Ms guar...
109
o
100 X 106 X
Series B 3 Ms guar
18
113
103
j
63 M
107 m
108M
110m
113
85
45 X
93 %
100
2
Cleve Elec Ilium 1st M
Cleve 4 Pgh gen gu
77
230
57 m
j
110
*40 m
a
77
63 M
5
68
50 m
►
110m h3
------
63
63
90
49
12
d
111M
68
1940 M S
Spr 4 Col Div 1st g 4s
W W Val Div 1st g 4a
109
75
32
32
-
110m
J
5s Internationa
on da Johns
6m
3m
....
Ill m
D
110M
*83
"56"
1990 MN
4s
St L Dlv 1st coll tr g
106
110m
*42
Genera 16s series B—
Cleve Cln Chlo 4 St
109
110
110m
f
J
100 m 103 M
6m
5m
10m
111
mn
15
108M 111M
iiom 111M
14
111
*103 m
109
4m
3m
*31x
j
79
nx
*111
1942 MN
Cin Leb 4 Nor 1st con gu
m
5
F
•♦3d mtge 4Mb
106M 109M
100 M 106 M
97
86 H
96 m
88
17
91
94 m
s
107
58
92
92
j
107
109 M
104
106 M
♦105m
108
j
2m
33
m s
54
j
1963 J
"Ties D
J
3%o series E——- 1963
1951 M
8Mb guaranteed
J
Chlo 4 West Indiana con 4s—. 1952
1962 M
1st 4 ref M 4Mb series D
1st mtge 4s
1st mtge
83
6
mn
65 m
62
4m
15m
14m
3
2m
D
m
Chicago Union Station—
Guaranteed 4a.
16
Ill
J
♦N Y 4 Erie RR ext 1st 4s_.
49
3m
5m
J
1930
63m
4
M S
7m
2
a
07
65
65
49
10
a
5s of 1927
55
67
64
M'fW
m
2
10m
9x
3
J
mn
70
3
67
52
d
*54
D
105m
9m
J
j
a
4m
83 m
07
j
J
105x 107m
105m
9m
mn
j
a
♦Erie 4 Jersey 1st s f 6s
2m
106 m 108 m
105m 107 m
j
♦Series B—
06
20
2m
84 m
2m
D
7
5m
5m
106m
6
106 x
j
♦Gen conv 4s series D
9
High
109
104 m
----
J
{♦Erie RR 1st coos g 4a prior..
♦1st consol gen lien g 4s
♦Conv 4s series A
6
7
108 m
a
16 m
-
108m
*106
Eust T Va 4 Ga Dlv
6
6%
J
mn
Nor Div 1st 4s..
MN
1st 5s
J
j
Ed El 111 (N Y) 1st cons g 5S..
F a
Electrio Auto Lite conv 4s
mn
Elgin Joliet 4 East 1st g 5s
1941
a o
El Paso 4 S W 1st 5s
a o
5s stamped
J
j
Erie 4 Pitts g gv 3Ms ser B__.
East Ry Minn
5m
o
a
j
j
Series C 3 Ms
f
106 m
j
16
7m
D
J
*105m
Low
*108 m
J
M S
16
10
*12m
j
j
{♦Des M 4 Ft Dodge 4a ctfS—1935
m s
{♦Dea Plains Val 1st gu 4 Mb—1947
F a
Detroit Fdlson Co 4 Ms ser D—1901
a o
Gen 4 ref M 4s ser F
1905
10m
13 X
J,
12
9m
14
M N
28 m
1m
12
M> ~
B—Apr 1978
J
j
6
14
«•
♦Assented (subJ to plan)
29
0
MN
J
Light 1st 4 Ms
29
19m
19m
....
13
M N
18m
3
176
13
-
6s
47
129
13
MN
28 m
27
2m
2
MN
MN
18
7m
6m
2m
112m
19m
7
24 m
*18
AO
111
2
1971
1st 4 ref 4Mb
1969
1st mortgage 4Mb
1909
Den Gas 4 El 1st 4 ref s f 5s—1951
Stamped as to Penna tax——1951
{•♦Den 4 R G 1st cons 14s
1930
•♦Consol gold 4 M'
1930
{♦Den 4 R G Wee* gen 6a_Au* 1955
Del Power 4
♦Ref 4 lmpt 5s Ber
6
76
63 X
1
111m
22
-mm
5m
3
-----
64
64
111m
111m
11m
3
1
5
*3
-
J
D
16
11m
——
3
3
fr«-
m
,
»
j
Chlo T H 4 So'eastern 1st
Inc gu
—
J
--I960
Ch St L 4 New Orleans 6s
1951
Gold 3 Ms
June 16 1961
Memphis Dlv 1st g 4a
1951
♦Conv g 4Mb
V—
J
J
1934
1952
A <**
WIN
-----
•♦Refunding gold 4s
♦Certificates of deposit
•♦Secured 4 Ms series A
♦Certificates of deposit
21
j
May 1 1989
B__May 1 1989
♦Gen 4 Ms series C—May 1 1989
♦Gen 4 Ms series E—May 1 1989
♦Gen 4 Ms series F—May 1 1989
{♦Chic Milw St P 4 Pac 6s A-1976
♦Conv adj 6s
-.Jan 1 2000
{♦Chic 4 No West gen s 3M«--1987
♦Stpd 4s non-p
22 m
12 H
17m
MN
♦Gen 4s series A
♦Gen 4%b
12m
12
18
16m
M s
♦Gen g 3 Mb series
♦General 4s
16m
j
Paul--
{Chic Milwaukee 4 St
112m
171
17%
17m
1982
gold 6s
{♦Chicago Great West 1st 4a—1969
{♦Chic Ind 4 Loulsv ref 6s
1947
♦Refunding g 6s series B
1947
♦Refunding 4s series C
1947
♦1st 4 gen 6a series A—
I960
♦1st 4 gen 6s series B—May 1960
Chic Ind 4 Sou 60-year 4s
1950
Chic L S 4 East 1st 4 Ms---—1909
97
Since
Jan. 1
No.
High
Low
110m
High
Low
High
110m
Low
O
A
Bonds Sold
Friday's
Sale
Price
Range
Range or
Last
2 Y
N. Y. STOCK EXCHANGE
Week Ended July 21
Since
5
v.
bonds
Range
"is
124
77 m
39
36 m
128 m
43 m
51 m
11m
15m
110m 112m
87
92 m
83m
87
46M
63
*86
IM
*
8
o
53 m
52
*
J
mn
~51 x
F
a
d
j
J
f
a
41
53 m
79
62
52
44 M
60 M
1
61m
59
"48 m
47
42 M
59
52
71
193
"44
"66"
39
56 M
104
47
n
77
83 M
66
63
66
63
65
46M
46M
49 m
65
52
x
73
J
63
J
j
F
52 m
46
*60
J
...
~
49 x
mn
J
—A.
-
75
"52"
52 m
mn
a
„
a
60
63
*60"
"01"
Volume
149
New York Bond
Friday
N. Y. STOCK EXCHANGE
Week Ended July 21
si
Sals
Pries
Bid
D
1948
52
108
43
112
40 M
102»n 103
O
*9
deb 4s
Int Agrlc Corp 6s
stamped
97
~98~
44
90
108
108M
15
106
109 M
64
62 %
50 X
70
61X
60%
61H
8
50 M
68
39
33
1932 M S
39M
192
27
43
62
61 %
62
55
60
68
60 %
61
9
51
66
80
79
80 M
41
79
89 M
*103
103M
O
J
"ml
85 %
James Frankl A Clear 1st 4s..1959 J
95M
11
63 M
106
1%
27 H
104M
104 M
6
28M
1
*16
J
J
A
103M
J
F
104%
88 M
98
105M
109M
103
108 M
102 M
95
102M
104M
104M
4%
4M
J
87 M
85
90
56 M
46
58 X
56
45%
49M
42
61
50
41
50 M
F"
A
108% 111M
*
99
*8
64 M
95
-
9
*%
99M
99M
102
72
101%
{♦Mo Pao 1st A ref 5s ser A
♦Certificates of deposit
♦General 4s.
1965
50
32
12M
12M
2
8M
28%
4M
IX
17M
41
—-
-
4
6M
7
4%
7
*2
9
4
6
6
68
67%
66
IX
1%
64 %
-
—
1X
75
4
2M
69
26
45
75
29
31 M
138
29
20%
17M
22%
19%
45
19 X
51M
37M
17
32 M
20
20%
7
18 M
34
8
9M
121
6M
17 M
16%
*15M
17M
60
12M
3M
*~4M
~74
16M
15M
15X
16M
17M
16 M
229
12M
21M
20M
6M
21%
4
12X
20 M
17M
16M
55
12 M
1
12
2M
17M
22
2
21M
19 M
4M
21M
118
------
29%
20%
17%
------
"Ix
17
17
15
♦1st a ref 5s series G
1978 MN
♦Certificates of deposit..
♦Conv gold 5 Ms
1949 mn
♦1st A ref g 5s series H
1980 A
O
17
f
A
16M
*15M
17
15X
*15M
"17%
*67
"70
"17"
"2X
2
♦Certificates of deposit...
1981
8%
6M
9
6
—
9
3M
3
5%
5
-
31%
X
11
2M
IX
♦Certificates of deposit
-
3
6%
17
m"s
----
9
2M
4
A
m 8
----
73
8
9
1976
14M
20
3
O
1977
9%
42 M
2
*1%
J
f
72 M
76M
100M 102 %
----
58
9
J
J
55
12M
•
------
D
Jan 1967 A
-
20
12M
------
1962 J
1978 J
-
-
20
20
J
J
-
*40
m 8
J
99M
"90M "97""
102M
*11
30
89M
15
99M
*62 X
%
30
95
J
J
8M
—
30
*93
J
J
IX
*26
J
J
102
7
M
D
1946 J
♦1st A ref 5s series I
♦Certificates of deposit
{♦Mo Pac 3d 7s ext at 4
87
% .July 1938 MN
50
3
M
12M
13
20 M
12M
12M
21«
20M
65
69
♦Montgomery Dlv 1st
♦Ref A lmpt 4Mb
{♦Secured 6% notes
g 58—1947 f A
1977 M s
22
Mohawk A Malone 1st gu g 4s. 1091 M s
Monongahela Ry 1st M 4s ser A '60 mn
Monongahela West Penn Pub Serv
1st mtge 4Mb...
1960
23
26M
29M
29M
28
1938 M s
33
*45
*105M
12
17M
29 M
19%
34
42 X
55
46
106 M
109M
109M
108X
100M
100M
102 M 106 X
109M
109
23
15
69
120
5
107
110M
f 6s series A
1955
93%
99 M
21M
51M
27M
Gen A ref
f 5s series B
75
s
70
1955
64
Gen A ref
67M
72 M
67 M
*55
f 4 Mb setles C
73
s
60
52
64 X
Gen A ref
s
f 5s series D
88
89
84 M
*29
92
30 X
91
39
75
♦29M
26 M
♦29M
*25 M
29M
25M
29M
25M
46
15
14
*54 %
56
O
A
•116M
128M
130M 130M
O
D
30
30
25
Nash Chatt A St L 4s
31M
ser
A
29%
25M
22
25 M
Nassau Elec gu g 4s stpd
Nat Acme 4 Ms extended to
30
49 M
Nat Dairy Prod deb
37M
38
40
56
Nat Distillers Prod 3 Ms
Nat Gypsum 4 Ms s f debs
16M
"46"
*l03~~
3M'
1955
»
1978 f
1951 j
J
41
42 M
42
38 M
56 M
37M
39
40
35
37
30
36 X
33 M
64
49
109
18
"iosk"
67 M
104M
1944 A
A
86 M
J
85 X
109M
2003
129 M
127M
131
107
110 X
107
109M
107
86 X
128
84 M
109M
58
75
62
128M
128M
85%
109M
109M
100 M
90
89M
1946
Mob A Montg 1st g 4Ms
South Ry Joint Monon 4s
1952 J
Atl Knox A Cin Dlv 4s
100»1#
1945 M S
A
12
127M 129 M
122 M 128 M
2
75M
90H
108
110 M
105 M 108 H
J
1946 J
New England Tel A Tel 5a A—1952 J
D
96
15
91
90
49
83
1
79M
100
72
21
84 M
99M
93 H
80
89 M
71
85 X
97 M 101
82 M
88
110
72
101
65
U1M
77
107M
104
107 M
23M
23 X
22
24 M
M
%
M
145
70
127M
101M 103X
60
65
122M 125M
*23"
20
29
27 M
27 M
20
127M
129M
13
124 X 128 X
129M
2
123% 129 X
106M
106M
*34
106 M 109 M
65
75
73
J
J
IX
M
X
A
O
IX
X
IX
103M
*15M
127M
M
M
M
102X
*20
J
N O A N E 1st ref A Imp 4 M >A 1952 J
J
New Orl Pub Serv 1st 5s ser A..1962 A O
1st A ref 6s series B
1955 J D
{{♦N O Tex A Mex
103X 104M
X
*116M
1961 mn
New Orleans Term 1st gu 4s...1953 J
102 X 107%
1M
*56
d
6s—1945 J
New Orl Great Nor 5s A......1983 J
107M
23 %
...1954 mn
6s...1948 J
«• ar
86 X
72 M
46
102
104 X 106
M
*%
103M
cons
87 M
99
♦111
J
*%
{♦New England RR
♦Consol guar 4s
80 M
54
'
Newark Consol Gas
1st g 4 Ms series B
"80
*M
National Steel 1st mtge 3s.... 1965
N J Junction RR guar 1st 4s..1986 f
N J Pow A Light 1st 4 Ms
1960 A
62
*87M
1956 MN
84
13
26
81
100
S
M
♦4s April 1914 coupon off-—1951
♦Assent warr A rn> No 4 on *61
{♦Naugatuck RR 1st g 4s
107 M
104M
105M
*%
*%
M
*%
1977
80
11
83
"8l"
68
81M
88
86 X
87
98 X 103 X
49
56 X
104
111M
67M
29 M
102
104
Nat RR of Mex prior lien 4 Ms—
{♦Assent warr A rets No 4 on *26
♦4s April 1914 coupon on
1961
106M
*71
56 X
73
104M
104
56 M
105M
15
102
105
105
105 X
14
102
67
67
73
4
50
59 X
106 M
106 X
O
30 X
67%
30%
14
n-c inc 58—1935 A
8
23
1964 A
O
32 X
32
34 X
32
36
24
2
30
35
3
♦1st 6s series B
94 M
2003
2003
61
118X
127
"50
96
...2003
54 M
112
12
110M
*108M
100 %
"56"
129"
103%
128M
128
4s__1945 M S
1940
22 M
58
55
102 X
*55
86 M
O
1966 M S
15M
17M
104 M 110M
114
116M
97
100
*%
'4 Ms July 1914 coupon off—1957
♦
Assent warr A rets No 4 on '67
99 X
*85
8
1951 F
22 M
95
*61
S
21
16
8
109
1949 M
14
18
A
1949 M
47
5
52
106M
Rys of Mexico—
♦4Mb Jan 1914 coupon on...1957
♦4Ms July 1914 coupon on..1957
♦4s April 1914 coupon on
13M
17
22 M
68
42
♦105M
♦4s April 1914 coupon off...1977
♦Assent warr A rets No 5 on '77
10
7
99 M
*102
107M
22
40
H6M
41 M
42
1949 m 8
1950 mn
62
12
16M
15M
18M
14
108X
116M
'
d
21M
21M
49M
75
42 M
mn
w w..1951
100 X 109
96 M 101X
39
A
1946 J
\lH
52
32
157
1955
2000
44 M
45
12
O
4s stamped...
4
130 M
95 X
1953 F
1949 M S
Guar ref gold 4s
51
108M
95
"l08M
1950 A
1980 M
23
16M
109
2
Mutual Fuel Gas 1st gu g 5s...1947 M N
Mut Un Tel gtd 6s ext at 5%..1941 mn
24 M
29
100 M
Constr M 5s series A
1965 MN
Constr M 4 Ms series B—
1955 MN
Mountain 8tates TAT 3M8—1968 j D
33
15
O
O
15M
*17M
17 X
O
deb 4Ms...1952 A
4s conv debs.. 1947 J
A..1969 J
27
27
Morris a Essex 1st gu 3M
29 X
M
44
15
conv
20
s
43
*38
14%
16M
1941 A
68 debentures
1966
Montana Power 1st A ref 3MS.1966
Montreal Tram 1st A ref 5s
1941
Gen A ref
2003 MN
8
109
72
3a
57
2003 MN
=
101M 104 X
26M
2003 MN
:
7
55
49M
...2003 MN
,
7
26 X
Lone Star Gas 3 Ms debs
J'-"
3
52
103M
108M
National
1940 J
For footnotes see page 549.
72
104
52
......
M
83 M
---
57
♦Long Dock Co 3Ms ext to
Long Island unified 4s
jyp
72
52
103M
81
-----
26M
50 M
45 M
Lower Austria Hydro El 6 Ms.1944 F
----
67
*37
Little Miami gen 4s series A...1962 M N
Loews Inc s f deb 3 Ms
1946 F A
Lombard Elec 7s series A
1952 J
D
♦
----
36 M
82
90
2003 MN
Paducah A Mem Dlv 4s
St Louis Dlv 2d gold 3s
79
14
60 X
17%
63
1940 J
3Ms series E
*63 X
♦Certificates of deposit
♦1st 68 series C
.1956 FA
♦1st 4 Ms series D_....
1956 A
1964 O
A
58
74 M
34 M
M
37
33 X
31
4
24 M
24
36 M
31
35
34 X
35%
21
24M
30 X
30 X
30M
4
39 M
34 M
f
♦1st 6 Ms series A
♦Certificates of deposit
M
81
67
1943
1951 F
1st A ref
----
84
2003 MN
1st A ref 6s series B
1st A ref 4Ms series C
1st A ref 4s series D
99M
72 M
A
j"j
1943
Louisville A Nashville RR—
Unified gold 4a_
68 M
*35
1974
Louisiana Gas A Elec 3 Ms
Louis A Jeff Bridge Co
gu
24 M
60
*11%
J
ser A
67
36 M
66 M
87 M
1964
ser
♦Cum adjust 5s
26X
60%
85 M
85M
1964 FA
6s
35%
*89
J
series B
13 M
91M
55%
48 X
J
1974
Louisiana A Ark 1st 6s
4%
79M
88
85
1954
Lorlllard (P) Co deb 7s
4M
58 M
36 %
634
66 X
....1954 F
6s
103X
102M 105 M
100
104M
64
33 M
64
72 X
1941 A
Liquid Carbonic
99
105
104K
50
Lex A East 1st 50-yr 5s
gu—.1965 A
Ugget A Myers Tobacco 7s
1944 A
Lion Oil Ref
103M
98
55%
1944
6s assented
169
J
1938 J
♦1st A ref 5s series F
163
'
-
85
1954 J
Leh Val Term Ry 1st
gu g 6s
95
56
Dec
5s
cons
79 M
61
A
Int...1938 J
108 M
72
63 M
60
J
1963 M S
1940 A O
Prior lien 4Mb series D
93 M 100 X
106
39 M
23
51M
11
O
1979 J
1949
♦1st A ref 5 Ms series B
1978
{♦ Mo-Ill RR 1st 5s series A...1959
Mo Kan A Tex 1st
gold 4s
1990
M-K-T RR pr lien 5s ser A
1962
40-year 4s
27
27
—
55 %
1964 J
♦4Mb assented
-
17 X
20
72
12
{Mobile a Ohio RR—
..1976
♦58 assented
36
16M
90
87 X
gu 5»—1954 FA
♦General
-
'm.
*99
Lehigh A New Eng RR 4s A
1965 A O
Lehigh A N Y 1st gu g 4s...—1946 M S
Lehigh Val Coal Co—
4Ms
71M
*107M
D
MN
D
4s
56
39
79
1941
♦4s assented
47
*105K
J
J
1997
4 Ms
70
107M
106 M 109 M
103M 107
67
48%
29M
1952 mn
♦1st A ref 6s series A
♦26-year 5 Ms
86 M
106
1942
♦5s stamped
72 M
95
*84 X
..1942
♦Sec 6% notes extend to
♦6s stamped
Leb Val Harbor Term
65
*81
Lake Erie A Western RR—
6s 1937 extended at
3% to—1947
♦5s stamped
♦1st A ref s f 5s
25
92
*170
1942
♦5s stamped
♦1st A ref s f 6s.—..
69M
High
105M 107
28%
win
g4a int gu '38 J
con
cons 5s gu as to
Low
1
13
♦1st A ref gold 4s
1949 m 8
♦Ref a ext 50-yr 5s ser
A...1962 Q f
{{♦M St P A SS M
{♦1st cons 5s
No.
72
8
J
High
107
71
29
D
ivi
{{♦Mil A No 1st ext 4Ms
1939 J D
♦{Con ext 4Mb
1939 J D
{♦Mil Spar A N W 1st gu 4s
1947 m 8
{♦Mllw A State Line 1st
J
3Ms..1941 J
{♦Minn A St Louis 5s ctfs
1934 MN
{♦1st
-
Since
47 %
J
J
1951 M S
Ref a lmpt
4Mb series C
Michigan Consol Gas 4s
{♦Mid of N J 1st ext 5s
35
100
Range
Jan. 1
107
72
1977 M S
Jack Lans A
Sag 3 Ms
1st gold 3 Ms
85 X
36 M
108M
iL
S3
Asked
db
1977 M S
♦Miag Mill Mach 1st s f 7s
1956
Michigan Central Detroit A Bay
City Air Line 4s
1940
23
*60
A
♦Mex Internat 1st 4s
asstd
♦4s (Sept 1914
coupon)
24
27 M
J
1947 A
9
17
108 X
♦Certificates of deposit
♦Second 4s
2013
Manila Elec RR A Lt s f
5s._.1953
Manila RR (South
Lines) 4s
1959
{♦Man a B A N W 1st
3ms—1941
Marlon Steam Shovel a f
6s
"*15
26
28M
..99%
O
96 M
79
90
*
J
J
90 M
20
100
5
58X
19
26 %
25M
68 H
69 M
106M
*76
F
IX
*16
1953
Cons sink fund 4 Ms ser C
92M
75 X
46
9
*85 %
"28 M
56
1
1X
94M
83M
88 M 1C0
53
71X
98
49
91 M
69 %
1960
2d gold 6s.
67 M
47 %
{♦Laclede Gas Light ref A ext5sl939
Lake
76M
95 %
Uniform etfs of deposit.....1959 M S
Ref A ext mtge 6s
Coll A ref 5 Ms series C
Coll A ref 5 Ms series D
Coll tr 6s series A
Coll tr 6s series B
82M
65
106M
1964 J
1st A ref 6 Ma
81
40
62 %
1961 J
Kinney (G R) 5 Ma ext to
1941
Koppers Co 4s series A
1951
Kresge Foundation coll tr 4s..1946
3 Ms collateral trust
notes...1947
{♦Kreuger A Toll secured 6s
26
90 %
63
68M
A
87 M
82 %
H
99
67
1961 J
4 Ma unguaranteed
....1961
Kings County El L A P 6s
1997
Kings County Elev 1st g 4s
1949
Kings Co Lighting 1st 6s
1964
20
90M
O
♦Ctfs with warr (par 3926)..1943
Keith (B F) Corp 1st 6s
1946 m"s
Kentucky Central gold 4s
1987 J
J
Kentucky A Ind Term 4Mb
1961 J
16
20
82 %
O
♦Karstadt (Rudolph) 1st 6s.._ 1943 MN
♦Ctfs w w stmp (par $645)..1943
♦Ctfs w w stmp (par 3926).. 1943 MN
56
Bid
Low
s f deb 68.1951 mn
Maine Central RR 4s ser
d
A...1945
Gen mtge 4 Ms series A
d
1960
Manatl Sugar 4s s f
Feb 11957 MN
{♦Manhat Ry (N Y) cons 4s._1990 a o
{{♦Met West Side El
(Chic) 48.1938 F
20 M
4
IX
9M
8M
72M
86
Range or
Friday's
Sals
Price
McCrory Stores Corp
Market
48 M
60M
93
100
90 M
S
Kanawha A Mich 1st gu g 4s..1990 A
{{♦K C Ft 8 A M Ry ref g 4S..1936 A
♦Certificates of deposit
Kan City Sou 1st
gold 3s
1950
Ref A lmpt 6s
Apr 1960 J
Kansas City Term 1st 4s
1960 J
Kansas Gas A Electric 4
Ma
1980 J
86
98
D
M
9
11%
11X
85 M
"99
Debenture 6s
1955 F A
{♦Iowa Central Ry 1st A ref 4s. 1951 M S
Stamped
27
55
1947 J
Plain
"29
Week's
Last
I!
St Ry 7s ser
A...April 1940 Q J
Mead Corp 1st 6s with
warr..1946 mn
Metrop Ed 1st 4 Ms series D...1968 m 8
Metrop Wat Sew A D 5 Ms
1950 A O
99M 103 M
2%
*10M
♦10M
1944 A
189
13M
2
1941 A
Laughlln Steel 4Ms A..1961
65
12M
2%
Ref s f 6s Berles A
1956 M 8
Int Rys Cent Amer lot 6s
B...1972 MN
1st lien A ref 6 M»
1947 F A
Int Telep A
J
Teleg deb g 4Ms~1962 J
cons
104
97
1956 J
cons g
12
108
1956 J
Internat Hydro El deb 6s
Int Merc Marine s 1 6s
Internat Paper 6s ser A A B
♦General
70%
8
104 M
98
1942 MN
♦1st 6s Berles B
♦1st g 6s series C
♦Lehigh Val (Pa)
84M
HM
1932 AO
{♦Int-Grt Nor 1st 6s ser A
1952 J
♦Adjustment 6s ser A
July 1952 A
Leh Val N Y 1st
gu
4 Ms assented
99
*104 X
♦Certificates ol deposit
5s stamped
♦1st A ref s f 6s
98%
95
1947 A
|*10-year 6s
(♦10-year conv 7% notes
Sh A Mich So g 3 Ms
Lautaro Nitrate Co Ltd—
♦1st mtge Income reg
Lehigh C A Nav s f 4Mb A
41M
69
♦55~ "
1961 FA
{Interboro Rap Tran 1st 6a—1966 J
J
Certificates ol deposit..
Jones A
9
32
>—
J
60 X
56%
102*1. ,»105
41
♦36
Inland Steel 3 Ms series D
547
Friday
High
47
103
{♦Ind A Louisville 1st gu 4s
J
1956 J
Ry 3 Ha series B..1986 M 8
Industrial Rayon 4 Ma
1948 J
J
conv
Low
No.
High
45
Ind Union
Interlake Iron
Since
49 %
A
1950
4
BONDS
N. Y 8TOCK EXCHANGE
Week Ended July 21
Jan. 1
52
O
Ind Bloom A West 1st ext 4s__
1940
Ind 111 A Iowa 1st g 4s
"8 s
46 %
D
1940
Range
Asked
&
Low
111 Cent and Chic 8t L A N O—
Joint let ret 6s series A
1903
1st A ret 4Mb series C
1963
Illinois Steel deb
4^8
♦Ilseder Steel Corp 6s
Range or
Friday's
Record—Continued—Page
Week's
Last
BONDS
34 M
23
36 X
Friday
Week's
BONDS
Last
Range or
Range
Sale
Friday's
Bid
A
Asked
Since
Price
10-year 3Hssecsf
Ref A Impt 4 He series
j
.1998 F
A
6fl series O—...
Ref A lmpt
A
1946 A
2013 A
O
Hud River 3 Hs
~60%
58
75 H
19
71
82 H
50H
283
44H
62 H
201
67
63 H
57 H
50 H
69 H
61 H
58 H
61H
74
54 H
80H
79 H
81
42
76
77 H
84 H
68
72
J
J
O
F
A
59%
F
A
62
60
A
O
60 H
M
S
55%
47 H
76 H
Hs aer A
gold 3 He- 1998
.1998
Mich Cent coll gold 3 He
N Y Chlo A St Louis—
1974
Ref 5 Hs series A
.1978
Ref 4 He series C
Ref A lmpt 4
76
60 H
62
51H
mw.
62
106
106H
106H
49H
1947
Conv 6% notes
Erie RR
.1948
Pow g 6a..
1949
Purchase money gold 4s
68 H
121
47 H
71H
27C
39
59 H
50
106H
108H
24
104
107 H
3
106
107 H
52 H
30
48
59 H
58
49
12
52
109
109H
23
107 H 110H
109H
110
15
107 H 112H
126H
126H
126H
119H
3
123 H 126 H
57
116H U9H
12 H
101H
5
12
2
99 H
D
F
A
Lake 6s_. 1946
gold 3Hs
2000
N Y Lack A West 4s ser A
1973
4Hs series B
1973
♦N Y L E A W Coal A RR 6Hs '42
♦N Y LEA W Dock A Imp 6s 1943
N Y A Long Branch gen 4s
1941
118H
MN
"101H
101H
MN
52
*,54
58
MN
*40
J
48.1939
1947
3Hs—1947
3HB--1954
1956
♦Non-conv debenture 4a
1966
♦Conv debenture 3Hs..——1960
♦Conv debenture 6s
1948
♦Collateral trust 6e
1940
51
M
O
M
*50H
*11H
8
M
♦Non-conv debenture
51
50
51
70
75 H
"IV" "is"
*11H
15
J
11H
12
6
MN
11H
11H
12
11
J
14
13
14 H
89
10H
17H
O
21
20
21
26
16
27 H
MN
J
1957
of 1927 ..1967
{♦Harlem R A Pt Ches lBt 4a 1964
{♦N Y Ont A West ref g 4a
1992
4a
•» -
IT
M
D
14H
MN
M
1956
*4H
13
4H
10H
J
D
*3H
f*N Y Providence A Boston 4s 1942
A
O
A
O
*43 H
"mi
110
110
{♦2d gold 4 Hs
♦General gold 6s
1937
1940
-
♦Terminal 1st gold 6a
N Y Telep 1st A gen s f 4
Ref mtge 3Hs ser
B
N Y Trap Rock 1st 6s
—1943
Hs—-1939
1967
1946
M N
110
J
J
106H
106H
104
104
106 H
104
J
106 %
106H
107
J
J
7%
F
A
F
A
5H
MN
34 %
101'x#
J
110H
J
J
D
110H
110H
86
Niagara Share (Mo) deb 5H8.1960 MN
fNord Ry ext sink fund 6Hs—1960 A O
{{♦Norfolk South 1st A ref 6a.1961 F A
Toin
103h«
11
109
2
108
99H
108H
101H
103»i«
103H#
1
31
60
118H 124
104
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41
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106H
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25
A
107H
S
39
*33
106
50
50
55H
*50
O
71
65H
85
F
43H
68 H
41H
103
43 H
138
41
J
47 H
44
47 H
35
41
53 H
60 H
58 H
55
58 H
208
J
J
71
J
48
J
"l\"
A
109H
109H
J
J
J
*6
7H
M S
M N
49
51
109H
32
6H
10
107
106
109
65
101H 109 H
D
109H
109H
17
107
D
105
105
2
112
H2H
112
*115
115H
112
118
J
107
J
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4a series G__. 1964
1st A ref mtge 3Hs aer H... 1961
H1H
118
118"
8
113H 117H
116H 118H
106H
107
33
103 H 107 H
*116H
75H
75
*52
112
111H
109H
1966
{♦Pac RR of Mo 1st ext g 4s
1938
{♦2d ext gold 6s
1938
Pacific Tel A Tel 3Hs ser B.. 1966
72 %
112
111K
109H
72 H
*72 H
76 %
111 H
32
109 H
15
72 H
5
A
49
48 H
"3
4
104 %
52
100 H
J
100H
1 Paramount Pictures deb 6a" 1955 J
90 %
89
1947 M S "89 %
3Hs conv debentures.
clOO
alOO
T Paris-Orleans RR ext 6 Ha" I. 1968 M S al00
13
1
88
_
O
60
.1949 M 8
28 year 4s
9
14
*126
M 8
Penn Co gu 3Hs coll tr aer B_. .1941 F
Guar 3Hs trust ctfs C
.1942 J
Guar 3 Ha trust ctfs D
Guar 4s ser E trust ctfs
50 H
.1944 J
A
103H
*104
D
104
.1963 F
103
A
67
83
112
108H 112H
101 H 102 H
103 H 105 H
57 H
99 H 102
48 H
82 H
90H
98 H 102 H
58
45
61
103 H
101H 103 H
104H
101H 103 H
99 H 103 H
98 H 105
98 H 104 H
104"
103H
16
46
107 H
104
6
169
98 H 105 %
110H
75
109 % H2H
14
10 H
21
11
36
3
9
18
7
109
37
106
3H
8%
4H
14
112H
89 H
♦108H
—
♦108H
—
♦108H
94 H
104H 105H
107
109H
108 H 108 H
105H
105H
95
90
"94H "16
—
109
106
106 H 106 H
*108H
109H
105
109 H
105
107 h
118 H
112
109H
*108
117H
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105
104H
105
102 H
105 H
105
105H
101H 106 H
98H
93 H
98%
106 H 107 H
I*117H
*117
97H
97 H
*107
*22
*22
31
51H
26
52
106 H
104
102 H
*99
J
51 H
36 H
36
108 H
♦106
107 H
32
30
26
26
"30"
A
D
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77 H
M S
J
J
78H
58H
338j
~26"
107 %
25
25
44 H
42
25 H
25
26
7
13H
13 H
15
206
109 X
10H
16H
108H HOH
3
109 HI
72
78 H
*70
*2
78H
106
~19
*107 H
25H
88
1H
J
D
221
221
A
O
109H
109 H
110H
33
1948 J
J
103 H
103
103 H
35,
for deb 6s A com stk (65% pd)—- J
4
D
1968
X
3Hj-.~
40
49 H
110H 1HH
153
1
153
221
*154
J
2037
.1. .2037
1st A ref mtge 8s
Pub Serv.of Nor 111 3Hs
Purity Bakeries s f deb 5s
221
108H 110H
95 H 104H
{♦Radlo-Keith-Orph pt pd ctfs
{♦Debenture gold
{Deb 6s stamped
1941
1941
6s
D
4sll951
1997
1997
76
O
53
53
55K
J
J
73 H
71H
73 H
J
J
73H
72 H
73%
10
104 %
104 H
105
62
99
102
102
102 H
10
100
"93
"93
F
6s~ 1953
106
106 H
94 %
20
102H
107H
93
37
85 H
94 H
99H
100H
42
95
99 H
J
1955
1952
M
S
1952
J
J
1955 F
107H
J
D
{{♦Rio Grande West 1st gold 4el939
J
107
*10H
♦1st con A coll trust 4s A
1949 A O]
Roch G A E 4 Hs series D.H"l977 M S
M S
Gen mtge
{{♦R I Ark A Louis 1st 4Hs
♦Ruhr Chemical s f 6s
1934
M
39
—
Safeway 8tores
-
Saguenay Pow Ltd 1st M
44
14
14H
14 H
9
14
20
*124H
*166"
S
8H
S
*
9
8
J
J
*6
8
J
J
*7H
8H
7H
7H
105
106H
4Hal 1966
1947
106 H
*107H
♦60
11996
#
105
10
106 H
14
1933
g 4s
8H
104H 107
105H 107 %
106H 107H
-
59
61
52
65H
51 H
64
31
12H
17 H
62 H
14
42
64
16H
{♦St L-San Fran pr
J
57 H
1
52 H
9H
125
7 H
8H
9H
21
7H
9H
9
9H
21
7H
9
5
8H
8H
9H
60 H
60 H
7H
7H
7H
54 H
65
26
35 H
J
J
8H
9
J
9H
J
St L Rocky Mt A P 6s
15H
57 H
9
{♦8t L Peor A N W 1st gu 5a
J
1948
sptd_..1955
lien 4s A..1950
♦Certificates of deposit
♦Prior lien 5s series B
1950
♦Certificates of deposit
♦Con M 4Hs series A
1978
J
J
M*S
_
9%
9
♦Ctfs of deposit stamped
_
8
85
*58
MN
8H
4H
-
84 %
1966
♦Certificates of deposit
26
4
5H
2
8t Louts Iron Mtn A Southern—
♦{Rlv A G Dlv 1st
13H
8
26
30
J
1947
St Lawr A Adlr 1st g 5s
2d gold 6s
46
31
J
St Joe A Grand Island 1st 4s
13H
6
O
deb 4s
104 H
43
»
32
"
s f
100H 108
31H
A
..
28
27 H
10 H
-
~1941
♦Stamped
28
22 %
103
12
.1948
1949
{♦Rut-Canadian 4s stmp..
{♦Rutland RR 1st con 4Hs
1
H
108
*43
...
22
27 H
23 H
24
23
J
1967
1967 M
24
23 %
*102H
A
5s" 1939
3Hs series H
1
21H
21
27H
*22 H
51
18 H
21
1
*22 H
.....
101H
37
50
27H
A
O
gu
H
21
A
{♦Rio Grande June 1st
H
*39
4.
J
F
debentures
94 H
H
J
J
85H
94 %
1928.11III 1953
s f conv
102 H
"35
~92
106 H
A
Purcb money let M conv 5 Us '54 M N
Gen mtge 4Hs series C
1958 MN
4s
105
MN
Rensselaer A Saratoga 6s
Richm Term Ry 1st gen 5s—
♦Rlma Steel 1st s f 7s
80
80
l
Remington Rand deb 4Hs ww 1956 M S
4Hs without warrants
11956 M S
♦Cone mtge 6s of
♦Cons mtge 6s of 1930...
Richfield OH Corp—
63
69 H
22
61H
68
A
63
53
j
4
gu_._1941
RepubUc Steel Corp 4 Hs ser B 1961
79
55
55
76
67
*60
D
J
_
1989
ctfs.._NoV 1989
M N
J
J
{♦1st terminal A unifying 6a. 1952
1990 J
111H
105 H
111
♦Gen A ref g 5s series A
549.
71
107H
%'
*42
♦2d 4s inc bond
For footnotes see page
10
108
J
{St L SW 1st 4s bond ctfs.
rz.
67 H
108 H 114H
109 H
104
120
72
107 H
45
*104H
.1952 MN
60
IHH 113H
109
H2H
105H 110H
123 H 125H
*51H
D
81H
65 H
74
111
H
52
54
106 H 115
357
109 H
76
108
D
3H8-.1968
Gen mtge 3 Hs series 1
28
110
64
53
60
110H
*102H
103H
50
112H
110H
Ref mtge 3Hs aeries C
1966
Paducah A HI 1st 8 f g 4 Hs.
1965
Panhandle Eastern Pipe L 4a" 1952 M 8
Paramount Broadway Corp—
113H
112H 116H
107 H 111H
111 H
J
110
57%
36
F
103 H 105H
9
J
1942
109 H
38
J
♦Paullsta Ry 1st s f 7s...
108 H
109H
J
1944 A
m
108 H
6H
3H
103 H 106H
30
108
♦RhlDe-Westphalla EI Pr 7s__.1950 M N
♦Direct mtge 6s
1952 MN
106
8
4%
' 110H
94
♦Rhine-Ruhr Water Service
4
57
112H 117
47
58H
10
*91
7H
105
8
108M
90 H
56 H
J
Revere Cop A Br 1st mtge 4 Hs. 1956 J
s f 7s
1946 J
109 %
1946 J
1961 J
6s"
110H
107
109
J
Guar atpd cons 6a
Ore-Wash RR A Nav 4s...
cons
H
109
J
6s
Pat A Passaic G A E
42
74 H
H
115H 117H
60 H
8H
108M
♦Rhelnelbe Union
*108H
107
D
Parmelee Trans deb 6s
42 H
109H
M S
1956 F
2
73
74H
65
64
100
J
J
1962
H
48
50H
67
J
Public Service El A Gas
1st A ref mtge 5s
Gen A ref 4Hs series B
40
*31
84 H
{♦Providence Sec guar deb 4s—1957 MN
{♦Providence Term 1st 4s
1958 M S
Reading Co Jersey Cent coll
Gen A ref 4Hs series A
*48
1946 J
f g 3a loan ctfa
112H H4H
107
110
45
♦106H
O
A
107H
105
8
1943
1965
1967
1972
1966
1st A ref mtge 3Hs ser I
60
60
106 H
105 H
1948
Otis Steel 1st mtge A 4 Ha
48
3
123H
M
1977
1960
1950
6sl942
1942
97
3H
Potomac Elec Pow 1st M 3HS-1968
Pressed Steel Car deb 6s
1951
94
106H
M
1st 4Hs series D
Port Gen Elec 1st 4Hs
1st 5s 1935 extended to
97
89 H
10H
D
J
1948
1982
1974
A
1st gen 58 series C_.
100H105'»u
9
17H
8H
15H
34
105
_
cons g
HH
10
J
{♦Porto Rico Am Tob conv
♦6e stamped
{{♦Postal Teleg A Cable coll 5sll953
122H
?
Ore Short Line 1st
11
ser
1st gen 5s series B
90
90H
56
110H
1940 A O
Series B 4Hs guar
1942 A O
Series C 4Hs guar
...1942 M N
Series D 4s guar
1945 MN
Series E 3Hs guar gold
1949 F A
Series F 4s guar gold
1953 J D
Series O 4s guar...
...1957 M N
Series H cons guar 4a
1960 F A
Series I cons 4Hs
1963 F A
Series J cons guar 4Hs
1964 MN
Gen mtge 6s series A
1970 J D
Gen mtge 5s series B
1975 A O
J
Gen 4 Ha series C
...1977 J
Pitts Va A Char 1st 4s guar
1943 M N
D
Pitts A W Va 1st 4Hs Ber A. .1958 J
1st mtge 4Hs series B......1959 A O
1st mtge 4Hs series C
1960 A O
Pitts Y A Ash 1st 4s
79
96
96 H
32
3H
111H
109H
101H
105H
1946 J
1946 J
s
110H
4
2
9
106H
Ontario Power N F 1st g 6s
1943 F A
Ontario Transmission 1st 6s...1946 MN
1st M
26
2H
122H
1997 Q
2047
A....2047
2047 J
Ref A lmpt 6s series C
2047 J
Ref A lmpt 5s series D
2047 J
Northern States Power 8Hs
1967 F
Northwestern Teleg 4Hs ext..1944 J
4a
90
A
Ref A impt 4 Hs aeries
Ref A lmpt 6s series B
con g
86
70H
A
North Pacific prior Hen 4s
Gen lien ry A Id g 3s Jan
Oregon RR A Nav
62
A
♦Apr *33 to Oct '34 coups. 1945
♦Apr '33 to Apr'38 coups.. 1946
1st mtge 3hs
Oklahoma Gas A Elec 8 Ha
4s debentures
6
F
..1946
Connecting Ry 1st 4s
34
101H 103 H
108H Hl>i«
18
F
O
{♦Northern Ohio Ry 1st guar 6a—
♦Apr 1 1935 A sub ooupons—1945 A
♦Stamped
4H
30
1974
1974
Ohio Edison 1st mtge 4a
1st mtge 4s
7
111
2H
*44
MN
1969 F
gu g 4s
101H
5H
6
10
♦Oct 1938 A sub coupons
Ctfs of deposit stamped
93
6
108H
111
♦Certificates of deposit
debenture 4s
103H
6
35
77
54
110H
108H
105
107 H
12 H
9
8H
45
3
85 H
88
"~2H
North Cent gen A ref 5s
Gen A ref 4Hs series A.
109
2
"~5H
101H
*27
H
6H
101H
M N
{{♦Norfolk A South 1st g 6s...1941
Norf A W Ry 1st cons g 4a....1996
North Amer Co deb 3Hs
1949
debenture 3Hs
1964
44
*2H
j J
{{♦N Y Westch A Boet 1st 4H"
Niagara Falls Power 3 Hs.
1966 M S
Nlag Lock A O Pow 1st 6s A..1966 A O
{♦Og A L Cham 1st
7H
7
5
62
MN
1946
6s stamped
5
J
9H
3
*65 H
4a_.1993
N Y Queens El Lt A Pow 3 Ha 1966
N Y Rys prior Hen 6s stamp... 1968
N Y A Rlcbm Gas 1st 6s A
1961
N Y Steam Corp 3Hs
1963
{{♦N Y Susq A West 1st ref 6s 1937
♦General
N Y A Putnam 1st con gu
57 H
5H
6H
6H
8H
17 H
45
102
2
50
50
8
5H
14H
10K
S
Pitts CCCAStL 4 Hs A
10
2
J
♦1st A ref 4 Hs ser
J
.1949 M
16H
15H
15H
93
96 H
U5H 120
95 H 100 H
103 H 107 H
13
67
105
S
.1937 J
24
87 H
108 H
D
18
13H
A
♦Debenture 4s
D
Phlla Electric 1st A ref 3Hs... 1967 M
1973 J
{{♦Philippine Ry 1st s f 4s
Phillips Petrol conv 3s
106 H
108
10H
O
J
11H
1981 J
1967 J
{♦Phlla A Reading C A I ref 5s.
89
♦113H
107 H
106 H
107 H
J
90H
.26
*111
1977 J
6s series A
84 H
89 H
119H
100 H
55%
108 H
10
9H
A
♦Non-conv debenture 4s
J
D
1948 M S
Pirelli Co (Italy) conv 7s..... 1952 MN
Pitts Coke A Iron conv 4 Ha A. .1952 M 8
10
15
*6
sec
107 H 109 H
113 H
'10
109H 113 %
54 H
"60"
Phlla Bait A Wash 1st g 4s.... 1943 MN
1974 F A
General 6s series B
Phlla Co
7
61 H
J
1956 J
♦Conv deb 6s
94
♦Non-conv debenture
J
68 H
74 H
l<
*
8
61
"26
113H
50 H
*3H
1980 M S
General g 4 Hs series C.
113H
109H
49
♦106 H
1st g 4 Hs series C
3Hs deb.. 1952 J
104 H 106 H
117
65 H
99 H"
95 H
"l07
116H
♦Income 4s
April 1990 Apr
Peoria A Pekln Un 1st 5Hs.— 1974 F A
J
Pere Marquette 1st ser A 6s... 1956 J
93 H
93
99H
117
50 H
conv
"99H "12
105 H
*116H
Peop Gas L A C 1st cons 6s
1947 M S
Refunding gold 5s
Peoria A Eastern 1st cons 4s... 1940 A O
General 4Hs series D
54
33
51
S
A
17 H
102 H
48 H
63
1
52
MN
J
O
93
100H
105 H 107 H
18
103H
High
Low
No.
High
Low
99H
99H
A—1941 M S
*106 H
4Hs..l960 J D
A O
99H
Pa Ohio A Det 1st A ref 4 Hs A.1977
*—..
4 Hs series B
1981 J J
A O
104H 104 H
Pennsylvania P A L 1st 4 Hs—1981
*108 H
Pennsylvania RR cons g 4s
1943 MN
Conaol gold 4a
1948 MN U3H 113H
MNl
U3H
4a sterl stpd dollar.May 1 1948
88
Gen mtge 3H" series C__
1970 A O "89"
118H
119H
Consol sinking fund 4 Hs
1960
99M
100 H
General 4 Hs series A
1965
105 H
General 6s series B
...1968
86
"87"
Debenture g 4 Hs
1970
96
95 H
General 4Hs aeries D
1981
95 H
96 H
Gen mtge 4 Ha series E
1984
83 H
84H
Conv deb 3Hs
1952
Penn Glass Sand 1st M
Phelps Dodge
Since
Jan. 1
Bid
Penn-Dlxle Cement 1st 6s
1943 A
Range
I:
Friday's
A Asked
Sale
1st 4s series B
12H
MN
N Y A Harlem
Last
Price
72 H
109H
J
♦N Y A Greenwood
{{♦N Y A N E (Boet Term)
{♦N Y N H A H n-c deb 4s
H
77
"~13
N Y A Erie—See
N Y Gas El Lt H A
83 H
86 H
65
7
76 H
51 H
1966
E
1st Hen A ref 3He ser
58
109H
1966
D
20
62
106H
52
70
83 %
1963
1961
58
52
60
1963
series B
4s
62 H
H
"l~7
61
*81
1941
NY Dock 1st gold
85H
44
extended to... .1947
3-year 6% notes.
N Y Connect let gu 4 He A
77H
59 %
A
.1946 F
4a collateral trust
N Y Edison 3Hs ser
107
74 H
2013 A O
1962 MN
Lake Shore coll
1st guar 6s
109 H 110
54
73H
47 H
"56"
O
1942 J
2013 A
Debenture 4a—
1st mtge 3 He
60 H
High
Low
No.
♦110
.1997 J
Cony secured 3Ha
N Y Cent A
1946 J
4 H».
Range or
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 21
Jan. 1
High
Low
Newport A C Bdge sen gu
N Y Cent RR 4a series A
Week's
Friday
N. Y. 8TOCK EXCHANGE
Week Ended July 21
Ohio
July 22, 1939
New York Bond Record—Continued—Page 5
548
60 H
♦26 H
J
9
248
75
20
32
13H
14 H
14
14
13 H
J
17H
16 %
17H
19
15H
23 H
J
10H
10%
10H
31
8H
15 H
Volume 149
New York Bond
Friday
BONDS
N.
Y.
STOCK
EXCHANGE
Week Ended July 21
t Pacific ezt gu 4a (large)
St Paul Un Dep 5s
guar
J
8 f
6
98
J
117
1943
J
.-1963
98
57*
1965 MN
1946 J
J
1946 A
0 Ha series B
106*
110*
*109*
110*
(♦Refunding
O
O
J
Oct 1949 F
1959 A
4b
cons
68 series A
♦Series B certificates..
S
6*8
Southern Kraft Corp 4 Ha
Southern Natural Gas—
1st mtge pipe line 4 Ha
Th
3
102"«
1950 A
So Pac RR 1st ref guar 4s..... 1955
let 4s stamped
1955
Southern Ry 1st cons g 5s
1994
Devel A gen 4s series A
1956
Devel A gen 6s
Devel A gen 6 Ha
O
J
....
"l5
105*
20
108*
105*
8
51
167
40*
145
39
345
37*
67*
47*
357
37*
57*
60
102
51
83
72
80
65*
84*
86
54
57
*
106
21
mmmmm
105*
100*
100*
110
86*
105*
104*
105
*
•mmmmm
118
117*
86*
87*
*87
mm
m'm
D
"l05*
mmmm*mm
1955 MN
mmm»mmm
A
1945 M 8
75*
107*
A
J
J
1953 M
1944
M
mmmmmm
mmmmrnrn
mmU
mm
"l07*
73
m
mm
mmm
100*
101*
77*
77
101*
"36*
87*
99*
101
76*
75*
12
85
101
54*
mum mm
mm
mm
mm-rn
mmmm
mrnmm
123* 125*
104* 109
20
23*
71*
106
9*
J
O
13
114*
108*
113*
38
114518
106*
111*
104*
18
110
100
53
94
100
18
93
D
6
13
5*
6*
45
5
12*
6*
16
6*
106
106
59
*58*
90
*30
D
J
D
*109*
*109*
128*
109*
108*
73*
81*
12
107
109*
4
70
69
83*
81*
109
110 *
52
253
96
24*
104
36
39
mmmrnrnm
35
105* 109*
107
105
84*
90*
83*
90
106*
S
65
87*
90*
76*
89*
82* 95
104* 107*
26
2
106*
18*
112*
107*
16
16*
18
5
14*
13*
66
68*
145
55*
73*
72*
163
57*
161
57
23*
23*
68*
73*
72*
17*
"29
22*
45
59
71*
70*
70
69*
~50~
48*
50
45*
M S
10
23
*20
45*
42*
52*
104* 104*
*105
M S
*114*
A
95*
M N
95*
114*
95*
101*
101*
9*
103*
96*
95*
*112*
O
109* 114
33
104
9*
D
Conv deb 3*8
1947 A
Winston-Salem S B 1st 4s
1960 J
{♦Wis Cent 50-yr let gen 4s_..1949
119* 122
"17*
D
F
123* 129*
"67
J
gu 68.1942 J
Wilson A Co 1st M 4s series
A.1955 J
109*
110
"16
J
♦Certificates of deposit
(♦Sup A Dul dlv A term 1st 4s '36 M N
♦Certificates of deposit
11
43
96*
114
110
"67
7
11*
12
6*
9*
9
8*
6
4*
7
6
*4 *
1968 A
97
90*
100* 101*
6
10*
100* 105
88* 97*
9*
8*
4*
5*
106* 110*
~30
108*
109
4s...1961 J
{♦Wor A Conn East 1st
4*s__1943 J
Youngstown Sheet A Tube—
Conv "deb 4s...
1st mtges f 4s ser C
e
16
109*
109*
9
105*
106*
130
30*
106*
105*
106*
104*
106
r
Cash sale; only transaction
during current week,
Deferred delivery sate; only
a
during
current week,
n Odd lot
sale, not Included in year's range.
( Negotiability impaired by maturity,
t The price represented Is
the dollar quotation
per 200-pound unit of bonds.
Accrued interest payable at
exchange rate of $4.8484
1 The following Is a list of the New
York Stock Exchange bond Issues whloh have
been called In their
entirety:
General Motors Accept. 3s
1946, Aug. 1 at 102*.
Goodrich (B F) 6s 1945, Aug. 2 at 103.
Home Owners' 2*s 1949,
Aug. 1 at 100.
Ex-Interest.
Nord Rys 6 *8 1950. Oct
1 at 102.
Paramount Pictures 6s 1955,
July 31 at 100.
Paris Orleans 5*s 1968,
8ept. 1 at 100.
Socony-Vacuum Oil 3*s 1950, July 21 at
102*.
Wheeling A Lake Erie 4s 1966, Sept. 1 at 105.
{ Companies reported as being in bankruptcy,
receivership, or reorganized under
Section 77 of the Bankruptcy
Act, or securities assumed by such companies.
*
Friday's bid and asked price. No sales transacted during ourrent week.
♦
Bonds selling flat.
t Deferred delivery sales
transacted during the ourrent week and not included In
the yearly range:
No sales.
Transactions
at
the
New
York
Stock
Stocks.
Railroad A
State,
United
Total
Week Ended
Number of
Mis cell.
Municipal A
States
Bond
July 21 1939
Shares
Bonds
For'n Bonds
Bonds
Saturday
Monday.
205,760
$173,000
811,000
543,000
565,000
58,000
1,265,170
7,262,000
4,590,000
3,657,000
6,441,000
869,000
281,000
$1,424,000
7,827,000
8,245,000
5,694,000
4,280,000
7,691,000
6,938,530
$29,597,000
$3,597,000
$1,867,000
$35,061,000
1,751,700
Tuesday
Wednesday
Thursday
Friday—
1,887,670
1,022,300
805,930
Total
...
Sales ai
$21,000
774,000
172,000
661,000
636,000
Week Ended July 21
Jan. 1 to July 21
New York Slock
1939
Exchange
Stocks—No. of shares.
1938
6,938,530
1939
77
80
....
6
1938
10,670,995
120,441,255
147,200,898
BQnds
Government
$1,867,000
$1,405,000
State and foreign
3,597,000
29,597,000
4,276,000
$50,304,000
138,214,000
43,463,000
728,922,000
$83,992,000
135,560,000
783,252,000
$35,061,000
$49,144,000
$917,440,000
$1,002,804,000
Railroad and industrial
Stock and Bond
100*
65*
60
Sales
$1,230,000
6,417,000
Total.
33
16
Exchange,
Daily, Weekly and Yearly
Below
77*
"28
110
103* 107*
Cash sales transacted
during the current week and not included In the yearly
transaction
x
93* 101*
are
the
daily closing
stocks and bonds listed
96
103*
106* 108*
106* 109*
1
100
59
No sales.
90
66
14
1948 M S
1961 MN
50
50
27
....
107* 110*
5
9*
*9*
50*
93
53
182
109*
range:
110*
116*
37
2
D
as
on
Averages
averages
of representative
the New York Stock
Exchange
compiled by Dow, Jones & Co.:
Stocks
110*
106* 109
107*
2361 J
115
35*
83*
im mmm
""*
109*
32*
♦55*
58*
109*
110*
O
{{♦Wllkes-Barre A East
116*
109*
*
mmm-w-
67
110
2361 J
Wisconsin Elec Power
3*8
Wisconsin Public Service
40
67
120
1951 J
E Ry 4s ser D.1966
RR 1st consol 4s
1949
Wheeling Steel 4*s series A...1966
White Sew Mach deb 6s
1940
47
40
107*
i960 M
f Wheeling A L
92
35
8
1977 J
Registered
80
88
9
D
M
J
J
1952 A
West Shore 1st 4s guar
73
"70
129*
109*
120*
4*8.-1950 MN
g
66*
67
1946 M
Teleg
56
40
1
A
13
104* 107*
80
90*
41*
40
A
6
2
90*
14
6*
4
59
Q M
J
43
8
A
F
40*
18
8
6*
S
F
52*
17*
17*
12*
5
7
106
M S
F
11
43
6*
O
♦Westphalia Un El Power 6s..l953
100*
100*
""**
......
A
85
110
35
•108*
J
J
26
108
J
8
O
m
48
8
O
♦5s assented
26-year gold 5a
30-year 5s
"97* l56""
25
39
101*
109*
43
"16
6*
6*
6*
A
1955 A
High
105* 109*
34
49*
15
28*
24*
28
15
25
43
O
A
60*
90*
65*
25
77
8
..1980 A
debentures
Western Union
107*
75*
38*
36*
88*
100*
101*
77*
M
Low
47
13*
51
107*
106*
18
O
No.
77
98
105
6
♦108*
M S
M
mmmmm
14
*11*
High
I
West N Y A Pa gen
gold 4g
1943 A O
{♦Western Pac 1st 5s ser A...1946
M S
46*
11
mmmm
*36
(♦4*s July coupon off. ....1934 J
{♦4*s assented
1934 J
37*
7*
87*
97
30
106
89
79*
89
96* 103*
78
ill
♦
.1959
78*
29
mmmmrnm
Vanadium Corp of Am conv 58.1941 A O
Vandalia cons g 4s series A....1955 F A
Cons s f 4b series B
1957 M N
Vera Crux A Pacific RR
32
*110
mmmmrnrn
.1947
Va Elec A Pow 3 Ha ser B
1968
Va Iron Coal A Coke 1st g 5... 1949
Va A Southwest 1st gu 5s
2003
1st cons 5s
1968
81
106
.1944
{ (♦UtU Pow A Light 5*s
(♦Debenture 5s
114
mmmmm
United Stockyards 4*s w w.„ 1951
Utah Lt A Trac 1st A ref 5a... .1944
108
50*
1978 A
Western Maryland 1st
4a
1st A ref 6*s series
A..
96
113* 119
78*
89
26
114*
*
108*
112*
99*
99*
107*
72*
79*
J
♦Un Steel Works ^orp 6*8 A.. .1951
♦Sec s f 6*s series C
.1951
♦Sink fund deb 6*s ser A... .1947
Utah Power A Light 1st 5s
107
114*
108*
S
({♦United Rys St L 1st g 4s... 1934 J
U 8 Steel Corp 3*8 debs
.1948
rnmmmm
~50*
♦11
17
J
1976 F
Warner Bros Plct0s debs
1948
{♦Warren Bros Co deb 6s
1941
Warren RR 1st ref
gu g 3*s_.2000
Washington Cent 1st gold 4s. .1948
Wash Term 1st
gu 3*8
1945
1st 40-year guar 4s
1945
Westchester Ltg 5s stpd gtd._.I960
Gen mtge 3*s
1967
West Penn Power 1st 5s ser
E.1963
1st mtge 3*s series I
1966
West Va Pulp A
Paper 4*s ..1952
103* 105
144
.
*114
S
U N J RR A Canal gen 4s
6s
108*
mmmm
29*
74*
106*
"107*
8
United Drug Co (Del) 6s
79
104
*10
mmmmmrn
35-year 3*8 debenture
.1971 M N
United Biscuit of Am deb 5s... 1950 A O
United Cigar-Whelan Sts 5s... .1952 A O
—
*106*
♦22*
*
O
34-year 3 Ha deb
♦125*
J
A
Walker (Hiram) G AW deb 4
* a 1946 J
Walworth Co 1st M 4s
1955
rnmrnm
166"
*98
mmmmmm
June 2008 M
65*
*106*
J
June 2008 M 8
1970 A O
4
53*
90*
*60
»mmmmm
S
1st lien A ref 4s
105
91*
118*
87*
43
46
31
51
O
1st Hen A ref 5s
110*
86*
105*
mm
44*
9*
96*
90
D
J
mm
105»3J 105*
52
100* 102*
113* 116*
103
110*
mm
1
9
D
1942 F
mrnm
70
94* 101
14
100*
87*
♦93*
J
1952 J
Union Pac RR 1st A Id gr 4s... .1947 J
130
103*
""9*
1949 M 8
3*s debentures
125
44*
J
J
1962 J
1945 A
107*
103*
O
s f 7s
Union Electric (Mo) 3*s
{(♦Union Elev Ry (Chic) 6s...
Union OH of Calif 6s series A...
68
105
88
♦86
m>
108*
52
....
♦100»u
86*
103
47
20
♦116*
110
104* 105*
103* 106*
....
90
*129
.1977 A
Ujigawa Elec Power
49
11
107
88
105*
105*
1st 6s dollar series...
1963
Tol A Ohio Cent ref A
imp 3*s 1960
Tol St Louis A West 1st 4s
1950 A
To! W V A Ohio 4s series C
1942 M
Toronto Ham A Buff 1st g 4s.. 1946 J
21
74
60*
109* 112*
104* 109
105
109*
22*
12*
6
13
106
105*
88
57
26
106*
105*
108*
38*
18*
38
Jan. 1
80
22*
♦105*
•mmmmm
1960 J
72
76
mmmrn
70*
110*
108*
106*
108*
•mmmmm
♦AdJ Income 6s
..Jan 1960 A
{(♦Third Ave RR 1st g 5s
1937 J
Tide Water Asso Oil 3
Ha..
1952 J
Tokyo Elec Light Co Ltd—
58
91*
61*
76*
80*
109
75
70*
109*
106*
Gen A ref 5s series C
.1979 A
Gen A ref 5s series D
.1980 J
Tex Pac Mo Pac Ter 5
Ha A... .1964 M S
77
44
214
72*
77*
72*
84
70*
55*
293
74 *
♦60
m m
36*
16*
108*
{♦Wabash Ry ref A gen 5 *s A.1976
M S
93
63
107 *
J
1939 F
♦Ref A gen 5s series B
♦Ref A gen
4*s series C
♦Ref A gen 5s series D
Since
Asked
Low
1941
or
Friday's
Bid
A
1966 M B
1939 M N
4s
g
68
mmmm**
.1959 A
105*
40
79
47*
105*
.1943 J
.2000 J
1952 F
101
mmmmm
...
1953 J
32
47
mrnmmm
Texarkana A Ft S gu 5*8 A... .1960 F
Teias Corp deb 3 Ha..
.1951 J
Trenton G A El 1st g 5s
Tri-Cont Corp 6s conv deb A..
♦Tyrol Hydro-Eleo Pow 7*8..
♦Guar sec s f 7s
22
105
11
47*
mmmmm
....
Third Ave Ry 1st ref 4s
93
101* 108
108* 110*
100
105*
90*
95
47
110*
Term Assn of St L 1st g
4Ha... 1939 A
1st cons gold 5s
1944 F
Gen refund s f g 4s
1953 J
106* 110
44*
43*
43*
57*
82*
72
1953 J
conv deb 6s.. 1946 J
Swift A Co 1st M 3Ha
1950 MN
Tenn Coal Iron A RR
gen 50—. 1951 J
Tenn Elec Pow 1st 6s ser A
1947 J
Gen A ref 5s series B
115
58*
61*
57*
m m
2*8
Studebaker Corp
82
102i5«107*
118*
6
108*
mmmmm
38 debentures..
Texas A N O con gold 5s
Texas A Pacific 1st gold 5s
59
9
121
45*
77*
1996 J
♦{Spokane Internat 1st g 5s... 1955 J
Staley (A E) Mfg 1st M 4s.... 1946 F
Standard Oil N J deb 3s
1961 J
62
75*
23*
91
100*
102* 105
52
55*
J
A
1968 J
1960 M N
53*
74
100
85*
J
1951 J
1964 J
6
58
10
64*
J
5
102**jl06
2
53*
72
92*
69*
82*
1956 A
1956 A
Mem Dlv 1st g 5s
St Louis Dlv 1st g 48
So'western Bell Tel 3 Ha ser B_.
1st A ref 3s series C
So'western Gas A El 4s ser D..
217
•
105
46*
46*
1981 M N
J
1946 J
10-year secured 3*b_
San Fran Term let 4s
2*
2*
50*
S
1969 MN
Gold 4*8
17
46*
8
1968 M
"26
108*
104*
108*
104*
46*
11
10*
12
*118
92*
5
33
104*
102»«102»m
105*
6*
4*
108
104
105*
8
20
53*
71
108*
4
3*
2*
4*
♦22*
1946
Gold 4 Ha
Gold 4 Ha
~96
102JJjj 103
108*
105*
116* 119*
10*
19*
8*
17*
1 *
4
*2*
99*
So Pac coll 4s (Cent Pac
coll)..1949 J
let 4*s (Oregon
Lines) A...1977 M
31
32*
"12
6*
6*
14*
5*
*68
1951 A
21
25
4
*13
104
1950 A
South A North Ala RR
gu 58—1963 A
South Bell Tel A Tel
3*s
1962 A
Southern Calif Gas 4*s
1961 M S
1st mtge A ref 4s
1965 F A
Southern Colo Power 6s A
1947
15
25
*3*
5*
A
IfSocony-Vacuum Oil 3*s
7
~16
"l4"~
Range
'
Price
♦1st lien g term 4b
..1964 J
♦Det A Chic Ext let 5b
1941 J
(♦Des Moines Dlv let g 4s
1939 J
♦Omaha Dlv 1st g
3*8
1941 A
♦Toledo A Chic Dlv
20
21
Week's
Sale
July 21
Virginian Ry 3*s series A
{(♦Wabash RR 1st gold 6s
(♦2d gold 5s
no*
15*
2*
4*
5*
6*
9
68*
105* 107*
108* 112*
109
4
6*
87 H
47*
9
10*
4*
D
1952 J
1951 M S
♦Silesia Elec Corp 6Ha
...1946 F
Sllealan-Am Corp coll tr 7b
1941 F
Simmons Co deb 4s
1952 A
Skelly Oil deb 4s
1961 J
6
*1*
A
M
1961
110*
9*
S
1935 F
66
-30"
*10
♦Certificates of deposit
{{♦Atl A Blrm 1st gu 4b
1933 MS
{♦Seaboard All Fla 6b A ctfa_..1935 F A
Shell Union OH deb
3*s
Sblnyetsu El Pow 1st 6*s
♦Siemens A Halske deb
57*
106*
Week Ended
96
98*
114* 118
*118
A
1946 M
20
20
30
♦Certificates of deposit
♦1st
5
117
*30
O
549
;
Last
High
3*
3*
_23~"
*20
Scioto V A N E 1st gu 4s
1989 M N
({♦Seaboard Air Line 1st g 4s._1950 A O
(♦Gold 4b Btamped..
1950 A O
♦Adjustment 5a
98
50*
J
♦Stamped
Loto
14
116*
O
♦Stamped-.
♦Guar
NO.
High
*4
6*
1940 J
6*s
Jan. 1
Kjeo
87
J
A
6
BONDS
N. Y. STOCK EXCHANGE
Since
Asked
A
D
A
guar
Bid
Loto
Santa Fe Pres A Phen 1st 58—1942 M S
{♦Schulco Co
Range
or
Friday't
Price
1972 J
S A A Ar Pass 1st
gu g 4s
8an Antonio Pub Serv
4a
San Diego Consol G A E 4s
Range
Sale
St Paul A Dulutb 1st con
g 4a__1968 J
{♦St Paul E Or Trk let 4 Ha...1947 J
{♦St Paul A K C 8h L gu 4*8—1941 F
St Paul Minn A Man—
Record—Concluded—Page
Week's
Last
Bonds
*
*
1*
107* 111
27* - 35
72
30
10
20
15
Total
10
First
Second
Indus
Rail¬
10
Utili¬
66
Indus¬
Grade
trials
Dale
72
54
10
Grade
roads
utuu
ties
40
Slocks
trials
Rails
Rails
ties
Bonds
63
Total
143.46
29.86
48.41
107.68
93.61
141.24
49.45
July 20.
29.08
24.93
109.06
89.95
47.51
107.71
93.39
142.64
48.96
July 19.
29.14
25.22
109.08
47.92
89.78
107.71
93.18
July 18.
143.76
49.30
29.53
109.11
25.57
89.82
48.38
107.56
93.34
17.
142.58
49.16
July
29.14
25.55
47.98
107.67
15.
137.88
93.36
July
48.91
27.49
24.72
109.07
89.75
46.19
107.78
93.05
47.85
108.94
89.40
July 21.
25.53
109.18
89.81
j
selling outside
the year.
the week's range unless they are the only transactions of the week and when
footnote In the week In which they occur. No account is taken of such sales in computing the range for
delivery sales are disregarded In
NOTICE—Cash and deferred
weekly range are shown In a
of the regular
July 22, 1939
Exchange—Weekly and Yearly Record
New York Curb
550
Curb Exchange for the
1939). It is compiled entirely
whether stock or bond, in
extensive list we furnish a complete record of the transactions on the New York
beginning on Saturday last (July 15, 1939) and ending thepresent Friday (July 21,
from the daily reports of the Curb Exchange itself, and is intended to include every security,
which any dealings occurred during the week covered.
In the following
week
Last
Sale
of Prices
STOCKS
Par
Aero
$6
Bickforda Inc com
6
Jan
8%
Jan
3%
1,300
3%
0%
800
7%
600
5X
OX
1%
400
1
June
14
conv
700
%
40
Jan
Jan
Bourjols Inc
Apr
71% May
JaD
97
88
91%
400
02 X
Jan
91%
July
2-
Mar
Jan
%
July
1%
X
Mar
July
X
8X
Jan
May
9
Mar
7%
June
8
July
117
1%
X
104
Mar
111% 111%
100
108
Jan
111%
July
Mar
3%
June
60%
Jan
5X
Apr
9%
Jan
Apr
2%
%
Mar
1%
100
""300
1%
Jan
2
1%
"ox "o%
.1
Co
100
Amer Box Board Co oom.l
American CapitalClass A common
10c
Common class B
10c
S3 preferred
...1*
$6.60 prior pref
—*
Amer Centrifugal Corp.. 1
Am Cities Power A Lt—
Class A
26
Class A with warrants.25
Class B.
1
Amer Cyanamid class A. 10
Class B n-v
10
44
Jan
X
Jan
Apr
23
Feb
64%
June
75
Mar
100
18
"~806
i
%
2%
% June
Jan
31%
150
32%
1%
IX
"""800
25%
28%
%
com..*
Gas A Eleo com—*
10%
10%
200
37%
112%
American General Corp 10c
4%
36% 39%
112% 113%
4%
4%
8,600
*
Mar
June
31
1,200
Apr
May
31%
27%
175
24
31%
31%
25
27
Feb
Mar
40%
Jan
4%
JaD
28%
31%
Mar
JaD
10%
34% June
15%
Apr
18
10%
17%
29
29
Amer Potash A Chemical.
Republics
American
"12%
54
Apr
18
25 X
275
13
54
54
10%
Jan
13
100
Apr
29
June
Apr
15
Jan
June
60
9X
20
54
"ox
10
2
Corp com*
•
$0 series preferred
*
American Thread pref—.6
Anchor Post Fence
•
Angostura Wupperman..l
*
Apex Eleo Mfg Co com
Appalachian El Pow pref *
f Arouturus Radio Tube__l
Jan
1,200
0%
200
%
5%
4X
Jan
%
Apr
6,000
67
19X
4,100
13
3%
400
1%
200
2%
900
11%
200
IX
130
110% 111
3%
1%
Jan
2%
Apr
Feb
3%
Apr
1%
Jan
3%
Feb
Apr
10
108%
14
Jan
Jan
112
Mar
Feb
%
78%
700
4%
July
7%
Mar
3,100
4%
Apr
5%
Feb
OX
94X
4%
*
4X
1%
Apr
Apr
16% June
Apr
3%
3%
Apr
7%
Apr
95% June
16%
June
9%
9%
400
Jan
8
3,700
%
8%
%
X
9%
700
5%
Jan
Jan
Jan
hi
*64
500
*64
10
Mar
**it
Jan
j
%
_..i
%
*
100
%
1%
Jan
Jan
20
66
65
60
3X
Atlantic Coast Line Co..60
20%
19%
3%
1
3%
1
X
6
July
65
3X
20%
3%
1
200
270
100
4,400
2%
1i«
Jan
3%
%
Apr
Jan
Jan
1/366
1,600
2%
900
1%
Jan
7
200
Apr
3%
200
6%
2%
43H
43X
2%
2X
20%
19%
2%
44
2X
21X
4,500
4% May
4%
%
2%
Feb
98
31%
%
2%
Apr
08
1
Jan
3
June
June
25%
Jan
1i« June
%
Jan
12
21%
Baldwin Rubber Co com.l
5X
21
0%
1
»16
Barium Stainless Steel...1
Barlow A Seelig Mfg A...6
%
9%
Basic Dolomite Ino oom._1
5%
Bath Iron Works Corp...1
Baumann (L) Co com...*
6
2
Apr
Apr
June
1%
1%
%
%
100
Canadian
Apr
2%
1%
Mar
Feb
4%
17%
83%
May
June
6,100
4%
May
8%
June
2%
1%
June
8
1%
1%
1%
300
1%
Apr
1%
3,400
%
4%
Apr
July
%
Feb
'JMSOO
20%
"98"
O
12%
13%
•
Products
13%
Catalln Corp of Amer
3,900
lO Hvfl
94%
19%
50
14
10.90C
21%
200
4
Apr
15%
Apr
9
Jan
22%
Mar
1
Strip
Charts
Co
Corp
9%
5%
'7
»
Preferred B
•
preferred
Clark Controller Co
1
7%
1%
Jan
Claude Neon Lights Inc.. 1
1%
Jan
200
7%
Jan
10%
Mar
Clayton A Lambert Mfg..*
Cleveland Elec Ilium
*
200
4
May
6%
Mar
Cleveland Tractor
I*
50
Apr
40
Feb
July
5
Jan
14%
July
103%
6%
Apr
July
June
97
9%
Feb
105% June
200
85
Jan
1%
1,600
1
May
he
1,200
450
%
2%
Apr
July
5
Mar
125
7
June
14
Mar
June
5%
Feb
Apr
4%
Jan
3% May
4%
Jan
Apr
7%
Jan
7%
July
11
3%
3%
4
"""56
900
2%
1%
he
July
Jan
Jan
Jan
44
5%
5%
6%
15
110
Apr
130
Jan
900
62
Jan
79
Feb
Apr
8
X
34%
Apr
5,600
5%
1,400
47
43
Apr
325
73%
zl2
50
13%
113
70
200
5%
13%
43%
Jan
H
Jan
July
9%
Feb
Mar
59%
June
5%
July
Apr
58
Jan
53
55
50
50
10
37
Mar
55
July
76
81
250
55
Jan
84
Feb
74%
78%
160
53%
Jan
81
4%
53%
5%
1,200
July
7
3%
75
5%
15%
16
4
Feb
200
4%
Jan
150
5%
16
15%
July
40%
40
42
700
%
Apr
1%
%
H
%
Apr
600
34%
Jan
4
1%
Feb
Jan
5%
Mar
20%
Mar
1%
3%
z42
Jan
Jan
June
Apr
OH
Mar
"~2%
Apr
2
Mar
Jan
3%
Mar
Apr
7%
Mar
£1
4%
July
warr.
5%
OX
3,600
5%
Jan
11%
Feb
0% conv preferred
Colorado Fuel A Iron
23
20X
24X
19%
Jan
Colt's Patent Fire Arms_26
7%
8X
July
Apr
36%
8
5,700
3,800
10%
Jan
4%
500
"2% "2%
'"260
6
Cohn A Rosenberger Inc
Colon Development ord.
30
Jan
3%
113
Cockshutt Plow Co oom__*
3
35
Mar
13%
6%
250
9
400
Jan
9
2%
Jan
May
Mar
61%
8%
CUnchfleld Coal Corp.. 100
Club Alum Utensil Co...*
50
Mar
27%
Feb
5%
4%
oom_.
Jan
Jan
5%
Apr
3
City Auto Stamping.....*
City A Suburban Homes 10
Apr
Jan
June
18
Apr
3%
Cities Serv P A L $7 pre*.*
July
Mar
July
85
8%
*
Mar
4%
100%
20
200
*
Preferred BB
%
4,900
Apr
103% 103%
94
94%
10
*hi
5
Jan
70
2%
4
1,000
500
Jan
Apr
4%
Apr
'
3%
Pipe
200
OX
23%
Chamberlln Metal Weather
Feb
35
35
Centrifugal
$6
0%
Jan
May
90
3
Conv preferred
100
Conv pref opt ser '29.100
Cities Service common.. 10
Jan
May
15
10
he
Jan
29%
7
Apr
100
8
preferred.——.100
preferred
100
Jan
July
1,700
6%
7%
Jan
Feb
9
14%
Cent States Eleo com...
1%
May
21%
625
14%
4
2%
Apr
5%
""506
3
Chief Consol Mining—
Chllds Co preferred
100
48%
10
July
48
Feb
Mar
92
T,906
19%
*
Cent Hud Q A E oom
Jan
99% May
Jan
100%
97
*
»
15
July
Apr
June
he
Feb
Celluloid Corp common. 16
Cherry-Burrell common. .6
2%
Jan
33%
78
"3%
Chesebrough Mfg
26
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach—.4
35%
4%
Jan
Apr
17
1
Jan
Jan
Feb
60
Apr
85
.....
100
May
24 %
Celanese Corp of America
$7 dlv preferred
1st preferred
Jan
Mar
1%
22
10
"13% "15"
Castle (A M) common—10
Jan
8
""i20
C&
91
...♦
1
Jan
Mar
%
500
1
»
1
May
3%
33%
32%
Carter (J W) Co common. 1
Casco
Feb
7%
1%
Carnegie Metals oom
1
Carolina P A L $7 pref...*
preferred
Jan
Jan
19%
Capital City Products.—*
Carlb Syndicate
25c
Carman A Co class A
♦
Class B
♦
Carnation Co common...*
$0
Jan
May
3%
16%
1
Carrier Corp common
Jan
15%
2%
Apr
1
6O0
Marconi
Jan
107
May
1%
1%
Mar
% May
Am dep
Apr
100
100
2%
1,600
Apr
4
Jan
4%
4%
4%
300
4%
Feb
4%
Apr
Apr
9
Jan
4%
2%
5
Columbia Gas A Elec—
11
20
1
Corp com—.1
Apr
Jan
Mar
34%
23%
%
Preferred
2
7% 1st pref vto
100
Beaunit Mills Ino com..10
0%
1
6
5%
Feb
13
Jan
164
—.100
Jan
175% June
118%
Apr
123
Mar
34
32
34
300
16
Jan
35
Mar
45
41%
45
200
27
Jan
45
July
Bell Tel of Pa 0%% pf.100
121% 121%
For footnotes see page 555
Corp..12 %c
Cable Elec Prod com—.50c
8%
4%
16%
3
Baldwin Locomotive—
Conv pref
11
Cent Maine Pow 7% pi 100
Feb
Apr
% June
Benson A Hedges com..
102
200
Jan
Apr
17
....
Bell Tel of Canada
100
105
14% May
30
17
Apr
900
Jan
6
May
19%
14%
13%
13%
May
42
JaD
105% 105%
*
May
Apr
27%
dep rets..
1%
15
Bellanca Aircraft oom
99
7%
25
6%
Apr
May
2%
200
32%
99
Jan
Jan
4%
Apr
1,700
28
22
104%
25
com.
Jan
7%
23%
Apr
9
Cent Pow A Lt 7% pfd 100
3%
Atrshire Patoka Collieries 1
Babcock A Wlloox Co...1*
June
20
1%
600
'2/2OO
Bruce (E
Vot trust ctfs
28
Mar
40
"4"
Jar
7
Aviation A Trans Corp.._l
Axton-Flsher Tobacco—
Class A common
10
Bell Aircraft
•
May
"Ux ~16X
%
6
$1.60 conv pref
Beech Aircraft Corp
2%
"4%
2%
Distillery. 1
preferred
Brown Rubber Co oom...l
Burry Biscuit
Feb
7%
4%
*
preferred
July
1%
Feb
»h»
20
Brown Forman
$5 1st
22% June
July
21%
200
%
2%
"iox
Voting Mach..*
7% 1st preferred
Feb
2%
2% June
5
•
1
Bardstown Distill Ino
24
Jan
96%
Atlanta Gas Lt 6% pref 100
Atlantlo Coast Fisheries.-*
7% preferred
Jan
Jan
Cent A South Weet Utll 60c
100
Puroh warrants for
22%
5%
Mar
11
Birmingham A
Warrants
Mar
Apr
8
%
Assoc Tel A Tel class A..*
8% preferred w w
6% preferred xw
22%
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod—.
Assoc I.sundries of Amer.*
Avery (B F)
Apr
2% May
Option warrants
Automatic
20%
5
7% 1st partio pref—100
Elec Industrie?
Assoc Gas A Eleo—
Automatic Products
900
Canadian Indus Aloohol A*
27
July
he June
$ Austin Sliver Mines
June
June
22%
Cndn Colonial Airways... 1
Mar
220
Atlas Plywood Corp
13%
32%
"12% *12%
Feb
1
77%
Jan
Apr
Atlas Drop Forge com
Apr
23%
June
7
Jan
Apr
100
2%
Apr
5%
Atlantic Rayon Corp
Atlas Corp warrants..
June
Jan
29%
21%
"250
9
6%
6
2
Coast RR Co pref
32
9%
10
-
Jan
1,800
Atlanta
Apr
100
100
Apr
1,900
$5 preferred
250
13
300
Burma Corp Am
Jan
Mar
Jan
32%
1%
70
"2^300
—
Apr
21%
Feb
2X
7
95%
5%
5
Class A
Apr
2
1%
65
2%
Common
1%
4%
1
300
21%
125
11%
£1
%
400
ord rear..10s
Col Power cl A—. *
$0
Mar
77
June
1%
ord bearer£l
Class A pref.
Jan
7%
29%
Am dep rets
British
Jan
32
May
2%
Am dep rets ord reg___£1
British Celanese Ltd—
70
2%
Assoc Breweries of Can
Jan
6% % pref aha £1
Calamba Sugar Estate-.20
Canadian Car A Fdy pfd 25
10%
5
12%
Jan
Apr
Cables A Wireless Ltd—
3%
1
May
3%
Jan
21
July
2%
Ashland OU A Ref Co
7
9,000
*
Mar
74
95%
4%
Feb
20%
22%
coupon..*
Registered
1%
18%
Art Metal Works com...6
11%
British Amer Tobacco—
29%
2%
Amer deposit rots
British Amer Oil
Jan
%
Arkansas P A L $7 pref..*
May
13
Apr
74
7
3%
32%
22%
+m
%
2%
Associated
OIA88
20%
74
10
Mar
1,400
28
preferred
100
common...*
Brillo Mfg Co
400
*
Common class A
Jan
2,200
.
1
3,200
Arkansas Nat Gas com...*
Preferred
Jan
7%
5%
12%
2%
"ie
Am Superpower
1st $6 preferred
24%
July
600
8%
*
A
Jan
3
July
1%
'
%
29%
%
0%
Amer Seal-Kap com
7%
May
4% June
Jan
July
7
650
4%
Jan
800
2%
8%
4%
1%
8%
B__*
—*
09%
*
14%
100
Preferred
28
%
29%
Jan
1
1,200
68
Bunker Hill A Sullivan 2.50
OX
26%
Mar
25
200
6% preferred
26
Amer Mfg Co common 100
Preferred
100
Amer Maracalbo Co
1
Amer Meter Co....
•
June
32
Mar
8X
10%
4,200
26
3%
Jan
Mar
33%
ion
Apr
8%
L) Co oom
6
Buckeye Pipe Line
50
Buff Nlag A East Pr pref 26
7 X
Amer
17%
1%
pref—100
10%
150
60
Wire oom.l
33%
Co..60
com...*
20
Lt A Trao com...26
Feb
24
8%
4%
5Brown Co 0%
Amer Laundry
Macy
4
11
Brown Fence A
Amer Invest of HI
Amer Hard Rubber
9
Jan
3%
Jan
116
Jan
Apr
2%
10
Jan
11
Jan
4%
200
1%
1%
Apr
112X
3%
350
July
400
3
22
28%
Apr
26
1
1
30
Apr
8%
Jan
2%
18 %
Apr
•1, June
100
Amer Fork A Hoe
Mar
1%
16,600
%
27%
35
34
22
50
20
20
Jan
Apr
200
6%
*
Bright Star Elec class
Brill Corp class B
Class
34
40%
5%
3
"~6%
com—*
7% 1st preferred
100
2d preferred
*
Brazilian Tr Lt 4 Pow—•
Breeze Corp
1
Brewster Aeronautical... 1
Bridgeport Gas Light Co.*
Bridgeport Machine
*
Am dep rets
27
25 J*
32 %
1%
Bowman-Blltmore
7%
Amer Foreign Pow warr—
$2.60 preferred
June
141
Jan
"T%
July
6
Mar
4,150
Jan
Mar
17
Apr
3
132%
127
131
American Book
$2 preferred
Jan
115%
110X
50
5
5
American Beverage com.
$6 preferred
131
14
Mfg...*
com*
Aluminum Ltd common.*
6% preferred
100
Aluminum Industries
18% June
Apr
90
300
114% 114%
100
8% preference
Aluminum Goods
3_,365
124
July
1%
71
121
40%
1
60
May
Apr
Apr
560
17
Jan
Jan
Jan
13%
200
100
Apr
350
.*
10
Class A conv com
25
Aluminum Co common..*
Jan
17%
20%
1%
Apr
8
2,000
11
97
Allied Products com
8
July
4%
100
5%
5%
19%
67%
—
June
18%
90%
com
40
10
Invest com*
pref
Alliance Invest
Mar
19%
94%
Allied Internet
Mar
10%
67
Jan
17
1
96 %
Jan
%
Jan
6
Blue Eldge Corp com—.1
$3 opt conv pref
*
Blumentha! (8) A Co
*
Bohack (H C) Co oom—*
100
7% 1st preferred
Borne Scrymser Co
26
07 %
Apr
%
13
z34
Bliss A Laughlln com
100
he
%
100
600
com.—.*
Jan
18
Bliss (E W) common
14
pref
*16
15%
Foundry
A Machine Co
Jan
2%
June
?1»
Apr
Mar
%
100
%
1%
High
Low
Shares
14%
14%
♦
•
$2.60 conv pre!
Blrdsboro Steel
Jan
11
14
Southern—60
Alles A Fisher Inc com-
Amer
June
1%
preferred
$3
21
7
Warrants
Ala Power $7
Week
Berkey A Gay Furniture. 1
Purchase warrants
6%
3 %
*
preferred
Alabama Ot
May
3%
New class A
Conv
16
Feb
July
Apr
Apr
18%
1
New class B
1
Alnsworth Mfg common-6
Air Associates Ino com—1
| Air Investors common.. *
for
of Prices
Low
High
Price
July
14%
Co common-10
Supply Mfg—
Acme Wire
{Continued)
High
Low
Shares
High
Low
Price
Weel's Range
Sale
STOCKS
Par
1, 1939
Range Since Jan.
Last
Range Since Jan. 1, 1939
for
Week
Weefs Rang*
Sales
Friday
Sales
triday
75
Conv 6%
preferred—100
81
73
2,100
4
82
300
70
Apr
94%
72%
73
100
55%
Jan
74% May
5%
Jan
Volume 149
New York Curb
Friday
STOCKS
(Continued)
Week's Range
Sale
Par
Columbia Oil & Gas
Columbia Pictures Corp
of Prices
High
Price
l
Low
3%
3%
*
9,80C
1
32
100
25%
27%
175
24
15%
4%
Apr
16
Jan
37
80
6%
Feb
Apr
8X
80%
Jan
71
20
May
x37%
2%
700
4
200
95
June
10
3%
1H
IX
5%
5
6X
17 X
*
Jan
1%
Feb
Jan
6%
92%
Mar
Mar
hi
Mar
9%
Jan
10%
55%
July
Apr
9
Jan
15%
3% June
500
2.200
1X
20
Mar
5%
14%
July
6,100
2
2%
10%
1
170
74
20 %
18X
20X
4,800
16%
June
23%
5%
5%
*16
1,300
4%
July
9%
Jan
Apr
%
Mar
5
1
A Co
*16
*
4
Apr
10
400
4%
Apr
x6%
200
9X
2*
200
1
300
Crystal OU Ref com
6% preferred
Cuban Tobacco com t t
16X
X
50%
17
"ilx
10
15%
16
6%
Derby Oil A Ret Corp com •
Jan
May
Apr
7%
7%
Feb
Jan
Mar
Apr
18%
17%
Apr
30
9
5
400
9%
9%
4%
1%
Apr
35% June
"700
IX
Detroit Paper Prod
l
Detroit Steel Products.._*
ix
7
1
1
100
IX
22%
400
20%
1%
26%
1%
X
18X
200
21%
10
5
1%
50
5X
Dobeckmun Go common. 1
11
12%
64
May
5
5%
56
11
8%
*66%
59%
65%
9
68
Mar
10%
3%
11%
7
Class A
Preferred ex-war
..26
Hewitt Rubber oommon__6
275
16
June
6
Apr
Jan
5%
Apr
10
Jau
1%
19%
19%
3%
17%
Feb
Heyden Chemical......10
Hlrea (Chas E) Co cl A.._*
Hoe (R) A Co class A
10
Holllnger Consol G M...5
Holophane Co common..*
»i» June
2% June
14%
Apr
1
900
3,400
Apr
Apr
6%
50%
59
Jan
Apr
Apr
Apr
June
2
Jan
Jan
Jan
Jan
Mar
Mar
12%
Jan
65
Feb
72%
29%
Mar
Apr
67
250
63
Jan
71
61
64
20
Horn A Hardart
'"166
26 X
X
25%
5%
5%
\
16
European Electric Corp—
warrants
11X
1
*23%
6%
6%
"20
'"*175
%
2,600
27%
1.175
500
15%
5%
16
6
110%
X
11%
X
12%
7%
X
ex
7X
24
7
900
6%
6%
300
23
150
110% 116%
"~6
71
Mar
Mar
62
Feb
Hydrade Food Prod,
6
Hy grade Sylvan la Corp..*
73
Mar
Illinois Iowa Power Co..
64 %
Feb
74
Mar
Feb
26%
10%
July
*i« May
Jan
16
100
4,000
400
200
9%
7%
19 %
4%
Apr
Jan
Jan
Jau
%
Jau
28%
8%
Mar
Jan
Jan
*i6
Jan
Feb
8%
18
20%
10%
H
10X
100
hi
600
1,900
6% conv preferred
60
Dlv arrear ctfs
Illuminating Shares A
*
Imperial Chem Indus..£1
Imperial Oil (Can) coup..*
Registered
*
Imperial Tobacco of Can.5
Imperial Tobacco ox Great
Britain A Ireland
Indiana Pipe Line
69%
124%
6
4%
33
100
14%
4,700
800
%
3,600
8%
Apr
Jan
Apr
Apr
20
29%
95%
100
103%
Jan
400
4%
600
1%
July
Apr
8%
100
63
X
X
1%
6%
Jan
Mar
Apr
4% June
1%
Apr
1,000
IX
1%
15% 16%
X
X
31% 33X
109% 109%
111% 1UX
5
4%
2%
2%
14% 14%
1
200
Jan
Apr
Jan
%
%
300
X
IX
6%
Mar
Jan
400
1
Apr
300
4
Jan
23
29
Mar
21
29
29
"*1*66
3
400
14
7%
7
4
3X
7%
8%
*25*
7X
4
200
8%
100
6%
3%
6%
2,700
7X
500
"25
Apr
2% June
6%
23%
July
Apr
Feb
Apr
Apr
Apr
""*50
24
Jan
10%
500
7
Mar
39
39
100
30
Apr
48
48
45
Mar
9
9X
50
5%
"l5%
5X
500
3%
15%
13%
15%
13%
500
13%
100
9%
8
11%
23%
35%
36
150
2%
34%
11
11
11
50
108%
9%
59%
57%
59%
2,000
3%
600
53
3
7%
7%
100
"3% "3%
'""266
2
2
2
1,300
29
29
29
100
3%
23%
5%
3%
21%
5%
3%
23%
5%
2,500
4,600
3,000
1%
20
2%
Apr
Apr
Apr
Mar
Jan
Apr
May
June
Apr
Apr
Apr
15%
1,500
"*200
15
30%
1,100
28
10
July
14% June
Apr
Apr
»5% May
5% May
Indiana Service 6% pl.100
14
14
30
7% preferred
...100
Indpls P A L 6%% pf..100
Indian Ter Ilium OA-
14
14
20
5%
75
100%
Mar
5
7
Jan
35
May
22
Mar
10%
July
X
May
109
109%
New non-voting class A_1
New class B
....1
purch
Apr
%
1
warrants
I atl Industries Ino
Mar
'II
10%
69%
9
•is
Apr
Apr
Apr
Apr
100
'16
10%
300
8%
69
71
1,750
17
18
600
12
x3
L200
2
69
20%
_
1
Apr
Apr
*•11
Industrial Finance—
V »c common
Apr
Apr
Apr
Apr
14
16X
30%
£1
15
16%
15%
July
14%
3% Mar
51% May
6%
Apr
June
A stock
Apr
*i«
2%
555.
275
500
July
24
35
Apr
May
14%
Apr
7
May
•ie
Jan
Apr
Apr
75
36%
July
5
8%
130
35%
20
100
1,000
100
10%
Apr
71
20
6
9%
130
109x
July
13% June
Mar
Jan
Feb
%
23%
Apr
4% June
15% June
22%
22%
"iox
7% pref unstamped-.100
Hydro Electric Securities
International Cigar Maeh *
Internat Hydro Eleo—
Pref 53 .50 series
50
see page
"15% "ilx
Mar
1%
15%
6%
8%
3%
June
Feb
Apr
Apr
Mar
June
li»
500
Apr
61%
6
6
91
X
*i6
Jau
Mm*
7% preferred
100
Insurance Co of No Am.10
For footnotes
*16
*
21 %
"7% "7%
100
10
7%
96
...1
66
16
21 %
24
7%
Common
.....1
7% pre! stamped—100
June
150
100
23
Apr
Apr
Apr
July
500
18%
62
5%
3%
9%
Jan
July
100
Feb
10
2*800
2%
6%
Jan
1
25
28
32%
Hormel (Geo A) A Co 00m*
6% preferred
100
Hubbell (Harvey) Ino...
Humble Oil A Ref
*
Apr
"ix
96
Jan
Jan
3%
Hussmann-Llgonler Co...*
fHuylers of Del Ino—
Mar
10
63%
64 %
79%
Hummel-Ross Fibre Corp 6
3
300
21
*63 %
125
Jan
""300
32%
4"
Holt (Henry) A Co cl A._*
Horder's Ino
•
Horn (A C) Co com
Jan
Apr
Jan
200
65
63
32%
Co oommon...
2
Preferred w w
...25
Jan
400
95%
31
65
HsUer
1%
25%
12%
58,200
96%
"i"
95%
"~4~
*
Apr
Apr
4
preferred.-.60
1
21
IX
conv
Heel a Mining Co......26c
Helena Rubensteln
*
200
50
140
3
Jan
11%
1%
21%
1
Jan
6%
*
14%
26
100
pfd. *
Apr
14%
11%
May
Jan
cv
7%
500
Apr
Apr
300
30
1
Jan
11%
2%
17%
IX
1%
62%
46%
1%
74%
51
1%
v t c
Jan
11%
2%
17%
1%
7X
Apr
Apr
"l25
6
Mar
10%
10%
Jan
33%
H
25
2
25
66
com
72
600
30
180
100 % 102X
"32%
Jan
12
Jan
Jan
Jan
"36% "37"
Gulf Oil Corp
25
Gulf States Utfl 55.60 pref *
36 preferred
...*
Gypsum Lime A Alabast.*
Hall Lamp Co
.—.._*
Mar
50
Emsco
Flat Amer dep rights......
Fldello Brewery..
l
z30
Jan
1,300
Jan
Jan
36%
95%
"ilx
Mar
"16
16%
11
42%
%
52%
100 %
Grumman Aircraft Engr.l
Guardian Investors......1
1X
12
Derrick A Equip. .6
Equity Corp common..10c
Metallurgical...*
Greenfield Tap A Die
*
Grocery Sts Prod com..26c
Haverty Furniture
Hazel tine Corp
7%
68%
40
1%
Hearn Dept Store 00m..
9
July
40
600
73
..25
Mar
3X
Fedders Mfg Co
6
Fed Compress A W'house25
Ferro Enamel Corp
1
Non-vot com stock...
7% 1st preferred....100
Gt Northern Paper
July
18%
l
Fanny Farmer Candy ooml
Gray Manufacturing Co. 10
Grea* Atl A Pao Tea—
73%
20%
17%
8%
Jan
Apr
%
400
51
Hat Corp 01 Am el B oom.l
1%
warrants
1
*
Jan
16
preferred
1
Mar
June
53 preferred
Gorham Mfg new com
10
Grand Rapids Varnish..
Jan
7%
Elsler Electric
Corp
1
Elec Bond A Share com..6
_
Apr
10
27%
Apr
300
17%
12%
1%
Goldfield Consol Mines.. 1
Gorham Inc class A
*
Hartford Rayon
2.100
Mar
Jan
Jan
Hartman Tobacco Co....*
Harvard Brewing Co
1
9%
Jan
Jan
'"""25
66
68%
37%
•
Mar
6
2%
17%
17%
_»
July
9
8%
Easy Washing Mach B___*
Economy Grocery Stores.*
com".60
Jan
Class B
17 preferred
9%
1
Feb
15%
17%
*
5%
2%
Jan
10
100
12
40
*
Apr
64
1».
65
*
Apr
Jan
500
17
—*
common
Haloid Co
1
100
pref
15 preferred
Gilbert (A C)
Preferred
Gilchrist Co
Hamilton Bridge Co
Hartford Elec Light
5%
17X
17%
12%
*
Feb
9X
Eastern Malleable Iron..26
Eastern States Corp
•
$7 preferred series A...*
16 preferred series B___*
Elgin Nat Watch Co
16
Empire Dtet El 6% pf 100
Empire Gso A Fuel Co—
6% preferred
100
6%% preferred.....100
7% preferred
100
8% preferred
100
Empire Power part stock. •
Georgia Power 56 pre!
Mar
6
4%% prior preferred. 100
1
Jan
Apr
Jan
Mar
300
~23~~
16
1
1%
2~800
6%
200
3,100
Corp-
Common.
$6 conv prof w w
*
Gen Telephone $3
pref
*
General Tire & Rubber—
6% preferred A
100
Gen Water G A E com
1
33 preferred
....*
Apr
Apr
Apr
*
v t c
31%
29%
May
July
Mar
Jan
83
*
21%
'
10%
12%
86%
Gen Pub Serv 56
pref....*
Gen Rayon Co A
stock...*
General Shareholders
July
70
8%
19%
"23"
General Investment com. 1
$6 preferred
*
Warrants
Gen Outdoor Adv
6% pflOO
5
"~3%
19
25
34
*23~~
reg.£l
Gen Fire proofing 00m
Gen Gas <fe El
0% pref B.
62
70
Duval Texas Sulphur....*
Eagle Plcher Lead
10
East Gas A Fuel Assoc—
19%
*
10
3
250
Apr
% June
16%
Apr
18
Apr
1%
Gen Electric Co Ltd—
Amer dep rets ord
Apr
IX
14%
Apr
Apr
' Apr
3
100
Apr
10
1,200
20
Apr
6%
pref.*
IX
100
1,700
56
com
100
....
Electrographic Corp
Gatlneau Power Co
6% preferred
General Alloys Co
20%
3%
200
3%
20.X
20%
conv pref erred... 100
5
1%
50%
8%
8X
18%
18%
20%
Cont
17
1%
71
775
14
*
partic pref
15
Fruehauf Trailer Co
Fuller (Geo A) Co
oom_..l
13 conv stock
•
72%
IX
300
3%
1
5
*
Electrol Inc
Jau
Jan
8%
4,000
72%
3%
0
17
._l
-.....*
preferred
•
Elec PA L 2d pref
A.....*
July
July
1%
2%
2%
Jan
100
11
86
20%
£1
Common
72%
»
Driver Harris Co
10
Dublller Condenser
Corp.l
Duke Power Co
100
J6
9%
60
Dominion Textile Co
*
Dominion Tar A Chemical*
Common
Apr
15%
Mar
z30
130
84%
Froedtert Grain A Malt-
c v
Low
67
70
Ford Motor of France—
Amer dep rets... 100 frcs
Fox (Peter) Brew Co
4%
Range Since Jan. 1, 1939
10
*70 ~~
*
Am dep rets ord
reg
Ford Motor of Can cl
A
Class B
Garaewell Co 56
for
Week
Shares
»
7,500
5%
11
Feb
May
Jan
14
7
Dominion Bridge Co
*
Dominion Steel A Coal B 26
66%
100
100
Am dep rets ord
reg..£l
Dlvoo-Twln Truck com—l
Mar
July
July
Apr
10
*
2%
36
Jan
June
24
10
Diamond Shoe Corp com.*
7X
6%
Feb
100
"l% "ix
110
Apr
13%
1%
66%
10%
Godchaux Sugars class A.*
4%
56%
23 %
of Prices
High
.....
Jan
6,800
Week's Range
Low
Glen Aiden Coal
Apr
3%
14%
preferred
Florida P & L 37 pref
Ford Hotels Co Inc
Ford Motor Co Ltd—
Jan
Jan
300
5
20
Detroit Gray Iron Fdy_._l
Det Mich Stove Co oom__l
com
(Phlla.).i
Corp
10
Jan
10
Apr
July
*
Corp
July
%
46%
800
7%
5
Detroit Gasket A Mfg...l
7% preferred
Jan
108
100
30
"7
1
Distilled Liquors
Corp
Distillers Co Ltd—
Apr
Feb
*2*666
17
28
1
com
Feb
hi
1,600
110
"*3% "4%
36
w w
Mar
1%
18
6
6
A conv preferred
10%
Apr
2%
48%
110
Davenport Hosiery Mills.*
Dayton Rubber Mfg new.l
com
Feb
May
14
100
6
Class A
Jan
Jan
3
Apr
July
X
*
c.
100
Curtis Mfg Co (Mo)
Darby Petroleum com
Fansteel
1%
July
June
3
Mar
9
150
X
IX
7
49 %
preferred
""466
18
10
Cuneo Press Inc
Option
Mar
200
2*"
Fairchild Aviation
Falstaff Brewing
Mar
x6%
1
conv
90
Mar
9x
$3
3%
Feb
%
*~i%
Esquire Inc
Eureka Pipe Line
Jan
IX June
6%
9
2,200
Crown Drug Co com...26c
Preferred
26
Option
July
Jan
IX
9X
x6%
Crown Cent Petrol
(Md).6
Crown Cork Internat A._*
S6
Apr
Jan
*
....
preferred
Jan
1% June
1,200
82
IX
Apr
Apr
4%
200
14%
77
5*
Jan
8%
52%
"""806
4
13%
1
£1
Creole Petroleum
Crocker Wheeler Elec
Croft Brewing Co
0%
Jan
July
6
Courtaulds Ltd
Durham Hosiery cl B
Duro-Teet Corp com
6
95
Apr
300
18
3%
14%
*
Draper
Apr
1%
200
"5% "~6~"
1
De Vilbls8 Co
Jan
3
2,500
6%
10%
10%
Cosden Petroleum com...l
5% conv preferred
60
6% pref
60
Mar
86
100
Mar
121% June
Feb
IX
Apr
84
5%
Gold Mines. 5c
Decca Records
Delay Stores
Jan
110%
%
2,100
44%
95
Corroon A Reynolds—
6%%
Jan
Apr
4%
1,000
1
42
$3 prior preference.....*
Common
Jan
4%
120
%
44 %
13%
100
10,700
7
120
"i
5
551
Sales
Sale
Price
Fire Association
Flak Rubber
Jan
Feb
36% Mar
29 % June
X
Jan
July
Apr
Mex__l
S6 preferred A
•n
1,100
6%
78 %
*
Crowley, Milner
15%
4%
6%
79 %
Cooper Bessemer com....*
Cornucopia
Jan
Jan
1
37
Cont Roll & Steel Fdy
*
Cook Paint A Varnish...*
Copper Range Co—
Copperweld Steel—
4%
June
Last
Par
14
J«
Apr
*»ie May
300
it
8% preferred
100
Consol Royalty Oil
10
Consol Steel Corp com
*
Cont G & E 7% prior pf 100
preferred
Apr
Jan
3134
Consol Biscuit Co
.....1
Consol Copper Mines
6
$4
STOCKS
(Continued)
High
2X
27
27%
Consol G E L P Bait com *
4% % series B pref...100
Consol Gas Utilities
1
Consol Mln & Smelt Ltd_5
Consol Retail Stores
1
of
Low
16
V t c ext to 1946
-1
Conn Gas & Coke Secur._
$3 preferred
*
Oil
Range Since Jan. 1,1939
5,100
hi
Water Berv-.l
Compo Shoe Mach—
Continental
for
3%
1
P A L $6 pref *
Pub Service 25
2
Friday
Week
Shares
11
Commonwealth & Southern
Warrants
Common w Dlatrlbut
1
Community
Community
Community
Exchange—Continued—Page
Sales
Last
/
Mar
Mar
High
for
(Continued)
of Ibices
Low
High
Week
Share*
2%
2,000
1%
22 *4
1,300
204
July
Apr
July
21
June
Indus A
Internat Metal
234
Paper A Pow warr
International Petroleum—*
Registered
International Products—*
Internat Safety Razor B_*
International Utility—
Internal
22*4
2
22 %
64
Apr
Apr
11
60
20
S3.50 prior pref
39J4
39%
.
34
6*4
Interstate
64
1,300
6*4
"250
4
*
"m
1
2%
894
*tt
May
44
Feb
54
34
Apr
74
Feb
Jan
4
Mar
19%
21%
Mar
*1•
Mar
4%
24
Jan
Nachman-Sprlngfllled
Feb
Nat Auto Fibre com
30
220
2,800
27
Jan
78
Jan
8614
Jan
Apr
17
54
1,300
54
Mar
Mar
214 June
4
Apr
864
66
67
68
10
40
Jan
39
30
June
11834 May
22
July
14
900
24
2%
600
104
300
~56~4 ~58~~
170
474
25
94
474
"6
38
4.1%
3
40%
42
2*4
'""566
20
3,000
1,800
34
"166
*
Ino..l
Line Material Co
.6
Llpton (Tbos J) class A—.1
6% preferred
26
Lit Brothers oommon
*
Loblaw Groceterias cl A..*
"33 *4
2%
4
1,000
32
33 %
600
11*4
114
60
4
Le Tourneau (R G)
11 *4
56
38
July
234
334
134
14
24
14
114
74
Apr
Jan
Apr
Apr
94
Apr
Apr
10
64
Feb
73
Apr
Mar
45
114
44
Jan
Apr
*
9
Mar
Jan
12%
28
x94
Jan
7
5134
Mar
6034
Apr
334
Jan
9
June
Apr
Apr
Apr
7% June
1% June
Mar
Jan
Mar
Feb
66
Apr
1134
1734 May
11
May
34
Feb
834
Jan
Jan
Jan
3 34
*11 June
34
Apr
8
34
Apr
22
15
Jan
Mar
July
17
J Feb
23
25
May
134
Jan
22
1334
3634
10
Apr
224
Apr
1,600
74
Apr
14
*
14
14
26
Jan
650
19 4
5%
8,800
1004 1004
29 4
10
14
44
894
30
29
*
44
Louisiana Land A Ezplor
Louisiana P A L $6 pre!..*
Lucky Tiger Comb G M.10
Lynoh Corp common.—.6
Majestic Radio A Tel
1
Manatl Sugar opt warr.
27*4
2
Apr
%
3,000
250
33
33
23
274
14
20C
28
24
4,300
Jan
July
July
Apr
rn Mar
2334
Apr
1*11
Jan
Feb
July
Jan
^934
134
Mar
Feb
Jan
Jan
Mar
35
3034 June
134
Jan
Jan
734
10034 June
•11 Feb
Jan
34
234
Mar
4
1
Jan
34
Mar
14
Apr
234
June
25
Mapes Consol Mfg Co...*
Marconi Intl Marine
22
22
300
22
Communlca'ns ord reg £1
144
Massey Harris common..*
Master Electric Co
1
31
Mar
19
Feb
22
July
144
400
1,800
5%
14%
24
Feb
17
Mar
5
Jan
"18%
3
2%
2%
54
200
2
Feb
5
2%
634 May
July
July
2%
300
44
18
184
790
Apr
Apr
144
234 June
734
Jan
1854
Jan
53
$4 preferred
..*
McCord Rad A Mfg B._
Dredging...*
*
MeWUllams
Mead Johnson A Co
Memphis Nat Gas com...6
Mercantile Stores com...*
4%
11
14
100
1
Apr
11%
14
114
143
1,500
9
Apr
125
125
Jan
1384 143
5
1,300
44
"166
"T% "44
"560
Warrants
4%
Metal Textile
Corp
58
4
1
Michigan
Michigan
Michigan
Michigan
"16
37
Apr
324
Apr
934
Apr
•34
..*
%
300
200
100
Steel Tube—2.60
Sugar Co
*
10
ClassB
v
to
Middle West Corp com
Midland OH Corp—
$2 non-cum div shs
Co
Mid-West Abrasive
Midwest OU Co
Conv part
*
*
**n
6
9%
Jan
*16
37
•
8
Jan
4
..
Jan
34
Jan
May
16
9%
1,100
4,500
34 June
4
Apr
54
Apr
24
14
1
974
97 34
200
12
Jan
225
93
Jan
1
400
8
1,000
7
Apr
Apr
12
10
1
734
60c
Midwest Piping A Sup.._
Mining Corp o ICanada..*
Minnesota Mln A Mfg...*
1434
96
Mar
57%
59
1,350
37
*4
1134
5434
80
116
"44
"4% "44
""300
34
54
12
45
102
Jan
35
June
78 J4
200
254
Apr
634
Jan
5
100
4
Apr
554
Mar
1434
76
7434
Jan
1
334 Mar
3634
Feb
1134 May
40
15
Mar
800
55
Apr
76
July
Apr
2434
June
110
104
Apr
11854
July
.500
4
July
8
Jan
Apr
14
Mar
Apr
6254
Jan
154
Jan
25
5534
1,200
1034
4654
'7534
i%700
134
5734
154
100
1134
1154
5354
8
pref—100
$8 preferred
•
N Y Shipbuilding Corp—
N Y Pr & Lt 7%
10354
200
New York Transit Co
10354 10454
300
N Y Water Serv 6% pf-100
—.100
100
18
534
6
154
554
5
106
134
434
154
434
4J4
2254
Feb
Apr
Apr
934
9134
Mar
Mar
Apr
82
May
44
July
Mi
154
Apr
2
1,000
354
Apr
654
Mar
Mar
Mar
July
Mar
Feb
Mar
9034
4154
Apr
6434
100
654
Apr
754
134 June
May
134
534
700
200
87
4
60
Securities.*
6% prior preferred
1,800
1834
600
1334
Apr
1454 June
4454
4534
220
4234 May
250
53
Mar
34
Apr
234 May
'16
com...1
Engineering..*
Novadel-Agene Corp....*
96
20
534
200
1034
1834
2,400
96
10334 104
534
9
18
120
..60
Jan
Jan
134
Jan
4
Feb
34
Feb
98
Apr
105
June
Feb
6
May
634
Apr
15
Apr
Jan
June
Feb
1254
2034
Mar
3534
June
3434
35
1,200
19
200
16
Apr
26
Jan
175
9734
Apr
108
June
200
11354 11354
1 754
7,500
48
11034
134
1634
4654
48
10854 11034
134
134
11254
Jan
60
9854 June
11134 Feb
115
10
10434
Jan
11434
July
Apr
10534
934
July
1754
July
97
1754
834
834
Apr
Apr
June
Jan
800
35
Apr
48
July
550
9634
Apr
112
June
Jan
3,300
1
Apr
154
Jan
934 June
454 Mar
934 Mar
8
3
300
254
Apr
Apr
"3454 "35"
L806
3154
2834
Apr
35
July
3134
200
Jan
3134
July
X9054
30
6834
Jan
9134
July
554
3134
100
8
3434
8
6
3
*
Apr
3154
89
99
Page-Hershey Tubes com.*
Pan tepee Oil of Venezuela534
534
554
7,400
Corp.l
Jan
734
2154
Mar
20
*
Jan
10134
Mar
Apr
Mar
754
434
Jan
July
434
334
11
10
*
Feb
47
434
24
10554 10634
10534 10534
112 34 11334
Pacific Can Co oommon..*
American shares..
2134
8734
81
400
6% 1st preferred
100
Oilstocks Ltd common...5
6% conv prior pref—100
Oldetyme Distillers
..1
Omar, Inc
1
Feb
1754
"34^
Ohio P S 7% 1st pref.—100
Oklahoma Nat Gas com. 15
Jan
154
6534
2254
Jan
Apr
*u
1,400
'ie
7%
Apr
16
Mar
934
834
1054
934
400
Jan
800
650
14
Mar
Mar
20
Mar
35
10 54
Apr
15
1054
Apr
41
854
Apr
12
July
Feb
29
JaD
3434
June
734
34
3434
113
July
113
July
38
38
25
31
Apr
38
July
65
Peninsular Telephone com*
65
3
25
53
Jan
65
July
100
100
Penn Edison Co—
$5
Apr
700
1954
Nor Central Texas Oil...5
7% A pref
%
154
5734
"4534
Jan
1,800
18
*
Feb
300
18
North Amer Rayon cl A..*
Jan
Mi
Mar
5634
134
*
Patchogue-PlymouthMllls*
Pender (D) Grocery A—_*
116
Jan
Mar
Jan
Apr
5734
1
Class B
13 34
6
16
19
Common
$6
Mar
Jan
Apr
June
1,700
10
6
Overseas Securities
Mar
Apr
x774
——1
Class B common
9
99
Nor Amer Lt A Power—
preferred
Jan
230
825
5634
7 54
Parkers burg Rig A Reel-.l
Apr
June
8654
88
Jan
Mar
29
554
5154
754
'53""
*
Nineteen HundredCorp B 1
Parker Pen Co
90
July
i7*A
8,000
88
100
NBes-Bement-Pond
Paramount Motors
Jan
Feb
11334 June
Niagara Share—
Jan
July
26
66
Jan
134
Jan
Apr
Jan
Pacific Public Serv......*
12
Jan
2
634
154
Nlplsslng Mines..
27
Apr
654
Class A opt warrants
preferred
Jan
Mar
134
100
Class B opt warrants
Class B common
80
8554
654
10
Common
Apr
107
Niagara Hudson Power-
July
Jan
Mar
4
934
154
854
Mar
334
220
1054
1734
634% 1st preferred...26
1534
Jan
June
40
112
10
1
6
Founders shares
834
111
112
Pacific P A L 7% pref.. 100
109
Jan
Jan
434
20
Rosarlo 10
10
Y Merchandise
Mar
Feb
Feb
15
Mar
334
July
454
—
preferred
Jan
60 34
Warrants
$3
Jan
116
""46
800
116"
25
•
N Y Auction Co com
preferred
Penn Gas A Elec class A.
Mar
154
$2.80 preferred
For footnotes see page 555
Feb
"foo
*
1
5954
Feb
1534
"73M "72"
534
Jan
1% June
68
Minnesota P A L 7% pf 100
Miss River Power pref-100
Missouri Pub Serv com..*
Apr
Jan
Apr
"12"
11834 11854
434
434
Ohio OU 6% pref....—100
Ohio Power 6% pref—100
Jan
Jan
Feb
Apr
234
154
18
7454
*
54
834
Apr
1434
*
*»n May
Mar
Jan
134
54
Ohio Edison 36 pref
234
554
734
7834
Ohio Brass Co cl B com
Mar
34 June
200
5
434
Jan
Jan
4 June
5% June
*16 July
Jan
1,400
4334
1034
Feb
95
Mar
134
..*
New Process Co
Class A
8*
8%
116"
Corp—5
Neptune Meter class A
*
Nestle Le Mur Co cl A—*
Nevada Calif Elec com. 100
7% preferred
—100
New Engl Pow Assoc
*
6% preferred..
100
$2 preferred
New England Tel A Tel 100
New Haven Clock Co
•
New Idea Inc oommon...•
New Jersey Zinc
26
New Mex A Aria Land—1
Newmont Mining Corp. 10
6% 1st pref
5% 2d preferred
Jan
Apr
34
Nelson (Herman)
N
Jan
May
44
75
854
"12"
JNebel (Oscar) Co com...*
N Y A Honduras
Jan
Mi
134
54
96
July
5034
634
Apr
4
6% pf.100
preferred
100
Northern Pipe Line
—10
34 May
234 May
49
Apr
134
854
Nebraska Pow 7% pref. 100
NY City Omnibus
May
1054
Refining.*
National Tea 534 % pref. 10
National Transit
12.60
Nat Tunnel A Mines...—*
Nat Union Radio Corp.—1
Navarro Oh Co
*
preferred
Jan
Mar
254
1,100
National Sugar
J 1.301st preferred
*
60 34
National Steel Car Ltd...*
1st
6
40
8854 June
Jan
534
Jan
Jan
77
3
100
734 May
1334 Mar
Apr
H
Nor Ind Pub Ser
Mar
5
preferred—*
Pacific G A E 6% 1st pf.26
12 conv pref
Midland Steel Products—
Mid vale
Nat
*
•
Service common...—1
Nor European OU
2%
%
%
Gas A OB.....1
v to
234 May
2834
Apr
69
Apr
Jan
Middle States Petrol—
Class A
National
925
Northwest
Jan
1
37
Bumper Corp..l
Preferred
1,000
87
Jan
Apr
'11
600
26c
Partlclpat preferred-.16
Metropolitan Edison—
$6 preferred..
——*
Mexico-Ohio Oil
38
85
Feb
634
34
Jan
3634
534
28
43
3734
2034
Apr
Apr
Jan
May
87
*
00m...*
4
P A L S6 pref—*
July
5
33 34
June
National Oil Products
Jan
254
17
15034 June
100
Nat Mfg A Stores
Jan
14
10
1134
National Fuel Gas...
Jan
Jan
900
14
300
Northern Sts Pow cl A..25
4 May
634% A preferred... 100
Mesabl Iron Co
July
Feb
Feb
3',700
Apr
34
......
5534
Jan
934
2,100
1254
Apr
3%
25
Participating preferred.*
*
Jan
34
14
'"44 "~44
Merchants A Mfg cl A...1
Merritt Chapman A Scott
May
34
600
34
41
554
No Am Utility
May Hosiery Mills Ino—
•11 June
74
1154
Noma Electric
Margay Oil Corp
Marlon Steam Shovel
*
t 0....1
Mar
934
4054
534
Feb
22,200
150
1234 June
Long Island Lighting—
100
100
Jan
8
Apr
1234
July
4734
July
2
14
Apr
23% May
124
Mar
Apr
*
324
"106
25%
9
Feb
Mar
1334
834
1534
38
'"556
12%
Jan
7054
Apr
h*
1354
14
60
pref—
May
Mar
5
934
National Container (Del).l
June
68
1454 Mar
934 June
Apr
May
7
654
'16
National City lines com.l
S3 conv
Mar
10
69
4
Jan
•u June
13134 June
100
354
88
9%
7
354"
"
27%
300
354
22
Chain...—..6
300
Nat Rubber Mach
Jan
3,200
Ti
Lockheed Aircraft
Jan
634
654
954
1234
National Refining com
~ii"4 "17%
25
Jac
Mar
Apr
Apr
Mar
114
174
"25
122 34
July
Jan
Apr
154
9%
4
24
434
20
9
67
"io4 "id4
900
National Candy Co
Nehl Corp common...
64
38
534
13054
534 July
Jan
634
534 June
Apr
10934
34
9
14
~~2H
334
Apr
4
100
*4
864
107% June
Jan
4,400
Feb
54
*4
9834 June
10234 June
July
34
34
1
67 %
June
3034
554
434
100
*
6% pref
Mar
17234 May
Apr
1
Jan
Mar
654
3334
534
934
Jan
334
234
Jan
2954
100
12
Mar
2454
Apr
34 June
130
fMountain States Pw com*
Mountain Sts Tel A Tel 100
Murray Ohio Mfg. Co—
Muskegon Piston Ring.2 34
Muskogee Co com
Apr
Apr
152
5
Mountain Producers
105
24
Mass Utll Assoc v
354
165"
554
Mar
22 4
Lehigh Coal A Nav——
Leonard Ol) Develop—26
Mangel Stores
$6 conv preferred
6c
10
Mountaln City Cop com
Apr
Lefcourt Realty common. 1
6% pref class B
Loudon Packing
50
Mar
~
Common...........
1,350
*16
Class A
7% preferred
"140
3234
3034
June
112 4
*
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—1
Lakey Foundry A Mach.l
Lane Bryant 7% pref—100
Lane Wells Co com
1
Langendorf Utd Bakeries—
Lone Star Gas Corp
168"
32
14%
7
100
Jan
634
23
Apr
14 June
134 Mar
554
Jan
500
3034
166"
July
Apr
Apr
44
134
2
pf-*
| Moore (Tom) Distillery
Mtge Bank of Col Am shs._
Moody Investors part
2%
Apr
1% June
7% pref-100
Koppers
Steel
Utll.—10
Montgomery Ward A—
Montreal Lt Ht A Pow..*
14 %
175
91
100 H 1004
23 4
27
Kobacker Stores Ino
Locke
Feb
2%
100
2,200
964
96
1004
Steel. 100
lstprflOO
Kennedy's Inc.—
5
Ken-Rad Tube A Lamp A •
Kimberly-Clark 6% pf-100
Kingsbury Breweries
1
Kings Co Ltd 7% pf B 100
5% preferred D
100
Kingston Produote
—1
Kir by Petroleum
1
Klrkl'd Lake G M Co Ltd 1
Klein (D Emll) Co oom—*
Klelnert (I B) Rubber ColO
Knott Corp oommon
1
plnao
39%
July
July
154
Feb
1454
334 June
14 %
100
2
2
800
134
4
2%
*
preferred
20
""134
Monogram Pictures com.l
Monroe Loan Soc A—
11,400
19
Apr
934
1,800
534
34
19
Nat Bellas Hess com
164
18
1
KelthfGeo E)7%
Conv
Jan
5
High
Low
13*4
11*4
1334
12.50
Common
Molybdenum Corp
1
Monarch Machine Tool..*
15
Julian A Kokenge com..
ClassB
Mar
.
%
Apr
%
534% preferred
100
0% preferred—-—100
7% preferred
—100
Kansas G A E
Feb
Week
Mock. Jud, Voehrlnger—
100
17
17
Central Pow A Lt—
Jones A Laugblln
'""800
"2*4 "3
"~4~*4 "~~5%
Jacobs (F L) Co
Jeannette Glass Co-
Sharet
Price
10 4
2*4
Vitamin—1
Equip—1
Interstate Home
A
4
Jan
4
1,1
ol 19*0--
Italian Superpower
Jan
July
10
400
18
Hosiery MillsInterstate Power $7 prefInvestors Royalty
Iron Fireman Mfg v t c.
Irving Air Chute
for
of Price*
Low
High
Montana Dakota
SI.76 pre!erred
International
Jan
4
Apr
Mar
100
4
4
.
Warrants series
44
27 4
27
4
Claw A—
Class B
Mar
Jan
64
24
1,600
4
2*4
Week's Range
Sale
High
Low
44
Last
Par
1,1939
Range Since Jan.
STOCKS
(Continued)
1, 1939
Range Since Jan.
WteVt Range
Par
Sale*
Friday
Hale*
Friday \
STOCKS
Jersey
July 22, 1939
New York Curb Exchange—Continued—Page 3
552
*
3
3
June
534
Jan
New York Curb
Volume 149
Friday
STO-CKS
Last
(Continued)
Sale
Par
Penn Mex Fuel Co
Low
for
Range Since Jan. 1, 1939
Low
4
2.60
2
1
14
Peon Cent Airlines oom__l
Pa Pr A Lt $7 pre!
-*
38 preferred
Penn Salt Mfg Co
14
10
14
104
4,800
1084
450
94
108
108
8,300
*
105
104
105
160
149
150
100
Periect Circle Co
Pharls Tire A Rubber
72
14
Apr
8 54
72
84
9
74
7
Phils Elec Co Si pref
*
Phils Elec Pow 8% pref 26
July
Jan
16
Jan
'""850
74
Jan
84 4
Mar
58
Apr
75
Mar
27
Feb
7
Apr
104
Jan
5
Apr
74
July
116 4
June
1184
Feb
Sonotone Corp
294
July
304
Jan
24
Jan
54
June
Boss Mfg oom
South Coast Corp oom
Southern Calif Edison—
24
Apr
74
July
Apr
314
July
Apr
184
24
Feb
5
74
72,700
34 4
6,300
16
100
10
24
700
54
114
3,400
544
220
46
100
6
Apr
8
1,500
90
Apr
117
100
4
Jan
1
1,800
74
Apr
10
July
""14 "i~4
1044
"id"
8
Feb
""266
24
Jan
84
52
64
10
26c
44
94
*
'"£4 "44
94
8
94
1
14
2
600
•
com
Pressed Metals of Am—1
T
84
26c
Prosperity Co class B
Idence Gas
Prudential Investors
9
*
6%
1st preferred
4
Apr
54
84
Jan
100
3
7
2.600
104
Apr
1054
Feb
112
July
July
60
93
Jan
1034 June
Standard Steel Spring...
Standard Tube cl B
10
101
101
Jan
110
Standard
*'«
100
•is
Jan
564
57%
214
675
314
Jan'
6,400
54
6% preferred
100
Quebec Power Co..
*
Ry A Light Secur oom...*
153
54
100
120 4
155
120
9
9
110
14
Jan
*
preferred..
Raytheon Mfg
com
13
*
14
24
148 4
16
(Reynolds Investing.
274
200
*1
11
1
24
3
4
103
'165'
14
300
""166
62.60
conv
10*4
14
200
14
400
14
200
44
37
53
1
104
10
66
650
44
104
43 4
400
3,000
24
1,000
4
500
574
4
75
50
^
45
7
354
2
574
66
Corp Ltd..
St Regis Paper oom
2
100
1
43 4
10
14
414
94
Samson United Corp com 1
Savoy Oil Co
4
24
434
10
1
50
800
200
5
Schlff Co common
124
Scovlll Mfg
25
Scran ton Elec $6 pref
*
Scranton Lace common.-*
21
214
"l7"
124
22
~20"
200
1,100
""150
Scranton Spring Brook
Water Service pref
Sunray Drug Co
Oil....
74
4
Jan
Apr
Apr
24
Mar
64
Mar
124
Jan
July
3
Apr
Apr
July
4
4 June
Jan
94
184 May
1144
Apr
164 June
65*
Selby Shoe Co—
Jan
Jan
Trans
Lux
Common
Transwestern Oil Co
Jan
594
Feb
Truni Pork Stores Ino.
17
Jan
Tublze Chatillon
J*
14
Jan
Jan
124 June
274 Mar
1144
224
Apr
Jan
Class A
-
-
Tung-Sol Lamp Works
80c div. preferred.
Ulen A Co ser A pref
Series B pref
Unexcelled Mfg Co
1H
374
Feb
Mar
44
2,600
54
Apr
52
100
July
Jan
June
4
200
44 May
May
May
Selfrldge Prov Stores—
4
4
14
1
7
Sherwin-Williams of Can.*
Jan
Mar
1
Apr
Jan
94
694
Jan
Mar
70
Mar
Apr
July
1
see page
'*11
84
15
Investment
7
34
34
6,000
6
64
2.200
19
194
894 964
1114 1124
1,000
100
900
150
H
Jan
6
Apr
24 Mar
54 June
"l7"
"l74
Feb
*i» May
14
June
14
18
184
94
U4
214 224
1064 1064
94
64
Jan
Mar
20
Apr
25
July
200
1,100
Apr
1854
Mar
6
Feb
17
Apr
1174
2254
July
1,500
50
102
10674
174
July
Jan
4
200
74
200
21
Apr
Apr
May
4
2,300
74
384
3,600
1574
Apr
Apr
July
674
Apr
1
Jan
tit
Jan
Apr
1574
474
74
134
100
44
1,500
7374 June
10
May
274
Apr
35
'.111
54
54
300
x34
2,000
54
75
1374
474
Jan
474
274
274
500
24
34
54
"34
54
24
774
Apr
Mar
5
Feb
4174 June
274
Jan
174 May
Jan
Feb
Mar
2,100
14
July
3774
1074
28
874
Apr
July
Jan
June
July
Feb
Mar
Feb
674
Jan
3
Feb
4
Jan
754
Feb
Jan
74 May
'74
1
Jan
Apr
974
Jan
674
Apr
974
Jan
74
600
Apr
12
24
8,300
Apr
100
31
Apr
254
3874
Feb
374
404
200
36
Apr
4574
Mar
10
2
24
374
40
34
33 4
164
100
'
1J4
24
33
34
334
4
4
154 164
994 1004
2,300
800
'""566
2,900
2,425
3
134
134
3
114
700
124
134
134
1,000
1,800
44
24 June
2874 May
74 May
74 July
14
44
1,300
544
564
150
Jan
Jan
274 May
874 Apr
10
108
108
Mar
2274
10074
10374
4
1554
1554
Jan
Jan
Jan
Mar
Feb
Jan
July
June
Jan
Mar
Jan
2
Jan
63
May
50
Apr
40
9874
10574
200
74
14
34
14
34
100
600
174
274
'■«
200
Mar
Feb
15
81
84
284
24
94
2,400
304
400
24
100
154
Mar
Jan
Mar
Feb
108
Apr
Apr *11474
Feb
54
July
July
Apr
July
Apr
254
574
Jan
Jan
*ii June
uie
Jan
774 May
94
574
June
45
4
113
7
Apr
1974
2
Apr
874 June
1374 Mar
3854 Mar
Apr
374
Jan
Apr
274 June
754
574
374
Mar
174
2
Mar
Apr
24
"il"
24
200
164
"144
"266
"154 "164
2,500
6
"206
6
11
154
1274
274
374
38
4
5,500
7
"l4
14
2
84
8,200
900
4
874
14
3,900
14
3,500
284
294
6,200
22
22
14
90
Jan
Jan
Apr
Apr
1454 June
Jan
1674
Jan
274
Apr
July
Apr
Mar
3
Mar
6
July
Jan
July
4974
174
•u
7
July
Jan
Jan
Mar
Apr
Apr
354
9274
Mar
54 June
uu
Feb
Jan
8754
July
74
600
1
Jan
Feb
74
74
100
80
174 July
74 June
3
Jan
Jan
Am
19
Apr
274
3674
2074
6974
Feb
23
Mar
Jan
7374
Mar
5
25
United Molasses Co—
United Shipyards cl A—1
Class B
1
Mar
1454
574
574
3674
74
l,i«
Jan
4
111 4
*
United Profit Sharing—25c
42
Feb
474
1474
174
55
29 4
Jan
Apr
Jan
2
36 1st preferred
*
United Milk Products—*
Mar
Mar
6974
June
60
14
preferred
Mar
94
*
Mar
Jan
1774
Jan
Jan
July
2,400
600
4
4
864
14
2254
Mar
14
94
14
82
1134
1154
14
June
14
14
Option warrants
Apr
Apr
May
274
1274
174
United G A E 7% pref. 100
United Lt A Pow oom A.»
Apr
107 4 June
174 May
600
28
84
4
344
1st 37 pref non-voting.*
184
Jan
Mar
1774
4
4
83
9
Jan
74
Apr
4
warrants
United Elastic Corp.—..*
United Gas Corp oom
1
33
Jan
Mar
350
25
26
Mar
374
14
Co.—50
Un Clgar-Whelan Sts..10c
United Corp
3
2:I6o
dep rets ord reg—
United N J RR A Canal 100
104
555.
74
com..*
Common class B_.
Amer dep rets reg—£1
112
Apr
Mar
33 cum A part pref..—*
400
cum pref ser AAA 100
184
114
224
United Chemicals oom—*
July
74
34
64
194
9 64
174
974
*
Union Traction
614
63
*
24
100
Jan
Mar
July
»x#
7
*
10
Jan
7
Seversky Aircraft Corp...1
Shattuck Denn Mining..5
Bhawlnlgan Wat A Pow..*
Bherwln-Wllliama com..25
400
Feb
17
Jan
•
14
Union
4
July
July
14
14
.1
*
Apr
May
Mar
354
14
„
24
234
--1
—
Union Premier Foods Sts.l
61
Seton Leather oommon
660
*
Corp.. 1
Jan
6
Sentry Safety Control
Serrick Corp
13,000
4%
13 4
65.60 prior stock
25
Allotment certificates...
614
174
Trl-Contlnental warrants
28
4,400
4
44
17
14
10
Jan
12
»i«
44
Apr
ha
--.1
Jan
Apr
*
1
154
Screen—
Plct
4
Selected Industries Ino—
Common
17
—£1
Ordinary reg
54
4
8
July
Def registered 5s
Todd Shipyards Corp
600
500
74
18
Tobacco Prod Exports.—*
Tobacco Secur Tr—
*
Toledo Edison 6% pref-100
7% preferred A
100
Tonopah Mining of Nev "
Mar
July
160
Tlshman Realty A Constr*
Tobacco Allied Stocks
♦
44 4
474
574
2774
May
400
2
24
Apr
Mar
600
19
Apr
July
Mar
674
3474
1954
54
31
June
Tiio Roofing Inc
A*
Mar
July
4
Thaw Shovel Co oom..—5
Apr
Apr
274
1574
13
Feb
Jan
Jan
42
July
Jan
Jan
June
15774 June
Apr
*
15
Taggart Corp oom...—.1
Tampa Electrlo Co com..*
244
134
Jan
Jan
July
Mar
*
com
Jan
July
May
31
Segal Lock A Hardware. .1
Seiberling Rubber com...*
54
Tastyeast Ino class A—1
Taylor Distilling Co
1
71
174
59
Jan
374
200
33.30 A part....
15
Mar
Jan
Class B
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref...100
Apr
Jan
Swan Finch Oil Corp.
1,100
8
2974 June
294 June
*
...1
Technicolor Inc common.*
14
21
.*
Securities Corp general...*
Seeman Bros Inc
*
For footnotes
♦
Jan
Feb
94
Jan
Jan
Mar
8
Stroock (S) Co
Sullivan Machinery
Union Gas of Canada
Warrants
6%
Stetson (J B) Co oom—*
Stlnnes (Hugo) Corp.—.6
Apr
Apr
37
34
1374
112
4
2,900
Jan
274
184
•
6% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Ino
1
104
June
49
28)4
Ordinary shares
Mar
34
Safety Car Heat A Lt
610
200
30 4
Steel Co of Canada—
Feb
May
Apr
34
44)4
14
184
44
phate A Acid Wks Ino 20
Starrett (The) Corp v t c.l
Apr
5
24
4
Convertible stock
Jan
»ii
Apr
'<
174
10
344
Apr
9
100
*
Scullln Steel Co oom
4
102
Apr
40
42
34
Apr
July
54 June
374
154
574
274
1
Apr
2
43 4
preferred
Salt Dome Oil Co
96
*4
*
7%
Jan
Apr
Feb
2
274
pref
Mar
Jan
May
294
294
Feb
474
97
Apr
Mar
Phos
Texon Oil A Land Co
Ryan Consol Petrol
»
Ryerson A Haynes oom-.l
St Lawrence
4
10
174
148
547c conv pref
50
Superior OH Co (Calif)..25
Superior Port Cement
Jan
Jan
174 May
9%
Sunray
Jan
4
124
4
444
29
1
Jan
7
444
294
294
*
Jan
5
234 June
1074
14
1
Rustless Iron A Steel
Feb
Jan
5
Mar
100
103"
334
June
4
1,900
1
24
July
Apr
94
*
Royallte Oil Co Ltd
Royal Typewriter
June
Jan
134
pref......20
Russeks Fifth Ave
4
4
112
Am dep rctsord reg
£1
Rome Cable Corp oom—5
Roosevelt Field Inc
5
conv
Mar
Feb
Jan
4
Rolls Royce Ltd—
61.20
Mar
Apr
14
25
100
RochesterGAE16% pf C100
Root Petroleum Co
Jan
184
124
Jan
200
11
4
4
1
Rossia International
15854
Mar
Mar
Rio Grande Valley Gas Co-
6% pref D
100
Rochester Tel 674 % prf 100
Roeser A Pendleton Inc..*
May
41
•
Voting trust ctfs
Mar
21
500
4
3i«
1
Radiator
June
Apr
5
5
Rice Stix Dry Goods
Jan
7
Apr
1
700
*
Sterchl Bros Stores
12
123
Jan
Apr
Stein (A) A Co oommon.
12
300
Wholesale
Jan
July
9
700
274
*
Richmond
200
14
24
14
24
Reeves (Daniel) oommon.*
Reiter-Foster Oil...—60c
Reliance Elec A Eng'g
134
Mar
5
354
60c
Red Bank Oil Co
Reed Roller Bit Co
134
254
Apr
Feb
»n
*
conv
Jan
Mar
Apr
64
44
108
Railway A Utll Invest A..1
Raymond Concrete Pile—
63
4
584
May
50
June
.
14
1
704
July
219
500
14
100
4154
550
120
Apr
preferred
I tandard
Pow A Lt
Apr
414
54
120
Standard
Standard
Standard
26
394
194
Mar
Mar
preferred-.20
Invest $54 pref*
Oil (Ky)
10
Oil (Neb)
26
Oil (Ohio) oom 26
Jan
1,475
500
14
oonv
Standard
Jan
June
164
24
44 4
70 4
"150
24
.......
Common class B
Preferred...
Standard Products CoStandard Silver Lead
68 4
in"
24
14
Standard Dredging Corp—
Common
1
81.60
July
2J4
3
£1
Standard Brewing Co
*
Standard Cap A Seal oom.l
Conv preferred
10
Mar
1004
107
4
Pyrene Manufacturing.. 10
Common
74
,
10
112
Puget Sound Pulp A Tim.*
Pyle-National Co oom—.6
*
Apr
Jan
•u
-*
common
Jan
5
June
16
Apr
Apr
Jan
4 June
6
reg
5%
1094 1094
564
214
Stahl-Meyer Ino
Feb
300
100
Jan
Jan
in
42
10
704
414
*
Quaker Oats
24
Mar
84
I Pub Utll Seeur 67 pt pf__*
preferred
Mar
10 4
Puget Sound P A L—
66
23
1054 1054
6% prior lien pref...100
7% prior lien pref.._ 100
preferred
Apr
112
67 prior preferred
*
66 preferred
*
Public Servloe of Okla—
65
Mar
Apr
94 4
100
12
102
July
Feb
14
374
25
Southwest Pa Pipe Line. 10
Spalding (A G) & Bros ..*
5% 1st preferred
*
Spanish A Gen Corp—
dep rets ord
Spencer Shoe Co
July
14
..
South Penn OH
Jan
15
16
26
Feb
Apr
844
7% preferred
100
South New Engl Tel—100
Southern Pipe Line
10
Southern Union Gas.
Mar
•is
"168"
171
1
5% original preferred.25
6% preferred B
25
54 % Pref series C
25
Southern Colo Pow ol A-25
Am
Feb
500
200
l
Mar
14
High
94
100
2
1
Preferred A
Southland Royalty Co
Mar
900
66 preferred
*
Public Service of Colorado-
7% 1st preferred
100
Public Service of Indiana—
Jan
Jan
7
34
6
Jan
36
'""806
lie
34
84
54
"3 4
•
124
614
10174
164
14 June
'is
*
Pro
"84
Feb
Feb
3
25
•
84 June
43
May
Apr
Apr
Apr
Apr
May
14
""900
100
Corp
Jan
74
74
1034 1064
4
4
94
10
104
534
Potrero Sugar common—6
Powdrell A Alexander
5
Power Corp of Canada
Apr
Apr
Apr
Apr
July
41
Forglngs
1
A Lake Erie. 50
Prentice-Hall Inc
84
60
Metallurgical 10
Plate Glass..26
Pleasant Valley Wine Co. 1
Plough Ino new com
7.50
Producers
3,100
Postage
84
16
14
100
800
84
16
Sioux City G A E 7% pf 100
Skinner Organ..
new 5
Solar Mfg. Co
i
Apr
800
400
Singer Mfg Co
Singer Mfg Co Ltd—
900
*
15
com... 1
44
24
144
A Paint.
294
11
Loto
Amer dep rots ord reg.£l
Simmons H'ware
Simplicity Pattern
474
2 *A
15
*
105
27
6% 1st preferred
Pratt A Lambert Co
Premier Gold Mining
pref
167
74
Pneumatic ScaJe com
Polaris Mining Co
conv
JaD
34 4
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
$3
294
11
Range Since Jan. 1, 1939
Weel
in
oommon--—*
Simmons-Boardman Pub—
June
44
~~274
Shares
25
Feb
1
Meter
Line stamped
Bllex Co
Apr
Conv $3 pref series A..10
Pierce Governor common.*
Pioneer Gold Mines Ltd—1
Pitts Bees ALE RR
Feb
July
for
of Prices
Low
High
Price
Shreveport El Dorado Pipe
29%
*
Phoenix Securities—
Pltney-Bowes
24
10*
109
Jan
92 J*
Apr
135
*
Common
June
Mar
250
~W%
70
Philadelphia Co common.*
Phillips Packing Co
l,u
2
West's Range
Sale
234
100
553
Sales
Last
Par
15
"~7874 ""78"
♦
Peppered Mfg Co
Apr
54
80
60
Pa Water A Power Co
STOCKS
(Continued)
High
Apr
98
20
oom
4
Friday
Weet
Shares
l
Penn Trattic Co
Pennroad Corp com
Pennsylvania Sugar
of Prices
High
Price
Exchange—Continued—Page
Sales
Weet's Range
Apr
874
Mar
237
4
"l4
4
104
14
Jan
4
200
•is
July
104
100
Mar
14
2,300
974
174
Jan
242
Jan
Mar
Feb
*xi
Jan
1054 May
174
July
July 22,
New York Curb Exchange—Continued—Page 5
554
Sales
Sales
Friday
{Concluded)
Par
Week's Range
for
Sale
of Prices
Week
High
Low
Price
Shares
83%
86%
26
United Specialties oom...l
U S Foil Co class B
J
U S and Inn Securities*
46 %
46
46
Preferred
2%
3%
U 8 Plywood
$1% conv pref
X
"l3~
72
Apr
86 X
July
42
Jan
46%
July
500
4
2%
Apr
4%
Jan
3
Apr
6%
JaD
July
%
Feb
X
1,300
175
of Prices
Low
High
Apr
1%
68
Apr
50
1% May
Jan
16%
27% Mar
12
13
300
10%
Apr
25
25 X
250
21
Feb
Jan
196*
Conv deb 5s
1960
Debenture 6s—
1958
Debenture 6a
1969
Cities Serv P A L 6%s.l962
6%S
1949
Community Pr A Lt 5s '57
Conn Lt A Pr 7« A...1951
Price
1
Range Since Jan. 1, 1939
for
Week's Range
Sale
Par
2,525
2,000
59
58
68
*
1
20
U S Lines pre!
