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BUS. ADM.
HBRARY
TV
amimrria
COPYNIOHTCO IN 1939 ®Y WILLIAM B. DANA
COMPANY, NEW YORK.
Issued
VOL. 149
Weekly 40 Oents
a
Copy-
$18.00 Per Year
BROOKLYN
ENTERED AS SECOND-CUSS MATTER JUNE
23, 1879, AT THE POST OFFICE AT
NEW YORK, NEW
YORK, UNDER THE ACT OF MARCH 3, 1879,
NEW
YORK, JULY 29,1939
William B. Dana Co.,
Publishers,
25 Spruce St., New York
City
TRUST
THE
COMPANY
NO. 3866.
•
CHASE
NATIONAL
Chartered 1866
BANK
OF THE CITY OF NEW YORK
George V, McLaughlin
Maintaining effective cor¬
President
NEW YORK
respondent bank service
BROOKLYN
is
Member Federal Deposit Insurance
a
traditional
policy of
the Chase National Bank.
Corporation
Broaden your customer
service
with
Chase
cor¬
respondent facilities.
Member Federal
Hallgarten & Co.
*
Canadian
Established 1850
NEW
Deposit Insurance
Corporation
Securities
YORK
DIRECT PRIVATE WIRE TO
Chicago
London
Underwriters
TORONTO
and
dealers
of
in
capital issues
United
States
Government, State, County and
Municipal bonds and in Public
Utility, Railroad, Industrial
T^hc
FUNDAMENTAL
and other investment securities.
FIRST BOSTON
CORPORATION
INVESTORS
NEW YORK
INC.
Harriman Ripley & Co.
Incorporated
BOSTON
CHICAGO
PHILADELPHIA
AND OTHER
63 Wall
SAN FRANCISCO
Boston
Street, New York
Philadelphia
Chicago
PRINCIPAL CITIES
Representatives in other leading Cities
Prospectus on request
from authorized
dealers in all prin¬
cities or Fundamental Group
Corporation, Jersey City, N. J.
cipal
The
New York Trust
mm
City of
Philadelphia
Commonwealth of
Company
•
HOMER & CO., INC.
40
IOO
'
Pennsylvania
v
BROADWAY
Bonds
Exchange Place, New York
Moncure Biddle & Co.
MADISON AVENUE
PHILADELPHIA
AND 40TH STREET
BEAR, STEARNS
&
CO.
ONE EAST
57TH STREET
ONE WALL STREET
James Talcott, Inc.
Founded 1854
NEW YORK
factors
Europea
n
Representa tioe
General
Offices:
225 FOURTH AVE., NEW YORK CITY
KING WILLIAM ST.
Carl M. Loeb, Rhoades & Co.
61
NEW YORK
London
LONDON, E. C. 4
Correspondent Companies:
James Talcott of Canada, Ltd.
BROADWAY
1470 Peel St.,
I
Montreal
James Talcott, Ltd.
Pari*
Amsterdam
1889-1939
Fiftieth Anniversary
6-8, Sackvilie St., London. W. I.
The Commercial & Financial
n
Interest exempt
Chronicle
July 29, 1939
from all present Federal Income Taxation
$1,750,000
State of South Carolina
3A%State Highway Certificates
1
Due
Legal Investment, in our opinion, for Savings
,
Certificates,
■'
,
.
counsel will be valid, direct, general
are
Banks and Trust Funds
.
'
■
to be issued for State highway purposes,
South Carolina for the payment of
the State
inclusive
York and Connecticut
in New
These
of Indebtedness
$175,000 annually August 1, 1941 to 1950,
in the opinion of
and unconditional obligations of the State of
which the full faith, credit and taxing power of
pledged, and there is no limitation contained in the South Carolina
the rate of property taxes which may be levied by the State.
constitution upon
Prices to
These
yield 0.75% to 1.85%
certificates are offered when, as and if issued and received by us and subject to approval of
by Messrs. Reed, Hoyt, Washburn & Clay, whose opinion will be furnished upon delivery.
legality
BLAIR & CO., INC.
HALSEY, STUART &, CO. INC.
STRANAHAN, HARRIS]& CO.
GRAHAM, PARSONS &. CO.
INCORPORATED
THE PEOPLES NATIONAL BANK
SCHLATER, NOYES & GARDNER
ROCK HILL, S. C.
INCORPORATED
HAMILTON &, COMPANY
KIRCHOFER & ARNOLD
CHESTER, 8. C.
INCORPORATED
•
„
R. COMPTON &. CO.
WILLIAM
INCORPORATED
♦
Principal and semi-annual Interest,
1, 1939.
Dated August
denomination of $1,000,
compiled from sources
February 1 and August 1, payable In New York City. Coupon certificates in the
principal and interest. The information contained herein has been carefully
completeness or accuracy, we believe it to be correct as of this date.
registerable as to principal only or as to
considered reliable, and while not guaranteed as to
July 29, 1939.
Leading Out-of-Town
Investment Bankers & Brokers
NOTICE OF
To the Holders
REDEMPTION
and Registered Owners of
Fifteen-Year
Debentures of
BIRMINGHAM
MARX & CO.
BIRMINGHAM, ALABAMA
SHELL UNION
Oil
Corporation
SOUTHERN
MUNICIPALS
CORPORATION
and
BONDS
'
HARTFORD
that, pursuant to the provi¬
sions of the Trust Agreement, dated March 1, 1936, between
the undersigned and Irving Trust Company, as Trustee, the
undersigned has elected to redeem and pay and will redeem
and pay on August 24, 1939 at 102^% of their principal
amount
together with interest on said principal amount
accrued and unpaid to August 24, 1939 all its Fifteen-Year
3%% Debentures issued under said Agreement and outstand¬
ing; that interest on said Debentures will tease on said
redemption date and that you are required to present and
surrender your said Debentures on said redemption date for
redemption and payment together with the coupons thereto
appertaining maturing on September 1, 1939 and subse¬
quently, at the principal office of Guaranty Trust Company
qf New York, No. 140 Broadway, Manhattan, New York
City. Upon such surrender you will receive in payment for
You
hereby notified
are
each Debenture
and its said
a
Securities
PUTNAM & CO.
Members New York Stock Exchange
6
CENTRAL
Tel. 5-0151.
ROW, HARTFORD
A. T. T. Teletype—Hartford 564
DETROIT
PUBLIC
UTILITY
BONDS
accompanying coupons so sur¬
equal to 102y2% of the principal amount of
such Debenture and interest on said principal amount accrued
rendered
Specialists in Connecticut
sura
unpaid from March 1, 1939 to August 24, 1939. On and
redemption date no further interest will accrue or
be paid on said Debentures and said coupons maturing after
and
Charles A. Parcells &,
Members of Detroit Stock
PENOBSCOT
Co.
Exchange
BUILDING, DETROIT, MICH.
after such
such
MILWAUKEE
redemption date will be null and void.
SHELL UNION
OIL CORPORATION,
By R. G. A. VAN DER WOUDE, President.
WISCONSIN
CORPORATION
SECURITIES
Dated, July 24, 1939.
Teletype—Milwaukee 92
Debentureholders may, at their option, surrender such Debentures
time prior to August 24, 1939 at said office of Guaranty Trust Com¬
pany of New York with the coupons above referred to and receive the full
redemption price with interest accrued to August 24, 1939.
N.
B.
at
any
EDGAR, RICKER& CO.
207 East
Michigan St.,
Milwaukee, Wis.
I
llu(L.
ommercial §■
Vol.
149
JULY
29, 1939
No. 3866.
CONTENTS
Editorials
page
The Financial Situation
619
Spending and the National DefenseThe
......
Neutrality Laws
632
633
Comment and Review
Annual Report of FDIC
Week
on
636
__
the European Stock Exchanges
624
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
624
.629 & 674
Course of the Bond Market
637
Indications of Business Activity
638
Week
on
the New York Stock
622
Week
on
the New York Curb
Exchange
Exchange..
......
673
News
Current Events and Discussions
651
Bank and Trust
672
Company Items..
General Corporation and Investment News...
717
Dry Goods Trade
761
State and
762
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations.
681 & 683
Bonds Called and Sinking Fund Notices
676
Dividends Declared
676
Auction Sales
674
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations....684 & 694
684
New York Curb Exchange—Stock Quotations
New York Curb Exchange—Bond Quotations
700
Other
706
704
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond
Quotations
710
Over-the-Counter Securities—Stock & Bond Quotations.
713
Reports
Foreign Bank Statements
Course of Bank
628
Clearings
674
Federal Reserve Bank Statements
General
651 & 681
Corporation and Investment News..
717
Commodities
The Commercial Markets and the
Crops
752
Cotton
Breadstuff s
754
:—
758
Published Every
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City.
Herbert D. Seibert, Chairmai of the Board
and Editor; William Dana Seibert. President and Treasurer; William D.
Biggs. Business
Manager.
Other offices: Chicago—In
charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter June
23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
In United States and
Possessions, $18.00 per year, $ 10.00 for 6 months; in Dominion of Canada. $19.50 per year, $10.75 for 6 months.
South and Central
America, Spain, Mexico and Cuba. $21.50 per year, $11.75 for 6 months; Great Britain, Continental
Europe
(except Spain), Asia, Australia and Africa, $23.00
per year, $12.50 for 6 months.
Transient display advertising matter, 45 cents
,a?^e "ne* Contract and card rates on request. NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign
subscriptions and advertisements must be made in New York funds.
The Commercial & Financial
IV
This advertisement
is neither
an
The
offer to sell nor a solicitation of offers to
offering is made only by the Prospectus.
*
NEW ISSUE
.
buy any of these securities.
July 26,1939
/•.
-
.
July 29, 1939
Chronicle
$26,500,000
The Kansas Power and
First
Light Company-
seire1969 V
due S%i
To be due July 1, 1969
July 1, 1939
Price 108H% and accrued
interest
Copies of the Prospectus may be obtainedfrom such of the several
including the undersigned, as are registered^ dealers in securities
.
The First Boston
.
Incorporated
■
F. S. Moseley & Co.
Union Securities Corporation
Spencer Trask & Co.
./.y'
■-
,
Harris, Hall & Company
.
.
Blyth & Co. , Inc.
' ■ y:
Lehman Brothers
Kidder, Peabody & Co.
Incorporated
•
underwriters,
in this State:
Corporation
Harriman Ripley & Co.
Halsey, Stuart & Co. Inc.
E. H. Rollins & Sons
•
Mortgage Bonds
3
To be dated
■
/„
Arthur Incorporated & Co.
Perry
y
(Incorporated)
Leading Out-of-Town
Brokers
Investment Bankers &
ST. LOUIS
Expenses o£ Class One
Can Be Reduced
Railroads
$500,160 Annually
St/k
4
Co.
BA/NT LBUIB
OO^OIJVE St,
Stock and Bond Holders Entitled
To Income On Investment
Members St. Louis Stock
co-operation and conof Interstate Commerce Com¬
With their
sent
mission
enormous
effected enabling
,1
these
★
★
savings can be
Interview can be
Railroads to pay
arranged through
it
obligations.
Railroad man, many years prac-
tical experience, after
A. Joseph Murphy,
£ast
making thor-
street,
Huisache
Kingsville,
Texas.
ough study of problem has devised
workable plan.
Exchange
★
★ ★ ★
Dividends
KANSAS CITY
POWER & LIGHT COMPANY
Dividend No. 51
July 19, 1939
of $1.50 per
"B," Stock of
the Kansas City Power & Light Company has
been declared payable October 1, 1939, to stock¬
holders of record at the close of business Septem¬
First
Preferred, Series B
Kansas
City, Missouri
regular quarterly dividend
share on the First Preferred, Series
The
ber 14, 1939.
All pawns
holding stock of the company are
requested to transfer on or before September 14,
1939, such stock to the persons who are entitled
to receive the dividend.
H. C. DAVIS, Assistant Secretary.
For other
dividends
see pages v
The Financial Situation
policies have
near
plans
carried through to completion.
are
will remain
Its record
during the remaining days of this session, unless de¬
velopments approaching the miraculous intervene,
from
surcease
tive
the
say
terized the situation for
a
said in part:
"All things
eral Reserve Board
rose
June to 97 from 92 in
and
a
May.
in
April
Xfre Secretary
of Labor reports somewhat
factory employment
conditions
and
the
Secre¬
tary of Commerce cites fur¬
ther evidences of improve¬
for
ment
June.
the
month
Various
this
of
trade
ports and the like
make it
re¬
seem
to
fairly certain that
modest
recovery
of
activity continues. All of
this
is
encouraging
helpful
of
far
so
course
( and
a
and
it
as
goes,
spirit of
somewhat greater optimism
is
evident
future, but apart from the gallant efforts
near
those
among
whose business it is to for¬
tent
Well Spoken
in
a
statement to his
during the
considered,
past few
progress
providing higher levels
days
the
over
of comfort for
has
been
re¬
markably consistent.
The upward trend has
persisted despite reverses and
temporary set¬
backs.
Depressions and other
the
interruptions
forward
movement have, without ex¬
ception in the past, been followed
by revived
activity and a surge of pent-up forces that
carried
to new
us
achievements
expanding
high planes of living. These
were
not merely the results
of
geographical frontiers.
For our
greatest strides in
more
better
the
providing
more
people have been made
influence
of
the
at
frontier
tional
a
things for
time when
upon
our
na¬
economy was steadily
dwindling.
Our
rising scale of living and the
consequent in¬
crease in
opportunity have to a large degree
of
a
nology.
judgments
as
to the
products
by industry for
and
new
depression has been
among
than
more
The
processes.
no
exception.
100 industrial
tions, large and small,
amazing number and variety of
.
.
new
current
A survey
organiza¬
reveals
,
some
of
course
business
in
the
immediate
less
or
already being produced on a commercial
basis, others so well advanced in the
labora¬
tory as to indicate the
probability of their
practical application within a
short time.
With only casual
public notice there has been
emerging from industrial laboratories
and
scientific
workshops everywhere, during the
depression
years, a flow of new products and
concepts which bid fair to create for
us,
in reality, a new
world of tomorrow.
Seldom in so short a
period of time have so
future.
'
The
disagreeable fact
mains,
however,
occurred
that
change
in
the
re¬
no
has
general
business situation and that
Congress has not
as
yet
taken, and almost certainly
take,
duce
not
this
at
session,
step likely to in¬
any
really significant al¬
teration in the
of
affairs
trade
possibilities appeared
horizon.
general state
long existing in
and
industry.
It
would be unreasonable to
.
.
the indus¬
upon
Combined, they
most
fundamental
will
many
trial
constitute
a
significant contribution of
industry to
It may be said,
therefore, that there exist today the funda¬
mental
elements essential to a broad
economic and social
progress.
and
sound upturn in
economic activity.
There is
awaited the conviction
in the minds of
people
everywhere that our national economic
poli¬
cies will be revised so
as to warrant the
taking
of the essential risks
on the
part of investors
and the
spending of
to
for durable goods
capitalize the manifest
opportunities. But
there
is^ needed also
money
the
assurance
that
new
enterprise to manufacture and market
these
new products
will be freed from
which
restrictions
now
largely nullify all probable gains.
particular, those developments that make
improved quality and lowered
prices of
In
for
goods and services
couraged to
that
more
exert
and
must be allowed and en¬
their full force, to the end
more
people
may
buy. '
be
able to
business until
hand that
^uch
time
as
evidence is at
drastically different and distinctly
constructive
public policies have been
adopted and consistently pursued by the
Government.
to
expect
stances.
cerned, at
Perhaps it would be
more
Federal
as unreasonable
from Washington in existing circum¬
As far
any
more
or soon will be
as
this session of
Congress is
con¬
rate, it may be said, indeed it must be
said, that for the most part issues necessarily involved
in the eradication of the infirmities of current
public
them.
Complaint
numerable interferences of
Government with the
mal
we
of
process
and of the
have been
business,
subjected to*
by
but
rather
men
than government
by laws,
nothing of much
has
sequence
nor¬
degree in which
government
con¬
been
even
undertaken to remedy the
conditions about which
complaint is made.
Outcome Inevitable
Some
this
such
evitable.
little
outcome
as
indeed almost in¬
was
There
question
stantial
can
that
numbers
people in
life
many
have
be
sub¬
of
our
walks ..of
become
rather
than dubious of the
more
wisdom
of
the
large and
constantly increasing out¬
lays of the Federal Gov¬
Nor
ernment.
more
are
is
there
for doubt that
room
many
and
becoming
more
skeptical of the
more
virtue of the innumerable
quack remedies that have
been
brought forward and
are
almost
daily being
brought forward, for the
ills that afflict
ness
us.
Busi¬
baiting, at least in the
abstract, is likewise begin¬
ning to lose favor if
indications
ed.
are
ever,
current
to be trust¬
When due allowance
is made for all
this, how¬
the fact remains that
there is not yet
sight
expect any basic improve¬
ment in
consis¬
no
determined effort to
an
things,
new
.
more
legislative body,
has been heard of the in¬
constantly advancing tech¬
"One of the effects of
depression is greatly
to stimulate the
search
or
reduce
evolved from industrial
research and the de¬
velopment
new
mulate
nothing of
To be sure,
manner.
few individual members of the
a
rapidly-growing population
in
compiled by the Fed¬
in
years
improvement in busi¬
activity continue. The
Truth
leading industrialist
stockholders issued
Mean¬
past.
index of industrial produc¬
tion
culably
of
temporary
The
A
while, indications of mod¬
ness
been raised, to say
constructive
there has been
anxiety, which has charac¬
erate
even
a
legisla¬
uncertainty, not to
good while
in
there has been a
good deal of discussion of the almost
incredibly large expenditures which persist without
affording the slightest hope of reduction in the cal-
unsatisfactory, regardless of what is done
but business may at least look forward to
not
being settled
CONGRESS, with a definitely indifferent if current
record to
date, will adjourn in the
future
any
clearly in
popular uprising
against squandering of suf¬
ficient vigor to offset the influence of the various
lob¬
bies or "pressure groups,"
which, while willing to
condemn profligacy in the
abstract, are insistent upon
a continuance of their own
so-called benefits. Quack
remedies
appear
still to
politically dangerous to
have
followers,
and
are
provided they are
given a plausible outward aspect and are cleverly
employed by shrewd demagogues.
"Wall Street,"
oppose
the "utilities," and the "economic
in
one
degree
or
royalists" can still
another be employed as objects of
g20
clear that such is not
means
no
Financial Chronicle
political effectiveness, or at least it is by
the case. In these
with
scorn
The Commercial &
"
,
circumstances it
deplor¬
is understandable, however
Congress, with another election in
able, that
the
has more or less consistently "winced and
relented and refrained" throughout the present ses¬
offing,
and doubtless will continue to await
It awaits
sion.
of a mandate, delivered or
something in the nature
conditions are to be restored in in¬
normal
If
trade, if employment opportunities are
dustry and
satisfactory degree, and if the
general standard of living is to resume its upward
trend, the conditions which make them possible
again to exist in
must come in response
to the demands of the people
What members of Congress hear when
themselves.
to their homes, and what
political "ground-swell"
they presently return
be the so-called
to
seems
regarding many vital issues within the next year
much greater importance in connection
will be of
than anything Congress has done or
all this
with
the past six or seven months.
failed to do during
We
as
a
people emotionally swept from our feet in
1933, seemed to forget that after all the source
power
of
in the economic system is not and never can
stimulants applied from above but
artificial
be
rather the inner
of the
urgings of the individual for more
good things of life and his consequent efforts
for himself. We seemed to suppose
to obtain them
somehow we
that
must
"encourage" this or that
activity, or all business activity,
paradoxically enough we seemed at the same
to be laboring under the strange impression
there was something a little unworthy in the
type of business
while
time
that
efforts of
to advance their own
men
economic wel¬
Concomitant with all this there grew up a
fare.
"society"
owed a living to large sections of the population
which must be provided at the expense of the rest
of the community.
The net result was a mass of in¬
credible legislation, some of it apparently designed
feeling in many quarters that somehow
curtail business
to
sciously
and
so
some
business
the
day
activity,
if it was not con¬
or,
designed, it inevitably had that effect,
of it professedly designed to encourage
All of it bore the brush-marks of
and the dillettante. The real question of
activity.
the fanatic
now concerns
the degree in which we have
sloughed off these strange ideas, and are
to
demand
a
different
The
The task
before
quite clear.
course
of action.
Task Before
us
is in
prepared
general terms at least
It may be that the politicians and a
proceeding in his
in
an
endeavor
"Business" is often
own
to
way
and in his own
his
improve
spoken of
as
if it were
condition.
something
quite apart from the individuals who compose the
business
a
mere
that
community,
or as
if it
were
handful of individuals who
dominated by
are
so
perverse
they are willing and ready to "go on strike"
organizations without question play a greater
Large
part in industry today than in days gone by, but
it is still true that the difference between prosperity
of innumer¬
and
and
depression is largely in the hands
able
enterprises which no one would call large,
who operate them
make money and those
to
in busi¬
the large corporations are
even
moreover
enlarge or restrict
their activity depending upon
believe there is or is not present an
whether they
apportunity to earn a profit in each individual case.
It so happens that the conditions which cause
men
to hesitate to launch new enterprises, or to
responsible for the lack of markets
are
wholly either directly
almost
stem
which ren¬
operation of existing plants impossible
full
ders
.
existing enterprise, and for that matter
enlarge
indirectly
or
public policies of recent years. Precisely
are these conditions?
It is easy enough to
from the
what
The first
of them.
enumerate the more important
thing, or one of the first things, any practical busi¬
ness man considers when laying plans for the future
is
the
important
most
repeatedly said in
been
has
what
of
elements
One would suppose
taxes and labor.
are
much
from
of
Two
costs.
in costs
Washington during the past half dozen years
controlling.
the cost of money was
With taxes and labor charges
absurd.
that
The notion is
excessively
with caution even
cost at all.
high the business must proceed
if funds
provided at no
were
High Labor and Tax Costs
in
Never
of every
the history
have
there
any
be,
of the country have taxes
sort been so burdensome as they are
never
as
of them been levied.
many
today;
Nor is
good reason to suppose that there
or can
will
be, any early reduction, so long as gov¬
everywhere, but particularly our national
ernments
Government, continue to spend money like drunken
There
sailors.
was
never
time—thanks to the
a
coddling of labor which has been going on in Wash¬
ington and elsewhere for the past six years—when
it cost
to
much
so
(in relation to obtainable prices)
get a given amount of work done.
trade have been able to
Industry and
proceed at all only by reason
astounding advances made in technology and in
of
the
perfecting of the organization of men and ma¬
terials to raise
and
Us
economists who now in¬
habit Washington in such large numbers are sin¬
cerely puzzled as to why business recovery persists
in refusing to put in an appearance.
Certainly if
one
may judge from the discussions of the matter
reported from the national Capital such is the case.
If so, however, the fact does them little credit.
Confidence is the spark-plug of business enterprise.
Industry and trade move forward under the impact
imparted by the activity of countless individuals
field
not met.
willingness of
good many of the amateur
each
great cost to themselves when their wishes are
Nothing could be further from the truth.
at
ness
making.
in the
July 29, 1939
efficiency to the limit set by the un¬
men
to work with accustomed vigor
energy.
Closely related to taxes but also possessed of sig¬
nificance in its
own
right is the matter of national
public expenditures.
Not only does a continuation
of excessive
sistence of
than
now
system.
high taxes, probably even higher taxes
prevail, but they threaten the monetary
Already they have definitely laid the basis
for what is
the wth
must of
expenditures definitely promise a per¬
popularly known as inflation raised to
degree.
An indefinite continuation of them
necessity at
the entire
one
time
unsettles the mind of
a
the currency
as
man
planning his
uncertainty concerning
with which he must conduct his busi¬
ness.
At the
fiscal
policies, but
the
another undermine
business
operations for the future
with
or
monetary and credit system. Nothing so
present time not only incredibly loose
currency,
a
confirmed tendency to tinker
with the banks and with the
whole credit structure stares him in the face.
to
all this
the fact that there
now
reposes
Add
in the
Volume
executive
branch
dreamed-of
such
The Commercial & Financial Chronicle
149
heretofore
reaches
of
tinkering at discretion, and
tion which
thusiasm
business
concerning
usually designated
be
well
as
broad
man
same
various
other
vigor which
a
bring
or
Government
much of
what
was
feared
once
of
punitive than regulatory,
Economic
The so-called
Committee
is
before
by
the
Con-
hard
at
the
corn-
signs of increasing, both
some
modest
to
occasion
The
concern.
the
subnormal .aspects
The
removed
were
condition
statement
from
of
New
City reporting member banks indicates
an
on security collateral advanced
$51,000,000 to $523,000,000, this advance apparently being due in part
at
to the increase of stock market
apparently laying the foundation for drastic
further extension of this
legal requirements,
accommodation
increase of commercial, industrial and agricultural
loans by $9,000,000 to $1,414,000,000. Brokers loans
extend into
now
too
situation.
York
Temporary Na-
even
much
are
branch of business enterprise from the
farm to Wall Street.
tional
now
unchanged total of $4,490,-
gains, in fact, would have to be extended greatly
alone. These regulatory activities, Which often
almost every
an
for business and speculative purposes, but the gains
since
empowered
are
excess reserves over
mereial banks shows
irresponsible
year
deposits, but
Demand for credit
must face much
now
The net result of all
small increase of member bank
a
000,000
authorities, administrations and
agencies of
are more
work
It
may
was
reserve
un-
Business used
uncertainty 365- days in the
law to do
gress
So
time proceed in wholly
in session.
bureaus,
rapidly from its general, account
these factors
periodically when hostile
were
funds
something quite different.
termed
Congresses
the
disburse
with the 12 regional banks.
beyond the best of calculations.
sweat
legislation
"regulatory," but which could
predictable directions with
to
banks considerably more gold certificates than
serve
the terms of many of these statutes that
are
Significantly, the Treasury
the value of gold acquired by it during the statement week.
The Treasury, finally, continued to
in mind.
may have
partial offset to this
was a
in Washington deposited with the 12 Federal Re-
possible en-
of restrictive
mass
bureaucrats may at any
ruin
any
by $20,000,000
open-market operation.
be able to muster
may
project he
any
Then there is the
culation
un-
have a situa-
we
inevitably tends to chill
a
and
unheard-of
authority to proceed with
621
activity, and in part
to the need for carrying some large new bond issues,
type of arbitrary and often
Gold stocks of the country increased $36,000,000
capricious interference and restriction of business
in the week to
enterprise.
$16,227,000,000.
July 26, to
further record high of
a
The Treasury, however, deposited
with the 12
The
This is the situation very
a
creation not
people,
could not
the
"briefly outlined.
much of the
so
politicians
at the very least it is
or
people acquiesced and to all
be
not
clear
as
It is
cash
of the
creation which
a
apperances at
It is certainly
altered
least
the
greatly unless and until it is
the
experimentally,
uncertain
and
file.
stances could be
Nothing
more
expected of it.
in the
seeking
a
at
concerns
the
dropped
Total deposits with
advanced $58,480,000
an
increase of member bank
$8,619,000 to $287,657,000, and
reserve
to
balances
decline of the
a
an
increase of other
deposits by $47,438,000 to $402,454,000.
rati0 advanced to
man
86.1% from 85.9%.
the
The first and the
banks
12
regional
$99,000 to $4,696,000.
reasonably clear view of the longer term
future must ask
$14,089,302,000.
Treasury general account by $21,816,000 to $742,400,000; an increase of foreign bank deposits by
circum-
important question that the business
regional institutions
ing 0f
points of the support it would receive from
rank
most
quite
to
by $24,239,000 to $10,436,286,000;
tered, and altered fundamentally. The "opposition"
and
of the 12 banks
reserves
174,286,000
$11,868,797,000, with the account variations consist-
during the past six months has been proceeding
timidly
up
$10,204,000 to $4,498,758,000.
beyond question that the people want it al-
many
marked
Federal Reserve notes in actual circulation
situation which
a
increased, and total
were
possibly have been consummated had not
tacitly approved.
will
regional banks $58,004,000 gold certificates, raising the holdings to |13,709,222,000. Other
People's Own Handiwork
showed
a
The
reserve
Discounts by
small
Industrial advances
gain
of
were up
$22,000 to $12,579,000, while commitments to make
degree in which the
guch
advances
increased
$184,000 to
$11,476,000.
general drift of public opinion has set against this
Open market holdings of bankers'
type of public policy, and the extent to which it
$2,000 to $558,000, while holdings of United States
may
be possible to turn it against all this within the
reasonably
year.
near
future,
say,
Government
by the autumn of next
'
fell
holdings in
•
were
up
$26,918,000 to $2,488,-
219,000, entirely because of
The evidence today is encouraging but not
conclusive.
securities
bills
a
drop of discount bill
response to the technical conditions of
the market.
Federal Reserve Bank Statement
Foreign Trade in June
EFTLE change occurred this week inofficial bank¬ WITH the June figures now available, it is pos¬
the general
picture,
reflected in the
sible
foreign trade results for
credit
as
to examine the
ing statistics, but there were again
some
significant
variations of items that go to make up the
picture.
It begins to be clear that a calculated
policy is
being followed by the Treasury and the Federal Re¬
serve
System of evening out
factors making for
reduction of the credit reservoir
to
add to the
aggregate of unused credit.
tion of the open
Treasury bills
week to
by others tending
Reduc¬
market holdings of United States
was
pursued with
some
vigor in the
July 26, owing to technical conditions of
the bill market.
The
drop
on
this occasion
was
$26,-
918,000, and the total decline since late in June
amounts to
$75,796,000.
A drop of currency in cir-
the first half of 1939.
In
ports of $1,415,427,000
were
the
half-year period
smaller by 11%
ex¬
and
8% respectively than the $1,590,788,000 shipments
in the first half of 1938 and the
same
period of 1937.
They
$1,536,563,000 in the
were,
however, substan¬
tially above the six months' figures of each of the
years
1931 to 1936 inclusive.
—
Imports in the half year of $1,094,563,000, while
14% higher than the $960,955,000 of 1938,
low the
The
were
be¬
corresponding periods of 1937 and 1936.
export balance of trade in the first half of
the current year
of $320,864,000
was
not much
more
exceptionally large export balance of
than half the
1938, but, aside
$629,833,000 in the like period of
by
In the January to June periods
1936, in fact, the balance was on the
great margin.
a
of 1937 and
ALTHOUGH
eral
import side.
the first in over a year to
June's exports were
show
increase over a year
an
of May, from
than the $249,259,000
smaller
they showed about the
usual seasonal decline.
they were greater than
June, 1938 is attributwhich oc-
which
That
larger than seasonal decline
able to the
Last June's imports dropped
curred in that month.
May figures were excephigh in comparison with other recent
Compared with April, June's figures do
sharply from May, but the
tionally
months.
Imports in the three months
out of line.
not appear
$178,953,090 in June, $202,505,000 in May, and
were
The June balance of exports
$186,300,000 in April.
of
$57,105,000 compares with one of $86,857,000 in
in
exports
agricultural
first
the
months of 1939 accounted for most of
six
of
Crude foodstuffs and
total.
agricultural character, alone declined $148,-
an
106,000
Reduc¬
shipments of grain, cotton and tobacco, in
or over
tions in
order
the
entire
vegtorg
awaited fresh indications
named,
responsible for nearly the
were
Shipments of a non-agricul¬
tural
variety, did not change greatly up or down,
from
a
year
Aircraft and chemicals were
ago.
while
shipped in considerably greater volume,
troleum showed the
pe
sharpest decline among the more
important items.
in
increase
The
in
imports
half-year
the
was
partly in farm and non-farm products, but most of
it
was
in the latter classification.
Items showing
Favorable facwhich is
doubtless the reason for continuance of the improved market level.
There was a discernible
tendency toward purchases of low-priced shares, indicating that public participation is not lacking
and might easily be stirred into greater activity,
tors
appeared to outweigh the others,
But the so-called Blue Chips also were
sharpest increases included wool and mohair,
hides
and
skins,
rubber and paper
Cotton
tin, while
diamonds and
cocoa,
also showed sizable gains.
480,349 in the first six months were 40% smaller
in volume than the
2,344,068 bales worth $118,897,-
profitoffset. Less encouraging
steady diminution of turnover, from
taking sales readily were
slow but
was a
1,00b,000 shares in the early sessions of
considerably less than that figure in
than
the week to
the later
periods.
Business indices were studied
dence
future
to
as
carefully, but evi¬
tendencies
was
conflicting.
appeared
diffi¬
cult to draw.
Large industrial concerns showed
modest earnings, as a rule, although some outstand¬
ing gains also were included. Incident to the pubSecond-quarter corporate earnings reports
in
numbers, and here also conclusions were
lication of United States Steel and Bethlehem Steel
reports, it was made plain that the price-cutting of
the spring on rolled products would continue to
affect
earnings of this key industry for some
the
months to
Some aid to the market was ex¬
come.
by the political outlook, especially
the im¬
pending end of the congressional session and the
contiuned revolt against
lending
exports of 1,412,923 bales valued at $68,-
in quiet de-
with the result that the occasional
tended
the
of the business,
political and international scenes.
80% of the total decrease.
$148,106,000.
the
market fluctuated nar¬
rowly throughout the week now ending. The small
gains of one day usually were canceled by the
equally sman i0SSes of the next, as traders and inthus attained the
the decline in
crude materials
quotations were ad¬
fractions to two points, and around
figures
more
the
improved levels
In
week's pronounced upswing.
last
in
Saturday's brief session,
mand,
June, 1938.
Smaller
last
this week, prices in gen¬
well maintained at the
were
reached
stock market was
York
New
the
somewhat irregular
vanced from
shipments of $236,058,000, however,
The month's
were
previous.
Stock Market
The New York
/\
Exports in the six
aggregated $8,614,000.
months
has only been exceeded on two or
occasions in the past 20 years, and then not
three
July 29, 1939
comparable 1938 period.
in the
last year,
from
'I
Chronicle
The Commercial & Financial
622
measures.
Administration spending-
affairs remained
Internatioal
chaotic, but the simple fact that the long feared
war still has not developed proved somewhat com¬
forting.
economic
An
reprisal
against Japan is
987, shipped in the corresponding period of 1938.
developing in Washington, which may affect the
The June
situation hereafter
448
were
valued at
shipments of 128,385 bales worth $6,157,-
33% below June, 1938 when 191,256 bales,
$9,442,026
were
exported.
The decrease in
In the listed bond market
during the week.
155,182 bales worth $7,-'
issues
457,668 shipped in May
be regarded as seasonal.
held their
The volume of
June
gold entering the United States in
dropped to $240,450,000 from $429,440,000 in
May and $606,027,000 in April.
Nevertheless the
$2,021,077,000 received here in the first half of 1939,
was
not
only
a
period but is in
any
calendar
record high for any
excess
year
first half of 1938,
of the amount imported in
in the Nation's history.
$247,974,000
in the first half of 1937,
the
metal
in
the
comparable
was
imported and
$1,029,327,000.
half
In the
Exports of
rose
Investment bankers made good
distribution of available new
issues, although some price-cutting occurred on flo!
progress
toward
tations announced last week.
bonds tended
receded.
to
In. the
Speculative railroad
advance, but local traction bonds
foreign dollar department, Panama
obligations moved forward impressively, owing to
ratification
provides
Canal
markets
by
for
Zone
our
Senate of the new treaty, which
enlarged
payments to Panama
rights and privileges.
reflected
the
confusion
for
The commodity
of
official
med-
dling with production and marketing of agricultural
sharply to $14,770,-
Monday to lowest levels in six years, but rallied
to
products.
imports in June
ground.
United States Treasury
only
amounted
year
$435,000.
Silver
rather good tone pre¬
slowly advanced, while best corporate liens
June's shipments from the
may
a
vailed
Wheat and
other grains plunged last
Imports in the half year of
subsequently on genuine buying for consumption.
Cotton fluctuated, and base metals remained stable.
$55,527,000 were just about half the amount received
The official silver price of the Treasury for foreign
000 from
$6,152,000 in May, but
186,000 in June, 1938.
compare
with $19,-
Volume
metal
The Commercial &
maintained at 35c.
was
showed few important
official
New
inancial Chronicle
Foreign exchanges
149
51%; Woolworth
variations, owing to the firm
controls, but gold continued to
York
from
Europe,
which
is
toward
move
best
the
now
indication of the position.
On
the
touched
New
touched
York
Stock
Exchange 111
high levels for the
new
low
new
levels.
On
Exchange 98 stocks touched
stocks touched
New
.at
York
1%.
On
the
'
Exchange
Curb
York
Stock
on
remained
unchanged
Exchange the sales at
Tuesday, 1,229,650 shares;
were
906,110
1,069,210 shares;
were
the
Can
Friday,
on
,
New
York
were
Saturday last
Curb
130,935
Exchange the sales
shares;
on
Monday,
on
177,175
shares; on Tuesday, 172,315 shares; on
Wednesday, 135,200 shares; on Thursday, 150,211
shares, and on Friday, 143,880 shares.
The stock market
on
Saturday last continued its
171%
38
against
38%; Eastman Kodak
169%;
against
Standard
Westinghouse
issues made
new
better
a
rise in the
of
cause
moved
forward
shelving
stride,
drastic
irregularly lower.
copper
the strength of the
on
price of the metal.
another
while
On
break
in
After
an
Monday, be¬
grains,
stocks
irregular and
fairly active opening, prices slipped in the initial
hour, recovered somewhat in the second period un¬
der the leadership of the
public utilities, and there¬
after drifted
Initial
narrowly in dull trading to the close.
strength in the share list
at 21
against 26%.
Tire
&
losses
up
to
issues
in
the
were
and
a
quite irregular, with
point predominating.
steel
industry
were
Most of the
steady.
Motors
irregularly lower, while aviations, chemicals
equipments were under heavy pres¬
electrical
sure.
Early weakness in the stock market
was
re¬
placed Wednesday by a modest rally in the late trad¬
ing that turned many losses into gains.
The up¬
turn
23%;
Rubber
In the rubber group, Goodyear
closed
yesterday
at
30%
against
territory this week.
Pennsylvania RR. closed
yesterday at 18% against 19% on Friday of last
week; Atchison Topeka & Santa Fe at 29% against
30%; New York Central at 15% against 15%;
14% against 15%;
98%; Southern Pacific
Southern
Railway at 17%
against 18%, and Northern Pacific at 10% against
9%. The steel stocks showed perceptible improve¬
ment the
present week.
United States Steel closed
yesterday at 53% against 51%
on Friday of last
week; Bethlehem Steel at 63% against 62%, and
Youngstown Sheet & Tube at 13% against 11%.
In the
motor group, General Motors closed
yester¬
day at 18% against 17%; Chrysler at 83% against
83%; Packard at 3% against 3%, and Hupp Motors
at 1% against 1.
Among the oil stocks, Standard
Oil at
were
against
Friday of last week; B. F. Goodrich at 18%
against 19%, and United States Rubber at' 15%
against 47%. The railroad shares moved into lower
at
quotations
110
23%
on
42%
close
at
Mfg.
Dry at 19% against 18%; Schenley Dis¬
13% against 13%, and National Distillers
on
Tuesday put
prices higher by fractions to two points, but there¬
after gains were shaded as interest
lightened, and
the
&
Elec.
at
at
the
6%
Canada
tillers at
Lorillard
Union Pacific at 98
against
paced
at
108%;
days.
motors,
at
Brands
against
bullish movement and closed at the best level in six
Pivotal shares, particularly the steels and
Fri¬
on
Sulphur at 29% against 29%; Continen¬
at
31%
.Wednesday, 891,910
on
Thursday, 816,870 shares, and
811,650 shares.
On
on
Western
25%
against 17%; National Biscuit at 27 against 27%;
tal
the
18% against 18%, and Amer¬
167% against 165%.
day of last week; Allied Chemical & Dye at 171%
against 170; E. I. du Pont de Nemours at 159%,
the same as last
week; National Cash Register at
19% against 20%; National Dairy Products at 18
Call loans
on
at
Tel. at
Union closed
yesterday at 26 against
Texas Gulf
Saturday last
Monday they
on
on
&
against. 6%;
New
half-day session
shares;
York
'
the
shares;
New
Tel.
high levels and 24
new
low levels.
new
Stock
the
stocks
while 16 stocks
year
ican
623
Oil
of
N.
on
f
J.
closed
Friday
11, the
yesterday
of
last
same as
at
week;
12%
against
Shell
Union
last week, and Atlantic Re¬
fining at 20 against 20%.
In the
copper
group,
Anaconda
as
Copper closed yesterday at 26%, the same
Friday of last week; American Smelting &
on
Refining at 16% against 47%, and Phelps Dodge at
39% against 10%.
Trade
and
industrial
teresting disparities.
reports disclosed
some
in¬
Steel operations for the week
reflected more than
anything else a belated
appreciation of several developments of a favorable
ending today
Steel Institute at
60.6% of capacity against 56.1%
nature, especially
earnings
last
a
declarations.
ago.
statements
On
and
some
better corporate
increased
dividend
Thursday the stock market
was
in
a
hesitant
were
week, 54.3%
estimated by American Iron and
month ago, and 37.0%
Production of electric
July 22
totaled
power
a year
for the week to
2,294,588,000 kwh.,
according
to
mood, and speculative interest turned away from
the general list to a
group of selective shares as
with
2,324,181,000 kwh. in the previous week and
public enthusiasm dampened.
with
2,084,763,000. kwh. in the corresponding week
the best of the
Closing prices
day, with the gains outdistancing the
losses, and values irregularly higher.
trading
was
fused to be
were
of last
a
steady tone.
compared with the closing
week, closing prices yesterday
on
Electric
were
Friday of last
well maintained.
closed
yesterday at 38% against
Friday of last week; Consolidated Edison
Co. of N. Y.
Elec. at
on
at 33
against 32%; Columbia Gas &
7% against 6%; Public Service of N. J.
10% against 39%; International Harvester
at
at
51%
against 58; Sears, Roebuck & Co. at 79% against
79%; Montgomery Ward & Co. at 53% against
Electric
year.
the week to
tion
Institute, the
Car loadings of
July 22
of American
were
figure contrasting
revenue
freight for
reported by the Associa¬
Railroads
at
656,341 cars, down
17,471 cars from the preceding week, but up 75,523
cars over
might be called pacesetting. The market closed
General
38%
Friday
firm, but they re¬
pacesetters, except in so far as marking
irregular but with
As
On
sprinkled with buying of specialties.
Industrial standard issues
time
were
Edison
As
the similar week of 1938.
indicating the
course
,
of the commodity
mar¬
kets, the September option for wheat in Chicago
closed yesterday at 64%c. against 64%c. the close
on
Friday of last week.
closed
on
Friday of last week.
closed
on
September corn at Chicago
yesterday at 41%c. against 40%c. the close
September oats at Chicago
yesterday at 27%c. against 26c. the close
Friday of last week.
The
spot price for cotton here in New York closed
yesterday at 9.58c. against 9.44c. the close
day of last week.
on
Fri¬
The spot price for rubber yester-
The Commercial & Financial Chronicle
g24
day was 16.57c. against 16.70c. the close on Friday
of last week.
Domestic copper closed yesterday at
lOi^c., the same as at the close on Friday of last
In London the price of bar silver closed
week.
yesterday
16
16 11/16 pence per ounce against
at
close
13/16 pence per ounce the
on
Friday of last
week, and spot silver in New York closed yesterday at 34%c., unchanged from
the close
Friday
on
of last week.
foreign exchanges, cable trans-
In the matter of
fers
yesterday at $4.68% against
London closed
on
$4.68 5/16 the close on Friday of last week, and
transfers
cable
2.64
Paris
on
closed
yesterday
15/16 against 2.65c. the close on
at
Friday of
last week.
Trading on the Paris Bourse was quiet at the
for French speculators and mvestors still eyed the international situation askance. Even the sizable gains of the New York market improved sentiment only slightly, for the time
being. Eentes were firm, and gains outnumbered
Ike losses in French equities and international issues- A more optimistic view prevailed Tuesday, at
Paris, and gains were registered in nearly all departments of the market. Eentes were in best de¬
mand, but gains also were noted in French bank,
industrial and other equities. International se«curities attracted a small following. Turnover increased on Wednesday, partly because rumors of an
impending pact with the Soviet Government stimstart of the week,
'
optimism as to the international situation.
ulated
European Stock Markets
July 29, 1939
Eentes, French equities and
international issues all
stock exchanges were
SLOWLY advancing price levels in thethe rule participated in the general improvementwhich releading
small but enlarged business,
of quotaweek
this
on
suited in
European financial markets, and business also was
on a
better scale than in
terment
at
previous periods.
The bet-
London, Paris and Berlin was due in
a
The gains were extended
tions.
tended
vacations
week, for American optimism always
But the
spreads rapidly to other centers.
favorable
with the
prospects for peace also had much to do
European tendencies, as the fear of
long has restrained the markets.
receded into the
and it
more
background
made
as
the week progressed,
yesterday.
Sentiment
years on
resulted
martial adventures in the Far East.
hopeful view thus
of the
peace
was
might
the retention of important profits
mean
market moved
gains also
ence
more
leading industrial countries, since continued
by those benefiting from the booms.
few
were
A
taken of the "cannon booms"
higher in
The London
impressive fashion, and
an
general at Paris and Berlin.
were
There
specifically local developments to influ-
the several markets
one
way or
the other, which
the Berlin Boerse improved materi-
on
ally, Monday, owing to a new decree eliminating
individual income tax penalties for the next two
day, that the British authorities do not contemplate
any
Bank
All classes of issues were in quiet demand
stocks.
quite plain in London, last Mon-
was
stocks led the improvement,
sharp gains also in some interna-
were
tionals, notably Suez Canal and Indo-China
war
The Danzig crisis
Thursday, although
French
keep trading down.
rentes and industrial
part to the upswing of quotations on the New York v but there
market last
to
capital gains.
This effort to aid the Boerse
in gains ranging from fractions to two
points in equities, while fixed-income securities also
Another fairly active session was
in demand.
were
reported Tuesday, with public participation evident
on
an
increasing
throughout, with
scale.
The tendency was firm
leading issues up two to four
points for the day, while other stocks registered
smaller gains.
The fixed-interest section was quiet
Fresh advances were reported Wednes-
and soft.
day at Berlin, with the elimination of capital gains
again indicated that international considerations
penalties still the dominating influence.
remained foremost.
provement ranged from fractions in inactive stocks
Turnover
Stock
was
fairly satisfactory
Exchange
last
Monday,
classes of issues in demand
which remained
large British
quirements.
shares
on
with
save
the London
almost
all
gilt-edged stocks,
laggard owing to the prospect of
Government
flotations
for
war
re-
British industrial issues and mining
were
in
to four points in the leaders.
quiet.
were
on
Thursday, owing in part to profit-taking sales,
uncertain.
were
session
was
reported Tuesday, with
gilt-edged stocks again the exception.
vances were
modify
Fresh ad-
noted in industrial securities and
issues.
International
moved ahead
impressively.
Wednesday,
gilt-edged
while
larger advances
In
stocks
were
stocks
an
and
com-
bonds
hardened
yesterday.
Cotton Subsidy
way.
Another advance developed in
Nor
was
the advancing tendency
in
Thursday, for fresh gains then
were re-
most groups.
Gilt-edged issues finally
joined in the broad advance, which took in also the
industrial and
the
commodity sections.
international
securities
were
tained, but most issues closed with
ish funds and industrial issues
session
turned
yesterday,
irregular.
while
TRACED with the serious results of the Adminis*
tration cotton loan policy, Secretary of Agricul-
ture Henry A. Wallace last Saturday announced a
resort to a subsidy method of stimulating export of
raw
cotton and cotton fabrics. Beginning on Thurs-
cotton sold externally, and commensurate bounties
internationals, with Anglo-American favorites
corded
r
slightly,
registered in industrial
the
on
dull and irregular
day, last, exporters are to receive l%c. a pound on
mining shares.
broken
was
on
active session
and
leading the
The Boerse
good demand, and foreign securities
Japanese bonds moved sharply higher.
Another good
Fixed-income issues
The German market turned irregular
A fewr favorites continued the advance, but others
improved under the leadership of Anglo-American
favorites.
The im-
Early gains in
of from lc. to 2.10c. a pound on various cotton
This program
fabrics.
somewhat
resembles the
wheat export subsidy of the Administration, which
also is
other.
an
attempt to cure one error by making an-
The agricultural export subsidies are pe-
culiar, from several points of view. It is quite possible that Mr. Wallace hopes, in this manner, to
sway
foreign producers of wheat and cotton to en-
advances.
Brit-
ter into crop control programs and allocations of
world markets.
The Tvheat conferences have been
firm in
quiet
simple failures to date.
not
were
fully main-
international
a
securities
Undaunted by that fact,
Mr. Wallace arranged a tentative meeting of cotton
producing countries in Washington, next Sept. 5.
Volume
It is
The Commercial & Financial Chronicle
149
noteworthy, moreover, that
partment
German
has
imposed
and
wares
Italian
growth of the thought expressed in the President's
Treasury De¬
our
duties
countervailing
625
message to
on
that
silks, precisely because
Congress
Jan. 5, when he proclaimed
on
aggressor nations
might be notified of Amer¬
Germany and Italy subsidize exports, and the curi¬
ican opinion
by "many
ous
stronger and
more
spectacle thus is presented of the United States
Government penalizing others for measures
indulges
In
its
on
which it
fairly well revealed.
of
Saturday, Mr.
last
Wallace reserved the right to change the rate of
cotton
ated
export subsidization.
intention
any
of precipitating mutually
were
The
in¬
jurious price competition in world cotton markets
and declared that the United
tion of
seeking
exports
which this
no
by the
The
position.
competitive
on
temporary.
prove
coming
which
he
international
saw
the
cotton'
possibility of
equitable agreement.
bring about such
agreement," Mr. Wallace said.
ing and until
a
For the time be¬
method has been evolved for
con¬
The
shed
here
in
New
York
public regarding
ican
Dutch
and
an
who is
by British invest¬
companies.
Mr. Lowson,
Managing Director of British Isles and Gen¬
eral Investment Trust and associated with
of similar British financial
York
on
a
visit.
enterprises,
He confirmed
that investment trusts
ports
were
informal survey of Amer¬
securities held
ment trusts and insurance
last
a
number
was
in New
previous
and
vague re¬
insurance
com¬
panies in the United Kingdom had been requested
to
register their holdings of dollar and guilder
curities
with
the
Foreign Transactions Advisory
Listing of other foreign security hold¬
Committee.
ings has not been asked,
it
a
se¬
as
Mr. Lowson made
yet.
quite clear that in his opinion the registration is
precaution designed to meet the possible eventu¬
ality of warfare, and the immediate need of mobiliz¬
ing all available foreign exchange resources, should
such
an
arise. He ventured the opinion
further wartime procedure along this line
emergency
that any
would take much the
The
measures.
Transactions
matter,
on
clearly is to
face
the
same
form
as
the World War
impression prevails that the Foreign
Advisory Committee
its
prepare
British
in
this
initiative, although the
own
aim
for
acted,
any emergency
Government
in
that might
these
hazardous
waging
on
ominous note
ciation
cial
or
a
consequence
commer¬
This step by Mr. Roosevelt may
not represent
a new
departure in the foreign
policy of the Administration.
new
of the denun¬
by Washington, Wednesday, of the
treaty of 1911.
may
as
a
;
It is clearly an out-
preliminary
a necessary
as
Ad-
an
measure.
in
Far
the
East
measure
also
clothes
indicates
political
a
war
against China for
more
Ip Tokio conversations between
years.
Japanese representatives
on
the Tien¬
question, preliminary principles have been laid
compromise the British position in the
East to
ish
a
degree.
grave
While the Japanese
rejoicing about their "victory"
were
and
were
preparing
for
over
fresh
the Brit¬
against
steps
foreign interests in China, Secretary of State Cordell Hull exploded his bombshell of the
treaty de¬
nunciation.
sense
The incident is
that it will end
significant also in the
abruptly
a
propaganda
cam¬
paign within Japan which misled the people there
into the belief that the United
in
an
unfriendly
militarists
also
serve
a
require."
may
real
though
so
was
interests
as
new
the
of
to dispel
Administration
any
It
decided
pro¬
developments
This phrase quite obviously
sense
that
the intended purposes.
view to better safeguarding and
moting American
the
the note to
added, however, that the step
"with
upon
abrogation of the
desire to amend such documents
a
they will better
was
Needless to say,
observed in the
were
action being attributed in
pact, the
Japan to
States did not view
the incursions of Japanese
Chinese territory.
on
correct forms
manner
conveys
action.
As
lingering doubts in Japan,
Secretary of the Treasury Henry Morgenthau, Jr.,
on Thursday that
countervailing duty
made it clear
penalties
with
a
silver from
The
Japanese goods
on
possible embargo
no
are
under study, along
imports of gold and
of action thus taken
Administration
there is
on
Japan.
course
may
remain
by the Roosevelt
"short of
denying the gravity of the
war," but
measures and
dangers of American involvement in the Far
Eastern conflict.
RELATIONS between thetaken
United States and
and
Japan suddenly have
more
abrogation is
embargo contemplated in the Pittman
undeclared
an
two
British and
the
Japan
embargo
an
military faction of that country which has been
times.
America and
for
group,
materials to Japan when
against the Japanese Government and the
down which
Saturday, when comments by Denys Lowson
made
Such
situation
move
Far
was
war
clearly that the economic
tsin
arations
Foreign Relations Committee
Department stepped into the matter and
ministration
other
SOME interesting light on the British war prep¬
an¬
resolution presented by Senator
resolution, which thus stands revealed
v
than
British Securities Census
a
shipments of all
trolling reimports of subsidized cotton, the subsidy
will not apply on
shipments to Canada, Mexico and
nearby countries.
were
countervailing duty advance.
a
Senate
considering
accord.
effective and
an
"I am certain that the United
States will do all in its power to
an
in
The
to the kind of
The Sec¬
conference,
goods
recently Italian silks
taken against Japan is far more seri¬
now
the State
retary made it plain that he looks hopefully toward
the
German
more
notified Japan of the abrogation of the commercial
.
The hope was expressed that the need for
subsidy payments will
Spring, and
Pittman, Chairman of the
mar¬
ing to Mr. Wallace, to offset existing price dispari¬
a
Countervailing duty increases
dutiable
subjected to
step
was
bounty is designed, accord¬
ties and maintain American cotton in
all
on
tended.
traditional position
country has occupied in the cotton
kets of the world."
The
ous, for the surrounding circumstances make it bitingly clear that a sharp rebuff to Tokio was in¬
inten¬
than its fair share of cotton
more
measured
as
States "has
25%
nounced last
He expressly repudi¬
words."
mere
that Mr. Roosevelt had in rnipd now stand
measures
account.
own
announcing the subsidy,
short of war, but
measures
effective than
It may be that the
steps
have the
approval of the American people, but there is
evidence
of
that.
The
circumstance
must
be
phasized that Mr. Roosevelt and his associates
no
em¬
are
leading the United States willy-nilly into a kind of
crusade against aggressor nations of the
present
moment
our
of
history, notwithstanding the fact that
last venture into
foreign entanglements turned
The Commercial & Financial Chronicle
626
out
be
to
disastrous
utterly
concerned.
all
for
Foreign reactions to the latest American step still
In Britain, where there is no of¬
the news-was reported fully and
developing.
are
ficial censorship,
This is natural* for
universally acclaimed.
was
British interests in China exceed our own
by ten¬
before
tion
Tokio
July 29, 1939
specific
matters
considered.
be
can
dispatches indicated, this week, that some
made toward settlement of the issues
progress was
presented by the Tientsin affair,
:
It is hardly to be disputed that the British state¬
encouraged the Japanese militarists, for an¬
ment
made by the
fold, and the action in Washington will ten^l to aid
In Japanese official circles the
nouncement
the British cause.
Tuesday that
unfriendly nature ,of the action was fully appreci¬
would
ated, and the authorities there jvere said tQ
traffic between
studying all possible means
tary "reasons" the Japanese also decided to blockade
be
of economic retaliation
States, if discrimination de¬
velops when the treaty actually lapses. There are
against the United
China
war
the
were
contrary courses adopted by the
British and United States Governments this
with respect
week,
The American
to the developments.
against Japan clearly will require some
measures
time for full effect.
The British
French
and
River?)
(Pearl
weeks to all
Hongkong and Canton.
Island in Pearl
concessions
For "mili¬
Shameen
on
River, off Canton, it was reported.
steps, it was assumed, related to Japanese
tendency,
the
on
southern ; China.
in
sions
OVERSHADOWING all ordinary Japan against
being waged by considerations
the
*
troop movements which may presage fresh incur¬
Far Eastern Conflict
of
British
the
Japanese Navy on
River
Canton
the
be closed for a period of two
These
seeds of warfare in the incident.
was
occasioned
The
impression
an
series of incidents
China
in
Great
that
Britain had "sold out" to the Japanese.
The Chi¬
Government put a brave face on the matter and
nese
asserted that
a
real shift
by London toward aid for
Japan was unthinkable, which doubtless is correct.
British nationals in
criticism of their
Hongkong
bitter in their
were
Government.
own
In
the
mean¬
contrary, is likely to be of much more immediate
time, the Sino-Japanese war continued
significance, for it goes a long way toward meeting
tory course, with neither side reported as making
Japanese demands, even though Prime Minister
Neville Chamberlain insists that the
London Government has not been
than
more
in
policy of the
changed.
After
week of Anglo-Japanese negotiations
a
Tokio, regarding the implications of the Tientsin
affair and the
Japanese demands for
British
a
nounced
not
policy,
as
preliminary declaration
having been agreed
toward
was
an¬
The text
upon.
immediately disclosed, but it
the Japanese
change in
a
meeting their requirements.
Minister
Neville
on
a
long step
By arrange¬
the declaration in the House of
were
their
fighting,
border
uncovered in
conflicting claims
as
ern, or
Russian, half of Sakhalin Island.
European Diplomacy
SAVE forEuropean developments this week
tions, the frantic and universal war prepara¬
were
not
especially disconcerting.
announced
Commons, Monday,
interpreted
as
The general expecta¬
Germany will endeavor to regain
sovereignty in the Free City of Danzig in time for
Chancellor Hitler to
the
at
such
announce
a
development
Nuremberg Congress, in September.
Britain remains committed to the support
to China in
in the event that
financial
sense.
In the
declaration,
however, the British Government "fully recognize
the actual situation in
a
large scale
that
as
are
state
China, where hostilities
in progress, and note that
affairs
of
continues
to
on
long
as
exist
the
Japanese forces in China have special requirements
for the purpose
and
of safeguarding their
own
security
maintaining public order in the regions under
their control and that
such causes
move
benefit their
any
they have to suppress
acts
enemy."
ther stated that
tenancing
or
as
or re¬
will obstruct thein
or
The British Government fur¬
they have "no intention of
coun¬
acts or measures prejudicial to the
attainment of the above-mentioned objects by the
Japanese forces, and they will take this opportunity
to confirm their
it
^his
policy in
respect by making
plain to British authorities and British nationals
in China that
and
they should refrain from such acts
measures."
mean,
Just
to determine.
a
in
unchanged.
to
an
But there is
tendency in Berlin
a new
Reich, which suggests
willingness to reach
a
accord with Poland and other nations concerned.
Over the last week-end the sensational
lated
was
in London that
fresh
a
being made to Berlin.
report circu¬
"appeasement" offer
It developed that Robert
Hudson, Secretary of the Department of Over¬
Trade, had exchanged ideas
seas
tion with Dr. Helmuth
adviser, in
were
that
extended
a
the general
purely personal capacity.
British loan of
a
on
to the
Chamberlain
ques¬
Wohlthat, German economic
Reich, if
thus could be assured.
The
rumors
£1,00<),000,000 might be
peace
and disarmament
But Prime Minister Neville
repudiated all such
notions in
the
House of
may
ties
Commons, Monday, while German authori¬
went so far as to dub the reports as fantastic
and
The British Government necessarily
country resists any German moves
emphasize peaceful means of returning Danzig
to the
S.
Great
of Poland
Danzig, and the actual situation thus remains
matter for the future
whfit this declaration
eventually, is plainly
to min¬
ing concessions of Japanese nationals in the north¬
signifying that it impairs the right to extend aid
a
while
of friction between Russian and Mos¬
tion is that Nazi
Monday.
Chamberlain
and he insisted that it should not be
was
cow
Far to the northwest, the
(Japan) and Outer Mongolia
continued
cause
evident that
was
ment, the terms of the preliminary agreement
Prime
(Russia)
another
its desul¬
was
authorities held it to be
disclosed in London and Tokio
material headway.
any
forces of Manchukuo
on
pure
myth.
add that he
Mr. Chamberlain
saw no
was
careful to
harm in the discussion.
that a grave loss of "face" would
follow*
throughout the Far East, and the accepted explana¬
from German
tion is that Great Britain
authorities, and efforts to impress the Germans
were aware
a
was
willing to risk such
result in order to continue its concentration
European issues of
peace or war.
on
It should also be
Preparations for meeting any emergency resulting
were
aggression
continued.
planes engaged
were
Some
on
240
pushed by the British
British
Tuesday in
bombing air¬
a mass
flight
over
recognized,
France, and like previous demonstrations of this
ment
sort the maneuvers
however, that the Japanese tempera¬
and way of thought requires a general declara¬
were
completed without unfor-
Volume
The Commercial & Financial Chronicle
149
lunate incidents of
any
that
kind. They made addition¬
ally clear* the readiness of Great Britain to meet all
.
contingencies, in close alliance with France.
lin, in turn, countered
plane
attack with the usual
military
In
games.
made
were
Wednesday
on
the
complete
Ber¬
success
meantime, efforts
reached the
be
to
accord
point
against aggression.
said
be
to
matter
a
It is questionable whether such
will
be
borne out
by
almost
the
Matters
of
fault
tary officers,
them
among
the
Far
Eastern
com¬
mander, General Grigori Stern, who is replaced by
General Popoff.
The rapid changes of Russian mili¬
tary leaders in recent years are held by all military
experts to have affected seriously the morale of the
Red
and this circumstance may be
army,
for the
son
long delay in reaching
one
rea¬
States
be in
THERE is profound
Treaty
States.
a
better
causeby the United States
for gratification in
and the United
treaty between Panama
new
States, which is to regulate the
litical relations of the two countries
the
financial position in
seemly for
nance
a
po¬
readjust
the only manner that is
country that insists
of international
tiated
and
pledges.
on
the mainte¬
The pact
was nego¬
early in 1936 and ratified almost immedi¬
ately by the Panamanian Congress.
Changes in the
American defense arrangements for the Canal Zone
understood to have troubled the United States
were
Senate and delayed
ratification here.
It appears,
however, that the two countries merely
consult
as
Canal.
to methods of
Since
it
is
meeting
any
The lack of
agree
to
threat to the
obviously and inescapably in
real danger to
secondary convention also
our
was
Zone defenses.
first
the
across
isthmus.
Two
accepted, but they
tant.
Promulgation
follow in both
strain
in
our
minor
and
with
of the
one
were
will
causes
of
as
a
whole then will be eliminated.
The
♦
financial
of
ance
its
Under the
of
the
new
accord
is
of
only
international
financial
pledge.
new
the
which
rights and
annually,
privileges of the Canal Zone
a
recognition of the adverse effect
In effect, this
upon Panama
of Mr. Roosevelt's devalution of the
and 1934.
year
dollar, in 1933
Beginning in February, 1934, and every
thereafter,
dered to Panama
the
United
Treasury ten¬
payments of $250,000 in devalued
dollars, which Panama in
The
Panamanian
States
every
contention,
instance rejected.
now
conceded,
was
two
in
New
revenues
Fund
York
of
direct
tional Fund
the
on
The Constitu¬
have sufficed to meet interest
revenues
$3,603,000 5V&s, but not amortization require¬
The $11,313,509 5s have been in
complete
ments.
default in recent
years,
but Panama for
partial payments and issued
the
of the
$6,000,000,
City real estate
from the United States Government.
balance.
Since
have been made
on
1935
the 5s.
no
time made
a
certificates for
arrears
payments
whatever
Anticipating the
passage
of the
treaty by the United States Senate, Panama
last April appointed a
banking syndicate headed by
Hornblower & Weeks
with the task of
of the
due
country,
and
as
refunding agents, charged
readjusting the dollar indebtedness
on
the basis of the $2,580,000
the future
Fund and the
now
of the Constitutional
revenues
annuity.
Discount Rates of
'HERE have been
Foreign CentralJBanks
no
changes during the week in
the discount rates of
any
banks.
Present rates at the
of the foreign central
leading
centers
are
shown in the table which follows:
Rate in
Country
Pre¬
Effect
Date
Established
Rate in
vious
July 28
Rate
Argentina..
3^
Mar.
4
July
Belgium
4
Apr.
6
1 1936
Country
Holland
1 1935
17 1939
Effect
July 28
.
.
.
Pre¬
Date
vious
Established
Rate
2
Dec.
2 1936
2H
4K
4
Aug. 29 1935
India
3
Nov. 28 1935
3X
Aug. 15 1935
7
Italy
4
Mar. 11 1935
3
Hungary—
2^
'm
May 18 1936
Apr.
6 1936
3.65
Dec.
,
1*
4~
16 1936
Colombia..
4
July
18 1933
5
Czechoslo¬
vakia
Japan
3.29
5
Java..
3
Jan.
14 1937
4
Lithuania-
7
May 15 1939
5
May 28 1935
4H
Morocco...
3
..
Eire
Norway
3H
Jan.
Jan.
2 1937
Poland
4H
Dec.
3>$
Feb.
23 1939
4
Portugal...
4
Aug. 11 1937
4^
3
Denmark
Jan.
4
Danzig
June
30 1932
3^
2^
Rumania
May
4^
m
1 1936
3«
5
.
.
5 1938
17 1937
5 1938
2
June 30 1932
SoutliAlrica
3H
May 15 1933
Oct.
1 1935
5
July
4
Dec.
3 1934
414
Spain
Sweden....
5
Finland
2X
Dec.
21939
England
Estonia
4
5
15 1935
5
1 1933
.3
Nov.25 1936
2
France
2
Jan.
2^
Switzerland
1H
Germany..
4
Sept. 22 1932
5
Yugoslavia.
5
Feb.
Greece.....
6
Jan.
4 1937
6^
7
1
1935
Foreign Money Rates
originally, under the 1903 treaty, called for
payments of $250,000 gold annually.
partial at
was
are
pledged, along with the annuity due
are
'
pact the United States will pay to
Panama the equivalent of
430,000 balboas
is
invested
mortgages,
Canada
inestimable importance, for it removes from the
United States at long last the stigma of non-observ¬
for
is
Chile
section
There
Constitutional
Bulgaria...
America
treaty, doubtless had
default, which
finally complete.
Batavia
Latin
de¬
own
outstanding,
consisting of $3,603,009 5%s, and $11,313,500 5s.
impor¬
as
treaty doubtless
countries, and
relations
conventions
not regarded
are
of the
highway
a
Roosevelt
issues of the Panamanian Government
A
adopted by the Sen¬
ate, giving Panama the right to build
not
the 1903
protect the Canal, this provision cannot be said
to involve
any
Mr.
~
•
payments by the United States,
much to do with the
Panama's interest to have the United States control
and
before
position to remedy its
in accordance with
which
the belated ratification
Senate, Tuesday, of the
blessed
was
For service of the smaller issue the
an accord.
manner
the basis of
on
certain dollar bonds floated in the United
on
Panamanian
Panama
In this
regulated
Contingent upon the financial arrangement of the
treaty is the further possibility that Panama now
will
79 high-ranking Russian mili¬
media of
paper
treaty the United States Treasury simply
tinkered with the
currency.
pact with Russia again have been raised by a fur¬
some
to
But bal¬
gold content of the old dollar with which the
United
■
required
equivalent to dollars, and under
are
$430,000 annually hereafter.
ther
"purge" of
dollars
merely the non-existent
new
the
an
hours.
to the value of any
Roosevelt
the Canal Zone rental is
optimistic reports
as
of
pledge will be called "balboas."
are
pays
were
real agreement of any im-
a
Meanwhile, doubts
number
Panama, which
Tuesday where staff talks of
on
imminent, and the attainment of
was
portance.
boas
again
British, French and Russian military experts
held
hanced
meet the
of
by Great Britain to enlist Soviet Russia
in the Grand Alliance
pledge for payment of $250,000 in gold
dollars of 1903 must be
acknowledged. A compro¬
mise solution was
arranged whereunder the en¬
mock air¬
a
the
627
IN LONDON open market ^@11-16% for short
discount rates against
Friday
bills
11-16%
on
on
were
months' bills
Money
on
as
Friday of last week, and %% for threeas
against
call at London
on
on
Paris the open market rate
from
Friday of last week.
Friday
was
was
raised
on
lA%>
234% to 2%%, while in Switzerland
remains at
1%.
At
Thursday
the rate
Bank of France Statement
England Statement
Bank of
July 29, 1939
Chronicle
The Commercial & Financial
628
statement in note circulation of 20 showed
NOTE circulation of the Bank resumed its an ex¬ THEcontraction for the week ended July841,000,000
the latest statement week with recent
a
rise in
of £3,260,000, which raised the total to
high-mark of £510,898,000. Since June 21
has been a net gain of £16,227,000 in the Bank's
pansion
a
record
there
has been almost constant since
circulation; the rise
been interrupted in only one week
a small reduction in the item.
An
that date, having
when there was
expansion in currency is customary at this season,
and the fact of its being particularly pronounced
the current arms program,
business expansion, and perhaps, some hoarding of
English notes.
Gold holdings decreased this week
£35,848 and the official valuation did not change
is attributable to
this year
6d. although the price in the market
148s.
from
brought the total outstanding down to
francs, which
Notes in circulation a year ago
and the year before
87,911,175,325 francs.
French commercial bills dis¬
counted recorded an increase of 57,000,000 francs and
creditor current accounts of 930,000,000 francs. The
122,482,000 francs.
aggregated 99,879,572,860 francs
gold holdings and the item of temporary
remained unchanged, the former
Bank's
advances to State
20,576,-
92,266,003,211 francs and the latter at
at
francs.
820,960
liabilities is
now
for
A comparison of the different items
47.56%.
three years
is furnished below:
STATEMENT
FRANCE'S COMPARATIVE
OF
BANK
Yi&. higher.
As a result of the rise in circulation
well as the gold loss, reserves fell off £3,295,000.
The proportion of gold to sight
at 64.14%; last year it was only
was
as
deposits fell off £2,371,000 and other
Public
which
accounts
se¬
dropped
a
Francs
92,266,003,211 55,808,328,519 48,859,557,060
13,598,744
25,563,093
*14,031,914
aFrench commercial
6,172,590,850 9,262,095,931
885,099,826
760,650,652
3,461,000,000 3,589,440,740 4,025,552,061
—841,000,000 122482,000,000 99,879,572,860 87,911,175,325
+930,000,000 21,373,000,000 17,456,656,913 12,250,255,580
+ 57,000,000
bills discounted...
b Bills bought
abr'd
6,986,000,000
*706,936,364
—32,000.000
Adv. against secure.
Note circulation.
Credit, current accts.
cTemp. advs. with¬
and advances, and £2,241,810,
Propor'n of gold on
hand to sight llab.
*
little to 23.4% from 24.05% a week
20,576,820,960 40,133,974,773 23,886,809,745
No change
out Int. to State..
a
bilities
July 22, 1937
Francs
Credit bals. abroad.
The proportion of reserves to lia¬
from securities.
July 21, 1938
Francs
No change
Gold holdings
Of the latter amount £1,070,824
£3,312,634.
from discounts
was
other
increased £1,440,000 while other securities
curities
fell off
and
Government
£318,808.
rose
July 20, 1939
Francs
de¬
of bankers'
posits, £3,823,470.
The latter consists
accounts
which decreased £4,142,278
Changes
Jot Week
Figures as of July 6,1939.
Includes bills purchased in France,
b Includes bills discounted abroad,
entry of non-interest-bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg.
years:
that date and from June
...
OF
BANK
ENGLAND'S
COMPARATIVE STATEMENT
July 29,
1938
1937
1936
decree of Nov. 13,
£
1939
gold 0.9 fine per franc) under the
per
the franc.
£
New York Money
Public
■
.
510,898,000 493,311 ,544 498,338 ,710 448,570,759 408,261,857
26,010,000 11,186 673 10,528, 723 42,292,162 24,359,737
Circulation
deposits
128,119,874 151,407 ,813 141,581, 569 114,594,542 114,179,990
75,680,219
91,377,633 116,356 ,344 104,259, 233 75,223,071
36,742,241 35,051 ,469 37,322, 336 39,371,471 38,499,771
96,408,310 87,370,889
103,611,000 115,761, 164 114,410, 022
Other deposits
Bankers' accounts.
Other accounts...
Gov't securities
29,951,311 30,744, 551 26,627, 344 26,224,551 24,201,389
10,842,377
7,138,302
5,811, 909
9,475, 959
8,049,256
13,359,012
19,086,249
Securities
21,902,055 21,268, 632 20,815, 435
Reserve notes & coin
36,143,000 34,170, 023 29,177, 458 52,377,485 45,099,694
Coin and bullion
247,040,111 327,481, 567 327,516, 168 240,948,244 193,361,551
Other securities
Disct. & advances.
Proportion of reserve
148s.
oz.
84s.
6d.
32.55%
33.30%
2%
llt^d. 84s.
2%
11 Hd. 84s.
2%
fine
19.10%
21.0%
23.4%
to liabilities
Bank rate
Gold val. per
2%
11 ^d. 84s.
2%
11 Md.
Statement
in note
which reduced the total
outstanding to 8,228,000,000
Notes in circulation
marks.
a
year ago
■1
/
aggregated
',
1
Market
&.
•
;
the
on
serves
.
■>
;.
.
!
,
'-I.
•
■
money
remained at record highs and
demand for ac-
all but lacking.
Rates merely
commodiation
held
over
was
ers' bills and commercial paper were
turned over in
The Treasury sold on
diminutive volume.
Monday
$100,000,000 discount bills, with
further issue of
0.019% average, computed on an annual
bank discount basis.
Monday
on
Bank¬
previous weeks and months.
from
awards at
THE statement circulation of 106,300,000 marks,
for third quarter of July showed a
loss
■-
ECTLE business York done inmarket, asquiet week
another excess re¬
New was
a
Bank of Germany
17, 1938; prior to
of 43 mg. gold 0.9
26, 1936, the value
65.5 mg. of gold to
1938, was effected in the statement of Nov.
20,1937, valuation had been at the rate
franc; previous to that time and subsequent to Sept.
49 mg. per franc, and before Sept. 26, 1936, there were
fine
July 31,
1935
wiped out and tue
were
was
July 28,
July 27,
July 26,
c In
the decree of Nov. 13, 1938, the
temporary advances to the State
unsatisfied balance of such loans was transferred to a new
the process of revaluing the Bank's gold under
three entries on the Bank's books representing
last year the proportion was 21.0%.
Below we
show a comparison of the different items for several
ago;
48.78%
47.56%
64.14%
—0.04%
was a
Also offered by the Treasury
flotation of $200,000,000 Commod¬
ity Credit Corporation two-year fully guaranteed
notes,
which
were
heavily
oversubscribed
even
Call loans on the
5,973,031,000 marks and the year before 4,577,586,000 marks.
A decrease was also shown in bills of
though the rate was only %%.
and in
advances of 4,700,000 marks. The Bank's gold hold¬
ings rose slightly to 76,912,000 marks, compared with
actions, while time loans again were 1%% for ma¬
exchange and checks of 151,100,000 marks
70,773,000 marks
it
was
and
1.27%.
other
now
recorded
increases,
namely
20,123,000 marks, 104,090,000 marks and 15,602,000
marks, respectively.
Below we furnish the various
items with
COMPARATIVE STATEMENT
Assets—
Reichsmarks
Gold and bullion
+ 111,000
July 22, 1939 July 23, 1938 July 23, 1937
Reichsmarks
76,912,000
Res've In for'n currency
Silver and other coin
Advances
—151
,~1 bo" 000
+20,123,000
—4,700,000
Investments
+104",090",666
Other assets
Reichsmarks
70,773,000
20,293,000
5,360,000
Oth. dally matur. oblig.
Other liabilities
69,074,000
19,359,000
6,036,000
7,890,500,000 5,526,729,000 4,664,074,000
232,114,000
215,710,000
184,452,000
36,829,000
34,529,000
27,300,000
a
403,378,000
846,815,000
924,959,000
715,641,000
1,079,571,000 1,147,733,000
—106,300,000 8,228,000,000 5,973,031,000 4,577,586,000
a 986,688,000
666,197,000
932,122,000
+ 15,602",000
240,386,000
423,841,000
278,054,000
Propor'n of gold & for'n
curr. to note clrcul'n.
*
"Reserves In
0.93
foreign currencies" and "Deposits abroad"
coin and bullion.
a
+ 0.01%
Figures as of July 7, 1939.
ruling quotation all through the week for both new
loans
and renewals.
1.27%
are
The
to 90 days and 1J^% for four to six
The market for prime
has been very quiet
a
market for time
are
months'
commercial
paper
There have been only
supply of paper is light.
this week.
few transactions and the
Ruling rates
money
Rates continued nominal at 134%
quiet.
Reichsmarks
Liabilities—
Notes in circulation
Rates
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
maturities.
Of which depos. abr'd
Bill8 0f exch. «fc checks..
New York Money
up
Changes
for Week
days, and 1%% for four to six months'
datings.
continues
comparisons for previous years:
REICHSBANK'S
Exchange held to 1% for all trans¬
at 0.93%; last year
Silver and other coin, other assets
liabilities
turities to 90
The proportion of
ago.
year
a
gold to note circulation is
New York Stock
%@M% f°r aU maturities.
Bankers' Acceptances
THE market for prime bankers' There have been
acceptances has
quiet this week.
been very
few bills available and the
demand has quieted down.
1.64%
included in Gold
There has been
no
change in rates.
Dealers' rates
as
reported by the Federal Reserve Bank of New York
Volume
The Commercial &.
149
for bills up to
inancial Chronicle
and including 90 days are %% bid and
7-16% asked; for bills running for four months 9-16%
other
bid and
duction
and
%% asked; for five and six months, %% bid
9-16% asked.
The bill buying rate of the New
York Reserve Bank is
to 90
countries, London observers point out, must
also be
associated in general with armaments pro¬
and
%% for bills running from 1
The
tion in
higher
rates
various
classes
of
now
in effect
the
different
at
paper
Reserve banks:
DISCOUNT
RATES OF
FEDERAL
RESERVE
Date
Previous
July 28
Established
Rate
IK
2
Effect
Boston..
on
New York
l
2, 1937
Aug. 27. 1937
Philadelphia
IK
Sept.
4, 1937
At
the
IK
May
11, 1935
IK
Aug. 27, 1937
constitute
trades which has
in Great
program
signs of overexpansion,
were no
the contrary it was
on
evident that the home
The program was abruptly
by the repeated
This situation
war scares.
stressed last week when the British Government
was
2
largely the result of
2
Richmond
was
height of the housing
Britain in 1937 there
terminated
2
Cleveland
year
end.
an
building would continue.
Rale in
Federal Reserve Bank
to
come
and
BANKS
from 1932 to 1937
wholesome expansion in building
now
the
being paid and the marked reduc¬
wages
unemployment druing the past
recovery
THERE have been of the Federal Reserve banks.
no changes this week in the
rediscount
for
Atlanta
Sept.
IK
IK
IK
St. Louis.
IK
Sept.
MinneapolLs
IK
Aug. 21, 1937
compensation
2
2, 1937
2
.
: -v!<
Kansas
City
IK
Sept.
3, 1937
2
IK
Dallas
Aug. 31, 1937
2
3, 1937
2
IK
Sept.
of
destroyed in
finance such
However, the agitation
John
to
the situation to
the ascendant.
In the
steady.
The
between
are
The
exchange equalization funds
for sterling this week has been
range
and
compared with
a
$4.68%
$4.68% last week.
The
for
bankers'
between
of
range
range
a
for cable transfers has
■
In the past
compared
a
•%'y' •• .-y
developments
,
week there have been
having
importance
any
and
of between $4.68 3-16 and $4.68 9-16
range
week ago.
of
sight,
$4.68%
been between $4.68 3-32 and $4.68 11-32.
with
are
difficulty in keeping day-to-day rates
$4.68
,
a
London and European security
no
bearing
markets
sterling.
on
watching
are
closely the upswing in New York prices, which last
mid-March levels in the largest
week advanced to
share
than
months.
in six
turnover
this
in
London industrial stocks
improvement and are in larger demand
None the less the British
weeks.
many
public remain apparently
sional interests
are
on
the sidelines and profes¬
cautious, recognizing that much of
the rise in American issues is due to the
activity of
The London "Financial News" index of 30 indus¬
based
stood at 79.2,
with 86.3
a
July 1, 1935
on
compared with 79.8
year
100,
as
a
on
month earlier,
Nov. 18.
on
The London "Financial Times" average on
was
"Times"
105.3
The
on
high level for rails this
British
rayons,
was
35.2
on
industrial
48.7
for
was
91.4
year was
Jan. 26.
issues
is
49.7
July 27
rails.
industrials this
high level for
March 8 and the low
and the low
in
and
industrials
101.3 for
July 21
earlier, with the low record of 73.7
Sept. 28, 1938 and the high of 124.9
on
year
on
on
to
the
Government
preparations.
a
May 31
chiefly to
of Great Britain's trade revival
rise to
any
positive hopes of uninter¬
It is recognized
constantly
spending
on
increasing
as
being largely
momentum
armaments and other
of
war
The revival which is taking place in
special committee of experts to
see
what action may prove
of - this
course
agitation it
was
canvass
feasible.
shown that
during the month of June housing construction was
29% below that of a year ago, though construction
reflecting defense activities had advanced 19%.
There has undoubtedly been some improvement in
British export
trade in the past few
years
but it is
years,
insignificant in the light of the fact that for
a
hundred
prior to 1914 British exports and reexports were
the life of British business and
were
sustained by the
vast volume of British loans and investments abroad.
Such
foreign lending is
Nations, which
British capital
The
the
within
countries
are
suspended except to
now
British
less than
Commonwealth
ever
dependent
of
upon
and the importation of British goods.
political disturbances and
war
threats, of the
past few years, particularly the Japanese invasion of
China,
trade
have
indisputably retarded British export
recovery.
The financial district of London is
depressed
in Britain.
area
now
the most
Only prospects of real
the present
German regime
bring about
can
return of confidence in the financial district.
condition appears
a
lasting
Neither
likely to be realized in the
near
future.
In the event that
should
cease
war
preparations and expenditures
to be a necessary
Government policy,
present business boom in Great Britain would
until
a
rapid expansion in the export business and
foreign lending could be effected.
The British Government has instituted
the
now
American,
This
complete embargo
ties
a census
of
Dutch, and other foreign securities
held by British investment trusts and insurance
companies.
rupted continuance.
due
appoint
suddenly collapse and business could not be revived
receiving considerable attention in London, but
does not give
insistent that Sir
was
Jan. 26.
iron and steel.
is
so
the
tobaccos, electricals, motors, chemicals, and
The increasing pace
was
The
The improvement
confined
impossible to
the value of fixed
as
disarmament world-wide in scope or the collapse of
European investors in the New York market.
trial stocks,
The Government
Simon, Chancellor of the Exchequer, has agreed
present tourist and commercial requirements are in
no
property
property in Great Britain amounts to £12,000,000,000.
STERLING exchange and allinthe leading European
steady and
limited demand. At
experiencing
attacks.
war
plan for
some
whose
owners
plan inasmuch
a
■■
Course of Sterling Exchange
currencies
demands for
property
authorities contended that it would be
'
San Francisco
would be
2
Aug. 24, 1937
■
yielded to nation-wide
2
Aug. 21, 1937
Chicago
of
a
Discount Rates of the Federal Reserve Banks
following is the schedule of rates
elements
contains
factor in the improvement in consumer goods lines >
but it is pointed out that the movement toward
acceptances increased from $556,000 to $558,000.
The
consequently
impermanence.
The Federal Reserve Bank's holdings of
days.
629
established
measure
on
by
follows the unofficial but
the purchase of foreign securi¬
the
British
Government
on
Both the census now being taken and the
embargo have as their purpose the financial mobiliza¬
April 20.
tion of Great Britain
The
embargo
was
against the possibility of war.
designed to keep British capital at
home in order to facilitate the
floating of armament
The Commercial & Financial Chronicle
630
loans and to
The
protect the pound and the gold reserve*
is to make promptly
purchases abroad based on the
of the
purpose
census
available credits for
British
of
sale
owned
securities,
transfer
and
measure
which in the previous war was not taken
until early in
1917.
a
•
taken
In the World War dollar securities were
over
dby the Government in exchange for Treasury notes
yielded 2% and entitled the holder to buy war
loan issues at par.
Such securities were transferred
to New York to banking agents for gradual liquidawhich
tion
Until the securities were sold the
received the income therefrom plus
1% for placing them at the disposal of the
required.
as
original
owners
bonus of
a
The
Government.
notice of
preparedness
war
policy is
present
much
as
a
the building of ships
as
London open
in
Tuesday exchange on London was quiet
and steady.
The range was $4.68 1-16@$4.68 3-16 for bankers'
sight and $4.68 3-16@$4.68 5-16 for cable transfers.
On Wednesday the market continued quiet,
The range was $4.68 1-16@$4.68 3-16 for bankers'
sight and $4.68%@$4.68% for cable transfers. On
Thursday sterling was steady and in limited demand,
The pound was $4.68 l-32@$4.68 3-16 for bankers'
sight and $4.68 3-32@$4.68%^ for cable transfers,
On Friday sterling was steady in fair trading. The
range was $4.68@$4.68% for bankers' sight and
$4.68%@$4.68 3-16 for cable transfers. Closing
quotations on Friday were $4.68 1-16 for demand and
$4.68% for cable transfers. Commercial sight bills
finished at $4.68, 60-day bills at $4.67,
at
$4.66%,
documents for payment
90-day bills
(60 days) at
$4.67, and seven-day grain bills at $4.67%.
and aircraft.
held easy
July 29, 1939
market
money
rates continue to be
by the financial authorities.
Call
money
and grain for payment
is
Cotton
closed at $4.68.
Continental and Other Foreign
Exchange
supply at %%.
months bills
Bill rates are as follows: Two21-32%, three-months bills %%, four-
months bills
13-16%, and six-months bills 1 3-16%.
Gold
offer in the London open
on
On Saturday last
follows:
£205,000,
Tuesday
on
£151,000,
market
£166,000,
£594,000,
Monday
Wednesday
on
on
Thursday £258,000, and
on
was as
on
Friday
£323,000.
At the Port of New York the
ended
week
July 26,
Reserve Bank of New
as
gold movement for the
reported by the Federal
York,
was as
week the rate
the
A
tion, and the Franco-American
taxation of American firms
As
1,484,000 from Mexico
8,000 from Guatemala
The
Net Change in Gold Earmarked for Foreign Account
Increase:
Note—We have been notified that approximately $5,701,000 of gold was
at San Francisco, of which $5,521,000 came from Japan and
$180,000 from China.
$6,755,000
came
There
between
The
a
were no
Wed¬
was
re¬
were no
exports of
received
was
exports of the metal.
exchange is steady and inclined to firm¬
Montreal funds
a
discount in terms of
ranged during the week
discount of 7-64% and par.
following tables show the
on
on
from England and
Friday $13,000 of gold
although still ruling;at
New York.
rate
the week ended
Thursday $10,595,000 gold
There
Paris,
the London
and the price paid for
MEAN
LONDON
mean
open
London check
market gold price,
gold by the United States:
CHECK
-176.72
176.72
Tuesday, July 25—.— 176.72
RATE
ON
Saturday, July 22
148s. 6d.
Monday, July 24___ —.148s. 5^d.
Tuesday, July 25—..._l48s. 6d.
Thursday,
Friday,
July 27.
July 28-
.176.72
.176.22
Wednesday, July 26
Thursday, July 27!
Friday,
July 28-
148s. 6^d
148s. 6Hd'
--
On
Wednesday, July 26
Thursday,
July 27.
Friday,
July 28
are
subjected to
of
a
a
an
16% dis¬
paid to the parent
foreign parent
company,
on
American
subsidiary corporations another divi¬
16% upon a portion of the dividends dis¬
dend tax of
by the parent company, upon the apparent
theory that dividends distributed by the parent com¬
pany consist in part of profits realized in France.
A Paris
high court
which had been
the Bank of
on July 26 ruled that th§ gold
deposited by the Bank of Spain at
France, valued at 1,500,000,000 francs
(approximately
$39,750,000 at current exchange
rates) should be returned to the Bank of Spain at
Burgos. It is expected that the transfer will be made
immediately.
of
to
Ministry is preparing
promote dehoarding of bank notes.
meas¬
Hoarding
gold and notes is believed to amount to between
30,000,000,000
Government
the
francs
measures
public that in
moratorium
(FEDERAL
no
and
40,000,000,000
will be
eventuality will there be
and also
to
francs.
designed to persuade
provide
a
bank
reassurances
con¬
cerning inquisitions into private bank accounts by
$35.00
.
35.00
tax authorities.
35.00
Monday sterling was steady in
Bankers' sight was $4,68 1-16®
$4.68%; cable transfers $4.68 3-16@$4.68
the double dividend tax.
tributed
148s. 6Hd*
Referring to day-to-day rates sterling exchange on
Saturday last was npminal as New York City banks
limited trading.
as
dividends
case
The French Finance
RESERVE BANK)
closed.
some
Wednesday, July 26_--._-._176.72
PRICE PAID FOR GOLD BY THE UNITED STATES
Saturday, July 22——_._$35.0O
Monday, July 2435.00
Tuesday, July 25
35.00
all
on
In the
company.
PARIS
LONDON OPEN MARKET GOLD PRICE
were
tribution tax
ures
Saturday, July 22—
Monday, July 24
tax known
the French administration in addition has assessed
The above figures are for
$3,840,000 from Canada.
a
profits of the subsidiary
ordinary corporation tax of 15% and to
$43,627,000
received
ness
explained by the United States Department of
subjected to
$65,603,000 total
Canadian
agreement modifying the bouble taxation was
through French subsidiary corporations have been
22,000 from Costa Rica
Nicaragua.
double
on
State, American business firms operating in France
495,000 from Chile
On
dispute
doing business in France.
tary, a few days ago.
None
2,380,000 from China
from
expected to be immedi¬
field, including prices, local government reorganiza¬
2,111,000 from Colombia
the metal.
pound.
set of 45 decrees is
sador, and Georges Bonnet, French Foreign Secre¬
7,751,000 from Holland
On
compared with the official minimum
signed by William C. Bullitt, United States Ambas¬
Exports
ceived of which
hardly deviated from 176.72 francs to
as
ately approved by the Cabinet and will cover a wide
An
3,355,000 from Canada
nesday.
new
INCLUSIVE
$47,997,000 from England
-
pound,
of 179 francs to the
follows:
GOLD MOVEMENT AT NEW YORK, JULY 20-JULY 26,
Imports
FRENCH francs are steady and inclined to firmness
with respect to the pound.
Throughout the past
11-32.
On
Belgian
currency
continues
to
rule
above
par
although future belgas continue at a discount, which
is 3 points below spot for 30-day belgas and 10 points
on
90-day belgas.
Total Belgian
revenue
for the
first six months reached 4,769,000,000 francs, approxi-
mately $162,000,000, representing
a
substantial im-
provement
the results for the previous half-
over
though 370,000,000 francs
year
budget forecast.
The
Commercial & Financial Chronicle
The
Volume 149
>
or
7%% below the
following table shows the relation of the lead¬
ing European currencies to the United States dollar:
Old Dollar
19.36
32.67
40.20
68.06
53.16
Parity
,
France
c
Switzerland (franc)-————
HoUand (guilder)————
a
6.63
16.95
8.91
at
167,200,000
at
to 53.67
New dollar parity as before devaluation of the European currencies.
b Franc cut from gold and allowed to "float" on June 20, 1937.
A few
issued
The budget bill calculated the
pesos.
expenditures for the
revenues
This Week
2.64^6 to 2.65K
16.99
to 17.00
5.26H to 5.26K
22.56H to 22.58^
Parity
(franc)
3.92
Belgium (belga)—
13.90
Italy (lira)-—5.26
-
b
Range
New Dollar
EXCHANGE on the South American countries is
quiet and steady.
Official budget estimates
placed the Argentine Government's deficit for 1940
!
\
631
922,700,000
days
at 1,089,900,000 pesos and
year
pesos.
'
,
the Argentine ministry of finance
ago
a
communique denying "insistent rumors here
and abroad of modification of the exchange rates in
official
and free
markets."
The statement added:
a
c
On May 5,
1938 the franc
devalued
was
de facto basis of 179
on a
francs to the pound, or 2.79 cents a franc.
The London check rate
176.71, against 176.72
New York
sight bills
on
Paris closed
on
Friday at
Friday of last week*
on
In
the French center finished
on
on
Friday at 2.64 15-16, against 2.65; cable transfers at
2.64 15-16,
at
against
belgas
Antwerp
2.65.
closed
16.99% for bankers' sight bills and at 16.9934 f°r
cable transfers, against
16.99% and 16.99%.
quotations for Berlin marks
were
Final
40.13% for bankers'
sight bills*and 40.13% for cable transfers, in
at
com¬
Italian lire closed
parison with 40.13 and 40.13%.
5.26% for bankers' sight bills and at 5.26% for
cable
transfers,
change
Ex¬
Czechoslovakia is nominally quoted but
on
banks refuse to make commitments in Czech
most
Exchange
currency.
against 0.72;
Bucharest closed at 0.72,
on
ancing of the
On
a
against 2.07.
Greek exchange
stood
in
negotiations
response
conference that he under¬
press
under
were
between the
way
Brazilian Government and
bondholders
for
representatives of foreign
resumption of payment on
the
Brazilian dollar bonds.
Argentine
paper pesos
closed
Friday at 31.21
on
for bankers'
sight bills, against 31.22 on Friday of
week; cable transfers at 31.21, against 31.22.
last
The unofficial
or
free market rate
against 23.20@23.25.
at
at
5.19
was
23.17@23.25,
Brazilian milreis
5.08, against 5.10.
are
quoted
Chilean exchange is quoted
(official), against 5.19.
Peru is nominally
quoted at 18.70, against 18.60.
EXCHANGE on the Farimportance. The presents
Eastern countries Chinese
features of
new
units continue to
General¬
July 25,
repudiated the suggestion that Great Britain had
compromised with Japan at the expense of China.
Discussing currency he declared: "I wish solemnly
to assure everybody that the Government will cer¬
issimo
EXCHANGE on the countries neutral duringwith
close relationship the
continues to
move
in
The Holland guilder shows
sterling.
recourse
July 25 Secretary of State Hull said in
question at his
no
closed at 0.85%, against 0.86.
war
and the fin¬
be faced without
to monetary manipulation."
any way
to
crops can
Poland at 18.83, against 18.83; and
on
Finland at 2.07,
on
5.26%.
5.26% and
against
"The present situation of the Treasury
an
independent
display extreme weakness.
Chiang Kai-shek, from Chungking
on
1
firmness, which has been especially apparent during
the past
Dr.
three weeks.
Hendryk Colijn, who
nearly two months
forming
house
a new
The
of
opened
on
ago,
resigned
premier
as
Tuesday succeeded in
on
In the debates in the lower
cabinet.
Netherlands
Parliament, which
was
July 26, the leaders of the Catholic and
Social Democratic
deputies who together form the
majority which compelled Dr. Colijn to resign, took
him to task for
forming
own
govern
with ministers of his
party, the Calvinists, reenforced by specialists
invited into the Government to balance the
budget
and
provide extraordinary funds for defense.
new
cabinet
national
to be
a
The
so-called business cabinet of-
character, consisting of strong personalities
less
strictly bound by
but
favoring conservative ideas of government and
However
finance.
passed
a
programs
motion
55 to 27 and the cabinet's
to take
place
Bankers'
at
of
no
confidence
on
sight
resignation
was
was
a vote
expected
at
of
Amsterdam finished
on
Friday
53.18, against 53.53; and commercial
sight bills at 53.16, against 53.48.
fers, against 22.56 and 22.56.
Swiss francs closed
more
Checks
and cable transfers at
24.12%; while checks
already
rational method of control
take advantage
procure a
of prevailing circumstances to
final thorough solution of the problem.
The notice served
on
Japan
1911 treaty
July 26 by the
on
State terminating the
of friendship and commerce at the end of
the
prescribed six months on Jan; 26 can have no
immediate effect on Japanese exchange.
Nor will
the
proposed plans of the United States Treasury to
supervise
more
closely imports from and exports to
Japan be reflected at once in the exchange rate.
However, both measures must immediately add to
the economic difficulties of Japan
and
so may
mately depress the Japanese unit .
.
'
ulti¬
••
Closing quotations for yen checks yesterday were
week.
27.31, against 27.31 on Friday of last
Hong¬
28%; Shanghai at 9 nominal, against 9%; Manila at
49.80,
on
Sweden closed
at 24.13
24.13, against 24.12% and
on
against 49.85;
Singapore/ at 54.90, against
54.90; Bombay at 34.97, against 34.93; and Cal¬
cutta at
34.97, against 34.93.
Gold Bullion in European
Banks
Copenhagen checks
finished at 20.90 and cable transfers at 20.90, against
Norway finished at 23.52
and 23.53.
and cable transfers at 23.52, against 23.53
sounder,
foreign exchange by the exercise of which it intends
to
22.56% for checks and at 22.56% for cable trans¬
20.90 and 20.90.
a
kong closed at 28 11-16@28 13-16, against 28 13-16@
Friday.
on
He said that the Government has
devised
of
53.18, against 53.52 on Friday of last week; cable
transfers
at
of political parties
Thursday in the lower house by
on
supply foreign exchange for legitimate transac¬
United States Department of
Colijn proposed t6
was
and
tions."
cabinet outside the parlia¬
a
mentary majority.
Dr.
tainly maintain the value of the national currency
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate,
in
the
84s. ll%d.
principal European banks
dates of most recent
per
as
fine ounce)
of respective
statements, reported to us by
special cable yesterday (Friday); comparisons
are
Chronicle
The Commercial & Financial
632
preparations for national defense may
tremendous
corresponding dates in the previous
shown for the
directly subversive of national de¬
other measures
fense.
c63,667,000
a23,400,000
2,524.000
63,667,000
25,232,000
94,083,000
94,400,000
98,474,000
34,222,000
123,394,000
83,505,000
111,440,000
29.218,000
104,823,000
105,172,000
82,398,000
25,864,000
6.555,000
Spain
Italy
6,539,000
7,442,000
Nat. Belg..
Switzerland
Sweden
_
...
*
*
88,093,000
60,450,000
106,956,000
101,814,000
49,451,000
45,266,000
24,041,000
19,794,000
6,553,000
7,394,000
6,604,000
6,602,000
Prev. week.
57,372.000
ment of the United
which had to be borrowed.
with the decree of Nov.
an enormous arena
13, 1938, at the rate of 27.6 mg. gold, 0.9 fine, equals one
holdings (7,9881 gr. gold ll-12ths fine equals
of 296 francs gold In the Bank
£1 sterling), the sterling equivalent
£1; when 65.5
mg.,
pretense of private right or individual freedom
or
of France is now just about £1; when there were 43 mg.
190 francs to the £1; when 49 mg., about 165
about 125 francs equaled £1.
in any
Americans
love
They have
peace.
to the
desire to
no
territory now in the possession of any other
even
power
and no policies extending beyond their boun
not
daries which
they might desire to press by armed
too
strong to succumb to
of emotional excitement
or
to
0f
temporary
any
of
the
foreign
propaganda in¬
through ambitious diplomatic
ings of their political leaders
intolerable
of
the latter
aggression
or
from
by
limited
a
gage
foreign
of money
to
lead
the
to
be
should
But
by
should these fail in
fend
the
of
aloof
and
United
from
the
straining the
however,
States,
militaristic
resources
is
not
rivalry
remaining
is
that
of all Europe but,
tities of
any
useful
volved
in
purpose
for the
182,657,
or
ex-
strike.
For
If it
no one
im¬
quan¬
knows when
comes soon,
these
prep¬
be incomplete; if it is happily delayed,
aircraft, the warships, and the munitions of
design
unless this country becomes in-
needed.
But credit and financial capacity can be
appropriations
$272,786,717,
previous
more
present
Army, exclusive of its civil functions, for
fiscal year, are
to de¬
can never serve
sums
Current
war.
which
any¬
nothing in importance for its
military supplies.
the hour may
the
the
pending unprecedented
to
strength of the Nation is actually far
gle for armed supremacy.
it is
with
or
itself, the preservation, of the financial credit
arations may
race,
wrar,
States, therefore, should regard its
second
contrary, is fully participating in the costly strug¬
In this
Evidence of this is so plain
portant than the accumulation of unlimited
now
on
European
be asked to en¬
If the United States must prepare
defense.
elections.
The
as
arbitrament
ultimate
the
and credit.
United
The
duty,
These facts,
any
thing in the past, is almost meaningless.
credit
Senate and the House or,
their
likely
against this the people
even
of civilization.
comparison with the last
safeguarded by their representatives in
war.
or
must be far the most costly in history and
that
Stupidity of domestic leadership, aspiring to
more
individual
an
maintained by military coercion
to the complete sabotage of the
cannot fail to strain to the utmost all its resources
entanglements that its occurrence is most improb¬
imposing role in world affairs, is far
even
dictatorship, of
in which the United States may
war
able.
an
a
group,
plain and indisputable, show that
Against
no
labor; the confiscation of property, or the
remaining framework
become the victims
policy of
speech is actual and
property, which is its essense; the effectual
and asserted
they are so strongly protected by their
continental isolation and their
of
of
establishment of
en¬
maneuver-
abroad.
effective,
an
would not be the immediate signal for the
war
use
gaged in no foreign war unless they become en¬
tangled
maintain
in which freedom of
one
tion
Amer¬
powers.
will' become
present generation
presently
though not admitted, censorship of the press;
suppression of all remaining liberty; the conscrip¬
spired by reckless ambitions within their own ranks
the selfish calculation of
not
does
ample; much less is there one in which the outbreak
Their determination to avoid
agression anywhere.
principles of democracy, but there is not one
which
annex
disguise of individualism and their
give grudging and attenuated lip-service
Governors
Spending and the National Defense
Others pre¬
matter affecting the autocracy.
the thin
serve
icans
politicians believe most effi¬
jected democracy and indulge no vestigal scintilla
gold to the franc the rate was about
wave
number of armed
Some of them have frankly re¬
defend themselves.
23, 1937, gold In the Bank was valued at
1936, there were
the franc; prior to Sept. 26,1936, 66.6 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values Its gold
is
a
organized themselves in the
ciently equips them to attack their enemies and to
49 mg. to
war
their
which
manner
in which
0.9 fine, per franc; before then and after Sept. 26,
43 mg. gold,
francs per
modern
Not only that, but the Euro¬
nationalistic tribes have
the Bank of France Is presently calculated, In accordance
franc; previously and subsequent to July
conflict would be enor¬
has now become nothing more or less
scene
pean
than
new
in view of the tremendous advances in
mous
31, 1938, latest figures available,
Amount held Dec.
The value of gold held by
or
peril of a
mechanized warfare.
b Gold holdings of the
Bank of Germany Includes "deposits held abroad" and "reserves In foreign cur¬
rencies."
c As of April 30,
1938, latest figure available.
Also first report sub¬
sequent to Aug. 1, 1936.
a
and
Pursuant to the Currency
The financial
but $12,437,314,411.
cost the country
strain
Together, the Mexican
1846, and the devastating Civil War had
of
War
and Bank Notes Act, 1939, the Bank of England
statements for March 1, 1939 and since have carried the gold holdings of the Bank
at the market value current as of the statement date. Instead of the statutory price,
which was formerly the basis of value.
On the market price basis (148s. 6d.
per fine ounce), the Bank reported holdings of £247,040,111 equivalent, however,
to only about £141,331,648 at the statutory rate (84s. 11 lAd. per fine ounce), accord¬
ing to our calculations. In order to make the current figure comparable with former
periods as well as with the figures for other countries In the tabulation, we show
English holdings In the above in statutory pounds.
*
period and then incompletely, cost the
that
878,353,432 1,074,170,776 1,070,084,045 1,058,333,210 1,240,432,404
879.752,390 1.072,803,979 1,070.747.659 1,051,748,681 1,156,093,030
Total week.
during about half of
Govern¬
States, $40,583,062,000, most of
ing 19 months but actually
90,775,000
42,575,000
51,985,000
participate in the World War, nominally dur¬
To
7,390,800
6.602,000
Netherlands
_
2,471,400
6,549,000
6,666,000
Germany..
193,361,551
650,213,053
25,232,600
293.728,209
311,709,184
b3,845,600
France
240,948,244
438,655,566
327,516,168
296,118,527
2,485,750
87,323,000
327,481,567
*141,331,648
...
£
£
£
£
£
Denmark
1935
1936
1937
1938
1939
Bants of—
Norway
be accompanied by
be, this great outlay ought not
four years:
England
July 29, 1939
year;
41.36%
or
the
for
tunately they
59.38% greater than
the fiscal
For
year
can
be
obsolete
any
time.
when
Unfor-
also be destroyed by reckless and
ill-considered expenditures.
those for the Navy are $226,-
greater.
probably
kept ready for mobilization at
single
a
will
Under the present Administration,
•
which seeks
in every other way to equip the Nation to fight
ending June 30, 1940, Congress has already
appro-
whenever and wherever its interests
priated $1,505,237,022 for the, military
of the
the Federal debt has been substantially doubled already and the statutory limit of $45,000,000,000 has
Army and the Navy.
cost of
This is
more
uses
than twice the
operating the entire Federal establishment,
civil and
military, during
any year
before the World
been
so
a
unavoidable.
pediency of this huge enlargement of Federal
ex¬
become
full
Deficits in the Federal budgets have
familiar, but not
decade
be
soon
raising of this maximum has been made
ex¬
penditure, to observe that, however warranted these
threatened,
nearly attained that Congress will
told that
It is not intended to question here the
War.
are
has
every one
elapsed since
realizes that
revenues
equaled
a
ex-
The Commercial & Financial Chronicle
Volume 149
penditures
that the total of all deficits during
or
fiscal years
property of a foreign government.
The President
is authorized, under certain conditions, to restrict by
ending since President Roosevelt has
occupied the White House, with
reasonable es-
a
proclamation the export of arms or munitions to any
American country, or to any country in which the
United States exercises extraterritorial jurisdiction.
timate covering the balance of the fiscal year now
in
will amount to
progress,
399.
Heavy
contingent
no
less than $26,683,882,-
liabilities
have been
633
Provision is also made
ac-
for
registration of foreign
cumulating, certain, in large extent, to become ul-
propagandists.
timate
The Neutrality Act of 1937 has now been shorn of
the clauses which authorize the President, in his
charges against the Treasury of the United
States.
Just
these
crease
it is
now
proposed
largely to in-
very
contingent debts to finance
great "pump-priming" which
hood to foist upon
No ohe knows
It
was
credit
or goods to a belligerent state,
and to put into effect the "cash and carry" regime.
just when the imminent threat of
and
render this
As
destroy the
Nation
National Munitions Control Board, makes provision
for mandatory and for discretionary ordinances. The
no one
just when faith in the marketability of tulip
bulbs would
in Seventeenth
cease
Century Holland,
coming into effect of the enactments of the first
when the hollow bubble of the South Seas would
or
no
is
longer support its shares at inflated prices, but
both
for
Unquestionably,
war.
but, should it
the great
country must
such
pre-
or more
The
plements of
group
the provision that whenever the
a
state of war"
foreign states he must proclaim
automatic
consequences
of
such
are:
(1) The exportation of
-
and
resources
fact.
proclamation
the record will show that in
come,
upon
between two
war may not come,
essential, protection of its
premised
President shall find that there "exists
speculations had their endings in disaster.
The President declares that the
pare
in force the Act, in addition to
continuing
peace as well as war, the
manufacture, export and import of arms, ammunition
and implements of war, established in 1935 under the
insolvent,
Regency, but it arrived;
now
the system of licensing, in
equally unpredictable in the days of John
Law and under the
knows
discretion, to prohibit the transportation by American
vessels of any articles
the unbalanced budget.
accumulated Federal indebtedness will
national
and
a new
has the hardi-
no one
arms,
ammunition and im-
becomes unlawful.
credit, the Nation has utterly and completely failed,
The President is,
from time to time, to enumerate these articles but
Recklessness and
not
the
prodigality
are
incompatible with
public welfare, with the general security, and
with the national defense.
The
to include
as
proclamation of
1
raw
May 1,
Neutrality Laws
(2) The making of loans
Foreign
the belligerent states,
lation
or
consideration of neutrality legisleaves the subject governed, in so far as con-
legislation, by sections 21 to 39 of the Federal
Criminal Code
so
not
as
so
by
only to
explosives.
on
Affairs to postpone
visions of
1937,
He did
kinds, but also aircraft and their parts and engines,
21 specific gases and chemicals as well as 17 high
^
,
The decision of the Senate Committee
cerns
materials.
include arms, ammunition, tanks, war vessels of all
=========
-r
so
war
(U. S. Code Title 18), by the
as
the purchase, sale,
pro-
The President has, however, discretion to
except from this prohibition
pro-
as
exchange of their bonds, securities, &c., is
hibited.
Chapter 5, Title 22, of the U. S. Code,
extending credits to
or
well
"ordinary commercial
captioned "Preservation of Friendly Relations Gen-
credits and short time obligations" provided they do
not concern arms, ammunition and implements of
erally," and by the Neutrality Act of 1937, which
war.
forms
part of Chapter 5.
a
(3) Soliciting
•
Sections 21 to 39 of the Criminal Code form Chapter
2
thereof, which is captioned "Offenses Against Neu-
trality"
and
perfectly
proper
dispositions
contains
if not obligatory for
with respect to its nationals
national
law, in order to
event of
of
a
character
a
(4) American ships
nation to take
ing
on
They include,
prohibiting the
acceptance of commissions to
against foreign
arms,
enlistment in foreign service, armament of
small
vessels against
friendly
serve
neutrality during
which the United States is neutral,
vessels
and
or
believe that
are
munition,
ent
warship
The
they
men,
or
papers
about to
supplies
or
carry
fuel,
information to
relating
the
be armed
ammunition or implements
arms
commerce
or carry
or
with
armament,
war,
except
for disciplinary purposes,
or war.
Moreover,
Board, to the mandatory embargo and to the
pro-
by American vessels contain provisions applying not
to
only to exports for belligerent states but also to "any
neutral state, for transshipment to or for the use of
belliger-
any
-
to
may
from
cause
supply ship.
provisions
belligerent state,
hibition of the transportation of embargoed articles
arms, ama
prohibited from travel-
clauses relating to the National Munitions Control
a war, in
foreign, when there is
are
belligerent ships, with certain exceptions,
application to foreign civil strife
detaining armed
by withholding clearance
vessels, domestic
em-
The Act also contains clauses with respect to its
foreign armed vessels and the organization of military
expeditions against friendly powers. They authorize
the executive to enforce
contributions
forbidden to transport
(6) No American vessel engaged in
a
increase of force of
powers,
are
(5) American citizens
its neutrality in the
between other nations.
powers,
war
bargoed articles to belligerent states,
under specified conditions, provisions
war
receiving foreign
presidential regulation.
:
under principles of inter-
preserve
or
also becomes illegal, with specified exceptions under
preservation
of
such belligerent state,
civil strife exists."
or any
such state wherein
It may be noted in passing that
this application of the international law belligerent's
friendly foreign relations other than those contained
doctrine of "continuous voyage" by a great neutral
in the
against its own nationals is believed to be without
"Neutrality Act" prohibit: the making of false
statements to influence the conduct of
ernments
tense
of
towards the
being
a
diplomatic
foreign government,
United
foreign
States; the false
or
govpre-
other official of
a
and conspiring to injure the
precedent in the annals of international relations,
The
of provisions
of the Neutrality Act
discretionary authority to the President has been reduced, since May 1 last, to two:
group
which give full
The Commercial & Financial Chronicle
634
(1) As
supplement to Section 31 of the Federal
President may require a bond of
a
Criminal Code the
July 29, 1939
cally the really hostile effect of such measures—and
believed to be cheaper than actual war. They
were
suspected of using American ports as a base
resulted in such profound injury to our economy that
supply for belligerent warships, and if he shall find
that a vessel domestic or foreign has been used for
they almost caused a civil war here. It had been
thought that the lesson that embargoes are a great
he may prohibit the departure of such
economic and political mistake,, merely adding to the
necessarily distressing effects of war on neutral
persons
of
such purpose
of the
vessel for the duration
/
war.
(2) The President may by proclamation make it
armed merchant vessels
unlawful for submarines or
belligerent state to enter or leave a port or
of any
territorial waters of the
President shall
United States, except
as
the
prescribe.
punishes violations by fines and imprison-
The Act
ment.
In connection with the
provisions of this Act
pro-
hibiting loans to belligerent states, the Johnson Act
prohibition of all new loans by Americans to governments in default to the United States, should be
borne in mind.
Neutrality Act as adopted in 1937 was the
The
result of
contest between the isolationists—favoring
a
discretionary
embargoes—the
mandatory
school,
which would leave to the President's discretion prac-
tically everything, including the power to proclaim
discriminatory embargoes against aggressors,
of international
advocates
the above outline, to
have
Of the
law neutrality.
the first would
three schools,
seem, as
come
and the
indicated by
closest to complete
victory—the only important concession to those advocating general presidential discretion being
with the
connection
made in
cash-and-carry clause and the
forbidding American vessels to carry goods to
clause
states, both of which are no longer in
belligerent
effect.
However, the neutrality school, which appears
to have
entered the contest chiefly for the purpose
of
seeing to it that no provisions calling for unneutrality
in the
name
placing
or
of
neutrality, be lodged in the statutes,
upon
the President too heavy a burden in
determining policies which might lead to war, were
satisfied with the result of their efforts.
In fact, the
concessions made to the isolationists were not incon-
with the basic
sistent
the provisions
principle of neutrality, since
concerned apply, in theory at least,
impartially to both sides engaged in a war.
;
Nevertheless, the Neutrality Act of 1937, containing clauses drafted not so much to support the
tried
well-
principles of historic neutrality as to endeavor
by law to keep this country out of war, is not technically perfect from the point of view of international
law.
The
application of the "continuous voyage"
doctrine, above alluded to, without
it to
with
neutral
countries
even
confining
having common boundaries
belligerents, is the Act's most serious technical
flaw, involving perhaps continuous difficulties with
neutrals in
war
time.
The civil
war
provisions apply-
ing equally to the established government and to the
rebels,
been
case
even
before the belligerency of the latter has
recognized, might lead
of the
defend
on
us,
Spanish Civil War, to
international law
as
they did in the
a
position hard to
countries, had been well learned by the United
The lesson seems to have been forgotten.
Though the Act had been in effect less than two
both the Administration and certain elements
in Congress desired this spring to amend it. The
House debated at length, passed and sent to the
Senate a proposed Neutrality Act of 1939. In general
outline this Blum bill follows the provisions of the
present Act. The bill omits, however, all concern
with civil war. Its provisions relating to the prohibition of loans to belligerent governments and of
the purchasing, selling or exchanging their bonds,
soliciting contributions for them and prohibiting
years,
belligerent submarines and armed merchant vessels
from entering or leaving United States ports or territorial waters are similar to those in the present Act.
In the case of the clause forbidding the use of Ameriports as a base of supplies the bill requires for its
application that the use be in violation of laws,
treaties or obligations of the United States under our
law and international law. The provisions relating
to the National Munitions Control Board are also
the same, except for the important omission of the
Act's provision that when the President issues a
proclamation, under the mandatory clause, automatically the licenses theretofore issued by the Board
to export to or for the countries named in the
proclamation, arms, ammunition or implements of
war, become null and void.
/ (
The House's bill also omits the Act's provisions
forbidding an American vessel from carrying embargoed articles to a belligerent state and forbidding
can
American vessels engaged in
ents
from
arming
and
President
or
Congress has made the
embargoed goods to belligerents, have been critized
ships at their
of
our
well
as an
neutral trade in time of
war.
illusory, sacrifice
This
country's
early experience with embargoes during the French-
English
to
wars
of 1794-1814 should not
try the experiment again.
nated
as
They
encourage us
were
then desig-
"peaceful war"—indicating thus paradoxi-
the latter
seems
proper
findings
the issuing of the proclamation by the President is
mandatory. The automatic effects of such a proclamation would be:
(1) The exportation of arms and ammunition (but
lawful,
(2) United States
as
with belliger-
arms,
adequately covered by the Criminal Code above mentioned,
:
The proclamation provided by this bill is dependent
on the findings of either the President or Congress
not only that a state of war exists but also "that it is
necessary to promote the security or preserve the
peace of the United States or to protect the lives of
citizens of the United States." Thus, the President'
or Congress, independently of each other, have a
larger discretion than the President now has under
the Act, as either would have to find not only as to
the fact (state of war), but also as to the soundness
of applying a policy.
However, once either the
probably because the subject
lating to the forbidding of American vessels to carry
involving too great,
commerce
carrying
not implements of war as in the Act) becomes un-
principles.
Moreover, the embargo provisions, and those re-
as
States,
lawful
as
difference
own
citizens travel
risk, but to do
so
on
belligerent
is not made
un-
in the Act, though in actual practice the
may not
be great.
(3) The prohibition of loans, &c., to belligerent
states, substantially as in the Act, comes into effect,
(4) The cash-and-carry clause, applicable to
all
kinds of materials and articles exported to states,
Volume
The Commercial & Financial Chronicle
149
'named in the proclamation, takes effect.
When
sidered with the discretion granted by the
tion clause'it is
in the
substantially the
Act until last
objections
ers;
open
land waters
on or over
bordering
confidence
originally enacted that it
for
ment
only two
since that time to
that clause.
clause has
as an
and implements of
expermi-
Nothilx has happened
years.
now a
justify greater expectations from
wider popular following owing to
for
name
carry" in application of the
to freedom of the
the
art or science
new
of semantics.
Actually, of
the clause
cash, the requirement being merely that
as
title to the
to
"continuous
clause
does
voyage" principle
Act, the bill's
to any
merchantmen
United States citizens at the time
While the
export.
not
cover
clearly
as
as
the
war,
result.
same
funds
the
for
same
Act, also
The discretion given
him too great
flaw,
placing
as
upon
above indicated, is
a
a
on
the hard-won historic
"neutrality"
house of
ure
measure
it does not
seem
the bill introduced
necessary to
several of the
House bill.
specific
any
discuss at
on
Foreign Affairs.
changes in phrasing contained in the
American vessels
passengers or
cretionary
or
are
vessels
defined
include
or
indirectly" to
any
any
There is also in-
giving the
President
dis-
to prohibit United States citizens
our
flag to proceed through
President to
by the
embargo, though
any
proclamation.
provision
power
flying
less dis-
prohibited from carrying
articles, "directly
named in the
new
even
Act, and the automatic results of
the proclamation do not
a
This bill
However, the issuance of the proclama-
cretion than in the
eluded
meas-
length
general outline the present Act with
tion, under the Senate bill, involves
state
any
by Senator Pittman, Chairman of
the Senate Committee
also follows in
years.
having adopted
Thus, this Senate
be
any areas
"combat
areas."
pean war
,
are
in time of
war.
Congress
on
ing six point
(1) To
by the President
July 14, suggested the elimination of
the existing arms
embargo, and presented the followAmerican
ships
from
entering
combat areas;
(2) To
restrict
require
by
American
citizens
in
at this
confident that the outbreak
an
impact
materi¬
war
time"
and
of
on
a
con-
Euro-
American
and implements of war" (the only
materials covered by the existing embargo clause)
which shows that the total licenses obtained by
Great Britain for the first six months of this year
aggregated in value $14,315,765. During June they
amounted to only $88,354, all but a few items being.
for
commercial
aircraft.
The
actual
England during June were valued
nearly all for aircraft.
exports
to
at $3,589,013, also
These figures do not suggest such "abundant"
purchases of material, covered under the embargo
clause, by Great Britain at the present time as to
have
a great
impact
on our
public opinion, especially
since in the event of the outbreak of
we
would probably want, for
we are
some
a
European
war,
time at least, all
manufacturing for
our own
possible
The fact is that Great Britain and France
substantially self-sufficient with respect to the
are
manu-
and would depend upon us mainly for raw materials,
specifically excluded from the embargo, except that
they, especially France, have been short of aircraft,
above
mentioned
report
of
licenses
export
showed, in fact, that during June, France
obtained
valued at $15,246,310, more than
Great Britain's six months' total, almost all for mili-
tary
that
goods
exported
from
the
United States to belligerent countries shall be pre-
"abundant supplies of
export licenses
travel
combat areas;
(3) To
of retaining the present
For example, one of this city's
ammunition
The
program:
prohibit
Never-
of the prac-
some
fact ure of arms, ammunition and implements of
war,
,
Mr. Hull's statement, transmitted
to
neutral trade
adversely affected.
same issue published a dispatch from Washington
summarizing a report of our National Munitions
Control Board as to licenses for the export of "arms,
the aircraft
on our
apt to lead to disputes
are
are
the
use.
contemplated to be placed
revision could be
changes in neutral
as
would result in such
wise reduce but rather adds to the number of restrictions
occurs,
opinion that the existing embargo would be driven
off the statute books.
Yet on the very next page
while sound in omitting
the embargo provisions of the Act, does not othermeasure,
while not
effects
are getting
sequently
rights of neutrals
which has passed either
Congress in the last five
The Senate not
war
als from the United States
interesting since it contains the fewest self-denying
of any
a
immediate
British
responsi-
With that fault removed the bill would be
restrictions
program,
leading newspapers published last week a dispatch
from its London correspondent to the effect that the
by the bill to the President,
serious
vessels, the
determined and skillful upholder andjie-
a
embargo clause.
as
ality.
tical
proclamation.
independently of Congress
time, and could be sub¬
war
theless, it is possible to exaggerate
into effect at the
comes
of
with belligerents who
belligerent governments substantially
in the
as
time of the
in
policies during hostilities
-
(5) .The prohibition of solicitations and collections
of
as war
made before
state named in the proclamation" is evidently
intended to achieve the
seas
fender of the rights of neutrals.
It would be well, indeed, if such
in the
of the term "directly or indirectly
use
war.
ideal, in view of the inclusion of item (3), could so be
carried out as to enable this country to resume its
historic role, so largely abandoned during the last
goods and all interest and claim thereto
should pass from
of
nothing is said in
course,
purchas-
stituted by clauses depriving of diplomatic protection
our citizens sailing on
belligerent ships, and treating,
in our ports and territorial waters, armed belligerent
"cash
use
common
foreign
If items (1) and (2) could be eliminated, as being
too restrictive of a great neutral's rights to trade and
However, it is probably true that the
skillful selection of its
and
adopted
was
when
Congress
by
it
to
Board and the licensing system with respect to the
importation and exportation of arms, ammunition
So little
the United States.
on
title
country of funds for belligerent aid; and ■
(6) To continue the National Munitions Control
lands; lakes, rivers and in-
placed in
was
of
»
loans and credits
to the same
especially in view of the stipulation that it is not to
apply to trade
;
:
(4) To continue the existing legislation respecting
to belligerent nations;
(5) To regulate solicitation and collection in this
clause as was
same
It is
proclama-
probable lack of practicality,
its
to
as
May.
535
ceded by the transfer
con-
and commercial aircraft,
exports to France during June
in aircraft.
though the
were
actual
$2,548,962, all
The Commercial & Financial Chronicle
g36
July 29, 1939
Estimated at $21,000,000
Rehabilitation of Insolvent
Banks—Increase of $36,000,000 in Surplus of Corporation in 1938—Net Operating Earnings
of Insured Commercial Banks at $429,000,000 in 1938 Compares with $471,000,000 in 1937
of FDIC—Losses by Corporation in Past Five Years
$74,000,000 in That Period Incident to Failure or
Annual Report
Disbursements of
report of the Federal Deposit
the annual
to
According
Corporation, made public by Chairman Leo T.
Crowley on July 16, "during the first five years of Federal
insurance of deposits the Corporation was called upon to
disburse or approve disbursements of $74,000,000 in connec¬
tion with the failure or rehabilitation of 252 insolvent or
hazardous banks, affording full protection to 478,445 de¬
Insurance
positors and partial protection to 724 depositors."
A sum¬
mary of the report goes on to say:
Total deposits in these insolvent banks amounted to $137,000,000, of
which 98% was made available promptly to depositors.
Losses by the
Corporation are estimated at $21,000,000, or 28% of its disbursements.
From its organization to the close of 1938 total administrative expenses
and estimated losses of the Corporation amounted to $36,000,000, com¬
$167,000,000 from assessments and investments, and
had added surplus of $131,000,000 to
pared with income of
31, 1938, the Corporation
original capital of $289,000,000.
by Dec.
its
provide an adequate basis for judging the
.
.
.
The losses thus far sus¬
Corporation have for the most part been in banks which
past five years do not
The
future
by
the Corporation.
experience of
tained
in
were
the
following
1933 and which could not be rehabilitated.
banking holiday of
the
the time they were licensed
condition at
hazardous
a
Under
of the original deposit insurance law the Corporation was
required to admit these banks to insurance on the basis of bare insolvency.
A number of weak and hazardous banks still remained
in operation at
provisions
the close of the year.
the banking system has had to absorb approxi¬
past 75 years
the
Over
$14,000,000,000 of losses, or more than 1% per year of total
Of these losses $5,000,000,000 have been in suspended banks—
half
borne by depositors
and half by stockholders—and $9,000,000,000
have been written off in operating banks.
While changes in the compo¬
sition of bank assets may result in lower rates of loss in the banking
mately
deposits.
heretofore, the rate of net earnings available for meeting
lower, the banks' capital ratios on the average remain lower than
than
system
losses is
earlier
in
double liability of shareholders has been largely
consequence the margin of protection provided creditors,
and
periods,
As
eliminated.
a
is narrower than heretofore.
believes that provision will have
including the Corporation,
to be made for
assumption of losses in excess of the present rate of assessment unless
deposit insurance is accompanied by supervisory action to prevent the
dissipation of bank capital through excessive dividends without provision
for losses and by provisions for relieving the banks of the necessity to
which they have been subjected in the past because of heavy withdrawals
and inadequite rediscount facilities of liquidating assets at sacrifice values
during periods of crisis.
If the cost of deposit insurance is to be kept
low, bank supervision cannot be weakened or deflected from its primary
objective—the maintenance of sound banks.
Corporation
The
1938," says the report, "the Corporation,
"At the close of
cooperation with other bank supervisory agencies, was
still working on the remaining problem banks in an effort
in
to
improvement in their condition.
Practically all
institutions which were in a weakened con¬
secure
of
them
are
dition at the close of the banking
holiday in 1933, but were
expectation that they would be strengthened
soundness."
The report adds:
In most cases additional capital is required; in some cases changes in
management and operating policies are also necessary.
A number of these
insured
banks
stantial
restored
banks
to
excessive
hold
substandard
of
proportions
hazardous
and
assets.
invokes cooperation with other supervisory
these difficulties
Elimination of
agencies and a slow, gradual program of correction.
Some of the banks are in such condition that their rehabilitation without
financial
substantial
its
aid
The Corporation esti¬
impossible.
to be
appears
in the program in respect to these banks will involve
mates
that
the
during 1939 with
considerably larger than those sustained in recent years.
losses
part
substantial
of
making
the report we also quote:
Deposits in Banks Placed in Receivership
From
Paid by the Corporation—
hazardous insured banks, with deposits of
$10,000,000, were placed in receivership.*
All but 99 of the 41,755
depositors in these banks were protected in full.
Approximately 97% of
the $10,000,000 of deposits were fully protected by insurance, security,
During
1938,
insolvent
50
or
other creditors.
From the beginning of deposit insurance to Dec. 31, 1938, the Corpo¬
ration paid off depositors in 175 banks with total deposits of $47,000,000.
All but one-half of 1% of the 204,605 depositors in these banks were fully
protected.
Of the $47,000,000
of deposits, 90% were made available
offsetting claims,
priority of claims
or
over
promptly to depositors.
From
Jan.
000,000
to
1,
By the end
the
to
1934,
protect
of
Dec.
to
to
the Corporation
provisions then in force were an important factor contributing
to recoveries
by creditors, including the Corporation, of 100% of their
claims.
Collections from stockholders constituted 10% of all funds made
this
Corporation,
insolvent
Under provisions of an Act of
of these banks.
creditors
available to the
will not be made upon
the purpose of reimburs¬
ing the Corporation for insured deposits paid.
In addition, 69 banks had
paid dividends of 50% or more to creditors.
No payments had been
banks failing after that date for
stockholders of
made
banks.
nine
by
The
placed
banks
insured
50
assessments
1938,
25,
May
approved
Congress,
during
receivership
in
time
of
in
had
1938
.
of 18 closed insured banks was completed
during the year.
At the close of 1938, 157 closed insured banks were
still in
receivership.
The Corporation was acting as receiver for 55
banks,
assets
nine were National and 46 were State banks.
The
principal creditor through its subrogation to insured
which
of
Corporation,
the
of
Liquidation
as
claims, maintains close contact with the receivers of all sus¬
pended insured banks for which it is not acting as receiver and assists in
•depositors'
promoting efficient liquidation of these banks.
Recoveries on Loans and Assets Purchased—By Dec. 31, 1938, the Corpo¬
recovered
had
ration
advanced
had
29%, of the $38,000,000 which it
77 insolvent
$11,000,000, or
to, or in the purchase of assets from,
loans
as
recoveries
Total
banks.
insured
hazardous
or
expected to amount to
are
The Corporation's losses in the
estimated at 16% of insured deposits compared with
25% of insured deposits in the banks in which de¬
$27,000,000, or 70% of the total expended.
banks
merged
estimated
positors
are
of
losses
paid off by the Corporation.
were
Regarding the Capital of Banks—Although a
consideration in determining
in general the proportion of the bank's funds
Policy of the Corporation
large number of
soundness
the
must be taken into
factors
of
a
bank,
important measure of the
In general, there¬
fore, the risk borne by depositors and the Corporation tends to be
increased as the proportion of capital to total funds of the bank is reduced
and
to
be decreased
as
the
proportion of capital to total funds is
by
supplied
bank's
the
is
owners
most
its assets.
ability to withstand deterioration in
increased.
The
...
Corporation,
the
as
bank's
the
chief
the
have
adequate
ments
with
ultimate
of
capital
loser
adequate
their
banks'
dissipation
prevent
chief
and
of
minimum
a
to the
respect
the chief agency
as
creditor
maintenance
with
affairs
So
is
risky
of
necessary
insolvency.
branches
of
Federal
Reserve
establishment
the capital
does
not
by insured
System
of
it
which
banks
State
possible for the
is
establish¬
bank
The
to prevent the
not meet
The Corporation's authority
to State banks members of the Federal
or
Corporation
contemplating
members of the
not
these banks when they do
banking offices by
System.
are
Corporation
standards set by the Corporation.
apply to National banks
Reserve
insured
as
repeats
recommendation
its
the establishment of
quired to meet such standards with
a
capital
respect to
that
branch should
as
the Corporation
The
report indicates
$36,000,000
that
added
was
to the
the report:
Financial Statement
Income and
amounted to
ments
of
the
the
banks
during the
and
year
$9,400,000 from
were
received from
investments.
amounted to $11,700,000.
all
condition
the depositors
as
to
most
the
the
of
their
customary
expenses
of
insolvent
banks
amounted
to
$8,700,000.
Administrative
$3,000,000.
were
chief
items
since the
of
and
income
Corporation
began
expense
operations
of
the
are
Corporation
shown in the
for
returns
deposits
As
from the
are
a
from
the
relationships
course
debtors
business,
of
obtained
than
would
some
and
INCOME AND EXPENSES OF THE
CORPORATION SINCE BEGINNING
OPERATION
otherwise
debtors to seek
be
the
local
com¬
the
Deposit insurance assessments
This
liberal compromises
in
this bank
insurance
which
status,
by the Corporation.
had
less
38.8
35.6
1934
11.5
~7"6
9.4
9.3
8.2
9.3
47.8
48.1
43.8
20.7
7.0
Deposit insurance losses & expenses
21.1
8.7
5.3
3.5
3.2
0.3
Administrative expenses.c
15.1
3.0
2.7
2.5
2.7
d4.2
36.2
11.7
8.0
6.1
5.9
4.5
131.2
36.0
40.1
37.7
14.9
2.5
Expenses—total
Net income added to surplus
a
Includes expenses from date of organization, Sept.
were
11, 1933, to Dec. 31, 1934.
members of the temporary Insurance
credited to their accounts In total at the termination of the temporary
funds, being applied toward subsequent assessments under the permanent Insurance
includes
subsequent
1935
43.2
Income—total
b Assessments collected from Insured banks,
to be justified.
figure
38.3
1936
167.4
Investment income and profits
funds,
receivership
124.2
1937
On
case.
the principal and some¬
more
1938
the
to
forced liquidation,
deflationary effects of
hand, the fact that the Corporation is
appear
of
debtors are permitted to
consequence,
the normal
in
protected
times the sole creditor leads
*
each
following
banks have
in the suspended and merged
credit
community.
obligations
are
higher
other
or
of
their
munities
than
assess¬
Total expenses
Losses and expenses
Corporation in paying depositors of suspended banks and in aiding
marger
The
Corporation
$47,800,000, of which $38,300,000
insured
on
losses
and
of the
Expenses—The total income of the Corporation during 1938
al933-
sideration
the
an
re¬
surplus of the Corporation in 1938. The income and operat¬
ing expenses of the Corporation are set out as follows in
or
Corporation, the Corpo¬
ration is able to proceed with the liquidation of assets of the banks in
receivership or acquired in connection with margers, giving due con¬
and
be
considers reasonable.
Total
much
received
meet
to
and
assets,
Through its power to disapprove admissions to insurance and
ment
banks
as
their manage¬
is small with
capital
supervision
accumulation
concerned
is
long
conducted by
When the
vigilant
capital,
that
insolvencies,
banks.
in
be
may
supervision.
responsibilities
of
bank
capital
depositors and
protection of
for
in
recover.
In
made
of the short period
payments to the Corporation because
which they had been in liquidation.
.
.
relatively small
table:
the Corporation advanced $74,-
1938,
31,
of
from stockholders under double
In nine banks collections
depositors.
from 1934 to 1937,
in receivership
to
hazardous insured banks.
period $28,000,000 of this amount had been repaid
about one-half of the amount which it expects to
depositors
banks'
liability
year
Repayments
sub¬
total
1938 paid dividends of 100%, and four of these
the Corporation on the subrogated claims of
interest
paid
also
placed
banks
insured
by the close of
bad
the
will amount to about 75% of the
the Corporation
125
the
Of
had
the 175
deposits.
insured
16
in
by
recoveries
eventual
payments
cash
the Corporation was subrogated in
receivership.
The Corporation expects to receive
returns from these banks.
It is estimated that
additional
licensed in the
and
approximately $17,000,000, or
had received
depositors' claims to which
of
31, 1938, the Corpora¬
46%, on the $36,000,000
Banks in Receivership—By Dec.
Recoveries from
tion
one
to
been
any
bank
which
termination
insured
withdrawals
of
as
of
suspended
its
the
and
insurance
date of
was
status.
placed
termination
subsequent to that date,
in
Deposits
of its
were
paid
fund, and resulting In no income to the Corporation from assessments for the term
of the temporary insurance funds.
c
Includes
d After
furniture, fixtures, and equipment purchased and charged off.
deducting portion of expenses and losses charged to banks withdrawing
from the temporary funds on June 30, 1934.
Note—Figures do not balance precisely because of rounding.
Volume
Commercial & Financial Chronicle
The
149
the
Operation—On
Dec. 31, 1938, 18,220 commercial banking offices were in operation in the
United States and possessions, a reduction of 144 during the year.
Of the
offices in operation over three-fourths
were unit
banks, that is, banks
having but one place of business, and nearly one-fourth were offices of
branch
and
Types
of
Offices
Banking
Commercial
trend
branch
branch
toward
banking which
systems, compared with
Number
Insured
of
Offices—On
Dec.
banks
of
less
or
(Amounts in millions of dollars)
The
of
offices
31,
1938,
number
Dec.
on
These offices
of
1%,
increased
000,000.
level
a
the
which
5.5%,
to
.
.
during
.
previous
any
insured
Deposits of
time.
Current
the
of
States
Government,
changed
interest
increase
Of the
about
On
Dec.
The
the
1938,
31,
amounted
greater
to
total
of
part
this
of
year.
assets
all
of
increase
4.8% during the year.
of
second
the
during
occurred
commercial
insured
operating
increase
an
half
by
Cash,
$2,200,000,000,
tions
States
of
reduced,
abroad,
United
15%,
or
and
funds
and
reserves,
obligations by $800,000,000,
cies increased
from
by the banks of
chiefly the influx of
balances, and purchases
obligations.
and
holdings
Federal
Reserve
cities.
the
of
the growth
States
banks
from
or
16%.
Loans
System
States
United
Government
Holdings of obliga¬
year.
Holdings of other securities were
of
New
in
York City
members of the
System, and of insured banks not members of the Federal Reserve
System,
increased
the
over
CHANGES
period.
year
liabilities
and
country
of
all
1938
DURING
The
insured
IN
following
commercial
AND
ASSETS
COMMERCIAL
300
table
banks
shows
current operating expenses" by
16%
and
than offset by decreases in taxes,
deposits, and in other current expenses.
banks operating throughout the year,
excess
of gross current operating earnings,
of less
reported net earnings
changes
OF
than $5 per $100
each $100 of total capital accounts.
than
for
making allowance for
payment
of
income taxes,
$10 for each $100 of total capital accounts.
of
Commercial
Insured
Banks
Reserve
The
aggregate
members
not
decreased
total
current
the first
earnings
gross
of
of
insured commercial banks
System operating throughout the year
Reserve
in net current operating earnings.
Figures showing earnings, expenses, and
of insured commercial banks not members of the
EARNINGS,
TOTAL
EXPENSES AND DISPOSTION OF PROFITS RELATED
ASSETS AND TO TOTAL CAPITAL ACCOUNTS 1938
(Insured commercial banks not members of the
throughout the year.)
in
Assets—
Total
Amount
PerCt.
$
31, 1937
%
$
$
obligs., direct &
14,507,000,000 13,669,000,000
fully guaranteed
+ 6.1
+ 838,000,000
Obligs. of States & political
subdivisions,
Govt,
not
&
U. S.
agencies,
of
&
corps.
3,379,000,000
+ 474,000,000 + 16.3
3,565,000,000
—337,000,000
—726,000,000
—4.3
+ 94,000,000
+4.6
56,800,000,000 54,212,000,000 +2,588,000,000
Other securities
Loans and discounts
Miscellaneous assets
Total assets
+ 4.8
Liabilities and, Capital—
49,779,000,000 47,224,000,000 +2,555,000,000
+ 2,000,000
584,000,000
586,000,000
+ 31,000,000
6,435,000,000 6,404,000,000
Total deposits
Miscellaneous liabilities
Total capital accounts
+ 5.4
+2,588,000,000
+ 4.8
30%
a
was
and
were
banks
commercial
insured
insured commercial banks at the
by
governmental
and
discounts,
there
held
assets
the
were
+ .3
$4,27
3.06
$30.67
21.98
$86,000,000
$1.21
$8.69
$0.68
$4.92
Losses, charge-offs, &c
$48,000,000
97,000,000
1.36
9.82
$37,000,000
$0.53
$3.79
In
held.
close of 1938,
securities, 28% were loans and
reserves, and due from banks.
Among
cash,
members
not
of
between
the
the
Federal
size
Reserve
of the
bank
Net current operating earnings
Profits
on
assets
the
the larger is the proportion of its assets in the form
town,
balances with
the form
in
assets
bank
of
the
and
the
the
System
and
of
smaller
of loans,
banks, and the smaller is the proportion of its
A similar
of securities.
assets
relationship exists between size
during the year.
In general, the smaller
it was located, the larger the
loans, the greater the reduction in holdings of securities, and
the increase in cash and balances with other banks during
for
1938,
of
declined.
banks
the
annual
since
time
current
The amount
Federal
operating
of
net
insurance of deposits, the
of insured commercial
earnings
profits declined for the second
suc¬
dividends has been relatively constant for
several years.
The amount of earnings added to the capital accounts in
1938, therefore, was smaller than in either of the two preceding years. . , >
Net Current
Operating Earnings—In 1938 net earnings amounted to
$429,000,000, or 6.7% of total capital accounts, compared with $471,000,000, or 7.4% of total capital accounts in 1937.
The decrease in net
earnings, as compared with 1937, was the result of Ipwer gross earnings
only partly offset by lower total current expenses.
Gross earnings from current operations amounted to $1,582,000,000, or
3% less than in 1937.
Smaller income from securities accounted for
cessive
mo6t
year.
of
the
The amount of
decrease
volume of security
in
on
a
capital
total
earnings
and
reflected
a
lower
holdings in the later than in the earlier year, increased
in
Dec. 31,1938.
1938,
rates of
»
Mutual
Savings
Banks
Corporation was insur¬
compared with 56 at the end
of the preceding year.
One insured mutual savings bank suspended during
the year because of financial difficulties, the insurance status of one was
terminated, one went into voluntary liquidation, and five were absorbed
On
Dec.
1937.
The
following
table
shows
earnings,
1938, the Federal Deposit Insurance
31,
48 mutual savings banks, as
ing deposits in
by another continuing institution.
Total deposits in the 48 banks
90%
banks,
amounted to $1,000,000,000, of which
estimated to have been protected by insurance.
Of
had deposits of more than $10,000,000 each.
Two
are
11
these
banks
54% of the deposits.
The 48 banks were located in 12 States.
to the small number of banks, the data relating to the insured
Due
mutual
savings
banks
may
not
operations of all mutual savings
be
characteristic
of
the
condition
and
banks in the country.
The Course of the Bond Market
United States Government bonds have
recent lethargy
on
June 5.
A
broken out of their
and are again fairly active on the up side.
Closing at 117.47 on
long-term
week
2.7%
$1.01
Earnings—In
reporting low
Insured
average
guaranteed,
with
$2.35
$0.14
accounts in the later year.
lower
compared
$0.33
$10,000,000
for the second time, the
earnings and net operating
deficits was smaller than in the preceding year.
Thus in spite of the
decrease in aggregate net earnings from 1937 to 1933 mora banks reported
high net earnings in relation to total assets and in relation to total
banks
of
and
in
—
Dec. 31,1937, June 30, 1938, and
Operating
Current
proportion
last
fully
$33,000,000
—
dividends-
Averages of figures for
and slightly reduced rates of return on securities.
The average rate of income on loans was 4.4% in 1938 and 4.3% in 1937.
Interest and dividends received on securities amounted to 2.6% in 1938,
and
$0.43
$3.36
Interest paid
capital
Net profits after
obligations of the United States Government, both direct
concentration
$0.06
$0.47
$23,000,000
Net profits after income taxes
48
of All Insured Commercial Banks
first
net
$4,000,000
Cash dividends declared and
held
In
amount
_
Income taxes
about
year.
Earnings
recoveries, &c...
income taxes
the
the smaller the center in which
bank,
increase
other
changes in
assets sold,
general, the smaller the bank, and the smaller
classes of
and of
—
+ .5
corporate
relationship
marked
Accounts a
216,000,000
Net
Total liabs. & cap. accts._ 56,800,000,000 54,212,000,000
Of
a
earnings—..— $302,000,000
Gross current operating
Total current operating expenses
—8.6
2,905,000,000
3,902,000,000
16,024,000,000 16,750,000,000
2,149,000,000 2,055,000,000
guaranteed
38%
Capital
Total
& due from banks 17,176,000,000 14,931,000,000 + 2,245,000,000 + 15.0
res.,
$100 of—
Amounts per
Amount
INSURED
Change During Year
Dec.
31, 1938
TO
Federal Reserve System operating
Net profits before
Dec.
U. S. Govt,
disposition
Federal Reserve
Assets
Cash,
These were
and net earnings reported since these data were
in gross
first collected in 1934.
Federal
the
1937 to 1938, accompanied by slight decreases in
and
expenses
declines
of profits
of
amount
the Federal
of
slightly from
Members
Not
System
BANKS
Amount
earnings
Forty percent of the banks reported net
accounts.
during 1938:
LIABILITIES
188
5527
smaller than in the previous
in depreciation on banking
0.6%
wages
were more
in
expenses
Profits—After
and
other
in
Reserve
assets
banks
and
Federal
reserve
155
System for 1938 are presented in the following table:
4%.
by $700,000,000, or
National and State banks members
located
5339
207
charge-offs and recoveries on
16% of the banks reported net
losses and an additional 29% reported net profits of less than $5 on each
$100 of total capital accounts.
About 23% reported net profits of more
of
Govern¬
increased
political subdivisions and of other governmental agen¬
by $500,000,000,
and loans outstanding declined
The decrease in loans occurred among
of
due
amounts
6%, during the
or
207
223
and
time and savings
on
than $10 on
Earnings
interbank
ment
523
225
were
expenses
deposits
bank
Bank Assets—The growth of bank assets and
in
reflected
1938
380
of
year.
Change
in
300
13,£87 insured commercial
additional
more
Net
of Insured Commercial Banks
$56,80,000,000,
1,032
222
salaries
in
1% reported
an
assets
Assets and Liabilities
banks
deposits
and
during the
little
very
Time
banks.
other
corporations,
292
627
paid
house, furniture and fixtures
of
and
432
501
not included under "total
are
operating
Increases
year.
the United
partnerships,
individuals,
of
584
395
b Net loss.
of total capital
deposits
309
million in 1938.
deposits of
in
401
_
More
was
402
78
declared & Int.
and
one-third
442
454
capital
nerships, and corporations, and deposits of States and political subdivisions.
than
471
sold, recoveries,
"Income taxes"
a
in
one-half
than
more
the demand deposits of individuals, part¬
in
1,115
429
banks not members of the Federal Reserve System, except in 1934 and 1935. These
banks paid "income taxes" of $2.4 million in 1936, $4.8 million in 1937, and $4.3
greater than the
was
by 5.4%.
was
1,081
Net profits after dividends
$2,700,-
by
or
and brought the deposits of commercial
year
1,564
1,122
Net profits after Income taxesa
on
1,516
1,631
1,160
329
on assets
Cash divs.
1935
1,582
1,153
Losses, charge-offs, &c
banks was
approximately 4%,
$51,400,000,000,
amounted
commercial' banks
during 1938
or
Banks—During 1938 deposits of all commercial
higher than at
insured
deposits
39,
$48,700,000,000 to
banks increased
commercial
Profits
1934
1936
1937
1,483
Net cm-rent oper'g earnings
of all offices in operation.
operated by 1,042 banks.
during the preceding
to
offices, a
of insured
Offices
year.
operating non-insured commercial
were
This increase,
decrease
banks
from
Banking
and
banks operating 17,073
during the
reduction of
a
Deposits of Commercial
banks
Gross current operating earningsTotal current operating expenses
&C-______
Banks
Commercial
for
1934-1938
BANKS
COMMERCIAL
1938.
commercial
than
represented approximately 94%
the year.
been in
has
commercial banks
insured
all
of
profits
1938:
EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF INSURED
the Federal Deposit Insurance Corporation was
13,661
in
105,
24% in
Non-Insured
and
31, 1938,
insuring deposits
reduction
In
of
through
1938
existence since
the beginning of the century continued during 1938.
The number of unit
commercial banks declined by 194 during the year, while the number of
banks operating branches increased by 15 and the number of branches
increased by 35.
In 1920, only 4% of all banking offices belonged to
in
disposition
1934
years
in
banking systems.
The
1,147
and
expenses
Operating Commercial Banks
Number
637
Friday, the adjusted average of eight
issues compares with the recent high of
117.72
High-grade corporates remained firm this week,
grades have been very moderately better than
at the close.
general firming
up
has been
displayed
among
high-
grade railroad bonds, and in a few isolated instances cur-
The Commercial & Financial
638
rent
rail legislation
gressional
for
the
balance
On Friday the President signed the Chandler
of the year.
bill, which will enable the B. &
O. and Lehigh Valley to
In anticipation of
out of court.
B. & O. bonds rose this week,
reorganization
this the
of
possible, together with
appears
and earnings estimates
traffic
favorable
complete
Evidence
issues closing
The Terminal Railroad Association
9 points.
with gains of
some
filed with the Interstate Commerce Commission appli¬
has
cation
.$7,000,000 refundings 3%s.
issue
to
Among these, Broad River Power 5s,
high ground.
in new
upward, with many issues selling
have edged
prices
1954, have gained ope point at 102, and Continental Gas &
1958, have advanced 2% to 02%.
Electric 5s,
Holding
com¬
debentures have also been in demand, Standard Gas &
pany
Electric
1948, closing up 5 points at 70, and Utilities
6s,
MOODY'S BOND PRICES
(Based
U.
S.
120
All
1939
Govt.
Bonds
as
at a new
Aaa
Aa
121.72
106.73
Baa
lilt.
103.93
118.81
87.64
94.01
111.64
116.43
P.
U.
bonds
117.46
106.73
121.94
118.81
103.93
87.64
94.01
111.64
121.94
119.03
103.74
87.64
93.85
111.84
117.19
106.73
122.17
118.81
103.56
87.49
93.85
111.64
106.54
121.94
118.38
103.56
87.35
93.85
111.64
22.
117.13
106.54
121.94
118.38
103.56
87.35
93.69
111.64
106.54
121.94
118.60
103.38
87.35
93.69
111.64
121.94
118.60
103.2
•20
87.Q7
93.53
111.64
106.36
121.94
118.6(?
1031.20
87.07
93.37
111.64
18— 117.07
106.36
122.17
118.16
103.20
87.21
93.37
111.64
106.36
122.40
118.38
103.20
87.07
93.37
111.64
116.21
15- 116.99
106.17
122.40
118.16
103.02
86.64
93.21
111.64
115.78
116.99
106.17
122.1/
117.94
103.02
86.64
93.06
111.64
13- 117.05
106.17
122.17
117.94
103.02
86.64
92.90
111.64
105.98
122.40
117.94
102.84
86.36
92.75
111.43
103.79
122.40
117.94
102.48
86.21
92.43
111.43
105.79
122.40
117.72
102.30
86.07
92.28
111.43
105.60
122.17
117.50
103.30
85.93
92.12
111.23
115.57
7-
116.82
105.60
122.40
117.72
102.12
85.93
92.12
111.23
115.78
6-
116.77
105.60
122.17
117.72
102.12
85.79
92.12
111.03
115.57
5—
116.46
4-
Stock
105.22
121.72
117.50
101.94
85.62
91.81
110.83
101.58
85 38
91.68
110.83
121.72
117.29
101.76
85.24
91.51
110.63
117.29
101.76
85.24
91.51
110.63
115.14
105.04
116.43
105.04
23— 117.13
105.41
121,49
117.29
102.48
85.93
92.43
110.83
116.80
105.22
121.27
117.07
102.12
85.79
92.12
110.63
9—
117.34
105.41
121.27
116.86
102.66
86.21
92.59
110.83
117.61
105.22
121.04
116.64
91.97
111.23
May 26— 116.98
104.48
120.82
116.43
102.12
84.55
91.05
110.83
113.68
116.97
103.56
120.59
115.78
101.06
83.46
89.84
110.43
12— 116.37
102.84
85.52
3.63
2.89
3.64
2.90
104.11
120.37
116.43
101.76
83.73
90.69
110.24
103.56
120.14
115.78
101.23
83.06
89.99
109.84
119.47
115.35
100.53
82.40
89.40
109.24
112.25
21-
115.13
102.66
119.03
114.93
100.53
82.40
89.10
109.05
14..
114.76
102.30
119.03
114.72
100.18
81.61
88.65
108.66
3.38
4.37
3.37
3.14
3.04
3.80
4.79
4.37
3.38
3.15
3.06
3.80
4.80
4.37
3.38
3.17
3.17
3.15
3.14
2.90
3.06
3.80
4.80
4.38
3.38
2.90
3.05
3.81
4.80
4.38
3.38
3.05
3.82
4.82
4.39
3.38
3.16
2.90
3.05
3.82
4.82
4.40
3.38
3.16
3.65
2.89
3.07
3.82
4.81
4.40
3.38
3.17
3.65
2.88
3.06
3.82
4.82
4.40
3.38
3.16
3.66
2.88
3.07
3.83
4.85
4.41
3.38
3.18
3.16
3.66
2.89
3.08
3.83
4.85
4.42
3.66
2.89
3.08
3.83
4.85
4.43
3.38
3.19
3.67
2.88
3.08
3.84
4.87
4.44
3.39
3.18
3.39
.3.18
3.18
3.38
2.88
3.08
3.86
4.88
4.46
3.68
2.88
3.09
3.87
4.89
4.47
3 39
3.69
2.89
3.10
3.87
4.90
4.48
3.40
3
3.69
2.88
3.09
3.88
4.90
4.48
3 i'0
3.18
3.69
2.89
3.09
3.88
4.91
4.48
3.41
3.19
3.68
—
2.91
3.71
3.19
19
3.89
4.93
4.50
3.4:
3 21
3.72
2.90
3.11
3 91
4.94
4.51
342
3.21
3.72
2.91
3.11
3.90
4.95
4.52
3 43
3.21
3.72
2.91
3.11
3.90
4.95
4.52
3.43
3.10
Exchan
Stock
e
1
CI os ed
6-
114.85
102.84
119.25
114.72
100.70
82.66
89.40
108.85
112.45
Mar.31—
114.85
103.93
112.86
119.25
115.14
102.30
84.83
91.51
109.24
24.. 114.70
104.48
119.92
115.14
102.12
85.79
92.28
103.64
104.67
119.92
114.93
102.30
86.07
92.43
109.64
113.27
10-
114.79
105.22
120.37
114.93
102.84
87.21
93.53
110.04
113.68
3..
113.59
104.48
120.14
114.72
102.30
85.52
91.97
109.64
113.48
101.06
84.14
113.38
103.38
119.69
90.14
109.05
17— 113.30
103.38
119.69
114.30
101.23
83.87
89.99
109.05
113.21
103.20
119.69
114.09
114.30
101.06
83.60
89.69
108.85
3..
113.16
102.84
89.10
108.66
113.27
119.47
113.68
100.88
83.19
27.. 112.59
101.94
119.03
113.07
99.83
82.00
87.93
107.88
113.86
20— 113.18
103.20
119.69
113.48
101.06
83.87
89.55
108.66
13— 112.93
102.66
119.47
113.07
100.53
83.06
89.10
107.88
3.14
3.84
4.93
4.49
3.40
3.25
3.15
3.88
5.00
4.55
3.42
3.28
2.96
3.18
3.94
5.08
4.63
3.44
3.30
2.97
3.15
3.90
5.06
4.58
3.45
3.29
2.98
3.18
3.93
5.11
4.62
3.47
3.32
3.84
3.01
3.20
3.97
5.16
4.66
3.50
3.03
3.22
3.97
5.16
4.58
3.51
3.35
3.03
3.23
3.99
5.22
4.71
3.53
3.37
3.02
3.23
3.96
5.14
4.66
3.52
3.34
3.32
3.35
3.02
3.21
4.98
4.52
3.50
2.99
3.21
3.88
4.91
4.47
3.48
2.99
3.22
3.87
4.89
4.46
3.48
3.30
2.97
3.22
3.84
4.81
4.39
3.46
3.28
2.98
3.23
3.87
4.93
4.49
3.48
3.29
3.00
3.91
3.94
3.25
4.61
5.03
3.30
3.30
3.51
3.81
3.00
3.25
3.93
5.05
4.62
3.51
3.30
3.82
3
3.00
3.26
3.94
5.07
4.64
3.52
3.29
3.29
3.84
...
112.25
100.53
83.06
88.80
107.69
112.86
103.93
87.64
94.01
111.84
116.64
Hieh 1939
111.64
Low 1939
1939 112.59
101.94
111.84
99.83
81.09
87.93
107.30
101.76
118.60
111.43
100.18
82.27
88.36
107.11
112.05
112.45
102.66
89.10
62.76
71.15
96.11
104.30
Low
5.10
4.68
3.53
4.01
5.19
4.76
3.57
3.32
3.29
3.94
5.05
4.65
3.53
3.29
3.85
3.01
3.31
3.97
5.11
4.68
4.57
3.30
3.02
3.35
3.97
5.11
4.70
3.58
3.32
3.05
3.37
4.01
5.26
4.76
3.60
3.38
3.63
—.
4.36
Year ■A
2.88
3.03
3.78
4.78
3.37
3.14
4.70
1938
3.34
3.85
4.68
6.98
6.11
4.23
8.76
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
4.10
3.19
3.58
4.16
5.46
5.11
3.76
3.43
3.87
3.23
3.39
3.92
4.92
4.23
3.89
3.48
no—
98.28
115.57
107.69
97.28
78.58
83.06
104.30
110.63
July 28, 1938—
102.30
114.72
111.43
101.41
85.65
96.11
101.94
109.64
July 28, 1937—
Years
3.95
3.31
3.00
3.86
High 1938
88.80
3.28
3.03
3.89
6—
High 1938 112.81
3.01
3.89
3.82
—
119.03
*
2.94
2.95
3.81
27
2
3.23
3.71
-
110.25
Yrs.Ago
3.42
3.75
122.40
July 28'37 109.35
4.45
3.75
102.48
July 28'38 112.16
4.88
3.84
20—
1
3.85
3.78
106.73
Yr. An-
3.13
3.74
112.95
118.60
2.93
3.87
High 1939 117.72
1938 109.58
3.21
3.22
3.85
10
113.27
3.42
3.43
3.77
17
Jan.
4.46
4.48
3.80
Feb. 24—
113.48
4.90
4.91
3.71
3
113.48
3.86
3.88
3.80
10—
112.45
3.11
3.12
3.75
——
Mar. 3L
113.27
10..
2.92
2.93
3.70
6—
113.27
17- 114.64
3.21
3.70
3.71
5
111.84
2
4.36
4.78
Indus.
3.65
Apr. 28——
112.25
1
4.78
3.79
U.
3.38
2.90
3.64
—
2
112.86
102.84
Low
3.78
P.
3.64
—
May 26.
113.48
115.78
Low
4.36
3.65
—
9
114.30
Apr. 28.. 115.41
6-
3.03
1
113.27
Jan.
3.04
2.90
June 30
114.72
Feb. 24-
113742
2.90
3.63
5
114.93
5-
3.63
3—*
115.14
162,.
RR.
4.78
Weekly—
June 30—
19—
Baa
6
115.41
121.72
116.37
3.78
4
Weekly-
Corporate by Groups
7
115.41
121.94
3.04
8
e<l
Clofi
105.04
Aa
2.91
10
115 41
117.29
ExchaD ge
3- 116.28
Aaa
3.63
14
115.67
116.82
120 Domestic
Corporate
by Ratings
Corp
28
12
115.78
117.02
8-
f
'
17
115.78
10-
and there
tic
19
115.78
11— 117.01
Polish
bonds.
120 Domes ic
Domes¬
21
115.57
117.02
AVERAGES
24
116.00
17- 117.03
Japan brought un-
latter's
late dealings,
in
strength
25
116.21
1-
120
All
26-
116.21
116.96
the
(Based on Individual Closing Prices)
27—
116.21
106.36
of
MOODY'S BOND YIELD
Averages
July
116.00
117.07
20- 116.97
14—
gathered some
1939
116.00
21
market
given in the following tables:
are
116.43
24— 117.19
than
though declines have been only fractional.
Moody's computed bond prices and bond yield averages
116.64
25.
more
appeared some support for Italian loans at better prices.
The general tone of the list, has been soft, however, al¬
116.64
106.73
12-
the
into
settlement
Indus
117.30
Panama 5%s. gained
The State Department's declaration of with¬
points.
drawal from the commercial treaty with
120 Domestic
27-
19-
2211368530
9
high of 83^tliey fell back, closing at 79, 2% points
above last week's closing.
Corporate by Groups *
26.
—
bonds, Panama assented 5s had a large
result of the treaty ratification; after selling
turnover as a
Daily
Corp.*
A parages
point.
a
tic
July 28- 117.47
both sides, with only a few of
on
speculative Items showing changes of as much
more
Among foreign
f
by Ratings
clearly
The rule for the list has
trend in either direction.
been fractional changes
the
Average Yields)
120 Domestic Corporate *
Domes¬
Dally
on
Highest grades
firm tone.
a
Industrial bonds this week have not displayed any
defined
two
bonds have been- active this week,
utility
Second-grade
and
July 29, 1939
5%s, 1947, gaining 4% at 82.
Power & Light
have maintained
apparent, particularly as some enactment of con¬
been
has
registered.
speculative railroad bonds
and
medium-grade
for
been
highs have
new
year
demand
Chronicle
Ago—
These prices are computed from average yields on the basis of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
or the average movement of actual
price quotations.
They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
t 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
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, July 28, 1939.
Business
past
activity
week.
firm,
and
from
the
The
this
in
State
a
little
securities
the
face
Department
more
than
market
of
a
that
held
also
startling
it
its
held
the
own
relatively
announcement
intended
to
abrogate
the
Japanese trade treaty in six months.
The failure of
this highly important
announcement to unsettle the stock
market
was
position
and
regarded
definite
as
indicating
upward
market's
the
trend.
Trade
strong
reports
gen¬
erally continue favorable, especially as concerns the steel
industry.
There are many healthy indications concerning
.
the
business
becoming
is still
braced
and
increasingly
far
for
trend,
from
the
sentiment
optimistic.
as
The
a
consequence
European
is
picture
cheerful, but the financial world appears
shock
should
hostilities Itegin.
According to the "Journal
ness
pared with
72.7 for
a
a
index of
busi¬
revised figure of 86.1 the previous week and
year
production and
stills
of Commerce"
activity, the latest weekly figure was 86.8, and com¬
more
output,
ago.
a
than
A substantial increase in
steel ingot
fractional advance for petroleum runs-tooffset
declines
for
car
loadings,
and bituminous coal production, and a
electric
drop of 5.9
points for automotive activity.
Steel
this
production
week
comes
a
above
little
60%
sooner
of
the industry's capacity
than expected,
and
a
still
higher output is promised when automotive buying for 1940
models has assumed larger
Age"
says
proportions, the magazine "Iron
in its current summary.
The sharpest gain re¬
corded in any district last week, the review reports,
the Cleveland-Lorain area,
70%.
was
in
where the rate rose 18 points to
"Ingot production continues slightly ahead of orders
Volume
The Commercial & Financial Chronicle
149
volume, though it had caused
preparation for sudden demands from the
and shipments in
industry," the review states.
"Orders this
are
running moderately ahead of those booked in
though the last week's aggregate business was not
June,
quite
the
good
as
1940
of
models
as
The
-
a
brought
of
Motors Corp. in preparation
result of the continuance of the tool
General
York
New
Stude-
tural
is still
baker
Packard
of
Previews
come.
scheduled
cars,
tions of
to
and
of
After six
of
2,324,181,000 kwh., according to figures released by the
Electric Institute.
Compared with the like 1938
period, production this week, however, gained 209,825,000
kwli., or 10.1% over the 2,084,763,000 kwh. for the week
ended July 23, 1938.
Car
/
Saturday totaled 656,341
ing to figures reported today by the Association
Railroads.
ican
A
week
of Amer¬
shown
cars, or
decrease of
a
News-Record"
the
week
a
below
1938 week.
the
automobiles
of
and
trucks
and Canadian factories continued about
week,
Ward's
on
Automotive Reports,
United
in
level
said in
esti¬
mating the volume for the period at 40,595 units.
rise
a
6,S25
only
of
8,515 units from
units
from
preceding
Chevrolet,
are
year
ago
week
automobiles still
passenger
models
the
a
and
of
This
this
almost
exactly paralleling last "year's, the report said.
changeovers,
low point for the year will
The
volume
bank
of
Wednesday, July 26,
New York went
at
time
first
in
trend
good
a
past
margin,
is
weeks.
The
Secretary
same
Wheat
again,
'
announced
that income payments to individuals totaled $32,496,000,000 at the end of the first six months of 1939. an
about
$1,000,000,000
showed
estimated
definite
a
increase.
Mr.
these
Department of Commerce
reported by 2,929 wholesale
of
the
country
announces
concerns
that total
sales
located in all sections
increased
approximately 8% in June as
compared with June, 1938.
Secretary Hopkins pointed out '
that the total amount of sales reported by his selected group
for June was $203,752,000. as compared with
$188,965,000
for
June,
1938,
Breaking
and
$206,349,000 for May of this
records
all
for
the
year
but
lapsed.
Ford
V-8
and
Mercury 8 units in the
day period of July, it was announced
Ford
Motor Co.
74%
of
up
over
Retail
even,
new
thfs
for
cars
was
throughout
week,
but
In
the
country
localities,
retail
5%
to
year ago.
trade
10%
week
10-
period
for the neriod
were
were
in
showed
moderate
held
"While
losses
in
about
com¬
most
for the country at large was esti¬
above volume of the corresponding
The review made mention of the serious
drought that plagued the Northeastern States during the
week, but said it had not noticeably diminished retail sales
Commodity
During Week
Low
Prices
Ended
on
July 23 that marked weak¬
"Annalist" wholesale commodity
stood at 76.1%
of the 1926 base, the
corn
other
contrast
and
corn
oil
fell
hard
touching
prices
livestock
the
to
industrial
in
especially
were
years
held
hard.
hit,
with
six-year
a
firm.
Cotton
wheat
low.
Poultry
moved
below
falling
Hogs
the
the
to
weak
were
almost'col¬
prices
lower
weakness
items.
in
Copper
improved.
prices
the
for
commodities
second
spurted and rubber gained for the third week in
WEEKLY
INDEX
strong
was
and
WHOLESALE
OF
the buoy¬
was
advanced,
again
were
quotations
"ANNALIST"
Silk
agricultural
Hides
and
wag' in
wool
a
steel
demand.
row.
COMMODITY PRICES
(1926=100)
22,
July
1939 July
69.5
Farm
products
Food products
15,
1939 July
23,
71.2
65.6
65.2
72.6
63.1
Metals
62.7
59.3
83.1
85.5
95.4
•>
1938
80.0
83.1
Textile products
Fuels
95.3
96.3
71.0
71.0
85.2
85.2
M iscellaneous
69.0
68.9
71.2
All commodities.-
76.1
76.6
81.2
Buildlng materials_
—- - - -
—
Chemicals
----.
68.7
'
.
87.4
Freight Car Loadings During Week
July 22 Totaled 656,341 Cars
Loading of
total
increase
same
activity of wholesalers
previous
the
mated
a
an
the
Dun & Bradstreet, Inc., reported today.
at
a
second
at the offices of the
This
deliveries
car
Wholesale
of
week.
sales.
last year, the announcement said.
sales
parisons with
week
Dearborn, Mich.
Sales of Lincoln-Zephyr
77%
decline
the
over
of 1988.
at
145.8
138.6
five-year low in the week ended July 22.
Cottonseed
Revenue
year.
in mid-month
Ford dealers in the United States delivered at retail
of 23.488
152.9
130.1
—
Low—April 22
Five-Year
to
at
June income pay¬
Hopkins said.
He
payments at $5,718,000,000 against $5,388.000.000 in June, 1938, and $5,209,000,000 in May, 1939,
The
—
the total reported
over
the end of the similar period last year.
ments
Index
new
five
consecutive
today
increase of
..
1939 High—March 6-
scrap
Hopkins
L.
a
and
in
ancy
Harry
143.3
148.0
1938 High—Jan. 10
Low—June 1.
since
lowest
1938 week.
Commerce
of
uly
July 10, 1934, and one-half point
previous week. It is further announced:
Bank
22
for the
follows:
as
Month ago, June 28
Year ago, July 28
—--
grains forced the
to
lowest
period,
corded
today, with showers
— —
— —
index
ended
clearings
leading cities of the United States for the current
as reported to Dun & Bradstreet, Inc., amounted to
$5,197,256,000, or 11.7% ereater than the $4,651,240,000 re¬
for
21
141.1
22
*
24140.0
25--.
141.0
July 26 —
141.5
July 27
---.141.7
July 28—,.———141.6
in
ness
comparative 1938 figure for
seven
occurred
July 22
transactions
as
July
July
July
July
On July 22 the index
week
humid
and
warm
was
The "Annalist" announced
to the highest in five weeks and
above the
the
during the
clearings
rose
production
heavy rains
The
Declined
be reached next month.
topped last year's total by
the
the
weather
"Annalist"
With most
engaged
fairly
area
was no
New England States.
of
production on current
Studebaker and
Mercury.
Ford,
City
but there
No index.
in
plants
in
*
The
year.
Packard Motors is turning out the 1940 models.
York
drought in
worst
was
decrease
a
New
morning.
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
States
seasonal
a
Inc.,
Pennsylvania's
The movement of the index is
year ago.
Production
the
Fri.,
week
a
bucket."
Moody's Daily Commodity Index advanced moderately
from 141.1 a week ago to 141.6 this Friday.
There were no
important net changes for individual commodities.
Private
35% and 30% lower, respectively, than
are
and
is 7%
but
the
Moody's Commodity Index Advances Moderately
brings
volume for the
by 12%,
awards
in
to 97; Springfield, 111;, 68 to 97; Oklahoma* City, 75 to
100; Salt Lake City, 68 to 93; Seattle, 63 to 94; Montreal,
69 to 82, and Winnipeg, 46 to 80.
Public construction for the week tops the preceding
year.
this
total
had
72
year to $1,738,693,000, 18%
$1,478,264,000 reported for the 30-week period last
above the
ago
The current week's
announced.
cumulative
Jersey,
to 88; Pittsburgh, 66 to 83; Portland,
Me., 65 to 77;
Chicago, 69 to 87; Cincinnati, 68 to 93; Cleveland, 72 to 79;
Detroit, 72 to 92; Milwaukee, 64 to 80; Charleston, 73 to
92; Savannah, 74 to 94; Dallas, 77 to 99; Kansas City,
13%, over the corresponding week of 1938
11,129 cars, or 14.5%, from the 1937 total.
The 13% rise over last year compared with a rise of only
11.8% during the previous week.
v
•
Engineering construction awards for the week total $42,-:
134,000, a 4% decrease from last week, and 13% below the
volume
for
the corresponding 1938
week, "Engineering
75,523
and
New
of
areas
74
20%
a
some
At Albany, however,
temperatures ranged from 72 degrees
to 78 degrees.
The forecast is for rain tonight and Satur¬
day, followed by cooler temperatures Saturday evening.
Overnight at Boston it was 69 to 80 degrees; Baltimore,
The total showed an increase
gain for the weekly period.
of
the total had
ago
In
The
marking a decline of 17,471
cars,
which amounted
officials of
State Department of Agriculture said that while New
this
2.6%, from the total for the previous week, accord¬
cars, or
in
State's crops.
agricul¬
however,
for the first time in 13 days.
The last appreciable amount
of rain here was on July 14, when 0.05 inch was recorded.
There were traces of rain on July 8, 10 and 12.
last
loadings of revenue freight for the week ended
inch
J.,
prospect of the needed precipitation in
Edison
•.
this
by
this year's crops.
save
that the rain,
reported
an
to
Brunswick, N.
nine years was broken in many counties,
previous week's total
decrease of 29,593,000 kwh. below the
the
drop
a
2,294,588,000 kwh., a
tion for the current week amounted to
hardest
York State crops would be helped where there had been
rain, it would take much more rain to break the drought.
Farmers said, for the most part, that the rains were "just
Day
the Independence
included
than
more
the
gains, excepting the July 8
consecutive weekly
which
several sections
hit
been
had
be needed
New
and
authorities
saved
holiday, pro¬
duction by the electric power industry for the week ended
July 22 fell below the previous week's total, although out¬
put remained above last year's aggregate.
Power produc¬
week,
Trenton
to
expecta¬
August, confirm
for early
steady rain would
At
early beginning of the 1940 model season."
an
which
Thunder
27-day dry spell, but the advantages were slight,
bureau agents declaring that from 24 to 48 more hours
farm
die
work,
models
relief yesterday to
some
State
week
past
States*
summer's
makers' strike, releases of steel for automotive
particularly from parts makers, are a little better,
though the bulk of the tonnage for initial runs on the new
and
of the weather the
outstanding feature
the prolonged drought in the Eastern
was
showers
Notwithstanding
that of the week before.
as
delay caused by
shift in the type of goods
a
demanded.
automobile
month
639
revenue
Ended
freight for the week ended July 22
totaled 656,341 cars, the Association of American Railroads
announced on July 27.
This was an increase of 75,523 cars,
13.0% above the corresponding week in 1938, but a de¬
of 111,129 cars, or 14.5%, below the same week in
1937.
Loading of revenue freight, for the week of July 22
was a decrease of 17,471 cars, or 2.6%, below the preceding
week.
The Association further reported:
or
crease
Miscellaneous
cars
freight loading totaled 253,403
below the preceding
corresponding week in
Loading
cars, an
week, but
an
cars,
a
decrease of 5,695
increase of 29,677
cars
above the
1938.
of merchandise less
increase of 1,621 cars
than
above
carload
lot
freight
totaled
the preceding week and
152,109
an increase
of
5,890 cars above the corresponding week in 1938.
Coal loading amounted
the preceding
week in
1938.
week and
an
to
111,437
cars,
an
increase of 582
cars
above
increase of 18,301 cars above the corresponding
The Commercial & Financial Chronicle
640
Grain and grain
cars
products loading totaled 46,632 cars, a decrease of 12,633
below the preceding
July 29, 1939
LOADED AND RECEIVED FROM CONNECTIONS
REVENUE FREIGHT
(Number of Cars)
week and a decrease of 6,709 cars below the cor¬
In the Western districts alone grain and grain
responding week In 1938,
8,949 cars below the preceding
Weeks Ended—■
week in 1938.
amounted to 11,524 cars, a decrease of 321 cars below
corresponding
July22, July 15. July23, July 22, July 15, July 23,
1939
1939
1938
1939
1938
1939
Live stock loading
the preceding
1938.,
in
week but an increase of 323 cars
above the corresponding week
alone loading of live stock for the week
totaled 8,421 cars a decrease of 548 cars below the preceding
week, but an increase of 253 cars
above the corresponding week in 1938.
Chesapeake A Ohio Ry—-——
Chicago Burlington A Qulncy RR
week, and an increase of 5,757 cars above the corre¬
Chicago A Norjfc Western Ry—
Gulf Coast lines..............
International Great Northern RR
sponding week in 1938.
|k Ore loading amounted to 42,617 cars, a decrease of 2,260 cars below the
preceding week but an increase of 20,512 cars above the corresponding week
in|1938.
Coke loading amounted to
6,098 cars, an increase of 140 cars above the
of 1,772 cars above the corresponding week
preceding week and an increase
1938.
reported increases compared with the corresponding week in
All districts reported
1938.
Baltimore A Ohio RR
Chicago Mllw. St. Paul A Pac. Ry
above the preceding
All districts
5,428
Atchison Topeka A Santa Ft Ry.
loading totaled 32,521 cars, an increase of 1,095 cars
Forest products
in
New York Central Lines..—...
19,823
29,710
23,433
15,795
19,201
14,365
2,487
1,616
*4,700
13,538
35,287
N. Y. Chicago A St. Louis Ry—
In the Western districts
of July 22,
week in 1937 except the
decreased compared with the corresponding
Pocahontas.
Missouri Pacific RR—.—...
Norfolk A Western Ry........
22,730
Pennsylvania RR............
Pere Marquette Ry....—......
Pittsburgh A Lake Erie RR......
Southern Pacific Lines.........
57,152
Wabash Ry
1939
1938
1937
.
2,302,464
2,297,388
2,390,412
2,832,248
2,371,893
2,483,189
6 weeks In April.
4 weeks in May..
4 weeks in June..
-----
.
—
WeekendedJuly
1
—
Week ended July
8---
588,880
500,981
602,445
580,818
—
.
Week
—
5,272
27,994
5,846
7,537
7,887
27,014
6,349
5,462
9,976
7,051
7,782
7,675
7,129
9,566
1,504
1,771
9,095
9,078
1,388
1,360
1,957
*2,100
*2,800
7,651
36,436
9,185
4,294
39,042
4,499
5,837
5,889
TOTAL
4,290
6,884
7,214
AND
LOADINGS
RECEIPTS
FROM
CONNECTIONS
♦
Weeks Ended-
2,962,219
July 22, 1939
15,914.876
27,098
27,247
26,980
27,261
12,645
11.880
63,088
Illinois
July 23, 1938
26,452
66,344
66.121
Chicago Rock Island A Pacific Ry.
767,470
July 15, 1939
24,205
11,785
802,346
678,958
766,384
Central
System
....
Ry
21,252,987
The first 18 major railroads to report for the week ended
July 22,1939 loaded a total of 309,072 cars of revenue freight
on their own lines, compared with 318,199 cars in the pre¬
ceding week and 282,212 cars in the seven days ended
July 23,1938. A comparative table follows:
..........
In the
undertake to show also the loadings
ended July 15,
increases when
compared with the same week last year.
following
we
for separate roads and systems for the week
1939.
During this period 93 roads showed
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JULY
Total Revenue
from Connections
1939
1939
1937
1938
Freight Loaded
Railroads
1938
1939
Eastern District—
552
550
471
1,129
750
1,167
6,701
211
205
8,810
1,820
8,289
1,560
936
Southern District—(Conel.)
Mobile A Ohio
1938
15
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
—<
4,324
40,739
4,405
5,881
7,669
7,696
7,638
30,709
8,143
3,564
33,862
3,750
(Number of Cars)
Total
Ann Arbor
1,822
2.932
7,671
36,062
8,815
Estimated.
2,763,457
2,185,822
2,170,778
17,232,384
Railroads
4,601
14,824
7,632
6,617
309.072 318,199 282,212 184,919 186,222 161,352
—
St. Louis-San Francisco
Total
58,011
4,591
2,986,166
3,712,906
3,098,632
2,649,960
559,109
673,812
656,341
15......—
ended July 22—.—.——-—
Week ended July
*
2,714,449
2,256,717
2,155,636
2,222,939
665,528
4 weeks in March..
14,519
30,788
5,550
22,187
5,434
16,993
10,979
6,642
5,445
16,656
24,772
4,886
4,695
—
21,660
23,751
19,375
17,631
18,230
14,018
2,675
1,851
*4,850
13,393
31,624
4,894
17,864
51,289
4,240
4,306
22,834
30,786
23,443
17,877
19,370
14,501
2,116
1,915
,
t
4 weeks in February....-.-.-
RR
Mlssourl-Kansas-Texas
Total—.
4 weeks In January
Received from Connections
Weeks Ended—
Loaded on Own Lines
22 totaled 29.054 cars, a decrease of
week and a decrease of 5,348 cars below the
products loading for the week of July
from Connections
1937
1938
1939
1,863
1,933
2,877
1,233
1,992
2,433
931
838
365
383
333
389
8,168
18,713
8,836
21,727
1,049
4,220
3,658
13,793
3,807
3,417
12,299
350
471
566
522
139
176
610
579
94,758
88,676
100,631
60,551
54,267
18,142
2,686
19,098
3,558
14,032
1,033
6,036
15,595
2,597
18,140
3,459
6,971
21,291
2,688
20,483
3,764
25,344
1,389
8,934
9,095
2,451
7,605
2,997
9,176
2,230
7,224
3,085
1,531
2,719
1,314
1,808
2,453
1,222
Piedmont Northern
398
Richmond Fred. A Potomac...
353
8,188
20,533
Tennessee Central.—.........
408
Winston-Salem
157
Chicago Indianapolis A Loulsv.
7,151
1,724
1,692
1,004
8,230
1,584
Central Indiana..............
53
45
36
68
57
Central Vermont—...—.....
1,191
4,346
8,268
1,252
3,675
1,467
7,446
4,614
8,400
1,796
6,994
5,820
1,564
6,052
4,831
472
433
451
144
125
1,954
1,675
2.473
765
1,502
9,408
Total.
4,553
Northwestern District-
Bangor A Aroostook...!.
Boston A Maine
.....
Delaware A Hudson
Delaware Lackawanna A West.
Detroit A Mackinac
Detroit A Toledo Shere Line...
Erie
Grand Trunk Western
Lehigh A Hudson River.......
Lehigh A New England.......
Lehigh Valley...............
Maine Central.........
Monongahela
Montour....
New York Central Lines......
N. Y, N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis.—.
Pittsburgh A Lake Erie
Pere Marquette..
.......
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia....
Rutland.....
310
165
334
12,382
3,441
Detroit Toledo A Ironton—
11,165
13,545
1,177
1,916
9,669
3,415
6,067
5,363
200
183
179
1,907
1,317
7,313
2,375
2,636
1,456
31,634
8,132
1,109
8,158
2,964
3,548
2,418
42,594
"10,180
1,049
4,910
896
7,651
2,446
3,944
2,126
36,788
9,041
1,212
5,650
5,496
4,591
261
1,891
1,255
1,475
6,298
1,625
6,068
1,602
218
168
51
65
756
3,794
4,095
4,903
7,468
6,008
36,062
10,973
1,609
8,815
5,847
4,405
29,567
9,511
1,465
7,718
4,099
3,762
205
441
36
51
332
257
348
234
179
899
952
1,138
1,509
1,160
642
543
667
826
777
6,349
...—
6,409
5,560
Seaboard Air Line
Southern System
Southbound
Chicago A North Western.
Chicago Great Western
—
...
Chicago Mllw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
Duluth Missabe & I. R_
Duluth South Shore A Atlantic-
Elgin Jollet A Eastern
Ft. Dodge Des Moines A South.
Lake Superior A Ishpeming
Minneapolis A St. Louis
Minn. St. Paul A S. 8. M
—
—......
Spokane International
Spokane Portland A Seattle...
....
3,840
3,158
5,263
135,929
119,799
151,518
136,963
118,105
Youngstown*.
372
458
533
560
534
Baltimore & Ohio........—.
Bessemer A Lake Erie.—.....
Buffalo Creek & Gauley
30,786
25,008
4,636
2,913
32,421
6,818
16,993
1,800
15,111
1,049
298
185
226
5
5
Bingham A Garfield
Chicago Burlington A Qulncy..
Chicago A Illinois Midland....
Chicago Rock Island A Pacific.
Cambria A Indiana
Central RR. of New Jersey.—.
Cornwall
1,446
6,301
864
15
8
Chicago A Eastern Illinois
6,218
1,072
6,131
10,502
9,320
...
Wheeling & lake Erie........
Total.
Total.—.....
.........
Central Western District—
Atch. Top. A Santa Fe System.
Alton
Allegheny DistrictAkron Canton A
...
.....
622
567
593
44
33
226
195
203
34
29
......
54
56
94
30
30
...
554
566
606
Cumberland A Pennsylvania.
Ligonler Valley......
Long Island
_.
Penn-Reading Seashore Lines..
Pennsylvania System....
Reading Co
....
Union (Pittsburgh)...
West Virginia Northern
1,009
58,001
11,868
9,549
860
1,149
51,185
71,390
2,278
1,293
40,739
10,231
12,949
15,511
2,037
1,063
32,641
13,117
5,047
17,364
4,216
2,376
22
47
4
1
3,001
3,622
5,337
4,411
129,199
Total.
17
3,445
Western Maryland
187
184
437
321
3,961
3,806
476
482
450
182
149
18,217
12,707
23,811
2,851
2,979
532
561
665
504
543
804
1,762
1,794
5,283
7,479
3,859
1,611
5,994
7,696
2,696
Wabash
4,161
819
1,988
Great Northern........—....
Green Bay A Western........
Northern Pacific
808
2,265
7,759
10,197
74
68
1,634
1,815
1,954
3,051
1,974
7,388
2,447
Nashville Chattanooga A St. L.
Norfolk Southern
106,371
155,218
99,361
81,765
....
......
...
Colorado A Southern..
Denver A Rio Grande Western.
___
Denver A Salt Lake....
Fort Worth A Denver City.—
3,014
303
327
280
319
160
1,885
1,394
1,960
1,305
1,228
104,921
82,562
134,485
39,190
37,973
22,834
3,544
25,243
3,758
27,856
3,316
5,434
2,349
4,637
2,075
485
142
507
66
66
17,877
19,524
1,878
6,642
6,357
572
652
7,471
2,642
1,275
2,288
7,991
1,851
1,264
2,215
2,284
14,193
2,419
18,437
1,650
14,850
2,475
826
659
671
1,705
2,391
1,622
13,168
2,050
24
290
19
1,857
2,137
994
994
1,183
1,145
261
305
...
Utah—
680
721
1,945
83
51
592
980
433
438
33
162
0
0
22,179
25,936
320
261
14,668
13,797
14,253
4,150
1,024
7,371
3,583
328
North Western Pacific
Peoria A Pekln Union
286
23,012
.......
Nevada Northern.
Southern Pacific (Pacific)
Toledo Peoria A Western
Union Pacific System...
192
1,512
1,940
48
...
245
1,332
1,695
1,456
1,185
711
Illinois Terminal..
Missouri-Illinois
9,179
1,055
6,432
163
121
288
3
11
1,576
1,525
1,684
1,875
1,682
111,109
Western Pacific—... .v..
112,739
122,626
46,135
42,828
Pocahontas District-
Chesapeake
A
Ohio..........
Norfolk &
Western..—..—""
Virginian...—."
Total
21,401
21,639
4,019
19,519
18,446
4,752
4,024
50,382
—...
ini
23,443
22,187
41,989
'
10,979
4,324
1,210
8,387
3,787
47,059
16,513
13,146
972
*
Southern District—
.
Georgia...
....
Georgia A Florida
.
146
147
658
1,187
1,093
861
659
536
7,853
3,877
7,005
3,727
8,109
4,336
625
780
4,354
2,720
1,122
4,015
2,284
647
1,287
864
1,346
1,712
1,216
261
364
311
414
Missouri-Kansas-Texas Lines..
201
176
256
355
Missouri Pacific
.......
367
466
355
27
498
892
427
26
36
53
84
,887
863
1,583
1,385
246
288
373
437
Illinois Central System....
Louisville A Nashville——.
1,414
18,744
21,223
1,440
1,734
20,844
20,922
1,088
9,224
Macon Dublin A Savannah....
19,618
17,655
147
176
Mississippi Central
118
123
...
Previous year's figures revised.
Kansas Oklahoma A Gulf
Kansas City Southern......
285
851
821
190
Louisiana A Arkansas
Louisiana Arkansas A Texas...
Litchfield A Madison
...
....
Quanah Acme A Pacific.
Texas A Pacific
566
198
257
177
1,320
2,063
2,016
442
184
219
857
806
1,881
1,504
2,008
2,076
1,776
1,594
1,725
1,386
1,581
1,248
177
y
y
y
y
807
308
226
191
743
530
562
235
109
202
217
252
5,162
16,915
2,932
2,841
7,603
4,886
14,550
4,819
15,642
7,671
221
St.
102
81
129
105
78
7,403
7,246
2,360
5,989
8,841
2,368
3,901
Wichita Falls A Southern....
Wetherford M. W. A N. W
4,271
6,750
4,659
3,360
3,590
2,082
2,712
4,039
194
196
241
58
87
46
18
34
38
43
50,309
54,847
31,625
31,943
2,125
5,412
3,821
1,950
2,821
349
169
0
1,388
1,822
47,514
349
244
440
416
123
2,354
146
St. Louis-San Francisco
860
5,185
187
135
2,647
1,946
526
...
Midland Valley
Missouri A Arkansas....
Louis Southwestern.
Texas A New Orleans
8,638
4,557
126
0
896
198
137
2,116
1,915
z
717
...
Gulf Mobile A Northern....
Note
Fort Smith A Western
Gulf Coast Lines
352
Atlantic Coast Line.....
Central of Georgia.......I.I."
Charleston A Western Carolina
Clinchfield
Florida East Coast
Gainsville Midland
Southwestern District—
Burlington-Rock Island..
International-Great Northern..
Alabama Tennessee A Northern
Atl. A W. P.—w. RR. of Ala..
Atlanta Birmingham A Coast..
Columbus A Greenville
Durham A Southern
Total
* Previous figures,
x
Total.
Discontinued Jan. 24. 1939.
y
Included in Louisiana A Arkansas, effective July 1,1939.
Volume
Wholesale
Commodity Prices Declined 0.4% in Week
July 22 to Lowest Level Since August,
Ended
1934,
According
Labor
'
The Commercial & Financial Chronicle
149
Department of
United States
to
Index
During the week ended July 22 the United States De¬
partment of Labor,
wholesale
level
Bureau of Labor Statistics'
reached
index of
to the lowest
August, 1934, Commissioner
"Sharp declines in prices of
farm products, particularly grains, livestock, and cotton,
largely accounted for the decrease," Mr. Lubin said. "The
all-commodity index fell to 75.2% of the 1926 average and
is 0.4% below the corresponding week of June and 4.4%
below a year ago."
Commissioner Lubin also said:
Lubin
addition
In
since
reported
to
in
early
July 27.
on
decline of
declining in price and only one advancing, the group index showed
erate decline, but it is still above the'level reached
in June.
product
1.7% in the farm products
hides,
scrap,
0.9%,
mdGity prices
farm
Latest
Week
Croup
other
Foods..
products and food*
17.3
sheep,
hogs,
lemons, alfalfa seed, and white
Higher prices were reported for rye, eggs, apples,
live poultry,
83.1
68.0
73.6
59.0
59.8
50.6
52.8
53.1
49.3
51.0
54.5
57.5
60.5
61.2
61.4
75.7
77.4
77 A
77.4
78.7
Miscellaneous commodities-
8.2
Metals
77.4
Textiles
7.1
Building materials
77 A
49.6
78.1
77.7
63.0
Chemicals and drugs.
62.8
59.2
88.0
87.9
88.4
82.7
84.1
79.5
91.9
—
63.1
88.0
83.0
-
Fertilizer materials
.3
91.9
Fertilizers
.3
Farm
-
91.9
94.2
67.5
67.5
70.4
69.8
77.2
.3
77.2
77.3
77.1
100.0
94.9
94.9
94.9
97.9
71.2
Machinery—
All groups combined..
71.6
71.7
74.6
"|
cotton,
(New York).
oranges,
flaxseed, white potatoes (Boston, Chicago, and Portland, Oregon),
The farm products
10.2% below
Lower
year
a
Increase of
pared
month ago and
a
ago.
for
prices
index, 62.2, is 0.8% below
3% in June Department Store Sales
with
Last
Year,
flooring,
timbers,
and
copal
and
In June total sales of the
result of
foods at wholesale declined 0.1% during the week
1.6% for meats and 0.6% for cereal products.
Prices
declines of
lower for cured and fresh beef and
were
meal, cheese,
dried fruits,
raw
pork, lamb, flour, oatmeal,
and
sugar
and cottonseed oils.
corn
The fruit and
vegetable subgroup rose 3.5% and dairy products advanced
Quotations were higher for butter, powdered milk, fresh fruits and
0.6%.
vegetables, and lard.
foods group index,
The
corresponding week of June and 9.2% below
67.6,
is
year
a
0.1%
above
the
Com¬
as
York
New
by
Half^Year Same
Year
as
Ago
the building materials group
index.
Average prices of
Reported
Reserve Bank—-Sales for
pine lath,
yellow
accounted for the decrease of 0.3% in
corn
63.3
61.0
for grains and
potatoes
a
48.0
56.8
57.9
Fuels.
10.8
farm
3.9% for livestock and poultry con¬
largely to the decrease of 1.7% in the farm products group
and wool.
as
68.1
45.2
Quotations^were lower for barley, corn, oats, wheat, calves, cows,
steers,
gum
69.1
54.4
Cotton
1.3
index.
1938
Livestock
\ remained unchanged.
3.1%
Ago
1939
Grains
July 27 by the Department of
Labor, quoting Commissioner Lubin as above, also stated;
Declines of
1939
Year
July 23,
88.3
Cottonseed Oil——
Farm Products
•V
The announcement issued
tributed
Precede
Mflnth
Ago
ing Week
July 15, June 24,
44.4
-
Fats and oils
6.1
declined
(1926-1928=100)
1939
25.3
than
than
July 22,
Total Index
primarily
steady.
The index for "all commodities
0.1% and "all commodities other
were
products"
declined
silk.
Per Cent
Each Croup
Bears to the
group,
because of
lower prices for agricultural commodities and anthracite.
Average whole¬
sale prices of finished products fell 0.3%
and semi-manufactured comindex
group
and
WEEKLY wholesale commodity price* index
23.0
materials
rubber,
Compiled by The National Fertilizer Association.
from last week.
raw
Farm
advances.
.
The
mod¬
a
were
Twenty-six price series included in the index declined during the week
and 12 advanced; in the
preceding week there were 32 declines and 15
advances; in the second preceding week there were 27 declines and 14
building
materials decreased
0.3%, and foods, fuel and lighting materials, and
chemicals and drugs dropped 0,1%.
The hides and leather products and
textile
products groups advanced 0.4%.
Metals and metal products,
housefurnishing goods, and miscellaneous commodities remained unchanged
a
prices
generally lower last week, with the cotton, grain,
and livestock averages all
moving downward.
The grain price index,
now less than half of the 1926-28
average, is at the lowest point reached
since June, 1933.
While the trend of prices of farm products and foods
was
generally downward during the week, advances were scored by lumber,
steel
prices dropped 0.4%
commodity
641
reporting department stores in
the second (New York) district were about
last year, a smaller advance
sales
were
also
3% higher than
than,in May, and'apparel store
about"*3% higher than in June, 1938.
In
noting this in its "Monthly Review" of Aug* 1 the New
York Federal Reserve Bank also had the
ago.
following to
say:
These comparisons, however, are influenced by the fact that retail sales
Weakening prices for anthracite brought the fuel and lighting materials
index down 0.1%.
The chemicals and drugs group index dropped
because of lower prices for fats, oils, camphor, and sulphate of
last year were considerably better in June than in May.
At least partly
group
for this reason, department stores
0.1%
smaller increases in sales during June this year than in the previous month.
ammonia.
In
Prices
more
the
caused
products group pronounced advances in prices
offset lower prices for calfskins and sole leather and
index
to
0.4%.
rise
silk yarns,
cotton yarns,
increase of
Advancing
0.4% in the textile products
Higher
factures,
index.
for
prices
the
For
Crude
The
rubber
following
in
consecutive
group
tin,
pig
the
jute,
raw
week
it
silk,
raw
responsible for
were
the
has
brass
and
copper
and
prices
of
advanced
table
cattle
metal
group
unchanged at
2.5%
during
the
2.3%.
index
shows
numbers
for
the
main
of
groups
1937,
July 25, 1936, and July 27, 1935.
V'
■
•
■
whole, the daily rate of sales advanced from May to
of the reporting department stores in this,
volume of sales
The total
district for the first half of 1939 was approximately the same as in the
corresponding period of last year, compared with a decrease of almost 8%
Stocks of merchandise on hand in the department stores, at retail valua¬
tion, were about 2% lower at the end of June, 1939 than at the end of June,
Collections of
1938, While apparel store stocks were about 2H% higher.
accounts outstanding
practically the same
averaged
last year in the-
as
department stores, but were somewhat higher in the apparel stores.
About the usual seasonal decline during July in department store sales in
this district is
commodities for the past five weeks and for July 23, 1938, July 24,
■
majority of the localities recorded
June, whereas usually there is not much change between these two months.
manu¬
products
remained
declined
feed
as a
a
between the first half of 1937 and 1938.
index.
and
metals
prices of
average;
wholesale
Average
steel,
scrap
fourth
93.3% of the 1926
week.
percale, and
reflected
not
were
For the district
averaged slightly higher.
leather
than
group
fertilizer
mixed
of
the hides and
hides
of
in
indicated by figures for the three weeks ended July 22.
During this three-week period, sales were about 4H% higher than in the
corresponding period of 1938.
(1926=s=100) '
Per Cent
July
July
15
22
Commodity Croups
July
1939
8
1
1939
1939
1939
June
July
24
23
1939
1938
July
24
July
25
1937
a
July
1936
Year Ago
Outstanding
May 31
Locality
27
Stock
Net Sales
1935
on
Farm products
62.2
63.3
64.1
62.9
62.7
69.3
88.4
81.4
77.1
67.5
67.6
68.1
67,4
74.3
86.0
81.0
82.2
Hides and leather products-
93.2
92.8
92.8
93.1
67.4
93.0
92.4 107.6
94.0
67.4
67.1
67.0
66.9
66.7
65.8
77.9
70.2
69.9
New York and Brooklyn
73.3
73.4
73.2
73.7
74.1
77.4
78.6
76.8
75.2
Buffalo
-
__
June
to June
Month
——_
Metals and metal products—
93.3
93.3
93.3
93.3
93.5
95.3
95.4
86.2
85.7
89,5
89.8
89.5
89.7
89.3
89.3
96.8
86,8
85.1
Syracuse--
75 0
—0.2
—3.0
49.8
48.8
+4.9
+3.8
+2.5
+4.0
+7.8
•—1,7
—1.0
—1.9
42.7
44.5
+ 12.1
Chemicals and drugs.
74.6
74.7
74.7
74.9
77.0
83.8
79.1
78.4
Northern New Jersey------
Housefurnishing goods...
87.0
87.0
87.0
87.0
86.9
87.9
91.6
82.6
81.9
Bridgeport
Miscellaneous
73.3
73.3
73.3
73.6
73.7
72.5
79.2
71.3
67.5
Elsewhere———————-------
—..... _
-----
Raw materials..
67.4
68.0
68.4
67.7
67.8
72.2
85.7
79.5
*
Northern New York State—-
Semi-manufactured articles
74.2
74.2
74.2
74.1
74.2
74.4
80.9
75.5
*
Finished products..
79.4
79.6
79.6
79.8
79.8
82.8
88.9
81.6
*
78,0
78.1
78.1
78.3
78.4
80.8
87,4
80.0
80.4
80.4
80.3
80.5
80.6
81.6
86.3
79.5
i
Southern New York State-
—
-
commodities
other
Central New York State.--..—--.
—
other
commodities
farm
than
products and foods..
43.6
41.4
+6.2
+4.4
+8.2
38.8
39.1
+ 4.1
32.9
36,0
—3.5
—9.7
+3.0
+ 4.1
+ 5.6
—2.2
46.4
46.0
+2.7
42.1
44.0
+ 3.2
75.2
All commodities
*
+ 5.0
+4.8
+ 10.6
+4 0
+2,9
75.5
75.6
75.5
75.5
78.7
87.5
80.2
+ 1,1
—0.2
77.9
Apparel stores
79.2
Not computed.
June sales
of
Wholesale
+ 9.6
+11.3
Niagara Falls————
79.6
(
a year
—
previous In the following table*
Net Sales
Classification
Association
Continuing the downward trend of the previous week, the
index compiled by the National Fer¬
tilizer Association, during the week ended
to the lowest level reached since
July 22, dropped
October, 1934.
In the week
July 22 the index, based on the 1926-28 average of 100%,
registered 71.2% as against 71.6% in the preceding week.
A month ago it stood at 71.7%; a year ago at 74.6%, and
of
Silverware and Jewelry..
—
Linens and handkerchiefs
-----
Percentage Change
June 30, 1939
Compared with
June, 1938
Declined
Week Ended July 22, Reaching LowestPoint Since October, 1934, According to National
Stock on Hand
Percentage Change
June, 1939
Commpdity Prices Still Further
wholesale commodity
+2.8
and stocks in the principal departments are compared with those
During
Fertilizer
40.4
—1.9
District..--.
Hudson River Valley
'
All
57.3
40.1
+3.0
Westchester and Stamford.-------
than
farm products..
53.1
+2.9
+9.0
+7.4
All department stores—
All
1939
1938
+2.1
Rochester---..—-
Building materials
June
End of
90.1
Textile products
Fuel and lighting materials
—
Collected in
Hand
Feb.
Foods—
Compared with
June 30,1938
+ 12.0
+13.0
+ 7,1
—11.5
+6.2
+6.1
+5.2
Furniture
Men's furnishings
Home furnishings.---———-
—9.0
—3.9
—
5.0
ready-to-wear.
Musclal instruments and radio
+4.2
+0,2
+3.7
+6.6
Shoes.
+2.6
—6.0
Women's and misses'
-——
'4.6
+ 1.7
«
Men's and boys' wear—-—
+0.9
—8.5
—1.2
+ 3.5
two years
Hosiery——
Books and stationery--.—
—1.3
-^-4.6
Toys and sporting goods—
Women's ready-to-wear accessories.
—3.1
+6.9
year was
—3.5
—5.5
Toilet articles and drugs----—
—5.0
ago at 88.6%.
The high point for the current
73.3%, recorded in the first week of January. The
Association's announcement went
Last
week's
quotations
drop
in
the all-commodity
for farm products and foods,
commodities
tending to
move
upward.
on
to say:
index
was
due to
declines
of
Accounts
Percentage Change from
July
in
with the average for industrial
With 10 items in the food group
Luggage and other leather goods -.
-
+ 3.8
—7.5
—8.9
Silks and velvets--—.——
—10.3
—3.3
Woolen goods
—29.5
+1.0
+ 1.3
Cotton goods
Miscellaneous-
—
—
—0.4
The Commercial & Financial Chronicle
642
June
Sales in
Store
Sales
6% Higher than Last Year
reporting chain store systems in
the Second (New York) district were about 8% higher than
last year, a smaller percentage increase than in May," states
the Federal Reserve Bank of New York in its "Monthly
Review" of Aug. 1. The Bank also had the foollowing to say:
"Total June sales of the
The grocery,
elzable
Light and Power
April Statistics of the Electric
Reports Gain of 8% in Chain
Over Year Ago—Six Months'
New York Reserve Bank
July 29, 1939
Industry
The following statistics for the month of April, covering
100% of the electric light and power industry, were released
on July 21 by the Edison Electric Institute:
ENERGY DURING MONTH OF APRIL
SOURCE AND DISPOSAL OF
PerCt.
1938
1939
Change
and 10-cent and variety chain stores continued to record
the candy chains showed a
advances in sales, and
year-to-year
smaller decline from
a year ago
chain stores reported a
than in the previous month, but the shoe
smaller gain in sales over last year than in May.
chains in the number
there was a net decrease between June, 1938 and June,
1939 of about 2 M % hn the total number of chain stores in operation, with
the resmt that total sales per store in June were about 11% higher than in
Source of
Energy—
Kllowatthours generated (net):
5,333,396,000
4,025,331,000
+ 13.9
8,424,848,000
+ 11.1
305,904,000
93,013,000
By water power
4,681,036,000
3,743,812,000
9,358,727,000
By Hue I burning plants
299,090,000
74,639,000
+ 24.6
Owing to reductions by the grocery, shoe, and candy
Total
of units operated,
For the first six months of 1939,
From "other sources"
—
total sales of the reporting chain stores
Total
in the corresponding period of 1938, as com¬
about 6% higher than
approximately 5% between the first half of 1937
pared with a decrease of
and
Net purchases:
Net International Imports
June, 1938,
were
generation
+ 7.5
+2.3
398,917,000
373,729,000
+ 6.7
9,757.644,000
8,798,577,000
+ 10.9
8,240,417,000
7,355,240,000
+ 12.0
27,516,000
152,314,000
5,572,000
33,631,000
—1*.2
145,657,000
1,917,000
+ 4.6
purchased power.
Total Input.«—...
/
1938.
Disposal of Energy—
Percentage Change
Percentage Change
June, 1939
4
Jan.-June, 1939
Compared with
Compared with
June 1938
Jan.-June, 1938
/
Sales
No.
Type of Chain
of
Total
Sales
Total
per
Stores
Sis
Store
+ 18.2
+ 7.6
+ 7.0
+ 6.3
—
Furnished free or
+ 3.7
—1.5
^ —0.7
—3.7
+1.0
—5.8
+0.4
4-7.9
4-10.8
+ 5.9
+ 9.9
+ 5.6
+ 16.6
185,402,000
+ 2.3
7,536,445,000
1,262,132,000
8,798,577,000
+ 11.8
1,578,300,000
+ 7.7
&c.
accounted for
Losses and unaccounted for
Total output (to
181,205,000
8,425,819,000
1,331,825,000
9,757,644,000
1,699,901,000
Total company use,
Total eiergy
+ 5.7
+2.6
—2.7
Candy
All types
+ 9.7
+ 0.6
-
departments—
exchanged in kind
Used in electric and other
Store
—1.0
—7.2
—
Ten-cent and variety.—.......
Company use, &c.:
Used In electric railway department
per
Sales
—4.6
Grocery
Shoe...........—........ ......
Total sales to ultimate customers...—.—
check above "input")
—
+ 5.5
+ 10.9
Classification of KUowatthour Sales—
Residential
or
domestic.
Rural (distinct rural rates
*
»
only)
Commercial and Industrial:
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
345617—CBRPADohcsivltamdngep.
July22,1939, was 2,294,588,000kwh.
The current week's
output is 10.1% above the output of the corresponding week
of 1938, when production totaled 2,084,763,000 kwh.
The
output for the week ended July 15, 1939, was estimated to
be 2,324,181,000 kwh., an increase of 11.5% over the like
week
a
130,494,000
+ 2.3
181,740,000
+ 5.7
—2.9
113,602,000
35,986,000
+ 32.6
8,240,417,000
7,355,240,000
+ 12.0
$183,833,200
2,154,100
$174,575,300
+ 5.3
1,842,400
+ 16.9
$185,987,300
$176,417,700
+ 5.4
Other public authorities..
Street and lnterurban railways
Electrified steam railroads
Interde part mental
Sales to ultimate customers.
Total revenue.
RESIDENTIAL OR DOMESTIC ELECTRIC
Week Ended
Week Ended
Week Ended
July 8, 1939
July 1, 1939
9.3
13.6
9.2
SERVICE
% Change
1938
1939
13.4
6.2
9.2
11.6
11.3
Kllowatthours per customer
13.1
12.9
13.6
17.7
Average annual bill.
$36.28
West Central
7.0
6.0
4.3
5.9
Southern States
9.0
8.7
8.4
18.2
15.8
19.2
7.1
10.2
7.6
11.5
10.1
11.5
10.5
14.2
—3.7
4.33c
13.7
15.2
+ 2.0
$35.58
i
4.17c
Revenue per kllowatthour
+ 6.0
821
870
Middle Atlantic
Central Industrial
+7.3
12 Months Ended April 30
Week Ended
July 15, 1939
New England
331,713,000
Allocated to other classes.
PREVIOUS YEAR
July 22, 1939
+ 17.5
Estimated Revenue—
Revenue from ultimate customers.
Other electric revenue
year ago.
Ma]or Geographic
Regions
1,486,437,000
3,496,908,000
133,505,000
192,137,000
322,060,000
150,618,000
38,604,000
Large light and power (wholesale)—...
Public street and highway lighting
*
PERCENTAGE INCREASE FROM
+ 7.3
1,594,312,000
4,109,280,000
(retail)
Small light and power
Output for Week Ended July 22, 1939, 10.1%
Above a Year Ago
Electric
Rocky Mountain
Pacific Coast
DATA
RECENT
FOR
Week Ended
May
6
May 13
May 20
(THOUSANDS
WEEKS
OF
ment in
KILOWATT-HOURS)
1932
1937
1939
search
1938
2,163,538
2,170,750
2,170,496
2,204,858
1,939,100
1,967,613
1,967,807
+ 11.6
+ 10.3
2,176,303
1,429,032
1,436,928
+ 10.3
2,198,646
1,435,731
1,698,492
1,704,426
June
the
the
over
2,206,718
1,425,151
1,705,460
+ 12.5
1,615,085
3%.
1,435,471
1,689,925
and
+ 13.7
2,131,092
2,214,166
2,213,783
1,381,452
+ 13.3
1,441,532
1,699,227
June 24.
2.285,083
2,019,036
+ 13.2
2,238,332
1,440,541
1,702,501
July
2,300,268
+ 14.2
2,238,268
1,456,961
1,723,428
2,077,956
2,014,702
1,881,298
+ 10.5
2,096,266
1,341,730
1,592,075
2,324,181
2,084,457
+ 11.5
2,298,005
1,415,704
1,711,625
2,294,588
2.084.763
+ 10.1
2,258,776
1,433,993
2,093,907
2,256,335
1,440.386
1,727,225
1,723,031
2.115.8*7
2.261.725
1.426.986
1.724.728
June
17
-
«.
1.
July
8
July
15
July
22
m
—
July
29
4.
—
Aug.
5
--
Bank
1,973,278
6%
Lower
Debits to individual accounts,
Than
Last
last year.
These figures are as reported on July 24, 1939, by
Board of Governors of the Federal Reserve System.
BY FEDERAL
No.
Federal Reserve District
RESERVE
July 19, 1939
July 12,
1939
$436,276,000
.3,039,067,000
18
;
$448,679,000
15
2—New York.
over
the
residential
month
same
395,290,000
524,461,000
3,161,271,000
392,244,000
490,913,000
25
24
295,051,000
26
381,885,000
285,696,000
465,965,000
264,617,000
224,088,000
1,054,575,000
241,817,000
143,868,000
317,835,000
188,334,000
210,587,000
306,759,000
10—Kansas City
28
18
12—San Francisco
29
660,000,000
675,379,000
693,520,000
274
$7,653,080,000
$7,683,179,000
$8,161,364,000
41
8—St. Louis
16
9— Minneapolis
17
228,687,000
1,121,391,000
230,612,000
165,617,000
50 principal
increase
of
valued
permits
last year,
an
increase
previous month.
$10,348,000,
at
1938, and only 2.6% less than the
June,
22%
of
Bureau
at
merce
Statistics
of
Washington
the
foreign trade of
months ended
the
of
The
foreign
the United
value
while
slightly,
totals
basis
have
this
quarter
Over
a
than
the
is as follows:
in
the
States
nearly
increased
fluctuations
but
period of
decline of
the United
in June was
corresponding month a year ago.
imports
shown
year,
than
a
in
States for June and the
June, with comparisons by months
The report
trade of
both
of
one-fourth.
considerable
exports and
opening
years
Com¬
July 25 issued its statement on
on
with
of
Department
over
and
Country's Foreign Trade in June—Imports
Exports
back to 1934.
$461,416,000
3,701,191,000
"
although a decrease of 10% from
May this year.
However, in residential building the decline from May
was
less than the usual seasonal amount.
Eighteen cities reported June
July 20, 1938
242,108,000
1,104,429,000
255,130,000
160,045,000
313,061,000
215,759,000
.
building activity, permits for construction of all kinds in
cities in June were valued at $21,612,938, an
27%
and
17
totals for
level of business activity,
June
for
Western
Far
DISTRICTS
Week Ended—
of
higher
a
cities
Western
Centers
Incl.
9% were reported by Oakland
fruits.
The
the
showed
also
debits
leading
six
SUMMARY
Total
Largest individual gains of 12% and
In
reported by banks in
leading cities for the week ended July 19, aggregated $7,653,000,000, or about the same as the total reported for the
preceding week and 6% below the total for the correspond¬
ing week of last year.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted
to $6,969,000,000, compared with $6,999,000,000 the pre¬
ceding week and $7,527,000,000 the week ended July 20 of
July 15 amounting to
during the week ended
registering a gain of 4.2% over a
year ago.
Freight car loadings for the month totaled 222,745, an increase
of 9.4% over June,
1938.
Daily average production of electric power
was
12.4% higher.
Index of prices received for principal California farm
products rose on June 15, 1939, to the average of 86% of the pre-war
level, and 7.5% higher than June, 1938.
The improvement was chiefly
Year
as
stores gained 3% in
This improvement carried over into
last year.
Portland.
Bank
30
in
Debit
month
same
month, the gain
current
+ 11.7
-
...
reported by department and apparel
trade
Retail
1.688,434
2,194,620
1,878,851
-
3
An announcement in the matter con¬
department.
tinued:
1,991,787
1,991,115
27.1
the current "Business
by Bank of America's analysis and re¬
1929
from
June
showed general im¬
Far West
the
throughout
Review" prepared
Change
1938
Far Western Business During
provement during June, according to
■
Percent
1939
Business
2,113,887
2,256,823
2,264,719
May
June
June 10
(California) Reports General Improve¬
Bank of America
Total United States-
larger in volume
Exports were up
The foreign trade
magnitude
a
on
imports were larger in
monthly
the second
quarter.
the value of exports has shown, on
the average,
7%. This
5% from May to June, and imports a decrease of
there has been an irregular movement of commodities into the trade
which is unrelated to seasonal considerations, and this unevenness appears
year
to
have
seasonal
May,
been
more
influences.
while imports
important
Exports
were
in
in
down
the actual
changes than have the usual
June
5%
12%.
were
lower
in
value
than
in
Volume
The Commercial & Financial Chronicle
149
Exports,
including re-exports, amounted to $236,058,000 in June com¬
with
$249,259,000
in
May,
1939,
and
with '$232,726,000
in
pared
June,
Exports
of
United
houses,
June
plus
goods
immediately
tion
which
entered
merchandising
immediately
channels
arrival
upon
in
this
country,
plus
withdrawals for
6 Months Ended June
1939
1,000
1938
Increase ( + )
1,000
1939
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Exports (U. S. mdse.)__
229,554
Imjxuts for consumption
233,359
147,779
178,405
1,570,136
942,451
1,397,070
1,071,732
consump¬
Exports
of
manufactured
articles
have
volume
of
manufactured
exports
8%
was
increased
larger
Month
Dollars
—173,066
+ 129,281
considerably
the second
in
since
The
years.
1934
1935
1936
1937
1938
1939
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
or
169,577
159,617
187,418
March
of
quarter
Period
Exports—U. S.
Merchandise-'
January
February
Upward
January, when they reached the lowest point of the past few
1939 than in the
April
they showed
June
corresponding quarter of 1938, whereas in the first quarter
3% from the preceding year.
While exports
commodities, including metal-working machinery, aircraft, and
rubber manufactures, were
larger in the first quarter of this year than a
157,161
167,902
159,128
169,851
188,860
203,536
192,156
168,442
.
I"
July
August
September
before, there were increases also in the second quarter in motor
trucks, passenger automobiles, iron and steel manufactures, and various
October
other
December
year
articles.
first
increase
in
exports of
second
the
to
The
quarter
of
this
finished manufactures
year
was
trend
opposite
an
from
that
to
in
finished
in
volume in
1938,
manufactures
and
only
this
the second
5%
smaller
economic
This class
year.
quarter of
class
in
of
of this year over a
year
the
half
of
the
decrease
1939
the
lower
the
reduced
from
level
exports
which
for
average
exports
of
in
the
8%
was
larger
increased
the
in
quarter
value
raw
cotton
comparable
half
and
of
this
prices
1939f amounted
April
feed
an
the
the
in
in
first
part
important
Raw
752,287,000
of
resulted
1938
grains.
exports
from
factor
was
preceding
10
July
August
September
in
the
...
November
the
......
December......
273,561
293,374
329,373
311,212
319,431
226,666
210,258
216,127
263,816
227,597
245,913
233,359
186,377
163,312
165,923
173,196
165,118
169,362
278,118
147,123
278,300
147,779
147,767
171,023
172,909
194,196
178,405
228,680
189,590
295,705
199,776
280,899
189,008
194,311
197,458
200,783
218,425
213,419
173,096
260,047
194,296
200,304
162,828
179,760
262,919
248,730
233,959
226,470
212,382
240,230
180,381
168,683
189,806
203,644
152,577
191,266
185,925
178,447
171,668
165,359
Wheat
years.
6 mos. ended June.
12 mos. ended June.
12 mos. ended Dec..
aggregated 47,963,000 bushels and
corn
exports 16,677,000 bushels,
50,327,000 bushels and 97,614,000 bushels, respectively,
compared with
....
October
exports
cotton
pounds—about half
264.613
217,925
262,173
223,920
168,482
152,246
175,485
166,070
166,756
155,313
141,247
147,467
135,067
124,010
117,262
149,893
137,975
149,470
126,193
May
total
year,
to
period
of
252,443
264,627
285,081
256,481
189,574
197,020
181,386
177.006
175,825
267,258
220,931
128,976
125,047
163,396
March
Half of 1939
the
in
192,405
196,040
218,184
285,772
259,160
270,429
271,508
253,713
229,554
224,866
228,312
243,595
274,059
249,844
266,358
229,671
1,018,164 1,003,120 1,135,454 1,507,365 1,570,136 1,397,070
2,008,483 2,085,092 2,375,415 2,790,879 3,361,699 2,884,104
2,100,135 2,243,081 2,418,969 3,298,929 3,057,169
June.
ended Dec..
Consumption—
January..
February
foodstuffs,
first
219,063
195,689
179,381
Imports for
the corresponding quarter
Manufactured
mos.
June
11%
'fie corresponding
trade
articles
mos. ended
12
before, continued higher in the second quarter.
of! Commodity
January to June,
of
quarter.
Changes in First
While
12
similar changes to those
1939 than in
first
.....
6 mos. ended June.
shown in
the corresponding quarters last
year.
Exports of semi-manufactures have shown very
....
November
the
173,560
160,312
181,667
160,511
159,791
167,278
167,865
169,683
176,490
May.
decrease of
a
certain
in
Consumption
from
Exports of Manufactures Tending
as
Imports for
Decrease^—)
1938
warehouses) amounted to $178,405,000 in June compared with
$194,196,000 in May, 1939, and with $147,779,000 in June, 1938.
the
and
Exports 'and Imports
(goods entered for storage in bonded ware¬
upon arrival in the country) was
$178,953,000, as compared with $202,505,000 in May, 1939, and with $145,869,000 in June, 1938.
Imports for consumption (goods which entered merchandising channels
of
Merchandise
1938.
The value of general imports
of
643
States
831,200
984,351 1,153,359 1,621,749
942,451 1,071,732
1,674,258 1,789,153 2,207,913 2,892,368 2,330,554 2,078,905
1,636,003 2,038,905 2,423,977 3,009,852 1,949,624
first
half of 1938.
The average unit value of total exports for
first half of 1939 was 6% lower than in the
corresponding half of
1938, indicating that about half of the decline in dollar value represented
the
GOLD AND SILVER BY
MONTHS
Exports, Imports and Net Balance
drop in volume.
a
The advance
unit
value
level
as
value
first
of
a
of
in
prices of
total
year
For
ago.
imported
half of
imported commodities raised the average
many
imports
in
May and June to
the
first
commodities
half
approximately the
this
of
however, the
year,
about
averaged
3%-* lower
than
June
the
The
import
first
percentage
trade
quarter.
showed
The
business resulted in
relative
20%;
crude
manufactures,
indicated
as
demands
the
year,
the
in
the
change
second
arising
from
in
unit
1,000
quarter
over
of
1939
compared with the first half of
as
United
prices
the
131
19
-5,314
240,450
5,750
247,974
435
55,438
2,021,077
+ 1,773,103
55,307
240,430
242,224
2,020,642
Import balance
1938.
Silver—
Exports
254
303
+ 7,015
19,186
14,770
1,600
111,531
8,614
Imports
55,527
—56,005
18,931
14,467
109,932
46,912
approximately as follows:
Crude materials,
20%;
semi-manufactures, 30%,
and
finished
foodstuffs,
Import balance.
_
15%.
the
volume
of
lagged in the first four
manufactured
food
imports
or
influence
of
the
gradual
domestic production of
increase
in
;
the decline
fats and
oils
aged
the
the
become
MERCHANDISE
Including
Re-export,
June
BY
1,000
Imports,
and
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
338
11
5,067
81
1,763
174
16
20
53
1,341
2,337
Dollars
178,953
960,955
13
145
231
535
4
212
36
203
317
611
131
19
197
1,144
254
303
695
206
65
138
214
193
32
169
17
143
278
401
285
1.463
of
Trade
Increase (+)
1,415,427
1,094,563
629,833
23,637
2,315
April
51
...
July
August
42
September
""39
129
11
1,000
Dollars
—139,361
+ 133,608
117
232
16
1,704
1,468
127
30,084
15,052
14
1,611
16
536
December..
99
380
148
5,750
435
1,259
51,622
574
12,935
10,122
15,722
5,889
11,965'
12,042
2,846
14,080
45.981 121,336
7,155 156,427
68,483
7,002 120,326
8,211 223.296
March
7,795 154,371
52,947 365,436
17,536
8,115
215,825
155,366
71,236 606.027
4,490
2,821
52,987 429,440
55,438 240,450
4,989
23,981
3,166
6.025
....
....
...
28.106
169,957
277,851
16,074
262,103
5,589
Exports, Including
Re-exports—
January..
February
1936
1937
1938
1939
1,000
1,000
1,000
1,000
1,000
1.000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
172,220
March
176.223
162,752
...
163,007
190,938
179,427
160,197
170,519
April
May..
June..
July..
161,672
171,984
191,313
August J
September
October
206,413
194,712
170,654
Novemoer
December
6 mos. ended June..
185.026
198,564
182,024
195,113
222,665
233,125
256,566
268,945
289,071
261,935
275.308
164,151
165,459
170,244
173,230
172,126
198,803
178,975
220,539
221,296
264.949
296,579
332,710
269,838
226,364
314,697
223,469
229,800
323,403
265,341
268,184
277,031
274,472
257,276
232,726
227,535
230,790
4,964
October
218,929
75,962
90,709 562.382
26,931
4,451
8,427
5,701
10,633
2,267
23,151
ended Dec
135,706
166,832
April.
May
132,753
152,491
187,482
192,774
158,105
177.356
198,701
146,523
.
...
170,500
202,779
170,533
191,697
191,077
195,056
286,224
265,214
193,073
245,668
215,701
212,692
196,400
245,161
233,142
154,647
136,109
June
July
....
September
October
November
December
6 mos. ended June..
12
mos.
ended June..
12
mos.
ended Dec
127,229
119,513
131,658
129,635
150,919
132,258
156,754
176.631
169,030
161,647
189.357
169,385
186,968
240,444
277,709
307,474
286,837
284,735
224,299
223.090
208,833
8,614
14,097
28,708
15,488
14,440
15,757
17,952
19,186
18,326
10.328
57,070
52,194 177,782
33,033 240,542
182,816
9.927
7,207
7,143
6,152
14,770
4,985
24.098
25,072
24,987
21,533
34,525 111,531
55,527
99,748 168,883 174,526
91,877 230.531
The dollar volume of retail
financing for May, 1939, for
organizations amounted to $141,789,728, an increase
of 16.3% when compared with April, 1939; an increase of
49.4% as compared with May, 1938; and a decrease of 25.6%
as
compared with May, 1937.
The volume of wholesale
financing for May, 1939, amounted to $145,457,168, a de¬
crease of 6.6% when compared with April, 1939; an increase
of 69.6% compared with May, 1938; and a decrease of 24.8%
as compared
with May, 1937.
the 456
178,255
158,072
190,478
186,300
202,505
W8,953
863.843
994,466 1,164,509 1,683,421
960,955 1,094,563
1,721,310 1,785,679 2,217,527 2,941,604 2,361,201 2,094,036
1,655,055 2,047,485 2,422,592 3,083,668 1,960,428
1,600
3,520
7,082
Automobile Financing in May
246,335
170,689
162,951
173,372
159.827
148,248
145,869
140,809
165,516
167,592
178,024
176,187
171,347
1,259
236,058
General Imports—
January
December
6 mos.end. June 536,692 1029327 247,974 2021077 117,594
12 mos.end. June 1472282 1636752 850,171 3752560 380,899
ended June.. 2,041,719 2,120,858 2,413,724
2,837,579
mos.
November
12 mos.end. Dec, 1144117 1631523 1979458
1,036,053 1,024,111 1,154,961 1,536,563 1.590,788 1,415,427
3,403,392 2,919,079
2,132,800 2,282,874 2,455,978 3,349,167 3,094,440
mos.
August
4,476
8,363
249,259
268.943
289,922
12
March
6,574
16,637
August
212,908
218.651
267,602
230,948
277,668
252,381
192,795
200,772
185,693
180,390
12
February..
175,624 63,880
67,524 105,013 165,990
171,866 145,623 520,907
July
1935
2,054
Imports—
February
January
September
1934
250
823
46,020
....
,1.923
1,344
27,534
6,366
2.054
191
527
26,423
27,157
mos
233
236
-
.end. June
6 mos .end. June
12
May
320,864
..
/
12 mos.end. Dec.
June
Month or Period
1,671
81
Dollars
1,590,788
355
5
1,000
Dollars
57,105
1939
1,000
77
Decreasel—)
236,058
86,857
1938
1,000
May
March
April
Mdse. export balance.
1937
June
the
1939
Dollars
Imports
1936
adequate.
Balance
1938
1,000
1939
Dollars
Exports—
1938
1,000
January
February......
1937
October
232,726
145,869
Exports
1936
lowering of
in
MONTHS
6 Months Ended June
1939
Silver
Period
2,112
1,811
1,546
1,668
1,841
more
Exports and Imports
1938
or
November
TRADE
General
Month
period
supplies
reflects
have
Gold
five months
for
Tung oil imports have declined in quantity primarily due to the difficulty
encountered in bringing goods out of China.
Exports,
1,000
Dollars
were
States, and for vegetable oils,
as
1,000
Dollars
Imports
the
January to June was 5% smaller than in the corresponding
period of 1938.
Also, in contrast with the increase recorded for the majority of the
import
commodities, whisky and some of the vegetable oils have been imported in
smaller quantities this year than a
year ago.
The whisky figures are
showing
1,000
Dollars
Exports
domestic
improved
1,000
Dollars
Gold—
values.
larger volume of imports of four of the five economic
half
increases
Because sugar receipts from Cuba
of
by
expansion
some
increased
a
classes for the first
The
(+)
1939
1938
Dollars
import trade in the first half of 1939 increased 14%
the first half of 1938, and the volume increased by a
with
larger
1939
unit
in
1938.
compared
somewhat
Increase
Deer case(—)
1938
The total value of
as
6 Months Ended June
Exports and Imports
same
The volume of retail automobile receivables
outstanding
end of May, 1939, as reported by the 224 organizations,
amounted to $779,381,455.
These 224 organizations ac¬
at the
counted for 94.2% of the
total volume of retail financing
($141,789,728) reported for that month by the 456 organiza¬
tions.
Figures of automobile financing for the month of April
published in the July 1 issue of the "Chronicle," page 25.
were
Chronicle
The Commercial & Financial
644
tabulations show the volume of financing
1939, 1938, and 1937, and the amount
of automobile receivables outstanding at the close of each
month, January, 1938, to May, 1939, inclusive.
The
figures are as reported to the Bureau of the Census of the
Department of Commerce.
The following
for the month of May,
and exports consisted of crude or of partly
chandise imports
or
July 29, 1939
ECONOMIC GROUPS OF DOMESTIC EXPORTS FROM AND
IMPORTS INTO THE UNITED STATES FOR THE MONTH OF JUNE,
AND THE FIRST SIX MONTHS OF 1939 AND 1938
ANALYSIS BY
(Value in 1,000 Dollars)
AUTOMOBILE FINANCING
Retail Financing
Wholesale
New Cars
Total
ing
and
in
Unclassified Cars
Volume
Volume
Volume
Number
of
of
sand
sand
Dollars
Number
Thou¬
Cars
sand
Dollars
Dollars
1939—
v
April.
May
121,918
145,457
109,664
69,086
190,701
141,789
300,365
b351,217
155,736
123,587
78,587
227,630
240,457
93,820
78,379
49,372
246,499
94,917
77,630
48,594
427,050 1,099,780
423,382
95,868
85,744
May..
162,078
168,869
5.4
88,862
5.0
81,881
.3
721
.3
5,809
.4
6,982
.5
16.2
48,462
20.7
258,613
16.5
253,685
18.2
.1
208
A
.1
1,252
.1
16.1
8.2
673
665
6.3
5.8
48,254
20.6
16.4
252,433
18.1
53.8 139,664
59.8
798,163
50.8
793,559
56.8
693
.3
.2
3,967
.2
53.5 138,971
59.5
3,810
794,353
50.6
789,593
56.5
.2
122,764
—
2.6
1,225
257,388
580
Total exports of U. S.
339,253 213,330
4.7
78,590
36,903
100.0
229,554 100.0 233,359 100.0 1,570,136 100.0 1,397,070
19.2
268,131
12.9
412,763 26.3
30,134
49.826 21.7
80.8
73.7 1,128,939
179,728 78.3 203,226 87.1 1,157,373
merchandise
ended May
66,153
84,398
6.5
46,323
5 mos.
Total
9.6
37,155
—
Agricultural
Non-agricultural
44,449
4.8
5.4
4.5
50
—
Finished manufactures 123,345
1938—
April
66,826
5.8
—
Non-agricultural
893,951 248,678
5.7
9.7
5.6
9.1
5.9
Agricultural
472,821 299,604
548,282
726,981 1,366,772
ended May
79,259
2.6
9.1
13,567
12,840
Semi-manufactures—
5 mos.
Total
114,879
6.3
13,495
12,775
6.6
30
Agricultural
Non-agricultural
52,832
63,203
194,138
11.3
726
Agricultural
Non-agricultural
8.4
Mfd. foodstuffs & bev.
11.0
25,713
10,483
15,230
6,026
5,975
15.0
19,304
20,990
20,960
—
Crude foodstuffs
Dollars
13.9
17.6
253
Agriclutlral
Non-agricultural
276,792
177,634
99,158
152,169
151,504
34,498
15,193
Crude materials-,.-,.;.
in
of
Per
Cent
Value
Cent
Domestic Exports—
Volume
Thou¬
Thou¬
Cars
in
Cars
in
Number
Thousand
Value •
Cent
Value
Cent
Value
Used and
Financ¬
Per
Per
Per
1939
1938
1939
1938
Class
-
Year
Sir Months Ended June
Month of June
456 Identical Organizations (a)
Summary for
Month
is given below:
wholly manufactured products,
Agricultural
Non-agricultural
760,527 210,051
—
1937—
April
182,102
193,527
464,199
261,335
263,029
Imports for
72,417
Consumption—
73,123
Of these organizations,
37 have discontinued automobile financing,
b Of this
64.3% were used cars, and 0.5% unclassified.
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF
AS REPORTED BY 224 IDENTICAL ORGANIZATIONS
1939
%
September
October
904,154,673
November
867.737.238
December.-
710,882,434
706,847,563
April
691,191,242 1,012,305.493
709,667.390
967,096,723
739,798,724
932,526,760
May
779,381,455
February...
March
June
13.8
150,382
14.0
11.9
123,031
13.1
144,173
13.5
8.8
13.9
22,518
13.0
21,304
1,254
.8
1,214
.7
6,644
.7
6,208
.6
26,657
18.0
27,725
15.5
159,393
16.9
140,391
13.1
23,058
12.9
131,112
13.9
111,390
10.4
14.6
21,524
Agricultural
Non-agricultural
5,134
3.5
4,667
2.6
28,282
3.0
29,000
2.7
—
30,201
20.4
180,592
19.2
226,372
21.1
3,864
26,337
2.6
38,633
3,963
34,669
21.7
Agricultural
Non-agricultural...
2.2
24,865
2.6
21,361
19.4
155,728
16.5
205,011
19.1
Finished manufactures
32,432
200,978
2,432
198,546
21.3
221,023
20.6
.3
2,945
218,078
20.3
17.8
21.9
19.5
34,804
426
.3
478
.3
32,007
Agricultural
Non-agricultural
21.7
34,326
19.2
Total imports for con¬
Agricultural
Non-agricultural...
Output in June
.8
476,534
50.6
519,655
48.5
465.917
50.7
90,488
51.0
7.5.366
21.1
2.0
942,451 100.0 1,071,732 100.0
147,779 100.0 178,405 100.0
72,414 49.0 87,917 49.3
sumption
Automobile
8.8
12.6
15.611
19,230
Agricultural...
Non-agricultural
721,982,338
July
August
22.4
93,779
21.9
10,633
Mfd. foodstuffs & bev.