Vt
%
1*
let pref with warr
2%
Last
High
Low
100
United Shoe Macb oom.25
86 %
BONDS
{Continued)
1,1939
Range Since Jan.
Last
STOCKS
66K
rr
77%
75%
76%
75%
77% 397,000
76% 69,000
75%
76%
85
87
85%
Apr
78%
Mar
Apr
77
Mar
31,000
67%
Apr
77
211,000
72%
Jan
87
July
90,000
72%
Jan
86%
July
89,000
74%
Apr
87
Mar
128%
June
131
Feb
109%
Apr
113
June
106%
July
83%
86
1128
131'
Consol Gas El Lt A Power
(Bait) 3%sser N...1971
U S Radiator com
2%
2%
100
2%
Jan
1X
IX
100
1%
Apr
Apr
4%
U S Rubber
2%
Jan
1st ref mtge 3s ser P
%
Jan
Jan
Mar
*ie June
»»
June
1,000
45,000
Consol Gas (Bait City)—
Feb
X
ex
111
111
1
Reclaiming..*
com....*
$7 con* 1st pref
*
United Stores new com 50c
United Verde Extcn—60c
United Wall Paper
2
Universal Censol Oil
10
Universal Corp ▼ t e
1
Universal Insurance
8
Universal Pictures com...l
Universal Products Co.—*
Utah-Idaho Sugar..
6
Utah Pow A Lt *7 pref— *
Utah Radio Products
1
Utility Equities Corp
»
$6.60 priority stock
*
U S Stores Corp
20
he
ht
1
1
IX
500
"u
2%
2%
2%
3,100
1%
14%
MOO
100
575
62
3
Apr
Jan
Apr
May
Oudaby Packing 3%«.1965
Jan
4%
15
9% June
Apr
19
Feb
%
47%
Jan
1
June
Apr
02
July
Jan
""200
1
July
42
Apr
71
72
rM
—
-
"94%
$1052082l06%
65%
65%
94%
94%
106
106
Delaware El Pow 5%«. 1959
%
"~52~
Feb
Edison El 111 (Boat) 3%s 65
110%
Jan
Elec Power A Light 5s.2030
Mar
%
Jan
Elmira Wat Lt A RR 5s '66
Apr
18%
2%
July
100
22
Jan
El Paso Elec 6s A
48 X
50
1952
July
Jan
Empire Dlst El 5s
Apr
30
Jan
Mar
Feb
0%s series A
Erie Lighting 5s
20
1,100
•u
Apr
38%
Jan
8%
5
6X
100
6
200
3%
4X
4X
100
4X
100
Apr
July
5%
Apr
74% May
>%
*
Waitt A Bond class A.—*
May
4%
Apr
53
Mar
1953
1967
Federal Wat Serv 6%s 1954
9
Mar
7%
Feb
9
Feb
74% May
Apr
1%
0% Mar
Tit
...*
1
Wayne Knitting Mills.-6
IX
IX
1X
Walker Mining Co
---
A
Feb
%
Apr
Jan
Wellington Oil Co..—1
Wsntworth Mfg
.1.26
West Texas Utll *6 pre!-*
West Va Coal A Coke.—•
3X
3%
IX
4
200
Apr
Apr
May
Jan
100
Mar
Apr
90
Jan
General Pub Serv 5s-.1953
90
Apr
98
July
Gen Pub Utll 6%s A.1950
92%
76
Apr
93%
July
Jan
3%
♦General Rayon 6s A.1948
73
Feb
Gen Wat Wks A El 5s. 1943
87
Jan
95%
Jan
15
May
10
6%
Jan
1,600
200
7%
100
7
2%
6%
5
14X
14%
2%
7
91%
4.
105%
7%
7%
72
Jan
15,000
2,000
87
Jan
91
Mar
89%
108% 108%
56
1,000
47
Mar
56
47%
3,000
45
Apr
53
43%
43%
1,000
36
50
98
Apr
Apr
103%
July
25
July
29%
July
8
"163""
103
103
Jan
100
July
100
2%
Apr
2%
July
2,100
4%
Apr
8%
Jan
Feb
29%
6,000
2,000
28%
29%
3,000
18%
Jan
9,000
2,000
1,000
2,000
1,000
3,000
94%
101%
101%
Jan
July
102% June
Apr
103%
Jan
Jan
103
Apr
108%
Apr
111% June
8
Jan
Apr
July
28%
July
3
10
82%
Jan
28%
102
102
103%
103% 103%
102
103
1C3
110% 110%
6%
Jan
15%
Mar
166%
67
Apr
May
8%
Mar
66%
1%
Jan
68
109
%
Mar
66
Jan
7%
109%
47%
9
800
Apr
Jan
Jan
Jan
Mar
3,500
107%
72%
Mar
Apr
1
Mar
Jan
May
8%
29
60
5
1
May
May
5,000
12
8
Jan
Apr
65%
Jan
94
65
200
1
58
25%
75
105% May
74% June
64
1,100
8X
*.
67%
64
5
Wright Hargreaves Ltd..*
-
75,000
15
Yukon-Paclflo Mining Co .6
-
50
69
122%
..1963
Glen Alden Coal 4s...1966
Gobel (Adolf) 4%a
1941
Feb
Apr
ioo"
98
93%
81,000
173
77
17,000
92%
93
105% 105% 167,000
73%
74
18,000
97%
89%
7%
"loo"
97%
101% 102% 177,000
Feb
81
Apr
8
July
25,000
17,000
Jan
2
July
98
104%
89
50%
1%
25
Jan
88
Apr
7X
7X
Mar
89%
98
♦Gesfurel 6s
*
Wtllson Products Ino
1
Wisconsin P A L 7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube oom
2
Woodley Petroleum.....!
Woolworth (F W) Ltd—
Amer dep rets
6c
Apr
15
4.
-
-
90,000
89%
Georgia Pow A Lt 5s..1978
Williams Oll-O-Mat Ht-*
4W
July
Georgia Power ref 6s. .1967
June
4%
Apr
1%
Apr
91
99%
Jan
6%
Apr
July
Apr
102%
Jan
ex
108%
81
Jan
June
5%
7%
Jan
Jan
107%
July
99
50
98
116
50%
Apr
1%
300
Co.—*
M m
-
98
103%
95
4%
""300
n'ooc
36,000
91
Jan
July
92
Apr
10
39
43
107% 108%
Jan
11,000
Mar
""ex "ex
Wilson-Jones Co
Apr
99%
99%
X
-
102
8,000
30,000
99
2%
350
Weyenberg Shoe Mfg
1
Wichita River Oil Corp.. 10
May
81% Mar
112% June
104% July
99%
900
13%
12%
«. *
*
Florida Power 4s ser C1966
1,600
32
13X
112%
Apr
102%
Western Maryland By—
7% 1st preferred
100
Western Tablet & Statlony
Common
*
Westmoreland Coal Co.. *
Jan
June
66%
107%
95,000
77%
199% 103
stpd—1961
♦First Bohemian Glass7s'67
8%
IX
3X
66%
Mar
5
86
IX
3X
Feb
Apr
Feb
Gary Electric A Gas—
5s ex-warr stamped. 1944
General Bronxe 0s.... 1940
Jan
6%
2%
2%
I
Jan
1%
Florida Power A Lt 5s.1964
Mar
13
3%
Welsbaum Broe-Brower..1
1%
Apr
Feb
1%
8%
-
9%
Apr
53%
109%
18,000
110% 111
89%
Feb
July
1
200
Banks 6s- 5s
90
Jan
10
Apr
139%
"108X
Jan
July
%
Finland Residential Mtge
Jan
l»i«
Jan
97
%
Eroole Marelil Elec Mfg
28
6X
8%
77%
1950
1
110
nit
X
ui«
108%
Apr
Mar
Mar
*
79
1115
120
104% 104%
1C3
103 %
103%
49 %
106%
62% 130,000
60%
Feb
22
Tool.6
Petroleum—1
Va Pub Berv 7% pref—100
Vogt Manufacturing..—*
Waco Aircraft Co
•
Wagner Baking v t c
•
7% preferred
100
Jan
%
♦Deb 7s
20
Venesuelan
104%
32,000
3,000
5%
%
1%
Jan
%
400
68%
11,000
Aug 1 1952
♦Certificates of deposit
June
2%
1%
IX
May
Apr
Apr
IX
56%
92%
1,000
4%
4%
Mar
%
10%
91%
108%
106%
%
1%
1,300
Jan
3,000
100
2.100
Apr
2,000
800
X
July
79%
-
4%
X
18%
-
4%
IX
ht
-
14%
4%
♦6%s
Aug 1 1952
♦Certificates of deposit
X
17
-
-
Detroit Internet Bridge—
1%
X
72
107% 107%
Denver Gae A Elec 68.1949
X
18
Apr
Jan
IX
he
July
58%
90% 172,000
90%
Mar
2%
54
July
131
16,000
89
107%
Jan
125
5,000
Eastern Gaa A Fuel 4s. 1956
Van Norman Macb
Williams (BO)A
stamped—1943
ds ser A
Contl Gas A El 5s...1958
Mar
96%
131
72
H Cuban Telephone 7%s.'41
Cuban Tobacco 5s
1944
1%
54
1
Western Air Express
Jan
15% May
100
IX
1
51
—
preferred...—.100
Valspar Corp oom
1
ti oonv pref
d
Class B
June
13%
%
%
59 X
60 %
7%
Wahl Co common..
1%
2%
106% 107%
131
1954
Jan
6
common—1
Class B
Apr
Apr
Gen mtge 4%s
"107%
Consol Gas Utll Co¬
12
"fx "fx
'fx
Utility & Ind Corp oom—6
Conv preferred—..—7
lUtil Pow A Lt
1,000
3%
h*
1969
Mar
66
66
86%
85
86%
-
84
Jan
71%
18,000
80%
"86%
High
Low
9
79
79%
Cities Service 5s
1939
8
8
8
30
July
8
July
59
Jan
68
June
60
"
Apr
68
June
107%
Apr
110%
62,000
101%
Jan
105%
May
103%
BONDS
3",000
104% 105%
103
31,000
95%
Apr
104
June
101%
101% 102%
92,000
94%
Apr
94%
23,000
85%
Jan
102% July
94% June
109
"l05%
Bonds
93%
Sold
Indiana
Alabama Power Co—
1040
1st A ref 6s
107
1st A ref 6s....... 1951
1st A ref 68
1966
1st A ref 6s
1968
104X
1st A ref 4 %s
"mx
1967
Amer G A El debt 5S..2028
Am Pow A Lt deb 6S..2016
Amer Radiator 4%s—1947
100%
108%
98%
103%
107
107% $17,000
14,000
104% 105
104
104%
2,000
103
103%
41,000
99% 100% 247,000
108
95
108%
63,000
98% 239,000
102
Jan
107% May
104%
104% 104%
11,000
96%
Apr
104%
July
98
Jan
105%
May
105%
104% 105%
6,000
99%
Apr
105%
June
96
Jan
105
June
101
100% 101%
49,000
85
Apr
101%
87
Jan
103% May
100% July
109%
Jan
98% July
81%
Jan
106% May
83%
Apr
103% July
99
Indiana Servloe 6s
68
1st Hen A ref 5s
68
1963
107
Appalac Power Deb 6s 2024
Ark-Loulslana Gas 4s. 1951
104"
Arkansas Pr A Lt 6s..l956
106
Associated Eleo 4%S—1953
65
Conv deb 5s
..I960
Debenture 6s
1968
Conv deb 6%b__
&ssoc
1977
Jan
Apr
104
June
23,000
9,000
107%
Apr
111
Mar
42%
106
Apr
107%
Mar
45%
Jan
128
July
May
105
Feb
105% 106
63%
23,000
65% 295,000
102
101%
Jan
41%
Jan
42
65%
42
1,000
43% 142,000
Feb
44
44%
46%
30
Jan
44%
43%
29%
Jac
45%
40
Jam
59
79
80%
72%
Jan
50%
T A T deb 6 %s.A'65
Atlantic City Eleo 3 His '64
108% 108%
27,000
1105% 106%
102%
83
106 %
104
89
"moo
Jan
Apr
98
6s without warrantsl947
95
95
Looom
1,000
Apr
95
Feb
95%
85
♦Convertible 6a
1950
107%
1st M 6s series B...1967
6s series C
Bethlehem Steel 6s
..I960
130%
1998
96% 101
107% 107%
125% 125%
128% 130%
147
147
......
Apr
116%
120
Apr
11,000
123
Mar
Jan
July
July
1,000
88,000
140
June
86
Jan
"l"05%
101
103
103
103%
102%
Jan
Canadian Pao Ry 8s._1942
Carolina Pr A L* 6s...1966
Cent Ohio Lt A Pr 6s..I960
101%
101% 101%
97%
Apr
105
—t—
96%
Jan
107
103%
94%
Cent Pow A Lt 1st 58.1956
Cent States Eleo 6e...l948
6%s ex-warrants...1964
Cent States PAL 5%s '53
104%
42
42
70%
70
71%
37,000
101
81
93%
101
105%
Apr
Apr
105
104-%
94%
July
6s series B
July
98
Jan
103%
July
Jan
108
Mar
Apr
106% June
.»
-
-
^
-
105%
*
4,000
-4r
«»
».
—
82,000
May
54%
76%
1965
102% 102%
54%
64%
76%
77
46
Mar
Jan
46%
Jan
71%
180
83%
July
Apr
70%
Jan
55%
78%
72%
Jan
81%
Jan
44
Mar
Mar
47
105% 105%
1125
129
1011JS2l01%
110% 110%
Jan
106%
Mar
Jan
108
Mar
119
•8,000
48,000
128
5,000
6,000
Apr
126
June
103%
May
101% June
4,000
16,000
11,000
106% 106%
"
Apr
102
July
Apr
106%
Jan
102%
July
July
Apr
100%
July
100
Jan
107
Jan
108% July
110% June
89%
101
93%
88%
22%
40
103% 103%
100% 102
103%
Feb
105%
103%
16,000
102% 103%
18,000
95
102%
Jan
Mar
30
Mar
103% June
Jan
105
Feb
July
Jan
102
105%
Jan
107% June
28%
Jan
31%
July
103%
Jan
105%
May
91
Mansfield Mln A Smelt—
131%
1
June
50
105
105
52
105
3
Jan
Jan
Feb
2
Apr
I
98%
52
98
98%
.
8,000
7
89
105%
1,000
105% 106%
3,000
12,000
3,000
3,000
108% 108%
5,000
102^1 1021r
3
5
For footnotes see page 555.
80
Apr
107
72,000
——
July
102%
44%
Jan
Feb
31
Jan
99% 100% 111,000
10,000
107% 107%
Mar
65%
9,000
5,000
July
59%
May
102% 102%
July
Jan
10,000
52%
38
106% 106%
110%
July
Apr
104%
June
102
100% 102
—
I
June
32
105
38
9,000
100
5s aeries I
Lehigh Pow Secur 6s..
98%
Apr
103%
3,000
102%
Lake Sup Dlst Pow 3 H
35
98
*104% 106
1940
104%
McCord Rad A Mfg
Ry 4Hb A
1966
Chic Jot Ry A Union Stook
JvChlc Rye 6s otfs
1927
Cincinnati St Ry 6 His A '62
101%
Jan
106%
July
Chicago A Illinois Midland
Yards 6s
Jan
98%
101%
1st mtge 5s ser H._.19(
May
Cent Power 5s ser D..1957
105% 106
103% 105
94%
93%
7,000
10,000
49,000
19,000
36,000
104% 104%
74,000
42%
41%
63,000
41
42% 125,000
77
23,000
Kentucky Utilities Co—
Mar
105%
Jan
July
91,000
1105% 106%
Jan
July
Broad River Pow 6s..1964
Canada Northern Pr 5i '53
Jan
100%
4,000
103% 104
Jan
110%
125%
130%
148%
81
Jan
Jacksonville Gas—
June
July
69%
July
82
41
55%
40%
44%
82%
79,000
June
50%
1043i« 104%
44%
107%
44,000
106%
Jan
June
IOC
1C1
1106
41
36,000
9,000
99
70%
Jan
105%
40
109% June
100
99% 101
103% 104%
155
Birmingham Eleo 4%sl908
Birmingham Gas 5s...1969
93%
Apr
38%
100,000
May
123,000
98% 100
93%
92%
55
201,000
99% 100%
1104
4 %s series C
100
Mar
46,000
May
Works—
Bell Telep of Canada—
1st M 6s series A...1956
Mar
55%
70
......
193
July
88% June
May
110
54
50%
103%
Avery A Sons (B F)—
5s with warrants... 1947
68
Apr
52%
49%
Mar
94,000
Apr
Apr
68
July
50%
45% 114,000
50%
1,000
49
Apr
1,000
99%
July
Mar
46
42%
July
Apr
1,000
70
June
Jan
July
68%
36%
36%
41%
3,000
50%
100%
27%
99
Apr
International Power Sec—
July
31
July
Jan
50%
108% June
......
106% June
43%
47%
41%
.
10,000
41
42%
45%
99 %
118%
68
81%
37%
106%
1,000
"moo
61,000
35,000
109%
19,000
108% 109%
106% 107
1124
127
104
104%
29,000
68
86
68
99
:
103% 103%l
Atlanta Gas Lt 4HS..1955
Baldwin
67%
81
Associated Gas A El Co—
Conv deb 4His C...194*
Conv deb 4%s
1949
97%
67%
1109
Appalachian Elec Power—
Debentures 4%s.__1948
93%
Feb
Electric Corp—
102% 102%'
Amer Seating 6s stp..l946
1st mtge 4s
103%
87
89
45
95%
92
Mas
Apr
Jan
66
98%
Feb
July
102»ji June
82
A pi
91%
105
July
109%
May
Jar
110%
May
107%
Mar
New York Curb
Volume 149
Friday
BONDS
Last
(Continued)
for
of Prices
Price
Middle States Pet 0%s '45
Midland Valley BR 6s 1043
Milw Gas Light 4%s_.1907
98%
Low
Hioh
98%
Mar
July
58%
93%
97%
May
Apr
Apr
102%
21.000
105%
96%
97
135,000
101% 101% 67,000
102%
82%
Apr
106%
May
88%
Jan
102% June
108%
73%
Apr
110
May
Jan
91
June
Jan
95%
105%
105
Mississippi Power 6S..1956
97
Miss Power A Lt 5s
1957
Mtes River Pow 1st 6s.l961
101%
Missouri Pub Serv 68.1960
88%
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 08 A
2020
95%
109%
88%
88
33.000
3,000
31,000
94%
95%
109% 110%
50,000
104
103
104
37.000
36
2,000
109%
109
110
Deb 5s series B
l*Nat Pub Serv 5s etfs 1978
Nebraska Power 4%s.l981
36
27,000
---
«»«»
82%
109%
7,000
123% 123%
2022
109%
1,000
48,000
82%
98,000
109
81
122
"72%
71
73% 73" 000
73% 107.000
71%
71
"97%
98%
77
98
Jan
Jan
Apr
96
Feb
July
110% June
105
92%
33
107%
115%
99 %
Jan
June
38
111%
Jan
123% June
109% July
Jan
75%
May
Jan
99
~105%
N Y State E A G 4%s 1980
N Y A Westoh'r Ltg 4s 2004
103%
0%s
5%s
50
Nor Oont'l Utli 5%S—1948
Ne Indiana G A E 0S..1952
56
50
98 %
Jan
98
54,000
10
107%
July
Jan
111
July
104 %
July
108
Mar
103
July
86%
109
Mar
Mar
104% June
106% June
113% May
Mar
58
101
47
Jan
107
Mar
5,000
104%
104%
102
Apr
08-
«.«»...•
N'western Pub Serv 6s 1967
Ogden Gas 6s...
1945
-
106% 106%
1961
16,000
3,000
1,000
104%
104
104%
18,000
109
109
109%
9,000
108 %
Ohio Public Serv 48—1902
m
108%
108%
105%
104%
110%
109%
102
101%
*102%
»
•»
«•<*•«»
West Penn Eleo 6s...2030
West Penn Traction 5s '00
West Newspaper Un 0s *44
9,000
108%
108% 21,000
34,000
106
110% 151,000
101%
8,000
104
97%
108
108%
108
104%
103%
98
91%
101%
94
Pacific Ltg A Pow 6s.
"93"
111% 112%
93
104
1971
105
6s series H
Penn Ohio Edison—
22,000
7,000
111% 111%
5,000
302,000
99%
93
|*York Rys Co 5s
111%
89
111%
107% May
57% Mar
Jan
Apr
107
Jan
Apr
106%
Jan
108
May
July
Jan
110%
June
July
108%
July
♦08 ctfs of
June
Mar
109% May
100%
Antioqula
110%
Jan
July
♦7s
ser
Jan
102% June
♦7s
ser
104
♦7s
ser
July
114
May
Apr
94
Apr
July
113%
93
Jan
July
38
June
June
July
1.000
"m%
107% 107%
101% 101%
July
Mar
Apr
92%
Apr
22,000
111%
Apr
113%
Feb
~~77"
106 %
4 Ha series F
1961
Potrero Bug 7s stmpd.
102
97%
26
July
June
76%
77%
105% 106%
109% 109%
0% perpetual certificat
Pub Serv of Oklahoma—
4s series A
1st A ret 6b ser C...1960
1st Are! 4%sserD_1950
9,000
101
June
108
95%
Jan
99
Feb
17%
Jan
22
June
64
Jan
80
May
109%
Jan
39%
Jan
Jan
30
....
20%
Feb
23
155% 156
38,000
Apr
157
108
89%
87%
89% 111,000
95
93
95
*31%
108%
San Joaquin L A P 8s B *52
136%
Scullln Steel 3s.
m
— m-
1951
Shawlnlgan WAP 4%$ '07
1st 4 Hs series D
1970
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 6s. 1957
25
108% 109
*20%
♦Saxon Pub Wks 0s...1937
♦Schulte Real Est 6s..1951
65,000
40
*20%
Safe Harbor Water 4%s '79
f«St L Gas A Coke 68.1947
Soripp (E W) Co 6HS.1943
136
23
136%
*20
50
24% 24%
102% 102%
52%
55
103% 104%
104% 104%
*80%
84
-WW
11,000
June
48
July
♦Maranhao
Mar
Feb
June
92
July
July
63%
Jan
95
July
35
Jan
June
108
June
110
Feb
Feb
21
July
Jan
4,000
100
May
103%
Mar
39,000
48
May
88,000
94%
Jan
103%
109%
109%
103% 103%
109% 109%
109% 109%
54,000
4.000
108%
108%
? 1st A ref mtge 4s..1900 108"M 108w«1082J3i
Sou Counties Gas 4%81968
104
104%
4,000
108«i» July
104%
So'west Pub Serv 6s..1945
ASpalding (A G) 5s... 1989
*+
-
J
m.
14,000
103
July
Jan
Jan
65
Jan
100
Feb
105%
83
112%
105%
Feb
May
52%
Mar
102%
Feb
107%
4,000
104%
Apr
96 %
Jan
27%
21%
16%
16%
July
35 %
Feb
20
Mar
Apr
20
Mar
25
17
Jan
22
Apr
22
14
Apr
20
Mar
10
19
3,000
18%
3,000
Apr
*12
♦7s ctfs of dep
1947
♦0%s ctfs of dep...1947
Mtge Bk of Denmark 6s '72
♦Parana (State) 7s—1958
♦Rio de Janeiro 6KS.1959
Mar
June
Feb
15
June
June
Jan
13
Jan
26 %
July
Jan
26%
Mar
32
26
Apr
20
Apr
5,000
11
June
16
Jan
1,000
9,000
12%
89
June
32
32
86
86
11
12
8%
9
♦Russian Govt 0%s—1919
9
4,000
%
Ti«
1921
#1IS
7i«
52%
tlO%
*10 H
52%
4,000
Mar
Jan
15
Mar
5%
Jan
14%
H
Mar
%
July
»i« June
2,000
♦Santa Fe 7s stamped. 1945
96%
8%
32,000
♦5%s
♦Santiago 7s
—1949
Mar
25%
25%
*24
12
15
16
9
27
*24
12%
13
Jan
Jan
32
*24
*24
12%
May
25%
15
28
*24
♦7s ctfs of dep. May *47
1,000
6%
11%
10
10
12%
14%
15
*13
♦Issue of Oct 1927
1901
♦7s
•
Jan
104% July
Apr ^104% June
Apr
97
July
Jan
108
May
July
58
56,
59
52,000
49
July
59
(stpd)
Conv 6s (stpd)
1948
65
64%
66%
31,000
55
Apr
70
Mar
1948
65
65
66
39,000
54%
Apr
70%
Mar
Debenture 6s
Standard Gas A Elee—
0s
Jan
Apr
85
2,000
47
Feb
Jan
Apr
%
52%
July
13
8%
May
14%
Jan
14 H
8<W
May
14%
Jan
July
39%
81
100
85%
87
106% Mar
111% May
111% May
18,000
4,000
102
Mar
99% June
109%
Feb
2,000
22
Mar
103%
15,000
Feb
Feb
25,000
104% 104%
103% 103%
97
95%
106
Mar
31 %
109%
45
27
June
Jan
43
137% June
22
Jan
45
21% June
3,000
70%
98
19%
Feb
90
18%
*20%
*18%
♦7s ctfs of dep..... 1946
Apr
Mar
Mar
Mar
32
*8%
*8%
14%
♦7s ctfs of dep. Oct '47
♦Mtge Bk of Chile Os.1931
Mtge Bank of Columbia—
May
25%
25%
30
*26%
89%
102%
Jan
Apr
30
*26%
Jan
103%
June
*17
18%
1954
Jan
7,000
July
16%
11%
16%
90
1958
72
6,000
16%
15%
18
*86
1958
7s
70%
Apr
Jan
Mar
June
21%
1,000
19
Mtge Bk of Bogota 78.1947
6%s stamped
July
20%
10
22
15%
*22
♦Medelltn 7s stamped. 1951
♦7s ctfs of dep
1951
105%
May
Feb
Mar
(City) Peru—
94%
83
Sou Indiana Ry 4s
1951
S'western Assoc Tei 6s 1961
8'weetern Lt A Pow 6s 1957
So'west Pow A Lt 08..2022
Lima
108%
134
July
15
*23%
*23%
♦Hanover (City) 7s
1939
♦Hanover (Prov) 0%s_1949
Jan
16%
20
Mar
15%
♦German Con Munlo 7s '47
♦Secured 0s
1947
June
34,000
Ref M 3%s_May 1 I960
Ref M 3%s B.July 1 '00
Feb
21
10,000
May
*12
1963
75%
97%
98%
108% 109%
Southeast PAL 0s
2025
Sou Calif Edison Ltd—
Debenture 3%s
1945
Mar
5s
110
Queens Boro Gas A Elee—
6%s series A
1962
♦Ruhr Gas Corp 0%s.l953
♦Ruhr Housing 0%s._1958
17 %
15
5,000
*12
Danzig Port A Waterways
♦External 0%s
1952
28
92
1,000
94% 150,000
92
56,000
18
32
Jan
93%
90%
Mar
18
8%
20
51
106% 106%
"94%
June
11
*11
♦Issue of May 1927
1900
Puget Bound P A L 6 %a '49
13%
Mar
*11
Apr
140
Jnne
11
♦6%s ctfs of dep...1959
Danish 5%s
1956
♦0 %s ctfs of dep
155%
13%
18
July
34,000
July
June
15
July
Feb
105%
June
100
108%
*19
Jan
14
100%
100%
♦Prussian Electric 0S..1954
Public Service of N J—
Mar
12%
*22
80
1,000
24%
June
♦0s ctfs of dep..July '01
6,000
48
103% 103%
Jan
14
♦0s ctfs of dep-.Oct '01
Cundinamarca (Dept of)
3,000
48
PowerCorp(Can)4 %sB
24%
18
Jan
Apr
22,000
Apr
18
Jan
76
23,000
Jan
27
18
105
38
•MX**.
28%
Jan
30
108%
2.000
15,000
Feb
*11
♦0s series A......1962
Columbia (Republlo of)—
91%
97
25%
Jan
July
*11
♦Prov Banks 6s B..1951
Mar
36,000
52,000
*18
94%
20
Mar
99% 100
99% 100%
112% 113%
101
94
Apr
30
*11
June
99%
100%
112%
102
Apr
86 %
30
20
108
Jan
105%
Pittsburgh Steel 0s..
♦Pomeranian Elee 0s.
87
26
27
20
June
6,000
45%
1,000
Jan
Mar
106 %
Jan
100 % May
106
June
30
20
108
10,000
"45%
26%
*11
109%
106%
80
June
Jan
102 %
9,000
19,000
♦Caldas 7%s ctfs of dep.'46
♦Cauca Valley 7s
1948
100%
106
44
June
63
*12
1951
Jan
106%
0s.
♦Baden 7s
Jan
105%
101%
80
100 %
115%
June
12,000
94%
♦Bogota (City) 8s otfs.1945
Bogota (see Mtge Bank of;
July
Peoples Gas L A Coke—
1981
Jan
Jan
Apr
105%
94
Feb
31%
*12
•7s ctfs of dep. ....1948
106% May
100%
91%
105%
50
July
June
*12
*12
♦7%s ctfs of dep...1946
Cent Bk of German State A
2,000
104
July
*24
♦7s 2d ser ctfs of dep.'67
♦7s 3d ser ctfs of dep.'67
107%
8,000
June
*24
C ctfs of dep. 1945
105
26,000
July
99%
100
110 %
el'ooo
26%
D ctfs of dep. 1945
♦7s 1st ser ctfs of dep.'67
Jan
106%
July
95%
100 %
*26 %
*24
ser
Mar
97
105%
82
Apr
Apr
i3"666
*24
A ctfs of dep. 1945
B ctfs of dep. 1945
Jan
Jan
106
Apr
lumbia—
Apr
98
106% 107
58%
94
dep...Apr *48
(Dept of) Co¬
100%
104%
105
3,000
118
94
♦7s ctfs of dep. Jan '47
♦08 ctfs of dep...Aug '47
Jan
'106%
105%
July
68 %
81%
105% 105%
94
♦20-year 7s
104%
Jan
17,000
"s'ooo
118
105%
105
♦7sctfsof dep. Apr '46
Jan 1947
Feb
Apr
Jan
42,000
104»»
*105% 107%
Agricultural Mtge Bk (Coll
♦20-year 7s
Apr 1946
91
105
112
Jan
112
AND MUNICIPALITIES—
32
105
57
17
35,000
FOREIGN GOVERNMENT
108%
76
106% 106%
.1961
58%
June
1,000
38
%
16
1937
1947
118
*109%
104 %
105 %
*115 %
Wise Pow A Lt 4s
1900
Yadkin River Power 5s '41
99% 100% 136,000
12,000
103% 104
38
"loo"
94
16
Wheeling Elee Co 5s-.1941
♦7s
111%
Coal
1954
Wash Ry A Eleo 48—1951
If Wash Water Power 6s.'60
Pacific Gas A Elee Co—
Pittsburgh
1946
Waldorf-Astoria Hotel—
105% May
104%
June
Jan
2,000
104
91%
87
12,000
105% 105%
105% 105%
July
82
10,000
105%
Apr
July
July
16,000
55%
56%
107% 107%
105%
78 %
80%
86
108%
50,000
13,000
104
N'western Elee 0e stmpd'45
Apr
Apr
Mar
94
105% 105%
1900
72
93
100% May
May
38,000
68
104%
97
100% 100%
104
"89"
7,000
June
94
Feb
Apr
52,000
July
28 %
98%.
May
Utah Pow A Lt 6s A..2022
4KB
1944
Va Pub Serv 5%s A..1940
1st ref 58 series B...1950
Stamped 5s
95%
32,000
108 %
88% 89 %
28%
Apr
Apr
Apr
Jan
80 %
86
108
Jan
Mar
89 %
July
4,000
23
51,000
June
50%
67666
99%
98%
97%
50
28 %
52
98%
99%
Jan
Apr
99
109%
Jan
Jan
40%
26 %
~
15,000
Jan
104%
112%
86
116%
35
91
Apr
1,000
80
*28 %
28%
79 %
84%
5,000
1,000
43 %
3,000
Apr
1,000
119
41.000
90
105
Jan
July
31
99 %
87%
113
July
52%
119%
14,000
82
107%
50,000
64%
63,000
41
95 %
109% 109% 14,000
96%
97% 111,000
98%
99
60,000
103% 103%
Jan
Apr
64%
99
July
Jan
June
94
54%
Jan
July
99%
82
73%
99
112%
Jan
95 %
99 %
Jan
79
28%
1959
Un Lt A Rys (Del) 5%s '52
United Lt A Rys (Me)—
.an
82
Northern Indiana P S—
4s series D_.__.
1974
99%
86 %
63%
43 %
107% June
4,000
50 %
119
High
Jan
11,000
98 %
40 %
Conv 0s 4th stamp. 1950
United Eleo N J 4s...1949
United El Serv 7s
1950
♦United Industrial 6 Kb '41
♦1st s f 6s
1945
United Lt A Pow 0a...1975
Low
103
117
73% 127,000
105% May
'_98%
11,000
118
July
105
Nippon El Pow 0%s._1953
No Amer Lt A Power—
5%s series A...
1950
No Boston Ltg Prop3 %s'47
4s series B
2022
100% 107
112% 112%
1973
July
81%
83% 25,000
105% 107% 158,000
100%
Range Since Jan. 1, 1939
$
1952
73%
99%
89%
Week
High
0s series A
73%
5,000
for
of Prices
0s series A
Jan
28,000
Week's Range
Low
Mar
Jan
102% 103
98
99%
Price
July
89%
122
54
113
1964
Penn Electric 4s F
series A
TIeta (L) see Leonard
Twin City Rap Tr 6%s '62
men Co—
♦5s Income deb
New York Penn A Ohio—
♦Ext 4Mb stamped.l95C
N Y P A L Corp 1st 4%s'07
Okla Nat Gas 4%s
0s
Tide Water Power 6s.. 1979
May
55
70%
New Orleans Pub Serv—
6s series C
Texas Power A Lt 5s..1956
Apr
Jan
118%
125
71%
6s.
Debenture 6s
Mar
7,000
62,000
102% 102%
New Eng Power 3%s.l961
New Eng Pow Assn 5s.1948
Debenture 5%s
1954
66%
101%
63
101
62%
100
Neisner Bros Realty 0s '48
Nevada-Calif Elee 5s. 1950
July
109
62%
1956
0s series A
99%
555
Sales
Sale
Par
Jan
101
Last
High
93%
102 %
BONDS
(<Concluded)
Low
14,000
99%
1078
Minn PAL 4%s
1st A ref 5s
Range Since Jan. 1, 1939
$
6
Friday
Weelc
Sale
Par
Exchange—Concluded—Page
Sales
Week's Range
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¬
cluded in year's range,
x
Ex-dividend.
* Friday's bid and asked price.
♦
No sales were transacted during current week.
Bonds being traded flat.
5 Reported in receivership.
Tf 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.
1951
65%
65%
66%
61,000
55
Apr
70%
Mar
Memphis Pow. A Lt. 5s 1948, July 27tit 102.
Debenture 6s .Dec 11906
66%
65
66%
30,000
54
Apr
70
Mar
Southern Calif Edison 4s 1960, Sept. 1 at 108%.
6s gold debs
64
64
65%
9,000
54
Apr
69%
Mar
99%
64%
99%
66%
1,000
87
Jan
99%
July
65%
32,000
53%
Apr
70%
Mar
19
20%
21,000
18
1957
Standard Investg 6%s 1939
Standard Pow A Lt 0S.1967
♦Starrett Corp Ine 5s. 1960
Stinnes (Hugo) Corp—
2d stamped 4s
1940
2d stamped 4s
1946
Tennessee Elee Pow 6s 1950
Tern! Hydro-El 0%s..l963
Texas Elee Service 5s. 1900
July
51
"35"
51%
50
Apr
35
36%
10,000
34
Apr
100% 100%
39
41%
13,000
88%
Jan
3,000
100%
24,000
38%
Apr
103%
103% 103%
65,000
97
Apr
35
Jan
04
Mar
50
Washington Water Power 5s 1960, Aug. 1 at 104%.
e
53%
Jan
Under-the-rule sales transacted during the current week and not Included in
weekly or yearly range:
No sales.
Feb
104% May
or
No Sales.
V
Jan
100%
Cash sales transacted during the current week and not Ihcluded In weekly
yearly range:
t
Deferred delivery sales transacted during the current week and not
included
In weekly or yearly range:
No sales.
Abbreviations Used Above—"cod", certificates of
deposit; "cons," consolidated;
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock;
"v t c," voting trust certificates; "w
1," when issued* "w w." with warrants: "x-w"
without warrants
The Commercial &
556
July 22, 1939
Financial Chronicle
Other Stock Exchanges
Baltimore Stock
July 15 to July 21, both
Exchange
Week's Range
for
Hale
of Prices
Low
High
Week
Price,
1.35
100
Sugar Assoc com. 1
1.35
737
—1
14%
Panl H.Davis &©o.
Mar
Apr
16
Apr
22%
71
Jan
120
113
116
May
4%
1.20
4
535
50
4
Apr
12%
73
Apr
6% May
15% May
July
Last
Week's Range
for
Apr
35%
10%
Jan
Sale
of Prices
Low
High
Week
89
9%
20
9%
21%
125
9%
July
10
Apr
835
16%
Apr
22
June
21
21%
Houston Oil preferred—25
Mar Tex Oil
50c
60c
55c
55c
29%
9% June
*
Mar
100
50c June
1.40
Jan
50c June
1,600
Mar Tex Oil com cl A
1
1
Merch A Miners Transp..*
1.40
Jan
(Continued)
Stocks
Price
Par
162% 168
Amer Tel A Tel Co cap.100
4
5
Armour A Co common
1
Asbestos Mfg Co com
1
Athey Truss Wheel cap. ..4
Aviation Corp (Del)
3
4%
A Trans C cap.l
2%
Aro Equipment com
13
13
14
12
13
Jan
28%
July
28 H
pref25
Wood Mills pf 100
Monon WPennP87 %
28%
35%
13%
28%
40
25
Jan
28%
July
66
35
June
45
Mar
14%
1,898
10%
Apr
14%
July
Aviation
1.45
1.50
2,050
1.00
Feb
1.50
July
83%
Jan
88%
Mar
37
4%
9%
Bastian-Blesslng Co com.*
37
Range Since Jan. 1, 1939
129%
9%
5
Sales
Friday
Apr
112
9%
We
CHICAGO
June
31%
31
Finance Co of Am A com .5
La Salle St.,
S.
10
June
121%
Municipal Dept. CGO. 521
Trading Dept. OGO. 405-406
Jan
Jan
81
Principal Exchanges
Bell System Teletype
a
Jan
2.10
3
Members
Jan
65c
74
14%
14%
126% 128%
W
20
Fidelity A Guar lire Cor 10
Mt Vern
June
25c
18
119
Fidelity A Deposit
Class B_...
338
80
1.35
119%
Preferred
27c
Apr
24%
31%
18
pref B
Eastern
17
10
Apr
78%
*
Consol Gas EL & row—*
4 %%
20
High
Low
20%
1,058
25c
25c
.-*
22
20
Bait Transit Co com v t c- *
1st pref vtc
Shares
21
*
Atlantic Coast Line com.50
Arundel Corp
Black & Decker com
Unlisted
Range Since Jan. 1, 1939
Last
Par
SECURITIES
Listed and
Sales
Friday
Stocks—
CHICAGO
inclusive, compiled from official sales lists
1,167
2,450
150
9
High
Low
Shares
Apr
147%
3% May
7% June
July
4
%
3%
1,050
50
2%
Apr
4%
3%
%
2,600
3%
July
170%
Mar
6%
Jan
Jan
10%
Jan
1
3%
June
"V.50
Jan
8%
Jan
4
1
Northern Central Ry—50
North Amer Oil Co com..
85%
85%
24
Penna Water A Power com*
79
79%
55
73
Jan
84
Cf Mar
Real Estate Trust Co.. 100
65
65
7
65
July
65
July
85 %
H Fidelity
21%
* Guar
22%
2,363
33
22H
...2
Western National Bank.20
»'
33%
40
Apr
23%
Mar
Jan
16%
31
33%
Mar
2%
300
2
Apr
16%
700
10
Apr
9%
5%
1,500
1,500
1
4%
26%
10%
4%
6,690
100
7%
2%
Apr
5%
Jan
Bliss A Laughiin Inc com.5
New Amsterd'm Casualty 6
18%
19%
700
13%
Apr
20%
Mar
23%
26%
5,075
20
Apr
32
Jan
21%
21%
50
17
Jan
22
June
8%
10
•
5
5
Aviation com
5
26
25
Co
1
10%
10
Belden Mfg
Co com
Belmont Radio Corp
Bendlx
Berth off Brewing
Binks Mfg Co cap
Bait Transit 4s flat..-1975
26 %
24%
26%
July
30%
28%
26% $40,000
22,500
30%
Apr
1976
86
3,000
22% Apr
83% May
30%
86%
July
84
102% 103
2,000
96
A 6s flat
1975
B 5s flat
102%
Finance Co of Amer 4%'47
19%
Jan
Mar
103
July
26%
6
(New) common
Brach A Sons cap
16 to July 21, both
1,000
Apr
Apr
6%
Jan
Apr
29%
Jan
Jan
10% May
Sales
Friday
Last
Price
Par
Stocks—
of Prices
Low
High
"~7%
6% conv preferred
30
Campbell W&CanFdy cap*
22%
Shares
High
Low
Jan
3%
Mar
2
7
7%
4,100
6
Apr
21%
22%
300
18%
13
175
9%
"75"
73%
76%
1,010
5%
Jan
9
Apr
Apr
23%
Mar
16%
Jan
64%
Apr
76%
%
%
4
May
Apr
July
Central Illinois Secur—
Common...
W C6A
17%
9%
250
200
10
Cent 111 Pub Ser $0 pref.
Range Since Jan. 1,1939
for
Week's Range
Bale
7%
Apr
5
400
2
10%
Jan
Apr
June
350
11
11%
11
5
Butler Brothers
inclusive, compiled from official sales lists
Jan
6%
2
5%
1
Common
Burd Piston Ring com—1
Exchange
July
Brown Fence A Wire—
Bruce Co (E T) com
Boston Stock
16%
11%
4%
16%
Borg Warner Corp—
Bonds-
July
2%
16
1
5%
Convertible preferred..*
300
6
Jan
?
6
Feb
Central S W—
1%
50
0% no cum pref..
165%
100
Amer Tel A Tel
100
1 %
Jan
2
May
Preferred
2,738
147%
Apr
170
Mar
Prior lien
%
11%
May
1 %
Mar
Chain Belt Co
July
11%
July
Associated Gas A Elec A..1
%
»u
87
*
11%
11%
100
Bird & Son Inc
Boston Edison Co
Elevated
Boston
76
100
100
100
Boston A Albany
150
Prior
89%
Feb
150% June
preferred
56
Mar
16
Apr
19
Jan
Chicago Rys pt ctfs I
Chicago Towel—
Mar
Common capital
Chicago Yellow Cab
*
17%
876
33
1%
7%
8
Boston A Providence
13%
15%
71
9
25
5%
25
6
4%
76
4
237
4%
3%
100
Range
Mar
3%
Mar
1%
10% May
268
13%
2%
11%
Jan
6
142
July
Jan
1%
160
13
May
14
June
23
Jan
Apr
8%
Jan
Apr
5%
Jan
100
preferred
17%
100
4%% prior pref
6%
1
1%
8%
188
18
8
1
Apr
375
1%
17
16
June
120
8%
......
Preferred B
19%
6%
July
Feb
Jan
9%
Jan
Apr
84%
Mar
650
5%
July
9%
Feb
18,100
25%
Apr
30%
July
11
12
6
850
9
Apr
15%
t-Jan
4%
5
750
4% June
7%
7%
909
7
Apr
6%
9%
Mar
|Jan
12%
Jan
2
2%
170
1%
May
2%
July
%
Jan
77
Mar
26
Mar
7%
Mar
Co
25
com
Apr
32%
7
6%
Apr
Jan
Dayton Rubber Mfg com.*
1%
Jan
2% June
Deep Rock Oil
1%
Jan
7%
16%
29%
Jan
19%
37% " Jan
4%
233
170
23%
25%
25%
54%
55
17
17
350
15%
16
300
9
30
24%
5%
11%
24%
Decker (Alf) & Cohn com 10
60c June
Jan
4% May
9%
Apr
16%
Apr
260
30
50
23
430
July
Jan
Jan
Jan
8
80
'
10%
V. t c pt sh pref
50
Container Corp of A com 20
Continental Steel com
*
Crane
1%
1
*
Apr
*~6%
12
6
6%
285
6%
2
2
Jan
Mar
30
"
180
26c
Jan
16
16
16
24
13%
Jan
16
July
100
16%
16%
16%
10
10
Apr
18
Jan
Mass Utilities Assoc vtc.l
2%
2%
2%
20
395
2
Jan
80
17
Mar
2% June
22%
Jan
60c
Loew'sTheatres(Boston) 25
50c
Cudahy Packing Co pref 100
"17
CunnlnghamDrugStores2%
pref..*
conv
Deere A Co com
»
Assn
El Assn pref *
118%
5
1%
925
1%
'29%
4%
National Tunnel & Mines. *
New England Tel A Tel 100
29%
25
119%
575
%
176
4%
117
%
100
2.50
2
com
""37c
33c
75
37c
2,450
5% June
3%
Jan
1%
July
2
Jan
Jan
31
Mar
15
103%
Apr
% *June
30o
July
119%
1%
July
Jan
1.00
Jan
20
25c
*
19%
Reece Button Hole MachlO
"io%
25c
10%
Ctfs of dep
*
11%
83
17%
16%
19%
16%
1,069
10%
10%
655
Stone A Webster....
*
11
*
28%
27%
United Shoe Mach Corp. 25
85%
83%
28%
86%
45
100
10
1%
17
May
17%
30
Mar
Jan
30
Jan
23%
Mar
Apr
5%
May
5% June
9%
Jan
Feb
Jan
30
19%
21
5
5%
00
"6%
6%
6%
300
9%
4
10
10%
250
*
32
32
100
31
July
100
6
Apr
Dodge Mfg Corp com
*
Eddy Paper Corp (The)..*
7%
Elec Household Utll cap. 5
Elgin Natl Watch Co ...15
"3%
Fairbanks-Morse
25
"72c
72c
2
Fox
Jan
Fuller Mfg Co com
Jan
17
June
Apr
11
Mar
(Peter) Brewing
"47%
17%
Jan
28%
Mar
Apr
86%
July
General Motors Corp
10
Gillette Safety Razor pref *
41%
Apr
46
July
50c
Apr
85c May
2
Jan
Goodyear T A Rub com..*
Jan
Gossard Co (H W) com
*
Great Lakes D A D com..*
25
1%
35
69%
Jan
118
5%
Apr
7%
Feb
Hall
1%
Mar
3%
Jan
Helleman Brew Co G cap. 1
Heln Werner Lite Pts
3
2
6%
2%
220
84
'July
Printing Co
Borders Inc
Bonds—
90%
92
1948
94
95%
Series C 6s
1948
103
194
99
80
Apr
94
[June
10,100
80
Apr
96
June
4,000
92
Feb
103
100
91
Jan
102
"i July
'July
103
Series D 6s
$10,000
99
com
10
14%
Feb
2%
17%
Apr
100
Apr
22%
80
24%
Apr
43%
Jan
Mar
4
Apr
3
Apr
4%
150
10
Jan
Mar
Jan
■
14%
350
May
50
10%
15
Mar
2%
14%
2%
14%
350
11%
Apr
2% July
14% June
53%
60
40%
Apr
60
3%
500
1%
36%
Apr
519
3
900
2
Jan
47
Jan
45
48%
2,463
37%
Apr
6%
75
5%
Apr
Apr
51%
8%
100
11%
"31%
12
29%
31%
1,224
250
10
21%
9
12
25%
2,500
18%
12%
14%
1,465
8%
Apr
Apr
550
6%
Jan
""8%
8%
8%
7
Apr
Jau
Jan
12
July
Feb
14% June
9
9%
Mar
May
10
12
.....
150
Jan
27%
11%
24%
8%
Mar
37%
14%
9
July
13%
Apr
Apr
"25%
13%
Jan
July
3%
47
6%
*
com
Houdallle-Hershey cl B_.
Hubbell Harvey Inc com. 5
Hupp Motors com
1
13%
3%
14%
19% June
150
1,600
45%
Goldblatt Bros Inc com..*
600
3%
May
52%
"2%
3
Apr
3%
21%
33%
14
General Finance Corp coml
General Foods com
*
Feb
84
Series B 5s
3%
5
8%
2%
Eastern Mass St Ry—
Series A 4%s
1948
com.
...1
Gardner Denver Co com.. *
General Amer Transp com5
22%
6%
Waldorf System
Warren Bros
Jan
55
75c
84
Venezuela Holding Corp..l
Vt «fe Mass Ry Co
100
80c
14%
24%
7%
17%
3
21%
31%
13%
Fitz Simons & C D A D cm*
Apr
7%
17
*
com
71%
1,309
;
Jan
8%
918
46
12%
8%
July
12%
35%
Feb
14
Mar
10
30
*
Mar
20c June
9%
15%
Jan
July
3%
15%
30
400
Apr
Apr
12%
Common
2,231
12%
Torrlngton Co (The)
Utah Metal A Tunnel Co.l
150
Mar
May
Dixie-Vortex Co—
Four-Wheel Drive Auto. 10
Old Colony RR—
50
2%
73
Apr
50
20%
5
Diamond T Mot Car
2%
20
Class A
18%
*
1
15%
35
Dexter Co (The) com
Maine Cen—
6% cum pref
72
5
53%
12
27%
5%
6
*
Shawmut Assn TC
July
200
30%
143
23%
*
RR
Jan
%
July
Jan
Mar
1
900
5%
30%
ClassB
Pennsylvania
Mar
78%
Apr
9
29%
com
Cumul class A pref
Pacific Mills Co
67%
►Jan
83
5%
30%
Class A
Butte
July
2%
Jan
%
%
10
71
71
75%
30%
24
*
N YNHAHRR
210
19
38%
7%
Feb
Hathaway Bakeries—
Inc
%
25
capital
Apr
*
N Eng Gas A
62
37
10
(New) common
New
18%
*
Narragansett Racing
650
%
Jan
Apr
June
i%
Commonwealth Edison-
489
*
Mergenthaler Linotype
72%
15
Cities Service Co—
24
Employers Group
5% cum pref..
33
150
4%
15
4% June
71
"82%
Chrysler Corp common. .5
4%
General Capital Corp
Razor
500
9
22%
Gilchrist & Co...
Gillette Safety
5,000
July
1
60
20
4%
1%
34%
%
%
*
*
Common
19
1%
33%
Jan
July
Consolidated Oil Corp...*
Consumers CoclA
50
90
68
18
1%
55%
110
Consol Biscuit
275
65%
16%
66%
100
Jan
Jan
Eastern 88 Lines—
North
Chic Flexible Shaft oom._5
Common pt shares B
100
Jan
100
4,600
Jan
Eastern Mass St Ry—
1st preferred.
45
40
Chic & N'west Ry com. 100
Compressed Ind Gases caps
1
170
1%
25
East Gas A Fuel Assn—
Common
34%
Apr
55
110
1%
100
46%
Class A 1st pref std.. 100
Calumet A Hecla
*
Preferred
Jan
1
54
70
"18
1%
Apr
45%
1%
7%
100
*
com
38%
115
Boston Personal Prop Tr_*
Copper
70% May
54
*
preferred...
443 zl27
—
(stamped) .100
Common
1,121
77
150
17%
46%
Boston Herald Traveler..*
Boston A Maine
75%
145
1%
Chicago Corp common..
1%
163% 168
107
—1
Common
American Pneumatic Ser
12
12
13%
10%
Apr
13
1,050
8%
Apr
17%
Jan
Feb
Feb
11
11
1
100
9%
May
12%
350
1
June
2%
Jan
200
4
Apr
6%
Jan
890
9%
Apr
20%
June
22%
10
4%
100
13%
4%
11%
1%
4%
13%
Indep Pneum Tool vtc..*
18%
17%
18%
450
16%
2%
140
80%
182
2% June
66%
Apr
94%
Apr
66
Mar
July
15% 'June
13
July
Illinois Brick Co
Illinois Central RR
com
Indiana Steel Prod com
Inland Steel Co cap
Chicago Stock Exchange
July 15 to July 21, both inclusive, compiled from official sales lists
Sales
Friday
.
*'
P
r
Last
tot*
m
'
1 ■ jn w
Stocks—
Sale
Par
Price
Range Since Jan. 1,
Week's Range
for
of Prices
1939*
Week
Low
High
1
*
2%
75%
International Harvest com*
56%
60
308
49%
2,350
10%
Jar vis (W B) Co cap
New com
Jefferson Electric Co
Katz Drug Co com
Low
Shares
__l
13
12
13
*
18
18
18
com.
8
Preferred
*
Adams Oil & Gas com
62%
38%
6
37
6
392
64%
38%
160
200
6
53%
31%
5%
Apr
Apr
July
Jan
Kentucky Utll Jr cum pf.50
6% preferred
100
9%
Jan
Keryln Oil cl A
64%
43
Mar
'
Aetna Ball Bearing com_.l
9%
8%
Allied Laboratories com..*
16%
14%
10
8
ARfe-Cbalmere Mfg Co...*
34
100
83
Allied Products com
Ww footnotes see page 559.
9%
16%
8
38%
83%
com
6
Apr
9%
July
11
Apr
10%
July
50
5
Apr
8%
Jan
Llbby McNeill A Llbby..*
47%
Jan
85% June
Lincoln Printing Co com.*
770
50
28%
Apr
69
Jan
Leath A Co
com
$3% preferred
1,550
5
Feb
30
Jan
19%
Jan
5%
July
8% July
92% May
74
Mar
8
200
6
Apr
410
29
Jan
43
94
94
20
69%
Jan
3%
250
2%
Apr
94% June
4
Apr
%
200
3%
8%
Mar
July
%
Apr
3
3%
200
2%
Apr
%
Jan
3% June
4%
5%
450
4
Apr
6%
2%
3
450
2
Mar
5%
Jan
27%
28
50
25
June
32%
Mar
%
Kingsbury Brewing cap__l
800
Apr
Jan
Jan
43
8
42%
5
1,050
3%
5%
8%
Jan
.
41%
92
100
Ken-Rad Tube A Lp cm A*
Common (new)..___._*
Acme Steel Co com
25
400
1,300
92
4%
1
Kellogg Switchboard com.*
High
Abbott Laboratories—
Amer Pub Sendee pref.
1
4
*
5%
Jan
Volume
149
The Commercial & Financial Chronicle
Friday
Last
Week's Range
of Prices
Sale
Stocks
(Concluded)
Par
Price
Low
High
for
Lion Oil Ref Co
com
*
Liquid Carbonic
com
256
256
Low
*
McCord Rad 6c Mfg A
1356
mmmmmm
Class A
30
5
Stocks
11
100
56
256
Apr
20
Jan
1836
Apr
1056 May
1656
■
56
100
36
Apr
36
Jan
14,000
936
Apr
1556
July
com
J
_
Prior preferred
4
456
*
456
2656
800
2656
356
Middle West Corp cap...5
Midland United—
800
8
956
25,300
256
956
356
600
1
7
7
256
556
Feb
Procter & Gamble
456
Jan
Jan
Apr
956
July
June
556
Mar
450
56
Jan
756 July
156 June
100
36
56
Feb
736
Jan
156
2
Jan
3
756
Jan
1156
3
3
1,200
10
Feb
1856
1856
350
16
Apr
22
5556
5156
5556
1,414
4056
Apr
61
0256
270
4156
Mar
5556
6236
856
300
6
Apr
856
1356
Apr
1536
Jan
Jan
656
June
36
Apr
Apr
1
1936
1656
256
656
Apr
27
3
1156
—■mm
1356
mm" mm
m m
mm
350
5
m
m
Penn RR capital..
18
Apr
936
1456
Jan
2056
Jan
55
20
Feb
20
10
Feb
1056 June
31)
18
Jan
20
56
56
5956
1
56
25
6036
1,112
*
1
222
256
156
48
mmmrnmrn
mmmmmm
99
656
10
2
956
Mar
256
756
2756
90
156
Apr
July
Feb
256
July
216
105
38
July
1
5056
7
856
8
37
56
3
222
256
8
mmmmrnm
100
3
Jan
6036
July
230
July
June
356
Jan
Mar
12
Apr
Jan
1
38
July
July
Feb
2
656
9
456
Apr
636
June
956
460
6
Apr
956
July
46
73
Feb
92
9056
92
July
Serrick Corp class B
mm'mm" «-
1856
260
11
1356
20
Feb
1256
56
1256
56
80
12
Feb
14
100
1856
1956
387
56
Apr
1556 May
37
3756
347
3036
m
m f
mm
1956
mrnm.mmm
456
m
456
56
56
1056
50
56
956
36
600
120
12156
280
154
mm
"56
"12056
"""56
56
156
156
10
10
156
2856
m'm-mrnmm
56
856
100
50
180
56
Apr
156
1156
156
2£0
31
300
50
840
Jan
Jan
Jan
Jan
Jan
56
123
Mar
157
Jan
56
Jan
2
Jan
1156
2t6
3236
156 May
2256 Apr
July
Jan
Mar
856
8056
150
736
Apr
10
Mar
7756
1,534
6056
Apr
8056
July
156
79
156
200
156
July
mmmmmm
Last
3
Jan
Par
Allen Electric
Common
*
1356
12
*
com.
1056
1856
1856
So Bend Lathe Wks cap..5
South Colo Pow A com..25
1
Southwest G & E7% prf 100
Spiegel Inc com
2
Standard DredgeCommon
1356
1056
1856
1
108J6
150
10
100
1
156
156
8
Apr
1556
856 May
1656 Apr
40
1
104
Jan
645
Mar
Mar
156
10
156
1056
200
9
Apr
73
72
73
100
65
May
450
Jan
10856 iJuly
1656 Mar
936 June
mm-mmm
Jan
1056
20
July
30
10856 10856
1156
1256
1256
1
Convertible preferred .20
St Louis Natl Stkyds cap.*
Standard Oil of Ind
25
1056
156 June
256
1356
Feb
75
Feb
Jan
2456
256
2556
256
1,029
Apr
2956
Jan
Apr
mmmmmm
756
460
7
Apr
Sunstrand Mach Tool com5
rnmmmmm
856
856
836
256
1256
Mar
5
250
7
Apr
1056
Mar
July
2856
Feb
17
Apr
3
Mar
1
com
S tewar t-W arner
15
rn.mmm"m
mmmmm-
Union Carb & Carbon cap *
United Air Lines Tr cap.5
U S Gypsum Co com...20
m
m'mm'm
m
1136
Apr
1956
356
1556
July
8456
1256
940
66
Apr
9036
Jan
Apr
Apr
Apr
1336
Mar
156
11
300
11
m
400
1556
78
1556
356
1456
1756
2756
256
6
56
7
156
*
mmmmmrn
com
Preferred
*
Cumul prior pref.;
*
156
1656
39
mm--*-
*
common
2256
Western Un Teleg com. 100
W'house El & Mfg com..50
Wleboldt Stores Inc com.*
Jan
2656
1756
356
mm
mmmm mm
com *
Common
2356
256
9456
mm'm
25
Thompson (JR) com....25
Trane Co (The) com
2
800
mmm
2256
2356
m.mrn
102
90
mmmmmm
"456
2
756
9456
5
7756
256
2,850
156
56
156
1656
3956
23
200
Jan
Jan
Jan
11236
236 June
56
156
Jan
56
Feb
100
Apr
156
Feb
20
15 56
Jan
50
3836
Apr
Apr
Apr
1,365
1556
2656
10856
745
1636
8356
656
100
215
90
10
8056
July
2356
July
2656
July
11936
Apr
July
6
Feb
1856
3956
Jan
10
90
Jan
Mar
May
456
456
650
356
Apr
556
Jan
356
4
Wrigley (Wm Jr) cap.'
*
Zenith Radio Corp com..*
1,900
2456
1,360
656
mmmmrnm
Wisconsin Bankshrs com.*
18
289
4
400
3
Apr
536
Jan
8356
82
8556
350
2056
1856
2056
7,050
7456
Apr
8536 'July
12
Apr
22 56
Jan
Price
Auto City Brew com
Atlas Forge
1
Baldwin Rubber
1
com
Bower Roller
12156 12156
$3,000
105
Apr
12156
July
25c
200
"~6%
29
23
2,829
5
Apr
29
600
21
Apr
29
2356
4,475
17
Apr
3136
Jan
1456
629
1136
Apr
98c
475
1836
136
8436
Mar
83
1636
July
80c June
82
83
1656
256
256
1656
200
256
405
256
100
236 June
2
Apr
50C
Crowley Milner com
Consumers Steel..,
53c
850
50c
75c
75c
600
12056 12256
201
*
10
com
75c
100
com
Det Gray Iron com .
Det-Mlch Stove com
Jan
13
5
4,058
5636
Apr
13
Jan
July
Jan
Mar
4
Jan
236
Jan
July
1.00
Jan
70c May
101
Jan
1.25
Mar
123
Feb
5
156
156
600
136
156
156
156
1956
1*6
156
1,280
136
136
Apr
.1
Apr
2
Jan
1,200
88c
July
156
500
1
Feb
236
136
Feb
2056
1,041
15
Apr
2336
.
Det Paper Prod com
1
Durham
Ex-Cell-O Aircraft com...3
20
36
Federal Mogul com....1.
15
Feb
Jan
Jan
1456
356
256
1956
456
256
4556
256
256
200
Apr
236
July
4756
256
4,796
38
Apr
2
Mar
5136
236
Mar
1,530
Graham-Paige com
70c
75c
400
70c
Jan
256
256
200
2
July
Apr
1.25
Hall Lamp com........
236
Jan
il56
1156
1356
150
10
Fed Motor Truck
*
com
"sli
Frankenmuth Brew com_.l
236
Fruehauf Trailer
Gar Wood Ind com
General Finance
—3
"b
1
236
General Motors com—.10
4736
com
Goebel Brewing com....
2H
Hoover Ball & Bear com. 10
—
6
12
Apr
16
200
3
Apr
256
2,465
136
Apr
350
1036
Feb
Jan
536
236 July
1936 June
Jan
736
1956
5
4
1,418
Apr
136
Apr
13
Mar
9
Apr
17
Feb
1,535
436
Apr
836
Jan
58c
1,550
41c June
76c
Jan
156
980
136
236
Jan
"VA
156
44c
700
10
255-6
2556
2556
1,066
2036
Jan
356
356
100
236
Apr
Kinsel Drug com...—,
Kresge (8 S) com
42c
Lakey Fdy & Mach com..l
Masco Screw Prod com
1
*~70c
70c
42o June
55o
Jan
25?6
336
July
96c
Mar
Jan
70c
380
16c
18c
1,000
Apr
30o
35c
320
30c June
50c
4
4
204
236
4
May
3
June
1
...
10
"2%
256
95c
1.25
*
UH
1456
1456
5
16
15
1656
556
356
12o
871
Motor Wheel com..
55c June
500
Motor Products com
Micromatlc Hone com. —1
Mid-West Abrasive comSOc
.10
556
Parker Rust-Proof com 2.50
356
1756
2
42
1756
756
156
756
156
156
1756
10
456
1556
—
-1
1.75
Apr
1836
Jan
1,307
1036
Apr
July
2,840
436
July
1636
836
Jan
Jan
6,545
3
Apr
436
Jan
30
Apr
Apr
4336
Mar
217
1236
8
556
5J6
Apr
156
216
136
Apr
836
236
18
Jan
Feb
Jan
756
180
0
Apr
8
Mar
556
136
Apr
2
Mar
156
175
1
Apr
136
356
200
236
Apr
2
200
25
100
156
9856
456
1456
256
156
100
.
136 June
2236 June
/
Feb
336 May
Jan
236
Jan
2536
136
9636
Apr
40
Apr
100
Feb
456
400
336
July
5
Apr
1556
2,070
99
236
Jan
Apr
1836
336
Jan
900
1036
236
Apr
256
25c
27c
600
15c
July
55o
Jan
256
1
Tivoll Brewing com
July
2
25
1
Timken-Det Axle com... 10
Jan
90o
10
356
356
100
Sheller Mfg
2
100
Jan
Jan
2
"lH
£
Scotten-Dillon com
Jan
926
42
Parker Wolverine com..
Reo Motor com
256
556
336
com.
Parke Davis com........*
Tom Moore Dist com
Apr
32c
...
McClanahan Oil com
Murray Corp com.
Packard M otor Car
Jan
5,575
1
Kingston Prod com
Mar
6
1156
556
Hurd Lock & Mfg com_».l
Mich Sugar com
Mich Sugar pref
230
356
41c
13 %
Houdaille-Hershey B
Hudson Motor Car com.
Standard Tube B com
Members
7
Jan
40c
336 May
Jan
736
2756
2156
10
com.
136
236 June
Continental Motors com__l
Stearns (Fred'k) pref...
W. D. GRADISON & CO.
Apr
400
River Raisin Paper com..*
Cincinnati Listed and Unlisted Securities
Feb
31c
*
Rickel (H W) com..
12156
High
1)6
256
*
Prudential Investing com. 1
1958
Low
300
30c
Pfelffer Brewing com
Bonds—
156
90o
Det & Cle ve N av
Range Since Jan. 1,1939
Shares
256
656
Brown McLaren
Chrysler Corp com
Consolidated Paper
for
Week
31c
...5
Briggs Mfg com
Burroughs Add Mach
High
156
Penin Metal Prod com—1
Commonwealth Edison—
Low
1
com
Detroit Edison
Signode Steel Strap—
Sales
Week's Range
of Prices
Sale
Stocks—
June
56
1456
Apr
56
836 May
Friday
Jan
56
1656'
Exchange
July 21, both inclusive, copnpiled from official sales
lists
to
Jan
July
56
Detroit Stock
July 15
Feb
5
856 July
56 June
Apr
656
56 June
Apr
10836
14936 June
400
Mar
56
Feb
700
1056
56
856
56
336
600
153
m
m
DETROIT
Telephone: Randolph 5530
July
2436
4036
Apr
New York Curb Associate
Chicago Stock Exchange
Buhl Building
Mar
mmmmrnm
mm'mmfm
Members
Exchange
Detroit Stock Exchange
June
10
Apr
Apr
2036
1656
2056
1656
rnmrnmmm
1
Watling, Lerchen 8l Co.
New York Stock
June
50c
Schwitzer Cummins cap__l
Sears Roebuck 6c Co com.*
1,800
4056
100
deb 3 56s
July
1056
50
Jan
100
*
Reliance Mfg Co com... 10
Rollins Hosiery Mills com 1
Sangamo Elec Co com
»
956
16
100
56
5
300
9
856
Quaker Oats Co common.*
1,450
256
18
1
Raytheon Mfg Co pref
200
2456
256
55
1
com.
Apr
2836
20
Jan
1756
Potter Co (The) com
com
1856
2256
Pressed Steel Car
Woodall Indust
Apr
17
Feb
Jan
July
5056
Pines Wtnterfront com—1
Poor & Co cl B
*
Process Corp com
140
4
:
956
50
Peoples G Lt&Coke cap 100
Pictorial Paper Pkge com. 5
Walgreen Co
2036
10
41
July
.55
7% preferred
100
Omnibus Corp v t c com..*
Ontario Mfg Co com
*
Peabody Coal Co cl B cm.*
1
1036
50
.
256
Northwest Bancorp com..*
5
1
m
mmrnm
m
N'west Eng Co com
*
N'West Util prior lien.. 100
Conv preferred
Viking Pump Co
821
18
Jan
1056
1
*
Jan
mm—
20
com
Utah Radio Products
Utilities & Indust—
Mar
3456
2956 June
Mar
Feb
10
com.
rnmmmmm
Noblitt-Sparks Ind com..5 "24
3wift International
Swift & Co
Apr
102
*
Preferred...
July
55
Natl Repub Inv conv pref *
Sterling Brewers Inc
12
Jan
Apr
20
100
Preferred
July
8
Natl Bond & Invest com..*
Natl Pressure Cooker Co.2
Sivyer Steel Castings
Jan
100
6036
*
.
Wurlitzer
•
Mountain States Pw prflOO
Nachman Springfllled com*
Common vtc
8
38
25
Feb
*
Preferred
64
1056
««««««
June
36
1156
1756
Common
National Standard
_
Playing Card..1.10
U S Printing.
*
July
1
56
""1156
950
1
Montgomery Ward—
Nor Amer Car
22
12
18
U 8
756
56
756
56
2
..*
Modine Mfg com
41
126
10156 10136
2736
2856
2756
..10
8% preferred
Randall B
High
12
*
556
2856
Low
41
41
mmmmrnm
*
25
Apr
756
56
mmmm—rn
*
Minn Brewing Co com
Manischewitz
Nash.
Range Since Jan. 1. 1939
Shares
2956
*
National Pumps
Preferred
High
29
2956
*
Mar
26
Low
mmrnmmm
•
6% prior lien pref...100
6% preferred A
100
Miller & Hart Inc pref
Apr
..100
Kroger
Lunkenhelmer
Rapid...
Convertible preferred..*
Midland Utll—
7% prior lien pref... 100
7% preferred A
100
356
90
3
......
1
com.
Price
*
1st preferred
Jan
for
Week
*
...
Kahn
Jan
—
Mlckelberry's Food
Par
of Prices
*
Hobart A
Jan
8
Apr
1556
14
1456
5
{Concluded)
Gibson Art
Apr
1336 June
90
11
*
156
1256
100
5
mm—mm—
Manhattan-Dearborn com*
com
100
1356
1556
1556
*
McWilliams Dredge com.*
Merch & Mfrs Sec
Hihg
Week's Range
Sale
Shares
256
Salts
Last
Jan
10
Marshall Field
Friday
Range Since Jan. 1, 1939
Week
Lindsay Lt & Chem—
Common
557
Sales
256
100
336
Jan
4
Jan
236
Feb
"25c
Union Investment com. ..*
2
Jan
DIXIE TERMINAL
"sli
3
356
780
456
256
456
456
256
200
2
915
136
Warner Aircraft com
1
85c
85c
94c
1,470
75c
July
1.50
Mar
.1
12c
12c
12c
1,400
12c June
25c
Mar
736
Feb
United Shirt Dist com
New York Stock Exchange
Universal Cooler A_.
BUILDING, CINCINNATI, O.
Telephone: Main 4884
*
*
*
Wolverine Brew com
Cincinnati Stock Exchange
Apr
236 May
236
Jan
B
Teletype: OIN 68
-
Wolverlne Tube com .....2
Cincinnati Stock
July 15
to
Young Spring 6c Wire
Exchange
July 21, both inclusive, compiled from official sales lists
Friday
Sales
Last
Pat
for
Sale
Stocks
Week's Range
of Prices
Industries
Price
*
Low
High
American Laundry Mach20
5
Low
High
Last
.
Clnti Gas 6c Elec pref._100
Cincinnati Street By
50
107
Cincinnati Telephone—50
Coca-Cola A
*
99
Crosley Corp
1036
Dow Drug
Eagle-Picher
Early 6c Daniel
10
Formica Insulation
236
2
mmmmmm
Mar
15
6
June
Par
Stocks—
1656
463
Apr
1736
mmrnrnrnm
Apr
June
Mar
19
Jan
Exchange
150
156
Jan
July
Airway Elec pref
3856
150
3056
Apr
236
3856
July
Amer Home Prod
536
536
327
Price
Sales
Week's
Range
of Prices
Low
High
for
Range Since Jan. 1, 1939
Week
Shares
Low
High
Mar
236
107
256
99
1036
175
236
1,400
9956
80
88
Jan
20
145
May
153
1156
104
256
8
856
936
165
11
536 July
10356
Jan
156 June
10756
2
24
For footnotes see page 559.
3
1656
150
*
*
13
3856
536
5
10
Friday
Shares
236
1656
Burger Brewing
*
Preferred.
50
Cincinnati Adver Prod...*
*
*
5
100
470
Cleveland Stock
Sale
Aluminum
656
1356
Mar
July 15 to July 21, both inclusive, compiled from official sales lists
Week
Range Since Jan. 1, 1939
656
13
*
5
24
11
5
20
756
2
756
24
Apr
July
Apr
Apr
956 May
7
Jan
109
June
3
Jan
100
1356
.1
Preferred
Clark
*
......
Controller
100
*9556
1
9956
16256
July
Jan
Clev Cliffs Iron pref
1256
356
1456
2556
Apr
Apr
Cleve Ry
Cliffs Corp v t c
Jan
Colonial finance
11
Mar
Commercial
1356
9556
636
Apr
1336
636
Mar
736
July
7
125
161
9
Apr
10
90
May
Jan
1436 May
97
June
15
.*
100
——*
1356
9556
7
126
16
15
100
15
June
47
Clev Elec 111 $4.50 pref...*
Jan
1356
C5256 a5256
7
Brewing Corp of Amer—3
City Ice 6c Fuel
8
60
247
43
May
61
Mar
9
112
Apr
114
May
56
16
Apr
13
July
alll56 11156
1756
1756
1356
1656
2,742
1
11
11
50
Bookbinding. *
10
10
50
1036
Apr
936 May
20
Mar
2336
Jan
1636
July
12
Jan
13
Jan
Chronicle
The Commercial & Financial
558
July 22, 1939
bales
Friday
Stocks
Ohio Listed and Unlisted Securities
Par
(Concluded)
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
Members Cleveland Stock Exchange
400
2*
13*
July
15c
14c
July
30c
Jan
6*c
7c
15,000
2,000
14c
6*c
6*c
Jan
10c
Jan
1.15
1.15
1.15
300
1.10
Apr
2.50
Jan
l*c
1*C
l*c
3,000
lc
Jan
2c
Mar
1
2c
2c
2c
5.000
2c June
4c
Jan
13*
13*
291
a44* a47*
425
Zenda Gold Min
CimmtrtiBiDdtat Ctovslaod
Unlisted—
A. T. & T. OLEV. 565 & 566
Amer Rad <k Std
Amer Smelting &
Amer Tel &
Sales
Friday
Last
Hale
(Concluded)
Stocks
Week's Range
of Prices
Low
High
Price
Par
Sanl
Refg
13*
*
a47
4*
25*
Bendlx Aviation Corp
High
Low
Shares
a26*
Case (J I)......
Eaton
Elec Controller
Gen Tire &
all
225
49
49
10
49
July
70
a24* a25
110
21
July
26*
49
_
Rubber...-.25
Halle Bros
Jaeger Machine
Lamson & Sessions
Leland
Electric...
20
38*
50
37
May
40*
35*
80
33
Jan
41
Mar
18
69
15
Apr
22*
Mar
July
4*
Jan
50(J
2*
2*
*
*
10
29
9
Apr
14
Jan
38
60
31
Feb
38
July
15
a25* a'27
430
14
Apr
17*
Mar
300
14*
Midland Steel Products.
60
Monarch Machine Tool.
19
19
Murray Ohio Mfg
a9*
3*
a9*
4
37*
40*
*
pref 6%
National Tile...........*
Nat 1 Refining new.,
Nat Ref prior
2
Otis
3* May
July
29*
.
Feb
5*
Feb
48
1*
Jan
*
Apr
1
Mar
2*
June
Jan
*
*
Bros
8
Apr
12*
10
75
7
Apr
10
14
......
14
207
12
Apr
14*
Jan
1,854
30
Feb
37*
July
July
37*
a7*
a7*
Jan
8
Mar
35
35
100
34
Jan
35
Feb
a24
a26
235
18
37
*
Stouffer Corp A...
..*
Thompson Products Inc..*
Troxel Mfg....
1
Upson-Walton
1
70
6*
Apr
27*
Feb
3*
100
2* May
4*
Jan
3
3
100
3
July
4*
Jan
4*
4*
135
4*
Mar
5*
Feb
1
1
117
1
July
1*
Jan
62
62
35
60
Apr
67*
Jan
a9*
a9*
75
9* May
9*
May
a37* a41*
215
3*
*
Tool
75
36
Seiberllng Rubber..
2
West Res Inv Corp pref 100
White Motor.
.50
Warren
Jan
10
a9* alO*
*
Steel
Vlchek
Mar
9*
100
*
*
Patterson-Sargent
Rich man
22*
370
2
1*
Nestle LeMur A...
8*
610
197
Apr
July
15
50
Refining...
Youngstown Sh &. Tube..*
a45*
alO*
6*
1*
a22*
a5*
—100
Co...*
10
Columbia Gas & Elec
*
Commonwealth & South—*
Continental Oil Co (Del) .5
Curtlss-Wrlght Corp
1
O1&S0 A.
1
160
37*
Jan
255
16*
520
45 *
May
Apr
24*
a49* a50*
«6*
a6*
36*
37*
a45* a46
65*
Jan
65
6*
Apr
9*
Feb
19*
a50
a6*
36*
a46
17*
al9*
al9*
79*
79*
*
12
a
Co—15
12*
83*
38
38
a
Week's Range
of Prices
Low
High
official sales lists
1,1939
Range Since Jan.
for
Week
Shares
5%
5*
6*
6,998
3*
Jan
6*
May
2*
2*
400
1*
Mar
3*
May
*
Byron Jackson Co
*
Calif Packing Corp com..*
Chrysler Corp
5
5*
5*
5*
422
5*
Apr
8
13* June
16
Feb
June
25
al4
al4
al9*
al9* a20*
Jan
*
10 *
10*
270
7*
Mar
11
June
5* May
5*
5*
5*
100
3*
Feb
*
Electrical Products Corp. 4
Exeter Oil Co A com
1
71*
10*
71*
71*
313
60*
Apr
71*
July
10
10*
604
9
Apr
11*
Mar
55c
4,200
40o
Apr
11*
30 *
Goodyear Tire & Rubber.
Hancock Oil Co A com...
40*
Holly Development Co
1
Hudson Motor Car Co.. *
1.00
Lane Wells Co
10*
5A
15
390
Jan
67 *c
Jan
Mar
399
12* June
11*
100
9*
1,418
37*
Apr
51*
Mar
25
16*
24*
July
16*
July
40*
277
1.20
40*
1,270
33
May
Apr
38
Apr
42*
11,300
92 *c
Apr
5*
100
5*
July
10*
95c
5*
10
360
27%
2%
Lockheed Aircraft Corp.
360
48*
45*
al6* al6*
30
31*
11*
26*
27*
529
2*
9* June
Apr
22*
1.40
7
Jan
May
2*
4*
400
IK
Apr
2*
Jan
4*
200
3*
Jan
4*
Mar
43c
43c
43c
100
39c June
60c
Apr
Menasco Mfg Co
1
2%
2*
2*
1,770
2
5*
Jan
July
85c
Jan
Apr
Pacific Finance Corp comlO
Pacific Gas & Elec com..25
6% 1st pref
Pacific Indemnity Co
Pacific Lighting com
25
10
*
33*
a34*
34*
49*
200
11* 11*
32*
33*
a34* a34*
34* 35
150
49
45c
Pacific Western Oil Corp
10
Republic Petroleum com.l
5*% pref
50
2*
3*
Jan
30
June
5*
1,155
2,195
3*
6
46
314
30*
29*
alO* all*
29
30*
29*
55
142
500
9*
9*
340
27*
27*
28*
2,094
44
44
44
29*
29*
29
34
Southern Paclfio Co... 100
15*
Standard Oil Co of Calif.
26*
_
Superior Oil Co (The)...25
40*
Transamerlca Corp
5*
16*
Union Oil of Calif
Universal Consol Oil
25
10
16
Weber Shwdse & Fix 1st pf*
For footnotes see page 559
6*
36
30c
Jan
Apr
10*
Jan
26
Phila Elec Pow pref—_
Jan
82*
360
58*
Apr
84*
Mar
5
175
3*
Apr
6*
Jan
302
23*
Apr
30*
Jan
1,375
36*
Apr
51*
Mar
Mar
Apr
125*
2*
1* June
3*
4
4
150
3*
Apr
5*
Jan
8
8*
572
6*
Apr
9*
Mar
1*
1*
1*
3,868
1
Feb
2*
Feb
19*
17*
148* 150
3,628
19*
"118"
'.25
10
115
Salt Dome Oil Corp
165
Jan
Mar
119*
Feb
Apr
30*
17
352
29*
29*
16*
20
16*
Apr
318
1*
Mar
Jan
Feb
3*
July
111 """*
Transit Invest Corp
...
150
Traction
United Corp common.
_
_
*
Preferred
United Gas Improvt com.
36*
*
13
June
4*
Mar
6*
Feb
9*
Mar
10*
20
50*
51*
179
9* May
Apr
16*
43*
39*
10
33*
*
*
1,315
*
July
*
*
100
*
June
1*
Jan
*
108
*
July
1*
Mar
2*
2*
*
2*
417
*
51*
197
8*
39*
*
3*
10*
1
—
3*
3*
2*
216
2*
Jan
3*
Mar
2*
630
2
Apr
3*
Mar
35*
37*
13*
215
31*
Jan
38*
7,703
10*
Apr
13*
96
111*
Jan
16
7*
Apr
12*
114* 115*
Preferred
*
8*
9
Apr
Jan
51* June
July
40
117
Apr
Feb
Feb
June
9*
Mar
Pittsburgh Stock Exchange
July 15 to July 21, both inclusive,
Par
Stocks—
Price
compiled from official sales lists
Sales
for
Week
Shares
1,1939
Range Since Jan.
High
Low
Allegheny Ludlum Steel..*
ArkansasN atur al Gaa pf 100
Armstrong Cork Co
*
18
6*
39*
*
Blaw-Knox Co
18*
18*
420
6*
41
42*
130
11
705
14* Apr
5*
Jan
34* June
9* July
27*
Jan
7*
May
56*
Jan
17*
Jan
Jan
5*
July
July
7*
46
July
Byers (A M) common
9*
10*
155
7*
Apr
Mar
Clark
5*
100
5
Apr
Columbia Gas <fc Electric.*
6*
-5*
6*
12*
6*
Jan
31
*
(D L) Candy Co--*
859
5*
Apr
8*
Feb
25c
300
25c
Mar
25c
Mar
1
July
Mar
Jan
alO* June
al3*
24*
Apr
32*
7*
Apr
10
Jan
Feb
Jan
May
July
Consolidated Ice comm
28*
Apr
29* June
Follansbee Bros pref
28*
412
27*
Jan
29
34
497
32
13*
15*
27
40*
10*
Apr
25*
July
June
Harbison-Walker Refrac.*
Jan
Koppers Gas & Coke pf 100
21*
30*
Mar
Mar
1,898
Apr
35*
6* June
45*
5*
7*
Jan
16*
2,252
16*
Mar
16
16
760
12*
Apr
19*
16*
Mar
6*
July
Mar
25c
Lone Star Gas Co
Mesta Machine Co.
100
130
11*
Apr
12
12
100
11*
13
299
6*
Apr
Apr
13
Jan
1.50
8*
Mar
13
July
Feb
*
1.25
1.25
300
25*
25*
25*
14
25*
July
29*
59
75
55
July
72*
Jan
58
57*
5
9*
1,281
7*
Apr
9*
Feb
31*
25
27*
July
31*
July
4*
4*
4*
2,117
1*
1*
1*
610
29*
1
Jan
9*
31*
9*
Supply.. 10
Pittsburgh Brewing pref.
Pittsburgh Forgings
14*
90c
Natl Fireproofing Corp...*
Mountain Fuel
1* June
Feb
14*
1*
14*
1*
Jan
1.25
34* June
16*
July
100
10*
14
10
5
Fort Pitt Brewing
34
Mar
6*
.*
445
June
11
§ *
Preferred
Copperweld Steel
Duquesne Brewing Co
29*
29
4
Jan
Apr
115
2*
.50
Paper
44
250
24*
136
8*
3*
...
Apr
6*
Apr
45
16*
preferred
40*
100
15*
Jan
*
Phila Rapid Transit
40
902
112
33
118
117
1,009
29*
*
.50
28*
6*
5*
8*
*
Wire..
Jan
26*
40 *
5*
Apr
37
2*
.50
Mfg.
23
5,695
Jan
50*
3*
20
Jan
15c June
5
Jan
June
400
of Prices
Low
High
6*
Jan
Mar
124
4*
42
4
Sale
70
20*
8*
Mar
842
Mar
Apr
11
Apr
May
5,400
Mar
15*
4*
5*
Week's Range
16c
170*
July
1,200
5
115
.50
Union
Apr
13*
2*
*
—
July
148*
4
*
Phila Elec of Pa $5 pref
Preferred
13*
121* 122*
4*
Penna Salt
Scott
Apr
Apr
74*
Pennsylvania RR
7%
High
Low
117*
42
4*
III
Phila Traction
Week
Shares
214
Last
8*
So Calif Gas 6% pref A..25
Jan
Jan
195
Friday
7*
.25
25
Jan
110
14*
14
July
7*
5*
25
14*
49*
*
Original pref...,
Jan
6*
official sales lists
69
Jan
July
30*
9*
Feb
Range Since Jan. 1, 1939
JOT
780
20
2
Signal Oil & Gas Co A
*
Sontag Chain Stores Co.
So Calif Edison Co Ltd. .25
Apr
8*
43
300
alO*
Apr
2*
2,957
605
22*
10*
*
130
13*
11*
49*
Richfield Oil Corp com
Roberts Public Markets.
Shell Union Oil Corp
60
162* 168
13*
13*
_
Pennroad Corp v t c
Phila Insulated
of Prices
High
Low
♦
Mar
July
29*
Apr
Sales
Week's Range
July
33*
Security Co units ben Int.*
Mar
17*
109* a!01*al09*
July
9
5*
8*
Apr
Mar
35
200
5*
Jan
Apr
17*
44*
103*
Jan
9
46
50*
5*
10
100
500
22
5*
Apr
880
443
•
Mar
9
46
Mar
Feb
34*
16c
*
Jan
Mar
7*
6
35
12*
33*
16c
Safeway Stores Inc
13*
21*
Apr
11*
135
Jan
1
Ryan Aeronautical Co.._l
Apr
15* May
Jan
Apr
9*
22
2*
220
Jan
Feb
31*
27*
50
9
33
June
Apr
13*
July
2*
Mar
76
4
.50
Valley
Nat Power & Light
Westmoreland Inc
100
33*
20*
Mar
28
551
Rice Ranch Oil Co
6% preferred B
6*% preferred C
June
22
Pacific Pub Serv 1st pref.
.
UH
65c
55c
Mar
Jan
14*
30
Tonopah Mining
4%
55c
16*
69*
84*
47*
Tacony-Palmyra Bridge
1
Oceanic Oil Co
20
516
47*
28*
Jan
Investment-10
Los Angeles
25
37* May
11*
Apr
71*
Apr
46*
Feb
11* May
Feb
36*
Mascot Oil Co
Los Aug Industries Inc...2
July
—
Common
Jan
Creameries of Amer v t c..l
47*
Horn & Hardart(Phila)
6*
Mar
al6*
13*
530
100
General Motors
Jan
3*
10
2,079
404
.10
Electric Storage Battery
Apr
535
General Telephone Corp. 20
Mar
200
5
—6
Chrysler Corp
Curtis Pub Co common
Lehigh
5*
General Motors com
8*
5*
*
Lehigh Coal & Nav
5*
Fitzsimmons Stores Ltd
Jan
Apr
9
69
—-
Jan
5A
50c
4*
13*
5*
3
65
June
100
Preferred
20
Consolidated Steel Corp..*
390
Jan
July
June
227
440
44
5*
83*
9*
7
55c
Jan
1,525
122*
Apr
108
390
10
51*
_#
Apr
7*
Farmers & Merchs NatllOO
June
*
100
Budd (EG) Mfg Co.—
15
7*
10*
6*
51*
Bell Tel Co of Pa pref.. 100
61
7*
Preferred
60
41*
3*
51*
Price
Bankers Sec Corp pref. .50
.10
Barber Co
20
Consolidated Oil Corp—
Douglas Aircraft Co
Feb
May
5
*
Stores
1,534
83
80
83
Jan
26*
35
48*
51*
Par
—
Budd Wheel Co
High
Low
2*
al4
19*
Apr
1.510
44
■
Co...l
Broadway Dept Store
Apr
2*
48*
5
American Tel & Tel
Bolsa-Chica Oil A com..10
Bandlnl Petroleum
June
12*
12*
83*
38
2*
2*
Sale
Stocks
Sales
Friday
Price
a
Friday
Angeles Stock Exchange
Par
Jan
22*
13*
19*
844
39
39
12*
52* June
1,312
July 15 to July 21, both inclusive, compiled from
Teletype L.A. 290
July 15 to July 21, both inclusive, compiled from
Stocks—
Mar
Apr
Philadelphia Stock Exchange
Los Angeles
Sale
45*
63
al7* a!7*
39
a
Mar
45
7
83*
;—.*
45*
a41* a44*
7*
8
a
5
Jan
468
401
al7*
25
10
39*
17*
7*
1
25
May
79*
7
7
a43
Standard Oil Co (N J)._.25
WestlnghouseElec & Mfg50
Chicago Board of Trade
Last
a6 *
3*
alO*
6*
17*
al9*
17*
Jan
30
all* al2
17*
*
*
Jan
Jan
June
45
305
*
Inc-.l
Jan
721
Seaboard Oil Co of Del.l.*
14*
15*
26*
500
55
55
55
16
American
Los
Feb
38*
Last
523 W. 6th St.
Jan
1*
44*
a47*
San Francieco Stock Exchange
Angeles Stock Exchange
Mar
100
June
United States Rubber Co 10
Lot
Feb
Feb
Apr
581
3*
a9*
5*
MEMBERS
Feb
26*
5*
38*
38*
a45* a47*
18*
20*
United Corp (The) (Del).*
Exchange
Feb
Apr
8*
2*
330
12*
Union Carbide <fc Carbon.*
New York Stock
a8%
JaD
Radio Corp of Amer..—*
Warner Bros Pictures
Mar
a5* June
Apr
Packard Motor Car Co—*
U S Steel Corp..
Mar
52*
50
7*
33*
a6 *
United Aircraft Corp
91*
July
24
a6*
3*
a9*
6*
\The)
July
130
15*
16*
Texas Corp
Apr
76*
42
360
24
Swift & Co
24* May
22*
10
50
a25* a26*
8
8*
15*
Studebaker Corp
Feb
7*
27*
24
Standard Brands Inc
Jan
29*
o
16*
Socony-Vacuum Oil
Jan
8*
Mar
June
4
19*
490
38*
July
21*
910
207
a5
24
Southern RyCo
Mar
a5*
Aviation..1
North American Co
*
Ohio Oil Co
*
Sears Roebuck & Co
462
July
a20* a22*
Nor American
Republic Steel Corp
44
165*
150
Montgomery Ward <fc Co.*
New York Central RR.._*
Paramount Pictures
2,-541
Apr
Jan
IS*
Apr
a26*
8*
Light—*
General Electric Co..—*
General Foods Corp.....*
Goodrich (B F) Co
*
Intl Nickel Co of Canada.*
International Tel & Tel—*
Kennecott Copper Corp..*
Loew's Inc
-*
Electric Power &
Tide Water Assoc Oil Co.
Wm. Cavalier & Co.
a76* a76*
a45* a45*
alO* alO*
6*
6*
1*
1*
a76*
Caterpillar Tractor
Cities Service Co
*•»
10
15
Medusa Portland Cem..
Packer Corp
2*
Jan
38
*
McKee, A G, "B"
July
18
18
Jan
July
15
35
-*
Feb
30*
17
38*
....100
pref
Interlake Steamship.
Mar
25
228
30*
17
Great Lakes Towing... 100
Jan
34
30*
*
Goodyear T & R.—*
20* May
296
20*
18*
-*
Goodrich B F
20* May
a25
*
Mfg
25*
27*
4*
4*
25*
25*
a25* a26*
27*
50
(The) (Del)3
6
Borg-Warner Corp..
5
Aviation Corp
11*
42* June
152
368
Tel Co....100 al65* al64*al68
Copper
Anaconda
1, 1939
Range Since Jan.
for
Week
July
Min
1
Cons Cbollar G & S Mng.l
Imperial Developm't Co25c
1°^J RUSSELLco.
felephone: OHerry 5050
Jan
13*
Mammoth Consol 10c
Cardinal Gold
UbIod
5
Apr
200
MiningBlack
G1LLIS
High
Low
15c
13*
13*
-ir-
Week
3*
13*
3*
Wellington Oil Co of Del.l
Western Pipe & Steel Co. 10
1939
Range Since Jan. 1,
Last
30
420
11
11
200
4
1*
22
Apr
5*
Jan
July
3
Jan
Apr
30
Jul*
7* May
11*
Jan
Volume
The Commercial & Financial Chronicle
149
r
Friday
Sales
Last
Stocks
(Concluded)
of Prices
Price
Par
Pittsburgh Oil & Gas
*
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
Plymouth OH Co
Week's Range
Sale
Low
Hig
104%
6
252
265
20
2c
900
lc
1%
1
1%
1%
United Eng & Foundry
Vanadium Alloy Steel
5
30%
30%
45
*
23%
23%
100
2c
1
25c
*
July
25c
General Motors
109
Jan
Jan
Greyhound Corp div
Holly Development
1
July
1%
Jan
Apr
31%
Jan
217
83%
Apr
118%
Jan
Golden State Co Ltd
Brown Shoe
35
1
Century Electric Co
35%
Low
19
10
.....
3
Collins-Morris Shoe com.l
Columbia
Dr
2%
Pepper com
.*
Falstaff Brewing com
High
43
18%
18%
8
com.*
Huttig S & D com
*
Hyde Park Brew com... 10
11%
*
«.
M
*
6% 1st pref
6%% 1st pref
Pacific Light Corp com...*
32
Midwest Piping&Sup com *
com.
——100
St Louis P 8 prefA
Scruggs-V-B Inc
1st pref erred
5
mrm —
Preferred
32
July
8%
Apr
Apr
Apr
11%
11%
Mar
245
24
9
6
74
89
4
10
5
1.80
8%
mm
150
8
34
Securities Invest
*
com
5
73%
8
Jan
Sterling Alum com
28
Jan
35
Mar
6
May
13
Jan
62o
July
34%
50
July
5%
330
34%
4%
5%
21%
6%
Jan
8%
32%
July
Apr
24%
Jan
May
30%
30%
Mar
5%
5
8%
1 8%
27
28
505
29
29
29
28
29
$6,000
4,000
Jau
1.75
Jan
43
Apr
Jan
Mar
Bonds—
fCity 6c Suburban P S 5s'34
t5s c-ds
~
St Louis Car 6s extd
27
Mar
72
Scullin Steel 3s
fUnited Rys 4s
1,000
72
July
78
Apr
53
54
3,500
48
May
60
Mar
29
1934
t4s o-ds._—;
72
54
1941
29
29%
15,000
29%
31%
31%
Mar
13,000
29
...
24%
Jan
24%
Jan
Orders
solicited
Pacific
on
until 5:30 P. M.
Coast
Stock
Exchanges, which are
(2 P. M. Saturdays)
Eastern Standard Time
Schwabacher &
23
Jan
2.10 June
13%
14
3%
14%
10%
Jan
1
"l4~
1.60
5%
8
7%
Super Mold Corp cap
8%
100
5
Mar
7%
Jan
30
Apr
44%
July
Mar
6
May
32
Jan
11
Apr
19%
Jan
380
32
Jan
34% June
Jan
21%
29% Mar
35% May
15%
27
990
15c
25c
12%
91
17c
10%
12
16
15%
2.00
Last
Par
Stocks—
Week's Range
Sale
of Prices
Price
Low
High
Jor
Week
Shares
Low
1,939
17c
July
55c
Jan
17
12%
16
1,303
1,080
1,348
16% June
8%
Apr
19%
13%
Jan
2.00
120
27
40
2%
Amer Toll Bridge (Del)—1
Anaconda Copper Min..50
7%
7%
7%
495
200
17
Apr
170
38c
Jan
21%
Apr
52
26%
400
27%
1,100
5%
5%
200
30%
30%
400
3
4%
4%
a5%
Corp...5
24%
25%
1%
1%
78
6%
%
7%
%
a5%
36
36
8%
*
8%
May
%
■7%
a5%
400
%
7%
Mar
1%
200
Apr
9%
25
4%
Apr
30%
8%
574
31
A pr
37$
Feb
157
6% June
Apr
31%
12%
42%
Jan
307
800
37%
21
21
11
.10
8%
8%
Montgomery Ward 4 Co. *
64%
4%
preferred
Jan
5
5
450
4
Apr
Feb
Pioneer Mill Co
Atlas Imp Diesel Engine..5
6%
533
*
20
Calamba Sugar pref
14
"i~05
Calif Cotton Mills com. 100
9%
250
12
Apr
20%
14
*
Calif Art Tile B_
20%
30
20
Mar
1.05
1.05
10
6,100
13%
9
Calif-Engels Mining Co. 25
27c J
9%
29c
Calif Ink Co capital
38
38
19%
20%
Calif Packing Corp com.
Preferred
50
19%
Calif Water Serv pref.. 100
104"
Caterpillar Tract Co com.*
45%
100
......
Preferred..
52%
83 %
"21%
Preferred
Preferred
com
"10%
105
20
30
879
10
4%
4,155
83%
3,228
106
10
Jan
7
Apr
22c June
Apr
20% June
Mar
98
Jan
40%
Apr
102%
Apr
3% Apr
65% Apr
103% June
165
4
Jan
10
290
July
2,550
270
2.65
108
12%
150
16%
9
76%
Apr
Apr
July
1.90 May
8
Apr
17%
900
14
41%
42
190
35%
300
Jan
13«
48%
900
10%
Jan
35c
38
5%
81
13
Jan
6%
f June
53%
104
54%
107
4%
108
Feb
21%
July
5%
22
Jan
160
Jan
8
Jan
44%
8%
55
40
5%
Apr
16%
845
13%
Apr
19%
July
Apr
July
6%
Jan
8%
19%
Mar
Feb
25% May
120
Apr
4%
Jan
10
10
159
9%
July
11%
Mar
6%
4%
177
6%
4%
Apr
Feb
8%
6
Feb
5%
100
4
Jan
7%
Feb
15% May
23%
Jan
28%
Jan
26%
Jan
28%
July
693
515
27 %
16
16
3
67
70
18
370
27%
29%
28%
a6%
7%
2%
a.7
7%
155
6
830
5%
45
100
18%
38%
2%
39%
Delaware.*
28%
29%
29
45
29
18%
39%
3
400
60c
1
50%
51%
United States Steel com..*
Apr
3% June
290
1
U S Petroleum Co
2,144
2,125
4%
20
*
Studebaker Corp com
1,690
20
609
60c
861
7%
8%
Apr
Mar
45
Mar
July
16% May
18%
July
35
42%
3%
Feb
Feb
75c
Feb
69%
Jan
40
fJune
Jan
2% May
54c
Apr
300
51%
Jan
Jan
29% July
29% June
May
44%
14%
0 Ex-stock dividend.
aOddiotsales.
*Noparvalue.
Cash sale—Not Included In range for year,
r
Listed,
July
300
May
x
d Deferred delivery.
Ex-dlvldend.
y
Ex-rights,
t Tn default.
Mar
C U R R E N T
Jan
91
Jan
4.50
NOTI C E S
Feb
21
Feb
Jan
18
Mar
Jan
42% June
Apr
10%
41
180
37
Jan
42
June
95
160
79%
Apr
95
July
7%
Apr
10c June
10
8%
55
r
93
7%
*94%
20%
Mar
41
Co..5
5% % pref
Standard Brands Inc
United Corp of
July
Jan
3%
al%
28%
29%
25
25
Mar
85
40%
a6%
6%
4%
5%
25
0% preferred
July
Jan
Apr
10
*
Shasta Water Co com
So Calif Edison com
Superior Port Cem pref A.*
Title Guaranty Co pref—*
United Aircraft Corp cap.6
July
Jan
Jan
29
565
3%
al%
Schumacher Wall Bd com *
Jan
1.50
Feb
37c
20
Riverside Cement Co A..*
Jan
Feb
21%
300
17
9%
2.60
16%
Radio Corp of America... *
Jan
21% June
Jan
Jan
al%
20
Feb
35
17
41%
Fireman's Fund Indem—10
45%
1,537
12
Emporium Capwell Corp.*
Emsco Der & Equip
52%
104
169
2.05
100
Fireman's Fund Ins Co..26
9%
79
10
Emp Cap Co pref (ww)_.50
21 %
5%
*
—
Corp
75%
290
Crocker First Nat Bk_.100
Di Giorg Fruit
105
106
Creameries of Am Inc vtc. 1
Crown Zellerbach com—5
45%
4
Cent Eureka Min Co com 1
Chrysler Corp com
5
Coast Cos G 6c E 1st pf. 100
Cons Chem Ind A
*
104
255
1.05
Jan
7
Apr
a6%
Oahu Sugar Co Ltd cap. 20
6
4
"16%
Park Utah Cons Mines... 1
Associated Ins Fund Inc 10
52
Packard Motor Co com..*
Jan
Byron Jackson Co...
Jan
Jan
Apr
4,900
Mar
3%
Feb
Port Cem—
30c
190
June
9
20c June
1.50
15
10
78
July
6
1,985
3,440
37
10
Apr
5%
200
30
190
10%
5%
7%
Apr
Jan
6
20
Apr
May
Feb
235
100
Bancorporation.
Feb
3%
6%
25
M J & M & M Cons
Apr
1%
65
190
7% June
10c July
2
18
Jan
Jan
20
78
1
8%
4%
Jan
July
July
Apr
1
Monolith
Jan
8%
8%
0%
29%
8%
25
a36% a38%
0
5%
6%
6%
<z38%
30
7%
36%
791
78
Mar
July
3% June
4%
Apr
975
1%
Aviation
Mar
Mar
67c
3% May
27% May
1,610
100
4%
a5%
157
124
July
July
Aviation Corp of Del
Bait & Ohio RR com
400
10
2%
July
50
9
150
Mar
2%
8%
12c
2
Jan
36%
11%
8%
9
132% 132%
Apr
Apr
147%
8%
12c
2
Jan
19
295
5
Anglo Calif Natl Bank..20
Bank of California N A. .80
Mar
4.00
■
1,016
Atlas Corp common
Anglo Amer Mln Corp— 1
Bishop Oil Corp
11%
23
July
Jan
17
Apr
2.00
2%
12%
50
Argonaut Mining Co
5
Atch Top & Santa Fe.-lOO
North American Aviation 1
Alaska Juneau Gold Min 10
12
150
14
12%
Mountain City Copper...6
Nash-Kelvlnator Corp..
High
Jan
25c
160% 167%
*
com
Rad & St Sntry
.*
American Tel A Tel Co. 100
Am
8%
Range Since Jan. 1,1939
Jan
Jan
7%
Marine
Sales
Friday
Jan
14%
96%
May
Italo Pet Corp of Am com
Exchange
91
5%
Kenn Copper Corp com..*
Francisco Stock
36c
Apr
May
5,758
26
Intl Tel & Tel Co com...
San
Feb
5%
Italo Pet of Amer pref
July 15 to July 21, both inclusive, compiled from official sales lists
Jan
15c June
11%
10
14
"14"
Apr
June
21
333
91
10%
25%
3,700
12%
12%
4%
8,377
3,653
34%
17c
Jan
20
130
34
5%
3.25
Apr
401
32%
5%
1.55
1,498
31%
12%
13%
20%
Idaho-Maryland Mines..1
Private Wire to own offices In San Francisco and Los Angeles
Jan
Jan
Unlisted—
Amer 6c For Pow
General Electric Co...
Oortlandt 7-4150
Apr
Jan
512
5%
"l2%
10
Apr
6%
16%
2,048
12%
33%
26%
34%
Victor Equip Co com
-_.l
Western Pipe 6c Steel Co 10
Yel Checker Cab ser 1..50
10%
May
1.60
30%
5
Universal Consol Oil
2,010
2,090
June
60
6%
44%
0
1
Corp
7
Mar
10%
July
5%
44%
10
5% May
31
1.00
*
com
Curtlss-Wright Corp
1
Domlnguez Oil Co
.._.»*
Broadway, New York
Jan
12% June
Electric Bond & Share Co
111
43
36%
July
June
150
Claude Neon Lights com
Consolidated Oil Corp...*
Members New York Stock Exchange
July
133
Jan
22%
578
Cities Service Co com..10
Go.
133
526
16
Richfield Oil Corp com... •
Warrants.
Bendlx
open
&%
Blair & Co Inc cap
1
Cal Ore Pwr 6% pf *27.100
Mar
Apr
70
July
7%
2.10
United Air Lines
80
7%
114
July
109
9%
16
July
8%
105% June
5% Mar
18%
Apr
Mar
July
July
2.10
25
July
Feb
34%
34%
31%
49%
9%
15%
1
com
Preferred
86
2.50
30
1
Stix Baer & Fuller com__10
Wagner Electric com—_ 15
Rayonier Inc
Preferred..
*
Trans amerlca Corp
2
Treadwell Yuk Corp Ltd.l
Union Oil Co of Calif
26
Mar
Jan
Feb
80
Tide Wat Ass'd Oil com. 10
8
Apr
Feb
Jan
300
Jan
July
2.40
6
Texas Consol Oil Co
5%
108%
12% June
43
Apr
34%
"34%
36%
875
Jan
5%
Jan
27%
31%
1,635
129
Mar
6
Feb
75c
7%
129
Mar
28
28%
41%
423
499
Mar
11%
Apr
8
5,285
270
Mar
11%
31
1,40
2,453
6%
22
July
40
90
1.50 May
45
86
34
—
7%
*
6%
21%
*
Apr
Feb
5
33
Mar
442
1,557
33%
34%
31%
49%
Apr
9% May
23% July
9%
Feb
23%
Jan
3% May
228
4%
12
10% May
Jan
5%
Jan
9%
*
10
83%
Jan
3% June
100% Apr
26
4%
86
Warrants
48
"15%
Apr
6
475
1.80
17
Jan
9
2.00 June
2,300
Feb
Apr
11%
250
635
108% 109
""~6%
Southern Pacific Co
100
Standard Oil Co of Calif..*
27%
75c
100
Scullin Steel com.—.
"49%
"12%
Feb
462
mm'm
86
100
31%
"5%
June
6
7%
1.80
31%
34%
Soundvlew Pulp Co com..5
So Calif Gas pref Ber A..25
36
Apr
10%
5
33
34%
Schle8inger(B F)7% pref25
Signal Oil & Gas Co A
*
10%
Jan
4
64
105% 105%
mmmmmm
4%
11%
1.75
Mar
8% July
10%
4%
mm
"4%
Safe Stores Inc
33%
1,907
10%
460
Ryan Aeronautical Co...l
May
17
2.65
25
Mar
210
32
87
*
com
Mar
9%
June
25
June
6%
10
com
Feb
June
102
535
58
10
7%
100
Rice-StixDry Gdscom...*
1st preferred
Mar
10
10
11
35
10%
.25
...*
2d preferred
St Louis Car
32%
150
103
10
31
20
Feb
June
11
5% May
46% Apr
78
8%
4%
May
30%
Mar
100
Preferred
10
35
Feb
34
Apr
120
22
Rbeem Mfg Co
4%
42
Apr
22%
7
129
7%
35
Apr
22
7%
10%
*
12
60
38 %
26
100
com
Apr
8%
*
Natl Candy com
July
31
Laclede-Chrlsty Clay com *
McQuay-Norris com
*
Mo-Portland Cem
R E & R Co Ltd com
9%
1st pref
10
184
*
Preferred
Phillips Petrol Co cap
3%
15
*
com...
225
1.55
255
10
*
Pac Pub Ser
11%
56%
Mar
23%
Republic Petrol Co com__l
33%
20%
12%
7%
25
8% June
1.55
Apr
Jan
26
26
59% June
56%
8%
Apr
10
*
com
Jan
32%
Feb
8%
16%
Pacific Coast Aggregates 10
Pacific Gas 6c Eleo com..26
7% June
"56%
8
15
100
2.40
*
Pacific Can Co
46
"*33%
International Shoe com..*
10
425
10%
6
50
7%
Feb
18%
103
10
Jan
27
July
23%
11
35c
*
Jan
345
«, 4. 4m
Hydraulic Prd Brk pref 100
Knapp Monarch com
111
7%
8
Jan
43
Jan
Pac Tel & Tel
July
Apr
31%
May
Mar
Jan
July
58
Apr
18
16%
108%
June
July
67%
10%
"57%
37
10%
20
6%
20
400
Mar
18%
100
36
2
1.40
67o
Jan
2%
Apr
3%
June
650
95c
July
35
250
2%
15
31%
7%
1
Griesedleck-W Brew com.*
Hussmann-LIgonier
14
3,321
July
June
Feb
995
3
2
14%
31%
Brewing com..l
19%
15%
22%
35c
14% May
5
Apr
Apr
July
3%
30%
35
19
*
com
17%
19
Jan
193
$5 div
Burkart Mfg Co com
11%
133
Apr
544
27
112
137
1,425
Apr
35c
Range Since Jan. 1, 1939
Shares
June
13%
20%
43
3%
Oliver Utd kilters B
Sales
33%
June
5%
6
3%
Week
High
Jan
9%
9%
100
1,860
43
N Amer Inv 5%% pf._100
Nor American Oil Cons. 10
Exchange
33%
8%
9%
19%
2%
March Calcul Machine
Teletype: St. L 193
Low
Apr
1,641
1,040
Magnin & Co (I) com
July 15 to. July 21, both inclusive, compiled from official sales lists
Price
Mar
5
41
Occidental Insur Co
*
51%
100
33%
27%
Natom as Co
Par
Jan
3,248
32%
St. Louis Merchants Exchange
com
9%
48%
6%
5% May
38%
Apr
26%
3%
St. Louis Stock Exchange
Stocks—
180
41
N. Y. Collee <fc Sugar Exchange
American Invest
Feb
6%
1.20
Meier & Frank Co Inc—10
Menasco Mfg Co com
1
National Auto Fibres com 1
for
Jan
30%
27%
Magnavox Co Ltd
Chicago Stock Exchange
Chicago Board of Trade
of Prices
1.00
July
1.00
Lyons-Magnus A
MEMBERS
Week's Range
July
20%
33%
N. Y. Curb Exchange (Associate)!
New York Cotton Exchange
Sale
1.00
210
11
Preferred
Last
300
Lockheed Aircraft Corp__l
STREETS
Friday
July
32%
...10
LeTourneau (R G) Inc
1
LOUIS
St. Louis Stock
Apr
20%
1.05
Leslie Salt Co
INVESTMENT SECURITIES
Telephone: CHestnut 6370
1.10
High
21%
19
*
B
1877
New York Stock Exchange
Low
240
32%
6%
6%
8%
8%
19%
Hutchinson Sugar Plant. 15
Langendorf Utd Bk A_. ..*
FRANCIS, BRO. & CO.
Range Since Jan. 1,1939
Shares
13%
20%
*
Home F & M Ins Co cap. 10
Honolulu Oil Corp cap.. ,*
Tulsa. Okla.
OLIVE
6%
*
1
ST.
48
*
Hale Bros Stores Inc
Hawaiian Pine Co Ltd
25c
Jan
18
AND
20%
6%
*46
Gladding-McBean & Co..*
Mar
40c
Alton, 111.
FOURTH
1.05
10
com
33%
26%
100
ESTABLISHED
32%
2%
25%
Apr
22% May
1,400
1
Price
General Paint Corp com..*
692
1
22%
Week
*
Feb
104% 109%
23
Westinghouse El & Mfg.50
2C
3
23%
1
Westinghouse Air Brake..*
Galland Mero Laundry
Gen Metals Corp cap
June
1
Shamrock Oil & Gas
Waverly Oil Works A
Jan
22%
July
18%
for
of Prices
Low
High
Food Machine Corp com 10
Foster & Kleiser com
2%
Mar
Apr
4%
Par
9%
Jan
100
San Toy Mining Co
Victor Brewing Co
1% May
116% Mar
1% May
90%
Apr
1,566
(Concluded)
Week's Range
Sale
20%
20%
Last
Stocks
High
Low
6%
5%
...5
Sales
Friaay
Range Since Jan. 1, 1939
for
Week
Shares
1%
1%
103% 106%
1%
559
Jan
—L,
D.
securities,
partners
City.
Sherman
it
was
&
Co.
has
announced
been
by
in the new firm, which
Mr.
Sherman
Lee
formed
D.
to
deal
Sherman
Trading Department
Mr.
Service
associated
with
over-the-counter
George
Service,
has offices at 50 Broadway, New York
recently served as Vice-President
of The First New Amsterdam
the
was
in
and
Fuerst &
Co.
in
the
and
Manager
Corporation,
of
and
Trading Department.
The Commercial &
560
July 22,
Financial Chronicle
1939
zr
Canadian Markets
LISTED
AND
UNLISTED
Montreal Stock Exchange
Provincial and Municipal Issues
Closing bid and
Alberta—
Province oi
5e_
— -
4 *8
Prov of
58
65
00
1 1956
62*
64*
v—*
e-4
.Oct
1 1953
Manitoba—
Aug
1 1941
June 15 1954
Deo
2 J 959
4Mb
Province of
4Mb
6s
6s
Sept 15 1943
May
1 1969
6s
5s
British Columbia—
July 12 1949
122M 124
Jan
109
U0M
115
117
2 1950
112M H3M
96*
98
4s
Feb
1 1958
108 M 110
4Mb
Brunswick—
Apr 16 1960
Apr 15 1961
Province of Nova Scotia—
4Mb.-SePt 16 1962
6s
Mar
1 1960
97*
4Mb
May
1 1961
112M
109* 111
108* 109*
4Mb
4Mb
June 16 1943
6 Mb
Nov
Oct
4Mb
120
16 1946
1 1961
101
81
Price Bros A Co Ltd
2,995
79
16*
100
6s
100
Power pre!
106
106
106
*
124*
124
Grand Trunk Pacific Ry—
111
109
99* 100*
Exchange
of Prices
High
Low
110
100
Alberta Pacific Grain A..*
Preferred.,..
100
Preferred
—
2*
I
lt
2*
9f
75
21
21
10*
10M
71*
42C
23*
110* 110*
2,636
Algoxna Steel Corp
71M
100
Preferred.......
23 *
Asbestos Corp.--
110*
100
Assoc Breweries pref
Bathurst Power &
9*
111
High
Low
175 M
100
Brazilian Tr Lt & Power.
8*
26*
8M
British Col Power Cor p a -
175
27 M
3
430
23
Apr
28
8
100
"67"
100
-----
Smelting 6
98
Apr
65
Feb
101
Jan
Feb
193
May
6*
Acadia Sugar Refg
Co
Aluminium Ltd
*
Bathurst P & P Co Ltd B *
Beauharnois Pow Corp
*
Mar
Cndn Industries Ltd B
Cndn Light & Power
Cndn Power & Paper Inv. *
18*
655
16
Jan
20*
Mar
86
100
82
Jan
86
July
29 M
31*
24 *
Apr
37
Jan
June
11
12
9,306
66
158
68 M
158
720
7*
Apr
4
Apr
Jan
68
May
158
May
4*
310
3*
10 M
438
9*
75c
75c
2
23*
23*
513
>1.25
Mar
Mar
23*
Apr
7
Apr
11*
Jan
Jan
95
June
9*
690
14*
14*
236
11*
94
95
370
88
105
4M
75o
*
Jan
Apr
6
Mar
5
8
Jan
60
July
82
Jan
105
50
2*
105
3* May
175
75c
July
6.00
Jan
13*
Apr
15*
July
10*
95
33
33*
10
..100
71
Jamaica P S Co Ltd preflOO
„*
23
77
132* 132*
20 M
18
28
20
710
10*
10*
100
13
*
J3
20*
13
50
135
Jan
23
3,192
22*
98
99
26
27
1.580
101
May
107*
21
21
160
20
Feb
21*
9
"21
9
125
Apr
1
7*
1.98*
14*
14*
3
14
1.15
1.15
25
85c
Jan
50c
50c
25
50c
Mar
202
202
*14*
"~50c
Jan
2*
4,450
1.50
Jan
2.50
Feb
3*
July
7*
David & Frere Ltee A
*
4*
*
j..
50
13
4*
3*
60
3*
3*
—*
Fraser Companies Ltd
*
5% cum pref
35
2*
Lake Sulphite Pulp Co
*
Loblaw Groceterias A
8
109
6*
May
3
2*
Apr
450
6*
May
8
3*
Apr
6
8*
9
3*
July
10*
17
Apr
23*
Jan
8*
10*
10
.7*
July
14*
Mar
1.581
7*
June
17*
3*
200
35
12*
7*
55c
25*
20
55c
45*
1,000
1,590
4
4
45
4
Jan
5*
7*
7*
Jan
Jan
1.05
Apr
60*
Feb
94
8
40*
115
*
7*
*
4*
19*
Sangamo
51
103
103
100
Quebec Tel A Pow A
7*
4*
19*
2
75
1.00
50
Jan
1.50
16*
Jan
38* May
40*
July
101
Jan
6*
105
Mar
Jan
Jan
Feb
7*
Mar
Jan
17* May
4*
Mar
6*
4*
107
8
1.10
475
1.00
1.00
Jan
Jan
Mar
July
Apr
1.35
110* 110*
Sou Can Pow6%cm prf 100
Jan
Jan
24* June
50c
5
Provincial Transport Co
3*
83
35
40*
Apr
20
29*
86
210
Apr
June
Jan
Jan
19*
109
July
May
1.40
Jan
45
44*
45
245
38*
Apr
50*
Jan
20
20*
165
19*
June
20*
Jan
*
20*
Alder mac Copper Corp
*
31c
31c
700
Alexandria Gold
1
lo
lc
1,000
*c
Apr
l*c
Jan
..1
10c
10c
3,000
10c
Jan
16 *c
Feb
Mar
Jan
23
200
*
70c
Apr
75c
5*
10
Walker-Good A Worts (H)*
May
Jan
15
1.50
Walkerville Brewery
Jan
Feb
9
75
5*
10
6% cum 1st pref
3
13
75
1.50
Jan
4
45c
Jan
July
Mar
8* May
89*
Jan
*
8
3*
35
30
*
13*
Apr
15
250
Melchers Distilleries pref 10
Mitchell (Robt) Co Ltd.
12*
5
2
11*
2
Jan
Apr
Apr
11
Power Corp of Canada—
Apr
240
3*
25
49*
90
Melchers Distilleries
Jan
Jan
5
605
55c
"49*
Jan
3,840
2*
2
25*
*
Jan
June
5*
35
35
50c
75
4*
20*
5*
7*
*
Mackenzie Air Service
Massey-Harrls5%cmpf 100
MoCoil-Fron 6% cm pf. 100
Jan
5
Jan
8
11
*
Jan
90
5
2
12*
1
Jan
6
Apr
20
*
B
27*
5
3
5*
20*
3*
Lake St John PAP
66*
6
Jan
136
2,205
10*
Jan
5*
5*
8*
Jan
Mar
Apr
5
__20
Intl Utilities Corp A
3.50
17
Jan
3
5*
*
26*
25
•
4
*
Voting trust
Hydro-Elec Securities
May
8
10
Ford Motor of Can A—*
75c June
11*
Jan
845
4*
European Elec Corp
Ltd
65c
10
2
EaKootenayP7% cm pf 100
EasternDairie87%cm pflOO
Aircraft
4*
12*
*
Donnacona Paper A
B
9,667
3*
65c
4*
Consolidated Paper Corp
Cub Aircraft
Apr
Apr
Feb
1.65
42*
Apr
20* June
74* June
9* June
5*
2.00
Moore Corp
11
Mar
Commercial Alcohols Ltd
Feb
Apr
75c
15c
16*
July
Feb
1.25 June
Mar
Mar
18*
14*
10c
17*
132
Jan
Feb
940
June
Jan
June
Jan
July
10c
Mar
Apr
9
2.24
Jan
June
10c
Jan
13*
<
10c
*
Mar
129
112
107
15
Claude Neon Gen Adver.
June
June
Jan
60
June
1.10
13*
81
32*
38
Apr
36*
23
Feb
Feb
Jan
160
Feb
95
June
37*
111
37
110
23*
28*
25*
107* 107*
110
Apr
Feb
95
Apr
June
96*
25*
19*
165
"27
141
June
Jan
5,288
22*
20
15c
Apr
25*
5
140
4*
Jan
3*
May
50*
1,105
Feb
2
10
25*
587
4*
75
88
48
"23"
Jan
520
49*
Internet Pet Co Ltd-—*
0*
July
1,541
1,455
15*
Intl Bronze Powders pref25
105
5
75c
2,238
Intl Nickel of Canada——*
July
Jan
4*
Jan
Apr
Jan
40
Intl Paints (Can) Ltd A__*
95
3*
3
45
1,272
140
320
Inter-City Baking Co. .100
505
1* May
845
115
15c
Jan
510
July
3*
Mar
5*
95
100
16*
4*
70
15*
11*
15*
Jan
50c May
14*
5*
15
Mar
19
94
4*
Apr
Apr
6*
Jan
21*
4*
3*
Fleet
55
2*
Apr
15c
Fairchild Aircraft Ltd
153
May
June
3*
3*
Jan
50
50c
3*
215
""22*
*
7
210
4
70
Jan
July
10
8
12*
5,165
2,745
50c
3*
Cndn Vickere Ltd
18*
1.10
3*
7*
4*
4*
112* 132*
1*
1
.139
Cndn P & P Inv 5% cm pf*
Jan
Mar
15*
11*
4*
High
Low
Shares
15c
Feb
6*
162
*
1
1
Mar
100
"112*
*
ColOO
Cndn Marconi Co
2*
Jan
6
*
Calgary Power6%cm pf 100
Canada A Dom Sug (new) *
27
*
Price
1.00
145
4
Week
100
5
6% cum pref
1, 1939
Range Since Jan.
for
of Prices
Low
High
Abltlbl Pow A Paper Co—*
29
16*
5*
5*
5
*
100
32*
32
65
65
66
*
25
40*
40
40*
44
44
45
•
McColl-Frontenac Oil——*
Par
Stocks—
Week's Range
Sale
27
16*
Preferred
Jan
Sales
Last
37* May
21*
Jan
16 *
National Breweries
Mar
compiled from official sales lists
Friday
11,285
Imperial Tobacco of Can.5
Montreal Tramways
Montreal Curb Market
July 15 to July 21, both inclusive,
45
14
Massey-Harris
.-i.
City Gas & Electric
1,609
Mont LH A P Consol
1,
Jan
5*
Jan
310
Jan
70
222
Apr
8*
15*
Lindsay (CW)
13
June
150
*
Mar
Apr
61*
15
Legare pref
65*
105
10
100
203
178
Apr
9M
109
300
5*
15
Laura Secord
111
162
»
214*
*
162
100
214
59
100
23 M
July
117
6M
"~4*
Jan
206
206
196
Cndn General Invests
June
100
»
178
July
300
6M
40 *
*68 M
Apr
206
189
Jan
17*
Mar
*
160
10
300
Jan
100
116
189
*
34
Feb
16
168
206
165
366"
Cndn Dredge & Dock
*83*
Lang & Sons (John A)
167*
166
165
206
Can Wire & C6% cm prf 100
Hudson Bay Mining--—*
Imperial Oil Ltd
•
Intl Power pref
Mar
July
100
Jan
Apr
Gypsum Lime & Alabas..*
Lake of the Woods
162
24*
165
Canada Malting Co Ltd—*
115
Rights
Preferred
24*
Can Nor Pow 7% cm pf 100
Jan
Foundation Co of Canada *
Howard Smith Paper
Apr
Jan
Jan
.
22
Jan
15
Famous Players C Corp..*
Hamilton Bridge
30
Jan
108
General Steel Wares
24*
18
65
Gatlneau Power—-
Jan
39
7
5*
Jan
9
10*
500
Dry den Paper
Hollinger Gold Mines
Jan
105
5*
Jan
2*
Nova Scotia
1*
3*
*
Mar
1.60
100
6*
12
1.50
120
Feb
June
12
18*
200
1.80
7
7* June
17* June
10*
Jan
67
18*
1.70
100
100
10
18 M
Feb
Montreal
330
Electrolux Corp
i
Enamel & Heating Prod..*
Gurd (Charles) pref
Jan
114
Dominion Textile
Prelerred
2*
114
Dora Tar & Chem
Preferred——.
July
100
Dominion Steel & Coal B 26
Preferred
10*
19
25
50
191
262
1,426
July
Dominion
3,416
"31 *
Dominion Coal pref
Preferred
Jan
86
Dominion Bridge
47
8
100
4*
18*
*
100
May
7M
100
2.00
29
Crown Cork & Seal Co.—*
16
Mar
Commerce
4*
Cockshutt Plow
Jan
12
2.00
2 00
9
7
10
Brit Amer Oil Co Ltd
9
Feb
170
25
"45"
Ry.—26
Mar
7
Jan
July
Apr
*
1.80
4
Canadian Indus Alcohol-
Mar
3*
Apr
100
"4 *
Cndn Foreign Investment*
June
Apr
Mar
104
74*
7
Mar
67
Apr
45
Mar
170
100
Jan
Apr
8
18
109* 109*
*
Preferred 7%
Jan
14*
110
8
102
960
450
Jan
Jan
Mar
June
1.55
Apr
615
Jan
May
77*
1.60
Apr
17 M
72*
*
»
7
10
75*
72
•
B
14* May
9*
66*
74
Winnipeg Electric A
89
7*
Jan
10
181
21*
Canadian Cottons
2* May
30
May
67
47
230
70
10
110
377
47
835
257
70
15
10*
113
50
16
1,855
22*
16
95
9
42
Apr
16
Beld-CortlceUi 7% cmpflOO
16*
Dominion Glass
Mar
24
21
Preferred
28
Jan
17M
Distillers Seagrams
Jan
July
21
Consol Mining &
Mar
4*
26
Canadian Pacific
12*
17*
34
Apr
18*
2,608
*
*
United Steel Corp
Jan
June
Jan
Apr
10
Preferred
8*
178
Jan
Feb
14
8
34
*
Celanese
Jan
28*
115
140
34
8*
60
21
31*
20
5
July
1,421
Canadian Car & Foundry.*
Canadian
Apr
1.60
767
Jan
120
160
1.65
1.75
Canada Steamship (new).*
Preferred
May
71*
3
7*
16
22
Jan
90
15*
100
-
6% preferred..
Apr
7*
22*
Jan
120
40
94
Canada Cement
Canadian Bronze..—
19
6
18
25
27
Jan
166
130
6
July
14
18
3
—
Preferred
21
17*
18
Building Products A (new)»
Can North Power Corp.
Jan
Apr
112
480
2*
Apr
Apr
1,244
3,074
740
4
Feb
6*
61*
1,120
July
10*
165
Jan
107
24
Bruck Silk Mills
Bulolo Gold Dredging
10
Feb
14
6
8*
27*
Apr
1* May
175*
5M
6
Paper A*
Bell Telephone
22M
75
9*
107
7*
4*
15*
24
4
^i>i
9*
Agnew-Surpass Shoe
Apr
Royal
Range Since Jan. 1, 1939
for
72
Canadienne——
Week
Shares
Apr
2*
Banks—
compiled from official sales lists
Week's Range
Sale
Apr
103*
6
Preferred
Sales
Last
Price
Par
Jan
107
55
165
Zellers Ltd
Friday
"74"
*
26
Tooke Brothers pref... 100
Tuckett Tobacco pref.. 100
Wabasso Cotton..
Montreal Stock
98
Western Grocers Ltd.
Ask
Bid
July 15 to July 21, both inclusive,
19
June
125
113
.
Jan
Mar
Jan
92*
2,615
19*
10*
10*
100
Preferred
Canadian Northern Ry—
57*
16
Jan
36
28*
19*
Sherman-Williams Canada*
Steel Co of Canada
Jan
Jan
Apr
125
"30"
St Lawrence Paper pref. 100
Shawlnlgan W A Power.-*
Guaranteed Bonds
June
12*
19*
3*
9*
100
Preferred....,
125
24
24
Feb
42*
May
40
245
Jan
14*C
May
9*
1,310
July
•
2*
10*
60
preferred
Preferred
Stocks—
43
3*
80
120
1 1970
-—Feb
94
93
120* 120*
120*
1 1969
—Oct
94
85
1 1902
6s
94
»
100
Preferred
92
11902
June
11*
44*
17*
11960
Jan
125
11
U*
1 1964
Jan
12
12c June
July
4s
June
9
Deo
3s.
38
125
4Mb
110* 116*
110
370
6s
116* 116*
41
9*
90 M
116* 116*
Mar
13*c
A
1 1969
Julj
6a
102
125
"~9*
St Lawrence Flour Mills._*
1 1946
May
9*
St Lawrence Corp—
July
99
13*c
96*
6*s
Jan
29
125
Ask
115* 115*
118* 118*
15
41
96
Sept
1 1951
4Mb----—june 16 1056
1 1956
4Mb
Feb
1 1967
4Mb
July
10
June
125
—
Developments
Preferred
4Mb
163
May
*
Placer
S aguenay
Ask
Mar
6
14
8
14*
85
Bid
•
156
10
120
99* 100
100
-100
1 1946
Bid
20
26*
163
14*
Sept
Canadian National Ry—
Mar
265
Pow—-100
4Mb
Dominion Government
Mar
29*
2,933
100
1
Power Corp of Canada.—*
84 M
113MI114M
-
82
Apr
80
8
72 M
102
88 M
Apr
23
79*
26*
163
Penmans
82 M
83
Canadian Pacific Ry—
71M
Jan
70
43*
100
Quebec Power
Rolland Paper pref
Art
Bid
Ry—
perpetual debentures.
6s
-—Sept 15 1942
4Mb----—Deo 15 1944
6s..
July
1 1944
4s
61
2,725
41
Railway Bonds
Canadian Pacific
May
51*
26*
*
High
Low
res
49
Ontario Steel Products—*
Ottawa L H &
Range Since Jan. 1,1939
for
Week
Sh
80
Penmans pref
SB
118
Nor an da
of Prices
High
Low
51
Corp.. *
Mines Ltd
•
National Steel Car
Preferred
Prov of Saskatchewan-
109* 110*
Price
P r
(Concluded)
Stocks
Preferred
Mar
96*
Prov of New
Sale
Oglivle Flour Mills
Province ol Quebec—
99*
98
110M 110*
115M 116M
1 1962
June
4 Ms
104
Ask
16 1966
4s
10 £ 107
OO eo
1 1942
Oct
6s
1 1948
Jan
---Oct
Week's Range
Last
Bid
Province of Ontario—
Ask
Bid
Soles
Friday
asked quotations, Friday, July 21
5*
224
4*
5*
Apr
5*
32*
3,261
29*
Apr
5*
2,067
50
1,823
265
66
38*
41*
Fen
33
Mar
June
Mar
70
Jan
Apr
Jan
43
Mar
45*
Feb
SI cum pref
Mines—
Arntfield Gold
*
No par value.
31c
25c June
50c
Jan
Volume
149
The Commercial & Financial Chronicle
561
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Last
Sale
Stock* (Concluded)
Par
Beaufor Gold
Price
Toronto Stock
Sales
Week's Range
of Prices
Low
1
for
Low
8c
9c
12,000
lHc
2,500
High
Stocks (Continued)
14c
Feb
July
17c June
7Hc June
3Hc
Feb
20 He
24c
29,500
26Ho
1
July
2.45
2.45
100
2.20
2.74
Jan
Coniaurum Mines......
Cons Chlbougamau Gold-1
Dome Mines Ltd
*
Apr
2.04
2.20
800
1.35
Mar
2.27
July
Cent Cadillac (.new)
Central Patricia Gold.
24c
Duparquet Mining Co
Canadian Wallboard B
Canadian Wine
»
75c
725
70c
Apr
2.51
3,900
2.05
Apr
8,150
60
Jan
1,500
27c
July
70c
Jan
1.18
Chemical Research
1.15
1
1.19
800
27c
1.04
Apr
2.36
Jan
Chestervlile-Larder Lake. 1
1.13
6.00
Mar
Chromium
*
27c May
Jan
Commoil
*
Cockshutt
*
6.50
200
4.50
Apr
20c
22c
6,600
16c
Apr
30c
30c
4,550
22c
Apr
5c
1,200
3c
Apr
1.55
400
Jollet-Quebec
5c
Kirkland Lake Gold
1
Lake Sbore Mines Ltd
1
42
Macassa Mines
1
4.75
Mclnty re-Porcupine
5
1.49
41
42
Castle-Trethewey
Central Patricia
Central Porcupine
44c
6H0
Feb
Jan
1.74
Mar
34
Apr
60H
Jan
1.20
915
4.60
4.80
3,200
4.10
Apr
6.80
Jan
57
67 %
33c
22
62 H
Jan
20c
July
58 H
60c
Mar
4,000
Mar
50c
New True Fissure
25c
Mar
Normetal Mining
O'Brien Gold
1
2.43
800
1.95
Apr
3.36
Pamour-Porcuplne
*
2.50
2.46
2.57
960
2.46
July
4.80
Jan
Pato Cons Gold Dredging. 1
Perron Gold
1
2.20
2.20
2.20
150
2.10
Apr
2.55
Mar
1.95
1.88
1.95
3,250
1.45
Jan
42c
2.32
1
4.80
1
200
4.80
45c
Mar
Jan
200
4.40 June
5.60
Mar
1.90
1.90
500
1.72
2.17
Feb
Preston-East Dome
1
1.55
1.53
1.59
900
1.18
Apr
1.72
Jan
San Antonio Gold
1
1.80
1.80
1.80
200
1.30
Apr
1.83 June
July
Jan
Apr
183
18
June
22
Jan
Petroleum
Denlson
Nickel
"45""
Preferred.
*
*
100
Jan
Dominion Steel B
25
Jan
Dom
»
96c
Apr
38o
July
""33""
205
Stadacona (new)
Sullivan Consolidated
*
49c
67,018
43c
July
1
80c
80c
2,575
73o
1
3.45
3.45
3.45
550
2.80
July
Apr
1.01
Sylvanlte Gold
3.55
Jan
Teck-Hughes Gold Ltd.__l
4.25
4.20
4.25
405
4.60
Mar
7.20
490
3.95 May
5.70
Apr
Jan
1
Eastern Steel
11 He
12c
6,100
8 Ho
Apr
18 Ho
Jan
8.20
8.20
900
7.50
Apr
8.85
Mar
Eldorado......
English Electric A
1
8.05
"23"
8.10
Dorval Siscoe
*
Home
Oil Co
•
......
Prairie
Last
Price
Abltlbl
18c
6c
1,000
38,650
Falconbrldge
July
76o
Jan
29c
500
32c
Apr
55c
Jan
2.30
9,950
2.00
Jan
3.70
Jan
1.02
300
Fleury-Blssell pref
1.00
Apr
1.72
Jan
22c
1,000
22c
July
22c
July
160
31M
Apr
Fleet Aircraft
for
7
7
7
6c
4,509
3,455
1,000
2c
2H
45
21
*
32c
Amm Gold Mines
1
Anglo-Can Hold Dev
*
7
2,500
2H
21
5
High
Mar
3H June
10
6c
2c
100
50c
Feb
4C
Mar
1H June
2H
Jan
2o
14
May
24
Jan
June
62o
Jan
10H
9Hc
10H
26
10c
6,000
1.00
1.00
1.05
5,795
82c
Apr
2.30
2.35
10Hc
1,375
3,800
2.30
10c
9Hc
6c
6c
500
Anglo-Huronlan
Ashley*.
1
1
Bank of Montreal
Bank of Nova Scotia
Apr
14H
Jan
17c
Jan
July
3.25
Mar
July
17 He
Feb
5Hc June
10Hc
Feb
1.75 June
2.78
July
8c
8c
1,100
7Hc
July
23c
Jan
22c
26c
14,716
18c
Apr
38o
Jan
215
2.80
215
300
50
301
253
7H
64,567
253
10
203
124
300
Mar
220
Jan
38
Feb
310
Feb
4
239
Jan
265
July
7H
2,025
4
Mar
39 H
5H
740
20
5%
100
r
Jan
7H June
37 H
July
8M
Jan
Mar
32c
Jau
Apr
1.40
Jan
July
8H
Jan
Bathurst Power A
*
Th
5H
Bear Exploration
1
12c
12c
13Hc
9,500
11c
Beattle Gold.
*
1.25
1.23
1.28
2,550
1.00
5H
5H
50
4H
5
99H
Jan
105
July
672
2H
Jan
5
Feb
Jan
178
June
Beatty A
1st preferred
100
Beauharnois
102
4H
Bell Telephone Co
Bldgood Kirkland
100
1
102
4
175
4H
174H 176
15HC
526
15 He
17c
9,800
Big Missouri...
1
12c
12c
1,000
Blue Ribbon
*
4
5
117
31
31
30
Preferred
Bobjo....
50
I
.....
Bralorne
.......*
*
British American Oil
Brit Col Power A
*
British Dominion Oil
10c
9.700
3,200
1
Brown Oil
*
Buffalo-Ankerlte
1
11H
8H
12
9
3,365
22 H
23
2.701
27
27
28
8Hc
8Hc
49c
31,850
""46c
19Hc
.....
*
...
Building Products (new)
15Hc
18
40
July
30c
Jan
10c June
30c
Jan
3H
5
25
Jan
8c
July
9Vs
Apr
7H
19H
21H
*
Calmont
12H
Mar
23 H
Jan
Apr
20c
3,500
18c
350
10 H
Mar
3H
2,500
2H May
17
18
1,590
14
Apr
7Hc
1,000
5 Ho
Apr
Canada Bread
*
B
50
10
2.07
3,967
35c
2,700
4H
"55
5
100
130
93 H
37 H
186
*
15H
15H
25
Canada North Power
Canada Packers
...
*
Canada Permanent
100
Canada Steamships pref. 60
Canada Wire A
*
Breweries
*
94 H
104H
85
151
8H
89
149
151
8H
55
1.10
1.05
110
20
70
31
8H
55
216
3H May
29
89H
101
32
140 H
445
20
21H
144
18
Cndn Bk of Commerce. 100
Canadian Can
*
165
165
167 H
69
159
B
Can Car & Foundry
*
3
17
17
7
7
•
Preferred
25
Cndn Industrial Alcohol A*
Canadian Maiartlc
»
*
100
2H
3
521
18
195
7H
546
July
Jan
Feb
July
90c June
2H
May
6H June
1.50 May
117
118
125
Mar
10H
65
106
June
May
Mar
Feb
1.80
Jan
Mar
Mar
H
19
69c
Apr
13H May
180
July
4
1,881
15
89
152
23
75c
14 H
Mar
16 H May
18
Mar
June
179
755
Mar
17H
Apr
710
Jan
June
38
Apr
6
Jan
Jan
10H
July
10
75c
14H
5H
56
105
22 H
1.90
195
July
101H
21
1.80
18
Apr
9
"21H
Mar
Apr
7H June
55
1.10
20
Canadian Can A.......20
Apr
14H May
66
May
*
Preferred
5
Jan
7
37 H
15H
65c
49
104 H
Jan
Jan
28c June
5
»
33c
Jan
227
100
Malting
Jan
Mar
8
C C M pref
75c
Jan
2.80
55
100
July
Apr
9H June
1.81
55
Preferred
28
21HC
llHc
12H
7
Canada Cement
Feb
Jan
11H
1.90
22c
Jan
May
19c
31c
1
Oils
2.00
32 H
June
7c June
28c
July
12H
11H
10
Calgary & Edmonton
Preferred
July
7He
Burlington Steel
Canadian Oil
Apr
Apr
Apr
3
Bunker Hill
Canadian
165
500
44c
8H
*
Broulan-Porcuplne
Buffalo-Canadian
9c
9Hc
12
23
Brazilian Traction
5H
3 Ho June
3c
3 He
5,500
6
5H
Apr
5
Jan
Jan
8J€
Mar
1
25
1
July
25
25
May
19H
20 H
2,452
21c
23c
14H
14H
3,200
187
94
95
23c
*
100
"94"
*
4H
4H
4%
5H
7 He
5H
5H
7 He
90
2c
2c
3,500
33 He
33c
35c
19 He
1
7c
.........1
*
Goldale Mines..
Apr
11
Jan
20.618
Gillies Lake
Glenora
16 H
16c
230
*
140
7H
Jan
Mar
Jan
18
Jan
34 H
Jan
2.75
1.03
20
122
Mar
Feb
26
»
Mar
10 H
1
...
6.00
24
17c
26
20H
Francoeur
May
July
*
Gatineau Power
87
Apj
Apr
2H
5
Jan
33
Jan
23H
26Ho
16 H
95
6
Jan
Jan
Jan
Jan
June
Mar
Jan
llHc
Feb
lHc June
4c
Mar
4c
20c
Feb
Jan
37o May
20c
21c
12,700
150
Mar
1
6Hc
5c
7c
28c
11,360
1
lHc
lHc
IHc
4,000
Goodyear
Preferred
4Hc
lHc
*
74 H
73 H
July
July
74 H
180
13Hc
3Hc
66
Apr
56
57
141
55
May
)
Mar
7H
.....1
Granada Mines
Jan
July
May
6,100
Gold Eagle
50
Jan
Mar
8H
July
3o
200
33
8Hc
78
Jan
Jan
Jan
Mar
58H June
13Hc JaD
3c
4c
2,500
3c June
5Hc
4H
5Hc
5Hc
4,500
4H
255
12 H
12
11
12 H
12
135
4Hc Apr
3H July
10H May
17
Jan
12
15
Apr
Grandoro
*
Great Lake voting
Great Lakes Voting pref
Great Lakes Paper pref
*
*
Great West...