%
838,516,497
806,713,720
765,892,109
696,959,547 1,064,815,488
January
31.1
239,785
8.1
30.7
39,114
7.2
Semi-manufactures—
1938
%
1938
i
1939
MONTH
333,564
20.7
54,725
18.5
20,485
—
Crude foodstuffs
number 35.2% were new cars,
28.8
76,718
129,675
25.7
27,370
Agricultural
Non-agricultural
781,090 453,912 1,085,761 302,098
756,010
860,976 1,866,851
ended May
271,812
195,094
38,004
Crude materials
5 mos.
Total
a
187,759 108,927
201,170 117,532
181,344
190,655
449,094
May
49.4
5591.976
51.5
Factory sales of automobiles manufactured in the United
States
(including
foreign assemblies
and
States
United
the
reported
from parts made in
units
complete
as
or
1930, consisted of 309,720 vehicles, of
which 246,704 were passenger cars and 63,016 were com¬
mercial cars, trucks, and road tractors, as compared with
297,508 vehicles in May, 1939; 174,670 vehicles in June, 1938,
and 497,312 vehicles in June, 1937.
These statistics, com¬
prising data for the entire industry, were released this
week by Director William L. Austin, Bureau of the Census,
Department of Commerce.
;i.
for June,
vehicles)
for the months
Statistics
of 1939 are based on data re¬
ceived from 73 manufacturers in the United States,
ing passenger cars and 62 making
and
road
tractors
also
making
22 mak¬
commercial cars, trucks,
(11 of 22 passenger car manufacturers
trucks,
in June, reflect¬
mills and bituminous
coal mines, said the Board of Governors of the Federal
Reserve System in its monthly summary of general business
Output of factories and mines increased
ing chiefly sharp expansion at steel
financial conditions in the United
and
Board added that in the first half of
trucks, and road tractors have been
the number shown as making passenger cars
included
in
tractors, respectively.
include those for taxicabs.
The figures for commercial cars, trucks, and road tractors
include those for amublances, funeral cars, fire apparatus,
street sweepers, and buses, but the number of special pur¬
pose vehicles is very small and hence a negligible factor in
any analysis for which the figures may be used.
Canadian
production figures are supplied by the Dominion Bureau
or
commercial cars, trucks, and road
The figures for passenger cars
of
Statistics.
to
97 in
June
and 1937
page
May, 1939, 1938,
appeared in the July 1 issue of the "Chronicle,"
of
automobile
production
in
25.
.
NUMBER OF
VEHICLES
(INCLUDING CHASSIS)
United Slates (Factory Sales)
Canada (Production)
Year and
Pas¬
Total
Month
(All
Passenger
Trucks,
Vehicles)
Cars
tScc.
senger
Total
Cars
Comm'l
Cars &
Trucks
compared with 92 in April and May.
May
54
to
Meat-packing
was
the
at
rate of 45% of capacity
a
297,508
May
June
_
237,870
59,638
309,720
246,704
63,016
15,706
14,515
11,585
10,585
lower than in May.
considerably in June, reflecting a sharp
which had been closed during
April and the first half of May.
Production of anthracite declined from
May to June, and there was some reduction in output of petroleum.
Value of construction contracts awarded
declined in June, according
Mineral
rise
to
in
F.
output
W.
decrease
residential
Corp.
private
reflecting chiefly a greater than seasonal
building.
Contracts awarded for public
principally for United States Housing Authority
figures,
residential
construction,
maintained
were
coal mines,
bituminous
at
Dodge
in
projects,
increased
production
the
at
4,121
advanced
end. June
1,953,533
1,577,699
375,834
93,755
69,968
23,787
of
May
the
middle
1938—
May
192,059
154,958
37,101
136,531
38,139
18,115
14,732
13,641
11,014
4,474
174,670
1,203,343
936,517
266,826
102,158
76,102
26,056
May
516,919
425,432
91,487
23,458
17,980
5,478
June
497,312
411,414
85,898
23,841
17,919
5,922
2,788,298
2,286,987
501,311
128,571
96,823
31,748
3,718
than
mos.
end. June
and payrolls increased somewhat from
June, according to reports from
of
a
the middle
number of
in employment
at bituminous coal mines following the reopening of the mines in the
middle of May, and the number employed on the railroads increased more
important industrial
June
Tot. 6
to
May, while
decline.
level reached in
Employment
4
3,930
Factory employment
mos.
in the
end of June,
public construction other than residential showed a small
1939—
Tot. 6
increased from
and to 56 in the third
week of July.
Automobile production, which had declined in May, showed
some
increase in June when a decline is customary.
In the first three
weeks of July automobile output was at a lower rate, reflecting in part
curtailment preparatory to the change-over to new models.
Plate glass
production rose considerably in June.
Output of lumber, which usually
shows some increase over May, was unchanged.
Among non-durable goods
industries, woolen mills showed increased activity in June, and activity at
cotton and silk mills was maintained through declines as usual at this
of
week
third
season.
Figures
as
mills output
steel
At
industrial production advanced
seasonally adjusted index of
The Board's
commercial cars,
Production
■
•
and
24,
said:
Board further
the
The
July industrial activity
In its summary, issued July
generally maintained.
was
States, based upon
weeks of July.
statistics for June and the first three
both passenger cars
commercial cars,
States by
System—
Gained Sharply in June
Production
Industrial
and road tractors).
It should be noted that those making
Summary of Business Conditions in United
Board of Governors of Federal Reserve
There was a sharp expansion
States.
seasonally from May to June.
Distribution
1937—
Tot. 6 mos. end. June
Department
to
June,
compares
Sales
Analysis of Imports and Exports of United States in
the First Six Months
The
a
at
store
sales
showed
the Board's adjusted
and
with
a
level
Flight car loadings increased more than seasonally in June, reflecting
rise in shipments of coal and smaller increases in shipments of
sharp
Department of Commerce's report of the character
four months of the year.
little change.
first
variety stores and by mail order houses showed
grain and miscellaneous freight.
of the country's imports and exports reveals that in the first
six months 12.9% of domestic exports and 49.3% of im¬
ports for consumption were agricultural products.
complete statement, also indicating how much of the
less than seasonal decline from May
from 85 to 86, which
index advanced
during the
88
of
a
Commodity Prices
Prices
materials
of
hides,
silk,
steel
advanced
from
the
The
while
some
mer¬
other
commodities
farm
products,
scrap,
middle
and
copper,
of
June
to
particularly grains,
showed little
change.
some
other
the third
declined.
industrial
week of July,
Prices of most
Volume
The Commercial & Financial Chronicle
149
Agriculture
A
of
total
July
would
wheat
be
This
than last year's large crop and somewhat below
Cotton acreage in cultivation was estimated to
smaller
much
be about the
average.
last year,
same as
A record tobacco crop is
loans
continued
investments
and
increase
banks
member
of
in
leading
101
cities
weeks .ending July 12, reflecting
largely purchases of United States Government securities.
Commercial
loans, which had shown little change in recent months, increased slightly.
to
Deposits
and
reflecting
the
at
these
at
reserves
continued
balances
during the
gold
four
banks
imports
to
rose
in
disbursements
Treasury
and
July,
from its
high levels
new
sonal Adjusm't
sonal Adjustm't
Durable Goods
Iron and steel
77.8
*
87.3
77.8
#
78.5
69.1
Machinery..
Transportation equipment—
*
94.4
86.0
*
94.9
86.1
*
94.9
76.4
*
86.3
61.1
*
90.3
62.4
*
87.6
57.4
Automobiles—
Non-ferrous metals
♦
88.9
60.0
*
93.3
61.5
#
88.0
54.4
*
93.2
81.3
*
92.4
79.8
*
86.8
*
65.2
59.9
*
65.3
60.7
*
58.2
51.2
*
69.7
03.2
*
72.5
65.8
*
63.7
56.4
96.4
87.4
*
89.0
79.3
*
*
——
-
...
-
Lumber and products.
.—-
June,recovered
the loss
part of
which had declined some¬
July.
in
The longest-term
Treasury bond outstanding showed a yield of 2.31% on July 20, as com¬
pared with a record low of 2.26% of June 5.
Open-market money rates
showed
little
*
Fabrics
.
Prices of United States Government securities,
during
change.
*
Wearing apparel
*
Leather products
Food products.—
Board of Governors
Reserve System for June
Indexes
of
of
*
*
63.7
77.8
62.4
♦
74.3
61.2
99.7
#
82.0
62.6
81.8
*
64.2
57.5
116.8 119.4
#
64.8
*
55.8
59.4
96.0
*
65.2
62.8
120.9 121.7
♦
106.3 103.0
*
106.0 101.9
*
103.9
*
113.1 108.4
*
111.6 105.2
*
120.6 112.8
*
117.6 120.4
♦
117.0 121.1
*
132.1 137.8
*
112.0 105.5
*
110.3 101.4
*
116.9 105.1
...
Chemicals & petroleum prods
Petroleum refining
Federal
123.7 121.2
88.1
------
*
77.2
*
*
84.6
87.0
84.4
*
Tobacco products
Paper and printing
96.1
88.4
112.2
111.7 104.1
...
Chemicals group,
except
petroleum refining
Rubber products
Monthly
66.3
Non-durable Goods
Textiles and products
Money Bates
what
86.7
_
Stone, clay and glass.—
banks.
Reserve
Without Sea¬
June, May, June, June, May, June, June, May, June,
1939 1939 1938 1939 1939 1938 1939 1939 1938
generally larger than average.
are
Credit
Without Sea¬
Seasonal Varia'n
but one-third less than the 10-year average.
Most other major crops are .expected to
Bank
Payrolls
Employment
Adjusted for
indicated.
approximate last year's harvests and
Total
(1923-1925 Average=100)
indicated on the basis
was
conditions, according to the Department of Agriculture.
1
1928-1937
the
716,655,00(1 bushels
of
crop
645
FACTOR'S' EMPLOYMENT AND PAYROLLS
■
*
82.1
*
71.3
81.2
70.6
*
82.1
63.5
Note—Indexes of factory employment and payrolls are for payroll period ending
* Data not yet available.
nearest the middle of the month.
On
July 22 tlie Board of Governors of the Federal Re¬
serve
System issued its monthly indexes of industrial pro¬
duction, factory employment, &c. In another item in today's
issue, containing the summary of business conditions pub¬
lished
the
by the Board,
index
of
0.1% in Living
May to June
detailed account of the changes in
a
set forth.
are
National Industrial Conference Board Reports
The cost of living of wage earners in the United States
declined slightly, 0.1%, from May to June, according to the
indexes follow:
The
BUSINESS INDEXES
regular monthly survey made by the Division of Industrial
~
(1923-1925 Average=100)
Economics
Although
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
June,
May,
June,
June,,
May,
June,
1939
Industrial production—Total
1939
1938
1939
1939
1938
94
77
92
77
...
91
74
—
71
50
108.
95
98
92
63
54
p58
55
42
p66
68
64
p97
p96
p8l
Non-durablepl09
Minerals
plOS
Construction contracts, value—Total.
p63
Manufactures—Total
;
-
-
Durable
—
,
Residential
—
All other
Factory
04
75
78
52
107
94
26.4%
84
76
than
of
90.1
83.3
72.4
98.2
92.4
*
~
.———
—
'
'
mm
Freight-car loadings—Total
67
90.3
84.4
79.8
79.5
m
89.9
80.9
mm
67
62
71
70
62
74
73
64
86
85
82
83
87
June,
p66
66
68
p64
68
05
62
58
68
Preliminary.
* Data not yet available.
Note—Production, carloadlngs, and department store sales Indexes based on daily
To convert durable and non-durable manufactures indexes to points In
total index of manufactures figures, shown in Federal Reserve Chart Book, multiply
point
0.5%
and
higher
than
lower
the
at
hut
0.5% lower than last
The
cost
Of
1.1%, from May to June.
averaged
the
The
purchasing value of the dollar
117.9c. in
June,
1938
June,
1939
May,
1939
June,
1938
':
V
■
■■■■
46
89
79
40
mmm
mmm
mmrn
Locomotives
73
55
36
72
90
74
47
90
81
47
81
73
40
91
88
52
♦
—
*
14
♦
*
14
mmm
*
Cement
Plate glass
75
——
—
Beehive coke--
*
69
89
80
86
112
93
p5
"2
~5
p5
2
Silk deliveries.-
104
87
pi 05
104
June
May,
1939
110
88
111
113
76
101
75
75
00
87
94
81
86
92
80
73
84
58
76
81
60
mmrn
103
104
108
96
101
101
104
108
110
108
122
114
143
142
151
140
139
148
95
98
88
90
86
72
78
78
81
*
65
51
*
66
52
*
—
84
66
-
mmrn
100
Cattle
Calves
127
123
*
131
122
mmm
-
Sheep
mmrn
Wheat flour
Sugar meltings
Newsprint production
...
Newsprint consumption
mmm
mmm
Leather and products
113
91
104
87
94
75
*
88
73
91
74
*
87
73
*
89
76
*
85
74
104
74
♦
96
74
211
193
*
211
192
*
269
248
*
119
*
143
126
*
110
103
pllO
*
mmm
Calf and kip leathers
m
mm'
♦
Goat and kid leathers.--.
mmm
♦
Petroleum refining
Gasoline—
mmm
————
.
mmm
♦
Kerosene
pl06
.
-
93
*
mmm
Tanning
Cattle hide leathers
124
-
117
109
'
Fuel oil
mmm
—
mm
mm
'
mmm
_
Tobacco products—
Cigars
Cigarette
mm
■
Lubricating oil-
mmm
170
170
154
186
172
mmm
...
169
Manufactured tobacco
—
75
75
73
81
78
80
247
246
219
272
248
241
84
85
84
86
85
p72
p5 9
pl70
...■
46
86 '
Minerals
Bituminous coal
Anthracite
Petroleum, crude
—
Lead..
;Zinc
Iron
p
57
p64
40
73
74
64
153
p51
pl73
73
175
177
156
80
65
*
Preliminary-
64
90
89
70
*
—
ore
82
71
91
67
.
Silver
55
34
* Data not yet available.
from May, 1939
to June, 1939
1939
33
77.9
78.1
—0.3
——
_
20
86.0
86.2
—0.2
72.0
72.1
Men's
78.3
78.4
—0.1
—o.i
65.8
—0.2
83.4
------———
Women's--
light.
-
30
Sundries.
—0.7
82.9
—1.1
86.2
0
06.6
96.6
0
84.7
84.8
—0.1
118.1
.
84.0
82.0
86.2
5
—
117.9
,
Weighted average of all items.
Purchasing value of dollar..
x
Based
on
—
100
—_
food price indexes of the
+0.2
United States Bureau of Labor Statistics for
June
13, 1939 and May 16, 1939.
Report
of
Lumber
Movement
Week
Ended
July 15, 1939
85
mmrn
——
P, C. of Inc. (+)
or Dec. (—)
65.7
— ..
83
115
mmrn
-
Cost of Living
1923=100
12
_
Weekly
Hogs...
in June, compared with
4
pi 10
■Slaughtering and meat packing.
was
73
mmrn
Cotton consumption
It
——
Food--
Housing..
72
102
Non-durable Goods
Textiles
June.
30
88
'mmrn
—
50
93
124
Tin deliveries--
118.1c.
in
Coal-
-
and
Indexes of the
Relative
Gas and electricity
Durable Goods
Pig Iron
Steel Ingots
was
Importance
Fuel and
Manufactures
Automobiles
May
May, 115.3c. in June, 1938, and 100c. in 1923.
Clothing
73
in
same
They were
in June, 1929.
0.9% lower than in June, 1938, 2.4% lower than in June, 1929, but 7.1%
x
Without
Seasonal Adjustment
in
however,
their low point.
Budget
Adjusted for
89
were,
Family
Seasonal Variation
Iron and steel-.-
lower than,
They
higher than at the low of 1933.
PRODUCTION
1939
1934,
and 7.9% lower than
year,
sundries
(1923-1925 Average=100)
1939
0.8%
May,
1929.
1933.
declined seasonally,
prices
Item
May,
in
June,
in
beginning of
Employment index, without seasonal adjustment, and payrolls index compiled
by Bureau of Labor Statistics.
June,
than
lower
than
18.6% above the low of
Coal
residential by $184,137,000, and all other by $226,132,000.
INDUSTRIAL
level
1933.
0.2%
were
a
1929, but 27.5% higher
lower than June,
Clothing prices declined only 0.1% from May to June, which made
2.6% lower than a year ago, and 26.0% lower than 10 years ago,
durable by .463 and non-durable by .537.
Construction contract Indexes based on three-month moving averages, centered
at second month, of F. W. Dodge data for 37 Eastern States.
To convert indexes to
value figures, shown in Federal Reserve Chart Book, multiply total by $410,269,000,
June
1938,
37.2%
p
averages.
low
in
0.3% from May to June, bringing them to
them
79
Miscellaneous
the
at
Rents
61.7
*
mm
mm
■
m
96.7
*
mm
mm
Department store sales, value——
Department store stocks, value
Food prices declined
81.6
*
Non-durable goods
:
4.9% below last year,
*
—
also said
46
*
"
goods
only
Liv¬
ing costs in June were 2.3% lower than in June, 1938, and
14.8% lower than in June, 19129, but 18.1% higher than at
the low point of 1933.
Under date of July 23 the Board
65
71.9
Board.
major groups of expenditures except sundries, the
substantial decline was a seasonal drop in coal prices.
92
82.4
Conference
Industrial
reduction in costs occurred in each of the
63
82.2
*
National
the
75
90.4
'
of
some
97
♦
.
Factory payrolls—Total
Durable
p98
p96
p84
pl07
pl05
p72
p6 3
p80
*
employment—Total
Durable goods
Non-durable goods
Decline
Wage Earners from
of
Cose*
*
87
#
132
51
90
68
69
89
82
67
during the week ended July 15,
of the seasonal weekly average of
production in 1929 ; 70% of the seasonal weekly average
of shipments in 1929, and 78% of the seasonal weekly aver¬
age of new business in 1929, according to reports to the
The
1939,
lumber
stood
at
industry
69%
National Lumber Manufacturers Association from regional
operations of important softwood
Reported new orders in the week
associations covering the
and
hardwood
ended
mills.
July 15, 1939, were 26% In excess of the seasonal
weekly average of 1938 orders.
Reported production
was
23% above the seasonal weekly average of 1938 production
and shipments were 15% in excess of 1938 seasonal weekly
shipments.
Compared with the preceding holiday, week,
production of the week ended* July 15, as reported by 4%
fewer mills, was 50% above that week's output;
ship¬
ments were 31% above shipments, and new orders were
13% above the new business of that week. New business
(hardwoods and softwoods) was 0.1% below production,
and shipments were 5% below output In the week ended
July 15. Reported production for the 28 weeks of the year
to date was 21% above corresponding weeks of 1938 ; ship¬
ments were 16% above the shipments, and new orders
were 15% above the orders of the 1938 period.
New busi¬
ness for the 28 weeks of 1939 was 7% above output;
ship-
The Commercial & Financial Chronicle
646
merits
5%
were
above
Association
The
output.
further
softwoods
of
booked
of
orders
week
holiday
hardwoods
and
527;
Mills,
were:
Revised
feet.
230,741,000
figures
production,
157,985,000
172,244,000 feet; orders, 208,968,000 feet.
orders reported for the week ended July
ments,
mills.
same
feet,
Shipments
were
215,223,000
183,897,000 feet; shipments were, respectively,
187,415,000 feet, and orders received, 225,954,000
feet, and a year ago it was
and
feet
214,460,000
reported production last
feet;
feet
In the case of hardwoods,
feet.
258,439,000
and
feet
81 identical
week and a year ago 5,050,000 feet and 4.73^,000
Permissible
Rubber
Exports
Fixed
60% of
Basic Quotas for Fourth Quarter—Third Quarter
Exports Changed from 55% to 60% of Basic Quotas
Regulation
Rubber
International
at
Committee, at a
meeting held in London, July 25, fixed permissible exports
for the second half of 1939 at 60% of basic quotas.
It will
The
717 million bushels was indicated
the year were fixed at 55% of basic quotas.
This has now been increased by 5%, placing exports for
the entire last six months of 1939 at 60% of basic quotas.
The foregoing is taken from an announcement by the Com¬
modity Exchange, Inc., which also said:
exports from all agreement territories, including Siam
will be permitted to average at least 81,642 tons
Thus, monthly
French
and
during the last
six months of the year,
for all agreement territories
exports
906,478 tons or an average of
which will bring the total per¬
for the entire year 1939 to
75,540 tons monthly.
The following table
gives in detail comparative figures of permissible exports:
of
2 years, and about 30 million bushels larger
10-year (1928-37) average.
If exports should turn out to be near
disappearance during the past
than the
(1928-37) average of about 70 million bushels, a crop of this
July 1, 1940 to be significantly reduced
10-year
the
size would cause the carry-over on
below that for 1939, which is estimated to
A United States rye crop of
conditions,
be about 265 million bushels.
41 million bushels was indicated by July 1
compared with 55 million bushels harvested last year.
The
increase of nearly 7 million bushels, com¬
current indication represents an
The carry-over of rye is esti¬
pared with the indication a month earlier.
10 million bushels last
year,
The apparent disappear¬
ance of rye in 1938-39 was about 41 million bushels, compared with about
39 million bushels in 1937-38.
In the important central European produc¬
making total supplies about the same as in 1938.
ing countries the rye crop again
promises to be large, and overseas demand
expected to be small.
for United States rye this year is
States rye in 1938-39
Exports of United
totaled less than one million bushels.
Great Britain Plans to Store Wheat in Canada
Great Britain is undertaking the establishment of a sub¬
stantial wheat reserve in Canada, it was disclosed July 24
from government sources at Ottawa.
It was explained
Ottawa dispatch, July 24, to the Montreal "Gazette,"
all available storage space
went
Indo-China,
missible
as
This is about 15 million bushels larger than the average domestic
July 1.
previous meeting exports for the third
be recalled that at a
quarter of
in
might induce further large purchases during the year.
mated at 23 million bushels compared with
Crude
as
It is possible, however, that political and military considerations
In the
European exporting countries prospects are again for large crops, although
significantly below the record production of a year ago.
mills
shipments, 7,517,000 feet and 5,346,000 feet, and orders, 7,417,000
and 7,674,000 feet.
1939-40 may not be as large
and world trade in wheat and flour in
in Europe
A United States wheat crop of
104 hardwood mills give new business as 9,950,000 feet,
or 36% above production.
Shipments as reported for the same week were
10,074,000 feet, or 38% above production.
Production was 7,301,000 feet.
Last week's production of 410 identical softwood mills was 228,788,000
from
Reports
somewhat smaller crop in Argentina, but a
in Australia.
greatly increased during the past year
European wheat stocks have been
.
Production was 229,625,000 feet.
6% below production.
or
ship¬
Hemisphere seeding is nearing completion and
Southern
present indications point to a
slight increase in production
1938-39.
reported for the same week
as
feet;
1939,
1% below the
226,791,000 feet, or
totaled
mills
the
preceding-
by 417
production of
15,
Lumber
softwood
the
for
estimated to be 214,000,000 bushels below the produc¬
and the European crop about 215,000,000 bushels less than in
In the
1938.
15, 1939, 504 mills produced 236,926,000
combined; shipped 225,297,000 feet;
During the week ended July
feet
United States crop Is
tion last year
reported:
July 29, 1939
on
The
in England is filled.
The
in
a
that
paper
to say:
proposal is to use the empty space in the Atlantic coast ports of
Halifax and Saint John with the possibility that United States east coast
ports may also be employed.
In
Government
May the Canadian
was
advised that all the storage
This would have given great concern to the
facilities in Britain were filled.
Canadian Wheat Board had it not become apparent that Britain was con¬
1939
tinuing her buying of Canadian wheat but keeping it in this country.
Second
From the fact that in the past 12 months exports of Canadian wheat were
Half
about 140,000,000 bushels, not particularly high, it is clear that the British
Year
Year
Half
First
Half
First
Half
Quar.
Quar.
1938
Second
Third
Fourth
program
60%
60%
_
94,800
N.E.I, (total)-.
94,726
Ceylon
15,900
94,800 189,600 158,000 347,600 331,100 135,450 195,650
94,726 189,452 157,876 347,328 297,000 121,500 175,500
15,900
45,375
31,800 26,500
68,300
18,562
26,813
2,626
5,252
4,376
9,628
7,150
2,925
4,225
4,048
5,088
2,024
3,374
7,422
2,082
3,006
6,300
3,150
5,250
9,075
11,550
3,712
5,363
6,450
17,600
12,900
7,200
10,750 23,650
10,400
Rate
-
British Malaya.
India
2,626
.......
Burma
2,024
North Borneo...
3,150
6,450
Sarawak
60%
50%
55%
55%
45%
65%
219,676 219,676 439,352 366,126 805,478 712,388 291,431 420,957
Slam, a
10,250 20,500 20,500 41,000 40,000 20,000 20,000
10,250
Fr. Indo-C'hlna.b
15,000 30,000 30,000 60,000
30,000
15,000
15,000
15,000
Total
244,926 244,926 489,852 416,626 906,478 782,388 326,431 455,957
Grand total...
81.642
Monthly avge...
81,642
81,642
69,438
75,540
54,905
65,199
75,993
Slam are subject to the same percentages of basic quotas as
1939-43, but may not be reduced below a minimum of 41,000
Exports from
a
other countries during
tons
annually,
b Exports from French Indo-China are not subject to restriction
except that part of any exports in excess of 60,000 tons yearly during 1939-43 is
to be delivered to the International Rubber Regulation Committee as stipulated
in Article 6 of the International Agreement,
In
to
order
arrive
at
allowable
maximum
the
deduct the amount carried
necessary to
over
exports
for
it
1939,
is
to
allowable
add the
amounts
to
ment
at
Thus, maximum
territories,
924,563
carryover
which,
including
Siam
monthly
tons, or a
(5% of 805,478 tons),
permissible exports for
and
average
1939
Indo-China,
French
for all
are
or
agree¬
now
fixed
Belgium Provides for Emergency Wheat Stocks
Belgian millers must maintain in the country a reserve
stock of foreign whate equivalent to llA% of the quantity
of all wheat which they milled from Feb. 14,1938, to Feb. 18,.
1939, the Foodstuffs Division of the Department of Com¬
merce reported July 25.
A decree requires the millers not
already possessing such stocks of foreign wheat to obtain
them within 15 days and maintain the prescribed level
thereafter.
Only mills with an output of less than 1,000 tons
are exempt from the order.
The Commerce Department's
announcement further said:
Belgian authorities estimate that the
tenance of stock of about
of foreign wheat aggregating
Wheat
in
Conditions
Relation to
continue
to
World
placed
are
the
on
in its current issue
of
Cuban
favor
high domestic prices for
Bureau of Agricultural
Economics, United States Department of Agriculture, states
"The Wheat
Situation."
Prices in
foreign markets are depressed by prospects of the largest
wheat supplies in history, and prices at Liverpool have
dropped to the lowest level in modern times. The Bureau
reports that domestic prices have remained independently
strong, in comparison, influenced by a prospective United
States crop very little above the annual domestic disap¬
pearance, a large proportion of wheat being placed under
loan, and announcement of the continuance of the exportaid program.
The Bureau's announcement, July 24, also
City for June,
1939
averaged only 6 cents lower than for June, 1938, while the price of parcels
at
Liverpool averaged 36 cents lower than
905,840 long tons.
Aggregate exports of
amounted
first
six
to
ing
of
from Cuba during January-June,
sugar
Spanish
long
a
year
of molasses
and
invert
syrups
beginning July 1,
world production and stocks report exclude the Soviet Union and
1939.
China.
about 4,090,000,000
bushels, which is about 480,000,000 bushels less than the record
crop
of
1938.
This reduction, however, only partly offsets an estimated increase
approximately 600,000,000 bushels in world stocks of old wheat carried
over.
The stocks on July 1 are tentatively placed at about 1,200,000,000
bushels compared with about 600,000,000 bushels
Production
in the
Northern Hemisphere
may
bushels, or about 380,000,000 bushels less than
creases,
a
year ago.
be about
a year ago.
2,086,402
last
Sugar
tons
1939,.
in the-
from Jan.
1
to June 15,
1939,.
correspond¬
long
tons
on
hand in Cuba
with
compared
of June 30,
as
2,035,119
long
1939, amounted to
tons
on
the
same-
year.
3,615,000,000
estimated for Canada and Northern Africa.
The
Production
in
Japan
During 1938-39 Season
1,654,404 Tons
Reached Record High of
Production of sugar in Japan, including the Island of"
Formosa, during the current 1938-39 season reached a new
all-time high record with 1,654,494 long tons, according to¬
ad vices received by Lamborn & Co. from Tokyo.
This year's-
production is 451,387 tons, or
outturn
The
which
firm's
Harvesting
Significant de¬
compared with 1939, are indicated for the United States and Europe,
while larger crops are
1,370,953
period.
stock of sugar
earlier.
year
The 1939 world production is now tentatively placed at
against
tons
1938.
130,655,199 gallons, against 112,147,813 gallons in the
1938
date
raw
1,339,287
months
Exports
totaled
estimated by the Bureau at about 5,290,000,000
bushels, or about
120,000,000 bushels above the record supplies of last year.
References to
of
from Cuba to the United States-
sugar
raw
slightly in the first half of the current year ascompared with the corresponding 1938 period, according to*
a report to the Department of Commerce from Commercial
Attache A. F. Nufer, Habana.
The United States totals forthe two half-year periods were, respectively, 860,083 and
♦
Prospective world wheat supplies for the
are now
and
Sugar Exports to United States Decreased in
First Half of 1939 from Year Ago
Shipments of
The
Kansas
Normally, Belgian requirements of"
declined
said:
The price of No. 2 Hard Winter wheat at
from which the millers and the
sources
mixture of American, Canadian, Argentine,
a
Danube qualities.
Prices
wheat relative to world prices, the
The 140,-
the importers and the millers is considered
sufficient to meet the country's requirements over a period of six weeks.
No restrictions
Estimated
at
5,290,000,000
Bushels—Bureau of Agricultural Economics
Re¬
ports Conditions Favor High Domestic Prices for
will result in the main¬
(2,204,000 bushels).
60,000 tons
000 tons thus maintained by
of 77,047 tons.
Supplies
measure
80,000 metric tons, or 2,939,000 bushels of wheat.
Importing houses in Antwerp, it is understood, will also maintain stocks
foreign wheat involve
Wheat
crisis
points reasonably close to the British Isles.
importers obtain their foreign wheat.
World
a
buy Canadian wheat and store
The later part of the British program is to
it at
which in
be transported over greater distances.
would have to
the international agreement,
under
5% of permissible exports for 1939
40,274 tons.
of setting up a wheat reserve involved at the start the purchase oT
greater proportion of Australian and Argentine wheat
from 1938, which amounted to
22,189 tons for all territories, excluding Siam and French Indo-China, and
•
a
in
June.
from
Of
was
announcement
of
the
sugarcane,
the
crop
more
than last year's
time.
continued:
commenced
1,654,404
and
37.5%,
Japan's largest crop up to that
44,383
tons
last
November and
tons
from
sugar
was
completed
tons were obtained?
beets.
Of the previous;
produced^, 1,610,021
Volume
The Commercial & Financial Chronicle
149
year's outturn, 1,157,960
tons
from
came
from
45,057 tons
and
sugarcane
beets.
sugar
Sugar
consumption
in
Japan
approximates
long
1,150,000
whereas there is
May to June.
tons
an¬
647
usually
The surplus production is expected to be marketed in
Cuban
China.
Coffee Exports to United States Show
Decline Below Year Ago
Marked
Cuban coffee exports to the United States have decreased
$514,000,000
for
ments
nually.
June
reported
farmers in
to
$2,967,000,000
by
Department
the
Shipments of coffee from Cuba
during the first five months of
American
the
to
Commerce.
of
1939,
market
the
report shows,
against 28,285 bags in
totaled only 11,864 bags (GO kilos)
the corresponding period of last year, a decrease of
The Commerce Department report went on to say:
Aa
the
United
States
is
the
principal
foreign outlet
for
58%.
in
the
first
half
and
meat
is
animals,
estimated
coffee,
at
Income
Income
from
all
returns
occurred
in
January-May period of this
than
the
United
greater than
place
550,000
and" 600,000 bags of
1939-40
crop
that
it
will
is
to
19,309
the corresponding
Conservative estimates
reported
exceed
the
other
to
markets.
During
the
C'^Oan coffee exports to countries other
year,
amounted
States
that of
shipments
1938-39
kilos each.
60
locally to
preceding
three
total
a
times
1988 period.
Cuban
the
bags,
be
favorable
very
by
crop
fair
a
for
usual
for
between
the coming
and it
expected
is
ended June
30, 1939, the Commodity Exchange Administra¬
tion announced on July 24.
This is less than half of the
1938 total of 17,283 carlots and
only 35% of the 5-year
(1933-38) average of 23,287 carlots.
It was further said:
pared with
carlots,
or
carlots,
or
It
is
total of
a
96.8%,
3.2%,
47,792 carlots for 1938.
were
that
approximate value of
estimated
total
for
the
on
the New
on
estimated
aggregated
year
Chicago
43,909 carlots,
Of this
Mercantile
1939
total,
com¬
trading
$39,037,000,
butter
in
Exchange and
decline of 61%
a
1938-39
had
tity
of
and
usually have
corn
greater
a
than the quan¬
source
marketed, the Bureau of Agricultural Eco¬
nomics, United States Department of Agriculture, said on
July 15 in the sixth of
tion
a series of reports
dating back to 1910.
The
estimates
exists
reduced,
only in
they
as
when
commodity
on
situa¬
reverse
supplies are sharply
in 1934 and 1936.
Corn prices, in
years
were
corn
turn, depend largely upon domestic supply and demand con¬
ditions, in contrast to wheat prices, which are determined
largely in the world market.
From
1914
increased
to
stuffs
and
fell
the
income
from
due
sharply,
prices
largely
to
general
abruptly.
in
From
inflation
The
Bureau, dropped from
000,000
prices.
income
the
depression
After
from
in
say:
United
States
demand
for
from
World
War
corn
reported
as
1918
the
dropped to the lowest level
the
trend
to close
by
of
the
$300,-
demand
1930's,
record.
on
been
situation.
fairly high level,
$400,000,000 yearly.
During
about
early
has
maintained at
were
averaged
corn
in
years
prices
corn
a
however,
income
from
corn
Since 1932, when only $110,000,000
substantially
Cash
income
upward
from
because
in
corn
of
1938
the
totaled
$271,580,000.
Corn
prices
affected
are
by changes
the general
in
level
of
wholesale
commodity
prices, changes in the supply of corn, and changes in hog
According to the Bureau, the relation between corn prices and
level of commodity prices in past years indicates that
changes in the
numbers.
the
wholesale
prices.
corn
level
price
.
.
for
account
than
more
half
the
30 years varied but little.
past
averaged
past
10
about
and
489,000,000
which
years,
of
the
changes
crop
sold during
in
.
The findings show that the proportion of the total
sales
400,000,000
During the
bushels,
include
bushels,
two
18.7%
or
years
17.5%
or
of
of
in
morevthan
pre-war
of
severe
the
corn
the
years
total
corn,
of
1909-14,
During
crop.
draught,
an
the
average
was
and
the
contrast,
siderably since the
exported,
or
industrial
in
crease
fed
use
utilization
pre-war
of
corn
negligible.
has
declined
With
cotton
all
was
up
usual
but
was
livestock
than
more
seasonal
livestock
the
fruits
increase
was
declined much
stable
a
and
directly
of
produced
from the
by
prior
is
to
rather
sharply
in
the
war
there
was
con¬
industry,
period
some
the
in¬
1921
exports decreased sharply.
1937 crop, exports since 1929 have
animals
not
on
farms
20,000,000 bushels
contrast
changed
used in
corn
During
After 1921
after
has
to
the
per
has
declined
annum.
150,000,000-bushel
This
average
1915.
at
$501,000,000
by
Marketings in June Estimated
Bureau of Agricultural Eco¬
nomics
Farmers'
cash
income
from
marketings in June totaled
(July 24) by the Bureau of
Agricultural Economics, United States Department of Agri¬
culture.
The June income was 1% smaller than the esti¬
$501,000,000, it
mate
of
was
estimated
$508,000,000 for May
more
than
prodricts.
was
$3,341,000,000
than
in
offset
May.
by
6%
After adjustment
larger, but the increase
Income
usual.
change
products
demand
vegetables,
into
more
more
from
declined
from
fruits, oats,
Income
from
May
June.
from
to
all
other
May to June instead
for
than
was
seasonal.
larger in June than in
Returns
from
chickens
than
seasonally from May to June.
products in prospect, the income from
products, and other commodities entering
farm
dairy
consumption
the
as
usual
1939 crop
seasonal
begins to
increase
in
to market should result
move
all
farm
income
during the
in
than the
more
and
summer
fall
months.
and
Its
Products—Congress Gets
(according to the Bureau),
New Oil
Control
Legislation—No Action Seen Before Next
Session—Daily Crude Output Spurts—Crude Pe¬
in
Lower—Five-Day Production
Week
Texas
Continuation Probable—Louisiana Con¬
servation Head Out—Mexican Picture
Clouded
Acting at the request of President Franklin D. Roosevelt,
Representative Cole (Md.) this week introduced
sweeping
legislation in Congress which would give the Federal Govern-.
ment control of natural gas
and crude oil production methods.
In
seeking the legislation, President Roosevelt drew atten¬
tion to the report of the National
Resources Committee
dealing with the
problems faced
sought to have Congress conduct
during the
summer
by the oil industry, and
a
study of the situation
and fall.
The bill will not be taken under consideration this
session
but instead will be taken up by a
special House interstate
sub-committee which will
commerce
needs
and report
investigate conservation
Congress at the next session its
to the
recommendations for
The
ending the evils afflicting the industry.
probe will be under the chairmanship of Representative
Cole who heads the oil subcommittee which will handle all
details.
Representative
Cole, for
charge of the House actions
is
upon
some
time, has been in
the petroleum industry and
thoroughly versed in the background of the industry in
recent years.
While the bill makes
no
attempt to control the supply of
petroleum through the establishment of production, market¬
ing or transportation quotas, its terms make such action
Under the broad powers granted to the Federal
Government in controlling possible waste of this invaluable
possible.
natural resource, there is more than
a
possibility that produc¬
phases of the industry, directly and indirectly,
might be brought under control of the Federal Government.
tion and other
The bill would set up an office of Petroleum Conservation
within the Department of the Interior
The office would be
commissioner, who would have the authority
to determine whether gas and oil were
being produced
wastefully in any field and with broad powers to issue
by
a
regulations designed to end such
The
covers
bill provides that the
waste
waste.
Commissioner, when
he dis¬
in production,
notify the State in which the
field was located and the operating
company and give them
fair opportunity to rectify the matter and make
specified
corrections in their setup.
Cash Income from Farm
smaller
is
likely to make about the usual seasonal
changes in the next few months.
Because of the unusually low level of
marketings of cototn in recent months, the increased income from cotton
headed
farms
The quantity of
Also
Consumption
from
increased.
sharply since 1915 to approximately
volume
sold
sharply.
utilization.
Except for the large exports
been
corn
period.
livestock
to
industrial
of
1%
was
sold.
In
the
1938.
June
larger,
livestock
about the
from
and
food¬
the
corn,
to
on
the
-
income
realized,
in
war-time
than $800,000,000
more
1929
to
cash
improved
the strong
of
cash
produced
corn
1922.
1923
and
was
The Bureau went
1918
9%
was
1%
or
months of
marketings
from
and
rye,
eggs
from the $99,245,000
corn
income
six
troleum Stocks
their cash income from this
offset
Income from meat animals declined
than seasonally from
May to June as the result of smaller marketings
and lower prices.
Income from
an
Held Major Factor in Cash Farm Income from
Corn, Says Bureau of Agricultural Economics
on
grains,
than
more
1,406
Price
Prices farmers receive from
was
making the usual seasonal increase.
T
1938.
totaled
$3,084,000,000
more
Egg futures transactions during 1939 had an estimated value of $103,945,000, a decline of 12% from the $118,000,000 estimated total for 1938.
effect
crops
Petroleum
during
of
42,503
York Mercantile Exchange.
futures
marketings
marketings of
eggs
change.
made
crops
May,
futures during the
and
dairy products
for 1938-39
egg
from
Income from corn, wheat, and
potatoes
less than the usual seasonal
barley,
of
Trading in butter futures on the Chicago Mercantile Ex¬
change (the only exchange on which there is any trading in
butter futures) declined to 8,162 carlots for the fiscal year
Trading in
chickens
from
estimate
seasonal
Income
+
the
income
much
was
margin.
CEA Announces Butter and Egg Futures Transactions
The Bureau fur¬
change, the index of income from farm marketings
(1924-1929 equals 100) declined from 65.0 in
May to 60.0 in June.
Income from crops did not increase as much as usual
from May to
June.
coffee crop at
The outlook
and
income
than
Increased
year.
first
from
smaller
which
farmers'
smaller
$3,381,000,000,
the
seriously felt
increase
1939
4%
vegetables,
decrease in Cuban coffee exports to the American market would
Cuban coffee interests except for' the striking
com¬
by smaller receipts from cotton, dairy products, .tobacco, and fruits.
Farm
income, including Government payments, for the first half of this year
have
by
of
was
January-June last
this sharp
been
$51,000,000
reported:
In
reported for
Cuban
to
May and $559,000,000 in June, 1938.
made
21
amounted
$589,000,000
irt
ther
July
3% smaller than the
1938.
Government pay¬
was
June,
pared to $81,000,000 paid in May and $45,000,000 in
June,
1938.
Including Government payments, farmers' income
this June totaled
$552,000,000 compared with
markedly during the current year as compared with 1988,
according to a report from Consul C. L. Thiel, Habana,
public
small increase in income from
a
Income this June
were
not made in
a manner
If, however, these corrections
satisfactory to the Commissioner,
he could institute legal action "to
compel the prevention of
waste."
The terms of the bill provide that violations
of the
act and regulations issued by the
Commissioner
offending party
open
to fines up
to
lay the
$1,000 for each day
during the period of violation and imprisonment of not more
than two years.
The bill also would make permanent the
The Commercial & Financial
648
Connally hot oil bill which
recently
was
years
by Congress.
for Illinois coupled with substantial
output
producing States sent daily
of crude oil during the July 22 week up more
during the week of July
a
oil
previous week and was achieved without any
substantial change in refinery operations.
The American Petroleum Institute's weekly report dis¬
daily average production setting a
high.
If
of motor fuel continues
at
would mean that stocks
would be down to around 63,000,000 barrels by the end of
the summer heavy consumption period, which would be in
total of 283,150 barrels,
weekly drain upon inventories
this rate, it was pointed out, it
the
a
Texas operators lifted daily average production
17,550 barrels during the week, the total reaching 1,343,300
Next in line was Oklahoma where operators showed
gain of 11,000 barrels in daily production which rose to
showed
no change from the pre¬
production holding steady at
275,850 barrels.
Kansas was up 11,350 barrels to a daily
figure of 178,100 barrels.
A loss of 11,200 barrels was shown
by California where daily average production was off to
614,100 barrels.
466,400 barrels.
Louisiana
vious week, daily average
A decline of more than
domestic and foreign
was disclosed in the
Mines which showed
July
of
1,250,000 barrels in inventories of
crude
oil during the second week of
July 25 report of the U. S. Bureau
stocks off to 268,119,000 barrels.
Sharpest contraction was shown in the holdings of domestic
crude oil which were off 1,229,000 barrels for the week covered
in
the report.
Inventories of foreign crude oil during the
July 15 period were off 33,000 barrels.
Heavy crude oil
stocks in California, which are not included in the refinable
stocks, totaled 14,167,000 barrels, which is up 56,000 barrels
from the previous week.
Sept. 18 will be the date of the next State-wide proration
hearing in Austin, Lon A. Smith, Chairman of the Texas
Railroad Commission, announced in mid-week.
In making
the announcement, Chairman Smith disclosed that he favors
another 3-month extension of the current 5-day production
week.
"The Railroad Commission will take no cognizance
of the RowanS'and Nichols case," he said, "until after the
Federal court to which it has been appealed to acts.
I am
in favor of another three months' order, for I believe it is
very helpful and adds stability.
The people then know what
to expect and what to do."
"The fall hearing of the Commission will provide an
opportunity for a review of the situation as the industry enters
the low winter consumption season," he pointed out.
Since
the Commssion is delaying recognition of the case pending
the ruling of the Court of Appeals, Mr. Smith pointed out,
that in the event of an adverse judgment the proration order
could be reopened to conform.
In the meantime, however,
no change is contemplated in the
present order, he stated,
"for I don't think we have any right to interfere in the situa¬
tion as it stands now.
If we were to do it, it would open
*
Only saving factor in a summer and spring season that has
seen refinery operations maintained at abnormally high levels
is the continued rise in consumption of gasoline over the
records set in 1938 with disappearance of motor fuel for the
current
Mr. Rankin and announced that Dr. J. A. Shaw would be
retained as head of the Commission's mineral division.
Conviction of five individuals and 12 oil companies in the
Madison, Wis., conspiracy trials were reversed by the United
States Court of Appeals on Thursday in Chicago.
The Court
for
cases
to the Federal District Court at Madison
trials.
At press time, the
had not made known its next
step.
new
Department of Justice
Secretary of State Hull, when questioned in Washington
concerning reports from Mexico City that Donald R. Richberg and President Lazaro Cardenas had reached an impasse
in
their negotiations involving oil properties taken from
American and British oil
companies
last year, said that the
Administration was watching the situation.
There were no drude oil
price changes.
Prices of Typical Crude
per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford. Pa
are not
to the weak statistical position of the industry in its
major "money" product.
Refinery operations for the third week of the current month
showed little change from the previous seven-day period.
sponse
Operations during the July 22 period were at 83.2% of
capacity which represents an increase of 0.1 point over the
previous week.
Daily average runs of crude oil to stocks
during the week were up 5,000 barrels to hit a daily figure of
3,395,000 barrels.
Gasoline production for the week under
review showed an increase of 16,000 barrels to 11,336,600,
the American Petroleum Institute's report disclosed.
price field, the major development was the July
of Socony-Vacuum Oil Co., Inc., that,
effective the following day, it would reduce its minimum
retail price for gasoline in the boroughs of Manhattan and
Bronx from 16.8 to 16.4 cents a gallon.
A similar reduction
In the
24 announcement
was
Eldorado, Ark., 40
1,25 Rusk, Texas, 40 and
Lima (Ohio Oil Co.)
Corning, Pa
1.02
...
.95
over
Darat Creek
Michigan crude
Kentucky
1.20 Sunburst, Mont
Mid-Cont't, Okla., 40 and above.. 1.10 Huntington, Calif., 30 and over...
Rodessa, Ark., 40 and above
1.25 Kettleman Hills, 39 and over
Smackover. Ark., 24 and over.
.75
Western
_
posted in the retail price of Mobilgas special.
in other major marketing areas were fairly
Conditions
stable in the
Demand throughout
consumption figures, is running
gasoline price structure.
the country, as evidenced by
far ahead of 1938 and this is
fineries.
a
major role in buoying
operations of re¬
,,v
■
•
playing
continued excessive
the
despite
prices
Representative price changes follow:
July 24—Socony-Vacuum cut minimum
16.8 to
16.4
cents
retail prices for gasoline from
and Bronx,
the boroughs of Manhattan
gallon in
a
effective July 25.
U. S. Gasoline (Above 65 Octane),
New York—
Tank Car Lots, F.O.B. Refinery
Other Cities—
New York-
Std.Oll N.J.1.06 J4-.07
.06
-.06)4
T.Wat.OH. .08H--08H
RlchOU(Cal) .08)4-.08)4
Warner-Q.. .0734-.08
Chicago.
J.07H-.08
Texas
Gulf
$.04H
(Bayonne)
I
White, Tank Car, F.O.B. Refinery
$.04
i New Orleans.$.05)4-.05)4
Los Angeles..
.03)4-.05
I Tulsa
1.02
.78
1.22
1.22
1.24
.04
C
$.04
$0.90
1.45
Terminal
$.02J4-.03
I Tulsa
I Chicago—
| 28-30 D
(Bayonne)—
27 plus
-.04)4
Refinery or Terminal
Gas Oil, F.O.B. Refinery or
$.053
I
Included
$.159 I Buffalo
1851 Chicago
Gasoline, Service Station, Tax
a
$.164 I Newark
New York
s
Brooklyn
168
|
Boston
$.17
-.175
sNot Including 2% city sales tax.
Daily Average Crude Oil Production for
July 22 Up 54,050 Barrels
Institute
Petroleum
American
The
Week Ended
estimates
that
the
week ended
July 22, 1939, was 3,583,750 barrels.
This was a rise of
54,050 barrels from the output of the previous week, and
the current week's figure was above the 3,513,200 barrels
calculated by the United States Department of the Interior
daily average gross crude oil production for the
be
to
total
the
of
the
restrictions imposed by the various
Daily average production
1939, is estimated at
3,526,550 barrels.
The daily average output for the week
ended July 23,
1938, totaled 3,349,050 barrels.
Further
details as reported by the Institute follow:
Imports of petroleum for domestic use and receipts in bond at principal
oil-producing States during July.
for
the
weeks
four
United States ports for
a
daily
200,286
for
the
barrels
four
for
weeks
22,
the week ended July 22 totaled
203,571
of
average
July
ended
week
the
ended
1,425,000 barrels,
compared with a daily average of
ended July 15 and 182,750 barrels daily
barrels,
July 22.
Receipts of California oil at Atlantic and Gulf Coast ports
ended
July
compared
22
totaled 363,000
with
a
daily
for the week
barrels, a daily average of 51,857 barrels
of 34,714 barrels for the week ended
average
July 15 and 32,821 barrels daily for the four weeks ended July 22.
barrel
$1.05
1.05
.05)4
04 J4 --05)4
| California 24 plus D
i New Orleans C
$1.05
$1.00-1.25 PhUa., Bunker C
1.651
'
Diesel.
N. Y.
$.05
-.05)4
.06)4--07
ports—
Tulsa
Fuel Oil, F.O.B.
(Bayonne)—
Bunker
Orleans.
Gulf
I North Texas
New York—
N. Y.
New
08X-.08X
Shell East'n .07)4-08
Socony-Vac
Reports received from refining companies owning
shown)
52.00
Illinois
proceeding at a rate which indicates a new
year
high will be established during the 12 months ended Dec.
31, next.
Had it not been for this, oil men say, stocks would
have been top-heavy and prices would have tumbled in re¬
Kerosene. 41-43 Water
August crude oil production quota for California was
increased to 598,300 barrels daily by the Central Committee
of California Oil Producers in an order following a meeting
last week-end.
The new quota compares with the figure
for the current month of 595,000 barrels daily.
At the same
time, the Committee voted to reduce the minimum quota to
be assigned any one well from 250 barrels daily to 240 barrels
daily.
A proportionate decrease was also made in allocations
to wells which in July were given a quota of less than 250
barrels although no change was made in marginal wells.
One day after Commissioner W. G. Rankin of the Louisiana
Conservation Department had resigned at the request of
Gov. Earl K. Long, he was brought before the Federal Grand
Jury investigating reports of hot oil dealings in Louisiana as
a
witness.
Prior to the resignation request of Governor
Long, Mr. Rankin had been under fire both by the State
Administration and also by Federal hot oil investigators.
Governor Long appointed State Senator Ernest Clements,
Chairman of the Senate Conservation Committee, to succeed
remanded the
economics.
line with sound
the entire situation."
The
during the July 22 period.
of the sharp decline
result
barrels.
a
had dropped to 77,960,000 barrels as a
closed that stocks
displaced Louisiana as fourth greatest oil prducing
in the country this week, a gain of 19,200 barrels in the
Illinois
new
men
barrels in the
U. S. Bureau of Mines.
State
22 totaled 1,456,000 barrels—normal
year—and was definitely encouraging to
since it followed a decline of more than 1,400,000
for this time of the
daily figure of 3,583,750 barrels,
according to the mid-week report of the American Petroleum
Institute.
This figure was approximately 70,000 barrels in
excess of the market demand estimate for July issued by the
barrels to
than 50,000
stocks of finished and unfinished gasoline
The drain upon
gains in other major crude oil
average
gas
york
Record high production
off sharply
cuts new
PRICE—dther major markets steady
high—socony
operations
refinery
.
July 29, 1939
products—motor fuel stocks
refined
extended for three
Chronicle
85.8% of the 4,268,000-
refining capacity of the United States,
industry as a whole ran to stills, on a Bureau of Mines
3,395,000 barrels of crude oil daily during the week, and that all
estimated
daily
potential
indicate that the
basis,
companies
had in storage at Tefineries, bulk terminals, in transit and
in
77,960,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,336,000 barrels during the week.
pipe
lines
as
of
the end of the
week
Volume
The Commercial & Financial Chronicle
149
DAILY AVERAGE
CRUDE
OIL
PRODUCTION
Total
(Figures in Barrels)
a
B.ofM.
Calcu¬
Stale
Week
lated
Allowable
Ended
Change
Weeks
Week
from
Ended
Ended
July 22,
July 23,
1939
1938
July 22,
Previous
1939
July 1
Week
(.July)
456,100
160,300
Kansas
466,400 + 11,000
459,550
434,300
178,100 + 11,350
428,000
166,000
sales
170,400
69,550
86,400
32,350
231,000
95,500
372,950
223,650
74,900
238,650
220,850
214,550
industrial
157,700
Natural
67,550
86,500
West Central Texas...
West Texas
—150
+4,800
+ 1,250
94,950
East Texas..........
372.950
Southwest Texas
Coastal Texas....
—150
223,950
■
•
Total Texas
+ 100
32,100
241,200
:
.......
East Central Texas—
+ 1,050
+ 1,450
224,100
Coastal Louisiana
,'
.
Total Louisiana
.
]
J
264,500
53,900
Illinois
187,400
105.900
Eastern (not incl. 111.).
Michigan
80,800
184,500
274,400
265,300
Colorado
60,600
58,200
263,500 1 146,450
+ 700
73,200
67,650
16,200
+ 5,500
3,900
—150
16,050
4,000
109,700
+ 50
108,150
101,350
2,969,650 + 65,250 2,915,550
614,100 —11,200
611,000
4,800
New Mexico
116,100
116,100
Total east of Calif.. 2,918,000
California
595,200
c595,000
3,513,200
These
oil based
+ 250
58,500
13,300
3,600
663,300
3,583,750 + 54,050 3,526,550 3,349,050
Bureau of Mines calculations of the requirements of domestic crude
upon certain premises outlined In Its detailed forecast for the month of
are
As requirements may be supplied either from stocks or from new production,
contemplated withdrawals from crude oil inventories must be deducted from the
estimated
requirements
to
determine
the
of
amount
crude
new
be
to
produced.
b Net
daily
Shutdowns
c
average
basic allowable for the
31-day
period
1.
beginning July
ordered for all Saturdays and Sundays during July,
are
total
current
6.3%
STILLS
AND
PRODUCTION
OF
the latest full-time week.
GASOLINE,
date is
production of bituminous coal in 1939 to
8.3% higher than in the corresponding period of 1938;
production of both hard and soft coal, 7.7%
higher than in 1938.
The U.
S. Bureau of Mines reported that production of
in Pennsylvania increased sharply in the week
anthracite
of
July 15, the total output of 763,000 tons being 279,000
tons in excess of
tonnage reported for the week of July 8.
Average daily production for the six working days or the
week of July 15, amounting to 127,200 tons, was
31%
higher than the rate obtained in the five-day week of July 8,
and 37 % above the corresponding week of 1938.
ESTIMATED
UNITED
STATES
DATA
ON
PRODUCTION
PRODUCTION
OF
Potential
Rate
Percent
Gasoline
Daily
Percent
Inc. Natural
Operated
Blended
615
100.0
Appalachian..
149
85.9
109
Indiana. Illinois, Kentucky.
Oklahoma, Kansas, Missouri
574
89.5
477
419
81.6
Inland Texas
316
50.3
...........
Texas Gulf
561
91.2
1,923
265
77.5
z937
129
81.1
561
1,000
89.5
804
89.8
149
97.3
138
95.2
55.0
41
74.5
118
54.2
42
482
64.7
85.8
3,048
83.2
Reported
Estimated unreported..
of
lignite,
b Total
weeks of 1938 and 1929.
Estimated
3,395
1939
11,336
11,320
x3,221
yl0,750
x
July,
1938,
daily
average,
week's production based on the United States Bureau of Mines
July,
z
STOCKS
OF
FINISHED AND
FUEL OIL,
UNFINISHED
GASOLINE
WEEK ENDED JULY 22,
during
the
week
converted
to
PENNSYLVANIA
OF
ANTHRACITE
AND
COKE
y
This
AND
1939
1938
1938
1929
c
c
Anthracite—
Commercial product'n b 725,000 460,000 529,000 26,451,000 24,456,000 34,832,000
Beehive Coke—
Is
1938, dally
AND
10,800
1,800
United States total
Daily average
11,200
2,240
10,500
1,750
524,100
3,138
337,400
2,020
3,658,700
21,908
dredge coal, and coal shipped b^y truck from authorized
operations,
b Excludes colliery fuel,
c Adjusted to make comparable the number
of working days in the three years.
a
GAS
Calendar Year to Date
16
July
July 8
1939
Total, lncl. colliery fuel a 763,000 484,000 557,000 27,843,000 25,743,000 37,534,000
170,300
229,600
127,200 96,800 92,800
157,400
Dally average
—
12% reporting capacity did not report gasoline production.
average,
produced
Week Ended
July 15
1,360
3,390
basis,
5,355 153,230 148,823 120,466
(In Net Tons)
9,976
4,268
Mines
5,654
BEEHIVE
Penna.
of
5,732 175,733 162,216 276,728
955
981
1,067
1,673
d Subject to revision.
1,362
4,268
Bureau
1929
166
'
347
♦U.S.B.of M. July 22, 1938.
1938
5,972
1,194
barrels
PRODUCTION
ESTIMATED
♦Estimated total U. S.:
July 22, 1939
July 15, 1939.
1939
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
pound of coal,
c Sum of 28 full weeks ended July 15, 1939, and corresponding 28
126
65.6
90.0
1938
Includes for purposes of historical comparison and statistical convenience the
327
100
828
1939
5.654
Coal equivalent of weekly output_
2,559
Louisiana Gulf
North Louisiana & Arkansas
California..
c
July 16
7,165
1,194
Dally average
production
414
92.8
Rocky Mountain
Calendar Year to Date
July 8
-
1,601
85.2
■
15
Crude Petroleum b—
Refineries
a
East Coast
WITH
a—
Total, including mine fuel.
Production
Average
Reporting
COAL
PETROLEUM
WEEK
1939 d
at
SOFT
CRUDE
OF
(In Thousands of Net Tons)
Bituminous Coal
to Stills
5,732,000
..
cumulative
(Figures In Thousands of Barrels of 42 Gallons Each)
a
This is an'increase of 427,-
Production in the week of 1938
July
Crude Runs
the
The cumulative
1939
Daily Refining
Capacity
sales
the output in the week ended July 1,
corresponding with that of July 15 amounted to
tons.
'
COMPARABLE
District
in¬
an
industrial
Week Ended
TO
ENDED JULY 22,
*
while
weekly coal report stated that
over
Note—The figures indicated above do not Include
any estimate of any oil which
might have been surreptitiously produced.
RUNS
showed
purposes
month,
production of soft coal in the week ended July 15 is
Recommendation of Central Committee of California Oil Producers.
CRUDE
the
estimated at 7,165,000 net tons.
52,250
68,400
63,600
July.
Bureau's
for
Department of the Interior, Bituminous Coal Com¬
mission, in its
2,685,V50
16,100
gas
101,437,800,000
19.0%.
for domestic
.
94,650
68,250
...
to
were
Natural
Weekly Coal Production Statistics
The
000 tons, or
53,200
Wyoming............
Montana............
7.8%
gained 11.9%.
102,550
62,550
+ 1,150
283,150 + 19,200
94,600 —1.400
61,117
Arkansas
amounted
increased
uses
sales
gas
438,900
71,300
—1,550
+ 1,550
month
78,200
203,100
70,200
205,650
the
29,050
275,850
264,163
„
for
gas
increase of 4.3%.
an
month
218,000
1,426.500 b1362158 1,343,300 + 17,550 1,332,250 1,394,800
...
North Louisiana
a
+ 9,200
the
of
crease
Panhandle Texas
North Texas
for
feet, an increase of 12.3%.
Manufactured gas sales for domestic uses, such as cook¬
ing, water heating, refrigeration, &c., were 4.5% less than
for May, 1938.
Sales for commercial uses gained 2.7%,
and
Oklahoma.
649
manufactured
cubic
Four
ments
of
30,302,800,000 cubic feet,
utility
Require¬
sales
and
Includes washery
,
1939
,
•
ESTIMATED WEEKLY PRODUCTION OF COAL. BY STATES
(Figures In Thousands of Barrels of 42 Gallons Each)
(In Thousands of Net Tons)
Stock of Finished and
Stocks of Gas Oil
Stocks of Residual
Unfinished Gasoline
and Distillates
Fuel on
Total
Total
and
At Terms,
Finished
Finished
At
At Terms,
in Transit
Refineries
Unjin'd
[The current weekly estimates are based on railroad carloadlngs and river ship¬
subject to revision on receipt of monthly tonnage reports from district
from the operators.]
ments and are
and State sources or of final annual returns
District
At
and in
Refineries
in Transit
Pipe Lines
Week Ended
and in
July
Stole
Pipe Lines
July 8*
East Coast
19,605
■20,744
5,276
3,001
11,836
6,164
3,270
12,570
218
64
405
3,245
651
2,810
1,484
49
2,800
Colorado
1938
Arkansas and Oklahoma
1,862
1939 p
Ind
111., Ky
Okla
Kan., Mo...
Inland Texas
Texas Gulf
1,406
7,764
Louisiana Gulf
6,470
1,638
1,762
Alaska
"46
9,202
4,655
"§51
6,439
"275
255
of
2
106
239
286
9
18
14
63
51
59
46
70
89
-
♦
Georgia and North Carolina...—
1
27
1,496
Illinois
452
482
465
580
732
1,268
5
557
Indiana
171
195
159
228
251
451
108
597
Iowa
29
27
31
14
45
Kansas and Missouri
60
62
73
72
79
134
648
742
473
604
678
735
75
13,631
r
66,841
5,025
l",8§I
8,319
61,822
23+26
Kentucky—Eastern.
72,835
25,069
5,125
760
8,537
84,016
77,960
79,416
a25,829
8,537
8,401
025,272
086,391
085,659
77
92
98
176
202
18
26
17
20
35
42
6
6
4
6
12
17
39
46
32
35
38
41
New Mexico
21
17
25
30
40
Western...—.....
27,644
28,416
77,835
a
115,879
For comparability
22
12
11
89
814
327
260
369
367
854
1,448
1,640
1,079
1,686
2,243
3,680
76
90
41
93
74
113
15
13
18
17
18
22
29
23
39
44
87
222
285
167
223
173
239
21
25
20
25
31
37
1,556
1,750
1,097
1,519
1,405
1,519
434
502
358
440
583
866
61
77
115
;
bituminous
Tennessee
with last year these
of
Gas
American
gas
Company Statistics
May, 1939
Gas
Association
utility
revenues
for
Month
of
Texas
-
—
Utah
-
reported
preceding
revenues
May, 1938.
of
year.
amounted
The
$34,644,200,
73
...
*
Other Western States c
or
to
natural
8.4%
70
85
*
*
*
23
s2
84
7,550
manufactured
$65,350,800
May, 1939, as compared with $62,102,000 for the corre¬
sponding month of 1938, an increase of 5.2%.
The manufactured gas industry reported revenues of
$30,706,GOO for the month, an increase of 1.9% for the same
the
Virginia—Southern a
Northern b—..—.......
Wyoming
reported
in
of
West
62
21
297
Pennsylvania
26,062
—
North and South Dakota
Ohio
71,240
......
Maryland.......
Washington—
month
87
Montana
27,644
2,375
Virginia
natural
74
165
8
262
figures must be Increased by stocks "At Terminals, &c.„" in California district.
and
8
1,154
Estimated Bureau of Mines basis,
Tlie
*
*
389
494
Mines
Summary
s
2
229
6
-
1,401
14,915
73,541
♦July 22, 1938...
*
2 "v
2
210
...
Alabama
2,131
71,866
July 22, 1939
July 15,1939
B.
8
3,942
♦Est. total U. 8.:
8.
Avge.
1923 e
Michigan
...
Est. unreported
U.
1929
357
Rocky
Reported
348
July 6
1,315
No. La. & Arkansas
Mountain..
California....
5,228
5,559
July 10
1937
July 9
1939 p
Appalachian
July 1
gas
more
utilities
than
for
5,972
4,688
484
866
325
652
772
11,208
1,950
7,604
5,013
7,146
8,322
13,158
Pennsylvania anthracite d—
Total, all coal
a
6,738
6,456
Total bituminous coal
Includes operations on the N. & W., C. & O., Virginian, K. & M.t B. C. & G.,
and the B. & O. In Kanawha, Mason, and Clay counties,
the
6,494
Panhandle
District
and
Grant,
Mineral,
and
b Rest of State, Including
Tucker
counties,
c
Includes
California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anth¬
racite from published records of the Bureau of Mines,
e Average weekly rate for
entire month,
p Preliminary.
s Alaska,
Georgia, North Carolina, and South
Dakota included with "other Western States."
*Less than 1,000 tons.
Arizona,
Expands—Lead Fairly Active
Business
as
Markets," in its issue of July 27,
for major non-ferrous metals was
fairly active during the last week, which caused some pro¬
ducers to raise their prices on both copper and zinc.
Owing
to the fact that other sellers continued to do business in
volume at the old levels, the feeling prevailed that a little
time will have to elapse before the uplift can be established
quotationwise.
Deliveries of copper, lead and zinc to con¬
sumers for the month of July will be substantially higher
than those of June.
The publication further states:
that demand
Statistics, follows:
-January
brought in a
totaled 15,721 tons for the week, against
3,597 tons in the previous week and 150,379 tons two weeks ago.
Sales
so far
this month total 176,893 tons, and by the end of the month may
exceed the record of 178,801 tons for October, 1936.
Good inquiry on
Fiiday, July 21, prompted Kennecott to announce late in the day an
increase of one-eighth cent in the price to 10.375c., Valley.
Small business
was
done on the higher basis, but the volume was insufficient to change
our
quotation, which remained at 10.250c., Valley.
The large mine
operators followed the advance to 10.375c., but custom smelters and some
of the smaller producers continued
offering copper quite freely on the
late
Effective
prices
the American
24,
July
on
advanced its base
Brass Co.
alloys containing more than 80%
Alloys containing less than 80% copper
one-eighth cent a pound.
copper
unchanged.
were
V.
•/
Sales for the last week in the ordinary grades were in good
tons, against 6,978 tons in the preceding week.
are
following the action of London prices closely, believing
totaling 5,415
Sales.,, booked
improvement.
during
Europe
Japan.c...
statistics
regarded
were
Smelting k Refining Co., and at 4.70c.,
Zinc
Sales
of
\
outlook,
cover
On
level.
to
St. Louis.
v
July 25
but the volume
London
firmer
quotations,
,
'
■■
seller announced
higher
level
which
quotation,
our
im¬
an
increase of 10 points for zinc
an
continued
sufficient in
not
were
The
American
Lead
Zinc,
labor agreement has
will enable
4.50c.,
at
St.
Louis,
Prime
for
& Smelting
announced
Co.
last week
that
a
been signed at its East St. Louis smelter, which
the company
to maintain operations in that plant.
for
quiet
Tin
Demand
outside
in
interest
metal
the
almost
all .week
and
48.40c.
at
Chinese
tin,
47.000c.;
July
last
showed
prices
week
Russia was
forward
for
delivery.
99%,
nominally
was
July
follows:
as
July
47.000c.;
22,
any
Tin-plate
48.15c.
July
This
Council.
Development
and
Research
Tin
national
with 12,600 tons in May, 1938, and a total of
70,400 tons for the five months of 1938. The exports from
the
countries in May amounted to 6,933 tons,
end of the month down to
The June exports (in long tons) amounted to:
signatory
•bringing the over-exports at the
268
—
Bolivia-.
estimated...
Malaya
1,133
Netherlands Indies..........
1,604 Nigeria
150 Siam.
1,481
,
French Indo-Chlna,
172
....
463
aggregate being 5,271 tons against a permissible ex¬
The
port
parenthesis refer to the corresponding period of the pre¬
year) :
apparent tin consumption in May is estimated at 13,500 (16,500)
tons, and the total for the first five months of 1939 at 63,400 (69,700)
tons.
The average monthly consumption during the first five months of
World
DAILY PRICES OF
of
("E.
with
the
in
and
being
Tin
Dom.,Refy. Exp., Refy.
May amounted to 430,000 (330,000) vehicles,
the
first
five
months
1939
of
Steel
Ingot
Production
60%—Scrap Strong
Rises to
"Iron
The
Age" in its issue of July 27 reported that a
midsummer steel production rate of 60% attained this week
bears out a prediction made by the "Iron Age" in mid-June
and again last week, though it has come a little sooner than
expected, thereby giving promise of a still higher rate when
automotive buying for 1940 models has assumed larger pro¬
portions.
The "Iron Age" further reported:
The current
rate
this year's previous
is the
highest since November,
1938, being well over
The sharpest rise was in the
peak of 56% in March.
Cleveland-Lorain district,
where operations average 70%,
Elsewhere, gains
Pittsburgh and Chicago,
were more
18 points over
moderate, amounting to two points
points in the South, where the rate of
82% is the country's highest, and five points at Buffalo.
are
been
quite as good as that of the
not
was
Much of the current production is
accumulated
in
structural
10.025
9.925
48.500
4.85
4.70
4.50
July 21
10.025
9.950
48.500
4.85
4.70
4.50
July 22
10.025
9.950
48.500
4.85
4.70
4.50
shipbuilding
requirements.
various lines
of household
However,
based on backlogs that
reinforcing bars,
steel,
other products used in building construction
July 20
In
Orders
running moderately ahead of those booked in June, though
week's aggregate business
past
have
slightly ahead of orders and shipments
demands from the automobile industry.
for sudden
week before.
St. Louis
seven
production continues
this month
Zinc
St. Louis
vehicles,
(1,698,000)
2,326,000
to
increase of 37%.
an
at
25,
QUOTATIONS)
New York
.
is
July
Lead
New York
monthly
a
•#»
the
Straits
Electrolytic Copper
compared with
as
last year.
corresponding period of
World automobile output in
last week.
-
tons,
estimated at 376,000
(249,000) tons.
Production in the first five months of 1939 amounted
to
1,547,000 (1,271,000) tons, being an increase of 22% as compared
preparation
& M. J."
12,680
to
during the year 1938.
production in May, 1939,
tons
12,600
tin-plate
Ingot
METALS
therefore
amounted
World
46.950c.
26,
Ago—
amounted to 9,600
five months up to
54,100 tons, according to the July issue of the "Statistical
Bulletin," published by The Hague Office of the Inter¬
47.100c.;
20,
47.000c.;
24,
mills
Spot Straits tin
pound, with October-November at
per
scarcely
17s. 6d., with
credited with buying
£229
operating at 65% of capacity.
are
47.000c.;
21,
entirely lacking.
the
during
United, States
settled
July
was
Standard tin in Lnodon, spot, continued at
change.
some
tin
figures for
Conjectural,
May, 1939,
production in
tin
by other
volume to influ¬
Western.
new
15,981,000 oz. In first three months of 1939;
yet available,
b Includes New Zealand, c
bringing the total for the first
average
appeared
consumers
small compared to the tonnage sold at 4.50c.
the
at
d
72,947,000 73,538,000
Tot. ex-Mexico
Production in May Below Year
Consumption Also Below Last Year
World
tons,
for the next few months at the 4.50c.
requirements
one
was
Sales
sellers.
.110,953,000
Tin
World
1939
•'
v
;
Spme business was done in this direction at 4.60c. on July 26,
4.60c.
ence
and
their
—
vious
Encouraged by greater activity in the steel industry and improved
industrial
anxious to
produced
May not
reported.
.
with
pressive total considering the fair volume of business during the last few
weeks.
550,000
Totals
6,235,000
4,375,000
466,000
good
week totaled 14,327 tons,
grades of zinc last
common
1,000,000
420,000
a
involved
as
tons.
Stocks increased by
only 96 tons, to 129,366 tons, at the end of June.
Quotations continued at 4.85c., New York, the contract settling basis of
the American
and
1,200,000
Other Africa
a
in
refined lead
on
from domestic ore back to 37,000
production
—
Mexico
d Not yet
Belgian Congo—.
7,450,000
8,980.000
8,240,000
5,845,000
4,140,000
—
&c.b.
Australia,
South Africa....
8,150,000
satisfactory,
week
the
July metal.
June
The
America..
Other
under the control scheme of 7,257 tons.
The overexport at the end of June amounted, therefore, to 3,034
tons,
xln announcement in the matter continued (figures
quotations here will move upward as soon as the foreign market shows
definite
tonnage of
1,930,000
7,190,000
38,006,000
—
Peru.
fairly active.
that
Other Asia.
1,490,000
472,000
Belgian Congo
Inquiry for lead was well sustained during the last week, and on days
when the London market showed up to better advantage the buying became
Consumers
2.725,000
7,606,000
Canada...——.
Mexico
5,020 tons.
Lead
volume,
1939
2,505,000
compares
most copper products and on
on
24,041,000
8,025,000
7,636,000
May
to
1938
Burma
that
The undertone at the close was firm.
basis.
10.250c.
J*-.
1939
States... 25,914,000
United
April
undertone in the domestic copper market
business
of
volume
■January
May
to
1938
a
Copper
A continued firm
Production
production of refined silver during the first five
months this year, compared with the same period of 1938,
in ounces, according to the American Bureau -of Metal
World
Mineral
and
"Metal
reports
July 29, 1939
World Silver
Metals—Copper and Zinc Prices Firmer
Non-Ferrous
fair
Chronicle
The Commercial & Financial
650
piling and
together with armament and
miscellaneous
business,
including
equipment, is making a good showing.
Aside
July 24
10.025
9.950
48.450
4.85
4.70
4.50
from construction steel tonnages,
July 25
10.025
9.950
48.450
4.85
4.70
4.50
lots, on which quick deliveries are usually demanded, indicating no surplus
10.025
9.950
48.400
4.85
4.70
4.50
10.025
9.946
48.467
4.85
4.70
4.50
July 26
Average
_
prices for calendar week ended July
10.025c.; export
9.950c.;
copper.
22
Notwithstanding the delay caused the General Motors Corp. in prepara¬
Domestic copper, f.o.b*
are:
48.538c.;
Straits tin,
New York lead,
4.850c.; St. Louis lead, 4.700c.; St. Louis zinc, 4.500c.; and silver, 34.750c.
markets, based
on
sales
of cash,
reported by
New York
producers and agencies.
St. Louis,
or
as
releases of steel for automotive
They are reduced
deliveries: tin quotations
In
the trade,
delivered
at
based on sales for both prompt and future
for prompt delivery only.
are
domestic copper prices are
consumers*
the figures shown above
plants.
are
As
charges
vary
basis; that
with the
Is,
destination,
net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New.England
average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
On foreign business in copper sellers
usually name a c.i.f. price—
Hamburg, Havre, and Liverpool.
The c.i.f. basis commands a premium of 0.325c.
per pound above f.o.b. refinery quotation.
Dally London
Prices
declared by the steel trade to be incorrect and evidently arise from a
general
consumers
beyond that
now on
it
is
Copper
not
3M
(Bid)
Tin, Std.
42nlg
43
48%
42"i»
43
42%
433n
42"u
43 %
43 %
48%
48%
48%
43
Prices for lead and zinc
49
are the
Spot
Zinc
Lead
229%
229%
229%
229%
229%
3M
prices.
Spot
3M
Spot
3M
the third
unlikely that
quarter
and possibly
After the low-priced tonnage
some
of such readjustments.
upward readjustments in quotations on flat
a
However, mills seem to be determined to prevent
repetition of the May fiasco.
14",«
1413i«
14%
14%
14b#
14si6
14",«
1413u
14'ie
147I«
224%
224%
14%
1413i»
14»n
149!6
14",8
14%
14
145,«
14%
14%
official buyers' prices for the first session of the
are
been
New quantity extras on small
announced,
lots of hot rolled carbon bars
Prices on
effective immediately.
merchant wire
products are steadier prior to the effective date of new extras, which is
Aug. 1, and plates, which have been a weak item, are firmer, sales having
225
the official closing buyers,
All are In pounds sterling per long ton (2,240 lb.).
through
shipped, which will not be until late in the year,
rolled products may be made, although it is too early to predict the nature
have
224%
224%
London Metal Exchange: prices for copper and tin
May when automobile manufacturers and
covered
were
their known requirements.
Meanwhile, efforts to strengthen the price stiuation on other products
Electro.
Spot
on
the books has been
continues.
Copper, Std.
models
scheduled for
misunderstanding of the blanket commitments that were made at the rime
of the extreme price decline last
quoted on a delivered
delivery
cars,
Reports of fresh price concessions on sheets and strip in the Detroit area
are
are
Studebaker
Previews of Packard and
early August, confirm expectations of an early beginning of the 1940 model
per pound.
Copper, lead and zinc quotations
come.
season.
All prices are In cents
noted.
of the tool and die makers strike,
work, particularly from parts makers, are a
little better, though the bulk of the tonnage for initial runs on new
is still to
The above quotations are "M. & M. M.'s" appraisal of the major United States
to the basis
mostly for moderately small
are
of consumer stocks.
tion of 1940 models by the continuance
Average
refinery,
_
orders
been made at the published price of 2.10c. a
Lettings
of fabricated
structural
steel
lb.
are
running at
a
fairly steady
volume, totaling upward of 19,000, about the same as in the previous week,
while
new
projects out for bids amount to nearly 17,000 tons.
Awards of
j
reinforcing bars about 11,500 tons.
Railroad
buying still lags, but
a
few secondary orders for rails have been
placed and the American Refrigerator Transit Co. will buy steel for
100
Volume
refrigerator
The Commercial & Financial Chronicle
149
be built in its
to
cars
There is still hope that a
shops.
own
larger volume of railroad buying will develop if Congress
satisfactory to the carriers.
passes a
bill that
quirements.
The
Disregarding
"Iron Age" steel scrap composite price has moved upward
for the
market at Chicago.
Much of the
strength, however, is based on
current
broker-dealer transactions, which
have put some
much
yet buying heavily.
are
$1 a ton.
as
Mills
are not
Detroit up as
prices at
THE
"IRON AGE"
This restores it to the
when it started
in
starting to
prevailed the middle of March,
as
A similar trend existed
a
year ago,
recover.
Last week's rate of 5633%
compares with 36% in the corresponding 1938
prospects
Steel
level
same
nine-weeks' decline.
a
operations tapering for nine weeks but being three weeks later than this
year
Subsequent
63% in November.
PRICES
sus¬
the holiday week, steelmaking now has expanded for nine
period.
COMPOSITE
Finished
weeks.
Cast scrap grades
coming closer to the price of pig iron.
major
a
taining influence.
is
third consecutive week, having gained 9c. to
$15.13 because of a stronger
651
Building and engineering construction also is
last
recovery
carried operations
year
to
peak
a
of
While this figure has not been matched since then,
good for exceeding it before the end of 1939.
are
Schedules of
close to
July 25. 1939, 2.236c. a Lb.
One week ago—
One month ago
2.236c.
.
One year ago
beams, tank plates,
wire, rails, black pipe, sheets and hot
rolled strips. These products represent
85% of the United States output.
2.300c.
4
1939—
2.286c.
2.236c.
3
Jan.
May 16
.—_2.512c.
May
17
2.211c.
Oct.
8
.2.512c.
—
1937
plants
ally
Mar.
9
2.249c.
Mar.
2
28
2.016c.
Mar. 10
are
are
still is
Low
High
1938
60% are indicated for the next several weeks.
While automotive shipments reflect the fact the
majority of assembly
I Based on steel bars,
2.236c.
_
closed for model
increasing.
a
changes, steel releases from partsmakers gradu¬
The strike of General
Motors
tool
and die workers
restrictive
factor, however, and introduction of 1940 models by
the industry in general
probably will be somewhat later than was expected
60 days ago.
1936
2.249c.
Dec.
1935
2.062c.
Oct.
1
2.056c.
Jan.
8
Motorcar assemblies totaled only 47,420 units last week, a
drop of nearly
15,000 from the week before and comparing with 32,070 a year ago.
Chrysler
2.118c.
Apr.
.
1930
_
—
Jan.
2
accounted for most of the
3
1.792c.
May
2
tion of 1939 model
production of some
Sept.
6
1.870c.
Mar. 15
Jan.
7
1.962c.
Oct.
2.402c.
—
1927
1.945c.
Oct.
2.192c.
■_
1932
24
1.953c.
1.915c.
1934
1933
Jan.
4
2.212c.
Nov.
29
1
1939, $20.61
Gross Ton
a
One week ago
One month ago
fBased
for basic Iron at Valley
furnace and foundry iron at Chicago,
Philadelphia,
Buffalo,
Valley
and
$20.61-1
20.61)
One year ago
19.611
on average
$23.25
1937
1934
20.25
Feb.
16
Mar.
Nov. 24
18.73
Aug. 11
Nov.
17.83
May 14
9
5
16.90
Jan
13.56
Jan.
3
Jan.
5
13.56
Dec.
6
Heavy
16
Jan.
7
15.90
Dec.
Jan.
4
17.54
Nov.
One month ago
One year ago
1
No.
on
1
heavy
melting
steel
quotations at Pittsburgh, Philadelphia
and
Low
$15.29
Mar. 28
$14.08
June
$57.20
Nov. 22
11.00
Mar. 30
12.92
Nov. 10
Dec.
21
12.67
June
7
13.42
Dec.
10
10.33
Apr. 29
Mar. 13
9.50
Aug.
8
6.75
Jan.
July
1927
Jan.
12
6.43
15.00
1930
Feb.
18
11.25
Dec.
Jan.
17
13.08
Nov
15.25
Steel
Institute
on
July 24
193g_
22
an-
IQ1Q
1939—
6
26.2%
Sept. 19.—47.3% Jan.
2
50.7%
June 13
27.1%
Sept. 26
46.7% Jan.
9
51.7%
June 20
28.0%
Oct.
3
47.9% Jan.
16
52.7%
June 27
28.7%
22.4%
Oct.
IQ
51.4%
Jan.
23
51.2%
Oct.
17
24
49.4% Jan.
53.7% Feb.
30
Oct.
Oct.
31
56.8% Feb.
13
61.0% Feb. 20
52.8%
63.4%
54.8%
53.7%
June
62.6% Feb.
55.8%
June 12
1
Aug.
Nov.
7
Nov. 14
6
27
Apr. 17
Apr. 24
50.9%
48.6%
47.8%
47.0%
45.4%
48.5%
52.2%
54.2%
53.1%
55.0%
54.3%
May
1
May
8
May 15
May 22
May 29
5
Aug. 8
Aug. 15
Nov. 21
61.9% Mar.
55.1%
June 19
40.4%
Nov. 28
60.7% Mar. 13
55.7%
June 26
Aug. 22
42.8%
Dec.
59.9% Mar. 20
55.4%
July
July
5
6
Aug. 29
44.0%
Dec.
12
57.6% Mar. 27
56.1%
Sept. 6
Sept. 12
39.9%
45.3%
Dec.
19
Dec. 26
51.7% Apr.
38.8% Apr.
52.1%
3
10
54.7%
and
numerous
that
32.3%
36.4%
37.0%
39.8%
39.4%
markets,
Optimism
level
two
so
on
in
steel
industry
was
38.5%
10
49.7%
July 17_—56.4%
July 24
60.6%
of the iron and steel
leading
points ahead of the late-June rate
to
Ingot
production
equal the best
has
previous
far this year, and demand is sustained or higher in most directions.
last
were
being
This advances
April.
A year
On the other hand,
with
Current output of 65% is five points below
week,
bar
inquiries
and
awards
were
more
but absence of large lots held, the totals below the
to
latest
48% and Chicago
steelmaking gains.
rose
33^
Pittsburgh
5334-
points to
1 point to 41 in eastern Pennsylvania,
was
up
Other increases
13 points to 56
at
Cleveland,
934 points to 4634 at Buffalo, 1 point to 81 at Birmingham, 10 points to 31
Cincinnati and 234 points to 4734 at St. Louis.
Unchanged districts
at
included Wheeling at 79, New England at 40, Detroit at 64 and Youngstown
at
53.
/
■
Steel
output for the week ended July 24, is placed at
583^% of capacity according to the "Wall Street Journal"
of
July 27.
This compares with
39^% two weeks ago.
50j/£% in the previous
The "Journal" further
week and
stated:
'U. S. Steel is estimated at 5334%, against 45% in the week before and
3434% two weeks
Leading independents
ago.
credited with 6234%.
are
compared with 55% in the preceding week and 4334%
tow weeks ago.
The following table gives a comparison of the per centage of production
with the nearest corresponding week of
previous years, together with the
approximate changes, in points, from the week immediately preceding:
U. S. Steel
Industry
1939
58 X
5334
37
+4
—1
large part of the slack in automotive and railroad
er-
+834
29
82
78
6234
44
34
—
—3
+ 734
+8
84
.
+2
45
66
+3
72
40
77
+ 3
+ 1
49
2634
-134
25
+2
—234
2734
1933
55
—1
50
—1
59
1931
33
+ 134
33
34
100
1934
...
1930
—
—
7234
-
92
—
70
.
71'+
68 34
-.—
34
+234
52
+ 1H
7634
+ 134
+4
—
—1
33
64
5734
96
1929.
This results from continued strong support from miscellaneous steel
users
Independents
.
+8
1937
1927
a
districts.
*
Most districts shared in
4 points
1928
taking up
are
$55.60 and compares
unchanged at
reinforc ng
concrete
1935
increasing.
Most encouraging market feature is maintenance of business in relatively
are
wire nails
average so far this year.
good volume despite restricted needs of some normally heavy consumers.
who
on
$13.50 and heading upward.
composite is
1936.
is
some
gradually
3
July 24, stated:
the
a
Part of this strengthening
Size extras
1938
"Steel" of Cleveland, in its summary
moved
pronounced, and
June average.
9
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 60.6% of
capacity for the week beginning July 24, compared with
56.4% one week ago, 54.3% one month ago, and 37.0% one
year ago.
This represents an increase of 4.2 points or 7.4%
from the estimate for the week ended July 17, 1939.
Weekly
indicated rates of steel operations since June 6, 1938, follow:
July
5
July 11
July 18
July 25
thorough test of prices of
a year ago.
Shape
8.50
—
steel
that of most other products.
Sept. 25
12.25
—
1938—
a
more
Although tending to taper seasonally, tin plate production holds above
9
13.00
June
stability is
further in several
are up
the composite
ago
17.75
nouneed
In other items
Scrap prices
the finished
15.00
Iron and
usually restricted demand during
weeks precludes
attributable to improved demand.
May 16
21.92
_
American
which
the scrap composite 12 cents to
$14.87, highest since early
High
The
Steel sales out of warehouse also show strong
revised, the first change since 1927.
Chicago.
14.08
1935
1934
1933
1932
cars.
busier, particularly in tractor departments,
Requirements of domestic appliance makers
season.
coverage in past
steel produces.
is
Based
14.71
are
users.
firmer undertone is
appearing in most markets.
Scrap
$15.04
The Seaboard also
this period.
27
18.21
Steel
subway
Erie has
Seaboard Air
New York Board cf Transportation is
cars.
resistance to seasonal influences
1
5
19.71
Gross Ton
comple¬
practically
have followed this year's
upturn in residential building and are compara¬
May
1930—.
a
to 300
tively heavy for the
Dec.
1927
$15.13
14 passenger
better steel
are
14.81
.
1939
1938
1937
1936
and
16.90
_
July 25, 1939.
One week ago
on
17.90
_
1932
6
19.73
—
_
1933
July
Line and
locomotives.
has closed
Farm equipment builders
$19.61
18.84
—
_
placed 3,777 tons of rails and the Atlantic Coast
Line each has ordered two diesel-electric
Low
June 21
23.25
_
1936
1935
on
was
unchanged at 18,450 units, Ford cut from 18,500 to 17,000 and all others
slipped from 6,365 to 6,070.
inquiring for 150
Southern iron at Cincinnati.
High
1938
General Motors
cars.
Railroad buying of steel and
equipment continues restricted.
Pig Iron
July 25,
reduction, from 18,320 units to 5,900,
34
+2
65
1932 not available.
Current Events and Discussions
The
Week
During the
with
the
week ended
Federal
Reserve
July 26 member
Increase
Banks
bank
balances increased $24,000,000.
Additions to member bank
arose
from decreases of $24,000,000 in Treasury
reserves
cash, $20,000,000 in money in circulation and $22,000,000 in
Treasury deposits with Federal Reserve banks, and from
increases of $36,000,000 in gold stock and $3,000,000 in
Treasury currency, offset in part by an increase of $56,000,000 in non-member deposits and other Federal Reserve
accounts and
a
decrease of $25,000,000 in Reserve bank
credit.
Excess
estimated
to
be
of member banks
July 26 were
approximately $4,490,000,000, unchanged
reserves
on
for the week.
The
July 26, 1939
reserve
principal change in holdings of bills and securities
$
or Decrease
Since
$
Bills discounted
1,000,000
U. S. Government securities
Industrial
advances
(not
2,488,000,000
.
(—)
July 27, 1938
$
5,000,000
Bills bought
—2,000,000
_
—27,000,000
—76,000,000
including
$11,000,000commitm'ts—July 26)
13,000,000
...
...
6,000,000
+2,000,000
2,512,000,000
>16,227,000,000
2,893,000,000
—25,000,000
Other Reserve bank credit
Total Reserve bank credit
Gold stock
+36,000,000
h—3,000,000
+11,000,000
—71,000,000
+3,225,000,000
Treasury cash
Treasury deposits with F. R.
bank—
+174,000,000
10,436,000,000
+ 24,000,000
+ 2,248,000,000
—20,000,000
+ 586,000,000
—24,000,000
742,000,000
—22,000,000
+178,000,000
+10,000,000
947,000.000
Member bank reserve balances
Money in circulation
+ 3,000,000
7,002,000,000
2,506,000,000
Treasury currency
+ 56,000,000
+ 306,000,000
Non-member deposits and other Fed¬
was
reduction of $27,000,000 in United States Treasury bills.
The statement in full for the week ended July 26 will be
found on pages 682 and 683.
eral Reserve accounts
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
—
+
a
(+)
July 19, 1939
Return
of
Member Banks
in
New
York
City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal
Reserve
System for the New York City member
Chicago member banks for the current
banks and also for the
week, issued in advance of full statements of the member
banks which will not be available until the coming Monday.
liabilities of weekly reporting member banks
assets and
central reserve cities
in
(in Millions of Dollars)
Chicago
—-New York city
W3? Jmg9 *i&27
yi9396 ;?3919 "m?7
$$$$$$
8.092
7,490
2.141
2,151
1,827
Assets-
IXComrnereiai
"industrial
'
and
agricultural loans
357
358
131
18
37
18
33
18
25
71
71
68
118-
472
469
188
L
338
1,450
1,405
1,414
--
Open market paper—118
Loans to brokers and dealers..
523
187
193
115 '
115
118
14
13
12
379
Real estate loans.....
376
4I0
"so
"6i
"62
2,787
IS
1S1
646
Obligations fully guaranteed by
United States Government...
Sill
2,211J
m
Reserve with
136
128
—
1,11s
i.iuo
i,uo4
azo
333
310
5,072
5,044
3,386
857
835
934
;
137
770
l.ioo
1,106
m
78
LiaMittie
70
226
3so
492
47
46
51
1,560
464
*
—
843
7,655
632
6,278
645
1,716
493
1,682
------
deposits...
56
59
104
63
bO
2,892
546
2,941
640
2,424
265
740
12
760
12
deposits—adjusted
Demand
deposits
Time
™
372
7,804
other assets-net
......
United States Govt,
these columns of May 7,1932, page
—
Foreign banks
Other
—
493
67
account."*...
692
1+-.
348
..1,480
297
15
15
" l7
1,477
265
264
247
Member Banks of the Federal
Preceding Week
Complete Returns of
System for the
Reserve
of the New York and
explained above, the statements
As
>
1,479
Uabllftto"346
Capital
banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics cover¬
ing the entire body of reporting member banks in 101 cities
Chicago member
be compiled.
cannot
of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
following will be found the comments
In the
of business
The
Granting £10,000,000 Loan to
tareece
According to a wireless dispatch to the New York "Times"
from Athens, Greece, July 22, an agreement was reached on
Great Britain Reported as
^
4
This merchandise was reported here to
weekly
of
statement
banks
member
reporting
in
101
the following principal changes for the week ended
July 19:
A decrease of $29,000,000 in loans to brokers and dealers in
securities, an increase of $57,000,000 in reserve balances with Federal
Reserve
banks, and
an
increase of $19,000,000 in demand deposits—
"Community of Interests"
New
Bankvereeniging and the Amsterwill conclude a "community of
interests" effective Jan. 1, 1940, equally sharing gains and
losses and mutually guaranteeing obligations, it is learned
from an Amsterdam dispatch to the "Wall Street Journal" eo
The
and
City,
Rotterdamsche
The advices further explained:
July 24.
Capital and
open
and hidden reserves will be
Rotterdamsche Bankvereeniging the repayment
to
to
equalized, entailing for
of capital from 45,000,000
35,000,000 guilders and the raising of open reserves
by 3,000,000 guilders
transfer from hidden reserves.
Adsterdamsche Bank the plan will result in the repayment of
20,000,000 guilders by means of
For the
capital from 55,010,000 guilders to
35,000,000 guilders and a reduction in
guilders by means of
hidden reserves and
from 48,000,000 guilders to 20,000,000
the transfer of
approximately 10,000,000 guilders to
18,000,000 guilders.
the distribution of about
The manager of the
Amsterdamsche Bank, V. S. N. Nierop, will
director of the combined institution
of the
and the other manager
Amsterdamsche Bank will also become
managers
become
and directors
and directors of
Rotterdamsche Bankvereeniging and vice versa.
de
York
and agricultural loans declined $4,000,000 in
increased $4,000,000 in the Cleveland district and
Adoption^of
Plan
damsche Bank, Netherlands,
adjusted.
industrial
of the agreement are
understood to be low.
for
Banks
Netherlands
Two
of
purchase of
indicate any significant
the amount involved is not considered sufficient to
change in Greece's relations with other powers.
Plans
Britain will
consist of war material, mainly
airplanes and anti-aircraft guns.
"While the terms
favorable to Greece in so far as the interest rate is
cities shows
Commercial,
^>etween Britain and Greece by which
^at
grant to Greece credits up to £10,000,000 for the
British merchandise.
The dispatch also said:
open reserves
July 19:
condition
leading
3363.
»
Inter-bank deposits:
Domestic banks
constituted the first attempt by the two govern-
agreement
Tbe
ments to solve the problem of double taxation which had become a burden
to American nationals doing business in France and to French nationals
doing business in the United States.
the last seven years questions have arisen which were not envisaged
by the 1932 agreement and the new convention Ls designed to cover these
questions and to improve the old agreement on the basis of past experience.
The signing of the original agreement was reported in
•+•
Fed. Res. banks...
Other securities
William C. Bullitt, American Ambassador to France, and
Georges Bonnet, French koreign Minister, signed a new
double taxation convention at Paris on July 25 which, when
ratified by the two governments, will replace the original
agreement made April 27, 1932.
The following concerning
the pact is from a Paris wireless, July 25, to the New York
"Times":
640]
I"
2,197
bonds..........
United States
July 29, 1939
Taxation Agreement Between United
States and France Signed
Double
New
8,182
investment*—total..
Loans and
I
Chronicle
The Commercial & Financial
052
"community of interests" will
Telegraaf suggests that the
be prac¬
the dominating role being
taken by
tically similar to a consolidation, with
Rotterdamsche Bankvereeniging.
$6,000,000 at all reporting member banks.
Loans to brokers and dealers
$24,000,000 in New York City and $29,000,000 at all
in securities declined
York
banks.
member
reporting
in New
Loans to banks increased $11,000,000
reporting member banks.
City and $13,000,000 at all
New
York City and increased $14,000,000 in the Chicago district and $4,000,000
at all reporting member banks."
Holdings of United States Treasury notes
declined $8,000,000 in New York City and $2,000,000 at all reporting
Holdings
United
of
Holdings
banks.
member
$11,000,000
member
of
Chicago
the
in
Holdings of
banks.
increased
Government
States Treasury bills declined $19,000,000 in
United
district
and
bonds
increased
at all
reporting
Government
States
$10,000,000
obligations guaranteed by the United States
$6,000,000.
Holdings of
"other securities"
showed
for the week.
deposits—adjusted increased $14,000,000 in the Chicago district,
practically
change
no
Demand
$8,000,000 in the San Francisco district, and $19,000,000 at all reporting
member banks, and declined $15,000,000 in the New York district outside
of
New
York
$10,000,000.
weekly reporting member banks amounted to $12,000,000
Borrowings of
on
July
to domestic banks declined
19.
Increase
(+)
Decrease
or
(—)
Since
22,025,000,000
8,116,000,000
Loans—total
Commercial. Industrial and agri¬
cultural loans......
3,893,000,000
to
311,000,000
paper
brokers
and
dealers
615,000,000
loans for purchasing
carrying securities
«
$
+1,407,000,000
—15,000,000
—92,000,000
+2,000,000
2,000,000
+ 15,000,000
—21,000,000
—29,000,000
—8,000,000
+ 6,000,000
—
In
securities
Other
July 20, 1938
July 12, 1939
$
Assets—
Loans and investments—total
Loans
528,000,000
1,164,000,000
—2,000,000
+ 1,000,000
—50,000,000
+5,000,000
Loans to banks..
71,000,000
+ 13,000,000
—57,000,000
Other loans
1,534,000^000
—2,000,000
+24,000,000
Treasury bills
458,000,000
Treasury notes..
fully
States
+4,000,000 f
+ 809,000,000
2,132,000,000
guaranteed
Government
+ 10,000,00001
2,159,000 000
3,245,000',000
.....
Cash in vault
Balances with domestic banks.....
8,706,000 000
439,000^000
2,767,000,000
+ 537,000,000
+6,000,000
+153,000,000
+1,997,000,000
+ 50,000,000
—23,000,000
+339,000,000
—1,000,000
-
+ 57,000,000
—25,000,000
Demand deposits—adjusted
..17,387,000 000
Time deposits
5,223,000,000
United States Government deposits
550,000,000
+ 19,000,000
—1,000,000
+2,260,000,000
+15,000,000
+101,000,000
Inter-bank deposits:
Foreign banks.
Borrowings
to
of the interest
the notice and such stamped
rate
issue have
to
been stamped to
(without,
5% per annum
of the bonds), according
bonds bearing serial numbers drawn are
Payment of drawn bonds will be made at
office of the bank, 55 Wall Street,
$294,000
the principal
New York.
of
Republic
of Finland 6% External Gold
1945, Drawn for Redemption
Holders of Republic of Finland 22-year 6% external loan
sinking fund gold bonds due Sept. 1, 1945, are being notified
by the National City Bank of New York, as fiscal agent for
the loan, that $294,000 principal amount of these bonds have
been selected by lot for redemption on Sept. 1, 1939, at par
and accrued interest.
Bonds selected should be Surrendered
for payment on
fiscal agent, 55
the redemption date at the head office of the
Wall Street, New York.
Annual Report of League Loans Committee
('London)—No Agreement Reached with Greece—
Danzig Suspends Service of Loans
Seventh
League Loans Committee (London), in their
6,914,000,000
616,000,000
12,000,000
—10,000,000
+ 1,000,000
+ 6,000,000
+
+
975,000,000
309,000,000
+ 1,000,000
seventh
annual report, released for world-wide publication July 27
and made available in New York through J. Henry Schroder
Banking Corp., set forth their relations with League Loan
publication of their last report.
The
League Loan Committee is the Earl of
Bessborough and the committee comprises British, American
and European members representative of holders of the
League of Nations loans issued in the amount of £81,000,000
by Austria, Bulgaria, Danzig, Estonia, Greece and Hungary.
The official summary of the report states:
countries
Chairman
Liabilities—
Domestic banks
outstanding bonds of the
included in the call.
The
by
Other securities
Reserve with Fed. Res. banks
—2,000,000
5,915 000 000
United States bonds
United
all
reduction
or
Real estate loans
Obligations
Practically
evidence the
Bonds Due Sept. 1,
ended July 19, 1939, follows:
July 19, 1939
Open-market
nouncement in the matter says:
of the principal assets and liabilities of re¬
A summary
porting member banks, together with changes for the week
and the year
ff The National City Bank of New York, as trustee, is notifyng holders of first mortgage collateral sinking fund 6 % gold
bonds due Sept- 1, 1961, of Suomen Asuntohypoteekkipankki
Finlands Bostadshypoteksbank (Finland Residential Mort¬
gage Bank) that there has been drawn by lot for redemption
on Sept. 1, 1939, through operation of the sinking fund, at
par, $44,000 principal amount of these bonds.
The an¬
however, effecting any change in the official title
City.
Deposits credited
Redemption of $44,000 of Finland Residential Mortgage
Bank 6% Gold Bonds Due Sept. 1, 1961
since
the
of the
Volume
Estonia
League
The Commercial & Financial Chronicle
149
has
continued,
Loan
all times,
at
as
1937
for
settlement
In the
New
full.
in
her
League
undertakings under the
to fulfill her
Loan.
This
has
settlement
653
Exchange Examining Board Under
of
"Brokerage
Bank"
Proposal—
Study
Views
Invited
been
now
It
of Bulgaria the Committee report the circumstances
Stock
Members'
by virtually all the bondholders.
esse
York
takes
Hungary has continued punctually
accepted
the service of her
transfer
to
in which,
was
made known
Exchange that
July 25 by the New York Stock
on
Public
its
Examining Board,
consisting of
following negotiations with the Bulgarian Government in Novembtr, 1938,
Roswell Magill, Chairman;
they recommended the bondholders to accept
Conway and Walter J. Cummings, which was recently ap¬
by William McC. Martin Jr., President of the Ex¬
change, with the approval of the Board of Governors, is
ment for one year
further temporary arrange¬
a
under which Bulgaria agreed to raise interest payments
from the 32%% level of the previous arrangement to
for the first half of 1939 and
In the
of Greece the
case
36 H % of the interest
40% for the second half of 1939.
Committee report at some length the present
position in their relations with the Greek Government.
They record their
disappointment that all endeavors to reach agreement have so far
grave
proved in vain.
mittee
have
In their desire to re-establish normal relations, the Com¬
indicated
in
willingness to consider far-
precise terms their
reaching concessions, but the Greek Government have
far declined to
so
consider another temporary arrangement and have made no improvement
on
the offer they made two years ago for a permanent settlement at
of the present contractual interest.
Committee
to
reject
50%
All available information compels the
this basis as inadequate and they give
a settlement on
W. Randolph Burgess, Carle C.
pointed
now
considering the question of the advisability of estab¬
lishing "brokerage banks" or of providing some alternative
designed to accomplish the same broad purpose.
The
Board held its first formal meeting
sent to
Exchange members
Vice-President
man,
and
July 24.
on
In a letter
July 25 by Charles E.
on
Secretary,
it
said
was
Board welcomes the views of the members
on
Saltzthe
that
these matters
and requests
Chairman.
that their opinions be sent in writing to the
In our issue of last week, page ..1488, reference
made to Mr. Martin's
for their conviction that neither from the budget aspect nor that of
was
transfer is there any serious obstacle to the conclusion of a reasonable per¬
ties.
reasons
manent
settlement.
The
Committee
because it
ernment's wish and not because
they sought
time,
which
unfavorable.
reach
agreement
the
Greek
many
ways
Government's refusal
They emphasize that there
rent
payments
to
can
was
the Greek Gov¬
settlement at this
a permanent
It has not
settlement
permanent
a
on
is
Committee deplore
and the
negotiate a
no
justification for the limitation of
temporary arrangement.
cur¬
40% of the interest when the Greek Government have
concurrently admitted their ability to transfer 50% for a permanent settle¬
ment.
The Committee recall the valuable contribution which the League
Loans made to the development of Greece and urge the Greek Government
to consider the harm which
is
resulting from the present deadlock.
earnestly hope that the Government will
come
They
forward at the earliest pos¬
sible date with proposals which will lead to the conclusion of
an
agreed and
reasonable settlement.
After the report had gone to press, Danzig suspended the transfer of the
service of her League and other loans and announced that until further notice
their service would be met only
blocked
accounts.
unilateral and
The
by the deposit of gulden to the credit of
Committee
protested
emphatically
against
this
^
unjustified action.
The appendices to the report contain for reference a full set of the docu¬
ments
published during the past year regarding the League Loans, comprising
announcements
and
ers
the
by the debtor governments, the trustees, the paying bank¬
Committee itself.
There is also the
usual set
of tables
and
graphs giving the statistical data regarding the League Loans.
Aug. 1 Coupons of State Loan of Kingdom of Hungary
1924 to Be Paid at Rate of
4Vi% Per Annum
I
J.
Henry Schroder Banking Corp., New York, announced
July 27 that
Loan
of
coupons
the
due Aug. 1, 1939
on
Member
possible to
been
to
be
.
point out that they have discussed
the possibilities of a permanent settlement
in
explanation of the Board's activi¬
bonds of the State
Kingdom of Hungary 1924 Dollar Tranche,
which have been enfaced in evidence of
acceptance of the
Curb
The Securities and Exchange Commission on July 28 made
public figures showing the volume of round-lot stock sales
on the New York Stock
Exchange and the New York Curb
Exchange for the account of all members in the week ended
July 8, 1939, continuing a series of current figures being
published weekly by the Commission.
Short sales are shown
separately from other sales in the New York Stock Exchange
figures.
Both the Stock and Curb Exchanges were closed
on July 4,
Independence Day.
t
Trading on the Stock Exchange for the account of all
members during the week ended July 8 (in round-lot trans¬
actions) totaled 626,690 shares, which amount was 20.21%
of total transactions on the Exchange of 1,550,200 shares.
This compares with member trading during the previous
week ended July 1 of 1,216,085 shares, or 18.07% of the
total volume of 3,364,660 shares.
On the New York Curb
Exchange member trading during the week ended July 8
amounted to 81,800 shares, or 15.74% of total trading on
that Exchange of 259,805 shares; during the preceding week
trading for the account of Curb members of 208,540 shares
was 18.22% of total volume of 572,345 shares.
The figures for the week ended July 1 were given in these
columns of July 22, page 487.
In making available the data
for the week ended July 8, the Commission said:
.
The data published are based upon
weekly reports filed with the New
York Stock Exchange and the New York Curb Exchange by their respective
members.
conditions set out in the memorandum of Sept.
17, 1937,
be presented for payment on and after Aug. 1 at the
rate of 43^% per annum.
Presentation must be
made
within a period of six years from the date of the
coupon,
irrespective of the date of enfacement of the relative bond.
Trading on New York and New York
Exchanges During Week Ended July 8
These reports are classified as follows:
New
..
Y
may
■
'
York
New
York
Stock
Total number of reports received-,..
1. Reports showing transactions as specialists
...
2.
Curb
Exchange
'
Exchange
........
1,076
....
176
97
151
24
Reports showing other transactions initiated on the
floor.....
Y.
798
3. Reports showing other transactions Initiated off the
floor....
Study of Republic of Chile's External Debt Situation
Made by Lawrence E. de S. Hoover
The view is
expressed by Lawrence E. de S. Hoover of the
162
40
4.
677
645
Reports showing no transactions..
...
Note—On the New York Curb Exchange the round-lot transactions of specialists
in stocks in which they are registered are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions
dealer as well as those of the specialist
of the New York Stock Exchange odd-lot
.
New
in
a
York
Stock
Exchange firm of Charles Clark & Co.,
study of the Republic of Chile's external debt situation,
that, with
a
total external debt at the close of 1938 of about
$390,000,000,
loans
including about
$43,000,000
of
short-term
The number of reports in the various classifications may total more than
number of reports
the
carry
Under the provisions of La
w
No. 5580 of 1935 for the amortization of the
public debt, the bondholders have
no
other option than to accept or
reject
April, 1939, creating two corporations,
and economic
earthquake
one
zone
Relief Corporation) have been contracted.
A,
Total
Relief Corporation
round-lot
Short
B.
'
sales:
.—
use
the
1935, such
until such time as
these
resources
resources
the odd-lot accounts of odd-lot dealers and specialists:
registered—Total
142,510
purchases
Short sales
Total
31,630
136,190
—
—
167,820
sales
Total purchases and
sales..
...
Other transactions Initiated on the floor-Total purchases
310,330
10.01
62,450
11,650
96,460
Short sales.
referred
Other sales.b
to be re¬
Total sales
108,110
Total purchases and sales
170,560
are
3.
Other transactions initiated off the floor-Total purchases
5.50
50,665
con¬
.....
....
13,825
81,310
study said in part.
Roosevelt
as
reported in the
their dollar obligations, though
Total sales
bonds
that these debtor governments
the debt service
,
the
press of June
at some
governments that
a
95,135
recent
Total purchases and sales....
23, 1939,
undoubtedly giving
comfort to these governments, has deprived the bondholders of
necessity take steps to
1,550,200
1. Transactions of specialists in stocks in which they are
(Reconstruction and
contemplated loans
proposing a fund of $500,000,000 to lend to foreign
expectation
Per
Cento.
In other words, the funds that
In analyzing the problems facing the holders of these
on
Total Jot
Week
...
.---
—
Short sales
in default
EX¬
,
Other sales.b
now
STOCK
Round-lot transactions for account of members, except for
tracted.
statement of President
YORK
1939
_
Total sales........
6334
be placed at the disposal of the Reconstruction and
In conclusion the
NEW
sales..—T......4..*.,..
80,000
1,470,200
Other sales.b
provided for in Article 1 of Law 5580, to be set aside for the service of
are to
THE
of Article 29 of this law, the President is
Article 1 of Law No. 5580 of January,
the external debt
ON
.
,
2.
funded when the loans provided for in Law No. 6334
were
SALES
Week Ended July 8,
'
"y
.
and the second with the national
authorized, in addition to specified purposes, to
to in
single report may
which will deal with the relief
development of the country.
In accordance with paragraph 3
STOCK
Other sales.b.....—_.
Mr. Hoover calls attention of the bondholders to the recent law No.
of
times, a
OF MEMBERS * (SHARES)
market (repatriation) of its obligations.
and reconstruction of the
because, at
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
the plan in operation whereby 50% of the funds are set aside for
distribution
to the bondholders and the other 50% is to be used for the
purchase in the
open
ROUND-LOT
TOTAL
due to American and foreign banks, a debt which is
still regarded as burdensome though reduced
considerably
through repatriation by operation of the Republic's debt
plan, an attempt to determine the significance of changes
that may affect the future status of these obligations should
be made by bondholders.
From an announcement bearing on the study made
public
July 24, we quote:
received
entries in more than one classification.
4.
reasonable
early date would
of
plan acceptable
to the bondholders in crder to re-establish their credit in the
Total—Total
purchases....
Short sales
313,960
Total sales
Total purchases and
255,625
57,105
Other sales.b
capital markets
of the world.
4.70
are
great
or negotiate a
resume
145,800
371,065
sales
626,690
20.21
The Commercial & Financial Chronicle
054
NEW YORK CURB
ACCOUNT OF MEM-
ROUND-LOT
STOCK
SALES
ON THE
EXCHANGE AND STOCK TRANSACTIONS FOR
TOTAL
(SHARES)
BERS *
8,1939
Week Ended July
Total for
Per
Cent
Week
Total round-lot sales
A.
a
259,805
-
========
B-
23,900
-
38,500
------
-
Other transactions
2.
12 02
62 460
.
o a
—|—
^—_—!
Initiated on the floor—Bought
3,850
3,650
Initiated off the floor—Bought—...
5,645
6,195
Sold
1.44
7,500
Total
arising in connection with an "other" or "fixed" asset, should be stated
as indicated in this general or summary statement.
Contingent liabilities must be stated in sufficient detail to convey proper
information if a material change in "net worth," or in any of its components, would occur were «the contingency realized.
However, if no
"jr.berial change would result, a generalized atatement would suffice;
No statement regarding borrowings in connection with capital accounts
or
other partners' accounts need be made if the arrangements therefor
rtteh they are
registered—Bought
Sold
kave ^en found acceptable to the Committee on Member Firms,
The schedules showing current assets and liabilities will require a somewhat arbitrary allocation of the many small items found on the books of
practically all member firms.
In this regard it must be kept in mind
801(1
—
-
-
Total.
of
2.28
necessitates
and
pledged
81,800
,
15.74
==
any
27,033
16,785
gol(I
—
The
43,818
"members" Includes all
term
,»,*
In
/,
open
final
volume includes only sales.
,
v,
Comml88lon 8
*
r\
j
-x-
a
,i
m
i
-r
ri
v
-r-t
•
During
j
•
On July 21 th© Securities and Exchange Commission made
public a summary for the week ended July 15, of comprehensive figures showing the daily volume OI stock trail sactions for the odd-lot account of all odd-lot dealers and
specialists who handle odd lots on the New York Stock
Exchange, continuing a series of current figures being
published weekly by the Commission.
The figures for the
week ended July 8 were given in our July 22 issue, page 488.
The figures are based upon reports filed with the Commission
by the odd-lot dealers and specialists.
for
transactions
stock
of odd-lot
odd-lot account
the
dealers and specialists on new york stock
week Ended July 15,
1939
•
enchange
United
,—
19,002,789
Dollar value
,
.
.
.
.
.
1—
■
,
ers (cufltomers 8aies)s
<number1of1or^ref
634
customers'short sales...
customers'other
19,713
sales.a....—
customers* total sales
20,347
—
16,798
customers'short sales
this
Customers'total sales..
17,167,385
1, 1939, when improved
May
Exchange has welcomed 41,235
Stock
y!!InHerrr?nrk^'«wt" 7«m
"short exempt' "v113'200
are reported with "other sales."
Sales marked
july 22.
This compares with 9,264 visitors for the same
period in 1938. Visitors have come from 60 foreign countries and from all 48 states and territories. The largest
number of visitors for a single day was 1,365, on July 19.
The previous high record of about 1,000 was set on Sept. 27,
1937, during the American Legion Convention. Thus far in
49,691 people have visited the Exchange,
for the same period in 1938, and
20,935
with
compared
for tfae entire year
odd-lot orders,
and sales to liquidate a long position
Status
Prartirf.
Exchange
jujy
for
Stock
Their Financial Status to Customers
t7.;
tvt/xvtt
*
„
on
a
revised form of condensed
,
^
..
.
'
tOmei'S.
except
gives
f
information
mitting
The
to
as
doing
banking business
a
detailed information
revised for the purpose
xx
information
months
of
State laws,
In a
,
f
relative
such
under
previously and was
of clarity and simplification.
n,«se-2sf^! inspection i
-°n
make available
by
to
than
statement Charles Klein, Assistant
rpprota coml).an>ying
™
^
by member firms in transtheir financial status to CUS-
form, which must be used by all firms
new
those
more
vn«ir
Member Firms of the New York Stock
™
July 22 prescribed
on
to
its
request,
"t8 that/achu registeredhis request,
firm shall
of such firm, at
any customer
financial
in
the
form
condition
of
the
as
of
devised
a
date
within
condensed
four
financial
pointed out in the booklet of the Exchange embody-
ing the new forms that the general or summary "statement
of assets, liabilities and net worth" is self-explantory.
In
part,
in
the Exchange says:
substance
computation
membership
Fund
j.
ad0pted
amendment which
an
provides for a
..
ultions, its Status
60
as
a
.
.
,
.
.
member firm for a period, not to
The effect of these amendments, which
being submitted to the membership for approval, is to
days.
confronts a firm upon the
fleath of lts sole Exchange member, of admitting another
Exchange member to the firm within a few hours if it
*em°ve p® necessity, which now
From the an-
desires to continue its member firm status.
Fxphnrifrp
nf
n0iineement
Wp
nUn
nnotP-
'
,
,
..
,
.
The proposed procedure provides that if appropriate provisions in a firm's
partnership articles
limited
period
made by the sole Exchange member, so that, for a
are
after
his
death,
the
membership remains completely
firm status, to have
Board
of
a
limited period in which to transfer the membership
a
to a surviving partner
The
as
without interruption of its member
firm asset, the firm will be permitted,
or
to admit another Exchange member.
Governors
also
approved
an
amendment
specifically authorizing the practice of the Gratuity Fund
of paying the gratuity provided for in the Constitution
($20,000) to the family of the deceased member as soon
j.
death
ag
thp
nw,«cSarv
formalities permit
rather
fcx
? as
necessary iormailties permit, ratner
than waiting for collection of members contllbutions.
„
♦
statement.
It is
Period—Gratuity
60-Day
Amp»t"idf*d
member has died, to retain,' under certain prescribed conA
are
Exchange
Permit Member Firm,
to
rractice Amended
exceed
Exchange Issues Revised Form for
Use by Member Firms in Supplying Information
to
193g
+
Stock
York
New
*
as
floor
the trading
overlooking
procedure for enabling a member firm, whose sole Exchange
which is less than a round lot are reported with "other sales."
The Committee
and enlarged facili-
receptjon 0f visitors were completed, the New
The Board of Governors of the New York Stock Exchange
Round-lot purchases by dealers:
who
Stock
guests to the
and to the exhibit
r0om
which contains a series of displays illustrative of
the Exchange's functions and operations, it was announced
Qn
York
the
♦
41,233 People Have Visited Gallery of New York
Exchange Since May 1
0
—
New
market, to
net as though such
the consolidated position.
tl0n detenmned
Its
offset customers'
treat
dollars.
be considered to be general partners to the extent of
statement,
oasaes....
«
a
or
States
acceptable form and sufficiently comprehensive to warrant merging balan<*s and security valuations, may be treated net and the consolidated
position included as the account of a single entity in the proper classifica-
114,310
Other sales.b
b Sales to
summarize
United
Whoge only Exchange Member Has Died, to Retain
.....
....
foreign currencies in this state-
Balances and positions in each particular kind of security carried in
accounts related by guarantees, if the guarantees are in an
Number of shares:
—
111
,
customers'
~
Round-lot sales by dealers:
Short sales
either
actual
were
489,057
DoUar value
J*0
"subordination."
472,259
Customers'other sales.a
+h<»
,
dollars and
1939 a total
Number of shares:
and with
future contracts, should
commodity
with
as
,
Customers who have subordinated any claims they may have on the
firm 1x5 the claims of a11 other general creditors of such firm, in a manner
acceptable to the Committee on Member Firms, may, for the purposes of
York
482,108
Number of shares
well
as
amounts
gallery
ere
or
ero
an
balance.
money
principle of treatment of
States
Since
for week
um
hp
,,qi„0n
n^ent is to convert such currencies, if unrestricted, at current
t-eg for the
,
(customers' purchases).*
odd-iot sales by deaiers
in any such contract to
±
^
"future" commodity contracts or increased for a net
loss and the
result classified according to the standards set in the sample form,
converted
Odd-Lot Trading on NeW York Stock Exchange
Week Ended July 15
/
customer's account with a debit balance
a
,,
...
The general
,
ruKrSded01»»T«/'eI°P
„
tlie debit balance decreased for any existent net
volume on the Exchange for the reason that the total
transactions includes both purchases and sales, while the Exchange
of members'
positions,
security
,
actual
an
as
illustration,
an
the total of members' transactions Is compared
calculating these percentages,
with twice the total round-lot
«n
a
i
"deficit"
or
members' transactions as per cent of twice total round-lot volume.
Shares In
a
f
Exchange members, their firms and their
special partners,
partners, Including
claims or assets
in
^ actual credit and any "loss" (excess of cost over market value) to oe an
actual debit to any account involved and to treat the resultant "equity"
—
Total
•
(excess of market value over cost)
"profit"
u
preferences
shown
have
to
segregated to meet specific liabilities.
principle to be observed in the treatment of commodity
contracts in the accounts reflected in this statement is to consider
or
general
future
~ ~~
.
"
'
of specialists—Bought—
.
The
made
is
attempt
Total
comprehensive
management, credit work and
receiverships.
I
C. Odd-lot transactions for account
would not provide
skilled analyst making a study
a
highly technical problems arising in
the
———
33,395
-
-
degree of condensation which
a
for
information
sufficient
11,840
—-
—
Total—Bought
4.
non-technical persons is para-
that simplicity and ease of comprehension by
mount
Other transactions
3.
July 29, 1939
In the great majority of cases liabilities other than current ones are
not likejy
to exist.
However, any long-term liability, particularly if
it
of
in
embodies
the
"net
Exchanges,
the
principles
capital"
of
unsecured
used
member
by the
firms,
receivables and
Exchange
it
deficits,
furniture, &c., are not normally considered to be current assets.
in
illustrates
the
that
real estate,
New York Stock Exchange to Establish Arbitration
AerviCj
orl
i101?,^!
t?18 .^*over"ors ■Adopt
£™ndm*nts to facilitate Hearing of Non-Member
Claims Distant from New York
.
The Board of Governors of the New York Stock Exchange
at its meeting on July 26 adopted a series of revisions of
the arbitration machinery of the Exchange, the most important of Which is provision for the establishment of an
Volume
The Commercial & Financial Chronicle
149
arbitration
service
on
bearing of non-member
from New York.
The
setting
claims
facilitating
basis,
the
the
machinery
necessary
Chicago, Philadelphia, Pittsburgh and San Francisco.
Panels of business
vestment
and
involving members
of
the
these
public will
cities.
adopted
that, instead of
will
from
one
from
be
a
It is
member of
a
The
serve.
panel of
the
cases
from residents
selected
under
drawn
revised
the
Arbitration
arbitrators
each
other
following
cities,
facilities in the
This
of
additional
necessity
of
In
many
non-members
the Exchange of
who
non-member
have
made
change
connected
the
at
will
not,
however,
claim, adjudicated
the
with
from
have
their
of
knowledge
In
preferred to
of
the
of
or
the
the
will
exceed
not
maximum
and
$2,500
$60 and
but
than
$10,000,
$120
amendments
than
less
is
$50;
and
for
and
$5,000,
If
the
$500,
the
costs
the amount involved
cost
will
be
$90
business
is
will
arbitration
the
that
out
time and
the
fundamental
objects
and,
arbitration,
the
exceed
other
the procedure
the
to
saving
for
the
Civil
amendment
member
to
judgments and
ample
The
claims,
Practice
member
will
litigants
apply
may
the
also
Act
is
of
the
State of New
afforded
to
the
York.
It
participating
was
amendments
of
purpose
clarification
arbitration
the
to
of particular
procedure
are
same
obtain
through
or
the
cor¬
sections.
$100,000,000,
$240,195,000
was
tendered to the offering of
thereabouts, of 91-day Treasury bills dated
July 20 and maturing Oct. 25, 1939, it was announced on
July 24 by Secretary of the Treasury Morgenthau.
Of this
accepted
The
or
Secretary
amount,
at
an
tenders
ceived
at
Morgenthau
This
is
to
the
offering
Federal
thereof up to 2 p. m.
offering appeared in
$100,240,000
banks
and
bills
the
was
were
A
(E. S. T.), July 24.
Reference to the
issue of July 22, page 492.
The
our
regarding the accepted bids to the offering is
Secretary Morgenthau's announcement of July 24:
Total applied for, $240,195,000.
Total accepted, $100,240-000.
Low,
99 994; equivalent
Average price,
99 995; equivalent rate approximately 0 019%.
approximately 0 024%.
was
.Tenders to
of
a
or
received
thereof,
the
at
up
will
Reserve
The tenders will be
Banks,
the
branches
be
sold
m.,
on
a
discount
basis to the highest
bid¬
Nov. 1, 1939:
the maturity date the face amount of the bills will be
ders, will be dated Aug. 2 and will mature
on
or
(EST), July 31, but will not be re¬
Treasury Department, Washington. The bills,
to 2 p.
ceived at the
which
Federal
Morgenthau.
on
payable without interest. There is a maturity of a similar
issue of bills on Aug. 2 in amount of $100,384,000.
In his
announcement
of
the
offering,
Secretary Morgenthau also
said:
They (the bills) will be issued in bearer form only, and in amounts
denominations
of
$1,000,
(maturity value).
$10,000,
$100,0000,
$500,000,
and
Exchange
Grant
interest,
and
and
be exempt,
(Attention
taxes.
is
bills are not
other disposition of
amended,
as
this
and
the
govern
announced
Johnston,
notice
conditions
of
on
21,
July
on
regulations
that
broadening
of
securities.
The
the
and
be
public,
in
for
departure
such dis¬
great benefit
of
Johnson said.
of July 21,
Mr.-
"Gazette"
Montreal
the
new
a
market
the
regulations gov¬
and provision for
Exchange will
the
from
distribution,
Mr.
stock.
the
Exchange to make
Exchange.
acts
floor
which,
and
in
In
its
furnish
the
turn,
the
on
of
an
to
Exchange's official
the
securing a
regulations,
new
a
a
wider
member
daily
both
transactions
news
the Exchange
the ticker
sale to
reporting each
such
secondary
for
on
sheet.
distribution
a
member
house
must
whose stock
the company
information regarding
necessary
of
purpose
the
involve
substantial
agent, selling the stock elsewheie than
but
publicity
application
all
the
for
Under
a
distribution the member house concerned
such
Exchange,
give
not
secondary distribution of a stock listed on the
a
of
case
does
member house acquires
from the Governing Committee of the Montreal
principal rather than
a
as
the
on
In the
a
inactive issue
of
explained,
Johnston
stock, but arises when
distribution
it
is
available, together with a recent balance sheet and such other available
distribute,
proposed to
for
including earnings statements
five years,
information.
the
before
part of the stock to be distributed must be owned by the
he
or
have
must
agreed
be
must
distributor
maintain
by
firm
commitment
to
acquire
it
beginning of the distribution.
all sales by
According to the regulations,
tion
is
on
secondary
means
of secondary distribu¬
net basis, i.e., principal to principal.
The
required at all times during the secondary distribution to
made,,
the
on
floor
stock at the price at
a
the
of
Montreal
Stock
Exchange
the
offer of
an
which it is being offered to the public by means of a
distribution.
♦
Federal
Government
Federal
on
officials
Does
Intend
Not
were
reported
as
Reduce
to
Postal Savings and Baby
saying
Bonds
on
July
24
the interest paid on
postal savings and baby bonds, in spite of drastic reduc¬
tions in recent years of the yield from most investments.
The interest paid on postal savings is 2%, except in New
Jersey, said Associated Press advices from Washington on
July 24 which, in part, also stated:
that
they
not intend
did
the
said
steady
to red,uce
lowering
of
order
reduce
to
the
Government's
investment
other
intermittent pressure from banks to cut
in
savings
91-day Treasury bills
retary of the Treasury
418,
distributions form
relatively
a
The situation
offering of $100,000,000, or thereabouts,
were invited on July 27 by Sec¬
new
other
or
yields
had
the two Federal savings
competitive
advantage.
dramatized recently by the New Jersey State Banking
was
Department's decree cutting from 2 to 1% the maximum interest rate on
accepted.)
Thereabouts of 91-Day
Treasury Bills Dated Aug. 2, 1939
^
$100,000,000
in cash
Treasury
that
bills and
Stock Exchange,
house may secure permission
the
New Offering of
re¬
the
hereafter imposed by the United States
No.
the purpose
learned
of
public
rates
(22% of the amount bid for at the low price
ruling
Treasury
members
secondary
block
brought
100.00.
rate
for
the
Officials
Range of accepted bids:
High,
such
any
advised of
thereof will also
inheritance
and
Circular
inactive listed
issue of
new
*
re¬
branches
following
from
Banks
principal
to
as
disposition
4550,
Stock
Interest Paid
of Treasury
Reserve
in
be
which further stated:
rate of 0.019%.
average
the
said,
action
will
1939.
2,
exempt,
Chairman,
A substantial
000,000
of
91-Day
Treasury
Bills—$100,240,000
Accepted at Average Rate of 0.019%
of
tenders
if
principally for the
Tenders of $240,195,000 Received to Offering of
$100,-
total
his
and
Federal Reserve
estate
the
through
to
distributor
A
for,
Aug.
other
or
of
secondary
both
explained that
parties
statute, which makes appropriate provision for modifying, vacating
recting a decision or award.
Other
up
which conform
claims,
today
in setting
year
collection by law, under Sections 1462 and 1462-a of
pursue
protection
adopted
that
so
non-member
its
Montreal
Stock
the adjudication of
prob¬
thereafter,
the Treasury expressly
Issues New Regulations
Secondary Stock Distribution
up
erning
of
'
recognized by the Exchange last
was
statute.
principle
the
tribunal.
principle
possible
as
Stock Exchange
tribution
York, and that the right of appeal is not given by any
arbitration
This
soon
Payment at the price offered for Treasury
Decision
terms
more
and the elimination of details, are defeated by affording
the right of appeals; that this is recognized
by the arbitration statute of
New
as
submitting
on
except
Montreal
drawn
$5,000,
if
expense
the State of
the
relatively
in order to bring them into
of
branches
governing secondary distribution of listed stocks have been
conformity with the arbitration statute of the State of New York, princi¬
pally by eliminating the right of appeal.
The Arbitration Committee
pointed
July 31,
or
issue.
through
procedure adopted today also revise
respect to member claims,
sale
Department
and
$1,000
not
than
more
on
Banks
Reserve
The Secretary of
applied
Those
Treasury
Montreal
the arbitration
hearing,
a
Federal
follow
be made at the
the
in order
involving between
cases
must
from
in¬
instances
hearing.
a
to
the procedure with
involved
de¬
of its possessions.
any
their
cities other than New York will remain
$2,500
between
and
$10,000,
The
be
in¬
a
reject any or all tenders or parts of tenders, and to
amount
final.
'taxation,
prescribe
of
arbitrators
$25; where the amount is between $500 and $1,000,
will
cost
$96, respectively.
less
than
the amount
where
same;
costs
will
rejection thereof.
or
to
The
in
prices
the
be
Treasury
have the contro¬
securities
in
by
the gift tax.)
No loss from the sale or
Treasury bills shall be allowed as a deduction, or otherwise recognized,
the
Exchange
many
payment
of
exempt from
Exchange operations.
Non-member arbitration costs
the
at
Treasury bills will be
all
invited
enable
non-member
the
dealers
accompanied
guaranty
express
following morning.
than
gain
any
arbitrators
Stock
majority
a
business.
securities
arbitration
an
with
deprive
by
choose
to
familiar
and
an
for the purposes of any tax now or
non-members
permit
business
the
allotted
The
York.
will
from incorporated banks
recognized
be
must
closing hour will be opened and public announcement
immediately available funds
of the Exchange
time,
same
by
received
the
the right to
shall
bills
facilities
New
to
come
to
acceptance
by avoiding the
exclusively by the Arbitration Committee itself,
benefit
the
to
securities
parties to
considered
versy
witnesses
cities and,
own
having his
not
are
the
This
right of
and
tenders
less
spect
by residents of those cities.
cases
also
is
in
operations.
their
in
hearing of the
Provision
principals
others
trust company.
or
acceptable
on
allot
inaugura¬
its arbitration
expenses
it will bring the arbitration facilities
instances
experienced
the
both
having
to
the
to
by
accompanied
up
reserves
being submitted to the member¬
The Exchange further explains:
expansion
all
the
ably
six cities already selected.
measurably reduce non-members' arbitration
from
Immediately after the closing hour for receipt of tenders
These revisions, which are amendments to the Constitution
will
Tenders
responsible and
unless the
are
thereof
of the Exchange, are now
ship for approval.
securities.
from
ex¬
three decimal places,
be used.
without cash deposit
accepted
and
than
more
Each
must be
price offered
The
not
be considered.
by an
1939,
locality will
engaged in the securities business.
in
be
companies
corporated bank
the out-of-town
Committee,
in
with
will
tenders
in New York, with the exception
cases
$1,000.
of
100,
$1,000
posit of 10% of the face amount of Treasury bills applied for,
of
system
the Exchange, to establish additional
says
new
be
will
be
in
include
engaged in the securities business and three
not
persons
tribunals
tion of the
lot,
will
other
of persons
planned,
out-of-town
by
for non-member
panel
a
drawn
arbitrators
These
a year ago
Governor
from which arbitrators
of
than
Fractions must not
will
trust
multiples
basis
99.125.
g.,
Tenders
and
men,
in
655
less
amount
an
be
the
on
the cooperation of the out-of-town Governors, resident in Baltimore, Boston,
professional
for
must
pressed
e.
through
possible
made
is
tender
tender
distant
various centers
at
No
In its announcement the Exchange says:
of
up
national
a
or
$1,000,000
the
depositT
postal
same
Postal officials
rate-cutting
At
the
the
State banks.
in
savings
amount
system
in
that
were
Under Federal law, national banks and
forced
to make
automatic
reductions in
State.
asserted, however, they would not take the initiative in
elsewhere.
Treasury,
(
reduction of the baby bond yield
was
termed out of
question for the present.
Reduction of the postal savings rate in New
noted in
our
issue of July 22,
page
Jersey
was
492.
$60,000,000 of HOLC 1H% Bonds of Series M-1945-47
Sold by Treasury, Secretary Morgenthau Reports
At his press conference on July 27 Secretary of the Treasury
Morgenthau disclosed that to date over $60,000,000 of Home
Owners' Loan Corporation IA% bonds of Series M-1945-47
had been sold for cash to private investors.
This issue was
offered on May 22 on an exchange basis for maturing 2M%
Series B bonds, 1939-49.
Mr. Morgenthau said that there
was no secrecy in connection with the sale of these bonds
since the Treasury's announcement at the time of the ex-
deposits.
$7,046,742,702, as against $6,967,395,463 on May 31, 1939,
$6,460,891,315 on June 30, 1938, and comparing with
Just before the outbreak
$5,698,214,612 on Oct. 31, 1920.
of the World War, that is, on June 30, 1914, the total was
and Treasury notes of 1890 should be
total money held in the Treasury
In the United States.
in circulation Includes any paper currency held outside the con¬
1 The amount of
gold and silver certificates
before combining with
deducted from this amount
the total amount of money
to arrive at
£ The money
the United States.
tinental limits of
maintained In the Treasury—(1) as a reserve for United States
notes of 1890—$166,039,431 In gold bullion: (II) as security for
1890—an equal dollar amount in standard silver dollars (these
notes are being canceled and retired on receipt); Oil) as security for outstanding
silver certificates—silver in bullion and standard silver dollars of a monetary value
equal to the face amount of such silver certificates; and (iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
Note—1There is
notes and Treasury
'
Department in Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for June 30, 1939, and show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
deposited as a reserve for Postal Savlnga
$59,300,000 lawful money
Includes
e
notes of
Treasury
Stock of Money in the Country
balance
of Increment resulting
HOLC exchange offering, when holders of $687,767,025 of
approximately $900,000,000 bonds maturing accepted the
new bonds, was reported in our June 3 issue, page 3307.
The Treasury
$1,800,000,000 Exchange Stabilization Fund and $142,383,416
from reduction fn weight of the gold dollar.
d Includes
change stated that "to the extent the maturing bonds are
not exchanged at this time an additional amount of bonds
may be offered for cash."
He added that a total of $100,000,000 of the new llA% bonds were placed for offering
through the Federal Reserve Banks.
The results of the
July 29, 1939
Chronicle
The Commercial & Financial
656
obligations of the United States
Federal Reserve
of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper as Is
eligible under the terms of the Federal Reserve Act, or, until June 30, 1941, of
direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain a reserve In gold certificates of at least 40%, Including the redemption fund
which must be deposited with the Treasurer of the United States, against Federal
Reserve notes In actual circulation.
"Gold certificates" as herein used includes
credits with the Treasurer of the United States payable in gold certificates.
Federal
such gold certificates.
and a first lien on all the
Federal Reserve notes are
Reserve bank notes
Federal Reserve bank.
assets of the Issuing
with Federal Reserve agents
secured by the deposit
notes are
and National bank notes are
in process of retirement.
and
The following is the full statement:
only $3,459,434,174.
li
t
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payable semi-annually on Feb. 1
becomes payable.
subject to call for redemp¬
principal amount
the
maturity.
notes
1938
such
as
Federal,
a a
issued
are
(Public
inheritance,
TO TO
they and
State,
under
the
authority
of
the
Act
approved
and
gift
ments
#
In the total, since the gold or silver
No.
and
may
the
investment
or
held
control
3.
as
under gold, standard silver dollars, and silver bullion, respectively.
This total includes credits with the Treasurer of the United States payable In
gold certificates In (1) the Gold Certificate Pund—Board of Governors Federal
Reserve System, In the amount of $10,699,275,120, and tf) the redemption fund for
Federal Reserve notes In the amount of $8,842,394.
The
the income derived therefrom
municipal,
funds
O
Does not Include gold other than that held by the Treasury.
1939,
annum,
until
year
1,
Aug.
per
rf
1-3
security against gold and sliver certificates and Treasury notes of 1890 Is Included
c
%%
442—Seventy-fifth Congress), which provides
that these notes shall be fully and unconditionally guaranteed both as to
interest and principal by the United States; that they shall be deemed
and held to be instrumentalities of the Government of the United States,
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Revised figures.
b These amounts are not Included
each
in
1
prior
March
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and
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II.
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behalf of the Commodity Credit
and accrued interest, from the
people of the United States for notes of the Commodity Credit Corporation,
designated %% notes of Series D.
The amount of the offering is $200,-
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Offering of Notes
00
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gift taxes).
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interest from all Federal, State,
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and
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and
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1939—Department Circular No. 617—Public Debt Service
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and
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$206,172,000; this was
amount of
in
year
circular, follow:
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$2,853,000,000. Such
reported in our issue of May 7, page *2945.
The terms of the offering, as contained in the Treasury
lis
i
last
to
cm
I
t
27.
subscriptions were allotted 7%, but not less than $1,000 on
any one subscription.
Further details as to subscriptions
and allotments will be announced when final reports are
received from the Federal Reserve banks.
A similar CCO issue of %% notes of Series C was sub¬
rf
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be made on Thursday, July
scriptions for the new notes aggregate
rf
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Secretary Morgenthau announced on July 27 that reports
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subscriptions and the basis of allotment
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will
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books.
subscription
the
of
close
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,
cotton, and wheat loans.
Subscriptions addressed to a Federal Reserve
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will be used to redeem notes
issue
the
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July
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held by
The books to the
offering were closed on July 24, the same day the notes
were
offered.
The Treasury Department announced as
follows, on July 25, the closing of the books:
Secretary of the Treasury Morgenthau announced last' night that the
subscription books for the current offering of %% notes of Series D of
the Commodity Credit Corporation closed at the close of bfisiness, Monday,
o
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to
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Treasury
the
of
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Closed-—$2,853,000,000 Tendered
Morgenthau announced on
July 24 that the Treasury, on behalf of the Commodity
Credit Corporation, was inviting subscriptions, through the
Federal Reserve banks, to an offering of $200,000,000, or
thereabouts, of the Corporation's %% notes of Series D.
The notes, which will be dated and bear interest from
Aug. 1, 1939, and will mature on Aug. 1, 1941, will not be
subject to call for redumption prior to maturity.
In his
preliminary announcement last week (noted in our July 22
issue, page 487) Secretary Morgenthau said that the pro¬
Subscription Books
Secretary
I
II
II.
t!
$200,000,000 of CCC Two-Year hA% Notes—
Offering of
taxes);
be accepted
of
of the United
authorizing
as
deposit
States
Act
shall be exempt from
taxation (except surtaxes, estate,
and that the notes shall be lawful invest¬
security for all fiduciary, trust, and public
local
and
of
or
further
which shall be under the authority
officer or officers thereof.
any
provides
that
in
the
event
the Com¬
demand, when due,
the principal of, or interest
on, such obligations, the
Secretary of the
Treasury shall pay to the holder the amount thereof which is authorized
to
be appropriated, out of
any
money in the Treasury not otherwise
appropriated, and thereupon to the extent of the amount so paid the
modity Credit Corporation shall be unable to pay upon
Volume
The Commercial & Financial Chronicle
149
Secretary of the Treasury shall succeed to all the rights
of such obligations.
4.
Bearer notes with
nations
of
issued
.$1,000,
in
interest coupons attached
$5,000,
registered
Subscriptions
branches
tions
and
only
to
act
be
be
Reserve
official
as
permitted
•
received
amount
to
banks
enter
the
without
not
received
and
deposit
bank
must
Federal
and
banks
Reserve
trust
but
trust
or
Treasury Department
than
except
companies for
will
of
be
the
their
for
their
restricted
combined
will
account will
each
capital
account.
own
own
in
Subscriptions
company.
author¬
are
institutions
banking
to
case
and
an
surplus
all
from
of
by payment of 10% of the amount of notes applied
Secretary of the Treasury reserves the right to close the booksany or all subscriptions or
classes of subscriptions at any time
to
without
2.
notice.
The
scription,
applied
for,
amounts,
for
whole
in
make
to
and
of
part,
allot
to
allotments
right to reject any
than
full
upon
upon,
or
allotment
in
less
make reduced allotments
to
larger amounts,
methods
in
or
the
reserves
to adopt any
the
shall be final.
or
all
of said methods
of
allotments
Allotment
notices
as
allotment, and the basis of the allotment
IV.
1.
Payment at
under must be
allotment.
completed
the
United
upon
on
or
As
authorized
and
agents
requested
the
basis
ury
to the Federal
ment
and
notices,
notes
on
receipts
the
of
up
to
to
receive
to the amounts
Reserve
receive
payment
for notes
any,
before Aug.
States,
1,
to
allotted
1939,
or
to
Reserve
make
districts,
allotted,
on
here¬
banks
by
official and
the
present
conditions
be most
thoroughly observed
prepared in the event of
an
emergency
on
July 27 is from
July 28:
brought some relief yesterday to several sections of
New York State which had been
hit hardest by this summer's 27-day dry
slight, farm bureau agents declaring that
were
hours of steady rain would be needed to save this
year's
Trenton and New Brunswick, N. J., however, agricultural
At
more
authorities reported that the
rain, which amounted to
in
than
more
an
inch
some areas
of New Jersey, had saved the State's
crops.
Albany, however, officials of the State Department of Agriculture
issue
from
time
and 8.30 p. m. 0-24 inch of rain
"just
a
There
were traces of rain on
there
was
worst
no
■
13 days.
Between 2:30
fell, bringing the month's total to 0.3.
was on
July 14, when 0 05
The
recorded.
was
July 8, 10 and 12.
drought in nine
prospect
Farmers said,
drop in the bucket."
of the
years was
needed
broken In many counties'
precipitation in
New
England
1
■
President
Roosevelt
and Postmaster
General Farley
Hyde Park, N. Y.—No Indication Given as
to Whether
Question of Third Term Was Discussed
—Mr. Farley Disavows Reports by Others He Is
Opposed to President's Candidacy
Meet at
President Roosevelt conferred last week-end at his home
in
Hyde Park, N. Y., with James A. Farley, Postmaster
General and Chairman of the Democratic
National
Com¬
mittee, and the meeting provoked newspaper speculation as
to whether they had discussed the
question of a third term,
at
for Mr.
the site for
Library. The signing of another
mother, Mrs. Sara Delano Roosevelt,
in Europe, is required before the
Government
obtains full title to the land.
On this tract of land a
$350,000
library building, to be financed by private subscription and
maintained at Government
cost, will be erected to house the
President's official documents and
manuscripts.
Reference
to the signing
by the President of the
Congressional resolution
establishing the library appeared in these columns July 22,
493.
Roosevelt.
Mr. Farley is reported unofficially to
the President again announcing his candidacy.
No clue as to the conversations at
Hyde Park was furnished
by the President in a brief interview with the press.
Mr.
Farley, who said little for publication, sailed on July 26 for
Europe on the liner Manhattan.
Among other passengers
on the
vessel was John D. M. Hamilton, Chairman of the
Republican National Committee.
Indicating that the conference between the President and
Mr. Farley ended in an atmosphere of
secrecy, leaving un¬
answered political questions about a third term and the 1940
campaign, Associated Press accounts July 24 from Hyde
Park, said, in part:
be
July 25, President
transferring to the Federal
as
were
last appreciable amount of rain here
to
At their home in Hyde
Park, N. Y., on
and Mrs. Roosevelt
signed a deed
the Franklin D. Roosevelt
deed by the President's
rain to break the drought.
New York City had its first
measurable rain in
interim
MORGENTHAU JR., Secretary of the
Treasury.
of the Roosevelt estate
more
for the most part, that the rains
delivery of
Roosevelt Deed Site of Library
Hyde Park, N. Y., to Federal Government
page
to
affected
following concerning conditions
spell, but the advantages
to issue allot¬
President and Mrs.
now
attention
on
banks.
who is
your
States
the
are
or amendatory rules and
regulations governing
offering, which will be communicated promptly to the Federal Reserve
acres
the
Thunder showers
later
allotments
to make
full-paid subscriptions allotted, and
they may
pending' delivery of the definitive notes.
Secretary of the T#easurjr may at any time, or
Government 12
invite
in
the Federal agencies be
The
At
Secretary of the Treas¬
The
HENRY
to
me
damage
the New York "Herald Tribune" of
time, prescribe supplemental
the
in
render all possible assistance.
but
Federal
subscriptions,
notes
asked
the
rain, it would take much
if
the respective
for
Federal
the
amergency
said that while New York
State crops would be helped where there had been
indicated by the
banks of
of
The President asks that these
and that
publicly announced.
Provisions
United
any
daily.
States.'
fiscal
has
reports
Pennsylvania's
General
directed
27
meet
to crops and timberlands and to the danger of low water
supplies, said to be growing more acute
States.
V.
2.
promptly
In
forfeited to
1.
all of these
or
President
crops.
every case where payment is not so completed, the pay¬
application up to 10% pf the amount of notes applied for shall,
declaration made by the Secretary of the
Treasury in his discretion,
upon
be
or
any
to
drought.damages
from 24 to 48
with
ment
The
unofficial
be
deemed
July
on
prepared
Agencies to Pre¬
Regions
Interior, the Work Projects Administrator and the
Civilian Conservation
Corps Director.
such other
Payment
and accrued interest,
par
made
will be
or
shall
be sent out
will
notes
reject, applications
to
classification
and
of
for',, smaller
applications
or
by him to be in the public interest; and his action in
respects
amount
sub¬
Roosevelt
be
to
Federal
in Drought-Stricken
and the
•
Secretary of the Treasury
Orders
drought-stricken areas of the Northeastern States.
The
President through his secretary, Stephen
Early, sent the
following memorandum to the Secretaries of Agriculture
others
The
as
President
agencies
be accompanied
for.
the
Others
subscriptions
exceeding one-half
subscribing
the
at
and
agencies.
Subscriptions from banks
be
of
not be
will
The notes
Treasury Department, Washington.
Banking institu¬
submit subscriptions for account of customers, but
may
the Federal
ized
not
$100,000.
Roosevelt
for Emergency
Northeast
pare
Subscription and Allotment
will
the
at
generally
and
President
will be issued in denomi¬
form.
III.
1.
$10,000
holders
of the
657
opposed
to
One pronouncement, which was puzzling but possibly significant, came
from the President.
He said he thought his talks with Mr. Farley
would
continue to be effective,
He said that at his home here, where Mr. Farley
President Roosevelt Asks
Congress to Enact Legislation
to Prevent Oil and Gas Waste
President Roosevelt has asked
Congress on July 22 to in-,
troduce the petroleum conservation
bill, designed to prevent
avoidable waste in the production of oil and
gas in the United
States.
The request was made in a letter which the
President
addressed to Representative Lea of
California, Chairman
of the Committee on
Interstate and Foreign Commerce. The
text of Mr. Roosevelt's
letter, dated July 22, follows:
My Dear Mr. Chairman:
-
On
15, 1939, I transmitted to the
Congress a report on energy
by the National Resources Committee wherein
certain recommend¬
ations were made
rela&ve
to oil and gas
problems in the United States.
the
desirability of the early
tion
enactment of legisla¬
which will provide a coordinated
national policy in oil conservation.
To my mind the legislation
should be designed to prevent
avoidable waste
in the production of oil and
gas in the United States.
As you know, despite the
progress which has been made toward
oil con¬
servation under State law an 4
regulation, the production of petroleum is
attended by waste.
In view of the vital part which
petroleum
plays in the
as
well
as
They continued
its importance in commerce and
industry, the
by Congress.
thoroughness with which the Committee on Interstate
and Foreign Commerce conducted
the petroleum
investigation in 1934 in
response to HR 441.
/But in the light of changes that have taken
place, I
on
session,
a
view to the
enactment of suitable legislation in
I request that the petroleum conservation
bill which I
today discussed with you and Representative Cole be
introduced
was a
as
they
had for
11
years,
Mr.
hint that Mr. Farley and "the Boss" might have taken up
the third-term issue that statement
contained it,
Reporters noted especially the remark about the talks continuing in the
same
tenor.
and Mr.
In previous parleys through the last
11 years, Mr. Roosevelt
Farley have canvassed political conditions from every angle and
But whether Mr. Farley asked about the President's 1940 intentions, or
got an answer,
was
a question
which only they could
hay field on his estate, the President talked with reporters about the
at
As to
what
passed between the Chief Executive and the
been his chief political ally, Mr.
this
Roosevelt said that if he
and he 2ould have to stick to the truth.
conference
ROOSEVELT.
The report of tbe National Resources Committee on
energy
resources, referred to in tbe letter, was mentioned in our issue
of Feb. 18, page 960.
man
were
who
has
writing the
was
The truth, he said, was that the
merely one of the regular talks that have been going on
since 1928-
He said
he
didn't
know
what
reporters
could
make
talks, and that he did
would obtain additional information either from himself
of his
not
or
statement
believe they
the Postmaster-
General.
"Nobody is going to catch
up
with me," Mr. Farley interposed.
The Democratic Chairman sails for Europe later in the week.
Originally he had been scheduled to talk with the press, but Mr. Roose¬
took
velt
the
conference
over.
The only word "Big Jim" had for the correspondents was that he had had
an
"interesting" chat with his chief and that any statement about it must
from the
Just
D.
con¬
story, he would have to make it uninteresting and devoid of speculation,
yours,
FRANKLIN
re¬
Mr. Farley stood at his elbow.
ference,
come
Sincerely
They
answer.
Behind the wheel of his blue touring car, parked under a big oak tree in a
session.
lines
the whole had been fairly effective, and he thought they would continue
If there
Congress.
next
same
be effective.
to
believe the committee may wish to
study developments since that time by
investigation and hearings prior to the next session of the
To this end, and with
the
about the effectiveness of those
I appreciate the
the
along
Roosevelt said, and there wasn't much story in that except that the results
prevention of waste in petroleum
production should be the subject of an
enactment
Sunday
guest
mained silent.
I believe it is
consistent with these recommendations to
invite the atten¬
tion of your committee to
national defense
a
mapped out their own political destinies.
Feb.
resources
was
night, the two of them had just had another of the regular conversations
they had been having since 1928.
President.
before sailing
on
the liner Manhattan
on
July 26,
Mr. Farley told newspaper men that it was "futile to talk
1940 until President Roosevelt expresses himself."
about
In
reporting this interview, the New York "Sun" of July
26 said:
The Commercial & Financial Chronicle
658
Mr.
Farley
was
The text of the President's
asked who, in his opinion, would be the next Democratic
candidate should the President step down.
Next President
BY
United
the President during
to
even
Hudson
President's
John
was
National Chairman, who
came
D.
Hamilton,
and
told
or any
the
In his tone
was
could be construed as an indorsement of the candidacy of District
Thomas E.
Dewey, Mr. Hamilton said it
was
his duty "to elect
revocation
the interests of the United States may seem to
as
Now, Therefore, finding that the interests of the United States require
1933,
at
place subject to the jurisdiction thereof;
further modification
further modification
Republicans with "an honest cleavage" of issues.
basket lunch
mined
require.
In the event the President ran, Mr. Hamilton said, it would provide the
outdoor
the monetary stocks of the United States silver
to
And Whereas, such Proclamation as so modified is subject to
or
term, he would be a setup for the Republicans.
speech yesterday, at a
addition
subsequently to Dec. 21, 1933, from natural deposits in the United States
M.
late
hoped President Roosevelt would run again.
if his
OF AMERICA
ber, 1938, the United States coinage mints are directed to receive for coinage
the conviction that if the President braved the tradition against the third
Asked
STATES
April, 1935, the 30th day of December, 1937, and the 31st day of Decem¬
and
Valley retreat.
Republican
perspiring
newsreels he
UNITED
Whereas, by Proclamation of the 21st day of December, 1933, as modified
the conference at Dream Cottage, the
Almost overlooked in the rush of farewells
proclamation follows:
THE
by Proclamations of the 9th day of August, 1934, the 10th and 24th days of
States."
He hadn't indicated his own stand on a third term to any one, he said,
not
OF
A Proclamation
"I'll tell you this: The Democratic candidate will be the next President
of the
PRESIDENT
THE
Democrat
a
"It's silly to discuss that now," he retorted, donning a black silk lounging
coat.
July 29, 1939
Owego,
gress
Attorney
as so
cited in said Proclamation, and other legislation designated for national
and by virtue of all other authority in
•
recovery,
not select
of said Proclamation of the 21st day of December,
modified; by virtue of the power in me vested by the Act of Con¬
me
vested;
I, Franklin D. Roosevelt, President of the United States of America, do
the candidate."
hereby proclaim and direct that, unless repealed or further modified by
Mr. Farley on July 22 issued a statement through the
Democratic National Committee, in which he said that he
is not "responsible" for reports that he opposes a third term
for the President.
"I
the 21st day of
are
position on any public or political question.
December, 1933,
as
heretofore and hereby modified, shall
remain in force and effect until the 31st day of
December, 1939, with re¬
spect to silver mined subsequently to Dec. 21,1933, and on or before July 1,
The statement said:
responsible for stories which
am not
Act of Congress or by subsequent Proclamation, the said Proclamation of
1939, from natural deposits in the United States or any place subject to the
being inspired relative to my
jurisdiction thereof; and I do further proclaim and direct that the proviso:
In the past I have always been
frank and definite, and I will continue to be in the future.
"that silver to be eligible for receipt under the said Proclamation
21st. day of December, 1933, as heretofore and hereby
of the
Any time I have
modified must be delivered to a United States coinage mint not
later thar June 30, 1939."
anything to say I will say it publicly and definitely and not through others.':
Proclamation of the 31st day of December,
the said
stated in
1938, is
hereby rescinded.
President
Roosevelt Signs
Railroad
Chandler Bill to Facilitate
Reorganizations—Action follows Adop¬
tion of Conference
Notice is hereby given that I reserve the right by virtue of the
vested in
not made
adopted the
on
into the
public pending completion
measure
The text of the
of July 15, page
said:
required to petition the
Interstate Commerce Commission for
authority to effect a debt adjustment
The legislation,
plan and issue the necessary securities.
After the SCC has been satisfied
that standards set forth in the bill have been
met, and after two-thirds of
the creditors, including at least a
for Tennessee Electric Power
a
The original
a
$78,600,000 contract
Co. properties.
deadline for this deal, June 20, passed before Congressional
calling for consummation on Aug. 15,
Congress
was
was
negotiated when the deadlock in
broken by the compromise.
mittee to ask passage of the bill to avert
his company.
thej "disgrace" of bankruptcy for
;
Valley Railroads.
appeared in our issue of April 22,
2354.
President Roosevelt Proclaims Price of 64.64 Cents
Ounce for Silver Not Tendered
June 30 and Any Mined on
an
Government by
to
July 1
^President Roosevelt issued
a
special
Roosevelt
Signs Several
Bills Amending
Agricultural Adjustment Act of 1938—Affect Wheat
and Corn Marketing Quotas and Extend Wheat and
Cotton Acreage Limitations.
64.64
cents
an
ounce
mined but not tendered for
June 30, when
the
64.64
on
silver.
He
pro¬
price for domestic silver
payment to the
said:
.
.
The amendments:
referendum
Treasury by
on
corn
corn
September the date for holding
a
marketing quotas.
and wheat growers
to market their entire crop
who plant within their acreage allotment
without penalty when a quota is in effect.
Extend indefinitely the 55,000,000-acre mipimum allotment
for wheat.
Extend indefinitely the 10,000,000-bale minimum in establishing cotton
acreage.
cents
price
expired.
The
new
price expired but not offered for sale
The law also made
no
in this country on
to the Treasury
provision for silver mined
July 1.
Associated Press advices from
Washington July 25 further said:
Using monetary
was made known on July 27 that President Roosevelt
signed four amendments to the Agriculture Adjustment
Administration Act of 1938, modifying marketing quota
provisions and extending acreage limitations.
Indicating
the nature of the amendments the Associated Press July 27
Permit
monetary Act, which fixed the price for newly-mined domes¬
tic silver at 71.11 cents after
July, did not specify any special
price for silver mined in this country before the old 64-64.
until later.
It
had
Postpone from late August to late
proclamation
July_25 relating to newly-mined domestic
a
associatedJ*$th TVA in the purchase.
President
'
A reference to the bill
are
com¬
It is stated that the conference
report eliminated Senate
limitations to make the legislation
apply only to the Balti¬
more & Ohio and the
Lehigh
claimed
Chattanooga, Nashville and other Tennessee municipalities and rural co¬
operatives
assents.
Daniel Willard, president of the B. & O.,
appeared before the Senate
tion
$61,500,000 bond issue, sets aside
new
was
ready had obtained the requisite number of creditor
cent
a
approval could be obtained for TVA's participation, but a new'contract,
..
75% of the creditors, including 60% of each class,
little opposition to the bill in either house,
although Senator
Wheeler contended its terms should be restricted to those roads which al¬
page
sanctioning
$46,000,000 of the bonds to cover TVA's share of
has given assent.
There
Signs Bill Enabling TVA to Buy
The compromise bill authorizing the Tennessee Valley
Authority to purchase from the Commonwealth and Southern
Corporation utility properties in three Southern States was
reported signed by President Roosevelt on July 26.
Con¬
gressional adoption of a conference report on the legislation
was noted in our issue of July 22, page 494.
In reporting the
signing, Washington Associated Press dispatch of July 26
of
The court may
monetary Act was given in our issue
Properties of Commonwealth & Southern Corp.
bill to the Baltimore & Ohio and the Lehigh
Valley Railroads.
Under the bill 25% of a road's creditors would be
Federal court.
new
339-340.
Roosevelt
President
in bankruptcy to work out agreements with their creditors.
The Senate imposed restrictions which would have limited
the effect of the
a
HULL, Secretary of State.
CORDELL
governing the terms of any debt agreements.
debt adjustment plan may be submitted to
FRANKLIN D. ROOSEVELT
By the President:
now
then put it into effect after
of America the one hundred and
States
sixty-fourth.
The House previously had enacted a measure which would have
permitted
majority of each class, have approved,
this 25th day of July, in the year of our
and of the Independence of the United
Interstate Commerce, said a "set of standards" had been written
all roads not
authority
the interests of the
Lord nineteen hundred and thirty-nine,
con¬
work by a legislative draftsman, but Senator Wheeler of the
Senate Com¬
mittee
as
InWitnessWhereof, I have hereunto set my hand and caused the seal of
Done at the City of Washington
ference report on the Chandler bill, to facilitate the
voluntary
reorganizations of railroads; on April 17 last the House passed
the bill, and on May 29 the Senate passed the bill in amended
form.
A compromise measure was approved
by Senate and
House Conferees on July 24, and in the form
agreed on in
conference the biH was adopted by the Senate on
July 25, and
by the House on July 27. The bill amends the Bankruptcy
Act of 1938 relating to the bankruptcy of railroads.
As to
the bill approved by the Conferees, Associated Press accounts
from Washington July 24 said:
were
modify this Proclamation
the United States to be affixed.
signing by President Roosevelt yesterday (July 28).
The exact terms of the bill
to revoke or
United States may seem to require.
Report by Congress
The Chandler rail bill has been enacted into law, with its
Both the Senate and House this week
me
powers in the new
law, the President issued
a
proclama¬
authorizing the Treasury to pay 64.64 cents an ounce for the two classes
Otherwise, officials said, the Treasury would have paid no more
One of the amendment enacted is
resolution
extending
legislation
reducing to not less than 10,000,000 bales the Department
of Agriculture's control program.
The 10,000,000 limitation
was contained in the resolution
passed by the Senate on June
30.
The House on May 22 had stipulated a minimum of
11,500,000 bales, but on July 18 agreed to the Senate amend¬
the
minimum
ment.
allotments
for
a
cotton,
the
new
The minimum heretofore had been 12,000,000 bales.
of sUver.
for this American silver than it
pays for foreign silver.
silver price is only 35 cents
The current foreign
The
Treasury had no estimates of how much silver would benefit by the
proclamation, but reported that Western Congressmen asking for the
proclamation had estimated 2,000,000 ounces had been stranded by the
new
technicalities.
Owners
of the
silver
affected
by
the
proclamation
were
given until
Dec. 31 to sell the metal to the Treasury.
The proclamation
and revised
Treasury silver regulations were made
public at the Treasury today after a conference between Secretary Henry
and Representative Compton I. White.
Marketing
an ounce.
Democrat, of Idaho.
Quota Provisions on Wheat
Amended, AAA Reports
and
Corn
Two amendments to the wheat and corn marketing quota
provisions of the Agricultural Adjustment Act of 1938, which
have been passed by Congress and signed by the President,
will simplify the administration of marketing quotas on these
commodities whenever quotas may be in effect, Agricultural
Adjustment Administration officfals said July 27. The effect
of the amendments is to place farm marketing quotas for
wheat,
corn,
and cotton all
on a
similar basis.
The amend-
Volume
The Commercial & Financial Chronicle
149
ments
provide that the marketing percentage for wheat and
corn be
100% of the farm acreage allotment. Farmers who
did not exceed their
acreage allotments for corn and wheat
would
be
able
to
market
their
entire
production without
penalty in years when quotas were in effect just as cotton
farmers do now.
The corn amendment also provides that
any referendum on corn marketing quotas be held one month
later at the end of September instead of
August as previously
provided.
Congressional action on these measures was
reported in our issue of July 22, pages 495-496. The Agri¬
culture Department's announcement went on to
explain:
,
The farm marketing quota for cotton and
wheat is the normal
yield, whichever is greater, of the farm
or
actua
allotment, plus the carry¬
acreage
the farm which might have been marketed in
previous years without
over on
The farm marketing quota for corn does not include the
carryover.
Previous provisions of the law called for farmers to hold
part of their corn
penalty.
and
wheat supplies when there
was
a
marketing quota,
planted within their acreage allotments.
Farmers
penalty
who
exceed
their
corn
on any corn or wheat
may avoid
or
will be
of
amount
an
subject to
of their quotas.
excess
their farms
on
corn
or
They
yield of the
of the
excess
acreage
farm allotment, or the actual
production in
normal yield of the
allotment, whichever is smaller.
excess
of the
The wheat amendment
a storage basis.
A
farmer who stores less than his
storage amount will be presumed to have
marketed wheat in excess of his
quota.
It is expected that most farmers who
plant within their allotments will
store under loans a proportion of their
crops even larger than
they would
have been required to store under the
original marketing quota provisions
determining
a corn marketing quota.
Officials pointed out that the corn
is often materially reduced during August and that in some
years a
referendum might be held when the
September crop report would cancel it.
crop
Through this change in dates, the time for announcing the
marketing quota
Sept. 15 instead of Aug. 15, and the date for announcing the results
will be
of any corn referendum Oct.
Signing of these
announced
Regarding termination
H.
10 instead of Sept.
10.
by President
measures
Roosevelt
was
January.
of the 1911 treaty, as
proposed by Senator Arthur
Vandenberg (Rep., Mich.), Mr. Hull said that Mr. Roosevelt
the matter "full and careful
consideration"
repeal the pact.
Mr.
Hull thus
made it
would give
provided the Senate voted to
clear
that
the
President is not
committed to any course and will not take the initiative in such
move
a
punitive
against Japan.
Senator
Vandenberg's proposal also calls for reconvening of the 1937
conference
which
considered
nine-power
treaty guaranteeing
broke up in a deadlock.
the
Japan's
alleged
territorial
violations
integrity
of
of
China,
the
but
Mr. Hull's statement
on both the embargo and the
Vandenberg proposal
known to reflect and conincide with the President's own wishes.
"Notwithstanding the authority which is vested in the Executive in
regard to the matters mentioned in the (Vandenberg) resolution, I am
glad
to say that the Executive is
always pleased to have advice from the Senate
and to give such advice full and
careful consideration consonant with the
great
weight to which the opinions of the Senate
entitled," Mr. Hull
are
wrote.
as
"Such consideration will,
therefore, be given to the opinions of the Senate
set forth in the resolution under
reference, in the event of its
passage."
The suggestion that
the embargo
question
be delayed was
ascribed in
possible State Department desire that ordinary diplomatic
methods be given more
opportunity to prove whether they can cope with
a
the various vital problems
arising from Japan's undeclared war on China....
Senator Pittman told newsmen that in view of the Hull
"it is
message
evident
that
matter."
nothing
be
can
accomplished
by
proceeding
When his committee meets next Wednesday
he will move that the
embargo proposal be taken
further in the
July 26r, he said,
the beginning of the
up at
next session.
Neutrality legislation also will come up at that time. Senator
Pittman said he did not believe the committee would
reply to Mr. Hull
formally.
.
Mr. Hull's letter said of the
embargo resolution:
July 27.
on
a ruling before proceeding
embargo resolution, said that Mr. Hull's statement effectively
own
part at least to
corn referendum to late
September makes it
the September crop report instead of the
August report for
use
United Press Washington dispatch
Hull's letter to Senator
Secretary
Senator Pittman, who had been
awaiting such
ended the subject until next
of the Act.
Changing the date for the
a
regarding
Pittman:
were
planted
provides for checking compliance with wheat
quotas on
possible to
July 21
with his
wheat
equal to the amount which they produced in excess of their
quotas.
The storage amount for corn will be the normal
in
We also quote from
of
Brussels
wheat allotments
they market in
penalty by storing
had been no
suggestion of that nature.
Discussions of the treaty nullifica¬
tion proposal would be
continued at a committee meeting later in the week,
he said.
if they had
even
659
Asked whether the State
Department would be requested to give addi¬
tional information on the Far Eastern
situation, Mr. Pittman said that there
"In the light of the legislative situation
relating to this and kindred pro¬
posals in regard to our foreign relations, it is reasonably
apparent that
there is a disposition in
Congress to defer full and final consideration of
Administration
for
Blocks
Embargo
dent
Congressional Action on Plan
Arms Shipments to Japan—Presi¬
on
Roosevelt
Asserts
Revise
Neutrality
United
States
with
that
Senate
Failure
to
Law Killed Business Boom—
Abrogate Treaty of Commerce
to
Japan
Secretary of State Hull, in a letter on July 21 to Senator
Pittman, Chairman of the Senate Foreign Relations Com¬
mittee, opposed Congressional action at this session on
legislation to embargo arms shipments to Japan. He revealed,
however, that President Roosevelt was willing to consider
a Republican
proposal to repeal the 1911 treaty of friend¬
ship and commerce between the United States and Japan.
This week, July 26, the United States
formally notified
Japan that it has decided to terminate this treaty on that
date.
Secretary Hull addressed a message to the Japanese
Ambassador saying that the United States
gives notice of its
desire that the treaty be
terminated within six months,
which is the minimum legal time for notice of
abrogation.
Secretary Hull's note was made public at Washington,
July 26, as follows:
recent
years,
the
examining the treaties of
Government
commerce
and
United States and foreign countries with
a
of the
treaties
are
the
to
better
has
been
determining what changes
for which such
purposes
that
the
Government of the United States has
Treaty of Commerce
preparing the way for such
safeguarding and
promoting
Navigation
signed at Washington
was
new
and
interests
with
as
a
Accept, Excellency, the renewed
new
develop¬
assurances of my
highest consideration.
tration's
neutrality proposals.
Mr. Roosevelt said the Senate's failure to act, apart from its international
repercussions,
will
have
serious
a
effect
on
American
business.ft The
decision to postpone any action on neutrality until Congress meets again
January, he said, already has ended
of the
postponement,
a
nice little business boom.
the President said, will be felt for
months—until Congress reconvenes in January.
many
said, uncertain
Business men, he
to what action Congress may take on neutrality next
as
will hesitate to make commitments of any kind during the next six
year,
This uncertainty, he insisted, will be felt
months.
impressively in business,
and its net result will be distinctly harmful.
Foreign Relations Committee on July 26
delayed action on a proposal favoring the abrogation of the
1911 commercial treaty between the
United States and
Japan, indicating that no vote on the suggestion may be
Associated Press
elimination
of
mandatory
arms
embargoes
against
Emphasizing that the situation in Europe indicates
belligerent
a
nations.
possibility, rather
probability, of war, Mr. Roosevelt said that the refusal of the Senate
a
give him ammunition for another shot to fire in the cause of world
places the United States in a position where it can not take positive
help head off
to
possible major conflagration.
a
peace
stepsy
...
European preparations for an eventuality which they apparently feel
may
be very close.
The President did not mention the word "war" but he
made it plain that reports
from European capitals have been exceedingly
disturbing and that preparations appear to be moving ahead rapidly.
Mr. Roosevelt again emphasized that the Senate must accept full responsi¬
He said that at the White House conference
bility for the situation.
this session on his
Senate
Washington advices of
July 26 said, in part:
Pittman,
He reviewed in detail what he said would be
blocking for the remainder of this session the Adminis¬
on
neutrality this week, at which he learned that there was no hope for action
CORDELL HULL.
Senator
Senate Democrats in
to
require, the Government of the United States, acting in accord¬
taken this session.
Roosevelt met correspondents for a press conference in the study
Hyde Park home.
on
view to
with the
The
Mr.
of his
serious consequences of the success of Senate Republicans and a group of
than
consideration.
consideration
American
and
procedure prescribed in Article 17 of the treaty under
reference,
gives notice hereby of its desire that this treaty be terminated,
and, having
thus given notice, will expect the treaty, together with its
accompanying
protocols, to expire six months from this date.
ance
Roosevelt, who on July 18 as noted in our issue
July 22, page 492 conceded defeat of neutrality legislation
at this session, on July 21 at a press conference criticized the
Senate for refusing to revise the neutrality law, and said that
the failure to act had destroyed a promising business boom
and will affect the national economy for the remainder of
this year. United Press advices of July 21 from Hyde Park,
N. Y., reported the President's remarks in part as follows:
The basic point in the Administration's neutrality proposals called for
conclusion
21, 1911, contains provisions which need
ments may
States
navigation in force between the
view to
between the United States and Japan which
Toward
President
of
concluded.
In the course of this survey, the
come
Feb.
United
need to be made toward better serving the
may
advantage
when Congress at its next session is ready to
give full consideration to these
and related proposals."
The results
"
legis¬
enact
"In these circumstances, I venture
respectfully to inquire whether com¬
ment by the Department of State on the various
proposals pertaining to
this phase of our foreign relations could not be offered to a better
K^nsuke Horinouchi, Japanese Ambassador:
Excellency:
During
that there may not be sufficient time in which to consider and
lation such as is proposed.
next
July 26, 1939
His Excellency
proposed legislation on this general subject.
Furthermore, as an early
adjournment of Congress appears to be tacitly agreed upon, it seems clear
vote
program,
he was told that Senate Republicans would
unanimously to postpone action and about one-third of the Senate
Democrats would concur in the refusal to act.
...
Mr. Roosevelt indicated he has no plans to take his neutrality proposals
to the
ground swell to force Congress to act.
tbird of the Senate
Senate Republicans and
one-
Democrats, he said, have made their decision, have
accepted the responsibility for refusing to act, and the country in general
the situation.
In effect, he said, the Senate opponents of
understands
Democrat,
of
Nevada,
the
chairman,
and
Senator
his
proposals are accepting the responsibility of informing the executive
Vandenburg, Republican, of Michigan, author of the resolution, said the
branch
committee,
States can do to avert war.
country's
to
closed
session,
way
more
discussed
Britain's
the
possible
effect
on
this
Senator
of the
a
information
♦
many
members of the committee appeared
changed conditions in the Orient
United
States
The
announced that Senator Vandenberg had
agreed to
provision of his resolution which would urge that the signatories
reconvene
the
Brussels
conference of
whether Japan is violating the agreement
torial
integrity
effect
of shelving
of
China.
that
This,
provision.
Mr.
Pittman
to
said,
respect
had
the
1937
to
the terri¬
practical
Senate
Entered
regarding
United
Pittman
Nine-Power treaty
determine
that there is nothing additional that the United
newly announced agreement
before acting on the resolution.
eliminate
of government
of the Japanese armies in China.
Vandenberg said that
desire
had
in view of Great
keep out of the
Mr.
to
in
course
treaty was
since
been
tions
of
in
Treaty with
March, 1936
Panama
States
Senate ratified on July 25 a general
United States and the Republic of
at Washington on March 2, 1936.
The
ratified by Panama in December, 1936, and had
between
Panama
signed
treaty
Ratifies
into
the
pending before the Committee
the
United
States
Senate,
on
Foreign Rela¬
according
to
Senator
ggO
The Commercial & Financial Chronicle
7
of the Senate Foreign delations
Pittman, who is Chairman
June 21, by a vote of 14 to 3, favor¬
Committee, which on
treaties and conventions with Panama,
treaty.
Ratification of this treaty
was urged
by Secretary of State Hull on June 14 before
the committee, as was noted in our issue of June 24,
page 3769.
From a Washington dispatch, July 25, to the
New York "Times" we take the following:
ably reported four
the general
including
understanding that in the
only after the Senate had established the
event of war this country may defend the canal
in
without first considering the red tape of diplo¬
Ratification
matic
necessary
manner
any
accorded
was
negotiation.
...
vote on ratification
The
15, with
to
65
was
Democrat present
every
On an earlier ballot the Senate defeated an amendment
by Senator Connally designed to state in the treaty the precise under¬
standing as to American rights in defending the canal.
The Senate
adopted a subsidiary treaty authorizing Panama to build a highway" across
the Isthmus, but passed over two other secondary agreements.
voting favorably.
Stumbling Block Removed,
The
years
flagration
that would endanger either the
the Panama Canal, the United States and Panama
threat of aggression"
any
or
country of Panama or
would consult as to methods
of meeting the threat.
.
California led a fight which began yesterday on
He asserted that this Government was granting to a country
of
Johnson
Senator
that section.
of
incapable
material aid in war-time a right which might
it
giving
place a severe limitation of defense of the canal.
As a result of Senator Johnson's protest, two Democrats,
Senators Gerry
submitted amendments.
would have provided that consultation might take place either
Connally,
and
The first
before
of
event
action.
after preparatory
or
emergency
an
;
stated more specifically that in
"the Government of the United States need
pending consultation, although it will
delay action to meet the emergency
effort, in the event that such consultation has not been effected
make every
prior to taking action, to consult as soon as it may
Panaman
Government."
•
/
both amendments on the
ground that
.
they were gratuitous, since
.
diplomatic correspondence in connection with the treaty had
lished such an
understanding, and that amendment would
ratification
After
his
by Panama.
the
clearly estab¬
require
new
.*
Connally
amendment
withdrew
Senator Gerry
defeated
was
own.
to
for
probably
treaty was considered as
few
were
desired
things
by
this
more
which
country
had
already
been
not
However, the pact established in new detail
States to build highways and other transportation
acquired by the Canal Zone.
the rights of the United
and
facilities,
marked
the
the Government of
1903
When
order
treaty
United
Under the
notable financial victory.
a
Panama received an annual rental on
the equivalent of $250,000 in gold in Panamanian money.
in
the
future will receive annually
430,000 balboas, a
pay
Panama
Payments in
being the same gold value as current paper dollars.
form
retro.active
are
1934.
to
addition, the United States agrees not to establish in the Canal Zone
In
industries
which
business
or
the
The
security
the
of
of
signing
will
unduly
compete
Panamanian
with
busi¬
detailed rights of jurisdiction where they will
and grants other
ness,
affect
not
the
in
treaty
Washington
1936,
1936
in
25
1551.
page
am
does
Panama
from
of
the
sure
the
Arosemena
President
quoted
as
frankest
Panamanian
people,
understand fully,
entirety,
their
in
Government, the meaning of the "joint responsibility and vital
which
putting
relations
certificates and unpaid coupons.
While, the first lien debt
fully serviced as to both principal and interest, the funds
requirements on the second lien indebtedness would
arrears
be
would
interest
for
available
of first lien 5^% bonds and $13,270,000
the outstanding second lien 5%
comprising
through 1944, about
5% after 1953.
amounting to less than 2%% annually
be inadequate,
1% for the period 1944-53, and less than
Anticipating the ratification of the treaty, the Govern¬
of Panama last April engaged the four New York
ment
debt readjustment
financial firms to prepare and execute a
subject to certain terms and limitations, the more
important of which are summarized in this week's an¬
program,
bonds
bonds
external
refunding
new
of
not
more
$17,-
than
interest at not over dVz%, provided that the new
be serviced as to interest and retirement in full from treaty
bearing
and
160,000
follows:
as
of
Issuance
1.
can
payments and present Constitutional Fund earnings,
both of which will be
outstanding.
'
Complete liquidation of outstanding external indebtedness through
arrear
treaty payments and sale or exchange of new bonds, which must
also
provide refunding expenses, estimated at not over $531,000, and
provide for a payment of $860,000 in cash to be used for internal improve¬
ments.
However, in consideration of the payment of $860,000 in cash,
Panama will eliminate approximately $587,000 from the present external
indebtedness and from the lien on future treaty payments and Constitu¬
pledged
long
so
any
as
bonds
are
,
income, and will also withdraw all claims
tional Fund
bonds
during the
interest and
for
years
amounting to over
treaty payments on account
in the 5%% and 5%
arrear
funds
sinking
1933 to 1937.
The elimination of the $587,000 of
be accomplished through the agreement with
will
indebtedness
external
the
from
reimbursement
for
advanced
funds
of
subject to the
internal loan in
exchange for its present holdings of $500,000 5% bonds due in 1936,
together with accrued interest thereon amounting to $87,500.
3. Provision also shall be made to permit the investment of principal
Banco
the
Nacional
cash
the
in
of
Panama
Constitutional
bank agrees,
whereby the
to accept a new
becoming effective,
refunding program
Fund,
from
arising
liquidation
the
of
mort¬
in the new external bonds.
gages,
As
as
soon
registration
of
securities with the
completed, the plan
expected that the program
the new
Securities and Exchange Commission is
While it is
will
be announced.
will
be consummated
it
will
be
within the next
contingent
of the second lien
upon
5% bonds of
to nine months,
six
acceptance by
general
securities
new
by Panama in the authorization of the debt
.
as
holders
specified
readjustment
program.
The Senate's action in ratifying the treaty is
these
columns
today.
noted else¬
■
-
On
Approves Bill Establishing Eight
ships
New Judge¬
July 25 the Senate passed a bill authorizing President
appoint two additional circuit judges and six
Roosevelt to
district judges.
Senate approval, obtained without a
record vote, sent the measure to the House.
Regarding the
new
interests"
the
5%% bonds.
certificates
lien
first
second
the
on
indebtedness,
lien
Senate
saying:
I
interest
would consist of $3,483,000
second
then
Republic's
lien bonds totaling $3,400,000.
the benefit of the refunding operation, the resulting debt struc¬
Without
bonds,
the
on
balance of only $1,520,000 to meet arrears
leave a
accumulated
was
Reporting that the treaty amends and replaces the origi¬
nal treaty
of 1903, wireless advices to the "Times" on
as
This would
of
payments
interest
and
fund
and
where in
canal.
reported in these columns March 7,
July
May 15,
an
declined to accept
the dollar Panama
devalued
States
contending that^its contract called for payment in gold.
avoid setting an embarrassing precedent, the United Staets
to
promised to
Thus
soil
Panamanian
on
dollars,
balboa
the
$250,000,
Zone of
the
technically
located
Zone.
of
cheaper
this
facilities
use
Panama
For
treaty
the Canal
In
to
Canal
the
of
outside
debt service on the 5Yz% bonds, and $227,000 advanced to pay
1936, coupon on the 5% bonds at the rate of 4%.
Also,
additional $200,000 would have to be deducted for arrears of sinking
prior
$860,000
important to Panama than
the United States, both from financial and political points of view,
while it clarified Panama's position in relation to this country, there
The
when
from
deducted
2.
Resisted
Is
Amendment
be possible with the
Chairman of the Foreign Relations Committee, resisted
Senator Pittman,
interest on the stamped 5% bonds in 1934-35 which the
accepting the arrears certificates, agreed should be
the treaty payments when received for those years after
of
bondholders,
nouncement
the
not
amendment
Connally's
Senator
present
payments
ture
the treaty had centered for the past three
in Article X, which provides that "in case of an international con¬
major controversy over
July 29, 1939
external loans of the Republic of Panama comprise
$3,603,000 first lien 5&% bonds, due 1953, and $11,313,500 second lien
5% bonds, due 1963.
The $3,542,000 of accumulated interest relates
almost entirely to the latter issue and is represented in part by unpaid
coupons and
in part by arrears certificates issued in respect to partial
payment of interest for 1933, 1934 and 1935.
From the $2,580,000 arrear treaty payments provided by the new treaty
the Republic of Panama claims reimbursement of $860,000 advanced for
debt service during the past six years, covering $225,000 advanced from
1934 to 1937 for charges on the f>Vz% bonds, $378,000 provided for cash
The
into
both
nations
effect of
connection
treaty
new
based
comprehension
existing between
in
have
the
on
spirit
and
With
canal.
the
with
there will
be initiated an era
justice
special
the
in
the two countries.
Associated
judgeships
new
Press Washington
July 25 said:
The
*
circuit judges
new
advices
of
-
would be provided for the sixth circuit, com¬
prising Ohio, Michigan, Kentucky and Tennessee; and the eighth circuit,
which
Minnesota,
covers
Iowa,
Missouri,
Arkansas,
Nebraska,
North
Dakota and South Dakota.
Panama
Treaty Ratification by United States Senate
Viewed
as
Clearing Way for $17,000,000 Debt
Readjustment Program
The
action
of
Senate
States
United
the
on
July 25,
ratifying the treaty with the Republic of Panama, clears
way for preparation of a debt readjustment program
authorized last April by the Government of Panama, accord¬
ing to a statement issued by the Government's refunding
agents—Hornblower & Weeks, James H. Causey & Co., Inc.,
Sclilater, Noyes & Gardner, Inc., and Norman S. Tauber &
The
program,
long-standing
it is
default
on
said, w7ill provide for clearing a
Panama's external indebtedness
represented by two external loans aggregating $14,916,000 with accumulated interest of $3,500,000 through the
issuance of new external loans not to exceed $17,100,000.
now
The
statement
Under the
new
continued:
430,000 balboas annually in
treaty Panama will receive
perpetuity
as
a
agreement
is
made
rental
for
the
equivalent
use
to
of
the
the
Canal
United
payments are to be made retroactive to 1934,
sum
of
$2,580,000
in
settlement
of
annuity
Zone.
States
The
balboa
Since
dollar.
Panama will receive a
payments
for
the
by
the
lump
past
six
after.
and an annual payment of $430,000 each year in February here¬
These payments, together with annual earnings from the Constitu¬
tional
Fund, which is invested
years,
be available for
in New York real estate mortgages,
interest and amortization charges on the
new
loans.
California,
new
district judgeships
New Jersey,
Western
would be created for the Southern
Oklahoma,
Eastern Pennsylvania, and
Southern New York districts and the sixth would
be for both the northern
and southern districts of Florida.
in
the
Co.
Five of the
would
Senate
Concurs
in
Minor
House
Amendments
lo
Bill—Measure, Designed to Prevent Political
Activities by Office Holders, Is Sent to White
House for President Roosevelt's Signature—Text
Hatch
of
Measure
The Hatch bill,
ment
prohibiting political activities by Govern¬
employees and designed to divorce relief from politics,
without a record vote on
White House for President
Roosevelt's
signature.
The Senate earlier in the year
(April 13) adopted the measure in a slightly different form,
but on July 21 it concurred in minor House amendments
contained in the bill as passed by the House July 20; refer¬
ence to the latter action was made in our issue of July 22,
was
approved
July 21
page
by
the
Senate
and was sent to the
495.
It
was
reported in Washington
this week that
probably sign the bill, whose
only excentions from the ban on political activities are the
President, the Vice-President, Cabinet members and related
policy-making officials.
President
Roosevelt
would
Volume
Yesterday
clared
The Commercial & Financial Chronicle
149
(July 28)
himself
in
the
favor
President
of
the
is
to
have
de¬
the
bill,
but
said
objectives
of
to have added at
a press conference that there was a
real'
problem involved in the measure.
As to his observations
Associated Press accounts from Washington went on to
in part:
say,
That
do
problem,
under
He
to
very,
said
A
Government
in
One
be interpreted to forbid
voluntarily
or
all
also
employees,
people
were
political
had
contribute
the
to
person
a
campaign
the President said, ought to know
meeting, sit
a
in
bill,
the
on
back
a
he said,
conference
machines.
been
not
taken
he said,
perhaps
farmer
a
considered
another
is
raised
receiving
relief,
as
the question
There
had
front
or
would bring
at
row,
many
as
and
be
he
Chief
there
Executive
who
from
had
been
that
eaid
attention
no
reporting
suggesting that
might
Government, which
from political activities.
That
the President said.
of
who
would
and
vote
to
a
merely in the study stage.
approval
House
of
changes,
the
which
measure
hold
the
on
observers
many
National
1940
believe
Democratic
weaken
will
said the
ago
bill
in
certain
was
of
It
Mr.
was
Garner who
The
passage.
principal beneficiary of the
a
Hatch
(Democrat)
of
New
Mexico,
colleagues that to send the
lent
of
sending it "to the
Principal
changes
nominations
the
well
as
activity,
President
the
and
independent
The
the
House
President,
made
few
a
Vice-President
is
weeks
and
national
in
customs and tax
take
election
original
bill,
Senate bill
official
protect
Federal
of
collectors
time-honored
.
.
in
persons
such
the
Cabinet
as
office
officers,
the
of
it.
heads
many communities
of
marshals,
form
district
and
postmasters—would
all
part in
political primaries,
to
any
be
for¬
desperate
including top members of the Judiciary
Many State machines,
with
peopled
collapse
a
with
because
of
Federal
the
new
Federal
bills
bills
"are
for
patronage
with
political
teeth
in
them
to
prevent
the
use
of
for
(July 21)
the question
on
by the Senate in the House amendments, Sen¬
ator Hatch, in response to a question by Senator Clark as
entire
is
not
absolute
an
fact
that
spirit and structure of the two bills
the
bill
the
House
it
as
night
no
far
are
in
entire accord,"
difference at all."
are
"there is
sponse that
so
passed the Senate and the bill
last
the
as
concerned,
as it passed
made the re¬
Senator Hatch, it was reported on July 24, has indicated
this, the Washington "Post" of July 24 said:
The restrictive clause bars all
Government
in
political
proval
Thus,
making it
employees
Federal employees
taking "any active part
campaigns."
the bill,
of
Federal
from
holding
observers
law,
a
civil
in
of the executive branch
political
pointed
would create
offices
in
more
management
or
out,
a
presidential ap¬
delicate problem for
than
a
nearby
score
communities.
Although
under
are
banned
has
allowed
munities
from
the
on
the Civil
Service
political
to
rules
most
of
any
kind,
a
activity of
since
them
1912
principle
their
participate in
holding office
the
Federal employees
special
elections
was
executive
of
in
Nearby
bill,
and
on
thus
munities
Service
necessary
to
com¬
run
Commission
indicated,
however,
that the
Hatch
prohibit the Federal employees from political office
in
which
they make
up
even
in
any
from
insular
for
any
nomination
of
work,
directly
compensation,
in
or
or
to
it
shall
be
to
part by any Act of Congress,
candidate
any
or
for
any
to
of
creed, color
race,
be unlawful
concerned
of
or
delivery to
shall
be
political
or
in
for
any
for
be
or
receive
or
whatever
be
or
sub¬
assessment,
any
purpose
from
any
receiving compensation, employ¬
by any Act of Congress
relief
or
for
to aid
or
.
made possible
or
unlawful
or
receiving
or
political
any
to solicit
person
soliciting
political
any
any
purposes.
for political
person
to
purposes
assist in
furnishing or disclosing, any
receiving compensation, employment or benefits
made possible by any Act of Congress
appropriating, or
persons
funds
for
work relief
relief
or
purposes,
committee, campaign manager, or to any person
political candidate, committee or campaign manager, and
a
unlawful
for
person to
any
receive any
such list
or
7.
No part of
any
appropriation made by
Act, heretofore
any
hereafter enacted,
making appropriations for
work
relief, relief,
wise
employment
loans
and
grants
of,
and
no
to
increase
projects,
ferred
by
for the
exercise
Sec.
8.
Act
Sec.
thereof
than
shall
one
be
year,
fined
Federal
Government,
use
his
official
authority
with
election
an
the
branch
not
than
more
$1,000
employed in the
any
agency
influence
or
of
individual
any
foregoing provisions
person
or
affecting
or
executive
con¬
of
or
both.
or
any
the
the
of
any
public
administered
or
the
the
for
Federal
of
purpose
thereof.
result
execu¬
department
or
the
No
Government,
officer
or
any
department thereof, shall take any active part in political man¬
in political campaigns.
All such persons shall retain the
vote as they may choose and to express their opinions on all
or
subjects,
the
be
tion
more
violates
for
authority
shall be exercised
or
other¬
or
or
to
United
purpose
of
to
agement
For
the
person
(a) It shall be unlawful for
employee in
agency
providing
for
who
person
for hot
branch
thereof,
by
used
upon any
conviction
upon
9.
be
interfering with, restraining, or coercing
his right to vote at
any election.
of
Any
imprisoned
tive
shall
such Act
any
purpose of
the
for
names
purposes.
Sec.
not
(b),
deprive,
candidate for any political party
any
.
disclose,
for
to
person
political candidate,
a
or
political
any
deprive, by any means, any person of
account
on
authorizing the appropriation of,
in
benefit,
other
reward for any political activity
unlawful
opposition to
or
shall
names
provided
indirectly, to
or
or
compensation, or other benefit provided
Act of Congress appropriating funds for work
any
purposes,
It
list
or
candidate
any
position, work,
other benefit provided for
6.
or
possessions.
person,
favor,
threaten
or
contribution
or
or
it
the
or
known by him to be entitled to
Sec.
any corpo¬
by the United States
be required by the provisions of subsection
may
Act,
It shall
furnish
to
thereof, and
agency
is owned
States,
for
executive
by and
include
office
of
with
the
term
"officer"
President and
President,
(4)
officers
advice
the
the
the
the
be pursued by
in
or
(!)
"employee" shall
or
Vice-President
the
of
whose compensation is paid from the appropria¬
persons
departments,
to
Powers
to
(2)
the
policies
of this section
purposes
construed
and
(3)
who
consent
of
heads
and
assistant
appointed
are
the
Senate,
of
by the President,
who
and
States
in
its
administration
of
Federal
the United
nation-wide
heads
relations
determine
with
foreign
laws.
Any person, 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 any Act of Congress for such
position
or
office shall be used to pay the compensation of such
person.
Sec.
9A.
(1) It shall be unlawful for any person employed in any
capacity by any agency of the Federal Government whose compensation, or
any part thereof,
is paid from funds authorized or appropriated
by any
of
Act
tion
Congress,
which
the
in
ment
to have membership
advocates
United
the
overthrow
in any
of
political party
constitutional
our
organiza¬
or
form
of
govern¬
States.
(2)
Any persons ^violating the provisions of this section shall be imme¬
diately removed from the position or office held by him, and thereafter
no part of the funds appropriated
by any Act of Congress for such position
or
shall
office
Sec.
10.
substitution
Sec.
for,
11.
If
to any
used
shall
to pay
provisions of
the compensation of such
this
Act
shall
be
in
person.
addition
to,
not
in
existing law.
provision of this Act,
any
person
the
and
stances,
be
All
or
be
application of such
circumstance, is held invalid, the
application
not
the
or
of
such
affected
provision
to
other
pro¬
remainder of
persons
or
the
circum¬
thereby.
com¬
the great majority of voters.
Senate
an
(Democrat), also of New Mexico, would injure performance of civic func¬
some
of
the
neighboring towns.
The text of the bill, as sent to the White
House, is given
below :
AN ACT
v.
it
commissioners
any
opposition
or
possible by
relief
or
vision
Towns Protest
official
of
as
this
manner
person
ment
or
and
unlawful
appropriating funds for work relief
the
said he would seek unanimous consent
by both houses of
amendment similar to the Civil Service limited-exemption
ruling, after the President had signed the measure.
His proposal followed
protests that the restrictive clause—introduced by Representative Dempsey
Be
or
or
becoming law, would supersede the Civil Service exemption ruling
Congress for
in
delegates
Senate
election.
of
5.
any
Senator Hatch
tions
the
election.
any
Act,
Civil
of
his official authority for the purpose of inter¬
consideration,
as
Except
or
Sec.
order
nearby
community properly.
A
Vice-
a
(b)
that he will seek exemption for Federal employees
residing
in nearby Maryland and Virginia from a clause in the bill
which would bar them from holding local office.
As to
of
mem¬
election
any
President,
a
possessions.
territories
activity, support of,
of
concurrence
"it
selecting
member
Representatives,
use
be
support
made
political
whether
Representatives at
of
any
made possible in whole
employment,
or
right
in this country."
purposes
During the Senate debate
to
or
employment, position,
the
4.
9
the
or
in any
Sec.
interfering
.
Standing beside Mr. Hatch, Senator Clark (Democrat) of Missouri, often
in
the presidential candidacy lists,
declared that the Senate
House
choose,
President, Vice-President presidential elector, member of
Representatives, delegates or com¬
shall
person
for
party
conventions
threatened
are
It
any
works
in
mentioned
and
he may
as
to vote for, any candi¬
member of the House of
from
provided for
this
eliminate
employees,
legislation.
not
capital stock of which
of
or
3.
promise
from the prohibition against politi¬
campaigns.
to
patronage
to
were
interference
organization—including
by organization Democrats,
Committee,
to vote
or
intimi¬
interfering
Vice-President, presidential elector,
affecting the election
or
office
missioners
for
This provision of the law was retained in the House bill after
fight
warned
.
the
the
Vice-President,
party
attorneys,
their
the
Ambassadors.
bidden
to
.
of minor Federal officials who
of
or
for,
purpose
elector,
insular
thereof), to
Senate,
widely
through its effect
measure,
of
.
from
policy-making officials
agencies
"thousands
backbone
and
the
the
scription
to conference would be the equiva¬
graveyard."
elections
as
author
measure
administrative officers, and to exempt,
cal
the
by the United States
the
of
for
in
barring Administration patronage officials from next year's convention.
In
moving that the Senate concur in the House amendments, Senator
his
all
any agency
the
Convention.
squarely in the hands of the President.
now
Vice-President Garner.
considered to be
vote
to vote
of
purpose
2.
tion controlled
relief
in accepting House changes in the bill, which in
some
strengthened and clarified the measure, took place under the
eye of
for
House of
attempt to deprive,
Senate action
respects
to
to attempt to
or
for the
It shall be unlawful for
any person employed in any adminis¬
position by the United States, or by any department, independent
agency,
or
other agency of the United States (including any corpora¬
any
Senate
Fate of the bill is
benign
Sec.
Section
workers.
was
Concurring in amendments inserted by the House in a turbulent session
Thursday night [July 20-21] the Senate gave its indorsement without
Administration's
the
coerce,
member of the House of
presidential
a
or
person
person
person
President,
part
territories and
or
the bill
enforce
Washington "Post" of July 22 said:
record
the
of
or
in
or
of
Sec.
the
barred
said,
Federal
not
are
The measure, he emphasized,
In
solely
President,
problem of what would be done with State and other Government
employees
office
ber of the Senate
the bill.
interesting point in
of what relief is,
problem, too,
a
right of such other
the
other
any
causing such other
date for
fering with,
room.
involved in
an
benefits
might
The
up
given to political considerations
reporter,
of
or
ration
State
on
coerce,
trative
they could attend
there
intimidate, threaten,
or
threaten,
the
member
interrogator wanted to know whether he had studied the effect of
question
raises
legitimately
people
can
applause.
as
bill
A
What
friend.
reading of the language of the
the
be
is:
it might
rally
a
eaid,
to
date,
with
held
language?
instance,
political
a
whether
opinions
at
for
of
lot
A
President
broad
of
join
or
the
very
that,
attend
expenses
least
•
661
for any person
To
enacted
United States
Prevent
by
Pernicious
the Senate and
Political
the
House
Activities
of
Representatives of the
of America in Congress assembled, That it shall be unlawful
Agrees to Conference Report on Bill
Interlocking Bank Directorates
Both the Senate and House agreed
on
to
Prevent
July 24 to the
con¬
ference report on
the bill postponing the effective date of the
1935 Banking Act provision prohibiting officers and
directors
of member banks of the Federal Reserve Svstem from
private bankers
serving
or as directors or officers of
any other
The conference report extends the effective date for
a period of four years, or to Feb.
1, 1943.
Under the existing law this prohibition would have
become
effective Aug. 1 next.
The Senate bill, passed on June 19,
as
bank.
proposed
an
extension until Feb. 1, 1944, while the House
on
The Commercial & Financial Chronicle
662
The
a bill fixing the effective date as Feb. 1,1941.
House action was referred to in our issue of July 22,
page
July 29,
"The whole scheme is devised to evade the present statutory
49b.
July 17 passed
1939
debt limit
It is a spending scheme masquerading as a lending
(of $45,000,000,000).
scheme."
'
Byrd asserted that "if we must spend the public money, we owe
Senator
the taxpayers to be frank and not hide
it in simple justice to
Congress Completes Action on Trust-Indenture Bill—
Senate Accepts House Amendments
amendments
House
Senate versions are substantially the
of trust indentures and assure security
increase the present
made
same,
the
holders of the services of
provide for elimination of administrative
as to
It drew major support
products.
The
The
been
now
is
In
$407,000,000 authorization
by unanimous consent,
effort to
an
bill,
the $800,000,000 additional appropriations for the
save
President
growers
measure
in
up,
*
Bill—Measure
Recommended
over
H, Vandenberg, Republican, of Michigan, led
more
than 50 House Democrats had signed a petition which
~
automatically forces a party
on
Reports
Reduced
<
New
Deal
legislation
caucus
pending
from
Figure
Roosevelt—Jesse
H.
on
York
"Journal
of
An amendment offered
Commerce"
advices
in
from
its
feature of the $2,490,000,000 program was defeated on a roll call vote of
40 to 38 as party lines broke sharply over the Issue.
voted
with
15
Republicans
against
one
Twenty-three Demo¬
the Administration,
Progressive and
while
two
Farmer-Laborite
one
joined 35 Democrats in opposition to the amendment.
In
statement
a
program
"is
a
afterwards, Senator Harry F. Byrd
fiscal
Mr.
policy, said that
spending scheme masquerading
as
a
(D., Va.), frequent
Roosevelt's lending
lending scheme."
an
unusual Saturday
(July 22) session without further reducing the total.
Majority Leader Alben W. Barkley (D., Ky.) ticketed the legislation
for Senate debate Monday (July
24) and said he was hopeful it could be
passed before the end of the week.
Adjournment
Aug. 1
In
or
hinged
disposition
on
hopeful that it could be
sent
of the
to
lending
President
measure,
Roosevelt
by
2.
finally
eliminated
prospects
were
the
lending
measure,
the
Banking
Committee
amendment approved yesterday which would prohibit loans
for any projects which would be "substantial
competition" with private
enterprise.
an
The committee agreed that the
language of the amendment was so broad
as
to
nullify much of the
program.
(D., Col.) said they would work
on
Barkley and Senator Alva B. Adams
out a compromise
proposal for submission
the Senate floor.
an
amendment to require the payment of pre¬
vailing wages on road, railroad equipment and public works
projects.
In his statement Senator Byrd said that "the
American public must not
be deluded that this new spending scheme will neither
increase the Federal
nor
"If the
increase
the
Government
Federal
borrows
impractical projects that
"the
tax
are not
burden."
money
and
makes
loans
for
untried
and
likely to be repaid," Senator Byrd added,
burden will eventually fall on the taxpayer.
taken
a move to save not
effort to block adjournment until
A statement issued by the
"attempting to sabotage and destroy existing labor and
*
Increase in Debt Seen
The special
Republican House committee
for defeat of the
as
"a
device
President's
for increasing
"spending by deception"
These remarks
public.
a
program
program,
public debt through
the
which it described
a
subterfuge"
and
"state socialism by stealth."
as
its
on
national debt policy called
on
"spending"
new
well
as
based
were
$2,490,000,000 for the
ties to the
is within
extra-budgetary scheme for raising the
through sale of government-backed securi¬
The statutory debt limit of the country, $45,000,000,000,
billion
or
so
of being reached, and at the rate of borrowing is
expected to be passed by next January.
Jesse H. Jones, Federal Loan Administrator, advised the
Senate
Banking Committee that the RFC "is going to have
plenty of losses" on the loans already made to business, it
was
revealed on July 22.
Associated Press Washington
An
unrevised record of Jones'
lending bill
was
testimony
President Roosevelt's
on
new
circulated among committee members today.
The printed text showed the former RFC chairman was asked by Senate
John A.
Townsend, Jr. (R., Del.) whether the lending
business loans which
think
we
"were in any
have,"
agency
had made all
eligible."
way
answered.
Jones
"We
infallible.
not
are
make plenty of mistakes and plenty of bad loans.
We
We will have a very
substantial percentage of losses on our business loans."
"The liberality of the policy is going to show up in
the losses
you
rake?"
interjected Senator Alva B. Adams (D., Colo.).
"Yes," Mr. Jones responded.
"We
are
going to have plenty of losses."
Mr. Adams then asked whether the losses would
20%," and Mr. Jones replied:
be.
It
will
be
"I
am
"run
ashamed to tell
as
you
high
as
10 to
what I think it
plenty."
Mr. Jones testified that the RFC was currently foreclosing on $12,000,000
of industrial loans and that it would take a "very heavy loss' on
the trans¬
action.
"If
anybody makes loans
on
a
liberal basis than
more
we
are
making
them now," he added, "they will be grants—they will not be loans."
The RFC declined today to estimate how much it might lose on
loans.
business
The latest financial statement showed it had made 5508 such loans,
totaling $260,986,262, since February, 1938.
In addition banks had
ticipated in business loans to the extent of $63,725,720.
said
no
figures showing the
average
par¬
An RFC official
loss on business loans were available.
While Mr. Jones' committee testimony disclosed the .RFC would lose on
business
loans,
a
brought out that
letter he sent
on
corporation actually
Resigning
Mr.
The committee approved
debt
an
this "must" legislation.
on
Banks later took up $7,923,427 of these.
approving
showdown
was
attacked the coalition of conservative Democrats and Republicans,
charging it with
will
Republicans had asserted they would attempt to make additional reduc¬
tions, but the committee approved the legislation in
and leaders
a
action
prevailing wage to W. P. A. projects.
Raymond S. McKeough, of Illinois, in
Congress has acted
group
"We
Hearings on the measure were reported in the "Chronicle"
of July 22, page 498. After noting approval of the measure
by the Senate Banking Committee, Associated Press Wash¬
ington advices of July 22 said:
*
critic of Administration
The
advices of that date added:
by Senator Byrd (Dem., Va.) to eliminate this
Republicans, one Independent,
Congress.
engineered by 11 Democrats, headed by Representative
was
liberal legislation."'
Washington bureau July 27 said:
crats
The action
Senate
Banking Committee on July 22 favorably
reported the Administration's $2,490,000,000 bill for loans
to such projects as roads, railroad equipment, public works
and elimination of farm tenancy.
President Roosevelt had
originally proposed a $2,800,000,000 lending program, but
the Committee reduced the total by $400,000,000, and then
added $90,000,000 for reclamation projects in the West.
Yesterday (July 28) the Senate voted to cut $500,000,000
from the bill for highway improvements.
The vote against
retaining the fund was 42 to 38. On July 27 by a margin of
two votes the Administration had prevented a similar move
to strike the fund provisions from the bill.
As to this the
New
before Friday night for
in
despite the protest of the party leaders in the House in
$2,490,000,000
Says RFC Will Have Substantial Losses
Loans Already Made to Business
The
chorus of protest
a
its provisions and implications....
Meanwhile
Jones
r
The
only the spending bill, but the $800,000,000 Wagner-Steagall housing bill
President
by
proceedings
in
Rules Committee, which
effort to induce favorable action.
an
and amendments to restore the
Lending
hand
From Hyde Park he telephoned
Vandenberg Leads Objectors
Arthur
because
products shipped in interstate commerce.
i£i
personal
a
today.
action, however, was not forthcoming yesterday.
fibers.
The Federal Trade Commission would be empowered to seize mis branded
Committee
took
Roosevelt
the week end, it was reported
holding the
be passed in the Senate^,
As the spend-lend bill finally came up in the Senate for debate Senator
wool," "reclaimed wool" and other fibers.
Banking
can
thing manifestly impossible.
a
nearly every Democratic member of the House
is
The bill would require labeling of most woolen products to show the per¬
Senate
Treasury."
than $600,000,000 to the Treasury by
while opposing the Florida ship canal bill, which was defeated on
housing
over
New England Senators argued that the legislation was not needed, would
centage of "virgin
North
of
Democrat,
economy-minded Senator also pointed out that his Committee had
The only way the
manufacturers and others
would injure wool
Bailey,
the Senate floor.
Democrat, of Wyoming, author of the legisla¬
increase consumer costs and eventually
W.
Josiah
instrumental in saving more
measure
from Western Senators in wool-producing areas
of increased use of cotton and other competitive
Senator
later,
smothering in committee this bill and the Passamaquoddy tide-harnessing
requires that
measure
consumers,
action was interpreted as a concession to the
bloc in Congress. In discussing the latest develop¬
Washington dispatch, July 25 to the New York
This
Commenting
on
needed to protect
was
Adminis¬
July 25 induced the Senate Commerce
on
Carolina, chairman of the committee, said that $407,000,000 was too much
of "reclaimed wool and shoddy" in woolen products.
use
effort to force passage of the lending bill,
to authorize "in view of the condition of the
from Senators representing New England textile centers.
Senator H. H. Schwartz,
tion, said it
things
ment, a
"Herald Tribune" said:
June 14 by the Interstate Com¬
merce
Committee.
The following regarding the Senate
measure
is from Washington Associated Press advices of
July 21:
from
an
bill.
from the unrevealed presence of "substitutes
favorably reported
and opposition
issue new obligations ?
power to
of its authority that has existed for some time to do the very
economy
fabricated articles containing wool bear labels showing exact
fiber contents.
A similar bill is pending in the House, where
was
of
legislation provides?"
of the Securities and Exchange Commission and the
and mixtures" of wool
it
$1,361,404,036
has
now
Committee to abandon the $407,000,000 rivers and harbors
for Labeling Woolen Products—
Measure to Disclose Fiber Content
consumers
use
new
In
a
On July 21, the Senate, by a vote of 48 to 23, passed a bill
designed to protect producers, manufacturers, distributors
and
RFC
in the new legislation are wise, why has not the RFC
"If the proposals
Bill
Passes
the
that
authority already exists," Senator Byrd asked, "why
"If the (borrowing)
simplification of procedure for qualification of indentures.
Senate
Corp.,
Finance
unused borrowing power.
House from the original measure as it went through
drafted
discretion in the hands
but
the public debt.
Byrd said he had been advised by G. R. Cooksey, Secretary of the Re¬
tration leaders
Changes made by the
obligations,
Government-guaranteed
be
would
bonds
construction
disinterested trustee.
the Senate were so
The
would not be counted as a part of
they attempt to provide a full disclosure of the
it was explained, in that
terms
RFC would issue bonds to raise money for the
Under the program the
loans.
designed to protect buyers of bonds and other securities
through full disclosure of the provisions of trust indentures,
were adopted July 21 by thp Senate without debate and the
measure was sent to the President for his signature.
The
House passed the bill on July 19, as was noted in our issue of
July 22, page 495.
A Washington dispatch to the "Wall
Street Journal" of July 22, said:
Purposes of the House and
It merely
conceals it."
the Senate Trust-Indenture bill,
to
in the
...
thought that this double system of bookkeeping evades the debt.
as
to
President
its total transactions,
was
RFC
Roosevelt earlier this week
including all types of loans, the
making money.
Chairman
to
become
Jones wrote that the agency had
Federal
Loan
Administrator,
"sound assets sufficient to pay all
of its debts and return to the Treasury the entire capital
stock invested in
it, with something in addition."
In a final report to the President and Congress as Chairman
of the RFC, Jesse Jones reiterated on July 26 (said a Wash¬
ington account to the New York "Journal of Commerce,"
the fact that this agency will have a greater percentage of
losses on business loans than in any other class, but the tota
Volume
The Commercial & Financial Chronicle
149
of all such losses will be
small fraction of its total earned
a
assets.
A group
of
of conservative Democrats under the leadership
Byrd on July 24 began a drive to reduce the
Senator
ness"
On
July 27 Senator Mead of New York is reported to have
said that he has abandoned efforts
to bring about the enact¬
ment of his bill for
Government insurance of bank loans to
"small business" because of the "lack of
enthusiasm" for
the measure at the
hearings. Reference to the bill appeared
in these columns June
lending authorization. Under date of July 26, advices from
Washington to the "Journal of Commerce" said in part:
Launching the first attack
servative
Democrats and
of revisions
Va.) sought
of
a
upon the bill on behalf of the coalition of con¬
Republicans who hope
sharply limiting the
to defeat the bill
bring about adoption
to
scope of the program, Senator
entirely
spending policy that has failed
Byrd (Dem.,
17,
on the grounds that it is a continuation
to
bring about
663
Senator Mead Said to Have Abandoned
Efforts Toward
Enactment of Bill to Lend
Money to "Small Busi¬
196, and July 22,
page
recovery.
3618; July 1,
498.
page
page
page
40; July 8,
Meanwhile
Secretary of the Treasury Morgenthau re¬
jected proposals to supplement the program with additional
Public Works Administration loans and
grants.
dispatch of July 24 to the "Journal of
continued:
At the
U.
S.
same
H.
tonight
A.
time Administration efforts to
bill from the
committee
as
House
members
Rules
strong
major developments
came
Legislation was adopted by the Senate on July 6
(as reported in these columns
July 15, page 340) permitting
the
Government, through the Corporation, to take title to the
600,000 bales of surplus cotton, it holds under loans advanced
simultaneously with sub¬
mission of the modified
spending-lending of the modified spending-lending
bill to the Senate by Majority Leader
Barkley with a statement that its
500,000 new jobs and provide an outlet for $2,300,000,000 of idle private funds which would otherwise remain unused.
to
Senate.
the
Friday
The Senate
July 29r before the
measure
is
The
interior
delayed from considering the bill today as
planned because of the inability of the leadership to dispose of a
judgeship
bill which has been pending since
Friday.
The coalition drive to trim the program
was
to
the submission
of four
amendments
bill
which
would
the
$350,000,000 fund for
PWA
loans
and
the
$500,000,000
Additional amendments prohibiting the use of
any of the money for
projects which would compete with private industry are expected to be
Opposition of the Treasury Department
'to
further grants
of funds
for
$350,000,000, ef which 30%
communities in the form of grants and
would be available to
"We
States
and
that
over
a
self-liquidating
period of forty years the States would be able
a
tures and revenue" and warned that the
of continued high
as
"This
yield permanent
was
was
so
United
which
acquired
Bill
which
no
Committee
a
proposal
by
involved
only
appropriation,
$83,848,100
but
projects
disposed of unless
the
Army and
Administration's
a
a
sales
reserve
to
by the
period of not less than five years, and shall
war
or
Navy at
war
hemispheric
It
cost.
defense
House Passes Wheeler-Lea
Water
Been
results
emergency
in
serious
a
to
was
Committee,
designed
policy.
to
Provision
strengthen the
was
made
for
*
Transportation Bill Placing
Jurisdiction
of
Inter-State
by Congress
Had
Urged by President Roosevelt
The House
carriers,
on
July 26 passed the Wheeler-Lea transporta¬
for the first time, under the
Interstate Commerce Commission.
jurisdiction
While
a
similar
of the
measure
passed by the Senate on May 25 (referred to in our issue
of May 24, page 3146), the House made so
many changes in
the Senate-approved measure before
passing it this week,
said Senator Wheeler, it is out of the
question to compromise
was
of
the differences before adjournment.
for
The Senate Banking and Currency Committee on July 25
favorably reported on a bill by Senator Mead of New York
authorizing a ten-year extension for repayment of mortgages
to the Home Owners Loan Corporation.
The bill would
increase the period from 15 to 25 years.
Under
Commission—Action
tion bill, which coordinates the regulation of all
transpor¬
tation systems, except aviation, and brings domestic water
Mr.
worth
Carriers
Commerce
authorized
Approves 10-Year Extension
Repayment of HOLC Mortgages
provided that
protection of United States military secrets.
would have to be eligible for future appropriations.
Senate
today
condition that except for rotation
total of $83,848,100 which
this course in preference to
make
on
The bill, reported unanimously by the House Foreign Affairs
Some weeks ago the committee had added 58 projects to the Housewould
Byrnes
be made
would permit all republics in North and South America to order munitions
Bailey to trim down the authorizations to $82,961,650 and call the bill up
bill
to
Permitting Sales of Arms
American Republics
from
for immediate consideration.
Authorization
are
United Press Washington accounts of July 24 reported:
Committee, said that the Committee had decided to
deny the bill a special order and hence it could pass at this
session only by unanimous consent.
In commenting on the
action Associated Press Washington advices of July 25 said:
The
foreign
to
programs
on July 24
passed legislation permitting Ameri¬
republics to purchase from the United States Govern¬
ment warships, munitions and other war materials.
The bill
was approved on a voice vote and then sent to the Senate.
merce
work.
loan
The House
the Senate Commerce Committee increased to $407,855,600.
Senator Bailey of North Carolina, Chairman of the Com¬
approved
its
can
The omnibus authorization bill for rivers, harbors and
flood control projects was shelved on July 25 until the next
session of Congress in January.
As passed by the House
^
through
House Passes Bill
$83,848,100 Increased by Senate Group to
$407,855,600
Senators adopted
it
Senator
deterioration such commodities shall be held in
]
Total of
The
by
by
is
Senate Commerce Committee Shelves River and Harbor
Authorization
Bill—House
Measure
Called
for
a
be
not
turning out useful goods for the nation."
May 18 the bill authorized
introduced
interruption of normal supplies.
of it will go into productive use and thereby put idle men and idle
equip¬
on
bill
purchasing government for
sav¬
capable of producing.
Thrift is desirable; saving is a necess- ry nd sound
practice but it must be accompanied by profitable outlets for savings.
"This bill is designed to tap the annual stream of savings so that more
ment to work
adopted by
was
would authorize the CCC to sell
surplus agricultural
foreign governments
stated.
States
manufacturers,
109.
to
would also require that a minimum of
300,000
advices said;
same
to prevent
long will it be im¬
possible to attain the high national income which the
effecting the exchange of the
governments.
ings for the purpose of increasing employment and the national income.
work,
in
manufacturing centers in New England,
standing vote of 148
a
commodities,
put men to work, to stimulate further capital
benefits to the people of this nation," it
on
in the Senate
The
"It is designed to bring together idle men, idle equipment and unused
use
Meanwhile, Senator James Byrnes (Dem., S. C.) introduced another bill
"country is faced with the prospect
"So long as funds are saved and not put to
provided that
necessary to meet the needs of the
The
bill, Senator Barley hailed the
balance between Federal expendi¬
unemployment, unless the Government helps to promote
bill is designed to
wanted to
This would be the crop of
bales be stored in New England.
investment in private industry, to raise the level of business
activity, and
to
amendment
The Martin amendment
outlet for idle funds."
an
Jones
the House
proposal as a rider to the lending bill in the Senate.
"an important approach to
Commodity Credit Corporation
had first acquired.
store such cotton near the cotton
Rules
the committee report on the lending
drawing the highest storage
Both proposals were
defeated, but an amendment offered by Minority
Leader Joseph Martin (Rep.,
Mass.), which provided that the CCC should
Committee plans to hold hearings Wednesday on the
Starnes PWA bill, while Senator Maloney (Dem.,
Conn.) will offer a similar
In
to cotton
substitute amendment which he offered.
The
To Push PWA Proposal
program as
York
cotton
Indications tonight ivere that despite the opposition of Mr.
Morgenthau,
the movement for a new PWA program would be pressed forward in
both
The
New
preference should be given to the cotton contained in warehouses
located in port cities, and only
enough cotton moved from the interior to
replace that which had been shipped to Great Britain.
22% of the cost of construction of the project in interest charges.
houses.
much cotton from
be necessary to fulfill the
Represtative Marvin Jones (Dem., Tex.)
requested the House to adopt
a
for the
are
He pointed out that the PWA loans provided for in the
lending bill were,
in effect, a grant to the States because
they would be made at such low
to save
may
agreement.
1934-35.
bill."
interest rates
by the House Banking and
was
first the cotton which it
70% in loans.
against it," the Secretary said.
as
delivery under the exchange
the latest crop and that the
made known
by Secretary Morgenthau to a group of
House members today seeking to broaden the
lending-spending bill by an
are
amended
ports
opposed by Representative Henry Steagall
(Dem., Ala.), chaiman of the
Banking and Currency Committee, on the grounds that the
provision would seriously interfere with the administration of the
measure.
He pointed out that the
highest rates for storing cotton were charged for
introduced tomorrow.
"We
was
give preference
This
additional
bill
prevent the removal of only so
maritime
rates.
Expect More Restrictions
was
to
to
The major fight on the measure
today centered around this amendment*
Representative Fred L. Crawford
(Rep., Mich.) offered an amendment to
the proposal which would
require the corporation in selecting the cotton to
be taken for barter, to
highway authorization.
PWA projects
Byrnes
Advices from Washington
July 27 to the
"Journal of Commerce"
indicating this added:
limit
its period of effectiveness to one year;
subject the bonds and debentures to
be issued by the RFC to all Federal and State taxes and
eliminate from its
provisions
or
warehouses
contract for
launched by Senator Byrd
the
Senate,
Currency Committee
disposed of by
was
with
producers which will be traded for about 85,000 tons of
British rubber.
Although it is the intention of Senator Barkley to seek passages of the
legislation by Welnesday, July 26r It. was indicated that
opposition will be.
vocal that it will be
arrangements
page 42.
almost
enactment would create
so
the
called barter
agreement between the two countries signed at
London on June 23, and referred to in
our issue of
July 1,
bottled up until
Submits Revised Bill
The three
Credit
United
passed the resolution designed to
for the exchange of surplus
stocks of American cotton for British
rubber, under the so-
the
against
Giving
Commodity
facilitate
unsuccessful
opposition
measure
Resolution
to Effect
Exchange of
States Cotton for British Rubber
On July 27 the House
blast loose the $800,000,000
legislation and indicated intentions of keeping the
adjournment.
Passes
Corporation Power
Commerce"
Committee proved
registered
House
A Washing¬
ton
from Washington
He [Senator
bill to
a
Associated Press advices
May 27 in advices to this effect, added:
Wheeler] explained that he
would ask the Senate to send the
joint House-Senate committee for study and would suggest that
the committee meet in the fall and resport at the start of the next session.
I
Representative Lea of California, chairman of the House Interstate ComCommittee, said there was nothing in the House draft which would
merce
prevent a joint committee working out
a
good bill.
The Commercial & Financial Chronicle
664
The
measure was
back
send it
to
approved on a voice vote after a bipartisan
committee to
was
the House on July 26 without a record
narrowly defeating a bipartisan drive to exempt
water lines, according to the Washington "Post" of July 27,
from whose account, by Robert C. Albright, we quote;
The bill passed
167 to 144 teller vote, the House rejected the coastal bloc amend-'
ment which would have freed the boat operators from commission control.
By
a
back to committee was overturned by a 273 to 100 record count-.
.
already I. C. C. regulated, both the
by adding water lines bring virtually all forms
With railroads and truck lines
House and Senate measures
of transportation
except aviation under Commission control, with the Civil
Aeronautics Authority retaining airline
Jurisdiction.
and seacoast members who fought for two days against
charging It would operate one-way to railroad advanclaimed a partial victory in approval of the Wads worth amendment, which
permits each type of carrier to reduce rates, after due allowance for a com¬
pensatory return, overhead and service costs.
Waterway members said
this should permit water lines to maintain a differential between rail and
water haulage rates,
They had feared an I. C. C, boosting of water rates
Inland waterway
waterway regulation,
While I believe that
that identical rate
It may be
that their
The letter which was
by Representative Warren (Democrat), of North Carolina,
a 10-man group opposed to any change in the status
of water carriers, also said, according to the Associated Press
that statements by railroads indicated to him [Secretary
Wallace] that those carriers desire to solve their difficulties
at the expense of agricultural and other shippers, consumers
and taxpayers.
bridges replacing those found obstructing navigation.
no
provision
for
Reconstruction
new
Finance
Corporation loans to the roads, for repeal of land grant Government rates,
or for Federal sharing of the cost of bridge replacements over navigable
streams.
proviso for RFC loans, but
by
Representative
Poage
was
The deadlock in House Rules Committee on amendments
to the
Wage-Hour Act was broken on July 27 when it ap¬
proved for floor consideration the original Administration
bill but ruled that conflicting versions by Representatives
Graham Barden and Robert Ramspeck must be considered
as amendments.
United Press dispatches from Washington
on July 27, in reporting this, added in part:
The compromise which, in effect, was an
(Democrat),
of
Texas,
to
An effort by
continue
special
failed, 63 to 39.
Administration victory was wrested from defeat on the heart section of
the bill—water carrier regulation—when Chairman Lea, of the Interstate
Mary T. Norton (Dem., N. J.), Chairman of the House Labor Committee,
which call tor exemptions of certain categories of workers, including whitecollar workers earning $200 or more a month.
2. The Roosevelt-condemned Barden amendments which would exempt
2/000,000 agricultural products processors and other seasonal workers.
3. The Ramspeck amendments which are non-controversial in nature and
are similar to four changes approved by Mrs. Norton's Committee earlier
today.
Representative Eugene E. Cox (Dem.,
Commerce Committee, mustered a bare majority against the South amend¬
Representative Lea told the House it was the "main feature of the bill"
and declared unified control and consolidation were "the very elements of
commerce
regulation."
One provision of the
Approval
bill, lea said,
of the
South
floor with
bill repeals authority for the I. C. C. to take the
As passed,
the measure leaves carriers of all types free to propose consolidations.
But
mergers would be permitted only with approval of the Commission and
under conditions "consistent with the public Interest."
carriers.
In another railroad legislation development the Senate Interstate Com¬
Committe yesterday favorably reported Chairman Wheeler's
reso¬
lution directing the I. C. C. to make a study of the feasibility of so called
postalized railroad passenger rates.
Author of the plan, which would reduce transcontinental rates to
as
low
$12.50, is former State Senator John A. Hastings, of New York.
A minority report on the bill from the House Interstate
Commerce Committee, filed by Representatives Wadsworth
(Republican) of New York and South (Democrat) of Texas,
declared that rail management and labor "are chasing a
rainbow in their hope that this bill will bring them pros¬
perity."
According to Washington advices to the "Wall
Street Journal" of July 27, which added:
With
deprive the public of the benefit
cheap and flexible transportation." It was saserted that there is
no
the
that
view to effecting a compromise in the matter
a
of
group
Amendments to the bill have been before
Senate and House Labor Committees since- the latter part
of
March, and nearly two months ago (June 7) the House, by
a vote of 167 to 110, refused to suspend the rules to consider
revisions recommended by the Administration.
The sub¬
committee named by the House Labor Committee on July
19, was headed by Representative Keller (Democrat) of
Illinois, and include Representatives Randolph, of West
Virginia, and D'Alesandro, of Maryland (Democrats), and
Welch, of California, and Smith, of Maine, (Republicans).
On July 11 Representative Barden introduced a series of
amendments to the law
as
a
substitute for the Administra¬
tion
sponsored changes of Representative Mary T. Norton
(Democrat), of the House Labor Committee.
United Press
advices from Washington had the following to say at that
time (July 11):
Mr. Barden said that he hoped he could get his amendments to the House
an
orthodox manner" where members could choose between his
proposals and those of Mrs. Norton, whose handiwork bears the approval
of wage-hour Administrator Elmer F. Andrews and President Roosevelt.
The Barden bill would
or more a
Associated Press advices July 21 from Hyde Park, N. Y.
"over¬
led by Representative Barden (Democrat) of
Carolina, the House Labor Committee on July 19
named a subcommittee of five to work out changes agreeable
public
nedd for the extension of government regulation to the water carriers.
was
,
North
floor "in
The two members charged that enactment of the bill will "substantially
stated
anti-New Deal
amendments to the so-called wage and hour law (the Fair
Labor Standards Act) acceptable to the Administration and
The minority report strongly opposed provisions of the bill which would
place water carriers under regulation by the ICC.
of
an
ban on amendments, said that the committee vote
to both factions.
Wheeler Bill Reported Out
Railroads would not be permitted to acquire control of competing water
increase the cost of transportation and
a
whelming."
amendment
...
initiative in drawing and proposing railroad consolidation plans.
as
Ga.j, leader of
coalition which successfully blocked a rule to send the Norton bill to the
ment, repealing the water carrier section.
would have "destroyed" the
Administration surrender, sends
bills to the floor:
1. The Administration-approved changes introduced by Representative
defeated, 51 to 49.
Government rates over land-grant roads also
interstate
Consideration
House
and Ramspeck Measures to be Taken up
Amendments—Criticism by President Roosevelt
and Administrator Andrews of Barden Proposals
Defeated
Representative Taber (Republican), of New York, sought to eliminate
the
Approves for
Administration's Bill Amending Wage-Hour Law—
3 separate
Taber
merce
Committee
Rules
Barden
purchase or guarantee obligations of the railroads.
It would repeal authority for reduced Government rates over land grant
carriers and divide between the Government and the railroads the cost of
bill carries
transportation.
brought to the attention of the House
head of
passed by the House, the bill not only coordinates transportation
Senate
If this
logic of the situation suggests making changes in our promo¬
as
regulation, but would permit the roads to initiate consolidation proposals
and authorize the I. C. C. to make financing loans to the roads and to
The
by economic considerations, I have grave doubts
regulation is required of the rail competitors.
argued that the water carriers are subsidized and, therefore,
tional policies with respect to
Loans Authorized
new
maintenance of the controls now provided over
competition with the railroads is not fair or economic.
be true, the
might transfer water traffic to the rails.
As
would be held over the inefficient plant and the
level would be protected from the impact of vigorous
...
railroad rates Is justified
hour Republican effort to send the entire transportation
An eleventh
measure
present high rail rate
competition.
vote, after
1939
29,
Hence, an umbrella
move to
eliminate waterway-control sections
defeated, 100 to 273.
July
from
year
remove
coverage
"white collar" employees earning $1,800
of the wage-hour law.
The Norton bill also
would exempt such workers, but only those earning $2,400 a year or more.
Other
ma jor
provisions of the Barden bill:
representatives of railway labor and manage¬
Exemption up to 56 hours for workers engaged in storing and grading of
ment were informed that President Roosevelt desired House
grain at terminal markets, logging and distributing perishable fruits and
action
on
From these advices
the bill.
The President said at a press conference
we
also quote:
today he had
so
vegetables; exemption periods of 16 weeks for live stock packing houses and
advised E. E.
Norris, President of the Southern, and B. M. Jewel, head of the railway
employees department of the A. F. of L., at
a
White House conference in
Washington yesterday.
Mr. Norris and Mr. Jewel are members of a
"committee of six" which drafted, for the President, recommendations for
aiding the railways.
Mr. Roosevelt said he told them that he had asked Chairman Lea of the
House Interstate Commerce Committee, author of the
regulatory bill, to
urge the rules Committee to give the measure legislative right-of-way.
He said he did that
1- That
a
on two
year ago, he
grounds:
thought something ought to be done and he had
recommended that Congress act.
Congress has been in session six and
half months and has done
nothing to help the
a
railroads.
2. Action would be absolutely in line with what he had been advocating
for years—getting all forms of
transportation coordinated so that wholly
separate government agencies would not be running transportation policies.
There are two or three forms in which coordination could be put into
large canneries.
Exemptions from both wages and hours of Bmall telephone exchanges;
dairying employees, except those engaged in evaporating and condensing
operations; ginning and compressing cotton; processing of sugar beets and
fresh fruits and
as
much
as
getting it done.
That the proposed legislation to
bring water carriers under
Federal control will not solve the Nation's transportation
problem, is the view of Secretary of Agriculture Wallace
who in a letter to Speaker Bankhead made public July 18 said:
The advocacy of thorough regulation of the minimum rates of motor and
water carriers by a centralized agency appears to represent an attempt to
use
government power to bring competing transportation agencies into a
cartel, and, in this manner to share traffic and adjust rates in such
as to earn a
a way
return upon all transportation capital of these agencies.
vegetables if the employer does hot can any other com¬
modity; wool shearing, and other occupations.
On July 21 the House Rules Committee announced that
hearing would be held
the Act.
on
July 25
on
a
the proposals to revise
Both Wage-and-Hour Administrator Andrews and
Representative Barden were invited to appear at the hear¬
ing and Mrs. Norton indicated that she would be present;
in its issue of July 22 reporting this the Washington "Post"
said:
In
.
effect, the President said, but form doesn't count
but not refining; extraction of oils and juices; tying, drying, stripping
cane,
and packing cf leaf tobacco; portable sawmills; canning and preserving of
appearing before the Committee to ask that his amendments be per¬
mitted to reach the floor of the House, Mr. Barden will be making an almost
unprecedented
a
move.
request for action on
man
Rarely has the House Rules Committee entertained
a
biU which does not have the support of the Chair¬
of the Committee originally handling
the bill.
In Mr. Barden'g case, the measure not only is
opposed by Mrs. Norton,
but is unreported by the Labor Committee.
Criticism of the Barden amendments
Roosevelt
came
from President
July 18; these amendments would exempt
provisions of the Act employees in agricultural
processing activities, as to which Clarence Lenz, Washington
from
the
on
Volume
The Commercial & Financial Chronicle
149
correspondent of the New York "Journal of Commerce,"
July 18 said, in part:
His
(President
on
conference this afternoon, observers believed that
enactment by
means
delivered at his press
"In
of Administration
opposition fail to stop its
contentions of the A. F: of L. and
Sabath of the House Rules Committee, that proponents of the amendments
would undertake to block all rules asked for until favorable action was taken
particular bill.
Vote Is Sought
It is
being demanded of and in the House that this body be given an op¬
it
upon
the House under
come to
and make the vote
one
the Barden
measure.
The desire is to have
rule which would safeguard it against
a
of "yea" or
"nay"
on passage.
changes
■,
Asked at his semi-weekly press conference to express his views on this
matter, President Roosevelt said that he had had the Barden amendments
described to
him.
The
bill would, in
effect, he explained, pick out the
2,000,000 lowest and poorest paid employees of the industry who are the
Criticism was also lodged against the Barden amendments
by Wage-and-Hour Administrator Andrews, who indicated
on
July 20 that he was opposed to exempting "white collar"
workers earning $200 or more a month from the provisions
of the law, although he had
previously expressed himself as
favoring such exemption.
In the Washington "Post" of
July 21 Mr. Andrews was reported as follows:
Mr. Andrews remarked that he had read Representative Barden's state¬
"in which he makes, it clear that he
ment
principle and insist
on
will stand firm
his amendments which
as
a
matter of
merely a renewal of the
are
'dime-an-hour' bloc proposal for wholesale exclusion of needy workers from
the Act."
press conference whether he
a
(Mr. Andrews) still favored the
amendment excluding workers earning more than $200 per month, he (Mr.
Andrews) replied:
"No sir.
I
for it on the assumption that it would make administra¬
was
tion of the Act easier.
done such
But organized labor is against it, and since they have
swell job for me in helping me fight my battles I think it would
a
be unethical for
to press for that amendment if
me
they object to it."
proposed change;: in the law appeared in
issue of April 15, page 2197.
Revision of
Wagner Act Held Unlikely at This Session
Thomas Says House
Investigation of
—Senator
NLRB
Precludes
Amendments to Law
at
This
Time—House and Senate Labor Committees Con¬
tinue
Hearings
on
Proposed Changes
Senator Thomas of Utah, Chairman of the Senate Labor
Committee, announced on July 22 that a decision by the
House to investigate the National Labor Relations Board
had eliminated the possibility of Congressional action at this
session on proposed amendments to the National Labor
Relations
Act.
Hearings on the proposals before the
committee
noted
of
which Senator Thomas is
these columns
June 24, page
in
Thomas
said
the
head
3774.
propose to turn the balance of power back to employers so that they can
force the workers back to their form status of weakness.
"The act has been the strongest single force in the development of our
growing industrial democracy in America today.
The
now
or
be permitted to petition the board in representation
more
labor organizations are
neither petitions the board for certification.
the
The
claiming
new
a
majority but
rule intends to meet
situation
where the two or more labor organizations each
claim a
majority and hence exclusive bargaining rights under the act, but where the
failure of any union to file
the employer
be allowed
petition leaves the dispute unresolved unless
a
to initiate
Labor
Committee
of the amendments because these permit practices on the part
The proposed amendments
power
are designed to lessen the board's discretionary
by setting out statutory requirements which it must follow.
Lawrence
Spitz,
New
England
bargaining unit
an
unresolved
described.
rule increases from 5 to 10
a
days the minimum period between the
complaint of unfair labor practices and the date of a
hearing
Labor organizations which
are
named in
company domination will be served with
with the consequent opportunity to
so.
On July 25 spokesmen for farm organizations urged before
committee exemption from the Act of agricultural
workers and those who prepare farm products for
sale, be¬
cause the farmer was unable to
pass increased costs to the
consumer.
They favored amending the Wagner Act as
proposed by Senator Logan', said Washington advices July 25
to the New York "Times," from which we also
quote in
past as follows:
The witnesses
asserted that the
difficulties in the Western farm
complaint
a
as
allegedly under
after
initiated by the National Labor Relations Board against a
a case was
farmer it made
decision reinstating the farm workers with back pay.
a
Explaining that the labor
was
migratory, Mr. McDaniel wanted to know
how the farmer would be able to raise enough money to
pay back wages
as ordered by the board even if ne could locate the
workers who had been
scattered all
over
the country.
;
The
investigation of the NLRB voted by
July 20 was referred to in our issue of July 22,
the
page
House
496.
Federal Government Acts
Federal
State
to Require Compliance with
Marketing Program in New
Sought of $300,000 Reported
Milk
York—Collection
Owed Producers' Settlement Fund
The Federal Government
began court action on July 24
compel compliance with the Federal-State milk marketing
program in New York and to collect more than $300,000
to
owed the Producers' Settlement Fund by 35 handlers, it was
made known in Associated Press accounts from
Washington
July 24, which said that an injunction suit, which a Depart¬
ment of Justice spokesman said was "the first of 10 to 15 we
bring," was instituted in the Northern New York Fed¬
will
eral
District Court against one creamery company of the
State; in part, the Associated Press said:
The action
the first
was
brought since the Supreme Court upheld the
The marketing program was suspended
held it invalid.
Mr.
by Henry A.
Wallace, Secretary
Federal Judge Frank Cooper, of Albany,
The Supreme Court reversed the decision last month, and
Wallace reinstated the marketing order
a
uniform
July 1.
on
Milk receipts
are
"blended" price for all pro¬
or
ducers.
•
When the order
suspended, $589,000
was
was
owed the fund, but since
Agriculture Department
officials announced last week that the Central New York
Cooperative Asso¬
ciation, one of the four defendants involved in the recent litigation before
apply for intervention in the proceedings
a
complaint and
a
The
This is in conformity with current
practice.
dominated, which
alleged to be made in violation of
are
parties to
con¬
the law will be made parteis to the
This also is in conformity with current
practice.
The ten-day period allowed under the old rules to
file exceptions to
intermediate reports of trial examiners has been increased to
twenty days,
officials
said
the
deficiencies
resulted
from
handlers
withholding
payments last winter when it became apparent that constitutionality of the
marketing
program
would be challenged.
A decision
the
Period Increased
a
responsible for labor
was
in the last few years.
the Supreme Court, had made a "substantial payment" on $87,000 it owed.
proceedings affecting the contracts.
with
Wagner act
areas
Ivan G. McDaniel of Los Angeles, representing the Agricultural Producers
Labor Committee, told the committee that almost two and a half
years
notice of hearing
Labor organizations, not company
tracts
the
July 1 settlements have been made for $285,000.
the complaint.
if they desire to do
told
Printing Pressmen's
pooled in this fund to provide
conflicting claims in
upon
leader,
Union to the A. F. of L. Council in San Francisco, told the
House Labor Committee on July 21 that 119 local Federation
unions in California opposed all amendments to the law.
dispute
issuance of
labor
Senate Labor Committee on July 19 that proposed amend¬
ments to the law would cause "industrial strife and turmoil."
J. Vernon Burke, representative of the
of Agriculture, last spring after
as
It should be preserved."
Vernon
testify that the "great majority of the membership of the A. F. of L. does
employer petition in such instances.
Under the rule all the employer is
required to set out, in addition to per¬
tinent information, is that there are
new
J.
constitutionality of the New York milk program last month.
proceedings.
The existence of conflicting claims as to the
appropriate
will offer no barrier to the
filing of an
A
heard
of the employers which this act was established to
prevent and which should
not now be made legal."
were
York "Journal of Commerce" said:
where two
Senate
Burke, the secretary
of Labor's Non-Partisan
League in California and an A. F. of L. member,
Senator
July 22 that his committee had decided
hearings on "the day thatCongress adjourns."
The NLRB on July 11 issued new
regulations designed to
liberalize the law, effective as of
July 14.
In summarizing
the rules, a Washington dispatch of
July 11 to the New
Employers will
permitted it to nibble away at our indus¬
.
"The hectic campaign to amend the act is evidence—conclusive evi¬
dence—in proof of its essential fairness.
The chief purpose of the act was
to even up the
bargaining power between employers and workers.
Equit¬
able relations between a worker and his
employer are impossible when one
party is far superior in strength to the other.
"The act is fair.
The proposed amendments are unfair because they
on
to conclude its
cases
organization."
He discussed labor history at
length and, closing, asserted:
A reference to the
our
conflict between
a
the
.
Asked at
been
A. F. of L. craft union and the S. W. O. C., the Board has
upheld the
not approve
principal beneficiaries of the wage-hour law.
the
Associated
He said:
CIO.
pro
in which there has
an
trial
portunity to express itself
was
case
presidential veto awaited
Earlier in the day it was said that notice had been served upon Chairman
upon this
practically every
a
Congress
of weakness."
While Murray asserted that the labor act is fair, he disputed A. P. of L.
contentions that the NLRS
On the basis of this castigation of the Barden bill,
"designed to reduce
were
their former status
to
Press Washington advices of July 18 added:
Representatives by the five large farm organiza¬
tions urging support for the Barden bill.
the measure should other
proposed amendments
workers
Roosevelt's) criticism of the proposal followed the cir"
cularization of the House of
the
665
by the United States Supreme Court, upholding
constitutionality of the Agricultural Marketing Agree¬
ment Act of
page
1937,
noted in the "Chronicle" of June 10,
was
3457.
.
further extension still permissible
upon a showing of proper cause.
Under the
new
rules, if
any
objection is made to the conduct of
tion, the regional director will investigate and make
be served
on
the parties and become
Among other changes to clarify
or
a
a
an
elec¬
report which
Federal
liberalize the tules and regulations
District
Court
Dismisses
Indictment
Against
American Medical Association—Rules Medicine Is
Not "Trade" Within Meaning of Sherman Anti-
will
part of the record.
are
Trust
these:
Act
,
Civic officials, as well as notaries public and board
agents, will be available
for those wishing to swear to charges.
Labor organizations
of charges
by
a
who appeal to the board for review of
regional director shall file
a
a
dismissal
complete statement of the
facts with the Board.
Judge
James
Court in
Harry Shulman of the Yale University Law
School told the House Labor Committee on
July 12 that
the American Federation of Labor proposed amendments to
the law would give the Federation "an unfair
advantage."
On July 18 Philip Murray, Vice-President of the
Congress
of Industrial Organizations, advised the committee that
Proctor
on
Anti-Trust Act could not
His
opinion
which the
Professor
M.
Washington
the
United
States
that
the
District
Sherman
apply to the practice of medicine.
issued
in dismissing an indictment in
Department of Justice charged that the American
was
Medical
Association
"trade"
of
ganization
of
July 26 ruled
Group
in
the
mentioned
and
fellow
defendants
restrained
the
Health,
Inc., a co-operative health or¬
District of Columbia.
The indictment
in the "Chronicle" of Dec.
24, 1938, page
Judge Proctor said that, in his opinion, medical prac¬
tice is not a "trade" within the meaning of the Anti-Trust
was
3840.
Press
Associated
Act.
advices of July 20
Washington
added
Justice officials,
of
Department
dicated
Robert H.
filed by defense counsel, which
profession" rather than a "trade."
of the word "trade" had long been
decision "expressly excepting the learned
agreed with demurrers
Proctor
Judge
while not commenting at once, In¬
asked. The final decision will be up to
Jackson, now on vacation.
appeal would be
that an
Solicitor-General
that medicine was a "learned
He said he thought the legal concept
argued
in a
the Supreme Court
settled by
professions."
Judge
"6macks"
of Justice obtained in Washington seven months
medical bodies and 21 individual doctors.
Proctor remarked at one point that the indictment as drawn
of a "highly colored, argumentative discourse," and at another
In
said:
opinion
has cited many
Government
"The
English and American cases dealing
agreements by doctors concerning
these cases
those cases
covenants ancillary to
restrictive
with
he
instances,
some
The
"afflicted with vague and uncertain statements."
added, material facts were entirely lacking.
it was
said
he
point
practice
It is argued that
have drawn medical practice within the orbit of trade.
But
are
beside the point.
They do not involve any question as
medicine is a trade.
They accept the universal understanding
conduct of their
the sale or
to whether
of it as a
profession.
such
most,
"At
serve
cases
only to illustrate the development of a
having its origin in contracts concerning tradesmen, which
as the
doctrine 'against restraint of trade,' and which
time was extended and applied, to agreements by doctors re¬
legal doctrine,
known
became
in
of
course
professional practice.
specting their
basic objections to the indictment.
Of first
contention that none of the alleged restraints has
that Section Three comprehends only those oc¬
cupations in commercial life carried on in the marts of trade activity;
therefore, that the medical profession and the businesses of the (group
health) association and hospitals do not constitute 'trade' within the
raise
demurrers
"The
to
reference
the
is
importance
trade;
a
purview of the statute.
position is that all who
money's worth for full
the Government's
activity where they supply
occupied in any
payment are engaged in trade; that Section Three does cover all
such activities; therefore, that the practice of medicine and the business
of the association and hospitals do fall within the scope of the statute."
The indictment had declared that the defendants "combined and con¬
money
spired"
restrain trade by seeking to
to
prevent Group Health from ar¬
ranging for medical care and hospitalization,
tion from "obtaining by co-operative efforts"
by restraining the organiza¬
adequate medical care for its
the doctors serving on the medical staff of Group
the pursuit of their callings," by restraining
from serving it, and by "restraining the Washington hos¬
members, by "restraining
doctors
other
Inc., in
Association,
Health
Pound
a
Made to United States
Mill Heads
—Opposition to Proposal by
effective at midnight July 27, the Department of
Agriculture will pay exporters of cotton l%c. a pound,
under a subsidy program intended to regain for the United
States its "fair share" of world markets.
He said that
that,
will be made in connection with
exports of' cotton goods produced and processed in the
United States. He reserved the right to decrease or increase
the subsidy if a change "is regarded essential to the suc¬
cess of the program."
Many cotton textile operators, bro¬
kers and dealers in waste have indicated opposition to the
equivalent payment
an
the subsidy would be of little
might cause additional trade
disturbance.
The official announcement
declaring that
program,
benefit to cotton growers and
industrial
and
said, in part:
be made
will
of
points
on
30,
exported
or
before
or
June
made
will
be
and
1940,
on
program
cotton goods.
exports of
(2) Payments
June
the export
provision
before July 31,
on
lint
the
also
is
or
payments
for
made
on
cotton
export on
or
the world.
of
markets
cotton
established at a point which will offset
and it is hoped that this rate will maintain our
throughout the season.
In my opinion there is
more likelihood
that the rate will be decreased than there is that it will
be increased.
I hope we can avoid any changes in the rate.
A change
will be made only if it is essential to the success of the program.
We hope also that this export program will benefit the entire cotton
industry and that it will strengthen the established system of trading
in cotton.
From the standpoint of the entire country, the importance
The
payment has been
of
rate
position
competitive
this
of
elsewhere.
and
cooperate to make the program
will
the
us.
does not lessen the need of doing all we
consumption of cotton.
In addition to the
export program for cotton
An
will be made on cotton exports, the Department plans to
during the present fiscal year to increase the
payments that
about
utilize
domestic
the
increase
to
can
and I want to thank repre¬
which
a success,
industry for the many helpful suggestions
cotton
given
have
they
$14,000,000
domestic
to
of
consumption
available
who otherwise would
should
Out of this domestic program
further
still
These products will be made
be unable to pur¬
products.
cotton
families
low-income
chase them.
the
avoid painful and costly adjust¬
I am confident that all concerned
is necessary if we are to
South
the
in
ments
pointed out that under Section 22 of the original
Adjustment Act, as amended, the President
is
the
United
States if it has been determined on the basis of an
investi¬
limitations
place
may
such
a program,
Conservation
Soil
the
that these importations
the cotton program, under
Domestic Allotment Act.
The
the Tariff Commission
by
gation
and
as
said:
Department's announcement further
To
imports
prevent
of cotton
products from nullifying the
of Agriculture has recommended
and cotton
effectiveness of the program, the Secretary
to
be directed to make an imme¬
the President that the Tariff Commission
investigation to determine whether limitations should be applied.
diate
Marvin
House Committee on
Department, has intro¬
duced legislation which would expedite the placing of limi¬
tations on imports of cotton and cotton products in the
event such importations are interfering or are likely to
Chairman
Agriculture,
Jones,
the
of
is
stated
by
the
cotton
program.
it
interfere with
the
As to this, Secretary
Wallace said:
have
I
is
and
that
cotton
Chairman
as
goods,
soon
will
program
placed
The exporter
must
make
for payment
application
required might
regarded
1940, and must furnish the necessary proof
as
essential
to the
success
of
the
effectively than is possible at present.
be taken to prevent increased imports,
can
extended
In summarizing
and
Until action
other nearby
The
rates
of
points.
salient comments
on
payment
on
cotton goods are as
A.
Card strips, comber waste and unbatted cotton
►
B.
as a
part of a cotton
i.5o
product
Yarn, thread, twine, cordage, and rope, either polished or Unpofished
IX Coated products. Including rubber coated and rubberized products,
C.
1.80
fabrics)~
E.
Fabrics (excluding buckram, crinoline, and coated
F.
cotton, and elastic containing less than 20% of rubber by weight
Articles manufactured from fabrics (other than buckram, crinoline"
G
Articles not otherwise
weight)
or
elastic containing 20%
more
of rubber
a
Manufacturers
Cotton
American
total
is at
now
a
of
textile
cotton
exports
dwindling
been
has
relatively low level," he added.
"It is
than
more
possible that the subsidy will endanger what little American textile export
trade is
remaining."
said
cotton
against
tives
Secretary Wallace had
become
textile
the
urged,
been
been
has
now
should
a
ordered,
subsidy
to
give
on
the
automatic and complete- protection
processed from cotton
goods
of cotton
the
statement
Association
Spinners
Association
dealers,
imports
that
said
National
Yarn
Georgia,
in
as
"immediate,
of
foreign growths."
or
McLaurine
of
effective,
industry
increase
any
Combed
turers
that
exports
American
and
of
Association,
other
groups
the
concurred
was
Cotton
in
by representa¬
the
Manufacturers,
North
Carolina
Cotton
Southern
Manufac¬
representing the cotton manufacturers
South Carolina and Alabama.
A.
Baker,
declared
Secretary-Treasurer
that
exports
of
Crespi,
of
American
cotton
Baker
would
&
be
Co.,
cotton
helped little
He added that this country ultimately must adopt a cotton-
marketing policy which will provide for "the free movement of cotton in
domestic
A.
that
mixture of
_
the
of
J.
and
international
trade
channels."
Cocking, who is in the domestic and international trade in cotton
waste,^ said that his studies of the subsidy's possible consequence indicated
by
2.10
specified and articles containing
cotton and other fibers
or
1.90
Secretary
bought by American mills.
by the subsidy.
absorbent
-
be
American
James
buckram, crinoline and elastic containing 20% or more of rubber by
weight, and articles manufactured therefrom1.Q0
coated fabrics,
"The
in
1.60
McLaurine,
can
steadily, and
follows:
Picker laps, sliver laps, ribbon laps, sliver, roving, batting, and mat¬
tress felts made wholly of unused cotton, card stripe, or comber
waste or combinations thereof
h 'A
it
Mr.
Net Weight
the proposal, a dis¬
C., to the New York
said:
William
domestic
^
been
it has
from which
the countries
to
Association, stated that "already the foreign mills can buy cotton cheaper
He
is taken under existing or pending
Cents per Lb.
.
"Times"
program.
legislation to pre¬
vent the
reentry of cotton exported under the program, payments will
not be made on exports of cotton and cotton goods to Canada,
Mexico
(6)
deal with the situation
temporarily withheld.
not later than
of exportation.
(5) The right is reserved to decrease or increase the rate of payment,
but as a matter of policy changes will not be made unless they are
31,
importation of cotton
result in some
the
upon
now
than
(4)
introduced by
authority under Section 22
The
make it possible to
would
more
be
legislation
hope the
possible.
be
appropriate action
as
I
that
is
as
can
the procedure
but
promptly and
As
Jones
soon
limitations
The Jones bill
delay.
the
told
approved
such
is
sold for export on or before June
Dec.
into
importations
on
patch of July 24 from Charlotte, N.
30.
better methods for
Agricultural
before
1940, and provision also is made for payments on
come
domestic consumption.
expansion of
cotton products
exported on or before Oct. 31, 1940, if the cotton goods are sold for
export on or before June 30, 1940.
The extension in the case of cotton
products will give necessary time for the manufacture of cotton goods
June 30,
of the export
The retention
be overemphasized.
cannot
program
sentatives of
before
on
1940, if the cotton is sold for
be made on cotton products exported on
(3) Payments will
competitive position of
existing price disparities,
1940.
30,
of the
American cotton in world markets.
It is our hope that the need for making export payments will be a
temporary one.
In my opinion, one way to make such a program tempo¬
rary would be the conclusion of an effective and equitable international
cotton agreement.
I am certain that the United States will do all in its
power to bring
about such an agreement.
Meanwhile, other countries
may be assured that this country has no intention of precipitating mutually
injurious price competition in the world cotton market.
The United States
has no intention of seeking more than its fair share of cotton exports as
measured by the traditional position which this country has occupied in
more
exported
cotton
as
United States its
by restoring the
of this export program is to assure the
world trade in cotton and to do so
purpose
share
him
include:
(1) The rate of payment will be 1.50c. per pound of lint cotton ex¬
ported.
The payment will be made on net weight.
An equivalent payment
Salient
quoted
Wallace was
Secretary
time
same
interfere with
July 22 announced
of Agriculture Wallace on
Secretary
The
fair
normal
It
Announces Export Subsidy of V/%
on Cotton—Similar Payment to Be
Processors of Cotton Goods
Secretary Wallace
Cents
the
saying:
operating such hospitals."
pitals in the business of
the West.
along the Pacific Coast on
and
At
market for cotton
contention
this
"Against
are
cannot be applied for
program
the indictment
against four
ago
immediate action to restrict imports,
the present to adjacent countries and
other nearby points.
Accordingly, until further notice, no payments will
be made in connection with exports to the following countries:
British
Honduras,
Canada, Colombia, Costa Rica,
Cuba, Dominican Republic,
Guatemala, Haiti, Honduras, Mexico, Newfoundland, Nicaragua, Panama,
Salvador, and Venezuela, or to any other place north of 10 degrees North
latitude, west of 40 degrees West longitude, and east of *120 West longi¬
tude.
Roughly speaking, these lines extend through Costa Rica, Northern
Colombia and Venezuela on the South, near the mid-Atlantic Ocean on the
Department
the
which
the sustaining of demurrers to
was
July 29, 1939
the difficulty of taking
Because of
the
East
technical action
The
Chronicle
The Commercial & Financial
666
1.50
increased
likely would
and result
in
imports
cause
a
of
cotton
substantial
decreased
rate
textiles
additional
of
made
from
subsidized
competition for American
operation and
consumption.
cotton
mills
Volume 149
United
The Commercial & Financial Chronicle
States
Had
Net
Creditor
Position
of
TABLE
$3,876,-
1—UNITED
667
STATES
OF
000,000 on Foreign Investments at End of 1938—
Department of
Commerce
Report Shows
16%
Decline
from
The United
investments, excluding
creditor to the amount of
debts,
war
it
was
End of 1937
said,
was
16%
a
July 16.
on
to
increases
in
in
foreign countries.
States
investments
in
in
$11,759,000,000,
The
decrease
in
long-term
short-term
foreign
$7,883,000,000,
the
end
of
balances
an
this
The
value
at
of
only
Net creditor position of the United
States
foreign
TABLE
2—RECEIPTS
Foreign
end
of
long-term
stocks
common
$4,000,000,
while
at
the
the
of
1938
total
funds
1938
the
over
held
amounted
investments
total
of
United
The
abroad
increased
$400,-
investments
investments
from
came
Europe,
Switzerland,
United States short-term
in
in
the United
foreign
funds
abroad,
only
States, which
$311,000,000,
Kingdom,
45%
or
the
on
other
hand,
1938.
amounted
American
to
only
of
the
.
.
Principal net creditors of the United States in Europe were the United
Kingdom, France, The Netherlands, and Switzerland, while
Germany and
Italy were the principal net debtors.
Canadian long-term investments in
$1,000,000,000, while United
$3,720,000,000.
America
Asia
the United
States
American
long-term
in
Canada
investments
here
esti-
At
$608,000,000; in Oceania $224,000,000, and the rest of
$138,000,000.
Combined, these areas had about $550,000,000
world,
here.
Direct
term
ings
States
in
wholly
the
States
companies
accurately
owned
securities
constituted
in
29%,
United
States
by
on
book
a
corporations
and
value
there
basis,
is
since
little
or
they
no
usually
are
trading in
the
representing the investment.
United
States
"portfolio"
postal personnel, and was
month
each
pro¬
chiefly holdings of common
preferred stocks and bonds, and
stocks,
market
a
on
with
much
relatively
are
bond and preferred stock
stocks
holdings
value
smaller
easily
holdings
in
marketable.
are given
on
a
value
par
basis.
Average market price
States holdings of foreign dollar bonds was
68% of par at the
end of 1938, or a market value of
$2,465,000,000.
Average market price of foreign-held United States preferred stocks
and bonds was 60% and
65%, respectively, or $255,000,000 and
$375,000,000.
If market values, therefore, are substituted for
par values, the
United
net
creditor position
Total
ments,
receipts
and
compared
folio
Americans
short-term
with
direct
investments
double
The
net
the
income data
term
investments
holdings
comparison
short-term
reveal
were
were
of
it
the
far
in
1938
1937.
a
greater.
income
to
foreign
of
fraction
a
The
from,
and
to
received
from
and
the
abroad
and
General said that this
said,
result
but
of
the
dividends
foreigners
sharp
substantial
Amendments
as
a
United
States
for
and
capital
estimating the
receipts
long-term
on
sensitive barometer of business conditions,
a
was
again
seen
as
indicating
sharp
a
value
of
United
the
in
1938
declined
compared
with
1937,
Interest
1937, although there
received
from
United
remains
tion
the
of
Your
which
The
the
are
available
these
Chairman
Baxter,
amendments
into
conformity
to
be
of
the
intelligent law-making
Federal
with
confusing provisions,
laws,
eliminate
simplify administration, and
investors.
of
sponsored
were
were
drafted
by
Stanley L.
Pogue,
by
Secretary
of
State
Edward
J.
Alvin
Hughes,
and
V.
Beams.
fraud
members of his staff, including John J.
C. Margrave, Mrs. Marie Kennedy, and
Representatives
by them with
but
a
of the investment banking business
were
view to giving the law maximum effectiveness
minimum
interference
with
normal
business
of
the
dealers.
securities
The changes
by
Mr.
outlined in the statement made available by
follow:
Baxter
a
Illinois
Securities
Act
Changes
Changes in the Illinois Securities Act adopted by the
as
was
a
a
the
a.
of
York
Class A
Legislature
the following:
by "agencies" of
Authority.
one or more States, such as Port
(Federal Government and municipal bonds were
already exempt.)
b.
States
by the
issued
Securities
New
1939
following;
(1) Exemptions are extended by including in
and
made
L.
States
improve.
also
protection
amendments
Jarecki,
of
c.
banks of other States if located in
Shares of
have
city of 500,009
or
more
capital of $1,000,000
$1,000,000
d.
The following statistics
Department:
believes
statute
the
unworkable and
increase
United
a
abroad
Mark
changes,
committee
bring
associations
conditions
on July 21
that amendments mod¬
Securities Act became effective at
Legislation Committee of the Central States Group of the
Investment Bankers Association of America, says:
holdings,
indicated
in
known
short-
on
respect to short-
is
foreign short-term balances
earnings.
of every section
midnight July 20 without the signature of the Governor.
furnishing to members in Illinois a non-technical descrip¬
drawn
event
areas
In
companies
the
As
Illinois
the
large net creditor nation, although the
margin has been reduced rapidly since the end of 1933, due to the influx
of foreign funds.
It is expected that part of these funds will be with¬
in
the country and were
over
Modernizing Illinois Securities Act Be¬
July 20 Without Signature of
made
was
ernizing
Paul
holdings of foreign bonds fell considerably.
The
and that
corresponding
Governor
It
against
basis
conclusion
almost equal to those in
in
season
of the
Effective
came
consulted
drop in dividend payments by American
corporations,
last year from foreign direct
investments of Amer¬
were
decline
from all
came
postal establishment
the
with
received
ican corporations
ahead
upward trend in general prosperity.
include
to
well
almost wholly due to increased use of the mails
was
by business and industry.
he
more
States.
Payments
These gains
year ago.
been
of postage stamps, accounted for most of the gains, and the Postamster
use
as
port¬
investments
$216,000,000 compared
those
same
on
countries.
payments
of
invest¬
$549,000,000
of return of capital in
assurance
balances abroad
had
time
The large increase of mailings under permit postage, which obviates the
certain
direct
Americans
long-term
States
striking defect
only
investments,
amounted
other
amounted
for rates
$3,118,000,000.
Payments by
the United
paid to
position,
yet the liquidity and the
term
1938
Thus
amount
creditor-debtor
in
portfolio
investments,
in
$280,000,000 in 1937.
than
from
investments
$578,000,000
investments,
short-term
of the United States becomes
by
a
that
since
evenly distributed among the metropolitan and rural
$3,255,000,000,
are
common
to him.
in the nation.
portion of many of the issues is held in foreign
countries, markets abroad
not highly organized for
trading in the bulk of them.
Foreign "portpolio" investments in the United States, estimated at about
Estimates of
of great satisfaction
In making public these figures, the Postmaster-General revealed that the
gains in postal earnings started during the last Christmas
are
of
a source
Postmaster
efficiency of the entire
investments
abroad, estimated at $4,048,000,000 at the end of 1938, were composed very
largely of foreign dollar
bonds, with their principal market in New York.
Although a large
basis and
This, the
General stated, reflected outstanding credit on the
This
covers all
foreign hold¬
companies controlled abroad and American
holdings
controlled in this country.
Such investments are
valued
postal employees and the public building program.
-
month
$1,685,000,000, of foreign longand 63%, or
$7,022,000,000, of
or
long-term investments abroad.
United
foreign
most
in¬
.
investments
investments
United
the
Year
Mr. Farley pointed out that postal expenditures were still far below what
more
are
Fiscal
they had been during the previous administration, this despite increased
volume and receipts, and the additional cost of the 40-hour week law for
amounted
compared with American holdings in Latin
the end of 1938 American investments in
as
$4,050,000,000.
States amounted to
investments
totaled
vested
in
Latin
about $100,000,000
of
333,000,000
the highest in the history of the postal service.
This revenue
figure for the 1939 fiscal year represents a gain of $17,000,000
over the same period a
year ago, which in turn, represents
the previous all-time high in the matter of postal
receipts.
The $10,000,000 surplus
announced by the
Postmaster
General, according to the Department, is the fifth in the
six full years of Postmaster General Farley's administration
of the postal service.
The announcement by the Post Office
Department also said:
of
long-term
21%
•
mated at
$216,000,000
A net operating postal
surplus of $10,000,000 for the
fiscal year ending on June 30, 1939, was announced
July 19,
by Postmaster General James A. Farley* who also reported
that postal revenues for this period of $745,098,350, were
invested in Europe.
Germany
the United States on short-term
investments in the United States at the end of
to
$280,000,000
298,000,000
General
were
total.
than
20,000,000
4,000,000
Operating Surplus of $10,000,000
Ending June 30, 1939, PostmasterFarley Reports—Revenues for Period of
$746,098,350 Highest in History
in
principal country indebted to
because of large credits extended by United States banks before
not yet repaid.
European countries accounted for 69% of the total
foreign long-term
Europe,
60,000,000
20,000,000
3,000,000
Postal Service Had Net
1930 and
in
132,000,000
80,000,000
Net receipts by Americans
accounts,
capital
$549,000,000
177,000,000
Total payments.
countries,
particularly the United
while
the
was
9,000,000
$578,000,000
On short-term investments.
$2,193,000,000.
States
and
405,000,000
10,000,000
On direct investments
On other long-term Investments
only 6%
by banking funds and brokerage balances, while similar
28% of foreign investments in this country.
$1,264,000,000, or 57% of foreign short-term balances in
States,
$135,000,000
410,000,000
On portfolio Investments
for
for
Netherlands,
1938
result of the higher level of average
a
.
Payments by Americans—
at
accounted
investments
for
accounted
A
the
totaled
United
UNITED
1937-38
$5,000,000.
foreigners* short-term
accounted
was
declined
$3,876,000,000
ON
$158,000,000
Total receipts
banking and brokerage funds in the United States rose $273,1938.
This increase took the form of dollar deposits in
banks and banking
houses, the deposits comprising 88% of
end
Of
INCOME
INVESTMENTS,
From portfolio investments
From direct Investments
From short-term Investments
the
during
of
OF
Receipts by Americans—
1938
States
total
.
PAYMENTS
•
Foreign-held corporate bonds and direct investments increased
$10,000,000 and $15,000,000, respectively, while the value of holdings of
000,000
$7,883,000,000
1937
the
the end of
at
$693,000,000
000,000 during the year, largely as
United
AND
STATES INTERNATIONAL
stock prices.
preferred stocks
2,193,000,000
$7,190,000,000
$4,605,000,000
$32,000,000.
was
States
increase,
of
countries
was
abroad
increase
Of
1937.
$420,000,000.
the
1,920,000,000
.
$36,000,000 less than at the end of 1937,
or
investments
Foreign investments in the United
to
5,690,000,000
In the United States:
The report said, in part:
totaled about
decline
689,000,000
$11,759,000,000
Total
This,
$11,070,000,000
5,270,000,000
Foreign investments
Long-term
The
slightly lower estimates of United States investments
United
1938
$11,795,000,000
long- and short-term investments in this country, together
with
END
721,000,000
Total
decline from the net
substantial
End of
$11,074,000,000
Short-term
net
a
$4,605,000,000 at the end of 1937.
due
was
Long-term
Short-term
shows that there
creditor position of
was
INVESTMENTS,
1938
United States Investments In
foreign countries:
$3,876,000,000 at the end of 1938,
Secretary of Commerce Hopkins reported
survey
1937 AND
Previous Year
States, in the matter of long- and short-term
international
INTERNATIONAL
were
Shares
of
(Previously
of
nine
as
or more and surplus and undivided profits
(Shares of National and Illinois banks and trust
already exempt.)
Federal
were
Shares
companies,
more.
or
building
previously
any
and
loan
associations.
(Only
Illinois
exempt.)
insurance
company
organized
under
Illinois
laws.
years' continuous operation was prerequisite for Illinois
is still required for companies foreign to the States.)
The Commercial & Financial Chronicle
668
Securities
e.
issues
to
senior
listed
York
New
on
Exchange,
Stock
Trade, if they meet the
(Class A was previously
extended only to the securities actually listed.
Boston Stock Exchange
was formerly among the
specified Exchanges.)
Stock Exchange or Chicago Board of
standards of quality set for Class C securities.
Chicago
(2)
Exemptions
eliminated on the following:
face value of more than $25,000.
are
a.
Commercial
sold in connection with the promotion of an enter¬
paper
Liens
d.
Certificates of beneficial
on
interest
trusts comprised of improvement
in
with special provisions formerly in the law.)
away
and its subdivisions is
States and its agencies and of the State of Illinois
clearly placed In the hands of the Secretary of State for use in instances
the
where
sale
particular securities might work a fraud.
the
of
because of the nature of the
transaction
rather than type of securities, are circumscribed so as to
deny them to the promoter of an enterprise.
Formerly there was a possible
loophole for a promoter who posed as though making a sale as a private
B
Class
(4)
which
exemptions,
arise
individual.
(6) Class B
stockholders
its
to
selling
its
expense
in
remuneration is paid to agents for making
(This is to allow for expenses of Securities and Exchange Com¬
the transactions,
the sales.
mission
made available to a corporation
even
though it incur some
exemption is
securities
own
so
long
registration
as no
direct
on
underwriting.)
without
sales
issuer
have
must
been
in
operation not less
Its average annual
It was formerly two.
years.
continuous
five-year period ending within six months of
have
must
amounted
Not
all
less
one
less
of
Not
than
one
less
than
ratios; only interest
the
one-half
times
over a
one-half
interest
charges
on
times
the
dividend
annual
on
an
all outstanding stock of equal rank;
on
stock.
common
10-year period could be averaged for these
debt of rank equal to
on
accompanied
by
the
with
ratios;
issue
new
a
3%
only
earnings
plus
bond
posting
registered
be
can
duplicates
SEO
State may specify.
of
any
considered
was
required
were
the
under
registration
additional
simple
a
statement
information
on
the
(8) Certain requirements of
usually
method
in Illinois
was
Class
used
application
and
that
This procedure will relieve dealers
under
as
prompt release for sale
the
prospectus
Secretary
of the necessity
in
The
may
the
be
when
past
waived
by the
b.
The
probably
*
in
for
of their companies.
of Local
of
stock
issued
against
intangibles
liquidation until stock sold for
to
cash has
deprive
it
of
paid out.
Agriculture
Market
*
July 26 the research and statistics section of the Trading
and Exchange Division submitted to the Securities and Ex¬
change Commission the seventh and last of a series of studies
of capital market and stock exchange developments since
1933, as reflected in statistics generally available to or
collected by the section.
This study, dealing with "The Flow of Stock Trading on
the New York Stock and Curb Exchanges," is released in
two parts, because of its length.
The first part, released on
July 12, after briefly summarizing the outstanding trends in
the balances of the various groups of persons participating
in stock exchange trading from 1935 to June, 1938, discussed
in detail some of the trading tendencies of stock exchange
members, odd-lot customers, and non-member trading in
round lots.
This was noted in our issue of July 15, page 348.
The second part, released July 26, presents the information
available on the trading tendencies of foreign customers,
investment companies and persons reporting under Section
16 (a) of the Securities Exchange Act of 1934.
Some of the facts disclosed in
Foreign participation in the American stock market probably
(1)
higher level and of
the middle of
From 1935
of about
a
the.study released herewith
follows:
more
was at
importance during most of the. period of 1933 to
1938, than it had been at
any
time since the World War.
through 1937 foreign trading in American securities bore
9% to the estimated total value of all trading
on
a
ratio
domestic exchanges
proportion much higher than that prevailing in the late 'twenties.
ratio
rose
from about
4H% in January, 1935 to
a
high of almost
The
13% in
October, 1936, but declined after the autumn of 1937.
(2)
Foreigners from the beginning of 1935 to June 30,
about
$1,150,000,000
purchases started
on a
more
of American securities than
they sold.
Net
large scale in August, 1935 and were carried through
26,
July
members,
a
them of local plans for the payment
with
because of the
that
shows
statement
The
law.
the
pbssibility of reimportation of exports to certain countries
payments will not, for the present, he made on shipments
to those countries.
Agriculture
of
Department
opened
office
an
on
July 27 at 50 Church Street, New York City (the superin¬
tendent -of that building reports Room 662), to provide
and
receive
applications for subsidy payments on
This office is in charge of Mr. Hinchey.
referring elsewhere to Sesretary Wallace's
exports.
While
we
Export
They
are
be
within
a
by The Merchants' Association:
be
made
on
before
on
Oct.
lint
pound
The
cotton
and
goods
or
on
reported to be l%c. per pound net weight
amount
an
lc.
varying from
pound to 2.1c.
per
per
No claim of less than $10.00 will be recognized.
cotton products.
on
were
1940.
The amount of the subsidy is
on
1940, and on
sold for export
30,
June
if they
1940,
July 27.
sold by
by
exported
31,
Thursday,
m.
exported after June 30, 1940,
that date.
Payment will
cotton
cotton
on
products
before
30,
lint
on
thereafter
cotton
or
June
effective at 12:01 a.
be
will
discontinued
month
subsidy on cotton, we quote
to the export
as
subsidies
will
or
Secretary of Agriculture
to increase
authority
has
or
decrease these
amounts.
Because
United States of
payments will
not, for the present, be made on shipments to Canada, Mexico, British
Honduras, Colombia, Costa Rica, Cuba, Dominican Republic, Guatemala,
Haiti,
Honduras,
Newfoundland,
Nicaragua,
Panama,
Salvador,
and
of
the
possibility
of cotton and
exports
into the
reimportation
of
products receiving a subsidy,
cotton
Venezuela.
Less Government Spending
and Reduced Taxes Urged
by Public According to Survey Made by National
Association of Manufacturers
Public
demands
spending
and
reduced
for
Government
less
taxes,
business
toward
leaning
a
the
as
moving
force for recovery were reflected
in the results of a nation¬
wide survey made public on July 23 by the National Asso¬
ciation of Manufacturers.
The survey was conducted for
the N.
A.
M.
by experts conducting similar polls of public
opinion for "Fortune Magazine," according to the N. A. M.,
which
states
that
the
the
of
aggregate
"was
interviews
weighted
scientifically to represent an accurate cross sec¬
the country."
In the expression of views as to what
tion of
essential
was
the
1938 purchased
of
memorandum advising
of the export subsidy
of iy2c. per pound on lint cotton, and from lc. to 2c. per
pound on cotton products, which went into effect July 27.
The Merchants' Association points out that although it
was strongly opposed to the payment of this subsidy, it is
now doing all in
its power to assist exporters to comply
interested
to
shipped
On
a
on
Agriculture, The Merchants' Association of New York sent
announcement
Study of Capital Markets and Stock
Exchange Developments Since 1933—Presents Data
as
to
Foreign Participation in American Stock
as
Export Subsidy
York Office Opened by Department
Cotton—New
SEC Issues Seventh
briefly
New York Advises Members
Plans for Payment of
here the advices issued
are
directors and principal stockholders of com¬
exchanges report their trans¬
Section 16 (a) requires that officers,
actions in the equity securities
forms
escrow
proportion of total trading on exchanges,
1%.
than
less
accounted for by trans¬
16 (a), it is evident that such transactions
panies having securities listed on national securities
these
inventory and appraisal of assets.
participation
national securities exchanges which was
accounted for only a very small
The
D securities
are:
a.
small dimensions were shown.
on
actions reported under Section
sought.
Secretary of State in cases where the issuer has been established for five
years but its earnings do not meet the standards of Class C securities.
These
the fall of 1937, when purchase balances
(8) While it is impossible to determine accurately the proportion of total
trading
the date of registration
annual
6% of the offering price of
securities
0
of very
21^-year period, the
in practically every month of the
ceeded purchases
two-
a
stock.)
(7) Class
for
and
earnings-to-interest
common
filed
earnings during
10,000 shares each, a group
of occasional large transactions, sales ex¬
by the influence
After consultation with the United States Department
and
preferred stock and
(Previously, earnings
corporations or acquisitions or dispositions of stocks of
value, chiefly mining stocks.
affected
five
outstanding funded debt, in the case of interest-bearing securities;
Not
issue
of
than
due to a small
blocks representing mainly transfers of
large
enly exceptions being two months in
to—
than
in
transactions
Merchants' Association of
(6) Standards for Class 0 securities are raised, as follows:
The
about 15,000,000 shares.
The greater part of the reported net sale balance was
securities between
less
Sales of 49,000,000
83,000,000 shares in about 69,000 transactions.
shares exceeded total purchases by
Among ordinary transactions of less than
(3) Power to end the exemption of any issue except those of the United
in
(i, e., all transactions exclusive of
stock dividends,
exchanges, conversions, redemptions, transfers or acrcuals, Ac.) totaled
very low unit
.!
(c, and d. do
,
(6) Reported ordinary transactions
special transactions such as gifts, bequests, inheritances,
number of
bonds.
to
shares.
(7)
freight and passenger boats.
c.
acquisition of 76,000,000 shares and the disposition of 117,000,000
the
.''
prise.
These 84,000 transactions Involved
directors and principal stockholders.
over
Real estate bonds with aggregate
b.
July 29, 1939
bring about increased prosperity,
to
to
58%
of
poll called for decreased Government
spending, the other answers as to the question of Govern¬
answers
ment
the
6%;
23%; depends, 8%; in¬
In its result of the poll
Let alone,
spending being:
in a practically unbroken stream until the beginning of April, 1937, reaching
creased,
their highest level in October, 1936.
5%.
the Association also says:
After
a
period of liquidation, foreigners
resumed their net purchases in May, 1937, although at a much lower rate,
An
and continued them until January, 1938, during a period of generally de¬
that
clining stock prices.
an
From then until the end of June, 1938 purchases and
sales about balanced.
(3) Transactions
and
4%
through
(4)
companies
of the total volume of trading
on
amounted
to
between
stock exchanges
from
3%
as a
and
1933 and
1935, both
of predominantly rising prices, while purchases and sales were practi¬
cally equal in 1934.
During 1936, 1937 and the first five months of 1938,
years
of
portfolio securities
exceeded purchases,
particularly
during
the
third and fourth quarters of 1937, when stock prices dropped sharply.
(5) From Jan.
Section 16 (a)* of
1, 1936 to June 30, 1938 there were reported under
the Securities Exchange Act of 1931 about 40.0C0 separate
acquisitions and 44,000 dispositions of securities on the part of officers.
9.6%
this
in
6%
spending went
wanting
relief)
on
in
even
the
$1,200
and
heavily
for
case
of
taxes.
was
the
These
To increase
are
average
lowest
income
four-to-one vote against
lower middle
15
was
with
were
the
spending, the
the
those in
a
great
spending,
Equally interesting
on
trend showing
increased
and 17.1% among the unemployed.
$5,500—the vote
less
a
up.
increase in
an
among
there
revealed
went down the income scale the percentage wanting
among wage earners
increase,
those
Investment companies reported considerable purchase balances
result of their transactions in portfolio securities in
sales
the
to this question
responses
the questioners
increase
1933
the middle of 1938.
analysis of the
as
Of
of investment
don't know,
only
to
1
1.4%
levels
increased
(including
spending;
class—with incomes
in
opposition.
saying
to
Yet despite
between
Farmers
voted
"spend more."
the answers to the related question submitted
responses
to the questions—
prosperity taxes should be:
Lowered
48% iRaked-.i
2„
Let Alone
36% j
f,"
Depends-
9%
Don't Know.
.<?
Volume
The Commercial & Financial Chronicle
149
Commenting
ciation
It
for
the responses to this question, the Asso¬
on
said:
Benefit, Mr. Pink said, in part:
might be assumed that
decreased
directly.
that
spending,
But,
people
spending
as
realistic
people
more
taxes
would
affect
be
for
lower
personally and
fact, the contrary is true, showing evidence
spending makes taxes and that you must cut
that
you
cut
can
taxes.
budget-balancing would
If
start
the
right
public
had
control,
direct
away.
prosperity.
were
Government let business alone
Unemployment insurance benefits-. 6%
Don't know
7%
the South...
.....
Ottier
reasons
alone," the Association said
adds:
with
one-fourth
let
this point.
on
thinking the thing of first importance in order to
prosperity, is to
increase
industrial
production,
initiative
some
it
shows
it
once
is
20% who mention pensions and the 5% who specify
unemplojunent
insurance benefits show about the same
proportion depending upon the
Government purchasing power
theory as on increased industrial production.
number
of
"don't knows"
this matter of national
on
be
of
a
ciples.
indicates
recovery, that
questions, upon which the people
than
it
is
that people
of the
one
thinking
are
Nation's foremost
Centers—Group Announces "Defense
Against Governmental Efforts
Enterprise"
The
Transportation Association
announced the formation of
all
forms
Donald
of
D.
socialism
Conn,
issued
agency,
said
trends
that
will
in
Executive
"continued
result
in
Private
of
America
July 24
on
Vice-President
in
which
public
but
to
acceleration
the
final
of
the
of
control
national
present
by
Government
of
factual information to communities
throughout
the country dealing with
governmental policies which it be¬
lieves carry the threat of State socialism.
Chicago dispatch of July 24 to the New York "Times"
contained the following additional
information regarding
Your
agency:
up
of
local
leaders
Association
of
America.
against governmental
Mr.
that
in
business,
churches
and
the
the
continued
final
them
problem
acceleration
of
of
all
the
of
business
"it
four-year
becomes
not
be
only
treated
an
example
in
tures.
in
private
and
the
the
of
that
1928
business
Last year
study
of
of
result
but
complicated
increasingly apparent that
this
in
the
whole
major
economic
which
structure
the
field,
threaten
of
free
to
enter¬
80% of
increasing drift toward State socialization, Mr.
75% of new capital was available for invest¬
and
25%
capital
new
20%
remaining
was
for
was
used
for
governmental
expendi¬
used for governmental expendit¬
expansion
of
private
enterprises,
he
its
life
blood
drained
to
provide
credit
for
continued,
bureaucracy,"
Mr.
"business lias not been permitted to recover from
depres¬
people must now choose between Government
spend¬
ing, supported by excessive taxation of all individuals and
business, and
spending by private industry, which is continuous " and
grows with
the
normal expansion of the
country's needs."
sions.
The
American
Expenditures of
Government
in
stripping current tax receipts by
The
directors of the
new
Transportation Association
President of the
Vice-President
American
Weirton
Steel
Paul
General
Co.,
country,
Mr. Conn
Association, who also
of
America,
Line
are
a
the
on
out¬
are
Board
of
the
Railroad
Co.;
York;
\V.
Stuyvesant
F.
Morris
Peabody,
Jr.,
President
C.
Ingersoll,
of the
Vice-President
of
the
Smith,
Vice-President of Swift & Co., and W.
Manager for Sears, Roebuck & Co.
Bank¬
of
Peabody
the
Coal
J., Williamson,
*/
—
Threats
The
States
as
Totalitarian
Powers Are
danger to the United
"comes
from
Insurance
an
from
greatest
democracies
in
of
the
business
does
not
organization.
religion,
This
on.
prin¬
by
any
There is
patriotism,
should
program.
The
ought
It
really
to
In
be
not.
more
education
a
educational
work
or
pretense
mere
should
something
mean
and
47
been
in
poverty
influence
in
that
with
the
efforts
want,
of
be
the
to
in
for
would
wield
is
walks
be
much
interest
than
calamity than
industry, in public life;
it
we
is
have
any
excuse
The
power
their
life.
find
a
home
business
and
war.
extended
What
without
we
We
the
have
know
organized
ourselves
far
in
47 years ago.
an
You
equal voice
were
have by law
you
the
accomplished?
efforts
your
of
mankind
than
of
of
society."
of
for
or
greater
for
longer
no
interests
are
instance
educational
forces
you
income
out
come
is
strife
even
worse
despite
nearer
there
and
humanitarian
But
women.
that
because
fraternal
a
in
Legislature
your
good
a
have
productive
international
various
is
social,
every
the
of
fraternal
a
the
to
mention
4%
for
women
extent
an
broad
greater distress and
and
women
the
their
world
of
such
report
"This
program
existence
invention
which
all
said:
large numbers in
to
or
We
to be
continues
annual
our
approximately
welfare
of your
Science,
intensified
for
services.
years
found
are
activity.
spend
and
which
In
soeiety for special
your
and
benevolent
the
those
term.
singled out
nursing
of
one
the
efficiently
and
political
in
are
activity,
but you have not yet accomplished your mission.
The spread
ideals of fraternalism and the
bringing of men and women together
on
a
common
platform and: in common understanding is peculiarly a
problem for women and the need is now greater than ever in the past.
Strike
The
end
at
of
Singer Manufacturing Plant Ends
strike which had 'kept the Singer Manu¬
facturing Co. plant at South Bend, Indiana, closed since
April 11, was indicated when pickets were removed July 22.
A special dispatch of
July 22 from South Bend, to the
New York "Times," also said:
,
Two
work
hundred
Monday
a
foremen
and
office
and
morning
the
gradually until about Aug.
and
strike
hiring of
girl
girl
a
former
were
Local
previously
in
of
C.
a
scheduled
are
production
917
America,
suspended
was
again
The workers
as
not
by
of
employes not then
strike
was
Workers
workers
835
1, according to D.
called
was
Machine
employed
I. Parshall,
the
I.
United
O.
by
will
to
return
plant manager.
Electrical
affiliate,
the
return
to
workers
because
in
company
Radio
of
the
preference
working.
May
15
and then,
resumed because the
same
employed.
reported returning under the
are
effect
April
terms of employment
same
11.
General Motors' Strike
Spreads—Negotiations Resumed
Representatives of the Congress of International Organiza¬
tions-United Automobile Workers and the General Motors
Corp. prepared to
negotiations for
resume
the tool and die workers in
were
called out
strike
on
a
a
settlement,
as
twelfth General Motors plant
July 24.
Associated Press advices from Detroit
July 24, bearing
on
the strike, said:
A group of skilled workers in Fisher Body plant No. 1 at Flint
joined the
strike half an hour after work began this morning.
about the plant,
of
not
so
much
States
from
to
other
State
of
New
a
essential
spirit of mutual
human
rights
trust
were
a statement
a
yesterday, said that the union
-
.
•.
..
an
was
neutral arbitrator.
Knudsen, corporation president, had rejected
the arbitration proposal.
In
ques¬
J. Thomas, president
R.
.
•
•
interview, Mr. Knudsen said the corporation feared settlement of
the present
strike might be short-lived.
"I asked Phillip Murray (C. I. O. vice-president) why I should settle this
now
when I would
run into
another in
a
"He tried to give me assurances that the C. I.
other strike.
go to
O. union would-not call
But I want to get this thing settled.
I want to straighten out the
the middle.
couple of months," he said.
I
an¬
tired of being in
am
mess so we can have a chance to
work in peace."
Union
sources
said from 400 to 500 employees responded to the strike call
in the Fisher No.
1 plant at Flint this morning.
A corporation spokesman
said 317 of 555 tool and die workers joined the strike.
The workers called out to-day brought to approximately 7,500 the num¬
ber affected in the twelve divisions of General Motors at
Detroit, Pontiac,
Saginaw and Flint in Michigan, and at Cleveland strikes have been voted
but the
men
have not been called out.
A
previous reference to the General Motors' strike
peared in our issue of July 15, page 352.
ap¬
♦
About
25% of Voters of United States Not Cognizant
That
They Are Taxpayers and Fail to Realize
Costs
of
Government
Themselves
and
Their
Spending
Will
Fall
Upon
by
Children—Comments
George McAneny
Mr.
It
tol¬
man
of the Board
helpfulness, and the
by our Constitution."
New
York, that according to a nation-wide study made by
and
guaranteed
O., in
Thomas said that William S.
totalitarian
Pink declared that this Nation must
"reserve inviolate
erance,
thrown
accept formally a proposal
be submitted to arbitration.
ready to turn the matter over to
Pink, Superintendent
York, said on July 18
Huron, Mich., in New York City.
was
by James F. Dewey, Federal labor conciliator, that the controversial
of the U. A. W.-C. I.
address before the convention of the Woman's
Benefit
Association of Port
A picket line
violence and production workers
no
Union representatives here were expected to
ourselves," Louis H.
the
was
Secondary
and
the
but there
permitted to pass through the gates.
in other divisions,
Dangers Within Threaten Nation, Louis H. Pink Warns
Women
Tells
Woman's
Benefit
Association
of
benevolence,
carried
is
of
sense
we
operated
health
strike
year.
include
Association, Washington; R.
Borg-Warner Corp.; Fred I. Kent, director
New
Traffic
added,
than $5,000,000,000
Colonel Edgar S.
Gorrell,
Transport Asscoiation of America; W. J.
Hammond!
the Inland Steel
Corp.; J. M. Hood, President of the
of
Short
Trust
this
more
Air
Vice-President of
Co.;
of
be
part
tion of wage rates
(
"With
ers
that
neces¬
business
The
strictest
alone
not
defense
might
the
added.
Conn
the
on
business
fraternal
any
provisions.
fairly
think
is
•
stated
ures
trends
separately from trends
transportation
prise."
ment
line
by Government.
maintaining private ownership
example, cannot
As
front
national
present
Association's
industry," he said,
of
undermine
Conn
"the
efforts to thwart private enterprise."
purposes and methods of the new group, asserted
control
result
a
transport
for
calls
Conn, outlining the
"As
„
He
ideals
must
organization
1937
The
in
schools, and including representatives of labor groups, will use the informa¬
tion
from
headquarters to counteract trends toward socialistic
methods,
according to Donald D. Conn, Executive Vice-President of the
Transporta¬
tion
policy
conducted
insurance
an
efficiently.
proper
in
to
made
the
on
The
A
committee,
be
the
it
'
integral
carried
distribute
new
in
to
seem
"Bister"
and
whatever
deal
to
justify the continuation of the tax favoritism which is given
by practically all of our States, worthwhile endeavor in
health
an
new
charged that "the
destroy private business,
business, including transportation." The agency will be
known as the American
Enterprise Association, and will
The
should
is
Some fraternals
insurance
full
in
duty
important
"brother"
generous
pay
members.
he
all
the
or
other
other,
any
to
of the
centralized agency to combat
Federal and local governments.
dragnet of socialism" threatens
and
Thwart
to
a
statement
a
second
of
able
that.
fraternals
and
thinking deeply and have opinions.
are
Transportation Association of America Forms
Agency
to Combat State
Socialism—Units Will Be Organ¬
300
each
conducting
In order to
the
women
in
The
like that
and
policyholders.
call
fraternal
sound
justify the existence of
it
activity
ized
and
specific
But
means
balanced
small
undertakes.
members
to
the
industry is expected by the public to take
The
because
The Association
alone.
The
it
fraternal,
a
financially
members
spreading
1
improve national
its
6%
....
1
6%
"Over one-third of those
responding to this question said
they thought the most important thing that would con¬
tribute to prosperity was to have Government let business
that
obligations
with
be
to
,
.36%
24%
........20%
.....
Improved conditions In
obligation of
is
company
to
Increase production...
Pensions after 60
first
part
these,
These
results:
But
The
sary
-
Another question asked the
public to specify, among
first necessity for increased
the
the
than
taxes
individuals
more
matter of
a
realize
before
for
669
In speaking of the
obligations and benefits of organizations
like the Women's
was
pointed out
on
of
July 24 by George McAneny, Chair¬
the
Title Guarantee
the American Institute of [Public
Opinion
&
Trust
among
Co.
of
the voting
.
The Commercial & Financial Chronicle
670
that one-quarter,
States do not under¬
population in all walks of life, it appears
25%, of the voters in the United
or
stand
are taxpayers.
Mr. McAneny
disclosed by .the study show that
they
that
believe
or
observed that the figures
held
be
July 29,
University
Columbia
at
16
15,
Aug.
on
1939
and
17,
Winthrop W. Aldrich, Chairman of the Board of the Chase
National Bank of New York, said on July 25 during a talk
with
arriving
when
reporters
New
in
City
York
from
earning as little as $20 a week do, as a matter of
fact, pay, either directly or indirectly, taxes of more than
$100 a year, with those in higher wage groups paying, of
course, proportionately more.
He went on to say, in part:
Apparently many voters in this great 25% group fail to see any con¬
Europe on the liner Mauretania. Mr. Aldrich, when abroad,
conferred with some of the noted men who will speak at
State and local, and
their individual pocketbooks.
Obviously it is their theory that the only
taxpayer is the person who signs his or her name to. the check for the
payment of a tax bill.
They are, in short, not conscious of paying taxes
Secretary General
persons
between
nection
the
in
themselves—because
most
that
hidden
and
indirect
the
in
is
there
cases
direct
no
government.
by the Federal, State or city
them
national,
government,
of
cost
demand
they are paying plenty
ways
prices they are charged for shelter, clothing, heat
the hundred and one things their daily spending covers.
This
the
them.
to
to realize that a great country like
They fail
.
,
.
indefinitely taxing and spending, borrowing and spending
cannot go on
ours
coming up to a day of reckoning.
costs of carrying excessive budgets
They fail to realize
still more, without
that
the
future
off the
paying
their
upon
children
the result of
as
of the Transport and General Workers
Aldrich's comments were reported
follows in the New York "Herald Tribune" of Aug. 25:
as
Not
nations
of
to
of
and
If
be
jobs,
more
ready
more
That answer is
answer.
spending of
a
chance
living, the lack of
how to bring business back, whether there will
buying and better times for all of us, there is one
business, and
poor
of
them
scoff at this
less costly government, less free and
You"
Business Helps
Merchants'
easy
who labor and 'earn.
Association
of
campaign
Staten
New
York,
Change Found in President Roosevelt's Popu¬
in
Recent
Weeks—Survey
by
American
Institute of Public Opinion Shows 57.7% of Voters
His
Approve
Policies,
but
only
40%
Favor
larity
Third
Term
x
in office, Mr. Roosevelt is approved as Presi¬
years
57.7% of the major party voters,
present
reading of the popularity
at the time of the
58.1% last month.
against
as
barometer is
higher than it
was
Congressional elections last November, when the President
approved by 54.4%, but lower than the President's election majority
1936, which
was
62.5%.
With the Democrats nominating convention less than a year way,
Roosevelt's personal prestige
ever
of the
Mr.
great as
as
This does not mean, however, that public sentiment favors
was.
third term.
a
with the voters is thus nearly
number
The present popularity test is merely a measurement
of people
who approve of him
President at this point
as
in his second term.
Previous Institute surveys have revealed that a large number of voters
who
think he is
that they
doing
would not
would vote for him if he
The
two
West.
popular in the
the
will
strongholds
years
area
Democratic
be known
Party in the
the
as
say,
nevertheless,
Whereas
57.7%
of
present
next election will
the
are
Roosevelt
has
and
South
been
the
nearly
as
and along the Pacific Ooast as in
South.
raise
"solid
Institute survey has found that
60%—would like
at
President
popularity in the far West
henceforth
cratic
solid
today
third term.
a
again.
Rocky Mountains
traditionally
tinuous
an
several
President
as
for him for
President at this time, only about 40% say they
ran
Democratic
For
good job
a
vote
voters approve of him as
far
all.
I want
better news
period of my
American news¬
P. Morgan in London, and,
he had
referring to the forthcoming
in
but
back
go
around
to
hot
the
That's
another.
We here in America, in
democracy.
the
days
be more militant
this congress, will
when the leaders of the community
and discussed education, in one
this congress."
gathered
form
stove
village
the
democracies should
citizens of
"All
said:
defense of
the
idea
or
of
the
The
Administration's
question
West."
whether
this area
The fate of the
provide an answer.
con¬
Already, however,
large majority of California voters—
a
Dis-
Dls-
i
Approve
approve
49%
43%
West Central
Middle Atlantic
51%
57%
South—
65%
East Central..,.
55%
45%
Far West
63%
New England—
Noted
Approve
approve
57 %
43 %
35%
37%
W. Aldrich, Returning from Europe, Says
Foreigners Will Participate in Congress
for Democracy, to Be Held Here—
Education
Stanley
Baldwin
and
Edouard
Herriot
Among
Prospective Speakers
Foreign nations are showing great interest in the forth¬
coming
Bank of
Following
talk with President Roosevelt
a
on
Level
July 27,
Winthrop W. Aldrich, Chairman of the Board of the Chase
National Bank of New York was quoted as saying:
Looking at all indications the prospects are that business in this country
from
any
level keel.
very
All the reports I have
seen
Europe indicate that business will be very good.
since my
I do not
sharp rise in business conditions in the making.
Washington advices July 27 to the New York "Times"
thus reported his comments, indicated his further
which
remarks
as
follows:
Asked concerning foreign trade,
"I think all foreign trade is so
way are so great
in view of his recent European trip, he
low at present and the difficulties in the
that it is slowing down the whole world economy."
He said, however, that he did not discuss with the
President the business
situation in this country or abroad, nor the European situation.
pose
The pur¬
of his call was to renew an invitation for Mr. Roosevelt to attend a
meeting of the Congress on Education for Democracy at Columbia Uni¬
Mr. Aldrich is Vice Chairman of the congress.
versity in mid-August.
The President took the invitation under consideration.
Members of Dutch Tourist Association Visit New York
World's
Fair—Also
Accorded
Reception
at
.
New
York Chamber of Commerce
A group of 120 members of the Dutch Tourist Association,
cooperative of the Netherlands, arrived in New York on
July 21 aboard the liner Nieuw Amsterdam.
The tourists
began a 3-day visit at the World's Fair where they were
greeted at the Netherlands Pavilion.
The group attended a
reception given in their honor at the Chamber of Commerce
of the State of New York on July 27 after which they visited
the New York Stock Exchange and other points of interest
in the financial district.
The reception was held in the
Great Hall of the Chamber, where President Richard W.
Lawrence, in welcoming the visitors, spoke of the influence
of the early Dutch settlers on New York.
"We hope your
visit will further strengthen the already strong bonds of
friendship and trade relations between our two countries,"
Mr.
said.
Lawrence
Congress
of Education for Democracy which will
.
Peter van't Veer, spokesman for the tourists, paid a tribute
to New York's hospitality and to the World's Fair, and said:
Most of
us
have
seen
all the great expositions
of Europe in recent years,
but what the New York Fair is showing beats them all.
New York with its
enormous
It is wonderful.
business life and warm hospitality has made a
lasting impression on us.
>
Belgian, Turkish and Puerto Rican Days Observed at
New York World's Fair
to see the Democrats win in 1940.
the survey:
on
National
Demo¬
Following is President Roosevelt's popularity by sections, according to
Winthrop
Aldrich of Chase
W.
W.
New York Expects Business to Continue on
Keel—Confers with President Roosevelt
a
than si
more
him for
have
replied:
said in part:
it
he
congress,
recent
survey by the American Institute of Public
Opinion (of which Dr. George Gallup is Director), pub¬
lished on July 23, revealed
that President Roosevelt's
popularity with voters throughout the country had only
a
slight decline during the preceding four weeks, despite
Congressional disputes over the Administration's monetary
and war embargo policies.
Only 40% of those polled favoerd
a third term fQr the President.
The survey showed that his
greatest strength was in the Southern and Western States.
A similar poll of an earlier date was referred to in the
"Chronicle" of July 8, pages 200 and 201.
The most
recent survey as given in the New York "Times" of July 23
in
war at
then
He
conferred with J.
Little
was
no
that we
I now realize, do print the important news of the world."
said that there was no significance in the fact that
papers,
see
The
be thankful
can
And I have only seen you for 20 minutes.
will continue on a
Chamber of Commerce.
Island
dent by
of an early war," he said.
in. August, while many others
that there will 'be
say
here
come
foreign news from you young men than during any
of
return
After
prediction, and
stay abroad.
conducted by The
Chamber of Com¬
Npw York, New York Board of Trade,
Chamber of Commerce of the Borough of Queens, Brooklyn
Chamber of Commerce, Bronx Board of Trade, and the
A
will
war
than that of any foreign country.
At least we print the news
And you can believe it or not, as you wish, but I have learned
Chairman
of the State of
merce
that
coverage
The address of Mr. McAneny was delivered in the "What
Helps
of opinions I got from certain important
by removing throttling excessive and inequitable taxes that place
great a load upon the shoulders of all
so
feel
thing—we
one
say
more
"Th°
concerning the possibility
Europe
"Some
"unless
congress
-
"It astonished me the variance
in
the
attend
about the same."
people
to
would
abroad."
"But I did not see much
atmosphere than when I was there," he added.
change in the war
is just
...
Herriot
M.
happened
serious
something
situation
democracy."
that
and mine, more attention paid to giving business
money
your
said
-
...
wondering about the average costs of
are
you
jobs,
rolls crowded.
relief
with
which will seek to combat the dictatorships of totalitarian
"militant
by
Aldrich
Mr.
participate
of the South American republics have been invited to
one
this congress,
in
more
Tragic in the reduction
the general volume of business—because consumers have less money
spend for the things they need and want.
Tragic in the cutting down
payrolls and the loss of jobs, with more than 10,000,000 unemployed
England. Mr.
of
Union
governmental
of taxation and spending is a tragic one.
programs
French
the
of
here.
today
faces
business
that
situation
The
of
or
themselves but
upon
children.
children's
their
and
not only
fall
debt will
public
among the speakers will be
Stamp, Edouard Herriot, President
Chamber of Deputies, and Ernest Bevin,
He said that
Congress.
Stanley Baldwin, Lord
taxes;
the voters proceed
of
to
taxes
of
and light, and
also upon the theory that who pays
provide the billions the Government is spending is of no
25%
concern
of
They overlook the fact
the
in
made
the
Belgium National Day at the New York World's Fair was
observed on July 22, the 109th anniversary of the Nation's
independence, with a parade as well as addresses by Robert
van der Straten-Ponthoz, Belgian Ambassador to the United
States, and other prominent Belgians and Americans.
Re¬
garding the Ambassador's remarks the New York "Times"
of July 23 said:
"Those
Belgians
who
come
to
the United
hospitable and progressive," he said.
that
Belgian hearts.
find a country both
The Ambassador, except for a few
cooperation, spoke in French.
language
or
which is dear to
They find those same ideals which inspired the American
Revolution of 1776 as inspired the Belgian
its
States
"They find in the American people
feeling for justice, peace, liberty and independence
Flemish.
The
Revolution of 1830."
closing words of thanks to the Fair for
Other Belgian speakers also used that
Acting
Commissioner
General to the Fair,
Volume
The Commercial & Financial Chronicle
149
Dr. Jan A. Goirs, used both languages and
English as well in delivering
speech of welcome three different times.
to
Europe by short
Dr.
Goirs
States
who
received
said
The ceremonies
were
his
broadcast
visited
hoped that all of Belgian extraction in the
the
Belgian
Pavilion
would
feel
that
they
United
had been
He explained that the celebration of Belgium's Day of Independence had
been postponed for 24 hours to allow those from out cf town to participate
without losing
F.
participation in the Fair,
The observance of Turkish Day at the New York World's
was celebrated on
July 22 with Munir Ertegun, Turkish
Ambassador to the United States, as guest of honor.
The
^
exercises,
customary
including a 19-gun salute, visits to
Perylon Hall and the Federal Building and a review of the
Army, Navy and Marine Corps, were held.
The principal
addresses in the Court of Peace were delivered by Ambassador
Ertegun and Prof. Frederic N. Thrasher of New York
University, Director of the Society of American Friends of
Turkey.
The following concerning the speeches is from the
New York "Herald Tribune" of July 23:
Urging the solidarity in the "reorganization of peace," Ambassador
Ertegun pointed to the paradox which exists in the world when science and
medicine ignores
discoveries."
battelfields
all
"political frontiers" and gives freely its
He alluded to
to
help wounded
scored the fact that
men
"whole armies
men,
"their
of charity"
well
own as
as
"beneficent
who rush to the
their enemies," but
"the most horrible of all calamities."
as
"I do believe that the cherished ideal of universal and uninterrupted
peace,
preached by the wise throughout the centuries and approached tentatively
in the last decade cannot remain in the limbo of the
bassador said.
nations,
new
the Turkish
instituting
achievement
Kemal Ataturk, late
of
President of
Republic, in liberating Turkey from foreign domination and
modern
methods.
Blanton Winship, and by his successor, Admiral William D.
Leahy, who will take office in September.
Also included
in the official party were Santiago Iglesias, Resident Com¬
missioner of Puerto Rico in Washington, and E. R.
Gonzales,
Puerto Rican Commission General to the Fair.
In reporting
the ceremony the "Herald Tribune" of
July 26 said:
In addresses
following regarding the new appointee is from a Wash¬
ington dispatch of July 27 to the New York "Herald Tri¬
bune":
Mr. Fly has been mentioned several times in the past for governmental
jobs, despite the fact that he originally
administration, which, in 1929, made him
the island's
recent growth of
Puerto Ricon industries and emphasized
increasing importance in relation to the United
economic and
a
rived at 10:30 a.m. and
by the Fair's mounted
The
was
a
an
appointee of the Hoover
special assistant to the Attorney-
General in charge of anti-trust
cases.
He became general counsel of the
Electric Home and Farm Authority, Inc., in 1934, and in the same year be¬
counsel of the
Tennessee Valley Associated
Cooperatives, Inc.
He
has been general counsel of the TVA since 1937.
Mr. Fly is a graduate of the United States Naval Academy, and
served
with the Navy from 1920 to 1923, when he retired to open a law practice.
He practiced chiefly in New York
City before being appointed
special
a
assistant to the Attorney-General.
Bert
Fish
Nominated
President
by
Minister
Roosevelt
to
be
Saudi Arabia
to
President Roosevelt on July 26 nominated Bert Fish of
Florida, already Minister to Egypt, to be Minister to Saudi
Arabia also.
This was the first step toward opening diplo¬
matic relations with the Arabian kingdom.
Associated
Press advices, July 26, from Washington reported the
following:
The State Department, It was said, desired to open relations with Saudi
Arabia
that in future
so
permanently if desired.
will send
a
a
diplomatic representative might be sent there
There is
no
indication
as to
whether Saudi Arabia
Minister here.
Saudi Arabia,
created by the combination of several Arabian
produces dates,
barley,
wheat,
States,
fruit, Arab clocks, wool and hides and
exports hides, wool and gum.
during tbe afternoon, both Governor Winship and Admiral
Leahy stressed the
political viewpoint.
was
welcomed
escort
at
of Haskell
party then proceeded to
a
19-gun salute.
Hall, where the Fair's greetings
extended
Capt. L. N. McNair, of the Navy.
.
Alvin M. Owsley Resigns
.
Governor
Winship, a retired major general, and Admiral Leahy reviewed
Army, Navy and Marine Corps units from Camp George Washington
as
United States Minister to
Denmark and Iceland
ar¬
President Roosevelt
the World's Fair Boulevard gate
Indians and
Perylon
States, from
The Puerto Rican party
by Major General Dennis Nolan (retired), in charge of State
participation at the Fair, and by Col. Cortlandt A. Parker, of the Army, and
the
1937 and it is said Mr. Fly will become the new Chairman.
The
irrealizable," the Am¬
"I do believe that law and order shall inevitably reign over
Puerto Rico Day was celebrated at tbe New York World's
Fair on July 25 with a visit
by the retiring Governor-General
an
L.
McNinch has been Chairman of the FCC since the Fall of
the present interwoven fabric of human society will not survive
World War with its annihilating modern arms."
Professor Thrasher, speaking on "The New Turkey and The World of
were
of James
as
Tomorrow," lauded the
both
Senate on July 27 the
Fly, General Counsel of the Ten¬
Valley Authority, to be a member of the Federal
Communications Commission succeeding Frank R. McNinch,
who has submitted his resignation because of ill health.
Mr. Fly was named for the remainder of the
seven-year
term of Mr.
McNinch, which will expire July 1, 1942. Mr.
nomination
came
had not yet achieved the unanimity of opinion to
which he characterized
war
James L. Fly Named to Succeed Frank R. McNinch as
Member of Federal Communications Commission
nessee
Fair
a
Previous reference to the Museum appeared in our issues of
page 2679 and June 17, page 3628.
May 6,
President Roosevelt sent to the
day's work.
a
Roosevelt, acting director of foreign
greeted the Belgians in behalf of the Fair Corporation.
outlaw
old maps and
officially and had had the opportunity to spend at least one day
among their fellow countrymen.
E.
rare
prims, valuable busts and oil paintings, dioramas and models.
wave.
he
671
Dutch colony of Nieuw Amsterdam .w The exhibits include
on
July 26 accepted the resignation of
Alvin M. Owsley as United States Minister to Denmark and
Iceland.
The President, in a letter of acceptance, expressed
his
appreciation of the services rendered by Mr. Owsley.
May, 1937. Prior
to that Mr. Owsley was Minister to Rumania (1933-1935)
and Minister to the Irish Free State (1935-1937).
He had been Minister to Denmark since
in the Court of Peace at
noon, and then attended a luncheon at Perylon
Hall, where Grover A. Whalen, President of the Fair corporation, welcomed
them.
Speeches followed in front of the Puerto Rican exhibit in the Court
Death of Harry J.Krombach, Representative of Luxem¬
bourg in New York
of States.
■+>
.
Indian Ruler Guest at New York World's Fair
The
Maharajah Manikya Bahadour of Tripura, located
in the eastern part of India, accompanied by his sister, the
Yubrani Saheba of Naria, and other members of his official
party received
a
salute
of
13
guns on
July 21 when
they
arrived at the New York World's Fair for a tour.
The Indian ruler was greeted officially
by Julius C.
Holmes, Administrative Assistant to Grover Whelan, and
Perylon Hall, where he and members of his party
signed the guest register.
Later the party reviewed the
Army, Navy and Marine Corps parade at the Court of Peace.
escorted to
The party were guests of honor at
Federal
a
tea and reception at the
Building.
Harry J. Krombach, "Honorary" Consul of the Duchy of
Luxembourg in New York since 1921, died on July 25 at the
Fifth Avenue Hospital, New York City.
He was 64 years
old.
His title of "honorary" consul was used because he was
an American
citizen rather than of the country he repre¬
sented, but his work covered all the regular duties of consular
service. The New York "Times" of July 27, from which the
foregoing is taken, also said:
Mr.
Krombach
was
born in Luxembourg on Sept.
to the United States at the
position
as
16, 1874, and
came
His employment by the Third Avenue
In 1936, 14 years after he had taken up the con¬
Railway began in 1909.
sular
agebf 20.
well, he was decorated by Luxembourg as a Knight of the
Last April a dinner in celebration of the one hundredth
Oaken Crown.
anniversary of Luxembourg independence also was made a tribute to Mr.
Krombach by his friends.
♦
Museum
of
Attracts
Old
New
Visitors
York
to
in
New
Sub-Treasury Building
Tork
World's
President
Numerous visitors to the New York World's Fair are
being
attracted to the downtown financial district by the Museum
of Old New York which is located in the
Sub-Treasury Build¬
ing at Wall and Broad streets, the Chamber of Commerce of
the State of New York reported on July 24.
A check of the
people registering at the information bureau maintained by
the Chamber in the Museum showed that visitors have
come
from
practically every State in the Nation.
Many of them
making their first trip to the city.
The information
bureau, which is in charge of Cedric Philipp, supplies maps
of the downtown district, guide books and
descriptive litera¬
are
ture about the Fair, in addition to
answering unnumerable
questions about historical places in the Wall Street district
and the city in general.
Guides are also furnished for a
The entrance to the bureau is marked
by a large
Trylon and Perisphere on the southwest corner of tne build¬
ing, near the statue of George Washington. The Chamber's
small fee.
announcement says:
Roosevelt
retary of
In Philippine matters he came to
of the Interdepartmental
nomic ties
Island
States
as
far
on
April 30. 1789, took place
back
as
1624 when it
was
the
the fore when he
Committee
on
was
named Chairman
Philippine Affairs in 1935.
with the
United States
over a
He has
long period of years instead of
terminating them abruptly when the Philippines obtain their political in¬
dependence in 1946.
Mr.
President of the United
as
championed the idea of gradually eliminating the Philippine Islands' eco¬
Sayre was acting Chairman in 1937 of the Joint Preparatory Com¬
disappear entirely in
first
Sayre
State Will Succeed P. V. Mc Nutt
of the
picture of Manhattan
B.
Sayre, Assistant Secretary of State, was nomi¬
nated by President Roosevelt on July 26 to be American High
Commissioner to the Philippine Islands.
He will succeed
Paul V. McNutt, who resigned to become Federal Security
Administrator.
Mr. Sayre has been Assistant Secretary of
State since November, 1933, in charge of Secretary Hull's,
reciprocal trade agreement program.
The appointment of
Mr. McNutt as head of the FSA was reported in these
columns July 15, page 354.
In commenting on the appoint¬
ment of Mr. Sayre, Associated Press Washington advices of
July 26 said:
■
mittee on
The museum, which occupies the street level floor, gives visitors an authori¬
Francis
Francis B.
The Sub-Treasury building was the site of old Federal Hall where
many
historic events, such as the first meeting of Congress and the inauguration
tative
Nominates
High Commissioner to Philippines—Assistant Sec¬
Fair
tion
Philippine Affairs which worked out
of Philippine preferential tariffs in this
Already he
He
was
a
plan for the gradual reduc¬
country so that they would
I960.
had had many
years
of experience in Far Eastern affairs.
advisor in foreign affairs to the Thai
(Siamese) Government from
The Commercial &
672
1923-25 and an advisor to
the Ministry of Foreign
Affairs of that Govern¬
1925 to 1930.
ment from
and Harvard and was
Deputy Assistant District Attorney in New York county, New York city,
In 1912.
He turned to teaching, was assistant to the President of Williams
College and instructor in government from 1914 to 1917.
He then became
a teaching fellow in the Harvard Law School and later professor of law.
received
Mr. Sayre
legal education at Williams
a
Statistics
12
of
increase
and
gain
a
The reason for my
resignation is that I consider my task practically com¬
pending, all litigation
of three important and a few minor cases still
has been terminated favorably to the government.
sequestered by the Alien Property custodian during the
World War, totaling millions of dollars in cash, real estate and securities,
with the exception of that which the Congress has directed be reserved and
which
district bank,
Cincinnati
paid out the largest amount
nessee,
the banks
the $6,469,125 a
and undivided profits of
increase of $2,332,315 over
$8,801,440, an
to
earlier.
The
With the exception
figures were available.
1939, surplus, reserves
June 30,
On
year
pleted.
Combined assets of the
totaled $296,629,853, an
$30,909,051 from assets of $265,770,802 on June 30, 1938,
of $243,504,108 over the $53,125,745 at the end of June, 1933,
date when
the first
of Alien
Urey Woodson resigned on July 24 as Custodian of the
Alien Property Bureau, the division created during the World
War to hold in trust the property which the government took
from aliens.
Mr. Woodson was the sixth Alien Property
Custodian and had served six years.
In a letter to Attorney
General Frank Murphy, Mr. Woodson explained that the
bureau's affairs had been virtually completed and that there
was no further need of his services.
United Press Washington
advices of July 24 quoted Mr. Woodson's lelter as follows:
the growth of the Home Loan
since its establishment in 1932.
banks at the end of the 1938-39 fiscal year
amounted
Urey Woodson Resigns as Custodian
Property Bureau
assets of the banks depict
on
System
Bank
1939
July 29,
Financial Chronicle
Ohio, Kentucky and Ten¬
serves
in dividends—$200,726—from
January
the Chicago bank, serving Illinois and
banks also lead in cumulative dividends
Cincinnati with $2,243,383 and Chicago with
June, 1939, followed by
Wisconsin, with $187,471.
These
through
last
the
for
years,
seven
$1,880,766.
the banks to member
Repayments amounting to
$354,061,827 left $168,961,563 as outstanding credits in use on June 30,
a
decline of $27,260,569 from the $196,222,132 figure a year earlier.
Deposits of member associations with the banks reached $32,191,665 on
June 30, a gain of $12,200,584 over the $19,991,081 on June 30, 1938.
This
drop in outstanding advances and increases in deposits, Board
officials said, reflect the growing volume of savings and investments from
the public received in the last fiscal year by member institutions.
long-
Cumulative
totaled
institutions
by
and short-term advances
$523,023,390 on June 30.
«,
All trust property
postponed, has been or will be shortly
its release
extent
Member
administered to the full
Disbursed $1,640,250 to
Bank
Loan
Home
Chicago
Building and Loan Associations
Savings,
June
in
permitted by law.
dollar volume of advances the Federal Home
Chicago has made in 12 months was dis¬
June, A. R. Gardner, President, reported on
Tbe largest
United States Fleet
East—Congress Votes Distinguished Service
Admiral Yarnell Retires as Head of
in Far
Harry E. Yarnell, Commander of the United
States Asiatic fleet, turned over his command July 25 to
Admiral Thomas C. Hart in Shanghai.
Admiral Yarnell
sails for home on the President Coolidge on Aug. 2 to await
retirement in October, when he reaches the active service
Admiral
limit of
July 25 said:
In
Associated Press Shanghai advices of
64.
•
brief ceremony aboard the cruiser
a
and hazardous situation
his
,
Augusta, he spoke of the difficult
which confronted American Navy officers during
officers and men of the fleet
command and expressed appreciation to
for their devotion to
duty.
the Orient began on Oct. 30, 1936.
Admiral Yarnell's service in
July 26 unanimously approved a bill endorsing
the award of the Distinguished Service Medal to Admiral
Yarnell in recognition of his work in the Far East.
Hie
President, it is said, has full authority to make the award,
but the legislation was sought to give it added prestige.
Congress
in
bursed
on
of
The $1,640,250 lent to member savings, building
Illinois and Wisconsin followed a
July 25.
Award—Admiral Hart Succeeds Him
age
Bank
Loan
and loan associations in
noticed the past two years
seasonal trend which has been
(heavy borrowing to come at the
melt, said the Bank's announcement,
for
beginning of the sumwhich added:
larger seasonal
1938 or 1937,
1938, however,
in line with the rest of the year's tendency for decreased demand for bank
funds because of increasing savings and loan receipts from investors.
The first six months' loan volume was $2,665,400, as compared with
$4,754,929 the first half of 1938.
Repayments meanwhile were up to
$7,152,085, but they dropped off in the last two months.
This, coupled
with the increased borrowings, indicates that demand for home loans at
savings and loan institutions has expanded in May and June, especially
volume
June
than four times that of May, a
more
was
than was noted between the two months in either
The total was 28% lower than for June,
upturn
Gardner said.
Mr.
the improvement
with
The
its
the
lead
about 25% larger than
banks in the System, maintaining
this district established in the System three years ago.
rival
nearest
in general business activity.
bank's loans outstanding are still
Chicago
which
the other
among
11
+.
Nominated
Edward D. Jones
as
President of National
Co., St. Louis,
presidency of the National
Security Traders Association for 1940, to succeed Willis M.
Summers, according to an announcement by Ernest E.
Blum, of Brush, Slocumb & Co., San Francisco, Chairman
of the Nominating Committee.
Edward D. Jones of Edward D. Jones &
the
nominated for
been
has
D. Knox & Co., Boston,
Vice-President—James J. Lynch, of H,
act
to
Vice-President—J.
R. Staats & Co.,
Earl Jardine Jr., of Wm.
Calif.
Los Angeles,
Samuel Knighton, former
Secretary—Edward H. Welch, of McGulre, Welch & Co., Chicago,
111.
Denver, Colo.
The election will be held at the convention in
C. E. Robinson Elected
a
Curb Exchange
unexpired one-year term of Charles N. Schenck Jr.
Mr. Schenck has become a member of the Curb Exchange,
as
such, is
longer eligible to serve as a Class B Gov¬
no
ernor.
Year
a
Ago
six
dividend distribution
of $919,904
on
June 30, the 12 Federal Home Loan banks have paid out a
total
of
last
the
Bank
$12,498,632 in
seven
Board
years,
dividends
on
their capital
officials of the
announced
on
July 22.
stock in
Federal Home Loan
The semi-annual divi¬
dend for 1939 consisted of $687,378 to the Treasury
of the
United States, which has $124,741,000 invested in the capital
stock of the banks, and $232,526 to savings, building and loan
associations and other home-financing institutional mem¬
bers of the Federal Home Loan Bank System, the invest¬
ments of which total $39,586,175.
The total paid-in capital
stock is $164,327,175.
The semi-annual distribution figures
include dividends
not
by two of the banks located in
Pittsburgh and Winston-Salem, as their dividends are paid
a
on
calendar
year
basis.
The
Board's
announcement
added:
Of
ury
the
to
was
a
Amos
B.
hank,
was
Foy,
15, 1932, through June 30,
received $9,849,146 and the member institutions
1939, the Treas¬
$2,649,486.
of New York on July 27,
Assistant Vice-President of the
Vice-President.
'Prior to his as¬
Chemical Bank in 1928, Mr. Foy was for
formerly
appointed
sociation with the
a
Knighton seryed
of Directors of the
regular meeting of the Board
a
Mr.
to
the securities market on the Produce Exchange, and
member of the Exchange's Arbitration Committee.
number of years a
a
National Bank Examiner, devoting
his
energies principally to the examination of banking institu¬
tions in Latin American countries.
Over a period of more
Latin
20
Mr.
Foy
has
had a wide experience with
and
years
America
the
Far
East, and at present handles
the Chemical Bank's business in those
sections of the world.
City, was
York State Banking Department
on July 20 to open a branch office at 4249 Broadway, Man¬
hattan, after Feb. 1 upon the discontinuance of the branch
now located at 4253-4255 Broadway, it is learned from the
The National City
by
the
Safe Deposit Co., New York
New
21. The De¬
establish a branch
Metropolitan Avenue, in the Borough of the
Department's "Weekly Bulletin" issued July
partment has also authorized the bank to
at
1490-1498
Bronx after March 1,
1940.
0
Stockholders
Lakes, N. J.,
on
tion's
to
assets
of
the
First
National
J., which proposed to
open
a
of
Pompton
branch office in the quarters
Following the meet¬
Merrill of Pompton
the institution, as Chairman of a
new plan of reorganization or re¬
occupied by the Pompton Lakes bank.
ing, the stockholders elected Edwin
Lakes, former Cashier of
habilitation.
Bank
July 25 rejected a plan to sell the institu¬
the First National Bank of Paterson, N.
committee to decide
dividends from Oct.
since 1910,
1930.
He was Vice-President
1932, and President from 1932 to 1935.
He also was one
1927
from
Managers
organizers of
authorized
months'
Exchange
Produce
the
of
Chemical Bank & Trust Company
than
Semi-Annual Dividend
of $919,904 for Fiscal Year Ended June 30—Divi¬
dends in Last Seven Years Totaled $12,498,632—
Assets
of
12
Banks
Increased
$30,909,051 from
Federal Home Loans Banks Pay
With
of
Board
1930
the
At
a
fill the
and
member
its
until his death
meeting of the Board of Governors of the New York
Curb Exchange, held July 26, Charles E. Robinson, of
Vanderhoef & Robinson, was elected a Class B Governor, to
At
in Canada.
is from the
Brooklyn "Eagle" of July 28:
on
or
Governor of New York
representing mills in the East and
following regarding Mr. Knighton's career
from
+—,—
in Brooklyn,
At his death he was Presi¬
firm he founded, Samuel Knighton & Sons, Inc.,,
old.
71 years
was
flour brokers
A
New York
City Aug. 22 to 26.
do
He
Y.
N,
President of the New York Pro¬
Exchange, died on July 27 at liis home
The
Treasurer—Phillip J. Clark, of Amos C. Sudler & Co.,
&c.
September.
until his return in
dent of the
Mass.
Second
COMPANIES,
the Irving Trust Co., New
York, left for a vacation in Honolulu on July 27.
The
duties of the President will be performed by William N.
Enstrom, Vice-President, who was designated by Mr. Ward
duce
Other nominees for 1940 are:
First
TRUST
BANKS,
ABOUT
ITEMS
Harry E. Ward, President of
Security Traders Association
on
a
Volume
Tlie
Va.,
First
Bank
of
all
Tlie
the
liabilities to
Bluefield
surplus
of
like
meeting
following
J.
C.
W.
and
C.
B.
Assistant
in
Alexander
of
Inc., and
the
£164,982,781
(against
£165,200,191).
Paid-up capital and reserve fund remain the same as last
year at £15,810,252 and £9,500,000, respectively, while cur¬
Jewell
New
York
rent
July
held
and
Director
of
the
Tug River
the
Co.,
Co.
Bank)
of
0.
;
Ridge Coal Corp.
Cashier;
to
£170,926, representing the balance to credit of profit and
loss brought forward, from the preceding fiscal year, made
1
Assistant
The
S.
W.
Anderson and
Edwin
E.
£744,072 available for distribution.
annual
convention
Illinois
the
of
May 28-29,
1940.
It
convention would be held
July 22 issue,
previously
was
allocated
on
that
announced
May 21-22,
on
to
»
W.
H.
dent of
Vandelploeg
July 25 resigned
on
as
Vice-Presi¬
a
Savings Bank of Chicago, 111.,
the position of Executive Vice-President and Gen¬
eral Manager of the Kellogg Co., manufacturers of cereal
Battle
director
578
Chicago
1930
in
National
Harris
of
which
he
been
has
Trust
Bank.
&
share
follows:
as
a
dividend
£150,000 to officers' pension; £175,000
at
£86,120,381 (against total resources of £85,001,31, 1938).
Paid-up capital and reserve fund
as
Mar.
the
same
respectively..
last
as
at £2,500,000 and £3,000.000,
year
The institution
was
founded in 1862.
a
Mr.
become
to
on
remain
Vanderploeg, who was born in
began his banking career in that State, went to
Iowa and
Park
1937.
since
Mich.,
Creek,
pay
statement
the Harris Trust &
to accept
products,
a
shares
noted in our
as was
the
sum,
the rate of 7s. a share on 500,000
(subject to income tax), and £50,000 to pay a bonus
of 2s. a share (subject to income
tax), leaving a balance of
£169,072 to be carried forward to the current fiscal year's
profit and loss account.
Total assets are shown in the
the
519.
page
this
of
(subject to income tax), calling for £125,000 was paid and
£75,000 credited to bank premises account, leaving a balance
of £544,072.
This balance, the directors recommended be
Bankers
Association will be held at the Palmer House, Chicago,
Out
report tells us, an interim dividend at the rate of 5s.
Morrow,
Cashiers, and R. A." Yarbrough, Trust Officer.
fiftieth
on July 26, has recently been received.
profits for the 12 months, after the payment
rebating current bills, of £573,147 (com¬
paring with £621,633 on Mar. 31, 1938), which when added
of
The bank's personnel is as folows: E. G. Otey, President;
W. C. Pollock and Lee F. Anderson, Vice-Presidents; II. C.
Harris,
net
shows
of all expenses and
Pocahantas
the
meeting
It
L.
Vice-President and Director
June 30, 1938.
on
ordinary
of whom
(all
National
con¬
shown at £396,226,216, decreasing from £401,-
The annual report of the Standard Bank of South Africa,
Ltd. (head office,
London), covering the fiscal year ended
Mar. 31 and presented to the
proprietors at their 126th
Co.,
Coal
Director
and
Clair,
Coal
Lumber
Kimball
President
Huston St.
Koppers
the Koppers
are
*
the
19,
deposit and other accounts, including provision for
467,731
as of July 15
$11,301,413.
At
were
after deducting provision for bad and
tingencies,
Deposits
Treasurer and Director,
City,
Dr.
share, and
per
added to the Board:
were
of
loans and advances,
doubtful
accounts,
depositors and others, if
capitalized at $400,000
and has undivided profits
shareholders,
directors
an
is
assets
2nd, President,
and
Fuel
Co.,
the
Vice-President
Houston,
officers
of
total
directors
new
Thomas,
Tyson, II,
were
amount
of $1(J5,000.
$10,377,508 and
special
P.
Government, £59,969,365 (contrasting with £53,721,754), and
the
amount,
673
Bluefield, Bluefield, West
July 14, acquired all the
Bank, excepting
institution
(excluding reserves)
totaled
a
of
business
the Kimball National
assumed
with
close
the shareholders at the rate of $280
pay
any.
National
at the
as
assets of
to
The Commercial & Financial Chronicle
149
President
The
following
Savings Bank
as
dent, and subsequently became
an
the
of
Paul
year he joined the
Assistant Vice-Presi¬
who
Leigh It. Gignilliat Jr., former Deputy Administrator of
Federal Housing Administration, was elected Assistant
died
these
Vice-President.
a
Baviere,
Vice-President
of
Banque
de
Parisienne, Paris, has been elected President
Jean Tannery, former Governor of the Bank
Washington
on
July
M.
7.
columns of July
THE
Tannery's death
l'Union
succeeding
of
France,
noted
was
in
15, page 354.
EXCHANGE
CURB
the
•
Trading
Vice-President of the American National Bank & Trust Co.
on
the New York Curb Exchange has been fairly
of Chicago at the monthly meeting of the
active
Directors
volume of sales fell off to
Federal
under
as
bank's Board of
Mr. Gignilliat served in Washington
Housing Administrator Stewart McDonald
July 12.
on
deputy
charge
in
Title One
loans.
associated
with
New York.
the
He left
modernization
graduate
a
and
program
been above the
lic
public service in 1937 to become
the Commercial
He is
Princeton
and
of
Investment Trust, Inc.,
of
of Culver Military Academy
during
most
of the
week,
present
some
preceding week.
while
average
the
has
Industrial stocks and pub¬
utilities, particularly the preferred issues of the latter
group, were
worked into
generally higher and in
new
high ground for the
a
number of instances
Aviation stocks
year.
have been soft and oil shares, with the
University.
and
extent, the daily
possible exception of
the Standard Oil issues, registered little change.
Regarding
Bank
affairs
the
defunct
the
of
Mt.
of
Clemens, Mich., the
July 22 carried the following:
Bernard
Investor"
of
has
1934,
The
off
final
Concerning
a
return
he
tion
in
slightly
recent
for
RFC
tentatively
set
at
which
decision
had
on
Dec.
was
interest,
advanced
Kalahar
pointed out,
paid
Meagher,
been
the
of
one
the
in
the
to
make
possible
Kalahar
received
yet
make
to
Mr.
any
stated
indica¬
matter.
receivership by the
$60,000 representing
that another
has
purposes
funds
15%,
not
RFC will
tax-payment
S.
but
the
$1,160,000
the
to
1934, Mr.
Frank
$20,000, plus
application
new
depositors,
near-future action
for
depositors
retired.
Vice-Presidents
of
the
United States National Bank of Portland,
by drowning
near
Ore., lost his life
July 23 while swimming in Lake Oswego,
on
Portland.
Mr.
Meagher, who was 48
executive of the bank
an
Tilton bank of Portland
had
he
begun
was
States
The
National,
the
National
United
and in
Bank
of
was
also
a
old Ladd
and
His banking career
in
1909.
Vice-President
1935
was
old, became
years
the
organization
Assistant
banker
when
absorbed.
was
the latter
an
deceased
County
of
with
elected
1925
in
made
In
the
1928
United
Vice-President.
a
director
Vancouver,
of
of
Wash.,
the
an
Clark
affiliate
States National.
The following changes in personnel have been announced
by
the
Bank
Royal
of
Canada
(head
office
Montreal):
Sydney G. Dobson, General Manager of the institution since
1934,
has
been
elected
Executive Committee,
director
a
leading industrialists of Eastern
a
and
a
member
while William F. Angus,
one
of
the
of the
Canada, has been named
Vice-President, to succeed the late Julian C. Smith.
In its statement of condition as of June
Ltd.
of
London
reports
total
assets
of
30, Lloyds Bank,
£458,455,733 (as
of £463,619,519 on the same date
principal items are: Cash in hand
and with Bank of England, £41,582,807 (as compared with
against
total
resources
last year), of which the
£45,100,866)
;
British Government Treasury bills, £30,480,000
(against £42,105,000) ; Treasury bonds and other short-term
British Government securities,
402);
other
securities
of,
or
£28,131,219 (against £34,768,-
guaranteed
by,
the
British
public utilities
were
sizable number of stocks in these groups
high ground for the
year.
the outstanding
on
Saturday and
climbed into
new
The volume of transfers showed
a
sharp increase, the turnover totaling approximately 131,000
shares
than
more
the
advances
pay-o-ff to
Kalahar revealed.
to
addition
In
20%
a
expected
to
as
RFC
possible
completely retired.
balance,
Mr.
new
made
been
recently,
that
Industrial shares and
strong spots during the abbreviated session
a
A.
$1,160,000 which
24,
a
"Michigan
Savings
Kalahar, Receiver for the defunct Citizens Savings Bank of
Clemens, has announced that the old Reconstruction Finance Corp, .loan
Mt.
of
Citizens
against 44,000
on
the previous Saturday.
In the
opening hour several large blocks of stocks were transferred,
and as the session progressed, the market continued its strong
upward swing.
Prominent among the issues registering
gains were Aluminum Co. of America, 2 points to 123;
Niles-Bement-Pond, 2lA points to 5534; Pittsburgh Plate
Glass, 234 points to 107; Todd Shipyards, 134 points to 56^;
and Chicago Flexible Shaft, 134 points to 73%.
Curb shares again moved forward on Monday, and while
there were a few soft spots scattered through the list, the
market, as a whole, was strong and a number of new tops
for 1939 were recorded in the public utilities and industrial
specialties.
Aluminum issues were irregular and the avia¬
tion stocks displayed little activity aside from the block of
1,700 shares of Sever sky that appeared on the tape during
the opening hour.
The volume of sales continued to hold
up well, the transfers totaling 178,350 shares.
Among the
advances' were Buckeye Pipe Line, 234 points to 3034;
Central Power & Light pref., 2% points to 1073^; NilesBement-Pond, VA points to 57; and Universal Consolidated
Oil, 2lA points to 1734Price movements were generally steady but with a ten¬
dency toward higher levels during most of the dealings on
Tuesday.
Industrial shares and public utilities were in
demand at moderately higher prices and the Standard Oil
issues were more active than they have been for some days.
Aviation stocks continued weak despite the action of the
House Military Affairs Committee in modifying competitive
bidding requirements on airplane contracts.
Public utility
preferred issues moved to new tops in several instances and
there was an improved demand for the steel stocks.
The
gains included, among others, Pittsburgh Plate Glass, 234
points to 109%; Alabama Great Southern, 1 point to 69; and
Benson & Hedges, VA points to 3634The market continued its upward swing on Wednesday,
and while there were a number of strong spots scattered
through the list the changes, on the whole, were small and
without special significance.
Industrial stocks were active
at higher prices and the usual gains in the public utilities
were
apparent.
Aviation- shares showed no improvement
The Commercial & Financial Chronicle
674
The transfers
were
down to 135,860 shares against 172,520
Noteworthy among the gains were Aluminum
Co. of America, 4M points to 124 M; Lynch Corp., 2\i points
to 30; North American Light & Power pref., 3 points to 61;
Pittsburgh Plate Glass, 2points to 112; and Thew Shovel,
4% points to \llA'
Renewed activity was apparent on Thursday and the vol¬
ume of sales registered a substantial increase as the session
came to a close.
There was some profit taking in evidence
during the forenoon, but this was quickly absorbed as specu¬
lative interest spread.
Public utilities and industrial special¬
ties were in demand and a number of new tops were recorded
in these groups.
The Standard Oil stocks continued to move
forward with Standard Oil of Nebraska working up to a new
peak at 15. Noteworthy among the gains were such promi¬
Tuesday.
on
Corroon & Reynolds pref. 2% points to 82,
stock 2 points to 1063^,
nent issues as
Great Atlantic & Pacific Tea Co. nv
North American Light & Power
pref. 434 points to 6534*
Light pref. 434 points to 105, Standard Oil
of Kentucky 1% points to 15 and Long Island Lighting 7%
pref. 134 points to 3634Irregular price movements characterized the trading during
Texas Power &
of the session on Friday. Profit taking ap¬
peared from time to time, and while prices fluctuated up and
down, there was a tendency to move to lower levels. Scat¬
tered through the list were occasional strong spots but most
of the changes were in small fractions.
The transfers dropped
to approximately 144,000 shares against 151,865 on Thurs¬
day. As compared with Friday of last week prices were about
evenly divided between advances and declines.
the greater part
RATES
FOREIGN EXCHANGE
in demand at higher prices.
but the Standard Oil stocks were
July 29, 1939
Tariff
certifying
to the Secretary of the Treasury the buying rate for
transfers in the different countries of the world.
We
requirements of Section 522 of the
Pursuant to the
daily
cable
is
the Federal Reserve Bank
of 1930,
Act
now
week just passed:
give below a record for the
CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1930
JULY 22, 1939, TO JULY 28, 1939, INCLUSIVE
RATES
EXCHANGE
FOREIGN
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
Unti
July 24
July 25
July 26
%
$
$
$
.169900
.169897
.169897
.169872
.012100*
.012100*
.012125*
.012100*
.012250*
lev
a
a
a
a
a
.209000
.208975
.208953
.208959
.208931
4.680625
CzechoBlov'ia, koruna
krone
Denmark,
$
.169919
Belgium, belga
Bulgaria,
July 28
July 27
S
July 22
Europe—
New York
4.682083
4.681805
4.681250
4.681250
.020533
.020537
.020537
.020537
.020537
.026490
.026490
.026488
.026487
.026486
Germany, relchsmark
.401144
.401138
.401144
.401150
.401150
Greece, drachma
.008569*
.008571*
.008571*
.008571*
.008571*
Hungary,
.195750*
.195875*
.195750*
.195750*
.195750*
Italy, lira
.•
Netherlands, guilder.
.052604
.052607
.052607
.052607
.052609
.536322
.534900
.534755
.534011
.531577
Norway,
.235214
.235218
.235187
.235193
.235168
Poland, zloty
.187960
.188000
.188020
.187960
.187960
Portugal, escudo
.042475
.042455
.042452
.042462
.042452
Rumania, leu
.007007*
.007007*
.007007*
.007007*
.007007*
Spain, peseta
Sweden, krona
.110225*
.110225*
.110225*
,110225*
.110225*
.241200
.241184
.241209
.241190
.225616
.225594
.022700
.022666
Engl'd, pound sterl'g
Finland, markka
France, franc
pengo
krone
HOLI¬
.225752
.225644
DAY
Switzerland, franc...
Yugoslavia, dinar...
.225611
.022700
.022700
.022700
.241159
Asia—
China—
a
a
a
a
a
a
a
a
a
Chefoo (yuan) dol'r
AT
NEW
THE
July 28, 1939
a
.083033*
.085000*
.083250*
.081083*
Tientsin (yuan) dol.
.062291*
.061958*
Hongkong,
EXCHANGE
CURB
,
'
.083291*
.063475*
.061191*
.063791*
.285643
.285718
.285668
.285775
British India, rupee.
.349112
.349100
.349081
.349106
Japan, yen
.272757
.272814
.272757
.272757
.272726
.547900
.547500
.547950
.548200
.547900
Australia, pound-..
3.730625
3.730312
3.730000
3.730000
3.729812
New Zealand, pound.
3.745375* 3.745000* 3.744750* 3.744750* 3.744562*
Bonds {Par Value)
Stocks
{Number
of
Shares)
Week Ended
YORK
Hankow (yuan) doi
Shanghai (yuan)dol
TRANSACTIONS
DAILY
Foreign
Foreign
Domestic
Government
Total
Corporate
dollar.
...
Straits Settlem'ts, dol
.285825
.349283
Australasia—
Thursday
130,935
177,175
172,315
135,200
150,214
Friday
143,880
Saturday
Monday..
Tuesday
Wednesday
$15~666
Week Ended July
Sales at
$1,143,000
1,528,000
6,000
2,246,000
16,000
12,000
1,000
8,000
11,000
1,707,000
1,884,000
11,000
1,763,000
$42,000 $10,271,000
$47,000
909,719 $10,182,000
Total
$1,000
4,000
4,000
$1,142,000
1,509,000
2,236,000
1,679,000
1,875,000
1,741,000
Africa—
4,633875
4.633281
4.633125
4.633125
4.631562
Canada, dollar
.998925
.998964
.999082
.999375
.999628
Cuba, peso
Mexico, peso
Newfoundl'd, dollar.
.999500
.999500
.999500
.999500
.999500
.172600*
.172800*
.169800*
.169433*
.169533*
.996406
.996445
.996562
.996875
.997460
.312150*
.312165*
.312115*
.312135*
.312085*
Union South Africa,
North America-
South America-
Jan. 1 to July 28
28
Argentina. peso...
New York Curb
1938
1939
1938
1939
Exchange
"
"
Stocks—No, of shares
25,977,237
22,044,477
1,067,920
909,719
.
.060460*
free
Foreign government
47,000
105,000
Foreign corporate
42,000
142,000
$10,271,000
$8,023,000
$196,623,000
$273,654,000
$7,776,000
$10,182,000
Total.
Colombia,
$204,515,000
$267,430,000
2,801,000
3,423,000
Domestic
4,184,000
3,708,000
peso
Uruguay,
peso, contr.
Non-controlled
*
Nominal rate,
a
financial
these
district
days.
which
provides pedestrians
It
not
Street
Montgomery
on
is
with hourly
changes in the Dow-Jones industrial averages and the volume of trading on
the New York Stock Exchange.
The innovation is
firm of E. A.
advertisement
an
Pierce
tion of advertising rules
on
which the hourly
of the New
York stock Exchange
of the outdoor
& Co., and it signalizes the first use
medium by an exchange member in
conjunction with the recent liberaliza¬
by the Exchange.
progress
The billboard features a chart
of the stock averages is recorded, a yellow
was
& Kleiser.
advertising agency for E. A.
executed by the San Francisco office of Foster
Doremus & Co.'s San Francisco office is the
Pierce & Co.
—On
.570450*
.570450*
.570450*
.616037*
.616025*
.616008*
.616095*
.356914*
.357271*
.357271*
.357271*
BANK
OF
CLEARINGS
a
Preliminary figures compiled by us based
year ago.
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, July 29),
clearings from all cities of the United States from which it
is
possible to obtain weekly clearings will be 12.3% above
those for the
Our preliminary
corresponding week last year.
$5,486,141,348, against $4,884,760,754 for
week in 1938. At this center there is a gain for the
total stands at
same
week ended
Our comparative summary
Friday of 39.7%.
for the week follows:
-
Wednesday, Aug. 2, the Bond Club of New Jersey will set a pre¬
cedent when its members and guests hold their first annual
tournament at the Rumson Country Club in Rumson,
was
.040000*
.570500*
upon
the
record the volume of trading.
board
with
Changeable numbers
line for today and red for yesterday's comparison.
The
.040000*
this week will show a decrease compared
Bank clearings
the market
but a new "outdoor board¬
itself, however, that is creating the interest,
room"
.040000*
No rates available.
COURSE
Francisco
.051700*
.040000*
blocking traffic in
—New York Stock Exchange trading news is literally
San
.051683*
NOTICES
CURRENT
the
.051685*
.357274*
..
.050200*
.051683*
.616050*
export
.060580*
.050220*
.570450*
"
.060460*
.050220*
.040000*
Chile, peso—official
Bonds
.060580*
.050400*
.051683*
..
.060580*
.050400*
Brazil, milreis offlc:
announced
by Arthur R. Robinson of Colyer, Robinson & Co., Inc.,
Competition in the featured golf tournament will be for a new silver bowl
by Foy W. Porter of John B. Carroll & Co., perennial winner
of golf prizes at the bond club's outings.
The bowl will be known as the
Three other prizes will be awarded for low gross
and first and
second low net cards.
Those attending the outing will
be accorded swimming privileges at a
nearby beach club, according to the announcement.
Lee W.
Carroll of John B.
Rippel, Inc.,
are
1938
$3,047,700,804
New York
$2,182,191,364
209,789,301
+39.7
246,000,000
+ 16.7
+8.8
230,103,112
Philadelphia
287,000,000
168,392,511
Boston
Kansas City
St. Louis
154,719,431
77,502,273
89,039,221
"
Cent
67,700,000
65,600,000
San Francisco
113,749,000
Pittsburgh
101,779,446
84,382,421
Carroll & Co. and
Kenneth Spear of J. A.
73,454,366
51,260,045
$4,314,560,926
$3,296,413,275
+ 30.9
765,173,665
634,858,625
+ 20.5
$5,079,734,591
$3,931,271,900
+ 29.2
406,406,757
953,488,854
—57.4
$5,486,141,348
$4,884,760,754
+ 12.3
Eleven cities, live days
Other cities, five days.
+ 32.5
+ 24.7
+ 15.1
+ 10.1
in charge of arrangements for the event.
Total all cities, five days
Total all cities for week
following securities
were
sold at auction
on
Wednesday
of the current week:
Complete and exact details for the week covered by the
By R. L. Day & Co., Boston:
Stocks
4 East Middlesex Street
$ per Share
146
Ry. Co., par $100
1 Boston Athenaeum, par $300
200
Z
I.ZZZZZZZZZZZZZZZZZZ------
1 Boston Athenaeum, par $300
25 Burco, Inc., common.,
25 Burco, Inc., preferred
5 Boston Wharf Co., par $100
200
ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
.IZ1ZZZZZZZZZZZZZZZZZZZZZZZZZZZ.ZZ
H
8
HH
We cannot
the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
foregoing will
furnish
them
appear
in
of the week in all
issue of next week.
our
inasmuch
today,
cases
as
has to be estimated.
Percent
Bonds—
$1,000 Old Ben Coal Corp., Inc.; 7^s, Aug.; 1935,
reg.,
*
Stocks
'
$50
Co., par $12.50
3 Rensselaer Water Co. common
90 South Terminal Trust, par $100
Z _Z
LZZZZZZ.ZZ
.
5 British Type Investors, Inc., class A, par 25 cents.__
;
$ per Share
45H
IZ.ZIIZIZZZZZZIZI-
22 Everlastlk, Inc.. preferred A
6 units Reed Prentice Corp
which
we
final and complete
previous—the week ended July 22*
present further below, we are able to give
4 Goodall Worsted Co., par
1 Dwight Manufacturing
In the elaborate detailed statement, however,
with 8 shs. stock._7M flat
By Crockett & Co., Boston:
Shares
+ 7.6
Baltimore
Detroit
All cities, one day
Shares
+ 14.9
+ 3.2
105,728,000
76,842,815
67,671,804
63,805,290
46,562,997
AUCTION SALES
The
+ 9.7
Cleveland
Mid-Summer Trophy and must be won three successive times before it can
be retired.
1939
Week Ending July 29
Chicago
President of the club.
to be donated
Per
Clearings—Returns by Telegraph
mid-summer
New Jersey, it was
•_
_
_
10
$21 lot
8c
42^
..ZZZZZZZZZZZZZZZZZ.Z
3H
1...Z.ZZZZZZZZZZZZZZZZZl. 10-1.12
results
for
the
week
For that week there
of
clearings
for
$5,333,530,830,
in 1938.
was
a
decrease of 0.6%, the aggregate
the whole
against
Outside of this
country having amounted
to
$5,363,582,551 in the same week
city there was an increase of 10.8%,
Volume
The Commercial & Financial Chronicle
149
the bank clearings at this center
9.2%.
serve
this
having recorded a loss of
We group the cities according to the Federal Re¬
districts irl which they are located, and from this it
Week Ended July 22
Clearings
atInc. or
1939
that in the New York Reserve District (including
appears
city) the totals register
Boston
Reserve
District
a
the
decrease of 8.9%, but in the
record an increase of
totals
11.9%, in the Richmond Reserve District of 16.5%,
in the Atlanta Reserve District of 21.9%.
In the
Chicago Reserve District the totals are larger by 11.2%,
and in the St. Louis Reserve District by 17.8%, but in the
Minneapolis Reserve District the totals are smaller by
0.1%.
The Kansas City Reserve District enjoys a gain of
7.9%, the Dallas Reserve District of 31.1%, and the San
Francisco Reserve District of 4.2%.
In the following table we furnish a summary by Federal
1936
%
+ 42.6
1,530,863
243,872
101,882,237
2,522,637
1,264,809
813,090
+28.5
19,167,000
1,221,689
+ 15.6
1,073,422
18,173,000
16,826,000
+ 19.5
1,456,657
1,051,147
18,243,252
346,592
263,413
+ 31.6
364,546
78,557,926
+ 19.4
110,212,350
2,389,341
1,175,798
+ 15.5
2,689,532
Chicago
93,833,202
2,759,022
1,676,937
1,045,099
22,153,000
1,459,330
5,303,291
21,176,148
1,180,360
7,320,136
3,236,107
304,875
295,989,321
Decatur
14.1% and in the Philadelphia Reserve District of 7.5%.
an improve¬
ment of
1937
Dec.
1938
Seventh Feder al Reserve D lstrict—C h 1 cago—
932,653
Mich .-Ann Arbor
Detroit
Grand Rapids.
In the Cleveland Reserve District the totals show
Lansing
Ind.—Ft.
Wayne
Indianapolis...
and
Reserve districts:
675
South Bend...
Terre Haute..
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines...
Sioux
City
111.—Bloomlngton
+9.6
4,689,257
21,266,656
+ 4.0
—4.3
1,032,746
7,740,011
+ 2.3
3,079,414
636,293
—52.1
273,364
365,557
+ 8.8
324,832,203
878,773
281,886,691
769,043
3,728,665
1,263,131
1,458,307
4,076,804
—5.9
+ 11.2
505,742,897
448,606,199
+ 16.2
102,200,000
33,833,274
+ 30.2
16,051,682
93,300,000
27,848,523
14,631,633
465,059,470
418,378,816
Springfield...
SUMMARY OF BANK CLEARINGS
+ 33.3
3,655,420
1,182,928
1,505,049
Rockford
Total (18 cities)
4,709,955
3,979,889
19,324,681
1,134,949
7,652,525
3,162,519
272,162,762
808,647
3,287,253
1,040,850
1,600,191
Peoria
/
960,001
+ 15.3
+ 11.2
+ 13.6
958,434
7,147,319
3,443,276
813,483
1,441,682
Inc.or
Week Ended July 22,1939
1939
1938
Dec.
S
%
1936
1937
*
%
Eighth Federa 1 Reserve Dis trlct—St. Lo uis—
Mo.—St. Louis..
Federal Reserve Dlsts.
1st
Boston
2d
12 cities
Cleveland.. 7
5th
Richmond.. 6
6th
Atlanta
10
7th
Chicago
18
8th
St. Louis
4
9th
Minneapolis
7
601,000
528,000
127,204,067
+ 17.8
152,685,856
136,308,156
3,408,753
69,123,766
25,927,848
3,090,118,583
111.—Jacksonville
+7.5
375,271,824
353,537,590
+ 11.9
118,109,308 + 16.5
320,359,159
129,555,697
120,081,445
167,443,018
137,408,396
+21.9
146,066,084
+ 11.2
505,742,897
149,875,583
127,204,067
+ 17.8
152,685,856
Total (4 cities).
149,875,583
448,606,199
••
136,308,156
99,891,810
99,993,047
—0.1
113,382,279
104,164,328
Ninth Federal
168,303,449
155,916,923
172,879,630
Minn.—Duluth..
58,531,207
73,565,774
51,567,515
Minneapolis...
245,846,455
235,986,488
+7.9
+31.1
+4.2
197,402,791
76,740,813
••
258,267,282
225,930,719
5,333,530,830
5,363,582,551
—0.6
5,891,422,189
5,375,944,175
St.
Paul
113 cities
2,565,665,363
2,315,537,364
+10.8
2,639,056,535
2,388,878,511
S.
32 cities
now
add
our
311,415,598
304.225,718
+2.4
329,888,981
1938
%
.Fall
Reserve Dist rlct
Lincoln
1937
Dec.
Omaha
1936
;
_%
484,048
+ 10.1
1,751,628
+ 16.6
240,019,694
_
Springfield.
.
Worcester
Conn.—Hartford
New Haven.
209,245,698
+ 14.7
718,984
2,243,178
212,501,929
578,636
River
New Bedford
663,983
—12.9
540,689
418,785
757,162
3,226,905
1,793,695
479,004
—12.6
321,794
632,208
+ 19.8
706,226
2,974,726
1,681,211
+ 8.5
9,754,541
8,262,297
4,281,663
10,231,500
3,927,071
+ 18.1
+ 9.0
10,120,200
+ 1.1
218,969,347
500,902
+ 88.1
240,722,976
+ 14.1
247,965,445
Fed eral Reserve
District—N
N. Y.—Albany..
Buffalo
Elmira
Jamestown
7,715,591
1,231,505
—9.2
+ 5.3
1,669,321
10,670,524
3,731,743
28,600,000
416,429
+ 15.4
+ 3.8
+ 13
—9.2
546 ,717
568.707
,987,065,664
6,521,757
3,760,789
—14.9
+ 10.3
6,030 ,021
2,924 385
+25.2
4,886 114
+ 0.1
—11.8
325 441
—14.8
Third Federal
Philadelphia...
Reading
Scranton
Wilkes-Barre..
York....
N. J.—Trenton.
_
603,772
338,578
1,097,551
377,000,000
1,522,015
2,127,595
881,745
1,119,833
3,249,200
388,380,952
214,197
+ 2.3
217,603
+ 2.2
2,702,018
32,068,956
2,941,753
3,466,066
121,949,020
3,771,553
110,994,120
3,613,145
+ 9.9
+ 4.4
2,989,476
33,377,079
2,881,242
4,677,266
147,857,546
4,126,396
560,456
609,199
—8.0
636,843
4,451,839
3,691,286
*320,000
18,002 732
30,237 279
-8.9
2,303,019
61,475,250
100,924,865
10,414,500
1,817,304
Cincinnati
Cleveland
Columbus
Mansfield
Youngstown...
Pa.—Pittsburgh
.
2,468,052
109,332,645
cities).
288,735,635
525,143
+ 7.9
197,402,791
172,879,630
Eleventh Fede ral
Reserve
District—Da lias—
Wichita Falls..
967,002
La.—Shreveport.
3,245,056
1,280,396
43,266,029
8,378,092
1,779,000
862,817
2,964,873
Total (6 cities).
76,740,813
58,531,207
1,430,174
Texas—Austin..
Dallas.
Fort
161,679,633
Worth...
Galveston
7,403,948
2,015,000
Twelfth Feder al Reserve D lstrict—San
Wash.—Seattle.
_
Yakima
Ore.—Portland..
Utah—S. L.
City
504,670
+ 19.6
305,004
1,075,973
+ 11.0
405,797
1.316.408
+ 8.0
363,000,000
1,284,669
343,000,000
1,450,874
505,541
489,920
624,509
+ 16.9
1.537.409
2,328,847
—8.6
2,476,523
950,757
—7.3
1,496,056
—25.1
1,119,781
1,598,956
3,819,000
—14.9
2,686,900
1,298,322
2,552,000
361,238,422
+ 7.5
375,271,824
38,777,970
915,856
3,203,887
51,624,524
83,725,136
—28.1
+ 19.1
+20.5
31,551,925
16,363,249
29,780,323
13,646,920
4,369,345
3,735,010
+ 19.9
142,496,818
+ 0.4
258,267,282
257,974,754
+ 11.9
70,194,216
61,643,634
+ 13.9
D. C.—Wash'ton
23,779,932
20,346,675
+ 16.9
—0.6
5,891,422,189 5,375,944,175
+ 10.8
2,639,056,535 2,388,878,511
Week Ended July
Clearings
Inc. or
1938
291,446.185
Quebec
Halifax
Hamilton
John
London
380,869
2,632,000
37,483,910
1,396,663
65,874,614
21,787,641
,
298,109
2,398,000
35,250,029
Edmonton
976,125
Lethbrldge
61,553,760
19,605,422
+24.6
16,552,265
+ 1.9
13,846,769
5,430,007
2,757,540
——4.1
6,801,599
4,369,089
1,906,748
1,765,865
2,276,904
3,765,387
3,241,043
5,163,229
4,641,351
2,003,417
1,740,144
2,588,189
+ 1.5
—12.0
...
Regina
3,910,993
3,082,490
382,215
+ 5.1
—11.1
425,061
+ 14.2
339,870
485,308
1,204,041
614,346
Brandon
Saskatoon
Moose Jaw
Reserve Dist rlct—Atlant
+ 16.5
129,555,697
4,287,715
19,777,947
3,914,679
17,637,421
+ 12.1
19,115,050
Ga.—Atlanta
59,400,000
48,500,000
+22.5
50,700,000
1,113,888
1,099,186
1,001,940
784,781
15,070,000
17,032,513
+ 11.2
Miss.—Jackson..
La.—N ew Orleans
x
118,099
106,950
39,638,003
32,109,595
+ 9.5
+40.1
+ 19.1
+31.2
+ 36.6
3,670,202
1,092,222
806,796
16,398,000
18,482,970
1,583,070
x
+ 10.4
+23.4
3,138,081
15,060,885
48,300,000
1,106,831
814,334
14,734,000
16,503,760
1,337,038
4
x
117,133
34,100,641
108,433
28,790,186
137,408,396
+21.9
146,066,084
+ 31.7
—5.9
—4.8
—3.7
+ 5.5
Chatham..
Sarnia
Sudbury
Estimated,
x
2,668,606
325,607
410,367
1,353,772
539,775
648,628
615,111
+ 4.7
768,017
975,078
129,894,178
*
1,663,510
1,744,561
2,617,086
3,686,025
—1.6
304,225,718
586,356
542,685
5,148,479
782,409
564,264
291,660
311,415,598
787,502
Kingston
4,395,710
311,748
526,274
1,111,166
385,553
Moncton...
3,728,640
2,458,484
—5.5
—7.3
Prince Albert....
14,723,504
—7.3
2,856,704
321,264
872,068
605,357
471,112
551,365
974.883
—
49,703,770
18,995,558
626,126
2,646,949
Sherbrooke
90,577,605
897,179
718,041
666,615
Windsor
621,404
Peterborough
102,417,864
+ 7.1
—8.9
252,683
109,670,902
101,436,099
37,690,125
18,303,001
15,224,033
4,839,403
2,714,044
5,391,255
6,282,782
2,064,015
1,945,851
2,723,646
3,948,473
2,933,950
308,034
467,162
1,310,445
1936
—12.4
1,103,914
Hat...
1937
573.882
733,230
710,385
573,587
Total (32 cities)
167,443,018
—4.6
1,005,177
Fort William
*<4MI
Total (10 cities)
—16.6
Kitchener..
804,989
Medicine
a—
► Nashville
1,250,517
120,081,445
1,141,367
—1.0
919,034
866,825
618,449
267,499
631,314
700,104
Brantford
118,109,308
%
+ 3.0
13,284,892
4,528,247
2,630,403
Winnipeg
St.
Dec.
100,104,310
104,120,761
24,001,836
132,738,075
320,359,159
20
at—
New Westminster
►aVicksburg
225,930,719
i
10,378,000
1,596,833
2,176,080
**
x
+ 31.8
—7.1
■
Ottawa
142,143,572
Md.—Baltimore
k Mobile
—1.6
5,333,530,830 5,363,582,551
cities)
Vancouver..
+ 3.3
+26.8
22,345,730
1,708,450
+ 13.1
33,466,539
801,688
27,097,407
12,724,239
4,123,008
3,325,746
138,478,574
2,566,150
1,131,926
2,215,442
Outside New York 2,565,665,363 2,315,537,364
87,566,827
105,863,219
954,684
Ala.—Birm'ham.
996,834
34,082,300
14,816,256
+4.2
103,089,126
+ 15.8
—3.5
1,210,583
17,954,000
43,909,711
+8.4
+ 5.9
235,986,488
103,049,348
29,908,785
16,866,657
+ 10.4
S. C.—Charleston
Macon
8CO—
+ 12.0
(113
Montreal
1,569,227
+21.0
Fla.—Jacks'nville
Francl
845,203
245,846,455
total
Toronto
2,558,461
32,716,191
m
51,567,515
—20.9
2,080,984
54,909,386
9,430,300
.'.
Augusta
73,565,774
2,427,455
1,340,917
2,731,065
4,943,719
3,675,180
143,014,000
1,542,664
62,123,681
98,334,711
11,150,100
1,951,154
3,113,277
+ 8.9
Term.—Knoxville
+ 31.1
353,537.590
+ 52.1
Sixth Federal
1,091,215
3,556,861
34,613,432
2.005,983
850,157
Reserve Dist rlct—Richm ond—•
137,552,544
2,004,000
+ 9.4
3,200,085
Grand
*300,000
349,000,000
1,302,212
279,124
Total (6 cities).
+ 13.3
+ 12.1
771,804
38,551,793
6,709,017
1,494,000
627,024
3,413,877
1,245,378
2,159,093
Francisco.
Stockton
305,665
+2.0
5,169,000
Richmond
55,201,358
10,524,478
Santa Barbara-
San
Total (10 cities)
—3.3
424,449
Va.—Norfolk
1,187,862
+ 42.6
San Jose
Pasadena
3,371,157,101 3,090,118,583
455,903
2,361,000
39,582,364
W. Va.—Hunt' ton
+ 11.7
—11.6
4,165,086
4,097,792
148,981,723
3,144,714
1,636,513
2,436,353
Calif.—L'g Beach
Victoria
Fifth Federal
2,275,104
3,753,241
124,484,721
+ 10.4
Calgary
Total (7
32,904,698
523,317
17,331,378
30,359,102
Feder al Reserve D lstrict—Clev eland
Fourth
—11.2
155,916,923
Canada—
Ohio—Canton
+ 3.6
+ 20.5
577,831
1939
Total (10 cities)
+ 31.9
168,303,449
Reserve Dist rlct—Philde Iphia
440,663
Kans aS City
80,257
156,409
2,643,746
30,953,785
2,441,048
3,901,897
.......
580,202
811 ,514
7,792 423
2,871,121,457 3,152,118,147
Lancaster
118,020
174,484
3,190,347
105,848
159,948
Total (10 cities)
4,432,764
1,035,095
32,000,000
3,252,365 ,654
+ 16.8
Total (13 cities)
Chester
104,164,328
4,797,868
582,832
598,315
439,199
251,409,647
37,642 ,545
685,947
2,767,865,467 3,048,045,187
Rochester
7,291,980
6.240,862
Syracuse
3,921,515
4,606,978
Westchester Co
3,832,775
3,473,543
Conn.—Stamford
4,827,522
3,857,089
N. J.—Montclair
317,984
317,700
Newark
16,645,743
18,862,551
Northern N. J.
23,902,195
28,064,765
Bethlehem
113,382,279
Colo.—Col. Spgs.
Pueblo
9,045,400
8,481 ,817
1,110 ,459
New York
Pa.—Altoona
—0.1
Yor k-
ew
7,007,684
1,296,544
33,000,000
432,070
779,978
Blnghamton...
99,993,047
633,366
2,631,626
2,962,736
942,172
(12 cities)
Mo.—Kan. City.
St. Joseph
702,302
274,968
1,867,680
11,170,144
+6
274,579,644
N.H.—Manches'r
Second
635,855
2,005,996
4,426,237
10,041,900
463,948
__
R.I.—Providence
Total
-Boston
..
Wichita
532,704
2,042,187
Lowell
+ 37.8
Reserve Dis trlct
Hastings
Kan.—Topeka
Mass.—Boston
669,109
2,455,788
739,157
2,744,352
99,891,810
Neb.—Fremont-
Inc. or
Federal
653,513
+ 6.2
1,925,551
811,511
3,123,932
years:
at—
1939
First
796,090
784,784
3.78L.962
.
Tenth Federal
Portland
+ 10.6
+ 4.5
317,883,065
Week Ended July 22
Me.—Bangor
873,419
—4.9
detailed statement showing last week's
figures for each city separately for the four
Clearings
+ 8.1
4,917,831
76,726,281
25,875,461
2,131,182
966,221
Total (7 cities).
We
+ 19.4
2,388,302
Helena
Canada
eapolis
3,668,254
61,993,780
26,308,507
D.—Aberdeen
Mont.—Billings
n n
3,071,508
65,175,237
25,179,862
2,209,512
Reserve Dis trlct—M1
N. D.—Fargo...
Total
Outside N. Y. City.
x
x
Quincy
129,894,178
418,378,816
II
10
+ 16.4
291,446,185
••
10th Kansas City 10
11th Dallas
6
12th San Fran
—2.0
3,371,157,101
257,974,754
465,059,470
••
555,000
—8.9
361,238,422
137,552,544
M
543,714
3,152,118,147
288,735,635
M
81,800,000
30,418,330
14,430,737
Tenn.—Memphis
«•
■
18,782,142
251,409,647
388,380,952
•4
35,349,727
247,965,445
240,722,976
2,871,121,457
M
PhlladelphlalO
4th
95,200,000
Ky.—Louisville..
+-14.1
274,579,644
••
New York..13
3d
S
No figures available.
—18.0
+20.0
3,250,652
369,837
855,705
551,054
960,775
2,752,789
348,820
856,296
605.834
748,933
—3.1
+ 15.2
486,014
362,407
—4.6
538,545
506,460
-9.7
530,568
+ 14.0
917,151
853,187
+2.4
329,888,981
317,883,065
The Commercial & Financial
676
Chronicle
NATIONAL
ENGLISH GOLD AND SILVER MARKETS
THE
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 12, 1939:
We
1939
July 29,
BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
The
Department:
VOLUNTARY LIQUIDATION
■
Amount
July 18—The First National Bank of Eldorado, Okla
Effective July 3, 1939.
Liquidating agent: K. M. Francis,
Eldorado, Okla.
Succeeded by: First State Bank, Eldorado,
Okla' •1
$25,000
t
England gold reserve against notes on July 5 was £226,414,117 at 148s. 6d. per fine ounce showing no change as compared with the
previous Wednesday,
Today the Bank announced the purchase of £20,002,848 in bar gold.
In the open market about £1,750,000 of bar gold changed hands at
the daily fixing during the past week.
There was moderate general selling
and although the authorities provided a good proportion of the supplies,
The Bank of
^
,
unsatisfied. Most of the offerings were secured
buyers on occasion were left
for shipment to New York.
AUTHORIZED
BRANCH
July 18—Seattle-First National Bank,
City of Cle Elum, Kittitas County,
STOCK INCREASED
COMMON CAPITAL
„
Seattle, Wash. Location of branch:
Wash., certificate No. 1436A.
Amt.
.
Quotations.
Per Fine Ounce
July 6
—
148s. 6d.
July
7_--——- —
—
H§s* f)(i'
July 8
—-«•148s. 6d.
July 10.148s. 6d,
July 11
148s. 6d.
July 12
—148s. 6d.
-
Average
—-—148s. 6d.
—
,
United Kingdom imports and exports of gold
registered from mid-day on the 3rd inst. to mid-day on the 10th Inst.:
July 18—The First National Bank of Poughkeepsie,
N. Y.
From $312,500 to $343,750..--..
July 19—The Security National Bank of
Dak.
From $50,000 to $62,500-.--
July 19—The Knisely
$35,000 to $50,000
July 20—The First
The following were the
Exports
United States of America .£7,320,328
Canada
3,360
Siam_.
..1.018,164
Syria
29,757
Netherlands—
96,774
Prance—.
;
44,520
Switzerland.
66,697
Other countries
12,133
Imports
Union of South Africa.-.
Southern Rhodesia..
£2,247,199
94,177
23,824
44,486
68,500
British East Africa..
New Zealand
Peru
.......
Belgium
29,915
;...
245,330
3,383
France
Switzerland.
The SS. Ranpura which
£2,773,864
£8^591,733
sailed from Bombay on July 8 carries gold to the
value of about £509,000.
Southern
The
,
Rhodesian
gold
output
for
1939,
May,
15,000
-
National Bank of Lindenhurst, Lindenhurst,
July 20—The Fords National
to $31,000-..--.—
12,500
X
From $25,000
Bank, Fords, N. J.
6,000
— ~
July 20—'-The Security National Bank
Dak.
From $62,500 to $75,000-
of Brookings, Brookings, S.
12,500
-
STOCK REDUCED
COMMON CAPITAL
Amt.
July 19—The First National Bank of
N. Y.
From $50,000 to $12,500-..
$37,500
STOCK "A"
PREFERRED
of Redact.
Lindenhurst,
Lindenhurst
DECREASED
66,786 fine ounces as compared with 63,858 fine ounces for
68,998 fine ounces for May, 1938.
July 20—The First National Bank of Lindenhurst,
N. Y.
From $73,500 to $36,750--.- —
to
PREFERRED
April, 1939, and
of Dec.
Lindenhurst,
$36,750
STOCK "B" DECREASED
'
^
amounted
12,500
-
From
Ami.
12,480
Other countries
of Inc.
$31,2o0
Brookings, Brookings, S.
National Bank of Butler, Butler, Ind.
From $12,500 to $25,000...
4,570
Sudan..
Anglo-Egyptian
N. Y,
Poughkeepsie,
July 20—The First National Bank
N. Y.
From $25,000 to $12,500.
Amt.
of Dec.
of Lindenhurst, Lindenhurst,
$12,500
SILVER
week under review it became known that the
passed by 43 votes to 39 the Monetary Bill
extending the Stabilization Fund of $2,000,000,000 for two years, renewing
the President's power to devalue the dollar, authorizing the Treasury to
purchase foreign silver and fixing the price to be paid for domestic silver at
REDEMPTION
At the beginning of the
United States Senate had
71.11 cents per ounce.
There was no indication of the price to be paid for foreign silver and
uncertainty on this score was reflected in the market on July 6 when,
mainly owing to a lack of support, prices fell sharply to 17 7-16d. for cash
17Md. for two months' delivery, which were respectively 9-16d. and
Hd. lower than the previous day's quotations. -The market steadied in the
afternoon when news was received from Washington that the United States
and
Treasury was resuming purchases of foreign silver and that the State
Department had advised Canada of the reinstatement of the mothly silver
purchase agreement. This, naturally, afforded some satisfaction, although
offset to some extent
by a statement that, as regards the future price
policy, the Treasury would keep its price on a day to day basis "until we see
what happens."
The reaction of the United States Treasury to the fall in the London
Jiuotations was, therefore, awaited with interset and the price actually
ixed
36^ cents—again on London parity. The only change in London
was
prices on July 7 was a decline of l-16d. in the cash quotation to 17%d. and
no change was made in the American price.
On Saturday July 8 and Monday July 10 the London market showed
renewed weakness, general selling meeting with little resistance and forcing
prices down to 16 l-16d. and 15%d. for the respective deliveries, repre¬
senting falls of 1 5-16d. and 1 iMsd. In two working days.
The nervousness
thus displayed may have been • attributable to some extent to the news
received on July 8 that the Senate Banking Committee had met intending to
report favorably on the resolution introduced by Senator Townsend to
terminate all Treasury foreign silver purchases.
However, action was
postponed after the Committee had been told that Administration officials
were
afraid that, if Congress approved the bill, this would jeopardize
negotiations for a settlement regarding American oil properties seized in
Mexico.
price is fixed by the United States Treasury on Saturdays,
Monday following the heavy declines
in London was rather anxiously awaited.
When the price was announced
at 35 cents this afforded some encouragement, as it was above London
parity.
As a consequence the London market saw a reaction yesterday
when prices recovered to 16<Htd. for cash and 15 13-16d. for two months
delivery, the premium on cash increasing, owing mainly to a demand for
prompt shipment to India.
With sellers hesitating the movement was
continued today, prices advancing to 16 9-16d.
and 15 15-16d. for the
respective deliveries, the difference thus widening further to %d.
For the moment the market presents a steadier appearance, but the
outlook is still uncertain, depending upon developments in the United
As
no
silver
of the action it would take on
news
States of America.
following were the United Kingdom imports and exports of silver,
registered from mid-day on the 3rd inst. to mid-day on the 10th-inst.:
The
Exports
Imports
Union of South Africa
£5,069
2,507
90,034
14,245
8,241
2,449
Nea Zealand..
Japan
Belgium
France
Other countries...
United States of America
British India
Jamaica
Germany
,
..
£27,165
49,630
x5,000
18,700
2,196
1,069
France
Norway
:
1,735
3,018
Sweden
Other countries
CALLS
SINKING
AND
FUND
NOTICES
of bonds, notes and preferred
called for redemption, together with
sinking fund notices. ,The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Below will be found a list
stocks of corporations
Sept.
Aug.
Aug.
Aug.
Aug.
1
1
9
1
1
*717
296
3525
2254
298
Bayuk Cigars, Inc., 1st preferred stock—
—Oct.
Buckeye Steel Castings Co. prior pref. stock
Aug.
*
Budd Realty Corp. 1st mtge. 6s._
Aug.
Canada Northern Power Corp., Ltd., 5% bonds
Aug.
Central Illinois Electric & Gas Co. 1st mtge. bonds..—Sept.
15
1
2720
3837
2721
2571*
A1 lentown-Bethlehem Gas
Co. 1st mtge. 3^8...
Colortype Co. 6% bonds—_
Associates Investment Co.. 10-year 3% debs
Corp. 1st mtge. 6H«
Corp. 6% debentures
Atlantic Beach Bridge
Bates Valve Bay
*
Chicago Union Station Co. 3
guaranteed
Cincinnati Gas & Electric Co. 1st mtge. 3Hs
...
2102
1
2102
Coin of legal tender in the United Kingdom.
Quotations during the week:
IN
IN NEW
LONDON
Bar Silver per Oz. Std.
Cash
2 Mos.
Ju y
July
6
7
17 7-16d.
17|H)d.
Ju y
8-_.___16Kd.
Ju ylO
16 l-16d.
Ju y 11
-16iHjd.
July 12
.19 9-16d.
Average., .__.16.781d.
.
YORK
(Per Ounce .999 Fine)
17d.
July
5
July
6
July
7__
July
8
July 10
July 11
17d.
16^d.
15%d.
15 13-16d.
15 15-16d.
No price issued
36^ cents
36% cents
Sat. no price fixed
35 cents
35 cents
16.333d.
The highest rate of exchange on New York recorded during the period
from July 6 to July 12, 1939, was $4.68^ and the lowest $4.68.
ENGLISH
FINANCIAL MARKET—PER
CABLE
The daily
as
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Silver, per oz
Gold, p. fine
oz.
Mon.,
Tues.,
Wed.,
Thurs.,
July 22
July 24
July 25
July 26
July 27
16 %d.
148s.6d.
16 13-16d.
16^d.
148s.5Hd.148s.6d.
16 7-16d.
16Hd.
£66H
£66%
£67
£67H
£92Vs
£92^
£92^
£92%
£92%
Holiday
£105H
£104K
£105H
£105K
£105
price of silver per ounce (in cents) in the United
States on the same days have been:
U.
34^
34^
34^
34H
345^
34^
71.10
71.10
71.10
71.10
71
71 10
S. Treasury
(.newly mined)
2258
3376
3377
2261
2
31
20
20
2730
2730
16
1
3690
2261
2262
1
1
1
6
<
2114
2419
*263
1
1
1
2421
2421
887
3855
2421
...Sept.
Jan.
Oct.
Aug.
Aug.
bonds.
July 31
Sept. 1
..Sept. 15
Aug.
1
*
(Philip) Morris & Co., Ltd., 5% preferred stock
....Sept. 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)4$
-Aug. 4
St. Joseph Ry., Light, Heat & Power Co. 1st mtge. 4Hs-.Aug
1
Scott Paper Co. 3)4% debentures
Sept. 1
Seneca Power Co. 1st mtge. 6s
•_
Sept. 1
*
Shell Union Oil Corp. 3J^% debs
Aug. 24
(Robert) Simpson Co. Lta. 1st mtge. 5s
1
lan
'
(Robert) Simpson Co., Ltd., 1st mtge. 6s—1
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
Tennessee Corp. 6% debs, series B & C
Sept. 1
*
Toledo Edison Co. 4% debenture—
Sept. 1
United States Cold Storage Co. (K. C.) 1st,mtge. 6s
Aug. 1
*
3370
2579
2734
2417
2580
3853
Peoples Drug Stores, Inc.. 6lA% pref. stock—
Philadelphia Electric Power Co 1st mtge. 5V£s
1176
£266
1179
2119
2119
2737
2422
2567
2267
2267
2122
2423
2423
2745
3388
3388
2268
zl24
3700
2124
2746
3547
West Penn Power Co.—
7% pref. stock
6% pref. stock
Wheeling & Lake Erie Ry. ref. mtge. bonds
Winston-Salem Terminal Co. 1st mtge. 5s
Woodward Iron Co. 2nd mtge. 5s.
*
Announcements this wees.
2
Feb.
Feb.
—Sept.
Oct.
Sept
1,'402751
1,'402751
1
3860
1
2128
1
3398
Volume 149.
DIVIDENDS
Dividends
first
The
BarN.Y.dor'n)
1474
1
1
15
1
30
Paramount Pictures, Inc. 6% debs
Paris-Orleans RR. 6H % bonds
16 ll-16d.
£66H
1960-90
2256
1
1
148s.6Hd. 148s.6Hd. 148s.6Hd.
H°Uday
BrMsh4?"~"
2892
2573
Fri.,
July 28
£0M0ls 2H%_ Holiday
British S)i %
1
18
1
1
A ug. 15
...
Nord Railway Co. 6H% bonds....
Northeastern Water A Electric Co, coll. trust 6s
Oklahoma Power & Water Co. 1st mtge. 5s
Ontario Power Co. of Niagara Falls 5% gold
2100
1
1
Sept. 1
July 31
Mengel Co. 1st mtge. 4Hs
;
Nashville Railway & Light Co. 50-year 5% bonds
New York State Elec. & Gas Corp. 1st mtge. 5tfs
5s..
1
1
Sept.
Colgate-Palmolive-Peet Co. 6% pref. stock
-Aug.
Colon Development Co., Ltd., 6% pref. stock
Aug.
Consolidated Gas, Electric Light & Power Co. of Bait.—
1st mortgage honds
Aug.
Cuban Teleohone Co. 1st mtge. bonds
..Sept.
Dominion Textile Co., Ltd. 1st mtge. 4Hs-_Sept.
General Motors Acceptance Corp. 3% debentures.......Aug
(B. F.) Goodrich Co. 6% conv. debentures...
Aug
Gulf States Utilities Co. 1st mtge. 4s
July
*
(Walter E.) Heller & Co.—
7% preferred stock
— Sept.
10-year 4% notes
_■
Sept.
Houston Oil Co. of Texas 10-year 5 4^s, series A
..Aug.
Indiana & Michigan Electric Co. 1st mtge. 5s
Aug.
Iowa Power & Light Co. 1st mtge. 4Hs
Sept.
Kansas City Gas Co. 1st mtge. 5s
,V.—v.Aug
Kansas Power Co.. 1st mtge. 5s
Sept.
*
Lincoln Tel. & Tel. Co. 1st mtge. 3%% bonds.
Sept.
Loew'fi, Inc.. 3H% debentures
Aug.
Long Beach Gas Co., Inc.. 1st mtge 5s_
—Aug.
Marshall Field & Co. 7% pref. stock
Sept.
Memphis Power & Light Co.—
1st & refunding mtge. 4Hs
Aug.
1st mtge.
16
Aug.
bonds
— —
£108,513
£122,545
x
Page
Date
Company and Issue—
*
American
10
we
grouped in two separate tables.
In the
bring together all the dividends announced the
Then we follow with a second table in which
are
current week.
we
show
the
have not yet
dividends
previously announced, but which
been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
Volume
The Commercial & Financial Chronicle
149
The dividends announced this week
677
are:
Per
Share
Alabama & Vicksburg Ry. Co
Aluminium, Ltd.; 6% pref.(quar.)
Payable of Record
$3
Oct.
1 Sept.
$1H
$1H
Oct.
1 Sept. 19
___
Allied Stores, 5% preferred
(quar.)
8
___
15
18
Sept.
Sept.
75c
_
1 Aug.
25c
________
American Arch Co. (quar.)
American Bank Note, preferred
(quar.)_
American Can Co., pref.
(quar.)
American Electric Securities
Oct.
2 Sept.11
1 Aug.
Oct.
$1H
2 Sept.15
Corp.—
Participating preferred
5c
______a._______
American Fork & Hoe Co.
(quar.)_______.____
American Hide & Leather,
preferred (quar.)
American Home Products
15c
75c
Corp. (monthly)____
American Insurance Co. (s.-a.)
__
Extra...
American Metal Co., Ltd
6% conv. preferred (quar.)..
American Meter Co., Inc....
American Re-Insurance
American Tobacco Co., com. and
S ept.
20c
25c
_
5c
25c
...
$1H
__
75c
,____
40c
com.
Anaconda Copper Mining Co__
Armstrong Cork Co.
B (quar.)
$1M
25c
__
.....
25c
...
Preferred (quar.)
$1
Associated Dry Goods Corp., 1st
$1H
pref. (quar.)..
Baldwin Locomotive
Works, preferred (s.-a.)_.
$1.05
Bankers & Shippers Insurance
Co., N. Y. (quar.)
$1M
Bendix Aviation Corp
25c
Bethlehem Steel Corp. (resumed)..
5(Jc
1........
5% preferred (quar.)
25c
7% preferred (quar.)
$1H
Birmingham Gas Co., $3H prior pref. (quar.).. 87 He
Bloch Bros. Tobacco Co.
(quar.)
37Hc
6% preferred (quar.)
$1H
Blue Ribbon Corp., Ltd.,
62 He
5% pref. (quar.)
Blum's, Inc., $1.H cum. conv. preferred..
t62Hc
Borden Co. (interim).
3oc
Bourne Mills (quar.).....
10c
Brink's, Inc
$1H
..........
_
__
...
Brookline Oil
...
lc
_
Buckeye Pipe Line Co
III."""III.,
50c
Butler Bros., preferred
37 He
(quar.)
Byers (A. M.), preferred
I2.19H
Dividend represents payment due
Aug. 1,1934
__
1A
19*
ug.
Sept. 15 Sept. 5
Sept. 30 Sept. 17
1 Aug. 14*
Sept.
Oct.
2 Sept.
5
Oct.
2 Sept.
5
1 Aug. 21
Sept.
1 Aug. 21
Sept.
Sept. 15 Aug. 30
4
Aug. 15 Aug.
1 Aug. 10
Sept.
Sept. 21 Sept. 5
1 Aug.
8
Sept.
1
Sept. 15 Sept.
1 Aug. 11
Sept.
1 Aug. 19
Sept.
7
Aug. 15 Aug.
1 Aug.
Sept.
5
Sept. 15 Aug. 25
Oct.
2 Sept.
8
Oct.
2 Sept.
8
1 Aug. 20
Sept.
9
Aug. 15 Aug.
Sept. 30 Sept. 25
1 July 27
Aug.
1 July 18
Aug.
1 Aug. 15
Sept.
1 July 20
Aug.
July 29 July 20
Aug. 21 Aug. 10
Sept. 15 Aug. 25.
1 Aug.
9
Sept.
1 Aug. 10
Sept.
-
and accrued interest.
Byron Jackson Co. (quar.)
Callaway Mills.......
_%
Canada Wire & Cable, pref.
(quar.)
Canadian Oil Cos. (quar.
Extra.....
25c
7c
_
.........
_
$1H
tl2Hc
U2Hc
■
Castle (A. M.) & Co.
(quar.)
25c
_____
Central Eureka Mining
_________
Central Vermont Public Service,
pref. (qu.)_._
6c
$1H
Centrifugal Pipe Corp
10c
Charis Corp
Chase (A. W.) Ltd.,
participating pref. (quar.).
Extra
;
_____________
Chester Water Service Co.,
15c
,____
50c
50c
$5H pref. (quar.)...
UH
Chicago Mail Order Co
Chile Copper Co.
Clear Springs Water Service Co., $6
pref
Cleveland & Pittsburgh RR. gtd.
(quar.).__..
Preferred (quar.)
Colt's Patent Fire Arms Mfg. (quar.)...
_
25c
50c
__
t$lH
50c
87Hc
....
_
Columbus &'Xenia RR..
Connecticut Power Co. (quar.).
Consolidated Amusement (quar.).
Consolidated Gas of Baltimore (quar.)
50c
$1.10
62 He
40c
......
90c
.
4 H% preferred
Consolidated Paper Co
Consumers Power Co., $5 pref. (quar.)...
$4H preferred (quar.)
Corporate Investors, class A (quar.)
Cosmos Imperial Mills
(quar.)
5% preferred (quar.)
Crane Co., 5% preferred (quar.)
Creameries of America, pref. A (quar.)...
De Beers Consol. Mines (interim)
i
Dentist's Supply Co. of N. Y.
(quar.).
7% preferred (quar.)
Diamond Ice & Coal Co.,
7% pref. (quar.)
Electric Products Corp
Employers Reinsurance Corp. (quar.)
Engineers Public Service, $6 pref. (quar.)....
$5H preferred (quar.)
$5 preferred (quar.)..
$1H
25c
...
$1H
$1H
_
5c
...
25c
$1H
.....
_
8^c
_
10s
75c
___
$1H
$1H
....
25c
_________
40c
....
■
Am
$i
Fall River Gas Works
_________________
Florida Power, 7% preferred A
(quar.).
:___
40c
..........
25c
25c
6Hc
...
50c
10c
...
___________
:;
25c
25c
10c
75c
Hackensack Water Co., 7% pref. (quar.)___
Hamilton Watch Co
Preferred (quar.)..
Hawaii Electric
_______
...
_____
Haverty Furniture Cos., Inc. (monthly)
....
Hilton-Davis Chemical Co
Hollinger Consol. Gold Mines (monthly).
_____________
Extra
Home (Jseph) Co., 6% pref. (quar_
Idaho Maryland Mines (monthly)..;
Ingersoll-Rand Co
:
Co
International
Match
Realization
Kansas City Power & Light Co—
1st $6 preferred B (quar.)
Kansas City Stock Yards (quar.)
June 30
Oct.
Aug.
Aug.
Aug.
Oct.
Oct.
Aug.
Aug.
Aug.
(quar.)
Oct.
_____
(quar.)
Lehn & Fink Products Corp
Life Savers Corp
Special
Loblaw Groceterias A & B (quar.)
Lock Joint Pipe Co. (monthly)
....
....
Monthly
Lynch Corp
Lyons Metal Products, Inc., 6% pref
...
Co
$5 non-cumul. preferred (quar.)
Mallory Hat Co., 7% preferred fquar.).;
Managed Investment, Inc. (quar.)
Manhattan Shirt Co
Manufacturers Casualty Insurance (quar.)..
Extra
Mayfair Investment Co. (Los Angeles) (quar.)
McClatchy Newspaper, 7% pref. (quar.)
Meier & Frank Co., Inc. (quar.)
Mercantile Stores Co., Inc., 7% pref. (quar.)___
Aug.
Sept.
July
Aug.
July
Sept.
Sept.
1
Oct.
....
MacMillan
Sept.
1
Aug. 10
19
30
25
5
31
15
15
Sept. 15
July 26
Aug. 15
Aug. 15
Aug. 15
Aug.
2
July 20
July 25
July 25
2
Aug.
2
Aug.
5
Aug.
5
Sept.
Sept.14
Sept.
1
Aug. 18
July 15
July 19
July 29
July 29
July 29
July 24
Aug. 10
Aug.
7
Aug. 15
Sept. 11 Aug.
2
July 28 July 24
__
Keith-Albee-Orpheum Corp.—
7% cum. conv. preferred
Kendall Co. participating pref. A (quar.).
Lake of Woods Milling, 7% preferred
Lee (H. D.) Mercantile Co
Lehigh Power Securities
Preferred
Sept.
Sept.
July
Sept.
8
Co.—
Voting trust certificates (liquidating) _______
Jefferson Standard Life Insurance
(s.-a.)
Preferred
Oct.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
...
Great Lakes Dredge & Dock Co.
(quar.)
Extra
Great Lakes Terminal Warehouse Co___.-_.-_
Greene Cananea Copper
Steel
Sept.
July 15
July 31
Sept.30
Sept.
...
Inland
Oct.
$1H
General Refractories Co
Genesee Brewing Co., Inc., class A & B
Georgia Home Insurance Co. (semi-annual)...
:
Oct.
July
Aug.
87 He
7% preferred (quar.)
Freeport Sulphur (quar.).
Extra...
Oct.
Oct.
Sept.
Oct.
...
,
July 31
July 10r
Aug. 31
1
Aug.
1
Aug.
1
Aug.
July 31
July 31
4
Aug.
July 28
July 31
July 31
5
Aug.
Aug. 10
8
Aug.
5
Aug.
Aug. 10
Aug. 10
Sept. 11
Aug. 25
Aug. 15
July 20
Sept. 15
Sept.15
Aug. 21
Sept. 8
Aug.
July
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
43 He
15c
S1H
Name of Company
Holders
When
Per
Name of Company
Sept.14
1
1
Sept.15
Aug. 10
Aug. 15
Aug.
5
July 26
July 24
Aug. 31
Aug.
1
Aug.
1
Aug. 10
Aug. 21
Sept. 20
Aug.
5
July 17
Sept,
Sept,
Aug. 15
Sept,
Aug.
Sept. 14
Sept.
Sept.
Sept.
Aug. 31
Sept. 30
Aug. 15
1
Aug.
Aug. 15 Aug.
8 Aug.
Aug.
1 July
Aug.
Aug. 15 Aug.
Sept. 1 Aug.
Aug. 15 Aug.
Aug. 15 Aug.
1 July
Aug.
Aug. 31 Aug.
Aug. 15 Aug.
Aug. 15 July
10
3
26
1
10
1
1
20
30
1
31
Share
Merchant Fire Assurance (semi-annual)
Extra....
Preferred (semi-annual)..
Aug.
Aug.
Aug.
__
...
__
Metal & Thermit (quar.)
7% preferred (quar.)
Middlesex Water Co. (quar.)..
Mid vale Co_
_
Oct.
...
...
Preferred (quar.)
Muskegon.Motor Specialties class A (quar.)
Nashua Gummed & Coated Paper Co
National Gypsum, $4H pref. (quar.)„_________
National Lead Co..
A
National Union Fire Insurance.
Extra
New Amsterdam
_
$1H
18
18
31
31
1
21
21
Aug.
Sept.
Aug.
Aug.
Aug.
July
July
15
11
11
31
31
Sept. 15
Sept. 1
Aug.
1
Aug. 15
Aug. 15
Sept. 1
Sept. 20
Sept. 20
Aug. 10
Aug. 15
Aug. 15
Aug.
1
Sept. 1
Sept. 15
Aug.
1
Sept. 1
Sept. 1
Sept. 1
Aug. 21
July 21
Aug. 18
Aug. 4
July 25
Aug. 4
July 28
July 28
Aug. 21
Aug' 10
July 27
Aug. 4
Aug. 4
Aug. 17
Aug. 25
Aug. 25
July 25
July 31
July 31
July .25
Aug. 10
Aug. 31
July 24
Aug. 4
Aug. 18
Aug. 18
Aug.
1
$1H
Aug.
Sept.
Aug. 5
Aug. 21
10c
5c
Sept.
Aug.
2c
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Sept. 1
July 31
July 31
50c
12 He
__
Nonquitt Mills
North American
Rayon, class A&B
Northern Insurance Co. of N. Y
5Uc
50c
S1H
...
Noranda Mines, Ltd.
Northeastern Water & Electric pref. (quar.)____
Noyes (Chas. F.), Inc., pref. (quar.).
Ontario Steel Products (interim)
_______
Preferred (quar.)_._
Okonite Co. 6% pref. (quar.)
$1
$1
22Hc
60c
m
Otis Elevator Co
$1H
____
60c
---—
37Hc
5H% preferred (quar.)
Pacific Power & Water, preferred (quar.)______
Parker Rust-Proof (quar.)
PatonMfg. Co., Ltd., 7% pref. (quar.)________
Petrolite Corp. (irregular)
——
Phillips Petroleum Co__
Phoenix
Hosiery Co. 7% preferred (quar.)_____
Piper Aircraft Corp., preferred (quar.)__ ...
Pitney-Bowes Postage Meter (quar.) — —___
Pittsburgh Suburban Water Service Co.—
$5H preferred (quar.)
Pittsburgh Youngstown & Ashtabula RR.*
Powdrell & Alexander, Inc
Privator Mine (interim)______
—
3im
25c
$1 %
15c
50c
87 He
15c
10c
—
—
-
______
V
—
—
1
20
Aug.
Aug.
.
Extra
;
New England Water,
Light & Power Assoc.—
6% preferred (quar.)
New Jersey Zinc
1900 Corporation, class B
Extra
Protective Life Insurance (Ala.)
Provincial Transport Co___,
Oct.
Aug.
Aug.
July
July
Sept.
July
July
Oct.
Casualty (semi-annual)...
Preferred (quar.)
Outboard Marine & Mfg. Co___._
Pacific Gas & Electric 6% pref. (qu.)
8
17
15
Nov.
-
...
New Brunswick Fire Ins. Co.
(s.-a.)
16
25
Aug.
Aug.
Aug.
Aug;
6% preferred B (quar.).
National Linen Service Corp. $7 pref. (s.-a.)
$5 preferred (s.-a.
Extra
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
(quar.)
24
24
24
1
20
25
Sept. 16
July 22
Sept. 1
Aug.
1
Aug. 18
Aug.
Sept.
Aug.
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
...
Holders
July
July
July
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
...
Minnesota Valley Canning Co., 7% pref
Monarch Life Insurance Co. (semi-annual)
Monmouth Portland Cement, 8% pref.
Motor Finance
7% preferred
When
Payable of Record
______—
30c
,
20c
Quaker State Oil Refining
Quebec Power Co. (quar.)
Railway & Light Securities Co. 6% pref. (quar.)
Remington Rand, Inc. (interim)
Preferred (quar.)
Reeves (Daniel) Inc. (quar.)
Preferred (quar.)
Republic Petroleum, preferred (quar.)_—,____
Revere (Paul) Fire Insurance (s.-a.) __-i.___.-_Extra__.___
20c
25c
S1H
_
20c
Oct.
1
31
28
July
July
July
Aug.
July
July
Sept.
Oct.
$1H
12Hc
$1H
68Hc
June 24
Aug.
Aug.
July
July
Sept.
Sept.
Aug.
Aug.
Aug.
July
25
10
12
25
1*
26
11
11
31
31
5
40c
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Aug.
Sept.
$4H cum. pref. (quar.)
----Servel, Inc
Second Investors Corp. (R.I.) $3 pr. pref. (qu.)_
Security Insurance Co. (quar.)——
$1H
Nov.
Oct.
20*
25c
Sherwin-Williams Co
Preferred
Soss Mfg. (quar.)
$1
$1H
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
July
July
Aug.
Aug.
Aug.
17
15
21
31
15
15
15
15
15
15
5
15
15
14
25
10
10
60c
5c
______
Rich Ice Cream Co., Inc. (quar.)
Extra
:__
20c
—
Roxy Theatre, Inc., pref. (quar.)_^
371I
Saginaw & Manistee Lumber Co., pref_
(quar.)__„^
St. Louis Car Co., preferred
Scott Paper Co. (quar.)
—
%1H
—
—-
—
—
30c
______
_________
75c
35c
____ —
_
________
_
—
South Bend Lathe Works
Southeastern Greyhound Lines
Conv. preferred (quar.)
;
_____
50C
30c
...
Non-con v. preferred (quar.)
Stamford Water Co. (quar.)_____—__________
30c
Standard Cap & Seal (quar.—^___
Preferred (quar.)__—
—__
40c
Stromberg-Carlson Telep. Mfg. pref. (quar.)___
Sun Oil Co. (quar.)
—-—
Preferred (quar.).
Superior Oil Co. (Calif.) (quar.)__
Quarterly.
_______ — - —
Quarterly
1
Quarterly
— Tampa Electric Co. (quar.) J
_________
Preferred A (quar.)
—
Texas Pacific Coal & Oil Co. (quar.)
Thew Shovel Co
_____
______
——
Towne Securities Corp. 7% cum. preferred
United Chemicals preferred..
—----Incl. in the above div.: 50c. due on Dec. 1,
Preferred (quar.)
—
— -United Gas Corp., $7 preferred
United States Playing Card Co.______
United States Steel Corp., 7% preferred (quar.).
Universal Commodity Corp. (monthly)
Universal Insurance (quar.)
—
Vanadium-Alloys Steel Co.—
——.—____
Vicksburg Shreveport & Pacific Ry
5% preferred
Vogt Mfg Corp
Warren Foundry & Pipe
Warren (Northanf) Corp. pref. (quar.)
Wentworth Mfg., conv. pref. (quar.)
Wesson Oil & Snowdrift Co., Inc.—
Conv. preferred (quar.)__
—- —
Westchester Fire Insurance (N. Y.) (quar.)
Extra
;—
Western Auto Supply Co. (Los Angeles)
—;__
Youngstown Sheet & Tube Co. 5H % pref. A_
give the dividends
Nov. 10
Feb.
Feb.
May
Aug.
Aug.
Sept.
Aug.
Aug.
Sept.
May
July
July
Aug.
Aug.
56c
$1H
10c
50c
$2
$2
50c
$1H
$2H
50c
$1H
5c
25c
40c
25c
$2H
$2H
20c
50c
75c
25c
SI
30c
20c
S1H
jC
Wevmouth Light & Power Co,
we
Nov.
25c
25c
-
25c
63c
15c
White (S. S.) Dental Mfg. Co
Whitman (Wm.) Co. 7% pref. (quar.).
Following
25c
'
10c
Westinghouse Air Brake Co
Westinghouse Electric & Mfg
Preferred (quar.)
Westvaco Chlorine Products (quar.)
weeks and not yet
25c
25c
10c
8% preferred (quar.)
-1 — __________
Western Cartridge Co., preferred (quar.)______
Extra
$1H
$1H
15
15
10
10
31
31
11
1
Aug. 10.
Aug. 10
34:
75c. Mar. 1, *35, and 75c. June 1, *35.
United Engineering & Foundry Co. (quar.)____
Universal Products Co
40c
40c
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
25
Aug. 15 Aug. 4
Aug. 15 Aug. 4
Sept. 1 Aug. 10
Oct.
1 Sept.15
Aug. 19 July 28
July 27 July 10
Sept. 1 Aug. 15
Sept. 30 Sept. 19
Sept. 2 Aug. 19
Oct.
1 Sept. 8
Oct.
1 Sept. 8
Sept. 1 Aug. 15
Sept. 1 Aug. 15
8ept. 1 Aug. 15
Aug. 15 Aug.
1
Sept.
Aug.
Aug.
Aug.
Aug.
Aug. 19
Sept. 15
Aug. 31
Aug. 31
Sept. 1
Sept. 1
July 31
Aug. 15
Oct.
__
Oct.
Aug.
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
1 Sept.
1 Sept.
15
21
21
15
15
31
15
8
8
10
10
20
31
16
9
announced in previous
paid. The list does not include dividends
announced this week, these being given in the preceding table.
The Commercial &
678
July 29, 1939
Financial Chronicle
Name of
Company
Bonus
„
Dec.
----
Oct.
Aug.
Aug.
Sept.
Aug.
Aug
........
Bethlehem Gas pref (quar )
International Investing Corp.—
1
15 Dec.
Aug. 15
Aug. 15
Sept.
Sept.
(quarterly)....
Alabama Power Co. $5 pref. (quar.)
Alaska Juneau Gold Mining.
—
Allegheny Ludlum Steel, pref. (quar.)
Industries..
15
July 21
Aug.
Sept. 15 Sept. 1
Preference
Allen
July
Aug.
(J. D.) Mfg. (quar.)
Adams-Mill Is Corp.
Aetna Ball Bearing Mfg. (quar.)
Quarterly
—
--Agnew-Surpass Shoe Stores (semi-annual) _ _—
Adams
Sept. 15
July 20
3
1 July
Aug. 15
1
15 Aug.
10 July 31
AUentown
Allied
25c
20c
Quarterly
preferred (quar.)
preferred (quar.)
Amalgamated Sugar 5% pref. (quar.)
Amerada Corp (quar )_—
Amerex Holding Corp. (semi-annual)
American Can Co. (quar.)..
American Chicle Co. (quar.)
—
American Cities Power & Light class A pref
Opt. div. l-32d sh of cl. B stk. or cash.
$1
$1
75c
t37Mc
SIM
75c
62 He
5uc
20c
43 He
30c
& Foundry Co—-— — —
American Paper Goods Co. (quar.)
7% preferred (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...
Preferred (quar.)
—
M
50c
Archer-Daniels-Midland Co. pref. (quar.)
7% preferred
7 % preferred
Associated Insurance Fund, Inc. (semi-annual)
Associated Telep. & Teleg. Co. 7 % 1st pref
$6 1st preferred
Associated Telephone Co., Ltd., pref. (quar.) —
Atchison Topeka & Santa Fe Ry. 6% pref.
Atlantic City Electric Co., $6 pref. (quar.)
Atlantic Macaroni Co., Inc. (quar.)
Atlantic Rayon Corp., prior pref. (quar.)
Atlantic Refining Co., 4% pref. A (quar.)
preferred (quar.)
Ault & Wiborg Proprietary, Ltd.,
Automatic Fibres preferred (quar.)
(resumed)
Insurance (semi-annual)..
Extra
-
Hydro-Electric Co., (quar.).;
preferred (quar.)
Co., preferred (quar.)
Ltd .1st pref. (quar.)
42c
31 Mc
Dec.
Dec.
15
Aug.
July
Aug.
Aug.
Sept.
Aug.
July
July
17
15*
12
25*
1
11
July
July
Sept.
July
1 July
Aug.
1 July
Aug.
11
11
Aug.
Sept.
1 July 20
1 Aug. 25
Dec.
1 Nov. 25
Sept. 15 Sept. 5
8
Aug.
1 July
Aug. 15
Sept,
Aug, 15
Sept.
Aug. 15
Sept.
July 14*
Aug.
Oct.
Aug.
Aug.
Aug.
Aug.
Sept. 15
Dec.
14
14
17
July 21
Sept. 5
July
July
July
5
15 Dec.
Aug. 25
July 17
July 17
Aug.
4
Aug. 31 Aug.
7
fuly 31 July
July 18
Aug.
20
July
Aug.
July 20
Aug.
July 15
Aug.
July 25
Aug.
July 20
Aug.
July 20
Aug.
July
Aug.
21
Aug.
Oct.
Sept.
July 31 July
Aug. 15 Aug.
Aug. 15 Aug.
July
Aug.
Sept.
15
15
21
1
1
15
June 23
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
13
July
July
25
SIM
37 He
SIM
Aug.
Aug.
Aug.
July
20
Aug.
62
^c
25c
12Mc
10c
5c
Beattie Bros.
$1JS
Mines
Belden Mfg. Co
Borland Shoe Stores
Preferred (quar.)
Beattie Gold
15c
12 Mc
SIM
Inc
—
Co. (quar.)
(guar.)
Blauner's preferred (quar.)
Blue Ridge Corp. $3 pref. (quar.)
of com. or cash.
Bon Ami class
25c
(quar.)
Co
(quar.)
Boston Fund (quar.)
Bourjois, Inc., preferred (quar.).
Brentano's Book Stores, Inc., A (quar.)
British Columbia Telep. 6% 2nd pref. (quar.)..
Broadway Dept. 8tores, Inc., 6% pref. (qu.)
Brooklyn Teleg. & Messenger (quar.)
Brooklyn Union Gas Co. (resumed)
Buckeye Steel Castings Co., 6M% pref. (quar.)
6% preferred (quarterly)
Buck Hill Falls Co. (quar.)
Buffalo Ankerite Gold Mines
Buffalo, Niagara & Eastern Pow. $5 1st pf. (qu.)
Bullock Fund, Ltd..
Bullock's, Inc., preferred (quar.)
Bunt* Bros., 6% preferred (quar.)
5% preferred "(quar.).
rliE
Burlington Mills Corp
Burroughs Adding Machine Co
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..
California Water Service, pref. (quar.)*
Calgary Power Co., preferred (quar.)
Canada & Dominion Sugar Co., Ltd.—
Boston Edison Co.
(quar.).
New (quar
r.).
Canada Southern Ry. (semi-annual).
Canada Wire & Cable, class A (quar.)
Class A (quar.)
Canadian Bronze Co., Ltd. (quar.)
Preferred (quar.)
Ltd
Canadian Investment Fund special shares (qu.)
Canadian Investors Corp., Ltd. (quar.)
Canadian Malartic Gold Mines
Carolina Insurance Co. (s.-a.)
Castle (A. M.) & Co. (quar.)...
Cedar Rapids Mfg. & Power (quar.)..
28
July
5
July 21
July 21
40c
$2
14c
68Mc
SIM
SIM
25c
SIM
SIM
12Mc
J25c
SIM
10c
SIM
SIM
SIM
25c
10c
Sept. 15
20
25
14
July
15
15
8
31
10
31
1
15
17
19
21
(a)
July
Sept.
July
1 July
21 July
15 Aug.
_
1
SIM
Nov. 24
5
Aug. 15 Aug.
Sept. 5 July 29
Aug.
1 July 10
Aug. 15 July 31
Aug. 15 July 31
Aug.
1 July 15
37 Mc
37 Mc
Sept.
SIM
Aug.
Sept.
I!}
m
Dec.
Aug. 15
Nov. 15
5% preferred (quar.)
City of New York Insurance Co.
City Water Co. of Chattanooga,
Coast Brewers, Ltd. (quar.)
SI
S5
SIM
(s.-a.) —
60c
(N. Y.) (s.-a
6% pref. (qu
SIM
3c
12Mc
SIM
Co. (quar.)
6% preferred (quar.)
Columbia Gas & Electric
Corp.—
SIM
SIM
SIM
6% preferred A (quar.)
5% cumulative preferred (quar.)
5% cumulative preference (quar.)
Columbia Pictures Corp. $2M conv. pref. (qu.)_
Columbus & Southern Ohio Elec. 6M % pf- (qu.)
Commonwealth Edison Co
68Mc
SI.62
40c
4c
Commonwealth International, Ltd. (quar.)
Commonwealth Investment Co. (quar.)
Commonwealth Utilities, 6M% pref. C (quar.)Community Public Service
Concord Gas Co. 7% preferred
Conduits National Co. (irregular)
Coniagas Mines
Coniaurum Mines. Ltd. (interim)
Connecticut Light & Power (quar.)
Preferred
50c
toOc
10c
12Mc
*5c
—
75c
(quar.)
Conn. & Passumpsic
4c
SIM
Rivers RR. 6% pref.
S1H
(s.-a.)
SIM
Connecticut River Power 6% pref. (quar.)
Consolidated Chemical Industries cl. A
Consolidated Cigar Corp. 7% preferred
37Mc
SIM
6M% preferred (quar.)
Consolidated Edison Co., N. Y., Inc., $5 pref.
Consolidated Laundries Corp. pref. (quar.)
Consolidated Oil (quar.)
Consolidated Retail Stores. 8% pref. (quar.) —
Continental Can Co. Inc. (interim)
Continental Oil Co. (Del.)
Coon
(W. B.) (quar.)
7% preferred (quar.)
Copperweld Steel Co
;
$6 preferred (quar.)
65c
25c
75c
Aug.
July
20
20
June 30
July
July
July
July
Aug.
July
15
18
18
20
1
31
22
22
1 July 20
Aug. 10
Aug.
1
Aug.
1
Sept. 15
Sept. 15
July 31
July 31
July 31
Aug.
1
Aug.
I
Aug.
1
Aug. 15
Aug.
1*
July 25
July 17
Aug. 30
Oct.
Sept.
Aug. 30
July 25
July
July
July
July
July
July
21
21
17
20
17
25
5
25
25
25
1
15 Aug.
July 15
July 14
15 July 15
Aug. 15 July
Aug. 15 July
Aug.
15 July
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Sept.
Aug. 15 July
Aug. 15 July
Aug.
Aug.
Aug. 10 July
July
Aug.
Sept.
Oct.
Aug.
Sept.
July
Aug.
Aug.
Sept.
July
Aug.
Aug.
Sept.
July
Aug.
14
15
25
31
3
29
24
20c
$2
50c
25c
15c
75c
2%
2c
S3M
40c
43 Mc
t$2M
July
Aug. 15 July
2 Sept.
Aug. 15 July
Oct.
15
15
19
25*
Sept. 28 Sept.15
1 July 15
Apg.
1 July 15
1
Sept. 10 Sept.
Aug.
1 July 21
Aug. 23 July 18
Aug. 15 July 31
Aug.
1 July 24
Aug. 15 July 31
Aug. 15 Aug. 10
Sept. 30 Sept. 20
July 31 July 12
Aug.
75c
Aug.
Aug.
Aug.
1 July
1 July
1 July
Aug.
Aug.
SIM
SIM
15
15
1
15
15
15
15
June 30
Aug.
Aug.
50c
Daniels & Fisher Stores Co.
15
1
10*
1 Sept. 18
1-1-40 Dec. 18
SIM
SIM
SIM
pref. (quar.)
18
Oct.
SIM
20c
Bank Trust (quar.)
Courtauld's, Ltd., Amer. dep. rets, (interim) —
Cresson Consol. Gold Mining & Milling (quar.)
Crowell-Collier Publishers 7% pref. (s.-a.)
Crown Cork Seal Co. (quar.)
Crown Drug Co. preferred
Crum & Forster pref. (quar.)
Cuban Tobacco 5% preferred
Cumberland County Power & Light Co.—
6% preferred (quar.)
5M% preferred (quar.)
;
-
Corn Exchange
10
15
15
21
18
1 July 25
1 Aug. 18
Aug.
Sept.
Aug.
SIM
SIM
Sept.15
1
1
Sept.15
15
15
20
Sept. 1
Julyj 17
Julyj 17
Sept. 5
(quar.)
Aug.
1 July
SIM
(quar.)
Aug. 15 Aug.
50c
Dayton Rubber Mfg
50c
Aug.
1 July
Class A (quar.)
35c
Sept. 1 Aug.
Deere & Co. preferred (quar.)
Aug.
1 July
$2
Dennison Mfg. Co. debenture stock (quar.)
Si.37M Sept. 1 Aug.
Denver Union Stock Yards, 5M% pref. (quar.)
1 July
6Mc Aug.
Deposited Insurance Shares, series A
5c
Aug.
1 July
Davenport Water Co., 6% prer.
Series B
Diamond Match Co.
50c
common
$2
Ltd., 5% pf. (quar.)
JS1M
Dividend Shares, Inc. (quar.)
Sept.
(quar.)
5M% Pref. (qu.)..
—
Duplan Silk Corp
Duquesne Brewing.
Shore
Public
Dec.
1 Nov. 18
Aug.
1 July
July 31 July
25c
Dominion Tar & Chem. Ltd.
Dow Chemical Co
Preferred (quar.)
1 Aug. 18
30c
pref. (quar.)
Dominguez Oil Fields (mo.)
Eastern
-
Service Co.—
S6M preferred (quar.)
J6 preferred (quar.)
Eastern Theatres. Ltd., 7% preferred (s.-a.)
Elgin National Watch Co
Electric Bond & Share Co. $6 pref. (quar.)
Aug.
S1.37M Aug.
Aug.
75c
Aug.
1M%
Aug.
50c
Aug.
15c
30c
SIM
SIM
—
JS3.50
25c
SIM
$5preferred (quar.).
elephone, pref. (quar.)—
Empire & Bay State Te
Employers Casualty (Texas) (quar.)
Employers Group Associates (quar.)
Emporium Capwell Corp. 4M% pref. A (quar.)
4M% preferred A (quar.)
7% preferred (semi-ann.i
Eppens, Smith Co. (semi-annual)
Equity Corp., S3 conv. pref. (quar.)
Erie & Kalamazoo RR Co
S2M
50c
20c
15c
3c
Corp. pref. (quar.)
SIM
J.) (quar.).
4 M ^ conv.
Inc
preferred (quar.)
pref. (qu.)..
Fidelity Fund (quar.)
Fidelity & Deposit of Maryland
(quar.)
Extra
Fiduciary Corp. (quar.)
pref. (qu.)_.
(semi-annuali
Florida Portland Cement 7% cum.
Jackson RR., pref.
Franklin Fire Insurance (quar.)
Fort Wayne &
24
17
15 July 31
1 July
15
15
15
1
Aug.
1 July 25
July 31 July 17
Oct.
2 Sept. 2l
1-2-40 Dec. 21
Sept. 23 vSept. 13
Aug.
1 July 25
Sept. 1 Aug. 15
Aug.
1 July 26
Aug.
1 July .15*
Sept. 1 Aug. 15
Aug.
1 July 20
Aug. 10 July 26
Aug. 31 Aug. 16
1 Sept. 15
Sept. 30 Sept.15
Nov.
Oct.
18 Dec.
July
15
2 Sept. 21
July 21
31
S1-06M July 31
Aug.
1
SIM
1
15c Aug.
July 31
SI
SI July 31
Aug.
1
SI
$2 Aug. 15
Sept. 1
S2M
Aug.
1
25c
10c
Aug.
1
25c
12
29
July 29
Aug.
4
July 21
July
Sept. 1 Aug. 10
Sept.
1 Aug. 10
July 31 June 30
Sept. 23 Sept. 9
Aug.
1 July 10
Aug.
1 July 10
Sept. 1 Aug. 21
Dec.
(quar.)
Fiberboard Products, Inc., 6% pr.
Extra
75c
SIM
7% preferred (quar.)
Preferred
25c
25c
56 Mc
56 Mc
50c
(quar.)
Fairchild Aviation Corp
Falstaff Brewing Corp. (quar.)
Preferred (s.-a.)
Fansteel Metallurgical
Nov. 10
50c
(increased quar.)
Quarterly
Dominion Bridge, Ltd.
1 Aug. 10
Dec.
Sept. 1 Aug. 10
3-1-40 2-10-40
Aug. 11
Sept
Sept. 1 Aug. 11
Aug.
1 July 15
Aug.
1 July 15
75c
Dictaphone Corp
Preferred (quar.)
Domestic Finance Corp. cum.
15
15
20
20
1
1
75c
75c
Participating preferred (s.-a.)
Participating preferred (s.-a.)_;
Distillers Corp .-Seagrams,
Sept.
20
1
25c
;
Common
Federated Dept. Stores,
Nov. 30
3c
25c
25c
Aug. 31
July
U0c
SIM
SIM
Federal Insurance Co. (N.
Dec.
J4c
SIM
SIM
Preferred (quar.)
June 30
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
Aug.
isiM
$2
Irregular
Eureka Pipe Line Co
Faber, Coe & Gregg, Inc.
62 Mc
SIM
25c
10c
Dallas Power & Light 7%
July
July
July
Aug.
Aug.
Sept.
July
3
Aug.
June 30
Aug.
June 30
Aug.
1
Aug. 15 Aug.
1
Aug. 15 Aug.
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 11
Sept. 1 Aug. 26
Dec.
SIM
Cuneo Press
Preferred (quar.).
Aug.
50c
Coal Co.
Cleveland-Cliffs Iron, preferred
Cieve. Cin. Chic. & St. Louis common
Dr. Pepper Co.
20c
)
(quar.)
City Baking Co. pref.
Clark Equipment
15
4
31
31
15
15
iiH
RR. pref. (s.-a.) —
5% pret. (quar.)
Cincinnati Inter-Terminal
Cincinnati Union Terminal
5% preferred (auar.)
Citizens Utilities Co
20
1 Aug.
Sept.
July
July
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
SIM
pref. (qu.
June 30
July
Aug.
July
Aug.
July
Aug.
Aug.
Sept.
Aug.
1 July
40c
Aug.
1 July
$1
1 July
SIM Aug.
Sept. 1 Aug.
SIM
Aug.
1 July
70c
July 31 July
20c
SIM July 31 July
SIM
Chase
24
14
1
Aug. 15 Aug.
JS1M
National Bank (N. Y.)
Cherry-Burr ell Corp
Preferred (quar.).
Chicago Wilmington & Franklin
6% preferred (guar.)
Chicago Yellow Cab Co
Aug.
17
17
July
July
1
1
1
I
1
1
1
Aug.
Aug.
20c
pref. (quar.)
Shares Trust
Cerro cfe Pasco Copper
Chain Store Investment Corp., $6M
Chartered Investors $5 pref. (quar.)
July
20
15
15
1
1
SIM
SIM
(quar.)
Century
July
Aug.
1 July
Aug. 15 July
July
Aug.
July
Aug.
SI
6% cum. preferred
Century Ribbon Mills,
July
July 31
July 31
July 10
July 15
15 Aug. 31
Oct. 1~ Sept. 30
July 31
Aug. 1
July 15
Aug.
Aug. 15 July 31
5
Aug. 15 Aug.
Aug.
1 July 20
75c
62 Mc
(quar.)
Bond Stores, Inc., common
40c
SLM
75c
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
& Power, $7 pref.
$6 preferred (quar.)
Central Hudson Gas & Electric (quar.)
Central New York Power pref. (quar.)
Central Power & Light Co. 7% cum. pref
Col gate-Pal molive-Peet
Aug.
$2M
SIM
Beacon Mfg.
15c
49c
18Mc
SIM
Bayuk Cigars, Inc
Canadian Industries,
SIM
SIM
30c
25c
Barnsdall Oil Co. (quar.)
New
Sept. 15
Sept.
75c
—
5M% pref..
Mills, Inc., 6% pref. (quar.)
Baldwin Rubber Co., common
Opt. di v. or l-32d sh.
A (quar.)
July
31c
Plywood Corp—
Preferred (quar.)
Atlas
Boss Mfg.
50c
50c
SIM
68Mc
87 He
Artloom Corp.
July
Sept,
Aug.
(quar.)
Preferred (quar.)
Class B
11%
50c
Anglo-Canadian Telephone, 5M% Pref.
Animal Trap of America pref. (quar.)
Appleton Co. (quar.)
Preferred
50c
25c
(extra)
Birtman Electric
37m
25c
(irregular)—
Bottle Co. common
American Thermos
Best & Co.,
$1
15c
Preferred (quar■)---—
1st
34Mc
W'i
American Machine
Bangor
15
70c
Envelope Co. 7% pref. A (quar.)
7% preferred A (quar.)
American Fork & Hoe (quar.)...
—
American Gas & Electric Co. pref. (quar.)
American General Corp., $3 pref. (quar.)
$2M preferred (quar.)
$2 preferred (quar.)
American Home Products Corp. (monthly)
American Investment Co. (111.), 7% pref
American Light & Traction (quar.)
Baltimore American
Dec.
50c
American
Badger Paper
Sept.
Dec.
$1M
SIM
12Mc
Opt. dlvT Y-64th"sh. of cl. B stk. or cash.
Class A 1936 series
Opt. div. l~32d sh. ofcl. Bstk. or cash.
American Discount preferred A (s.-a.)
Atlas Powder Co.
Sept.
50c
7%
7%
Common
Sept.
Sept.
15
21
1
15*
15
50c
—......
Portland Cement
Aluminum Goods Mfg. Co. (quar.)
Aluminum Mfg. Co., Inc. (quar.)
Alpha
American Stove
Oct.
50c
$3 conv. preferred (quar.)
Aloe (A. 8.) Co. (quar.)
Aug.
Aug.
Sept.
f50c
Central Arizona Light
Payable of Record
Share
of Company
Name
Payable of Record
Holders
When
Per
Holders
When
Per
Share
July
July
July
July
July
July
July
Aug.
July
July
21
15
20
18
18
12
31
19
20
20
Volume 149
The Commercial & Financial Chronicle
Per
Name of
Company
Share
Puller Brush Co., class A common
(quar.)
Fulton Industrial Securities
12Hc
Corp.
83H cum. preferred (quar.)
Gardner-Denver Co. $3 conv. pref. (quar.)
General Cigar Co. 2d pref.
(quar.)..
General Foods Corp. (quar.)
$4H preferred (quar.)
General Metals Corp
General Mills, Inc. common
General Motors Corp., $5 pref.
(quar.)
General Shoe Corp
General Steel Wares, preferred
General Telephone Allied
Corp., $6 pref. (qu.)
General Tire & Rubber Co
20c
87 He
75c
%1H
50c
...
25c
25c
$1*
SIX
50c
German Credit Investment
Corp.
1st $7 pref. (25% paid allot,
ctfs.)
Gibralter Fire & Marine insurance (s.-a.)
t40c
Aug.
S5 convertible preferred (quar.)
Gotham Silk Hosiery, 7% pref. (quar.)
Grace National Bank (semi-annual)
10c
Aug.
Sept.
July
Sept.
Sept.
Aug.
Sept.
Aug.
Aug.
40c
Aug.
25c
$1X
...
Great Lakes Engineering Works
(quar.)..
Great Lakes Terminal Warehouse
Green (H. L.) Co. (quar.)
15c
Griesedieck-West era Brewery—
5H% convertible prefrred (quar.)
Gurd (Chas.) & Co. pref.
(quar.)
Hale Bros. Stores (quar.)
Harris (A.) & Co., 7%
pref. (quar.)
Hartford Times, Inc., 5H% pref. (quar.).
Hat Corp. of America, 6H% pref.
(quar.)
34Hc
Sept.
$ik
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
25c
$1H
68*c
Havana Electric & Utilities Co. 6% 1st pref
Hawaiian Commercial & Sugar Co.
t75c
50c
Hawaiian Pineapple Co. (quar.)
Hecker Products Corp.
Oct.
SIX
SIX
12Hc
25c
(quar.)
15c
Hercules Powder Co., pref. (quar ).
Hershey Chocolate (quar.)
$1H
75c
Preferred (quar.)
Hibbard, Spencer. Bartlett & Co. (mo.)
Monthly
Hires (Chas. E.) Co. class A
(quar.)
Holly Sugar Corp., 7% pref. (quar.)
Home Insurance Co. (quar.)
Extra
$1
15c
15c
50c
$1H
30c
I
10c
50c
Homestead Fire Insurance Co. (Md.) (s.-a.)
Horder's, Inc. (quar.)
Hormel (Geo. A.)
25c
37Hc
$1H
Preferred A (quar.)
Horn (A. C.) Co. 7% non-cum. pref. (quar.)
6% non-cum. 2d partic. pref. (quar.)
Horn & Hardart (N. Y.) (quar.)
Preferred (quar.)
SHc
45c
50c
SIX
Houdaille-Hershet. class A (quar.)
Houston Lighting & Power 7% pref. (quar.)
62 He
SIX
SIX
$6 preferred (quar.)
Humberstone Shoe Co
(quar.)
Hussman-Ligonier Co. (quar.)
Huttig Sash & Door Co. (resumed)
Preferred (quar.).
Preferred (quar.)
Hydro-Electric Security 5% cl. B pref. (s.-a.)__
Idaho Power Co., 7% preferred (quar.)
$6 preferred (quar.)
Illuminating & Power Secur. Corp., com. (quar.)
7% preferred (quarterly)
Imperial Life Assurance (Can.) (quar.)
Quarterly
Incorporated Investors
_
Indiana Assoc. Telep. Corp. $6 pref. (quar.)
Interchemical Corp., pref. (quar.)
25c
SIX
SIX
25c
SIX
SIX
$1
mx
%
six
six
Inter-City Baking Co. (irregular)
International Business Machine
International Cigar Machinery Co
International Harvester Co. preferred (quat.)-_
International Invest. Corp., $3 conv. pref
International Metal Industries, Ltd.—
Preferred and preferred A
International Nickel Co. Canada, Ltd. 7% pref.
International Railways of Cent. Amor.
preferred
International Utilities, SIX preferred
Prior preferred (quar.)
cum.
1
i
Both divs. subject to approval of the
25c
25c
_
$1H
50c
SIX
t50c
Dec.
29
1
1
1
1
1
_
24
5
15
1
15
25
15
18
I
5
21
10
Aug.
July
4
25
July 25
Aug. 15
Sept. 19
Aug. 15
July 15
July 17
July 17
July 20
July 20
July 29
July 29
Aug. 15
Aug. 15
July 12
Aug. 12
Sept. 20
July 15
July 15
July 15
July 21
Sept. 22
Sept. 22
30 Dec. 22
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug. 10 July
Aug. 15 July
Oct.
2 Sept.
18
15
15
31
31
30
1-2-40 Dec. 30
July 31 July
5
Aug. 15 Aug.
1
Aug.
1 July 20
July 31 July 15
Oct. 10 Sept. 22
Aug.
1 July 17
Sept. I Aug.
5
Aug.
1 July 15
Aug.
Aug.
July
July
15
3
Aug. 15 Aug.
5
Aug.
1 July 20
Aug.
1 July 20
Aug.
Sept.
1 July 18
1 Aug. 10
Dec.
1 Nov. 10
Aug.
1 July
Sept. 20 Sept.
Aug.
1 July
Aug. 15 Aug.
Aug.
1 July
$1
-—
SIX
12Hc
SIX
—
20
6
18
15
20
SIX
Sept. 15 Sept. 1
July 31 July 11
July 31 July 11
Sept.
1 Aug. 22
SIX
Dec.
15c
SIX
--
25c
1
Nov. 21
S20
Sept. 30 Sept. 2
Aug. 19 Aug.
1
Aug.
1 July 15
Aug.
1 July 25
25c
Oct.
2
Aug.
Aug,
1 July
87%i
_
62 He
SIX
30c
40c
15c
40c
Extra
25c
7 % preferred (quar.).
SIX
$1X
SIX
1
Sept. 13
Aug.
1
Aug.
1
Sept. 1
Sept. 1
Nov.
Oct.
Sept.20
July
Aug.
July
July
Aug.
Aug.
20
20
31
20
20
8
8
1 Oct. 20
2 Sept. 20
25c
—
(quar.)
Quarterly
—
(quar.)
Aug.
1 July 20
Aug. 15 Aug. 6
25c
Nov. 15 Nov.
SIX
Lanston Monotype Machine
$1
3c
Lava
Cap Gold Mining
Law beck Corp. 6% pref. (quar.)
81H
-
Lehigh Portland Cement Co. (quar.)
4% preferred (quar.)
Leitch Gold Mines, Ltd
Lerner Stores Corp. 4 H % pref. (quar.)
Libbey-0wens-Ford Glass
Life Savers Corp. (quar.)
Special
Liggett & Myers Tobacco com. & com. B (qu.)_
Lincom National Life Insurance (quar.)
Quarterly
Lincoln Printing Co., pref. (quar.)
Link Belt Co
Preferred (quar.)
Little Miami RR., original capital (quar.)
75c
37*|i
12c
SIX
60c
40c
40c
$1
30c
30c
87 He
25c
SIX
Per
Share
Name of Company
Lockhart Power Co., 7% preferred
(semi-ann.)_
Lock Joint
Pipepref. (quar.)
Loew's Boston Theatres Co.
(quar.)
-
Extra
Loew's, Inc., $6H
4
Aug.
1 July 14
Aug. 31 Aug. 21
Sept. 30 Sept. 9
Aug.
1 July 25
Aug.
l Julv 14*
Aug.
1 July 14
Oct.
2
Sept. 14
Aug. 15 July 31
Aug.
1 July 20
Sept. 15 Aug. 31
Sept. 1 Aug.
1
Sept. 1 Aug.
1
Sept. 1 Aug. 15
Aug.
1 July 27
Nov.
Aug.
Sept.
Oct.
$1.10
$1.10
Sept.
50c
50c
Sept.
Dec.
Dee
1 Oct.
27
1 July 17
1 Aug. 10
2 Sept. 15
9 Aug. 24
9 Aug. 24
9 Aug. 24
9 Nov. 24
,3s1
15c
15c
pref. (quar.)
cum.
Lone Star Gas Co
20c
Longhorn Portland Cement Co.—
5% refunding partic. preferred (quar.)
SIX
25c
5% refunding partic. preferred (quar.)
SIX
Extra
25c
Loose-WBes Biscuit Co
5% preferred (quar.)
Lord & Taylor, 2d
preferred (quar.)
Louisiana Power & Light, $6 pref.
(quar.)
Louisville Henderson & St. Louis RR.
(s.-a.)
Preferred (s.-a.)
Louisville & Nashville RR
Lunkenheimer Co
25c
SIX
$2
M
$2H
SIX
25c
Preferred (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.)
-
-
S1H
50c
25c
..
....
25c
$1H
SIX
..
2-100ths shs. for each sh. held
Preferred (quar.)
Marine
Sept. 25
Aug.
1
Aug.
1
Aug. 1
Aug. 15
Aug. 21
Sept.
Sept.
Dec.
Dec.
A.ug.
Aug.
Aug.
Aug.
Aug.
Aug.
Oct.
July 27
July 28
July 20
1 Aug. 21
1 Aug. 21
1 Nov. 20
1
Aug.
Oct.
Sept. 25
Sept. 21
July 27
Nov. 20
1 July 18
1 Sept. 18
1 July 17
1 July 18
15 Aug.
1
15 Aug.
1
30 July 31
15 Aug.
5
J Sept. 22
1-2-40
Dec. 23
Aug. 15 July 31
Aug. 15 July 31
Aug.
1 July 14
Aug. 31 Aug. 30
Nov. 30 Nov. 29
Aug.
Aug.
Sept.
1 July 20
1 July
5
1 Aug.
1
Aug.
1 July 11
Sept. 1 Aug. 11
Aug. 31 Aug. 18
Sept. 15 Sept, 1
Aug. 15 Aug.
5
Nov. 15 Nov.
4
July
July
July
July
5c
-
Dec.
Nov. 30
Sept.
Sept.
Aug.
Aug.
July
July
Aug.
July
July
July
July
July
July
Sept.
Sept.
30c
25c
5% preferred (quar.)
Massachusetts Bonding & Insurance
Massawippi Valley RR. Co. (s.-a.)
May Department Stores Co. common (quar.)—
Maytag Co. $6 pref. (quar.)
83 preferred (quar.)
Meadville Telephone Co. (quar.)—
Melville Shoe Corp. (quar.)
Preferred (quar.)
-
Merchants & Manufacturers Ins. (N. Y.)
Merck & Co
SIX
87 He
$3
75c
$1H
75c
37Hc
75c
7Hc
10c
26
26
20
20
Aug. 31
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
July
25c
6% preferred (quar.)
Mexican Eagle Oil Co., Ltd.—
Canadian Eagle Oil Co., Ltd., in pursuance of
its guarantee obligations will on July 17, 1939
pay to the holders of the 8% participating
preference shares of the Mexican Eagle Oil
on
Holders
5c
-—
Maryland Fund, Inc. (quar.)
Quarterly
Masonite Corp., common (quar.)
Oct.
S1H
Oct.
20
20
27
1
16
15
15
31
14
14
20
20
20
35, the sum of 32 Mexi¬
full satisfaction and
coupon
per
When
Payable of Record
July
July
Aug.
Aug.
Sept.
18Xc
30c
Bancorporation fully partic. (quar.)
Initial stock (quar.)
cents
25c
43 %c
43 Xc
50c
Magma Copper Co
Magnin (I.) & Co., pref. (quar.)
Preferred (quar.)
Manufacturers Trading Corp. (Del.)—
Co., Ltd.,
tig
25c
Preferred (quar.)
Macy (R. H.) & Co
Madison Square Garden
can
SIX
six
SIX
McGraw Electric Co
Mclntvre Porcupine Mines
(quar.)
McLellan Stores Co.—•
share in
discharge of the fixed dividend of 8% on the
nominal value of such shares in respect of the
uear
1938.
Michigan Bakeries, Inc prior pref. (quar.)
$7 preferred (quar.)
Michigan Central RR. Co. (s.-a.)
Michigan Gas & Electric 7 % prior lien
25c
—
$$li
1 $ 1.31%
t$lH
—
$6 prior lien_
Michigan Public Service, 7% preferred
6% preferred-Midwest Rubber Reclaiming--PfpforrflH
(rriifit*
Mine Hill &
m
25c
^
Schuylkill
Haven RR. (s.-a.)_
Minneapolis Honeywell Regulator--.
Preferred B (quar.)
Mississippi Power & Light, $6 pref. (quar.)._
Monmouth Consol. Water Co. $7 pref. (quar.)_.
Monsanto Chemical Co., $4H 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
Morris (Philip) & Co.,Ltd., Inc.—
5% conv. pref. A (quar.)
Mortgage Corp. of Nova Scotia (quar.)
Mt. Diablo MTin. & Dev. (quar.)
Muskogee Co. 6% cum. pref. (quar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
6% preferred (quar.)
National Automotive Fibres, Inc.—6% preferred (quar.)
Nat. Bearing Metals Corp. 7 % pref. (quar.)
—
SIX
$1
Preferred (quar.)
Kemper-Thomas, 7% special pref (quar.)
7% Special preferred (quar.)
Kennecott Copper Corp
Kentucky Utilities, junior pref. (quar.)_
King Oil (quar.)
Bangs County Trust (quar.)
Klein (D. Emil) Co
Preferred (quar.)
Kokomo Water Works Co. 6% pref. (quar.)
Kresge (S. S.)
Kress (S. H.) & Co. (quar.)
Special preferred (quar.)
Kroger Grocery & Batting Co-
1 July
15
15
15
25
3
21
20
15
15
12
25
20c
5% convertible preferred (quar.)
Kellogg S witch borard & Supply
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Aug.
Aug.
July
July
1 July
15
iug*
15 Aug.
31 July
15
15
20
30c
Kalamazoo Stove & Furnace
Kaufmann Department Stores, Inc.—
Lee Rubber & Tire Corp
1
15
1
1
1
24
30c
Quarterly
Ironrite Ironer, preferred (quar.)
Jewel Tea Co., Inc
Special
Kable Bros. 6% pref. (quar.)
Lane Bryant, Inc., pref.
Aug.
1 July
1 Aug.
1 Aug.
1 Sept.
1 July
1 Aug.
29 July
15 Aug.
15 Aug.
1 July
1 Aug.
1 July
15 Aug.
1 July
Aug. 15
Aug. 15
Sept. 1
Sept.
1
Aug.
1
Sept.
1
Sept. 30
Aug.
1
Aug.
1
Aug.
1
Aug.
1
Sept. 30
Sept. 30
tsix
SIX
(1.43%
87Hc
21
15
15
20
16
25
10
31
SEC
Interstate Dept. Stores, Inc., 7% pref
Iron Fireman Mfg. Co. (quar.)
6% preferred (quar
r.).
7% pref. (quar.)
1
July
July
July
July
Aug.
July
July
July
July
July
Aug. 15
Aug.
1
10*
Aug.
1
10
July 31 July 17
Aug.
1 July 20
Aug.
1 July 15
July 31 July 21
20c
conv. pref. (quar.)
Globe-Democrat Publishers 7% pref. (quar.)
Globe & Republic Insurance of Amer
Goodyear Tire & Rubber Co
Land is Machine Co.
Aug.
1
Aug.
1
Aug.
1
Aug.
1
Sept. 1
Aug. 15
Aug.
Sept.
Sept.
50c
Holders
Payable of Record
50c
Extra
Gibson Art Co. (quar.)
Gillette Safety Razor $5
5%
$1X
87 He
When
679
—
~—»«•
National Biscuit Co.. common
Preferred
six
50c
$1
$1
$1
$2X
_
S2X
75c
SIX
SIX
SIX
SIX
lc
SIX
SIX
SIX
six
SIX
40c
(quar.)—________
Bank of N. Y. (s.-a.)
(quar.)
•IS
National City
National City Lines, $3 pref.
Nati^alACrSft^!y(Bal"tT,~ MdTj" class A "(qu") I
National Distillers Products (quar.)
National Iron Works, Inc
75c
50c
-
lXc
5uc
3c
Aug.
1 July
Aug.
1 July
July 31 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug
1 July
Sept
1 Aug
Aug.
1 July
Aug. 19 Aug.
Sept. 1 Aug.
Aug.
1 July
Aug. 15 Aug.
—
-
1 Nov. 10
1 Nov. 10
Sept. 1
Aug.
1
Sept. 1
Sept. 1
Sept. 28
Aug. 15
July 24
Aug. 15
Aug.
7
Aug.
Aug.
July
July
Sept. 21
Dec. 28 Dec. 21
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
10c
10c
25c
liH
—
...
llH
Preferred
50c
——
(quar.)
Northern RR. of N. H. (quar.)
Northwest Engineering Co
,2M
25c
$3H
25c
—
25c
37 He
SIX
25c
Norwalk Tire & Rubber, pref. (quar.)
Nunn-Bush Shoe
5% preferred (quar.)
Oahu Sugar Co.
(monthly)
Occidental Insurance Co. (quar.)
24
18
Sept.12
Aug. 15
July 11
Oct.
— —
(quar.)
21
15
1
Dec.
...
Class A
20
19
15
4
Dec.
*18
Norfolk & Western Ry. (quar.)
Preferred (quar.)
North American Oil Consolidated (quar.)
North Carolina RR. Co.. 7% gtd. (s.-a.)
North River Insurance, N. Y
Northern Illinois Finance Corp
15
15
15
15
Aug.
1 July 12
July 31 June 30
Aug. 15 Aug.
1
Sept. 30 Sept. 30
2-2-40
2-2-40
Aug.
Aug.
Aug.
National Paper & Type (resumed).
Aug.
Preferred (semi-ann.)
SIX Aug.
National Power & Light Co. $6 pref. (quar.)
Aug.
Common
Sept.
National Savings & Trust Co
$1
Aug.
Nation-Wide Securities Co., series B
4c
Aug.
Neisner Bros. 4X% pref. (quar.)
$1.18* Aug.
Sept.
SIX
Newberry (J. J.) Co., pref. (quar.)
Newberry (J. J.[Realty, 6H % pref. A (quar.)..
Aug.
6% preferred B (quar.)
Aug.
New Process Co
50c
Aug.
Preferred (quar.)
Aug.
$1*
New York Air Brake (resumed)-50c
Aug.
20c
New York Fire Insurance (quar.)
July
New York Merchandise (quar.).
15c
Aug.
Niagara Hudson Power Corp.—
1st 5% preferred (quar.)----—
Aug.
1
2d 5% preferred series A & B (quar.)
Aug.
1
50c
19(J0 Corp., class A (quar.)
Aug. 15
—
National Liberty Insurance Co. (semi-annual)—
Extra
20
20
21
July 15
July 15
July 31
July 15
July 31
July 31
July 31
July 31
July 31
June 27
July 31
July 22
July 15
July
15
Aug. 16
15
July
July
July
July
July
July
July
15
21
21
21
24
20
July 14
July 14
Aug.
1
Nov. 15 Nov.
1
Sept. 19 Aug.
Aug. 19 July
Aug.
5 July
Aug.
1 July
Sept. 9 Aug.
Aug.
1 July
Aug.
1 July
July 31 July
Aug.
1 July
31
31
25
21
28
15
15
14
15
Sept. 29 Sept. 15
29 July 15
SIX
5c
30c
July
July
Aug.
Aug.
29 July 15
15 Aug.
6
15 Aug.
5
The Commercial &
680
Ohio Public Service
8hare
Company
58 l-3c
50c
Co. 7% pref. (mo.)
6% preferred (monthly)--:
5% preferred (monthly)
6M % preferred (quar.)
Oliver United Filters, class A
41 2-3c
SIM
50c
10c
(quar.)
Electric.-------.
Oswego Falls Corp. (quarj-...
Oswego & Syracuse RR. Co. (s.-a.)
Outboard Marine & Mfg. Co
Orange & Rockland
(quar.)
7% preferred (quar.)
2nd preferred (quar.)
Owens-Illinois Glass
Pacific Finance Corp. of Cal. 8%
10c
$2M
—
60c
75c
Outlet Co.
6M % Preferred C
SIM
50c
20c
pref. A (quar.)
16Mc
(quarterly)
preferred (quarterly)
Pacific Lighting Corp.
Pacific
$6
Power & Light,
(quar.)
7% pref
-
preferred
M reg. and A accum.
Both dividends are
Pacific Public Service SI
31
50c
SIM
SIM
75c
-
-
SIM
----
i!%
—
—
75c
-
25c
25c
SIM
15c
Philadelphia Insulated Wire (s.-a.)
Philadelphia Suburban Water Co., pref. (quar.)
Philippine Long Distance Telep. (mo.)
Monthly
Phoenix Acceptance Corp., class A (quar.)
Pilot Full Fashion Mills, Inc.—
6M% cum. preferred (s.-a.)Pittsburgh, Bessemer & Lake Erie—
SIM
42c
42c
-
12Mc
65c
75c
(Semi-annual)
Pitts. Ft. Wayne & Chicago
7% preferred (quar.)
7% pref. (quar.)—
Pittsburgh Brewing, preferred
Pollock Paper & Box, 7% pref. (quar.)
7% preferred (quar.)
Portland RR. (semi-ann.)
Potomac Edison 7% preferred (quar.)
6% proferred (quar.)
Princeton Water Co. (N. J.) (quar.)
Procter & Gamble (quar.)
Public Electric Light Co. (quar.)
Public National Bank & Trust Co. (N. Y.)
Public Service Co. of Colorado—
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp. of N.
preferred (quar
preferred (quar
preferred (quar
88
$1
—
88
88
50c
25c
(qu.)
37Mc
-
tlfyf.7-Z1111111111—II
preferred (monthly
preferred (monthly)
preferred (monthly)
Quaker Oats Co. pref. (quar.)
Quarterly Income Shares Inc. (reduced) (quar.)
Quincy Market Cold Storage & Warehouse—
-
Preferred
pref. A & B
Participating preferred A & B
Randall Co. class A (quar.)
Rand Mines Ltd., ordinary bearer & ord. reg
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 Investors Fund, pref. A and B (quar.)
Republic Petroleum 5A% 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.)
;
Riverside Cement preferred (quar.)Rochester Button $1.50 conv. pref. (quar.)
Rockland Light & Power (quar.)
Rolland Paper
Preferred (quar.)
St. Lawrence Flour Mills
Preferred
(quar.).
...
X
—
(quar.)
(quar.)
Schumacher Wall Board Corp. $2 pref.
Scott Paper
Co., $4A cum. pref. (quar.)
Scotten Dillon
Seaboard Oil Co. (Del.)
*
Second Standard Royalties, Ltd., pref
Securities Corp. General $7 pref. (quar.)
$6 preferred (quar.)
Servel, Inc., preferred (quar.)
Preferred (quar.)
-
Seton Leather Co
Sharp & Dohme, Inc.. $3 A Pref. A (quar.)
Shawinigan Water & Power
Shenango Valley Water preferred (quar.)
Sierra Pac. Power Co., 6% pref. (quar.)
Signode Steel Strapping
Preferred (quar.)
Silex Co. (quar.)
Extra
Simmons Co
Simpsons. Ltd., 6A% preferred (accumulations)
Singer Steel Castings
Sioux City Gas & Electric Co., 7% pref. (quar.)
Sivyer Steel Castings
Skelly Oil Co. 6% preferred (quar.)
Smith Agricultural Chemical (irregular)
6% preferred (quar.)
South Carolina Power Co. 1st $6 pref. (qu.)
Pittsburgh Water Co. 5% pref. (s.-a.)
Southern Canada Power (quar.)
Southern Carolina Power Co., $6 pref. (quar.)__
South
11
20
20
20
15
65c
1 Sept. 15
Oct.
4 Sept. 10
12-10-39
Aug. 5 July 25
Sept. 15 Sept. 15
Dec. 15 Dec.
15
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug. 15 July
Aug.
1 July
15
20
88
50c
50c
50c
SIM
20c
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
20
20
25*
21
2 Sept. 20
Sept.
15
15
15
1
15
15
15
15
15
Oct. 14 Sept. 15
1
Aug. 31 Aug.
Nov.
Aug.
Aug.
Aug.
July
Aug.
1 Oct.
15
July 20
Aug.
7
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
July
7
20
July 20
July 20
July
13
Aug. 24
Oct.
Sept. 21
Aug.
Aug.
July
20
July
21
Nov.
Oct.
16
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
July
July
July
July
July
July
5
25
15
15
Oct.
Aug.
Aug.
Oct.
July
Sept.
July
July
14
8
20
20
Aug.
5
July 20*
Aug.
4
8ept. 1
Aug. 15
July 20
July 20
1 Sept. 15
1-3-40
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
14
Aug. 15
Oct.
Aug.
11
July 15
Aug. 15
Aug. 15
July 15
July 20
July 28
Aug. 15
Aug.
7
Aug.
1
Sept. 20
Aug.
1
Aug.
1
Aug. 15
Aug.
1
Aug. 15
Sept. 15
Sept.
1
Aug.
1
Aug.
1
AUg.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
26
Aug. 19
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Dec.
15
1 July 18
1 July 18
15 July 26
1
1
4
4
10
10
c
Sim Ray Drug
Preferred (quar.)
& New York RR
Tacony-Palmyra Bridge pPref. (quar.)
Syracuse, Binghamton
—
*
—
pref. (quar.),
To burn Gold Mines, Ltd (quar.)
Extra
preferred (mo.)
6% preferred (monthly)
5% preferred (monthly)
Trade Bank of New York (quar.)
Tradesmens National Bank & Trust
—
Trane Co
Preferred
(quar.)
SIM
—
Triumph Explosives, Inc. (quar.)
Tubize Cbatillon 7 % preferred
Tung-Sol Lamp Works, pref. (quar.)
Union Electric Co. of Mo.. $5 pref. (quar.)
Union Gas Co. of Canada (quar.)
Union Oil Co. (Calif.)
United Biscuit Co. of America—
25c
5c
tSIM
:-
20c
SIM
— —
20c
25c
7% preferred (quar.).
United Bond & Share Corp., Ltd. (quar.)
United-Carr Fastener Corp. (quar.)
Corporations, Ltd., $1.50 class A
United Gas Improvement
Preferred (quar.)
•IS
20c
38c
25c
(quar.)
(quar.)
United Light & Rys., 7% prlpr
7 % prior preferred (monthly)
7% prior preferred (monthly)
58 l-3c
pref. (mo.)
581-3c
58 l-3c
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 New Jersey RR. & Canal (quar.)
United States Fire Insurance (quar.)
United States Hoffman Machine pref. (quar.) —
U. S. Petroleum,
Common
53c
-—
pref. (quar.)
(H.)-Gooderham & Worts, Ltd
(quar.)
Co., 8% pref. (quar.)
Washington Gas Light Co. (quar.)
Cum. conv. preferred (quar.)
Welch Grape Juice Co., preferred (quar.)
West Penn Electric Co., 6% pref. (quar.) — —
7 % preferred (quar.)
West Penn Power Co. 6% pref. (quar.)
—
7% preferred (quar.)
_____
W«et Virginia Pulp & Paper, pref. (quar.)
Weetinghouse Air Brake
Westminster Bank Ltd., £4 shs. (s.-a.)
£1 shares (interim)
Westminister Paper Co. (semi-annual)
Westmoreland, Inc. (quar.)
Weston (Geo.), Ltd., pref. (quar.)
Walker
Preferred
Walton (Chas.) &
pref. (quar.)
Erie Ry., 5M % Pref
Westvaco Chlorine Products
Ren (quar.)
preferred (quar.)——
(reduced).
Whitaker Paper Co., 7%
Will & Baumer Candle Co
Extra
1st preferred (s.-a.)
(quar.)
21
July 31 July
24
Sept.
Aug.
Aug.
Aug.
1 Aug. 15
1 July 20
July
20
1 July
21
Aug.
1 June
17
15
1
1 July
Aug.
Oct. 20 Oct.
Sept.
July
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
10
1 July 14
1
15 Sept.
1 July 18
1 July
18
15 July
31
22 July
21
22 July
21
2 July
15
15
2 July
2 July
15
1 July
20
1 July
25
1
15 Aug.
1 Aug. 26
14
31 July
1 July
21
1 July
20
1 July
19
15 July 31
15 Aug. 19
10 July 10
1 July
Aug.
17
Oct.
16 Sept. 30
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
15
15
30
30
1
1
Sept. 5
July 31
Aug. 31
Aug.31
July 14
Aug. 15
„
2
Oct.
Sept. 15
1 July 14
Aug.
Sept.
1 Aug. 15
Oct.
2 Sept.
Aug.
50c
Sept.
Oct.
1 July 14
1 Aug. 15
2 Sept. 15
Oct.
10 Sept.20
50c
HP
50c
15
lc
Aug.
1 July 21
Aug.
1 July 20
5
Aug. 15 Aug.
Dec.
68Mc
(quar.)—
(s.-a.)
(quar.)_
—
—
7% 1st pref—
Wolverine Tube Co
Dec.
20 Nov. 29
Aug.
Aug.
Aug.
1 July 17
Aug.
1 July
29
Nov.
1 Oct.
28
2-1-40
Sept.
1-29-40
2 Sept. 15
9 Sept. 1
Dec.
9 Dec.
$1
1 July
1 July
Oct.
SIM
SIM
12
12
1
July 18
July 15
Aug. 21
July 15
July 29
Aug.
1
Sept. 1
Aug.
1
Oct.
20 Oct.
10
Aug.
1
20
15
15
July
Aug.
Aug.
Aug.
l6 Aug
1 July
1 July
10 July
31 Aug.
15 July
15 July
1 July
1 July
15 Aug.
10
20
24
25
25
15
15
31
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
15
21
21
5
5
1
Aug.
July 31 June 30
Aug.
1
Aug.
1
Aug.
Aug.
Aug.
Aug.
Nov.
1 Oct.
15
Oct.
2 8ept.
15
Aug.
Aug.
Aug.
Aug.
1
1
1
1
Oct.*
1
July 31
Aug. 15
Aug. 15
Aug.
1
Aug.
1
July
15
10
July 26
July 26
July
Sept. 16
July
Aug.
Aug.
10
1
July
July
1
15
15
1 Oct.
1 Oct.
15
Aug.
1
Aug.
1
July 31
July 31
Aug.
1
Oct.
2
Sept. 1
Sept. 1
Aug. 15
Aug.
1
Sept. 1
(quar.)
Woolworth (F. W.) Co. (quar.)
Worcester Salt pref. (quar.)
Wrigley (Wm.) Jr. (monthly)
Monthly
15
July 22
July 22
July
July
July
Sept.
Aug.
Aug.
Aug.
July
Aug.
Sept.
Oct.
2
Oct.
Monthly
Yale & Towne Mfg
Yuba Consol. Gold Fields
2 Sept.
Aug.
1 July
A"g.
Zellers, Ltd., pref. (quar.)
Transfer books not closed
5
15 Dec.
8*
Sept. 22 Sept
Sept 20 Aug. 31
1 Aug. 15
July 31 July 15
Extra
1
July
7
Sept.
6% pref. (quar.)—-_;
Wisconsin National Life Insurance
t On account of
28
21
Sept. 1 Aug. 15*
July 31 July 24
Nov.
Nov.
Wisconsin Electric Power pref.
*
3
1
July
July
July
July
-
Sxtra
Preferred
5
Aug.
50c
SIM
Upper Michigan Power & Light—
6% preferred (quar.
6% preferred (quar.
6% preferred (quar..
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 (dlv. represents new rate & dates)—
Preferred (quar.)
Wilson Line, Inc., 5%
Winsted Hosiery Co.
Sept.
SI
(quar.)
Common (extra)
Prior
Sept. 15
15
Aug.
1
Aag.
1
Aug. 15
Aug.
1
Aug.
1
Aug.
50c
& Foundry Co. (quar.)
Universal Leaf Tobacco Co., Inc.
Willamantic Co.
July
i
8% non-cum. 1st preferred
Quarterly
Wheeling & Lake
14
17
8ept. 1
July 15
Sept. 1
Aug.
1
Sept. 15
Aug.
1
Sept. 15
lc
common
Universal Winding Co., 7%
15 Dec.
53c
53c
United States Rubber Co.—
United States Pipe
_
Dec.
Aug.
Sept.
Aug.
SIM
Aug.
SIM
Aug.
90c
2c
Aug.
2c
Aug.
58 l-3c Aug.
50c
Aug.
412-3c Aug.
15c
Aug.
Aug.
SIM
25c
Aug.
Transamerlca Corp
United
July 15
Aug.
Sept. 15 Sept. 14
50c
7% pref. fquar.)
Toledo Edison Co. 7%
SI
Payable of Record
SIM
Thatcher Mfg., conv.
Wood, Alexander & James, Ltd.,
July 31
1
1 July 19
10 July 31
10 July 31
10 July 31
5
1 July
1 July 21
1 July 21
2 Sept. 15
19 Aug. 10
15 July 31
2 Sept. 15
5c
Telautograph uorp
Taylor (Wm.) Corp. (quar.)
Taylor & Fenn (quar.)
Texas Gulf Sulphur Co
Texas Power & Light, $6 pref. (quar.)
WJR the Goodwill Station
15 Aug.
20c
37Mc
S3
SIM
————-
June 20
31
31
31
SIM
A (quar.)
Aug. 21
July
July
July
56 Mc
25c
Class B
Oct.
July
July
July
$1M
$1M
5c
Strawbridge & Clothier—
$6 prior preferred series
Sept. 25
2
2
2
30
15
15
15
15
15
15c
Sterling Products, Inc. (quar.)
Stouffer Corp. $2M class A (quar.)
15
1 Sept. 15
Oct.
$2
Sterling, Inc. (quar.)
Preferred (quar.)
15
Aug. 19 July 31 4
Sept. 8 Sept. 17
Aug.
1 July 10
1
Aug. 15 Aug.
Sept. 1 Aug. 12 ♦
July 31 July 20
Aug. 31 Aug. 19
Aug. 15 Aug., 5
1-4-40
%l*2go
Stein (A.) & Co
1 July 20
1 July 20
Oct.
El. Co. 4.8% pref. (qu.)
Portland Cement, 8% pf- (quar.)
Squibb (E. R.) & Sons, 1st 6% pref. (quar.)——
SIM
Standard Brands, Inc.. $4-50 preferred fquar.)_
Standard Wholesale Phosphate & Acid Wlorks—
20c
Quarterly
31Mc
Stanley Works 5% pref. (quar.)
*43 Mc
Steel Co. of Canada, 7% pref. (quar.).
Common (quarterly)
15 July 20
2
Share
Company
8% preferred (quarterly)
Spiegel, Inc
Preferred (quar.)
25
1 July
1 July
1 July
Sept.
RoosBros., Inc.. preferred (quar.)
Roses 5-10-25c. Stores (quar.)
Royal Canadian Oils
Rustless Iron & Steel, pref. (quar.)
Saco-Lowell Shops, prer. conv. A and B
Safety Car Heating & Lighting Co
Saguenay Power Co., Ltd.—
5A% preferred (quarterly).
St. Joseph Lead (quar.)
Southwestern
15 July 30
Aug.
Aug.
41 2-3c. Aug.
$2
Rainier Brewing Co., partic.
1 July
1 July
1 July
58 l-3c
50c
J., com. (increased).
Name of
Southern Indiana Gas &
15
15
15
15
21
25
22
Oct.
SI M
Preferred A (quar.)
Preferred A (quar.)
——
2 July
2 July
2 July
2 July
1 Tuly
1 July
1 July
21 Aug.
10 July
SIM
SI %
Reel Co. $5 A pref. (qu.)
Passaic & Delaware RR. (s.-a.)
Paymaster Consol. Mines, Ltd
Pearson Co., Inc.. 5% pref. A (quar.)
Pemigewasset Valley RR. (s.-a.)
Peninsular Telephone
Parkersburg Rig &
Pennsylvania Power Co. $5 preferred (quar.)
Pennsylvania Salt Mig. Co. (quar.)
Peoples National Bank (semi-ann.)
Preferred (semi-ann.)
Peoria & Bureau Valley RR. Co. (s.-a.)
Peterborough RR. (s.-a.)
Pfeiffer Brewing Co
Phelps Dodge Corp
Philadelphia Electric Co., S5 pref. (quar.)
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
§3 A
—
Penman's, Ltd. (quar.)
Preferred (quar.) —
Holders
Aug.
1 July 15
Sept. 1 Aug. 15
Sept. 1 Aug. 21
Aug.
1 July 21
Aug 15 July 31
Aug. 1 July 20
Aug.
1 July 19
Oct.
1 Sept. 15
Nov. 15 Nov. 4
5
Aug. 15 Aug.
Aug. 15 Aug. 5
Aug.
1 July 21
Aug.
1 July 15
Sept. 15 Aug. 31
Aug.
J July 11
Aug.
1 July 11
Aug. 10 July 21
32 He
25c
.30 1st pref. (quar.) —.
Parker Pen Co—
When
Payable of Record
Holders
When
Per
Per
Name of
1939
July 29,
Financial Chronicle
1 July
20
20
25
15
15
10
4
20
19
20
8
12
15
for this dividend,
accumulated dividends.
Payable in Canadian funds,
deduction of a tax of 5%
and in the case of non-residents
of the amount of
of Canada;
such dividend will be made.
Volume
The Commercial & Financial Chronicle
149
Condition of the Federal Reserve Bank of
Weekly Return of
New York
The
681
the New
York
City
Clearing House
following shows the condition of
the Federal Reserve
The
Bank of New York at the close of business
July 26, 1939,
in comparison with the previous week and the
corresponding
date last year:
weekly statement issued by
Clearing House
the New York City
Friday afternoon is given in full below:
on
STATMENT OF MEMBERS
ASSOCIATION
AT
OF
THE
NEW
YORK
CLEARING
CLOSE OF BUSINESS THURSDAY.
HOUSE
JULY 27,
1939
July 26, 1939 July 19, 1939 July 27, 1938
$
5
Redemption fund—F. R.
1,747,000
101,543,000
...
reserves
857,000
99,238,000
1,398,000
112,185,000
direct
Govt,
121,000
231,000
Chem Bank & Trust
Co
1,133,000
954,000
956,000
395,000
1,075,000
1,187,000
1,528,000
218,000
216,000
212,000
Other bills discounted...
Total bills discounted....
Bills bought in open market
Industrial advances
...
2,794,000
2,798,000
Bonds
Continental Bk
Total bills and securities
226,407,000
739,773,000
780,147,000
733,709,000
Total U. S. Government securities..
267,978,000
345,926,000
125,869,000
729,622,000
Treasury bills
743,974,000
786,077,000
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected Items
'
Bank premises
Other assets
.
61,000
4,263,000
166,715,000
8,942,000
14,812,000
191,397,000
63,000
8,942,000
14,588,000
14,637,000
*
4,028,000
43,907,000
12,500,000
27,920,400
7,000,000
7,000,000
8,418,200
92,590,000
9,461,700
83,660,000
2,928,000
3,214,000
26,159,000
2,436,000
51,032,000
916,981,200 11,963,470,000
652,400,000
5,000,000
518,997,000
As per official
reports:
362,288,000
National, June 30. 1939; State, June 30, 1939; trust
Includes deposits In foreign branches
C$7,776,000; d $98,512,000;
7,637,471,000 7,618,254,000 5,594,864,000
......
5,930,000
1,288,000
47,561,000
3,890,300
49,081,000
80,095,400 el,004,822,000
2,497,400
13,858,000
9,271,800
113,466,000
6,000,000
companies, June 30, 1939.
9,874,000
3,645,000
53,639,000
500,000
25,000,000
Totals
5,115,000
27,359,000
131,089,400 d2,427,535,000
Comm'l Nat Bk & Tr Co
131.021,000
55,696,000
98,640,000
44,855,000
590,773,000
c897,937,000
270,919,000
564,873,000
609,470,000
100,270,000
Public Nat Bk & Tr Co.
68,000
5,176,000
188,600,000
169,258,000
5,545,000
45,129,400
71,802,300
20,482,900
109,782,800
53,061,500
4,359,800
4,000,000
Bankers Trust Co
II
Title Guar <fc Trust Co..
.Marine Midland Tr Co..
New York Trust Co..
362,343,000
10,736,000
48,183,000
60,670,200 al,819,580,000
56,010,900
592,779,000
50,000,000
Chase National Bank...
Fifth Avenue Bank
179,386,000
454,223,000
182;957,600 61,782,591,000
21,000,000
15,000,000
10,000,000
Col
& Tr
$
13,782,500
26,296,700
42,227,000
First National Bank...
Irving Trust Co..
4,190,000
267,160,000
344,870,000
117,592,000
Treasury notes
Co
Cent Hanover Bk&Tr
Co
Corn Exch Bank Tr
Co.
United States Government securities:
Total assets
Average
%
6.000,000
20,000,000
77,500,000
20,000,000
90,000,000
National City Bank
Guaranty Trust Co
Manufacturers Trust
obligations,
fully guaranteed
or
Deposits,
Average
S
Bank of New York......
Bank of Manhattan
Co.
6,708,969.000 6,656,911,000 4,648,072,000
U. S.
Time
Deposits,
6.605,679,000 6,556,816,000 4,534,489,000
notes
Bills discounted:
by
Net Demand
Undivided
1
Capital
Members
Other cashf
Secured
Surplus and
Profits
Clearing House
hand and due from
on
United States Treasury, x
Total
$
,
Assets—
Gold certificates
*
e
as
follows:
a
$266,368,000; 6 $97,762,000;
$36,729,000.
Liabilities—
F. R. notes In actual circulation
1,122,212,000 1,127,718,000
898,328,000
THE
Deposits—Member bank reserve acc't.. 5,666,391,000 5,651,544,000 3,907,142,000
U. 8. Treasurer—General account....
173,438,000
180,211,000
289,889,000
Foreign bank
102,368,000
99,584,000
44,930,000
Other deposits
300,760,000
Total deposits..
263,904,000
204,620,000
6,242,957,000 6,195,243,000 4,446,581,000
........
Deferred availability Items
152,269,000
Other liabilities, inch accrued dividends.
175,404,000
657,000
793,000
Total liabilities
Ssl.,
614,000
Cable & Wire ordinary.
Canadian Marconi
Central Mln & Invest.
50,867,000
52,463,000
...—
50,865,000
Other capital accounts..
51,943,000
De
total
reserve
to
deposit
10,018,000
Ford
91.1%
90.9%
to
vances.....
9/9
HOLI-
Imp Tob of G B <fc I...
87.0%
London
DAY
Midland Ry_.
Metal Box
316,000
Rand Mines
RloTlnto.
make industrial ad¬
2,192,000
...—
2,194,000
or a
bank's
own
Federal
x
These are certificates given by the United States Treasury for the gold taken
from the Reserve Danks when the dollar was, on Jan. 31, 1934, devalued from
over
82/-
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 Ireasury
under the provisions of the Gold Reserve Act of 1934.
Vickers.
July 27
42/10%
93/9
83/3
24/3
34/3
24/3
18/3
£4%
£15
£15
4/-
58/4%
32/£6%
97/3
10/3
16/9
2/9
59/4%
32/£6%
19/3
133/—
72/6
97/6
10/7%
10/4%
2/9
1 h
19/3
133/6
£15
19/3
132 7£14%
£14%
I
/-
74/3
73/9
£83,«
£11%
16/102/6
£35%
84/3
£35
84/24/3
34/-
£8%
£11%
24/3
34/1%
25/3
18/9
24/3
18/3
£4%
43/1%
93 /9
£52%
Witwatersrand
Areas
Fri.,
July 28
£52%
4 /-
£11%
15/9
101/3
15/9
34/24/18/3
Thurs.,
£8h6
102/6
£34%
24/3
United Molasses
West
£7%
£11%
15/6
Shell Transport
Swedlsh Match B.„
Unilever Ltd
Reserve bank notes.
2/9
1/19/3
131/10%
£14%
72/6
1/19/3
130/£14%
72/6
£7%
101/3
£34%
Rolls Royce
Royal Dutch Co
t "Other cash" does not include Federal Reserve notes
15,9
£11%
Roan Antelope Cop M.
3,933,000
92/6
£51%
4/£14%
69/4%
30/£6%
95/6
10/-
15/6
2/9
A
HudsonsBayCo
Contingent liability on bills purchased
for foreign correspondents
Commitments
Co
Ltd
Gaumont Pictures ord.
and
F. R. note liabilities combined
41/7%
92/6
£51%
4/£14%
57/6
30/£6%
97/10/1%
16/2/9
il-
Electric & Musical Ind.
Total liabilities and capital accounts.. 7,637,471,000 7,618,254,000 5,594,864,000
of
Wed.,
July 26
42/1%
4/-
Beers
Distillers
7,744,000
Tues.,
July 25
57/6
29/6
£0%
94/6
Courtaulds S & Co
50,959.000
52,463,000
7,457,000
8,447,000
7,457,000
8,453,000
..........
received by cable
as
July 24
£14%
Cons Goldflelds of S A.
.....
EXCHANGE
41/7%
92/6
£5134
Boots Pure Drugs
British Amer Tobacco.
7,518,231,000 7,499,022,000 5,474,200,000
Capital paid in........—............
Surplus (Section 7)
Surplus (.Section 13-b)_.
STOCK
Mon.,
July 22
128,677,000
Capital Accounts—
Ratio
LONDON
Quotations of representative stocks
each day of the past week:
£4«i«
£4%
16/1%
103/1%
£35%
84/3
24/3
34/3
25/3
18/10%
£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 principa
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
described in an announcement of the Federal Reserve Bank of New York of
April 20, 1937, as follows;
The changes in the rej
" "
"*
as
reported In this statement, which
wera
amounts of (1) c<
The;
securities.
outside New York City.
Provision has been made also to include "acceptances of own bank
purchased or discounted" with "acceptances and commer¬
bought in open market' under the revised caption "open market paper," instead of in all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items
"commercial, industrial and agricultural loans" and "other loans"
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May
29,1937, issue of the "Chronicle," page 3590.
_
cial paper
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY
DISTRICTS ON JULY 19,1939 (In Millions of
Dollars)
Federal
Reserve
Districts—
Total
Boston
New York
Phila.
$
$
$
$
ASSETS
Loans and Investments—total
Cleveland Richmond
Atlanta
Chicago
St. Louis
$
$
$
%
$
Minneap. Kan. City
$
$
Dallas
San Fran.
$
$
22,025
1,159
8,914
1,121
1,892
674
599
3,249
693
371
660
512
8,116
3,893
—
Loans—total
583
412
242
309
2,181
666
876
315
159
275
254
939
268
3,086
1,511
184
239
104
178
505
187
79
311
166
Open market paper
169
64
120
303
25
6
10
3
33
4
4
Loans to brokers and dealers in secure.
615
20
1
23
478
15
20
21
3
7
37
6
1
4
4
12
22
246
32
27
15
12
82
13
7
10
14
48
37
31
103
7
25
21
384
"61
""50
45
Commercial, Indus, and agricul. loans
Other loans for purchasing or
securities
carrying
528
•
Real estate loans
•
Loans to banks
1,164
81
202
54
169
71
2
60
1
3
1,534
Other loans
Treasury bills
"
123
463
96
201
458
125
..
73
„
116
50
4
52
8
263
6
31
Treasury notes
2,132
54
868
"~39
220
178
33
430
49
34
United States bonds
77
61
5,915
344
598
137
100
99
308
924
154
110
114
Obligations fully guar, by U. S. Govt.
2,159
78
48
105
52
58
650
98
267
66
25
56
43
166
323
Other
—
-
14
1
77
__
7
3,245
Balances with domestic banks
Other assets—net
—
130
264
289
65
91
489
102
43
132
55
5,190
363
457
161
111
1,073
189
87
171
141
120
80
17
41
21
12
62
11
7
14
11
159
181
190
167
174
22
282
483
148
127
310
1,241
247
81
458
101
105
34
47
299
79
23
18
22
30
243
17,387
1,125
8,199
855
1,222
453
378
2,475
457
289
503
454
6,223
Cash In vault
431
2,767
Reserve with Federal Reserve Bank..
8,706
439
securities
2,398
1,176
1,262
249
1,010
734
200
184
927
977
280
190
118
144
550
135
16
78
53
42
28
40
108
22
1,052
3
23
30
107
6,914
292
3,029
355
392
253
240
1,004
296
134
403
212
304
353
LIABILITIES
Demand deposits—adjusted
—
Time deposits
United States Government deposits—
Inter-bank deposits:
Domestic banks
—.......