*
75c
1.00
90
75c
j
46c
July
49c
8,100
40c
Mar
5
64o
Jan
2,906
3H
Apr
6H
Jan
Gunnar Gold
*
1
Gypsum Lime &
Alabas..*j
5 y8
4
12
4H
H
10
July
Jan
1.52
2.62
100
Preferred
7
8 He June
26c
100
Ban k of Toronto
26o
2.72
100
Barkers
Jan
July
Jan
9Hc
Arntfield Gold
7
Jan
9Hc
33c
Algoma Steel
21X
July
4Hc June
30c
7,600
2H
Apr
4,300
2.36
Goodfish
Range Since Jan. 1,1939
Week
1.05
4.50
19
5c
100
Rights
General Steel Wares
Low
5,435
2,250
4HC
*
God's Lake
Shares
Mar
July
Ford A
High
Mar
17
July
Fleury-Blssell
2.10
Range
2.79
Apr
6
1
35Ho
of Prices
1.05
Apr
July
14
25
Ferland
125
Week's
2.02
Mar
Mar
10
5.60
Mar
Mar
40
24
7
13c
5
5.40
May
27c
30
23 H
Jan
7H
9H c
5
5.60
Feb
12H
Apr
30
23K
Mar
June
June
14c
5
*
1
Low
20
6,955
Jan
*
1
100
1
1.20
*
8
Cons
14
Fanny Farmer.
3H
Bagamac
2.75
1.13
Federal-Klrkland.
*
Bankfleid
2.60
14
i"i9
Jan
6H
Aunor Gold Mines..
"2I73
Jan
Sales
7H
4H
31,600
6c
Jan
100
Alberta Pacific Grain
Canada
20,550
16c
31c
55c
Copper
4 Ho June
6Hc
l6He
1.51
Afton Mines Ltd
Aldermac
4H June
2.75
95c
Preferred
55
Jan
official sales lists
25
5%
Jan
Exchange
Apr
Apr
320
Apr
Jan
19
3,397
6H
Jan
Mar
19
12H
375
34
210H
Feb
23
19c
44 H
Jan
Apr
15H
6H
80c
35
30 H
200
22
6H
1.93
22c
25
84
5H
12
100
35
116
5c
]
1.02
"2A8
Sale
7% preferred
18H
500
Friday
Acme Gas
Mar
958
87H
900
July 15 to July 21, both inclusive, compiled from
preferred-*.
July
32 H
33 H
205
206
1
Preferred
6%
Mar
19c
Toronto Stock
Par
20 H
6c
East Maiartlc
29c
"35"
Stocks—
Apr
1.02
25c
Royalties
Royallte Oil Co
16H
110
East Crest Oil
35c 37 He
*
Okalta Oils Ltd
Jan
1,440
85H
2.00
II*
Petroluem
18H
18 H
16c
19c
1.00
Dalhousie OH Co..
Davies
60o
Apr
2.00
1.00
*
~~*
Calgary <fc Edmonton..
Apr
9 Ho
.)
B
Brown Oil Corp
27c
1,500
*
Duquesne Mines
Oil-
Anglo-Canadian Oil
June
5,560
12c
10H
*
12c
_*
Dominion Tar
Feb
16H
31c
18
Stores............*
Jan
Jan
84
18H
25
3,795
27c
12c
12c
.100
Dome Mines (new)
Dominion Bank
62
175
29c
*
Mines.-.1
Distillers Seagrams
2,800
7.10
Apr
18
40c
*
14
*
Cosmos
1.09
.
June
113
Jan
61
1.25
Walte-Amulet
17H
22c
16 H
15c
5
Apr
1.39 May
1.28
Apr
81
38c
Wood Cad
July
500
39,005
179
1.15
Wright Hargreaves
July
2.34
845
2.20
17
176
Dominion Coal pref
Dominion Foundry
Mar
8H
2.00
6H
1.80
1.97
100
1.00
80c
Jan
July
40c
1.03
Feb
36c
May
1.20
49c
Jan
85c
Jan
11c
1.03
44 He
1.39
Jan
21Hc
37 H
1
1.44
Apr
60c
700
4,803
1
1.65
8j>c
700
3,370
1
74c
23,100
55c
45
Slscoe Gold Mines Ltd
90c June
Jan
Feb
40
Sladen Mai
3,229
Jan
1.16
6H
1
Consumers Gas
Davies
1.05
2.75
14Hc June
1.06
1.80
*
6
Bakeries
Gonsol Chlbougamau
Smelters
*
Jan
55c
2.06
Cons
May
3H
Apr
20 H Mar
2.40 June
26Hc 26Hc
5
Mines
Consolidated
1.95 June
42c
1
Coniagas
Coniarum
May
2.01 June
12c 12Hc
27c
30c
2.80
5.60
16
500
75c
Apr
22c
215
13
2.45
2.10
30c
Jan
2.45
6,650
1
3
12 He
2.75
*
9
1
2.62
Jan
70
175
6H
1
Jan
Jan
High
Apr
May
2.26
8c
290
33 H
3H
2.10
Apr
Apr
Low
5,915
17
1
2o
11c June
10
3H
Range Since Jan. 1, 1939
Shares
"'2.25
*
Cariboo
180
31
4H
10
5,500
Falconbrldge Nickel
Sherritt-Gordon Mines
4
"~~3H
3c
1,850
High
for
Week
3H
17H
Canadian Wirebound
16c
Inspiration M & D Co
_
*
*
Low
4
32 %
Francoeur Gold
Premier Gold
25
16c
1
Pickle Crow Gold
Price
2.75
1
Eldorado Gold M Ltd
C P R
of Prices
32H
2Ho
1
East Maiartlc Mines
16c
lHc
Par
Week's Range
Sole
Shares
lHc
Capitol-Rouyn Gold
Sales
Last
Week
High
Exchange
Friday
Range Since Jan. 1,1939
Halcrow-Swazey
1
2c
1
3Hc
13,100
lc May
3Hc
12,000
50c
16
45c
Feb
3H
3H
100
2H
Apr
98c
1.01
13,170
94c
9c
15c 16Hc
2,500
Harding Carpets
Hard Rock
1
1.00
Harker
8Hc
Hlghwood-Sarcee
*
Hinde & Dauch
9H
16
2,787
9,615
8,700
Hoi linger Consolidated.. .6
15H
15H
15H
Home Oil Co
*
2.17
2.10
2.30
Homestead Oil
1
8c
8Hc
Howey Gold
Hudson
*
........
1
Bay Mln & 8m..*
10
33 He
33 H
2
10
33c 34He
33
33 H
15
8,915
2,511
Apr
6c May
16c
8
Apr
*
B
Huron & Erie
100
Imperial Bank
100
Imperial Oil
*
Imperial Tobacco
5
Inspiration
1
Intl Metals A
._*
Intl Metal pref
100
A preferred
15 H
16H
4
Jan
10c
Jan
Jan
Apr
15
16H
Jan
3.75
Jan
7Ho June
July
26 Ho
10
July
Jan
31c
Mar
35 H
10
24c
22H
*
I nternatlonal Petroleum.
Jacola Mines
1
July
62
July
202 H
Feb
14
June
221
24
48
15H
16 H
465
30c
1,300
22c
5
5H
165
3H
87
85
87 H
75
87
87
"56"
48
50 H
~5H
1.06
1.14
20c
23
Jan
20 H
July
27H
Jan
1.04 June
1.26
I6H0 May
3c May
llHc
Jan
18c
July
3Hc
1,800
11
80
1.86
1.95
1.50
1.57
10HC
11c
100
17c
3Hc
9
July
July
May
25,628
21,137
10,500
1.47
2.08
1.15
Jan
1.76
Mar
7c
Feb
lie
July
32 H
Mar
50 H
1,535
100
50c
Apr
3.25
Mar
150
6.80
13 M
6.60
6.80
Apr
668
July
55
5.60
Feb
55
55
18 H
6.95
10H
10H
100
15c
16HC
13,900
12 H
1
3c
1
86c
Little Long Lac
Loblaw A.
*
3.00
*
25 H
23 H
5
13
55
July
10H July
14Ho June
13H
Jan
80c
July
86c
Jan
19,040
8HO
63c
2.75
3.00
Apr
6,825
2.60
Apr
3.60
Jan
22 H
25 H
23 H
July
3.20
J.n
55o
Jan
25H
304
23 H
4.55
23 H
1,075
4.80
...1
4,665
1.95
3.85
1.91
2.03
Madsen Red Lake
1
11,880
37c
1.70
36c
37c
l
4,750
69c
30o
Mar
71c
43o
Jan
*
100
Preferred
lc
No par value.
5
lc
20,600
4,000
1.50
270
4
3HC
5
49 H
5
40
5H
......100
Mclntyre Mines
69c
1.25
*
4
3Hc
6H
50
6
89
57 H
Jan
Apr
3c
Maiartlc Gold
Preferred
July
540
10 M
Apr
Apr
Apr
Apr
Masse y-Harris
Mar
10H
500
25
1
July
56
20,700
4.75
Manitoba <fe Eastern.....*
Maple Leaf Milling_.__..*
Preferred..
......*
Jan
3 He
1
McColl Frontenac
Jan
75c
3
Maralgo
Jan
Feb
Apr
18H
Leltch Gold
MacLeod Cockshutt
12
Jan
41H
Laura Secord (new)
Lebel Oro
*
11c
Apr
75c
*
B
34c
17 H
1
Macassa Mines
Jan
700
3Hc
11c
Lapa Cadillac
Mar
91H
Jan
500
1.63
Lang & Sons
Jan
7 H
Apr
88
2,000
3,579
1
Land Bank & Loan
June
45c
66 H
5c
41
Mar
16H
Apr
11
41%
-
17H
Apr
Apr
Apr
18c
1
1
Mar
June
70
20c
Kirkland Lake
Lake Sulphite
.*
Lake of the Woods.......*
Lamaque Gold Mines...
Jan
70 H
42 H
17c
Lag una
Lake Shore
Jan
July
10.207
4Hc
1.90
Jan
Apr
15
70
2
July
2,902
22 H
1
1
2,540
50
1.14
18c
Jan
3
30c
_*
Kerr-Addison
July
Apr
2
16H
)
Jellicoe
Consolidated..-
1
10
22%
Island Mountain Mines50c
Jack Walte
1
Kelvinator
77
65
Jan
Mar
June
35c
2
217
July
1-.95
2
215
Jan
Apr
13 H
1 98
15
100
International Nickel
*
6c
1.00
2
62
217
Jan
3Hc May
2
Hunts A
J M
5,200
9H
Honey Dew
1.00
2Hc May
50c
*
.
2Hc
1
Halllwell
Hamilton Theatres
lHc
3Hc
7c
6H
90
56 H
57 H
45
2,500
3,375
3,024
153
195
1,142
21
90o June
5.90
July
Jan
75c May
He May
1.00 Apr
1 He
1.65
Jan
2H Apr
2Ho Apr
2H
Apr
29H Apr
5H June
82 H
Feb
4H
Mar
49 H
Apr
Jan
7c
Jan
7H
Jan
60
7H
Jan
Mar
94
Mar
59
Mar
The Commercial &
for
of Prices
High
Low
Price
Par
{Concluded)
Stocks
McKenzie Red Lake
J
1.29
1.20
1
16He
15c
16c
Mining Corp.
"~7c
National Grocers-Preferred
New Gold Rose----
Normetal
434c
51c
51c
51c
Canada
9.00
9.25
600
334
220
~
9~25
5
—
2.35
Orange Crush
Preferred
Page-Hereey
1.05
30c
32c
4y8c
434c
434c
7
*
—*
*
*
Pacalta Oils
1.01
102
July
Apr
25c
Mar
Mar
13c
Jan
6c
Feb
Jan
Apr
60c
Mar
Apr
9.25
July
May
33*
July
2.01
Apr
3.35
Jan
91c
Apr
1.73
Jan
3
25c May
Jan
1*40
4 3*
Jan
43*C July
63c
Jan
454c
July
734 June
12c
Jan
Apr
10434
Jan
July
4.75
Jan
Apr
7c
Jan
3c June
73*c
Feb
73*c
Mar
94
5,820
534
95
45*0
4c
534c
19,500
1
234c
3c
2Hc
July
45c
41c
47c
2,000
37,560
35c
Apr
1.93
1.87
1.95
Jan
1.95 June
34c
5,550
3,000
1.45
34c
He July
lc June
10
16H
Gold
Paulore
1
Paymaster Cons
Perron Gold
Petroleum-Cobalt
1
1
—*
—
Gold---
Powell Rou
Corp
Prairie
Royalties
Premier
Preston E Dome.—-
17
17
4.70
4.70
4.80
2.42
2.42
2.53
1.97
1.92
934
Gold
Riverside Silk
-
Roche LL
Saguenay
25c
1.90
1.85
1.90
1.56
1.56
1.61
Shawkey
Sheep Creek
Sherrltt-Gordon
Slgman Mines, Quebec
Sllverwoods
Mar
July
1,325
30,425
1.71 June
2.40
1.17
Apr
1.75
July
65c
5,340
20C
Mar
65
22 3*
Apr
6c
1,000
221
27
53*0 May
178
Apr
192
Jan
Jan
10634
Mar
July
1634c
104
Feb
6,050
9c
1.83
Jan
1.88 June
10c
Apr
17c
25*C
2c
234c
25,495
2,100
1,500
1.18
11c
2c
July
1.18
•1.16
Mar
45*c
Jan
1.25 June
1.20
686
1.00
1.09
16,325
1.45
532
5.50
Jan
7.20
Mar
1.50
July
2.75
Jan
92c
85c June
15
1.50
434
110
334
Apr
6
Feb
434
434
50
3
Mar
5
June
60
78
Apr
94
June
92
41c
*
48c
5,555
12,450
534c
50c
33,899
734
5c
125
Apr
1.65
80c
Jan
5c June
13c
Jan
43>*C
July
Jan
3
Feb
1.03
June
8
July
Mar
Jan
385*
143*c
Feb
Mar
321*
July
July
1.35
Jan
Apr
30
95c
Bonds
Bid
91
534s series
•
B
Maple Leaf Milling—
'
108
--
25*s to'38-634s to'49—
Montreal Island Pr 534s '57
10434
424
Montreal L H A P—
41
1956
1973
3 34s
334s
1043* 1054
106
1074
1949
Canadian Lt A Pow 5s 1949
Canadian Vlckers Co 6s '47
Consol Pap Corp—
534s ex-stock
1961
Dom Gas A Elec 034s. 1945
Donnacona Paper Co—
4s
1956
East Kootenay Pow 7s 1942
Eastern Dairies 0s
1949
Fraser Co 6s
Jan 11950
Gatlneau Power 35*8.1969
Gt Lakes Pap Co 1st 6s '55
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
Canadian Inter Pap 6s
Power Corp. of
104
5s
1013*
97
10434
10334
91
93~~
78
80
Provlncla jPap Ltd 534s '47
365*
975*
67
104
1957
101
2nd
36
9934
985*
Price Brothers 1st 58—1957
703*
69
Can 434s'59
Deo 1 1957
105
1023* 103
Montreal Tramway 5s 1941
102 J* 1034
93
92
Calgary Power Co 5s—1960
Canada Bread 06
1941
Canada North Pow 5s. 1953
58
56 34
34
1073* 1075*
334
Ask
91
1952
92
deb
conv
4s
Saguenay Power 43*s A '66
43*fl series B
1966
Sbawlnlgan W A P 434s '67
Smith H Pa Mills 434s '51
684
1063* 107
106
107
10434 10434
98
100
50
52
90
92
98 H
985*
United Grain Grow 5s. 1948
9534
97
81H
803*
1023* 1033*
United Secure Ltd 534s '52
633*
643*
104
105
I
1960
Winnipeg Elec 434s
103
7134
/5134
634s
1961
71
73
4-5e series A
1965
5s
1951
34
35
4-58 series B
1965
•
/Flat price.
No par value.
7234
Apr
Jan
21
77
630
60 4
Apr
775*
73
205
65
Jan
75
74
7234
334c
1.35
Nominal.
$3,392,000,000—Sales in Canada also Increase
Was
During thle first half of 1939, $3,392,000,000 of ordinary
life insurance was paid for, according to figures released
July 17 by the Life Insurance Sales Research Bureau of
Hartford, Conn.
This total volume represents an increase
over
the
period last
same
of
year
The Bureau's
12%.
further said:
announcement
All sections of the country
shared this increase, the two greatest gains
being in the New England and East
North Central sections, with 23% and
18%, respectively.
These
in
same two
sections led the rest of the country in
For the country as a
June.
the monthly gain
whole, the five and a quarter million of
gain over June, 1938, of 6%.
In the New
the sales were 22% and 10%
The Pacific section was the only region with a
ordinary business sold was a
England and East North Central sections
higher than last
Mar
273*
16 5*
122
12%
Increased
n
5234
Life Insurance During Half-Year
Above Year Ago—Total Volume
Ordinary
of
Sales
Mar
3.50
15
10
2234
2034
1.50
225*
Apr
July
63*c
Manitoba Power 5348-1951
474
90
Jan
37c June
25
1.50
2034
20
22
96c
6,000
44c
7
5c
♦
*
100
*
18H
34
quotations, Friday, July 21
47
Mar
1.60
4
1.24
485
Ask
Bid
Jan
6.85
39c
50
1953
Mar
934 c
1.17
1.00
95c
Alberta Pao Grain
Jan
9c
1.20
65
0s—1946
BeauharnoiB Pr Corp 5s '73
Bell Tel Co of Can 68.1955
Brown Co 1st 5348-—-1940
Burns A Co 6s
1958
Abitibl P A Pap ctfs 5s
May
4434
Apr
32
30
Mar
46c
28
115*o
1.68
39J4c
32 4
32
Jan
49c
91
4,500
Jan
Jan
9c
1034c
44
25
8c
Closing bid and asked
Feb
47c
33*0 May
11c
1.05
344
8c
July
3
Jan
26%
1
1
1
Preferred--
25c
1,500
Slscoe Gold
Stedman
Jan
1234
Apr
1,000
100
Standard Paving
2.45
Apr
5c
Preferred
Lake
Apr
1.80
*
Stadacona
1.18
18834 190
3434 3534
10534 10534
105H
*
*
Slave
Jan
0.80
Simpsons B..-
Standard Chemical
2.70
6c
Sllverwoods pref
Bladen Malartlc
Apr
17c
47c
9HC
San Antonio
Sand River Gold.—
2.25
46c
1
1
1
1
50c
1
St Anthony
Jan
2534
188 4
35
Jan
5.60
9
5c
100
*
Power pref... 100
20
4.40 June
500
47c
Bank
Royallte OH
Royal
Apr
Jan
61c
175
2.00
10
"25c
*
1
*
1
Red Crest
4,125
1,170
6,410
25c
——1
Quebec Mining
Reno
.....
-1
1
*
25c
1
1
Pickle Crow
Power
2.43
1
Photo Engravers
Pioneer
2.50
1
193*
Jan
1373*
Feb
15* May
343*
8c
Jan
1.80
82
534
Porcupine
Pamour
Feb
115
58
355
Industrial and Public Utility
Jan
Partanen-Malroblc - -—-1
Pantepec
2c
1.95
'
2H
20
*
Walkervllle Brewing
Jan
2.43
2.57
1.21
Jan
July
June
5*c
4,150
23*
*
1st pref
5,000
1363* 1364
*
*
*
Supertest ordinary
Temtskaming Mining.—.1
T hay era
lc
1.47
Jao
9c
70c
8.00
107
102
100
July
44c
5
5*c
1.35
34a
lMc May
June
613*
5c June
4,000
5c
July
25
613*c
33*C June
38c Apr
35
7
7
434C
44c
May
70.
7,205
1,350
4,800
2.45
31c
1
*
Omega Gold
2.35
1.01
i
*
Okalta Oil
534c
pref
500
Jan
9c
3,200
10,220
1,280
334
*
*
Gold
O'Brien
4c
43c
Jan
1.28
505
5,185
1,000
61c
July
20c
2Hc
500
11c
1.40
175
634
23
69,600
4,500
8034
July
402*
Apr
43 *4 May
14c July
1,965
8c
May
43*
30
52
11c
Northern Empire
North Star pref
325
24
Mar
6c June
8,250
7934
534c
—
—
Northern
155
8c
534
1.35
Norgold Mines
Jau
34
175
4c
Nordon Oil
Jan
1.45
35
234c
80
Mines.—
Noranda
1234c
Apr
89c
14c 1534c
3c
5
Nlptsslng
July
Rogers Majestic A
Sbawlnlgan
7Kc
48
*
-1
Jan
500
24
14c
1
Naybob Gold
Robt Simpson
48c
7,880
1,935
5
*
Newbec Mines.—-
Jan
July
1.13
034c
-*
820
National Steel Car—
2.05
27c
38c
734c
172
-100
A
Morrls-Klrkland
Apr
1»05 June
27c
High
Low
Shares
23*c
23*c
*
—1
1
100
.
Pend Oreille
59c
4034
Oils Selections
Jan
Range Since Jan. 1, 1939
for
Week
of Prices
Low
High
Price
Par
Pawnee-Kirkland
76c
1.22
39
89 5*
■
2034c June
734c
1.00
•
Moore Corp
1.38 May
Mar
27c
1.10
Moneta
Apr
6c
66c
1
25c
Mldel Oils
Monarch Oils..—
1.03
1.16
*
"l"20
—*
McWattera Gold
(Concluded)
Stocks
High
15,250
3,100
2,400
3,550
1,100
1.35
M c V1 ttle-Grabam
Low
Shares
Week's
Sale
Week
Sale
Range
Last
1,19
Range Since Jan.
Week's Range
Last
Sales
Friday
Sales
Friday
Exchange—Curb Section
Toronto Stock
Stock Exchange
Toronto
1939
July
Financial Chronicle
decrease.
June
Jan
Steel of Canada
*
Preferred—
25
74 X
72 4
Straw Lake Beach—
*
35*c
4c
44,000
3HC
Sudbury Basin
*
1
2.20
2.15
2.21
Apr
3.00
Jan
634c
7c
2,645
1,000
1.80
5Hc
534c
July
1434c
Sullivan
1
77c
80c
3,850
75c June
1.01
Jan
*
l
4
4
334
Mar
434
estimated from the
Jan
Supersllk B
total volume of ordinary sales, as
Feb
80c
year.
Below are given the
Sudbury Contact
Sylvanlte Gold.-
3.35
3.40
3,420
2.78
Apr
3.55
4.15
4.25
3,808
3.80
Apr
4.70
*
94
1
*
1.86
35
10
934
Toburn
1.85
100
1.85
1634
16
160
234
75
1.25
2
9,340
834 May
1.74
Apr
10
Mar
2
June
Twin City
_*
Ucbi Gold
1
Uchi Bonds 0%
*
96
96
9634
15,500
96
July
*
145*
1334
1434
1,058
11
Apr
50
3234
25
234
Union
Gas
United Fuel A
B
preferred
32 34
234
4
434
100
1,895
1,330
8,157
434
4.95
4.80
5.00
*
Amulet
7.10
7.00
7.35
*
Preferred
4434
44
45
_*
Walkers..
2034
2034
2034
536
934c
10c
2,200
1
Wendlgo
Western Can Flour
1,473
100
26
26
pref 100
1.03
Mar
11
2.30
1634
Mar
3
1.65
334
975*
July
38
East North Central
Apr
5
Feb
West North Central
June
7
Jan
South Atlantic
4.30
Apr
5.80
Jan
East South Central..
5.50
Apr
8.25
Jan
West
Apr
613*
Jan
1934
834c May
2034
Jan
15c
Feb
Apr
15
Jan
July
26
1,000
4c
May
834c
9 5*
Apr
1234
Jan
9434
9434
34c
34c
2,500
334c
334c
16,000
South
Central
Mountain
'334c
20
Ymir Yankee
2 12
Mar
155
150
15
1.50
July
2.00
770,729
118
103
111
100
342,281
311,397
132,272
262,845
90,335
97
288,528
113
105
106
100
Apr
1834 c
8.20
1,500
9,167
7.30
Apr
8.90
Jan
Mar
434c
500
434c
July
9c
Mar
$1,000
in
Canada
Volume
$35,766
total
$1,351
,
1939 to
from official sales lists
Friday
in
99
$7,929
14,959
11,592
96
2,668
2,207
99
877
106
1,453
16,344
New Brunswick
Nova Scotia
Ontario
$1,000
$192,543
102%
Manitoba
Sales
Sales Volume,
1938
British Columbia
Exchange—Curb Section
July 15 to July 21, both inclusive, compiled
107
107
105
104
Year to Dale
June, 1939
Sales
Alberta
Toronto Stock
110
which follows:
Mar
9c
434c
*
123
104
.110
Jan
1.25 May
8.00
8.20
112%
published figures showing the
The Research Bureau also
sales trends in Canada,
Feb
13*c
834c
150
*
1938
June
95
July
155
1
Wright Hargreaves
May
34o June
3J4c
9
lie 1134c
Wood-Cadillac
85
1939 to
260,891
920,387
122
42,880
Paclfyi'.
Jan
335
*
B
Middle Atlantic
Feb
5c
1134
$1,000
$3,391,665
106%
41,314
142,293
116,689
53,078
51,134
21,811
40,791
14,935
Sections—New England
June
38
in
1938
$1,000
$524,925
United States total.
15
2H
1939 to
Sales Volume,
Jan
_*
1
*
Winnipeg Electric A
in
Jan
May
28
Year to Date
June, 1939
Sales Volume,
July
100
Wlltsey-Coghlln
•
Jan
1134
*
—
insurance.
Jan
5c
*
Westons
Preferred
84% of the total ordinary insurance in force,
together with the comparative ratios by sections.
The sales included are
exclusive of revivals, increases, dividend additions, annuities and group
reports of 54 companies having
Mar
1134
Westflank
White Eagle
370
3
31
*
Ventures
Walte
1.15
1.21
»*
United Steel--
Jan
4.20
Tip Top Tailors
Toronto Elevator
10
lie
3 .35
*
Hughes
Tecb
"
July
June
1939 to
1938 f
101%
104
99
111
95
102
4,524
7,677
102
101
87,757
101
Stocks—
Par
.
Price
Canada Bud Brew
*
Canadian Marconi
..1
Coast Copper
*
*
*
Hamilton Bridge pref. .100
Humberstone
*
Mercury Mills pref.
100
Foothills
—
Montreal L H A P
Shares
lc
3,000
13*c
45
3*4
43*
1.25
730
2.05
400
4*4
2,499
33*
10
203*
3J*
25
6
10
25
Feb
CURRENT
37
24
Apr
35
12
July
55c
Jan
—J.
S.
July
Chisholm
Mar
90
70
235*
15
75*
May
May
Apr
July
200
380
12
99
Mar
1,100
32 3*
114
351
50,431
4,908
1,982
99
97
Feb
2.50
55c
6
111
111
Apr
5
Apr
1.50
82
32
784
105
July
30 J*
25
3 3* c
1.25
55c
12
July
June
75c June
293*
25
150
941
'
80
30
High
Low
1.00
25
Corrugated Box pref...100
DeHavilland pref.
100
Dominion Bridge
High
1.80
5
Consolidated Paper
Low
158
9,416
Prince Edward Island
Quebec
43*
~~l"66
1,1939
Week
lc
1
Brett-Trethewey
for
of Prices
Saskatchewan
Newfoundland
Sale
Range Since Jan.
Week's Range
Last
office
H
Jan
1.45
Jan
Jan
■163* June
10
53*
Jan
8
291*
Apr
33
May
&
sociated
office.
&
Co.
Chapman,
New York.
announce
has
Mr.
with
R.
E.
Herbert P.
Bearce, formerly with
has been widely recognized.
formerly with Schwabacher & Co. is now as¬
Rollins & Sons, Incorporated in their New York
Healey,
H.
NOTICES
that
become associated with them in their main
Bearce's work over the past ten years in con¬
with investment problems
—William
Apr
750
in
nection
Bache
Volume
The Commercial & Financial Chronicle
149
Quotations
New York
o3s
Jan
1 1977
a3s
Feb
Over-the-Counter Securities—Friday July 21
on
City Bonds
New York Bank Stocks
Ask
Bid
Ask
Bid
563
Par
Bid
Par
As*
Bid
Ask
100*4 101*4
a4*4s Apr
National Bronx Bank...50
40
44
101*4
a4*is Apr 16 1972
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
18*4
100*4
119*4 120*4
120*4 121*4
17*4
1 1979
40
45
National City
1 1975
a4*4s June 1 1974
121
Bensonhurst National...60
25*4
27
a3 *48 July
75
100
12
14
Chase
13.55
33
35
Commercial National-.100
169
175
o3 *4s May
1 1954
103*4 105
106*4 108*4
d3*4s Nov
1 1954
107
«3 *4s Mar
1 1960
a3*4s Jan 15 1970
1 1966
106*4 108
a4Hs Nov
15
a4}*8 Mar
1 1981
a4e
May 1 1957
a4a
Nov
a4s
May 1 1959
113*4
a 4s
May 1 1977
a4s
Oct
/112 *4
114
*78
o4*48 Deo 16 1971
119*4 120*4
119*4 121
122*4 124
123
124*4
123*4 125
124*4 126*4
1 1979
1 1957
o4*4s Mar
1 1963
116*4 118
a4 *4s June
1 1965
118
o4 *4s July
1 1967
119
a4*4s Sept
04*48 Mar
1 1902
117*4 119*4
118*4 120*4
o4 *4a Mar
1 1904
119
1 1960
04*48 Deo
Fifth Avenue
100
700
First National of N Y..100 1820
Merchants Bank
100
100
Par
Bank of New York
100
Bankers
Bid
38 1974
less
62.20
Canal A Highway—
5s Jan A Mar 1964 to *71
less
1
4 *4 s April 1940 to
Highway
.
61.25
1949..
4s Mar A Sept 1958 to '07
142*4
Canal Imp4*4s Jan 1964..
Can A High Imp 4*4s 1965
....
115*4
Barge C T 4J4s Jan 11945.
Gen A ret 4s Mar 11975.
108*4 109*4
Gen A ref 2d ser 3*4 s '05
106
Gen A ref 3d ser 3 *4s '76
Gen A ref 4th ser 3s 1970
105*4 106
102
102*4
Gen A ref 3 *4s
105*4 106
106*4
George Washington Bridge
12*4
Companies
Ask
55*4
4*4
73
5*4
78
49*4
51*4
60
48
52
..25
9
11
98
Par
1942-1960
MAS
Ask
195
210
Guaranty
Irving
Kings County
Lawyers
266
271
.,25
Manufacturers
.20
11*4
1(M) 1580
12*4
1620
28
31
40*4
42*4
54*4
101
Preferred
52*4
New Yprk
Continental Bank A Tr.10
13
14*4
20
57*4
58*4
10
11*4
12*4
110*4 113*4
Title Guarantee A Tr. ..20
4*4
.100
United States
5*4
80
100 1610
FIRE
90
1660
INSURANCE ASSOCIATION
FIRE ASSOCIATION
Ask
OF
PHILADELPHIA
INSURANCE COMPANY OF NORTH
AMERICA
0.80%
110*4
Inland Terminal 4*48 ser D
1939-1941
MAS b
MAS
Bid
Fulton
We Maintain Trading Markets in:
Holland Tunnel 4*4s ser E
1939-1941
MAS b
1942-1960
106
17*4
425
53*4
7
CAMDEN
Bid
Ask
Port of New York-
4*48 ser B 1940-53. MAN
27
14*4
Central Hanover
20
Chemical Bank A Trust-10
Port of New York Authority Bonds
1977
25
Bank
Underwriters
140
Bid
31*4
Sterling Nat Bank A Tr 25
Empire
133
54
29*4
Trade
Corn Exch Bk A Tr
133
142*4
47
25
1860
Bid
100
Colonial Trust..
Improvement—
Canal Imp 4s JAJ *00 to '07
62.40
Highway Imp 4 *4s Sept *63
Ask
World War Bonus—
50
105
Clinton Trust
Bid
1
12*4
9*4
730
415
10
Bronx County
Brooklyn
Ask
62.15
3s 1981
10
Peoples National.
New York Trust
120*4
New York State Bonds
Exchange
Public National
127*4 129*4
o4*4a Nov
115
Penn
125
124
o4*4s May 1 1957
113*4 114*4
1 1980
122
1 1977
106*4 108
1 1958
121*4 123*4
123*4
122*4 124
04*8 Feb 16 1976
•4*8 Jan
108*4
122*4
12*4
National Safety Bank. 12 *4
(Sco.
% &ms&ev A (So.
Established 1895
1.00%
Members Philadelphia Stock Exchange
110
STOCK EXCHANGE
—
BUILDING, PHILADELPHIA, PA.
N. Y. Tel.—Rector 2-3300
A. T. & T. Tel.—Phi a 220
United States Insular Bonds
Bid
Philippine Government—
4*4s Oct
1959
Bid
Ask
U S Panama 3s June 11961
114*4 116*4
112
113*4
4*4s July
1952
5s
Apr
1955
101
5s
Feb
1952
114*4 117
5*48 Aug
1941
123
118
119*4
Bid
Ask
Par
4*48 July 1952
6s
July 1948 opt 1243.
118*4 120*4
11154 112*4
10
10
47
49
Home Fire Security
Homestead Fire
Aetna
10
31*4
33*4
Agricultural
25
78*4
81
American AUlanoe
Govt of Puerto Rico—
U S conversion 3s 1946
Hawaii 4*4s Oct 1956
Par
Aetna Cas A Surety
Aetna
108*4 109*4
103
Insurance Companies
Ask
125
10
21*4
23*4
22*4
9*4
Life
111*4 112
111*4 112*4
Conversion 3s 1947
American
American Home
109*4 113*4
Equitable.....5
21
10
10
2*4
20*4
70*4
Jersey Insurance of N Y...
Knickerbocker.
5
41*4
9*4
44
Lincoln Fire—
5
2 *4
13*4
15
41*4
43*4
American Reserve
Federal Land Bank Bonds
Bid
3s 1955 opt 1945-
.JAJ
107*1# 107"i«
3s 1956 opt 1946— ....JAJ
3s 1956 opt 1946... ..MAN
107»i# 107su
—
107*4
Bid
Ask
3 *4s 1955 opt 1945. ..MAN
4s 1946 opt 1944—
JAJ
Ask
25*4
108*4 109
113*4 113*4
108
10
American Surety.......25
Automobile
10
Baltimore American...2*4
Bankers A Shippers
Boston
Camden
25
100
Fire
Bid
Atlantic 3a
100
Burlington 5b
4*48
26
/22
26
/22
24*4
/22*4
5*4
/3*4
5*4
/3*4
101*4 102*4
Central Illinois 5s
Chicago 4*4s and 4*4s
5s and 5 *4a
Dallas 3s
Denver 3s
Bid
Ask
101*4
99*4 101
100
First Texas of Houston 6s.
First Trust of
Fletcher
100
101
100
101
100
3*4s
Eagle Fire...
2*4
Employers Re-Insurance 10
1*4
48
2*4
8*4
10
43*4
61*4
20
100
101*4
Fidelity A Dep of Md...20
100
102
Fire Assn of Phlla
10
66
99
100
67*4
Fireman's Fd of San Fr.25
94
Ohio-Pennsylvania 5s
99*4 102
New Hampshire
New York Fire
Fire
10
5
6
98
101
River
2.60
Natlonal.25
Pacific Fire
26
10
130
128
Preferred
Accident
5
Providence-Washington .10
45
Firemen's of Newark
5
11
Reinsurance Corp (N Y)_2
Franklin Fire
5
30
32
Republic (Texas)—
10
7*4
25*4
43
45
10
26*4
9*4
25*4
6
3
26*4
28
St Paul Fire A
Marine.62*4
229
Seaboard Fire A Marine..6
Globe A Republic
Springfield Fire A Mar..25
Stuyvesant
6
97
101
101*4
St Louis
101
Bid
/22*4
6s
24*4
101*4
14
84
87
99
6s
101
99*4 102
Virginian 3s
100
Ask
75
Atlantic
45
55
North
115
125
40
60
First Carollnas
_
7
Fremont
1
2*4
Lincoln
2
23*4
11
20*4
2d preferred
Great American
15
66*4
69
...5
27*4
28*4
Great Amer Indemnity... 1
10
Halifax
101
..10
Virginia
Virginia-Carolina
26
12
Sun Life Assurance
24*4
9*4
23
Travelers
27*4
82
32
34
Westchester
Co—2
4
Fire
10
2.50
70
80
Associated Mtge Cos Ino—
22
27
100
74
Ask
Bid
110
100
/53
1*4
2
85
Debenture
3-6a
1953
33*4
35*4
Series B 2-5a
1954
95
Corp (all
Issues) 2-6s
1963
Potomao Cons Deb Corp—
Cont'l Inv Bd Corp 2-52 '53
Cont'l Inv DebCorp3-6s '53
85
67
82
3-6s
Empire Properties Corp—
Federal Intermediate Credit Bank Debentures
Ask
81
Potomao Bond
1953
52
54
50
53
1945
56
Potomao Deb Corp 3-6s '53
49
Potomao Franklin Deb Co
2-3s
Jan
53*4
64
58
56
Interstate Deb Corp 2-5s'55
due
23
62
Bid
Nat Union Mtge Corp—
Series A 3-6s—
1954
/79
77
4
Bid
21*4
£51*4
Surety Guaranteed Mortgage Bonds and Debentures
Arundel Bond Corp 2-6s '53
Arundel Deb Corp 3-6s '63
5
4*4
420
475
U 8 Guarantee
5
3*4
370
465
U S Fire
59*4
Home
237
8*4
34*4
32*4
34*4
32*4
122*4 125*4
100
U 8 Fidelity A Guar
79
57*4
15
100
10
28*4
4*4
.....100
10
Ask
....
10
Security New Haven
10
12
100
San Antonio...-
Surety
Hartford Fire
Bid
...100
Potomac
Seaboard
Hartford Steamboller
100
Carolina
Pennsylvania
.
65
6
100
New York
Moines
..5
Par
65
Des
...10
Hanover
Union of Detroit 4*4s
Atlanta
Denver
Georgia Home
Globe A Rutgers Flre—15
4*4 and 5s
Joint Stock Land Bank Stocks
Par
9
27
7
100
41*4
12*4
22*4
101
101
98
4*4s
due
due
due
37
39*4
/12*4
Aug 15 1939
Sept 15 1939
Oct. 16 1939
Nov
11939
Dec
1 1939
19*4
35
Glens Falls Fire
Southwest
94
82
17*4
Gibraltar Fire A Marine. 10
Potomac 38
Southern Minnesota 5s
due
due
130
122
78
100
86
99
27
125
105*4 107*4
107*4 109
4*4a
5s
85
99
17*4
118*4
Pacific Coast of Portland 5s
68
1%
1%
1%
1%
1%
1%
25*4
Revere (Paul) Fire
Rhode Island
5*48
City 4*4s...
48
£16*4
12.50
Northern
North
46
5
5
Northeastern.
General Reinsurance Corp 6
/40
100
Lafayette 58
9
96
North Carolina 3s
San Antonio 3s_
Illinois Midwest 5s
31*4
63*4
133*4 139*4
13*4
15*4
33*4
35*4
Phoenix
9*4
45
8
8*4
4*4
New Amsterdam Cas....2
New Brunswick
10
Northwestern
50
....5
Federal
102
100*4 102
...
Dallas
33*4
7*4
31*4
35*4
New Orleans 5s
84
Iowa of Sioux
Excess
30
29*4
2
Phoenix
100*4 102*4
Fremont 4*4s
5
96
lVlft
Chicago—
4*4a
4*4a
4*4s
630
620
10
10
National Liberty
National Union Fire
96
New York 5s
Oregon-Washington 5s
First Carolines 6s
National Casualty
National Fire
8
92*4
30*4
24*4
Continental Casualty
101
7
...
6*4
95
99
3
23*4
Ask
93
5*48
Montgomery 3s
7*4
Merchants (Provldenoe)..5
£28*4
92
5s
Merch A Mfrs Fire New'k 6
6
91
Lincoln 4*48
62
47
53*4
10
10
4
59*4
38
23*4
Connecticut Gen Life
10*4
2*4
43
27
21*4
,
3
36
10
City of New York
City Title.
2*4
51*4
5
Carolina
Joint Stock Land Bank Bonds
Ask
68*4
American Re-Insurance. 10
American of Newark
1*4
Ins Co of North Amer...10
Maryland Casualty
1
Mass Bonding A Ins..12*4
Merch Fire Assur oom
5
7*4
Bid
19
10
Mortgage Bond Co of Md
Inc 2-58
1953
3-6s
1953
54
98
Potomac Maryland Deben¬
Ask
Bid
Ask
ture
Nat Bondholders part ctfs
6.20%
1% due
1% due
1% due
1 1940 6.30%
June
1% due
6 .25%
2 1940 6 .25%
Apr
1% due
6.20%
6.20%
6.20%
July
1 1940 6.30%
1 1940 6 .30%
Feb
Mar
11940 6.25%
11940 6 .30%
series B A C
Corp 3-6s
1963
90
Potomao Realty Atlantic
Central Funding
.....
series A A D
Nat Cons Bd Corp 2-5s '63
Nat Deben Corp 3-6S.1953
24*4
/21*4
/21J4
82
51
24*4
Deb
Corp 3-6s
1953
Realty Bond A Mortgage
deb
|
1
3-6s
4.1953
Unified Deben Corp 5s 1955
51
60
47*4
49*4
Chain Store Stocks
Chicago & San Francisco Banks
Par
Bid
Ask
American National Bank
A Trust
100
Par
Par
Bid
208
215
268
278
Northern Trust Co
520
533
100
First
33 1-3
National
For footnotes
—100
see
Berland Shoe Stores
B
•
/G Foods Inc common *
Bohack (H C) common.—*
Continental Illinois Natl
Bank A Trust
80*4
79*4
213
218
SAN
36*4
38*4
6
1*4
2*4
100
20
100
Flshman (M H) Co Inc..*
108
?% preferred
FRANCI8CO—
Bk of Amer N T A S A 12 *4
Bid
Ask
Harris Trust A Savings .100
Ask
8
2*4
3*4
23
7% preferred
8*4% preferred
Diamond Shoe pref
7
-
Kress (8 H) 6% pref
11*4
.100
Miller (I) Sons common.. 5
«
Bid
Ask
72
2*4
50
20
Reeves (Daniel) pref...100
99
United Cigar-Whelan Stores
$5 preferred..
*
18
4
24
—
9
page 566.
Par
Kobacker Stores—
12*4
20
The Commercial & Financial Chronicle
564
Quotations
on
July 22, 1939
Over-the-Counter Securities—Friday July 21—Continued
Railroad Bonds
Guaranteed Railroad Stocks
Bid
and Youngstown 6Hs—
Akron Canton
3o$cpb Walkers Sons
Mtmhors J^rw fork Sloth
1945
—1946
1939
6s
Atlantic Coast Line 4s
Extkomgt
-
——-
-
120 Broadway
Tel, RE
Boston A Maine 6s—
ctor
GUARANTEED
NEW YORK
-
Chicago St. Louis A New Orleans 5s
^
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s
Guaranteed Railroad Stocks
Bid
Asked
71X
nox
121
64
2.00
(New York Central)--
27 X
29
8.75
75
77 X
14
18
3.00
44
5.00
83 X
85%
6.00
64 X
68
100
100
Carolina Clinohfleld A Ohio com (L A N-A C10
100
Cleve Clnn Chicago A St Louis pref (N Y Central).-100
Cleveland A Pittsburgh (Pennsylvania)
60
Canada Southern (New York Central)
47
X
X
Fort Wayne A Jackson pre! (N
77 X
2.00
46
49
2.00
42K
44
Y Central)
Michigan Central (New York Central)—
3.50
9.00
(Pennsylvania)
X
56
153
37 X
650
60.00
800
3.875
26 X
48
50H
4.00
85
87K
28K
40
41
43 X
3.00
83
172
141
Pittsburgh Fort Wayne A Chicago (Penn.) pref
100
7.00
Pgh Ygtn A Ashtabula pref (Penn)
Rensselaer A Saratoga (Delaware A Hudson)
100
7.00
100
6.64
St Louis Bridge 1st pref (Terminal RR)..
100
100
6.00
Second
preferred
X
97 X
175
6.00
96
97
New Orleans Great Northern Income 6s.
2032
n7
18
1946
32
1947
80
New York A Hoboken Ferry 5s
Norwich A Worcester 4 Ha
-
—
102
Pennsylvania A New York Canal 5s extended to
1949
64
67
1941
103
104
1947
117
——
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
1961
90
92*
1947
74
80
Terre Haute A Peoria 6s
1942
Toledo Peoria A Western 4s
1967
99
Toledo Terminal 4Xb
1957
108
Toronto Hamilton A Buffalo 4s
1946
104 H
100
98H
United New Jersey Railroad A Canal 3Ks—
Vermont Valley 4 Ha
1951
106
1940
65
75
1968
70H
71 H
1964
36
38
West Virginia A Pittsburgh 4s
1990
46
49
—
Industrial Stocks and Bonds
mm**,*
238
Utica Chenango A Susquehanna (D L A W)
101H
1948
:
135
10.00
98 K
2000
142
69
3.00
100
100
1940
New York A Harlem 3Xb
66 X
138
United New Jersey RR A Canal (Pennsylvania)
-mm
.
63 X
Tunnel RR St Louis (Terminal RR)
New London Northern 4s
New York Philadelphia A Norfolk 4s
Washington County Ry. 3Xb
36
1.60
——60
....—60
Preferred
96
Vlcksburgh Bridge 1st 4-08
4.50
Pittsburgh Bessemer A Lake Erie (U S Steel).-..—60
Oswego A Syracuse (Del Lack A Western)
68
112
*.
-
39%
5.00
60
100
—60
1950
1959
Providence A Worcester 4s
53 X
5.60
4.00
100
Morris A Essex (Del Lack A Western).,
New York Lackawanna A Western (D L A W)
47
64
Philadelphia A Reading Terminal 5s.
75 X
--.60
---26
100
---100
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)-..—100
Northern Central
X
——
stock
Betterment
Delaware (Pennsylvania)
75
44
58
8.50
Boston A Albany
71
-.-.1978
Memphis Union Station 6s.
6.00
35~~
33H
1963
..
Kansas Oklahoma A Gulf 5a
75
10.60
111
1946
Illinois Central—Louisville Dlv. A Terminal 3Hs
Indiana Illinois A Iowa 4s.
6.00
5o"~"
46
1946
Hoboken Ferry 6s
Dividend
Par in Dollars
83"""
80
102
—1960
Florida Southern 4s
36
101
66
..1961
-
39
100H
1966
1961
1961
-—----.1996
Connecting Railway of Philadelphia 4s
Cuba RR. Improvement A equipment 6s
(Guarantor in Parentheaea)
33
1956
Chicago Indiana A Southern 4s
Sine® 185V,
73
'36
1944
4Hs
Cambria A Clearfield 4s
2-6600
STOCKS
64"""
72
1940
—
33
62 H
1939
1943
-
Boston A Albany 4Kb
Dealer* in
32
101
-
Baltimore A Ohio 4Kb—
Asked
/30
/31
242
Par
X
Mills
100
6.00
44
47 X
Alabama
100
Vlcksburg Shreveport A Pacific (Illinois Central)...100
6.00
52
56
American Arch
5.00
53 X
57 X
Amer Bern berg A com
mr% 00
6.00
55 X
59 X
Wwtera) II—III—50
3.50
24
3.00
52
26X
54X
Bid
Ask
Par
American Cynamld—
Valley (Delaware Lackawanna A Western)..
jpfOfOlTQCl
Warren RR
^
^
m m tm
~
om ~ mm ~ *m m mttioommmmm
m m m
of~N j"(Def Lack"A
West Jersey A Seashore (Penn-Readlng)..
—60
Inc
IX
33X
37 X
*
10 H
nx
-..10
5% conv pref
American Enka
2X
—*
11K
11 x
*
31X
34 K
Corp
American Hard Rubber—
Equipment Bonds
Amer
Products... »
88 X
92 X
22 X
15
24 X
17
American Mfg. 6% pref 100
Andlan National Corp...*
Ait
Bid
Malse
Bid
Ait
54K
59
31
62.00
Baltimore A Ohio 4Hb_._.
63.75
3.00
A Maine 4Hs—.
64 00
3.00
Boston
New Orleans Tex & Mex—
Art Metal Constructlon.10
14K
Burdlnes Inc
1
common
1
•
Scovlll Manufacturing..25
21
Singer Manufacturing..100
169
6K
Singer Mfg Ltd
3
Skenandoa Rayon Corp..*
Solar Aircraft...
1
Standard Screw...
20
22 X
9
11
20
22
29K
63.00
1.50
Dennison Mfg class A.—10
X
31X
IX
Northern Pacific 4Xb
62.00
1.00
Dentist's Supply com.—10
59
61X
Devoe A Reynolds B oom *
1.75
24
28
61.50
1.00
Dictaphone Corp
*
35
39
Tennessee Products
*
Dixon (Jos) Crucible—.100
21
25
Time Inc
*
Domestic Finance
28
31
Trlco Products Corp
•
Triumph Explosives...-.2
33 X
IK
71H
2X
2%
74X
Tublze Chatlllon
76
3.00
1.60
4e series E due
61.25
0.60
10
-
3.00
Dec 1 1937-60
62.25
1.80
65.00
4.25
Pere Marquette 4Xb
62.50
2.00
Draper Corp
Reading Co 4Kb
62.00
1.50
Fatrcblld Eng A Alrpl—.1
Federal Bake Shops
*
62.00
1.50
4s
63.75
3.00
4H8
Chic Milw A St Paul 4Hs.
Jan A July 1937-49
2Xb series G non-call
1.60
3.00
63.75
6s
62.10
63.75
6s
Chicago A Nor West 4Mb.
63.75
3.00
Garlock Packing oom
63.25
3.00
Gen
63.75
3.00
65.00
Trustees' ctfs 3Xs
97M
6s
cum
pf*
Conv prior pref
.*
Preferred
30
Fohs Oil Co
Denver A R G West 4Xb..
64.00
3.00
64.00
3.00
ErleRR4«s
64.25
3.00
Great Northern 4Xb.
61.50
1.00
68
St Louis-San Francisco—
St Louis Southwestern 6s..
6Hs
62.25
1.75
64.00
3.00
62.25
1.85
62.25
1.75
0.50
Illinois Central 4Hs
Internat Great Nor 4Hs.
Southern Pacific 4 Hs
0.75
61.00
-
American
•
shares——*
62.20
1.60
4Ha
62.20
1.60
6s
61.50
1.00
37 X
2X
3X
38 X
2.60
Virginia Ry 4Xa
61.25
0.75
1
8.00
62.25
1.25
King Seeley Corp
1
3.00
Weetern Maryland 4Xa
Western Pacific 5s
64.00
3.00
2.50
64.00
3.00
Landers Frary A Clark..25
Lawrence Portl Cement 100
2.60
6H8
$5 preferred
36 %
com
Ley (Fred T) A Co
100.7
Bid
100.10
way
•
Authority 8Hs '68
110
109
1944
1.60
less
1
1949
2.20
less
1
revenue
102.5
102.9
103.6
103.10
Corp—
X% notes July 20 1941
X%
Nov 1 1941
X%
Jan 16 1942
Natl. Mtge Assn
2s May 16 1943—
100.28 100.30
100.29 100.31
100.28 100.30
101.24 101.28
lHs Jan 3 1944—
Trlborough Bridge—
101.14 101.18
4s s f revenue '77-AAO
U2X
100.6
May 16
1941
100.13 100.15
100.8
1.10
less
566.
3
| Ask
X\
1
IX
X
100
25K
27 X
17
19
3.00
less
47
49
43 X
Veeder-Root Inc com^...*
6
47
Warren (Northam)—
33
conv
preferred
•
7%
preferred..
16
100
17X
107
11X
93 X
12X
96
IX
2%
*
22 X
24 H
Wick wire Spencer Steel—*
Wilcox A Gibbs oom
60
5X
33
cum
preferred
WJR The Goodwill Sta
7
5
Worcester Salt
5X
9
25X
40
100
York Ioe Machinery—♦
27X
45
4X
5X
100
30 X
33 X
Amer Writ Paper 6s_. 1961
44X
46 X
Bethlehem Steel
99K 100
7%
preferred
Bonds—
3 K a. 1959
2%
10K
Brown Co 6Hs ser A—1946
32 X
34 X
39X
41
Carrier Corp 4Kb
Y2X
~4
Crown Cork A Seal
'48
89K
98.X
99X
1948
91 X
•
22
25
Deep Rock Oil 7s_.
1937
1
38
39K
Haytian Corp 8s
1938
17K
59X
19X
5
2K
Houston Oil 4Xb
1954
98K
98 X
33 conv preferred
*
Merck Co Ino common..1
17K
18M
29
30
McKesson A Rob
5Hs 1950
79K
80 X
25H
27 X
17X
19X
55
57
30 X
32 X
6% preferred
100
Mock Judsoo A Voehrlnger
106
3
116
National
Minn A Ont Pap 6s
Nat Radiator 6s
57
1945
r
1946
r
113
N Y World's Fair 4S..1941
13K
Old Bell Coal inc 6a
1948
22
27
Scovlll
1946
107 X 109X
*
;
12
*
Casket
Preferred
97
101
So cony-Vacuum Oil 3s 1964
105X 105H
Nat Paper A Type com.—*,
6% preferred
New Britain Machine
2
102.8
1H% notes Feb 11944
Mfg 6Hs
Woodward Iro*—
2X
3X
100
17 X
27 X
1st 6e
*
25X
27X
2d
conv
1962
106
/.
Income 6s..1962
104
106H
Telephone and Telegraph Stocks
102.10
Par
(N J) oom.*
Preferred..—.
.100
1
Par
Savannah Bug Ref
Bid
As*
Par
Bid
Ask
Bid
1
30 X
West Indies Sugar Corp.-l
zx
oom
~Ask
32
4H
95
99
Mtn States Tel A Tel..100
129
132
113
116
New York Mutual Tel. 100
17
20
Ben Telep of Canada—.100
|
7X\
4%
16
IX
X
5
U S Housing Authority
Sugar Stocks
6X\
Preferred
3
9X
Am Dlst Tel eg
14
United Artists Theat com.*
United Piece Dye Works.*
35K
83X
IX
X
4s serial revenue._1968 6
AolU
Cuban Atlantic Sugar..7X
1
Preferred
1
2X
pf.lo
3X
2
158
113H
4s serial revenue—1942 6
HI
Eastern Sugar Assoc
X
9X
7% preferred
100
Muskegon Piston Rlng_2H
Reconstruction Finance
1940
I 1943
Bid
IX
••
Fed'l Home Loan Banks
Par
cum
2X
154
Martin Rockwell Corp
3Hs
100.3
*
common
McKesson A Robblns
ill
City Park¬
3Ha revenue..
Federal Farm Mtge Corp
Steel
...»
Preferred
Ait
New York
X
8
4Vs
22 X
35 preferred
100
Macfadden Pub common.*
Miscellaneous Bonds
Bid
5K
7X
4X
33 X
43 X
*
Long Bell Lumber
Commodity Credit Corp
5X
35X
3X
2.50
3X
21
West Va Pulp A Pap com.*
Preferred
100
West Dairies Inc com v t e 1
27
6
41 X
4X
Taylor Wharton Iron A
15K
5K
25K
Harrlsburg Steel Corp
Interstate Bakeries com
30 X
Welch Grape Juice oom..5
Great Lakes 8S Co com..*
Great Northern Paper..25
63.50
Call Jan 3 '40 at 102
4
3%
Stanley Works Inc..
25
Stromberg-Carison Tel Mfg
Sylvanla Indus Corp.—- »
41X
12H
37X
63.60
Call Novl6'39 at 101
3X
9X
IX
3X
35K
64.00
6s
X
100
Klldun Mining Corp
Missouri Pacific 4Hs
8X
2H
1\X
11
64.00
5Xa
8
24
39H
63.60
Malne Central 6s
3
7
•
63.50
Long Island 4Hb-
4
20
Extinguisher—*
Gen Machinery Corp com*
Good Humor Corp
1
Graton A Knight com
•
Fire
Preferred
Texas Pacific 4s
48
3X
Foundation Co For shs—.*
Southern Ry 4Hs
61.26
Hocking Valley 6s
45
Douglas (W L) Shoe—
4.26
96 H
6s
Chicago R I A Pacific-
13X
3X
172
3X
6 X
...
*
1
100
$1 cum preferred..
4Xb
62.10
-
16M
Pennsylvania RR 4Xb
62.25
64.00
Canadian Pacific 4Xb
Cent RR New Jersey 4Xb.
Chesapeake A Ohio—
see page
X
4X
2X
2X
*
5s
For footnote*
12
Crowell-Colller Pub
1.75
Hb
5X
3.00
62.25
6s
Federal
3
4X
2.50
New Haven A
X
2
63.75
Hartford
New York
Dec
X
Petroleum Heat A Power.*
Pilgrim Exploration
1
Pollak Manufacturing.—*
*
Remington Arms com
Columbia Baking com...*
1.75
Apr
Conversion... 1
19X
103
63.25
62.25
2s
100
Cbio Burl A Quincy
Chilton Co common
63.75
2s
17 X
Cessna Aircraft
3H» Dec 1 1936-1944...
Sept 1 1939
15X
1.75
Canadian National 4H8-.
IKs
10 X
Pan Amer Match Corp. .25
Pa the Film 7% pref
*
2.75
4Xb
New York Chicago A
St. Louis 4Xb
3.00
H % notes Nov 2 1939.
8X
62.25
York Central
3.00
68
17 X
*
63.75
4Hs
New
64.00
6s...
4Hs
55
.2X
—
34
Bankers Indus Service A.*
1.25
Atlantic Coast Line 4H8-.
Ask
47H
Preferred 6H%
Norwich Pharmacal
Ohio Match Co
Petroleum
8% cum pref..
100
Hardware....25
American
Railroad
Bid
100
New Haven Clock—
174
176
15
121
123
Pae A Atl Telegraph
Peninsular Telep oom
12
Bell Telep of Pa pref
Cuban Teleph 6% prf
33K
35 X
100
53
Emp A Bay State Tel..100
Franklin Telegraph.—100
Gen Telep Allied Corp—
36 preferred
Int Ocean
Telegraph
•
100
—
—
101 x 103 X
69
*
100
111
$6.50 1st pref
100
So A Atl Telegraph
25
Sou New Eng Telep... 100
160
Wisconsin Telep 7% pf. 100
118H
Rochester
47
26
Preferred A
26
Telephone—
113
15X
18
163 X
Volume
The Commercial & Financial Chronicle
149
Quotations
WE
MAINTAIN
ACTIVE
Over-the-Counter
on
TRADING
MARKETS
Securities—Friday July 21—Continued
Public
UNLISTED
IN
565
Utility Stocks—Continued
Investment Trust Issues
Par
Ohio Edison 36 pref
37 preferred
GOODBODY & CO.
Membert N. Y. Stock Ezchanffe and other Principal Stock and Commodity Exchange*
Main Office
115
Jersey City Office
921 Bergen Avenue
Broadway
New York City
Tel REctor 2-5485
Private Wire System
*
*
Ohio Power 6% pref...100
Ohio Public Service—
6% preferred
7% prelerred
Teletype JCY 1518
11254 114,54
6% pre* series B
Bid
11.94
112)4 114
Affiliated Fund Ine
1)4
Corp..*
♦Amerex Holding
3.50
Par
Bid
112)4 114)4
108
108)4
88
90)4
107 X 108)4
7% preferred
lOi
Texas Pow A Lt 7% pf.lOi
454.
30
554
Series B-l
26.98
29.52
24
Series B-2
22.05
24.15
3.52
Series B-3
15.11
16.57
14.85
16.27
3.88
.41
.46
Series F-l
4 54
5X
Series K-2
9.82
10.89
Assoc. Stand Oil Shares..2
4%
5H
Series S 2
14.06
15.49
Series S-3
10.90
12.07
Invest
Corp
♦Class A
6H
Basic Industry Shares-.10
7%
_
Series 9-4
15.49
British Type Invest A
1
Broad St Invest Co Inc..6
.15
.30
24.91
16.64
Bullock Fund Ltd—...1
1354
3.98
4.49
Manhattan Bond Fund Inc
3.71
Boston Fund Ino
7.02
.7.75
Maryland Fund Inc...10c
4.75
5.25
1
20.84
22.41
10
10.87
11.88
14 H
16.66
Canadian Inv Fund Ltd-.l
3.80
4.20
Century Shares Trust...*
24.31
26.14
Chemical Fund
1
10.15
10.99
Commonwealth Invest--. 1
3.39
3.69
6)4
Mutual Invest Fund
Bid
Amer Gas A Power 3-6s '63
Serv 6s_1964
48X
84)4
50%
86)4
Associated Electric 5S.1961
69)4
70 X
3554
36)4
36
36 X
Amer Utility
Assoc Gas A Elec Corp—
Income deb 3)4s
1978
Income deb 3)is.—1978
Income deb 4s
1978
Common
38
38)4
Income deb 4)4s
1978
43
44
1973
71X
1973
72
73"
1973
76
78
Conv deb 6)4 s
1973
8s without warrants. 1940
86
88
deb
4)4s
Conv deb 5s
26c
3.63
Voting shares
National Investors Corp.l
New England Fund
1
1.26
1.39
5.90
6.28
12.52
13.49
98)4 100
Assoc Gas A Elec Co—
Agriculture
7.55
8.17
Cons ref deb 4)48..IS
39
42
2.31
Automobile..
5.26
5.71
38
2.31
Aviation
9,83
10.62
Sink fund Ino 4)4s„ 1983
Sink fund Inc 5s
1983
36
1
Series AA
series
Accumulative
37
39
S f Inc
Series AA mod
38
.
....1
Bank stock
100
♦8% preferred.
29)4
118
♦Crum A Forster Insurance
♦Common B share
♦7% preferred
10.55
9.23
4.78
15.82
...
7.20
8.47
7.26
7.34
No Amer Tr Shares 1963. ♦
2.32
Series 1956
1
Diversified Trustee Shares
1
2.39
3.60
3.75
D
1
5.75
6.45
Plymouth Fund Inc.—10c
25c
1.20
1.31
♦Putnam (Geo) Fund
Eaton A Howard Manage¬
ment Fund series A-l—_
Eqult Inv Corp (Mass)..6
Equity Corp 13 oonv pre! 1
27.42
Fidelity Fund Inc
18.68
18.93
29.48
—
3.69
Spencer Trask Fund
7.74
♦State St Invest
Super Corp of Am Tr ShsA
4.30
4.60
17.40
18.92
5.03
5.76
4.55
B
30.76
33.08
General investors Trust.*
4.90
5.34
5.53
6.02
Agricultural shares
Automobile shares...
•
Inc.60c
Corp... •
t
15.13
.53
108)4 109
110)4
73)4
7554
83)4
f43X
84)4
3
10.02
10.89
Trustee Stand Invest She—
Series C
1
2.43
5.24
Bid
.58
.64
Alden Apt 1st mtge38.1957
.87
.97
Beacon Hotel Ino 4s.. 1958
Chemical shares.—...
U S El Lt A Pr Shares A—
16H
Series B
B' way Barclay
7.09
B
...
4.73
5.55
6.04
Investm
5.25
5.66
13.56
Blair A Co
1
.15
.35
Investors..*
16.40
17.63
♦Independence Trust 8hs.
2.19
Incorporated
Corp
1.33
Insurance Group Shares
Investors Fund C
1.21
1
IX
♦Central Nat
Corp el A..*
♦Class B
*
10
22
2)4
25
1
2
17%
19%
1948
65)4
!7
40
Pomeroy Ino com...10c
X
IX
Par
Bid
..1948
32
Arkansas Pr A Lt 7% pref ♦
94X
96
Associated
Gas
A
*
$6.50 preferred
6X
119)4
Birmingham Elec $7 pref.*
83
21X
*
5%
——100
100
22 X
5% conv partlc pref..50
Mississippi Power 36 pref ♦
86
88
2854
30
32
33)4
36
3654
80 X
83 X
85X
88 X
83
8454
Mass Utilities Associates—
Carolina Power A Light—
*
6% preferred
7% preferred..
85
Buffalo Niagara A Eleetero
6% preferred
4X
Long Island Lighting—
654
5X
$7 preferred
118)4
3X
5X
26
101
116
254
*
preferred
100
Kings Co Ltg 7% pref. 100
$7 preferred
•
Atlantic City El 6% pref.*
$1.60
Ask
Kan Gas A El 7% pref. 100
Electric
Original preferred
Bid
Interstate Power $7 pref. •
Jer Cent PAL 7% pf—100
29
25)4
Dorset 1st A fixed 2s.. 1957
17 preferred
98)4 100)4
91
92 X
Inc'46
•
i
Mississippi P A L 36 pref.*
Miss Rlv Pow 6% pref. 100
115)4 117)4
Film Center Bldg 1st
Corp 6s
42 Bway 1st 6s
1400
35
30)4
1st
5
4s *49
1958
1939
Consol Elec A Gas $6 pref *
Consol Traction (N J). 100
Consumers Power $6 pref*
Continental Gas A El—
7% preferred
.100
106
96
«•
-
-
98
104)4 10554
7X
8X
52%
5654
104% 10554
Missouri Kan Pipe Line..6
Monongahela
West
Pub Serv 7% pref
26
93)4
754
27)4
29
/19
100
62 X
64 X
7% pf 100
26)4
28X
7% preferred
Nassau A Suf Ltg
NewEng G A E6X% pf.*
Eng Pub Serv Co—
37 prior lien pref
_•
11454 11654
29)4
30)4
36
40
/21
/52
41X
/354
24
35)4
81X
1554
1944
1949
Fuller Bldg deb 6s
2)4-4s (w-s)
Graybar Bldglst Ishld 6a'46
Harrlman Bldg 1st 6e_1951
Hearst Brisbane Prop 6s !42
New
Dallas Pr A Lt 7% pref. 100
118
Derby Gas A El $7 pref-*
38
42
Federal Water Serv Corp—
New Orl Pub Serv 37 pf..*
New York Power A Light—
$6 cum preferred
24
25)4
36 cum preferred
$6.60 cum preferred...*
2454
26
7%
$7 cum preferred
26
27
*
5)4% pref
Idaho Power—
$6 preferred
7% preferred
Interstate Natural
*
.100
Gas..*
110)4
112
23 X
m —
-
25)4
*
preferred.-.100
N Y State Elec A Gas—'
cum
100
Northern States
(Del)
7%
48
49
112)4 114
103 X 105
111
98)4
11254
99
(Minn) 5% pref..
*
►-
00
73)4
109 X
71
1955
2s
22
23)4
Corp—
4s with stock stmp.,1966
4)4
5X
N Y Title A Mtge Co—
52
33)4
...
v t c
35)4
53 X
55 X
43 H
5)4s series F-l
Corp
54
45X
/4
38
1951
mtge fls
50
s
/19)4
46
6)4s stamped
1961
Realty Assoc Sec Corp—
6s Income
1943
43
Roxy Theatre—
1st mtgb 4s
54 X
56 X
47
49)4
Rlttenhouse Plaaa (Phlla)
1958
82 X
1654>
56
.1956
/21X
23
J16X
18
60 Park Place (Newark)—
1st 3)4s
1947
61 Broadway Bldg—
3)4s with stock
616 Madison Ave—
67)4
37
1950
36)4
38
1957
38 with stock
56
65 X
1956
Sherneth Corp—
1st 554s (w-e)
38
1957
Savoy Plaza Corp—
3s with stock..
41)4
1948
Sec
22"
29)4
31
Syracuse Hotel (Syraouse)
Lefcourt State Bldg¬
4-6)4a
1st 3s
Lewis Morris Apt Bldg—
52
70 X
w-s—1963
72
Corp
1947
1st 6s
100)4 102)4
lst 6s
1958
Trinity Bldgs Corp—
1st 5)48
1939
2 Park Ave Bldg 1st 4-5s'4fl
Walbridge Bldg (Buffalo)—
3s
London Terrace Apts—
3-4s~—-.1952
40)4
42
1st 5s (Bklyn).....
54
1st 5s (L I)
1947
—.1951
64
566.
1950
Wall A Beaver St
1st 4)4s
Ludwlg Baumann—
For footnotes see page
1955
72
Textile Bldg¬
40
50)4
4s.............1951
Lexington Hotel units.—
Lincoln Building—
Loew's Theatre Rlty
2d
44
40
Power—
pref—100
69
Prudence Secur Co—
49)4
1948
1st A gen
1946
51
47 )4
4s_—1950
1st 4-58
Income 534s
Metropol Playhouses Ino—
f ctfs 4)4s (w-s) '58
22
Lefcourt Manhattan Bldg
1st
Ask
99)4 101
165 Bway Bldg 1st 5)4s '51
28)4
1941
1st 6)4s
lst lease
Mountain States Power—.
Nebraska Pow 7% pref. 100
91X
6X
Penn
1948
24
1948
4s stamped
Hotel St George
Bid
6s
103 E 57th St 1st fls—-1941
Fox Thea A Office Bldg—
1st
98)4
97)4
108)4 109
108)4 10854
24)4
Central Maine Power—
7% preferred
100
$6 preferred
..100
Cent Pr A Lt 7% pref.. 100
2)4s
105)4 10554
101)4 102
Mortgage Certificates
Ollcrom
Bldg—
Broadway
128
1 Park A^ eaue—
4
22)4
6)4s (stamped 4s)—1949
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '62
40 Wall St
1960
Wisconsin G A E 3)48.1966
Wis Mich Pow 3)48-1961
BXb series Q„
1950
50 Bway Bldg 1st 3s
Par
97 X
1957
Wash Wat Pow 3V4s._1964
5)48 series BK
5)48 series C-2
500 Fifth Avenue--
Ask
96
42
Court A Remsen St Off Bid
Hotel units
Utility Stocks
Alabama Power $7 pref..*
8)4
49)4
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended...
Public
68)4
Eastern Ambassador
11.14
96 X
9854
108)4 109
Utlca Gas A Electric Co—
N Y Majestic
Chesebrough Bldg 1st 6s *48
Coionade Construction—
1st 4s (w~s)_.
104)4 105
N Y Athletic Club—
1957
4-6s
1st 3)4s
1.47
10.45
23)4
34 X
Chanin Bldg 1st mtge 4s '45
Banking Corp
♦Schoelkopf, Hutton A
1.10
Bank Group shares
14.91
3s
t
104
Metropolitan Chain Prop—
io"
Brooklyn Fox Corp—
♦First Boston Corp
Instltutlonal Securities Ltd
Ask
Broadway Motors Bldg—
4.29
Tobacco shares
1947
S f deb 5s
1st leasehold 3X-5e 1944
1.02
1
Voting shares
Wellington Fund
Inc 2s1956
/32X
8)4
/22
B'way A 41st 8treet—
2.33
Steel shares.......
St Joseph Ry Lt Heat A Pow
Real Estate Bonds and Title Co.
2.49
1
Trustee Stand Oil Sha A.l
3.93
77)4
7954
107)4 107)4
Western Public Service—
3.74
6.39
85)4
West Texas Utlls3)4s.l969
.57
84)4
5.00
6.95
60 X
3.57
4.34
1948
5s...
57 X
16.04
81
...
Crescent Public Service—
"'"".75
2.47
Petroleum shares
92
22)4
86 X
Toledo Edison 3)48—.1968
B
Mining shares....
f20X
55
B_.
AA
RR equipment shares...
90
1950
53
series
l
♦Huron Holding
Collateral 5s
1951
Rochester Gas A El 3)4s '69
6s__
54)4
Trusteed Industry Shares.
6.03
75)4
103
76)4
Trusteed Amer Bank Shs B
5.54
73)4
Peoples Light A Power—
1st Hen 3-6s
1961
00 XX
7354
7.14
Merchandise shares
110)4 11054
55
8.37
3.71
3)4s.
64
5.24
4.94
10454 vH
10354 1—«
sc)—
.1964
52 X
7.70
3.40
.1964
Tel Bond A Share 5s—1958
Texas Public Serv 5s.. 1961
5s.
6.56
4.53
.1966
1st 3)4s
96)4
103
4.81
6.52
72
85
9454
100
Building shares......
Food shares
70
83)4
9.55
Aviation shares
Investing shares
10754 108)4
15.17
Series D
Group Securities—
102)4
8.65
.67
Supervised Shares
*
General Capital Corp
.1966
Sou Cities UtU 6s A.. 1958
10.18
3.33
Fundamental Tr Shares A 2
3)4s.
101
Sioux City G A E 4s.. 1966
9.34
series. 10c
Fundamental Invest Inc.2
1938
7754
4.23
Investors
Utilities
1st 6s
75%
Selected Amer Shares..2)4
Standard
60)4
2)4
.27
Sovereign
9.52
58)4
88)4
90)4
108)4 109
fix
10.76
7.24
6.94
55)4
33)4
108)4
9954
102)4
108)4 109)4
.24
2.77
Foreign Bd Associates Inc.
Foundation Trust 8hs A.l
Ask
52)4
Pub Utll Cons 5)4s
Central Public Utility—
10.26
7.00
Fixed Trust Shares A...10
61)4
.44
.39
Representative TrustShslO
2.50
Insurance stk
89
60)4
150)4 156
Republic Service-
20.12
Fiscal Fund Ino—
Bank stock
6% deb series A
series... 10c
First Mutual Trust Fund-
113)4
87
32)4
92
102
Republlo Invest Fund_25c
28
112
Bid
87)4
Central Illinois Pub Serv-
Selected Income Shares
27)4
99)4 100)4
99)4 100)4
103)4 104)4
14.18
Quarterly Inc Shares.. 10c
17.63
45))48s.
Utah Pow A Lt 37 pref.—"
Virginian Ry
10<
86
2.77
1
C
Dividend Shares
112
Central Gas A Elec-
2.82
Series 1958—
2.64
___10<
98)4
99X
2.99
29)4
utland Electric Power—
1.61
Deposited Insur She A...1
Deposited Insur Shs ser B1
7% preferred
96)4
49)4
Series 1966
Deposited Bank She ser A1
110
7.95
No Amer Bond Trust ctts.
Toledo Edison 7% pf A 10(
United Gas A E) (Coon)-
90
6.70
.
100
Parr Shoals Power 5s.. 1952
7.76
Railroad equipment
Steel
17.10
42* ~
Gas
9.16
7.17
40
Blackstone Valley
7.80
Metals
Oils
34)4
113
Cumulative Trust Shares. •
Delaware Fund
7.85
9.76
4)48-5)48.-1986
7.61
7.25
Machinery
32 X
10
100
7.03
Electrical equipment
Insurance stock
2.75
27)4
Series ACC mod..
8.53
Building supplies
2.75
1
♦Crum A Forster com... 10
29
4s
2.42
1
Corporate Trust Shares..!
21)4
97)4 100)4
Utility Bonds
Ask
Conv
N Y Stocks Inc—
7
Public
Conv deb 4s
Mass Investors Trust
Nation Wide Securities—
♦Continental Shares pflOO
101)4 103)4
Ask
Amer Gen Equities Ine 26c
Am Insuranoe Stock Corp*
Bankers Nat
100
6% preferred
.
28)4
J
Keystone Custodian Funds
3.18
22 X
Amer Business Shares
Ask
20 X
Tennessee Elec Power—
Republic Natural Gas
Ask
12.70
2.'
lyu
6% preferred D
Par
City G A E *7 pf.lOi
106)4
Rochester Gas A Elec—
Admlnls'd Fund 2nd Inc.*
Bid
Southern Calif Edison—
Queens Borough G A E—
6% preferred
100
Investing Companies
Par
Sierra Pacific Power com.*
Sioux
105
Pacific Pr A Lt 7% pf.. 100
Penn Pow A Lt 37 pref...*
Connecting Branch Offices In leading Cities
Ask
100
Okla G A E 7% pref.. 100
Pacific Ltg 35 pref..
.*
Tel. Journal Sq. 2-4400
Bid
10554 106)4
112)4 114
37
/40)4
38)4
44
50
15
Corp—
w-s
1951
16)4
1854
1948
73 X
75 X
Weatlnghouse Bldg—
1st mtge 4s
Chronicle
The Commercial & Financial
566
July 22, 1939
Quotations on Over-the-Counter Securities—Friday July 21—Concluded
Water Bonds
If You Don't Find the Securities Quoted Here
Bid
Ask
Btd
Ask
my* 102%
New York Wat Serv 6s '61
95 H
104
Newport Water Co 5s 1953
101%
Ohio Cities Water 5 Ha *63
W%
*107
97
100 H
In which you have
Interest, you will probably find them in
monthly Bank and Quotation Record.
our
cation quotations are
stocks and bonds.
In this publi¬
carried for all active over-the-counter
Ohio Valley Water 6s. 1954
Ohio Water Service 6s. 1958
104%
100%
105 H
(New York and
1st ArefSs.
1950
101
1st consol 4s
1948
101H
102
—
1st consol 6«—
1948
100
Prior hen 5s—
1948
104
101%
—
Phila Suburb Wat 4s—1965
107
Canadian
Out-of-Town)
Public Utility
Canadian
Public
Federal Land Bank Bonds
-1941
6s
Bonds
City Water (Chattanooga)
6s series B
1954
Utility Stocks
1957
1st 5s series C
Railroad Bonds
Foreign Government Bonds
Industrial Bonds
105%
Industrial Stocks
Real Estate
Land
and
78%
100
105
101
102% 104
102
103%
St Joseph Wat 4a ser A_'66
107
101
Scranton-Sprlng Brook
Stocks
Stocks
Mill Stocks
U. S. Government Securities
Mining Stocks
Scran ton Gas A Water Co
4%s
U. S. Territorial Bonds
Huntington Water—
6s.
105
90 H
101%
South Bay Cons Wat 6s '50
77 H
enango Val 4s ser
Indianapolis Water—
Your subscription should be sent to
107
1966
91%
80%
103
108%
100
1st mtge 3 Ha
91%
89H
1967
B 1961
1st A ret 6s A
Quotation Record Is published monthly and
sells for $12.50 per year.
103 H 104%
1958
Water Service 6e_196l
103
6s.
The Bank and
107
Rocb A L Ont Wat 5s.1938
Title Guarantee and Safe Deposit
ties
109
102%
Richmond W W Co 6s. 1957
76
Trust
75%
102
Pittsburgh Sub Wat 5s *58
Plamfleld Union Wat 5s '61
73%
Real Estate Bonds
Insurance Stocks
Joint Stock Land Bank Securi¬
103
Pinellas Water Co 5 Ha. '59
Railroad Stocks
Investing Company Securities
102 % 103 Ji
4)18—1966
104% 105%
Domestic
95
Peoria Water Works Co—
1st ooll trust
Domestic
93 H
Penna State Water—
107% 108%
Municipal Bonds—
Banks and Trust Companies—
102
Ore-Wash Wat Serv 5s 1957
163"
102%
The classes of securities covered are:
102
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
6s.
101
102 H
1949
series A
i
105%
104
Kokomo W W Co 5s..1958
105%
Long Island Wat 5 Ha. 1955
105%
Middlesex Wat Co 5 Ha '57
106
Monmouth Consol W 5s '56
100
102%
Morgantown Water 5s 1965
Inactive Exchanges
103
105 % 106%
108
Monongabeia Valley Water
5 Ha
1950
Foreign Stocks* Bonds and Coupons
Union Water Serv 5Ha '51
105%
6s series B
1950
1st mtge 5s
1951
1st mtge 5 Ha
1950
98 H
101
.
Muncle Water Works 5s *65
New Jersey Water 5s. 1950
BRAUNL
94%
96%
5 Ha
Tel. HAnover 2-5422
1951
97
•
Bid
Aohalt 7s to
...1946
.1946
Bank of Colombia 7%.1947
Antloquln 8a
1948
7b
Barranqullia ,s*35-40-46-48
Bavaria 6 %s to
1945
Bavarian Palatlnite Cons
f 19
/50
m
/20
/23
/19
No par
20%
117 H
18H
8s.1947
13%
12 H
12 H
13
2%
2%
Bolivia (Republic)
7s
1958
7s
1969
gg
..1940
1953
Brazil funding 5s..1931-51
Brazil funding scrip..
123
British
see
7s. 1935
117
53
/38
Leipzig O'land Pr 6%s *46
Leipzig Trade Fair 7S.1953
Luneberg Power Light A
/21
f21
Munlo Bk Hessen 7s to '45
Munich 7s to
1953
6%s
1945
Callao (Peru) 7 Ha
Oauca Valley 7 Ha
Ceara (Brazil) 8s
1944
1946
1947
in
estate
market, issued July 1.
/6
Detailed
125
26 H
spread
National Hungarian A Ind
/6
1948
North German Lloyd 6s *47 flOO
117%
17%
12H
3H
Four
Chilean Nitrate 5s
Budapest 7s...
Oberpfals Eleo 7s
1946
Panama City 6 Ha
Panama 5% scrip
Porto Alegre 7s
—
152 H
1953
1946
16
153
125
flQH
Duesaeldorf 7s to
1945
SlQH
116%
121H
119
Dulsburg 7% to
1945
East Prussian Pow 68.1953
121
122
Electric Pr (Ger'y) 6 Ha '60
0%s
1953
European Mortgage A In¬
vestment 7 Ha
1966
1956
1968
/9
10~~
/21
121
Prov Bk Westphalia 6s
Prov Bk Westphalia 6s
17 %
1941
5s
w
—
---
R C Church Welfare 7s '46
Salvador 7%
1957
7s ctfs of deposit. 1957
1967
1967
15
Farmers Natl Mtge 7s.'63
Frankfurt 7s to
1945
French Nat Mall SS 6s '52
/6
/19
no
/5
4s scrip
1948
.
8a ctfs of deposit. 1948
/9
1947
J
1 OH
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s__1943
/20%
J7H
1951
6 Ha
German Central Bank
25
126%
27 H
nn
117
5
10 X
State Mtge Bk Jugoslavia
5a
1966
8H
97
rate higher
when the Association made its
only 2% of the cities showing a
were
A range under 6% was shown six months
cities
cost
money
Six months
half years ago it
a
the
to
this
ago
was
home-buyer
true in only 56%
was
today
only 92% of
true in
of the
hundred cities the commonest rate is still
every
6%.
40
—
York
time
these
in
surveys
city
no
cites
a
prevailing rate
though 1% of cities name a 7% rate.
1956
52
53
Stettin Pub Utll 7S—1946
1955
—1947
,
66 H
/18
E.
A.
medium
by
an
on
Stock
pany
98 H
/20%
/20%
Wurtemberg 7s to
/19
1945
blocked traffic
"outdoor
new
in
boardroom"
is
an
Pierce
&
advertisement
the
of
the
and signalizes
Co.,
New
the
York
first
use
Stock Exchange
the outdoor
of
exchange member in conjunction with the recent liberaliza¬
hourly
The billboard features
a
chart
of the stock averages is recorded by
progress
Exchange.
a
series
Stock
Charts
New
on
York
Stock
Exchange
comparison.
and
New
York
Exchange Stocks that trace the course of the market for each stock
by months from January, 1932 is incorporated in the July issue of "The
18 %
87
Unterelbe Electric 6S..1953
Veeten Elec Ry 7s
1947
a
suction
cups,
yellow for today and red for yesterday's
Changeable numbers record the volume of trading.
City.
97 %
/37
when
district
of advertising rules by the
which
68%
86
3H% War Loan
Uruguay conversion scrip..
financial
of
copies
United Kingdom of Great
Britain A Ireland 4s. 1990
NOTICE
Exchange trading news literally
Exchange.
innovation
of
/21
2d series 5s
Stock
Francisco
—800
53
Tobo Electrlo 7s...
117
121
of January
Curb
52
Tollma 7s
/24
of
out
first
Stock
The
tion
21%
United Kingdom
71
than
San
firm
Saxon State Mtge 6s..1947
/24
Stem A Halske deb 6s.2930 /450
130
no
was
put into operation, providing pedestrians on Montgomery Street with
hourly changes in the averages and the volume of trading on the New
'
/22
/22
Saxon Pub Works 7s._ 1945
120H
See
three
the
—New
York
68
Santa Fe 7s stamped. 1942
144"
/42
German scrip.
6%.
and four and
In
higher than 7%,
the
Santa C&tharlna (Brazil)
German Building A Landbank QHa
1948
123 H
actually prevailing
as
CURRENT
/18
/16
German Atl Cable 7s—1945
Agricultural 6s
the cities,
cities.
8%
/22
/II
Saarbruecken M Bk 6s.'47
122
142
there
5%.
as
survey
ago,
years
the reporting
of
higher than
/60
/18
f7H
121
/21
Rio de Janeiro 6%
1933
Rom Cath Church 6 Ha '46
8s
7s Income
low
use as
/17
Rhine Westpb Elec 7% '36
6s
1941
n
116
7s
this subject,
on
97%
not
For
23**
half
a
like
the
16%
116
1966
is
higher
/20%
.1946
'33
'36
many) 7s..
17 %
119
Cundinamarca 6 Ha.. .1959
Dortmund Mun Utll 6sV48
7l"
Protestant Church (Ger¬
1Q3H
Costa Rica Pao Ry 7 Ha '49
5s
1949
/38
/69
/18
...
and
lower rates have
which the
In
in 50% of the cities, three years ago in only 30% of the cities.
ago
/21
1952
Poland 3s
1968
12Q
Cordoba 7s stamped—1937
Costa Rica funding 5s. '51
7 Ha income
survey
/21
In
..1934
City Savings Bank
Colombia 4s
5%.
first
Central German Power
Madgeburg 6s
months.
six
only 27% of cities named
rate in actual
1945
last
the
than
40 H
Oldenburg-Free State—
7s to
German Central Bk
37 H
1947
within
rapidity with
the
of
or
continued:
matter
show
of this year
Mtge 7s
4s
the
in
findings
even
semi-annual survey
A rate of 4%%
thirty-third
nouncement
15 7
18
Central Agrlo Bank—
see
/23
/57
.1962
its
the real
lower has
come
to be the prevailing mortgage cost
on. new
small
homes in 2% of all cities reporting, and a range as low
as 4%%
is usual in 4% of the cities.
The Board's an¬
f2QH
117 H
7
5% in Over Half of American Cities
made
118
Nassau Landbank 6 He '38
Hungary 7 Ha
Caldas (Colombia) 7%s '46
Call (Colombia) 7a_—1947
Finds
Homes
or lower, and in 56% of the cities a rate
6% is commonest, the National Association of Real
Estate Boards finds in analysis of reports from 262 cities
(A A B) 4a
1946-1947
(C A D) 4s
1948-1949
Nat Central Savings Bk of
Buenos Aires scrip..
150
Burmeister A Wain 6a. 1940 111 0
Priced
under
Nat Bank Panama—
123 H
Boards
Estate
Moderately
commonly 5%
50
Municipal Gas A Elec Corp
...
Real
of
New
on
fl8H
Montevideo scrip
Recklinghausen 7s..1947
1Q
Rate
/37
18"
United Kingdom
Hungarian Bank—
1962
Brown Coal Ind Corp—
zEx-
37% of the cities of the country mortgage money costs
to the home-buyer for a new moderately priced house is
British
7%s
stock.
In
m
48
Interest
Under
/21
1948
25"
HQ
e Ex-Interest.
With
New York Curb Exchange.
Association
National
63
Meridlonale Eleo 7s.—1957
133
Bremen (Germany)
6s.
.
52
Mannheim A Palat 78.1941
129%
Brandenburg Eleo 6s.
w-s
Quotation not furnished by sponsor or Issuer.
/21
Water 7s
d Coupon,
Issued,
Exchange.
Stock
York
When
fS
.52
Jugoslavia 6s funding.1966
Jugoslavia 2d series 5s. 1966
Konoly 16 Ha
1943
2%
4
on
A
New
105 H
16
Land M Bk Warsaw 8s '41
/13
/19%
1945
1945
Cities 7s to
on
t Now selling
Ask
/6
Hungarian Discount A Ex¬
change Bank 7s
1936
26"
Bogota (Colombia) 6%s '47
88
Bid
6 Basis price,
to i
2 Nominal quotation,
Ex-Uquldatlng dividend.
a
t Now listed
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Ha' 32
105%
1949
103 %
a Interchangeable.
value,
price.
divldend.
Ask
101
1960
99
/Flat
Foreign Unlisted Dollar Bonds
1956
6s series A
—
1951
5s series B_._.
6a series C
102%
5s series B
New RochelJe Water—
& CO., INC.
52 William St., N. Y.
102%
105%
Picture"
and
their
are
—The
James
published by M.
"The Stock Picture"
sold
well
investment
P.
C.
as
firm
marks
annual
of
Horsey & Co.,
49 Wall St., New York
published bi-monthly by the
edition
current
as
is
Link,
their
first
and semi-annual
Gorman
&
Co.,
Single
subscriptions.
Inc.
announce
that
Gallagher has become associated with them in their corporation
security trading department in the Chicago office at 209
Street.
Horsey Com¬
anniversary.
Mr.
Gallagher
was
South La Salle
previously with Kneeland & Co., Inc.
Volume
The Commercial & Financial Chronicle
149
General
567
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
FILING
it is
are
not
always possible to
always
as near
UNDER
REGISTRATION STATEMENTS
OF
SECURITIES
arrange
companies in
alphabetical position
ACT
The
following additional registration statements (Nos. 4125
to 4133, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The amount involved is approximately $35,265,936.
Paul D. Moonan, President. Filed July 13,1939.
New England Power Co. (2-4126, Form A-2) of Boston, Mass., has
filed a registration statement covering $9,650,000 1st mtge. bonds, series B,
due Aug. 15,1969 (see
subsequent
page
for further details).
Filed July 14,
1939.
Rearwm Aircraft &
•
a
stock to be offered at $3.25 a share.
Pan American lnvestment
Fund, Inc. (2-4128, Form A 1) Los Angeles,
Calif., an investment trust, has filed a registration statement covering
250,000 $1 par common shares to be offered first at $10 a share and then
at the market.
Proceeds will be used for investment purposes. No under¬
writer is named. J. P. Young, President. Filed July 15, 1939.
General Bronze Corp. (2-4129, Form D-l, A-l and 2-4130, Form A-2)
covering
$973,350 of 10-year 5% debentures, 69,525 shares of $5 par common stock,
and certificates of deposit for $1,390,500 6% convertible debentures of
1940. The new debentures and stock are to be offered for the 6 % debentures
under two exchange plans as follows:
(!) For each $1,000 old debenture, $250 in cash, $500 in new debentures
of Long Island City, N. Y., has filed two registration statements
Eastman, Dillon & Co. is named principal underwriter. Other under¬
writers and offering price will be supplied by amendment.
Proceeds will
be used to discharge notes payable to banks amounting to $2,100,000.
W. G. Skelly is President. Filed July 19,1939.
3-
Iowa Public Service Co. (2-4132, Form A-2) of Sioux City, Iowa, has
33,602
$927,531
249,461
■
41,000
192,752
112,528
$244,728
71,706
192,273
$1,080,240
72,441
568,617
$565,542
137,039
244,677
Balance of inc. to surp.
$247,018
Surplus April 1
10,731,695
Surplus credits—,
def$19,250
10,732,632
$439,182
8,700,320
2,531,811
$183,826
9.560,057
$10,978,713 $10,713,382 $11,671,313
1,096
797
$9,743,883
$10,978,713 $10,712,286 $11,670,516
$9,714,904
Preferred dividends
Common
dividends.
.
.
Surplus
charges——I-II
Surplus June 30
Net inc. appiic. to com.
x
shares outstanding...
Equity iu earns., after
$0.57
$0.22
29,424
lossl4,246
28,979
$1.33
$0.70
85,951
128,662
i
divs. of sub. cos. not
consol. for period'
-
Ramapo Ajac Corp.
y
,
*
iuuuucu
wr
wuu nut iur
xuoo.
American Brake Shoe & Foundry Co. of California not consolidated
In 1937 because less than
95% controlled became wholly-owned in 1938 and
is included in above 1938 atatement.
Consolidated Balance Sheet
•
June 30 '39 Dec. 31 '38
Assets—
Cash
§
hand
773,377
Accrued accounts.
755,262
1,124,775
165,773
-
252,870
2,442,164
4,302,029
119,411
Invests, at cost or
—
loco
—
1,117,570
pref. 5H%
cumul ($100 par) 5,463,300
5,463,300
x Common stock--12,544,800
12,544,800
Capital surplus— 6,340,834
6,340,834
Earned surplus— 4,637,880
3,845,366
——.
bldgs.
Reserves
600,582
540,179
Conv,
receiv. (less res.) 3,107,584
Inventories
4,434,946
Other assets
—^
125,745
pnilin
167,188
6,005,535 Accounts payable-
5,884,641
secur. (at
quoted market)
less-
$
$
Notes payable
Notes aud accounts
Land,
June 30 '39 Dec. 31 '38
Liabilities—
$
deposit &
on
Market,
4,429,074
3,870,977
and
Hp.
preciation——12,285,891 12,485,985
Patents and good¬
will.-.
1,328,793
—.
Insurance
registration statement covering $14,250,000 3% % 1st mtge. bonds,
due Aug. 1, 1969.
(Further details on a subsequent page). Filed July 19,
1939.
Williams
40,780
$1,645,971
372,980
91,000
& other
1,337,876
V
461,489
prepaid Items—
a
386,680
Total—-----31,640,228 31,203,526
Hydraulics, Inc. (2-4133, Form A-l) of Reno, Nev,, has filed
registration statement covering the issuance of 1,000.000 shares of class A
common stock (par $5), to be issued at $5 a share. Williams Securities, Inc.,
is named principal underwriter.
Proceeds will be used for machinery,
equipment, &c., and working capital. John C. Williams, President. Filed
July 19, 1939.
7.173
$621,306
335,578
$510,997
71,706
192,273
Net income-
1949.
filed
$893,929
7,173
tributed earnings)—
on
Pacific Western Oil Corp. (2-4131, Form A-2) of Jersey City, N, J.,
has filed a registration statement covering $2,100,000 3H% debentures of
1936
yl937
$1,605,191
L
and 50 shares of common stock; or
(2) For each $1,000 old debenture, $300 cash and $700 in new debentures.
The exchange will not become effective until 90% of the old debentures
has been deposited or unless the company declares the exchange effective
on the deposit of a lesser amount.
The new debentures will be redeemable at 101H for the first two years
after issuance, and thereafter at a reduction of y3 for each two-year period,
W. P. Jacob, President.
Filed July 17, 1939.
zl938
$614,133
$926,008
324,011
Total
Prov. for depreciation
Engines, Inc. (2-4127, Form A-l), Kansas City,
registration sttaement covering 100,000 shares of $1 par
Proceeds will be used for
development, design, equipment and working capital.
Tobey & Co. and
Hatch, Piper & Co. are named principal underwriters. R. A. Rearwin is
President. Filed July 14,1939.
Kan., has filed
common
1939
$918,835
not sonsolidated..
par
Net
affiliates of the company.
alphabetical order.
American Brake Shoe & Foundry Co. (&
Subs.)3 Mos. End. June 30—
Earns before deprec. and
income taxes.
x Divs. ree'd from
subs,
Monroe Abstract Corp. (2-4125, Form A-2) of Rochester, N. V. has
filed a registration statement covering 14,113 shares of common stock, no
value. The shares will be offered to stockholders at $8.50 per share.
proceeds, together with $35,000 existing cash will be used to furnish
the minimum capital required by N. Y. Insurance Dept. for stock of Central
New York Title Guaranty Co. which the company has agreed to purchase.
Underwriters, F. K. Remington, T. H. Remington and F. W. Wiedman,
exact
possible.
as
x
Represented by 769,092
no par
Total——
^..31,640,228 31,203,520
—
shares.—V. 148,
p.
3052.
a
The last
in
our
previous list of registration statements
issue of July 15, page 403.
given
was
American Capital Corp.—Earnings—
1939
$24,948
87,073
4,377
1937
1936
$37,738
84,900
4,457
$367,445
135,037
8,265
$380,037
$116,397
20,100
$127,096
12,900
$510,747
11,850
$463,798
9,791
14,566
11,965
7,275
22,441
1,608
28,951
1,900
23,117
52,542
24,513
53,500
$62,457
$68,782
69,416
72,750
$411,274
69,485
150,187
$367,060
69,485
102,450
6 Mos. End. June 30—
Profit from sale of secur.
Dividends on stocks.,
Interest on bonds, &c—
Total
—
—
Research fees
-—.
1938
-
75,036
8,725
11,450
Fees of trustees, transfer
Acme Steel Co.
(& Subs.)—Earnings—
Net profit—
1939—6 Afos.—1938
1939—3 Mos.—1938
Period End. June 30—
x
$259,969
$62,170
$668,641
$63,139
[328,108
$0.79
—
328.108
$0.19
328,108
$1.83
328,108
Shares capital stock out¬
x
After interest, depreciation
profits taxes.—V. 148, p. 2413.
Allen Industries,
$0.20
and Federal income and undistributed
Inc.-—To Pay 25-Cent Dividend—
Directors
on July 19 declared a dividend of 25 cents per share on the
stock, payable Aug. 15 to holders of record Aug. 1.
Last pre¬
4,
1937.—V. 148, p. 2414.
vious common dividend was also 25 cents and was distributed on Dec.
.
1939
1938
1937
1936
$5,862,225
5,111,445
810,972
$7,021,700
5,129,513
1,172,574
$5,883,550
4,525,859
1,202,557
$683,454
120,836
loss$60,192
y132,440
$719,613
142,314
$155,143
145,357
$804,290
38.208
$72,248
38,649
$861,927
36,596
$300,500
41,270
67,887
23,622
134,351
$698,195
639,500
$9,977
641,000
$690,980
805,750
$259,907
644.600
^Deficit———— sur$58,695
$631,023
$114,770
$384,693
-
Operating profit--
.
Other income (net)
Profit
.■■■
Charges.
x Minority interest
--------
677
Federal income taxes
.
..
Net profit--
.
Common dividends-—.
""x
Loss
applicable to minority interests,
y
1938
delivered
Invest.
20 440
7,573~0H
investments
Divs.
receivable—
Includes profit on'sale of
Prepaid
expenses.
Acer. exps. & taxes
$53,243
31,244
2,395,710
930,000
11,047
a Prior pref. stock,
220,000 b Preferred stock,
9,340 c Class A com. stk.
63,266
2,809 d Class B com, stk.
3,778 Capital surplus- 4,128,387
522,679
7,672 Earned surplus
e0,958J47
220,000
11,974
9,722
0~4O4
——.$8,135,476 $8,122,375
Total
bought
A not received—
——.
secure-
Other
1938
1939
Liabilities—
$890,589 Securities
Secure, sold A un¬
Accrued interest..
$6,953,736
5,324,086
946,196
12 Mos. End. June 30—
Comparative Balance Sheet June 30
$314,365
Treasury stock—
Alpha Portland Cement Co.—Earnings—
69,348
46,375
1939
Assets—
Cash..—
common
Operating expenses-.-Depreciation—
Net income
Prior pref. dividends—
Preferred dividends
-
standing (par $25)
Earnings per share
Net sales
agents, &c——Gen. exps., incl• salaries\
and taxes---——-—
Prov. for Fed. inc. taxes
$28,502
2,400,460
970,000
11,047
63,266
4,178,772
470,328
-—$8,135,476 $8,122,375
Total
a Represented by 25,218 (25,268 In 1938) no par shares,
b Represented
by 93,000 (97,000 in 1938) no par shares,
c Represented by 110,472 no
par shares,
d Represented by 632,662 no par shares,
e Market value
$4,603,003 in 1939 and $4,439,248 in 1938.
JSTote—There were outstanding at June 30, 1939. warrants entitling the
B common stock as follows: 537,437 shares at
$10 per share before July 1,1940; 70,000 shares at $1 per share (subject to
certain conditions set forth in a contract dated March 19, 1936) before
Jan. 1, 1942.—V. 148, p. 3680.
.
holders to purchase class
American Chicle Co.
r
x Gross profit from sales
Advertising, distributing
& administrating exps.
(& Subs.)—Earnings
1939
1938
1937
1936
$4,654,038
$4,114,102
$4,204,073
$3,526,823
6 Mos. End. June 30—
2,409,366
2,197,294
2,119,693
1,799,064
$2,244,672
37,287
$1,916,808
39,583
$2,084,380
47,089
$1,727,759
37,816
$1,956,391
334,808
$2,131,469
332,705
$1,765,575
securities
Note—No provision has been made for surtax on undistributed profits.
Other income—
Balance Sheet June 30
*
1939
$
Assets—
1938
$
K1939
Liabilities—
$
271,661
75,530
_
U.
Govt,
S.
Accrued taxes
and*
municipal bonds 3,598,277
Working funds, ad¬
vances, &c151,425
Acc'ts & notes rec.
627,539
Inventories--
-
1,190,991
$
Common stock—16,759,600 16,759,600
Land, bldgs., ma¬
chinery & equip.13,451,202 14,177,099 Accounts payableCash
1,896,474
1,124,763 Wages payable
y
x
1938
170,139
243,321
74,140
126,112
3,599,539 Common dividend
159,875
1,235,221
investments
70,869
61,460
61,739
&C
Surplus
3,036,008
3,003,123
52,003
Treasury stock—
632,265
Insurance reserve,
73,225
Deferred items—-
159,875
637,163
payable
155,391
619,456
61,739
Misc.
z
Net
1
profit before Income
bdAGO
-
~
......
Estd. normal inc. taxes-
■
.
$2,281,959
398,578
Estimated surtax on un
distributed profits-—
Net profit-.Dividends paidShs. com. stock (no par)
Earnings per share
x
After deducting cost
$1,883,381
1,311,900
437,300
$4.31
$1,621,583
1,093,450
437,500
$3.71
.—21,109,976 20,998,436
1,319,200
$1,459,835
880,000
440,000
440,000
depreciation:—V,. 148, p. 2732.
American Colortype Co.—Sales-—
Total--
After depreciation,
y Represented by
shares at cost.-—V. 148, p. 2414.
x
30,160
$1,785,3*73
$4.06
$3.32
of materials, labor, manufacturing expenses and
Sales for the second quarter of 1939 are
Total
275,580
13,390
644,600
/_21,109,976 20,998,436
nonpar
shares,
z
5,100
$1,864,631
as
compared with
$1.863,714 for the same quarter of 1938.
Sales for the first six months of 1939 are $4,516,257 as compared with
$4,506,505 for the first six months of 1938.—Y. 149, p. 96.
/
r
<
1
The Commercial & Financial Chronicle
568
American Cities Power & Light
Corp.;—Earnings-
1938
$608,456
62,278
80,034
7,900
24,741
"
expenses——
Interest
Prov. for income taxes..
Bal.,
1936
$953,785
7,685
50,369
91,711
10,021
8,595
42,379
62.2H4
_
Operating
Stock Transfer—
1937
$615,211
29,699
43,101
74,476
7,200
(excl.
of
results of sales of sec.)
$311,658
$452,705
$793,999
$460,735
Earned Surplus and Undistributed Profits Account—6 Months End. June
sur.
30
1939
1938
1937
1936
$2,780,837
$4,315,463
$4,471,792
$1,796,676
311,658
Balance, Jan. 1
452,705
793,999
460,735
Net cash inc. for period.
Profit realized on sale of
securities
8,814
134,079
879,139
$3,101,309
Total
loss39,961
$4,728,207
$5,399,870
on conv. cl. A stk.,
optional
div.
series,
paid in cash and in
class B stock (capita¬
lized at $1 per share).
A
class
The consideration to be paid for the securities of Kellogg and Hermiston
retire
a
maximum amount of 24,000 shares of its 5H % cumulative ($25 par)
preferred.
$3,136,550
Divs.
on
Utilities.
is $165,000 and $100,000, respectively.
International proposes to advance
the $110,000 for the acquisition of Hermiston to the liquidating trustee.
With the proceeds of these sales, American States proposes to acquire and
will be requested from all
preferred
stockholders and shares
tendered at the lowest price or prices will be accepted to the amount of the
period
Divs.
4
The Securities and Exchange Commission issued July 17 an order approv¬
ing the applications of American States Utilities Corp. to sell the notes
and common stock of its subsidiary, Kellogg Power & Water Co., to General
Gas & Electric Co., and a note and the common stock of Hermiston Light
& Power Co. to International Utilities Corp. and Ralph Elsman, liquidating
trustee.
American
States is
a
statutory
subsidiary of International
Tenders
(net) during
1939
22,
American States Utilities Corp.—SEC Order Approves
I
[Including Wholly Owned Subsidiary]
6 Mos. End. June30—
1939
Cash divs. int., &c
$45P;543
Taxes
—7.423
July
proceeds of the sale.—V. 148, p. 2885.
American Stores Co.—Sales—
Period End. July 1—
1939—4 Weeks—1938
1939—6 Mos.—1938
$8,895,717
$7,159,285 $55,756,576 $54,203,890
Sales
—V. 149, P.
d203,155
c219,055
b346,999
e251,232
139,217
206,259
870,107
$2,646,922
$4,369,934
$3,976,505
a231,329
American Telephone &
stock
Telegraph Co.—Quarterly Report
Walter S. Gifford, President, states:
The average number of Bell System telephones in service during the first
six months of this year was 3.5% greater than for the corresponding period
optional div. series of
1936
Divs. on class B stock._
253.
last year.
Balance, June 30
$2,905,220
Maximum cash option would have been $231,333.
b Includes $115,667
declared payable Aug. 1, 1937.
c Dividend paid in cash only and includes
$54,486 declared payable Aug. 1, 1938.
d Dividend paid in cash only and
includes $100,715 declared payable Aug. 1, 1939.
e Includes
$89,531
declared on account of arrears payable Aug. i, 1939.
a
Consolidated Balance Sheet June 30
1939
*A.3SCl3
$
Investments
1939
$
$
al 939—3 Mos.—1938
$
Accts. pay.& accr.
69,289
Notes
5,235
104,793
banks, secured. 5,000,000
Div. pay. Aug. 1-190,246
5.984,000
24,983,928
23,047,154
receivable.
441,733
Est. equity InEiec.
212,268
expenses
Prov.
payable
for
to
1,936,774
36,214,321
3,025,230
43,815
Net oper. income
54,486
Federal
3,469,780
39,107,039
1,800,060
Other income—net——.
70,125
Dividend income
Interest income
-
Income taxes...
17,685
30,598
657,632
657,632
Capital
ylO,046,866 10,046,898
Capital surplus...11,563,474 11,563,442
Earned surplus... 2,646,922
4,369,934
Treasury stock.zDr1,077,476 Dr213,590
Res. for conting..
Total.........29,114,638 32,562,786
Total
.29,114,688 32.562,786
?£,seA on June 30, 1939, quotations, the aggregate market price was
$19,121,191.
y Serial class A stock, par $25; convertible optional div.
series, $3 cumulative (entitled on redemption or in
liquidation to $55 per
share and accrued
dividends)—outstanding, 146,497 shares. Class A stock,
optional div, series of 1936, $2.75 cumulative (entitled on
redemption to
$52.50 per share and in liquidation to $50 per share and accrued
dividends),
139,300sharesioutstanding.
Class B stock (par $1), outstanding, 2,901,940
shares,
z 8erial class A
stock, at cost.
There were 12,210 shares conver-r
tible class A stock,
optional, dividend series $3, cumulative and 25,241
shares class A stock, optional dividend series or
1936, $2.75 cumulative
held in treasury, which are not deducted
from respective stock outstanding.
—V. 149. p. 253.
American International
Corp.—Earnings—
6 Mos. Ended June 30—
1939
Interest
Miscellaneous
$208,890
5,364
100
Total earnings
Operating
1938
$255,027
7,952
*
Earnings—Dividends
Interest
$262,979
269,766
10,375
$214,354
75,796
275,00a
17,933
$97,978
$154,376
expenses
80 819
debentures
on
_
Taxes
Operating loss
June 30 *39
x
Secure,
y
1,797,232
June 30 '39 Dec. 31 '38
$
<
Liabilities-
owned..18,106,831 17,972,206
2,256,136
Divs. receivable &
$
Accounts payable.
Deben. interest...
$
25,618
127,369
267,603
274,285
Reserve for taxes.
79,285
20-yr. 5M% debs.,
due Jan. 1, 1949 9,731,000
9,974,000
.
int. accrued
49,890
29,624
11,482
Accounts recelv'le.
156,858
Invest,
in
Allied
Mach Co. of Am.
—wholly
—less
z
Common stock..
76,427
....
Balance
—
—
40,303,784
42,045,287
37,067,996
42,045,287
1 56,709,858
cl
.
41,220,140 173,324,782 185,494,160
4,152,144
16,614,924
17,233,582
,741,503
c4,977,291
cl 1,471,288
d79,432
$1.98
$8.39
$9.00
168,260,578
168,181,146 168,181,146
Earns, of A. T. & T. Co.,
share
per
Subject to minor changes when final figures for June are available,
b Does not include the company's proportionate interest in the undivided
a
profits
c
or
deficits of subsidiary companies,
d Profit.
Deficit,
Bell System
Consolidated Earnings Report
(Consolidates the accounts of the American Telephone & Telegraph Co.
and its principal telephone subsidiaries)
Period Ended
1939—3 Mos.—-1938
1939—12 Months—1938
May 31—
$
$
$
$
Operating revenues.276.363.479 262,316,438 1,072,982,800 1,050,439,758
a Oper.
expenses. —182,852,154 178.468,868
719,042,533
722,173,741
Taxes
38.868,981
36,014,144
149,189,210
138,804,922
Net oper. income.
bother inc. (net)—
54,642,344
5,440,355
47,833,426
3,332,456
201,619,849
18,090,925
192,592,303
20,946,337
Total income..
Interest deductions.
60,082,699
10,678,502
51,165,882
10,291,844
219,710,774
43,087,209
213,538,640
42,084,462
Total net income.
49,404.197
40,874,038
176,623,565
171,454,178
2,288,640
2,435,107
8,519,741
9,804,420
47,115,557
38,438,931
168,103,824
161,649,758
$2.52
$2.06
$8.99
$8.65
Net inc. applic. to
of
subs.
consol., held by
public
Net inc. applicable to
A. T. & T. Co.stk.
Ppr sharp
T.
a
A
T
.
Kr
Co.'stock-—
Includes
(jurrent maintenance, depreciation, traffic, commercial, general
1,000,000
and miscellaneous expenses and operating rents,
b Includes proportionate
interest in earnings or deficits of Western Electric Co. and all other con¬
from Jan. 1, '33.
189,695
188,766
100,000
6,620,438
6,720,321
trolled companies not consolidated (partly estimated).—V. 149, p. 405.
Capital surplus.
2,531,186
2,531,186
surplus—
100,000
Investment in So-
American Thermos Bottle Co.
Anony-
Calendar Years—
Marvin—less
reserve
—
44,447-,004
4,143,220
1,000,000
Earned
owned
reserve
ciedade
13,638,436
12,604.837
151,431,683 163,142,580
7,764,028
9,229,242
490,635
517,501
$2.16
b Net income.
Dividends
stocks
Dec. 31 '38
$
Cash
ma
Total income-....-.
Interest deductions
Comparative Balance Sheet
,
Assets—
107.223,799 104,040,089
93,585,363
91,435,252
69,385
312.334
al939-12 Mos-1938-—
$
$
$
Operating revenues
27,481,178
Oper.exps.,incl. taxes.. 24,011,398
295,039
167,792
Pow, Assoc., Inc
Earnings Report (American Telephone & Telegraph Co.)
1938
IAaMlUles—
x28,434,304 31,703,925
Cash
Divs.& int.rec...
Accts.
§
ter the net
Period End. June 30—
1938
■wr
The net gain in telephones was about 370,000 as compared with
gain of 133,000 during the first six months of 1938.
For the second quar¬
gain was 155,000, while the gain for the corresponding quarter
of last year was 35,000.
The number of toll and long-distance conversations for the first six months
of 1939 was about 6% greater than for the corresponding period last year.
a
1938
-Earnings-
1937-
1936
1935
Mfg. profit from sale of
merchandise
Total
20,255,130 20,703,5891
Total....
20,255,130 20,703,589
Securities owned have been carried on the books since Dec.
31, 1932,
or assigned values
established as of that date, plus additions at
cost, less the average book values of securities sold.
'y Includes debenture interest, due July 1, 1939, $267,603; Jan. 1, 1939,
Operating
$778,702
342,799
$845,196
363,765
$515,096
300,647
$435,903
30,907
51,050
expense
$897,390
379,026
$518,365
59,543
44,614
$481,431
47,220
40,832
$214,449
44,738
19,314
x
at market
$274,285.
z
Represented by 1,060,955
shares.—V. 148, p. 3833.
no par
shares; less treasury 60,955
American Potash & Chemical
Corp. (& Subs.)—Earns.
Consolidated Income Account for the Year Ended Dec. 31, 1938
Net sales (after
delivery costs and allowances)
$6,886,676
,
Cost of sales
2,803,713
Gross profit
Selling and general expenses
—$4,082,962
701,081
$239,873
30,259
Net profit
Preferred dividends
Common dividends
$340,513
71,068
245,106
$438,055
71,062
326,808
$403,287'
71,057
326,801
$209,613
71,182
54,466
$2.47
$3.37
Earns, per sh.
$ 11,097,728
1,056.780
_
(net),
/-S^Ci?o
$10,040,948
$5.00
in-
«i k
run
$19,637,100.—V. 148,
6 Months Ended June 30—
Net profit after all deductions
for Federal income taxes
p. 3833.
common
1938
including provision
....
$1.27
Assets—Cash, $277,859; marketable
receivable, $161,251; accrued
securities
(at
$41,617
$0.64
cost),
$429,380;
accounts
interest receivable, $5,740; in¬
(net after reserves), $371,796; foreign subsidiaries, securities
due on open accounts receivable, $227,978; land, buildings and
equipment (net), $688,967; deferred items, $33,346; trade-marks, patents
and goodwill, $162,286; total, $2,358,604.
Liabilities—Accounts payable, $95,131; dividend declared and payable:
Preferred payable Jan. 3, 1939, $17,767: accruals, $30,153; Federal income
taxes, $75,247; reserve for advertising, $30,050; preferred, 7% cumulative
preferred stock (par $50), $1,015,912; common stock (108,966.68 1-3 shares
without par value),
$544,833; capital surplus*, $249,182; earned surplus,
$300,329; total, $2,358,604;—V. 148, p. 3833.
loss$10,698
Nil
Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended July 15, 1939, totaled 46,361,000
kwh., an increase of 16.4% over the output of 39,814,000 kwh. for the
corresponding week of 1938.
Comparative table of weekly output of electric energy for the last five
follows:
Week Ended
1939
common stock
$3.04
dividends.
Balance Sheet Dec. 31, 1938
year
Stamping Co.—Earnings—
share on
1945.
108,967
Preferred and
American Water Works & Electric Co.,
$1,352,876;
n^o ^°rk inyentories, generally at cost), $2,142,897;
L' $13,953,075; patents & trade-marks (less reserve), $37,719;
deV^TP?7P,Varges. Prepaid insurance, taxes, &c., $129,240; total, $19,637,100.
^ iU1Tei1, liabilities (including federal income tax $317,016)
foQfi «iri
rfic
0 par Bhares, $8,670,537; surplus, Dec. 31,
1938, $10,040,948; total,
American
on
shs. com. stk. (no par)
owned,
8,454,745
Surplus, Dec. 31, 1938___
Earnings per share on 528,390 shares capital stock
Consolidated Balance Sheet Dec. 31, 1938
Cash, $2,021,294; accounts receivable
per
$25,423
$487,819
84,531
54.1,520
sUrplus
148, p.
$6,388
$533,293
95,238
ventories
..$2,642,983
Dividends paid...'.
Earnings
$14,929
$415,760
75,247
423,939
_____
Surplus, Jan. 1, 1938
—V.
Dr$20,143
Profit before taxes
Est. Fed. income taxes—
226,560
$3,608,441
—
Net income.
®ook
Otherincome.net
$3,381,881
__
Depreciation
Tv
Other income
Deductions.
x
Profit from operations.
Other income credits
Gross income
Income charges
1
Operating profit
1939
June 24-..
45,133,000
45,814,000
Jtfly
July
July
*
1...
8-..*38,876,000
46,361,000
15---
Includes
1937
1938
37,879,000
37,513,000
*33,488,000
39,814,000
1 Qt6
1 no ^ m§
49,972,000
45,601,000
34,261,000
45.661,000
47,850,000
36,440.000
*44,221,000 *43,273,000 *30,694,000
50.993,000
45,270,000
36,741,000
July"4 holiday.—V. 149,
p.
405.^*.
fehmkt.B^fefc£as
Y
Volume
The Commercial & Financial Chronicle
149
American Toll-Bridge Co.
Calendar Years—
(& Subs.)—Earnings—
1938
Operating revenues
Oper. & gen'l expenses
Provision for deprec. and
1937
1936
1935
$1,433,381
375,420
$1,768,816
443,985
$1,538,377
- 366,050
$1,262,418
466,166
439,876
,
,
,
,
-
^
by barge for reshipment by truck and rail to nearby points; 58 company-
•
Profit from operations
Other income-
$591,795
74,632
$884,955
25,527
$758,958
16,683
$666,427
180,577
$910,483
205,031
$775,640
227,172
$547,019
324,435
expenses and premium
Fed'i income tax paid on
74,277
84,373
93,515
67,634
tax free covenant bds.
372
369
34
owned service stations
$531,725
Gross Income
Int. on funded debt——
Amort, of bond disct.,
2,973
——
Important consuming centers in Kentucky, West Virginia, Ohio and
southeastern Indiana; a fleet of boats and barges capable or carrying three
million gallons of petroleum products; valuable terminal facilities at points
on the Ohio River where
gasoline and other refined products are received
390,088
413,369
-
1934 19365
rail to
„
340,604
.
amortization of prop'y
569
modern 8,000 barrel per day refinery at Catlettsburg, Ky., strategically
located for low-cost transportation of refined products by water, truck and
a
company operates
15,293
and 16 bulk distributing plants from which the
large fleet of tank trucks; tanks for the storage of
a modern six-story
a
approximately 800,000 barrels of petroleum products;
office building located at
Ashland, Ky.
Earnings—Net consolidated profits for the past seven years, after de¬
pletion and depreciation and after income taxes, were as follows;
1932-—$342,382
$694,228
$507,616 1937
1933
290,656
566,241
677,582 1938321,247
The above figures
—
—.
t
In name or Will F. Morrish, agent for trustee, $30,164; cash on deposit
with trustee for payment of bond interest, $82,720; accounts and notes
based on annual audited reports, giving effect,
however, to certain adjustments reflecting non-recurring expenses prior to
1935, and also providing for additional income taxes made necessary because
of disallowance by the Government of the full amount of depletion and
depreciation originally claimed.
Preliminary figures indicate that earnings for the first five months of
1939 are approximately the same as for the corresponding period of 1938.
The month of May, 1939, both as regards volume of business and profits,
was one of the best months in the history of the company.
Purpose—Proceeds of the proposed issue of $500,000 preferred stock and
5,000 shares of common stock are to be used to reimburse the treasury for
the capital expenditures made in connection with the purchase of new
propserties and recent increases in refinery and transportation facilities.
Capitalization-—Capitalization upon completion of the proposed sale of
$500,000 preferred stock and 5,000 shares of common stock, will be as
receivable (less reserve of $558 for doubtful accounts of American
follows:
■
Documentary tax stamps
used
on new
.
bond issue
—
Other income charges—
_
Net income for the
— —
4,300
-
—
4,436
64,810
48,660
62,681
689
67,132
15,638
$341,954
$509,369
490,993
$387,097
$132,038
Federal income tax——
yr_
Dividends—.——
264,381
—
302,150
Consolidated Balance Sheet Dec. 31, 1938
Assets—Property (net), $5,904,534; franchises, $1; excess of cost 0
capital stock of Martinez-Benicia Ferry & Transportation Co. over net
worth of that
demand
hand and
deposits, $90,518; certificates of deposit, $140,000; cash on deposit
company at date of acquisition, $80,700; cash on
Toll¬
Bridge Co.), $27,310; funds deposited with trustee for retirement of bonds
Aug. 1, 1939, $192,700; funds deposited in connection with litigation of
decision No. 4259 of the Railroad Commission of the State of California,
$352,000; class A capital stock of American Toll-Bridge Co. of Calif.
(370,351 shares), $328,560; account and note receivable (not current, less
reserve of $1,500 for doubtful account), $1,136; deferred charges, $481,161;
total, $7,711,503.
Liabilities—Capital stock of American Toll-Bridge Co. (par $1), $3,719,593; first mtge. 5>£% bonds, series D maturing Aug. 1,1945, $3,016,000;
payable (trade), $8,781; interest accrued on bonds, $69,117;
Federal income tax, $64,810; other taxes accrued, $36,579; unclaimed divi¬
dends, $2,220; reserves, $349,885; deferred credit (rentals received in
advance), $54,289; earned surplus, $390,230; total, $7,711,503.—V. 148,
P. 3212.
accounts
Andian National Corp.,
[Stated for convenience in terms of United States currency]
Payment to
Govt.
In
1937
1936
$8,897,447
$8,181,520
1935
$8,037,678
Authorized
5% cum, 1st pref. stock
Outstanding
9,932 shs.
9,932 shs.
—
Common stock (par SI)
1,000,000 shs. 963,990 shs.
—
10,000 shares of the preferred stock were authorized, 68 shares having
been purchased by the sinking fund and retired and canceled. 36,010 shares
are held in the treasury of the company.
The preferred stock is redeemable at $102 per share through Dec. 15,
of the common stock
1939, after which date the premium is reduced M of 1% each year through
the year ending Dec. 15, 1942, and thereafter such stock is redeemable
without prem ium. Upon voluntary liquidation the holders of such stock are
entitled to the redemption rates, otherwise they are ehtitled to the par
amount plus unpaid dividends.
Income Account for Calendar
Years
(Including Subsidiaries)
1938
1937
$6,003,311
4,275,952
$5,508,232
3,622,799
$4,845,970
3,035,393
Gross profit
Selling and delivery
$1,727,359
667,496
$1,885,434
652,246
1,810,577
401,577
208,49$
123,675
293,060
116,824
261,442
111,430
266,304
Operating profit——————
on sale of capital assets (net).
$643,127
$854,921
Other income (net)----————
60*.550
41,341
$822,767
33,827
13,467
$703,677
37,564
99,648
$896,262
87,926
401,353
...
expense
Administrative and general expense.
84,912
84,667
83,195
136,047
128,689
123,003
Depletion
Depreciation
—
-
------
-
:}
-----
.
al936
Colombian
lieu
of free
transportation of oil—
for deprec.
and
143,222
Prov.
620,917
605,511
747,478
607,183
1,232,107
1,005,056
794,576
693,679
Net operating income $6,979,723
$7,065,921
$6,426,109
$6,530,617
905,887
549,092
1,198,203
1,069,409
$7,885,611
7,650,000
$7,615,013
10,200,000
$7,624,312
10,200,000
$7,600,026
10.020,000
amortization.
Provision for Colombian
income tax
Profit
Profit---
—
Interest
_
Years Ended Dec. 31—
Net sales——:
Cost of sales
Ltd.—-Earnings—
Years Ended Dec. 31—
1938
Net operating income— $9,071,411
Solicitors'fees, salaries of
■counsel, executive officers* salaries, &c—
95,442
are
loans, bank
balances, &c
■—
-
— ——.
Miscellaneous charges.—
Federal and State income taxesSurtax
on
$870,062"
124*! 3 08
12,450
3,884
$566,466
$694,534
$741,870
32,311
31,447
224
306
527
$566,242
undistributed income.--.
$694,228
$677,58$
383,596
20,706
383,596
16,985
191,7981,153
$0.70
$0.70
—
on
—
Net income for the
Cash dividends--
yr-
Net profit
-----—
b Portion of net profit--—--------c Dividends paid——-*..
——
Portion of net profit applic. to min. int
Balance Sheet at Dec. 31,1938
Assets—Cash
on
hand
and
bank
balances,
$7,037,046; loan
against
collateral security, $900,000; accounts receivable less reserve, $1,207,201;
investments, $18,368; inventories, $746,333; long-term loans and agree¬
ments of sale, $1,270,232; special trust funds, $69,163; capital assets (net),
$2,704,249; prepaid and deferred charges, $8,355; total, $13,960,938.
Liabilities—Accounts payable and accrued liabilities, $1,376,294; insur¬
ance reserves, $222,713; capital stock, (2,550,000 no par shares, $25,500,000;
less $6 per share repaid to shareholders on Dec. 1, 1938, as authorized by
supplementary letters patent dated July 2,1938, $15^00,000), $10,200,000;
earned surplus, $2,161,931; total, $13,960,938.—V. 148, p. 2886.
Apex Electrical Mfg. Co. (& Subs.)—Earnings—
Earnings for Year Ended Dec. 31
Sales, exclusive of service
-
1938
—
Cost of goods sold, including net cost of service department. —
Less selling, administrative, general and other oper. expenses..
Provision for depreciation—
Other charges
Loss
-----—————————
----------
—
Other income—
-——
—
Profit—
-
—
1,149,915
168,078
52,526
$119,048
—————
137,310
—-
$18,262
———
Prov. for est .Fed. taxes on indome, including $9,364
Net profit
-----
$7,542,883
6,291,411
for prior
——
Cash dividend paid—$2 per share on prior preferred
yrs
———
stock
14,865
$3 ,397
14,948
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash, $280,183; trade notes and accounts receivable (net),
$505,877; inventories, $984,621; investments and other assets, $153,169;
property, plant and equipment (net), $1,059,990; patents, licenses, &c.,
$103,929; prepaid insurance, deferred taxes, &c., $27,942; total, $3,115,712.
Liabilities—Accounts payable, $341,161; accrued taxes and interestprincipally on Federal income tax assessments, $19,990; Federal taxes on
income—estimated, $18,940; contract payable, $12,537; reserves for con¬
tingencies, $170,000; deferred income, $30,240; $7 cumulative prior preferred
stock (par $100), $747,400; common stock 90,000 no par shares, $287,200;
capital surplus, $391,785; earned surplus (since Jan. 1, 1929), $1,090,459;
total, $3,115,712.—V. 148, p. 1793.
Artloom Corp.—Accumulated Dividend—
Directors at their recent meeting declared two dividends of $1.75 per
share each on the 7 % cumulative preferred stock, par $100, payable SeDt. 1
and Oct. 2 to holders of record Aug. 15 and Sept. 15 respectively.
With
payment of the Oct. 2 dividend all accruals up to June 1, 1939 will have
been met.
See V. 148, p. 2733 for record of previous dividend payments.
—V. 148, P. 3525.
Ashland Oil
& Refining Co.—Stock Offered—An issue
shares of 5% cum. pref. stock ($100 par) and
5,000 shares of common stock ($1 par) is being offered by
the Bankers Bond Co., Inc., and Aimstedt Brothers, Louis¬
ville, Ky., and Security & Bond Co., Lexington, Ky.
The
offering is confined to bona fide residents of Kentucky.
The pref. stock is offered at $100 per share and the common
stock at $5 per share.
of 5,000
History—The Swiss Oil Corp., incorp. in Kentucky in 1918, and Ashland
Refining Co., similarly incorp. in 1924, were consolidated into a new
Kentucky corporation known as the Ashland Oil & Refining Co., which
took over the business and operations of the predecessor companies as of
Oct. 31,1936.
The operations of the company and its subsidiary, Ashland Oil & Trans¬
portation Co., of which it owns 99% , cover aU branches of the oli industry.
The more important properties include:
More than 1,300 oil wells which
have been producing steadily for many years from the long-lived fields of
Eastern Kentucky; 750 miles of pipe lines (former properties of the Cumber¬
land Fine Line Co.) delivering oil from more than 5,000 wells in Eastern
Kentucky to the company's refinery; a half interest in the Owensboro-Ashland Co., which recently acquired approximately 300 miles of pipe lines in
Western Kentucky serving more than 3,000 wells in the Owensboro district:
Consolidated net profit
—-—
Common dividends
Preferred dividends-.
Earnings
'
share on 958,990 shares
stock ($1 par)
—.—-
per
common
.
$0.56
Including subsidiary and predecessor companies,
b Of former sub¬
sidiary applicable to minority interest in common stock of such subsidiariesacquired during year,
c $25,153 on pref .stock of former subs, and premium
($6,294) paid on redemption of such preferred stock.
Consolidated Balance Sheet Dec. 31,1938
a
Assets—Cash on hand and on deposit, $438,288; trade accounts re¬
ceivable, less reserve, $361,985; inventories, $1,175,035investments and
other assets, $279,389; property, plant and equipment <net), $3,316,537;
prepaid insurance, taxes, &c., $42,833; total, $5,614,067.
Liabilities—Notes payable to banks, $100,000; accounts payable—trade,
$268,936; accounts payable for payroll and other compensation, excise
taxes and miscellaneous, $162,655; accrued real and personal taxes, Federal
capital stock tax, interest, &c., $43,155; Federal and States taxes on income
—estimated, for year ended Dec. 31, 1938, $92,492; long-term liabilities,
$447,250; reserves, $14,069; minority interest, $1,580; 5% ■ cumulative
preferred stock (par $100), $493,200; common stock (par $1), $958,990;
capital surplus (includes earned and capital surplus of predecessor com¬
panies)
$2!576,064; earned surplus since Jan. 1, 1937, $455,675; total,
,
$5,614,667.—V.
146, p. 3173.
Associated Breweries of Canada,
Calendar Years—
Net operating profit —
1938
Ltd.—Earnings-
1937
1936
1935
$590,879
$595,158
$430,737
49,745
Investment revenue—.
$634,301
97,097
Other revenue—-——
20,917
107,365
25,696
99,672
25,303
48,828
$752,315
$723,940
4.800
140,676
160,663
4,400
134,132
137,438
$768,961
4,400
148,450
158,789
$509,533
4,400
141,578
117,535
$446,176
$447,970
60,793
235,830
$457,322
64,018
$246,020
68,147
168.450
—
Non-recurring revenueTotaL
-
——
Directors fees—
Depreciation-
-—
Income taxes
Net profitPreferred dividend
Common dividend—1-
57,273
289,460
190,910
Surplus.———
$99,443
$151,348
$202,394
Earns.per sh.on com.stk.
$1.68
$1.72
$1.75
Consolidated Balance Sheet Dec. 31,1938
29,051
$9,423
$6.79
hand and in banks, $401,234; accounts receivable,
$58,404; inventories, at the lower of cost or market prices, as approved by
the managements, $320,148; Do mnion of Canada and Dominion g aranteed
bonds, at cost, (market value, $245,468), $237,816; life insurance policies,
cash surrender value, $147,556; investments, $1,416,637; deferred and
Assets—Cash
on
prepaid charges, $39,969; fixed a^ets, $3,367,968; total, $5,989,732.
Liabilities—Accounts payable, $35,095; income and other taxes, $177,384;
deferred liability, $41,505; reserves, $1,881,471; 7% cuoiulative redeemable
preferred shares, $813,900; common shares, 238,000 shares of no par value,
(including additional 13,400 shares issued for $179,052), less franchise and
licenses written off the books of subsidiary brewing companies, $2,140,592;
earned surplus. $899,785; total, $5,989,732.—V. 147. p. 3603.
Atlanta Terminal Co.—Bonds Authorized—
Commission on July 13 authorized the company
exceeding $1,600,000 of first mortgage bonds, series A, 4%,
100.512 and accrued interest.
Authority was granted to the Southern Ry., the receiver of the Central
of Georgia Ry. and the Atlanta & West Point RR. to assume obligation and
liability, Jointly and severally, as guarantors, in respect of the bonds.
The Terminal company has outstanding $1,200,000 of first mortgage
bonds due Aug. 1, 1939, consisting of $1,000,000 of 6% series A bonds and
The Interstate Commerce
to issue not
to be sold at
$200,000 of 5% series B bonds.
To provide the funds necessary to retire the outstanding bonds, to reim¬
companies for advances and to provide approximately*
$153,450 for proposed additions and betterments, $27,063 for additional
working fund and about $6,000 for incidental expenses in connection with
the proposed issue, the Terminal company proposes to issue and sell $1,600,000 of first mortgage bonds, series A, 4%.
burse the proprietary
The Commercial & Financial Chronicle
570
After negotiating with a number of investment houses, banks and others,
the Terminal company has agreed to sell the series A bonds to Dick & MerieSmith of New York, N. Y., which submitted the best offer, at 100.512 and
This Would make the annual cost of the proceeds ot the
Terminal company approximately 3.97%.—V. 148, p. 2572.
accrued interest.
Associated Gas & Electric Co.—Weekly Output—
For the week ended July 14, Associated Gas A Electric System reports
net electric output
173,148 units
or
of 96,242,690 units (kwh.).
This is an increase of 10,11,8% above production of 86,069,542 units for a year ago.
utilities, amounted to 107,424,233
405.
Autocar Co.
Gross output, including sales to other
units for the current week.—V. 149, p.
Associated Gas & Electric Corp. (&
12 Months Ended May Zl—
Electric-
Gas
—
...
...
Transportation
Water.
——
Heating
-
Ice
Subs.)—Earnings—
«—Increase
1939
1938
Amount
%
$104,532,211 $101,857,077 $2,675,134
3
14,425,696
14,078,118
347,5782
6,840,659
6,743,853
96,806
2,898,336
1,842,291
1,056,045
57
1,536,190
1,588,328
*52,138
*3
1,273,757
1,341,616
*67,859
*5
Total gross oper. revenues.-.$131,506,849 $127,451,283 $4,055,566
Oper. expenses & maintenance._
64,618,899
66,121,681 *1,502,782
17,929,858
16,053,843
1,876,015
Net operating revenue
Provision for retirements
1939
(& Subs.)—Earnings-
Years End. Dec. 31—
Profit before deprec
Taxes
1938
$127,779
y84,992
184,953
$639,587
y218,948
$555,266
186,895
172,373
1935
1936
1937
loss$45,693
L
Depreciation
204,145
229,266
loss$418,917
52,522
$139,104
65,851
$216,494 loss$142,166
52,799
22,646
Profit for year
x
200,850
Profit from opera
Interest, &c
loss$471,438
$73,254
$163,696 loss$164,812
x Interest
and finance companies
charges. &c., net of other income,
Excluding sales taxes approximately $144,000 in 1937, $170,000 in 1936
and $90,000 in 1935.
y
3
*2
12
Provision for taxes..
July 22,
(rentals of $77,249 assigned as collateral), $28,369;
mortgage payable, instalments due within one year, $3,000; trade accept¬
ances payable, $1,750; accounts payable and accrued expenses,
$71,946;
provision for Federal income taxes, $2,268; deferred liabilities, $110,379;
deferred Income, $105,130; capital stock (par value $1), $819,120; capital
surplus, $72,354; earned surplus since July 18, 1931, $200,716; less 218,736
shares of treasury stock, at par value (92,750 shares deposited as collateral
against bank loans and note payable to director), $218,736; total, $1,210,854.
—V. 146, p. 4107.
finance company
to
Consolidated Balance Sheet Dec. 31
1937
1938
Assets—
$
$48,958,092
12,658,902
$45,275,759 $3,682,333
11,094,338
1,564,564
~8
Cash
14
$36,299,190
$34,181,421 $2,117,769
~6
Prepayments
1937
1938
$
Liabilities—
$
$
2,718,189
Operating income
*
Note—Includes operations of acquired properties since dates of acquisition
148,
p.
3525.
common
2,712,254
3,739,281
199,401
3,065,575
Mortgages
94,750
99,750
Pref. stock
953,100
19,254
953,200
193,310
2,935,324
Investments
54,106
Cash In sink. fund.
10,181
_
Cash In closed bk.
Atlas Plywood Corp.—To
Directors
Accrued liabilities.
Land, buildings...
Decrease.
only.—V.
Notes & accts. rec.
380,373
2,585,895
Inventories
...
560,746
2,039,742
Pay 25-Cent Dividend—
July 14 declared a dividend of 25 cents per share on the
stock, payable Aug. 1 to holders of record July 21.
Previous
dividend
on
the common shares
Feb. 15, 1938.—V. 148, p. 1469.
was
the
25-cent
distribution
made
—V. 148, p.
Earnings
per
share
$467,651
249,164
$1.19
Atlantic Refining Co. (&
1936
$735,756
249,966
$2.12
x
y
Earnings
share—
per
$0.40
$2,866,000
$0.96
$3,400,000
$1.18
After interest, depreciation, depletion, taxes,
shares common stock (par $25).—V. 148 ,p. 2733.
x
Atlas Corp.—Buys
&c.
sales-
Net
$3,137,391
$1.12
yOn
Selling expenses
12,213,287
involved 40,000 of the total number of units offered.
The balance consist
of 40,000 agency units, which may be purchased by any underwriter in the
$608,463
12,801
$495,178
101,062
$241,410
$621,264
86,949
$596,240
82,987
Net profit
$534,314
91,455
145,488
179,219
$513,253
97,183
145,488
179,219
as the units underwritten.
Atlas Corp.'s position thus
15% of the amount of securities underwritten by the offering
group.—V. 148, p
3526.
y
$729,451
Includes profit
on
1938
Assets—
request of the management of the company.
Other members of the
committee are Charles F. Hanser, William I. Hay, member of Hartshorne,
Fales & Co. and Arthur S. Herz.
Both Mr. Hanser and Mr, Herz are
holders of a substantial number of shares of the company.
Ralph Mont¬
x
Land, bldg. &
13,750
"The committee is entirely independent and will seek to protect the
interests of the stockholders exclusively.
It expects to represent stock
owned by Noel D. Sidford, a member of the executive committee of the
company and a substantial creditor, but reserves the right to withdraw
from such representation in case at any time a conflict of interest should
appear.
The committee does not represent Paul Klopstock."
requested to send authorizations to have the committee
their behalf to Mr. Wood at Room 3639, 15 Broad Street, New
Accrued
expenses,
&c—....
28,823
152,478
Prov. for Federal &
State inc. taxes.
collat. subject to
foreign exchange
Capital surplus
67,489
66,054
Earned surplus
4,933,214
4,203,763
eq.
Brands & tr'marks
Ace'ts reeeiv. with
restrictions
Deferred charges.
x
12,799
128,747
_
Total
p.
13,439
1,418,600
454,650
1,120,120
147,021
11,316,557 10,626,131
Total—
_11,316,557 10,626,131
After depreciation of $736,748 in 1938 and $673,751 in 1937.—V.
148,
3681.
Corp.—Earnings—
Period End. June 30—
1939—3 Mos.—1938
$2,847,083
$2,824,269
1,721,751
1,786,510
Expense & depreciation.
1,102,002
1,116,209
Net sales
Cost of sales..
Operating profit
x$78,450
15,786
$7,855
23,870
x$193,088
28,902
$35,246
Net profit
x
1939—6 Mos.—1938
$5,605,706
$5,459,102
3,389,155
3.411,093
2,208,696
2,241,097
$23,330
11,916
Other income
sent to stockholders
per ounce,
by the Government, as compared with the
former price of 64.645 cents per ounce, the outlook has been
distinctly
improved.
Accounts
3,200,000
134,122
2,800,000
payable.
180,785
194,220
Preferred stock
1,413,600
CI. A stk. ($10 par)
454,650
Cl.Bstk. ($10 par) 1,120,120
x$62,664
$31,724
x$164,186
Loss.—Y. 148, p. 2415.
Bayuk Cigars, Inc.—EarningsConsolidated Income Account for 6 Months Ended June 30
properties
of domestic silver purchased
1,296,705
329,170
$
$
Notes payable
taxes,
7,148,411
1,237,415
330,463
1937
1938
Liabilities—
$
716,882
960,753
Prepaid insurance,
interest, &C—__
gomery Arkush is counsel for the committee.
The committee has been in conference with the management, has ex¬
amined available financial data and expects to participate in the formula¬
tion of a plan for the rehabilitation of the company, according to a letter
July 17, which states in part:
"The management is of the opinion that with sufficient new money the
of the
company
can
be
sucessfully
developed
and
that
because of the new statutory price, equivalent to 71.1095 cents
1937
$
1,445,885
Acc'ts rec. (net)— 1,037,412
Inventories
7,123,835
Barker Bros.
at the
sale of leaf of ! £28,796.
Cash
Austin Silver Mining Co.—Protective Committee—
by Mr. Wood
x$241,069
•
Comparative Balance Sheet Dec. 31
proportion
H. Duncan Wood, a former member of the New York Stock Exchange,
is Chairman of an Independent protective committee for stockholders of
the company, now in reorganization, which has been formed
341
Common class A divs...
Common class B divs
represents
1938
1939
Gross profit
Selling, general and administrative expenses
Prov. for depr. of bldgs. equip. & automobiles
Amortization of cost of cigar machine licenses and
patent rights
$2,291,586
1,297,118
76,917
$1,859,976
1,193,177
82,390
10,518
24,096
$907,034
$560,313
Discount, rental, divs. and miscell. income (incl.
divs. of $5,250 from controlled co. not consol.)..
35.464
39,149
$942,499
13,099
194,820
$599,462
15,671
110,500
$734,580
45,185
147,403
393,060
$1.75
$473,291
59,325
147,403
393,060
are
York City.—Y. 148, p. 3681.
Interest
on notes
payable (net)
Provision for taxes
Automatic Signal
1938
Gross profit on sales
Lease rentals and royalties received
Operating income
Interest, finance charges, &c
Profit
Other income
\
Total income
Provision for Federal income tax
undistributed net income
1937
$100,125
144,857
Sell. & admin, exps. & service & miscell. oper. costs
—„.
$91,281
147,318
$244,981
183,608
21,873
$238,599
191,684
22,018
$39,501
7,385
$24,897
2,819
$46,886
2,000
J
$27,716
450
300
—
Net income
$44,886
$26,966
Balance Sheet Dec. 31,1938
Assets—Cash in banks and on hand ($2,094 limited to withdrawal
by
assignee of lease rentals), $11,323; accounts receivable, $49,107; accrued
royalties, $19,973; rentals due within one year under agreements in effect
at Dec. 31, 1938, per contra
($57,403 assigned as collateral against loans
Payable to finance company), $96,693; inventories at lower of cost or market,
$92,232; notes receivable, not expected to be realized within one year
(21,000 sharas of Automatic Signal Corp. capital stock held as collateral;
note for $1,900 assigned as collateral
against notes payable to hanks),
$16,426; traffic control apparatus under lease, at cost (net), $140,883;
Land at cost, $10,000; buildings,
machinery and equipment at cost (net),
$57,424; prepaid interest, finance charges, &c., $6,143; investment in wholly
owned subsidiary, not consolidated, the entire assets of which consist of
patents carried on its books at $10,650, $10,650; patents, contract rights
and goodwill, at amount authorized by stockholders as
at Dec. 31. 1936,
$700,000: total, $1,210,854.