Foreign banks
Borrowings
Other
liabilities
Capital
616
24
541
1
13
12
1
11
761
21
352
13
13
27
7
19
6
7
"3
3,715
243
1,602
223
372
96
93
400
93
58
101
13
mmmm —
—
2
1
21
------
"
mm
-——
account
m
m
-
""288
85
349
The Commercial & Financial Chronicle
682
July 29, 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 27,
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 OP THE FEDERAL RESERVE
Ciphers (000) Omitted
Three
July 19 J
1939
•
July 5,
1939
1939
$
$
ASSETS
July 12,
1939
July 26,
$
BANKS AT THE CLOSE OF BUSINESS JULY 26, 1939
June
28,
Secured
1939
$
13,391,719
13,317,722
10,633,400
9,273
366,966
375,874
349,876
8,547
346,667
421,229
13,881,389
13,841,405
13,806,060
13,750.863
13,672,936
11,063,727
1,575
3,795
1,081
3,712
1,447
1,690
1.808
1,659
2,084
1,974
4,162
3,698
4,793
3,137
3,467
4,058
7,322
13,505,719
8,242
8,412
356,076
353,161
317,756
8,313
367,357
14,015,016
13,966,122
13,860,887
1,061
3,635
998
1,493
3,773
940
3,599
9,098
_
obligations,
S. Government
guaranteed
direct or fully
Other bills discounted.—
—
Bills bought in open
4,597
5,266
4,638
5,370
568
556
556
556
556
556
561
561
561
539
12,579
12,557
12,496
12,318
12,440
12,377
12,469
12,429
12,487
16,308
911,090
market
Industrial advances---
911,090
1,176,109
911,090
1,176,109
476,816
911,090
744,105
1,176,109
1,190,870
463,438
911,090
1,176,109
476,816
1,176,109
463,438
476,816
476,816
629,040
2,488,219
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
2,506,052
2,532,847
2,553,455
2,568.149
2,569,003
2,581,741
2,580,182
2,581,121
2,588,184
911,090
1,176,109
securities—Bonds-
Treasury notes
-
Total U. S. Government
911,090
1,176,109
447,938
911,090
1,176,109
427,938
911,090
1,176,109
401,020
United States Government
Treasury bills
3,160
4,696
Total bills discounted
securities
v
Foreign loans on gold—
Total bills and securities
Gold held abroad
-
2,580,472
""
"~m
"""161
banks
Uncollected items—
premises
-
All other assets
—
-
-
""167
167
167
167
162
23,951
20,218
590,799
42,356
47,377
18,886
583,822
20,577
641,188
42,427
19,612
19,494
23,516
762,610
42,452
579,855
45,723
61,182
56,990
551,229
42,464
54,138
534,141
42,345
48,639
22,563
707,815
42,356
48,235
21,684
707,470
17,370,435
17,340,713
17,129,953
17,142,390
17,173,228
17,274,332
17.030,411
16,921,543
14,303,421
166
—
Federal Reserve notes of other
167
22,866
627,608
42,321
49,372
17,337,686
Due from foreign banks
Bank
27,
1938
$
$
$
July
May 31,
1939
June 7,
9,467
13,534,719
14,089,302
U.
by
14,
1939
14,420,719
13,604,719
7,722
370,979
Bills discounted:
June
13,465,718
8,721
13,651.218
9,101
Total reserves
21,
$
$
S
13,709,222
U. S. Treaa. x_
Redemption fund (Federal Reserve notes)--—
Gold ctfs. on hand and due from
June
1939
1939
Total assets
42,405
46,718
42,453
181
44,559
49,113
LIABILITIES
4,498,758
Other
y
CAPITAL
8,187,723
790,596
289,485
348,115
820,208
297,265
941,004
354,298
359,797
034,964
920,325
284,806
732,462
309,600
380,299
962.094
351.095
326,133
320,441
301,130
257,455
11,810.317
11,778,142
11,648,825
11,755,066
11,754,262
11,743,391
11,617,648
11,535,315
9,302,883
*703,441
590,412
2,181
585,798
737,472
10,334
584,207
6,827
539,276
6,666
638,637
5,621
559,681
2,172
692,031
2.148
5,325
2,913
17,024,892
16,995,030
16,784,595
16,796,836
16,827,826
16,928.900
16,684,992
16,577,085
13,954,715
135,282
149,152
27,263
135,053
149,152
135,037
149,152
135,011
27,264
34,101
9^,264
134,945
149,152
27,264
133,785
27,264
33,889
33,975
134,969
149,152
27,264
34,0*7
134,953
33,846
135,137
149,152
27,264
34,130
34,050
33,097
39,499
17,370,435
17,340,713
17,129,953
17,142,390
17,173,228
17—74,332
17,030,411
16,921,543
14,303,421
86.1%
85.9%
85.7%
85.6%
85.7%
85.5%
85.3%
85.43
85.4%
82.5%
11,476
11,292
11,353
tl0,958
11,175
11,33*
11,388
11,473
11,530
13,731
1,483
2,052
2.492
2,938
5,478
125,243
ACCOUNTS
Capital paid in
(Section 7)—
Surplus
Surplus (Section 13-b)
y
4,109,643
10,029,054
17,337,686
Total liabilities
4,476,764
10,052,643
34,071
dividends
4,476,310
10,100,929
927,989
351,029
363,444
135,430
Other liabilities, incl. accrued
4,437,703
10,099,163
149,152
27,264
———
4,429,306
10,115,744
16,991,739
Total deposits
Deferred availability items
4,449,306
10,151,053
2,420
deposits
4,543,177
10,349,946
621,794
Foreign banks
4,522,709
10,412,047
764,216
279,038
355,016
11,868,797
Deposits—Member banks' reserve account
United States Treasurer—General account-
4,508,962
10,436,286
742,400
287,657
402,454
circulation
Federal Reserve notes in actual
—
Other capital accounts...
Total liabilities and capital
——
accounts
and Federal
149,152
27,264
149,152
147,739
27,683
Ratio of total reserves to deposits
Reserve note liabilities combined——
liabilities on
correspondents
Contingent
foreign
purchased for
bills
879
.
- -
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-Term Securities—
1,529
2,126
1,571
2,200
1,647
16-30 days bills discounted
31-60 days bills discounted
194
108
150
238
258
J.97
190
161
107
529
1,949
1,908
195
183
157
195
244
275
320
418
61-90 days bills discounted
618
611
2,271
2,185
2,200
2,182
150
111
129
613
Over 90 days bills discounted
452
441
524
461
555
572
501
428
564
284
4,696
4,597
5,266
4,638
5,370
4,793
3,137
3,467
4,058
7,322
134
384
342
233
89
66
28
307
1-16 days bills
discounted
...
Total bills discounted
1-15 days bills bought
in open market
6
90
56
234
443
252
"""308
90
141
70
65
23
23
28
253
225
37
105
Total U. 8. Government securities
556
656
556
561
561
561
539
1.713
1,716
1,739
1,352
1,333
1,367
1,728
767
913
938
151
145
621
628
526
47
270
200
152
990
1,028
1,032
1,052
359
380
572
551
547
229
233
198
166
900
626
13,527
9,599
9,607
8,968
9,354
9,232
9,266
9,250
9.335
12,557
12,496
12,318
12,440
12,377
12,469
12,429
12,487
16,308
79,305
74,218
63,798
72,137
159,573
69,693
63,798
137,405
2,099,699
2,103,836
2,122,742
2,112,399
170,495
2,122,624
67,450
82,553
130,468
154,145
2,129,399
86,493
74,218
170,495
127,675
2,106,112
54,413
76,055
163,095
139,875
2,117,199
80,428
85,355
145,765
105,963
76,055
79,305
161,415
111,163
2,107,199
72,137
83,790
139,875
85,550
i
9,561
12,579
....
16-30 days U. 8. Government securities
31-60 days U. 8. Government securities
61-90 days U. 8. Government securities..
07er 90 days U. 8. Government securities
556
1,225
583
.......
1-15 days U. S. Government securities
556
1,387
757
Over 90 days industrial advances..———
otter
233
74
259
...........
31-60 days industrial advances-....——...61-90 days Industrial advances
.....
Total
370
31
558
...
Total industrial advances—...
227
23
1,381
Total bills bought in open market
1-15 days Industrial advances...
16-30 days industrial advances.
121
23
323
market
61-90 days bills bought in open market
Over 90 days bills bought in open market-....
8
95
16-30 days bills bought in open market
31-60 days bills bought in open
1,950,553
2,488,219
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
4,811,723
312,965
4,819,794
4,S35,140
4,742,375
293,069
4,733,260
303,954
4,433,662
289,814
4,750,019
273,709
4,738,919
312,431
4,805,166
261,989
4,727,517
310,832
262,155
324,019
4,498,758
4,508,962
4,522.709
4.543.177
4,449,306
4,429,306
4,437,703
4,476,310
4,476,764
4,109,643
4,927,000
4,942,000
2,449
4,940,000
3,039
4,898,500
4,865,500
2,701
4.865,500
3,064
4,869,500
3,367
4,528,632
2,430
4,867,500
3,173
4,872,500
2,453
3,838
6,292
4,929,453
4,944,449
4,943,039
4,900,930
4,870,673
4,868.201
4,868,564
4,872,867
4,876,338
4,534,924
145,765
54,413
155,360
161,415
87,710
215,480
223,779
securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual Circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Qcid ctfs.
on
hand and due from U.S. Treas..
By eligible paper
United States Government securities
Total
collateral
»
"Other cash" does not include Federal Reserve notes,
x
These are certificates given by the United States Treasury for the gold
cents on Jan.
t Revised figures.
taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
31, 1934, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
y
With the statement of Jan. 4, 1939 two new Items appeared, "Other liabilities, including accrued dividends," and "Other capital accounts."
The total of these
but now excluded, viz.: "All other liabilities," and "Reserve for contingencies."
The
27, 1938 has been revised on the new basis and is shown accordingly.
two items corresponds exactly to the tetal of two items formerly in the statement
statement for July
Volume
149
The Commercial & Financial Chronicle
~
•
Weekly Return of the Board of Governors
683
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
26, 1939
Three Ciphers (000) Omitted
Federal Reserve Aoent at-
ASSETS
certificates on hand
Gold
Total
and
Boston
New York
Phila.
S
$
$
$
$
Atlanta
Chicago
St. Louis
$
%
S
S
due
from United States
Treasury
13,709,222
Redemption fund—Fed. Res. notes..
9,101
Other cash *
785,544 6,605,679
446
1,747
23,952
101,543
14,089,302
Secured by U. S. Govt,
obligations,
direct or fully guaranteed
663,719
860,505
937
580
757
29,057
24,375
24,807
809,942 6,708,969
370,979
Total reserves
Bills discounted:
693,713
885,460
360,304
165
23
446
Minneap. Kan. City
$
20
334,740
285,224 2,189,264
264
1.126
365,794
Dallas
$
249.277
San Fran
$
343,714
*
219,918
805,844
496
403
681
496
45,188
17,332
10,299
19,445
16,193
1,168
35,266
309,010 2,235,578
383,622
259,969
363,840
236,607
842,278
23,522
1,061
3,635
Total bills discounted
115
28
954
196
10
240
34
67
307
"""268
60
126
"""173
53
263
412
615
4,696
Other bills discounted.
143
1,075
361
263
753
675
121
146
268
173
63
297
479
558
42
218
56
52
24
20
12,579
70
1,708
2
2,721
361
2
2,794
16
16
1,144
40
762
474
4
897
206
565
943
911,090
1,176,109
66,909
86,373
29,451
267,160
77,274
50,811
38,571
344,870
99,750
91,264
117,812
65,590
40,170
25,775
33,274
22,364
58,030
19,787
44,731
16,977
41,879
54,063
18,433
34,652
34,012
98,492
127,141
43,352
44,955
49,792
117,592
15,252
73,348
94,683
32,285
Bills
bought in open market
Industrial advances
U. S. Government securities—
Bonds
Treasury notes
Treasury bills
401,020
Total U. 8. Govt, securities
11,345
2,488,219
182,733
729,622
211,036
249,246
138,765
105,340
268,985
114,375
70,394
122,772
94,635
200,316
2,506,052
184,626
733,709
214,174
249,922
140,686
106,268
165
Total bills and securities
Due from foreign banks
12
61
17
15
269,797
114,554
71,356
7
123,291
95,695
201,974
assets
_
Total assets
6
21
2
22,866
2
297
1,062
1,320
5
4,263
5
12
2,783
1,776
627,608
42,321
49,372
Fed. Res. notes of other banks
Uncollected items
Bank premises
Other
Cleveland Richmond
61,348
166,715
43,848
76,514
2,917
8,942
4,625
22,972
3,553
32,832
14,812
4,354
3,170
4,726
1,977
1,654
15,109
1,510
1,439
30,648
3,103
5,931
5,459
1,361
25,326
1,521
20,103
2,818
82,021
3,908
458
50,172
2,583
3,274
1,233
1,816
4,060
961,793 1,224,621
559,809
441,338 2,598,869
529,110
351,049
17,337,686 1,062,245 7,637,471
2,051
2,124
2,268
2,228
524,703
3,183
358,786 1,087,892
LIABILITIES
F. R. notes In actual
circulation
4,498,758
384,994 1,122,212
316,539
422,030
193,995
151,092
997,647
178,635
130,938
170,931
76,147
353,598
10,436,286
521,998 5,666,391
38,530
173,438
498,612
583,032
189,649 1,324,555
252,918
32,726
70,595
137,085
46,199
14,772
7,572
8,355
8,567
187,593
49,198
8,355
1,382
582,154
48,655
8,355
5,184
44,272
6,626
243,398
51,692
257,671 1,470,912
312,656
195,555
312,012
246,528
675,305
•_
Deposits:
Member bank reserve
account..
U. 8.
287,657
Foreign
Other
account
20,741
102,368
402,454
Treasurer—General
9,877
300,760
27,946
8,470
26,793
14,704
248,901
38,355
12,388
1,533
591,146 6,242,957
567,754
695,124
301,177
742,400
bank
deposits
Total deposits
11,868,797
Deferred availability items
52,015
96,725
34,860
10,083
5,924
20,787
23,709
621,794
Total liabilities
61,915
152,269
44,827
74,652
49,756
19,833
85,323
2,420
Other liabilities, lncl.
accrued dlvs
27,238
286
793
288
214
15,350
30
31,506
112
24,996
215
34,129
52
95
202
66
67
929,408 1,192,020
544,958
428,708 2,554,097
518,581
341,938
514,651
4,283
3,613
16,991,769 1,038,341 7,518,231
347,737 1,063,099
CAPITAL ACCOUNTS
Capital paid in
.135,430
Other capital accounts
50,867
12,201
10,083
52,463
13,696
2,874
7,457
1,539
8,453
4,416
2,072
......
Total liabilities and
capital accounts
Commitments to make Indus. advs._
*
9,408
149,152
27,264
34,071
Surplus (Section 7)
Surplus (Section 13-b)
17,337,686 1,062,245 7,637,471
11,476
571
2,192
13,734
14,323
1,007
3,537
5,113
13,774
3,993
2,916
5,630
22,666
4,685
3,293
713
1,429
545
1,462
961,793 1,224,621
1,446
1,346
4,535
4,983
1,752
6,903
1,306
3,153
1,001
2,041
441,338 2,598,869
529,110
351,049
524,703
436
67
618
559,809
953
140
46
FEDERAL
of—
....
2,139
358,786 1,087,892
3,661
Boston
New York
Phila.
$
%
%
$
Atlanta
Chicago
St. Louis
8
%
$
S
6 1939
Sept.13 1939
137,563
182,112
11,181
83,703
6,625
7,556
409,550
55,952
4,498,758
384,994 1,122,212
316,539
422,030
193,995
151,092
997,647
178,635
130,938
170,931
76,147
353,598
420,000 1,248,000
169,000 1,045.000
196,000
143,500
185,000
86,500
434,000
17
16
238
421
530
196,017
143,516
185,238
86,921
434,530
345,000
445,000
210,000
199
165
73
666
420,128 1,248,199
345,165
445,073
210,666
128
169,000 1,045,000
United
States
York Stock
Asked
Bid
Sept. 20 1939
Sept. 27 1939
Oct.
11 1939
Oct.
18 1939...
Oct.
mm*
25 1939...
Government
Securities
Exchange—See following
at
the
New
Stock and Bond
page
Averages—See
THE
PARIS
mm-
Quotations for United States Treasury
Notes—Friday,
July 28
Figures after decimal point represent
one
or
32ds
more
of
point.
July 22
Francs
Sept. 15 1939.
_.
15 1939...
Mar. 15 1940...
Dec.
15 1940
Dec. 15 1940...
Mar. 15 1941...
June 15 1941
IH%
1H%
1^%
1H%
1^%
1M%
1^%
Maturity
100.3
101.15
page
15 1941...
Mar. 15 1942...
lbl"l7
101.22
101.24
101.24
102.26
1 H%
2%
Sept. 15 1942...
Dec. 15 1942...
June 15 1943...
102.5
Asked
102.28
104.3
104.5
105.13
105.15
104.26
1J*%
iy8%
104.28
102.18
102.20
102.13
102.15
Dec.
15 1943...
102.15
1 y*%
102.19
102.17
102.21
June
15 1944
l'A%
100.23
100.25
BOURSE
BERLIN
STOCK
July
22
July
24
July
25
per Qent
AllgemeineElektrizitaets-Gesellschaft (6%)
Berliner Kraft
u.
27
July
28
paT_
112
113
iqi
igi
106
106
106
106
106
m
m
111
111
__
__
Deutsche Relchsban (German
Rys. pf. 7 %).
Dresdner Bank (6%)
Reichsbank (8%)
Siemens & Halske
26
July
111
__
Llcht (8%)
Commerz-und Privat-Bank A. G.
6%
Deutsche Bank (6%)
Farbenindustrle I. G.
112
July
123
123
123
113
115
161
(7%)
123
123
106
106
106
106
143
__
144
145
145
106
144
lso
.
__
180
180
180
180
190
(8%)
Verelnigte Stahlwerke (6%)
190
189
189
189
99
100
100
99
99
July 26
July 27
July 28
Francs
Francs
Francs
Francs
Francs
7,600
1,113
7,700
1,127
442
442
447
7,600
166
171
169
169
168
13,700
13,700
13,800
14,000
753
14,100
758
766
763
1,570
1,540
1,550
....
1,570
1,590
47
48
50
Citroen B
52
57
520
528
526
536
Comptoir Natlonale d'Eacompte
Coty S A
800
799
798
805
240
240
240
Courriere
240
211
213
217
Credit Commercial de France...
Credit Lyonnaise
219
509
515
514
516
1,590
1,470
1,520
1,480
1,600
1,490
1,610
1,510
313
315
325
320
Generale
Transatlantlque B
EauxdesLyonnalsecap..
Energle Electrlque du Nord
Energle Electrlque du Littoral..
543
Holi-
549
553
day
.....
638
646
649
"I""
1,090
1,110
1,120
855
866
l",l20
875
871
858
856
869
870
429
.II"
428
429
430
430
36
36
38
38
1,675
1,690
1,695
1,705
75.50
75.50
75.70
76.20
78.80
79.00
79.50
78.30
78.60
79.10
78.90
84.50
84.60
84.60
85.10
85 00
85.10
85.30
85.40
85.80
109.40
85 70
109.75
110.10
110.50
110 60
6,130
...
6,170
6,160
6,180
6.180
1,994
1,395
2,020
1,425
2,033
78.90
78.30
Rentes
4)4%, 1932, A
Rentes 4)4%, 1932, B
Rentes, 5%, 1920
Royal Dutch
Saint Gobain C & C
Cle
Soclete Franchise Ford
Societe Generale Fonclere
1,983
1,395
72
*
73
74
75
64
64
Soclete Lyonnaise
63
63
1,473
1,480
1,492
1,515
629
627
639
629
Tublze Artificial Silk preferred..
Union d'Electricite
75.80
79 60
1,419
Soclete Marseilles
Wagon-Lits
1,620
1,500
1,100
Capital
Pechiney
Rentes Perpetual 3%
Rentes 4%, 1917
Rentes4%, 1918
Schneider &
545
240
635
Llqulde
Orleans Ry 6%
received by cable
July 24 July 25
1,108
Pathe
as
by cable
7,600
Lyon (P L M)
Nord Ry
EXCHANGE
received
436
Kuhlmann
THE
as
1,104
L'Alr
Closing prices of representative stocks
each day of the past week:
699.
7.600
Cle
Bid
Dec.
101.22
102.3
Rate
Exchange.
Banque de Paris et Des Pays Bas
Banque de l'Union Parislenne..
Canadian Pacific..
Cle Generale d'Electrlclte
Int.
Asked
Stock
699.
Bank of France...
Canal de Suez cap
Bid
New
day of the past week:
Cle Dlstr d'Electricite
Int.
the
on
page.
York
Daily, Weekly and Yearly—See
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
4 1939
Oct.
Asked
each
Rale
%
191,118
12,483
Quotations of representative stocks
Maturity
San Fran.
$
162,974 1,028,221
11,882
30,574
Transactions
Aug. 23 1939
Aug. 30 1939
Dallas
$
207,065
13,070
Treasury Bills—Friday, July 28
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
$
440,538
18,508
for discount at purchase.
Bid
Aug.
2 1939
Aug.
9 1939
Aug. 16 1939
Minneap. Kan. City
332,719
16,180
4,929,453
are
$
408,157 1,228,003
23,163
105,791
2,453
Total collateral
United States
Cleveland Richmond
4,811,723
312,965
paper
Rates quoted
STATEMENT
due
Treasury
Eligible
June
9)965
2,121
4,927,000
In actual circulation
Collateral held by Agent as
security
for notes issued to banks:1
Gold certificates on hand and
from United States
RESERVE NOTE
Total
Federal Reserve notes:
Issued to F. R. Bank by F. R.
Agent
Held by Federal Reserve Bank
a
10,568
3,892
1,266
1,853
"Other cash" does not Include
Federal Reserve notes.
Three Ciphers
(000) Omitted
Federal Reserve Bank
Sept.
4,038
1,142
1,014
80
81
81
82
556
560
568
572
62
61
62
62
""74
July
684
1939
29,
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are
taken of such sales In computing the range for the year.
No
the only transactions of the day.
account Is
United States Government Securities
Below
furnish
we
1947-52
41^8
121.21
121.24
........
Low.
121.21
121.24
121.24
107.21
122
121.30
121.30
Close
107.21
107.21
mmmm
107.30
108
mmmm
107.22
Treasury
108
mmmm
107.22
mmmm
High
2^3. 1958-63.r——.—- Low.
122
107.22
mmmm
mm**
121.27
121.30
mm**
121.27
121.21
122
121.27
Close
Treasury
July 28
Vally Record of U. S. Bond Prices July 22 July 24 July 25 July 26 July 27
July 24 July 25 July 26 Jtdy 27 July 28
Bond Prices July 22
[High
Mortgage
York Stock Exchange during the current week.
Corporation bonds on the New
Dally Record of U. S.
the New York Stock Exchange
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm
a
108
$1,000 units...
[High
115.31
115.27
Low.
115.31
115.27
mmmm
Close
115.31
115.27
mmmm
Total sales in $1,000 units...
5
tl
[High
115.29
—
mm m m
Low.
115.29
....
mmmm
....
107.30
45
Close
115.29
....
mmm-
....
mmm*
Total sales in $1,000 units...
3
4s, 1944-54
1
116.1
2Kb, 1960-65
116.2
107.22
107.22
107.23
107-23
107.18
107.20
107.20
107-23
107.29
*
*
-
-
--
116.1
Close
107.22
107.22
107.20
107.23
107.31
mm
116.2
Total sales in $1,000 units...
V 4
J...
26
13
3
55
'mmmm
115.31
mm
116.1
1
108
Low.
■
53
High
56
Low.
mmm*
----
s—.e.
mmm*
Close
2Kb, 1945
35*8, 1946-56...
33
Total sales in $1,000 wits...
mmm*
Total sales In
1
2
High
20
1
1
107.30
1
'
mmmm
m m m
mmmm
----
m
....
mmmm
m
....
*m m
****
Total sales in $1,000 units...
....
mmmm
mmm*
.
■
,
****
....
mmmm
mm**'
mmm*
108.30
ft
Low.
2Kb, 1948
mmmm
mmmm
rHlgh
mmmm
,fc
mmm*
Close
mmmm
103.10
103.8
103.7
Total sales in $1,000 units...
'mmmm
Low-
mmmm
103.10
103.8
103.7
High
mmmm
Close
mmmm
103.10
103.8
103.7
108.30
....
mmm*
-----
'■mmmm
108.30
mmmm
•
.
mmm*
High
'
3Ka, 1940-43
Total sales in $1,000 units...
-
,
Close
mm
Smmmm
m
mmm m
mmmm
107.9
106.29
106.26
106.30
107.4
107.9
Close
106.29
106.26
106.30
107.4
107.9
Total sales in $1,000 units...
1
[High
106.30
mmmm
Low.
106.30
'*mm*
2Kb, 1949-53.
mmmm
.■
105.14
2Kb, 1950-52
105.14
mmm*
mmmm
110.21
Low.
mmm*
mmmm
Close
3^8, 1943-47
.mm**
mmm*
mmmm
mm'**
mmmm
m mm*
*mmm
Total sales in $1,000 units...
High
Low.
3Kb, 1941
5
mmm*
110.21
Close
mmm*
110.21
106.9
Close
.mmm*
106.11
106.9
1
»'
mmmm
mmm*
mmmm
mmmm
mmmm
110.18
Total sales in $1,000 units...
10
110.18
[High
'mmm*
Low.
+mmmm
110.18
1
4
2
11
mm
■
110T8
3s, 1944-49.
w
licfai
110.31
111
110.30
Close
110.29
110.31
111
110.30
Total sales in $1,000 units...
110.31
111
110.30
High
m*
2
2
mmm*,
-
3s, 1942-47...
tl
112.8
112
112
Low.
112
112
mmmm
112.5
Close
112
112
mmmm
Total sales In $1,000 units...
"
mmm*
1
1
■
2Kb, 1942-47
mm**
113.12
mm**
113.12
mm**
Low.
mmm*
Total sales In $1,000 units...
Home Owners' Loan
1
106.5
i+mmm
mmmm
106.5
mmmm
mmmm
.
.mmm*
15
mmm
^
mmm*
mm**
mmm*
[mmm*
mmmm
mmmm
mmmm
*
****
mmmm
mm*
m m
mm
....
108.28
108.27
108.27
108.25
108.25
108.25
mm
108.27
108.27
108.25
108.25
mm**
108.27
.108.27
111.11
Total sales in $1,000 units...
3
1
mmm*
1
*10
....
112.3
112".7"
1
112JT
Low.
112.1
112.3
112.7
112.14
112.1
112.3
112.7-
112.14
112.15
112.16
112.15
Total sales in $1,000 units-...
2
4
1
13
[High
10"j" 22
109.19
109.24
109.31
109.30
Low.
109.16
109.22
109.19
109.22
109.28
109.16
109.22
109.19
109.24
109.31
1
*2
11
5
High
109.20
*mm
109.17
Low.
109.20
mmm*
Close
Total sales in $1,000 units...
109.20
109.17
1
4
....
1Kb. 1945-47
Total sales In $1,000 units...
Odd lot sales,
bonds.
5
108~.3O
I09i"
109.7*
mmmm
108.30
109
109.7
109.7
mmmm
High
108.30
109.2
109.7
Low.
99.31
mmmm
*2
mmmm
mm**
mm**
mm**
----
mmm*
m*m*
****
.mmm*
above
table
—
mmmm
•
—
■
mmmm
mmm*
mm**
mmmm
"
mm**
mmmm
mmmm
"mmm*
:
mm mm
2
t Deferred delivery sale,
—
,
■
103.31
..
—
mm* *
mmm*
101.31
....
mmmm
m*rn*
mmmm
mmm*
loi'.sl
mmmm
■
mm**
t Cash sale.
includes
only
of
sales
coupon
Transactions in registered bonds were:
109.7
m
Close
Total sales in $1,000 units...
''
*1
Low.
Note—The
mmm
99.31
mmmm
High
•
109.17
«...
99.31
'mmmm
100
....
"
Close
Total sales in $1,000 units...
109.17
Close
mm**
mm**
Low.
109.17
High
Low.
'mm**
100
Close
Total sales in $1,000 units...
109.16
2
—
100
....
High
2Kb, 1942-44
109.28
2
—
'
109.28
Close
Total sales in $1,000 units...
....
Close
Total sales in $1,000 units...
2
109.16
Low.
High
2Kb, series B. 1939-49.. Low.
112.15
Close
High
mmmm
Close
3s, series A, 1944-52
mm**
High
2Kb, 1956-59
mm**
....
Close
2Kb. 1951-54
106.5
mmmm
40
■mmmm
*
High
....
111". 11
....
Total sales in $1,000 units...
2Kb, 1948-51
1
~<.w~
111.11
High
LOW.
2Kb, 1945-47
109.1
1
mmm*
106.6
2
109
mm**
*
106.6
106.7
109.1
.....
High
2%b, 1955-60
mmm
mm
106.6
106.7
mm
109
mm**
mmm*
m
109.1
....
Close
*
mmmm
Close
Total sales in $1,000 units...
113.12
Low-
-mmm*
*mmm
109
mmm*
mmm*
mmmm
mmm-
mmm*
106". 7"
mmmm
High
6
■
'■
•
mmmm
Close
Total sales in $1,000 units...
.1111
mm**
m m m*
mmmm
mm
1
'
'
,'mrnm*
,
Low.
112.8
mmm*
....
2
109.20
110.18
2
3s, 1951-55
105.28
mmmm
109.20
110.17
Total sales in $1,000 units...
3s, 1946-48
mm**
■
_
109.20
mm+rn
'
110.31
2Kb, 1949-52
m*mm
_
_
mmmm
m'mmm
High
mmmm
_
mmmm
110.18
Close
2Kb, 1946-49
....
mmm*
110.18
mm
105.28
mmmm
110.17
mmm*
****
109.20
mmmm
Low.
mm*m
109.20
mm m*
High
mmmm
1
....
109.20
110.18
'
107.5
9
26
105.28
Close
110.18
Close
3MS, 1944-46
107.7
mmm*
Low.
3
110.17
mm
107.1
mmmm
**m*
'High
3^8, 1944-64
8
mmm*
Total sales in $1,000 units...
107.5
'mmmm
Low.
Federal Farm Mortgage
mm**
'mm**
Low.
3^8, 1943-45—:
107.7
'mmm*
Close
■
m
m
107.5
107
•
Total sales in $1,000 units...
mm*
mm *
[High
107.7
mm**
mm**
2s, 1947
'
Total sales in $1,000 units...
1
107.1
'
mmmm
106.11
13
1
.
'
1
mmm*
fHlgh
■
.
1
mmm*
106.9
5
106.30
mm*m
,
Total sales in $1,000 units...
110.21
*m**
2
106*11
.
.
110.21
mm* *
mm**
****
.
noil
•
■mmmm
14
.....
-
Low.
mmmm
mmmm
-
1
mmm*
***.*.
mmmm
mm m
-
107.4
■
mmmm
High
w
-
106.30
'
Toted sales in $1,000 units...
-
106.27
.
----
-
106*29
1
mm mm
mmmm
-
105.14
m*mm
mmmm
Low-
2%b, 1941-43
■mm
2
----
High
■'mmmm
V
mm
3
108*8"
108.4*
108.7
15
109.9"
12
108.16
1 Treasury
1 Treasury
2^8, 1955-1960..
2^8, 1960-1965
108.16
108.16
Low.
108.4
108.8
108.7
108.12
108.16
108.8
108.7
108.16
108.16
108.16
40
7
United States
Treasury Bills—See previous
United States
Treasury Notes, &c.—See previous
108.16
108.4
25
2
1
2
107.25 to 107.25
4
Close
Total sales in $1,000 units...
109.26 to 109.26
...
page.
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
Monday
Tuesday
Wednesday
July 22
July 24
July 25
$ per share
$ per share
$ per share
*63*4
6434
*132
L38
64i2
*132
42
*37*4
38*2
*3714
38*2
8%
8*2
2234
2112
587g
2234
21*2
58*4
*7g
73g
78
934
784
8*2
19
14
1978
171
10*2
17134
*11*2
1178
12
*67
12l8
97r
687«
38
38*?
176s
175s
*1*4
158
93g
138
*132
45
*2li2
2278
8i2
*2134
22
22
585s
56*4
78
7U
1
16
16
16
*64
64
64*8
*18*2
34*2
14*2
6484
191?
36
35
145j,
1412
*1434
*52
53*2
5312
54U
18*2
18i2
3578
Shares
64
65
64
137
*132
*78
*37*4
42
*37
39
8*2
2278
*21*4
*22
22i4
*21*4
57
57
1
78
s4
*7*8
*7*4
7*2
135s
1358
1938
203S
*97g
1038
*7g
7*2
73s
121
9
8
56*2
1
73g
118
9
784
73g
834
*21*4
1
8
*37*4
*36*2
85s
22i8
56*4
*13
1938
*118
78
9*4
*78
9*4
73g
77s
43*2
30
38*4
8*2
2278
22*4
6734
38*4
8*2
38*4
400
884
23*8
7,300
*2184
6684
1
1
1
1
9*2
200
400
9*4
6878
69
69
69*2
69*2
38*4
36i2
37
37
37*2
18
64
178
17i2
2,600
500
*16*2
*1»8
*15*2
*61*2
18
178
18
63
9,400
1038
800
170*2 171*4
2,700
117g
1284
400
1238
9*4
3,600
9,500
I
69&S
300
37*4
7,700
17*2
17*2
200
15g
15g
300
*14*4
17*2
200
63*2
63*2
1,600
*69
37*8
par
No par
...
Corp
Air Reduction Ino
10
No par
Air Way El Appliance..No
par
7*2
117g
No
Alaska Juneau Gold Mln._.10
Albany & Susq RR Co
100
*7
117g
No par
25
700
"5,300
10
10*4
171*2
100
3,900
78
9
778
19*2
I2i8
95g
63
Address-Multlgr
197g
37
16*2
64
400
4,300
193g
*11*2
12*4
Acme Steel Co
573g
1384
197g
170
Abraham & Straus
22*4
87g
*7*8
84
pref
conv
700
*12*2
*10
*1634
*1*8
*1512
23
Abbott Laboratories.—No par
AUegheny Corp
..No par
5K% pf A with $30 war. 100
5K % Pf A with $40 war. 100
&K % pf A without war. 100
$2.50 prior
conv
pref.No par
Alghny Lud Stl Corp. .No par
Allen Industries Inc
1
Allied Chemical & Dye. No par
Allied Kid Co
5
Allied Mills Co Ino....No
par
Allied Stores Corp
No par
5% preferred
Allls-Chalmere Mfg
100
No par
Alpha Portland Cem..No par
Amalgam Leather Co Ino
1
6%
conv preferred
50
Amerada Corp
19l4
34
19*4
18*4
18*2
700
36*4
*18*2
3234
*18*2
34
34
35
337g
3484
9,600
No par
Am Agrlc Chem(Del).. No
par
Am Airlines Inc
10
14*4
*53l4
143s
14
14*4
143s
14*2
14
14*4
2,600
American Bank Note
54*2
*53
19
55
i
on
*53
55
this day.
*53
f In receivership.
54
a Del.
100
delivery,
6%
preferred
n New stock
10
50
r
Cash sale.
*
Range for Previous
Year 1938
100-<Sftare Lots
Lowest
Adams Express
Adams-M 1111s
73g
7*4
73g
121
*118
121
*67
178
On Basis of
Par
4M%
43
13*2
12
18
1,400
43
12*4
9»8
*16*4
178
16*2
*63*4
1834
6434
136
13*2
J4i4
1978
117g
9*2
6484
*132
*7*4
8
*11*2
172*4
II84
II84
1218
9*2
978
1078
64*8
136
7*2
8
*9?8
1014
169t2 171
170
Bid and asked prloes; no sales
$ per share
*134
7*2
73g
7*2
12012 *118
120*2
78
78
*884
914
*7U
8
*7l4
8*4
13l2 14
19l2
195s
10i8
1038
17034 17134
11*4
11*4
1134
12
958
10
*67
6878
3712 38l2
*16*2 18
1*8
1®8
July 28
$ per share
4478
878
23
Range Since Jan. 1
YORK STOCK
EXCHANGE
Week
38
38
STOCKS
NEW
the
$ per share
6434
57
*15
*
Sales
CENT
Thursday
July 27
Friday
July 26
137
*37U
22
*
78
64
38*2
834
7*2
9i2
734
*7i2
*13lg
65
38*2
8*4
1
1012
NOT PER
for
Saturday
Lowest
Highest
$ per share
53
Apr 11
$ per share
65
July 24
120
131
Apr 10
June
7
8
31*2 Mar 31
684 Apr 8
19*a Apr 28
19*4 Apr
43*2 July 28
45*4 Apr
84 Jan 30
655s Jan
33*2 Apr
65s Apr 11
Apr 12
117
11
Jan
6*4 Mar
25
Mar
14*2 Mar
165s Mar
40
May
27*2 Jan
6s Mar
Us Jan
10
121
884 Mar
Jan
May 25
1
1*4 Jan
5
June 29
8
June 29
19
14
Apr
Apr
8
8
684 Apr 11
15112 Apr 10
10
Apr 10
9i2 Apr 10
6
Apr 11
54*2 Apr 11
28
13*8
Jan 21
4
Oct
Jan
1284 July
24
Oct
30
Aug
677| Nov
15$ July
133s Feb
125
'»8
Dec
Jan
Jan
Jan
June
June
173s
Jan
Sept
Mar
Mar
7
Mar
85$ Mar
4i2 Mar
13*2 Apr
19
Jan 20
50
Apr 11
70
May 25
16
Apr 26
24*4 Jan
26
June 29
y
Oct
52
17*4
38
Mar
1978 Jan
23s Jan
Ex-dlv.
Nov
45
Mar
124
Jan
1234 Apr
l*4June 29
IO84 Apr 11
50 May 24
ehare
5i2
784
1458
4i2
113s Jan
70
per
61
12334
5
Mar
138s Jan
Apr
h Mar
Highest
;
614 June
28*4 Jan
111* Jan
193
95
4
483s Jan
Apr
June
18
Jan
1478 Jan
138s Mar
1234 Jan
5
ehare
36*4 Feb
1195s July
30*4 Mar
per
45
June 29
68 July
6
"
%
-
Mar
34*4 Mar
III4 Apr
1*4 Mar
10
Mail
55
May
21i2 Nov
2934 Nov
14*4 Aug
197
Oct
1284 Oct
1478 July
13ij Nov
701$
5534
Oct
20
Oct
3*4
Oct
Oct
24
Jan
78
July
3
22
Dec
28*2
36*4 July 25
1734 Jan 3
10
Mar
23*8 July
60
Ex-rlghts
Jan
6
46U
Apr
63
1 Called for redemption
Oct
Nov
Volume
LOW
New York Stock
149
AND
HIGH
SALE PRICES—PER
SHARE,
NOT
PER
Record—Continued—Page
CENT
2
685
Sales
STOCKS
Range Since Jan. 1
On Basis of 100-<Sftar« Lots
Saturday
for
Monday
NEW YORK STOCK
Wednesday
Thursday
Friday
July 24
Tuesday
July 25
the
July 22
July 27
July 28
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
Range for Previous
Year 1938
EXCHANGE
July 26
6^8
7
7
7
6%
678
6%
42%
41
4H2 4134
42
42
42%
*13214 134
*132% 134
*132% 134
96
x96
96'4
96%
96%
97
*176
179
179
2412
*3912
4012
18%
18l2
24%
179
2378
39%
18%
179
24%
39%
18%
*100% 106% *95% 110
*12618 129
*128
128%
*6
13
*6%
*6
7
*7i4
*8
8%
74i8
75
312
3*2
512
2%
5%
2%
2014
20%
778
1678
16
1312
*13
34
34
5314
5312
4%
214
*33
2i4
*20i4
4%
53%
2%
21
534
21
534
3%
534
17%
13%
4i2
337S
54%
2%
21
5%
5%
20i8
5412
203s
19%
20%
55
54
54
1314
3I4
30l4
13l2
3I4
30 34
13%
13%
3%
30 7g
*111
120
*23
3%
30%
*117
120
23%
4334
3712
2412
5i8
44%
38i2
13I8
13%
4%
*156
1558
*63l8
13I8
13S4
27i2
*16%
16
16%
<
13
5
16%
85
150
150
63s
6%
11%
86
4%
434
35l2
3512
5%
38
2734
45
23l2
*81% 82%
17%
18%
166% 167%
83
*30
*26%
42%
22%
*10
11%
*10
*134
27%
*117U
2%
27%
*27%
*1%
118%
10234
4%
37% 37%
101%
4
65
4334
1H2
10%
105
4
37%
*45
42%
*11%
38
27%
42%
53
1,000
12%
12%
4,100
3%
3%
30% 31
*117% 120
*3
3%
*3
3%
1,000
24
24
5%
5%
45%
40%
13%
...
120
120
24%
5%
44
39%
12%
*156
16%
27%
13%
*12%
16%
81%
46
139
16%
66%
47
41%
12%
15%
*66%
13
68
*66
*153
27
1*8*166
Preferred..
American Rolling Mill
67
67
400
300
18
18%
18%
167
168
27%
18%
167% 168
83% 83%
83% 84
85% 85%
85% 86%
151% 151% *150% 152
6
6%
6%
6%
11% 117g
11%
11%
*91
94
90% 90%
*4%
4%
4%
4%
35
35% *34% 35%
5%
5%
5%
5%
26%
*36%
38%
*36%
38
38
*45
65
*45
65
*45
42%
*11%
105
*90
8;
8
*30
27%
26%
38%
65
43%
42%
42%
42%
11%
9%
11%
9%
11
38%
*45
43
11%
11
9%
105
8%
*90
105
8%
9%
*90
8%
8%
Preferred
7,600
13
42%
10%
9%
105
27%
38%
9%
300
Am Sumatra Tobacco..No par
Amer Telp & Teleg Co
American Tobacco
2,900
"2*300
600
9%
2,800
*1*0*766
*73
76
*73
76
76
76
*73
80
*55%
*35%
57
58
58%
*58
60
*35%
38%
*35%
38%
98%
*96
*96
98
*96
98
*96
98
29%
60%
30%
20%
20
19%
*6%
*12%
20%
20%
7%
13%
20%
19%
20%
19%
20%
7%
7%
*6%
*12
20%
*107
13%
20%
109% *107
9%
9%
9%
*46%
47%
56%
*46%
*54
117
117
*5%
*1%
2%
5%
'
2%
23g
*54
*117
5%
7%
*21
5%
*1%
*2%
*18%
4%
12%
53g
7
23
4%
4%
13%
5%
1338
7
*24%
25
*8
8%
*29
29%
24%
69%
14%
*8%
29%
14
14%
14
69
69%
143g
14
109
13
20
*107
13
20%
109
9
9%
9%
47
*46% 47
56% *54
56%
117% *117
117%
6
2%
2%
23
4%
5%
*1%
2%
*20
6
2%
2%
22
59%
*7
*12-%
20
107
8
14
20%
107
9
*46%
*52
117
9
47
55
5%
20
4%
13%
123s
5%
5%
7
20
7
4%
*5%
17g
2%
20
25
25%
*24
25
68
69%
•68
68
*66%
14%
14
*8%
13%
4%
13
5%
7%
14%
9%
14%
30
30
30
14%
13%
13%
8
14
54
14%
8%
*52
6
116
97
7% preferred
27
*36
24%
*
40
24%
*36
23%
40
24%
*38
23%
40
24%
*38
23
Bid and asked prices: no sales on this day.
*38
40
23%
23%
5,300
50
33,900
13%
5%
12%
12%
42% Oct
6434 Oct
21% Aug
113% Oct
20% Oct
4% July
Apr
Mar
2
Mar
20
Apr
116
July
82
Oct
July
Mar
31% Aug
122% Oct
103% Oct
Jan
Jan
4
10% Jan
24% Mar
6% Mar
2% Mar
73
96
100
1
preferred
Jan 23
5% Apr 11
6%
13
Jan
4
Maris
6
Mar
72
3
4
13
Mar
May
Nov
9
Nov
July 20
10% Jan
378 Mar
Dec
77% Deo
12% Nov
75
Aug
73% Sept
39% Nov
100
100
70
Jan
5
78
Maris
*52
41
Apr
8
60
June 12
48
Dec
30
Apr 11
38
June
6
27
Mar
6% pref with warrants.. 100
Atch Topeka A Santa Fe._100
90
Jan
100
June
1
72
Mar
23% Apr 11
61% Apr 26
42% Jan
4
22% Mar
44% Nov
71
fi
40
May
72
30% Jan 3
10% Mar 14
14
Mar
100
5% preferred
5% preferred
100
Refining......—25
Atlantic
conv
pref series A...100
Atlas Corp
5
50
4%
6%
preferred
No par
100
5% conv preferred
Atlas Tack Corp..
No par
15,100
18,300
Baltimore A Ohio. —-----100
7%
8%
10,500
24%
*66%
13%
24%
800
69%
280
13%
3,400
9%
300
t In receivership,
43
58
6
90
4% preferred
Bangor A Aroostook
Conv 5% preferred
Barber Asphalt Corp
4,900
9,300
1,500
100
18%May
104% Apr 12
7
April
43% Apr
50%June
116
8
6
June 15
4% Apr 10
1% July 10
2
Apr 13
18%June
334June
9% Apr
438 July
5
19
65
30
29
11
10
Apr 10
April
July 3
Bayuk Cigars lnc
1st preferred
Creamery
28
20
No par
Apr 10
Mar
3
113% Apr 28
7% Apr 10
70
Mar 22
500
2,500
Black A Decker Mfg Co No par
14
7,300
Blaw-Knox Co..
5
priorpf92,50div ser'38No par
No par
Best A Co
5% preferred...
No par
Bloomlngdale Brothers. No par
Blumenthal A Co pref
100
Boeing Airplane Co
r
87g Jan
1738 Jan
834 Jan
...5
Cash sale,
I
x
Apr
8
8% Apr 10
317% July 13
35
Apr 18
17%June 29
Ex-dlv.
v
Jan
July
Aug
Jan
Aug
Nov
126%
Dec
4% Apr
8
Nov
2% June
6%
2
Mar
12% Mar
2% Mar
5
Mar
4
Mar
Jan
.6% Dec
3634 Dec
8% Deo
17% Dec
11
July
10% Jan
30% Jan
2434 Dec
36
July
87
Jan 11
82
98
July
5% Mar
15% Apr 10
110% April
17
Apr 10
Aviation
New stock,
30% Jan
No par
100
—25
.No par
Beneficial Indus Loan. _No par
»
Jan
312% Apr 11
15% Apr 10
99% April
15% Apr 10
a Def. delivery.
105
5
—20
7% preferred
100
Blgelow-Sanf Carp lnc .No par
60
Jan 11
6% Jan 5
4% Mar 10
3% Jan 6
5
2,900
10*600
68
Jan
Bethlehem Steel (Del)-No par
1,400
Mar
Feb 28
Belgian Nat Rys part pref—.
200
36
Jan
98
July
3
127
Jan
Dec
8%
14%
27%
109%
9%
48%
6684 Jan
13
60
Belding-Hemlnway
10178 Apr
534 Mar
3834 Mar
Nov
30
'
8
21
61,400
4,100
9% July 21
4% Mar
6% Mar
1734 Mar
95
4734 Mar
33
Beech-Nut Packing Co
Bendlx
Mar 15
8
10% Apr
16% April
17% Apr 11
48% Apr 6
39% July 28
50%June 30
23,700
2,900
18
23% Jan 10
110%June 6
5
95 preferred w w
Beech Creek RR
100
8
8
8
2
Mar
6
Apr 8
24% Apr 11
Barnsdall Oil Co
Beatrice
9
50
preferred
53$%
160
2,400
100
...50
100
-.10
No par
Barker Brothers
110
40
24
.
10
Nov
9%
33% Apr 11
9% Apr 10
5% Apr 11
95 prior A.
No par
Aviation Corp. of Del (The) .3
Baldwin Loco Works v t C--13
23%
June 20
97
7% July
45
July
Austin Nichols
*38
July 28
Apr
7
Atlas Powder
400
24
68
Deo
9% Nov
16% Nov
91
Aug
Mar
72
6% 1st preferred
7% 2d preferred
200
4%
40
6
94% Jan
59% Dec
Associated Dry Goods
100
2%
22%
27%
378 Mar
28% Mar
*2%
25%
8% Jan
14% Jan 20
93% Mar 10
50
No par
J Auburn Automobile.. No par
114
88% Aug
91% Oct
152
6
100
13%
Mar
l53%May 26
5834 Mar
130
Apr
4
1,000
13%
Mar
68
Jan
2
13%
111
87% Jan 19
8934 Jan 16
Jan
Apr
13%
12% Mar
170% Mar 11
62
10
30
117% Mar
120% Oct
150% Dec
65
Apr
30
Jan
Dec
Mar 31
Apr
14%
82
50
6
9%
30%
Jan
Jan
3-% Apr 10
33% April
No par
100
Armstrong Cork Co—-No par
Arnold Constable Corp
5
Artloom Corp
No par
15
13%
Jan
Deo
96 conv pref...
Atlantic Coast Line RR—100
*7%
*29%
31
105
Apr 21
Atl G A W I SS Lines..No par
25
25
25%
24% 25%:
2478 25%
25%
24%
25%
*113
*113
*113
114
113% 114
114
114%
27
27
26
27% 28
26%
26%
26%
26%
26%
*104% 108% *104
109% *104% 109% *104% 109% *104% 109% *,104% 109%
*27% 29%
*27%
29% *27%.29%
*27% 29%
*124% 130
*124
127
127
*124
*124% 127
126% 126% *124
127
8%
83
9
*8%
8%
8%
9
87g
9
8%
8%
9%
*71%
74%
*71% 74% *72
74%
72%
72%
*72% 74%
*72%
75
26
263g
24% 26%
25% 26%
25% 26%
25% 26
25%
26%
20% 20%
20% 20%
20% 20%
20% 20%
20% 20%
20%
20%
55
55
55
55
*54%
55%
*54% 55
55%
*5434
*54%
55%
41
41
43%
44
*43%
44%
40% 41
41%
42%
39% 40%
63
63
63%
65
64%
63%
65%
64%
62%
64%
63%
64%
17%
17%
17
17%
17%
17%
17%
17%
16%
17%
167g
17%
109
109
108% 108%
109% 11078
*107% 110
109% 110
111% 112
23%
23%
*22% 23%
23% 23%
23% 23% *22% 23%
23%
23%
20
20
18%
18%
18%
19%
19%
*19% 20%
1978
19%
197g
11
11
11%
11%
11%
11%
11%
12
11%
11%
11%
11%
*17
17%
17%
*16%
17% *16%
17%
*16%
17% *16%
17%
17%
24%
114
5
Armour A Co of Illinois
6
*8%
21
100
Armour &Co(Del)pf7%gtd 100
100
4%
7%
25
69%
19% Dec
July 28
1% Apr 11
6
5%
Oct
Jan
May
8% April
7,900"
54
*20
19
11434June 8
15% Jan 15
2% Jan 9
29% Jan 6
121% Jan 4
20
Archer Daniels Midl'd.No par
900
4%
22
June
Mar
*1%
17g
2%
12
May
20%
*117% 119
Feb 18
10'4 Mar
No par
Dec
4034
1184
29
Jan 23
Deo
6134 Deo
15% Mar
6% Mar
27
April
13% Apr
18,900
8
Jan
July 26
64% Jan
200
69%
14%
9%
29%
*29
19%
*6%
*12%
8
140
150
Jan
35
111
30%
59%
4,800
25
7%
20%
59%
20
13%
4%
12%
5%
7%
*24%
13%
5%
29%
4
Mar
45% Apr
Assoc Investments Co ..No par
20% 20%
19% 20
*104% 108
*104% 107
9
9
9
9%
47
47
*46% 47%
*50
578
2%
2%
5%
7-
1978
*6%
*12%
30%
59%
117% *117%119
*1%
*23g
4%
12%
29%
Jan
103
130
July
14%
14%
22%
9178
18%
Jan
23% Nov
35% Jan
58% Nov
2234 Apr
28% Mar
June 13
41
20%
7% Mar
34% Mar 10
53% Jan
140% June 21
68
80 84 July
*
21
200
38%
61
147
Dec
36% Jan
100
58
61
15% Apr 11
75% Mar 7
14% Apr 8
148
Apr 10
73
Apr 11
75% Apr 11
Mar
12
20% Apr 11
7%
*55%
*35%
29%
1
58
Jan
153
Mar
14884 July
13% Mar
7% preferred
1,000
80
60%
Apr
Jan
2234 Jan
72% Jan
16% Mar
Anaconda Copper Mining..50
90
58
60%
9
20
Mar
9
4% Mar
25
Mar
Andes Copper Mining
A P W Paper Co
38
6C»4
20% Apr 10
8% Apr 8
162
19
734 Jan
33
Jan
96.50 conv preferred.No par
*56
3034
Feb
25
Amer Zinc Lead A Smelt—1
Anaconda W & Cable..No par
*35
30%
7
3% Mar
AnchorHockGlass Corp No par
3,700
Oct
Nov
29% Jan
7% Oct
47% Nov
41% Nov
19% Oct
165% Jan
24% Nov
23% Mar
....100
90
800
45
122
Mar
634 Jan 10
No par
No par
Preferred
200
80
31
10
31,600
38
98%
29%
100
95 prior conv pref
1,300
Mar
99% Mar
20
43% Jan 10
$6 1st preferred
American Woolen
35,400
23
3
4% Mar 31
8% Apr 11
78
Apr 10
3% Apr 8
28% Apr 10
4% Apr 10
24
Apr 11
900
60
98%
25
Am Water Wks & Elec.No par
400
*75
*96
25
6% preferred
Am Type Foundries Lnc
39,600
*35
38%
98%
31%
100
Common class B
500
*56
*74
100
July 19
35% Apr 10
129% Feb 17
59% Apr 14
146%May 3
No par
Preferred
12,300
2,200
2,600
10%
9%
No par
American Sugar Refining.. 100
400
105
8%
100
Amer Steel Foundries..No par
1,200
65
43
25
American Stove Co
38
9%
*90
100
American Stores
100
1,000
4,200
_
Jan
1838 Jan
152
Nov
17% July
6% Jan
z26
8
American Snuff
12",600
14%
79
Mar
2% Mar
10% Apr
6% preferred
18
27%
8,700
27%
June
10
4% Mar
3% Mar
26
14%
*12%
13
44
16% Mar
Amer Ship Building Co.No par
Amer Smelting & Refg.No par
14%
12% Mar
20% July
884 July
30% Dec
6
25
Nov
45% Dec
2% June
Oct
49'i Mar 11
4434 Mar 11
840
27%
1%
Nov
678 Nov
36
13% Nov
8
100
16
3034 Mar
July 25
2%May 10
22%May 15
734 Jan
30a8 Jan
79% Jan
1534 Jan
4% Jan
40% Jan
124% Mar 20
8
29
*153
....
65
2078 July
Mar
Apr
29
67
12
Apr
10% Apr 10
46%
Mar
32
American Seating Co -..No par
500
140
May
28
43$ % conv pref
100
American Safety Razor.. 18.50
46
Mar
9
2
No par
1,000
*66
10
Jan
5% Feb
35%May 31
No par
1,700
14,0
5% Mar
$6 preferred
14
17%
26%
26%May 17
117% Apr 20
21% July 3
3% Apr 10
12%
82
27%
8
*13%
68
38
No par
Apr
2% Apr 11
9% Jan
$5 preferred
1
17%
*30
No par
Amer Power & Light
8
June 30
*12%
13
82
38
100
16%
167g
*30
preferred
American News Co
11
8
May 15
11% June 29
50
Apr 11
11% Apr 10
67%
167%
conv
15%
140
*156
82
38
6%
Am Rad & Stand San'y.No par
1678
167
100
43
26,100
82
*18%
Preferred
100
Amer Mach & Fdy Co.-No par
Amer Mach & Metals_.2Vo par
Amer Metal Co Ltd
No par
3,400
4% Apr
1438 Apr
12%
17%
83%
Amer Internat Corp
No par
American Locomotive. .No par
9,200
12,000
12%
83
S234
1
47
41%
41
*81%
13
14% Jan 23
non-cum pref
42,200
81%
14
27%
14%
*12%
6%
24%
5%
*12%
*16%
27%
14%
American Ice
46%
16%
*13%
14
29
28% 28%
46%
45% 46%
139
*138% 140
68
124
100
American Home Products
5,700
29%
No par
50
*23%
5%
5%
13%
*153
18%
167% 167%
83% 83%
84%
85%
26%
*118
24%
46%
40%
12%
2,900
28%
14%
12%
16%
*18
*30
124
24%
5%
200
8
2% Mar 31
25% Apr 8
41% April
1% Jan 24
6% preferred
3,800
1,400
5%
29%
*156
15%
28
*118
24%
5%
46%
41%
12%
65
8%
15
53
37%
11%
17s8June
Apr
2%
*39
41
44% *38
43% *38
41% 41%
23
25
23
23%
233g
26
24% 267g
27
112
112% "112
112% 112
112% 112% *112% 113%
11% *10%
11%
*10%
11% *10%
10%
*10%
10%
*
23«
*1%
2%
1%
2%
*1%
2
*1%
2
27%
27% 27%
27%
27%
27% 27%
27% 27%
118%
117% 117% *116% 117% *116% 117
116
116%
101%
102
102
101% 101% *101% 102
102
102
4
4
4
'
4
4%
4%
4%
4'
4%
43%
April
12
19%
29%
Jan
Mar
10
13
29%
4
Jan
6% July
7% Nov
No par
55
30
Mar 22
Nov
1634
$6 preferred
13
30
15
83
Amer Hawaiian SS Co
10
American Hide & Leather...l
1,700
21%
*3
Mar
8% Mar
67% Dec
2% Mar
6% July
1,300
3%
9
July
978 Nov
25% Feb
1234 July
34%
19%
Oct
20
2% Mar
34%
53%
2%
*20%
5%
*19
6
Dec
125
13% Mar
400
5%
8% Feb 24
11% Jan
10% Jan
78
July 19
5% Jan
117
3% Jan 20
19%
6
•
2078 July 18
16,000
2%
21%
Apr
Feb
88% Mar
13% Sept
4% Mar
July 21
14
8
4%
2%
129
Mar
9% Mar
12% Apr 10
5
Apr 10
16%
*20%
5%
Apr
27
89%
Aug
Oct
Nov
Dec
Nov
Nov
No par
13%
53%
2%
21%
2
Jan
Nov
105%
176%
3478
6734
2334
160% Mar
12% Mar
Jan
55
Jan
No par
13%
4%
4
.
2% Apr 1
4%May 26
No par
No par
Amer & For'n Power
Feb 11
July 19
35
1438 July
62
135
$7 preferred
*15%
54
61
70%
24% Jan
115% Mar
July 20
5% Apr 8
5% Apr 10
6% Apr 11
Corp..20
European Bees
8
634 Mar
23% Mar
Apr
114
17 2d preferred A
47g
53
10
10
May
Jan
64% Jan
May
100% Jan
134
179
Highest
3,800
16%
54
32
8
Lowest
$ per share $ per share
8,000
13%
35
109% Apr 20
Amer
3,800
55
9%
*90
8%
20%
*7%
100
No par
American Crystal Sugar
10
6% 1st preferred
100
American Encaustic Tiling. .1
500
2%
20%
7%
8
1
April
Apr 11
Mar 3
Apr 11
Apr 8
Apr 8
13%
Am Comm'l Alcohol
1,400
4%
f
34%
85%
85%
85%
85%
151% 151% *150
151% *150% 151%
6
6
*6
6%
6%
6%
10%
11%
11%
11%
11%
11%
86
86
87
87
*87% 100
4%
4%
4%
4%
4%
36% 38%
36% 37%
36%
36%
5
5%
5%
5%
5%
5%
11212 *112
102
83%
6
19%
*153
16%
3%
13%
47%
138% 138%
67% 68
13
3%
*5%
*2%
34%
47%
14%
3%
5%
2%
20%
77g
125
83%
167%
17%
American Colortype Co
120
55
55
2%
34%
a53%
2%
*20%
*534
46
13%
*12%
300
79
19%
16
28-%
8%
*8%
13
*64
...
1,300
*75%
3% Apr
31% Apr
par
100
Am Coal Co of Allegh Co NJ
25
""600
55
*156
27%
13
13%
35
28
*153
""306
7%
1
~Fdy.No
pref
American Chicle..
800
6,800
6%
$ per share
Am Chain & Cable Inc.No
par
5% preferred
100
4,000
13
16%
68
23%
conv
Highest
9 per share
American Can
25
Preferred
100
American Car & Fdy..No par
Preferred
100
500
7%
79
534%
3,600
21%
6
20%
53
12%
138
Am Brake Shoe &
33%
53%
2%
*20%
5%
19%
52%
39
138
2,100
16%
*12%
13
4%
13%
85
*90
5%
12%, 12%
18i2
167
16712
8312 8312
43%
11%
978
16%
13%
4%
65%
*8112
*1712
*45
16%
13%
13%
16%
23%
7%
13%
28
1658
*38
8%
66%
I4I4
*112
2%
19%
7%
13%
2734
13
27l2
2%
20%
7%
20%
2%
13%
1312
*28
5%
American Bosch Corp
6%
6%
7%
8%
*8%
*75%
3%
*5%
13%
13
5%
8%
3%
76
7%
43%
*67%
177
*6
Lowest
Par
3,300
250
98%
23
13
6%
7%
3%
20%
13%
28l2
1078
*8%
76
3%
5%
5%
2%
19%
3978
65
8%
76
*74%
3%
*5%
2%
13%
...
*85
7%
13%
27%
46%
68
28
*7%
*13%
2712
*6
7%
1334
4712
*13758 139
*67
13
133g
4718
*153
*6
7
1234
15%
-
39
*634
44
65
66
177
6%
38
*156
134
134
98%
13
23%
5%
4534
5
43%
134
6%
44%
98
7%
8%
834
7%
734
97
6%
44%
39
37% 37%
37% 37%
18%
18%
18%
18%
18%
18%
*101
105
*101
105
*99% 105
128% 128% *128% 129
129
129
*129
130
738
25s
20%
734
43%
133
97
6%
79
6%
178
177% 177% *176
2278
23%
22% 23%
179
*6
*75%
3%
*5%
2%
19%
1634
13i2
*43s
43
133
96
24%
38% 39%
18%
18%
*99% 105
13
*7%
*8%
6
133
24
634
7%
6%
19% Jan
4
25% July 24
11434 Jan 16
28
July 24
102% July 13
29
Mar 23
126% July 25
9% July 28
73% Jan 25
2984 Jan 3
21% Mar 11
55
Dec
12% Mar
5
14
Oct
34
Nov
10% Mar
21% July
9
Mar
21
Nov
Apr
11% Mar
115
Jan
90% Apr
25
Apr
94% Apr
684 Mar
102
109
67
Sept
8% Mar
Oct
30% Mar
117
Dec
9
July
83
Jan
30% Dec
21
Dec
60
Nov
Jan
Jan 11
2678 Mar
3984 May
1234 June
Jan
75
4
7
Mar
Feb 28
17% June
22% Jan 3
17»4 Jan 4
23% Mar 11
934 Mar
10% Mar
13% Apr
Feb 24
3434 Jan
Ex-rlghts.
19% Dec
15% Mar
18
44
Oct
Mar
July 21
57% Mar 11
27
2384
Jan
2l% Mar
80
115
1334
3
1
May
Sept
78%
18%
114%
2934
24%
Dec
Nov
Nov
Oct
Nov
I984 Nov
21% Oct
55
35%
1 Called for redemption
July
Deo
New York Stock Record—Continued—Page 3
686
Bales
SALE PRICES—PER SHARE. NOT PER CENT
LOW AND HIGH
Range Since Jan. 1
STOCKS
for
JUT
Monday
Saturday
July 22
July 24
$ per share
$ per share
23%
587*
587g
21
21
21%
21%
20
20%
*1%
*28%
*0%
11%
2%
29
7%
11%
23
23%
39%
40
50
11%
50%
1%
11%
13
13%
1%
43
17%
17%
87g
9
26
45%
2784
1034
36
87*
14
13%
43%
2584
*34%
43
25%
*34%
17%
9%
30
*10012 1037* *100% 1037g
4%
6
6%
29
*21%
17
14%
*1%
11%
7%
22%
3%
10%
54
6%
48%
4%
46%
29%
5%
45%
29
22
21%
1034
77g
*22%
3
*138
11%
22%
3%
10%
54%
10
1
12%
19%
*44%
4%
48
*32
34
45
84
10
48
4%
*32%
684
*3934
*82%
16%
,7%
*83
1
*43
4%
*39*4
0%
13%
10%
14
I984
5284
127g
I884
13
19%
5434
6
6284
10%
64%
*13%
*19%
*52%
7s
0%
16
4%
34
684
3%
118% 118%
*19%
3%
37g
20%
378
*112
3%
113
*5
6%
*5
7
47g
5%
*4%
484
*91
5
*100
77g
31
*100
105
*19%
9%
*23%
35%
%
2%
*12%
%
%
684
13
13%
65
05
1%
28%
*34%
17%
17
12%
13%
44
17
4%
33
1%
13%
44
5,300
17,000
2,700
28%
27,700
36
9%
07g
9%
9%
100% 101
*100% 101%
5%
5%
684
57g
44% 45
44% 45%
4%
*4%
4%
4%
30% 31%
30% 30%
*21
22
22
2l7g
17%
10%
17% 18%
£1384 13%
13% 14
1%
1%
1%
1%
11%
11% *10% 11%
7%
7%
7%
7%
21% 22%
22% 22%
3
3
2%
2%
10% 11%
11% 12%
68
72
66
59%
13% *13% I384
13%
19%
19% 19% *19
*5214 5284 *52% 52%
1
1
I
%
5«4
5%
5%
684
11% II84
II84 12%
19% 20%
19% 20%
10,000
4%
84^2
84
*10
Budd (E G) Mfg
Bulova Watch
No par
900
Bullard Co—.—
No par
20,000
4,100
000
13
12%
*37
37
38
8%
7%
2,600
400
1,100
mrnmrn-m
3,300
3,600
2,900
m
mm*
m'm
20
700
420
4,600
100
44,000
970
0,800
20
1,000
7,800
*99
9
9
23
3684
95
2%
*2%
*%
0
*8%
22%
22%
30
3584
94%
2
2
%
2%
12%
*2
11%
%
45
*44
48%
*44
48
2
14%
*%
*s4
%
2%
12
%
%
*2
500
*184
14%
48
*44
46
*%
984
11%
8%
*30
35
300
900
*3434
*884
*1034
8%
600
%
300
1%
14%
h
300
2%
®8
35%
%
1%
%
400
8,100
2%
*34
%
*%
500
87g
22%
3584
95%
11%
%
1%
14%
30
700
*%
*5g
%
*2
%
84
*%
*%
20
*11%
2%
11%
*%
46
%
1,100
%
600
178
14%
35%
4,100
300
100
300
9%
*8%
11%
7%
7s
32
32
82%
8384
81%
84%
81%
8384
82
83%
82%
13%
13%
13%
13%
13%
13%
13%
13%
92%
13%
84%
13%
93
93
*46%
50
13%
*92%
8%
*30
32
95
*91
95
93
93
*91
02
*48
51
*46%
50
*46%
50
*46%
50
3
3
23%
*27
~42%
32%
*130%
127
3%
26%
25
25%
113%
27%
77%
*113
3
113
1678
*105
31%
112% 113
20
27%
27%
76% *»..'. ■ 77%
42%
126
*61
V
16
16%
4%
534
5
21
16
*4
*4%
*4%
94
94
*984
10%
2778
27%
2084
7
684
£84%
16%
4%
584
5
24%
-
-
-
-
10
*434
4%
16
4%
684
4%
77%
*70
"42"
42%
34%
"42%
43"
"42% 43" "3",900
62
*
77%
....
-
01
*61
16
*4
2084
9234
9284
10%
*10
16
4%
584
5
*4
*4%
*4
21%
21
92%
93
93%
*9%
28
7%
10%
28
8
12,300
m
—
21%
*26
7%
*4
4%
4%
4%
5%
484
5
*4
5
21%
21%
21%
*2184
*92%
*9%
*26%
7%
85
21%
21%
93%
10%
29%
93%
10%
2984
8%
86%
8
,
Bid and asked prioes; no sales on this day.{ In reoelvershlp.
a
-
~
-
—
2,400
100
13,000
100
2,900
110
*107% 109
*107% 109
15%
1534
15% 15%
2134
21%
21%
3,700
......
61
16%
16%
16%
16%
16%
16%
10584 10584 *10584 106
*105% 106
32
32
32%
3184 32%
32%
*4%
*4%
2U2 Apr 10
10
April
11% Apr 10
June 30
11
1
Apr 10
0i2Mar 31
Common
No par
Checker Cab..............6
Chesapeake Corp.
.No par
Chesapeake A Ohio By.....25
Preferred series A
100
{Chic A East 111 By Co0% pflOO
{Chicago Great Western.. 100
4% preferred
....100
Chicago Mall Order Co....._5
{Chic Mil St P A Pae_.No par
6% preferred
....100
{Chicago A North West'n.100
Preferred...-.—.... 100
Chicago Pneumat Tool .No par
$3
conv
preferred...No par
No par
Chrysler Corp.......
.6
City Ice A Fuel....... No par
6H% preferred
100
City Investing Co.—.—100
Clev A Pitts RR Co 7% gtd.50
Special gtd 4% stock
50
Climax Molybdenum..No par
Cluett Peabody A Co
Preferred—
Coca-cola Co (The)
Class A....
No par
100
No par
No par
Colgate-Palmollve-Peet No par
200
200
165,700
2,400
100
4,500
200
5,600
300
47,500
32,400
8,600
47,300
Def. delivery,
Apr 14
Apr 8
04
Apr 17
181* Apr 8
2*8 Apr 10
109
Mar 22
10
June 29
8
8
...
5% preferred..........100
Commercial Credit
10
....
4 H % conv preferred..—100
Comm'l Invest Trust..No par
$4.25
pf ser 'Z6.No par
Commercial Solvents. .No par
conv
Commonw'itb A Sou ..No
$6 {Referred series
par
No par
Commonwealth Edison Co. .25
« New stock.
r
Gash sale,
z
407* July 25
5U4 July 27
Jan 20
2
5% Mar
12*4 Mar
Oct
Dee
62% Deo
14% July
19% Jan
36% Oct
4*4 Jan
Oct
28
8% Aug
Dee
16
37% Aug
40% Aug
18
Mar
28
Feb
43
1% Mar
8% Mar
12
6%
*16%
10%
27*4
Mar
Mar
Mar
May
Dec
2*4
Jan
Nov
14*4 NOV
46% NOV
23% Oct
41
Jan
5% Mar
14%
Oct
5% Mar
13%
100%
7%
547*
5*4
39
5
29
Dec
6*4 Mar
14% Mar
1% Mar
16% Aug
22% July
3% Jan
30
13
Jan
47
June 12
6% Jan 3
34% Mar 11
55
9
17
17
4
3
9
3
Mar 11
107% Jan 9
28% July 28
109 July 25
19% Jan 4
721* Mar 14
22% Jan 11
5% Jan
113
A.
Mar
3
Mar
9
June
9% Jan 3
23*4 Mar 6
4% Mar 9
13% Jan 4
72 July 28
17% Jan 5
20%June 20
63 July 7
2% Jan 17
8% Jan 5
17*4 Jan 4
20% Jan 18
7% Jan
42% Feb
85% July
20% Jan
3% Jan
94% Mar
122% Mar
75
3% Mar
.
3
June 12
9% Jan 5
6% Jan 3
6% Mar 11
95
Feb 24
6% May
10
July
16% Mar
2% Mar
24
July
5
Oct
6
Mar
20
Mar
13
Mar
16% Mar
15% Nov
44% Nov
22
July
24% Jan
45
Mar
61
1
Mar
2% Jan
10% Oct
20% Aug
21% July
6% Mar
8% May
12% Mar
37% Apr
5
Mar
21
May
4% Mar
34% Mar
63% Apr
12% June
2% Mar
62% Mar
98% Jan
29% Mar
100%
Jan
9
Mar
82
July
12% Dec
46
Mar
187* Dec
2
Mar
99*4 Apr
6% Dec
4
.Mar
3% Mar
88
Aug
62% Jan
6
26% Mar
13
4
4% Mar
17% Mar
Jan
47% Jan 4
Mar 21
Aug
46% Nov
8% Jan
42
July
8*4 Aug
45
Nov
89
Jan
22% Nov
4% Jan
107% July
120
Aug
68
July
106% Dec
20% Nov
96
Sept
19% Deo
72% July
28
Jan
5% July
111% Nov
14
July
8% Jan
67* July
104
Apr
59%
12%
Oct
Oct
46
Oct
106
Mar
94
June
18
May
33% Nov
Feb 25
0
June
£25% Mar 8
40% Mar 9
95%June 27
3% Jan 4
% Jan 4
37g Jan 5
13% Mar 11
% Jan ~
1% Jan
20
Dec
22
June
12*4.July
48% Mar
38% Jan
Jan
11
lfigMay 19
8
6
%June 20
ajjjune 30
U4June28
10
Apr 10
32
April
June
62
9
30
9% Apr
14 Apr
9
May
1612 Mar
1% Dec
30%
107
18% July 28
18% Jan 3
2*8 Jan 5
Jan
8
55% Jan
5% Jan
34% Mar
102
Jan 24
1% Apr 10
UMay 8
Jan
15% Mar
13% Mar
July 27
Apr 20
80
15% Mar
Apr
82
40
Oct
Nov
Dec
Jan
Oct
July
101
17i2June 30
05* Apr 11
17% Apr 10
27
Apr 11
98
1
3
Jan
70
Apr
1% Mar
% Aug
2% Sept
87* Mar
% Nov
% Dec
% Dec
2
Mar
89
Jan
4
July
1% Jan
5% Jan
157S July
1
Jan
17s Jan
1*4 Jan
5% July
19*4 Dec
39*4 Nov
44l2June 22
%June 1
3% Jan
20% Jan
387* Mar 14
48% Mar 11
•4 Feb 6
*4 Apr 10
*8 Apr 8
17* Jan 6
1% Jan 3
1
7% Apr 11
10
Apr 5
7
Apr 8
25
Apr 8
635* Apr 11
9
Apr 8
9
14% Jan 5
13% Jan 3
8
Mar
12
Mar
85%Mar 9
14%May 23
3% Mar
May
35% Mar
7*4 Sept
88% NOV
13% Jan
79
97%June 10
59
Jan
80
Dee
Mar 11
54
Mar
60
Feb
4% Jan 3
2
Mar
50
6
Jan
July 20
214 Apr
8
_
9% Mar
33
58
Jan 11
Mar
37% June
% Dec
Dec
%
Dec
25
26
09
Feb
4
70
109%June 20
2018 April
74*4 Jan 23
115
Feb
9
106
08
42
3
Jan
345*june 30
21U April
127U Jan 5
114
Apr 11
68
7
Jan
lli2 Apr 10
20U Apr
1
8
Apr 8
111* Apr 8
3
Apr 1
41* Mar 31
4 May 10
14
Apr 10
14
Apr 11
73
April
71* Apr 11
233* Apr 8
5U Apr 10
74ig Jan 3
02i2 Jan 13
38*4 Apr 10
1051* Apr 8
42
Apr 8
100
Apr 14
9
July 10
1% Mar 31
45*4 Jan 3
x25% Apr 10
Ex-dlv.
y
Mar 11
67* Mar
22
Apr 8
Feb 10
15
100
Columbian Carbon v t e No par
Columbia Plot v t e...No par
$2.76 conv preferred.No par
Columbia Gas A Elec..No par
0% preferred series a... 100
20
138* Apr 10
84
1017* Feb
800
-
1
2*8 July 7
06
April
110
April
381* Apr 1
1031* Mar 27
0% preferred
......100
Collins A Alkman...
No par
Columb Br'd Sys Ino cl a.2.50
Class B
2.60
-
Apr 20
137* Apr
22U Apr
10
-
77
0% prior preferred..
100
Cham Pap A Fib Co 6% Pf.100
3,800
1,500
-
8
8
4i2May 19
35
July 10
0i2 Apr
5% conv preferred.
100
Colo Fuel A Iron Corp.No par
Colorado A Southern.....100
4% 1st preferred
...100
4% 2d {Referred.......100
1,900
•
July 14
312 Apr
29*4 Apr
1
Clev El Ilium $4.50 pf.No par
Clev Graph Bronxe Co (The) .1
86
86
*85
86%
85
86%
8584 86%
85%
78
78% £78
75
75
76
74
*75
78%
74
78%
49
49%
49% 49%
4834 49%
49
48% 48%
48%
488g
48%
*108% 109% *108% 109% *108% 109% 108% 109% *108% 110
*108% 110
54
54%
5484
54%
54%
55%
54%
54% 55
54%
5484 55%
*109
111
110
110
*10984 111
*109
110
*105
a 109
109
112%
12%
11%
1178
11%
12
12%
I284
12%
11%
11%
II84
12%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
68
67% 68
68%
68% 69«4
6884 70%
70%
70% 70%
69%
30% 30%
30% 30%
30% 30%
31
30%
30%
31%
3034 31
-
*70
*61
Certain-Teed Products
410
*
8
Apr
32
.....
Clark Equipment-....No par
OCC AStLoulsRyCo5% pref 100
.
3
Cerro de Pasco Copper .No par
....
2,100
-
94*4 Apr 11
4
Apr 8
29*2 April
3*4June 30
3ig Apr 8
31* Apr 11
85i4June 3
24%
*77
*
—
77%
20%
7%
«•
27
20«4
94%
934
27*2
28
—
*70
21
*27%
7%
80
..
3
24%
24%
24%
13% Jan 6
Apr
Century Ribbon Mllls.No par
Preferred....
100
City Stores................6
3
3%
*20
21
10%
1,600
112
107% 107% *107% 109
*4
20
78,500
112
-
Central 111 Lt 4X% pref—100
Central BR of New Jersey .100
Central Violets Sugar Co...19
*111% 112% *111% 112%
27% 30%
30% 30%
24i2
-
100
No par
5% preferred
......100
Celaneee Corp ol Amer.No par
7% prior preferred.....—100
Celotex Corp,
No par
6% preferred..........100
Central Aguirre Assoc .No par
Central Foundry Co.—...1
700
*3
3
21
7%
SO
8%
35
*30
33
33
35
33%
3384 34%
34%
*130% 'mm-- *130%
*130%
*130%
12034 12634 126% 126% 12012 12784 126% 128%
*61
-
92
♦46%
3
-
120
107% 107%
'
20%
20%
*93%
984
6%
33
"42% "43"
17%
rl6% 16%
10%
10%
10534 *10584 10584 *105% 10584
32
*3034 31%
31«4 33
*4
*20
.
*13012
*107% IO884
*4%
*4%
20»4
*20%
113
32%
33%
-
.2484
"42%
42%
mm
3%
25%
27%
*74%
127
*61
*3
35
*30
Preferred
Caterpillar Tractor
Child* Co............No par
Chile Copper Co........
25
100
84%
13%
0
Carolina Clinch A Ohio By 100
Carpenter Steel Co
5
Carriers A General Corp.... .1
Case (J 1) Co—......—100
4,100
1%
35
84
1
10
Chlckasha Cotton Oil......10
*%
*%
11%
8%
No par
700
1%
%
*1084
*10%
100
By.......25
1178
*%
*%
Callahan Zinc Lead
1
Calumet A Hecla Cons Cop. .6
Chicago Yellow Cab
800
*8%
11%
8%
Participating preferred..100
Byron Jackson Co. ....No par
California Packing....No par
5% preferred..—......50
100
%
11%
884
9
Butte Copper A Zinc
By era Co (A M)
...No par
100
88
9
9
30
6
9
%
9
11
59? conv preferred
Pr pf ($2.50) cum div No par
{Chlo Rock Isl A Pacific
100
7% preferred..........100
6% preferred..........100
48
*%
*884
*10%
884
*884
*
100
21
*%
.
3484
184
14%
3484
*44
%
1%
%
11
%
%
%
I84
1484
%
*%
~
400
100
*19%
0
8%
22% / 22%
30%
35%
94% *94%
2
*1%
2
%
*2
%
84
%
14%
97
*%
m m
330
20
3584
mm
31%
101
*22
mmmmmm
1,800
7,400
20
35%
11%
—
77b
100
20%
8
7
Capital Admin class A...
53 preferred A
460
3634
105
20%
*8%
22%
3684
*94%
135s Apr 10
31% Jan 3
98s Apr 8
13ig July 24
14
July 24
45% July 24
29% July 26
36
Apr 29
17*8 July 22
600
11,400
36%
7%
*100
20%
1
8
8
43
900
12%
100
20%
Mar
Canada Sou Ry Co
800
66
8
Mar
4
Cannon Mills
66
37%
1
...
{Bush Term Bldgdep7 % pflOO
14
Canadian Pacific
12%
8
Bush Terminal
Butler Bros........—...10
2918 July 25
7*4 Feb 27
167g Jan
317* Jan
300
12%
*64
66
Burlington Mills Corp
1
Burroughs Add Macb
No par
191* Apr 10
512 Apr 10
8% Apr 8
16U Apr 10
31
Apr 12
41*4 Apr 14
lis Apr 1
10,900
60
12%
No par
7% preferred......—.100
Budd Wheel...—....No par
130
84
*1584
*3%
16%
3%
5
100
15
4%
45
84
16%
16
Bucyrus-Erle Co
7% preferred
21*4 July 25
32
Jan 3
2*4 Mar 8
33%
7%
*40
45
No par
jan 30
5i* Apr
7«s Apr
27
Apr
Highest
I per share $ per share
Jan 12
Apr 11
Apr 8
121*
10i*
18'4
U2
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
5
84
*40
7%
Brown Sboe Co
Bruna-Balke-Collender.No par
15,700
1,220
14,000
4,000
48
4%
*32%
*6%
4%
-
Lowest
$ per share
28ig Jan 3
114 July 27
697* July 25
22 June 21
33,300
*41
48
20
Boston A Maine RR
$ per share
16% Apr 8
104.
Jan 23
51
Jan 24
57* Apr 10
18% Apr 11
2i2June 29
7
Apr 11
2512 Apr 11
IU2 Apr 8
1314 Apr 10
48*2 Mar 1
% Feb 15
5
Apr 8
91* Apr 11
12
April
*32
,
*
5,800
34
45
400
2,200
1,000
16%
*32%
*684
7%
12,800
12
12%
43%
28%
*34%
16%
36
*41
48
*1%
200
*11%
31
*184
%
51%
1%
12%
13%
44%
29%
32
*34
9
50%
41
50%
*31
35%
*%
50
22%
*40%
11%
11%
23%
32
*34
1
2284
*40%
Brewing Corp ol America
3
Bridgeport Brass Co.
No par
Brlggs Manufacturing-No par
Brlggs A Stratton
No par
Bristol-Myers Co
6
Brooklyn & Queens Tr.No par
96 preferred
No par
Bklyn-Manh Transit..No par
*0 preferred series A.No pa
Brooklyn Union Gas...No par
32
2
1
Bower Roller Bearing Co—-17
3,100
8,400
32
%
%
1,900
7%
11%
23%
407b
7
20% *20
20
20%
2O84
20% *20
4
4
4
3%
4%
3%
3%
113% *112
113% *112
113%
113% *112
*5
*4
*5
*5
7%
7%
7%
7%
5
4%
4%
4%
4%
4%
*484
4%
*5
*5
*484
5%
5%
5%
*4%
5%
91
91
95
*90
95
95
95
*90
%
*%
2
29
1%
1284
13%
44%
29%
3584
*684
*3934
*83%
15
..—.6
100
2
11
62
4%
Bond Stores Inc.1
Borden Co (The)
Borg-Warner Corp
29
7%
20%
384
%
38
1%
%
*50
1%
12%
13%
44%
27%
*34%
16%
No par
2
23%
40%
*40
5
No par
..
29
11%
11%
22%
000
6,200
9,300
Class B
29
7
*112
14%
35%
*%
*s4
*%
2584
Bon Ami class A
2
2
*64
2
45
21%
Bohn Aluminum A Brass
110
250
300
*%
2
*20
Par
.
900
*22% 227*
*112% 116
58% 58%
20% 20%
21% 21%
25% 20%
3%
3%
3%
3%
3%
*74
76
76
*74
77%
76%
7584
*118% 119
118% 118% 11834 11884 *118% 119
45
45
45
40%
44% 45
4484
45%
105% 105% *105% 106
*105% 100
*105% 106
2584 27
2584 20%
27% 28%
20% 27%
109
109
108
109
109
108
108% 109
%
14%
58%
2O84
2I84
26%
1,000
%
84
*184
14%
22%
114
68%
Highest
Lowest
I684
16%
16%
*3%
77%
13*4
*33%
2884
33
084
12%
13
*%
84
33
*93
2%
*2
2%
4%
4%
33
100
95
*1%
2884
6%
*41
30%
%
13
48
8%
30%
59%
20%
21«4
26%
9%
9%
9%
*101
103% *101
103%
6
5%
5%
6%
47
47
46% 46%
4%
4%
4%
4%
30
29% 30%
30%
22
22% *21% 22%
17
16% 17
10%
14
14
14%
1384
*1%
1%
1%
*1%
*11
*1084 12
1134
8
7%
7%
7%
22% 22% *22
22%
2%
284
284
2%
10
10
10%
10%
55
55
58
66%
*13% 14
13%
13%
19
1984 *19% 19%
*52% 6284 *52%
5284
1
7g
7g
%
6
57g
6%
6%
13
1284
12%
12%
18% 19%
19%
I884
*41
*22
113
113
59%
20%
21%
2584
8%
38%
*184
%
17
7%
20%
9%
23%
*92
2
36
38%
104
*9
95
*%
45
28%
31
23%
3584
357g
2
.
13%
13%
4484
27%
*34%
16%
38%
7%
20
207g
9%
2334
*93
2%
*12*4
*%
%
*%
95
37%
784
30%
38%
7%
30%
5
*91
95
38
Shares
84
*4*8
*5
$ per share
*83
66
*20
20%
113
$ per share
84
*64
06
*112
Week
$ per share
22% 22%
45
44% 45%
*105% 106
♦105% 106
20
2012
25%
26%
108
108
10784 108
127g 13%
13%
13%
*04
July 28
$ per share
23% 23%
*3984
45
45
Thursday
July 27
45
16%
3%
*3%
77
77%
118% 11834
7784
77
3
1%
8
13%
3%
21%
14
20
*6%
4%
29%
17%
14%
1%
11%
8%
2234
11%
19%
*52%
%
6
49
4%
17%
14%
*13
Wednesday
July 26
113
Rangefor Previous
Year 1938
oflQQ-Share Late
EXCHANGE
Tuesday
July 25
23% 23%
113% 113% *112% 113
69%
597g
587g 59%
21
21
20% 21
21% 2134
21% 21%
25% 20%
2584 26%
2%
*1%
2%
*1%
29
29%
287g 29
7
684
*07*
684
117g
11%
11% 'lift
22% 2334
23% 23%
40% 40%
4012 40%
O50
50
50% 51
1%
1«4
1%
*1%
13
12%
11%
13%
23%
*112% 113%
On Baste
NEW YORK STOCK
the
Friday
July 29, 1939
30% July 28
78
Mar 13
45%May
60% Jan
2
35
5
July 28
135
Mar 16
133
Jan
6
62
Mar
2
17% July 22
107
July 18
86% Jan
5
108*4 July 12
23% Jan 5
7
4
Jan
9% Jan 3
7% Jan 4
21% July 27
21% July 27
94
July 19
4
30% Mar 6
15% Jan
10% Mar
44
Dec
32% Mar
10% Mar
111
Jan
10512 Mar
57% July
7% Mar
May
13% Mar
13
Mar
53*4 Apr
9
Mar
Mar
Ex-rlghts.
76
Jan
45
Feb
00% Nov
25*4 July
129
Nov
142% Aug
61% Nov
17
Nov
107% Nov
237S Nov
8% Jan
9% Mar
3% Mar
4% Mar
4
Apr
13% Mar
84
21
25
6
26
28
30% Nov
87*4 June
Mar
110% June
13% Feb
2% Feb
70% July
31% July
27%
104% Dee
39% Oct
23
3
6% Nov
78
3
-
Oct
Aug
8
Jan
51
Oct
Mar
Jan
60
Jan
75
Feb
109% Mar 20
2%
12*4 Jan
19% July
13% Nov
115
67
Mar 14
Jan
July
Apr
15% Mar
07% July
83
91
9
Nov
1%
3
Nov
251* Dec
5% Mar
67
May
50
May
Feb
9
47
31% Mar
90
Jan
57* Mar
1
Mar
25
Mar
22% Mar
11%
10
Jan
June
22% July
22% July
98% July
19
Nov
85% July
97* Oct
83
Oct
70
-Oct
597* Nov
108% Nov
64
Nov
112% Oct
12% July
2% Oct
55% Oct
28
May
^ Called for redemption.
Volume
LOW AND
New York Stock
149
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Record—Continued—Page
Sales
STOCKS
NEW YORK STOCK
for
Saturday
July 22
Monday
July 24
$ per share
I per share
7%
7h
26%
2634
*5%
*5%
20%
*7%
*75%
*89%
13S
1138
325s
7
9
*6%
6%
*6%
26%
*6%
27
7
*26%
9
20%
20%
26%
*6%
*5%
20%
*7%
26%
*5%
6%
9
*75i2
*89%
*79
82
90
89
89%
1%
*89
90
90
1%
113s
33
134
*1%
1%
99
38
38%
114
11
113s
11%
32%
33%
33%
107% *106% 107
*6%
634
6%
6%
8
778
7%
7%
2
*1%
134
*1%
11%
3212
234
234
*10%
1114
100S4 10034
11%
1134
278
2284
28'
58
29U
5814
62
62l2
*171% 177
17%
17
*98
38%
114
36%
2%
2134
*113
2%
57
57
21%
28
2578
1012
36
4
2
24
2478
10234
31%
10%
10%
25% 26
"
24%
102
31%
33%
11%
*32
*32
80%
8034
a81
34%
34%
34%
35%
71
71
71
71
4
4
*4
*312
35g
11%
11
81
3%
3%
11%
33%
*10*4
101
6%
7%
*13g
*2%
2 34
*10%
2%
11%
2%
25
24%
103
*31%
103
32
2
300
3,200
100
"4",800
10
140
300
6,100
47,200
1,700
1,600
14,600
100
1,600
100
1,300
11%
11%
5,800
17
17
6,200
1,%
9834
1,600
38%
6,800
11%
17%
*1%
1%
99
38%
1%
*98
37%
600
100
2,200
1,900
14,600
11,400
4,100
200
3,000
10%
24%
24%
104
1,000
32
32
600
*10
10%
1,000
25%
25%
4,500
Crown Cork & Seal
35
35
*32
33%
*32
33%
32
32
81
73
4
4
3%
3%
10%
10%
80%
80%
34%
34%
*70
71%
4
*3%
3%
3%
10%
*80
34%
*70
*3%
3%
10%
103s
*80
10%
100
100
3,300
81
280
35
34
35
71
71%
71%
9,000
300
4
*3%
81%
3%
4
3%
3%
57
*54
12
*11%
4%
4%
457g
4%
4578
4%
5%
5%
2534
4534
5%
*4%
46%
5%
46%
5%
11%
434
46%
253g
25%
25%
25%
70
1,400
57
*11%
*4%
*4%
*17
*6%
*llll4
19
5
584
18
678
—
*17
6%
20%
21
27
27
27
16
*15%
5i4
53g
1
*%
*119
122
*24i4
2534
*3334
343s
*43
44
20%
5
6%
18%
18%
17%
18%
5%
5%
17%
5%
*%
1
17%
5%
*%
34
34
*43
53S
5
121% 12134
2434 25
33% 33%
121
*%
44
44
6%
18%
*86
3234
173s
17%
33
*115
120
158%
13478
*120%
11734
15934
13478
157% 15834
133% 133%
124
121
121
11734
117
11734
19%
4%
19%
18%
4%
4%
169% 16978
*170
25%
*1834
177
*115
*170
2578
25%
19%
1%
1%
36%
11%
2%
367s
35%
11%
2%
11%
2%
8%
*7s
9
29
26%
29%
26%
29%
*%
*34%
*37%
1%
"
43%
7
7
18%
87%
18%
18%
1034
3234
33
18
1734
18
33%
73%
130%
33%
34
71
7134
33%
71
9
10%
934
10%
14
14
*115
120
157
159%
129% 130%
120% 120%
117% 117%
5
19
5%
79
*83
86
*82
*91
93
*91%
79
11%
*18%
1%
34%
11%
19%
1%
36%
11%
2%
2%
2%
9
30%
9%
32
26%
29%
31%
27%
29%
1%
35
39%
28
2934
*%
1
79
*1%
8%
1%
4%
834
20%
102
16%
102
1
*100
31%
25,800
27
29%
2834
28%
29%
7,800
29%
934
1
39
1
3434
1%
35%
3484
*38
1,300
100
1,500
39
*101% 108
800
1
1,300
105
*3%
3%
1%
1%
1
1234
78
1
1%
*13s
3%
3%
3
1%
*1%
1%
4%
9%
*4%
9%
4%
9%
20%
3%
13s
3%
1%
13%
79
*78
*13g
3%
20
20% 20%
*1%
1%
1%
1%
5
*4%
5%
*434
33
33«4
32% 32%
*24
*24% 25
2434
1534
16%
16%
1634
*92% 95
*92% 94
*100% 105
"100% 105
3%
*1%
*%
61,900
500
1%
500
3
600
*1%
1%
100
*4%
4%
"MOO
9
9
20%
20%
2,300
*1%
1%
90G
June 20
878 Jan
24
6% June
102% Jan
1384 May
Mar
9
27% July 11
16%June 6
25% Jan 4
8% Jan
4
1% Jan
Dixie-Vortex Co
39
34% July 26
4478 July 13
2084
31%
.Wo par
Apr
3
984May 18
.No par
30
Mar 31
10
Apr 10
Class A
Douglas Aircraft
_Wo par
30% Jan 26
56
Apr 11
101% Apr 11
20% Mar
8784 July 27
12% Jan
35% Jan 10
22% Jan 3
34
July 26
Duplan Silk
Du P de Nem (E I) & Co.-20
6% non-voting deb
$4.50 preferred
100
Wo par
Duquesne Light 5% 1st pf.100
129% July 25
117% Jan 26
115% Jan
4
6% cum preferred
..100
Eaton Manufacturing Co
4
Edison Bros Stores Inc
2
Eitingon Schild
.Wo par
Electric Auto-Lite (The)....5
3
Electric Boat
Elec <fc Mus Ind Am shares...
173
July 12
15% Apr
18%June
l%June
22% Apr
11
13
29
11
8% Apr 10
2
Jan 23
Electric Power A Light.No par
6% Apr 10
Wo par
$6 preferred
Wo par
Elec Storage Battery..Wo par
20% Apr 11
1834 Apr 8
,23% April
% Apr 4
$7 preferred
Corp—Wo par
3
El Paso Natural Gas
28
Jan 25
38
Apr 13
Corp....50
preferred
.10f zl03% Mar 22
7
Apr 8
Engineers Public Service
1
$5 conv preferred
Wo par
62% Apr 8
Jan
38® Jan
4
12% Jan 19
41% Jan 20
1
1
500
*24
24%
300
Federated Dept Stores. Wo par
89
100
Fed Dept Stores
37%
*17%
37%
37%
*36%
*1734
37
37
21
36%
*17%
*88%
36%
21
*1734
21
4 H% pf-100
Fidel Phen Fire Isn N Y..2.50
Filene's (Wm) Sons Co.No par
rCashsale.
*
Jan
184 May
8% Mar
102
90%
13034
109%
11134
1384
Apr
Mar
141
19%
12
115
I6484
Deo
Deo
Oot
Jan
Deo
Mar
138% Nov
Apr
120% Deo
118% Dec
17% Deo
Jan
Nov
Jan
10% Mar
8% Nov
25% Deo
2
Mar
13% Mar
Mar
0
2% Sept
6% Mar
22% Mar
5% July
36%
15%
Deo
Deo
4
Jan
14
Oct
Oct
4134 July
46%
Mar
35
Nov
71
Oct
87
June 13
40
Mar
72%
Deo
69
93
July 27
46
Mar
79%
Oct
1%
Dec
2%
Jan
1%
Dec
6%
Jan
234 Mar
884
Jan
6%
Jan
8
Apr 11
334 July 11
0
April
14% Apr 11
1
April
2'4 Apr 10
3
5% Jan
Jan
0
Dec
Mar
Mar
Apr
Mar
Mar
May
22% May
67s Mar
67
Apr
52% Apr
2% Mar
17s Mar
1
Sept
12% Mar
077„ Jan
37% July 19
22% Mar
38% Nov
19
15
25
5% Mar
13
Jan
24% Jan 3
2% Jan 20
6% Feb 27
Mar 15
88%
Oct
Deo
65% Apr
6
25%
Mar
Apr
110
1
Jan
Dec
25%
Mar
941® Apr
2% Mar
38% Mar
6
25%
88%
36%
*17«4
17
35
12
33
Jan 30
27® Apr 10
78June 30
1
8% Sept
28% June
7
111
June 23
88%
65% June
23% Nov
91% Nov
234 Nov
17
25%
Oct
Mar
29% Nov
45% Nov
111% Deo
10% Oot
93
*87 '
Deo
11
11
Jan
Feb
Jan 24
*24
42
Mar
% Mar
Apr 11
1
Jan
17
11
88%
21®
115% Deo
4078 Oct
30% Oct
9
81
25%
Nov
36%June
4334 Jan
$6 preferred
100
Federal Mln A Smelting Co 100
1
Jan
17
25% Deo
884 Nov
18
10
*87
25
2l>4 Mar
2,600
*23%
8»4 July
17% Deo
11% July
111% Deo
25% Feb
3
5
17
1
Nov
0
95
105
25%
Oot
50
29% Nov
Feb
16%
Federal Motor Truck._Wo par
Dec
83
30% Mar
184 Jan
*9234
700
7%
28% Nov
Deo
4
July 28
800
Jan
July 12
April
Apr 10
1%
87
21% July
8% Aug
50
Aug
Nov
24
3%
Jan
94% Jan
13% Feb
0% July
173
20
1%
443g
877s
Fairbanks Morse A Co.No par
33g
92% Nov
5
Fajardo Bug Co of Pr Rico. .20
Federal Light A Traction.._15
1%
15% Nov
34% Aug
30
100
Nov
378s Nov
187
3
Fairbanks Co 8% pref
40
157
1%'Apr 10
Exchange Buffet Corp. Wo par
10% July
43»4 Nov
3% Mar
4% 2d preferred
100
Eureka Vacuum Cleaner....5
3
Oot
117% Nov
29% Nov
121% Mar
I84 Jan
2% Jan
Ex-Cell-O Corp
Oct
4
78 Apr 10
1% Apr 13
2
Apr 10
5
42%
Jan
Deo
Jan 5
Feb 8
Mar 10
Equitable Office Bldg..Wo par
JErle Railroad100
4% 1st preferred
100
Evans Products Co
7084
8O84
38% Mar 10
15% Jan 4
3% Mar 6
38
56
177
27% July
19% July 22
Jan
36% Nov
3% Deo
3584 July
29% Nov
31
123%June 13
118% Feb 27
8
Nov
3
11% Jan 5
19% Jan 13
186%
183%
27%
1978
June
117s July
13% July 25
80%June 21
5%
$5H preferred w w..Wo par
$6 preferred
Wo par
135
49
5
9% Jan
78% Jan
Jan
Jan
116
84 Nov
28
Doehler Die Casting Co Wo par
Dome Mines Ltd
Wo par
aNewstock.
Mar
4
25
100
Def. delivery.
Mar
7% Mar
No par
2,500
a
9
Mar
3%
In receivership,
1984 Mar
4
5%
1,700
4% Mar
13% Mar
3
July 13
112
33%
36%
Mar
Mar
88%
7
17% Mar 10
18
25
*86%
Bid and asked prices; no sales on this day.
13% Mar
3288 Jan 11
*24
21
55% June 17
24% Jan 4
18% Apr 10
88%
36%
21
3
May
No par
25
21
84
24
1
June
3% Mar
12% Mar
48% Jan
24
200
35
3
*4%
33%
105
4% Mar
76
0% parttc preferred
Elk Horn Coal
Mar
124% July 28
t Federal Screw Works. Wo par
Federal Water Serv A.Wo par
1
8
3
581® May
12
May
Apr 13
Endlcott-Johnson
""116
400
1%
*
31
28
32%
28%
86%
3%
*17%
9
2%
93s
•
93
1%
36%
2%
4,800
2,100
59,800
93
3%
*%
11
200
86
1%
25
173
93
3%
Apr
% July 18
12% April
384 July 5
86
*1%
4
103
138% Apr 26
78%
16
100
1
86
92%
Edison
5
93
5%
Delaware Lack A Western..50
Eastern Rolling Mills
93
3234
26
100
Eastern Airlines, Inc..
87%
*4%
3234
*24%
*15%
92%
Diesel-W em mer-Gilbert.... 10
Delaware A Hudson
Eastman Kodak (N J).Wo par
78
4%
20
2,100
2934
1%
35
39
33%
2534
16%
No par
Preferred
13% Apr 10
4% Apr 12
10
April
4% Apr 8
107
Apr 11
1534 Apr 10
23
Apr 18
11% Apr 10
12% Apr 11
4,400
*84
*3%
*87
193s, 11,000
5%'
*5
28%
4%
33%
*24%
16%
*92%
*100
5
2934
1%
94
18%
140
27
1%
105
19
300
30%
1%
Dayton Pow & Lt 4pf 100
Deere & Co
Jan 24
Apr
5% Mar
3
Mar 10
3,300
Mar
7% Jan
142
130% 13134
123% *121% 123%
118
*117% 118
130%
58
28% Jan
July 21
5,600
*1%
5
25
45
6% Jan 9
49
July 17
160
15,400
20%
Cushman's Sons 7% pref.. 100
$8 preferred
No par
Cutler-Hammer Inc...No par
2
4
Jan
Jan 18
1%
20%
1
3
16
June 19
363s
11%
20%
1
May
65%May
14
1%
9%
No par
Class A
5
8
115
3534
9%
Preferred
Curtlss-Wrlght
Apr
Apr 5
10% Apr 11
37® Apr 1
38
Apr 14
4% Apr 11
19% April
73% Apr 8
Apr 12
126% April
1%
8%
3
49
Jan 21
Apr 14
36%
11%
2%
4%
10
50
Jan
10
11%
*4%
Jan 10
108
35%
*1%
*4%
91
6
8
100
11%
2%
9%
32%
1%
Apr 14
No par
11%
2%
1%
7% Mar
July 13
100
Preferred
8% preferred
1834
3
1438 Jan
8
Mar 31
18%
1
37% Mar
Apr
June 29
"~9~, 400
29
April
9
15934
21% Apr
5% Mar
22% Mar
Apr
25% Apr
6
19%
1%
13
Apr 29
41% Jan 3
40% Feb 28
1
26
1
Mar
No par
26
*1%
Jan
85
No par
*90
1
19
3
Dresser MIg Co
159
159%
106% 107
3
Jan
July 27
Dow Chemical Co
25%
1%
3%
35
Jan
32
Dunhlll International
93
86
*92
7% Apr 11
8
May 4
20% Apr
38
1,200
86
86
93
162
6,600
1,700
*76
78
17684 Jan
478 July 27
2% July 25
9
700
Apr
Apr
Apr
40
z53
1034
14
Mar
59% July 18
128
118
21% Mar
7s May
21% Mar
6678 Mar 10
9
14
June
10
10%
*115
Jan
0
Jan 26
7934 Jan 23
118
Jan 16
107
547® Apr 19
5% pref with warrants.. 100
13%
78%
78
31% Jan
29% Jan
500
25%
*18%
1%
12%
20%June 29
16% Apr 11
15% Apr 10
6,400
11,500
May 31
1038 Jan
37% July 25
Distil Corp-Seagr's Ltd. Wo par
140
116
Apr
29% Apr 11
1% Apr 10
3,500
820
234 July
103% July
1% Mar
183s
1,400
1784 Oct
2078 July
22% Mar
110
Jan
953s Nov
05% Mar
36% Mar
6
13g July 7
19%June 30
93
Apr 12
26% Jan 3
5%
22
Jan
3% July
Jan
Apr
Jan
Apr 21
Oct
7%
Mar
Mar
171
Nov
10
2
49
73s
10% July
78
10% Jan
4
12% Deo
34% Oct
104
984 May
8% Mar
July 25
44
5
Dec
807s Aug
23® Oot
2% Sept
2% Mar
32% Apr 11
111
Apr
18%
11%
333s
Mar
100
18%
90
7
334 Jan
15
Jan 10
101
Mar
8
Apr
Apr 12
5% Apr 1
*87
4% Mar
17
887s Apr
27s Mar
9% Jan
3% Jan
1% Apr 10
88
Diamond T Motor Car Co...2
25%
19%
1%
3534
*38
11% Apr 10
Mar 10
Apr
3
Diamond Match
25%
*18%
1%
34%
13%
9%June 30
1,500
128
107
I84 Apr 11
Apr 11
9
93% Apr 27
1,700
8734
12% Mar 10
35
107% Mar
77® Mar 10
July 14
3334
4234
7%
130
130% 130% xlSO
9%
9%
9%
9%
10%
10%
10% 10%
13%
*13%
1334
13%
12%
1
7%
7134
107
484 Apr 11
7
Apr 11
7%
71
35%
Mar
19% Marl
Devoe & Raynolds A
72%
*%
34%
*37%
Jan
1
70
150
7034
*1
76
71
tDenv & R G West 6% pf.100
3334
9
55
6
Detroit
18
34
2%
9%
31%
Feb 27
July 13
2% Jan
4
700
17%
3384
5
85
100
Cuba RR 6% preferred
Cuban-American Sugar
2984
z90
1% July 10
8% Apt 11
27
Apr 11
10134 Jan 4
96
300
700
Deo
4734 Jan
4,300
3,100
26%
*3
94
33%
4234
4
Jan
June 30
5%
1%
20
3%
16
*24
8
9% Aug
Deo
8 »4
Oct
Mar
79% Apr 18
75
124%
25%
173
3%
*92%
*%
124
173
*1%
33%
26
5%
1%
173
1%
*4%
5%
175
1
33%
*2434
7,500
*173
1%
1%
700
18
175
*173
1
8%
20%
16
17%
170% 171%
3
*4%
16
18%
27%
*10%
158%
158%
130
129% 130
120% 120% *121
118
118
*117%
18%
18%
1834
10,600
1,200
27
16834 171
1
*4%
20%
27%
16%
Mar
6
62
Davega Stores Corp...
Conv 5% preferred
20
37S Apr
15
June 16
147s July
26% Nov
103g Nov
24% Apr
Davison Chemical Co (The).l
169l2
1%
1%
4%
8%
20%
1%
5%
....
7
100
Preferred
100
300
8% Feb
30% Jan
Highest
10% Sept
4% Mar
Crucible Steel of America.. 100
800
169% 170
1%
*1%
6%
Lowest
$ per share $ per share
25% Jan
87® Feb 28
9
*4%
5%
*16%
18
6%
6%
111% 112
20% 2034
5%
18
*32%
157
50
6
June 30
28
"i:666
19%
Range for Previous
Year 1938
5% Apr 10
73
Apr 4
17
No par
19%
19%
11%
*115
2,000
23,400
4,700
80
1734
34
120
Pref ex-warrants
Apr
Apr 11
5%June 1
4% Apr 17
Crown Zellerbach Corp
5
$5 conv preferred
Wo par
Curtis Pub Co (The)...We par
...
33%
*115
Wo par
pref w w._Wo par
600
5%
*78
*3
90
conv
Cudahy Packing
5
35% 35%
34% 35%
*38% 39%
*38% 39%
*107
108
*107
108
*106% 108
12%
12%
127g
13%
12%
13%
*77
*86
20
$2.25
400
169
25%
1%
36%
7
3234
130
9%
30%
34%
43%
7
11
18%
26
19%
34
44%
11
5
177
25%
80
*55
122%124
24% 25%
33%
33%
*4234 43%
18%
8734
*1034
33%
1734
19%
169% 169%
*18%
1%
28%
25%
29%
120
1%
18
3234
17%
33%
72%
73%
129
129%
*8%
834
10
1034
13%
13%
*24%
5%
121
20%
*27
18%
87%
10%
3234
10%
1634
6%
87%
I4l2
*111%
17%
*10%
3234
*1278
19%
*4%
*16%
*6%
16
121% 121%
*23% 25
91
*55
16
1078
9
*80
20%
27%
87%
10
5%
25%
16
*86
878
....
538
25%
27%
*10%
32%
10
6%
46»2
5%
25%
16
18%
33
18
46%
5%
25%
21
27%
1834
74
*4%
*16%
6%
*111%
20%
46
16
18%
130
6%
19%
5%
*4%
20%
27%
6%
73%
5%
17%
17%
6%
*111%
19%
91
...
434
16
6%
*129
19%
*80
*55
434
21%
27%
6%
33
91
...
19%
5
17%
=111%
*15%
18U
1834
19%
100
353g
*54
19
25
conv preferred
10%
2534
10%
12
1884
Crane Co
Cream of Wheat Corp.
25
3534
*55
1
*35
34%
*80
100
25
57
91
25
36
10%
*11%
*55
Refining
25
*54
*55
Corn Products
*35
11%
25%
1
Continental Steel Corp.Wo par
Corn Exch Bank Trust Co. 20
(The)
Crosley Corp (The)....Wo par
54
*80
Continental Motors
Continental Oil of Del
5%
5
19
No par
Preferred
104
32
11%
4%
4534
5%
558
Class B
8% preferred
100
Continental Can Inc
20
$4.50 preferred
No par
Continental Diamond Fibre.5
Continental Insurance
$2.50
Coty Inc New
54
90
5% preferred vtc
100
Consumers P Co $4.50 pfWo par
Container Corp of America. 20
Continental Bak Co cl A No par
Coty Internat Corp.
12
2578
$5 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 0% pf.100
Consol Coal Co (Del) v t C..25
30"666
54
5*2
100
26,400
8,600
11%
2534
7% preferred
2%
32
$ per share
par
6H % Prior pref w w
100
Consol Film Industries
...1
$2 partlo pref..
.Wo par
Consol Edison of N Y-.Wo par
434
54
*80
par
Conn Ry & Ltg 4% % pref.100
Consol Aircraft Corp
1
Consolidated Cigar
No par
1%
24% 24%
103% 103%
Highest
$ per share
No par
Congoleum-Nairn Ino.-No
Congress Cigar
No
4%
1178
47
Conde Nast Pub Inc
2%
57
*4%
Par
4%
4%
1%
*11%
*45
Lowest
11%
*54
.
Week
100% 100%
*98%
38%
13g
11%
33
33%
10634 107
6%
6%
7%
7%
2
101
11%
17%
90
Range Since Jan. 1
On Basis of KM-Share Lots
Shares
734
82
*1%
1134
1%
107
6%
7%
*1%
*2%
4%
1%
81
3%
90
9
20%
113% 113% *113% 114
*113% 114
7
7
7%
7%
7%
7%
36%
36%
36% 36%
36% 36%
2%
2%
2%
2%
2%
2%
21% 22%
21% 2134
213g 2134
28% 28%
28«4 29%
28% 28%
*56%
58
*56% 5734 *56% 58
61%
62
62% 63
62% 6234
*174% 177
*17434 177
*17484 177
2%
25%
102%
31%
10%
26%
*70
4%
38%
*79%
7
687
EXCHANGE
33%
11%
*35
33%
11U
37%
1%
99
*7
8
6%
27
the
36
10%
25%
36
17%
1%
4%
1%
31%
*35
29%
57%
4
*101
10%
2578
37%
234
22%
57%
61% 63
*174% 177
62% 63
*17478 177
17g
7%
37
22%
29%
4%
114
7
7%
37
278
28%
I*
234
1%
98%
38%
178
2478
7%
*1%
17
134
3134
33
*6%
9
21%
90
107
1%
98%
37%
4ig
103
11%
33%
1778
3%
*31i8
11%
*6%
*5%
20%
7
82
1%
11%
32%
3
*2%
11%
11%
*10%
100% 101
*100% 101
11%
12
11%
11%
2%
11%
*79%
*89%
1%
10634 106%
1%
69
7
7%
*1%
17%
*113
22%
*7%
1%
9884
z37%
7%
37
284
*1%
7%
107
99
7%
21
*7%
1*4
H4
share
per
7
82
*5%
20%
21%
July 28
$
*6%
82
234
234
*10%
11%
10034 10034
11%
11%
1778
18%
11
July 27
27%
26%
6%
712
9
Friday
7
8
734
1®4
*32
*6
7%
27
84
712
*35
$ per share
*7i2
7
24l4
$ per share
8
84
7
*101
$ per share
21l4
107
37
Thursday
July 25
Wednesday
July 26
*5%
20%
107
♦113
*6i2
2634
*6%
Tuesday
4
.85
Apr
4378 Jan
29% Jan
5
Jan
6
378 Jan
7
84May 25
1% Jan 19
I884 Apr 11
26% Mar 11
83
8984 Feb
Apr
1
2734 April
1084 Apr 11
Ex-dlv.
y
Ex-rights.
Mar 17
1%
2%
5%
10%
1%
3%
19%
June
6
Oct
16
Oct
25
Deo
2% Nov
11%
Jan
43
Deo
3584
Oct
16% Oct
84% Nov
133
Nov
57s Aug
4% July
2% July
29
Oct
90*s
Oct
*1 Called for redemption
Oct
New York Stock Record—Continued—Page 5
688
July
Monday
July 24
Tuesday
$ per share
$ per share
$ per share
21% 21%
*10434 105
4934 49%
21% 22l2
37% 37r4
*21
22%
234
3
♦33
*107%
19%
*67
,
*212
34
78
2%
*33
37%
23%
2%
2%
914
*10'8
2334
27»
2%
9%
*100
♦6I4
*12
512
49%
22%
37
37%
22%
3%
22
22
*21
3
34%
19%
*67
2%
*33
23%
2%
*2%
*884
105
49
21%
2%
3
33% 34%
106% 107
1984 20%
34%
107
20%
*67
78
♦33
23%
2%
23«4
2%
284
9%
*2%
3812
3878
46
47
116
116
h
*55
11
11
11
1*100
115
5%
1284
*124
38%
36
*124
131
45%
40
*113
116
115
38
39%
%
84
84
95
122%
13
24l2
6l2
*52
9%
*52
2434
634
53i2
10
55
1878
*41
53
9%
3%
53
9%
72
1
15%
13%
33%
*24
15
15%
14
33%
2484
15
*1434
20%
10%
11%
1234
*
*42
66
72
2%
*76
4
24
24
*24
15
15
15
12
*19
*12
*84'
*11
*3%
27%
*109
160
*13%
73%
*131
*61%
19
19%
*15
*42
1
4
19
19
*30%
3184
*36
40
12
34%
19%
12%
1
*84
*10%
*3%
15
19
19
4
33%
18%
*12
*84
*13
*3%
*18%
*30%
20
*57
62
21%
21% 21%
*124
131
131
3834
37% 3884
47%
47% 47%
116% *112% 110
7i
«4
«4
*00
64
1%
18%
88
*86%
88
16
*10
29%
14%
22%
I684
28%
*14%
21
16%
*11%
1284 *12
97% *——
23%
22%
084
684
62%
9%
*52%
64%
53%
19%
19%
44
9
*40
78
16%
29%
1484
21%
64
*35%
13%
35%
1334
*70
72
95
95
95
95
63%
35%
63%
35%
63%
6384
6384
13%
35%
13%
*3584
13%
35%
13%
*71%
72
*108% 110% *109
110%
*6%
6%
6%
48
*1%
48%
1%
*384'
5
*32% 33%
5%
6
1%
1%
13%
*2284
*42%
*684
1384
23%
43%
7
48
*1%
*4%
33
5%
1%
13%
23
42%
*6%
48%
1%
5
33%
6
1%
1384
23%
42%
7
*95
13%
71% 72
*7184
110% 110% *109
6%* 6%
6%
48
48%
*1%
1%
*1%
4%
4%
*3%
33%
684
1%
13%
3334
6
1
1584
1,400
Gen Realty A Utilities
6% preferred...-.——100
1,000
4,200
26%
25%
%
6%
*1
*15%
1434
33%
*24%
1434
26%
25%
%
7%
1%
1534
15
33%
25%
15
2738
25%
1,300
General Telephone Corp—.20
Gen Theatre Eq Corp. JVC par
15
900
10»4May
98% Mar
15% Apr
684 Apr
84
684
1%
10%
15%
33%
25%
15
27%
26
140
141%
140
140
00
*42
60
♦42
500
Gen Time Instru Corp.JVC par
"s'ooo
General Tire A Rubber Co.—5
5,800
Gillette Safety Razor..No par
34
19
"
12%
*34
18%
34%
18%
12
12
1
15
4
19%
31%
*843
*11%
*3%
19%
30%
*35%
14%
1
15
4
19%
30%
36
18%
12
*84
*11%
3438
18%
12%
....
04
36
13%
73
400
12,000
700
2,600
200
4,200
24
24
43
43
42%
42%
7
7
*684
7%
1%
1%
13%
Co.—......1
Goebel Brewing
1% Apr 10
70
13% April
800
24,400
1,200
Goodyear Tire A Rubb.JVc par
35 conv preferred
No par
500
2,200
No par
.100
Gotham Silk Hose
50
Preferred
4,800
Graham-Paige Motors
1
Granby-Conso 1M 8 <fc P—.6
Grand Union (The) Co
1
33 conv pref series
No par
Granite City Steel..
JVc par
Grant (W T)
...10
6% preferred...
....20
Gt Nor Iron Ore FropjJVC par
30,300
1,000
Great Western Sugar. .JVc par
10,000
1,000
1,800
1,900
3,800
500
.
Great Northern pref
Preferred
00
100
100
..........
~2"400
Green Bay A West RR—.100
Green (H L) Co Inc....
1
18,300
Grey bound Corp (The). JVc par
600
1
&h% preferred...;
Guant&namo Sugar
.10
No par
8% preferred
—1.100
Gulf Mobile A Northern.. 100
Jan
53
Apr 10
21% Apr 11
90
Apr
8
2%June
69%June
% July
4% Apr
% Apr
11
Apr
30
2
20
8
10
10
10
Apr
22% Jan 23
12% Apr 8
10% Apr 8
24
Apr 10
133
Apr 14
42
May 24
24% Jan 26
14% April
10
Apr 8
% Apr 1
Apr 8
Apr 10
11
Apr 8
29 May 2
9
20%
600
31%
36
14%
40
7% preferred class A.....25
32
14
6,700
8
16
10
Hall Printing...:
..10
Hamilton Watch Co—JVc par
*31
*35%
200
Hackensack Water
6%
*88
234
*109
7%
94%
3
110
12%
12%
*108% 113
166
166
72%
130
*60%
*35%
13%
36
*35%
12%
1
1%
1%
23%
*42%
13%
23%
42%
13%
24%
42%
7
7
*684
7%
t In reoelvershlp.
a
Not
118
Jan 27
Mar
41
Jan
"3466
600
5,100
100
Heeker Prod Corp.;
Helme (G W)........
1
3
Jan 19
2
Apr 10
93
Apr 11
8% Apr 10
Mar
14% May
98
June
9
Mar
34
Nov
I684 Nov
20% Nov
100
June
27% Nov
11% Feb
37% June
67
28% Nov
61% Jan
3% July
Mar
5
24% Jan
5
13
Mar
47
•
7
37
Apr
Mar
384 Mar 14
2% Jan
84
4
July 19
2484 Jan 4
74% Mar 16
38% Jan 3
10984 Jan
1«4 Mar
2% Sept
60% Apr
10
Mar
32
June
15% Mar
6984 June
5
Jan
80
Mar
2% Mar
62% Mar
1% Jan
7% Jan
2% Mar
is4 Jan
1
Mar
8
Mar
84 Mar
16%June
20
Jan
.
34% July 18
24%May 31
16% Jan 6
31% Jan 4
.28
Mar 11
141% July 27
50
Apr
4
30
July 21
21% Mar 9
12%june 13
61
Feb
1584 July
3%
85
July
Jan
Nov
26% Oct
68% Dee
38% Dee
108
Deo
6% Nov
7284 Dec
2
Jan
8% Oct
2% July
14% Nov
228$ Nov
10% May
19
Apr
30
20
Jan
24% Dec
9% Mar
12% Mar
15% Nov
30% Dec
23% Apr
Apr
122
July
32
Jan
142
Deo
Oct
July
50
13% Mar
7% Mar
22
Dec
13
Oct
36
7%
Feb
28% Nov
1% Jan
18% Feb
6% Jan
9
6
4
12
Mar
3
Mar
22
4
8
Mar
24
32%May
9
July 21
14% July 25
17% Mar 10
IO384 Mar 28
24
Nov
30
Apr
Apr
30
30
35
June
5
Mar
8884 June
101
Nov
Mar 17
83
June
100
Nov
4
15
Mar
May 29
120
Jan
103
Jan
7% July 18
86
June 27
4% Jan
109
5
June 19
13%May 29
7* Mar
12
Mar
I84
28
Jan
Jan
6% July
Nov
13% Nov
21% Jan
3484 July
Apr
4% June
140
60% Mar
1% June
75
7684 June
5% Mar
111
2-784
0%
Deo
jan
Nov
Oct
Deo
11% Nov
Mar 24
81
May
111
Dec
June
5
140
Jan
161
Dec
Jan
6
10
Mar
Hercules Powder...
No par
63
Apr
8
86
Jan
3
135% Mar
6
35 conv preferred.......98
Hollander A Sons (A)
..5
Holly Sugar Corp...
JVc par
7% preferred
...100
Homestake Mining..;
12.50
Houdaille-Hershey cl A.No
Class B
Household Fin
par
No par
Howe Sound Co
com
5
Hudson A Manhattan—..100
5% preferred.—.... ..100
Hudson Bay Mln A 8m Ltd 100
Hudson Motor Car
No par
Hupp Motor Car Corp
Illinois Central
1
100
6% preferred series A—.100
90
Leased lines 4%
100
RR 8ec etfs series A...1000
460
Del, delivery,
Mar
"5%
July
2% July
Oct
41% Nov
17
4,900
100
15% Mar
"13"
95
26%
117
2,000
3,400
2,700
8,000
14,600
1,500
Mar
167
stk.JVc par
5% preferred
100
Houston Oil ol Texas v t c._25
200
Sept
Nov
2% July
27% Nov
Jan 21
6,100
100
z8 5
110
Apr 10
104
700
1284 Mar
July
9% July
12% July
10
34 conv preferred
No par
Hinde A Dauch Paper Co.. 10
Holland Furnace (Del).....10
300
101% Apr
1% Dec
46
109% July 27
100
500
684 Mar
124% Nov
159
25
128% Apr 10
4,300
Mar
4
Aug
63% Nov
No par
6% cum preferred
100
Herehey Chocolate—.JVc par
1,600
Dec
25% Mar
111% Apr
21% Mar
....100
Preferred
60
"""366
Nov
79
125
Hercules Motors
50
100
60
Jan
Mar
50%
Mar 14
144
4% Feb
40% Nov
117% Nov
1% Oct
13% Jan 3
60% Mar 11
54
Apr 20
71
3
Nov
Jan
25
1
_
87
6% June
40% Dec
130
Corp of Amer class A...1
6H% preferred w w—100
Hayes Body Corp..
..2
Hazel-Atlas Glass Co..
25
Mar
June
% Mar
13% Mar
_
8% Jan
6% preferred..——— 1.100
Hat
0
6
90
800
6
3
5
32
15
_
Feb 28
Jan
Apr 10
64
13%
24
43
48
17
3,000
64
36
13%
Feb
Nov
Mar
1,300
50
63%
28
96
6% preferred..
Oct
5% July
19% Oct
38% Nov
138
99
73%
*95
64
5
136
Apr
—..100
500
130
Jan
6% Mar
Apr
2% Mar
684 Mar
115
Mar
Hanna (M A) Co 15 pi. No par
Harbison-Walk Retrac.JVo par
300
"""*60
13%
*13
25
Mar
Mar
Apr 11
Apr 19
Apr 12
May 19
*102% 102%
*101% 101%
*24
24%
135% 136
..—.100
8
2484 Jan 27
20%
6% preferred.:
4
Mar
29
Mar
15% July 15
32% Jan
l7%May
15% Jan
I684 Jan
99% Feb
27% Mar 10
Jan 26
Goodrich Co (B F)—JVc par
5 % preferred
No par
4% Mar
82
Oct
11
92% Apr
11
28
11
10
7% Apr 11
July 7
1484 Mar 31
34 May 17
2% Jan 23
100
...
I
4H% conv preferred.—60
Gobel (Adolf)
1
Jan
1% Jan
20% Jan
z51
4
04
13%
44
9
1% Jan 20
Apr 8
Apr 28
Gold A Stock Telegraph Co 100
15
73
73
72% 72%
111%| *109% 111% *109 110%
6
6
6%
6%
6%
*48
48%
48% 48%
1%
*1%
1%
1%
1%
5
5
*3%
*3%
434
33% 33%
33% 33%
33% 33%
*5%
5%
5%
6%
5%
5%
13%
No par
No par
36 preferred.
...No par
Glldden Co (The)...
JVC par
35 conv preferred.
Glnabel Brothers...
_
July 21
28
9% Apr 11
4
*95
13%
100
0% preferred
66
34%
—1
11%
1284
97%
23%
6%
%
684
1%
1534
*14%
325g
*2484
26%
*25%
No par
General Refractories
Dec
8%
20%
108%
27%
22%
108%
110
«4June 30
Apr 8
87% July 12
%June 30
15
Apr 27
19% April
1484 July 15
16%
4
73
15
—1
36 preferred- —-—JVc par
3
4% Mar
35
38
14
16
141%
♦Bid and asked prices; no sales on this day,
1,600
r
Mar
6% Jan
10% Jan
Apr 15
No par
Gen Public Service
Gen Railway Signal-—JVC par
1,300
1%
14
24%
,24
105
800
July
July
Nov
Dec
Dec
July
61% Mar
126%June
Mar 31
General Shoe Corp
*72
3
72% Jan 26
117 May 9
7
18
97
127
3
—1
$0 preferred..———No par
3% Oct
5% July
18
9%
102%
59%
11%
Jan
_
4%June29
General Printing Ink
Mar
Jan
Nov
Sept
25% Jan
130% Mar 31
44% Jan 5
47% July 28
118% July 3
1% Jan 5
65% July 11
99
July 28
% Apr 10
Common—...—...No par
9% Mar
85
Nov
Sept
Jan
Jan
Mar
5%
58
32
52
18
36% Jan 27
39
10
91
June
Jan
35 preferred
No par
Gen Outdoor Ad v A...No par
15400
7%
1%
No par
Mar
2% Mar
Apr
19% Mar
1% Mar
2% Mar
25
37% Nov
109% Nov
29% Oct
48
4% Jan
Apr 11
6% preferred-.——100
General Motors Corp
10
60
Jan
Oct
4%
117
Jan
76
Jan
Mar
Mar
Oct
21
19% Nov
11
!9%May 12
114
Mar
U
39%
Sept
35
31
18
85
Oct
Nov
43% Nov
31% Dec
13
8
—No par
General Mills
3
Apr
1% Mar
15
26%
100
5
149
June 20
.No par
No par
pref series A.No par
Jan
June 29
•10
Apr
17»4 Apr
114
General Foods ........No par
3
9
_
100
General Electric
Jan
103% Mar 28
60% Jan 6
1
43
7% preferred
July 21
Jan 3
24% Mar
10% Mar
1984 June
3
62
n
Mar 31
9
3
16% Mar
Apr
76
7% Jan
Jan
118
2% Apr
Highest
1884 Jan
8% Apr 10
100
18%
07%
30%
*3%
..NO par
Apr
Gen Steel Cast 36 pref-JVc par
105% 105%
14
..
101
J 17
5%May""
990
45
4
13
1284 July 21*
47% Mar 22
200
53
9%
54
19%
3
1% Apr 10
July 10
7% July 11
9
July 13
94 "Apr 22
3h Aor 10
2
800
2%
83
30
30%
10484 105%
334
384
*71% 73
Jan
36% April
121% Apr "
28
Apr
18%
67%
30%
18%
08%
30
7% cum preferred-——100
General Cigar Inc——No par
34.50 preferred.
77,900
2,200
18
*84
1134
General Cable..
Class A.—
30 conv
1%
18
18% Apr 26
Gen Gas A Elec A
390
.
Jan 13
134
......—5
No par
r
July 27
22% July 17
'26
3% July
35% Jan 5
108% Jan 11
2984 Jan 6
9O84 Jan 6
384 Jan 9
65
38 1st preferred- .—.No par
500
T166
38
May 29
5
5
General Bronze
10
*1%
1% Apr 10
25% Mar 9
105%June 8
'28
50% July
31% Jan 4
8
2,000
1,300
17
—
34,000
8,200
4%
*113% 114
*113% 114
*111% 114
112% 112%' *111% 114
*10
*16
17%
*16% 17% *16% 17% *10
17%
17%
41
*4084 41%
40
41%
4034 4034
40%
39% 40
39% 39%
*107% 109
*107% 109
*107% 109
*107% 109
*107% 109
♦107% 109
*8
9
9
9
*8%
9
*8%
8%
8%
8%
*8%
8%
*10% 11
10% 10%
10% 10%
10% 10%
10% 10% *10% 10%
*95
10
30
4%
9%
*113% 115
17
"l,20b
65
*31
484
9%
3184
36
36
30
14%
14%
14%
14%
16%
*15%
16%
*15% 16% *15%
'102% 102% *102% 102% *102% 102%
100% 100%
101% 101% *101% 101%
24%
2484
24% 24%
24% 24%
*135% 139
139% 139% 135% 137
*6%
7
*634
7
*684
7
*88
*88
94% *88
94%
94%
3
3
3
3
3%
3%
109
*109
*109
110
110
*109
110
109% 109%
13
12% 13
12%
12%
12% 12%
12% 1284
113
*109
113
*109
113
109% 109%
*109% 113
166
160
166
*165
169
*165
169
al66% 166%
14
13
13
13
13
13% 13%
13% 13%
74
73
73%
75%
73%
72% 7234
72% 73%
131
13134 *131
13184 *131
13184 131
130% 130%
64
*60% 64
*60% 64
*60% 64
*60% 04
*30%
*35%
14%
1,000
*24
02
2%
*75%
15
20
7,700
2%
83
19
09%
15
*25%
1234
2%
*75%
15
00
12%
8
21
Apr 14
103% Apr 6
14% April
67 May 2
32
Lowest
$ per share $ per share
S per share
Jan 26
General Baking.—...
10
400
1% Apr
40
2,400
3
8
Apr 6
May 12
96
Gen Am Transportation
*284
8
No par
TSoo
14 884 14884
26
Gen Amer Investors—No par
36 preferred
2%
83
19%
69%
30%
25
*42
3
13
Free port
5H % conv preferred——60
""766
3%
1434
33%
24%
27%
14884
*4%
3%
1434
33%
24%
60
15
100
3%
%
*140
33%
18%
Gaylord Container Corp..—5
700
3%
72
7%
1%
26
34%
19
12%
700
900
3%
*67%
2934
105% 105%
*384
4
72
19%
*40
7% pi. 100
"""900
%
*52
44
18%
140
14% 14%
*15
16%
15% 15%
*102
102% *102% 102%
*100% 10034 IOO84 100%
*25
25%
24% 2534
*137
139% *137
139%
*6%
7
684
*88
94% *88
94%
3
3%
3%
3%
12%
25%
*80%
10
54
*42
26
14
108
%
1%
54
140
31
14
*12
20
40
31
1034
*1134
140
20
*36
4
7%
F'k'n Slmon&Co too
*109
29%
29%
1484 *14
22
21%
I684
1034
1134
12
1284 *12
97% *.—
23%
23%
6%
034
52%
53
9%
9%
1484
20%
*2%
*75%
34
784
1%
37 conv preferred—Nc par
Francisco Sugar Co..—No par
5%
2%
30
29%
2%
84
*71
"""266
*12%
13
*46% 49%
7%
7%
7%
105
♦100% 105
51
51% 51%
9
9
9%
2%
65
10
3%
18% 1984
08% 68%
2984 31%
104% 105%
18%
88
1
17
4H% conv pref
100
Foster-Wheeler ........—10
800
1%
18%
25
par
190
2%
2%
16
3%
1534
14%
12
4
19%
44
""
34
18%
*3%
55
1%
par
38% Apr
16% Apr
par
Range for Previous
Year 1938
Highest
3 per share
17% Apr 10
99% Jan 16
par
Stores—No
Flintkote Co (The)—.No
Florence Stove Co.....No
Florshelm Shoe class A .No
4,700
*2%
2%
*4%
Rubber.—10
A—. 100
6% preferred series
1 Follansbee Brothers..JVC par
Food Machinery Corp—.100
8%
*8%
9%
*11
113s
11%
110
*100
110
*32
Firestone Tire A
First National
Sulphur Co...-.--10
Gabriel Co (The) cl A ..No par
Gair Co Inc (Robert)
33 preferred
—
.10
Gamewell Co (The)—.No par
Gannet Co conv 30 pref No par
Gar Wood Industries Inc
3
97% 98%
9784 99
121% 121% 121
121%
4784 48%
48% .49%
123
123% *123
123%
j
Par
2,400
1,800
"1M0
*109
*1%
18%
*86%
*84
9%
3%
100
2234
*60
34
*51%
15%
14%
3384
1
17
11%
1234
34
19%
15
34
16%
30%
15%
2184
14
3484
*84
88
33
19
♦11
1%
19%
72
84
784
1%
1584
1434
3484
34
10
54
284
60
47% 48%
123% 123%
52
9%
700
78
*2%
9884
121
97% *—
24%
23%
0%
63
19
*42
98%
23%
034
44
27% 27%
2084
26
*2584 20
*138
*137% 140
*00
120
5%
*109
I884
7%
1%
15%
6%
109
84
16%
29%
*37% 38%
*2034 21%
3%
3%
*33% 34%
1O034 10684
*1984 20%
*22%
*100
109
*85%
300
3,000
0,800
23
9%
19
2,400
30
*11
11%
Lowest
Week
Shares
*33
2%
*2%
115
9
8,
7%
30
*1%
July 28
36
9
9
44
*71
Q
11%
Range Since Jan, 1
On Basis of 100-Share Lots
9 per share
21
21%
104% 104%
50
50%
21%
22
*07
234
STOCKS
NEW YORK STOCK
EXCHANGE
the
23
23%
2%
234
434
*41
2l2
2%
2%
2%
*75is 84
*75% 84
19% 20%
19%
19%
68
08%
68I4 68I4
31
3134
31% 32%
*10434 105
*10484 105
4
3%
•3%
334
72
23%
2%
*2%
*100
J
Friday
*33
484
55
3%
78
*2%
234
38
52
97%
24%
6%
34
♦67
78
*2%
5
55
3%
*67
*33
3%
*1O084 107
*1984 20%
20%
9
13
.
23%
19
44
3%
*12
9712
34
3484
107
19%
*484
4%
4%
*434
478
8%
0
*834
9
*108% 109
*108i2 109
*1%
1%
1%
1%
19
19
18%
19%
88
♦86
*8512 88
78
78
84
84
16% 16%
16% i6i2
28
2878
28% 29%
*14% 151s
15% 15%
21
2H2
21% 21%
16% 165«
1084 16%
lll2 lll2
11% 12'
*12
49
123% 124
*34
30
*32
66
98
47%
3%
3%
6%
120% 121%
47% 48%
124% 12484
107
22
,
1234
49%
96
06
121
3%
34%
♦21
5%
5%
*00
68
*00
22
*21
1284 1284
12%
1284
49% *46% 49% *40%
73g
7%
*7%
784
100%
105
*100% 105
51
52%
50%
54
*884
9%
9%
8%
14834 *147
14884 *i47
3
3
3
*2«4
13%
12%
13%
1284
20
20% *25
2634
*57
05
*50% 65
21%
21% 21%
21%
*124
131
131
*124%
38
39%
37% 38%
45% 46%
46%
40%
11638 *113
110% *112
1
*84
%
%
6%
5%<
13
z45%
70
*—
9%
115
7«
95
0014
122% 12214
4814 48%
*124i4125
*34
23%
2%
234
11
123
26%
*54
2%
38
♦9
123
13
78
*2%
2%
38
*20l2
*3
f per share
37
21%
105
4912 *46% 49% *40%
*7%
734
7%
7%
*100%
*100% 105
105
53
54
52%
5214
9
9
884
914
♦147
14884 *147
149
3
3%
3%
3%
1284
13%
12% 13%
26
2"
20%
26i2
*54
6
65
*54%
21%
21% 2184
21i2
*46%
♦75s
*10018
52%
0
*14612
$ per share
21% 21%
49l2
21%
13
13
Thursday
July 27
2084 21%
*104% 105% *104% 105%
50
50%
49% 50%
21% 22%
21% 22%
22%
37% 38
37% *37% 3784
21%
21%
105
♦100
11,
115
NOT PER CENT
Wednesday
July 26
49
21
105
107
197«
July 25
Sales
for
LOW AND HIGH SALE PRICES-PER SHARE,
Saturday
July 22
1939
29,
n
New stock,
r
Cash sale,
x
64
Jan 28
Apr 27
14>4 Apr 17
3l%May 1
105% Mar 18
7
June 29
10
July 10
95 May 10
60% Mar 31
27
Apr 8
8% Apr 10
61
Apr 8
103
Apr 21
484june 30
40
Apr 10
1
July 3
3
Apr 6
25% April
4% July 1
1
Apr 8
984 Apr 10
16% Apr 8
3834 Apr 10
5
April
Ex-dlv.
y
64% July 18
4284 Mar
12684 Jan
40
Mar
July 17
80
Mat-
Jan
7
15
Sept
51
Jan
4
17
Jan
110
Jan
6
98
Jan
115
19
11% Mar 9
15% Jan 4
104% Jan 12
66%May 11
36% Mar 9
17% Jan 3
73
July 28
llOi^une 22
8% Jan 6
55% Mar 9
184 Jan 20
5% Jan 9
35% Jan 10
8% Jan 5
2% Jan 3
2084 Jan 4
35
49
Jan
3
Mar 13
11% Jan
Ex-rights.
4
684 Mar
11% June
102
20%
Oct
87
Dec
135% Deo
00
Oct
105% Deo
21% Nov
62% Oct
118
Aug
13*4 July
25% Jan
Mar
108
May
48% Apr
60
Aug
17% Mar
35%
Mar
18%
6
46%
Jan
Oct
Oct
72% Nov
105% Nov
83%
Jan
5
Mar
984 July
23% Mar
63% Jan
3% July
9% July
36% Nov
1
May
3
Mar
20% Mar
Mar
5
10
Jan
% June
6% Mar
12>
Apr
2% Oct
20% Dec
35% Dec
23
Mar
44
Apr
11% Dec
%
Called lor redemption
Nov
Volume
LOW AND
HIGH
SALE PRICES—PER
Monday
July 24
July 22
% per share
NOT PER
6
Thursday
Friday
July 27
July 28
¥ per share
6*2
27%
27
*534
6
27
27
103
103*2 104
*154
*534
2634
106
82
82
83*2
84%
8212
82»4
8234
13
12*2
13
13%
12*2
12%
12%
534
♦5*2
5»4
12%
5*2
6U
6%
6*2
5%
31*2
3%
978
31% 32
32%
106% 106*2 ♦106*2
*234
3
*2*2
1014
1S4
*22
23%
186
10
134
186
58*4
1%
*21
187*4
58
58*2
*163% 164
638
5%
5*2
3%
334
3%
32%
32
32*4
*106% 108
*106*2
*2%
2%
2%
10%
10%
10%
10%
3
1%
-
23%
187% 187%
56
*5*2
32%
10
178
22
186
164
534
*234
*7l2
10*4
1%
22
58i2
*161
5*2
6
5834
23%
187
187
187
55
56
163% 163*8 *163
164
164
6%
3
6%
*2%
634
3
3
*234
7*?
8
7*4
7*4
*7
*33*4
34
*327*
34
25
94
6*2
*84
21
19
7*4
87g
21
*83
81*2
4634
*120
*18*4
1834
10%
*90
98
16*4
*90
734
16*4
95
11
*17*2
•9*2
*90
98
11*8
7
^
37*8
37%
37
12
12
12*4
98
10*2
*9*2
*90
16*2
95
16%
*91
11*2
11
7*4
7%
85
*82
1134
21
21
*83
11%
*8*4.
21
85
*83
79
120
48
48
18%
18%
""206
800
20
19
1*20
8*4
20
10%
9
21
84%
84%
*79*2 80%
*129% 130
47
47%
*129% 130
47.
19
*120
734
19
97
*9*4
*90
97
*90
97
*90
1634
1634
1634
*91%
1034
17
17%
*91*2
18
10%
*92
95
11
95
*10*2
7*4
85
11*4
7%
7%
*9%
85
*82
8
8
*18
7%
*82
10%
95
*9%
11*2
11%
7*2
85
37%
36*2
37
36%
37*4
12*4
12*4
12*4
12%
12%
12
12
30
29*2
29%
29
29
28*2
*2%
2%
2934
2%
30*2
30
2*2
60
*2*8
*30
50
*30
50
*29%
50
2*4
*29*2
18
18
18
18
19
19%
25%
25%
25*2
*4*4
*4%
5
2534
25*2
2534
5
5
*4%
5
4%
4*2
29
29
28*2
2984
29%
29*4
2934
28*4
28*2
29*2
27%
28%
28*2
10
10
28%
10%
28%
*9*2
18%
17%
*1534
10
10*2
18*2
28*4
10*4
17*2
28%
10*4
183s
16*2
*4*2
19
17
17%
*17%
16%
16%
16%
16
5
5
16*4
*4*2
16%
5
9%
5%
16
*4*2
5%
*29
*5
50
7%
109
*1767g 181
*17
18
109
109
*176% 181
*17%
18
30
30
37*4
37%
30*4
3734
13
13
13
13%
15*2
4534
16
457g
15*4
45*2
45%
*109
30%
38
16
110*8 *109% 110%
2134
18% 20%
20
52%
2*2
5234
5234
2*2
2%
19*2
53
2%
25" 500
12%
*28*2
12%
2,200
1,000
29
*2%
*29*2
2%
20
2534
*4%
26*8
2934
2834
10
29
5
29
2834
28%
17*2
*15
16
*5
5*2
18%
16
5%
52
2%
19%
53*4
5134
2%
2%
52%
2%
51*2
*2*2
155
*155
157
155
19
19
19
19*4
18%
51*2
52*2
51*4
51%
51
34
34
*128*2
22%
32%
*128*2 130
130
---
*33
34
*128*2 130
23
2234
22%
33
33
45
*14*2
15*2
3234
14*2
35*2
35*2
34*2
1%
1*4
1*4
1*4
14*2
*33
22%
31*4
*14*2
155
155
23%
22*2
33%
31%
15
*14%
33*2
34*2
33%
*1%
*6 '
1*4
1%
6%
*6
22%
23%
24
13%
1434
13%
13%
*6*8
6*2
22*2
22*2
*6%
2234
14*4
1434
14
13%
13*2
1334
6*2
23*4
1434
1384
13%
13*4
1*8
1*8
4*2
1*4
1*4
4%
4*2
*1%
4*4
4*2
4*2
4*2
4*4
4%
1*8
4%
4*2
1*8
4*2
4*2
*4*4
15
15*4
15
15*2
1434
15%
1434
35
35%
35*4
3534
3434
34*4
2*2
35%
2%
2*2
155
2*2
2%
43*2
43*2
25%
25*4
25*2
*99
*4%
52*2
52
5
28
4*4
*28
*171
52%
4*4
29%
52
*4*4
4%
29%
52
4%
*26*2
Bid and asked prices; no sales on this day.
10
No par
No par
No par
6% conv preferred
..50
1
Llbbey Owens Ford Gl.No
Llbby McNeill A Llbby No
Life Savers Corp..
par
par
6
Liggett & Myers Tobacco..25
25
Series B
Preferred
100
Lily Tulip Cup Corp...No
par
Lima Locomotive Wks.No par
Link Belt Co
No par
Lion Oil Refining C0...N0 par
Liquid Carbonic Corp..No par
Loew's Inc
Mar
Jan
100
26% May
6*2 Mar
51
30% July 21
234 Mar 24
40*2 Mar 9
20
July 28
19
Feb
30
1% Mar
12% Jan
35
Dec
19%
Jan
26*8 July 28
5% Jan 16
15% Mar
2% Mar
July 24
22
July 18
12% Mar
13% Apr 11
2934
28%
13%
23%
14
18% Mar
28
92
8
834 Apr 11
20
Apr 8
1«4 Apr 11
Apr
25
44% Jan
June 12
20
Apr
8
4% Apr
6
24
Apr 27
20% Apr 11
7
Apr 8
100
Madison Sq Garden
900
1
Manatl Sugar Co
No par
10
5
638 Jan
400
25
10
500
Maracalbo Oil
1
157
Mar 13
29
6
Jan
6
6% pr pref. 100
Marshall Field & Co ...No par
*2%
43
43*2
1,300
Masonlte Corp
25%
25
25
2,900
Mathleson Alkali Wks.N<> par
1
Co..
Martin-Parry Corp
No par
No par
100
May Department Stores... 10
Maytag Co
No par
53 preferred w w
No par
preferred
56 1st cum pref.
1,000
McCall Corp
7,500
No par
No par
McCrory Stores Corp
6% conv preferred
r
81% Mar
Apr
14% Mar
20% Mar
12% Mar
Cash sale,
100
z
26% Mar 17
2
May 12
34*2 Apr 10
23
April
Jan
6
4034 Apr
8
4
Apr 10
28
July 24
Jan
3
10% April
934 Jan 26
88
Jan 13
,
Ex-dlv.
Dec
84 Mar
Mar
Jan
5
4% Jan
22% Mar
4
9
14s4 Mar
1
92
62
110
June
24% Feb 25
l59%June 23
20% Mar 13
Jan
30s4 Jan
3
4
26
2% Mar
June
1384 Mar
Apr
12% Mar
29% Apr
125
22
29
July
14% Nov
35% Oct
58% Nov
9
Jan
Mar
4% Mar
9
36
176
Jan
4
July 11
52% July 24
6% Mar 10
36% Mar 10
60
Nov
21*2 July
62% Nov
111*4 Oct
9
63*4
Oct
Oc
684 July
23% Novt
107% Dec
2I84 Dec
164
Nov
19% Oct
57% Dec
Jan
684 Mar
2% Mar
39% Feb 24
5% Jan 3
57*2 Jan 3
18*4 Nov
40«4 NOV
Dec
10
5
9
15% July 24
103«4 July
176% Deo
32
18% Mar
84 Mar
7
Dec
126
Mar
Jan
Jan
Jan
Mar
5% Jftn
8% Mar
37*4 Nov
102
Mar
16
24% Mar
19%
38*2
184
7*2
•
Oct
7*4 July
1% Jan
5*4 Jan
110% Mar
43*2 Ffeb
1»4 Jan
5
934 Apr 10
93
Mar
33
99
1334 July 24
3*2 July
164
Mar
25% July 19
1484 July 19
4% Apr 10
120
May 29
19
Apr
Exploration.. 1
Marine Midland Corp
New Stock,
Mar
Mar
16
Apr
n
25
81
47
Apr
Apr
s Def. delivery,
3
July 27
108% July 27
109% July 25
180 May 26
1734 Jan 20
40% Jan 5
Apr
5
Martin (Glenn L)
19% Mar
6% Mar
5684 Mar 13
Apr
9
Market St Ry
Mar
% Dec
1% Mar
1984 Mar
23% Mar
5% Deo
41
Apr 10
1
Bros
3
4
5
Jan
3234 Mar 13
25% Apr 11
100
90
Jan
95
4
3
Mar 29
No par
200
30% Dec
£26% Oct
July 26
Modified 5% guar
Manhattan Shirt
400
10% Mar
13% Mar
8
Mar
Marl6
34
Mandel
~2"606
7% July
131
t Manhattan Ry 7% guar. 100
7%
3% May
2
100
*171
Jan
Nov
3
1834June 29
30*8 June 30
13
Jan
17
58
440
700
18
15
Apr 8
Apr 25
Feb
July
31% July
21% Nov
Jan 20
12*2 Mar 10
41*2 April
2% July 10
4
8
Mar
2734 Jan
Apr 10
Jan
22% Oct
8
6% Jan
% Jan
1% Apr 10
20% Mar 31
9% Apr 10
23
Apr 10
36*2 Apr 10
4% April
3434 Apr 6
97*2 Apr 11
99*2 Apr 11
171%May 10
15
Apr 10
21
Apr 10
31% April
12% July 15
13%June 29
8
3
3% July
Jan 20
35% Mar 10
3
Apr
Jan
Oct
July
30
26
Apr 10
Jan 6
Mar
Oct
14% Nov
Mar
118
3% Apr 10
19%
147*2
1534
3612
Mar
Oct
8*2 Mar
8
%May
9
Oct
10%
9
Jan 24
28
Magma Copper
500
9,300
3
Mar
14%
5% July 18
Jan 27
3% Apr
5
13
12% Apr 10
124
3434
2%
t In receivership,
3
80
10
34%
52
8
No par
No par
Macy (R H) Co Inc._.No par
18,000
Nov
Jan 18
8
17
7,600
440
91
95
Deo
Jan 11
105
35
2*2
44
4%
28%
.
2I84 July 22
Mack Trucks
7,400
Deo
Nov
64*2 Jan 4
109% July 17
3,500
28,500
12
10
Apr 10
100
Oct
13% July
24% July
10% Mar
25
Inc
5% Mar
Jan
123
100
Mar 3L
preferred
Mar
July
78
24% July
14«4Mar
preferred..........100
(P) Co
10
preferred...
118
130
Dec
6
Biscuit
Jan
Apr
12% Mar
Dec
35
No par
Mar
49»4
10*2 May
63
Apr
484 Mar
July 28
105
Lorlllard
6%
Nov
74% Deo
111% Oct
Mar
No par
Loose-Wiles
10
Jan
124
11
No par
800
7%
24
Apr
44% Mar
100
No par
preferred
Inc
Lone Star Cement Corp No par
90
Mar
June
Mar 13
18
Jan 26
Lehman Corp (The)
Oct
83% Nov
12«4 July
12
12
June 21
Apr
Lehn & Fink Prod Corp
5
Lerner Stores Corp
No par
4
Oct
Nov
8
4
Jan
18
99% Jan 17
7*2 Apr 10
5*8 Apr 10
79
17
...6
Jan 20
11% Jan
12% April
Apr 25
.
23
4
Feb
25
2,700
*99
99
99*2
99%
99%
99*2
99*2
99*2 *99
100
*13*2 14*4
14*4
14*4
14%
14%
*1334
14%
14%
14%
14%
14%
14*2
14%
14*2
14%
14%
14*2
14%
1434
14*4
14%
14%
14%
*103*2 108*2 *104
108*2 *104
108*2 *104
108% *104
106% *104
106*2
*
1
12184
5% April
April
8% Apr 24
A.l
par,
19*2 Jan
11
113
19%
52
Apr
25
23%
*4%
28%
35
4% conv preferred
100
Lehigh Valley RR
50
Lehigh Valley Coal....No par
5%
July 18
11%
11%
16
113%
58
Lee Rubber <fe lire
20
9
Feb
122
Lehigh Portland Cement
*19%
*10834
23%
4%
85
Mar
4
100
19%
52
Apr 14
6
June 20
9
preferred
Lambert Co (The)..
Lane Bryant
Long Bell Lumber A
29%
21
125
63
3
Kress (S H) & Co
No par
Kroger Grocery <fe Bak .No par
Laclede Gas Lt Co St Louis 100
900
*171
52
*28
34%
♦2%
*43*2
24*2
4
6% Mar
Jan
No par
Kresge (S S) Co
Kresge Dept Stores
56.50
9
1084 Jan
6
Jan 27
Apr
,
June
87
3
Jan
Mac Andrews A Forbes
35*4
734June
Jan
June
100
4334
*171
preferred
2%
157
1484
8*4 Apr 10
77% Jan 9
64
55 prior preferred...No par
2*2
*155
June 30
105
Kimberly-Clark.......No
Kinney (0 R) Co
2%
155
96*2 Deo
1
3,000
23%
8584 Jan
35% Nov
133
conv ct
Jan
Mar
8
13
Apr 10
117% Jan 27
B
6
48% Jan
30% Nov
June
9
Mar 24
3
10
Jan
57% Nov
July
15% Nov
52% Nov
140
12
4
8
Kendall Co 56 pt pi A..No par
Kennecott Copper
No par
Keystone Steel & W Co.No par
Loft
Feb 10
65% Apr
100
25%
52
Kelsey Hayes Wh'l
52%
109
34
122% Apr
par
43
2%
19%
23%
60%June
No par
Louisville <fe Nashville
2534
28
200
9
4% Mar
18% Mar
2% Mar
28*2 Mar
19% Mar
100
_
Louisville Gas & El A..No
2*2
43*2
434
700
1,400
1434 Jan
6134 Jan
6%May 29
Jan
Feb
700
25*8
51*2
8,000
6% Mar
Feb
1,000
2*2
43*2
2934
99*2
800
6'4 Mar
132
28
85
100
3,400
1,400
8% Jan
5534 Jan
May
138
Oct
46*2 Mar
68
.
51*2
*18%
19*4 *18*2
19
51*2
51% £5034 5034
*33*2
35
*3334
34
130
*128% 132% *128*2 132%
22%
22
22%
22%
22%
32
31%
32
31%
31%
15
*14%
15
*14%
15
33
33*2
33*2 *33*8
3334
1%
*1*8
1*4
*1%
1%
'
6*2
*6%
6%
6*2
6*2
24*2
2334
24%
23*2
24
1334
1234
13%
1134
12%
13*4
*12%
13% *12%
13%
1*4
*1%
1%
*1%
1%
4%
4%
4%
4-%
4%
4i*>
4%
4%
4%
4%
14%
14%
15
14%
14%
25*2
5ll2
1,500
Jan
Mar
96
18
120
52%
34
43
434
*27*2
2,400
Oct
2
9%
4%
11%
6*2
51%
25*4
*171
800
164%
6
18%
43
*171
3,000
Mar
3*8 Mar
9% Feb 28
Southern .No par
preferred
100
5%
Jan
141
31% Mar
Keith-Albee-Orpheum pf,.100
160
1,700
.100
Dec
70
484 Jan 12
Jan 23
Jan
97
......
19
52*2
1,400
7,700
109
109
109*4
10834 109
109
2,100
*177% 181
*175*2 181
*175*2 180
*17*4
18
*17*4
18
*17%
18
29
30
*29
29%
2834
29
28*2
28%
1,300
39
39
*39
39
39%
39
39
700
39%
13
13
*12%
13
13
*12*2
13
13
1,700
1534
1534
16%
17
17
17*4
17*4
17*4
5,200
46
46
47%
46%
46%
47%
46%
4634
9,000
*109*2 112*4 *109% 111*4 *107% 110
*108
112%
18
18*2
20
1834
19%
19%
I73g
19% 280,900
157
34
200
18
*155
52*2
5,700
Jan
185
May
35% Jan 21
Kaufmann Dept Stores
1
5% conv preferred......100
Kayser (J) & Co
5
58
520
*9%
16
200
29
Mar
31%May 19
19
Apr 10
Kansas City
""560
July 18
Mar
84
1
.
9% Nov
34% Nov
98
Apr
6% July
16% Nov
3% Jan
8% Jan
Jan 12
..No par
.
Nov
19% Oct
6*4 Nov
15
6
1
95
£130
No par
Kan City P & L pf ser B No par
50
20
66% Mar
164
Mar
10% July
30% Aug
119% Deo
146
Sept
48
_
9% Jan 19
Kalamazoo Stove & Furn
Class
2
5% Apr 11
Jopes & Laughlln St'l pref. 100
3,400
Mar
6% Mar
27% Jan
19534 Mar 13
Apr 11
Jan
2
4*8 Jan
April
29
Mar
June
3% Jan
Jan 11
634
26*8
3%
39%
.......No par
Jewel Tea Inc
Johns-Manvllle
109% 109*4
*17
109
*33
Intertype Corp
5%
15
80
1434 Jan
4234 Apr 11
134
7% Mar
3% Apr
2% Mar
No par
Island Creek Coal
56 preferred.......
*177% 181
19%
19%
19%
19%
19%
19%
*108*2 109
*108*2109
*108*2 109
*108% 109
2334 24
23% 23%
2334
2334
23*2
23%
*18*4
"3"600
85
34
34
33*2 34
32% 34
33
33*2 3334
33%
32%
33%
24
24% 24*2
24
24
24*2
24*2 *24%
24%
24% *24% 24%
*113*2 116
*113*2 116
*113% 116
*113% 116
*113*2 116
*113*2 116
4
378
4
4
4*8
4%
3%
4
3%
4%
4%
4%
%
•
%
*134
2
*134
2
*134
2
*1%
2
*134
1%
134
134
24
24*2 25
24
24%
24*4
24*2
24%
2334
24
2334 24%
12
12%
12
12
12% 12*4
12%
12%
12
12%
12%
12%
30
29*4 2934
30
2934
30
29*4
29*4
30
30
*28*2
2934
5134 52*2
5134 52%
52
51%
53*4
52*2
51
5134
52
51%
6*g
5*8
5*8
5%
*5
5*4
5*4
5*8
5*4
5
5%
5%
39
39
*39*8 39*2
40
40
39% 39%
40%
41
40%
41
107*2 107*2 *106% 108% *107
108*4 *107
108%
108% 108% *10638 108%
109
3,500
95
12
50
100
Interstate Dept Stores.No par
Preferred
.100
4%
36%
5
18
25*2
2*2
1,100
36*2
19%
2534
18
2534
1,000
10%
7%
*82
No par
preferred
Inter Telep & Teleg
Foreign share ctfs
19
36%
*2%
7%
No par
Preferred
""966
97
17
8
20
7%
*18
*2%
*29*2
18
400
5,200
10
734
*17*2
30*4
25%
19
*120
37%
2%
95
*8*4
80
47
4,400
1,900
*20*2
85
79*2
80
*129*2 132
15
International Silver
*121% 124
9
21
*121% 124
18*4
19
500
300
7%
H%
100
International Salt
International Shoe
33,000
11%
Preferred
400
•
2%
1
Int Nickel of Canada..No
par
270
7%
*84
334
Inter Paper <fe Power Co
7%
11%
" 95
*84
157%
5% conv pref
...100
Internat Rys of Cent Am..100
6% preferred
100
7
7*4
7%
...100
par
300
2,900
16
48
20,300
33%
2634
*94
*121% 124
*129% 123
4734 4734
18*2
*82
*2534
9
82%
8*4
7%
85
26*2
98
9
85
120
33
*2534
*94
9
21
*18
32
1%
No par
25,000
56*4
98
95
85
48*2
19*2
56
30
784
Feb
56% June
33*8 July 28
106% July 24
8
Apr 1
Apr 10
Apr 8
Apr 8
April
April
Apr 8
Apr 10
Apr 8
Apr 11
Mar
Mar
5% July 13
9% Mar
8
Apr
2%
4
14% Mar
60
135
94% Jmi
17% Jan
3% July 26
17% Apr 8
90
155
Internat'l Mining Corp
300
4%
26
*84
124
8*s
11*4
738
*81
*<13
*414
26
95
21
8*8
*17*2
16*4
*91
32
4%
55%
32%
33%
7*4
80*4
*120
734
*17*2
*9*2
55%
33*4
7*s
1134
817g
*129*2 132
50
19*4
55*2
6%
85
80
414
200
1
June
8
8
Apr
9% Apr
4% Apr
Int Hydro-Elec Sys class A.25
Int Mercantile MarIne.No
25,200
■
152
67
No par
Internat'l Harvester
Preferred
400
50
50%
50%
51*4
137
135% 135% *134
10
934
10%
9%
36*4
37
35*2 3634
7*4
124
164
147%May 11
Highest
$ per share % per share
"
Jan
1
100
Jan
8
119
20
Inc
Lowest
29% Jan 16
3
Apr
par
.9,500
200
634
6%
*8*4
164
1,200
7%
7
11*2
200
,
*634
634
11%
23
100
Interlake Iron
No par
Internat Agricultural..No
par
Prior preferred
.100
Int Business Machines.No
300
4% Apr 10
1634 Apr 10
86
...No par
6% preferred
Intercont'I Rubber
13,700
3
7*4
*84
20
5 per share
No par
X Interboro Rap Transit..II00
Interchemlcal Corp....No par
200
5 per share
No par
Insuranshares Ctfs
'
7*2
32%
33%
900
21,400
4,100
30,200
7
1134
95
87g
98
Inspiration Cons Copper
2
*94
26%
10,000
6%
3
55*2
*33
"MOO
6*4
*234
6%
*20%
*12112 124
85
*129*2 132
*46
*94
7
*84
*121*2 123
8034
27
95
11*2
878
21
33*4
32%
7*8
7
100
■84*2
56*2
33*8
32%
26%
33*2
6%
1178
*8*4
55*2
33*4
94
67g
6%
1178
56
33
33*2
*26
25
*92
56
6%
10*4
187%
5*%
55%
164
6
7*2
56
10%
*134
Year 1938
Highest
_lo
Industrial Rayon
Ingersoll Rand...
6% preferred
Inland Steel....
1,200
....
*21
187*4 187*4
55
56%
*21%
5~600
28%
83*4
1234
5*2
5*2
3%
3%
32
33%
32%
108
*106*2 108
2%
*2%
2%
10%
2
50
50%
49*2 4978
49%
50*8
4934 50*4
136*2 136*2 *135
140
*135
139
*135
139
9*2
934
9*2
10*4
934
10*4
934
10*8
35*2 36*4
35*4 37*2
36
36
3734
37%
*4
47g
*4*2
478
4%
4%
4*8
4%
56
Par
Indian Refining..
~
109
12*4
5%
3*2
22
3
*7*2
6%
Range for Previous
Lowest
Shares
share
*81
83*4
12%
*134
2
6*2
734
27%
109
22
*134
534
*234
3
6%
*154
82
3%
per
*534
28
*154
1234
*512
3li2
$
105% 107
*154
82
*1063s
Ranoe Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
.
*584
689
NEW YORK STOCK
Week
< per share
6
STOCKS
the
July 26
S per share
6*2
27
*154
...
Wednesday
July 25
$ per share
634
6
Sales
CENT
Tuesday
27
27*2
2634
10534 10534 *103
104*2
*154
SHARE,
Record—Continued—Page
for
Saturday
*6%
New York Stock
149
1%
4%
6%
6*2
Mar
Mar
Sept
Dec
Mar
14% Mar
2% May
25
Mar
1984 Mar
156
Aug
28% Mar
3*2 Mar
32*2 Nov
49% Aug
19% Oct
40*2 Nov
2% Oct
10% Nov
20% Jan
10% Nov
16
July
2»4 Jan
7% Jan
16
Aug
14% Nov
37% Deo
7% Oct
01
Oct
36% Nov
165
63
Feb'
Oct
16% June
7% Aug
28% Dec
June 24
75
Apr
884 Mar
97
Dec
17% Jan 20
l478June 9
105
July 15
16
Jan
6
Mar
13% Nov
61
Mar
92% Nov
105
Ex-rlghts.
^Called for redemption.
New York Stock Record—Continued—Page 7
690
SALE PRICES—PER SHARE. NOT PER CENT
HIGH
AND
Monday
Tuesday
July 22
July 24
July 25
Wednesday
July 26
Range Since Jan. 1
$ per share
$ per share
21
21%
$ per share
$ per share
21
20%
113s
20%
9%
98*4
♦67
60
*40
*59%
21
*734
8
58
5834
69
58
59
11%
11
11%
9%
11%
87S
1234
87g
12%
13
96%
8%
99
99
9
9
9
96
98%
♦93
812
83g
83g
8%
20%
7%
*834
*93
8%
*57
60
*57
60
♦40
47l2
*40
47%
*40
47%
61
*5934
37S
61
4
61
*17%
14l2
3284
1734
4
1778
18
14i2
32i4
1412
32i2
8%
133g
8%
13%
29
8J2
133s
27%
115
114
65
60%
4%
17%
18%
60%
McGraw-Hill Pub Co..No par
Mclntyre Porcupine Mines.-5
10,500
McKeesport Tin Plate.....10
McLelian Stores
1
12%
8%
8%
8%
*40
61
*40
50
*60
60%
60
60
800
4
1,200
18
570
18%
18
1334
*1334
*31
13%
1378
114% 114%
3234
8%
9
12%
13%
29% 30%
116% 116%
*61
13%
13%
28
30
4
4
4
4
45
♦44
45
44
44
11
*10%
11
1%
10%
*1%
IO84
1%
512
5%
5%
4%
*61
63
114
114
4
114
4
4
*44%
10%
*1%
5%
*%
63
4
14%
45
1%
1%
1434
103%
*11234
120%
55%
35
*27
14%
15%
24
434
*36
*11%
%
■
*109%
5%
1,300
Miami
*48%
50
678
*19%
50
7
678
21
21
12%
12%
1034
11%
11
27% 2734
*169% 176
♦1334
14
175
*92
12
13%
3,600
Mid-Continent Petroleum__10
3034
9,300
Midland Steel Prod
No par
210
8% cum 1st pref
100
62
62
900
116
40
4
45
44
44%
10%
10%
1,100
1%
*1%
1%
500
5%
5%
4,400
Minn-Honeywell Regu.IVo par
4% conv pref series B
4
2,200
500
200
1,100
3,400
No par
10
Mo-Kan-Texas RR
No par
7% preferred series A
J Missouri Pacific
Monsanto Chemical Co
17%
♦111
11
*169% 175
14
*113
21%
21%
20
10%
9%
17%
18
114
114
99
99
*94
22%
23%
I *165
171
144
9
144
20 3g
1934
]
*20
9%
65
66
9
9%
2534
23%
172%
9%
66%
9%
13%
13
13
13
39
*37
39
45
3%
*33%
3%
*10%
45
*33%
*3%
t,
*10% ' 10%
28% 28%
*85
10%
29%
*85
95
*41
3>%
*27%
*21
*6
2534
14%
95
*85
6
*5%
*-
5%
17%. 18
114
14
■; 1334
*94
99%
1,300
5%
300
24%
95
98%
2234
165
*143
20
20
172%
20
9%
68
[144
*12%
13%
12%
*37%
39
37%
*34
45
*34
12%
*40%
16%
17
27%
*3478
*2
*5%
*110%
•115
1 *115
*115
...
*30
53
*115
*48%
50%
%
%'
%
%
%
2%
*%
234
234
*%
12%
234
2%
2%
%
*%
%
12%
81
81
12%
81%*
12%
81
187
190
190
112
112
*111
%
1278
13
82%
*18912 194
*80
112
*111
50%
49
49
284
*3g
12%
80%
234
%
12%
80%
B
Corp
..25
IMOO
500
41,900
3,500
9,100
1,500
270
450
30
1
Newberry Co (J J)
1
Y. Air Brake
No par
New Yoik Central
No par
N. Y. Chic & St Louis Co..100
6% preferred series A... 100
NYC Omnibus Corp_.No par
New York Dock
No par
preferred...
No par
N Y & Harlem
preferred
Norfolk
&
*85%
*85%
10%
10
10S4
10%
43",900
Northern Central Ry Co...50
Northern Pacific
100
North'n States Pow Co $5
pf.l
21%
2134
20%
1534
16
16
16
*107% 109
6
6%
1934
*145
*19%
20%
2,200
15%
15%
108% 108% *107% 108%
1,600
20
1534
15%
4%
14%
6%
*1034
3234
49%
1234
6%
*6
21%
20%
6%
20%
145
6%
2034
6%
21%
145
145
490
60'
700
9,700
100
10%
10%
10%
10%
13,000
41
41
41
41%
1,300
24
*23
24
*23
24
*23%
24
*23%
24
47%
*43
47%
*43
47%
*43
47%
*43
47%
67%
*114%
67%
*114%
*114%
"
6734
4%
67
4%
*3
4%
15%
6%
12
33%
13
13%
4
68
4%
66%
4%
3%
*114%
67%
4%
4
*67%
*4
*3%
*13%
*5%
4%
4
100
American
Co
10
6% preferred series
50
5'A% pref series..
50
Northwestern Telegraph
50
Norwalk Tire & Rubber No par
Preferred
50
Ohio Oil Co...
....No par
Oliver Farm Equip
No par
Omnibus Corp (The) vtc No par
6% preferred A
No par
6% preferred
100
Otis Steel
$5.50
No par
1st pref..No par
Outboard Marine & Mfg
5
Outlet Co
No par
conv
Preferred
6734
4%
334
4%
3,700
360
800
Owens-Illinois
100
Class
C..$2.50
Pacific Amer Fisheries Inc..
Pacific Coast
10
1st preferred..
No par
11%
33
33%
4,800
Pacific Gas & Electric..
50
50%
3,500
*12%
1234
*13
*12% 12%
12s4
12%
130
*128% 131
127% 128% 126% 126% *126
127% 128
156% *155
156% *155
156% *155
156% *155
156% *155
19
*18
*18%
*18
19
*18%
19%
19%
*18
19%
13%
600
Pacific Ltg Corp
Pacific Mills.
12
12
*11
*1084
11%
33
33%
33%
49%
49%
49%
49%
6%
11%
33%
50
*11
6
15
684
1134
1284
Bid and asked prices: no sales on this day.
A.—ffL.
J In receivership,
60
240
128
200
60
156%
19
1
""166
Def. delivery.
2d preferred
Pacific Finance
No par
Corp (Cal).lO
25
No par
No par
Pacific Telep & Teleg
48% Nov
2134 Nov
38%
3734 July
3*4 Feb 28
2
Mar
4% July
1
July
Apr
8
18% Apr 11
54*4 Apr 17
53%May 8
12% Apr 11
82
7
Jan
102% Jan
30
3
June 30
4
Feb 24
234 Apr 10
32% Apr 1
6% Apr 10
15% Apr 8
12% Apr 10
Jan 23
Apr
1
16% Apr 11
May 26
135
38
9
Jan
6
6% Mar
118% Mar
120
Mar
Mar
54
1
Apr 10
xEx-dlv.
y
Jan
Dec
90
Dec
133
June
198
Jan
Mar
110
Dec
26% Feb 27
1384 Mar
59% June 13
4534
Apr
26%
Oct
57%
Dec
20
Dec
56% July 28
3
88% Mar 27
1984 Jan
5% Mar
75
June
4
63g Mar
111% June 20
1484 Jan
9384
Jan
14% July
103
Dec
35
Sept
10% Jan
5
92% Sept
25
May
13g Mar
1234 Mar
8% Sept
30
Jan
6
19% May
20% Mar
3
7% Mar
1984 Nov
83%
Apr
111% Sept
4
Mar
33
June 12
5% July 27
44% July 27
113%May 25
8% Jan
27% Jan
4
3
148% July 26
24%June
Apr 11
Jan 30
1%
16%
100
16% Apr 10
40% Jan 24
17
Jan
7% July
June 14
4
9
114
234
195% Mar 10
5
146
Apr
63% Nov
Mar
Jan
114% Jan 26
50
Apr 8
3% Apr 11
2% Apr 10
11% June 30
3«4June 29
984 Apr 8
27% Apr 10
41
Apr 8
9% Apr 8
111
Dec
38
89% Mar
54% Jan
7% Apr 10
July 11
Jan
1134 Mar
Apr
2% Mar
% Jan
484 Mar
16% Jan
Jan
120
June
%
Jan
434
Dec
Aug
110
62
23
Mar
101
33
100
r Cash sale.
Jan
19% July
Mar
6% preferred
100
Pac Tin Corp (sp stk)_No par
« New stock,
Nov
18
5
50
*5%
15
4
71
40
IO884 Nov
12% Mar
Apr
104
33%
12
*6
15
Jan
July
43% Feb 25
8
134May 20
100
Otis Elevator
50
7
*13
Mar
Jan
.
26
30
Oppenhelm Coll & Co—No par
3234
33%
49%
*
7,300
43
North
*3%
*12%
*5%
11%
49%
19
6%
4%
4%
15%
*584
20%
700
6%
20%
*108% 109
*5%
20
110
80
*4
*42%
*114%
6784
67%
15%
6%
*1034
33%
130
*108% 109
6%
20%
110
21,800
*23
20
10%
3234
23%
75
10%
40
*155
19%
1534
87
5%
43%
145
10
4%
16
2,000
5%
148% 148%
10%
10%
*41% 42%
40
*4
6%
2034
15%
46,800
3234
6%
20%
145
145
*143
148%
10%
1034
10%
11
41
41
41%
42%
20%
148%
23%
*42%
*115%
6634
*108% 109
20%
4
113
North Amer Aviation
6%
Mar
23% Jan
7
Jan 25
900
7
Mar
10
Apr 12
45,000
6%
20
106
56%
17%
7%
5
4
4%
12% Aug
22% Jan
168
58%
7
47% Jan
100
17
•7
Mar
99% Apr
9% Mar
4
.100
Western
Adjust 4% preferred
56%
7
Apr
28
17% Jan
70
*57%
34
112%June 22
100
16%
87
5%
44%
6%
20%
15%
July 27
50
583g
56%
5%
14% June
58
June
3,200
16%
43
42
12%
56%
*32
85
80%
*186% 194
58
5%
7% Mar
29%June
12%
preferred
IN Y Ontario <fc Western._100
N Y Shipbldg Corp part stk..l
16%
87
43%
2% May
4% Jan
11% Feb
4% Jan
120
Oct
12% Apr 8
10% Apr 10
18% Apr 8
8
56%
32
27
May 16
58
434
8
Apr 28
8% Apr
July 19
16
32
8
May 23
Apr
109
56
41%
8
11
14
50
58
434
10
2% Apr 10
%May 23
8%June 30
24%
32
12% Sept
.100
24
41%
4484 Mar
15% Jan
Conv
400
Mar
5
9% Mar
81% Jan
Newport Industries
16%
4%
13% Mar
1
107
56
*31%
178%
145% Sept
2834 Nov
C% Oct
8184 Nov
200
112
Oct
July
June
2,600
111
31
June
6
27% Jan
%
111
*38
17% Mar
154
234
190
1634
127
Feb
*%
111
Nov
20% July
145
2%
190
30
MarlO
1% Jan
112
Oct
Oct
684 July
27% Jan 3
172% July 12
% Mar 27
190
Mar
8
100
57%
434
4
8
pref series A
16
31%
11% Apr
6% Apr
32
56
41%
7%
21
4
18% Jan 10
167g Jan 4
634 Apr
July
No par
57%
31%
4%
3% Mar
3% Mar
17% Mar
Jan
Feb
16%
87
*3734
4
113%
10%
75
56
434
16% July
115% Nov
105% Mar
47
*111
Oct
Feb
Nelsner Bros Inc
7%
25%
30% July
70
16
40
7%
Sept
12% Mar
Oct
Nov
25
11
56
32
20
19
94% Nov
43%May
2% Apr
9%May
18% Apr
73% Mar
No par
I684
*3734
Mar
Dec
Nov
prior preferred..... 100
56
*30%
*4%
10% May
65
14%
28
168%
11% Sept
106% Mar
119
*188
110
•
Jan
Jan
Nov
5
50
80%
Mar
July
Mar 27
28% Jan
106
6
15% Mar
12%
3
July 24
117% Jan
100
112
110
1234 Mar
14% Nov
150
Jan 17
1578 Mar 7
95%May 31
23% Mar 9
26% Jan 5
29
8% Mar
Jan 3
Mar 11
175
64
7% Mar
Jan 4
Mar 15
100,
190
*109% 110
37% Mar
684 Mar
5
9% Jan 20
Feb
10% preferred
12%
109% 110
Jan
Oct
Dec
10% July
July
16%
110
51
25%
15%
14%
28%
Jan
15% July
62%
110%
July
56
*109
Mar
IN Y N H & Hartford.
81
*8534
9%
Apr
4
N Y Lack & West Ry Co..
110
12
10%
95
5
9% Jan
1,900
52
81
87
May 29
111
18
Apr
82
25
9%
9%
30
24%
*8534
3484 Mar
70
23
24%
9%
10
*109% 110
14% Mar
July 17
_
1
Oct
J8% July
64%
Dec
24
*85%
Mar
Dec
24%
9%
26
17% Nov
32
18
23%
87
10
Mar
55
24%
5734
*85%
4
%
*49
Mar
11% Mar
7% Jan 3
44% Mar 13
Jan
2334
57%
*57
5
3
69% Jan
50% Apr
No par
5%
Oct
20
Natomas Co
N.
64%
7
2434
57%
24%
Jan
Mar
8
..40
National Tea Co
5%
Dec
117% Sept
Apr
prior
4*A% conv serial pref... 100
"""600
110
33% July
(The) Pa.. 10
preferred..
6%
100
Steel
11% July
23g Jan
3% Jan
20% Nov
preferred... 100
S]4%
*115
%
%
Apr 21
17% June 30
52
$2
95
234
86
14% Apr 11
100
*85
%
9% Apr 10
Nat Mall & St'l Cast Co No par
National Pow & Lt
No par
900
95
234
10
National Supply
*85
49%
pref erred.No par
National
*27
%
1
Lead
8,700
*27
5
16% Mar 11
23% Apr 10
11% Apr 4
6,100
1,400
Jan
9
No par
Co
Jan 14
""560
Mar
Mar
6% Feb 17
Mar 25
3%
25
39
8
165
10%
29%
Jan
122%May 24
55% July 22
4% April
135
45
May
111
4% Jan 13
100
10%
67
5
10
100
*3%
Mar
3
May
No par
preferred
2
preferred A
3%
10
Jan
121
114
834
12%
37%
484 Mar
111
Jan 20
preferred
10»4
29%
49%
10% Apr 26
4
17% Apr 25
16% June 30
*8% July 7
12% Jan 13
90%May
7%
3%
%
Apr 24
6%
*10%
*115
...
%
*49
23% Jan 24
160
70
47,000
% Dec
1% Dec
Feb
68
8%
No par
Mar 31
100
9%
*8%
1
Nat Enam & Stamplng.No par
1,200
Jan
5
6
109
conv.
Jan
33g
3
111
$4.50
Oct
1734
Jan
100
National
72%
1% Mar
1
100
6%
Mar
10% May
934 Jan
pref class A
7%
Nat Distillers Prod
300
35
5
4
5
7% pref class B
Nat Dept Store
Nat Gpysum
20%
67»4
8%
new No
No par
Nat Dairy Products
10,600
11,400
23
Corp
Register
20",400
14%'
13%
*94
L144
9%
50
470
*5%
144
6734
8%
33,300
110% 110%
6
6%
42
42
42
*41
42
42% *41
*41%
42
41%
41%
♦111
112
*111
*111
112
112
113%
113% *111
113% *111
12
12%
12%
12%
13%
1234
13%
12%
12%
13
13%
*42
43
40%
42%
40%
41% 41%
40% 40%
41% 42
1534
16%
16%
15%
15%
16%
1534
16%
15%
16
16%
17
1678
17%
17%
17%
16%
163s
17
17%
16%
16%
27%
27%
27%
28%
2834
27% 28
27%
28%
27% 28
34%
3534
34%
34%
34%
34%
34%
34%
34%
*3334
34
2%
2%
2%
2%
2%
*2%
3
2%
2%
*2%
3
6
634
5%
7
684
6%
*6%
7
6%
*5%
6 34
*109
114
114
*110% 114
114%
*110% 114% 113% 113% *112
*110%
Nat Bond <fe Share
Nat
National Cylinder Gas Co
13%
95
5% pref series A w w100
3,000
2384
*85
Nat Bond & Invest Co .No par
2,200
*13%
1334
600
200
11%
14%
*12
100
21%
19%
25»4
14%
10
pref
1034
25
14%
Corp
Biscuit
19%
6
534
25%
26
5
9% Apr 10
7% Apr 11
National Acme
*21%
114t
1
5% Apr 10
14% Apr 8
1034
17%
110% 110%
4% July
45
5
1934
*112% 114
*5%
par
Corp
21%
17
17%
MarlO
2% Jan
17% Jan
10
100
Cash
3
July
78June 28
Myers (P & E) Bros—.No par
10
110%
6%
1
97
600
Oct
Nov
8
10% Mar
1
Co class B
preferred
No
cum
92
19
Co
Nashv Chatt & St Louis
7%
Jan
Apr *117
49%
4
30
5
Nat Aviation
Jan
July
Mar
1478 Jan
2% Jan
Nash-Kelvlnator
National
111
9% Apr 10
Apr 10
16% April
Wheel
Murray Corp of America—.10
300
22%
303g Nov
Apr
76
383g Aug
19%
10
144
143% 14334 *143
20%
20%
20%
20%
87S
9%
8%
66
67%
6884
67%
8%
878
9%
9%
*13
13% *12%
13%
39
*37
39
*37%
*34
45
*33%
45
3%
3%
3%
3%
10%
10%
10%
10%
*27% 29% *27% 29%
20%
*37
21%
20%
'
*94
13%
99
99
*94
99%
22%
23%
22%
2234 i 22
23
168
171% *168
171%
171% 171%
144
878
6534
8%
97
2,000
14,600
Dec
47% July
1434 Oct
4
6% Jan
54
10% Apr 11
8534 Apr 10
Dec
I684
40% Nov
2284 July
14
*1334
*94
*113% 114
110
273»
174
*13%
*1334
1334
99%
2278
1734
114
110% 110%
6
6%
5%
5%
27*
97
20%
26%
14%
1334
165
*94
934
17%
25%
*13%
13%
*143
11%
20
13.%
14%
11
20%
110% 110%
*6%
6%
26
13%
10%
21
10%
5%
2578
97
1,100
15% June
7% Nov
30
100
9% July 27
l%June 30
4
Apr 10
% July 8
106% Apr 14
T H%
10S4
10%
12% Mar
Nov
July 25
85% Jan
40% Apr
100
*11
584 Mar
Oct
73
67% July
25
6% preferred..—
11%
2684 Mar
114
8
No par
11%
174
3% Apr
June
4
11634 July 28
Jan 16
No par
1134
27
27%
27%
2734
*169% 175
*169% 175
*13%
*1312
14%
14
1838 Apr 8
April
55
Apr 11
110
3% Mar
May
5
16% Jan 3
3034 July 28
101
Murphy Co (G C)
50
14
11
39% Jan
12% Jan
8
6% Apr 10
11% Apr 10
Munsingwear Inc
100
9
Mar 13
17
Apr
200
15,100
6% Jan
28% Jan
June 16
400
7
Jan
32% Apr
3
July
7
14% June 30
4% Apr 10
30
Apr 8
934 Apr 12
50
Apr 8
20%
50
9
3
Feb
61%June
22% May
Mullins Mfg
7
6
58
Apr 11
Nov
1584 July
80
37% Mar 13
3,800
*20 h
Apr
46
6
24% July 10
Mueller
conv
55
46% July 21
25
95
684 Mar
5
*13
Apr
70
7034 Jan
July
Mar
5
1
123g July
Oct
26% Jan
11% Nov
63%
40% Apr 11
33
Apr 28
Motor Products Corp..iVo par
$7
MarlO
MarlO
12
20% Nov
50
.
Motor
160
Mar
99%June
Apr 10
1,100
7
11%
1034
June 29
56
Jan
7
35% Mar
13% May
10
Jan 27
7
118
1,700
20%
23
10%
17%
*5%
*12
14
*94
14
95%
20%
115
11%
28
27%
2784
14
110% 110%
6%
6%
5%
5%
12
Essex
Brass
88
10
10«4 Jan 5
59%June 15
18% Jan 3
Mar 22
2,200
6%
2034
4834
&
22% Jan 21
15% Apr 28
6% Apr 10
49% April
834 Apr 11
7
Apr 8
Highest
$ per share $ per share
..No par
MorreU (J) & Co
Morris
$ per share
115
Montg Ward & Co. Inc.No par
100
270
21
j
10
$ per share
No par
Preferred series B
"moo
Lowest
Highest
No par
preferred
60
35,800
100
—100
6% conv preferred
100
Mohawk Carpet Mills.....20
$4.50
69
7%
4 884
preferred
$6.50
Mission Corp
20
*48%
6%
50
100
Minn Mollne Power Inapt... 1
200
10%
5%
*48%
5
Copper
11634
13%
*20
7%
21
11
*21
59
12
175
94
22
2078
1034
1778
21%
20%
7
*19%
12%
27%
94
*10%
*48%
3
5
30
*1
21
60
116
— .
*18%
1
5% conv 1st pref
Mercb &. M'n Trans Co No par
5,300
.
*68%
Mengel Co (The)
8%
884
*%
%
*%
%
h
%
*1
1%
*1
1%
1%
1%
1%
1%
1%
15
15
15
15
15%
*14%
14%
147g
*14%
15
14%
104
104%
103% 1037g 10412 10378 10434 103% 104
104% 105%
*11234 118
117% 117% 117% 117% *115
118
118%,*ll234 118
121
120% 120% *120% 121% 120% 120% *119
120%
120% *119
53
55
64
5434
53%
54
5234
53%
5338
54%
55%
35
*35% 38
*35%
38
*35%
38
*35% 38
*35% 38
28
28
28% *27
2734
2734
28
*27% 2734
27%
27%
13
13
13%
13%
1334
13% s 13%
14%
13%
13%
13%
16
16
16
16
1578
1578
16
16%
15%
16
16
*24
24
25
24%
25
24%
24%
24%
25
2434 25
5
5
47g
5%
484
5
5%
5%
478
4%
4%
39
39
40
*37
39
*36
39
39%
39%
*36% 39
12
12
12
12
*12
*11%
12%
12% *12%
12
12%
69
69
69%
69%
68%
69%
69% *68%
68%I *68
70
*109%
*109%
*109%
*109%
,*109%
5%
5%
584
5%
5%
534'
684
5%
5%
5%
584
*%
*1
No par
Mesta Machine Co
4
*44%
9%
10%
1%
5%
Melville Shoe
32%
32
116
4
90
preferred
conv
Mead Corp
62%
4
2834 2934
114% 115
62
62%
100
No par
$6 preferred series A. No par
$5.50 pref Ber B w w.No par
6%
140
*57
1334
9%
1,500
2,000
62%
*17%
9%
4%
8%
100
4
8%
114
12%
*93
14%
32%
9%
878
13%
2812
1
100
2,600
8%
*31
Elec Co
McGraw
8%
58%
323s
32
1,800
*734
18%
♦44
1%
53g
*57
21
Par
Year 1938
Lots
Lowest
58%
18
*10%
1%
5%
%
9
21
*1334
4%
*1334
115
4
7%
15
1412
3234
62%
623s
*11212 114
♦112'a 114
61
20%
110
8%
47%
138
5%
share
67
60
63
Shares
per
2034
♦7%
♦57
114
$ per share
On Basis of 100-Share
Week
8%
8%
4
July 28
5714
1138
1138
9%
*96%
8%
28%
/wty 27
$
Range j or Previous
EXCHANGE
Friday
*7%
8%
67
STOCKS
NEW YORK STOCK
the
Thursday
57%
21
*7%
67
Sales
for
LOW
Saturday
July 29, 1939
15
1384 Mar
122
10
Mar
22% Aug
52
Oct
115
Apr
40
Mar
7% Mar
2
16
Jan 25
5% Dec
2% Mar
10% Mar
7
July 22
384 Mar
132
June
9
July
3
25% Jan
7
Ex-rights.
Nov
39%
115
156
10
29% Nov
60
3
14
10
28
lit
Feb
6% Mar
30% Apr
Jan
12»4 Mar
34«4 Mar
50% July
14%Mar
Jan
32%
147
Apr
Apr
4% July 20
Nov
Sept
14%
Jan
45% July 18
116% Mar 25
70
5
41
9%
*2284
32%
9%
Nov
15% Nov
Nov
76% Nov
11% Jan
5%
Jan
Mar
21% Nov
9% July
15% July
Mar
30
Mar
43% Dec
19% July
Mar
87
Apr
*132% Mar
17% Dec
121
Nov
Dec
149
Nov
30
June
^Called for redemption.
Volume
LOW
New York Stock
149
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
Sales
CENT
STOCKS
NEW YORK STOCK
for
Saturday
Monday
July 24
Tuesday
July 25
Wednesday
July 22
July 26
July 27
July 28
$ per share
? per share
$ per share
$ per share
$ per share
Shares
*838
9%
3l2
1418
*834
914
*834
3*4
35g
334
1458
6%
,145s
1514
*512
34
*5
34
6l2
s4
34
914
3i2
Thursday
*85s
9%
*85g
334
3%
153g
1434
612
5%
334
1434
5%
34
15
34
*512
*34
9%
334
1434
5%
34
3%
14%
*5%
*%
the
Friday
*8%
Range Since Jan. 1
3%
334
14
14
5%
34
34
*47
49
*47
49
*47
50
*47
50
*47
50
48
48
*95
108
*95
108
*95
108
*95
108
*95
108
*95
Lowest
Par
15900
4,700
200
2,700
108
10%
*9434
10%
10
IOI4
10
103s
10
965s
96i8
96's
1034
1078
96l2
1078
9612
III4
*9434
11
20
*16
1078
*16
20
158
*16
1
*134
178
42i4
42 I8
4218
18
1834
I8I4
1878
18%
1%
*H2
134
*1%
lll2
8%
Ills
56]8
93%
18
134
1014
10%
8%
*112
10
734
57%
*1%
3i2
56
927s
93%
*1212
*122
*2
3I2
25%
*25
1334
1334
195s
3934
*37
3734
*3712
3734
*2%
37
3
*12
1278
28
28
*84
88
*2
2%
*314
*%
90%
*131
3%
140
4*2
30
30
365a
*2i8
*42%
*45
50
*234
314
17
*5l4
*6138
64
19%
39%
38
*36
1312
2834
22%
38
3
37%
*2%
12%
*27%
*36
13%
*10%
13%
""166
27%
22%
19%
27%
*27
287g
22
22
1934
1934
7%
7%
19%
*734
734
40i8
46i4
86i8
778
*7l2
3978
734
734
734
8
8
*734
734
700
41 is
46i4
40 5g
39%
46%
40%
39%
39%
393g
11,900
46%
47
47
100
*2
86is
4612
*867S
*314
3i2
%
9H2
9214
140
*414
2l4
*314
%
9012
*135
434
*86
89
*2
2l4
•„
4634
3l2
14
9134
141
4%
91
*2
*3%
%
91%
*134
45g
91%
140
*4%
32
32i2
32%f *33
365g
*2i8
*4234
*614
3678
3638
36
2i2
*2i8
*4234
*27l2
28%
50
434
44
28
*47
3
16
*5
5l2
64
5%
64
*173
9%
3%
*33g
3%
%
9134
%
%
%
91%
92
913g
136% 136% *135
*4%
434
*4%
36-%
35
35%
35
3534
*2%
*4234
*6%
44
7%
*6%
28%
28%
285g
50
16
*2%
2%
44
*5
5%
*61
6%
9%
9%
*30%
173g
33
28%
114
*9
6078
*11234
*124i2
*14H2
16512
*11314
29l2
7U
*81%
9%
*14
9
3g
938
9
9
2834
61%
*26%
2714
6II4
ar6078
118
393s
*9
11%
78
3914
llSg
118
6134
118
3978
113
11234 H3I2
126
*12412 126 ,*125
14212 *141
142% *141
165l2 16534 166
165%
115
*113% 11478 *11332
2978
29% 30
287g
7h
73g
7%
7%
8514 *81%
85%
*81%
113%
71
70
18i8
1734
I8I4
12
12
70%
18%
1734
12%
12
*12
618
6l2
*7834 100
6%
63g
*7834 100 I
65
65
2
2i8
2li8
21
65%
*69
*1734
312
1134
8
*3
*43
12
*7%
19
3%
46
12-%
*125% 127%
*141
142%
*161
16534
*113% 114%
30%
28%
29
7%
7%
7%
85%
81%
81%
70
18%
12%
18%
*11%
18%
11%
6%
6%
*7834 100
65
65
18%
183g
*1178
12
6%
63g
*7834 100
2
*20
16
*15
13%
13%
23%
18%
23%
18%
1234
♦23%
*3
*43
3%
46
19
12%
13
12%
8
*7
7%
11%
12%
*7%
IOI4
I25g
*10,%
11%
*10%
12%
127g
12%
*10%
12%
15
13%
2434
*23
19
*18%
3
*43
834
3
3%
45%
13%
734
11%
1234
15
3,510
300
1
1934
9
1,300
100
100
11%
12%
1234
900
6%
6'
*7834 100
100
400
25,800
2%
6,200
600
8%
1,300
16
300
12%
2434
19%
3%
1,100
300
200
600
46
*11%
*7%
10%
1234
10
13
890
734
10%
12%
70
*67%
70
70
70
*69
72
*69
69
*63
69
*63
69
*63
69
*63
1
1
"""266
5,000
69
1
1314
1334
28l2
*27
67
67
*4012
50
18%
54%
57
58
13%
13%
27
13
13
13
13
1,800
2,000
*2534
*2534
28
*2534
28
100
120
56
1378
13%
*26%
58%
1334
27%
70
*65
70
*66
70
*66
70
*66
70
50
*40%
50
*40%
50
10%
*40%
10%
50
*40%
86
*83%
86
7%
40%
53
734
7%
40%
*5234
7%
40%
53
9
*83
9%
7
7
9%
10%
10
*82%
86
85%
*83
7
7-%
40
40
z39
39%
38-%
395g
*7%
40%
*53
55
*53
55
52
53
5234
*7
83s
*15
1534
23
23
*34
37%
*%
*1%
*2
*35s
46
134
38
46%
10634 10634
*11134
...
112
112
*1434
•
77g
*7
8
734
8%
*7
*1434
15%
*15
23%
23%
*34
37
134
38
%
1%
2%
6
16
200
50
9
778
59%
26%
84
778
57
18
63
1%
18%
59%
1334
9
73s
18%
*57%
55
%
*1%
2%
*3%
4534
1%
2%
6
46%
10634 10634
111% 11134
*112
15%
113
16
2334
7%
734
8
5,400
5,900
40%
53
53
7%
150
7%
*7
83»
*7
15%
15
15
233g
22
22U
5,800
8
*15
23-%
1
1
36%
3634
1%
%
%
37%
%
1%
1%
1%
*2
3%
6
*3%
44%
6
45%
108
108
107% 108
11134 IIIS4 *11134
113
16
*112
16%
%
1
100
36
%
1,500
3,900
%
2,000
1%
*1%
1%
600
*2
3%
*2
3U
20
6
45
46%
*10734 109
*11134
113
*112
16%
Bid and asked prices; no sales on this day.
*34
36
*16%
*3%
6 "
45%
46%
10734 108
*11134
113
167g
*112
16%
$ In receivership,
....
113
16%
a Def.
Jan
July 18
Feb
Jan 24
5%
5%
preferred
6%
5%
103% Mar
Rayonler
52
Inc
---1
preferred
25
Reading.
4%
....50
1st preferred
60
4% 2d preferred
Real
SUk
60
Hosiery
...5
Preferred
100
Reis (Robt) A Co 1st pref. 100
Reliable Scores Corp...No par
Reliance Mfg Co
...
10
Remington-Rand...
1
June
1
32
Sept
27% Mar
Mar
14334
Oct
144%
Oct
8% July
50% Mar
18% Dec
378 Mar
35
Jan 12
41
Mar
75
Nov
173% July 22
145
June
174
Mar
Apr
6
Jan
5
June 28
7
April
% Apr 28
17% Apr 11
6% Apr 14
8
9%
4
Jan
43
July
4
Mar
9
July
20%
Jan
Oct
2
Jan
478 May
Jan
14
7% Mar
Jan
Mar
6
15
Mar
17% Nov
34 Jan
£J3g July
22% Jan
8
Mar
11
%
9% July 27
Dec
1% Mar
Marl5
23
%
Oct
434 Mar
Jan
Jan
4% Mar
1334 Mar
July 27
39% Mar
Oct
Nov
122% May
25
Mar
Apr 10
113%June 29
126% July
142% July 17
35% Jan
105% Oct
11834 Nov
4
8
Apr 11
1
June 21
86% Mar
10178 Apr
112
Apf
June 29
166
117%
39%
132
Mar
Jan 19
112
Jan
Jan
4
11% Jan
3
21% May
8% May
Apr
90% Mar 29
81
68% July 28
1034 Jan 26
81%
74% June
11% Apr 29
5% Apr 10
85%June
1
13
63% Apr 10
1% Apr 8
16% Apr 4
6%June
12%June
10% Apr
21
July
16
July
3
Apr
7
59
114
40% July 28
6% July
43
1% Jan
14% Dec
14% Dec
42% Dec
11934 Feb 27
114% July 28
81
Jan 17
Jan
Jan
16% Dec
3% Jan
8
31% Apr
103
62
9% July
1634 Jan
Aug
Jan
18
Apr 10
50% Apr 14
Jan
July
2%
112
Jan
9% Nov
52
June 10
34
14%
14%
43%
May
7%
45
5% Mar
11
52
30
May
Jan
%May
26% Nov
23
16%
6% Apr 10
7% Apr
Nov
20% Apr
11% Apr
8
Apr
44-% July
Mar
39
7% Jan 11
67
2
84 July 17
No par
.—
Nov
6% Nov
20% Jan
12
Apr
par
Nov
3
3% Mar
148
Manhattan.No par
74
Jan
Jan
tRadlo-Keith-OrpheumNo
Nov
Apr
Apr
1%
June
8
Apr 25
Kaybesfos
43
60
Jan
5
2% Apr
115
.No par
Mar
4«4
50
23
Apr 18
35% Mar 27
par
1st pref..No par
30
8% Mar 14
29% July 28
129
conv
July
6% Apr 11
100
53.50
43
38% Jan
1784 Nov
13% Jan
8% Oct
47% Nov
30%
Jan 14
100
Mar
8% Mar
784 Mar
45% Mar 15
100
preferred
Oct
6% July
1734 July
Dec
4334 Jan
3% Mar 29
preferred
conv
July 27
Jan
Puilty Bakeries
No par
Quaker State Oil Kef Corp.. J 0
Radio Corp of A mer... No par
42
4% Mar
42
No par
Jan
Feb
22% Mar
114
2434
....100
24%
31
3
Jan
preferred
preferred.
14% Mar
19% Mar
% Mar
75% Mar
36% Jan
1534 Jan
8% preferred
.100
Pub Ser El A Gas pf 15. No par
121
%June 12
18
No par
Dec
2% Mar
35
July
120%
157fi Nov
31% Apr 10
2% July 6
5
55
5% July
Mar
Mar 27
12%May 22
60
Mar
17% Mar
Jan
100
No par
30
55
Mar 10
Apr 11
7% Apr 10
22
Apr 4
6% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J..No par
; 1% Dec
13% July
68% Aug
85% July
2% Jan
Mar
Jan
Apr 27
conv 2d pref
Procter A Gamble
14% Nov
8®4 Mar
8% Mar 14
Apr 20
Oct
3% Mar
41
15
7
50
1st pref
conv
Oct
Mar 10
6
par
..6
Pond Creek Pocahontas No par
Poor A Co class B
No par
284
Mar 10
Mar
par
No par
Oct
Oct
41
100
Plttston Co (The)
Plymouth Oil Co...
3%
1% Mar
20%June
4
July
42%
21%
34
Jan
10
Dec
13% July
30
Mar
is4 Mar
6% Mar
17% Mar
17
Mar 31
conv
Jan
3
18% July 17
Mar 11
8% Jan
4
7
Mar
9
June
484 Mar
85%June
60%
67%
Jan
37% Mar
184 Sept
22% Jan
I484 June
2%
Jan
Jan
29
17
Jan
8% May
28
23%
18%
25%
21%
6%
Jan
Jan
103g June
Jan
18
8
10
6
II
July 18
Apr
1
6% Apr
9
Apr
8
4
54
18
Mar 13
Feb 11
Mar 20
13% July 26
934
Jan
5
11% Jan 12
17% Jan 5
Mar
Mar
13% June
234 Mar
34% Mar
5
Apr
134
Nov
152% Dec
Sept
117
39% Nov
13% July
98% Jan
88% July
15% Nov
16% Jan
9%
Oct
80
Oct
6678
Deo
5% Jan
24
July
24%
29%
Jan
22
Jan
Jan
30% Jan
27% Jan
6% July
58
July
11
Jan
6% Mar
1138 July
9
13% July
17% July
June
warrants.. 25
65
10%June 30
July 11
75% Mar 15
49% May
78
Dec
60
72
40
Apr
69
Nov
1
Dec
Preferred with
6%
io'eoo
370
80
20
600
delivery.
5
preferred
100
6% conv prior pref ser A.lGO
conv
Revere Copper A Brass
Class
5
10
A
....100
100
Reynolds Metals Co ..No par
7%
preferred
M %
preferred
100
IH% conv preferred
Reynolds
1
Spring
Reynolds (R J) Tob class B.10
10
Common
Rlchfle d Oil Corp
April
7g July 8
12% Apr 10
43
Apr 8
42
134
Maris
Jan
5
25% Jan
70
Jan
11% May
39% Mar
38
May
778 Mar
17% Mar
38% Dec
65
Apr
85
Jan
54
Jan 18
45
Dec
1484
Jan
10
Sept
64%
1784
Jan
Jan
20%
Jan
40%
37% July 11
7% June 30
7834 Jan 4
5% Apr 10
35% Apr 11
July 25
52
86
11%
4
Mar 13
77% Dec
Jan
5
4% Mar
45
Jan
4
3384 Mar
58
Jan 31
10%
Jan
51%
Jan
5
Mar
No par
No par
6% Apr 11
6%May
2
13% Mar 31
9% Jan
16% Jan
7% Apr
14% Mar
Ruberold C
No par
18% Apr 11
34
13
100
St Joseph Lead
10
JSt Louis-San Francisco—100
34 Apr 8
27% Apr 11
%June 27
o
Mfg
'The)
JRutland RR 7% pref
6% preferred
100
tSt Louis Southwestern...100
5% preferred
100
Safeway Stores
No par
5% preferred
100
8% preferred
100
7% preferred
100
Savage Arms Corp
nNewstock.
No
r Cash sale,
par
z
1
Apr
4
l«4May 3
33gMay 6
2734 Apr 11
82% Jan 4
96
Jan
3
104% Jan 11
10'4 Apr 11
Ex-dlv.
y
Oct
25% Nov
Jan
77% Mar 15
71
Apr 11
April
3%
78% Nov
77% Nov
19% Oct
21% July 11
64% July 18
9%
9% Mar
Roan Antelore Copper Mines.
Ritter Dental
""600
*3%
3%
46-%
233g
1
*34
100
7%
39%
77«
~9J66
86
8-%
36%
*1534
*83%
24%
39%
40%
3%
Dec
13% Deo
103
10
Mar 15
154
4
prior preflOO
Pittsburgh A West Va._ --.100
5
12%
15%
23%
1%
*112
11%
*7
37%
*3%
7%
57
*15
*34
*2
117g
57
8-%
36%
*%
*1%
45
57
15%
24
i0i
Republic Steoi Corp—No par
60
18%
.
68,600
18%
60
*56
preferred
Pitta Coke A Iron Corp No
55 conv preferred
No
Pitts Ft W A Ch 7% gtd pt
JReo Motor Car
18%
1
Mar
16% Mar
124
2
Aug
61% Nov
102
36
100
~7~ 900
65
l's
1834
26%
67%
*40%
84
*7%
100
1%
19%
615«
Pittsburgh Coal of Pa
May 19
234 July
25
Mar
Feb
Rensselaer A Sara RR Co..100
72
*62
*58
25
Pirelli Co of Italy "Am shares"
55 preferred B
2134
*67
I884
Pillsbury Flour M1119
Pure Oil (The)
100
2
46
33
4
82%May 19
126
Pierce Oil 8% conv pref.—lOO
14,800
*20
1
65
5
..100
Pullman Inc
"i960
69
54
No par
Hosiery
10,000
65%
70
1778
100
Preferred
6%
7%
110
1,900
*18%
3%
734
9,700
9,900
19%
3%
7%
85%
1
54
preferred
Phillips Petroleum...
6)^2 1st ser
18%
12
8%
July 18
284 July 13
5% Jan
Feb 27
% Jan
..No par
5% pref class A
*67
*53
10
..100
7%
120
69
*14%
12%
*10%
1%
19
3
Class B__._
..No par
Pressed Steei Car Co Inc
1
*23
13
1
60
No par
Phillips Jones Corp.
280
*62
1
8
200
13%
46
*7
7
1% Apr
4,900
2434
*11
Jan
50
Philip Morris A Co Ltd
5% conv prof series A
270
1734
87g
94
47% July 28
86% July 24
2% June 22
Phlla A Read C A I
Mar
6% Mar
1
8
tPMla Rapid Trans Co
7% preferred
684 Mar
65
Jan
2% Mar
10% Mar
11% Mar
Apr
No par
16%
68%
2%
22
7%Maj 19
3
57% July 28
6
834
Jan
Jan
36
preferred
87g
65%
3
2%
75
56
Mar
16
4434
t Porto Rlc-Am Tob cl A No
*11%
5
534 Apr 10
400
7
5
Jan
28% Apr 11
166
834
65%
*43
.5
.
34
*80
13% Jan
26
4
Co...No par
400
7%
82
2
9%
16%
1234
Petroleum Corp of Amer
29
8884 June
4
Pheips-Dodge Corp
25
Philadelphia Co 6% pref_._60
34
69
65
8
Jan 18
100
*%
7%
8
Apr
No par
*8%
26%
*80
Apr
15
17
1,900
3g
69
70
69%
21
97g
9%
28
8
10q
No pat
80
22
24
19
113
100
8
Feb
No par
Pitts Screw A Holt
5,300
9
16
46
113
40
pieferred
8
7% Apr
Pittsr.urgh Steel Co
7% pref ela88 B
62
2
15%
13%
*43
39%
5%
Pet Milk
5
4
Feb 14
14% Jan
107% Jan
3
30% Apr 11
2
May 10
10
26%
61%
6178
*117% 118
39%
40%
112% 112% *112% 11234
*12578 1271 *126% 128
*141
142% *141
142%
*163
165% *•163% 165%
*113% 11478
114% 114%
28
28%
29
281.J
6134
24
3,000
*117% 118
397g
40
*20
15%
13%
*23
61-34
118
9%
2
1
13%
2234
61
2034
9%
13i2
2234
*1734
*3l8
27
100
10%
9
Apr
120%June 20
15«4 Apr 10
...joo
prior preferred
10%
*%
834
*87g
*26%
9%
1
938
17
8%
9%
1% Jan
60% Jan
104
2% Feb 25
13% July 27
Apr
50
Jan 20
29
Apr 11
3,200
*9
9%
684
13
19
934
834
1%
65%
2%
21
65%
912|
*1534
127
142.%
1657g
11478
6%
6%
*7834 100
2%
21
8%
*834
*26%
118
39%
11318
11
*h
*'4
9%
914
28
61%
11
10%
11
3g
9
118
39i2
10%
1
*834
*26
19%
Oct
Deo
1% Mar
31% Mar
12
578
*7g
20
9%
*9
1U
1
*19%
9%
20
6
19
...No par
..No par
33
%
78
8%
1578
18%
9%
43%June 13
v t 0 No par
RR
27%
16%
*27
8%
*7g
8%
20
*7s
914
9l2
*117i8 118
393s
1
20%
9i2
1114
11
*14
9i8
*9
*2714
1
*28
173g
3
....
934
*27
20
Mar
3% Mar
1584 Dec
6% Nov
1
Sept
Apr 11
pre!
Pfelffer Brewing
10
4
4
10
7% June 12
Apr 10
74
Apr 10
10
5
3
11
10
48
No par
6%
*173%
534
18
20%
16
~6~~
28
1
100
10
17%
2014
70
3
667g
"
conv
PhoenU
50
1% Apr
Apr
117g Apr
l%June
534 Apr
3
ser A
Corp
June 26
36
No par
6%
10
900
*64
26%
734
6,400
5%
1714
7J2
100
29%
*14
2534
8is
3034
300
200
*234
17
30
100
50
31
3n2
3,100
7%
*5
578
10
"7966
17
par
Corp
Peoria A Eastern
Pere Marquette
100
2%
45
5%
66%
*173%
6
6i8
97g
36%
1,400
*6%
28%
3
16
*5
667g
*44
'50
*234
*14
434
*2%
44
50
3%
140
35
35%
7%
2%
*173%
6%
9l2
*3%
*61
64
6'8
2%
*46%
*234
50
3
2%
*2
47%
*14
28
*14
*86%
*28
7
314
16
*434
2i2
44
7
7
*234
3634
1,200
678 Apr 10
Apr 10
784 Apr 11
80
.No par
Peoples Drug Stores
No par
Peonies G L & C (Chic) ...100
290
300
8
91
2%
35
40
22%
20
*734
397g
47%
91
*86%
2%
3%
%
*21
*1834
8
2484
9%
11*4
2,700
3
22
30
*78
9%
38%
pre!
Pennsylvania
240
1612
24
9
1118
100
38%
*2%
30
9
40
38%
3
*11
conv
57
187g
40
38%
*2%
3
12%
287g
19%
*36
17
Entcrpr.Vo
Cement
Penn G1 Sand
*122
...
18%
*24
1358
16i2
2314
7i2
*78
1934
1
934
*75g
IOI4
12l2
1834
27%
9
20
*9
259OO
14
17
*78
21
19%
*13%
*122
30
1978
2
900
1334
8
64
23%
8%
65
400
1334
26
334
20
9
*15I4
23%
*70
257g
*24
*24
*13%
*lli8
17312 13712 *172l2
6
6I4
6%
30
Penn-Dlxle
*2
3%
25%
8
*14
5%
9
1,300
*46
3678
*2712
*16
Penn Coal A Coke
334
2
7?8
31
2i2
44
7i2
2858
*6%
1,100
3%
734
*135
4%
2
4
13
*14
91%
2%
*3%
28
22
41
2%
4
1,400
May 10
Highest
Jan
484
41% Apr 14
1
Penney (J C)..
37l2
*23s
*1834
457S
Patlno Mines &
Penlck & Ford
4,100
3
22
*7
700
93%
2%
37
20
4534
734
577g
37
22
4034
734
577g
92%
195s
*19
734
734
500
734
57%
*122
22
134
12% 100,500
93%
14
20
734
1178
57
25i2
22
*1%
11% Jan
1
% Apr
Lowest
$ per share $ per share
1638 Jan
1
June 26
100
No par
93
13
*18*4
134
13%
5
Co....2.50
Parmelee Transporta'n.No
par
Pathe Film Corp
No par
734
3934
2778
134
Parke Davl« A Co
Parker Rust Proof
93%
19
*12
2,200
57%
19l2
*23;,
1,800
183g
884 July 14
3
Apr 8
10% Apr
1
7%
25i2
38
42%
183s
12%
734
.100
Paramount Pictures Inc_.___l
6% lBt preferred
100
6% 2d preferred
10
92%
*122
1918
42
$ per share
.No par
preferred
Park & Til ford Inc
Park Utah CM
~2~9o6
18%
134
conv
*5634
378
*122
2,000
20
1-%
42%
*1%
Parafflne Co Inc
22966
Highest
$ per share
Pan-Amer Petrol & Transp. 5
Panhandle Prod <fe Ref new__l
94
214
2
26
14
___
19U
2% I
378
334
25
10%
*16
Pac Western Oil
Corp
10
Packard Motor Car ...No Par
Pan Amer
Airways Corp
5
4%
"1034 Y034
11%
42%
*18%
100
300
20
15g
42%
18%
134
13
115s
784
56i2
*16
134
*42
12
734
56
9334
2%
9334
*1034
134
97g
10%
9434
20
134
4178
4218
18
*15s
*778
*16
10
9434
11%
158
4178
*56
20
10%
98
11
Range for Previous
Year 1938
EXCHANGE
9
*5
691
On Basis of 100-SAoro Lots
Week
I per share
8
7
Jan
1%
Jan
4634
84
Jan
34
Jan
2
h
Jan
4
Apr 28
4678 July 28
108
July 25
112% July 17
116%June 7
Ex-rlghts.
Jan
Dec
25% May
3% Jan
18%
Mar
3
Dec
1% Mar
1»4 Dec
3% Dec
94
Jan
Sept
12% July
46% Jan
68% Jan
97„ Nov
13%
2084
33%
2%
49%
188
33s
July
Jan
Dec
Jan
Oct
July
July
5% Jan
7% July
12
Mar
68
Mar
68
Mar
99
Nov
79
Mar
108
Nov
884 Mar
19
Jan
2934 Nov
83% Dec
J Called for redemption.
New York Stock Record—Continued—Page 9
692
$ per share
13 %
♦75
>2
612
*5034
*11278
%
i%
♦185*
*2%
79*4
16
14%
♦53
4%
♦44
8%
*37%
11
104
67*
26%
♦2%
♦20
*19%
♦95
♦94
♦107%
*15%
♦11
*19«4
117g
2%
*18
♦17%
♦13834
28
15%
18%
26
*36
2
♦634
SALE PRICES—PER SHARE, NOT PER CENT
July 24
July 25
Wednesday
July 26
3 per share
13%
13%
*75
75%
%
%
*5%
7
$ per share
$ per share
Monday
Range Since Jan. 1
6
27
234
20%
20%
96%
*6
6%)
26%
27%
*2%
234
20%
20
20%
*95
17%
48
20%
96%
12%
13%
10%
2%
15»4
*25
*7%
17%
27%
6%
*6
*5%
*42%
*4%
*5%
37i2
*1678
26%
44%
24%
48%
49%
*48%
13
13%
1284
69%
*28
3
7%
17%
1934
26%
2434
*42
4278
28%
79
18
18
20%
2634
21%
27%
25%
4934
2634
25%
378
7%
*
718
106
27*
3
J3*
8
8%
4934
79%
9
1338
87g
50
25
25
8
8
1778
1778
*267g
27%
63s
6%
5
*6
*43
4
2978
7«4
30%
7%
15%
7%
2984
7%
7%
784'
29%
•7-s
7%
7
5
6%
45
434
6%
38
Simmons Co—
15%
*14
15%
fU
15%
*19%
20%
*19
60
4%
33%
*4
4%
33%
*4
*31
*31
*184
25%
384
2%
384
26%
25
2
2
2
2
*10%
12%
*90%
10%
10
10
10%
12%
12
12%
12
93
90%
H84
46%
5%
11%
734
15%
47
5%
1178
8
*9%
20%
3%
82%,
3%
10%
20%
30
30
2%
*25%
27«
*80
*3%
*9%
20%
30%
2
2
*184
37g
26
25%
15
15
46%
5%
12%
77g
3%
46
86
3%
10%
2078
30%
90%
6%
99%
89%
21
21
3878
393«
12%
I8I2
13
18%
*113% 118
62%
18
3
37%
*117%
16%
9934
*88%
*20%
3884
12%
*18%
*113%
63%
*16%
27«
37
*2%
50%
9%
83
21
21
21
21
39%
38%
13%
12%
18%
39%
13%
Sparks Wlthlngton
34
Spear A Co—
1
106
27S
278
7%
77g
4,300
90
44,200
1,020
1,800
15,500
600
4.300
14,000
Standard Brands...—.No par
98
$4.50 preferred....-No par
{Stand Gas A El Co ...No par
$4 preferred..—....No par
26%
253s
25%
*42
4934
41% 42%
*277s 28%
79%
79%
9
9
500
2,200
4,900
900
Standard Oil of N J
Sterling Products Inc——10
Stewart-Warner.
5
4%
12%
4%
1278
37,000
Stone A Webster......No par
8%
9%
87,400
Studebaker Corp (The)——1
50
50
1,600
Stokely Bros A Co Inc
Sun Oil...—
.....No par
20
6% preferred...—.....100
4,500
2,100
7,000
2,100
...
800
Sutherland Paper Co.
8%
100
1778
25
3,500
1,100
Sweets Co of Amer (The)...60
Swift & Co
-25
25
*7%
J778
2678
27%
6%
5%
6%
5%
6
6
*43
3,300
1,300
45
*412
5%
37%
434
5%
37%
4
7
*14
500
""loo
2.100
15,500
2,500
5,200
6,000
10
Swift International Ltd
......
Symington-Gould Corp
w.l
1
w
Without warrants
...
Talcott Ine (James).
_
_
_
—.9
5M % preferred...<
50
Telautograph Corp.—
—.5
Tennessee Corp
.5
Texas Corp (The)
*
.25
Texas Gulf Produc'g C0N0 par
Texas Gulf Sulphur
No par
—
Texas Pacific Coal A Oil. ...10
2,200
Texas Pacific Land Trust—..1
15%
100
*4
*3%
The Fair
"""BOO
14
preferred
10
Third Avenue Ry
.100
Thompson (J R).—„....25
Thompson Prods Inc..No par
Thompson-Starrett Co .No par
500
12%
93
4,400
*91
92%
9%
21%
82
118
16%
99%
.90
21
3%
2084
30
27g
28
103s
234
*91
July
17% June
300
4,300
1,900
$4.60
conv
1,900
21,900
7%
900
Transue A Williams St'lNo par
5,700
Tri-Continental Corp..No par
$6 preferred
No par
5%
11%
11
July
24
Mar
49%
17%
45x3
157g
70%
Deo
Nov
Deo
Deo
*80
86
*3%
*8%'
2034
*29%
3%
10
"""466
2034
4,700
30
27g
278
*26%
10%
*2%
28
11%
234
600
Truax Traer Coal.
3
.No par
10
Truscon Steel
20% Feb
Jan 28
Apr
8
6
24% Jan 19
30% Mar 14
29% Jan 5
50% Mar 9
53% Jan 3
3384 Jan 3
7984 July 13
12% Jan 5
6% Jan it
17% Jan 6
9% July 28
66
Jan
6% Jan
48% Jan
534 Jan
9
21
Mar 16
40
Jan
21
3
Jan 10
Mar
96
Feb
Jan
Apr 10
88
Jan
3
No par
1% Apr 8
17% April
7% April
30
{In receivership,
a
500
Corp
5
Transport
5
United Aircraft
Un Air Lines
No par
United Biscuit—
No par
Preferred
""366
200
85,000
22,300
Def. delivery.
100
United Carbon
No par
United Carr Fast Corp. No par
United Corp
$3 preferred..
»
New stock,
..
.No
par
No par
r Cash sale,
x
Ex-dlv
y
I
21
29%
Nov
Oct
34
10% Nov
8Xg Jan
9% Oct
4912 Nov
37g Mar
32% Mar
2% Mar
49% Aug
57g Dec
Mar
38
Mar
1212 Aug
11% Feb
5
Mar
Apr
414 Mar
5% June
8
Mar
26
15
Mar
25%
53x2 June
Jan
Oct
July
6O84
278
35
Apr
Apr
2% Mar
15
Mar
1
Mar
3% Mar
8ig Mar
Oct
Oct
678 July
56
Jan
5% July
18% Nov
2% Jan
fiij July
287g Nov
1% Mar
4
534 Mar
19
10ig Mar
77% Apr
8
Mar
31% Mar
6% Dec
4
Mar
47g Apr
2% Mar
June
Mar
Mar
Mar
Mar
July
July
15% July
08
July
19% Nov
55% Nov
1284 jan
10% Oct
12% Nov
47g July
91
Nov
6% Jan
15% Nov
28% Nov
38
July
6
Jan
Jan
Jan
41
23% Jan
42% Feb
13% Mar
18*4 July
119%June
65% Mar
2,600
15,200
26,300
14% Mar
43% Oct
4x4 Aug
23% Nov
82
July
1512 Aug
13% Nov
20% Mar 28
33
April
77g Apr 11
1578 Feb 24
112% Mar 13
62
Apr 8
13% April
2
Apr 10
30% Apr 10
22
Oct
44
Union Pacific
21%
3784
12%
18%
Mar
Oct
65% Dec
128
Mar
2.900
21%
38%
6% June
15
Jan
Mar
118
100
Mar
9%
6
113%May 17
16%June 30
81% Apr 11
78
Apr 13
.100
45
119X2 Feb
8I2 Dec
17% Mar
I84 Mar
11
17% Nov
16
Union El Co of Mo $5 p* No par
Union OH of California
25
4% preferred...
Union Tank Car..
6% Mar
3% Mar
Jan
2,600
800
June
3%
6%
16%
25%
2% Mar
3% Jan
10,700
89
May
5
12% Jan
484 Jan
82
83%
*115% 117%
16%
16% 16%
99%
Mar
6
77
478 Jan
Apr 27
.
9
3
3
734 Jan 10
12% July 24
lO?* Jan 4
18% Jan
54% Jan
Mar 28
89
2
87g Jan 10
28% Jan 3
334 Jan 4
15% Jan 3
14% Mar 10
684 Apr 10
65% Apr 8
98
7
434 Jan 10
2
99%
49
13
22% Jan
60% July 27
4% Feb 9
44
90
Apr
3984 Mar
17% Mar
6*4 Mar
Jan
Under Elliott Fisher Co No par
30
32%
107% Feb
512 Jan
11% Jan
23
July
28
July
347g July
35% Jan
60% Nov
68% July
34% Nov
71% Nov
12% Dee
7
3
32% Jan
10% Jan
Union Bag A Paper
No par
Union Carbide A Carb. No par
118
Mar
July
31
July
9X4 Jan
26
10% Jan 4
8% Jan 4
7% Mar 11
43% July 21
6% Mar 11
1,300
200
13
22% Mar
434 Mar
37g May
5,200
8%
10% Sept
25% Mar
24*4 Mar
27
8%
*50
Mar
4% Mar
884 Mar
1778 Mar
1384 Jan
26% Jan
34% Jan
Twin City Rap Trans
Mar
2
4
14
13
19
Apr 10
16% April
April
Preferred.——
100
Twin Coach Co———_.....1
Ulen A Co
!
No par
94
22% Jan
30% Mar
10% Jan
197g Jan
28% Mar
28
110
6% Mar
48% May
12% Mar
6% Mar
6
4
Apr
Mar
3% Jan
No par
$1.50 preferred
4
128%June 17
1134 July 6
38% J«*n 3
Mar 31
6
20th Cen Fox Film Corp No par
800
6,800
5% Jan 20
10% Jan 20
Apr 10
74
.
200
4
Jan
June 22
16% Mar 9
75% Mar 8
30% Mar 10
7% Jan 3
108 June 17
Mar 22
2
40Xg Nov
4% July
3
11% April
87
April
1034 Apr 10
34% April
5%May 10
6% Apr 10
5% Apr 10
10
3%
5%
1078
7%
3'4
Apr
1% July 7
7% Apr 10
pref—No par
Timken Detroit Axle.
22ig Jan
23% Deo
33% Deo
Mar
1% Jan 17
Tlmken Roller Bearing.No par
Transamerlca Corp
...2
Transcont'l A West Air Inc..5
3884
38%
37%
13
127g
1234
12%
18%
18%
18%
18%
18% 18%
118
*113% 118
118
*114
*114
*113% 118
118
*61
64
64% *61
*62
65
65
*61
64%
17% *16% 17% *16% 17%
18
18
18
18
3
3%
3
3%
33
3%
3%
3%
3%
37%
37% 38
37% 38%
37% 39
38% 39%
Bid and asked prices; no sales on this day.
Nov
25
Mar
51%
50%
8%
8234
141
4
3
$3.50 cum preferred.No par
Jan
Jan
19% Mar
0% Mar
5% Mar
8% Mar
128
2
17
Tide Water Associated Oil.. 10
Jan
Jan
9
2% Apr 10
conv
28
Nov
6
3% Apr 11
July 14
—..1
16%
3%
33g Jan
31
100
Thermold Co.—
$3 dlv
66
No par
Preferred
700
2
4
...
800
10
4
4
4
July 17
15% Dec
15
8% Feb
7% Apr 11
22
Apr 8
2
Apr 1
10
Apr 10
25
Apr 8
7
July 3
17
Apr 10
2434June 30
4% Apr 10
4
Apr 8
5
July 7
35% Apr 26
4% Jan 26
4
Apr 8
3478 June 30
3% Apr 10
26% Apr 10
7% Apr 10
6% April
1134 Apr 10
1634 Apr 3
Superheater Co (The)—No par
Superior Oil....————.1
Superior Steel..
100
2%
86
40
46
Apr 8
120% Jan 27
Sunshine Mining Co.—...10
12
3%
4
19X4 Aug
1
23% April
46
Apr 28
40% June 30
20% Apr 8
65
April
7
Apr 8
3% Apr 8
8% Apr 8
5% Apr 10
25
10%
*80
Feb
July 18
21% Jan
23% Jan
33% Jan
2 5%June 29
Starrett Co (The) L S—No par
2
3%
29
2% Apr 1
434 Apr 11
10
April
13% Apr 10
Standard Oil of Kansas.*.-10
24:666
12
86
141
Oct
6
1% July
4»4 Apr
No par
Jan
18% July 18
20%May 1
Mar 22
200
1034
3784
12%
18%
"i^OO
....No par
5% preferred...——.100
Mobile A Ohio stk tr ctfs 100
2
8%
52
Southern Ry
1034
12%
50%
51%
87g
81%
106
5%
11%
978
*2%
50%
Southern Pacific Co.——100
24,600
19,500
2
50%
3%
51
61
9212
147g
*27g
29,000
12
87g
8%
8%
81%
81% 8234
*117%
*117% 118
163s
16%
16%
*16%
16%
100%
9884 10034 *98% 99%
89%
89% 89%
89% 897g
3
61
75
28%
47
26%
10
12«4
73
1434
27
10%
2%
5134
9
83%
*26%
100
8% preferred..
Southern Calif Edison..—25
*10%
27g
*26%
10%
*2%
10%
2%
So Porto Rico Sugar—No par
440
10%
3'8
3
26
1,000
6,000
5,000
3%
26%
10%
27g
3
10
S'eastern Greyhound Lines—5
3
29
46%
30%
400
Socony Vacuum Oil Co Inc.15
South Am Gold A Platinum..1
50
14%
30
1% Mar
Snider Packing Corp. ..No par
Splcer Mfg Co
No par
$3 conv preferred A .No par
Spiegel Inc—
2
Conv$4.50 pref.....No par
Square D Co class B
1
46
9%
21
8% Mar
10% Mar
lO
2,600
26,300
5,500
26%
33g
9%
Mar
Smith & Cor Typewr—No par
26% July 25
I484
30
10
100
April
42
Apr 17
9% April
60
Apr 4
18% Apr il
6
Apr 8
46
20%
Aug
11
1478
3%
9%
20%
24
19% Dec
15% Mar
734 Mar
26%
7%
*
Apr
4778 Feb 18
46
*80
13
11% Apr 11
10% June 13
12% Apr 8
10% April
1% Apr 6
1784 July 27
14
April
127
Apr 17
23% Jan 24
10% Apr 8
11% April
15% Apr 11
21% Jan
4
1138
3%
Oct
17% Mar 11
17% Mar 11
21% July 18
1384 Jan 4
.,10
Smith (A O) Corp
8
263g
3%
86
—800
4
*1%
*334
25%
7%
*3%
105
250
11%
*80
98
122
36
*28%
6%
Nov
Apr
May
14% Apr
25%
Jan
Nov
Jan
Nov
Jan
91
Mar
Sperry Corp (The) v t 0——1
*48
9ig
3512
314
24it
3434
July 17
19%
3%
Apr
Mar
Spencer Kellogg A Sons No par
19%
*1%
*3%
8
Mar
Mar
300
20
8
4%
12%
2%
147g
18%
28% Oct
18% July
106% Oct
110
*31
8
Mar
11,300
3%
20
3%
3
Mar
93
Jan 18
4%
33%
12%
Jan
3284 Jan 4
3% June 24
2134 Jan 3
29% Jan 5
6% Mar
10
101
*4
8
7
5
Feb 3
Mar
*31
3%
11
20% Apr
June 22
Nov
Nov
Nov
Nov
45
4%
5%
38
Nov
70X2
9X4
4912
12%
*84
33%
5%
Aug
23
95% Jan 19
$3.60 conv pref——No par
5%
11%
36
17%
46
584
Mar
July
10l84June 26
Texas A Pacific Ry Co....100
Tatcher Mfg....
—No par
*8%
20%
*29%
26
16%
12%
*90%
1434
Mar
3
Jan
Oct
18
8
100
2%
10
45% Mar
5%
80%
April
200
2
Mar
9% Mar
Apr
20
2
47
*
Oct
70
60%
4%
33%
3%
378
25%
1% Mar
15% Mar
284 Dec
507«
11384 Deo
7g Jan
3
July
27% Feb
92
*18%
21%
30%
10%
84
10%
47
91
26
....
*2
2%
10%
12%
90%
15%
10%
*2%
9
37g
Jan 11
Jan
Feb
1% Nov
10ig Nov
—25
—100
*60
20
%
7% J»n 5
50% Feb 16
1134 Feb 24
107
1
34% Mar
85
Slos8 Sheffield Steel & Iron. 100
6% preferred..
20
60%
*3%
89
Mar
112% Dec
18
10
6
June
% Sept
3
24
29
6
6
6
6
15% Jan
484 April
17% Apr 10
2% Apr 10
16% Apr 11
18% July 28
Slmonds Saw & Steel—No par
Skelly Oil Co.—
20
3%
May
62
Jan 20
6l78June
117%May
*4 Jan
2% Jan
22% Jan
3% Jan
80% July
18% Jan
21% Jan
Highest
$6 preferred...——No par
3,100
6OI2
60
6
Jan
1
10% Jan 26
44«s
25%
49%
13%
778
7
April
177i Mar 9
75% Mar 15
17%
29%
60%
2%
—600
6
Lowest
$ per share $ per share
13% Sept
27Xg Jan
44
7%
678
20%
3%
26
101
No par
——10
Slmms Petroleum
234
June
10%June29
Silver King Coalition Mines—5
378
*60
*3%
25%
28
3,5d0
29%
778
*19%
*1%
8
par
2,400
30
16
20
par
No par
Shell Union Oil.
6
4
61
20
*134
384
43
par
5J4 % conv preferred——100
127% *125
127%
10% 10%
IOI2
10%
26
26
*25% 26%
2%
2%
2%
,2%
16
16
16% 16%
20%
20
$5 conv pref—
—No
Sharpe & Dohine
No
$3.50conv pref ser A-No
Shattuck (Frank G)...No
Sheaffer (W A) Pen Co.No
700
127
4
3%
10
4,500
par
Sharon Steel Corp——.No par
$6 oum prior pref...-No par
4
3%
20
-jClOO
par
par
—1
Servel Inc..
$7 eum prior pref
No par
Standard Oil of Calif. .No par
Standard Oil of Indiana
25
4
3%
200
4,500
Co—.No
Sears Roebuck &
1,600
*60
3%
20
9,8,00
2,000
11,200
14,700
8,500
*19
*3%
12,400
4
Jan
% Apr 25
1
Apr 8
16ia Apr 8
l%June27
60% Apr 10
11% April
10% Apr 11
54%May 22
37gMay 8
18
*14
338
197«
113
Seagrave Corp........No par
21
37%
30
ll%June30
Apr 14
% Apr 10
334 Apr 10
45
Apr 8
67
Seaboard Oil Co of Del-No par
400
18
*4%
5%
37%
8%
1,600
26
4%
4
200
$4.50 preferred
{Seaboard Air Line
No par
4-2% preferred.,———.100
~2~4o6
20%
*4%
12%
578
Scott Paper Co
$ per share
1
—100
...No par
No par
3% preferred
500
..
18
78
3734
500
Highest
$ per share
5
100
{Schulte Retail Stores
21%
78
4%
Schenley Distillers Corp
5H% preferred—
267&
18
28%
4%
57g
400
26%
2434
42%
8%
4,900
2,500
25%
684
25%
*213
Range for Previous
Year 1038
10O-Share Lots
Lowest
Par
20%
4%
678
37%
412
5%
6%
16
*4
*
106
„
61
*31
2%
13%
75%
28%
1978
4%
37
s
71%
28%
6%
42
51%
60% 51
5034 51
50^2 50%
*125
127
127% *123
127
127% *125
10%
10%
10%
10%
10%
10%
10%
26
26%
26
2534 2678
2634
26%
2%
2%
2%
2%
238
2%
2%
16
16%
1634
1578
16%
16%
17
26
26
26
25% 25%
25%
2584
77fi
*7%
778
*7%
8%
*7%
8%
1734
17% 1784
17%
1734
17%
1734
27%
27% 273s
27%
27%
27%
273S
6%
6%
6%
6%
6%
6%
6%
5%
5%
5%
5%
5%
5%
5%
6
6
6
6%
5%
5%
*5%
45
*43
45
*43
45
*43
45
6
12
253s
49%
*42
12%
5
17%
4484
43%
253s
*48%
*2778
7834
878
13%
9
8%
*17
2784
12%
33%
*17
234
21%
19%
42a4
13
8%
8
*31
62%
6
26
42%
2784
*42
12%
*4
83X2
*117%
16%
99%
89%
6
25%
*2%
21%
4378
29%
79%
4984
On Basis of
Week
Shares
25%
4934
1234
8%
4%
30
8%
7%
8%
25
9
8
*3
17«4
21
43s
13%
878
2978
*80
3
8
127S
13%
70
71%
287g 29
6%
6i.
1063s 106%
2«4
27g
7%
8
884
8
3%
70
2878
43s
30%
11%
*7%
49%
13%
4%
30
5%
25%
49%
87g
4
15%
46%
2484
*48%
4%
37
1978
25%
434
3734
3%
17%
4478
4%
37%
1978
17%
4%
37%
4%
*15
284
22%
20
96
443s
17%
44%
6%
678
106% 106%
47g
5-%
*60
*2%
20%
*4%
5%
7%
7%
26
21
16%
45%
6878 69%
28
2834
28%
678
7
6«4
678
106% 106% *105
10684
2«4
3
278
3
7%
7«4'
7%
77S
16% 17%
17% 17%
19
19% 20%
20%
26% 26%
26% 27
25
25
25%
25%
♦42
4934 *42
4934
43
4334
43% 435«
*28
29%
29% *28
*78
79
79% 79%
8%
86.
8%
26%
6%
26
*95
16%
44%
2584
28%
*50%
July 28
f per share
.
45%
26
48%
*123
6
6
26%
2%
1939
EXCHANGE
$ per share
Friday
21% *20%
21% 21%
1934
20%
19%
18% 19
96% *9434
*94a4 96
*94«4 96
96
96
*95
99
94% 94% *94
96
99
*95% 98
*107% 110
*107% 110
*107% 110
*107% 110
*107% 110
110
15
15
16
15%
15%
14% 147g
15%
15«4 *15%
16%
*11
12
11
11
*11% )134
*11% 12
12%
12% *11
1978
1978
19«4 20
20% 20%
20% 21
20%
197g 1978
11% 117g
11%
1134
1134 117S
11% 117g
12
11%
12
2
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
*18
18
18%
18
18% *18
18%
I734 18
*1734 18
17
17
18
17%
17%
18% *18%
18%
17% 173s
18%
*13834 140
13834 13834 *13734 138% 13784 13734
140
*13834 140
28
28
28%
2734
28%
283»
28% 28%
28%
28% 287s
1484 15%
1478
15«4
1434
15%
153s
1434 153s
15% 1534
17%
18%
1734
18%
17% 183s
1734
18%
17% 18%
18%
25% 26%
25% 2678
26%
2534 27%
26% 27%
25% 2684
42
*36
42
*36
41% *36
40% *36
41% *36
40%
2
2
2
*2
2
2
2%
2%
2%
2%
2%
♦7
*684
7%
7%
734
734
7«4
7%
*034
7%
7%
4478
25%
77«
6
257s
*2%
STOCKS
NEW YORK STOCK
the
Thursday
July 27
13%
13%
13% 13%
13% 13%
13% 1384
13*4
*74
76
75
*75
75
76
75% 75%
75*2
%
1
h
%
%
%
*3g
%
*2
6
6
*5%
6%
*5%
6
6%
6%
6*8
51%
51% *51% 52
51%
51%
51
51
*51% 52
61
*110
114
*110
114
*110
114
*110
114
♦110
114
115
*%
%
%
%
%
1%
1%
1%
1%
*1%
*1%
1%
1%
*1%
1%
v8
19
19
19% *18
*18% 1834
18% 19
187$ 19
187»
*2%
2%
*2%
2%
2%
*2%
2%
2%
2%
2%
2%
79
78% 79%
7834 80%
7978
79% 797g
79% 80%
80%
16
16%
16%
168s
16%
16%
16%
16%
16%
16%
16%
15
15
15
15
14%
15
1434 15
14% 14%
14%
58%
58% *50
60% *53% 60%
65
57%
57%
57% *53
4%
4%
47g
478
4%
""
5%
5%
4%
4%
5%
4%
*45
49
*45% 46
48
*447g 48
*45% 46
*4478 60
8%
8%
87g
8%
87«
8%
83g
8%
8%
87#
87S
37
37
*37% 39
*37%
39
*37% 39
*3634 39
39
11
11
11%
11
11%
11%
11%
11%
11%
11%
11%
104
104
104% 104% 104
103% 103%
104% ♦103% 104% 104
*1678
*4%
12%
Tuesday
Sales
for
LOW AND man
Saturday
July 22
July 29,
66
1% Mar
12% Jan
90% Jan
90
57
Mar
Mar
5
4
July 27
5
25
4
"i7%
Mar
65% Mar
59% Apr
20
Mar
19X2 Mar
5
Mar
Oct
22%
99%
83%
23%
43x4
13*4
20
July
Nov
Nov
Jan
Deo
Nov
Nov
18
16
10
14
Sept
110%
Jan
1181a Aug
39
Jan
Mar 13
7312 Nov
20% Nov
12%
Apr
6
2
Mar
39% Mar 14
22
Mar
20
6
70if Nov
15% Aug
907g Nov
July 14
19% Jan
104
Mar
7% Mar
384 Feb
Ex-rlghts.
4%
38
Oct
.Oct
1 Called for redemption.
Volume
LOW
AND
New York Stock
149
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Record—Conciuded-Page
Sales
CENT
STOCKS
NEW YORK STOCK
for
Saturday
July 22
Monday
July 24
$ per share
$ per share
512
55s
514
5*2
60
*30
Wednesday
Thursday
Friday
the
July 26
July 27
July 28
$ per share
$ per share
X per share
Shares
5l2
53g
55g
6
6
*59
62
4
4
37g
378
30*2
81*2
133g
31
30
30
30*2
81
8O84
81
8034
1318
13l4
13
13*4
13*8
116
978
*434
978
5
*1153g 1157s
10
97g
8*8
8
♦80
8414
*80
5g
*658
*738
94
714
8
94
*17484
5*4
8
8
*612
*7*8
7*2
77g
*6i2
7*2
7*4
7*2
9312
92
5
6*2
•*7
612
7*2
92i2
9U2
*17434 180
*17434 180
7&8
758
75g
3512
3512
*3312
35*2
*3212
35l2
18is
18*8
18
18
18
18*8
18
4
4
*334
8
8
778
4538
*3612
2is
4778
53l2
453s
3734
2l8
4812
110l2 11U2
54
54
*69
6978
5212 54l8
10914 10914
*3612
3678
*4538 46
2
53l2
45l2
*3612 37l2
2
2*8
463s
4778
110
11134
55
5412
*69
2*8
5712
4*4
8i2
31
82*2
82
13*2
135s
*7
91*2
453g
*36l2
5278
5334
109*2 110
36*2
3634
no
69
55l8
46
2*8
634
67g
2
2
57*2
I25g
*55*8
69
*2
2*8
634
7
*684
U8
2*8
57*2
113g
82l2
7*2
490
91*2
45*2
35*2
*44
7%
800
4*4
8*4
2,100
1,200
45*4
3734
2
2
5,400
1,200
68*2
600
*67
53*8
54
98,500
109*2 10984
373s
373g
3,700
1,200
4634
90
*2
2*4
300
*634
Ug
7
46*2
7
2
2
85,600
5384
53*2
2*4
*634
Ug
4634
45*2
200
4
5»4 Mar 31
75
6
534 Apr 10
m
*1734
18*2 *1612
18*4 L*1778
183s
2414 2434
233g
2414
2478
2514
34
33l2 33i2
33*4
3334
3314
*11534 11612 *U534 116i2 *U534 11612
*41
*4 U8
43
4214
4134
4134
*53
56l2
*53
*3
2514
3^8
2378
24
25l2 25l2
27g
3*8
2234 23*2
116*2 11612
234
234
2514
♦1163s H012
*218
234
*6
75g
*12212 124
*66
7534
*129
*129
2
2
2
Us
634
98i2
55s
45
205g
5
*5114
258
*9
9778
534
44l2
*20
43
*5534
*2434
57
25*8
25l2
*25*8
25*2
3
3
3
3
*2234
23l2
116*2 117
117
117
*129
-
*34
2
78
2*8
2*8
*1'4
73g
Us
7*2
*22l2
23
2212
2234
9778
98
98
Mar
116
Nov
173
Nov
23
conv
1312 Apr 11
..No par
312 July
ol A ...No par
100
35
37
8 Rubber
10
8% 1st preierred
0 8 Smelting Ref A Min
Preferred
Corp
100
60
No par
Prefer* ed
100
U 8 Tobacco
.....No par
7% preferred
26
United Stockyards Corp
1
Conv pref UOci .....No par
United Stores class A
...6
16 conv pref..
No par
43i4May 18
98i2May 19
33
Apr 10
433s Feb 16
Us July
100
234
11
53g
*55*4
2i2
*8*8
5l2
55*4
2*8
2*2
11
9
*-6
mm. mm
134
35
55
9
*6
28
*26lg
278
26*4
27S
26*2
278
26*2
278
1
163s
165s
*34
I6I4
16*4
60
60
60
60
34
h
118*4 118*4
99
993g
10934 *108*2
IO334
118*4 118*4
118*4
1123.
7123.
99
*130
*1634
103*2 104
1123.
335s
173s
*4
140
17
17
2434
*34
25
~
34*2
2434
*34
mm
2434
3412
99
1*8
1*8
2634
24*4
25
2312
107
11034
138
138
*1634
17*8
*39*4
2434
34*4
253g
34*4
58
*26
58
*26
*85
90
*85
24
*60
90
*60
90
*65
*4914
51
51
51
*1012
11*2
*49*2
105s
912
478
*U2
23*2
234
1»4
934
958
934
5
5
5
1»4
1*4
134
*3l2
35s
*36l2
24
24
25
*10*2
934
48l2
16*8
33
"so"
1534
111
no
103g
14*2
14*4
14*2
42i4
443g
«
~
16*4
102i2 103
80
84l2
*78
23
223g
22l2
23
203g
1934
20
19*2
23*4
203s
25g
25g
25g
25g
*78
2434
*80
42
42l2
90
87
90
2534
25*4
257g
934
5
134
24*8
25l2
*1*2
2534
25g
Bid and asked prloes; no sales on
800
-*
1,900
300
200
60
12,200
*234
U4
3
U8
35g
3*2
312
*3l2
3*2
36
33s
*3434
*111*2
36
19*2
487g
16*4
16*4
934
10
10,100
5
*478
5
1,900
U4
158
26
24*2
25
3
*234
3
Us
134
3*2
3*2
35g
37*2
*3534
*111*2
18*2
19
485s
49
153s
158
1534
33g
200
3,900
400
Ug
4,700
37g
33g
3,000
37*2
200
*18*2
4834
49
1934
1,000
17,300
90
155g
*53*2
65
30
48
48
*47
52
10
*26*2
*38*2
31
100
42*2
200
31
*26
31
40*2
*39
42
/102
102
101
*100
1534
1,900
*53*2
50
3934
101
*234
134
....
102
*76
*76
80
80
80
80
3,200
60
100
900
27,500
110
2,300
37,900
8
Apr 11
Apr 11
Apr 10
34 July 25
July 20
Apr 11
95
Apr
158 Mar
U4 Dec
634 Mar
43s July
33s Feb
1384 June
2014 Jan
87i2 Deo
IOI4 July
7«4 Feb 16
233s July
98i2 July 22
9>4 Jan 5
_
6O84 Jan
1478 Mar
27g Jan
Mar
68
37g Jan
6% preferred
100
Mar
4
Mar
51
July
384 Mar
8
July
3
20
Mar
I84 Mar
July
45
Aug
47S July
6*2 Apr 27
3l»4Mar 14
2438 Jan 5
3284 Jan 4
33s July 17
6*4 Dec
8
Dec
16*4 Mar
31
Nov
11
Mar
25
Oct
17
Mar
348s Nov
4i4 Oct
2
Mar
1*4 Mar
Mar
4
84 Sept
28*2 Jan
3
79
4
2514 Mar
71
Apr
70
Apr
823s May
Jan
100
June 16
•
June 23
3378 July 24
4)8
Jan
4
8
Jan
4
84
Jan, 4
158 Jan* 3
267g July 18
3184 Jan 4
120
Jan
6
145
Jan
1284 May
25s Mar
3
Mar
l2 Mar
84 Dec
16i2 Mar
1534 Mar
6I84 Mar
I684 July
li2
39
Jan
July
82U July
102i2 Jan
103i2 Deo
9784
126
Jan
Nov
119i2 Nov
2678
Deo
4i2
Jan
9
Jan
15s Jan
33g July
3414 July
3314 Nov
12478 Nov
60
126
Mar
8
Mar
144
Weston Elec Instrum'i.No par
Class A
No par
I0i2 Apr
8
205g Jan
7
Oct
Mar
3
39
9i2 Mar
3Ua Mar
21
37
39
Deo
1514 Apr
Apr
10
Mar
Mar
2018 July
3U2 Deo
1st preferred
Westvaco Chlor Prod..No par
May 20
July 11
253a July 25
103
30
100
z29
8
6
34i2 July 26
20
42
July 28
60
Jan 12
60
5M% conv preferred
100
Wheeling Steel Corp...No par
74
6
90
July 28
65
5% conv preferred
Wheel A L E Ry Co.;
Preferred
White Motor Co...
W hite Rock Mln Spr
1
C0N0
par
White Sewing Mach...No par
$4
conv
preferred
No par
Wilcox Oil A Gas
Willys-Overland
6
Motors.... 1
6% conv preferred
10
Wilson A Co Inc....—No par
$6 preferred
...100
Wisconsin Elec Pr 6% pref.100
Woodward Iron Co—.....10
Woolworth
(F W) Co
10
Apr
Mar
60
Mar
90
Jan
Jan 27
75
Mar
95
Jan
Jan
42
May
61
Nov
3134 Jan
Jan 27
80
July 10
60
9*2 Apr 25
7
Apr 10
312 Apr 8
UgMay 1
14
Apr 10
2*2 Apr
1
1
June 24
23sJune 24
3i4June 29
35
June 15
I05l2 Apr 20
15
Apr 10
4
4
1214 Mar 10
1384 Jan
7
4
Jan
4
I84 Jan
IO84 Dec
6*g Mar
5
Sept
11
Jan
1*4 Mar
3
Jan
884 Mar
24«4
15s Mar
3i2 Aug
3*s Feb
1*4 June
3i*
38g June
67a
578
6OI4
IO684
275g
6384
27U
72i2
7514
48i4
6683
6*4 Feb
5
Jan
3
Mar
49i2 Jan
32
Mar
114
103
July
255$ Jan
503g Jan
23i8 Jan
Oct
10*g Mar
66
6% preferred B
May 25
65
Prior pref
23i2 July
6
31*2 Apr 19
85
Apr 10
38
Jan
4
27
63
Jan
5
120
Jan
3
28*4 Mar
66*2 Mar
100
% series— 10
10
Wright Aeronautical ...No par
Wrigley (Wm) Jr (Del).No par
75
Yale A Towne Mfg Co
2134 July
25
Yellow Truck A Coach cJ B._ 1
100
Preferred
Young Spring A Wire..No par
Youngs town 8 A T
Mar 31
5
115a Apr 11
98
April
9«4 Apr 10
Apr 11
No par
30
.
85*4
33U
2134
114ii
2114
5578
July 18
Mar 13
Jan
5
Feb 17
Jan
85
Apr
8
31*4 Jan
Zenith Radio Corp
12
2i2
2*2
2*2
25s
800
f
Cash sale,
x
Ex-dlv.
y
Jan
358 Jan
Ex-rlghts.
Oct
oct
Jan
July
Jan
Dec
Nov
Nov
Nov
July
Nov
Nov
Nov
12114 Dec
61*4 Mar
78
Dec
20«4
8«g
Jan
39
Jan
2I84
July
oct
71
Mar
93s Mar
62i4 Mar
11*2 Mar
5
17
9,300
nNewstook.
Oct
Mar
Jan
May
2,900
5M% preferred
100
Youngst'wn Steel Door. No par
74
2234
2034
1
70«4
Mar
24
20
Zonlte Products Corn
5
42
Jan
22*4
22*a
Jan
11*4 Mar
Jan 18
20
April
214June 30
36
MarlO
22*8
No par
15i2 July
15U July
3
43
Prior pf 4H % conv series
3284 Nov
July 27
384 Mar 9
26
41®4 Apr 11
10t2 Apr 11
47i2 July 15
Worthlngton PAM(Del)No par
Preferred A 1%
..100
Oct
Apr
14*2 Mar
155s Apr 10
195g
a Def. delivery.
2
23
5
22*8
fin receivership,
Nor
4
20*2 Apr 11
23s Apr 10
I4 Apr 21
34 Apr 8
167a Apr 8
18is Apr 8
82i2 Apr 11
54
203g Deo
19l4 July
8
Western Auto Supprjr Co.-_10
Western Mary lard
....100
.....100
8i2 July
Mar
lll*2
Western Pacific
Jan
1334May 24
197g
this day,
Mar
258
8
4
July 24
22*4
*2*2
1
678 Jan
19*2
2*2
74
117
3*2 Apr 10
77i2 Dec
U9i2 Oct
3
11234 July 19
,100
55g Jan
3218 Jan
116i2 NOV
4i2 Jan
1584 Jan
12078 Feb
4
Jan
100
4% 2d preferred
25U Deo
2
Mar
6% preferred
J»n
3*2 Jan
22
100
Mar
Mar
Mar
117*4
Deo
1
74
88.
Us
2884 Oct
287S Nov
365s Nov
3
116
Westlnghouse El A Mfg....60
«.
Apr
83
Jan
July 19
9,1000
10
Mar
124'4 Mar 10
West Penn Power 7% pref.100
Westlngh'Be Air Brake. No par
—
37
116*4 July
June 15
Western Union Telegraph. 100
400
100
112
6,500
m rn m
Mar
158 Apr
6*4 Mar
105
20,100
10
84
84
85
85
85
*8334
*8334
*83i2
24
24*8
24*2
24*8
237g
24*8
24*2
237g
17
17
16*8
167g
163g
16*2
17*4
16*2
*108*2 HO
108*4 10912 *108*4 HO
*1083s 11034
14
14
14
14
13*2
133g
1338
14*2
44
44
425g
4278
43*2
43*8
443g
42l2
23
8412
68
*87~
5*4
*111
-
20
*
10
978
*26
433g
....
*5
*46
13i2
*3s
25*4
*1*2
5*8
*53
110
700
38
Mar 13
85
$5 conv prior pref..-No par
50
42
*212
253g
2334
5534
17*8
19
38
58
90
19
2478
500
23l2
485s
843g
6*4
106
8
..100
White Dent'l Mfg (The S 8)20
41
*83i2
*24i2
165g
3*2
6
1«4
Dec
159i2 Deo
Oct
Apr 10
July 19
....100
preferred
200
27*2
17*4
3234
3*4
5*2
1*8
26
3,700
2,500
3234
3*4
No par
16
107g
*48*2
27*2
*78
3«
33
West Penn El class A
3
58l2 Apr 25
*1038
*39
2478
6*2
-.1
7% preferred
HO
6
1914
1434
20*2
17fl
11
41
8412
32*2
3*4
Wells Fargo A Co
Feb
1*4 Apr 8
6*2 Apr 11
11
30
111
$4 conv preferred.... No par
-
Maris
Nov
Jan
13i2 Sept
234 Mar
1584 Mar
36
Wesson Oil A Snowdrift No par
....
Mar 16
Dec
15
86
Nov
44
1,300
6%
July 12
77
131
IOI4 July
3ig July
52
57
Apr 10
1
Webster Elsenlohr.....No par
180
124
June
42
May 22
Wayne Pump Co
280
9
Oct
36
47i2 Sept
684 July
113
June
4
No par
410
I
8
Jan
7018 Mar
71U Nov
121
June
31
11
*27
1634
pref
1 Warren Bros
*995g 100
108*2 HO
8
Oot
July
40
6
No par
7% preferred
1035s 10334
117*£June
27gMar
97
No par
Class B
Warner Bros Pictures..
5,600
995g
2578 Feb 18
478 Jan 4
817g Jan 4
7
3012 Mar
1784 May
Ward Baking Co cl A .No par
18*2
*1
I
1
1*8
A
26*2
25*1
26*2
22*2 233g
2334
233s
106
109
10834 107*4 110*4
11034
*130
138
138
*130
*130*4 138
*16
71
17
17
1678
1678
*39*2
*39*4
*39*2
25*4
25*4
25*4
25*8
25*8
25*4
34*2 *34
34*2
34l2 *34
34*2
11
*39*2
*2412
30
July 25
1U2 Mar
1414 Mar
4i2 Mar
30
Mar
45
31
*83U
1
Apr 10
_
5
Mar
3
60
6*4
*34
197g
101
1,000
37
80
42
102l2 *100
900
3
Apr 10
100
*40
*101
26
*25g
4
700
*27
*48
*253g
3
3
12 June
16
205s July 18
*84
18*4
2278
49
16*4
26
Jan
June
56
27*2 Mar
19U Apr 28
8I2 Apr 11
li2June 30
...No par
59*2
25
1934
54
26
43
8
5*2 Apr 11
15i2 Apr 10
Feb
7*2 June
Jan
Mat 24
II6I2 July 26
June 29
85
37
100
Preferred..
18*2
28
48*2
1534
5534
50
par
60
3
49
*48
...No par
18
33*2
3
20"
54
*52
1
4>* % Pref with warrants 100
Walworth Co
...No par
Walk(H)Good A W Ltd No par
conv
7
1*2 July
100
56
35g
312
36*2
*19*2
100
No
2
Mar
»4
34 July 22
95
35g
33g
4878
...100
Waldorf System
Walgreen Co
$3.86
May
64i2 Apr 12
125
*80
U8
20"
tWabaah Railway
6% preferred A
116
*54*4
234
4834
100
95
184
25
36*2
*110*2
100
Virginia Ry Co 6% pref...100
Vulcan Detlnnlng
...100
Apr 10
Apr 21
13a Apr 12
4*2 July 27
53*2
5
3*8
preferred
17
113
53
*1*2
24*4
35g
6%
6
5Us
1*4
*110*4
800
1,000
1
Apr 10
90
234
36*2
28
20
*234
*34
25
3OI4 Jan
35i2 Mar
No par
Dec
75s Nov
1*4 Mar
May
Apr 10
July 25
3
134
16
llOlg Apr 26
34VS Apr 11
Mar
Mar
Vandlum Corp of Am. No par
Van Raalte Co Ino
5
6
Mar
38
48
20
100
x55
June 24
Feb 23
Warren Fdy A Pipe
No par
Waukesha Motor Co....
6
*6
28
1284 Jan 21
49&8
5612 Nov
84
17
$3 convertible pref..No par
$1 1st preferred
No par
*19
577sJune 10
100
100
20
27*2
_
Oct
Nov
1091s Nov
7284 Oct
29i2 Mar
40
Apr
863 Mar
2i2 Mar
7ia
13i2 Nov
71
Mar
37i2June 13
4634 July 14
3&s Jan 20
Feb 25
7% 1st preferred
Vlck Chemical Co
21
10*4 July
3514 Jan
30*4 Nov
45*2 Jan
14484 Mar
9134 May
June 19
5Us
*1034
Us
3*2
2,600
_
78
*65
278
358
25g
11
Jan
163
51*8
Us
*36
800
*19
27*2
Jan
June 27
70
Mar
120*4 Mar 11
3
90
27g
35g
45,500
57
2*2
*8*8
1,100
900
53g
90
2478
1«4
35s
2*2
11
108*2 10834
*85"
234
37*4
2*2
7,700
2,100
x70
45*4 Apr 10
*2 Jan 16
59*2
99*2
J
*11012
1934
15i2
105g
555g
....
90
24*4
57*2
*1035g 10334
*
58
90
23*8
*5534
400
35
5*4
---
*85
2334
5*2
109
*2
*26
2314
Ug
35
5*4
*8*8
157
18
*5*2
*14
1*8
*39
Ug
35
Apr 6
May 11
Apr 10
9
8% preferred...
100
Universal Pictures 1st pref. 100
Vadsco Sales..
.No par
5J8*2
99*2
109
6
26*8
2378
1097g
U8
35
1035g 104
3*4
6
253g
23l2
1
*34
16l2
58ie
3334
3*8
6
*4
578
4534
99
1123.
3
3378
*130
142
*39
1123.
19*2
26*8
27g
234
1612
5934
993fi
109«8
104
118*2
109
28
*26*2
16*8
58*2
534
45*2
*6
26
109
1,200
11*4
Ug
314
109ia 110
1,500
*1058
26i4
*1
734
22*2
113s
99
.
65i2 Jan
2
46
314 Mar
53g Mar
5234 Jan
U2U July 18
1% Apr 10
69
5% preferred B..
*U
*3
1*8
26i8
7*2
22*8
*97*2
534
600
11
26
24l2
Ug
*10
19*2
24
2*8
*1
400
1934
n»
2514
*2
"
205g
19*2
*2
34
45*4
22*2
*96
1
esjjMay
No par
Prefened
*20*8
*273g
3
10
500
205s
1934
*534
100
*20*8
27*2
333s
80
2058
19*2
*I4
160
.....
34
Us
7*2
22*2
Jan 23
6% preferred
100
Va El A Pow 56 pref...No par
Virginia Iron Coal A Coke. 100
160
45
27*2
6
1 7*2
78
2*8
6
800
*20
58
3*4
34
July
22*4
*129
-
278 Mar
18U Apr 10
2i2 Apr 8
11
52i4
3312
-
2U2 Mar
Va-Carollna Chem
20
134
*9*4
-
Mar 13
3712 July
6is Mar 10
Victor Chem Works...
117
13i2 Mar
9
49
7
800
45l2
3414
53g
*5i2
2U4
25>4 Mar
June
50
July
48
60
24
578 Jan
105a Jan
6134 Feb
li2June 1
31U Apr 11
8634 Apr 11
60
3512 July 24
Apr 10
46
20
55
6
Apr 11
Apr 25
6
900
11
134
*2l2
-
Apr 10
3
20
34*2
534
57*2
2*2
*3
2184
Jan
4*8 Mar
56
*278
Deo
914 July
125a Nov
162U Mar
Vicksburg Shrevport PacRylOO
45
19*2
33U
3
Nov
114
9
25
25
25*4
13
8734
3i2 Mar
634 Mar
784 June 12
IOI4 Jan 3
Apr
100
*5584
-
4434
6*8
134
1123.
^
10
300
?034
534
3412
99
600
42*8
578
45*4
57g
■27*4
*9712
7,800
2284
97*2
57g
45*4
97*2
534
U8
10934 10934
*103l2 104
M
42*8
117
*1
3412
5l2
1
-
2
Ug
7*4
7
7
34
2
2
*1
Ug
*4
19U
♦84
42*8
*117
*129
*129
-
Us
34*s
5*8
11
25
4*2 Apr
May
83 Dec
62
50
Preferred
2*4
5*4
2*8
5*8
U8
5*g
5214
25g
500
19*4
33
33
33*4
*278
2134
23
*22*2
27g
758
113g
35
*1778
24*2
247g
42*8
*1078
*6
27
*42
*5534
*2l2
19*4
*1778
24*2
33*4
11612 116*2 *11534 116*2 *11534 116*2
113s
*184
*34
34
*33l4
56
78
7
*22*2
*20
2378
56
m m «
*1
7
23
98*2
578
*4412
*11
*
*34
»ll8
183g
2434
1*2
U4
1*4
1*2
*6
5
*6*4
75g
4*2
6*2
*458
124
124
*12210 125
*122*2 125
*122l2 125
*122*2 125
*66
*71
76
*67*4
*70
7534
7534
7534
7534
7534
h
*2212
56
*1734
Nov
10U Aug
85g Oot
4
Universal Leaf Tob
30
114
Jan
Universal-Cyclops Steel Corp 1
mm
Mar
Mar
200
'
Sept
3
778 July 24
200
*160
Mar
6
180
11
*10
*10
*10
*10
113s
1258
IDs
113s
84
8212 *80
82i2
8212
*80*2
83*2
*80*2 83*2 *82
162
*157
162
*157
162
1637s *160
161
*157
161
*157
*65
72
66
66
65*2
68
65*2
68
70
70
*67*2
*67*4
*12
*2
®8
5g
**2
68
*12
*2
h
58
*2
11
*79
57*2
*55
884 Mar
100
4
Jan
8712 Mar 8
1
May 20
Mar
113
57*2
*55
87S July
3914 Oct
67i2 Aug
1278 Nov
60
Apr 10
100
55
27
23
28
5
Mar
2178 Mar
Apr 29
Playing Card Co
10
tU 8 Realty A Imp....No par
U 8 Steel
11
27
Jan
4
U 8 Pipe A Foundry...
U
82*2 July
135s July
117*4June
1318 July
7i8 Jan
7%
1078 July
8012 Jan
77
1,000
55
Mar 31
65s Jan 4
33U Jan 12
3
167
Us
*55
June 29
i4May 15
60
6
U S
110*4 111*2
69
*2
3.400
4,700
8
Apr 11
4»8 June
4i2 Mar
Apr
Feb 11
20
Prior preferred.....
4534
*36*4
8
6
Apr
663 Apr
74
Highest
$ per share $ per share
100
.
.
conv pref
Partlc A
11
lllfig Jan
100
U S Leather..
53*2
4584
100
U 8 Industrial Alcohol.lVo
par
18*4
2534 April
6212 Apr 8
No par
preferred
5H%
July 11
314 Apr 11
iVo par
U 8 Hoffman Mach Corp
100
3734
*36*4
2
1?8
4538 4638
109*2 11034
*53*2 54*2
5
Conv preferred
30
1,400
8*4
8*4
53*2
2,300
75g
4
4*4
*44
94
175
*7*4
*32*2
*17*2
Year 1938
Lowest
7ia Ma. 10
834 Jan 5
434 Jan 26
414 Mar 31
66
No par
...
U 8 Freight
U S Gypsum
100
7*2
175
18*4
69
2*4
U S DlBtrlb Corp
*7
53*8
543g
533g
5438
110*2 111*4 £109*2 10934
373g
37*2 *36*2 373s
46
*4534
4578 46
37
2*8
*17g
45*8
46*4
108*4 110*2
5334
5334
111
*453g
46
*453g
53*4
2
U S & Foreign Secur
16 first preferred
200
% per share
6
$5 preferred
No par
United Mer & Manu Ino vtc. 1
United Paperboard
10
200
2,900
% per share
5
United Fruit
Ns par
United Gas Improv't-.No par
s4
8*8
86
Highest
10
100
United Electric Coal Cos
United Eng & Fdy
7*4
35*2
18*4
5312
4584
3734
2
69
3678
*33
United Drug Inc
United Dyewood Corp
Preferred
**2
8*8
*82
7*2
4
38
69
5
180
*8*8
45*4
*36l2
4558
108*4 111
53i2 54
*434
%
7*4
7*2
9234
634
500
37,900
13*8
8
8*8
*44
2*8
4734
12*8
86
®8
3,500
28,000
115*4 1155s
5
*82
400
3058
12
43g
46
2
115*4
8*8
53*2
1,700
82
135s
7*2
18
20
378
13*2
*4*4
*44
6978
7
2
8
45
2*s
67g
*56
4*8
8
*44
2
*678
4*8
700
81*2
*30
7*8
35
11,800
62
334
305g
*175
77g
*44
Par
534
*60
4
8
7*2
*33
Lowest
6*4
584
*5
534
62
*37s
8
84*4
*8
**2
6*8
5*8
*5*4
*434
8
58
94
30*8
823g
13i2
84*4
82
**2
*17434 180
37g
*434
8*4
82
.&8
7*2
share
*60
*114i2 II534 *113
10
10
10*4
103g
*434
5l2
57a
61
37g
30*8
81*2
13*8
116
97g
84*4
61
**2
94
....
*7
116
5
*4l2
8
**2
5*2
*5*4
6
60
80 84
*115
per
Range for Previous
EXCHANGE
■
6
37«
$
693
Range Since Jan. 1
.
On Basis of 100-Share Lott
Week
1
60
578
*55*4
*334
Tuesday
July 25
10
9
284
Mar
Mar
Jan
109
Oct
2578 Aug
5714 Nov
86i2 Nov
3U8 Deo
2584 July
584 Mtr
^Called for redemption.
July 29, 1939
694
Bond Record—New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
in the wppk in which they occurNo account is taken of such sales in computing the range for the year
The italic letters in the column headed "Interest Period," indicate in each case the month when the bonds mature.
Friday
Week's
hut
Range or
Range
Sale
BONDS
STOCK EXCHANGE
Week Ended July 28
N. Y
Friday's
Since
Price
Bid
Friday
Asked
&
TjOW
t
High
No.
low
A
I®44"}®64
J?tH£42
Treasury 34s
116.2
118.20122.13
114.17110.19
Chile Mtge Bank (Concluded)
♦Guar sink fund 6s——1961 A
O
115.29
115.29
3
113.10116.5
O
103.10
4
103.7
AT 8
105.14
106.14
5
/ D
110.21 110.21
110.21
3
assented—————1901
0s————1902
♦08 assented.-...-——1962
♦Chilean Cons Munio 7s.—1960
♦Chinese (Hukuang Ry) 6s—.1951
♦Cologne (City) Germany 648-1960
Colombia (Republic of)—
♦6s of 1928—
1931
♦6s extl sf gold of 1927.Jan 1961
♦Colombia Mtge Bank 64b—1947
♦Sinking fund 7s of 1920—1946
♦Sinking fund 7s ol 1927——1947
Copenhagen (City) 5a.——1952
25 year gold 4 4s
1963
|*Cordoba (City) 7s unstamped 1957
|*7s stamped————
-.1967
Cordoba (Prov)-Argentina 7s--1942
A
103.7
t> 116.2
D
lio'is
1943-1946
1944-1046
34S———...*-1946-1949
Treasury 34s
Treasury
24
112
105.8
106.11
11
105.14100.27
109.30111.10
106.9 107 12
110.17
110.18
18
109 22111.9
110.29
Treasury 8lis.-———
Treasury
122
106.9
1943-1947
Treasury 34»
111
112.8
112
7
109 22111.27
8
109.11112.21
1949-1952
113.12 113.12
1
3s.,————1946-1948
111.11 111.11
1
3s..————1951-1066 M S 112,15 112,1
112.10
22
Treasury 234s———1966-1960 M 8 109.28 109J 6 109.31
23
Treasury 248-,
1946-1947 M 8
109.10 109.20
5
Treasury 2H6
1948-1961 M 8
109.17 109.17
5
Treasury 24s—
—1961-1964 J D 109,7 108.30 109.9
34
Treasury 24s
1956-1969 M 8 108.16 108.4
108.16
77
Treasury 24s
1968-1963 J I> 107.30 107.21 108
81
Treasury 2lis-.—
1060-11)66 J D
107.18 108
101
Treasury 214s———1946 3 D
*108.30109
U 8 108.30 108.30 108.30 "11
Treasury 2 Ha
—-.1948
Treasury 214s
1949-1963 3D 107.9 100.20 107.9
21
Treasury 2Ha
—...1950-1952 U 8 107.6 100.30 107,7
37
Treasury 2s—1947 3 D
105.28 106.28
2
Treasury 34>———
109.2
Treasury
108.19111,31
107 4 112.20
Treasury
114.6
104.12110.9
107
110.0
105.19109.31
104
109.21
103 4
109
102.20108.23
♦0s
Mar 16 194*1964 Af S
8s. ———May 16 1944-1949 AfN 109.1
3s
Jan
16 1942-1047 / J 106.6
2 Ha —--—Mar
1 1942-1947 M S
3 lis.—
109.20
109.20
109
109.1
2
100.5
100.7
67
11
*105.24105.27
Govt
Foreign
3
D
106.6
106 1
204
26%
26%
102
100.3
series..—1967
A
O
♦External sec s ( 7s 2d serlee.1967 A
O
f 7s 3d series. 1967 A
107.9
110.6
J
3
A
100.20109.21
106
106.27
106.3 106.15
Antwerp (City) external 6s....1968 3
O
25
27
90
94%
15%
15%
15%
15%
14%
14%
14%
90%
92
14%
14%
1
9%
14
7
10%
14%
1
13%
13%
13%
3
10%
9%
9%
90%
13
6
2
93
86%
80)4
70)4
70)4
Australia 30-year 6s..........1966 3
J
External 6s of 1927........1967 US
97 %
97
External g 4 4s of 1928
1966 Af N
♦Austrian (Govt's) s f 7s.—...1967 J J
~92%
90)4
60
86%
76%
76%
97%
97%
924
76%
76%
O
10%
7
33
93
92%
10%
11%
106
51
38
0
6Ha—..1946 F A
Belgium 26-yr extl 6)48
1949 M S
External
s
f 6s...
........1966 J
3
External 30-year s f 7s..—..1955
♦Berlin (Germany) a f 6Hs—.. 1960.
♦External sinking fund is —1954
105%
102)4
D
♦External
9%
85%
86%
83%
76
95
88%
80%
79%
75%
65% 103 %
95% 103)4
37
88%
21
10)4
99
174
14
116%
21)4
D
18)4
18%
2
13
19%
18%
13
10%
16%
47
15%
40
1967 Af s
1958 F A
14)4
14)4
14)4
93%
92)4
93%
2
89
92%
1
89
1960 J D
99%
9
97
♦Budapest (City of) 6s.......1962
Buenos Aires (Prov of)
♦6s stamped
............1961
External s t 4)4-4448--—...1977
Refunding s f 4)48-4)48——.1976
External re ad) 4448-4)40—1976
External s f 4)48-4He
1976
8% external s t f bonds
1984
Bulgaria (Kingdom of)—
♦Secured s t 7s.
1967
♦Stabilisation loan 7)4a—.1968
"
.....
Aug 15 1046
♦6s
14)4
9%
M S
Af S
F
A
A
3
32 %
47%
17%
13%
29
18
13
For footnotes see page 699.
61
3
40
61
78
78
5
654
804
264
264
al004 cl004
*994
50%
"66"
*17
109)4
109)4
103)4
40
108)4 111 4
110
30
104%
13
100
61
102)4
102)4
110%
106)4
110)4
109)4
103%
105%
102)4
102%
18%
108)4 111)4
101% 104%
101)4 100
100)4 104
54
102)4
*17
K
6
98)4 102%
15)4
19%
30
26
82
"23)4
23%
21
27
*19
30
18
24)4
27%
23%
18 H
"104
"l6"
14
18
14
14
12
10
10
14
10
10%
13%
10
21
31
14
*14"
24
*19
24
1960 A O
1957 / D
40
514
103
—
664
30
26
964
12
M
-
--
26
97%
93
92
85%
844
73
72
76
93
105
28
884 101
784
974
65
73
25
8
m
♦72
5
73
73
2
w
"3
224
—-
73
664
■
72
72
73
65
65
66
*******
744
»
75
18
63
73
72
504 60
1004 104
654 734
26
73
*72
304
108
1
974
934
844
"73"
224
100,
1024 106
99
1024
1024
504
*1014
654
*244
"20"
68—
1942 J 3
External gold 64s...——.1955 F A
External g 44s.— --Apr 15 1962 A O
Dominican Rep Cust Ad 54s. 1942 M 8
1st ser 54s of 1920- ———j.r1940 A 0
2d series sink fund 5 4b
1940 A O
Customs Admins 6 4» 2d ser. 1961 M S
1
29
*1024
714
71
65
72
16
204
t
♦El Salvador 8s ctfs of dep—
1948jJ
J
Estonia (Republic of) 7s.—. 1907IJ
.1945 M S
Finland (Republic) ext 6s
Frankfort (City of) 8 f 64s— .1963! AfN
Republic 7 4a stamped 1941 J D
74s unstamped
.... .1941
External 7s stamped..—..—1949 J D
7a unstamped—..—
1949
Gorman Govt
"~2
90
894
1054
1054
184
1054
184
♦
French
23
*20
J
109"
3
1
109
108
5
144 214
894 100
1054 107
164
105
194
1104
106
104
*104
'
*1184
*1044
m+i'mm**
mm
mm m*
—
—
1134 125
1034 105
international—
1905 J D
..1966
stamp(Canad'n Holder) '66
♦German Rep extl 7s stamped .1949 A O
♦7s unstamped.. —.......
1949
♦548 of 1930 stamped
•5 4b unstamped..
174
18
26
!5
15
2
234
174
234
174
32
234
3
♦6 4m
23
174
174
15
214
144
174
184
18
174
27
16
22
184
244
254
374
204
22 4
164
274
254
71
81
15
12
19
German Prov A Communal BkB
234
*254
*264
♦(Cons Agric Loan) 64s—1968 J D
♦Greek Government s f ser 7s.. 1964 M N
♦78 part
paid—.——.1964
♦0a part
1908
paid---.
mm
~
-
-
**
284
.
24
24
—
244
"~7
20
A
204
7
*794
184
..
184
844
*17
Haiti (Republic) s f 0s ser A—1962
♦
Hamburg (State) 0s.
.1940
♦Heidelberg (German) extl 74s '60
Helsingfors (City) ext 64s.—-I960
Hungarian Cons Municipal Loan —
♦7 4s secured a f g..
1946
♦7s secured a f g.;1946
♦
Hungarian Land M Inst 74b. 1961 AfN
♦Sinking fund 74fl ser B—1961 Af N
♦Hungary (Kingdom of) 74s—1944 F A
Extended at 44s to—..——1979 F A
18
*1004
.
184
.....
—
9
9
30
84
10
10
22 4
33
184
30
J
124
124
*9
124
30
30
*224
*
30
—
1124
'60%
11
11
74
74
84
"""2
*9
*84
104 18
1004 105
4
...
604
1014 113
"65
52
704
61
61
444
464
17
38
55
73
73
764
37
72
854
—1965 ATN
♦Jugoslavia (State Mtge Bk) 7s 1957; A O
♦Lelpsig (Germany) s f 7s..... 1947 FA
♦Lower Austria (Province) 74s 1960 3 D
534
544
274
574
274
67
524
664
25
384
164
23
214
25
14
14
14
2
104
154
68
68
68
3
64
72 4
Japanese Govt 30-yr s f 0 4b— 1964 F
_
A
32%
MiY
1961 J D
1901/ D
274
27
964
944
65
♦Medeilin (Colombia) 0 4b.—-1954 J
47
17 %
16 1960
♦0)40 assented—.....
244
764
734
474
60
J
57)4
68%
40
1960
♦6 %s assented
♦Sink fund 6)40 of 1926
234
74
*604
"eo"
54
54
46 H
♦External sinking fund 6s...1962 A O
♦6s assented......
..1062 A O
1963 M N
♦68 assented
.1963 ilfN
♦Chile Mtge Bank 6)4s
1957 J D
23
264
25
1
11
A
79
A
F
60%
J
♦External sinking tund 6s
194
1
804
F
"464
J
6s.—Jan 1961 J
♦6s assented—...... Jan 1961 J
♦Extl sinking fund 6s. .Sept 1061 US
♦6s Assented
—.Sept 1961 us
28
15
79
AfN
D
J
s f
194
194
264
1
Italy (Kingdom of) extl 7s—..1961
3
♦6s assented..
..I960 A
♦Extl sinking fund 6s..Feb 1961 F
♦6s assented
..Feb 1961 F
20
264
10
Italian Cred Consortium 7s ser B '47 Af 8
Italian Public Utility extl 7s—1952 J
3
60
1942 UN
84
12
264
834
58
47
f 7s..—.1942 UN
33
264
70
54%
55%
.
♦Ry ref extl
264
83
11%
54%
coupon on......I960
♦Farm Loan s f 6s .Oct
16 1960 AO
♦6s Oct coupon on
...1960
8
22 %
21%
98%
98%
102
55)4
1967
7
U4
164
144
144
16
204
A
44%
44%
444
54%
53%
..1964
♦External sinking fund 6a
8)4
2*4
23
UN
FA
-
D
04
53%
O
July
AChUe (Rep)—Extl
♦7s assented
7
*65
53%
54)4
1944
*
100
49
-
-
J
Irish Free State extl s f 6s..... 1960 MiY
1961
....
15 H
/ D
Canada (Oom of) 30-7r 4a....1980 A O
6a-.-:
1962 AfN
♦Carlsbad (City) 8s
♦Cent Agrlc Bank( Ger) 7s
♦Farm Loan st
6s..July
11%
9H
9%
9%
17
♦78 (Central By)...........1962 J D
Brisbane (City) s f 6s..—.
Sinking fund gold 6e
2o-year a 16s
20%
9\% 108
102
2
O
5
4
-
16%
74
11
1004 108
0
21
111)4
o
10-year 2)4s
26-year 3)48.—
7-year 2)48
30-year 3s
3
4
16
21
f 64s of 1926—1967
—
105%
103%
111%
2
Ol
♦External I f 4 4a of 1927—1967
s
20
106%
103 %
Di
♦Brasil <T 8 of) externa) 88—1041
20
15
F
♦81nk fund secured 6a———1968 F
♦Bavaria (Free State)
2
254
264
264
264
♦Public wks 6 4b...June
27
90)4
D
Argentine (National Government)—
S t external 4448 ...—..1948 UN
S f external 4 44s
...1971 UN:
8 f extl conv loan 4s Feb—..1972 F A
loan 4s Apr—.1972 A
23%
13
"l3fi
"~6
84
114
26
26%
26%
26%
UN
80 1945
Czechoslovak (Rep of) 8s....-1951
Sinking fund 8s ser B
1962
14)4
13)4
O
conv
0
4 4s external debt..———.1977
Sinking fund 54b..-Jan 15 1953
*UH
14)4
J
81 extl
A
External 5t of 1914 ser
16107 22
14
♦External s f 7s series D.—1945 3
84
124
*_
(4iba (Republic)
102
*91
J
sec s
M 8
♦Costa Rlea (Rep
101.22102.12
26%
20)4
High
11
134
*84
1969 A O
1909 A O
♦Dresden (City) external 7s.—1945 MiY
Norway) 4e.l968 M S
♦Antloquta (Dept) coll 7s A.—1946 J
♦External s f 7s series B— .1946
♦External a 17s series C.—-.1946
♦External
J
64s 1st Aeries..
6 4s 2d series
Agricultural Mtge BaBk (Colombia)
♦Gtd sink fund 6s——1947 F A
♦Gtd slots fund 6s......—.-1948 A O
♦External at 7s 1st
M
of) 7s..
1951 UN
6s of 1904—1944 M S
A—1949 F A
External loan 4 4> Ber C
1949
109.10
109.8
100.20109,17
100
102.22
104,1 105.18
101.31
Low
„
102.13 107 21
Municipal—
&
Akersbug (King of
101.31
No.
Since
102.20108.10
,
1946-1947
114b series M
8
D
8%
12%
AfN
Denmark 20-year extl
3s series A
May
1 1944-1962 Af N
108.25 108.28
\l%a series B—Aug 1 1939-1949 F A n99.31 n99«»»100
J
214s series G..—— .1042-1944 3
*105
105.2
Jan. 1
High
&
*124
84
124
84
114
MN
♦Guar sink fund
Federal Farm Mortgage Corp—
Home Owners' Loan Corp—
Bid
(Con.)
115.27
J
M 8
/
Treasury 34s
O 121.30 121.21
Price
Low
Foreign Govt. & Mun.
Treasury 4%s
Treasury 4s
Treasury 3 Ha
Range
1§<§
Friday's
High
U. S. Government
■S
Asked
Range or
Sale
EXCHANGE
Week Ended July 28
Jan. 1
Week's
,
Last
BONDS
N, Y. STOCK
12
10
13%
10%
14
14
*10
11
12%
8%
12%
23%
14
14
*10
10%
*14
15
*10
14
"l4~~
*10
11%
*12%
*8%
14
8%
8%
8%
12%
8%
11%
8%
11%
8
~13"
13
9
8)4
12
•
11%
9%
7%
Extl sinking fund 54b
D
Mendoza (Prov) 4s read)
..1954 J D
♦Mexican Irrtgat'on gtd 4 48—1943 MiY
♦4 4sstmp assented..
1943;MN
*
♦Assenting 5s of 1899—.....1946 Q
♦Assenting 5s large..
♦AaHentlng 6s small.
♦4s of 1904
—.1964 J
—
5
224
*22 ~
*4
*4
*%
*%
—
•Mexico (US) extl 6s of 1899 «.19451Q
;
3
J
J
*1
4
---
•
♦Assenting 4s of 1904
1964 J
•Assenting 4s of 1910 large—
♦
Assentine 4s of 1910 small.—...
f ♦Treas 6s of *13 assent (large) *33 /
|*8maU
J
m
m-
4
4
4
-
-
14
14
*4
4
.
544
-
—
14
4
"13
4
mi,
4
4
mm mm m
4
%
"*l%
14
-
-
-
—
...
14
14
75
4
14
14
14
14
14
1
14
14
1%
14
14
16
18%
10%
18%
10%
18%
10%
18%
10%
18%
164
184
164
16
14%
10%
14%
Milan (City. Italy) extl 6 4s ..1962 AO
Mlnas Geraes (State)—
♦Sec extl s f 04s.—..—.1958 Af 8
♦Sec extl s f 64s
—.1959 M S
464 1
94
94
45
94
94
464
53
10
8
10
7
♦Montevideo (City) 7s....... 1952 J D
*44
48
♦6s series A..
1969 MiY
New 80 Wales (State) extl 6s.. 1957 F A
External s f 5a.........Apr 1968 AO
♦42
54
954
944
1034
Norway 20-year extl 6s....
1943 F A
20-year external 0s. _.......1944 FA
External sink fund 44s
1966 Af 8
External s f 44s——. ..1965 AO
4s e f ext loan
......1963 F A
Municipal Bank extl
1 f 6§—1970 J D
1024
1004
100
—-
12
95
18
16
154
55
454
64
3
5
1004 1064
35
984 105
914 1034
94
1014
1054
103
1004
101
41
1004
31
*101
664
944 1014
93
1014
1004 1044
1044
1024
994
74
74
48
954
104
39
994 104
Volume
149
New York Bond Record—Continued—Page 2
Price
Range
Friday's
<k
Asked
Sale
Week Ended July 28
Jan.
High
♦Nuremburg (City) extl 6s
1952 F A
Oriental Devel Tuar 6a
1953 M S
Extl deb 6 4s
Oslo (City) 8 f 44s
1958 M N
1955 A O
♦Panama (Rep) extl 64s
1953 J D
♦Extl 8 f 6s
434
624
1014
4
1064
18
884
884
1
79
744
834
0
84
374
364
0
364
44
16
194
144
194
184
14
194
1034
102
1064
1004 107
314
30
102 4
S
*304
A
0
*84
"94
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a
(City of) 8a.—1946
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104
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74
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94
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1966 M N
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94
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1967 J
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94
604
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al94
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1952 A O
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1959 F
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a
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134
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94
1957 M N
154
154
144
144
694
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16
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f
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224
204
19
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.1953
194
64
144
64
84
84
14 K
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§♦88 extl loan of 1921
1936 J
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1950 J
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1966 M
S
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1968 J
J
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■
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-
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g
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4
1958 J
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D
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f 54b
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1955 F A
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m «• w»< tm
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67
254
1
Tokyo City 5a loan of 1912
1952 M S
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1961 A 0
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534
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a
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.
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18
28
254
29
94
103
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AND
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504
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414
45
49
40
474
51
424
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454
37
44
10
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244
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.1948 M S
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1947 J
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53
544
20
51
60
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1943
1074
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6» with warr assented.
.1948
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1074
994 1044
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78
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...
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1951
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F
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44
72
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25
68
68
26
774
674
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1953 J
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.
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Founders
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50
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104
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2
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1
954
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634
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110
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1064
1
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30
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30
264
284
61
38
264
1995 Q J
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1957 J
38
2
99
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A
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994
1004
J
994
994
100
General 4s
1995 A
Adjustment gold 4s..
1995 Nov
*924
Stamped 4s
1995 UN
924
984
984
Conv
1955 3
gold 4a of 1909
Conv 4s of 1905
Conv gold 4s of 1910
Conv
D
111
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1955
....
eh 4 4b
1960
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1965
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1958
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1962 M 8
ef 4 4fl A
Atl k Cbarl A L 1st 4 4s A
1944 3
27
1944 3
J
1964 J D
10-year coll tr 6b.....May 1 1945 IN
LAN coll gold 4s
Oct 1952 MN
138
95
.
934
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194
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20
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A__... 1947 AfN
1950 J D
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78
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1074 111
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374
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40
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1960
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1966
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A...... 1962
564
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47
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195
92
1952
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144
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23 4
274
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4s" 1955
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94
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..II.~ 1956
1961
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174
138
1344
564
.....
924
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1957 J
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Oct 1969 A
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.1970 F
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June 16
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Guaranteed gold 44b..Sept
Canadian Northern deb 0
4s.
1955 J
1946 3
1164
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1956 F A
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115
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1950 M S
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1992 M 8
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1996 F A
115
3
115
22
70
774
794
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1044
102 4
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1244
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96
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55
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9
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1989
1989
3
110
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11*4
110
----
1
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114" 118"
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106
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1949
A
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1949 3
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4s
.....
O
94
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24
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97
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1977 F
A
764
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1971 F
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874
108
iii
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101
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99
106
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98
964 101
96
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1946 J
1954
40
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1st SO-year 5s series B
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For footnotes see page 099.
234
234
49
87
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234
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O
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644
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1967
110
65
564
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♦General 4s
♦Anglo-Chilean Nitrate—
8 f income deb
484
1955
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41
32
81
1064
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1955 M S
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324
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50
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294
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1950
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72
102
65
57
Carriers A Gen Corp deb 5s w w 1950 MN
Cart A Adlr 1st gu gold 4s
1981 F A
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1947 J D
109
494
28
.1949
stamped
105
52
40
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104
107
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794
1946
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67
100
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O
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404
105
109
1952 A
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484
474
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104
D
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7a
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60
100
101
1959
4s
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1st lien A ref 6a series B
1024 1064
25
194
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65
*
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Undergr 64s 1956
Beth Steel cons M 4
4b ser D..1960
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1966
3 4s conv
debs....
1952
..
{(♦Abltlbl Pow k Paper 1st 5s. .1953 J D
594
64 4
1951
Canadian
48
18
COMPANIES
Adriatic Elec Co extl
1014
564
64
5
20
46
384
384
INDUSTRIAL
Adams Express coll tr g 4a
65
20
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1989
.
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18
A
1961 J
Yokohama (City) ext! 6s
RAILROAD
49
39
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1958 F
35
54
534
38
D
1978 F A
1984 J 3
Venetian Prov Mtge Bank 7S..1952 A 0
♦Vienna (City of) 6b
1952 M N
544
434
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1978 J
494
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4 4« assented
105
1044
20
1960
{♦Boston A N Y Air Line 1st
40
*40
conv
644
85
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4s .1943
♦Berlin City Elec Co
deb 6 4S..1951
♦Deb sinking fund 6
Brooklyn City RR 1st 6s
Bklyn Edison cons mtge 3
4s..
Bklyn Manhat Transit 4
4s
Bklyn Qu Co A Sub con gtd 5s~
514
50 4
38
1964 AfN
external conversion
52
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1948
254
254
33
102
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204
154
254
35
.
3 4b
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214
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25
224
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C
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144
28
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external readjustment
1979 IN
34-4-44% (S bonds of'37)
JM-4H-4»i# extl
10
195 j
4a stamped
Battle Creek A Stur 1st
gu 3s.
Beech Creek ext 1st
16
18
1960 M N
f 6s
64
1054
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f 6s
374
63
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64
174
224
101
102
1971 J
a
33 H
264
1943
..
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Big Sandy 1st 4s
22
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10
45
f"a
of deposit.
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High
12
344
13
1960
...
7
6
94
214
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A
s
1996
154
204
D
1958 J
Sydney (City)
8
PLEA W Va Sys ref 4s
1941 MN
Certificates of deposit.
♦S'western Dlv 1st mtge 5s_.1950 3" J
♦Certificates
Low
46
334
18
214
1962 AfN
extl
sec
94
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D
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
1962 IX
♦Silesia (Prov of) extl 7s
94
254
|-
94
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64a
if
deposit
74
1
94
84
94
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11
154
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94
1940 A
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3~~D
deposit
of
No.
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434
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94
0
1968 J D
♦Saarbrueeken (City) 6s
Sao Paulo (City of. Brazil)—
174
of
j"z5
_
♦Certificates of deposit
♦Convertible 4 43
A
♦Certificates of deposit
1024
1014
1024
..
♦Ref A gen 5s series F
94
Certificates
O
Since
Jan. 1
46
S
3
Range
Asked
24
-
♦Ref A gen 5s series D
♦
70
dk
344
J
2000
374
♦Extl 8ee648
1953 F
Rio Grande do 8ul (State of)—
♦8§ extl loan of 1921
1946 A
♦Rio de Janeiro
•Certificates
50
54
94
M
1995
42
"l84
102 4
deposit
34
184
A
of
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304
23
3
J
1995
254
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J
deposit
384
11
J
July 1948 A
of
48
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194
♦Certificates
♦Certificates
„
J
stmpd.1940 M N
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mtge g 4s July 1948 A O
42
22
50
364
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0
1950 M
26
344
*
1947 F
•Rhlne-Maln-Danube 7s A
43
384
7B..1941 A
8 I
♦Ref A gen 5s series A
15
♦434
♦Extl loan 7 4s
1966
Prague (Greater City) 74b
1952 M N
♦Prussia (Free State) extl 6 48.1961 M S
25-year external 6s
124
84
344
1963
Queensland (State) extl
♦1st mtge g 5s
"66
*45
1962 A
13 4
12 4
84
♦40
O
1961
f 6a
13 4
84
1968
44s assented
6
64
84
84
1950
♦Porto A let re (City of) 8s
834
84
.1947
4 4 s assented
♦External sink fund g 8s
434
J
3
1941 3
Austin A N W
lstgu g 5s
Baldwin Loco Works 6s
612
84
84
84
1948
Second
mortgage 4a
1948
Atl Gulf A W I 88 coll fr
5b
1959
Atlant'c Refln'ng deb 3s
1953
!(♦ Auburn Auto conv deb
44sl939
884
*74
D
1958 A
974 103
994 1064
Bid
Low
Atl 4 Dan 1st
g 4s
50
8
74
1940 A O
♦Stabilisation loans f7s
a
444
1014
454
1959 M S
4)4s assented
External
194
57
1947 M S
♦Poland (Rep of) gold 6s
♦
16
48
88
1034
f 6a 2d ser__1961 A
a
1
82
Range or
Friday's
Sale
Price
High
Low
53
18 4
Last
Week Ended July 28
47
184
884
♦Nat Loaa extl sf 6s 1st ser..I960 J
1
484
51
1963 M N
♦Stamped assented
♦Pernambuco (State ol) 7s
♦Peru (Rep of) external 7a
♦Nat Loaa extl
NO.
1963 AfN
A
eer
BONDS
N. Y. STOCK EXCHANGE
Since
Bid
Low
Week's
Friday
Range or
Last
N. Y. STOCK EXCHANGE
695
Week's
Friday
BONDS
91
8
144
974 1014
1004 1044
994
85
94
894
91
30
854
944
96
964
24
904
994
984
100
New York Bond Record—Continued—Page 3
696
Last
BONOS
Price
B_.Maf 1966
Chic Ind A Sou 60-year 4s
1956
Chlo L S A East 1st 4%s
1969
{Chlo Milwaukee A St Paul—
♦Gen 4s series A
May 11989
♦Gen g 3 %s series B._ May 11989
♦Gen 4 %Y series C...May 1 1989
♦Gen 4%s series E—May 11989
♦Gen 4%s series F—May 1 1989
{♦Chic Mllw St P A Pac 6s A..1975
♦Conv adj 6s
—Jan 1 2000
{♦Chic A No West gen g 3 %s~ 1987
♦1st A gen 6s series
♦Geheral 4s
J987
1987
tax—1987
♦Stpd 4s non-p Fed lnc tax
♦Gen 4%s
stpd Fed lnc
1987
♦Gen 6s stpd Fed lnc tax
stamped
1987
{♦Secured 6%s—-——--1936
+4 Mb
---May 1 2037
♦
1st A ref 4Mb stpd.May 1 2037
♦1st A ref 4Mb ser C-May 1 2037
♦Conv 4Mb series A
1949
{(♦Chicago Railways 1st 5s stpd
Aug 1938 26% Part paid -. ....
{♦Chic R I A Pac Ry gen 4s_. 1988
♦1st ref g 5a
♦Certificates of
deposit
j
0
A
J
1934
♦Certificates of deposit
1951
Ch St L A New Orleans 6s
Gold
1951
6s..l960
Dec 1 I960
lnc
gu
6a
Chicago Union Station—
Guaranteed 4a
63 M
*21
6
63%
113
111
76
112%
m n
j
d
j
d
mat
F
J
18
28%
7%
2M
179
12
Dow Chemical deb 3s
13m
28
1%
9%
14%
14%
82
10%
16%
10
14
14%
82
'""l
16M
15
6
~15
16%
East Ry Minn
East T Va A Ga Dlv 1st 5s
11
Electric Auto Lite conv 4s
12%
Elgin Jollet A East 1st g 6s....1941
1
5%
11
El Paso A S W 1st 5s
12
5%
11
6%
H
6M
5%
2M
81M
*67 m
54%
14
8
45
67
70
11
18%
16%
47
6%
7
7%
"56
27
132
10%
5
9
4%
8%
9%
6
6%
21
4
3
74
2%
81 %
4
72M
8
63%
m s
53
53
43
105 m
m 8
J
94 m
O
a
109%
105%
105 %
94
8
108
108m
109%
105m
107M
J
105%
4
7
41
6
92
94
83
94
94 m
23
69 %
69 m
71
32
15
ii£""
*11%
110%
111%
6t
104
107
107
109%
106% 109%
100% 106%
97
86%
88
96%
"16
64
79
11%
15
109 %
110M
108% 111%
110% 111%
100% 103%
106
110%
109 m
*42
110
109
75
63
»hii
*103 m
109%
*67
69 m
*83
51%
90
50
52%
111%
63
63%
77
77
189
45%
63%
56%
56%
68
68%
63%
70
*99%
J
100%
*95
108%
108
96
96
108%
90
20
1950 f
Gen 4Mb series A
1977
*107%
107
100%
93%
111%
108%
107%
16%
14%
2%
40
5
3
5%
----
6%
5%
10%
6%
3%
32
32
22
110% 113
110%
20
109
113
33
A
O
MN
J
112%
110% 113
A
28
106
11
104
39
106%
12%
1
110%
34
106%
106%
10
12%
106%
89
89
89
2
151
151
1
108%
108%
109
39
*106%
*53
60
*53
95%
*102
-----
102
♦Series B
♦Genessee River 1st s f 6s._1967
—
-
10
16%
J
J
16%
14
15
10
10%
366
10%
159
9%
40
*
4
22
40
43
65
-
-
-
—
—
40
20
150
10%
50%
102%
17
J
151
105% 109%
107%
102
44%
J
106%
92%
1
102
20%
10%
85%
103 %
16%
O
103
139
102
18%
A
108%
12%
19
108% 112%
-
42
MN
108%
----
17
1953
5s of 1927—1967
-
44%
—1963
4s series D
♦Rel A !mp<
----
20
1953
98% 103
106
107%
B...1940
♦Conv 4s series A
25
105
106
110
O
{♦Erie RR 1st oona g 4s prior—1996
♦1st consol gen lien g 4s
1996
conv
106%
44
20
103
105%
MN
A
40
2
102%
103
J
F
50
21%
1940
Erie A Pitts g gu 3%s ser
♦Gen
21%
*106
5
48
15
22%
11%
22
11%
21%
18%
13
7%
7%
38
14
14
37
—
-
-
—
—
-
46%
45%
84
84
2
79%
89%
90%
23
85
91%
17
75
85
25
68
79%
83 M
83 M
1st s f 4 Mb series C
1977
77 M
76%
77M
1946
Coal River Ry 1st gu 4s
Colo Fuel A Iron Co gen s f 6s.. 1943
♦6s Income mtge
1970
58
55
58
Colo A South 4 Mb series A— .1980 mn
30
30
33 m
*105 m
*103 %
Columbia G A E deb 6s...May 1952 mn
103 m
103
15 1952 a
103%
103%
102%
16 1961 J
Columbus A H V 1st ext g 4a._ 1948 a
Columbus A Tol 1st ext 4s
1955 f
103
102%
103%
103%
3
60
191
6
324
*113
o
1968
d
Conv debs 8Mb—
1968
Conn A Passump River 1st 4s..1943
Conn Ry A L 1st A ref 4Mb
1951
J
106% 106%
102% 104
45
65%
30
94
87
90
23
98%
105%
107% 111%
104% 124%
89%
89%
110% 113%
1961
a
108
108%
5
107
Consol Edison (N Y) deb 3%s_1946
3 Mb debentures
1948
8 Mb debentures
1956
105%
106%
44
O
106%
107%
86
109%
110%
103% 107
105% 108
O
ioe"
106
106%
15
104% 108
j
108%
107%
108%
29
105% 109%
♦Consolidated Hydro-Elec Works
Upper Wuertemberg 7S-..1966
j
Consol OH conv deb 3 Mb
1961
{♦Consol Ry non-conv deb 4s.. 1954
♦Debenture 4s
1956
d
22%
22%
1
104%
105%
133
10%
*8%
10%
4
j
1956
O
*8%
1956
j
*8%
15
1960
J
54
54
105%
J
1965 MN
108%
1965 mn
107 M
1970 mn
1966 ma'
108%
d
1943 J d
D
108%
107%
109%
109%
108%
108%
10
108%
20
103%
1967 MN
3.%s
1st mtge 3Ha
5
109%
4
110
17
108%
33
103%
5
99%
16
107
"99 %
107%
90
104
104%
21
105%
107%
a
i960 MN
105%
2
100
100%
18
22%
100% 105%
8
10%
9
13%
10%
10%
12
9%
55%
44%
111
106
105% 109%
107% 110%
107% 111%
103% 109%
100
105%
96
100%
105% 109%
102% 106%
104% 106%
a
100%
14
98
d
29 M
29%
31
68
27%
37
J
33 M
33
33%
13
33
40%
36%
38
13
36
45%
d
D
*28
o
1943 MN
107%
60%
59
34%
107%
"2
60%
157
10
101
99%
5
105%
79
56%
40
7%
7%
23
5%
2
5%
9%
5
6
35
17%
{(♦Proof of claim filed by owner MN
•Certificates of deposit.......
*2%
*100%
38%
—
^
-
44
55
65%
10
2
3%
1%
3%
100% 102%
38% 46%
104
38%
*125%
-
3
3%
126%
103%
*2%
J~~j
Fort St U D Co 1st g 4%s
1941
Francisco Sugar coll trust 6s...1956 MN
J
Gas A EI of Berg Co cons g 6s—1949
Gen Amer Investors deb 6s A—1952 F
J
Gen Cable 1st a f
5%s A—.—1947
♦Gen Elec
D
A
103%
J
1945 J
J
J
D
57
*53
1940
F
54
1st mtge 4%a
Gotham Silk Hosiery deb 5s
Gouv A Oswegatchle 1st 5s
123% 125%
102% 105
95
104%
49% 69
102%
54%
48
58
62%
1027u
A
105
1027ie
45
69%
1027u 107%
105
105%
104
64
65%
48%
15
12%
64%
*12
60
107%
71%
16
*13
102«J2
104%
1956
w w '46 M S
1942 J D
17%
13
18
*36
deb 6s..1945
conv
103%
101%
1948 MN
(Germany) 7s
♦Sinking fund deb 6%
♦20-year 8 f deb 6s
41
37
46
98
104
98
105
1027»ai
103'u
104%
104%
84%
83
86
90%
*89
Grand R AI ext 1st gu g 4 %s„1941 J
Grays Point Term 1st gu 6s... 1947 J
Gt Cons El Pow (Japan) 7s—1944 F
D
*60
A
75
76
i960 J
J
62%
63%
6
107%
107%
4
38
1st A gen s f 6%s
J
103% 106%
*104%
Great Northern 4%s series A..1961
General 6%s series B
1962
General 5s series C
1973
16
"73% "80%
62
78
101
38
32%
106% 110%
52%
70%
Green Bay A West deb ctfs A
♦Debentures ctfs B
97
99%
91%
13
81
85%
85%
86%
18
74%
86%
23
74
100%
192
88
s
f
stamped 1952
4%s
1961
79%
6%
87
83
82
77%
J
A
Hocking Val 1st cons g 4%s.—1999 J
Hoe (R) A Co 1st mtge
1944 A O
{{♦Housatonic Ry cons g 6s...1937 MN
85
•65
95%
*36
81%
5%
55
7%
103%
>73
87
69
82
82
85
91
96%
92
96%
41
38
40
*85
95%
94
66
103
"87"
94
89%
89%
103%
78%
53
60
♦103
—1949 J
♦Harpen Mining 6s_—
91
78%
*53%
Feb
Greenbrier Ry 1st gu 4s
1940 MN
Gulf Mob A Nor 1st 6%s B—1950 A O
1st mtge 6s series C
i960 A O
Gulf States Steel
89%
6%
Feb
Gulf A Ship Island RR—
1st ref A Term M 5s
100% 107%
88
101%
91
.99%
1967
108
1952 j
7 Mb series A extended to 1940—
j
6s series B extended to 1946
j
Dayton Pow A Lt 1st A ref 3 Mb I960 a
{(♦Proof of claim llled by owner. MN
(Amended) 1st cons 2-4s
1982
*
79%
3
106
98
-
1952
91
109%
J
Fonda Johns A GIov 4%s
100%
109%
1948 f
7%
1946
103
684
7%
deposit..
1946
107% 110%
44
124%
65
7%
Gen mtge 4 sserles H
Gen mtge 3%s series 1
13
104%
121%
105%
*55
General mtge 4s series G
108%
110% .111
100% 102%
101
103%
87% 1C0
102% 105%
86%
104
K
1
■-
102%
103%
*40
1977
108%
124%
100% 103
105%
General 4%s series E
*114%
1951 F
♦Certificates of
D
1974 M 8
♦1st A ref 6s series A
1
"86%
j
-1948 j
{Florida East Coast 1st 4 %s—1959
O
12
102%
*99%
J
{♦Fla Cent A Pennln 5s
86
107
76%
106%
102%
103%
99%
D
1943 J
J
67
104
*61
102%
1976
j
..1946 J
J
30-year deb 6s series B
1954
Firestone Tire A Rubber 3%s_1948 A
—
106
106
General 4%s series D
104
O
O
103%
92% 103%
108%
111
A
D
94
47
92% 103%
1951
1958
1954
F
J
Ernesto Breda 7s
1956
Federal Light A Traction 1st 5s 1942 M S
M S
5s Internationa series
1942
M S
1st lien s f 5s stamped
1942
M S
1st lien 68 stamped
..1942
109% 114%
109% 114
*113
1966 MN
*88
*60
1938
Fairbanks Morse deb 4s
^Goodrich (B F)
84
91
Commercial Credit deb 3Mb...1961 a
Commonwealth Edison Co—
(♦3d mtge 4%s
{{♦Ga Caro A Nor 1st ext 6s..1934
♦Good Hope Steel A Ir sec 78..1945
*105
1973
30
6
*40%
J
Gen Steel Cast 6%s with warr.1949
{♦Ga A Ala Ry 1st cons 6s Oct 1 *45
106
1st s f series B guar.....
699.
3%
1965
108
108%
91
84
see page
—.1965
stamped
IGen Motors Accept Corp deb 3s.*46
15-year 3%s deb
1951
a
Gen A ref mtge 4 Mb series B. 1981
Cleve Short Line 1st gu 4%s... 1961
1972
Cleve Union Term gu 6 Mb
For footnotes
5s
1952
106% 106%
1948 MN
*£
2
85
*65%
*
1942 J
—
3
3%
68
j
Del A Hudson 1st A ref 49
8%
11
112
112'
♦N Y A Erie RR ext 1st 4s_.1947 MN
M S
67
65
49
a
Il942
7%
4
111%
J
70
1942 a
Crucible Steel 4Mb debs..
Cuba Nor Ry 1st 8Mb
Cuba RR 1st 5s g
O
1975
67
1940 j
2%s..
A
1955
68
Series C3^s guarSeries D 8Mb guar—
conv
105% 107%
105% 107%
62
109%
D
♦Erie A Jersey 1st a f 6s
59
Series A 4Mb guar
Crane Co sf deb3%s
Crown Cork A Seal sf4s
J
♦Ref A lmpt 6s of 1930
68
Series B 3Mb guar....
Continental Oil
1
....
10%
111
D
4%
83%
*54
Spr A Col Dlv 1st g 4s
W W Val Dlv 1st g 4s
Container Corp 1st 6s
16-year deb 6s
Ed EI 111 (N Y) 1st cons g 5s—1995
20
D
Cleve Elec Ilium 1st M 8Mb... 1965 j
Cleve A Pgh gen gu 4 Mb ser B. 1942 a
1st mtge
1956
6%
3
6M
J
♦Debenture 4s
Nor Dlv 1st 4s—1948
5
32
5m
2H
111
D
J
{(♦Dul Sou Shore A Atl g 5«—1937
J
Duquesne Light 1st M 3%s
1965
19
12
J
J
Dul MlssabeAIr Range Ry 3 %sl962
10%
8
7
1940 m S
♦Debenture 4s
Consolidation Coal sf6s
Consumers Power 3%s.May 1
1st mtge 3Mb
May 1
1st mtge 3 Mb...
1951
10
4
8M
3%
16
♦Second gold 4s
11
11
8%
"~6 %
7%
--
High
109
104% 106%
106% 108%
16
m
13
1990 MN
of
S
28%
d
St L Dlv 1st coll tr g 4s
8Mb debentures
M
-
*31%
O
19%
j
Cln Wabash A M Dlv 1st 4s. 1991 j
f 3Mb A
A
2
j
J
s
J
A
-
106
106%
Low
108
....
6%
5%
M S
24%
54
13%
d
1977 j
Conn Rlv Pow
1965
Series C 3%s
Cleve Cln Chlo A St L gen 4a... 1993 J d
1993 J d
Genera 15s series B
Stamped guar 4%s
Gen A ref M 4s ser F
J
No.
High
3%
O
F
Jan. 1
3
A
1995
MN
Detroit Term A Tunnel 4%s—1961
8M
7M
3%
8%
6%
mn
19%
A
Gen A ref mtge 3%s ser G...1966
*11%
AO
14
8M
a
J
1943 J
1st mtge 3%s series 1
{♦Des Plains Val lstgu4%s-..1947
J
♦Detroit A Mac 1st lien g 58—1995
14m
d
1966 f
Columbus Ry Pow A Lt 4h
{♦Des M A Ft Dodge 4s ctfs—1935
106
*105%
9%
9%
J
29
*11
jar.
1969 F
Apr
1978
J
Since
Asked
-
27
14
1967 j d
lat mtge 3 He
Cln Leb A Nor 1st con gu 4s... 1942 mat
Cln Un Term 1st gu 3% ser D . 1971 mn
..Jan
1936
1936
1955
J
29
25%
25M
14
AfN
1943 A
Debenture 6s
{(♦Den ARG 1st const 4a
(♦Consol gold 4%p
{♦Den ARG Wee* gen 5s.Aug
♦Assented (subj to plan)
♦Ref A lmpt 6s ser B.-.Apr
J
MN
18%
*13
MN
MN
j
24 m
25
&
*108%
*105% .106%
*108%
MN
2M
2M
mn
{♦Choc Okla A Gulf cons 6s... 1952 MN
Debenture 6s
1951
19%
6m
MA'
1961
E
63%
6%
4%s
Stamped as to Penna tax
35
24 M
24 m
"~7M
a
3Mb
Ref A lmpt 4 Mb series
3
1st mortgage
Den Gas A El 1st A ref s f 5s... 1951
14
F
Chlo A West Indiana con 4s... 1961 j
1962 m
1st A ref M 4 J* s series i>
3%s ser E
16
1971
1969
1969
1st A ref 4%s
Range
or
Friday's
Bid
Low
4%s
Del Power A Light 1st
"lh
25
25%
j
1963 j
1st mtge gu
21
3
5
«•
Range
Sale
12 M
j
1963 j
Clearfield A Mah 1st gu 5s
11%
10%
3%
hum
1944 a
Cincinnati Gas A Elec 8Mb
11%
rl2M
*8%
*3%
*3%
23M
j
1st mtge
Chllds Co deb 6s
86%
24%
13%
15M
rl2M
j
1st mtge 4s ®-ries
D
8Mo series E
guaranteed..
12%
81%
15%
9%
9%
1
129
"rl2M
High
112%
1
85 m
21%
*12 M
97
22%
16%
16%
Low
12%
85 M
June 15 1951 J d
3%s
Memphis Dlv 1st g 4a
Chlo T H A So'eastern 1st
6
89
20
j
J
No.
1
Detroit Edison Co 4 %s ser D..1961
—
...—I960
17m
16%
j
♦Certificates of deposit
M~S
(♦Secured 4%s series A-..-.1962
♦Conv g 4%s—
High
16%
-----
(♦Refunding gold 4s
Price
Week's
Last
N. Y. STOCK EXCHANGE
Week Ended July 28
Jan.
20 M
d
m
Asked
111
111
16%
J
J
BONDS
Since
Fridays
Bid
Low
A
{{♦Chicago A East 111 let 6e._.1934
M n
$♦0 A E 111 Ry gen fie
1951
♦Certificate* of deposit
mn
Chicago A Erie lat gold fie.
1982
m S
{♦Chicago Great West 1st 4a...1959
j
J
{♦Chic Ind A Louisv rel 6fl
1947 J J
♦Refunding g 5s series B
1947
♦Refunding 4s series C1947 j J
J/N
♦1st A gen 6s series A
1966
Range
Range or
Sale
N. Y. STOCK EXCHANGE
Week Ended July 28
July 29, 1939
Friday
Week's
Friday
117% 122%
121%
73%
16
67
77%
39%
36
39%
18
25%
Hudson Coal 1st s f 5s ser A—1962 J D
Hudson Co Gas 1st g 5s
1949 MN
Hudson A Manhat 1st 5s ser A 1957 F A
33%
33%
34
21
28%
39%
36%
♦Adjustment income 5s.Feb 1967 A
14%
Illinois Bell Telp 3%s ser B—1970 A
Illinois Central 1st gold 4s
1951 J
1st gold 3%s
1951 J
Extended 1st gold 3%s
1951 A
110%
1st gold 3s sterUng
Collateral trust gold 4s
Refunding 4s
73%
1
50
46
43%
14%
14%
56
11%
110%
38
110
"53%
,75
53%
46%
63.
53%
54%
47
62
46
42%
52%
44%
60%
52
71
"51%
~5~l~~
59%
59%
Aug 1 1966 F A
48%
3%S—1953
Gold 3 %s
—1951
g
3%b...1951
Western Lines 1st g 4s
1951
87
*88
*
1953 MN
Omaha Dlv 1st gold 8s
1951
St Louis Dlv A Term g 3s.—1951
128%
61%
15%
112%
92%
83%
*88
1951 M 8
1952 A O
1950
Litchfield Dlv 1st gold 3s—1951
Loulsv Dlv A Term g
110
87
*92%
1955 MN
40-year 4%s
Cairo Bridge gold 4s
124
128
49
54%
Refunding 5s
2
128
—1956 MN
J
1952 J
Purchased lines 3 %s
Collateral trust gold 4s
Springfield Dlv let
120%
*
60
6
52
*_.
*45 ""
39
66%
104
48
*65*"
77
83%
90
63
66
65
63
65
52%
46%
46%
49%
125
*
73
♦.II--
63
60
63
*11111
"70"
"60"
"6l"
Volume
New York Bond
149
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended
Sale
July 28
Price
Bid
1963
D
1963
D
.1940
O
.1948
1st A ref 4 H s series C
Illinois Steel deb 4%a
♦Ilseder Steel Corp 6s
A
Ind Bloom A West 1st ext 4s.. .1940
Ind 111 A Iowa 1st
.1950
g 4s
{♦Ind A Louisville 1st gu 4s__ .1956 J
52
Industrial Rayon 4 Ms
Inland Steel 3%a series D
39
—
J
.1961 F
J
(♦10-year 6s
§♦10-year conv 7% notes.
..
O
A
.1932 M S
♦Adjustment 6s
Ref 8 f 6s series A
1947 J
♦Ctfs
w w
1980 J D
1946 MS
1987 J
13M
98 M
99 %
48
91 %
51
95 M
63
67
66M
82 M
96
"18
64
74
68
75
2
11
2
*46
94 M
92
85 M
26M
*26
68M
70 M
106M
106M
104 M
104 M
70
*28M
*
ioo"
100
1961 J
4
79
12
24
J
68 %
"16
70%
106M
37
104 M
36 M
8
100 M
*60
1947 F
A
104
33
105M
105M
27
86
54M
Lautaro Nitrate Co Ltd—
Dec
1954 J
"46M
86
25 %
j
A
O
M
89
1944
A
1954
28m
27
1964 F
A
¥
1974
A
1974
1943 J
J
1943
¥
52%
1940
"ie"
56 %
{Mobile A Ohio
68 %
58 M
51
47
41
50 M
74%
67
75
M
89
84 m
30 M
39
91
28M
27
28M
5
20
27
1
23
28 m
30
28M
25M
5
16M
30
7
24M
16 M
28M
26
"l9
38
7
31m
38
3
37 M
48
2
40
50
50%
52 M
51
9
44 M
45
52
1
14
13M
52 m
13
21M
21m
13M
22
14
21
16
22 m
15M
127
22 m
68
130
127 H 131
"57"
109
*61
103 %
Atl Knox A Cin Dlv 4s
1955 MN
EE
f 4 Ms series C
Gen A ref s f 5s series D
A
17
37%
32%
18%
34
32
17m
15
16M
4%
25
17%
112
61
118M
129m
88 M
128%
128M
128
84 M
"2%
2%
2%
16%
16%
17%
16%
*68"
23
23
29m
27
33
30
2
17%
Nat Dairy Prod deb 3M
m
111M
3
68
88
80M
88
80
88 m
2
2
18
109M
4
109
109M
6
lOO'i#
100*i«
108
127 M 129 m
122 M 128 m
75 M
90 m
108
110m
105 M 109m
101
15
29%
34
65
109m
108m
100M
100 m
109m
109m
100k
107
110m
100m 109 %
90m 101 %
93%
99%
70
72%
67%
67%
warr A rcv*
42 %
■I""
"75"
42 %
39%
38
45
39m
37
37
37%
109%
116%
No 4
31
38%
21
36%
33%
29
05
77
104
107 vt
22
24 m
104m
105m
n-c lnc
—
M
%
1
%
%
%
1%
1%
Vs
1%
1%
%
%
%
103%
103m
103%
*56
J
J
'
.
100 %
74
56m
106%
73
56%
J
O
29
127m
129m
74
23
56m
1950 F
A
—1950 a
F
1954 O
A
104
♦Certificates of deposit
67%
34%
*30
*30 m
30 %
35
*30
3
50
102
102
35
58
23
~17
73
108 % 109 %
65
75
8
m
36 %
34
65
122M 125 %
20
27%
20
27%
124M 128 %
123M 129%
35
69
34
101% 103%
73
'24
105m
*30
7
107
103
68M
12
75
104 %
"36 m
M
60
23
105
o
1954 A
133
70
127m
129m
*
30
125%
104
D
58—1935 a
♦Certificates of deposit
104% 106
*%
A—1952 a
♦1st 5s series B
103% 104 %
13
*%
N O A N E 1st ref A Imp 4 M >A 1952 J
New Orleans Term 1st gu 4s—1953 j
56
a%
D
1956 /
46
102 % 108
*%
1st g 4 mb series B
1961 MN
N J Junction RR guar 1st 4s. .1980 F a
N J Pow A Light 1st 4 Ma- .1900 a o
ser
72m
102
*%
a%
.1945 j
New England Tel A Tel 6s A. -1952 J
♦1st 4mb series D
♦1st 5 Ms series A
111M
105m
*20 %
*20
89 m
110
105m
*%
116m
100
67m
29m
*%
1965
1st A ref 5s series B___
"88
108
104
125m
New Orl Pub Serv 1st 5s
97
102
106m
'51
.1983 j
114
1
66%
54
49
104m h0%
1
5
17
107%
104m
.1964 MN
♦1st 68 series C—
88
67%
42
J
99m
85M
67m
53
*102
d
93 m
74
on
100
41
41
5s_. .1945 J
91
97 M 101
j
5s__ .1948 j
84 M
80
75
U6%
tti sr
35
*112
108%
116%
99%
tuiu
21
*23
75
{♦New England RR
♦Consol guar 4s
41
♦105M
99%
73
Newark Consol Gas
92
♦72
99 %
44 m
w w—1951 M N
•
23
17m
19%
102 m 100 %
♦4s April 1914 coupon off.—1951
99
82 M
69
46
♦Assent warr A rets No 5 on '77
Nat RR of Mex prior lien 4 Ms—
(♦Assent warr A rets No 4 on *20
♦4s April 1914 coupon on
1961
84%
6
21%
20%
106
♦Assent warr A rets No 4 on '57
♦4s April 1914 coupon on
1977
♦4s April 1914 coupon off.—1977
90
82M
12M
12%
46
♦4mb Jan 1914 coupon on...1957
♦4mb July 1914 coupon on..1957
'4 Ms July 1014 coupon off—1957
96%
100M
20 M
33
o
3Ms
1949 M S
Nai Gypsum 4mb s t debs....1950 MN
National Rys of Mexico—
{(♦N O Tex A Mex
99
4M
21 %
29m
D
Prod
{♦Naugatuck RR lsi g 4s
62
21%
19M
05
23
1956
1940 j
National Steel 1st mtge 3s
98 M 103 %
49
57 m
20%
12M
55
70
2000 j
Nash Chatt A St L 4s
107
104
3
106
'106"
J
Mutual Fuel Gas 1st gu g 5a
1947 UN
Mut Un Tel gtd 6s ext at
5%—1941 M N
99%
110m
81M
16
109M
81M
100M
*83M
D
Constr M 4Mb series B
1955 UN
Mountain States TAT 3M8—1908 J D
♦Assent
15
12M
12%
12%
16M
..1956 UN
Morris A Essex 1st gu 3M
Constr M 6s series A
84
J
51M
19%
109
1966 A
92
1945 M S
F
87
128
"82M
27%
81
12%
1960 A
Montana Power 1st A ref 3MB.1966
Montreal Tram 1st A ref 58....1941
99
1946 F
HydroE16Ms-1044
1st mtge 4 Ms
6s debentures
New Orl Great Nor 6s A
100'n
1980 M S
For footnotes see page 699.
49
"17
88
88
Paducah A Mem Dlv 4s
95
75
88
87%
1952 J
♦Ref A Impt 4mb
(♦Secured 5% notes
1938 U S
Mohawk A Malone 1st gu g 48.1991 u s
Monongahela Ry 1st M 4s ser A '60 MN
107
58
109M
88
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4Mb
South Ry Joint Monon 4s
g 5s—1947 F a
1977 M S
107
88~
2003 A
3Mb series E
■
54 M
95%
108M
1949 M S
2003 A
4tiiLi—j;
"l02%
*55M
2003 A
Lower Austria
2
65
1949 M S
1st A ref
♦
95%
108M
17%
19M
1962 UN
1940 J
2003 A
147
2%
RR—
♦Montgomery Dlv 1st
Nat Distillers
37M
129
1st A ref 5s series B
1st A ref 4Mb series C
1st A ref 4s series D
16%
a
112
Louisville A Nashville RR—
Unified gold 4s
16M
16M
d
127
"i09%
4
16M
4% .July 1938 MN
ser A
1978 F
Nassau Elec gu g 4s stpd——1951 J
118%
S
A
Nat Acme 4 Ms extended to
129
"~85M
75
5
20
4
13
..1981 F
26
49 m
38
128M
A
MN
0
22
118
1951 F
21%
20 M
6M
21 %
1980 A
30
1965 A
6s
17%
12%
69
45
68
25m
1944 A
ser A—1969 J
J
Louisiana Gas A Elec 3 Mb
1966 M S
Louis A Jeff Bridge Co gu 4a—1945
M
6%
6
1%
1%
64%
1%
o
gu
Louisiana A Ark 1st 5s
27
2%
7%
16%
16%
16M
1956
Llgget A Myers Tobacco 7s
O
a
s
35
0
6
Gen A ref
64M
8%
6%
9
1
1941 A
1944 A
0
19
'
*54 M
57
Lorillard (P) Co deb 7a
5%
4
7%
19
9
O
♦17M
88
7
4%
19
O
52
9
3M
3
%
17m
1956
1941 A
1940 M S
2M
2%
17M
31M
21%
18%
20 %
1956
2003 MN
O
28%
4%
1%
9
20%
17%
29m
f 5s series A
2003 MN
1950 A
73
71%
29%
71 %
D
f 5s series B
♦5s assented
Leh Val Term Ry 1st
gu g 6s
5s assented
Lex A East 1st 50-yr 6s
Guar ref gold 4s
48 stamped
8M
*2M
*1%
67%
69%
27%
S
s
51
♦Long Dock Co 3mb ext to
Long Island unified 4s
12M
6%
*4m
6%
s
16
103M
60
32
6M
J
Gen A ref
59
14M
20
J
Gen A ref
14M
17 %
'109"
9%
42
*1%
27 M
16
A
12%
25
2
64
11
2003 MN
A
102 %
~~8M
8M
21M
51M
37
99%
90% 97
76 %
72%
100 % 102 %
43
11%
27M
57%
♦4mb assented—
♦General cons 6s
D
72
42
25 %
57
2
1946 F
89M
95
*11
67
16
1952 J
99%
%
30
v
88
102
90
*52 %
89
8M
H
30
*65
63
17
1953 F
99m
102
7
30
*93"
84
15%
Lombard Elec 7s series A
Lone Star Gas 3 Ms debs
95
%
*
88
14
95%
1949
54 M
8M
*26
102%
87
101m 104 %
108 M 111M
109m
*k
86
17
Little Miami gen 4s series A
Loews Inc s f deb 3 Mb
72
39
104
98
85M
15
129
52
Monongahela West Penn Pub Serv
15M
Lion Oil Ref conv deb 4Ms--.1952 A
Liquid Carbonic 4s conv debs. .1947 J
109m
F
1978 M N
♦1st A ref 5s series I
90
45
17
1961 F
72
103m
109m
.....
♦Certificates of deposit
♦Conv gold 5Ms
♦1st A ref g 5s series H
♦Certificates of deposit..
91M
45
2003 MN
6s
104
M S
1976 MS
1977 M S
♦1st A ref 5s series G
ext at
14
72
52
UN
♦Certificates of deposit
85
2003 MN
O
81
»
1905 F
♦1st A ref 5s series f_,
17%
81
79
*n%
Jan 1907 a o
A
%
24%
99
*63 m
J
1962 j
1902 J
1978 J
{♦Mo Pao 1st A ref 5s ser A
♦Certificates of deposit
79 m
87 %
86%
4mb
cons
ser
85
RR—
Prior lien 4Mb series D
♦Cum adjust 6s
30
*89
J
ser A
(♦Mo Pac 3d 7s
42
51
♦Lehigh Val (Pa) cons g 4s..-.2003 MN
35 m
J
Missouri-Kansas-Texas
13 M
48
A
61
♦Certificates of deposit
4%
55%
38
38
1040
♦4s assented
102 M 105M
100
105M
47
28M
25M
*22 %
23 %
1964
Leh Val N Y 1st gu
4 Ms assented
104
*36
1954 F
1954
99
*29M
S
Lehigh Val Coal Co—
Leh Val Harbor Term gu 5«
12
98
46 M
47
74 M
*62
j
1954 J
Lehigh A New Eng RR 4s A—1965
Lehigh A N Y 1st gu g 4s
1945
105M
108M
95
55
1942 F
1975
54
88 M
98
103M
85 M
170
103
101
4%
O
Coll tr 0s series B
..1942 F A
Lake Erie A Western RR—
6s 1937 extended at
3% to.-1947 J
2d gold 5s
1941 J
Lake 8h A Mich So g 3 Ms
1997 J D
♦General
79 M
26
62
35%
M S
—1938 j
prior lien 5s
108 m
393
63
*18
g4s Int gu *38 j
con
5s
40-year 4s series B._
93 M 100 M
64 m
61m
36%
33%
64%
61%
36%
82%
83M
D
5s gu as to int.—1938 j
♦1st A ref 6s series A
..1946 j
♦26-year 5 Ms
1949 M
♦1st A ref 5 Ma series B
1978 j
{♦ Mo-Ill RR 1st 5s series A...1959 J
Mo Kan A Tex 1st
gold 4s
1990 J
♦General 4s
105M
O
cons
27
79
109M
1959 M S
J
cons
20
163
*99
105
(♦1st
(♦1st
17«
72
106
1953 F
4 Ms
60
86 M
*107 M
A
{(♦M St P A SS M
S
O
A...1962 Q
ser
36
90
*105M
103M
♦Ref A ext 50-yr 5s
16 M
17
95
J
D
1960 F
♦5s stamped
71m
~92
J
1942 A
♦Sec 6% notes extend to
♦6s stamped
56
106 M 109 m
103 M 107
95
(♦Laclede Gas Light ref Aext6sl939
...—
72 m
23
1939 J D
♦(Con ext 4mb
1939
{♦Mil Spar A N W 1st gu 4s
1947
{.♦Mllw A State Line 1st 3
Ma.-1941
{♦Minn A St Louis 6s ctfs..
1934
^lst A ref gold 4s
1949
27 M
170
Koppers Co 4s series A
1951 MA
Kreege Foundation coll tr 4a__ 1945 J
J
.....
65
106
*81
1941
5s stamped
♦1st A ref s f 5s
30 m
35
9
j
—.1940 A
ANolstext4Ms
27
*84
—1954 J
♦1st mtge income reg
s f 4 Mb A
Cons sink fund 4 Mb ser C
15
17
170
1954 J
Lehigh C A Nav
23
61 %
29m
j
1963 M
Gas 4s
{♦Mid of N J 1st ext 6s
88M 100
53
71%
56
75M
1M
5
85 %
27
26M
1949 F
Ref A ext mtge 5s
Coll A ref 5 Ms series C
Coll A ref 6 Ms series D
Coll tr 08 series A
{ ( ♦Mil
68%
75
39m
28M
1951 M S
1952 MN
1979 J
High
105 M 107
28%
8M
Ref A impt 4
Ms series O
Low
67
D
J
2
22
6
S
J
No.
75
50
A
1977 M
Michigan Consol
90 m
85 m
O
F
Jack Lans A Sag 3
Mb
1st gold 3 Ms
94 M
83 M
90 M
S
A
♦Miag Mill Mach 1st a f 7s
I960
Michigan Central Detroit A Bay
City Air Line 4s
1940
82 M
76 M
46
*108
*83"
MN
High
Jan. 1
50
coupon).....1977 M S
48 m
60 m
93
100
32
106m
j
M
Since
Asked
50
O
Q
{(♦Met West Side El
(Chic) 4s_1938
99M 103M
9
20 m
1%
4
9H
20
8M 20
72M
87 M
94 %
20
"17""
17
A
—
49
D
Range
dk
106M
72%
75
s
♦Mex Internat 1st 4s
asstd
♦4s (Sept 1914
.
1997 A
3 Ma collateral trust notes
1
90 M
*81
J
{♦Kreuger A Toll secured 6s
Uniform etfs of deposit
7
10
.*
1961 J
Kinney (G R) 5 Ms ext to
3
2
56 M
1961 J
Kings County El L A P 6s
Kings County Elev 1st g 4s
Kings Co Lighting 1st 6s
1
55M
.....
Stamped—
♦5s stamped
♦1st A ref 8 f 6s.
103
*16
Plain
♦5s stamped
♦1st A ref s f 6a
89 m
1
Kentucky A Ind Term 4Mb—1961 J
1st A ref 6 mb
60
79
87
1943 MA
stmp (par 1646)—1943
stmp (par $025)-.1943 MA
unguaranteed
51
25
86%
91%
A
♦Ctfs with warr (par $925)—1943
4 Ms
1
81%
10 %
10%
63
{{♦K C Ft S A M Ry ref g 4s_. 1936 A
♦Certificates of deposit
Kan City Sou 1st gold 3s
1950 A O
Ref A impt 6s
Apr 1950 J
Kansas City Term 1st 4s
I960 J
Keith (B F) Corp 1st 6s
Kentucky Central gold 4s
58%
85 M
A
1947 F
James Frankl A Clear 1st 48—1959 J D
Jones A Laughlln Steel
4mb A—1961 M S
Kanawha A Mlcb 1st gu g 4s..1990 A O
w w
68
80
1972 MN
{♦Iowa Central Ry 1st A ref 4s. 1951 M S
♦Ctfs
60
58%
99
1955 F
Kansas Gas A Electric 4 Ms
♦Karetadt (Rudolph) 1st 6s
65
55M
4MB—1952 J
Debenture 6s
43
10M
10M
1955 M S
g
27
85 M
1941 A
Int Rys Cent Amer 1st 6s B
1st Hen A ref 6 Ho
Int Telep A Teleg deb
70
68
250
j"
—2013
or
Friday's
61
deposit
Ms—1941
Marlon Steam Shovel s
f 6s
1947
Market St Ry 7s ser
A—.April 1940
Mead Corp 1st 6s with
warr.. 1945
Metrop Ed 1st 4 Ms series D—1908
Metrop Wat Sew A D 5 Mb
1950
109M
M
61M
13
50
of
f 5s—1953 M S
Manila RR (South
Lines) 4s
1959 MN
{♦Man G B A N W 1st 3
J
j
98
50 M
2
1944
B
106
60M
1956
ser A &
12
196
♦Certificates
♦Second 4s
Manila Elec RR A Lt
104M
90
60 M
J
1952 J
♦1st g 6s series C
Internat Paper 6s
107M
65M
50
39
1956
Internat Hydro El deb 6s
Int Merc Marine s t 6s
104
98
32
A..July 1952
ser
♦1st 6s series B
99
70M
Range
Bid
Low
s f deb 5s_1951 MN
Maine Central RR 4s
D
ser A—1946 j
Gen mtge 4mb series A
I960 j d
Manatl Sugar 4s s f
Feb 1 1957 MN
{♦Manhat Ry (N Y) cons 4s__
1990 A O
19
ft
Week's
Sale
Price
McCrory Stores Corp
41M
96
12
103
32
64%
62
1942 MN
A
ser
63%
2
61%
29%
O
1947 A
stamped
8
58%
!l932
697
friday i
Last
1
High
43
60%
40M 56M
102xii,105
11M
107 M
"64"
77
Low
98 M
*104M
97M
98
Since
70
-
*9
61%
♦Certificates of deposit.
Inter lake Iron conv deb 4a
Int Agrlc Corp 6s
120
39
*55
A
tlnterboro Rap Tran 1st 6s— .1966 J
Certificates of deposit
No.
47 M
102"n 102 ««
J
J
4
bonds
N. Y STOCK
EXCHANGE
Week Ended July 28
Jan. 1
47
O
.1948 J
12
53
50 M
Range
Asked
High
47 M
Union Ry 3 Ms series B_ .1986 M S
{♦Int-Grt Nor 1st 6s
dk
Lota
111 Cent and Chic BtLAN
Joint 1st ref 6a series A
Ind
Range or
Friday's
Record—Continued—Page
Week's
Last
5-e
59%
106%
106%
74%
34 %
24 %
30
37
36 %
31
24 M
24
35
24M
35%
39%
33%
23
34 %
35m
35
July 29,
New York Bond Record—Continued—Page 5
698
Week't
Friday
Lout
Low
J\
O
,2013'A O
.2013 A
O
.1952 Af N
.1997 J
59%
75 M
77
51M
57%
61%
.1942 J
J
F
A
Mich Cent
F
"83"
A
——
gold 3%s— 1998
coll gold 3 Ms— .1998
77
61
70
4s steri stpd dollar.May 11948 Af N
Gen mtge 3%s series C.——1970 A O
68%
Consol sinking
83
82
79
83 M
61
7
71
44%
50%
54%
76
60 M
62
13
59 M
51
61
47
52
191
39
78 M
79
2
65
68
N Y Chic A St Louis—
Ref 0 He series
Kef 4 Ms series
A....
C
4s collateral trust
1st mtge 3 He
—1974 A O
.1978 M S
51M
.1946 P A
-----
extended
60
47%
71%
59%
83%
86%
72%
A
to— .1947
O
82
82
7
77%
1941 A
O
63
63 M
8
50
F
A
106
106M
13
104
107
2
106
107%
1
48
59%
.
1st guar 6s series B
N Y Dock 1st gold 4s
—
106
.1953 F A
.1961 F A
1947 A O
Cony 6% notes
A O
N Y Edison 3%s ser D——- .1965
.1966 AO
1st Hen A ret 3%s ser E
51%
51 %
109
109%
109 M
51M
51%
109 M
109%
7
31
21
49
58
167% 110%
107% 112%
N Y A Erie—flee Erie RR
5s.,
N Y Gas El Lt H A Pow g
.1948 J
D
126
126
12
F
A
119
119
3
4s— .1949
1946
Ms——2000
A—.1973
-.1973
♦N Y A Greenwood Lake fis„.
AfN
14
14
123% 126%
110% 119%
AfN
♦102
N Y Lack A West 4s ser
M N
54
55
12
17%
99% 102%
48%
63
4 Ms series B
♦N Y L S A W Coal A RR 5M8
Af N
57%
57%
54
61
33
58%
♦N Y L E A W Dock A Imp
J
60
61
70
75%
N Y A Harlem gold 3
N Y A Long Branch gen
*42
5s 1943
4s.—1941
Af N
50
U 8
74%
*51
*11%
11M
*12 M
12
*12
"IT" "IS""
"ii%
10
15
9%
10
12
13%
15%
15
14%
14
14%
63
10%
O
21
20%
21%
5
1927 ..1967
A
tl»N Y Susq A West 1st ref fis 1937
{♦2d gold 4 Ms
1937
♦General gold fis—«——...1940
♦Terminal 1st gold 5s ......1943
N Y Telep 1st A gen s f 4Ms... 1939
Ref mtge 3Ms ser B
1967
N Y Trap Rock 1st 6e.
.1946
.......
12
45
67%
1
106%
107
*2%
Gen A ref 4 Ms series A
30
4
4%
30
8%
A.1977
Pa Ohio A Det 1st A ref 4%s
110M
15
108% 111%
86
2%
110%
108%
11M
86
1
62
86
89
90
8
70%
90
2%
110%
108%
100 M
*44 M
12 >%
107
108%
105%
107%
1974 Af S
2M
110%
*106%
51
1
109
15
101M
22
"l6% *11M
107""
{♦Northern Oblo Ry 1st guar 6s—
♦Apr 1 1935 A sub coupons—1945 a
♦Oct 1938 A sub coupons....1946 A
Ctfs of deposit stamped
♦Apr '33 to Oct '34 coups. 1945
♦Apr '13 to Apr'38 coups
1945
North Pacific prior lien 4s.....1997 Q /j
70 %
Gen Hen ry A Id g 3s Jan
F
44
2047
Ref A lmpt 4 Ms series A
J
47 M
2047 J
Ref A lmpt 6s series B
/
60 M
2047 J
Ref A lmpt 6s series C
50 M
J
2047 J
Ref A lmpt 5s series D
50 M
2047 J J
Northern States Power 3 Ms...1957 F A 109 %
Northwestern Teleg 4Ms ext..1944 / J
.
10
"45
1
48
123
2
22
108%
30
14
4
111%
109%
94
101%
100%105»n
109
108
9
17%
8%
15%
50
/
107M
105%
60
118% 124
104
107%
103% 106%
105
108%
112% 114%
106
107
39
60
50
HO
General 4%s Series D
Gen mtge 4%s series
*35
45
55%
♦48
*33
40
65%
85
115
41
96
41
60%
50%
74%
71%
79
44
45%
47%
48
58
60%
50%
51
60%
109%
51%
109%
100
308.
4|
26
30
J
/
9
9
2
J
/
7%
8
5
US
*108%
...
UN
107%
S
109 %
109
1st mtge 3m«————1972 J
J
Oklahoma Gas A Eleo 3M8—1966 J D
4s debentures..
—.1946 J D
109%
109
...
Ontario Power N F 1st
g 5s
1943
Ontario Transmission 1st 5s
1945
Oregon RR A Nav con g 4s... 1946
Ore Short Une 1st cons
g 5s...1946
Guar stpd cons 5s..——.1946
M
109%
104%
*112%
FA
D
/
117 M
J
J
118M
1961 J
J
107M
Otis Steel 1st mtge A 4 Ms
1962
J
J
{♦Pae RR of Mo 1st ext g 4s..1938
{*2d ext gold 6s
.1938
Pacific Tel A Tel 3Ms ser B..1966
Ref mtge 3 Ms series C
.1966
111%
111M
110
Since
<2
Jan. 1
No.
99%
156
109%
113%
113%
"28
*108%
113%
113%
88%
89%
118%
1
34
119%
100%
107%
High
Low
18
16
153
93
100%
105% 107%
99%
93%
93
95%
104% 106%
107% 109%
'
10
113%
109% 113%
84%
90%
115% 120
95% 100%
103% 107%
100%
100
107%
88%
106%
95%
89%
96%
122
96%
45
90%
97
95%
95%
96%
23
86
...1970
.1981
Conv deb 3%s—
E—1984
.——1952
84%
86%
201
89%
74%
90%
116%
1
116%
17
49%
116%
116%
49%
*3%
4%
64%
106%
64%
106%
65%
87
Peop Gas L A C 1st cons 6s..—1943 A O
Refunding gold 5a...
...1947 M S
Peoria A Eastern 1st cons 4s...1940 A O
♦Income 4s.
....April 19**0 Apr
Peoria A Pekln Un 1st 5 Ms.—1974 F A
J
Pere Marquette 1st ser A 5a... 1956 J
J
1st 4s serlee B—.——.1956 J
C—.1980 M S
Phelps Dodge conv 3 Ms deb—1962 J D
108%
110
Pat A Passaic G A E cons 6s...
♦Paullsta Ry 1st s f 7s.
Penn Co gu 8 Ms coll tr ser B_,
Guar 3 Ms trust ctfs C_.
107
6
103% 105%
112
113%
112% 116%
107% 111%
13
107%
64
103% 107%
75
77
111%
111%
109%
74%
108%
109%
83
111%
24
110
42
74%
1
110
26
110
104%
104%
50%
100%
90%
90
100
"Bom
50%
14
70
30
"18
7
1
76
100
1
51
16
2
127
127
*50
68
.1941 F A
.1942 J D
*103
104""
1
104%
2
*104%
103%
60
111% 113%
112%
105% 110
109
67
65%
107%
108%
101%
103%
83
72
24
79
90%
97
Phlla Bait A Wash 1st g 4s
1943 MA
General 5s series B—.1974 F A
General g 4 Ms series C.
1977 J J
General 4 Ms series D—.——1981 J D
Phlla Co sec 5s series A
—.1967 J D
Phlla Electric 1st A ref 3 Ms—.1967 Af S
{♦Phlla A Reading C A I ref 5s. 1973
♦Conv deb 6s..
..1949
X{♦Philippine Ry 1st s f 4s.
1937
Phillips Petrol conv 3s
1948
105
103%
699.
56
J
Af 8
J
/
M
S
"I69""
A.1962
3
"~2
13
1
115% 117%
112% 117
47
58%
3%
6%
103% 106%
57%
76
62
6
67%
54
71
109%
88
106% 115
111%
10
108
115
115
18
108% 115
108%
107%
105%
110%
108%
5
104
109%
107%
105%
2
104
107%
187
98 M 105%
110%
71
109% 112%
111%
111%
107%
105%
110%
11
10%
3%
9%
108%
3%
10
109%
*91
94%
Pitts C C C A St L 4 Ms A.
Pitts Va A Char 1st 4s guar...1943;M N
Pitts A W Va 1st 4 Ms ser A. .1958 J D
1st mtge 4 Ms series B.—.1959 A O
1st mtge 4 Ms series C...... I960, A O
61
109
Af 8
1940 A
Series B 4 Ms guar—.—1942 A O
Series C 4Ms guar.—......1942 UN
Series D 4s guar...—.—..1945 Af N
Series E 3 Ms guar gold.....1949 F A
Series F 4s guar gold——1953 J D
Series G 4s guar
1957 Af N
Series H cons guar 4s..
1960 F A
Series I cons 4 Ms
—.1963 F A
Series J cons guar 4 Ms
1964 Af N
Gen mtge 6s series A...
.1970 J D
Gen mtge 5s series B—.....1975 A O
Gen 4 Ms series C
—1977 J
J
56
60
1952 Af N
PlrelU Co (Italy) conv 7s..
Pitts Coke A Iron conv 4 Ms
11
3%
10
109%
8
108%
*108%
*108%
14
3
37
7
68
106
89%
95
"12
90
94%
95
94%
10%
111%
15
4%
14
112%
104% 105%
107
109%
108% 108%
*105
108%
166
109
106% 106%
*109
105
*110
105
*108
......
117%
117%
117%
117%
105%
105%
98%
97%
*106%
23%
.
30
112
117%
9
117%
105%
11
112%
25
102%
105%
1
101%
98%
47
93%
106%
"§6
"l8
23
24%
14
23
"30"
Pitts Y A Ash 1st 4s ser A—1948 J D
1st gen 5s series B_.
...1962 F A
1st gen 5s series C
1st 4 Ms series D
30%
75
*106%
23%
23
23
109%
107%
117%
118%
107%
106%
98%
107%
51%
51%
Potomac Elec Pow 1st M 3%s 1966 J
Pressed Steel Car deb 5s^
1951 /
.
J
*98%
I
79%!
77%
...—,*107%
-—J
25%
25%
25
13%
13%
109%
*70
.....
{♦Providence Sec guar deb 4s. .1957 Af N
{♦Providence Term 1st 4a. ....1956 Af fl
Public Rervl-e El A Gas
3%S—1968' J /
1st & ref mtge 5s
62
...2037 J
*
/
2
109%
......
PuHty Bakeries
s 1
A
deb 5s.....1948 /
pt pd ctfs
for deb 6s A com stk
(65% pd).
-
J
*221
{♦Debenture gold,6s.......1941 J
{Deb 6s stamped
1941 J
Reading Co Jersey Cent ooH4a 1951
O
'|
110%
314
25%
25%
14%
109%
39
5
270
103
103
58%
79%
106
5
44%
25
*2
10%
5
1%
40
111%
"27
224%
110%
103%
"25;
16%
108% 1'0%
72
75
2
107 M
25
88
4
49
100% 111%
153
20
153
221
221
108% 110%
95% 104%
D
D
74%
*73%
52%
73%
73%
...—
D
O
54%
1997
J
1997
Gen A ref 4 Ms series A
Gen A ref 4%s series B
79%
*152%
"
Ma""-1968
106%
—
*44
110%
1st & ref mtge 8s —.......2037 / D
"
Pub Serv,of Nor 111 3
104
108%
*102%
—.—1974 J D
—1977 J D
Port Gen Elee 1st 4 Ms
1960iM S
1st 5s 1935 extended to.—..I960 J
'
{♦forto Rico Am Tob conv 6819421/
♦6s stamped....
..1942/
{{♦Postal Teleg A Cable coll 5s* 1953 J
J
73%
73%
"43
Remington Rand deb 4%s w w.1956 Af S
4%s without warrants
1956 Af S
Rensselaer A Saratoga 6s
gu.
1941 Af N
Republic Steel Corp 4 Ms ser B 1961 F A
Purcb money 1st M conv
6 Ms *54 M N
Gen mtge 4 Ms series C
1956 Af N
Revere Cop A Br 1st
mtge 4 %s. 1956 /
J
♦Rheinelbe Union s f 7s..
1946 /
J
♦Rhine-Ruhr Water Service 6sl 1963 /
J
16
"6
73%
73%
28
42|
12!
55
79
63
75
"B4%
8
104%
104%
102%
102
104%
102%;
"94%
"93""
"94%r2"6B
106%
94%
106%
94
106%
99
*39
.
♦Rhine-Westphalia El Pr 7S...1950 M N
♦Direct mtge 68
1952 AfN
♦Cons mtge 6s of 1928
—1953 F A
♦Cons mtge 6s of
1930——.1966 A O
Richfield OH Corp—
r
63
52%
61%
68
80
69%
80
95
99%
40
99
100
105
102%
85%
"4%
25
102 H
107%
72
85%
14
95
95
101%
37
51
18%
...
22
21%
27%
,
24%!
24%
21%
27%
24%
1
21%
27 H
6
21
28
24%
9
23%
28
22%
27%
23%
24
*23%
26%
.
4s s f conv
Rlchm Term
debentures.—...1952 Af S
Ry 1st
♦Rlma Steel 1st s f 7s.
*105
A
32
108%
23
con A coll
trust 4s A.... 1949 A O
Boch G A E 4 Ms series D
1977 M S
Gen mtge 3%s series H
1967 u s
14%
124%
mtge 3Ms series 1
1967 M S
I Ark A Louis 1st
4%8._ 1934 M S
♦Ruhr Chemical s f
6s. ....... 1948 A O
100% 108%
103
106
10%
*43
J
gu 6s" 1939
{{♦Rio Grande West 1st gold 4sl939
*10%
D
OjaDde June 1st
^lst
107%
J
1952
1955
gen 5s
16%
43
104%
13%
46
"35"
24
31
44
15%
39
14
20
*106"
^.Gen
{♦Rut-Canadian 4s stmp..—"l949 J
{♦Rutland RR 1st con 4%s.ll941 J
♦Stamped...
J
112%
102%
105%
98% 102%
45
58
123% 127
61
101% 104
99% 104%
98% 105
98% 104%
Safeway Stores s f deb 4s.
Saguenay Pow Ltd 1st M
9
9
8
*25
30
26
*7%
7%
*7%
/
/
/
1947 / D
4%sll966
A
O
1947 J
St Jos A Grand Island 1st
4s
St Lawr A Adir 1st g 5s
105
J
106%
♦Certificates of deposit.——
W
^Pe*>r * N w 1st gu
5s
St L Rocky Mt A P 5s
sptd..
1948 J
J
1955 J
/
J
pr Hen 4s A..1950 J
♦Certificates of deposit...
♦Prior Hen 5s series
B...—Il950
*
4
8%
13%
26
8%
8
5%
8
8%
4%
8%
25
106%
44
104% 107
105% 107%
106% 107%
"85*"
84%
62%
41
52
65%
60%
61
11
51%
64
4
12%
52%
7%
17%
62%
7%
7%
13%
14%
14
14
13%
65
16
17
60
17
"9%
60
6
262
9
♦Certificates of deposit
♦Con M 4%a series A
11978 Af S
♦CtfS of deposit
stamped.
{St L SW 1st 4a bond ctfs.. "l989 UN
♦2d 4s tnc bond ctfs...Nov"
J
1989 J
I* 1st terminal A unifying 6a. 1952 J J
9%
8%
9%
J
9
9%
9%
9%
8%
8%
1
7%
9
9%
89
8%
9
42
7%
7%
54%
.
1990.J
105%
61
61
{♦St L-San Fran
106%
*107%
*60
/
1996 J
2d gold 6a..
\900 A O
St Louis Iron Mtn A
Southern—
♦{Rlv A G Dlv 1st g 4s
1933 AfN
♦Gen A ret g 5s series A
For footnotes see page
J
50
112
48% 57%
99% 102
82%
90%
46
104
103 M
81%
101% 103%
104%
Guar 3 Ms truBt ctfs D
.1944 J D
Guar 4s ser E trust ctfs..—. .1952 Af N
64%
53
29
112%
50
90%
1
60
.1942 Af 8
.1963 F A
110
113% 117%
116% 118%
100%
.1949 Af 8
.....
13
3
9
*102%
103%
1st M s f g 3s loan ctfs...... .1955 F A
T Paramount Pictures deb 6s. lv65 / J
.1944 A O
26
"22
111%
117%
118%
117%
118%
106%
116%
1st g 4 Ms series
—
""2
70
Paducah A 111 1st s f g 4Ms..-.1955
Panhandle Eastern Pipe L 4s.. 1962 Af S
Paramount Broadway Corp—
Parmelee Trans deb 6a
105
9
8%
105
108%
106
108%
106
109%
101% 109%
4
ilB""
*58
77
.
3Ms conv debentures....... 1947 Af 8
TParis-Orleans RR ext 6Ms... .1968 Af 8
110
6%
111
/
J
Pacific Coast Co 1st g 6s
...1946
Pacific Gas A El 4s series G...1964
1st A ref mtge 3Ms ser H
1961
1st A ref mtge 3 Ms ser I—1966
107%
109%
109%
42%
65
42%
64
107
110%
115
Af N
Ore-Wash RR A Nav 4s
to
53%
70%
4s...1948
28-year 4s
100
1|
1041*ie 104"»
fund 4 Ms—1960
{♦Radio-Kelth-Orpb
*50
♦Stamped.........
Ohio Connecting Ry 1st 4a—.1943
Ohio Edison 1st mtge 4s
.1965
1st mtge 4s......
1967
gu g
J
O 104*V
General 4%s series A——1965
General 5s series B——
1968
Debenture g 4 Ms
High
99%
1*107%
—J 99%
Pennsylvania RR cons g 4s.—.1943 Af N
Consol gold 4s.—..—..1948 Af N
~
{♦Og A L Cham 1st
4 °
B...————1981/
4%e series
Pennsylvania P A L 1st 4%S—1981 A
99%
A iked
45
110%
1964 F A
...
2
105
110%
A
debenture 3%s———
...I
93
101% 107%
6%
12%
6%
9
101 lie 103%
{{♦Norfolk A South 1st g 58—1941 Af N
debenture 4s
......1959 F A
North Cent gen A ret 6s..—1974 Af S
6
64
110%
108%
39
10
a
6
21
44%
109
101
101«»
♦Certificates of deposit
North Amer Co deb 3 Ms—1949 F
... —
8
77
lODu
Af N
Norf A W Ry 1st cons g 4s—1996 O
5
101»m
"89""
TNord Ry ext sink fund 6 Ms..I960 A 0
{{♦Norfolk South 1st A ref fis.1961 F A
8M
6
30
9%
62
9
8
5%
3
104
F A
Af N
J
M S
A O
10
"48""
/ 106%
/ J
F A
M N
j
/
J D
6%
4
110M
106 M
104%
48
110M
106%
..194«
{{♦N Y Weston A Bost 1st 4H« '46
Niagara rails Power 3Ms
1966
Nlag Lock A O Pow 1st fie A.. 1955
Niagara Share (Mo) deb 5 Ms. 1950
49%
106%
Af N
J
4%
10%
♦80
0
UN
/ J
61
*3
A O
A
13
6M
1956 J D
f*N Y Providence A Boston 4s 1942
N Y & Putnam 1st con gu 4s..1993
N Y Queens El Lt A Pow 3 Ms 1965
N Y Rys prior lien 6s stamp...l958
N Y A Rlchm Gas 1st 6s A
.1961
N Y Steam Corp 3 Ms—
-1963
16
5
15
15%
17%
27%
8%
17%
49
1992 m S
♦General 4s
17
4%
14 %
D
{♦Harlem R A Pt Cbes 1st 4s 1954 UN
{♦N Y Ont A West ref g 4s.
16
10
12
J
13%
15%
10%
11
1940
,
94
....1957 M N
—
6s stamped—.
"Bo"
12
♦Collateral trust 6S
♦1st A ret 4 Ms ser of
103%
♦45
/
A O
{ {♦»Y AS E (BostTerm)48.1939
{♦N Y N H A H n-e deb 4s
1847 M 8
♦Non-conv debenture 3 Ms..1947 Af 8
♦Non-conv debenture 8 MB—1954 A O
/
♦Non-eoDv debenture 4s—1955 J
SNon-eonv debenture 4s.—.1956 Af N
J
♦Con* debenture 3 Ms—.1956 /
J
♦Conv debenture 6s——...1948 /
♦Debenture 4s
&
107
107
3-year 6% notes.—-—
N Y connect 1st gu 4 Hi A— .1953
Purchase money gold
Penn Glass Sand 1st M
72
62%
190
Bid
Low
A—.1941JM S
4Mb—1960 J D
Penn-Dixle Cement 1st 0s
58
61
60
54
63
57
Sale
Low
High
109% 110
Range
Range or
Fridap't
Last
Price
30
333
50%
HI
73%
82%
62%
69%
77%
84%
85%
44
51M
68M
81M
/
Lake Shore col!
Debenture 4s
No.
*60 M "47
!i
N. Y. STOCK EXCHANGE
Week Ended July 28
Jan. 1
♦110
.msj' A
.1946 A
High
§
BONDS
Since
Sale
.1945 J
Newport A C Bdge sen gu 4 %s
N Y Cent RR 4s series A—
10-year ike sec »I
Kef A lmpt 4 %s series A—
Ret A lmpt fie series C
Conv secured 3%s—
—
N Y Cent A Hud River 3 %s -
Range
I
Range of
Friday'!
Price IBid <fc
diked
BONDS
N. T. 8TOOK EXCHANGE
Week Ended July 28
1939
Week't
Friday
J
"9
9
60%
9
14
60%
28%
18%
35
18
30
15%
35%
23%
9
10%
28
8%
15%
60%
28%
"18%
23
22
8
26
Volume
New York Bond
149
Friday
Range or
N. Y.
STOCK
EXCHANGE
Week Ended July
Sale
S|
28
*4
7%
5
7
tPacific ext gu 4b (large)...>1940
1943
5S%
106%
{♦Schulco Co guar 6 %a
♦Stamped
56%
1946
*118
4%
4%
4%
50
1%
3%
8
.......
3%
3%
1
2%
6%
6%
0%
93
5%
12%
40
S
5%
5%
12%
*2%
.1961
.1946 F
-1
.
■
68
"99%
99%
.
.1947 J
J
.1946 J
D
A
«.
a
-
O
1
D
O
.1955
.1994
48
50%
46%
46%
46%
59%
82%
51%
47%
47%
47%
60%
83%
64%
65
"86%
"85%
50%
72%
78%
.1956
55%
72%
77%
.1956
*72
"~7l"
....
Standard Oil N J deb 3s
71
79%
Third Ave Ry 1st ref 4s
55%
72%
107
"77" "91%
44
71
20
25
66
32
68
107
52
105
92%
107%
1
125
130
100%
100%
"116"
no
92%
94% 101
I00*13jl02%
113% 116%
55
00
1
116%
110%
6
103
30
86%
105%
15
79
105%
105%
63
105%
105
105%
141
87
*
87
91%
•
......
118
"3
88
87%
88
26
O
88
87
88
19
78%
88%
52
87
88%
103 %
43%
O
43%
8%
8%
*93%
105%
D
51%
51%
*89
*60
______
*106%
99%
104
*107
24
106%
114%
109%
S
.
1971 M
.
.
.
.
106%
114%
108
113%
99%
99%
-
99%
99%
O
*107%
"78%
73
81
82%
1944 M S
J
111
"36"
29
106
106
36
*
..1951
...
♦Sink fund deb 6 Ha ser A—1947
..
70
54%
90%
89
15
109 %
110 %
Vanadium Corp of Am conv 5s_1941 A
97% 166"
123% 125%
104% 109
20
23%
24
26
71%
24
77
107%
10%
114%
107%
85
50
12
,
45
9%
1145u
106%
111%
104%
5
110
94
100
46
108%
78%
82%
111
30%
106%
36
88%
77%
82%
*108%
*108%
106
30
82
101
......
1957 M N
10
114%
109%
113%
99%
79
O
A
54%
— •f
....
—
101%
82
Vandalia cons g 4s series A
85
108"
101%
1959
3
85 H
85 H
84 H
11
76%
H
89%
90H
106%
21
"l8~"
104 H
107%
18%
7
14%
23%
23%
68%
17 H
17 H
80
64
101
109%
93
107
18
70
60
69
3
109
22
17%
110
13
S
.1949 M
Va A Southwest 1st gu 5s
....
"*%
110
S
......
2003 J
1958 A
61
13%
65%
57%
57
72%
17%
22%
45
59
1942 J
O
Winston-Salem S B 1st 4s
J
9%
103 %
97
♦Certificates of deposit
Wisconsin Elec Power 3 Ha
Wisconsin Public Service 4s.
103 H
103%
97 H
"Th
110
9
9%
*5%
6
.1961 J
.
0
D
{♦Wor A Conn East 1st 4 Ha. .1943
YouDgstowD Sheet A Tube—
J
7
5%
109
10
106% 110%
107% 110%
5
9%
105
105%
82
100
106
106%
46,
103% 107%
109
*109%
*9%
J
11%
9%
6%
4%
4%
5%
*4%
A
114
7
*7
.
!l968
100% 101%
6
10%
100% 105
88%
97%
~~9%
*112%
{♦Wis Cent 50-yr 1st gen 4s_. .1949 J
J
♦Certificates of deposit..
{♦Sup A Dul dlv A term 1st 4s '36 MN
97
90%
*100
J
A
.1960 J
90%
95%
D
Wilson A Co 1st M 4s serlee A .1955
J
Conv deb 3%0._
1947
114%
114%
96 %
A
73%
42%
52%
101% 104%
109% 114%
*105
S
.1966 F
{(♦ Wilkes-Barre A East gu 5s
e
deb
4s
.1948 M
ser
C
105 %
106
S
.1961 MN
_
110
Cash sales transacted
during the current week and not Included In the yearly
range:
■
*
No sales.
Cash sale: only transaction during current week,
r
transaction
during
Ex-Interest.
x
week
ourrent
Odd
n
lot
( Negotiability Impaired by
quotation
200-pound
per
sale,
a Deferred delivery saie: only
not
maturity,
unit of bonds.
Included
In
year's range
t The price represented Is
Accrued Interest payable at
"
f The following is a list of the New York Stock Exohange bond Issues wblcb have
been called In their entirety:
.«*».
General Motors Accept 3s 1940, Aug. 1 at
102%.
Goodrich (B F) 6s 1945, Aug 2 at 1^3
Home Owners' 2%s 1949, Aug
1 at 100.
<
Nord Rys 6 %s 1950, Oct
I at l'>2
Paramount Pictures 6s 1955, July 31 at 100.
Parl« Orleans 6 %h 1968
Hep*
100
| a»
Soconv-Vacuum Oil 3%s 1950 July 21 at 102%.
Wheeling A Lake Erie 4s 1960, Sept. 1 at 105.
{ Companies reported as being In bankruptcy, receivership, or reorganised under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
•
Friday's bid and asked price. No sales transacted during current week.
♦
Bonds selling flat
Deferred delivery sales transacted during the current week and not Included In
m
No sales.
Transactions
the
at
New
York
Stock
33
Week Ended
July 28 1939
Railroad A
Slate,
United
Total
Number of
Shares
Miscell.
Municipal A
States
Bond
Bonds
For'n Bonds
Bonds
30%
106%
104
3
36
50
37
50
4
96
177
5
34
3
——
35%
83%
93
Total
905.000
665,000
521,000
5,149,000
469,000
150,000
5,768,000
$28,514,000
$3,401,000
$722,000
$32,637,000
$29,000
53,000
144.000
549,000
4,281,000
5,077,000
"59%
4,883,000
7,296,000
167,000
5.838,000
179,000
Week Ended July 28
Sales at
$3,075,000
5,777,000
Jan.
1 to July 28
New York Stock
*
1939
Exchange
1939
1938
1938
8,378,920
5,625,400
Stocks—No. of shares.
126,066,655
155,579,818
$51,026,000
$85,244,000
139,588.000
Bonds
$722,000
$1,252,000
3,401,000
28,514,000
4,028,000
141,615,000
36,315,000
757,430,000
819,567,000
$32,637,000
$41,595,000
$950,077,000
$1,044,399,000
Government
State and foreign
Railroad and industrial
Total
...
50%
90
Stock and Bond Averages
101
93% 101%
66
65%
82%
Below
82
96
6,247,000
5,006,000
5,625,400
Thursday
$2,754,000
1,069,210
1,229,650
891,910
816,870
811,650
Wednesday
$292,000
Sales
806,110
Saturday
103%
are
the
daily closing
stocks and bonds listed
as
on
averages
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
106% 108%
106% 109%
H
%
110%
9
34%
3
*55%
O
Exchange,
Daily, Weekly and Yearly
Friday
116%
109%
115
110%
116%
100%
109%
109%
83%
82%
94
„
1968
Va Iron Coal A Coke 1st g 5...1949 M
10
24
J
1966 M
95
72
70%
1940 M A
Monday
111
24%
♦
J
1934
Va Elec A Pow 3 Ha ser B
82
68
66%
Stocks
{♦4%s assented
88
90 H
106 H
17 H
71
2361 J
D
ser
122
109% 112%
105
107%
90 H
D
White Sew Mach deb fls...
Vera Cruz A Pacific RR—
....1934
119%
6
107 H
123 H 130
105% 109%
Slocks,
101%
......
...
O
1951 J
....
60%
90%
65%
....
101
1944
5s
17
120 %
107%
1950 M N
WheeUng Steel 4 Hs series A.
107%
51
65
100
1947
cons
11
109%
13%
105
"99% "~6
101
{(♦Utll Pow A Light 5HB
1st
I36"
109 H
109%
98
90
44
"88"
......
Utah Power A Light 1st 5s
coupon off.
noli
J
RR 1st consol 4s
46%
"27
38%
.
......
United Stockyards 4Ha w W..1951
Utah Lt A Trac 1st A ref 5s„.1944
{♦4 Ha July
109 H
22
Tuesday.
75%
107%
10
O
37%
7%
87%
35
9
96%
105^32
*23
*114
United Clgar-Whelan Sts 6s...1952 A O
United Drug Co (Del) 5s
1953 M S
1955 F
113% 119
78%
89
6
44
*119
A
June 2008 M
f 48 series B
129%
D
.1952 A
107
120
D
67
106 H 109
the yearly range:
1942 F
{♦Debenture 5s
*109 %
109
50 %
79%
89
98% 104
lis"
1945 A
f 6 Ha series C
165"
J
95
108%
103% 105%
O
{{♦United Rys 8t L 1st g 4s...1934 J
U S Steel Corp 3%s debs
1948
♦Un Steel Works Corp 6 Ha A—1961
40
67
2361 J
104
O
—1945 M S
..1962 J
J
U N J RR A Canal gen 4s
40
2
110%
D
1950 A
47
39
64
1st mtge b f 4s
1977 A
1970 A
92
35
67
A
80
88
16
40
*..
A
73
116
90 H
exchange rate of $4 8484
♦Tyrol Hydro-Eleo Pow 7 Hs—1955 M"N
34-year 3 Ha deb
35-year 3 Ha debenture
United Biscuit of Am deb 5s
Q M
F
66%
80
"*58 H
90
38 %
*30
A
56
104% 107%
80
130
89
"166%
Toronto Ham A Buff 1st g 48—1946 J D
Trenton G A El 1st g 5s
1949 M S
Tri-Cont Corp 6s conv deb A—1953 J
J
1st lien A ref 5s
F
13
6
4
15
71 H
76%
130
A
3 Ha debentures
1952 J
Union Pac RR 1st A Id gr 4s—.1947 J
1st Hen A ref 4s
June 2008 M
M S
D
80%
D
{{♦Union Elev Ry (Chic) 5s
'"90 %
S
M
8
7%
60
21%
Registered
14
6%
106
70
Conv
106%
92
116%
Union OH of Calif 6s series A
7H
21%
49 H
the dollar
1G02JJJ
1952 F
105 H
59
59
70 %
106%
Tol A Ohio Cent ref A Imp 3%s 1960 J D
Tol St Louis A West 1st 4s
1950 A O
Tol W V A Ohio 4s series C
1942 M S
f 7s
12%
21H
103
1952 J
Ujigawa Elec Power s f 7s
Union Electric (Mo) 3%s
5
J
106
J
1953 J
67
1953 J
l05% "62
Tokyo Elec Light Co Ltd—
1st 6« dollar series
7
1960 M S
105
1937 J
Tide Water Asso Oil 3 Ha
13
6H
West 8hore 1st 4s guar
105
20%
*105%
O
Jan 1960 A
5s
6
♦Westphalia Un El Power 6s
12%
22%
104% 105%
103% 106%
A
4
29
1946 M 8
106
D
7%
1st A
"If Wheeling A L E Ry 4b
43
7
ref 6 Ha series A
1977 J
J
West N Y A Pa geD
gold 4s
1943 A O
{♦Western Pac 1st 5s ser A.. .1946 M 8
61%
60%
74
109% 112%
104% 109
105
109%
3
9
11
40 H
"i05%
1966 J
Teleg g 4%s.
25-year gold 5s
30-year 5s
18
6%
—1952 J
Western Union
11
3
E.1963 M S
♦5s assented
28
52%
17%
17%
38
•
1945 F
Western Maryland 1st 4s
28%
48
"7%
7%
1978
ser
15
24%
*42
A
19.80
mtge 3 Ha series 1
West Va Pulp A Paper 4
Ha
High
105% 109%
34
49%
13
12
♦11H
1976 F
1st
58
59
1941
1955
West Penn Power 1st 5s
Low
60 H
"II "
1941 M S
..
No.
25
Westchester I.tg 5s stpd gtd_..1950 J
Gen mtge 3Ha
..1967 J
57
100
75
22
Jan. 1
High
17 H
4a__193n
1st 40-year guar 4b
72
272
77
39%
17H
gen 5 Hs A. 1976 M S
l05%
1960 J
♦AdJ Income 6s
s
93
20
20
Gen A ref 5s series D
1980 J D
Tex Pac Mo Pac Ter 5 Ha A... 1964 M S
Cons
80
1979 A
...
Gen A ref 6s series C
s
16
2000 J
Gen A ref 6s series B__
♦Sec
68
106
105%
57%
51
128
.1943 J
gold 5s
73
61%
57%
67%
70
108
.1953
4s
Texas A Pacific 1st gold 5b
sec s
360
110%
1944
gold 5s
Texarkana A Ft 8 gu 6 Ha A... .1960
Texas Corp deb 3 Ha
.... .1951
3s debentures
.1959
♦Guar
40%
37%
37%
"87" "152
57
58%
39
63
107%
105%
1960 M N
Term Assn of St L 1st g 4 Ha... 1939
g
143
110
Studebaker Corp conv deb 6s.. .1945 J
Swift A Co 1st M 3448
TenD Coal Iron A RR gen 5a... .1951 J
Tenn Elec Pow 1st 6s ser A
.1947
95
105%
40
254
107%
1953 J
{(♦Third Ave RR 1st
90%
101
62
110
.1961 J
2ks.
110
101% 108
108% 110%
100
105%
.1965
♦{Spokane Internal 1st g 5b... .1955 J
Staley (A E) Mfg 1st M 4s.... 1946 F
con
23
60%
1951
So'weetern Bell Tel 3 Ha ser B_. 1964
1st A ref 3s series C
1968
So'western Gas A El 4a ser D_. 1960
Texas A N O
34
47
.1996
f g
93%
105%
64%
1946 J
Mem Dlv 1st g 5s_
St Louis Dlv 1st g 4s
s
23
104%
106%
14
105%
47
.1956
Gen refund
109
83
.1981
...
Derel A gen 6s
Derel A gen 6 Ha
cods
~
6
31
51%
47%
47%
.1969 M N
Southern Ry 1st cons g 5s
Devel A gen 4s series A
1st
m —
106
48
.1968 M S
1950 A
m
■
105%
1st 4 Ha (Oregon Lines) A... 1977 M S
So Pac RR 1st ref guar 4s
1st 4a stamped
"
108%
93
.
...
121
108%
105%
-
91
100%
102% 105
102»«107%
115
118%
^
92%
.
"l05%
Natural Gas—
10-year secured 3%s
San Fran Term 1st 4s
—
.
105
Southern Colo Power 6s A
Southern Kraft Corp 4%s
-
"28
100%
104%
.
82
58
^
108%
......
.1961 M S
1st mtge pipe line 4 Ha
.1951
So Pac coll 4a (Cent Pac coll).. 1949
.
*118
O
Southern Calif Gas 4 Ha
1st mtge A ref 4s
1965 F
-
20
59
«t-
62
76%
23%
53%
"74"
*104
......
5
102«3il06
2
—
*61
—
.1951 J
.1950 A
South A North Ala RR gu 5s_..1963 A
South Bell Tel A Tel 3%s
.1962 A
18
54%
71%
*21
.1952 A
Skelly Oil deb 4s
10223,2
6
2%
53%
71%
A
10%
17
2%
4%
1022ht
.1941 F
4%
12
6
4
11
5
1
3
2%
fSocony-Vacuum OH 3%s
Gold 4 Ha
'
1
108 H
*
Warner Bros Pict6s debs
1948
{♦Warren Bros Co deb 6s
1941
Warren RR 1st ref gu g
3His..2000
Washington Cent 1st gold 4s.. 1948
Wash Term 1st gu 3
Ha
1945
6%
.1935
Gold 4 Ha
Gold 4 Ha
8
2
Shlnyetsu El Pow 1st 6 Ha
.1952 J D
♦Siemens A Halske deb 6%s—.1951 M
Southern
116% 119%
10%
19%
8%
17%
——
10%
39 H
A
Walker (Hiram) GAW deb
4%s 1945
Walworth Co 1st M 4s
1955
6s debentures.
Asked
1964
g
Since
A
107 %
38 H
108
'
..1941
♦Ref A geD 5s series B
♦Ref A gen 4 Ha series C
♦Ref A gen 5s series D
32%
2
♦Certificates of deposit...
{ (♦ Atl A Blrm 1st gu 4s
T933
{♦Seaboard All Fla 6s A ctfs....1935
Simmons Co deb 4a
31
2
♦Certificates of deposit...
♦1st cons 6s series A
.1945 M
♦SHesla Elec Corp 6 Ha
Sileelan-Am Corp coll tr 7s
21
25
——
14
*9%
10%
10%
1959
Shell Union OH deb 3Ha..
15
25
3
"si"
30
O
...Oct 1949
certificates
——
.......
*30
Scioto V A N E 1st gu 4s
1989
({♦Seaboard Air Line 1st g 4s.. 1950
(♦Gold 4s stamped
1950
(♦Refunding 4s
22%
•
""36"
♦Adjustment 6s
——
1939 F
♦Omaha Dlv 1st g 3%s
♦Toledo A Chic Dlv g 4s
{♦Wabash Ry ref A
108% 112%
109
110%
15%
20
——
1966 M S
1939 MN
♦1st Hen g term 4s
♦Det A Chic Ext 1st 5s
{♦DesMoines Dlv 1st
Bid
Low
Virginian Ry 3%s series A
{{♦Wabash RR 1st gold 5s
(♦2d gold 5s
68%
105% 107%
7
23
*20
1946
47%
9
■
1
'
I 6 Ha series B
B
110
*20
6%
9
96
98%
114% 118
43
58%
106%
—-
87%
Range or
Friday's
Sale.
Price
High
3%
9
Week's
Last
Week Ended July 28
3%
"
""5
106
*109%
♦Stamped
♦Series
117
110
1963
Santa Fe Pres A Pben 1st 6s... 1942
s
Low
100
116%
1965
-
7%
*98
"IT"
1972
8 A A Ar Pass 1st gu g 4s
♦Guar
No.
High
St Paul Minn A Man—
San Antonio Pub Serv 4s
San Diego Consol O A E 4s
N. Y. STOCK EXCHANGE
Jan. 1
cqoq
87
{♦St Paul E Gr Trk 1st 4 %s—1947
{♦St Paul A K C Sh L gu 4 %S-1941
St Paul Un Dep 5s guar
699
BONDS
Since
Asked
A
g 4s..1968
con
6
F.iday
Range
Friday's
Bid
Price
Low
St Paul A Duluth 1st
Record—Concluded—Page
Week's
Last
BONDS
80
59%
60
%
1%
107% 111
27%
35
72
4
Bonds
%
10
30
20
15
Total
10
First
Second
10
Indus
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
Date
72
54
10
roads
ties
Stocks
trials
Roils
Rails
ties
Bonds
Total
63
144.11
29 57
48.63
107.59
94.61
July 27.
144.51
30.00
26.50
48.91
107.84
94.78
49.89
109.51
90 50
July 26.
143.82
29.87
26.50
48.72
107.75
94.22
50.01
109.15
90.28
July 25.
143.10
29.69
25.95
48.36
107.71
94.02
49.93
109.08
90.18
July 24.
144.18
29.68
25.83
48.59
107.39
93.81
49.89
109 24
90.08
144.71
30 20
25 91
48.89
107.55
93.84
49.72
109.12
90.06
July 28.
.Tulv
22.
26.25
50.16
109.46
90.45
New York Curb Exchange—Weekly and
700
Yearly Record
July 29, 1939
disregarded In the week's range unless they are the only transactions of the week and when selling outside
shown In a footnote In the week In which they occur. No account is taken of such sales In computing the range for the year.
NOTICE—Cash and deferred delivery sales are
of the regular weekly range are
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (July 22,1939) and ending the present Friday (July 28, 1939).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
In the following
week
dealings occurred during the week covered.
which any
Last
Pat
10
Acme Wire Co common.
Aero Supply
for
of Prices
Low
High
Price
17
165*
1
1
—
35*
Mfg common
143*
July
17
July
Feb
21
June
800
183*
3 3*
63*
65*
3 3*
65*
400
oom—1
"lA "Hi
"600
preferred...----*
Warrants
*
preferred..
10
26
Aluminum Co common..*
"800
9A
100
73*
June
13*
Jan
May
913*
236
3*
July
July
Jan
Jan
U9~
122
124k
"2T160
300
115 A 116
17
17
131
Jan
Jan
116
July
1103*
100
132
111 A 1UA
14
Apr
17
July
3
130k
Mar
6
June
T,366
104
Mar
141
Jan
200
108
American Beverage oom..l
1A
15*
200
American Book Co....100
46 A
463*
30
63*
6A
1,600
63*
53*
100
Common class B_.—10c
96.60 prior pref
Amer
Apr
23*
Mar
Jan
100
3*
Jan
163*
July
23
Feb
June
75
Mar
A
June
—
Centrifugal Corp..l
A
A
700
3*
23*
Jan
Class A with warrants.26
Class B
33
34
32 A
34
IA
13*
Amer Cyanamld class A. 10
Class Bn-v
...10
725
333*
34
1A
27
Jan
35
Mar
900
253*
Apr
34
Mar
2,700
13* June
22
"27 k
"26 A ~28 "
Amer Foreign Pow warr
8^900
A
"io"
10
103*
400
Amer Gas A Elec com...*
37 a
37
S8A
9,800
*
1133*
American General Corp 10c
4A
183*
5*
96 preferred
112 A
113 A
600
4A
4A
29
200
28 A
Amer Hard Rubber Co..60
8A
33 A
8A
33 A
16A
163*
200
16A
17 A
2,100
Amer Invest of 111 oom
*
Amer Laundry Macy...20
6% preferred
17A
12 A
Amer Maracalbo Co
*
60
1
Amer Meter Co
13 A
60
100
American Republics
Seal-Kap
Corp com*
nie
70
A
25*
"466
25*
29
29
29
50
223*
200
223*
S6
223*
22
200
13*
110
13*
preferred
53*
53*
23*
50
55*
23*
200
200
20
30
30
June
Feb
33*
13*
July
Jan
4,600
27
Apr
Mar
Apr
223*
Jan
Jan
24
Feb
Feb
14
Jan
Jan
112
Mar
June
3*
Feb
13*
Apr
Apr
2
Apr
33*
33*
7A
700
63*
Jan
60
783*
Apr
5A
53*
100
73*
Mar
800
.43*
43*
July
5
Apr
53*
Feb
163* June
163*
June
A
9A
400
8
Jan
Apr
73*
Apr
953* June
10
Mar
Jan
"i«
Jan
3*
Jan
13*
Jan
*
9
Option warrants
A
'93*
3,100
800
53*
*66
2,500
^4
Jan
A
300
3*
Jan
23*
A
May
Ifl4
A
Jan
11
Mar
*i<
3*
23*
Jan
Jan
May
Birmingham &
65
3A
3
20
3%
200
20 3*
A
20
40
6
33*
1
13*
3*
6,500
Jan
75*
233*
Jan
"l53* "l7"
""960
15*
Jan
13*
July
12
June
A
200
2A
300
13*
Jan
63*
23*
Apr
200
w w
25
15
xw
26
143*
3*
25*
2,000
443*
460
253*
ht June
A
2
Apr
Apr
May
June
3
3*
Jan
20
353*
Mar
483*
May
23*
205*
July
25*
July
293*
Jan
1,400
14
Apr
65*
4,300
4
Apr
22 3*
150
73*
500
1
21
"
30
7
.
55*
213*
7
155*
6
Apr
Apr
A
200
"h
Mar
A
83*
5*
900
50
3*
73*
July
83*
53*
-----
1
Seelig Mfg A...6
6
65*
73*
»16
300
4
Jan
May
May
33*
Apr
9
2234
73*
13*
13*
103*
65*
Jan
Mar
Feb
Jan
Jan
Mar
Mar
243*
Jan
3*
143*
94
3,800
10
Apr
213*
'l4A
""406
May
Jan
23 5*
Jan
Apr
45*
Jan
76
Apr
1033*
July
3
Mar
17
25*
Cent Hud G & E com....*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West Util 60c
Cent States Elec com
1
preferred
,...100
preferred
100
Conv preferred
100
Conv pref opt ser '29.100
Centrifugal
203*
425
...»
Pipe
145*
145*
145*
300
June
53*
18
Apr
273*
48
33*
193*
...•
Feb
613*
Mar
133*
Jan
145*
July
Apr
1033*
90
"93k "96"
""260
-
85
Apr
85
Jan
1
May
13*
11
3*
33*
A
2,200
3*
Apr
33*
123*
175
23*
July
5
Mar
95*
7
June
14
Mar
300
33*
33*
300
73*
*
73*
100
55*
Apr
45*
Jan
35*
May
43*
Jan
73*
.73*
July
Strip Co
4
........6
,_io
Mining
1
Chi] da Co preferred
100
Cities Service common..10
*
preferred
""56
110
Apr
130
Jan
150
62
Jan
79
Feb
65*
200
55*
Apr
8
*16
200
200
3*
343*
Apr
63*
3,500
53*
553*
1,000
115
S16
45
40
6
543*
55*
533*
5
50
50 3*
82
783*
82
79
75
79
Jan
July
93*
Feb
593*
June
1
Bellanca Aircraft
l
53*
oom
Bell Tel of Canada
100
22
53*
22
73*
174"
174
"383*
35
23*
100
25*
July
5
Jan
100
103*
63*
193*
July
13
Jan
Mar
37
Mar
55
July
240
55
Jan
84
Feb
270
533*
Jan
81
July
7
Feb
63*
233*
8
174
2,100
1,400
2,300
10
Hedges com...*
Conv pref
For footnotes see page 705.
July
363*
Jan
103*
Jan
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
Conv 5% preferred—100
Apr
383*
350
164
Jan
1753* June
11834
Bell Tel of Pa 6 3* % pf .100
Benson A
55*
Feb
Apr
123
Mar
16
Jan
383*
July
27
Jan
45
July
Feb
53*
300
4
53*
100
43*
Jan
53*
Mar
153*
July
Mar
300
•n
July
Apr
"800
15*
343*
203*
13*
33*
»i«
405*
40
45*
13*
41
45*
13*
23*
200
23*
25*
200
400
4
13*
Jan
Apr
25*
July
z42
65*
2
Jan
Jan
Jan
June
Mar
Mar
Jan
33*
Mar
Apr
73*
Mar
9
July
23*
100
1J*
Apr
4
Jan
43*
Feb
45*
Apr
"~5k "~5A
"600
4
Apr
9
Jan
200
70
Apr
943*
553*
Jan
745* May
23*
£1
1134
July
53*
Rosenberger Inc. *
Colon Development ord...
Jan
53*
53*
Claude Neon Lights Inc..1
Clayton A Lambert Mfg..*
6% conv preferred
Colorado Fuel A Iron
Jan
433*
3J*
Jan
103*
58
40
100
73*
23*
103*
Jan
5*
Apr
Cohn A
10 3*
Jan
Jan
15
6
City Auto Stamping
*
City A Suburban Homes 10
Clark Controller Co
1
Cleveland Elec Ilium.
•
Cleveland Tractor com...*
Apr
735*
115 *
5
♦
July
73
115
Preferred B
Preferred BB
*
Cities Serv P A L $7 pref.*
Apr
55*
zl2
Feb
20
Feb
Chamberlln Metal Weather
40
Corp
Bell Aircraft Corp com
Jan
Jan
June
30
pref
7n
July
25*
7% 1st pref
conv
Feb
125
2,700
3
6
33*
13*
Apr
5
91.60
July
June
15*
1053* 1085*
13*
65*
Cockshutt Plow Co com..*
Beech Aircraft
97
Mar
93*
1085*
300
8
8
Clinchfleld Coal Corp..100
Club Alum Utensil Co...*
Beaunlt Mills Ino com..10
Jan
7
15
9
Jan
100
July
Feb
Apr
May
55*
Jan
v 10
Jan
993* May
Jan
2
Jan
•i»
Feb
78
50
83*
43*
Jan
335* June
85
Jan
Mar
Mar
May
60
May
Apr
43*
Jan
13*
"""40
2
4,000
8
22
94
143*
915*
135*
35
7
Mar
June
25*
Jan
15* June
Apr
(L) Co com...*
7% 1st preferred
100
Baumann
•83*
Jan
"9§k "98k
94
700
$6
55*
Apr
Feb
4
$7 dlv preferred
1st preferred
Preferred
43
443*
May
Jan
July
Chief Consol
Axton-Flsher Tobacco—
17 5*
333*
A
925
Feb
Jan
43*
Feb
5*
1033*
15
Jan
Feb
'
4 3*
100
Jan
Feb
13*
Mar
50
1033*
7% 1st partio pref—100
Celluloid Corp common.16
85*
45*
1634
4
May
Jan
Celanese Corp of America
Charts Corp
June
Jan
1
400
Tjrn
Jan
June
Jan
13*
"3~66O
200
107
Mar
5* May
A
Jan
"i«
333*
Jan
Mar
25*
45*
333*
Jan
345*
233*
Apr
45*
"ik "ik
May
6
153*
23*
Apr
203*
45*
k
Apr
Jan
Apr
Jan
May
"is
Tk
3
Cherry-Burrell common..6
Chesebrough Mfg
26
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach—.4
3
Apr
May
Apr
"3
7%
Jan
43*
Jan
45*
15*
""3k
Products
17
2,400
8
Castle (A M) common..10
Catalln Corp of Amer
1
May
43*
313*
Feb
Apr
75*
"14"
6%
Apr
73*
42
June
"14k
Feb
23*
25*
July
273*
193*
June
43* May
Apr
May
23*
9
193*
*
Casco
Apr
1
25*
Apr
30
1
Carrier Corp common
1
Carter (J W) Co common. 1
98
Automatic Products
1—6
Automatic Voting Maoh. *
5
Apr
50
♦
oom
July
28
20
100
•
Carolina PALS7 pref—.*
$6 preferred
•
68
23* June
•
—1
Class B
Carnegie Metals
Jan
Apr
23*
17
Marconi
13*
Feb
223*
21
Carnation Co common...*
July
963*
1
Canadian
Carman A Co class A
943*
.....
Cndn Colonial Airways... 1
Canadian Indus Alcohol A*
223* June
Mar
Apr
35*
163*
Am dep 6 3* % Pref shs £1
Calamba Sugar Estate..20
Canadian Car A Fdy pfd 26
Jan
943*
7
Feb
73*
43*
800
50c
Cables A Wireless Ltd—
Capital City Products...*
Car lb Syndicate
26c
k
2A
July
»i»
5*
5*
Vot trust ctfs
Apr
Feb
33*
13*
33*
Apr
800
3
7734
Apr
Jan
June
21
15*
13*
Cable Elec Prod com—.60c
1
10
14
Burry Biscuit Corp..123*c
Jan
7
1083*
$5 1st preferred
"22 k
Burma Corp Am dep rets
Jan
Jan
Jan
43*
60
Buff Niag A East Pr pref 26
June
Apr
Mar
Apr
20
*
15
3*
Jan
15*
4A
233*
13
13
100
66
Jan
5*
Apr
213*
£1
29
Apr
Jan
Mar
77
203*
11
July
Jan
Jan
73*
205*
225*
102
9
123*
32
133* June
325* June
223* Mar
100
Apr
Jan
Feb
32
300
534
Jan
Mar
Jan
1063*
June
Jan
Apr
14
64
3
243*
5A
125*
113*
215*
106
253*
93*
Jan
Apr
Apr
1
2
•
Jan
2A
94
May
July
June
3*
200
Bunker Hill & Sullivan 2.60
Mar
Mar
2,300
Apr
68
3*
June
18
18
13*
3
Jan
33*
343*
Apr
Apr
Apr
Apr
2A
A
Basic Dolomite Ino com—1
Bath Iron Works Corp
1
7
Jan
13
313*
180
Jan
32
1,800
3*
1
"k
4,200
""366
223*
70
"l'oo
Assoc laundries of Amer.*
Assoc Tel A Tel class A..*
Barlow A
73*
35*
22
Jan
'"400
1103* HI
l
Bardstown Distill Inc
Barium Stainless Steel
7A
Jan
Feb
"llA "UA
93*
Baldwin Rubber Co com.l
83*
May
May
103*
4
com.
35*
313*
I
Purch warrants for
7% preferred
1,300
Mar
9^600
£1
Baldwin Locomotive—
45*
100
Apr
""'it "~A
A
Class A common
10
Atrshire Patoka Collieries 1
Babcock A Wiloox Co....*
43*
30 3*
23*
CorpI—1
500
29
Elec Industrie?
Warrants
Aviation A Trans
83*
Buckeye Pipe Line
A
*
6% preferred
July
Mar
43*
55
700
1
Avery (B F)
6% preferred
July
15*
75*
~3A
Am dep rets ord reg-.lOs
British Col Power cl A
*
Mar
20 A
25
6A
6
{Arcuturus Radio Tube—1
Drop Forge com
Atlas Plywood Corp
t Austin Silver Mines
Am dep rets ord reg
British Celanese Ltd—
40J*
300
""lA "Ik
...
Atlas
7
100
93*
Jan
263*
153*
Wupperman..1
Atlantic Rayon Corp
Atlas Corp warrants...
150
2
83*
43*
10
2
93*
Class A pref
*
Brown Forman Distillery. 1
43*
"6"
313*
70
Apex Elec Mfg Co com...*
Appalachian El Pow pref *
Coast RR Co pref... 100
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries
*
Atlantic Coast Line Co..60
July
100
13
Atlanta
1
3,900
200
150
Jan
300
43*
67
96 preferred
145* May
43* June
13*
103*
300
Class A
Jan
10
1
43*
3,300
Common
June
103*
77
Amer deposit rots
Assoc Gas A Elec—
26
Bruce (E L) Co com.....6
21
Associated
Apr
Brown Rubber Co oom.._l
183*
Assoc Breweries of Can
175*
Jan
76
Ashland OH & Ref Co
Feb
50
22
July
77
Preferred
.10
Arkansas P A L 97 pre!-.*
Art Metal Works com
6
4
29
20
Arkansas Nat Gas oom.—*
Common class A
.._*
9
Jan
Jan
*
Angostura
Apr
23*
34
24
96 series preferred .....*
American Thread pref
6
Anchor Post Fence
*
...
42
43*
100
British Amer Tobacoo—
|Brown Co 6% pref
Jan
Apr
100
400
293*
Brown Fence & Wire com.l
116
Jan
63*
•
Jan
Apr
Apr
Class A
Registered
Jan
May
A
33*
42
22
British Amer Oil coupon..*
Feb
33*
Jan
Jan
1,500
203*
13*
95*
100
.i*
1123*
63*
2
com
1st 96 preferred
preferred
Jan
173*
Apr
63*
♦
Class A
283*
800
lia
.10
31
June
8
Apr
Brlllo Mfg Co common-
Apr
83*
150
10
30
31A
Amer Potash A Chemical. *
Am Superpower
300
26
Amer Mfg Co common 100
Preferred
July
40
July
J*
8
27
92 preferred.
——1
92.60 preferred...
1
Amer Lt A Trao com...26
30
Jan
Mar
4
135*
*
Apr
•ii June
900
Amer Fork A Hoe com..*
Apr
Apr
23*
Mar
100
100
Preferred
Am dep rets ord bearer£l
26
Class A
*
Brill Corp class B
100
Jan
Jan
17
3
A
Aeronautical—.1
Jan
Am Cities Power A Lt—
Amer
Brewster
Bridgeport Machine
603*
6it
1
42
Bright Star Elec class B.
Jan
3,500
Bridgeport Gas Light Co.*
Jan
643*
163*
1
Breeze Corp
July
163*
6tt
93 preferred
"l3*
preferred
Brazilian Tr Lt A Pow...*
334
93*
5*
3*
Jan
33*
1113*
Apr
113*
193*
13*
19
2d
7%
2
400
103*
11
53*
Bourjols Inc
Mar
American CapitalClass A common.—.10c
1
com—..5
Blue Ridge Corp com
1
$3 opt conv pref
*
Blumentbal (S) A Co...
Bohack (H C) Co com...*
7% 1st preferred
100
Borne Scrymser Co
25
June
44
53*
*
Jan
13*
13
z34
•
$2.50 conv pref
& Machine Co com
7% 1st preferred—..100
Apr
100
High
Apr
Mar
A
600
Blrdsboro Steel Foundry
93* July
183* June
90
Low
Shares
A
Bowman-Blltmore com...*
May
3*
15
15
Mar
9
17
m
Amer Box Board Co com.l
July
A
83*
..100
6% preferred
Mar
July
High
A
Bliss A Laugblln
May
623*
13*
A
Low
Price
warrants.-,
Bliss (E W) common
713*
Jan
Week
Bickfords Inc com
Jan
97
71
for
of Prices
Berkey A Gay Furniture. 1
Jan
23*
18
Jan
60
OA
Jan
Apr
150
""k ""k
93*
Jan
Jan
330
90
Jan
83*
3*
69
100
6
11
Apr
963*
90 A
2 3*
23*
6% preference
—100
Aluminum Goods Mfg—*
Aluminum Industries com*
Ltd common
June
June
300
Class A conv com
Aluminum
1
5*
88 3*
89
.*
Alliance Invest com...-.*
Allied Internat Invest com *
93 conv pref
*
com—.
Apr
943*
05 5*
Alles A Fisher Inc oom.
Allied Products
Apr
68
Alabama Gt Southern..60
*
July
A
-—
Ala Power J7 pref
63*
63*
14
common..*
| Air Investors
96
125
17
Par
(Continued)
High
Purchase
New class B
Air Associates Ino
Conv
Low
Week's Range
Sale
STOCKS
Shares
Range Since Jan. 1, 1939
Last
Range Since Jan. 1, 1939
Wee k
Mfg-—
New class A
Alneworth
Week's Range
Sale
Sales
Friday
Sales
friday
STOCKS
warr.
82
81
82
70
713*
50
Jan
■£>
Volume
New York Curb
149
STOCKS
Last
(Continued)
Sale
Pa r
Price
Columbia Oil A Gaa_..._l
Columbia Pictures Corp..*
3k
Exchange—Continued—Page
Sales
Friday
Week's Range
of Prices
High
Low
3k
3k
for
Range Since Jan. 1,1939
2K
11
*»l
Community P & L 56 pref *
Community Pub Service 25
Community Water 8erv._l
Compo Shoe Macn—
V t c eit to 1946
Apr
Jan
4H
14
Jan
Jan
34
32
34
475
25%
27
27k
175
24
1
•1a
200
*
com
4k
6)4
83
4%
6k
6k
Consol Royalty Oil
Consol Steel Corp com
80
2,500
850
300
Jan
6
6K
3 k
14
ik
IK
9k
.£1
13%
900
ik
20
Jan
Apr
6
Jan
95
July
c v
Mar
»ie
Mar
5
Apr
9K
Jan
Jan
Jan
20
Mar
5K
Jan
14K
July
July
IK June
Feb
74
100
500
5k
700
*18
1
10
June
4K
Apr
7
July
t c. *
3
50
49k
73 K
July
Apr
9H
Jan
3K June
4K
Mar
3,000
20 k
20K
20K
600
IK
16k
50
®I«
100
8K
150
3
100
850
4k
4k
300
"11% 'ill"
'11%
7k
Apr
14
Mar
IK
Feb
Jan
*u
Feb
2K
Apr
46 K
Jan
Jan
30 h
150
23
7k
3.600
K
100
ik
400
7
1
...l
IK
22
22 K
400
200
10 K
Jan
8k
700
6K
Mar
8k
18k
100
17
Jan
19 K
July
20k
3,200
10
Feb
20 K
July
19
20
15K
Jan
26
Mar
Jan
29
34
Jan
43
Apr
83
20
18k
19k
17 M
~1~9k
Mar
83
Mar
75
200
12K
Jan
16
12k
1,100
Jan
14 K
Mar
42 K
Jan
66
July
*""k "~k~
""400
K
Jan
52 K
Jan
12k
12k
*14
65k
62 k
65k
70
62 K
»ie June
52 K
Jan
i|4
75
May
Apr
52
Mar
K
Apr
1
2
ik
2k
July
1,600
IK
Apr
2H
78 k
170
62 K
Apr
80 K
52
200
46 K
Apr
52 K
Jan
95 K
Jan
102 K
July
6k
36k
6k
38k
100
4
Apr
6K
Jan
75
31
Jan
38 K
July
96
38 k
96 k
100
79K
Jan
96 K
July
Jan
83
July
3%
Apr
7
Jan
Feb
37
Feb
5K
3K
Apr
Apr
6
21K
Apr
33
28
...._*
4k
4k
Godchaux Sugars class A.*
Class B
*
"7"
2,600
""206
Mar
6
91
..*
June
""loo
Gorham Ino class A
Mines.. 1
he
*n
Apr
30 K
July
Gray Manufacturing Co. 10
7K
July
May
k
July
Jan
5,000
6k
300
12
12
100
»ii
6K
Mar
Feb
2K May
36
Apr
33 preferred
•
Gorham Mfg new com
Grand Rapids Varnish
Non-vot
*
•
25
*
16
IK
2K
2K
July
Greenfield Tap A Die
Jan
Grumman Aircraft Engr.l
Guardian Investors..
1
Jan
Gulf
Jan
6k
101K 108
129k 129%
36k
36k
5k
6
50
July
13 K
June
18
Jan
July
24
July
Corp
25
600
5
Apr
400
8K
Apr
650
69 K
124K
Jan
119
June
Mar
132
May
Apr
39
Feb
50
150
33
7K
12 K
4K
June
Apr
7K
2K
'11% "11% "IS"
3~l66
14K
Apr
22 K
Jan
Jan
K
Feb
3,400
Apr
40
50
K
29 K
95K
31k
31k
32 k
109
109
Apr
109
K
July
20
103K
Jan
112
July
500
10
Mai-
July
Hall Lamp Co
*
IK
Apr
Mar
Haloid Co
6
8K
Jan
IK
Apr
Jan
65
21K
Feb
6k
9K
July
Hartford Eleo Light
Hartford Rayon v t c
Mar
Hartman Tobacco
Jan
12K
Jan
64
July
5
62
Apr
10
Driver Harris Co
72
10
10
Dubiller Condenser Corp.l
Duke Power Co
100
""Ik "ik
70
70
Durham
Hosiery cl B com *
Duro-Test Corp com
Duval Texas Sulphur.__
Eagle Plcher Lead
H
3k
6k
10
East Gas 4 Fuel Assoc—
Common
9k
200
K
3k
6k
64
Hat Corp ot Am cl B com.l
July
73 K
20 K
Mar
Apr
IK
Mar
Hecla Mining Co
Helena Rubensteln
Jan
72
Mar
2
Jan
July
300
2K
May
5
Mar
7K
Apr
6%
conv
preferred
Jan
Jan
Preferred
w
Jan
Preferred
1
4)4% prior preferred. 100
20
6% preferred
100
Eastern Malleable Iron..26
Eastern States Corp
*
$7 preferred series A
»
$6 preferred series B___*
•
9%
k
11k
12
13
3%
Economy Grocery Stores. ♦
Elsler
Electric Corp
1
Elec Bond 4 Share com..6
55
preferred...
...»
56
preferred
...*
"\%
9k
60 k
69
1
1
Apr
IK
Jan
Hey den Chemical
750
16
June
6
Apr
25 K
12 K
Jan
1,000
Jan
Apr
10
Jan
Feb
Jan
Co cl A..
A ...10
6
Holophane Co common..*
Holt*(Henry) & Co cl A..*
Jan
Horder's Ino
"1.260
ik
9
58 k
®i6 June
IK
13
325
10K
Apr
19 K
13
300
10 K
Apr
19K
4k
17K
4k
6,300
200
1,000
IK
10K 102,600
67 k
60 k
70
22
1
Electrol Inc
500
17 k
2K
17
*
Option warrants
Electrograpblc Corp
8k
ik
20
9k
22
2K June
14K
Apr
1
Jan
Horn A Hardart
12 K
Jan
65
Feb
Apr
72 K
Mar
14 K
June
29 K
Jan
59
50
12
400
10
Jan
100
1
June
IK
Jan
18K
Apr
21K
Mar
53
1
3
1
3k
11K
700
Jan
71
June
90
51K
Feb
71
Mar
4k
16
Empire Dlst El 6% pf 100
Empire Gao 4 Fuel Co—
Mar
6K
12
Jan
July
5
Humble Oil A Ref
ped
.
.
20
56
Feb
71
Mar
52
Feb
73
Mar
Illinois Iowa Power
64
50
54 K
21K
Feb
74
Mar
5% conv
Feb
26 K
July
1
4K
Eureka Pipe Line com..60
European Electric Corp—
Option warrants
Falrchlld Aviation
1
1
8
200
6
28
Jan
Apr
K
Jan
Imperial
Apr
28 K
Mar
8K
Jan
Apr
400
4K June
15K June
17
uk
11K
12K
3,400
7K
7k
7k
300
10K
Fanny Farmer Candy ooml
6
Flat Amer dep rights
6K
6K
300
6k
6k
200
5
"ilk "Ik
"566
10 k
200
k
k
1,500
Jan
Apr
Jan
Jan
*16
16
Jan
Indiana Pipe
7
Mar
30
Apr
45
Mar
10
40 k
300
5k
15k
"206
3K
Apr
200
13K
Apr
9K
Apr
July
""ik "7k
""loo
7K
11K
Jan
"25"
"rIo6
23 K
Apr
May
"25"
34k
35
200
8H
June
July
8K
24
"16 k "lok
58 k
60
3k
""506
Mar
7
Jan
35
May
2,600
400
22
Mar
10 H
K
July
May
B
Jan
26 K
26 K
July
10K
41K
July
60
Jan
Feb
Feb
8K
15K
13K
8
Jan
July
June
Mar
12 K
July
25
July
3
Mar
39 K
Jan
112K
July
Apr
Apr
12
Apr
69 K
Jan
5K
Mai-
53
2K
July
Apr
Feb
12
Jan
Apr
5K
8K
Mar
JaD
3K
7%
100
2
2
700
29 k
4K
24K
3k
23k
July
4%
IK
Apr
2K
31
350
4k
5,300
24k
4,200
6k
2,000
15k
900
31
4
14K
Apr
3K Mar
51H May
25
14
15
15k
600
14 K
16K
16K
300
15
28
31k
Apr
July
15k
13 k
109
ik
ik
ik
Jan
Feb
0K
Feb
66 K
July
7K June
17
Feb
16K
Mar
16 K
July
Apr
32
31k
600
"~30
5K
May
13 k
109k
20
Apr
350
5K
100 K
300
*»i6
Apr
H
Mar
100
Jan
July
%
Apr
"IS"
ik
ik
Mar
June
5K May
"12"
Jan
9
Apr
2K
16k
31k
K
Jan
9K June
Apr
20
5K
14k
New non-voting class
New class
Jan
July
8K June
Jan
9K
*16
7 k
7%
A.l
—..1
Jan
9K
9K
3
preferred
100
IndpHP A L6K% Pf—100
Indian Ter Ilium Oil—
Apr
2K
34 K June
5K
22 K
9K
4K
108 K
"10 K
-.10
Line
Apr
Feb
Jan
7
15K June
17
June
109 K
July
IK
Apr
IK May
Industrial Finance—
V tc common
7% preferred
*i6
July
*16
Apr
8K
59
Apr
Apr
20 K
Apr
11K July
71K June
24K Mar
Apr
21K
—-1
11
"70"k
11K
75
68 K
70k
1.300
18 K
100
No Am. 10
International Cigar Maob *
Internet Hydro Eleo—
Pref 33.60 series
60
A stock purch warrants.
Intl Industries Inc
1
Jan
"400
10
5k
Indiana Service 6% pl-100
Insurance Co of
page 705.
Apr
Indus—£1
Imperial Tobacco ot Can.5
Imperial Tobacco 01 Great
Britain A Ireland
£1
Jan
May
14K
Apr
7
May
*16
Jan
35
10k
1
9K
7K
19K
4K
Chem
Imperial Oil (Can) coup.
Registered
Feb
20
*16 May
Metallurgical...*
Apr
23 %
Illuminating Shares A...
H
23 K
50
5K
6K
50
6
3,300
17
Fed Compress 4 W'house26
Ferro Enamel Corp
1
Co—*
preferred
50
275
K
h»
Apr
Feb
""166
15k
Dlv arrear ctfs
8
Apr
26k
100
150
27K
100
5%
stamped—100
7 % pref unstam
63
k
4k
6K
3K
1
Common
7% pref
62 K
28
1,100
jHuylers of Del Ino—
61
1
7k
15k
58k
62 K
63
Equity Corp common..10c
July
40
10
Corp 5
Hussmann-Llgonier Co—*
100
100
14
24
Hummel-Rosa Fibre
100
Empire Power part stock. *
Emsoo Derrick 4 Equip..6
6k
26 k
Hydro Electric Securities.*
Hydrade Food Prod
-6
Hygrade Sylvanla Corp..*
7%
8%
50
100
6% preferred
Hubbell (Harvey) Ino
63
100
Mar
14
2K June
"tk "sk
35
61
6% preferred
6)4% preferred
Mar
36
200
4k
A) A Co com*
1
Hormel (Geo
Apr
4,400
23
'"760
3
Horn (A C) Co com
Apr
50
Jao
*
Mar
K
6K
1,000
Hoe (R) & Co class
IK May
6K Mar
Apr
Hires (Chas E)
Holllnger Consol G M
Mar
2
""6%
JO
July
July
Apr
Mar
26
6K
ik
17k
Jan
K
4
14
__25
w
Mar
IK
Jan
"29k "36"
2
ex-war
Jan
July
Mar
Mar
6K
He'ler Co common
5K
July
21
...
7
14 K
4K
2K
14K
500
5K
3
50
26c
i*
July
23
5k
•
Class A
100
Jan
ik
6K
ik
Hearn Dept Store com..
K
300
K
Haverty Furniture cv pfd.*
Hazeltine Corp
100
2,600
10
Jan
Apr
IK
63
1
Hewitt Rubber common..6
»
Easy Washing Mach B
9k
70
"166
Harvard Brewing Co
Jan
""500
25
1
May
Apr
5
"2% "~2K "~2K
Co....*
Jan
*30
111k 112
Gypsum Lime & Alabast.*
Apr
July
60
72
„*
Apr
6
*
*
36 preferred
Jan
Jan
4
IK
Apr
Jan
Feb
4K
6
28
Apr
31K
29K
Jan
IK
Gulf States Util 35.60 pref *
Oil
2%
Jan
8K
Feb
20
Mar
3K
Feb
300
Grocery Sts Prod com..25c
Jau
24
7
10 k
9k
7% 1st preferred....100
Gt Northern Paper
July
9K
6k
15
23 k
10
stock
com
15
Jan
Dominion Tar & Chemical*
Corp
Jan
11
98 K
Apr
/30
Dominion Bridge Co
._*
Dominion Steel 4 Coal B 26
Dominion Textile Co
6k
Feb
Mar
18 K
20 K
5k
6
Dobeckmun Co common. 1
May
Great Atl & Pac Tea—
Jan
Jan
Distillers Co Ltd—
Am dep rets ord reg__£l
DIvco-Twln Truck com._l
Jan
5K
IK
Feb
Mar
June
IK
Feb
Feb
74
51k
78k
65
7K
Apr
14
Jan
Jan
July
Hamilton Bridge Co com.*
125
28
Jan
Mar
19
33 K
.*
37 preferred.
May
'""206
.....
1
•
89 K
2
10
27 k
Mar
Jan
July
85
24
22 k
Apr
16 K
11
Preferred......
Goldfleld Consol
Mar
July
00m
Apr
Mar
9K
K
7K
18K
17K
13 K
1
"600
15
14k
14
10
July
IK
ik
May
300
Apr
Feb
5
16
Jan
May
2
1
Apr
9
100
4K
Mar
Jan
15
Glen Alden Coal
56 K
110
Jau
IK
100
Gilchrist Co
Jan
23
85
35 preferred
Gilbert (A C) common
July
23
Apr
1
Apr
3K
""900
9k
16
*16
10
Apr
15
33 preferred
*
Georgia Power 36 pref...*
July
18
Apr
7
7
9k
Feb
10 K
Apr
4K
1K
Apr
35K June
9k
S
May
K
30
30
Jan
16 K
18
85
36 conv pref ww
*
Gen Telephone $3 pref
*
General Tire A Rubber—
Gen Water G & E
9
50k
July
Jan
100
Corp...6
see
Apr
1
General Shareholders CorpCommon
l
Mar
Apr
Mar
14 K
7% preferred
10
Diamond Shoe Corp com.*
For footnotes
60 K
85
Warrancs
Gen Outdoor Adv 6% pIlOO
Gen Pub Serv 50 pref
„*
Gen Rayon Co A stock...*
9K
K
K
300
10
Fldello Brewery
825
4k
General Investment oom.l
36 preferred
*
July
4K
300
1
De Vllblss Co com
Fedders Mfg Co
73k
»
6% preferred A
6
4k
6% pref w w
20
Detroit Gray Iron Fdy___l
Brewing
Mar
70k
6K
100
Gen Fire proofing com
*
Gen Gas & El 6% prefB..*
Jan
108
Detroit Gasket 4 Mfg.._l
Esquire Inc
90
dep rets ord reg.£l
23 K
ui6
•
%
Amer
16K June
ik
■,
Mar
90
Apr
10 k
*16
Mar
Mar
K
700
ik
IK June
3K
4
3,500
:
Jan
Apr
500
600
July
3K June
200
l
$3 conv pref.
Apr
pref.*
5% preferred
General Alloys Co
Gen Eleetrlo Co Ltd—
9
._*
preferred
preferred
12 K
71
3k
Gatlneau Power Co com.*
11
Derby Oil 4 Ref Corp com*
Fansteel
Gamewell Co 18
Jan
IK
65 K
90
Mar
Mar
Apr
250
5,800
conv preferred...100
Feb
10K
High
68
87
*
Mar
2
Decca Records com...... J
Falstaff
4%
1
6K
Jan
*16
Curtis MfgCo (Mo)
6
Darby Petroleum com...6
Davenport Hosiery Mills.*
Elgin Nat Watch Co
1
92 K
Apr
800
Apr
10 K
4k
16
Fuller (Geo A) Co com
$3 conv stock..
Jan
Apr
""loo
Low
66
8K
"73k
1
Jan
4K
15K
100
to
Common
Cont partlo pref
Fruehauf Trailer Co
Apr
8K
5k
8X
v
30
66K
11
86
11
Fox (Peter) Brew Co
b
Froedtert Grain A Malt-
3
52 K
20 k
Crystal Oil Ref com.....*
6% preferred
10
»
60
30
7
7
"20 ~"
k
16k
Detroit Steel Products
June
2k
82
ik
10
10
com
Feb
Mar
x37%
2K
ik
8K
Crown Drug Co oozn2..26c
Preferred
...26
Stores
IK
500
14
ik
Crown Cent Petrol (Md).6
Crown Cork Internat A..*
Dayton Rubber Mfg new.l
Class A
36
July
83
121K June
600
"s'% "ZH
79 k
1
*
Jan
11
2k
60
Cuneo Press Inc
Jan
37
53 k
6k
6
*
com
71
116k May
K
Apr
K
6k
*
Elec P 4 L 2d pref A
66K
Range Since Jan. 1,1939
for
Week
Shares
♦
IK
1,500
Crowley, Mllner 4 Co...*
Draper
of Prices
High
Ford Motor of France—
16
84
5K
5K
9k
Creole Petroleum
......6
Crocker Wheeler Elec
*
Croft Brewing Co
1
Distilled Liquors
Jan
Apr
Jan
4
53 k
5
Det Mich Stove Co
Detroit Paper Prod
K
Am dep rets ord reg.._£l
Ford Motor of Can cl A..*
Feb
*
A conv preferred
June
8K
86
Cornucopia Gold Mines. 6c
Corroon 4 Reynolds—
Common
........1
Delay
Mar
29K
6K
45h
4
*
$3 prior preference
com t
36 K
Apr
70
*
preferred
July
July
1,300
1
44
,_*
com
Copper Range Co
Copperweld Steel
0K%
66 k
Week's Range
Low
*
4K
10
Cook Paint 4 Varnish
$4 preferred
Cuban Tobacco
*
Ford Hotels Co Inc
Ford Motor Co Ltd—
4k
83
1
*
Cont G 4 E 7% Prior pf 100
Continental Oil of Mex.-l
Cont Roll 4 Steel Fdy
•
6% conv preferred
Courtaulds Ltd
Florida P & L 17 pref
100
100
$6 preferred A
Cosden Petroleum
Jan
July
6,000
118K 119
Consol Mln 4 Smelt Ltd.5
Consol Retail Stores
1
Cooper Bessemer
*si
ik
Jan
37
1
-
preferred
13 K
Price
100
Apr
*ie June
100
16
Sales
Amer dep rets...100 Ires
4K % series B pref...100
Consol Gas Utilities
1
8%
preferred
Class B
16
6
Consol GELP Bait
(PhUa.).i
Flsk Rubber Corp
..10
Apr
600
*
Consol Biscuit Co
Consol Copper Mines
Fire Association
May
*«»
4,800
1K
27K
1
Conn Gas A Coke Secur.
$3 preferred
'a*
IK
1
Sale
Par
16
Warrants
Last
(Continued)
High
Low
Commonwealth A Southern
Common w Dlstrlbut
STOCKS
Week
Shares
2,500
701
2
Friday
19K
1,900
12
"2K "3""
""800
2
*16
2k
Mar
K
Mar
Jan
Mar
4K
Jan
New York Curb
702
STOCKS
Weel's Range
for
Sal*
of Prices
Weel
Par
Price
Low
High
Low
Shares
4%
Internat Metal Indue A—*
2%
Internat Paper A Pow warr
Petroleum—*
International
Registered
21%
1%
20%
3,400
22%
22%
4%
2,200
21
300
July
Apr
July
June
Par
6%
Mar
4%
27%
Jan
Jan
27
Jan
2%
800
Apr
4%
July
Mar
%
Feb
B_*
Internat rfafety Razor
*
—1
_
B
Class
8%
6%
%
100
%
8%
%
600
%
Jan
11
37
$3.60 prior pref
Warrants series of 19*0..
38 X
250
Jan
20
July
Apr
39%
July
Feb
*«
hi
2%
Interstate Home Equip—
6%
0%
1,700
July
4%
Vitamin—
Internatlonal
Mar
10
34
preferred..
$1.75
Apr
Apr
Apr
4%
7
May
Feb
June
1
Utll—10
Montgomery Ward A—
Montreal Lt Ht A Pow..*
Moody Investors part pf-*
|Moore (Tom) Distillery. 1
Mtge Bank of Col Am shs
Mountain City Cop com 5c
Mountain Producers
10
§ Mountain States Pw com*
Mountain Sts Tel A Tel 100
Murray Ohio Mfg. Co.—*
Muskegon Piston Ring.2%
Monroe
200
10%
200
3%
Apr
Apr
ht
100
%
Jan
Iron Fireman Mfg vtc.
16X
16%
200
15
Irving Air Chute
17 X
18
600
14%
Mar
•i»
Apr
'11
Jan
Mar
2%
Apr
1% June
4%
Jan
6% pref
Nachman-Sprlngfllled
Feb
Nat Auto Fibre com
1
Italian Superpower
A—
11
x-
%
%
3%
3
Jacobs (F L) Co
Jeannette Glass Co
*
Lt—
5%% preferred
100
6% preferred—-—100
7% preferred
100
Jones A Laugblin Steel .100
IX
Apr
200
1,200
IX
100
14%
Mar
7%
%
Feb
Mar
19%
21%
Mar
2%
92
67%
Jan
210
26
28
Jan
86%
Jan
107%
17
Apr
39
Jan
22%
99
78
150
93%
97%
99%
101% 104%
26 %
98% June
102% June
Mar
30
June
112%
Mar
125
1,200
Julian A Kokenge com..
Kansas G A E 7%
115% 115%
5%
""Sx "
20
21% June
4
Apr
6%
Apr
"i'ooo
6
Ken-Rad Tube A Lamp A *
105
Feb
118% May
22
July
6%
Mar
July
July
Kings Co Ltd 7% pf B 100
88
89%
70
56
Jan
6% preferred D_-—100
67
70%
130
38
Jan
70%
1
Breweries
Kingsbury
®i#
%
100
IX
1%
1%
8%
9
July
Apr
57
54
110
58%
Feb
45
58 X
Mar
15%
Kreuger Brewing Co
1
Lackawanna RR (N J) .100
5%
100
6
11%
Jan
200
12%
4%
Apr
38
Lake Shores Mines Ltd—1
41 X
Lakey Foundry A Mach.l
3H
41%
42%
3%
July
32%
1,600
6,100
10%
"10%
Mar
Oil
73
Ino.l
Line Material Co
2%
2%
7~800
3
%
"3 2%
51%
60%
600
Transit
Mar
Nestle Le Mur Co cl A—•
12
13
750
Lockheed Aircraft
1
28
»
26%
9%
26
Lone Star Gas Corp
14%
100
preferred
74%
25
New Mex A Ariz Land—1
Newmont Mining Corp. 10
New Jersey Zinc
15
Jan
N Y City Omnibus
Feb
May
Apr
Jan
10
Apr
1%
Feb
25%
July
*
New Process Co
5
Lynch Corp common-.--5
Majestlo Radio A Tel
1
36%
400
26
Jan
July
32%
1%
5
875
19%
Jan
32%
July
300
1%
4%
89%
July
Jan
1%
Jan
7%
100% June
Feb
•it
34
Jan
Mar
1%
2%
300
Feb
2%
Jan
Apr
Apr
1%
15%
Feb
Mar
%
Jan
102
Jan
35
June
5%
100
78%
2%
6
300
%
14%
14%
73%
75
4
Apr
Jan
Jan
Jan
1
June
40
Mar
15
Mar
76
July
%
55
Apr
Apr
"""16
104
Apr
4
3%
Mar
24% June
118%
July
4%
12
55%
1%
July
8
Jan
300
10%
Apr
14
Mar
1,300
2,200
40%
Apr
62%
Jan
1%
Jan
72
73%
500
57%
24
24
100
24
1%
"73%
Feb
3% Mar
36%
Feb
11% May
18
55
July
50%
78%
5%
July
Apr
475
118% 118%
116
6
100
75
Jan
Jan
400
24
1%
Jan
Apr
80
Jan
July
27
Jan
Apr
2
Jan
Apr
26
Feb
20
July
29
June
1%
Warrants
N Y A Honduras Roearlo 10
N Y Merchandise
22%
22%
50
$0
103
4%
5
Common
10
——
9
Mar
June
13%
Jan
100
4
Jan
4%
Mar
16
Apr
22%
Feb
Apr
9%
91%
Mar
Mar
Apr
82
6%
7%
13,800
5%
86%
7%
—100
100
5% 1st pref
5% 2d preferred
Jan
20
4%
18
18
pf-100
Niagara Hudson Power-
100
10
10
1
Founders shares
N Y Water Serv 6%
x7%
87%
500
*77%
06
Apr
Class A opt warrants
1,200
hi
Class B opt warrants
July
3%
Apr
1%
1%
5%
5%
600
Jan
*1
Mar
1%
300
•
2
Feb
Jan
Niagara Share—
Class B common
5
6%
Mar
Mar
2%
%
Mar
Class A preferred
100
Mar
90%
2%
June
Niles-BementPond
*
"55% "58%
""600
41%
Apr
64%
6%
Apr
8%
July
87
Mar
25
"22% "23"
23
31
Mar
Nineteen HundredCorp B 1
8%
&%
19
"266
Mar
100
Feb
23
July
Nlplsslng Mines
5
1%
1%
300
1%
June
1%
Mar
1
4%
4%
100
4
May
5%
Feb
1%
2,900
Apr
1%
65%
July
Feb
5%
15
15
15
Feb
14%
100
July
July
0% May
17
Mar
5
Jan
3%
3%
3%
500
2%
2%
2%
2%
100
2
Feb
5%
300
4%
Apr
7%
Jan
19%
18%
19%
300
14%
Apr
19%
July
Massey Harris common—*
Master Electric Co
1
5
2% June
May Hosiery Mills Ino—
$4 preferred
Nor Amer Lt A Power—
1
1%
—*
A—*
64%
58
1%
65%
19%
18%
19%
700
500
Common
$6
preferred
North Amer Rayon cl
Class B
*
common
*
53
May
55%
July
Apr
2%
Jan
9
Apr
Jan
Nor Ind Pub Ser 6%
125
Jan
com
com
1,800
"366
*
Merchants A Mfg cl A
11%
*4% "~4%
5
Mercantile Stores
9%
*
Memphis Nat Gas
1
Participating preferred. *
Merrltt Chapman A Scott *
Warrants
0%% A preferred.—100
Mesabl Iron Co.
27
27
4%
25
50
27
4%
600
Jan
65
67
4%
1%
36%
%
18%
20
14% June
46%
50
42%
May
47
%
200
%
Apr
2%
200
ht
100
Apr
5%
Jan
Mar
6%
%
Apr
1
100
Jan
Apr
'
10
32%
Apr
*
93%
Apr
*
%
Jan
Michigan Bumper Corp__l
Michigan Gas A Oil
1
77
Jan
Jan
Jan
%
2%
37
May
May
July
95
Feb
"it
May
7i«
%
900
6is
Mar
%
Jan
%
%
1%
700
%
June
2%
Jan
Michigan Steel Tube—2.50
Michigan Sugar Co
*
Preferred
28
5% June
'ht July
10
4
4
Jan
%
3%
t o
3%
200
3%
June
%
5%
%
Middle West Corp com..5
Midland Oil Corp—
pref
9%
%
100
9%
9%
4,300
1
Mar
9%
July
2%
Apr
3%
Feb
15%
Jan
Midland Steel Products—
non-cum dlv shs
*
7%
50c
Midwest OH Co
10
15%
1
Co
14
95
15%
500
12
Jan
95
25
93
Jan
1
100
7%
200
%
ICanada.
Minnesota Min A Mfg..
Apr
7
Apr
12
Midwest Piping A Sup..
Mar
1%
58%
MinnesotaP A L 7% pf 100
Miss River Power pref.100
Missouri Pub Serv com..*
58
58%
650
37
109
1%
8%
12
113% 114%
"""75
47%
108
0% conv prior pref—100
Oldetyme Distillers
1
4%
4%
20
300
May
6%
Apr
12%
15
Jan
20%
Mar
Apr
35%
June
110%
Feb
26
Jan
108
June
280
40
111%
104%
8%
8%
112%
Jan
Feb
115
June
July
Jan
114%
Apr
105%
Apr
9%
Jan
Apr
17%
July
July
400
35
Apr
49
July
200
96%
Apr
112
June
7%
z35%
34%
35%
31%
31%
3
3
1
Apr
Jan
100
2%
Apr
Apr
9%
4,100
31%
Apr
35%
July
1,000
28%
Jan
31%
July
68%
Jan
91%
July
5%
1%
8
5
8
1%
7%
100
500
1st preferred.—26
""88%
88%
89%
90
22
22%
200
Jan
1%
9% June
4%
Mar
Mar
Page-Hershey Tubes com.*
Pantepeo Oil of Venezuela5%
5%
4%
5%
4%
6,700
800
Apr
7%
Mar
20
Jan
22%
July
99
22
Jan
101%
Mar
Apr
Mar
7%
Jan
4%
July
4%
3%
Parker Pen Co
Jan
Parkersburg Rig A Reel_.l
Apr
14
Mar
Mar
Patchogue-PlymouthMllls*
15
Mar
20
Mar
Pender (D) Grocery A
Class B
35
Apr
41
July
1%
Jan
Jan
59%
July
Apr
90
115
Jan
116
May
4%
July
6
Paramount Motors
June
Feb
106%
Feb
Jan
Mar
3%
Apr
Jan
80
115
June
Apr
87%
4%
Apr
Corp.l
1
11
10
11%
10%
11%
500
*
29
July
Peninsular Telephone com*
7% A pref
Penn Edison Co—
$5
preferred
100
8%
7%
*
'
115
98
Feb
Apr
Pacific Can Co common..*
American shares
%
Jan
81
97
50
Pacific P A L 7% pref..100
Pacific Public Serv
*
Jan
Feb
16
2,600
6%%
Jan
1%
4
98% June
17%
49
Securities
hi
Jan
97%
16%
preferred
2% May
Jan
150
16%
$3
Apr
200
Oklahoma Nat Gas com.15
$2.80 preferred
111% 112%
20
111%
*
31
*
53
Penn Gas A Elec class A—♦
For footnotes see page 705
106
113% 114
*
Apr
300
100
1
Apr
18%
7%
Overseas
Mar
3J)66
7%
Omar. Inc
5%
11%
7%
$1.30 1st preferred
*
114
50
5
Pacific G A E 0% 1st pf.25
*
106
130
100
Jan
May
10%
18%
105% 106%
Ohio Edison $0 pref
Ohio Oil 6% pref
0% 1st preferred
Oilstocks Ltd common
97
"~18% "lo"
Ohio Brass Co cl B com—*
Jan
8
2%
300
4
10%
Engineering..*
Novadel-Agene Corp
*
*
—100
Ohio Power 0% pref—.100
Ohio P S 7% 1st pref—100
13%
24
95%
104% 106%
Northwest
Apr
Tu
h#
100
10
Northern Sts Pow cl A..25
Apr
58
2%
pf.100
preferred
Feb
May
3,000
1.X
36%
7%
Northern Pipe Line
20%
3%
50
67
%
.25c
Middle States Petrol—
Class A v t o
July
%
Partlcipat preferred.-15
Metropolitan Edison—
Oil
5
Apr
3%
1
$8 preferred
3%
14
17
150% June
Mar
22%
21%
Nor European Oil com.—1
Mead Johnson A Co
53
»!•
Nor Central Texas OH—6
1
1,125
%
46%
20
8% prior preferred
50
No Am UtUlty Securities.*
McCord Rad A Mfg B___*
McWilliams Dredging
*
8%
Apr
%
Jan
*
o
Jan
1%
Apr
1
Mining Corp
7%
600
1%
1,100
2%
Mass UtU Assoc vtc
Mldvale
Jan
Noma Electric
*
Mid-West Abrasive
Jan
Mar
13
Apr
Feb
Marion Steam Shovel
$2
Apr
6
33
Communica'ns ord reg £1
conv
10%
1%
60%
Mar
29%
1%
4%
-*
Margay Oil Corp
$2
Jan
Apr
May
44
106
Marconi Intl Marine
v
Jan
*11
Apr
Jan
2
1
Mapes Consol Mfg Co---*
Class B
Jan
5%
Jan
%
Mangel Stores
$5 conv preferred
Mexico-Oblo
5%
Apr
99
Jan
Manatl Sugar opt warr
Metal Textile Corp
May
2%
210
1%
36%
Jan
July
103%
Apr
Apr
90%
Apr
103
H
Mar
69
preferred
•
N Y Shipbuilding Corp—
2,700
'it
Jan
Mar
113% June
IX
23%
6
40
Jan
1%
150
Mar
2% May
28%
Apr
107
9%
100
May
13%
10
13%
36%
%
July
7%
Apr
100
Apr
31
43%
May
5
11%
8
Apr
%
2
Jan
33 %
113
7%
30
31
July
8
22%
Apr
16%
113
10,100
2,300
Lucky Tiger Comb G M.10
Jan
Jan
10
9%
July
Feb
N Y Pr A Lt 7% pref—100
9
2,600
9%
—
New York Transit Co
Louisiana Land A Explor.l
Louisiana P A L $6 pre!—*
Jan
Feb
Jan
Jan
22
Long Island Lighting—
"in
%
1,100
N Y Auction Co com—*
23
»n June
15
May
Apr
22
13
♦
Apr
July
9%
"260
100
preferred
New Engl Pow Assoo
34
Feb
May
8
Apr
10
Mar
Mar
Nevada Calif Eleo com. 100
17
70%
Apr
80
%
Jan
Mar
Mar
5
400
44%
Jan
8
6
*
44
%
100
1%
%
115% 115%
Jan
23%
Packing
115%
8%
3%
350
June
5%
1st preferred
4%
11%
Mar
9%
%
11%
54%
25
7% preferred———100
6% pref class B
.100
11
300
*
•
32%
10
14%
May
12
New Idea Ino common—*
400
1X
36%
50
"~8% "".8%
5%
Jan
131% June
4% June
New Haven Clock Co
1%
*
50
10%
10
12.50
JNebel (Oscar) Co com...*
Nebraska Pow 7% pref-100
Nehl Corp common
*
6%
July
%
Apr
%
50
Sugar Refining.*
Navarro Oh Co
7%
Jan
5% June
Apr
95
preferred-
National Steel Car Ltd.—*
5%
Feb
Jan
Mar
Apr
hs
•
Nelson (Herman) Corp—6
Neptune Meter class A—*
July
6%
4%
%
122 %
6%
3
July
25%
Loudon
3%
*
1
Nat Rubber Mach
May
1%
Common
200
3%
.
%
25%
—
3,000
4%
3%
11
32%
350
1,300
12%
$2 preferred
*
New England Tel A Tel 100
•
Locke Steel Chain
4%
MOO
5%
12
Apr
»i» June
.*
B
12%
May
3%
65
Apr
1,200
43%
5%
11%
Loblaw Groceterias cl A—♦
Class
43
17%
22
25
Lit Brothers common
%
"l4% "l6%
Apr
Apr
11%
17%
1%
preferred
15%
"5%
Jan
7
5%
9%
June
10%
6
700
7i«
%
12% June
Apr
7
1%
July
5%
3%
69
7%
7
Jan
2,200
Lipton (Tbos J) class A...1
0%
100
13%
Nat Union Rsdlo Corp—1
Jan
47%
%
300
25
Develop
"""500
13%
%
Apr
7% June
1% June
Class B
Le Tourneau (R G)
"~9% "lO"
Apr
15%
9%
Lefoourt Realty common. 1
Leonard
%
100
9
"ioo
Class A
—*
*
1,800
Nat Tunnel A Mines.—•
Langendorf Utd Bakeries—
preferred
Lehigh Coal A Nav
Jan
July
3,500
2
Lane Bryant 7%
'ion
July
%
5%
57
3
June
% June
4%
National
Kresge Dept Stores
12%
33%
31%
400
5
Mar
Jan
172% May
si6
4
Mar
Mar
July
Jan
5u
July
10
Mar
7
Apr
National Refining com..
Nat Service common
1%
8%
Jan
2%
29%
600
13%
500
3%
24%
2,000
Jan
9
Apr
Mar
75
90%
Apr
Apr
9
152
Jan
5%
150
National Tea 5% % pref.
*
4% conv 1st pref
100
Kress (8 H) special pref-10
220
Mar
Jan
Feb
14%
23
32%
31%
32%
31
38%
National
7%
5%
85%
Jan
100
1%
38%
Feb
200
200
90%
3%
1%
Conv
166
7
165% 166
4
2%
9
Apr
Apr
1% June
200
2%
6%
National P A L $6 pref—*
National Oil Products
Apr
1%
Lane
2%
6%
"260
37
Apr
8%
pref--100
Wells Co com
1
Nat Mfg A Stores com—
1%
oom—•
Rubber ColO
Knott Corp common
1
Klelnert (I B)
100
"l%
1
1
National Candy Co.
*
National City Lines com.l
$3 conv pref
50
National Container (Del).l
National Fuel Gas.——*
Conv part
9%
3% June
14%
100
*
2%
1%
Klrkl'd Lake G M Co Ltd 1
Koppers Co 6% pref
Jan
July
800
2,700
5
7
1,500
Klein (D Emil) Co
Kobacker Stores Inc
Apr
High
Low
Shares
Muskogee Co com—
11%
—1
1
Kingston Products
Kir by Petroleum
'it
Jan
9
109%
%
89%
Kimberly-Clark 6% pf-100
June
13%
4%
Nat Bellas Hess com
Jersey Central Pow A
pref. 100
Keith (Geo E)7% 1st prflOO
Kennedy's Inc
5
4%
Soc A
Loan
6%
6%
1
Range Since Jan. 1, 1939
for
Weel
High
Low
com.l
Monogram Pictures
ht
11
11
pref--*
Investors Royalty
Range
of Prices
13%
$2.60
Common
Molybdenum Corp1
Monarch Machine Tool--*
5%
Interstate Hosiery MillsInterstate Power $7
Price
Weel's
Mock. Jud, Voehringer—
Montana Dakota
International Utility—
Class A
Sale
High
%
Products—•
International
2%
21%
21%
4%
22
Last
(Continued)
Range Since Jan. 1,1939
Last
Sales
Friday
Sales
Friday
STOCKS
(Continued)
July 29, 1939
Exchange—Continued—Page 3
3
Apr
16
Jan
Feb
Apr
12
Jan
34% June
July
113
July
Apr
38
July
Jan
65
July
June
5%
Jan
Volume
New York Curb
149
Friday
stocks
TAlSt
(Continued)
Sale
Par
Penn Mex Fuel Co
Pennroad
Corp
Low
100
1%
"~i~A "~1 A
9>*
com.
93*
10%
108)* 109
*
IX
June
2X
Feb
1.900
5A
Apr
10%
July
98
650
..*
100
Pep per ell Mfg Co
"78
50
72
Penect Circle Co
150
109
June
Jan
105
July
Apr
167
Jan
Feb
16
Jan
"~78~
74
Jan
84
Mar
"*650
~783*
8%
30A
4%
2%
IX
IX
700
1%
1%
5%
800
3A
1
2%
1,600
1A
5X
2
Apr
9%
July
16
Apr
10
A
36 X
July
Apr
18 X
Feb
2 J*
Apr
2A
Jan
m
2,200
5A
Apr
100
9H
10A
800
53 A
55 A
41
170
Apr
Apr
6X
46
'U2%
"io"
106"
1V2A
""866
"16"
July
Feb
43
12 A
64%
20
Mar
South Penn Oil
1
Mar
May
2%
Jan
200
he
Apr
®18
Jan
4A
1,200
3
Apr
75
9
Apr
12
Mar
Apr
102
Apr
16 A
May
23
Mar
IX
June
Apr
20
900
10%
Feb
Feb
3
100
7
Jan
100
5
Apr
8A
7A
Mar
5A
Mar
Standard
Jan
100 A
Mar
Standard Oil (Ohio) oom 25
104
Apr
105?*
Feb
112
94H
Jan
X
Feb
Apr
c6%
Jan
78 A
42 A
101
70 A
78A
40 A
44
43
2,045
1,475
26
Apr
100 A 102
100
93
Jan
30
101
109 A 109 A
A
Jan
65 A
57 A
66
21X
%
July
100
20
Apr
25%
July
1%
200
1% May
10 A
100
13 A
50
9%
May
2A
12X
7
June
14
17A
15 A
5,900
6
Apr
Feb
24%
2,600
17
Apr
125
102
1,600
107
H
Feb
37 A
Feb
Apr
10%
Mar
eie
Jan
Apr
Apr
1%
July
June
%
Jan
A
phate & Acid Wks Inc 20
Starrett (The) Corp vto.l
Steel Co of Canada-
Standard Wholesale
5
Jan
Jan
SterchI Bros Stores
*
7
June
123
Mar
122
123
20
108
£156
60
148 A
16
May
158 X
Jan
Sterling Aluminum Prod.l
5%
Mar
18 A
Mar
Sterling Brewers Ino
1
July
12%
Mar
Sterling
1
Feb
A
June
13 A
14
12
Apr
21
Jan
35%
100
m
Apr
41
Mar
1
200
Jan
Sunray
Oil
X
Jan
X
Jan
9?*
X
June
12%
Mar
100
A
4
600
.....
1,200
Feb
5*
Mar
1%
Apr
*lt
*18
100
X
100
May
Jan
10 A
10 A
HA
1H.
1
1
2A
2A
*
56
55
10 A
*16"
'io A
June
~~2%
24 J*
July
Thew Shovel Co
Apr
13%
Feb
Tllo Roofing Inc
*
Tobacco Prod Exports...*
7
Apr
Apr
June
A
100
3A
July
2,500
IX
July
50
100
49
Apr
"moo
200
X
65
9A
4%
3%
59%
July
17
"*l"66
2,300
Scran ton Elec $6 pref
20
_
20
22
250
Scranton Spring Brook
Water Service pref
A
Seeman Bros Inc
•
Feb
Jan
18A May
114%
Apr
16% June
27 A
Mar
114%
22%
Apr
28
A
IX
"ie
800
A
Apr
13%
1?*
1A
100
X
May
Mar
37
7is
7ie
600
7A
HA
8A
UA
7,200
100
100
31
Jan
Jan
he
4%
12
July
Jan
June
Mar
■2
Jan
Mar
Apr
1
11J «
"jS
800
A
Apr
1
Jan
6A
150
4A
May
9 A
Jan
350
52
May
69%
100
54
May
70
61
62
Traction
Corp
*
18,500
6 A
Shattuck Denn Mining..5
Shawlnlgan Wat a Pow__*
19A
19%
19 A
100
Sherwln-Wllliama
98 A
5% cum pref ser AAA 100
98J*
700
Sherwin-Williams of Can.*
Fo»- footnotes see page 705
97
112
112
1,900
40
1st
%7 pref
_
"ex
Mar
45
Feb
1?*
81
Jan
Mar
Feb
non-voting.*
1% June
Apr
9 A
Jan
5?*
Jan
$3
preferred
United
July
July
Apr
Jan
July
Apr
2?*
5 A
Jan
he June
»i#
Jan
June
Jan
13*
23*
7A
7
Apr
3X
7A
300
6
Apr
Apr
7%
Jan
5A
3A
Mar
2
Mar
""ioo
*16"
."17A
""IOO
19)*
May
Apr
2%
June
Jan
11
Mar
Mar
Jan
Apr
Apr
14?* June
l'eoo
12%
Jan
17A
23*
3%
38
Jan
23*
Jan
Apr
6A
July
Feb
56 A
July
800
1,050
1A
%
IX
36,300
%
A
3,900
A
A
7
89
6,700
82%
2%
89
7u
V
A
88
1?*
IX
1,900
89?*
80
1%
IX
3,900
July
3
Mar
IX
he
Apr
Mar
1?*
7
July
Jan
Jan
Mar
Apr
Apr
3?*
Jan
92%
Mar
% June
1,300
IX
"1 e
Feb
Jan
89?*
July
74
80
1A
July
X June
3
Jan
21A
21A
75
—'
Apr
Feb
Mar
23
Mar
Jan
73 A
Mar
5
32
2?*
36 A
69 A
30
1,700
8,200
Apr
Mar
19
20 A
Jan
Molasses Co—
Jan
18?*
Apr
22%
Mar
United Profit Sharing—25c
83
Apr
113 J*
Mar
United Shipyards cl A—.1
June
115?*
Mar
Class B
1
Jan
6A
242
he
July
he
Jan
9?*
Am
dep rets ord reg...
United N J RR A Canal 100
Jan
Apr 108
Apr zll43*
Feb
%
Api
370
6A
30?*
Feb
98 A
2
"4,760
*
1
June
400
11X
33
56 A
$6 1st preferred
*
United Milk Products...*
July
14
5%
15
2%
9%
6%
1?*
2?* Mar
5X June
A pi
Apr
Mar
2X
55 A
1?*
he May
l6%
4A
8X
13X
38%
A
*
10c
89?*
Jan
107 A
Jan
May
1?*
*
X
9
2
63
T666
*14 A ~14 A
17%
United Lt A Pow oom A.*
Apr
6
4
6%
3%
Jan
Jan
1A
Mar
1%
1
A
~~2A ~~2X
Mar
X
X
1
Jan
July
Feb
2
warrants
United Elastic Corp
United Gas Corp com
Common class B
1
100
Co——50
$3 cum A part pref
Un Cigar-Whelan Sts.
United
7
Option warrants
United G A E 7% pref. 100
Selfridge Prov Stores—
£1
1X
29
J*
*
United Chemicals com.
'*u
20
com..*
Feb
5
62
Investment
July
Convertible stock
25
Union
Union Premier Foods Sts. I
1%
8%
4
18
15%
7
11A
32
-1
80c div, preferred. -- *
Ulen A Co ser A pref
*
Series B pref
*
Unexcelled Mfg Co..—10
37 A
15
2% May
Apr
Apr
8%
10
A
-.1
A
Union
Common
Allotment certificates-..
1
Tubize Chatillon Corp..
Class
475
*
Tung-Sol Lamp Works
Jan
Jan
Selected Industries Ino—
900
he
Trunx Pork Stores Ino.
July
Jan
6%
61A
800
10
Transwestern Oil Co
13A
Apr
HA
Selby Shoe Co
July
105 A
Tri-Continental warrants
Jan
5?*
37
Segal Lock A Hardware..
Selberllng Rubber com
105
IX
Jan
9%
400
4%
56%
56 X
107% 107%
Common
Jan
Jan
8A
37
Jan
14%
13*
4?*
Todd Shipyards
Union Gas of Canada
Warrants
94
Trans Lux Pict Screen—
July
21
Securities Corp general
100
Ordinary reg
....£1
Def registered 5s
—
Jan
June
8A
oom
Jan
July
Tonopah Mining of Nev.l
Jan
X
1
Feb
100
Tobacco Secur Tr—
July
X
-•
6
22%
A
Jan
2
Corp
Toledo Edison 6% pref-100
7% preferred A
100
Mar
Mar
May
37
23
2%
Mar
60
Jan
3
Apr
3A
22
105
14
Jan
Jan
Mar
69%
900
Jan
2A
2
July
100
5,250
Mar
2*600
Jan
475
3
6X
3A
*13 A "13A
X
15%
13 A
43*
2
Schtff Co common
%
16?*
100?*
2,900
100
Tobacco Allied Stocks—
100
1A
May
Tlshman Realty A Constr*
"2 A
IX
A
18
Jan
56
"9 a "16 A
500
12 A
Mar
57 A
"~9 A
A
13
2%
2
Samson United Corp com
May
12 A
2%
Mat-
283*
17%
Apr
35 A
57 A
200
1
July
Jan
Mar
1,500
5
com
IX
6%
12X
44%
45 A
105
15
71
Apr
%
Mar
Apr
2?*
383*
Feb
Apr
A
16
Apr
Apr
3 A
33 A
Taylor Distilling Co—1
IX
4%
*
A
100
3%
32%
Tastyeast Ino class A...1
100?*
45
IX
31
8,100
Jan
Technicolor Inc common.*
*
*
2A
37
5A
363*
A
wte
3%
33
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref—100
3X
1
'
2?* June
100
350
June
A
9%
Mar
Feb
2>*
Jan
Jan
12
Apr
Apr
Mar
Taggart Corp com
1
Tampa Electrio Co com..*
Jan
9
Apr
6 A
5A
Apr
Jan
Apr
Jan
14%
July
Apr
Feb
1
42
112
Mar
Jan
7?*
Apr
105
X
4
June
102
37
Mar
4
400
*
Jan
Feb
13
Apr
*
6?*
3
42
Apr
20
Feb
Apr
Apr
♦
Feb
9
8
100
Feb
*
com
96
1,400
Mar
8 A
Jan
$3.30 A part
Texon Oil A Land Co..-.2
150
July
Class B
23 J*
105
133*
4%
36
2%
37
13 A
"i6¥a
""ioo
10
112
105
8
8
Jan
June
35
Jan
5
500
74
July
Swan Finch Oil Corp.—15
Jan
he May
2%
2A
15 A
4A
Superior Port Cement
Jan
4
"8?* ~~8%
5A% conv pref
50
Superior Oil Co (.Calif)-.25
July
Jan
41?* June
Jan
23*
% May
1
Jan
8 A
500
H
1,000
July
Jan
7A
4A
100
*
33 A
5
3X
5 J*
*
Jan
m
3?*
5%
3%
*
Drug Co
July
Apr
300
5X
2%
400
2%
»
Sunray
5
100
8A
""ioo
6
Corp
Sullivan Machinery
2X
2
Stetson (J B) Co com
Jan
Apr
25
2
~8A~~8X
20
Inc
May
1?*
800
28
9
Am dep rets ord reg— £1
Rome Cable Corp com
5
Roosevelt Field Inc.——.6
4%
3%
June
10
4X
155
"lA "VA
Apr
«flH May
73 A
123
1A
2,400
50
Apr
6% 1st preferred
5% 2d preferred
IX
IX
Stein (A) A Co common.
12
14
"lA
Ordinary shares
(Hugo)
Stroock (S) Co
July
1
Phos
Apr
he
July
l
15A
33
Mar
July
107
Hoo
37%
18%
15A
24%
Jan
21
1
Jan
Jan
July
Apr
Apr
May
38?*
5
Jan
Rolls Royce Ltd—
25
18
1
Standard Steel Spring
Standard Tube cl B
Jan
Apr
6A
Standard Sliver Lead
Mar
14
700
June
he
25A
lix
22%
107
July
"loo
18
18%
15%
24
156
6% prefD—
100
Rochester Tel 6>* % prf 100
Roeser A Pendleton Inc..*
Seversky Aircraft Corp
Mar
9%
Feb
Roche8terGAE16% pf C100
Seton Leather common
A
9A
Standard Products Co
May
2A
common.
Jan
Mar
1
July
4A
1
Scovill Mfg
3A
Jan
350
103 A
no
Rio Grande Valley Gas Co-
J
3
Mar
ha
27 A
6A
5
Salt Dome Oil Co
July
IX
A
*
4
"A
Savoy Oil Co
2
A
200
5%
July
300
X
"""50
5A
4?*
200
100
Mar
1
St Lawrence Corp Ltd
17
14
1,300
25A
*
St Regis Paper com
July
3?*
1,000
Jan
740
17
%
5,400
I Reynolds Investing
82.60 conv pref
16A
l316
24%
Richmond
Ryan Consol Petrol
Ryerson A Hay nee com.
Safety Car Heat a Lt
Mar
%
26 A
July
Rice Stlx Dry Goods
Rustless Iron A Steel
19?*
"ie
66
5
Royallte Oil Co Ltd
Royal Typewriter
4%
Mar
July
July
1
Jan
*
81.20 conv pref
Ross la International
800
Mar
July
6?*
34?*
*
Jan
*
Root Petroleum Co
31%
2H
15?*
2
100
14
*
com
preferred...
"~7~% ~~8A
60c
Voting trust ctfs
30 A
Apr
Mar
Common class B
July
43
1
5?* May
27?*
Apr
10
J tandard
Pow & Lt
Stinnes
Red Bank Oil Co.
A June
Feb
Apr
34 A
Reeves (Daniel) common.*
Reiter-Foster Oil
50c
Amer dep rets reg
Sentry Safety Control
Serrick Corp
25
1,425
*
Reed Roller Bit Co
4
July
78 %
Raymond Concrete Pile—
85.50 prior stock
(Neb)
Jan
he
100
preferred
500
4X
preferred..20
Oil
June
157
18
31A
'50
5%
IX
59
Jan
Jan
Preferred
10
Quebec Power Co
*
Ry a Light Secur com—*
Railway a Utll Invest a—
Scullin Steel Co
conv
200
15X
5%
pre/erred
10
Standard Dredging Corp—
Common
5%
104 A 104A
Pyrene Manufacturing—10
Quaker Oats common.—*
Common
2
July
Jan
3 A
400
15%
Standard Invest $5% pref*
Standard Oil (Ky)
10
Mar
1% May
800
3X
3%
11.60
200
June
10%
29?* June
29)* June
1J*
Jan
42
IX
10%
13A
1,400
2%
42
IX
17?*
25%
8A
he
IX
Conv
A
4A
3A
8A
5A
Apr
Jan
148
Standard Brewing Co
Standard Cap <fc Seal com.l
900
Mar
45
Jan
*
*
9A
7
Apr
28?*
500
£1
reg
Stahl-Meyer Ino
1,000
24 A
Radiator
dep rets ord
Spencer Shoe Co
VA
Jan
Apr
27 A
300
"l%
"l6A
107
4A
29%
29%
Apr
July
% June
3?*
Jan
1?* Mar
5 A
Jan
2)* July
40
50
29%
Feb
2X
Am
IX
36
*
Reliance Elec A Eng'g
Feb
4%
5% 1st preferred
Spanish <fe Gen Corp—
he
*
com
July
8
25
600
29
Southwest Pa Pipe Line. 10
Spalding (A G) & Bros ..*
IX
45
2
8 A
Puget Sound Pulp a Tim.*
Pyle-Natlonal Co oom—6
Lace
1%
_
117
200
IX
29%
Preferred A
..25
Southland Royalty Co
6
"""300
A
18 A
IX
*
preferred
Southern Union Gas.
10 A
4
10
preferred
Scran ton
2A
45
7% preferred
100
South New Engl Tel... 100
Southern Pipe Line
10
Jan
101A
~~4~X
*
preferred
com
Jan
IX
A
IX
A
6% prior lien pref
100
7% prior Hen pref
100
IPub Utll Seour 87 pt pf_.*
Puget Sound P a l—
7%
Corp
6% original preferred.25
6% preferred B
25
5 A % Pref series C
25
Southern Colo Pow cl A. 25
Jan
'16 A
8
1X
100
Russeks Fifth Ave
com.
8
Public Service of Okla—
conv
Mfg
Jan
A
7% 1st preferred
100
Public Service of Indiana—
83
Boss
July
A
4?*
% June
Sonotone Corp
South Coast
July
Apr
Apr
90
16 preferred
*
Public Service of Colorado-
Raytheon Mfg
3X
84 A
Feb
July
2
Apr
2X
Feb
1,700
42
he
Mar
Apr
Jan
June
400
*
6%
97
4 A
30 A
JaD
6
*
-
Jan
Jan
164
5X
2%
July
*
17 prior preferred
16 preferred
Jan
120
2%
June
29 A
4,650
10
53 %
*
1st preferred
219
168A 171
l
2A
8%
1
Prudential Investors
Jan
June
1A
Solar Mfg. Co
12
Pressed Metals of Am—1
Producers Corp
26c
preferred
168)*
IX
July
36 A
42
6
Gas
3
600
300
Apr
81,500
100
Prosperity Co class B
16
Apr
Apr
IX
2
new 5
9%
5
Pro
July
16
1%
1A
Skinner Organ
10
Premier Gold Mining
Prentice-Hall Inc com
86
S3 conv pref
*
Simmons H'ware 4 Paint. »
Simplicity Pattern com
1
Singer Mfg Co
..100
Jan
7A
2%
25c
6% 1st preferred
Pratt A Lambert Co
15
Feb
12
7.50
com
Feb
Apr
Mar
30 A
Power Corp of Canada—*
85
ha
9?*
109*
1,100
8%
Forglngs
1
A Lake Erie.60
Powdrell A Alexander
6%
25
Simmons-Boardman Pub
75
8X
118A
125
43*
34
Metallurgical 10
Plate Glass—26
Pleasant Valley Wine Co.l
ldence
Line stamped
Sllex Co common
27
5
*
new com
High
Apr
500
H
60
Polaris Mining Co
Potrero Sugar common
Low
Apr
7
Pioneer Gold Mines Ltd..]
Pltney-Bowes Postage
Meter
Range Since Jan. 1, 1939
Shares
Shreveport El Dorado Pipe
Southern Calif Edison—
...1
Conv S3 pref series A_.10
Pierce Governor common.*
Pneumatic Scale
High
Apr
1,000
30%
4
Pitts Bees ALE RR
for
Week
of Prices
58
175
9
116 A
Phila Elec Co SB pref
*
Phlla Elec Pow 8% prel 26
Phillips
Plough Inc
Weel's Range
Low
23 A
72
8%
7A
Philadelphia Co common.*
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
%
Price
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
Sioux City G & E 7% pf 100
70 A
1
Packing Co
Phoenix Securities—
Common
Jan
92 A
*
Pharls Tire A Rubber
Apr
135
70
150
150
com 20
Pa Water & Power Co
2
Apr
15
60
Pennsylvania Sugar
Mar
3*700
*he
703
Sales
Sale
Par
Apr
104?* 105
Penn Salt Mfg Co
Last
High
A
2
1
com
stocks
(Continued)
Low
A
X
,,
2.60
Penn Cent Airlines
Pa Pr A Lt $7 pre!
$6 preferred
Range Since Jan. 1, 1939
for
Shares
4
Friday
Week
High
1
Penn Traffic Co
Range
of Prices
Price
Exchange—Continued—Page
Sales
Week's
Mar
May
IX
Jan
10?*
1?*
237
100
1?*
1%
1%
"400
Feb
July
New York Curb
704
Last
1,000
47
49%
3%
390
400
4
4%
3,300
%
600
m —
4%
%
59
61
61
275
13%
300
14
25
60
"*i% "iH
U S Robber Reclaiming—*
"166
U 8 Stores Corp com...
2%
17%
1,500
4
17%
%
17%
100
%
200
61
63%
375
"1% "l%
"""966
62%
1
"m
54
54
1H
ht
1
Class B
.J*
18
18
1%
23%
22
*23%
Van Norman Mach Tool-5
Venezuelan Petroleum.—1
25
64
preferred.......?
7% preferred.......100
Vaispar Corp oom—.—1
S4 conv pref—..
6
%
1%
%
*
77
Debenture 6s...—.1958
77
Jan
Debenture 6s—1960
Feb
C&tiee Serv P A L 6%s. 1952
*87%
68
Jan
1% May
Jan
16%
5%s. ——————.1949
Community ft" A Lt 6s '67
Conn Lt A Pr 7s A
1961
88%
Mar
800
3,600
100
750
27%
4%
2%
Apr
Apr
Jan
%
Jan
Feb
6%
Mar
Apr
Apr
Jan
<B<Ut) 3%sser N—.1971
Jan
1st ref mtge 3s ser P 1969
Consoi Gas (Bait City)—
»u June
1% June
Jan
2%
17%
July
3
4%
Jan
Apr
15
Cudahy Packing 8%s.l965
Jan
19
Feb
Delaware El Pow 5 %s_1959
Denver Gas A Eleo 6S.1949
1
June
♦
1%
Western Air Express
1
4
Edison El 111 (Bost) 3 %s 05
Jan
Eleo Power A Light 6s.2030
Elmlra Wat Lt A RR 6s '50
Jan
19
100
20
Mar
28
Feb
1%
800
3%
Feb
%
Feb
22
Welsbaum Bros-Brower..l
West Va Coal A Coke
'is
1%
1952
1%
3%
100
3%
2%
98
600
1%
4
1,600
1,600
50
Apr
38%
Jan
6
Apr
3% July
5%
Apr
74% May
1
July
tie
%
8%
3%
Apr
Feb
Apr
Jan
Apr
2%
Apr
2% May
86
%
2%
Jan
Apr
Mar
2%
>
July
Jan
63
Mar
100
44
...*
Westmoreland Coal Co...*
48
110
9
Mar
Jan
Erie Lighting 6s
1967
Federal Wat Serv6%s 1954
"90 "
Banks As- 6s
98%
Florida Power A Lt 68.1964
102%
5%
5
3%
100
Jan
July
Feb
Jan
Mar
June
131
Feb
2,000
68,000
109%
Apr
113
June
106%
July
107%
July
131
July
111
111
107% 107%
130
1,000
73%
65
94% 94%
105% 106
*107% 109%
5
"12*666
125
Jan
68%
79%
Apr
96%
Jan
Apr
56% May
92%
Apr
73%
July
93
July
Mar
108%
68%
97
106%
7,000
104%
106%
Jan
Jan
'3,000
4%
Apr
Apr
Apr
Apr
10
Apr
4%
5%
43
108
108%
89%
90%
%
%
53%
109% June
66%
Apr
107%
Jan
102
99%
39
2,000
17,000
stpd—.1961
108%
Jan
Jan
July
Jan
107%
81
9%
Feb
Feb
1%
Jan
1%
Feb
66%
Jan
112% May
81% Mar
112% June
Apr
105
July
Jan
103%
July
July
50%
108%
July
Jan
Apr
Gary Electric & Gas—
6s ex-warr stamped .1944
89
Gen Pub Utll 6%s A.1950
♦General Rayon 6s A.1948
93%
Gen Wat Wks A El 58.1943
Georgia Power ref 6s. .1907
"95%
73%
1%
Jan
Georgia Pow A Lt 58—1978
Jan
♦Gesfurel 6s
88
*98%
92%
75
105%
.1963
1,000
891666
102% 103% 212,000
98%
General Bronze 6s
1940
General Pub Serv 6s. .1953
4%
50
98
99%
89
98%
93%
75
92% 95%
105% 105%
74
73%
*22%
99
Apr
15
100
*16
Florida Power 4s ser C1966
1%
July
100
74% May
1%
Apr
6% Mar
13
July
88%
91
Jan
July
Finland Residential Mtge
♦First Bohemian Glaee7s'57
Mar
July
87%
*41%
Feb
1
87%
%
% ~i7~666
3,000
%
%
61%
64% 158,000
64%
19,000
110% 110%
78
79% 228,000
"79%
*115% 117%
"7~66o
105" 104% 105
19,000
103% 103% 103%
Feb
32
Apr
50%
Apr
15
10
200
8% May
5%
Jan
5% June
4%
Apr
1%
Apr
100
7
13%
13%
100
Weyenberg Shoe Mfg
6%
"'6%
""{66
Wichita River Oil
6
6%
200
7%
8%
300
9
9
7%
7%
*
1
Corp.. 10
Williams (R O A Co
*
Williams OU-O-Mat HI—*
8%
Wilson-Jones Co........*
Mar
80%
Jan
92
Apr
104%
25
Feb
July
98%
103%
July
July
Mar
95
Jan
99%
81
Apr
90
Jau
90
13,000
7,000
98
July
93%
July
55~66o
76
Apr
Apr
1,000
57,000
73
Feb
87
Jan
87,000
30,000
95%
Jau
58
Jan
25%
50
Apr
75
95%
Jan
July
105% May
74% June
29
Mar
1965
08
69%
20~666
65% May
72%
Jan
Gobel
1941
64
64
60
Jan
72
Jan
87
Jan
91
Mar
Feb
Grand Trunk West 4s_1950
Gt Nor Pow 6s stpd..1950
1,000
13,000
Wisconsin P A L 7% pf 100
Wolverlns Portl Cement.10
Jan
Grocery Store Prod 68.1945
7%
Mar
Jan
Guantanamo A West 6s '58
Guardian Investors 68.1948
8%
July
Hall Print 6s stpd
7%
3
Jan
Apr
Mar
10
Jan
9
Jan
100
2
Apr
2%
Apr
2%
July
July
7%
2,300
4%
Apr
May
8%
Jan
6%
Jan
6%s ex-warrants—.1943
Houston Lt A Pr 3%s.l966
Apr
15%
Mar
15
8%
15
8%
Mar
1%
Jan
15%
8
20,000
3,800
12
7%
%
Bondt
Sold
107%
1st A ref 6s.......1956
1st A ref 6s.......1968
103%
1st A ref 4%s™. 1967
Amer Q A El debt 5S..2028
Am Pow A Lt deb 6S..2016
101%
Amer Radiator 4%s—1947
103%
103%
108
100%
Amer Seating 6s stp—1946
Appalachian Eleo Power-
108
Appalae Power Deb 6s 2024
Conv deb 4%s C—.1948
Conv deb 4%s
194U
Conv deb 6s.......I960
Debenture 6s......1968
Conv deb 5%s._—.1977
T A T deb 5 %s. a*55
Atlanta Gas Lt 4%s..1955
a«oc
Atlantic City Eleo 3%s '64
104
105%
67%
43
45%
43%
49%
79%
107% 107% $7,000
6,000
104% 104%
103% 103% 13,000
103% 104% 35,000
100% 101% 204,000
108
108% 35,000
99
100% 333,000
103% 104
35,000
103
104
14,000
108
108%
106% 107%
40,000
12,000
127
127
2,000
104
104% 34,000
105% 106% 53,000
65
67% 290,000
42%
43%
43%
42%
44%
46%
45%
43%
49%
60%
80
79%
*105% 106%
108% 108%
98
Jan
107% May
105% May
90
Jan
105
87
Jan
104%
101%
109%
100%
108%
102
Jan
81 %
Jan
106% May
83%
103%
99%
107%
Birmingham Gas 6S...1969
96
Cent States Blee 5s...1948
5%s ex-warrants...1954
Cent States PAL 5%s '63
Chicago A Illinois Midland
Ry 4%s A
*
1968
Chio Jet Ry A Union Stock
Yards 5a....
1940
|*Ch!o Rye 5s ctfs
1927
Cincinnati St Ry £%s A '62
......
104
Jan
July
Jan
June
107%
Apr
111
Mar
Apr
107%
Mar
128
July
105
Feb
118%
101%
Jan
May
Jan
41%
Jan
102
106% June
67% July
11,000
31
Feb
44
June
27%
Jan
July
41,000
30
Jan
43%
47%
92,000
29%
Jan
45%
July
40
Jan
Mar
59
Mar
83
May
6 %s series B—
5s series C—
1953
1951
Indiana Hydro Eleo 691958
Indiana Service 5s....1050
1st lien A ref 6s
1963
♦Indianapolis Gas 5f A1952
Indpis Pow A Lt 3 %6.1968
Interstate Power 5s
Debenture 6s
Interstate Publl
.1957
1952
.1950
4%s series F
1958
Iowa-Neb LAP 5a—.1957
Iowa Pow A Lt 4%s—1958
Iowa Pub Serv 6s
1957
Isaroo Hydro Eleo 7s.l952
Apr
1,000
89
Apr
95
June
6s stamped........1942
Jersey Central Pow A Lt—
85
Feb
05
July
5s series B.........1947
49.000
82%
Apr
116%
Jan
107% 107%
19,000
107%
July
110%
19,000
120
Apr
126
8,000
123
Mar
130%
7,000
115,000
140
June
86
Jan
95
96
98% 101
126
147
101
103%
102%
106%
*96%
104%
42%
43
72%
148
99% 100
96
93%
102
55
1955
100% May
109% June
148%
Jan
July
July
Jan
100
July
51,000
69%
Jan
96
July
18,000
81
Jan
102
July
Jan
105% May
103% 103%
12,000
101% 102%
13,000
105% 106% 24,000
103
103%
12,000
96% 185,000
94%
104
104% 63,000
42%
42%
16,000
43
42%
60,000
70%
72% 97,000
*104% 105%
102%
Jan
102%
97%
96%
101
81
98%
Apr
105
Mar
Jan
107
May
Apr
Apr
Apr
105
June
96%
104%
July
July
Isotta Fraschlnt 7s
Italian
4%s series O
—1961
Kansas Elee Pow 3 %s. 1900
Kansas Gas A Eleo 68.2022
f Kansas Power 6s....1947
1st mtge 6s ser H
6 %s series D...
1961
6 %s series F—
1966
6s series I
i960
Lake 8up Diet Pow 3 %s '66
Lehigh Pow Seour 6a—2020
♦Leonard Tletz 7%s__ 1946
Lexington Utilities 5s. 1962
Llbby McN A Libby 5s '42
Long Island Ltg 0s—_ 1945
Louisiana Pow A Lt 6s 1957
Mansfield Mln A Smelt—
46
Jan
46%
Mar
72%
July
♦7s without warr't8-1941
Marlon Res Pow 4 %s.l964
June
McCord Rad A Mfg
68 stamped.
—1943
105
60
98
25
July
1,000
102%
103%
103%
*8
16
67%
3,000
109
109
105%
105
"
IT660
103%
102%
94
105%
101%
105%
103% 104%
102
102%
93
94
104% 105
105% 105%
100% 102
97%
98%
"70"
68
70
70
68
70
81%
"i"666
44.000
48,000
85,000
22,000
4,000
1,000
45,000
5,000
32,000
82,000
81%
109%
5,000
44
46*
8,000
47%
46
50
48%
72%
70%
53
50%
6,000
47%
6,000
50
72% 204,000
44,000
53
109%
109
18%
94%
101%
101%
108%
Jan
30
July
102% June
Apr
103%
Jan
Jan
103
Apr
Apr
Julv
111% June
8
July
Jan
5,000
69
Jan
60
68
109
30
Jan
Feb
July
July
8
6,000
109%
103%
July
Apr
107%
101%
65%
94%
Apr
Jan
Apr
Apr
68
June
68
June
Feb
110%
105% May
104% July
102% July
94% June
85%
Jan
96%
105
July
99%
Apr
Apr
105%
85
Apr
102
July
July
Jan
99
July
Apr
70
86
/50%
49
Apr
68
Apr
108% June
July
July
88% June
110
May
70
52%
Jan
36%
36%
41%
Apr
Apr
Apr
65
38%
82
Jan
101%
July
July
July
54
Mar
Mar
Apr
55%
72%
Jan
53
July
101%
102
106%
"*41%
99%
99%
103%
*103%
101%
102
104%
54,000
157,000
July
106
106%
104% 105
42% 45
78
*63
41
41%
*4*666
21,000
77
Jan
102
98%
Jan
104%
98
28,000
105%
Jan
103%
July
Jan
108
Mar
Apr
106% June
105%
103%
4,000
38
59%
Feb
80
Jan
22jooo
31
Apr
44
Mar
Mar
June
52%
Jan
44%
7,000
38
Jan
47
103% 104
105% 105% 105%
*105% 106%
22,000
102
May
107
33,000
105%
Jan
108%
Mar
103%
Jan
Apr
108
Mar
43%
43%
104
126-
126
"17666
119
101% June
Feb
126
June
103%
106% 106%
103%
"163"
102
ilCB'a
28,000
6,000
102% 102%
6,000
101% 103%
100
102
101%
106%
102
107% 107%
110i%2li0%
*28
40
103
103% 103%
101
101 %
100% 107
74,000
53
105%
55
101
93%
88%
1,000
100
52,000
107
22%
~7~000
95
Apr
Apr
Mar
103%
July
July
Jan
106%
102%
Apr
101%
July
July
Jan
108%
July
Jan
110% June
Jan
Mar
30
Mar
103% June
Jan
105
Feb
Jan
102
July
Jan
107% June
2,000
31,000
102%
34,000
105%
3,000
28%
103%
Jan
Jan
31% July
105% May
*31%
105
89%
3,000
91
45
May
66
Feb
Memphis Comml Appeal—
102% 102%
54%
55
77
*81
77
84%
6,000
22,000
2,000
102%
44%
70%
72%
July
104%
Apr
Jan
55%
78%
Jan
Jan
Feb
Jan
81%
Apr
Deb 4%s
1952
? Memphis P A L 6s A.1948
Mengel Co conv 4%s.l947
Metropolitan Ed 4s E.1971
4s series Q
For footnotes see page 705.