Liabilities—Notes payable to banks (47,750 shares of treasury stock and
note receivable of $1,900 deposited as collateral,
$14,560; loans payable
on
income
Corp.—Earnings—%
Years Ended Dec. 31—
on
$224,268
17,141
$924,252
194,801
Total profit
Allowance for taxes
Including the Atlas purchase, It is reported that slightly over 75% of
the underwritten units have been sold.
Air Investors. Inc., a member of
the underwriting group, has a 10% interest in the underwriting, which
Surtax
2,568,218
$862,057
y 62,196
(net)
warrant, which Is the same price as that
as the underwriters.
The Northrop financing consisted of 400,000 class A shares and 80,000
warrants, divided into 80,000 units offered to the public at $30 a unit.
Each warrant entitles the holder to purchase within five years one share
of class A common stock at $7 a share or at 80% of book value, whichever
is higher.
on
1935
1936
Unavail- ($20,542,982
able
\ 17,434,198
2,368,483
?2,353,074
\ 260.532
J
Pref. stock dividends
in the same ratio
act
1937
Admin. & gen. exps
2,664,000
paid to the company by underwriters of the Issue.
In addition, Atlas received 25,000 warrants out of the total of 53,333
warrants issued to the underwriters in connection with the Northrop finan¬
cing, and also has the right to take down any of the 40,000 additional units
Stockholders
Inc.—Earnings—
for Years Ended Dec. 31
—$21,026,461 $19,254,8151
17,951,117
16,462,329/
Cost of sales——
r
same
10,040,761
1311.
Other income
The corporation, it is announced, has become one of the principal stock¬
holders In the newly formed Northrop Aircraft, Inc. (see V. 149, p. 117) by
purchasing 30,000 class A shares and 6,000 warrants at a price of $25 for
one
4,756,400
8,517,244
1936
Shares of New Northrop Aircraft, Inc.—
each unit of five shares and
4,253,222
Total
Axton-Fisher Tobacco Co.,
Operating profit
Subs.)—Earnings—
1 937
19,253
surplus
1938
1938
..
on
—V. 148, p. 2733.
6 Mos. End. June 30—
1939
Net profit
$1,353,000
895,600
Paid-in and capital
4,379
Income Account
1937
'
$867,822
250,899
$2.78
19.38
1939
$449,913
249,164
$1.12
10,351
8,517,244 10,040,761
Atlas Powder Co. (& Subs.)—Earnings—
6 Mas. End. June 30—
Net profit..
Shares com. stock..
Common stock.
598.369
337,039
856,400
1st mtge. bonds
55,506
11,582
Total.........
on
Notes. & accts. pay. 2,003,479
Divs.
on
7% 1st pref. stock (outstand. 16,910 shs.)
Dividends
Shares of
on
common
common
stock
stock
;
outstanding
Amount earned per share of common stock
$1.05
—V. 148, p. 2887.
Belden
Mfg. Co.—To Pay Larger Dividend—
Directors have declared
a dividend of 15 cents per share on the common
$10, payable Aug. 15 to holders of record Aug. 5. This compares
with 10 cents paid on May 15, last and five cents paid on Feb. 20, last, this
latter being the first dividend paid since May 16, 1938 when five cents per
share was distributed.—V. 148, p. 3526.
stock,
par
Bell
Telephone
Refunding—
Co.
of
Canada—Plans
$30,000,000
It is expected that the company within the next week will announce details
a refunding operation
planned for the outstanding $30,000 first mortgage
5%, series A, bonds callable on March 1, next..
It is understood that a private arrangement will be made to replace the
present issue with 3 M % coupon and insurance circles are expecting it to be
placed on a 3.13% basis.
The present bonds are callable March 1. 1940,
of
at 105.
Stockholders last February approved the creation of $30,000,000 addi¬
tional
bonds
to
be
used
for
purposes
of refunding when considered ad-
visable.—V. 148, p. 3369.
Bell
Telephone Co. of Pa.—Reduces Suburban Charges—
Company announced a new form of residence telephone service for Phila¬
delphia and Pittsburgh suburban subscribers which eliminates the 5-cent
toll charge on calls to suburban points and provides for a 20% reduction in
present toll rates to metropolitan exchanges involved.
Tariffs covering this new form of service were filed with the Pennsylvania
Public
Utility Commission by the
company
and subject to
Commission
Volume
The Commercial & Financial Chronicle
149
Tariffs filed also include certain other
action will become effective Sept .15.
changes providing certain adjustments in foreign exchange service. Overall
saving to 300,000 subscribers involved is estimated at $78,000 annually,
—V. 149, p. 407.
Business System s, Ltd.:—Pays 50-Cent
Company paid a dividend of 60 cents per share on the common stock, on
June 30 to holders of record June 27.—V. 135, p. 130.
Dividend—
California Oregon Power Co.—Earnings—
Bellows Falls (Vt.) Hydro-Electric Co.—Merger—
See New England Power Oo. below.—V. 127, p. 2364.
Birdsboro Steel
x
^
1938
1939
1937
^
$146,260 prof$235520
$8,571
x After all charges including depreciation and Federal and State income
taxes, but before allowance for Federal surtax on undistributed profits.—
V. 148, p. 3526.
Balance sheet as of June 30, 1939 shows strong asset position, cuirent
assets
being $1,093,654 against current liabilities of $241,550, or a ratio of
4.53 to 1.
n
During the first six months of 1939 business booked totaled $1,258,075
as compared with $1,039,408 in the corresponding period of 1938.
Business
on the company's books on June 30 amounted to $1,163,550 against ap¬
proximately $1,200,000 at the close of 1938.
The company recently issued $450,000 five-year 4% serial notes, which
were placed privately, for improvements at its Reading plant, acquired
for the manufacture of new products which are expected to materially in¬
crease the volume of its business.—V. 148, p. 3526.
.
.
Boston
,
Fund, Inc.—Dividend—•
Directors have declared
dividend of 14 cents
a
a
share, payable Aug. 21
to shareholders of record July 31.
This dividend, which is derived entirely
from income from investments exclusive of capital gains or losses, is at the
same rate as the two previous payments in 1939.—V. 148, p. 3215.
Boston Personal
Property Trust—kEarnings———
$49,471
$49,047
922
623
Taxes paid and accrued (other than Fed. inc. taxes)
Adjust, for reduction in accr. Fed. cap stock tax
based upon prov. of Revenue Act of 1938
Other expenses (trustee's commissions and general
Crl.125
994
4,057
1,353
$44,782
379,903
$43,840
382,945
$424,685
41,738
$426,785
41,738
$382,947
$385,048
3,071
expenses paid and accrued)
Accrued Federal income tax..
......
Net income.....
........
Surplus income at April 1....
...
—
1939
....
1938
$4,781,776
2,103,110
revenues
Net operating income
Net income after all deductions
x
$4,633,041
2,066,100
908,664
907,424
x After
expenses, maintenance, taxes, appropriation for
serve, rent for lease of electric plant, &c.—V. 149, p. 100.
retirement
California Water & Telephone Co .—Securities Offered—
Public offering of $5,650,(MX) first mortgage bonds, 4%
series due 1969, was made July 18 by a syndicate headed by
Blyth & Co., Inc., and including H. M. Byllesby & Co., Inc.;
E. H. Rollins & Sons, Inc.; Central Republic Co., and Wm.
Cavalier & Co.
The offering price was 103 A %, exclusive
of accrued interest from Juno 1, 1939.
At the same time an offering of 28,000
6%^ cumulative preferred stock at $25
per
shares (par $25) of
share plus accrued
dividend was made through a syndicate headed by E. H.
Rollins & Sons, Inc., and including H. M. Byllesby & Co.,
Inc., Central Republic Co., Wm. Cavalier & Co. and Banks,
Huntley & Co.
First Mortgage Bonds—Dated June 1, 1939; due June 1, 1969.
Bank of
National Trust & Savings Association, San Francisco, trustee.
Preferred Stock—Guy D. Lamp and B. A. Lindholm, 485California St.,
San Francisco, transfer agents.
Anglo California National Bank, San
Francisco, registrar.
Purpose—Net proceeds, exclusive of accrued interest and dividends, to
be received by the company from the sale of the securities offered, after
deducting the estimated expenses of the company in connection with such
sale, are expected to be $6,330,204.
The company intends to use such net
proceeds:
To redeem all of the presently outstanding 1st mtge. bonds, 5%
series of 1935 (due Sept. 1, 1965) of the company
Principal amount....
Premium thereon at 5%
To provide funds for the purpose of financing in
$5,650,000
282,500
-
Total.....................................
Dividend..
——,
-—
...
.....
1938
Cash in hank
$45,045
24,211
$67,903
24,923
Invest, in securs.. 4,215,455
4,166,511
Divs.
receivable..
1938
1939
Liabilities-
•
$41,738
6,945
3,953,025
Paid-in surplus...
239,890
$41,738
4,675
Div. pay. July 15.
Accrued liabilities,
x
struction program of the company and for
Total—
—
Capital shares..
3,953,025
239,890
part the con¬
working capital—
397,704
$6,330,204
——
—
The sum of $397,703 will be used from
Balance Sheet June 30
1939
Assets—
re¬
America
1938
1939
3 Months Ended June 30—
Income from securities
12 Months Ended May 31—
Operating
Foundry & Machine Co.—Earnings-'-
6 Months Ended June 30—
Net loss.—
571
time to time to finance part of
the cost of normal additions and betterments to the company's properties.
Other than the construction of additions and betterments to the com¬
pany's properties, no acquisitions are contemplated.
Funded Debt and Capitaization
The funded
debt and capitalization of the company, as
of April 30,
Loss on sale of se¬
1939, adjusted to give effect to the redemption of $5,650,000 of company's
curities
(net)-..I>r339,834 X>r365,039
385,048
Surplus income
382,947
first mortgage bonds, 5% series of 1935 and the issue and sale of the bonds
and preferred stock offered would have been as follows:
Authorized
Outstanding
Total..-..—..$4,284,711 $4,259,337
1st mtge. bonds, 4% series due 1969
$20,000,000
6% cum. pref. stock (par $25)
——
200,000 shs.
Common stock (par $25)
————200,000 shs,
Total..........$4,284,711 $4,259,337
x
Represented by 260,860
no-par
shares.—V. 148, p. 2416.
Boston Terminal Co.—Trustee-—
x
Charles W. Mulcahy, co-trustee of the Boston & Providence Railroad, has
asked the Interstate Commerce Commission authority to hold the position
of trustee of the Boston Terminal
fifth interest.—V.
Co., in which the B. & P. owns
Broad Street Investing
Income Account 6 Months Ended June 30
Cash divs.
on
Total income...
Deductions.
Taxes
.
2,443
1,973
$47 All
Total Income..
Other deductions———————
$117,033
131,749
t 6,303
$47,411
16,318
1,691
Interest——.
;——
Amortization of debt discount & exp.
Federal taxes on bond interest and
trustees'fees—
$648,487
15,916
251,109
9,909
$621,984
19,050
255,334
10,010
$651,997
16,674
270,996
10,528
$83,765
86,046
$79,981
xl29,691
$29,401
28,732
Charges to construction accounts——
$2,281
$49,710
sur$669
$111,636
y27.871
$101,557
108,539
$132,635
-
j
31,078
—
—
-
.
*.015
—
Net income for period
Dividends paid
...
Deficit
x Includes
$46,936 special dividend on capital stock,
y After deducting $2,374 prior year's net overaccrual of capital stock and
Federal income taxes.
Balance Sheet June 30
Assets—
1939
Liabilities—
1938
Cash
$272,131
al9,7l0
Spec. deps. for divs
52,563
Invest, at cost
b7.592.865
$205,206 Divs. payable....
20,306 Due for cap. stock
44,342
repur. for retire.
Int. & div. receiv.
Rec. for sec. sold—
7,976,739 Reserve for exps.,
126,614
taxes, &o—....
Due for sec, purch.
Com.stk. (par $5)
Earned surplus...
Total—.-...-$7,937,269 $8,373,2071
1939
1938
$52,563
$44,342
8,041
8,190
20,894
24,093
66,335
1,470,255
1,427,770
6,428,001
6,759,992
Total...—.$7,937,269 $8,373,207
a$Dividends receivable only,
b Investments, based on market quota¬
as at June 30,1939, amounted to $6,133,109, or $1,469,766 less than
cost.—V. 148, p. 3682.
tions
Brooklyn-Manhattan Transit Corp.—Stockholders Vote
Aug. 22 on Purchase Plan—
*
p The directors have authorized a special meeting of stockholders to be
on Aug. 22 to vote on the proposed unification plan.
Stockholders of
record as of July 21 will be entitled to vote.
h*The directors of Brooklyn & Queens Transit Corp. have called a special
meeting of stockholders for Aug. 23 to vote on the proposed B.-M. T.
system unification plan.
Stockholders of record as of July 21 will be en¬
titled to vote at the meeting.
The proposed B.-M. T. system unification plan must be approved by at
least two-thirds of the stockholders, and consented to by holders of at
least 90% of the senior security holders, before it becomes binding.
A
large part of B. & Q. T. preferred stock and a majority of its common is
owned by B.-M. T.
held
Hearing Set
on
Condemnation of Elevated Lines—
The Transit Commission has set for hearing on Aug. 2 an application by
Board of Estimate for authority to acquire by condemnation the
the
Fulton Street, Fifth Avenue and Broadway elevated lines of the BrooklynManhattan Transit Corp. system.
The condemnation move constitutes a part of the proposed B.-M. T.
unification program, since the city plans to place a portion of the cost on
real estate owners calculated to benefit from demolition of elevated struc¬
tures.
It is not expected that authority to condemn the lines wrill be
Cr9,088
Net Income--—-——
—
45,129
$338,394
$302,553
$313,862
industrial
purposes
and In the telephone business.
The proportion of
derived from each class of business, for the year
approximately asfollows: Water service, 64.68%;
operating revenue
ended Dec. 31,1938, was
gross
telephone service, 35.32%.
The company on Aug. 24, 1938, consummated an agreement with the
City of Pasadena for the exchange of its water distribution facilities within
the City of Pasadena for those owned by said city within the City of San
^Approximately 82%
of the company's total plant investment, as carried
of Dec. 31, 1938, is devoted to, or held
of, water service, and approximately 18% to
the books of the company as
on
for
future
development
tellJn^u>rtters—The
names
of the underwriters of the 1st mtge. bonds,
principal amounts of the bonds severally to be
purchased by each, are as follows:
Blyth & Co., Inc., $1,836,000; H. M.
Byllesby & Co., Inc., $1,412,000; E. H. Rollins & Sons, Inc., $1,328,000;
Central Republic Co., $565,000; Wm. Cavalier & Co., $509,000.
The names of the underwriters of the 6% cum. pref. stock and the par
amounts of pref. stock severally to be purchased by each are as follows:
E. H. Rollins & Sons, Inc., $280,000; H; M. Byllesby & Co., Inc., $203,000;
Central Republic Co., $98,000; Wm. Cavalier & Co., $91,000.; Banks,
Huntley & Co., $28,000.—V. 149, p. 407.
4% series due 1969, and the
Canada Northern Power Corp.,
12 Months Ended May
The company has notified the New York Stock Exchange that options
have been granted to the following employees to purchase common stock
in the amounts indicated at $11, per share from time to time during a period
of one year from June 1, 1939:
R. W. Jackson, 600 shares, J. L. Burgess
600shares; C. P. Binner 300 shares, and R. A, Bryant, 300 shares.—V. 148,
P.3054.
Burdine's, Inc.—Dividends Resumed—
Directors have declared a dividend of 10 cents per share on the common
stock, payable July 27 to holders of record July 20.
This will be the first
dividend paid since July 26, 1937 when 50 cents per share was distributed
j>. 2386.
—V. 147,
Net earnings
Ltd.—Earnings—
1939
31—■
Operating and maintenance.
Co.—Options—
1,290
Cr6,481
34,530
of certain corporations, which, with the exception of Jamacha Holding Co.,
Ltd., the stock of which was not acquired until 1935, were formerly affiliated
and under common management with the company through the ownership
of their stocks by Western Utilities Corp.
ine corporations so acquired
and the respective date of incorporation of each or of its earliest predecessor
follow:
San Gabriel Valley Water Co. (1875), Central California Water
Supply Oo. (1878), The Monterey County Water Works (1878), Ooronado Water Co. (1886), Southwestern Home Telephone Co. (1903), Mon¬
rovia Telephone & Telegraph Oo.
(1903), Sierra Madre Telephone So
Telegraph Co. (1907). San Fernando Telephone & felearaph Co. (1914),
Southern California Water Supply Co. (1930), Jamacha Holding Co.,
Ltd., (1931).
These corporations were dissolved following acquisition
by the company.
The company is an operating public utility engaged principally in the
business of supplying and selling water for domestic, agricultural and
is assured.—-V. 149, p.
Brunswick-Balke-Collender
..
1,172.
Cr665
History and Business—Company was incorporated in California on
Dec. 27,1926; under the name of the Sweetwater Water Corp.
On Aug. 20,
1935, name changed to California Water & Telephone Co.
On Nov. 22, 1935, the company acquired the properties and businesses
Gross earnings---
407.
I
41,232
Federal income taxes
exercised until consummation of the entire B.-M, T. unification program
v
$650,024
$619,541
116,913
132,16f
stocks
$1,488,495
838,471
2,899
1936
$468
....
1938
1937
$1,422,923
803,383
$645,589
1937
$120
$6,982
earned
1936
Net income from operations--—Other income—net-————
*
1938
$19,769
91,867
1939
Interest
Earnings for Years Ended Dec. 31
Operating revenues
$1,397,843
Operating expenses-——752,254
Corp.—Earnings-
84,328shs.
Comprising 28,000 authorized but unissued shares offered and 72,000
shares outstanding as of April 30, 1939.
a one-
139, p. 1393.
$5,650,000
xlOO.OOO shs.
1938
$5,086,175
—-----—----——-
$5,212,443
—_
2,391,205
2,208,587
$2,821,238
$2,877,587
------
—
Bonds Called—
$452,500 5% 25-year collateral trust sinking fund gold bonds,
been called for redemption on Aug. 1 at 101H and accrued
Payment will be made at any branch of the Royal Bank of Canada.
—V. 149, p. 255.
A total of
series A have
interest.
National Ry«.—Equipment Trust Issue—A
$6,500,000 equipment trust certificates, has
been awarded a syndicate composed of Wood, Gundy &
Co., Ltd., The Royal Bank, the Bank of Nova Scotia, and
Canadian
new
issue of
The Commercial & Financial Chronicle
572
Banque Canadienne National©.
offered
""'fhe
on
2.34% yield basis.
a
certificates carry 2H%
new
The certificates
-
are
proposed securities.
The application states that while
■
coupons and mature
from July 1, 1940 to July 1, 1949.
These certificates will be issued
under the Philadelphia plan.
Proceeds of the issue will be used to pay for new all-steel
rolling stock,
ordered somemorths ago, to be used on the Canadian National Ry.
System,
the entire issues of serial notes and preferred stock.
It also is stated that
Halsey, Stuart & Co., Inc., Central Republic Co. and possibly other invest¬
participate in the underwriting of the bonds.
A hearing on the application has been set for Aug. 1.
Company is a subsidiary in the Crescent Public Service Co. holding
company system.—V. 148, p. 2575.
$8,780,000.
The company will provide $2,280,000 in cash, or 25%
addition to the proceeds of the issue. Title
equipment will be vested in the trustee, the National Trust Co.
These certificates will be unconditionally guaranteed as to principal and
interest by the Canadian National Ry. System.
Under the provisions of the Statutes of Canada relating to
railway com¬
panies, the rentals payable by all railway companies under a lease of
equipment rank as a working expenditure of a railway company and con¬
stitute a claim against the railway company's earnings, prior to
principal
and Interest of all its mortgage debt.—V. 149, p. 408.
of the cost of the equipment, in
Central Maine Power Co.—EarningsPeriod End. June 30—
1938
$90,000
1939
Other interest
1938
19.37
1936
$9,395
97,655
$12,940
67,894
$20,123
131,986
$19,870
124,530
$107,050
16,000
$80,834
16,076
$152,109
17,575
$144,399
45,668
8,451
12,906
6,060
"8,848
"9,966
13,499
4,901
17,567
6,564
Amortization of discount
expense
Service fee
Taxes
1,273
16,630
17,239
5,731
$63,632
65,100
$39,019
65,100
$100,437
Class B dividends
Deficit
$1,468
.
$26,081
Assets—
1939
1938
$373,206
.
currencies
Int. & divs. receiv.
7,137
19,390
23,463
35,085
Rec. for sec. sold._
Invest, at cost
for
1939
20,618
c
$5,331,584 $5,296,477*
Investments, based
a
Dividend
1938
$46,713
281,060
on
434,000
143,405
2,400
...
$289,924
$177,059
86,636
_
Accr'd
3,018,690
1938
Interest
2,541
1939
Notes pay. banks.
$22,609
5,426,801
3,030
1938
$800,000 $1,250,000
4,118
Accrued expenses.
Provls'n for stock¬
re¬
ceivable...
Prepaid
Liabilities—
$26,495
5,034,296
Investments
2,400
3,073,846
1939
Cash in bank
570
expenses.
holders' liabil.—
closed
banks
30,900
Reserve for taxes—
Total
$5,331,584 $5,296,477
other than Fed.
16,490
7,364
Res. for E'ed. taxes
on
income
Other
x
6,640
llablls.
281
Conv. pref. stock
2,301,500
915,736
curr.
Common stock
Capital surplus
Earned surplus
Total
$5,063,332 $5,453,010«
Represented by 230,150
x
Total
(231,000 in
2,310,000
1,481,024
2,185,062
915,736
1,481,024
2,116,867
327,773
zReas. stock.—Dr
289,924
$5,063,332 $5,453,010
1938)
no
par
shares,
z
Repre¬
148.
sented by 606,024 shares of common stock in
treasury at cost.—V.
.
274.
P.
1938
1937
1936
Central Vermont Public Service
$49,214,900 $64,515,222 $45,405,509
41.014,405
2,296,089
48,726,202
2,038,576
34,895,147
1,842,556
Period End. June 30—
Operating revenues
Operating expenses
State & municipal taxesSocial Security—Federal
$5,341,098
324,653
Dr 15,546
$5,904,406 $13,750,444
463,992
521,213
Dr9,851
Dr8,929
$8,667,807
491,831
Dr3,390
$5,650,204
1,231,729
$6,358,547 $14,262,728
1,360,118
2,591,351
$9,156,248
1,634,002
Corp.—Earnings-
1939—Month—1938
-1938
$179,548
99,478
$171,103
14,245
1,711
8,672
Net operating income.
Non-oper. income (net).
Gross income
Bond interest
1,538
7,585
16,643
115,846
14,433
94.614
$55,442
$43,660
$694,048
1,605
1,159
$619,630
3,314
$44,819
20,417
1,081
1,757
$698,742
245,000
13,753
$62.2,944
245,000
53,504
21,786
$21,564
18,928
Fed. taxes (incl. inc. tax)
13,454
$32,578
...
$2,160,954
1,279,994
152,283
1,311
2,741
and State taxes
$2,230,295
1,237,321
166,437
$57,047
.....
.....
—
$263,695
$327,773
convertible pref. stock.
Balance Sheet June 30
22,487
143,405
.
Caterpillar Tractor Co.—Earnings
Profit
Interest earned
Interest paid
$289,924
4.6,568
i
1,600,000
been made for
Cost of sales, oper. exps.,
&c., less misc. income- 45,708,691
Depreciation
2,474,704
$41,916
221,779
....
market quotations
12 Mos. End. June 30—
1939
Net sales
$53,524,493
$42,288
247,636
__
Surplus, June 30...
40,585
the cost of such investments for tax purposes.
No deduction has
liability, if any, with respect to Federal excess profits tax.
148, p. 3527.
upon
$118,679
29,586
14,093
16,516
income
to
—V.
$90,357 '
24,785
11,161
12,123
income
as at June 30,1938, amounted
$4,563,865 (or $187,552 in excess of cost), after deducting provision of
$63,000 for Federal income tax on the unrealized appreciation of invest¬
ments based upon the cost of such investments for
tax purposes,
b Represented by 143,405 shares of
$1 par.
c Par 1 cent,
d Investments, bases on market quotations as at June
30.1939, amounted
to $4,775,216 (or $103,997 less than
cost) after deducting provision of $1,000
for Federal income tax on the unrealized
appreciation of investment, based
on
$83,402
21,821
6,677
6,942
1,250
$327,773
on
on
Surplus, Dec. 31.
Assets—
Class B stock..
Surplus
Total
1937
$109,256
9,423
$34,909
21,515
434,000
b Class A stock.,
d4,879,213 a4,376,312
1938
$87,345
3,011
1,936
Prov. for Federal taxes
exps
taxes, &c
Preferred stock.,
34,909
Corp.—Earnings-
Total
payable
Reserve
Special deposits for
dividends
108,099
1939
Extraordinary charges
$45,723
$35,085
Due for sec. pur.
21,334
Bank loans secur' d 1,600,000
Deposits In foreign
$1,617,007
1,297,182
15,367
$124,014
Net income for period
$67,086
Liabilities—
Divs.
$858,728
$1,925,024
1,297,182
14,694
$157,322
108,099
income
Total income
General and administrative
Taxes other than Fed. taxes
Interest on notes payable
Balance Sheet June 30
Cash
$3,171,417
1,287,278
44,413
222,719
Interest
$19,377
65,100
65,100
71,703
30,720
$3,400,075
1,318,880
Cr24,581
180,752
110,200
4,058
Income—Cash dividends received and
Crl ,509
Net inc. for the period
Preferred dividends
$3,128,249
43,168
6 Months Ended June 30—
38,480
Class A dividends
$3,353,320
46.755
—V. 148, p. 3839.
exps.
5% debs, called for red
Prior year's over-accrual
of capital stock tax
39,064
338,467
$253,639
Central-Illinois Securities
and expenses on debs.
&
deductions
Net
Pref. div. requirements.
Total income
Interest on 5% debs
disc,
Other
(net)
48,428
425,837
$249,592
4,047
$273,976
109,292
Cr7,332
Bond interest.
$6,626,012
2,422,391
697,841
3,815
4,161
$6,988,555
2,438,056
722,914
27,636
$269,815
Gross income...
Dividends
Unamort.
4,172
33,265
Net oper. income
Non-oper. income (net).
Increase
$2,439,000
Capital Administration Co., Ltd.—Earnings—
6 Mos. End. June 30—
Interest on bonds
$517,115
175,333
60,739
and State taxes
1939
1939—12 Mos.—1938
$562,746
192,815
62,679
Fed. taxes (incl. inc. tax)
Earnings for Week Ended July 14
General
1939—Month—1938
Operating revenues
Operating expenses
State & municipal taxes.
Social Security—Federal
Canadian Pacific Ry.—Earnings—
$2,529,000
firm commitment has been made, it
ment houses will
to the new
Traffic earnings
—V. 149, p. 408.
no
is expected that E. H. Rollins & Sons, Inc. will head the selling group and
will have the major participation in the issue of bonds and will underwrite
$650,000 In each
year
to cost
July 22, 1939
To defray the expenses incurred irf connection with the sale of the
(4)
being
18,928
$386,485
227,136
$346,625
227.136-
104,866
Net profit before Fed¬
eral
taxes.
Prov. for Federal taxes.
Net Profit..
$4,418,476 x$4,998,428x$ll,671,377
Before deducting
x
surtaxes
axes
on
_
provisioiTfor*any
amount which
undistributed earnings.
$7,522,245
may*.become
due for
Other interest
Other
20,417
(net)
deductions
Balance Sheet June 30
1939
Assets—
1938
$
Cash
Notes & accts.
1939.
fAn TA1 ills
$
7,314,141
4,574,932
rec.
less reserves....
9,847,554 10,142,367
15,925,802 17,299,661
Inventories
Pats.,
trademarks
and
goodwill...
1
1
Land, buildings,
equipment, &c..19,908,647 20,491,187
Prepaid Insurance,
x
taxes,
&c
37,560
Total
In 1938.
2,065,534
1938
4|
1,344,360
expenses
561,750
482,879
Res. for Fed. taxes 1,213,087 zl,612,288
Pref.stk.(par $100)11,515,200 11,515,200
y Common stock.. 9,411,200
9,411,200
Capital surplus...13,733,577 13,733,577
Earned surplus...14,533,358 14,455,122
Total
on
no par shares,
z Does not include
undistributed earnings.—V. 148, p.3837.
^Central Foundry Co. (& Subs.)—Earnings—
3 Months Ended June 30—
Net profit from operation
Interest on funded debt
Amortization of debt disct. &
Other interest
Depreciation
I
Federal income tax
1939
II
expense
$94,077
14,361
3,345
1,371
31,135
1938
Net profit
$148,370
13,369
2,760
1,182
24,694
*or
„
2,824
1,068
34,269
11,522
$43,864 loss$l01,261
first six months of
1939 company reports
a net
profit of $11,136
a net loss of $179,067 for the first half of 1938.—V. 148,
uurii-1iesJ an
and Exchange Commission
flled
announced July 14 that
application (File 32-163) under the Holding Company
n from the
requirement for filing a declaration in conPaction with the proposed issue and sale of $4,100,000 4% first mortgage
ue
1944. and 2,200 shares Si1, 1964, $500,000 3H% serial notes, due 1940 to
$6 cumulative preferred stock
(no par).
the
fc
or
5%
proceeds from the sale of the securities
will be applied as follows:
Principal amount of 5 % first mortgage bonds, series A,
mortgage bonds, series B, and the
414% 3-year convertible
<p-paJ
fust
™
Corp.—Earnings—
[Including Wholly-Owned Sub. (Utilities Shares Corp.)]
6 Mos. Dnd. June 30—
Cash dividends
1939
1938
$218,636
733,749
32,226
29,677
Interest and discount
Taxes
1937
$320,296
979,417
1936
$1,179,940
998,486
24,482
41,337
23,289
22,994
$350,106
1,007,527
26,982
28,662
2,200
JDeflcit
$577,016
$705,405prof$113,436
$713,066
,"**
Interim Consolidated Surplus A ccount—6 Months Ended June 30
1939
1938
1937
1936
Balance, deficit Jan. 1_.$24,896,630 $22,923,469 $22,574,233 $21,396,239
Net deficit for period...
577,016
705,404 profll3,436
713,065
Miscellaneous credits
147,556
5,523
3,040
588
Balance, deficit.
Losses realized
securities
on
$25,326,090 $23,623,350 $22,457,757 $22,108,716
sale of
(net)
77,165
465,063
6,968 prof702,028
Bal. deficit, June 30..$25,403,255 $24,088,413
$22,464,725 $21,406,687
'
Consolidated Balance Sheet June 30
1939
b Investments
Invest,
in
1938
$
Assets"-*-
$
1939
series due 1948.
owned subsid'y.
666,916
Divs. receivable__
105,529
Accts. receivable.
_
25,000
1,165,394
152,787
6,690
Unamort. discount
on
debentures..
$) To pay-off the principal amount of miscellaneous indebtedness con2o«n&n°^183,450 of ?.% Promissory notes, $85,000 of 4% bank loans and
$36,000 due on a
.
bens., series due
1954
Int.
conditional sales contract,
aggregating $304,451.
(8) To reimburse its treasury for capital
expenditures resulting from
additions, improvements or betterments
heretofore made to plant and
property.
accr. on
debs.
17,626,000 23,099,000
531,768
698,546
Accts. pay. & accr.
liabilities
287,780
78,123
Res've for taxes—
a
Capital
c
a
9,853,000 13,120,000
Optional 5H% de¬
Res've for contlng.
Total
$
5% conv. debens.,
wholly-
Cash
1938
$
Liabilities—
34,317,319 43,600,147
Deficit
*
secured notes aggregating
$4,350,000.
3839.
x$85,200
Central Ohio
Light & Power Co.—Seeks Exemption—
„
p.
Central States Electric
13.487
No provision has been
made for undistributed profits tax.
^gared with
P««&7T»
1937
loss$59,256
(estimated) 11III
x
148,
9,533
53,033,705 52,554,625
Represented by 1,882,240
any amount for Federal surtaxes
Pref. div. requirements.
—V.
Provision for Federal &
State income tax
res®rve for depreciation 6t $12,845,161 in 1939 and $12,029,376
y
income
Salaries, &c
46,477
53,033,705 52,554,625
x,^ter
,
Accounts payable.
Accrued payroll &
Net
4,694
,
35,089,764 45,237,798
7% pref. stock, issue of 1912,
cum.
Total
739,134
63,919
679,134
618
31,166,421 31,166,421
24,904,681 23,589,840
....35,089,764 45,237,798
(par $100), 75,433 shs., less 6,633
shares held In treasury; serial pref. stock (par $100): 6% series, 101,240,
less 6,400 shares held In treasury; convertible optional div. series, 15,788
less 475 shares held in treasury; convertible option series of 1929, 36,561,
less 4,900 shares in treasury; common stock (par
16,486 shares held in treasury,
b At average
$1) 10,121,507 shares, less
cost, including valuation
Volume
The Commercial & Financial Chronicle
149
heretofore placed by directors upon stock dividends received,
c After
deducting excess of par value of preferred stocks held in treasury over cost
thereof. $498,573 —V. 148. p. 726.
573
which
of
might be realized from sale of these stocks for retirement
debentures.
Cities Service stockholders approved the indenture proposed to them
in
April,
Central Vermont Ry.,
Period End. June 30—
$462,978
395,056
$420,313
383,370
$2,700,458
2,327,626
$2,343,237
oper. expenses-
from ry. oper.
$67,922
27,267
$36,942
26,855
$37*.831
162,102
$29,733
$40,655
31,682
$10,087
38,206
$210,729 loss$128,910
208,783
225,537
$8,973
1,929
loss$28,119
1,800
$1,946 loss$354,447
12,972
13,784
$10,902
107,276
loss$26,319
106,826
$14,918 loss$340,663
631,858
641,278
$96,374
$113,145
rev.
Railway tax accruals
Railway
oper. income.
Hire of equip., rents, &c
Net ry. oper. incomeOther income
Inc.
avail,
2,313,504
158,643
fixed
for
charges
Fixed charges
„
Balance, deficit.—...
upon advice of management that such action would enable the parent
petroleum business, from which approxi¬
mately 70% of gross is obtained.
In this way, Cities Service sought to free
itself from stringent regulations under the Public Utility Act of 1935, which
do not affect other oil companies.
,
company better to compete in the
1939—6 Mos.—1938
oper. revenues.
Railway
Railway
Net
Inc.—Earnings—
1939—Month—1938
$616,940
$981,941
—V. 148. p. 3839.
Exemption From Holding Company Act Sought—
Clinton J. Ruch, New York, attorney for the company, told
and Exchange Commission July 17 that the company would
crippled" in its petroleum and natural gas operations if
the Securities
be "seriously
subjected to regula¬
tion under the Public
At
hearing
a
on
Utility Holding Company Act of 1935.
the company's request for exemption from
the Act,
Mr. Ruch said the main business of Cities Service was the sale of petroleum
and natural gas and that in these fields it was in competition with other
large companies which were not burdened with the detailed reporting pro¬
visions of the Utility Act.
1
Harold Teegarden of counsel for the Commission said the exemption
request would hinge on a transaction by which Cities Service Co. placed
most of its utility holdings in trusteeship in order to discontinue direct
operation of the utilities.
Mr. Teegarden said that the stock of the Cities Service Co.
had been put
as security for $177,000,000 of debentures, with the Harris Trust &
Savings Bank of Chicago and the City National Bank & Trust Co. of
Chicago.—Y. 148, p. 3528.
up
Century Ribbon Mills, Inc. (& Subs.)—Earnings—
6 Mos. End. June 30—
Net
1937
1936
$81,071.
20,275
20,000
$57,978
21,632
1938
1939
profits after depre¬
ciation & Fed. taxes..
$81,149 loss$189,933
18,625
19,704
10,000
Preferred dividends
Common dividends
City Auto Stamping Go.—Earnings-—
Period End. June 30—
Balance, surplus.....
par)'
$40,796
100,000
$0.61
$62,524 def$219,637
100,000
100,000
Earns, per share on com.
$0.62
Nil
$36,346
100,000
$0.36
Earnings
x After depreciation and
Federal taxes,
stock.—V. 149, p. 103.
1939
$602,612
$458,164
29,063
38,315
1,826,371
1,653,101
23,247
13,484
1,239.468
1,115,253
1,380,163
Accounts rec
Cash surrender val.
life insurance...
Inventories
Land,
588,104
payable.
initial dividend of 10 cents per shar
an
p.
544,000
577,900
Common stock..
2,000,000
2,000,000
811,377
814,779
Surplus
record Aug. 1 .■—V. 147,
3528.
Pay $1 Preferred Dividend
Cleveland-Cliffs Iron Co.—To
7% cum. pref. stk.
(par $100)
z
July 14 declared
on
the common stock, payable Aug. 10 to holders of
413,985
building,
Mach. & equip..
Directors
$1,250,000 $1,000,000
& bankers
Accounts
On 375,000 shares common
on
1,445,225
Notes receivable..
x
1938
Notes pay.—banks
hand
on
1939
Liabilities—
1938
y
Citizens Utilities Co.—Initial Dividend—
Consolidated Balance Sheet June 30
Assets—
Cash in banks and
$20,683
$0.05
$162,365
$0.43
share
per
1939—6 Mos.-—1938
$128,953
$16,497
$0.34
$0.04
1939—3 Mos.—1938
Net profit..
y
Shs. of com. out.(no
x
<
Directors have declared
dividend of $1 per share on the $5
a
preferred
stock, payable July 31 to holders of record July 25.
Last previous dividend
was paid on
Dec. 24, 1937 and amounted to $2.75 per share.
Current
dividend will be paid partially out of 1939 earnings and partially out of
1938 earnings.—V. 148, p. 3371.
.
Due from factoring
Cleveland Electric Illuminating Co.—May Reduce Rate
A reduction of $2,099;099 annually in electric rates charged by this
company, a subsidiary of the North American Co., has been proposed in a
depts., Manufac¬
turers ser.
notes
(secured) matur¬
ing 1941-1942
Due
from
23,467
..
29,400
Council,
it was reported on July 18.—V. 148, p. 2737.
dept.,
inactive
electric rate ordinance introduced before the Cleveland City
new
former
factoring
manu¬
Colon Development
facturing account
(secured)
Invest'mt
in
Co., Ltd.—Tenders—
for the sale to it of 6% redeemable
mill
18 receive bids
Guaranty Trust Co. of New York will until Aug.
The
22,185
convertible preference stock at lowest
prices offered.—V. 148, p. 1952.
superintendent's
house..
y
3,579
30,614
26,874
19,071
The corporation has notified the New York Stock Exchange that options
evidencing the right to purchase 59,838 shares of common stock of the
Deferred chgs. ap¬
plicable to future
corporation were in existence as of June 30,1939, as
operations
x
After
in 1938.
y
100,000
Chain Belt
no par
3,200
$65,925
439,932
1937
$77,763
814,990
Interest
$116,748
577,927
$505,857
81,887
$519,093
79,226
$892,753
93,675
$694,675
85,439
—
Dividends
—
Total income
——
Gen. & admin, expenses.
Registrar
and
agents'fees
40,000
21,155
30,000
33,618
33,973
terest and dividends
$366,518
$388,712
$731,488
Preferred dividends paid
x829,163
725,450
716,918
$549,867
506,298
17,452
...
Taxes
from
in¬
Commonwealth Edison Co .—Conversions of
,
$
Liabilities—
2,110,685
and
a
141,682
declared divs...
105,993
98,256*
&C
31,547,35 1
68,934
32.512,033
14,766
5,420
101,048
1938
$
12,578
9,839
119,984
*
Total amount converted
13,732,500 14,412,500
stock.
stock.
3,337,506
3,337,507
Capital surplus.__14,322,415 14,486,340
Undistrib. Income
164,450
64,860
Z)r31,165
Treasury stock... Dr31,165
Total
...31,547,351
32,512,033
Represented by 549,300 (576.500 In 1938) no par shares,
b Shares of
$1 par value,
c As
foll9ws: Bonds (quoted market value $847,809),
$784,800 stocks (quoted market value $21,905,933), $24,729,916; stocks
and notes of controlled corporations, $2,935,432.—V. 148,
p^2890.
a
Chicago Milwaukee St. Paul &][Pacific RR.—To Pay
Equipments—
,\
.
___
__
equipment certificates.
The road is being reorganized
under the jurisdiction of the Federal Court.—V. 149, p. 102.
trust
$129,431,400
35,387-,800
Weekly Output—
Charles M. Thompson of Chicago as trustee
of this Railway.
Mr. Thompson
also trustee of the Chicago & Eastern Illinois.—V. 149, p. 256.
Telephone Co.—Operation
Stations in operation by this company as
of June 30, totaled 185,463, a
gain of 173 over the preceding month and 5,847 over June 30,1938.—V.148,
2262.
Cities Service Co.—Trustee—
The Harris Trust & Savings Bank has been appointed trustee under this
company's amended indenture for debentures, which pledges Cities Service's
holdings of all the common stock and an undivided interest in the preferred
stock of its intermediary holding company subsidiary, Cities Service Power
& Light Co.
In additon, company has also appointed City National Bank
& Trust Co. of Chicago, trustee for stocks of three natural gas distributing
companies in the Kansas City area.
Under both indentures, which were authorized at the annual stockholders'
meeting of Cities Service April 25, Cities Service conferred upon trustees the
right to vote the stocks pledged, to apply income derived from these equities
while held by trustees to payment of debenture interest, and to use proceeds
.
.
of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended July 15, 1939 was 136,647,000
kilowatt-hours compared»with 125,916,000 kilowatt-hours in the correspond¬
ing period last year, an increase of 8.5%.
The following are the output and percentage
four weeks and the
•
,
,
,
comparisons for the last
corresponding periods last year:
wim,* ni m
Kilowatt-Hour Output
July
July
July
1938
% Increase
...140,644,000
125,916,000
113,707,000
117,804,000
139,025,000
123,059.000
8.5
14.5
19.4
13.0
,
1939
15-----—136,647,000
I::----- ——130,179,000
1
„
—
June 24
-
—V. 149,, p. 410.
.•
^
Congoleum-Nairn, Inc. (& Subs.)—Earnings—
6 hlos. End.
1939
June 30—
$1,314,182
Other income
-
167,832
$1,878,763
240,509
y231,000
27,271
$1,473,004
241,774
1* 165,000
29,416
$914,253
621,500
$316,791
310,750
$1,379,983
1,243,000
$1,036,814
984,720
$6,041
1,243 000
$136,983
1,243 000
$52,094
1,230 900
$1.11
$0.84
263,422
Depreciation
Federal taxes (est.)—
y225,800
State & foreign taxes...
Net income
Dividends paid.
x
**
^40,918
113,906
$654,824
256,044
y57,500
24,490
89,293
...
$1,403,475
Earns, per
^
1936
1937
1938
$292,753
Operating profits—....
...
(no par)
1,390,000
sh. on com—
$0.74
xShs. com. out.
Commission has ratified the appointment of
Cincinnati & Suburban Bell
$94,043,600
July 14, 1939
Balance outstanding at close of business
July 14 was the final date on which debenture holders who have already
collected their July 1 coupons could convert to become record holders en¬
titled to the 40c. dividend payable Aug. 1.
Surplus
Chicago & North Western Ry.—Trustee—
The Interstate Commerce
p.
—$35,387,800
—
Total amount converted.-.—
beein
authorized by Federal Judge James H. Wilkerson, at Chicago to distribute $618,000 as a 20% payment of the maturities
The trustees have
Is at present
.
Total amount issued
Week Ended—
Conv. preference
b Common
Due from brokers,
D
16,000,500
19,387,300
m
company
1939
1938
5,003,277 Accounts payable,
Short-term secure.
746,580
1,493,292 Dividends payable
Inv. (book val.).c28.450,148 25,840,537 Res. for other taxes
Cash
series
$3,454,400
-
The electricity output
Comparative Balance Sheet June 30
1939
..
Debentures,
close of business
The following figure, prepared immediately after the
July 14, are subject to possible minor revisions.
Amount converted, July 14,1939
Total amount converted since June 30, 1939
Total amount converted prior to July 1, 1939
-
'
$424,555 charged to capital surplus.
int.
Dec. 21, 1943
At will of company
transfer
26,378
32,992
income
1941
3Series Due 1958—
1936
1938
$58,080
461,012
1939
on
45.00
Dec. 31, 1941
Dec. 31, 1939
-V.-148, p. 3684.
Earnings for 6 Months Ended June 30
—
45.00
32.00
Dec. 31, 1939
Dec. 31, 1940
16
Chicago Corp.—Earnings—
Total
Dec. 31,
45.00
»■
Co.—Acquisition Voted—Stock Increased—
capital stock from 360,000 to 500,000 shares to
possible the acquisition of the Eastern Corporation.
No cash is
148, p. 3839.
Accrued
45.00
565
43,737
v
involved in the transaction.—V.
x
33.33
8,200
shares.—V. 148, p. 2736.
to increase the authorized
Net
Price
$33.33
520
Stockholders have approved a plan to acquire the Baldwin-Duckworth
Chain Corp. of Springfield, Mass., a concern with assets of $2,000,000.
The stockholders voted to amend Chain Belt's articles of incorporation,
make
of Options
3,600
.$5,193,482 $4,806,665
Total— . — ....$5,193,482 $4,806,665
for depreciation "of $1,434,250 in 1939 and $1,347,104
177 shares preferred in 1939 and 309 shares in 1938.
z Rep¬
reserve
resented by
follows:
Expiration Date
No. of Shares
Under Option
✓
_Total
Corp.—-Options—
Commercial Investment Trust
4,037
16,454
....
Treasury stock..
$0.25
225 488
225,488
,.
*"*"
in treasury,
y No provision has been made
undistributed profits.—V. 148, p. 2892.
Exclusive of shares held
for surtax on
Consolidated Edison Co. of New York, Inc.—Weekly
Output—
of New York announced production of the
134,week
increase of 9.9%.—V. 149, p. 410.
Consolidated
Edison Co.
electric plants of its system for the week ended July 16, amounting to
500 000 kwh., compared with 122,300,000 kwh. for the corresponding
of 1938, an
Commonwealth Investment Co.—Adds to Portfolio—
Company
added materially to its holdings of common stocks during the
first half of 1939, a semi-annual analysis of the
The company now has 61.5% of Its investments
company's portfolio reveals.
in common stocks as against
59.9% at the end of the year.
A slight increase was also made in preferred
stocks, which now represent 20.7% of investments, as against 20.3% at
the end of the year.
Holdings of bonds remain relatively unchanged, now amounting to 11.9%
as against 12,1%.
The principal reduction came in net cash and govern
Chronicle
The Commercial & Financial
574
now amounting to 5.9% of the entire portfolio classification as
against 7.7% Dec. 31.
..The company has 199 securities in its Investment portfolio.—V. 148.
P. 3217.
ments,
„
#
Consolidated
$40,427; common dividends, $50,140; cash deposited as
premium on4^% debentures to be retired July 1, 1939, $20,475; unamor¬
tized discount and expense on 4f£ % debentures to be retired July 1. 1939,
$36,839; balance as at
1,689,832
*
$24,329
84,343
41,543
3,750
_
Selling and administrative expenses
Factoring charges, including interest on
Interest on certificate of indebtedness
advances.
—
a
$105,307
7,689
—
—
Miscellaneous income
Other credits.
$70,406
29,730
34,601
Deficit
Provision for depreciation of fixed
Interest accrued on debentures
assets.
$134,737
Deficit for the period
Balance Sheet Feb. 25, 1939
Assets—Cash in bank and on hand,
$71,387; accounts receivable, $8,800;
Investments
b Land,
by customers of predecessor company, and payable from special deposit
receipt of court order, $38,721; 6% certificate of indebtedness due
Aug. 27, 1940, secured by a first lien on all property except the Ella Cotton
Mill, $125,000; 15-year conv. 5% income debentures due Aug, 27, 1953,
$1,387,850; reserve for contingencies, $25,000; capital stock (par 10c.),
$28,015; capital surplus at organization of company, $139,570; operating
deficit for the period of 26 weeks ended Feb. 25, 1939, $134,737; total,
$1,909,854.—V. 148, p. 3529.
69,947
debt.-—
1,800,000
1,202,000
381,351
282,769
Res. for contlng's.
159,693
2.54,158
7% cum. pref. stk.d 1,907,000
Common stock.. 5,279,300
34,649
2,407,000
——
Z>r3,057
1,809,314
2,662,315
£>7*6,844
1,850,695
2,238,528
Treasury stock...
7,999,647
8,223,535
1
29,730
equip.,
1
Initial & cap. surp.
„
Earned
78,942
15,137,427 14,695,977
—
200,000
c
Deferred charges.Total
592,613
612,681
within
Operating reserves
buildings,
Patents
due
year
6,191
19,564
95,245
23,244
28,493
sale
surplus
5,279,310
.15,137,427 14,695,977
Total
doubtful notes and accounts and discounts of $186,324
1938.
b After deducting reserve for depreciation
of $7,156,801 in 1939 and $6,795,102 in 1938.
c Represented by 200,648
shares no par value,
d After deducting $403,100 cash deposited with
trustee in amount of par value of 4,031 shares called for retirement as of
July 1, 1939.—V. 148. p. 3219.
a
After reserve for
In 1939 and $183,173 in
inventories, $454,826; special deposits, $217,768; fixed assets (net), $1,137,711; deferred charges. $19,362; total, $1,909,854.
Liabilities—Factors' advance account (secured by merchandise in¬
ventories), $134,428; bills and accounts payable, $57,957; accrued payroll
and expenses, $40,597; taxes payable and accrued, $22,356; reserve for
reorganization expenses, $10,495; interest accrued on 15-year eonv. 5%
income debentures, $34,601; reserve for refunds of processing taxes claimed
Bonds
1,200
Funded
Other assets
300,000
Accrued liabilities.
20,000
4,1X2,339
Real estate held for
mach. &
$97,618
27,212
Loss.
10,388
M arketable securs.
Misc.
Loss
Notes payable—
4,169,201
1,200
Inventories
$
235,800
328,830
Accounts payable-
1,481,563
1,676,332
Notes & accts.rec
Sundry receivables
1938
$
Liabilities—
$
831,878
880,058
Cash-.-—-—J—
1939
1938
$
Assets—
Earnings for 26 Weeks from
Gross profit
June 30, 1939, $2,662,315.
Consolidated Balance Sheet June 30
1939
Aug. 27, 1938, to Feb. 25, 1939
discounts, and allowances
$1,714,161
1939
22,
ferred dividends,
Textile Co., Inc.—Earnings—
Gross sales, less returns,
Cost of goods sold
July
Coos Bay
Lumber Co.—Earnings-—
1938
1939
6 Months Ended June 30—
$78,740
40,673
67,783
83,732
9,287
loss$32,600
36,733
49,344
96,485
$122,735
$215,164
Profit from operations
Interest paid or accrued (net)
Depletion
Depreciation
Non-operating property expenses
—
on
Continental Motors Corp.—Issuing
Shares of Common
201,348 Additional
Stock—
Announcement was made July 20
by Van Alstyne, Noel & Co., as under¬
writers, of the additional issue of 201,348 shares of common stock, bringing
the total outstanding common stock of the company to 2,650,000 shares,
a total authorized issue of 3,000,000 shares.
Application has also been made by Continental Motors to the Reconstruc¬
increase of $300,000 in its mortgage in¬
A part of the additional issue of common
stock is being offered by the underwriters to the public at the market.
With regard to the additional issue of 201,348 shares of common stock,
the company has agreed to sell 75,000 shares to certain of its officers, direc¬
tors and employees, while the remaining 126,348 shares are to be purchased
or are purchasable by Van Alstyne. Noel & Co. (as set forth below).
The net proceeds of approximately $673,414 anticipated in the aggregate
from the sale of additional stock of the company and the increase of$300,000
of indebtedness to the RFC will be employed in part to cover the expense of
moving the Detroit operations of the corporation to Muskegon, Mich., and
to meet tax payments and for additional working capital.
According to the prospectus, the company and its predecessors have been
designing, manufacturing and selling internal combustion engines for
nearly 37 years.
Originally a builder of automobile engines the company
has recently expanded its activities to other fields, including aircraft, farm
and industrial tractors, combines, generators, road and oil field machinery,
and other industrial equipment in addition to engines for trucks, buse,
boats and fire-fighting apparatus.
The company is also enggaed in the
development of Diesel engines.
According to the Aeronautical Chamber of Commerce, over 90% of all
aircraft engines of 75% or less horse-power delivered in the United States
in the first nine months of 1938 were produced by Continental Motors Corp.
Aircraft engines produced by the company are of both the 7-cylinder
radical and4-cylinder horizontal opposed types, the former in 220 and 250
horse-power sizes and the latter, for light aircraft, in 40 to 75 horse-power
sizes.
The company si currently engaged in developing aircraft engines
from 400 to 1,000 horse-power, some of which are so designed that they can
be placed in the wings in such manner as to reduce air resistance and sub¬
stantially improve the efficiency of the plane.
The design of some of the
company's products permits their use for militarv purposes, including train¬
ing and pursuit planes, bombers and combat tanks.
Data supplied by the company indicates that sales for the seven months
ended May 31, 1939 were 25.9% above the corresponding period a year
of
tion Finance Corporation for an
debtedness to that corporation.
ago, while unfilled orders of the company on June 17, 1939
$2,513,185 as compared with $1,969,761 on June 17, 1938.
Underwriter—The principal underwriter is Van Alstyne,
New York.
With reference to the 201,348 shares
of common
amounted to
Noel & Co.,
stock covered
firm commit¬
by the registration statement, the underwriter has made a
ment, subject to certain conditions, to purchase from the company 50,000
shares of common stock at $2 per share.
Certain officers, directors and
employees of the company have firmly agreed to purchase from the com¬
subject to performance by the underwriter, an aggregate of 75,000
common stock at $2 per share, and while this sale is to be
by the underwriter, the company
directors'or employees have any
present intention of immediately reselling the shares purchased by them
from the company.
Accordingly, as to 125,000 of such shares there are
firm commitments, subject to certain conditions, to purchase the same at
$2 per share from wh ch the company will receive an aggregate of $250,000.
As to the balance of the 201,348 shares, amounting to 76,348, the under¬
writer is given the right to purchase the same at its election.
The underwriter, if and when certain specific performances have been
completed with respect to the 75,000 shares (mentioned above), receives
the right to purchase from the company at any time or from time to time
pany,
shares of such
consummated before any public offering
does not understand that such officers,
within six months the whole
or^any part of an additional
common stock at the last sales price for such shares on the
51,348 shares of
New York Stock
Exchange, as reported from time to time during the business hours of such
Exchange, and at the last price for the day with reference to shares pur¬
chased after the close of the Exchange, less, in each case, a sum equivalent
to 25 cent? per share, if such last reported sales price is $2.75 per share or
less, or a sum equivalen to 9.5% of such last reported sales price if said pWce
is in excess of $2.75 per share; provided, however, that, without the consent
of the company, said
purchase price as to said 51,348 shares shall not be
less than $2 per share, exclusive of the discount.
The underwriter is not
entitled to any discount from the company on any of the shares to be pur¬
chased or purchasable under the
agreement other than the 51,348 shares
above mentioned.
See also V. 149, p. 410
Continental Steel Corp. (&
Period Ended June 30,1939—
Net sales
Cost of sales.
__
Admin., selling & general expense
Provision for depreciation
Profit from operations
6 Months
12 Months
!,071,663 $14,920,118
"6,345,370
728,397
285,090
•
11,872,046
1,330,178
504,968
$335,909
13,089
Other income
Total
Subs.)—Earnings—
3 Months
$3,678,005
2,872,907
332,192
136,997
income
$712,806
29,019
$1,212,925
58,870
<$348 oqc
$741,825
$1,271,795
Interest on funded debt
Amort, of debt discount & exps. and
prems. paid on debs, retired
Interest on loans
20 282
32,355
59,701
3 540
j 833
5,842
5,542
10,874
8,903
Loss of Superior Allotment Co
I
Loss on sales or dismantle, of props.-
'66
66
251
649
69 500
863
164,850
2,344
235,850
$253,129
$532,307
$953,873
$1.06
$2.24
$3.95
Provision for Federal income taxes.
.
_
Net profitEarnings per share on common stock.
Consolidated Statement of Surplus for Quarter Ended June 30,1939
Earned surplus, June 30,1939—Balance as at March 31,1939, $2.557,067;
balance from profit and loss statement, $253,129; total. $2,810,196; pre¬
Loss from operations.
Balance Sheet June 30,1939
Assets—Cash,
$10,233;
receivable (less reserves), $190,2571
&c., $6,804,198; deferred charges,
accounts
inventories, $284,393; plants, properties,
$110,832; total, $7,399,913.
193208 1932 193867
Lianilities—Due
payrolls,
accrued
bank, $1,387,531; accounts payable, &c., $81,095;
$27,978; accrued property taxes, $120,776; accrued
property taxes due 1940 to 1954, $241,973; capital
without par value, $6,350,000; deficit, $809,441; total,
p.
Co. (& Subs.)—Earnings—
Corn Products Refining
Net
1938
$4,920,995
1937
$2,894,557
905,628
2,287,330
$4,954,693
earnings
1939
$3,915,658
1,039,035
6 Mos. End. June 30—
x
stock 63,500 shares
$7,399,913.—V. 148.
2580.
$5,826,623
780,000
$5,181,886
840,000
$6,253,935
900,000
$5,046,623
$4,341,886
$5,353,935
860,083
3,795,000
860,083
3,795,000
860,083
3,795,000
$391,540 def$313,197
2,530,000
2,530,000
$1.65
$1.38
$698,852
2,530,000
Other income.
Total income
Depreciation
Net
750,000
—
income
Preferred
dividends
Common
dividends....
$4,204,69.3
860,083
3,795,000
Balance, surplus
def$450,390
Shs.com.stk.out.(par$25) 2,530.000
Earnings per share
$1.32
x
After expenses, estimated
1936
$.5,157,771
1,096,164
$1.77
Federal taxes, &c.—Y. 148, p. 2422.
Copperweld
Steel
Co.—Preferred Stock Offered—An
underwriting group headed by Riter & Co. offered July 18
an issue of 40,000 shares (par $50) of cumulative convertible
preferred stock, 5% series, at a price of $50 per share.
Other members of the underwriting group are listed below.
The new preferred shares are to be convertible into common stock until
July 31, 1948 at the following prices, taking the preferred stock at its par
value of $50 per share: $18 a share on or before Jan, 31,1941; $20 thereafter
and on or before July 31, 1942; $22 H thereafter and on or before July 31,
1944; $25 thereafter and on or before July 31, 1946, and $27 K thereafter and
on or before July 31,
1948.
Beginning May 1, 1940, the company will
start operation of a purchase fund requiring semi-annual payments of 5%
of net income, after preferred dividends, for the preceding fiscal year.
Funds set aside are to be applied to the open market purchase of the pre¬
ferred shares, within a 90-day period, at not more than the redemption price
of $52.50 per share.
The shares are redeemable at the election of the
company at any time on at least 60 days' notice.
Business—Company, incorp. in Pennsylvania in 1915, is engaged prin¬
cipally in the manufacture and sale, under the trade name "Copperweld,"
or copper-covered steel wire, rods and related products.
Copperweld prod¬
ucts, consisting of a steel core with a copper covering, combine the advan¬
tages of the tensile strength of the steel with the electrical conductivity
and corrosion-resistant properties of the copper.
Copperweld wire, the company's principal product, is used singly or in
cable form; it is also stranded with copper wire to form composite cable.
Copperweld cable and composite cable are used principally for conductors,
overhead ground wires, messenger cables and guy wires in overhead electric
transmission and distribution lines.
These cables are particularly adapt¬
having long spans, for example rural
permit of economies in construction costs.
Other
examples of long-span lines are those crossing rivers, valleys and rugged
territory.
During each of the last three years, 1936 to 1938, inclusive,
able for
in the construction of lines
use
lines where long spans
most of the
company's products were sold, directly or indirectly, for use
light and power field.
company's gross sales, less discounts, returns and allowances, for the
1928 to 1938, Inclusive, were approximately:
in the electric
The
years
Years Ended
Dec. 31—
Sales
-
Years Ended
Dec. 31—
$2,771,000
3,411,000
2,916.000 1934—
1,592,000 1935
.
—
Years Ended
Dec. 31—
Sales
.$1,681,000
1,244,000
1,827,000
2,827,000
—-
——
Sales
$1,826,000
9,394,000
7,220,000
in sales since 1933,
including certain guaranties by the company with respect to certain of its
products and the large increase since 1935 in the construction of rural elec¬
tric lines by private utilities and by reason of the activities of the Rural
Electrification Administration which was created in 1935.
In 1938, sales
made directly to projects financed by REA amounted to approximately
27% of the company's total sales.
In addition, a large portion of sales to
other manufacturers and jobbers is believed to have been used on rural lines.
80 far as is known to the company, there is no manufacturer in the United
States producing in competition with the company copper-covered steel for
the manufacture of vrire.
Copperweld products are sold in competition
with products made of other metals including aluminum, copper, bronze
and galvanized steel.
The company's position is based primarily upon its
knowledge acquired over a period of years of manufacturing copper-covered
steel products and upon its development of that art rather than upon
patents.
The company's plant and general office are located at Glassport, Pa.t
about 18 miles from downtown Pittsburgh.
Capitalization—Company's outstanding securities as of Dec. 31, 1938,
adjusted to give effect to the reclassification of the common stock in Feb.,
1939, and the issue and sale by the company of 40,000 shares of cumulative
convertible preferred stock, 5% series, offered by this prospectsu:
Various
factors
have
contributed
to
the
growth
Certificates of indebtedness, 4%, due 1946-47
Cumulative convertible preferred stock, 5% series
Common stock (par $5)
Earnings—The
following figures
are
$246,150
(par $50)— 40,000 shs.
431,714 shs.
taken from the profit and loss
statement of the company:
Years Ended Dec. 31—
Sales
Net profit from operations
Net income
1938
$7,219,829
1937
$9,393,541
1936
$4,825,631
803,653
972,726
629,048
619,853
648,144
503,690
Volume 149
The Commercial & Financial Chronicle
575
Purpose—Company intends to use the proceeds from the sale of the
cumulative convertible preferred
stock, 5% series, to repay $1,850,000 of
bank loans.
After repayment of these
loans, new loans may be incurred
for working capital and for
investment in fixed assets.
The amounts which
may be required for such investment in fixed assets
in connection with the
program of integration and diversification which the
company is consider¬
ing cannot be estimated at this time.
Pb"18 for the immediate expansion of the
plant and manufacturing
facilities of the Ourtiss
Propeller Division of the corporation by 50%, or
to
approximately 100,000 square feet, have been announced
Underwriters—The names of the principal underwriters and the number
of shares of preferred
stock, severally to be purchased by each, are as
follows: Riter &
Co., 9,000 shs.;
Marking its second expansion within the past year, the company will
construct in the rear of, and
parallel to its present plant, a modern structure
Curtiss-Wright Corp.—Propeller Plant
Immediately—
Hemphill, Noyes & Co., 6,000 shs.; East¬
Singer, Deane & Scribner, 3,700
Co., Inc., Graham, Parsons & Co., McDonaldCoolidge & Co., Moore, Leonard &
Lynch, 2,800 shs. each; and Schoellkopf, Hutton & Pomeroy, Inc., 2,700 shs.—V. 149, p. 411.
'
or
$15,711,284 $16,989,382 $15,930,248
772,994
898,228
1,138,726
Total
Operating
$16,484,278 $17,887,610 $17,068,974
6,078,387
6,032,349
6,559,068
expenses
I
—.
Profit from operations
$10,405,891 $11,855,261
Other income
D1 vs. from Fibreboard
Products, Inc.
Total income
bonds &
on
b468,930
debs,
and
on
-
earns,
803,412
897,015
1,042,695
$6,362,699
Profit
Net equity in consol.
board
z656,640
note
payable incurred in connection with
redemption of bonds and debentures
$7,550,158
$5,434,412
of Fibre-
Prdocust, Inc.. and its subs.
Total
a997,146
$6,362,699
$7,550,158
$6,431,558
42,739
61,999
Profit before deduction of inc. taxes
$6,319,960
U. S. and Canadian income taxes
cl,304,570
TJ. S. surtax on undistributed profits.
$7,488,159
1,179,978
$6,382,872
947,235
96,767
341,235
ment Trust
Net profit
Cash dividends paid:
Crown Zellerbach Corp.;
$5,015,390
Preference stocks
Common stock
Crown Willamette Paper Co.
(Del.);
First preferred stock
2,644,461
1,130,528
$6,211,414 x$5,094,403
2,642,593
,
1,503,255
1,695,627
1,283,351
Surplus at date of merger, March 25,1937, $4,591,941; earned surplus
date of merger, $502,461.
y Other expenses net of other income
(Including $358,067 abnormal obsolescence and net loss on disposition of
capital assets).
z Dividends
from Fibreboard Products, Inc. (pro rata
of consolidated earnings for
year exceeded dividends by approximately
$81,000).
a Cash
dividends received from Fibreboard
Products, Inc.,
during the year (1936-37) and credited to the investment account amounted
to $719,210.
b Dividends from Fibreboard Products, Inc.
(dividends,
Grande
Western
RR.—Trustees'' Equip¬
Certificates—
The Interstate Commerce
Commission
pany to assume obligation and
July 14 authorized the com¬
liability in respect of not exceeding $1,290,000
equipment trust certificates, series
E, to be issued by the Pennsylvania
Co. for Insurances on Gives &
Granting Annuities, as trustee, and to be
sold at 101.6789% of
par and accrued dividends in connection with the
procurement of certain
equipment.
The report of the Commission
says in part:
The certificates were offered for
sale through competitive
bidding, in the
alternative amounts of
on
$1,290,000, $1,455,000 and $1,545,000, and in addi¬
tion individual
requests for bids were sent to 33 firms.
In response thereto
six bids were
received, the highest bid, 101.6789% of par and accrued divi¬
dends on the basis of
$1,290,000, was made
by Bosworth, Chanute, Loughridge & Co. of Denver, Colo, and Stone & Webster
and Blodget, Inc., of
New York, N.
Y., and has been
accepted.
On this basis the average
annual cost of the
proceeds to the railroad trustees will be
2.75%.—V. 149, p. 258.
48,685
Minority stockholders' proportion of
Pacific Mills, Ltd
completion of the expansion
part of the Ourtiss Aeroplane Division at
Buffalo, N. Y.,
feet, the Ourtiss Pro¬
peller Division was
organized Aug. 1, 1938, as a separate unit of the
Ourtiss-Wright Corp., and established its own
plant and manufacturing
facilities at Clifton, N. J.
Since the inauguration of
operations in the Olifton factory, the total
number of employees has been
nearly quadrupled.
As a result the new
expansion will increase
employment by approximately 150 skilled machine
operators.—V. 148, p. 3685.
a
Denver & Rio
239,167
•
Originally
where propeller
production occupied 20,000 square
—-■
$10,509,906
$10,874,821 $12,511,901 $10,749,073
36,311
yl89,606
523,690
J.
3,232,391
3,237,686
3,144,015
440,010
604,261
637,436
Other expenses
Depreciation.
Depletion
Int.
square feet which will contain its newly
enlarged
shop, and also erect an addition to the main
factory to accom¬
expanded shipping and service departments.
already have been awarded for new machinery, tool and
miscellaneous plant
equipment, some of which has been delivered.
When
installed the
complete manufacturing equipment will more than double
that now In
operation, according to Mr. Earle.
All will be in operation
oy aept. 15 this year, the
date scheduled for
Sales, less freight, discount, returns,
allowances, &c
$48,339,601 $49,891,332 $48,675,203
Cost of goods sold
32,628,317
32,901,950
32,744,954
Gross profit from sales
Other operating income
approximately 35,000
Contracts
program, he said.
1937
Detroit Edison Co. (&
12 Months Ended June 30—
Gross earnings from
Utility
1939
•
Income from utility operations
Other miscellaneous income
—
—
____
Amortization of debt discount and
expense
—
x
preferred stock only, exceeded the pro rata of consolidated
the year by $30,912).
c Includes additional
provision of
on
earnings for
$148,748 for prior
Assets—
1939
Cash
3685.
P.
Dome
Mines, Ltd.—Earnings—
6 Mos. End. June 30—
Total recovery
1939
1938
$3,625,178
124,180
$3,640,528
160,332
1937
$3,760,285
182,995
$3,352,388
$3,749,358
Oper. and general cost—
1,325,750
Estimated Dominion and
$3,800,860
1,322,633
$3,943,280
1,433,095
$3,536,383
1,220,348
385,964
358,760
355,608
32,825
5,410
1,797
11,833
$2,004,820
$2,114,057
$2,152,779
$1,952,468
Other income—
1938
Upited States taxes..
Outside exploration ex¬
11,807,662
b6,642,953
$3,297,059
7,125,441
117,233
12,777,933
7,057,073
23,514,610
23,732,348
depletion.—V. 148,
40,693,439
7,339,904
117,232
Inventories-
Investm'ts and receivables, other than current—
Land and timber lands, including pulp leases and
pulp timber cutting rights, less depletion
Buildings, machinery and equipment (net)
Intangibles, including water power lease (less
x
amortization), water rights, patents, &c
Net
7,647,017
606,680
x
$102,170,668 $104,550,172
$2,491,563
833,559
expenses
Provision for U. 8. and Canadian income taxes—
Provision for other taxes
Notes and loans payable prior to April 30
-
Long-term debt
Capital stock of Pacific Mills, Ltd
$5 cum. (conv.) preferred stock
Common stock ($5 par)
a Surplus at date of
merger, March 25, 1937
Earned surplus since date of merger
y
1,393,089
$2,453,428
871,915
132,091
1,449,335
564,641
3,538,586
18,633,044
1,201,088
52,965,475
11,305,995
9,129,581
2,375,656
Total
$102,170,668 $104,550,172
for depreciation of $37,643,899 in 1939 and
$35,249,207
Represented by 529,655 (529,654 in 1938)
no-par shares, having
a $100 liquidation and
assigned value,
a As adjusted,
b Includes invest¬
ment in Fibreboard Products, Inc., at cost
amounting to $5,186,132.
The investment in Fibreboard Products,
Inc., is represented by 39.7%
of the $7 pref. stock, 44.1 % of the class A common
nad 50% of the class B
common.
After providing for the equity of
prior preferred stock the
balance of net worth is less than the liquidation value of the
$7 preferred
stock.
The proportionate amount of such net worth
applicable to tne 39.7%
holding of the $7 preferred stock is $5.707,047.—V. 148, p. 1166.
x
After
p.
no
allowance is made
for
351,734 '
depreciation
or
2423.
Cost
revenues
of goods
sold
1939—3 Mos.—1938
Inc. from
and
operations..$15,477,561
Income from marketable
securities
Income from
controlled
33,493,977
78,594,487
66,281,623
7,880,356
19,063,044
15,766,350
4,488,218
9,445,660
8,797,299
31,151
invest,
on secur.
Income
rec.
$7,435,219 $29,282,278 $14,546,883
75,078
68,440
174,695
726,258
24,681
174,605
752,736
115,959
239,695
1,078,272
49,225
7,500,000
2,426,593
15,000,000
182,386
in
companies
not wholly owned
Inc. from miscel. invest.
(net)—
,
from invest,
in Gen. Motors Corp.
reserve
1939—6 Mos.—1938
.$69,743,731 $53,297,770 $136,385,469 $105392,155
493,979
1,959,765
16,894,779
1,212,207
52,965,500
11,305,995
9,129,581
3,419,991
the above figures
operating charges
39,782,695
Selling, general and ad¬
ministrative expenses.
9,758,951
Prov.
for
deprec. and
obsolescence...
4,724,524
Profit
in 1938.
income
30—
Sales and other operat¬
ing
Accounts payable
Accrued payroll, interest and other
Accounts payable, officers.
183,995
(E. I.) du Pont de Nemours & Co. (&
Subs.)—Earnings
Period End. June
•
740,386
Total..
,
penditure.
Note—In
7,566,323
Deferred charges to operations
1936
42,189,390
$3,748,158
Notes & acc'.ts rec., less prov. for losses
Divs. rec. from Fibreboard
Products, Inc
$7,444,935
Including all
operating and maintenance charges, current appropria¬
tions to depreciation or retirement
reserve and accruals for all taxes.—V.
148,
Total income
Consolidated Balance Shevt April 30
$15,512,697 $13,466,777
5,859,714
5,750,490
Cr203,929
267,182
271,352
$9,589,731
—
years.
-
.
1938
$15,495,899 $13,453,747
16,798
13,030
—
Gross corporate income.
Interest on funded and unfunded debt
Interest charged to construction
x
'
$57,658,056 $56,241,080
42,162,157
42,787,332
expenses
Netincome
approximately
Subs.)—Earnings—
utility operations
x
since
which were
by Robert L.
machine
Subs.)—Earnings—
1938
Expanded
modate its
Consolidated Income Account, Years Ended
April 30
1939
Be
Earle, Vice-President and General
Manager of this division.
man, Dillon & Co., Schwabacher & Co.,
shs. each; A. G. Becker &
Crown Zellerbach Corp.
(&
to
.
239,605
974,782
226,348
4,873,976
y
Cumberland
County Power & Light Co.—Earnings—
Period End. June 30—
Operating revenues..,*..
Operating expenses
State & municipal taxes.
Social security—Federal
& Statetaxe8__
Fed. taxes (incl. inc. tax)
1939—Month—1938
$368,533
$343,515
202,656
187,425
32,233
31,265
Total
Interest
3,951
20,429
46,552
310.915
13,187
13,187
26,375
26,375
3,125,000
taxes
1,090,000
5,820,000
2,080,000
on
Balance applic. to com.
stock....
$18,594,262
y
Includ. E.I. du Pont de
$9,877,003 $39,871,535 $18,937,605
1,639,397
3,278,793
3,278,793
562,500
Shares
of
com.
a
1,125,000
^
_
7,894,743
36,244,421
15.071,314
11,046,059
11,056,146
$0.71
11,042,003
$3.28
$1.36
stock
outstanding
Amount earned
1,125,000
$7,675,106 $35,467,742 $14,533,812
Nemours & Co.'s equity 19,134,962
368,736
40,602
306,568
outstanding
Fed.
Netincome—
$20,796,159
Divs. on deben. stock..
1,639,397
Preferred stock, $4.50
cumulative
562,500
z
3,909
.,20,014
for
income
$4,640,573
2,679,558
on
bonds
Prov.
1939—12 Mos.—1938
$4,704,024
2,612,290
380,067
$23,934,346 $10,980,190 $45,717,910 $21,043,980
share.
11,056,371
$1.73
Net of returns, allowances, outward freight, &c.
y In undivided profits or losses of controlled companies not
wholly
owned, amount earned on common stock,
z
Excluding shares held in
treasury.
Statement of Consolidated Surplus June 30
x
Net oper. income
Nonoper. income (net)
$109,721
8,233
$100,445
Drl ,494
$1,354,200
87,495
$1,245,109
Gross income—
Bond interest
$117,954
32,745
$98,951
32,749
$1,441,695
392,953
78
Cr27
16,575
12,398
$1,304,211
398,661
CV19.819
174,008
Other interest
(net)
Other deductions
Net income
Pref. div. requirements.
$68,556
29,164
_
$53,831
29,164
—V. 148. p. 3842.
Cuneo
59,102
241
183,445
„
a
$865,056
349,970
$751,361
315,312
Press, Inc. (& Subs.)—Earnings—
^
6 Months Ended June 30—
Consolidated net profit
Dividends paid on preferred stock
Net earnings on common stock
Shares common stock outstanding
Earnings per share
—V. 148, p. 3685.
on common stock
1*1939
—
——
1939
Surplus at beginning of year
Adjustment
resulting
$559,832
61,752
$683,799
178,623
$3.83
$498,080
178,623
$2.79
from
investment in General Motors
revaluation
of
Corp
6,500,000
Difference between cost and the value placed
common stock awarded under bonus plan
Total
1938
($741,773
(
57,974
$256,251,529
39,871,535
-
Net income six months
-------
Surplus at June 30
a
18,937,605
6,000,000
on
431,720
-----$303,054,784
3,278,793
$2.25)
1,125,000
27,650,781
$269,710,082
3,278,793
$271,000,210
$254,258,113
Dividends—Deben. stock ($1.50 quar., $3)-Pref. stock, $4.50 cum. ($1.125 quar.,
Common stock (1939, $2.50; 1938, $1)
1938
$244,772,477
1,125,000
11,048,176
In accordance with past custom, the amount at
which du Point com¬
pany's Investment in General Motors Corp. common stock is carried
adjusted on the books of the company in March. 1938 to
was
$190,500,000
The Commercial & Financial
576
share) and in March, 1939 to $197,000,000 ($19.70 a share)
corresponded to the equity indicated by the consolidated
of General Motors Corp. at Dec. 31, 1937, and Dec. 31
1938, respectively.
Consolidated Balance Sheet June 30
($19.05
a
closely
which
balance sheets
Wholly-Owned Subsidiary Companies]
[Including
1939
Plant A
1939
£
good¬
30,050,389
112,990,232
will, Ac
Cash
29,974.966
74,709.853
22,786,828
17,459,625
13,062,396
48,627,865
29,719,120
57,652,934
3,138,589
3.698.587
receivable y_.
b Marketable se¬
curities......
Inventories
and separately
60,000,000
stock...221,315,240 221,315,240
payable.
4,611,350
3,703,523
$4.50 cum. pre! 50,000,000
c
Com.
Obllg. to trustee
under pension
22,600,760
23,809,710
plan
Dlvs. payable on
a
Corp.
com..stkl97,000,000 190,500,000
40,798,397
40.317,482
1,321,550
1,159,022
Misc. investm'ts
14,608,788
4,989,256
acquired..
Def. debit items
4,528,561
x3,277,409
6,801,666
8,089,996
erapls.
O. Thompson, Chairman, the selection
which will be in the fall.
equipment trust obligations due Sept. 1, and various
rental obligations, is sought by the trustees in four petitions
Authority to pay
past due
riled in Federal Court at Cleveland.
The first petition asks authority to pay to the RFC, equipment trust
obligations of $503,000 which mature Sept. 1, 1939, also dividends amount¬
ing to $206,480. Under this issue of $13,273,000 in equipment trust certi¬
ficates, $2,949,000 has been paid and $10,324,000 remains unpaid.
Another petition asks permission to pay interest of $84,900 which fell due
July 1, last, as rental under lease from New York Lake Erie & Western
Docks & Improvement Co.—V. 149, p. 260. j
Fairchild Aviation Corp.—Larger Dividend—
Directors have declared a dividend of 20 cents per share on
un¬
der bonus plans
for
Res.
Insur.,
and
Reserve
for
Fall River Gas Works Co.
Total
a
& Light Co.—Stock Offered—Union Se¬
curities Corp. on July 19 offered a block of approximately
7,000 shares of 6% pref. stock at 115%*
The offering does
not represent new financing.—V. 148, p. 3842.
Power
Operating revenues
Gross inc. after retirem't
Net income
1939—12 Mos.—1938
.....
$900,460
Finance Co. of America at
Baltimore.—Earnings
losses
$283,195
93,881
53.906
92,740
Operating expense
Interest
36,431
——
$110,558
$135,409
3,181
$110,558
21,666
$138,590
25,928
$88,892
47,530
$112,665
$41,362
882,115
Drl5.165
$64,082
860,212
Drl3.8l3
$908,311
.
$910,480
Profit on sale of securities.
Net income before Federal
and State taxes.....
.
Provision for Federal and State income taxes
Net profit
Preferred and common dividends
approval of a biU authorizing the Commission to grant this permit without
the necessity of first having it approved by the Boston City Council.—
Surplus, earned and capital, June 30
48,580
Comparative Balance Sheet June 30
107.
Ebasco Services, Inc.—Weekly Input—
ended July 13, 1939 the kilowatt-hour
system input of the
For the week
companies which are subsidiaries of American Power & Light
Electric Power & Light Corp. and National Power & Light Co., as
compared with the
corresponding week during 1938, was as follows:
1939
Subsidiaries of—
A Light Co
123,314,000
Electric Power & Light Corp._ 65,262,000
National Power & Light Co-.. 79,665,000
—Y. 149, P- 411.
1 938
108.680,000
54,969,000
78,405,000
Amount
14,034,000
10,293,000
1,260,000
accts.,
A trade
1
%
13.5
18.7
1.6
the United States and Canada.
Mr. Hammons stated that Felt
& Co. have proposed a plan of readjust¬
ment which it is expected will enable the Educational-Grand National
companies to obtain a sufficient number of pictures and the requisite work¬
permit a more favorable trend in operating revenues.
understood that the new funds to be provided for under the Felt <fe
will be for both production and working capital, and will aggregate
approximately $1,000,000.
ing capital to
It is
1939
Accrd.lnt., 5 A 10-
12,547
due
Sundry accts.
.
1,424,189
Pref.
1,453,522
stock
pay.
Net cash Inv'ted
82,025
Accrued pref. stk.
$3,706,609 $4,543,120
884,509
1,083,114
84,859
14,273
32,454
17,341
19,993
c38,860
Sundry accts rec'le
Due from officers A
employes (see'd)
di
961,000
228,317
242,203
7% preferred stock
($5 par)
5H% pref. stock
($5 par)
and
l
41,877
941,000
Reserves
bonds
equip,
Common stock
g Surplus
disct. A Insur...
282,025
e200,000
57,792
life insurance
Unamort. A prepd.
625,000
...
625,000
908,311
910,480
Total.........$4,774,055 $5,750,746
$4,774,055 $5,750,7461
Total..
4,261
div. A premium.
Funded debt
(par$97,150).._
Furn.,
21,542
called
redemption
First mtge.
43,182
25,370
accrd. A payable
cus-
tomers
12,813
47,725
year notes
Fed'l A State taxes
-„b$5,130,799 $5,996,642
serve
1938
Short-term notes._$l,699,500 $2,652,500
Less contingent re¬
Cash In banks
Educational Pictures, Inc.—To Refinance—
Announcement has been made that Educational Pictures, Inc., and
Grand National Pictures, Inc., have retained the firm of Felt & Co., 52
WaU St., New York City, to provide for a plan of readjustment of the
corporate and financial structures of these companies.
Educational Pictures, Inc., owns a substantial amount of the preferred
stock and approximately 83% of the common stock of Grand National
Pictures, Inc.
According to E. W. Hammons, President of both concerns,
Grand National is not only a producing company, but also owns and
operates a complete system of motion picture film exchanges throughout
Liabilities—
notes
accepts.$3,871,685 $4,584,873
al,259,114
1,411,769
Guar. Indus, liens,
Total
Increase
Amer. Power
Gtd.
1938
1939
Assets—
operating
Operating
1938
1939
$239,729
30—
6 Months Ended June
Gross income, less reserve for
Buses—
Co.,
115,197
102,309
107.
—V. 149, p.
Eastern Massachusetts Street Ry.—To Operate
The Massachusetts Public Utilities Commission has approved the appli¬
cation of this company to operate buses from Fall River and Taunton to
Park Square, Boston.
The decision of the Commission follows legislative
V. 149, p.
$888,805
128,038
116,922
10,776
9,872
14,118
13,409
accruals
paid on
-Earnings-
1939—Month—1938
$76,639
•
$73,077
Period End. June 30—
d271,000,210 254,258,113
833,074,434 809,387,585
General Motors Corp. common stock, 10,000,000 shares carried at
$19.70 a share in 1939, $19.05 in 1938.
b Quoted market value June 30,
1939, $13,148,724 (1938, $29,971,056).
c Represented by 11,065,762 shs.
of $20 par value,
d E. I. du Pont de Nemours & Co.'s equity in surplus
of controlled companies not wholly owned has increased since acquisition
by a net amount of $3,926,208, which is not included in surplus in above
balance, sheet,
e Represented by 500,000 no par shardes.
* Exclusive
of $1,758,818 (1939) and $1,458,750 (1938) included in
current liabilities,
y Less reserve for doubtful accounts and notes, cash
discounts, &c. $2,255,434 (1939) and $1,989,459 (1938).-—V. 148, p. 3061.
809,387,6851
the common
15 cents
stock, payable Aug. 10 to holders of record July 26.
A dividend of
was paid on Dec. 24, last, and an initial dividend of 15 cents was
Aug. 10, 1938.—V. 148, P. 3686.
de-*
Surplus
Dallas
Authority to Pay Certain Obligations—
The Commission left to Col. Ernest
of the date and place for the next meeting,
111,091,028
advances, Ac.
to
pensions,
...833,074,434
public totals $4,616,000.
negotiated.
Trustees Seek
Prov. for awards
costings
Total
claim seeking payment of 6 % interest
7,891,006
562,500
Misc. accts. pay.,
1,716,950
1.433,998
Com. stk. of the
co.
1,639,422
16,814,502
stock...
Accrued
Motors
Gen.
1,639.397
562,500
liabils.
preclation, Acll6,652,242
advances, Ac.
Div. pay. on pf.
deb.
Misc. accts. rec.,
a
1938, after maturities had
The principal amount of
In the interim
report, Special Master West, concluded the interest rate on the bonds
should be 4H% and that no interest was allowable on overdue coupons
since there was no evidence that any coupons had been detached from bonds
bonds outstanding in hands of the
1,055,000
1,055,000
Deben. stock... 109,294,800 109,294,800
e
recently filed
bonds and coupons which matured March 1,
been extended by three extension contracts.
Bonds of sub. CO
Accts.
Notes and accts.
The Chase National
1939
22,
July
on
$
Liabilities—
props...362,139.166 362,204,070
Patents,
1938
$
1938
£
A
Chronicle
b Includes $437,925 of re¬
The low fair value is in excess of the stated
value,
d Furniture and equipment cost $37,235; cash surrender value of
life insurance is $13,431.
• As of July 10, 1939.
f Represented by 75,000
shares class A and 50,000 shares class B (par $5).
g Capital surplus, 1939,
$537,900; 1938, $481,597.—V. 148, p. 3531.
<
a
Includes $13,048 secured, not guaranteed,
ceivables due after 12 months,
c
Co. plan,
of Educational Pictures, Inc., the parent company, at a
14 authorized the officers and directors to accept the
proposed Reconstruction Finance Corporation loan of $400,000, and also
voted to approve the plan of Felt & Co., the latter having been authorized
to arrange for a substantial fund to be made available to Grand National.
This meeting was followed by a meeting of stockholders of Grand National
Pictures, Inc., who added their approval of both the RFC loan and the
Stockholders
meeting held July
Felt plan.
The stockholders
also authorized the
companies' boards of directors to
modifications of the Felt plan in the event of the ac¬
ceptance of the proposed RFC loan to Educational.
Mr. Hammons stated that "the management is now giving active con¬
sideration to obtaining a number of pictures for early release through the
Grand National exchanges."
It is also contemplated, according to Mr.
Hammons, that Grand National will make some of Its own funds available
to independent producers for productions to be released through Grand
necessary
make any
National.—V. 147, p.
3013.
First New England
Corp.—New Treasurerr See.—
C. Shelby Carter, President of this corporation, announced that Karl A.
Heidinger, a Vice-President of the corporation, his been elected also to
the post of Treasurer and a member of the board of directors.—V. 148,
p. 1029.
Fiscal Fund, Inc.—Earnings—
Earnings for 6 Months Ended June 30, 1939
$46,508
8,107
Income, cash dividends of record—.
Expenses...
Balance Sheet June 30, 1939
________
"^Assets—
Investments at average costs..
Dividends
receivable
2,485,113
15,609
$2,518,282
Sales
Interest
$2,579,952
116,716
102,425
140,756
103,313
44,888
15,221
a29,280
41,146
$83,262
Net loss
$37,655
Goodwill
A
Liabilities—
1938
1939
lease¬
$1
620,530
14,000
724,151
26,000
taxes, Ac......
40,275
Capital surplus ...
1,889
1,819
23,507
.
$855,939
31,692
305,445
21,728
„
Deficit-
—
Cash..
Deferred charges..
"Total.......
a
341,308
17,177
..$1,052,242
$1,151,111'
124,421
207,790
135,907
140,028
207,789
52,645
$1,052,242 $1,151,111
Total
Represented by 244.554 no par shares.—V. 148, p. 1168.
Erie
RR.—lnlerest:Ratelof 4J4%
on
N. Y. & Erie Issue
Special Master William L. west in an interim renort fiirA in
Court Cleveland recommended an inter <*tVate
matured March 1,1938, and which are secured by
tha TTaSemi
oM^onbSlS
morttrSrpof
£
RR. ofwhici Chase National Bahkof Sty o?Ne^Ywk*%££?.
Portland
Cement
Co.—Accumulated
Dividend
account of
15 to holders of
1938.—V. 148,
"TFort Dodge, Des Moines & Southern RR.—Committee
to
Accept Deposits—-
authorized the bondholders'
accept deposit of the
reorganization plan.
First National Bank of Philadelphia, depository, reports that deposits
are being made in a satisfactory manner, giving evidence to the feat that
the committee, through its plan, will be enabled to bring the railroad out of
receivership in the near future.
Under the proposed plan, the company will issue first mortgage 20-year
series A 5% bonds to be Issued and head in the treasury for equipment
purchase and other improvements and betterments in the amount of $250,000.
Also there will be first mortgage bonds series B with contingent
interest, 4% due in 1964 in the amount of $1,695,000 issued and outstand¬
ing.
Common stock, par $10 in the amount of 120,000 is to be issued
with 117.450 shares outstanding.—V. 149, p. 260.
mortgage 5s, due 1938 ot
bonds under the contemplated
Franklin Fire Insurance Co.—Extra Dividend— "
Recommended—"
Erie
Florida
accumulations on the 7% partic. pref. stock, payable Aug.
record July 31.
Dividend of $3.50 was paid on Dec. 23,
committee for the first
Funds deposited in
escrow
$2,502,795
The Interstate Commerce Commission has
accrued payrolls,
33,830
Inventories
1939
Capital stock... $855,939
Accounts
payable "
$1
Accts. receivable
171,849
(deficit)
Total
P^JS45.
1938
a
holds
Equip. A fixtures.
Mortgage bonds..
$2,502,795|
—...
The directors have declared a dividend of $2 per share on
244,504
$0.09
244,554
244,554
244,554
tfil
Nil
Nil
Including $5,835 in respect of prior years.
Comparative Balance Sheet April 30
standing (no par)
Earnings per share
Assets—
237
71,660
2,601,168
—V. 148, p. 3063.
$14,990 prof$22,776
Shares capital stock out¬
a
Earned surplus
Total
Cr555
...
Taxes
capital stock
Paid-in surplus..
$2,802,964
116,036
112,546
116,159
$1,580
and fees payable.
Accrued Federal
Capital stock
1936
$2,693,294
77,785
profits
Depreciation
Gross
Accrued custodian compensat'n*
and State franchise taxes
1937
1938
1939
30—
Liabilities—
|
$2,073
Cash in custodian bank
Exchange Buffet Corp.— Earnings'—
Years End. Apr.
$38,400
Net income before losses on sales of underlying securities
FT
an extra dividend of 10 cents per share in addi¬
dividend of 25 cents per share on the com¬
stock, par $5, both payable Aug. 1 to holders ofrecord July 20.
Like
amounts were paid in each of the 10 preceding quarters.—V. 148, p. 2426.
Directors have declared
tion to the regular quarterly
mon
The Commercial & Financial Chronicle
Volume 149
Fonda Johnstown & Gloversville RR.—Earnings—
Period End. June 30—
1939—Month-—1938
$37,782
$30,593
32.698
33.166
Operating revenues
Ry.
oper. expenses
General Foods Corp. (& Subs.)—Earnings—
1939—6 Mos.—1938
$262,010
$229,223
222.672
197,994
JuTt? 3S>— 1939—3 Mos.—1938
Net profit after all
and taxes
Shares
Net rev. fromry, oper.
$5,084
2,729
x$2.573
4,195
$64,016
18,878
$6,551
25383
Ry. oper. Income
;
Net rents.............
$2,355
x$6.768
1,440
$45,138
2,292
x$18,832
2,097
Net ry. oper. income.
Other income...
$1,991
Drl.024
*$8,208
5
$42,846
1,666
x$20,929
6,510
$966
2,881
x$8,203
2,769
$44,511
10.382
x$14,410
9.346
Railway tax accruals
364
.....
Total income
,
Misc. deduct, from inc..
.
x$l,914
Loss after fixed chges(way and
structures & equip.)-.
$34,129
x$23,756
550
550
11,714
12,289
493
492
3,325
70.944
2,956
3,478
74,168
2,957
$14,671
$24,305
$43,097
2,208
16,175
Total income——-.
Expenses-——
Earnings—
11 ^pared
%
$120,138
34,977
$54,368
961
35.375
3,038
$149,023
$57,405
32.325
45.136
$98,288
$25,080
$103,888
$85,161
class).
Note—The net profit from sales of investments for the six months ended
June 30, 1939 determined on the basis of specific certificate costs and
directly to earned surplus
with
on
new and used car sales for the
10-day period were 58,604,
10,000 units ahead of those for the first July period in 1938, the
figures indicate.—V. 149, P. 413.
General Shareholdings
Corp.—Earnings—"
(Formerly Electric Shareholdings Corp.)
Statement of Income for the Period Jan. 1 to June 30, 1939
Total income..;
1939
Accounts
-
—
.
...
Preferred dividends
.
1938
$
^
JL&8€t8~~—
58,530
Total ——...$8,046,701 $9,506,727
Includes accounts receivable,
Galveston Electric
Period End. June 30—
y
*
Dividends and int.
Operating revenues.
Operation
....
...
Maintenance.
Retirement accruals....
Taxes.
....
Net oper. revenues...
3687,
Notes
receivable......
Rec. from sec. sold
135,782
1.060
Special
dep.
for
dividends......
34,023
.
payable to
banks, secured. 3,775.000
7,501
204,032
Divs. payable, Ac.
Prov. for Federal)
Res've for
1,608,000
f
Income taxes.>
7,501
26,392
216,000
9,222,000
1,602,440
8,606,418
124,905
275,999]
contlng.J
[
b Preferred stock.
2,268,750
c Common stock..
1,602,397
Capital surplus...15,444,562
Earned surplus
Total-..-.....21,636,745 23,441,0771
dl,737,464
1939—-12 M<w.-—1938
$319,617
$328,636
180,487
188,978
27,813
32,067
19,233
29,427
33,721
42,272
$3,956
$5,227
3.369
$44383
$49,872
9,219
Balance...
Int. on equip, notes....
$3,956
424
$8,596
447
$44,383
5,727
$59,091
4,631
Net income
—V. 148, p. 3846.
$3,532
$8,149
$38,656
Total.........21,636,745 23,441,077
a Market value June 30,
1939, was $13,782,900, against $15,677,971
in 1938. b Represented by no-par shares of stated value of $100 per share,
c Shares of $1 par value,
d Deficit.—V. 148, p. 3065.
General Shoe
Co.—Earnings—
Corp.—Admitted to Trading—-
The common stock was admitted to trading on the New York Stock Ex¬
change effective July 15.
Of the 629,388 shares ($1 par) common"stock
admitted to listing, 150.000 shares were sold earlier this year by a group of
underwriters headed by Smith, Barney & Co. for the purpose of raising
new capital.
The latest earnings report as of April 30, 1939, covering the second
quarter and the first half of the fiscal year, showed net sales of $4,444,089
and $7,540,113 and net profit of $240,836 and $379,777 respectively, all
the foregoing representing record high figures for the corporation.1—V. 148,
p. 3846.
$54,460
Non-oper. income (net).
$
accrued expenses
,
Par $2.—V. 148, p,
1939—hdonth—1938
$27,704
$28,922
15,264
15,486
2,816
2,508
2,266
2.394
3.401
3.307
1938
$
Accts. payable and
111,393
Dr103,746
Total——...$8,046,701 $9,506,727
Par $3.
1939
Liabilities—
Investments....20,443,960 22,877,207
Cash
.1,048,436
359,839
a
preciation
over
invest.—Dr2946734 Dr2459,085
Treasury stock...Drl002,621
272,250
;
...
x Includes
all cash received or receivable from the sources specified,
whether payable from earnings or otherwise, except amounts expressly
stated to be liquidating distributions. In an economic sense, therefore, the
amount shown is not in whole to be considered true income. ;
cost of
Earned surplus...
Genesee
Valley Gas Co., Inc.—Plan of Reorganization
Confirmed-—
.
The U. S. District Court for the Southern District of New York, now has
confirmed and ordered the consummation of the plan of reorganization
dated May 20,1939.
By virtue of the confirmation of the plan it; and its
Gardner-Denver
Co.—Earnings—
6 Mos. End. June 30—
Net profit after prov. for
1939
Net profit for com.stk.
Shares common stock—
1938
$449,522
56,936
Federal taxes...—
Pref. stock requirements
$124,181
57,348
$392,587
$66,833
563,286
562.857
$0-70
Earnings per share
$0.12
1937
x$699,873
59,776
$640,097
557,522
,$1.15
1936
Period—
Net income
$551,096
$538,844
$0.23
Earns, per sh. on 1,588,697 shs. com. stock...
$457,818
179,666
$2.55
-26 Weeks-
July I. '39 June25, *38
$782,563
$861,661
$0.23
After interest, depreciation.
Georgia & Florida RR.—Earnings1
1939
—Jan.
52,863
General Baking Co> -Earnings-13 WeeksJuly 1,1939 June 25, '38
provisions henceforth are binding upon this corporation and upon all of its
creditors and stockholders.—V. 149, p. 261; V. 148, p. 3376.
x$510,681
x Includes provision for surtax on undistributed profits for 1936, and, as
estimated, for 1937.—V. 148, p. 2742.
$0.26
$0.32
Federal taxes, &c.f but before surtax
to
July
7—
1938
$520,365*!
$514,702
1 mrnsJim*dPTM
W-itd
$17,350
J
^German" Credit"Investment Corp.
To
PayAO^Cent
Dividend—
The directors have declared a dividend of 40 cents per certificate on the
25% allotment certificates payable Aug. 1 to holders of record July 24.
A
dividend of 65 cents was paid on Jan. 26, last; one of 40 cents was paid on
Aug. 1,1938; 75 cents was paid on Jan. 26,1938; one of 50 emits was paid
on Jan. 27,1937; 40 cents was paid on Aug. 1, 1936, and one of 25 cents per
share was disbursed on Dec. 3. 1935.
This latter was the first distribution
made since Aug. 1,1931.--Vi_i48, p. 582.
on
Grand National Pictures,
Inc.—To Refinance-
See Educational Pictures, Inc. above.
General Bottlers, Inc.—Sales—
owns
$18,350
Operating revenues (est.)
-V. 149, p. 414.
undistributed profits.—V. 148, p. 2426.
Company, which
......
........
Unrealized net de¬
x
....
...............
.
1939
•
x
$4,164
346,633
....—....$350,797
49,061
37,540
Capital stock tax
...........
3,350
Federal income and other taxes...................4-.—.........14,344
Refund of prior year's taxes
,
Cr5,843
1938
$75,830
$749
payable,
custodian-
.
....
Balance Sheet June SO
1939
Liabilities—
1938
deposit
.
...
...
........
Interest
account amounted to $4,117.
$255,640 $1,060,997 Accrued
manage¬
Securities owned.. 7.751,150
ment fee..——
4,000
3.323
8,199,998
Divs. receivable..
X36.694
26,188 Amt. pay, for cap.
stock- repurch—
Subscrip'ns to cap34,345
ital stock..
12,926
17,837
215,796 Reserve for taxes.
Scrip redemp. lund
3.436
3,058
3,058
3,436 Unredeemed scrip.
Deferred charges..
312 Capitol stock...—zl,156,704 yl,156,144
159
Paid-in surplus
10,726,321 10,700,918
*
a gain of
Combined
Balance Sheet June 30
Assets—
40,106 units,
were
i.
Netincome..—..........................................$252,345
Net profit for period—
Funds
period, Mr. Holler said,
35,048 in the same 10 days last year. This is
•
General expenses
$148,063
z Includes
$2,738 for securities received as distributions on investments
held (other than stocks of same
credited
is a gain of 41.8% over the same 10 dayB in 1938.
more than
x
1936
1937
,1938
*$120,138
$133,663
—
July 17. This
Cash dividends............
1939
$132,638
1,025
Income—Dividends-—
Interest--.—-.—
on
Bales of used cars In the same
Income—Interest.......!...........,..
Fundamental Investors, Inc. (Del.)-
\L 6 Mos. End. June 30—
,
General Motors Corp.—Chevrolet Sales—*
13,235
Indicates loss.—V. 148, p. 3687.
$7,574,584 *$6,193,578
5,251,440
5.251,440
Retail sales of new cars and trucks by Chevrolet dealers
during the first
10 days of July totaled 18,498
units, W. E. Holler, General.Sales Manager,
$104,358
2,695
$3,661,018 *$2,817,851
5,251,440
5,251,440
$0.69
$0.53
$1.44
$1,17
* 1938
figures represent net after dividends on corporation's new $4.50
cumulative preferred_stock issned May 9,1938.—-V. 148, p. 2426.
Depredation
x
common
announced
x$10,972
1939—6 Mos,—1938
chgs,
stock...
Earnings per share
**•*
Inc. avail, for fixed chg
Rent for leased roads...
Interest deductions.....
Other deductions
....
577
Greenfield Tap & Die Corp.—Resumes
100% of the Pepsi-Oola Bottling Co. of Chicago,
reports that case sales for the first six months this year totaled 858,440 as
against 577,050 in the same period last year, a gain of 63 %. June sales were
258,011, a gain of 94% over sales of 132,405 in June, 1938.
Company's
figures show that net profits, before income taxes, for the first five months,
showed an increase of about 136% over the same period of 1938. May net
showed a gain of about 195%.—V. 149, p. 412. i
>1
j
,
H 'i .;
-t
rfmti
Pref. Dividend-
Directors have declared a dividend $1 per share on the $6 preferred stock,
payable July 25 to holders of record July 18. This will be the first dividend
paid since Dec. 15, 1937 when a regular quarterly dividend of $1.50 per
share was distributed.—V. 148, p. 3688.
•
1
i • ^n
u
Hamburg Electric Co.—Debenture Offer Further Extended
The Bank of the Manhattan
Co., fiscal agent, states that this company
30 next its offer to holders of the 7% de¬
Last August the company offered payment in blocked relchsmarks or exchange par for par for new debentures due m 1943, and bearing
interest at 2 % or at
was not demanded.;
has further extended until Sept.
General
Bronze
Corp.,
Long Island
City,
N.
Y.—
Registers with SEC—
See list given on first page of this
bentures.
4j^% payable to the Kbnversionskasse if cash transfer
department.—V. 148, p. 2897.
"
General Electric
Co.—Earnings—
Haverhill Gas Light Co.—Earnings-
6 Mos. End. June 30—
1939
1938
1937
1936
Net sales billed
$146,299,212 $130910,638 $171076,645 $119273,388
Less—Cost of sales billed
incl.
maint. &
Period End. June 30—
Operating revenues
Operation.,—
1939—Month—.1938
$46,479
$45,971
27,271
.27,703
1939—12 Mos.—1938
$552,992
$570,947
359.738
368,712
28,949
30,503
——
2,079
7,655
2,638
7,551
Net oper. revenues—
oper.,
$9,474
$8,078
$77,083
69
76
$9,474
2,917
$8,079
2.917
$77,152
35,000
$83,999
35,000
$6,557
41
$5,163
138
$42,152
1,079
$48,999
2,132
$6,516
$5,025
$41,073
Maintenance—
depr., charges, res. &
prov.
Taxes
87,221
87,808
for all taxes....133,937,646 121,536,908 149,656,948 107,025,555
Net inc. from sales.. .$12,361,566
Other inc., less int. paid
■
and sundry charges
4,008,626
$9,373,730 $21,419,697 $12,247,833
*
Non-oper; income
(net).
$83,923
-
3,803,226
4,873,907
4,344,491
Balance—.........
Retire, res. accruals....
Ptofit avail. for divs..$16,370,192 $13,176,956 $26,293,604 $16,592,324
No. of shares of common
stock outstanding
Earned per share
...
28,845,927
$0-57
28,845,927
$0.46
28,845,927
$0.91
28,845,927
—
Interest charges.—...
$0.58
Orders received during the first six months of 1939 amounted to $169,071,646, compared with $128,223,823 for the same period last year, an
increase of 2^%
Earnings available for distribution under the General Profit Sharing
Plan for the first half of 1939 amount to $638,000, and payment will be '
made early in August to about 60,000 employees who are eligible to partici¬
pate under the plan.
This payment of $638,000 for General Profit Sharing,
together with $1,215,000 for Cost of Living Adjustment, makes a total of
$1,953,000 added to regular earnings of employees for the first six months
1939, which was equivalent to approximately 4 % of the payroll for employees
eligible to receive such payments.—V. 149, p. 413.
*
'
Gross income
Netincome..-..
—V. 148, p.
*
$46,868
3848.
Haytian Corp. of America—Plan Approved—
Federal Judge Henry W. Goddard has confirmed the
arrangement plan dated June 28, 1939, as equitable and
the best interests of creditors."
Under the plan, holders
outstanding income debenture bonds which matured Dec.
second modified
feasible and "in
of $2,964,225 in
31,1938, will be
given for each $1,000 face amount held $333.33 face amount in new con¬
vertible 4% bonds due in 1954; $666.67 in new 50-year income debentures
and 33 11-32 shares of new common stock.—V. 148, p. 3223.
The Commercial & Financial
578
Hecker Product*
Corp.—Acquisition—
Vanti-Pa-Pi-A, a new soft drink made from
The product was formerly marketed by
Pa-Pi-A Corp., New York, which has been taken over by the Hecker com¬
pany, who will operate it as one of their divisions.
L. E. Booth, it was announced, will be President of Pa-Pi-A Corp.,
division of the Hecker company, and will be in full charge of all operations
of the division.
Associated with him as sales manager will be P. A. Jones,
formerly Vice-President in charge of sales of the original Pa-Pi-A Corp.
Other officers are Guy Lemmon, Treasurer; Edward J. Mount, Secre¬
tary, and Randolph Catlin, P. H. Hamilton and T. W. D. Duke, directors.
The company has acquired
the tropical papaya melon.
148,
-~V.
3689.
p.
Corp.—Earnings—
Hewitt Rubber
1939—6 Mos.—1938
$39,480
$11,096
$81,053
$21,787
$0.23
$0-07
$0.48
$0.13
x After all charges, including depredation and normal Federal income
tax, but before provision for possible surtax on undistributed profits.—V.
Period End. June 30—
July 22, 1939
for Stock & Bond Group Shares
Group Shares is $12.50 and
$12.50.
Shares will be under the supervision of
portfolio committee including the following directors of Institutiona1
B. Grosvenor, director and member of executive
committee of Pan American Airways; Henry W. Cohu, director of Northrop
Aircraft, Inc.; Emlen S. Hare, director of Air Investors, Inc. and President
of Hare's Research & Management,
Ltd.; and Edgar A. Van Deusen,
Vice-President of Hare's Research & Management, Ltd.
Also associated
with the management of Aviation Group Shares, in a consulting capacity,
is La Motte T. Cohu, Chairman of the board of Northrop Aircraft, Inc.
and a director and member of executive committee of Transcontinental &
»Western Air, Inc.—V. 148, p. 3224.
Investments of Aviation Group
a
Securities, Ltd.: Graham
Indianapolis Water Co.—Earnings—
1939—3 Mos.—1938
Net profit
Earns, per share on com_
Chronicle
30, 1939
Earnings for the 12 Months Ended June
x
$2,649,443
Gross revenues
Operation, maintenance & retirement or
All Federal and local taxes
813,768
depreciation
149, p. 414.
$1,240,730
—..
483,945
Net income
(A.) Hollander & Son, Inc. (&
1939
"
$339,130
6 Mos. End. June 30—
Inc. from all sources
Federal taxes
Net
x
$106,595
profit
36,900
119,022
100,000
182,476
x2,700
161,922
25,021
deductions
Other
1937
$649,314
39,123
45,592
Depreciation
Subs.)—Earnings—
1938
$189,347
$393,393
loss$34,952
Interest charges
1936
$645,995
60,000
144,674
100,000
$341,321
the Federal income tax on earnings of sub¬
This amount represents
sidiary companies.
Note—A. Hollander & Son, Inc., also owns an 87H % interest
lander & Son, S. A. Paris, France. This company shows a profit
for the six months ended May 31,1939.—V. 148, p. 882.
124,767
Other deductions
$632,018
Balance available for dividends
Balance Sheet June 30, 1939
Liabilities—
A ss&s*™"*
Cash..
821,406
Marketable securities
Other current liabilities
75,466
21,420
3,337
Main extension deposits
Materials and supplies
...
Accrued taxes
Accrued interest
Other accrued liabilities
546
Special deposits
Unamort. debt disc't A exp_.
Reserves
1,027,898
316,155
Undistributed debits
1,737,911
Corporate surplus—
$24,508,136
Total liabilities
$24,508,136
Total assets
94,272
41,031
38,281
550,514
16,629
24,017
1,873,581
Consumers' deposits
600
Prepayments
13,827.000
Funded indebtedness
366,986
Accounts receivable
Investments—General
Home Insurance Co.—Extra Dividend—
The directors have declared an extra dividend of 10 cents per share in
addition to a quarterly dividend of 30 cents per share on the common stock,
both payable Aug. 1 to holders of record July 17.
like amounts were paid
on May 1, last.
See also V. 148, p. 2271.
$1,054,900
5,250,000
.$20,856,538 Capital stock—Preferred
1,017,783 Capital stock—Common
Fixed capital
Notes receivable-
in A. Hol¬
of $15,561
594,946
—
.
—V. 149, p. 110.
Houdaille-Hershey Corp. (& Subs.)—Earnings—
Period End. June 30— 1939—3 Mos.—1938
1939—6 Mos.—1938 '
xUSTet profit
$356,871
$143,004
$764,010 < $172,333
Shares of class B stock..
785,056
785,056
785,056
785,056
Earnings per shares
$0.31
$0.04
$0.69
Nil
x
Co.—Earnings—
Houston Electric
1939—Month—1938
$809,756
$759,860
Period End. June 30—
Operating revenues
Operation,
Retirement accruals
^
$121,795
$2,956,663
1,456,091
408,040
326,400
344,250
$421,882
$438,859
175,248
24,177
.188,134
25,899
5,728
7,190
$233,707
$200,660
&
1,640 ;
1,194
expenses
Set income
—V. 148, p.
484,989
339,544
368,174
45,603
5,394
Other interest, &c
*
$3,150,474
1,518,907
$120,979
42,859
7,132
Net oper. revenues
Interest on bonds
of debt disct.
104,195
82,734
87,944
124,009
80,437
96,699
Taxes
Amort,
364,008
386,815
Maintenance
1939—12 Mos.—1938
$68,342
$70,609
3848.
1939—6 Mos.—1938
1939—3 Mos.—1938
before
providing for deprec'n,
Profit from oper.
$58,726
$73,675
$89,050
37,652
73,421
75,923
$22,485
available
Profit
$35,429
36,241
interest, &c
Provision for deprecia'n
and idle plant expense
&c.—V. 148, p. 3223.
After taxes, depreciation,
Industrial Brownhoist Corp.—Earnings—
Period End. June 30—
loss$2,223
$253
$13,126
for
bond interest
—V. 148, p. 2899.
Earnings—
Insuranshares Certificates, Inc.
1939
1937
1936
$43,239
9,357
161
15
$95,929
9,564
1,068
$89,992
11,848
1,141
z2,903
Expenses
...
Int. paid and accrued
Franch.& cap. stk. taxes
1938
$99,138
11,231
6 Mos. End. June 30—
Dividends on securities.
Net income
Previous surplus
x$33,706
794,271
$85,002
674,708
Income
47
157
y$85,250
-■y$76,847
762,387
767,135
Drl30
credits..
'
2d quarter
1st quarter—
Period End. June 30—
Value of metals sold
Zinc (Lb.)
15,377,436
14,111,044
26,926,666
26,640,556
24.055,210
22,072,876
1939—3 Mos.—1938
$2,619,798
$2,697,990
1939—6 Mos.—1938
$5,044,156 $6,338,857
1,757,865
2,150,482
3,458,393
5,221,620
Operating income
$861,933
Miscellaneous income.7,506
$547,508
$1,585,763
16,927
6,166
16,662
$869,439
$553,674
$1,602,690
$1,133,899
221,438
Total income
130,376
441,311
215,728
Depreciation
FNet
income.........
Earns, persh. on cap.stk.
$648,001
$1.37
$423,298
$0.89
$1,161,379
stock
ury
Earned surp.
June 30
securities sold credited to capital surplus, y Ex¬
sales of securities charged to capital surplus,
z Includes
.
clusive of losses on
Federal income tax.
Condensed Balance Sheet June 30
Investments
y
States for the month of June
June 1938, the largest monthly gain re¬
Retail sales of Hudson cars in the United
over
General Sales Manager
through the final week
of June which showed a 33 % increase over the corresponding week of last
year while the first week of July registered a 50% increase over the like
period of 1938 —V. 148, p. 3534.
Hummel-Ross Fibre Corp.—Earnings—
1938
$1,183,167
1,098,388
1,128,060
$47,318
1,152
$55,107
8,658
$48,470
$63,765
Costs, expenses and all charges
Net income from operations
Other income, less deductions.
Net
earns,
Illinois
(before Fed. & State income taxes)..
2867.
Pipe Line Co .—Tentative Valuation—
The Interstate Commerce Commission has
placed
a
tentative final valua¬
$24,000,000 on the properties of this company which are owned and
used for common carrier purposes.
The value date was Dec. 31, 1934.
Commission also fixed a value of $24,650,603 for total owned properties
tion of
of the company.
The carrier owns and operates
trunk pipelines in Illinois, Indiana,
Kentucky and Texas and gathering lines in Illinois,
Oklahoma, Wyoming and Montana which form an
Ohio Oil Co. system.—V. 130, p. 2976.
Indiana, Kentucky,
integral part of the
&c.~Spafford, Vice-President of this company since February, 1932,
Gray Miller, who becomes Chairman
Independent (Subway) System of N. Y.
Income from ry. oper.
Non-oper. income
Excess of revenues
—V
$486,494
1,399
City—Earnings
1939—10 Mos.—1938
$1,593,423 $16,095,328
1,211,635
12,305,873
$14,961,409
11,992,721
$3,789,455
12,816
Dr 9,551
$4,950,819 $5,149,013
Total
-$4,950,819 $5,149,013
689,150
2273.
Inc.—To Pay 10-Cent Div.—
share on the common
July 22.—V. 148, p. 3690.
1
International
Match
The Irving Trust Co., trustee
Corp.—Payment—
in bankruptcy for the
corporation, will dis¬
Aug. 22 about $3,000,000 to creditors as another interim dividend,
bringing to $30,000,000, or 30.4%, the amount thus far recovered by credi¬
tribute
on
agggregating $98,000,000 against the bankruptcy estate.
Payment of the forthcoming interim dividend was authorized July 19
by Referee Oscar W. Ehrhorn and Federal Judge Lei bell.
It will be the
fifth disbursement ordered in the bankruptcy proceedings.—V. 148, p. 3849#
International
Mercantile
Marine Co.—Collateral
Sur¬
rendered—
under the first mortgage and col"
1916, reports that Oceanic Steam
The New York Trust Co., as trustee
ateral
trust
indenture
dated Oct.
1,
Navigation Co., Ltd., being liquidated through the organization of O. S. N.
Realization Co., Ltd., pursuant to a "schemq of arrangement", it has sur¬
rendered 5,000 shares of stock of the Oceanic steam Navigation Co., Ltd.,
in exchange for, and now holds as collateral, 100,000 shares of class O stock
of said O. S. N. Realization Co., Ltd.—V. 148, p. 3068.
International Utilities
Directors have declared
a
Corp.—Accumulated Dividend—
dividend of $1.43% per share on the
$1.75
Preferred stock, series of was paid on July 15,1 last.
iividend of like amount 1931 payable Aug.
to holders of record July'20.
Current dividend is subject to
approval of the Securities and Exchange
announced on July 20 that the SEC had authorized
payment of the quarterly dividend of 87 % cents per share, out of capital
surplus, on the $3.50 prior preferred stock of the corporation, payable
Aug. 1, 1939, to holders of record on July 20, 1939 but had reserved juris¬
diction in respect to a dividend of $1.43%, on account of accumulations,
which the directors of the corporation intended to declare on the $1.75
prcforrBd stock
In a notice to be sent to stockholders, the corporation states that the div.
on the $3.50 prior preferred stock will be charged to capital surplus, ana
the amount of such dividend so charged will be restored to capital surplus
from the first available earnings after Dec. 31, 1938. after providing for
1939 dividends heretofore declared and paid.—V. 149, p. 111.
The
corporation
Iowa Public Service
Co.—Registers with SEC—To Issue
$14,250,000 3H% Bonds—
5487,893
S383,044 $3,802,270 $2,978,037
Securities, Ltd.—New Issues Offered—
Public offering is being made through Hare's Ltd., as under¬
writer, of 400,000 Aviation Group Shares and 400,000
Stock & Bond Group Shares, both new issues of Institu¬
tional Securities, Ltd.
The initial offering price for Aviation
672,625
Z>r20,055
stock, payable July 26 to holders of record
$2,968,688
9,349
$381,788
1,256
$2,278
742,400
3,724,736
Represented by $1 par share.—V. 148, p.
International Industries,
over
°148apni369X0enSeS~
Institutional
1939—Month—1938
$1,724,701
1,238,206
Common stock.. $668,200
surplus
3,630,049
Commission.
has been elected President, succeeding
of Board.—V. 148, p. 3534.
Period End. Apr. 30—
Operating revenues
Operating expenses
y
Paid-in
Directors have declared a dividend of 10 cents per
Ohio,
Imperial Tobacco Co. of Canada, Ltd.—New Presidentt
Earle
5,033"§i6
1938
tors on claims
1939
$1,145,706
6 Months Ended June 30—
Net sales..
4,942,202
Treasury stock...
Total-.
corded so far this year, according to George H. Pratt,
of the company. The rising trend of sales continued
—V. 147, P.
.....
Due to brokers
$115,697
Earned surplus
Hudson Motor Car Co.—Retail Sales—
showed an increase of 40%
$7,756
861
Due from brokers.
1939
Liabilities—
1938
1939
Assets—
Cash in banks
$1.93
—V. 148. P. 2429.
$762,603
$689,150
76,500
Exclusive of profit on
x
$918,171
$2.45
$771,105
64,626
$672,625
$839,103
Portion of canceled treas¬
$1,117,237
Operating costs
$827,977
74,200
20,486
Divs. paid or accrued
Lead (Lb.)
(Oz.) Copper (Lb.)
1,021,924
1,905,348
21,565
16,911
66,600
$759,711
Total surplus
Howe Sound Co.—Earnings—
Metals Sold— Gold Oz.) Silver
$852,385
81,280
a
Company on July 19 filed with the Securities and Exchange Commission
registration statement (No. 2-4132, Form A-2) under the Securities Act
of 1933 covering $14,250,000 3%% first mortgage bonds,
The net proceeds from the sale of the bonds, together
of
as
a
loan from the Commercial
due Aug. 1, 1969.
with the proceeds
applied
National Bank & Trust Co., will be
follows:
To redeem $11,916,000 5% first mortgage gold bonds, due 1957.
To redeem $2,300,000 5)4% first mortgage gold bonds, due 1959.
To redeem $18,500 6% first mortgage gold bonds, due 1940, of
Clarion Municipal Light Co.
(1)
(2)
(3)
Volume
(4) To
.
The Commercial & Financial Chronicle
149
pay at maturity on Nov. 1, 1939, $17,500 6% first mortgage
gold
Jamestown
bonds of Clarion Municipal Light Co.
(5) The balance of proceeds will be expended for other corporate purposes.
The bonds will be redeemable
upon not less than 30 days* notice at the
principal amount plus a premium as follows:
6% if the date fixed for
redemption be on or before July 31,1940, the premium thereafter decreasing
one-half of 1 % of the principal amount for each two
years or fraction thereof
which shall have elapsed after
July 31, 1940 up to and including July 31,
1952, and thereafter decreasing one-half of 1% of the principal amount for
each three years or fraction thereof
which shall have elapsed after July 31,
1952 up to and including
July 31, 1967, except that no premium shall be
payable if the date fixed for redemption be after
July 31, 1967 and before
maturity.
A. C. Allyn & Co., Inc.,
Bonbright & Co., Inc. and Halsey, Stuart &
Co., Inc., will be principal underwriters.
The names of other under¬
writers, offering price and underwriting discounts or commissions will be
furnished by amendment.
579
Telephone
Co.—Ordered
to
Cut
Toll-Call
Rates—
See New York Telephone Co. below.—V.
142, 302.
Kansas City Public Service Co.—Earnings—
_
Period End. June 30—
Total oper.
Operating
1939—Month—1938
revenues
$506,597
425,719
expenses.....
Net oper.
revenue
General taxes
Social security taxes,
:.
$80,877
22,095
10,365'
_
$527,846
455,751
.
$72,094
22,691
•
10,641
1939—12 Mos.—1938
$6,357,061
$6,644,842
5,177,423
5,395,428
$1,179,638
253,259
122,485
$1,249,414
259,594
$878,870
3,128
110,948
Operating income
Non-operating income..
$48,417
101
Dr29
$803,895
3,333
Gross income
Int. on funded debt
$48,518
40,146
6,499
69,534
$38,731
$807,228
40,443
7,028
482,416
86,473
70,729
842,982
$881,999
488,684
76,344
859,132
$67,660
$79,469
$604,643
$542,161
$38,761
The
underwriting contract contains provisions4 'for the purpose of stabiliz¬
ing the market price" of the bonds.
The existence of these provisions, it is
stated, is not an assurance that the price of the new bonds will be stabilized
or that the
stabilizing, if commenced, may not be discontinued at any time.
Company, on July 14, filed with the Securities and Exchange Commission
a declaration
(File 43-232) under the Holding Company Act in connection
with the proposed issue and sale of
$14,250,000 3 M % first mortgage bonds,
due Aug. 1, 1969.
A hearing has been set for
Aug. 2 in the Securities and Exchange Com¬
mission's Washington office on the declaration
(File .43-232) of company,
filed under the
Holding Company Act in connection with the issue and sale
of $14,250,000 3H% first
mortgage bonds, due 1969, and the issuance of
a 3%
promissory note not to exceed $800,000 as evidence of a loan of such
amount.—V. 148, p. 3070.
Investment Co. of America—Earnings—
1939
invest, in bonds.
on
1938
Total income
Administr. & research
_
capital
and miscell.
$3,993
109,951
$49,376
21,181
3,960
$105,785
19,960
$113,944
23,496
6,763
'
""525
7,088
taxes
7,923
17,230
7,491
10,192
Profit before prov. for
Federal income tax.
Prov. for mgt.
12,140
$6,204
2,176
Profit from sales of inv.
$11,570
lossl84,366
11,737
10,926
$3,671
1,193,250
accrued
due
Accts.
rec.
1938
Int.
Liabilities—
1939
59,838
47,728
$254,693
$1,415,853
$1,460,150
12,113
$2,267,917
13,905
$171,097
60,000
15,000
9,103
$2,189,273
720,000
180,000
110,715
$2,281,822
720,000
180,000
104,319
5,285
26,372
16,046
$81,159
$92,219
Dividends applicable to preferred stocks...
$1,204,930
520,784
$1,293,549
520,784
$684,146
$772,765
—V. 149, p. 415.
for
794
179
41,845
Fed'l
*
Com.stk. (par$10)
2,087,290 y2,021,400
Capital surplus
464,045
429,589
1,843,850
2,143,637
Total
Kansas Power Co.—Bonds Called—
32,375
Earned surplus
$4,980,685 $4,721,5111
$2,180,620
8,653
Balance
19,750
2,640
income tax
54,925
3,515,816
5
capi¬
Res've for conting.
for sec.
All of the outstanding first mortgage 20-year
5% gold bonds series A
due March 1, 1947 have been called for redemption on Sept. 1 at 101 and
accrued interest.
Payment vyill be made at the Harris Trust & Savings
Bank, Chicago, 111.
Holders of above bonds may surrender
after July 24.—V. 149, p. 416.
$4,980,685 $4,721,511
x Includes unclaimed dividends,
y Includes 270 shares in 1938 (1,911
in 1937) to be issued subsequently (after allowing for stock
dividends) in
respect of preferred stock of predecessor company not yet surrendered for
cancellation,
z Cash in banks only,
a Includes 121 shares upon receipt of
payment therefor and 124 shares (after allowing for stock dividends) in
respect of preferred shares of predecessor trust not yet surrendered for can¬
cellation and is after deducting 153 shares held in treasury.
Note—Option warrants outstanding and which may be outstanding (upon
completion of conversion of common shares and option warrants of pre¬
decessor) are as follows:
Option warrants to purchase 137,827 common shares of the capital stock
same
for immediate payment on or
Kingston Products Corp. (& Subs.)—Earnings—
6 Months Ended June 30—
Net sales
1939
$1,577,386
1,329,594
Cost of goods sold
Selling, administrative and general
191,974
expenses
Operating profit.
Net income before Federal taxes
Income
on
$56,416 loss$165,441
10,186
250
Provision for Federal income taxes—estimated
Net Income
Option warrants to purchase 279,848 common shares of the capital stock
of this corporation at $155 per share, the options
being exercisable on or
before Dec. 31, 1912.—V. 148, p. 3690.
Assets—
Cash dividends
$85,630
Taxes other than income taxes
5,554
25,225
Profit
Net realized profit on investments (computed on basis of "first in,
first out")
-
profit
$54,851
Total
$246,028
107,199
Dividends paid
Balance, June 30, 1939
$138,829
Liabilities—
dep. in
on
Accts.
Irving Trust
Co-
$61,900
Securities
Accts.
4,868,055
receiv.,
brokers
tor
securities sold
taxes
(N.
23,068
Y.
State
franchise)
Total
2,877
$5,015,360
brokers for
ment
Investors
Manage¬
Co., Inc...
Div. payable July
12,521
15, 1939...
53,370
Capital stock (par $1)
Paid-in surplus
533,704
5,269,600
Profit and loss surplus
138,829
Unrealized deprec. on secs.-Drl ,007,815
Total
...$5,015,360
—V. 148, p. 2430.
Period End. June 30—
Total income
Costs & expenses
Deprec. & depletion
Taxes
Wages and salaries
Net profit..
dividends
50,308
62,163
118,428
115,627
$13,754,968 $11,987,875 $24,220,496 $22,476,458
7,070,725
6,432,962
12,301,777
12,153,591
594,456
583,786
1,172,264
1,132,988
460,545
368,152
826,616
673,594
4,550,616
4,388,397
8,716,095
8,541,182
$1,078,626
131,250
$214,578
131,250
Surplus for common__
$947,376
$83,328
Earns, per share on com.
stock
$1.12
$0.10
Preferred
$1,203,744
262,500
loss$24,897
262,500
(
—V. 148, P. 2430.
20,655
509,913
taxes
on
27,186
Inc.
(est.
Total
350,000
1,082,896
796,079
105,193
$2,537,634 $2,557,051
x After reserve for discounts, claims and doubtful accounts of $18,789 in
1939 and $18,855 in 1938.
y After reserve for depreciation of $813,631
1939 and $772,395 in 1938.
x Restricted in the amount of $8,169,
in
representing the par value of common stock held in treasury.—V.
p. 2748.
148,
(G. R.) Kinney Co., Inc.—To Delist Preferred Stock—
An application is
being submitted by the Committee on Stock List of
on
the Exchange.—V. 148, p. 3851.
Knickerbocker Insurance Co.
$941,244 def$287,397
$1.11
(N. Y.)—Smaller Div.—
Directors have declared a dividend of 12 M cents per share on the common
stock, par $5, payable July 25 to holders of record July 18.
Dividends of
15 cents were paid on April 25 and on Jan. 25, last, and previously regular
quarterly
dividends of 12)4
cents pear
share were distributed.—V.
148,
p. 441.
Kreuger & Toll Co.—Further Distribution—
Otis A. Glazebrook Jr., Chairman of the protective committee for 5%
secured debentures announced July 17 that $3,348,803 was available for the
holders of certificates of deposit on the basis of $75.43 for each $1,000
Checks
were
mailed to holders of registered cer¬
Guaranty
tificates, while holders of bearer certificates must present them to
Trust Co. of New York or to designated paying agents abroad.
Subs.)—Earnings—•
1939—3 Mos.—1938
1939—6 Mos.—1938
$13,704,660 $11,925,712 $24,102,068 $22,360,831
Other income.
21,812
prov.)....
60,675 7% cum. pref. (par
$100)
350,000
'711,981 Com.stk. (par $1) 1,082,896
417,725 Capital surplus...
796,079
139,173
35,275 z Earned surplus..
Fed.
$2,537,634 $2,557,0511
deposited debenture.
Johns-Manville Corp. (&
Net sales
686,723
401,290
35,586
Deferred charges..
registration
$6,971
8,179
Accrued taxes
to
Prop., plant and
equipment
Patents
$175,042
409,954
taxes & Ins.
sees.
purchased
Comp.
59,459
Dividends receivable
Prepd.
pay.,
473,472
89,723
Total
June 30'39 Dec. 31 '38
$112,926
34,749
$411,528 Accr'd
the New York Stock Exchange to the Securities and Exchange Commission
to strike the $8 cumulative preferred stock of the company from listing and
Balance Sheet June 30, 1939
Cash
$671,153
179,687
Other assets
y
Liabilities—
Accounts payable-
de¬
Notes & accts.rec
10,855
$65,706
180,321
Bal. Dec. 31,1938
Assets—
demand
Inventories
Management compensation
Net
Cash:
x
Earnings for the 6 Months Ended June 30, 1939
Profit & loss surplus:
$46,230 loss$165,691
Consolidated Balance Sheet
June 30'39 Dec. 31 '38
posit & on hand.
Inc.—Earnings—
1938
$1,128,560
1,095,392
199,435
$55,818 loss$166,266
598
825
Other income—net.
of this corporation at $115 per share, the option being exercisable at
any
time without limit.
Investors Fund C,
1939—12 Mos.—1938
$6,251,095
$6,248,073
4,070,475
3,980,156
$171,092
Net income
1,750
51,694
Fed.
Reserve
13,594
51,382
263,110
$163,545
2,233
(credit)
7,927
$1,770,988
Co.—Earnings—
Int. chgd. to construct'n
$1,103
500,000
tal stock tax....
for shs.
1938
$2,390,988
620,000
$165,778
60,000
15,000
9,619
deb. bonds
$944
payable
Accrd.
sold not dellv'd.
12,027
payable for
sec. pur.notrec'd
Notes pay. to bank
Acer. int. on notes
651
on
revenues)...
Other int. & deducts
Accts. payable..
Accts.
$1,138,006
Investm'ts at cost. 4,530,177
$1,680,833
205,142
1939—Month—1938
$513,218
$502,749
349,673
331,657
revenues
$931,852
&
-
Operating
$595,994
interest
Total
Period End. June 30—
$7,587 loss$189,976
12,100
$305,204
38,484
$222,012
Gross income
Int. on mtge. bonds
Div. payable
co.'s cap. stock.
594,000
$270,801
37,791
Net ry. oper. income.
—V. 149, p. 415.
146,408
on
receivable
Amt.
$2,274,833
102,000
10,999
83,517
re-,
stocks ex-div.
$407,204
debit
Other income (net)
793
2,280
1939—6 Mos—1938
$6,281,830
$6,630,145
4,006,997
4,239,157
$369,801
99,000
Railway oper. income
Equip, rents, net debit_
Joint facility rents, net
118,661
or
unpaid
Ry.—Earnings—
1939—Month—1938
$1,051,886
$1,101,939
682,085
694,735
Net rev. from ry. oper.
17,000
179
x
stricted
oper. expenses.
Net oper.
1939
otherwise
oper. revenues.
$1,196,921
.
demand deposit. z$422,533
Cash in closed De¬
Divs.
Period End. June 30—
63,511
Cash in banks and
banks
-
$743,022
Balance Sheet June 30
troit
p. 415.
Kansas City Southern
Total oper. rev. deducts.
$8,380 loss$172,796
tax..^
"
Assets—
149,
Kansas Gas & Electric
$61,756
681,266
compen.
contingently payable.
Prov. for contingencies
Prov. for Fed. inc.
.
98,684
tax
Profit
....
•
At the close of business July 17, holders of
$8,600,000, or 71% of the
$12,043,800 4% series C first mortgage bonds, had deposited their securi¬
under terms of the traction's
pending readjustment of capital.—V.
63,735
Exps. of registration, &c
1
ties
$7,101
46,476
$63,769
21,799
3,525
_
stock
.Net profit
Deposits Reach 71%—
Railway tax accruals
Custodian & agency
Int. on5% deb. bonds
Int. on bank loan
Federal
...
loss
1936
1937
$2,901
63,315
stocks
common
Net
_
$454
Divs. from in v. in pref.
and
Depreciation
Railway
Railway
Income Account 6 Months Ended June 30
Int.
Other fixed charges
loss$0.34
The greater part, $60 per $1,000 deposited debenture, of the distribution
represents, Mr. Glazebrook stated, a distribution on the stock of Kreutoll
Realization Co., Ltd., which in recent months received $357,000 as 1939
interest on its $23,800,000 Hungarian Land Reform Society 5)4% bonds
and realized $2,511,502 on sale of its holding of Republic of Latvia 6%
bonds.
The balance of the payment represents the dollar proceeds of 2,-
761,171 Swedish kronor collected as dividends from the bankrupt estate in
Sweden of Kreuger & Toll Co. and 83,731 Swedish kronor from the bankrupt
Kreuger.
distribution brings the total distributed by the committee
certificates of deposit to about $640 per $1,000 deposited
debenture—V. 149, p. 262.
estate of Ivar
The current
to holders of its
Knudften Creamery Co.—Accumulated Dividend—
Directors have declared a dividend of 37 )4 cents per share on account of
accumulations on the $1.50 class A cumul. & partic. shares, no par value,
Similar amount was paid on May 25 and Feb. 25,
25, May 25 and Feb. 25, 1938.
8ee also V.
129.—V. 148, p. 3225.
payable Aug. 25.
on
p.
Chronicle
The Commercial & Financial
580
Dec. 20, Nov. 25, Aug.
last,
148.
Earnings of the Long-Bell Lumber Co.
1937
1938
1939
Dviidend—
deprec. &
Interest
three cents per share on the common
stock, payable Sept. 30 to holders of record Sept. 9. This compares with two
cents paid on June 30, and March 31, last; three cents paid on Dec. 22, and
Sept. 30, 1938; dividend of two cents paid on June 30, 1938, and one of
three cents per share distributed on March 31,1938.—V. 148, p. 1173.
1936
3 Mos. End. June 30—
Gain before deductions
for deplet.,
Gold Mining Co,—Three-Cent
Lava Cap
Directors have declared a dividend of
July 22,, 1939
.—
$678,810
292,419
257,491
54.777
308,517
211,363
54,348
State inc.
&
Fed.
$1,518,949
231,413
156,541
39.721
,
204,373
32,792
—
Interest
Acer.
$220,977
$497,302
226,108
_
Depletion.
Depreciation
123,850
taxes
Acer. Fed. surtax on un¬
Lawyers Mortgage Guarantee
The
Central
Corp.—Transfer Agent—
Bank & Trust Co. has been appointed transfer
Hanover
agent for 840,000 shares voting trust
value of this corporation.—V. 149, p.
certificates for capital stock $5 par
112.
period
—V. 148, p. 3072.
Ry.—Bonds—
Louisiana & Arkansas
Commission on July 7 issued a certificate
permitting abandonment by the company of its so-called Nazareth branch
extending from apoint 0.5 mile northwest of Northampton Junction in
Upper Nazareth Township northerly to a point east of Broadway, in the
Borough of Wind Gap, approximately 9.9 miles, all in Northampton County,
Pa—V. 149, p. 112.
Commerce
Interstate
Lehigh Power Securities Corp.—To Apply for Dissolu¬
Under Holding Company Act—See Pennsylvania Power
The Interstate Commerce
$104,580
$652,448
$34,029 loes$206,698
Gain for
Lehigh & New England RR,—Abandonment—
The
137.965
distributed profits
Commission on July 12 modified its
order of
April 13, 1939, so as to authorize the procurement of authentication and
delivery of not exceeding $850,000 of first mortgage 5% bonds, series C,
$650,000 thereof to be pledged, in substitution for a like principal amount of
first-mortgage 6% bonds of the Louisiana, Arkansas A Texas Ry., as col¬
lateral security for a promissory note In the face amount of $350,000, and
the remainder to be held In company's treasury subject to the further order
of the Commission.—V. 149, p. 113.
.
>
tion
4
&
Light Co. below.—V. 148, p. 1173.
Lehigh Valley Coal Co.—Deposits—
The company reports that, as of the close of business July 19, deposits
plan of 86.6% applicable to bonds, and 86.9%
applicable to notes.—V. 148, p. 3851.
have been received under its
Lehigh Valley Coal Corp. (& Subs.)—Earnings—
from
mining
selling coal
$404,486 loss$ 172,825
Dr25,138
Dr22,001
$765,504
Dr45,101
$28,302
Dr39,697
$379,348 loss$194,825
275,253
246,701
Income from other oper.
$720,403
573,581
loss$l 1,395
554,447
$51,876
$1,293,984
$543,053
Total inc. from oper._
Other income
Int.
&
1.
$654,601
carrying charges
coal lands--
250,870
70,768
78,529
25,163
2,428
Fed. old age benefit taxFederal taxes
...
,
487,388
148,825
22,353
5,715
222,535
Fed. & State unemp. tax
on reserve
47,813
5,358
13,500
.
Minority interest
Depreciation & depletion
Net loss
'
510,371
143,029
45,551
11,400
27,135
9,000
Cr625
372,306
CV4.246
354,435
$59,236
Miscel. deductions
Operating revenues
Operation
Maintenance and repairs
Appropriation for retirement reserve
Amortization of limited-term investments
Taxes (other than income taxes)
Provision for Federal and State income taxes
.
&
—
Gross income
1939—6 Mos.—1938
1939—3 Mos.—1938
Period End. June 30—
Income
657,019
CV586
721,737
'
$143,686
CV4.622
705,469
$886,145
coal lands, $1,028,968; Federal and State unemployment tax, $290,076;
Federal old age benefit tax, $91,884; Federal taxes, $11,115; miscellaneous
deductions, $45,027; Minority interest, Cr$4,257; Depreciation and deple¬
tion, $1,464,146; Net loss, $767,504;—V. 148, p. 2431.
y
Net income
1939—6 Mos.—1938
$3,604,262
$2,819,578
898,971
672,493
$0,451
$1,997
$1,494
On 450,000 shares.—V.
$0,404
Earns, per share
After provision for
x
•
Federal income taxes,
y
148, p. 3851.
(net)
Other interest
——
Amortization
•
Louisville & Nashville RR.—To Pay $1.25
Directors have declared
a
Mfg. profit after deduc,
materials used, labor
and mfg. expense.._. $5,738,441
Depreciation
1,076,571
annual dividend of $2.50 paid on
$9,168,866
1,074.799
$8,514,058
1,354,363
$1,164,717
148,083
$8,094,066
432,816
Feb. 28, 1938.—V. 149, p. 114.
McGraw-Hill Publishing Co., Inc. (&
shares
x
'
,
^
,
$0.15
$0.45
$0.44
and all other charges, incl. deprec.—V. 148, p. 3692.
capital stock.$0.19
After int., taxes
,
McKesson & Robbins, Inc.
(& Subs.)—Earnings—
Jan. 1 to May 31—
8, '38 —Jan. 1 to March 31
May 31, 1939
$
1938
1939
1938
1939
%
%
....70,560,089 35,730,257 35,893,663 59,700,680 58,647,606
$7,159,695
Net sales
Cost ol
$267,473
$275,159
$92,973
$117,436
Earns.per sh.on 600,000
Subs.)—Earnings
1939—6 Mos.—1938
1939—3 Mos.—1938
Net profit
1936
$2,288,510
1,123,793
Dividend
dividend of $1.25 per share on the common
stock, payable Aug. 30 to holders of record July 31.
This compares with
$1 paid on Feb. 28, last; $1.50 paid on Dec. 23, 1938 and regular semi¬
to
1937
losses
1937.
1937 was reduced as a result of deductions made for
resulting from the flood in Louisville during January and February,
—v. 149. p. ii3.
"
1938
$2,685,810
$2,881,618
Federal and State income taxes
....
-
Note—Provision made by the company for
for the year
Dec.
1939
160,220
60,432
329,166
37,000
17,874
37,000
24,844
—
Net income
1,030,450
250,000
rehabilitation expense._
of contractual capital expenditures. _
Miscellaneous
$4,516,762
$4,254,970
1,030,450
160,227
66,639
Amortization of flood and
Libbey-Oweng-Ford Glass Co.—'Earnings—
6 Mos. End. June 30—
$4,287,828
226,250
2,684
206,563
2,656
income
Gross
x
1939—Month—1938
$675,009
$712,809
181,788
202,920
Period End. June 30—
Net sales.
x
$4,045,751
Period End. June 30—
(R. G.) Le Tourneau, Inc.—Earnings—
1,426
1,096,259
311,200
...
Interest on funded debt
—
Amortization of debt discount and expense.—
12 months ended June 30, 1939.
coal, $1,115,551; Loss from other operations,
?97,837; Total income from operations, $1,017,714; Other income, $1,141,40; Gross income, $2,159,455; Interest and carrying charges on reserve
1,426
1,129,698
573,594
Income
Net operating
Dividends from affiliated company
18,000
"
V1939
1938
$10,833,824 $10,934,732
,
3,303,388
3,474,672
598,967
582,347
1,181,000
1,181,000
Miscellaneous-
The consolidated income account for
Income from mining and selling
Louisville Gas & Electric Co.—Earnings—
Year Ended May 31—
$
$
sales.—........59,775,568 30,165,380 30,086.962 50,592,408 49,556,324
.
Net manuf. profit
Other income
$4,661,870
391,086
.....
Total mfg. profit and
other income
$5,052,956
$1,312,801
374.542
$8,526,883
$7,534,237
1,574,514
1,320,900
1,343.965
1,087.300
Expenses and other de¬
1,775,423
622,719
ductions
Est. Federal income tax.
Net profit
Earnings per
common
1,734,681
.