53
Apr
Apr
2,000
67%
1948
Jan
Apr
56
Apr
Kentucky Utilities Co—
Jan
98
Mar
45
30
Mar
Jacksonville Gas—
65%
Mar
47
8,000
20,000
30
*06
109%
2,000
28
102%
*102%
*102%
109% 109%
1942
Superpower 6s.l963
32
35
102% 103
102%
B.........1901
104
16,000
T660
Apr
Jau
c Service—
5s series D
6s series
48%
30
International Power Seo—
6%s series O
-.1955
7s series E...—....1957
7s series F
—1952
55%
47
46
107%
28
Indiana Electric Corp—
6s series A..
...1947
~2J)66
129% 130%
148
Cent Ohio Lt A Pr 58—1950
Cent Power 5s ser D—1967
Cent Pow A Lt 1st Ss.1956
Idaho Power 3%s
1967
HI Pr A Lt 1st 6s ser A.1953
1st A ref 5%s ser B.1954
1st A ref 5s ser O
1950
Jan
95
98%
102%
55%
47
55%
"48",
1949
72%
102%
*93
Bethlehem Steel 6s
.1998
Birmingham Eleo 4%sl968
Broad River Pow 5s..1954
Canada Northern Pr 5s '53
Canadian Pao Ry 6S..1942
Carolina Pr A Lt 6s...1956
6s series B
125
108%
5s with warrants
1947
6s without warrantsl947
1st M 5s series A
1955
1st M 6s series B—1957
6s series O
i960
Apr
July
July
106
Avery A Sons (B F)—
Baldwin Looom Works—
♦Convertible 6s... .1950
Bell Telep of Canada—
Apr
July
June
62,000
3,000
Houston Gulf Gas 68—1943
5 f deb 5 %s... May 1957
Alabama Power Co—
1st A ref 6s.......1946
1st A ref 5s_......1951
89%
110
*107
♦Hungarian Ital Bk 7%s'63
Hygrade Food 6s A...1949
Apr
May
5
BONDS
Associated Eleo 4%s—195?
Associated Gas A El Co—
♦Hamburg Eleo 7s
1935
♦Hamburg El Underground
A St Ry 6%s
.1938
Heller(WE)4sww ..1946
100
Yukon-Paolflo Mining Co.5
Ark-Loutslana Gas 48.1951
Arkansas Pr A Lt 6S..1956
1947
2%
Petroleum
1
Woolworth (P W) Ltd—
let mtge 4s...——.1963
Debentures 4%s.—1948
(Adolf) 4%s
82%
2%
7%
Woodley
Amer dep rets
.5c
Wright Hargrsaves Ltd..*
10
7%
Willson Products Ino.—1
July
Glen Alden Coal 4s
Common......
6s series B
Mar
Mar
77%
67%
72%
72%
Mar
Jan
*4%
9
Western Tablet A Statlony
com
78%
77
Apr
74%
128% June
5
7%
Western Maryland Ry—
Wolverine Tube
♦Certificates of deposit
Eastern Gas A Fuel 4S.1950
1960
4%
2%
Jan
Mar
El Paso Eleo 6s A
"260
97%
1%
2%
64
..Aug 1 1952
♦Certificates of deposit
♦Deb 7s——Aug 1 1952
Empire Diet El 5s
""166
Apr
Apr
Apr
00,000
*62
94%
106
Ercole Marelii Eleo Mfg—
6 %s series A—.1963
%
66
66
58,000
11,000
90% 93
480,000
92%
105»« 105 "l2
2,000
♦6%s
Jan
»i«
84
Detroit Internet Bridge—
Jan
Waitt A Bond class A
Wellington Oil Co.—
1
Wentworth Mfg
1.25
West Texas Utll fd pref..*
July
2% June
111%
107%
1944
30
Wahl Co common-...—*
♦
B..........»...*
Walker Mining Oo
1
Wayne Knitting Mills—.5
63%
Cuban Tobaeoo 6s
Apr
7% preferred....—100
Class
Apr
Jan
Apr
1%
Jan
1
July
42
Apr
*i* July
1% Apr
he Mar
% Mar
10%
Apr
^Cuban Telephone 7%s_'41
20
400
Jan
88%
*127% 131
73
75
6%
High
71%
-87%
85%
80%
80%
6s ser A stamped...1943
Cont 'l Gas A El 5s
1968
July
"360
6%
8,000
77% 191,000
77
51,000
77% 48,000
87% 122,000
79%
Consoi Gas Utll Co—
Jan
Apr
May
9% June
87
130
1
"*4% ""4%
8%
76%
76%
1964
Gen mtge 4%s
1%
24
r«o
77
,
Low
I
Consoi Gas El Lt A Power
Apr
Feb
•is
Waco Aircraft Co—•
7% 1st preferred
Conv deb 6s...
100
19
•
Vogt Manufacturing
300
~49% "49%
Va Pub Serv 7% pref-100
Wagner Baking v t o——*
.1950
Jan
2%
1%
%
13%
%
47%
79
79
Apr
10%
1%
14%
CHtlee Service 5s—.196*
Price
Apr
July
21
3,300
1,200
Range Since Jan. 1,1939
Week
6
lUtU Pow A Lt common.-1
Conv
%
for
of Prices
Low
High
12
Universal Products Go..
Utility Equities Corp....*
*5.60 priority stockUtility A Ind Corp oom..6
Apr
"i«
1
Utah Radio Products
%
3
800
1
2%
16%
3%
2%
Universal Corp v t c
1
Universal Insurance——8
Utah-Idaho Sugar
6
Utah Pow A LI 17 pref...
July
*i« June
1
1
Universal Consoi Oil—.10
Universal Pictures com
48%
4%
6%
3%
..
$7 cony 1st pref.—..*
United Stores com--—-50c
United Verde Exten...60c
United Wall Paper
2
July
Apr
1%
25
87%
2%
50
Week'* Range
Sale
Par
Jan
42
3
0. ~
Last
High
Apr
72
49%
„
87%
U S Lines pref
U S Radiator oom
Low
BONDS
(Continued)
86%
U S and Int'l Securities..*
1*
*
U 8 Ply wood
1
81% conv pref..——20
Range Since Jan. 1,1939
87%
--25
1st pref with warr
for
Sale*
Friday
Week
of Price*
Low
High Share*
Price
United Shoe Mach com.25
United Specialties com.._l
U 8 Foil Co class B—.
Week'* Range
Sale
Par
Preferred..
Bale*
Friday
I
STOCKS
{Concluded)
July 29, 1939
Exchange—Continued—Page 5
1965
*97%
99%
102 w 102
89%
90
105% 105%
*108% 109%
95%
Apr
98%
July
1,000
92
Jan
102*u June
3,000
1,000
82
Apr
105
July
91% Mar
109% May
110% May
107%
Jan
n
Volume
New York Curb
149
Last
BONDS
Week's
Sale
(Continues)
Par
Middle States Pet 6%s *45
Midland Valley RR 5s 1943
1st A ref 5s
102%
106%
99%
Miss Power A Lt 5s
1957
Miss River Pow 1st 6s. 1951
102%
Missouri Pub Serv 58.1960
Nassau A Suffolk Ltg 5s '45
87%
Ill
2030
105%
|»Nat Pub Serv 6s ctfs 1978
Nebraska Power 4%s_1981
25,000
97%
99% 183,000
101% 102% 218,000
1,000
109% 109%
24,000
87%
88%
109%
84%
123%
71%
71%
New Amsterdam Gas 5s '48
N E Gas A El Assn 5s 1947
1948
Conv deb 5s
1950
New Eng Power 3%s_1961
New Eng Pow Assn 5S.1948
Tide Water Power 5s_.1979
"~99%
Apr
102%
July
Apr
Tlets (L) see Leonard
Twin City Rap Tr 5%s '52
Ulen Co—
82%
88%
Jan
Jan
Apr
110
May
73%
Jan
91
June
July
Jan
105%
Apr
85
6,000
129,000
12,000
107%
115%
Jan
97%
38
111%
July
Jan
123% June
Jan
109%
July
75% May
Jan
118%
89%
123%
43,000
55
Jan
73%
July
40.000
72
71% 123,000
64
Jan
73%
54%
Jan
73%
July
May
99
6s series A
4%S
2,000
107%
Jan
109%
87%
Apr
97%
July
99%
82,000
90
Apr
99%
July
Feb
103
July
Apr
100% May
♦Ext 4%s stamped.1950
79
Jan
8,000
98% 100%
..
105%
37,000
103%
N x A Weetch'r Ltg 4s 2004
Debenture 5s
1954
*80%
83%
105% 105%
86,000
103% 103%
15,000
105
105
*113%
Nippon El Pow 6 %8—1953
6s
8,000
______
52
1,000
100% 101
15,000
105% 105%
13,000
52
105% May
99
104%
112%
50
86%
109
West Penn Elec 5s...2030
West Penn Traction 5s '60
Mar
West Newspaper Un 6s '44
95%
58
Mar
101
104
107% May
57% Mar
FOREIGN
Jan
107
Mar
108%
Jan
AND
*106% 106%
104%
103% 104%
68,000
95
109%
5,000
108
108% 109%
26,000
108%
108% 109
105
105%
24,000
108
109
Jan
99%
82
Jan
98
14
14
*110
14
July
Jan
111
July
104%
July
108
Mar
116
12,000
3,000
104
116
59
106
Feb
31%
107%
115
*104^ 104%
60
32,000
50
105% 106
"59"
July
June
*105% 108
Jan
110%
Jan
Apr
105% June
100%
Jan
102%
Jan
106% June
July
116
63
Mar
106%
Jan
106%
May
106
June
93%
94
13,000
87
Apr
94
Jan
"94%
94%
95
37,000
86%
Apr
95
July
26%
26%
*24
26%
5,000
25%
Feb
28%
Jan
26%
26%
28
Jan
27
Apr
24%
Jan
MUNICIPALITIES—
♦20-year 7s
Apr 1946
♦7s ctfs of dep. Apr '46
105% May
♦20-year 7s
May
Jan 1947
♦7s ctfs of dep. Jan
30
Apr
104%
July
110%
June
♦6s ctfs of dep...Aug '47
*24
*24
30
Jan
109% July
109% May
♦68 ctfs of dep.. .Apr '48
*24
'4*660
30
18
July
June
Antloqula
(Dept
'47
30
"24% "Mar
of) Co¬
lumbia—
Jan
110%
July
♦7s
ser
A ctfs of dep. 1945
*12%
13%
June
♦7s
ser
B ctfs of dep. 1945
*12%
18
5.000
Jan
104
Mar
♦78
ser
C ctfs of dep. 1945
18
14
June
14
June
ser
D ctfs of dep. 1945
15
13%
Jnne
13%
June
9,000
111%
July
114
May
♦7s 1st
18
11
Mar
11
Mar
May
20
July
Mar
15
102%
102% 102%
111% 112
Apr
94%
July
♦7s 2d
ser
ctfs of dep.'57
July
113%
95%
Jan
♦7s 3d
ser
ctfs of dep.'57
*12%
*12%
*11
*11
*11
1951
*19%
Pacific Gas A Eleo Co—
1941
A_1948
94
Pacific Ltg A Pow 5s
1942
Pacific Pow A Ltg 58—1965
94%
4,000
*111% 112%
94%
93% 95% 274,000
*38
42
99%
99% 100% 77,000
1964
Penn Cent LAP 4%s_1977
1st 58
...1979
104
105
1971
196?
104
105%
106% 107
1,000
16,000
13,000
89
111%
76
Jan
32
Jan
91
Jan
98
97
July
I960
106% 106%
"105"
105
106
Penn Water A Pow 5s. 1940
1968
105%
101% 101%
105% 106
18
18
25
17%
15
*11
20
16%
14%
*12
14%
*12
18
♦Prov Banks 6s B—1951
24
24
1952
*24
30
♦6s ctfs of dep.-July '61
*22
32
♦68 ctfs of dep__Oct '61
*22
32
*11
20'
Jan
Mar
Jan
105%
July
♦Caldas 7Ha ctfs of dep.'46
♦Cauca Valley 7s
1948
106% May
107%
July
38
Jan
108
June
Jan
106%
109%
Mar
June
Jan
July
105
Mar
♦6s series A
June
16%
June
Jan
16%
June
Mar
15%
July
Jan
10
1,000
11%
19
*
22
21%
Apr
25%
25%
Mar
19%
1,000
Feb
Feb
22
Mar
100
Jan
Columbia (Republic of)—
Jan
108%
Jan
Peoples Gas L A Coke—
1948
*7Ha ctfs of dep...1946
Cent Bk of German State A
Mar
108
♦7s ctfs of dep
June
July
105%
2,000
108
Jan
Bogota (see Mtge Bank or;
14,000
1,000
108
8%
20
♦Bogota (City) 8s ctfs.1945
July
12,000
106% 106%
1954
♦Baden 7s
June
100%
91%
105%
105%
101%
7,000
24,000
ctfs of dep.'57
ser
100%
104%
Penn Ohio Edison—
Cundlnamarca (Dept of)
1981
1961
99%
99% 100
57,000
91%
Apr
100
July
Apr
Apr
100%
113%
July
100
Pbila Rapid Transit 6s 1962
100
100%
36,000
92%
112%
Phlla Elec Pow 5%s—1972
112% 113%
4,000
111%
Pittsburgh Coal 6s..1949
Pittsburgh Steel 6s...1948
81
2,000
76
Apr
81
July
44%
44%
1,000
38
Apr
61
101
103
1,000
98
7,000
*19%
28
103
Portland Gas A Coke 5s '40
76
Potomac Edison 6s E.1956
106%
4Kb series F__
1961
Potrero Sug 7s stmpd.1947
109%
77
19,000
17,000
109% 109%
10,000
48
——
June
108
Mar
95%
17%
Jan
99
Jan
22
June
64
Jan
80
May
48
1.000
104
4,000
*19
30
105%
108%
39%
100%
July
Feb
23
Feb
Apr
157
June
Jan
Jan
Jan
109%
Feb
155% 156
26,000
146
"95%
1950
1st A ref 4 Ha ser D. 1960
Queens Boro Gas A Elec—
1952
93
90%
106% 106% 10,000
94%
95% 167,000
91%
94% 92,000
89%
90% 113,000
|*St L Gas A Coke 68.1947
97%
32%
32%
*20%
25
108
108%
*20
23
San
136
97%
♦Ruhr Gas Corp 6%s_1953
♦Ruhr Housing 6%s—1958
Safe Harbor Water 4%s '79
+
+
108
Joaquin L A P 6s B '52
♦Saxon Pub Wks 6s.—1937
*21
$23%
♦Schulte Real Est 6s..1951
Scrlpp (E W) Co 5%s_1943
95%
101% 102%
105%
104% 104%
104% 105%
80%
80%
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 6s. 1957
2026
56
99%
110%
98%
109
1,000
57
Jan
19
19%
1947
♦Secured 6s
18%
20%
♦Hanover (City) 7S...1939
♦Hanover (Prov) 6 Ha. 1949
*18%
♦Maranhao
1958
*8%
*9%
Mar
♦Medellln 7s stamped. 1951
*14%
1958
6%a stamped
7s
1951
*13
♦6 Ha ctfs of dep
1954
Mtge Bk of Bogota 78.1947
♦Issue of May 1927
$12
♦7s ctfs of dep
May
July
♦7s ctfs of dep.May
♦7s ctfs of dep. Oct '47
63 H
28
Jan
97 %
35
July
♦Mtge Bk of Chile 68.1931
Mtge Bank of Columbia—
♦78 ctfs of dep
1946
♦7s ctfs of dep
1947
21%
110
June
134
Feb
Feb
Apr
21
137%
27
Jan
*%
65
Jan
Feb
May
103 H
Mar
1,000
76 H
83
Jan
94%
July
105%
Mar
22
Apr
14
Apr
20
Mar
16
7s... 1958
Mar
13
Jan
Jan
15
Mar
16
June
10
16
14%
18
May
6%
11%
10
12
Feb
15
June
June
Jan
13
25%
Jan
26%
July
25%
Jan
26%
Mar
26
Apr
26
Apr
11
June
16
Jan
9
1,000
"5T6O6
32
86
11%
53%
106
48
102%
Mar
20
Jan
*24
♦5 Ms
1921
♦Santa Fe 7s stamped.1945
Jan
20
Apr
*24
85%
11%
86
♦Russian Govt 6 Ms—1919
Mar
7,000
♦6Ms ctfs of dep...1947
Mtge Bk of Denmark 5s '72
Mar
31H
Apr
17
32
32
♦Rio de Janeiro 6MS.1959
103 X
16%
16%
*24
June
May
May
9,000
13
♦Parana (State)
June
Feb
3,000
13
July
100
35%
2.000
26%
32
July
Feb
Jan
July
18%
29
26%
July
Apr
7.000
19%
26%
*24
94%
June
96%
20%
22
*26%
*24
90%
June
21%
'47
♦Issue of Oct 1927
Jan
108
Apr
Lima (City) Peru—
Jan
4,000
99% 68,000
110% 148,000
♦German Con Munio 7s '47
21
July
22
5,000
1952
72
20 H
12,000
♦External 0%s
June
108%
95%
2,000
Apr
21
87
70%
16%
1,000
June
75%
21H
20,000
50
25%
102%
1951
Shawlnlgan W A P 4%s '67
1st 4 %s series D
1970
136
28,000
106
85%
85
91
*86
48
105%
Pub Serv of Oklahoma—
1966
91
1963
110
Public Service of N J—
6% perpetual certificates
1965
68
Danzig Port A Waterways
Feb
20%
106% 107%
104
*59
Danish 5 Ha
Jan
97%
mmmrn
♦Pomeranian Elec 6s. .1953
*6%a ctfs of dep—.1969
July
81
81
Pledm't Hydro El 6%s '60
Southeast PAL 6s
94%
102% June
Pacific Coast Power 5s '40
Scull In Steel 3s
99 M
95
106%
83,000
14,000
6 Hs series A
87
June
Jan
110%
102%
C
100
Apr
102
ser
Apr
Mar
110
1st A ref 5s
89%
91%
101%
105%
110%
102%
4s series A
33,000
July
104%
96%
7.000
1946
Puget Sound P 4 L 5%s '49
15%
100%
♦7a
1961
♦Prussian Electric 6s..1954
18,000
July
Apr
Agricultural Mtge Bk (Col)
104
Okla Power A Water 5s '48
PowerCorp(Can)4%sB
95%
July
98%
GOVERNMENT
47
2,000
108
4s series D
1947
10,000
Feb
48 series B
"99%
1937
57%
56%
104
4%s series B
91
84
June
Jan
5s series D
16,000
57,000
49,000
55.000
|*York Rys Co 5s
Jan
Apr
May
Jan
Deb 5%s series B—1959
Penn Pub Serv 6s C—1947
July
Apr
Apr
15,000
107
6a series A
118%
68 %
81%
8.000
105% 105%
106%
5s series H
Jan
14,000
105%
Apr
Apr
Apr
Penn Electric 4s F
112
118%
84
95%
98%
100
100%
99
99%
98%
99%
80%
Yadkin River Power 6s '41
102
Park Lexington 3s
118
118%
"98"
May
104%
104%
ser
July
113%
5,000
Paciflo Invest 6s
July
June
Jan
6,000
1st 6s series B
83%
91%
84*666
2,000
5s oonv debs
Apr
72
Apr
105% 106
104
109
June
78%
106"
105% 105%
^
68
July
28%
July
1966
105% 105%
-
Jan
28%
Apr
87%
Wise Pow A Lt 4s
1970
-
Jan
108%
Wheeling Elec Co 5e__ 1941
1969
«
July
52
Apr
June
1966
-
52%
119%
Jan
Apr
Mar
Mar
June
4 %s series E
-
Apr
104%
106%
6s series D
-*1945
July
26%
24,000
104%
5s series C
Ohio Power 3 Kb
1968
Ohio Public Serv 4s... 1962
47*666
Jan
Northern Indiana P 8—
N'western Elec 6s stmpd'45
N'western Pub Serv 6s 1957
83%
87%
Jan
107% 107%
57%
Ne Indiana G A E 6S..1952
Okla Nat Gas 4Kb
1954
Stamped 6s
101
No Boston Ltg Prop3 %s'47
Nor Cont'l Utll 6%s_-1948
Ogden Gas 5s
1946
Mar
No Amer Lt A Power—
1956
64%
107% 108%
246,000
89%
91
91
Wash Ry A Eleo 4s._.1951
IfWash Water Power 5s.'60
July
Jan
Waldorf-Astoria Hotel—
99%
89%
July
99%
23
7,000
1944
Va Pub Serv 5%s A—1946
1st ref 5s series B...1950
1,000
86%
1973
61,000
102% 102%
100
N Y P A L Corp 1st 4 %s'67
N Y State E A G 4%s 1980
5%a series A
1952
6s series A
♦5s Income deb
102%
1942
♦Inoome 6s series A.1949
New York Penn A Oblo—
107%
28%
35
80%
83 M
87
112%
Jan
116%
40%
49%
28%
*26
1959
July
Jan
50%
44
*44
1974
97%
109% 109%
97
1976
_
Utah Pow A Lt 6s A..2022
July
*40%
$119
107 %
99%
86%
57,000
64%
Jan
103
25~66o
1945
Un Lt A Rys (Del) 5 Ha '52
United Lt A Rys (Me)—
July
73
f 6s
6%s
5%s
Mar
96
s
United Lt A Pow 6s
Apr
May
70%
97%
99%
♦1st
July
71
70
13,000
63%
High
Low
31
107%
♦United Industrial 6%s '41
92%
82%
107
Range Since Jan. 1, 1939
$
High
*112% 112%
98%
99%
Conv 6s 4th stamp.1950
United Eleo N J 4s_—1949
United El Serv 7s
1966
33
109% 109%
107 H
2022
108%
111
123% 123%
Week
64%
6s series A
106% July
99% July
102% June
102
Jan
70%
Debenture 5%s
1954
New Orleans Pub Serv—
Mar
Mar
Jan
1,000
Texas Power A Lt 5s—1956
66%
77
2,000
for
of Prices
101%
98
75,000
Week's Ranoe
Low
Apr
93%
97%
13,000
35%
July
Sales
Sale
Price
99%
22,000
109%
*123% 126
Last
Par
Jan
93%
58% May
97%
35%
BONDS
(Concluded)
110% 111
104% 105%
109
Nelsner Bros Realty 6s '48
Nevada-Calif Elec 6s_1966
5s stamped.
106
......
-.2022
5s
8,000
32,000
106%
1939
High
Low
%
102% 102%
95
Nat Pow A Lt 6S A...2026
98
63%
Ranoe Since Jan. 1,
for
705
6
Friday
Week
10,000
12,000
63
Mississippi Power 58..1955
6s series A
97%
High
100% 101
"lOl
1955
Deb 5s series B
Low
97%
Milw Gas Light 4%s„1967
Minn P A L4%s
1978
Rangt
of Prtces
Price
Exchange—Concluded—Page
Sales
Friday
9
9
4,000
1,000
"85%" July
8%
5%
1,000
7i»
7»
53%
%
Jan
Jan
July
96%
15
Feb
Jan
July
Jan
Jan
*11
13
8%
May
*11
♦Santiago 7s.——1940
♦7s.
1961
14%
84*
May
14%
•11 June
1,000
47
Apr
Mar
%
%
53%
14%
*%
Mar
Mar
14%
Feb
83
Mar
Jan
99 H
July
Jan
110%
July
1-06 H
Mar
Sou Calif Edison Ltd—
Debenture 3 Ha
1945
Ref M 3 Ks.May 1 1960
103% 104
If 1st A ref mtge 4s.-I960
Sou Counties Gas 434 s 1968
Sou Indiana Ry 4s
1951
103
108%
_
"47%
18,000
108 X
Jan
109% 109%
109%
Ref M 3Ha B.July 1 '60
5,000
108%
Jan
108% 108"„
11.000
109
109%
35,000
108%
July
104
104%
8.000
47%
11,000
103 H
39 %
Feb
46
S'western Assoc Tel 5s 1961
104% 104%
2,000
102%
S'western Lt A Pow 5s 1957
103% 103%
4,000
102
4,000
81
So'west Pow A Lt 6a..2022
99
So'west Pub Serv 6s—1946
107
♦Spalding (A G) 5s—1989
98
99
106% 107
58
58%
4,000
7,000
104 H
49
May
111% May
111% May
112%
Feb
105%
52 H
Jan
Mar
Feb
Apr
Apr
104% July
104H June
99
July
Jan
108
May
July
59
July
Standard Gas A Elec—
70%
July
54
Apr
71
July
Memphis Pow. A Lt. 5s 1948, July 27 at 102.
Southern Calif Edison 4s 1960, Sept. 1 at 108%.
54
Apr
69 H
Mar
Jan
99 %
July
Apr
70%
Mar
66
69%
8,000
99%
99%
2,000
87
66
70
47,000
53 H
20%
21
24.000
18
July
35
Jan
Stinnes
*51%
Ternl Hydro-El 6%s__1953
Texas Elec Service 5s.I960
53
36%
104%
103% 104%
4,000
52.000
5s
1947 Sept
Washington Water Power 5s 1960, Aug. 1 at
e
Apr
34
Apr
88 H
38 H
Jan
100 H
N
53%
Jan
97
Apr
Mar
Jan
104% May
'
Included In weekly or
>
,
Sales.
Under-the-rule sales transacted during the current week
weekly or yearly range:
Feb
Apr
64
50
104%.
Cash sales transacted during the current week and not
yearly range:
v
50
—
28,000
105.
1 at 101.
Kansas Power
66%
*35
.
„
have been called
Cuban Telep 7%s 1941, Sept. 1 at
71
100% 100%
42%
43%
{ Reported In receivership.
IfThe following is a list of the New York Curb bond Issues which
July
69%
2d Btampefi 4s
1946
Tennessee Eleo Pow 5s 1956
current week.
In their entirety:
July
Debenture 6s. Dec 11966
(Hugo) Corp—
2d stamped 4s_.
1940
No sales were transacted during
71%
6s gold debs
♦Starrett Corp Inc 6s. 1950
Cash sales not in¬
Bonds being traded flat.
71
71
163,000
71% 142.000
70% 154,000
32,000
71
69%
r
Ex-divldend,
Apr
66
1957
z
♦ Friday's bid and asked price.
♦
d Ex-
Deferred delivery sales not Included In year's range,
Apr
66
Standard Invest* 6 Ha 1939
Standard Pow A Lt 6e.l957
a
Under the rule sales not included In year's range,
Apr
70
70%
69%
66
n
55
1948
1948
1951
Debenture 6s
No par value,
cluded In year's range,
54 H
55
(stpd)
Conv 6s (stpd)
6s
♦
Interest.
and not Included in
No sales.
t
Deferred delivery sales transacted during the current week
and not Included
In weekly or yearly range:
No sales.
Abbreviations
.
...
A
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
I
The Commercial &
Exchange
Baltimore Stock
July 22 to July 28, both
of Prices
Low
High
Price
Par
Consol Gas E L &
"82 j*
Pow—*
Apr
2.10
1.20
116
May
4%
680
4
71
112
July
625
16%
Apr
60c
1,110
40c
400
13%
6
1.05
335
13%
1.50
1.50
266
37%
14%
1.50
1,556
3,577
56
79
79
78%
22%
22%
23%
33
33
2,135
38
40c
1.00
35
Friday
Mar
Last
Week's Range
for
Sale
of Prices
Low
High
Shares
Jan
1.40
Jan
28% July
Jan
2.00
Jan
Feb
45
June
Mar
10%
Apr
14%
July
1.00
Feb
1.50
July
73
Jan
Apr
84%
23%
Mar
16%
31
Jan
33%
Mar
Mar
Bonds—
128 %
26 %
26
27
1976
B 5s flat....
1975
Finance Co of Amer 4% '42
30 %
30%
87%
Boston Stock
for
Sale
of Prices
Low
High
Week
Price
Shares
Low
High
Associated Gas A Elec A._ 1
Blgelow-SanfdCarpet pflOO
Boston A Albany
100
"l8~~
Boston Herald Traveler..*
116
%
43
90
560
77%
76%
148% 154
46%
45%
18
17%
77%
154
100
Elevated
Boston
%
87%
"90"
100
Boston Edison Co
166% 168%
167%
100
Amer Tel A Tel
%
245
1%
May
67
90
Apr
70% May
89%
Class A
7%
7%
7%
160
1%
100
1%
1%
1%
94
1%
"
"i%
Class B 1st pref (stpd) 100
Class D 1st pref (stpd) 100
1%
1%
15
73
1%
30
1%
375
Boston Personal Prop Tr_*
14
15
Boston A Providence... 100
16
16%
Copper Range
291
4
4
25
46
26%
1,900
20
Apr
32
22
22
22
10
17
Jan
22
June
5%
24%
5%
24%
250
*
10
11%
11%
10
1
pref
7%
10
12%
18%
5
Apr
20%
Apr
.9
Feb
2
June
6
Apr
%
1
Common
.
.
*
Mar
Mar
Common
Preferred
6%
1
Mar
*
9
3%
3%
Mar
Prior lien
preferred
Mar
Cent States P A Lt pref.
July
Jan
5%
Jan
9%
65%
68%
240
60
4
406
3
6%
6%
1%
%
6%
4%
18%
Chicago Corp common...*
1%
_
34%
Preferred
450
9%
16
16%
Apr
23%
Jan
190
12%
Jan
15
Jan
470
64%
Apr
76%
Jan
4
% May
Apr
%
6%
July
5,350
1
Apr
45
Jan
61
July
Jan
112
July
100
<
250
302
5
200
18%
1%
37
73%
%
200
1,800
100
2%
15
Apr
Jan
i%
Jan
350
33
June
38%
Mar
100
62
Jan
78%
Mar
Chic A N'west Ry com. 100
%
%
71%
71%
9%
100
5
Jan
9%
Jan
9%
82%
84%
545
53%
Apr
84%
July
58%
2%
6%
1,300
5%
July
9%
Feb
2%
2%
150
2%
Jan
3%
Mar
31%
30%
31%
13,104
25%
July
12
13
77
Jan
Mar
4%
Apr
May
*
Chicago Yellow Cab
Chrysler Corp common. .6
18%
Apr
24
Jan
15
%
Apr
200
%
10
67%
Jan
5%
20
5%
Apr
7
Jan
6%
85
6%
Apr
8
Jan
New capital
25
Compressed Ind Gases cap5
2%
25
2%
10
28
Jan
1%
20
2%
28
Jan
1
1
50
%
Apr
16
Isle Royal Copper Co
15
Loew'sTheatres(Boston) 25
...10
common
16
14
13%
Jan
Consolidated OH Corp...*
July
Consumers Co cl A
Jan
2%
16
pref
16%
100
Narragansett Racing
_
.
16
2%
t c.l
Mergenthaler Linotype.
19
*
16%
2%
19%
Apr
July
18
355
2
Jan
35
17
Mar
2%
22%
80
.
10
Jan
July
Jan
Assn
4%
Inc..
National Tunnel A Mines. *
N Eng Gas A El Assn pref *
31%
119%
100
1%
250
31%
119%
89
3%
Jan
1%
July
15
Jan
5% June
Jan
2
•
31%
July
50
Common pt shares B
100
Continental Steel
Crane
Co
119%
July
1%
Jan
Diamond T Mot Car
1.00
Jan
16%
1
24%
53%
10%
12%
51
1
18%
17%
Deere A Co com
1%
com
Feb
July
17
June
Jan
1%
21
175
15%
Jan
6%
6%
15
5%
June
9%
Jan
10%
10%
200
9%
May
Apr
12%
Jan
8%
Jan
Dodge Mfg Corp com
*
Eddy Paper Corp (The)..*
10%
8
32%
14
com
3%
Jan
2
Jan
Apr
7%
Feb
1%
Mar
3%
Jan
7%
7%
2%
60
85c May
Bonds—
General Foods
15
'49%
Goldblatt Bros Inc com..*
ii%
$10,000
80
Apr
94
June
Hall
94
94
100
80
Apr
96
June
101
2,100
91
Jan
102
July
Helleman Brew Co G cap.l
Hein Werner Lite Pts
3
Printing Co
com... 10
14
Houdalile-Her8hey cl B__*
July 28, both inclusive, compiled from official sales lists
Week's Range
of Prices
High
Range Since Jan. 1, 1939
for
38%
*
9%
*
6
Advanced Alum Castings.5
"~2%
Corp clA
31%
8
Apr
Apr
Jan
64%
43
9%
Mar
Jan
July
50
5%
July
9%.
Jan
2%
100
1%
July
3
Jan
6
13%
Apr
37%
11%
250
Apr
12
25%
14%
9
1,400
18%
Apr
27%
1,901
1,20C
8%
Apr
14%
250
9
7
Jan
Apr
July
Mar
9
9%
Jan
Jan
Feb
May
Jan
37
35
13%
35
100
34%
13%
13%
460
8%
Apr
17%
Jan
11
150
9%
May
12%
Feb
1,550
1
June
2%
Jan
10%
"1 %
1
1%
6%
Jan
20%
Jan
Indep Pneum Tool vtc..*
18%
200
16%
June
22%
Apr
94%
78
83%
185
55%
58%
327
4%
*
1
5
9%
July
Kellogg Switchboard com
Apr
17%
July
Apr
9 %
July
Kentucky Utll Jr cum pf. 50
6% preferred
100
25
19%
50
*
36%
38%
259
85
94
360
Jan
Keryln Oil cl A com
47%
Jan
Kingsbury Brewing cap__l
Jan
94
La Salle Ext Univ com
5
Jan
13
14%
7,100
10%
July
18
18%
15C
15%
June
45
150
36
5%
8%
43%
42%
94%
"§"%
19%
Apr
2%
43
8%
May
10
Apr
49%
2%
Jan
13%
5%
Apr
4%
66%
45
Jefferson Electric Co com. *
Joslyn Mfg A Sply Co
Katz Drug Co com
10
5% 5%
pref.
Jarvls (W B) CoNew com
5
July
6%
Jan
July
Apr
6
59
9
Apr
11
For footnotes see page 709.
Apr
21%
9%
550
CO ©<
1
10
385
4
850
Amer Pub Service pref. 100
Jan
200
700
250
16
Mar
8%
425
9%
28%
July
51%
4%
9%
"16%
10
47
Apr
Apr
13%
18%
17%
Allied Laboratories com..*
Allis-Chalmers Mfg Co..
60
120
53%
Jan
37%
5%
4%
2%
9%
16%
8%
19%
Aetna BaU Bearing com__l
Allied Products com
275
Jan
13%
$6 pref erred
64%
38%
9%
July
12
14
July
10
com
Interstate Power $7
Abbott Laboratories—
3%
32
International Harvest com*
High
Low
Jan
11%
Inland Steel Co cap
Week
Shares
6%
145
2
100
Illinois Brick Go.**.
Illinois Central RR
Sales
Friday
1
com
1,271
8%
Hubbell Harvey Inc com .5
Hupp Motors
49%
8%
Hibb-Spencer-Bart com.25
Chicago Stock Exchange
180
47
47%
11%
25%
*
100
92
1,4.50
30
1948
25
July
6%
com.
..1948
com
3%
3%
45%
»
com
Great Lakes DAD com.
Adams OH <fc Gas
Feb
Apr
50%
General Motors Corp.. 10
Gillette Safety Razor pref *
Gossard Co (H W) com
Eastern Mass 8t Ry—
Adams (J D) Mfg com
Apr
1%
36%
2%
50c
64
10
100
2%
1%
Mar
15
100
11%
2%
5%
Jan
11%
'11%
65
10
15
General Finance Corp coml
125
Apr
Mar
60
July
210
Jan
300
4%
Apr
July
66c
Jan
14%
Apr
52%
11%
2
43%
Apr
11%
28%
65c
Apr
3
40%
Gardner Denver Co com.. *
Genera 1 Amer Transp com 5
General Candy Corp A
5
87%
24%
10%
105
Jan
Mar
48%
80
400
Mar
Apr
Apr
Apr
15
11
17%
28%
Apr
2%
15
Apr
Apr
Feb
41%
1,000
19% June
4
May
500
3%
8%
8%
71%
Feb
15
22%
198
14%
138%
2%
.5
.1
335
Fuller Mfg Co com
6
Jan
50
100
290
828
Low
14
1,222
87%
90%
100
8
16%
3%
33%
3
com
(Peter) Brewing
8
13%
48%
64%
10
1
10%
2
*
1
16%
Four-Wheel Drive Auto. 10
Fox
Apr
1
2
Fitz Simons A C D A D cm*
1
July
Mar
Fairbanks-Morse
14
Mar
18%
23%
Jan
90
Jan
73
July
*
Goodyear T A Rub
Common (new)
Acme Steel Co com
Apr
30
Jan
3
46%
Sale
12%
17%
24%
9%
Apr
15%
% June
85%
Price
450
May
Jan
1
15%
Elec Household UtU cap. 5
48%
Par
37%
18%
16%
19%
50
Apr
Jan
290
17
2%
Stocks—
29%
July
150
525
50
55
Apr
14%
87
Last
Apr
July
Jan
1
Mar
27%
1948
Jan
Jan
9
Jan
12%
28%
Series D 6s...
7%
16%
%
10
Apr
402
7%
4% May
Apr
9%
10
40c
19%
Waldorf System......
Warren Bros
10
Jan
400
1.50
12%
12%
18%
1
Venezuela Holding Corp_.l
July
1%
16
14%
Feb
115
United Shoe Mach Corp. 25
6% cum pref
25
Utah Metal A Tunnel Co.l
2%
Jan
Dixie-Vortex Co—
20c
Torrington Co (The)
53%
.
Apr
35c June
*
Apr
1% May
15%
14%
20%
*
Dayton Rubber Mfg com.*
Deep Rock Oil conv pref. *
July
50
Stone A Webster
7
30
»
Curtis Lighting Inc
June
20
Shawmut Assn TC
28%
25
%
26c
Reece Button Hole MachlO
Reece Folding Machine. 10
11%
*
com
com
30o
75c
19
320
1%
11%
29%
25%
103%
50c
25
7%
40
113
26c
50
Mar
150
643
439
25
Pennsylvania RR
Quincy Mining Co.
Jan
6%
9%
%
%
;_100
Pacific Mills Co
15%
July
4%
Common
,
31%
Apr
4
%
36c
Old Colony RR—
Old Dominion Co
7%
1%
Apr
9
4%
Cudahy Packing Co pref 100
CunnlnghamDrugStores2 %
Feb
72
450
*
c
%
118
%
..2.50
*"i%
July
400
pt sh pref......50
Container Corp of A com 20
V. t
34c
New England Tel A Tel 100
NYNHAH RR
4%
1%
29%
1
%
4%
4
July
Maine Cen—
v
(New)
Jan
1
July
Common wealth Edison-
4% June
Consol Biscuit com
28
July
2%
Chicago Towel—
Common capital
624
5%
Mar
Apr
Cities Service Co—
6%
Jan
Chicago Rys pt ctfs I... 100
Club Aluminum Utensil.
*
6%
19
July
Jan
Mar
*
*
1%
Jan
Jan
Mar
23%
Jan
Mar
Apr
Jan
1%
7%
22%
Mar
12%
17%
25
3%
9
25
July
Jan
200
17%
4%
Jan
25% July
11% May
72%
%
14
4%
17
Jan
Mar
23%
112
*
*
.
1%
61
56
110
Chain Belt Co com.
23
Apr
1%
61
..
5
May
65%
4%
7%
Jan
Apr
Central S W—
15
Jan
1%
10% May
100
♦
29%
18%
350
75%
3%
Apr
*
10
180
13%
74%
2%
June
Preferred...
to
188
13%
11%
1
Class A
July 22
4,800
75%
Jan
Hathaway Bakeries—
Series A 4%s
Series B 5s
50
8%
22%
12%
18%
13%
Jan
1%
1% July
1% June
16
3%
2%
7%
22
10
CentColdStorage com... 20
19
30
4
50
2%
com—1
Apr
200
Razor
Common
25%
Jan
25%
16
1,938
.100
Butte
20%
Cent HI Pub Ser $6 pref--*
9%
Gilchrist & Co
North
Apr
"19%
10
Central Hllnois Secur—
1%
19%
Eastern SS Lines—
Common
cum
10% May
13%
Mar
8%
Economy Grocery Stores
Employers Group
5%
Jan
250
July
100
Mass Utilities Assoc
7%
19%
56
1%
17%
'
Gillette Safety
1,300
19
154
Eastern Mass St Ry—
Adjustment
10%
Jan
1%
19%
*
100
......
2,650
Chic Flexible Shaft com.
Common
1st preferred.
Jan
26%
10%
Castle (A M) Co com...
East Gas A Fuel Assn—
4%% prior pref
6% preferred
Mar
25%
Apr
6
Jan
10%
26%
Mar
Jan
Feb
Jan
4
July
6
C onvertible preferred
Prior preferred
1,600
Mar
6%
July
Boston A Maine—
Class A 1st pref std_.100
Class A 1st pref
100
18%
17
9%
5% conv preferred —30
Campbell WACanFdy cap*
Feb
7%*> Jan
Brown Fence A Wire—
Burd Piston Ring
Mar
9%
450
Apr
8%
16%
11%
38%
526 *127
74
170
Apr
2
4%
%
Apr
Apr
.*
Bunte Bros com
147%
600
Corp—
Brach A Sons cap
Butler Brothers—
2,249
2%
% May
July
3%
Apr
Apr
Common
Range Since Jan. 1,1939
Week's Range
July
50
1,920
Jan
June
6%
(New) common..
Sales
Last
1%
%
Jan
38
4%
16%
Belden Mfg Co
Borg Warner
from official sales lists
Apr
900
July
Exchange
10
1%
30
900
31
Feb
200
38
1
5%
22%
Apr
83% May
Jan
500
%
5%
10
101
9
5%
18%
com.....10
Belmont Radio Corp..—*
6
Bendix Aviation com
Berghoff Brewing Co
1
Bliss A Laughlln Inc com.5
1,000
Jan
3%
4%
8%
Bastlan-Blesslug Co com.*
July
July
6%
10%
1,218
2%
July
87%
102%
Mar
May
7% June
% July
Apr
%
27
500
170%
147 %
4%
Apr
16.300
36%
1%
July
Friday
Par
*37"
High
Low
769
200
%
19%
July 22 to July 28, both inclusive, compiled
Stocks—
8%
128%
101
101
4
common...5
Aro Equipment com
1
Asbestos Mfg Co com
1
Associates Inv Co com...*
Auburn Auto Co com
*
Automatic Washer com—3
Aviation Corp (Del)
3
Aviation A Trans C cap. 1
Barlow A Seellg Mfg A cm 5
Armour A Co
Range Since
Week
166% 168%
4%
3%
Amer Tel A Tel Co cap. 100
1,000
31
87%
A 6s flat
128%
Price
Par
(Continued)
Stocks
$38,000
128% 128%
4s—.1961
Bait Transit 4s flat... 1976
Baltimore City
Sales
July
1.40
July
Municipal Dept. CGO. 521
St., CHICAGO
La Salle
10 S.
June
22
50c June
13
Jan
129%
10%
Apr
8%
21%
35
Apr
47
Bell System Teletype
CGO. 405-406
Trading Dept.
Jan
22%
82% July
121% June
6% May
Jan
53
82%
14%
..2
July
Apr
120
1.00
com*
70c
16
13
Western National Bank.20
Jan
June
Members Principal Exchanges
Mar
31%
71
40c
com._l
24%
10
50c
Casualty 6
Apr
Apr
216
19
21
1
Mar Tex Oil com cl A
1
Merch & Miners Transp..*
Mt Vern-WdbMills com 100
Mt Vern Wood Mills pf 100
Fidelity A Guar.
511
25c
128 % 129
9%
8%
"imi
Mar Tex Oil
tr g
252
1.75
80
preferred.-.25
Penna Water & Power
70c
4
Fidelity & Deposit
20
Finance Co of Am A com .5
North Amer Oil Co
17
118
118
4%% pref B.
100
Assoc com.l
New Amsterd'm
39
19
Eastern Sugar
Houston Oil
20
1.40
1.70
*
Black & Decker com
20%
27c
70c
65
Paal H.Davis &@o.
High
Low
22
20
*
1st pref vtc
Shares
22
*
Atlantic Coast Line Conn50
Bait Transit Co com v t o.*
Arundel Corp
Unlisted
Range Since Jan. 1,1939
for
Week
Week's Range
Sale
SECURITIES
Listed and
Sales
Last
Stocks—
CHICAGO
inclusive, compiled from official sales lists
Friday
July 29, 1939
Financial Chronicle
3
%
1%
5%
8%
43%
96
Apr
3%
Apr
2,15C
430
1,700
Jan
Jan
Mar
66
6%
Mar
Feb
5
14%
19%
July
Jan
Mar
46
5%
July
5
Feb
8%
July
29
Jan
43%
July
90
69%
Jan
96
July
3%
300
2%
Apr
4
%
100
%
Apr
%
Jan
1%
250
1%
July
2%
Jan
Apr
Volume 149
The Commercial & Financial Chronicle
Friday
Sales
Last
Stocks (Concluded)
Par
Week's Range
for
Sale
of Prices
Lawbeck Corp 6 % pref_ 100
Llbby McNeill & Llbby..*
Lincoln
Low
5*
Loudon Packing com
Class A
May
32*
July
588
4
Apr
6*
Jan
Nash
200
2
Mar
5*
Jan
40
25
32*
Mar
National Pumps
Preferred
13
200
17%
1%
155
50
1
30
100
25
June
20
Jan
Jan
Rapid
Apr
1*
Jan
US
May
33*
Jan
Wurlitzer
50
10*
July
16*
*
100
*
Apr
*
22*
20
Apr
22*
7,000
9*
Apr
15*
50
3*
Apr
Mar
5*
28*
Feb
Apr
4*
Jan
Apr
9*
July
Jan
*
5*
Mar
*
Middle West Corp cap
Midland United—
27
4*
27*
3
2%
19
2,450
9
9*
22,100
5
9*
*
Common
July
Jan
*
29
20
July
July
2*
July
3
1
62*
60*
105
526
50*
Apr
16
7*
Mar
27*
Jan
Feb
12
38
8
8
37
38
61
9
1
200
Jan
62*
July
Apr
July
4*
1
com.
1
61*
18
80
*
High
Apr
July
15*
1
Prior preferred
1
20*
120
20
*
Low
171
29
20
20
Range Since Jan. 1, 1939
Shares
Jan
14*
High
27*
Jan
—
Mlckelberry's Food
Low
*
22*
15
Price
10
*
*
*
Week
*
P&G
10*
com*
com..
25
18*
Apr
12*
13* June
for
of Prices
*
2%
28%
1%
28%
10*
*
Par
Kroger
5%
15%
*
com
Merch & Mfrs Sec
27
(Concluded)
13
com
5
Mc Williams Dredge com.*
Marshall Held
50
Stocks
Hihg
28
~28%
Lynch Corp
Manhattan-Dearborn
Mapes Cons M fg cap
Low
Week's Range
Sale
Shares
22%
Sales
Last
5
*
com..
Range Since JanZ 1,1939
3
*
Lion Oil Ref Co com......*
Liquid Carbonic
High
22%
Printing Co com.*
$3* preferred
Friday
Week
Price
707
*
,
26
50
2*
5*
*
*
100
2*
3%
1,050
6% preferred A
..100
Minn Brewing Co com
1
*
*
12*
350
*
Jan
1*
900
7*
Jan
12*
......
8*
6
Apr
July
9*
July
Members Cleveland Stock Exchange
June
11*
10
10
Ohio Listed and Unlisted Securities
Jan
*
Playing Card
July
Convertible preferred
Midland Utll—
*
2
June
Jan
GILLIS l<I RUSSELLco.
Montgomery Ward—
Common
»
53%
64*
55*
775
40*
Apr
Mountain States Pw prf 100
Muskegon Mot Spec cl A_*
68
210
41*
Mar
20*
20
20*
Natl Bond & Invest com. _*
14
14
14
18*
*
22
*
250
24*
2*
11*
27*
2*
11*
2,850
National Standard com. 10
Natl Utnion Radio com
1
Noblltt-Sparks Ind
Nor Amer Car
22
~26*
com. .5
20
com
Northern 111 Finance com. *
Northwest Bancorp com
*
9%
100
11
Jan
Friday
10
July
Last
Week's Range
for
20*
Mar
Sale
Week
63
120
40*
Jan
63
July
of Prices
Low
High
21*
500
11
Apr
July
10
6
June
21*
7*
Mar
11*
Apr
15*
Jan
Akron Brass Mfg
Apex Elec Mfg pref
15*
May
Jan
Am Home Prod
Feb
Brewing ,Corp of Amer...3
City Ice & Fuel
*
14*
14*
50
19
19*
602
37*
38*
249
27
27
4*
10*
Rollins Hosiery Mills
1
com
31
"9
June
110
8*
July
16*
Jan
*
400
*
June
6*
Apr
*
14*
Jan
240
150
108*
149*
Apr
123
Mar
June
157
Jan
2
Jan
78*
*
1*
200
200
80*
1,427
1%
100
1*
May
Apr
22*
7*
60*
1*
400
9
Jan
Preferred
_
100
Clark Controller
Cl Builders Realty
1
Doe Chemical pref
Eaton Mfg
Elect Controller
July
General Tire & Rubber
*
14
28
Preferred
30
So Bend Lathe Wks
cap. .5
South Colo Pow A com..25
Southwest G & E7 % prf 100
Spiegel Inc com..
2
29*
50
19*
1*
1%
109
14
19*
1*
250
108
50
80*
July
8
3
Jan
Jan
29*
July
20
Mar
Apr /
July
1
60
15*
Mar
22*
16*
10
109
Apr
104
Jan
109
com.
Sunstrand Mach Tool com5
3wlft International
15
Swift & Co
8*.8*
"27"
27
25
17*
com
25
Trane Co (The) com
2
Union Carb & Carbon cap *
United Air Lines Tr cap_5
U S Gypsum Co com...20
3*
15*
81*
12*
93*
Utah Radio Products com *
Utilities & Tndust—
90*
Jan
553
7*
77*
1*
Apr
Mar
Apr
13*
112*
Apr
2*
June
Conv preferred
7
3%
93*
20
2*
2,250
1*
550
1*
Apr
1%
39
Apr
Wahl Co com
1*
50
22*
22*
400
15*
Apr
25
26*
500
16*
Apr
108* no*
*
common
Wisconsin Bankshrs
Woodall Indust
com
39
38*
*
308
83*
Apr
*
Walgreen Co
1*
22%
Western Un Teleg com. 100
W'house El & Mfg com..50
Wieboldt Stores Inc com.
7
7
4*
4*
1,300
3*
83*
com.
3*
100
4%
..2
Wrigley (Wm .Tr) cap
Yates-Amer Mach cap
Zenith Radio Corp com..
84
50
105
6
Apr
3
Apr
74*
259
37
May
35
35
71
33
3
700
*
Lamson & Sessions
2%
*
39
Mar
4*
Jan
170
Feb
39*
July
1*
July
2*
Jan
a9*
90
8*
July
"~9*
Jan
all* all*
3*
4
4
16
18*
Mar
15*
Mar
570
3*
May
5*
Feb
77
29*
May
40
40*
40*
2
.*
2
31
100
37*
"35
14
37*
a8
35
12*
12
Apr
14*
Jan
1,120
30
Feb
37*
July
35
26*
2
Jan
6*
Jan
8
Mar
28
34
Jan
35
Feb
88
18
Apr
27*
Feb
100
3
*
Feb
Mar
2*
Apr
1*
90
225
25*
3
48
Jan
8
449
14
37*
a7*
Warren Refining
White Motor
Jan
41
July
264
alO* alO*
*
Jan
40*
1*
a9*
Otis Steel
1'
Feb
Mar
39*
1*
*
Patterson-Sargent
Jan
2*
Mar
34
a29* a30*
National Tile
July
1*
200
20*
5,400
12
1.000
105
Apr
3
July
4*
Jan
Jan
198
*
July
1*
25
%
Apr
alO
9*
May
9* May
alO
a43* a44*
125
Watling, Lerchen & Co.
July
Members
Jan
New York Stock Exchange
Jan
New York Curb Associate
Detroit Stock Exchange
Mar
Chicago Stock Exchange
Jan
Buhl
85* "July
Apr
50
Youngstown Sheet & Tube*
July
5*
5*
Apr
1*
1*
Jan
10
July
3*
19*
"20%
26*
Jan
Jan
July
Feb
39%
1%
23%
26*
119*
70
118*
Feb
10
1*
Viking Pump Co—
Preferred
July
July
40
Stouffer Corp A
.*
Thompson Products Inc.
Upson-Walton
16
Apr
20* May
49
39*
100
Jan
Apr
July
20* May
40
Halle Bros pref
Interlake Steamship.
Mar
11*
66
114*
15
33
3
550
278
20
35
50
Jan
Apr
Seiberllng Rubber
300
July
12
29
Jan
3*
16
Jan
16*
Apr
25
19%
83*
13*
23*
July
10*
37
Apr
1,550
Apr
13
198
37
17
17*
16
997
11
37
Cooperage A.
Richman Bros
Mar
250
16*
Greif Bros
Feb
24*
17*
42*
28*
7
554
May
Apr
Apr
-r
Jan
Feb
114
July
July
Jan
27*
2*
Thompson (JR)
350
Apr
Apr
July
Mar
7
5%
50
112
30*
2*
12*
6*
10*
900
Mar
2
40
Apr
300
61
21
National Acme
..1
National Refining new...*
Prior pref 6%
*
2*
9*
Jan
2*
May
10
Jan
6
~~6
10
Mar
June
43
12
Feb
6
...5
Storkline Furniture
20
1*
31
31
13*
9
23*
2*
June
247
42
29*
350
15
330
a32
Apr
522
1
com
Stewart-W arner
25%
June
14* May
42
Apr
25*
2*
8*
Convertible preferred.20
Standard Oil of Ind
25
Sterling Brewers Inc
97
a24* a24*
Murray Ohio Mfg
1* June
May
a30
2*
600
Apr
90
42
Jan
1*
10*
Jan
7*
9
10
55
50
.25
.
McKee (A G) B
1*
9*
24*
1
50
Metro Paving Brick
*
Midland Steel Products. .*
9* June
Mar
6*
192
Goodyear Tire & Rubber. *
Great Lakes Tow pref. 100
Mar
1,110
810
114* 115
a25* a26
114*
*
*
July
13*
Apr
10
100
16*
12*
Standard Dredge—
Common
Jan
1*
77*
16
......
1
Mar
Feb
Mar
77
7*
17*
17*
*
Mar
1
High
Apr
6*
87
alio* allO*
100
Low
435
2*
55
*
Range Since Jan. 1,1939
Shares
16*
2*
*
_
Common
16
*
Cl Cliffs Iron pref
Cl Elec 111 $4.50 pref
10
Apr
7*
a77* a77*
a53* a54*
6*
7*
13*
13*
92*
92*
1
2%
32*
Apr
7*
100
Cliffs Corp vtc
Colonial Finance
500
Jan
Price
Sales
*
Cleve Raiway
Apr
70
1*
1*
31*
8*
Serrick Corp class B
Signode Steel Strap-
Mar
5
9*
1*
1*
1%
Sangamo Elec Co com
*
Schwitzer Cummins cap__l
Sears Roebuck <fe Co com
29
Feb
11*
121* 122
154* 156
156
Apr
Apr
Par
3*
*
121%
30*
24*
40*
Stocks—
50
9
Quaker Oats Co common. *
Preferred
.100
Raytheon Mfg Co—
Common vtc
50c
12*
24
40
4*
1
July 28, both inclusive, compiled from official sales lists
Jan
6*
1
to
Apr
6*
com
July 22
6*
6%
Potter Co (The) com
Jan
14*
Oshkosh B'Gosh Inc com.*
Pressed Steel Car
3
Jan
Cleveland Stock Exchange
Jan
July
Feb
100
55
Perfect Circle (The) Co...*
Pictorial Paper Pkge com.5
Poor & Co cl B
*
July
1*
27*
800
20
"19%
22
Apr
A. T. & T. OLEV. 665 & 666
10
21%
10
Apr
* June
200
*63~~
com
Jan
18
9*
18
Penn RR capital..
50
Peonies G Lt&Ooke cap 100
15*
16*
2*
N'west Eng Co com
*
N'West Utll prior lien.. 100
7% preferred
100
Parker Pen
Apr
BiUdlot Cteviland
July
16
1,610
20*
telephone: OHerry 6060
July
Jan
10*
200
UnisD Cunnerct
July
55*
68
14
40
2
Feb
22*
Building
DETROIT
J
Telephone: Randolph 5530
Jan
Bonds—
Commonwealth Edison—
*
deb 3*s..
1958
123
123
123
Detroit Stock
July
Exchange
July 22 to July 28, both inclusive, compiled from official sales lists
Sales
Friday
Last
Par
Stocks—
W. D. GRADISON & CO.
DIXIE
TERMINAL
for
of Prices
Week
Price
Week's Range
for
Sale
of Prices
Week
Low
High
7*
23*
1,100
1,293
1*
100
16*
2*
2*
100
100
2* June
200
2
58c
60c
380
50c
75c
80c
1,817
23
1*
Detroit Edison com
....
*
100
124
121* 124
Range Since Jan. 1,1939
Det Gray Iron com
5
1*
Det-Mich Stove com
Sales
Last
Price
2*
1
Det Paper Prod com
1
5
1*
1*
Det Steel Corp com
Shares
Low
11*
Durham Mfg
High
1*
Ex-Cell-O Aircraft com...3
Aluminum Industries
*
5
Amer Laundry Mach...20
Burger Brewing
Champ Paper pref
16*
*
100
2*
"ioo"
Cin Telephone
Crosley Corp
Dow Drug pref
Eagle-Picher
50
"2*
____50
5
3
16*
96
15
2*
320
100
100
107*
180
2*
582
2*
99
*
100
5
107
Cin Gas & Elect pref...100
Cin Street
5
99
10*
"49"
10
10*
49
49
9*
9*
4
30
220
4
Mar
/
1*
98
Apr
Jan
June
Jan
103*
1* June
88
7*
49
Jan
Apr
July
6
17*
June
Mar
2* July
101* Mar
109* June
3
June
20*
20*
Federal Mogul com
17*
1
15*
3*
2*
19*
3
5*
_*
Fed Motor Truck com—. *
Frankenmuth Brew com.. 1
Fruehauf Trailer
Gar Wood Ind com.
Gemmer Mfg A
B
*
"2%
31
7%
Apr
Apr
31*
2*
Jan
Jan
16*
July
296
17
1*
13
4
Jan
Apr
2*
Jan
1.00
Jan
70c May
101
Jan
1.25
Mar
124
July
650
1*
Apr
400
1*
July
2
Jan
200
88c
July
2*
Jan
100
9*
Apr
100
1
1*
Feb
1*
15
Apr
23*
12
Apr
18
3*
150
3
Apr
2*
20*
5*
710
1*
1,384
10*
785
100
4
26*-
5*
Apr
2*
Feb
20*
Apr
7*
Apr
Feb
13* iMar
168
31
Jan
July
2,132
18
Jan
Jan
Feb
Jan
July
Jan
July
July
Jan
31
July
10
July
3,186
38
Apr
51*
Mar
1,100
2
Mar
2*
Jan
1
62c
65c
350
62c
July
1.25
..*
2*
2*
13*
13*
13*
212
2
Apr
2*
Jan
675
10
Apr
13*
July
200
13
July
16
Jan
1,110
9
Apr
17
Feb
4*
Apr
8*
Jan
41c June
76c
Jan
Graham-Paige com
205
7*
Apr
9*
13
July
Hall Lamp com..
25
May
Apr
30
July
Hoover Ball & Bear com. 10
10
15*
July
18
Jan
34*
*
29*
30
205
Hilton-Davis..
1
15*
15*
Hobart A
*
41
41*
30
Jan
41*
July
Houdaille-Hershey B
Kahn
*
12
13
39
8
Jan
13
July
Hudson Motor Car com..*
5*
13*
5*
99
100
Jan
102
Mar
Hurd Lock & Mfg com___l
55c
55c
Apr
Jan
2*
Gibson Art
101* 101*
5
40c
10
12
101*
3* May
49*
1
13
100
Apr
2* June
2*
10
13
For footnotes see page 709.
25c
100
10
General Motors com
Goebel Brewing com
*
1st pref
300
1*
48*
Apr
Mar
Hoskins Mfg com
1*
20*
Feb
10
July
.50
Jan
1*
1*
1*
11*
1%
49*
*
99*
12*
14*
31
Formica Insulation
15*
High
Det & Cleve Nav com.10
Exchange
July 28, both inclusive, compiled from official sales lists
Par
32c
2*
6*
22*
Low
Consumers Steel
*
Crowley Milner com
Stocks—
400
1*
16*
2*
2%
Briggs Mfg com
Burry Biscuit com._.12*c
Consolidated Paper com. 10
Teletype: OIN 68
Friday
1*
7*
Continental Motors com.. 1
to
Range Since Jan. 1,1939
Shares
30c
—
Baldwin Rubber com.:—1
BUILDING, CINCINNATI, O.
Telephone: Main 4884
July 22
High
1*
Atlas Forge
New York Stock Exchange
Cincinnati Stock
Low
1*
Auto City Brew com
Members
Cincinnati Stock Exchange
..1
Allen Electric com
Week's Range
Sale
Cincinnati Listed and Unlisted Securities
13*
12
13*
..*
*
6
60c
100
390
2,200
7* June
Jan
The Commercial & Financial
708
Range Since Jan.
Last
for
of Price8
Low
High
Shares
.——1
IX
1X
200
1
Kresge (8 8) com......10
45c
45c
100
25%
La Balle
897
IX
IX
3%
26%
2x
26X
26
IX
3%
26X
75c
70c
75c
1,340
17c
17c
300
26
——«
Lakey Fdy A Mach com
.
1
.
Mahon (R C) A pre!
Masco Screw Prod com
McClanahan Oil com
.
1
1
...
.
—
700
IX
2%
Jan
Jan
Apr
1,170
10 %
Apr
4%
2,839
3
July
Apr
36
July
Jan
4
May
3
June
18%
16X
8%
4%
43%
5%
Apr
350
1%
Apr
8X
2%
200
6
Apr
8
300
1%
145
1
Apr
Apr
2
IX
1%
IX
3%
3
IX
225
3%
2
1%
"2%
16
1,290
280
100
16
Jan
Jan
Mar
Feb
Jan
Mar
Mar
Feb
1%
3% May
3X
3%
July
10 %
Apr
Apr
18%
3%
Jan
2%
Jan
2
Apr
3%
Jan
Radio Corp of Amer
Apr
100
5
Apr
3X
300
2X May
4
Mar
4X
100
2%
5
Mar
2%
150
2%
225
100
25
100
2X
2X
2%
Feb
Jan
26
Southern Ry Co
Mar
Mar
Standard Oil Co (N
7%
July
Studebaker Corp
20
80
Apr
100
July
1.50
100
135
21%
5%
25%
275
366
0
Mar
7%
Jan
100
24
Jan
26%
12%
Mar
V.
July
Mar
8%
12%
Feb
May
1%
Apr
2%
Feb
26%
Feb
26%
Feb
6%
95
11
Apr
Feb
Jan
9%
120
8%
9%
38%
a46% a47%
18%
18%
a50% a50%
400
7%
Apr
12%
38%
490
33%
June
42%
110
40%
Mar
45
June
215
16%
May
23
Mar
30
45%
Apr
55%
Jan
7%
300
6%
Apr
9%
Feb
a36% a37%
a46% a46%
75
May
39%
45%
Mar
July
9%
7%
10
Apr
7%
30
.
Mar
45%
Jan
Mar
Jan
54%
54%
224
Apr
54%
15%
571
13%
June
22%
790
12%
Apr
19%
Jan
24%
a6%
a3%
15%
16%
24%
a6%
405
19%
Apr
26%
Mar
a3%
60
3
July
4%
10%
10 X
325
9
June
13%
Jan
6%
6%
264
5%
Apr
8%
Mar
1,720
July
25
Mar
20%
Mar
76
June
16
16
45
al9%
19%
50
79%
215
69%
Jan
all% al2
al8
al8%
131
11%
Apr
15% May
6%
195
J)...25
6%
5
United Corp (The) (Del).*
Jan
13%
Jan
21%
Mar
Apr
6
7%
Mar
United States Rubber Co 10
46 %
271
44%
Apr
50%
Jan
1,520
0%
Apr
8%
Mar
Mar
90
al2
al2
al2
a82%
a37 %
3
Assoc Oil Co.10
Union Carbide & Carbon.*
Jan
9
9
United Aircraft Corp
55
Jan
43
43
43
1
a
79%
Jan
10
6% June
13%
16%
19
18%
July
TldeWate
al%
al%
21%
5%
25%
al8
6%
*
*
Standard Brands Inc
25c
Apr
75c
42
1,210
al2
*
Co..15
Socony-Vacuum Oil
Jan
3X
12c June
1,300
100
Jan
May
1% May
65
7
7%
all% al2%
Mar
91%
52%
July
al9%
79%
Republic Steel Corp
*
Seaboard Oil Co of Del...*
5
500
,13c
7X
-100
IX
23
75
22%
6%
18%
*
Sears Roebuck & Co
15
10%
American Co
105
88c
12c
88c
1
Jan
Jan
24% May
Apr
115
15%
16%
24%
a6%
a3 %
Nor American Aviation. _1
125
96 X
Jan
8%
54%
Montgomery Ward <fc Co.*
New York Central RR.._*
North
Jan
22%
a44% a45%
fab
Jan
2%
2%
25
..*
Loew's Inc
Jan
July
4X
*
*
*
*
.
Feb
3
2%
16%
2%
2%
3X
2%
2X
A
4
a75
a75
25%
9%
9%
38%
a47%
18%
a50 %
7%
a36%
a46%
1
Electric Bond & Share
5
Electric Power & Light— *
General Electric Co.——*
General Foods Corp.....*
Goodrich (B F) Co
*
Intl Nickel Co of Canada.*
International Tel & Tel.._*
Kennecott Copper Corp..*
Class
415
4%
15
15
2%
Apr
1% June
IX
Apr
13%
Apr
July
.
1,070
45
09
98%
Apr
Jan
I)--5-
(J
Caterpillar Tractor
Columbia Gas & Elec
5%
Apr
3%
19%
a25% a26
a26
a.75
a44%
7%
all%
a1%
21%
5%
100
Co—*
*
Commercial Solvents Corp*
Commonwealth & South. *
Continental Oil Co (Del) .5
Curtlss-Wright Corp
1
Case
Apr
July
6
160
4%
4%
~i
High
Low
30
a3%
1, 1939
Range Since Jan.
Shares
a20
a20
a20
4%
Co
*
Ohio Oil Co
*
Packard Motor Car Co—*
Paramount Pictures Inc—1
82c
-...
50c
2
7%
_...
30c June
10
1
Preferred.
Jan
100
Wolverine Tube com—. .2
.....
30c
200
IX
*
Warner Aircraft com
Apr
1,198
*
Wolverine Brew com
12c
ix
7%
1%
4%
B
Mar
8%
Sheller Mfg
B
96c
2,155
7X
Tlvoll Brewing com..—1
Walker & Co A_.
3X
26%
July
Apr
IX
,
Tirnken-Det Axle com... 10
United Shirt Dist com
Jan
42 X
Pfelffer Brewing com
Universal Cooler A..
July
1%
42
8
Penln Metal Prod com...1
*
Prudential Investing com. 1
Reo Motor com
5
Blckel (H W) com.
2
River Raisin Paper com..*
Standard Tube B com.... 1
Stearns (Fred'k) com
*
Preferred
...100
Atlantic Refining
55c June
510
3%
Armour &
Jan
o3%
a3%
5
25
Aviation Corp (Thel (Del)3
Borg-Warner Corp
5
Jan
55c
26
Price
Par
Co (111)—
2%
8
Parker Wolverine com..
—
Apr
4
3%
"42"
Jan
2%
200
5%
5%
Jan
1
21%
38c
2X
13%
'15% 100
Packard Motor Car com
20X
(Concluded)
of Prices
Low
High
for
Week
Week's Range
Sale
Stocks
High
IX
Apr
42c June
135
4
*
Motor Wheel com.....—5
Murray Corp com
..10
Motor Products corn
Low
250
2X
18%
Micromatic Hone com—1
Union Investment com
1,100
38c
Mich Sugar com.......
Preferred
10
Parke Davis com
Last
1, 1939
Week
Price
Par
Stocks (Concluded)
Week's Range
Sale
Kingston Prod com
Klnsel Drug com
Sales
Friday
Sales
Friday
July 29, 1939
Chronicle
50
a82% a82%
a37% a39%
3
3%
145
235
11%
71%
Apr
14%
Apr
84%
Feb
35
Apr
Feb
Apr
41%
3%
2%
Feb
Wm.Cavalier & Co.
46%
700
35
May
51%
Jan
54
54
,54
5%
5%
Warner Bros Pictures....5
5%
WestlnghouseElec & Mfg50 a!10% a!08%all0%
594
44
June
69
Jan
610
4
Apr
103%
Mar
46%
*
US Steel Corp
85
Jan
6%
110
Jan
MEMBERS
Chicago Board of Trade
New York Stock Exchange
Lorn
Los Angeles
523 W. 6th St.
Philadelphia Stock Exchange
San Francisco Stock Exchange
Angeles Stock Exchange
Closing bid and asked quotations,
Week's Range
Last
Sale
Par
Stocks-
Los
Angeles Stock Exchange
Friday
Range Since Jan. 1,1939
Last
for
Sale
of Prices
Low
High
Week
Price
Par
Stocks—
Week's Range
Petroleum Co__.l
6%
Barker Bros 5% % pref—50
Bolsa-Chica Oil A com.. 10
29%
*
5
5%
Bandlnl
Broadway Dept Store
Chrysler
Corp
2X
83%
7%
5%
9%
5%
a7l%
19%
Consolidated Oil Corp—
Consolidated Steel Corp..*
Preferred
*
Creameries of Amer v t c..li
Douglas Aircraft Co.....*
Electrical Products Corp.4
3%
20
25 X
Apr
2%
5%
2%
3%
83%
1,200
1%
Mar
226
5%
61
252
7
5%
200
3X
9X
9%
5X
5%
a71% a73%
165
7%
5%
10 X
.5
8%
8X
52%c
52%c
55c
390
390
NatllOO
49
10
General Motors com
General Telephone Corp.20
a
16%
Apr
33
Mar
3% May
8
Jan
121%
Bell Tel Co of Pa pref.. 100
5%
Co—..*
148%
115
13%
6%
1,190
Apr
Apr
Apr
Apr
Apr
4%
4%
520
3%
82%
360
4%
4%
29%
47%
25
58%
3%
442
23%
1,375
36%
29
BatterylOO
29
46%
-.10
62
120
117
Apr
112
Jan
51%
125%
3%
Mar
*
Lehigh Coal & Nav.
*
2%
2%
476
8%
6%
Apr
9%
Mar
1%
9%
1%
2,290
1
50
1,610
1
Feb
2%
Feb
19%
1,942
11
June
7%
3%
Mar
300
Feb
5%
July
210
60 X
Apr
71%
July
160
9
240
6%
500
40o
Pennroad Corp vtc
Pennsylvania RR—
Mfg.
Penna Salt
Phila Electric of Pa $5 prf
1% June
15%
136
Apr
Apr
165
Jan
39
115
Mar
119%
Feb
29%
Apr
30%
Jan
149
Mar
Apr
11%
10%
Jan
Phila Elec Pow
25
29%
30%
308
2%
2%
Mar
7% preferred
50
Philadelphia Traction...50
3%
160
June
Mar
399
3%
4%
Jan
3%
1%
2%
July
Jan
Phila Rapid Transit—50
3%
67 %c
110
Apr
8%
8%
8%
697
6%
Feb
50
9%
Apr
pref
37%
Apr
51%
Mar
16%
July
16%
July
9%
Jan
Salt Dome Oil Corp
1
10%
10%
Jan
;_*
Transit Invest Corp pref—
50%
51%
41
43%
Apr
%
2%
July
360
Mar
100
6
416
24
40
40
40%
667
1.05
5,600
85c
July
Jan
Union Traction
100
5X
July
7
Feb
United Corp com
50
IX
June
2%
Jan
7,850
5c
July
14c
Apr
al.25 al.25
Apr
33
Apr
38
Apr
%
42% May
1.40
Hupp Motor Car Corp
1
Lincoln Petroeum Co.. 10c
al.25
6c
5c
Lockheed Aircraft Corp-.l
26%
2%
4%
26%
2X
1,030
22 X
Apr
36%
Inc...2
10
2X
276
1X
Apr
2%
Jan
4%
4X
224
3%
Jan
4%
Mar
Mascot Oil Co
1
45c
45c
45c
275
39c June
60c
Menasco Mfg Co
1
Scott Paper
%
%
620
2%
*
3%
2%
2%
3%
5,990
*
38%
36%
38%
418
*
13%
12%
13%
13,955
114% 115%
266
9%
80
8%
50
..50
Preferred
216
Mar
9
16%
May
Jan
51% June
1%
Mar
Apr
3%
3%
Mar
Mar
Jan
38%
Jan
2
31%
10%
Feb
Apr
Oceanic Oil Co
9%
Jt.
7
6
Jan
24%
20
18%
149
_
42
85c
Jan
116% 117%
19
50
*
20
6
Mar
Horn & Hard (Phila) com.
32
85c
Jan
30%
National Power & Light..*
7
6
Jan
Mar
6%
Jan
32
1
5%
84%
Jan
7
*
Jan
July
32
Holly Development Co
8%
9%
Goodyear Tire & Rubber.*
Hancock Oil Co A com
*
Hudson Motor Car Co
Jan
Mar
6%
1,195
16%
Mar
20%
124
83%
Apr
49
a
July
Mar
15%
Mar
390
47X
al6%
14%
170%
Apr
74%
General Motors.
Apr
4%
5
Electric Storage
Apr
Apr
July
Apr
11
117%'
—*
Chrysler Corp
Gladdlng-McBean & Co..*
Los Ang Industries
Los Angeles Investment.
7c
28
Feb
Jan
United Gas Imp com
115
Preferred.
9%
*
Westmoreland Inc
Westmoreland Coal......*
13%
117
7%
Apr
Jan
Apr
8
Apr
Feb
10
111%
June
9%
July
Jan
Bonds—
2X
2%
2%
1,800
June
5%
1
50c
50c
60c
800
45c
July
85c
Jan
Elec & Peoples tr ctfs 4s '45
Pacific Distillers Inc.....1
a5 c
a5c
a5c
100
25c
Feb
30c
Feb
Lehigh Valley arm 6s—
Pacific Finance Corp comlO
11%
33%
31%
11%
11%
190
9
Apr
33 %
460
28
31%
31%
385
29
Jan
12%
33%
31%
Mar
33 X
27 X
43
Jan
35
July
Jan
50
July
Pacific Gas & Elec 00m..25
25
5X% lstpref
Pacific Indemnity Co
Pacific Lighting com
34%
*
34%
34%
50
10
100
50
50
654
6%
Pacific Public Service com*
Republic Petroleum
com.
2%
32%
1
5X% pref
50
Rice Ranch Oil Co....... 1
Richfield Oil Corp com
*
.
8%
778
75
High
Low
1,865
127
123
5%
Week
Shares
Curtis Pub Co com_.___.*
Budd Wheel Co..
6% May
14%
14%
10
Barber Co
14%
1,1939
Range Since Jan.
jor
Apr
959
7%
83%
Jan
14
Corp pref...50
Budd (E G) Mfg
High
3,585
10%
8%
Exeter Oil Co A com
Low
6%
29%
1
Emsco Derrick & Equip.
Farmers & Merchs
.
Shares
4%
29%
13%
14%
162% 168
American Tel & Tel.... 100
Bankers Sec
Sales
of Prices
High
Low
*
American Stores
compiled from official sales lists
July 22 to July 28, both inclusive,
Price
Friday, July 28
Sales
Friday
Teletype L.A. 290
16c
•«
7%
Roberts Public Markecs_.2
5%
Ryan Aeronautical Co...l
6%
Safeway Stores Inc
*
Security Co units ben int.*
a46
Signal Oil & Gas Co A
a31
29%
*
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..25
6% preferred B
5%% preferred C
Standard Oil Co of Calif..*
Sunray Oil Corp....
Transamerlca Corp
.2
25
10
100
34
2
July
70
30
June
644
6X
565
3%
a31
9%
28
9%
28%
29%
29
29
1,890
15c June
Apr
10%
5%
July
7%
46
July
27%
Jan
Feb
3%
May
5%
Jan
May
Jan
*
*
42%
43%
64
34%
June
11%
11%
11%
150
9%
July
17%
Jan
*
12%
10%
12%
433
7%
Apr
12%
Jan
1
30c
30c
200
25c June
60c
Clark (D L) Candy Co...*
5%
6
310
5
Apr
6%
Jan
6%
8
3,092
5%
Apr
8%
Feb
7%
8
572
6
Apr
29% June
June
Columbia Gas & Electric.*
34% June
CrandallMcKenzie&Hend *
27%
Jan
Mar
Jan
29
July
,
Armstrong Cork Co
Blaw-Knox Co
...
Byers (A M) common
Carnegie Metals Co
15
15X
2,410
10%
Apr
21%
Jan
26%
26%
1,016
30%
2%
Mar
Duquesne Brewing Co
209
25%
1%
July
2%
July
7%
Follansbee Bros pref.__ 100
5%
5X
2,320
16 X
16%
4,102
16X
6%
17 X
790
32
Mar
Apr
June
7%
Jan
16%'" July
19%
Mar
5X
12%
Apr
15
2%
Apr
100
13%
July
YosemitePtldCement prflO
3%
3X
3X
232
a7X
25
20c
4
Mar
3%
17%
July
6%
Jan
July
Jan
July
7%
June
Devonian Oil Co
5
1
Fort Pitt Brewing
Koppers G & Coke pref 100
Lone Star Gas Co
.
*
Jan
10
8
June
Jan
July
21% June
19
12%
"l%
58
19%
359
15
Feb
12%
12%
252
11%
Apr
14%
Mar
10
10
10
25
6%
Apr
13
July
1,270
90c
Jan
1.50
July
72%
Jan
Apr
9%
Feb
1%
1%
57%
58%
110
9%
1,400
9%
July
5
13%
Mining—
a7X
20
7%
56%
28%
300
0.7 X
Apr
2%
Jan
6%
10
14%
24
Apr
381
High
Low
162
10
May
1,1939
Week
Shares
294
32%
28%
High
6%
31
23
of Prices
Low
2%
Jan
636
official sales lists
Range Since Jan.
for
6%
Apr
3X
Alaska-Juneau Gold
Price
Week's Range
19%
2%
24J4
2,403
Mar
June
100
Preferred
26
7%
9%
74%
Allegheny Ludlum Steel..*
Arkansas Natural Gas
*
25
13%
3%
Jan
24
Mar
3%
13%
6%
Sale
Par
Stocks-
30X
13%
Express
Last
65
320
Jan
Jan
Jan
July
5
1
Western Air
Jan
71
Sales
Friday
Jan
30c
1,000
July
6%
$5,000
July 22 to July 28, both inclusive, compiled from
6% June
Jan
3%
36
85
71
Pittsburgh Stock Exchange
July
50
2%
Wellington Oil Co of Del.l
Mar
8%
71
a 34%
2%
Weber Shwcse & Fix 1st pf*
6% June
1,300
16c
a34%
17
Apr
X
8
7X
6X
5X
5%
5%
a44% a46%
29% 29%
a34%
16%
26%
5%
16%
X
16c
29%
20
1
Union Oil of Calif
Universal Consol Oil
28%
25
25
So Calif Gas 6% pref A..25
Southern Pacific Co...l00
2%
32%
a31
9%
100.
6%
2
55
7%
4
5%
Apr
Feb
Jan
1%
4%
1%
715
*
Pittsburgh Brewing pref.. *
Pittsburgh Plate Glass..25
30%
30%
195
22
Apr
30%
July
107% 112%
Mar
Mountain Fuel Supply..10
Natl Fireproofing Corp
Pittsburgh Screw & Bolt.*
Renner Co
—___1
4%
4%
336
1%
3
July
Jan
100
90%
5%
6%
428
4%
Apr
Apr
116%
5%
55c
55c
55c
100
55c June
80c
Jan
3
Feb
9%
Jan
17,800
14c
July
30c
Jan
Shamrock OR & Gas Co.. 1
1,200
1%
1
10c
9c
10c
200
Jan
United Eng & Foundry
5
30%
195
25%
Mar
Jan
10c
33%
6%c
Imperial Developm't Co25c
l%c
3,000
lc
Jan
2c
Mar
1
50c
50c
1,850
50c
Mar
75c
l%c
United States Glass Co
Mar
1%C
a2c
a2c
a2c
975
2c June
4c
Jan
Vanadium Alloy Steel
*
23%
23%
70
22%
May
26%
Jan
1
20c
25c
100
20c
July
40c
Jan
24%
281
18
Apr
31%
Jan
106% 110%
129
83%
Apr
118%
Jan
1%
156
1%
July
2%
Jan
Black Mammoth OonsollOc
Cardinal Gold Min
18c
Zenda Gold Min
16c
Victor Brewing Co
Unlisted—
Amer Rad & Std Sani
12% al2% al3%
Amer Smelting & Refg...
046%
a46X a47X
Amer Tel & Tel Co
100 al67% al66%a\67%
Anaconda Copper
27X
50
27% 27%
For footnotes see paee 7C9
*
23%
Westinghouse El & Mfg.50
109%
Westinghouse Air Brake.
a
125
110
413
415
11%
Apr
42% June
152
21%
18%
44
Jan
1%
"30%
_
29%
23
2
June
Apr
>
July
Apr
165%
Mar
June
38%
Jan
Unlisted—
Pennroad Corp vtc
1
1%
Volume
The Commercial & Financial Chronicle
149
?
709
Friday
Sales
Last
Alton, Hi.
Stocks (Concluded)
FRANCIS, BRO. & CO.
Par
Week's Range
for
Sale
Tulsa. Okla
of Prices
Week
Low
Price
Nor American Oil Cons. 10
Occidental Insur Co
10
11
Range Since Jan. 1. 1939
Shares
High
12
Low
525
High
Feb
11%
Mar
Jan
28
Mar
INVESTMENT SECURITIES
FOURTH AND OLIVE STREET8
MEMBERS
New York Stock Exchange
200
10c
Jan
*
19%
20%
245
18%
Jan
*
4%
4%
300
5%
5%
5%
80
5
Feb
12%
12%
12%
1,015
8
Jan
1.70
1.75
1,760
1,40
Apr
2.40
Jan
"3§"
32%
34%
31%
33%
2,326
49%
50%
1,684
Feb
34%
35%
31%
50%
Mar
4,731
27%
31%
Apr
35%
31%
108% 109%
6%
6%
22
22%
127% 129
170
105% June
109%
July
6%% 1st pref
8t. Louis Stock Exchange
St. Louis Merchants Exchange
Telephone: CHestnut 6370
11c
Pacific Gas A Elec com..25
6% 1st pref
25
Chicago Stock Exchange
Chicago Board of Trade
N. Y. Coffee & Sugar Exchange
20
11c
Teletype: St. L 193
..25
Pac Pub Ser
com
...»
St. Louis Stock
Sales
Par
American Inv com
for
of Prices
Week
Price
*
Low
33
33
33
30
27
35
35
15
30%
31
31
4
10
Century Electric Co
3
3
83
Coca-Cola Bottling com__l
Collins-Morris Shoe
32
com__ 1
Columbia Brew com
14
*
31
30
Ely & Walker D Gds com25
16%
1st pref___-__..1.»--100
2d preferred
100
Falstaff Brew com
Hussmann-Ligonier com.
1936
7%
*
_
Knapp Monarch
.31%
16%
McQuay-Norris com.
Midwest Piping & S com..*
10
July
113
31
10
10
22
35
6
2d preferred
84
100
Scruggs-V-B Inc
Mar
300
Apr
Apr
Apr
Apr
11%
Mar
11%
Mar
29
Jan
10
Jan
5%
10
8
105
5
Apr
8
22
28
Jan
35
93c
Jan
78%
84
July
%
July
July
93c
200
52c
July
1.75
Jan
5%
5%
27 %
15
150
4%
Apr
Apr
6%
Jan
28
145
21%
Mar
32%
Bonds—
t City & Sub PS 5s... 1934
29
30
29 %
29
30
29%
t United Railway 4s_.1934
3,000
24%
Jan
24%
30%
Mar
May
27
5,000
11,000
Orders
solicited
Pacific
on
until 5:30 P. M.
Coast
Stock
30 %
Mar
Jan
31%
Mar
Members New York Stock
Apr
59%
110
3% June
6%
Jan
5%
567
5% May
10%
Mar
com
loo
Rayonler Inc
38
__i
com
&
for
of Prices
12c
12c
1,100
Anglo Calif Natl Bank..20
8%
4%
5%
8%
4%
290
670
5%
765
Bank of California N A..80
Byron Jackson Co
135
Preferred
1
33c
100
Cent Eureka Mln Co com 1
Chrysler Corp com
5
Coast Cos G & E 1st pf.100
Cons Chem Ind A
83%
Dl Giorgio
Preferred
*
Apr
190
Jan
Apr
17
Jan
18%
Jan
Apr
Mar
20%
June
52
53%
July
45c
Mar
54%
Mar
31c
33c
46
105% 105%
4%
4%
82% 84%
895
10
1,835
812
10
1,500
1,751
106
20
21
208
43 %
16%
Apr
103% June
14%
1,720
10%
6%
Apr
Apr
100
13%
Jan
18
Ryan Aeronautical Co...J
5%
Shell Union Oil com
9
Apr
14%
6
"90""
Apr
370
260
1.10
1.10
15
100
10
6%
10
7%
*
7
9
6%
150
47%
.2%
49%
3,272
7%
31%
7%
150
6%
8%
76%
July
1.90 May
18%
Holly Development
1
Honolulu Oil Corp cap.. .*
18
35%
6%
Jan
Apr
43%
10%
37
Jan
42
79%
Apr
95
1.00
July
14
5% May
38%
Apr
5
9
2,317
9%
9%
6
1,435
18%
July
14
650
11%
19%
431
17%
Apr
Apr
95c
1,100
710
1.60
100
18%
340
95c
18
Apr
May
1.40
Mar
1.60
*
18%
43%
44
30
33
33
201
27
28
11%
11%
100
17
17%
1,281
11%
2.50
2.70
1,200
Mfg Co
National Auto Fibres
Natom as Co
1
com
com
27
1
*
N Amer Inv 5% % Df--100
*17%
758
7%
10%
7%
250
10%
1,548
25
25
•
20
15
38 %
22
22%
10
July
Jan
June
July
Jan
Mar
4*
10
*
1,820
11
Feb
13%
July
Jan
19%
Jan
90
10
79% May
96
34
10
32
Jan
15
16
3,271
10%
Apr
34%
21%
3,013
5%
27
36
36
Texas Consol Oil Co
1
Tide Wat Ass'd Oil com. 10
30c
30
*16%
17c
1,900
1,339
16%
12%
16%
13%
17%
27
Universal Consol Oil
Waialua Agricultural Co.20
Yosemite Ptld Cement pflO
36
27
Jan
15c June
4,504
16%
5
10
21
283
5%
17c
Treadwell Yuk Corp Ltd.l
Union Oil Co of Calif
25
12%
Jan
5% 'July
29% Mar
300
5%
5%
Jan
June
4%
Apr
25% June
150
35c
12
2
Jan
32
90
5%
United Air Lines Corp
6
Mar
May
Apr
34
*15"
26%
11%
Jan
Jan
19%
Jan
13% 'Jan
17% July
Jan
31
June
Mar
4
Jan
12
60
Jan
55c
Apr
Apr
8%
1,706
Jan
14%
7%
Apr
5% May
17c July
16% June
841
July
36c
25
3%
100
5%
5%
al3% al3%
167% 167%
4%
Apr
60
11%
July
17
Mar
517
147%
Apr
170
Mar
3%
3%
Unlisted—
American Power & Light.*
Am Rad A St Sntry
*
American Tel A Tel Co. 100
200
Amer Toll Bridge (Del)_.l
53c
55c
984
Anaconda Copper Mln..50
Anglo Natl Corp A com..*
Argonaut Mining Co
5
26%
8%
5%
27%
630
8%
30
6%
575
a9
a9
5%
Corp common
5
Aviation Corp of Del
3
Bait A Ohio RR com...100
"~4%
Bendlx
"26%
26%
1%
515
1%
26
670
1,309
Jan
11%
Mar
7%
8%
July
June
Apr
8%
6%
Feb
Apr
3%
100
Mar
36
Apr
29%
Feb
8% July
3% May
8% July
533
Jan
6%
45c June
21 %
31
.
4%
5%
4%
5%
Aviation Corp...5
Blair A Co Inc cap
.1
4%
18
1%
Jan
Jan
Jan
3%
a80
a80
5
65
July
Apr
78
June
6
a80
6
160
6
May
9
Feb
%
%
100
%
Mar
1%
a7%
6%
35%
a7%
6%
18
7%
Apr
9%
Jan
255
4%
Apr
7%
Jan
36%
270
Apr
37%
Feb
9%
10%
a37% a38%
200
1
•
"35%
a38%
21
20
6
7%
2.80
11c
1,600
7%
16%
4
Shasta Water Co
So Calif Edison
25
28%
25
Standard Brands Inc
*
.....
Studebaker Corp com
1
United Aircraft Corp cap.6
United Corp of Delaware.*
U S Petroleum Co
...1
Warner Bros Pictures
♦No par value.
a
Jan
July
4%
55
Apr
July
6%
Jan
8%
19%
Mar
19%
3% June
Feb
July
25%
May
3
Apr
4%
Jan
5%
4%
Apr
8%
Jan
Feb
6
Feb
495
15%
May
26%
Jan
1,139
23%
28%
Jan
28%
July
Jan
May
29%
July
445
50
6%
857
4%
100
Odd lot sales.
15
130
6
1,419
1,775
739
5%
800
54c
Listed,
Feb
Feb
Apr
75c
Feb
44%
May
4%
Apr
69%
6%
Mar
b Ex-stock dividend,
t
July
42%
3%
2% May
200
54%
Mar
9%
Jan
35
7%
Apr
5%
246
60c
Cash sale—Not Included In range for year,
Jan
d Deferred delivery,
x Ex-divldend.
y
Ex-rlghts.
t In default.
CURRENT
—Arthur
the
Bond
Robinson
R.
Club
of
New
of
Colyer,
Jersey,
Robinson
announced
&
the
Co.,
Inc.,
Jan
June
1.40
Jan
23%
Feb
President
appointment
mittee
the
of
Mr.
Spear,
who
is
com¬
Vice-
Club, will have as
members of his committee Frank R.
Monaghan, J. Winner Parker, Albert
and
Rice
J.
Woods.
H.
Carroll of John B.
Lee W.
Carroll &
Co.
heads the
which also includes G. Dewey Hynes,
mittee,
of
Kenneth
of
Club's
Stanley Krusen, Richard H.
Cole, H.
F.
for the ensuing year.
arrangements
on
President
new
Mar
19% July
15% Mar
22% June
Carlos D.
field
day
com¬
Kelley, Harold J.
Kennedy, Courtlandt B. Parker, Carl A. Preim, C. Wallace Smith, Charles
C.
Thomas
Other
audit,
William
and
committees
&
Foster
Co.,
Inc.,
A.
Wells.
announced
Apr
Mar
Apr
June
L.
Apr
Apr
34
May
ley and
of
Adams
Adams
&
publicity,
Coakley
Laurence W.
and
Souville
Rowland
B.
Prescott Wells; public relations,
Mueller,' Chairman,
Gordon Miller and Julius A.
John R.
were:
Chairman, John P.
Fred J. Brown and H.
1.80
20%
45
36%
NOTICES
Spear of J. A. Rippel, Incorporated as Chairman of the Bond
Apr
William
Rippel; and
year
H.
Boland,
of
Stalter;
Russell V.
Carl
Egner,
book, Edward S. Hinck¬
Schermerhorn.
Feb
16%
Mar
Apr
17%
July
2.00 June
6%
Jan
9%
Jan
Apr
9% May
23% July
.Tan
16e
Feb
Apr
3%
r
Jan
June
6
July
175
20
53%
5%
"5%
5
July
Apr
al%
60c
United States Steel com..*
Jan
6c
5%
13%
300
16%
16%
28%
a29% a29%
6%
6%
8%
9%
39% 39%
3%
3%
*
com
com
6% preferred
4
44%
500
'
3%
Riverside Cement Co A..*
2.80
40%
Jan
576
4%
7%
alH
6%
4%
Radio Corp of America...*
Apr
Apr
10c June
20
17%
20
Packard Motor Co com..*
Park Utah Cons Mines...!
Jan
5c
1,129
17%
.
Feb
37c
29
4%
55%
53
Jan
9%
1.50
35
lie
54%
7
Apr
13c
300
5c
Jan
Mar
July
5%
6
4%
4%
Montgomery Ward A Co.*
Nash-Kelvinator Corp.. 6
North American Aviation 1
Oahu Sugar Co Ltd cap.20
July
6,780
5c
1
27
1,590
a37% a37%
10
Jan
42%
Jan
13,795
1.90
1,90
1
Apr
480
37c
Jan
12%
6% June
31%
21
60
13c
13c
Copper Corp com..*
31
619
21
5%
6%
*
com
Feb
9%
51%
Jan
10
Magnin & Co (I) com
14%
4%
Jan
Feb
Mar
Apr
Apr
pref
Langendorf Utd Bk A..
Lockheed Aircraft Corp__l
Apr
1.60
5%
Leslie Salt Co
LeTourneau (R G) Inc___l
26
*
Mar
15
28 %
Hunt Brothers
March Calcul Machine.__5
Jan
100
19
10%
175
7%
Feb
4%
Jan
18%
13%
19%
19
4.50
21
500
19%
30
348
Jan
'July
Jan
14
99c
*
Hawaiian Pine Co Ltd...*
91
7
31%
6
11
July
10%
Mar
12%
100
Transamerlca Corp
5
1,230
31%
Standard Oil Co of Calif..*
Super Mold Corp cap
10
Mar
Feb
15
5%
11
*
So Calif Gas pref ser A..25
Southern Pacific Co
Spring Valley Co Ltd
1,125
31%
...»
Soundvlew Pulp Co com.. 5
Preferred
100
July
8
95
Menasco
5%
Schleslnger(B F)7% pref25
Signal Oil & Gas Co A
July
5%
3%
43%
Jan
14%
8
18
Feb
21%
130
42
108
July
Mar
Jan
100
1,893
4%
85
Jan
July
200
18
107
4
3%
94%
"95"
25
*
Apr
2.50
17%
2%
Greyhound Corp div—
3%
55%
12%
240
90
Hale Bros Stores Inc
Apr
2,352
150
Preferred
Apr
11%
81%
8
Gladding-McBean & Co..*
Golden State Co Ltd
*
40%
102%
700
41
com
26c June
5%
5%
10%
80%
8
General Motors
124
Apr
41
Gen Metals Corp cap.
Feb
12
Fireman's Fund Indem__10
General Paint Corp com..*
Feb
7%
14%
13%
48%
Emsco Der & Equip Co..5
Preferred
5%
Apr
125
3%
*
Emporium Capwell Corp.*
Fireman's Fund Ins Co.-26
4
4%
2.50
Fruit com...10
100
Foster & Kleiser com
Jan
12
10 %
80 %
Doernbecher Mfg Co
Emp Cap Co pref (ww)__50
Mar
10%
260
21
*
Preferred
30c
Apr
Apr
14
106
Creameries of Am Inc vtc. 1
Crown Zellerbach com—5
July
17%
19%
45
Caterpillar Tract Co com.*
Preferred
30
10c
8%
.
19*
50
„i
135
High
52
Calif Packing Corp com..*
Carson Hill Gold cap
133
Low
14
.20
Jan
Jan
3%
14%
7%
Mountain City Copper...6
1,1939
17%
*
Calamba Sugar com
May
16%
18
M JAM AM Cons
Range Since Jan.
Shares
Anglo Amer Mln Corp—1
Diesel Engine..5
60
2.10 June
Monolith Port Cem com..*
Week
Associated Ins Fund Inc 10
100
Idaho-Maryland Mines..1
Sales
Week's Range
Sale
Atlas Imp
2.20
Jan
23
*
Italo Pet Corp of Am com
Italo Pet of Amer pref
Exchange
Last
High
June
12% June
1
Intl Tel & Tel Co
July 22 to July 28, both inclusive, compiled from official sales lists
Low
July
7
350
Richfield Oil Corp com
Kenn
Price
31
60
16
July
June
Roos Bros com
Kiel her Motor Co
Par
41 %
654
9%
22%
133
Apr
2.20
Republio Petrol Co com__l
Rbeem Mfg Co
1
Hawaiian Sugar Co
Private Wire to own offices in San Francisco and Los Angeles
Stocks-
114
16
Electric Bond A Share Co 5
General Electric Co
Co.
Oortlandt 7-4150
Friday
38
8%
25
Curtlss-Wrlght Corp
Dominguez Oil Co
Exchange
Francisco Stock
Jan
100
20
Consolidated Oil Corp...*
111 Broadway, New York
San
Apr
4
1,321
Claude Neon Lights com.l
Exchanges, which are
(2 P. M. Saturdays)
Eastern Standard Time
Schwabacher
18%
July
7%
49
Cal Ore Pwr 6% pf '27.100
Cities Service Co com..10
open
Mar
July
4
Atlas
t Ssc-d's
5%
July
49
Feb
3% June
35
"m
1
com
Mar
10 %
84
Scullin Steel warrants
Wagner Electric com
June
35
8
100
Sterling Alum
58
35
8
5
com
Preferred
Mar
9%
July
9
10
7%
July
June
Feb
10
5
June
12^
51
July
11
4%
59 %
6
10 %
~~7X
June
32
25
*
8%
Apr
11
com
Jan
Apr
25
Rice-Stix D Gds
97
4
Mo Ptld Cement com__.25
7%
Jan
Jan
27%
8%
15
Natl
Bearing Metals com.*
National Candy com
*
18
122%
May
8%
300
4%
32
10
5% May
46 %
Apr
25
9
32%
Mar
Apr
48
50
33%
4%
46
Jan
5
57
July
7% June
10
7%
31%
July
20
12%
"4%
July
90
700
7%
33%
*
3
57
15
14% June
115
15
90
Apr
Apr
27
10
115
9
Laclede-ChrClay Pre com.*
June
150
57
33%
Mar
9%
July
48
*
com
34 %
May
7%
International Shoe com... *
Jan
2
12%
Hyde Park Brew com___10
3%
6%
48
5
com
32%
July
2%
Mar
31
57
50
June
825
7%
*
com_
June
36
585
90
1
Griesedleck-W Brew
Huttig S & D
115
35
Jan
July
%
2
13%
Dr Pepper com
Feb
31
130
High
14%
33%
2
__5
436
Jan
July
*
Preferred
Low
Shares
High
*
Mfg pref
Pref series
Range Since Jan. 1,1939
.*
Brown Shoe com
Burkart
Week's Range
Feb
com.I*
*
Preferred
Last
Jan
6%
12%
Feb
28%
41%
Jan
5%
100
R E & R Co Ltd
Sale
1,315
Jan
21
3% May
Puget Sound PAT
Exchange
Friday
Stocks—
19c
;
Pac Tel & Tel com
Paraffine Co's com
July 28, both inclusive, compiled from official sales lists
to
35%
31%
50%
Pacific Light Corp com...*
Pacific Light Corp $5 div_*
1st pref
•July 22
25%
Paauhau Sugar Plant...15
Pacific Can Co com
*
Pacific Coast Aggregates 10
ST. LOUIS
N. Y. Curb Exchange
(Associate)
New York Cotton Exchange
25%
1
Oliver Utd Filters A
Oliver Utd Filters B
1877
25%
Occidental Petroleum
ESTABLISHED
9%
23%
12
July
31
Mar
—Sartorius, Engel & Co., members of the New York Stock Exchange,
announce
Club,
that
Atlantic
Lasker.
they have opened
Beach,
Long
a
branch office at the Nautilus
Island,
under
the
,
management
of
Beach
Walter
The Commercial & Financial Chronicle
710
July 29, 1939
Canadian Markets
LISTED AND
UNLISTED
Montreal Stock
Exchange
Soles
Friday
Service
all Canadian
Range Since Jan. 1,1939
Securities.
Par
(Concluded)
Stocks
WeeKs Range
for
Sale
on
Last
of Prices
Low
High
Week
Price
Industrial Acceptance—
Montreal Slock Exchange
507 Place
Montreal Curb Marke t
Intl Hydro-Elec
d'Armes, Montreal
Pref erred...
2,657
7%
255
31
100
50%
49%
50%
4,235
7
270
22%
7
5
....
50
6%
6%
Sys A..25
Intl Nickel of Canada...
68R
16%
31
£1
Preferred
Greenshields & Co
860
"22"
22
—100
73
73
73
55
Lake of the Woods....—*
19
19
21
1,195
100
126
126
10
*
12
12
20
12%
13
75
Internal Pet Co Ltd
Intl Power pref
Provincial and
Preferred..
Municipal Issues
Lang A Sons (John A)
Closing bid and asked quotations, Friday, July 28
Bid
Province of Alberta—
11948
4%s
Oct
1 1966
Prov of British Columbia—
6s
J*ly 12 1949
4%B
Oct
1 1963
6s
.—Jan
Province of Ontario—
Ask
62
6s
63%
Oct
Sept
15 1943
5s
66
1 1959
1 1962
106% 107%
4s
May
June
103% 104%
4%s
Jan
16 1966
Ask
110% 110%
116
116%
122% 123%
110% 112
118
116
97%
1 1941
6s
June 16 1964
6s
Dec
2 1969
Prov of New Brunswlok—
4 %s
Apr 16 1960
4%s
Apr 16 1961
Province of Nova Scotia—
4 Hie
Sept 16 1962
6s
Mar
1 1960
Aug
Provinee of Quebec—
99
97%
2 1950
Feb
1 1958
108
109
May
1 1961
111
112%
111%
110% 111%
Prov of Saskatchewan—
108% 109%
—*
McColl-Frontenac Oil
*
Mitchell (J S)
6s—
June 16 1943
83
85
109% 110%
6 %s
84
86
119% 120%
4 %8
Nov
Oct
79
82
15 1946
1 1961
Bid
Bid
4s perpetual
Ask
Canadian Pacific Ry—
73
debentures.
6s
Deo
16 1944
6s...
July
74
•
1 1944
90
4 %s
Sept
1 1946
Dec
1 1964
94
95
4%s
91
July
1 1960
86
86%
96%
95%
113% 114%
Art
4 He
6s
July
4%b._.
4Mb
6s
110
111m
99
100m
118% 119
116% 117
116% 117
116% 116%
11969
11969
11970
Oct
Feb
6s
124% 124%
Grand Trunk Pacific Ry—
4s
Jan
1 1962
115% 116
Sept
11961
June 16 1966
Feb
11956
July
11967
Art
Canadian Northern Ry—
6 Mb
July
1 1946
Canadian National Ry—
4Mb
Bid
120%
11962
120%
Exchange
Friday
Sale
Preferred
Algoma Steel Corp
Anglo Can Tel pref
Asbestos Corp
Week's Range
of Prices
Price
105
1%
2
11
385
6%
50
48%
48%
70
47%
23m
16 %
24%
16%
4,570
110% 110%
10
6
6m
35
1,403
14
19
14%
112
21
July
14
Jan
50
Apr
Apr
May
5
Apr
50c
Apr
1.50
150
15%
100
15
Jan
175% 175%
8%
8%
641
166
Jan
100
_
8%
Bruck Silk Mills
28
18 m
*
*
28
18%
19%
23%
British Col Power Corp a
23%
3
Building Products A (new) *
100
96
Can North Power Corp— *
Canada Steamship (new) .*
6% preferred
8%
60
Canadian Car A Foundry
9%
.
...25
20 %
Canadian Celanese......*
19%
Preferred 7%
100
3
Class B
2,350
8%
Jan
Jan
12%
Mar
Jan
28
Mar
175
7%
22%
2%
May
4%
Jan
870
14
Apr
19%
July
640
300
28
Apr
102
Mar
15%
18
Mar
10%
50
14%
May
1.75
101
1.60
July
2%
Jan
8%
10%
21
17% 20
109% 109%
314
7%
7%
Jan
10%
Jan
June
18
Jan
17% June
34
8%
9%
20%
1,000
305
2,996
55
*
*
93%
107
121
19%
Preferred
Simpsons pref
Steel Co of Canada
*
11
9
35
6
Mar
93%
107
10
3%
11%
10%
Jan
98
Apr
19%
111
Jan
July
June
120
Jan
121
21
Apr
18%
Apr
15
92
170"
92
20
90% June
12
12
60
10%
73
75
492
67
Apr
Apr
72
170
170
66%
Apr
"~6 %
Jan
60
July
50
Feb
•
155
180
215
*
.25
Canadlenne—
8%
24
8%
23%
24
100
178
Jan
Nova Scotia
100
300
300
30
300
Apr
310
Feb
100
189
190
116
178
Apr
193
May
189"
to
July 28, both inclusive, compiled from official sales
Last
Week's Range
Sale
Stocks-
Par
Price
Mar
Mar
Abttibl Pow A Paper Co..*
6% cum pref
100
Aluminium Ltd
of Prices
Low
High
6%
pref
cum
100
95c
1.15
9,265
7%
132%
2,400
130
112%
112% 112%
Bathurst P & P Co Ltd B *
2.00
2.00
7%
Apr
12%
Jan
25
5
Apr
7%
May
525
4
Apr
7
55
Jan
70
July
11
153
May
158
May
37
pref
Jan
112
July
Feb
June
Jan
6
100
6
June
7%
Jan
107
20
101
May
107%
June
1.00 June
1.80
1.25
1.25
21%
21%
75
9%
325
205% 205%
10
1.25
9
2,805
18
Apr
7% Apr
1.98% June
25
45
5
14
May
Jan
85c
Jan
50c
Mar
23
2.24
Feb
45
14%
50c
24
3%
523
2
June
10
17-
75
16
July
41
1
6
Jan
25
11
Jan
3
9%
9%
13
13
May
Feb
1.25 June
1.25
125
17
Jan
July
50c
17
Jan
9%
1.15
75c
8%
13
Mar
Jan
Jan
Mar
June
15c
200
15c
Apr
1.10
2%
3,850
1.50
Jan
2.50
Jan
Feb
5%
5%
125
4%
Jan
5%
July
4%
5%
9,270
3% June
7%
Jan
95c
"2%
5
15c
2%
*
Commercial Alcohols Ltd. *
Preferred
38
6
*
100
Jan
107
6
*
6,191
6%
Mar
Consolidated Paper Corp. *
Cub Aircraft
David A Frere Ltee A
"4%
*
95c
50
75c June
3.50
13%
75
1-30
110
13%
B
1.30
Dom Engineering Works.*
9%
Apr
15
Jan
30
15
27
July
33
Mar
5
50
4
June
8%
Mar
340
19
Mar
23%
Apr
9%
23%
10%
EaKootenayP7% cm pf 100
Ea8ternDairies7%cm pflOO
985
7
Apr
11%
Jan
Fairchild
15%
871
11%
Jan
16%
Mar
94
95
802
88
Jan
95
June
5%
215
2%
Jan
6
Mar
•6%
1,170
5
Apr
8
Jan
*
6.00
Jan
5%
Jan
B
25%
14
cum
pref
July
13%
Mar
MacLaren Power & Paper*
M assey-Harris5 % cm pf 100
Apr
35%
June
17%
Loblaw Groceterias A
Jan
Mar
*
2%
No par value.
*
20
2%
Apr
1,170
3%
1,825
5
Apr
July
10%
1,030
17
20%
9%
90
Jan
4%
Jan
6
Jan
Jan
Apr
23%
Jan
July
14%
Mar
7% June
17%
7%
Jan
11
2,476
33
25
36
Mar
38
Jan
35
35
25
25
Apr
35
June
215
2
Apr
3
Jan
13
Feb
2%
t
2%
12%
60c
15%
May
31
•
20
96% June
6%
6
9%
9%
2
5
20%
July
1,280
1,903
2%
9%
75c
Jan
8
20%
Intl Paints (Can) Ltd A__*
Apr
Jan
8
*
Jan
May
5
•
Voting trust
6%
10
Apr
Fraser Companies Ltd
May
13%
3
Ford Motor of Can A
3%
88
55
5%
665
20
Jan
3%
5%
Inter-City Baking Co..100
185
Feb
5%
8
Freiman (A J) 6% cm prf 100
1,505
Feb
Apr
4%
Jan
32
2.50
38
3
*
Aircraft Ltd
June
Jan
Jan
May
900
5
Fleet
Aircraft Ltd
58
30
1.25
25
4%
2%
4%
82
20
11% May
20
Jan
Mar
4
4
B
Apr
280
26
26
17
3%
Donnacona Paper A
July
15%
13%
28%
32%
107
72
*
35
15
Jan
25% June
111
110
...*
55%
15m
11
730
37%
60
*
230
15
10
34
Feb
14%
Apr
34
Feb
26%
cum
Jan
4%
23%
26%
7%
June
3%
Jan
26%
Cndn Industries Ltd B
112
Apr
23
Preferred
Jan
111% June
1% May
3
4%
22%
13%
Cndn General Invests
Jan
Jan
19%
22%
14%
CanWlre & C6% cm prf 100
Canadian Breweries_.._.*
2%
21%
140
1,336
"'I'm
*
Can Nor Pow 7% cm pf 100
Canada Starch Co
100
50c May
3% June
Apr
115
2,309
*
10
*
5
78
Beauharnois Pow Corp
3%
13
High
Low
Jan
200
268
Brit Amer Oil Co Ltd
80
95%
1,1939
Range Since Jan.
for
Week
Shares
5%
95c
6
*
4%
10
15%
lists
Sales
Friday
Cndn Vickers Ltd
61%
19
12
Jan
Montreal Curb Market
July 22
Jan
May
162
95%
32%
Feb
Mar
162
222
Cndn Power A Paper Inv. *
115
15%
167%
22
Apr
Jan
Jan
15%
Jan
Mar
10
*
July
160
57
5
24%
203
70
100
9
Apr
72
8%
Jan
30
Feb
96
Apr
Jan
29
7
22
212
3%
5%
15
5%
1.25
100
254
166% 166%
166% 167
14
150
160
Jan
2%
212
45
108
70
1.50 Mar
Jan
166%
166%
14
16
69
47
212
45
12
12%
6%
6
160
100
,
Cndn Light A Power ColOO
Cndn Marconi Co
1
310
11%
6%
5%
5
100
.........
Commerce
57
Howard Smith Paper
Preferred
Feb
47
69
Holllnger Gold Mines
June
47
100
100
June
*
CndnIntlInvTr5%cmpfl00
19
5%
1.00
Jan
77%
74%
Western Grocers Ltd
Goodyear T pref lnc '27.50
Gypsum Lime & Alabas..*
12
3
Jan
160
6
Jan
90% June
7
Jan
113
5%
Mar
170
14%
"94 Hi
Jan
22%
110
Jan
5
*
Jan
Feb
30
..100
110
July
170
Feb
160
160
Rights
Jan
July
2%
June
Power........
Jan
42
1,858
71%
Apr
4%
16%
50
33
75
107
121
6%
113
10
Apr
20
15
Foundation Co of Canada *
July
3%
5% cum pref
City Gas A Electric
23%
Apr
7%
100
Jan
Famous Players C Corp..*
2%
465
37
B
103%
Jan
3
Apr
English Electric A
10
107
630
Jan
Jan
9%
98
4%
24%
10
92% June
Jan
Mar
3
1,895
19
Apr
4%
31
Imperial OH Ltd
Jan
7
*
28
Hudson Bay Mining
16
114
*
4%
67%
40
25
19%
"l2"
Jan
Jan
Jan
*
Catelll Food Prods
"I'm
May
May
United Steel Corp
Mar
»
Apr
9
9%
Vlau Biscuit
July
-.100
Jan
14%C
12%
19%
165
31%
26
Preferred
442
3,150
12c June
695
100
Southern Canada Power..*
1,000
114
100
29
Eleotrolux Corp
10
325
2%
2%
1,224
69
90
9
17%
9
Shawlnigan W A Power..*
20%
Hamilton Bridge
Preferred
10%
12
46%
17%
45%
"17%
"32"
Jan
Prelerred
13%
11%
100
Jan
Preferred
May
3
16
General Steel Wares
6
11
37%
21%
Gatlneau
Mar
3
15
Preferred
Jan
July
11
80
Dryden Paper
22%
50
preferred....
18%
Dominion Textile
Jan
29%
Saguenay Power pref—.100
St Lawrence Corp
*
29
11m
61
83%
9
45%
"5%
Mar
43% May
16
May
Apr
9%
10%
100
18%
*
Jan
43
Apr
Jan
510
_*
70
Apr
70
13%
Voting trust
29
Dom Tar A Chem
Mar
38%
Jan
44%
Dominion Stores Ltd
June
Apr
66
Mar
*
Dominion Steel A Coal B 25
33
29%
23
Apr
7%
18%
Feb
720
Mar
6%
18%
Jan
52
4,264
1%
2,935
160"
Apr
15
*
25
Mar
50
July
102
Crown Cork & Seal Co
100
Mar
18
1.25
4%
100
7%
5%
7%
7%
Apr
June
Distillers Seagrams
Dominion Bridge
Preferred
Jan
Apr
Feb
May
Canada A Dom Sug (new) *
Canada Malting Co Ltd..*
Apr
7
Dominion Coal pref
Dominion Glass...
4
4%
5%
14
British Columbia Packers. *
7
89
4%
29
Jan
99
Jan
Apr
642
257
4%
*
Jan
13%
27
8%
30
45%
5
Jan
12%
83%
255
Consol Mining A Smelting 5
Apr
11
Mar
23
8
*
25
115
9% June
11
Jan
1.50
15% July
June
178
96
Canadian Indus Alcohol. .*
Canadian Pacific Ry
Cockshutt Plow
Jan
112
Jan
135
Jan
Feb
94
7%
July
14
16% June
1.75
"T%
Canada Cement
Preferred
28
28%
115
15%
Bulolo Gold Dredg ng
21
100
Jan
1.50
Brazilian Tr Lt A Power.*
June
Feb
July
25%
25%
100
July
Apr
15%
175Hi
3%
Apr
May
*
Bell Telephone
81
13%
7
High
May
.100
Grain
Preferred
Preferred
Low
Shares
20
Bathurst Power A Paper A*
Bawlf (N)
3.25
for
Week
10m
24%
16%
66%
27%
Royal
Range Since Jan. 1, 1939
20
Assoc Breweries pref... 100
Jan
42%
Apr
6% May
20% June
74% June
Montreal
11
*
*
—
High
3.25
—*
50
Associated Breweries
Low
Jan
July
Banks—
Sales
Last
Par
6%
18
1
Developments
Zellers Ltd
Montreal Stock
Grain A__*
100
10
July
Mar
Winnipeg Electric A
Jan
38..
July 22 to July 28, both inclusive, compiled from official sales lists
Stocks—
50%
6%
July
7%
14
Power Corp of Canada—*
Price Bros A Co Ltd
*
Preferred
Alberta Pacific
51%
585
66
33
Apr
99
Tuckett Tobacco pref.. 100
121
120
1,662
28
80
"82%
St Lawrence Paper pref. 100
Bid
3,392
8
Preferred
Dominion Government Guaranteed Bonds
32%
16%
100
Preferred...
A
2
High
15% Mar
7% June
100
Ottawa L H A Pow
Rolland Paper pref
6s
101% 102%
Sept 16 1942
4 His
51
Niagara Wire Weaving—*
Noranda Mines Ltd
•
Quebec Power
Rolland Paper.......
Art
Canadian Pacific Ry—
21
65
65%
40%' 41
65
•
Preferred
Railway Bonds
5%
5
50
32%
"32%
40%
Placer
1,810
5%
5%
Montreal Tramways...100
Ogllvle Flour Mills
Ontario Steel Products
5%
50
*
Mont L H A P Consol
7%
4
5
5
—
National Steel Car Corp.
110
Mar
4s
97%
96
4%s
4%s
96
225
6
4
7%
Legare pref
Lindsay (CW)
M assey-Harris
National Breweries
Province of Manitoba—
4%s
—3
Laura Secord
Bid
1 1942
6s
64%
*
Low
res
16%
7%
Imperial Tobacco of Can.5
Members
Sh
12%
10
11%
Mar
60c
60c
200
45c
Apr
275
23
Apr
70C
26
Jan
July
25
26
10%
10%
120
9
Apr
15
Jan
49%
550
29%
Apr
60%
Jan
45%
Volume
The Commercial & Financial Chronicle
149
711
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Par
for
of Prices
Week
Price
Low
McColl-Fron 6% cm pf.100
90
Melchers Distilleries
$3
pref
10
Page-Hershey Tubes
100
10
20
60
104
7 *4
Canada
Jan
Mar
Canada North Power
Canada Packers
Mar
Canada Permanent
Apr
July
101
Jan
104
Jan
102*4
July
105
Jan
Mar
50
4*4
Jan
4*4
Mar
2
4*4
Jan
5*4
Jan
25
75c
Jan
75c
5
70c
1
Canadian Can A
6*4
Jan
Jan
1.40
Jan
Can Car & Foundry
Preferred-
45*4
130
38*4
Apr
50*4
Jan
Cndn Industrial Alcohol A*
20*4
230
19*4
June
20*4
Jan
32c
2,000
25o
June
50o
Jan
Cndn Malartic Gold
1
2Hc
Cent Cadillac
1
20c
*4c
2,000
9c
10c
6,000
100
*
Cartler-Malartic Gold
*4c
11*40 ll*4c
(new)..
Apr
*4c
7*4c June
9J4c June
Central Patricia Gold_.._l
Malartic
Preferred
C P R
9*4
70c
Apr
1.00
Jan
2*4c
2 *4c
1,500
2*4c
Feb
6c
Jan
29*4c 23*4C
26,750
17c June
25 *4 c
July
2.50
2.50
2.07
33
Apr
2.74
Jan
1.35
500
Mar
2.27
July
Apr
33*4
2%c
2*4c
3c
1
2.75
2.70
2.77
12,000
3,200
Eldorado Gold M Ltd
1
1.17
1.13
1.20
2,750
1.04
Falconbridge Nickel
Inspiration M & D Co.
*
5.50
5.50
70
4.50
1
30c
30c
1,000
4c
5c
4,500
2o
Apr
8c
Jan
Jan
2.10
2.80
Jan
22c
Apr
Apr
Apr
Apr
1
3C
Apr
Jan
Conlarum
Jan
Consolidated
6*4c
Feb
Consol
Cons
3c
3c
750
3c
July
10c
Jan
1.53
1.53
100
1.20
Jan
1.74
Mar
Consumers Gas
.1
lie
12c
1,500
8*4c
Jan
12c
July
1
42
....1
34
Apr
Jan
Crows Nest Coal
4.10
Apr
5.80
Jan
Davies
52*4
Jan
58*4
Mar
1,000
45c
Mar
63*4c
July
2.43
2,305
1.95
Apr
3.35
Jan
2.50
200
2.46
July
4.80
6c
200
900
Normetal Mining
*
O'Brien Gold
1
Pamour-Porcupine
»
Pandora-Cadillac Gold
1
6c
Pato Cons Gold Dredging. 1
Perron Gold
1
2.20
7,475
60c 63 *4 c
2.32
2.50
2.05
46
159
Apr
179
Mar
165
168
50*4
7*4
6
100
100
Petroleum
10*4
1.50 May
2.75
Jan
1.80
100
1.40
Apr
2.15
Feb
75c
3,150
69c
Apr
May
Apr
70c
118
Jan
Dome Mines (new).
16c
Jan
Mar
1.45
Dominion Bank
100
Dominion Coal pref
25
Dominion Exploration... 1
1.95
2.05
Jan
2.02
July
1
4.75
4.75
150
4.40 June
5.60
Mar
1
1.57
1.58
400
1.18
Apr
1.72
Jan
Dominion Steel B
Quebec Gold
1
45c
45c
500
43c June
60c
Feb
Dom Stores
Reward Mining...
1
2c
2c
1,600
July
5*4c
Jan
*
Dominion Tar
l*4c
Dominion
Foundry
,
35
4*4
Jan
2.49
2.45
2.52
c
12*4c
25c
1.10
1.16
1.75
3*4
Jan
5
Apr
8*4
Jan
25
3
4
Jan
1.75
100
2.18
24,389
120
17c
44*4
45*4
1,887
177*4
19
29
29
29
22
410
526
Sylvanite Gold
1
3.35
3.45
50
2.80
Teck-Hughes Gold LM...1
4.20
4.25
300
3.95
Walte-Amulet
7.10
7.10
100
5.70
12c I2*4c
11,600
8*4c
475
7.50
*
Wood Cad
1
Wright Hargreaves
•
8.25
8.20
8.25
Jan
1.03
Feb
Mar
3.55
Jan
4.60
Mar
*
25
....*
8.10
Jan
18*4o
Jan
8.85
Mar
East Malartic
1
Easy Washing
Eldorado..
Fanny Farmer
Federal-Kirkland
206
*
1.00
1.00
1.00
80c
300
Apr
Jan
1.51
Jan
89
25
89
July
33
34
4,700
206
71
3*4c
22*4
23*4
629
1
""6*4
1154
6*4
5*4
5*4c
45
2.75
24,675
2.12
25
50
1.16
1.15
1.20
5,255
6
5*4
"20*4
500
19c
Jan
31c
Jan
Foundation Petroleum...*
38e
42c
2,100
35*4o
July
75c
Jan
Francoeur
23c
2.15
2.29
8,225
2.00
Jan
3.70
Jan
Gatineau Power
Okalta Oils Ltd....
*
1.12
1.05
1.12
300
1.00
Apr
1.72
Jan
Royallte Oil Co
*
195
31*4
Apr
22c
21c
Preferred
100
35
Toronto Stock
Jan
Exchange
1
1
Sales
Last
Week's Range
Sale
Stocks—
Abltibl
6%
Par
20*4
20*4
10c
22c
23c
2,200
14*4
93*4
4*4
5*4
15*4
482
11
Jan
94*4
201
87
Apr
5*4
375
2*4
6*4
215
6
7c
7*4c
12,900
2*4c
2,520
July
Anglo-Huronlan
*
Arntfleld Gold
1
Ashley
1
Astoria-Quebec
12*4c
.........
1
Aunor Gold Mines
2.35
1
Cons....
2.63
.1
2.35
2.40
849
9*4c 12*4c
11,500
6*4c
3*4c
2.62
23c
6*4c
27c
Bank of Montreal..
100
213
213
213
100
301
301
303
7
Preferred
50
39*4
Beattle Gold
*
Bell Telephone Co
Bidgood Kirkland
1
Big Missouri
Blue Ribbon
Preferred
Bob Jo
♦
Brazilian Traction
*
13
10*4
13*4
130
1.25
1.25
30
12
12
153
15c
16c
9,550
12c
2,062
7*4
350
4*4
100
31*
80
50c
,
9c
Feb
Hlnde & Dauch
*
10
2.20
Jan
Howey Gold
i
Jan
Hudson Bay Mln «fc Sm__*
8*4
Jfcn
Huron & Erie
Jan
5
Feb
Jan
178
June
July
30c
Jan
10c June
30c
Jan
6
Mar
8
June
3*4
July
5
July
Jan
32*4
Jan
Imperial Bank ........100
Imperial Oil
*
Imperial Tobacco.......6
Inspiration
1
32*4c
A
preferred
15*4
16*4
International Petroleum.. *
8*4
1,953
Jan
Mar
Mar
Jacola Mines.
Jellicoe
28
28
12c
10c *4
43*4c
19*4
May
23*4
Jan
70
12
June
14*4
July
J M Consolidated....... 1
20
21*4
28
July
Apr
12c
4,600
7c June
Bro ulan-Porcupine
1
43 *4 c
47c
36,440
Brown Oil.
*
21 *4c
20c
23c
11*4
11*4
11*4
19,700
1,028
*
2*4
3
5,000
28c
Apr
18c
Apr
10*4 Mar
'2*4 May
Building Products (new).*1
18*4
6*4c
19
1,010
14
6*4c
Apr
9*4 June
♦
7c
3,300
10
10
2.00
1.98
2.05
1
34c
34c
34c
3,400
1,600
*
5
4*4
5
975
5
-
A
100
105
105
B
50
55
55
10
5
Apr
56
18
87
45c
Jan
3*4
Apr
7*4
91*4
Mar
Apr
70
70
June
Jan
88
66*4
Jan
1.15
1.16
1,000
2714
1.26
Apr
4*4c
4*4c
2,000
17c
18c
3*4o
4c
11
11
1.87
2.04
28c
74,949
2,300
1.55
16,691
1.16
1,841
32*4
1
1
1.52
1.50
1
41*4
41*4
*
"l~99
25c
Lake of the Woods.......*
1.00
20
11*40
12*4
*
7.15
6.80
Mar
Lapa Cadillac..
1
17c
2.80
Jan
Laura 8ecord (new)
3
28c
June
65c
Jan
Lebel Oro
1
12*4c
12*4
2*4c
3*4 May
97*4 May
5*4
Jan
Legare pref
Jan
17*4
16 «4
Apr
Apr
Lake Shore
56
Mar
Apr
22c
Apr
3*4c
6
10
Jan
Mar
June
July
Apr
Apr
87
June
35*4
70*4
221
20*4
1.81
49
140
100
Feb
42*4
Kirkland Lake
No par value.
July
7,116
Klrkland-Hudson
•
July
2,624
Jan
July
22*4
62
202*4
Jan
36*4c May
51
Jan
105
Jan
Jan
July
22*4
Jan
...25
24c
10
Jan
Jan
July
21*4
33c
Lamaque Gold Mines
3.76
26*40
15
75c
Jan
Jan
July
14
15*4
Lake Sulphite
1.98
35o
7*4c June
565
J
July
15
15*4
700
6
Jan
Jan
Apr
10
Mar
June
10c
Apr
2,753
87
4
8
15*4
15
1.00
Apr
13*4
Jan
Jan
1.95
16c
16*4
16*4
34*4c 34*4c
*
Mar
5,900
3,360
Kerr-Addison
19
34c
65
Kelvinator
5
30
34
Jan
21*4c
14,500
6c
49*4
1
1,874
14 *4
2*4c May
6c May
Jan
3*4c May
50*4
1
4
lc May
22
Island Mountain Mines50c
July
12*4
5*4
*
9,213
9c
11
33
87
..100
Feb
International Nickel
32*4c
5*4
June
2.27
8c
65
.100
22c
22*4
14*4
2.15
50
2,575
215*4 217
34
Intl Metals A
Intl Metal pref
12*4
15
15*4
10
100
Apr
4
10
15*4
8*4c
25
6*4
8,600
2,500
*
15*4c
64o
Apr
Feb
16c
*
July
Mar
Apr
16c
"15*4
12
40c
3*4
Apr
8*4c
Jan
Jan
July
12
46c
16c
17
July
94c
8*4c
6*4
1.00
2*4
40
Mar
78
58*4 June
July
200
*
1
165
75c
32,505
.50 c
1
Home Oil Co
1.40
2*4C
1.14
H igh wood-Sarcee
Hollinger Consolidated... 6
Apr
May
3*4
50 c
Harker.
Honey Dew
Apr
July
2,000
Jan
Homestead Oil
32
2*4c
3*4e
6,700
3,110
10,500
Jan
July
23
5*4
97c
Jan
9*4
5
50c
5
3
Jan
4*4
2*4
174*4 175*4
5
T08
8c
28
Jan
4*4
30c
1.00
370
1
Hamilton Theatres
9*4
7*4
*
Canada Bread
Jan
"5*4c
7o
3*4c
609
*
Oils
Mar
13*4o
3*4c
9,750
Brit Col Power A
Calmont
4c
3o June
4*4c Apr
3*4 July
10*4 May
.1
10c
British Dominion Oil
*
July
1,500
2,000
2c
11*4
22*4
14*4
Bunker Hill
10,300
5*4c
8*4
4,600
6
4
Calgary <fe Edmonton....*
3c
4c
5*4c
2*4c
11*4
8*4
British Columbia Packers. *
Burlington Steel
2*4c
1
9*4c
Brewers & Distillers.....5
Buffalo-Canadian
55
50c
8*4
Buffalo-A nkerlte
66
50
10c
British American Oil.
35
509
12c May
25
1.28
4*4
4*4
i
Bralorne.
45,400
Jan
l*4c
5*4
Apr
July
40c May
Jan
280
57*4
*
July
12
Halliwell..
l*4c
Feb
74
1
39*4
4*4
31
310
Halcrow-Swazey
Jan
56
Hard Rock
June
ll*4c
7*4
*
220
Preferred
22,200
5,000
Harding Carpets
7*4
1.21
,_50
38c
Mar
Feb
Jan
200
l£c
July
Feb
2,000
*
Apr
Feb
6*4c
2.78
Mar
16c
1
Biltmore
18c
10*4c
4
6*4
175
July
20
6
100
3c
300
39*4
4*4
Feb
4
14c
*
Beauharnoi8
17*4c
460
1.21
.♦
Beatty A.......
Mar
7*4
6*4
9*4
38*4
3.25
1.75 June
40
*
B__._
Gypsum Lime & Alabas..*
Jan
Mar
73*4
Gunnar Gold
Jan
203
9*4
Bathurst Power A
Jan
1.52
20
16c
Base Metals
17c
2,500
32,797
10,333
Bank of Nova Scotia
Barkers
52c
Apr
2.25 July
9*4c July
5*4c June
500
4c
2.77
*
Grandoro
June
82c
4c
56
Granada Mines
8*4c June
5,100
6,050
Feb
l*4c June
73*4
Great Lakes Voting pref..*
Great West
10,800
Mar
Jan
4o
3*4
3*4
1.03
July
6
7*4
ll*4o
4c
Graham-Bousquet
1*4 June
14
May
9*4c
96
2*4 C
*
50
3*4
98c
May
Jan
3*4
8*4c
Jan
Jan
Great Lake voting
30*4c 32*4c
Apr
60c
Mar
,
15c
13*4c
3*4C
4o
9c
8*4c June
July
July
Feb
1.00
10c
Jan
Jan
Jan
23*4
Jan
14?4c
26*4o July
16*4 Mar
4*4c
2,000
*
Apr
9c
2*4c
3*4
23*4
1
16*4
1,349
1,000
Jan
33
7c
2c
Anglo-Can Hold Dev
May
10*4
l*4c
Jan
Amm Gold Mines
25
Mar
8*4c
Mar
Jan
Jan
5
24
July
2*4
24
July
15c
21*4
26c
5
Apr
3*4c June
Jan
Mar
20c
Mar
193
19
105
6.00
Jan
Feb
29c
50c
23
Apr
8
17,900
3*4 June
31c
4.50
2.36
10,500
1,700
6,980
„•
Apr
July
Mar
2.87 May
30
37c
2,525
100
5
2.79
29c
7*4
Copper
1.05
June
Mar
Mar
21c
1.20
163
Apr
1.65 May
22
Mar
27C
130
35c
90c
2c
2.02
9*4o
29c
Goodfish
Preferred
Apr
June
19*4c
2c
*
Bankfleld
High
14c
5
19*4c
Goodyear
Low
Shares
4*4o June
Feb
"~37c
5*4
1
Alberta Pacific Grain
Preferred
High
Mar
July
1
95c
100
Afton Mines Ltd
Alder mac
Low
7
June
5c
30
7c
50c
5*4
-
preferred
Week
of Prices
Price
May
5*4
24
Gold Eagle
Range Since Jan. 1, 1939
for
7*4
3*40
*
Goldale Mines
Gold Belt
Friday
5*4
God's Lake
July 22 to July 28, both inclusive, compiled from official sales lists
94
*
Glenora
44*4
Rights
General Steel Wares
Gillies Lake
33*4
Jan
Jan
1,225
3,160
4,475
5.60
23*4
4*4c
5*4
10c
40c
2.21
*
12*4
2*4c
22c
*
Home Oil Co
20
6
30
23*4
4*4c
25
6c
23*4
5.55
Apr
4*4
4*4
2.12
Mar
Mar
June
Apr
495
2.67
19
July
6*4
5*4
10
34
210*4
Feb
Jan
2c
19
1,195
23*4
*
*
15*4
Jan
Apr
30*4
200
12*4
2.74
1
Ford A
July
7*4
"23*4
...»
....1
84
1,000
23
.*
Brown Oil Corp
Dalhousle Oil Co
Mar
Mar
18*4
3*40
Fleury-BIsseU pref. .... 100
Anglo-Canadian Oil
35
20*4
18*4
2*4c
18*4
25
Fleet Aircraft
Oil-
Jan
27
205
"33*4"
*
Falconbridge
Jan
89
*
Economic Investment...25
Equitable Life
22
Apr
4,100
1.01
June
16*4
Jan
15*4
16,500
13,700
74c
June
785
18c
July
July
Apr
May
Apr
Apr
Apr
Jan
183
18*4
6*4c
July
61
Apr
18*4
16c
43o
May
16c
5*4c
380
37*4
175
60o
6c
73o
27c
Apr
16c
6,100
July
Apr
5*4e
26,235
4,000
11c
27o
Jan
83c
June
9*4o
Dorval Slscoe-..
81c
July
17*4
6,450
East Crest Oil.
40c 43*4c
48c 49 *4 c
2.34
Apr
2,500
Duquesne Mines
43c
Apr
12c
Jan
82c
July
1.26
14
30c
Jan
49c
2.00
Jan
29c
29*4c
1.44
*
Apr
1.39 May
2.7C0
18
Jan
Feb
Feb
4?4c
..1
70o
36c
2c June
Stadacona (new)
July
85c
90c June
Sullivan Consolidated....1
25c
Jan
14*4c June
1.39
400
Bladen Mai
JaD
Jan
3,200
2,725
1.65
6c
Mar
Jan
2c
Apr
2.75
Apr
1.06
96c
Apr
50c
2c
1.20
1.05
2.05
8bc
1.00
1.15
Apr
21*4c
17
19
3*4
20*4
70c
Jan
Jan
May
Apr
550
15c
177*4
6*4
600
2.00
176
1.03
122
680
52*4c 52*4c
26*4c 26*4c
1
1
3*4
May
SherrltUGordon Mines...1
Shawkey Gold
Slscoe Gold Mines Ltd
106
5,953
Jan
3
45*4
Jan
715
;
34*4
16
52*4c
Jan
June
30
"l"l3
18
Jan
Mar
240
21*4
4
10*4
7*4
18
225
100
2.55
Pickle Crow Gold
6*4 June
200
4*4
19
May
1,000
5,275
12,300
1,100
23,654
"18*4
Apr
Preston-East Dome
July
May
6
'
Jan
12c
_»
2.10
4c May
2*4
16*4
900
v'
Mar
2*4
118
1
Denlson Nickel,Mines..
Distillers Seagrams
Preferred
53
230
3*4
18
7*4
9*4
20*4
75c
1.75
*
114
490
4.80
59
Mar
16*4
Smelters
1,225
42
4.70
57*4
23
3*4
2.10
Chibougamau
2.25
42
4.70
5
Apr
17*4
*
Cosmos
M clnty re-Porcupine
18
75c
Bakeries.
1
Lake Shore Mines Ltd
96
17*4
5
Mines
1
Macassa Mines
21*4
25c
Coniagas
Mar
Kirkland Lake Gold
Laguna Gold
1.80
7
Joliet-Quebec
J-M Consol Gold
4c
10*4
June
3*4
44c
Mar
June
90c
...
*
2.63
7*4
305
4*4
Commonwealth Petroleum*
6.00
Mar
1.25
71c
118
11c
Chromium
2.35
July
152
54
Conduits.
1
East Malartic Mines
31
Mar
89
Feb
July
301
Cockshutt
Duparquet Mining Co
'322
17*4
May
3*4
Chesterville-Larder Lake. 1
2.20
400
*
May
*
75c
Central Porcupine
Chemical Research
Dome Mines Ltd
14%
66
8*4
2
*
Central Patricia..
Mar
Mar
June
1.60
2
*
25
38
1.50
3*4
Castle-Trethewey
1,500
2.05
20
17
20*4
100
Jan
75c
33
15*4
1.80
70c
Coniaurum Mines
165
B
Feb
Jan
Jan
20*4
•
28c
l*4c
Apr
32
1.10
26
Canadian Wine..
Canadian Wirebound
14c
89*4
25
10*4
101*4
8*4
7*4
June
10c
1.60
20
B
5*4
*4c
..1
Beaufor Gold
20
1.50
32c
Big Missouri Mines
96
38
140*4
Canadian
Alexandria Gold
94
37*4
15*4
15
1.00
Mines—
July
51
Cndn Bk of Commerce. 100
Canadian Can..
High
7
89
25
Alderm&c Copper Corp...*
Low
76
8*4
151
45*4
20*4
"20*4
*
7*4
Shares
85
125
5
7*4
High
151
1.10
5
Low
*
1.00
5
Walkerville Brewery
*
Walker-Good & Worts (H)»
Price
100
Canada Steamships
*
Canada Steamships pref. 60
Canadian Breweries
*
Preferred
Jan
4*4
Week
»
1.00
16*4
for
of Prices
100
Malting
12*4
7*4
70c
United Securities Ltd.. 100
97
485
5
4*4
Jan
Feb
7*4
_*
Mar
6*4
6*4
7*4
4*4
United Distillers of Can..*
1.50
Mar
102*4
10
104
Range Since Jan. 1, 1939
Week's Range
*
June
8
12
Par
Canada Cement
Preferred
Jan
1.00
85
Mar
94
July
Apr
5
60
102*4 102*4
Feb
1.35
650
50c
11
100*4 102
Provincial Transport Co.
Quebec Tel & Pow A
pref
11
50c
11
*
Sarnia Bridge Co A__
15
5*4
83
Stocks (Continued)
High
Low
60
1.50
50c
11
*
Paton Mfg 7% cum pref 100
Power Corp ol Canada—
6% cum 1st pref
100
cum
90
Sales
Last
Sale
Shares
5*4
Refrig & Stor vot tr__*
cum
Range Since Jan. 1,1939
1.50
Melchera Distilleries pref 10
Mitchell (Robt) Co Ltd.
Mtl
High
Exchange
Friday
Week's Range
Sale
Stocks (Concluded)
Toronto Stock
Sales
Last
42
1.10
21
1.04 June
Jan
Jan
3c
May
11*40
Jan
3,965
17c
July
18c
July
4,900
3*4c
July
11c
20
9
May
Jan
12
Feb
2.08
Jan
1 47
Apr
25c
July
73c
Feb
Jan
1.75
Mar
50*4
200
50c
Mar
Apr
68
13*4
Apr
3.25
21
Jan
Mar
July
7.15
1,905
6.50
Feb
7.15
July
20c
13,970
12 *4 c
July
54c
Jan
745
10*4
2*4c
Apr
13*4
Jan
July
8*40
7*4
July
13
3*4c
7*4
16,520
125
6
July
Jan
The Commercial &
712
both inclusive, compiled
July 22 to July 28,
Sales
Friday
Week
of Prices
Sale
Stocks—
Loblaw A
--
B
86c
89c
12,905
63c
Apr
3.10
5,475
2.60
Apr
26
..
3.00
25 X
26
8,185
22 H
Apr
26
24
Little Long Lac
23 H
24
500
21
Apr
24
l
Madsen Red Lake
Maple Leaf Milling.....
J.n
Jan
3.639
4X
5H
1,818
2H
3c
3Hc
1,500
2Hc
J
:
July
2. .50
July
Apr
5H
July
Apr
7c
Jan
7H
Jan
*
Preferred
McColl Frontenac
5
5
5%
1,496
2H
Apr
46
45
49 H
663
29 H
Apr
5%
90
Preferred.
5H
Mclntyre Mines—
12c June
57 X
57 H
41/6
49%
1.26
1.32
3,700
1.03
Apr
15Hc
18c
27,200
6c
Mar
1.07
Jan
10
19H
Mar
1.11
6,050
89o
H
580
35
Mar
10
155
May
40
""7c
Apr
24
Canada Vinegars
40 %
30
39H May
42 H
Mar
5%
135
23
May
£«
June
985
43 H
May
61H
Jan
61 He
16c
1
Nlplsslng
6
15c
17c
54,900
14c
July
2%c
3c
4,200
2Hc
lie
New Gold Rose
11c
11c
500
9c
July
July
1.28
July
1.36
1.35
1.35
900
82 H
Normetal
Northern Canada
North Star pref
84
9,552
70
4Hc
5Hc
4Hc
4Hc
2,300
3,000
4Hc July
3 He June
58c
1
1
*
*
.5
Norgold Mines....
80
4Hc
Mines
Nordon Oil.............
65c
8,815
38c
Apr
2.33
48c
600
3H
200
3
July
2,831
Omega Gold
....50
Ontario Loan
4Hc
4 He
4Hc
4Hc
Page-Hereey
Pamour Porcupine
Partanen-Malroblc.
1,100
69
100 % 102
100 H
395
10
7
7
Preferred
Pacalta Oils
19
110
110
4HC
Orange Crush
2.40
July
Jan
112
4Hc
July
7H June
12c
Jan
104H
Jan
Jan
4.75
15,700
4,500
3c June
7Hc
Feb
July
7Ho
Apr
61c
Jan
2c
2C
2Hc
7,500
45c
50c
42,725
35c
46c
1.93
2.03
16,076
4.70
4.60
4.75
5,710
1
Powell Rou
1.75
2,630
9H
40
1.55
1.60
15,370
48c
48c
500
44c
1
1.90
9H
1
*
Preston E Dome
Tie
*
Prospectors Airways
..
*
Red Crest
1
1
Gold
Roche LL
47c
St Anthony
4,400
49c
3,030
7c
6c
3,000
Apr
2.45
Apr
Apr
12H
Mar
25c
*
Lake_........«.„l
..1
Pend Oreille
1
Robt Simpson pref.
100
Rogers Majestic A
*
ghawlnlgan
*
Temlskaming Mining
1
1.71 June
2.40
Apr
10 %
1.75
Feb
58c
Jan
44c
July
65c
Jan
9c
Jan
Mar
46c
Mar
5Ho May
llHc
3Hc May
20c
190
90
178
Apr
295
32
Apr
44
Jan
Mar
192
35
H
Jan
Feb
9c
10c
8,000
9c
July
15Ho
3H
3H
3H
375
2%
Apr
4H
Jan
1.18
Jan
1.95
10c
Apr
1.88
1.80
1.95
41,044
11c
11c
4,000
"Uo
1.18
1.20
2,050
1
Slgman Mines, Quebec
Sllverwoods pref
1.01
1.00
1.07
16,809
7.65
7.10
7.65
1.499
5.50
Jan
4H
4%
379
3H
Apr
5
Feb
Apr
95
Jan
92c
85c June
78
Mar
17c
1.25 June
1.45
Jan
7.65
July
100
Sisooe Gold
"93 k"
92 H
93 H
514
...1
Simpsons B prefj
1.16
1.15
1.19
4,717
96c
40c
42c
3,400
37c June
80c
5c
5Hc
8,800
5c June
13c
47 He
50c
36,082
Sladen Malartlc
...1
Slave Lake
...1
Stadacona
48 He
Standard Chemical.
7H
..
7H
60
Apr
43He
July
3
Jan
1.65
Jan
Jan
Jan
1.03
Feb
June
8
1.50
1.50
July
3.50
Mar
21 H
21H
21H
50
16 %
Jan
21H
July
74 H
73
74 H
590
66 H
Apr
77%
Jan
72 H
71
72 H
132
65
Jan
75
3%c
3Hc
4c
84,600
3Ho
2.25
2.15
2.30
1.80
Standard Paving
...
Steel of Canada
..25
Preferred
*
Straw Lake Beach
62
I"1
Sudbury Basin
Sudbury Contact
...
7Hc
7Ho
7 He
1,590
1,000
...1
82c
80c
82c
2,999
nil
3.40
3.35
Sylvanlte Gold
Hughes
Texas-Canadian.
»
4.25
l
66c
Tip Top Tailors pref...100
Toburn
Preferred
July
Apr
5Hc July
75c
June
June
Jan
11c
3.00
Jan
14Hc
Feb
1.01
Jan
4
4.25
68c
2%
Jan
3,651
2.78
Apr
3.55
3,270
3,300
3.80
Apr
4.70
65c
Apr
100
3.40
108
107
104 %
June
1.74
Apr
,
1.30
Jan
Jan
JaD
2.30
Jan
17H
350
17H
695
44
40
41H June
46
85
85
20
79
July
90
Feb
85
Mar
10
Jan
1
1.20
Mar
1.65
*
96H
95
96H
6,100
95
July
97 %
»
14 H
14H
14%
2,072
11
Apr
15
June
50
33 H
15
28
May
38
Feb
4%
33H
4%
33H
♦
4%
3H June
7
Jan
4.30
Apr
5.80
Jan
5.50
Apr
8.25
Jan
38
Apr
51H
19 H
Jan
20 H
Jan
May
15c
Feb
Mar
3
July
Apr
37
July
Walkers..
1.15
1.22
5,875
4.85
4.85
4.90
2.640
1,782
*
7.10
7.00
7.20
3,867
*
45 H
44%
45 H
20 H
20
20 %
1,887
1,250
Ventures
Amulet
.
Preferred
Wendlgo
9c
Western Canada Flour...*
"35
Westflank
iix
Westons
100
8 Ho
2
97
15
8.500
33
37
4Hc
500
11K
11 %
105
15
95
lc
4c May
9%
85
Apr
May
He June
lHc
1,500
2,000
lHc
July
4Hc
9,000
3Ho
12c 12 He
3,000
9c
July
Apr
7,777
2,200
7.30
4He
He
lHc
3Hc
Whitewater
1
Wood-Cad lilac
Wright Hargreaves
*
Ymir Yankee
*
1.03
25
10c
3
94
White Eagle
Wlltsey-CoghUn
9c
3
4Hc
Western Can Flour pref 100
Preferred
31H
32 H
Apr
2c
1,000
14c
14c
1.00
1.50
1.40
"19%
3Hc
Jan
July
14c
July
2c
Feb
8c
2H
19 %
19 %
'
June
1.95
Jan
Feb
137H
July
3
1H May
100
1
Jan
610
18H
Apr
22 H
Mar
5,000
9H
8
9
1.21
115
136
137 H
2H
Jan
June
He July
7,000
5,700
136
33
lHc May
500
1.00
Jan
17c
Apr
29H
1.00
137H
35
Apr
10c
520
6He
Apr
14HC
Feb
Utility Bonds
quotations, Friday, July 28
Bid
Ask
108
68.1955
Brown Co l8t5Ha
1946
Burns 4 Co 5s
1958
91
2Hs to *38-5 Ha to '49—
107 H 107H
34
33 H
Bell Tel Co of Can
57
6 Hs series
—
Canadian Inter Pap 6s
104
105H
1956
1973
Tramway 5s 1941
104
105
Can 4Ha'59
1 1957
58—1957
2nd conv deb 4s
1957
Provlncia ]Pap Ltd 6 Ha *47
104
Montreal Island Pr 5Hs '57
104 H 105H
3 Ha
106H 107H
Montreal
-
103H 103H
91H
1949
Power Corp. of
92 H
Dec
6s
103
101
Canadian Lt 4 Pow 6s 1949
67
1961
36 H
37 H
Dom Gas 4 Elec 6 Hs. 1945
97 H
98H
67
68
Consol Pap Corp—
6 Ha
ex-stock..
Donnaoona Paper
4a
50
51
90 H
Co
1961
104H 104H
103H 104
95H
97
'52
64
65
Winnipeg Elec 4HS---1960
4-5a series A
1965
103
United Grain Grow Ss.1948
82
United Securs Ltd 5Hs
103
73 H
75
35
—.1951
5a
81
106H 106H
106
106H
99%
80 H
102
Lake St John Pr 4 Pap
5 Ha
94""
79
101.
92
99
1969
Co 1st 5s '55
Int Pr 4 Pap of Nfld 5s *68
Gatlneau Power 3Ha.
Gt Lakes Pap
92
'66
1966
4Hb series B
98
Jan 11950
Fraser Co 6s
105
104
Shawlnigan W & P 4Hs '67
Smith H Pa Mills 4 Ha '51
Saguenay Power 4%b A
Co—
1956
East Kootenay Pow 7s 1942
Eastern Dairies 6a
1949
102H 103H
99H
98%
Price Brothers 1st
65
Canadian Vlckera Co 6s *47
m-J
58
Montreal L H 4 P—
3 Hs
Calgary Power Co 6s..1960
Canada Bread 6a
1941
Canada North Pow 5s. 1953
B
Maple Leaf Milling-—
-
42
41
Ask
91
1952
93
Beauharnois Pr Corp 5s '73
Manitoba Power 5 He. 1951
48 H
91
36 H
4-5s series B
1965
72
/52H
72%
53 H
•
/Flat price.
No par value.
n
Nominal.
Bank of Montreal Reports
Canadian Business Holding
Steady During Summer
"Midsummer
finds business in
Canada showing remark¬
with distinct signs of improvement in indus¬
trial fields, a rising export trade, and encouraging factors
in the outlook," it was stated in the Bank of Montreal's
"Business Summary" issued July 22.
"Foremost among
these factors is the almost assured prospect of a good grain
able stability,
the
in
crop
Prairie
Provinces," said the Bank's survey,
which continued:
The dairy
industry is now at the peak of its production, and
creamery
butter for June were, respectively,
and
cheese
of
the outputs
22,050,271
pounds as compared with 10,969,266 pounds and
27,674,911 pounds in May and 22,157,229 pounds and 41,763,804 pounds
pounds
in
and
June, 1938.
As
regards industry,
export
demand
reaching
record
June
a
40,943,551
a new
for
feature has been the continued activity in the
from British Columbja, shipments in June
a
lumber
monthly high record, eclipsing by 3% the previous monthly
There were betterments also in other directions.
of 1939 in which the cotton mills could report
achieved in May.
the first month
was
higher scale of activity
(15%) than in the parallel month of 1938,
and
maintained at a satisfactory
level; the earnings of one of the largest rayon companies for the first
half of the year were almost treble the figure for the first half of 1938.
There has also been an expansion of the output of leather footwear.
.
.
.
Automobile plants have been just holding their level of production with
an output of 14,515 units in June as compared
with 15,706 units in May
and 14,732 units in June, 1938.
The improvement in (he flour-milling
in the woollen and rayon
industry
is
being
mills operations were
maintained.
4,
Bank of Montreal Reports
Crop Conditions in Canadian
Feb
1.90
Ucbl Gold
Walte
24
28
30
600
47%
July
1.90
17
44
1.90
Uchl Bonds 6%
Union Gas
United Fuel A
Jan
14c
Jan
*
Toronto General Trust. 100
United Steel
Jan
June
109
50
l
Toronto Elevator
4.20
1.35
10
3
3
SupersIlk A
1.45
6.00
505
Alberta Pac Grain 6a. .1946
July
.*
July
80c June
1,000
Abltlbl F 4 Pap ctfs 6s 1953
July
1
Jan
55c
55c
1.50
Closing bid and asked
Mar
Apr
40c May
6
1.17
Jan
10c
1
Sheep Creek
Sherrltt-Gordon
37 H
Jan
17c
50c
Antonio
Sand River Gold
Apr
Industrial and Public
July
9
34
35
*
St Lawrence Corp
800
5c
47c
Apr
189
190
100
*
.1
Royal Bank
Royallte Oil
44c
4Hc
1
Quebec Mining
1.18
270
1,000
1.82
Premier
3,500
25c
23%
Jan
1.97
10 %
90
Jan
400
0%
Feb
lHc
Pawnee-Kirkland
Jan
70
14c
32 H
Jan
Mar
110
31H
29 H
Oils Selections
July
5.60
2.70
2.45
23Hc
Pressed Metals....
2.03
1.45
1.92
1.95
*
25c
Corp
Prairie Royalties
July
Jan
4.40 June
2.25
2.42
2.42
.1
Gold
4,160
75c
55c
Osisko
Mar
2c
2.00
Teck
Apr
Jan
2.65
l
8ulllvan
Jan
4Hc July
94
Jan
5Hc
1
Stedman
4H
Jan
Jan
2.40
1
San
July
lHc
1.73
2Hc
53c
4Hc
Pickle Crow
Reno
108
Jan
2.41
Paymaster Cons...
Perron Gold..
Power
25c May
3.35
4Hc
Paulore Gold
Pioneer
Feb
July
lc
1,000
32 c
Jan
6c
3H
91c
1.11
lHc
31c
13c
Apr
2,100
1.00
lHc
July
Jan
Apr
Apr
1.11
Mar
Mar
2.01
lHc
1.80
84
60c
3,770
Olga Gas.
Jan
70c
2.40
Okalta Oil.
Jan
25c
May
48C
2.31
Jan
9c
Apr
44c
3H
>'
Gold
O'Brien
110
51%
2Hc
1
Newbec Mines
Noranda
24 H
50%
51H
Naybob Gold...
Jan
24
$20
Preferred
National Steel Car
7H
1.00
July
40%
Apr
2.50
579
28 H
Montreal Power..
Jan
4%
Mar
Apr
35c
85
82
Bid
National Grocers
July
3H May
—
July
175
20c
5%
National Brewing ......
1.25
1.50
125
43c
37c
40c
Feb
75c June
4,847
5
4H
4%
11
Jan
6c June
8c
4
3Hc
July
1.45
12,200
6c
40 H
—1
May
Jan
July
179
1.38
20 He June
Jan
27c
39H
Mar
48C
500
175
Jan
24c
59
75c
4,678
1.07
40 H
*
100
1 Mar
94
2.05
17,950
27c
24
Mar
7H
Apr
38c
64c
1.32
24
Jan
60
1.05 June
56c
27c
Moneta—
Morrla-Kirkland
Apr
1,20
T§o
.
A
1,000
17c
1
McWatters Gold..
*
Mining Corp
*
Model Oils
1
Monarch Knitting pref. 100
.
Moore Corp
35
13c
13c
"l~28
McKenzie Red Lake.—.1
McVlttle-Graham
89 H
89
"~13c
*
6
McDougall-Segur.,
5% June
Feb
82 H
5H
75c May
2HC
-.100
*
100
Massey-Harrls
2.00
3.20
.55c
JaE
2.50
5
Preferred.....
Maralgo
1.15
2.00
Apr
1.50
Mar
50
Mar
2.12
14
1.20
Jan
43c
He May
1.00 Apr
Apr
...»
Canadian Marconi
1
Coast Copper
5
Consolidated Paper
*
Dalhousie
*
DeHavilland pref..
100
Dominion Bridge
1-*
Foothills
.—*
Hamilton Bridge
*
Hamilton Bridge pref.. 100
Mandy Mine
-*
5.90
30c
2 He 129,050
Apr
5
12H
1.70
lHc
3H
12H
Canada Bud Brew
1,200
2c
Malartlc Gold
Manitoba A Eastern
4H
5
July
15,710
69 He
July
June
lHc
70 c
2.06
70 c
lc
70
1
36c 36He
2.00
MacLeod Cookshutt—
Apr
1H
2,000
2
Brett-Trethe wey
3.85
4.75
1.93
36Hc
—
Mar
3
May
25
lHc
2
*
July
2,580
9,683
4.65
4.75
—1
1
Macassa Mines
High
Low
BeathA
Jan
3.60
1,1939
Range Since Jan.
Shares
Low
Price
Par
90c June
86c
3.10
1
Leltch Gold
of Prices
High
Sale
High
Low
Shares
High
Low
Price
Par
{Concluded)
for
Week
Week's Range
Last
from off cial sales lists
Sales
Friday
1,1939
Range Since Jan.
for
Week's Range
Last
Stocka
Exchange—Curb Section
Toronto Stock
Stock Exchange
Toronto
1939
29,
July
Financial Chronicle
8.20
8.15
8.25
5Hc
5 He
8HO
12H
July
Jan
Jan
Jan
June
95
lHc
Feb
5c
Mar
8H0
Jan
Jan
Apr
18HC
8.90
Mar
July
9c
Mar
Prairie Provinces Continue
Favorable
Crop conditions in the Canadian prairie provinces continue
favorable on the whole, although some damage has occurred
particularly in southeastern Sas¬
portions of Alberta and Mani¬
toba, according to the July 27 crop report of the Bank of
Montreal.
The report further said:
a
as
result of hot weather,
katchewan and in the southern
Moderate rains and light showers in many
districts have checked deteriora¬
Grasshoppers, which
but, apart from south¬
eastern Saskatchewan, where some severe damage has occurred, losses so
far have not been excessive.
Hail damage is reported at scattered points.
tion but further moisture is
are
now
In
in
flight,
Quebec
are
a
required to aid filling.
serious menace to crops,
good progress under favourable con¬
In Ontario the continued dry weather
harvesting operations and the condition of the crops is good
British Columbia with the
continuance of favourable
crops
continue to make
ditions and the outlook is promising.
has facilitated
generally.
weather
In
all crops are
making good progress.
yields being from 90% to 100% of average.
Indications point to fruit
Volume
The Commercial & Financial Chronicle
149
Quotations
New York
Bid
038
Jan
1 1977
038
Feb
1 1979
03 >*a Mar
Nov
o4a
Oct
a4%B June 1 1974
120%
<z4%8 Feb 15 1976
121% 122%
«4%s Jan
<z4%b Nov
o4%b Mar 1 1981
o4%s May 11957
121% 123
122
123%
123% 124%
113
114%
113% 114%
116% 117%
1 1980
1 1962
o4%8 Deo 15 1971
40
44
National City
25%
26%
75
100
12%
National Safety Bank.12%
12
14
—13.55
32
34
Penn
—10
10
172
178
Peoples National
50
45
52
Publio National
25
29%
31%
1870
Sterling Nat Bank A Tr 25
25%
105
Trade
14%
27%
17%
Fifth Avenue..
—100
700
First National of N Y—100 1830
127% 129
Merchants Bank
1 1979
100
New York State Bonds
Bronx
Bid
County
7
62.15
less
1
62.20
less
1
4%s April 1940 to 1949-
5s Jan A Mar 1964 to '71
62.40
61.25
133
Canal Imp 4s JAJ '60 to '67
133
•mmmm
115%
Port of New York
Bid
Gen A ref 4b Mar 11975.
108% 109%
Gen A ref 2d ser 3%8 '65
106
Gen A ref 3d ser 3 %s '76
Gen A ref 4th ser 3s 1976
101% 102%
Gen A ref 3 %s
105% 105%
1977
MAS
4%B8er B 1940-53.MAN
106
0.80%
110% 111%
1.00%
109%
Bid
Ask
i
4%s July
1952
112
113%
6s
Apr
1955
101
103
Feb
1952
5%S Aug
1941
114% 117
108% 109%
124
Ask
126
114% 116%
5a
118
119%
58
11%
12%
Par
Bid
Aetna Caa A Surety
10
Aetna
———10
Aetna
Life
Govt of Puerto Rico—
Equitable
Bid '
JAJ
3fl 1956 OPt 1946
MAN
108% 108%
108% 108%
3s
100
"Illinois
Central
58...
Chicago 4%s and 4%fl—
5s and 5%s
'
101%
26
..
Dallas 3s
26
Ask
109% 109%
113% 114%
Ask
91
95
92
5s
96
5%
New Orleans 5s
100
101%
5%
New York 5s
100
102
93
101% 102%
North Carolina 3a
Denver 3a
100
101%
Ohio-Pennsylvania 5s
First Carolinaa 5s
100
101%
First Texas of Houston 5s.
100
101
99
4%8
100% 102%
4%S
100
101
100
m
101
100
99% 102
Oregon-Washington 5b
3%s
100% 102
Fremont 4%s
5s
_
/40
5S
105% 107%
107% 109
Potomac 3s
100
Baltimore American
2%
26
Bankers A Shippers
Z6%
5%s
St Louis
/23
25
4% and 5s
100
Southern Minnesota 5b
/12%
Southwest
Illinois Midwest 5s
99
Iowa of Sioux City 4%s
94
97
Lafayette 6s
99
101
98
101%
4%s
629
—.5
639
21%
23%
29
30%
23%
10
25
5
Connecticut Gen Life..-10
Continental Casualty
6
6%
7%
31%
29%
33%
1%
35%
2%
£48
5
6e
101%
85
5s
101
99% 102
Virginian 3s
100
Par
65
75
55
North
115
125
Dee
Moines
100
60
First Carolinaa
100
7
100
1
2%
Lincoln
100
2
[ue—.
.Aug
[ue-_.
Carolina
.Sept
ue--.
-Nov
.Oct.
.Dec
1
ue--.
..Jan
31%
Reinsurance Corp (N Y)_2
Republic (Texas)
10
Revere
100
Globe A Republic
6
Globe A Rutgers Fire...15
11
12%
20%
22%
Security New Haven
33
66%
27%
69%
2d
preferred...
15
Great American. 1
5
Great Amer Indemnity—.1
Halifax
10
81
First National
100
215
220
5
3
Marine.62%
230
10
237
7
8%
35%
34%
3
4
12
23
Springfield Fire A Mar..25
Stuy vesant
6
123
28%
9%
Sun Life
Assurance.,..100
370
420
Travelers
100
459
469
126
26%
24%
27%
82
U 8 Fidelity A Guar Co..2
U S Fire
4
22%
79
52
54
Hartford Steam boiler ...10
57%
59%
U S Guarantee
63
65
Home
31%
33%
Westchester
33%
35%
Hanover
—10
Hartford Fire.-
10
5
10
Fire
2.50
24%
Surety Guaranteed Mortgage Bonds and Debentures
Bid
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '53
Associated Mtge Cob Inc—
Debenture
1953
3-6s
Ask
/79
mmmm
;/53
mm ■mm
Bid
Nat Union Mtge Corp—
Series A 3-6s
1954
Series B 2-5s
56
Cont'I Inv Bd Corp 2-52 '53
Cont'l Inv DebCorp3-6s '53
85
67
mmmm
Empire Properties Corp—
2~3s
1945
1964
56
49
98
mmm-
95
mmmm
mmmm
Corp (all
Issues) 2r5s
1963
Potomac Cons Deb Corp—
3-68
1963
Potomao Deb Corp 3-6a '53
Potomao Franklin Deb Co
3-6s
1953
Ask
81
58
Potomao Bond
82
mmmm
52
54
50
1953
53
54
mmmm
■
'mmmm
ture
Central Funding
Corp 3-6S
1953
90
Potomac Realty Atlantic
/21%
24%
/21 %
series B A C
24%
70
80
22
27
82
Potomac
Nat Cons Bd Corp 2-5s '53
.—100
100
110
Nat Deben Corp 3-68.1953
51
100
74
Deb Corp 3-6s
1953
51
'
mmmm m
77
San Antonio
5
Virginia-Carolina.-.
series A A D
—
1%
——
....
Realty Bond A Mortgage
deb
3-6s
1953
Unified Deben Corp Be 1955
60
'mmmm
47%
49%
2
85
Chain Store Stocks
Bid
Apr
July
Ask
1 1940 6.30%
1 1940 6 .30%
Feb
Mar
Bid
Par
Berland Shoe Stores
1 1940 6.25%
1 1940 6.30%
B
Par
Harris Trust A Savings. 100
Northern Trust Co
100
273
518
8
Bid
100
73
Miller (I) Sons common..5
2
4
21
24
SAN
25%
7% preferred
8%% preferred
100
Fishman (M H) Co Inc..*
9
7
50
Reeves (Daniel) pref. -.100
99
mmm
United Cigar-Whelan Stores
12%
Ask
No
par value,
price.
dlvldend.
a
13
a Interchangeable.
2 Nominal
quotation,
$5 preferred
6 Basis price,
to i When
Ex-Uquldating dividend.
283
530
t Now listed on
New
York Stock Exchange.
} Now selling on New York Curb Exchange.
35%
mmm
108
Diamond Shoe pref
FRANCISCO—
Bk of Amer N T A 8 A 12%
Ask
3%
2%
22
1% preferred—....100
Par
Kobacker Stores—
2%
1%
/G Foods Inc common ♦
•
Bid
Ask
6
•
Bohack (H C) common...*
1 1940 6.30%
June
Ask
79
26%
27%
4%
33%
'
.33 1-3
9
7%
Seaboard Fire A Marine.-5
Seaboard Surety
10
Continental Illinois Natl
Bank A Trust
10
St Paul Fire A
Kress (8 H) 6% pref
215
81%
26
(Paul) Fire
Rhode Island..........
100
1% due—
210
123
25
46
28
/Flat
A Trust
10
26
.—100
—
1% due
American National Bank
_
41
15
Chicago & San Francisco Banks
Bid
Providence-Washington
119
24
Pennsylvania
21940 6 .25%
Par
Accident
39
Ask
1% due
1% due
1% due
1939 6 .25%
ue--.
Preferred
National.25
Potomac Maryland Deben¬
12
Ask
16 1939 6 .20%
1 1939 6 .20%
6
25%
26%
130
125
26
Ino 2-6s
Bid
Virginia
15 1939 6.20%
16 1939 6.20%
2.50
5
—..10
Federal Intermediate Credit Bank Debentures
Bid
River
19%
9%
29%
43%
4
65
North
99% 104
37
Firemen's of Newark
101
—100
New York
45
Fremont
17%
5
12.50
35
Nat Bondholders part ctfs
Ask
100
100
mmm
16
5
Northeastern
Northern
15%
17%
88
99
Union of Detroit 4 %s
Atlanta
40
48
77%
96%
10%
14
101
Atlantic
Denver
34%
46
2
5
94
Joint Stock Land Bank Stocks
Dallas
14%
33%
10
10
Fireman's Fd of San Fr.25
5
10
New Hampshire Fire
New York Fire
25
68
—6
20
New Amsterdam Cas
New Brunswick
32%
63%
61%
Z7%
8%
139
133
Pacific Fire
66
Corp 5
2
10
Phoenix
130
10
10
30
Northwestern
127
Fire Assn of Phlla
8%
4%
National Casualty..
National Fire
50
43%
Interstate Deb Corp 2-5s'55
Bid
47
3
7%
9%
45%
8%
10
Mortgage Bond Co of Md
Par
43
Merchants (Providence)--6
National Liberty.—
National Union Fire
7%
96
92%
-.100
101
San Antonio 3a
mmm
Merch Fire Assur com
6
Merch A Mfrs Fire New'k 6
101
86
84
2%
4%
59%
3%
45
100
85
-
'
57
Maryland Casualty
1
Mass Bonding A Ins..12%
•
Padfio Coast of Portland 5s
Phoenix 4%s
102
4%s
Fletcher
9%
2%
Gibraltar Fire A Marine. 10
Glens Falls Fire
6
Bid
Lincoln 4%s
9%
5
37%
Franklin Fire
99
First Trust of Chicago—
...
35%
Fidelity A Dep of Md—20
5%s
Montgomery 3s
25
Lincoln Fire
82
..10
Excess
Ask
/22
f'22
/23
/3%
/3%
4 %g
44%
11%
22%
26%
53%
Georgia Home
Burlington 6s
Jersey Insurance of N Y...
Knickerbocker
5
41%
24
45%
Federal
Bid
2%
70%
51%
City Title,
111% 112%
As I
1%
20%
25
City of New York..—.10
111% 112
Bid
69%
43%
Fire
10
-.10
Ins Co of North Amer...10
.25
Carolina.
Joint Stock Land Bank Bonds
Atlantic
33%
15
Camden
3 %s 1956 opt 1945— -MAN
4s 1946 opt 1944
90
1675
19
7%
General Reinsurance
Bid
Par
Home Fire Security
Homestead Fire
13%
111% 112%
Ask
108% 108 %
Ask
49%
10
118% 120%
Federal Land Bank Bonds
JAJ
5
4
.100 1625
21
6
Eagle Fire
2%
Employers Re-Insurance 10
3s 1955 opt 1946
3s 1956 opt 1946
54%
80
United States..
31%
78%
22%
10
American
4%s July 1952
Conversion 3b 1947
41%
111% 114%
47%
10
5s
July 1948 opt 1243-
39%
52%
..20
Title Guarantee ATr. -20
109% 113%
25
Boston
U S conversion 3s 1946—
Hawaii 4 %s Oct 1956.
57
10
American Surety
Automobile
Bid
U S Panama 3b June 11961
1959
31
14%
American Home
United States Insular Bonds
4 %8 Oct
12%
1600
28
Preferred
American of Newark...2%
American Re-Insurance. 10
American Reserve.—
10
...
Philippine Government—
11%
-100 1560
New York
12%
Ameilcan Alliance
MAS
—MAS
10
—
Insurance Companies
Inland Terminal 4%b ser D
1940-1941
Irving
Kings County
Manufacturers
50
11
Agricultural
1942-1960
George Washington Bridge
270
Underwriters
105% 106
1942-1960
51
9
Continental Bank A Tr.10
Corn Exch Bk A Tr
20
Ask
Bid
Holland Tunnel 4%b ser E
1940-1941
-MAS b
Ask
210
265
102
48
25
Authority Bonds
Ask
Port of New York—
99
49
Empire
142%
140
5%
78
50
mmmm
Barge C T 4%s Jan 1 1945.
Canal Imp 4%s Jan 1964..
Can A High Imp 4%b 1965
4s Mar A Sept 1958 to '67
....
142%
Central Hanover
20
Chemical Bank A Trust. 10
Clinton Trust
Colonial Trust
_...
Highway Imp 4%s Sept '63
4%
73
Bid
195
Guaranty
Lawyers
mmmm
Improvement—
Companies
Fulton
56%
4«*
World War Bonus—
Hlghway
12%
Par
419
54%
—100
Bank
Ask
409
10
Brooklyn
Ask
Bid
100
Bankers
Canal A Highway—
12
730
100
New York Trust
Bank of New York
3s 1981
Exchange
124% 126
1 1963
Par
3s 1974
Ask
National Bronx Bank. —50
118% 120%
Bid
Bid
18%
45
Commercial National—100
119% 120%
1 1957
o4%s Mar
118% 120
1 1964
Par
17%
40
Chase
119% 121
122% 123%
122% 124%
123% 124%
o4 %s Deo
04 H 8 Mar
o4%s Mar
Banl^Stocks
Ask
Bensonhurst National—50
122
a4%8 June 1 1965
a4%s July 1 1967
Bid
Bank of Manhattan Co. 10
Bank of Yorktown—66 2-3
119% 121%
11977
16 *78
a4 %b Nov
117% 118%
117% 119
1 1960
119
1 1966
o4%8 Apr 15 1972
112% 113%
1 1958
o4%b Sept
Par
120%
106% 108
May 1 1959
May 1 1977
o4a
New York
o4%8 Apr
108%
Friday July 28
-
Ask
Bid
107% 108%
10C% 108%
1 1960
a4s
City Bonds
Ask
107
o3%s Jan 15 1976
o4s
May 1 1957
04a
Over-the-Coiiiiter Securities
on
100% 101%
100 % 101%
103% 105
a3%s July 1 1976
a3%s May 1 1954
d3Ha Nov 1 1964
713
37%
i
Quotation not furnished by sponsor or Issuer.
Issued,
*
d Coupon,
w-s With
22%
24%
t Ex-Interest.
stock,
x
Ex-
Chronicle
The Commercial & Financial
714
July
Quotations on Over-the-Counter Securities—Friday July
1939
29,
28 1 Continued
Railroad Bonds
Guaranteed Railroad Stocks
3oscpb CUalkersi Sons
Mem Inn Nrw
Atlantic Coast Line
Boston A Albany
120 Broadway
Tel. REctor
4)48
2-6600
STOCKS
Since
4)4s
Boston A Maine 5s
GUARANTEED
NEW YORK
4s
Baltimore A Ohio 4)4s
Cambria A Clearfield 4s
Chicago Indiana A
185^
Southern 4s
New Orleans 5s
——
Chicago St. Louis A
Chicago Stock Yards 5s
—
Cleveland Terminal A Valley 4s
Guaranteed Railroad Stocks
Connecting Railway of
33
101
56
68"
72 K
74
40
38
35
33
102
100)4
67
82"
80
102
5l"
49
1995
1951
1960
Philadelphia 4s.-A equipment 5s
Cuba RR. Improvement
33
f31
/31
1945
1945
1939
1939
—-1943
1940
1944
1955
—1956
1951
-.1961
-
6a
Ytrk Sloth Extkeng*
Dealers in
Asked
Bid
Youngstown 5)4s
Canton and
Akron
111
34"
33
(Guarantor in Parentheses)
Hoboken Ferry 5s
Dividend
Bid
Par in Dollars
Albany
4)s
6.00
6.00
Preferred
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s—
4.00
27
5.00
49)4
4.00
85)4
36)4
4.50
7.00
175)4
141
6.00
139
3.00
6.00
135
10.00
240
6.00
46
5.00
52
56
5.00
55
58
5.00
57
60)4
.50
3.50
24)4
27
—60
Lack A Western)
West Jersey A Seashore
(Penn-Readlng)
3.00
54
58
142
r
245
•
49)4
63.75
3.00
64 00
3.00
New
York
64.00
3.00
New
York
63.75
3.00
Maine 4)4s—.
6s.
3)4s Dec 1
1936-1944—.
0
*
American Enka Corp—
! 5
Hardware
Maize
Products...
•
Ask
Chicago
St. Louis
2.50
62.25
1.75
2.50
A
4)4a
1.75
Hartford
62.25
1.75
Canadian Pacific 4)4s
62.25
1.75
Cent RR New Jersey 4)4s.
64.00
63.75
6s
3.00
4)4s
1.60
62.10
63.75
1
Chie Burl A
0
Qulncy—If
1 0
Chilton Co common
Columbia Baking com...
4.25
62 00
A
1.00
bl
1.60
10
Dec 1 1937-60
62.25
1.80
Pere Marquette 4Kb
1
64.00
3.00
64.00
68
2 00
62.00
1.50
3.00
St Louis-San Francisco—
63.50
2.75
63.50
61 00
62.25
St Louis Southwestern 6s.
63.00
62.25
64.00
Internat Great Nor 4)4s_.
63.50
5a
2.50
62.50
Long Island 4)4s.
Draper Corp
36)4
«16
H
88)4
23)4
92 J*
Petroleum Heat A Power.*
1)4
2K
25
Pilgrim
1
4H
5K
Manufacturing.—*
com
•
UK
13)4
Scovlll Manufacturing-.25
21 K
Southern Ry 4)4s_.
62.25
Texas Pacific 4s
62.10
1.50
62.10
15
17
Pollak
58
64
Remington Arms
31)4
34)4
15
17
6K
Singer Manufacturing..100
singer Mfg Ltd
2K
Skenandoa Rayon Corp..*
K
K
H
46
4
6s
61.50
1 00
61.25
0.75
64 00
3.00
Missouri Paclfio 4)4s.
63.25
2.25
Western Maryland 4Hs..
62.25
1.25
63.25
2.25
Western Pacific 5s
63.75
72
2)4
6K
20
8K
1
3
«
United Artists Theat com.*
7K
Preferred
9%
1)4
11K
14 K
15 K
3)4
100.13 100.15
Aug 1 1941
)4%
100.10
Sept
100.3
1 1939
34 K
25 K
27 K
5
36
-
38 K
2s
Apr
Federal
Natl.
1
68
1944
1949
Authority 3 )4s
3)4s revenue
1.60
less
1
2.20
less
1
102.5
1943
103.6
103.10
Mtge Assn
preferred
101.16 101.20
Call Jan 3 '40 at 102
4s
a
100.6
100.8
100.13 100.15
1.10
less
3.15
less
revenue..1968 6
)4
1
preferred
U S Housing Authority—
1)4% notes Feb 1 1944
|
Art
Cuoan Atlantic Sugar. .7)4
6)4
7)4
1
1
3)4
Preferred
—
For footnotes see page
713.
14
12^
100
93)4
96
1
IK
2)4
*
22 K
25 K
Preferred
w est
Dairies Ino
com v t e
S3 cum preferred
wick wire Spencer Steel—*
Wilcox A Glbbs 00m
50
I I514I
5
100
York Ice Machinery
7%
K
•
4)4
100
preferred
31)4
Bid
|
Ask
Savannah 8ug Ref com—.1
West Indies Sugar Corp__l
31
32 K
W
4)4
5)4
33)4
9)4
9)4
39 K
2K
Bonds—
28
4
Amer Writ Paper 6s—1961
/46K
Steel 3)48.1950
99 K
Brown Co 5)4sser A—1946
/33K
88 %
Bethlehem
Carrier Corp 4)4s
1948
Crown Cork A Seal 4)4s '48
99
48 K
100
35
90)4
100
59
1937
1938
1954
/56 K
/19
McKesson A Rob 5)4s 1950
78 K
79 %
Minn A Ont Pap 6s.—1945
/26K
27 K
f 18
20
52
54
31 K
33 K
Deep Rock OH 7s
22
25
37K
39 K
Haytian Corp 8s
5
2K
3K
Houston OH 4Kb
*
17 K
18 K
35 H
116
...
Nat
106
14
27
98
102
1< 3
*
5s
i«4d
N Y World's Fair 43-1941
113
22
Radiator
K
2K
Old Bell Coal inc 6s
Scovlll
1948
Iv»46
Mfg 5 Kb
So cony-Vacuum
woodward
Oil 3s 1964
98 K
21 K
98 K
107)4 109)4
105K 106 K
Iron—
IK
17
19
1st 5s
26 K
28
2d conv Income 5s..1962
1962
106
104)4 107
Bid
par
Ask
Bid
Am Dlst Teleg (N J) com.*
Preferred
100
Par
6
41K
96 K
100 K
Mtn 8tates Tel A Tel—100
130
113 K
116 K
New
York Mutual Tel-100
17
Bell Telep of Canada—.100
173
176
Bell Telep
of Pa pref—100
121)4 123)4
Cuban Teleph 6% prf
53
Emp A Bay State Tel—100
Franklin Telegraph
100
Gen Telep Allied Corp—
47
66
preferred
Pac A Atl
—
51
Telegraph
Preferred A
Rochester
Int Ocean Telegraph „.100
71
104
111)4
.—100
25
113
Sou New Eng Telep—100
160
Wisconsin Telep 7% pf. 100
118)4
So A Atl Telegraph
102
33 K
-
34)4
-
Telephone—
$6.50 1st pref
26
*
Ask
134
14
25
*
100
Peninsular Telep com
.
4)4
Eastern Sugar Assoc
11)4
39)4
3
Par
Bid
18
Pap com.•
Telephone and Telegraph Stocks
102.10 102.12
Sugar Stocks
Par
16 K
West Va Pulp A
9
12)4
5%
43 K
107
—100
45
»
New Britain Machine
•
preferred
preferred
28
10 K
41
♦
113)4
112)4
4« serial
Home Owners Loan Corn
1940
1941
(Northam)—
conv
7
3K
3
Bridge—
f revenue '77-A AO
4s serial revenue..1942 6
51
26
»
100.29 100.31
K
6
49
40
K
19K
100.29 100.31
Nationa*
2
H
w JR The Goodwill sta—5
r
100.29 100.31
IK
Wo rooster Salt
IK
3
H% notes July 201941
14%
Nov 1 1941
H%
Jan 16 1942
Trl borough
1)48 Jan 3 1944—
54s
conv
101 24 101.28
Call Novie'39 at 101
May 15
May 15
13
Corp—
102.10
2s May 16 1943—
Kb
McReason A Robbins
2H
83 K
3 K
17 K
vfariln Rockwell Corp
110
109)4
35 K
5K
26)4
•
Reconstruction Finance
1940
Dec
way
2K
76
4K
—
Fed'l Home Loan Banks
2s
$3
5H
5K
38 K
*
Park¬
3)4s revenue
Federal Farm Mtge Corp
l)4e
York City
33 K
*
com
34
New
5
3)4
5
*
Ask
Warren
7%
*
Commodity Credit Corp
3K
2K
IK
155)4 159 K
5
Welch Grape Juice com..6
12
K
65 preferred
23
100
Veeder-Root Ino
3K
8 K
Ask
3 K
21)4
United Piece Dye Works.*
41K
4
*
*
2
3
39 K
•
1
•
.*
Tublze Chatlllon cum.pf.10
24
I
Miscellaneous Bonds
3)4
75
3
100.7
*
Trlco Products Corp
Triumph Explosives
2)4
5
Bid
*
Steel common
31
2.75
K % notes Nov 2 1939.
43)4
4K
Sylvanla Indus Corp
28
•
$5 preferred.
7)4
4)4
41)4
Stromberg-Carison Tel Mfg
31X
Time Inc
-
Maine Central 5s
4H
25
12
24)4
29 K
Tennessee Products
•
Paper..
6)4
34
24
•
Harrlsburg Steel Corp
3)4
31
1
28)4
40)4
»
Great Northern
171
168
20
20
'
Graton A Knight com...
4
23 H
Stanley Works Ino
49
3K
10
37
I
Foundation Co For shs...
3
Solar Aircraft
standard Screw.
24)4
...2 J
1.50
1.50
Bid
Conversion.-.1
Exploration
103
100
Taylor Wharton Iron A
...
Preferred
9)4
16)4
34
1)4
1.75
-
Virginia Ry 4)4s
5s
15)4
K
•
1 85
-
-
4Kb
1.75
3.00
Pan Amer Match Corp..25
Pa the Film 7% pref
*
61H
Conv prior pref
2.00
4Kb
0.50
Hocking Valley 6s
Illinois Central 4)4s
19
8)4
12
Douglas (W L) Shoe—
2.75
Southern Pacific 4Kb
1.00
61.50
Great Northern 4)4s
17)4
•
5
Fohs Oil Co
4s
Erie RR 4)4s
55
2)4
K
*
3.00
64.00
Denver A R G West 4Kb.
Ask
50
58 K
•
99)4
98)4
Trustees' ctfs 3 kb
62.50
Reading Co 4)4s
Chicago R I A Pacific—
Bid
100
»
•
1937-49
39
Par
Preferred 6)4%-.
Norwich Pharmacal
*
July
71
37
3
Dennison Mfg class A...
1.00
2Kb Berles O non-call
4.25
65.00
58
1.50
4* series E due
Jan
69)4
22)4
*
'
,
3.00
65.00
Chicago A Nor West 4)4s.
Chic Mllw A St Paul 4)4s.
3.00
61.50
Northern Pacific 4Kb...
Pennsylvania RR 4Kb...
Chesapeake A Ohio—
50
65
2
Cessna Aircraft
♦
62.50
62.25
lOl"
106
4K
63.25
Central 4Kb...
101
99
11K
*
63 50
—J.
Canadian National 4)4s-.
-
*
0
4)43
105
New Haven Clock-
Petroleum
1< 0
pref
cum
New York New Haven A
6s_-
13 K
American Hard Rubber—
Bid
Baltimore A Ohio 4Kb
80
Ohio Match Co
6% oonv pref
New Orleans Tex & Mex—
1.00
A
12)4
K
American Cynamid—
Bonds
Ask
Bid
2 K
37
0
61.75
92 K
75
Ask
IK
33 H
*
Amer Bemberg A com.
Amer
Atlantic Coast Line 4)4s_.
Bid
♦
8%
I
90)4
Industrial Stocks and Bonds
American
Railroad Equipment
101)4
117
1990
Washington County Ry. 3 Kb
West Virginia A Pittsburgh 4s—
69
-
Warren RR of N J (Del
70
66
103
67*"
63)4
6.64
18)4
80
1951
1940
1968
1954
Canal 3 Kb
VIcksburgh Bridge 1st 4-6s
172)4
97)4
33
98 \
Vermont Valley 4)4s
84
7.00
100
100
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna A Western)
100
Vicksburg Shreveport A Pacific (Illinois Central)—100
Preferred
—100
Toronto Hamilton A Buffalo 4s
4)
1.50
3.00
103
96 K
fl7H
*--.1946
Toledo Terminal 4)4s_.
United New Jersey Railroad A
99
101
108)4
Toledo Peoria A Western 4s..--
3.875
98"
96
1942
1967
1957
Terre Haute A Peoria 5s
650
60.00
68
1961
1947
Providence A Worcester 4s
152 >4
37 a
9.00
68
112
1941
1947
Philadelphia A Reading Terminal 5s
42 H
65
5.60
Second preferred
Boston
47
2.00
100
Pennsylvania A New York Canal 5s extended to
76
2.00
60
50
100
—
Chicago (Penn.) pref
Pgh Ygtn A Ashtabula pref (Penn)
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
63)4
3.50
60
Pittsburgh Fort Wayne A
44)4
83
60
64)4
1940
2000
1948
2032
1946
1947
1949
3)4s
Philadelphia A Norfolk 4s
New Orleans Great Northern Income 5s.
New York A Hoboken Ferry 5s
Norwich A Worcester 4)4s
New York A Harlem
75
44
-.1959
New York
3.00
stock
60
Delaware (Pennsylvania)
--25
Fort Wayne A Jackson pref (N Y Central)
100
Georgia RR A Banking (L A N-A C L)
100
Lackawanna RR of N J (Del Lack A Wevtern)—100
Michigan Central (New York Central)
——100
Morris A Essex (Del Lack A Western)
50
New York Lackawanna A Western (DLAW)
100
Northern Central (Pennsylvania)
50
(Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)--
14
—
.——
New London Northern 4s
6.00
Betterment
Oswego A Syracuse
27 K
76 M
8.50
5s
Memphis Union Station 5s_
50
2.00
8.75
-50
Boston A Albany (New York Central)
100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)
100
Carolina Cllnchfleld A Ohio com (L A N-A OL)
100
Cleve Clnn Chicago A St Louis pref (N Y Central)--100
Cleveland A Pittsburgh (Pennsylvania)
50
Indiana Illinois A Iowa 4s
Kansas Oklahoma A Gulf
117)4
10.50
-100
100
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central).—-
Ailed
72
6.00
100
(Illinois Central)
& Susquehanna (Delaware A Hudson)
Alabama A Vicksburg
Div. A Terminal 3)4s
Illinois Central—Louisville
70
1945
1946
1953
1950
..1978
Florida Southern 4s
15)4
•V
...
163
Volume
The Commercial & Financial Chronicle
149
Quotations
WE
MAINTAIN
ACTIVE
Over-the-Counter
on
TRADING
MARKETS
Securities—Friday July 28
Public
UNLISTED
IN
715
-Continued
Utility Stocks—Continued
Investment Trust Issues
Par
Ohio Edison 56 pref
*
57 preferred
•
Ohio Power 6% pref.._100
GOODBODY & CO.
Members N. Y. Stock Exchanoe and other Principal Stock and
Commoaitu Exchange*
Main Office
115
Jersey City Office
Broadway
Private Wire System
Ok la G A
Sioux City G & E 57 pf.lOh
Teletype JCY 1518
114*4
105
113*4
115
113
115
6% pref series B
pref.. 100
108*4 109
88*4
90*4
108*4 109*4
Penn Pow A Lt 57 pref... •
Queens Borough G A E—
6% preferred
100
Investing Companies
Republic Natural Gas
31
32
1
5*4
100
104*4 105*4
Rochester Gas A Elec—
6% preferred D
Par
Bid
Adminis'd Fund 2nd Inc.*
Ask
Par
Bid
Ask
21
20*4
97*4 100
106*4
Pacific Ltg 55 pref......*
Pacific Pr A Lt 7% pf.. 100
Connecting Branch Offices In leading Cities
Bid
Southern Calif Edison—
113
loo
E 7%
Par
Sierra Pacific Power com.*
100
6% preferred
7% preferred
Tel. Journal Sq. 2-4400
.
Ask
112*4 114
Ohio Public Service—
.
921 Bergen Avenue
New York City
Tel REctor 2-5485
Bid
105*4 106*4
..26
29
29*4
100
100*4
Tennessee Elec Power—
6% preferred
100
7% preferred
100
Texas Pow & Lt 7% pf.100
100*4 100*4
105*4 106*4
Toledo Edison 7% pf A. 100
United Gas A El (Conn)—
110*4 112*4
7% preferred
-.100
Utah Pow A Lt 57 pref...*
Vlrarinian Ry
100
...
88*4
90*4
62*4
63*4
154*4
Ask
11.89
12.65
1*4
3.51
3.89
Series B-l
27.37
29.94
♦Amerex Holding Corp..^
Amer Business Shares
22*4
23*4
3.52
Series B-2
22.33
24.46
3.18
Series B-3
15.30
16.77
Amer Gen Equities Inc 25c
.42
.47
Series E-l
15.14
16.59
Corp*
4*4
Assoc. Stand Oil Shares..2
4*4
5*4
5*4
Affiliated Fund Inc
Am Insurance Stock
Bankers Nat
Invest
6*4
...
Basic Industry Shares..10
Fund Inc
.29
24.96
26.70
13*4
1
10.17
15.60
11.03
12.20
Series S-4
Bid
Amer Gas A Power 3-5s *53
31*4
Canadian Inv Fund Ltd—1
3.85
4.20
Century Shares Trust.—*
24.33
26.16
1
10.17
11.01
1
3.40
3.70
4.60
7.85
Income deb 3*4s.—1978
5.25
1
20.92
22.49
Income deb 3*4s... 1978
Income deb 4s
1978
35*4
35*4
37*4
36*4
36*4
38*4
10
10.92
11.94
Income deb 4*4s._.1978
42*4
43*4
Conv deb 4s.......1973
Conv deb 4**s
1973
1.26
1~39
5.90
84
6.28
12.51
8.50
Cons ref deb 4*4s..1958
2.32
Automobile
5.25
5.70
Sink fund inc
2.32
Aviation
9.59
10.37
Series ACC mod..
1
♦Crum A Forster com...10
2.76
♦8% preferred
27*4
32*4
♦7% preferred
100
Cumulative Trust Shares.*
'
—
29*4
35
Delaware Fund
15.94
Deposited Bank Shs ser A1
Deposited Insur Shs A
1
9.16
S f Ino
7.61
Electrical equipment...
Insurance stock
7.26
7.96
9.78
10.57
7.27
7.87
8.43
17.23
Diversified Trustee Shares
C
3.60
D
m -
-
Dividend Shares
25c
Eaton A Howard Manage¬
ment Fund series A-l
27.78
29.87
1
1
1
....
♦Putnam (Geo) Fund
Representative TrustShslO
Republic Invest Fund.26c
10.27
7.75
2.77
.26
Sovereign
Insurance stk series. 10c
Fixed Trust Shares A... 10
3.35
3.71
Spencer Trask Fund
Foreign Bd Associates Inc.
6.98
Foundation Trust Shs A.I
Fundamental Invest Inc.2
9.30
10.14
.68
Inc.50c
.57
.62
7.69
♦State St Invest Corp... *
80*4
.4.30
4.60
Super Corp of Am Tr ShsA
17.37
18.89
5.06
5.79
Standard Utilities
4.58
General Capital Corp
♦
General Investors Trust.*
30.79
33.11
4.92
5.36
5.43
5.91
AA
3.57
B
5.19
103
1968
ser
103*4
108*4 109*4
G '60
B._
fl%
■
....
10.08
Series C
1
2.45
Series B
Beacon Hotel inc 4s.. 1958
U S El Lt A Pr Shares A—
16)4
Chemical shares
7.51
7.08
Food shares
4.56
4.97
Investing shares
3.43
3.74
B
2.37
——
Merchandise shares....
5.53;
6.02
Voting shares
1.01
.
Mining shares
6.39
6.95
Petroleum shares
4.28
6.15
Inveatm
5.25
5.72
Blair A Co
1
Wellington Fund
1
13.66
15.02
c
66
1*4
♦Central Nat
Corp cl A..*
♦Class B
♦
10
22
1
17*4
25
1st 4s (whs)
2
Pomeroy
1
32
29*4
Dorset 1st A fixed 2a._ 1957
2
1950
94
95*4
Associated
Gas
A
Original preferred
50 Bway Bldg 1st 3s inc '46
500 Fifth A venue-
Par
Jer Cent P A L
pref. *
Bid
7% pf--100
6 *4
3*4
26*4
/19
*
2*4
3*4
Kings Co Ltg 7%
pref. 100
89
5
6
5
6
Long Island Lighting—
6% preferred
100
32
36 *4
33*4
37*4
36
38
Birmingham Elec 37 pref.*
83*4
7% preferred
.100
84*4
21*4
22*4
5% oonv partlc pref..50
Mississippi Power 56 pref »
Carolina Power A Light—
37 preferred
*
97*4
99*4
92*4
94*4
3160
preferred
6% preferred
Central Maine Power—
7% preferred
36 preferred
*
100
100
Cent Pr A Lt 7% pref.. 100
Consol Elec A Gas 36 pref *
Consol Traction (N J). 100
Consumers Power 35 pref*
Continental Gas A El—
7% preferred
100
57 preferred
Missouri Kan Pipe Line. .5
106*4 108
97*4
99
Monongahela
108*4 110*4
9*4
10*4
52*4
56*4
104*4 105*4
94
*
Mississippi P A L 56 pref.*
Miss Rlv Pow 6% pref. 100
96
West
79 *4
82*4
85
88
82*4
115
83*4
117*4
634
7*4
7% preferred
25
100
2734
29*4
6634
6834
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref. 100
New Eng G A E
5*4 % Pf-*
29
117
30 *4
31*4
Dallas Pr A Lt 7% pref. 100
118
41
Eng Pub Serv Co—
57 prior lien pref
Federal Water Serv
Corp—
36 cum preferred
23*4
36.50 cum preferred.._•
37 cum preferred
Idaho Power—
36 preferred
7% preferred
Interstate
Natural
*
25
24*4
25*4
25
26*4
56 cum preferred
7%
cum
»
Gas..*
tftr
110*4
112
23*4
Northern
—
-
25*4
50
5134
113*4 114*4
*
103
104*4
preferred.-.100
112
113*4
N Y State Elec & Gas—
5*4% pref
..100
*
New Orl Pub Serv 57 pf—*
New York Power A Light—
45
(Del)
100
101
102
34
pref
(Minn) 6% pref
100
*
73
71*4
109*4 HOK
102
1945
70
72
1955
22
23*4
Metropol Playhouses Ino—
2s
Corp—
48 with stock stmp.. 1956
4*4
5*4
51*4
33*4
53*4
5*4s series F-l
52 *4
5414
42 *4
44*4
N Y Title A Mtge
Co—
35
31*4
Olicrom Corp v t c....
1 Park Avenue—
/4
4*4
28*4
1951
103 E 57th St 1st 68—1941
/20
165 Bway Bldg 1st 5*4s '51
5
50
22
2d mtge 6s
Sec
s
f ctfs 4*4s
(w-s) '58
22~~
52
44*4
46*4
Prudence Secur Co—
39
5*4e stamped
1961
Realty Assoc Sec Corp¬
se
22" ~
income
—1943
54*4
47*4
41*4
43
5
50
Rittenhouse Plaxa (Phlla)
2*4s
Roxy Theatre—
/3*4
1948
1941
24
1944
Hearst Brisbane Prop 6s '42
35
83
15*4
48 *4
Hotel St George 4s...1950
40
Harrlman Bldg 1st 6s. 1951
27
38
84
17
49*4
41
1958
38
1st mtgb 4s
1957
65*4
67*4
1948
56
Lefoourt State Bldg—
1st lease 4-6 *4s
3s with stock.
1956
/21*4
23
1956
/16*4
17*4
8herneth Corp—
lBt 5*4s (w-s)
60 Park Place (Newark)lst
3*48...
61 Broadway Bldg—
3*4s with stock
3s with stock
56
1948
1st 4-5a
Savoy Plaza Corp—
1947
37
1950
35
1957
25
36*4
616 Madison Ave—
Lefcourt Manhattan Bldg
Syracuse Hotel (Syracuse)
1st 3s
1955
72
Lewis Morris Apt Bldg—
1st 4s
44
...1951
50
52
70
Lexington Hotel units
72
Lincoln Building—
.
1st 6s
1947
1st A gen 3-4s__
37*4
38*4
/43
46
50
52
1st 5*4s
Walbrldge Bldg (Buffalo)—
3s
1952
40
1947
1951
54
64
Ludwig Baumann—
1st 5s (L I)
1958
.1939
2 Park Ave Bldg 1st 4-5a'46
100*4 102*4
London Terrace Apts—
1st 58 (Bklyn)
Textile Bldg—
1st 6a.
Trinity Bldgs Corp—
5*4» w-s
1963
Loew's Theatre Rlty Corp
Income
42
For footnotes see page
713.
1950
15
Wall A Beaver St Corp—
1st
States Power—
7%
Ask
99
1948
5*4s series BK
Bldg—
stamped
1st 2 *4-4s (w-s)
1949
Graybar Bldglst lshld 5s'46
31
115
4s
1st 6*4s
Fuller Bldg deb 6s
Mountain States Power—.
New
Derby Gas A El 37 pref..*
42*4
/54*4
1400 Broadway
Bid
6s
Fox Thea A Office Bldg—
Penn
Pub Serv 7% pref
1958
1939
1st
Mass Utilities Associates—
25
Buffalo Niagara A Electern
36
40*4
/21
42 Bway 1st 6s
91
*
-
8
28*4
40 Wall St Corp 6s
mv* 105*4
115*4 11834
•
-
Certificates
-
Film Center Bldg 1st 4s *49
7*4
36.50 preferred
-
69
52d A Madison Off Bldg—
Ask
37 preferred
119*4
108*4 109
28
Hotel units
Kan Gas A El 7% pref. 100
Atlantic City El 6% pref.*
23*4
Eastern Ambassador
Interstate Power %7
Electric
99*4
108*4
Wis Mich Pow 3*48—1961
Metropolitan Chain Prop—
16"
25*4
1st leasehold 3s. Jan 1 '52
Arkansas Pr A Lt 7% pref *
98
Wisconsin G A E 3*48.1966
5*4s series Q
1948
1st 3 *4 8
Inc com...10c
Ask
96
1960
Ask
Court A Remsen St Off Bid
19*4
Utility Stocks
95
---
49 *4
6*4s (stamped 40—1949
Bid
101*4 102*4
5*4s
5*4s Beries C-2
Chesebrough Bldg 1st 6s '48
Colonade Construction—
2*4
1.46
Alabama Power 37 pref..*
128
105*4 105*4
N Y Majestlo
/6J4
40 *4
Chanla Bldg 1st mtge 4s '45
Banking Corp
11.18
Public
100
Wash Wat Pow 3*4s._1964
S f deb 5s
1957
3s
♦Schoelkopf. Hutton A
1.33
1957
76
98
Western Public Service—
Brooklyn Fox Corp—
♦First Boston Corp.
10.49
5s
74
108*4 108*4
N Y Athletic Club—
Equit Off Bldg deb 5s. 1952
Deb 5s 1952 legended
Par
Toledo Edison 3*4s_..1968
Utica Gas A Electric Co—
106*4
53*4 ,54*4
35
Broadway Motors Bldg—
4-6s
1948
—
4.24
5.65
B'way A 41st Street—
1st leasehold 3 *4-5s 1944
4.67
3.89
Insurance Group Shares.
Texas Public Serv 5s.. 1961
/32*4
8*4
/22
B'way Barclay Inc 2s.. 1956
RR equipment shares.
Steel shares
Investors Fund C
Tel Bond A Share 5s..1958
Bid
Alden Apt 1st mige 3S.1957
.97
1.20
-
5.27
"".63
1.09
106
3s 1979
Real Estate Bonds and Title Co. Mortgage
2.51
1
Trustee Stand Oil Shs A_1
.87
-
79*4
10.96
Trustee Stand Invest Shs—
.57
Institutlonal Securities Ltd
Bank Group shares
77*4
107*4 108
104*4 105
55*4
59
61*4
108*4 109
5.00
.35
87
104
56
87*4
1
17.53
85
1966
96
85*4
/43*4
Trusteed Amer Bank Shs B
.15
mrnm
1947
4*4s
Sioux City G A E 4s.
54*4
Havana Elec Ry 5s... 1952
Trusteed Industry Shares.
2.19
1951
Collateral 5s
94*4
75*4
8.18
16.30
•
Republic Service-
54
72*4
7.16
Investors..*
22*4
1950
Sou Cities Utll 5s A—1958
Federated Utll 5 *4 8—.1957
83
7.52
Incorporated
/21*4
6s
2*4
77*4
110
6.58
♦Huron Holding Corp...1
94*4
76*4
Dallas Pow A Lt 3*4s.l967
Dallas Ry A Term 68.1951
Building shares.—.
♦Independence Trust Shs.
92*4
Southern Bell Tel A Tel—
.1962
Aviation shares..
Tobacco shares..
77*4
103*4
_
3.74
3
Series D
4.76
74*4
1952
Peoples Light A Power—
1st lien 3-6s
...1961
West Texas Utile 3 54s_ 1969
2.50
Supervised Shares
Group SecuritiesAutomobile shares
99*4
16.04
Investors
110*4 110*4
St Joseph Ry Lt Heat A Pow
Coll lno 6s (w-«)
1954
Cumberl'd Co PAL 3*4s'66
"~75
15.14
9.56
Agricultural shares
93
Crescent Public Service—
4.21
♦
*
.
Selected Amer Shares..2*4
Selected Income Shares
Old Dominion par 5s.. 1951
88*4
90*4
99*4
5s
1962
Consol E A G 6ff A...1962
10.77
.24
6s series
7.01
Fundamental Tr Shares A2
98*4
87
Cities Service deb 5s._1963
Cons Cities Lt Pow A Trac
9.90
103
20.14
2.50
1964
Pub Util Cons 6*4s—1948
Central Public Utility—
Income 5*4s with stk '52
15.22
9.00
100
Bank stock series... 10c
B
1st mtge3J4s
Cent Maine Pr 4s
"".44
14.23
5% deb series A
3*4s
Rochester Gas A El 3 *4s '69
.39
1.31
Fiscal Fund Inc—
112
Central Illinois Pub Serv—
2.40
Quarterly Inc Shares.. 10c
First Mutual Trust Fund-
97
1st lien coll tr 5*4s_1946
1st lien coll trust 68.1946
2.77
Series 1958
1964
105*4 105*4
104
104*4
Portland Electric Power—
2.82
Plymouth Fund Inc...10c
1st 3*4s
110
Nor States Power (Wise)—
Parr Shoals Power 6s.
2.35
19.00
28*4
42~~
9.12
8.10
1.21
28
110
7.48
6.50
18.70
36*4
38*4
,
OO
Cent Ark Pub Serv 5s. 1948
17.69
Equit Inv Corp (Mass)-.6
Equity Corp S3 conv pref l
Fidelity Fund Inc
*
41
Central Gas A Elec—
Series 1966
3.75
85
40*4
Cent 111 El A Gas 3*4s. 1964
5.80
72
84
*
7.61
Series 1965
..1
70
i
7.14
No Amer Tr Shares 1953.•
2.65
3.01
ser Bl
109
NY.PaANJ Utll 6s 1966
Blackstone Valley Gas
A Electric 3*4s
1968
7.03
49*4
101*4 103
ftft
4*4s-5*48—1986
6.59
No Amer Bond Trust ctls.
1938
New Eng G A E Assn 5s.'62
35
Sink fund inc 6-6s._ 1986
1.60
Deposited Insur She
8.47
7.03
Metals
i
'i
Bank stock
Railroad equipment
Steel
4.79
1st 6s
86
39
1983
Oils
113
91
76*4
37
4*4s—1983
Sink fund inc 5s
Building supplies
''mm**
118
♦Crum A Forster Insurance
♦Common B share
10
•
7.39
Machinery
2.76
100
'
Agriculture
63*4
89
108*4
Narragansett Electric—
3*4s
1966
Assoc Gas A Elec Co—
*
i
61*4
Missouri Pr A Lt 3*4s.l966
Mountain States Power—
N Y State Elec A Gas Corp
4s
1965
1
2.43
72*4
13.48
•
Lehigh Valley Transit 6s '60
Lexington W ater Pow 5s '68
98*4 100
1973
Conv deb 5*4s
1973
8s without warrants.1940
3.70
54*4
32*4
108*4 109
71
71*4
75*4
Conv deb 5s
26c
N Y Stocks Ino—
7
6*4
Common
Voting shares
National Investors Corp.l
New England Fund..
1
Accumulative series...1
Series A A mod
...1
Series AA
71*4
7.11
14*4
Chemical Fund
♦Continental Shares pflOG
Corporate Trust Shares.. 1
52*4
Kan City Pub Serv 4s, 1967
Kan Pow A Lt 3*4s._1869
4.75
Mutual Invest Fund
Ask
Inland Gas Corp 6*4s_1938
89*4
4.09
Mass Investors Trust
Bid
51*4
87*4
70*4
Maryland Fund Inc...10c
Nation Wide Securities—
Commonwealth Invest
Ask
49*4
Amer Utility Serv 6S.1964
Associated Electric 5s_1961
Assoc Gas A Elec Corp—
11.27
14.16
Public Utility Bonds
Manhattan Bond Fund Inc
16~62
.14
British Type Invest A...1
Broad St Invest Co Inc..5
Bullock Fund Ltd
7*4
3.73
15.46
Boston
Series K-2
Series 8 2
Series S-3
Corp
♦Class A
Keystone Custodian Funds
4*4 s
w-s
1951
16*4
18*4
1948
73
75
Westinghouse Bldg—
1st mtge 4s
Chronicle
The Commercial & Financial
716
July
1939
29,
July 28—Concluded
Quotations on Over-the-Counter Securities—Friday
Water Bonds
If You Don't Find the Securities Quoted Here
in which you have
monthly Bank
our
New York Wat Serv 5s *51
104%
100%
Newport Water Co 5s 1953
Ohio Cities Water 6 Ha '63
102
Ore-Wash Wat Serv 5e 1957
Domestic (New York
Municipal Bonds—
108
109%
5s
1st oonsol 5s..
1948
100
...1948
104
Phila Suburb Wat 4S..1965
107
Prior lien 5s
101%
105%
Railroad Bonds
Bonds
Foreign Government
...
(Chattanooga)
City Water
Public Utility Stocks
Bonds
102
103
101
104% 106
Public Utility Bonds
Canadian
101H
109
Pinellas Water Co 5 Ha. '69
Industrial Stocks
Real Estate Bonds
Real Estate
75%
Pittsburgh Sub Wat 5s '58
102%
76
78%
Plainfield Union Wat 5s '61
107
Railroad Stocks
Insurance Stocks
102
73
Industrial Bonds
1946
6s series A
and
Land
U. S. Government Securities
Mining Stocks
St Joseph Wat 4s ser
102% 104%
102%
Stocks
Mill Stocks
105%
101
100
Title Guarantee and Safe Deposit
ties
U. S. Territorial Bonds
Huntington Water—
101
103
5s.
105
Val 4s ser B 1961
South Bay Cons Wat 5s '60
Your subscription should be sent to
Indianapolis Water—
1st mtge 3 Ha
1966
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
Indianapolis W W Secure—
6a
1958
100% 102%
1957
105%
106
103
100
Union Water Serv 6Ha '51
6s series B
Morgantown Water 5s 1965
Muncie Water Works 5s '65
1950
98
1st mtge 5s
102%
105%
1950
5 Ha
103
105% 107%
108
Monongahela Valley Water
1951
1950
101
1st mtge 5 Ha
98%
103
105%
102%
94%
96%
1951
97
..1956
5s series B_.
...
1951
99
102
6a series C
5s series B
5 Ha
1960
105%
6s series A
New Rochelle Water—
Tel. HAnover 2-5422
Y.
?
104
New Jersey Water 5s. 1950
52 William St., N.
104
105%
Monmouth Conaol W 5s '56
1949
6s series A
105%
1958
Middlesex Wat Co 5 Ha '67
& CO., INC.
93%
80~~
78
103
Long Island Wat B Ha. 1955
Inactive Exchanges
93
91
91%
101%
101
Kokomo W W Co 5s
Foreign Stocks* Bonds and Coupons
106%
103% 104%
107%
106
Joplln W W Co 5s
BRAUNL
1987
1st A ref 58 A
tenango
Quotation Record is published monthly and
sells for $12.50 per year.
A-'66
Scranton Gas A Water Co
4%s
1958
Scranton-Sprlng Brook
Water Service 5s. 1961
6s.
The Bank and
Richmond W W Co 58.1957
Roch A L Ont Wat 5s.l938
Trust
Stocks
Investing Company Securities
Joint Stock Land Bank Securi¬
k
1950
1948
1st A ret 6a
Canadian
Federal Land Bank
102 % 102%
Peoria Water Works Go—
1st oonsol 4s
Domestic
and
Out-of-Town)
95%
Penna State Water—
1st ooll trust 4%s~1966
/
93%
102% 103%
The classes of securities covered are:
Companies—
95
107
Ohio Water Service 58.1958
101
5s series B
98
92
Ohio Valley Water 5s. 1954
105%
Banks and Trust
96
101H
104% 105%
carried for all active over-the-counter
cation quotations are
stocks and bonds.
101% 102 %
Interest, you will probably find them in
and Quotation Record.
In this publi¬
Ask
Bid
Ask
Bid
.1949
105%
1952
103%
7'msport Water 5s
713.
For footnotes see page
Foreign Unlisted Dollar Bonds
Bid
8
7
3
78.
3
Bavarian Palatlnlte
/23
5
Hungarian Cent Mu,t 7s '37
"
/19
26
/21
/13
7
/20
21
5
/17%
18%
ollv
7
f2H
78.
3
78.
8
68.
)
/2%
/2%
/3
/20%
2%
2%
i
/17
5
/23
3
53
/38
/21
1948
is
mn
1945
50
52
Munic Bk Hessen 7s to '45
"the
is
/20%
He
/6
...
196
6%s
(A A B) 4a—1946-1947
(C A D) 4s—1948-1949
/24
/52
)/U0
18
/25
26%
/6
/2
Savings Bk of
Hungary 7 %s
1962
National Hungarian A Ind
Mtge 7s
1948
.1947
/5 7
HI
Colombia 4s
/63%
/53
/16%
/8 H
.1946
/20%
/21
/21
/17
many) 78-.
17%
Prov Bk Westphalia 6s *33
/25
58.
/16%
/16
17%
.1941
58.
/20%
/22
/22
...
...
...
luropean Mortgage
7s ctfs of deposit. 1957
7 Ha
/16
7 Ha income
3
4s scrip.....
/16
I
/5
1948
8s
/5,
7
8s ctfs of deposlt.1948
/18
/7%
f2i
m
J22
/II
/10
/5
23"
10
/7%
8H
Saxon Pub Works 7S..1945
/22
3
/20%
J22
6%s
1951
Saxon State Mtge 6S..1947
/24
Stem A Halske deb 68.2930 /450
/23%
25
6
:
/26%
27%
German scrip
/4%
/17
5
-
4
See United
State Mtge
5s..
71
Bk Jugoslavia
1956
51
54
1956
51
54
Stettin Pub Utll 7s..-1946
Toho Electric 7s
1955
Tolima 7s
1947
/21
2d series 5a
65%
/18
67~
19
Kingdom
8
/SO
s
7
/17
71
8
United
/24
97 H
98 H
86
87
3%% War Loan..
Uruguay conversion scrip..
Unterelbe Electric 6s-.1953
/37
/21H
9
97
Vesten Elec Ry 7s
1947
/21
B
/21
Wurtemberg 7s to
1945
/19
higher than they were
not
public
is
not
deceived
by
this
No
propaganda.
and
Wherever pricein all com¬
earnestly for laws that do not raise prices.
are •
enforced,
records
of
is
over,
of
a
they
operate
to
raise
great department store in New
prices
York City furnish the
Tydings-Miller amendment and the Feld-Crawford
its retail prices of these items about 14%.
The
.answer.
this
have raised
State
typical of the true results of price-fixing in mass
the list used
of
survey
in
markets.
More¬
includes over 4,400 items, while
includes only 60 hand-picked items.
compilation
this
the. fair-traders
destroy
of these
contracts.
No two manufacturers produce at the same cost, and public
policy requires manufacturers to compete with each other.
No two disributors have the same costs of operation, and sound policy requires them
to compete in the price of the service they render.
If competition among
producers is needed to protect the public interest, there is no rational
basis for denying the necessity of price competition among distributors.
The whole purpose of these laws is to establish a uniform, monopolistic
price for the service rendered by the distributor.
The adroit language
of these statutes may temporarily conceal this fact from the public, but
protected when any manufacturer can
price competition in the retail prices of his product by means
ultimately
In
will
consumers
conclusion,
then,
raising
purpose
of
evasion
evils
economic
Sooner
or
and
condition
later
an
know
"fair
concepts of its purposes.
Kingdom of Great
Britain A Ireland 43.1990
3
Hang as SS 6s_.
40
prices
make
to
have
spend hundreds of thousands to wreck the anti-trust laws
the Nation and then convince the public that they
can
contracts
conclusive
all
8
bank 6%s
laws
The public interest is not
/41
German Central Bank
these
that
consuming
States
have labored
the
21H
A Land
the
This
ll"
/8%
5
German Building
the
But
The
/18
/16
68
is
The drug trade is now engaged in a nation-wide
competition.
prove
repeal.
Act
/20%
8%.
III
to
petitive mass markets.
8%
Ill
144
when
for
these laws
of
purpose
free
fixing
.1947
/6
/19
142
price-fixing never has been and never
free competition.
The public interest
private price-fixing is allowed without public
private
substitute
protected
trade groups
Santander (Colom) 78.1948
Sao Paulo (Brazil) 6S..1943
I
5
Unregulated
raised prices.
If they have
not raised prices, then there is no reason for their retention.
They have
failed in their basic purpose and the lobby should devote itself to their
of
/60
.1941
6s.
/19
;
10"
17
/21 %
/19
vestment
79"
/18
7s
The
under
/78
of
the
advertised
price-fixing protects
and said that "to the progressive merchant
fixed retail prices mean reduction
proper
be
effort
1968
'oteetant Churoh (Ger¬
Porto Alegre 7s
/6
resale
restraint.
40 H
/21
fZ8
/26
752%
City Savings Bank
Budapest 7s
supremacy
that
standard brands."
on
a
cannot
/6
Central German Power
ohb
be
will
f2\H
.1945
7s to.
German Central Bk
the
denied
also
consuming public is deceived by the sale
the
regulation.
/6
3%
Central Agrlc Bank—
see
If
/57
38 H
these
low
/100
7
18
is
Mr, Walker said, in part:
of standard products at
prices under free competition, the opportunity for mulcting is multi¬
plied when prices are fixed without any Government supervision and
/23
at Central
/17
/17
Nassau Landbank 6 Ha '38
Nat Bank Panama—
as
arithmetic
knows
who
of
effect
the distributor,
of prices
196 I
7%s
Brown Coal Ind Corp—
increasing,
than price, and declared
so-called fair trade laws
powerful
more
net
undermine
to
brand."
/19
/18
Municipal Gas A Elee Corp
Recklinghausen 7e__1947
25"
/16%
ultimately
that
/37
Montevideo scrip
Munich 7s to
is
denied
/21%
Water 7s
price-fixing
to
partly evidenced by the increase in the sale of private
brands, Q. Forrest Walker, economist for Ii. H. Macy & Co.,
Inc., New York, said on July 17 in an address at the Fair
that as
a
buying incentive the force of habit
/2l%
Mannheim A Palat 7S.1941
opposition
Popular
53
Leipzig O'land Pr 6 Ha '46
Leipzig Trade Fair 7s.l953
Luneberg Power Light A
Meridionals Eleo 7s...1957
18"
/31
-
52
52
2%
4
Q. Forrest Walker Sees Growing Antagonism to Price
Fixing—Economist for R. H. Macy & Co. Says
Effective Enforcement of Present Law Is Impossible
fS
Land M Bk Warsaw 8s '41
5
Cities 7s to
/6
1943
Ask
/6
Hungarian Ital Bk 7%s '32
Hungarian Dlsoount A Ex
change Bank 7s
1936
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
Kobolyt 6%s
Cons
8s.
Bid
Ask
/19
/50
/26
/26
3
Antloaulft 8s___
has
truth.
accomplished the statutory
achieving its real
has been accompanied by
not
There has been some success in
prices,
unfair
of
the plain
trade"
but
enforcement.
merchants,
aroused
that
success
As
a
means
of
improving
the
these laws have been a complete failure.
public opinion will demand their
repeal.
Volume
The Commercial & Financial Chronicle
149
717
General Corporation and Investment News
RAILROAD-PUBLIC
NOTE—For mechanical
However, they
FILING
UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
it is
reasons
are
not always possible to
arrange companies in
always as near alphabetical position as
OF
REGISTRATION STATEMENTS UNDER
SECURITIES ACT
The following additional
registration statements (Nos. 4134
to 4144,
inclusive) have been filed with the Securities and
Exchange' Commission under the Securities Act of 1933.
The amount involved is
approximately $165,117,608.
Adriatic Electric
?1_K for the fiscal years ended March
and March 31,
1938.—V. 148 p. 2731.
Air Reduction
Co.,
3 Mos.End. June
30—
of the issues will be used for
funded and other debt and to reimburse the
Gross sales.
expenditures.
Floyd W. Woodcock is president of
H. Rollins & Sons, Inc. and others to be named by
underwriters.
Filed
July 20,
$1,416,728
43,448
Net operating income.
& Light Co. (2-4135, Form A2) of Allentown, Pa.
registration statement covering $95,000,000 of 3H% 1st mort¬
gage bonds, due Aug. 1, 1969, and
$28,500,000 of 4debentures, due
Aug. 1, 1974.
Filed July 20, 1939.
(See the Chronicle of July 22, page
585 for further details).
Other income...
taxes.
Peninsular Telephone Co. (2-4136, Form A2) of
Tampa, Florida has
a registration statement
covering 100,000 shares of $25 par value,
$1.40 cumulative Class A preferred stock.
of the company.
Filed July 24,
G.
1939.
Brashears &
Co., et al.,
1938
1937
1936
14,357
$119,592
18,771
def5,036
$169,608
50,723
22,036
$179,845
60,271
27,447
944,315
258,954
79,497
741,554
114,158
def46,667
1,135,517
416,482
192,811
1,102,159
410,902
226,273
42.335
.....
—V. 149, p. 95.
;
Alabama Great Southern
June—
RR.—Earnings—
1939
1937
1936
$519,549
111,629
90,455
$612,914
168,507
92,422
$547,539
137,509
3,610,424
Net after rents..
From Jan. 1—
Gross from railway
1938
$610,404
190,714
128,607
Gross from railway
Net from railway......
Net from
Ry.—Earnings—
1939
Gross from railway
Net from railway
Net after rents
3,008,819
489,288
434,046
3,737,212
1,063,612
639,763
3,058,311
731,017
370,038
railway..1,061,874
Net after rents..
—V. 149, p. 95.
740,592
Alabama Power
66,776
Co.—Earnings—
Period End. June 30—
1939—Mont7i—1938
1939—12 Mos.—1938
Gross revenue
$1,818,803
$1,565,078 $20,982,921 $19,690,348
Oper. expenses and taxes
796,034
688,056
9,475,238
8,803,260
Prov. for depreciation..
217,690
217,690
2,612,280
preferred.stock
on
$659,333
406,128
$8,895,403
4,874,478
$8,212,648
4.8C4.974
$253,205
195,178
$4,020,925
2,342.138
$3,407,674
2,342,138
$205,638
Net income.
Divs.
2,674,440
$805,079
404,262
$400,816
195,178
Gross income.
Int. & other fixed charges
be the underwriters.
may
329,093
$154,923
.
Net after rents
From Jan. 1—
Of the total
,
$2,231,338
420,292
Akron Canton &
Youngstown
are.
150 000 will be offered by the company and 90,949 shares
by the promoters of the company.
In addition
145,029 shares will be
offered first to stockholders of Kinner Airplane & Motor
Corp., Ltd., at
86 cents a share and the unsubscribed portion to the
promoters at the same
price in payment of indebtedness of the company to them
for resale at
$1.25 a share.
The company notes in regard to the 145,029 shares that the
promoters had already supplied it with 14 cents a shar
making the total
price to them of $1 a share.
Proceeds will be used for payment of debt,
purchase of equipment and working capital.
B. B. Robinson is President
$2,709,791
204,804
94,023
•
June—
Proceeds wi 11 be used for bank loans, expansion and
working capital.
Adam
Weir is president of the
company and is named as underwriter.
Filed July
21, 1939.
8
$1,093,561
on
Gross from railway
Net from railway
State Loan Co.
(2-4137, Form A2) of Mount Rainier, Md. has filed a
statement covering
2,500
shares of 6% cumulative profit
sharing preferred stock, par $100, which will be offered at $110 per share.
a
$2,137,315
outstanding stock._ $1,205,340
$888,757
$2,289,498
$1,902,244
per share.....
$0.47
$0.35
$0.90
$0.75
Note—No accrual has been made for excess
profits taxes or for surtax
on undistributed
profits.—V. 148, p. 2569.
registration
be at $1.25
$2,657,605
52,185
Earnings
through the
underwriters.
Proceeds of the issue will be used to retire the
7% cumu¬
lative class B preferred stock.
Carl D. Brorein is president of the company.
Bodell & Co. and Coggeshall & Hicks have been
named underwriters.
Filed July 21, 1939.
Kinner Motors, Inc. (2-4139, Form A
1), of Glendale, Calif., has filed
registration statement covering 385,978 shares of $1 par common stock
be offered to the public and to stockholders.
The public offering will
$7,041,509
4,904,194
38,610
..
Net income earned
The class A preferred will be offered first in
exchange for 24,500 shares
of the company's $100 par value
7% cumulative Class B preferred on the
basis of four new shares for one old share.
The unexchanged issue of Class A
preferred will next be offered to the 7 % cumulative Class B
preferred stock¬
holders for subscription at $27.50 per share.
Any unchanged and unsub¬
scribed shares of the new Class A
preferred, will be offered
to
1936
$8,360,977
5,703,372
4,689,431
Net inc. before Federal
filed
a
March 31, 1937
1937
$1,054,951
1939.
expenses
a
Utah Oil Refining Co.
(2-4138, Form A2) of Salt Lake City, Utah has
filed a registration statement
covering 150,000 shares of $5 par common
stock.
The stock will first be offered to the stockholders at
$7 per share
and the unsubscribed portion
up to 112,750 shares will be offered to the
parent company.
Proceeds of the issue will be used toward the con¬
struction of a pipe line system.
T. A. Dines is president of the company.
No underwriter named.
Filed July 24, 1939.
1938
$5,744,382
Operating
Pennsylvania Power
reports
31, 1936
Inc.—Earnings—
1939
$6,605,990
5,189,262
$1,460,176
Estimated Federal taxes
254,836
treasury for capital
has filed
Co.—Hearings Canceled—
on^
Central Ohio Light & Power Co.
(2-4134, Form A2) of Findlay, Ohio
a registration statement
covering $4,100,000 of 4% 1st mortgage
bonds, series C, due 1964, $.500,000 of 3J^% serial notes, due 1940 to 1944
and 2,200 shares of $6 cumulative
preferred stock, no par value.
Proceeds
company.
E.
amendment will be
alphabetical order.
The Securities and
Exchange Commission announced July 21 that the
hearing in the proceedings to determine whether the
registration of Societa
Adriatica Di Electricita
(Adriatic Electric Co.) 25-year 7% external sinking
fund bonds due
April 1 1952 should be suspended or withdrawn has been
canceled.
The Commission's order stated that
subsequent to the institution
or the
proceedings the company filed amendments to its annual
has filed
the
exact
possible.
$58,027
$1,678,787
$1,065,536
Atlas
Pipeline Corp. (2-4140, Form D 1), bondholders protective
committee, of New York, N. Y. has filed a registration statement covering
certificates of deposits for $1,305,000 of the corporation's
6% general
collateral mortgage sinking fund bonds due 1950.
Herman Press is chair¬
man of the protective committee.
Filed July 24, 1939.
United Air Lines Transport Corp. (2-4141, Form D 1 and
2-4142,
Form E 1), of Chicago, 111. has filed two
registration statements covering
411,081 certificates of deposits for the capital stock of W©stern Air
Express
Corp. and 137,027 shares of $5 par capital stock.
The 137,027 shares of
capital stock will be offered in exchange under deposit agreement for a
maximum number of 411,081 shares of $1 par capital stock of
Western
Air Express Corp.
Stockholders of Western Air Express Corp. capital
stock may receive 1-3 share of United Air Lines
Transport Corp. capital
Balance..
—V. 148, p.
3832.
Allentown-Bethlehem Gas Co.—Bonds Called—
A total of
$26,000 first mortgage bonds, 3H% series due 1965, have been
called for redemption on Sept. 1 at 105 and accrued interest.
Payment will
be made at the
Fidelity-Philadelphia Trust Co., Philadelphia, Pa.—
V. 149, p. 403.
Allis-Chalmers Mfg.
Co.—Earnings—
6 Mos. End. June 30—
1939
Net sales billed.$38,378,007
Cost of sales..—
1938
1937
1936
$45,013,661 $43,696,812 $27,399,053
41,043,606
38,742,584
24,736,901
--
35,868,079
share of United Air Lines Transport Corp. capital stock and
$1.66 in cash
for each share of Western Air Express Corp. capital stock.
W. A. Patterson
is President of the company.
No underwriter named.
Filed
Int. & discounts (net)—
$2,509,928
251,424
106,329
$3,970,054
243,093
94,470
$4,954,228
242,596
120,924
$2,662,151
235,095
86,975
Union Oil Co. of California (2-4143, Form A 2), of Los
Angeles, Calif,
has filed a registration statement covering
$30,000,000 of 3% debentures,
1, 1959.
Filed July 26, 1939.
(See subsequent page for further
Total Income—
$2,867,681
Debenture int. & amort.
$4,307,618
$5,317,748
$2,984,221
stock for each share of Western Air Express
Corp. capital stock, or under
another plan Western Air Express Corp. stockholders
receive l-6th
may
July 24, 1939.
due Aug.
details).
y
Operating income
"
Miscellaneous
(2-4144,
Form A-l), of Billings, Mont, has
filed a registration statement covering 200,000 shares of $1
par 7% noncumulative class A capital stock, which will be offered at $1.35
per share.
Proceeds will be used for drilling equipment and
working capital.
W. T.
Hardendorf is President of the company.
No underwriter named.
Filed
July 26, 1939.
The last previous list of registration statements was
in our issue of July 22, page 567.
given
Earnings—
6 Months Ended June 30—•
7
Net profit from oper., before Fed. income taxes..
Loss on royalty agreement cancelled.
Prov. for Federal normal income tax
Net income...
1938
22,480
$113,183
$18,484
6,454
1,985
>—
....................
441,988
$10,045
435,655
.....
Surplus balance, Jan. 1
Total.—
1939
$135,663
$555,171
60,750
Tax adj ustments
excess
Shs. of
2,437
...
$494,421
Net income per share on 121,500 shares outstanding
$0.93
$443,263
$0.08
Comparative Balance Sheet June 30
1939
$224,589
notes
ceivable—net
Prop.,
Prov.
for
and
1939
83,781
54,433
95,537
95,812
old
1938
$35,261
$29,635
age
__
&
unemploy¬
ment benefits tax
3,555
common
262,875
14,996
"
2,449
41.071
Capital stock
37,015
121,500
121,500
494,421
443,263
$699,209
$640,351
for
Federal
taxes
ft
$699,209
Total..,.,
x
After
reserve
$640,351
Total...
for depreciation of $312,914 in 1939 and $288,432 in
1938.
—V. 148, p. 3831.
916,000
1,176,000
495,000
$1,700,423
$2,879,059
$4,141,748
$2,088,601
1,776,092
$0.96
-
1,776,092
$1.62
1,772,157
$2.34
1,347,736
$1.55
stk. out¬
Before provision for surtax on undistributed profits,
y Including de¬
preciation and all charges except Federal taxes
Orders booked for the first half year amounted to $45,228,347, or 12.14%
x
$40,332,295 bookings in the same period of 1938.
Unfilled orders
1939, totaled $17,261,751, as compared with $16,562,202 on
June 30,
June 30, 1938, and $10,411,411 at the close of 1938.
For the second quarter the net income was $990,146, or 56 cents a share,
as compared with $1,475,410, or 83 cents a share, in the similar
quarter of
1938.
second
Billings were
$20,816,592 and orders booked $25,710,826 in the
quarter, which compare with billings of $24,703,561
booked of $21,017,738 in the 1938 second quarter.
and
orders
On June 30, 1939 the total number of employees was 12,805 as compared
with 12,947 on June 30, 1938, and 11,511 on Dec. 31, 1938.
Current and working assets June 30, 1939 were $59,012,159 and current
liabilities $10,043,450.—V. 148, p. 2883.
RR.—Earnings—
1939
June—
Gross from railway
Net from railway
Net after rents.
Gross
—
-.
ftwn71railway
Net from
railway
—
1938
1937
1936
$1,412,570
371,880
95,549
$1,231,025
254,450
def23,162
$1,346,385
218,109
def61,741
$1,326,965
258,027
defl5,569
7,530,707
1,494,141
def63,544
7,133,084
1,181,276
def392,842
8,144,231
2,038,918
408,711
7,525,247
1,496,148
def40,123
2,435
7,457
Accrued local taxes
Prov.
280,110
15,192
319,987
80,634
—
658,000
—
standing (no par)
Earnings per share
Net after rents
—V. 149, P. 95.
Surplus.......
plant
equip, at cost..
Other assets
h„
$212,235
re-
Inventories.*..
x
Liabilities—
Accounts payable.
J# hand
Accts. &
1938
on
_
profits taxes
Alton
"
—
Surplus balance, June 30
Assets—
512,558
$445,700
Dividends
Cash in banks &
charges.
x-Net income—
on
Mfg. Co.-
509,258
-
Prov. for Fed. income &
over the
Aetna Ball Bearing
(net)----
of expenses
Miscellaneous
Wymont Petroleum Co.
—
Amalgamated Electric Corp., Ltd.—Plan Voted—
Preferred and common shareholders have approved
the scheme of
reorganization of this company.
Under terms of the plan, existing preferred stock is to be exchanged for
new common on the basis of four new common for each preferred share held.
Arrears of preferred dividends, amounting to $25.50 a share as on June 30,
will be liquidated.
Common shareholders will receive one new share for each five of existing
stock held.
,
„
.
,
The Commercial & Financial Chronicle
718
The company will
have
1938, amounted to $352,515.-—V. 149, p. 96.
Directors have
Period End. June 30—
Operating earnings.....
Operating expenses...__
American Chicle Co.—Consol. Balance Sheet June 30-—
$3,170,322
Cash.
477,977
914,405
3,950,755
649,682
825,433
3,575,357
Accts. receivable
Invent, (at cost)
Advances—Chicle
Accruals
$119,829
previous year's
666,202
647,072
208,684
191,370
2,083,662
2,082,790
482,494
(at cost).....
Prepayments—
460,965
Common stock
Earned surplus.
Treas.
Goodwill, pat. &
1,500,000
1,500,000
—
common
—'
stock..
Total......-$12,848,717 $11,765,2551
Total..
Prl7,842
Drl7,842
$12,848,717 $11,765,255
x After reserve for depreciation of $3,304,789 in 1939 and $3,115,715 in
1938.
y Represented by 437,500 no par shares stated value $10.
z 200
ShftFCS Qjtt cost,
The income statement for the 6 months ended June 30 was published in
V. 149, P. 567.
»
American Electric Securities Corp.—Dividend—
The directors have declared a dividend of five cents per share on the
30-cent cumulative participating preferred stock, payable Sept. 1 to holders
of record Aug. 19.
Like amount was paid on June 1 and March 1, last,
and on Dec. 1 and Sept. 1,1938.—V, 148, p. 3052.
.1,222,653
7,933,797
-1938
$7,554,470
7,340,461
$112,295
4,492
3,417
$679,068
$214,009
$106,867
-
$115,713
75,223
$696,828
428,548
$231,901
453,802
15,058
69,278
17,760
—
17,892
$37,589
$40,489
$268,280
z$206,843
depreciation and Federal income tax. y Before Federal income
x
334,504
4,375,000
5,908,847
$8,612,865
Net profit—^—
Before
taxes,
est. inc. taxes
y
Subs.)-—Earns.
$1,334,949
$102,375
-
y
187,880
209,964
396,738
4,375,000
6,844,341
reserves
Res. for current
regular quarterly
149, p. 97.
1939—6
1939—Month—1938
$1,356,754
1,254,379
profit from oper..
Total
&
advert, exps..
Genera]
74,524
Land, bldgs. &.
& Machinery
dividend of 25 cents per share on the common
a
profitProvision for depreciation
Profit on sale of securities
x
income taxes.
334,187
176,438
92,664
...
$184,224
incl.
Res. for sell,
purchases——
Investments
trademarks
—
Net
Other income
1938
1939
Accts. payable..
$2,262,317
Market, secur—
x
Liabilities—
1938
1939
Assets—
declared
stock, payable Sept. 1 to holders of record Aug. 21.
A
dividend of like amount was paid on March 1, last.—V.
American-Hawaiian Steamship Co. (&
American Candy Co.—Liquidating Dividend—
a liquidating dividend of $7 per share on its stock on
June 20 to holders of record June 5.—V• 142, p. 4012.
Company paid
1939
2h-Cent Dividend—
capitalization of 100,000 shares, no par value,
a
of which 84,420 will be outstanding.
Of this number 74,420 will go to
the preferred shareholders and 10,000 to the common stockholders.
The plan also provides for elimination of the deficit, which at Dec. 31,
July 29,
Indicates loss.—V. 149, p. 96.
z
Dividend—
American Meter Co.—75-Cent
Directors have
capital
declared a dividend of 75 cents per share on the
stock, payable Sept. 15 to holders of record Aug. 30.
Like amount was
paid on June 15 last; dividends of 50 cents were paid on March 15 last and
on Dec. 21, 1938; 40 cents paid on Oct. 15, 1938, and 30 cents on July 15
and April
15, 1938.—V. 149, p. 404.
American Water Works & Electric Co.—Weekly Output
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended July 22, 1939, totaled 45,100,000
kwh
an increase of 14.1% over the output of 39,518,000 kwh. for the
corresponding week of 1938.
Comparative table of weekly output of electric
energy for the last five years follows:
,
1939
1938
1937
1936
1935
1_... 45,814,000
37,513,000 47,850,000 45,661,000 36,440,000
8-...*38,876,000 *33,488,000 *44,221,000 *43,273,000 *30,694,000
July 15--— 46,361,000
39,814,000
50,993,000 45,270,000 36,741,000
July 2245,100,000 39,518,000
49,906,000 46,969.000 37,786,000
*
Includes July 4 holiday.
Wk. End.
July
July
—-
American Express
Co.—Delistings—
The capital stock (par $100) will be stricken from listing and registration
on the New York Stock Exchange at the close of business July 31.
Applica¬
tion of the Exchange to strike the above issue from listing and registration
has been granted
p.
by the Securities and Exchange Commission.—V. 148,
3052.
American General Corp.
(& Subs.)- -Earnings-
6 Months Ended June 30—
1939
Income—Cash dividends on stocks.$343,113
Interest earned on bonds
8,831
Interest earned on account receivable
Miscellaneous income——————
1938
1937
$284,332
$351,944
113,894
$284,789
204,633
$548,986
245,661
$238,050
36,379
$80,156
7,102
$303,325
294,540
x2,000
7,726
$71,054
198,233
$k,059
214,978
-V
...
...
....
Operating expenses.
.........
Net Income before interest expenseInterest expense..........———
Taxes refunded to debetnture holders
and taxes paid at source—
Excess of income
.
operating ex¬
penses (without giving effect of
security transactions), carried to
surplus
over
Preferred dividends.....
x
$201,672
190,752
Provision for Federal income tax.
Assets—
1939
General market securities..———————......
17,893,165
22,867
...
Participation in intermediate credits.
Account receiv. under contract, incl. interest to
July 29,1937.
Invest, in First York Corp? common stock (87%
....
owned).
Fifty Pine Street
Corp.
$583,065
66,518
98,775
17,464,072
34,196
2,970,971
1
1
..........
6,587
Other accounts payable, accrued expenses and taxes
Notes payable to banks (secured)..
Reserves for taxes, extraordinary legal, account¬
118,095
5,600,000
188,108
170,151
——
—
Surplus
180,546
—— —
Total..
.......
155,363
22,888,358
185,501
160,748
24,235,789
—V. 149, p. 253.
stock, both payable Oct. 2 to holders of record Sept. 5.
Similar pay¬
ments were made in the five preceding dividend periods.-—V. 148, p. 1159.
mon
$447,782
866,031
Total income
! 1,313,813
Interest
40,784
Admin. & Selling exp
$114,839
Taxes other than income
160,249
Prov. for possible U. S.
—
—
inc. taxes for prior yrs.
Amortization of invest—
Prov. for amort, of real
estate
$517,082
812,739
1939—12 Mos.—1938
$2,236,656
$2,482,083
3,241,583
y4,292,539
$1,329,821
28,484
.103,075
122,163
,478,239
118,986
486,797
623,050
1937
$339,055
67,072
34,251
1,635,143
161,612
def41,931
2,065,471
405,386
190,110
1,812,472
231,882
21,806 *
31,213
156,392
$6,774,622
139,191
Gross
Interest
income
on
—
Other interest
Miscellaneous deductions-
—
—
34,853
186,644
93,894
136,685
598,348
506,236
194,277
678,312
416,175
$653,642
10,313
$729,495
51,845
$2,813,625
58,976
—
Net profit....
Cr8,660
468
5,993
Includes provision
$51,913
51,912
Nil
—
Nil
Balance for preferred and common stocks and
surplus——————
— —
—
— —
restated for comparative purposes.
(2) Net
fund purposes to the full extent of the
corporation's sinking fund requirements, and is a prior charge to the
declaration and payment of any dividends.—V. 148, p. 2571.
Notes—(1)
1938 figures
income is appropriated for sinking
Arkansas Power JBc Light
Period End. June 30—
Operating revenues
Oper. exps., incl. taxesProperty retirement re¬
serve appropriations.
-
Net oper. revenues—
Co.—Earnings-—
1939—12 Mos.—1938
1939—Month—1938
$844,366
$808,610
442,155
415,846
113,000
$289,211
$9,449,031
4,918,273
112,982
1,269,617
$3,261,141
$279,782
$9,109,880
4,792,286
1,176,128
$3,141,466
Dr58,419
■
$3,083,047
9,980
352
652
$3,261,141
14,479
$289,563
146,385
7,667
Cr309
$280,434
146,385
10,022
C7r753
$3,275,620
1,756,624
111,679
Cr5,121
$3,093,027
1,800,682
109,728
Crl0,748
$135,820
$124,780
applicable to preferred stocks for the
period, whether paid or unpaid
.—
$1,412,438
$1,193,365
Operating income-.-.
Other income (net)
.
$289,211
$279,782
_.
.
on mtge. bonds.
Other int. and deduc'ns
Interest
Netincome-.-—__
x
Dividends
$651,989
132,205
$677,182
x297,139
$2,771,028
641,257
949,265
949,265
$463,173
$244.100
Crl54,664
$4,044,693
742,008
9,557
"Cr478
Cr3,005
Cr8,738
27,674
$520,263
$383,049
$2,138,509
$3,265,460
$0.34
$0.23
$1.42
$2.34
of $125,000 for U. S. income taxes on dividend
by a consolidated foreign subsidiaty out of its 1937 earnings,
v Includes
$94,928 reserve for prospective losses on open contracts no
longer required.
x
declared
$66,882
66,882
600
——
Balance.
Earn, per sh. on com. stk
893
——i-__
Netincome
$3,949,005
36,604
.
72
3,288
-----
—
Gross income
Adj. of metal price fluct.
Profit
$92,146
38,668
73
—
38,120
36,449
126,020
146,250
^
—
i
29,103
XL S. & foreign inc. tax.
Surtax undist. profits
Minority interest... —
_
long-term debt--
Taxes assumed on interest-
$87,830
4,316
$106,995
36,152
__ — -. __——
$278,696
190,865
$91,009
15,987
-------
___________
1938
$307,392
216,383
148,000
183,944
Profit
Pr. for res. for conting—
•
1,919,740
329,901
156,836
Rent from please of plant
sale ofsecur-
& normal stock reserve
63,119
35,836
1939
'"'Operating income.
Non-operating income._—■—
527,080
509,535
Pays. under employees
anuity plan.
Depreciation
Depletion
.......
1936
$316,993
Corp.—Earnings-
6 Months Ended June 30—
Operating revenues
Operating expenses, includ. deprec. and taxes.
■
35,580
...
on
$277,138
41,195
8,557
—V. 149, P. 97.
American Metal Co., Ltd. (& Subs.)—Earnings—
Net loss
1938
$306,091
57,430
25,359
_
Net from railway
American Insurance Co. (Newark, N. J.)—-Extra Div.—
Directors have declared an extra dividend of five cents per share in addi¬
tion to the regular semi-annual dividend of 25 cents per share on the com¬
1939—3 Mos.—1938
$1,374,219
$1.55
-Earnings—
Sinking fund appropriation.
Period End. June 30—
Profit before
charges...
Other income....
—. _
From Jan. 1—
$22,942,301 $21,526,264
—————
RR.-
Arizona Power
ing and other expenses and other contingencies.
219,133
189,231
Unrealized depreciation (net) general market secur.Dr4,468,764 Dr2,272,084
Excess of cost of investment
—Drl,757,017 Drl,331,179
Preferred stock ($1 par)
Common stock (10 cents par)
all other charges
— ——————
1939
Net from railway.
...$22,942,301 $21,526,264
.......
Arbor
Ann
June—
Gross from railway.—
1,456,421
Liabilities—
Accounts payable for securities purch., not rec
Subs.)—Earnings-
Earnings for 12 Months Ended June 30, 1939
Net after rents
— —
..........
Anchor Hocking Glass Corp. (&
Gross from railway.—
oso
(100%
Other investments in subsidiaries...
Total..........
Anaconda Wire will supply its special hollow conductor cables
operate at an average altitude of 1,500 feet and at some portions as high
as 2,500 to 3,000 feet.
It is stated that time of delivery is essential and
work will proceed as rapidly as possible.—V. 148, p. 2733.
308,667
o qqo
The
154-161 Kv.
and government engineers have accepted the company's recommendation
for a conductor with a diameter of three quarters of an inch.
The lines will
Net after rents.———
.
aril
in
miles running from Parker Dam to Phoenix, Arizona, and the other of 100
miles from Parker Dam to Yuma, Arizona.
Construction involves a three phase circuit at an operating voltage of
—V. 148, p. 2414.
1938
$380,372
86,648
109,574
......
Invest,
to be used in connection by the Bureau of Reclamation.
of about 115
runds of bare copper cable with two transmission lines, one This material
Earnings per share on common
Cash in banks
Accounts receiv. for securities sold—not delivered.
Accounts and dividends receivable
own
Anaconda Wire & Cable Co.—Wins Government Contract
Company has been awarded a contract involving approximately 4,000,000
Consol. net profit after deprec., taxes, and
Consolidated Balance Sheet June 30
Works
hours,
compared with 164,716,337 kilowatt hours for the corresponding month
of 1938, an increase of 20%.
For the six months ended June 30, 1939, power output totaled 1,139564,458 kilowatt hours, as compared with 1,011,272,546 kilowatt hours for
the same period last year, an increase of 14%,—V. 149, p. 568.
'
as
215
...
Total
The power output of the electric subsidiaries of the American Water
and Electric Co. for the month of June totaled 197,436,066 kilowatt
$532,011
9,260
7,500
457
June Power Output—•
x Dividends accumulated and unpaid to
June 30, 1939, amounted to
$1,186,581, after giving effect to dividends of $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, declared for payment on
July 1, 1939.
Dividends
on
these stocks are cumulative.—Y. 148, ia.
Associated Gas & Electric Co.—Weekly
3833.
Output-—
For the week ended July 21, Associated Gas & Electric System reports
output of 94,305,272 units (kwh).
This is an increase of 7358,151 units or 8.5% above production of 86,947,121 units for a year ago.
Gross output, including sales to other utilities, amounted to 105,232,701
units for the current week—V. 149, p. 570.
net electric
Volume
The Commercial & Financial Chronicle
149
Atchison Topeka & Santa Fe
[Ixicl Gulf Colorado &
Santa
Fe
$30 coupon
Ry.—Earnings—
Ry. and Panhandle &
Ry.]
Fe
share of
1939—Monthr-1938
1939—6 Mos.—1938
Railway oper. revenues.$14,903,710 $13,771,502 $70,986,093 $68,505,570
Railway oper. exps
11,272,949
9,179,212
60,801,178
58,381,678
Railway tax accruals... xl.246,509
*1,074,562
y7.128,262
y7,185,854
Other debits
47,640
186,306
391,463
695,737
dends
7% cumulative $30
on
par value preferred stock will be issued.
Divi¬
this stock will accumulate from
Sept. 1,1939.—V. 148, p. 3834.
Baltimore & Ohio RR.—Deposits Under Plan—
Progress
on the plan for modification of Interest
charges and maturities
indicated in the following
statement, issued at the
is
$3,331,421
$2,242,301
$2,665,190
Plan for
Includes for 1939 and 1938
respectively $394,835 and $329,587 repre¬
senting accruals under the Carriers Taxing Act of 1937 and the Unem¬
ployment Insurance Acts,
y Includes for
1939 and
1938 respectively
aTotal
.
1938
1937
$278,361
5,549
def45,113
def3,610
def27,789
$228,407
defl0,439
def33,131
1,658,166
1,946,486
105,966
253.503
defl97,452
18,194
1,801,849
railway271,074
rents
def34,706
Net from
Net after
—V. 149, p. 97.
Atlantic Coast Line
Period End. June 30—
mortgage 4s
Buffalo Rochester
gage 5s
$568,848
350,000
$402,228
350,000
$7,227,076
2,950,000
Operating income..__
Equip. &jt.fac. rents..
$218,848
279,193
$52,228
191,644
$4,277,076
1,565,194
x$139,416
$2,711,882
Grand totals
x$60,345
Period End. June 30—
Sales
a
1939—6 Mos.—1938
3,376,966
3,346,698
6,585,340
160,856
344,870
2,569
9,528
3,084
21,537
5,167
201
2,352
11,178
6,004
$280,334
51,129
$251,145
85,746
$449,913
171,493
$165,399
$278,420
249,163
$1.12
$1.19
$570,844
103,193
stock
1938
1939
Assets—
$
Preferred stock
7 179,901
7,439,504
a
G'dwill, pats., &c. 4 053,135
Secur. of affil. cos.
858,270
3 676,510
Notes & accts. rec. 2, 113,894
4,053,084
Accts.
Castle
...
Notes rec.—Em pi.
Misc. accts. & notes
receivable, &c._
Current accts. due
17,058
-
43,707
from unconsol..
5,256
960,407
3,580,718
2,189,438
19,420
20,264
3, 247,181
Securities
on
series A
$57,340
$35,162
4% and 5% debentures
$295,357
352,840
$259,938
235,243
def$57,483
$24,695
dlv.
pay.,
on
912,146
274,076
$3,235,770
307,955
350,793
2.055,902
2,286,022
Net
8,761,725
991,609
$26,353
$1,179,868
314,427
$1,372,590
29,080
x$32,617
23,474
x$2,727
x$56,091
$865,441
$987,744
432,060
828,098
3,962,464
89,696
incl.
Tax
rev.
from opers..
accruals.
...
Oper. income
Reserve for contingencles
Paid-in surplus...
Surplus
Other income
828,098
4,054,187
16,949
x
304,365
Indicates loss.—V.
24,770,595 21,757,394
Total.........24,770,595 24,757,394
Baldwin Locomotive Works (&
on
1939
1938
1937
$12,218 x$2,004,259 x$2,584,229
841,784
897,752
1,764,849
y585,963
633,800
748,400
of Mid vale Co..
Operating
Taxes
_
x
Profit,
1936
$1,355,341
561,163
$794,178
1,527,912
170,080
Corp.—Earnings1938
$89,581
$33,368
Dr548,702
Dr408,647
Dr579,351
303,489
—
314,554
354,888
368,040
$347,922
114,145
30,229
$622,806
114,914
88,283
$582,121
102,559
93,223
201,410
159,660
92,500
53,852
$46,228
is lower.
Profit for the 6 months
$43,888
$327,110
$332,487
Balance Sheet June 30
1939
Cash
1939
1938
$
Assets—
Liabilities—
$
orders of The Baldwin Locomotive Works and
subsidiaries, including The Midvale Co., amounted on June 30, 1939, to
$29,820,569 as compared with $13,326,363 on June 30, 1938, and with
$13,401,321 on Jan. 1, 1939, without intercompany eliminations.
Bookings—
The dollar value of orders taken in June
by this and subsidiary companies,
announced on July 25 as $1,645,034. as
including the Midvale Co., was
compared with $1,590,848 for June, 1938.
The month's bookings brought the total for the conso idated
group for the
first six months of 1939 to $28,626,213, as compared with
$13,347,355 in
the same period last year.
.Consolidated shipments, including Midvale, in June
aggregated $2,484,348, as compared with $4,782,067 in June of last year.
Consolidated
shipments for the first six months of 1939 were $12,384,631 as compared
with $23,910,187 for the first six months of 1938.
On
June 30,
1939, consolidated unfilled orders including Midvale,
amounted to $29,820,569 as compared with $13,401,321 on Jan. 1,
1939,
and with $13,326,363 on June 30, 1938.
All figures are without intercompany eliminations.
380,268
497,668
255.646
Loan pay. to bank
300,000
200,000
55,479
53,417
27,248
11,162
14,269
1,547
10,000,000
25,026
Reserve for taxes
14,108,037
45,074
62,131
20,521
.
Due to customers
Payment—
16,452
46
Partic. pref. stock
made to
10,000,000
Common stock
1,396,530
3,000,000
1,355,657
Total
13,107
11,465
536,170
3,000,000
Surplus
39,732
...
Treasury stock—
.
.
Res. for expenses.
TJnadjust. credits.
.
Deferred charges..
15,176,024
15,133,721
513,822
.-.-15,176,024 15,133,721
—V. 148, P. 3213.
(The) Barber Co., Inc.—EarningsPeriod End. June 30—
loss after deprec.,
taxes, &c
—V. 148, p. 2372.
Net
Beattie Gold
1939—6 Mos.—1938
1939—12 Mos.—1938
■
,
'
prof$1,003
-
$270,109
$61,691
prof$70,994
/
Mines, Ltd.—Earnings-
3 Mos. End. June 30—
Tons of ore milled——
1939
155,525
1938
150,820
1937
1936
134,320
136,260
$506,811
metals
produced (partly est.
due to delayed smelter
Net income from
$603,188
$606,488
$484,070
oper.
&
other current expenses
340,207
332,789
291,436
283,641
Est. operating profit..
$262,982
$273,699
$192,634
returns)
Development,
*
The board of directors at a meeting held July 27 voted to pay coupons due
Sept, 1, 1939 on the company's refunding mortgage bonds, 6% convertible
series due 1950, in preferred stock of the company in lieu of cash.
For each
%
Deferred Income..
Invest, and loans.14,200,341
Total.
•
160,457
Accrued int. rec.;.
& advs.
1938
S
167,216
150,997
........
Deposits
Dr317,548
$1,988,667 prof$64,060
$508,371
$2,809,720
Provision for Federal and Pennsylvania income taxes of
1936
$393,070
116,372
29,059
expenses
—
ever
subsidiary companies.
► Consolidated unfilled
Interest
$214,082
3835.
p.
Furn. & eqpt. pur.
—
y
1937
$267,918
377,490
Adj. of security values to
cost or market, which¬
trustee
y Net loss
$570,127
Due from cust's.
Equity in rnin. stocki
holders in net profit
•
$477,856
\
com¬
Total income
Subs.)—Earnings—
$145,044 x$l,859,645 x$2,029,305
132,826
144,614
554,924
Int.,& misc. expenses
Federal taxes
10,770
x$106,837
1939
sales—net
missions & other inc.-
.$21,431,400 $40,086,205 $30,377,715 $16,797,451
19,726,466
36,375,970
26,500,009
16,303,537
1,849,978
1,850,590
1,848,401
1,849,255
Loss
$946,453
365,556
14,276
148,
6 Mos. End. June 30—
Interest, dividends,
Common stock represented by 262,852 shares of no par value,
b Rep¬
by
30,012 shares of preferred and 13,688
shares of common
stock,
c After reserve for depreciation and obsolescence of
$8,265,684 in
1939 and $7,807,305 in 1938.—V. 149, p. 570.
Operating loss
Dr41,291
$869,622
x$50,346
income......—
a
Other income
4,181
x$41,744
63,040
2,053
Bankers Securities
resented
Depreciation
14,347
$14,222
62,782
1,786
Gross income...
Interest on funded debt.
Other deductions
Prof. & loss
12 Mos. End. June 30-
384,846
pref. stk.
and Federal tax.
61,101
Sales
Cost and expenses
$3,658,612
(incl. main¬
324,892
(net).
1939—6 Mos.—1938
$318,176
exps.
9,860,900
8,761,725
1939—Month—1938
tenance and deprec.).
$
9,860,900
Common stock..
,,
$334,308
Oper.
3,247,172
2,553,301
659,597
288,985
Invest
Total......
$293,423
33,485
3,729
2, 537,405
secur..
Def'd items
$334,104
38,747
$279,858
13,565
*
Bangor & Aroostook RR.—Earnings—
Net
Powder Co
Marketable
$40,763
5,601
Period End. June 30—
Gross oper. revenues...
b Stock of Atlas
Inventories.
$320,680
13,423
$806,241
526,383
-Y.148, p.3835.
1938
Liabilities—
property
$32,971
7,793
$64,864
7,524
income
Int. decl.
Balance Sheet June 30
1939
$57,976
6,888
Remainder
stock
Amount earned per shares
$858,053
537,372
charges
Net
1939—ft Mos.—1938
$5,885,275
$5,839,781
5,027,222
5,033,540
$116,434
83,463
Gross income
Fixed
on
i
outstanding
79,466,026
19,306,169
12,114,255
$147,086
89,110
revenues.
i
Operating income
Non-oper.income
249,163
$0.66
Net oper.
Taxes
$296,158
249,163
1
88,011,669
21,833,107
13,763,860
Co.—Earnings—
1939—Month—1938
$987,511
$944,115
840,425
827,680
Operating revenues
Operating expenses
$467,651
171,493
249,163
$0.58
pref. stock.
$550,688
100,775
$143,459
Net income.
$311,289
60,144
$229,205
85,746
Federal income taxes
61,612,141
10,051,529
2,514,320
.
[Including Baltimore Coach Co.]
6,924
20,297
7,557
2,334
income taxes
equipment.
.69,801,167
15,022,548
7,708,221
.
Baltimore Transit
$542,070
389
Loss from investment in
unconsol. sub. co. Gnet)
$537,044
1,257
12,165
....
_
Plant,
.
Period End. June 30—
$296,377
1936
1937
1—
320,150
$268,857
1938
.
Net after rents
—Y. 149, p. 254.
6,554,760
174,494
as
.$12,770,868 $10,801,886 $14,504,624 $14,334,265
3,177,999
2,620,243
3,082,476
3,849,752
1,863,883
1,381,337
2,019,618
2,477,890
Gross from railway.
Net from railway
$7,416,980
Inc. from miscl. invest.
Miscell. other inc. (net)
and
1939
From Jan.
(& Subs.)—Earnings—
$7,467,254
.
Corpo¬
b Received
Earnings for June and Year to Date
Net from railway
Net after rents
$3,803,931
Net operating profit.
Income from marketable
c
87.82
By security holders of securities affected by the plan,
July 25, 1939.
June—
1939—3 Mos.—1938
obsolescence
common
$542,810,628 $476,706,028
.
Gross from railway.-.
$3,820,317
Cost of goods sold, de¬
livery & other expenses
Provision for deprec. and
common
85.94
100.00
at close of business
Pipe Line Corp.—Registers with SEC—
Atlas Powder Co.
Shares of
92.29
ration also shown above.
1 328,950
Sea list given on first page of this department.—V.
141, p. 4159.
earned
323,000
$470,039,050 $403,934,450
72,771,578
72,771,578
are
Indicates deficit.—V. 149, p. 98.
on
85.97
In the B. & O. RR. Co.
five-year 4K% secured notes listed above
included $13,490,000 of notes owned and held
by the Reconstruction
Finance Corporation, which are in addition to the loans from that
$2,030,044
Net ry. oper. income.
Amount
3,159,300
-
B. & O. RFC loans..-
$3, 358,994
Dividend
86.90
3,675,000
90.48
94.84
68.46
Ry.
*
>,283,994
>,925,000
securities
25,299,000
94.28
83.84
*
Net oper. revenues.__
Atlas
79.72
29,114,000
of Total
RR.—Earnings—
Taxes
x
Pittsburgh
.
1939—Month—1938
1939—6 Mos—1938
$3,404,486
$3,021,664 $26,119,358 $24,853,503
2,835,638
2,619,436
18,892,282
18,569,509
Operating revenues
Operating expenses.....
&
consolidated mtge. 4^s
Cincinnati Indianapolis & Western RR.
1st mortgage 5s
Lincoln Park & Charlotte RR. 1st mort¬
1,599,154
119,165
def57,381
90.01
2,045,900
350,000
Erie & W. Va. 4s__
30-year convertible 4 Yis_
*
5-year 4Y % secured notes
Buffalo & Susquehanna RR.
Corp. 1st
1936
$255,685
$70,710,000
132,571,750
40,716,500
40,952,000
43,151,000
45,006,000
2,566,300
Refunding & gen'l mtge bonds (total)
Southwestern Division 5s
Pittsburgh, Lake
1939
$269,894
25,720
def21,616
PerCent
Amount
Holdings
$75,000,000
158,120,750
45,000,000
43,182,000
63,031,000
50,000,000
.
B. & O. RR. 1st
mtge 5s
Atlanta Birmingham & Coast RR.—
-Earnings-
Net after rents
From Jan. 1—
Gross from railway
Modification of Interest Charges and Maturities
bDeposits and Assents
_
$2,150,931 and $2,081,230 representing accruals under the Carriers Taxng Act of 1937 and the Unemployment Insurance Acts.—V.
149, p. 97.
June—
company's office in
Baltimore, July 26.
$2,336,612
x
Gross from railway.....
Net from railway...
719
the
$6,470,900 principal amount of these bonds issued and
issuance pursuant to the companys' plan of
reorganization, one
reserved for
Santa
Period End. June 30
Net ry. oper. income-
on
revenue.
810
461
82
$223,170
2,361
Estimated total profit
$263,792
$274,160
$192,716
$225,531
Non-operating
—V. 148, p. 2734.
TheCommercial & Financial Chronicle
720
Bayuk Cigars, Inc.—Preferred Stock Called—
Company notified the New York Stock Exchange of the drawing on
Aug, 4, 1939, of 4,500 shares of first preferred stock for redemption on
Oct. 15. 1939, at $110 per share plus accrued dividend.
Books will close
permanently on all drawn shares.—V. 149, p, 570.
Beaumont Sour Lake & Western Ry.
Lew interest charges
—Earnings
1939
1938
1937
1936
$174,383
35,899
3,875
$197,031
43,398
defl1,959
$143,490
defl ,762
def44,125
1,491,745
648,999
—
1,566,933
701,915
1,745,218
853,938
1939—3 Mos.—1938
1939—6 Mos.—1938
$9,843,095
$5,969,167 $18,324,886 $12,823,781
1,794,386
1,781,277
3,619,740
3,563,041
^kscenceInd^epfotfon
' 4.225,782
1,193,608
308,897
.
375,163
444,936
-
—V. 149, P. 99.
374,556
61,178
8,473,160
8,115.527
$6,231,986
$1,145,213
$0.78
Nil
x After
allowing for dividend requirements on the preferred stocks,
Before provision for surtax on undistributed profits.—V. 149, p. 99.
y
$150,305
Nil
Birmingham Electric Co.—Earnings—
;
Beech Aircraft
4,037,585
$3,822,927
$0.61
Net profit—.—
Earns, per sh. on com.
y
x
GvomtTornrailway
Net from railway
Net after rents
1939
Consolidated Income Account (Including Subsidiary Companies)
Period End. June 30—
Total income
$177,393
39,637
def5,497
June—
Gross froTi railway
Net from railway.—.—
Net after rents
July 29,
month.
The new pipe plant will be ready by the end of the year, and
its capacity will be 5,000 tons of small sized product monthly.
All thre<,
additions are being made at the Sparrows Point, Md., plant.
per
3 Months
Period. Ended June 30, 1939—
1939—M^onth—1938
$627,689
$593,873
Period End. June 30—
Corp.—Earnings—
9 Months
$3,526
Net income after all charges
loss$54,986
Corporation has on hand unfilled orders amounting to $1,623,876, ac¬
cording to an announcement made by Walter Beech, President.
Mr.
Beech also states deliveries of $345,661 for the month of June wot the
Operating revenues
Oper. exps., incl. taxes.
462,711
491,127
1 939—12 KIos'1938
$7,545,401
5,792,811
$7,596,493
5,728,823
310
311
3.728
3,718
80,000
50,000
600,000
660,000
$86,252
411
$80,851
312
$1,148,862
4,569
$1,203,952
5,643
$86,663
$81,163
45,750
4,286
$1,153,431
549,000
52,905
$1,209,595
45,750
4,343
$36,570
$31,127
$551,526
$608,467
^Rerve Vpropria fion/JT
largest in the history of the company.—V. 149, p. 407.
Net oper. revenues—
Bendix Aviation Corp.—25-Cent Dividend—
~
Other income (net)..
—-
Directors have declared a dividend of 25 cents per share on the common
stock, payable Sept. 1 to holders of record Aug. 5.
A like amount was paid
June 1, last, this latter being the first dividend paid since Dec. 13,1937,
whenla similar distribution was made—V. 148, p. 2572.
on
Gross income.
Interest on mtge. bonds
Other interest and deduc.
549,000
52.128
.
Bessemer & Lake Erie
Net
RR.—Earnings—
Gross from
1938
1937
1936
$751,879
246,964"
164,829
$2,295,986
$1,655,861
1,496,902
1,361,386
951,624
781,466
4,070,834
679,824
522,515
2,584,981
def66,415
def270,706
8,378,112
4,061,084
3,587,171
5,567,478
1,888,334
1,687,277
From Jan. 1—
Gross from railway...
Net from railway
Net after rents
—V.
...
Balance
Bethlehem Steel
Dividends
July 1, 1939.
Eugene G. Grace,
"We had to make
a
to
sJi£tr0
bonds.
It was also stated that the net loss arising from the sale of capital assets,
consisting principally of dwelling houses during the first half of this year
was $792,101, all of which was charged to income account.
Of the total
$433,047 was applicable to the second quarter.
Calling attention to the two items—the bond sale expenses and the
charge for the loss on the sale of capital assets—Mr. Grace pointed out that
but for these items the net income for the six months ended June 30, last,
would have amounted to about $1 a share on the common stock.
Mr. Grace spoke at great length on the price situation.
He explained that
billing prices In the second quarter as compared with the preceding three
months, and with the final quarter of last year, had not varied as much as
50 cents a ton on a weighted average.
However, the past quarter showed a
decline of over $5 a ton from the like period of 1938, indicating how much
prices had come down since then.
Mr. Grace stated that the price structure was
hardening, but admitted
that the motor companies are protected for their steel on their 1940 models,
in some instances up to the end of this year, at the low
prices prevailing
during the period of sharp competition and concessions in May, the orders
were taken, or the buyers were
given options for the future, at a reduction
ton
on
sheets and strip.
Some other
consumers
also
protection up to Sept. 30, next.
reason', Mr. Grace explained, the steel price structure is not
likely to be confronted with a major test on sheets and strip until probably
same
For that
after the end of the current year.
Other products, however, including
plates, which were being shaded up to a few weeks ago, have steadied, he
said, and.sales are being made at the regular market, with a fair demand in
evidence.
The contruction
of the
estimated, resulted in
a
four-high continuous rolling mills, it had been
on sheets and strip of $6
reduction in the costs
ton, and Mr. Grace admitted that this entire saving had been passed
to the consumer.
In other words, he said, the steel industry had spent
ipproximately $400,000,000 for continuous mills with the consumers getting
the benefits.
"A liberal contribution," some one
suggested, and Mr,
Grace readily agreed.
Commenting
bad made
on
the report of earnings Mr.
Grace said that Bethlehem
some
money with operations above 60% of capacity, but not
sufficient for an adequate return on the
capital invested in the business."
He contended that this was due to
the lack of a reasonable spread between
cost and selling prices.
The
foreign demand for steel is reasonably good, according to Mr. Grace
who stated that the
only-semi-finished product being sold abroad had been
sheet bars, used for sheet steel and tin
plate.
He said that Bethlehem had
not received a demand for billets, which
might be for war purposes.
During
the first six months of this year the
foreign business of Bethelhem amounted
to 10 H% of its total
compared with 15 M% in the like period of 1938, but
the tonnage this year is greater, as
production in this country was unusually
low in the first six months of
1938, thus increasing the percentage of foreign
takings.
Labor relations
J
l
of Bethlehem
were
better, asserted Mr. Grace.
second quarter the corporation had 88,447 workers, who averaged
never
43.2 hours per week, with the payroll
amounting to $35,677,000.
For the
period of 1938 the number of workers was 80,387, who
averaged 28.2
hours per week, and the payroll was
$27,000,000
During the first six months Bethlehem expended $5,000,000 for new
construction, and plans to spend an additional
$7,000,000 during the
remainder of this year.
One of the new features is the installation of
equip¬
ment for continuous rolling of small pipe, and the corporation has
practically
completed the installation of additional cold rolled tin plate facilities.
same
A third addition will be another unit for
for which the demand has grown steadily.
manufacturing Bethanized wire,
This new unit will add about
1,000 tons per month to the capacity for this product.
All three additions
will give Bethlehem between 8,000 and 10,000 additional tons
$235,348
$128,795
$521,043
a dividend of 62 M cents per share on account of
$1.25 cumulative preferred stock payable Aug. 1
18.
A regular quarterly dividend of 31 % cents
the
share was paid on May 2, 1938.—V. 147, p. 1634.
(& Subs.)—Earnings—
6 Mos. End. June 30—
capacity
1939
$1,410,352
1938
$1,358,512
1937
$1,342,829
1936
$1,245,177
897,586
28,634
Gross profit on sales
Net
profit before int.,
842,400
31,922
832,962
37,901
727,596
40,293
and
deprec. & Federal
Canadian income taxes
Depreciation..
Reserve for Federal and
Canadian inc. taxes..
151,667
131,443
116,063
99,550
$717,284
$679,035
$678,998
$587,753
x
Net profit..
x
Before provision for surtax on
—
—
undistributed profits.—V. 148,
p.
3526.
Borden Co.—Interim Dividend—
an interim dividend of 30 cents per share on the
stock, payable Sept. 1 to holders of record Aug. 15.
Similar
paid on June 1 and March 1, last; a final dividend of 40 cents
was paid on Dec. 20, 1938; interim dividends of 30 cents were paid on Sept.
1 and on June 1, 1938, and previously quarterly dividends of 40 cents per
share were distributed.—V. 148, p. 3526.
Directors have declared
common
amount was
Boston Edison
Co.—Earnings—
Period End. June 30—
Operating revenues
Operating expenses
1939—3
Mos.-j~1938
$8,335,728
3,877,903
...—
_
revenue
Taxes accrued.
Net operating income-
870,482
20,766
1,690,017
$1,876,560'
$1,728,420
42,001
42,482
$7,506,269
103,291
$7,352,966
157,997
$1,918,561
478,606
$1,770,902
,553,455
$7,609,560
1,933,690
$7,510,963
2,250,719
.."$1,439,955
$1,217,447
$5,675,870
$5,260,244
$1.97
$9.20
$8.52
Non-operating income..
Gross income
Int., disct. & rents, &c.
Income balance
Earnings per share on
617,161 shs. of ($100
par) capital stock—
—V. 148, p 3837.
,
Boston & Maine
Period End. June 30—
Operating
Operating
revenues
expenses..
— .
Net oper. revenues.._
$2.33
RR.—Earnings—
1939—6 Mos—1938
$3,259,836 $22,218,831 $19,337,977
2,461,592
16,509,196
15,794,730
1939—Month—1938
$3,685,710
2,662,279
\
$3,543,247
6,957
$5,709,635
1.835.006
1,296,726
105,030
$509,456
87,804
$310,649
96,928
$2,472,873
587,120
$505,225
594,372
$597,260
$407,577
$3,059,993
$1,099,597
617,759
621.319
3,707,346
3,733,745
$20,499
$213,742
$647,353
$2,634,148
$1,023,431
305,768
$798,244
298,806
Equipment rents—Dr..
193,583
181,833
Joint facil. rents—Dr.._
14,624
Net ry. oper. income.
Taxes
Other income
....
Total income
Total
deducts,
Net deficit...
—V. 149, p. 407.
—
1,116,426
51,031
Traction, Light & Power Co., Ltd.—Earns.
Period End. June 30—
Gross earns, from oper.
_
Operating
1,870,565
(rentals
interest, &c.)_
Brazilian
1939—12 Mos.—1938
$7,800,977 $34,068,198 $32,883,036
3,688,073
15,653,091
15,825,357
695,212
865,000
3,493,546
3,460,000
39,798
127,377
167,273
1,479,685
6,592,703
6,077,440
Hurricane expense
Depreciation
Uncollectible
a
If
ul
o
on
Bon Ami Co.
1
Current operations of Bethlehem are at 61% of capacity.
Mr. Grace
explained that there had been improvement in demand in the latter part
of the current month, which brought up the average to that figure. For the
second quarter, ingot production was at 60.4% of capacity, compared with
53-8% in the preceding three months.
The estimated value of orders on hand on June 30, was $184,921,081,
compared with $192,040,906 on March 31, last, and with $89,916,012 on
June30,1938. Mr. Grace stated that the decrease of approximately $7,000,000 in orders during the past three months was due to progress work on
shipbuilding, as there was virtually no change in the steel business on hand.
The cash position improved during the first half of this year, and stood
at approximately $41,500,000 on June 30, last, not including the
proceeds
from the sale of bonds. At the beginning of the current year, cash on hand
totaled about $37,000,000, according to Mr. Grace.
In the statement it was pointed out that the expenses of
approximately
$230,000 incident to the issue and sale on July 7, last, of $25,000,000 of
consolidated mortgage bonds were charged to income account for the second
quarter.
The discount amounting to $750,000 on the sale of the bonds
will be set up as a deferred charge to be amortized over the term of the
a
——
holders of record July
per
corporation's results for the second quarter were exceptionally good,
with net profits after all deductions of $3,822,927, equivalent to 61 cents a
share on the common stock, after allowing for the regular quarterly dis¬
tributions on the two classes of preferred stocks.
In the previous three
months the net profits amounted to $2,409,059, equal to 17 cents a common
$8
-6 Months
Directors have declared
I* The
on
cumulative.—Y. 148, p. 3836.
Blum's, Inc.—Accumulated Dividend—
President, in distributing the report
little addition to the statement today. We thought it
was proper to recognize our common stockholders at this time rather than
wait to the end of the year to see how the situation would look then."
$8
are
July 2 1938 July 1 1939 July 2 1938
$124,681 prof.$2,947
$299,569
110,667
131,742
221,474
$89,147
loss.....--—
accumulations
to
stocks
—V. 148, p.2735.
•
said:
have the
on these
Period Ended—
July 1 1939
Operating loss..
$23,276
Depreciation reserve.—
65,871
Net
Report for June, 1939, Quarter—
as
$179,293
x Dividends
accumulated and unpaid to June 30, 1939, a^ountedTo
$214,587. after giving effect to dividends of $1.75 a share on $7 preferred
and $1.50 a share on $6 preferred stock, declared for payment on
—3 Months-
Corp.—Common Dividend—
on July 27 declared a dividend of 50 cents per share on the com¬
stock, payable Sept. 15 to holders of record Aug. 25.
This will be the
first dividend paid on the common shares since Dec, 24, 1937, when a dis¬
tribution of $2.50 per share was made.
much
429,174
$122,352
-
(Sidney) Blumenthal & Co., Inc.—Earnings—
Directors
as
429,174
stock
149, p. 99.
mon
of
stocks for the
period, whether paid or unpaid—
$1,496,807
799,574
735,851
railway--,
Net from railway.--.
Net after rents
'
income....
Dividends applicable to preferred
x
1939
June—
expenses
1939—Month—1938
1939—6 Mos.—1938
$3,215,506
$3,227,488 $19,339,780 $18,473,125
1,488,229
1,491,064
9,307,514
8,707,698
x
Net earnings.......
x
Before depreciation and amortization.—V. 149, p. 99.
$1,727,277
$1,736,424 $10,032,266
$9,765,427
Briggs & Stratton Corp.—Earnings—
Period End. June 30—
Net
profit from
before
1939—6 Mo5.—1938
1939—12 Mos.—1938
oper'ns
depreciation
$500,650
43,685
$1,003,724
Prov. for depreciation._
$699,663
45,829
90,338
$975,152
91,818
Net prof, from oper__
$653,833
$456,965
$913,386
$883,335
48,474
29,310
87,760
Other income less miscell.
charges
Net
prof,
before
em-
ployees' bonus and income taxes
Prov. for income taxes..
Net profit
—V.
148, p. 2573.
....
87,594
,
„
$702,307
149,930
$486,275
89,331
$1,001,146
203,599
$970,928
200,247
$552,377
$396,944
$797,546
$770,682
Volume
The Commercial & Financial Chronicle
149
Bridgeport Brass Co.—Earnings—
.
Period End. June 30—
Net profit
x
(A. M.) Byers & Co.—Preferred Dividend—
1939—3 Mos.—1938
$60,681
y$lll,150
After deprec., taxes
x
Directors have declared a dividend of
$2.19H per share on the company's
preferred stock, payable
Sept. 1 to holders of record Aug. 10.
This
1939—6 Mos.—1938
y$415,204
$67,840
& other charges, but before provision
y Loss.—V. 148, p. 3682.
undistributed profits,
on
regular dividend of $1.75 per share ordinarily due on
1, 1934, and accumulated interest of
5% to date.
A dividend of
$2.20 15-16 per share,
previously declared, will be paid on Aug. 1 next,
Dividend of $2.21 2-3 per share was
paid on June 1 last.—V. 149, p. 255.
Aug.
[Including Brooklyn & Queens Transit System]
1939—Month—1938
1939—12 Mos.—1938
California Oregon Power
Period End. JuneZO—
—
$4,164,627
3,125,562
Total oper. expenses
Net
rev.
Taxes
on
from oper...
oper. prop
$998,695 $14,154,956 $14,169,546
469,746
6,257,845
6.281,984
Operating
$557,827
127,286
Net non-oper. income..
Gross income.
$523,949
74,095
$7,897,111
965,481
$598,044
683,993
$8,862,592
8,260,723
surplus.
x$85,949
$601,869
$578,168
Net operating income
Dividend and interest revenues..
Oorp___
5,394
$29,118
Indicates
x
26
$601,843
$578,168
[Excluding Brooklyn & Queens Transit System]
1939—Month—1938
1939—12 Mos.—1938
Period End. June30—
Net
Taxes
from oper...
rev.
on
$2,390,615
1.629,399
income..
%
$443,695
72,469
$6,564,566
944,728
$7,509,294
6,907,474
$7,620,477
6.877,412
$24,272
x$54,158
$601,820
$743,065
to
surplus
June—
Indicates deficit.
Stockholders to Vote Aug722-23
on
railway
Net from railway
The special
meeting of the B -M T stockholders will be held at noon on
August 22. while that of the B. Q. T. stockholders will
be held at noon
Aug. 23.
With the notice of the
special meeting each stockholder received a
copy
of the unification
plan a form of proxy and a pamphlet
containing a letter
urging the stockholders to give their
approval to the plan from Gerhard M
Dahl, Chairman of the board of directors
together with a proxy statement,
financial statements and other
exhibits containing all pertinent facts in
reference to the plan
including the applicable provisions of statutory law
relating to rights of appraisal of
dissenting stockholders with respect to
approval or disapproval of the plan.
Mr. Dahl in his letter to B.-M.
T. stockholders, among other
things,
states in part:
"The problem of transit in New York
City is exceedingly
complicated.
Since 1-921 numerous
attempts have been made to develop
plans for a solution satisfactory to the Transit
Commission, the city and
the private
companies, but, until the present instance, each
attempt has
failed for one reason or another.
At the presnet time the
city has separate
investments in the rapid transit
properties of the Brooklyn-Manhattan
Transit system, in the Inter
borough Rapid Transit system and in the
Independent 8ystem< amounting in the
aggregate to approximately $1,200 000,000, and according to present indications
this investment
probably
will be
substantially increased in completing and extending the
Independent
;.
...
Net from railway
$132,503
def4,960
def49,572
$97,600
def41,371
def84,101
606,340
def94,914
def345,674
742,211
7,373
def262,716
638,885
defl63,537
def413,581
'
Canadian National
£3
1936
def43,660
640,351
def91,039
def353,734
Net after rents.
—V. 149, p. 100-
1937
$98,610
def7,l52
def6,750
def48,730
railway
1938
$2,489,514
894,658
England—Earnings—
1938
$106,225
Net after rents
From Jan. 1—
Gross from
______
1939
1939
Gross from
Unification Plan—
Formal notices of special
meetings of the stockholders of the BrooklynManhattan Transit Corp
and the Brooklyn & Queens Transit
Corp to
consider and act upon the unification
plan "which provides for the acqui¬
sition by the City of New York of
the rapid transit and surface railroads and
related power properties and bus lines of
the B.-M. T. system
have been
mailed to stockholders.
$908,664
$2,629,831
930,625
.....
Canadian National Lines in New
Current income carried
x
45,047
16,911
California Water Service Co.—Earnings—
12 Months Ended June 30—
Gross revenues
Gross corporate income
—V. 149, p. 100.
_____
$516,164
570.322
69
$2,018,584
842,500
203,217
2,245
95,697
18,246
...
—V. 149, P. 571.
$6,714,766
905,711
$596,392
572,120
...
...
.—.
Gross income
Total income deduc'ns..
$2,067,160
842,500
203,223
$907,424
funded debt
Net income
$759,316 $10,438,179 $10,661,402
315,621
3,873,613
3,946,636
$465,458
130,934
Operating income
Net non-oper.
$2,299,969 $28,338,167 $28,695,895
1,540,653
17,899,988
18,034,493
$761,216
295,758
oper. prop
on
Amortization of debt discount and expense
Other interest (net)
Amortization of preliminary costs of projects
abandoned..
Miscellaneous deductions
deficit.
Total oper.revenues....
Total oper. expenses....
Dr36,247
-
Gross income
Interest
x$85,949
$2,066,100
1,104
JDr48,620
296
MerchandiseandjobbingC.net)
to outside int.
Bal. to B.-M. T. Sys.
....
Net operating revenues
Rent for lease of electric
plant...
$8,825,385
8,247,217
$34,512
Provision for Federal income taxes
Current income carried
of B. & Q. T.
»
$2,304,299
238,199
$2,103,110
Appropriation for retirement reserve
Amortization of limited term investment
1938
$4,633,041
1,024,150
274,170
300,000
7,270
605,487
117,665
$2,341,320
238,210
Operation expense
Maintenance and repairs
$7,887,562
937,823
$685,113
650,601
Total income deductions
to
1939
$4,781,776
1,049,441
275,615
363,870
7,270
649,616
94,645
revenues
Taxes
Operating income....
Accruing
Co.—Earnings—
Years Ended May 31—
$4,011,970 $48,941,616 $49,284,227
3,018,275
34,786,660
35,114,681
$1,039,065
481,238
.
pay¬
ment represents the
for surtax
Brooklyn-Manhattan Transit System—Earnings—
Totaloper.revenues.
721
Ry.—Earnings—
® !*■ Earnings of the System for the Week Ended July 21
■
js*
1939
.***11938
Gross
—V.
revenues
149. P. 571.
•—
am
"**
—
•
^ 1
W Increase
$3,536,886m$3,296,205_J§ $240,681
...
.
<2
...
•
~
ff Canadian Oil Companies, Ltd.—Extra Dividend—^3
\
Directors have declared an extra dividend of 12H cents per shars in addi¬
tion to the regular quarterly dividend of like amount on the common stock, ■
both payable Aug. 15 to holders of record Aug. 1.
Similar payments were
made
on
May 15 and Feb. 15, last, and
on
Canadian Pacific Lines in
June—
1939
Gross from
railway
1938
$125,176
def40,990
Net from railway
Net after rents........
$157,029
def20,542
def61,382
1,419,112
267,333
1,329,735
315,273
139,522
Net after rents
1937
$116,705
def58,413
def96,743
def65,387
Gross from railway..—
Net from railway
Feb.15,,1938.—V. 148,|p. 2735.
Maine—Earnings—
1,443,506
L250.826
329,520
128,034
def69,664
55,196
defo7,296
def93,306
—V. 149, P. 100.
system,
"These three
systems and the investments in
them, both public and
private, compete each with the other, and in the
case of the Independent
system it is tax-free and largely subsidized
competition.
It is manifest,
therefore, that the acquisition by the city and unification
of all the rapid
transit properties, together with other
transit facilities and power
properties
related to or that
may be properly coordinated with them, is the
only
practicable solution of the problem from the
standpoint of the private
interests as well as from the
standpoint of the public, the only question being
the terms and conditions of
accomplihsing such acquisition oy the city."
—V.
149,
571.
p
Canadian Pacific Lines in
June—
Gross from railway.
Net from railway.
Net after rents
—V.
Period End. June 30—
Total oper. revenues...
Total oper. expenses...
Net
Taxes
rev.
on
$286,756
185,479
income
Curr. inc.
x
$89,260
14,0-39
$1,440,364
170,011
$1,283,658
180,561
$103,299
135,090
$1,610,375
1,610,327
$1,464,219
1,629,116
$48
x$ 164,897
carr. to surp
$10,241
Indicates deficit.—V.
148,
p.
x$31,791
—V.
V.
After interest,
depreciation,
Federal and
j49, p. 255.
Budd
State income taxes,
Ac.—
Realty Corp.—Bonds Called—
149. p. 407.
x
Loss,
$140,768
y
1939—6 Mos.—1938
$276,274
$365,225
x$169,264
After interest, depreciation, Federal and State
income taxes.
—V. 148, p. 30-54.
1939
Net after rents
From Jan. 1—
railway
Net from railway..
Net aftOT rente.....
Butler
x
$100,513
1,717
defll,514
Shares
1937
*$100,729
1,790
def7,828
593,489
def20,255
690,916
44,620
643,131
82,780
defl03,779
def62,121
def48,992
.....
149,
P.
per
stock
share
defl3,750
def29,133
386,132
def68,148
defl62,670
Period End. June 30—
x
$314,675
Nil
1937
$975,430prof$529,078
1,112,289
.
1,112,289
Nil
x After
interest, depreciation and Federal income
taxes,
but
provision for surtax on undistributed profits.—V. 148, p. 1315.
/
W 4
^
1937
1936__
®o?ooc
21,928
14,565
40,038
,
/
31,555
74,140
543,370
658,539
585,690
122,438
340,234
263,983
492,845
38,774
348,258
1939—3 Mos.—1938
$40,218
Net loss-----
68,373
$0.29
before
$88,295
1939—6
$38,968
Mos.—19^8*1
$168,471
After depreciation and other charges, also after a reserve for possible
additional Federal taxes, including tax on undistributed profits
&c.
As of June 30. 1939, current assets of the company were $2,291,361 and
x
liabilities were $243,309$1,040,816—V. 148, p. 3055.
Total cash
Carolina Power & Light
Period End. June Z0—
on
was
Co.—Earnings-
1939—Month—1938
$533:t5s
band and in banks
1939—12 Mos.—J938
$M3.'330 "JMS ^iol'.oIS
retire, res. approp.
90,000
90,000
1,080,000
1,130,000
Net oper. revenues...
Other income (net)
$348,247
9,203
$370,788
$4,780,238
19,185
$4,799,953
$357,450
191,667
5,399
$383,688
191,667
7,613
Cr8l7
$4,799,423
2,300,000
$4,823,717
2,300,000
Cr 1,617
CrS 17
$160,384
$185,225
Dividends applicable to preferred stocks for the
period, whether paid or unpaid.
$2,429,581
$2,450,228
1,255,237
1,255,237
$1,174,344
$1,194,991
Gross income.
construct'n
12,900
Net income..-
—
Balance
-
—
-
23,764
,7}.459
„
—V. 148. P. 3837.
Central of Georgia
Net after
101.
$1,329,150
107,939
$1,229,809
150,876
•
def32,248
3,827
13,195
7,309,881
8,818,346
689,719
defl46,057
1,556,413
797,485
7,568,651
1.015.682
122,938
Net from railway
after rents
Net
P.
1936
124,045
7,671,298
911,435
GroS7romnrailway
149.
1937
$1,207,186
123,955
def28,116
rents
1938
$1,256,482
railway.
—V.
Ry.—Earnings—
1939
Net from
1938
1,112,289
r*
100.
June—
common
■
1938
605,813
225,125
402,766
Net from railway...—
Net after rents.....
Gross from railway
1939
.
45,616
84,627
.
GroSfrom^aiWay-..-.
Int. chgd. to
1936
$61,597
Bros.—jEarnings—
6 Months Ended June 30—
Net loss
Earnings
1938
$136,480
36,513
20,524
15,$177,000
RR.—Earnings—
1939
railway..
Interest on mtge. bonds.
Other int. & deductions.
Burlington-Rock Island RR.—Earnings—
June—
Gross from railway.....
Net from railway......
Gross from
,
wIncrease
$2,519,000
Gross from railway
after rents
*
1938
$2,696,000
149, P. 5/2.
Net from
Prop
1939—3 Mos.—1938
Net profit
®
1939
8PaoxDpgsr?SUfa^::
Co.—Earnings—-
Period End. June 30—
y
,
def217,529
def370,375
Ry.—Earnings—
current
A total of $107,000 first and
refunding mortgage gold bonds 6% series
due June 1, 1941, have been
called for redemption on
Aug. 16 at 102 and
accrued interest.
Payment will be made at the
Pennsylvania Co. for
Insurances on Lives and
Granting Annuities.—V.
Budd Wheel
i
def77,412
def240,811
Campbell, Wyant & Cannon Foundry Co. (& Subs.)—
1939—6 Mos.—1938
$274,933 x$ 1,030,202
$173,544 Ioss$773,290
1936
def.31,585
def57,596
149, P. 100.
Cambria & Indiana
(Edward G.) Budd Mfg.
Co.—Earnings—
1939—3 Mos.—1938
J91.635
def4i4,670
Traffic earnings-...!..
—V.
3837.
'''
$942,289
defl4,617
def44,351
Earnings for the Week Ended July 21'""*
Net
$110,086
99,845
...
deductions
Net profit
x
def258,349
June—
Period End. June 30—
x
474,874
defl56,149
def308,678
m
$3,619,006
2,335,348
income..
Gross income
Total
$3,824,595
2,384,231
8,809
Operating income
Net non-oper.
$243,385
154,125
$101,277
properties
$68,048
def.33,836
def60,330
Canadian Pacific
1939—Month—1938
1939—12 Mos.—1938
$1,785,688
$1,723,572 $20,738,089 $20,735,642
1,498,932
1,480,187
16,913,494
17,116,636
from oper...
oper.
...
1937
1938
$77,706
def32,210
def57,401
Net after rents
Brooklyn & Queens Transit
System—Earnings—
Vermont—Earnings—
1939
Gross from railway.....
Net from railway_•
268,092
The Commercial & Financial Chronicle
722
1939—Month—1938
$337,669
239,108
$337,666
221,794
Operating revenues
Oper. exps., incl. taxes..
1938
1939—12 Mos
$4,178,783
$4,082,297
2,736,026
2.806,786
of limited-term
Amort,
2,913
34,960
20,000
427,300
35,091
341,700
$75,548
10,130
$980,497
52,312
$898,720
136,487
$85,678
18,958
1,114
Crl ,442
$1,032,809
227,500
8,880
$1,035,207
227,500
10,828
Cr5,137
$67,048
$796,429
1
as 00 00 05
Net oper. revenues-iOtber income (net)
051s—
1
$88,976
18,958
Gross income
Interest
on
mtge. bonds _
Other interest..
Int. chgd. to
682
-
construct'n
$69,336
'
Net- income
Dividends applicable to preferred
stocks for the
,
Earnings for June and
108,054
108,054
Net
after rents
'
Net from railway.
Period End. June 30—
Net opera, income...
Other income (net)
.
-Earnings—
Net after rents-
1939—12 Mos.—1938
1939—3 Mos_.—1938
$3,403,163 $3,213,227 $13,922,515 $13,385,173
2,305,089
9,644,949
9,310,284
2,393,419
261
$908,138
2,407
$4,277,566
3,339
$4,074,889
13,485
$1,010,005
537,357
$910,546
612,036
$4,280,905
2,282,540
$4,088,375
2,499,721
$472,648
$298,509
$1,998,365
$1,588,654
$1,009,744
1937
$2,724,447
735,506
187,049
1936
$2,485,911
550,808
47,202
14,195,152
3,709,728
446,982
16,791,667
4,893,113
1,575,507
15,472,646
3,517,924
595,952
.
Interest & other deduc..
—V. 149, p.
101.
Certain-teed Products Corp.—Meeting Postponed—
Special meeting of stockholders has been postponed until Aug. 22, due to
lack of quorum.
Meeting was called to consider adopting certain proposed
amendments
by-laws and to approve employment contract
to company's
with Bror G. Dahlberg, Chairman.—
May 13, 1939, entered into
149, P. 101.
V.
Chain Belt
Net
income
.
-V. 148, p.2736.
Co.—Registrar—
Central Indiana Power Co. (&
Charleston & Western Carolina Ry.—Earnings—
Subs.)—Earnings—
1939—6 Mos.—1938
Operating revenue—$2,780,616
Oper. exps. and taxes-.2,282,060
1939—12 Mos.—1938
$2,503,847
2,016,494
$5,471,487
4,453,791
$5,118,114
4,135,763
~jZne—
1939
$498,555
/>3,877
Int. & other deductions.
income
$481,550
$174,781
Gross income.
$487,353
$494,678
319,898
Net operating income_
Other miscell. inc. (net).
$1,017,695
Dr5,384
$982,351
Drl5,675
322,100
$1,012,311
637,807
$966,676
652,807
$159,450
$374,504
$313,869
Dr5,802
19,686,805
1939
IAabUilles—
& equipment-..
376,653
376,653
filiated company 4,420,528
Miscell. lnvestm'ts
30,473
6,677,129
29,474
Sinking funds and
18,083
36,950
397,467
,
($100
12,033,000 12,033,000
—
debt
9,570,600
liabilities
9,601,600
143,180
Taxes..
136,525
313,354
40,123
Accounts payableInterest..
257,273
98,694
522,174
578,418
reserve..
17,892
562,283
401,228
47,045
623,335
Contingency res've
383,463
326,290
488,980
52,377
Contributions in
178,310
Deficit.-..
Other
count & expense
Miscell. def. chges.
& prepaid accts_
miscell.
Cash & wkg. funds
510,521
542,369
_
46,921
cos.
revenues.
lia¬
bilities.-.-.--
Deprec'n
113,191
Miscell. reserves..
29,733
37,076
114,527
..
2,973,385
—V.
148, p. 3527.
Chesapeake & Ohio Ry.—Earnings—
3,346,861
1938
$8,010,352
3,033,377
1,984,842
1937
1936
$9,888,804 $10,855,982
4,133,165
£,089,273
3,210,520
3,785,880
48,152,834
railway..---- 15,996,865
rents.!
10,410,308
46,773,384
15,471,433
9,946,909
63,478,417
27,306,793
19,930,821
1939
Gross from
railway..—$10,424,747
4,655,655
Net from
railway
Net after
rents
Gross from railway
Net from
Net
—V.
after
—
26,394,762 29,001,853
Central Ohio Light & Power Co.—Registers
with SEC—
See list given on first page of this department.
Central Power & Light
Period End. June 30—
1938
$6,867,811
1,242,758
142,850
1937
$7,470,216
193 6
$7,488,032
886,025
1.373.852
Gross from rail way—42,999,897
Net from railway
8,7o4,288
40,228,502
7,769,474
46,500,905
9,624,920
2,303,582
1,162,265
4,75< ,906
43,963,246
9,308,165
3,221,621
1939
$7,166,607
1,089.110
defl578l3
Net after rents
Net after rents..
—V. 149, p.
Co.—Earnings—
1939—3 Mos.—1938
63,283,884
28,571,438
22,788,405
149, p. 409.
Gross from rail way
Total.
_
Chicago Burlington & Quincy RR.—Earnings—
Neffromrailway.
149, p. 101.
elected a director of this corporation at
W. A. Morgensen.
annual meeting of stockholders in place of
~June—
228,445
332,748
26,394,762 29,001,853
Total
—V.
Corp.—New Director—
Checker Cab Mfg.
L. G. Miller, sales manager, was
the recent
June—
306,676
Dividend—
of 50 cents per share in addi¬
quarterly dividend of 50 cents on the 6% non-cumulative
preferred stock, both payable Aug. 10 to holders of record July 31.
Like
amounts were paid on Aug. 10,1938, and on Aug. 10,1937.—V. 147, p. 885.
114,205
aid of construc'n
—
8,171
Mdse., material &
supplies.
211.195
149, P. 101.
(A. W.) Chase Co., Ltd.—Extra
21,600
Customers' deps. &
miscell. deferred
472,046
.
Unamort. debt dis¬
Unbilled
stock
par)—.
Investments In af¬
Due from affil.
18,300
cum.
Funded
and expense..__
1,092,464
337,890
293,662
5,616,217
725,000
Capital stock disct.
Accts. receivable.
$
5,619,517
7%
Com.
generating plants
special deposits
1938
$
pref.stk.
6 % cum. pref. stk.
Non-useful electric
1,326,563
469,824
106,137
.
tion to the regular
1938
18,906,879
plant
1,099,709
248,772
230,548
Net after rents
18,838
Directors have declared an extra dividend
Consolidated Balance Sheet June 30
1939
$170,884
47,168
23,831
1,206,196
392,431
Gross from railway
Net from railway.----—V.
41,939
$210,580
69,553
$166,835
37,946
Net from railway.
'1936
1937
1938
'
$211,406
71,725
47,079
Gross from railway
Net after rents
Utility
Co.'has been appointed registrar for 500,000
stock.—V. 149, p. 573.
-City Bank Farmers Trust
shares of no par value common
Period End. June 30—
Net
1938
.
dated
Gross income
Year to Date
15,584,535
3,598,313
161,501
from railway
Gvo^fTomrailway
Operating revenues
Operating exps. and-tax-
^
$2,423,945
629,199
100,082
1939
Net.
-V. 149, p. 100.
Central Illinois Public Service Co
,
,
$693,962
—-
Balance
„
$2,562,481
557,476
def40.455
Juno-
Gross from railway
$688,375
unpaid
period, whether paid or
effective."
problem of taxes, it would seem
$802,016
2,913
24,000
investments
Prop, retire, res. approp.
1939
In view of the prevailing attitude
and its political subdivisions regarding the
that the company's proposal does not serve
even as a temporary expedient; it offers little real hope of avoiding ultimate
trusteeship and does not provide for a thorough or sound readjustment.
This committee feels it essential, therefore, to explore thoroughly the
possibility of achieving an adjustment voluntary or otherwise which would
eliminate the underlying causes of the system's present depressed condition.
With this objective the committee proposes to intervene in the proceedings
now pending before the ICC.
It is the sincere desire of this committee to present information and data
which will enable you and the ICC to form an opinion of the pending
proceedings and to determine the means best adapted to rehabilitate the
company in such a manner as may be consonant with the needs of the road
and the rights of the security holders.
voluntary adjustment can be
of the State of New Jersey
Light & Power Co.—Earnings-
Central Arizona
Period End. June 30—
July 29,
,
1,346,297
263,655
102.
Chicago & Eastern Illinois Ry.—Earnings—
1939—12 Mos.—1938
1Q36
$1,165,110
245,013
Gross
inpome
Interest and other deduc
Net
$9,065,043
5,829,557
$815,454
2,875
$3,235,486
6,739
$818,971
448,363
$818,329
466,121
$3,242,225
1,826,253
$3,245,562
1,877,226
$370,608
$352,208
$1,415,972
$1,368,336
,217,506
28,056
dividends.
Company, a subsidiary in the Middle West Corp, system, has filed an
application with the Securities and Exchange Commission under the Holding
Company Act for exemption from the requirement for filing a declaration in
connection with the proposed sale of $25,000,000 first A bonds of 1969 and
$7,000,000 serial debentures of notes. Proceeds together with other funds
of the company will be used for the redemption at 104 of $32,045,200 first
5s of 1956. Details as to the security to be sold and the underwriting will be
furnished by amendment,—Y. 149, p. 101,
Central States Edison, Inc. (&
Period End. June 30—
Gross revenues
Operating
1939—3 Mos.
def51,581
def43,905
def30,473
3 5,571
Gross from railway
Net from railway
7,250,649
1,273,841
6,801,595
1,092,951
8,231,743
1,975,508
1,693,630
Net after rents.
def19,269
def153,099
618,282
393,592
„
General taxes
Federal income tax
$418,889
223,738
$437,742
233,773
23,090
49,725
35,082
$25,852
2,213
$91,661
1,924
$88,768
2,363
$25,174
$28,065
504
540
$93,586
2,013
$91,130
2,489
590
Chicago Great Western RR.—Earnings-—
Non-oper. income
Gross income
Interest charges of subs.
Int. on Central States
24,716
49,365
32,302
4,410
Edison, Inc. collateral
bonds
11,269
12,001
46,636
49,618
Net income
$13,401
$15,524
$44,936
$39,023
—V. 148, p. 2891.
1939
June—
RR.
of
New
Jersey- -Protective
$1,253,908
181,508
Committee
to
197,111
81,105
def67,815
7,882,070
9,019,258
Net from railway
Net after rents
1,978,322
1,147,417
1,851,966
*'799,078
324,155
def446,856
145,956
266,784
—V. 149, p.
n
102.
~june_
1938""
$258,093
66,111
52,186
45,786
57,774
80,946
1,721,077
460,469
1,649,657
428,805
1,942,326
667,901
^677,855
353,136
291,185
465,68o
456,384
1939
Net after rents
Gross from railway
Net from railway
—V.
rents
149, p.
holders states:
16,
1939 company applied to the Interstate Commerce Com¬
mission for authority, among other
things, to issue certificates of deposit
and, ultimately, new bonds in exchange for the bonds now held by you.
For a maximum of five years the fixed interest on these new bonds would be
25% of the amount of interest called for by your present bonds with the
balance payable only if earned. A hearing on that
application will be held
on Aug. 1,1939.
Company has stated that its attempt by this application to avoid "the
delays and expenses of court reorganization" is made "-with the realization
however, that unless some satisfactory solution of the tax problems con¬
fronting the company can be found, there is little likelihood that such
_
$262,462
58,794
-*
—
Gross from railway
Net from railway
.
1937
_
$295,042
,,1936
&276,530
£1,268
102.
Chicago Indianapolis & Louisville
1939
oune—
$719,653
93,176
Gross from railway
Net from railway
1938
$611,511
62,409
Ry.—Earnings
1936
1937
$790,477
Net after rents
def29,217
def67,084
116,884
def4,758
Gross from railway
Net from railway.
4,295,954
497,947
3,875,948
361,440
5,179,553
916,850
4,934,794
def320,115
def489,568
179,315
88,184
—V. 149, p. 408.
Chihcago Milwaukee St. Paul & Pacific
■
33,426
_
8,493,162
Intervene—
A protective committee for the
general mortgage bonds (Eugene S.
Brooks, Chairman, Steele Du Bosque, N. S. Hall, H. J. Maynard with
Greenbaum, Wolff & Ernst Counsel, 285 Madison Ave., New York, and
Oscar Lasdon, Sec., 25 Broad St., New
York), in a letter to the bond¬
On June
1936
$1>527,592
489,223
1937
Gross from railway
Net after rents
Net after rents.
Central
$1,436,874
281,907
1 938
$1,415,745
356,852
Gross from railway
Net from railway
Net after
Net oper. income
1938
Chicago & Illinois Midland Ry.—Earnings—
1939—12 Mos.—1938
$107,690
56,057
5,295
12,200
8,285
$112,710
60,970
5,975
13,125
8,878
'
—V. 149, p. 102.
Subs.)—Earnings
-1938
$23,173
2,000
expenses
Maintenance
Depreciation
trust
1937
$1,236,656
161,474
1939
Gross from railway
Net from railway
before
income
preferred
$2,248,180
1,432,725
t
$1,039,356
132,117
Net after rents
Net oper. incom e_
Other income (net)
$1,135,972
158,979
Juno—
$8,854,880
5,637,374
$2,372,535
1,556,488
$816,047
2,924
Operating revenues
Operating exps. and tax
RR.—Earnings
1936
1938
1937
$8,989,601
$9,180,362
605,768
$7,741,274
871,608
2,000,145
*'££§'£92
def490,337
def286,912
*'£87,477
Net after rents...
Gross from railway
Net from railway
47,998,992
6,629,352
44,470,066
6,348,438
51,680,315
9,215,370
50,258,662
9,080,733
108,820
def342,090
4,361,639
2,123,1/7
1939
June—
Gross from railway
Net from railway
$8^84,573
Net after rents
—V. 149, p.
....
573.
Chicago North Shore & Milwaukee
Stand—Puts
The
the
RR.—ICC Reverses
Company Under Rail Labor Act—
Interstate
Commerce
Commission has reversed a
that the road was an intervrban or
to
316,788
Railway Labor Act.
previous ruling
subject
suburban electric railroad, not
Volume
In the
The Commercial & Financial Chronicle
149
723
determination
the ICC found that the company not only is
subject to the Railway Labor Act but to the Railroad Retirement Act and
the Carriers Taxing Act of 1937 as well.
In the original case receivers were backed by the
Amalgamated Associa¬
tion of Street, Electric Railway and Motor Coach
Employees of America
new
Consolidated Balance Sheet June 30
1939
and the International Brotherhood of Electrical Workers in their conten¬
tion that the road was exempt from the
Cash
Railway Labor Act because of
39,443
Accts. payable, &c.
Notes pay. current
*37,147
486,403
588,651
1,835,701
61,254
3,024
.
alties, &c
Notes pay. not
owned
Claims agst closed
banks
Chicago & North Western Ry.—New Official—
21,447
212,727
400,000
674,139
608,180
200,000
1,062,562
608,180
1.000
Deferred charges &
prepaid expense.
213,477
cur.
Surplus
Cap. surplus
Misc. common stk.
weight behind the contention that the North Shore was
merely an interurban or suburban electric line but a heavy carrier of
freight traffic which is its most profitable source of revenue.
—V. 148, p. 2418.
not
interline
4,811.035
232,467
200,000
338,744
200,000
Accrued taxes, roy¬
1,919.357
53,195
3,024
Investments
labor threw its
35,427
IL.
R. L. Williams has been appointed Chief Executive Officer of this
railway
by Charles M. Thomson, new trustee of that road.
In his new post Mr.
Williams succeeds Fred W. Sargent, for
many years President of the road,
who continued as its principal executive and
operating officer after it went
into reorganization in 1935.
Mr.
1
Liabilities—
1939
1938
7% pref.stock
$1,842,400 $1,821,100
y Common stock.. 4,811.035
life
Inventories
Railway Labor Act, organized
June
surr. val.
insurance policy
Notes & accts. rec.
and motor coach workers sought to get
the North Shore put under the provisions of the Railroad Retirement Act,
which has exemption clauses similar to the
on
*
machinery, &c._$4,41-7,306 $4,688,624
Cash.
2,316,632
1,728,413
its local operating character.
But when the street railway
Sargent retired
1938
Real est., bldgs.,
x
because
Total.
....$9,276,398 $8,959,649
xAfter depreciation of
Represented by 237,616
y
of
Clear
ill-health.
Total..
$4,456,437
no
in
$9,276,398 $8,959,649
1939
par shares.—V.
and
149,
$4,073,883
in
1938.
p. 409.
Springs Water Service Co.—Accumulated Dividend
Directors
have declared a dividend of
$1.50 per share on account of
on the $6 cumulative
preferred stock, no par value, payable
Aug. 15 to holders of record Aug. 5.
Similar payments were made in each
Earnings for June and Year to Date
June—
accumulations
1939
1938
1937
1936
$7,323,815
1,022,263
297,197
Gross from railway
Net from railway
Net after rents
$6,774,835
956,376
102,853
$7,760,631
def48,911
727,292
$8,322,142
1,013,884
158,922
or
3 Months Ended June 30—
Total inc. after deduction of
prov. for
est. normal Fed. inc. taxes of
subs
Bond interest
38,335,760
36,361,249
42,432,390
41,761,255
3,221,452
1,534,777
2,520,889
3,343,092
defl ,635,030 def3,463,680 defl ,007,828 defl ,570,468
Net after rents._
_
—V. 149, P. 573.
_
3 Months Ended June 30—
Prof, from operations, after deducting
mfg., sell. & administrative
1939
Income from investments..
.....
Total income
.....
Provision for depreciation.
Provision for Federal income taxes
Prov. for Fed. indistrib. profits tax..
_
_
Net profit after taxes
—V. 148, p. 2576.
1939
1938
$27,846
5,681
$302,238
6,900
$49,224
25,000
$33,527
25,000
$309,138
25,000
58,000
37,000
1937
...
$23,224
$8,527
June—
1939
Gross from railway—:
Net
rents
after
From Jan. 1—
Gross from railway..
2,377,561
..
Net from railway
Net after rents.
—V.
149, p.
1938
$537,745
255,127
145.565
railway
597,672
def49,154
..
$428,517
105,678
defl0,949
1937
'
2,288.085
2,045,473
506,188
84,200
1939
V
Co.—Earnings—
1938
1937
$1,481,595
19,233
106,738
7,537,217
783,718
def455,003
8,165,678
472,343
def524,779
RR.—Earnings—
June—
1939
Gross from railway
Net from railway
Net after rents
1938
Net after rents.
$533,548
221,805
199,505
$438,313
165,608
156,913
2,784,224
1,108,271
882,803
3,590,351
1,741,045
1,642,635
2,993,286
1,277,947
1938
$9,880,551
8,480,750
Costs and expenses
Depreciation
def229 725
1939
$9,597,037
8,659,134
108,536
$7,735,496
7.071,190
$497,689
377,389
$829,367
335,407
$559,595
177,054
$875,078
484,673
103,356
Other income
$736,649
285,775
49,326
44,323
Inc.
from royalties
sanforizing patents
104,711
on
x562,005
This company was
held by the Interstate Commerce Commission to be
subject to the Railroad Retirement Act of 1937 and to the taxing provisions
of that Act.
The carrier had claimed exemption on the ground that it was
an
interurban electric railway.
The Commission found that the carrier derives more than
50% of its
operating revenues from the transportation of freight in standard steam
railroad equipment and that it publishes joint rates to and from points in
almost every State and parts of Canada.
The line operates from Chicago
to South Bend, Ind., with certain branch lines and trackage rights over the
Illinois Central and the Kensington & Eastern railroads.—V. 148, p. 2261,
Childs Co. (&
6 Mos. End. June 30—
1939
1938
1937
1936
$8,529,098
8,221,717
$7,700,310
7,517,917
$8,680,276
7,978,196
$8,063,622
7,507,458
$307,381
8,554
$182,393
9,166
$^02,081
9,275
$556,164
9,376
$315,935
201,219
357,626
511
$191,559
211,523
301,887
3,326
$711,355
212,993
301,969
Cr2,872
$565,540
217,316
300,564
4,901
$243,422
...
$325,177prof$199,265 prof$42,758
Operating profit
...
Total income
..
Interest
i
Depreciation
Res. for Can. exch., &c_
Net loss...
Note—The statement for 1939 includes the operating results of the
pany's concessions at the New York World's Fair.—V. 148, p. 2737.
Cincinnati New Orleans & Texas Pac.
com¬
Ry.—Earnings—
1939
1938
1937
$1,188,811
375,522
271,598
$1,419,209
596,074
451,265
per
M
^
M
M
141,602
...
common
-
stock
share.
75,571
$314,834
118,965
271,137
$602,112
118,965
310,679
$401,548
118,965
94,145
$808,284
677,844
$1.69
def$75,268
677,844
$0.29
$172,468
$188,438
188,291
$1.50
564,870
$0.85
—V. 148, p. 3528.
Colonial
The
Beacon Oil Co.—SEC Grants
Securities and
Delisting—
Exchange Commission on July 24 issued an order
granting the application of the New York Stock Exchange to strike from
listing and registration the company's common stock, no par value.
The
order is effective Aug. 1.—V. 149, p. 409.
Colorado & Southern Ry.June—
1937
Net after rents
$497,572
101,836
24,717
$643,058
114,014
145,198
2,920,288
555,874
15,594
Net after rents
$1,351,477
1938
$530,864
123,769
34,671
From Jan. 1—
Gross from railway
Net from railway.....
—V.
-Earnings-
1939
Gross from railway..
Net from railway
..
2,874,003
385,760
defl70,343
3,702,088
780,419
358,414
1936
$597,356'
98,812
4,147
3,234,428
541,440
50,779
149, p. 409.
1936
$1,413,464
529,734
368,480
•.
Gross from railway
Net from railway
Net after rents
Surplus
_
$1,164,774
466,845
95,817
$1,266,171
118,965
338,922
Preferred dividends
Common dividends
Shares
•
$1,902,773
494,999
Other charges
Federal income taxes
Earnings
Subs.)—Earnings—
Sales and rentals
Cost and expense
pmFrom Jan. 1—
Gross from railway
Net from railway
8,641,826
3,207,752
2,316,694
Net after rents
7,118,789
2,060,848
1,556,702
8,812,220
3,461,930
2.586,734
543,153
368,122
Cincinnati Street
7,912,405
3,048,330
2,221,516
6 Months Ended June 30—
1939
Net income
.
1938
$40,968
1938
1937
railway
Net from railway
$0.07
$0.09
$0.30
.
$91,650
2,928
def266
def20,604
$93,349
13,287
8,311
688,917
164,708
101,390
561,296
64,822
26,642
639,712
101,372
25,687
522,399
38,970
11,692
Commercial Solvents
Period End. June 30—
1937
1936
382,247
$675,078
295,628
$1,531,109
401,655
Other income
$841,834
19,158
$379,4.50
16,892
$1,129,454
36,471
$486,115
26,750
Depreciation
$860,992
253,218
$396,342
214,895
30,188
$1,165,925
237,351
139,360
$512,865
221,063
36,118
12,816
1936
$75,863
1,767
From Jan. 1—
Gross from
$143,821
Equipment Co. (& Subs.)—Earnings—
Expenses, &c-_
Net after rents..
1937
$34,902
1938
—Earnings—*•
$117,335
25,022
16,250
—V. 149, p. 103.
After depreciation, interest, Federal income taxes, &c.—V. 148,
p.3683.
6 Mos. End. June 30—
1939
Gross profit from oper__ $1,224,081
1939
railway
railway
Net after rents—J—_
Ry.—Earnings—
Earnings per share on 475,239 shares
capital stock
*
Columbus & Greenville Ry.Jime—
Gross from
Net from
—V. 149, p. 103.
Clark
1936
$8,833,977
8,213,376
♦
122,912
'
Chicago South Shore & South Bend RR.—Subject to
x
1937
sales, less returns,
&c
Rail Retirement Act—
x
1,224,998
Cluett, Peabody & Co., Inc. (& Subs.)—Earnings6 Mos. End. Jane 30—
Gross
$1,296,445
■
1936
$389,233
142,471
110,782
—V. 149, p. 103.
8,422,905
985,948
Net after rents
June—
1937
$542,193
247,969
211,944
3,300,198
1,596,979
1,385,066
...
From Jan. 1—
Gross from railway
Net from railway
$1,631,274
427,678
220,056
7,777,696
524,513
def735,238
1938
$1,079,385
$0.42
$0.52
1936
$1,382,988
108,353
defl03,955
Gross from railway
Net from railway
Other income
1939
$1,311,690
I4o, p. 2577.
.
8,747
189,313
p. 573.
Clinchfield
From Jan. 1—
—V. 149, P. 409.
149,
1936
$1,446,521
20,988
defl90,022
Net after rents
$1,771,345
Per share
—
Chicago St. Paul Minneapolis & Omaha Ry.- -Earnings
June—
loss$51,040
3 Months Ended June 30—
Net profit after depl., deprec. & Fed. inc.
taxes..
102.
Gross from railway
Net from railway.
240",047
$302,474
transactions)
Climax Molybdenum
$379,340
116,179
39,620
633,257
157,798
9,021
2,221
124,270
68,419
2,386
bonds purchased.
Net prof. (excl. of sec.
—V.
$189,138
$400,354
85,486
64,795
2,279,855
568,636
def71,371
on
1937
$2,403,015
193,563
Prov. for depletion & depreciation
Prov. for est. Fed. normal inc, tax
applicable to the parent company..
Chicago Rock Island & Gulf Ry.— Earnings—
Net from
comm.
1938
$251,669
167,197
Amortization of bond discount & exp"
Prein. &
1,000
payment
110",946
on bank loans
"II"
State & Fed. taxes in connection
with
bond issue
-Earnings—
$43,824
5,400
exps__
current
v '
$601,948
105,223
12,500
•
Interest
Chicago Railway Equipment Co,-
the
Cleveland-Cliffs Iron Co. (&
Subs.)- -Earnings-
From Jan. 1—
Gross from railway
Net from railway
the
eight preceding quarters.
Arrearages after
will amount to $5.25
per share—V. 148, p. 727.
Net profit
after all chgs.
Earnings per share
Corp.—Earnings—
1939—3 Mos.—1938
$240,058 loss$167,055
$0,091
loss$0.063
1939—6 Mos.—1938
$438,100 loss$381,503
$0,166
loss$0.144
Note—Net profits are exclusive of the corporation's
equity in the results
of Commercial Molasses Corp. whose accounts are no
longer included in
the consolidation.—V. 148, p. 2578.
$799,971
313,856
Commonwealth & Southern
Corp. (& Subs.)—Earns.
Period End. June 30—
Operating profit.
_
—
„
Federal taxes
Develop,
exp.
107,582
incurred..
Net profit.
Preferred
dividends
Common dividends.
775
$500,191
64,117
59,404
$151,258
63,719
$788,439
41,284
190,133
$87,539
$557,022
237,641
$3.14
$109,226
235,101
40,133
93,510
revenue.
Gross income
Int. & other fixed chges.
$242,869
237,616
$0.36
1939—Month—1938
1939—12 Mos.—1938
$12,536,649 $11,517,576 $151909,797 $146660,525
Oper. exps. and taxes...
6,563,065
6,054,718- 79,949,327 x77,975,380
Prov. for depreciation &
retirement reserve
1,444,964
1,341,464
16,944,358
16,330,798
Gross
Net
y
income
Divs.
on
Balance
Shs.
com.
stk. (no par)
$376,670
237,616
Earnings per share..
$1.83
$0.86
Note—No provision has been made for Federal undivided profits tax.
x
pref. stock..
$4,528,620
3,459,057
$4,121,394 $55,016,112 $52,354,347
3,345,949
40,577.866
39,776,221
$1,069,562
749,798
$775,445 $14,438,246 $12,578,126
749,790
8,997,513
8,997,417
$319,764
Includes provision for Federal surtax
$25,654
on
$5,440,733
$3,580,709
undistributed profits for 1937.
yReflects deduction for full preferred stock dividend requirement at the
rate of $6 per share per annum.
Dividends were paid In full to Jan. 1,
1935, and at the rate of $3 per share per annum since that date.
The Commercial & Financial
724
Note—The operations of the electric properties contracted to be con¬
veyed to the Tennessee Valley Authority and other public agencies under
dated as of May 12, 1939, are included for all periods.
sale agreement
The Commonwealth & Southern Corp. system for the
month of June was 714,604,061 kwh.as compared with 614,507,665 kwh.
for June, 1938, an increase of 16.29%.
For the six months ended June 30,
1939, the output was 4,212,317,926 kwh. as compared with 3,663,327.191
kwh. for the corresponding period in 1938, an increase of 14.99%.
Total
output for the year ended June 30, 1939 was 8,338,113,235 kwh. as com¬
pared with 7,892,457,739 kwh. for the year ended June 30, 1938. an in¬
crease of 5.65%.
Gas output of The Commonwealth & South Corp. system for the month
of June was 978,275,800 cubic feet as compared with 912,097,400 cubic feet
for June, 1938, an increase of 7.26%.
For the six months ended June 30,
1939, the output was 8,407,959,500 cubic feet as compared with 7,553,104,400 cubic feet for the corresponding period in 1938, an increase of
11.32%.
Total output for the year ended June 30, 1939 was 15,347.477,200 cubic feet as compared with 14,903,314,100 cubic feet for the
year ended June 30, 1938, an increase of 2.98%.—V. 148, p. 3841.
Commonwealth Edison Co. (& Subs.)—Earnings—
Operating revenues:
Electric
Gas
-
Total oper. revenues.. $72,683,483
purchased
purchased
Other operation.
97,484
2,695,693
23,701,554
4,225,141
Power
Gas
.
.
Maintenance.
State, local &
Federal taxes
miscell
728,309
125,081
425,547
80,288
443,804
50,371
—
750,636
168,283
$69,768,048 $142460,610 $140080,289
130,998
149,458
289,030
2,408,739
5,080,707
4,865,541
23,387,904
47,569,147
48,377,908
3,998,643
8,151,043
8,085,582
Surplus available for common
of shares of common
stook outstanding
Provision for deprec'n..
10,121,256
2,310,834
8,349,073
10,264,245
2,809,118
8,472,062
.
'
19,258,431
5,332,759
16,990,793
19,671,140
4,673,599
16,986,067
^
Net oper. income
—
$20,418,186 $19,070,601 $39,9281272 $37,131,422
549,300
960,246
1,393,713
570,836
--.$20,989,022 $19,619,901 $40,888,518 $38,525,135
8,569,600
15,823,116
17,344,964
7,641,153
220,286
392,519
348,970
154,964
Gross income.
funded debt Int. on unfunded debt.
Amort, of debt discount
Interest on
x
676,371
Cr89.453
779,503
Cr98,095
constructs
pref. stocks of
subsidiaries—
On stks. held by public
at end of period---On stocks retired by
issuance of debs
On other stocks retired
Divs.
1,500,330
Crl89,732
1,401,973
Cr 746,124
<
630,001
1,148,194
1,147,968
$3.26
$3.11
$3.41
and preferred dividend requirements.—V.
taxes
149,
Consolidated Cement Corp.—Earnings—
Cost of
1938
$1,345,713
850,152
841,416
873,915
$629,416
369,363
$504,296
437,186
$627,778
372,679
94,387
10,815
9,061
96,346
10,966
9,298
goods sold-.
profit on gales
x-Seiling and administrative expenses
Interest on 15-year 1st mtge. 6% cum.
Gross
nAO
income bonds
15-yr. 6% cum. income notes.
Bond discount and expense
Loss on retirement of fixed assets,
Int. on
217
profit.-
x-Including
101,036
11,910
9,982
8,303
5,627
$145,573
loss$57,803
$126,544
operation of dwells., &c__—
Net
1937
$1,501,693
1939
.
$1,479,569
12 Months Ended June 30—
Net amount realized on sales
expense
applicable to non-operating periods (less miscel¬
laneous income).
,
Note—Charges included in the above
,
profit and loss accounts and in
depreciation and depletion were as follows:
Twelve months ended June 30, 1939
...
$169,267
Twelve months ended June 30, 1939
171,619
Figures in the above statement are per company books and are subject
to adjustment upon final audit at the end of each calendar year.—V. 148,
p.3684.
'
finished cement Inventory for
1938
1939
$247,539
& Fed. inc. taxes...-.-
$188,014
26.010
13,189
108,097
109,927
$113,432
$64,897
Depreciation
Final net profit_w
—V. 149, p.
(& Subs.)—
Inc.
Chemical Industries,
Consolidated
3 Months Ended June 30—
Net prof, before deprec.
Federal income tax.
—
410.
Consolidated Edison Co. of New York,
Output—
:--r
Inc.—Weekly
.■■-■■'v.—A.'-
'
■:
.
.-
Edison Co. of New York announced production of the
plants of its system for the week ended July 23, amounting to
130,900,000 kwh., compared with 124,600,000 kwh. for the corresponding
week of 1938, an increase of 5%.—V. 148. p. 573.
Consolidated
1,260,001
—
Consolidated Film Industries, Inc. (& Subs.)—Earns.
112,086
202,912
3,481
584,668
425,945
136,618
acquired
Pub. com. stkhldrs.' int.
or
107,509
276,288
250,643
in inc. of subs.:—
On stocks held by pubatendof period--..
acquired(for
periods prior to ac¬
On stocks
1939—3 A/os.—1938
Period End. June 30—
Net profit after deprec.
Federal taxes, &c
—V. 148, p.3059.
Consolidated
Electric
Gas
1930—6 Mos.—1938
$356,117
$159,761
$138,384
&
Light
$317,442
Power
Co.
of
Baltimore—Listing, &c.—
has admitted to listing and registration
sink, fund bonds, due June 1,1969.—V. 149,
The New York Curb Exchange
...
14,684
--
"
380.858
3,073
the series P, 3% lstref. mtge.
256.
p.
$9,487,422 $22,386,170 $17,857,905
Consol.net income...$12,171,967
Shs. of cap.
charges,
electric
on
quisition)
After
104.
P.
_
& expense
Int. chgd. to
1,148,000
Earnings per share on common.-
'
Federal income taxes...
Other income
Co.—Earnings—
1939
1938
1937
-..$19,089,147 $19,208,515 $19,373,535
stock 3,744,404
3,574,435
3,912,340
Ended June 30—
Gross revenues-
—-$64,340,390 $61,955,201 $127082,496 $125043,872
7,848,918
7,307,012
14,524,724
14,117,498
Heating
Water.-
1939
Average number
1939—12 Mos.—1938
1939—6 Mos.—1938
Period End. June 30—
July 29,
Connecticut Light & Power
12 Months
x
Monthly Output—
Electric output of
Chronicle
Co.—Earnings—
Consumers Power
stk outstand¬
9,360,296
7,823.319
9,360,296.
7,823,319
Earns.per sh. on cap. stk.
$1.32
$1,22
$2.45
$2.39
PWNote—The statement for the 12 months ended June 30, 1938 includes for
the full period, earnings and expenses of all companies which are now
subsidiaries (consolidated).
In order to arrive at the true consolidated
net income, deductions have been made for the net income of subsidiaries
applicable to stocks acquired, for periods prior to acquisition.
During the period July 1 to July 14, the number of outstanding shares of
the company's stock increased from 9,360,296 to
10,003,524 principally
as the result of the conversion of more than $16,000,000 of debentuees.
ing ($25 par)
Weekly Output—
electricity output of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended July 22, 1939 was 134,542,000
compared with 122,084,000 kwhs. in the corresponding period last
year, an increase of 10.2%.
rt^The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
1939—Month—1938
1939—12 Mos.—1938
$3,178,927
$2,881,927 $38,672,824 $37,435,195
Period End. June 30—
Gross revenue—
for depreciation..
$1,127,547
Gross income...
20,402,688
4,353,000
1,529,405
335,500
1,661,380
390,000
Oper. expenses and taxes
Prov.
19,450,684
4,026,000
$1,017,022 $13,917,136 $13,958,511
Interest and other fixed
charges
384,103
-----1..
The
Balance
company
—V. 148, p.
4,729,154
4,473,926
$9,187,982
$9,484,585
285,428
65,278
3,424,822
783,339
3,413,519
783,339
$392,738
preferred stock
Amort, of pref. stock exp.
on
$628,758
285,428
65,278
Net income
Divs.
388,264
$743,444
—
$278,052
$4,979,821
$5,287~726
3841.
kwhs.
July 22
July 15
July
8
July
1
—V. 149,
"
.
8.5
$380,313
57,980
26,553
115,966
$4,706,007
1,481,793
$4,554,927
1,516,314
573,325
659,839
1939
8
Liabilities—
rec'le
20,667
1, 725,481
22,094
34,126
40,947
6,326,107
.
Assets—
$3,180
banks—unpledged
Cash redemption fund—pledged on collateral trust notes
Reserve fund—pledged on collateral trust notes
Special storage acct. cash—pledged in collateral trust notes—
Cash
hand and in
on
56,512
100,000
8,200
Notes receivable
x70,121
367,045
Inventory
Carrying charges on inventory
Inventory materials, supplies and in process
securities
2,647,263
$
268,758
20,627
10,380
Common stock. .11,650,620
11,650,620
Accts. payable and
accrued charges.
Accrued interest receivable
316,026
677,391
606,966
3,129,990
3,590,116
surplus—14,393,228 13,773,327
Production tax
Federal taxes
Fixed assets
Reserves
85,153
16,822
.---—
y508,102
Other assets and deferred charges-
2, 141,925
2,537,659
4,237
—
receivable—pledged on notes payable.
receivable—pledged on notes payable
Accrued storage
410,589
7, 876,550
Treas.stk. (cost)
c
1938
$
1938
$
Other accts. rec'le.
Inventories
$2,607
—.
Balance Sheet Feb. 28, 1939
Accounts receivable
equip. .11,360,286 11. 420,137
1,146,923
1, 146,923
3,365,427
2, 791,593
Accrued int.
$64,287
58,841
2,839
-
Net profit
1939—12 Mos.—1938
1939—Month—1938
$408,966
143,902
1939
*
Notes & accts. rec.
28,233
— —
Total gross income
19.4
Congoleum-Nairn, I nc.— Consol. Bal. Sheet June 30—
Cash
$33,054
1——-
14.5
Community Power & Light Co. (& Subs.)—EarningsPeriod End. June 30—
b Bkigs.&
743,465
Selling, administrative & other expenses
Idle plant expense
Oper. revs.—sub. cos...
tJross income—sub. cos.
Balance avail, for divs.
& surp. of Community
Power & Light Co—
—V. 149, p. 104.
Land
$779,519
Gross profit on sales
Other income
10.2
573.'
p.
Ended Feb. 28, 1939
% Increase
122,084,000
125,916,000
113,707,000
117,804,000
.134,542.000
.136,647,000
.130,179,000
.140,644,000
Corp., Inc.—Earnings—
Earnings for the 6-Month Period
Cost of goods sold
-Kiloicatt-Hour Outvut1 Q?Q
1938
Week Ended—
Cummins Distilleries
Total sales..
Earned
—
36.779
$1,554,914
Total...
U. S. Gov. & mun.
Liabilities—
Accounts
1,368,486
1, 368,486
Investments
787,345
817,792
Collateral trust notes
Contr. in progress.
627,200
475,951
Notes
a
Goodwill
&
marks
trade¬
l
40,331
Deferred debits
Total
a
1
109,175
;
30,261,820 29,937,055'
30,261,820 29,937,055
Total
147,000 shares
common stock,
b Real estate, buildings, machinery
automobiles and auto trucks, furniture and fixtures, less
for depreciation,
c 1,390,000 shares of no par value (and includes
and equipment,
reserve
payable..
— —
treasury shares).
The earnings for 6 months ended June 30 was
Accrued expenses..
Deferred credit to income
Coniaurum
...——
x
1938
1937
1936
46,535
47,795
40,305
$426,388
277,241
$410,926
$352,500
$349,966
276,165
— - -
1
286,652
316,400
reserve
for
doubtful
accounts
92,064
—
$1,554,914
-
of $3,830.
y
After reserve for
Period End. oune 30—
x
1939—3 Mos.—1938
$1,672,647
Net profit
$1,447,951
1939—6 Mos—1938
$3,370,804
After depreciation, interest and taxes, but before provision
Federal surtax on undistributed income.—V. 149, p. 575.
x
Operating profit (est.)
Non-oper. revenue, incl.
$149,146
$124,275
$36,100
$73,800
profit from sale of sees.
8,982
20,360
22,202
$158,128
$144,635
$58,302
$81,358
Davega Stores Corp.—Directorate
7,557
Total profit (estd.)_._
Note—In the above figures no allowance has been made for taxes, depre¬
or
deferred development.—V. 149,
p.
104.
in the board of directors to seven
Burnside
p.
3842.
and
J. A.
Sisto were
$2,181,862
for possible
Reduced—
held June 24 approved a reduction
members from nine.
The names of M. B.
not on the slate for re-election.—V. 148,
Stockholders, at the annual meeting
ciation
72
21,750
204,207
235,190
Curtiss-Wright Corp. (& Subs.)—Earnings—
Net income from metals
producedDevelop. & oper. costs..
After
98,897
180,330
30,136
13,250
26,145
depreciation of $72,659.—V. 147, p. 3454.
42,160
1939
....
-----
surplus
published in V. 149, p. 573.
Mines, Ltd.—Earnings—
Quar. End. June 30—
....
,
Total
Tons of ore milled
—
- —
Preferred stock.-
$82,873
570,000
—
-
Fixed liabilities
Common stock
Earned
.
—
-
payable—unsecured
Notes payable—secured...
Notes and accounts payable—officers
Mortgage notes and bonds due within one year..
Volume
The Commercial & Financial Chronicle
149
Cutler-Hammer, Inc.—Earnings—
Earnings for 6 Months Ended June 30, 1939
Period End. June Zip-
Gross profits from operations
Selling
$1,397,709
expenses
784,466
172,737
99,778
92,139
General and administrative
expenses""I"""""""!
Provision for depreciation and amortization
I
Social security and unemployment taxes
I
ZZIIIIZIIZII.ilIII
(est.") _V_~_rillllllHIIIII
$303,413
60,000
Profit.
Federal and State income
taxes
Net profit for the period-.
Comparative Balance Sheet
June 30'39 Dec. 31 '38
b Notes and accts.
receivable
(net).$l,355,471 $1,147,484
Cash
Liabilities—
June 30'39 Dec. 31 *38
Accounts payableAccruals-
$150,242
$159,468
642,531
708,780
Taxes, general._
124,000
31,535
Wages & salaries
65,250
Total
22,677
22,677
Royalties
inventories-
2,023,929
68,135
2,941,848
2,991,938
Total investments.
1,042,453
1,044,313
*162,132
174,129
Social
1,757,845
Deferred charges..
a Net plant &
prop
Patents,
less
at
&
4,118
com
and
secur.
taxes
48,815
Miscellaneous
Reserves
7,346
34,725
123,835
Amt. due sub__
73,240
Capital stock
3,299,990
3,299,990
2,832,321
2,832,321
1,586,068
1,342,655
c
$8,288,870 $7,929,120
and
expense,
retired
Total.
$8,288,870 $7,929,120
a After
deducting reserve for depreciation of $4,242,119 in 1939 and $4,169,063 in 1938,
b After reserves of $46,224 in 1939 and $43,084 in 1938.
Represented by 659,998 no par shares.•-t—V. 148, p, 2422.
Light Co.—Earnings—
Period End. June 30—
1939—Month—1938
$588,267
$574,300
313,012
316,631
50,967
38,804
Operating revenues
Oper.exps.,incl, taxes..
Prop, retire, res. approp.
Accident
1939—12 Mos.—1938
1
$6,728,907
3,685,731
384,873
$6,606,966
3,463,701
540.085
5,451
approp'n--
res.
$462,168
5,482
$2,031,288
37,108
$1,875,782
29,705
$519,075
139,917
$467,650
142,750
$2,068,396
568,167
$1,905,486
571.000
3,128
3,135
12,535
12,542
2,435
5,996
2,435
6,394
1,364
24,368
3,229
1,690
Miscell.
$1,282,918
Net oper. revenues
Other income
$224,288
$218,865
$2,658,303
$2,597,729
58
128
382
472
9,739
23,034
4,268
1,821
$366,192
$311,100
$1,448,833
1,025
dedcut.
income
Net income..
Note—Previous years'
148,
p.
figures restated
Denver & Rio Grande Western
June—
Gross from railway
Net from railway
$224,288
46,667
42,974
$2,658,431
560,000
494,676
$2,598,277
560,000
423,368
1937
1936
$1,717,190
13,901
def272,551
$1,977,006
defl62,693
64,250
$1,768,684
10,612,088
1,015,802
9,826,771
556,034
12,203,918
def483,095defl,119,545
—V. 149, p. 575.
def517,320
Denver & Salt Lake
June—
Gross from railway
Net from railway
Net after rents
railway..
Net income
$134,647
$134,343
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$1,603,755
$1,614,909
507,386
507,386
$1,096,369
$1,107,523
Balance
j.
.
x Includes amount
required to amortize debt discount and expense over
the life of the outstanding debt plus an additional amortization of
$37,000
and $32,500 for the respective one month periods and
for the respective 12 month periods
D.
Dallas Ry. & Terminal
Period End. June 30—
Oper. exps.,incl. taxes..
Property retirement re¬
serve appropriations.
$3,089,989
2,337,821
$3,007,366
2,318,686
Operating income
12,844
258,060
942,149
82,358
180,506
862,484
125,003
228,759
1,264,002
326,713
412,593
1,235,691
252,382
361,545
1938
$72,302
14,024
6,658
1937
$73,518
7,664
2,066
1936
$67,026
13,952
8,124
353,866
46,423
9,574
420,678
86,866
40,183
'
$40,742
15,505
$494,108
186,063
$494,745
186,063
1939
Net after rents
From Jan. 1—
5,977
$308,045
19,555
$308,682
$26,987
23,515
2,230
$327,600
282,180
25,011
$329,536
284,939
25,837
$1,855
Net income
$25,237
1,750
$27,329
23,515
1,959
-
Other deductions
$1,242
$20,409
•
361,759
55,869
8,800
railway
Net after rents
Juno—
RR.—Earnings—
1939
Gross from railway
Net from railway
1938
'
1937
1936
$435,392
152,425
95,687
From Jan. 1—
Gross from railway
Net after rents
$329,693
77,513
37,408
$573,877
245,524
136,341
$550,446
250,194
166,815
3,203,026
1,391,173
928,894
*
Net from railway
or
103,901
June—
2,446,043
802,124
4,312,921
2,263,972
1,460,076
4,083,222
2,154,647
1,498,826
Net from railway
Net after rents
103,901
unpaid
1939
Gross from railway
468,724'
...
149, P.
Balance, deficit
$83,492
-
$85,141
Dividends
accumulated and unpaid to June 30, 1939, amounted to
Latest dividend amounting to $1.75 a share on 7% preferred
paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
—V. 148, p. 3842.
$,588,772.
1936
1937
$141,896
42,376
def5,268
$240,036
102,820
52,125
$271,442
120,434
48,571
1,184,932
473,625
114,242
2,049,212
1,169,673
623,403
2,069,117
1,166,170
613,123
•
1,535,176
644,104
190,632
Net from railway
Net after rents...
—V.
RR.—Earnings—
1938
$190,915
69,184
8,411
From Jan. 1—
Gross from railway
106.
Doehler Die
Casting Co.—Earnings—
6 Mos. End. June 30—
1939
1938
1937
$4,416,696
Net sales
x
305,225
24,957
984
106.
p.
Detroit Toledo & Ironton
$18,760
20,854
Dividends applicable to preferred stock for the
stock
*
"
Gross from railway
Detroit & Toledo Shore Line
$26,037
1,292
Gross income
Int. on mtge. bonds
period, whether paid
Ry.—Earnings—
193,935
$41,542
15,505
—
Rent for lease of plant--
Other income
1936
—V. 149, p. 106.
13,666
_
Net oper. revenues
1939—12 Mos.—1938
1937
$135,568
def39.801
defl5,036
•
Net after rents
Co.—Earnings—
1939—Month—1938
$250,354
$245,484
195,146
191,898
Operating revenues.:
x
$429,000 and $357,000
149,
covered by this statement.—V.
576.
1 938
$131,593
defl9,136
9,571
'
—__
June—
149,
10,940,347
1,312,063
defll3,631
480,643
$152,708
29,722
49,619
Gross from railway$72,833
Net from railway......
13,249
—V.
def239,776
Ry.—Earnings—
1939
Net after rents
—V. 149, p. 106.
Net from
363
•
$93,254
def40,754
defl4,496
From Jan. 1—
Gross from railway..-..
Net from
RR.—Earnings—
$1,846,542
145,018
def85,508
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
_
purposes.—V.
1938
548
$218,923
46,667
37,913
comparative
1939
,
Interest on mtge. bondsOther int. & deduct'ns
for
9,739v
2739.
Detroit & Mackinac
x
$5,461,001
bonds
Taxes assumed on int„.
Other interest-J
c
Dallas Power &
3,585,219
$499,621
19,454
and expense...
Amort, of debt discount
33,974
1,278
57,071
__
__
Paid-in surplus
Earned surplus
Total
3,650,568
Gross income
unempl. insur.
50.419
cost
amortiza'n.
869,196
Int. on long-term debt—
Amort, of debt discount
44,329
policies
$5,681,856
911,716
Operating income
96,953
29,695
Mutual ins. depos.
Value life insurance
$1,331,364
exps., incl. deprec.
and taxes
$243,413
1939—12 Mos.—1938
$1,411,336
Oper.
248,588
54,824
„
_
Assers—
1939—3 Mos—1938
Operating revenues
Non-operating income..
Profit from operations
Other income
725
Delaware Power & Light
Co.—Earnings—
$3,133,329
$6,530,001
675,962
$2.41
Net profit
after taxes...
Earnings per share
—V. 148, p. 3685.
■[
263,128
$0.94
109.729
$0.39
1936
$490,957
$2.07
was
De Beers Consolidated
Company paid
Mines, Ltd.—Interim Dividend—
dividend of 10 shillings
148, p. 3061.
an interim
of record June 30.—V.
Delaware Fund,
on
July 12 to holders
The
Inc.—Earning?—
Earnings for the 6 Months Ended
Dominion Square
Corp.—Plan Voted—
Control of this corporation passed to first mortgage bondholders at a
special meeting held on July 13 by virtue of their approval of the plan of
compromise or arrangement by a unanimous vote of $3,862,000 face value
of securities represented.
This was equivalent to 82% of the total out-
plan
cancels $4,690,000 6%
interest arrears from April 1,
oune
30, 1939
Income: Dividends
$8,598
1,839
-
Interest
1935.
1st mtge. sinking fund bonds with
Substituted therefore are $3,517,500
4% 1st mtge. bonds due July 1, 1959, and 46,900 no-par common shares.
Distribution is on the basis of $750 in bonds and 10 common shares for
held.
Gen. mtge. bondholders have agreed to
6%% bonds on which no interest has been paid for a
cash.
They also make available all common and
preferred shares for the corporation's purposes.—V. 149, p. 258.
each
$1,000
bond
6%
cancel $2,971,000
$10,437
9,338
Expenses
Profit..
"
—
Dominion Stores,
$1,099
Realized profit on transactions in securities, commodities and
foreign exchange (net)
payment of $150,000
7,182
——
—V. 149, P. 106.
Total profit
-
$8,281
750
-
Provision for Federal income tax
Net profit
$7,531
Balance Sheet June 30, 1939
Duluth Missabe & Iron Range Ry.—Earnings—
1939
$2,637,778
1,767,251
1,499,037
Assets—Cash in
banks, $166,678; dividends and accrued interest re¬
$2,406; marketable securities, at average cost (quoted market
$472,250), $499,243; furniture and fixtures, at cost less depreciation,
$662; deferred charges, $737; total, $669,724.
Liabilities—Account payable and provision for accrued expenses,
$891;
provisionfor State and Federal taxes, $5,549; capital stock (par $1), $43,319;
paid-in surplus, $615,601; earned surplus, $4,365; total, $669,724.—V.
148, p. 1166.
value
Net after rents--
1 938
$1,526,107
877,652
893,003
1937
$4,565,505
3,441,629
3,432,191
4,923,681
1,094,976
June—
Gross from railway
Net from railway
ceivable,
2,853,055
De/516,525
def817,078
11,349,748
6,456,512
Grwatvomrailway
Net from railway
72,084
Net after rents.-
June—
1938
1937
1936
$1,837,449
470,433
302,190
$1,681,681
408,572
272,371
$2,082,261
328,322
228,399
$2,039,260
354,474
218,295
From Jan. 1—
Gross from railway..—
11,827,144
3,424,349
2,338,314
Net after rents
10,169,861
2,043,263
1,100,378
13,402,334
3,039,621
2,104,998
$210,567
49,980
28,808
1939
1938
$144,892
def2,778
defl9,404
1937
$251,972
50,832
70,087
940,538
defl3,315
defl28,777
841,893
def44,625
defl52,051
1,419,745
-
Net from railway
Net after rents
GrMsTronTrailway
Net from railway
Net after rents
12,318,578
1,886,240
1,159,086
5,517,122
1,958,669
1,098,200
Duluth South Shore & Atlantic Ry.—Earnings—
Gross from railway
1939
Gross from railway
Net from railway.
Net after rents
5,086,832
1936
$2,642,837
1,837,258
1,595,815
—V. 149, P. 106.
June—
Delaware & Hudson RR.~ -Earnings—
Net from railway
Ltd.—Sales——
Period Ended July 15—
1939—4 Weeks—1938
1939—28 Weeks—1938
Sales.
$1,565,780
$1,467,437 $11,009,621 $10,252,319
—V. 149, p.
347,812
251,223
1936
$338,260
162,499
138,014
1.333.308
385,182
273,106
106.
('E. I.) du Pont de Nemours & Co.—Plans to Refund 6%
—V. 149, p. 106.
Debenture Stock—
Delaware Lackawanna & Western
Net after rents
From Jan.
it is reported, is considering plans for refunding its $109,-
1938
1937
1936
$3,758,917
713,739
216,033
$4,317,770
1,069,904
584,097
$4,124,402
841,964
481,661
yet been decided, but it is
24,333,519
5,439,590
2,406,673
21,600,098
3,925,222
1,103,676
26,320,708
6,624,638
3,879,410
24,448,940
4,749,786
2,643,749
tion a
1—
Gross from railway—
railway
Net after rents
—V.
The company,
1939
$3,876,612
777,774
266,368
June—
Gross from railway—
Net from railway
Net from
RR.—Earnings—
149, P.
106.
294, 800 6% debenture stock by offering holders the right to exchange it for
a lower dividend-bearing preferred.
The terms of the exchange have not
understood that substantial annual savings are
involved.
The official statement from the company on the refunding is as follows;
"E. I. du Pont de Nenours & Co. states that directors have under considera¬
to
plan whereby its 6% debenture stockholders will have an opportunity
exchange their debenture shares for preferred stock of the company on a
basis yet to be determined."—V. 149, p. 575.
The Commercial & Financial
726
July 29, 1939
Chronicle
Balance Sheet June 30,
& Pacific Ry.—Earnings—
Duluth Winnipeg
$84,093
def6,755
def21,653
19.999
def25,161
def37,232
def2,304
614.657
52,373
def81,707
555,552
def23,188
defl59,257
733,073
163,450
14,001
685,976
121.161
def24,925
Gross from railway,.*.Netfrom
railway.;.---
Net after rents
-
GrossTronTrailway
Netfrom railway......
Net after rents...
—V. 149, p.
ceivable (net)
^Thbilitie^Notes
social security
$10,743; Federal capital stock, franchise, unemployment and
taxes accrued, $9,474; purchase money mortgage payments
due during
$39,291; purchase money
mortgage, $9,500; capital stock (par $10), $393,251; capital surplus,
$833,271; earned surplus, June 30, 1939, $30,503; total, $1,444,450.—V.
1939, $2,000; mortgage
Co.—Earnings—
-
feSio/fo? r'ef&t-r-es.rve:::::::::::: i:»ifI
leaseholdB.......-....-.-...-.1,664,500
Electrolux Corp. (&
1,896.925
Amortization of
g^
income taxes
for Federal and State
911
Net
^721
Net operating income
—$11,979,384 $12,146,327
J? .920
1,411
oSo'nAf
nor'coo
293,005
235,522
—
Dividend revenues
Interest revenues
Interest on funded debt
and expense
Amortization of debt discount
Other interest (net)
—
_ —-—
1936
$1,507,325
after
7,872,867
1,964,213
958,713
5,111,436
480,363
defll4,363
11,776,274
3,865,312
8,957,424
2,723,323
1,853,659
—V. 149, p.
_
—
—
— —
Cash divs. on stocks of
Associates—Earnings—
Depreciation
and
1938
$9,993,383
4,076,196
2,923,283
635,332
2,965,655
652,752
1,085
1,627
———
-
Debt discount and expense
Minority interest
on
on
62,716
interest receivable,
$160,175
$1,409,693
337,032
260,368
$140,012
5,221
on
$117,783
5,188
$1,072,661
30,341
$13,842;
$915,031
30,310
$145,233
$122,971
$1,103,002
$945,341
45,935
95,320
Gross corporate incornp
Interest
50,782
99,689
276,343
573,450
307,211
617,613
—
Net income before provis, for retire, losses
x
Indicates loss.—V. 149, p. 576.
•
.
—V.
on
and
debentures outstanding,
received,
$45,071;
$69,792; notes payable to banks,
amount carried
herein, Dr. $105,717; total,
Ltd., common
$16,108,732.
148, p. 2583.
,
RR.—Earnings—
RR.)
1938
1937
$5,468,752 $7,022,054
798,612
1,894,933
def8,577
1,182,425
1936
$7,024,063
2,126,087
1,349,811
39,929,338
11,271,200
(Including Chicago & Erie
For the week ended July 20, 1939 the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1938, was as follows:
Increase
,
1938
110,629,000
Amount
12,135,000
55,110,000
78,266,000
11,976,000
3,043,000
1939
June—
Gross from railway.—
Net from railway
$6,408,250
1,641,820
817,275
Net after rents
\
%
11.0
21.7
3.9
37,106,404
8,998,553
Net after rents
31.915,410
4,608,678
43,416,055
13,247,565
4,199,692
Gross from railway
Net from railway
def279,205
8,324,251
Inc.—Earnings—
1936
$9,342,142
$1.43
95
1939—12 Mos.—1938
$73,077
$900,460
$888,805
39,047 i, 489,057
504,623
3,997
61,506
55,907
14,259
161,923
153,182
$i.09
112
Co.—Earnings—
1939—Month—-1938
Period End. June30—
1939
1938
1937
Sales...
.$12,464,015 $12,100,641 $11,779,464
x Consolidated net profit
526,050
503,268
581,511
Shares common stock—
383,761
383,861
380,244
7,235,662
—V. 149, p. 576.
Fall River Gas Works
Edison Bros. Stores,
hand, $202,990; accounts, dividends
$39,198; general market securities, $6,680,987; invest¬
of subsidiary and associated companies, $9,185,558;
Inc.—Weekly Input—
Operating Subsidiaries of—
1939
American Power & Light Co. 122.764,000
Electric Power & Lt. Corp— 67,086,000
National Power &Lt. Co... 81,309,000
—V. 149, P. 576.
?91,994
404,202
payable for securities purchased—not
accounts payable, accrued expenses and taxes,
other
over
Erie
Ebasco Services
$7,815
393,861
1939
$195,582; excess
$20,517
$253,209
x$27,500
$48,231
389,667
York Corp. common stock over amount carried herein, Dr.
of cost of investment in International Capital Co. of Canada,
stock
$3,978
1.254
$1,975,000: reserve for taxes and contingencies, $45,915; debentures assumed
by the corporation, $3,350,000; preferred stock ($1), $258,053; common
stock ($10c. par), $479,129; surplus, $11,718,068; unrealized depreciation
(net) of general market securities owned, Dr. $597,132; excess of cost (net)
of investments in American General Corp. pref. and common stocks over
amount carried herein, Dr. $947,704; excess of cost of investment in First
funded debt,
&c_
Depreciation....
rents,
1,067
Total. $16,108,732.
Liabilities—Account
$1,175,399
42,392
securities
in
ments
accried interest
Other income
—
1,901
83,750
holders
Assets—Cash in banks and on
$3,236,582
2,061,183
.
54,416
Net after taxes
105,553
>
Balance Sheet June 30,
$194,428
Net ry. oper. revenues
Taxes..
83,750
and taxes paid at source
1939—6 Mos —1938
$3,597,240
2,187,547
.
82,368
83,750
14,854
to debenture
Taxes refunded
Street Ry.—Earnings—
.
$282,551
debentures
Excess of inc. over oper. expenses..
1939—Month—1938
$550,276
$495,814
355,848
335,639
9,789
$174,999
bank indebtedness
Preferred dividends
,
------
$211,452
-
Interest
V. 149, P. 259.
^
655
1,399
Operating expenses
dividend requirements.
$285,226 $1,846,905
Earned per share of 4H % prior pref, stock
$1.16
$7.50
Note—No provision has been made for surtax on undistributed profits.—
Period End. June 30—
—---
$14,426
73,332
177,254
7,700
19,217
414
Total
Net income available for
Railway oper. revenues.
Railway oper. expenses.
$14,506
73,882
84,558
Miscellaneous income
Int.
Eastern Massachusetts
$73,885
117,937
Underwriting profit
Interest earned on bonds
454,882
—
------
4,071,562
depletion
Interest.--
...
Cash divs. on stocks of other corps—
1939
$8,321,266
400,144
12 Months Ended June 30—
Total consolidated income
Federal income taxes (est.)
1937
1938
1939
associated and
subsidiary companies:
American General Corp
General Reinsurance Corp
—V. 149, p. 259.
Eastern Gas & Fuel
252,155
.
6 Months Ended June 30—
Net income
2,538,301
107.
^
404,939
Equity Corp.—Earnings—
130,761
130,429
Ry.—Earnings—
1937
$1,925,869
600.083
622,211
.
Net from railway
Net after rents—..
$9,351,504
—
...
$0.98
$0.66
and after surtax on undistributed
1938
$799,690
75,226
def9.202
"Gross from railway
291,667
$9,568,543
Appropriation for special reserve
Miscellaneous deductions
Net from
Net
$1,211,705
1939
$1,221,516
railway——
232,586
rents.:—— ,
95,691
June—
$12,374,907 $12,470,768
2,450.000
2,450,000
...
315,941
315,948
G'r90,007
££69,112
Gross income
$818,611
3844.
p.
Gross from railway—
DtV, 191
1,882
Miscellaneous income
1939—6 Mos.—1938
$0.44
$0.30
Elgin Joliet & Eastern
and contract work (net)-_
Merchandising, jobbing
$543,458
and Federal income taxes
148,
profits.—V.
$12,159,484 $12,326,182
180,100
179,855
Net operating revenues
,
After charges
x
Rents for lease of electric properties...-.-.--
$374,697
profit
Earns, per sh. on 1,237,500 shs. capital stock
(par $1)
x
Subs.)—Earnings—
1939—3 Mos.—1938
Period End. June 30—
I:§o§:?§
Provision
payable (open mortgages),
148, p. 2123.
VPAnr.
*30'313,409 $30,004,905
9,221,551
8,734,120
Years Ended May 31—
Operating revenues
Operating expenses..
payable, $23,700; due to estate of former officer of
$14,316; accounts payable—trade, $78,403; expenses accrued,
company,
106.
Duquesne Light
r
1939
banks, $104,152; notes and accounts re¬
$196,438; merchandise inventory, $417,062; fixed assets1 (at
cost), $510,581; patents (at cost) net, $196,341; deferred charges, $19,876;
Assets—Cash on hand and in
1936
$105,568
5,762
defl7,093
1937
$114,868
1938
$83,636
1939
June—
6 Mos. End. June30—
$1.21
123
$1.27
126
Earnings per share
Stores in oper. at June 30
•
$76,639
37,469
Operating revenues
Operation
416,704
Maintenance
380,244
Taxes.
—
5,909
14,143
—
$19,118
$175,093
104
$15,776
5,000
$188,038
60,000
$175,197
60,000
$14,118
$10,776
$128,038
$115,197
709
904
11,116
12,887
$13,409
Retirement res've accr'ls
$187,974
63
$9,872
$116,922
95,962
$102,309
105,890
Non-oper. income (net).
Privately—
$15,774
2
$19,118
5,000
Net oper. revenues
for Federal taxes, but before Federal tax on undis¬
tributed earnings.—V. 149, p. 411.
x
After provision
Balance
Edison Sault Electric Co.—To Sell Securities
Company (a subsidiary in American States Utilities Corp.) has filed with
Commission, an application and declaration
(File 32-165) under the Holding Company Act in connection with the
proposed issue and sale of $60,000 4Yi% first mortgage sinking fund bonds,
series B, due Oct. 1, 1961, and 2,400 shares of common stock, (no par)
(stated value $25 per share). In addition, the company proposes to increase
the stated value of 20,000 shares of common stock now outstanding from
$22 a share to $25 a share.
•
The net proceeds received from the sale of the securities will be used to
reimburse the treasury of the company for expenditures incurred in the
acquisition or construction of capital improvements. The securities will be
sold privately. The bonds will be sold to Wilmington Savings Fund Society
the Securitises and Exchange
-
Gross income..
Interest
Net
charges
income.
Dividends
—V.
1—
declared
149, p. 576.
Florida East Coast Ry.—Earnings—
<
and the
common
stock will be sold to the parent
1939—Month—1938
$54,515
$48,337
46,350
40,440
$427,415
defl9,575
1936
defl96,898
defl49,215
defl57,393
Gross from railway
Net from railway
5,799,256
1,984,490
6,329,496
2,480,609
5,873,277
2,022,990
5,242,437
1,776,085
Net after rents.
1,088,004
1,519,833
1,188,865
997,111
Net after rents
company.—V. 144, p. 104.
Edmonton Street Ry.—Earnings■—
Period End. June 30—
Total revenue...
Total oper. expenditures
1937
$463,593
def35,265
1938
$361,052
defl01,410
def236,701
June—
Gross from railway.
Net from railway
1939—6 Mos.—1938
$369,763
278,895
$350,895
*
261,188
$7,897
5,776
$90,868
34,658
$89,707
34,658
54,000
3,943
60,000
27,264
-
—
1939
$411,892
def81,803
From Jan. 1—
—Y.
149, p.107.
Florida Portland Cement
Co.—Earnings—
$8,165
5,776
Renewals
1937
$1,127,940
Taxes
4,196
Total deficit....
—
Y
«,
$1,807
$1,822
$31,054
$25,655
Corp.—Earnings—
6 Months Ended June 30—
Cost of sales...
Selling, administrative and general
Net profit on
Other income
operations
Gross income...
expenses
..1
851,398
704,584
$633,864
283,198
$477,096
279,414
$423,356
220,763
Interest on bonds
8,629
52,118
4,666
13,625
$184,387
$136,849
Cost of goods sold
1938
$680,583
515,367
102,569
$519,932
411,432
90,808
$62,646
7,098
$17,692
7,709
x
profit on sales
Selling and administrative expenses
profit before provision for Fed¬
$69,745
$25,401
Interest and discount paid
11012
11528
5 |o00
18 018
Patent amortization charge
2lj)00
3 000
19J87
21! 181
June—
Gross from railway
Net from railway
Net after rents
$14,715
loss$30.095
non-operating periods (lees miscellaneous
City Ry.—Earnings—
1Q3Q
$531,412
157,273
80,500
19*?8
1CG7
1 Q**fi
$692,198
261,798
169,494
$853,865
431,880
428,020
$453,068
116,417
52,922
* 3,174,807
3,369,466
1,155,528
795,371
2,698,345
714,789
341,402
From Jan. 1—
Gross from railway—
Net from railway
Net after rents
$350,665
eral income taxes
x Includes expense applicable to
income, &c.)—V. 149, p. 576.
Fort Worth & Denver
Provision for doubtful accounts
Provision for depreciation
Net profit
—
Gross
Net
1939
Net sales.
1938
$1,328,494
845,535
12 Mos. Ended June 30—
Net amount realized on sales
26,704
p. 107«
Eisler Electric
1939
$1,479,398
Bond expense
F Operating surplus
Fixed charges
—V. 149, p. 107.
2,748,124
541,337
98,803
805,803
302,220
Volume
The Commercial & Financial Chronicle
149
Florida Power & Light
Period End. June 30—
Operating
1939—12 Mos —1938
1939—Month—1938
revenues
$1,034,457
Deduct, ratereduct.
$14,598,432
$1,081,865 $14,091,994
49,095
245,365
res^
Balance
$1,034,457
Oper. exps., incl. taxes571,743
Prop, retire, res. approp.
116,667
630,690
$1,032,770 $13,846,629 $13,967,742
623,147
7,237,515
7,785.302
83,333
1,400,000
900,000
Period End. June 30—
1939—3 Mos.—1938
Net sales
$35,792,853 $31,384,580
Cost of goods sold, incl.
prov. for deprec. and
y
$346,047
$326,290
221
221
$5,209,114
2,650
general
Operating income....
$346,268
144,423
$326,511
143,263
$5,211,764
551,557
$490,691
216,667
110,000
19,701
$469,774
216,667
110,000
19,391
$5,763,321
2,600,000
1,320,000
246,545
$5,843,779
2,600,000
1,320,000
242,427
(net)
Interest on mtge. bonds.
Interest on debentures..
Other int. & deductions.
17,746,121
16,417,486
$9,216,296
420,589
$7,234,018
531,572
$4,669,647
$3,646,417
$9,636,885
839", 879
85,012
646,054
1,724,801
$3,829,768
$2,915,351
168,750
97,500
337,500
97,500
$3,661,018
$2,817,851
$7,574,584
$6,193,578
$0,697
$0,537
$1,442
$1,179
Total income
Prov. for income taxes..
Net profit.
Provision for dividend
$144,323
$123,716
Dividends applicable to preferred stocks
or
Net
1,153,008
unpaid
x$7,912,084 x$6,291,078
1,153,008
$528,344
profit
applicable
stock
common
Amt. persh.
Balance
Dividends accumulated and unpaid to June 30, 1939, amounted to
to dividends of $1.31 a share on $7 preferred
$1.13 a share on $6 preferred stock, declared for payment on
July 1, 1939.
Dividends on these stocks are cumulaitve.—V. 148, p. 3845.
com.
x
$6,054,753, after giving effect
shs.
(5,251,440
outstanding)
After deduction of $446,571
x
(1939) and $437,871 (1938) as provision
inventory writedowns and other adjustments at end of fiscal
for possible
stock and
J ear. 30, 1939, was of cost over $100,000; value of inventoriesIncludes pro¬
The excess (estimated) market 1938, $175,000. y on hand at
une
portionate share in results of operations of controlled companies.—V. 149,
Machinery Corp.—Earnings—
p. 577.
Period End. June 39—
1939—3 Mos.—1938
1939—9 Mos—1938
x Net profit..
$273,961
$206,953
$596,808
$544,368
Earn, persh. oncom.stk.
$0.64
$0.48
$1.40
$1.27
x After all charges
including taxes and preferred dividends.
President John D. Crummey says: .
"Orders for machinery during these nine months are
97.9% of the same
period last year.
Business has continued the improvement shown in last
quarter's report and new orders for June were 32% more than for June,
1938.
Income from leased machinery and processes has continued its
increase over last year.
This increase, together with the reduction in
expenses mentioned in last quarter's report, has resulted in the improved
earnings for this quarter.
"Unfilled orders are considerably in excess of last year, so that we antici¬
quarter's earnings will show a further increase over last
year."—V. 148, p. 3532.
pate our fourth
Ford
Motor
General Mills, Inc. (&
Co.,
Detroit—Mid-July
Sales Break
1939
Net sales
1938
1937
Cost of sales, incl. manu¬
facturing,
selling,
min, and other
ad¬
exp...112,891,137 146,801,180 153,107,783 141,835,012
Interest charges
Depreciation.
24,562
1,142,442
144,117
1,066,705
169,107
1,060,188
221,488
1,025,085
Net operating profit..
Miscellaneous income
7,885,309
80,917
4,661,155
68,366
5,642,942
45,125
4,298,656
71,688
7,966,226
1,515,000
4,729,521
x618,890
5,688,067
,381,602
3,075
4,370,344
674.667
3,484
3,602,193
1,338.342
1,995,162
Res. for Fed. income tax
Breaking all records for the year in mid-month sales, Pord dealers in
the United States delivered at retail a total of 23,488 Ford V-8 and Mercury
8 units in the second 10-day period of July, it was announced on July 26.
This was an increase of 74% over new car deliveries for the same
period
of 1938.
....
Preferred dividends
Common dividends
xl
Minority int. in subs
Sales of Lincoln-Zephyr cars for the period were
up 77% over last year,
the announcement said.—V. 149,
p. 412.
Net income
6 Mos. End. June 30—
Net income——-....
x
Earnings
y
x
per
1939
$865,299
$1.06
x
share
$0.82
$1.22
$1.56
After provision for preferred dividends and all charges, including de¬
Consolidated net income for the quarter ended June 30, 1939, amounted
to $338,530, after all charges, including
depreciation, depletion and Federal
taxes, compared with net income of $447,359 in the corresponding period
last year.
These earnings were equal to 42 cents a share on 796,380 shares
in
common
stock, compared with 54 cents
a
share for the second quarter
1938.
Freeport's subsidiary, the Cuban-American Manganese Corp. in the sec¬
ond quarter of 1939 had a net loss after
depreciation, depletion and taxes of
which Freeport's proportion was $10,376.
For the second quarter in 1938
Freeport's share of Cuban-American losses was $7,529.—V. 149, p. 107.
Period End.
30—
oune
1939—3 Mos.—1938
Div.
on
bonds of sub.
on
$239,081
202,704
22,922
$550,851
410,050
9,750
48,665
cos
9,750
48,639
19,500
97,331
company
assets
Prov. for income
153,483
5,600
taxes._
Netloss...
—V.
$591,549
419,351
47,557
43,098
pref. stk. of sub.
Prov.for int.on inc. notes
Loss on disposal of cap.
4,800
$49,734
$147,523
$183,309
19,500
43,500
$35,688
[Including Gary Heat, Light & Water Co.]
Other income
'
Total income
Oper.
1939—3 Mos.—1938
revenue
exps.,
$753,446
5,255
$707,809
1,760
1939—12 Mos.—1938
$3,031,217
$3,001,791
6,944
15,440
Bond interest
Gen. int. & misc. ded'ns.
Depreciation
$758,701
554,897
$709,569
538,940
$3,038,161
2,257,913
$3,017,231
2,253,062
$203,804
88,650
5,382
69,000
$170,629
88,650
3,100
69,000
$780,248
354,600
29,497
276,000
$764,169
356,855
16,744
276,000
$40,772
maint.& tax
Inc. avail, for bd. int.
$9,878
$120,151
$114,570
_Neti|ncome—
General Bottlers,
Inc.—Subsidiary Reports Gain—
C. J.
Hill, President of General Bottlers, Inc., announces that its sub¬
Pepsi-Cola Bottling Co. of Chicago, shows net profit, after all
charges and provision for Federal) income taxes, of $28,958 for the six
months ended June 30, 1939.
This represents an increase of 175% as com-
sidiary,
28,237 reported for the full
Sared with the corresponding period of 1938 and is1938. than the. net of
greater
ended Dec. 31,
year
After provision for dividends on Pepsi-Cola Bottling Co. of
Chicago
preferred stock, consolidated net profit of General Bottlers, Inc. for the six
months ended June 30, 1939, was equivalent to 36 cents per share on the
common stock.
Mr. Hill states that case sales of Pepsi-Cola are
currently
running far ahead of last year and that with the increased production
capacity afforded by the new plant opened this month on the south side of
Chicago, prospects for the balance of the year, which is normally the
better half for profits, are most promising.—V. 149, p. 577.
General Box
Co.—Earnings—
6 Mos. Ended June 30—
Profit from opers. after
1939
providing for normal tax..
Income
Interest and other charges
Net income
—
$21,829
$23,717
3,537
$70,382
Profit from operations
Income from interest, rent, &c
—V.
1938
$83,230
$70,780
2,355
—
$130,688
59,907
$73,136
2,754
Depreciation....
$20,180
61,401
1,888
147, p. 3014.
General Electric Co., Ltd.
Directors have declared
a
(England)—Final Dividend—
final dividend of 67 cents
per
share
on
the
American depository receipts for common stock, payable July 26 to holders
of record June 27.—Y. 148, p. 3846.
1938
and
Cash.
Drafts and
Claims
for
5,275,704
3,390,049
132,857
2,277,134
2,380,868
Accounts payable.
6,795,302
refund
on
$
stock...22,305,700 22,305,700
Common stock.. 16,691,960 16,691,960
1,516,448
173,617
Accrd. local taxes,
of processing tax
Advances
$
*
Preferred
22,598,915 22,218,301 x
13,293,525 11,989,024 Savings accts. of
officers & empl.
accept. 1,732,272
2,556,961
Notes & accounts.
1938
1939
lAaMUtles
$
equip., &c
&c
134,232
Pref. dlvs. accrued
334,686
Com. div. pay
grain
581,922
223,057
744,275
594,629
Inventories
16.807,629 14,312,850
Prepaid expenses.. 1,847,088
1,502,022
Spec. & contlng res 3,613,245
3,996",071
Capital surplus...
Invests.,
Earned surplus...
5,398,315
8,015,868
purchases, &c_.
member¬
5,398,315
8,467,135
ships, sundry ad¬
1,037,890
1,454,090
1
vances, &c
1
Total
63,337,298 60,557,410
63,337,298 60,557,410
x Represented by 665,054 shares of no par value,
y After depreciation of
$17,820,796 in 1939 and $17,094,945 in 1938.—V. 148, p. 2742.
General Motors Corp.—Semi-Annual Report—Alfred Pf
.
Sloan Jr., Chairman, says
in part:
An Operating
Review
that, while consumer sales in the first quarter were running
level considerably above a year ago, they showed a declining tendency,
compared with the usual seasonal movement, until the latter part of
March when a slight improvement took place.
This improvement proved
to be temporary, since consumer sales in April and May failed to show
the usual seasonal increase over the level of the first quarter.
In June,
however, a somewhat better than seasonal movement took place, although
this was not sufficient to bring the June level, seasonally considered, back
to that of the first quarter.
.;
Passing from the corporation's own activities to those of industry in
general, during the second quarter there was an apparent end to the decline
which characterized the general course from the first of the year and the
will recall
at
~
148, p. 2742.
Period End. June30—
268,689
$3.40
1938
In previous messages stockholders have been informed, in general terms,
as to the trend of the business during the period under review.
Thus they
Gary Electric & Gas Co.—Earnings—
Operating
profits tax on $11,016 in
Includes $581,922 payable Aug. 1, 1939.
$
97,331
153,281
10,900
......
.
969,885
$4.46
1939—6 Mos.—1938
204,282
21,527
Provision for deprec'n..
777,127
$4.17
bldg. and
y Land,
Total
$295,783
2,091,744
$7.69
undistributed
Consolidated Balance Sheet May 31
Assets—
before
&c
y
goodwill, &c
deducting
deprec., int. on bonds,
Int.
Federal
Water power rights
(Robert) Gair Co., Inc. (& Subs.)—Earnings—
Profit
4,303,389
1,338,342
1,995,162
1939
$1,014,872
preciation, depletion and Federal taxes, but before provision for surtax,
y On 796,380 shares common stock.
of
Includes
1936
1937
$1,279,841
4,110,631
1,338,342
1,995,162
Balance
$315,009 in 1937.
1938
$654,995
6,451,226
1,449,871
y2,909,611
Earns, per share on com.
,
Freeport Sulphur Co .—Earnings—
1936
121,943,449 152,673,157 159,980,019 147,380,242
Record for Year—
*
Subs.)—Earnings—
Consolidated Income Account for Years Ended May 31
Gross income
Car
$7,765,590
85,012
1,389,500
$1,681,352
$1,596,776
the
$443,768
or
•
on
preferred stock
Net income.
Food
41,998,162
8,388,494
Issuance exp.—pref. stk.
Gross income........
period, whether paid
45,374,455
$3,374,802
271,615
$5,285,090
558,689
x
19,621,284
and
expenses
Profit from operations $4,448,241
Other income
221,406
$5,282,440
2,650
income
freight charges
22,242,396
Selling, administrative
1939—6 Mas.—1938
$72,336,872 $65,649,666
9,102,216
Net oper. revenues...
Rent from lease of plant.
Other
727
General Foods Corp. (& Subs.)—Earnings—
Co.—Earnings—
a
as
more
important indices of business activity reversed their trend and com¬
menced to improve.
#
...
pointed out many times in these messages that, in the absence
fundamental attack on the barriers that prevent a broad and lasting
upward movement of industrial activity, it is to be expected that business
will be subject
from time to time, to temporary and minor influences.
And this appears to characterize the first half year's operations.
Nothing
particularly encouraging in the way of a real approach to our economic
problems has developed up to the time of this writing.
However, detailed
changes have been incorporated in the Revenue Act of 1939 which, on
alance, may be said to be helpful to business.
The principal importance
of these changes and a factor of some encouragement is that it is possible
to make changes that are favorable, even to a n nor degree, after so much
legslation over many years productive of quite an opposite result.
It is
hardly necessary to state, however, that a far more fundamental attack
on a much broader front is essential before anything worthwhile is to be
accomplished.
Beyond the above generalities, there is nothing of particular importance
to report to the stockholders other than the statistical facts of the second
quarter and the first six months operations.
It has been
of any
,
Sales in
Units and Value
automotive products to dealers, including Canadian
sales, overseas shipments from domestic plants and production by foreign
manufacturing subsidiaries during the second quarter of 1939 amounted
to 461,714 cars and trucks.
This compares with sales of 315,682 units
for the corresponding quarter of a year ago—a gain of 46.3%.
Total
sales for the first six months of 1939 amounted to 95J.998 cars and trucks,
compared with total sales of 613,953 in the corresponding period of a
year ago—a gain of 54.9%.
Sales by the corporation to dealers within the United States during the
second quarter of 1939 amounted to 363,191 cars and trucks.
This com¬
pares with 222,797 units for the corresponding quarter of a year ago—an
increase of 63.0%.
Sales to domestic dealers for the first six months of
1939 amounted to 738,788 cars and trucks, compared with 419,648 for the
corresponding period of 1938—an increase of 76.0%.
Retail sales by dealers to consumers within the United States for the
second quarter of 1939 amounted to 386,283 cars and trucks.
This com¬
pares with 272.198 such units for the corresponding quarter of a year ago—
an increase of 41.9%.
Retail deliveries for the first six months of 1939
amounted to 700,461 cars and trucks, compared with 498,120 such units
for the corresponding period of a year ago—an increase of 40.6%.
Overseas sales in units, including production from all sources, for the
second quarter amounted to 93,269 cars and trucks.
This compares with
Total
sales
of
The Commercial & Financial Chronicle
728
34,218 units for the corresponding
quarter of a year ago—-a
decrease_of
period^amounted to 194 508
1938 a gain of 1.6%.
1.0%. Such sales however for the six month
compared with 191 411 for the same period of
It will be recalled that in 1938 the trend of overseas
as
compared with the previous year
as
sales was well sustained
1937 whereas the domestic trend
sales in 1939 with
declined sharply; therefore the comparison of overseas
1938 is importantly influenced by these considerations.
competitive position of the cor^iration^^^ me^ured
Motors' percentage of total new car and truck registrations in
The
®
nS sSlSvSS'SS
The
This ™mpar«withS272 of 36.5%.
the corresponding quarter of 1938—an increase
item for the first half of the current year amounted to
for
same
883.
the United
the second
riuarterof^ fsMamoun^ to* S37 L ,632. 580
264,537
General
This compares
with $522,777,124 for
$739,400 the corresponding period of
1938—an increase of 41.4%.
Employment
characterized by an increase in the total number of
compared with the corresponding quarter of the previous year.
the corporation payrolls during the second quarter
an
The second quarter was
employees
There
as
were
on
with 174,253 for-the corre¬
average of 221.584 employees.
This compares
sponding period of a year ago—an increase of
months
the average number of employees was
27.2%.
For the first six
228,482 as compared with
190 258 for the corresponding six months of 1938 an increase of 20.1%.
Average weekly hours and earnings were somewhat more favorable to the
hourly workers in the
United States for the quarter under
review than was
case in the corresponding period a year ago.
Average hours worked
week were 31.6 as compared with 28.6 a year ago.
Average earnings
per week were $29.73 as compared with $26.89 for the corresponding period
of 1938.
There was no change in the basic hourly wage rate.
Average
hours per week for hourly workers in the United States during the first
six months of 1939 were 32.4 as compared with 25.9 for the corresponding
the
per
period of 1938. Average earnings per week were $30.21 as
$24.15 for the corresponding period a year ago.
There was disbursed through payrolls during the quarter
compared with
-
$90,737,460 as
compared with $65,703,364 for the corresponding quarter of a year ago, an
increase of 38.1 %. For the six months there was disbursed $188,527,028 as
compared with $135,459,300 a year ago, a
gain of 39.2%.
Employee Benefit Plans
recall that they were informed in a message dated
Dec. 10, 1938, and further in the annual report covering the year 1938,
of the adoption by the corporation
effective for the calendar year 1939.
of two employee benefit plans applicable to the corporation's hourly em¬
ployees; viz., the Income.Security Plan and the Lay-Off Benefit Plan.
The purpose of these plans was to supplement the income of eligible
workers during periods of reduced productivity, whether resulting from the
effect of the seasonal trend, the change-over from one series of models to
another, or because of fluctuations in volume as effected by the business
cycle. Under the Income Security Plan the difference between the actual
earnings and 60% of the standard earnings as defined is advanced each
week by the corporation to eliigble employees at their option.
Such ad¬
vances are repayable by the employee only when and if his weekly earnings
exceed 60% of standard, and then one-half of such excess eachweek isn
applied against the advance until it is repaid.
No interest is charged.
Should the employee leave the service of the corporation or in the case of
death, the obligation is canceled.
For employees having less than five
years service record and in excess of two years, the benefits under the LayStockholders
may
Off Benefit Plan are limited in amount.
*
Neither of the plans in any way serves to
earnings
is
to
or
alter the employee's total
income over a period of time. The sole purpose as before stated
the irregularities of earnings due to varying operating con¬
offset
ditions by a greater stabilization of weekly income.
In accordance with the terms of these plans there has
been advanced
by the corporation up to June 30, 1939, a gross amount of $842,649 of which
$104,386 has been repaid or canceled
leaving a net balance of $738,263
outstanding as of that date. In view of the fact that the season is now at
hand when, due to the change in models, temporary lay-offs of hourly
employees become necessary it is normally to be expected that the amounts
advanced would be importantly increased and that
barring abnormalities
operation, a substantial part would be repaid during the fourth quarter.
Manifestly, such benefit plans can be predicated solely upon the willing¬
of employees to work to the full extent that work is available, otherwise
the plans become impossible.
The strike of the tool and die makers in
effect at the time of this writing (July 14) is a case at point. The fact that
the corporation cannot continue to guarantee income of such of its employees
as are unwilling to work at the highest wages, as well as of those who through
such action are prevented from working, is inescapable.
It was not con¬
templated that it should.
Therefore, in accordance with the terms of the
plan, it has been obliged to suspend the benefits provided therein, applicable
to employees in all operations directly or indirectly affected by the strike.
in
ness
Improved types of road bed, the increased use of airtrains, high speed, light weight equipment,
permitting faster freight schedules, studies in fuel
and reduce costs.
conditioning
in
July 29, 1939
passenger
traffic control systems
economy, and many other developments, indicate a bright future
railroad—the backbone of our transportation system.
In no field of industrial research has greater progress been made
the depression years
for the
during
The science of synthetics,
than in that of chemistry.
which new substances are brought into being from coal, milk,
cotton, wood, from water and the elements of the air, seems to broaden
with each forward step.
Plastics, a growing family of chemically-created
through
materials, are finding hundreds of new uses in industry and the home,
promoting job opportunities all along the line from the raw material to the
finished product.
Synthetic fibers make possible textile fila¬
ments and fabrics with entirely new characteristics, more durable and with
wider utility than any now in general use.
Here are new industries in the
making, with what benefits in the way of expanded employment and con¬
sumer gains can only be surmised.
Possibilities for Broad Benefits
sale of the
Similar industrial developments are
taking place in cpmmunication, just
now pioneering in television and facsimile reproduction by radio; in metal¬
lurgy in the production of new alloys; in the field of health with preventive
medicine and food preservation; in the production of new types of power and
light; in farming, through studies in plant culture and experiments with
low-cost implements.
Our building industry looks forward to the introduc¬
tion of still more effective construction materials and revolution in processes
of house fabrication.
In a multitude of activities intimately affecting our
lives and our living, the application of science and scientific techniques is
creating new areas for constructive work.
Moving side by side with the development of new products is the steady
being made in the perfection of machines and tools for performing
New products frequently call for entirely new techniques
types of machines.
In addition there is the constant demand for
improved tools and equipment to produce present things more efficiently and
through better quality and lower prices, promote their wider use.
Through
the introduction of new mills and presses, lathes, hoists and forges, new
abrasive tools for sharpening and grinding, tools for tasks too heavy for
muscles or too delicate for the human touch—through persistent research
in methods and processes, the machine tool industry is paving the way
toward constantly better technology.
Only through this heightened effi¬
ciency of our productive plant can we expect to extend widespread benefits
by way of more things for more people, continued high wages and new out¬
progress
industrial work.
and
new
for employment.
lets
period of time have so many possibilities appeared
Seldom in so short a
upon the industrial horizon.
Combined, they constitute a
contribution of industry to economic and social progress.
most significant
-It may be said,
therefore, that there exist today the fundamental elements essential to a
broad and sound upturn in economic activity.
There is awaited the con¬
viction in the minds of people everywhere that our national economic
warrant the taking of the essential risks on
spending of money for durable goods to capital¬
policies will be revised so as to
the
part of investors and the
ize the manifest
new
But there is needed also the assurance that
manufacture and market these new products will be freed
opportunities.
enterprise to
from restrictions which now
largely nullify all probable gains.
lar, those developments that
In particu¬
make for improved quality and lowered prices
and services must be allowed and encouraged to exert their full
force, to the end that more and more people may be able to buy.
We have had forced on our attention too much the descending spiral of
events that led to depression lows.
It seems advisable to recall here that
there are equally effective and powerful forces which, once set in motion and
given freedom to act, will build an ascending spiral leading to new levels
of prosperity and progress.
The question is often raised—What motivating forces are in the offing to
act, as did the great industrial developments of past decades, as new accel¬
erating agents for the general economy. It would appear that one emphatic
answer lies in the laboratories of industry—in the constant striving for more
of goods
products at lower cost.
No substitute has yet been found for
continuous and laborious industrial research as an instrumentality for the
production of better values for customers and the promotion of new job
opportunities.
The horizons of enterprise were never broader than they
are today.
New knowledge and new skills have opened up fields of possi¬
bilities little dreamed of even a decade ago.
There exist the elements that
will Importantly contribute to the restoration of our national economy, the
renewal of the upward trend in our standards of living and that security
which only opportunity can supply.
These social and economic goals lie
and better
well within our reach.
Consolidated Income Account for 3 and 6 Months Ended June 30
1939—3 Mos.—1938
1939—6 Mos.—1938
Period Ended June 30—
Sales of cars and
trucks—units:
General Motors sales to dealers,
incl. Canadian sales, overseas
shipments and production of
The Creation of Job Opportunities
Expanding opportunity in the United States has, to an important degree,
461,714
315,682
.
*
950,998
386,283
272,198
700,461
498.120
363,191
foreign manfg. subsidiaries..
222,797
738,788
419.648
S
N
613,953
dealers to con¬
coincided with our ability to increase the production of useful goods and
services.
As we have improved and extended our means of productivity,
Retail sales by
there have followed higher standards of living, expanded employment, new-
Gen'l Motors sales to dealers—
avenues
for the investment
sumers—United States..
United States
of savings, together with broad advances in
general social and economic well being.
The spectacular rapidity and extent of growth in the American economy
during the past two or three generations are not always appreciated.
As
a people we have* been able to supply the needs of a population that has
increased sevenfold within the span of a single century.
But we have done
more than that.
We have during this same period trebled our income
per person—that is, we have increased by three times the per capita supply
of goods and services available for use.
This growth has been cumulative
with each new invention, each addition to our fund of scientific knowledge,
each new application of industrial research, opening the way to still more
important findings and still wider benefits.
Since 1900, for instance, our
technological progress has exceeded that of all previous periods combined.
All things considered, progress over the years in providing higher levels
of comfort for a rapidly growing population has been remarkably con¬
sistent.
The upward trend has persisted despite reverses and temporary
setbacks.
Depressions and other interruptions in the forward movement
have, without exception in the past, been followed by revived activity and
a surge of pent-up forces that carried us to new high planes of living.
These
achievements were not merely the result of expanding geographical frontiers.
For our greatest strides in providing more things for more people have been
made at a time when the influence of the frontier upon our national economy
was steadily dwindling.
Our rising scale of living and the consequent
increase in opportunity have to a large debree evolved from industrial
research and the development of a constantly advancing technology.
One of the effects of depression is greatly to stimulate the search by
industry for new products and new processes.
The current depression has
been no exception.
A survey among more than 100 industrial organizations,
large and small, made in connection with the General Motors exhibit at
the New York World's Fair, reveals an amazing number and variety of
new things, some already
being produced on a commercial basis, others
so well advanced in the
laboratory as to indicate the probability of their
practical application within a short time.
With only casual public notice,
there has been emerging from industrial laboratories and scienfitic work¬
shops everywhere, during the depression years, a flow of new products and
new concepts which bid fair to create for
us, in reality, a new world of
...
x
Profit
come
and in¬
from operations
from
dividends
(incl.
investments
received
subs.
from
2,140,487
not consolidated
examples from a long list of recent industrial developments.
Originating
a wide variety of sources, and
indicating even in their present stage
an unlimited number of possible
uses, these and similar efforts indicate the
means by which we may overcome our
accumulated deficiency of goods
and move again toward a resumption of the
upward trend. As new products
are brought into being and new methods are
discovered to bring products,
new and old, within the reach of more
people, job opportunities are created
(net)
earns,
field of endeavor supplies news of new activities, new
possibilities.
In air transport, for instance, it is apparent that we are just
now entering upon an era of vart
opportunity and growth. Trans-oceanic
mail and passenger flying has already achieved the status of routine sched¬
ules, carrying new social and commercial benefits to peoples everywhere.
Research progresses in further instrumentation for air
navigation, in the
study of stratosphere flying, in additional devices for two-way communica¬
tion and still greater safety.
To the youth of today "wings over the
earth" spell opportunity unparalleled.
Railroad transportation, too, is moving rapidly into new
ground
From
research have come new Diesel-powered locomotives to speed up service
every
34,849,732
of subs, not con¬
829,157
solidated, less divs. received..
1
.6?,969,644
3,922,519
5,299,061
8,683,211
31,846,441 133,621,369
43,532,943
163,996
121,532
Net profit from operations -nd
investments
Less provision for:
Int. on employees
less
savings fund
fund
investment
rever¬
sions acct. of employees sav¬
ings
before class
withdrawn
<
81,487
I
maturities
58,443
2,434,000
Employees bonus
Amts. provided for employees
bonus payments by certain
47,000
foreign subsidiaries..
6,251,000
127,500
151,600
31,723,398 127,078,873
43,259,811
64,600
Net income before income and
excess profits taxes
Provision for U. S. and foreign in¬
60,407,157
& excess profits taxes..
12,564,000
Net Income for the period.....
come
General
Motors
on
10,179,000
24,816,398 101,049,873
33,080,811
47,814,603
Corp.'s
24,78^,002 100,992,531
33,020,019
6,907,000
propor¬
tion of net income
Divs.
26,029,000
47,843,157
pref. capital stock—$5
series (less divs. applicable to
2,294,555
2,294,555
4,589,110
4,589,110
45,520,048
22,491,447
96,403,421
28,430,909
42,942,832
42,920,744
42,942,834
42,921,604
$1.06
stock held In treasury)
$0.52
$2.24
$0.66
Average no. of shs. of com. capital
1
stk. outst'd'g during the period
Amount earned per share of com-
capital stock
...
x After all expenses incident thereto, and after providing $11,497,851 and $23,286,979 for the second quarter and the six months ended June 30, 1939, and $11,-
802,795 and $23,438,820 for the second quarter and the six months ended June 30,
1938, respectively, for depreciation of real estate, plants and equipment.
of Consolidated
Summary
Earned
surplus
at
beginning
442,088,639 389,988,416
Motors
Corp.'s
/
1939—6rMos.—1938
$
V
of
period
General
Surplus
1939—3 Mos.—1938
$
$
Period Ended June 30—
and better standards of living prevail.
Practically
27,923,922 128,322,308
General Motors Corp.'s equity iu
Amt. earned on com. cap'l stk.
from
$
371,632,580 272,264,537 739,400,883 522,777,124
Net sales—value
tomorrow.
New Products—New Concepts
from Many Sources
The report contains a chart which indicates that a
backlog of demand
has been built up during the depression as a result of reduced
consumption
and production of manufactured goods.
There are also cited numerous
$
$
our
/C
$
J /
^3^45,108 394,789,742
/
propor-
tion of net Income, per sum¬
mary of consolidated income
Earned surplus before divs
24,786,002 100,992,531
(net)
Earned surp. at end of
33,020,019
489,903,242 414,774,418 524,407,639 427,809,761
2,294,555
Pref. dividends (net)
Common dividends
47,814,603
2,294,555
32,213,414
10,714,035
4,589,110
64,423,256
4,589,110
21,454,823
period._455,395,273 401,765,828 455,395,273 401,765,828
Volume
The Commercial & Financial Chronicle
149
Consolidated Balance Sheet
June
Assets—
June 30, '38
$
Real estate, plants and
equipment
Prepaid expenses and deferred
charges..
Goodwill, patents, &c_—.
878,652
245,848,938
963,896
8,512,365
1,150,486
41,909,970
175,808,749
68,155,441
199.871,640
153,231,544
consolidated, and mlscell,
General Motors corp. cap'l stock held
in treasury for
corporate purposes
(in 1939, 557,168 shs. com.;
39,722
preferred)
8,526,730
1,371,*37
56,464,174
242,477.567
Notes receivable.
Accts. receivable.
16,326,329
758,736,659
Liabilities—
50,322,686
.
4,148,412
50,322,686
$
$
547,639,938
39,712,566
and
Dep.
32,751,156
4,462,715
1,529,703
1,529,703
4,374,180
pref
30,089,041
4.407,159
7,127,389
6,251,000
3,086,396
17,607,282
17,491,828
1,956,081
Employees savings funds, payable subse¬
quent to one year
Employees
based
table
bonus
upon
(at
Dec.
of
cost
31,
stock
1938,
distribu¬
as
bonus)
Taxes, warranties and miscellaneous
Reserves—Depreciation of real estate,
18,760,865
plants and equipment
Sundry and contingencies
55 series preferred stock
Common stock (510 par)
y
Int. of
375,709,507
38,157,087
187,536,600
435,000,000
1
minority stockholders in
surplus...
.
Total..
After reserve for doubtful accounts,
V. 149, p. 577.
x
General Outdoor
Period End. June 30—
Operating
revenues.....
362,488,520
29,498.281
187,536,600
435,000,000
356,197,909
33,229,290
187,536,600
435.-000,000
1,888,613
455,395,273
1,888,613
1,888,613
401,765,828
423,415,108
1,657,437,751 1,598,012,229 1,558,656,565
y Represented by 1,875,366 no par shares.
Advertising Co., Inc.—Earnings—
1939—-3 Mos.—1938
$4,175,225
$4,007,768
1939—6 Mos.—1938
Operating profit
Other income..
....
Total income
Amortization
.
Int. & misc. deductions-
3,258,944
$6,914,998
6,074,100
$846,291
16,532
$748,824
14,305
$840,898
34,057
$817,994
28.848
$862,823
256,037
1,174
$763,129
258,104
2,153
$874,955
508,612
4,828
$846,842
514,974
6,876
$6,804,632
5,986,638
y
-
$605,612
$361,514
$324,992
171,330
7,647
General Printing Ink Corp. (&
Period End. June 80—
Operating profit-
Net profit
sh.
on
$590,235
38,898
$466,168
40,293
$256,554
47,112
44,510
$629,133
103,812
100,134
$506,461
$199,247
Federal taxes
$235,152
21,402
$300,078
54,023
46,808
Total income..
Other deductions
per
1939—6 Mos.—1938
$279,403
20,675
Other income
Earns,
Subs.)—Earnings—
1939—3 Mos.—1938
$164,931
$425,187
$335,096
$0.21
$0.15
$0.44
$0.31
94,305
77,060
com.
stock
—V. 148, p. 2587.
General Public
Utilities, Inc. (& Subs.)—Earnings—
Period End. June SO—
Gross oper. revenues—
Operating
expenses
Maintenance....
Prov. for retirements
General taxes
Fed.
normal
Fed.
surtax
inc.
on
tax..
1939—Month—1938
$529,430
$484,399
218,199
195,326
17,257
15,496
60,688
45,569
48,825
45,093
7,760
11,725
1939—12 Mos.—1938
$5,805,925
$5,563,952
2,452,283
2,333,148
208,544
218,602
575,013
537,365
576,923
*
535,978
117,350
94,013
undis¬
tributed profits
4,080
Net oper.. income
Non-operating income..
Gross income
Charges of subsidiaries-.
Charges of General Pub.
Utilities, Inc.:
Int.
1st mtge. and
coll. trust 6^ %bds.
$176,700
3,958
$180,658
30,729
Divs.
$1,840,765
18,953
23,334
$1,899,146
360,111
$1,859,718
373,050
71,353
71,353
856,238
609
856,238
9,599
$77,904
3,242
$72,544
3,242
$673,197
38,910
$629,674
38,910
on
$5pref. stock..
$74,662
$69,302
$634,287
$590,764
com.
stock and surplus..
149, p.
755
108.
Directors have declared a dividend of 6 M cents per share on
the class A
and class B stocks, par $1, both payable
Aug. 1 to holders of record July 20.
Like amounts were paid on April 26, last, and dividends of
37H cents per
share were paid on April 25, 1938.—V. 148,
p". 2898.
General Refractories
of operations
Gross profitOther income from vari¬
ous sources
1939—12 Mos.—1938
$7,484,440
$8,620,253
1,796,591
1,177,764
6,330,563
6,927,744
$301,252
$215,716
$1,153,878
$1,692,510
43,753
17,814
172,309
202,155
'
——————
I
taxes, interest, &c._
Bond disct. & exp. amort
Interest other than on
funded debt
Int.
on
Other
x
"
funded debt
deductions
$345,004
139,746
3.248
73,195
11,203
$233,530
126,945
1,530
94,229
8,333
$1,326,187
523,716
12,370
239,980
54,680
$1,894,665
✓
481,422
14,347
410,500
44,285
1,379
11,875
3,234
155
3,025
57,575
117,330
11,370
97,875
118,522
23,625
6,928
Federal and Penn. inc.
come taxes
(estimated)
Net profit
x
29,384
$71,738
No deduction has been made to
profits.
9,718
oss$37,933
cover
17,752,036
General Theatres
Equipment Corp. (& Subs.)—Earns.
Earnings
x
per share
1939
y
'
$182,686
x$0.31
capital stock
On 597,247 shares,
1938
1937
'
$194,920
y$0.33
On 597,172 shares.—V.
148,
p.
$323,203
y$0.54
2587.
Georgia & Florida RR.—Earnings—
Period End. June 30—
Railway
Railway
Net
1939—Month—1938
$89,068
$86,713
84,048
83,552
oper. revenue..
oper.
expenses.
from ry. oper.
rev.
Railway
oper.
$497,354
510,145
loss $268
loss$12,791
46,456
$3,161
7,797
$4,636
$48,303
$59,248
Drl ,401
Drl ,938
Drl ,987
Drl 1,649
Drl 1,790
Cr385
Drl 1,792
$7,362
1,530
$8,024
1,481
$71,742
8,552
$70,655
8,760
$5,832
1,002
Net railwayoper. loss.
$6,543
$63,190
5,717
$61,895
5,658
loss..!
charges
Deficit before interest
Operating
$6,834
$7,500
p.
$68,908
July 14
Jan.
1
1939
1938
$18,250
revenues
48,035
957
1939
149,
$503,583
503,851
$3,019
Dr2,405
loss
Non-operating income..
Gross
1939—6 Mos.—1938
$5,020
8,039
Equip, rents (net)
Joint liability rents (net)
$18,150
to
$538,615
577.
$67,553
July
14—
1938
$532,852
Georgia Home Insurance Co. (Columbus, Ga.)—Extra
Dividend—
The directors have declared an extra dividend of
10 cents per share in
addition to the regular semi-annual dividend of 50 cents
per share on the
capital stock,
par $10, both payable Aug. 1 to holders of record
July 25.
Similar payments were made on Feb. 1, last,
Aug. 1 and Feb. 1, 1938, Aug.
on Feb. 1, 1937, and on
Aug. 1, 1936.—V. 148, p. 581.
2 and
Georgia Power Co.—Earnings—
Gross
revenue
Oper. exps.& taxes
Prov. for depreciation..
1939—Month—1938
1939—12 Mos.—1938
$2,515,883
$2,274,256 $30,212,633 $28,575,353
1,246,025
1,112,978
15,201,824
14,797,808
270,000
230,000
3,007,500
2,760,000
Gross income
$999,859
541,276
on
pref. stock
Balance
—V. 148, p.3847.
$384,088
245,862
$5,448,618
2,950,350
$4,405,849
2,950,350
$212,720
Net income
Divs.
$931,278 $12,003,309 $11,017,545
547,190
6,554,691
6,611,696
$458,582
245,862
Int. & other fixed chgs..
$138,225
$2,498,268
$1,455,499
Georgia Southern & Florida Ry.— Earnings—
June—
1939
Gross from railway
1938
$175,082
23,372
26
From Jan. 1—
Gross from railway
Net from railway
1,021,787
86,650
def37,601
1937
$133,750
def3,926
def22,929
1,214,739
244,691
70,055
Net from railway
Net after rents
1936
$165,779
8,765
def7,571
,
$171,199
13,393
defl2,528
1,281,706
282,036
156,882
1,145,235
151,875
19,184
—V. 149, p. 108.
Glidden Co.—Sales—
Sales in June amounted to $4,056,773, a gain of $428,786 or
11.8% over
$3,627,987 in June, 1938, according to Adrian D. Joyce, President.
Company's June profits were better than for any June since 1936.-—
Y. 148, p. 3687.
Gotham Silk Hosiery Co., Inc. (&
1939
b Before surtax
on
1938
Subs.)—Earnings—
1937
1936
$91,515
b$8,278
b$190,725
$3.54
deprec. and interest..
Earns, per sh. on 27,204
shs. pref. stock
$0.30
$3.50
b$150,999
„
$3.50
undistributed income.—V. 148, p. 881.
108,307
213,515
$209,203
$502,830
estimated surtax
on
Action—
Termination of the Lovibond action questioning the jurisdiction of the
Parliament of Canada in connection with certain junior stocks of the Grand
Trunk Rys. is indicated in a cable from London received July 24 at head¬
quarters of the Canadian National Railways.
The gist of the message is
by the Judicial Committee
Council.
Proceedings in this case have been before the courts for some years and
were initiated by G. P. Lovibond concerning the Grand Trunk
Acquisition
Act by which the value of certain Grand Trunk junior stocks was left to be
determined by arbitration.
Afterwards a board was set up composed of
Sir Walter Cassels, Chief Justice of the Exchequer Court of Ontario, Chair¬
man; Sir Thomas White, representing the Government of
Canada; and
Chief Justice W. H. Taft of Washington, representing Grand Trunk share¬
that leave to appeal has been refused with costs
of the Privy
Prof, before allowances
for deprec., deplet.
Depreciation
Depletion
Corp. & property taxes.
17,266,356
Total
of $4,654,103 in 1939 and $4,185,978
shares in 1939 C470.084 in 1938).
Grand Trunk Ry. of Canada—Termination of Lovihond
Co.—Earnings—
Period End. June 30—
1939—3 Mos.—1938
Net sales.
$2,097,843
$1,393,479
Cost of sales & expenses
611,314
1,878,793
no par
3 Months Ended June 30—
Net income after
provision for deprec.
and Federal income taxes.
6 Mos. End. June 30—
Consol. net profit after
Genesee Brewing Co., Inc.—Dividends—
8,357
2,087,996
Pay 25-Cent Cash Dividend—
Net after rents
,
671
income
Balance avail, for
—V.
$175,073
30,567
$1,875,812
on
Other interest
Net
$171,190
3,883
12,429,056
8,843
Represented by 469,607
Period End. June 30—
.
7,117
611,313
_.
Earned surplus
17,752,0361
depreciation and depletion
—V.
Note—No mention made of taxes.—V. 149,
p. 108.
1,950,000
Directors on July 21 declared a dividend of 25
cents per share on the
capital stock, payable Sept. 1 to holders of
record Aug. 2.
Last previous
dividend was paid on June
30, 1937 and amounted to, at the stockholders
option, either $2 per share in cash, or, in stock at the
rate of one share for
each 25 shares held.—V.
148, p. 2742.
Other
$502,872
Capital stock
Capital surplus.
—Week Ended
Profit...
60,000
1,000,000
12,388,606
in*
17,266,356
y
fund bonds
scrip for cap. stk__
Railway tax accruals
3,328,933
Expenses....
10,339
subsid¬
iary represented by pref. stock of sub¬
sidiary in hands of public..i,
Earned
27,864
155,734
in 1938.
84,000
Res. for special in¬
161,594
trustee
banks
34,830
1st mtge. 3^% sk.
14,886
147,554
8,091
In
18,925
60,964
come tax
bonds, due July
1, 1945--.'„...
Repair parts, &c__
Cash
12,887
surance claims..
1st mtge. m % s.f.
1,400
To
capital stock
.
.group
lnsur..
Res. for Federal in¬
officers
with
41,713,167
3,667,422
1,529,703
em pi
accident
800,000
North¬
hands of receiv.
41,814,997
446", 004
Res .for
34,060
sinking fund.
,
one year
on
35,647,453
201,914
420,222
...
1.145
i
40,469,001
excess
Employees savings fund, payable within
Accrued divs.
2,413,714
Magnesite
Total.
accrued items
S. and foreign income
profits taxes and surtaxes
653
Patents
$
61,355,358
Notes payable.
Accrued accounts
35,847
and employees.
Deferred accounts
payrolls, warranties and sundry
U.
10,438
_
a.657,437,751 1,598,012,229 1,558,656,565
June 30, '39
Dec. 31, '38
June 30, *38
Accounts payable.
in
from
for
Total
%
314,757
755,000
Tnvest.
Due
17,955,399
11,609,744
1,718,278
391,337
784,687
Accrd. int., rec
Other investments
258,750,195
758,830,738
8,098,056
50,322,686
1938
Liabilities—
Accounts payable-
11,097
Inventories
west
7,795,746
1939
$
1 ,086.866
2 428,342
_
_
Co
14,777,575
755,940,144
1938
x
1,400,146
9,590,133
cos. not
shs. $5 series no par
65,885,868
1,100.266
Sight drafts and C.O.D. Items..
Investments and miscellaneous.
1939
Assets—
$
Real est., bldgs.,
machy., &c
11 649,342
Cash
$
242,788,823
201,891
Notes receivable
xAccts. receivable & trade
acceptances..
Inventories
Taxes,
Dec. 31, '38
175,609,306
(short term).
Sub.
30, *39
$
245,025,972
115,969,136
Cash
U. 8. Govt, securities (short
term)
Other marketable securities
729
Balance Sheet June 30
undistributed
holders
,
,
,
By majority decision this board declared the stocks valueless as there
appeared to be no prospect of a dividend.
Since then considerable litigation
followed in Canada and in England contesting the finding.
In time Mr.
Lovibond brought action in the courts of Ontario
seeking a declaration that
the transfer of the Grand Trunk junior stocks to the Government was
illegal, null and void and based upon statutes that were ultra vires of the
Parliament of Canada.
A retransfer of this stock was asked
for, or, in the
alternative, that damages be paid.
The judgment
of the Ontario courts was against Mr. Lovibond who
afterwards brought the matter to England, asking the Judicial Committee
of the Privy Council for leave to appeal the original
judgment.
This appeal
The Commercial &
730
has
refused.
The cable received by the Canadian National
for the judgment will be make known in due course.
been
now
states that the reasons
1079.
—V. 143. p.
Grand Trunk Westei*n
1—-
From Jan.
13,007,628
3,501,312
1,822,005
12,303,768
3,235,819
2,215,521
10,396,734
1,655,637
483,458 def1,169,922
Net from railway
Net after rents.:
148,
1936
$2,116,265
8,225,452
defl3,586
Gross from railway
—V.
1937
$2,035,099
466,379
219,958
120,940
def91,332
278,641
97,802
after rents
Net
1938
$1,407,377
$1,677,231
Net from railway
-Earnings-
RR.
1939
June—
Gross from railway
:—
571,808
382,505
3222.
P.
Dredge & Dock Co.—Extra Dividend—
Directors on July 20 declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, both payable Aug. 15 to holders of record Aug. 2.
Similar payments
were made on May 15 and on Feb. 15, last.
See also V. 148, p. 582.—V.
148, p. 2588.
,••• '
«...
'"i
.
3.033,228
2,158,394
—
From Jan. 1—
8,728,455
3,735,485
_.—
—
$9,120,317
$8,302,690
3,716,773
3.805,357
36,886,929
2,570,998
10,535,592
6,809,260
109.
Bay & Western
RR.
1939
June—
■
j
Net from railway
11,592
Net after rents...
-Earnings—
1938
1937
$147,974
36,919
38,207
15,214
19,556
1936
$140,946
36,381
15,558
842,899
205,855
110,096
780,207
186,057
87.101
$128,780
$131,132
35,817
.
From Jan. 1—
707,947
162,775
def57,277
816,544
Gross from railway
Net from railway
242,662
112.297
Net after rents
-
Corp.—Earnings—
Harrisburg Steel
Hartford Rayon
1017
1qqc
1939
$20,921
Ended June 30—
int., &c
—V. 147. P. 1779.
$34,208 prof$203153
Corp.—RFC Loan—
in the amount of $400,000 has been consummated by the cor¬
with the Reconstruction Finance Corporation, the Federal Re¬
serve Bank of Boston and the Phoenix State Bank & Trust Co. of Hart¬
ford, Conn.
The company will now proceed with a construction program
adopted after a comprehensive survey was made of its plant and equipment.
The program calls for the construction of a power plane at an estimated
cost of $125,000, which will meet all the power requirements of the com¬
pany and also furnish steam for processing.
A recovery plant will also be
constructed at an estimated cost of $50,000 to produce "Glauber Salt"
from the waste products of the company.
The addition of these units to
the company's present plant will increase the efficiency of its operations
and also result in substantial savings.
The balance of the loan will con¬
stitute additional working capital and will be used at once to increase in¬
ventory.—V. 148, p. 2428.:
poration
Corp.—Option Exercised—
Hayes Body
109.
—V. 149, p.
(& Subs.)—Earns.
1939—3 Mos.-—1938
1939 6 Mos. 1938
Net profit
$191,200
$87,100
$398,700
$229,600
Earns, per sh. on com..
$0.11
$0.03
$0.23
$0.10
a
After depreciation, depletion. Federal and State income taxes, &c.
For the year ended June 30, 1939, estimated net earnings, including sub¬
sidiaries, were $905,500, equivalent, after dividends on the preferred stock,
to 53 cents per share on the common stock.—V. 148, p: 3688.
Period End. June30—
3.388,133
41,207,930
11,925,046
8,740,351
29,947,089
5,233,480
308,932
36,969,356
Gross from railway
Green
3377.
A loan
_
Gross from railway
p.
Harbison-Walker Refractories Co.
6 Months
$5,963,838
1,994,196
1,176,719
$8,330,992
Gross from railway
Net from railway.,,—
Net after rents
...—
—V. 149, p.
148,
V.
Net loss after deprec.,
1936
1937
1938
1939
Juno-—
Net after rents
Dunellen, N. J.,
of the company to
,
,
Ry.—Earnings
Great Northern
Net from railway..
connection with the acquisition of the Art Color Co. of
$200,000 having been redeemed in 1932.
It is the plan
cancel this issue at an early date.
■
,
.
The company recently made the sinking fund payment required under the
terms of its first mortgage and collateral trust 6% bonds to bring itself
current and is negotiating to refinance these bonds at a lower rate of interest.
Approximately $4,800,000 are now outstanding in the hands of the public. _
Earnings of the company thus far during the current fiscal year which
began April 1 have been at a rate in excess of a year ago, Mr. Geiger said.—
issued in 1931 in
a
Great Lakes
1939
29,
July
Financial Chronicle
received by the New York Stock Exchange of the exercise
granted to A. W. Porter, Inc., for the purchase of 9,767 shares
stock of this corporation at $2.50 per share.
Notice has been
Greyhound Corp.—Units to Sell Stock—
of the option
The Interstate Commerce Commission on July 13 authorized seven
Greyhound corporation system companies to issue an aggregate of $1,420,000 of common stock to obtain funds to repay or refund advances of a like
amount made by their stockholders.
Greyhound Corp. will receive $944,000 of the total amount.
Companies which will issue the stock are Southwestern Greyhound Lines,
Inc., $150,000; Pennsylvania Greyhound Lines, Inc., $399,600; Capital
Greyhound Lines, $79,808; Illinois Greyhound Liness, Inc., $439,999;
Teche
$99,977; Dixie Greyhound Lines, Inc., $99,800;
Inc.,
Lines,
and
of common
Loan
been listed on
Before
$162,347
$0.74
$0.72
$0.73
$0.45
provision for undistributed profits tax.
o'clock noon Sept. 20 receive bids for the sale to
cumulative preferred stock to absorb the sum of $18,187
Company will until 12
It of sufficient 7%
,
x$236,549
Tenders—
increased to seven members from five with
Schwendler and B. Allison Gillies.—V. 148, p.
Board of directors has been
•.
1936
1937
*$233,305
1939
exps.
sh. on com.stk
Earns, per
x
'
after
and other charges
Corp.—Directorate
Aircraft & Engineering
income
1938
$236,944
6Mos. End. June 30—
Net
Increased—
3377.
and
(Walter E.) Heller & Co.-—Earnings—
preferred stocks of the corporation have
the San Francisco Stock Exchange.—V. 149, p. 414.
the election of William E.
completed with
proceeds of this financing a $237,000 mortgage has been retired
be used for working capital.—V. 148, p. 3848.
From
Listing—
The common and
Grumman
of the corporation have been
the balance is to
Greyhound Lines, Inc., $49,914.
Ohio
from RFC Completes Refinancing
Final steps in refinancing
receipt from the Reconstruction Finance Corporation of $450,000 on a
10-year
1st mortgage.
Previously, $300,000 had been received from
A. W. Porter & Co., Inc., underwriter, from the sale of capital stock.
prices not exceeding $25 per share and accrued dividends.
Company will also until 12 o'clock noon, Sept. 20 receive bids for the sale
to it of sufficient 10-year 4% notes due Oct. 1, 1946, to exhaust the sum of
at
Gulf Mobile & Northern
RR.—Earnings—
Net from railway.
1936
1937
1938
1939
June—
$542,057
151,606
70,406
_
Net after rents
$500,610
134,244
46,366
$582,787
173,619
141,599
$575,290
230,120
110,428
3,258,808
1,008,563
503,980
Gross from railway.
3,225,393
3,825,571
1,367,028
713,207
3,433,857
1,223.446
578,785
From Jan. 1—
Gross from railway.
....
Net from railway.
....
_
Net after rents
—V. 149, P.
Gulf &
901,011
301,079
$23,694 at prices not exceeding par
xNet
def 21,483
600,809
44,823
def104,737
$133,630
29,265
19,347
$87,967
def9,306
df335,674
645,906
41,987
defl22,615
$91,806
Net from railway..
Net after rents
def3 4
1936
1937
1938
1939
$92,707
z
def2,771
def28,032
Net after rents
719,922
112,192
def36,382
110.
Guysborough Mines, Ltd. —Earnings1939
Net income for metals produced
Development and operating costs
7,987
$58,825
48,469
$10,356
285
...
1938
10,509
$56,708
47,399
$9,308
3 Months Ended June 30—
ore milled..
Tons of
179
Estimated operating profit.
Non-operating revenue
Estimated
total
profit..I
or
has
Hagerstown Light & Heat Co. of Washington
-1938
$156,776
114,942
$158,215
121,438
$41,834
Dr3,969
$36,777
Dr6,285
$37,865
13,427
$30,491
13,845
$24,438
14,550
$16,646
14,550
645
697
286
x
256
$8,956
9,500
...
Net
Gross income..
operating revenues
Non-operating income
.
Provision for retirements
«
Gross income
Bond interest
Other interest.
Net income
on common
stock
Before provision for retirements.—V.
x
10,178,157
of
402,885
....$16,495,442 $14,864,082 $14,063,570
Preferred dividends
262,464
262,464
262,464
Common dividends
1,053,368
855,862
1,768,904
$13,745,757 $12,032,203 $10,476,235
yl,316,710
y590,T22
y583,865
$0.73
$4.70
$2.51
x After
deducting all expenses, incident to manufacturing and sale
ordinary or extraordinary repairs, maintenance of plants, accidents, de¬
preciation, «Scc.
y Average number of shares outstanding,
z Includes capi¬
per
$1.52
share
tal surplus.
1939
$
Plants and prop.19,450,263 18,536,044
Cash.
10,781,244' 6,650,286
Accts. receivable.. 3,794,627
3,201,612
z
1,577,474
Treasury stock.. 1,577,475
Invest, securities..
39,200
75,070
Other assets
25,672
20,948
U. 8. Govt. sees..
84,150
3,897,758
Inv.in assoc. cos..
285,738
219,721
Mat'l & supplies.. 3,659,539
3,579,870
Finished products. 3,845,862
4,333,654
Deferred charges..
242,957
241,718
Goodwill
5,000,000
5,000,000
y
Total
..48,786,725 46,334,1571
Deprecla'n & depletion.
Consol. net corp. inc.
$315,105
$163,038
$487,211
162,026
162,026
324,053
324,053
245,962
122,519
1,016,961
1,016,961
1,016,961
long-term debt..
Federal taxes
Pref.
divs.
paid
during
period
Common
dividend
paid
during period.
Com. shs. outstanding at
end of period
Earns,
per
sh.
on
after pref. divs
245,962
1,016,961
com.
$0,151
Nil
$0.16
def$0.102
—V, 148, p. 2899.
(W. F.) Hall Printing Co —Acquires Own Pref. Stock—
Company has acquired all of its outstanding 6% cumulative preferred
stock, amounting at par to $800,000, Alfred B. Geiger President, an¬
nounced on July 25.
This is the balance of an issue of $1,000,000 originally
$
16,945,850
9,619,400
9,619,400
Common stock.. 16,945,850
Preferred stock—
Accts. payable
and
accrued accts
Preferred divs
Deferred
credits..
Federal taxes (est.)
1,471,036
131,232
31,357
1,082,259
4,325,983
Reserves
Earned surplus
Capital surplus
11,067,154
4,112,456
873,386
131,232
22,750
833,490
4,162,291
9,633,301
4,112,456
.48,786,725 46,334,157
Total
Represented by 1,355,668 (ho par) shares,
y After reserve for
of $17,776,233 ($16,624,275 in 1938).
z Consists of 8,706
of preferred and 38,958 shares of common.—V. 148, p. 2589
x
depre¬
shares
Hershey Chocolate Corp. (& Subs.)—Earnings—
Operating profit
Gross income
Cash
discount, &c
Federal taxes
$220,601
on
1938
$
Liabilities—
x
ciation
■
1939—6 Mos.—1938
$705,756
$400,272
17,819
20,524
51,930
35,098
148,796
124,050
$263,978
10,075
18,819
72,046
1939
1938
$
Assets—
Other income.
$426,126
8,540
37,712
64,768
Int.
$11,950,201
306,208
1,167,758
Surplus at June 30...$15,179,610
Shs.com.stockoutstand. yl,316,710
Earnings
Period End. June 30—
148, p. 3066.
1939—3 Mos.—1938
sale
from
stock in excess of
Total surplus
x
(M. A.) Hanna Co. (& Subs.)—Earnings
Period End. June 30—
Net inc. after all charges
$1,772,044
10,623,674
stated value
$1,143
Sundry deductions
Dividends
County
1939
12 Months Ended June 30—
x
$3,037,011
13,636,948
Balance Sheet June 30
$10,535
been made for taxes, depre¬
deferred dvelopment.
Operating revenues
Operating expenses and taxes
148,696
$1,227,134
Proceeds
$9,593
'.i
...
Note—In the above figures no allowance
ciation
638,235
14,225,972
com.
830,804
172,970
23,673
2,134,627
362,582
3,823,943
1,433,401
206,266
2,791,669
522,200
Net profits for period. $2,269,470
Surplus at beginning of
year.
From J an. 1—
Gross from railway.
Net from railway..
3848.
all
_
■Earnings—
Ship Island RR.
June—
Gross from railway.
—V. 149, p.
earnings from
sources
Fed. income tax (est.)..
Undistributed profit tax
109.
and accrued interest.—V. 148, p.
Inc. (& Subs.)—Earnings—
6 Mos. End. June 30—
1939
1938
1937
: 1936
Gross receipts
$18,151,385 $15,598,476 $23,678,788 $16,443,876
Hercules Powder Co.,
y
Net
income..'
Convertible pref. divs..
Common dividends
1939—6 Mos.—1938
$3,743,403 $3,033,966
160,938
154,316
1939—3 Mos.—1938
$1,401,325
$1,173,542
83,217
84,346
$1,484,543
150,385
282,761
$1,257,889
178,866
268,750
$3,904,341
344,867
712,563
$3,188,282
397,543
$1,051,396
$810,274
253,844
253,844
514,312
$2,846,911
507,688
1,028,624
$2,200,460
507,688
1,028,624
514,312
590,279
$1,310,599
$664,148
685,749
685,749
$3.04
$2.10
x After
deducting shipping expenses and selling and general adminis¬
trative expenses,
y No
deduction has been made for Federal surtax on
undistributed profits, inasmuch as the company has a dividend paid credit
Surplus.
Shs.com.stk.out.(nopar)
Earnings per share
from
$283,240
675,749
$1.16
the previous year.—V.
$42,118
685,749
$0.81
148, p. 2588.
Hey wood-Wakefield Co.—Earnings—
6 Mos. End. June 30—
Net loss after all charges
Earns, per sh. on com..
x Profit.
1939
$125,519
Nil
1938
$153,312
Nil
.
1937
x$358,607
$4.51-
1936
*$254,948
$2.78
Volume
Commercial & Financial Chron
The
149
Consolidated Comparative Balance Sheet June 30
J* Assets—
1939
Cash
1938
Notes
$98,427
receivable__\l,338,297
receivable.,/
•
1,163,622
Inventories
350,000
$247,633
350,000
160,969
111,346
603,700
608.800
$280,452
Accounts apyable.
Notes payable
Accrued
1,972,608
.
1938
1939
Liabilities—
$150,459
Accts.
payrolls,
2,219,159
—_
3,921,308
1
4,009,670
Income taxes,.,
119,896
115,734
Misceil. investm'ts
Plants A equipm't
Patents & goodwill
Deferred charges.,
taxes, &c
21,503 Pro v.* lor Federal
59,795
5%
10-year
Series
A
1st
pref.
6,300
$100)
Series B 1st prel.
stock (par $25). 3,487,000
Com.stk. (par $25) 1,500,000
Total
$7,562,364 $7,628,115
.....
1,173,943
,
3,487,000
1,500,000
1,254,201
.$7,562,364 $7,628,115
Total
-V. 148. p. 2744.
Hollmger Consolidated Gold Mines, Ltd.—Extra Div.
Directors have declared
in
addition to the regular monthly dividend of five dents per share on the
capital stock, both payable Aug. 12 to holders of record July 29.
Similar
amounts were
an
extra
cents per share
Mfg. Co.—-Earnings—-
6 Months Ended June 30—-
Manufacturing profit--.
Selling, general and admin,
on
115,436
bonds and misceil
Depreciation
20,405
39,450
...
Provision for Federal income tax
Net profit.......
21,908
59,490
$353,000
$115,429
Net profit per share on the new ($2.50
par) shares
$0.73
$0.24
$0.42
—
Balance Sheet June 30
Assets—
1938
1939
CaBh..
Notes, Ac., rec.
Sundry accts. reo.
y
$135,254
139,494
U.S. Govt. sees.
ill
68
$40,710
97,755
396
982,542
819,075
on
217,357
operations
Other income and credits—.
$171,868
41,751
—
Total profit
—$213,619
Expenses (net) of non-operating properties (incl. of depreciation
.
—...
—
_$2,033)■
■
Provision for deprec. of operating plants and equipment
Provision for contingencies
Provision for Federal and State income taxes..-*-.—--
13,470
Net profit
Earned surplus, balance Jan. 1,1939
Total.
—
.——
67,550
1939
;
Assets—
Cash
on
Liabilities—
hand and in banks...
$116,087
Notes and accounts receivable x2,738,269
Inventories
711,034
Investments
Customers' deposits
Ac
y29,460
Plant and other properties...
....
$1,595,000
77,391
n orders,
9,752
............
z425,766 Accrued payroll..
Patents, dies and patterns, Ac
Deferred charges
1
Distributors'
3,958
5,000
accounts......
39,229 Liability under lnstaiation and
1,200,000
service contracts....
Income and gen. tax accruals
25,634
73,942
88,778
147,957
15,438
liability.*.
Deferred income
...
Reser e for contingencies
470/486
7,206
5M % cumul. conv: pref. stock
(par $50)—
6,209
Common
—
7,630
Claims in closed bks
481,777
1
24,632
15,120
314,188
500,613
1
568,150
al 434,600
stock
Earned surplus..
z
_
Notes payable, banks (uncac.)
Accounts payable, trade
Deferred
x
$292,971
—...
Consolidated Balance Sheet June 30, 1939
Provision for Fed'l
taxes.
...
..
73,964
Capital stock... 1,200,000
Surplus..
567,049
—
...
Earned surplus, June 30,
$145,204
$248,359
—$393,563
15,624
:
;
84,968
—
Dividends—On preferred stock
On common stock
...
———
—
4,732
15,438
34,775
...
$34,054
84,459
233,084
rec.
Land, buildings,
machinery, Ae¬
rate. A goodwill..
Deferred charges.
1938
$196,816 Accounts payable.
84,444 Accrued expenses.
Other bds. Astks.
is./
Accrued int.
1939
Liabtliiies
201,666
Inventories.
Profit
$1,265,314
876,088
—.
.....
$434,398
20,435
$202,587
....
Net sales
Cost of goods sold
Selling and administrative expenses
$426,652
7,746
$159,435
23,571
18,352
$262,442
—
...
142,147
$154,052
5,384
$244,090
—
.
$568,799
$251,324
97,272
$359,526
.
expenses.
1937
1938
$1,869,510
604,196
.—.
—
1939
<,
Operating profit—
Profit
of five
paid in preceding months.—V. 149, p. 110.
Ho skins
Net income
dividend
Earnings for the 6 Months Ended June 30, 1939
Sales, wholesale and retail
——,......
—.
Finance charges, distributors' earnings, &c
——
12,000
stock (par
Surplus.,
Hussman-Ligonier Co. (& Subs.)—Earnings-—
57,135
regis.
deb. bonds,,,..
731
Resolved, that the resolutions adopted by this board of directors on Jan.
•25, 1934, with reference to the payment of coupons from the above bonds
are hereby rescinded as of the date
hereof;
m|
"Resolved, that the Chairman of the Board is hereby authorized to notify
the New York Stock
Exchange of the adoption by the board of the foregoing
preambles and resolutions."—V, 149, p. 110.
Total—..—*— $4,059,647
Total—
—.
$4,059,847
x After reserves for losses of $176,614.
y 2,400 shares of the company's
of no par value.
After reserves for depreciation of $360,235.
Represented by 172,336 no par shares.-—V. 148, p. 734.
common stock
Total... —$1,973,065 $1,862,964
Total.
....$1,973,065 $1,862,964
x Represented
by 480,000 shares capital stock, par $2.50.
y After
$3,500. z After reserve for depreciation of $314,729 in 1939 and
$358,779 in 1938.—V. 148, p. 2589.
a
Idaho Power Co.- —Earnings—
reserves of
Houston
Lighting & Power Co.-—Earnings—
....
1939^-12 Mos.—1938
1939—Month—1938
Period End. June 30—
Period End. June 30—
Operating revenues.
Oper. exps., incl, taxes*.
Prop, retire, res. approp.
Operating revenues— $1,054,387
Oper. exps., incl. taxes..
599,623
Prop, retire, res. approp.
337,825
$995,649 $11,884,591 $11,172,177
489,679
6,248,314
5,601,711
168,250
1,690,179
1,585,865
Net oper. revenues
Other income (net)..—.
Net oper. revenues...
Other income
$337,720
1,554
Int.
$116,939
779
—
$3,946,098
17,577
$3,984,601
20,703
Gross income
on
-—
mortgage oonds.
Gross income—$117,718
mtge. bonds.
Other int. & deductions.
80,208
14,415
on
$339,274
80,208
$3,963,675
962,500
159,630
$2,841,545
12,868
$4,005,304
962,500
156,164
—$23,095
$246,198
Dividends applicable to preferred stocks for the
period, whether paid or unpaid-—
$2,886,640
315,078
——
Balance
$2,526,467
—
—V. 149. P. 110.
Hudson & Manhattan
expenses
315,078
$2,486,388
Dr306
14,717
$208,938
56,250
8,797
$195,875
56,250
13,531
$2,501,105
675,000
111,457
Net
Income—.
$143,891
Balance
-V. 149, p.
& taxes—
Income
10,626
$1,152,191
65,125
$995,297
71,333
$163,879
287,784
$1,217,316
1,692,890
$1,066,631
$77,831
Deficit
a
Including interest
To
Pay Interest
on
$123,905
$475,574
$661,212
adjusted income bonds at 5%
on
$1,569,296
414,342
—
414,342
$1,300,903
$1,154,954
110.
{Earnings of System)
1939——6 Mos.—1938
$3,778,238
$3,661,990
2,626,047
2,666,693
-
$199,422
277,253
charges.—..
$1,715,245
....
Illinois Central RR.—Earnings—
1939
June—
Gross from railway..... $8,286,813
Net from railway.
1,626,576
From Jan. 1—
Gross from railway—.
-
Net after rents
1,727,843
.
-
for the payment of its first lien & refunding mortgage series A
bonds in amounts of sterling money not greater than the amounts provided
company
in the resolution:
672,199
$8,874,867
1,443,650
2,093,528
$8,941,454
2,065,295
953,268
2,093,510
1,651,835
5,828,871
49,597,286
11,652,336
5,601,921
56,580,232
11,970,872
6,841,286
53,667,644;
12,078,107
5,942,203
(Earnings of Company Only)
1939
June—
Gross from railway.....
Net from railway...—.
Net after rents...
Bonds in Foreign Currency—
The company has notified the New York Stock Exchange of the adoption
of the following resolution with respect to the arrangements made by the
1936
1937
1938
1,727,233
827,857
$7,950,612
.....
Net from railway
a
$126,094
——,
Net after rents._......
Gross income.
120,793
Cr27,391
$2,571,562
$151,978
11,901
$188,796
Operating income....
Non-oper. income
$2,354,109
691,411
stocks for the
period, whether paid or unpaid
RR.—Earnings—
1939—Month—1938
$616,627
$581,228
427,831
429,250
$2,352,818
1,291
$196,181
292
Int. chgd. to constr'n
,
Period End. June 30—,
Gross oper. revenue..—
Oper.
-
$5,636,448
2,845,630
438,000
$208,646
Dividends applicable to preferred
Net income
1939—12 Mos,—1938
$5,937,141
3,000,753
450,000
Cr597
Other int. & deductions.
Interest
1030—Month—1033
$530,855
$471,767
284,709
238,086
37,500
37,500
From Jan. 1—
Gross from railway.----
1938
$6,893,560
1,440,730
_
$7,249,945
1,414,973
677,261
$7,585,421
1,048,304
1,715,678
740,362
„*
An
45,472,157
9,936,357
42,969,081
9,779,936
5,267,781
Net from railway
Net after rents
1936
1937
_
4,965,381
48,695,337
9,481,510
5,446,514
$7,702,571
1,667,662
773,612
46,854,976
10,160,384
5,276,905
—V. 149, p. 110.
*
"Whereas, the first lien & refunding mortgage bonds, series A, of this
expressed to be payable, as to principal and interest, in gold
company are
coin of the United States of America of or equal to the standard of weight
and fineness existing Feb. 1, 1913, at the office or agency of the company
in the
Borough of Manhattan, City of New York, or, at the option of the
a specified amount of sterling money of the United Kingdom
of Great Britain and Ireland, at the office of agency of the company in
London, England; and
"Whereas, the 5% adjustment mortgage bonds of the company, interest
bearer, in
which is payable only out of the surplus income of the company as
defined in the adjustment mortgage remaining after provision for interest
on
on
the first lien & refunding mortgage bonds, contain substantially the same
provisions; and
"
Whereas, the Supreme Court of the United States has held that Public
Resolution No. 10 of the 73rd Congress, approved June 5, 1933, is applic¬
able to bonds containing provisions for payment in money of the United
States, or, at the option of the bearer, in fixed amounts or foreign curren¬
cies, and this company must regard the public
resolution as applicable to it; and
policy declared by such
"Whereas, this company has been advised by its counsel that the
com¬
is not under a legal liability to pay the coupons from the above bonds
but that the board of directors would be justified in making
arrangements to the end that the holders of such bonds who desire to
present their coupons in London may receive payment in sterling in amounts
not exceeding the amounts specified in the following resolution:
"Resolved, that this company continue to pay, in accordance with their
tarns, the coupons from the above mentioned bonds, on presentation and
surrender of such coupons at the office or agency of the company in the
Borough of Manhattan, City of New York, in lawful money of the United
States, and that this company continue to pay the coupons from the abovementioned bonds on presentation and surrender of such coupons at the pay¬
ing agency of the company in the City of London, in amounts of sterling
money of Great Britain not greater than the sterling equivalent of the dollar
amount of such coupons at the rate prevailing in London on the date of
payment for sight drafts on New York and not greater than the sterling
amounts specified in such coupons;
"Resolved, that the Chairman of the Board is hereby authorized to make
arrangements with the paying agency of this company in London for the
payment of coupons from the above-mentioned bonds presented in London
in amounts of sterling money not greater than the amounts provided in
the foregoing resolution;
pany
in sterling,
Illinois Terminal RR.
Co.—Earnings1938
1939
.Tim?
Gross from railway
Net from railway
Net after rents..----—
Gross from railway—...
Net from railway
Net after rents
—V. 149, p.
$445,552
!32,595
69,501
$410t992
99,859
40,647
2,690,798
793,550
438,255
2,493,263
§46,512
276,514
1937
$507,193
186,233
114,378
3,122,344
1,148,449
720,088
1936
$484,527
168,521
114,481
2,919,28o
1,060,118
743,969
110.
Imperial Rayon Cor p.—New. NameRayon Corp., below.
Bee New Process
Earnings—
Incorporated Investors
1939
1938
1937
1936
$353,316
52,904
20,798
$311,407
63,205
22,246
$589,773
88,654
22,667
$474,561
80,218
27,700
2,898
3,162
4,150
81
241
38
4,669
347
$276,635
$222,553
$474,265
$361,628
ing paym't for par¬
ticipation in undivided
earnings
Undivided earnings-
908~,048
809,908
610,218
374,806
3 Mos. End. June
30—-
y Income from cash divs.
Managemefct fee—
Tfiixos
—
•*
Transfer'agent's fees and
expenses
—-
Miscellaneous
Net income.
—
.....—-
Part of proceeds of sales
of cap. stock constitut¬
*1,412
_
Total income.—.—
$1,184,683
432,510
$1,032,461
446,318
$1,084,483
Ca>h dividend—....—
$737,846
696,000
Undivided earns. June 30
$752,173
$586,143
$1,084,483
$41,846
Representing amount included in price of new shares for participation
for the quarter to dafte and in the
y Includes interest of $2,708 in
1939, $85,965 in 1938, $18,966 in 1937 and $2,494 in 1936.
x
In accrued gross earnings before expenses
balance in undivided earnings account,
The Commercial & Financial Chronicle
732
June 30, 1939
Condensed Statement of Net Resources
On June 30, 1939
Cash
1
the company had—
is'
•
1, 1939, $793.34, a total of $25J26,902.
For each $1,000 principal amount of Consolidated Mortgage 4% gold
bonds of the Manhattan Railway, including interest, coupons and claims
for interest after Oct. 1, 1937, (of which bonds $40,670,000 principal amount
after Jan.
$3,401,524
793,875
38,146,863
117,235
—
quotations x—Railroad bonds
Common and preferred stocks
Investments, at market
Dividends receivable
1939
July 29,
1932, (of which notes and coupons an unpaid balance of $28,716,459.63
outstanding in the hands of the public), and claims for interest thereon
is outstanding in the hands of the puolic), $825, a total of $33,552,750.
For each $1,000 principal amount of second mortgage 4% bonds of the
^
Making total resources of___
Against which the company had liabilities of
payable July 1, 1939—I
Estimated Federal and State taxes
—
$42,459,496
management fee
52,904
_
—
$1,522,850.
way,
$127,228
$133,936
Uncollectible oper. rev—
130
124
$798,075
775
731
$133,806
—
principal amount of 10-year unsecured 6% gold notes of
Rapid Transit Co., including the Oct. 1, 1932, interest
and claims for interest thereafter tot which notes $10,500,000
principal amount is outstanding in the hands of the public), $350, a total of
$3,675,000.
For each share of common stock of the Interborough Rapid Transit Co.
For each $1,000
the Interborough
$751,159
$127,104
$797,300
68,116
405,669
coupons
$750,428
72,131
Operating re venues-
405,099
Operating expenses
Net oper. revenues
Rent for lease of op.prop.
$61,675
$58,988
50
$391,631
337
20,182
18,601
120,432
108,128
Net oper. income—income
$41,443
$40,337
27,739
$270,862
$236,901
198,055
162,034
28,943
Net
—V.
149, p.
Ingersoll-Rand Co.—$1.50 Dividend—
dividend of $1.50 per share on the
1 to holders of record Aug. 7.
March 1, last; $1.50 on Dec. 1,
and Sept. 1, 1938, $1 on June 1, 1938; $1.50 on March 1, 1938, an extra
dividend of $1.50 per share on Dec. 24, 1937; quarterly dividends of $1.50
per share on Dec. 1 and on Sept. 1, 1937, and previously regular quarterly
dividends of 50 cents per share were distributed.
In addition an extra divi¬
dend of $4 was paid on Dec. 24, 1936, and an extra of $3 was paid on Dec. 28,
1935, and, an extra of $2 was paid on Dec. 28, 1934.—V. 148, p. 2272.
26 declared
a
stock, no par value, payable Sept.
Dividends of $1 were paid on June 1 and on
common
Inland Power &
Securities
The
and
consent of the
Commission
July
announced
25
that
that if it exercises such an option with respect to
and Manhattan properties it must also purchase
5% first mort-
onds
to be
gage gold bonds,sold at the principal of Michigan Public Service Co.to The
due April 1, 1947, amount, plus accrued interest
the
of delivery,
as
Employers Mutual
follows:
of Wis.
American United
Liability Co.
$100,000; Modern Woodmen of America, $136,000, and
147, p. 2395.
Faulkner Committee Says
The plan proposed by the
Life Insurance Co., $7,500—V.
Interborough
Rapid
Unification Plan—
Transit
Co.—Investors
Transit
Accept
for the Faulknet protective
join in signing the city's
the 6 % note holders were
$350 per note, when the
claim is $1,500 is unreasonable.
We are not concerned and feel that we
will be able to prove our claim both before the Transit Commission and the
"The reason the Faulkner committee did not
unification plan was because the funds allotted to
both inadequate and unfair.
A price of 35, or
Court.
"It is not generally known that the I. R. T. has on
elevated lines.
The Commission's action, coming a few weeks after the city and the
B. M. T. signed their contract for city purchase of all B. M. T. system
hand, besides the vari¬
claims it has against the B. M. T. and the city amounting to many
millions, cash and securities of approximately $14,000,000 which the city
ous
wished to take
properties for $175,000,000, was in line with recent predictions that the
city, early in 1940, would become the owner and perhaps the direct opera¬
tor of all rapid transit and surface lines now run by the B. M. T. and In¬
terborough systems, at a total cost of about $326,000,000.
As in the case of the B. M. T. proposal the plan for city acquisition
of the Interborough-Manhattan properties was negotiated with the aid
of the Fertig amendment to the State Constitution, permitting the city to
issue up to $315,000,000 of its own bonds outside the debt limit to help
finance the unification of transit lines.
The amendment approved by the
voters last November, was sponsored by Transit Commissioner M. Maldwin
over.
"It would only take part
of these funds to satisfy the 6% note holders.
equitable.
There would be no trouble
This would be eminently proper and
in
p.
getting together promptly, as I feel sure we will eventually."—V.
415.
Interlake Iron Corp.
149.
(& Subs.)—Earnings—
1938
1937
1936
$2,468,787
2,200,783
110,116
$7,363,981
3,231,571
148,709
$4,155,969
3,615,615
91,270
loss$42,295
$157,888
$1,259,450
$449,083
investment, &c
Profit on coal operations
20,481
11,006
29,826
5,803
61,229
16,648
Miscellaneous income—_
2,815
3,374
8,517
4,653
loss$18,999
Int. and disc, on bonds..
91,590
Prov.
for
deprec., relining, &c
277,681
$172,268
91,399
$1,303,597
124,171
$531,613
165,265
3 Mos. End. June 30—
1939
Net sales
$3,337,985
Cost of sales.
Sell., admin. & gen. exps.
Fertig.
6,003,397
97,414
3,720
Rents
made public at its offices at 270 Madison
La Guardia had announced that the
proposal had been approved by his own unification committee, by the
majority of the Transit Commission and by spokesmen for I. R. T.-Man¬
hattan security groups to whom the plan allocates $144,000,000 of the
total purchase price of $151,000,000.
Publication of the proposal by the
Commission revealed that committees representing some of the Inter¬
borough common stock and 6% unsecured notes and some of the Man¬
hattan 7 % guaranteed stock and Interborough 7 % secured notes had not
assented to the plan.
Before the plan can become effective it must be formerly adopted by
the Transit Commission, the Board of Estimate and the various security
groups and approved by the U. S. District Court, where both the Inter¬
borough and the Manhattan companies are in receivership.
Another step
which must be taken before the city gets a clear title is the foreclosure of
the first mortgage liens upon the properties of both companies.
Chester W. Cuthell, Special Counsel for the Commission, hinted that
consummation of the Interborough-Manhattan transaction might come
before the city's pending deal with the B. M. T. was completed.
He
ponited out that the receivership status of the Interborough-Manhattan
system lent itself to a speedier conclusion that in the case or the deal with
the B. M. T., which is a solvent organization.
The Commission's plan for city acquisition of the I. R. T.-Manhattan
properties first took definite shape last January and two weeks ago reached
the stage where Mayor La Guardia announced a price of $151,000,000
had been fixed by the city with the agreement of spokesmen for the I. R, T.
5s and 7s and the Manhattan first mortgage 4s.
When the Commission voted to put forward its plan for public hearings
it had received a letter, signed by the Mayor, the members of his unifi¬
cation negotiating committee and representatives of four I. R. T.-Manhat¬
tan security groups, approving the plan and agreeing to recommend its
adoption by their principals if the Commission, after public hearings, ap¬
proved it in substantially its present form.
Besides Mayor La Guardia, those signing the letter were Controller
Joseph D. McGoldrick, Council President Newbold Morris, Chairman
John H. Delaney of the Board of Transportation, Aurthur M. Anderson,
for the committee representing Interborough 5% bonds; J. Herbert Case for
the committee of
Interborough 7% notes; W. H. Bennett for the Van S.
Merle-Smith committee of Manhattan 1st mtge. 4% bonds; Louis J. Vorplan
committee for the noteholders, issued the fol¬
lowing statement:
Commission put forward July 25 as the basis
The Commission's
Proposal Is Unfair—
Transit Commission and the city for the pur¬
chase of the I. R. T. and the Manhattan Ry. was attacked July 26 as unfair
to holders of I. R. T. unsecured 6% notes.
Ira W. Hirschfield, counsel
for public
hearings to start Aug. 8, a proposal for the city's purchase of all properties
of the Interborough Rapid Transit Co. and the Manhattan Ry. for $151,
248,187. Of the total purchase price $140,000,000 is to be in 50-year 3%
city bonds and the rest in assessment bonds to be issued in connection with
proposed condemnation and demolition of the Second and Ninth Avenue
The
the first liens on I. R. T.
all securities of any other
class, 66 2-3% of which have assented to the plan.
are
date
city and the various committees.
operative by Dec. 31, 1939, the city or the committees may terminate it by
giving a 30-day notice.
The operative date, however, may be extended by
mutual agreement.
The plan gives the city the option to acquire the properties by taking over
all securities which have assented to the proposal, subject to the condition
Leonard 8. Florsheim, trustee has filed an application (File 56-51) under the
Holding Company Act for approval of the sale of $^3,5uu of
be reduced by the Commission, with the
If the plan is not declared
The percentages may
mittees.
Light Co.—To Sell Subsid. Co. Bonds—
Exchange
_
t
,
300
110.
The directors on July
t.
T>
(of which 359,000 shares are outstanding in the hands of the public), $3, a
total of $1,050,000.
The letter sent to the Commission by Mayor La Guardia, his negotiating
associates and the spokesmen for the principal security groups, declared
that the plan "correctly reflects the results of the negotiations" in which
Chairman Fullen and Commissioner Fertig also participated.
It assured
the Commission that adoption of the plan in substantially its present form
would mean that the city group would urge approval by the Board of Esti¬
mate and that the security group spokesmen would urge their groups to
take similar action.
Mayor La Guardia. Mr. McGoldrick and Mr. Morris
holds nine of the 16 votes on the Board of Estimate.
The plan provides that its terms will become operative when 76% in
aggregate principal amount of I. R. T. 5s and 7s and Manhattan firstmortgage 4s outstanding in the hands of the public shall have been deposited
and 66 2-3% of aggregate principal amounts of Manhattan second-mortgage
4s Manhattan 7% and 5% stock is in the hands of the designated com¬
$345,329
50
Operating taxes... - - -
-
dividends thereon (of which
in the hands of the public), $19, a total of
$10 573 310
1939—6 Mos.—1938
1939—Month—1938
Period End. June 30—
Operating revenues--—
including all claims for the payment of
556,490 shares are outstanding
Telephone Corp.—Earnings—
Indiana Associated
guaranteed 5% stock of the Manhattan Rail¬
For each share of modified
company.—V. 149, p. 261.
of the
Railway,
Including all claims for the payment of dividends thereon (of which stock
43,510 snares are outstanding in the hands of the public), $35, a total of
$42,322,912
carried at their cost of $48,239,858 on the books
of—_—
This leaves net resources
These investments are
Manhattan
79,681
4,000
Accrued expenses
x
including interest coupons and claims for interest
after Dec. 1, 1933, (of which bonds $4,523,000 principal amount is outstand¬
ing in the hands of the public), $500, a total of $2,261,590.
For each share of guaranteed 7% stock of the Manhattan Railway,
-
was
Avenue several hours after Mayor
haus for the William S. Kies committee for the same bonds and Nathan L.
Amster for the Amster committee for Manhattan modified guarantee 5 %
stock.
The law firm of Curtis, Belknap & Webb, reprsesenting the Rockefeller
interest, signed on behalf of the 4% 2d mtge. Manhattan
4% bonds held by these interests.
,The plan includes an allocation to security holders of the
proceeds from
estate and trust
the sale of the
properties to the city.
It is based upon distribution not only
$151,000,000 to be paid by the city, but also on an additional $6,700,000, representing sums now due the Manhattan 1st lien bonds and the
Interborough 5s because of condemnation of the elevated spurs on Sixth
of the
Avenue, 42d St. and 34th St. and the recent condemnation of the main line
of the Sixth Avenue route.
'
Distribution of Proceeds
,
given in each case being
the
provisions of the plan (the
based on 100% assent of security holders.
Je+22'amount of first and refunding
total
mortgage 5%
gold bonds of the Interborough Rapid Transit Co., including interest cou¬
pons and claims for interest after Jan. 1, 1939, (of which bonds $97,195,000
^0n?Palamount is outstanding in the hands of the public), $825,
For each
J&875.99 prmcipal
a total of
amount remaining unpaid of 10-year secured
convertible 7 % gold notes of the Interborough Rapid Transit Co. and
$30.69
remaining unpaid on the interest coupon thereto appertaining, due Sept.
Interest
&
dividends
on
Total income
-
285,138
Prov. for bad and doubtful accts.
and
notes
in
352,389
.
3,771
2,041
25,851
3,869
2,182
Federal capital stock tax
Federal income tax (est.)
Expenses
519,626
,
receivable
Loss on coal operations.-
.
5,166
5,125
9,157
connection
with iron paving tile_-
48,253
Cancellation of prov. for
Federal income tax
Net loss
—
11,029
'
Amort, of investment in
Dalton Ore Co
61,653
54,000
$294,587prof$572,835
$48,978
70,125
Cr7,700
$442,574
—V. 148, p. 2746.
International Business Machines Corp.—Earnings—
x
6 Months Ended June 30—
Net profit
Earnings
per
share
1939
1938
1937
$4,392,356 z$4,019,303 z$3,940,059
a$5.13
y$4.93
y$4.83
x After depreciation and estimated Federal income taxes,
y On 814,674
shares no par capital stock,
z After deducting $385,768 blocked foreign
net profits (1937 $437,989).
a On 855,408 shares no par capital stock.
Net earnings for the six months ended June 30,
1939,
were
$5,492,356
after deducting $569,549 blocked net foreign profits and before providing
for Federal taxes.
\
They compare with net earnings for the corresponding
1938 period of $5,065,803 after deducting $385,768 blocked foreign net
profits applicable to that period.
After providing for estimated Federal taxes the net income for the first
six months of 1939 was $4,392,356, compared with net income for the
corresponding 1938 period of $4,019,303.—V. 149, p. 415.
International Great Northern RR.—Earnings—
June—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
'Jh® detailed allocation allows only $3 a share for Interborough common
and $19 for Manhattan modified guarantee
5% stock.
The city bonds or
cash available under the plan will oe distributed as
foliows, after deduction
of the pro rata share of each holder in the
expenses and compensation to
be paid by his class of securities under
Profit
1939
1938
1937
1936
$916,168
127,289
16,155
$944,843
74,240
def54,018
$1,038,354
175,460
21,513
$963,744
126,544
defl5,461
5,582,148
592,591
def287,632
5,954,723
628,496
def345.285
6,503,935
1,084,455
20,732
5,787,032
854,095
def29,937
—V. 149, p. 111.
International Match Realization Co., Ltd.—Liquidat¬
ing Dividend—
The directors (contingent upon receipt by the company of the dividend in
bankruptcy of 3% which Irving Trust Co., as trustee in bankruptcy of
Interna'ional Match Corp., has been authorized to pay) have declared a
fourth liquidating dividend of $20 per share on its capital shares and the
voting trustees of the voting trust for said capital shares have directed the
company to pay the dividend on Sept. 11 to holders of voting trust cer¬
tificates of record at the close of business Aug. 2.
Unexchanged certificates
of deposit of either protective committee for debentures of International
Match Corp. will entitle the bearers thereof to receive this dividend at the
Volume
The Commercial & Financial Chronicle
149
time such certificates are exchanged for
voting trust certificates for
shares of this company, but the dividend will not
be
capital
paid until the exchange
is made.
Holders of unexchanged certificates of
deposit should, therefore,
surrender them to the respective
depositaries to insure prompt payment of
this, as well as the other three liquidating dividends.—V. 148, p. 2867.
x
y
Earnings
per
After
x
all
1938
1937
y
Isle Royale
on or
the balance of such net
proceeds for other corporate purposes.
1 unds sufficient for
the redemption of the bonds to be redeemed will be
deposited in trust simultaneously with the sale and
delivery of the bonds
offered.
$116,254
$163,611
$168,131
$150,625
$0.48
$0.68
$0.70
$0.63
Debt
and
1936
interest, depletion, depreciation and
On 240,000 shares capital stock.—V. 148, p.
expenses,
Federal taxes,
about Sept. 1, 1939, of
$28,440,000 first mortgage bonds, 4H% series due 1965, at 108 and to use
Funded
1939
share
733
accrued to the redemption date)
„
International Salt Co. (&
Subs.)—Earnings—
6 Mos. End. June 30—
Net earnings
of interest
estimated
1644.
Copper Co.—To Auction Shares—
Capital Stock
(General Effect
Present
to
Authorized
First mortgage bonds
Financing)
Outstanding
Unlimited
a
_
3^% series due 1969 (due
$26,500,000
$26,500,000
July 1, 1969)
2M % promissory notes due serially 1940-49-b
3,500,000
3,500,000
6% cum. pref. stock ($100 par)
150,000 shs.
cl22,600 shs.
7% cum. pref. stock ($100 par)
cl6,569 shs.
20,000 shs.
Common stock ($10 par)...
1,100,000 shs. 1,050,000 shs.
a Additional
bonds may be issued under the mortgage and deed of trust
upon complaince with the provisions thereof.
b To be issued
concurrently with the issue of the bonds now offered,
c
Including, respectively, 40,533 shares of 6% cumulative preferred stock
and 2,256 shares of
7% cumulative preferred stock owned by a parent of the
v
The
Boston Stock Exchange has been informed that shares of this com¬
pany s capital stock on which assessment No. 2 of 50 cents a
share, due and
payable June 20, 1938, and assessment No. 3 of 50 cents a share, due and
payable April 22, 1939, has not been paid, will be offered for sale at public
auction at the Michigan office of the
company on Aug. 15, 1939, unless the
assessments with interest and costs and
expenses of the sale are sooner paid
—V. 146, p. 3807.
company.
Summary of Earnings for Stated Periods
Jersey Central Power & Light Co. (& Subs.)—Earnings
Period End. June 30—
Gross oper. revenue
1939—6 Mos.—1938
Gross mdse. revenue.._
Non-oper.
$5,636,502
743,509
revenue
7,220
Total gross revenue._
56,387,231
3,956,500
Oper. exps. & taxes
Retirement expense
468,576
Avail, for int., &c____
$1,962,155
Bond interest
Amort, of dt. disc. & exp.
Other miscell. deduc'ns.
1939—12 Mos.—1938
$5,327,034 $11,979,626 $11,513,311
663,985
1,199,714
1,121,809
21,649
13,605
45,633
$6,012,668 $13,192,945 $12,680,753
3,734,319
7,936,627
7,733,805
404,049
994,719
790,862
975,625
71,267
27,584
$4,261,599
1,951,250
142,534
63,523
$4,156,086
1,951,250
142,534
65,331
$887,679
Net for dividends
$1,874,301
975,625
71,267
27,772
$799,637
$2,104,292
$1,996,971
$
Acc'ts receivable._
2,043,377
1939
22,041,100
Funded debt..... 42,225,000
42,225,000
income..
555,921
883,190
52,630
46,993
Miscellaneous....
14,926
13,970
11,257
14,353
Consumers' deps_.
Reserves
2,786,066
2,952,654
Misc.
curr.
assets.
Miscell. assets
Deferred debits...
Co.'s
own
pref.stk.
x
contracts.
132,200
204,226
Accounts payable.
Accrued items..,..
225,979
1,447,399
67,938
658,050
.
.....
5,885,117
.
Capital surplus... ...
Earned surplus...
held...
Total
Disctd.
10,537,700
364,504
167,776
1,454,655
41,625
676.934
5,344,048
769,338
769,338
2,875,864
.
1,882,834
132,200
86,937,711 85,505,5151
Represented by 1,053,770
no
par
Total
86,937,711 85,505,515
shares.—V. 148, p. 2591.
Jones & Laughlin Steel Corp. (&
Subs.)—Earnings—
Period End. June 30—
y-Total
earnngs.
Prov.for deprec. & deple.
Interest charges
Ajd. for minority int. in
prof, of sub. consol
1939—3 Mos.—1938x
$1,638,259
$327,993
1,539,082
1,569,108
556,625
446,195
1939—6 Mos.—1938x
$3,369,949
3,079,605
1,121,124
$1,039,531
2,944,221
897,520
13,839
Cr6,951
17,032
25,655
$471,287
Loss
$1,680,359
$847,812
$2,827,865
x The results for the second
quarter and six months ended June 30, 1938,
Include Frick-Reid Supply Corp. for
comparative purposes as the accounts
of that company are now included in the consolidated
accounts,
y After
deducting all expenses incident to operations, including repairs and main¬
plants and estimated provision for all local, State and Federal
taxes.—V. 148, p. 2591.
tenance of
Kansas Oklahoma & Gulf
June—
Ry.—Earnings—
1939
Gross from railway
Net from railway
1938
1937
1936
$235,228
126,369
84,342
$183,727
87,337
52,819
$181,777
112,125
70,131
$192,411
102,695
63,744
1,334,319
684,805
449,833
1,111,053
518,069
318,500
1,096,005
557,044
329,111
1,171,970
604,112
378,516
,
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 149,p. 112.
Kansas
Power
&
Light Co.—Bonds Offered—A group
Dillon, Read & Co.,
Inc.; Harriman Ripley
& Co., Inc.; Blyth & Co.,
Inc.; Kidder, Peabody & Co.;
Lehman Brothers; Mellon Securities
Corp.; F. S. Moseley
& Co.; E. H. Rollins & Sons, Inc.; Smith,
Barney & Co.;
Spencer Trask & Co.; Union Securities Corp.; Harris, Hall
& Co., Inc.; Arthur Perry & Co., Inc., and 21 other under¬
writers, offered July 26 $26,500,000 1st mtge bonds, 3lA%
series due 1969, at 108^ and interest.
headed by The First Boston Corp. and
and including Halsey, Stuart & Co.,
Dated July 1,
1939; due July 1, 1969.
trustee.
expenses.....
tax
Balance..
$5,035,776
9,119
agencies of the company in New York, and Chicago.
Denom. $1,000,
issuable, in coupon form, registarable as to principal only, and in
fully
registered form in denoms. of $1,000 or any multiple thereof.
Red. (other¬
wise than for the sinking fund or by application of
moneys included in the
trust estate), at option of company, in whole or in part
by lot, on any day
prior to maturity, at following percentages of the principal amounts thereof:
111% to andincl. June 30, 1941; 110% thereafter to and incl. June 30,
1943;
109% thereafter to and inc
June 30, 1945; 108% thereafter to and incl.
June 30, 1947; 107% thereafter to and incl. June
30, 1949; and thereafter,
the percentages for the respective remaining periods
specified below in the
case
of redemptions for the sinking fund; together, in each
case, with
.
$4,918,579
804
683
$5,044,895
$5,123,429
$4,919,383
$5,040,193
1,489,507
1,544,024
1,590,883
1,611,199
$3,579,405
$3,328,500
$3,428,994
revenues
Gross incpme
Deprec. and retirement
reserve......
before int.
charges & amort J of
discount
and
The aggregate annual interest
charges on the $26,500,000 frist mortgage
bonds, 3)^ % series due 1969 and the $3,500,000 of 2% % promissory notes,
to be initially
outstanding upon the completion of the present financing, are
$1,023,750. Annual interest charges on such amount of first mortgage bonds
alone are $927,500.
Amortization of bond discount and expense, other
interest charges and miscellaneous income deductions for the
years 1936,
1937 and 1938 and for the 12 months ended April 30, 1939
aggregated
$124,373, $133,187, $130,768 and $129,108, respectively.
History and Business—Company was incorp. in Kansas in March. Com¬
pany has from time to time acquired, principally from affiliated companies,
electric, gas, and other utility properties, and has constructed other
facilities, consisting mainly of electric generation, transmission and dis¬
tribution facilities, all in the State of Kansas.
Company is engaged primarily in the generation, transmission, distri¬
bution and sale of electric energy, and in the purchase, transmission, dis
tribution and sale of natural gas, in the State of Kansas.
For the 12 months
ended April 30, 1939, the percentages of total operating revenue of the
company, by departments, based upon the tabulation of total operatin
revenues, were as follows:
Electric, 53.8%; natural gas, 39.6%; bus trans¬
portation, 3.1%; water, 1.9%; steam heating, 0.8%; and ice, 0.8%.
Electric service at retail is supplied in 129 incorporated communities,
including the cities of Topeka, Hutchinson, Salina, Atchison, Manhattan,
Junction City and Abilene, and in a number of unincorporated communi¬
ties, all in Kansas.
The estimated aggregate population of such com¬
munities and of adjacent rural areas similarly served is approximately
250,000.
Electric energy is supplied at wholesale to 16 municipalities for
resale, to two rural cooperatives and to three other electric utilities, and is
also interchanged with two other electric utilities.
More than 98% of the
total energy generated and purchased is generated in plants owned by the
company, in connection with which a substantial quantity of purchased
natural gas is used as fuel.
The company provides natural gas service at retail in 92 incorporated and
a number of unincorporated, communities having an estimated
aggregate
population of approximately 158,000, among which are the cities of Salina,
Atchison,
Manhattan, Junction City,
Pratt, McPherson,
Concordia,
Abilene and Great Bend, Kan.
Natural gas is sold at wholesale to four gas
utilities, including Nebraska Natural Gas Co., an affiliated company,
which purchases its entire gas requirements from the company.
All of the
gas distributed by the company is purchased, a major portion being pur¬
chased from producers operating within or adjacent to the territory in
which gas service is provided at retail.
Principal Underwriters—The names of the principal underwriters and the
principal amount of first mortgage bonds, 3K % series due 1969, severally
to be purchased by each are as follows:
First Boston Corp.,$3,900,000; Halsey, Stuart&Co.,
During
During
Year End.
June 30
Percentage*—
108.50
During
Year End.
Percentage—
June 30
1950
Percentgage—
1940
106.47..
108.32.
1941
106.24
1951
103.40
108.14...
1942
105.99
105.74
1952
103.07
102.73.
Year End.
June 30
-
107.96
1943
1944
107.76
107.56
107.36
107.15
106.93
106.71
105.47
1953
103.73
1960
1961
...
1962
1963
1954
102.37
1964
105.20.
104.93
1955
1956
102.01.-_....
101.63
1965
1946
1947
104.64
1957
101.24..
1966
1967
1948
104.35.
1958
100.84
1968
1949
104.04
1959
100.43
1969
1945
...
w
together, in each case, with accrued interest to the redemption date.
The supplemental indenture will contain provisions
requiring the com¬
pany to pay to the trustee for a sinking fund $170,000 during the 12months period ended on June 30 in each of the calendar years 1940 to
1949,
both inclusive, and $520,000 during the 12-months period
ending on June 30
in each of the calendar years 1950 to 1968, both inclusive
(subject to
adjustment).
Purpose of Issue—Company intends to apply the net proceeds of the
bonds together with $3,500,000 being the proceeds of the bank loan to be
made concurrently with the issue of bonds, to the redemption (exclusive
Inc., $2,400,000;
Harriman Ripley & Co., Inc., $1,500,000; Blyth &
Co., Inc., $1,200 ,U00;
Kidder, Peabody & Co., Lehman Brothers, Mellon Securities Corp., F. S.
Moseley & Co., E. H. Rollins & Sons, Inc., Smith, Barney & Co., Spencer
Trask & Co., and Union Securities Corp, $750,000 each; Harris, Hall &
Co. (Inc.), Arthur Perry & Co., Inc., $600,000 each; Coffin & Burr, Inc.,
Goldman, Sachs & Co., W. C. Langley & Co,, Shields & Co., and Stone &
Webster and Blodget, Inc., $500,000 each; Glore, Forgan & Co., Lee
Higginson Corp., and Riter & Co., $400,000 each; Hayden, Miller & Co.,
Tucker, Anthony & Co., and The Wisconsin Co., $300,000 each; Alex.
Brown & Sons, Central Republic Co., Otis & Co., G. H. Waleker & Co.,
and Dean Witter & Co., $250,000 each; Hawley, Huller & Co., and Merrill,
Co., $125,000 each; Blair, Bonner & Co., Francis I. du Pont &
Co., and G. M.-P. Murphy & Co., $100,000 each, and Dillon, Read & Co.,
Turben &
$3, 00,000.
Balance Sheet
April 30, 1939
Liabilities-
Assets—^
—$54,152,270 7% preferred stock
Property and plant
Special deposits...
Accounts receivable
5,780
867,892
-
(net)—
-
Materials and supplies
Unamort. bonddls. & expense
Common stock ($10 par)
Funded debt
10,500,000
Accounts
Due from affil. cos. on current
account
$1,656,900
12,260,000
4,193,614 6% preferred stock
Cash in banks and on hand..
36,804
610,676
2,111,373
347,183
Organization expense
32,741
Prepaid accounts, &c. charges
Dlv.
payable
accr. on pref. stocks...
Taxes accrued
Interest
Customers'
233,092
53,769
Deprec. and retirement res..
....
-
....
.$62,358,333
114,434
5,326,983
"56,297
reserve
Earned surplus
Total
70,965
17,999
deposits
Other current liabilities
Casualties
28,440,000
249,641
1,082,387
accrued
Contrlb. for constr. of prop..
accrued interest to the
redemption date.
Sinking Fund Provisions—The bonds of 1969 series are to be entitled to
the benefit of a sinking fund and are to be subject to
redemption for sinking
fund on July 1, 1940 and on first day of
July in any year thereafter, and at
any time by application of moneys included in the trust estate, at the
following percentages of the principal amounts thereof:
$5,039,510
inc.
Harris Trust & Savings Bank,
Principal and interest payable in any coin or currency of the
United States of America which at the time of
payment is legal tender for
public and private debts.
Principal and interest are to be payable at the
$5,112,690
10,739
$3,555,388
Non-operating
expense
•'
Pf.stk. ($100 par) 22,041,100
Common stock.. 10,537,700
Mat'ls & supplies.
Prepayments
$
x
1,905,101
525,800
1,023,476
Unbilled
1938
$
Liabilities—
Plant, prop. & eq.78,782,018 77,624,684
Cash
1,673,729
1,239,429
Notes receivable..
2,397
26,854
Operating
revenues
Maintenance
Taxes, other than inc.
Prov. for inc. taxes
bond
1938
$
Total operating
12 Mos. End.
1936
1937
1938
Apr. 30 '39
$9,950,161 $10,560,399 $10,162,578 $10,399,056
3.294,255
3,685,361
3,539,014
3,649,925
457,14 1
498,408
515,266
487,743
772,389
862,940
788,719
788,878
390,600
401.000
401,000
433,000
,
Gross
Consolidated Balance Sheet June 30
1939
Assets—
Calendar Years
m
2,295,864
Total...
$62,358,333
—V. 149, P. 416.
Kansas Public Service
See Peoples Light &
Co.—New Control—
Power Co. below.—Y. 149, p. 416.
Keith-Albee-Orpheum Corp.—Accumulated Dividend—
Directors
have
declared
a
dividend of $1.75
per
share
on
account
of
accumulations on the 7% cum. conv. pref. stock, par $100, payable Oct. 2
to holders of record Sept. 15. This dividend is for the quarter ended Dec. 30,
1936.—V. 148, p. 2591.
Kellogg Co.—New Official—
The board of directors
on
July 25 elected W.
H. Vanderploeg to the
position of Executive Vice-President and General Manager.
a director of the company since 1937.
Early In April of this
He has been
year .upon
the
resignation of the former General Manager, he was selected as Executive
Representative of the Board.
In commenting on this action. Mr. Vanderploeg said it was originally
contemplated that his connection with the company would be temporary.
However, at the request of W. K. Kellogg and the other directors he de¬
cided to become actively associated with the company.
"For the past few months I have been on leave of absence from the
Harris Trust & Savings Bank but today I am resigning my position as VicePresident," said Mr. Vanderploeg.—V. 148, p. 1326.
/
The Commercial &
734
Lake-of-the-Woods Milling Co., Ltd.—Accum.
Kimberly-Clark Corp.—Earnings—
of
(exclusive
interpiant sales)
Net
sales
Cost
of sales
1939—6 Mos.—1938
1939—3 Mos.—1938
Period End. June 30—
$5,933,656 $13,801,291 $13,262,530
4,773,232 11,012,510 10,719,755
582,240
1,178,233
1,164,898
$6,753,470
5,377,564
593,052
.
Genl & selling exps.—
.
$578,184
104,725
$1,610,548
$682,909
$1,840,635
$1,590,336
102,779
165,500
149,445
106,250
xl22,000
149,445
206,054
320,000
298,890
212,500
x297,000
298,890
27,500
30,000
51,000
71,500
of
1 to
and
dividends of $1.75 were paid in previous quarters.
Arrearages after the
current payment will amount to $3.50 per share.—V. 148, p. 2592.
Superior & Ishpeming RR.—Earnings—
Lake
212,460
$782,854
177,846
Total income
Federal income taxes—
Pro v, for dl vs. on pf. stk,
Net loss of Wm.
Lumber Co
Net after rents.
From
earned on
share
Net after rents.
341,907
defl63,653
def309,130
x
*
30—
1939—3 Mos.—1938
$219,214
$223,324
98,556
46,612
835,378
106,871
46,752
266,755
267,253
499,877
$426,128
$799,385
889
$327,636
2,439
2,628
$596,167
Dr5,728
$427,017
137,690
21,171
$330,075
137,690
21,691
$802,013
275,380
42,962
$590,440
275,380
43,601
2,699
2,476
2,583
1,732
5,283
4,707
5,055
27,883
$262,980
$166,379
$473,681
1939—6 Mos.—1938
$0.29
$0.30
and taxes.—V. 148, p. 2592.
Depreciation
...
Taxes (incl. est. prov
for
Federal income tax).
_
Operating income
Non-oper. income (net).
Gross income.
long-term debt-.
Other interest
Amort, of debt discount
on
and expense
deduct'ns
Miscellaneous
income
Net
cum.
series B
127,148
3,387
...
3,387
6,774
6,774
125,000
125,000
stock,
pref.
cum.
63,574
stock,
pref.
cum.
series C
62,500
62,500
series D
Consolidated Balance Sheet June
7%
$15,222,192
plant
cum.
vacancy
railway.Net from railway
84,470
5% cum. pref. stock, series D
Special deposits
....
Miscellaneous investments..
129,671
24,216
2,500,000
2.000,000
Cash
495,209
Accounts
556,955
Customers
220,787
Interest and taxes accrued—
14,756
payable, July 1, 1939
Reserve for depreciation
Contributions in aid of con¬
receivable
—
Materials and supplies.
payable....
135,268
deposits..
Net after rents
Lehigh & New England
...
railway.
11,290
stock sold.
$17,113,173
1939
$7,221,957
6,955,559
Cost of sales and
operating expenses
charges
Miscellaneous charges (net)
24,770
15,584
140,812
Interest
r
...
Lehigh Valley RR.—Earnings
1938
$6 ,"663,997
6,577,684
27,990
9,885
123,523
Net after rents
$67,232
1938
Accts. pay.,
141,615
3,564,927
130,889
3,462,547
167,716
50,000
reserve...
Merchandise
163,306
60,000
Prepaid exps., &c.
Other in v., less res.
Cash
Ioss$75,085
192,709
life insurance
Fixed
165,939
225,589
liabilities
div.
pref.