$2,654,814 loss$421,880
share
$5,631,469
$5,102,972
on
$1.06
stock
Nil
$2.25
$2.04
sales...10,784,520
8,878,071
5,564,877
4,555,264
5,806,701
5,260,231
9,108,271
7,546,615
9,091,282
8,595,147
496,134
Selling A general expense.
1,906,449
1,009,612
Deprecla'n & amortiza'n.
258,557
139,153
546,469
137,542
1,561,655
225,028
Net profit from opera'ns
1,647,892
870,458
408,926
1,336,626
271,752
263,745
134,903
153,492
227,510
265,160
1,911,638
1,005,362
562,419
243,408
1,564,138
48,830
14,527
31,575
24",105
106,533
337,962
18,620
13,000
66,673
178,500
62,962
282,500
1,384,960
728,568
161,116
329,838
104,957
1,055,121
623,610
130,719
14,954
1,185,841
638,565
Other Income
Total
income
Int. A amort, on debs
.;
31,217
50,963
Interest paid—other.....
Losses of non-consol. subs.
Miscellaneous charges....
Prov. for Fed. inc. taxes..
—V. 149, p. 417.
Life Saver8
Net profit
Corp.—Special Dividend—
Directors have declared a special dividend of 40 cents per share in ad¬
dition to the regular quarterly dividend of like amount on the common
stock, par $5, both payable Sept. 1 to holders of record Aug. 1.
Similar
payments were made on Dec. 1 and on Sept. 1, 1938.—V. 148, p. 3535.
Lockheed
Gross profit on
Aircraft
Corp.- -Establishes European Service
Base at Amsterdam—
Balance
Recoveries by
stock, par $25, both payable Aug. 1 to holders of record July 27.
An extra
dividend of $1.35 was paid on Aug. 27, 1938; one of $1.25 was paid on
A^.2. 1937, and an extra of 50 cents was paid on Dec. 23, 1936.—V. 148,
Empire Trust Co., as trustee, is inviting tenders for first mortgage 5%
40-year sinking fund gold coupon bonds, at a price not exceeding 105%
and accrued interest, In an amount sufficient to exhaust the stun of $8,382 available in the sinking fund.
Tenders will be received up until 3:00
P* in- on Aug. 1, 1939, at the trust department of the bank, 120 Broadway.
—V. 147, p. 577.
Condensed
interest
$933
$2,376
210
106
12
$1,244
$1,143
$1,773
$2,388
loss70,734
'39 Dec. 31 '38
(Audited)
$9,269,879
18,187,007
28,830,792
1,414,127
1,032,549
6,487,966
547,312
Other
assets—less
Investments
Fixed
and
reserves
advances
assets
Taxes, insurance and other prepaid charges.........
$8,368,585
1
Inventories..
1
Goodwill, trademarks, trade names, Ac
19,228,212
31,366,635
1,864,241
797,922
6.765,727
561,770
$65,775,634 $68,953,095
Liabilities of trustee and consolidated subsidiary
companies:
$4,108
$12,617
5,969,427
2,780,893
14,703
6,333,801
981,671
1,377,623
Bank overdrafts.
payable—secured-....
Acceptances
Trade
acceptances
Accounts
Wages,
payable—unsecured..
'
payable
salaries,
local
taxes,
commissions
and
other
liabilities
Instalments payable in connection with real estate pur¬
chase
contracts.....
10,930
'
•
715,689
Reserve for Federal taxes
companies..
debtor:
Due to non-consolidated sub. A associated
Liabilities of McKesson A Robbins, Inc.,
Notes payable to banks
thereon to Dec. 7, 1938
be contested by trustee..
Due to non-consol. wholly-owned
lor
sub. companies
Lumber Co. which at the time had outstanding 197,683 shares of common
(par $50) and 146,777 shares of preferred stock (par $100).
The
Deficit
5)4% conv. debs, to Dec. 7,
1938
Common stock..
88,347
292,631
contingencies
stock...
452,801
110,304
27,682
15,725,000
.......
20-year 5)4% convertible debentures
Reserve
118,169
3,253,716
682,520
1.002,371
8,128,694
payable..
Preference
orporation owns practically no other assets.
915,482
Sheet
Notes and accounts receivable—less reserves
The corporation, as of June 30, 1939, was the owner of certificates of
beneficial interest for 100,780.1 shares of the common stock of the Long-Bell
stock
loss70,734
(Unaudited)
Accrued Int. on 20-year
_
161,116
Balance
May 31
Divs. payable on pref. stock, to
Due to associated company
289
_
784,763
130,719
Acceptances payable
$1,667
1,114,602 loes$70,734
329,838
Cash In banks, on hand and In transit
Accounts
1936
1937
1938
$955
Interest
Consolidated
Notes pay. to others A accr'd int.
Long-Bell Lumber Corp.—Earnings—
1939
52,981
51,041
trustee un-
def fidelity bond, Ac—
accrued
Long Beach Gas Co., Inc.—Tenders—
Mos. End. June 30—
Loss before deduct, for
17,406
88,929
Liabilities—
The directors have declared an extra dividend of 15 cents per share In
addition to the regular quarterly dividends of like amount on the common
3
82,880
54,000
161,116
Total
Loew'g Boston Theatres Co.—Extra Dividend—
536,913
403,338
expenses
paid by the trustee
Balance
Establishment at Amsterdam of a parts depot and service base for Its
European operators was announced on July 18 by this corporation.
The
company, according to Carl B. Squier, Sales Manager, has created a $100,000 wholly-owned subsidiary and plans eventually to equip it with complete
facilities for servicing and maintaining all types of Lockheed airplanes.
The organization is known as the "Lockheed Internationale Verkoop
Maatschappy N.V." (Lockheed International Sales Co.).
Its managing
director is P. H. White, who was formerly in the foreign sales division of the
Lockheed company.
Spare parts and accessories for all present and future types of modern
aircraft are to be maintained at the base, and the most modern facilities for
thorough checking, inspection, and general maintenance of commercial air¬
planes will be installed, Mr. Squier said.—V. 148, p. 2276.
Loss for period.
Reorganization
224,382
......
...
30,298,200
6,414,915
8,501,601
The Commercial & Financial Chronicle
Volume 149
Audit of Books to Cost $300,000—
The audit of the McKesson A Bobbins
books, the results of which have
just been disclosed by the company's trustee, William J. Wardall, is said
to have set an all-time record for the
magnitude and intricacy of the task,
the time within which it was
completed and the cost of the operation.
According to the auditors, S. D. Leidesdorf & Co., seven months were
spent in auditing the affairs of the large drug firm.
To accomplish this
task they employed in excess of 300 accountants.
They examined the com¬
pany's books at 75 different locations in the United States and in four
foreign countries.
In addition 70,000 requests for confirmation of creditors'
invoices were mailed by the auditors representatives from 65 branch offices
of McKesson & Bobbins and from offices of
subsidiary companies.
The
replies received were compared with approximately 600,000 open items
payable.
581
Martin-Parry Corp.—Earningi
3 Months Ended
May 31—
Net
on
■
Miscellaneous
charges.II
'
Mr. Wardall explained that
compensation to the accountants had been
fixed at a maximum of $300,000 for services
specified when they were em¬
ployed and for further supplementary work requested as of the date of the
court's supplemental order.
had paid the accountants
He indicated that up to the present time he
$137,086 on account of fees and $49,210 for dis¬
bursements.
"While this audit will be very costly,"
"it was a
$53,835
147
I
T-
Assets—
1939
Prop. A plant...
1938
$887,861
132,749
rec.
33,294
(less res)
21,367
10,381
89,025
54,705
18,978
Inventories at cost
(less reserve)
$36,786
6,441
b
Prep, insur., Ac..
1938
1939
Capital stock...$1,403,733 $1,400,000
Accts. payable and
accruals
25,376
Funded debt..—
,
$54,125
May 31
Liabilities—
$897,488
Cash
Accts.
131
159
$49,131
......
Balance Sheet
a
$5,991
1,773
Net loss.
Res.
11,272
294,400
for Fed. and
State taxes6,334
Deficit
5,181
423,771
570,238
—
Total
a
said,
Mr. Wardall
necessary expense in order to establish the fundamental facts upon which
any reorganization of the company will have to be
predicated. —V. 149,
970
$36,639
Interest paid
with
reflect the financial position at that time.
$54,806
458
142
Loss
were
approximately 105,000 customers.
The auditors communi¬
approximately 75% of these to establish their authenticity
The auditors also communicated with
approximately 160 depositaries to
verify the cash position at Dec. 31, 1938.
The investigation resulted in
approximately 8,000 adjusting entries to
$37,0^7
purchases A other incomei
.,
There
cated
$17,793
72,598
$47,217
]
'
43,088
463
......
operating loss
1937
$25,038
72,717
$47,680
Cost of goods sold
Discount
1938
1939
Netsales..
..$1,159,606
Total
$992,682
$1,159,606
$992,682
After reserve for depreciation of
$646,435 in 1939 and $600,649 in 1938.
^ Represented by 177.800
2749,
P. 418.
Q75.000 in 1938)
2594. 2433, 2277.
no
shares.—V. 148, p.
par
Masonite Corp.—Forms Canadian Unit—
(R. H.) Macy & Co .—Will
Directors
at
not
Ben
Change Fiscal Year—
a
meeting held July 19, rescinded their previous action
changing the fiscal year of the corporation, due to operating and fiscal
questions which made the contemplated change impractical at the present
time.
Accordingly the fiscal year will continue to end on the Saturday
nearest Jan. 31 and the annual
meeting of stockholders will be held on the
last Tuesday of April.
Following the practice of last year, a semi-annual statement will be
published in September covering the six months period ended July 29,
1939.—V. 149, p. 418,
Magma Copper Co.—Earnings—
6 Mos. Ended. June 30—
Copper produced, pounds...
Average net selling price per pound
x
Average net production cost per pound
Income from mining operations
Other income (including railroad)
1939
*
Total
net
income
(after deducting
Federal normal income tax)
....
19,143,396
$638,825
...
1938
19,773,710
10.017c
7.177c
$587,178
51,647
...
.*
$283,605
9.352c
8.030c
$223,089
60,516
est mated
------
The average cost of producing copper is after
deducting gold and silver
values and includes all operating costs,
Arizona taxes. Federal social
x
security taxes, depreciation and administrative expenses, but does not
include any allowance for mine depletion, capital stock tax or Federal
income tax.—V. 148, p. 3227.
Maine Central
RR.—Equipment Issue Reduced—
The Interstate Commerce Commission has authorized the
company to
reduce from $1,250,000 to $1,230,000 the amount of 3
equip, trust
>4
certificates to be issued under the Commission order of
—V. 149, p. 417.
24 last
arch
Alexander, President
of this corporation, announced on
July 12 the
incorporation at Montreal of the Masonite Co. of Canada, Ltd., which will
manufacture in the Dominion all the hard board
products made by Masonite
in this country.
Mr. Alexander also said the new Canadian
company will start immediately
the construction of a modern
plant at Gatineau, Quebec.
Associated with the Masonite Corp. in the organization of the Canadian
on
enterprise
is
the
Canadian
International
Paper
Co., which at
present
operates a plant at Gatineau.
8. L. de Carteret, of
Montreal, Vice-President of Canadian International
Paper Co., is President of the new corporation.
Other officers are R. G.
Wallace. Vice-President of Masonite
Corp., B. L. Campbell, Secretary,
and F. A. Laird, Treasurer.
In addition to Mr.
Alexander, Mr. Carteret and Mr. Wallace, directors of
the new Canadian company are E. L.
Saberson, P. A. Sargent and Charles
Southgate.
Location of the plant at Gatineau, Mr. Alexander
said, offers particular
advantages in regard to shipment and improved service to all the more
densely populated districts in eastern Canada.
Products of the new plant
will be distributed principally through two
selling agencies. International
Fibre Board, Ltd., and Donnacona Paper Co.—V.
148, p. 3692.
;
Massachusetts Investors Trust—Earnings—
3 Months Ended June 30—
Gross income....
1939s
———
1937
$1,241,239
134,151
1938
$1,074,408
118,740
.
Expenses
$1,004,875
108,827
y Net income for the period
$955,668
x$896,048
$1,107,088
x Not including $53,495 portion of capital stock tax reserve accrued from
July 1,1937, to March 31, 1938, under Revenue Act then in effect, not now
required under Revenue Act of 1938.
y Exclusive of gains or losses on
securities.
'
Net asset value increased slightly during the second quarter of 1939.
a share on March 31 to $19.07 a share on June 30, when there
from $19.01
Manhattan Shirt
Co.—Earnings—
6 Mos. End. May 31—
Net earnings, after taxes,
1939
depreciation, Ac
com. stk. outst'g
per share.....
1938
$161,148
218,133
$0.74
Shs.
Earnings
1936
1937
$113,059
$199,519
218,800
$0.51
218,800
$0.91
$158,190
218,800
$0.72
June's, '39
Assets—
May 31, '38
bldgs.,
xCom.
machry., Ac
687,411
Accts. & notes rec.
Sundry
invests...
67,102
Mtges.
<
1,731,336
709,547
rec. on real
&
1,978.679
7,102
scrip...
5,588,726
800,000
Accts., &c., pay..
119,751
35,200
11,794
Res.
572,872
2,410,669
2,885,904
5,000,000
157,432
52,666
tax, Ac
Cash..
65,286
for conting..
Earned
surplus...
Capital surplus
70,573
100,000
100,000
3,922,626
614,464
4,116,265
614,464
Trademarks, good¬
will, &c._
z
Com. stock bal_.
Deferred charges
_
_
Total
Par
x
common
—V.
10.610,853 11,395,646
y After depreciation and obsolescence,
z Balance
due on
stocks purchased for sale to officers and subscribed for
by them.
587.
(Glenn L.) Martin Co.—Earnings—
1938
1937
$2,880,614
1,998,165
$847,531
(549,840
\ 58,265
J
Net profit from operations
Other income
$387,239
$882,449
11,204
Total income
$439,462
Depreciation of plant and equipmentAmortization of note disct. & expense
Provision for normal Fed'i inc. taxes.
Miscellaneous
73,780
$239,427
$893,653
7,131
57,499
52,223
Interest
$257,692
15,384
18,265
"
71,200
9,355
56", 200
28,786
1,807
35,600
18,063
$285,128
$0.26
$744,037
$0.79
x$186,838
$0.21
_
Netprofit
Earnings per share
all
appropriate charges for depreciation, experimental and
development, and taxes, but without provision for possible excess profits
and undistributed earnings taxes.
Comparative Balance Sheet June 30
1939
1938
$
Cash
*
3,050,170
Notes receivable..
Accts. receivable..
131,945
AdvB. to vendors..
Inventories
Accrued liabilities.
%
5,597,679
1,252,801
Cap.stock ($1 par) 1,092,308
Capital surplus...10,612,993
Surplus from
life insurance-
•
terms of contr'ts
1,716,289
4,290761
Cash Burr, value of
a
1939
Liabilities—
565,384 Accounts payable. 1,260,461
2,400 Advs. recelv. under
9,286
12,198,832
656,715
Investments
oper.
3,268,410
1938
$
525,687
69,330
049,342
936.583
7,714,693
1,269.458
153,180
Property,
and
Massey-Harris
Co.
Privately in Canada—
The company,
ranged
plant
equipment- 6,786,743
(MdL)—$2,200,000
subsidiary of Massey-Harris Co., Ltd. (Canada) has
copyrights.
Other assets
Mead
Corp. (& Subs.)—Earnings—
4,560,939
21 Week s
————12 Weeks
$4,723,065
3,758,768
Other income
Gross income
Depreciation
Other
exps.
on
Deferred charges..
Total
a
After
'38
$9,387,565
7,396.400
$964,297
338,393
$943,686
381,440
$1,963,578
693,952
$1,991,164
735,507
$625,904
63,234
$562,246
$1,269,626
$1,255,657
58,462
100,132
102,6^0
$620,708
343,805*
$1,369,758
733,496
$1,358,277
6,347
98,521
85,675
21,423
7,765
236,573
205,945
24,310
12,214
deductions
198,192
183,554
55,183
15,930
interest
Net income for period.
$80,109
$63,520
$157,220
$217,459
118,656
105,854
3,459
158,685
for depreciation.—V.
687.959
12,454
—V. 148, p. 2750.
Michigan Central RR.—Delisting Hearing—
The SecOrities and Exchange Commission July 14 announced public
hearings on the delisting application of the New York Stock Exchange
to strike from listing and registration the capital stock (par $100) of the
company.
The application states, among other things, that distribution of
this security is so inadequate as to make further dealings in it on the
Exchange inadvisable.
Hearing on the application will be held Aug. 15.
—V. 149, p. 114.
Milwaukee Gas Light Co.—SEC Approves Deal—
Exchange Commission granted on July 18 the appli¬
West Allis Gas Co., the Lakeshore
Wisconsin Eastern Gas Co., subsidiaries of the American
Light A Traction Co., to sell their physical properties and other assets to
the Milwaukee Gas Light Co., also a subsidiary of American Light A
The Securities and
cation of the Wauwatosa Gas Co., the
Gas Co., and the
Traction Co.
The proposed exchange Is as follows: Milwaukee will issue to Suburban
Companies 75,862 shares of common stock; these shares will go to American
Light on liquidation of Suburban Companies; Milwaukee will buy back
33,862 of the shares for $1,693,100 and cancel them; and American light
will surrender for cancellation as a capital contribution to Milwaukee the
remaining 42,000 It receives.—V. 148, p. 1812.
_
Minneapolis & St. Louis RR.—Abandonment—
14,058
23,084,653 11,465,095
reserve
'38 June 17 '39 June 11
funded
Fed. A State inc. taxes..
Minority
$9,527,685
7.564,106
$689,137
365,716
Gross profit
Sell. & admin, expenses-
Int. A
debt
$4,477,032
3.533,347
June 17 '39 June 11
______
16,099
119,806
115,057
ar¬
transaction which will fund all its American bank loans
a provate
Pats., trade-marks
and
Placed
Bonds
and will provide additional working capital through the issue of $2,200,000
of eight-year serial first (closed) mortgage bonds.
Of this amount, $200,000
Operating profit
3 Months Ended June 30—
1939
Net sales, incl. royalties A license fees $1,758,148
Cost of sales
\ 1,370,909
Assets—
and receivables
addition to its stock
block of Commonwealth & Southern Corp. $6 preferred; and
Co. of America stock and Chesapeake &
sales.-.
Cost of sales
Directors have declared a stock dividend of 2-100 of a share of common
stock for each share held payable July 31 to holders of record
July 26.
—V. 147, p. 3163.
After
a
one new
eliminated holdings of Aluminum
Net
Manufacturers Trading Corp.—Stock Dividend—
x
invested in stocks which have had un¬
Ohio By. 4% preferred.
Holdings were increased in five other stocks and
decreased in five.
Shares of International Business Machines Corp. and
Standard Oil of New Jersey, received as stock dividends, were also sold.
—V. 149, p. 114.
Period Ended—
Administration and sales expenses
was
carry 3M% coupons and last four carry 4% coupons.
The bonds were
placed privately in the Dominion of Canada.—V. 149, p. 263.
Total.
$25.
p.
of such assets
matures in each of the first three years, 1940-1942, inclusive; $300,000 ma¬
tures each of the next four years and $400,000 In 1947.
First four maturities
37,116
10,610,853 11,395,646
148,
64%
35,584
5,000,000
128,225
32,082
to
Inventories
5,606,194
200,000
Notes payable
'
5,621
526,867
ad vs.
$
and
31,650
employees
over
portfolio,
May 31, '38
$
stock
Dividends payable
Federal and State
estate
Loans
June 3, '39
Liabilities—
$
Land,
and
interrupted dividend records for at least 10 years. Net cash
of $3,273,790 on June 30 amounted to 3% of total assets.
During the second quarter, the Trust made
Consolidated Balance Sheet
y
were 5,626,077 shares
outstanding. This compares with net asset value of
$20.13 a share on June 30 last year.
The report notes that 90% of the assets of the Trust, at market values on
June 30, was invested in securities currently paying dividends or interest,
The Interstate Commerce Commission on
Total.
—
148, p. 3228.
23,084,653 11,465,095
July 6 issued a certificate per¬
mitting abandonment by Lucian C. Sprague, receiver of the
company, of a
portion of a branch line of railroad extending northwesterly from Laurel
to its terminal at Van Cleve, 6.8 miles, in Marshall County, Iowa.—Y. 149.
p. 263.
The Commercial & Financial Chronicle
582
Extended—
Minneapolis Eastern Ry.—Bonds
of not
Jan. 1, 1939 to Jan. 1. 1949 the maturity date
exceeding $150,000 of refunding mortgage bonds.—-V. 127, p. 1672.
pany to extend from
Securities,
at
Period End. June 30—
Operating revenues
Total oper. rev. deduct'n
Light Co.—Earnings—
1939—12 Mos.—1938
$6,305,172 $6,531,123
3,388,703
3,531,532
1939—Month—1938
$564,565
$515,510
289,879
275,331
Net oper. revenues...
Other income
Interest onmtge. bonds.
Other int. & deductions.
Int. chgd. to constr. (Cr)
$240,179
$2,916,469
5
79
671
$240,258
135,429
6,229
$3,003,788
1,632.605
196
237
$2,917,140
1,623,155
69,687
1,553
28,601
$1,225,851
1
Represented by 360,000 (180,000 in 1938) no par
x
1939—3 Mos.—1938
1939—6 Mos.—1938
$36,028
$78,485prof$185,016prof$135,356
Net loss
After charges
and taxes.—V. 149, p. 420.
990,797
990,833
National City Lines,
are
-
-
-
Dividend—
The directors have declared a dividend of $1.50 per share on account
accumulations on the $6 1st pref. stock, no par value, payable Aug. 1
holders of record July 15.
Like payments were made in each of the
of
to
12
x
Missouri-Illinois RR.—To Issue
Equipment Trusts—
Commission for authority
of equipment certificates to be used in connection
with the
purchase of new equipment costing $792,000.
The company proposes to purchase 50 all-steel gondola cars and 250
cars from the Mount Vernon Car Manufacturing Co.—V. 149, p. 419.
box
Pacific R.R.—Interest Authorized—
Missouri
1937
$2,147,994
162,380
$0.43
184,095
$0.54
$0.89
200,000 com. shares
Federal, State income taxes, minority
interest,
*ntFo^thethree months ended June 30,1939 net profit amounted to $143,985
equivalent to 51 cents a share of common stock, against net of $87,160,
24 cents a share, in the same quarter of last year.
Revenue passengers carried on all lines during the first half of 1939
or
of the
The road has asked the Interstate Commerce
----- -
$260,615
depreciation,
After
1938
$2,439,983
1939
:
Net profit
Earns, per sh. on
x
46,127,579 compared with 40,771,387 carried in
previous year, a gain of 13.1%.
Issues 10,500 Shares of Preference Stock
totaled
preceding quarters.—V. 149, p. 263.
to issue $590,000
Inc. (& Subs.)- —Earnings—
6 Months Ended June 30—
Gross revenues
cumulative.—V. 148, p. 3853.
Mississippi Power & Light Co.—Accumulated
shares.—V. 148, p.
(Conde) Nast Publications, Inc. (& Subs.)—Earnings
2.655
$1,301,255
$9,013,175 $9,189,192
Total
$9,013,175 $9,189,192
JTotal
2434.
72,583
$235,018
$310,458
x Dividends accumulated
and unpaid to June 30. 1939, amounted to
$227,089, after giving effect to dividends of $1.75 a share on 7% preferred
stock, $1.50 a share on 6% preferred stock, and $1.50 a share on $6 preferred
stock, declared for payment on July 1, 1939.
Dividends on these stocks
Balance
Z>r1,483,435
Ac
x
period, whether paid or unpaid
845.281
Surplus income—
P. A L. on sec. sold
23,289
1
Period End. June 30—
$98,837
stocks for the
296,897
Capital surplus-.. 5,025,291
accrued
4,197
$274,691
134,642
5,631
Dividends applicable to preferred
73,000
4,500,000
3,461,194
813,102
George H. Moore at St. Louis has authorized Guy H.
Thompson, trustee of the road, to pay semi-annual interest due Aug. 1,
1939, on the extended first mortgage bonds of Pacific RR. of Missouri.
Interest payment amounts to $139,920.—V. 149, p. 419.
Federal Judge
the same period
During the first six months of 1939, the company issued 10,500 shares
($50) preference stock of which 5,000 shares were used for the acquisition
Canton City Lines and 5,000 shares sold privately (to Firestone
Tire & Rubber Co.) at par for cash and the net proceeds of $250,000 added
to working capital.
Three additional operating properties were acquired
during the six-months period in Portsmouth and Canton, O. and Tore
Haute, Ind.,—V. 149, p. 263.
of the
National Malleable & Steel Castings Co.—Earnings—
July 1,'39
July 2,'38 June 30/37
$30,817 loss$447,654
$860,090
Int., divs., rents & miscellaneous
14,698
15,231
19,312
Profit on sale of securities
6,565
x
3 Months Ended—
Net profit from operation
Missouri Southern RR.—Abandonment—
Interstate Commerce Commission on July 7 issued a certificate
permitting abandonment by the company of a portion of its so-called
Current River Branch extending from Himont to Brushy, approximately
five miles, all in Shannon County, Mo.—V. 147, p. 2399.
The
Abstract
Monroe
Corp.,
Rochester, N.
Y.—Registers
given
Montour
on
Net profit
x After deducting
in 1938 and
193 S
1937
1938
1939
June—
■
$213,242
105,540
$126,110
43,039
$254,514
133,719
$1*5,240
71,461
83,962
51,126
124,041
73,828
From J an. 1—
Gross from railway
Net from railway
726,385
212,655
674,173
161,152
1,201,657
525,648
1,009,537
379,006
Netafterrents
250,642
213,313
506,639
381,107
Netafterrents
—V. 148, p. 3853.
(Philip) Morris & Co., Ltd.—New Vice-President—
Wirt
H.
Hatcher has been elected a
Vice-President
of this company.
Mr. Hatcher has been in the employ of Philip Morris for the past 20 years
and is head of the domestic leaf tobacco purchasing department.—V. 149,
120.
p.
Mountain States Power
Co.—Earnings—
1939
$4,303,766
Operating revenues
1938
$4,177,603
2,056,993
Year Ended May 31—
2,026.306
Operation
169,656
241,663
488,070
20,) ,094
241,666
460,036
36,854
4,063
$1,310,530
131,217
$1,240,440
134,844
$1,441,747
Drl8,036
$1,375,284
Dr63,107
Drl.010
1,362
Maintenance and repairs
Appropriation for retirement reserve
Taxes (other than income taxes)
Provision for Federal and State income taxes
Net operating revenues
Income from electric plant leased to others (net)
Net operating income
_ >
..
Merchandise and jobbing (net)
Miscellaneous
on
19,380
$1,313,538
477,522
26,785
374,270
15,609
$548,720
Gross income
Interest
$419,353
$1,422,699
477,522
long-term debt
Amortization of debt discount and expense
Other interest (net)
_
377,077
Miscellaneous
Net income
-
Note—No provision was made for Federal income tax or for surtax on
undistributed profits under the Revenue Act of 1936 for the year 1937 as
no
such taxes
were
paid for that year.—V. 149,
Mutual Investment
p.
115.
Type Co.—Dividends Resumed—
1939
Realized profit on sale of securities.
1938
$34,610
40,361
6 Months Ended June 30—
Income—dividends
dividend of 25 cents per share on the common
stock, payable Aug. 15 to holders of record July 31.
was paid on Jan. 31, last and an initial dividend of
paid
on
National
$31,518
36,934
(Pa.)—To Vote
Supply Co.
May Issue $7,500,000 Bonds—Obtains
A special meeting
on
Dividend of like amount
25 cents per share was
Aug. 18,1937.—V. 148, p. 3537.
on
Indebtedness—
$2,500,000 Bank Loan
of the stockholders has been called for Sept. 18 to act
which would (1) increase the authorized indebt¬
proposals of the directors
$20,000,000, (2) ratify action of the directors in
edness of the company to
borrowing $2,500,000, and (3) authorize the mortgage and pledge of all,
or any part of its property and assets, as security for bonds in an authorized
amount not exceeding $15,000,000.
In a letter to stockholders, John M. Wilson, chairman, and J. A. Geismar,
desire to take advantage of current low
outstanding issue of Spang, Chalfant & Co., Inc.
President, state that the directors
interest rates to refund the
5% bonds, of which there are $5,602,000, which were assumed at the time
of the consolidation forming the present National Supply Co. In addition,
it is planned to add to the company's cash so that it will have less need for
rediscounting customers* paper.
•
In connection with the Spang, Chalfant bonds, which are redeemable at
t
103% and accrued interest, they state that the company has been carrying
on negotiations with
prospective underwriters for the issue and sale of
$7,500,000 of new mortgage bonds.
''From time to time in the past the board has deemed it advisable In the
conduct of the business to sell or discount customers' notes receivable in
order to conserve cash, the company usually either guaranteeing the notes
or agreeing to repurchase them in event of default.
The net proceeds of the
bank loan of $2,500,000 Issued under the agreement being presented for
ratification at the meeting have been applied to the reacquisition of custo¬
mers' notes so sold or discounted," the letter to stockholders said.
^
^
"It is
proposed that any balance of the proceeds from the sale of the
500,000 principal amount of the new bonds not necessary
tion of the Spang Chalfant
funds of the company.
$7,-
for the redemp¬
bonds will be added to the general corporate
"Although it is anticipated that only $7,500,000 principal amount of
is proposed that, in order to meet
possible future requirements, an additional $7,500,000 principal amount of
bonds will be issuable under the mortgage to the extent of 66 2-3% of the
lesser of cost, or fair value, of property additions, subject to the definitions
and restrictions to be contained in the mortgaage," Messrs. Wilson and
the bonds will be initially issued, it
Geismar stated.—V. V. 149, p.
420.
National Union Radio
The Securities and Exchange
Fund—Earnings—
$746,279
$113,437
provision for depreciation of $110,475 in 1939,
$104,438 in 1937—V. 148, p. 2434.
Directors have declared a
RR.—Earnings—
Gross from railway
Net from railway
-
$885,967
12,688
127,000
$32,169 loss$442,580
Prov. for Fed. normal income taxes-.
National Paper &
first page of this department.
$45,514 loss$432,423
6,345
10,157
7,000
Net profit—
Other deductions
with SEC—
See list
•
$2,999,591
$274,686
$134,614
Net Income
x
28,500
Capital stock... 4,500.000
x
44,784
Furniture A fixt's.
interest
43,538
Res. for taxes, Ac.
1.574.940
1 ,386,183
sold
sec.
Divs. receivable A
x
Gross income
for
but not delivered
$45,000
Liabilities—
$7, 553,608 $7,590,962
Cash in banks
Rec.
Minnesota Power &
1938
$54,000
Pay. for sec. pur.
but not received
owned,
cost...
1939
Div. pay. July 15-
1938
1939
Assets—
July 10 authorized the com¬
The Interstate Commerce Commission on
July 22, 1939
Balance Sheet June 30
Corp.—Delisting Permitted—
Commission on July 17 granted an applica¬
tion by the corporation for the withdrawal from listing and registration on
the Chicago Stock Exchange of 463,933 shares ($1 par) common stock.
The order is effective at the close
of trading July 27.
The company maintained that there was not sufficient
on the Chicago Exchange to warrant the expense of
stock
trading in the
continuing the
The Commission overruled a motion by the Chicago Exchange to
strike the application.
The securities are also listed on the New York
Curb Exchange.—V. 147, p. 3165.
listing.
Total
income.
$68,452
13,577
$74,971
15,137
Expenses
Net income
$59,833
43,282
Distributions to shareholders
'
$54,875
39,120
Balance Sheet June 30, 1939
Assets—Securities
owned
and
held
by custodian (cost $2,695,964) at
market, $2,071,325; accrued dividends receivable, $3,593; cash in hands of
custodian, $35,402; deferred charges, original issue stamps, $47; total,
$2,110,367.
i
Liabilities—Accrued expenses, $6,332; accrued distribution on investment
fund shares, $21,295; reserve for Federal taxes, $2,280; reserve for possible
New York State taxes, $4,590: Mutual Investment shares, issued 212,949.2
shares of $10 par value, $2,129,492; paid in surplus, $606,128; earned surplus
or deficit, $659,750, total, $2,110,367.—V. 149, p. 420.
National Bond & Share
on
bonds
Other income
Expenses
Provision for misc. Federal, State and
other taxes
Dividends declared.
Surplus
Earnings per share on capital stock..
Operating revenues
Total oper. rev. deduct.
Co.—Earnings—
1939—Month—1938
$710,376
$640,349
462,014
427,681
1939—12 Mos—1938
$8,353,221
5,398,235
$7,876,721
4,962,772
$2,954,986
2,628
$2,913,949
13,791
$2,957,614
742,500
210,000
110,378
$2,927,740
742,500
210,000
108,230
$248,362
$212,668
333
22
$248,695
61,875
17,500
9,047
$212,690
163
4,115
6,727
27,505
$160,436
$128,418
Divs. applicable to pref. stocks for the period,
paid or unpaid
$1,901,463
$1,894,515
Other income
Gross income
Interest
Int.
on
on mtge. bonds
deben. bonds
Other interest and deduc.
61.875
17,500
9,012
Interest charged to con¬
Corp.—Earnings—
6 Months Ended June 30—
Cash dividends
Interest
Nebraska Power
Period End. June 30—
1939
$147,884
7,204
1,672
1938
$104,963
15,465
struction (Cr.)
1937
$153,250
6.746
875
$156,760
13,018
$120,427
13,359
$160,871
14,881
11,085
11,576
13,748
$132,657
108,000
$95,493
90,000
$132,242
90,000
$24,657
$0.36
$5,493
$0.53
$42,242
$0.73
Net
income.--.
—V.
149,
Nehi
p.
499,100
499,100
$1,402,363
Balance-
$1,395,415
420.
Corp.—Files Answer to Coca-Cola Suit—
At the Federal Court in Columbus, Ga.. Nehi, Inc., filed its answer to
the complaint filed on June 23 by the Coca-Cola Co., and denied the
plaintiff's claim to ownership of the word cola.
Nehi's contention is based
on the fact that the word cola is the dictionary-name of a nut from which
the cola flavor comes, and that it designates a type of beverage of which
there are more than 100 brands now on sale in America.
The Commercial &
Volume 149
The answer points out that for 13 years, the
plaintiff knew the defendant
to be using the word cola as
designating a flavor sold under Nehi's trade¬
marks, and
never
made any objection to Nehi's use of the word cola, during
all that time.
"On behalf of ourselves, as well
their products on their own
as
Financial Chronicle
Period End. June 30—
Gross income after
retire¬
ment accruals
Net
litigation resulted which
was terminated
by agreement whereby the Chero-Cola Co. "recognized
the plaintiff's trade mark Coca-Cola."
In its answer on this point, Nehi
states that its discontinuation of the trade name "Chero-Cola" was not on
the ground that plaintiff possessed
proprietary right in the descriptive
and generic word cola.
As to the agreement terminating this litigation,
Nehi's answer denies the interpretation placed on the agreement by the
plaintiff, and further states that "duplicate original will be produced by
any
defendant at the trial of the action.
Reference is made thereto for greater
certainty as to the terms, provisions and effects thereof."
Answering the declaration in the complaint that the public identifies the
plaintiff's
merchandise
by the word cola alone, Nehi's answer states:
"The word 'cola' (or 'kola') is descriptive of and the
generic name for a
well-known type or kind of non-alcoholic beverage; and, when applied to a
beverage, means to the trade and the public a type or kind of beverage and
not the product of the
plaintiff or of any particular manufacturer.".—V.
149. p. 116.
Neptune Meter Co.—To Pay $2 Preferred Dividend—
Directors have declared
lations
a dividend of $2 per share on account of accumu¬
the 8% cumul. pref. stock, par $100, payable July 25 to holders
on
of record
July 21.
Similar payment was made on June 27, last, and Oct.
26 and Aug. 1, 1938.
The last regular quarterly dividend of $2 per share
was paid on Feb.
15. 1938.—V. 148, p. 3854.
New
Directors have declared a dividend of eitht cents per share on the common
stock, payable Aug. 1 to holders of record July 18.
Dividend of seven cents
was paid on
May 1, last; one of five cents was paid on Feb. 1, 1939; and one
paid
on
Aug. 1, 1938.—V. 148, p. 2435, 2130.
New
England Power Co .—Registration Statement Filed—
Bond Issue of $9,650,000
Proposed—
a
Company on July 14 filed with the Securities and Exchange Commission
registration statement (No. 2-4126, Form A-2) Filed July 14, 1939 under
the Securities Act of 1933
covering $9,650,000 first mortgage
bonds, series
B, due Aug. 15, 1969.
Coupon rate will be filed by amendment. The net
proceeds received from the sale of the Bonds will be applied toward the
payment of the following:
(1) In payment of the purchase price of the fixed property and franchises
to be acquired from Bellows Falls Hydro-Electric
Corp.—$12,381,740.
(2) In payment in cash of the purchase price of the portion of Bellows
Falls-Pratts Junction Transmission Line, located in New Hampshire, to
be acquired from Connecticut River Power Co.—$672,747.
Of the consideration to be given in connection with the acquisition of
utility assets and franchises from Bellows Falls Hydro-Electric Corp., it is
stated that cash will be paid at least
equal to the proceeds (not less than
$9,000,000) received by the company from the sale of $9,000,000 of the
bonds and the balance of the purchase
price will be paid in common stock
of the company at $30 per share.
The proceeds from the sale of $650,000
of the bonds will be used in connection with the
acquisition of the trans¬
mission lines from Connecticut
River Power
Co.
The names of the underwriters and
offering price will be filed in a posteffective amendment.
It is stated that the Massachusetts statutes provide
that
a
gas or electric company issuing bonds shall invite proposals for the
purchase of the bonds by advertisement in newspapers.
Upon the registra¬
tion statement becoming effective, it is stated that the
company plans to
publish such invitation for proposals.
The
redemption provisions will be furnished by amendment.
Acquisition, &c.—
In
order issued
an
July 14 the Public Service Commission of Vermont
transfer of property of the Bellows Falls Hydro-Electric Co.
England Power Co. and granted permission to the latter to issue
bonds and stock covering the sale.
New England Power Co. also is buying from the Connecticut River Power
approved
a
to the New
Co. that part of the Bellows-Falls Pratt Junction transmission line which
connected Bellows Falls with the New Hampshire property of the New
England Power.—V. 149, p. 420.
New
1939
-$36,590,579
26,164,269
revenues
expenses
Net operating revenues
Operating taxes
Net operating income
J
.
Income available for fixed charges
Bond interest
on
6,671,259
147,631
87,715
$7,137,152
164,787
93,494
$6,731,175
2,045,833
$7,208,445
2,100,000
83,902
funded debt
Other interest
^
1938
$38,069,507
26,799,621
$10,426,310 $11,269,885
3,755,051
4,132,732
_
Other income
Less miscellaneous deductions.
Discount
'
84,083
291,611
305,975
J,
Deen
directed by the Public Service Commission to
change their schedules
as to increase
the initial calling period from three to four minutes for
distances from 28 to 40
miles, and to reduce overtime
charges from 10 to
a
for calls between 28 and 34 miles.
The loss to the
companies will be about $200,000 a year.
The companies are the New York
Telephone, Rochester Telephone Corp.,
Orange
County
Telephone,
Up-State
Telephone
Corp.
of
New
York,
Jamestown Telephone and the
Chenango & Unadilla Telephone Corp.
lhe Commission's order
follows an investigation into the divergence in
cnarges for toll messages, particularly for those which include
over
routes
rates in the
overtime,
between 22 and 34 miles.
With but few exceptions the toll
State are based upon z mileage schedule with the result that the
ra,TT Sr messages of like distances
Under
the
new
rates
over all routes are the same.
mileage steps, initial period rates
the schedule of
?io£v mcharges for station-to-station
to
120 miles will be
as
messages
for
distances
up
follows:
Initial Period
Distances—
Bate
Overtime Period
Min.
Rate
Min.
$0.10
5
$0.05
3
.15
5
.05
2
.20
5
.05
2
5
.05
1
.30
4
.05
1
.35
Up to eight miles
More than eight miles but not less than
16 miles
More than 16 miles but not less than
4
.10
1
22 miles
More than 22 miles but not less than 28
miles
than" 34
More than 34 miles but not less than 40
miles
More than 40 miles but not less than 48
miles
More than 48 miles but not less than 64
.40
1
3
.15
1
3
.20
1
3
.20
1
.70
120 miles-
.15
.65
More than 100 miles but not less than
110 miles
More than 110 miles but not less than
1
3
.60
miles
-15
.55
More than 80 miles but not less than 90
milesMore than 90 miles but not less than 100
.10
3
.50
More than 64 miles but not less than 80
miles
3
.45
miles
3
.20
1
In the opinion written by Commissioner Neal Brewster it was
emphasized
that, because of the difference between charges for similar service, differing
only as to distance between toll-rate centers, particularly in the 22-28-mile
and the 28-34-mile steps, the charges are "unduly and
unreasonably prefer¬
ential and prejudicial and unjustly discriminatory."
The divergence, he said, was such that for messages of five minutes
or more the charge in the 28-34-mile step was
just twice that In the 22-28mile step. So wide a divergence does not occur in the charge for person-toperson messages.
The divergence between the 22-28-mile and the 28-34-mile steps is par¬
ticularly pronounced, he wrote in his opinion, as at this point both causes
of divergence are present, that is, an increase in the overtime rates from
and a decrease in the initial period from five
five cents to 10 cents a minute
minutes to three minutse.
The plan finally adopted by the Commission after several suggestions
had been made by representatives of the companies is a modification of a
suggestion of the Commission's Engineer to minimize the objection that in
two mileage steps the overtime charge for a minute exceeds the average
charge a minute in the initial period. This objection exists only in the 34-40mile step in which the overtime rate is 10 cents a minute and the average
rate a minute during the initial period is 8% cents.
Commissioner Brewster said tool users should not object because the
initial period has been lengthened and the customer is getting an additional
minute of conversion without additional charge.
"This amount to a reduction of 10 cents in the total charge for all messages
of over three minutes in the 34-40-mile step," he said.—V. 149, p. 264,
6 Mos. End. June 30—
Net income for six months of the current year amounted
to $3.55 per
compared with $3.22 per share for the six months of 1938.—V. 149,
1937
1938
1939
1
Dividends received
$522,623
11,298
17:911
19,713
10,806
$624,290
69,854
346,053
$540,535
78,310
351,821
$727,579
72,984
357,459
$657,305
79,990
347,825
$208,383
1,265,947
$110,405
1.264,701
$297,136
1,243,845
$229,490
1,196,022
5,836
$1,474,330
$1,375,106
90,330
$1,540,981
91,113
220,787
1,273
$1,431,347
$1,281,950 all,227,809
$1,191,254
$0.13
$0.09
Commissions
Miscellaneous
Total gross income
General expenses
Interest, taxes, &c
Net
income
Earned surplus Jan. 1__
Adjust, of taxes, &c
Gross earned surplus-
Divs.
on
Divs.
on common
90,000
pref. stock
Earned
a
sur.
1936
J $425,236
1 271,831
$612,992
Interest earned-
stock-
Earns, per sh. on average
shs. com. stk. outst'g-
as
293,135
133,823
so
$295,091
$732,376
During the six months of the current year the company had a net gain
of 34,448 telephones as compared with a net gain of 19,158
telephones
during the six months of 1938.
4,295,465
4,000,374
Income balance
p.
339,624
188,410
Telephone Co.—Ordered to Cut Toll-Call Rates
Jr the laFgeet telephone companies operating In New York State have
4,732,750
4,000,374
-
Dividend appropriations—
share
$1,176,784
New York
k
Adj. appl. to prior years-
Net income..
,
1939—12 Mos—1938
$1,200,827
Niagara Share Corp. of Md. (& Subs.)—Earnings—
England Telephone & Telegraph Co.—Earnings—
Six Months Ended June 30—
Operating
Operating
are currently
Earnings—
25,767
12,319
24 378
1167
More than 28 miles but not less
miles
England Fund—To Pay Eight Cent Dividend—
of six cents was
37,810
income
—V. 149, p.
They
slightly more than a point above their call
1939—Month—1938
$101,700
$99,226
Operating revenues
confusion."
In its complaint, the Coca-Cola Co.
charged that 25 years ago the CheroCola Co., a predecessor of Nehi, attempted to
register in the patent office
the words "Cbero-Cola" as a trade mark, and that
to market in 1927 at 96.
New York & Richmond Gas Co.
all other makers of cola drinks who sell
merits," said H. R. Mott, Nehi President, "we
welcome this opportunity to clear up the question raised as to whether the
word cola is exclusively owned by one
manufacturer, or whether, as we
believe, it has as common an ownership as root beer, ginger ale, or any
other term the public uses to designate a flavor.
There has been no decep¬
tion in the merchandising of our
products.
"We are prepared to prove that
when people buy them, their choice is clear-cut and free from any possible
583
„.,^e
originally came
price—V° 148 p 3077iCtl
June
"
""603
2,826
30--"$U83J27
$0.08
$0.01
$428,905
224,159
3,437
804
91,113
148,980
Unrealized depreciation in market value of corporation's investment in
based on cost, increased $5,766,444 during the period
stocks and bonds,
1, 1936, to June 30, 1937
$5,312,676).
Jan.
420.
(Jan. 1, 1936 to June 30, 1936, decreased
Consolidated Statement of Capital Surplus June 30, 1939
July 31 and April 30, 1938 and an extra dividend of five cents in addition
regular quarterly dividend of 20 cents paid in cash of the five preceding
Capital surplus Jan. 1, 1939, $10,204,842; reserve for fluctuation in value
applicable to investments sold or disposed of, Cr.$1,966,006; less net loss
on sale or disposal of investments based on original cost and computed by
identification of specific purchases, $1,958,137; gross capital surplus, $10,212,711; adjustments to conform with value of investments, $3,849,590;
bond discount and expense applicable to purchased debentures (less net
discount on purchase thereof), $5,794; miscellaneous charges, $27; capital
quarters.—V. 148, p. 590.
surplus June 30, 1939, $6,357,301.
New York Fire Insurance Co.—Smaller Dividend—
Directors have declared
a
dividend of 20 cents per share on the
common
stock, par $5, payable July 31 to holders of record July 24. This compares
with 25 cents paid in the two preceding quarters; 15 cents paid on Oct.
31,
to a
New
York
Corp.—Plans to Issue $66,583,000 3%% Refunding Bonds—Would Be Offered First to
Holders
of
Consolidated Balance Sheet June 30
Power & Light
4^% and 5% Securities Now Outstanding—
The corporation, a subsidiary of Niagara Hudson Power Corp., on July
19 filed a petition with the New York Public Service Commission requesting
authority to issue $66,583,000 of 3H% mortgage bonds to be offered in
exchange for the company's presently outstanding $66,000,000 4^8, due
1967, $313,000 Troy Gas Co. 5% bonds of 1939 and $270,000 Fort Henry
Light, Heat & Power Co. 5s of 1946.
The new bonds are to be offered to present holders on an even exchange
basis.
It also is the intention of the company to sell the balance of the
new 3 %% bonds not taken in exchange to realize not less than the call
price
of 104 3-5 for the 4J^s, but the petition indicated that no arrangements or
contracts for disposition of the new securities had been made.
As far as the company is concerned, one of the advantages of such an
exchange would be the perpetuation of the amortization arrangements now
prevailing under the 4^8.
In this connection the petition asks authority
to amortize that portion of the unamortized debt discount and expense
the bonds surrendered for exchange in equal annual amounts
during the period from Oct. 1, 1939, to Oct. 1, 1967, the life of the present
4J^s.
relative to
1939
1938
%
Assets—
$
1939
Liabilities—•
1938
$
$
266,661 Accounts payable.
13,987
4,552
Acc'ts & notes rec.
671,046 Divs. and Int. pay.
100,878
104,252
Int. and divs. rec.
82,737 20-year 5}4% con¬
vertible debs.. _10,901,000 11,268,000
b Stocks & bondS-29.355,029 32,303,013
710,723
176,742
108,065
Cash...
Preferred stock...
Unamortized bond
301,806
20,623
discount & exp.
Miscell. assets
340,764
23,445
Com. etk. (par $5)
Reserve for taxes.
Res.
for coming.
_
Capital surplus
Earned surplus...
30,671,990 33,587,656
Total
Total.
3,000,000
7,353,395
61,702
1,500,000
6,357,301
1,383,727
3,006,000
7,376,895
54,117
1 ,.500,000
8,991,889
1,281,950
30,671,990 33,587,656
b Indicated present value.
The corporation's net assets at Dec. 31, 1938,
1939, and June 30, 1939, were equivalent to the following:
Notes—(1)
.
_
For each $1,000
debenture
For each share of class A preferred
For each share of class B common
March
31,
Dec. 31 '38 Mar. 31 *39 June 30 *39
,
$2,914.76
_
-
716.63
12.58
$2,618.51
605.76
10.32
$2,632.20
593.09
10.06
The Commercial &
584
(2)
During the neriod
June 30, 1939, the corporation
1, 1939 to
Jan.
puSi^totheeopS^ket though brokers $327,000 prinrtpal amount
at
aggregate cost of $323,620.
At June 30, 1939,
of its
an
debentures
canceled ^d1^e
ot *28'°00
V. 148, p. 2436.
$299,000 of these bonds had been
was held in the treasury of the corporation.
-24
-12 Weeks-
June 17 *39
Period—
Net
x
x
Five Months Ended May
$616,459 loes$202,831
Other
.
cin
5,428,435
$7,118,510
5,261,557
$1,856,953
$1,871,848
Appropraition for retirement reserve
Amortization of limited-term electric investments.
Taxes (other than income taxes)
Provision for Federal and State income taxes
deductions
—-
for dividends..-.-—^---
requirements for
14,895
12,257
—
5-month period
$4,558,568
22,882
$4,590,771
2,551
Miscellaneous
$4,581,449
1,667,019
268,693
79,504
37,424
$4,593,321
1,682,932
270,660
38,207
42,589
Net income
$2,528,810
$2,558,934
Net operating
$->73,945
Co. (Del.)—Weekly Output
Power Co. system for the week
July 15, 1939, totaled 26,864,695 kwh., an increase of 7.0% com¬
with the corresponding week last year.—V. 149, p. 421.
of the Northern States
income.-
Gross income
_
.
April 1, 1921, but subsequently the maturity date was extended to April 1,
1922, and $300,000 thereof are outstanding.
The applicant also has out
standing an unsecured demand note, dated Feb. 1, 1936, in the face amount
of $613,000, bearing interest at the rate of 8% per annum, on which the
unpaid balance is $600,000.
This note was issued in renewal of the ap¬
plicant's several notes evidencing advances for capital expenditures, and
was issued without our authorization, as the applicant was of the opinion
that such authorization was not required, It considering the railroad to be¬
Other interest
and expense
(net)
meeting held July 14 proposed that certain sterps neces¬
consummate a plan of refinancing be voted upon by stockholders at a
special meeting to be held on Aug. 8, 1939.
The plan contemplates the
issuance of the following securities:
■
The directors at a
sary to
_
(a) $17,000,000 of first mortgage bonds, series B with
exceeding ZH % Per annum, and to be due In 1955:
payable in instalments over a period of not more than seven
in excess of 3H % per annum;
interest at a stated rate not
1939. Upon this exchange the outstanding note will
outstanding bonds will be delivered to the trustee
securing them for cancellation and for satisfaction
the mortgage
and discharge of the mortgage.
The issue of the proposed 4 %
bonds and the proposed stock in exchange
the 8% note will reduce the applicant's
not
years, bearing
(c) 58,000 shares (or such lesser amount as the directors may determine)
of a new class of $5.50 convertible prior preferred stock without par value,
redeemable at $110 per share and convertible into five shares of common
stock for each share of prior preferred stock.
Securities
now
follows: (a) $16,%, due May 1, 1951: (bj $10,May 1,1946; and (c) $2,220,000
outstanding which will be retired are as
814,000 of first mortgage bonds, series A
000,000 of 5% convertible debentures, due
of convertible 6% prior preference stock.
of the new securities and their offering pric®
determined.
Company Is negotiating with an underwriting
headed by Stone & Webster and Blodget, Inc.—Y. 149, p. 266.
The details as to the terms
yet to be
are
group
Inc.—Earnings—
Overseas Securities Co.,
1937
6,956
12
1938
$25,432
2,302
16
$32,794
$27,750
11,439
22,746
8,856
23,019
$41,891
10,164
26,025
1939
6 Months Ended June 30—
applicant has heretofore paid the Interest on the outstanding se¬
curities, but is without sufficient cash to pay the principal amounts due
thereon or any substantial part thereof.
To meet these obligations and
to avoid foreclosure of the mortgage securing the outstanding bonds and
proceedings upon the demand note, should formal demand for payment
be made at this time as Is threatened, the applicant proposes to issue and
deliver $600,000 of 1st mtge. 4% bondsfana $300,000 of capital stock in
exchange for such obligations.
The applicant and the Eagle-Picher
Mining & Smelting Co., the owner of the outstanding securities, have
entered into an agreement accepted as of May 9, 1939, providing for such
an Interest rate
(b) $8,000,000 (or such lesser amount as the directors may determine) of
unsecured Indebtedness represented by serial debentures or bank loans
electric Interurban line.
The
under
.
...
debt-
Proposed New Financing—
of the Commission says in part:
The applicant was incorporated dn Oklahoma In 1919 and has an author¬
ized capital stock of $1,000,000.
*Of this amount $314,490 has been issued
and is outstanding.
On Dec. 1, 1919, the applicant, under its former corporate name of
Northeast Oklahoma Traction Co., purchased the assets and assumed
the obligations of the Oklahoma Kansas & Missouri Ry.
The latter
company, under the name of the Oklahoma Kansas & Missouri Interurban
Ry., had, on April 1, 1917, issued $317<000 of 6% mtge. bonds, secured
by a mortgage of the same date to the Fidelity Trust Co. (now Fidelity
National Bank & Trust Co.), trustee.
These bonds originally were due
exchange by Dec. 1,
be canceled and the
-
Amortization of debt discount
RR.—Securities—
Commission on July 10 authorized the company
to issue not exceeding $600,000 of 1st mtge. 4% bonds and $300,000 of
common stock (par $10), to be delivered at par to the Eagle-Picher Mining
& Smelting Co. in exchange for $300,000 of matured underlying bonds of
the Oklahoma Kansas & Missouri Interurban Ry. and the company's demanf
note In the face amount of $613,000 on which the present unpaid balance
is $600,000.
The report
814,307
1,200,000
19,190
1,414,686
443,806
Interest on funded
Northeast Oklahoma
824,851
1,300,000
Other income (net)
§£36,177
$573,945
$13,319,731
4,836,972
19,197
1,450,798
474,458
1,12U,U85
1 ,loU,43Y
1938
1939
—$13,368,636
1
4,740,763
$2,054,357
—
The Interstate Commerce
an
$0.36
Co.—Earnings—
Operating revenues
Operation
Maintenance and repairs
Northern States Power
pared
$284,882
$0.48
stock
Year Ended May 31—
421.
Electric output
ended
sh. on 800,000 shs. com.
2599.
$7,482,792
*
1
Full pref. stk. div.
1938
$388,161
taxes
Oklahoma Gas & Electric
1ie
-7
_ .
Net income available
—V. 149, p.
1939
*
provision for in¬
52,066,614
income—net
Gross income.
come
Earnings per
—V. 148, p.
1938
31—
operating income
Interest and other
Ended June 30—
profit after all charges and
Net
Earnings—
Public Service Co.-
Operating revenues.
Operating expenses and taxes
Net
3695.
'
.
Northern Indiana
„
consummated within 18 months.—V. 148, p.
tract is not
Norwich Pharmacal Co.—Earnings—
provision for normal Federal income taxes, but before
possible Federal taxes on undistributed profits V. 148,
2436.
contract
6 Months
After charges and
provision for any
p.
loss$187.975
$292,002
profit
the applicant has entered
with the Wisconsin Hydro-Electric Co. or some other
for purchase of nlet less than 300 kva. additional standby capacity,
and the obligation of the purchaser as to these bonds will cease if such con¬
a
company
Weeks-
18 '38 June 17 '39 June 18 '38
June
deposit with the trustee until
to remain on
are
into
-Earnings—
Corp.
North American Rayon
July 22, 1939
Financial Chronicle
Income from
operations—Dividends.
Interest
$25,826
:
Miscellaneous...
Total
Expenses
Interest on debentures.
$38,267
3,539
85
$1,391
55,879
$4,125
prof$5,702
215,711 prof311,239
$57,271
$219,835prof$229.441
Net loss from operations
Net loss from sales of securities
Provision for Federal income, excess
87,500
profits and surtaxes
Net loss for the period
44.152
Distribution paid to stockholders
for the outstanding 6% bonds and
existing interest-bearing indebtedness from
annual interest charges from $66,000 to
$900,000 to $600,000,, and its
$24,000, a saving of $42,000
annually.—V. 148, p. 2130-i
Northwestern Electric
Period End. June 30—
Operating revenues
Total oper. rev. deduc'ns
Profits and losses from sales of
1939—12 Mos.—1938
$4,516,741
3,226,455
$4,387,514
3,112,654
Net oper. revenues
Rent for lease of plant..
$95,388
17,691
$75,529
17,390
$1,290,286
210,840
$1,275,860
206,626
Operating income
Other Income (net)
$77,697
$58,139
$1,079,446
$1,068,234
Dr66
Dr55
325
Dr60
$77,631
26,860
$58,084
16,968
CY26
15,839
$1,079,771
327,809
236,659
CrlO
Cr247
Gross income
on mtge. bonds
Other int. & deductions.
Int. charged to cons rue.
28,234
345,241
203,604
Crl63
Balance
x
unpaid
$515,550
$519,492
33*,182
$185,310
,
.
Dividends
accumulated
and
unpaid to
Balance Sheet June 30
■
.
1938
1939
Assets—
owned
1,766.714
1,533
$19,681
162,097
4,584
1,645,332
1,519
$1,788,169
$1,833,214
$8,158
220.000
$37,804
40,000
7,622
4,400
9,741
407,000
508,000
750,000
y
$11,003
Cash
Due for securities sold but not delivered
Accrued interest and dividends
Securities
:
8.918
receivable
Total
Liabilities—
Due for securities bought but not
received
Collateral loan payable
334,185
$14,021
the
$33,829
or
by the company since its inception on the
$1,068,174
$181,365
Net income
period, whether paid
computed uniformly
first-in-first-out cost basis.
securities have been
Prepaid expenses
Dividends applicable to preferred stocss for
x
1939.
quotations at Dec. 31, 1938 and June 30,
Co.—Earnings-
1939—Month—1938
$372,258
$314,231
276,870
238,702
Int.
$219,835prof$185,289
$57,271
Balance, loss..
Notes—During the period ended June 30, 1939, there occurred a net
depreciation of $411,838 securities owned, based on market
unrealized
June 30,
1939, amounted to
$1,057,381, after giving effect to a dividend of $1.75 a share on 7% preferred
declared for payment on July 1, 1939.
Latest dividend on 6%
preferred stock was $1.50 a share paid on Oct. 1, 1932.
Dividends on
these stocks are cumulative.—V. 149, p. 118.
z
Sundry accounts payable, accrued
Federal and
other taxes and expenses
9,633
397,000
Accrued interest on 5% debentures
5% gold debentures due Nov. 1,1947
5% gold debentures due April 1,1948
x Capital stock
Paid-in surplus
506,000
750,000
2,149,687
2,259,931
2,149,687
2,073,418
$1,788,169
Profit and loss deficit
$1,833,214
stock
Total.
x
Represented by 147,172 no par shares,
debenture
Northwestern Wisconsin Electric Co.—To
Place Issue
p.
interest,
z
Including
Including deposit for matured
y
matured
debenture
interest.—V. 148,
2438.
Privately—
The Securities and Exchange Commission on July 18 has issued an order
granting the company (a subsidiary of American Utilities Service Corp.)
exemption from the provisions of Section 6 (a) of the Holding Company
Act of the issue and sale of $125,000 of first mortgage 5% sinking fund
tonds, series A'to be dated May 1, 1939 and to mature May 1, 1954.
applicant as
mortgagor and The Central Wisconsin Trust Co. of Madison, Wis., as
trustee, and are to be sold at private sale to Northwestern National Life
Insurance Co. of Minneapolis, at 100 plus accrued int.
The purchaser has
stated that the bonds are to be acquired for investment for its own account
and
with no present I intention of reselling or redistributing them or of
making any public offering. The proceeds from the sale are to be used for
The bonds are to be issued under
an
Old Colony Trust
Associates—Earnings—
—
Interest
Profit
indenture between the
on
sale of securities
Retirement of $30,000 of Clam River Electric Co. 1st mtge. 15-yr.
6% gold bonds dated July 1,1928, due July 1,1943 at 100
Retirement of $27,000 of Polk Electric Light Co. 1st mtge. 15-yr.
6% sinWngfund gold bonds dated May 1, 1928, due May 1,
$30,000
as of May 31 '39)
Payment or provision for payment of $14,000 of Northwestern
Wisconsini Electric Co. 1st mtge. 8% note dated Feb. 15, 1923,
due Feb. 15, 1943, plus interest to maturity
25,100
1943 at 101M (less $2,305 of cash in sinking fund
Payment
of open
account
indebtedness
to
American ~ Utilities
Service Corp.
I"
Certain permanent additions and betterments to
and property
„ _
*
applicant's "plant
Interest paid
Provision for taxes
Undivided profits, Dalance
previous Dec. 31.
After
$224,861
556,385
$167,150
542,312
$709,462
150,483
169,294
Dividends paid and declared.
x
14,006
2,200
6,594
11.446
336
Balance, June 30
17,520
$611,953
.
deducting $11,820
($8,610 in 1938) received from
$558,978
constituent
banks.
.
6,000
2,500
43,880
$15,000
commitment of the purchaser. Bonds of this amount
Of the total principal amount of $125,000, a principal amount of
is not covered by firm
535
14,387
Operating salaries and expenses.
Trustees' fee
'
Estimated expenses of issue
$201.396
$781,246
x
the following purposes:
_
1938
$199,825
1,036
14,424
2,700
Income—Dividends from banks stocks.
1939
$254,789
633
1,286
$256,708
6 Mos. Ended June 30—
Associates from its constituent
actually received and does not include their
Note—The income of Old Colony Trust
banks includes only dividends
earnings in excess of dividends.
The difference between the dividends
received by the Associates from the constituent banks and the earnings of
those banks applicable to the holdings of the Associates is reflected hi the
account "balance arising from restatement
of capital shares."
Volume
The Commercial & Financial Chronicle
149
585
Comparative Balance Sheet
June 30 '39 Dec. 31 '38
June 30*39 Dec. 31*38
Assets—
Invests,
Liabilities—
in
shares
of
11
banks
5,000,000
capital shares.. 4,265,097
4,202,090
Bal.
0,079,129
825,000
Investment
9,198,781
750,000
arising
of
Note pay., demand
and investments
20,284
40,000
12,434
94,052
611,953
40,000
556,385
.10,043,820
United Gas Improvement $5 Preferred Stock
95,000
23,846
9,992,563
33,397
33,398
Prov. for taxes...
106,294
Cash in bank
10,384
Reserve for contin¬
YARNALL & CO.
Members New York Stock Exchange
N. Y. Telephone—Whitehall
4-4923
A. T. & T. Teletype—Phla 22
gent liability for
taxes
for
prior
years
Deferred
credits..
Dividend payable.
Undivided profits.
Total
10,043,820
9,992,563
I
Phila. Suburban Water 6% Preferred Stock
Phila. Electric Co. $5 Preferred Stock
from
restatement
Other demand note
Penna. Power & Light $5, $6 and $7 Preferred Stocks
Philadelphia Electric Co. Common Stock
$
5,000,000
Capital shares
of capital stocks
Total
1528 Walnut
St., Philadelphia
75,242
Federal income tax purposes) was
charged to operations.
The balance.
$775,413, was charged to special reserve.
For 12 months ended June 30.
1938, balance charged to special reserve amounted to
$761,916.—V. 148.
-V. 148, p. 3695.
p. 2440.
^
Oswego Falls Corp.—Earnings—
6 Months Ended June 30—
Net sales
_____
Net income.
Earnings
1938
1937
$2,852,410
350,269
59,486
$2,958,054
434,757
$290,783
y$1.29
$370,034
y$1.65
1939
Net income after depreciation
Interest and discount on funded debt
x
Pacific Western Oil
$448,530
56,665
$391,865
per share
See list
z$l .72
ing dividends
May, 1937.
the $110,000 8% first preferred stock which was retired
Net income per share is based on 226,741 shares $5 par
on
x
position
as
as
Cash..
$228,845
615,129
560,043
Inventories
Total current assets
Total current liabilities.
—
$1,404,017
356,072
Penick & Ford, Ltd., Inc. (&
Period End. June 30—
Gross profit and income
from operations
-
$1,047,945
On
July 17, directors declared a regular quarterly dividend of 10 cents
per share on the outstanding capital stock, payable Aug. 1 to holders of
record July 22.
This makes total distributions in 1939 to date of 30 cents
148, p. 2438.
Period End. June 30—
$2,190,781
$2,102,610
642,188
515,043
1,282,155
1,194.595
Miscell. income, net
$477,895
6,585
$313,586
14,434
$908,626
33,898
$908,015
19,237
Depreciation
$484,481
128,806
$328,021
108,876
$942,524
239,744
$927,252
249,088
Selling, advertising,
gen.
& adminis. expenses
$162,272
17,691
$150,120
17,390
$2,023,367
210,840
$1,841,523
206,626
Operating income
Other income (net)
$179,963
$167,510
$2,234,207
Dr230
Dr 576
Dr808
$2,048,149
1,848
Gross income
Int. on mortgage bonds.
Other int. & deductions.
$179,733
85,417
18,239
$166,934
85,417
19,289
$2,233,399
1,025,000
257,405
$2,049,997
1,025,000
231,94o
$76,077
$62,228
$950,994
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$793,054
458,478
458,478
$492,516
$334,576
_
_.
Rent from lease of plant.
Net
income
1939—12 Mos.—1938
Balance
x
Dividends accumulated and unpaid to June 30, 1939, amounted
Latest dividends amounting to $1.75 a share on
$191,033.
stock and $1.50 a share on $6 preferred stock, were
paid on
Dividends on these stocks are cumulative.
to
7% preferred
May 1, 1939.
Accumulated Dividends—
The
directors have declared a dividend of $3.50 per share on the
7%
pref. stock par $100 and a dividend of $3 per share on the 6%
cum. pref. stock, par $100, both
payable on account of accumulations on
Aug. 1 to holders of record July 20.
Dividends at half these amounts
were paid on May 1 and Feb. 1, last; Dec.
24, Nov. 1, Aug. 1, May 1 and
Feb. 1, 1938; Dec. 24, Nov. 1 and on Aug. 1, 1937.—Current
dividends
eliminate all arrearages on above issues.—V. 149, p. 118.
cum.
Pacific Southern
6 Mos. End. June 30—
Profit from sales of sees.
Investors, Inc.—Earnings—
1939
Total
1937
1936
$23,705
138,960
2,618
$781,104
152,863
6,083
$915,928
74,983
6,849
$145,471
85,000
30,150
revenues
Interest on debentures-.
Research service fees—
$165,283
85,000
19,350
$940,050
85,000
18,900
$997,761
85,000
18,100
Fees of trustees, transfer
agents, &c
General expenses, incl.
10,928
11,340
11,913
9.193
32,063
38,891
x483
33,233
x93,818
33,880
xl25,000
loss$12,671
1,738,482
$10,219
1,806,227
$697,185
1,963,162
$726,588
1,257,129
$2,660,348
$1,983,717
102,860
V 42,105
salaries and taxes—.
Prov. for Fed. inc. taxesNet
Divs.
pref stock
cl. A com. stk__
Fed. stock transfer tax,
Divs.
1938
$3,065
139,751
2,654
Dividends on stocks
Interest on bonds, &c
on
No.
Earned per share
$1,725,811
102,860
$1,816,446
102,861
102,860
167.074
on
prior years
x
10,335
June 30-- $1,622,951
$1,703,250
$2,390,413
$1,838,752
Does not include Federal surtax upon undistributed net
income.
sur.
1939
Cash
Sec. sold & undeliv.
Other Investm'ts.-
1938
Liabilities—
1,785,892
Inv. sec. (at cost);
Common stocks. 5,019,683
Preferred stocks
318,318
3,972,794
434,035
Bonds
Co.'s
tures
127,040
Total
55,449
17,408
6%
gold
debs., series A__ 3,480,000
$3 pref. stock.686,730
notes will be placed
privately without registration.
The total amount
involved, it is believed, makes this the largest
single piece of power and
light company financing on record.
The $95,000,000 of first
mortgage bonds will represent a reduction of
$26,000,000 from the existing mortgage debt of
$121,000,000 first mortgage
4Ksduel98l. The promissory notes are to
bepaidoffattherateof$850,000
a
year over the next 10 years.
The 4^% debentures due 1974
carry a
sinking fund of $850,000 a year beginning in the 11th year on
retirement
of the promissory notes, which
sinking fund will retire approximately
75%
of the issue by maturity.
Thus, this financing program not
only involves
an immediate reduction of the
company's mortgage debt but also commits
the company to a policy of a
steady debt reduction in the amount of
$850,000
a year over the next 35
years, or an aggregate of
approximately $30,000,000.
As a result of the readjustment of the debt
structure, it Is expected that
the new mortgage bonds will qualify as
legal investments for savings banks
and trust funds in the State ot New York.
The registration statement names as the
principal underwriters, Smith,
Barney & Co., The First Boston Corp., Bonbright & Co.,
Inc., and Dillon,
Read & Co.
The proceeds of this financing will be used to retire
the company's entire
existing funded debt, which is represented by $121,000,000 of first
mortgage
4Ms due 1981, of which $102,000,000 are held by the public and
$19,000,000
by Lehigh Power Securities Corp. (parent company), and
$10,000,000 of
6% debentures due 1950, all held by Lehigh Power Securities
Corp. The
bonds held by the public will be redeemed at 104
H and accrued interest,
and the bonds and debentures held by
LehJgh Power Securities Corp. will
be purchased by the company at cost to that
corporation.
In connection
with this financing, Lehigh Power Securities
Corp. is applying for disso¬
lution under the Public Utility Holding
Company Act of 1935 and proposes
to use the cash received for its
holdings of Pennsylvania Power & Light
securities, together with other cash on hand, for the
redemption of its
$23,840,000 outstanding 6% debentures due 2026.
Pennsylvania Power & Light Co. is an operating
company serving
electricity and gas in over 700 communities in eastern
Pennsylvania, in
eluding Allentown, WilkesBarre, Harrisburg, Lancaster, Bethlehem and
Williamsport. In 1938, approximately 93% of its tota
operating revenues
was received from electric service,
5.4% from fgas service and 1.6% from
steam service. The territory served includes
large agricultural and industrial
sections and the important anthracite districts in eastern
Pennsylvania.
The more important industries in the
territory include anthracite mining
and he manufacture of textiles, cement and steel and metal
products. The
industrial portions of the territory include a wide
variety of smaller in¬
dustries.
The total population served
isapproximately 1,683,000.—V.
149, p. 421.
-
Pepsi-Cola Co.—New Sales Manager—
Don
it
a
3,480,000
b Cl. A com. stock
53,620
40,295
7,748
685,737
167,074
78,191
8,076
$7,481,162 $7,735,934
1,573,207
1,703,250
Total
$7,481,162 $7,735,934
Represented by 68,573 shares, no par.
b Represented by shares of $1
par.
c Represented by shares of $0.10 par.—V. 147, p. 3771.
Pennsylvania-Dixie Cement Corp. (& Subs.)- -Earnings
Cost, expense and ordinary tax
Depreciation and depletion
1939
—
Mitchell has
been
appointed Sales Manager of this company,
entire company.
Mr. Mitchell was
in
formerly Chief of the Marketing Division of the Ameri¬
introducing beer
Can Co., in which capacity he was instrumental in
the American market.
cans to
A special meeting of stockholders will be held
on Aug. 1 for the
purpose
new board of directors.
The meeting was called pursuant
by the Chancellor of the State of Delaware.
Holders of record
July 22 will be entitled to vote at the special meeting.—V. 149, p. 421.
a
Directors have declared a dividend of 15 cents per share on the
common
stock, payable Aug. 15 to holders of record Aug. 1.
Dividends of 25 cents
were paid on Feb. 15, last, and on Aug.
1, 1938, and previously regular
semi-annual dividends of 50 cents per share were
distributed.—V. 148,
p.
446.
Philadelphia
Rapid
Transit
Vote
$6,090,347
4,936,184
y498,099
1938
1937
$5,840,836 T $6,321,772
4.951,472 V 4,682,098
y548,682 *
978,511
reorganization under 77.
The directors approved subject to stockholders'
approval and confirmation
by the U. 8. District Court the agreements for acquisition by p. R. t. of
all the property rights and franchises of the
Pennsylvania Rapid Transit
Co., trackless trolley subsidiary, and the Philadelphia Rural Transit
Co.,
bus subsidiary; and the appointment of Drexel &
Co. as agent to receive
acceptances and proxies and to receive and stamp certain securities which
are P. R. T. obligations.—V. 149, p. 119.
Philadelphia & Reading Coal & Iron
Adjourned—
Other income.
$656,064
31,806
$340,682
31,745
Interest.
$687,870
423,384
$372,427
454,027
$661,163
36,531
,
$697,694
499.692
x Profit
$264,486 loss$81,600
$198,002
x Before
Federal income taxes,
y Total depletion and depreciation
charges amounted to $1,273,512, of which $498,099 (basis used for present
Co.—Stockholders
Oct. 16—
A special meeting of the company stockholders has been
called for Oct. 16
to vote their acceptance or rejection of the plan of
a
12 Months Ended June 30—
Net sales
G.
announced on July 18 by Walter S. Mack, President of the
ocmpany.
He will be in complete charge of sales and sales
promotion work for the
was
Philadelphia Insulated Wire Co.—Smaller Dividend—
41,265
(cost)
expenses.
$31,067
c
Divs. & acc'rd int.
Prepaid
1938
$23,939
and not received
163,856
Cl. C com. stock
53,687
53,620 Capital surplus... 1,395,551
Earned surplus
1,622,951
deben¬
receivable
1939
20-year
54,450
own
123,588
$554,576
369,000
$1.50
to an order
$400,730 $1,281,567 Acer. exps. & taxes
32,616 Securities
bought
1,585,349
133,817
$568,963
369,000
$1.54
Company on July 20 filed a registration statement with the
Securities and
Exchange Commission covering $95,000,000 of first
mortgage bonds.
3series, due 1969, and $28,500,000 of 4^% debentures
due 1974,
which issues are to be offered to the
public. In addition, In connection with
this proposed financing,
$8,500,000 of 10-year 2%% serial
promissory
of electing
Comparative Balance Sheet June 30
Assets—
33,459
$185,686
369,000
$0.50
—V. 148, p. 2439.
can
Earned
69,804
$285,871
369,000
$0.77
income
shares
Pennsylvania Power & Light Co.—Registers with SEC—
$123,500,000 Bonds and Debentures—
$5,826,310
3,984,787
x
Prov. for Federal income
and capital stock taxes
To Issue
$6,001,694
3,978,327
Net oper. revenues
Profit
Subs.)—Earnings—
1939—Month—1938
$498,559
$468,332
336,287
318,212
Operating revenues
Total oper. rev. deduc'ns
1939—6 Mos.—1938
$828,629
.
Pacific Power & Light Co. (&
Subs.)—Earnings-
1939—3 Mos.—1938
$1,120,083
Net
assets
of this department.—V. 148, p. 3695.
See list given on first
page of this department.
of June 30, 1939 shows working capital
Notes and accounts receivable, net
per share.—V.
page
__
follows:
Net current
first
Investment Fund, Inc., Los Angeles—
Registers with SEC—
common now
outstanding.
The balance sheet (unaudited)
on
Pan American
64.723
x No
allowance is made above for Federal income tax and surtax on
undistributed profits,
y Net income per share is based on 224,752 shares
$5 par common now outstanding.
The earnings for 1937 are before deduct¬
given
Corp.—Registers with SEC— "
Co.—Hearings
Special Master Howard Benton Lewis on July 18 adjourned without
date
hearings on the plans of reorganization for the company under
Section 77B.
It was indicated that hearings on the plan
may not be
resumed until the
Federal District Court passes upon the question of
solvency of the debtor
company, although a hearing is scheduled for July 24 on petitions of Phila¬
delphia committees for the refunding and debenture bonds for
permission
to solicit assents to the amended plan of June
30, 1939.
Prior to such determination the Court
may consider the appointmait of
an examiner to make an investigation of
the affairs of the
company.
The
I
Circuit Court of Appeals on
Federal Judge Dickinson,
June 30 directed
himself, to hold hearings on the
petitions for appointment of a trustee or
well as to determine whether the company is
solvent or insolvent before he considers any plan of reorganization.
The next legal move in the reorganization of the company, therefore,
would appear to be action by Judge Dickinson on the question of solvency
and also on the petitions for the appointment of an examiner or trustees.
No dates have been fixed so far by Judge Dickinson for hearings in these
examiner of the company as
besides
July 24 on petitions of Philadelphia committees
amended plan, hearings are scheduled for Aug. 2 on
the hearing on
to solicit assents to the
proceedings filed against Archibald Palmer, of New
debenture holders.—V. 149, p. 266.
contempt
for
670,603
128,784
Federal income tax)
$1,616,466
676,000
Interest charges
Retirement expenses
11,506
deductions
92,359
240,395
—
(or depreciation)
Balance available for
dividends—
$596,205
-
Liabilities—
.......——$26,267,688
capital
Cash
1,396,128
1,033
156,032
78,868
154,220
5,116
—
Notes receivable
receivable
Accounts
Materials and supplies
Investments—General
18,431
8,358
Prepayments
Special deposits,
Unamortized
debt
Capital stock—Preferred
$3,200,000
2,500,000
Common
Funded
16,900,000
31,094
indebtedness
Consumers' deposits
Other current liabilities
31,873
__
Main Extension deposits
Reserves
Other current assets.—
discount
261,013
and expenses
564,353
190,451
233,506
13,451
2,689,871
Surplus
an
taxes
Accrued interest—-•
Other accrued liabilities
Securities and Exchange Commission on
proceedings against the company's stock.
proceedings were instituted May 25 to
149,
shares of no-par
The entire issue
$28,393,636
Total-
Philippine Ry.—New Group Asks Deposit of Bonds—
of the company has sent to
bondholders a letter requestung deposit of bonds.
It is wholly independent
committee, having no connection with the one organized in February, 1937,
of which William P. Bruckner Jr. and William J. Gillespie were chairman
and vice-chariman.
[These latter two were recently found guilty of using
the mails to defraud.]
The certificates of deposit to be issued by the new committee have been
registered with the Securities and Exchange Commission, and it is planned
to make application to list the certificates on the New York Stock Exchange.
O. Oliver Wellington, chairman of the new committee, is a member of
the accounting firm of Scovell, Wellington & Co., and is a bondholder.
Otner memoers of the committee are Hall Park McCullough of the law firm
of Davis, Polk, Wardwell, Gardiner & Reed, representing an estate which is a
bondholder, and Adolphe Baossevain, who has been selected by the Amster¬
dam Stocic Exchange to represent holders living in Holland.
Wadsworth
Garfield is secretary of the committee and Root, Clark, Buckner & Ballantine are counsel.—V. 148, p. 3697.
new
committee for the 1st mtge. bonds
Counsel alleged that the statement was
The SEC
Pittsburgh Brewing Co.—Accumulated Dividend—
that royalties paid
President of the company, were
with the President of
the company.
of
business
the
company
covered processes and products entirely
and
foreign to that business, according to the SEC.
The statement and the company's prospectus was subsequently amended
to include this information, the Commission said, apparently correcting the
deficiencies.
The SEC on July 17 allowed the amendments to become
effective and accordingly the stop order proceedings were dismissed.—V.
149, p. 267.
Prudential Investors, Inc.—Earnings—
Income Account 6 Months
the
$3.50 cumui.
pref.
$14,477
$176,349
30,908
$137,395
27,676
8,775
$231,770
35,395
8,124
$195,861
7.511
$137,930
127,866
$100,943
136,158
$188,251
138.888
$154,079
138,888
$10,064
def$35,215
$49,363
$15,191
Period End. June 30—
Expenses
Taxes paid and accrued.
Net income
Preferred dividends
—
Liabilities—
Div. pay. on
(at cost):
Invests,
335,099
Bonds
335,099
1,140,073
8,083,206
Gross income
Interest
on
mtge. bonds
Other interest and deduc.
stocks
1,242,863
Common
stocks
7,987,707
mand deposits.
398,099
548,307
2,625
Furn. & fixtures..
to
$734,896
Dr3,981
Net oper. income
Non-oper. income (net).
$66,039
40,604
4,481
$55,151
$730,915
487,250
50,298
Bond interest
Federal
come
taxes
(incl.
$479,601
233,851
223,363
$6,161,531
2.930,289
$6,088,790
2,913,335
78,393
78,340
275,000
914,874
897,069
4,600
66,752
53,823
22,748
273,301
300,865
$160,069
$150,550
5,071
$1,701,315
$1,923,698
46,162
$162,651
58,362
33
8,942
$155,621
$1,720,913
700,337
16,722
117,575
$1,969,860
58,362
1,965
9,182
$90,042
$919,723
$55,816
$52,176
$647,952
$1,199,379
$624,036
in¬
tax)
Gross income
Other interest (net)—Cr.
Other deductions
Net income.
Net income
x
*1939—12 Mos.—1938
$501,285
2,582
19,598
674.556
12,847
108,772
658
$194,025
Hampshire—Earnings—
$95,380
Dr306
138
9,966,394 10,204,107
Total
23.254
$764,148
$221,936
3,750,716
1938 storm
Dr425
24
3,496,862
1939—Month—1938
and State taxes
$20,954
$10,247
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Capital surplus
371,670
5,718
Operating re venues
Operating expenses
Extraordinary exp. due
$55,576
Interest charged to con¬
struction'—Cr
15,121
6,000,000
Capital stock
x Aggregate market value of the investments as of June 30,
1939 was
$8,167,403, as of Dec. 31, 1938, $9,994,888; taxable cost as of June 30,
1939 was $9,534,683 as of Dec. 31, 1938, $9,599,337.
y Represented by
41,094 shares $6 cumulative preferred stock and 500,000 shares common
stock, both of no par value.—V, 148, p. 2441.
$3,396,532
2,661,636
54,794
26,158
6,000,000
381,734
Reserve for taxes.
$9,966,394 10.204,107 l
Total
$3,452,885
2,688.737
487,250
66,600
1
Accrued int. rec'le
$267,138
211,562
$763,842,
$
61,641
stock
90,000
4,750
2,672
1
_
Dec. 31/38
$
pref.
U.S.Govt, securs.,
$277,261
211,414
40,604
4,324
12,523
Operating surplus.
Preferred
Cash in banks—de¬
192
Net oper. revenues
Other income (net)
JuneZ 0,'39
June30,'39 Dec.31, '38
Assets—
x
$65,847
Operating revenues—„
Total oper. rev. deduc.
29.259
Comparative Balance Sheets
State and municipal taxes
Social security. Federal
1939—12 Mos.—1938
1939—Month—1938
217,069
225
—
Period End. June 30—
Portland Gas & Coke Co.—Earnings-
.
$40,043
154,580
1.238
$13,625
123,769
Public Service Co. of New
Pittsburgh Steel Co.—Options Exercised—
Company has notified the New York Stock Exchange that options aggre¬
gating 4.750 shares of common stock of the company have been exerised
by officers and employees at $12.50 per share, leaving 4,750 shares subject
to said options.—V. 149, p. 422.
1936
1937
$9,342
167,007
Miscell. income
Surplus
Ended June 30
1938
1939
Accts. receivable..
of $1 per share on account of
stock, no par value, payable
Aug. 5 to holders of record July 25.
Li*ce amount was paid on June 3,
last, Oct. 15 and Aug. 15,1938, and compares with 50 cents paid on June 11,
1938; $1 paid on Oct. 29, and on Aug. 16, 1937; 50 cents paid on June 10,
1937; $1 paid on Nov. 20, 1936, and dividends of 50 cents per share paid on
Aug. 18, and June 12, 1936, Oct. 19, 1935, and on Oct. 20, 1934, this latter
being the first disbursement on the preferred stock since the third quarter
of 1920 when a regular quarterly dividend of 87 H cents per share was paid.
—V. 148, p. 3080.
The directors have declared a dividend
on
deficient in that it failed
under patent contracts with John W. Leighton,
in addition to the salary he received as
President.
The Commission Counsel also claimed the statement was de¬
ficient in that it failed to disclose that these patents contracts were made
to disclose
(at cost)
accumulations
_
stock
Total income
A
,
determine whether the
the company covering 11,299
common stock filed June 22, 1936, should be suspended.
was distributed to holders of the company s outstanding
the registration statement of
effectiveness of
119.
P.
July 17 dismissed stop
The
Interest
$28,393,636
Total
Case
Inc.—Stop-Order
America,
of
Metals
Cash dividends
-Y.
120,000 kw.—V. 148, p. 3697.
installed capacity of
Pressed
2,039,035
Accrued
46,749
debits
Undistributed
have
The patents covered steel parts used in independent wheel suspension
assemblies and were conceived by Mr. Leighton while not engaged in the
Balance Sheet June 30 1939
A.88Pt8'^mm
Fixed
arUpon the completicm^of the work in the fall of 1940 the Buzzard plant will
order
maintenance)
tax
,
the present power station building
turnbine generating unit with its auxiliaries, the electrical
switching apparatus and a boiler installation having a capacity of 525,000
pounds of steam per hour.
A new intake screen well at the river with a
condensing water tunnel to the station and an extension coal handling plant
The
Ended June 30, 1939
Net earnings
Federal income
.
to house the new
$2,415,852
Amortization and other
by the Power Company to design
Dismissed—
Gross revenues
Operation (including
Taxes (not including
installation
designed and constructed the original
plant ana were recently retained
the new facilities.
The work will include an extension to
and construct
Co.—Earnings-
Philadelphia Suburban Water
Earnings for the 12 Months
Engineering Corp. who
July 22, 1939
at this
York, counsel
small group of
a
Chronicle
The Commercial & Financial
586
*
430,167
430,167
$208,231
Balance (deficit)
$236,142
x Dividends accumulated and unpaid
to June 30, 1939, amounted to
$2,261,245. Latest dividends, amounting to $1.25 a share on 7% preferred
stock and $1.07 a share on 6% preferred stock, were paid on Oct. 1, 1938.
Dividends on these stocks are cumulative.—Y. 149, p. 120.
Postal
Telegraph
&
Cable
Corp.-
■Steps
Taken
to
Facilitate Lehman-Stewart Plan—
The way was cleared further July 20 for
Lehman-Stewart bondholders' reorganization.
The Federal Communications Commission
early consummation of the
order approving
the transfer of control of several radio and telegraph licenses held by two
Postal subsidiaries, Mackay Radio & Telegraph Corp. of Del. and Mackay
Radio & Telegraph Corp. of Calif., to the newly incorporated concern,
Commercial Mackay Corp.
The latter, under the plan, will assume owner¬
ship of Postal's cable and radio properties and will in turn be controlled
by an intermediary holding company subsidiary of International Telephone
& Telegraph Corp.
The other step calculated to facilitate consummation of the LehmanStewart plan was extension
by International Telephone & Telegraph Corp.
of its contract with the bondholders' committee to Aug. 3 from July 24.
This contract provides for transfer of stocks from present subsidiaries of
Postal to new companies which would be set up under the plan.
The
extension was given in order to permit the Lehman-Stewart groups to
obtain a ruling by the New York State P. S. Commission on applications
for authority to transfer stocks of several telegraph and cable subsidiaries
to newly created corporations, after the hearing before the whole Com¬
mission
The
on
issued
an
this step next Wednesday.
FCC's order
approving transfer of Mackay
Radio & Telegraph
licenses was conditioned upon the rejection by the United States Circuit
Court of Appeals in New York of appeals for reversal of District Court
Judge Alfred O. Coxe's June 30 order affirming the Lehman-Stewart
plan.
Two appeals from Judge Coxe's order have been made on grounds
that the plan is not fair, equitable, and feasible, and a hearing has been
July 24 to determine what portions ofthe record
of the reorganization proceedings should be filed with the Circuit Court
set in District Court for
relating to two other appeals which
are under consideration.—V. 149. p.
Potomac Electric Power Co.—Construction
422.
of 50,000-kw.
Power Plant Extension—
Construction of the 50,000 kw. extension to the Buzzard Point Plant of
the company
in Washington has just been started by Stone & Webster
Pref. div. requirements.
The estimated expense of the storm of Sept., 1938 is $275,000.
All of
this amount has been Icarged against 1938 operations.—V. 148, p. 3856.
Puget Sound Power & Light Co.—Lower Rates Filed—
Voluntary rate reductions aggregating $700,000 annually were filed with
Washington State Public Service Commission by this company.
New
rates would be effective Sept. 1 and would reduce charges In City of Seattle
by about $184,000 annually and. outside city by about $510,000 annually
—miscellaneous rate cuts would bring total reductions to about $700,000
a year.
Reduction is largest single rate cut in the history of State of
Washington.—V. 149, p. 422.
Quincy
Market
Cold
Storage
&
Warehouse
Co.-
Accumulated Dividend—
Directors have declared a dividend of 50 cents per share on account of
accumulations
on the 5% cum. pref. stock, par $100, payable Aug. 1 to
holders of record July 20.
Accruals after the current payment will amount to $4.25 per share.
V. 148, p. 2602.
Radio-Keith-Orpheum Corp.—Reorganization Plan Ap¬
proved by a Unanimous Decision of Federal Circuit Court,
Effective at Once—Ruling Rejecting Pleas of Three Opponents
Removes All Obstacles, Counsel Says—
The plan of reorganization of the corporation, submitted last year by
Federal Judge William Bondy was
approved July 18 by a unanimous decision of the U. S. Circuit Court of
Appeals.
Hamilton C. Rickaby, counsel for Atlas, a large holder of
R.-K.-O. securities, announced that effectiveness of the plan would be
Atlas Corp. and confirmed recently by
immediate.
The Court's decision, which rejected the appeals argued on behalf of three
appellants, has cleared away all legal obstacles to the fulfillment of the
plan, Mr. Rickaby said.
The proceedings which are now culminated
in action were begin in
1933, after R. K. O. had been suffering heavy losses for two years.
In
1933, the corporation went into equity receivership, and the next year it
filed plans for reorganization.
In 1936 Atlas Corp. submitted a plan of
reorganization which had to be amended last year. because of new difficulties.
Meantime, however, the organization's obligations of $1,800,000 se¬
cured notes, constituting a first lien on virtually all of its assets, were
reduced to $50,000.
Debentures and unsecured notes remained at $12,700,000 and $12,000,000, respectively.
Holders of secured notes will
not be affected by the reorganization, and other creditors will receive
preferred or common stocks in the reorganized corporation.
Volume 149
The Commercial & Financial Chronicle
The decision upholding the plan was written
by Judge Robert P. Patter¬
son, with Judges Learned Hand and Harrie B. Chase
concurring.
It
rejected the appeals of Hugh Cassel and his
co-partners in H. Cassel & Co.,
the Copia
Realty Corp. and Ernest W. Stirm.
on the plan, Judge Patterson wrote that
Judge Bondy,
in approving tne
plan, had not been called on to decide whether it was the
only possible solution to the corporation's problems.
Commenting
Directors have declared an Interim dividend of 50 cents
per share on the
payable Aug. 15 to holders of record
™y25.
Like amount was
paid on May 15 and Feb. 15, last, and on Nov.15
1938, and dividends of 60 cents
per share were paid on Aug. 15, May 16,
Feb. 15 and Jan. 3.
1938.—V.
common and class B common
stocks
148,
"The corporate structure was
intricate," he wrote.
"The demands of
the secured creditors, unsecured creditors
and stockholders were conflicting.
The demands were met in a
way that met with the
majorities
each
The
group.
plan
did
break
not
the
priority
of the
unsecured creditors and stockholders.
Under the circum¬
stances, we cannot say that the
rights of the debenture holders were sacriced in favor of junior parties."
over
Trustee Receives Permission to Constitute Board—
Federal
Trust
Judge
Co.,
as
William
trustee,
Bondy
on July 20
constitute the new
to
Radio-Keith-Orpheum Corp.. all
Bondy.
The
gave authority to Irving
board of 13 directors for
of whom have been approved by Judge
board
will function
ganization is consummated.
new
as
soon
as
R-K-O's
plan of reor¬
Hamilton C. Rickaby,
attorney for Atlas Corp., which sponsored the
plan of reorganization, stated that the
proposed underwriting agreement
will be completed within a few
days and will be submitted for the Court's
approval within 10 days.
Under the plan of
reorganization, Atlas Corp. has agreed to underwrite
or to secure
satisfactory underwriters for $1,500,000 additional working
capital for the company to be obtained
by the sale of additional common
stock.
The offering price, terms and other conditions
are to be approved
by the Court and the stock will be offered to unsecured creditors and to
Rockefeller Center.—V. 149, p. 267.
Railway & Light Securities Co.—Earnings—
6 Mos. End. June 30—
Int. on bonds and notes.
Cash
1939
$115,983
86,126
Int. and other charges on
$100,821
101,412
$90,760
158,356
$202,233
33,106
$249,116
40,732
$233,671
37,927
Calendar Years—
Gross oper.
1937
88,000
Total income
Operating
Int. charges and amort.
of discount
88,000
88,000
securities. '
1939
1938
Bonds and notes..$4,004,958
Stocks
4,100,732
Accept, notes
Cash...
Liabilities—
1939
83,538.416
1938
Conv. collat. trust
4,396,708
4X % bonds due
rec.
499,721
239,002
926,817
Acc'ts receivable.Acer. int. receiv.,
51,750
563
67,886
58,835
Unamort. bd. disc.
97.500
103,500
Oct. 1, 1955
599,197
Accounts
Coupon int. accr'd
42,500
42,500
Tax
Balance, surplus
2,146,447
408,592
1,1932).-,
362,681
phonograph records of
its
Accts. rec.
(others)
injunction be issued in favor of RCA
broadcasts of Victor and Bluebird records.
Injunctive relief is also directed
in favor of RCA
Manufacturing Co. and against Paul Whiteman from
further asserting, either
directly or through National Association of Per¬
otherwise, that he has the right to prevent or permit
and Bluebird phonograph records
embodying
his performances unless an
express reservation of this right was made in
his contract of
employment.
NAPA is an association recently organized
to assert the claims of certain
performing artists that they have the right
to control the commercial use of
records of their performances.
Even
where a reservation was made
by Whiteman with respect to radio broad¬
casts of his records, injunctive relief was
directed in favor of RCA Manu¬
facturing Co. against Whiteman from further
asserting that he has the
sole and exclusive right to
prevent or permit radio broadcasts of RCA
or
of Victor
Manufacturing Co.'s records embodying his performances.
Officers of RCA
Manufacturing Co. stated that its counsel are carefully
considering the legal effect of the decision.
The
company plans to adopt
policy under which it wilt make many Victor and Bluebird records avail¬
able for broadcasting
purposes upon payment by broadcasters of a reason¬
a
able fee; also, it is contemplated that such
fees will be
between the recording artist, the
equitably divided
copyright proprietor and the record
that reasonable compensation
may be derived for groups
which have heretofore complained or uncontrolled
broadcasts of records,
and full justice done to the
artist, the copyright proprietor and the record
manufacturer, as well as to radio broadcasters themselves.
so
Engines, Inc., Kansas City, Kan.
—Registers with SEC—
icome
113,512
26,854
1939—12 Mos.—1938
$8,064,166
$8,111,846
380,381
Corporation has acquired the business, goodwill, and trade names of the
Shaw Jewelry Co. of Texas.
This acquisition brings the number of units
in the Reliable system to 24 stores.
The Shaw company has been successful
for
the past 25
store systems
years
and is
Period End. June 30—
Profit
Interest
Deprec. and depletion._
Federal income taxes—
Net profit
a
one
operating retail jewelry stores in
of the outstanding retail jewelry
in that section of the country, it
Republic Steel Corp
Operating profit
Adjust, of minority int.
80,714
552,439
1,975,000
affil.
(not
cos.
472,034
448,509
Accounts payableAccrued taxes
550,916
198,903
424,327
599,257
687,006
Other accr'd exps.
1,240,155
re¬
114,294
254,389
232,676
196,708
190,506
328,598
328,598
subs.)
Cust.dep. & tokens
outstanding
stricted deposits
356,970
bl5,l62
Plants & prop'ties.83 ,620,987
83,020,406
Construction work
Pref. & cl. A divs.
Funded
debt
of
subsidiary cos..34,801,500 34,813,600
1 ,216,810
1,269,694
Reserves
2 ,039.701
2,151,902
Min. int. in United
pense
and
sus¬
13,815,411
credits—.14,158,481
Electric
124,247
120,341
Rys
Pref. stock ($27.50
13,632,465
CI. A stk. ($55 par) 4.440,425
4,440,425
Cl. B stk. ($6 par) 13,609,002 13,609,002
Cons, earned surp. 5,495,486
6,182,876
—
...91.980,053 91,207,483
Includes notes receivable,
a
sidiary.—V. 146,
p.
-.13,632,465
Total
91,980,053 91,207,483
b Restricted deposits
only,
c
Of
sub¬
a
2867.
Rochester Telephone Co.—Ordered to Cut Toll-Call Rates
See New York Telephone Co. above.—V.
Rome Cable
149,
p.
267.
Corp.—New Director—
a
director of this corporation.
—V. 149, p. 121.
St. Louis Southwestern
Ry.—Reorganization Hearings
Adjourned to Sept. 18—Walter E. Meyer Charges Earnings of
Company Impaired Through Present Control Set-Up—
By order of Jan.
10, 1939, the Interstate Commerce Commission by
a
of seven to four, reopened the proceedings in connection with the
plan of reorganization, for the purpose of receiving evidence and developing
facts in respect to the matters alleged in the petitions for investigation, re¬
consideration and reopening filed by Walter E. Meyer, New York.
Mr. Meyer served as a director of St. Louis Southwestern for the year
1926 to 1927 and also for the years 1929 to 1933 inclusive, elected through
vote
the vote of the minority stockholders.
For many years Mr. Meyer was
Chairman of St. Louis Southwestern Stockholders' Protective Committee,
and
on several occasions actively intervened in behalf of
security holders in
proceedings before the Commission.
In his petitions Mr. Meyer charged that the past earnings of St. Louis
Southwestern were seriously impaired, first, through control by Kansas
City Southern of St. Louis Southwestern in violation of the Clayton Act,
and subsequently by Southern Pacific Co. after it had become the owner or
87% of the stock of St. Louis Southwestern, involving an investment of
$19,493,000.
In his petitions he asked the Commission to investigate
whether the filing of the petition for reorganization of St. Louis South¬
western was prompted by an ulterior motive.
In a supplemental memorandum filed with the ICC on Nov, 23, 1938,
Mr. Meyer charged that Southern Pacific Co. failed to exercise its com¬
petitive power in behalf of St. Louis Southwestern.
Eighty-two stockholders owning $3,208,300 par value preferred and
common stock, out of a total outstanding stock or the par value of
$4,682,900 not owned by Southern Pacific Co., and 1.183 bondholders of St. Louis
Southwestern, owning $3,570,750 par value of bonds, joined in the petitions
for an investigation.
.
In connection with the reopening of the proceedings hearings were held
in Washington before Commissioner Aitchison and Examiner Walsh for
19 days from May 5 to May 27, 1939.
Mr. Meyer testified for the purpose of substantiating the allegations of
his petitions.
Thompson A. Hamilton, formerly President of the Inter¬
,
national-Great
Northern
and
Vice-President
of
St.
,
,
Louis-San
,
,
Francisco,
Corporation, was called by Mr.
witness. Mr. Ham ilton in 1929 and 1930 had been retained in
behalf of minority stockholders and had made reports on St. Louis South¬
western.
A large num ber of witnesses testified for the purpose of contro¬
verting Mr. Meyer's allegations.
The hearings nave been adjourned to Sept. 18.—V. 149, p. 122.
as a
was stated.—V.
148, p. 3856.
Period End. June 30—
1939—3 Mos.—1938
Operating revenue
$1,128,555
$1,129,289
Oper., maintenance, ad¬
179,126
ministration, &c
145.567
Taxes (other than income
81,624
taxes)
59,394
Net oper. revenue
Int.
on
$2,292,570
300,764
276,606
145,347
118,810
$1,813,840
44,383
$1,897,154
$1,902,498
704,693
funded debt
1 939—6 Mos.—1938
$9,002,039
$1,639,598
Dr3,165
Cr21,489
$8,998,874
2,101,010
5,509,553
305,000
Prov. for income taxes.
$926,069
350,199
324
$1,858,223
694.503
3,441
42,414
184,711
64,437
42,268
178,547
69,940
84,827
361,280
141,804
126,322
350,530
148,564
$252,287
68,752
210.000
$284,790
68,752
262.500
$572,369
137,503
472,500
$571,842
137,503
525,000
1,741
Amort, of exp. of issues
$4,506,069
1,045,228
2,735,427
175,000
$924,328
$893,786
346,960
2,977
Other income
Total income—
(& Subs.)—Earnings—
1939—6 Mos.—1938
$2,259,952
$867,805
25,981
1939—3 Mos.—1938
$4,509,608
$914,074
Dr3,539
Cr7,635
$921,709
1,084,696
2,693,330
$550,412 a$2,856,317
Loss.—V. 148, p. 2441.
1,759,223
83,809
1,328,189
Notes pay. to bks_c2,360,000
Accts. payable to
Saguenay Power Co., Ltd. (& Subs.)—Earnings—
171,431
Acquires Texan Store—
Texas
Association
Inventories of sup¬
plies & appli'ces 1 ,048,962
Prepaid taxes, ins.
Meyer
Corp.—Sales and Earnings—
Period End. June 30—
1939—3 Mos.—1938
Consol. net sales
$2,221,138
$1,844,042
Consol. net profit after
grov. for Fed. normal
taxes
*
and now with the Reconstruction Finance
See list given on first page of this
department.
Reliable Stores
rec.
1937
$
New Eng. Power
James Inglis of Detroit has been elected
manufacture, accord¬
997,993
1938
Liabilities—•
50,938
v
broadcasting industry against that of the record manu¬
were carefully studied
Rearwin Aircraft &
$
(not
cos.
subs.)
Total
Manufacturing Co. and against W. B. O. Broadcasting Corp.,
operator
Station WNEW,
permanently restraining the further unauthorized
manufacturer
1937
849,955
of
broadcasts
def$89,629
356,598
Its counsel also filed extensive briefs
which
forming Artists,
$161,263
par)
ing to the decision of Judge Vincent L. Leibell of the U. S. District Court
for the Southern District of
New York, just announced.
Although not a party, National Association of Broadcasters
appeared in
the action by its counsel and was
permitted by the Court to argue the
radio
$41,609
2,146,447
Co., Inc.—Injunction Granted—
an
322,940
1,270,173
2,113,600
Company, complainant in an action against Paul
Whiteman, W. B. O.
Broadcasting Corp, and Elin, Inc., has established its right to control
the
has directed that
$2,222,756
991,452
322,940
1,247,492
74,386
(cust.).al ,887,934
affil.
oiders in prog..
Raybestos-Manhattan, Inc.—New Secretary—
The Court
$2,723,147
991,452
322,940
def$688,792
Accts. receiv. from
counts and exps.
William H, Dunn,
Comptroller and Assistant Treasurer, has been
elected Secretary to succeed the late Morton
F. Judd.—V. 148, p. 3081.
by the Court.
$2,626,174
991,452
Unamort. debt dis¬
Tofal.....-.-.$9,121,548 $9,624,035
Represented by 163,140 no par
shares, of which 28,160 are non-voting
•ommon shares,—V.
148, p. 3698.
facturer.
1,510,406
1,170,777
x
position of the
1,569,419
,178,460
Total.-.-.. —.$9,121,548 $9,624,035'
of
1
8,506
Jan.
by radio broadcasters
Cr604
1,653,804
Notes & adv. pa'ble to
hand.
31,704
_
1,829,446
38
$
15,150
Common stock.
2,038,088
230
Cash In banks and
31,704
Special surp. (prof,
from cap. trans¬
actions).Earned surp. (since
1,417,336>
Consolidated Balance Sheet Dec. 31
AsseCs—
liability
2,113,600
$17,020,148 $16,921,893 $15,880,678
6,998,527
6,683,741
6,290,910
1,294,657
1,267,168
1,194,468
1,260,132
1,310,759
1,293,361
1,769,286
1,329,532
1,539,933
1,526,061
Res. for pref. divs.
Pref. stk. 6% cum.
C$100 par)
1 935
Crl ,747
Consol. net income
$1,895,773
Divs. on preferred stock
991,452
Divs. on class A stock._
322,940
Divs. on class B stock--,
1,270,173
$4,000,000 $4,000,000
74,725
x
use
Rys
& other expenses
875
1 936
in earnings
of Un. Elec.
Depreciation
Sinking fund &
payable.
ser A
RCA Mfg.
1,426,160
Minority int.
1938
Balance Sheet June 30
Assets—
6,642,700
1,304,774
1,560,725
1,730,979
_
Taxes
Net
on
$ 16,085,423
expenses
Purchased elec. energy.
Maintenance
1936
income
$79,807
$81,126
$120,384
$107,744
Note—The above statement of income does not
include realized and un¬
(& Subs.)—Earnings
1 937
$11,237,384 $il,817,495 $11,602,370 $10,852,316
Gas sales
176,149
185,931
191,307
198,726
Rev. from
transports
4,322,772
4,566,507
4,722,468
4,508,013
Other oper. revenue—
215,241
224,876
236,419
216,357
Other income
133,876
225,339
169,328
105,266
Accts.
88,000
realized profit and loss
1938
Electric sales
on
funded debt--
2441.
revenue—
$110,484
123,187
$202,109
34,302
dividends.
Total int. & cash divsExpenses and taxes
1938
p.
Rhode Island Public Service Co.
approval of the requisite
in
debentures
587
(R. J.) Reynolds Tobacco Co.—Interim Dividend—
Other
of
interest
bonds,
preferred
$1,661,087
2,180,717
5,399,251
stock
.
Net inc. for the period
dividends
Common dividends
—V.
148, p. 2604.
546
and
Prov. for depreciation—
Preferred
$1,083,311 a$5,918,881
notes
5,344
The Commercial & Financial
588
Safeway Stores, Inc. (&
Net profit after depreciatlon and taxes
Shares
stock
com.
No
X
V.
148,
802.156
798,926
$1.59
$1.26
made for Federal surtax on undistributed profits.—
806,560
$1.31
806,599
$2.96
share.
per
$2,855,402 *$1,541,286 *$1,764,256 x$l,479,767
out¬
standing (no par)
Earnings
1936
1937
1938
provision was
p. 3857.
Consolidated Gas & Electric Co.—Earning
San Diego
1939
$8,611,038
Years Ended May 31-
Operating revenues
Operation.
Maintenance and repairs...
—
- —
3,105,144
653,233
1,360,000
—
— *
570.112
1,310,000
460
investments.
Taxes (other than income taxes)
Provision for Federal income taxes
1938
$8,170,718
2,990,923
„
Depreciation
Amortization of limited-term
i
1,218" 441
1,035,104
-
Union
Shell
Subs.)—Earnings—
1939
6 Mos. End. June 30—
279,240
198,310
$2,177,857
469
$1,882,931
1,213
$2,178,326
620,000
$1,884,144
620,000
Chronicle
July 22, 1939
Oil Corp.—$85,000,000 2 lA% Debentures
Offered—A banking group headed by Morgan Stanley &
Co., Inc., offered July 19, $85,000,000 15-year 2^% debs,
due July 1, 1954.
The debentures were priced at 97 M and
yield 2.683% to maturity. Distribution of the issue,
interest-bearing industrial loan to
reach the market in many years, is being effected by the
underwriting group of some 85 members and a selling group
comprising more than 700 dealers throughout the country.
Associated in the offering are Kuhn, Loeb & Co.; Smith,
int. to
which marks the loweit
Barney & Co.; Harriman Ripley & Co., Inc.; First Boston
Corp.; Blyth & Co., Inc.; Lehman Bros.; Lee Higginson
Corp.; Hay den, Stone & Co.; Lazard Freres & Co.; Dominick
& Dominick and a list of 74 other houses.
commissions on the offering amount to $1,proceeds to the company of $81,812,500,
price of 96H per unit.
Debentures are dated July 1, 1939; due July 1, 1954.
Interest payable
J & J
Coupon debentures in denom of $1,000, registerable as to principal.
Registered debentures in denom. of $1,000, $5,000, $10,000 and authorized
multiples of $10,000.
Coupon debentures and registered debentures, and
the several
denom. of registered debentures, interchangeable.
Semi¬
annual sinking fund of $1,500,000 payable each Jan.. 1 and July 1 from
Jan. 1, 1943 to Jan. 1, 1954, inclusive, to be applied to the purchase of
debentures at not exceeding the principal amount thereof and, if not so
obtainable, to the redemption by lot of debentures at 100% thereof.
Also
redemable at the option of the company in whole at any time, or in part on
any interest date in principal amounts aggregating not less than $5,000,000,
on not less than 30 days' notice, to and incl. July 1,
1944, at 102 H%',
thereafter, to and incl. July 1, 1946, at 102%; thereafter, to and incl.
July 1, 1948, at 101 H%: thereafter, to and incl. July 1, 1950, at 101%;
thereafter, to and incl. July 1, 1952, at 100 M%; and thereafter, at 100%;
plus accrued interest in each case.
Company—Incorporated in Delaware on Feb. 8, 1922.
Is primarily a
holding company.
Its subsidiaries are engaged principally in producing,
refining, transporting, buying and selling crude petroleum and products
derived therefrom at wholesale and retail.
Subsidiaries own oil and gas
properties, pipe lines, refineries and marketing facilities.
Over 64.35%
of the company's common (voting) stock is owned by the Batavian Petro¬
leum Co., The Hague, The Netherlands, which is in turn owned by Royal
Dutch Co. for the Working of Petroleum Wells In the Netherlands Indies,
The Hague, The Netherlands (60%) and the "Shell" Transport & Trading
Co., Ltd., London, Eng. (40%).
Underwriting discounts or
275,000, or IH%. leaving gross
Net operating income.
.........
Other income
income
Gross
.... — .
Interest on funded debt
Amortization of debt discount
Other interest (bet)
1,280
Miscellaneous
7,670
61,954
Cr40,146
3,050
$1,487,422
$1,239,286
61,954
and expense
Net income
—V.
149,
122.
p.
Sears, Roebuck &
Co.—Sales—
1939—4 Wks.—1938
1939—24 Wks.—1938
....$44,573,662 $35,901,536 $277488,537 $224986,360
Period End, July 16—
Sales
3857.
—V. 148, p.
Inc.—Earnings—
Selected Industries,
Income Account 6
Months Ended June 30
•
1939
1938
1937
1936
$46,575
$41,800
$54,091
$87,661
corp.'s own stk. held).
613,109
525,854
901,501
728,440
Miscellaneous income—
——
.
Interest income—
Dividends (excl. divs. on
$659,684
expenses
Interest
-
$962,166
$816,102
48,751
76,896
43,384
128,506
69,651
34.994
112,008
36,097
26,836
79,550
100,000
35,202
Service fee
Taxes
$567,654
41,064
Total income
General
6,574
.
130,817
29,784
over-accrual
stock tax
-
Dividends
...—
$292,405
$685,631
$580,727
699,750
713,981
829,138
318,239
1,552,484
$295,883
on
Crll ,000
$403,867
Net income
$421,576
$461,746
$971,757
$5.50 cum.
prior stock....
Divs. on conv. stock
Deficit..
Capitalization Outstanding as of Dec. 31, 1938
60.434
Prior years
of cap.
before deducting expenses, or a
due March 1
15-year 3 lA% debentures
$60,000,000)
-
—
1951 (authorized
—
-
x$57,427,000.00
fund debentures, due June 1, 1953
(authorized $25,000,000)
x25,000,000.00
5M % cumulative convertible preferred stock (par $100)
(authorized and outstanding 360,380 shares)
y36,038,000.00
Common stock, no par or stated value (authorized 20,000,000 shares; outstanding 13,070,625 shares) — -—— z233,672t821.38
x Company intends to apply the proceeds from sale of the new debentures
15-year 3%% sinking
toward redemption of these
y
debentures.
Conversion rights expired July 1, 1935.
Includes 19,280 shares held
in treasury.
Balance Sheet June 30
649,750 shares are reserved for the exercise of warrants
share) which expire Oct. 1, 1939.
z
1939
Cash
%
4,089.533
963,351
—
34,038,336
x33 ,789,651
61,856
164,750
sold
Special
divs.
accr.
rec...
10,000,000 10,000,000
61,090
540,245
secur. pur.
z
...35,341,558
39,071,5601
35,341,558 39,071,560
Total
the lower of cost
Subesquent purchases are carried at cost.
Invest¬
ments, based on market quotations at June 30, 1939, or, in the absence
thereof, on their then fair value in the opinion of the corporation, amounted
to $29,334,079, or $4,455,572 less than the amount shown,
z Repre¬
sented by 1,100 (4,850 in 1938) shares $5.50 cumulative prior stock.
—V. 147, P. 2605.
Investments owned on March 31, 1931 are carried at
x
market at that date.
or
Severfeky Aircraft Corp.—Offering Price—
An amendment has
been filed with the Securities and Exchange Com¬
mission, setting the price of the proDosed issue of 28,000
vertible first preferred stock at $20 a share.—V. 149, p. 268.
Sharon
shares of
con¬
Company paid
a
dividend of $1.40 per share on its common stock, on
This compares with 50 cents paid on
semi-annual dividend of $1.12paid on Oct. 1, 1937.
June 30 to holders of record June 24.
a
Sharon Steel
x
Period End. June 30—
Gross sales..
Balance
1939—6 Mos.—1938
1939—3 Mos.—1938
$3,164,298
$1,890,465
$6,471,531
5,914,683
1,701,271
$3,989,456
3,588,335
190,575
$189,194
185,839
$556,848
Sell. gen. & adm. exp
Depreciation
y Ordinary taxes
Doubtful accounts, &c_.
147,000
15,479
1,500
183,000
14,861
4.625
294,000
29,863
3,000
$401,121
357,004
366,000
30,203
9,250
$147,011
9,870
$199,131
$141,116
24,017
$361,336
17,421
$117,099
23,445
$343,915
$140,544
$343,915
$207,543
Loss
f
Other income
*371,101
7,125
$192,006
Interest, Ac.
Net
x
11,016
loss........
$148,157
$192,006
Less discounts, returns and allowances,
to cost of sales.—V.
y
Other than taxes charged
148, p. 2443
*
Shawinigan Water & Power Co.
T 6 Mos. End. June 30—
1939
Gross revenue
$7,244,216
Gen. op. & maint. exp._
1,625,646
Power
purchased
Water rentals
Taxes
and
insurance
Reserve for exchange
Fixed charges
,
1,876,004
Surplus beforfe deprec.
and income taxes
$2 106,015
a
Earnings—•
1938
1937
1936
$6 ,996,197
1 ,567,473
$7,397,402
1,628,370
876,560
217,061
464,705
12,000
a1,995,744
$6,658,489
1,452,015
876,969
203,702
407,610
50,000
a2,020,561
$2,202,962
$1,647,631
806,838
247,782
454,929
12,000
1 ,898,872
$2,008,301
Includes amortization of bond discount and premium.
To
r
861,958
239,818
522,772
12,000
Pay 23-Cent Div.—
a
Includes
development
Intangible
abandonments.
Inc. from
Operations
Amorliz.
Charges
Inc. before
Interest
Net
Inarme
3,736,5491oss949,lll
2,572,367 6,812,835
2,431,885 19,654,860
2,280,659 20,668,880
2,661,570 11,318,423
expenditures,
amortization and
30,985,950
810,815
2,787,438
33,847,986
7,145,917 -9,385,202
34,297,795 19,857,988 22.086,745
37,518,393 22,313,243 22,949,539
40,147,413 14,335,517 13,979,993
It has been the practice of the company and its subsidiaries,
the year of expenditure an amount
equal to intangible development expenditures.
Earnings of the company and its subsidiaries consolidated for the five
months ended May 31, 1939, unaudited and subject to adjustment, indi¬
cated net income of $1,097,342 as compared with $5,110,367 for the
corresponding period in 1938.
since its inception, to charge to income in
will be unsecured and will be
dated July 1,1939 with Irving Trust Co., as
Debentures—The 15-year 2H% debentures
issued under
a
trust agreement
No additional
debentures may be issued under the trust
agree¬
ment.
Other indebtedness may be incurred by the company or any sub¬
sidiary.
The provisions of the trust agreement and debenture holders'
rights (with certain exceptions and limitations) may be modified by vote of
holders of 66 2-3% of outstanding debentures.
Underwriters—The names of the underwriters and the amount under¬
stock, payable Aug. 15 to holders of record July 26,
This compares
May 15, last, and 23 cents paid on Feb. 15, last;
previously regular quarterly dividend of 20 cents
V. 149, p. 123.
Corp., $4,000,000 each.
per
share
were
distributed.
*
......
Blyth & Co., Inc., Lehman Brothers, $3,500,000
each.
Higginson Corp., Hayden, Stone & Co., Lazard Freres & Co.,
S3,000,000 each.
Kidder. Peabody A Co., $2,500,000.
Dominick A
Dominick, $2,000,000.
Bonbright A Co., Inc., Goldman, Sachs A Co.,
White, Weld A Co., $1,500,000 each.
W. E. Hutton A Co., F. S. Moseley
A Co., $1,250,000 each.
Estabrook A Co., Union Securities Corp., Clark,
Dodge A Co., $1,000,000 each.
Glore, Forgan A Co., $900,000.
Dean Witter A Co., Wisconsin Co., Stone A Webster and Blodgett, Inc.,
Shields A Co., Salomon Brothers A Hutzler, E. H. Rollins A Sons, Inc.,
Ladenburg, Thalmann A Co., Hornblower & Weeks, Hemohill, Noyes A
Co., $750,000 each.
Blair A Co., Inc., L. F. Rothschild A Co., Tucker,
Anthony A Co., Harris, Hall A Co., Inc., $600,000 each.
A. G. Becker
A Co., Central Republic Co., Jackson A Curtis, Lawrence M. Marks A
Co., Paine, Webber A Co., R. W. Pressorich A Co., SchoePkoof, Hutton
A Pomeroy, Tnc., Spencer Trask A Co., Coffin A Burr., $500,000 each.
Hayden, Miller A Co., Eastman, Dillon A Co., Dick A Merle-Smith,
R. L. Day A Co., E. W. Ciark A Co. Alex. Brown A Sons, Blair, Booner
A Co., Kean, Taylor A Co., Riter A Co., G. H. Walker A Co., $400,000
each.
Graham, Parsons A Co.. Hallgarten A Co., Whiting, Weeks A
Stubbs, Inc., Merrill, Lynch A Co.. Tnc., $350,000 each.
A. C. Allyn A
Co., Inc., Biddle, Whelen A Co., Equitable Securities Corp., Mitchum,
Tully A Co., G. M.-P. Murphy A Co., W. H. Newbold's Sons A Co.,
Arthur Perry A Co., Inc., Schwabacker A Co., William R. Staats Co.,
Stern, Wamoler A Co., Inc., Wells, Dickey Co., $300,000 each.
Bacon, Whipple A Co., Baker, Watts A Co., Ferris A Hardgrove, First
of Michigan Corp., Francis, Bro. A Co., J. J. B. Hilliard A Son, The Illi¬
nois Co. of Chicago, Kalman A Co., Laird, Bissell A Meeds, Mackubin,
Legg A Co., Merrill, Turben A Co., Reinholdt A Gardner, Scott & Stringfellow, Smith, Moore A Co., Starkweather A Co., Stern Brothers A Co.,
Weeden A Co.. $250,000 each.—V. 149, P 423.
Lee
Sierra Pacific Power
Operating revenues
with 22 cents paid on
1935
Period End. June 30—
Directors on July 19 declared a dividend of 23 cents per share on the com¬
mon
186,707,730
202,169,218
231,698,034
1937 260,307,699
1938 252,831,764
1934
1936
Dept.
Deprec.
written by each firm follows:
Morgan Stanley & Co., Inc., $10,000,000.
Kuhn, Loeb A Co., $5,000,000.
Smith, Barney & Co., Harriman Ripley & Co., First Boston
Corp.—Earnings—
Cost of sales, &c_2,956,755
Safes
trustee.
Ry.—-Pays $1.40 Dividend—
April 1, 1938, and
V. 148, p. 3698.
a
stock
Surplus.,
Total......
Earnings Years Ended Dec. 31
6,562,500
2,121,585
2,056,940
2,056,940
14,324,089 14,663,289
Treasury stock.. J5r65,380 Dr265,105
Common
Purpose—Net proceeds to be received by the company from the sale of
$81,557,600, exclusive of accrued
the amount of $254,900
and underwriting discounts or commissions) will be applied, together with
treasury funds, to the redemption of:
a $57,427,000
15-year 3H% debentures at 102^%
— $58,862,675
b $25,000,000 15-year 3 % % sinking fund debentures at 104%
26,000,000
these debentures (estimated to amount to
Int. and
6,383,750
stock. 2,121,585
Cum. conv.
(at $35 per
interest, and after deducting estimated expenses in
prior
cum.
stock
364,897
361,950
386,842
2,884,440
due
loans
$5.50
deps.
for
(contra)..
378,617
loan—sec'd.
Due for
120,826
80,868
divs.
Mar. 1 1942
62,954
122,724
exps.,
&
payable
Bank
Bank
Rec. from securities
$
taxes, Ac
4,213
currencies
Invest, at cost
for
Res've
Int.
Deposits in foreign
1938
$
Liabilities—
398.902
Short-term notes..
Int. & divs.
1939
1938
$
Assets—
Co.—Earnings—
1939—Month—1938
$170,140
$164,056
1939—12 Mos.—1938
$2,014,888 x$l,940,280
Gross inc. after retirem't
accruals.
Net income
x
69,974
58,994
61,249
50,451
863.470
728,844
Includes Sierra Pacific Electric Co. for period prior to July
V. 149, p.
268.
739.853
609,250
31, 1937.—
Volume
The Commercial & Financial Chronicle
149
Signode Steel Strapping Co.—25-Cent Common Dividend
Directors have declared a dividend of 25 cents per share on the common
stock, payable Aug. 4 to holders of record July 31. Like amount was paid
on Dec.
28, last, this latter being the first dividend paid since Nov. 15,
1937 when a regular quarterly dividend of
62H cents per share was dis¬
tributed.-—V. 148. p. 3857.
Silex Co.—Extra Dividend—
Directors have declared
extra dividend of 5 cents per
share in addition
to the regular
quarterly dvidend of 25 cents per share on the common
stock, no par value, both payable Aug. 10 to holders of record July 31.
Like amount was paid on Feb. 10 and on Nov. 10, last.—V. -148, p. 3083.
an
Simmons Co.—To Pay 50-Cent Dividend—
Directors have declared
dividend of 50 cents per share on the common
a
stock, payable Aug. 15 to holders of record Aug. 1.
This compares with
75 cents paid on Dec. 19, Jast and a dividend of 50
cents"paid on Nov. 1,
1938, this last being the fust payment made since Dec. 22, 1937 when 50
cents per share was distributed.—V.
148, p. 3083.
Simms Petroleum Co.—Cash Position—
Following is
an
analysis of the changes in the consolidated cash position
during the three months ended June 30, 1939:
Cash
and
United
States
Government
securities
(at
March 31, 1939
Additions:
cost),
$514,277
Received from Tide Water Associated Oil Co. on account of
contingent portion of sale price of Simms Oil Co. stock
Escrow fund established under agreement of May 14, 1935, re¬
146,544
leased to Simms Petroleum Co. on April
3, 1939, less $5,000
paid to Tide Water Associated Oil Co. in connection therewith
Realized
on
collection
of
accounts
previously
believed
152,527
un¬
collectible
624
Increase in current liabilities
Excess of income over expenses for period
Decrease in equity in subsidiary not consolidated
1,581
21
14
-
Total.
Federal income taxes charged against reserve
Increase in notes, accounts and accruals receivable
Miscellaneous debit adjustments in sale price of Simms Oil Co.
$815,589
1,956
1,527
—
stock
1,797
Remainder
Dividend in liquidation of 50c.
Cash
and
June
United
States
$810,309
231,825
paid April 11,1939_„__
securities
(at
cost),
debentures, the
from American
to time
as
company expects to continue its practice of borrowing
Telephone & Telegraph Co. on demand notes from time
occasion therefor arises.
Earnings—Years Ended Dec. 31
Operating
Total
Revenues
1^36
Income
July 11, 1939, calling for the distribution of $231,825.
Under the agreement of May 14,1935 with Tide Water Oil Co. (now Tide
Water Associated Oil Co.)
covering the sale of the stock of Simms Oil Co.
an escrow fund whs
established, to be maintained so long as certain litiga¬
tion involving title to
property of Simms Oil Co. remained pending.
On
April 3, 1939 this escrow fund, amounting to $157,527, was released to
Simms Petroleum Co. pursuant to an
agreement entered into with Tide
Water Associated Oil Co. under date of March
23, 1939 which provided
that the latter might withhold
up to $150,000 (in addition to certain funds
specified in a previous agreement dated
May 7, 1936) from the last portion
of the contingent account
receivable (which amounted to $1,728,556 on
June 30, 1939) if. at the time
payment of such funds to Simms Petroleum
Co. would othersie
accrue, the litigation still remained pending.
As further
consideration for the release of the escrow fund, the undersigned on behalf
of Simms Petroleum Co.
paid $5,000 to Tide Water Associated Oil Co.
—V. 148, p. 3857.
on
Sivyer Steel Castings Co.-—25-Cent Dividend—■
Directors have declared a dividend of 25 cents per share on the common
stock, payable Aug. lu to holders of record July 31. Last previous
payment
was 12^ cents
per share distributed on June lj, 1938.—V. 148, p. 3513.
Deductions
$3,362,172
3,220,856
6 Months Ended June 30—
Gross.
1939
1938
$898,222
Depreciation...
Depletion
$918,099
419,180
403,750
86,347
Interest
Federal income taxes.....
is limited to
of
$25,000,000 but
the indenture does not restrict the amount
other
securities or indebtedness, either secured or unsecured, which
be issued, incurred, assumed or guaranteed by the
company.
The
covenants and certain other provisions of the indenture can be
modified,
with tne consent of the
company, by vote of holders of 66 2-3% of the
debentures outstanding.
may
Underwriters—The names
of
the several principal underwriters of
$22,250,000 debentures and the several amounts underwritten by them,
respectively, are as follows:
Morgan Stanley & Co., Inc., $3,960,000; Kuhn, Loeb & Co., $1,985,000;
Kidder, Peabody & Co., $1,585,000.
First Boston Corp., Harriman
Ripley & Co., Inc. and Smith, Barney
& Co., $1,320,000
each; Lee Higginson Corp., $790,000.
Blyth & Co., Inc., Bonbright & Co., Inc., Lazard Freres & Co. and
Mellon Securities Corp., $530,000
each; Harris, Hall & Co., $320,000.
Clark, Dodge & Co., R. L. Day & Co., Dominick & Dominick, Estabrook & Co., Glore, Forgan &
Co., Goldman, Sachs & Co., Hayden, Stone
& Co., Hemphill,
Noyes & Co., Hornblower & Weeks, W. E. Hutton &
Co., F. S. Moseley & Co., R. W. Pressprich & Co., Salomon Bros. &
Hutzler, Schoellkopf, Hutton & Pomeroy, Inc., Stone & Webster and
Blodget, Inc., Union Securities Corp., White, Weld & Co. and Wisconsin
Co., $265,000 each.
E. W. Clark & Co., Coffin &
Burr, Inc., Jackson & Curtis, Paine,
Weber & Co. and Dean Witter & Co., $210,000 each;
Equitable Securities
Corp., $175,000.
Graham, Parsons & Co., J. J. B. Hilliard & Son, Merrill, Lynch & Co.,
Inc., Robinson-Humphrey Co., Whiting, Weeks & Stubbs, Inc., $160,000
Courts & Co., Johnson, Lane,
Space & Co., Inc. and W. L. Lyons &
Co., $135,000 each; Almstedt Brothers, Baker, Watts & Co., and Alex
Brown & Sons, $110,000 each.—V. 149,
p. 424.
1
64,534
66,523
8,781
79,178
Southern Canada Power Co., Ltd.Period End. June 30—
Gross earnings....
Operating
expenses
Net earnings....
1939—Month—1938
$201,852
$190,099
88,709
81,578
—Earnings—
1939—9 Mos.—1938
$1,797,122
777,668
$1,765,838
735,887
$1,029,951
$113,143
$108,521
$1,019,454
109,904
108,515
993,461
Int., deprec., amort, and
dividends.
Surplus
-V. 148, p. 3699.
$3,239
$25,993
Southern Colorado Power
$343,592
173,799
49,659
*
Preferred dividends......
Common dividends
Surplus.
on common
stock.
Maintenance and repairs
Appropriation for retirement reserve
Taxes (other than income taxes)......
Provision for Federal and State income
333,252
64,832
$2,330,218
835,518
137,599
300,000
336,750
48,277
$707,854
Operation
1938
$2,868,549
840,336
122,274
...
$672,073
...
taxes
income..
752
$64,105
$1.64
$571,987
......
$3.79
410,992
34,282
12.809
11,588
6,600
$246,545
4,973
$209,604
Note—In the above statement of income accounts net income for the year
ended May 31, 1938 has been reduced by $31,434 to reflect adjustments
applicable to the period prior to April 30, 1938, included therein of amor¬
tization of debt discount and expense on first mortgage gold bonds, series A
6%, due July 1, 1947, outstanding at May 31, 1939, charged to surplus as
of April 30, 1938, which has been applied retroactively in the accounts.—
V. 148, p. 3699.
Telegraph Co.—Debentures
Offered—Public offering of $22,250,000 (out of a total of
$25,000,000) 3% debentures, due 1979, was made July 20
by Morgan Stanley & Co., Inc., and associates.
Priced,
according to the prospectus, at 107% and int., the bonds
show a yield of 2.69% to maturity.
A block of $2,750,000
debentures out of the $25,000,000 total is being sold
privately
at 106 to the Bankers Trust Co. as trustee of the
pension
funds of the Bell System.
Associated with Morgan Stanley & Co., Inc., in the offer¬
ing are Kuhn, Loeb & Co.; Kidder, Peabody & Co.; Lee
Higginson Corp.; First Boston Corp.; Harriman Ripley &
Co.; Smith, Barney & Co. and 40 other investment houses.
A selling group of between 300 and 400 dealers is
distributing
-
.
Dated July 1, 1939: due July 1, 1979.
Interest payable J, & J. in Nejv
York City.
Coupon debentures in denoms. of $1,000 and $500,
registerable as to principal.
Registered debentures in denoms. of $1,000, $5,000,
$10,000 and $100,000.
Coupon debentures and registered
and
$672,660
409,698
34,174
Interest on funded debt
Amortization of debt discount and expense.
Other interest (net)
M iscellaneous
587
$708,606
Southern Bell Telephone &
the securities.
300,000
99,574
$344,437
181,014
99,318
$120,134
$1.71
$40,888
1939
revenues.:
1937
$1,249,052
443,288
115,971
18,232
989,063
,
Co.—Earnings—-
Year Ended May 31—f
Operating
Net income
Earnings per share
—-V. 148, p. 1339.
Income
$9,400,016
£2,391,224
13,208,703
9,987,847
64.264,739
13,248,743
3,068,425
10,180,317
Debentures—The 40-year 3 % debentures will be ssued under an indenture
dated as of July 1,
1939, from the company to City Bank Farmers Trust
Co., New York, as trustee.
This issue of debentures is not secured.
It
Other
Sloss-Sheffield Steel & Iron Co.—Earnings—•
Net profit
Net
Interest
"
$57,290,776 $12,762,189
1938
$578,844
....
A further dividend in
liquidation of 50 cents per share was paid to share¬
holders
telephone plant and to other corporate purposes of the company.
While
all of the advances
presently outstanding from American Telephone &
Telegraph Co., parent, will be repaid from the proceeds of the sale of these
each.
per share
Government
30, 1939.
1937
589
to
debentures
the several
denominations, interchangeable.
Redeemable, at option
of company, in whole or in part,
upon at least 60 days' notice, on any int.
date,atfoUowingprices with accrued int.: to and incl. July 1, 1947,
110%;
thereafter to and incl. July 1, 1955, 108%; thereafter to and
incl. July 1,
1963, 106%; thereafter to and incl. July 1, 1971,
103M%\ thereafter to
and incl. July 1, 1975, 101%; and thereafter,
100%.
Company—Company, aU of the stock of which is owned by American
Telephone & Telegraph Co., was incorp. in New York in 1879.
Company
is engaged in the telephone business in
Alabama, North Carolina, South
Carolina, Florida, Georgia, Kentucky, Louisiana,
Mississippi and Ten¬
The properties of the company consist
mainly of telephone instru¬
their interconnection, the latter
consisting chiefly
of central office switching equipment and
connecting lines.
Company is
subject to regulation by the Federal Communications Commission and
by
State authorities in each of the 8tates in which it
operates, within their
nessee.
ments and facilities for
respective jurisdictions.
.
Capitalization Outstanding as of Dec. 31, 1938
25-year 3H% debentures, due April 1, 1962
„
Notes sold to trustee of pension fund (4% demand
notes)
Advances from Amer. Tel. & Tel. Co.
(5% demand
notes)
Ry.- -Earnings—
—Second Week
1939
Gross earnings (est.).
..
-
1
'
of July
1938
$2,362,923
Jan.
•
.
1 to July 14
1939
1938
$2,187,901 $66,795,620 $59,313,714
—V. 149, p. 424.
Southern Pacific Co .—New Directors—To Move
Office—
The retirements of Hale Holden, Chairman, and three other New York
directors of this company and other changes which will shift its manage¬
ment to San Francisco were announced on July 13.
They have been
replaced by Pacific Coast men.
A step in this direction was taken a few years ago when A. D. McDonald,
President, took office permanently in San Francisco, with Mr. Holden
This change had the effect of placing
remaining as theranking officer here.
operating headquarters in San Francisco and financial headquarters in
New York.
_
The offices of Ben C.
are
to
Dey, general counsel, and of W. F. Bull, Secretary,
San Francisco.
The offices at 165 Broadway,
be transferred to
which the company has occupied for many years, will be retained.
The announcement, made by Mr. McDonald, said that besides
Mr.
Holden's, resignations from the board had been accepted from George E.
Roosevelt of Roosevelt & Son, Deering Howe of Sherman & Sterling and
from Mr. Bull, who continues as Secretary.
These men will be replaced by Allen L. Ohickering, senior partner of the
law firm of Chickering & Gregory, San Francisco; James B. Black, Presi¬
dent of the Pacific Gas & Electric Co., San Francisco; Stuart L. Rawlings,
retired mining engineer and director of various industrial
San Francisco,
corporations, and V. H. Rossetti, President of the Farmers &
Merchants National Bank of Los Angeles.
Cleveland E. Dodge, Vice-President of the Phelps Dodge Corp., and
Walter Douglas and William De Forest Manice, directors of that corpora¬
and utility
tion; Jackson E. Reynolds, Chairman of the First National BankiMalcolm
P. Aldrich, a trustee of the New York Trust Co., and Edward S. Harkness,
a director of the New York Central RR., have resigned from the Southern
Pacific's executive committee, but will remain directors.
The four new directors, with Mr. McDonald and C. E. Perkins, the latter
of Santa Barbara, Calif., will comprise the new executive committee.
The office of Chairman of the board has been ended, and bis duties will
be assumed by Mr. McDonald.
To
provide for the payment of interest, transfer of stock and other
cor-
Sorate work, John G. Walsh, Vice-President in charge of finances; F. Van
lote. Controller, and J. A. Simpson, Treasurer, will retain offices in
$45,000,000
a4 109 421
al6,498,025
140,000,000
Capital stock (par $ 100)
a At
July 17,1939 notes sold to trustee of pension fund had been reduced
$3,972,050 and advances had increased to $19,998,025.
Purpose—Net proceeds, exclusive of accrued interest, from the sale of
the $25,000,000 of debentures, after
deducting the estimated expenses of
the company in connection with such
sale, are expected to approximate
$26,402,000 of which $19,998,025 are to be used to repay in full advances
from American Telephone &
Telegraph Co., parent.
The remainder
(approximately $6,404,000) has not been allocated to specific uses and
initially will be added to the company's current cash and devoted from time
to time as may be necessary to extensions, additions and
improvements
to
,
Southern
New York.
are
Mr. Walsh will be in
cnarge at
165 Broadway.
Other officers
not affected by the changes.
"In anticipation
of Mr. Holden's retirement," said Mr. McDonald, "the
executive committee has had under consideration for more than a
year
changes that should be made in the executive organization of the
company
and after intensive study, particularly during the
past six months, reached
the conclusion that the headquarters of the directors and of the
executive
committee should be removed from New York to San
of its Pacific Coast operations.
"Accordingly
Francisco, the
center
the committee sought the services of
outstanding business
executives of California having large general
experience to serve as directors
and of the new executive committee, which,
subject to the directors, will
have full managing and governing power to
administering the company's
affairs."
.
Period End. June 30—
oper. revenues
ojier.
expenses
1939—Month—1938
1939—6 Mos.—1938
$18,832,522 $17,158.388$100,050,672 $92,895,476
13,249.476 13,137,714 76.463,704 78,325,328
FT^etrev. from ry. oper.
$4,020,673 $23,586,968 $14,570,148
1,591,428
8.911.521
9,151,880
912,587
5,174,726
4,982,257
80,385
405,127
409,470
$5,583,046
Railway tax accruals —
Equip, rents (net)—Dr.
Jt.facll. rents (net)—Dr.
1,482,214
1,153,768
Net ry. oper. income.
87,280
$26,541
$1,436,272* $9,095,593
$2,859,783
—'V. 149, p. 423.
Co.—Weekly Output—
Standard Gas & Electric
the Standard
totaled 114,387,809 kilowatt-hours, an increase of 11.6% compared with the corre¬
sponding week last year.—V. 149, p. 424.
Electric output of the public utility operating companies in
Gas & Electric Co. system for the week ended July 15, 1939,
Corp.—Earnings—
State Street Investment
1939
x$672,690
48,128
1937
$948,399
56,187
1936
$685,678
50,000
102 610
169,607
139,505
$518,785
546,905
Reserve for taxes
x$541,206
51,000
105,777
6 Mos. End. June 30—
Divs. & int. received—
$387,596
374,993
$722,605
749,985
Net income
Ended June 30—
12 Months
Re venuefrom
subsidiaries—Dividends
.
Dividends
1938
sur$21,840
$27,380
sur$12,603
$28,120
Dividends received only.
x
gain from sale of securities of $207,589
For the six months there was a net
1938, net gain from
in 1936.
June 30,'39 June 30,'38 June 30,'37 June 30/36
—$35,004,461 $36,273,458 $50,043,984 $49,208,083
Net worth.
$64.00
Net worth per share
471,749
$104.31
499,990
$100.09
499,990
$72.55
546,905
No. shs. outstanding—
Balance Sheet June 30
1939
A
O
QPffI
5,333,368 14,457.304
570,331
30,142.710 21,549.840
$
77,161
37,464
44,154
45,555
76,850
273,453
96,000
124,998
Cap.stk.(no par)29,773,327
9,882,449
earnings..
-
b Operating expenses
c Taxes
Res. for divs. decl.
Surplus
At market
a
35,476,078 36,577,475
Total
b Repre¬
(ledger cost), $33,850,512 ($19,948,792 in 1938).
by 546,905 (499,990 in 1938) no par shares, after deducting treasury
sented
stock.—V. 148, p. 2445.
(A.) Stein & Co.—Dividend Increased—
the com¬
value, payable Aug. 15 to holders of record July 28.
paid on May 1 and Feb. 15, last, Dec. 28,
16, 1938; 25 cents was paid on Feb. 15, 1938:
40 cents paid on Nov. 15 and on Aug, 14, 1937, and dividends of 25 cents
per share were paid each quarter previously.
In addition, a special divi¬
dend of 50 cents per share was paid on Dec. 26. 1936.—V. 149, p. 424*
The directors have delcared a dividend of 25 cents per share on
stock, no
mon
par
This compares with 15 cents
Nov. 15, Aug. 15 and on May
&
Swift
Wins
Co.—Company
Plea
Against Secretary
Wallace—Circuit Court Voids "Desist" Order of 1938 Which
Hit Packer's Trade Practices—
For full details
under "Current Events and Discussions"
see
on a
preced-
page.—V. 148, p. 2608.
ng
Stone &
Webster, Inc. (& Subs.)—Earnings—
1939—3 Mos.—1938
$1,558,723
$1,291,766
1,024,899
955,769
184,703
134,805
Period End. June ZD—
Gross earnings.
Operating expenses
Taxes
Balance
Int.
on
$349,121
bonds & mtge
Amort. of dt. disc. & exp.
67,228
2,392
71.662
$1,593,951
273,436
8,480
1,468
197,711
2,728
$1,094,864
303,346
15,096
1,730
205,592
173
94
49,401
49,482
$229,927
9,330
$77,227
539
$1,112,857
69,262
$569,099
Cr7,153
$220,597
Depreciation.
Balance
Amt. applic. to min. int.
$76,688
$1,043,595
$576,253
Bal. applic. to Stone &
Webster, Inc
Includes dividends of $120,647
received on Sierra Pacific Power Co.
stock substantially all of which stock was distributed to stock¬
holders Dec. 27,1937.
b Includes$218,597 (1938$212,475) Fed. inc. taxes.
a
common
Notes—The consolidated financial statements include the accounts of all
subsidiaries of Stone & Webster, Inc., other than two small companies,
the assets and net income of which
are
relatively insignificant.
The earnings as stated do not take account of the difference between
book amount and quoted market or estimated fair value of securities owned.
Consolidated Balance Sheet June 30
1939
Assets—
a
Office
.
b Securities
7,022,103
...
Materials & supps.
Prepayments
fund,
rec.
officer
&
Int. & taxes accrd.
3,443,215
501,732
9,326
485,054
28,120
1,447,078
1,253,160
128,149
255,487
94,426
Depreciation
13,436
1,069,069
754
831
46,062
82,259
res..
provided
long-term
6,223,000
912,024
for
stock
purch. account.
Unadjusted credits
Min. int. in capital
stock
&
surplus
267,634
235,187
Capital stock
5,000,000
5,000,000
Capital surplus
9,186,182
8,819,798
1,176,051
146,506
of sub
from
c
Earned
stock
(since
purch. contract.
Furn.
6,018,000
Res.
7,976
4,614,356
45,329
10,843
under
long-term
$
Accounts payable.
repre¬
senting cash held
by bond trustee.
Acct.
5,823,496
recelv., less
reserve-
Accts. & int. rec._
1938
Sundry liabilities..
8,894,196
6,967,543
on
► hand
$
Bonds & mtge
8,881,190
6,405,897
Cash in banks <fc
Sink,
1939
Liabilities—
$
buildings
k & real estate...
Notes
1938
$
341,100
1938)
surplus
Jan.
1,
equip.,
less allowance for
depreciation
57,835
66,899
Unamort. debt dls-
►
count & expense
Unadjusted
Total
debits
46,131
56,111
84,952
92,762
27,177,367 23.452,763'
buildings and real
®
Total
27,177,367 23,452,763
estate and
depreciation reserves are stated
representing the then assessed property
valuations), adjusted for subsequent additions and retirements, and, in
the case of the reserves, for subsequent provisions for
depreciation.
P> b Carried at written down values as of Jan. 1,1932, and cost of subsequent
PJll"c,*ia®e8» except in the case of shares of common stock of Engineers
Public Service Co remaining after the distribution to stockholders Dec. 27,
at
Dec.
31, 1937 amounts (the net
1937, such renmining shares having been written down to quoted market
value of Dec. 31, 1937.
The quoted market or management's estimated
fair value, of all securities carried in this account, was at June 30, 1939
approximately $6,680,000 (1938 $6,799,000).
Included herein are certain
securities deposited under a declaration of trust dated Feb. 14, 1938.
Stone & Webster Service Corp. has an interest in the
proceeds of sale
when realized of 20,000 shares of common stock of Oklahoma Natural Gas
Co. held by a trustee under a trust agreement, dated Aug. 11, 1936.
Since
the ultimate realization from this interest cannot foe determined "with cer-
tainty at this time, no part of such interest has been reflected in either
solidated balance sheets or in consolidated income statements
c
Represented by 2,104,391 no par shares.
81,121
income taxes.
_
.
,
take account of the difference be¬
fair value of securities
]Sr0ie—The earnings as stated do not
tween book amount
and quoted market or estimated
0"WT10Ci
Comparative Balance Sheet June 30
1939
a
$
4,711,705
Invests. In sub..
4,686,830
Accounts
1,272,500
4,360,826
subsidiary
1,357,500
4,150,630
Sundry liabilities..
Res.
3,782,972
-
2,852,146
rec.,
less
32,313
35,178
term
Capital stock
Furn.
less
Sundry
17,868
5,000,000
8,502,073
8,172,205
surplus
(since
Jan.
1,
1938)
547,833 def 144,211
Total
purch.
etk
255,487
37,636
5,000,000
Capital surplus...
Earned
from
rec.
18,150
purchase acct
c
reserve..
Acct.
1,474
provided for
stock
Unadjusted credits
Other notes, int. <fc
accts.
51,648
76,789
long-ter,
Cash in banks & on
hand
44,418
62,935
payable.
Taxes accrued
b Sees, of other cos
%
$
Liabilities—
from
rec.
1938
1939
1938
8
14,196,368 13,447,937
341,100
equip.,
allow,
for
<fe
2,497
22,350
1,910
12,418
3,159
18,273
assets
debits
Unadjusted
14,196,368 13,447,937
Total
Carried at written down values as
of Jan. 1,1932 and cost of subsequent
purchases, except in the case of the investments in subsidiary companies
owning land and office buildings, which were written down on the basis of
assessed property valuations as of Dec.
b Carried at written down values as of
31, 1937.
•
Jan. 1,1932 and cost of subsequent
purchases except in the case of shares of common stock of Engineers Public
Service Co. remaining after the distribution to stockholders Dec. 27, 1937,
such remaining shares having been written down to quoted market value
of Dec. 31, 1937.
The quoted market or management's estimated fair
value, of all securities carried in this account, was at June 30, 1939 approxi¬
mately $4,943,000 (1938 $4,139,000).
Included herein are certain
deposited under a declaration of trust dated Feb. 14, 1938.
c Represented by 2,104,391 no par share®.—V. 148, p. 2607.
securities
Talon Co.—New Vice-President—
-
■
■
Executive Vice-President of the B. F.
Executive of the Hood Rubber division at
Watertown, has been made Vice-President of this company, makers of
slide fasteners. Mr. Newhall will assist the new President of Talon, William
C. Arthur, elected a few weeks ago to succeed Wallace D. Walker upon
decease of the last-named, who was a founder of the company.—V. 148,
p. 3859.
B.
Arthur
Newhall,
formerly
Goodrich Co., and long a Chief
Tampa Electric Co.—Earnings—
1939—12 Mos.—1938
$6,203,958 a$5,858,349
3,912,013
4,070,431
b697,994
b693,055
$201,192
Other interest
$1,274,132
588,753
$692,043
$604,258
a
Includes dividends of $120,647 received on Sierra Pacific Power Co.
common stock, substantially all of which stock was distributed to stock¬
holders Dec. 27, 1937.
b Expenses include, in addition to fixed rental
payments for space occupied, $126,249 (1938 $140,042) paid to Stone &
Webster Realty Corp. under the terms of its lease of the Boston office build¬
ing owned by that corporation,
c Includes $2,922 (1938 $26,500) Federal
a
35,476,078 36.577,475
— —
Net income
depreciation....
State taxes
Total
*353,093
8,900
26,391,010
5,231,133
Management fee..
b
$912,139
—
contract
Res. for Federal &
Accts. receivable..
Securities
1938
8
Liabilities—
Accounts payable.
Cash
a
1939
ft
$1,054,945
$1,338,691
585,102
61.546
-
miscellaneous earnings
securities
officerunderlong-
1938
®
.u,.,,
64 »9o9
43,150
- — —
Total—
Other divs., int. &
Profit on sales of
Notes
In 1939, net loss from sale of securities of $317,201 in
sale of securities of $2,515,895 in 1937 and $4,081,706
63 *275
249,401
34,346
«»'«■»——
A ssets—
Deficit
Corporation Only)
1939
1938
$959,520
$804,000
other:::::::
Total
1939
32,150
Interest
$496,172
474,332
Expenses
July 22,
Comparative Income Statement (Parent
Earnings of System
'
Ry.
Ry.
Chronicle
The Commercial & Financial
590
con¬
Period End. June 30—
Operating re venues
Gross
inc.
after
1939—Month—1938
$379,852
$358,628
1939—12 A/ox.—1938
$4,507,521
$4,583,112
retire.
120,319
accruals
Net income
119,727
113,589
113.019
1,505,222
1,497,173
,1,521,984
1,512.427
—V. 149, p. 269.
Tennessee Electric Power Co.-
-Contract for
Purchase by
TVA Extended—
An agreement on an immediate extension of the contract for the Ten¬
Valley Authority and local public agencies to acquire the Tennessee
properties of the Tennessee Electric Power Co. was reached July 17.
Conferees who met to discuss the problem announced, in a statement
issued through J. O. Swidler, counsel for the TV A, that a new transfer date
would be set as soon as the cities can make financial arrangements.—V.
149, p. 269.
■
nessee
.
_
offer¬
ing of 20,000 shares of $5 cum. con v. prior preference stock
(no par) at $100.50 a share was made July 18 by a group of
underwriters
consisting of McDonald-Coolidge & Co.;
Otis & Co.; The First Cleveland Corp.; Hayden, Miller &
Thompson Products, Inc.—Stock Offered—Public
Co., and Shields & Co.
Cumulative dividends payable
Q-J.
Redeemable at any time on 30 days'
notice at $105 a share and divs.
Entitled to $105 a share plus divs. in the
event of dissolution, liquidation or winding up.
Convertible Into common
stock at $100 a share for the prior preference stock and $30 a share for the
common
stock, with provisions for protection of the
conversion right against
additional common stock, other than for certain
Entitled to one vote for each
the board of directors in case
of default in the payment of six quarterly dividends.
History and Business—Corporation (under name of "The Steel Products
Co.") was incorporated in Ohio on June 17, 1916.
Corporation and its
wholly owned manufacturing subsidiaries, Thompson Products, Ltd., the
Toledo Steel Products Co. and Jadson Motor Products Co., are engaged
in the manufacture of parts and appliances and the sale thereof principally
to the following five classes of customers:
(1) Original equipment custom¬
ers manufacturing automobiles, trucks and
buses; (2) original equipment
customers in the industrial field, including manufacturers of tractors and
marine and stationary engines; (3) manufacturers of aircraft and aircraft
engines; (4) jobbers and other organizations distributing automotive parts
for replacement use; and (5) export channels through which automotive
parts for replacement use are distributed in more than 75 foreign countries.
The principal products so manufactured and sold include: (a) For original
eqipment and replacement use in automobiles, trucks and buses—intake
and exhaust valves, valve spring retainer caps, valve spring retainer lockB,
valve seat inserts, valve guides, water pumps and water pump parts,
cylinder sleeves, pistons, piston pins, piston castings, hardened and ground
bolts, tie rods, drag links, gear shifting levers, starting cranks, propeller
shafts, ball joints and special and miscellaneous forgings; (b) for original
equipment in the industrial field—intake and exhaust valves, pistons and
machine parts; (c) for the aircraft field—intake and exhaust valves, valve
seat inserts, precision hardened and ground parts and special forgings.
The Corporation and its manufacturing subsidiaries also purchase from
others, and resell principally for replacement use, certain other automobive
parts and appliances, including Silent "U" spring shackles. Tryon spring
shackles, valve springs, valve guides, water pumps and water pump parts,
bushings, bearings, piston rings, independent front wheel suspension parts
and other miscellaneous parts.
It is estimated that during 1938 less than
11% of the total dollar sales of the corporation and its manufacturing
subsidiaries consisted of products so purchased by them for resale.
In
connection with the distribution of parts and appliances for replacement
use, a principal warehouse is maintained in Cleveland, Ohio and warehouse
facilities are maintained in 26 other cities in the United States and Canada.
Eastern Manufacturers Freight Forwarding Co., a wholly owned sub¬
sidiary, is engaged in the business of consolidating less than carload lots
into carload lots for freight shipment by rail and motor carrier in order to
secure the lower freight rates applicable thereto.
This subsidiarii performs
dilution by the issuance of
purposes, at less than the conversion price.
share, and also entitled to elect one-tnird of
Volume
The Commercial & Financial Chronicle
149
such service principally for the
corporation and for other concerns making
substantial shipments over the same routes of
products similar to those of
the corporation and its
manufacturing subsidiaries.
Capitalization—Upon the completion of the
zation will be
as
present financing, the capitali¬
follows:
Authorized
Outstanding
28,945 shs.
28,945 shs.
a500,000 shs.
293,290 shs.
a Includes
96,484 shares reserved for the purpose of effecting the con¬
version of shares of
prior preference stock.
$5 cumulative prior preference stock (no
par)__
Common stock (no par)
Earnings for Stated Periods
Years Ended Dec. 31-
1936
5 Mos. End.
1937
1938
May 31, '39
Net sales
$11,408,008 $14,576,615 $10,682,312
$6,064,991
Profit before deprec. &c.
1,158,047
775,614
1,320,223
769.718
Depreciation
184,165
215,102
113,443
237.249
Interest expense
9,062
32,101
21,294
25v779
Fed'l & Dominion taxes
■
on
Underwood Elliott Fisher Co.
(&
Period End. June 30—
Net after expenses
Other income...
income (est.)
162,846
167,205
75,933
$905,813
$435,241
as
at
Current Assets—
hand and demand deposits
reserves of $125,608
Inventories—at lower of approximate cost or
market,
ances
having been made for obsolescence
on
$425,623
2,014,564
allow¬
3,379,691
Total
Current Liabilities—
Notes payable to banks
Accounts payable—trade accounts, payrolls,
payroll taxes, &c.
Accrued—taxes (other than income taxes), royalties, &c
Federal and Dominion taxes on income:
Net profit
Earns,
x
$1,650,000
783,923
138,574
-
57,651
113,550
May 31,1939 (est'd).
Total
$2,743,698
Purpose—To
retire the present short-term bank indebtedness aggregating
Balance will be added to the general funds of the
corporation
and will constitute additional
working capital.
Underwriters—The names of the several underwriters and the
number of shares which
they have severally agreed to
respective
purchase, are
follows:
McDonald-Coolidge & Co., Cleveland
as
8,000 shs.
2.000 shs.
Otis & Co., Cleveland
The First Cleveland
Corp., Cleveland, Ohio
Hay den, Miller & Co., Cleveland.
Shields & Co., New York
2,000 shs.
2,000 shs.
6,000 shs.
Listing of Additional Common Stock—
The New York Stock
Exchange has authorized the listing of 70,000 addi¬
tional shares of common stock
(no par) on official notice of issuance pursuant
to the conversion of shares of
prior preference stock;
Union
...
Earnings for 6 Months Ended June 30
Dividends
1938
.
Managem't &
Total income
Taxes.
Interest
164,684
273,061
$610,280
29,815
291,059
142,008
$1,380,810
k
59,181
251,119
154.652
Netrev.fromry.oper. $2,440,206
Railway tax accruals...
Railway oper. income. $1,127,688
Equipment rents (net)..
625,607
facility rents (net).
63,693
Net of items
$280,506
437,400
$161,897
450,300
$915,859
456,150
607,330
the
in
$1,388,835
512,560
58,255
$8,611,861
3,827,097
293,857
$7,364,233
3.239,704
271,412
$818,020
$4,490,907
$3,853,11
Period End. July 15—
Stores, Inc.—Sales—
1939—4 Wks.—1938
$1,850,977
—V. 148, p. 3859.
3 Mos. End. June 30—
1939
Sales and oper. revenue.$11,421,286
Cost of sales and
expenses
8,464,383
Depreciation
1939—28 Wks.—1938
$1,348,129 $12,270,247
$9,173,652
Subs.)—Earnings—
1938
1937
$9,550,140
7,805,427
1936
$7,629,016 x$6,855,736
6,358,811
6,514,423
159,974
145,152
196,005
173,541
$2,760,897
128,580
$1,571,171
47,529
$1,110,231
45,496
$196,161
$2,889,478
353,771
y344,602
3,215
$1,021,100
61,120
265,709
102,009
$1,618,699
4,423
y260,034
4,829
$1,155,727
22,209
yl39,961
4,354
$247,094
15,657
32,180
1,649
$2,187,890
Total income...
Other deductions
Federal taxes
Minority interest
profit
$1,349,413
$989,203
$197,608
$0.82
$0.53
$0.39
$0.08
Earnings
Common dividends.
with
Treasurer
$2,673,382 $16,386,139 $14,875,170
1,284,547
7,774,278
7,510,937
$438,388
Sales.
a vge.
Net profit..
Prev. divs. declared
associated
Assistant
50,933
240,176
Crl4,500
'<
1,312,518
Joint
Net
capital stock tax
been
an
Railway oper. revs...$12,999,241 $11,134,980
$72,077,702 $62,300,119
Maint. of way & struct.
2,219,536
1,400,995
7,786,001
6,113,374
Maintenance of equip..
2,636,041
2,087,630
14,910,000
12,060,207
Traffic.
490.761
394,268
2,603,364
2,095,740
Transportation
4,373,834
3,828,064
25,870,613
23,049,005
Miscellaneous operations
365,171
331,279
1,679,466
1,552,856
General expenses
473,692
419,615
2,771,886
2,557,485
Transp. for investment.
Cr253
Cr667
Cr3,718
Other income..........
6,574
134,078
Prior year's over-accrual
of
$110,655
670,268
has
elected
RR.—Earnings
Operating profit
$665,059
32,811
210,242
141,500
Expenses
1936
$58,195
1,042,980
„
fees.
serv.
'
1937
$44,530
401,066
Com'ns & profits on un¬
der writings & synd's
Sanders
was
United Aircraft Corp. (&
Tri-Continental Corp.—Earnings—
1939
$38,206
492,775
Pacific
Treasury of the company, succeeding J.
1939—Month—1938
1939—6 Mos.—1938
$9,749,745
$8,090,170 $57,480,844 $48,650,016
1,979,265
1,827,753
7,984,552
7,596,684
Mail revenue
422,394
399,460
2,573,070
2,378,685
Express revenue
258,028
281,404
1,039,308
1,007,957
All other transportation.
401,521
372,391
2,063,117
1,805,485
Incidental revenue
188,288
163,802
866,831
861,292
1938
$1,524,153
11,133
stock.—V. 148, p. 3086.
Period End. June 30—
Union Premier Food
1939
$2,093,378
147,526
$0.50
common
8. Sanders has been elected
-V. 148, p. 3859.
After all charges but before Federal
taxes.—V. 149, p. 449.
Interest earned
$928,943
$1.26
shares
Freight reventie
Passenger revenue
■
...
$860,919
$1.17
$0.41
no par
Rust, who has retired.
Mr.
since April, 1926, and
August, 1934—V. 148, p. 3393.
149, p. 424.
6 Months Ended June 30—
Sales.
x
$371,503
per share
734,300
company
Co.—Earnings—
Net income
$1,375,697
266,627
180,127
Union Oil Co. of Calif.—New Treasurer—
D
making the total
applied for 398,572 shares.—V.
On
$1,276,265
269,443
145,903
M.
$5,819,878
Unpaid portion of provision for the year 1938
Provision for the period of 5 mos. ended
x
$1,331,346
44,351
$595,203
133,313
90,387
May 31, 1939
Receivables (trade)—less
Trane
$1,238,485
37,780
$300,756
Federal inc. taxes, &c...
$539,062
Consolidated Current Position
amount
1939—6 Mos.—1938
$464,967
134,721
29,490
Depreciation
114,046
$785,255
Total income.
x
$1,650,000.
Subs.)—Earnings—
1939—3 Months—1938
$441,142
$575,597
23.825
1 9,606
-
Net profit
Cash
591
Several of the important
accessory manufacturers have already purchased
or made
plans to install
comparatively large installations.
Other metal
manufacturers who are now
using bright nickel plating include manufac¬
turers of household
electrical appliances, bicycles, radio
parts, plumbing
fixtures, stoves, sporting goods and metal furniture.
In addition to
bright nickel, cadmium and other products of the Udylite
shown
satisfactory voIuiug of sales during the last several months#*
—V. 148, p. 2135.
$592,263
769.026
per
share on
shares o.tstand'g
x Includes
proceeds from sale of design and manufacturing rights and
licenses and royalties from licensees,
y Includes Canadian taxes.—V. 149,
p.
125.
Balance Sheet June 30
1939
Assets—
1938
1939
$
Cash......
Liabilities—
1,644,027
Short-term notes..
4,272,953
398,902
Int.
Deposits In foreign
10,512
(inel.
synd.
for
and
38,555,492
339,503
se¬
44,680
sec.
Funded debt
194,271
178,760
c
Total...... ...43,866,457
43,803,8401
b The market value of investments
June 30, 1938
no
State & munic. taxes—
less than cost
1939—12 Mos.—1938
$2,559,678
$2,481,713
1,703,040
1,658,017
190,854
165,951
1,855
1,597
18,558
8,546
115,253
120,706
$44,816
$38,651
267
276
$531,973
2,083
$521,112
40,919
$45,083
11,161
7,215
2,890
$38,927
11,161
7,208
2,662
$534,056
133,936
87,751
52,734
$562,031
133,936
99,543
36,642
$23,817
$20,790
Gross income
-
Net income..
Pref. div. requirements.
$17,896
$20,790
$259,635
$249,475
$291,910
$249,475
125.
15,927
Udylite Corp.—Operations—Outlook—
Net earnings of corporation and its wholly-owned
subsidiary, Bright
Nickel Corp., for June of this year were larger than for
any month since
the incorporation and commencement of operation of the
Udylite
February of this
year,
the Board.
Corp.
according to Charles H. Awkerman, Chairman of
Earnings for the three months'period from April to June, inclusive, after
depreciation and provision for Federal taxes, amounts to $26,365.
The
Balance sheet
as
$567,929 for the
same two months a year ago, or an
United States Steel Corp.—Data
on
of June 30
indicates current assets of
$692,824,
including $221,499 in cash, as against current liabilities of $130,986.
Increasing recognition of substantial savings in labor and space
resulting
from the use of bright nickel is an important factor in the increase in
volume
of sales of the corporation's products.
Automobile manufacturers now preparing for new models are
consider¬
ing further installation for bright nickel plating and two large manufac¬
turers have already installed or purchased large
installations, one being
a 17,000-gallon solution installation to be used in a full
automatic unit.
Also, automobile accessory manufacturers in considering prices for 1940 are
taking advantage of the savings made possible by bright nickel plating.
compared
increase of 68%.
Stock Holdings—
Common stock of the United States Steel Corp. outstanding June 30.
1939, amounted to 8,703,252 shares while preferred stock totaled 3,602,811
*
common
stock outstanding June 30,
1939, 2,222,687 shares,
or
were in brokers' names, representing an increase of 66,160 shares
the 2,156,257 shares, or 24.78%, held by brokers on March 31, 1939.
Investors' common stockholdings June 30, 1939, were 6,480,565 shares, or
over
74.46%, compared with 6,546,725 shares, or 75.22%, March 31, 1939.
Of the preferred stock outstanding 402,085 shares, or
11.16%, were in
brokers' names June 30,1939, an increase of 20,055 skares over the 382,030
shares,
or
10.60%, held March 31. 1939.
Investors' holdings of preferred
amounted
Net oper. income
Nonoper.income (net)..
in
with
25.54%,
10,238
—
Bond interest
Other interest (net)
Other deductions
ForeighSecurities Corp.—Earnings—
—V. 149, p. 271.
shares
(incl. income
tax)
—V. 149, p.
d Repre¬
July 8 '39 July 16 '38
86,420,150
86,606,008
United States Plywood Corp.—Sales—
Of the
security—Federal
& State taxes
was
shares,
Co.—Earnings—
1939—Month—1938
$201,485
$195,042
128,525
131,825
16,051
14,423
Operating revenues
Operating expenses
par
Co.—Weekly Output—
July 15 '39
95,056,646
Net sales of th s corporat on for May and June,
1939, represent ng the
first two months of the current fiscal year, amounted to
$954,197
Total.........43,866,457 43,803.840
on
Twin State Gas & Electric
Period End. June 30—
United States &
.
See page 593.
2,460,000
cum. pref.stk.
Common stock._
by $13,075,865.
c Represented by 2,429,318
sented by 1,900shares.—Y. 148, p. 2609.
Fed. taxes
8,000,000
Electric output of svstem (kwh.)
—V. 149, p. 425, 271,126.
339,503
548,356
8,000,000
2,460,000
pur..
3,687,500
3,752,500
2,429,318
2,429,318
Surplus
26,965,766 26,130,359
d Treasury
stock..Drl6l, 109
47,719
divs.
receivable, &c_.
Social
328,186
40,343
and
Sept. 30, 1941..
6%
curities sold
Interest
Due for
143,805
Bank loans due on
partic. )at costb41,655,292
Spec. dep. for divs.
328,186
Receivable
accrued
United Gas Improvement
Week Ended—
$
116,452
divs. payable
currencies
Invs.
$
Res. for exp. & tax
1938
to 3,200,726 shares, or 88.84% of the
June 30, 1939, compared with 3,220,781 shares, or
March 31, 1939.
outstanding issue, on
89.40% held by them
New York State brokers' holdings of common stock June 30. 1939, were
1,744,234 shares, or 20.04%, against 1,713.207 shares, or 19.69%, March 31,
1939.
Brokers' holdings or preferred stock were 328,058 shares, or 9.11%,
June 30, 1939, compared with 328,512 shares, or 9.12%, March 31, 1939.
New York State Investors' holdings of common stock June 30, 1939,
were
1,217,141 shares, or 13.99%, compared with 1,243,018 shares, or
14.28%, March 31, 1939.
Investors' holdings of preferred stock June 30,
1939, were 1,230,489 shares, or 34.15%, against 1,242,276 shares, or
34.48%, March 31, 1939.
Foreign holdings of Steel common June 30, 1939, amounted to 841,965
shares or 9.67% of the issue, compared with 872,490 shares, or
10.02%,
held March 31, 1939.
Of the preferred stock 76,931 shares, or 2.13%,
were owned abroad June 30, 1939, against 79,303
shares, or 2.20% so held
March 31. 1939—V. 149, p. 426.
United States
Trucking Corp.—Issuance of Note—
The Interstate Commerce Commission
on July 13 authorized the
corpo¬
promissory note in principal amount $620,000,
fund maturing unsecured promissory notes of similar
aggregate amount
ration to issue its five-year
to
—V. 148, p.
3396.
Upstate Telephone Corp. of N. Y.—Ordered
to
Cut Toll'
Call Rates—
See New York
Telephone Co., above.—V. 146, p. 1092.
Victor Chemical
Period End. June 30—
x-Net profit
Works—Earninqs—
1939—3 Mos.—1938
$203,368
$119,297
1939—6 Mos.—1938
$436,982
$275,544
y-Earnings per share...
$0.29
$0.17
$0.63
$0.39
x-After all charges, including Federal income
tax but without deduction
for undistributed profits tax.
y On capital stock.
V. 148, p. 2447.
(
The Commercial & Financial Chronicle
592
Utility & Industrial Corp.- -Earnings—
1936
1037
1039
$17,860
$18,406
12,228
29,828
Interest received-
1938
$12,463
6 Mos. End. June 30—
16,405
366,746
21,658
prof37,405
Cash dividends
Net loss on sale of secur.
Total loss
~
$5,138
Interest
~
5*206
Taxes...
1,825
17,586
Regis. & transf, expenses
Other expenses........
„
$11,550
18,048
$332,482 prof$77,469 prof$29,598
1,463
3,217
5,196
4,992
3,253
8,018
2,735
2,934
2,270
19.586
18,061
12,637
i
Net loss
$20,755
Previous earned surplus. def318,971
Total deficit.
$220,005 sur$124,691 sr$2,825.225
$348,726
.....
prof$812
2,824,413
$360,792 prof$50,203
140,788
74,488
Comparative Balance Sheet June 30
1939
$
Accrd inc. receiv.
Liabilities—
Investment res've. 3,783,929
less.........12 ,904,180 13,129,216
Cash dep. as coll..
Deferred
120,131
llab
Investm'ts. at cost
Capital stock... 9,628,295
Deficit..
348,720
54,855
104
accounts
y
1,030
of exchange and the estimated expenses in connection therewith and the
minimum underwriting compensation of $297,077 will be approximately
$1.998,800, all of which will be obtained from such general funds.
The maximum and minimum net proceeds to be received by the registrant
preferred stock offered are estimated at $32,269,871 and $31,636302, respectively.
Capitalization—The capitalisation of company as at Dec. 31, 1938 after
giving effect to the proposed retirement and redemption of the 7% and 6%
cumulative preferred stocks, and the issuance of the 4H % preferred stock
and the promissory notes is as follows:
Authorized
Outstanding
1st mortgage bonds—
Series E, 5% (due March 1, 1963)
53).
-]
-)
I $12,500,000
27,000,000
Series 1,3*4% (due Jan. 1.1966).
5)..
— )
a
f
a
Series J, 3H% (due Aug. l„ 1968).
17,000,000
>8)—(
..
b Promissory notes
3,200,000
None
297,077 shs.
4H% Pref. stock, par $100 per share, cumul.
c
Common stock (no par)
7,500,000 shs. d2,775,000 shs.
from the sale of the 4 H%
—
.
11,528
The bonds are issuable in series.
The amount of bonds authorized is
unlimited except that additional bonds may be issued only under the terms
177,048
3.805,010
of the indenture and that the aggregate indebtedness of the registrant is
limited at present to $150,000,000.
9.095,595
b 1 H% to 3 % %, due in
date of issue.
8,084 Res .for stockhldrs'
Accts. receivable.,
or
$
2,279
5,802
16,565
Acer, taxes.
15,901
1938
$
323,863 Accounts payable.
194,819
12,894
Cashln banks....
are exchanged, there will be no shares to be redeemed and the amount of
cash required to pay the cash adjustments (exclusive of an amount equal
to accrued dividends on the 4H% preferred stock) called for by the offer
.
1930
1938
S
Assets—
July 22, 1939
220,005
a
equal annual instalments during the 10 years after
Simultaneously with the Issuance of the 4 H% preferred stock, provision
will be made for the retirement on or before Feb. 1, 1940 of all of the 6%
and 7% cumulative pref. stock, and the authorized capital stock will be
reduced so that thereafter the authorized capital stock will be $95,292,300
consisting of $50,000,000 of a newly created preferred stock (500,000 shares
par $100) and 4,529,230 shares of common stock without par value, the
aggregate stated capital applicable to which will be $45,292,300.
Of such
newly created preferred stock, 300,(KM) shares are to be classified initially
as 4 H % preferred stock.
d The stated capital applicable to the 2,775,000 outstanding shares of
common stock is $27,750,000.
The total amount of the authorized capital
stock of all classes is presently limited to $125,000,000.
History and Business—Company was incorp in Pennsylvania, March 1,
1916, as a merger and consolidation of 53 electric light and power companies.
Is now engaged in business in certain localities In Allegheny, Armstrong,
c
Total...
13,111,997
13,532.955)
Total.........13,111,997 13,532,955
y Convertible pref. stock (-without par value) issued and outstanding,
648,100 (670,000 In 1938) shares at capital of $7 per share; common stock
(without par value), 1,000,919 shares, at capital of $5 per share; and option
warrants outstanding granting the holders thereof the right to purchase
1,000,000 shares of common stock on or before Feb. 1,1944, at $17.50 per sh.
A comparison of net worth as of June 30,1939, based on values appearing
In the accompanying statement of investments, with Dec. 31, 1938 is
shown below;
June 30,19390
Amount
Net current assets....
Bonds and notes.
jVei
et
$185,450
297,710
397,660
1,009,251
$1,890,070
....
Preferred stocks. .....
Common stocks......
Dec. 31, 1938
% Total
Net Assets
Amount
15.8
21.0
63.4
$13,828
292,153
356,703
1,644,606
54,855
0.6
12.4
15.1
69.6
2.3
100.0
$2,362,143
100.0
Sundry..
Total net assets....
-
Total
Assets
9.8
Deduct; Res. for stock¬
holders' liab., closed
banks.......—..
$126,131
$177,948
Net worth.........
$1,763,939
$2,184,190
Net worth per share of
conv. pref. stock...
$2.73
$3.34
Changes in the type of investments at
Dec. 31,1938 are as follows:
June 30, 1939 compared with
June 30,1939-
——Dec. 31, 1938
'
% Total
Net Assets
$908,161
48,1
776,460
41.0
20,000
1.1
Amount
Public utilities
Industrials
....
Miscellaneous
Net current assets.
—V. 148, p, 895.
185,450
...
9.8
Amount
% Total
Net Assets
$1,155,918
48.9
1,118,5*3
73,855
13,828
47.4
3.1
0.6
Washington & Suburban Cos.—To Transfer Securities—
.
The
Securities
and
Exchange
Commission announced July 17 that
66-47) under the Holding Company
public utility securities.
Company
proposes to transfer to Washington Gas Light Co. all the outstanding
securities and certain open account indebtedness of Washington Suburban
Gas Co. and all the outstanding securities of Alexandria Gas Co. for 35,000
shares of the common stock of Washington Gas Light Co.
The Securities and Exchange Commission announced July 18 that a heart¬
ing had been set for July 27 on applications of Washington Gas Light Co.
and Washington & Suburban Companies filed under the Holding Company
Act in connection with the sale of certain utility securities.
Washington
Gas Light Co, proposes to issue 35,000 shares of its common stock to Wash¬
ington & Suburban Cos. in consideration of the transfer to it of all the out¬
standing securities and certain open account indebtedness of Washington
Suburban Gas Co. and all the outstanding securities of Alexandria Gas Co.
—V. 146, P. 773.
•
company had filed an application (File
Act for approval of the sale of certain
Wellington Fund, Inc,—-Asset Value—
Canadian
Hydro-Electric
Corp.,
Ltd.-—Initial
Class B Dividend—
Directors have declared
no
an
initial dividend of 10 cents per share on the
jmr^class B stock, payable July 25 to holders of record July 15.—V. 147,
West Penn Power Co .—Preferred
Stock Offered—Offering
4J^% preferred stock
(par $100), cumulative, of company, an important unit of
of
a
new
issue of 297,077 shares of
the American Water Works & Electric Co,, was announced
July 18 by a banking group headed by W. C. Langley & Co.,
Bonbright & Co., Inc. and the First Boston Corp,
The new 4% preferred stock was initially offered to the
public by means of a prospectus at $110 per share, plus
accrued dividends from July 15, 1939.
The offering was
subject to the prior right of holders of the company's 7%
and 6% cumulative preferred stock to exchange their stock
on the basis of one share of the new
preferred plus $8,375
in cash for each share of the 7% preferred and one share of
the new stock plus $2,875 for each share of 6% preferred.
The exchange offer expired pn July 20.
Until the outstanding 6% cumulative preferred stock and 7 % cumulative
Preferred stock are redeemed, provision for the redemption of which on or
before Feb. 1, 1940, will be made, the 4H% preferred stock will be sub¬
ordinate thereto.
Transfer Agents—Agents of the Corporation, 50 Broad St., New York
and 14 Wood St., Pittsburgh. Registrars—Chase National Bank, New York
and Colonial Trust Co., Pittsburgh.
Purpose-*All shares of the 6% and 7% cumulative preferred stock,
exchanged pursuant to the offer of exchange Will be retired. The net cash
by the registrant from the sale of the 4 H% preferred
stock together with other cash from the general funds, are to oe used to pay
the cash adjustments called for by the offer of
exchange and to provide for
the redemption on or before Feb. 1,
1940, of all of the registrant's out¬
standing 6% and 7% cumulative preferred stock not exchanged.
Such
general funds will include $3,200,000 from loans in that amount which the
registrant proposes to obtain at or before the issuance of the 4M % prefrred
stock In order to reimburse its treasury for the cost of improvements and,
additions heretofore made to its property.
Such loans are to be made pur¬
suant to an agreement with five banks, dated
Juiy 12, 1939 and are to
be evidenced by promissory notes, bearing Interest at rates from 1 H% to
3H% per annum, and due in equal annual instalments during the 10 years
after date of issue.
If no shares of outstanding 6% and 7% cumulative
preferred stock are exchanged, the amount of cash required to redeem such
outstanding shares as aforesaid will be $34,268,624, of which approximately
$31,636,300 will be the net proceeds (exclusive of accrued dividends) from
the sale of thi shares offered and the balance, approximately 82,632300,
will be obtained from such general funds.
If all such outstanding shares
proceeds received
I,
trant under contracts.
It also has various su bsidiaries which render electric
light and power service, produce and distribute natural gas, and operate
city bus lines.
Mononganela West Penn Public Service Co. and its sub¬
sidiaries render electric service in substantially all of the northern half of
West Virginia, and in small parts of eastern Ohio, western Maryland, and
western Virginia.
This territory has an area of approximately 12,700
square miles and an estimated population of 700,000.
The physical property of West Penn Power Co., the registrant, includes
9 electric generating stations having an aggregate generating capacity of
421,655 kw., as rated by the registrant, the larger part of which has been
installed, since
a
1920«
The registrant owns 6 step-up substations (at generation stations) having
total transformer capacity of 504,300 kva. and 12 substations having an
aggregate transformer capacity of 273,500 kva. supplying the 25,000 and
44,000 volt systems and interchange substations.
In addition, the registrant
274 substations having a total transformer capacity of 379,562 kva.,
owns
supplying its distribution systems and certain large power customers.
(52 additional substations, with a total transformer capacity of 187,077
and connected to the registrant's 25,000 volt
lines.)
The registrant owns approximately 1,513 pole'miles of high voltage lines,
of which 144 miles were constructed since 1929, 308 miles during 1925 to
1929,425 miles during 1920 to 1924,474 miles prior to 1920,andthe balance
of 162 miles, representing short branch lines, at various times for the most
part since 1920.
Of these 1,613 miles of lines, 254 miles are operated at
132,000 volts and, with the exception of 50 miles, are on steel towers, 141
miles are operated at 44,000 volts, 3 miles at 33,000 volts, and the balance
of 1,115 miles at 25,000 volts. The registrant also owns distribution systems
in various cities, towns, and rural areas which served a total of 218.312
customers at April 30, 1939, including certain power customers served
directly from the 25,000 volt system.
The transmission lines of the regis¬
trant are connected at several points with those of neighboring non-affiliated
electric companies and also with its subsidiary, Monongahela West Penn
Public Service Co., which operates in adjacent territory.
The electric
system of the Potomac Edison Go., an affiliated company, and that of the
registrant are connected by a 132,000 volt transmission line owned and
operated by the Potomac Transmission Co. , a wholly owned subsidiary of
the registrant.
'
t
The physical property of Monongahela West Penn Public Service Co.,
the principal subsidiary of the registrant, and its subsidiaries includes 13
electric generating stations aggregating 78.384 kw., of which the Riverville
Station, 65,000 kw., located at Riverville, W. Ya., and the Parkersburg
Station, 10,000 kw., located at Parkersburg, W. Va., are the two principal
stations; 2 step-up substations (at generating stations) having a total trans¬
former capacity of 93,400 kva.; 6 substations with a total transformer
capacity of 67,500 kva. supplying the 22,000 volt system; 115 substations
having a total transformer capacity of 109.008 kva. supplying their dis¬
tribution systems and certain large power customers (82 additional sub¬
stations with a total transformer capacity of 65,220. kva. are owned by
customers); approximately 1,028 pole miles of high voltage lines; and dis¬
tribution systems in various cities, towns and rural areas serving a total of
103,255 electric customers at April 30, 1939.
Other properties of Monon¬
gahela West Penn Public Service Oo. and its subsidiaries include: electric
railway properties consisting of approximately 117 miles of single track,
66 passenger cars (including 3 leased), 8 freight and express cars, 3 electric
locomotives, and 8 other cars; and natural gas properties consisting of 190
acres,owned and 10,776 acres held under lease (of which 10,546 acres are
operated), 149 producing gas wells owned which, with approximately 150
additional wells not owned (the use of the entire output of such wells not
owned is arranged for through written or verbal agreements), are connected
with the field or transmission lines, and a gathering and distribution system,
comprising approximately 480 miles of pipe lines, which served a total of
15,940 gas customers at April 30, 1939.
Other properties of Monongahela
West Penn Public Service Go. and its snbsidiaries include 3 small water¬
works properties, a small ice plant, and a bus transportation system.
Underwriters—The name 01 each principal underwriter and the respec¬
tive numbers of shares underwritten are as follows;
W. O. Langley & Co.,
14,850 shs.; Bonbright & Co., Inc., and First Boston Corp., 29,500 shares
each; Blyth & Co., Inc., 20,000 shs.; Mellon Securities Corp., 12,000 shs.;
Harriman Ripley & Co., Inc. and Smith, Barney & Co., 10,000 shs. each;
Glore, Forgan & Co. apd White, Weld & Co., 8,000 shs. each; W. E. Hutton
& Co., ana Union Securities Corp., 7,450 shs. each; H. M. Byllesby & Co.,
Inc., Coffin & Burr, Inc., Goldman, Sachs & Co., Lazard Freres & Co., and
Lehman Brothers. 6.950 shs. each; Kidder, Pea body & Co., and Paine,
Webber & Co., 5,950 shs. each; A. C. Allyn & Co., Inc., Graham, Parons
& Co., and E. H. Rollins & Sons, Inc., 4,950 shs. each; A. G. Becker &
Co., Inc., Bodell & Co., Harris, Hall & Co. (Inc.), Hemphill, Noyes & Co.,
Moore, Leonard & Lynch, and F. S. Moseley & Co.. 4,000 shs. each: Alex
Brown & Sons, Cassatt & Co., Inc., E. W. Clark St Co., Dominick Sc
Dominick, H. M. Payson & Co., and Stifel, Nicolaus & Co., Inc., 3.000
kva. are owned by customers
The company reports that the net asset value per share as of June 30,
1939, the close of company's fiscal year, was $12.79 as compared with
$12.85 a year earlier. Capital stock consists of 337,477 shares against
292,317 the year before.—v. 148, p. 1344.
West
Butler, Cameron/Centre, Clarion, Clinton, Elk, Fayette, Greene, Hunting¬
don, Indiana. Jefferson, Lycoming, McKean, Potter, "Washington, and
Westmoreland counties., Pa.
t
Company is engaged in production, distribution and sale of electric energy.
The territory served covers approximately 8,770 square miles in Penn¬
sylvania and has a population estimated to exceed 1,070,000. The territory
includes many of the small industrial cities and towns in the general vicinity
of Pittsburgh, which is the center of a large industrial area.
During the 12 months ended Dec. 31, 1938. approximately 31% of the
operating revenue was derived from residential customers, 16% from corncommercial customers, 44% from Industrial customers, and 9% from other
classes of customers.
Industrial service revenue was derived principally
from bituminous coal mines, iron and steel industries, and glass manufac¬
turers which, respectively, accounted for approximately 18%, 11 % and 5%
of total operating revenue,
A substantial portion of tne industrial revenue
Is derived from a relatively small number of large customers.
Practically
100% of the operating revenues is derived from the sale of electric energy.
The principal subsidiary is Monongahela West Penn Public Service Co.
(W. Va.), whose business is also chiefly that of the production, distribution
and sale of electric energy.
To a lesser extent, such company is engaged in
the production, distribution and sale of natural gas, and the operation of
electric railways, waterworks, and an ice plant.
Approximately 33% of
the electric power distributed by it in 1938 was purchased from the regis¬
,
Volume
The Commercial & Financial Chronicle
149
shs. each; G.M.-P.
Murphy Sc Co., 2,827 shs.; Arthur Perry & Co., Inc.,
Richardson & Clark, Singer, Deane &
Scribner, and Whiting, Weeks &
8 tub be, Inc.,
2,000 shs.'each; Miller & George,and Putnam& Co., 1,500 shs.
each; Geonre G. Applegate, Esq., and R. E. Swart &
Co., Inc., 1,000 shs.
each; and Dillon, Read & Co., 21,000shares.
Management and Control—Company and its subsidiaries form an im¬
portant part of the American Water
Works & Electric Co. system.
The
registrant is a direct subsidiary of the West Penn
Electric Co. which owns
68.793% of voting stock of registrant and 100% of
voting stock of West Penn
Ky., which latter company owns the balance of
stock
owns
31.207% of the voting
registrant.
American Water Works & Electric Co., Inc.,
95.061% of the voting stock of West Penn Electric Co., including all
of the
of the common stock of
such
company.—V. 149,
The Interstate Commerce
Commission
July 15 authorized the com¬
in respect of not exceeding $2,300,000
2% equipment trust
certificates, series G, to be issued by the Union Trust
Co. of
Maryland, as trustee, and sold at 101.5311 and accrued dividends
£°nnect*on w*th the procurement of certain equipment.
The report of the Commit ion
says in Dart:
The applicant requested
37 banking houses to bid for the purchase of
the certificates and seven
bids were received.
The highest bid, 101.5311
of par and accrued
dividends, was made by a group composed of Harriman
Ripley & Co., Inc., Blyth & Co., Inc., Laurence M. Marks &
Co., and
Alex. Brown &
Sons, and has been accepted.
On this basis the average
annual cost of the
proceeds to the applicant will be approximately 1.70%;
Gross earnings
(est.)...
Wisconsin Gas & Electric
Co.—Offering Price—
CoJ£Pany *,n J111
Securities
amendment to its registration statement filed with the
offering price of the 46,480
and Exchange Commission sets the
shares of the 4H
% preferred stock at
$100
1 to July 14—
—Jan.
1939
$7,600,896
$439,158
1938
$6,862,050
a
share.—V. 149, p. 427.
Wisconsin Public Service
Corp.—New Director—
Montross, Manager of the Wisconsin Valley Division of this
.
ration since
1933, has been elected
according to
an announcement
corpo¬
to the board of directors of the
company
by J. P. Pulliam, President.—V. 149,
on
Week End. July 14—
1939
1938
$519,094
first page of this department.
on
a
ply to assume obligation and liability
—
•
See list given
M. H
Western Maryland
Ry.—Equipment Trust Certificates—
Reno, Nev.—Registers with
SEC—
426.
p.
593
Williams Hydraulics,
Inc.,
p.
427'
Wolverine Tube
Co.—Earnings—
6Months Endedoune 30—
profit after deprec., Federal
1939
.Net
inventory loss, &c
Earns, per share on
396,122 shares
—V. 149, p. 427.
Wood, Alexander
&
income
common
1938
taxes,
$175,098
$0.41
stock..
loss$15,185
Nil
James, Ltd.—Accumulated Dividend
The directors have declared
a dividend of $1.75
per share on account of
preferred stocks, par $100, pay¬
Aug. 1 to holders of record July 25.
Like amounts were paid in each
of the nine
preceding quarters.—V. 148, p. 2448.
a00ur^ulatl<>ns on the 7% cumulative first
able
—V. 149. p. 426.
Woodall
Western Reserve
Investing Corp.—Earnings—
Earnings for 6 Months Ended
June 30, 1939
Dividends
on
bonds
debentures
Amortization of discount
on
;_.._
on
$29,405
16,500
....
debentures
800
Expenses...
-9,811
.......
~~
Profit
Loss
sale of securities...
Profit on sale of
security
$2,294
28,712
on
Over-provision for Federal
Net
...
.....
1,424
6
.
tax on income for
year
1938
-
loss
$24,988
Note—The corporation carries its securities at
cost, and profits and losses
on sales are
computed generally on the basis of first in-first out.
The total
carrying amount of securities at June
30, 1939. exceeded the aggregate
quoted market prices thereof
by the amount of $1,143,081; this excess at
Dec. 31, 1938, amounted to
$696,178.
Balance Sheet June 30,1939
Assets—Cash (demand deposits),
$94,839; dividends and interest redeivable, $8,248; securities at cost (quoted market
$1,630,605), $2,773,686;
unamortized discount on
debentures, $7,334; total, $2,884,107.
Liabilities—Accrued interest on debentures,
$13,750; accrued Federal
capital stock tax (est.),
$1,520; 15-year 5H% gold debs., due Feb. 1, 1944
(with common stock purchase warrants
attached), $600,000; prior preferred
6% cum. & partic. stock (par
$100), $1,156,500; $6 pref. stock, cumulative
(20,000 shs. without par value),
$100,000; common stock (60,000 no par
®hs.), $330,000; capital surplus,
$2,220,177; earned surplus (deficit),
$1,521,298; less treasury stock, at cost, $16,542*
total, $2,884,107.—V. 148.
p. 601.
,
Westinghouse Electric
Employees—
to
i
Company
on
Manufacturing Co.—Bonus
r'
,
The bonus in J11110
York Ice
Machinery Corp.—Sales—
corporation for June jumped 32% over the
corresponding month of last year, W. S. Shipley, President, announced on
July 19 in a letter to stockholders.
Special significance is given to the fact
that the increase is due to no one order of
unusual amount or character but
represents small and medium sized orders of standard
products.
Both the
air conditioning and
refrigerating branches of the corporation participated
in the increase.
York's fiscal quarter ending June 30 shows sales
of $4,197,624, or 7%
greater volume that the same period last year.
Mr. Shipley further stated
that the improved market tone, as evidenced
by July sales thus far and the
outlook for prospective business,
givds promise of continued improvement.
United States & Foreign Securities
6 Mos.End June 30—
Cash dividends received.
Int. received & accrued.
1939
Total
on
profit—
$655,330
$958,102
xDrl 12,953
Drl77,010
$668,727
Cr492,123
$542,377
43,849
$781,092
47,329
$1,160,850
98,763
Prov. for Fed. inc. tax
33,000
84,663
expenses.
Netprofit
Co.—Earnings—
6 Months Ended June 30—
Net profit
Earns, per common share
840,000
$70,334
$1.40
...
After deductions for operating
expenses,
charges.—V. 148. p. 601.
I
x
■'
■
'
accrued, &c
Sec.
sold
but
Secure, (at
2,971,734
111,954
133,512
not
,
'
'
U.
General reserve.
stock
1
1
div.
subscribers
c
to
(no par)
General
2d
4,950,000
100,000
100,000
Capital surplus...
107,000
984,459
6 539,454
984,459
Total
45,750
138,900
6.452,806
33,730,913 33,721,915
$6
reserve
pref.
$
50,000
4 ,950,000
.
Reserve for taxes
210,000 shares
cum.
•
<fc
Total.........33,730,913 33,721,9151
,1
Corporation announced the acquisition of control of The Magnesol
Co., a
company manufacturing a line of products used for
purifying oils and
solvents.—V. 149, p. 128.
cost)-32,341,921 30,590,097
8.
c
1938
21,000,000
Sec. purchased but
not received.
Operating surplus.
&c.,
a
./
.
in
Liabilities•—
%
1st pref. stock..21 000,000
b 2d pref.stock...
50.000
a
d Common
20,571
Int. Sec. Corp..
$60,335
$1.06
Corp.—Acquisition—
945,000
1939
$
1,277,037
Divs. ree'd Interest
"
Westvaco Chlorine Products
61*",461
$1,000,627
1938
S
■
Cash.
1938
Federal income taxes,
83",004
$650,759
945,000
Balance Sheet June 30
1939
Assets—
e
1939
83",311
x After
deducting $16,416 ($16,812 in 1938) for cash and securities received
during the year in settlement of reichsmarks balances received in prior years.
f Inv.
x
$591,838
76,889
$415,217
630,000
$681,191
delivered..
Whitaker Paper
1936
$823,432
24,578
invest
Cap. stock & other taxes
Other
1937
$875,449
81,500
1,153
$573,828
81,503
$652,317
Crl71,115
Total income
Net realized
bonus to
10%
a
Corp.—Earnings—
1
1938
$570,667
81,650
Other income.....
was 7%, in May 5% and in
The adjusted compensation is based on a
monthly average profit for
April May and June of $1,327,544 and is the
highest paid this year.
The
monthly bonus is based on average profits for the
preceding three months.
Westinghouse in February restored a 10% pay reduction to all salaried
employees.—V. 148, p. 3397.
'
1938
$73,523 loss 112,436
$0.24
Nil
The sales volume of this
1st pref. dividends
&
July 17 announced it would distribute
April°J^eS f°r July'
1939
income taxes, &c.
Earns, per share on
300,000 shares capital stock
—V. 148, p. 3860.
1,942
.....
I
Total
Interest
$27,463
,
Interest
Industries, Inc.—Earnings—
6 Months Ended June 30—
Net profit after deprec., Federal
stock,
cum. div.
b 50,000 shares (no par)
set up out of $5,000,000 paid-in cash
d 1,000,000
shares,
e
Including
$6
by
15,000
shares of common stock of corporation under option to the President until
March 1, 1939, at $25 per share,
y Includes accrued expenses.—V. 148,
p.
2610.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC,
COMMERCIAL EPITOME
zilian
Friday Night, July 21, 1939.
Coffee—On
the 17th inst. futures closed 5 to 8
points net
higher for the Santos contract, with sales totaling 67 lots.
Both Rio contracts were
inactive, the old was 1 point higher
and
the
new
Brazilian crop
7
points higher.
Rumors of damage to the
by recent rains influenced considerable short
covering in the Santos contract, and the gains resulting
maintained to the close.*
Switches accounted for
a
were
portion of the day's business.
Prices in Brazil were
unchanged today and the Havre market closed H to 1 franc
lower.
Brazil last week shipped 311,000
bags of coffee,
178,000 bags of which were destined for the United States,
115,000 for Europe, and 18,000 for all other areas.
On the
18th inst. futures closed 3 to 4
points net lower for the Santos
contract, with sales totaling only 10 lots.
Both Rio con¬
tracts were inactive, with the old
unchanged and the new 2
points lower.
No further news was received concerning the
damage by excessive rains to the Brazilian crop.
An im¬
provement of 30 reis to 19.780 milreis to the dollar in the
was
without market influence.
Bra¬
were
contracts.
The
market
was
extraordinarily quiet, with
the side lines looking on.
During early
afternoon the market was stagnant, 1 point higher to 1 point
lower, with sales to that time totaling only 750 bags.
The
free exchange rate declined 30 reis to 19.81 to the dollar.
Prices of Havre coffee futures were li to 1 franc lower.
traders
generally
on
On the 20th inst. futures closed 6 to 4
consider¬
able
Brazilian dollar rate
quotations otherwise remained unchanged.
Havre
1 to % franc higher.
On the 19th inst. futures
closed unchanged for the Santos contracts, with sales of
There were no sales reported in the Rio
only 3 contracts.
prices
points net higher for
the Santos contract, with sales totaling 16 lots.
There was
no
Rio business reported.
Coffee futures were somewhat
more
on
a
active, with Santos contracts advancing 4 to 6 points
bags.
Brazilian exchange firmed up
volume of 3,000
in the free market to 19.80 to the
dollar, a gain of 10 reis.
l/i francs better. Cost and
freight Santos 4s Were about unchanged. Mild coffees were
steady at 12c. to 12 ^c.^ for Manizales.
Today futures
closed 2 points off to 1 point net higher for the Santos con¬
tract, with sales totaling 23 lots.
Old Rio contract closed
2 to 3 points off, with sales of 6 lots.
Trading in coffee
futures continued quiet.
Prices of Santos futures were
Havre coffee futures
were
to 1
The Commercial & Financial Chronicle
594
steady, 1 point lower to 1 point higher on sales of 1,250 bags
to early afternoon.
Hard Santos coffees in Brazil declined
100 reis to 17,800, while other grades were unchanged.
A
cable to the New York Coffee Exchange from Rio de Janeiro
reported that the recent plea of Sao Paulo coffee planters,
asking the National Coffee Department to accept a lower
classification for sacrifice quota coffees, had been granted by
that body.
The reason for that action was that rains have
caused deterioration in the quality of the current coffee crop.
Rio coffee futures were 2 to 3 points lower on sales of 1,500
bags.
Havre futures were 1 to H franc higher.
Rio coffee
July
September
prices closed
...4.051 December
4.12 (March
-
-
Santos coffee prices
closed
as
4.17
4.17
follows:
July
March
5.80"'
September
5.88 May
6.03
December
6.12
6.16
.
Cocoa—On the 17th inst. futures closed
unchanged to 7
points higher. Transactions totaled 126 lots or 1,888 tons.
The gain of 7 points was in the spot month.
With July again
moving up faster than other deliveries, spreads continue to
narrow.
July and September today closed even at 4.09c.
Quiet prevailed on the London Terminal Cocoa Market,
were sold.
Closing prices were unchanged to
lL£d. lower.
London actuals were unchanged.
Local
closing: July, 4.09; Sept., 4.09; Oct., 4.14; Dec., 4.23; Jan.,
4.29; March, 4.38. On the 18th inst. futures closed 2 points
lower to 4 points higher.
Transactions totaled 177 lots or
2,372 tons. A final July sale of one contract was made at
4.07c., 2 points under the previous close.
The market
registered early gains of 5 to 7 points, influenced somewhat
by the continued strength of the securities market.
Re¬
newed hedge selling in May and July in later trading to¬
gether with slackened trade and commission house demand
caused prices to drop off a bit from the top levels of the day.
Local closing: July, 4.09; Sept.', 4.13; Dec., 4.27; Jan., 4.31;
where 100 tons
March, 4.41.
On the 19th inst. futures closed 4
points
up
unchanged. Transactions totaled 113 lots. This market
was easy at the outset on circulation of 8 Bahia
notices, but
later, after they were stopped, prices improved, standing
unchanged during early afternoon.
Manufacturers were
credited with picking up contracts.
There was an absence
of hedge pressure.
Sales to early afternoon totaled 78 lots.
Certificated stocks continued to decline.
They lost 2,500
bags overnight, with the result that they now total 1,396,335
bags, which is about where they stood 2 years ago, when the
total was 1,303,903 bags.
Last year stocks totaled only
648,939 bags. Local closing: July, 4.11; Sept., 4.13; Dec.,*
4.27; Jan., 4.31; March, 4.41; May, 4.51; July, 4.61.
to
On the 20th inst. futures closed 2 to 3
Transactions
totaled
79
lots.
The
points net lower.
cocoa
market
drifted
lower with
trading more or less professional. During early
afternoon active positions were off 1 to 3
points. Trading
volume was small, reaching only 40 lots to that time.
There
was no hedge pressure; neither was there much
buying in¬
Hence
terest.
the
market
continued to decline.
stagnated.
Warehouse
stocks
The
overnight loss was 5,000 bags,
reducing the certificated supply to 1,391,327 bags. A year
ago stocks totaled 658,528 bags.
Local closing: Sept., 4.10;
Oct., 4.15; Dec., 4.24; Jan., 4.28; Mar., 4.38; May, 4.48;
July, 4.58. Today futures closed 2 to 3 points net higher.
Transactions totaled 28 lots.
Traders neglected cocoa,
perhaps because they were more interested in the stock
market for the moment. At any rate
only 15 lots were done
to early afternoon.
Prices were steady at 1 to 2 points net
higher during that time. The market acted as if sold out,
but there was no buying interest,
resulting in a stalemate.
Certificated warehouse stocks of cocoa decreased 2,700 bags.
They now total 1,388,680 bags. A year ago they amounted
to 655,286 bags.
Local closing: Sept., 4.13; Dec., 4.26;
July, 4.61.
Sugar—On the 17th inst. futures closed 2 to 3 points net
The market ruled strong today and was fairly
active, due to short covering and new outside buying.
Spot
July, however, acted in sharp contrast to the rest of the list,
showing a drop of 7 points on one sale.
This option expires
higher.
next
a
Monday.
report that
The
better tone
to
the
market
reflected
an
operator was willing to pay 2.86c. for JulyAugust shipment Philippines, which were held at 2.90c.
There was no interest at that level, however.
No sales
were
reported in the
market today.
The world sugar
points net higher.
Transactions
only 65 lots, of which 5 lots were in September at
1.23c., and the balance in a switch of 60 lots of September
for March at 5 points.
London futures were unchanged to
lKd. higher and raws were steady.
Sellers of July ship¬
ments there were
asking 7s. 4Yd., equal to 1.35c. f.o.b.
contract
closed
1
raw
to
totaled
Cuba with freight at 17s. 6d.
Refined was reduced 3d.
On
the 18th inst. futures closed
unchanged to 1 point higher.
Transactions totaled only 35 lots.
The relative dulness was
due to
a
disposition
the actual market.
among traders to await developments in
With refined in a restricted section of the
South
now selling at 4.30c. and one
refiner reportedly taking
business at 4.25c., these traders saw no immediate
prospects
for any decided improvement.
In the raw market an
oper¬
ator
bought 3,500 tons of Cubas for August shipment at
ex duty, and a further limited
interest at the same
price was reported.
Sellers were asking 2c. ex duty, or
2.90c. delivered.
The world sugar contract closed 1
point
1.97c.
1939
22,
V2 point lower on sales of only 20 lots.
In London raws
nominally unchanged at 7e. 3d., while futures ended
were
llAd. lower on 1939 quota positions and unchanged to Yd.
in third year positions.
On the 19th inst. futures
closed 2 points up to unchanged for the domestic contract,
with sales totaling 389 lots.
The world sugar contract
closed unchanged to lxA points up, with sales totaling
lower
News from Cuba that negotiations
only 8 lots.
over
tariff
to be resumed
shortly revived hopes of a cut,
with the result that domestic futures were in demand at
revision
were
Switching operations by Cuban interests
prices.
higher
were a feature.
During early afternoon
positions were 1 to 3 points higher.
Trading
during the forenoon amounted to 18,150 tons, of which more
than 13,000 tons consisted of switching operations, prin¬
cipally out of September into March.
As a result, the
premium was reduced from 3 points to 1 point.
Nothing
was reported in the raw market.
The No. 4 or world sugar
contract was 1 to 1 ^ points higher during early afternoon
on limited trading.
London was % to llAd. lower on near
months, but was as much as Yd. higher on 1940 deliveries.
On the 20th inst. futures closed 2 points up to 1 point net
and trade brokers
follows:
as
to
July
the
active
lower
for
the
domestic contract.
Sales totaled
169
lots.
Yi to 2 points net lower,
with sales totaling only 25 lots.
Most of the activity in
sugar futures was in the domestic contract, as it has been
for some days past.
Sales to early afternoon totaled 7,500
tons.
They were made on a rising market with prices
advancing as much as 3 points on Sept.. The 1940 positions
were unchanged to 1 point higher.
The buying was ascribed
to the news that the Cuban tariff may be revised shortly.
Much of the large volume represented switching out of Sept.
into deferred positions.
The raw sugar prices advanced 3
points when a refiner paid 2c. for Cubas, first half Aug. ship¬
ment.
Refined sugar was reported to be moving well.
In
the world sugar contract values were supported by Cuban
buying. During early afternoon prices were Yi point higher
to 1 point lower on sales of 650 tons.
London futures were
unchanged except the Sept. position, which was off %d.
Today futures closed 3 points up to unchanged for,gthe
domestic contract, with sales totaling 176 lots.
The world
sugar contract closed 1 point to H point net lower, with
sales totaling only 32 lots.
The domestic sugar market con¬
The
world sugar contract closed
tinued to absorb the lion's share of attention.
No. 3 contracts
during
were
early afternoon.
turnover
of
Prices
on
the
steady, unchanged to 1 point higher
Trading continued active with
a
7,900 tons to early afternoon.
Brokers with
were credited with selling, while Cuban
trade connections
demand
absorbed
the contracts,
it was said.
In the raw
reported to have paid 2.88c. a pound
for 1,350 tons of Philippines, due July 26.
American was
reported a large buyer of Cubas yesterday at 2c. a pound.
The market for refined sugar was steady at the 4.40c. level,
but Southern markets appeared to be demoralized, with
prices as low as 4.20c. and even lower reported. The world
sugar market was unchanged to 1 point lower on sales of
1,000 tons up to early afternoon.
London prices were Yid.
to Yd. lower.
Cuban raws were unchanged.
market American
Prices closed
was
as
follows:
1.96 March
1.96
1.96
July
September
January
1.99
May
1.93
Lard—On the
17th inst. futures closed unchanged to 5
points higher. The early range was 2 to 5 points net lower,
due to light realizing.
This was followed by a moderate
recovery.
The gains registered in this rally were not entirely
held to the close.
The trade was anticipating an increase in
Chicago stocks between 2,000,000 and 3,000,000 pounds.
The report issued early yesterday showed that stocks of lard
at the Midwest packing center only increased 1,414,134
pounds.
Liverpool lard futures today were quiet, un¬
changed to 3d. lower. Chicago hog prices declined 10c. to
20c. today owing to the heavier marketings than
expected.
Western
for the
receipts totaled 82,600 head, against 53,500 head
same day a year ago.
Sales of hogs during the day
ranged from $5.80 to $7.20. On the 18th inst. futures closed
10 points net higher on all active deliveries..
Opening range
was unchanged to
6 points lower.
Later in the morning
short covering developed, and this demand uncovered a
scarcity of offerings. Futures firmed up and advanced 10
to 15 points over the previous finals.
Reports of a fair
export trade and a continued active domestic trade in lard
were
strengthening influences. Clearances of lard from the
Port of New York today were very heavy and totaled 557,095
pounds, destined for London,
Liverpool, Manchester,
Southampton and Rotterdam. Liverpool lard futures were
quiet and unchanged. Chicago hog prices were mostly 10c.
to 15c. lower.
Sales ranged from $6.30 to $7.10.
Western
hog marketings were heavy at the West and Midwest centers,
totaling 69,100 head against 54,400 head for the same day
last year.
On the 19th inst. futures closed 2 to 5 points net
lower.
The opening range was unchanged to 2 points lower.
Trading was light and without particular feature.
Lard
exports from the Port of New York were light today and
totaled 49,275 pounds, destined for Antwerp.
Liverpool
lard futures were 3d. higher on the active deliveries.
Chicago
hog receipts totaled 13,000 head.
Hog prices were 10c.
higher. Hog sales ranged from $6, to $7.10. Western hog
marketings totaled 51,900 head against 37,000 head for the
same day a year
ago.
Volume
The Commercial & Financial Chronicle
149
On the
20th inst. futures closed 12 to 17
points net lower.
The market ruled
heavy during most of the session, due to
fairly heavy selling, apparently influenced by the
severe
drop
in corn values.
The July and Sept. options in the lard
futures market dropped to the lowest levels for the season.
Export shipments of lard from the Port of New York today
totaled 14,710 pounds, destined for
Gothenburg. Liverpool
futures were 3d. lower to unchanged.
Western hog
marketings were fairly heavy and totaled 40,700 head. Sales
of hogs at
Chicago today ranged from $6.20 to $7.05. Prices
of hogs showed declines of 5 to
10c., influenced somewhat
by the heavier marketings.
Today futures closed 3 to 2
points net higher. Trading was light and without particular
feature.
Hog prices were steady to 15c. lower today in a
lard
slow market.
DAILY CLOSING PRICES OP
LARD
FUTURES
Sat.
Mon.
Tues.
5.50
July
September
5.55
5.65
5.62
5.67
5.75
5.85
5.60
5.62
5.72
October
5.65
5.75
January
5.80
5.65
5.80
5.82
5.80
December
5.90
5.92
Wed.
5.90
IN
CHICAGO
Thurs.
5.45
5.57
5.62
5.75
5.80
Fri.
5.52
5.60
5.65
5.77
5.82
Pork—(Export), mess, $18.25 per barrel (per 200 pounds);
family (40-50 pieces to barrel), $17.50 per barrel.
Beef:
(export), steady.
Family (export), $20 per barrel (200
pounds), nominal.
Cut Meats:
Pickled Hams:
Picnic,
Loose, c.a.f.—4 to 6 lbs., 1334c.; 6 to 8 lbs., 1234c.; 8 to
10 lbs., 1034c.
Skinned, Loose, c.a.f.—14 to 16 lbs., 1834c.;
18 to 20 lbs., 17c.
Belb'es: 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.,
734c.; 18 to 20 lbs., 734c.; 20 to 25 lbs., 734c.; 25 to 30 lbs.,
7c.
Butter:
Firsts to Higher than extra and Premium
Marks: 22 to 2334c.
Cheese: State, Held '38, 16 to 19c.
Eggs: Mixed Colors, Checks to Special Packs: 1334 to 1834c.
Oils—Linseed oil
business in the local market remains
Price schedules held at 8.3c.
C. i. f. quotations have
declined about 234c. in the
slow.
past week.
Quotations: ChinaNearby, drums—22 to 24c. Coconut: Crude, tanks,
nearby—2J4 to 3c.; Pacific Coast, spot—.0234 hid.
Corn:
Crude, West, tanks, nearby—534c- offer.
Olive—De¬
natured, Drums, carlots, shipments—80 to 81c.; Spot 82 to
83c.
Soy Bean: Crude, Tanks, West—434 to 434; L.C.L.
N. Y.—.065 bid.
Edible: Coconut: 76 degrees—8J4 hid.
Lard:
Ex. winter prime—8
34 offer.
Cod: Crude, Nor¬
wegian, light filtered—2934 offer.
Turpentine: 3034 to
3234, all bids. Rosins: $4.75 to $7.65.
wood:
Cottonseed Oil sales
contracts.
yesterday, including switches, 113
Crude S. E., 434.
Prices closed as follows:
August
5.70@
n
(December
5.75® 5.77 January
5.81® 5.83 February
5.81 @
n
(March
September
October
November
5.94@ 5.95
5.99®
5.99®
n
6.05@ 6.10
Rubber—On the 17th inst. futures closed 19 to 22
points
net higher.
Transactions totaled 2,950 tons, or 295 con¬
tracts.
The rubber futures market was
strong and active
during most of the session today.
Factory and commission
house demand with a tightening of the rubber
supply were
the factors responsible for
today's strength in the rubber
markets.
The stock market advance played its
part as an
influence for higher rubber values.
Factory interests were
large buyers, while demand for nearby deliveries by commis¬
sion houses was supplemented
by purchasing from London,
December proved to be the most active
month, with 113
contracts sold in that position.
Next on the board was
September with 86 contracts.
A cable from London showed
stocks of rubber at 41,028 tons, or a decrease of 460
from a
week ago.
Local closing:
16.82; March, 16.82.
points net higher.
today, and firm cables
July, 16.64; Sept., 16.74; Dec.,
On the 18th inst. futures closed 8 to
The market was active and strong
12
strong showing.
were
set and
important factors in the market's
New high levels for the current advance
were
16.99c. for December and 17c. for
May were
contracts.
The London and
Singa¬
highs for the life of the
pore markets closed steady, prices ranging l-16d. to
34d.
higher.
Factory and commission house buying continued
heavy, and with shipment offerings at a good level, total
volume for the day hit 3,800 tons or 380 contracts.
Ex¬
changed for physicals were 410 tons.
Spot prices advanced
34c. to 16J4c., high for the year.
A good factory business
was reported
by dealers.
Local closing: July, 16.74; Sept.,
16.85; Dec., 16.91; Jan., 16.92; March, 16.92; May, 16.90.
On the 19th inst. futures closed 10 to 14
points net lower.
Transactions totaled 219 lots.
The rubber futures market
today under scattered liquidation and selling
prompted by the circulation of 12 transferable notices of
delivery on the July contract.
During early afternoon
September stood at 16.70c., off 15 points, and December
at 16.75c., off 16 points.
Sales to that time totaled 1,580
tons, of which 90 tons were exchanged for physical rubber.
London closed unchanged to l-16d. lower.
Singapore also
closed quiet.
Malayan shipments during the first half of
July were unofficially estimated at 18,000 tons.
Local
closing: July, 16.64; Sept., 16.72; Dec., 16.77; Jan., 16.77;
March, 16.82; May, 16.85.
On the 20th inst. futures closed 3 to 9
points net lower.
Transactions totaled 172 lots.
After opening heavy rubber
futures rallied, with the result that
during early afternoon
prices were 2 points higher to 2 points lower. The undertone
was
steady in mixed trading, with sales of 700 tons Lq early
afternoon.
Traders were awaiting the
meeting of the inter¬
was
easy
595
national committee next
Tuesday when quotas for the fourth
quarter will be fixed.
The London market was unchanged
to 3-32d lower.
Singapore had a steady tone. Local
closing:
July, 16.61; Sept., 16.63; Dec., 16.69; March, 16.73; May,
16.78.
To-day futures closed 1 point off to 2 points net
higher, with sales totaling 214 lots. Trading in rubber fu¬
tures was
fairly active in a steady market. During early
afternoon prices were unchanged to 2
points net higher.
Factory buying of forward deliveries and commission house
buying of September was reported. Dealers were credited
with selling hedges
thus supplying the demand.
Sales to
early afternoon totaled 1,420 tons.
The London market
closed unchanged to l-lbd. higher.
It was estimated that
rubber stocks in the United
Kingdom had decreased 2,400
tons this week.
Singapore closed l-16d. to 3-32d. lower.
Local closing: July, 16.60;
Sept., 16.65; Dec., 16.71; March,
16.75; May, 16.77.
Hides—On the 17th inst. futures closed 25 to 31
points
higher.
The opening range was 3 to 7 points higher.
Transactions totaled 12,400,000 pounds.
Fears of a
net
strike,
together with expectations of a further rise in security values,
were held
mainly responsible today for marked strengthening
in the hide situation.
Leading packers in the Middle West
are reported to be
very reluctant to sell and no offerings by
the big packers were
reported.
While some trade observers
here
are inclined to believe that the
Administration will do
its utmost to avert a strike, in view of the fact that
food is
involved, others apparently feel there is a fair chance the
strike will take place.
Certificated stocks of hides in ware¬
houses licensed by the exchange increased
by 1,042 hides to
I,042,665 hides.
Local closing: Sept., 11.65; Dec., 11.97;
March, 12.26; June, 12.52.
On the 18th inst. futures closed
11 to 12 points net
higher.
The market was strong and
active
throughout the day, with transactions totaling
12,160,000 pounds, of which 240,000 pounds were exchanged
for physical rubber.
The opening range was 9 to 18 points
above Monday's finals.
Domestic spot hide prices today
were advanced
34c. a pound in the Middle West. Purchased
were
reported of approximately 25,000 hides, all JuneJuly take-off, at 12c. for light native cows, 12c. for native
steers and 1134c. for Colorados.
The strong and active
securities market had
Local
closing:
June, 12.63.
lower.
net
in
a
Sept.,
wholesome influence in hide circles.
11.76;
Dec.,
12.09;
March,
12.37;
On the 19th inst. futures closed 11 to 7 points
Transactions totaled 149 lots.
Mixed trading
hide futures
was
reported.
The market had an easier
sympathy with the stock market, prices show¬
ing losses of 9 to 10 points during early afternoon.
Trans¬
undertone in
actions
to that time totaled 3,440,000 pounds.
Sales of
spot hides yesterday resulted in sales to tanners at advances
of 34c. a pound in prices.
Certificated stocks of hides were
reported as 1,402,665 pieces, while 86,404 hides are pending
certification, making a total potential supply of 1,489,069
hides, compared with stocks of only 806,729 hides
ago.
Local closing: New Contracts: Sept., 11.65;
II.98; March, 12.30; June, 12.56.
a
year
Dec.,
On the 20th inst. futures closed 17 to 20
for the
of
new
contract.
hide futures
points net lower
Transactions totaled 167 lots.
Prices
fairly steady throughout the session
which to early afternoon totaled
2,280,000 pounds.
Ring traders were reported buyers.
It
was commented that futures are
selling below the spot basis.
Certificates stocks of hides increased 8,882 pieces overnight.
They now total 1,415,914 hides.
Local closing: New Con¬
tracts: Sept., 11.48; Dec., 11.81; March, 12.10; June, 12.36.
To-day futures closed 21 to 25 points net higher for the new
contract, with sales totaling 185 lots.
Commission houses
were aggressive bidders for hide futures after it became evi¬
on
raw
were
moderate transactions
dent that the stock market was resuming its rise. As a result
prices advanced 22 to 27 points by early afternoon. Trans¬
actions to that time totaled 4,600,000 pounds.
Reports
from the spot market indicated that packers were in a com¬
fortable position and not eager to sell at current prices.
Reports from the leather trade were encouraging.
Certifi¬
cated stocks of hides increased by 8,882 pieces.
They now
total 1,415,914.
Local closing: New Contract: Sept., 11.69;
Dec., 12.04; March, 12.35; June, 12.60.
Ocean
Freights—A fair amount of chartering transac¬
reported in the various sections of the freight
market the past week.
Charters included: Grain booked: 14
loads, Albany to Scandinavia last half July, basis 12c. Scrap:
Atlantic range to Gdynia, July, 20s 6d. one port loading, 21s
two ports loading.
Atlantic range to Japan; August; 20s.
Atlantic range to United Kingdom, Aug., 18s.
Atlantic
range to United Kingdom, Aug., 18s., option Gulf loading
20s. 6d. done, port loading 21s., two ports.
Charters: Gulf
to United Kingdom-Continent, Aug., 3s. 3d.
Time: Two
round voyages trans-Atlantic trade, delivery and
redelivery,
United
Kingdom-Continent, Aug., 4s. L34d.
Delivery
Japan, redelivery United Kingdom-Continent, July, 4s. 3d.
Trip across, delivery Progreso, redelivery United KingdomContinent, mid-Aug., $1.60
tions
was
Coal—It is
reported by coal dealers and operators that
a very low ebb
despite the favorable
tenor of reports from the business and financial world
and
the heartening reports concerning steel operations. Prices of
all grades of coal have been unchanged for several
days. It
is stated, however, that production has been cut to
fit
demand.
Many operators complain of almost complete lack
demand for coal is at
The Commercial & Financial Chronicle
596
and grades. According to figures
Association of American Railroads, the
shipments of anthracite into eastern New York and NewEngland for the week ended July 1 have amounted to 1,561
cars, as compared with 2,025 cars during the same week in
1938, showing a decrease of 464 cars, or approximately
23,200 tons. Shipments of anthracite for the current calendar
year up to and including the week ended July
1 have
amounted to 47,001 cars, as compared with 42,880 cars
during the same period in 1938, showing an increase of close
COTTON
of outlet for several sizes
furnished
by the
206,050 tons.
to
July 22, 1939
Wool—There were no spectacular developments in the
raw wool markets the past week.
'Quiet conditions prevail,
though manufacturers continue to show interest in spot sup¬
plies as well as in wools offered for shipment in the country.
Original bag territories lead in volume and as compared with
the opening of the month, average a cent more per scoured
pound higher. Prices range 63 to 64c. for short FYeoch com¬
ing, 66 to 67c. for good French combing and 68 to 69c. for
graded French combing. It is reported that a very healthy
situation is indicated by all the known factors in the case and
possibility of higher prices is not overlooked provided
the Australian fine wool season opens as expected.
It is said
that wool sentiment overseas is dominated by the crossbred
situation in London.
Heavy buying of wool grading round
50s has occurred to cover Government cloth contracts.
After a breathing spell of about a month, during which time
Texas wool growers held prices firmly, dealers have entered
the filed in force and bought several million pounds of wool
at prices indicating from 65 to 68c. for average to good
Friday Night, July 21, 1939
Silk—On the 17th inst. futures closed 2c. to 5c. net higher,
this range covering both No. 1 and No. 2 contracts. Bullish
statistics influenced considerable trade short covering, and
the primary markets and some
trade hedge lifting resulted in an active session.
Transac¬
tions totaled 2,410 bales in the No. 1 contract and 30 bales
tn the No. 2 contract.
Long liquidation accounted for most
of the selling, it was reported by ring observers.
Spot prices
in the New York market were firm.
Crack double extra
advanced 3c. to $2.67 A.
The Yokohama Bourse was
steady, and compared with Friday, closed 8 yen to 16 yen
higher.
The price of Grade D in the outsiae market ad¬
vanced 15 yen to 1,245 yen per bale.
Yen exchange re¬
mained unchanged at 27 ALocal closing: No. 1 contract:
July, 2.66; Aug., 2.56 A; Sept., 2.49; Oct., 2.42; Nov., 2.36^;
Dec., 2.34.
Contract No. 2: July, 2.72; Aug., 2.55; Oct.,
2.34^. On the 18th inst. futures closed lc. to 7c. net lower
for the No. 1 contract, after opening 3c. lower to 23^c.
higher.
Transactions in the No. 1 contract totaled 1,220
bales, or 121 lots.
No sales were recorded in the No. 2
silk contract.
The price of crack double extra silk in the
New York spot market advanced 4 Ac. to $2.72.
The
Yokohama Bourse closed 6 yen to 22 yen higher, while the
price of grade D in the outside market advance^ 20 yen to
1,265 yen per bale.
Yen exchange remained unchanged at
27 A>
Local closing: Contract No. 1: July, 2.67; Aug., 2.54;
Oct., 2.35; Dec., 2.30; Jan., 2.28 AOn the 19th inst.
futures
closed 2c. down to unchanged.
Transactions
totaled only 84 lots. Prices of silk futures were easy in small
trading, which up to early afternoon totaled only 460 bales,
of which 440 were on the No. 1 contract.
The market then
was A to lMc. lower except on February, which was un¬
changed at 2.28. August sold for $2.53AThe price of
crack double extra silk in the New York spot market lost
lc., standing at $2.71 a pound.
Yokohama closed 3 to 6
yen lower.
Local closing: No. 1 contract: July, 2.65;
Aug., 2.52Ai Sept., 2.43; Oct., 2.33; Nov., 2.31; Dec.,
2.29; Jan., 2.28A; Feb., 2.27.
No. 2 contracts: Sept.,
2.42; Oct., 2.35.
Sales 5 contracts.
On the 20th inst. futures closed 3Ac. up to lc. down.
Transactions totaled 143 lots.
After an irregular opening
the silk futures market turned decidedly firm, prices showing
gains of 2 to 4c. on the No. 1 contract, and as much as 7c.
on the No. 2, with
Sept. No. 1 selling at $2.45A and July
No. 2 at $2.70. Sales to early afternoon totaled 890 bales in
the No. 1 contract and 80 bales in the No. 2 contract. The
this with firm cables from
price of crack double extra silk in the uptown spot market
advanced Ac. to $2,703^ a pound. Yokohama Bourse prices
were'l to 12 yen higher, but in the outside market grade D
silk was 5 yen lower at 1,360 yen a bale.
Local closing:
No. 1 contracts: July, 2.66; Aug., 2.56; Oct., 2.35A', Nov.,
2.31 A; Jan., 2.27^; Feb., 2.27. No. 2 contracts: July, 2.70.
Today futures closed 2 Ac. net higher to unchanged. Trans¬
actions totaled only 50 lots.
Silk futures were steady, but
inactive.
The market is said to be awaiting the outcome of
the negotiations between the British and Japanese Govern¬
ments
over
the Chinese situation.
Trading was small,
totaling only 200 bales to early afternoon.
At that time
prices were firm; with Jan. No. 1 selling at $2.30, up 2 Ac.
The price of crack double extra silk in the uptown spot
market remained unchanged at $2.70 A a pound.
It is esti¬
mated in some quarters that owing to the high price of silk,
the consumption of broad silk will be off one-third this
9 yem lower.
unchanged at
1,260 yen a bale. Local closing: No. 1 contract: July, 2.68;
Aug., 2.57; Oct., 2.38; Nov., 2.33^; Dec., 2.31 >*; Jan.,
2.28Al Feb., 2.27.
Yokohama Bourse prices were 2 to
Grade D silk in the outside market remained
year.
tele¬
our
For the week
ending this evening the total receipts have reached 58,075
bales, against 33,685 bales last week and 30,001 bales the
previous week, making the total receipts since Aug. 1, 1938,
3,546,213 bales, against 7,165,781 bales for the same period
grams
of
from the South tonight, is given below.
showing
1937-38,
since Aug.
decrease
a
1938,
1,
of
3,619,568 bales.
1,533
42
719
2,926
6,017
4,258
1,712
3.863
5,807
2,628
817
746
6,057
8,934
19,473
18,261
4,403
12
13
415
2,116
665
2,286
4,928
1,906
1,529
1,554
3,712
573
Houston
732
959
576
CorpusChristi ,&c
New Orleans..
Mobile..
Savannah
w
_
**
4*
1
-
Lake Charles
«,
9
1
Wilmington
2
2
M
-
rn.rn.~-
•
-
10
-
367
24
297
30
16
555
555
8.193
9,868
9.499
15,162
58,075
Norfolk
Baltimore
Totals this week.
The
Total
1,963
1,850
296
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Receipts at—
Galveston
the
twelve months' wool.
indicated by
of the Crop, as
The Movement
10,081
5,272
following table shows the week's total receipts, the
Aug. 1, 1938, and the stocks tonight, compared
total since
with last year:
Stock
1937-38
1938-39
Receipts to
July 21
This
Since Aug
This
Since Aug
Week
1 1938
Week
1 1937
6,057 1,024,881
8,934 1,065,380
315,527
19,473
Galveston
Houston
Corpus Christi
367
16,678
878,855
78,094
13.058
2,178
36,895
16,096
38.787
13,669
17,067
555
29,048
Beaumont
18,261
4,403
New Orleans
Mobile
Pensacola, &c
Jacksonville
-
Savannah
13
...
Charleston
1
m
m
2
Lake Charles
10
Wilmington
Norfolk
*
M
«*
~
—
Baltimore
*
-
'
mm
~
«
«
73,939
16,761
649,198
58,186
5,300
2,249
146,507
38,257
11,609
20,875
28,416
100
100
3,460
750
925
...
—
28,151
1,045
43,924 7,165,781 1.793,307 2,336,232
58,075 3,546,213
Totals
■
626,738
653,702
1,125
-
New York
Boston
1938
1939
470,375
548,676
63,708
31,778
411,748
46,924
3,656
1,343
141,816
30,797
5,426
8,728
26,357
5,275 1,923,935
5,180 1,827,483
434,777
24,264
11,847
5,010 2,129,515
932
226,724
77,954
3,615
136
135,675
200,182
1,172
12
78,993
1
28,501
897
58,429
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Orleans
18,261
4,403
.
Mobile
590
904
2,925
4,253
5,306
1,088
136
573
127
314
10
1
367
897
448
235
All others
20,030
25,321
13,442
3,820
Total this wk.
58,075
43,924
1,172
—
"
Wilmington.
_
Norfolk
Since Aug. 1__ 3,546,213 7,165,781
The exports for
10,315
6,574
14,868
3,760
1,750
1,179
1,063
2,652
5,926
2,131
8,565
4,268
9,675
638
291
Charleston
1933-34
1934-35
1935-36
210
932
13
Savannah
1936-37
5,275
5,180
5,010
6,057
8,934
Houston
New
1937-38
1938-39
Receipts at—
Galveston
264
59
48
35
1,150
24,649
10,748
1
37,205
50,608
28,601
28,419
6,316,826 6,748,985 4,076,887 7,430,996
the week ending this evening reach a total
bales, of which 1,893 were to Great Britain, 508
to France,
7,487 to Germany, 3,685 to Italy, 2,661 to
Japan, 27 to China, and 6,934 to other destinations. In the
corresponding week last year total exports were 53,506 bales.
For the season to date aggregate exports have been 3,300,908
bales, against 5,643,384 bales in the same period of the
previous season.
Below are the exports for the week.
of 23,195
Exports to—
Week Ended
July 21, 1939
Exports from—
Ger¬
Great
Britain
France
many
Italy
3,121
Houston
"508
New Orleans....
Japan
China
2,188
"503
San Francisco.
7,818
2,700
9,027
3,953
299
2",052
"46
1,893
508
7,487
3,685
2,661
1938
15,986
1,448
6,850
3,532
Total 1937
13,790
1.429
13,785
2,655
6,741
2,098
27
6,934
23,195
"500
8,192
4,701
43.601
17,498
Total
Total
2,881
"27
106
458
299
Mobile
Total
Other
1,353
1,497
3,609
1,847
Galveston
53,506
Exported to-
From,
Aug. 1,1938 to
July 21, 1939
Exports from—
Galveston
Houston
Corpus Christi
Brownsville
_
Britain
China
942,357
133,614 119,896
57,561 24.376
209.925
22,768 225,032
53,187 203,002
59,061
8,791
260,037
1,039
561,672
28,425
12,606
1,240
85,261
5,192
1,464
69*481
_
Mobile
6,730
126,089
10,788
35,849
24,351
2,171
68" 168
73,717
9,071 129,885
Pensacola, &c.
10.685
11,816
1,167
1,666
"2",152
"728
336
"295
11,888
"360
468
9,838
5,124
1,088
186
5,331
Gulfport
511
714
New York_.
331
66
500
Boston
177
90
Norfolk
San
.
Francisco
"33
Total
11,938
11,024
900
7,538
155
9,050
4,481
1,511
10,726
4,852
6,016
5,330
265,502
1,284
1,922
112,461
10
23,486
16,647
600
*179
21,114
10
513
229
200
8,911
1,936
4,091
198,709
88,517
Seattle
Total 1937-38
60,716
1,420
24,499
"500
"29
Philadelphia..
1.08 Angeles.
35,951
915
5,400
13
Baltimore
53,524
500
1,390
104
Charleston-.
933,389
262
"
131
Savannah
12,074
7,041
61
415
944
Jacksonville
Total
Japan
286,970
many
142,422
173
New Orleans.
Other
Italy
93,236
866
France
71,724 100,205
127,641 86,124
29,106 63,411
2,462
.
Beaumont
Lake Charles
Ger¬
Great
,732i
472.676 396.73
1624,678 759,023
Total 1936-37. 1204,201 718.789
95,825 669,338 3300.908
467,246 313,360
467,!
885,731
893,899 538,904
685,974
91,3811049525 5643,384
765.287 414,156 1588,731
23,685 725.682 5440,531
Volume
The Commercial & Financial Chronicle
149
III addition to above
exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
On
Shipboard Not Cleared for—
ifuly 21 at
Ger¬
France
Britain
Galveston.
Houston
New
worse
Leaving
Oreat
Other
Coast¬
many
Foreign
wise
300
500
3,302
Orleans.
Savannah
1,519
207
100
_
300
5,800
1,220
4,122
Stock
8.600
6,431
4,489
90
350
350
Charleston
"96
Mobile
"339
"435
Norfolk
Other ports
Total 1939.Total 1938
Total 1937
4,315
2,516
5,498
1,619
2,070
2,763
800
4,426
4', 27,4
11,481
19,431
4,424
and
2,090
2,555
1,413
than
New
expected cables.
York
widened
Differences between
Bombay
and
Far Eastern accounts were
sellers in October and December at
the broader differences.
There was a good demand in
December, on the other
Total
2,000
597
period the list was 4 to 9
points below yesterday's closing
levels.
At noon the market also was 4
to 9 points lower.
Trading was limited on the opening and initial prices were
unchanged to 2 points lower, failing to respond to much
461,775
542,245
407,259
141,466
30,797
46,489
26,357
116,614
from
spot
October
houses,
trade
and
mill
hand,
Selling in
accounts.
fsew
absorbed by local professional and trade shorts,
Orleans operators sold October and
with
local ring traders
was
July and bought
moderately in March. A good demand -was apparent in the
distant July from both
Bombay and Liverpool brokers,
20,305 1,773,002
30,998 2,305,234
18,372 1,373,031
supplying most of the contracts.
Today prices closed
8
15
to
points net
higher.
Prices
for cotton futures
displayed
the
past week was fairly active, with prices trending lotver
most of the period.
There was a fairly substantial rally
during mid-week, but this was of short duration.
With
bearish weather and crop reports and still much uncertainty
volume
A
over
ing and in active trading opened steady and 1 to 3
points
higher.
The early activity was featured
by a good trade
Speculation
an
the
cotton
for
future
delivery
during
to
trade
in
a
substantial
way,
the
firm tone today in
time before the close
a
showed
advances
of
9
to
7 to
was
follow
October
the
12 points
higher.
weakness
at
heavy
a
busi¬
of
13
to
closing levels of the previous day.
demand in
Shortly before the end of the trading
short
positions
day the market
especially
prices closed 7 to 8 points net decline.
Trading was quiet throughout most of the session, with the
inclination general to await an announcement from Wash¬
ington on the cotton export subsidy which is expected next
week.
The undertone ruled about steady during most of
the session, with fluctuations holding within a narrow range.
Selling pressure increased toward the close, however.
More
favorable crop and weather news and a late increase in hedge
selling against the new crop in Southern Texas accounted for
declines in cotton today (Saturday).
Final prices were at
the lows for the day.
Offerings came into the market from
Bombay and Liverpool as well as through commission and
spot houses.
While the trade was the best buyer, demand
generally was slow.
Southern spot markets today were 5
to 20 points lower with middling quotations ranging from
8.20 up to 9.79c,
The average price of middling at the 10
designated spot markets was 9.32c.
On the 17th inst.
prices closed unchanged to 6 points off.
Hedging against
the new crop was again in evidence today, and this together
with scattered liquidation resulted in lower prices again
today.
A late covering movement in forward positions
erased some of the losses, however, and at the close the mar¬
ket was steady.
A renewal of Washington uncertainties
made buyers cautious, but while awaiting more definite
news from that
quarter, the inclination was to devote more
attention to weather and crop advices.
Further scattered
hedging orders appeared from South Texas sources as new
crop receipts reached the ports of that
State.
Despite
relatively steady Liverpool cables, the market opened 1 to
5 points lower, and during the morning sold off to net losses
of 5 to 8 points.
Increased liquidation was noted, especially
in the nearby deliveries, but Bombay was an early buyer of
distant months.
Locals were the chief suppliers of contracts
to Far Eastern buyers, but the early sellers found contracts
scarce and as the stock market rallied, turned to the
buying
side in the afternoon.
Southern spot markets were 5 to 13
points lower.
On the 18th inst. prices closed 8 to 14 points
net lower.
With today's losses the market registered a drop
of about $2 a bale from last week's highs.
Continued bear¬
ish weather and crop reports influenced considerable liquida¬
tion and hedge selling, while demand continued of limited
proportions.
No fresh factors developed to influence senti¬
ment adversely, but traders were not inclined to take the
buying side, at least until more was known of the Govern¬
ment's export subsidy plans.
Firmness of the stock market
and activity in that division had little apparent influence on
cotton trading.
The opening was steady, unchanged to 2
points lower, with trading of small proportions.
The mar¬
ket lacked recent support from foreign sources, while offer¬
ings reached the market from Bombay and Liverpool on
selling which seemed to have been influenced by the nar¬
rower
parities.
Liverpool October cotton at yesterday's
close for the first time in many years, sold at a discount of
one
point under the New York market.
Southern spot
markets today were 12 to 19 points lower.
On the 19th inst.
prices closed 9 to 12 points net higher.
The cotton market
displayed a better tone in the later dealings today, replacing
the early losses with slight advances in all positions.
A
short time before the close of business active months regis¬
tered gains of 2 to 3 points over the closing levels of the
preceding day in a heavy volume of transactions.
Around
midday prices were 1 to 4 points higher.
Trading was active
on the opening call this morning and prices declined further,
showing initial losses of 1 to 7 points.
Brokers with Bombay
and Liverpool connections again were active sellers in Octo¬
ber and December, which, combined with hedge selling,
selling of New Orleans operators and the South in the more
distant months—influenced the easier tone.
Support came
from trade accounts and locals, while Bombay brokers again
bought May and July.
A good turnover was effected and
some
large sized blocks of cotton changed hands.
After
the opening, brokers with New Orleans connections continued
to sell March and July, bidding for October.
On the 20th inst. prices closed 15 to 11 points net lower.
Cotton prices displayed a weaker trend today in a limited
active
ket failed
points
Around mid¬
The local
Liverpool this
mar¬
morn¬
and
December, and by heavy buying
by Liverpool and Bombay straddle interests in the
distant
July.
Contracts in the near months were furnished
mainly
by foreign and commission house liquidating orders. A few
hedge placements were put into the December
and May
positions.
The active buying by
Liverpool and Bombay
in July was said to be
against sales in the Liverpool mar¬
ket, where prices again declined sharply this
morning.
15th inst.
volume of business.
sales.
over
upward side.
On the
of
ness
export subsidy program for cotton, there was little
encouragement
on
in
The official quotation for
middling upland cotton in the
New York market each
day for the past week has been:
mS15'9^21"*
Middling
Sat-
,
upland (nominal)
___
Mon-
Tues-
9.58
9.39
9.69
Wed. Thurs.
9.49
Fri.
9.34
9.44
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
Premiums and
discounts for grades and staples are the
—
average quotations
markets, designated by the Secretary of Agriculture,
staple premiums represent 60% of the average premiums
over J^-inch cotton at the 10
markets on July 20:
of 10
and
H
15-16
1 In. &
Inch
Inch
Lonyer
15-1C
White—
Mid.
1 In. dk
Inch
Lonyer
Inch
Spotted—
Fair
.62
.79
.56
St. Good Mid..
on
on
.93 on
on
Good Mid
.09
.24
on
.06 off
.10
on
.70 off
.56 off
.73 on
.87
on
St.
Good Mid
.50 on
.67
on
.81
on
Mid
St. Mid
.33
.50
on
.65 on
Basis
.16
on
.31
.58 otf
.44 off
Mid
St. Low Mid...
Low Mid..
on
Mid
on
.37
on
.23
on
.42 off
♦St. Low Mid.. 1.43 off 1.37 off 1.32 off
•Low Mid
2.16 off 2.14 off 2.13 off
on
.32 off
Tinged—
1.37 otf
.28 off 1.24 oft
Good
•St. Good Ord. 2.06 oft
.02 off 2.00 off
St.
♦Good
.61 off 2.59 off
♦Mid
.50 on
.67
on
.81
.33
.50
on
.65 on
•St. Low Mid.. 2.20 off 2.18 off 2.18 off
•Low Mid
2.85 off 2.84 off 2.84 off
Yel. Stained—
.16
on
.31
Good Mid
Ord
2.63 off
Extra While—
Good Mid
Mid
St.
on
Even
Mid
St. Low Mid...
Low Mid
on
on
.44 off
.58 off
.32 off
1.37 off 1.28 off 1.24 off
♦St.
1.66 off 1.63 off 1.61 off
2.31 off 2.29 off 2.28 off
Mid
.63 off
on
1939
1931
1930
9.40c.
13.15c.
1937
12.14c.
1929
19.45c.
1936
13.12c.
1935
12.25c.
13.15c.
1928 —..21.10c*
1927
18.30c.
1926
18.80c.
1934
1933
10.10c.
5.75c.
1932
.63 off
Quotations for 32 Years
9.44c.
8.88c.
—.
—
.41 off
.72 off
1.38 off 1.32 off 1.28 off
future contract.
New York
1938
.52 off
.82 off
Mid
•Mid.
Not deliverable
.31 off
1.14 off 1.07 off 1.00 off
Mid
Good
St.
•
.40 off
Gray—
2.63 off 2.61 Off 2.69 off
Ord...
.50 off
.73 off
.65 off
.55 off
1.52 off 1.48 off 1.43 off
•Mid
•St. Good Ord. 2.06 off 2.02 off 2.00 off
♦Good
Mid
Mid
1923
28.50c.
1922 —.22.10c.
,12.85c.
1920
43.00c.
1915
1921
1914
13.25c.
1913 —12.40c.
1910
1925
24.25c.
1919
35.65c.
1918 .....33.50c.
1917
26.40c.
1924
33.40c.
1916
12.95c.
9.25c.
1912
12.80c.
1911
13 45c.
.
1909
1908
.
,
16.00c.
12.30c.
11.00c.
Futures—The
highest, lowest and closing prices at New
York for the past week have been as follows:
Saturday
Monday
July 15
July 17
Tuesday
J.ly 18
Wednesday
July 19
Thursday
July 20
Friday
July 21
4^)7.(1939)
Range..
Closing.
8.83ri
8.77ti
8.6371
8.7471
8.5877
8.6877
8.7277
Sept.—
Range..
8.87n
8.8171
8.67ra
8.7877
8.6277
Range-
8.79- 8.85
8.71- 8.76
8.59- 8.73
8.54- 8.71
8.54- 8.67
8.55-
Closing
8.79
8.73
8.59- 8.60
8.69- 8.71
8.54
8.64- 8.65
8.70n
8.64ti
8.5271
8.6177
8.4877
8.62- 8.66
8.55- 8.60
8.44- 8.56
8.40- 8.55
8.43- 8.54
8.62
8.56- 8.57
8.45
8.54- 8.55
8.43
Range..
8.49- 8.62
8.41- 8.45
8.32- 8.40
8.26- 8.35
8.29- 8.41
8.32- 8.39
Closing.
8.49n
8.42
8.3371
8.4277
8.29
8.40
8.43rc
8.3771
8.2871
8.3877
8.2577
8.3677
Range..
8.37- 8.41
8.31- 8.34
8.24- 8.32
8.19- 8.35
8.22- 8.34
8.23- 8.33
Closing.
8.37
8.33
8.24- 8.26
8.35
8.22- 8.23
8.32- 8.33
Closing.
Oct.—
.
—
—
8.66
Nov.—
Range-
Closing
.
8.5877
Dec.—
Range
—
Closing.
—
—
8.55- 8.54
8.53
yen.(1940)
—
-
Feb.—
Range-
Closing.
Mar.—
—
—
April—
Range8.31n
8.2871
8.1977
8.3077
8.1777
8.3777
8.25- 8.30
8.20- 8.25
8.14- 8.23
8.11- 8.25
8.13- 8.25
8.14- 8.26
8.25- 8.26
8.23- 8.24
8.15
8.25
8.13- 8.14
8.23
8.1871
8.17s
8.0871
8.1977
8.07 n
8.1877
Range-
8.15- 8.15
8.07- 8.12
8.00- 8.11
7.99- 8.14
8.01- 8.14
8.1271
8.03- 8.15
Closing
8.12
8.02
8.14
8.01
8.14
Closing.
May—
Range
—
Closing.
-
-
June—
#
Range
—
Closing.
July—
n
.
Nominal.
—
-
-
-
The Commercial & Financial Chronicle
598
Range for future prices at New York for the week
July 21,1939, and since trading began on each option:
ended
Movement to
ments
Week
7.46
Aug. 1939
Apr.
11 1939
24 1939
8.12
Oct.
19
July
Dec.
1939..
Jan.
1940-.
8.26 July
Feb
19
It
8.40 July
8.66
10 1939
9.03
July
11 1939
Eulauia
Feb.
Feb.
23 1939
Montgom'y
7.26
Jan.
23 1939
26 1939
7.49
16
16
8.88
July
27 1939
8.75 July
7.36
20 1939
8.66
11 1939
1939
1940
8.52 July
July
12,120
10
8,122
51,366
29
53,070
548
48,202
45,072
624
67,617
1
69,444
234
57,369
74
171,43*
1,137
86,787
66,486
163
""20
101,201
756
July
11
8.30 July
15
7.58"
May 22 193t
8.58
July
11 1939
60,429
39,036
19,392
July
11
8.15 July
15
7.99
July
15 1939
8.15"
July
15 1939
Newport
8.11
7.99*
Hope
'
68
48,201
47,933
538
"503
Delivery—The Commodity
Volume of Sales for Future
142
138,907
1,042
48,622
367
39.445
Ga., Albany..
142
lb. gross weight.
14 July 15 July 17 July
18 July
344
12,577
310
26,208
19
45,531
515
3,021
75,971
323
4,454
137,710
135,843
3,348
121,794
417
235,144
179,234
3,327
124,887
200
13.800
700
32,200
800
34,550
1,000
34,500
44
28,975
799
24,778
284
47,593
377
27,810
Macon
16,952
La., Shrevep't
•
Jackson
32,700
30,100
December
17,800
14,700
24,800
39,400
41,400
25,300
40.800
28,OOp
339,700
468.300
Natchez
2,400
4,600
2,600
6,800
2,000
7,500
8,300
13,800
19,600
10,400
183,100
7,600
13,000
13,400
13,000
12,900
304,700
100
3,600
3,900
18,100
10,600
28,500
July
175
75,143
"16
147,511
3
55,006
723
38,288
519
261,690
1,906
46,799
32,984
3
40,962
695
27,216
30,297
_
447
204,799
1*547
61,621
453
302,952
1,367
52,558
21
33,545
4,179
20,217
22
66,304
157
24,036
15,577
131
19,002
159
10,482
...
7,904
■
—
—
^
_
29,497
231
15,983
52,613
57
698
39,942
2
76,111
195
12,581
25,542
2,841
45,765
202,419
2,929
2,693
1,643
210,226
1,756
3,384
33
6,847
313
1,954
25
9,126
234
2,562
135
339,724
1,356
254,508
150
522,745
1,182
135,420
1,178
104,326
21,629 2091,982
2,253
56,913
983
152,252
3,574
77,624
28,565
561,297
12,459 2705,152
46,120
18,476
519,727
17
N.C., Gr'boro
""
Oklahoma—
15 towns •_
58,600
5,500
May
22,087
16,990
_
_
86,762
Vlcksburg..
7,900
».
March
32,515
8
17,635
■
14.000
January (1940)
"25
146,517
-
2,727
Miss., Clarksd
Mo., St. Louis
18,800
14,356
Rome
Contracts
35,200
27,200
19,651
31,914
Yazoo City.
October
59,278
7
Columbus.-
July 20
July (1939)
2,009
131,712
Columbus.
16 July 20
187,609
62,135
2,492
2,023
Greenwood.
July
34
Augusta—
Open
New York
121
8
Atlanta
for future
figures are given in bales of 500
146,369
29,895
13,552
25,654
Athens
United States Department
Agriculture makes public each day the volume of sales
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
102
99,884
11
Exchange Administration of the
of
"2
38,388
Bluff.
23,164
86,832
85
•to
131,440
194
36,558
46,399
34.219
Walnut Rge
Pine
28,879
23,893
65,899
46,536
113,915
4,791
24,591
'
40,198
Rock
Llttle
154,763
23
39,000
Jonesboro..
1940
May 1940._
Apr
21,537
953
132,030
2
122
City
Helena
8.41
8.19 July
1940..
Apr.
H
Mar, 1940..
July
1
l",13i
14,482
...
Ark.,Blytbev.
Forest
July
9,454
88,360
Selma
7.29 Jan.
11 1939
11 1939
16
July
72,967
~724
3
June 21
Jan.
"8.85 July" 15
22
22,355
376
66,859
28
256
Ala., Birm'am
8.60
7.26
7.30 Jan.
8^54
Nov. 1939
July
Week
Season
Week
Stocks
ments
21
3 1938
7.49
Sept. 1939-.
Oct. 1939..
Season
July
Week
Range Since Beginning of Option
Range for Week
Ship¬
Receipts
Stocks
Ship¬
22, 1938
Movement to July
July 21, 1939
Receipts
Towns
Option for—
July 22, 1939
8.
C., Gr'ville
Tenn., Mem's
'
12,484
22,003
Texas, Abilene
7,484
1,438
18,051
7
15,587
8
3,361
12
14,986
24
2,475
6
14,029
18
2,202
Dallas
116
46,360
481
38,684
60
115,071
140
Paris.
194
65,003
71
38,590
33,317
22,750
Austin
Inactive months—
September (1939)-
1,900
—
100
November
Total all futures._
89,200 1,384,900
Jvly
12 July 13 Jvly 14 July If
July
17
July
18
Robstown..
41
6,520
5
13,375
36
234
Contracts
34,922
655
17,367
"34
Waco
July 18
10,950
4,600
2,950
2,350
October
6,450
5,750
6,800
December
6,900
5,550
2,(DO
100
100
100
100
100
2,400
March
1,250
2,500
400
1,450
6,050
1,800
33,250
May
1,800
100
1,850
800
1,100
50
250
500
550
1,500
1,750
23,400
200
3.900
21,100
19,500
12.8*0
8 000
Hfl'0
1« 300
->(P/7QQ
January (1940)
July
Total all futures
—
—
8,300
51,550
*
6
18
a
a
18,796
42,169
91,201
540
18,933 6666,755
58,448 2444.446
908
39
15,991
a7,639
a
Includes the combined totals of 15 towns In Oklahoma,
a
12,506
45,659 1997,556
San Antonio.
88,200
6,150
3,300
3,150
2,600
3,100
56.081
40.418 4824,608
Tot., 56 towns
July (1939)
93,578
318
1,937
28,347
"
680
26
Texarkana.
Open
New Orleans
—
San Marcos
87,000 103,200 139,700
51,100
107,600
Brenharn
The
show
totals
above
that
have
stocks
interior
the
during the week 18,030 bales and are tonight
446,890 bales more 'than at the same period last year. The
receipts of all the towns have been 21,485 bales more than
decreased
the
same
week last year.
Market and Sales at New York
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
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.
figures
SALES
Futures
Spot Market
Market
Closed
Closed
Total
Contr'ct
Spot
are
Stock at Liverpool_
1937
720.000
1936
634,000
586,000
1938
996,000
81,000
161,000
135,000
106,000
667,000 1,157,000
131,000
233,000
74,000
238,000
20,000
9,000
855,000
149,000
154,000
10,000
740,000
175,000
151,090
11,000
65,000
73,000
10,000
10,000
1939
July 21—
bales
—
Stock at Manchester.-
Saturday
Monday
Tuesday
Wednesday.
...
Thursday
..
Nominal
Nominal
Nominal
Nominal
Stock at Bremen
—
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
13,000
12,000
10,000
Stock at Genoa
Stock at Venice and Mestre..—
Stock at Trieste
-
49,000
27,000
20,000
34,000
8,000
6.000
260,000
—.
576,000
361,000
495,000
297,000 1,733,000 1,216,000 1,235,000
t».
59,000
60,000
104,000
72,000
Via St. Louis
262,000
275,000
168,000
158,000
h
Week
Aug. 1
h
h
100
1,756
2,825
h
h
2,929
2,100
Via Mounds, &c
100
H
180
h
80
h
3,555
7,098
h
4,137
13,951
h
h
..15,962
h
22,849
h
555
h
1,045
h
Via Louisville
Via other routes, &c
102,000
Egypt, Brazil,&c.,afl't for Europe
Since
Since
Aug. 1
h
72,000
American cotton afloat for Europe
-1937-38-
-1938-39-
Week
Via Virginia points
Total European stocks
India cotton afloat for Europe
100
915
Overland Movement for the Week and Since Aug. 1
July 21—
Shipped—
Vis Rock Island
Total Continental stocks
100
500
"415
5,5r0
6,815
1,315
81,070 126,200 207,270
Total week.
Since Aug. 1
Total Great Britain
1,600
3,300
1,600
3,300
—
Nominal
Nominal
Friday
900
900
Barely steady
Steady
Barely steady..
Very steady
Barely steady.Steady
76,000
137,000
222,000
324,000
99,000
121,000
922,000 1,058,000
934,000
811,000
1,793,307 2,336,232 1,091,403 1,269,817
2,444,446 1,997,556
848,935 1,255,364
1,568
10,660
4,075
2,294
Stock in Alexandria, Egypt
Stock in Bombay. India
Stock in U. S. ports
Stock in U. S. interior towns
U. S. exports today
Of the above, totals of American and other descriptions are as
follows:
203
h
248
H
Inland, &c., from South
.12,239
h
8,654
h
Total to be deducted
12,997
,.12,997
h
9,947
h
2,965
h
12,902
H
599,000
253,000
227,000
29,000
83,000
38,000
11,000
97,000
154,000
200,000
64,000
48,000
108,000
123,000
33,000
46,000
119,000
108,000
91,000
Bremen stock
Havre stock
Other Continental stock.
American afloat for Europe
U. 8. port stock
60,000
104,000
72,600
102,000
1,793,307 2,336,232 1,091,403 1,269,817
V. S. interior stock.
2,444,446
1,997,556
1,568
10,660
U. S. exports todays
4,075
1937-38——
1938-39
Week
Aug. 1
Week
Aug. 1
58,075
2,965
120,000
h
43,924
12,902
85.000
h
Takings
Net overland to
July
21
181,040
*18,030
2,294
Excess
over
of
Southern
Since
Since
Tn Sight and Spinners'
848,935 1,255,364
4,615,321 5,562,448 2,581,413 3,220,475
Total American..
Leaving total net overland *
*
155,000
-
.-
Including movement by rail to Canada,
h We withhold the totals
since Aug. 1 so as to allow proper adjustment at the end of the crop year.
,
Liverpool stock
Manchester stock
Shipments—
Overland to N. Y., Boston, &c.
6,708.321 7,975,448 4,492,413 5,026,475
Total visible supply
American
Total gross overland
Deduct
mill
h
h
h
h
h
h
141,826
*26,726
h
h
takings
h
consumption to June 1
East Indian, Brazil, cfee.—
Manchester stock
Bremen stock
59,000
407,000
60,000
58,000
43,000
76,000
72.000
275,000
168,000
158,000
222,000
324,000
922,000 1,058,000
99,000
934,000
121,000
811,000
431,000
52,000
397,000
64,000
467.000
48,000
36,000
44,000
Liverpool stock...
79,000
38,000
41,000
41,000
31,000
25,000
;
Havre stock
Other Continental stock
Indian afloat for Europe
76.0C0
262,000
Egypt, Brazil, &c., afloat
Stock in
Stock in
Alexandria, Egypt
Bombay, India
Total East India, &c.
Total American.
137,000
8t,000
163,010
North, spinn's' takings to
*
h
h
115.100
h
h
Total in sight July 21
Jmy 21
8,304
h
18,030
h We withhold the totals since Aug. ] so as to allow proper
adjustments at the end of the crop year.
Decrease,
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
principal cotton markets for each day
Below
—
2,093,000 2,413,000 1,911,000 1,806,000
-4,615,321 5,562,448 2,581,413 3.220,475
Southern and other
of the week:
Total visible supply
6,708,321 7.975,448 4,492.413 5,026,475
5.23d.
5.06d.
6.60d.
7.33d.
9.44c.
8.83c.
11.80c.
13.16c.
Middling uplands, Liverpool--,.
Middling uplands. New York
Egypt, good Giza, Liverpool
Broach, fine, Liverpool,
Pemvian Tanguis, g'dfair, L'pool
O.P.Oomra No.l staple,s'fine.Liv
-
7.15d.
-
-
4.C5d.
4.13d.
4.93d.
4.14d.
6.01d.
4.20d.
5.69d.
7.83d.
5.59d.
5.82d.
8.03d.
5.90d
Continental imports for past week have been 77,000 bales.
Closing Quotations for Middling Cotton on—
Week Ended
July 21
Saturday Monday
Wed'day Thursday
8.89
8.96
8.78
9.22
9.10
9.23
9.09
9.15
9.19
9.05
9.29
9.15
New Orleans
Mobile
Tuesday
9.06
9.35
Galveston
-
Friday
8.88
9.15
9.04
9.14
Savannah
9.59
9.53
9.39
9.50
9.34
9.44
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
Norfolk
9.65
9.60
9.45
9.55
9.40
9.50
MontgomeryAugusta
Memphis
9.40
9.35
9.20
9.30
9.15
9.79
9.59
9.70
9.54
9.25
9.64
9.30
9.73
9.25
9.10
9.20
9.05
9.15
Houston
9.10
9.00
8.85
8.95
8.80
Little Rock
9.20
9.00
9.10
8.95
8.90
9.05
detail below:
Dallas
8.69
9.15
8.63
8.51
8.59
8.43
8.44
At
the
Interior
Towns
the
movement—that
Volume
The Commercial &
149
closing quotations
New Orleans Contract Market—The
for leading contracts in the New Orleans cotton
the past week have been as follows:
Monday
Saturday
17
July
July 15
Tuesday
July
Friday
July 20
19
599
January, and 60.8 for June, 1938.
The
average
number of
active spindle hours per spindle in place for the month was
The total number of cotton-spinning spindles in place,
the number active, the number of active spindle hours, and
289.
Thursday
Wednesday
18
July
market for
Financial Chronicle
July 21
the average hours per
spindle in
the following statement:
place, by States, are shown
in
Aug.(1939)
September
October
8.82
8.88
__
8.70
8.65
8.78
Active Spindle Hours
8.74
-
State
December.
8.71
8.65
8.55
8.64
8.60
8.53
8.42
8 51
8.41
8.46
8.44
8.33
8.42-
8.34
8.33
8.25
8.34
8.21
8.20
8.62
8.54
Jan.(1940)
February
for June
Spinning Spindles
November
Aaverage per
In Place
Active Dur¬
June 30
ing June
Total
Spindle in Place
United States
25,546,376
21,788,286
7,395,169,097
289
Cotton growing States
18,429,010
16,380,852
5,797,747,039
315
New England States.
All other States.....
6,318,928
4,777,374
630,060
1,448,957,210
229
798,438
148,464,848
186
Alabama
1,823,600
1,584,324
567,282,748
311
8.50
-
.
March
8.32
8.42
8.23
8.43
8.34
April
May.
June
July.
—
8.105-8.11O
8.105-8.11O
8.20
8.22
—
Tone—
Quiet.
Dull.
Dull.
Steady.
Steady.
Steady.
Spot
Options
Dull.
Dull.
Steady.
Steady.
Quiet.
stdy
Very
Connecticut......"
512,520
Cotton Consumed and on Hand,
&c., in June—Under date of July 14, 1939, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
Report
on
of cotton for the months of June,
1939 and 1938.
Cotton consumed amounted to 578,448
bales of lint and 71,655 bales of linters, compared with
605,353 bales of lint and 73,622 bales of linters in May,
1939, and 443,043 bales of lint and 56,788 bales of linters
in June, 1938.
It will be seen that there is an increase in
June, 1939, when compared with the previous year, in the
total lint and linters combined of 150,272 bales, or 30.1%.
The following is the statement:
and exports
imports
JUNE
/
COTTON CONSUMED, ON HAND, IMPORTED AND
REPORT OF
AND ACTIVE COTTON SPINDLES
EXPORTED,
(Cotton In running bales, counting round as half bales, except
500-pound bales)
119,425,597
233
2,793,308
318
583,686
1,028,191,862
182,339,550
2,562,114
761,274,967
212
Maine
689,348
3,599,148
Massachusetts
199,148
152,304
48,263,155
242
446,672
304,162
225
New York..
346,868
265,794
100,464,212
65,436,321
5,901,432
5,206,050
1,727,361,416
293
972,728
816,372
264,626,812
272
5,607,642
North Carolina
Rhode Island
South Carolina
1,941,091,804
519,830
20 0,607,548
348
224,886
76,876,162
308
..."
Virginia
639.226
539,364
265
745.182
594,022
169,677,661
142.249,282
ocner
States
has been cooler than normal in the extreme northeast and
southwest, but
than usual in other sections
warmer
in the cotton belt.
In Con¬
In Public
suming
Eeleven
Inches
Storage
Amarillo
Austin
Spindles
Months
Year
Ended
June
■
ments
presses
(Bales)
(Bales)
(Bales)
(Number)
United States..
j
El
1939 578,448 6,333,841 1,021,236 11,943,683 21,788,286
1938 443,043 5,299,525 1,411,988
9,725,704 21,142,408
826,065 11,905,819 16,380,852
9,642,206 16,200,256
33,907 4,777,374
155,309
71,091
4,340,622
191,169
3,957
630,060
39,862
12,407
601,630
58,444
Paso
Cotton-growing States
1939 489,764 5,367,266
1938 375,849 4,499,480
New England
1939
72,095
1938
54,310
1939
16,589
1938
12,884
794,116
652,324
172,459
147,721
1939
4,041
51,357
22,277
4,439
Fort
1938
3,232
45,314
8,869
Little
1939
6,753
62,085
24,434
25,638
24,225
States
AU other States
San
Taylor
...f
Oklahoma—Oklahoma City
j
Other foreign cotton
1938
7,156
8,894
3,831
1938
492
5,680
4,600
71,655
56,788
765,872
653,846
300,572
259,806
99,265
1938
Bluff
„
_.
(
Mississippi—Meridian
Vicksburg
68
86
85
101
75
88
106
102
73
72
90
100
71
86
101
74
86
90
87
88
101
70
86
101
98
67
84
71
85
103
97
85
66
83
98
1.18
dry
74
66
100
0.28
1
3
..
71
102
0.64
70,466
70
73
74
100
0.09
.
--/
100
98
Amite
Not Included Above—
Linters
87
81
87
85
64
74
106
4,048
1939
Rock
Louisiana—Alexandria
39,084
2,208
78,008
16,999
16,482
Amer.-Egyptian cotton.. I 1939
Pine
....
Smith
89
98
0.18
Antonio
Arkansas—Eldorado
Included Above—
Egyptian cotton
96
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
Paris
83
82
70
75
67
100
1
Palestine
1,162,375
85
84
72
102
0.17
85
78
72
■
93
94
dry
dry
Luling
Nacogdoches
78
71
100
96
2
Kerr ville
84
58
98
dry
Brenham
76
97
0.20
dry
dry
dry
dry
dry
Abilene
June
91
2
Brownsville
Corpus Christi
Active
During
June 30
{Bales)
A
Establish¬ <t at Com¬
Mean
Low
High
dry
Dallas
•
-Thermometer-
Rainfall
Days
Texas—Galveston...........
C.nttnn
4
191
Returns by Telegraph—Telegraphic advices to us this
evening denote that progress has been mostly good except
in some coast sections where
high temperatures following
heavy rains caused some scalding in Texas.
The weather
Hand
'
ft
•
on
June 30—
During—
346
5,211,670
575,708
249.386
Texas
All
189
2
Tennessee
Rain
Cotton
Cotton Consumed
265
Mississippi
New Hampshire
extreme
foreign, which Is In
430,400
3|237,768
Georgia
Census
89
71
83
3
1.50
99
67
1
0.04
100
65
83
83
1
0.35
1.52
'95
71
92
77
83
85
4
1.16
93
67
83
3
1.19
92
74
1
0.05
97
101
74
83
86
64
83
84
0.52
Alabama—Mobile
Imports of Foreign Cotton
Montgomery
(500-Pound Bales)
..
Miami
11 Mos. End. June 30
June
Pensacola
_
Country of Production
.
1938
1939
1939
1938
Georgia—Savannah,
.
Atlanta
4,234
2,390
44,733
43
471
722
Peru
5.54
Macon
dry
36
2,523
25,620
13,419
South
748
598
20,013
29,186
North Carolina—Asheville...
6,093
5,088
40,428
43,263
China
Mexico
British India
650
4,542
2,675
15,184
133,940
Linters Imported
during
66
83
3
0.76
92
71
82
2
1.35
95
59
97
64
77
81
3
4.45
94
4
0.71
86
71
79
2
.
0.93
95
66
83
101
61
98
64
81
81
_
133,968
.
Wilmington.
Total
67
2.52
Carolina—Charleston.
6,523
11,824
All other
100
100
40,855
63
Egypt
0.72
-
dry
Chattanooga.
10 months ended May 31, 1939, amounted to 42,438
1
Nash ville
0.47
61
78
equivalent 500-pound bales.
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
a. m. of the dates given:
The
Exports of Domestic Cotton—Excluding Linters
(Running Bales—See Note for Linters)
8
July 21,1939
I
11 Mcs. End. June 30
June
Country to Which Exported
July 22, 1938
Feet
,
9,853
United Kingdom
France
...
"
Italy.,
Germany
3,234
9,253
14,575
1938
21,641
7,873
19,448
16,921
300
510
Other Europe
2,222
15,294
51,017
Japan
28,000
30,286
Spain
Belgium
6,352
1,578
300
24,049
5,276
16,092
5,438
113,634
175,878
China
Canada
All other
1939
393,555
335,131
261,030
306,636
15,870
1938
Feet
,
1,521,136
711,452
483,145
82,279
644,642
1,260
183,895
710,490
620,938
22,486
233,196
270,069
3,220,309
New Orleans...
Above
zero
of gauge-
4.3
5.7
Memphis
1939
Above
zero
of gauge-
18.7
of gauge-
10.4
9.5
....Above zero of gaugeAbove zero of gauge-
3.8
4.7
10.3
17.1
Shreveport.
Vicksburg
not Included above, wore 14,751 bales during June In
15,378 bales in 1938.
193,234 bales for 11 months ended June 30 in 1939
bales in 1938.
The distribution for June, 1939, follows:
United
Kingdom, 5,011; France, 1,122; Germany, 5,788; Netherlands, 44; Sweden, 77;
Canada, 959; Panama, 18; Japan, 1,561; South Africa, 171.
Note— Linters exported,
1939 and
and
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
do not include overland receipts nor
simply a statement of the
weekly movement from the plantations of that part of the
tions.
The
figures
Southern consumption; they are
Week
VI
nil
MAO
ohoo 4*U
Receivts at Ports
1939
1938
1937
The aggregate
number of active spindle hours reported for
7,395,169,097.
Based on an activity of 80
hours per week, the cotton spindles in the United States
were operated during June, 1939, at 82.2% capacity.
This
percentage compares on the same basis with 81.4 for May,
84.6 for April, 86.6 for March, 87.8 for February, 85.7 for
was
.
Ttt A
wUa4-
4*
h
1MA11
/vl>
Stocks at Interior Towns
4-li/V
/\H
1939
1938
1937
Receipts from Plantations
1939
1938
1936
Apr
21.
Activity in the Cotton Spinning Industry for June,
1939—The Bureau of the Census announced on July 20 that,
according to preliminary figures, 25,546,376 cotton-spinning
spindles were in place in the United States on June 30, 1939,
of which 21,788,286 were operated at some time during the
month, compared with 21,975,222 for May, 22,109,394 for
April, 22,472,330 for March, 22,524,742 for February,
22,440,278 for January and 21,142,408 for June, 1938.
A
End.
253,761
the month
zero
5,402,709
85,816
595,460
845,523
84,123
214,886
A
Total
Above
Nashville.
11.2
13,296
30,687
40,673
28.
12,397
45,944
44,904
24,610
40,825
12.
16,498
10,724
16,918
31,296
19.
15,932
17,042
28,231
26.
16,953
14,112
25,457
17,870
17,425
23.761
9
16,177
20.059
16.
23,331
27.019
23.
36,239
30.
26,909
7.
26,363
14.
21.
2831,695 2322,171 1387,245
2795,440 2289,937 1322,016
Nil
Nil
14,040
13,710
Nil
Nil
May
5.
2757,237 2263,791 1255,379
2725.840 2237,238 1206.606
2692,155 2216.336 1162,626
2667,674 2194,843 1107,259
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
23,325
2635.929 2167,585 1064,946
2600.639 2138,409 1030.620
Nil
Nil
NU
15,944
2570.117 2119,356
998.705
Nil
7,966
Nil
24,113
22,893
19,653
2541,961 2100,775
964,392
8,083
5,532
NU
15,752
2512,919 2081,164
930,969
Nil
3,282
NU
17,684
17,059
Nil
NU
32,676
NU
43,924
17,371
28,601
3,438
58,075
903,027
873,772
848,935
4,043
33,685
2490,599 2053,520
2462,476 2024,282
2444,446 1997,556
17,198
Nil
Nil
'
June
2.
July
The above statements shows:
5,562
40,045
(1) That the total receipts
from the plantations since Aug. 1, 1938, are 4,450,676 bales;
The Commercial & Financial Chronicle
600
in 1937-38
8,448,340 bales, and in 193(L37 were 6,216,(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.
World's Supply and
Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
from all
seasons
sources
takings
obtainable; also the
sight for the like period:
are
from which statistics
amounts
or
gone
1938-39
Cotton Takings,
of
out
1937-38
Week and Season
Week
6,763,535
h
163"6i6
H
15,000
12,000
Visiole supply July 14
Visible supply Aug. 1
Season
h
h
American in sight to July 21
—
Bombay receipts to July 20—
Other India shio'ts to July 20
Alexandria receipts to July 19
Other supply to July 19 *o—
Week
8,071,524
.
Season
h
h
.
*
*
luf.ioo
h
21,000
14,000
2,000
8,000
h
h
h
400
h
6,000
h
h
h
6,959,945
h
8,231,624
h
July 21
6,718,321
h
7,975,448
h
Total takings to Ju,y
Of which American
251,624
165,224
86,400
h
256,176
171,176
85,000
h
21 a.—
Embraces receipts in
h
h
Bales
GALVESTON—To Gdynia, July 18, Vasaholm, 223
To Gothenburg, July 18, Vasaholm, 59—
To Copenhagen, July 17, Frode, 269
To Bremen, July 17, Bockenheim.3,121
Liverpool, July 15, Atlantian, 279
Manchester, July 15. Atlantian, 1,568
Lykes, 265
To Buena Ventura, July 14, Margaret Lykes, 210
To Cartagena, July 14, Margaret Lykes, 327
—To Genoa, July 14, Monrosa, 678
-To Trieste, July 13, Alberta, 612
To Venice. July 13, Alberta, 207—
HOUSTON—To Japan, July 18, Komaki Maru, 503
To China, July 18, Komaki Maru, 27
To Havana, July 13, Margaret Lykes, 185
To Barenquilla, July 13, Margaret Lykes. 104
To Cartagena, July 13, Margaret Lykes, 173—-———
To Buena Ventura, July 13, Margaret Lykes, 46.
To Copenhagen, July 18, Frode, 481
—
To Copenhagen, July 17, Vasaholm, 191
To GdyniaTJuly 17, Vasaholm, 202; July 20, Vigrid, 1,010—
To Gothenburg, July 17, Vasaholm, 50
To Ghent, July 15, Endicott, 158
To Hamburg, July 15, Bockenheim, 987
To Bremen, July 15, Bockenhem, 2,622. —
To Rotterdam, July 15, Endicott, 100
To Trieste, July 14, Alberta, 392
—
To Venice, July 14, Alberta, 1,796
To
—
To Havana. July 14, Margaret
To Valparaiso, July 19, Contessa, 800
To Rotterdam, July 17, Spaardam, 350;
To Gdynia, July 17. Vigrid, 1,600
Ports—The receipts
Bombay and the shipments from all India
1937-38
To Japan,
46
481
191
1,212
50
158
987
2,622
100
392
1,796
15,000
Bombay
Since
Week
J, 371,00C
Week
21,000 2,481,000
nent
China
Aug. 1
24,000 3,121,000
Conti¬
Stand¬
High
Japan &
Britain
nent
China
Total
High
ard
Stand¬
.60c
Manchester
•45c
60c
,46c
.61c
Trieste
.60c
Piraeus
d.45c
Flume
,60c
Salonlca
*
Venice
*
Barcelona
10,000
40,000
21,000
33,000
1936-37-
61,000
33,000
83,000
73,000
84,000
33,000
1938-39-
12,000
12,000
308,000
1937-38-
7~OO6
7,000
14,000
1936-37-
2,000
7,000
9,000
257,000
496,000
.60c
Japan
Rotterdam
.46C
.61c
Shanghai
d.55o
.60c
Bombay x
.75c
391,000 1557,000 2032,000
Oslo
.56c
.71c
Bremen
.61c
.76c
Hamburg
6,000
22,000
9,000
7,000
507,000
446,000
681,000
17,000
2,000
73,000
21,000
47,000
33,000
42,000
1.00c
.85c
1.00c
d.85c
1.00c
.56c
Genoa
.71c
*
Copenhagen
*
Naples
d.55c
.90c
Leghorn
d.55c
.60c
.46c
.61c
Gothenburg
.560
.71c
.46c
.61c
*
.60
815,000
703,000
*
No quotation
Only small lota.
*
d Direct steamer.
1177,000
all—
46,000
85c
'
*
.45C
247,000 1328,000 1668,000
280,000 769,000 1122,000
Other India-
ard
Density
d.45c
— -
Stand¬
High
ard
Density
.45c
Stockholm
1937-38-
10,000
2,000
-
23,195
Havre
6,000
46
2,052
-
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Liverpool
Bombay—
1938-39..
—;
— —
———
Antwerp
Oreal
Total
50
458
51
248
—
———
Cotton
Density
Britain
— _
Japan, (?), 2,052
Since August 1
Jap'n&
— -
Since
Aug. 1
For the Week
Conti¬
31
800
450
1,600
106
July 18, Endicott, 100
MOBILE—To Hamburg, July 10, Desoto, 51—i—
To Bremen, July 10, Desoto, 248.
SAN FRANCISCO, To Great Britain, (?), 46
Exports
Oreal
458
July 17, Komaki Maru, 106
Beige, 50
Total."
Since
Aug. 1
Week
—
27
185
104
173
1936-37
July 20
Receipts—
"1937-38
207
503
...
To Dunkirk, July 14, Elizabeth Van
To Havre, July 18, Endicott, 458
To
T "1930-37-
327
678
612
NEW Oft LEANS—To Bremen, July 18, Kellerwald, 458
To Havana, July 15, Santa Marta, 31
h
h
,
k
265
210
—
—
ports for the week and for the season from Aug. 1, as cabled,
for three years, have been as follows:
1938-39 —
223
59
269
3,121
279
1,568
To
Europe from Brazil, Smyrna, West Indies, &c.
1938-39
the
page,
from mail and telegraphic reports, are as follows:
up
India Cotton Movement from All
of Indian cotton at
k
previous
a
—
Of which other
Total
on
k.
Deduct—
From—
shown
exports of cotton from the United States the past week have
reached 23,195 bales.
The shipments in detail, as made
—
Total supply.—
Visible supply
*
News—As
Shipping
were
627 bales.
July 22, 1939
391,000
330,000
754,000 1328,000 2473,000
726,000 769,000 1825,000
580,000 1072,000 1557,000 3209,000
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port;
June 30 '
Forwarded
According to the foregoing, Bombay appears to show a
compared with last year in the week's receipts of
6,000 bales.
Exports from all India ports record an increase
of 26,000 bales during the week, and rince Aug. 1 show an
increase of 1,348,000 bales.
decrease
Alexandria
Receipts and Shipments—We now receive
weekly a cable of the movements of cotton at Alexandria,
Egypt.
The following are the receipts and shipments for
the past week and for the corresponding week of the previous
Of which American
Total
July 7
61,000
694,000
207,000
44,000
4,000
119,000
17,000
49,000
—712,000
218,000
63,000
2,000
124,000
17,000
—
Total stocks
imports
Of which American
-
Amount afloat..
Of which American—
July 14
51,000
690,000
194,000
50,000
5,000
106,000
14.000
The tone of the
Liverpool market for spots and futures
week and the daily closing prices of
spot cotton have been as follows:
each
day of the
Spot
past
Saturday
Monday
Tuesday
Wednesday
Thursday
12:15
Moderate
Quiet.
Quiet.
Moderate
Quiet.
P. M.
two years:
July 21
48,000
667.000
184,000
30,000
8,000
98,000
10,000
demand.
Friday
Market,
Alexandria, Egypt,
July 19
1938-39
1937-38
Mid .Upl'ds
Receipts (cantars)—
This week..
Since Aug. 1
Futures
2,000
7,896.735
10,000
10,360,521
3,000
8.841,379
This
To Continent &
Since
This
Since
This
Since
Week,
Exports (bales)—
To Liverpool
To Manchester,
&c
Aug. 1
Week
Aug. 1
Week
Aug. 1
3",666
India. 16,000
To America.
Total exports
173,953
187,554
6",656
707,121 11,000
28,264
1,000
Quiet.
,
demand.
1936-37
186,825
185,529
745,085
27,844
2,000
3,000
9,000
192,963
Market
]
opened
5.48d.
Quiet;
4 to 6
Quiet;
3 points
pts.
decline.
t
decline.
5.43d.
5.32d.
Q't but st'y
1
3
to
1
P. M.
pts. 1 to
advance.
3
1
to
2
pts. 6
to
decline.
8
pts. 6 pts. decl. unch.
decline.
to 1
pt. adv
pts.
July 15
Sat.
Mon.
to
Easy;
decline to
5
to
1 pt. adv.
to
day
are
pts.
Steady;
2 unch.
pts. adv.
Wed.
9
decline.
Quiet;
6 unch.
pts. decl.
Tues.
5.23d.
Quiet; 1 pt.
decline.
Prices of futures at Liverpool for each
42,680
5.32d.
Quiet;
f Q't but st'y Barely st'y Barely st'y Q't but st'y
Market,
208,777
740,375
to
5
pts. decl.
given below:
Thurs.
FrI.
to
July
19,000 1096,8921 18.000 1144.283 14.000 1184.795
Note—A cantar is 99 lbs.
Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ended
July 19 were
2,000 cantars and the foreign shipments 19,000 bales.
5.53d.
f
21
Close Noon Close Noon Clow Noon Close Noon Close Noon Close
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
Manchester
Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is quiet.
Demand for India is poor.
We give
8H
32s Cop
Twist
Lbs.
1938
Shirt¬
ings, Common
to
8H
Lbs. Shirt¬
s.
d.
8
9
8
7H@ 910H
d.
32s Cop
ings, Common
28-
8%® 9%
m® 9H
@ 9
to Finest
5.
d.
d.
4.99
8X® 9H
&K® 9%
8 10H@
8 103^@
19..
9
9
@93
26..
8H®
9
@93
@10
9K
s.
6.00
9
1H
5.28
9
1H
5.33
9J4 @11 Ji
9M@10J*
8H® 9H
@
d.
9
9
@10
4.94
9
9
@10
4 80
9
5.54
dxmox
9X@10X
9xmoH
9
5.48
9
9
9
5.49
@10
@ 9
5.77
8H@
8H@
16—
9tf @10
@
9
5.76
23..
9
8Ji®
@10
@
9
5.66
9
9
@10
9
@10
@10
9.
30..
9H@10tf
9
8.
d.
14; 21..
9
8H® 9H
6
9
9
6
@
4H@
9
9
9
7J4
4.68
3
@
9
6
4.46
@
9
3
4.43
@
4.77
9
9H
9
@
9
3
4.54
9%
9
@
9
3
4.69
@10
9
4.83
5.62
9K@10J4
9
1^@ 9
1>*@ 9
4X
@ 9
4J4
4.96
@93
5.61
9
9
3
6
9
@93
5.52
9&@10 X
9
5.23
9H@10\i
9
9
3
4.77
4.79
4.68
4.74
4.40
4.40
4.40
4,32
4.36
4.46
January (1940).
4.44
4.38
4.37
4.35
4.34
4.31
4.32
4.34
4.33
4.27
4.30
March.
4.44
4.38
4.37
4.35
4.35
4.32
4.33
4.35
4.35
4.30
4.32
May..
4.42
4.36
4.35
4.35
4.35
4.33
4.34
4.36
4.35
4.31
4.34
4.40
mm
4.35
m
June
4.41
October
4.36
4.30
4.31
January (1941).
March.....
4.36
4.30
4.31
4.37
4.31
4.32
4.37
4.31
@
9
W@
9
1H@ 9
5.16
4.88
4H
4.33
4.32
mm
UM
4.34
_
4.35
4.34
4.34
4.30
4.35
4.34
*
4.31
4.31
4.31
—
4.32
4.30
December.
mm.
.mm
4.32
mm
4.32
4.32
mm
w-
4.32
--
4.31
4.32
4.33
BREADSTUFFS
Friday Night, July 21, 1939
Flour—Demand for flour in the local
rather
small
the
4.96
9
8 10H@
4.78
4.39
d.
9H
July
7-
4.77
4.44
lieved
June
2—
4.84
4.48
Upl'ds
May
12.
4.88
4.50
Middl'g
Twist
April
21.
4.90
4.53
Cotton
Middl'g
Upl'ds
Finest
s.
Cotton
4.93
4.58
May.
prices today below and leave those previous weeks of this
and last year for
comparison:
1939
4.98
October
December
•
July (1939)
5.06
for
are
slightly lower action
the lack of
drawing
area
continued of
proportions during the past week.
buying interest.
moderately
It
is be¬
of grains was responsible
Small bakers and jobbers
against
contracts.
Last
official exports of United States flour amounted to
barrels against 116,000 barrels the
week
113,000
previous week.
Wheat—On the 15th inst. prices closed unchanged to ^gc.
lower.
Grain prices slumped H to lc. a bushel today, but
quickly regained the losses before the close.
With spring
of development, the
former beginning to ripen and the latter well in the
tasseling
wheat and
corn
in the most critical stage
The Commercial & Financial Chronicle
Volume 149
period, weather played an important role in the trade. Prices
dipped in early transactions partly because of unsettled and
cooler weather with scattered rains reported over most of
the wheat and corn belts and in Canada. Before the close the
weekly forecast hinted that little rain and above normal
temperatures would prevail over much of the Great Plains
regions. Scattered snowers, however, are in prospect over
the week-end.
There was some hedging of new wheat and
selling in sympathy with H to He. declines at Liverpool,
where July contracts reached 51 Mc-, within He. of the all
time low recorded Thursday.
While there were reports of
inquiries for new American wheat at the Gulf, no export
sales could be confirmed.
On the 17th inst. prices closed
unchanged to Ye. off. Stubbornly resisting price declines
of almost a cent a bushel at times, the grain market again
today on a show of underlying strength that kept selling in
check and erased early losses.
Values suffered losses of as
much as He. at times. Purchasing that gave the,market its
resistance was credited to milling interests, to dealers en¬
couraged by the upturn in securities and to the effect of the
Government price supporting program. Most of the selling
was due to favorable weather and to weakness in Liverpool
wheat futures, which tumbled lc. to XHe- to new
It was reported that the 12 principal interior
all time
markets
but
although much
lows.
received less wheat than
Chicago had 1,004
a
week ago or a year ago,
largest of the season,
Domestic visible supply showed the
largest increase of the season, gaining 19,066,000 bushels the
past week to 110,727,000 bushels, compared with 63,092,000
a
year ago.
Current stocks are reported the largest for this
of this
was
time of
cars,
not for sale.
On the
since 1933.
season
18th inst. prices closed
He. to V8e. net higher. Prices at times rose as high as 1 He.
over early lows.
The wheat market shook off an early
slump today and scored gains of about a cent a bushel over
the previous final quotations.
Covering operations by which
previous short sellers bought back their contracts, accelerated
the
Good demand for cash grain, with actual wheat
rally.
quoted H to lc. higher and 1 to 3He. over July futures,
price supporting features of the Government program and
strength in the securities market, were factors Jhat induced
wheat buying.
Early loss of as much as He. in sympathy
with another break at Liverpool, were wiped out in the
recovery movement that got under way,after mid-session.
The wheat market again demonstrated its resistance power
in the face of further sharp declines at Liverpool, which
closed lc. lower, with July contracts at a record low on the
basis of English money.
On the 19th inst. prices closed
He. to He. net lower. Earlier in the session wheat prices
advanced He., aided by Canadian crop deterioration reports
and strength at Liverpool.
Winnipeg, however^ failed to
reflect much concern over the crop damage, prices there
declining as much as He. and closing unchanged to 3^c. off.
Kansas City wheat closed unchanged to He. lower and
Minneapolis was He. to He. lower. General domestic crop
reports continued favorable, but rising temperatures without
important rains were forecast for the spring-wheat belt. The
upturn at Liverpool, where opening prices were 1 to I He.
up, was the first in about a week, and reflected strength in
North American markets. Rotterdam finished He. to 1 He.
higher.
On the 20th inst. prices closed 1% to 2%c. lower.
Dur¬
ing the early trading wheat declined as much as lc. at
times, but showed rallying power following reports that
500,000 bushels had been sold to exporters. Traders under¬
stood that the rumor of recent subsidized export sales in¬
volved only wheat taken over by the Government in default
of
Most of the selling
1938 loans.
the
establishment
wheat
of
new
was
in sympathy with
lows for .July
Liverpool, where prices were off as
much as l%c, due to hedging of Argentine shippers and
selling following disclosure that the British Government
had already taken advantage of low prices to accumulate
additional reserves.
In the past the Government has re¬
leased from time to time some of this emergency stock of
wheat to the
commercial
trade.
Today prices closed % to %c. net higher.
Wheat prices
but corn slumped about
lc, to new six-year lows.
The recovery movement in wheat,
which was in evidence in other leading world markets, re¬
flected to some extent purchasing of commercial and specu¬
lative interests attracted by the low prices
established
closed with small net gains today,
yesterday.
most
Strength in securities also was a
attention
in
wheat
the
trade
was
factor, but
centered
on
the
Government .export subsidy program.
Federal officials de¬
nied rumors this would be discontinued and indicated sales
might be
on a
larger scale soon.
The Government
was re¬
ported offering wheat to exporters at a price indicating a
substantial subsidy.
Establishment of new 1939 lows in
yesterday's sharp wheat
market slump attracted enough
covering by shorts and commercial purchases to lift prices
as much as He. at times.
However, these gains did not
hold
well,
after
and
the first
hour
the
slightly below yesterday's close.
Open
tonight was 95,069,000 bushels. %.
market
interest in
slipped
wheat
...
DAILY CLOSING
PRICES
OP
WHEAT
Sat.
July—
——
Seotember
December
—.
—
66
66#
68
FUTURES
Mon.
66
66#
67#
Tues.
IN CHICAGO
Wed.
Thurs. Fri.
66#
67#
66#
66#
63#
64#
68#
67#
66
,
64
64#
66#
Season's how and
62#
26,1939 July—;
31,1939 September..- 64#
65#
26.1939 December.
Made
1
When Made
Oct.
5,1938
July 21,1939
July
21,193g
DAILY CLOSING PRICES OP WHEAT PUTURES IN WINNIPEG
October
November
Wed.
Tues.
Mon.
Sat.
.
„
July...........
Thurs.
Fri.
54#
53#
54#
54#
52
52#
54#
....
54
55#
55#
54#
56#
56#
54#
52#
56#
54#
54
52#
54#
54#
56#
December^........,..—
56#
...
56#
Corn—On the 15th inst. prices closed unchanged to He.
higher. Corn prices tumbled as much as % to IHc., with
July selling down to 42^0-, a low unequaled in the futures
pit here since April, 1934.
Purchasing by previous short
profits on the recent decline
helped to accelerate the rallies in both pits.
Corn derived
some late strength from the statement of an official that the
Government does not intend to dump any corn which it
might take title to on default of loans.
Last year much
sellers who decided to accept
loan
sold back to farmers.
corn was
reported badly burned
Some Kansas localities
which will be good only for silage
or fodder.
On the 17th inst. prices closed unchanged to He.
higher. Reports of good rains in the corn belt and cooler
and unsettled weather in the spring wheat zone, together
with a forecast of continued unsettled conditions, had a
bearish effect on all the grains, and corn was not an excep¬
tion.
Corn values suffered losses of as much as He. at
times, but on substantial short covering, these early losses
were
subsequently recovered. On the 18th inst. prices
closed H to He. lower.
Corn dipped as much as %e.}
then rose about a cent, and was H to Me. above previous
closing levels at one time, but could not hold the advantage.
Good weather and survey of a leading elevator firm indicating
the recent Government crop forecast was too low, influenced
sellers.
However, shipping demand for corn continued good.
On the 19th inst. prices closed 1 to lHe. net lower.
Corn
futures registered new lows today, in fact the lowest levels
since 1934*
Trade was not large, but recent speculative
buyers became discouraged by bright new crop prospects
and pressure of Argentine corn on the export market.
In
Liverpool Argentine corn sold at 53 ^c.-—94.5c. under
United States corn, widest discount in a long time.
July
corn on the Board of Trade declined to 42He. an' Seotember
to 43 %c.
A leading grain company forecast a possible corn
crop of 3,000,000,000 bushels, or 500,000,000 more than the
Government estimate
the 20th
On
corn
.
inst. prices
closed 2% to 2%c. net lower.
Heavy selling broke out in the grain pits today, tumbling
corn values approximately 3c. a bushels to the lowest level
in more than six years, and dropping wheat more than 2c.
to lows unequaled since late last year.
Most 'of the selling
apparently came as a result of early fractional declines
which uncovered a large number of stop loss orders.
The
prospective large domestic corn crop, start of the spring
wheat movement and establishment of all-time record lows
in wheat futures
at
trade.
While there
caused
corn
Liverpool were bearish factors in the
reports that excessive heat had
in parts of Oklahoma, Kansas
and Nebraska, the good progress of the crop in the big
producing States of Iowa, Illinois and Indiana more than
offset this.
Traders also were attracted by the statement
of Government officials that prospects for a sharp increase
in livestock population may make corn marketing quotas
unnecessary.
Today prices closed % to %c. net lower,
Weakness in corn was due to a continuation of yesterday's
heavy selling based on the new crop outloojk and sufficiency
of current market supplies.
Corn prices today touched new
six-year lows. Open interest in corn was 39,595,000 bushels.
were
deterioration
DAILY CLOSING PRICES OF CORN IN NEW YORK
Mon.
Sat.
No. 2 yellow..
DAILY
59#
59
PRICES
CLOSING
OF
CORN
Sat.
July..
September
......
44
Season's High and
July
September
55#
56#
u..
December... 54
Tues.
i
58#
Wed. Thurs.
57#
55
FUTURES
Mon.
■■
45#
December..........—.......... 46
Tues.
44#
45#
43#
44#
46
45#
Fri.
54#
IN
CHICAGO
Wed. Thurs. Fri.
42#
39#
393
43#
41
40'
44#
42#
41 j
When Made
f
Season's Low and
Sept. 24,1938 July
39
Jan.
4,1939 (September
40#
June
8,19391 December.... 41#
When Made
July 21, 1939
July 21,1939
July 21,1939
Oats—On the 15th inst.
prices closed He. off to He. up.
light and without feature.
On the 17th inst*
prices closed unchanged. Fluctuations in oats were very
narrow, with trading light.
However, the undertone was
steady.
On the 18th inst. prices closed H to He. net higher.
Crop reports indicating damage to ripening oats, influenced
considerable short covering, which was largely responsible
for the market's firmness.
On the 19th inst. prices closed
He. higher to %e. lower.
Oats trade was light and prices
advanced in the early trading, due mainly to discouraging
Trading
was
crop news.
.
prices closed % to l%c. net lower.
Oats sagged with corn and wheat.
Today prices closed %
to lc. net lower.
The lower trend of wheat and corn,
On
the
20th
inst.
especially the continued slump in corn, had a decidedly
oats, influencing considerable liquidation
bearish effect on
of
the latter.
DAILY
DAILY CLOSING PRICES OP WHEAT IN NEW YORK
Sat. Man.
Tues.
Wed.
Thurs. Fri.
No. 2 red.*
84
83#
84#
84#
81#
81#
601
When
May
May
May
—
record
all-time
at
contracts
Season's High and
July
79
September
79
December
80
CLOSING
PRICES
OF
OATS
Sat.
—
September
December
—
Season's High
July
September
December
...
and
35
33#
34#
FUTURES IN CHICAGO
Mon. Tues.
Wed. Thurs. Fri.
When
June
May
May
27#
27#
27#
27#
28#
27#
28#
27#
27#
26#
28#
July
28#
28#
28#
27#
26#
26
27#
Made
I
Season's Low and When Made
10,1939 [July
24#
Oct. 18,1938
25,19391 September
26
July 21,1939
25,1939(December.... 27#
July 21.1939
The Commercial & Financial Chronicle
602
DAILY
CLOSING
PRICES
OF
FUTURES
OATS
Sat.
Mon.
July..
26
October
26
December
25%
Tues.
26
20%
25%
Wed.
26
Thurs.
26
26 %
25 %
20%
24 %
25%
24 %
Fri.
to
closed
respond to the heaviness of wheat and
largely to short covering of
CLOSING
DAILY
PRICES
OF
RYE
Sat.
July
September..
December......
Season's
July
September
June
...
December
DAILY
When Made
8; 1939
May 31,1939
May 31, 1939
High and
54 £
56"
58
CLOSING
PRICES
OF
York
82,000
64,000
31,000
RYE
14,000
J. lit)
October
37%
38%
Sat.
Mon.
July.....
Tues.
IN
Wed.
33%
October
December
33%
Closing quotations
34%
34 M
32%
34%
United
38%
Thurs.
St.
bush 56 lbs
bush 32 lbs
3,350,000
1,482,000
477,000
'
12,361,000
393,000
Same wk '38
400,000
338,000
...
1930
Oats
Rye
Barley
Bushels
Bushels
Bushels
7,000
'2,660
4,000
7,000
18,000
29,000
1,000
140,000
20,000
1,000
1,387,000
11,468,000
10,000
76,000
4,631,000
—
2,000
Wichita.
Hutchinson
St. Joseph
Kansas City
City
—
—
--
i4o",666
Milwaukee
45,000
5,000
325,000
72,000
64,000
6,000
4,000
36,000
112,000
14,000
39,000
135,000
2,000
870,000
4,000
160,000
538,000
106,000
831,000
171,000
8,316,000
305,000
3191666
421666
825,000
1,701,000
11,601,000
13,131,000
Minneapolis..
2,016,000
118,000
1,713,000
2,096,000
1,551,000
389,000
2,307,000
Detroit
167,000
2,362,000
484,000
100,000
2,000
5,000
2,000
130 000
2,533,000
3,459,000
1,114,000
939,000
355,000
175,000
Buffalo
234,000
102,000
"
afloat
On
102,000
85,000
486,000
Duluth
12,000
1,024,000
630,000
Lakes
23~6OO
4,399,000
539,000
325,000
4,271,000
519,000
24,000
6,233,000
*.
382",000
IIIIII
5,042,000
615,000
afloat
On
5,000
8,230,000
4,024,000
34,047,000
Omaha
>5.75
44,000
484,000
.
...
Fort Worth
Sioux
'
369,000
38,000
—
Galveston
37%
38%
Canal
20,000
61 %
Total July 15, 1939...110,726,000 25,738,000
Total July
8, 1939—. 91,661,000 28,226,000
Total July 16, 1938—. 63,092,000 19,995,000
53%
Note—Bonded
40%
45-50
60,000
46~666
43,000
22,000
5,198,000
7,399,000
7,463,000
4,029,000
grain
included
not
383,000
363,000
111,000
9,000
36,000
210,000
Rye
18,000
201,000
63,000
80,000
54,000
32,000
Wheal
Corn
Bushels
Canadian—
Bushels
Lake, bay, river & seab'd 32,773,000
Ft. William & Pt. Arthur
16,080,000
37,949,000
Total July 15. 1939...
Total July
8,1939.-
86,802,000
89,492,000
Total July 16, 1938
21,642,000
Barley
52,000
621,000
142,000
......
......
110,726,000 25,738,000
86,802,000
Total July 15,
'43.000
ended
shown in the
■
1,084,000
263,000
Rye
Bushels
Barley
Bushels
1,292,000
952,000
905,000
3,726,000
8,682,000
8,911,000
3,150,000
2,252,000
2,558,000
770,000
6,072,000
55,000
766,000
5,444,000
3,619,000
5,198,000
8,682,000
7,399,000
2,252,000
4,029,000
5,444,000
9,473,000
9,866,000
6,269,000
July 14 and since July 1, 1939, and July 1, 1938,
12,000
86,000
Oats
Bushels
1,639,000
1,567,000
5,476,000
1939...197,528,000 25,738,000 13,880,000
9,651,000
28,226,000 14,514,000 10,021,000
19,995,000
9,041,000
1,696,000
2,000
14,000
631,000
144,000
bushels;
The world's shipment of wheat and
corn, as furnished by
Broomhall to the New York Produce
Exchange, for the week
54,000
77,000
62,000
1,481,000
1,927,000
743,000
3,794,000
2,650,000
24,000
Total July
8,1939—181,153,000
Total July 16, 1938... 84,734,000
24,000
4,000
920,000
York,
Summary—American
48,000
7,265,000
3,748,000
—
Canadian
1~03~666
18,000
5,891,000
Oats—New
Wheat—New York, 255,000 bushels; New York
afloat, 130,000;
Buffalo, 1,705,000; Buffalo afloat, 259,000; Erie, 721,000; Albany,
3,892,000; on
Canal, 240,000: total, 7,202,000 bushels, against 1,699,000 bushels in 1938.
57,000
303,000
5,803,000
bushels in 1938.
4L000
4,210,000
above:
Buffalo, 75,000; total, 99,000 bushels, against 194,000 bushels In 1938.
Barley—
Chicago, 11,000 bushels; Duluth, 149,000; total, 160,000 bushels, against
367,000
bush 56 lbs bush 48 lbs
r
/
are
following:
.
Wheat
Corn
525,000
Week
Since
Since
Week
July 14,
July 1,
1939
July 1,
July 14,
1938
1939
Bushels
Bushels
Bushels
8,240,000
9,444,000
3,392,000
Exports
1939
21,870,000 418,787,000 263,567,000 102,441,000 26,324,000 95,133,000
19,117,000 356,733,000 320,014,000 111,148,000 25,694,000 95,497,000
19,778,000 285,108,000 160,620,000 78,017,000 17,678,000 81,806,000
Total
receipts of flour and grain at the seaboard ports for
the week ended Saturday, July 15,
1939, follow:
-
Corn
Bushels
16,000
196,000
....
43,000
155,000
13,000
35,075,000
38,132,000
30,993,000
84,000
6,778,000
Bushels
.....
888,000
Same wk '37
...
177,000
287,000
574,000
J
2,108,000
supply of grain, comprising the stocks in
principal points of accumulation at lake and
Saturday, July 15, was as follows:
at
1,518,000
201,000
...
Tot. wk. '39
'
5,596,000
Joseph.
Since Aug. 1
1938
27,000
612,000
285,000
3,375,000
Sioux City.
1937
58,000
762,000
Peoria
St.
429,000
402,000
1,230,000
2,410,000
Kansas City
Omaha
Wichita
1,681,000
851,000
125,000
33,000
17,000
15^066
22,000
5,375,000 2,860,000
1,771,000
160.569
Other Can. & other elev.
bush 60 lbs
Louis..
69,000
13I606
215,291
Baltimore.
it*
Rye, United States c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
bbls 196 lbs
Indianapolis
6,166
73,829
Chicago....
Oats
Buffalo
4,848,000
9,000
131666
36,250
Philadelphia
33%
No. 2 white
Corn
15,000
66,000
GRAIN STOCKS
3.25
Wheat
Milwaukee-
1,189,000
52,000
Wheat
2.35
1.50
Flour
1 oledo
3,593,000
475,000
105,206
United States—
of the last three years:
203,000
1,244,000
27,859
29,000
seaboard ports
—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. X for each
...
109,182
53,467
12,489
14,500
18,250
visible
The
All the statements below regarding the movement of
grain
Duluth
Bushels
Oats, New York-
54%
Minneapolis
Bushels
granary
3.45( >3.75
Coarse
Corn. New York—
Chicago
Bushels
Other countries...
Fancy pearl (new) Nos. '
1.2-0.3-0.2
4.50 @5.00
GRAIN
Receipts al-
Bushels
was
•
Oats good.
No. 2 yellow, all rail
1939
Barrels
Peoria
Corn flour
Wheat, New York—
No. 2 red, c.i.f., domestic.. 81
Manitoba No. 1, f.o.b. N. Y. 62
1939
West Indies
Fri.
33%
32%
33%
Rye flour patents
paten
Nom.
July 15
1939
Brit. No. Am. Col.
patents...—4.65@4.85 Barley goods—
Hard,winter clears
Since
July 1
July 1
Kingdom.
Indianapolis
4.10@4.40
Week
.
1939
15
St. Louis
4.50@4.70
Hard winter
Since
July 15
Continent...
WINNIPEG
34%
Hardlwinter straights
Corn
Week
1939
80. & Cent. Amer.
Fri.
4.50(&4.80 Seminola, bbl., Nos. 1-3—5.45(
5.45<
Spring patents
Wheal
Since
Barrels
FLOUR
Spring pat. high protein..4.80@4.95
UUOCH
July 1
43%
37%'
35
O lea re, first spring
307,000
1939
follows:
were as
212,000
7IT666
below:
as
July
July 1 to—
41 %
Thurs.
34%
32
33
—
73,829
Flour
Fri.
40%
43%
39%
40%
40
65,000
41,000
Week
and Since
New Orleans
DAILY CLOSING PRICES OF BARLEY FUTURES
105,206
212,000
Ezports for Week
WINNIPEG
Wed.
37%
38%
6~5~6b6
UCOUllXOiUlWJLJ.
New York
Tues.
66I606
July 1, 1939, is
When Made
July 15, 1939
July 15,1939
July 15, 1939
IN
"61666
1,771,000
22,000
2,108,000 2,860,000
1939..
Total week
Same week 1938
40%
and
38^
40%
42%
36,206
"61666
440,000
Total 1938
Thurs.
42%
44%
FUTURES
Mon.
30%
37%
38%
December
Low
July
September
December
13,000
CHICAGO
Wed.
42%
45%
Barley
Bushels
Orleans
Total 1939
41
41%
44%
j_ Season's
Sat.
July
Tues.
IN
Rye
Bushels
1,140,000
futures.
FUTURES
Mon.
39%
41 %
44^
—
markets
corn
rye
Oats
Bushels
Sorel
of the day.
Today prices
The failure of the rye market
attributed
Flour
Barrels
New
the lows
at
to %c. net higher.
Corn
Bushels
New
.
session* and
Wheat
Bushels
Ezports from—
24%
25%
24%
Rye—On the 15th inst. prices closed unchanged to He.
higher.
Short covering helped to rally rye.
On the 17th
inst. prices closed unchanged to H®* up.
This market
was relatively quiet.
There was considerable pressure at
one stage of the session and prices dropped off for a net loss
of %c.
This loss, however, was largely recovered before the
session ended.
On the 18th inst. prices closed 1 to 1 He. net
higher.
Strength in rye futures was credited to 1H to 1 He.
upturn in prices for actual grain.
On the 19th inst. prices
closed unchanged to %e. lower.
Trading was light and
without special feature.
On the 20th inst. prices closed 1% to l%c. net lower.
With substantial hedge selling and liquidation, influenced
by the heavy break in corn and wheat values, the rye
futures market developed considerable weakness during the
closed %
July 22, 1939
WINNIPEG
IN
Bushels
No
Amer.
Black Sea.
2,868,000
1,920,000
Argentlna.
3,745,000
Australia
1,867,000
.
2,952,000
8,027,000
3,326,000
5,788,000
7,418,000
India
Since
Since
July 1,
1939
1938
Bushels
July If
Bushels
36,000
71,000
120,000
4,264,000
197,000
8,922,000
685,000
1,319,000
2,066,000
5,105,000 L 10,509,000
19,327,000
9,202,000
514,000
7,545,000
2,632,000
Other
Receipts at—
New
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
York.
169,000
174,000
13,000
31~000
109",000
273,000
54,000
60,666
1,140,000
~~9~66o
bush 56 lbs bush 48 lbs
20,000
25,000
37,000
115,000
Barley
~4*,o66
7,000
Rye
65",000
countries
1,008,000
1.400,000
1,080,000
Total— U.408,000
23,945,000
29,754,000
2,000
Portl'd, Me.
Philadel'ia.
Baltimore.
.
New Orl'ns*
Galveston..
Montreal
11,000
Sorel
303,000
2,988,000
178,000
99,000
4,000
212,000
8,173,000
50,895,000
12,057,000
2,479,000
456,000
2,830,000
Since Jan. 1
Week 1938.
203,000
3,029,000
2,566,000
132,000
90,000
289,000
7,465,000
54,524,000
57,988,000
2,872,000
2,142,000
9,752,000
Since Jan. 1
1938
*
on
212"666
440,666
Tot. wk. '39
1939
Report for the Week Ended July 19—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
12,000
798,000
..
Boston
■
Pi Weather
4,000
Receipts do not include grain passing through New Orleans
through bills of lading.
for foreign
ports
The exports from the several seaboard
ports for the week
ended Saturday, July 15, 1939, are shown in the annexed
statement:
,
•
•
•
weather for the week ended
July 19, follows:
The week was characterized
by marked contrasts in temperature between
the East and Midwest, and
scanty precipitation over much of the country.
The weekly mean temperatures were
decidedly below normal from the
Virginias northward and northeastward and near-normal in the Southeast
and much of the Southwest.
However, from the central and upper Missis¬
sippi Valley westward to the Great Basin temperatures were
extremely
high, with many stations reporting maximum readings of 100
degrees or
over, day after day.
The highest temperatures occurred in the lower
Missouri
Valley and southern Plains, embracing Nebraska, Kansas,
Missouri, and southwestern Iowa.
In some localities of this area the
weekly means were 12 degrees to 15 degrees above normal.
In the far
West seasonal temperatures
Extensive
degrees.
midwestern
This
included
were
area
the rule.
had
*
maximum
nearly the entire
area
temperatures
between the
above
100
Mississippi
River and Rocky Mountains.
Some of the higher readings reported from
first-order stations were 110 degrees at
Omaha, Nebr., and Concordia,
Kans., and 111 degrees at Sioux City, Iowa. Much of the Great Basin
of
Volume
149
The Commercial & Financial
Chronicle
the West had maxima
exceeding
114 degrees at
100 degrees.
The highest reported was
Phoenix, Ariz., on July 12 and 13.
Precipitation was scanty in most sections of the
country, although some
heavy falls occurred in the west Gulf area. In
amounts were
the
the
negligible in
most sections and
very
trans-Mississippi States
southern
Great
from
Southern
States the
eastern
more
little rain occurred in
southward and in the
Iowa
Plains,
except locally in southwestern
Kansas, extreme
Oklahoma, northwestern Texas, and eastern New
Mexico.
West
Rocky Mountains there were some showers in
western
of the
the extreme
but otherwise the week
was
north,
practically rainless.
With only local showers in
the central and southern
Rocky Mountain
area, the eastern Great Basin, and
other southwestern
sections, the con¬
tinuation of high temperatures
intensified droughty conditions which are
becoming serious in many localities.
DryJland crops suffered severely and
ranges are badly burned.
There was considerable relief in southwestern
Texas and much of eastern
and
rainfall
was
New
Mexico,
mostly inappreciable.
In much of the area
between the
reported
southern
as
Mississippi River
and
but
continue
favorable
in
most
sections, although it is too dry for some
crops in the interior of the South¬
east and rain is
generally needed north of Maryland,
especially in New York
and New England.
The drought is
becoming serious in many localities in
New York, with
pastures drying up and some
feeling of livestock necessary.
In the Ohio
Valley States rains near the close of the week were
decidedly
helpful.
Small Grains—Harvest of
winter wheat
threshing in the main wheat belt made
in
the
later
districts
and
good progress under favorable
In the spring wheat
area the weather was
somewhat
less favorable than
previously, although without marked
plant deterior¬
ation in general.
In extreme western
Minnesota some
weather conditions.
high temperatures during the week
were unfavorable and
there were some
reports of burning in parts of Mon¬
tana, while hot weather was
detrimental to some late grains in
the north
Pacific area.
Some spring wheat is in
shock in North Dakota and harvest
has been
completed in southeastern South Dakota.
However, in both
South Dakota and
Wyoming considerable spring grain is
being harvested
prematurely to prevent further
grasshopper daamge.
done some harm in North
Grasshoppers have
Dakota, but not extensive.
In the upper
Mississippi Valley returns from oat harvest
are very ir¬
regular.
In Iowa, for
example, some threshings show
yields varying from
2 or 3 bushels an acre
up to 60 bushels.
In North Dakota flax is
in the boll
mostly
stage, with some ready to
cut, while this crop is
doing well in
Minnesota.
Copious rains benefited rice in the west
Gulf area.
,4
Corn—East of the
Mississippi River the corn crop continued to
make
satisfactory advance, with showers in the Ohio
Valley the latter part of
the week
decidedly helpful.
Progress continued good also in
Missouri,
although the extreme heat caused
deterioration in some localities.
In
the Great Plains
States continued
high temperatures and
fall were
scanty rain¬
decidedly unfavorable in most places.
In Kansas there was
general deterioration in the
alf and rather poor in the
in
the
eastern
half.
corn crop, which is
now poor in the western
one-half to three-fourths is
in tassel
eastern;
Deterioration
was
rapid in Nebraska during much
of the week,
although cooler weather and some rain
the latter part were
helpful.
In Minnesota corn is still in
excellent condition.
In Iowa prog¬
ress continued
generally good to excellent,
except for deterioration in the
southwest and locally
elsewhere; all is in tassel,
except the late and ir¬
regular fields and about one-half is
shooting ears and
Cotton—In
the cotton
extreme Northeast and
other
silking.
belt
the
extreme
week
was
Southwest,
sections.
cooler
but
than
normal in the
than usual in
and small areas of
warmer
Except in parts of the western
belt
the eastern and
central-northern portions, rainfall
was light.
In general,
was favorable for
the cotton crop.
In Texas progress was
mostly good, except in some coast
sections where
high temperatures, following
heavy rains, caused some
are fruiting
scalding; plants
satisfactorily to the north, while
picking and ginning made
good progress in the extreme
south.
In Oklahoma
progress was fair, with
much bloom and
many bolls.
In the central States of
the belt progress was
generally good to excel¬
lent, with the weather mostly favorable for
holding weevil in check.
the eastern belt the
In
weather was
generally favorable and advance of
the
crop was largely
the week
satisfactory.
The Weather Bureau
furnished
conditions in .different States:
Virginia—Richmond;
peanuts growing
well along-
Slightly
rapidly.
Field
cool;
corn
the
following
dry; rain needed.
laid by; silking.
of
resume
Cotton
Topping
and
tobacco
early curing started.
Meadows, gardens and sweet
potatoes
excellent; beans not so good.
Shipments southwestern
Fruit excellent;
cabbage heavy.
picking peaches in
Lynchburg
North
section.
Carolina—Raleigh: Generally favorable
warmth; abundant sun¬
shine; little rain, except adequate in
southeast.
Progress of corn gen¬
erally good; condition good to
excellent, though rain needed.
of cotton
Progress
good; condition good to very
good; moderately favorable for
weevil activity.
Tobacco satisfactory
progress; condition
very good.
Truck and vegetables
work done.
South Carolina—Columbia:
abundant;
mostly good to
Much
very good condition.
Very warm days at
middle; much sun¬
shine; scattered, adequate rains.
Favorable for
tion of cotton
checking weevil- condi¬
mostly good; blooming freely in
north; cultivation about
done; many large bolls in south.
Too dry in
many interior areas for corn
truck, vegetables, and
pastures; badly deteriorated
locally.
Tobacco
maturing rapidly; curing rushed.
Georgia—Atlanta: Very warm days; little
rain; soil drying
Favorable for checkng
rapidly
weevil; cotton bloom and boll
formation good'
Lack of rain felt by corn in most
central counties.
Soil too dry for
in middle and south.
truck
Generally favorable for peanuts,
and for
pecans, sugar cane
curing tobacco.
Florida—Jacksonville: Warm; adequate
rain; soil
moisture
ample
Progress of cotton fairly good; condition
fair; moderately favorable for
weevil activity, but
conditions for checking
improving; many bolls.
corn
fair.
Sweet potatoes good
growth.
for market.
Truck scarce.
growth
new
fruit; fair size.
Alabama—Montgomery:
Late
Tobacco good
crop; about ready
Cultivating and fertilizing
Little rain,
but
citrus groves- good
soil
moisture ample
locally in middle and east where soil
except
drying rapidly.
Progress of cotton
very good; condition fairly
good to good; bloom
general; favoring bolls
in south and middle.
Too dry for corn and
truck in northeast
and middle
east; elsewhere corn, hay
crops, sweet potatoes,
peanuts, vegetables and
truck doing well atad in
good condition.
Cattle good
condition; on pastures
Louisiana—New Orleans: Cool and
wet
beginning, then abnormally
Progress and condition of cotton
generally good; moderate shea¬
ding in northwest due to dryness checked
by rains; favorable for
check¬
weevil latter half.
Rice, cane and sweet potatoes
hot days unfavorable for corn
doing well but
and truck.
Condition of corn
but some locally poor or
mostly good
failure in west.
Texas—Houston: Favorable warmth in
extreme
south,
hot elsewhere; more rain
mostly too
needed in
west-central, but elsewhere
adequate.
generally
Harvesting and threshing wheat near end in
Panhandle under
favorable conditions; condition
poor to fair.
Rains too late to
in southwest, where
help corn
crop practically a failure and in
middle and upper
coast regions where
condition only fair; elsewhere
mostly good to excel¬
lent, but rain would help late corn.
Progress and condition of
warm.
ing
generally good, except
cotton
some
upper and middle coast areas
where heavy
by heat and some scalding
occurred; plants fruitingblooms well into north with
many bolls fully
and ginning good
grown; picking
progress in extreme south.
rains
were
followed
squares and
to
truck
on
much
coastal
Considerable rain' damage
Ranges
plain; elsewhere condition
generally good.
improved in southwest and extreme west
and
average fair to good
Cattle still rather thin in
extreme west and
west-central, but elsewhere in
Copious rains helped rice.
good flesh.
Oklahoma—Oklahoma City: Hot; hot winds on
several days;
felt, decidedly so in extreme south; most soil too
drought
dry for plowing.
Thresh¬
ing about over.
Progress of corn fair, except
deteriorated in extreme
south where firing
badly; condition mostly good to
excellent, except poor
in extreme south.
Progress of cotton fairly
good; blooming and
Rock:
Broomcorn harvest progress¬
deteriorating; need rain urgently.
Progress of cotton excellent, except in
west-
and dry soil; bloom and bolls
planweevil; slight shedding some hill sections.
Most
fields clean and well
cultivated.
Progress of
of north, east and
central, but poor
sweet potatoes and
truck favored,
to
corn fair to excellent in most
fair
elsewhere.
Pastures, rice,
except in west and south.
of cotton good;
blooming rapidly;
areas; condition fair to good.
Condition of corn
Tennessee—Nashville: Progress
of rain felt some
lack
poor to
rather poor in
west, good to excellent in central and
east; progress good,
except where too dry.
Tobacco growing
rapidly; uneven stands; too dry
in some areas.
Winter wheat mostly
damaged locally by
harvested;
some
too much rain.
remaining in fields
THE DRY GOODS TRADE
Rocky Mountains,
In the Plains,
especially, pastures dried rapidly and the heat
and drought caused ma¬
terial deterioration in
cultivated crops, with cooler
weather and rain urgently
Mississippi Valley conditions
Arkansas—Little
central hills where
poor account heat
tiful; favorable for
checking
othersiwe
becoming droughty last week, another week of
extremely high
temperatures and dry weather has
greatly intensified the need for moisture,
with a marked reversal of
the generally favorable
conditions that had
prevailed since the middle of
June.
The area includes the lower Missouri
Valley and the Plains States from Oklahoma
northward.
needed.
East of the
603
bolls rapidly; favorable
for'checking weevil.
ing.
Pastures and gardens
forming
New York,
Friday Night, July 21, 1939.
Helped by favorable weather conditions, retail trade
gave
a
fairly satisfactory account, with buying of Summer mer¬
chandise continuing to be the
paramount factor.
A retard¬
ing influence were continued
complaints about the
quacy
Works
have
of
a
of store offerings in some divisions.
Projects Administration payrolls
somewhat
the
inade¬
While the cut in
was
expected
to
dampening effect
affected segments of
influence was found in the
on the
the populace,
buying activities
a counteracting
sharply improved sentiment in
the
security markets, and the somewhat more reassured
feeling with regard to the foreign crisis. In the local
area,
the
gradually increasing influx of World's Fair visitors was
reflected in larger
buying from that source, and a further
improvement in this direction was
anticipated.
Depart¬
ment store
sales,
the
country
over,
for
the
week
ended
July 8, according to the survey of the Federal Reserve
Board,
exceeded those of the
corresponding week of 1938 by 2%,
with the Atlanta district
making the best showing, while the
Boston district furnished the least
favorable figures.
New
York and
Brooklyn stores registered a decline of 3.7%, but
in Newark establishments a
gain of 4.4% was shown.
Trading in the wholesale dry goods markets
expanded
materially as retailers as well as jobbers entered the market
for
substantial commitments for
tively,
with
wholesalers
Fall
and
Winter,
respec¬
displaying growing attention in
Christmas holiday merchandise. Retailers'
initial appropria¬
tions for purchases of Fall
goods appeared to exceed last
year's figures by a perceptible margin, thus
furnishing added
proof for the previously expressed view that inventories
merchandise are generally
moderate, and in
below normal levels.
Business in silk
goods
of
some
instances,
was
somewhat
handicapped by the higher price demands, predicated
advance in raw silk values.
Trading in
continued
yarns remained active with further evidence
on
the
rayon
coming to light
concerning the shift of buyers' interest from silk to the
synthetic fibre.
While heretofore, the increased
demand
affected largely the finer deniers,
growing interest
began to
be shown in the
more
again made that
a
popular counts, and predictions were
further reduction in reserve stocks
at the
end of the current month is
likely.
DOMESTIC COTTON
GOODS—Trading in
cloths markets started the week in its
previous
the
gray
quiet fashion,
although prices held steady, reflecting the persistent demand
for spot goods.
Later in the week, a sharp expansion in
sales developed,
attributed, on the one hand, to the sudden
rise in security prices,
and, on the other hand, to accel¬
erated demand on the part of
converters, indicative of the
widespread depletion of available supplies.
A stimulating
factor was the improved movement of
finished goods in
distribution channels, and the greater
willingness displayed
by the jobbing trade to cover forward requirements.
The
sharp reaction in- the raw cotton market was
largely dis¬
regarded. Narrow sheetings moved in much larger
volume,
and considerable sales of carded broadcloths
Business in fine goods remained
mated.
were
consum¬
spotty, although
prices held firm, reflecting the belief that converters are in
further need of considerable
yardage.
Active interest con¬
tinued in fancy shirtings, and fair-sized orders
for faille
taffetas
cloths
came
into
the
market.
follows:
Closing prices in print
39-inch 80s, 634 to
6%c.; 39-inch
72-76s, 539-inch 68-72s, 534 to 5%c.; 3834-inch
64-60s,
4Ys to 4 24c.; 3834-inch 60-48s, 434 to 4 %c.
were
as
Woolen
Goods—Trading in men's wear fabrics gave
an early
pickup in demand.
More interest
existed in suitings and topcoatings for
Fall, and somewhat
larger inquiries for overcoatings were received. Mill
opera¬
tions continued active,
chiefly based on existing order
backlogs.
While the nearby outlook in the men's wear
field is regarded as promising,
growing attention is called to
the further increase in competition
by foreign importations
of higher-grade fabrics.
Reports from retail clothing centers
indications of
also stressed the favorable prospects for the
next season, in
of the excellent
inventory position of most stores.
Business in women's wear goods continued
view
garment
manufacturers
both dress goods and
added
fairly active,
to
their
commitments
as
on
coatings.
Foreign Dry Goods—Trading in linens improved
moder¬
ately, with dress materials benefiting somewhat
through
continued forecasts of
growing fashion interest in linen
jackets during the coming season.
Reports from foreign
primary centers stressed the better inquiry for coarse
goods.
Business in burlap remained
quiet, although slightly in¬
interest in shipment
offerings was noted.
steady, in line with Calcutta where the labor
creased
ruled
caused
misgivings.
quoted at 4.20c., heavies
some
Prices
situation
Domestically lightweights
at 5.60c.
were
The Commercial &
604
1939
22,
July
Financial Chronicle
Legally authorized bonds for
municipal purposes of the
following cities:
Specialists in
Lynchburg, Va.
Amarillo, Texas
Bonds
Illinois & Missouri
ST.
publish in full below a list issued
Commissioner on July 1 1939, showing
We
LOUIS
Moline, 111.
8heboygan, Wis.
Muskegon, Mich.
Shreveport, La.
Fresno. Calif.
Nashville, Tenn.
Sioux City,
Glendale, Calif.
Newark, Ohio
Sioux Falls, 8.
New Castle. Pa.
South Bend, Ind.
Green Bay,
Butte, Mont.
Hamilton, Ohio
Newport, Ky.
Canton, Ohio
Hammond, Ind.
Newport New?, Va.
Harrisburg, Pa.
Norwood, Ohio
Banks
by the State Bank
the bonds and notes
constantly changing."
added to the list since July 1, 1938, the date
the last list was issued (V. 147, p. 600-2), have a dagger (f)
alongside them, while the issues that were dropped are set
out in a list following the conclusion of this new list.
taxes, are
PUBLIC FUNDS.
Pasadena, Calif.
Topeka, Kan.
Joplln, Mo.
Peoria, 111.
Tucson, Ariz.
Pittsburgh, Pa.
Tulsa, Okla.
Port Huron, Mich.
Utica, N. Y.
Warren, Ohio
Cumberland, Md.
Kansas City, Mo.
Dallas, Tex.
Danville, 111.
Kenosha, Wis.
Qulncy, 111.
Racine, Wis.
La Crosse, Wis.
Reading, Pa.
Wheeling, W .Va.
Lakewood, Ohio
Lancaster, Pa.
Lansing, Mich.
Richmond, Ind.
Wichita, Kan.
Riverside. Calli.
Wllkee-Barre, Pa.
Davenport, Iowa
Dayton, Ohio
Decatur, 111.
Denver. Colo.
Des Moines, Iowa
Lincoln, Neb.
Long Beach, Calif.
Lorain. Ohio
Louisville. Ky.
Vermont.
Connecticut ((
CUies.
Cities.
Vergennes
Putnam
Towns.
Laconia
Oxford
Manchester
Washington
Rlchford
Nashua
Penobscot
t Rockingham
:>[■
Portsmouth
CUles.
Cities.
Somersworth
Auburn
tCranston
Augusta
tBath
tDerry
fProvidence
Blddeford
Hampton
Warwick
Gardiner
Haverhill
Bangor a Aroostook RR.
Washburn Ext.
BOSTON A MAINE SYSTEM.
Connecticut a Passumpslc Rivers RR.—1st
Cllnchfield rr. equip trust series A (serially)
Chesapeake A Ohio Ry.—
Richmond a Alleg. Div. 1st 4s. 1989
Gen. mtge. 4Hs,
1992
Ref. a impt. series C
4Hs, 1996
3Hs, 1996
Ref. and lmpt. series D
,
Series E 3Hs. 1996
tSeries F 3)48, 1963
Equipment trusts—
Series W (serially) 4)4s, 1940
Series of 1936 (serially) 2Hs, 1946
(serially) 2s, 1947
CHICAGO BURLINGTON
General 4s, 1958
1st a ref. series A 5s. 1971
1st a ref. series B 4)4s,
Bethel
v
Branford
Danbury
Darien
East Hartford
Burrillvllle
.
1977
ELGIN JOLIET a EASTERN
Elgin Joliet a Eastern Ry. 1st 5s, 1941
GREAT NORTHERN
Gen. ser. B
ser.
Plttsfield
Lincoln
5)4s, 1952
4Hs, 1976
E 4)4s, 1977
Gen. mtge. ser. G conv. 4s#
Western Fruit Express Co.—
1946
1946
Equip, trust ctfs. ser. D (ser.) 4Mb, '44
Equip, trust ctfs. ser. E (ser.) 4Mb. *54r
Groton
Westbrook
Little Compton
tWalpole
fNorth Kingstown
Hamden
Smlthfield
Madison
South Kingstown
Milford
Tiverton
tMontville
tFarmlngton
Massachusetts
Bonds
Gorham
Kittery
or
or
Mb, 1950
Louisville Dlv. 1st 3Mb. 1953
[Western Lines 1st 4s, 1951
Omaha Dlv. 1st 3s,
5
city
of
the
town
New Milford
Connecticut.
Cox nties.
Norfolk
{Collateral trust 3Mb, 1950
Collateral trust 4s, 1952
Equip, trust ctfs. ser. K 4Mb, 1939
Equip, trust ctfS. ser. L 4Mb. 1940
Equip, trust ctfs. ser. N 4Mb, 1941
Equip, trust ctfs. ser. O 4Mb, 1942
Equip, trust ctfs. ser. P 4Mb. 1944
Equip, trust ctfs. ser. R 3s, 1952
Gold extended 3 Mb, 1951
Springfield Div. 1st 3 Ma, 1951
Refunding 4s, 1955
Refunding 5s, 1955
Cairo Bridge 1st 4a. 1950
St. Louis Div. 1st 3s, 1951
St. Louis Div. 1st 3Hs, 1951
LOUISVILLE a NASHVILLE SYSTEM.
Fairfield
Hartford
Plymouth
Bonds
Putnam
notes of
or
tAuburn
district in Massa¬
Ansonia
Seymour
Southbury
Augusta
chusetts
Bristol
Southing ton
Danbury
1963
Lexington a East. Ry. 1st 5s, 1965
Unified 4a, 1940
Paducah a Mem. Dlv. 1st 4s, 1946
2003
Equip, trust ctfS. ser. G 2Mb. 1952
Mobile a Montgomery 4Mb, 1945
1st a ref. 3Hs. 4s. 4mb a 5s.
MAINE
St. Louis Div. 2nd (now
1st) 3s, 1980
Atl. Knox. a Cln. Dlv. 4s, 1955
CENTRAL SYSTEM.
European a No. Amer. 1st 5s, 1958
I Portland a Rumford Falls Ry. 1st
I
1951
MICHIGAN CENTRAL 8YSTEM.
to,id Saybrook
Massachusetts.
Paris
So. a No. Ala. RR. gen. cons. 5s,
Louisville a Nashville RR.—
Norwich
Commonwealth of
Orono
1951
{Litchfield Div. 1st 3s. 1951
New Canaan
t Warren
of
notes
county,
any
SYSTEM.
Purchased lines 1st 3Ma, 1952
Greenwich
Stratford
Dexter
SYSTEM.
Equip, trust ctfs. ser.O (ser.) 4Mb. 1939
Series E (serially) 2s, 1947
Eastern
Ry. of Minnesota, Northern
Division 4s, 1948
St. Paul Minneapolis a Manitoba Ry.—
Pacific extension 4s, 1940
Gen. ser. C 5s, 1973
Gen. ser. D
SYSTEM.
(Equip, trust, 1937 (ser.) 2H». 1952
Great Northern Ry.—
Fairfield
Wolfeboro
a QUINCY SYSTEM.
Illinois Dlv. mortgage 3)4s, 1949
Mortgage 4s. 1949
,
.
Equip, trust, series of 1936 (ser.) 2 H8.'4&
Equip, trust series of 1937 2)4s, 1947
Chicago Burlington a Qulncy RR.—
Gold 4s, 1951
Gold 3 Mb, 1951
Berlin
Saco
Towns.
SYSTEM.
Coal River Ry. 1st 4s, 1945
Columbus a Hocking Val. RR.lst 4s, *48
Columbus a Toledo RR. 1st 4s, 1955
Craig Valley Branch 1st 5s, 1940
Greenbrier Ry. 1st 4s, 1940
Hocking Valley Ry.—
1st cons. 4)48, 1999
Kanawha Bridge a Term. Co. 1st 5s, *48
Paint Creek Branch 1st 4g, 1945
Potts Creek Branch 1st 4s, 1946
Richmond a Alleghany Dlv. 2d 4s, 1989
Warm Springs Valley Branch 1st 5s. 1941
Big Sandy Ry. 1st 4s, 1944
Gold extended 3
Bristol
Bar Harbor
2Hs, 1952
CHESAPEAKE a OHIO
Sterling 3s, 1951
Barring ten
Baileyvllle
4s, 1943
clinchfield a ohio system
Carolina
Sterling extended 4s, 1951
Towns.
Pembroke
'
5a, 1939
Equip, trust, series L, 2 Ha, 1950
Illinois Central RR.—
Canton
Towns.
1939
1st 5s,
St. Johns River Ext. 1st
Stamford
Torringtoa
Wllllmantio
New London
Old Town
Conv. cons. ref. 4s, 1951
Piscataquis Dlv. 1st 5s, 1943
Van Buren Ex. 1st 5s, 1943
ILLINOIS CENTRAL
Jaffrey
tHoulton
Lewis ton
B. A A. RR. cons. ref. 4s, 1951
1947
1st 5s, 1943
Aroostook Northern RR. 1st 5s,
Gen. mtge. ser. I 3 Mb, 1967
Cromwell
Henniker
Hallowell
1940
BANGOR a AROOSTOOK SYSTEM.
Chic. St. L. a N. O. RR. cons. 3)4s, 1951
fBloomfield
Newport
Towns.
Bangor
1st 5s.
1965
Rocky Mountain Dlv. 1st 4s,
2)48.1947
Equip, trust of 1937 (serially) 2Mb, 1952
San Francisco a San Joaquin Valley Ry.
4s, 1958
Trans. Short Line 1st
FE SYSTEM.
Equip, trust, ser. B (serially)
Shelton
Rhode island. •
Rochester
a SANTA
Atchison Topeka A Santa Fe Ry.—
General mortgage 4s, 1995
Rookyille
Keene
Kennebec
Zanesvllle. Ohio
RAILROAD BONDS.
Gen. mtge. ser. H conv. 4s,
Norwioh
Dover
Androscoggin
Cumberland
Barre
York, Pa.
San Bernardino, Cal.
1st A ret. 4Mb, 1961
Concord
Wilmington, N. C.
San Antonio. Tex.
ATCHISON TOPEKA
Gen.
/
Wilmington, Del.
Los Angeles, Calif.
Elgin, 111.
Pa.
Williams port,
Saginaw, Mich.
tSt. Louis, Mo.
St. Paul. Minn.
Salt Lake City, Utah
Lexington, Ky.
Series of 1937
cities, towns and districts which ap¬
pear to have bonds or notes outstanding, and from which,
debt statements could be obtained.)
Public funds of the United States or of this Common¬
wealth, or in the legally authorized bonds of any other
State of the United States, but not including a territory,
which has not within the twenty years prior to the making
of such investment defaulted in the payment of any part
of either principal or interest of any legal* debt.
Bonds or notes of Jhe following counties, cities, towns
Waterloo, Iowa
Sacramento, Calif.
Dubuque, Iowa
Duluth, Minn.
E. Cleveland, Ohio
(Covering counties,
Cities.
•Springfield. 111.
Springfield, Mo.
Johnstown, Pa.
Council Bluffs, Iowa Kalamazoo, Mich.
Kansas City, Kan.
Covington, Ky.
The issues
Berlin
Dak.
Spokane, Wash.
Columbus, Ga.
savings banks in Massachusetts under
the provisions of clauses second, third, fourth, fifth, sixth,
sixth a and seventeenth, of Section 54, Chapter 168, of the
General Laws.
Clause second, relating to investments in
publio funds, has been applied only to those counties, cities,
towns and districts which appear to have bonds or notes out¬
standing, and from which debt statements could be obtained.
Clause third (as amended by the Acts of 1939, Chapter 87,
Section 2), is the general law relating to railroad bonds.
Clauses fourth, fifth, sixth and sixth a relate to investments
in street railway bonds, telephone company bonds and gas,
electric and water company bonds.
Clause seventeenth pro¬
vides that issues which complied with the old law shall con¬
tinue, under certain conditions, to be legal investments.
Investments in bonds or notes of cities, towns and dis¬
tricts mentioned in the list should not be made, the Bank
Commissioner says, "without further inquiry, as to both
their indebtedness and their valuations for the assessment of
Maine.
Wis.
Iowa
Columbia, 8. C.
legal investments for
Counties.
Minneapolis, Minn. Scranton, Pa.
Ind.
Springfield, Ohio
Oakland, Calif.
tCharleeton, W.Va. Hazelton, Pa.
Steubenvllle, O.
tOgden, Utah
Houston, Tex.
Charlotte, N. C.
Huntington, W. Va. Oklahoma C'y.Okla.tSuperior, Wis.
Chicago, 111.
Tampa, Fla.
Omaha, Neb.
Indianapolis, Ind.
Cincinnati, Ohio
tTerre Haute, Ind.
Oshkosh, Wis.
ColoradoSpgs.,Col. Jamestown, N. Y.
Department, are now
opinion of the Banking
Cak
Fort Worth. Tex.
Fort Wayne,
Cedar Rapids, Iowa
314 N. Broadway
•
WIRE
Massachusetts.—Legal Investments for Savings
which, in the
Savannah, Ga.
Calif.
Calif.
Bloomlngton, III.
News Items
-
Santa Mon ca, Cal.
Bridgeport, Conn.
DIRECT
St.
McKeesport, Pa.
Everett, Wash.
Md.
Battle Creek, Mich. Fort Smith, Ark.
San Jose.
Berkeley, Calif.
Founded 1890
CHICAGO
Augusta, Ga.
Baltimore,
Santa Barbara,
Milwaukee, Wis.
Erie, Pa.
Evansvllle, Ind.
Bay City, Mich.
Bellingham, Wash.
Stifel, Nicolaus & Cojnc.
105 W. Adams
Atlanta, Ga.
8an Francisco,
Mansfield, Ohio
El Paso, Texas
San Diego. Calif.
Macon, Ga.
Madison, Wis.
Altoona, Pa.
Elkhart. Ind.
Elmlra. N. Y.
Allentown, Pa.
Michigan
Michigan Central RR. 1st 3Ha. 1952
Central-Michigan
Air
Line
RR. 1st 4s, 1940
Michigan Central-Kalamasoo a South
Haven RR. 1st 5s. 1939 I
Central-Jackson-Lansing
1st 3Hs, 1951
A
8aginaw RR.
Michigan
South Windsor
Water Districts.
Counties.
whose
Indebtedness
net
New Hampshire.
does
not
exceed
5% of the last pre¬
valuation
Coos
ceding
Grafton
of
the
property
Hillsborough
therein for the
Sullivan
sessment of taxes.
Cities.
incorporated
any
as¬
NEW YORK NEW
Michigan Centrai-Joliet a Northern Indi¬
ana
RR.
1st Is,
1957
i
HAVEN a HARTFORD SYSTEM.
Derby
tSuffield
Hartford
Trumbull
Holyoke a Westfield RR. 1st 4Mb,
Meriden
Wallingford
Norwich a Worcester RR. 1st 4Hs, 1947
Middle town
tWest Haven
New Britain
New Haven
tWilton
tWlnchester
Windsor
19511Providence a Worcester RR. 1st 4s, 1947
j
NORFOLK a WESTERN SY8TEM.
Norfolk A West. Ry.consol. 4s. 1996
I Scioto Valley a New England RR. Is,
I
4s. 1989
Volume
149
The Commercial & Financial
Chronicle
NEW
YORK CENTRAL SYSTEM.
N. Y. C. & Hudson River
RR.—
Carthage 6c Adirondack Ry. 1st 4s, 1981
Chicago Indiana & 80. RR. 4s, 1956
Cleveland Short Line Ry. 1st 4Mb, 1961
Gouverneur & Oswegatchle RR. 1st 5a
Debenture 4s, 1942
Consolidation 4s, 1998
Ref. & impt. 4M8 series A.
2013
Ref. & impt. 6s, series
B, 2013
Ref. A impt. 6s, series
C. 2013
1942
Jamestown
Franklin
6c
RR.
Clearfield
Mortgage 3 Ms, 1997
Equip, tr. ctfs., 1929 4M8 (serial).1944
2d equip, trust, 1929 4
Ms (serially) 1944
Equip, trust, 1930 4Ms (serially) 1945
Equip, trust 1937 (serially) 2 Ms. 1952
Equip, trust 1924 (serially) 4M8.1939
Equip, trust 1925 (serially) 4Mb, 1940
Lake Shore & Mich. Southern Ry.—
FirBt general 3 Ms. 1997
Mohawk & Malone Ry, 1st 4s, 1991
Ms. 1959
Lake Shore coll.
3Ms, 1998.
Michigan Central coll. 3Ms, 1998
*
Consol 3 Ms, 2002
N. Y. A Harlem RR. mtge. 3Ms, 20005
N. Y. & Putnam RR. 1st cons.
4s, 1993
8. D. & Pt. M. RR. 1st 3
Boston & Albany RR.—
Ref. 3Ms, 1952
Imp.
Term. 3Ms, 1951
Impt. 5s, 1942
4<j
10*>0
1946
«'
•
-
Series of 1936
(serially) 2 Ms, 1946
BROOKLYN
mtge. 5s, 1945
1st lien & ref. mtge.
gold, ser. A 6s,
1968
Gen. & ref. mtge.
1st & ref. mtge.
i
Monongahela Ry.
'
1960
CORP.
v
v
\
:
A cons. mtge.
3Ms, 1966
v
,
-
CENTRAL ILLINOIS PUBLIC
SERVICE COMPANY
■
/
Series A
cons.
3M8. 1965
;Vfist
6c Cumberland
RR. 1st 4s, 1951
C 3Mb, 1967
ser.
CENTRAL ILLINOIS LIGHT COMPANY
RR. 1st 4s, 1943
Hollidaysburg Bedford
\
CO
CENTRAL HUDSON GAS A
ELECTRIC
Harrlsburg Portsmouth Mt. Joy A Lan¬
Consolidated 3 Ms, 1945
Consolidated 4s, 1948
Consolidated 4 Ms, 1960
GAS
ISeries B 5s. 1957
19471
BUFFALO NIAGARA ELECTRIC
CORPORATION
Grand Rapids & Indiana RR.—
1st ext. 4Mb, 1941.
es ter
UNION
1st cons.
Delaware RR. 1st series A 4s, 1982
Erie & Pittsburgh RR. gen. 3Ms, 19405
General series C 3Ms, 1970
General series D 4Ms, 1981
General series E 4Ms. 1984
Ms, 1966
BROOKLYN EDISON CO., INC,
Brooklyn Edison Co., Inc. Consol. mtge
3Ms, 1966
PENNSYLVANIA SYSTEM.
;
1st mtge. series A 3
'
,
Series of 1937 (serially) 2Mb, 1947
fit. Paul & Duluth RR. consol.
4s,
General series A 4Ms, 1965
General series B 5s, 1968
Qulncy Eiec. Lt. & Pow. Co. 1st 5s, 1947
Turners Falls Power & Electric Co.—
1st 4Ms. 1945
ATLANTIC CITY ELECTRIC CO.
General mortgage
3Ms, 1964
St. Paul-Duluth Division 4s, 1996 '
Equip, tr. ctf. ofl925 (serially) 4 Ms,'40
Pennsylvania RR.—
Consolidated 4s, 1943
Milford Water Co. 1st
4Mb, 1948
New England Power Co.—
1st mtge. series A
3Ms, 1961
OTHER GAS & ELECTRIC
LIGHT COMPANY BONDS.
Northern Pacific Ry. (Concluded)—
General lien 3s, 2047
and imp. series D 5s, 2047
Hon 4s. 1997
5s, 1943
,
BROOKLYN BOROUGH GAS CO.
fGen. A ret. gold, new, series A
5s, 1967
NORTHERN PACIFIC SYSTEM.
Ref. and imp. series A,
4Ms, 2047
Ref. and imp. series B
6s, 2047
R«f. and imp, series C 5s, 2047
1st
Lowell Gas Light Co.
1st mtge. 4Mb, 1966
V
BANGOR HYDRO-ELECTRIC CO.
let lien & ref. mtge.
3Ms, 1966
11st mtge. 3Ma, 1963
3Ms. I960
Northern Pacific Ry.—
Hingham Water Co.
1st
mtge. series A 3 Ms, 1965
Cape A Vineyard Electric
Co. 1st mtge.
series A 4s, 1965
Dedham Water Co. 1st
mtge. 4Mb, 1955
Fall River Electric
Light Co.—
Greenfield Gas Lt. Co.
Series B 4Mb, 1945
Main Line,
Ser. A 4Mb, 1943
Ref. 5s. 1963
(Massachusetts Companies.)
Boston Edison Co.—
tlst mtge. series A
3Me, 1968
Sturgis Goshen A St. L. Ry. 1st 3s, 1989
Toledo A Ohio Ry. ref. & impt. ser. A
4Mb, 1978
Ref. 6s,
1st
Ind. 111. & Iowa RR. 1st 4s, 1950
Kalamazoo & White Pigeon RR.—
1st 5s, 1940
605
GAS, ELECTRIC AND WATER COMPANY BONDS.
1st 4s,
fist mtge.
;
ser. A
3348, 1968
>
Equip, trust ser. C (ser.) 4Mb, 1939
Equip, trust ser. G (ser.) 2Mb, 1950
Equip, trust ser. H (ser.) 2Mb. 1952
tEqulp. trust ser. I, 2Mb, 1953
Allegheny Valley Ry. gen. 4s, 1942
Pittsburgh, Virginia 6c Charleston Ry.
1st 4s, 1943
Pittsburgh Youngstown 6c Ashtabula Ry.
general series D, 4Ms, 1977
y
,
United N. J. RR. & Canal Co.—
General 4s, 1944
\
General 4s, 1948
General 3 Ms, 1951
Cambria & Clearfield RR. 1st
5a, 1941
Cambria 6c Clearfield Ry, gen 4s, 1955
Cleveland <fc Pittsburgh RR.—
General 4 Ms, 1942
General 3 Ms,
General 3 Ms,
General 3 Ms,
-
■
General 4 Ms,
General 4Mb,
1942
1948
1950
1973
1979
,
,
CENTRAL MAINE POWER COMPANY
tlst mtge. gold 5s, 1939
I fist A gen.
mtge. (ser. H) 3Ms, 1966
tlst & Gen. mtge. (ser,
G) 4s, 1960
| tlst & gen. mtge. (ser. J) 3Ms, 1968
CENTRAL VERMONT PUBLIC
♦1st mtge. (series B) 3
Ms, 1966
CLEVELAND ELECTRIC
;
-
♦1st mtge.
\
PERE
MARQUETTE SYSTEM.
Marquette Ry.—
lBt series A 5s, 1956
Series of 1936
1st series B 4s, 1956
Connecticut Light A Power Co.—
(serially) 2 Ms, 1946
1942
;
Phila. Bait. 6c Wash.
(Concluded)General series D 4Mb, 1981
Col. & Port Deposit Ry. 1st
4s, 1940
General series C 4 Ms, 1977
Phila. Bait. Cent. RR. 1st 4s. 1951
PITTSBURGH CINCINNATI CHICAGO & ST.
LOUIS SYSTEM.
Pitts. Cine. Chic. & St. Louis RR.-
Pitts. Cine. Chic 6c St. L. Ry-.
(Cone.)
Consol. gold series E 3Ms, 1949
General series A 5s, 1970
General series B 5s, 1975
General series C 4Mb, 1977
Consol. gold series F 4s, 1953
Consol. gold series G 4s, 1957
Consol. gold series H 4s, 1960
General series D 5s, 1981
Pitts. Cine. Chic. 6c St. Louis Ry.Consol. gold series A 4Mb, 1940
■
Consol. gold series B 4Mb, 1942
A 7s,
ser.
1st mtge. 8. t. series A
ser
1st lien A unif. mtge. series
1st mtge.)
Shamokln, Sun bury A Lewlsburg RR.lst 4s, 1975.
ser. M (ser.)
1935
1st lien A unif. mtge. series
let mtge.) 3Mb, 1965
r.^^,
11st
V
,
Equip, trust ser. O 2 Ms, 1952
Central Pacific Ry. 1st ref.
4s, 1949
Through Short Line
&
light
co.
mtge. 4s, 1960
''the Detroit edison co.
The Detroit Edison Co. gen. & ref.
mtge.
gold (ser. D) 4Ms, 1961 <■
:-V/V'"
-
tDUQUESNE LIGHT CO.
■
1952
green
v.
district
|
,
■
electric co.
.
1st mtge. 5s, 1952
mountain power
corp.
{Green Mountain Power Corp.—
It 1st A ref. mtge. 3 Ms, 1963
5s, 1955
INDIANAPOLIS POWER
4Mb, 1945
[\. '■\
.
I Ozark Power A Water
Co.—
*
Burlington Gas Light Co.—
1st mtge.
:v;vv
Gen. A ref. mtge. gold (ser. f) 4s, 1965
Gen. A ret. mtge. gold
(ser. G) 3Ms'66
|
!
>
1st mtge. gold (series B) 3 Ms, 1965
N 2Mb, 1951
Central Pacific Ry.
1st 4s, 1954
■
1st mtge. series 1936
3Ms, 1970
1st mtge. 3Ms, 1967
cumberland county power
1st mtge. A ret. 5s,
ser.
1954
(now
empire
Equip, trust
Oregon Lines 1st M. ser. A 4Mb, 1977
Equip, trust ser. K (ser.) 4Mb, 1943
Equip, trust ser. L (ser.) 4Ms, 1944
(now
Empire District Electric Co.—
SOUTHERN PACIFIC SYSTEM,
1955
,
1st mtge. series 1936 3
Ms, 1966
1935
3Ms, 1965
2d 5e. 1945
Southern Pacific RR. 1st ref. 4s,
3Ms, 1966
3Ms, 1966
(ser. D) 3Ms, 1965
Gen. mtge. 4Ms,
M 4 Ms, 1945
Gen. A ref. series C 3 Mb, 1962
Schuylkill A Lehigh RR. 1st 4s, 1948
Southern Pacific Co.—
ser. F
ser. G
1st lien & ref. mtge.
(ser. E) 3Ms, 1966
Consumers Power Co.—
Gen. A ret. series A 4
Ms, 1997
Gen & ref. series B 4Mb, 1997
Phila. A Reading 1st ext. 4Mb. 1943
Reading Belt RR. 1st 4s, 1950
f.,
f.,
CONSOLIDATED GAS, ELECTRIC LIGHT A
POWER CO. OF BALTIMORE.
1st mtge. 3M8, 1966
Reading Co. equip, tr.
s.
3%s, 1961
Purchase money gold 4s, 1949
iv
1952.
Connecticut Light & Power Co.—
1st A ret. mtge. s.
1951
CONSUMERS POWER CO.
READING SYSTEM.
Phila. A Frankford RR. 1st 4Mb, 1952
Phila. & Reading RR. imp. 4s, 1947
-
consolidated edison company of new
york, inc,
lhe N. Y. Gas & El. Lt.,Heat & Pow.lhe New York Edison
Co., Inc.—
lst mortgage gold 5s, 1948
1st Hen A ref. mtge.
4s, 1955
Norristown & Main Line Con't'ng RR.-
/
1st & ref. mtge.
Consol. series B 4s, 1957
New York Short Line RR. 1st 4s, 1957
I), 3Ms, 1968
connecticut river power co.
Consol. gold series I 4Ms, 1963
Consol. gold series J 4 Ms, 1964
Vandalia RR.—Consol. series A
Consol. gold series C 4Mb, 1942
Consol. gold series D 4s, 1945
Equip, trust
-v.
■,
PHILADELPHIA BALTIMORE 6c WASHINGTON
SYSTEM.
lst 4s
1st A ret. mtge.
Series of 1937 (serially) 2Mb, 1947
Series A (serially) 4 Ms,
Phila. Bait. 6c Wash. RR.
4s, 1943
General series A 4s, 1960
General series B 5s, 1974
mtge, (ser.
CONNECTICUT LIGHT A POWER CO.
Equipment trusts—
Istserles C 4Ms, 1980
f
;V
COMMONWEALTH EDISON COMPANY
Pere
/
CORP.
ILLUMINATING CO.
3Ms, 1965
tlst
!
SERVICE
&
LIGHT CO.
-
,
;
t SPOKANE PORTLAND A SEATTLE SYSTEM
UNION
v':rJERSEY
PACIFIC SYSTEM.
Income A 5s, 1946
I
I
Ms, 1947a
1st mtge. 4s, 1950a
'
|New London Northern
RR. 1st 4s, 194
York Haven Water A
Ry. Co.-
inois Bell Telephone Co.—
^
1st & ref. mtge. ser. B 3 Ms, 1970
sw
England Tel. A Tel. Co.—
1st mtge. gold ser. A 5s, 1952
1st mtge. gold, ser B 4
.
Ms, 1961
Y, Telephone Co.—
1st A gen. mtge. 4Ms, 1939
•
co.
•
"
■
JERSEY POWER &
1st mtge. 4Mb, I960
LIGHT CO.
/
.
NEW YORK POWER
A
LIGHT CORP.
1st mtge. gold 4 Ms, 1967
'
1st A consol. mtge. 3Mb,
new
QUEENS electric light & power
co.
1965
york state electric
n. Y. State Elec. A Gaa Corp. 1st mtge.
gold 4M8, 1960
n. y.
State
Gas
mtge. 4s,
TELEPHONE COMPANY BONDS.
1st A ref. mtge. ser. B 5a, 1948
1st & ref. mtge. ser. C 5s, 1960
/,
edison
narrangansett electric co.
r
Debenture 7s, 1947
ill Telephone Co. of Pa.—
CO.
-//•..
1st mtge. gold 5s, 1951
Debenture 5s, 1944
1942
■
1st mtge. series A 3 Ms, 1966
| West End Street Ry. Co.-
Plain 4 Ms. 1941
•
Power Co.
new york A
Plain 5s,
"
11st refunding mtge. 6 Ms, 1954
SUPERIOR DISTRICT POWER
NEW
STREET RAILWAY BONDS.
Boston Elevated
CO.
1st mtge. series G 4s, 1965
'
Legalized by special Act of General Court.
LIGHTING
metropolitan
t Only those not stamped subordinate.
S Continued on legal list under provisions of General Laws,
Chapter 168, Section
54, Clause 17.
a
LAKE
'
1st lien A ref. ser. A
3Ms, 1966
|
1954
1st mtge. series A 3Ms, 1966
MISCELLANEOUS.
Boston Terminal Co. 1st 3
1st refunding mtge. 5s,
Guaranteed consol. 1st 5s, 1946
VIRGINIAN SYSTEM,
:
CENTRAL
KINGS COUNTY
1st and consolidated 4s,
1960
Consolidated 1st 5s, 1946
1st lien A ret. 5s. 2008
mtge. 3Ms, 1968
4Mb, 1961
Oregon Short Line RR.—
tEquip. tr. ser. E (serially) 2 Ms, 1952
Virginian Ry.—
Equip, trust ser. E (ser.) 4M8, 1940
Indianapolis Power A Light Co. fist
POWER A LIGHT CO.
- ^ ' '
Jersey Central Power A Light Co.—
I Jersey Central Power A
Light Co.—
1st mtge. A ref. gold (ser. B) 5s,
19471
1st mtge. & ref. gold (ser. C)
Equipment trust series A (serially) 2Ms, 1947
Union Pacific RR. 1st mtge 4s, 1947
1st lien and ref. 4s, 2008
;
Elec.
A
Corp.
gas
1st
Oen. & ref.
tEmpire Gas
1965
corp.
A Electric Co.—
mtge. gold (ser. a) 6s, 1952
& Electric Co. and
Empire
Coke Co.—
Joint 1st A ref. mtge.
gold 5s, 1941
Pacific Tel. A Tel. Co.—
Ref. mtge. series B
niagara
3Mb. 1966
Ref. mtge. series C
3Ms, 1966
Southern NewEngland
Telephone Co.—
1st mtge. gold 5s, 1948
Southwestern Bell Telephone Co.—
1st A ret. mtge. gold, ser. B
tSeries C, 3 Mb, 1968
A
&
tEmpire Gas
^
3Ms, 1964
1st & ref. mtge. 3Mb, 1966
falls power co.
"
niagara. lockport A ontario
power co.
1st mtge. A ret. gold (ser. A) 5s, 1955
I Western N.
Y.
Salmon River Power Co. 1st 5s, 1952
northern
j
Utll. Co. 1st 5s
;
pennsylvania power
'
1946
Ay 0
co.
Northern Penn. Pr. Co. 1st A ret. mtge. I
Northern Penn. Pr. Co. 1st A
ret. mtge,
gold (ser. a) 5s, 1956
|
gold 5s. 1962
TheCommercial &
606
I
Massachusetts Gas,
fist mtge. 334s, 1968
1st mtge.
1st A ref. mtge. ser.
1st A ref. mtge. ser.
Electric Light Company Bonds—'Brooklyn Edison Co., Inc.: Edison
Illuminating Co. of Brooklyn 1st cons. mtge. 4s, 1939.
Buffalo Niagara
Buffalo General Electric Co. 1st mtge. 5s, 1939.
Connecticut Light
A Power Co.: Connecticut Light A Power Co. 1st & ref. mtge. series E 3%s, 1965.
Consolidated Gas Electric Light & Power Co. of Baltimore: Consolidated Gas Co.
of Baltimore City cons. 1st mtge. 5s, 1939.
Consolidated Edison Co. of New York,
Inc.: Westchester Lighting Co. gen. mtge. 3 34s,
1967. Consumers Power Co.:
Electric Corp.:
PENNSYLVANIA ELECTRIC CO.
Service Corp. 1st
gold (ser. C) 6s, 1947
1st A ref. mtge. gold (ser. F) 4s,
A ret.
Service Corp. 1st
mtge. gold (ser. D) 6s, 1954
A ret.
Peon
Public
mtge.
Perm
Public
Elec.
Penn.
1st
A
ref.
1st lien A unif. mtge.
1971
mtge. gold
PEOPLES GAS LIGHT A
COKE CO
I Refunding mtge. gold 5e, 1947
I
D 4s. 1961
gold 6s, 1943
EMPIRE GAS
PHILADELPHIA ELECTRIC CO.
3Hs. 1967
1st & refunding mortgage
gold series 1934 (now 1st mtge.) 4s,
1944.
The Detroit Edison
ret. mtge. gold series E, 5s, 1952.
Indiana General Service Co.: 1st
1948.
Indianapolis Power A Light Co.: Indianapolis Power & Light Co.
1st mtge. gold series A 5s, 1957.
Marlon Reserve Power Co. 1st mtge. 4Mb, 1952.
The Ohio Power Co.: 1st A ret. mtge. series B 5s, 19*2: 1st A ref. series D 434s, 1956.
Potomac Electric Power Co.: 1st mtge. 3J4s, 1966.
Rockland Light A Power Co.
1st mtge. 5?, 1938.
St. Joseph Ry., Light, Heat A Power Co. 1st mtge. 4Mb, 1947.
West Penn Power Co.: West Penn Power Co. 1st mtge. gold series H 4s, 1961.
Co.: Gen. A
mtge. 5s,
(ser. G) 4s, 1961
Series H 5s, 1962
1st A ret. mtge. series
1st consol. mtge.
Co.
Gas A Electric
Electric
ELECTRIC CO.
; 1st Si ret. mtge. ser. H 3^8, 1961
11st A ref. mtge. series I 334s, 1966
B 6s, 1941
G 4s, 1964
Electric and Water Company Bonds—Lawrence
Other Gas and
4s, 1962
PACIFIC GAS Sr.
UTILITIES
1st 4)48, 1940.
Co.
SERVICE CO.
OHIO PUBLIC
1939
22,
July
PUBLIC
POWER CO.
THE OHIO
Financial Chronicle
Empire Gas A Electric Co.—
Gen. A ret. mtge. gold (ser. A)
„
6s.
A ELECTRIC CO.
I Empire Gas A El. Co. and Empire Coke
19521 Co. Joint 1st A ret. mtge. gold 5s. 1941
PROVIDENCE GAS CO.
1st mtge.
(series B) 4s,
Public Service Co. of
1st A ref. ser. D
1st
1960
General mtge. gold
Gen. mtge. series
interesting study entitled "Competitive Bidding
of Securities."
The booklet consists of an
elaborate comparison of municipal with corporate financing
and results likely to be produced by competitive bidding for
prepared
3Ms. 1960
3 Ms, 1961
ELECTRIC CORP.
Financing Plans—Efforts being made by the State Legisla¬
ture to finance unemployment relief for the current year were
checked by two developments July
Governor Moore vetoed one of the
1965
bills
ELECTRIC A POWER CO.
So. Calif. Edison Co.,
Power Co.mtge. 5s, 1942
3%s. I960
gold (ser. B) ZMe, I960
1st A ref. mtge. gold 4s, 1960
TOLEDO
EDISON CO.
1st mtge gold 5s,
1962
TWIN 8TATE
1st lien A
GAS A ELECTRIC CO.
WEST
PENN PvJ./ER CO.
1st mtge. gold (ser. I) 3^8, 1966
|
1963
WISCONSIN GAS A
st mtge.
ELECTRIC CO.
3Ms, 1966
New York,
WISCONSIN POWER A LIGHT
holding the mandatory
'
Service Co.—
48, 1961
1st mtge.
FROM THE LEGAL INVESTMENT
ISSUES DROPPED
LIST
MUNICIPALITIES
The bonds
following cities and towns In New England:
and notes of the
(town); Sanford, Me.
Kennebunk, Me.
(town); Franklin, N. H. (city): North¬
Narragansett, R. I. (town); New London, Conn.(city).
Legally authorized bonds of the following cities:
Columbus, Ga.; Jacksonville, Fla.; McKeesport, Pa.; Providence, R. I., and
umberland, N. H. (town);
Rochester,
N. Y.
bonds have either
The following
Chesapeake A Ohio System:
(serially) 5s, 1939;
matured or have been found ineligible:
First consolidated 5s,
equipment trusts, series
1939; equipment trusts, series V
Great Northern System:
1924, 5s, 1939.
certificates,/series B (serially) 5s, 1938; Spokane Falls A Northern
Ry. 1st 6s, 1939.
Louisville A Nashville System: Equipment trusts certificates,
series F, 5s, 1938.
New York Central System: Equipment trust 1924 (serially) 5s,
1939.
Pennsylvania System: Equipment trust series B (serially) 5s, 1939.
Read¬
ing System: Equipment trust series N, 5s, 1938.
Southern Pacific System: Northern
Equipment trusts
1938.
Ry. 1st 5s,
ATLANTIC COAST
Atl. Coast Line
Caro. 4s, 1948
4s, 1945
Norfolk A Carolina RR. 1st 5s, 1939
Norfolk A Carolina RR. 2d 5s, 1946
Rich. A Pet. RR. consol. 4Hs. 1940
Wilm. A New Bern RR4s, 1947.
Florida Southern RR. 1st
RR. gen.
4^s and B 4s of 1964
Atl. Coast Line RR. equip, trust ctfs.
series E 4t$s, 1941
Series F 2%s, 1952
Atl. Coast Line
LINE.
MI. Coast Line RR. of So.
1952
unlf. series A
RR. 1st cons. 4s,
BALTIMORE A OHIO SYSTEM.
Baltimore A Ohio
Series B
A 5s, 1995
Ref. A gen. ser. B 6s, 1995
Ref. & gen. ser. C 6s, 1995
Ref. & gen. ser. D 5s, 2000
Ref. A gen. ser. E 6s, 2000
Ref. A gen. ser. F 5s. 1996
1st mortgage 4s, 5s, 1948
Southwestern Dlv. 1st 5s, 1950
Ref. A gen. ser.
1990
CENTRAL OF NEW
CentralRR.of N. J. gen. 4s &
DELAWARE
Morris A Essex RR. 1st
5s. 1987
refunding
LEHIGH
4J4s. 1941
VALLEY SYSTEM.
Lehigh Valley Ry. 1st
4Mb, 1940
2003
annuity 4Hs & 6s irredeemable
General
Cons,
JERSEY SYSTEM
|Equip. trust 1926 (serially)
SYSTEM.
3 Ms, ]N. Y. Lackawanna A Western Ry
I
1st A ref. A A B 4s A 414s, 1973
Lehigh Valley RR. 1st 4s, 1948
cons.
4s, 412s 5s of
LONG
ISLAND SYSTEM.
N. Y. Bay
Long Island RR.—
Unified mtge. 4s, 1949
Ref. mtge. 4s,
1949
Montauk Extension RR.
1st 5s, 1945
Equip,
Equip,
Equip,
Equip,
NASHVILLE CHATTANOOGA
Nashville Chattanooga & Ft. Louis
Series C
(serially) 2J4s, 1952
A 8T
5s,
Memphis Dlv. 1st
Louis Dlv. 1st
Southern Ry. East Tenn. reorg.
Southern Ry. 1st cons. mtge.
Southern Ry.,
income limited
had these court decisions
increments.
judgment, substantially exhausted the possibility of
through the reorganizatoin of city departments except in respect
to the courts and county offices, and the economy that can be made in
those fields, even if we secure legislation, will not balance these other
increases.
Nor in the above figures is any account taken of more hos¬
for these excess
"We
have, in my
economy
markets,
pitals, more health centers, more sewage disposal plants, more
more schools, which will be ready to open and which must be staffed and
maintained in public interest.
"I need not emphasize the critical nature of the problem that will con¬
front you, or
that broader problem and the immediate
I urge that you give it your most careful
the relation between
subject of this communication.
consideration."
Island—Special Session Amends Relief Laws—The
in special session for 96 minutes on
G-eneral Assembly sat
July 14, adjourning then until January after perfecting the
unemployment relief and emergency public works Acts to
permit relief borrowing by municipalities, and condemning
to death in committees a multitude
of other measuers,
mostly controversial
projects from the Democratic side.
Republican majority in both branches held together almost solidly
in support of the obvious wish of Governor William H. Vanderbilt that the
special session confine itself to extending the emergency periods
the
relief laws as the regular session hAd failed to do.
Governor Vanderbilt had
of
requiring action, in calling the session.
The emergency period of the unemployment relief Act was extended to
June 30, 1941, while that of the emergency public works Act was extended
indefinitely.
The two Acts by which these extensions were carried out also
contained clauses validating "all acts which would have been valid" if the
respective statutes had been in effect "June 29, 1939."
The validating clauses were to take care of any actions under the two
laws in the interval between expiration of the old emergency period on
June 30, and renewal of the emergency period.
Governor Vanderbilt
specified only those two measures as
signed the bills at once.
Extension RR. 1st 5s. 1943
trust
trust
trust
trust
ment
LOUIS SYSTEM.
Ry.|Nashville Chattanooga A St. Louis
|
1st mtge. ser. A 4s. 1978
Equipment trusts—
1994'
Series Y (serially) 5s, 1939
5s, 1996
Series Z (serially) 4Mb, 1939
4s, 1951
Series BB (serially) 4s, 1943
5s, 1938
Series CC (serially) 4Hs. 1944
Extension of Municipal Debt Adjust¬
Legislation—A committee of the American Bar
Association, appointed to consider problems resulting from
operation of the Municipal Debt Readjustment Act of
1937, in reporting on its findings to the Section of Municipal
Law of the Association on July 11, in San Francisco, reviewed
the more important debt readjustment cases adjudicated by
the several Circuit Courts and recommended that the
Federal law, which is scheduled to expire on June 30, 1940,
be extended to June 30, 1942.
Appended to the report,
Recommends
F (ser.) 5s, 1939
ser. G (ser.) 5s, 1940
ser. I (ser.) 4M8, 1942
ser. J (ser.) 4Mb, 1945
ser.
SOUTHERN RAILWAY SYSTEM.
Southern Ry., St.
$15,000,000.
by the 2% constitutional tax limitations.
adding some $900,000 to the increments
on a purely technical construction of the law, entirely over and above its
original intent and beyond any equitable claim of the employees.
We
could not escape the mandatory increases or the constitutional limitations,
and as between service to the public and these increments there was no
choice.
We provided for these new services and we omitted any provision
we
The
LACKAWANNA A WESTERN
2000
public to go unserved.
increases in expenditures aggregating
"We had mandatory
We had a total
Rhode
trusts—
(serially) 4^s, 1940
Series C (serially) 4^s, 1941
Series F (serially) 4Ms, 1944
Series I (serially) 2Hs, 1947
Cleveland Term A Val. RR
1st 4s, 1995
Pittsburgh Lake Erie A West Virginia
ref. 4s, 1941
West Virginia A Pittsburgh RR. 1st 4s.
Baltimore A Ohio equip,
RR.—
are
lie idle and the
And
RAILROADS
increment law whereby civil service
raised, the city will face a financial problem,
unless the City Council calls a special session and amends
the present law, a report presented by the Director of the
Budget Kenneth Dayton to the Board of Estimate, asserts.
"When the 1939-1940 budget was prepared we were confronted by a
dilemma," the report says.
"We had demands for increased expenditures
for new public services which could not be avoided.
We had opened new
hospitals, new parks and playgrounds, new health centers, new school,
new sewage disposal plants, new public buildings, new markets, &c.
Either
we had to provide staff or allow these investments of millions of dollars to
salaries
PUBLIC SERVICE CORP.
WISCONSIN
Urges Amendment to
Law—Due to recent court decisions up¬
N. Y.—Budget Division
Civil Service Salary
CO.
(series A) 4s, 1966
Wisconsin Public
bill authorizing
suing as taxpayers.
3)is, 1961
1st mtge.
a
MICHIGAN POWER CO.
WISCONSIN
1st mtge.
of
Governor Moore,
West Penn Power
j
obtain enough votes in the interim to secure passage
such an issue.
who favors a bond issue, based his veto on a ruling from
the Attorney General that State sinking funds could not be tampered with
legally.
Bills diverting $3,000,000 from the sinking fund and $4,890,000
from the teachers' fund were approved last year by Governor Moore as
part of the relief program.
On July 31, the Supreme Court will hear the
suit against the teachers' fund measure, instituted by John Borg, publisher
and Donald Borg, editor of "The Bergen Evening Record," of Hackensack,
relief will attempt to
ret. ser. A. 5>4s. 1945
Co.—
1st mtge. gold (series E) 5s,
contesting the constitutionality of the Act,
provided for the borrowing of $2,000,000 from the
State Teachers' Pension and Annuity Fund.
It became
law without the Governor's signature.
The bill vetoed by Governor Moore would have authorized the diversion
of $3,000,000 from the State Sinking Fund.
Both bills were the only parts
of a $13,000,000 Assembly program approved by the Senate.
As the
Legislature has adjourned until Aug. 3, advocates of a bond issue to finance
which
Ltd.—
Ref. mtge. gold
Ref. mtge.
The first was when
passed by the Legislature since it convened in January.
subject of a suit instituted in the State
Supreme Court,
EDISON CO., LTD.
SOUTHERN CALIFORNIA
Pacific Light A
18.
only two relief financing
The seconcl is the
11st A ref. mtge (series F) fis, 1955
(series D) 4s, 1947
Veto and Lawsuit Delay Relief
Jersey—Governor's
New
I Gen. mtge. series H 3^s, 1967
' tGen. mtge. series I 3 Ms, 1967
CONSOLIDATED GAS A ELECTRIC CO.
DIEGO
Toledo Edison Co.
an
for New Issues
corporate securities.
SAVANNAH
lst
K
GAS A ELECTRIC CO.
(series E) 5s, 1962
F 4s. 1960
(4% series) 4s,
1st A ref. mtge.
ret. ser.
1952
ROCHESTER GAS A
SAN
A
1st A ref. ser. F 3 Me, 1966
QUEENS BOROUGH
General mtge. 5s,
1st mtge.
lin T.
CO. OF NEW HAMPSHIRE.
N. H.—
series C 3%s,
1st mtge.
Competitive Bidding for Securities Analyzed—Frank¬
McClintoek of Harriman Ripley & Co., Inc., has just
1963
PUBLIC SERVICE
Ry
Volume 149
which
The Commercial & Financial
Chronicle
signed by John D. McCall, committee chajrman,
Dallas, Tex., was a schedule prepared as to
States, showing,
respectively, the number of cases pending, on appeal, and
year's work noted
by the Council of State Governments on
July 17 showed a predominance of social welfare
and re¬
organization measures new on State law
books.
New tax
and finance measures
were few.
Approximately 600 laws in the general field of welfare have
those heretofore resolved
pursuant to the provisions of the
readjustment legislation.
In
urging extension of the Act for
McCall stated in part
as
supplement to the report
Chairman John D.
a
two years,
duty
legislative approval and been
signed by the Governors.
forms of assistance
claimed attention of the
follows:
Since the Municipal
Compositions Act will expire by its
before the next meeting of the
American Bar Association,
some
own
proposals alone totaling more than 700.
Most of the
pension bills that
passed redefined eligibility for aid and
occasionally
broadened coverage,
steering clear of increased monthly checks.
terms
perhaps there is
on the members
of the municipal section to
give expression to
to whether the Act should
be perpetuated or extended,
especially to those attorneys whose
business is concerned
principally with the approval of the obligations of
municipalities.
If the present or the
proposed legislation could result in such
am certain we would all be active in
opposing it.
It is unfortunate that
any taxing unit must have recourse to the Bank¬
ruptcy Court even in making effective a
plan of composition. Those who re¬
sort to the use of the
legislation, I
districts
Municipal Compositions Act
or
are usually improvement
during boom times, whose
completed.
After having com-
cities
which were over-extended
improvements have for the most part been
f)leted a composition plan under the
Act the municipality should know that
t must defer
any important new borrowings for a considerable
period of
time, perhaps many years. But when a debtor
municipality reaches such a
stage both the situation of the creditor and
debtor are improved if a work¬
able composition is effected.
,
Tax
Appeals Boards Set Up by Three More States—
State boards of tax
appeals have been set up this year by
Wisconsin, Minnesota and Ohio, bringing to eight the number
of States in which such action has
been taken, the National
Association of Assessing Officers
addition, the District
reported
on
of Columbia has such
last year.
a
July 18.
In
Board, created
Considerable unemployment
compensation legislation was enacted to
advisory council on social security of
Security Board.
Changes designed to improve administration of
welfare departments
were made in
Arkansas, Iowa, Kansas, Min¬
nesota, Oregon, Tennessee and
Washington.
In the public health
field. Legislatures of Iowa, Maine, New
Hampshire,
New Mexico,
Ohio, Rode Island and Vermont passed
special enabling Acts
permitting non-profit hospital service
plans under regulation of State in¬
surance
departments.
Legislation permitting group medical and dental
care was
approved in Utah.
Ten States were added to the
10 already
demanding pre-marital blood tests for the
purpose of eliminating social
diseases, and seven new States
approved blood test mandates for
expectant
conform to
recommendations of the
the Social
State
mothers.
With economy an
important objective, many of the reorganization
plans
effected centralization in
State governments and placed increased
power in
the hands of the
Governors.
Rhode Island, which abolished
entirely the
present structure of administrative
divisions, made broad reallocations of
departmental functions, for an annual
saving of $1,000,000 in operating
expenses.
Iowa considered 63
reorganization bills, passing 51 of the
consolidation and centralization
measures.
Minnesota's reorganization
Act pioneered in
creating a Department of Administration headed
by a
commissioner who
virtually will be "State manager."
Arizona, Kansas,
Maryland, Oklahoma and a dozen other States
approved measures for less
inclusive administrative
changes.
At the risk of
leaving budgets unbalanced, legislators in
many States
carried out
campaign promises of "no new taxes."
Several States
financing problems temporarily in the fashion
enacted the entire
In each instance since the
beginning of the recent movement in 1930, the
Board of Tax Appeals was
conceived as a special tax court to hear
appeals
from decisions of a tax
department headed by a single administrator.
In five States,
including the three establishing State Boards of Tax
Ap¬
peals this year, the action was
accompanied by a shift from a three- or
four-man tax commission to a
single tax commissioner.
Typical is the
case of Ohio, where a
four-man tax commission was
replaced by a single tax
commissioner and a three-man board of tax
appeals. The taxjcommissioner
takes over the administrative
duties of the former
commission, while the
board takes over its
quasi-judicial duties which include
hearing appeals
from county boards of review
and passing on
exemptions from property
taxation.
Jurisdiction of the boards varies
considerably, the Association said. In
Louisiana the board hears
appeals only from income tax
assessments; in
Wisconsin only from income and
property tax assessments.
most
States,
however, jurisdiction extends to all taxes
originally
assessed by the State
Department and, in South Carolina, Minnesota
and
Wisconsin, to decisions of the State Tax Commission
on
appeals from
originally assessed locally. Sate boards of tax
appeals in Massachusetts,
New Jersey and Ohio hear
property tax appeals direct from decisions
of
local boards of review as well as
appeals on State-assessed taxes.
taxes
TVA Purchase Bill Passed
by
CongressT—Both Houses
Congress on July 14 agreed to accept a conference
report
embodying a compromise bill which is designed to authorize
Tennessee Valley
Authority to issue $61,500,000 bonds for
purchase of private facilities.
The measure was
of
to the
forwarded
President.
The
bill sets aside $46,000,000
contract for public purchase of
Electric Power Co.
as
the TVA's share of the
$2,000,000
loans to small
municipalities
Tennessee
participating in
the
TVA Purchase Legislation
Approved by Congress—Ail
Associated Press dispatch from
ported
as
follows
on
the
Washington on July 14 re¬
Congressional approval of legislation
looking toward power system purchases
by the Tennessee
Valley Authority:
Congress gave its approval today to legislation
enabling the TVA to buy
Commonwealth & Southern
utility properties in three Southern
States
The House adopted,
by a vote of 208 to 145, a conference
report em¬
bodying a compromise bill which Republicans
characterized as "a surrender"
by the House conferees to Senator
George W. Norms, Independent
of
Nebraska, chief Senate conferee and "father of
TVA."
The legislation was made
ready for the signature of President
Roosevelt
when the Senate
quickly approved the report without
objection.
The
President indicated earlier in the
week the compromise was
satisfactory
The compromise reduced the
$100,000,000 bond issue proposed
by the
Senate bill to $61,500,000, the
House figure, and earmarked
the purposes
for which the proceeds could be
used.
The bill set aside $46,000,000 as
TVA'S share of the
$78,600,000 contract
for public purchase of
Commonwealth & Southern's
Tennessee Electric
Power Co.
TVA is acting in association
with Chattanooga,
Nashville and
other municipalities in
making this purchase.
The measure also
earmarked
$6,500,000 for the proposed purchase of other
C. & S. properties
in 27
north Alabama and
Mississippi counties.
In addition,
$7,000,000 was
earmarked for
rehabilitating the properties and
connecting them with
TVA's transmission lines, and
$2,000,000 for loans to small
municipalities
participating in the deals.
Republicans protested the surrender of several
House
amendments, in¬
cluding one confining TVA power sales to the
Tennessee watershed.
Chairman'Andrew J. May,
Democrat, of Kentucky, bitter TVA
foe,
offered the
it
met
of
program of the previous
Pennsylvania, which
re-
biennium.
assessing this type of tax.
No new sales taxes were
enacted, but
Mexico, North Dakota, South Dakota and
taxes were added in New
North Carolina.
Licjuor taxes
were
raised
in
Arkansas,
Delaware, Indiana, New York,
Maryland, Tennessee and Vermont.
North Dakota increaxed the
gas
tax one cent and new diesel fuel
taxes appeared in Florida and
Oklahoma.
A classified income tax was
enacted in Maryland.
California enacted a gift
tax estimated to return the
State $1,000,000 a year.
Labor measures
reaching passage defined more specific limitations.
Laws
to regulate lockouts and
picketing and to facilitate
settlement of industrial
disputes
were approved in
Michigan,
Rhode Island andT Wisconsin.
Minnesota, Ohio, Pennsylvania,
Pennsylvania's Legislature amended dras¬
tically its Labor Relations Act of 1937 to give
employers the right of appeal
for elections in labor disputes,
Little
and also outlawed sitdown strikes.
done to further farm
interests, although such States
Montana, Vermont and Texas enacted soil conservation
measures.
was
which recodified
Iowa,
Oregon,
as
its entire agricultural
law, provided for establishment of
State forests and State acquisition of cut-over
lands.
Legislative changes regarding law enforcement were
relatively unim¬
West Virginia, however, created a model
system of parole and
probation with a full-time director and staff and streamlined
the State's
minor judiciary.
portant.
Oklahoma enacted
officials
a stiff slot machine law
providing for removal of county
where gambling devices operate for
any length of time.
Texas
penalties for writing "hot checks."
West Virginia
increased
stamped
Earticipation infacie evidence. Indiana became made possession of a numslip prima numbers lotteries a felony, and the first
State to recognize
ers
scientific tests for intoxication
evidence of drunken
driving.
Other measures gaining wide attention were civil
service and low-rent
housing.
Legislative action by Alabama, Minnesota, New Mexico and
Rhode Island brought to 17 the number of States with
State merit systems,
while Arkansas repealed its civil service law.
Action by Arizona,
as
Idaho,
Missouri, New Mexico and Washington brought to a total of 38 the
number
of States with Acts enabling cities to enter the
public housing program.
The trend toward interstate action on mutual
problems
with
was
strengthened
creation of commissions on interstate
cooperation in Utah, Maine,
Forty-one States now have these agencies.
Half a dozen
States repealed laws acting as barriers to free interstate
trade, and in other
States proposals for such laws met defeat.
and Delaware.
$78,600,000
Commonwealth and Southern's
The TVA is acting in association
with
Chattanooga,
Nashville and other municipalities in
making this purchase.
The measure also earmarks
$6,500,000 for the proposed
purchase of
other Commonwealth and
Southern properties in
27 counties in north
Alabama and Mississippi.
In addition, $7,000,000 was
earmarked for
rehabilitating the properties and connecting them with TVA's
transmission
lines and
for
deals.
tax
Among new levies, however, were the two-cent
cigarette tax in New
Hampshire, New York and Rhode Island, which
brought to 24 the number
of States
use
Oldest of these agencies is the
South Carolina Tax Board of
Review,
more than 20 years
ago.
There were no other State Boards
created until 1930, when
Massachusetts established a full-time Board. New
Jersey followed with a similar Board in 1931. Louisiana
created a part-time
Board of Tax
Appeals in 1934 for the sole purpose of
hearing income tax
appeals, and Georgia established a Board
having broader jurisdiction
in 1937.
established
received
Pensions and other
Legislatures without exception,
old age assistance
its wishes as
especially
since Congress is
considering the particular matter at this time.
It is doubtful that
there are any members of the American Bar Asso¬
ciation, and particularly of this section, who
would be willing to sponsor
legislation under which a
municipality could be declared bankrupt.
The*
very existence of such a statute would be
anathema to corporation counsel
and other
attorneys for cities and
In
607
was
Bond
Proposals and Negotiations
ALABAMA
PICKENS COUNTY (P. O. Carrollton), Ala.— WARRANTS
SOLD—
is stated that $66,000 3% semi-ann.
Board of Education
refunding
school warrants were purchased on July 6 by King, Mohr & Co. of
MontIt
fomery. at a price Due Jan. 15, as follows; $3,000 in 1940 toJuly 15,1939.
>enom. $1,000.
of 100.66, a basis of about 1.91 %. Dated 1942, $4,000
in 1943 to 1950, and $5,000 in 1951 to 1955.
Aliceville Bank & Trust Co., Aliceville.
Thorndike, Palmer & Dodge of Boston.
ARIZONA
Prin. and int. payable at the
Legality approved by Storey,
BONDS
Market a in all Municipal Iaauea
REFSNES,
ELY, BECK & CO
*
i
PHOENIX, ARIZONA
ARIZONA
GILA COUNTY (P. O. Glob.), Ariz.—
It is
reported by Elton S. Bryant, County Treasurer, that the following county
warrants have been called for payment:
Salary fund, registered through June 30, 1939.
Expense fqnd, registered through June 8, 1939.
Road fund, registered through May 3, 1939.
conference report to the House with
the statement that
while
was not as
restrictive as he wanted, it "will force
TVA to return to Con¬
for approval in advance of
any further expansion."
He said ear¬
marking of the bonds would effectively limit
expansion.
He denied one
Republican charge that the bill was written
by Wendell
Willkie, President or the Commonwealth &
Southern, and L. J. Wilhoite,
Chairman of the
Chattanooga Public Power Board, and said he
prepared
the measure himself.
gress
The original deadline for
consummation of the Contract
expired June 30,
but conferees were assured the
terms could be extended "a
reasonable time"
to await enactment of the
legislation.
(This subject is treated
"Current Events and
this
more
United
all
State, County & Town Issues
SCHERCK, RICHTER COMPANY
on a
department of
preceding page of
BUILDING, ST, LOUIS, MO.
our
States—Welfare, Reorganization Measures High¬
light 1939 Legislative Sessions—With all but four of the
44
State legislative sessions of 1939
adjourned, highlights of the
in
LANDRETH
fully in
Discussions,"
issue.)
ARKANSAS BONDS
Markets
ARKANSAS
ARKANSAS, State of—HUGE REFUNDING ISSUE SEEN
LIKELY
follows from an article appearing
July 18:
"State of Arkansas probably will market
$140,000,000 of refunding bonds
before the end of August, if
enabling legislation, now before the State
IN NEAR FUTURE—We quote in
part as
in the "Wall Street Journal" of
i
The Commercial & Financial Chronicle
608
Assembly, is passed.
Interest payment date on or after Sept. 1.1942.
Bids are requested
price basis of not less than par with an indicated coupon interest
be named by the bidder not exceeding 3% per annum, with the
annual yield reflected as accruately as practicable in the coupon interest
rate.
It is desired that the coupon interest rate be calculated to the
nearest
of 1%. .'Delivery of the new issue to the successful bidder will
be made on Sept. 1, 1939, at the City Treasurer's office.
Acceptable legal
opinion of a recognized firm of municipal bond attorneys will be provided
by the city for tne purchaser, and the cost of printing the entire issue of
bonds will likewise be borne by the city.
Enclose a certified check for
$12,000.
on
Proceeds of the issue would be used to refinance the
acted into law.
"Meanwhile, Jesse Jones,
is considering
State
ARKANSAS,
of—BOND OFFERING—Sealed bids will be re¬
by T. II. Alford, Secretary of the State
10 a. m. on Aug. 4,
Education, for the purchase of a $250,000 issue of 4% semi-annual
revolving loan fund bonds.
Dated Aug. 1, 1939. Denom. $1,000. Due
March 1, 1940 to 1959.
Prin. and int. payable at the State Treasurer's
office.
Said bonds will be payable only out of and secured by a pledge to
the Commercial National Bank of Little Rock, as trustee of $497,481.41
of Arkansas School District Revolving Loan Fund bonds now held by the
board, a list and description of which can be seen at the office of the board.
The bonds will not be sold for less than par on the basis of bonds bearing
interest at the rate of 4% per annum.
The State Board of Education will
furnish the printed bonds and will pay the expense of trusteeing.
The
Board of
a
to
rate
disclosed in Washington
ceived until
any
upon
bonded debt of the State at a lower rate of interest.
"Legislation providing for the refunding has passed the first two readings
$nd is now ready for final action by the State Assembly.
"A banking syndicate, consisting of about 160 banks and investment
houses, has been formed to underwrite the issue after the legislation is en¬
entire outstanding
Administrator of the new Federal Loan Agency,
yesterday that the Reconstruction Finance Corp.
participation witn the underwriting syndicate in the refunding
of the Arkansas securities.
He said the RFC would be glad to help, but
that the agency's participation would not be more than 50%.
"The new refunding will correct weaknesses in the Refunding Act of 1937
in that it will make the bonds a first lien on gasoline revenues, will allow
issuance of either callable or non-callable bonds, will authorize delivery of
the new bonds before the outstanding issue is called for redemption and will
enable the sale of the new bonds in one block at a lower interest rate than
that of the outstanding bonds.
"Passage of the legislation would enable the State to call at par, the out¬
standing bonds of the State.
That call would have to be made by Aug. 31,
and for that reason the new refunding offering would in all probability be
made between now and the end of August.
"One of the questions which had to be ironed out was that of allowing
disposal of the new bonds at private sale.
Opposition to private sale was
expressed by some legislators, but it was pointed out that an offering of
$140,000,000 bonds could hardly be bid on by more than one group, and
that nearly all the larger investment houses were included in the syndicate
already formed."
July 22, 1939
CONNECTICUT
Conn.—BOND SALE— The $75,000 2% coupon re¬
funding bonds offered July 20—V. 149, p. 444—were awarded to Tucker,
Anthony & Co. of Boston, at a price of 104.709, a basis of about 1.38%.
Dated Aug. 1, 1939 and due $5,000 on Aug. 1 from 1940 to 1954 incl.
Among other bids were the following:
NEW CANAAN,
*
Rale Bid
104.64
Bidder—
Bank of New York & Trust Co
•_
Day, Stoddard & Williams, Inc.__
Cooley &Co_„
Lincoln R. Young & Co
F. 8. Moseley & Co—
*
104.544
—-104.299
104.21
104.16
«,
—
—
STRATFORD (P. O. Stratford), Conn.—BOND OFFERING—William
Manager, will receive sealed bids until 2 p. m. (DST) on
11, for the purchase of $125,000 not to exceed 3% interest coupon
series of 1939 public welfare bonds.
Dated Aug. 1, 1939.
Denom. $1,000.
Due Aug. 1 as follows:
$8,000 from 1940 to 1954, incl. and $5,000 in 1955.
Bidder to name a single rate of interest, expressed in a multiple of M of
H. Shea, Town
Aug.
Principal and interest (F-A) payable at the Stratford Trust Co.,
A certified check for $2,500, payable to order of the town, is
Legal opinion of Pullman & Comley of Bridgeport will be
1%.
Stratford.
required.
furnished
the
bidder.
successful
BONDS
FLORIDA
gurchaser of bonds will validity. opinion for attorney selectedbe paid into the
onds approving their pay for
Cash of the bonds shall by purchaser of
State Treasury to the credit of the
certified check for $2,000, payable to
(These are the bonds
Revolving Loan Fund.
the State Treasurer.
Enclose a
Clyde C. Pierce Corporation
mentioned in our issue of July 15—V. 149, p. 443.)
Barnett National Bank Building
'
JACKSONVILLE
CLARENDON, Ark.—BOND SALE—The $17,000 Issue of coupon street
paving bonds offered for sale on July 14—V. 149, p. 142—was awarded to
Vinson-Hill, Inc. of Little Rock, as 6s, paying a price of 101.25, a basis of
about 5.875%.
Dated July 1, 1939. Due from 1943 to 1962, inclusive*
The Southern Securities Co. of Little Rock offered 100.50 for 6s.
Ark.—PWA
HARRISON,
SEWER
PROPERTY INCOME—A dispatch from this community to the Little Rock
'Gazette" of July 6 reported as follows:
"Harrison Public Works Administration sewer bonds, owned by the
Reconstruction Finance Corporation, some of which are in default, are
backed only by the income of the property, and do not constitute a lien
property, a committee of three lawyers reported to the Harrison City
today.
The Council, holding that the city is not obligated to
on
settlement with the PWA, and to cooperate in building
J>ay the $20,000 defaulted payments, indicated its willingness to
a
revenues
to pay
Bank
Building
negotiate
up sewer
the debt."
T.
FLORIDA
TAMPA
S.
Pierce, Resident
Manager
FLORIDA
COUNTY AIR BASE AUTHORITY (P.O. Jacksonville)
Fla.—BONDS VOTED— It is stated by Elliott W. Butts, Secretary of the
DUVAL
Authority, that at the election held on July 18, the voters approved the
issuance of $1,1(00,000 4% semi-ann. Naval Air Base bonds by a very wide
margin.
Council
or
National
First
ONLY BY
SECLRED
BONDS
------
Branch Office:
V
P. E.
4,"
be
Offerings must be
HIALEAH, Fla.—BOND TENDERS INVITED—It is stated by
Hackney, City Treasurer, that he will receive sealed offerings until Aug.
10 a. m., of refunding bonds, dated Jan. 15, 1938.
The amount to
at
purchased will be determined by the City Treasurer.
will not be considered.
RUSSELLVILLE, Ark .—BOND ELECTION—It is stated by Wallace
Cowan, City Clerk, that an election has been called for Aug. 15 in order to
vote on the issuance of $65,000 in combined high school and city auditorium
firm for at least 10 days or the same
bonds.
Jr., Clerk—Auditor of the Board of County Commissioners, that $19,000
5% coupon semi-ann. refunding bonds were purchased recently by R. E«
Crummer & Co. of Orlando, at a price of 98.026.
He also states that all bids were rejected on $13,000 Special Road and
SOUTHEAST ARKANSAS LEVEE DISTRICT (P. O. McGehee),
Ark.—COURT ISSLES RLLING ON DEBT ADJUSTMENT PLAN—
U. 8. District Court has issued a decree to relieve the above district from
all liability in connection with recent adjustment of its $2,413,500 bonded
indebtedness on 75% basis.
Decree cancels and annuls outstanding old
obligations involved in refinancing, for which Reconstruction Finance
Corporation loan of $1,448,100 was secured.
Seven-year receivership was
terminated in December, 1938."
•
POLK COUNTY SPECIAL ROAD AND
Bridge District No. 18 bonds.
WEST
Municipals
Bankamerica Company
486 California Street, San
Bell System Teletype
OFFICES
Francisco
SF 469
IN OTHER PRINCIPAL CALIFORNIA
PALM
BEACH,
D. H. Sloan,
<
Fla.—INJUNCTION GRANTED AGAINST
MINORITY CREDITORS—A special dispatch from the above city to
"Wall Street Journal" of Ji ly 17 reported as follows:
"A temporary injunction stopping mandamus
for minority creditors with one exception was
Palm
California
BRIDGE DISTRICT NO. 14
(P. O. Bartow), Fla —BONDS SOLD—We are informed by
Beach
by Judge John
the
suits and special tax levies
granted the City of West
District
W. Holland in the United States
Court at Miami, July 12, pending the hearing on the city's bankruptcy case.
"Claims in State and Federal courts totaling more than $350,OGO, to¬
gether with possible claims on more than $1,000,000 of unrefunded city
debts, were temporarily stayed by the court order with one exception,
after arguments by Paul W. Potter, City Attorney, and counsel for three
of the nine creditors who have filed claims for special tax levies.
"Exception was made in the suit brought in the name of M. E. Garland,
St. Petersburg, amounting to $66,000.
It is now pending in the Supreme
Court of Florida on a writ of error from the judgment of the Circuit Court
here in favor of the city.
The injunction was not made applicable in that
case pending decision of the State Supreme Court."
CITIES
GEORGIA
CALIFORNIA
CALIFORNIA,
State of—WARRANTS SOLD—An issue of $3,778,-
457.47 general fund registered warrants was offered for sale on July 13 and
was awarded
to the Bankamerica Co. of San Francisco, at 4%, plus a
premium of $47,608. Dated and delivered July 18, 1939. Due on or about
May 28, 1940.
Legal approval by Orrick, Dahlquist, Neff & Herrington
Ga.—CERTIFICATE SALE—The $375,000 issue of coupon
debt certificates offered for sale on July 15—V. 149, p. 285—was awarded
jointly to the Citizens & Southern National Bank, Wayne Martin & Co.
and Courts & Co., all of Atlanta, as Is, at a price of par.
Dated July 1.
1939.
Due $75,000 on July 1 in 1940 to 1944, inclusive.
J. H. Hilsman & Co., Inc., of Atlanta and associates bid on an interest
cost of 1.02%, while a group headed by Brown & Groover of Macon
MACON,
of San Francisco.
offered
BONDS CONTEMPLATED
—The following report is taken from the "Wall Street Journal" of July 19:
Los Angeles Department of Water & Power is expected to offer at com¬
petitive bidding before the end of the year from $5,000,000 to $15,000,000
of revenue bonds, proceeds of which would be used for improvements, ac¬
cording to investment houses with Coast connections.
Previous offering of the department was made in May, 1938, when
$2,150,000 of revenue bonds were sold to a syndicate headed by Lehman
Corp. at 100.04 for a combination of 2 Ms and 2 Ms, an interest cost basis
of 2.465%.
Those bonds mature 1939-48 and are callable at par.
BELLEVUE, Idaho— BOND SALE—The $18,000 issue of water works
system improvement bonds offered for sale on July 14—V. 149, p. 285—
was purchased by Richards & Blum of Spokane, as 4 Ms, paying a premium
of $20, equal to 100.11, a basis of about 4.24%.
Dated July 1, 1939. Due
from July 1, 1941 to 1959 incl.
a
bid to cost 1-07%.
LOS ANGELES, Calif.—SALE OF WATER
BOND SALE NOT DEFINITE—In
connection with the above report
was stated on July 20 by James P. Vroman, Secretary of the Board of
Commissioners, that no plans have been made at this time for the issuance
it
of bonds.
IDAHO
BOISE, Idaho——BOND CALL—It is stated by R. M. W^etherell, City
5% municipal bonds, numbered from 1 to 78, are called for
Clerk, that
payment on Aug. 1, at par and accrued interest.
Dated July 1, 1929.
Denom. $1,000.
Due July 1, 1949, callable July 1,
1939.
Holders of said bonds shall present them for payment on date called with
all unmatured coupons
LOS ANGELES COUNTY SCHOOL DISTRICTS (P. O. Los Angeles)
Calif.—BOND OFFERINGS—We are informed by L. E. Lampton, County
Clerk, that he will receive sealed bids until 10 a. m. on July 25, for the pur¬
chase of the following issues of not to exceed 5% semi-ann. bonds aggre¬
gating $29,500:
,
i
$20,000 Garvey School District bonds. Denom. $1,000. Due $2,000 from
Aug. 1, 1944 to 1953 incl.
9,500 Bloomfield School District bonds.
Denom. $500.
Due $500 from
Aug. 1, 1940 to 1958 incl.
Dated Aug. 1,1939.
Prin. andint. (F-A) payable at the County Treasury.
or any portion of said bonds.
Enclose a certified
check for 3 % of the amount of bonds bid for payable to the Chairman Board
of Supervisors.
Bids will be received for all
Chase National Bank,
attached, at the City Treasurer's office or at the
New York City.
,
DISTRICT NO. 51 (P. O. Culdesac), Idaho—BOND SALE DETAILS—It is now reported that the
$34,000 building bonds purchased by the State, as noted here in April, were
sold as 4s, and mature Jan. 1, as follows:
$1,000 in 1940, $1,100 in 1941,
$1,200 in 1942, $1,300 in 1943 and 1944, $1,400 in 1945 and 1946, $1,500
in 1947, $1,600 in 1948. $1,700 in 1949, $1,800 in 1950, $1,900 in 1951 and
1952, $2,000 in 1953 and 1954, $2,100 in 1955 and 1956, $2,200 in 1957
NEZ
PERCE COUNTY SCHOOL
and 1958, and $2,300 in 1959.
*
TROY, Idaho—BOND SALE—The $18,000 issue of water works revenue
bonds offered for sale on July 5—V. 149, p. 3874—was purchased by the
First Bank of Troy, as 4Ms, according to report.
Dated July 1, 1939.
Due on July 1, 1959.
COLORADO
ADAMS
AND
COUNTIES, JOINT SCHOOL DIS¬
Colo.—BONDS SOLD—It is reported that
$35,000 2.60% school building bonds have been purchased by the First
National Bank of Englewood, paying a premium of $1.
COLORADO
July 24 for the purchase of a $600,000 issue of revenue refunding,
Department of Public Utilities, Division of Water and Waterworks, bonds.
Interest rate is not to exceed 3%, payable M-S.
Dated Sept. 1, 1939.
Due on Sept. 1 as follows:
$50,000 in 1940; $75,000 in 1941 and 1942, and
$80,000 in 1943 to 1947.
Bonds maturing Sept. 1, 1942, and subsequent
thereto, may be caLed for redemption at par in inverse numerical order
ARCOLA, 111.—BOND SALE DETAILS—The $12,000 4% waterworks
purchased by Lewis, Pickett & Co. of Chicago—V. 149, p.
444—mature on May 1 as follows: $500 from 1941 to 1954 incl. and $1,000
extension bonds
from 1955 to 1959 incl.
SPRINGS, Colo.—BOND OFFERING—It is stated by
E. L. Mosley, City Manager, that he will receive sealed bids until 3 p. m.
on
ILLINOIS
ARAPAHOE
TRICT NO. 36 (P. O. Aurora),
SCHOOL DISTRICT, 111.—CONSIDERS HIGH BID
St. Louis was high bidder for an issue
school construction bonds, naming a premium of $16,838.65,
equal to 108.63%.
The offer, also those of the Mississippi Valley Trust
Co., St. Louis, which was second, and the joint bid of four Belleville banks
were referred to the Finance Committee of the school board,
which is
expected to report in the matter on July 24.
BELLEVILLE
FOR BOND ISSUE—Stix & Co. of
of $195,000
Volume
149
The Commercial & Financial
Chronicle
CHICAGO, III.—PARK AND SANITARY DISTRICT PEGGED
LEVIES BECOME LA W—Governor
Henry Horner recently permitted two
bills increasing the
pegged levies of the Chicago Park District and the Chi¬
cago Sanitary District to become law
without his signature.
The Chicago
Park District bill provides
for a pegged
levy up to $10,500,000 annually
for both 1939 and
1940 and $10,250,000 in 1941.
The Park District
originally sought a pegged levy of $10,500,000 for
1939 and $11,000,000 for
both 1940 and 1941.
Town Clerk, for the
purchase of
WOODBURY COUNTY (P. O.
The $80,000 issue of
(P.
O.
& Co. of
ST.
Chicago.
CLAIR
COUNTY
(P. O. Belleville), III.—PROPOSED BOND
SALE HALTED—The
scheduled meeting recently of the Board of
Super¬
visors to consummate the sale of
$375,000 county tuberculosis hospital
bonds was abandoned upon
receipt of notice by Chapman & Cutler of
Chicago of their refusal to approve the issue until
all litigation has been
cleared up.
The firm is counsel for two St.
Louis investment firms which
contemplate buying the issue.
The Illinois Supreme Court
recently upheld
the validity of the tax rate
voted for the hospital, but a
petition for a
rehearing has been filed.
STERLING PARK
DISTRICT, 111.—PRICE PAID—The $50,000 3%
?ark p. 444,purchased by the Harris Trustplus
& Savings
49, bonds
sold to the bank at
par
were
to
110.11,
1953, incl.
a
basis of about
a
1.84%.
Bank of Chicago—V.
premium of $5,059, equal
Due $5,000
each
year
from 1944 to
149,
KANSAS
HAYS. Kan.—BOND
SALE—The $12,000 issue of
park and park im¬
on July 18—V.
149, p. 445—was awarded'
Columbian Securities
Corp. of Topeka, as l|$s,
of $1.20, equal to
paying a premium
100.01, according to the City Clerk.
Due in 1940 to 1947.
MARQUETTE SCHOOL DISTRICT (P. O.
BONDS DEFEATED—It is
Marquette), Kan.—
provement bonds offered for
sale
to the
were
reported that $40,000 school
construction bonds
turned down
recently by the voters.
PAOLA, Kan.—BONDS SOLD—We are
informed by L. F.
President of the Board of
Metzler,
Education, that $33,000 coupon
refunding bonds
purchased on July 3 by two local
banks as 2s at
were
par.
SHAWNEE COUNTY RURAL
HIGH SCHOOL
DISTRICT (P. O.
SALE—An issue of $90,000
school construction
bonds has been sold to W.
E. Davis & Co. of
Topeka, according to Jesse F.
Cox, Clerk of the
Topeka), Kan.—BOND
Board of Education.
WICHITA, Kan .—BONDS SOLD—It is stated
by C. O. Ellis, City
Clerk, that the $45,000 1 % % semi-ann.
park bonds which were offered
sale on July 17—V.
for
149, p. 445—were awarded to the
Herrick Co. of
Lathrop-Hawk•
Wichita, paying a premium of
$24.22, equal to 100.05.
Dated June 1, 1939.
Due in from 1 to 10
years from date.
BONDS NOT SOLD—The
$37,683.02
1K% coupon semi-ann.
series 455 bonds offered
sewer,
at the same time—V.
149, p. 445—were not sold
as all bids
were rejected.
Dated June 1, 1939.
Due in from 1 to 20
from date.
years
INDIANA
DeKALB COUNTY (P. O.
Auburn), Ind.—BOND OFFERING—Burley
Emsley, County Auditor, will receive sealed bids until
9 a. m. (CST) on
Aug. 10 for the purchase of $12,000 3% power house
repair bonds. Dated
July 1,1939. Denom. $1,000. Due as follows:
$2,000, July 1, 1940; $2,000,
Jan. 1 and July 1 in 1941 and
1942, and $2,000, Jan. 1, 1943. Interest J-J.
EAST CHICAGO, Ind.—WARRANT
OFFERING—Albert P. Lesniak,
City Comptroller, will receive sealed bids until 2
p. m. on Aug. 1 for the
purchase of $175,000 not to exceed
2% interest time warrants.
Dated
Aug. 1, 1939 and due Dec. 31, 1939.
Bidder to name a single interest
rate
and denominations desired.
Payable at the First National
Bank, East
Chicago.
EAST CHICAGO PARK DISTRICT
(P.
O. East
Chicago), Ind.—
BOND OFFERING—Albert
Lesniak, City Controller, will receive sealed bids
until 2 p. m. (DST) on
Aug. 3 for the purchase of $26,000 not to
exceed
3M% interest Park District bonds.
Dated Aug. 1,1939.
Denom. $1,000.
Due $1,000 on Jan. 1 from 1941 to
1966 incl.
Bidder to name a
single rate
of interest, expressed in a
multiple of H of 1 %.
Interest J-J.
A certified
check for $1,000, payable to order of
"City of East
Chicago, Ind., Depart¬
ment of Parks", must
accompany each proposal.
Bonds constitute an
obligation only of the Park District, as a
special taxing district and will be
payable out or special taxes to be levied on all of the
taxable property In the
district, the boundaries of which are co-extensive with
the corporate bound¬
aries of the
City of East Chicago.
Park District will furnish
approving legal
opinion of Matson, Ross, McCord & Clifford of
KENTUCKY
LOUISVILLE, Ky.—BRIDGE
According
LOUISIANA
-
IH%
rate
of 0.75 and $53 premium.
VINCENNES TOWNSHIP (P. O.
Vincennes), Ind.—OTHER BIDS—
refunding bonds awarded to Browning,
VanDuyn, Tischler
Cincinnati, as
basis of about 2.17%premiiun, as follows:
149, p. 445—were also bid for equal to 100.809,
The $10,500
July 18—V. 149,
p.
100.035,
Due on
156.00
MARION COUNTY (P. O.
Indianapolis), Ind.—WARRANT SALE—
The $250,000 welfare fund tax
anticipation warrants offered July 17—V.
149, p. 444—were awarded on a bid of
0.50% interest, at par plus $16.10
premium, made by the following Indianapolis
banking group: Fletcher Trust
Co., Union Trust Co., Indiana National
Bank, Merchants National
Bank,
American National Bank, Indiana Trust Co.
and the
Fidelity Trust Co.
Dated July 31, 1939, and due Dec.
15, 1939.
The
Indianapolis Bond &
& Share
Corp., Indianapolis, second high bidder, named an interest
100.174,
a
286—were awarded
a
Alexandria,
basisof about
as
as
4lis,
4.245%.
July 1 in 1940 to 1969, incl.
improvement bonds to the same
purchase as 4
lis, p aying a
premium of $15 equal to 100.06, a basis
of about
4.24%.
Due on
July 1 in 1940 to 1969, incl.
20.000 street improvement bonds to the above
purchaser as 4 lis,
premium of $12.50, equal to
paying a
100.062, a basis of about
Due on July 1 in 1940 to 1969. incl.
4.24%.
15.000 park bonds to the First National
Bank of
Lafayette, as 4|is at par.
Due from July 1, 1940 to
1969, incl.
10.000 fire station and equipment bonds to
the same
purchaser as 4lis
at par.
Due on July 1 in 1940 to
1969, incl.
25,000
606.00
3,189.00
640.00
to
various issues of
bonds aggregat¬
$70,000 water improvement bonds to F. P.
Clark of
paying a premium of $25, equal to
539.98
186.00
2li%
on
follows'
1,540.00
896.00
1H%
IH%
IH%
2%
NO. 3 (P. O.
school bonds
Weil & Co. of
inclusive.
LAFAYETTE, La.—BOND SALE—The
$1,899.80
.
CONTEMPLATED—
EAST BATON ROUGE PARISH
SCHOOL DISTRICT
Rouge), La.—BOND SALE—The $250,000 issue
of
offered for sale on July 13—V.
148, p. 3265—was awarded to
New Orleans, as
1|^b, paying a premium of
$435.50, equal
basis of about
1.32%. Due from July 1, 1940 to
1944,
Ripley & Co., Inc., and F. S. Moseley &
1H%
IK%
1H%
BOND OFFERING
an
Baton
ing $140,000 offered for sale
INDIANAPOLIS SCHOOL CITY,
Ind.—OTHER BIDS—The
Blyth & Co., Inc., and First of Michigan
Corp.,
Chicago
Smith Barney & Co., and
Bartlett, Knight & Co.,
Chicago
Halsey, Stuart & Co., Chicago
Lazard Freres & Co., Chicago
City Securities Corp., Indianapolis
to newspaper reports
offering which is understood to
be up for
consideration and will
probably come within the next two
months is
000 of Louisville
$1,750,Bridge Commission refunding bonds.
Proceeds of that
issue would be used to retire
the
outstanding bonds issued in 1936.
commission is studying plans for
The
the offering.
Outstanding bonds of the Bridge Commission
carry a 3% coupon and are
callable on 30 days'
notice, Nov. 1, 1939 at 102.
Originally issued in 1928
as 4s these bonds
were refunded into 3
%s in 1935 and into 3s in 1936.
initial offering amounted to
The
$5,500,000 and has since been reduced
sinking fund operations.
through
The bridge bonds are
obligations of the City of
Louisville, but are payable
solely from bridge tolls and other revenues
charged and received by the
Commission.
They were issued to finance a bridge
which connects Louis¬
ville, Ky. and Jeffersonville, Ind.
Indianapolis.
$200,000
school bonds awarded to Harriman
Ripley & Co., Inc. and F. S.
Moseley
& Co., jointly, as l|£s, at
par plus $1,899.80 premium,
equal to 100.949,
a basis of about
1.65%—V. 149, p. 444—were also bid for as
follows:
Bidder—
Int. Rate
Premium
Harriman
Iowa—BOND SALE—
p.
Trust Co. of
,
JERSEY
Sioux City)
funding bonds offered for sale at auction on
July 17—
445—was awarded to the Iowa-Des
Moines National Bank &
Des Moines, as
l|£s, paying a premium of
$960, equal to
101.20, a basis of about
1.33%. Dated June 1, 1939. Due on
Nov. 1 in
1945 to 1947.
V.
$3,800,000.
Jerseyville), III.—BOND SALE— The $50,000 road
bonds offered July 19—V.
149, i>. 444—were awarded to the
Mississippi
Valley Trust Co., St. Louis, as 2s, at a
price of 100.867, a basis of about
1.85%.
Dated July 1, 1939 and due $5,000 on Jan.
1 from 1941 to 1950
incl.
Second high bid of 100.332 for 2s
was made by
Paine, Webber &
Iowa—CERTIFICATE
secondary road certificates offered July 17
were
White-Phillips Corp., Davenport, as lHs, at a
price of
Purchaser to furnish printed
certificates and attorney's
opinion.
Jackley & Co. of Des Moines, second
high bidder, offered a price of 100.082
for 114*.
100.085.
COUNTY (P. O.
Chicago), III.— WARRANTS CALLED FOR
PAYMENT—John Toman, County
Treasurer, announces that the follow¬
ing described warrants will be
paid on presentation through any bank or to
the County Treasurer and
that interest accrual will terminate
on July 31,
1939: 1938 corporate tax warrant
No. 23, in $100,000
denom., and Nos.
24 to 423, incl., in
$1,000 denoms; 1938 highway tax warrants Nos.
3, 4
and 5, $100,000 denom.
by P. B. Hinders
$13,000 issue of city hall bonds.
awarded to the
It was cut down because of
COOK
a
MUSCATINE COUNTY
(P. O. Muscatine),
SALE—The $35,000
objections by Governor
Horner.
The pegged levy of the
district for 1938 was $7,600,000.
The pegged levy bill of the
Chicago Sanitary District provided that the
tax for 1939, 1940 and
1941 may be increased to
$5,500,000 annually,
exclusive of the amount levied for
payment of bonded indebtedness and
Interest and exclusive of taxes
levied for annuity and benefit funds.
The
district had sought a
levy of $6,600,000 annually.
Its levy for the current
year is
609
LITTLE
ROCK, Iowa—BOND OFFERING—It is reported that
and open bids will
sealed
be received until
July 27, at 2 p. m.,
sewer
LOUISIANA, State of—BOND SALE—The
$500,000
Confederate Pension, series G bonds
offered for sale
3722—was awarded to a syndicate composed of
p
VI
on
issue of coupon
July 19—V. 148,
Hyams, Glas
<pi xjyj
divided
WW
t
as
$250,000
Avvau.
follows:
as
3s.
*•
$70,000
luwvxwou
as
wov
vi
2.30s, $180,000
Due
Dated April 15, 1939.
cirWUU
as
on
-6,/
& Carothers
!"/(), UI1 W10 DO II CIS
2lis,
ana the
remaining
April 15, 1951.
TANGIPAHOA
PARISH, POLICE JURY WARD
NO. 1 (P. O*
Amite), La.—BONDS NOT SOLD-—The $75,000 not
to exceed
6% semiindustrial plant bonds offered on
July 18—V. 149, p.
144—were
not sold as no bids were
received, according to the
Secretary of the Police
Jury.
Dated Aug. 1, 1938.
Due from Aug.
1, 1940 to 1964.
ann.
& Co. of
a
2^s, at par plus $85
Bidder-
John Nuveen & Co
Fletcher Trust Co
Ross T. Ewart, Inc_
Int. Rate
—
2H%
2H%
2)4%
2^%
„
Raffensperger, Hughes & Co
Indianapolis Bond & Share Corp
Premium
2|£%
$91.35
82.00
-
,
37.00
17.80
„
2%%
122.00
60.00
2%%
Kenneth S. Johnson
McNurlen Sc Huncilman
A. S. Huyck&Co
35.70
3%
31.50
WARREN TOWNSHIP SCHOOL TOWNSHIP
(P. O. Huntington),
Ind.—BOND SALE—The $15,000 3% school
house bonds offered
July 20
—V. 149, p. 445—were awarded to the
First National Bank of
Huntington
at a price of 106.23, a basis of about
1.95%.
Dated July 1, 1939, and
due
semi-annually from 1940 to 1949 incl.
The Fletcher Trust Co. of
Indian¬
apolis, second high bidder, offered a price of 106.20.
IOWA
DAVENPORT, Iowa
BOND SALE—The $60,000 issue
of general
obligation corporate bonds offered for sale on
July 17—V. 149,
p. 143—was
awarded to the First Galesburg National Bank
& Trust Co. or
Galesburg.
111., as llis, paying a premium of $1,076, equal
to. 101.793, a basis of
about 1.54%. Dated Aug. 1, 1939. Due on
Feb. 1 in 1947 to 1950.
DOVER TOWNSHIP RURAL
INDEPENDENT SCHOOL DISTRICT
NO. 2 (P. O. Eldorado) Iowa—BONDS NOT
SOLD—The $1,500 school
on
bonds offered
July 17—V. 149,
District Secretary.
p.
445—were not sold,
according to the
FOREST CITY, Iowa—BONDS SOLD—It is
stated by the City Clerk
that $9,000 sewer bonds have been
purchased by the Forest City National
Bank as llis, paying par.
FREMONT COUNTY (P. O.
Sidney) Iowa—BOND ORFERING—It is
reported that sealed and open gids will be received until
Aug. 2, at 2 p. m..
by the County Treasurer, for the purchase of $2,000
5% semi-ann. Missouri
River Levee District bonds.- Dated
Aug. 2, 1939. Due $250 from
Aug. 2,
1940 to 1947 incl.
MARYLAND
BALTIMORE, Md .—TO SELL 34,689,600 BONDS
HELD IN SINKINO
FUND—The city plans to offer at public
sale soon a total of
$4,559,500 of
its own bonds now held, in the
sinking fund.
Bulk of the
securities bear
3U% interest and proceeds will be used by the
city to provide for payment
of maturing obligations,
according to report.
Sale is
expected to yield an
additional $1,000,000 in excess of debt
service
requirements.
Jackson is reported to have rejected the
Mayor
suggestion of the
commission on
governmental efficiency and economy that the
city sell only that
part of the
bonds in the sinking fund that would be
the
necessary
obligations and that the remaining securities in to provide cash to retire
the fund be
canceled to
further interest outlays on them.
save
WASHINGTON
SUBURBAN SANITARY
OFFERING—Perry Bos well. Chairman,
DISTRICT, Md.—BOND
announces that the
Commission
at its office on
Owens Ave.,
until 3 p. m. (EST) on July 26, for the
Hyattsville, Md.,
purchase of $800,000
coupon water
and sewer bonds, divided as follows:
will receive
sealed
bids
$600,000 2H % series RR bonds.
Due July 1 as
follows: $8,000 from
to 1044, inci.; $10,000, 1945 to
1940
1954, incl.; $15,000, 1955 to
1964.
incl.; $^0,000 from 1965 to 1974, incl.
and $2&,006 from
1979, inclusive.
1975 to
200,000 series 88 bonds.
Bidder to name one
rate of
in a multiple of Hth or l-10th
interest, expressed
of 1%.
Due $10,000 on Julv 1
from 1940 to 1959, inclusive.
*iu,uuu on juiy i
All of the bonds will be dated Jmy 1
1939. Denom.
$1,000. RegisterabU
as to principal alone.
Principal and interest
(J-J) payable in
in New York City, at boldert option
Baltimore or
General
Exempt from taxation by the State and
by the counties and
in said State;
municipalities
unconditionally guaranteed as to both
principal and interest
by Montgomery and Prince George's counties
by endorsement on each
A separate bid for each issue is
bond.
required but any
proposal for both issues
may provide that such proposal is for all
bonds of both
issues and not for
one issue without the other.
Application has been
made to the
Service Commiss on of
Public
Mainland for its approval of the Series RR bonds.
The Commission's approval of the
Series SS bonds is
not required.
approving opinion of Masslich &
The
Mitchell, of New York, willbe
the purchasers.
Enclose a certified
furnished
cehck, payable to the order of
mission. for 1 % of the amount of bonds
the Com¬
bid for. The bonds
will be delivered
at place of purchaser s choice on or
about
obligatiom^Eed
Aug. 18.
The Commercial & Financial Chronicle
610
1939
22,
MICHIGAN
MASSACHUSETTS
BOSTON, Ma it.—BOND SALE—The *3,950,000 coupon bonds offered
July 19—V. 149, p. 446—were awarded to a syndicate composed of Phelps,
Fenn & Co.. Goldman, Sachs & Co., Stranahan, Harris & Co., Inc., R. W.
Pressprlch & Co., L. F. Rothschild & Co., all of New York; Schoellkopf,
Hutton & Pomeroy, Inc., Buffalo: C. F. Childs & Co. and Mackey, Dunn
& Co., Inc., both of New York; The Boatmen's National Bank, St. Louis;
Braun, Bosworth & Co., Toledo; Newton, Abbe & Co. and Chace, Whiteside
& Syxnonds, Inc., both of Boston; The Milwaukee Co., Milwaukee;
Farwell, Chapman & Co., Chicago, and Wheelock & Cummins, Inc., of Des
Moines.
The group paid a price of 100.19 for a combination of $3,450,000
2s and $500,000 ljis, or a net interest cost to the city of about 1.915%.
Sale consisted of:
ALBION, Mich.—NOTE SALE DETAILS—The $10,000 notes sold to
the Commercial & Savings Bank of Albion—V. 149, p. 287—bear 5% int.
Due $345,000 annually on Aug. 1
N.
WANTED—John
Mich.—TENDERS
DETROIT,
Daley,
City
Comptroller, will receive sealed offerings until 10 a. m. (EST) on July 27
(to remain firm until 1 p. m. the following day) for bonds in the amount of
about $265,000 for the Water Board Sinking Fund, under the following
conditions:
If callable bonds are offered at a
premium:
(a) When the interest rate
is 4 X % or higher, the yield shall be computed to the first call date,
(b)
When the interest rate is less than 4 H %. the yield shall be computed to
the third call date.
offered at par or less than par, the yield shall be computed to
All offerings shall be in writing and shall be sealed.
If bonds are
$3,450,000 2% municipal relief bonds.
from 1940 to 1949, inclusive.
July
the date of maturity.
100,000 IX % highway bonds.
1940 to 1959, inclusive.
Due $5,000 annually on Aug. 1 from
Off(aings shall show the purpose, the rate of interest, date of maturity, the
dollar value and the yield.
They will be accepted on the basis of the highest
80,000 1 X% sewerage bonds.
1940 to 1959, inclusive.
Due $4,000 annually on Aug. 1 from
ing beyond
40,000 IX % trade school additions and alterations bonds.
Due
$2,000 annually on Aug. 1 from 1940 to 1959, inclusive.
110,000 IX % 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.
50,000 1 X% 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 1X % bridges, reconstruction and repair bonds.
annually on Aug. 1 from 1940 to 1959, inclusive.
Due $6,000
OFFERED—All of the bonds are dated Aug. 1.1939
and were reoffered for public investment at prices to yield from 0.40% to
2.35%, according to coupon rate and date of maturity.
Other bids appear
BONDS PUBLICLY
l)0lOW#
Int. Rate
Bidder—
Harriman Ripley & Co., Inc.,
Kidder, Peabody & Co., Stone & Webster and
Blodget, Inc., Estabrook & Co., R. L. Day & Co.
and F. 8. Moseley & Co
Halsey, Stuart & Co., Blair & Co.. Inc.. Union Sei
curities Corp., New York, E. H. Rollins & 8ons,
Shields & Co., Geo. B. Gibbons & Co., Inc.,
Darby & Co., Inc., Manufacturers & Traders
Trust Co., Buffalo, B. J. Van Ingen & Co., Otis &
Co.. Bacon, Stevenson & Co., Bond, Judge & Co.,
a
Rate Bid
First Boston Corp.,
2%-l&%
100.159
2%
1
,
100.038
■
■
2%
Chicago, jointly.
Co., Paine,
Eldredge &
Co., Hemphill, Noyes & Co., Charles Clark &
Co., Burr & Co., Equitable Securities Corp.,
Campbell, Phelps & Co., Merrill, Lynch & Co.,
Corp. and Illinois Co.,
100.0219
b Lehman Bros., Graham, Parsons &
Webber & Co., Kean, Taylor & Co.,
H. C. Wainwright & Co.
Bid for
and Wells-Dickey Co.,
$3,450,000 2s and $500,000 l^s.
2Hs.
2 %-2 M %
100.04
b Bid for $3,450,000 2s
and $500,000
BROOKLINE,
offered July
Maas.—NOTE
SALE—The
17 were awarded to the National
Merchants National Bank, both of Boston, at
$500,000 revenue notes
Shawmut Bank and the
0.071% discount.
Dated
July 17, 1J39, and due Dec. 6, 1939.
Other bids: First National
Boston, jO.092%; Second National Bank of Boston, 0.097%.
Bank of
EVERETT, Mass.—BOND OFFERING—Emil W. Lundgren, City Treas¬
will receive sealed bids until 11a.m. (DST) on July 26 for the purchase
bonds, divided as follows:
$100,000 municipal relief bonds.
Due $10,000 on Aug. 1 from 1940 to
of $200,000 coupon
Due $20,000 on Aug. 1 from 1940 to
1, 1939.
Bidder to name rate of
interest in multiples of X of 1 %.
Principal and interest (F-A) payable at
the National Shawmut Bank of Boston, which will supervise the engraving
of the bonds and certify as to their genuineness.
Legal opinion of Storey,
Thorndike, Palmer & Dodge of Boston will be furnished the successful
All of the bonds bear date of Aug.
bidder.
GLOUCESTER,
Russell Bohan, City
July 25 for the purchase
Mass.—BOND OFFERING—J.
Treasurer, will receive bids until 11 a. jn. (DST) on
of $170,000 coupon
bonds, divided as follows:
$125,000 municipal relief bonds.
Due Aug. 1 as follows: $13,000
1940 to 1944 incl. and $12,000 from 1945 to 1949 incl.
from
45,000 playground bonds.
Due Aug. 1 as follows: $5,000 from 1940 to
1944 incl. and $4,000 from 1945 to 1949 incl.
Denom. $1,000.
Prin. and
All of the bonds will be dated Aug. 1, 1939.
payable at the Merchants National Bank of Boston.
Bidder to name
Interest in multiples of X of 1%.
Bonds will be prepared under the
supervision of and certified as to their genuineness by the aforementioned
bank.
Legal opinion of Storey, Thorndike, Palmer & Dodge of Boston
int.
rate of
will be furnished the successful bidder.
SALE
MED WAY, Mass.—NOTE SALE—An issue of $2,000
sold to the Framingham Trust Co. of Framingnam
1940 and 1941.
fire truck
at par.
HAMTRAMCK,
state
WANTED— Frank
Mich.—TENDERS
NEWBURYPORT, Mass.—BOND SALE—The $21 000 coupon munic¬
relief bonds offered July 14 were awarded to the First & Ocean Na¬
tional Bank of Newburyport as 1 %a, at a price of 100.79, a basis of about
1.59%.
Dated July 1, 1939.
Denom. $1,000.
Due July 1 as follows:
$3,000 in 1940 and $2,000 from 1941 to 1949, incl.
Principal and interest
(J-J) payable at the Merchants National Bank of Boston.
Legality ap¬
proved by Storey, Thorndilke, Palmer & Dodge of Boston.
Other bids:
Bidder—
Int. Rate
Rate Bid
ipal
Matulewicz,
the city.
price at which they will be sold to
HARBOR
BEACH,
Mich.—BOND SALE—The Huron County StaTe
July 14 an issue of $2,700 public im¬
Bank of Harbor Beach purchased on
provement special asst. bonds as 3s. at a price of
2.97%. Dated July 15, 1939. Denom. $540. Due
100.09, a basis of about
$540 from 1910 to 1944
•
(P. O.
Mount Clemens), Mich.—OPINION
$4,500,000 DRAINAGE DISTRICT BONDS—
Federal Judge Edward J. Moinet is reported to have signed on July 12 an
opinion that holders of nearly $4,500,000 drainage district bonds are entitled
to payment on the securities, which went into default in 1931 when property
owners stopped
paying assessments.
The decisions in three cases bring
to a close the litigation which started in the Federal District Court in 1934,
and which had been begun in 1931 In the State courts.
It is believed, how¬
ever, that the case will be taken to the United States Circuit Court of
Appeals. The opinions were in the cases of the Centerline Relief Drain, the
Martin Drain and the Nine Mile Halfway Drain, all in southern Macomb
County. Kenneth M. Keefe, Chairman of a New York bondholders' com¬
mittee, had brought the suit. In signing his opinion, Judge Moinet upheld a
report made July 1,1938, by Donald L. Quaife, Special Master in Chancery,
after he had taken testimony for more than a month. The drains were built
between 1920 and 1930. In the depression, property owners stopped paying
assessments and in 1931 they filed suit in Macomb County Circuit Court to
restrain the county officials from collecting assessments.
In the Nine Mile
Drain case, the State Supreme Court issued such an injunction upholding
the property owners' contention that the conduits were sewers, not drains,
and hence were constructed illegally by the Drain Commissioner.
Bond¬
holders then brought suit in Federal Court, complaining that they were not
parties to the State Court suits and were not bound by the decision. Still
to be presented for Judge Moinet's signature is a decree ordering interest
FAVORS
COUNTY
OF
HOLDERS
ection of on
assessments.
{>ayments the the bonds and instructing the county officials to resume colt
(State of)—TENDERS
WANTED—Murray D. Van
Highway Commissioner, will receive sealed tenders of
assessment district highway refunding bonds until 11 a. m. on July 24 for
the following issues:
MICHIGAN
Wagoner,
State
Est.
Dist.
418
449
451
462
463
467
townships
townships
townships
townships
townships
Counties, townships
Counties, townships
Counties,
Counties,
Counties,
Counties,
Counties,
471
and
and
and
and
and
and
and
district
district
district
district
district
district
district
Assessment district
473
Townships
Assessment district
473
Funds
$1,000
7,000
5,000
Obligation of—
No.
294
2,000
6,000
8,000
1,000
8,000
2,000
17,000
1,000
12,000
3,000
5,000
16,000
1,000
1,000
7,000
;
-
—
473A Townships
473A Assessment district
474
Oakland County
474
474
475
Townships-.-
.
-
Assessment district
Macomb County
475
Townships
475
Assessment district
481
Assessment district
10,000
12,000
12,000
10,000
—
484
491
Counties, townships and district
Counties, townships and district
492
Townships
492
Assessment district
501
Counties, townships and district
County, townships and district—
note8
Due in
$154,000 mu¬
& Sparks,
DETAILS—The
City Clerk, will receive sealed tenders of refunding interest certificates of
1933, until 9 a. m. (EST) on July 29. Amount
on band in the sinking fund for purchase of the certificates, as of July 15,
was about $57,000.
Tenders should fully describe the securities offered and
120
was
Mich.—BOND
indebtedness, dated Sept. 1,
urer,
1949, incl.
100,000 macadam pavement bonds.
1944, incl.
to that date only.
GRAYLING,
nicipal light and public works bonds sold to Shaw, McDermott
Inc., of Des Moines—V. 149, p. 446—bear 4% interest.
MACOMB
Schlater, Noyes & Gardner, Inc., and William R.
Compton & Co., Inc., jointly
City Bank, N. Y.* Bankers Trust Co.,
N. Y.; Smith. Barney & Co., Blyth & Co., Lazard
Freres & Co., Washburn & Co.. First of Michigan
jointly
interest up
incl.
National
a
yield to the city as computed from the dollar price. No bonds matur¬
1959 will be accepted.
The city reserves the right on bonds
purchased, which are delivered subsequent to Aug. 3, 1939, to pay accrued
net
All tenders shall be submitted in writing,
26,000
1,000
4,000
...
sealed and marked "Tender of
Bonds," and shall specify the road assessment district number, the bond
numbers, the obligor (whether township portion, county portion, or as¬
sessment district portion on individual issues), and shall stipulate the lowest
price at which the owner will sell such bonds with Nov. 1, 1939, and sub¬
sequent coupons attached.
*
,
Bids shall remain firm through July 28.
All bonds purchased shall be
delivered to the paying agent designated in the bonds on or before Aug. 1,
1939, accrued interest being computed to that date.
No tenders above
par and accrued interest can be considered.
Mich.—BOND SALE DETAILS—The $20,000 4%
and highway improvement bonds sold to Charles A. Parcells
446—brought a price of 103.18. a basis of
3.27%.
Dated Oct. 1, 1938, and due $2,000 on Oct. 1 from 1939
ONTONAGON.
100.71
public street
READING, Mass.—NOTE SALE—The $75,000 coupon notes offered
July 17—V. 149, p. 446—were awarded to Tyler & Co. of Boston, as lHs,
at a price of 101.38, a basis of about 1.29 %.
Sale consisted of:
to 1948 incl.
$36,000 municipal light building loans notes.
Due July 1 as follows: $2,000
from 1940 to 1955, incl., and $1,000 from 1956 to 1959, incl.
15,000 electric ligijt 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 follows: $3,000 from
1940 to 1943, incl., and $2,000 from 1944 to 1949, incl.
Stranahan, Harris & Co
First National Bank of Ontonagon
Tyler & Co
Merchants National Bank of Boston
—
1X %
1 X, %
100.29
&
Co.
about
All notes are dated July 1,1939.
Other bids: (For Jl
Newton, Abbe &
Co., 101.254; Second National Bank of Boston, 101.19; Jackson & Curtis,
101.05; R. L. Day & Co., 100.719; First National Bank of Boston, 100.432;
Lyon & Co., 100.3899; (for l^s) Estabrook & Co., 101.788.
of Detroit—V/149, p.
Other bids:
_
Role Bid
Bidder—
JO?-®65
101.91
A. S. Huyck & Co
100.025
HURON, Mich.—BOND SALE—The $29,000 coupon refunding
bonds offered July 17—V. 149, p. 446—were awarded to Prudden & Co. of
Toledo, as 1 Xb, at a price of 100.26, a basis of about 1.46%. Dated July 1,
1939 and due July 1 as follows: $3,000 from 1941 to 1948 incl. and $5,000 in
1949.
Second high bid of 100.03 for IXs was made by Stranahan, Harris
PORT
& Co. of Toledo.
Following is
a
list of the bids
submitted:
SPRINGFIELD, Mass.—NOTE SALE— George W. Rice, City Trea¬
of July 13, the sale of $300,000 notes as follows:
$200,000, due Dec. 14, 1939, at 0.08% discount; $100,000, due March 14,
surer, reported under date
1940, at 0.10%.
JWE!'iyE,SLE.Y' Mass.—NOTE SALE—The $100,000 revenue notes
offered July
17 were awarded to the Boston Safe Deposit & Trust Co.,
Boston, at 0.087% discount, plus $1 premium.
Dated July 17, 1939, and
due May 20, 1940.
The Wellesley Trust Co., second high bidder, named
a rate of 0.094%.
WEYMOUTH, Mass.—NOTE OFFERING—George E.
Curtin, Town
Treasurer, will receive sealed bids until noon (DST) on July 24 for the pur¬
chase of $60,000 coupon school house addition notes.
Dated Aug. 1, 1939.
Denom. $1,000.
Due $10,000 on Aug. 1 from 1940 to 1945,
and int. (F-A) payable at the Second National Bank of Boston.
incl.
Prin.
The notes
will be prepared under the supervision of and certified as to their genuine¬
ness by the Director of Accounts, Department of Corporations and Taxa¬
tion, Commonwealth of Massachusetts.
Notes will be delivered to the
purchaser at the Second National Bank of Boston against payment in Bos-.
ton funds.
■
^
Int. Rate
Stranahan, Harris & Co., Toledo
McDonald, Moore & Hayes, Inc.,
Braun, Bosworth & Co., Toledo
Wright, Martin & Co., Detroit
John Nuveen & Co., Chicago
Premium
1X%
$77.00
IX%-]X %
Bidder—
Prudden & Co., Toledo
10-00
295.51
86.00
o?929
Detroit
1^%
l^%-2%
J K2?
Ryan, Sutherland & Co., Toledo
1^%
First of Michigan Corp., Detroit
1H%
Miller, Kenower & Co., Inc., Detroit
1/^%
Channer Securities Co., Chicago
IX%
First National Bank of Port Huron, Port Huron..
2%
Crouse & Co., Detroit
Paine, Webber & Co., Detroit
.—IX%-lH%
.
21.00
21.27
78.50
10.00
?§*oo
18.22
$750,000 coupon refunding
bonds offered July 18—V. 149, p. 446—were awarded to a group composed
of First of Michigan Corp., Detroit; Braun, Bosworth & Co., Toledo;
Crouse & Co., Watling, Lerchen & Co., H. V. Sattley & Co., Miller, Kenower
& Co., all of Detroit, at a price of 100.027 for $575,000 4s and $175,000 3 Xs,
or a net interest cost of about 3 -796%.
The 4s mature March 1 as follows:
$40,000 from 1941 to 1950, incl., and $35,000 from 1951 to 1955, mcl.;
PONTIAC,
Mich.—BOND
SALE—'The
,
Volume 149
the 3Ms are due
The Commercial & Financial
Chronicle
$35,000
on
March 1 from 1956 to 1960. incl.
Near & Co- of
Chicago, second high bidder, made
and
an
$140,000 3Ms.
C. W. Mc-
offer for $610,000 4s
^
RIVER
Mich.—BOND ISSUE DETAILS—The
$15,000
delinquent tax bonds recently purchased
by the sinking fund—V. 149,
p. 287—bear 1M% interest.
Dated May 1, 1939.
Due May 1, 1941, and
callable on 30 days'notice.
Interest M-N.
Coupon, in denom. of $1,000.
ROYAL OAK TOWNSHIP SCHOOL DISTRICT
Berkley Branch, Royal Oak), Mich.—CERTIFICATES
NO.
7
(P.
Less: Amount
O.
PURCHASED—
Int. Rate
Ryan, Sutherland
T
,
1 %
a
f$10,000 at
I 10,000 at
JSIO.OOO at
1 10,000 at
& Co., Toledo
■
,
'
■
John Nuveen & Co.,
Chicago
Channer Security Co., Chicago
Cray, McFawn & Petter, Detroit
National Bank of Ypaiilintf,
Ypsilanti, Mich
Ypsilanti Savings Bank, Ypsilanti, Mich.
Crouse & Co., Detroit
Miller, Kenower & Co., Detroit, Mich
McDonald, Moore & Hayes, Detroit, Mich
;
\
1M%
1M%
1
It
is
DETAILS—
now
ing bonds
STARKVILLE, Miss.—BONDS SOLD—It
is stated that $10,000 refund¬
were recently
purchased by M. A. Saunders & Co. of Memphis
3s, paying all expenses plus a
premium of $100, equal to 101.00.
Due
20 years.
This is said to be a new low
interest rate for the city's bonds.
as
in
11.00
54.50
13.00
MISSOURI
100.00
106.80
142.78
67.00
KIRKWOOD,
Mo.—BONDS OFFERED—Sealed bids were received
July 21 by W. J. Donworth, City Clerk, for the
purchase of
a
$35,000 issue of coupon or registered
public library bonds.
Denom.
$1,000.
Dated July 1, 1939.
Due on July 1 as follows: $2,000 in 1944
to 1958, and $5,000 in
1959.
until 8 p. m. on
of Missouri
FOREST LAKE, Minn.—PRICE PAID—It is
stated by the Village
Clerk that the $10,000 fire house and
village hall bonds purchased by MaireShaughnessy & Co. of St. Paul, as noted here—V. 149,
p. 446—were sold
as 3s, for a
price of 100.61, a basis of about 2.89%.
Due $1,000 from Jan. 1,
1941 to 1950 incl.
OFFERING—It is reported that
sealed bids will be received by Frank N.
Whiney, Village Recorder, until
8 p. m. on Aug. 1 for the purchase of
$4,268 4% semi-annual water main
certificates.
Dated July 1,1939.
Due on Jan. 1 in 1941 to 1945.
A certi¬
fied check for $426.80, payable to the
village, must accompany the bid.
LAKEFIELD,
Minn.—BOND SALE NOT CONSUMMATED—It is
by E. P. Whitney, Village Clerk that the sale of the
$87,000 3%
refunding bonds to the Justus F. Lowe
Mairs-Shaughnessy & Co. of St. Paul, jointly, as
noted here on April 1, was not consummated.
stated
semi-nnaul light and power plant
Co. of Minneapolis, and
MADELIA, Minn.—BOND
OFFERING—It is reported that sealed bids
will be received until 8 p. m. on
July 25 by C. E. Seymour, Village
Clerk,
for the purchase of a $40,000 issue of not to
exceed 3% semi-annual street
improvement bonds.
Dated June 1, 1939.
Due $4,000 in 1940
to
1949,
$644,521 from $9,813,392 appropriated for
University
State colleges, $1,100,000 from
$10,915 411 allotted to
institutions, and $200,000 from $1,423,813 appropriated
and
eleemosynary
highway patrol.
for State
WEBSTER COUNTY (P. O.
Marshfield) Mo.—BOND SALE DE¬
TAILS—It is now reported that the
$30,000 court house bonds sold to the
Baum, Bernheimer Co. of Kansas City, at a price of
111.708, as noted here
on June 10—V.
148, p. 3565—are dated Feb. 1, 1939, and were sold as
4s. Due from Feb. 1, 1941 to 1950 incl.
CLAY COUNTY INDEPENDENT
SCHOOL DISTRICT NO. Ill
(P. O. Averill), Minn.—BONDS OFFERED—It is stated that
sealed bids
received until 8 p. m. on July
21, by the District Clerk for the purchase
of a $22,000 issue of not
exceeding 3% coupon semi-annual refunding bonds.
Denom. $1,000.
Dated Aug. 1, 1939.
Due from Aug. 1, 1940 to
1948;
bonds maturing on and after
Aug. 1, 1945, to be subject to prior payment
at par and accrued
interest, on any interest payment date on and after
Aug. 1, 1944.
FERGUS FALLS, Minn.—BOND SALE—The
$23,000 issue of coupon
on July 17—V.
149, p.
Paul, as 2s, paying a premium
of $251, equal to 101.091, a basis of
about 1.84%.
Dated July 1, 1939.
Due from July 1, 1941 to 1951 incl.
MONTANA
BEAVERHEAD
COUNTY
HIGH
SCHOOL
DISTRICT
(P.
O.
Dillon) Mont.—BOND SALE—The $11,000 issue of building bonds
offered for sale on July 17—V.
148, p. 3876—was awarded to the State
Bank & Trust Co. of Dillon, as
2s, according to the District Clerk. Dated
June
15, 1939.
GALLATIN COUNTY SCHOOL DISTRICT NO. 7
(P. O. Bozeman),
Mont.—MATLRITY—It is now reported by the District Clerk that the
$44,000 building bonds sold jointly to Edward L. Burton &
Co., and the
First Security Trust Co., both of Salt Lake
City, as 2s, paying a price of
100.80, as noted here—V. 149, p. 447—are due on July 1 as follows: $3,000
in 1940 to 1953, and $2,000 in
1954, giving a basis of about 1.89.
mm
GARFIELD COUNTY (P. O. Jodai*)
Mont.—BOND SALE—The
$13,165 issue of refunding bonds offered tor sale on July 17—V. 149,
p.
287—was awarded to the State Board of Land
Commissioners, as 3J^s,
according to the Board of County Commissioners.
The price paid
5s,
was
for the above bonds was par.
An offer of 100.177
submitted by Peters, Writer & Christensen of Denver.
LINCOLN
COUNTY
COUNTY INDEPENDENT
SCHOOL DISTRICT NO.
(P. O. Upsala) Minn.—BONDS OFFERED—It is
reported that sealed
bids were received until 11:20 a. m. on
July 21, by the District Clerk, for
the purchase of $52,000 not
exceeding 3M% semi-ann.* coupon refunding
bonds.
Denom. $1,000.
Dated Aug. 1, 1939.
Due Aug. 1, as follows:
$3,000 in 1940 to 1949, $4,000 in 1950 to 1953, and
$6,000 in 1954, bonds
maturing Aug. 1, 1952, and thereafter to be subject for
call, at par and
accrued interest on any interest
payment date, on and after
Aug. 1, 1944.
Principal and interest payable at a place to be designated
by the purchaser.
22
NEW ULM INDEPENDENT SCHOOL
DISTRICT NO. 1 (P. O.
New Ulm) Minn.—BOND SALE—The
$50,000 issue of coupon high school
building and equipment bonds offered for sale on
July 13—V. 149, p. 145—
was awarded
jointly to the Wells-Dickey Co. of Minneapolis, and Mannheimer-Caldwell, Inc. of St. Paul, as 1 Ms. according to the
Superintendent
of 8chooIs. Denom. $1,000. Dated
Aug. 1,1939. Due on Aug. 1 in 1942 to
1955 incl. Interest payable F-A.
PIPESTONE SCHOOL DISTRICT (P. O.
Pipestone) Minn.—BONDS
VOTED—At the election held on July 10 the voters
are said to have
ap¬
proved the issuance of $260,000 in school construction
bonds by a wide
majority.
RAMSEY COUNTY (P. O. St.
Paul), Minn.—BOND
It is stated that sealed bids will be received until
OFFERING—
10 a. m. (CST), on
Aug. 7,
by Eugene A. Monick, County Auditor, for the purchase of
a
$725,000
issue of public welfare, series P bonds.
Interest rate is not to exceed
6%,
payable M-S. Denom. $1,000. Dated Sept. 1, 1939. Due Sept. 1 as
follows:
$66,000 in 1940. $68,000 in 1941, $69,000 in
1942, $70,000 in 1943, $72,000
in 1944, $73,000 in 1945, $74,000 in
1946, $76,000 in 1947, $78,000 in 1948
and $79,000 in 1949. These bonds are a direct
general obligation of
county
and are issued In full compliance with the
provisions of Chapter 120, Session
Laws of Minnesota for 1933, as amended
by
Minnesota for
1937.
Bidders
Chapter 48, Session Laws of
1935, and by Chapter 105, Session Laws of
Minnesota for
must specify the rate of interest in
multiples of M of 1%,
and must be the
same
for all of the bonds.
No bid for less than
par will be
purpose of defraying the
county's proportionate share of the cost to be incurred for the
support and
relief of poor persons in the county.
Delivery of the bonds will be made to
the purchaser at such place as he may
designate at the purchaser's
expense,
and the purchaser will be required to take and
pay for said bonds imme¬
considered.
These
bonds
are
issued
for
the
diately upon being notified by the County Auditor of readiness to
make
delivery.
The approving opinion of Calvin Hunt of 8t. Paul, and
Thomson,
Wood &
Hoffman
check for
2%
of New York,
will
be furnished.
of the amount of bonds bid for.
Enclose
a
certified
MISSISSIPPI
BILOXl, Miss.—BONDS OFFERED
O.
on
Libby),
bonds will be the first choice and serial bonds will be the second choice of
If amortization bonds are sold and issued, the entire issue
may
be put into one single bond or divided into several
bonds, as the Board may
determine upon at the time of sale, both principal and interest to be
the Board.
payable
a period of five years from the date of issue.
sold, they will be in the amount of $500 each;
of $6,500 of the serial bonds will become
payable on July 15, 1940,
If serial bonds
the
sum
and
are
during
issued and
a like amount on the same
day each year thereafter until all of such
are paid.
The bonds will be sold for not less than their par value
with accrued interest to date of
delivery, and all bidders must state the
lowest rate of interest at which they will purchase the bonds at
par.
The
bonds are issued for the purpose of obtaining funds to
bonds
pay, redeem and
Feb. 28,
1939, and debts and liabilities, valid and outstanding as of said date, for
Enclose a certified check for $1,000,
payable to the above Clerk.
retire valid and subsisting warrants outstanding and
unpaid on
which warrants have not been issued.
V.
(These bonds were originally scheduled for sale on July 15, as noted here—
149, p. 278—but the offering was subsequently postponed, as stated
above.)
PHILLIPS COUNTY (P.
O. Malta), Mont.—BOND OFFERING—We
by Norman Storbeck, County Clerk and Recorder, that he will
Aug. 11, for the purchase of an issue of
$63,059.40 funding bonds.
Interest rate is not to exceed 5%, payable
F-A.
Prin. and int. payable at the
County Treasurer's office.
Dated
Aug. 15, 1939.
If amortization bonds are sold and issued, the entire issue
may be put into one single bond or divided into several bonds, as the board
may determine upon at the time of sale, both principal and interest to be
payable in semi-annual instalments during a period of five years from the
date of issue.
Enclose a certified check for $5,000, payable to the Clerk.
informed
receive sealed bids until 2 p. m. on
PLAINS, Mont.—BONDS SOLD—It Is stated by the Town Clerk that
$5,000 town hall bonds have been purchased by the First National Bank of
Plains, as 4s, paying a price of 101.20.
TOWNSEND, Mont.—BOND OFFERING—It is reported that sealed
bids will be received until 2 p. m. on July 25 by Frank T.
Hooks, Town
Clerk, for the purchase of a $17,000 issue of not to exceed 6% semi-ann.
refunding bonds. Dated July 1,1939. Due on July 1,1944. A $200 certified
check, payable to the Town Clerk, must accompany the bid.
(These bonds were offered for sale without success on July 11—V. 148,
p. 3877.)
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 2
(P. O.
Mont .—BOND OFFERING—It is reported by E. L. Marvin,
District Clerk, that he will offer for sale at public auction on
Aug. 12, at
7:30 p. m., a $300,000 issue of refunding bonds.
Interest rate is not
Billings),
to
exceed 6%, payable M-S.
Dated Sept. 1, 1939.
Amortization bonds will
be the first choice and serial bonds will be the second choice
of the School
Board.
If amortization bonds are sold and issued, the entire
issue may be
'rustees one determine upon at the time of
?ut into may single bond or divided into several bonds, as the Board of
sale, both principal and interest
to
be
payable in semi-annual instalments during
six months from the date of issue.
FOR
INVESTMENT— Dane &
Weil of New Orleans are offering for public
subscription priced at 103.50
and interest, what they term an additional new issue of
$260,500 4M % re¬
funding bonds.
Denom. $1,000.
Dated April 1,1937.
Due form April 1.
1947 to 1964 incl.
Prin. and int. (A-O) payable at the Chase
National
Bank in New York City.
Legality approved by Charles & Trauernicbt
of St. Louis, Mo.
(P.
Mont.—BOND OFFERING—
Eldon J, Schuck, Clerk of Board of
County Commissioners, will receive
sealed bids until 10 a. m. on
July 29 for the purchase of $32,500 not to
exceed 5% interest refunding bonds.
Dated July 15, 1939.
Amortization
in annual instalments
MORRISON
$8,496,000 appropriated for
penal institutions,
were
general obligation refunding bonds offered for
sale
287—was awarded to Kalman & Co. of St.
MISSOURI, State of—GOVERNOR
REDL CES BUDGET—Gov.
Lloyd
Stark has reduced
legislative appropriations for 1939 and 1940 within
estimate of general fund
revenue, $60,362,891, by vetoing items of
$419,547 and holding up others of
$2,728,816.
He authorized expenditures
of $58,977,204 to set
up an indicated surplus of $1,385,686 and said this
amount might be subject to release
"if and when available."
His executive order cut
$1,700,000 from
C.
his
road and bridge bonds
July 13—V. 149, p. 446—were purchased by
inclusive.
bonds offered for sale
19.00
Minneapolis, as 2Ms, paying par, according to the
Clerk of the Board of Supervisors.
No other bid was received.
Dated
July 1, 1939.
Due $1,000 from July 1, 1942 to
1951, incl.
Minn.—CERTIFICATE
BEAT NO* 1 (p* °* Gulfport) Miss .—BOND
29.00
CANTON, Minn.—BOND SALE—The $10,000
HOPKINS,
but unissued,
having power to levy taxes within
reported that the $30,000
4% semi-aim. court house and jail
refunding bonds purchased by the First National Bank of
Memphis, as
noted here in
March, were sold at par and mature on Dec. 1 in 1939 to 1948.
MINNESOTA
on
of school bonds authorized,
other P°iiticai subdivisions
July 17—V.
BELTRAMI COUNTY INDEPENDENT SCHOOL
DISTRICT NO. 1
(P. O. Bemidji), Minn.—BONDS OFFERED—It is
reported that sealed
bids were received until 2
p. m. on July 22, by Lee Worth, District Clerk,
for the purchase of $8,000 school
bonds.
Denom. $2,000. Due $2,000 on
July 1 in 1940 to 1943, inclusive.
offered for sale at auction
the Thrall West Co. of
including $99,848.10
C?ty
J?^R1£LSOi^COUNTY
o
J
1M%
2%
1H%
2M%
2M%
2%
2%
1 % %
$1 579 363.61
14,850
Population, est., 1939, 18,000.
bonds issued by City for sea-wall
construction, and ac¬
149, p. 447—was purchased by J. S. Love & Co. of
Jackson,
according to the President of the Board of
Supervisors.
QUITMAN COUNTY (P. O.
Marks) Miss.—BOND SALE
j
I
19,636.39
oALb—The $100,000 issue of
harbor improvement
on
$28.00
53.00
1 %%
Representing
*
«
the
Premium
%
\%%
8 318 986.00
assumed
crued interest
thereon.
All bidders agreed to
pay cost of attorney's opinion and printing of bonds*
Other offers were as follows
Bidder—
$12,000,000.00
$1,599,000.00
^Population, 1930,
price of 58.827.
YPSILANTI, Mich.—BOND SALE—The $20,000 coupon general
obligation fire department bonds offered
July 17—V. 149, p. 446—were
awarded to Paine, Webber & Co. of
Chicago as 1Mb, at a price of 100.162,
a basis of about
1.47%.
Dated Aug. 1, 1939, and due $2,000 on Aug. 1
from 1940 to 1949, incl.
The First pf
Michigan Corp., Detroit, second
high bidder, offered 100.029 for 1 Ms.
Braun, Bosworth & Co., Toledo
Prudden & Co., Toledo
Stranahan, Harris & Co., Toledo
1939)
Net bonded debt..
a
dated Sept. 1, 1937—V. 149,
p. 287—Edward Parkin, Secretary of Board
of Education, reports the
purchase of $4,649 at an
'
sources as of June 30,
by
Harrison
County
x$14,224.00
Cash in bond sink, fund
5,412.39
In connection with the call
for tenders of 1937 certificates of
indebtedness,
average
(From official
.
Estimated actual
valuation, 1939
Assessed valuation 1939
a Total
bonded debt.
ROUGE,
_
611
FINANCIAL STATEMENT
a
period of 14 years and
If serial bonds
are issued and sold
they will be in the amount of $1,000
each; the sum of $20,000 of the said serial bonds will become
payable on the
1st day of March, 1940, and a like amount on the same
day each year there¬
after until all of such bonds are paid.
The bonds, whether amortization or serial
bonds, will be redeemable in
full at the district's option when one-half of the
term for which they were
issued has expired and on any interest due
date thereafter.
The Commercial & Financial Chronicle
612
their par value with accrued
interest, and all bidders must state the lowest rate of interest at which they
will purchase the bonds at par.
The Board of Trustees reserves the right to
reject any and all bids and to sell the said bonds at private sale.
Enclose a
certified check for $5,000, payable to the above Clerk.
be sold for
The bonds will
not less than
NEBRASKA,State of—LOWER PROPERTY TAX LEVIES FORESEEN
can expect slightly lower property tax levies this year in
of almost Statf-wide increased valuations, according to State Tax
view
Commissioner W. H. Smith.
this year.
State's 93 counties will show
All others have shown increases,
high of $663,000 Increase in one
ranging from a few thousand dollars to a
county.
Since the general slump began in 1930, property valuations In Nebraska
have been on the down grade with the lone exception of 1936, when a $30,-
000,000 boost over the previous year was noted.
This gain
will be determined shortly by the State Board of
Equalization.
TEKAMAH, Neb.—PRICE PAID—The $44,000 3% and 3 5* % refunding
bonds purchased by the Wachob-Bender Corp. of Omaha—V. 149, p. 447—
of par.
sold to the bankers at a price
NEW
HAMPSHIRE
CONCORD. N. H.—BOND SALE—The $80,000 coupon public improve¬
bonds offered July 19 were awarded to Kennedy, Spence & Co. of
ment
Boston
15*s, at a price of 100.719, a basis of about 1.10%.
Dated
July 1, 1939 and due July 1 as follows: $12,000, 1940; $8,000 from 1941 to
1947, incl. and $6,000 in 1948 and 1949. Principal and interest (J-J) pay¬
able at office of the City Treasurer or at the National Shawmut Bank of
Boston, at holders' option.
Legality approved by Storey, Thorndike,
Palmer & Dodge of Boston.
Other bids were as follows:
(For 15*s)
Paine, Webber & Co., 100.577; National Shawmut Bank, 100.507; Lyons
& Co., 100.4699; R. L. Day & Co., 100.409; First National Bank of Boston,
100.3275; Goldman, Sachs & Co., 100.308; F. M. Swan & Co., 100.26;
Kidder, Peabody & Co., 100.219; Estabrook & Co., 100.216; Chace, White¬
side & Symonds, 100.16; K. H. Rollins & Sons, 100.078; (for 15*s) Ballou,
Adams & Whittemore, 100.754.
as
NEW HAMPSHIRE (State of)—BONDS NOT SOLD—'The
offering on
July 19 of $100,000
5*% full faith and credit general obligation water
resources bonds was canceled, due to the fact that no bids were received.
Bonds were to be dated July 1, 1939, in $1,000 denoms. and mature
July 1
as follows:
$10,000 from 1941 to 1945 incl. and $50,000 in 1946. Principal
and interest (J-J) payable at the National Shawmut Bank of Boston.
Legal approving opinion by the Attorney General of the State and Storey,
Thorndike, Palmer & Dodge of Boston. The State provided for conversion
of coupon bonds into registered multiples of $1,000 at option of holder
according to date of maturity, in which case principal and interest would be
payable only at the State Treasurer's office.
NEW
ATLANTIC
JERSEY
HIGHLANDS, N. J.—BONDS SOLD—An
35*% filtration plant bonds
on
$20,000 in 1940, $28,000 in 1941,
$28,000 in 1949.
Other bide:
was
issue of $8,800
sold recently to the Atlantic Highlands
National Bank.
BAYONNE, N. 3.—NOTE SALE—The Hudson County National Bank
of Jersey City purchased $100,000
bond anticipation notes at 25* % int.
1941; $15,000 from 1942 to 1952 incl. and $14,000 in 1953. Bidder to name
rate of interest, expressed in a multiple of 5* of
1%.
Principal and
one
interest (J-D) payable at the Dumont National Bank.
The price for which
the bonds may be sold cannot exceed $189,000. A certified check for
$3,780,
payable to order of the borough, Is required. Legal opinion of Reed, Hoyt,
Washburn & Clay of New York City will be furnished the successful bidder.
ELIZABETH,
3.—SINKING
N.
FUND
TO
PURCHASE NOTES—
P. F. McGann, City Comptroller, informs us that the
Sinking Fund Com¬
mission will purchase the $8,000 notes to be issued for the
purpose of fi¬
.
No. Bonds Int.
,
C. Allyn & Co. and Colyer, Robinson & Co.,
jointly
—
C. C. Collings & Co. and John B. Carroll & Co.,
jointly
Blair & Co., Inc.. B. J. Van Ingen & Co. and MacBride, Miller & Co., jointly
Adams & Mueller
"
:i
H. L. Allen & Co., J. 8. Rippel & Co. and Minsch,
Monell & Co., jointly
Kean, Taylor & Co. and Van Deventer Bros , Inc.,
jointly.
Phelps, Fenn & Co. and Campbell, Phelps & Co.,
jointly
Citizens Trust Co., Paterson
Buckley Bros
Dougherty, Corkran & Co. and Charles Clark &
Co., jointly
Halsey, Stuart & Co. and First of Michigan Corp.,
jointly.
Rate
Rate
25*%
25* %
Bid
100.53
100.25
252
25* %
100.24
252
25*%
100.177
252
252
25*%
25*%
100.157
100.11
252
25*%
100.08
2$0
25*%
101.056
251
25*%
100.753
251 /
251 '
25*%
100.60
25*%
100.419
Bid For
251
252
J. 8. Rippel, Inc..
First National Bank of Paterson
A.
'
-
TOWNSHIP
PENNSAUKEN
252
25*%
—
252
25*%
Merchantville),
O.
(P.
100.38
■
N.
100.308
J.—AP¬
July
bonds to the New Jersey
price of par and accrued interest. Previous
PROVES BOND SALE OFFER—The State Funding Commission on
13 approved the sale of $325,000 4)*% refunding
Sinking Fund Commission at a
mention of this issue was made in V.
148, p. 2630.
RIDGEFIELD, N. J.—BOND SALE—'The $39,000 coupon or regis¬
tered park bonds offered July 18—V. 149, p. 288—were awarded to H. B.
Boland & Co. of New York, as 3s, at a price of 100.59, a basis of about
2.93%.
Dated July 1* 1939 and due July 1 as follows:
$2,000 from 1940
to 1958, incl. and $1,000 in 1959.
H. L. Allen & Co. of New York, only
other bidder, offered a price of 100.12 for 3s.
TENAFLY
SCHOOL
DISTRICT,
3.—BOND
N.
OFFERING—
M. F. Dennis, District Clerk, will receive sealed bids until
(DST) on July 27 for the purchase of $197,000 2, 25*. 2j*. 25*, 3.
3>*, or 35*% coupon or registered school bonds.
Dated Aug. 1, 1939.
Denom. $1,000.
Due Aug. 1 as follows: $10,000 from 1941 to 1943, incl.;
$15,000 from 1944 to 1954, incl., and $2,000 in 1955.
Bidder to name a
single rate of interest.
Principal and interest (F-A) payable at the Tenafly
Trust Co., Tenefiy.
The sum required to-be obtained at sale of the bonds
is $197,000.
The bonds are unlimited tax obligations of the district and
the approving legal opinion of Hawkins, Delafield & Longfellow of New
York City will be furnished the successful bidder.
A certified check for 2 %
of the bonds offered, payable to order of the district, is required.
Nathaniel
8 p. m.
DUMONT, N. J .—BOND OFFERING—Henry J. Bersch, Borough Clerk,
will receive sealed bids until 8:30 p. m. (DST) on July 27 for the
purchase of
$189,000 not to exceed 6% interest coupon or registered general refunding
bonds. Dated June 1,1939. Denom. $1,000. Due Dec. 1 as follows:
$10,000
$25,000 from 1942 to 1948, incl., and
Bidder—
H. B. Boland & Co. and
valuation for Nebraska was $2,033,302,482.
The 1930 total was $3,102,050,571 as compared with $3,167,489,300 in 1929.
were
PATERSON. N. 3.—BOND SALE—Blyth & Co., Inc., of New York
successful bidders at the offering of $252,000 coupon or registered bonds
July 20—V. 149, p. 288—taking a total of $251,000 bonds as 25*s and
paying a price of 100.717, a basis of about 2.36%.
Award consisted of:
$208,000 street improvement bonds.
Due annually from 1940 to 1949. incl.
43,000 school bonds.
Due annually from 1941 to 1948, incl.
All of the bonds will be dated June 1. 1939 and mature June 1 as follows:
were
was due to a
favorable crop situation.
The 1938 grand total assessed
The 1939 grand total
&
required.,
—Nebraskans
Present indications are that only 10 of the
purchase of $13,500 not to exceed 4% interest coupon or registered Incor¬
porated Camp Meeting Association Fire District bonds.
Dated Aug. 1,
1939
Denom. $1,590.
Due $1,500 on Aug. 1 from 1940 to 1948, incl.
Rate of interest to be expressed in a multiple of 5* of 1%.
Prin. and int.
A
NEBRASKA
reduced property valuations
July 22, 1939
WILDWOOD, N. 3.-^-FAVORABLE REPORT ON FINANCIALSTATUS
—Joseph F. Clark, City Treasurer, on July 11, reported to the City Com¬
missioners that he was in possession of moneys to pay principal due and
interest due on city obligations on Aug. 1, 1939, according to report.
The
sum required for the purpose is about $80,000.
He also notified the Board
he was about to disburse moneys that would pay county taxes to date: that
all approved vouchers have been paid and that budget operations were well
within the appropriations at June 30, 1939.
He stated that in spite of the
1939 levy being $172,000, or 24.2% less than the 1938 levy, the total
collections of current and delinquent real and personal taxes were now
41.3% of the total 1939 expectancy, which compared extremely well, in h 1
opinion, with 1938 experience for the first six months.
nancing the purchase of fire department apparatus.
FAIRVIEW,
N.
3.—BOND
OFFERING—George
Ebel
Jr.,
Borough
NewYork State
Clerk, will receive sealed bids until 8:30 p. m. (DST) on Aug. 1 for the
purchase of $22,500 not to exceed 6% interest coupon or registered municipal
building bonds.
Dated July 1, 1939.
One bond for $500, others $1,000
each.
Due July 1 as follows: $1,000 from 1940 to 1961, incl., and $500 in
1962.
Bidder to name one rate of interest, expressed In a multiple of 5* of
Tilney
1%.
Prin. and int. (J-J) payable at the Hudson Trust Co., Union City.
required to be obtained at sale of the bonds is $22,500.
The
are unlimited tax obligations of the borough and the
approving legal
opinion of Hawkins, Delafield & Longfellow of N. Y. City will be furnished
the successful bidder.
A certified check for 2% of the bonds offered, pay¬
able to order of the borough, is required.
The
Company
sum
76 BEAVER STREET
bonds
FORT LEE. N. 3.—NOTICE TO CREDITORS OF BOROUGH AND
SCHOOL DISTRICT—Creditors of the Borough and of the Board of Educa¬
tion are advised that the changes in and modifications of the plans of com¬
position were approved by the U.S. District Court for the District of New
Jersey on July 18, 1939, and any creditor who has previously accepted the
Elan of composition dated filing 1, written notice of such withdrawal in the
is acceptance thereof by Aug. a 1938, may exercise his right to withdraw
office of the clerk of the court on or before
July 31, 1939.
If withdrawal
is not made within such
period, it shall be deemed that the plan as changed
and modified has been accepted.
A hearing will be held on Aug. 7 at 10:30
o clock
(DST) in the Federal Building, Newark, N. J., upon the second and
concluding report of the special master, which report has been directed to
be filed with the clerk of the court on or before
Aug. 1. 1939. and on an
Interlocutory decree confirming the plans of composition as changed and
modified.
Exceptions, if any, to the second and concluding report of the
special master are to be filed on or before Aug. 5, 1939.
The report may
be inspected at
any time after Aug. 1, at the Newark office of the clerk of
the U, S. District Court.
At this hearing the Court will consider and act
upon a motion to confirm the second master's reoort and to enter an inter¬
locutory decree confirming the plans of composition.
MOUNT LAUREL
TOWNSHIP, N. 3.—PROPOSED REFUNDING
ISSUE—The State Funding Commission on July 13 considered the town¬
ship s proposal to Issue $55,000 refunding bonds.
Pointing out that the
issue is intended to
place the township on a cash basis and conceding the
necessity of the venture, the commission added that financial conditions
in the
township are not all that could be desired.
It was stated that the
taxing unit is not up to date in the holding of tax sales and tax collections
are low.
The following resolution was then adopted by unanimous vote:
Resolved, that as a condition to the formal approval of the plan of refunding
proposed, the Secretary be authorized to approve no further documents
until such time as the
to the effect that a
Township has
resolution with the Commission
complete and ail inclusive tax sale be held forthwith
an£any event not later than Oct.
complete and
all inclusive
tax
filed
a
Nov.
1
NEW
YORK
BATAVIA,
N. Y.—BOND SALE—The $50,000 coupon or registered
bonds offered July 18—V. 149, p. 146—were awarded to Paine, Webber
& Co. of New York, as 5*s, at a price of 100.03, a basis of about 0.74%.
Sale consisted of:
$40,000 home relief bonds.
Due June 1 as follows: $6,000 in 1940; $7,000
in 1941 and $9,000 from 1942 to 1944 incl.
10,000 public works bonds. Due $5,000 on June 1 in 1940 and 1941.
All of the bonds will be dated June 1, 1939. Other bids:
Bidder—
Rate Bid
100.002
100.065
100.016
Int. Rate
■.
Salomon Bros. & Hutzler
5*%
-—
0.80%
0.80%
Goldman, Sachs & Co
Manufacturers & Traders Trust Co_Union Securities Corp
......
100.32
i—-—
1%
Tilney & Co
—
Kidder, Peabody & Co.
Sherwood & Reichard, Inc. and George B. Gibbons
1%
1%
100.22
100.19
1%
1%
1%
1%
100.10
100.038
100.02
Par
100.17
-
& Co
Halsey, Stuart & Co.. Inc
Erickson, Perkins & Co.*
Adams, McEntee & Co., Inc
Marine Trust Co. of Buffalo
-
•
1.10%
CAMILLUS, N. Y.—BOND SALE—The $12,000 bonds offered July 20
awarded to the Union Securities Corp., New York, as 2.10s, at a price
were
of
100.17,
a
basis of about 2.06%.
$7,000 highway bonds.
to
Denom. $1,000.
Due $1,000
on
May 1 from 1940
1961 incl.
5,000 public works bonds.
Denom. $500.
Due $500 on May 1 from 1940
to 1949 incl.
All of the bonds will be dated May 1,
able in Camillus.
NEW
^ Purchase of $80,000 not to exceed 5% interest
Dated July l,
Slly L ^0Inj ? P to 1949, incl.
Principal and interest
1939.
coupon
Denom. $1,000.
Bidder to
(J-J) payable
or
registered
Due $8,000 on
name a single rate
of interest.
at the Summit Trust
Co., Summit, or at
the Central Hanover Bank & Trust
Co., New York City.
The sum re¬
quired to be obtained at sale of the bonds is
$79,731.64.
The bonds are
unlimited tax obligations of the
borough and the approving legal opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
A certified check for
2% of the bonds must accompany
each
N. Y.
1939.
Prin. and int. (M-N) pay¬
Legality approved by Dillon, Vandewater & Moore of
New York City.
PROVIDENCE, N. J .—BOND OFFERING—Thomas C. Musson.
Borough Clerk, wih receive sealed bids until 8 p. m.
(DST) on Aug. 15, for
refunding bonds
NEW YORK,
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
1,1939. and to the further effect that
sales will be held not later than
thereafter.
•
&
Municipals
CEDARHURST,
N.
Y.—BOND
OFFERING—Sealed
bids
will
be
received by the Village Clerk until 2 p. m. (DST) on July 25 for the purchase
of $11,000 not to exceed 6 % interest coupon or registered street Improvement
bonds.
Dated July 1, 1939.
Denom. $1,000. Due July 1 as follows: $2,000
1941 to 1949 inci.
Bidder to name one rate of
expressed in a multiple of 5* or 1-10th of 1%.
Principal and
interest (J-J) payable at the village Treasurer's office or at the Manu¬
facturers Trust Co., New York.
The bonds are unlimited tax obligations
of the village and the approving legal opinion of Hawkins, Delafield &
Longfellow of New York City will be furnished the successful bidder.
A
certified check for $220, payable to order of the village, is required.
in
1940 and $1,000 from
interest,
proposal.
OCEAN GROVE FIRE DISTRICT (P. O. Ocean
Grove), N. J.—
BOND OFFERING-—Treasurer Louis O. Briggs announces that the Board of
Commissioners will receive sealed bids until 8:30
p. m. on Aug. 1 for the
CORNING, N. Y.—BOND SALE—The $78,000 coupon or registered
bonds offered July 17—V. 149, p. 448—were awarded to Roosevelt & Weigold, Inc., New York, as 1.20s at 100.18, a basis of about 1.13%.
Sale
consisted of:
Volume 149
The Commercial & Financial Chronicle
$30,000 public works projects bonds.
Due $6,000 on Aug. 1 from 1940 to
1944, inclusive.
48,000 public welfare bonds.
Due Aug. 1 as follows: $4,000 in 1940 and
1941 and $5,000 from 1942 to 1949, incl.
All of the bonds will be dated
Aug. 1, 1939.
Other bids:
Bidder—
int. Rate
Union Securities
Corp
1.20%
Halsey, Stuart & Co., Inc
1.20%
Salomon Bros. & Hutzler
1.20%
Tilney & Co. and C. F. Herb & Co
1.25%
George B. Gibbons & Co. and Sherwood & Reichard,
,
Inc
Rate Bid
100.26
100.199
100.12
100.18
100.127
1.25%
1.25%
1.30%
1.30%
1.50%
Adams, McEntee & Co., Inc
Marine Trust Co., Buffalo, and R. D. White &
Co..
Manufacturers & Traders Trust Co
First National Bank of
Corning
Par
CORTLAND, N. Y.—BOND
SALE—The $581,000 coupon or registered
bonds offered July 21—V.
149, p. 448—were awarded to a group com¬
posed of Kidder, Peabody & Co., Lehman Bros, and Estabrook &
Co.,
all of New
York, as 1.60s, at a price of 100.579.
Sale consisted of the
following:
$312,000 school bonds.
Denom. $1,000.
Due June 1 as follows:
$12,000
from 1940 to 1952
incl., and $13,000 from 1953 to 1964 incl.
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.
51,500 home relief bonds.
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
$1,000 each.
Due June 1 as follows:
$3,500, 1940; $3,000 from
1941 to 1946 incl.; $4,000 in 1947 and 1948.
15,000 series B street improvement bonds.
Denom.
June 1 as follows: $2,000 from
from 1946 to 1948 incl.
All of the bonds will be dated June
1940
to
$1,000.
Due
and $1,000
1945 incl.,
1, 1939.
DEPEW, N. Y.—BOND SALE—The $25,000
coupon or registered
bonds
offered July 20 were awarded to the Citizens
National Bank of Lancaster
as 2^8, at a
price of 100.30, a basis of about 2.43%.
Sale consisted of:
$10,000 improvement bonds.
Due $2,000 on July 1 from 1940 to
incl.
Denom. $1,000.
15,000 sewer bonds.
Due $1,500 on July 1 from 1940 to 1949
Denom. $1,000 and $500.
1944
.
All of the bonds will be dated
July 1, 1939.
Prin. and int.
at the Manufacturers &
Traders Trust Co., Buffalo, or at
National Bank of Lancaster, at
option of the holder.
by Dillon, Yandewater
&
& Moore of New York
City.
^Traders Trust Co. of Buffalo, second high bidder,
incl.
(J-J) payable
the Citizens
Legality approved
The Manufacturers
offered 100.329 for
HARRISON
(P. O. Harrison), N. Y.—BOND OFFERING—Benjamin
receive sealed bids until 2 p. m. (DST)
on July 27 for the
purchase of $80,000 not to exceed 5% interest coupon or
registered general town bonds.
Dated Aug.
1, 1939.
Denom. $1,000.
Due $16,000 on Aug. 1 from 1940 to 1944
incl.
Bidder to name a single
rate of interest, expressed in a
multiple of X or l-10th of 1%.
Prin. and
int. (F-A) payable at the First National Bank of
Harrison, with New York
exchange.
Proceeds of sale will be used to pay final
judgments against
the town for tax refunds and the bonds will
be payable from unlimited taxes.
A certified check for
$1,600, payable to order of the town, is required.
Legal opinion of Dillon, Vandewater & Moore of New York
City will be
Taylor, Town Supervisor, will
furnished the successful bidder.
HEMPSTEAD, N. Y.—BOND OFFERING—Eugene P. Parsons,
Village
Clerk, will receive sealed bids until 3:30 p. m. (DST) on
July 27 for the
purchase of $171,875 not to exceed 6% interest coupon or
registered bonds,
,
divided
as
follows:
$150,000 general improvement (street and sewer) bonds.
Denom. $1,000.
Due Aug. 1 as follows: $21,000 in
1940; $22,000, 1941; $31,000
in 1942 and 1943
an£ $9,000 from 1944 to 1948, incl.
10,000 water bonds.
Denom. $1,000.
Due $1,000 on Aug. 1 from
1940 to 1949, incl.
4,750 sidewalk bonds.
One bond for $750, others $1,000 each.
Due
Aug. 1 as follows: $1,750 in 1940 and $1,000 from
1941 to 1943,
inclusive.
7,125 land acquisition bonds.
One bond for $125, others $1,000 each.
Due Aug. 1 as follows: $2,125 in
1940; $2,000 in 1941 and 1942
and $1,000 in 1943.
A1 3of the bonds will be dated
Aug.
1, 1939.
Bidder to name a single
interest, expressed in a multiple of X or l-10th of 1%.
Principal
(F-A) payable at the West Hempstead National Bank, West
Hempstead, or at the Bank of New York & Trust Co., New York.
The
bonds are unlimited tax obligations of the
village and the approving opinion
of Hawkins, Delafield &
Longfellow of New York City will be furnished the
successful bidder.
A certified check for
$3,437.50, payable to order of the
village, is required.
rate of
and interest
r
MONTAUK FIRE DISTRICT (P. O. East
Hampton), N. Y.—BOND
OFFERING—Richard T. Gilmartin, District Secretary, will receive sealed
bids until 2 p.m. (DST) on Aug. 7 for the
purchase of $12,500 not to exceed
6% interest registered bonds, divided as follows:
$6,000 equipment bonds.
Denom. $1,200.
Due $1,200 on Oct. 1 from
•
1940 to 1944, incl.
Denom. $650.
Due $650 on Oct. 1 from 1940
l
16,500 property bonds.
to 1949, incl.
r
All of the bonds will be dated Oct. 1, 1939.
Bidder to name a single rate
of interest, expressed in a multiple of
X or l-10th of 1%.
Principal and
interest (A-O) payable at the Osborne Trust
Co., East Hampton.
The
bonds are unlimited tax obligations of the district.
No fees for approving
opinion or any other disbursements will be allowed to the
purchaser of
the bonds.
A certified check for $250,
payable to order of the Board of
Fire Commissioners, is required.
*
NEW YORK, State of—SEVERAL MEMBERS NAMED
TO MUNIC¬
IPAL FINANCE COMMISSION—Governor Lehman has
appointed three
members to the temporary commission to
study municipal financing.
They are Harry O'Brien, director of the Division of
Municipal Accounts;
Robert S. Kyle, of New York, and
George Xanthaky, Long Beach Council¬
man.
Other members of the Commission, created
by the 1939 Legislature will
be named by Republican legislative leaders.
NORTH DANSVILLE (P. O.
Dansville), N. Y.—OTHER BIDS—The
$22,000 land purchase bonds awarded to the Manuracturers & Traders
Trust Co., Buffalo, as 2s, at a price of
100.339, a basis of about 1.97%—
V. 149, p. 289—were also bid for as follows:
Bidder—
Int. Rate
Geo. B. Gibbons & Co., Inc
Bank of LeRoy
_„_
Sherwood «fe Reichard, Inc
100.27
100.295
2X%
E. H. Rollins & Sons
Roosevelt & Weigold
__
Erickson Perkins & Co
Tilney & Co
Blair & Co., Inc
Rate Bid
2.10% *
2.20%
2.20%
2.20%
Marine Trust Co., Buffalo
Union Securities Corp., New York
2X%
2X%
100.27
100.20
100.44
100.343
100.16
2X%
_
100.045
2.40%
2.70%
__
100.15
100.22
NIAGARA
FALLS
BRIDGE
COMMISSION,
N.
Y.—FEDERAL
LOAN AGENCY TO CONSIDER BRIDGE
PROJECT—Jesse H. Jones,
Administrator of the Federal loans agency, which includes the
Reconstruc¬
tion Finance Corporation, at his press conference on
July 17 said due
"consideration" would be given to the application for a loan
by the Niagara
Falls Bridge Commission.
Initial conferences between the Commission
and
the
RFC
were
entered
into
recently
with
view towards securing
funds necessary to carry out the construction of the
international span at
Niagara Falls.
The outcome of the conferences will be significant in view
of the fact
eliminating
$2,000 in 1941 and $1,000 from 1942
bids*
Bidder—
Sons, Inc
Roosevelt & Weigold, Inc
Marine Trust Co. of Buffalo
the statute creating the Commission has been
amended
the tax-free features of its bonds.
The amendment was
passed
Par
100.53
100.455
100.25
100.28
2.10%
2.20%
2.20%
2.40%
Gordon Graves & Co
Other
Rate Bid
1.90%
2%
2%
____
Union Securities
Corp.
E. H. Rolhns &
ta£2£Z,OF, NEW YORK
INCOME—Net
to 1954, incl.
int. Rate
Sherwood & Reichard, Inc
Sage, Rutty & Co
100.24
100.41
*
AUTHORITY, N. Y.—REPORTS HIGHER
income of the Port of New York
Authority moved sharply
higher during June as compared with the like
month of 1938, according
prehminay income statement of the Authority.
Net income from
all operations
amounted to $574,993 in June
against $358,997 a year prevtously, an increase of 60.2%.
June gains enabled the Authority to bring
to the
the 12 months total to
within
12
months.
2.8% of the total net income for the preceding
Net income for the
12 months ended June 30 amounted to
$4,865,107 against $5,003,413 in the
preceding 12 months.
«r£9U£*1KEEPS1E» N- Y.—BONDS PLBLICLY OFFERED—OTHER
BIDS—The Manufacturers & Traders
Trust Co., Buffalo, and Adams,
McEntee & Co., Inc., New
York, jointly, successful bidders for $400,000
various purposes bonds as
1.40s, at 100.477, a basis of about 1.39%—Y.
149, p. 448—re-offered the
obligations to yield from 0.15% to 1.60%,
according to maturity.
Other bids for the bonds were as follows:
Bidder—
Boatmen
Int. Rate
National Bank; Sherwood &
Reichard,
Inc., and Stranahan, Harris & Co
Harris Trust &
Savings Co., and Geo. B. Gibbons &
Premium
s
Co
Ingen & Co
Bankers Trust Co
1,156.00
801.50
284.00
2,180.00
1,268.00
1.50%
600.11
600.00
319.60
1,156.00
384.00
204.00
1.50%
1.50%
Union Securities
Corp
Lazard, Freres & Co., and First
1.60%
1.60%
1.80%
of Michigan Corp__
Burr & Co., and C. F. Childs & Co
STAMFORD,
1.40%
1.50%
Estabrook & Co., and Solomon Bros.& Hutzler
R.
D. White & Co.; Marine Trust
Co.; E. H.
Rollins & Sons, and A. C.
Allyn & Co., Inc
Blyth & Co., and Kean, Taylor & Co
Harriman Ripley & Co., and
Smith, Barney & Co__
$1,636.00
1.50%
;
Halsey, Stuart & Co., Inc
1.40%
1.40%
1.40%
i
Kidder, Peabody & Co.; Lehman Bros., and B.J.
KORTRIGHT,
DELHI,
HARPERSFIELD, MERE"
(P. O.
Y.—BOND SALE— George B. Gibbons & Co.,
Tnc., New York, purchased on July 14 an issue of $10,000 school bonds as
2.20s at a price of 100.27, a basis of about
2.15%.
Dated June 1, 1939.
Denom. $1,000.
Due $1,000 on June 1 from 1940 to 1949, incl.
Prin.
and int. (J-D) payable at the National Bank of Hobart.
Legality approved
by Reed, Hoyt, Washburn & Clay of N. Y. City.
Second high bid of
100.11 for 2.20s was made by Roosevelt &
Weigold, Inc.
DITH AND
South
BOVINA CENTRAL SCHOOL DISTRICT NO. 2
Kortright),
N.
;
SYRACUSE, N. Y.—VOTES LARGE
REFUNDING ISSUE—Issuance
of $1,600,000 debt
refunding bonds has been authorized by the Common
Council.
Finance Commissioner Kennedy stated that the bonds
probably
will not be offered for sale until after Jan.
1, 1940.
The issue will be in
serial bonds payable in equal annual instalments of
$160,000
over a
period
of 10 years.
In authorizing the issue, the Common Council at the same
time canceled issuance of $600,000 of debt
equalization bonds scheduled
for this month, so that the
city's fiscal program will conform with require¬
ments of the new State Constitution.
A section of the Constitution changes
regulations governing municipal debt equalization programs, and made it
necessary for the City of Syracuse to change the setup of the 5-year equali¬
zation plan established in 1937.
TRIBOROUGH BRIDGE AUTHORITY, N. Y—PROPOSED BRIDGE
REJECTED BY WAR DEPARTMENT—The proposal of Robert Moses,
Chairman of the Authority, to construct a $44,000,000 bridge
connecting
the Battery, New York City, with Hamilton Avenue,
Brooklyn, was
rejected by the War Department, through Secretary of War Harry H.
Woodring.
In a formal statement issued by the War Department on July
17, it was stated that after careful consideration of plans for the structure,
the Secretary decided that he could not approve the
span on the ground
that it would endanger the defenses of New York during war time and would
be a hazard to the movement of ships to and from the New York
Navy
Yard In Brooklyn.
The statement said that the War Department would
cooperate with the city on plans for a tunnel to Brooklyn and expressed the
hope that when the natural life spans of the two existing bridges "seaward"
of the Navy Yard—the Manhattan and
Brooklyn bridges—are finished, the
city would seek to replace these structures with vehicular tunnels.
The
War Department's action was vigorously denounced by Mr. Moses, who
pointed out that the original plan to construct a tunnel had been turned
down by the Federal authorities as even with a substantial Federal
grant
it would not be self-liquidating.
Mr. Moses declared that the cost of a
tunnel with all
proper approaches would reach $85,000,000, as compared
to $44,000,000 for a bridge.
In contrast, the Merchants' Association of
New York was "gratified" to learn that the bridge project had been killed,
terming it "ill-conceived and wasteful."
The Association urged that a
study be made of "logical" methods of providing better traffic connections
with Brooklyn and suggested that plans to rebuild the Brooklyn Bridge
and to afford decent approaches to it would be the best solution of the
prob¬
lem.
CITY STARTS
tion has
WORK ON
already started to
TUNNEL jPLANS—The
City Administra¬
its plans for furnishing a traffic link from
place of the Battery-Brooklyn Bridge, sponsored
by Park Commissioner Robert Moses, for which the War Department on
prepare
Manhattan to Brooklyn in
Monday, refused to give its approval.
It appeared possible that the city
was planning to apply for a grant and loan under the terms of the
proposed
$350,000,000 Public Works Administration bill, which is now pending in
Congress. This bill would lend 70 % of the funds for a self-liquidating project
and the grant would be 30%, instead of the 55-45 basis under the present
bill.
It is believed by those sponsoring a tunnel project that it would be
self-liquidating if interest rates on the loan were not fixed too high.
The
tunnel was originally proposed to run from the Battery to Hamilton Ave.,
but in 1938 the Federal government refused to act on an application for a
loan.
When this project went into the discard, Mr. Moses prepared the
bridge plans.
WEBSTER (P. O.
will
be
received
Webster), N. Y.—BOND OFFERING—Soaled bids
until
Aug. 3 for the purchase of $43,000 Forest Lawn
Water District bonds.
WESTCHESTER COUNTY (P. O. White Plains), N. Y.—BOND
$285,000 coupon or registered home relief bonds offered
July 20—V. 149, p. 449—were awarded to the Chase National Bank of
New York as %s, at a price of 100.077, a basis of about
0.72%.
Dated
July 15, 1939 and due July 15 as follows:
$75,000 in 1940 and $70,000
SALE—The
from 1941 to 1943 incl.
Bidder—
Other bids:
'
Int. Rate
Lehman Bros, and Manufacturers & Traders Trust Co.
Salomon Bros. & Hutzler
100.059
1%
100.03
100.32
1%
R. W. Pressprich & Co
Marine Trust Co.,
100.318
Buffalo, and R. D. White &
Co., jointly
Union Securities
Rate Bid
100.03
Chemical Bank & Trust Co
Corp., New York, and Estabrook &
Co., jointly
Halsey, Stuart & Co
a
that
JUNIUS, LYONS AND ARCADIA CENTRAL
NO- 1 (P- O. Phelps), N. Y.—BOND SALE—
series B school bonds offered
July 20—V. 149, p. 448-—were
awarded to George B. Gibbons &
Co., Inc., New York, as 1.90s at 100.109,
P about 1.88%.
Dated June 1, 1939 and due June 1 as folllows:
Van
FALLSBURGH FIRE DISTRICT
(P. O. Fallsburgh), N. Y.—
BONDS SOLD—An issue of $7,200
3%% coupon fire department apparatus
bonds was sold on June 6 to the
Woodridge Co-operative Fire Insurance
Co. of Woodridge.
Dated June 1, 1939.
Denoms. $600 and $750.
Due
$600 in 1940 and 1941 and $750 from 1942 to
1949, incl.
Callable at
district's option.
Interest annually on June 1.
Registered.
I.
cr^lJKvPSA,?MECA'
§£H£9^PISTRICT
ine $17,050
100.09
100.139
100.139
613
the House and is due
for early action in the Senate.
Administrator
Jones stated that
the Corporation's
engineering department "is going over
estimates of revenue to see if
the project is self-liquidating."
He would
not say what
percentage of the bonds the Commission is seeking to
dispose
of on the
security of toll receipts.
Geo. B. Gibbons & Co., Inc., and Adams, McEntee <fc
Co., jointly
Hemphill, Noyes & Co., and A. C. Allyn & Co.. jointly
Goldman, Sachs & Co., and Blair & Co., Inc., jointly-
1%
100.29
1%
l %
100.289
100.272
1%
1%
1%
100.261
100.107
100.056
The Commercial &
614
NORTH
Financial Chronicle
CAROLINA
COUNTY (P. O. L*Moir), N. C—BOND SALE—The
$51,000 issue of school bonds offered for sale on July 18—V. 149, p. 449—
was awarded to Kirchofer & Arnold of Raleigh, paying par on the bonds
divided as follows: $30,000 as 2Mb, due on Feb. 1; $2,000 in 1942 to 1947,
and $3,000 in 1948 to 1953; the remaining $21,000 as 2Mb, due $3,000 from
Feb. 1, 1954 to 1960, inclusive.
CALDWELL
FORSYTH COUNTY (P.
dated Aug.
McDONALD-COOLI DGE & CO.
O. Winston Salem), N. C.—BOND OFFER¬
Govern¬
Raleigh,
(EST), on July 25, for the purchase of the following bonds,
1939, due on Aug. 1, in the years hereinafter stated without
1,
MUNICIPALS
OHIO
ING—We are informed by W. E. Easterling, Secretary of the Local
ment Commission, that he will receive sealed bids at his office in
until 11 a. m.
July 22, 1939
1001
UNION COMMERCE
BLDG., CLEVELAND
CINCINNATI
AKRON
CANTON
SPRINGFIELD
COLUMBUS
option of prior payment:
$50,000 road refunding bonds
$3,000, 1947 to 1958,
maturing annually $2,000 1940 to 1946 and
inclusive.
45,000 school refunding bonds maturing annually $3,000, 1940 to 1946,
and $2,000, 1947 to 1958, inclusive.
Denom. $1,000; principal and interest (F-A) payable in lawful money
in New York City; general obligations; unlimited tax; coupon bonds registerable as to both principal and interest; delivery at place of purchaser's
choice.
There will be no auction.
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 not
exceeding 6% in multiples of M of 1%; each bid may name one rate for
part of the bonds of either issue (having the earliest maturities) and another
rate for the balance, but no bid may name more than two rates for either
issue, and each bidder must specify in his bid the amount of bonds of each
rate.
The bonds will be awarded to the bidder offering to purchase the
bonds at the lowest interest cost to the county, such cost to be determined
by deducting the total amount of the premium bid from the aggregate
amount of interest upon all of the bonds until their respective maturities.
Bids must be on a form to be furnished by the above Secretary and must
be accompanied by a certified check upon an incorporated bank or trust
company, payable unconditionally to the order of the State Treasurer for
$1,900.
The approving opinion of Reed, Hoyt, Washburn & Clay of New
York City, will be furnished the purchaser.
<
N. C.—BOND OFFERING—We are
GRAHAM,
informed by W. E.
Easterling, Secretary of the Local Government Commission, that he will
receive sealed bids until 11 a. m. (EST), on July 25, at his office, in Raleigh,
purchase of the following bonds aggregating $138,000, dated Aug.
1939, and maturing as set out herewith, without option of prior payment:
for the
1,
refunding bonds, maturing annually, May 1, $4,000,
1958; $10,000, 1959; $13,000, 1960,
$108,000 general
1947 to 1950; $7,000, 1951 to
and $13,000, 1961.
25,000 refunding water bonds, maturing annually,
1947 to 1950; $2,000, 1951 to 1956, and $3,000,
May
1, $1,000,
1957 to 1959, all
inclusive.
5,000 funding water bonds, maturing
to 1951, incl.
Denom. $1,000;
annually, May 1, $1,000, 1947
principal and interest (Nov. 1, 1939, and semi-annually
and November of each year), payable
thereafter on the first days of May
City in legal tender; general obligations; unlimited tax; coupon
bonds registerable as to principal alone; delivery on or about Aug. 17, 1939,
at place of purchaser's choice.
There will be no auction.
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, not
exceeding 6% in multiples of M of 1%; each bid may name one rate for part
of the bonds of any issue (having the earliest maturities) and another rate
for the balance, but no bid may name more than two rates for any issue,
and each bidder must specify in his bid the amount of the bonds of each
rate.
The bonds will be awarded to the bidder offering to purchas
tne
bonds at the lowest interest cost to the town, such cost to be determined by
in New York
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 with additional information,
and must be accompanied by a certified check upon an incorporated bank or
trust company, payable unconditionally to the order of the State Treasurer
for $2,760.
The approving opinion of Masslich & Mitchell, New York
City, will be furnished the purchaser.
NORTH CAROLINA,State ot—LOCAL BOND
—The Local Government
ISSUES AUTHORIZED
Commission is reported to have authorized
the
issuance of the following bonds:
RANDOLPH COUNTY (P. O. Asheboro), N. C.—NOTES SOLD—
reported that $60,000 notes have been purchased by the Wachovia
Winston-Salem, at 1M%, Plus a premium of $1.26.
O.
Salisbury),
N.
C.—NOTES SOLD—A
by the Wachovia Bank
$50,000 issue of notes is said to have been purchased
& Trust Co. of Winston-Salem, at 0.75%.
SAMPSON COUNTY (P. O. Clinton), N. C.—BONDS DEFEATED
an election held on July 15 the voters are reported to have rejected a
—At
proposal to issue $250,000 in school construction
bonds.
STANLY COUNTY (P. O. Albemarle), N. C.—BOND
Sealed bids will be received until 11 a. m. (EST), on July
OFFERING—
25, by W. E.
Easterling. Secretary of the Local Government Commission, at his office
in Raleigh, for the purchase of the following bonds aggregating $84,500,
all dated June 15,1939, and due on June 15, in the years hereinafter stated,
without option of prior payment:
$60,500 general refunding bonds, maturing annually. $500, 1946; $5,000,
1947, $10,000, 1948, and 1949; $15,000, 1950, and $20,000, 1951.
24,000 school refunding bonds, maturing annually, $4,000, 1943; $5,000
1945, 1947, 1948 and 1949.
Denom. $1,000, excepting one bond of $500; prin. and int. (J-J
15)
payable in New York City in lawful money; general obligations; unlimited
tax; coupon bonds registerable as to principal only; delivery at place of
purchaser's choice.
There will be no auction.
A separate bid for each separate issue (not less than par and accrued
interest) is required.
Bidders are requested to name the interest rate or
rates, not exceeding 6% in multiples of M of 1%; each bid may name one
rate for part of the bonds of either issue (having the earliest maturities)
and another rate for the balance, but no bid may name more than two
rates for either issue, and each bidder must specify in his bid the amount
of 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 oe 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.
Secretary and
must be accompanied by a certified check upon an incorporated bank or
trust company, payable unconditionally to the order of the State Treasurer,
for $1,690.
The approving opinion of Reed, Hoyt, Washburn & Clay,
Bids must
be
on
a
form to
be furnished by the above
New York City, will be furnished the purchaser.
.
NORTH
Finance.
SCHOOL DISTRICT, Ohio—NOTE SALE DE¬
refunding notes sold to the Ohio National
149, p. 449—are dated July 10, 1939 and mature
ALLIANCE CITY
TAILS—The $67,506.09 2%%
Bank of Columbus—V.
in two years.
AMSTERDAM, Ohio—BOND SALE DETAILS—The $18,000 water¬
purchased by Nelson, Browning & Co. of Cincinnati—V. 148,
2469—were sold as 4s and mature $1,000 on Dec. 1 from 1940 to 1957.
inclusive.
W"
works bonds
p.
AURELIUS SCHOOL DISTRICT (P. O. Macksburg), Ohio—NOTE
First National Bank of Marietta purchased on July 18, an
$4,663.36 refunding notes.
Only one bid was received.
SALE—The
issue of
BALTIC SCHOOL DISTRICT,
Ohio—NOTE SALE DETAILS— The
$5,136.79 3% refunding notes purchased by the Baltic State Bank of Baltic
—V. 149, p. 449—mature in two years, according to Charles A. Ott, Clerk
of Board of Education.
DISTRICT, Ohio—NOTE SALE—The Ohio
awarded on July 15 an issue of $10,772.53
The First National Bank of Batavia bid for 3 Ms.
SCHOOL
BATAVIA
National Bank of Columbus was
refunding notes as 3s.
BELLEVILLE SCHOOL DISTRICT, Ohio—NOTE SALE DETAILS
4% refunding notes sold to the Farmers Bank of Belle¬
449—mature in two years, according to Clerk of Board
—The $9,995.65
ville—V. 149, p.
of Education.
BLOOMDALE SCHOOL DISTRICT,
Ohio—NOTE ISSUE DETAILS
refunding notes sold to the Tiffin National Bank
449—bear interest at 4% and mature in two years.
—The $5,175.90
—V. 149, p.
of Tiffin
BROWN-HARRIS RURAL SCHOOL DISTRICT (P. O. Malvern),
Minerva Savings & Bank Co. of Malvern
Ohio—NOTE SALE—The
$12,102.30 refunding notes.
SCHOOL DISTRICT (P. O. Fletcher),
Bank & Trust Co. of Piqua, the
July 17 an issue of $4,224.56 refunding notes
purchased on July 14 an issue of
BROWN TOWNSHIP RURAL
Ohio—NOTE SALE—x'he Pi qua National
only bidder, was
as
awarded on
3s.
EXEMPT SCHOOL DISTRICT, Ohio—NOTE SALE--The
Ohio National Bank of Columbus purchased on July 17 an issue of $14,010.26
refunding notes as 2Mb.
BRYAN
COUNTY (P. O. Hamilton), Ohio—NOTE OFFERING—
Board of County Commissioners, will receive sealed
July 28 for the purchase of $185,000 2M% poor relief
notes.
Dated July 1, 1939.
Denom. $1,000.
Due as follows: $9,000
Oct. 1, 1939, $10,000 Jan. 1, $32,000 April 1, $10,000 July 1 and Oct. 1,
1940, $10,000 Jan. 1, $32,000 April 1, $10,000 July 1 and Oct. 1, 1941,
$10,000 Jan. 1, and $26,000 April 1, 1942, and $16,000 March 1, 1943.
Bidders may bid for a different rate of interest in a multiple of M to 1 %.
Interest payable (J. & J. 1) unless the notes mature before the semi-annual
bids until noon on
It is
(P.
and int.
P. G. Banker, Clerk of
Bank & Trust Co. of
COUNTY
(A-O) payable at the office of the Director of Finance.
The bonds are issued for the purpose of refunding general obligation bonds
of the city, heretofore issued for sundry purposes under the laws of the
State of Ohio, inside the limitations of Section 2, Article XII, of the Con¬
stitution, and Section 86a of the Charter of the City, which are about to
mature between Oct. 1 and Dec. 31, 1939; and issued under authority of
the General Laws of the State, particularly the Uniform Bond Act of the
General Code, the approval of the Bureau of Inspection and Supervision
of Public Offices, the Charter of said City, and Ordinance No. 201—1939,
of the City of Akron, Ohio, duly passed on July 11, 1939.
The bonds are
payable from taxes levied inside the 10-mill limitation of Section 2, Article
XII, of the Constitution of Ohio, and inside the 7.5 mills limitation of
Section 86a of the Charter of said city.
No formal bidding blank required
and bonds will be furnished by the city.
Bids to be for all or none. No
other accepted.
Bids to be made subject to purchaser's attorneys as to
legality, approving opinion to be paid for by the purchaser.
Enclose a
certified check for 2% of the amount bid for, payaole to the Director of
Prin.
BUTLER
$58,000 Beaufort County refunding bonds.
66,000 Davidson County refunding bonds.
142,000 Lincoln County refunding bonds.
47,000 Rowan County school building bonds.
ROWAN
OHIO
:
payment in which event the installment of interest shall be due at maturity.
Prin. and int. payable in lawful money at the County Treasurer's office.
The notes are payable from excise taxes, and taxes levied within tax limita¬
tions and are full general obligations of the County.
The notes will be sold
at not less than par and
accrued interest.
The approving opinion of
Squire, Sanders & Dempsey, Esq., of Cleveland, will be furnished the pur¬
chaser.
Enclose a certified check for $1,850, payable to the County
Treasurer.
■
CAMPBELL,
Ohio—BOND
SALE
DETAILS—The
.
$64,187 special
street improvement bonds awarded during March to Ryan,
Sutherland & Co. of Toledo as 3s—V. 148, p. 1845—were sold at a price of
assessment
100.842 and approved as
Cleveland.
'
to legality by Squire,
• :
Sanders & Dempsey
of
.
CHILL1COTHE, Ohio—BOND SALE CONTRACT—Mayor Harold H.
Brown reports that Siler, Carpenter & Roose of Toledo have contracted to
purchase $700,000 3M% water plant bonds, to mature over a period of 30
years.
CLAY-GENOA SCHOOL DISTRICT
(P. O. Genoa), Ohio—NOTES
submitted for the $10,627.88 not to exceed 4%
offered July 14. They will be sold to the State
TO BE SOLD—No bids were
interest refunding notes
Treasurer, according to report.
COLUMBUS CITY SCHOOL DISTRICT, Ohio—NOTE SALE—The
National Bank of Columbus was awarded on July 18 an issue of
Ohio
$521,245.27 refunding notes as 2s, at a price of 100.01.
The Huntington
National Bank of Columbus, second high bidder, offered par for 2Mb.
COLUMBUS GROVE
The Union Bank Co. of
SCHOOL DISTRICT, Ohio—NOTE SALE—
July 17 an issue of
Columbus Grove purchased on
$8,604.55 refunding notes as 3 Ms.
CLEVELAND, Ohio—BOND
OFFERING—G. A. Gesell, Director of
Finance, will receive sealed bids until 11 a. m. on Aug. 7 for the purchase of
$5,075,000 4% coupon bonds, divided as follows:
$1,075,000 Cuyahoga River improvement bonds authorized at the Nov.,
,1930 general election and payable from taxes unlimited as to
rate or amount.
Dated Aug. 1,1939 and due $43,000 on Nov. 1
from 1940 to 1964 incl.
1
2,500,000 series A refunding bonds, payable from taxes unlimited as to
rate or amount.
Due $25,000 on Sept. 1 from 1945 to 1954 incl.
DAKOTA
452,000 series
B
bonds issued to refund a like amount of
issued under the then existing 15-mill tax
and which have passed into the
Dated Sept. 1, 1939 and due
follows: $45,000 from 1945 to 1952 incl. and $46,000
refunding
serial bonds heretofore
BARNES COUNTY (P. O. Valley City), N. Dak.—BONDS VOTED
—At an election held on July 11 the voters are said to have approved the
issuance of $65,000 in refunding bonds.
limitation prior to Jan. 1, 1931,
hands of holders in due course.
Sept. 1
as
in 1953 and 1954.
l.I^^u^LEM, N. until
Dak.—BOND OFFERING—It is reported that sealed
bids will be received
July 24 by the City Clerk for the purchase
$28,000 issue of water works revenue bonds.
PIERCE COUNTY
IT"?
(P. O.
of a
Rugby), N. Dak.—BONDS DEFEATED
Auditor rep°rts that the voters defeated
$47,000 4% funding bonds at an election on July 11.
a
proposed issue of
OHIO
Ohio—BOND OFFERING—P. W. Ferguson, Director of
Finance, will receive sealed bids until noon (EST) on Aug. 7 for the purchase
of $600,000 3 M % coupon refunding bonds.
Dated Aug. 1,1939.
Denom.
$1,000.
Due $60,000 on Oct. 1 from 1944 to 1953, incl.
The bonds may be
registered as to principal only or may be exchanged for registered bonds.
Bidder may name a different rate of interest in multiples of K of 1%.
AKRON,
469,000 series C refunding bonds issued to refund a like amount of serial
bonds heretofore issued under the then existing 10-mill tax
limitation prior to Jan. 1, 1931, and which have passed into the
hands of holders in due course.
Dated Sept. 1, 1939 and due
Sept. 1 as follows:
1954 incl.
$46,000 in 1946 and $47,000 from 1946 to
„
.
,
405,000 series D refunding bonds issued to refund a like amount of serial
bonds heretofore issued and are payable from taxes subject to a
previously existing 15-mill limitation. Dated Sept. 1, 1939 and
due Sept. 1 as follows:
$40,000 from 1945 to 1949 incl. and
$41,000 from 1950 to 1954 incl.
-174,000 series E refunding bonds issued to refund a like amount of
serial bonds heretofore issued and are payable from limited
taxes.
Dated Sept. 1, 1939 and due Sept. 1 as follows: $17,000
from 1945 to 1950 incl. and $18,000 from 1951 to 1954 incl.
Volume
The Commercial & Financial Chronicle
149
Denom. $1,000.
Interest on the Cuyahoga River Improvement bonds is
payable May 1,1940, and
semi-annually thereafter on the first day of May
and November in each
year; interest on all refunding bonds is payable
March 1, 1940, and
semi-annually thereafter on the first day of March and
September in each year, all at the rate of
4% per annum.
Bidders may,
however, make a bid for a different rate of interest, but such fractional
rate of interest shall be
M of 1 %, or multiples thereof. If bids are received
based upon a different rate of interest than
specified the highest bid based
upon the lowest interest cost to the
city will be accepted, such acceptance
to be approved
by resolution of the City Council. These bonds will be issued
by the city, under authority of law and
ordinance, both principal and
interest being payable at the
Irving Trust Co. in New York City. A certified
check drawn on some solvent bank other than
the one bidding for 1% of
the amount of bonds bid for and
payable to the order of the "Treasurer of
the City of Cleveland" must
accompany each bid; said check to secure the
payment for said bonds according to such bid; said check to be forfeited as
liquidated damages in the
event of default on the part
of the bidder. Checks
of unsuccessful bidders will be
promptly returned.
No bid will be enter¬
tained unless made on a blank form furnished on
application by the Director
of Finance. Bids
may be made separately for each lot or for "all or none."
Split rate bids will not be considered on
any single issue, but different
interest rates may be bid for different issues.
The proceedings relative to
the issuance of said bonds hav6 been taken
under supervision of Squire,
Sanders & Dempsey, Esqs., of
Cleveland, whose approving opinion can be
obtained by the purchasers at their own
expense. Delivery of bonds must be
accepted not later than 10 a. m. on Sept. 1, 1939, and will be made at any
bank in the city designated
by the purchasers, or at a bank agreed upon by
the purchasers and the Director of
Finance.
A full transcript of the pro¬
ceedings will be furnished to the successful bidder. At the request of the
owner, coupon bonds may be exchanged for bonds registered as to principal
and interest. Coupon bonds also
may be registered as to principal only, and
thereafter be transferable to bearer. Inclose a certified check for 1
% of the
amount of bonds bid for, payable to the
City Treasurer.
(These are the bonds mentioned in Y. 149, p. 449.)
EAGLE RURAL SCHOOL DISTRICT
(P. O.
Winchester), Ohio—
NOTE SALE—An issue of $4,426.88
refunding notes was sold on July 17
to the First National Bank of
Sardinia.
ELYRIA CITY SCHOOL
DISTRICT, Ohio—NOTE SALE—The
Elyria Savings & Trust Co. of Elyria purchased on July 17 an issue of
$62,234.98 refunding notes as 2 Ms.
The Ohio National Bank of Columbus
and the Savings
Deposit Bank & Trust Co.
of
Elyria each bid for 2Ms.
FAIRVIEW SCHOOL DISTRICT (P. O. 20740 Lorain Road. LakeOhio—NOTE ISSUE DETAILS—The $9,148.40 4% refunding
Hungington National Bank of Columbus—V. 149, p. 449
wood),
notes sold to the
—mature in two years.
.
FREDERICKTOWN SCHOOL DISTRICT, Ohio—NOTE SALE—An
issue of $12,965.41 refunding notes was sold on
July 14 to the Dan Struble
& Son Bank of
Frederickstown, the only bidder.
GOSHEN
TOWNSHIP RURAL SCHOOL DISTRICT (P. O. St.
Johns, R. R.), Ohio—NOTE SALE DETAILS—The $3,179.13 3% refund¬
ing notes sold to the First National Bank of Marysville—V. 149,
p. 449—
mature in two years.
GOSHEN TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. Berlin
Center), Ohio—NOTE SALE—The First National Bank of Salem was
awarded on July 17 an issue of $9,816.21
refunding notes as 3 Ms.
•
GREEN TOWNSHIP SCHOOL DISTRICT
(P. O. Sidney), Ohio—
NOTE SALE—The Citizens National Bank & Trust Co.
of Piqua pur¬
chased on July 17 an issue of $4,232.19
refunding notes.
HAMDEN
The
VILLAGE
SCHOOL
DISTRICT.
Ohio—NOTE SALE—
Milton
Banking Co. of Wellston purchased
$5,362.92 refunding notes as 3s.
July
on
14
an
issue of
HAMERSVILLE
SCHOOL
DISTRICT, Ohio—NOTE SALE—The
Citizens Bank of Hamersville purchased on
July 17 an issue of $7,343.70
refunding notes as 3 Ms.
*
HARRISON
TOWNSHIP
RURAL
McArthur), Ohio—NOTE SALE—The
SCHOOL
DISTRICT
(P.
O.
Vinton County National Bank o
McArthur purchased on July 11 an issue of $4,268.52
refunding notes
as
3s.
HARMONY RURAL SCHOOL DISTRICT (P. O. South
Vienna),
Ohio—NOTE SALE—The First National Bank & Trust Co. of
Springfield
purchased on July 13 an issue of $5,654.56 refunding notes as 3s.
HIGGINSPORT
SCHOOL
DISTRICT,
Ohio—NOTE SALE— The
July 14 an issue
Citizens Bank of Higginsport, only bidder, was awarded on
of $5,791.48 refunding notes.
'
HUBBARD SCHOOL DISTRICT,
$18,634.91 refunding notes
Bank of Quaker City.
was
sold
on
Ohio—NOTE SALE—An issuelif
July 14 to the Quaker City National
JACKSONVILLE RURAL SCHOOL DISTRICT, Ohio—NOTE SALE
County Bank of New Lexington purchased $2,263.96 refunding
•
JEFFERSON SCHOOL DISTRICT, Ohio—BOND SALE—The
$3,000
building bonds offered July 14—V. 149, p. 148—were awarded to
Saunders,
Stiver & Co. of Cleveland, as 2s, at a price of
100.10, a basis of about
1.97%. Dated July 1,1939 and due $500 on Feb. 1 from 1941 to 1946, incl.
JEFFERSON
TOWNSHIP
RURAL
SCHOOL
DISTRICT,
Ohio—
NOTE SALE—The First National Bank of
Miamisburg purchased $13,162
refunding notes as 3s.
The First National Bank & Trust Co. of
Springfield
also bid for 3s.
KNOX
RURAL SCHOOL DISTRICT
(P. O. Now Marshfield,
R. F. D. No. 2), Ohio—NOTE SALE—The Milton
Banking Co. of Wellston purchased on July 10 an issue of
$2,794.83 refunding notes as 3s.
i^M
LAFFERTY
RURAL
SCHOOL
DISTRICT,
Ohio—NOTE SALE—
The Morris town State Bank of Morris town
purchased an issue of $5,549 37
refunding notes as 3s.
The Quaker City National Bank of Quaker
City
bid for 3 Ms.
LIBERTY TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. West
Star Route),
Ohio—NOTE SALE—The National Bank of
County of West Union was awarded on July 15 an issue of $2,519.82
refunding notes as 3 Ms.
Union,
Adams
LITTLE HOCKING RURAL SCHOOL DISTRICT
(P. O. Torchhill).
Ohio—NOTE SALE—The First National Bank of Marietta
purchased on
July 18
an
issue of $3,763.11 refunding notes.
DISTRICT, Ohio—NOTE
SALE DETAILS
—The $94,192.71 2M% refunding notes soid to the Lorain
Banking Co. of
Lorain—V. 149, p. 289—mature in 1941,
according to Charles A. Hartz.
Clerk of Board of Eudcation.
LORAIN COUNTY
(P. O. Elyria), Ohio—NOTE OFFERING—Fred
Commissioners, will receive sealed bids
July 26 for the purchase of $91,500 not to exceed
4%
interest poor relief notes. Dated July 31, 1939. One note for
$1,500, others
$1,000 each. Due as follows; $31,500 Sept. 1, 1940; $30,000,
Sept. 1, 1941*
$15,000, Sept. 1, 1942 and $15,000 March 1, 1943.
Purchaser to pay the
cost of printing the bonds and, if one is desired, also obtain
legal opinion
at his own expense.
A certified check for $1,000, payable to order of
the
County Commissioners, is required.
C. Ruth, Clerk of Board of County
until 2
p.
m.
on
McARTHUR
SCHOOL
DISTRICT,
Ohio—NOTE SALE—An
issue
of $7,510.34 refunding notes was sold to the Vinton
County National Bank
of McArthur was sold as 3s.
Only one bid was received.
MADISON
RURAL
SCHOOL
DISTRICT
(P.
O.
Zaleski), Ohio—
MALAGA
SPECIAL
SCHOOL
DISTRICT,
Ohio—NOTE SALE
The Citizens National Bank of Woodsfield was awarded on
July 11 an issue
of $1,229.59 refunding notes, as 4s.
Only one bid was received.
MARIETTA, Ohio—BOND SALE—The $25,000
street
resurfacing bonds
offered July 19—V. 149, p. 289—were awarded to J. A.
White & Co. of
Cincinnati as lMs, at a price of 100.11, a basis of about
June
1, 1939 and due
1940 to 1949 incl.
Webber & Co.
1.48%.
Dated
as follows:
$1,500 April 1 and $1,000 on Oct. 1 from
Second high bid of 100.05 for lMs was made
by Paine
$12.50
160.00
115.00
\%%
77.50
1M %
Ryan, Sutherland & Co
Braun, Bosworth & Co
Fahey, Clark & Co
71.00
37.00
16.00
1H%
1% %
\%%
.
10.50
MASON, Ohio—MATURITY—The $36,000 3H% municipal building
bonds sold earlier in the
year to Seasongood & Mayer of Cincinnati at a price
of 101.602—V.
148, p. 2469—mature $1,800 on Sept. 1 from 1940 to 1959,
inclusive.
MASSILLON CITY SCHOOL
DISTRICT, Ohio—BOND OFFERING
S. Zepp, Clerk of Board of
Education, will receive sealed bids until
on July 28, for the
purchase of $71,900 not to exceed 6% interest
refunding bonds.
Dated Sept. 1, 1939.
One bond for $900, others $1,000
each.
Due Sept. 1 as follows:
$5,000 from 1941 to 1952, incl.; $6,000 in
1953 and $5,900 in 1954.
Rate of interest to be expressed in multiples of
H of 1%.
Principal and interest (M-S) payable at office of the Board of
Education.
A certified check for
1% of the bonds bid for, payable to order
of the Board of
Education, is required.
—H.
noon
MAYFIELD
NOTE
SCHOOL DISTRICT (P. O. South Euclid), Ohio—
DETAILS—The $10,459.33 refunding notes sold to the
of Columbus—V. 149, p. 449—bear interest
SALE
Huntington National Bank
and mature in two years.
MIDDLETON TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Haskins), Ohio—NOTE SALE—The Bank of Wood County Co. of
Bowling Green purchased on July 13 an issue of $3,093 refunding notes as 3s.
.
MILFORD
VILLAGE SCHOOL DISTRICT, Ohio—NOTE SALE—
The Milford National Bank of
Milford, only bidder, purchased the $9,028.76
refunding notes offered July 17, naming an interest rate of 4%.
MINSTER SCHOOL DISTRICT, Ohio—NOTE SALE—The Minster
State Bank purchased on July 18 an issue of
$9,337.96 refunding notes.
MONROE RURAL SCHOOL DISTRICT (P. O.
Conneaut), Ohio—
NOTE SALE DETAILS—The
$3,397.68 refunding nptes sold to the Citi¬
zens Bank & Savings Co. of Conneaut—V.
149, p. 450—were sold as 3.95s
at par, are dated
July 11,1939, and mature in two
years.
MONTPELIER EXEMPTED VILLAGE SCHOOL DISTRICT, Ohio
$12,801.30 refunding notes sold to the
Quaker City National Bank of Quaker City—V. 149, p. 450—were sold as
—NOTE SALE DETAILS—The
3s at par and mature in two years.
MOUNT
ORAB SCHOOL DISTRICT,
Ohio—NOTE SALE—The
Brown County National Bank of Mount Orab purchased on
July 17 an
issue of $8,294.13 refunding notes as 3 Ms.
NEWBURY RURAL SCHOOL DISTRICT (P. O. Burton),
NOTE SALE DETAILS—'The $3,820.55 refunding notes sold
First National Bank of Burton bear 4% interest.
NEW
LYME
RURAL
SCHOOL
DISTRICT,
Ohio—
to
the
Ohio—NOTE SALE
DETAILS—The $5,758 refunding notes sold as 3s to the Union National
Bank of Cadiz—V. 149, p. 450—are dated July 15, 1939, and mature in
two years.
NILES CITY SCHOOL
Banking Co., only bidder,
refunding notes as 3s.
DISTRICT, Ohio—NOTE SALE—The Niles
was
awarded
on
July 17
an
issue of $43,800
OHIO (State of)—NOTE OFFERINGS BY SCHOOL DISTRICTS—The
following is a record of the note offerings announced by school districts
during the past week.
The particulars in each instance are similar in
that bidder is required to name an interest rate of not more than 4% and
the obligations will be subject to call after Nov. 30 in any year.
Proposals
must be accompanied by a certified check for 1% of the issue.
Tabula¬
tion shows name of the district making the offering, amount of loan, date
of sale and hour set for opening of bids:
Name of School District—
Sale Date
Amount
Aurelius (P. O. Macksburg)
Barnesville Exempted
$4,663.36
19,478.09
July 18,
July 24,
8.00 p.m.
7.30 p.m.
McConnellsville)
2,380.43
July 22,
9.00 a.m.
Bridgewater Township (P. O. Bryan)
Cadiz Exempted
2,548.52
14,964.76
1,947.59
3.106.55
2,111.11
Bloom Rural (P. O.
14,022.48
-
Carthage Rural (P. O. Athens)
July
July
July
July
July
July
July
July
Aug.
July
July
2,764.22
6,607;10
1,247.01
4,743.11
July
July
July
July
Center Rural (P. O. McConnellsville)
Elida
11,221.87
Florence-Edon (P. O. Edon)
Goshen Rural (P. O. Mid vale)
Granger Rural (P. O. Medina)
Hartsgrove (P. O. Jefferson)
6,820.81
12,454.35
6,484.12
2,376.24
Jefferson.
-—
___
Jefferson Township (P. O. West Jerrerson)
Ludlow Township Rural (P. O. Marietta).
Malta
Township
Rural (P. O. Malta)
Manchester Rural (P. O. McConnellsville)
Nelsonville
Northwest Township (P. O. Bryan)
Owensville Village—
------
St. C lairs ville
20,025.30
-
Southern Rural (P. O, Racine)
23,985.91
19,969.41
5,326.10
(P. O. Lucas ville)
Warren Rural (P. O. Barnesville)
Wayne Rural (P. O. St. Clairsville)
Valley
19,323.63
2,148.90
Rural
Wood ville
21,
8.30
8.00
7.30
2.CO
7.30
8.00
8.00
7.30
8.30
8.00
25,
28,
22,
29,
26,
28,
21,
7,
24,
24,
p.m.
p.m.
p.m.
p.m.
p.m.
p.m.
p.m.
p.m.
8.00p.m.
8.00
2.30
2.00
8.00
25,
22,
22,
25,
July 27,
July 28,
p.m.
p.m.
p.hi.
p.m.
7.30 p.m.
8.00 p.ui.
1-30 P-®-
*Ju}y 29,
July
p.m.
p.m.
8.00
8.00
8.00
2.00
25,
July 21,
July 26,
July 29,
p.m.
p.m.
p.m.
p.m.
4,794.34
^
-
YorkTwp. Rural (P. O.Powhatan Point)-
?u!y 29'
July 25,
8.00 p.m.
2,750.37
July 24,
8.00 p.m.
ADDITIONAL OFFERINGS—Also scheduled for sale are the following:
Sale Date
8,
8.30 p.m.
Amount
Name of School District—
Jackson Rural (P. O. Woodsfield)
— __
$3,810.52
Norwich Township Rural (P. O. Hilliards) 15,921.24
Oxford Rural (P. O. Fair view)
£.096.47
Penn Rural (P. O. Pennsville)
Plymouth Twp. Rural (P. O. Jefferson)-Thornville
---------
-
Washington Rural (P. O. Marysville)
Washington Township (P. O. Lindsey)...
Wash.-MonroeRural (P. O.Cambridge)--
6,992.31
6,610.87
6,578-18
8,626.27
4,320.17
1,528-64
2,870.40
Aug.
Aug.
7,
8.00 p.m.
July 27,
8.00 p.m.
Ai g.
7,
July 31,
Aug.
2,
July 24,
Aug.
3,
Aug. 7,
Aug.
7,
8.00 p.m.
8.00 p.m.
f.00 p.m.
8.00 p.m.
8.00 p.m.
8.00 p.m.
8.00p.m.
ADDITIONAL OFFERINGS—Additions to the above tabulation follow:
Name of School District—
Amount
Sale Date
Allen
Township Rural (P. O. Marysville)
Amanda
Bloom rural
Brunswick Township rural (P. O. Bruns-
Creek
Township
(P.
rural
July
July
July
July
20,
26,
29,
28,
8 p. m.
8 p. m.
2 p. m.
8 p. m.
■
4,444.03
wick)
Brush
$4,885.25
11,275.24
30,519.88
16,437.45
-
Ashland
July 25, 8 p. m.
O.
______
Otway)
College-Gambier rual (P. O. Gambier)..
8,853.10
6,016.93
Colebrook
2,381.98
-
_
,
„
„
July 26, 8:30 p. m.
July 27, 10 a. m.
July 27, 8:30 p. m.
Freedom Township rural (P. O. Freedom
Station)
Marietta Township rural (P. O. Marietta)
Martins Ferry
-
Perrysville
Pleasantville
NOTE SALE—The Vinton County National Bank of
McArthur purchased
on July 10 an issue of $1,261.02
refunding notes as 3s.
Premium
!Yi%
1 % %
1H%
& Co
Katz& O'Brien.
Fust Cleveland
Corp
Trenton
LOGAN TOWNSHIP SCHOOL DISTRICT (P. O.
Buckland), Ohio
—NOTE SALE—The Peoples National Bank of
Wapakontea purchased on
July 19 an issue of $5,250.46 refunding notes.
LORAIN CITY SCHOOL
jnt. Rate
GeorgeT. Lennon & Co
Stranahan, Harris
BancOhio Securities Co
Cairo Village
—The Perry
1101/68
615
Other bids:
Bidder—
Powhatan Point
West Carroll ton exempt
NEW OFFERINGS—Issues
5,299.76
2,918.35
39,722.70
4,412.62
7,527.81
11,888.98
—
8,625.99
July 26,
July 25,
July 27,
Aug. 1,
July 25,
July 26,
July 27,
subsequently announced for
8 p.
7:30
8 p.
1 p.
8 p.
7:30
7:30
m.
p. m.
m.
m.
m.
p.m.
p. m.
award included
the following:
School District—
Amount
(P. O. Batesville).
$6,260.91
Township (P. O. Vandalia)
10,431.96
Chuckery-Darby Rural (P. O. R. D. No.
1, Plain City)
5,285.30
Concord Township Rural (P. O. Troy)-__
3,260.02
East Salem Rural (P. O. Port Jefferson)-.
1,353.93
Fremont City
39.074.74
Name of
Beaver Rural
Butler
Sale Date
July 28,
July 31,
8:00 p.m.
8:00 p.m.
July
July
July
Aug.
noon
28,
28
24,
21
,
8:00 p.m.
9:00 p.m.
TheCommercial & Financial
616
Liberty Township (P. O. West Leipsic)__
Amoun t
Sale Date
1,815.40 July 29, 8:30 p.m.
Lodi
8,190.72
July 31,
8:00
1,861.64
5,275.75
4,858.30
July 29,
July 27,
July 31,
1:00 p.m.
1:00 p.m.
8: 30 p.m
Name of School
District—
Montgomery Township (P. O. Ashland)__
Muskingum Rural (P. O. Marietta)
Quincy
—
--
p.m.
5,417.45
5,389.09
July 31.
July 28,
9:00
8:30
—
6,063.55
noon
Sugar Creek Central Rural (P. O. Lima)_^
4.933.78
July 29,
July 29,
RushvIIJe Union
„—
Russia Rural
j
South Amherst (P. 0. Amherst)--
p.m.
7,767.78
July 28,
RURAL
URBANCREST
1939
22,
DISTRICT, Ohio—NO BIDS
$2,168.07 not to exceed 4%
SCHOOL
offered July 17.
DISTRICT (P. O. Ports¬
Ohio—NOTE SALE—The National Bank of Portsmouth pur¬
3s.
VERNON TOWNSHIP RURAL SCHOOL
mouth),
chased an issue of $4,536.06 refunding notes as
DISTRICT, Ohio—
Versailles purchased on July 18
VERSAILLES EXEMPTED VILLAGE SCHOOL
NOTE SALE—The Peoples Bank Co. of
9.00 p.m.
$11,728.17 refunding notes as 4s.
issue of
an
8:00 p.m.
2:00 p.m.
1:00 p.m.
Circle-
WABASH
DISTRICT (P. O. Gilberts), Ohio—
Osgood purchased on July 17 an
Only one bid was received.
RURAL SCHOOL
NOTE SALE—The Osgood 8tate Bank of
„
_
July 28 ,
July 31,
4,967-53
ville)
Willard Exempted-..-.
York Rural
July 28.
4,391.59
16,915.79
Sycamore
Washington Township Rural (P. O.
July
FOR NOTES—No bids were submitted for the
interest refunding notes
p.m.
8:00 p.m.
Chronicle
.
FURTHER OFFERINGS—Issues of the same character announced for sale
following:
Name of School District—
issue of $5,443.89
refunding notes as 4s.
WASHINGTON TOWNSHIP RURAL SCHOOL DISTRICT
(P. O.
Ney), Ohio—NOTE SALE—The Ney State Bank purchased on July
issue of $3,218.63 refunding notes as 4s.
This was the only bid.
18
an
consist of the
WAVERLY SCHOOL DISTRICT,
Sale Date
Amount
$4,352.36
2,194.45
Blanchester Rural
10,508.76
ClearcreekTwp. Rural (P. O. Stoutsville).
6,265.63
Covington Exempted
—
11,133-19
Dillonvale Village
11,906.28
Dorset Township Rural (P. O. Dorset)—
4.899.61
Georgeville Rural (P. O. Galloway) .....
1,074.24
Gnadenhutten-Clay Village (P. O. Gnaden-
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
1,
8:00 p.m.
6,745.18
3,169.15
1,813.70
Aug.
Aug.
1,
1,
8:00 p.m.
8:00 p.m.
1,
1,
1,
1,
8:00
7:30
8:30
4:00
Beaverdam.
Bellefontaine Rural...
Aug.
-..-
hutten)
Green Camp Village
Knox Township (P. O. Cambridge)
1,
1,
1,
8:00
8:30
8:00
8:00
1,
1,
Aug.
p.m.
p.m.
p.m.
p.m.
8:00 p.m.
1,
1,
8:00 p.m.
8:00 p.m.
WAYNE TOWNSHIP RURAL SCHOOL DISTRICT
New Bazetta Rural (P. O. Cortland)
New Latty Village (P. O. Latty)
5,035.49
4,258.18
Aug.
1,
6,658 31
Aug,
Reesville Rural
3,995.57
Aug,
(P. O. Waynes-
the
SCHOOL DISTRICT
(P. O. Glendale),
Ohio—NOTE SALE—The First National Bank & Trust Co., Springfield,
RURAL
WOODLAWN
bidder, purchased the $6,428.01
naming an interest rate of 3 %.
8:30 p.m.
Perry Rural (P. O. Mount Gilead)
issue of $13,for 3Hs.
ville), Ohio—NO BIDS FOR NOTES—No bids were submitted for
$8,025.24 not to exceed 4% interest refunding notes offered July 17.
only
Aug.
Aug.
Aug.
Aug.
Ohio—NOTE SALE-^The Quaker
City National Bank of Quaker City purchased on July 13 an
998.02 refunding notes as 3s.
The Waverly State Bank bid
8:30 p.m.
8:00 p.m.
8:00 p.m.
refunding notes offered July 14.
Mount Pleasant
—
—
12,617.06
2,692-33
-
Newark Rural
—.
p.m.
p.m.
p.m.
p.m.
Sabina
6,308.86
Aug.
1,
1,
1,
Somerset-Reading Village (P. O. Somerset)
Taylor Township Rural (P. O. Broadway)
Walnut Township Rural (P. O. Thurston)
7,374.21
4,427.33
Aug.
Aug.
1,
1,
8:00 p.m.
8:00 p.m.
Waterville
5,144.02
1,956.34
Aug.
Aug.
Aug.
1,
1,
1,
8:00 p.m.
White Oak Rural (P. O. Sharonville)
R. J. EDWARDS, Inc.
4,333.14
Municipal Bonds Since 1892
Oklahoma City, Oklahoma
1:00 p.m.
Noon
AT&T Ok
Long Distance 787
Cy 19
OHIO (State of)—BRIDGE COMMISSION PLANS BOND REFUND¬
ING—The State Bridge Commission reportedly has under consideration a
OKLAHOMA
proposal to refund at lower interest cost the $1,540,000 3M % Sandusky
Bay Bridge revenue bonds presently outstanding.
The securities mature
April 1, 1953 and are callable at 102.50 to April 1, 1940, according to re¬
port.
The Commission also is understood to have under consideration the
refunding of $1,400,000 3M % Steubenville-Weirton Bridge bonds.
EUFAULA, Okla.—BONDS SOLD—It is stated by the City Clerk that
$4,900 4% semi-annual public park bonds have been purchased at par by
the city.
Due in 10 years.
LAING CONSOLIDATED SCHOOL DISTRICT NO. 1
-
NEW
RICHMOND
SCHOOL
DISTRICT,
Ohio—NOTE
SALE
DETAILS—The $10,930.44 3 H % refunding notes sold to the First Na¬
tional Bank of Washington Court House—V. 149, p. 450—mature in two
(P. O. Tipton,
1), Okla .—PRICE PAID— The $6,500 school bonds sold to
149, p. 451—were pur¬
chased by the bank at a price of 100.19.
F. D. No.
R.
the
First
National Bank of Oklahoma City—V.
,
years.
ORWELL
SCHOOL
DISTRICT, Ohio—NOTE SALE—The Orwell
Banking Co. purchased on July 17 an issue of $5,013.90 refunding notes as 4s.
OREGON
PAINT TOWNSHIP SCHOOL DISTRICT (P. O. London), Ohio—
NOTES NOT1 SOLD—The Madison National Bank of Madison purchased
on July 18 an issue of $2,902.27
refunding notes as 3s.
PARMA (P. O. 6611 Ridge Road, Brooklyn Station, Cleveland),
Ohio—BONDS PURCHASED—In connection with the call for tenders of
refunding bonds, dated Oct. 1, 1936—V. 148, p. 3879—City Treasurer
John M. Graham reports that $48,790 will be purchased at an average
price of 71.571.
PERRY
COUNTY
(P.
O.
New
Lexington),
Ohio—NOTE SALE—
The $28,000 relief notes offered July 19—V. 149, p. 45(1—were awarded to
George T. Lennon & Co. of Columbus as Is, at a price of 100.07, a basis
of about 0.95%.
Dated Aug. 1, 1939, and due March 1 as follows: $5,000
in 1940; $9,000 in 1941 and 1942, and $5,000 in 1943.
Second high bid of
100.04 for Is was made by Ryan, Sutherland & Co. of Toledo.
PERRY RURAL SCHOOL
NOTE SALE—The
DISTR CT (P. O. Cynthiana), Ohio—
Waverly State Bank of Waverly purchased on July 15
National
issue of $3,484.59 refunding notes as 3s.
The Quaker City
Bank of Quaker City named an interest rate of 3 M %.
an
until
Recorder, for the purchase of
HEPPNER. Ore.—BONDS OFFERED—Sealed bids were received
7.30 p.m. on July 22, by E. R. Huston, City
$3,000 not exceeding 4 % semi-annual swimming pool bonds.
Dated July 1,
1939.
Due on July 1, 1945.
Prin. and int. (J-J) payable at the office of
the City Treasurer.
LANE
SCHOOL
COUNTY
DISTRICT
NO.
(P.
56
O.
Eugene,
3), Ore.—WARRANT OFFERING—Sealed bids will be received
R. R. Wells, District Clerk, for the purchase
of $3,500 not to exceed 4 % semi-annual interest-bearing warrants.
Denom.
$1,000, one for $500.
Dated Aug. 1, 1939.
Due on Aug. 1 as follows:
$500 in 1940, and $1,000 in 1941 to 1943.
Prin. and int. payable at the
office of the County Treasurer.
Route
until 8 p. m. on July 24, by
UMATILLA, Ore.—BOND OFFERING—It is reported that sealed bids
by E. McKenzie, City Recorder,
6% semi-annual water revenue,
series B bonds.
Dated Aug. 1, 1939.
Due on Aug. 1, 1959; callable on
.
will be received until 7:30 p.m. on July 24,
for the purchase of $3,000 not to exceed
and
after
Aug.
1,
1949,
SCHOOL DISTRICT NO. 86 (P. O. The Dalles)?
$5,000 issue of interest-bearing schoo1
July 15—V. 149, p. 451—was awarded to Tripp
McClearey of Portland, as 2Ms, paying a price of 100.11, according to
WASCO COUNTY
Ore.— WARRANT
SALE— The
warrants offered for sale on
PLEASANT
.
TOWNSHIP
RURAL
DISTRICT
SCHOOL
(P.
O.
Harrisburg), Ohio—NOTE SALE—The Harrisburg National Bank pur¬
on July 18 an issue of $2,617.68 refunding notes as 3Ms.^ Only one
&
report.
chased
bid
was
received.
PLAINS
PENNSYLVANIA
SCHOOL
RURAL
DISTRICT.
Ohio—NOTE
Perry County Bank of New Lexington purchased
$6,095.18 refunding notes. ^
PLYMOUTH VILLAGE SCHOOL
The
Richland
Trust
Co.
on
SALE^We
July 17 an issue of
interest.
DISTRICT, Ohio—NOTE SALE—
of Mansfield
purchased
on
July
18
an
issue of
$5,209.57 refunding notes.
RICHLAND RURAL SCHOOL DISTRICT
(P. O. Allensville), Ohio
—NOTE SALE—The Milton Bank of Wellston purchased on July 11 an
issue of $5,912.99 refunding notes as 3s.
Dated July 12, 1939, and due
July 12, 1941.
RILEY TOWNSHIP SCHOOL DISTRICT (P. O. Pandora), Ohio—
NOTE SALE—The First National Bank of Pandora, only bidder, purchased
the $7,247.65 refunding notes offered July 17.
RUSH TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Lucasville,
„
R. No. 1), Ohio—NOTE SALE—The Portsmouth Banking Co. of Ports¬
mouth purchased on July 13 an issue of $10,264.19 refunding notes as
2 Ms.
The National Bank of Portsmouth bid for 3s.
SALTCREEK TOWNSHIP RURAL SCHOOL DISTRICT (P. O
Circleville), Ohio—NOTE SALE—An issue of $5,181.65 refunding notes
was sold as 4s, at
par, to the Salt Creek Valley Bank of Laurelton, the
only bidder.
SEBRING
EXEMPT
SCHOOL
DISTRICT,
Ohio—NOTE SALE—
$15,-
The Mount Union Bank of Alliance purchased on July 17 an issue of
906.50 refunding notes as 3s.
SENECAVILLE RICHLAND
RURAL
SCHOOL
Senecaville), Ohio—NOTE SALE—The First
ville purchased on
July 17
an
DISTRICT
O.
National Bank of Seneca-
1
SEVEN
MILE SCHOOL
DISTRICT,
Ohio—NOTE% SALE—The
Farmers National Bank of Seven Mile
purchased an issue of $5,607.12
refunding notes.
SHADE CONSOLIDATED SCHOOL
DISTRICT, Ohio—NOTE SALE
$8,587.53 refunding notes
w6.?
Loxmgton_njso_^(^for_the
was sold on
•
July 14 to the Quaker
The Perry County Bank of New
issue.
i
i/
w
i88.ue consists of
?s required 86
\illage
assessment bonds
bi t they are general
certified check for 1%, payable to order of
SH?Sn5i?oN«QWE ,SSHSOL DISTRICT, Ohio—NOTE SALE—The
y ^ldder. purchased an issue of $6,078.16 refunding
notesas3s
district.
^funding
♦
not^
as
ts
Ohio—note sale
Trust Co- of SP^ngfieid purchased $8,044.31
TRrX?LEJ/?^?NQSaFJIJ> RaURAL SCHOOL DISTRICT
$16'345
(P. O. Glous-
refunding notes
on
July 14 to the Quaker City National Bank of Quaker City,
on
March
17.
HOLLIDAYSBURG,
Pa.—BOND
ISSUE
DETAILS—The
$50,000
system bonds sold at par to the Hollidaysburg Trust Co.
3270—are dated March 1,1939 and mature March 1 as follows;
$1,000 from 1944 to 1948 incl.; $2,000, 1949 to 1953 incl.; $3,000 from
1954 to 1958 incl. and $4,000 from 1959 to 1963 incl.
2M%
sewer
—V. 148, p.
Pa.—
MIFFLIN TOWNSHIP SCHOOL DISTRICT (P. O. Terrace),
BIDS—The $82,000 school bonds awarded to E. H. Rollins &
Sons, Inc. and Blair & Co., Inc., in joint account, as 2s, at 100.679, a basis
of about 1.90%—V. 149, p. 451—were also bid for as follows:
OTHER
Other bids:
^
Int. Rate
Bidder—
Halsey, Stuart & Co., Inc
—
—
Glover & MacGregor and S.
M. M. Freeman & Co
2%
Rate Bid
100.399
2M%
K. Cunningham & Co.
2M%
2M%
100.66
2M%
100.542
Hemphill, Noyes & Co. and Phillips, Schmertz &
Co_
PHILADELPHIA, PA.—$41,000,000 LOAN PLAN NEARS COMPLE¬
TION—The city moved a step nearer toward consummation of the $41,000,000 loan pledged to it by the RFC and a group of banking interests when
the proper Council committees at successive special meetings on July 18,
voted favorable recommendations on proposed ordinances to execute for¬
mally the transaction—V. 149,
p.
451.
,
,
i
of 18 years* future rentals now
municipally-owned but privately operated gas
plant to repay the $41,000,000 loan.
The other ordinance makes minor
changes in the lease of the municipal plant to the Philadelphia Gas Works
Co., United Gas Improvement subsidiary, which pays the City $4,200,000
annually for the right to operate the plant.
One of the bills authorizes an assignment
received by the city from the
™?*JADY,SIDEi' °h*°—BOND OFFERING—Joseph Truax, Jr., Village
©i^nAn
receive sealed bids until noon on Aug. 2 for the purchase of
liA™ c^P°nTstreet improvement bonds. Dated July 15,1939. Denom.
frn'2, ibao t«eioi?{15,as f£"ow8: $3,000, 1940; $4,000 in 1941 and $5,000
^p
rni ? incl- Bidder to name rate of interest in a multiple of
the
Due Dec. 1, 1939.
COCHRANTON, Pa.—BOND OFFERING—M. E. Sheehan, Borough
receive sealed bids until Aug. 3, for the purchase of $8,000
3% coupon municipal building bonds.
Dated July 1, 1939. Denom. $500.
Due $500 on July 1 from 1940 to 1955, incl.
Registerable as to principal
only.
Interest J-J.
Bonds will be sold subject to approval of proceedings
by the Pennsylvania Department of Internal Affairs.
No legal opinion
will be furnished by the borough, but any bid may be made subject to the
favorable opinion of bidder's attorney.
A certified check for $500, payable
to order of the borough, is required.
Issue was authorized at an election
Secretary, will
Singer, Deane & Scribner
(P.
issue of $7,509.58 refunding notes as 3.95s.
City National Bank of Quaker City.
ARCHBALD SCHOOL DISTRICT, Pa.—TEMPORARY LOAN—The
district borrowed $35,000 from the First National Bank of Jermyn at 6%
as
was
3s.
sold
PHILADELPHIA,
Pa .—TAX
COLLECTIONS—A total of 77.3%
oj
half of 1939, Receiver or
in was $52,111 less than
a year ago, partly as result of drop of $1,000,000 in the levy from 1938.
City tax receipts amounted to $32,917,283, against $32,969,383 last year.
There was a substantial increase in school payments due to an increase in
the school tax rate, and water rent collections continued ahead of 1938.
Delinquent city and school collections lagged behind last year, delinquent
city payments amounting to $2,537,742, against $2,774,515, while back
school taxes collected were $1,386,376 against $1,480,770 a year ago.
the City tax levy has been collected in the first
Taxes Frank J. Willard reports.
Amount taken
PITTSBURGH, Pa.—BOND SALE—The $6,150,000 coupon bonds of¬
fered
July 18—V. 149, p. 149—were awarded to a syndicate composed of
Halsey. Stuart & Co., Inc., Ladenburg, Thalmann & Co., Blair & Co.,
Inc., Goldman, Sachs & Co., all of New York; Central Republic Co.,
Volume 149
The Commercial & Financial Chronicle
Ohicago; Darby & Co., Inc., New York; Stroud & Co., Philadelphia;
Eastman, Dillon & Co., New York; Glover &
MacGregor, Inc., Pittsburgh;
George B. Gibbons & Co., Inc., New York; Bioren &
Co., Philadelphia;,
Corp., Burr & Co., Inc.
Newton, Abbe & Co., Bos¬
ton; S. K. Cunningham & Co., Inc.,
Pittsburgh; Hartley Rogers, Lyon &
Co. New York;
Schmidt, Poole & Co., George E. Snyder & Co. and Walter
Stokes & Co., all of Philadelphia.
The group paid a price of 100.044 for
all of the bonds as
1.80s, or a net interest cost to the city of about 1.795%.
Edivard Lowber Stokes & Co., First of
Michigan
•and Francis I. duPont &
Co.. all of New York;
,
Sale consisted of:
$4,800,000 series B refunding bonds.
Due $240,000
on
to 1959 inclusive
350,000 series C refunding bonds.
Due Aug. 1
1940 to 1958 inclusive and
$8,000 in
as
Aug. 1 from 1940
follows: $18,000 from
1959.
1,000,000 funding bonds.
All of the bonds
are
Due $50,000 on Aug. 1 from 1940 to 1959 incl.
dated Aug. 1, 1939 and in reoffering them for public
investment, the banking group established prices figuring yields ranging
from 0 25 to 1.90%,
according to maturity.
Official notice of the public
reoffering appears on page III.
Other bids were as follows:
~B\dder—
Mellon Securities Corp.; Chase National
Bank; Union
Trust Co., Pittsburgh; Bankers Trust
Int. Rate
Rate Bid
.
&Co
100.255
1.90%
National City Bank of New York;
Harriman, Ripley &
Co., Inc.; Kidder, Peabody & Co.; Cassatt & Co.;
Yarnall & Co.; Janney & Co.; Alex. Brown &
Sons;
Reynolds & Co., and B. J. Van Ingen & Co., Inc
2%
Lehman Bros.; Phelps, Fenn & Co.; R. W.
Pressprich &
Co.; Stone & Webster and Blodget, Inc.; Union Se¬
interest, expressed in a multiple of M of 1 %. In¬
F-A.
Sale of bonds is subject to
approval or proceedings by the
Pennsylvania Department of Internal Affairs.
A certified check for $500,
payable to order of the District Treasurer, is required.
Purchaser will be
furnished with approving legal opinion of
Burgwin, Scully & Churchill of
Pittsburgh.
terest
DISTRICT
(P.
O.
Oak¬
land), R. D. 3), Pa.—BOND SALE—The $15,000 4M% refunding bonds
offered July 18—V. 149, p. 291—were awarded to
Singer, Deane & Scribner
1
The lowest net
at
debt in
the last 10
as
fodows:
$2,000
Jan. 1, 1932, when the
years was
$242,046.11.
VOLG A, S. Dak.—BOND
OFFERING—It is stated by John Amundson,
City Auditor, that he will receive sealed bids until 8
p. m. on July 24, for
the purchase of a
$40,000 issue of electric and power revenue bonds. Interest
4M %, payable M-S.
Dated Sept. 1,1939.
Due $4,000
1949, optional after five years. These are the bonds auth¬
orized at the election held on June
27, and are payable from revenue derived
from the
municipally-owned light and power plant and constitute a lien on
the plant.
They will be issued
under Chapter 194, Laws of 1931, State of
South
for the purchase of $10,000
coupon school bonds.
Dated Aug. 1, 1939.
Denom. $1,000.
Due $1,000 on Aug. 1 from 1941 to 1950 incl.
Bidder
to name a single rate of
June
banks.
same time, there was
$331,106.83 cash in the general fund and
$204,386.14 of cash in sinking funds.
for
*
of Pittsburgh.
Dated June 1, 1939 and due
from 1940 to 1945 incl. and $3,000 in 1946.
SI?P^FA^LS»
S- D»k.—REDUCTION SHOWN IN DEBT—It is
reported that the above city has
reduced its net debt by a total of $166,281
m the
past 12 months.
It has cut the debt down $68,887 since Jan. 1.
Gross debt of the
city July 1 totaled $1,030,047.21 while cash in the general
fund and in
sinking funds totaled $535,482.97.
The gross debt was made
up of a $974,000 bonded
debt, $25,872.70 in floating warrants, a $28,000
debt on land
purchases and $1,174.51 in notes at
Sept. 1, 1940 to
Buffalo; Tucker, Anthony & Co.; R. L. Day & Co.;
C. F. Childs & Co.;
Campbell, Phelps & Co.; Otis &
Co.; Mackey, Dunn & Co.; C. C. Collings & Co.;
Phillups, Schmertz & Co.; Charles, Clark & Co.;
Boatmen*8 National Bank, St. Louis, and E. W. &
R. C.Miller & Co.,
jointly
2%
100.53
Chemical Bank & Trust Co. .New York; Harris Trust &
Savings Bank, Chicago; First Boston Corp.; Blyth
& Co.; Lazard Freres &
Co.; Salomon Bros. & Hutzler;
Northern Trust Co., Chicago;
Peoples-Pittsburgh
Trust Co.; Singer, Deane & Scribner; MercantileCommerce Bank & Trust Co., St.Louis; F. S.
Moseley
& Co.; First National
Bank, Pittsburgh; L. F. Roths¬
child & Co.; Eldredge & Co.; Commerce Trust
Co.,
Kansas City; J. N. Hynson & Co., and
Moore.
Leonard & Lynch, jointly
2%
100.519
SPRINGFIELD TOWNSHIP SCHOOL DISTRICT
(P. O. R. D.
No. 6, Mercer), Pa.—BOND OFFERING—James
Grundy, Secretary of
the Board of Education, will receive sealed bids
until 7.30 p. m. on Aug. 7
STONEYCREEK TOWNSHIP SCHOOL
DAKOTA
1, 1940 to 1954. These are the bonds authorized at the election
held
on June
20, by a vote of 191 to 50. Enclose a certified check for
1% of bid,
payable to the District
Treasurer.
rate is not to exceed
100.68
curities Corp., New York; E. W. Clark &
Co.; Hemp¬
hill, Noyes & Co.; Dougherty, Corkran & Co.; Kean,
Taylor & Co.; Manufacturers & Traders Trust Co.,
.
SOUTH
REDFIELD INDEPENDENT SCHOOL DISTRICT
(P. O. Redfield)
5;
BOND OFFERING—It is stated by W. H. Beckman, District
Clerk, that he will receive sealed bids until 6
p. m. on July 24, for the
purchase of a $45,000 issue of
funding bonds. Interest rate is not to exceed
tf0'
June 1, 1939.
Denom. $1,000.
Due $3,000
June
figure stood
Co.; Estabrook
& Co.; Wood, Struthers & Co., and Graham, Parsons
617
Dakota, and carry approved legal opinion.
5%, payaDle to the city.
Enclose
a
certified check
TENNESSEE
ATHENS, Tenn.—BOND CONTRACT STILL VALID—It is stated by
Marx & Co. of Birmingham that the contract
given to their group for the
gurchase of the $410,000of June 24—V. 148, p. 3880—is still in force.noted
electric system revenue, series A bonds,
in detail in
issue
ere
our
HAMBLEN
COUNTY
(P.
O. Morristown),
Tenn.—BOND OFFER¬
ING—It is stated by E. B. Fisher, Chairman of the
County Court, that
he will receive sealed bids until 9 a. m. on
Aug. 7, for the purchase of the
following issues of not to exceed 5 % semi-annual bonds aggregating $125,000:
$100,000 refunding bonds.
Due $5,000 Sept. 1, 1940 to 1959.
Each bid
must be for the entire issue, at a
single rate of interest.
Enclose
a certified check for
$3,000, payable to W. Frank Spoone, trustee.
25,000 right-of-way bonds.
Due Sept. 1, as follows:
$5,000 in 1941 and
1942, $10,000 in 1947, and $5,000 in 1949.
Enclose a certified
check for $750, payable to W. Frank
Spoone, trustee.
Dated Sept. 1, 1939.
Denom. $1,000.
The bonds will not be sold for
less than par and accrued interest.
Chase National Bank, New York.
Principal and interest payable at the
MURFREESBORO, Tenn.—BOND OFFERING—It is reported that
sealed bids will be received by W. M. Draper, City Recorder, until July 25,
for the purchase of a $48,000 issue of funding bonds.
Denom. $1,000.
Due $3,000 in 1940 to 1946,
$4,000 in 1947 and 1948, $6,000 in 1949 and
195O, and $7,000 in 1951.
Prin. and int. (J-J) payable at the Chemical
Bank & Trust Co., New York.
NASHVILLE, Tenn.—BOND SALE CALLED OFF—It Is now reported
that the sale of the $15,000,000 electric
power revenue, series A bonds to a
syndicate headed by Blyth & Co. Inc. of New York, at 100.30, a net interest
cost of about 2.23%, for $2,500,000 as
5s, and $12,500,000 as 2.10s, as
noted here on July 1—V. 149, p. 150—has been canceled.
TENNESSEE, State of—LOCAL POWER BOND SALES CANCELED—
RHODE
The
ISLAND
PROVIDENCE, R. I.—BOND SALE—The $1,400,000
hurricane damage
rehabilitation bonds offered July 18—V.
149, p. 291—were awarded to a
group composed of Blyth & Co., Inc ; Paine, Webber &
Co.; Burr & Co.,
Inc., all of New York; Alex. Brown & Sons, Baltimore, and Merrill
Lynch
& Co., Inc., New York, as 2s, at a Price of
100.40, a basis of about 1.97%.
Dated Aug. 1, 1939 and due $70,000 on
Aug. 1 from 1945 to 1964 incl.
The banking group, In reoffering the
bonds, priced the 1945 to 1960 ma¬
turities to yield from
1.20% to 2%, according to maturity, and the rest
at a price of 99.50.
Other bids:
Bidder—
Int. Rate
Kidder,
Peabody & Co.;
Lehman Bros.;
Tucker,
Anthony & Co.; Roosevelt & Weigold, Inc.; Otis &
Co., and Campbell, Phelps & Co., Inc
2%
Phelps, Fenn & Co.; Boatmen's National Bank, St.
Louis; Industrial Trust Co., Providence; Braun, Bosworth & Co.; Farwell, Chapman &
Co., and Chace,
Whiteside & Symonds, jointly
2%
National City Bank, New York; Bankers Trust
Co.,
New York, and First Boston
Corp., jointly
2%
Halsey, Stuart & Co.; Blair & Co., Inc.; G. M.-P.
Murphy & Co.; Newton, Abbe & Co., and Walter
Stokes & Co., jointly
2%
Chemical Bank & Trust Co., New York; Northern Trust
Co., Chicago; Kean, Taylor & Co.; Manufacturers &
Traders Trust Co., Buffalo, and Martin &
Chambers,
jointly
2%
Harris Trust & Savings Bank, Chicago; F. S.
Moseley &
Co.; Whiting, Weeks & Stubbs, and Lee Higginson
Corp., jointly.
2M %
Smith, Barney & Co.; Stone & Webster and Blodget,
Inc.; Estabrook & Co.; R. L. Day & Co.; Eldredge
A Co., and Mississippi Valley Trust
Co.. St. Louis,
jointly
2M%
First National Bank, New York; R. W. Pressprich &
Co., and Salomon Bros. & Hutzler, jointly
2M%
Lazard Freres & Co.; Goldman, Sachs & Co.; C. F.
Childs & Co.; First of Michigan Corp.; Hornblower
& Weeks; Charles Clark &
Co., and William R.
Compton & Co., Inc., jointly
2M%
SOUTH
Rate Bid
100.24
100.20
100.055
S.
102.18
102.029
101.80
1951, the remaining $128,000
as
on
101.17,
a
net
2Ms, due $16,000 from Jan. 1, 1952
Johnson, Lane, Space & Co. of Savannah, James Conner & Co. of Charles¬
ton, McAlister, Smith & Pate of Greenville, and Kinloch, Huger & Co. of
Charleston, paying a premium of $11, equal to 100.008, a net Interest cost
of about 3.31% on the bonds divided as follows: $47,000,
maturing July 15,
$3,000 in 1940 to 1945, $4,000 in 1946 to 1948, $5,000 in 1949. $6,000 in
1950 and 1951, as 3 Ms, and $67,000, maturing July 15, $6,000 in 1952 to
1955, $7,000 in 1956 to 1960. and $8,000 in 1961, as 3Ms.
F
UNION COUNTY (P. O. Union), S. C.—NOTE SALE—An issue of
$50,000 tax anticipation notes was sold on July 15 to a local bank at 1M %
and
the
Corp. of Nashville.
and above associates.
TENNESSEE, State of— TVA CONTRACT TO BUY UTILITY TO BE
Associated Press dispatch from Nashville on July 17
as follows:
of the contract for the Ten¬
Valley Authority and local public agencies to acquire the Tennessee
properties of the Tennessee Electric Power Co. was reached today.
Conferees who met here to discuss the problem announced, in a statement
issued through J. C. Swidler, TVA Counsel, that a new transfer date would
_
.
m
,
An agreement on an immediate extension
nessee
as soon as
Conferences
LAKE CITY, S. C.—BOND SALE—'The $114,000 issue of waterworks
and sewerage refunding bonds offered for sale on
July 15—V. 149, p. 451—
was awarded to a syndicate composed of E, H.
Pringle & Co. of Charleston,
interest.
Knoxville
590,000 Murfreesboro bonds to the Stranahan, Harris & Co. group.
120,000 Pulaski bonds to John Nuveen & Co. of Chicago and associates.
135,000 Rockwood bonds to the Equitable Securities Corp. of Nashville
and the Fidelity-Bankers Trust Co. of Knoxville, jointly.
350,000 Shelbyville bonds to Campbell, Phelps & Co. of New York, and
Nunn, Shwab & Co. of Nashville.
95,000 Sweetwater bonds to the Equitable Securities Corp. of Nashville,
sentatives
the cities could make financial arrangements.
were
_
expected to continue through tomorrow, when repre¬
& Southern Corp., parent company of the
of Commonwealth
T. E. P., will be present.
to
of
and Booker & Davidson of Knoxville, jointly.
425,000 Maryville bonds jointly to the above two firms.
265,000 Mount Pleasant bonds to a group headed by the Cumberland
be set
101.665
interest cost of about 2.12%, on the bonds divided as follows:
$147,000 as 2s,
due on Jan. 1: $10,000 in 1942; $15,000, 1943 to 1949, and
$16,000 in 1950
1959 incl.
Davidson
EXTENDED—An
GREENVILLE COUNTY (P. O. Greenville), S. C.—BOND SALE—
The two issues of coupon road construction bonds
aggregating $275,000,
offered for sale on July 20—V. 149, p. 451—were awarded to W.
F. Coley
to
&
reported
$200,000 issue of
July 18—V. 149, p. 451—was
purchased by McAlister, Smith & Pate of Greenville, as 1^8,
paying a
price of 100.03, a basis of about 1.23%.
Due $50,000 on July 1, 1940,
$100,000 on Nov. 1. 1940, and $50,000 on Jan. 1, 1941.
and
Booker
to
ciates.
C.—CERTIFICATE SALE— The
$3,217.50, equal
bonds
Nashville Securities Co. of Nashville, jointly.
340,000 Clinton bonds to a syndicate headed by Stranahan, Harris & Co.,
Inc., Toledo.
800,000 Columbia bonds to a syndicate headed by John Nuveen & Co.
of Chicago.
272,000 Lenoir City bonds to a group headed by Stranahan, Harris &
Co., Inc., Toledo.
150,000 Lexington bonds to Pohl & Co. of Cincinnati.
105,000 Loudon bonds to the Nashville Securities Co. of Nashville and
Booker & Davidson of Knoxville, jointly.
450,000 McMinnville bonds to the Nashville Securities Co. of Nashville
165,000 Winchester bonds to the T. H. Temple Co. of Nashville and asso¬
CAROLINA
Co. of Greenville, paying a premium of
$750,000 Cleveland
100.049
C.—BOND SALE—The $61,000 Issue of electric
light
system revenue bonds offered for sale on July 18—V. 149, p. 149—was
awarded to G. H. Crawford & Co. of Columbia, as 2
Ms, paying a premium
of $67.50, equal to 100.11, a basis of about
2.73%. Dated July 1, 1939.
Due from July 1, 1940 to 1951 incl.
COLUMBIA,
in detail in these columns at the time—V. 148,
p.
have been canceled:
Securities
100.079
CAMDEN, S.
certificates of indebtedness offered for sale
following sales of electric system revenue series A bonds, which were
period from June 16 to June 26, incl., all of which were reported
3880. and V. 149, p. 149—
made in the
'
,
*
_
,
Agents of tbe TVA and 35 other interested groups began their con¬
versations this morning with only a few minor obstacles to an agreement for
the purchase negotiated last May with the price of transfer fixed at $78,600,000.
TEXAS
BRYAN, Texas—BOND SALE DETAILS—We are now informed that
by a syndicate headed by Moroney & Co.
149, p. 452—are divided as follows:
M
the $135,750 bonds purchased
of Houston, as noted here—V.
$21,750 2M%
improvement
bonds.
Due July 15
as
follows:
$5,750 in
1940; $5,000 in 1941 and 1942, and $6,000 in 1943.
114.000 2M% improvement bonds.
Due July 15 as follows: $5,000 in
1944 and 1945, $6,000 in 1946, $5,000 in 1947 and 1948, $6,0C0 in
1949, $7,000 in 1950, $8,000 in 1951. $7,000 in 1952 and 1953,
$8,000 in 1954 to 1956, $9,000 in 1957 and 1958, and $11,000 in
1959.
Dated July 15, 1939.
Denom. $1,000, one for $750.
Prin. and int.,
payable at the City National Bank or the First State Bank & Trust Co.,
both of Bryan.
Legality to be approved by Chapman & Cutler of Chicago.
BONDS OFFERED FOR INVESTMENT—The successful bidders reoffered the above bonds for public subscription at prices to yield from 1.00%
to 2.75%, according to maturity.
BRYAN, Texas—PRE-ELECTION SALE—The following bonds ag¬
gregating $160,000, are being offered by Aves & Wymer of Houston, for
general subscription, subject to the outcome of an election scheduled for
Aug. l:
$80,000 1M % electric light, power system and sewer system reveue bonds.
Due $16,000 from July 15 1940 to 1944 incl.
80,000 2M % electric light, power system and sewer system revenue bonds.
Due $16,000 from July 1, 1945 to 1949 incl.
Denom. $1,000.
Dated July 15,1939.
Interest payable J-J.
I rin. and
int. payable at the City National Bank, Bryan or the First State Bank &
The Commercial & Financial
618
Trust
These bonds are to be payable solely from the revenues
closed first lien on the net available income.
Le¬
Co., Bryan.
of the systems and are a
Attorney-General and Chapman & Cutler
gality to be approved by the
of
Chicago.
INDEPENDENT SCHOOL DISTRICT (P. O.
Corpus Christ!), Texas—BOND SALE DETAILS—We are now informed
by C. L. Cunningham, Business Manager for the district, that the $150,000
construction bonds contracted for by Milton R. Underwood & Co. of
Houston, as noted here—V. 149, p. 291—were approved by the voters on
July 8, as part of the total issue of $250,000, and were sold to the said firm
as
2jis.
The remaining $100,000 are to be sold in 1940.
The bonds
were approved by a count of 279 to 130.
Interest payable J-J.
Dated
July 15, 1939.
Due July 15 as follows:
$20,000 in 1940 to 1945, and
$30,000 in 1946, redeemable at par and accrued interest on July 15, 1944,
or any interest payment date thereafter.
CHRISTI
CORPUS
CONTROL AND IMPROVEMENT
DISTRICT NO. 1 (P. O. Dickinson), Texas—BOND OFFERING—It is
stated by D. V. De Pasquale, President of the Board of Supervisors, that
GALVESTON COUNTY WATER
he will receive sealed bids
until Aug. 1, for the purchase of
a
$25,000 issue
bonds.
Dated July 1. 1939.
Denom.
$500.
Due $500 in 1941 to 1946, $1,000 in 1947 to 1961, $2,000 in 1962
and 1963, and $3,000 in 1964.
These bonds were authorized at the election
of 5% semi-annual sewer revenue
held
March
on
Dickinson.
Vt.—BOND OFFERING—Mayor B. Fisher will receive
(EST) on July 25, for the purchase of $47,000
ROARING SPRINGS INDEPENDENT SCHOOL DISTRICT (P.
Spring.),
Edwards
N,
William
OFFERED
Tex**—BONDS
&
O.
Aug. 15.
Principal
and interest (F-A) payable at the Peoples Trust Co., St. Albans.
not to exceed 4% interest refunding water bonds.
Dated Aug. 1,
1939 and due Aug. 1 as follows:
$5,000 in 1954 and $7,000 in 1955.
Principal and interest (F-A) payable at the Second National Bank,
12.000
Boston.
Bidder to make a separate bid on each
of interest in each case, expressed in a multiple of
Bonds will be authenticated as to genuineness by, and their
Bonds will be in $1,000 denoms.
issue, and name one rate
of 1%.
M
legality approved by Charles D. Watson, Esq., of St. Albans.
be delivered to the purchaser on or about Aug. 18 at the Peoples
Bonds will
Trust Co.,
St. Albans.
WASHINGTON
UTILITY DISTRICT (P. O. StevenSOLD—It is reported that $65,000 4M% semi-ann.
SKAMANIA COUNTY PUBLIC
power revenue
bonds have been purchased by Hartley,
Rogers & Co. of
Seattle.
INVESTMENT
scription at prices to yield from 3.25% to 4.00%, according to maturity,
$16,000 4% refunding bonds.
Dated April 1, 1939.
Due from April 1
from
1951 to 1967 incl.
Prin. and int. (A-O) payable at the Central
Hanover Bank & Trust Co. in New York.
ROTAN, Texas—BOND TENDERS INVITED—It is stated by Mayor
10 a. m. on Aug. 1
1, 1935.
The city is said
have available for the purchase of said bonds the sum of approximately
L. E. Newton that he will receive sealed tenders until
of ad valorem tax refunding bonds, dated Nov.
$4,100.
SILVERTON
*
^
Worth are offering for public sub¬
of Fort
Co.
FOR
^
$35,000 not to exceed 3H% interest refunding bonds.
Dated
1939.
Due $5,000 on Aug. 15 from 1955 to 1961, incl.
son) Wash.—BONDS
Roaring
to
ST. ALBANS,
bonds, divided as follows:
Prin. and int. payable at the Citizens 8tate Bank,
approving opinion of Gibson & Gibson of Austin, will be
a certified check for 2% of the bonds, payable to the
district.
1939
22,
sealed bids until 6:30 p. m.
18.
The
July
will be dated July 1. 1939. Other bidders: (for l^s)
Bond Judge & Co.,
100.2345; First National Bank of Boston 100.199;
Halsey, Stuart & Co., 100.149; Salomon Bros & Hutzler 100.10; E. H.
•Rollins & Sons 100.044; Chace, Whiteside & Symonds 100.01; (for l^s)
Ballou, Adams & Whittemore 101.51 and Kennedy, Spence & Cp., 101.2199.
Enclose
furnished.
Chronicle
All of the bonds
INDEPENDENT SCHOOL DISTRICT
(P.
O.
Silver-
ton), Texas—BONDS OFFERED—Sealed bids were received until 2 p.m.
July 20, by D. O. Bomar, President of the Board of District Trustees,
for the purchase of an issue of $140,000 coupon refunding bonds.
Denoms.
$1,000 and $500.
Dated Aug. 1, 1939.
Interest payable A-O.
Bonds
maturing on April 1, as follows: $1,500, 1940-1945; $2,000, 1946-1950;
$2,500, 1951-1956; $3,000, 1957-1960; $3,500, 1961-1963, $4,000, 1964-1966:
$4,500, 1967-1969; $5,000, 1970-1972; $5,500, 1973-1974; $6,000, 1975-1976;
$6,500, 1977-1978; $7,000, 1979.
Prin. and int. payable at the Central
Hanover Bank & Trust Co., New York City.
Bonds will be ready for
delivery shortly after Aug. 20.
These bonds are to be issued to refund
a like amount of outstanding debt and constitute direct and general obliga¬
tions of the district and are payable from ad valorem taxes levied on all
taxable property in the district within the limits prescribed by law.
on
WISCONSIN
BROWN COUNTY (P. O. Green
Bay), Wis.—LIST OF BIDS—'The
of the bids received for the $350,000 3%
improvement bonds that were awarded on July 11 to Paine,
Webber & Co. of Chicago, and associates, as reported in detail in our issue
of July 15—V. 149, p. 452.
following is an official tabulation
highway
Bidder—3%
Premium
Halsey-Stuart Co., Chicago,
_
_
$26,950.00
T
E. Joiner & Co., Inc., Chicago; Harley, Haydon & Co.,
Madison; Heronymus, Ballschmider & Co., Sheboygan; Channer Securities Co., Chicago
—
29,799.00
The Wisconsin Co., Milwaukee
33,040.00
Northern Trust Co., Chicago
30,625.00
First National Bank, Chicago
_____—
30,852.50
Harris Trust & Savings Bank, Chicago
30,867.00
Paine, Webber & Co., Chicago; C. F. Chiids & Co.;Paul H.
Davis & Co
*
33,251.70
____
-
1H%
Milwaukee._____
____;
Northern Trust Co., Chicago.
Lazard, Freres & Co., Chicago; Central Republic Co., Chicago._
First National Bank, Chicago—
—
Smith-Barnev & Co., Chicago; Bartlett, Knight, & Co., Chicago;
Farwell, Chapman & Co., Chicago
Harriman Ripley & Co., Inc., Chicago; Mississippi Valley Trust
The Wisconsin Co.,
—
—
__
UVALDE,
-
OFFERING—Sealed
Texas—BOND
until Aug. 3, by R. W. Evans, City Secretary,
following bonds aggregating $60,000:
$40,000 street bonds.
Due in 1941 to 1949.
20,000 sewer bonds.
Due in 1950 to 1952.
Bidders
are to name
WEIMAR,
bids will be received
for the purchase of the
Texas—BONDS
is
SOLD—It
CANADA
reported
now
that
$50,000
Co., Mahan, Dittmar & Co., and McRoberts, Thomas & Co., all of
ARVIDA, Oue.—BOND OFFERING—W. C. Scott, Secretary-Treasurer
of Board of School Trustees, will receive sealed bids until 4 p. m. on July 25,
for the purchase of $68,000 4% school bonds.
Dated June 1, 1939 and due
on
San Antonio.
UTAH
DUQUESNE
It is
COUNTY
O.
(P.
Utah—MATURITY—
Duquesne),
reported by the County Clerk that the $62,000 3H % semi-annual
refunding bonds exchanged with the holders of the original bonds, as noted
here—V. 149, p. 452—are due on Jan. 1 as follows: $3,000, 1941 to 1956;
$4,000, 1957, and $5,000 in 1958 and 1959.
now
June 1 from 1941 to 1959, inclusive.
BELOEIL, Que.—BOND OFFERING—Sealed bids will be roceived
until July 24 for the purchase of $13,000 10-year and $2,000 20-year serial
bonds.
Alternate tenders may be made for either 3H% or 4% coupon
on
both issues.
Proceeds of financing will be used for consolidation of
debts, utility construction, and waterworks improvements.
CAMPBELLTON,
of St.
Utah—INJUNCTION
SOUGHT
AGAINST
BOND DISPOSAL—Two court actions have been filed
REVENUE
by citizens of the
above city, objecting to the procedure followed by Mayor Mark Ander¬
son and the city commission in their efforts to go ahead with the construc¬
tion of a municipal electric plant and distribution system.
The Utah Supreme Court on July 11
granted
a
The agreement with Nuveen provides that
$850,000 in4H% revenue bonds would be sold, callable on any interest date
at a premium of 4M%, aud to oe exchanged for 3 M % bonds.
It also gives
the Nuveen Co. the privilege without competitive bidding of handling ah
a
B.—BOND SALE—The Eastern Securities Co.
$65,000 4% bonds at a price of
T. M. Bell & Co. of St. John, another
Due serially in 20 years.
bidder, named a price of 100.26.
CANADA
(Dominion of)—TREASURY BILL SALE—An issue of
$30,000,000 Treasury bills was sold on July 13 at an average cost basis of
0.584%.
Dated July 14, 1939 and due Oct. 13, 1939.
writ of mandate requiring
the city to show cause on July 25 why an agreement recently entered into
with John Nuveen Co. of Chicago for the sale of bonds should not be sub¬
mitted to
N.
John recently bought an issue of
100.32.
PROVO,
245,00
1,084.65
Co., Chicago.
the rate of interest.
electric power plant revenue bonds have been purchased jointly by Crummer
&
2,666.00
360.00
1,855.00
1,071.00
referendum vote.
future bond issues for extensions and improvements of the proposed plant
and distribution system.
ELORA, Ont.—BOND SALE—W. C. Pitfield & Co. of Montreal pur¬
chased an issue of $12,000 4% improvement bonds at a price of
basis of about 3.26%.
Due from 1940 to 1959, Incl. Other bids:
106.85,
a
Rate Bid
Bidder—
Seagram, Harris & Bricker
R. A. Daly & Co.
106.80
105.78
-
103.635
Matthews & Co
103.57
Bell, Gouinlock & Co
On
July 13 the District Court in Provo ordered the city officials to show
July 19 why an injunction should not be issued restraining them
from spending any of the money secured from the sale of the $850,000 in
bonds to Nuveen.
The injunction, if granted, would require the city
cause on
officials to
buy back the bonds and destroy them, and would also hold them
personally liable for expenditures already made from the light and
power
The District Court action alleges that the emergency clause was used by
the city commission when no emergency existed and that the bond ordinance
passed and all acts of city officials under this ordinance are illegal.
The
complaint also contends that the deoosit of funds secured from the sale of
the bonds in the First National Bank of Chicago was contrary to the laws
of Utah defining legal depositaries for
public funds.
COMMISSION,
Que.—BANKS
SUSPEND CAPITAL ADVANCES—'Two of the four Montreal banks which
several weeks ago refused more credit to the city until it made good an
overdraft of $40,000,000—V. 149, p. 292—subsequently notified the metro¬
politan commission that "further advances on capital" will be suspended
until such time as the city pays the commission $850,000, representing the
pro-rata share of the sales tax receipts owing the municipalities under the
commission's jurisdiction.
In reporting the bank's decision, the Montreal
"Gazette" of July 13 quoted a member of a special committee of commission
officials as having termed the matter of "no importance" as the amount due
from the city would be "deposited within the next few days."
The news¬
paper further stated that the city had not yet acted on its annnounced
intention to sue the local banks for $2,0. >0,000 for alleged damages to its
credit as a result of statements made in their letter to the city announcing
METROPOLITAN
MONTREAL
decision to withhold further credit.
$105,000
WISE
MOUNT
COUNTY, VA., County Wide 43/4s
Due Jan.
1, 1960-66 at 3.75-3.80% basis
Oue.—BOND OFFERING—M. L. Roy, ClerkCommission, will receive sealed bids
July 24, for the purchase of $42,600 4% school bonds.
Dated June 1, 1939.
ROYAL,
Treasurer of Roman Catholic School
until 8
m.
p.
on
SHERBROOKE, Oue.-BOND OFFERING—A. Deslauriers, City Clerk,
a. m. on July 24, for the purchase of $200,000
Dated July 1,1939 and due on July 1 from 1940
will receive sealed bids until 10
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone 3-9137
A. T. T. Tel. Rich. Va. 83
3 M % improvement bonds.
to
1955, inclusive.
STRATFORD, Ont.—BOND SALE—An issue of $100,000 3% improve¬
bonds was sold to Burns Bros. & Denton of Toronto at a price of
99.691, a basis of about 3.04%.
Dated Aug. 1, 1939 and due from 1940 to
ment
1959, incl.
VINTON, Va .—BOND
sealed
bids
OFFERING—H.
until 7:30
§52,000 not to exceed 3% interest
p.
m.
Coleman. Town Manager,
July 27, for the purchase of
coupon bonds, divided as fol»ows:
Dated Aug. 1, 1939.
Due Aug. 1 as
$26,000 water supp.y system bonds.
fo'lows:
n„
_
$1,000 from 1947 to 1966, inci. and $2,000 from 1967 to
1969, inci. Interest F-A.
26,000 street improvement bonds.
All
follows: $1,000 from 1947
,1969, incl. Interest A-O.
or
Dated Oct. 1, 1939.
Due Oct. 1 as
to 1966, incl.and $2,000 from 1967 to
bonds will be in $1,000 denoms.
Bidder to express rate of interest
iu B^ltiPles of M of 1%
Principal and semi-annual interest payable at
Tj?e<Jw?wn Jlfasu^r ® office. Legality approved by Thomson, Wood &
Hoffman of New York
City.
VERMONT
SALE—The $75,000 coupon bonds offered
July 20—V. 149, p. 452—were awarded to Estabrook & Co. of Boston, as
lMs, at a price of 100.54, a basis of about 1.43%.
Sale consisted of:
$25,000
t
sidewalk^and curbing bonds. Due $5,000
50,000 street improvement bonds.
1953 incl.
Due $5,000
Eate Bid
Bidder—
Rate Bid
,
98.12
98.60 Mills, Spence & Co
Fairclough & Co
98.53 Royal Securities Corp., Toronto97.89
97.81
McLeod, Young, Weir & Co—98.50 Hanson Bros
A. E. Ames & Co
97.50
Harris. Ramsay & Co., and J. L.
Graham & Co., jointly
95.83
98.50 R. A. Daly & Co
Wood, Gundy & Co
98,26
Seagram, Harris & Bricker
98.21
Bell. Gouinlock & Co
W.
on
Other bids:
Bidder—
VIRGINIA
on July 1 from 1944 to
on
July 1 from 1944 to
TECK
TOWNSHIP,
Ont .—BOND SALE—Wood,
Gundy
& Co.
of
Toronto
purchased $260,458 4%
bonds, due in 10 instalments, and
$27,619.45 4 Ms. due in five instalments, at a price of 102.19, or an average
interest cost of 3.57%.
Other bids:
Rate Bid
Bidder—
Dominion Securities Corp. and Bell,
Gouinlock & Co
Harris, Ramsay & Co
Imperial Bank
Harris, Mackeen, Goss & Co
Dyment, Anderson & Co
Fairclough & Co
McLeod, Young, Weir & Co
Mills, Spence & Co
TORONTO
SEPARATE
Wood, Gundy & Co.
10-year serial bonds.
SCHOOL
of Toronto
102.03
101.80
101.553
101.30
100.71
100.51
100.275
100.06
BOARD, Ont .—BOND SALE—
purchased privately $100,000 2M%
@FedFRASER