31,217
payable
Real
less
assets,
$680,000
663,050
Accrued & mlscell.
Prior
38,926
28,041
140,000
140,000
461,200
1,416,164
deprec. & amort.
1,468,946
3
3
goodwill
453,200
Gold notes outstdg.
pref. stock
3,120,350
(no par)
$8 pref. stock (no
183,600
par)
200,332
Com. stk. ($1 par)
$5
pats., dies,
trade
marks
&
pr.
122,893
Capital surplus
$6,040,830
Total
$5,929,129|
185,500
200,294
123,624
353
See list given on
1939
per ton
per
1938
$692,727
6.65c
5.93c
45,449
$15.24
for
Chairman of the Executive Committee of the
July 24.
Chairman, the Executive Committee ^as
elected J. T. Tierney to this position.
Mr. Tierney also continues as
President and Mr. Marshall retains his membership on the board.
Mr. Tierney will also be Chairman of the Board of Koppers Co., re¬
signing his position as President of this principal operating unit of the
Koppers organization.
Mr. Tierney will be succeeded as President of Koppers compa. y by
J. P. Williams Jr., who for some years has been Vice-President of Koppers
United Co. and President of the Koppers Coal Co.
Mr. Williams will
serve also as Executive Vice-President of Koppers United Co.—
,
147,
Marshall,
3460.
Sales
Stores in
—V.
operation
149. p. 262.
at the request
jurisdiction of
absence of
1936
1937
1938
1939
.,
$228,449
Earnings per share
capital stock
$1.62
$456,449
$222,149
$3.38
$223,599
$1.64
$1.58
on
_
_
Lincoln Building
Corp.—Interest—
interest payment of 2%
Directors have authorized an
for the 6 months'
income bonds of the
of record
period ended June 30, 1939, on the 5H% cumulative
corporation.
This payment will be made on Aug. 1 to holders
y ^
Income Account for Period Jan. 1 to June 30, 1939
allowances, &c
miscell. income, incl. in
Rental income after rebates,
■
erest earned._
Loss before amort. of disc't on
bonds issued upon reorganization
Balance Sheet June
1939
$
$728,304
289.031
$286,418
13,941
13,443
500,000
(less reserve)
assets
(less
_
_
_
«
3,913
4,024
234,828
69,252
354,773
36,022
$6,558
1939
Liabilities—
1938
$
$
226,666
380,375
Fixed liabilities...15,207,035 15,727,561
312,010
Def. liab. & cred's.
285,110
Current liabilities.
Deficit
152,135
152,135
1,617,094
Capital stock
1,567,267
13,341,983 13,777,958
Prepaid exps. & de¬
ferred
Total
—V.
34,302
273,284
14,407,561
14,851,103
charges..
14,407,561 14,851,103
Total
148, p. 585.
Telephone &
Telegraph Co.—Bonds Called—
mortgage 30-year
3 %% bonds, series B due
Sept. 6 at 103 and accrued
Trust & Savings Bank,
Nov. 1, 1965 have been called for redemption on
interest.
Payment will be made at the Harris
Chicago, IU.—V. 148, p. 1812.
Link Belt
Co.—Organizes New Unit—
of this company announced on July 19 the
Alfred Kauffman, President
of T. M.
organization of the Link Belt Speeder Corp. and the election
Deal as its President.
Mr. Kauffman was elected Chairman of the Board.
A wholly owned subsidiary of Link-Belt, the new corporation is
independently for the manufacture and sale of power-operated
and materials handling shovels, draglines and cranes.
Products of the new
corporation will be manufactured here and at Cedar Rapids, Iowa,
marketed through authorized distributors.—V. 148, p. 2748.
operated
excavating
and
Corp.—Sales Set All Time High—
comparable period, the past six months
$12,500,000 in a preliminary estimate
made by Robert E. Gross, President, in New York City on July 26.
The
sales volume represents an increase of approximately 145% over the previous
Lockheed Aircraft
Co.—Sales—
1939—4 WTcs—1938
1939—28 Wks.—1938
$18,124,294 $17,070,073 $128143,216 $124993,463
279,356
30
1938
$
Fixed
depreciation)
$902,625
65,047
$967,672
Total income
Operating & admin, exps., incl. provision for doubtful accounts.
New York City real estate taxes
Depreciation of fixed assets
—
Interest on 5H% cumulative income bonds.
Adj. upon surrender & retirement of corporation's income bonds
after deduction of discount on bonds applicable thereto
Lincoln
Board of Trustees, resigned on
To succeed Mr. Marshall as
Kroger Grocery & Baking
in Philadelphia
of the Board,
Lynch Corp.—Earnings—
All of the outstanding first
Koppers United Co.—Chairman Resigns—
Period End. July 15—
23,618,308
5,882,692
3,614,129
the board of directors held
Notes & accts. rec.
Ltd.—Earnings—
$807,875
47,648
$16.95
share estimated after provision
taxes and depreciation
—V. 148, p. 1964.
p.
25,934,239
6,236,419
3,236,046
19,997,882
4,245,249
1,340,208
and General Counsel, during the
account of illness.—V. 149, p. 262.
6 Mos. End. June 30—
U. 8. Govt. sees..
first page of this department.
First 6 Months—
D.
310,688
289,273
902,761
President of the Belt Ry. of Chicago and President of
RR., was elected Executive Vice-President
D. J. Kerr, President, on
Cash & bank bals.
with SEC—
Tons milled
C.
1936
$4,118,147
R. W. Barrett, Vice-President
Assets—
Bullion produced
Mr.
Official
Total.........$6,040,830 $5,929,129
Kirkland Lake Gold Mining Co.,
p
1937
$4,092,260
770,921
827,017
378.434
353
103,711
579.
Kjnner Motors, Inc.—Registers
Recovery
Earnings
3,117,867
264,892
Cap. surp. approp.
Earned surplus
—V. 149, p.
New
A. N. Williams,
the Chicago & Western Indiana
of this company at a meeting of
Concession income &
mtges,
est.
Net after rent
1938
$575,000
604,551
due 1941
Lasts,
1938
$3,423,049
—V. 147, p. 577.
305,516
banks
trade.
Fed. taxes on inc..
value
surr.
Notes pay.,
Net from railway
taxes, &c
1939
Liabilities—
22,002,992
5,871,410
3,093,805
Net profit after depre
Preliminary Consolidated Balance Sheet June 30
$487,499
1939
$3,261,720
607,823
134,461
June—
Gross from railway
on July 26.
He was also elected a director and Chairman
effective Aug 1
1939
Mr. Williams will assume direction of the comapny, which,
of the board of directors, has been temporarily under the
18,000
Net profit.
1939
Co.—Interest—
the interest due Aug. 1, 1939, will be made on pres¬
of coupons from the first and refunding mortgage
sinking fund gold bonds, 5% series of 1924, due 1954, 1964 and 1974,
"plain" and "stamped."—V. 149, p. 580. ■ >
■' ■
.
Payment of 25% of
320,140
Subs.)—Earnings-
(G. R.) Kinney Co. Inc. (&
6 Months Ended J une 30—
Net sales
$508,696
1,996,750
ol9,441
392,801
entation for stamping
2.154,751
surplus..
$17,113,173' Total
by 50,000 no par shares.—V. 148, p. 2592.
Assets—
1936
$306,765
49,720
39,169
From Jan. 1—
Capital surplus
Cash
1,977,570
527,621
469,611
,
580.
Gross from railway
Earned
Accts. receiv., less
1,705,559
339,660
321,175
Lehigh Valley Coal
131,334
27,474
Premium on pref.
Depreciation and amortization
Prov. for Federal taxes on income
RR.—Earnings
2,015,064
703,944
561,152
GS?romnr'aiiW
737,956
Deferred credits
Represented
69,791
" 1937
$274,072
35,990
75,359
Net after rents
Miscellaneous reserves.
x
108,242
1938
$384,716
155,119
114,276
railway
Net from
Contingency reserve...
Total
775,828
219,488
32,715
1939
Net from railway
194,497
struction
114,722
and expense
7,664
845,985
267,161
$344,660
111,807
87.258
June—
Gross from railway.—.
64,730
961,315
13,629
686,962
187,361
—V. 149, p. 112.
697,003
287,113
Divs.
discount
debt
Unamortized
4,961,000
Long-term debt
Prepayments, insurance and
other expenses....
Common stock...........
38,343
11,549
765,696
243,520
87,409
railway.
Net from railway
Gross from
$127,650
32,035
$136,240
37,562
$115,801
From J an. 1—
112,900
Accounts
...
Net after rents, a
1936
1937
1938
1939
$120,476
28,986
4,597
Gross from
—V. 149, P.
Capital stock expense..
Other physical property
-Earnings-
Lehigh & Hudson River Ry.
June—
pref. stock, series B $1,816,400
6% cum. pref. stock, ser. C_
x
Allen,
Net after rents..
250,194
Clark—Nev) Director—
formerly Vice-President of Westinghouse Electric &
elected a director of this company filling the
caused by the resignation of Frederick A. Searle.—V. 146, p. 1557
E.
Arthur
Net from
'
30, 1939
Liabilities—
As set S'
Utility
127,148
63,574
—
6%
5%
stock,
pref.
7%
746,371
$0.82
Manufacturing Co., has been
467,954
•
After charges
$613,326
$652,657
746,371
$0.87
746,371
746,371
(no par)__
Landers, Frary &
$238,520
747,077
Maintenance
Int.
x
1939—12 Mos.—1938
$3,076,156
$3,038,545
1,680,797
1,494,750
206,308
192,973
87,320
89,171
1939—6 Mos.—1938
$1,585,128
$1,583,891
202,814
Subs.)—Earnings-
Net profit
Shs. cap. stk.
Lighting Co. (& Subs.)—Earnings—
Kings County
Period End. June
926.513
374,282
1,309,325
686,756
462,944
Earnings per share
Operating revenues
Operating expenses
259,775
202,694
112.
Lambert Co. (&
_
_
stock
...
Period End. June 30—
$710,446
_
„„
„„
_
$1.06
$0.56
$1.98
$1.45
provision for undistributed profits tax.—V. 148, p. 3070.
Includes
x
$964,691
$275,214
$515,476
common
on common
697,828
229,749
15,348
-
1936
$427,804
306.679
248,830
$389,478
$118,918
30,435
8,885
1—
o an.
Gross from railway
—V. 149, p.
Net amount
-
—
Net from railway
Bonifasi
Amount earned per
201,322
169,672
$306,782
railway
Net from railway
1937
1938
1939
June—
Gross from
Bond interest.__
Div.—
Directors have declared a dividend of $1.75 per share on account
accumulations on the 7% cum. pref. stock, par $100, payable Sept.
holders of record Aug. 15.
A dividend of $5.25 was paid on June 1, last,
$1,377,876
230,088
$960,700
•
Profit from operation
July 29, 1939
Financial Chronicle
Setting an all time high for any
deliveries reached a record
figure of
Volume
The Commercial & Financial Chronicle
149
record
high of $5,111,699 reported for the first half of 1938 and with sales
of $10,274,503 reported for the
entire year 1938<
While shipments made
during the first six months of this year were
composed of various models for air lines,
governments and individuals
throughout the world, by far the majority were to the British Air Ministry,
whose order for Lockheed
reconnaisance bombers constitutes, it is believed,
the largest single order ever
granted an American airplane company in
peace
Louisiana & Arkansas
Ry.—Earnings—
June—
Gross from
plant
then
was
operating with about 2,500
military production, work is under way on a fleet
of high-speed transport airliners
for Trans-Canada Lines, which at the
present time is operating 15 Lockheed
air-transports on its Dominionspanning passenger and mail service. Other business on the books includes
orders from private individuals and
corporations which will be completed
within six months' time.—V.
149, p. 580.
Period
End. June 30—
1939
1933
1937
1936
$6,001,070
1,229,616
667,317
$7,673,451
1,941,216
1,349,612
$7,243,601
2,065,694
1,535,077
40,384,613
9,587,304
36,817,753
6,825,727
5,769,831
3,232,195
45,482,858
1U761.550
8,293,128
42,683,913
10,835,262
8,141,764
$5,651,289
—
From Jan. 1—
Gross from railway....,
Net from railway......
Ne,r a/^r rents^
—V. 149, p. 580.
Lowell Gas Light
•12 Mos. End. June 30—
-Gross operating revenues
Texas—Local, State
Federal.
1939
on
on
other debt
Sell. & admin, expense..
Operating profit
$2,029,165
55,305
$1,833,587
50,433
$3,563,320
105,182
$1,884,020
$3,668,502
244,029
711,790
491,315
1,327,453
131,067
340,015
251,478
$923,662
$797,134
961,641
$1,509,719
$1,523,371
964,806
$1.56
961,641
$1.58
$165,244
42,750
8,911
$131,112
$207,413
42,750
49,085
11,124
14,031
45,028
28,891
31,891
600
600
2,909
&
replacements
441,212
1,200,807
191,961
for retirements
Amort, of debt disct. and
$3,416,868
265,977
702,871
Prov.
$3,322,563
94,305
$2,084,470
Miscellaneous income.._
Total incpme
Prov. for income
5,205,804
1,267,234
5,194,170
1,271,598
93,691
$200,734
'6,679
$193,793
42,750
11,483
long-term debt._
Int.
2,755,491
657,727
1 39,761
$122,172
8,940
600
Int.
2,957,362
664,762
124,870
$148,105
17,139
45,900
sales—manu¬
of
expense.
1936
$745,402
415,955
35,021
140,908
facturing & shipping..
Cost
1 937
$747,066
438,062
47,070
$182,125
11,668
income
Gross income.
$9,795,600
1938
$742,685
408,242
61,467
and
—
Non-operating income..
1939—6 Mos.—1938
$5,246,805 $10,029,088
Co.—Earnings—
$751,907
356,938
71,936
Operations-..
Maintenance
Corp.—Earnings—
1939—3 Mos.—1938
Sales
2,762,332
1,045,687
663,409
$7,040,664
1,951,388
Net oper.
Lone Star Cement
2,886,089
932,645
571,328
after; rents.1,355,964
Net
achieved if the buying program is
sufficiently large to lay out a real pro¬
campaign."
2,894,644
943,898
556,483
Louisville & Nashville
RR.—Earnings—
June—
Gross from railway
Net from railway—„
men,
In addition to current
1936
$481,582
196,775
122,529
2,888,544
975,335
586,915
—V. 149, P. 580.
turning out ap¬
proximately 10 planes a month, it was apparent that the trebling of pro¬
duction would prove an
undertaking of no small proportions. It is interest¬
ing to note, however, that in the
relatively short time since the first plane
was delivered in
January, production has been accelerated to present one a
day rate, personnel has been increased to over 7,000, and
pay roll to over
a million dollars a month.
In the interest of national defense it should be
reassuring to the American public to know that such quick results can be
duction
1937
$460,929
152,162
94,222
—
Net from railway.,
Net after rents
Commenting on the company's present schedule of deliveries, Mr. Gross
"Of the $12,500,000 sales
during the first six months' period about
$7,000,000 was delivered during May and
June, or in excess of $3,000,000 a
month.
At the present rate which is
clearly indicated for the balance of the
year, this means that Lockheed is
completing between 30 and 40 units each
month or better than one a
day. At the time the British Government placed
its order great emphasis was
put on quick and timely deliveries. Inasmuch
1933
$495,231
171,644
108,708
.
From Jan. 1—
Gross from railway
times.
the
1939
$465,834
154,708
102,923
railway
Net from railway
Net after rents
said,
as
735
I
—
.
Interest
on indebtedness
American Utilities
Associates
of
taxes,
Cr765
Crl,526
Cr3,256
$68,719
152,405
$49,274
$112,755
152,405
,
cap. stock & franchise
taxes, &c._.
Prov. for deprec. & deple
Miscell.
charges
(incl.
__
Net
profit..:-;
Shares
common
—V.
148,
stock
964,806
$0.96
share
2592.
per
p.
$0.83
'
Long Island Lighting Co.—Earnings—
Period End. June 30—
Operating revenues
Operating expenses
1939—6 Mos.—.1938
1939—12 Mos.—1938
$6,037,226
$5,570,914 $12,026,907" $11,354,277
2,476,011
2,485,659
5,026,479
5,261,436
474,277
396,528
1,155,336
765,571
598,835
494,798
1,102,288
822,538
■*
Maintenance.
Depreciation
Taxes (inc. provision for
income tax).........
863,190
777,231
1,703,552
$1,416,698
18,013
$3,039,252
2,603
$2,974,991
27,289
$1,434,711
724,960
208,895
$3,041,855
1,502,565
306,310
$3,002,280
1,430,243
420,552
materials and supplies, $145,226; insurance
$6,115; unamortized debt discount
deferred charges, $40,508; total, $3,983,636.
penses,
Gross income.
on
exp.
$1,622,956
751,282
177,124
long-term debt—
Other interest
Amort, of debt
disc.
&
& misc. deduct—
317
1,723
5,624
Liabilities—Long-term debt, $950,000; consumers' meter and extension
deposits, $47,249; notes payable, $87,500; accounts payable, $81,210;
balance due on authorized instalments on serial obligations
assumed, $860;
interest on long-term debt, $14,250; accrued interest on other
debt, $815; accrued taxes, $66,822; other current and accrued liabil—
ties, $4,568; unadjusted credits, $8,245; reserves, $799,829; capital stock
($25 par), $1,524,050; earned surplus, $398,238; total, $3,983,636.—
V. 148, p. 3226.
Lyons Metal Products, Inc.—Accumulated Dividend—
$499,133
$1,227,356
$1,149,290
—
288,000
256,000
.
Balance transferred to
earned surplus
—V.
148,
576,000
256,000
$243,133
$651,356
$893,290
Maine Central
1QQQ
Gross from railway
1Q37
$272,681
65,913
$2,160,090
500,628
9,379
10,842,187
2,102,500
def328,715
12,160,445
2,037,391
def220,544
12,055,565
2,685,630
463,658
113.
Period End. June 30—
Light Co.—Earnings—
1939—Month—1938
$590,314
$574,787
385,225
388,414
61,500
59,000
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
Net oper. revenues...
$7,300,736
4,636,923
723,000
$7,480,188
4,890,320
699,000
$127,373
1,954
$1,940,813
13,536
$1,890,868
22,898
$145,463
72,947
4,483
$129,327
72,960
7,461
$1,954,349
$1,913,766
87.5,549
62,031
$68,033
Int. on mortgage bonds.
Other int. & deductions.
Int. charged to constr'n.
$48,906
$1,029,800
income
Dividends applicable to
period, whether paid
preferred stock for
875,512
57,917
Cr8,880
$976,186
the
unpaid
356,532
356,532
$673,268
or
Balance
$619,654
114.
Louisville Gas & Electric Co.
(Del.) (& Subs.)—Earns.
Years Ended May 31—
Operating revenues
Operation expense
Maintenance and repairs
Appropriation for retirement
1939
-
i
reserve
Amortization of limited-term investments
Taxes.
—
Net operating income
Other income (net)
1938
$10,973,323 $11,072,357
3,389,528
3,554,868
605,501
589,146
1,200,600
1,200,000
1,426
1,426
1,159,255
1,126,570
Provision for Federal and State income taxes
609,575
—
Gross income
334,463
$4,008,036
209,239
$4,265,944
228,994
$4,217,275
1,030,450
Interest on fundeddebt
Amortization of debt discount and expense
Other interest-(net)
Amortization of flood and rehabilitation expense.
Amortization of contractual capital expenditures.
160,227
.
_
Miscellaneous deductions
66,772
250,000
37,000
25,681
Balance
$4,494,938
1,030,450
160,220
60,682
329,167
37,000
19,082
$2,647,145
$2,858,337
1,354,920
1,354,920
$1,292,225
$1,503,417
Dividends
on preferred stock of Louisville Gas &
Electric Co. -(Ky.) held by public
account
1
of
to
Dr27,384
Dr27,439
$184,157
42,153
1939—6 Mos.—1938
$6,068,668
$5,715,637
4,412,140
4,415,841
$94,392
37,399
$959,882
$586,361
202,161
$131,791
$1,180,934
$788,522
171,483
1,018,303
1,064,978
$56,690
..
$1,299,796
416,117
Drl31,962
Drl65,356
169,620
.
$1,656,528
400,972
Drl39,202
Drl56,472
x$39,692
$162,631
x$276,456
221,052
&c.)
-
Netincome
x
Indicates deficit.—V. 149, p. 581.
Marion Reserve Power Co.—Authorized to Issue Bonds—
The Ohio Utilities Commission has authorized the
company to issue and
sell at par
$7,750,000 first 3Yi% bonds, due in 18
years and $1,250,000 in
Proceeds would be used to
at
1041^, $2,800,000 Ohio
Electric Power Co. 5% bonds and at 101 the same company's 5H % bonds
Both latter issues have been assumed by the Marion
totaling $750,000.
company.—V. 148,
p.
2594.
Maine Consolidated Power Co.—Bonds Sold—Frederick
M. Swan & Co.; Bond & Goodwin, Inc.; Morton, Hall &
Rounds, Inc., and Kennedy, Spence & Co., recently retailed
a few investors resident in the State of Maine
only an
issue of $300,000 1st mtge. 4s, series A due July 1, 1964.
The bonds were placed at 102
Netincome
resulting from the flood in Louisville during January
113.
and February, 1937.—V. 149, p.
/
Bonds are payable as to principal and interest at the Lewiston Trust Co.,
Lewiston, Me., trustee.
Proceeds of the issue were used to retire at 103
July 1 a similar amount of 5% bonds due Jan. 1, 1949.
on
Manufacturers Casualty Insurance Co.—Extra Div.—
Directors have declared an extra dividend of 10 cents per share in addi¬
tion to the regular quarterly dividend of 40 cents per share on the capital
stock, par $10, both payable Aug. 15 to holders of record Aug. 1.
Similar
payments were made in each of the 12 preceding quarters.—V. 148, p. 2594.
Market Street
Ry.—Earnings—
Years Ended May 31—
1939
$6,312,779
4,545,865
777,757
500,000
418,000
Operation expense
Maintenance and repairs
Appropriation for retirement reserve,
Taxes (other than income taxes)
-
J
Net operating income
Otherincome
—
Gross income
Interest charges
.
Amortization of debt discount and expense..
Other income deductions
Net loss
—
—
$7,009,466
5,002,836
955,226
500,000
424,500
$71,157
9,690
$126,905
10,911
$80,848
Operating revenues
$137,815
446,469
21,948
4,721
1938
437,445
20,818
3,802
$381,217
•
$335,323
—V. 149, p. 114.
Marsh
Wall
Products, Inc.—Stock Offered—A banking
including W. L. Lyons & Co., Cincinnati; Stein Bros.
& Boyce, Louisville, and Fuller, Cruttenden & Co.,
Chicago,
are offering 63,800 shares of common stock at
$3.75 a share.
group
Note—Provision made by Louisville Gas & Electric Co.
(Ky.) for Federal
and State income taxes for the year 1937 was reduced as a result of deduc¬
tions made for losses
on
payable Aug,
to
Gross income.
149, p.
1939—12 Mos.—1938
$143,589
1,874
Other income (net)
$185,187
73,189
Cr9,833
%% serial notes maturing $156,250 annually.
redeem at 104, $4,500,000 4H% bonds, also
,
Louisiana Power &
share
per
stock,
$226,310
Otherincome
$2,244,406
692,316
191,240
11,949.864
2,343,571
def368,034
Net after rents
pref.
Cr5,773
Equipment rents
Joint facility rents..—
From Jan. 1—
Gross from railway
Net from railway
of $1.50
partic.
1939—Month—1938
$951,963
$831,419
679,282
646,232
Taxes
1Q9A
$2,032,785
596,701
59,672
—
dividend
cum.
Deductions (rentals, int.,
IQtS
$2,399,190
796,195
167,175
Net from railway
Net after rents
a
RR.—Earnings—
Period End. June 30—
Operating revenues
Operating expenses
Gross income.
Long Island RR.—Earnings—
—Y.
6%
Net ry. oper. income-
$406,233
.71jntx
Net
the
2592.
p.
—V. 149, p.
declared
on
holders of record July 17.—V. 146, p. 3163.
Net oper. revenue
Misc. reservations of net
income
have
accumulations
2,195
$694,233
Netincome
deposits, $1,964; prepaid ex¬
and expense, $11,509; other
accrued
Directors
Int.
60,962
Assets—Property, plant, and equipment, $3,619,582; investment in
capital stock of affiliated company, $2,440; long-term appliance
contracts,
$31,337; cash, $11,921; accounts receivable (net), $113,034;
merchandise,
1,529,741
Operating income
$1,624,913
Other income (net).....
Drl,957
$93,060
Balance Sheet June 30, 1939
;
prov.
for
deoubtful
accts. & contings)
Earnings
Net income
Divs. on common stock.
These shares
were
originally scheduled for offering in March,
1939,
as
amended registration statement became effective.
Through a
as to the date on which the Securities and
Exchange
Commission had released these shares from registration
they were offered
soon
as
an
misunderstanding
The Commercial & Financial
736
public prior to the date on which the amendment to the registration
effective. On advice of counsel this offering was with¬
drawn and all sales made in connection therewith were canceled.
The company's headquarters are in Dover, Ohio, and the company is
engaged primarily in the manufacture and sale of protective and decorative
materials for walls, ceilings and fixtures.
.
Capitalization consists of 500,000 shares of common stock authorized
with 325.000 shares to be outstanding upon completion of this financing.
to the
statement became
amounted to $965,309 with net earnings after pro¬
sales last year
Net
of $64,964.
vision for Federal income taxes
Proceeds from the sale
of 8,281 shares included in this offering will accrue
additional working capital and other
and will be used for
to the company
Of the remaining shares 3,800 are for the account of certain
the owners thereof and $51,719 shares are
individual shareholders.—V. 148, p. 1812.
Chronicle
July 29, 1939
Mfg. Co.—Gets Castings License—
Menasco
Successfully concluding a deal with the Antioch Foundry Co. of Ohio,
this company has been granted a 10 year license to manufacture and sell
non-ferrous metal castings under a process developed and patented by the
Menasco officials, necessary equipment will be installed
plant and foundry operations are expected to start within
To insure uniform manufacturing methods, some of Menasco's
personnel are now undergoing a period of training at the Yellow Springs
plant of the Antioch Co.
....
This company is the largest producer of in-line, aircooled aircraft engines
on the Pacific Coast.—V. 148, p. 1965.
According to
in the company's
90 days.
purposes.
underwriters who are at present
for
Marion-Reserve Power Co.-
-Earning s-
Gross earnings
4,937
$762,059
333,460
—
$685,195
4,799
$690,132
Provision for retirement reserve _.
General taxes
301,990
68,892
33,712
50,312
8,789
49,417
63,796
Maintenance
47,305
19,032
— —
Federal income taxes----———
$226,436
$249,049
94,062
6,550
Net earnings
debt
1
Interest on serial 3%-5% notes, 1939 to 1947
Interest on unfunded debt:—
*
Amortization of debt discount & expense.Interest on mortgage
648
$139,313
42,252
Net income
.—
1938.
Note—Combined accounts of constituent companies shown for
148, p. 2594.
—V. 149, p.
Merchants Fire Assurance Corp. of N. Y.—Extra Div.—
dividend of 10 cents per share in
semi-annual dividend of 75 cents per share on the
common stock, par $12.50, both payable Aug. 2 to holders of record July 24.
Like payments were made on Aug. 5 and Feb. 7. 1938; Aug. 2 and on Feb.
1, 1937, and on Aug. 1, 1936.
Extra dividends of 25 cents per share were
paid on Aug. 1 and Feb. 1, 1935.
The regular semi-annual dividend was
raised from 50 cents to 75 cents per share with the Feb. 1, 1936, payment.
746.
Refrigerating Co.—Accumulated Dividend—
the 7% pref. stock,
on
2399.
Miami Bridge
1,203
13,031
Accrued interest receivable
1,200
received on that date--
Co.—Earnings—
8,215
Accts.
57,046
6,994
39,557
99
38,750
53,123
234
Represented by 5,621,857 shares of $1 par value each,
y
Represented
by 5,626,077 shares of $1 per value,
z At cost.
The income statement for the 3 months ended June 30 was published in
V.149, p.581.
Period End. June 30—
$1,783,148
$1,390,380
,
1,007,015
768,238
$435,821
59,945
17,275
$322,283
52,777
17,317
$776,133
111,918
34,551
$622,142
117,733
34,635
23,015
1,329
16,099
1,195
43,830
2,636
36,169
2,491
153,753
131,027
287,645
267,611
$180,503
3,871
$103,869
3,989
$295,553
7,005
$163,503
8,848
taxes)
Selling, general and ad-
Net
_
profit from opers.
Other income
18,300
$302,557
9,290
52,800
$172,351
4,956
27,600
Prov. for Fed. inc. taxes
$86,990
$0.41
$240,468
$1.15
$139,795
$184,374
6,083
32,100
$107,858
2,567
$146,191
$0.70
Gross income
Income deductions
$29,861
1,813,726
$18,071
1,411,622
Earnings per share.
$0.66
136,392
Cash
on
$781,972
30,325
482,593
Notes & acc'ts rec
40,113
368,441
2,441
1,614
Other acc'ts rec
536,700
585.400
6,713
6,208
765,077
730,227
18,757
21,759
of cost or mkt.)
Fixed assets
z
Intangible assets
Deferred charges.
-
128,182
21,135
210,000
210",000
surplus
349",252
336,179
Earned surplus
1,772,204
1,519,935
21,529
Capital surplus—
Paid-in
142
"174
925
x
After
$2,645,509
10,357
reserve
for
$2,365,9531
1,256,500
bonds
850
550
Accrued taxes
4,330
3,149
Deb. bond interest
36,150
accrued..—
Surplus
of properties
144,650
120,037
5,207
------
23
55
Reacquired stock.
37,695
168,252
146,261
Reserves
9,214
8,971
$1,575,673 $1,577,411
$1,575,673 $1,577,411
Total
Represented by 14,830 shares, no par.—V. 148, p. 587.
Midland
Valley RR.—Earnings—
1939
June—
1936
1937
1938
$103,589
$107,568
44,755
26,237
Net after rents
$99,878
39,087
$115,338
45,148
23,261
30,080
29,681
15,730
626,002
271,760
161,936
Gross from railway
Net from railway
590,764
210,693
107,787
685,134
291,643
188,643
692,058
296,657
202,812
From Jan. 1—
Net from railway
Net after rents
114.
Mid vale Co.—Dividend Increased—
Directors have declared a dividend of $1.25 per share on the capital
stock, payable Oct. 2 to holders of record Sept. 16.
This compares with
$1 paid on July 1, last; 75 cents paid on April 1, last; $2.50 on Dec. 17,1938;
$1 on Oct. 1, 1938 and 75 cents on July 1 and April 2, 1938.
See also V.
148, p. 3380.
Minneapolis Brewing Co.—Earnings—
1938
1939
6 Months Ended June 30—
$1,222,153
534,935
28,983
12,620
11,226
on
$448,850
11,035
$656,841
162,775
operations
Selling, delivery, administrative & gen. exps...
Doubtful accounts charged off & provided for
Interest paid
-
$959,877
460,998
31,708
14,647
3,675
$645,615
Gross profit from
$459,885
152,893
bonds retired
$2,645,509 $2,365,953
Total
doubtful accounts of $20,000.
y
After reserve for
depreciation of $545,401 in 1939 and $483,527 in 1938.
z After reserve
amortization of $28,502 in 1939 and $26,037 in 1938.—V. 148, p. 2594.
Master Tire & Rubber
1,205,000
March 1, 1952..
235
reqelv.
Proceeds from sale
Premium
Total
$14,830
5,000
liabs..
18,721
Other assets
y
Res. for conting..
83,660
96,525
15,000
Prov. for Fed. tax
Long-term
10,006
108,467
Capital stock
(lower
Inventories
$35,326
10,557
Acc'ts pay., others
Accrued items
tles at cost
x
$604,045
secur-
1938
$78,503
Acc'ts pay., trade.
hand and
|b in banks
Marketable
1939
Liabilities—
1938
1938
$14,830
when issued
1,258
.
Total.
1939
Capital stock
Int. pay. on
Deferred assets
—V. 149, p.
Consolidated Balance Sheet June 30
1939
Assets—
Paid from the
Income deben. due
202
Special deposits
x
x
85,050
Gross from railway
Net income
z
$39,694
Liabilities—
1938
85,050
124,154
Accts. receivable.
388,093
Rents and royalties.
ministrati ve expenses
$178
1,905,294
1939
Cash
Accr'd Int.
Deprec. and amortization
Taxes (other than income
$8,185
1,874,513
.
$1,355,606 $1,340,426
trustee
559,972
Maint. and replacements
y21,622
Cash dep. with bd.
rents
Balance of profit
32
$75,956
z46,095
y Paid from the surplus income for calendar year 1935.
surplus income for calendar years 1938, 1937 and 1936.
Assets—
sold, exclu¬
viation,
taxes,
and royalties
529
$63,603
z63,425
Balance Sheet June 30
1939—6 Mos.- -1938
$710,376
3,135
mm
$82,375
z74,190
Remainder
Mtge. receivable..
$995,793
2,732
1,059
Vehicles crossing bridge
Fixed capital
of maint., depre-
sive
2.437
mm
(& Subs.)—Earnings—
1939—3 Mos.—1938
allowances
Cost of goods
2,587
24,000
Surplus income
Deb. int. paid March 1-
and
sales,
less
counts,
returns
37,902
26,421
11,054
23,670
_
dis¬
Gross
8,380
23,949
20,613
Amort,
108,462.360 122,568,410
—
Master Electric Co.
$141,475
profits taxes
Other deductions
payable for purchase of securities
payable for repurchase of shares
payable
-
$174,034
42,664
Fed'1 income and excess
Other accounts
x
Depreciation
of security
63,735
Total
$190,108
43,918
20,498
7,657
24,182
2,279
Maintenance
and
reorganization costs.
Working capital reserve-
Reserve for taxes
Accts.
1938
$
,
$
sec. at
$138,837
2,638
$187,758
47,308
20,742
9,776
24,219
Total
cost__yl07,283,286x121,463,361
1,068,690
955,894
Liabilities—
Bal. of prin. on the basis of carrying
Distribution payable July 20
$171,957
2,077
Other revenue
Taxes
1939
$181,612
8,496
$179,543
Bridge revenue
Operation
108,462,360 122,568,410
-
"\
1936
1937
1938
1939
12 Mos. End. June 30—
104,402,402zl09,120,261
4,058,758
13,433,914
Total
of $1 per share on account of accumu¬
payable Aug. 1 to holders of record July 25.
Directors have declared a dividend
1938
*jj>
1939
dep.)
$326,849
419.
The directors have declared an extra
lations
^
Dividends due June 30, not
$175,006
Sheet June 30—
Massachusetts Investors Trust—Balance
Cash in banks (demand
Cr4,477
$175,482
Loss
—V. 147, p.
Securities at market
CV3.497
loss$50,593
169,698
27,016
74,062
Dr5,482
35.301
Merchants
—V.
-
172,327
43,027
70.183
charges
prof. & loss items-
—V. 147, p.
$97,061
for common stock
$106,054
84,850
12,959
36,919
Dr3,715
,441
Interest
Misc.
loss $37,040
$62,994
87,022
24,609
Operating profit
Depreciation
Depletion
addition to the regular
8,475
Preferred dividend requirements
Balance available
1938
$757,261
Operation expense
1939—6 Mos.—1938
$3,716,228 $2,827,185
3,610,174
2,877,778
1939—3 Mos.—1938
$1,934,012 $1,424,263
1,871,018
1,461,303
-
Cost of sales
1939
Quarter Ended June 30—
perating revenues
on-operating revenues
Mengel Co. (& Subs.)—Earnings—
Period End. June 30—
Net sales
for
Corp.—Plan Approved—
plan of reorganization has been approved in an order signed by Chan¬
The plan, which reduces the capital of the cor¬
was approved at a special meeting of stockholders on July 7.
The present capital structure consists of 12,603 shares of 7% preferred
stock, par $100, and 89,225"shares of common (no par) with a stated value
of $89,225.
The plan calls for an issue of 19,534.65 shares of $4 preferred stock, no
par value, with a stated value of $879,352 in exchange for the present 12,603
shares of 7 % preferred upon the basis of 1.55 shares of the new stock for each
share of 7 % preferred.
There will also be issued 89,225 shares of common
stock, no par value, but with a stated value $10 per share in exchahge for
the existing common stock.—V. 137, p. 3158.
A
Miscellaneous income—net.
Provision for depreciation
Provision for normal income taxes for six
months,
133,137
79,297
$360,929
$227,695
estimated
cellor W. W. Harrington.
poration,
Comparative Balance Sheet June
Assets—
Ltd.—Earnings—
Net income from metals produced
1939
39,128
$213,590
1938
39,501
$200,138
Development and operating costs
159,226
159,938
$54,364
$636,441
1938
$187,639
470,345
assets,
42,789
3,296
Tons of ore milled
Estimated operating profit
910
Nonoperating revenue
Estimated total profit
____
$55,275
*
Acer. exps. & taxes
paid for by custs.
425,741
Long-term
147,236
131,040
254,237
105,452
Deferred Income..
Funded
39,895
Indebt¬
407,663
edness
signs...
Capital stock
Capital surplus
Earned surplus
443
$4,332,772
3230.
$3,547,6791
Total.
122,776
265,000
indebted.
Res. for contlngs
unamort. bal. of
Total...
117,266
354,277
In¬
1,975,698
Def'd charges Incl.
-V. 148, p.
1938
$269,836
of
instalm't
long - term
debtedness
461,305
$40,642
Note—In the above figures no allowance has been made for taxes, de¬
preciation or deferred development.—V. 148, p. 2594.
Curr.
2,153,447
and
$40,199
3 Months Ended June 30—
1939
$261,060
Liab. for containers
&
equipment, net.
Kegs,
cases
bottles, net
367,386
less
reserves
plant
456,878
421,210
net
Inventories
Other
30
Liabilities—
Notes, tr. accepts.
& accts. payable
Notes & accts. rec.,
Prop.,
Matachewan Consolidated Mines,
1939
Cash
-
-
25,017
13,000
41,793
3,025
*500,000
500,566
1,117.843
1,456,212
1,117,843
908,256
.$4,332,772 $3,547,679
Volume
The Commercial & Financial Chronicle
149
Minneapolis-Honeywell Regulator Co. (& Subs.)—
Period End. June 30—
Net sales
_
Cost
of
goods
operating
1939—3 Mos—1938
$2,880,904
$2,275,319
_
sold
and
expenses
2,390,063
1,964,799
1939—6 Mos.—1938
$5,206,082
$4,234,165
3,780,405
236,810
737
Monsanto Chemical Co.
(& Subs.)—Earnings—
6
Months Ended June 30—
Gross profit
Selling and administrative expenses..
Research expenses.
$216,950
3,079
9,201
$202,703
$499,690
$229,230
75,884
20,478
28,489
13,897
106,898
37,726
56.095
30,229
capital stock taxes
Other deductions
June—
$160,317
$142,907
$355,067
Louis RR .—Earnings—
1939
1938
$696,320
Net after rents
From Jan. 1—
$851,774
260,184
160,064
4,001,869
581,898
107,221
176,711
—V. 149, p. 581.
1936
1937
$637,147
56,003
123,387
3,861,080
388,739
1,791
4,202,888
18,551
'
4,077,789
676,085
.....
for divs.
£V;
721,602
200,533
(Including Wisconsin Central Ry.)
1939
1933
1937
1936
296,116
22,806
$2,265,554
367,798
491,749
$2,432,586
668,904
347,403
11,766,868
10,775,463
1,178,305
620,206
def419,863 defl,154,687
—V. 149, p. 263.
$2,030,945
518,379
243,803
Net from railway
Net after rents.
12,816,436
2,001,936
801,765
12,207,991
1,990,417
302,068
learnings
Directors have declared a dividend of
$1.75 per share 00 account of ac¬
on the $7 cumulative
preferred stock, payable Aug. 1 to holders
cumulations
r.e.ci?rd July 22.
Similar payments
were
Gross from railway
Net from railway
made in previous quarters.—
...
Gross from railway.
Net from railway
Net after rents
393,381
20,401
def38,364
...
—V. 149, p. 115.
1938
12,626
1937
$74,773
8,018
3,704
def813
$63,077
378,314
45,583
defl2,779
on
449,674
62,816
5,389
1936
$76,420
20,228
12,824
429,063
103,153
61,557
Mississippi Power & Light Co.—Earnings—
Period End. June 30—
1939—Month—1938
$559,016
$519,276
401,909
369,211
63,333
60,000
Prop, retire'tres. approp
Net oper. revenues
Rent for lease of plant
the
on
8%
$93,774
$90,065
1939—12 Mos.—1938
$7,444,714
5,216,501
740,000
$7,193,364
4,889,948
710,000
$1,488,213
$1,593,416
1,265
$93,774
$90,065
142
Gross income
Int. on mtge. bonds....
138
$1,488,213
1,756
$1,592,151
1,693
$90,203
68,142
6,245
$1,489,969
817,700
77,981
$1,593,844
817,700
$594,288
$692,212
$93,916
68,142
7,444
Other int. & deductions.
Net
income.
$18,330
$15,816
Dividends applicable to preferred stock for
the period, whether paid or
unpaid
83,932
403,608
403,608
$190,680
Balance
$288,604
Dividends accumulated and unpaid to June
30, 1939, amounted to
$689,497.
Latest dividend, amounting to $1.50 a share on
$6 pref. stock,
was paid on
May 1, 1939.
Dividends on this stock are cumulative.—
V. 149,p. 582.
'
x
Missouri & Arkansas Ryv
June—
Gross from railway
1938
1937
1936
16,291
4,224
From Jan. 1—
Gross from railway
railway
Net after rents
$63,390
def3,125
defl4,298
$83,884
3,399
def7,209
$84,003
16,503
5.729
512,872
94,113
25,878
Net from railway
Net after rents
460,417
31,464
def36,887
548,502
68,111
defl0,421
494,329
103,253
37,303
—V. 149. P. 115.
Missouri Illinois
RR.—Earnings—
June—
Gross from railway
1939
1938
$185,929
Net from railway..
Net after rents
87,950
47,809
From Jan. 1—
Gross from railway
Net from railway
1,005,376
444,070
252,701
Net after rents.
$2,217,267
$1.60
$1,162,551
$0.85
—V. 149, p. 582.
$66,088
1,624
40,346
$2,775,260*
$2.49
dividend of 25 cents per share on account of
cumulative
preferred stock, par $10, payable
Similar payments were made on
p.
2595.
June—
1939
149,
p.
1937
1936
$284,954
184,458
91,108
$349,431
203,761
87,970
$330,178
192,311
79,219
1,605,419
882,612
371,211
From Jan. 1—
Gross from
railway
Net from railway
Net after rents
1938
$350,230
217,958
120,894
Net after rents
1,511,333
873,964
308,232
2,300,356
1,350,712
670,090
2,303,802
1,402,438
688,832
115.
Montana Power Co. (&
Subs.)—Earnings—
Period End. June 30—
Operating
revenues
Oper. exps., incl. taxes.
Prop, retire, and depl.
1939—Month—1938
1939—12 Mos.—1938
$1,108,435
$965,349 $13,802,210 $14,001,299
575,453
507,539
6,645,374
7,117,571
appropriations
132,385
123,110
1,556,718
1,707,179
Net oper. revenues...
$400,597
2.646
$334,700
Dr8,666
$5,600,118
Dr37,102
$5,176,549
Dr27,063
$403,243
158,896
44,125
36,424
$326,034
160,993
44,125
33,986
$5,563,016
1,917,038
529,495
415,820
$5,149,486
1,934,149
529,495
424,408
Crl,677
Cr38,945
Crl21,800
0 367,347
$165,475
$125,875
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$2,822,463
$2,628,781
Other income (net)
Gross income.
Interest
on
mtge. bonds.
Interest
on
debentures..
Other interest & deduct.
Interest charged to con¬
income
957,524
957,463
$1,864,939
Balance.
$1,671,318
—V. 149, p. 115.
(Philip) Morris & Co., Ltd.—Preferred Stock Called—
Company has notified the New York Stock Exchange of the drawing on
July 28, 1939, of 2,851 shares of 5% convertible preferred stock, series A,
for redemption on Sept. 1, 1939, at $110 per share plus accrued dividend.
Certificates
issued
upon
transfer of drawn shares will be stamped to
so
indicate.—Y. 149, p. 582.
Morse Twist Drill & Machine Co.—Dividend Increased—
Directors have declared a dividend of $1.50 per share on the common
stock, payable Aug. 15 to holders of record July 27. Dividends of 50 cents
per share were distributed in preceding quarters.—V. 146, p. 3022.
Mountain States Power
Co.—Report of SEC
on
Plan of
Reorganization—
The Securities and Exchange Commission dn July 25 issued a report on
the plan of reorganization to the security holders of the company:
The company is
soliciting assents to this plan, and the Public Utility
a report by this Commission
Stand¬
Holding Company Act of 1935 requires that
accompany or precede the solicitation.
Company is a subsidiary of
ard Gas & El ctric Co., which is a registered holding company.
-Earnings-
1939
$85,533
a
holders of record Aug. 1.
Gross from
railway
Net from railway
Net
(net)
Operating income
Other income (net)
36,482
?9,346
of
Monolith Portland Cement Co.—Accumulated Div.—
struction
Operating revenues
Oper.exps.,incl. taxes._
shares
common......
Directors have declared
RR- -Earnings-
1939
$68,233
2,174
def8,263
Net after rents
From Jan. 1—
Net from
per share
accumulations
reserve
Mississippi Central
June—
pref.
on
Notes—The provision for depreciation and obsolescence
during the period
$1,355,693. The earnings of the British subsidiary have been
converted at $4.64 per
pound sterling.—V. 148, p. 3075.
—V.
Minnesota Valley Canning Co.—Accumulated Dividend
V. 148. p. 2595.
$2,852,087
22,838
Monongahela Ry.—Earnings
J
$2,357,673
Net after rents.
From Janl 1—
Gross from railway
$1,224,735
May 16, Dec. 15, Aug. 15 and May
16, 1938.—V. 148,
Minne.St.Paul & Sault Ste.
MarieRy.—EarningsJune—
$2,280,577
subsidiary.-
amounted to
A?
Gross from railway
Net from
railway
$3,877,191
232,242
x792,862
Net income.
Net income
$688,934
116,905
24,563
112.119
Gross from
railway
Net from railway.
Net after rents
$1,754,829
166,545
363,550
Portion of net income
applic. to min.
British sub
Gross from railway
Net from railway
$2,940,673
93,184
566,913
income
Gross income
Income charges
$287,777
Minneapolis & St.
$3,612,252
264,939
Net profit from operations
int. in American
Net inc. for the period
—V. 148, p. 2595.
$1,437,410
317,419
Provision for income taxes—estimated
and
1937
$5,759,359
1,584,959
562,147
37,004
$481,467
3,582
14,641
Other
1,883
9,267
$384,139
Gross income
for
income
1938
$3,473,239
1,449,435
586,394
26,305
111,189
$199,331
1,863
1,509
Miscellaneous income
Prov.
1939
$5,569,087
2,126,859
632,773
$2,809,455
131,218
117,852
$372,989
Net profit from opers_
Interest & divs. earned-
4,485,980
238,636
1937
1936
$133,225
$102,856
33,527
17,086
52,691
def9,953
32,179
499,243
730,021
84,016
241,557
def5,899
116,856
520,571
118,753
29,101
The company's funded debt matured Jan.
1, 1938.
Although the
com¬
pany has always paid its bond interest it was unable to meet this maturity
and went into reorganization under the Bankruptcy Act in the U. S. District
Court for the District of Delaware.
The plan has been approved by the SEC under Section 11 (f) of the
Holding Company Act and by the Court in the reorganization proceedings.
However, for the plan to become effective it must be accepted by writing
by at least two-thirds of the bondholders and a majority of each class of
stockholders.
The pan, if it is confirmed by the Court, would then be
binding on security holders who do not accept it as well as those who do.
Two protective committees were organized shortly after the reorganiza¬
tion proceedings began.
One commjttee represents approximately 45% of
the outstanding bonds of the company, while the other represents approxi
mately 37% of its preferred stock.
Capital Structure of Company
First mortgage gold bonds, series A, 5%, due Jan. 1, 1938_^__ $1,341,350
First mortgage gold bonds, series B, 6%, due Jan. 1, 1938
6,840,900
Indebtedness to Standard Gas & Electric Co. due on demand
-i
(with interest to Jan. 1, 1938)-r
6,947,293
7% cumulative preferred stock ($1)
par)
L
5,304,400
Unpaid preferred dividends on Sept. 30, 1938-_
2,174,804
Common stock, no par (142,500 shares)
142,500
Besides having an open account claim in the amount of almost $7,000,000.
Standard Gas owns 88,530.38 shares or 62% of the company's common
stock, while Standard Power & Light Corp. (parent of Standard Gas) owns
25,353 shares, or 18%.
J
Summary of the Plan
...
--
Missouri-Kansas-Texas Lines
Period End. June 30—
Operating
Operating
1939—Month—1938
1939—6 Mo.?.—1938
$2,379,815
$2,322,830 $13,321,448 $13,017,435
1,861,227
1,872,085
11,025,666
11,218,510
147,027
59,374
320,629
def204,455
366,066
357,538
2,188,308
2,137,673
.....
revenues
expenses
Inc. avail, for fixed chgs.
Fixed
charges
Deficit aft. fixed chgs.
—V. 149, p. 115.
Missouri Pacific
$219,038
$298,164
1Q3Q
Net after rents
From Jan. 1—
Gross from railway
railway
Net after rents
—V. 149, p. 582.
Mobile & Ohio
June—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$2,342,128
1937
1936
$6,453,340
1,163,345
294,991
$6,101,619
896,623
1,060
$7,045,073
1,352,687
$7,138,656
1,650,279
430,447
717,221
38,125,587
6,864,109
1,672,286
37,077,250
5,809,652
588,432
45,110,232
10,128,038
4,199,074
/
41,421,556
8,881,107
3,449,465
1938
1937
1936
$892,731
142,824
18,225
$837,888
170,874
44,705
$1,029,296
$846,155
153,850
52,613
5,708,384
1,115,545
299,203
5,609,048
1,158,055
330,517
6,102,410
1,472,407
722,753
the retirement of bonds.
(2) For each share ofpr ferredstock now outstanding and all accumulated
thereon, preferred stockholders will receive one share of new
5% cumulative preferred stock and two shares of new common stock, or an
aggregate of 53,044 shares of new preferred, 100% of the issue, and 106,088
shares of new common stock, 42.54% of the issue.
(3) In settlement of its disputed $6,947,292 open account claim, and of
its rights as owner of $88,530.38 shares of common stock, Standard Gas will
receive 140,614 shares of new common stock, 56.38% of the total issue.
(4) Holders of the outstanding common stock other than Standard Gas
dividends
common
1939
—V. 149, p. 115.
plan provides for the issuance of $8,182,250 of 15-year first mortgage
($50 par), and 249,401 shares (no par) common stock, stated value approxi¬
mately $20.71 per share.
(1) The holders of the presently outstanding 5% and 6% bonds wili
eased to others for maintenance of and additions to its properties, or for
will receive one share of new common stock for each 20 shares of
RR.—Earnings—
'•
The
onds, dated, Jan. 1, 1938, 53.044- shares of 5% cumulative preferred stock
$1,867,679
RR.—Earnings—
June—
Gross from railway
Net from railway.
Net from
Earnings—
248,057
119,435
4,908,990
873,295
285,482
stock held.
outstanding
4
Each share of new
preferred and common stock will be entitled to one vote
and will have the right of cumulative voting in the election of directors.
If arrears equal eight quarterly dividends, the holders of the new
preferred
stock will be entitled, voting as a c.ass, to elect a majority of the board of
directors.
The plan provides that the initial directors shall be
designated
by the debtor subject to the approval of the preferred stockholders com¬
mittee.
No other creditors
4
are
affected by the plan, as their claims will be
paid nl
cash in full or asumed by the debtor.
The Commercial & Financial Chronicle
738
1939
July 2?,
V.
National Tea Co.—Sales—
Period End. July lb—
1939—4 IF*?.—1938
New Capital Structure
$8,182,250 of new 5% 1st mtge.
cost of the properties depreciated,
forma earnings for the year ended March 31, 1939 the in¬
terest on the new bonds was earned 2.80 tmies.
Thus, it appears that the
properties and earnings of the debtor are adequate to support hte new bonds.
53,044 shares of 5% preferred stock will be issued with a par value of $50
a share, aggregating $2,652,200.
This preferred stock will represent 34%
of the stock capital, and the ratio of the new bonds and preferred stock
to estimated original historical cost of property depreciated will be 67%.
On a pro forma basis for the 12 months ended March 31, 1939 the dividend
requirements on the preferred stock were covered 5.37 times, and the
fixed charges and preferred dividend requirements of the new bonds and
preferred stock were covered 2,02 times.—V. 149, p. 582.
The plan provides for the issuance of
On the basis of original historical
Sales
1939—28 Wks.—1938
$4,027,115 $29,280,125 $30,224,882
$4,140,845
bonds.
the ratio of pro
Stares in
9,137
Operating taxes
Net oper.
Net income
—V.
From Jan.
277,898
$358,708
268,859
$2,334,102
1,840,520
$1,790,244
1,208,872
338,602
335.977
161,822
117.430
274,985
120,455
89,280
„
149, p.
116.
Co.—Extra and Larger
New Brunswick Fire I nsurance
Dividend—
115.
149, p.
1936
$42,554
18,356
12,232
256,466
91,262
59,355
322,728
155,932
104,877
after rents..
Net
—V.
1937
$56,016
28,734
21,942
$43,275
1—
Net from railway.
$3,442,359
1,652,115
$636,606
$419,679
—
income—-
Net after rents..
Gross from railway
$4,124,991
1,790,889
$729,989
310,310
Net oper. revenues
Net from railway.
$2,027,876 $12,443,987 $11,845,026
1,391,270
8.318,996
8,402,667
Operating revenues
$2,133,274
Operating expenses..-—
1,403,285
17,358
9,907
1938
1939
$53,080
26,282
17,814
Gross from railway
57,409
30,969
Ry.—Earnings—
June—
$2,037,013 $12,474,956 $11,902,435
2,912
Uncollectible oper. rev __
Nevada Northern
1939—6 Mo.?.—1938
1939—Month—1938
$2,136,186
Operating revenues
National Union Fire Insurance Co.—Extra Dividend—
dividend of $1 per share in addition
dividend of $1.50 per share on the capital stock, par $20,
both payable Aug. 14 to holders of record July 31.
Similar amounts were
paid on Feb. 26, last; Aug. 15 and Feb. 14, 1938, and on Aug. 9 and Feb.
8. 1937, and previously semi-annual dividends of $1 per share were dis¬
tributed.
In addition an extra dividend of $1 was paid on Aug. 10 and
Feb. 10, 1936, and on Aug. 12, 1935.
An extra dividend of 50 cents per
share was paid on Feb. 11, 1935.—Y. 148, p. 738.
The directors have declared an extra
to semi-annual
Telegraph Co.—Earns.
Mountain States Telephone &
Period End. June 30—
—V.
1,113
1,090
operation—
149, p. 116.
declared an extra dividend of 10 cents per share in
addition to semi-annual dividend of 75 cents per share on the capital stock,
The directors have
Mt. Vernon Telephone
Corp.—Earnings—
Earnings for the Three Months Ended
Operating revenues
Operating expenses, maintenance and taxes.
Ji
$44,735
_
on
per
20,500
funded debt
Depreciation
Provision for Federal income tax
England Telephone & Telegraph Co.—Earnings
Six Months Ended June 30—
^
$38,069,507 $36,590,579
26,799,622 26,164,269
;
2,556
__
Dividends paid or accrued on preferred stock
«...
$11,269,885 $10,426,310
4,132,732
3,755,051
Net operating revenues.
Operating taxes
$11,530
4,500
Net income
Other income
Nashville Chattanooga & St. Louis
*
1937
1936
$1,118,569
149,098
60,079
Gross from railway
Net from railway.
Net after rents..
$1,037,791
169,041
65,979
$1,127,665
88,400
37,601
$1,100,467
85,784
41,293
7,320,385
1,540,855
886,615
6,621,268
1,228,369
605,524
7,511,330
1,262,729
715,287
6,650,926
723,480
384,214
Net after rents
—V. 149, p.
Nassau & Suffolk
revenues
expenses
Maintenance
89,916
Depreciation
Taxes (incl. prov. for in¬
come tax)
Operating income
Other income (net)
Gross income
on
long-term debt..
Other interest
87,812
90,550
179,223
$205,123
$440,192
share
p.
197
15
536
$205,138
87,688
45,623
$440,728
170,317
87,227
17,093
-V.
148,
33,291
on
account of
$26,783
exceeding nine days, beginning Aug. 1, 1939.
Amount
Authorised
Previously
Authorized Authorized
Instalment Mortgage
Investment Securities
C Series
4%
'
73'
C Series
D Series
C Series
4%
57%
_E Series
3%
69%
5%
64%
AO Series
Mortgage Bond..
3%
3%
5%
BB Series
7%
78%
64%
68%
41%
66%
61%
57%
43%
64%
81%
F Series
Mortgage Guarantee
.
A Series
AB Series
Mortgage Security
77%
73%
70%
78%
86%
94%
67%
64%
A Series
B Series
Meline
to Date
,
A Series
B Series
Investors Mortgage
Mich. 2 Series
4%
Mich. 3 Series
3%
OTA Series
3%
Ky-2 Series
4%
4%
7%
National Reserve
CO Series
National Mortgage
B Series (x)
National Gas & Electric Corp.
Period End. June 30—
Operating
revenues
(& Subs.)—Earnings—
1939—Month—1938
1939—12 Mos.—1938
$118,466
$104,093
$1,358,337
$1,278,326
25,022
17,046
17.294
242,229
143,670
230.538
$247,370
sur$84,385
&c., and is after deductions for
depletion, contingencies.—V. 148, p. 2752.
patents,
68%
claim against National Surety Co. as guar¬
original securities.—Y. 148, p. 3693.
1939—6 Mos —1938
$2,047,649
$1,386,858
1,963,264
1,963,264
$10,249
Deficit
60%
of the corporation's
$734,262
981,632
$576,406
Shs. cap. stk. (par $25)1,963,264
1,963,264
1,963,264
1,963,264
Earnings per share
$0.49
$0.37
$1.04
$6.70
x Includes dividends received from subsidiary companies,
proceeds from
64%
88%
981,632
$971,383
Net income
Dividends
47%
.
Co.—Earnings—
1939—3 Mos.—1938
Period End. June 30—
x
81%
67%
73%
48%
70%
This distribution is being made from the proceeds of an initial dividend
received from the Superintendent of Insurance of the State of New York
antor of the
New Jersey Zinc
61%
72%
69%
x
on account
proceed against the company.
July 5,1938. the FPC instituted an investigation to determine all the
transaction.
Public hearings upon these amtters began
Sept. 27, 1938. and were concluded Oct. 10, 1938.
The Commission's
findings are Jhe result of a review of the evidence presented during the hear¬
ings and a study of briefs.
At the hearings both utilities contended that
Jersey Central is not a public utility within the meaning of the Act, and
therefore denied violation of any description/
Jersey Central Power & Light owns and operates transmission facilities
extending from the substation adjacent to its generating plant in South
Amboy, N. J., to the south bank of the Raritan River, where such facilities
are joined to the lines of Public Service Electric & Gas Co.
Public Service's lines extend from the south bank of the Raritan to the
Mechanic Street substation of the company at Perth Amboy; from there to
the mid-channel of Kill Van Kull, a navigable stream separating New Jersey
from Staten Island.—-V. 148, p. 2906.
principal have been authorized on the follow¬
D Series
July 20 issued a precedent-setting
facts relating to the
ing series at the rates indicated.
Distributions will be payable on or be¬
fore Aug. 10 to holders of participation certificates of record as of the close
of business July 31, 1939.
Transfer books will be closed for a period not
Series—
Sets
On
Corp.—Distributions—
Federal Home
Ruling
& Light Co.
As a result of this ruling,
acquisition of 341,350 shares of common stock of
Power & Light Co. by New Jersey Power & Light Co.,
without prior authorization from the Commission, was in violation of Sec¬
tion 203 (A) of the Federal Power Act.
On June 7, 1938 the FPC issued a show-cause order directing New Jersey
Power & Light Co. to submit detailed information concerning its reported
acquisition of the common of Jersey Central Power & Light, in apparent
violation of the Federal Power Act, and to show cause why the Commission
should not
Distributions
Co.—FPC
Co. and Jersey Central Power
2595.
P.
National Bondholders
Light
Case—
Jersey Central
34,320
$149,893
&
Power
the FPC found that the
176,709
89,966
$54,734
16,221
Jersey
The Federal Power Commission on
Amort, of debt discount
Net income
149,
ruling in which it held that it has jurisdiction over a utility operating within
a single State if the utility has connecting transmission lines with power
companies in another State.
The decision was issued in the matter of New Jersey Power & Light
$327,778
and expense and mis¬
deductions
compared with $3.22 per share for the six months of 1938.—V.
as
New
924
$274,791
83,912
41,090
$295,091
420.
Precedent in Utility
$326,854
cellaneous
$732,376
Income balance
173,524
$274,594
$4,295,465
4,000,374
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.
Net income for six months of the current year amounted to $3 55 per
$2,093,763
1,313,112
63,484
216,789
$2,242,216
1,363,263
86,949
172,589
$4,732,750
4,000,374
84,083
Dividend appropriations
1939—12 Mos.—1938
$1,090,930
663,983
34,108
97,166
$6,731,175
2,045,833
83,902
305,975
$7,208,445
2,100,000
fixed charges
...
funded debt
Net income..
Lighting Co.—Earnings—
1939—6 Mos.—1938
$1,192,190
697,388
42,480
on
Other interest
116.
Period End. June 30—
Int.
Discount
1—
Gross from railway
Net from railway......
Operating
Operating
Bond interest.
1938
/
291,611
Income available for
Ry.—Earnings—
1939
147,631
87,715
164,787
93,494
-
Miscellaneous deductions
June—
$6,671,259
$7,137,152
Net operating income
$7,030
Balance available for common stock and surplus
—V. 148, p. 2751.
From Jan.
dividends of 50 cents
589.
Operating revenues
Operating expenses..,
90
Amortization of debt expense.
share were distributed.—V. 148, p.
New
$24,235
2,617
7,442
Net income from operations
Interest
Previously
record July 21.
par $10, both payable Aug. 1 to holders or
extra d vidends of 35 cents and regular semi-annual
June.SO, 1939
expenses,
New Orleans & Northeastern RR.,
1939
June—
depreciation,
-Earnings1937
1938
1936
76,538
18,898
$252,427
84,605
33,256
$265,543
103,036
47,045
$214,829
77,009
30,309
1,434,146
486,829
1,460,497
431,151
161,594
102,358
1,622,181
638,692
305,403
1,265,815
378,469
111,501
$238,529
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 149, p.
taxes,
116.
Gross income after retire¬
accruals
ment
Net
income
8,830
132,797
—V. 149, p. 264.
National
New Orleans Public Service Inc.Period End. June 30—
Operating revenues
Oper. exps., incl. taxes._
Prop, retire't res. approp
Gypsum Co.—Earnings—
-Earnings—
1939—12 Mos—1938
1939—Month—1938
$1,474,811
$1,423,860 $18,560,466 $18,344,373
976,968
932,044 12,187,883
12,402,231
177,000
177,000
2,124,000
2,124,000
Earnings for the 12 Months Ended May 31, 1939
,
Parent Co.
,
Gross sales, less discounts
Cost of goods sold.
Consolidated
allowances...$10,951,764 $11,119,183
7,367,624
7,447,994
Selling general and administrative expenses
2,092,200
2,101,532
Provision for doubtful accounts
93,005
93,395
returns &
Profit
Other
$1,398,935
138,425
income.
$1,476,262
Gross
Total
income
$1,537,360
Prov. for U. S. and Canadian Fed. income
208 561
taxes!!
Prov. for State and Provincial income taxes
Additional taxes for prior years
148,
p.
203,300
14 200
$1,589,107
207,320
212,600
14,200
2751.
256
592
$1,154,395
.
$314,816
634
$4,248,583
5,700
$3,818,142
16,167
$320,675
-
on mtge. bonds
Other int. & deductions_
$315,450
192,121
21,207
200,603
$4,254,283
2,356,451
251,262
Cr27,136
$3,834,309
2,428,040
247,719
Cr40,236
$1,673,706
$1,198,786
544,586
544,586
19,786
Cr5,736
Int. charged to construe.
«
112,845
$1,111,044
Net income
-V.
.
inqome
Int.
$100,797
Dividends applicable to preferred stock for
the period, whether paid or unpaid
Net
Income deductions
$320,843
Drl68
Net oper. revenues
Other income (net)
income
$107,347
$1,129,120
$654,200
x Dividends
accumulated and unpaid to June 30, 1939, amounted to
$2,722,930, after giving effect to a dividend of $1.75 a share on $7 pref.
stock declared for payment on July 1, 1939;
Dividends on this stock are
Balance
*
cumulative.—V. 149, p. 116.
-
Volume
The Commercial & Financial Chronicle
149
New Orleans Texas & Mexico
June—
1939
Ry.—Earnings—
Nonquitt Mills—50-Cent Dividend—
$137,762
defl3,484
def4,271
1938
$125,518
def20,356
defl2,714
1937
$157,717
30,657
26,504
1936
$124,601
8,626
def2,646
1,301,235
1,334.231
418.308
491,781
426,693
504,385
1,573,695
762,282
691,162
1,112,194
359,597
276,217
Gross from railway
Net from railway
Net after rents._______
From.J-an. 1—
Gross from railway
Net from railway
Net after rents._
—V, 149, p. 420.
739
Directors have declared a dividend of 50 cents per share on the common
stock, payable Aug. 11 to holders of record
July 25. Dividends of $1 were
paid in May and February of this
year.
See also V. 148, p. 740.
Norfolk & Western
Ry.—Earnings—
Period End. June 30—
Freight revenues
Pass., mail and
1939—Month—1938
$5,103,001
301,766
27,415
294,121
22.477
1,695,993
160,165
1,651,189
145,344
31,632
266,609
216,317
revenues.
Newport (Me.) Water Co.—Bond Issue—The John Han¬
cock Mutual Life Insurance Co. has made
arrangements to
purchase an issue of $75,000 4% 25-year refunding bonds
of the
company.
With part of the proceeds the existing
$66,000 5% bonds due in 1949 will be redeemd
New Process Rayon
Corp .—Name
Sept. 1.
on
Controlling interest of the Imperial Rayon Corp. is held by the Edward G.
Manufacturing Co., Philadelphia.—V. 140, p. 3052.
Budd
June—
Gross from railway
Net from railway
Net after rents.
From Jan. 1—
155,970,720 138,942,439
33,421,193
23,731,434
8,689,953
108,187
—V. 149, p. 420.
186,831,954 171,616,006
47,032,776
41,191,177
22,575,194
19,688,552
1938
1937
$3,391,788
711,382
284,764
1,045,085
707,560
$3,337,425
1,192,714
657,484
19,464,490
5,709,617
2,833,857
16,690,873
3,869,812
1,176,049
21,885,050
7,544,596
4,359,044
1938
$249,084
183,849
120,864
1,293,066
From Jan. 1—
Gross from railway
1,094,132
744,429
362,300
891,284
653,477
Revenues
1936
$206,172
154,618
90,781
1,457,262
1,160,304
1,396,488
1,076,830
669,425
794,868
Co.—Earnings—
1939
1938
$1,517,447
825,659
721,604
$1,393,325
780,100
694,968
Expenses
Taxes, interest, &c
$81,743
_______
.
1936
$1,373,921
738,608
737,525
$4,349
$102,211
-v
New York & Honduras Rosario
Period End. June 30—
Net profit after charges
1 937
834,387
729,163
$1,559,201
$29,816
V. 148, p. 2598.
Mining Co.—Earnings
1939—3 Mos.—1938
1939—6 Mos.—1938
and Federal taxes...-
$178,303
Earns, per sh. on 188,367
shs. cap, stk. (par $10)
$123,614
$413,085
$339,232
$0.94
$0.66
$2.19
$1.80'
—V. 148, p. 3694.
'
New York New Haveh & Hartford
Period End. June 30—
Total oper. revenue
Net ry. oper. income.__
avail, for fixed
Income
1939—Month—1938
$6,707,111
$5,858,061
a322,075
xl03,481
Railway oper. income $2,285,748
Equipment rents (net)._
Cr62,393
508,825
$9,455,103
4,982,187
Z>rl3,505
$1,017,573
Crl60,938
Dr12,842
$8,354,488
Cr964,366
Dr86,726
$4,472,915
Cr999,334
Dr78,180
Net ry. oper. income.
Other inc. items (bal.)__
$2,334,635
65,839
$1,165,667
49,282
$9,232,129
201,516
$5,394,070
193,945
$2,400,474
178,127
$1,214,949
178,453
$9,433,646
1,070,024
$5,588,015
1,071,536
$2,222,347
$1,036,496
$8,363,622
$4,516,479
Gross income
Interest
____
funded debt.
on
North American
Co.—Earnings—
Earnings for 12 Months Ended June 30 (Incf. Subs.)
Operating
1939
revenues:
Electric...-
1938
1937
1936
$97,105,968 $94,396,597 $94,445,857 $87,132,405
2,970,227
3,100,919
3,146,482
3,284,205
4,410,715
4,378,525
4,230,163
4,176,892
10,270,683
10,621,745
11,076,592
10,633,016
4.234,977
4,407,218
4,865,227
5,194,130
1,136,835
1,294,192
1,398,369
1,219,550
Gas
Transportation
Goal
Operating expenses
44,358,535
Maintenance7,593,781
Taxes, other than income 14,054,462
Prov. for income taxes._
4,843,249
Prov. for Fed. surtax
Approp. for deprec.
$39,565,901
a2,861,601
$34,702,358
x659,996
res.
15,170,347
44,224,761
7,826,511
43,288,873
7,314,804
11,950,136
5,044,462
13,440,855
3,935,632
262,709
41,233,336
6,560,301
12,177,831
3,749,964
291,890
15,334,598
14,509,215
13,854,136
Net oper. revenues—.$34,109,031
$33,174,131 $36,763,309 $34,064,630
684,321
756,158
883,760
767,243
5,714,933
5,794,893
5,571,103
4,693,526
Net profit on mdse. sales
77,533
108,527
264,389
115,131
Net income from rentals
52,673
28,931
9,462
4,953
Other income
—134,313
194,052 '
260,908
206,354
Interest.
Dividends
.
Gross income
Interest
funded debt.
of bond disct.
on
Amortiz.
$40,772,804 $40,056,692 $43,752,932 $39,851,837
13,544,728
14,388,741
14,416,998
14,708,368
and expense
998,054
205,695
928,092
217,363
0130,220
6,288,805
Cr255,975
7,289,602
1,390,011
1,100,000
1,276,319
Other interest charges..
Int. during construction
charged to property &
plant
Pref. divs. of subs
Min. ints. in net income
of subsidiaries
Other deduction
659,578
401,235
631,612
186,196
Cr69,127
7,833,074
Crl34,446
8,263,509
1,434,770
1,315,694
•
Bal. for divs.
&surp..$17,375,732 $16,212,549 $19,076,402 $14,880,903
Divs.
on
North Amer.
preferred stock.
Balance
1939—6 Mos.—1938
b619,770
45,851
1,131,721
4,000,523
249,976
6,808,923
b2,775,776
a The leases of the
following companies were rejected on dates stated
below, but net railway operating income includes the results of
operations
properties:
Old Colony RR., June 2, 1936.
Hartford & Con¬
necticut Western RR., July 31, 1936.
Providence, Warren & Bristol RR.,
Feb. 11, 1937.
Boston & Providence RR.
Corp., July 19, 1938.
b Effective as of these
dates, no charges for the stated leased rentals are
included covering the Old
Colony RR., Hartford & Connecticut Western
RR., Providence Warren & Bristol RR. and Boston &
Providence RR.
Corp. leases.
$1,759,143 $13,587,736
741,570
5,233,247
(net)—
Joint fac. rents
RR.—Earnings—
of these
c
$3,332,646
1,046,898
$5,451,232 $37,652,236 $32,338,947
624,799
4,133,974
4,056,750
1,260,612
8,505,760
7,605,651
133,998
825,482
836,483
1,478,636
9,465,676
9,239,934
16,020
98,730
95,592
178,364
1,052,449
1,052,196
Cr340
Crl7,570
Cr2,762
for
2,642,444
1,819,077
1,819,077
1,819,316
common
stock divs. & surp.
Earns, per share on
$14,733,288 $14,393,472 $17,257,325 $13,061,587
aver,
shs. com. stk. outstdg.
charges
Net def. after charges.
$35,529,470 $30,326,097
Total oper*
revenues.$120129,405 $118199,197 $119162,690 $111640,199
1937
$212,193
158,720
97,269
(Including New York Dock Trade Facilities Corp.)
6 Mos. End. June 30—
x
Crl,816
Net ry. oper. revs
Railway tax accruals...
—
New York Dock
c
Transp. for investment-
Connecting RR.—Earnings—
1939
$188,833
109,832
72,704
144,906
1,645,091
17,321
177,562
line.
Miscellaneous
Net from railway
Net after rents
—V. 149, p. 116.
_
expenses
Heating
116.
June—
Gross from railway
Net from railway—__
Net after rents
Net loss.
Traffic
Miscell. operations
General expenses
19,600,644
6,903,754
4,157,446
1—
New York
$7,609,533
Maint. of way and struc.
740,360
Maint. of equipment—_
1,553,463
1936
$2,773,682
-
41,533
oper. revenues.._
Net income
—V. 149, p. 117.
1939
Net after rents.
149, p.
1936
$3,335,879
1,023,335
535,940
Gross from railway
Net from railway
—V.
1937
Chicago & St. Louis RR.—Earnings—
June—
Gross from railway
Net from railway—
Net after rents
From Jan.
1 938
$26,696,492 $23,040,069 $31,002,458 $29,586,541
6,434,334
4,809,709
7,378,129
7,954,998
2,456,388
922,244
1,229,247
4,239,983
,
Gross from railway
Net from raUway
Net after rents.
New York
RR.—Earnings—
1939
revenues
Transportation rail
Changed—
Stockholders of this corporation on July 19 ratified the
change of name
of the
company to the Imperial Rayon Corp.
Paul Zens continued as Presi¬
dent and P. E. Harrison was named
Vice-President and General Manager.
New York Central
Other transp. revenues.
Incidental and joint fac,
Ry.
1939—6 Mos.—1938
$7,238,820
express
.
Before guarantees on separately
operated properties,
Indicates deficit.—V. 149, p. 116.
$1.72
$1.68
'$2.01
$1.52
Notes—(1) The above figures do not include the results of operations of
North American Light & Power Co. or
Capital Transit Co.
(2) The provisions for Federalxsurtax on undistributed income for the
12 months ended June 30, 1938, and for the 12 months
ended June 30,
1937, are those made in December of 1937 and 1936 for the respective
calendar
years.
V
.
Appeals Court Affirms Federal Judge's Order in Case—
The (J. S. Circuit Court of Appeals on
July 26 upheld, in a 2-to-l decision,
the order of Federal District Judge John M.
Woolsey directing the company
$4,000,000 in notes to North American Light & Power Co. in
exchange for 2,666,667 shares of the latter's common stock, and to return
to the latter concern
$500,000 in interest received for the notes held by the
to surrender
former.
New York Ontario & Western
June—
Gross from railway
Net from railway.
Net after rents
From Jan. 1—
Ry.—Earnings—
____
Gross from railway
Net from railway
Net after rents.
1938
1937
1936
$454,467
defl3,226
def91,404
$59^,846
$522,829
41,635
defl9,542
$719,930
188,026
102,523
3,335,783
412,839
defl36,627
3,097,596
117,545
def378,706
3,423,875
4,399,936
510,054
8,806
1,012,048
535,496
91,237
6,461
New York State Electric & Gas
Corp.—Exemption—
An application by the
corporation for exemption from the
Holding Com¬
pany Act of a sale of a $325,000 note at 2.73% to the Rural
Electrification
Administration and a pledge of $425,000 of first
mortgage bonds as collateral
for the note was approved July 26
by the Securities and
Exchange Com¬
mission.
The funds will be used to finance 276 miles of
rural electric line
extensions for service to approximately 1,070 customers.
A similar
appli¬
cation of nearly identical amount by the same
company for an REA project
of almost identical
proportions was approved recently by the SEC.—
V. 149
p. 421.
New York
June—
Susquehanna & Western RR.—Earnings—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents—
1939
June—
Net after rents
def5,292
1,566,950
578,535
154,043
1,551,451
509,473
69,580
Net after rents
1936
$239,870
64,322
4,650
1,753,559
658,915
268,561
$239,302
1939
6 Mos.
June 30 '39
1,682,649
2,277,620
470,102
168,103
2,617,191
677,250
330,632
June 30 '39
Mar. 31 '39
$61,627
20,500
$48,218
15,042
$41,127
$33,176
516,475
237,263
$695,856
304,072
2,274,813
438,984
139,383
3 Months
—
$109,845
35,542
Expenses
Prof. before depletion & taxes
—V. 148, p. 3694.
Northern Alabama
1938
$594,533
276,930
215,999
Co.—Earnings—
Gross oil royalties
$574,085
247,186
184,783
—V. 149, p. 265.
North American Oil
54,772
2,125
RR.—Earnings—
From Jan. 1—
Gross from railway_____
Net from railway
1937
$253,529
73,663
Norfolk & Southern
Gross from railway
Net from railway
1938
$240,968
80,184
9,249
Justice Augustus Hand wrote the majority decision, which was concurred
by Judge Robert M. Patterson.
Judge Thomas Swan handed down a
dissenting opinion.
The case, which was brought against North American in 1937
by three
holders of North American Light & Power preferred stock, was to
compel
North American to abide by terms of an agreement to accept North Ameri¬
can Light's common stock in settlement of advances.
The Circuit Court
directed North American Liight, subject to approval by the Securities and
Exchange Commission, to make offerings of 2,000,000 shares of its common
stock to common stockholders of record March 5,
1935, at $1 a share and
666,667 shares to holders of record March 5, 1936i at $3 a share, in the
aggregate equal to the $4,000,000 previously advanced by North American.
The Circuit Court further directed North American
Light, in the event the
SEC should not approve the respective stock offerings, to apply to the lower
Court for "such other or further relief as may be just or proper."
North American Co. owns 73.5% of North American Light's common stock
and is required under the agreement questioned by this case, to take
up its
option of such stock as is not taken by other common stockholders of North
American Light, and to receive such proceeds from sale of the new North
American Light common as payment against the 5% notes of North Amer¬
ican Light, due April 1, 1939.
Last sale of North American Light com¬
mon stock was at \M.
North American Co. has not as yet determined whether it will
apply to
the U.S. Supreme Court in regard to this case.—Y. 148,
p. 2599.
in
1939
1937
1936
$505,581
186,671
126,826
2,28,342
-
2,209,195
426,536
155,966
June—
inc
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
117.
$74,303
i,
Ry.—Earnings—
1939
Gross from railway
Net from railway
—V. 149, p.
on
$45,888
1938
1937
1936
15,692
1,102
$32,545
1,698
defl4,023
$60,546
20,528
1,584
$53,609
20,888
7,038
304,865
116,246
31,817
266,702
81,399
def24,823
400,523
175,508
69,927
351,664
150,509
56,313
'
Chronicle
The Commercial & Financial
740
Notes—(1) For comparative purposes
North American Finance Corp.—Earnings—
Operating
$227,180
152,193
Other
$63,809
C'r2,413
13,325
9,230
operation
income
Other
$211,763
147,954
$74,987
expenses
Net Income from
sub.
1938
1939
deductions
—
12,816
Estimated provision for income taxes
Net income...
-
$51,26.3
35,061
——
Surplus balance Jan. 1
Adjustment of prior year's taxes..,
and Midland Public Service
cos.
Northern States Power Co.
(2)
$2,972,179
Co.—Earnings—
1939^^x.—1938
12.836,117 $17,277,593 $16,627,756
Operating revenues.
Operating expenses...
$2,964,703
2,006,608
$2,828,027 $17,233,189 $16,564,817
1,849,070
11,705,626
11,649,742
Net oper. revenues.
$958,095
360,516
$978,957
357,423
$5,527,563
2,304,455
$4,915,075
2,198,881
$597,579
$621,534
595,541
$3,223,108
2,607,879
$2,716,194
2,504,633
Northwestern Bell Telephone
29,956
1939—Month—1938
Period End. June SO—
Drb02
Operating re venues
Total..........
:
$86,325
....... — ..........
$73,030
1,610
2,310
35,329
1,227
1,305
pref. $0.80
2,871
35,371
Class A common, $0.25 per share per quarter.
interest—8 %
Preferred—m inority
Operating taxes
>,778
3
Balance June 30
Net oper.
Liabilities—
1938
—
Ctfs.
39,390
Notes receivable.
22,638
10,758
585
64,050
Class B com. stock
25,000
25,000
519,867
520,335
46,778
32,555
reserve
Net after rents
—V.
149,
p.
1,269,293
def554,495
1,807,446
77,271
1,653,079
def728,929
def66,494
defl4,649
118.
$1,616,8791
Total .........$1,768,523 $1,616,879
for doubtful loans of $112,428 in
Public Service Co.—Accumulated Div.—
a dividend of $3.64583 per share on account
the 7% cum. pref. stock and a dividend of $3,125
per share on account of accumulations on the 6% cum. pref. stock, both
payable Sept. 1 to holders of record Aug. 19.—V. 148, p. 3236,
1939 and $108,311 in
on
Telephone Corp.—Earnings—
Ohio Central
Earnings for the 3 Months
North American Rayon
a
89,238
have declared
148, P. 2752.
Directors have declared
$319,852
22,338
def2,316
♦
Northwestern
Directors
of accumulations
23,026
$1,768,523
After
x
1938
$276,274
def40,172
def70,383
1,489,363
defl24,509
def283,933
Gross from railway
Net from railway
141,484
Earned surplus
Deferred charges..
1936
$321,495
51,283
36,640
1937
1939
$290,522
7,192
def20.212
Net after rents
66,000
141,324
com.
17,709
17,951
20,647
preciated value-
-Earnings—
Pacific RR.
46,740
45,002
Capital surplus...
285,785
maturity)
Repossessed autos.
501,404
...
Northwestern
239,060
58,990
stock
Furn. & flxt's, de¬
Total
285,785
Preferred stock
239,060
62,939
44,404
266.
Net from railway
44,576
Class A
Contra (to be off¬
p.
June—
Prior pref. stock—
Notes receivable—
149,
Gross from railway
Reserves
counts recelv'le.
1938.—V.
71,500
(offset
maturity)
21,737
6,979
life Insurance
Other notes & ac¬
at
$429,204
against notes at
Cash surr, value of
set
$510,651
6%,
income
income.
—V.
invest.—
Contra
1,156,426
1,234,707
of
Net
1938
71,500
debs.,
due 1951
collateral¬
ized..
x
Conv.
$148,163
$139,841
hand
on
1939
Notes & accts.pay,
Cash in banks and
Loans
^
$32,555
Consolidated Balance Sheet June 30
1939
Assets—
„
8,090
7,476
Uncollectible oper. rev..
Dividends paid in cash—Prior
Preferred 7%.
Co., which became subsidiaries of
Co. (Minn.) effective as of Jan. 2, 1938.
(Minn.) made no provision for Federal
and State income taxes for the year 1937, as it claimed as a deduction in its
Income tax returns for thta year unamortized discount and expense and
redemption premiums and expense and duplicate interest applicable to
bonds redeemed during the year 1937, which deduction resulted in no tax¬
able income for that year.—V. 149, p. 266.
Northern States Power
$43,666
.....
the figures prior to Jan. 2. 1938.
included in the year ended May 31, 1938, figures above have beenadjusted
to include the income accounts of Northern States Power Co. (Wis.) and
6 Months Ended June 30
Consolidated Income Account for
1939
July 29,
Corp.—50-Cent Dividend—
Ended June 30, 1939
$124,317
Operating revenues
Operating expenses, maintenance and taxes
dividend of 50 cents per share on the class A
and class B common shares, payable Aug. 11 to holders of record Aug. 4.
This compares with 25 cents paid on Dec. 17, 1938, this latter being the
51,097
$73,220
22,764
20,684
Net income from operations.
first distribution made since Dec. 23, 1937, when 25 cents was also paid.
—V. 149, p. 584.
Interest
funded debt
on
Depreciation
57
Amortization of debt expense
North Texas Co.
(& Subs.)- —Earnings—
June 30— 1939—Month —1938
Period End.
1939—12
Mos.—1938
$1,357,774
a772.899
203,868
a 132,900
$20,653
$258,833
$279,720
21
16
$108,392
60,246
16,491
13,252
$20,369
Maintenance..
Taxes
$27,215
6,750
Net income
$1,389,387
16,283
11,209
748,592
200,271
150,077
$110,915
60,803
Operating revenues
Operation
2,499
Provision for Federal income tax.
preferred stock
Dividends paid or accrued on
Balance available for common stock and
surplus-..
$20,465
—
—V. 148, p. 2753.
Net oper. revenues-—
Non-oper. income (net)-
Ohio Edison
Co.—Earnings—
Period End. June 30—
Balance.
$279,736
138,373
$20,653
11,011
$258,855
12,842
$7,527
$9,643
$116,665
7,425
Retirement accruals
Gross income
$109,239
$134,973
53,790
1939—Month—19.38
1939—12 Mos.—1938
$1,540,139
$1,424,417 $19,103,585 $18,971,590
$141,363
$20,369
-
9*9
409
$6,577
3,428
142,190
$9,234
3,767
Equip, note interest
Gross revenue
756,439
200,000
708,008
200,000
9,062,500
2,400,000
9,286.192
2,400,000
$583,700
$516,409
$7,641,085
$7,285,398
284,909
285,792
3,445,986
3,308,330
$298,791
155,577
$230,617
155,577
$4,195,099
1,866,923
$3,977,068
1,866,923
$75,040
$2,328,176
$2,110,145
Operating exps. & taxes.
Prov. for depreciation
6,390
Gross income..
—
—
Interest and other fixed
Bal. before bond int..
Int.
on
bonds
(fixed 3%)
it.
41,905
charges.
Net income
—
Balance
Income interest
on
$67,335
$81,183
41,221
$5,466
$3,149
bonds—3%__
50,554
Divs.
pref. stock....
on
$143,214/
Balance
Net income after income interest
a
$26,114
Includes North Texas Co. only from date
$30,629
—V. 148. p. 3855.
of incorporation on March 2.
'
1938.—V.
149, p. 265.
Northern Indiana Public Service
Period End. June 30—
Co.—Earnings—
1939—12 Mos.—1938
1939—6 Mos.—1938
Operating revenues
$8,965,672
Oper. expenses and taxes
6,519,083
$8,494,447 $17,727 854 $17 508 055
6,274,927
12,981,683
12,904,016
Net oper. income
Other income (net)
$2,219,520
24,170
$2,446,588
20,672
$4,746,172
44,892
$4,604,040
54,797
Finance
Ohio
Co.—Debentures
Offered—An
issue
of
$2,500,000 10-year 4\i% sinking fund debentures, priced
at 100, were offered July 28 by>a group of underwriters
headed by McDonald-Coolidge & Co. and including Riter
& Co.; Whitaker & Co.; Stevenson, Vercoe & Lorenz, and
The First Cleveland Corp.
be used to retire on Nov. 1 the present issues of 0H%
convertible debentures due in 1951.
which operates 21 offices in 18 cities in the East and
Middle West, was incorporated in 1929 with headquarters in Columbus,
as the outgrowth of a business established in 1906.
In the first five months of 1939, profit before interest and provision for
Federal taxes amounted to $397,489, while net profit for the same period
Proceeds
are to
debentures due in 1944 and 5%
,
Gross income
Int. and other
Net
-V. 149,
p
$4,658,837
$2,467,260
$2,243,690
$4,791,064
1,354,991
1,341,070
2,708,195
2,695,808
$1,112,269
$902,620
$2,082,869
$1,963,028
deduct'ns
income...
584.
Northern Insurance Co. of N. Y.—Extra Dividend—
The directors
July 21 declared an extra dividend of $1 per share in
addition to the regular semi-annual dividend of $1.50 per share on the
common stock, par $12.50, both payable July 31 to holders of record July
28.
Similar payments were made on Jan. 30, last; July 28 and Jan. 31,
1938; July 29 and on Jan. 15, 1937.
Extra dividends of 50 cents per share
were paid on July 30, and Jan. 27, 1936, and on July 29, and Jan. 28,
1935.—V. 148, p. 741.
on
1936
$5,403,916
1,029,540
665,585
Net from railway
Net after rents
From J an. 1—
Gross from railway
Net from railway
Net after rents
1937
1938
1939
t.
was
company,
$245,107.
.
$4,582,154
600,173
285,292
$5,467,645
$4,955,972
889,744
1,684,088
830,563
544,987
27,989,798
3,466,606
1,693,411
24,245,075
1,531,178
defl54,833
30,399,579
4,550,761
4,258,990
26,204,494
2,741,826
1,454,822
Northern States Power Co.
(Del.)—Weekly Output—
Northern States Power Co.
Year Ended May 31—
$10,777,203 and current liabilities of $3,535,837.
Officers are:
Charles W. Wild, President; H. H. Rounsevel,
Operating
revenues
Operation.....
Maintenance
Appropriation for retirement
reserve
&
1939
1938
.$36,423,228 $35,648,130
13,634,077
14,150,970
1,743,190
1,574,551
deprec'n..
3,090,607
2,963,050
Taxes
4 929 474
Provision for
Federal"
&
State'income
taxes 111111
4 635,475
T,285',956
634!216
Treasurer, and O. T. Albright, Assistant
Vice-President.
Directors are:
Mr. Wild, Mr. Rounsevel, Mr. Jones,
Mr. Wolcott, Mr. Shively, Paul A. DeLong, W. C. Horr, L. Ewing Jones,
W. A. Legg, August Lorenz, E. E. Nace, Hazard Okey, A. J. Pembroke,
R. B. Picking, and John M. Thomas.—V. 149, p. 421.
Ohio Water Service Co.—Statement
Operating
Operating
and taxes
;
Net earnings
...
Gross income
on
interest
Amortiz. of debt disct. and expense.
Net income
Dividends on class A
Gross
Interest
$11,739,925 $11,689,868
52,578
45,047
income
on
long-term debt
_
Amortization of debt discount and expense
Other interest (net)
Amortization of sundry fixed assets
Miscellaneous deductions
.$11,792,503 $11,734,915
3,812,702
3,815,262
660,749
667,789
21 876
Cr35,312
II"III"
31
4L843
41,843
1281836
...
Net income
$307,471
3.154
3,234
$375,696
4,085
$310,706
191,000
$379,781
191,000
777
1,058
10,648
10,648
10,648
1,798
common
stock..
$107,847
113,462
$108,280
125,618
$177,075
City-Ada-Atoka Ry.—Earnings—
Gross from
1939
From Jan.
1938
1937
1936
$34,515
10,935
railway
Net from railway
Net after rents
$33,224
6,383
$43,949
20,492
$42,410
19,254
10,831
3,480
def2,220
10,688
193,487
67,428
213,294
64,549
260,429
93,046
29,810
12,964
35,440
1—
Gross from railway
Net from railway
Net after rents
272,623
139,618
92,769
105,795
Balance
$7 115 ggg
Divs. on pref. stock of Northern States Power Co.
$7,149,138
232 907
"
$309,002
149,p. 421.
Oklahoma
—V.
149. p.
118.
Oklahoma
(Wis.) held by public.
Minority int. in net income of sub. companies
$678,667
302,971
191,000
863
long-term debt
Miscellaneous deductions
—V.
1937
$614,750
307,278
$312,156
expenses
1938
$623,221
314,219
revenues
Other income, net
Interest
of Income—
1939
Years Ended June 30—
June—
Net operating income
Other income (net)..
Executive
Vice-President and General Manager; Hanby R. Jones, Vice-President and
General Counsel; E. D. Wolcott and Neath O. Jones. Vice-Presidents;
Miscellaneous
(Minn.) (& Subs.)—Earns.
,
small loans and instalment
purchased, increased from $4,717,878 at Dec. 31, 1932
to $9,670,866 at the end of 1938, and at May 31, 1939 were $10,438,217.
Consolidated balance sheet at May 31, 1939 showed current assets of
—V. 149, p. 117.
Electric output of the Northern States Power Co. system for the week
ended July 22, 1939, totaled 26,005,077 kilowatt-hours, an increase of
4.9% compared with the corresponding week last year.—V. 149, p. 584.
„
Notes and accounts receivable, representing
accounts receivable
Everett Shively, Secretary and
Northern Pacific Ry.—EarningsJune—
Gross from railway
The
12 947
59,090
$6,871,042
$7,090,048
Gas
&
Electric
Co.—Correction—Company
Any Financing at Present Time—Due to
a typographical error in
"Chronicle" of July 22, page 584,
a sub-heading "Proposed New Financing" which relates to
Oklahoma Natural Gas
Co.
onlyappeared under this
Not Contemplating
Volume
The Commercial & Financial Chronicle
149
company's head.
no
The
financing in view
Oklahoma Gas &
Electric
Co. has
at the present time.—V. 149, p.
1939
584.
Assets—
Oklahoma Natural Gas
Co.—Proposed New Financing—
Plants,
stated rate not in excess of 3
1939
Liabilities—
$
deferments
Mat'l and suppl.
1.045,660
2,109,946
4,867,932
Deferred charges
Mln.lnt.ln
and
456,628
Total.......212,086,180 215,434,809
Taxes
(not incl. Federal
surtax
on
Otis Elevator
quarterly dividends of 15 cents per share
Balance
Retirement accruals
Net income, before provision for Federal surtax
on undistributed profits
1938
1 937
$9,592,566
4,998,218
$8,190,690
$5,164,715
1,280,183
$4,594,348
1,149,930
$4,086,500
1,116,395
$3,884,532 x$3,444,418
on
$4,449,564
85,000
Z>r62,779
40,000
Cr25,159
$
*
Prop., plant A
a Intangibles
$2,970,105
Accts. A notes
$5,757,759
rec
823,650
.
Mat'l A supplies..
1,108,031
178,017
165,267
224,334
243,456
Special deposits
,133,200
15,233
4,758
133,475
123,093
Prepaid accts. and
$5,212,991
$
stock—18,216,300 18,216,300
CI. A pref. stock..10,000,000 10,000,000
CI. B pref. stock.. 1,000,000
1,000,000
Ser. A 4% bonds..23,012,000 23,500,000
Bank loans
2,000,000
Leasehold purchase
M
62,664
obligations
Accounts payable .
Pref. divs. declared
307,397
315,694
141,255
6,637,762
535,615
5,736,427
Surplus..
2,696,376
Total
165,000
1,036,992
5,453,978
4,335,728
Accrued interest.
expenses
_
Deferred liabilities
2,854,205
67,247,691 67,115,570
40,508
528,965
...67,247,691 67,115,570
Total
a Representing, gas sale and purchase
contracts, &c.
728.652 (no par) shares.—V. 149, p. 421.
Okonite Co.—Dividend Omitted—
Directors at their recent meeting failed to take
any action with regara
to payment at this time of a dividend on the common
shares.
Regular
quarterly dividend of 50 cents was paid on May 1 last.—V. 147, p. 2873.
b Represented by
(The) Paul Revere Fire Insurance Co.—Extra Dividend
Directors
have
declared
an
extra
dividend
of five
cents
share in
per
addition to
a semi-annual dividend of 60 cents per share on the common
stock, both payable Aug. 1 to holders of record July 25.
Like amounts were
paid on Feb. 1, 1939, and on Feb. 1, 1938.—V. 148. p. 592.
Pay 60-Cent Div.—
Directors have declared
177,290
169,348
529,326
1,244,710
Accrued taxes
$4,301,523
a For fiscal years ended Nov.
30, 1938 and Nov. 30, 1937.
Provision for
this tax, subsequent to Nov. 30, 1938, is not
necessary under the present
Revenue Act.—V. 149, p. 266.
Ontario Steel Products Co., Ltd.—To
?
b Common
Res. for depl., An¬
other reserves
deferred charges
Debt discount and
136,575
274,993
Earned surplus, end of period
June 30 '39 Dec. 31 '38
Liabilities—
Non-cur. notes and
$4,434,723
133,200
of June 30,
38
58,547,870
2,503,410
2,666,927
1,962,366
1,401,962
accts. receivable
...
undistributed profits.—
on
$
eq.'58,710,830
Cash
undistributed
Balance
Dividends paid and accrued—
Convertible 6% prior preference stock
Preferred stock
Common stock
as
Consolidated Balance Sheet
AssctS"-"^
$1,439,764
3,009,799
$5,905,539
Total
Provision for Federal surtax
profits
Other direct charges (net)
Before provision for Federal tax
4,104,190
1939 (unaudited) reflects
complete retirement of company's bank loans, which stood at $1,000,000
three months previously.
The company paid on July 21 a regular dividend of 50 cents a share on
its common stock to holders of record July 5.
A similar amount was paid
on May 4.
$2,922,355
1,482,590
$1,604,015
4,301,523
...
a
x
The consolidated balance sheet
June 30 '39 Dec. 31
Earned surplus, beginning of period....
distributed.—V. 148, p. 3695.
were
1939
Net operating revenue
$4,008,425
1,086,070
$3,072,612
1,468,596
Interest and amortization, &c
212,086,180 215,434,809
$11,163,975
5,999,260
Total operating expenses
$3,993,549
14,876
$4,154,800
1,082,189
.
Gross income..
3,595,434
18,415,911
Panhandle Eastern Pipe Line Co.—Earnings—
820,739
$4,151,285
3,515
surplus.
Co.—Larger Dividend—
Total interest deductions
...
3 616,522
20 125,226
reserves..
Total
Net income...
Net operating revenues..
11,008,631
63,099,707
Directors have declared a dividend of 25 cents per share on the common
stock, payable Sept. 20 to holders of record Aug. 25.
Previously regular
undistributed
Non-operating income (net)
13 549,677
55 894,750
Represented by 200,000 no par shares In 1939 and 196,665 no par
y Represented by 1,608,631 no par shares.—V. 148, p. 3855.
x
1938
profits)...
1,136,854
927,945
.
reserve.
shares in 1938.
$7,994,970
2,975,634
205,049
890,832
Maintenance
for
liabll..
Earned
12 Months Ended June 30—
Gross revenues.
1939
$8,239,018
2,964,336
232,564
,
Operation
ad vs.
construction
034,985
Other
Earnings for the 12 Months Ended June 30—
revenues
1,498
46,000,000
Retire,
(Due to a typographical error the foregoing item appeared under the name
Oklahoma Gas & Electric Co. in the "Chronicle
of July 22, p. 584.]
Operating
1,535
of subsidiaries
oi
of
22,572,350
com.
Long-term debt- 45 500,000
Consumers' deps.
% per annum;
Securities now outstanding which will be retired are as follows; (a) $16,814,000 of first mortgage bonds, series A AM %, due May 1, 1951; (b) $10,000,000 of 5% convertible debentures, due May 1, 1946; and (c) $2,220,000
of convertible 6% prior preference stock.
The details as to the terms of the new securities and their offering price
are yet to be determined.
Company is negotiating with an underwriting
group headed by Stone & Webster and Blodget, Inc.
$
19,666,500
29,937,924
stk. and surp.
Current
(c) 58,000 shares (or such lesser amount as the directors may determine)
a new class of $5.50 convertible
prior preferred stock without par value,
redeemable at $110 per share and convertible into five shares or common
stock for each share of prior
preferred stock.
-
1938
$
Pref. stock...
20, 000,000
y Common stock 29, 937,924
Sub. pref. stock 22 ,532,600
x
184,903,799 186 633,562
Invest, in secur.
4,486,410
141,538
Cash
7,609,187
,857,820
Accts. rec. (net)l
,284,972
7,063,246/
Notes receivable)
25,303
Gas storage and
The directors at a meeting held
July 14 proposed that certain steps neces¬
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:
(a) $17,000,000 of first mortgage bonds, series B, with an interest rate
not exceeding 3%% per
annum, and to be due in 1955;
(b) $8,000,000 (or such lesser amount as the directors may determine) of
unsecured indebtedness represented
by serial debentures or bank loans
payable In instalments over a period of not more than seven years, bearing
a
1938
$
A
prop.
franchise
sary to consummate
interest at
741
Consolidated Balance Sheet June 30
an interim dividend of 60 cents
per share on the
stock, payable Aug. 15 to holders of record Aug. 4.
A dividend of
was paid on Aug.
15, 1938, this latter being the first dividend
paid since Nov. 15, 1931, when 20 cents per share was distributed.—V.
147, p. 2097.
common
Peninsular
50 cents
Owens-Illinois Glass Co.
12 Mos. End. June 30—
Net sales, royal & other
z
1939
Pennsylvania Coal & Coke Corp. (& Subs.)—Earnings
(& Subs.)—Earnings—
1938
i\
1937
Period End. JuneZO—
a
Mfg. profit & net
59,881,762
65,494,401
70,073,690
Loss
Sundry
Int.
on
Prov.
for
management
sales &
expenses
526,958
861,594
128,104
& losses
$9,114,411
348,274
Cash
824,655
21,225
853,578
86,667
692,540
221,370
$6,591,885 $12,744,196
594,732
1,358,704
$8,551,998
793,648
proceeds, rec. in
year, from sale of pat.
rights & licenses
54,116
Total income.-
$9,516,801
2,623,729
Prov. for Fed. taxes
Net inc. for period... $6,893,072
No. of shs. outstand. at
end of period
798,472
1,057,500
2,661,204
2,661,204
1,282,260
$2.18
x$4.46
y$(T84
Other interest
Int. chg'd to constructs
$81,725
1939
bond
96,719
Crl3.223
1938
1937
1936
413,620
$9,706,781
pref. stocks of
subsidiaries
on
$81,280
$6,090,347
4,936,184
x498,099
$656,064
31,806
25,565
Crl2,963
443,898
803,087
853,566
$8,506,244 $10,125,705
$9,128,072
$687,870
423,384
...
funded debt..
$264,486
the 12 months ended
$1,273,512, of which $498,099 (the basis used
for present Federal income tax purposes) was charged to operations.
The
balance ($775,413) was charged to special reserve.
Profit before provision for Federal income taxes
x Total
depletion and depreciation charges for
June 30, 1939, amounted to
Consolidated Balance Sheet
Cash
26,830
Cr 12,759
dis¬
expense...
$249,275
„
Earnings for 12 Months Ended June 30, 1939
Sales, less cash discounts and allowances
June
$12,123,647 $10,959,214 $13,984,251 $14,832,789
1,919,750
1,995,000
3,042,856
4,817,718
Net profit
on
; $240,879
$16,609
Pennsylvania-Dixie Cement Corp. (& Subs.)—Earns.
Notes
—
A
June 30 '39 Dec. 31 '38
30, '39 Dec. 31,'38
$
Assets—
-
Divs.
$118,295
Incl. deple. & deprec..
—V. 148, P. 2600.
Total income
$46,994,522 $45,697,810 $52,075,055 $50,196,323
21,544,454
21,913,408
23,579,118
21,710,470
Taxes
7,570,378
7,157,169
7,967,806
6,613,219
Prov. for retirement....
5,756,042
5,668,019
6,543,879
7,039,844
and
$101,644
$15,482
(before Fed'l
taxes)
Interest
$8,776,341
Gross revenue.
Operating expenses
Bond interest
income
$5,806,617 $11,856,194
y
count
$238,334
2,545
Profit from Operations
Lighting Corp. (& Subs.)—Earnings—
of
193
Other income
$2.59
12 Mos. End. June 30
Amortiz.
$244,962
4,313
$118,102
39,308
25,865
1,102,500
Earnings per share based upon $12.50 Par stock,
y Based on shares
of $25 par.
z Includes depreciation of
manufacturing plants and amortiza¬
tion of leased equipment $3,375,682 in 1939,
$3,078,395 in 1938, $2,390,931
in 1937 and $2,134,346 in 1936.—V. 148, p. 2439.
^
'
Net income
Net loss
$7,985,089 $15,160,400 $10,448,147
2,178,471
3,304,206
1,671,806
x
Pacific
$310,134
Cost of sales, ordinary taxes, operating expenses ,&c
Provision for depletion and depreciation
2,661,204
share
per
$286,254
16,701
31,219
5,112
4,240
483
a
Profit
Other income
Earnings
$127,454
,
348,910
prov.
for bad debts
Sundry
$4,037,133
4,347,267
$101,162
Charges to income
•
342,192
on
Mos.—1938o
$3,888,784
4,175,038
exps__
bonus
Discts.
1939—12
$796,185
923,639
$627,528
745,157
$117,629
7,661
8,806
cos.
income
Gross loss
oper.
$17,638,845 $15,536,195 $21,158,299 $15,480,052
"
7,023,723 " ~ '
7,247,718
6,946,900
5,665,233
debs. & bk. loans
511,014
508,521
adm.
gen. &
Oper. exps. & taxes...
Divs. from allied
50,555,219
revenues
Sell.,
1939—3 Mos.—1938
Gross earnings...
1936
operating revenues...$77,520,607 $81,030,596 $91,231,989
$66,035,271
Cost of sales royal, pd.,
pat., develop. & other
operating expenses...
Telephone Co.—Registers with SEC—
See list given on first page of this department.—V. 148, p. 2909.
Liabilities—
i
3,320.409
accounts
444,473
237,874
1,424,656
35,000
32,121
Sundry Inv. A def.
b Fixed assets
7,240,384
Inventories
U. S. Govt, secur.
Deferred charges..
72,389
283,140
103,154
106,088
7,167,000
149,336
Res.
95,555
for
Fed. inc.
and surtax
35,000
1st mtge. 6s
26,325
Res. for self lnsur.
7,262,066
40,760
40,666
Cr7,233
6,499,000
c
$7
a
Common stock
cum.
161,113
pref. stk 3,030,000
400,000
-
_
Capital surplus
11,739,375 12,342,710
951,936
Earned
Total
$
127,845
321,132
1,420,274
receivable (net).
$
Accts. pay. (trade)
Accrued liabilities.
2,467,186
145,195
surplus—
3,030,000
400,000
951,936
182,822
Total.........11,739,375 12,342,710
Represented by 400,000 no par shares,
b After reserve for depletion
depreciation as at June 30, 1926, together with provisions out of
earnings since that date, $18,545,361 ($18,388,958 in 1938); transferred
from special reserve since Jan. 1,1937, $1,898,740 ($1,513,908 in 1938), and
special reserve created out of capital surplus for elimination of appreciation,
included in appraisals of June 30, 1926, remaining in accounts at June 30,
1939 $7,477,209 ($7,859,903 in 1938).
c Represented by 121,200 no par
a
and
1,352,740
1,389,650
1,506.173
154
110
220
242
1,183,385
1,179,990
1,179,990
1,179,990
Ltg. Corp..
4,825,893
x5,630,208
4,825,893
3,860,714
Pennsylvania Power & Light Co.—Declaration Filed—
Remainder to surplus.
$2,344,609
$306,285
$2,613,429
$2,573,716
$4.46
$3.69
Securities and Exchange Commission under the Holding
Company Act by
the company and its parents, Lehigh Power Securities
Corp. and National
Power & Light Co., in connection with the following:
Com. divs., minority int.
of subsidiaries
_
Div.
of
pref.
—
stock of
Corp.
Pacific Lighting
Cash div.
on
of Pacific
com.
stock
Earns, per sh. on 1,608,631 shs. no par com. stk
'
•
$4.62
1,513,410
A declaration and applications
$4.00
x Includes $804,315 extra dividend on common
stock,
y Includes other
income of $313,733 in 1939; $532,013 in 1938; $545,891 in
1937 and $254,408
in
1936.
shareq.—V. 149, p. 585.
*
(File 32-164)
have been filed with the
Co. of
4
H%
Peoples Light & Power
& Light $5, $6 and $7
Penna. Power
Preferred Stocks
approving an
6s, due 1958
1628 Walnut St.,
Service are, according to an
The securities
Company
the out¬
consisting
shares of
agreement dated
for $410,000
the date
York Stock Exchange
Telephone—Whitehall 4-4923
N. Y.
stock (no par).
of Public
common
YARNALL & CO.
Members New
July 26 issued a report
application filed under the Public Utility Holding
Act
of
1935
concerning
the
sale by
company of
all
standing securities of its subsidiary, Kansas Public Service Co.,
of $350,000 of 5% first mortgage bonds, due 1961 and 2,000
Philadelphia Company $5. Preferred Stock
Philadelphia Electric Company Common Stock
Phila. & Reading Improvement 4s, due 1947
Indianapolis Water Works Securities
Co.—SEC Approves Sale of Unit
and Exchange Commission on
The Securities
1939
29,
July
Chronicle
The Commercial & Financial
742
A. T. & T. Teletype—Phla 22
Philadelphia
May 1,1939, to be sold to D. E. Dunne Jr., of Wichita, Kans.,
in cash, plus interest from March 1, 1939 at 5% per annum, until
of final payment.
It appears from the record that Mr. Dunne, who
municipal bond dealer, is not affiliated with the applicant or any
is a
of its
subsidl^ri 6s.
which are the subject of this sale, together with other
with the trustee under applicant's indenture securing
bonds. Such indenture requires the deposit of the proceeds
from the sale of any securities as a basis for their release from the lien.
All
moneys received by the trustee in substitution for securities released
the lien thereof may at the request of the applicant be applied to the pay¬
ment of the principal of outstanding bonds upon redemption thereof at
the principal amount plus interest, or the purchase of bonds in the open
market or on tender at less than par, or paid over to the applicant upon
pledge and deposit of substituted security consisting of securities
sidiary companies. As yet no decision has been made as to how the
The securities
securities are pledged
(2) The acquisition by Lehigh Power Securities Corp., under a plan for
the liquidation of such corporation, of all of its outstanding $6 preferred
stock and common stock.
(3) The surrender for cancellation by National Power & Light Co.,
under the liquidation plan of Lehigh Power Securities Corp., of all the
shares of $6
preferred stock and common stock of the latter corporation
held by it,
(4) The acquisition by National Power & Light Co., under such liquida¬
tion plan, of securities of various public utility companies now held in the
portfolio of Lehigh Power Securities Corp.
(5) The sale by Lehigh Power Securities Corp. to Pennsylvania Power &
Light Co. of $19,000,000 4%% first mortgage gold bonds, due 1981, of
the latter company.
*
Pennsylvania Power & Light Co. proposes to use the net proceeds from
the sale of its securities to refund its presently outstanding funded debt in
the
principal amount of
The remainder of the proceeds will
$132,000,000.
of the company in part for expenditures
additions, extensions or improvements of its facilities
and will be available for its general corporate purposes.
The joint application of National Power & Light Co. and Lehigh Power
Securities Corp. states that it is planned to liquidate the latter corporation
and thereby eliminate it as an intermediate holding company in National
be used to reimburse the treasury
actually made for
Light Co. holding company system.
incident to its liquidation, Lehigh Power Securities Corp. will
dividend of $1.75 per share on its outstanding common stock.
Power &
As
an
declare
a
will be paid out of earned surplus,
contemplated that the assets of Lehigh Power Securities Corp.
transferred to National Power & Light Co. on the dissolution of the former
It is
represented that such dividend
ft* It is
for investment.
for Aug. 7.—V. 148, p. 585.
will be held by the latter
A hearing has been set
*
;V:.
1936
1937
1938
1939
railway$33,852,020 $29,017,280 $39,664,574 $36,013,833
9,563,180
9,140,302
10,450,31.3
10,577,092
5,602,371
5,184,437
6,534,152
6,673,164
Gross from
Net from railway
Net after rents...
From Jan. 1—
Gross from railway
Net from railway.
Net after rents........
from
of sub¬
proceeds
will be used.
Future
189,623,404 167,524,652 234,499,503 204,968,166
48,760,373
41,826,071
58,614,632
55,631,632
26,546,569
19,678,844
37,595,550
34,993,966
Operation of Kansas Public
proposed purchaser of the securities, testified that there
the common stock to the public, and that if
sold privately it would be sold up to 50% to Mr. George Docking
of Lawrence, Kans.
It will be held for investment.
,
It is planned to retire the presently outstanding mortgage bonds of
Public Service with the proceeds from the sale to the public of new mortgage
bonds in the principal amount of $350,000 secured by a lien on all the
property of Public Service.
The new bonds will be issued under a closed mortgage, will bear 4%
interest, and will mature serially over a period of from 2 to 20 years with
approximately $15,000 maturing for each of the first 10 years and $20,000
for each of the next 10 years.
Furthermore it is proposed that the mortgage
will provide that $20,000 per year be set up to retire debt and to make
permanent additions to the property.
This $20,000 will go into the
of the company, and cannot be used for the purpose of paying dividends.
Such provision will, of course, afford some protection to the purchasers of
the new bonds.—Y. 148, p. 3080.
Mr. Dunne, the
intention of selling
no
was
cash
Marquette Ry.—Earnings-—
30—
1939—Month—1938
$2,261,163 $1,842,343
1,874,610
1,732,080
Operating revenues-...Operating expenses
Railway tax accruals-.-
$386,553
154,237
$110,263
153,476
$2,380,713
931,636
5813,716
917,688
Operating income. —Equipment rents (net)._
Joint facility rents (net).
$232,316
51,317
64,667
x$43,213
55,049
$1,449,076
402,838
60,767
225,471
x$103,972
357,198
262,284
income.
$116,332
-15,877
x$159,029
18,863
$820,767
219,951
x$723,454
224,023.
$132,209
7,700
x$140,166
8,359
$1,040,718
38,189
x$499,431
36,440
Net oper. revenue..—
Net ry. oper.
f
1939—Month—1938
Period End. June 30—
'
oper. revenues.
oper. expenses.
Otherincome.
1939—6 Mos.—1938
$
$
$
29,115,565 190,075,611 167,984,782
19,989,169 141,436,006 126,235,692
$
33,932,633
24,377,868
Ml
Railway
Railway
— -
Total income--..
Miscell. income
deduc'ns
roads &
9,126,396
48,639,605
41,749,090
2,420,213
13,910,300
13,011,616
Unemploy. ins'ce taxes.
469,737
386,355
2,719,971
Railroad retirem't taxes.
425,726
349,644
2,445,465
2,204,568
Equip, rents—Dr. bal_.
Jt. facil. rents—Dr. bal.
429,165
728,964
2,392,298
82 614
806 676
Int.
on
2,435,651
•
3$,480
37,276
-
5,707
5,811
*-
debt
Net deficit--
3,764,275
61,282
v
Rent for lease of
equipment
9,554,765
2,587,300
Netrev. from ry. oper.
Railway taxes..
1939—6 Mos -~1938
$13,723,490 $11,377,099
11,342,777 10,563,383
Period End. June
Earnings of System
[Excluding Long Island RR. and Baltimore & Eastern RR.]
Service Company
any was
Pere
Pennsylvania RR.—Earnings—
June—
its collateral lien
269,051
272,151
1,622,224
1,639,284
$150,249
$426,487
$656,176
$2,212,432
575
575
$656,751
$2,213,007
787,288
Inc.
applied
—
to
.
sinking
.
& other res. funds.——
Deficit transferable to
149,
p.
5,158,606
5,581,555
Net ry. oper. income.
—V.
19,545,692
26,364,895
119.
x
Pennsylvania-Reading Seashore Lines—Earnings—
1938
1939
June—
•
$490,513
25,184
$454,289
defll,584
$440,222
2,846
$565,919
62,834
defl94,458
defl61,901
defl34,230
2,291,882
def446,466
2,147,114
def481,580
2,671,477
defl90,397
2,540,330
def 84,675
dfl ,340,038
dfl,326,456
dfl,130,085
Net after rents
defl59,323
"
From Jan. 1—
Gross from railway
Net from railway......
Net after rents..
paid on
Period End. June 30—
iii
Ltd. (Del.)—To Pay 15-Cent
1939—3 Mos.—1938
1939—12 Mos.—1938
therms1
Gen. custs.'service... 61,273,319
Interruptibleservice.. 61,772,193
Other gas utilities
68,198,828
60,861,087 233,299,008 236,164,103
47,084,241 231,046,351 223,875,558
59,165,001 259,841,278 242,677,385
Tot.gas sales in thermsl91,244,340 167,110,329
revenue:
'
'
724,186,637 702,717,046
V. 148, p.
2910.
Pfeiffer Brewing
$8,195,326
Interruptible service..
849,924
Other gas utilities
1,611,630
$8,165,696 $32,474,313 $30,738,316
632,868
3,189,903
3,101,955
Total gas sales rev
$10,656,881
Other gas serv. revenues
146,352
$10,213,423 $41,830,628 $39,564,532
152,232
567,891
593,660
Gen. custs.'service...
5,724,261
6,166,413
1,414,858
Gross prof. from sales by
Co.—Earnings—
382,272
capital stock——
Philadelphia Co. (& Subs.)—Earnings—
31—
'
1939
Years Ended May
—
—
Net
and State income taxes.
operating revenue
electric properties
—
Net
$13,578,523 $13,710,977
Dr121,147
197,950
operating income
(net)
■
'
Gross income
$13,457,376 $13,908,927
5,467,487
5,473,387
509,353
509,802
Cr80,075
Cr75,992
.i-
funded debt
Amortization of debt discount
and expense.
Other interest (net)
$1,831,395
$1,825,374
$6,950,912
361,356
561,433
1,524,493
$4,683,226
2,583,568
$2,192,752
long-term debt..
837,032
$2,386,806
852,473
$8,475,405
3,384,660
$7,266,795
3,452,332
Operating income
.
.
Gross income.
Int.
on
Other interest charges..
52,319
Miscell. income deducts-
59,477
45,527
19,567
expense
x
$4,289,437
$2,755,302
630,211
633,994
2,506,951
894,537
sh.
$521,686
$672,178
$1,782,487
$1,860,765
656,119
earnings
656,111
656,119
656,111
$0.80
$1.02
$2.72
$2.84
(after
reservation of net inc)
Before the reservation of a part thereof pending final
litigation.
Note—The reservation
of net income
pending
final
decision in rate
decision in rate
litigation, shown above, represents the increase in gas revenue resulting
from the application of new and higher rates made effective on Feb. 5,1938,
less the portions of the provisions for the 3% Illinois public utility tax,
Federal income tax, &c., which are applicable to such increased gas revenue.
Such reservation of net income will be made from month to month so long
as
required to impound the increased amounts received
result of the application of the new rates.—V. 148, p. 2754.
the company is
$s a
Dividends on
Minority int.
69,192
291,667
69,192
capital stock.. _
. -—.—
265,745
267,521
$7,223,897
capital stocks of subs, held oy others.
1,581,562
in undistributed net income of a sub_
20,888
$7,375,125
1,601,250
048,390
$5,621,446
$5,822,266
Consolidated net income
Note—Excluding
Rys. Co. (and the companies operated
Coach Co., and Beaver Valley Traction Co.,
Pittsburgh
by it) and Pittsburgh Motor
and its subsidiary.
Loan of
of stk. in hands of
public
x
209,277
266,296
$1,306,172
Bal. of net income
Per
209,277
57,016
Consolidated Gas Co. of
the City of Pittsburgh preferred
Appropriation for special reserve
Miscellaneous deductions
inc.
net
pending final decision
in rate litigation
Shs.
237,687
345,901
$1,151,897
Net income
of
•
237,897
297,117
52,319
70,837
59,474
72,462
Amort, of intangibles of
sub companies.
Reservation
Guaranteed dividends on
Balance
Amortiz. of debt disc. &
:--
2,915,868
2,097,941
$13,758,623 $13,890,832
180,100
179,855
Other income
Interest on
5,473,011
3,004,630
1,868,103
-
Provision for Federal
3,398,223
5,611,115
102,396
.
Taxes
^
3,052,483
repairs
Appropriations for retirement and depletion res—
Exploration and development costs —
Maintenance and
1938
$41,576,871 $41,567,209
14,179,522 13,791,334
.,
Operation.
Total oper.
Other income.
$222,205
$0.41
$0.34
$0.61
$0.52
x After depreciation and Federal income taxes but before provision for
Federal surtax on undistributed profits.-—V. 149, p. 422.
par
Rents for lease of
revenues..$10,902,867 $10,447,677 $42,741,457 $40,540,464
Gas purchased
3,888,545
3,629,410
15,227,003
15,019,249
Gas produced
351,450
274,154
1,442,495
1,278,982
Operation..
2,473,283
2,365,926
9,701,263
9,879,006
Maintenance
324,444
396,576
1,499,745
1,741,470
Depreciation
766,241
765,997
3,077,027
3,199.956
Taxes
1,267,508
1,190,241
4,843,009
4,738,575
$265,751
$147,824
$183,598
.
342,938
82,022
99,634
non-utility subs......
1939—6 Mos.—1938
1939—3 Mos.—1938
Net
profit
—
Earnings per share on nox
O per ating revenues
Gas sales
Dividend—
dividend of 15 cents per share on its common
This compares with
last: 40 cents paid qn
last; ail extra dividend of 45 cents paid on Oct. 21, 1938; 35 cents
Aug. 1, 1938, and a dividend of 20 cents paid on May 2, 1938.—
Period End. June 30—
Peoples Gas Light & Coke Co. (& Subs.)—Earnings—
sales
Petrolite Corp.,
Nov. 1,
—V. 149, p. 119.
Orcis
deficit.—V. 149, p. 119.
stock, payable Aug. 1 to holders of record July 24.
25 cents paid on May 1, last; 15 cents paid on Feb. 1,
def983.973
Gross from railway
Net from railway
Indicates loss or
Directors have declared a
1 936
1 937
$426,487
$150,249
profit and loss
•
.
$60,000,000 Sought—
Company is reported to have
bankers looking toward the
entered into negotiations with investment
refunding of $60,000,000 of outstanding
secured
5%bonds.
The outstanding issue, sold in 1927 by an
underwriting syndicate headed
by H. M. Byllesby & Co,, Inc., will.it is said, be replaced by new obligations
bearing an interest rate in the vicinity of 3%%.
Kuhn, Loeb & Co.,
Smith, Barney & Co., and the Mellon Securities Corp. of Pittsburgh are
expected to head the underwriting syndicate in the offering of the new
obligations, which are scheduled for public distribution.—V. 149, p. 266.
Philadelphia & Reading Coal & Iron
The
Committee on
Stock List of the New
Corp.—Delisting
York Stock Exchange will
the advisability of making application
to the Securities and Exchange Commission to strike from listing
and
registration on the New York Stock Exchange the common stock (no par),
of the corporation.—V, 147, p. 3320; V. 148, p. 3239, 3855.
hold
a
hearing Aug. 24, to consider
Volume
The Commercial & Financial
Chronicle
149
Philadelphia Electric Co.—Earnings—
,
(Earnings of the System)
,
Period End. June 30—
Operating
other
Oper.
y
revenue
1939—3 Mos.—*1938
x
1939—12 Mos.—x 1938
and
utility income._$17,506,359 $16,645,908
$70,153,300
deductions. 10,110,477
9,748,364
40,916,436
rev.
Gross income.
$6,897,544 $29,236,864 $28,020,189
1,716,309
6,878,382
7,059,993
$5,641,695
pref. stock
590,072
on
...
Balance......
$5,051,622
$4,591,163 $19,998,192 $18,599,906
adjusted for comparative purposes,
y Including oper¬
Restated and
ating expenses, depreciation and renewals and
replacements, and taxes.
x
—V. 148, p. 2601.
Co. (&
1939
1938
Fed. inc.
interest....
x
tax
$58,957,417
&
40,314,643
39,149,002
$13,204,094
1936
38,229,190
Deprec. & depletion....
Net profit...
9,430,025
$3,774,069
4,449,052
...
Shares of capital stock..
Earmngs per share
34,426,808
$20,728,227
9,200,359
8,049,147
$5,585,140 $12,679,080
4,449,052
4,449,052
•
$2.85
$1.26
Erie
From Jan. 1—
Net after rents
7,347,361
282,516
648,008
......
—V. 149. p. 422.
26,074
Plants <fc proper¬
ties (cost)
989,981
Deferred charges..
315,663
on
1936
$139,546
shares capital
30,963
27,902
Liabilities—
Notes payable
Accts. pay., trade.
Accr'd sals., wages
1,001,465
stock.
curr. assets.
11,625
July 1 '39 Dec. 31 '38
$200,000
$200,000
50,657
Acer,
taxes,
67,479
34,953
28,724
23,931
& commissions..
24,033
incl.
old age benefit &
unempl. ins .tax.
Fed. & State taxes,
1938
Other
5,420
8,197
1936
$1,103,070
152,634
190,073
$2,105,949
485,077
318,965
$1,878,890
492,165
489,819
1939
12,443,383
2,384,681
2,319,485
9,599,992
1,932,654
2,176,036
1937
$34,382
def7,694
def9,509
$44,602
defl,917
9,188
$30,036
defll,209
defl0,821
255,023
def5,694
def22,165
242,590
def37,692
def41,050
316,506
def11,455
13,889
265,391
defl9,983
120.
State taxes. 1939
Earned
y
Total
Pittsburgh Shawmut
June—
&
Northern
1939
from railway
Net from railway
Net after rents...
1937
$73,203
14,249
$64,599
1,348
def746
433,034
421,691
97,989
25,107
Gross from railway
Net from railway
66,976
508,677
52,041
defl2,389
1936
defl7,572
$63,169
defl3,930
def32,123
10,326
Net after rents.
—V. 149, p. 120.
$78,700
1,231
def6,242
June—
1939
1938
$233,359
,
50.340
35,494
From Jan. 1—
Gross from railway.....
Net from railway......
1,426,644
345.356
242,081
Net alter rents..
—V. 149, p. 120.
"
1936
$317,578
101,580
98,951
1,813,463
615,657
663,173
Co.—Earnings—
1939
Net operating revenues
—
Non-operating income (net)
.....
$284,969
58,433
$146,969
$126,536
Dr3,914
2,628
.....
Gross income
$149,597
Provision for retirements
Gross income..
Bond interest
Note interest
1938
$315,999
169,030
revenues
expenses and taxes
$122,622
22,451
43,256
$106,341
31,228
„;
$100,172
31,534
1,970
200
Other interest....
321
Sundry deductions
269
752
422
$73,840
'$65,976
Net income......
preferred stock.i
54,395
Before provision for retirements.—V. 148,
p. 3081.
Potomac Electric Power
1939
revenue
....
—
Taxes
6,024,953
672,234
1,200,955
....
Provision for Federal income taxes
Provision for depreciation
1938
$15,393,040
_______
expenses..
Maintenance.
.....
Net operating revenue
797,018
1,910,912
$4,786,967
7,773
$5,121,100
$4,794,740
650,000
...
Quebec Power Co. (& Subs.)—Earnings—
x
on
debt
Int. during construe, charged to
property & plant.
Net income
$5,141,505
583,194
Crl 1,085
49,194
Crl 1,297
Cr33,876
060,013
$4,563,006
149, p. 586.
Public Service Electric & Gas
sent
20,404
66,613
Co.—Merger—
(July 21) to stockholders of East Newark Gas
Light Co. and of the Ridgewood Gas Co., and to stockholders of Public
Service Electric & Gas Co. for meetings on
Aug. 14 in Public Service
Terminal Building, Newark, to vote, respectively, on
agreements to merge
the East Newark Gas Light Co. and the Ridgewood Gas
Co. into Public
Service Electric & Gas Co.
This step will practically complete a program, that has been in
progress
some time,
of simplifying the corporate structure of Public Service
Electric & Gas Co. by eliminating through merger or
otherwise, its under¬
lying subsidiaries.
Thus, Public Service Electric & Gas Co. will operate
all the gas properties in its gas territory,
except that the Atlantic
for
City
Gas Co., County Gas Co. and Peoples Gas Co. will continue as
separate
Public Service system companies.
Under the agreement for merger of East Newark Gas
Light Co., the
capital stock of this company, all of which Public Service
1939
1938
$2,163,137
551,744
Net profit..
1937
$2,050,488
583,992
$1,938,430
483,887
After expenses and fixed
charges, but before depreciation and income
taxes.—V. 148, p. 2441.
x
Queens Borough Gas & Electric Co.—Earnings-
Period End. June 30—
1939—6 Mos.—1938
Operating revenues.
a$2,385,284
Operating expenses.....
1,196,006
Maintenance
Depreciation
(incl. income
Taxes
provision)
154,984
216,173
tax
1939—12 Mos.-- -1938
$2,469,322 a$5,375,301
$5,403,045
1,263,930
2,421,340
2,710,748
174,108
311,424
315,646
206,483
442,036
431,483
465,766
450,000
874,441
857,168
$352,355
25,396
$374,801
43,232
$1,326,060
37,424
$1,088,000
$377,751
374,345
32,556
.$418,033
374,345
39,753
$1,363,484
$1,182,111
747,690
2,045
973
3,957
3,177
def $31,195
$2,962
$542,337
$360,678
...
Other income (net)
Gross income.
Int.
_
_
_
long-term debt..
Other interest
Amort, of dt. disc. & exp.
& miscell. deductions.
on
Exclusive of amounts to
be refunded
to
748,690
68,500
94,111
electric customers,
70,566
approxi¬
and 12 months; and also exclusive of
in rates proposed and filed with Public Service
Commission
former rates and held in suspense under Section
113 of the
excess
Public
Service Law pending determination of
gas rate proceeding by the Com¬
mission, amounting to $66,500 for the six months and 12 months.—V.
148,
P. 2602.
Quincy Omaha & Kansas City RR.- -Abandonment and
Control—
The
Interstate
Commerce Commission July 12
issued
a
certificate
and
(1)
permitting abandonment by the company of that part of its
line of railroad between M. P. 104.81, in Milan,
westerly and southwesterly
to M. P. 243.59, in North Kansas
City, including a segment or stub line
at Trenton, a total of 139.49 miles, and abandonment of
operation under
trackage rights over the line of railroad of the Chicago Burlington &
Quincy
RR. between M. P. 245.51, in North Kansas
City, to M. P. 247.74, in
Kansas City, 2.23 miles, all in Sullivan,
Grundy, Harrison, Daviess, DeKalb, Clinton, Clay and Jackson counties, Missouri; and (2)
authorizing
Burlington to acquire the remaining portion of the Quincy's line between
M. P. 1.91 in West Quincy to M. P. 104.81 in
Milan, 102.90 miles, in
Marion, Lewis, Knox, Adair and Sullivan counties, Missouri, and 1.92
miles of Quincy tracks between M. P. 243.59 and M. P.
245.51, in North
Kansas City, Mo., together with passing, yard and side tracks.
The Quincy
operates between West Quincy, Mo., and Quincy, 111., by virtue of track¬
age rights over the Burlington bridge crossing the Mississippi River.
The Burlington owns all of the Quincy's capital stock
except directors'
qualifying shares.
Since 1902 it has had control of the Quincy and has
been advancing funds for the operation and improvement of the
property,
without any charge for interest.
It has declined to make further advances
to make up the operating deficits of the
Quincy.
The capital stock of the
Quincy will be surrendered and the corporation dissolved.—Y, 146, p. 3516.
the
America—Organized—
Formation of the company with studios at 160 East 56th St., N. Y.
City,
embracing the former holdings of Wire Broadcasting Inc., Wholesale Radio
Service
Co., Inc., and the various subsidiaries of these enterprises, has been
announced.
,
,
E. Otterson, formerly President of Winchester Repeating Arms
Corp., Electrical Research Products, Inc., and Paramount Pictures, will
head the new company as President,
J. R. West, President of Wire Broad¬
casting, and A. W. Pletman, President of Wholesale Radio, have been
elected Vice-Presidents of the newly-formed parent company.
Certifi¬
cate of incorporation was filed July 20 in Wilmington, Del.
John
Under the
new
corporate structure, the various retail outlets of Whole*
sale Radio, which engage in the
Othei*interest charges
Notices have been
$14,889,797
5,877,112
799,395
1,137,721
680,609
1,273,860
$4,140,508
revenue
Gross income
Interest on funded debt
Amortization of premium
Df72,053
$3,234,801
-Shareholders Ratify Plan to
Radio Wire Television Corp. of
Co.—Earnings—
12 Months Ended June 30—
Ind.-
6 Mos. Ended June 30—
over
1937
12 Months Ended June 30—
Dr72,053
$3,264,741
Total
of $987,636 in 1939 and $946,124 in 1938.
888.
Gross revenues._____
order
Porto Rico Gas & Coke
1,673,640
1,260,201
14,268
50,941
Treasury stock._
mating $157,433 for the six months
2,195,560
609,533
680,495
1,325,921
244,397
230,101
surplus...
The stockholders have ratified the
issuance of new bonds to refund the
outstanding funded debt of the company.
$38,000,000 of 30-year
% mtge. bonds and $10,000,000 of
71-year serial notes, will be issued if
approved by the Public Service Commission.
See also V. 149, p. 422.
estimated
$370,547
111,426
150,639
$223,931>
42,153
29,388
p.
Public Service Co. of
Issue Bonds—
a
Gross from railway
Non-operating
148,
502,632
58,237
10,093
Pittsburgh & West Virginia Ry.—Earnings—
Net from railway
Net after rents..
22,027
A£®rN^ve for depreciation
19,065 shares.—V.
y
defl3.800
RR.—Earnings—
1938
From Jan. 1—
on
$3,264,741 $3,234,801
Operating income....
cross
312
30,000
Cap. stock ($5 par) 1,673,640
Capital surplus.1,260,201
1936
$42,612
def3,975
def5,722
From Jan. 1—
Gross from railway
Net from
railway.
Net after rents
149, p.
1938
491
14,533
curr.
for Federal &
3 /i
1937
5,787,769
defl34,886
235,066
llablls.
Res.
Pittsburgh & Shawmut RR.—Earnings—
June—
Gross from railway
Net from railway
Net after rents
—V.
1937
$203,197
entire
1938
railway..... $1,463,951
208,348
237,700
Gross from
railway
Net from railway
Operating
Operating
76,551
1,226,083
Investments
x
*
RR.—Earnings—
1939
Net from railway
Net after rents
x
Curtain
55,500
1,233,731
4,376
24,032
Hosiery Co.—Accumulated Qividend—
Pittsburgh & Lake
June—
Gross from
Dividends
share
4,153,234
$1.77
declared a dividend of 87 ^ cents per share on account
7% cum. pref. stock, par $100, payable Sept. 1
Aug. 18.
A similar payment has been made on each of
^6 25 preceding quarters, as compared with 88
cents paid on March 1,
1933, and 87 cents on Dec. 1, 1932.—V.
148, p. 2602.
x
per
7,649,958
The directors have
.
cents
$7,336,302
of accumulations on the
to holders of record
x
26
1938
loss$67,455
Balance Sheet
*
Phoenix
Operating
Operating
to
$14,986,260
$0.85
—V. 149, p. 422.
—V.
Equivalent
x$84,336
Spec. conting. res.
Profit
•
1939
mark-down
July 1, '39 Dec. 31 '38
Cash..
$194,220
$203,162
Accts. rec., trade.
709,244
684,633
$49,413,068
$14,785,498
Ridgewood Gas Co., the majority
Assets-
Other
1937
..$53,518,737 $53,934,501
..
Exps.,
inventory
Inventories
Income Account {Co. and
Subs.) for 6 Months Ended June 30
Gross.
743
of the
Powdrell &
Alexander, Inc.- —Earnings—
Co.
Subs.)—Earnings—
case
6 Mos. End. June 30—•
Net profit after
deprec. &
Atlantic
Phillips Petroleum
In the
of whose
capital stock is also owned
by Public Service, the holdings of individual
stockholders will be converted into
5% bonds of Public Service Electric &
Gas Co., at the
rate of one $100 bond for each
2)4 shares of capital stock,
when converted, the
capital stock of the Ridgewood Gas Co. will also be
cancelled.—V. 148, p. 3698.
$5,181,236 $22,358,482 $20,960,196
590,072
2,360,290
2,360,290
_____
income
Dividends
$68,810,308
40,790,119
$7,395,882
1,754,188
Income deductions
Net
cancelled.
owns,
will
be
merchandising of radio equipment, phono¬
graphs and photographic supplies, will take the name of the parent company
and will be further identified by the State in which they are situated.
Thus
Wholesale Radio, Inc., of New York, becomes Radio Wire Television Inc.
of New York, &c.
Wire Broadcasting,
together with its principal subsidiaries, including
Teleprograms, Inc., of N. Y.; Telemusic Inc. of N. Y.; Wire Programs Inc.
Muse-Art Inc. of Pa.; Wire Broadcasting Inp., also of Pa.; and
Tele-Vision-Music Inc., of Washington, D. O., will continue under their
of Del.;
present titles.
These latter enterprises operate extensive wire networks
supplying high-quality musical entertainment to hotels, restaurants, night
clubs, industrial plants and homes.
In addition to these operating subsidiaries, the new
company acquires
full interest in the Transformer Corp. of America, a
manufacturing unit
devoting itself to an extensive line of radio and electrical products; TeleCapital Corp., a financing unit, and the Syndak Corp,
This latter organ¬
ization is understood to own a large group of patents
relating to motion
picture projection, sound and lighting.
These units will also continue to
operate under their present corporate titles.
In addition to the patents acquired by the new
company, the organiza¬
tion is licensed by Electrical Research Products, Inc., under the
patents of
Western Electric Co., Bell Telephone &
Telegraph Co.
It is understood
the various component units of the new company did a total
gross business
of approximately $4,000,000 during the past fiscal
year.
According to Mr. Otterson, wire broad*
casting differs from conventional
broadcasting in several major respects.
Instead of turning his dial to a
The Commercial &
744
specific station and then listening to whatever kind of program it may chance
to be sending out, the listener may choose the type of music which suits his
fancy at the momentIn tact, Mr. Otter son declared, specific selections
may be scheduled from lists submitted by the subscribers.
Ltd.—New Directors
Railway Equipment & Realty Co.,
Board of
Appointment of Bernard W. Ford and Frank Weeden to the
Directors was announced on July 20 by President Alfred J. Lundberg.
Recently the number of directors on the company's board was increased
from 9 to 11.
All present directors continue to serve.—V. 148. p. 3541.
Rutland RR.—Earnings—
Railway oper. revenues.
Railway oper. exps
1938
$239,456
defl2,197
def42,171
$313,192
43,692
def4,506
1,631,255
26,834
defl01,805
1,399,498
1,796,262
defl91,084
def371,173
1939
Gross from railway
Net from railway
Net after rents
Net after rents
337,865
1,730,154
$843,881
Dr34,404
Cr5,601
Equip, rents (net)._
(net)
Joint facility rents
$5,169,210
Cr31,252
Drl40,859
CV6,531
Drl4,496
$3,761,256
Crl38,204
Cr39,668
$815,078
_
$810,115
$847,898
$5,013,855
$3,939,128
Net ry. oper. income.
—V. 148, p.3856.
Net after rents
properties of the company, at Reading and Danville, Pa., have
for scrap metal.
The company, which is
wholly owned by the Philadelphia & Reading Coal & Iron Co., is in the
process of liquidation.—V. 146, p. 1726.
4,639,650
1,989,673
1,393,392
2.932,422
780,321
381,898
1937
122.
149. P.
Rocky Mountain & Pacific Co.—Earnings1939—3 Mos.—1938
1939—12 Mos.—1938
St. Louis
Period End. June 30—
Deprec. & depletion
$1,250,715
1,013,169
$1,263,629
1,018,628
120,117
69,498
129,864
99,718
$12,044 prof$47,931
prof$15,419
$253,345
210,258
31,589
23,543
$257,162
218,243
28,805
18,17 1
Cost, expenses and taxes
Interest charges
The
1936
$277,541
def38,543
def58,479
4,181,846
1,646,412
1,118,855
4,308,562
1,845,835
1,329,020
railway
Gross earnings
Co.—Sells Properties for Scrap—
Reading (Pa.) Iron
$458,654
82,623
52,561
$356,910
1—
From Jan.
Gross from railway
—V.
21,026
def 1,572
1938
1939
$394,239
61,049
26,492
Gross from railway
Net from railway
Net from
Railway oper. income.
48,330
def28,185
30,030
Brownsville & Mexico Ry.- -Earnings—
June—
$5,491,410
$7,109,681
1,940,471
1,632,803
160,561
—V. 149, P. 423.
Net after rents
$1,147,980
Net rev. from ry. oper. $1,162,815
Railway tax accruals
318,934
$295,261
41,466
26,339
From Jan. 1—
Gross from railway
Net from railway
St. Louis
1939—Month—1938
1939—5 Mos.—1938
$4,210,132 $4,000,389 $26,189,349 $23,532,222
3,047,317
2,852,409 19,079,668 18,040,812
1936
1937
$277,504
10,336
defl3,001
June—
Reading Co.—Earnings—
Period End. June 30—
July 29, 1939
Financial Chronicle
been sold to Lurla Brothers & Co.
(Daniel) Reeves, Inc.—Cash Dividend—
the
stock,
common
paid
Previously the company
per
optional quarterly dividend of 12 H cents
of preferred stock for each $100 In dividends.
an
share in cash or one share
148, p. 594.
—V.
dividend of 20 cents per share in addition
regular quarterly dividend of 30 cents per share on the common stock,
both payable Aug. 1 to holders of record July 15.—V. 147, p. 3169.
Directors have declared an extra
to the
Richmond Fredericksburg &
4,571,720
1,218,275
466,443
Net from railway
Net after rents
—V.
4,710,692
1,427,220
705,263
3,874,888
823,059
288,772
1939—6 Mos.—1938
1939—3 Mos.—1938
$115,830
$87,984
$47,852
$33,434
Net loss
After charges and Federal taxes.
Note—The accounts of the foreign subsidiaries, Ritter, A.G., KarlsruheDurlach, and Ritter Dental, Ltd., London, have not been consolidated
y
...
Bal. avail, for int., &c.
charged at the usual rate and amount to $28,231 for
quarter and $56,462 for the six-months' period ended June 30,
1QQS
1Q27
1936
Gross from railway
$4,063,350
$3,808,040
$4,541,728
$3,974,752
Net from railway..
791,958
429,112
550,407
131,310
1,050,277
722,699
703,213
355,528
21,231,584
2,438,627
449,850
20,262,907
1,393,745
def761,215
24,680,436
4,385,814
2,413,428
21,947,385
3,329,098
1,687,523
Net after rents
From Jan. 1—
Gross from railway
Net from railway..
Net after rents
—V. 149, P.
.
—
..
r
122.
St. Louis San Francisco & Texas
Rock-Ola Mfg.
Corp.—Earnings—
$459,637
Net sales..
Cost of sales
April, 1939 May 31 '39
$533,967
$1,354,469
Gross from railway
..
def76,806
Net after rents
—V.
$649,206
8,142
7,590
37,789
$230,478
6,371
3,312
12,876
6,073
Losses—Prior years models
$251,813
$201,845
9,745
$222,328
Dr 5.557
149,
Period End. June 30—
1939—Month—1938
$1,548,871
$1,553,127
1,413,019
1,098,202
.
Manufacturing variations—net
Net profit from operations.
»__.
.
Other income
(Dr)
Net income before Federal taxes..
$216,771
90,013
$583,101
251,031
727
2,550
15,218
10,991
$135,852
113,156
$454,924
105,220
$1,863,460
658,727
$2,182,130
627,345
$22,696
30,536
$349,704
25,049
$1,204,733
167,318
$1,554,785
156,679
Total ry. oper. inc...
from ry. oper.
$53,232
$374,754
$1,372,051
$1,711,465
175,898
200,860
1,008,284
1,085,925
x$122,666
6,119
$173,894
6,004
$363,768
43,337
$625,540
47,144
x$l16.547
265,809
$179,898
266,785
$407,104
1,604,857
1,607,005
$382,356
$86,887
$1,197,753
$934,322
Net rev. fromry. oper.
Deduc.
Income
Non-oper.
income
Deduc. from gross
inc..
deficit.—\r.
Indicates
x
149,
1938
$119,546
5,935
5,819
$126,758
8,790
4,276
$332,070
21,198
15,697
$119,662
$131,271
$337,571
$43,036
5,837
$144,244
12,586
sec-
4,943
4,943
Notes receivable..
1,391,525
1,477,849
176,712
Other market,
Accts. receivable.
253,578
_
-
-
San Antonio Uvalde & Gulf
$99,499
$81,974
def 6,415
def 11,510
Net after rents....
def33,844
def40,428
$83,811
def9,093
def40,643
714,201
74,247
def 117,604
595,504
def64,804
def257,193
662,188
100,416
def97,857
funds
47,761
54,534
134,936
Inventories
608,827
548,795
42,554
41,441
Other assets
88,804
103,703
1
After
x
ac¬
$2,705,338 $2,507,929
reserve
1,562
balances-
20,897
9,940
Accrued expenses.
231,049
234,649
76,430
391,000
Capital
97,520
stock"." 11
Surplus
trademarks
—V.
3,416
391,000
1,222,578
for depreciation of
....$2,705,338 $2,507,929
$107,782 in 1939 and $96,661 in 1938
—V. 149, p.
$73,923
Net sales.
1939—3 Mos.—1938
Interest
$7,239,643
4,283,625
3,298,245
7,031.636
on
Underliers—
1, 1934, on Carolina
$302,435
$0.76
x
$199,038
$0.50
.
....
Total income
$208,008
$0.52
$5,279
$0.01
standing at June 30, 1939.
Note—Earnings
earnings of the
shown above include the Ruberoid Co.'s equity in the
Ruberoid Co., Ltd. (England) only to the extent of dividends
1936
1939
1938
1937
$1,824,050
455,221
$1,986,869
502,310
$1,574,905
$1,144,883
$1,368,829
28,607
$1,484,559
23,245
$1,246,889
52,736
$1,197,619
$1,397,436
$1,507,804
$1,259,865
328,016
12,976
the periods.—V. 148,
p.
813,239
960,279
868,951
645,783
$384,380
$437,157
$638,853
$614,082
6,339,194
Earned per share on capi¬
tal stock
x
Earnings per share are based on 397,806 shares of capital stock out¬
received from that company during
(& Subs.)—Earnings—
$1,637,393
492,510
3 Mos. End. June 30—
Gross earnings
Operating expenses
x
Net profit
period
for
Central RR. guaranteed first
•
Deprec., deple'n FederalL
taxes, &c
'
t^xGs
Earnings per share
Profit
x
19,230,743
3,213,593
1,161,953
—V. 149, p. 122.
$6,344,473
$3,497,282
.'
23,075,308
5,510,246
2,956.263
consolidated mortgage 4% gold bonds, due 1949, is now being paid.
The interest due Jan. 1, 1934, on Florida Central & Peninsular RR. first
consolidated mortgage 5% /50-year gold bonds, due 1943, is now being paid.
Other income
sold, exps.,
Fed
less other income
21,091,881
3,706,488
1,055,750
1939—6 Mos.—1938
$4,586,059
Cost of goods,
222,397
35,463
22,834,000
4,401,685
1,672,628
Gross from railway
Operating profits
(& Subs.)—Earnings—
Period End. June 30—
d6pr6C
1937
1938
loss$10,898
587.
Ruberoid Co.
376,235
112,639
Seaboard Oil Co.
1939
$45,993
1936
$2,695,058
26,867
Net from railway
Net after rents
Corp.—Earnings—
3 Months Ended June 30—
Net profit after deprec., taxes, &c__
1937
$3,096,606
107,122
def123,451
1—
The interest due Jan.
Total
1938
$2,778,526
after rents
From Jan.
965,526
147, p. 2701.
Rome Cable
Net
-Earnings—
1939
$3,162,044
305,322
June—
Gross from railway
Net from railway
3,319
Goodwill, patents,
f
112,761
11,832
Customers' dep. <fc
credit
....
671,371
238,201
60,079
149, p. 122.
Seaboard Air Line Ry.-
4,831
157,518
payable.
counts
Net after rents
—V.
$92,421
25,645
defl,600
35,389
"D AQArVAfl
assets—at
cost
381,425
royalties—
.
1—
Gross from railway.
Net from railway.
_
180,944
„
secured
Other notes &
res.
Total
banks—secured
Accrd.
$291,000
—
Due to officers
20,391
TJ. 8. Treas. notes.
Fixed
$392,000
payable
1936
1937
1938
1939
June—
/
RR.—Earnings—
Gross from railwayNet from railway.
From Jan.
secured
Notes
Accts. pay.—trade
related company
x
1938
1939
Notes pay.—equip.
2,950
acceptances
Due from officers &
Redemption <fc
Liabilities—
1939—28 Weeks—1938
$194,841720
2,961
3,253
$29,889,743 $29,003,519 $200,380668
Stores in operation
—V. 149, p. 588.
Coll. trust notes-
hand & in
banks
TJ. S. Treas. notes.
587.
p.
1939—4 Weeks—1938
Period Ended JulyS—
Sales
_
1939
$672,684
18,239
Balance Sheet May 31
Assets-—
1939—6 Mos.—1938
$9,316,656
$8,894,208
7,453,196
6,712,078
Safeway Stores, Inc.—Sales—
Total expenses.
Income charges
587,357
def80,223
def305,587
Railway tax accruals...
Net deficit
Gross profit—net total sales
688,237
38,055
def204,613
122.
P.
Railway oper. revenues.
Railway oper. expenses.
$577,446
5,655
$211,591
92,045
Provision for returns and resales
8,243
def32,029
def28,713
St. Louis Southwestern Ry. Lines- -Earnings—
,
Net ry. oper. income.
Gross profit—sales
$126,713
8,214
705,263
282,153
229,159
Net cost of returns & allowances
Cost of free goods.
797,922
143,226
def93,425
50,220
$124,447
From Jan. 1—
3 Months
Month
May 1939_
Period—
$204,464
91,333
774,901
136,165
after rents
1936
1937
$193,342
82,003
46,065
Net from railway
Net
Ry.—Earnings-
1938
1939
June—
Gross from railway
Ry. oper. income—
Other ry. oper. income.
months.—V.. 148, p. 3242.
Trade
$416,568 def$771,691
1QQQ
was
Shipments for the second quarter were 17»02% in excess of those for the
second quarter of last year and for the fist six months 16.90% more than for
the same period last year.
At June 30, current assets amounted to $2,006,228, which included cash
on hand or in banks of $794,563; current liabilities, including provision for
Federal and other taxes amounted to $114,261, a ratio of approximately
17.5 to 1.
No action on the preferred dividend has been taken during the first six
on
$213,620
Only)
$486,377
(Earninos of Company
June—
1939.
Cash
$458,398 def$739,791
41,829
31.900
6,270
Net from railway
those of the parent company.
Depreciation
the second
$218,571
4,951
$492,647
Total income
Other deductions
Mfg. Co., Inc. (& Subs.)—Earnings—
Ritter Dental
with
Ry.—Earnings of System—
1939—Month—1938
1939—6 Mos.—1938
$4,300,966 $4,070,258 $22,206,668 $21,276,914
3.416,394
3.405,528 19,615,352 19,708,503
$483,461
$203,217
$382,826 def$831,075
9,186
15,354
75,571
91,284
121.
149, p.
Period End. June 30—
y
.
74,038
4,166,092
829,894
209,845
$583,969
131,026
55,890
$672,620
172,975
23,864
162,644
65,777
Gross from railway
1936
1937
$591,017
99,247
$666,462
Gross from railway.....
Net from railway
Net after rents
From Jan. 1—
Period Ended June 30-
Potomac RR.- -Earnings
1938
1939
June—
>
Operating revenues
Operating expenses
Net ry. oper. income—
Other income
1....
Dividend—
Rich Ice Cream Co.—Extra
3242.
St. Louis-San Francisco
quarterly cash dividend of 12 M cents per share
payable Sent. 10 to holders of record Aug. 31.
Directors have declared a
on
$8,058
Net loss
—V. 148, p.
3242.
$0.31
After deducting share of products
Hills absorption plants.
As of June 30, 1939: Current assets
$0.35
$0.51
$0.49
accruing to operators of Kettleman
amounted to $3,389,915 and current
15, 1939, $1,044,776.—V. 148,
liabilities, including dividend payable Sept.
p.
3082.
Volume
The Commercial & Financial Chronicle
149
Seaboard Commercial
Corp.—Earnings—
6 Mos. Ended June 30—
Net earnings
x
Earnings
Southern
1939
1938
1937
$142,613
$1.16
per share on common stock.
$102,771
$131,969
$1.14
$0.77
After operating expenses, normal Federal
income taxes, depreciation
and other charges, but before Federal
surtax.—V. 148, p. 2443.
Seattle Gas
Oper.
1939—3 Mos.—1938
$484,684
$481,947
expenses & taxes._
Net
375,305
earnings
$109,379
$1,932,233
.1,691,777
$84,438
62,523
$234,116
249,176
7,424
5,487
26,870
11,316
597
597
$39,071
2.388
2,388
x$44,318
$15,831
x$24,364
Uncollectible
Period End. June 30—
Gross oper. earnings
Operating
,
1939—3 Mos.—1938
$2,162,422
and paid upon
presentation and surrender with Sept. 1, 1939 and subse¬
quent coupons attacked, at the
principal office of Guaranty Trust Co. of
New York on or after the
redemption date, when all interest on the deben¬
tures will cease.
Debenture holders, at their option,
may surrender their
debentures at any time prior to
Aug. 24, 1939 at the Trust
company's
office and receive the full
redemption price including interest accrued to
the redemption date.—V.
149, p. 588.
Sierra Pacific Power
Co.—Earnings—
1939—Months-1938
$170,140
$164,056
59,365
60,507
7,776
10,709
Operating re venues
.
Maintenance
Taxes
25,294
Net oper. revenues
93 t-W oo®
Non-oper. income (net).
1939—12 Mos.—J938
$2,014,888
650,825
107,900
305,503
$69,158
!
Drl91
$1,940,280
730,551
115,454
266,158
$950,660
3,570
23,682
$828,116
3,862
1
Balance
$77,514
7,540
Retirement accruals
Gross income
Int. & amortization, &c_
Net
$68,967
7,719
$69,974
10,980
$58,994
income
$61,249
10,798
$50,450
Preferred dividends
dividends
—V. 149, p.
588.
$954,230
90,761
1 to July 21
1938
1939—6 Mos .—1938
$107,903
$102,024
250
200
.$636,167
1,500
$613,762
1,200
$107,653
77,097
$101,824
60,541
$634,667
393,045
$612,562
373,00 3
$30,556
9,851
$41,283
8,906
$241,622
59,246
.$238,659
53,644
$20,705
$32,377
$182,376
$185,015
taxes
June 30—
Total
revenues
Expenses, incl. taxesl.l
Interest—
*
Net
income
1939
$8,941,797
7,785,000
—
—
Surplus
Note—Total
revenues
1938
1937
1936
$45,836,495 $43,592,338 $42,756,253 $39,452,856
35[347,616 33,947,198 32,610,291 29,412,249
1,547,082
1,079,850
983,110
1,183,456
$8,565,290
8,547,492
$9,162,852
8,114,992
$8,857,151
7,682,492
$1,156,797
$17,798
$1,047,860
$1,174,659
include amounts*estimated as
$14,985, $14,535,
$115,590, and $45,530 for the first
1937, and 1936, respectively, which
in the event of adverse
rate
six months of the
years 1939. 1938,
may be refunded in whole or in part
decisions.—V. 149, p. 268.
case
Spang, Chalfant, Inc.—New Vice-President—
George E. Clifford, formerly with Republic Steel
Corp., has been ap¬
pointed Vice-President in
charge of sales for this company, effective Aug. 1.
—V. 148, p.1659.
$831,978
92,126
June—
Gross from railway
Net from railway,
1939
1937
1936
$69,725
13,214
5,694
$72,301
15,011
18,266
$71,475
20,437
10,493
363,075
57,851
335,081
29,432
22,010
Net after rents
1938
$64,091
8,261
391,177
70,102
30,255
337,895
70,601
defl4,769
565
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—Y.
149,
124.
p.
$863,469
134,625
6 Months Ended June 30—
Gross earnings
1939
.
Expenses
Depreciation
Federal income & indistributed profit
taxes, est
_
$739,852
130,603
$728,844
210,000
339,628
$609,249
210,000
237,811
20,901
(A. E.) Staley Mfg. Co. (& Subs.)—Earnings—
Note—No provision made for
excess
Standard Brands, Inc. (&
Period End. June 30—
Gross
1938
$2,780,428
1,303,869
394,134
$2,083,531
1,145,545
263,305
382,615
91,636
$819,120
Net profit
<•
1939
Spokane International Ry.—Earnings—
Sherwin-Williams Co.—To Pay $1 Dividend—
Directors have declared a dividend of $1
per share on the common
stock, payable Aug. 15 to holders of record
July 31.
Previously regular
quarterly dividends of 50 cents per share were distributed.—V.
148, p. 2757.
Period End. June 30—
—t/an.
$2,302,568 $69,245,404 $61,616,282
1939— Month—1938
$5,830,437
Corporation has called for redemption on Aug. 24, 1939 at 102
and
accrued interest to that date, all its
15-year 3 H % debentures, due March 1,
1951, outstanding in the principal amount of
$57,427,000, R. G. A. van der
Woude, President, announced July 24.
The debentures will be redeemed
Common
Third Week of July
1939
1938
$2,476,075
oper. rev._
Dividends paid
$2,922,990
45,010,351
12,109,185
7,759,243
Southwestern Bell Telephone Co.-Earnings—
6 Mos. End.
1939—6 Mos.—1938
$61,079,357 $64,728,968 $118,604308$124,041,284
50,148,577
94,910,972
95,480,085
9,975,231
19.432,941
19,801,275
771,506
566,842
1,543,137
1,114,117
298,761
1,115,329
554,835
1,815,371
$1,684,156
50,907,645
15,093,017
9,267,498
Net oper. income....
—V. 149, P. 124.
Subs.)—Earnings—
Operating & general exp_ 48,459,442
Depletion-, deprec.,&c_.
9,865,492
Net profit-
607.348
41,294,388
9,447,944
3,569,588
Net oper. revenues
588.
p.
1936
$7,445,568
1,942,462
1,247,593
Operating revenues
Operating expenses
148, p. 2757.
Shell Union Oil Corp. (&
1937
$7,796,319
1,905,532
978,370
Southwestern Associated Telephone
Co.—Earnings—
The Marine Midland Trust Co. of New York
has been appointed registrar
for convertible first
preferred stock series A and common stock of this
Operation
-
Period End. June 30—,
Operatingrevenues
Seversky Aircraft Corp.—Registrar—
Interest
Federal taxes
.
^
Net income
corporation.—V. 149,
.
.
1QRR
$6,697,164
1,552,827
46,031,869
12,961,304
7.644,600
.
Gross earnings
(est.).
—V. 149, p. 589.—
$240,456
251,116
applic. to funded debt
Indicates loss.—V.
$1,951,750
1,717,634
62,287
Bond interest
Gen. int. (less charged to
constr ucti on)
Amort, of reorgan. exps.
x
1939—12 Mos.—1938
397,509
1QRQ
$7,802,149
2,326,821
1,493,653
-
From Jan. 1—
Gross from
railway
Net from railway
Net after rents
Co.—Earnings—
Period End. June 30—
Gross earnings
Ry.- -Earnings—
June—
Gross from
railway
Net from railway
Net after rents
x
745
$463,734
profits taxes.—V. 149, p. 124.
Subs.)—Earnings—
1938—3 Mos.—1939
sales, less discts.,
1938—12 Mos.—1939
returns and
allowance6$26,155,905 $27,014,764 $111995,204 $109368,057
goods sold
16,714,780
17,725.444
72,428,258
72,011,943
Sell., adminis. & general
Cost of
Sonotone Corp.—Earnings—
x
6 Months Ended June 30—
Net profit after all charges
Earnings
share
per
1938
1937
$101,150
$103,445
$0.13
$0.13
After all charges including provision for
normal Federal income taxes
but before surtax on undistributed
profits.—V.
x
148,
p.
South Bend Lathe Works—Dividend Increased—
Southeastern Gas & Water Co. (&
Subs.)—Earnings—
expenses
1939
General taxes
Federal income taxes
-
-
Net operating income
Non-operating
income
.
.,
$632,258
275,493
28,734
99,123
263,286
29,143
92,157
49,528
4,183
.
Maintenance
Depreciation and depletion
1938
$584,520
Operating
$146,222
4,719
i
48,033
5,391
$175,484
4,624
$150,942
$180,108
19,688
Charges of subsidiaries—
Interest on long-term debt—
19,864
3,048
1,317
Interest
on unfunded debt
Amortization of debt discount and expense
2,657
1,317
Cr28
Minority interest
Cr84
$127,307
Interest on general lien bonds
Other interest
»_
Net loss
—V. 148, p. 3858.
$155,964
74,121
104,670
1,620
74,903
104,697
1,412
$53,103
Fixed charges of Southeastern Gas & Water Co.:
Interest on first lien bonds
7,207,856
7,158,305
29,639,504
27,806,002
Net profit from oper..
Other income credits
$2,233,270
216,160
$2,131,015
$2,131,015
$0,027,444
$9,927,444
$9,550,112
398,321
$2,449,430
114,824
$2,213,196 $10,530,447
Income charges
Prov. for Fed. & foreign
L
income taxes
dividend of 50 cents per share on the
common
stock, payable Sept. 25 to holders of record Sept. 15.
Like amounts were
paid on May 15 and on Jan. 25, last; the Jan. 25 deividend
being the
initial distribution on this issue.—Y. 148,
p. 3858.
Southern Pacific
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
149, p.
a
1938
1938
1937
1936
$14,906,140 $13,347,341 $15,655,489
$13,761,015
4,858,945
3,407,880
4,498,230
4,631,471
2,694,399
1,327,610
2,361,652
3,054,709
49,417
603,003
$9,948,433
312,071
424,243
402,899
371,515
1,628,106
1,652,122
1,897,216
$1,792,264
225,000
1,581,176
$8,478,099
1,087,500
8,853,676
$7,984,241
900,000
6,324,710
$0.1349
$0.1239
$0.5991
$0.5601
423,922
430,479
1,676,730
Common
x
Net
of
income
common
per
share
stock
Deprec. incl. in cost and
other accts.
riving
at
before
ar¬
income
net
for the period.
x
Based
on
12,648,108 shares in hands of public,-
Standard Gas & Electric
V.
148,
p.
1,727,205
2606.
Co.—Weekly Output—
Electric output of the public utility operating companies In the Standard
July 22, 1939, totaled 113,796,761 kwh., an increase of 11.7% compared with the corresponding week
last year.—V. 149, p. 590.
Gas & Electric Co. system for the week ended
Superior Oil Corp.—Earnings—
Period End. June 30—
Gross inc. from oil and
1939—3 Mos.—1938
1939—12 Mos.—1938
$328,425
152,857
Operating
$1,663,017
601,137
$225,897
955
expense—
Net operating profit..
$1,358,362
606,523
$175,568
properties
$379,081
153,183
962
$751,838
5,505
$1,061,880
5,698
$176,524
gas
Other income
indebtedness
$757,343
25,699
97,359
$226,859
6,139
102,268
$1,067,578
6,498
depl. & deprec.
Losses on leases surrend.,
non-prod, wells drilled
383,424
397,998
36,943
33,679
162,094
117,334
2,500
300
5,000
$35,722
$82,273
$185,826
$521,905
$0,026
$0,059
$0,134
$0,376
on
Prov. for
and abandonments—
25,341
Prov. for inc. taxes (not
incl. Federal surtax oni
undistributed profits).
Co.—Earnings—
82,182
Net Inc. for the period $1,931,707
Divs.: $4.50cum. pref..
225,000
Interest
June—
Gross from railway
Net from railway
for
$25,048
Southeastern Greyhound Lines—50-Cent
Dividend—
Directors have declared
prov.
doubtful receivables).
3388.
Directors have declared a dividend of 35 cents
per share on the common
stock, payable Sept. 1 to holders of record Aug. 15Previously regular
quarterly dividends of 30 cents per share were distributed.—V.
148, p. 3543.
12 Months Ended June 30—
(incl.
exps.
1939
$111,395
$0.14
on common
Net profit for period..
Earns, persh. on 1,388,-
979 shares capital stk.
(par $1)
—V. 148, P. 1978.
75,624,130
18,383,868
7,152,345
69,376,875
10,831,326
def541,959
84,847,954
19,982,397
9,293,294
589.
68,140,055
17,120.919
8,376,327
Standard
Oil
Co.
Made for Stock—
Negotiations are under
Southern Pacific SS.
June—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V. 149, P. 124.
Lines—Earnings—
1939
1938
1937
1936
$624,807
$532,786
$656,665
60,265
42,926
$479,180
10,854
57.143
7,279
3,594,414
278.603
180.731
def5,154
37,652
8,124
3,190,239
def96,194
defl90,793
3,959,774
2,732,809
def78,078
204,666
49,382
defU6.504
(Nebraska)—$17.50
a
Share
Offer
for purchase of the company by the Standard
Oil Co. of Indiana.
Directors of the Nebraska
company have called a
special meeting of stockholders on Aug. 29 to consider an
offermadeby
way
Standard of Indiana.
H. W. Pierpont, President, said that Standard of Indiana
had offered to
buy, for cash, all the assets of his company at a price that would
yield
$17.50 a share to the stockholders.
On the basis of
H 161,403 capital
shares outstanding on Dec. 31, 1938, this would
indicate a price of about
$2,725,000.
Assets of the Nebraska
company on Dec. 31, 1938 amounted to $4,The company owns bulk and service stations in Nebraska and
also leases service stations in that State.
In only one of the last seven
909,989.
The Commercial &
746
Earlier this year Jerome A. Newman of
stock at $12 a share if 51 % of the amount
outstanding were offered to him.
Only 48% of the stock was made available
and Mr. Newman withdrew his offer.
In May. Terry Carpenter, a Scottsbluff, Neb., oil refiner, announced he had offered $13 a share for the stock
if he could get at least 51%.—V. 148, p. 3700.
Co—Registers with SEC—
department.—V. 143, p. 2385.
State Loan
$119,126
12,708
def20,155
20,362
defl6,157
def416
def24,900
defll,417
def45,758
800,164
41,423
Net from railway--.—
defl68,699
Net after rents
753,394
783,196
def 1,525
def!69,655
790,067
defl4,222
def230,796
Net after rents
From Jan. 1—
Gross from railway
_
17,137
defl87,924
124.
Superior Water, Light & Power
Co.—Earnivgs—
1939—12 Mos.—1938
$1,071,666
$1,027,896
814,676
778,562
1939—Month—1938
$87,471
$84,464
67,746
65,043
Period End. June 30—
Operating revenues.*.—
Oper. exps., incl. taxes
Prop, retire, res. approp.
48,000
$208,990
ff'oot
38,223
def3,601
18,611
1,028,823
195,174
31,743
1,263,265
1.159,966
?9Z'?cn
157,159
'iwo'qqq
189,339
Power Co.—Deposits
Tennessee Electric
18, 1939 the holders of $32,518,700 or 81.72% of the principal
amount of the 1st & ref. mtge. bonds (including Commonwealth & Southern
Corp
the owner of $8,616,600 principal amount) had deposited their
bonds'under the escrow agreem ent or have lodged with the escrow agent
their written agreements to accept the principal amount and accrued
interest in full payment of their bonds, under the plan to sell the properties
to the Tennessee Valley Authority and other municipal authorities.
It is expected that on or about Aug. 15, 1939, payment wdl be made
to the First National Bank for bonds deposited with it.
Accordingly, it is
suggested that bondholders send their escrow receipts to the First National
Bank before that date so that it can send them a check for their bomte as
As of July
,
may
Holders of bonds who have not deposited them
receive payment for their bonds in like manner by now
First National Bank as escrow agent.—V.
it receives payment.
soon as
arrange to
their bonds to the
149,P. 590.
delivering
$201,334
241
$15,421
$15,725
Net oper. revenues.
Other income
48,000
271
4,000
4,000
20,322
def734
1,122,951
223,723
54,277
—
GrossTrom1rai Iway—
Net after rents
$131,427
Net from railway
*936
1 937
$200,864
—V. 149, p. 124.
$144,234
$i?3,944
1938
$142,309
$171,473
24^298
Net after rents
1936
1937
1938
1939
June—
—V. 149, P.
Gross from railway-—.Net from railway
Rapid Transit Ry—Earnings—
Gross from railway
Earnings—
1939
Junr-
Net from railway
first page of this
Staten Island
Central Ry.-
Tennessee
years has it reported a profit.
New York offered to purchase the
See list given on
July 29, 1939
Financial Chronicle
Tennessee Utilities
Corp.—New Order Filed on Sale—
supplemental order authorizing the consummation as of Aug. 15 of the
sale of the properties of the Tennessee Utilities Corp., a Commonwealth &
Southern Corp. subsidiary, to the Tennessee Valley Authority, and 36
municipalities and cooperatives for $78,000,000 has been filed by the
Tennessee company, it was announced July 24 by the Federal Power ComA
$209,231
$201,605
454
454
5,450
6,863
8,232
90,499
067
5,450
100,163
$8,408
$6,735
preferred stock for the
$113,349
$95,992
35,000
35,000
$78,349
Gross income..
$60,992
$15,421
$15,725
-
bonds
Int. on mtge.
Other-interest
i
chgd. to construct'n
Int.
Net income
Dividends applicable to
period, whether paid or
unpaid-
-w
Under the
enabling
enactment of
Balance
—V. 149, p.
124.
Supervised Shares, Inc.— Earnings—
Expenses
Distribution
y$72,036
15,252
1936
$96,507
19,740
x$100,094
15,430
$76,766
$84,664
75,892
86,413
$56,784""
$75,307
Net income
59,964
70,888
Balance Sheet June 30
1939
Assets—
Secur. at market.
Cash
from
Due
.$7,950,013 $8,742,572
841,246
148,162
Accrued
sold
$6,973
tributores,
31,610
408
787
-
12,400
77,390
Liab. in respect, of
outstand'g
7,178
7.545
Distrib. payable-.
70,888
59,964
}
Paid-in surplus..
Earned surplus
Total
$8,159,432 $9,616,214
-
.
fb8,061,992 c9,454,957
.1
Total......-..$8.159,432 $9,616,214
Represented by capital stock—Authorized 2,000,000 shares of a par
value of $1 each, outstanding (less 125,585% shares in treasury), 886,028% shares, $886,028; paid-in surplus, $8,374,757; undistributed net in¬
come, $6,861; security profits (deficit) acconut, $81,897; excess of cost over
market value of securities owned, Dr$l,123,758; total $8,061,992. c Repre¬
sented by capital stock (authorized 2,000,000 shares of a par vslue of $1
each, issued, less 16,062 shares in treasury, 993,081 shares), $993,081;
paid-in surplus—balance remaining at June 30,1938, $9,345,604; undistrib¬
uted net income, $13,485; security profits (deficits) account, $171,250 and
excess
of cost over market value or securities owned, $725,963.—V. 149,
b
P.
T acony-Palmyra Bridge Co.
6 Mos. End. June 30—
Number of vehicles
Income tolls
-
Operation and maint
Depreciation
Admin. & gen. expenses.
Taxes
Interest..
Terminal
expenses..
$259,697
24,152
36,000
32,459
16,166
51,679
11,609
16,724
other taxes
for contingencies
17,375
__
The
eral
new
_
$76,751
$70,257
guaranteed as to principal and interest by the sev¬
companies of the association.
Among such companies
authority to assume obligations
1936
22,014
36,000
31,631
16,069
54,514
11,473
631,042
$231,664
22,663
33,000
30,642
16,612
86,848
6,535
13,529
5,000
Texas Electric Service
Period End. June 30—
Operating revenues
Oper. exps., incl. taxes.Prop, retire, res. approp.
$65,605
$30,854
Interest
on
Fed.
tax refund.
Transfer
of
$76,751
280,548
$70,330
255,115
mtge. bonds.
Other interest.
131
$271,573
140,542
2,636
$239,808
$65,605
212,773
$30,854
125,074
applicable to preferred stock for the
period, whether paid or unpaid
held in invest, account
Surplus, June 30
2,604
$183,939
7,500
$325,444
$278,489
23,750
37,500
30,000
23,750
30,000
23,750
30,000
1~5",6O6
24,000
24,000
12,000
——
....
,049
$247,694
$200,739
Cr 525
$149,964
Tampa Electric Co,—Earnings—
1939—12 Mos.—1938
$358,628
134,988
Maintenance
21 964
22,180
$4,507,521
1,649,840
269,768
Taxes.
55;0ii
52,832
655,412
Net oper. revenues
Non-oper. income (net).
Balance
Retirement accruals
$379,852
$155,723
$148,628
429
794
$156,152
35,833
$149,422
35,833
$1,953,156
Drl,172
$1,935,222
430,000
$1,951,984
430,000
Preferred dividends.
Common dividends.
$113,589
$1,505,222
591
570
8,049
$119,727
—V. 149, p. 590.
$4,583,112
1,760,649
271,251
598,056
$1,932,501
2,721
$120,319
interest.
x
Earnings
share
per
1939—3 Mos—1938
$1,830,362
$0.48
$1,875,444
$0.49
513,329 compared with $9,426,963 for the 12
375,678
$858,414
*
1939—6 Mos—1938
$3,264,828
$0.85
$3,715,131
$0.97
earnings amounted to $6,months ended June 30, 1938.
earnings for the second quarter added, earned surplus at
June 30, 1939, was $31,129,969, after payment of a dividend of $1,920,000
With
net
June 15.
As of June 30 current assets, including
cash of $9,315,102, amounted to
This does not include inventories of sulpuhr above ground
supplies.
Current liabilities, including provision for
current taxes of $1,322,556, amounted to $1,669,038.
Reserve for con¬
tingencies amounted to $1,385,029.—V. 14$, p. 2608.
or
materials
and
Ry.—Earnings—
1939
1938
$61,661
3,017
$70,304
7,225
rentsdef5,560
June—
Gross from railway
Net from railway
Net after
$113,019
$1,497,173
70,000
1,338,916
$1,521,984
9,557
$1,512,427
70,000
1,304,306
1937
1936
$116,249
26,569
$88,396
4,545
def2,993
33,679
defl0,993
507,956
124,804
554,872
96,819
772,120
244,515
677,079
202,869
65,599
47,876
174,416
127,543
From Jan. 1—
Gross from rail way.
—V. 149, p. 125.
Texas Pacific Coal & Oil Co.
(& Subs.)—Earnings—
1939—3 Mos.—1938
Gross oper. income
Deductions
from
gross
operating
1939—Month—1938
147,064
revenues
$1,234,092
375,678
Sulphur Co., Inc.—Earnings—
Period End. June 30—
Net after rents
Company announced completion of an arrangement whereby Walter E.
Heller & Co. will act as its Chicago correspondents.
This arrangement is in
lieu of a proposed merger of the two companies which has been previously
d^cussed.
James Talcott, Inc., will act as New York correspondent for
the Heller firm.—V. 149, p. 424.
Operation
$1,093,667
7,309
—V. 149, p. 125.
Net from railway
(James) Talcott, Inc.—Chicago Correspondent—
Operating
$2,951,539
1,686,500
30,947
$717,989
Balance
Texas Mexican
-V. 148, p. 3545.
Period End. June 30—
$2,811,488
1,686,500
31,321
$11,646,711.
$357,298
Common stock dividends
Div. on 7 % % cum. pref.
$2,944,230
on
7 % % cumul. stock
Class A stock dividends.
$2,798,947
12,541
Dividends
25,406
Profit from retire lent of
Total.
.
$96,699
$8,572,211
4,527,981
1,100,000
On 3,840,000 shares capital stock (no par).
For the 12 months ended June 30, 1939, net
for
7 % % cum. pref. stk. divs
5% cum. conv. pref. stk.
140,542
2,567
1939—12 Mos— 1938
$8,299,876
4,500,929
1,000,000
x
contingencies
-
$239,677
100
$128,395
Net income
Texas Gulf
110
1934
reserve
Co.—Earnings—
1939—Month—1938
$722,854
$718,903
368,048
395,893
83,333
83,333
$271,473
Net oper. revenues
4,507
795,711
$255,836
securities: Cleveland Cincinnati
Chicago & St. Louis RR., New York Central, Baltimore & Ohio, Pittsburgh
Cincinnati Chicago & St. Louis and Louisville & Nashville.—V. 149, p. 421.
73
Net profit
Surplus Jan. 1__.__
Refund
issue will be
proprietary
the following have filed applications for
and liability with respect to the new
Net inc. after all charges
Profit bef. other inc.
Other income
Louis—To
with
Gross income
1937
833.761
St.
of
Association
RR.
The company said competitive bids would be asked in connection
the issue, which it is proposed should bear not more than 3%% interest.
Information on these matters will be furnished later, it was stated.
-Earnings1938
1939
850,463
$267,421
24,254
39,000
33,592
16,318.
49,200
11,581
TVA and the
be reduced by their propor¬
The company has filed with the Interstate Commerce Com nission an
application to issue and sell $7,000,000 refunding & improvement mortgage
bonds for the purpose of refunding a like amount of first mortgage 4%%
bonds which mature Oct. 1.
«•
-.
Reserve for Federal and
Res.
purchase prices to be paid by
daily additional provided for in the original
contract for each day between April 30, 1939 and the date the transaction
is actually consummated.—V -148, p. 3245.
of the $3,333
Other income (net)_..__
124,
Other
Under the new contract the
cities of Nashville and Chattanooga are not to
$7,000,000 4^s—
yet
Capital stock
restrictive features of the compro¬
TVA to such power and authority
such time as it may be called upon to perform
its obligations, and the agreement shall become effective only when the
legislation recently passed becomes law.
The bill is awaiting the President's
7.845-
Inc.,
quired—not
received)
scrip
agreement, in the light of the
limits the obligation of the
it may have under law at
as
$8,514
(cap. stock reac¬
190
37,075
—
receivable..
Deferred charges.
&
exps.
taxes
for cap. stk.
Divs.
1938
Due to Mass. Dis-
23,584
for sec. sold
Rec.
1939
Due to brokers
brokers
out.
new
tionate shares
JAabilities—
TAabilitles—
1938
The
mise enacted,
signature.
stock¬
to
holders
the transaction.
Carrying out of the sale agreement was prevented by failure of Congress
to enact the necessary legislation in time, but a compromise was finally
financing
worked
1937
1938
1939
y$90,456
15,148
3 Mos. End. June 30—
Income—Cash divs
1939, provision was made
such other date not earlier than June 1
parties might agree, contingent upon
legislation by Congress making available funds for
original sale agreement of May 12,
for closing of the deal on June 20, or
and not later than June 30, as the
Gross income
charges
Provision
for
$1,016,493
1939—6 Mos—1938
$1,848,655
$1,984,211
567,088
591,715
1,089,582
1,160,054
$383,229
6,731
$424,779
$759,073
9,239
15.963
$824,157
19,625
$389,961
23,757
income___-
Profit from operations
Other income credits
Income
$950,317
$434,017
21,089
$775,036
48,863
$843,782
43,288
156,752
152,398
310,361
299,749
$209,452
$260,530
$415,812
$500,748
deprecia¬
tion, depletion, &c__
Net to surplus (before
dividends
Note—After allowance for statutory deductions and credits, no provision
made or is considered necessary for Federal income and excess
has been
profits taxes.—V. 148, p. 3391.
Toledo Edison Co.—Bonds
Co., as trustee, is notifying holders of
sinking fund debentures due July 1, 1948, that $163,000 principal
have been drawn by lot for redemption, through
Central Hanover Bank & Trust
4%
<
Called—
amount of these debentures
Volume
149
The Commercial & Financial Chronicle
the sinking fund, on Sept.
drawn debentures are
1
1939, at 100%% and accrued interest.
The
payable on the redemption date at the office of
Central Hanover Bank & Trust
Co., 70 Broadway, New York City.
On
Sept. 1, 1939 all interest will cease to accrue
on the drawn debentures.—
V. 148, p. 1341.
Texas & New Orleans
June-—
Gross from railway
Net from railway
1939
1938
1937
$3,761,992
703,789
106,449
20,328,362
3,835,016
759,294
23,670,247
5,849,763
2,639,038
—V.
149, p. 125.
Texas & Pacific
_
$462,456
11,206
327,509
$1,957,165
48,531
1,949,380
Net income
61,317
1,973,122
$123,741
x$40,746
$166,118
1939—Month—1938
revenues
$967,005
472,437
Oper. exps., incl. taxes.
Amortization of limitedpwterm
investments
146
709
1,750
875
90,478
1,087,958
1,116,064
Net oper. revenues—
Other income (net)
$403,262
$346,993
$4,798,841
re-
f
266
Int.
on mtge. bonds..:.
on debenture
bonds.
Other int. and deductions
Int
561
$403,528
177,708
10,000
19,778
Gross income...
$4,392,021
6,921
$347,554
177,708
10,000
14,008
$4,398,942
2,132,500
120,000
164,740
$1,981,702
$2,340,579
Balance
—V.
149,
p.
♦'Except for construction of a tankship at an estimated
aggregate cost of
approximately $1,900,000, the nature of the
contemplated expenditures
has
$4,805,221
2,132,500
120,000
212,142
Net income
$196,042
$145,838
Dividends applicable to preferred
stocks for the
period, whether paid or unpaid.
865,050
$1,116,652
125.
not yet
Third Avenue Ry.
development of prospective and proven oil lands and
leases principally outside of the State of
California. The company makes no
that any of such expenditures will be made or
that any
amount of the balance of the
proceeds referred to above will be allocated
865,050
to any
expenses
Net oper.
Taxes
revenue
pending on developments which are not
Dillon, Read & Co., New York City,
$132,660
income..
25,077
Gross income...
Deductions
or commissions, and the
redemption provisions of
debentures will be furnished by amendment.
facilitate the offering, the prospectus states that it is
intended to
stabilize the price of the debentures.
It further states that this is not an
assurance that the price of the debentures
will be stabilized or that the
stabilizing, if commenced, may not be discontinued at any time.—V. 149,
p. 591.
the
To
$3,405,284
$149,856
25,195
$1,667,373
287,413
1,737,911
1939
$157,737
214,495
...
5 ,309,469
XJ.S.Treas. notes.zlO ,470,970
U.S.
$56,759
$1,888,976
2,599,929
$30,209
$643,200
Transcontinental
Shares
Shares—
Acer, wages, taxes,
Ac
4,430,483
3,928,686
$710,953
Investments
Land and
Deposited
and
1,093
8,739,278
9 117,014
7,391,003
77,954
The depositor discontinued the
public offering of the two series of trust
on Nov. 5,
1936, and no additional units have been created since
that time.—V. 135, p. 645.
Tri-State Telephone & Telegraph
rev..
Operating revenues
Operating expenses
Operating taxes
.
$529,339
369,801
$2,977,043
2,337,547
$3,110,878
$99,621
42,754
Net oper. income
Net income.
—V. 149, P. 269.
$159,538
$639,496
241,732
$849,550
300,172
$56,867
49,270
44,833
$114,705
52,460
$397,764
338,938
$549,378
172,659
1939
for depreciation.
811,964
330,692
58,143
...39,571.971
28,461,472
1937
values,
Total..
$58,371
1938
•
The income statement for the three months ended June 30 was published
in V. 149, P.
591.
-Earnings—
6 Mos. End. June 30—
1939
1938
1937
1936
$1,870,147
1,716,107
37,087
$3,806,596
2,851,309
$2,888,696
2,193,519
48,652
$439,990
139,632
$116,953
141,741
$856,867
145,894
33,000
Dr8,294
Dr4,249
Gross profit from oper..
Commercial expenses—
$2,960,821
2,468,371
Net sundry charges—.
52,460
Net inc. before deprec.
Depreciation
—
p.
to
reserve
for
expense
and
Udylite Corp. (& Subs.)—Earnings—
*
Earnings from Feb. 11, 1939 to June 30, 1939
Net profit after all charges incl. provision for Fed. inc.
taxes..
$12,295
During the second quarter ended June 30, net earnings amounted to
$26,365, while during the first two months of operation, February and
98,420
Obsolescence
$646,526
124,351
Profits applic. to minor¬
ity interests.
Net inc. bef. int. & tax
Drl3,146
$292,0641 oss$29,037
$664,827
Drl0.350
$511,825
Federal, State & foreign
67,768
Consolidated net
inc.
stock
29,036
125,559
91,034
$224,296
loss$58,073
$539,268
$420,790
305,192
$0.73
income taxes
305,192
$0.19
300,750
$1.79
255,498
$1.56
out¬
Shares
com.
„
Consolidated Balance Sheet June 30
1939
$950,956
1938
Liabilities—
$663,148
Trade accts. notes
414,591
1939
Accounts payable.
Accrued
581,612
recelivable
previous credited
3086.
39.571,971 28,461,472
reserve for depreciation of $5,011,137 in 1939 and $3,874,252 in
Includes 4,644 (5,568 in 1938) shares to be issued for shares of
capital stock of United Aircraft & Transport Corp. not presented for
exchange,
z Includes bonds,
a Includes Federal income taxes for year
y
1938
$199,854
154,384
$130,653
130,530
expenses.
194,956
127,782
Federal, State and
Inventory A goods
bonds
148,
Total...
After
x
1938.
Assets—
$6,857
adjustments
$64,759
9,608
yl46,722 decxl7,993
x Before
extraordinary credit to surplus and after surplus adjustments
including setting aside $100,000 as a general reserve,
y Includes $158,075
contingencies.—V.
res.
Cash
$16,261
allowing for taxes and
Poland
less
1936
for Fed.
inc. taxes & adjustm'ts
Net inc. in surplus after
3,577,987
1,281,369
Deferred charges..
6,113,709
250,000
standing (no par)
Earnings per share
1938
88.224
of
Capital stk. (par
Earned surplus
250,000
2,261,328
(& Subs.)—Earnings—
3 Mos. End. June 30—
Profit after charges, but
before prov.
1939—6 Mos.—1938
$2,979,006
$3,120,982
1,963
10,104
$518,654
419,033
Net oper. revenues...
Ulen & Co.
Co.—Earnings—
1939—Month—1938
$518,915
$531,194
261
1,855
y
91,022
Interest
capital stock
bldgs, and
equip.at reduced
shares
Uncollectible oper.
In
759,981
$5)...........13,247,205 12,658,035
Capital surplus
10,573,850
8,634,075
realizable value-
Federal revenue laws.
trust agreements, holders of full units
of 4,000
shares in these trusts may present such units
to the trustee for
redemption
and receive the deposited insurance
company stocks and proportionate
cash and trust shares
applicable to such units.
There is no action the
sponsors can take to avoid the results of such
withdrawals, the letters add.
In the case of series A
shares, there are 428,000 outstanding as of June
30, of which 137,563 were held in the surplus
fund, against 508,000 and
174,126 respectively at Dec. 31 and 780,000 and
295,260 respectively at
the end of 1937.
In the case of series B
shares, on June 30 there were 40,000 shares out¬
standing, of which 8,892 were held in the surplus fund,
against 44,000 and
9,062 respectively at Dec. 31; 72,000 and
27,112 at June 30, 1938, and
104,000 and 41,627 at Dec. 31, 1937.
revenues
Minority
108,538
88,226
reserves
and
surplus
subsidiaries.
est'd
at
5,323,356
29,600
67,904
Land,
^Moreover, under the
Period End. June 30—
Sundry
268,807
bldgs. and
equip.—aband'd
plant
816,370
100,000
sales
on
Deferred income..
111,780
8,418,769
267,008
Land,
Holders of Deposited
Insuran-shares, series A and B, are being advised
by the corporation, sponsor and
depositor, that the provisions of the two
do not meet the
requirements or permit of change to
qualify or
permit of change to qualify them as "mutual
investments companies under
628,169
contracts
bldgs.,
equipment.
976,087
for Federal
income tax
al,179,803
machinery, tools
Corp.—Clarifies
'999,072
Prov.
_
accts.
rec.,
accrued Int., &c.
1,972,229
Advances
Other
trusts
on
52,676
rec.,
and employees.
$1,954,786
2,597,986
1,506,959
Accts.rec., officers
x
interest
accts.
less reserve
312,586
1938
$
52,729
4,906,595
A Dom.
Inventories
Net loss..
—V. 149, p. 125.
Operating
mun.
1939
Liabilities—
Accounts payable.
Notes pay.—bank
of Canada bonds
$1,576,390
$175,052
205,260
$
Cash
$3,209,354
1,632,964
Consol. Balance Sheet June 30—
1938
$
Assets—
Trade
Operating income
Non-operating
underwriting discounts
United Aircraft Corp.
$289,733
139,877
predictable."
now
are named as the principal under¬
The names of the other underwriters, the
offering price and the
writers.
System—Earnings—
$304,361
171,701
particular expenditures, and may determine to
apply such balance
corporate purposes deemed in the interest of the
company, de¬
other
to
$1,475,52
1939—Month—1938
1939—12 Mos.—1938
$1,249,679
$1,187,395 $14,280,946 $13,932,624
945,318
897,662
10,875,661
10,723,270
revenues—_.
As
representation
Directors have declared a dividend of
50 cents per share on the common
stock, payable Aug. 15 to holders of record
Aug. 1.
Like amount was
last paid on Dec.
20, 1938, and Dec. 23, 1937; a dividend of $2 was
paid on
-Aug. 25, 1937, and one of 50 cents
per share was distributed on Dec. 15,
1936, this last being the first
payment made on the common shares since
Dfec. 15, 1931—V.
147, p. 3622.
Period End. June 30—
been determined.
part of the general program referred to
above, however, the company has under consideration at the
present time
the construction of an additional
tankship at an estimated cost or $1,900,000;
the construction of an
alkylation-dehydration plant at the Los Angeles
Refinery at an estimated cost of $1,250,000; tne construction of a new
vacuum unit at the Oleum
Refinery at an estimated cost of $750,000; and
the acquisition and
6,380
Thew Shovel Co.—50-Cent
Common Dividend—
Operating
Operating
Calif.—Registers with SEC—
"No specific allocation of the
balance of the net proceeds has been made
or is intended to be
made.
Such balance is initially to become a
part of
the company's general
funds, and as such may be used for such purposes
as
the management
may from time to time determine.
The company
intends to make capital
expenditures of substantial amounts in accordance
with a general program to extend
and modernize its
production, refining,
marine transportation and
marketing facilities.
1939—12 Mos.—1938
91,160
$0.88
on
$920,445 $11,276,770 $11,476,685
482,265
5,795,041
5,560,905
serve appropriations..
Property retirement
k
$7,931,058
$1.18
$10,000,000 principal amount of 3%% debentures, due Jan.
1,
1952, which are to be redeemed on Jan.
1, 1940 at 105%% and accrued
interest, $10,725,000.
(2) To deposit in trust with the trustee under the trust
indenture securing
the company's
6% bonds, series A, due May 1, 1942 (which are hot re¬
deemable prior to their
maturity) of an amount equal to the principal
thereof ($8,018,500) plus interest to
maturity, $9,341,552.
(3) The balance to become part of
company's general funds.
Discussing the balance of the net proceeds to be added to the
general
funds of the
company, the registration statement says:
Light Co.—Earnings—
Period End. June 30—
Operating
$0.41
on July 26 filed with the Securities and
Exchange Commission
registration statement (No.
2-4143, Form A-2) under the Securities
Act of 1933
covering $30,000,000 of 3% debentures, due Aug. 1, 1959. The
net proceeds from the sale of
the debentures will be
applied as follows:
(1) To deposit in trust for
payment of principal of and premium and
interest
x-Indicates loss.—V. 149,
p. 125.
Texas Power &
1,721,725 $10,751,404
$0.6004
Company
$2,200,557
x$177,113
MisceU. deductions
Fixed charges
$5,457,519
1939—6 Mos—1938
$16,852,192 $13,500,846
612,116
374,702
5,488,671
5,195,086
a
$1,977,605
222,952
$155,928
8,914
324,127
Subs.)—Earnings—
on
Union Oil Co. of
23,289
$1,752,648
204,517
v
for
capital stock...
29,083
Total income
outlook
Netprofit...
Earnings per share
$417,896
44,560
incurred, including $4,225 price adjust¬
at June 30, 1939 shows total current assets
of $221,499, and current liabilities of
$130,986.
furture business is
encouraging, according to L. K.
—V. 148, p. 2609.
1939—Month—1938
1939—6 Mos.—1938
Operating revenues
$2,027,480
$2,157,593 $12,549,087 $12,566,624
Operating expenses
1,655,668
1,496,039
9,236,359
8,964,726
Railway tax accruals—,
151,325
139,962
910,504
882,143
Equip, rentals (net)....
98,860
97,996
620,493
718,861
Jt. facility rents
(net)..
5,213
6,700
$116,414
39,514
inventory.
Union Carbide & Carbon
Corp. (&
Ry.—Earnings—
_
was
Period End. June 30—
1939—3 Mos.—1938
Net after Federal tax...
$8,515,479
$6,513,671
Interest.
306,058
187,051
Depreciation, &c._
2,751,902
2,604,895
Period End. June 30—
Net ry. oper. income.
Other income
747
$14,070
$692,824, including cash
The
19,364,170
4,116,348
1,545,047
4,924,498
1,762,517
of
net loss of
Lindahl, President, in this letter to stockholders which states
that the
management looks forward to profitable
operations for the third and fourth
calendar quarters of the
year.—V. 149, p. 591.
$3,326,755
663,690
255,310
601,939
113,816
a
Consolidated balance sheet
1936
$3,278,261
20,832,128
Net from railway......
Net after rents..
ment
of
RR.—Earnings—
$3,301,575
663,837
122,458
_
Net after rents.
From Jan. 1—
Gross from railway..___
March,
foreign taxes
1,151,972
1,145,820
Dividend payable.
Deferred Income..
48,078
41,915
Min. lnts. In subs.
26,101
28,282
Prop., plants A eq. 2,468,539
patents, licenses &
2,526,336
in transit......
Cash surrender val.
of life Insurance.
Invest,
assets
and
other
*—
*
goodwill
Prepaid expenses..
Total
y
61,038
12,387
4
61,128
57,639
4,664,364
4,356,413
Capital stock and
surplus
4
60,364
.$5,288,389 $4,880,4591
Represtned by 305,192
y
13,616
65,831
companies
Total
no par shares.—Y.
$5,288,389 $4,880,459
148, p. 3247.
Chronicle
The Commercial & Financial
748
first page of this
Net
Inc.—Accumulated, Dividend—
United Chemicals,
of $2 per share on account of accumu¬
payable Sept. 1 to holders of record
Aug. 10.
This payment will clear up all accruals up to and, including
June 1, 1935.—V. 149, p. 270.
Directors have declared a dividend
lations on the $3 cum. pref. stock,
goods sold
8eexpln^^l
f-60-
x
dividend of $2.25 per share on account of
accumulations on the $7 cumulative non-voting preferred stock, no pzr
value, payable Sept. 1 to holders of record Aug. 10.
Dividends of $1.75
per share were paid in previous quarters.—V. 149, p. 125.
Int. and other income-
United Gas Improvement
Deprec. of phys. property
Int. & other inc. charges
Prov. for Fed. and foreign
income taxes (est.) —
41,277
$16,219
42,290
48.996
$322,575
93,518
86,520
$78,505
80,542
83,164
23,743
5,023
41,894
10,688
$100,644
$212,072
48,281
Income, excl. of
on foreign exch.
Net
loss
Loss
United Public Utilities Corp.
(& Subs.)—Earnings-—
1939—12 Mos.—1938
1939—3 Mos..—1938
Subsidiaries—
Operating revenues
Oper. expenses & taxes..
$981,934
762,780
$944,745
784,771
$4,208,534
3,301,173
$4,104,367
3,314,811
Net earns, from opers.
$219,154
3,337
$159,974
3,632
$907,361
14,346
loss$95,889
foreign exchange
on
$89,900 loss$127,625
36,546
38,265
$87,459 loss$ll 1,700
period
Net income for
31,736
10,744
31,610
11,312
(net)
Period, End. June 30—
loss$52,762
131,267
Co.—Weekly Output—
July 22, *39 July 15, '39 July 23, *38
(kwh.)—.. 93,329,634 95,056,646 87,034,579
Week Ended—
Electric output of system
—V. 149, p. 591.
774,965
$177,090
145,486
$98,771 loss$80,090
Gross income
have declared a
780,799
$131,166 loss$50,255
80,906
66,473.
Profit from operations
1,692,953
1,616,155
381.868
418,611
Corp.:—Accumulated Dividend—
United Gas
Directors
sales
Cost of
1 939—6 Mos.—1938
$2,574,043 $2,415,156
1939—3 Mos.—1938
$1,416,769 $1,146,062
866,991
814,449
Period End. June 30—
department.—V. 149, p. 425.
Corp. (& Subs.)—
United States Hoffman Machinery
Corp.—Registers with SEC
United Air Lines Transport
See list given on
July 29, 1939
Preferred dividends
include interest accrued on instalment accounts
receivable because such interest Is taken into income only when collected.
$789,556
19,735
does not
This item
x
Consolidated Balance Sheet
Other income (net)
Gen. int. & misc. deduct.
$921,707
12,890
$163,607
3,253
$222,492
3,381
Total net earnings
$809,291
June 30 *39
plicable
to
$115,565 In 1938
of funds in for¬
11,555
United
$160,354
$219,111
$908,817
tn. Pub. Jjtil. Corp.—
26,159
21.146
98,681
102,576
8,406
1,169
407,138
31,538
4,687
410,776
36,336
7,017
y
funded debts:
on
trust bonds
Collateral
10-year int. scrip
Miscell. inc. deductions.
$27,057
$82,811
Net income
$366,773
$256,112
—V. 148, p. 3086.
taxes, est. to be¬
come pay.
z
Deps.
Instl. accts. rec. 4,298.621
752,998
Other accts. rec.
4,353,513
534,314
Inven.
at
——
cost
ferred charges.
United States Cold Storage
Corp.—Earnings—
1,311,673
1,426,444
111,558
159,699
135,281
165,190
143,370
56,351
$187,454
$16,454
53,280
30,563
_
441,435
1,311,450
1,130,082
1,346,450
1.130,082
1,361,446
1,375,110
1,686,399
1,633,045
8,134,660
Capital surplus
8,004.362
26.364
Earned surplus—
6,045
4,810
Mtges. rec. at cost
94,350
94,450
Sundry inv. at cost
Treas. stock 7,000
120,323
83,442
shs. of com. stk.
at
a
42,670
42,670
876,405
843,885
8,134,660
8.004,362
cost
Plant property..
Patents,
Net earnings
13,776
478,951
5M%
par)
1,427,568
Due fr. employees
136,363
Depreciation
debt.....
conv.
Com. stk. (par $5)
contracts, &c—
1937
$2,058,821
Total taxes
Interest and expense on long-term
9,731
Deposits on leases,
'
1938
$1,734,667
Expense (before deprec., bond expense & taxes)..
of
sales.
pref. stock ($50
1,387,553
de¬
incl. exp. funds.
Calendar Years—
Gross income
Cum,
328,129
392,937
acct.
Reserves
or
lower
and
on
uncompl.
540,065
Prepaid
within
one year
468,780
strictions)
87.494
101,480
7,491
1,170
General expenses & taxes
Int.
$
1,750,000
accts., &c., incl.
countries
subject to gov¬
ernmental re¬
$797,736
Dec. 31 *38
$
banks 1,750,000
Accts. pay. & accr.
eign
Pub. Utilities Corp.
Liabilities—
Notes pay.,
267 in 1939 and
of net earns, ap¬
Bal.
June 30 '39
Dec. 31 *38
Assets—
xCash (incl. $104,-
goodwill,
1
&c
Condensed Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash in banks and on hand, $237,588; receivables (net after
reserves), $1,193,915; inventories, $54,8l5; notes receivable, $158,598;
prepaid insurance, taxes, &c., $87,809; investments, advances, &c. (net
after reserves), $390,164; plant and equipment (after reserve for deprecia¬
tion of $1,812,569), $4,671,939; bond discount and expense in process of
amortization, $55,817; total, $6,850,644.
Liabilities—Accounts payable, $79,637; accrued wages, Interest, taxes,
&c., $115,868; notes payable, $150,000; deferred liabilities, $25,748; funded
debt., $2,025,000; deferred income, $35,422; 7% cumulative preferred stock
($100 par), $i,900,000; common stock (75,000 shares, no par), $1,875,000;
capital surplus, $593,083; earned surplus, $141,208; treasury stock, Dr$90,321; total, $6,850,644.—V. 148, p. 3547.
United States Foil
of
$1,062,804
$531,644
73,844
530
N.
1937
$556,680
59,756
16,020
397
397
62,368
7,690
3,567
129,014
367,749
2,495
11,427
Y,
United States International Securities
$538,231
Int. received & accrued-
notes, mtges. and rec.
Net loss from sales of
on
$440,760
$607,762
$16,397
$337,570
$607,762
369,481
47,397
461,994
47,397
def$79,309
$98,371
$82,785
Nil
B common stocks
$0.72
$0.85
$0.44
Balance Sheet Dec. 31,
1938
Assets—Cash, $44,172; accrued interest receivable, $137; accounts re¬
ceivable, $49,124;investments (afterreserve),$4,539,368;total, $1,632,801.
Liabilities—Notes payable, $223,759; accounts payable $248,588; accrued
interest, $2,445; reserve for Federal and State taxes (est.), $7,793; preferred
7% cumulative stock ($100 par), $677,100; common class A stock, ($1 par),
$60,000; common class B ($1 par), $598,092; capital surplus, $1,069,192;
earned surplus, $1,745,832; total, $4,632,801.—V. 147, p. 4070.
United States Gypsum
Income Account for
Co. (& Subs.)—Earnings—
6 Months Ended June 30 (Incl. Subs.)
1939
1938
1937
$3,658,088
$4,967,373
123,948
164,056
210.880
$5,008,924
1,235,240
50,826
1
605,000
$3,782,036
1,142,718
46,099
$5,131,429
1,086,764
33,412
573,000
$3,694,546
1,009,394
undistributed]
37,000
45,950
$3,117,857
273,777
1,194,156
$2,181,219
273,777
1,193,733
$3,401,253
273,777
1.193,156
$2,241,774
273,777
894.077
$1,649,924
dividends
Common
dividends
Surplus
Earns.per sh.
30,492
366,935
.412,000
$713,709
$1.61
$1,934,320
$2.62
$1,073,920
I
profits
Preferred
on com.stk
$2.38
$1.65
Assets—
Plant and
Cash
z
1939
receivable, «fec_. 7,745,102
Invent.
Em pi.
4,159,452
secure
& supplies 5,200,369
1939
6,083,897
1,516,219
6,438,052
stoek purch.
Liabilities—
16,622
prop. pur.
243,628
Miscell. invests...
56,768
Deferred charges..
1,204,750
Total
x
z
244,096
55,980
1,083,772
733,967
733,755
10,000
123,708
129,703
cost43,013,66l 42,220,660
depletion,
Total
y
1938
$
%
38,125
and
85,500
exps
59,150
stock..23,920,000 23,920,000
500,000
stock.500,000
d Special reserve.. 9,475,000
9,475,000
24,855
e Common stock._
24,855
9,346,831
Capital surplus
9,346,831
476,566
Operating surplus.
404,195
accrued
b 1st pref.
43,730,032 43,866,877
2d pref.
43,730,032 43,866,877
Total
b Represented by
239,200 no par $5 div. shares,
c Represented by
a Set up out of amount paid in cash by
subscribers to 2d pref. stock,
e Represented by 2,485,543 no par shares,
f Securities, at cost, include 5,000 shares common stock of United States &
Foreign Securities Corp. under option to the President until March 1
1939, at $25 per share.—V. 148, p. 3702.
no
par
$5 div. shares,
United States Steel
Corp.—Quarterly Earnings—
The directors on July 25 declared the full preferred dividend of $1.75
payable to stockholders on Aug. 19.
E. R. Stettinius Jr., Chairman of
the Board, made the following statement:
"Earnings for the second quarter of 1939 were $17,324,233 and net
available for capital stock amounted to $1,309,761.
Earnings, net income
and shipments of finished steel products for the second quarter, for the six
months ended June 30 and for the first six months of last year were:
2nd Quar.
6 Months
1939
1939
6 Months
1938
reported
$17,324,233 $34,649,902 $22,504,268
Net income applicable to capital stocks
after all charges and allowances for
deprec., int. on bonds and Federal
1,970,311 def6,302,577
income taxes
1,309,761
Shipments of finished steel products:
3.010,354
4,393,266
Tons..
2,158,057
33.6%
49.2%
Per cent of capacity
48.2%
Earnings
as
"Shipments of finished steel products
during the second quarter were
about 3 K % less than the first quarter.
This reflects the lower level in
the Nation's volume of business in the second quarter of 1939 as compared
with the first, as indicated by numerous indexes of business activity.
The demand for the lighter consumer-goods steels continued.
"Due mainly to seasonal factors, the earnings for the second
quarter
improvement over the first quarter of the year.
Prices realized
shipped during the second quarter remained at substan¬
tially the same low levels that prevailed during the early part of the year.
"Following the usual slowing down of operations over the Fourth of
July holiday, the rate of production has advanced to levels bettor than those
prevailing during the first half of the year.
Shipments are keeping pace
with production and there has been no accumulation of stocks at the mills.
Foreign business is being well maintained.
"Net current assets of the corporation and the subsidiaries at June 30,
1939, before deducting current dividend declarations, compare as follows:
show
some
60,000
1,231,743
1,204,975
Paid-in surplus... 5,831,447
5,831,447
Earned surplus...27,099,414 24,372,722
69,489,987 66,581,877
After depreciation and
instal.
Contlng. & oth.
At June 30, 1939
At Mar. 31, 1939
At Dec.
res
31, 1938
"The above net amounts are
rent liabilities
-
69,489,987 66,581,877
par
shares,
-
$410,186,626
426,924,776
426,984,023
calculated on the basis of Including in cur¬
of the dates shown
receivables not collectible within one
capital obligations due within one year
and excluding from current assets the
Represented by $20
After reserve for bad debts.—V. 148, p. 3086.
Res. for taxes
c
Curr. maturities—
Deposit for insur¬
ance reserve
$
7,822,200
7,822,200
y Common stock..23,883,120 23,874,660
Accounts payable. 1,140,630
1,231,968
Acer, payrolls, &c.
565,516
783,554
Fed. & Dom. tax.
857,866
980,680
Preferred stock
Dividends payable
14,578
contracts
1938
$
1938
equtp.43,546,988 43,151,031
7,318,352
7,992,208
Accts. and notes
Marketable
1,516,514
Liabilities—
Sees, purch. not rec
for steel products
Consolidated Balance Sheet June 30
x
49,292
1939
$
$3,483,666
141,940
Other income
on
$453,912
478,400
1936
$4,866,984
Operating profit...
Surtax
$549,023
897,000
1938
592,662
100,000
combined class A and
_.
$213,556
299,000
418,600
Divs. rec., Int. ac¬
Total
Miscell. deductions
Income taxes...
$534,226
22,293
58,021
391,410
47,397
on
Deprec. and depletion
29.067
79.365
$521,592
33,548
share
$657,455
35,283
77,808
$
Assets—
crued, Ac
defl7,151
per
$326,647
expenses
80,832
....
pref. stock
Earnings
$565,513
31,287
1939
17". 259
$337,570
and B stock
on
$850,523
193,068
22,646
80,581
Net profit
Cap. stock & other taxes
f Securities at
stock
Net profit
Divs. on common class A
Divs.
$597,537
270,890
$330,936
inv.
1st preferred dividends.
of
Co.
Metals
$593,164
262,228
$227,709
Net realized loss
Cash
$16,397
Profit
Net profit from sale
Reynolds
$516,221
54,933
$740,492
75,582
34,448
Balance Sheet June 30
15,718
3,399
securities
Other charges
common
1936
$543,822
53,715
Other income
Other
Corp.—Earns.
1937
1938
1939
6 Mos. End. June 30—
Cash divs. received
Net profit-
Pie Corp.
Eskimo
Including $104,267 in
2,537
10,515
Total
1939 and$115,565 in 1938 of funds in foreign
restrictions, y After reserve of $250,000.
and $62,398 in 1938.
a After reserves of
$457,757 in 1939 and $465,700 in 1938.—V. 148, p. 2761.
x
countries subject to governmental
z After reserve of $76,551 in 1939
Total Income
1935
1936
1938
Expenses
Interest paid
Deprec. and amort
Write-down
Co.—Earnings—
$100,299
48,523
15,730
Calendar Years—
Total income
Total
The decrease at June 30 in the net current assets primarily results
from including among current liabilities the capital obligations payable
year.
within
one
year.
Volume
149
The Commercial & Financial
Chronicle
"The employment and
payroll statistics for the six months of 1939 com¬
pared with the same period in 1938 are
as follows:
—6 Months End. June 30—
1939
Number of employees
Total pay roll
.
"There
are
on
208,113
1939—Month—1938
1939—12 Mos.—1938
$1,075,806
$979,004 $12,956,381 $13,101,221
Oper. exps.,incl. taxes..
657,009
569,889
7,513,950
7,882,864
Prop, retire, res. approp.
91,000
•
91,125
1,092,375
929,601
Operating revenues
Increase
206,357
00.85%
$163,461,751 $135,252,626
20.85%
approximately 213,728 employees,
the payroll at present
Net oper. revenues
Other income
many of whom, however, are
working on part-time.
This part-time em¬
ployment extends to salaried employees as well as
the wage-earning groups.
"Expenditures for construction work and
plant improvements during
the quarter ended June
30, 1939, principally on projects previously under
way or of a character
necessary in currently maintaining productive facili¬
ties, less credit for property sold, amounted to
approximately $4,700,000.
Also, approximately $3,400,000 of
capital obligations maturing or retirable
by sinking funds have been paid,
making a total net outlay on capital ac¬
count in the second
quarter of 1939 of $8,100,000.
At July 1 the unex¬
pended balances on approved
appropriations for property additions and
betterments amount to
approximately $20,000,000."
Consolidated Income Account
for Quarter Ended June 30
1939
1938
1937
$
$
earnings
17.324,233
Charges & allowances for
depletion & deprecia¬
tion and obsolescence.
13,633,533
Net income
Int. on U. S. Steel bonds
Int. on bonds of subs...
Net loss from disposal of
on
mtge. bonds.
on deb. bonds.
Other int. & deductions.
_
Netincome
x
11,745,372
16.292,944
Divs.
on
71,448
Cr6,358
2,392,988
on
Cr76,338
Victor
12,862,423
3,602,811
.,(!%)
*10,954,005
*9,259,612
$3.43
$0.75
11,315,345
Nil
Nil
*
Eroduction of ore carried in inventories, but which,
tonnage, is not
applied,
b Before surtax
so
on
1938
$
Total earns, half-year—
34,649,902
Charges & allowances for
depletion & deprecia¬
tion and obsolescence.
27,998,236
—V. 148, p. 2919.
Net
Period End. June 30—
arrear¬
income
6,651,666
1,732,275
2,887,863
on
U. S. Steel bonds
bonds of subs.._
Net loss from disposal of
c776,041
19,897,260
6,725
2,450,808
38,662
51,000
1,150,000
c6,302,577 a64,735,215
12,609,838 d45,935,840
(3H%)
(12M%)
16,238,727
5,404.216
(1 H%)
sundry property assets
and
26,994,370
67,353,415
6,725
2.572,813
798,495
2,708.534
61,217
Net avail, for divs...
Divs. on pref. stock
Cr373,481
2,392,988
1,970,311
12,609,838
(3H%)
Rate
Balance, deficit
10,639,527
18,912,415
account of arrearages.—V.
934%
149, p. 591.
United States Stores
Corp.
on
„
5,075,499
$164,355
125,616
....
Net operating loss
Provision for depreciation,
$40,757; interest on funded debt of
subsidiary, $22,794; loan interest and expenses,
$22,613; loss
on disposition of fixed
assets, &c., $5,131; rent on
$38,739
June—
Gross from railway
Utah Light & Traction
$416,678; total, $3,529,997.—V. 143,
1939—Month—1938
$90,426
91,424
$89,985
91,868
x$998
52,647
x$l,883
Gross income
Interest on mtge. bonds.
Other int. & deductions.
$51,649
51,175
$51,953
51,629
Wabash
53,836
x$Q,748
631,843
$625,095
$3,929
798
651
$327
$3,916
620,438
8,586
1939
railway
Net after rents..*
—V. 149, P. 126.
$32,636
32,033
$54,164
37,432
$26,952
39,934
$603
89,824
$16,732
78,219
$66,886
$90,427
$94,949
1938
$1,903,829
1,050,461
788, M9
$1,463,322
698,276
583,480
1,604,327
817,604
715,703
$1,178,677
576,473
541,663
9,324,326
4,603,576
3,423,363
8,924,823
4,139,843
3,352,543
9,557,316
5,212,209
4,457,341
8,197,903
4,383,987
3,916,839
1937
1936
1938
1937
1936
$3,082,150
531,226
$3,535,892
26,283
690,097
220,995
$3,571,097
694,104
192,575
18,669,947
2,780,076
def587,715
._
23,455,187
5,710,702
2,607,223
22,181,125
5,218,170
2,324,477
20,688,105
3,982,250
508,490
126.
Directors at their recent
meeting took no action on payment of a dividend
the common shares at this time.
Dividend of 2H cents per share was
on April 15 last.—V. 145, p. 3985.
paid
Warner Bros.
x
$25,756
defl0,734
Amort,
ofdeprec.ofprop.
Interest
3,595,238
3,189,932
Prov. for inv. in affiliated
companies, &c
Profit..
—
Other income
Profit..—'
Minority interest...
Net profit...
.—
...
.....
Earns, per sh. on 3,701,090 shs. common stock
50,998
72,500
808,000
11,162
47,000
707,000
306,988
85,000
1,050,000
$2,985,340
294,460
$5,142,215
417,364
$2,165,274
401,958
$2,904,059
Cr8.127
$3,279,800
Cr2,965
$5,559,579
Crl,453
$2,567,232
12,460
$2,912,186
$3,282,765
$5,561,032
$2,554,772
$0.70
$0.80
$1.42
$0.60
Comparative Consolidated Balance Sheet
May 27, '39 May 28, '38
Assets—
a
$
c
b Common stock
bidg.
equip.,
&c
Cash
Inventories
131,813,795 134,194,100
5,994,146
3,850,844
2,181,961
2,053,042
18,689,884
20,398,689
Rights & scenar.
1,197,948
Mtge. rec., Ac..
593,298
656,787
A sink,
contr.
Invests,
1936
defl3,054
def7,455
Other assets
Accts.
1,204,562
rec.
1,276,291
379,610
3,451
116,806
110.000
110,000
921,490
1,174,981
8,330,842
8,301,204
623,568
104,201
38,923
519,180
sundry accr'ls
71,930,938
3,211,937
Opt. 6% conv.
dbs.cld.forrd.
7,012,686
7,657,251
6,097,000
rent)
2,752,741
3,339,274
107,398
109,268
Royalties pay.,
959,820
888,441
e
Net curr.liabs.
of subs
Res.for Fed. tax
Adv. pay.
Ac
30,061
31,294
3,282,053
2,935,822
397,261
2,080,240
2,049,507
deps.,
398,971
Propor.applic.to
foreign terri¬
min. stkhodre.
_.
343,600
227,104
253,528
213,060
reserves
486,500
Earned surplus.
tories
2,909,746
57,134,331
474,000
598,968
57,094,330
Contgt.
Capital surplus.
Total.
136,496
65,898
60,226,894
4,118,277
5,670,885
fund.
Deferred credits
oper.
defl0,005
272,185
def7,805
def61,061
$
19,006,723
Due affll. cos...
from
—
A
debt...
1,362,807
1,027,813
$45,056
def3,709
337,035
38,477
4,649
Mtge.
$
5,670,885
19,006,723
Fund debt (cm-
in affll.
companies
Pref. stock...
Notes payable..
Accts. pay. and
1,625,212
in
1937
May 27, *39 May 28, *38
Liabilities—
$
Real est.,
Goodwill
$26,805
defl0,309
def9,234
132,215
549",600
After deducting amortization of film costs.
d Net cur. assets
$46,779
May 29, '37 May 30, '36
$10,610,766 $13,609,238 $10,354,018
3,578,547
3,579,869
3.872,494
3,281,716
3,445,167
3,635,035
$2,678,945
225,114
Prov. for contingencies.
Federal taxes
of subs.
1938
Pictures, Inc. (& Subs.)—Earnings—
39 Weeks Ended—
May 27, '39 May 28, '38
Profit before charges__$10,395,613
Deferred charges
Ry.—Earnings—
From Jan. 1—
Gross from railway
Net from
$46,099
19,147
580,128
1,952
Net after rents
officers
Refining Co.—Registers with SEC—
railway
$584,479
638,643
$3,336,585
after rents
From Jan. 1—
Gross from railway
Net from railway
fund deposits.
provision has been made in the above
statement for
June—
1939—6 Mos.- -1938
$424,814
457,450
Deps. to secure,
See list given on first page of this
department.
Gross from
1939—3 Mos.—1938
$125,494
$226,489
137,546
272,588
1939
Accts. rec., &c
unpaid
on the 6% income
demand note, payable if, as, and
when earned,
amounting to $1,663,930 for the period from Jan.
1, 1934, to Dec. 31, 1938.
—V. 149, p. 126.
Net from railway
Net after rents
$34,820
lease,
$28,125
593,919
$622,044
618,103
7,857
Indicates loss.
Utah
$61,679
Ry.—Earnings—
Gross from railway
Net from railway
x
1939—12 Mos.—1938
$1,105,391
$1,128,289
1,077,266
1,135,037
$324
Balance, deficit
Utah Oil
.
.
June—
Co.—Earnings—
Rent from lease of plant-
Note—No
$8,650
on
including unrealized appreciation,
p.2700.
interest
_
Net from railway
Net after rents
—V. 149, p. 126.
103,778
$142,517
tax, $31,065; preferred stock conversion
fund (per contra),
$2,912;
capital stock (20,187 shs. (no par] 1st
pref. stock $7 cum., 953 shs. [no par]
$2.50 cum. preference stock and
181,693 shs. (no par] common
stock),
$3,475,240; operating deficit since Jan. 1, 19z9,
$1,275,022; capital surplus
x
.
From Jan. 1—
Gross from railway
Consolidated Balance Sheet Dec. 31, 1938
Net oper. revenues...
$11,469
Walkerville Brewery, Ltd.—Dividend Omitted—
Assets—Cash, $80,542; accounts receivable,
$77,417; merchandise and
supplies, $480,531; marketable securities
(at cost), $10,377; unexpired in¬
surance, taxes and other expenses
prepaid, $23,839; cash in closed banks
and bank stocks (less
reserve, $11,905), $5,182; cash with trustee
for sinking
fund and preferred stock
conversion fund, $3,427;
property, plant and
equipment (after reserve for depreciation of
$288,301), $1,398,868; good¬
will and trade marks,
$1,448,111; deferred charges, $1,704; total, $3,529,997.
Liabilities—Notes payable maturing within a
year, $57,753; accounts
payable and accrued expenses,
$318,444; accrued interest on funded debt,
$8,475; first mortgage 6% sinking fund
bonds, $39,000; taxes payable and
accrued, $30,860; notes payable (exclusive of
amounts
maturing within a
year), $124,591; funded debt of
subsidiary, $300,000; reserve for chain
store
Operating revenues
Oper.exps.,incl. taxes..
1936
$44,428
7,731
1,877
1939
.
Net from railway
Net after rent
—V. 149, p.
Net loss for year
Period End. June 30—
1937
$68,211
5,097
1,436
p. 2920.
unoccupied
leaseholds, $12,481
1938
$15,921
6,124
1,147
on
Net
Loss from opperations
Miscellaneous income
1939
$18,962
6,342
1,151
Virginian Ry.— -Earnings—
(& Subs.)—Earnings—
Consolidated Income Account Year Ended
Dec. 31, 1938
Net sales.
$4,911,143
Cost of sales and general
expenses
149,
Stock List of the New York Stock
Exchange will hold
a hearing on
Aug. 25, to consider the advisability of
making application to
the Securities and
Exchange Commission to strike from listing and re¬
gistration on the New York Stock
Exchange the common stock (par $100)
of the company.—V.
148,
*18,799,375
*10,834,511
Earns, per sh. on com..
Nil
Nil
$5.99
$0.41
*
Indicates surplus,
a
See footnote (b) above,
b See footnote (a)
above,
c
Loss,
d Includes regular
3H% for six months and
cumulative.—V.
Delisting—
The Committee
*
securities
b Extraord. deductions.
are
$53,615
Other income..
46,891,630
Bond int., exps., &c.
31,623,416
these stocks
$12,052
18,764
Total loss
23,280,309
payment
on
prof$6,711
60,327
Operating loss
Net loss
on
Int.
98,976,831
$257,162
Virginia Iron, Coal & Coke
Co.—Earnings—
1936
$
$
22,504,268
1,704,761
Equipment Co.—Earnings-
Expenses.
1937
$1,447,599
1,704,761
Dividends
before Federal
income taxes
Income Account for 6 Months Ended June
30
1939
$
$1,543,998
-
300,000
196,066
Profit
undistributed profits,
ages.
Int.
1939.
bldgs .& equip
Amortization of patents
because of curtailment
Includes regular 1%% for June
quarter and 534 % on account of
c
1,
3 Mos. End. June 30—
Profit before
deprecia'n,
amort. & Fed. inc. tax.
D eprec. of
Indicates surplus,
a Proportion of overhead
expenses of Lake Superior
Iron Ore Properties, which
normally are included in value of the season's
l
July
_
Deficit for quarter...
Earn, per sh. on common
$96,391
$81,487
preferred stocks for the
unpaid
Dividends
126.
75,000
4,995.158
pref. stock
$4,291,401
2,347,736
Directors have declared a dividend
of 90 cents per share on the common
stock, payable Aug. 10 to holders of record
Aug. 1.
Dividend of 85 cents
was paid on Dec.
27, 1938, and one of 90 cents was paid on
Aug. 10, 1938.
—V. 136. p. 656.
550,000
,
$4,354,956
2,315,651
300,000
195,307
Utica Clinton &
Binghamton RR. Co.—90-Cent Div.—
14,722,240
3,363
1,231,454
1,309,761 def5,010,426 b36,173,682
6,304,919
6,304,919 c25,219,677
(1 M%)
a*A%)
(7%)
Rate
*
p.
deductions.
Net avail, for divs
Dividends applicable to
period, whether paid or
14,504,794
,
and securities
$318,266
195,196
25,000
16,583
accumulated and unpaid to June
30, 1939, amounted to
after giving effect to dividends of
$1,16 2-3 a share on $7
preferred stock and $1 a share
on $6 preferred
stock, declared for
sundry property assets
Extraord.
a
$4,288,756
2,645
Balance, deficit
29.227,034
37,423,682
3,363
1,322,975
$4,350,056
4,900
$160,763
Interest
Interest
„
53.716,626
loss575,190
570,133
1,478.474
276
$7,245,234,
11,170,183
3,690,700
866,137
1,443,354
$317,990
235
$328,032
191,300
25,000
15,341
Gross income
$
Net
$327,797
(net)
1936
$
'
Subs.)—Earnings—
Period End. June 30—
Per Cent
1938
749
Utah Power & Light Co.
(&
172,526,144 175,610,874
Total
..172,526,144 175.610,674
&c.
b Represented by
3,801,344 shares of $5 par
Represented by 103,107 no par shares,
d Having
exchange
restrictions, e Operating in foreign territories
having exchange restrictions
—V. 149, P. 426.
a
After depreciation,
value,
c
The Commercial &
750
Waldorf System,
**
June 30—
Period End
Inc. (& Subs.)—
1930—3 Mos—1938
$3,221,188
$6,725,752
29.174
143,203
77,286
$0.07
$0.33
$0.18
—
profits after deprec.,
Fed. taxes- Earned per share of com.
stock on 426,419 shs_—V. 148, p. 2761.
86,673
State and
$0.20
July
1939
29,
Wells Fargo & Co.—Delisting—
capital stock (par $1) will be stricken from listing and registration
the New York 8tock Exchange at the close of business on July 31.
Application of the Exchange to strike the above issue from listing and
registration has been granted by the Securities and Exchange Commission.
—V. 148, p. 3397.
The
1939—6 Mos.—1938
$6,490,683
$3,363,820
Total sales
Net
Financial Chronicle
on
Westchester Fire Insurance Co.—To Pay Extra Div.—
have declared an extra dividend of 10 cents per share in
regular quarterly dividend of 30 cents per share on the
common stock, par $10, payable Aug.
1 to holders of record July 21.
Similar payments were made in each of the 10 preceding quarters.—V
The directors
addition to the
Washington Gas
Period End.
& Electric
Gross oper. revenues...
Operating expenses _.
Depreciation.
(other than
income).
62,222
50,963
80,773
81,402
145,499
160,179
$283,642
$233,579
40,553
$554,805
50,685
$468,074
71,615
$334,327
182,868
$274,133
183,761
$655,269
366,419
94,869
3,038
96,000
4,339
190,865
6,699
192,000
9,404
14,177
14,360
28,510
Gross income
bonds.
Int.
1st lien & gen.
on
mort gage bonds _ > . —
Other interest— ------
debt disc't &
Amort, of
expense
$539,689
367,833
$9,040,381" $8,810,980
3,217,388
3,570,904
——
1,134.461
$4,290,84a
1,573,205
2,148,827
2,018,705
$1,883,869
$3,674,166
$3,221,371
54,094
$1,661,010
60,710
earnings$1,937,963
deductions
255,202
$1,721,720
257,616
$3,770,188
509,522
$3,360,457
514,595
$1,464,104
$3,260,666
$2,845,862
Taxes
-
Other income..
Interest
Balance
13,078
C'r 180
1,056,625
96,022
139,086
for
available
retirement reserve,
divs. and surplus.. $1,682,761
-V. 148, p.
deductions...
3703.
Pacific RR.—Reorganization Plan—
petitions by various creditors, the Interstate Commerce
Commission announce July 26 revisions in the reorganization plan of the
road which will assure a $10,000,000 loan for working capital from the
Reconstruction Finance Corporation and make some changes in the capital
Western
In response to
x$58,l18
$49,698
x$24,328
$39,376
Net income
2920.
-V. 148, p.
Indicates loss.-
Mos.—1938
$4,625,280
1,606,950
Operating revenue
Operating expenses. — .
Total
written off
x
2612.
Western Massachusetts Cos.—Earnings—
1 Including Constituent Companies]
Period End. June 30—
1939—6 Mos.—1938
1939—12
Operating profit--...
100,464
Engineering & develop,
exp. paid in prior yrs.
Other inc.
V. 148, p.
28,750
Fed.
Net oper. Income
Nonoperating income—
Int. on 1st mtge.
1939—12 Mos.—1938
$1,592,922
$1,569,554
717,801
683,757
123,152
107,251
100,348
101,609
55,116
51,991
Maintenance
Taxes
Co.—Earnings-
1939—6 Mos.'—1938
$812,788
$771,337
343,171
341,266
June 30—
structure.
Power Co. (& Subs.)—Earnigns-
Washington Water
Period End. June
30—
Operating revenues.
1939—12 Mos.—1938
1939—Month—1938
$800,253 $10,480,908 $10,753,407
$881,386
_ .—
446,313
92,194
440,057
92,411
5,507,076
1,114,052
6,277,754
1,062,655
$342,879
$267,785
1,795
$3,859,780
26,939
$3,412,998
$269,580
82,963
2,482
Cr 1,678
$3,886,719
995,747
93,865
$3,446,923
Cr705
Cr5,793
$235,713
$185,813
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$2,797,812
$2,399,575
Oper. exps., incl. taxes..
Prop, retire, res. approp.
Net oper. revenues—
Other income
351
(net)
I
Gross income
$343,230
83,160
...
bonds.
Other int. & deductions.
Int. chgd. to constr'n..
Int.
mortgage
on
income..
Net
33,925
■
.
24,357
'
-
995,550
57,591
622,518
622,518
$2,175,294
Balance
$1,777,057
149, p. 271.
—V.
Products Co.—Earnings—
Wayne Screw
Income Account for
■
administrative
$37,709
869
...
purchases)..
(discounts on
.
Loss
$36,840
—
—
3,360
—
Discount on sales.
504
paid, bank
Amortization of deferred charges.
Interest
Loss for the
—
2,672
-
—$43,375
period
Note—Allowances for depreciation of property, plant and equipment,
aggregating $9,207, are deducted in the above income account.
Balance Sheet as at March 31, 1939
Assets—Demand deposits in
bank and cash on hand, $10,546 accounts
receivable (net), $56,726 inventories of finished goods, work in progress
raw materials, at substantially the lower of cost or market, $72,922
and
pre¬
paid taxes and insurance, $2,941 property, plant and equipment at cost,
of which $225,689 was acquired by issuance of capital stock at par (net),
$279,974 deferred charges, $8,015 total, $431,124.
Liabilities—Note payable, bank, $25,000
accounts payable, $50,821;
contract payable, sprinkler system, amount payable within one year,
$883; accrued expenses, $7,119; contract payable, sprinkler system (net),
$808" capital stock ($4 par), $400,000; deficit, $53,507; total, $431,124.—
Y. 146, p. 290.
Weeden & Co
—Earnings—
Sales
Gross income
-
—
Net income
Earned per share.
180,232
166,614
$15,491
$0.62
Expenses and taxes.
$4,540
$0.18
Balance Sheet June 30
$146,376
Cash
2,184,113
Inventory
Acer. int.
19,333
receiv..
from
$260,850
1,695,439
16,901
cust'ers
Due
21,390
8,000
Furn.
15,560
11,199
12,259
(secured)
Dep. on bd. purch.
15,403
8,406
a
$2,402,670 $2,012,559
Represented by 25,000 no par
Western
(secured)
$1,500,000 $1 ,107,000
56,548
L'ns pay.(unsec'd)
45,200
17,340
2,160
Duecust. (secured)
4,889
4,428
Acer. exps.& bonds
4,806
1,956
Common stock-_
700.000
700,000
146,077
124,825
a
Prepaid expenses..
Total....
Notes & drafts pay.
Prov.for Fed .taxes
fixtures and
autos
Surplus
Total
$2,*402,670 $2,012,55
shares.—V. 148, p. 2447.
Maryland Ry.—Earnings-
Period End. June 30—
Operating revenues
Maint. of way & strucs..
1939—Month—1938
$1,166,238
$1,013,324
137,039
"
152,188
243,330
38,863
333,633
3,026
45,798
Cr3,430
257,832
38,125
295,065
2,544
37,050
Cr5,083
Taxes.
$367,979
65,000
Operating income
Equipment rents
Joint fac. rents (net)
Maint.
1938
1939
Liabilities—
1938
1930
Assets—
of equipment-__
Traffic expenses
Transportation expenses
Miscellaneous operations
1939—6 Mos.—1938
$7,084,121
$6,422,893
780,979
794,870
1,506,708
1,608,336
224,687
234,392
1,906,831
2,090,544
Gross income..
Fixed charges-
$1,776,225
$163,982
Cr9,444
Dr8,477
$1,659,808
Cr96,085
Dr74,644
$1,331,497
0117,041
Dr69,363
$164,949
13,657
$1,681,249
$1,379,175
45,228
62,142
$178,606
277,578
$1,726,477
1,656,080
$1,441,317
1,650,731
$51,147
Other income
$2,074,808
415,000
$326,551
275,404
Net ry. oper. income.
$235,603
71,621
14,886
Net oper. revenue
19,905
248,078
Cr40,520
$311,665
Transp. for investment.
21,343
273,302
C7T3.474
$302,979
Cr 19,743
Drll,057
General expenses
which
equipment, on all the properties and assets owned by the reorganized
the consummation of the plan, including securities, equipment,
equity in such equipment as is subject to equipment obligations.
The first mortgage will also be a lien on all similar property acquired by the
reorganized company after the reorganization
with certain specified
exceptions.)
(D) The amount
x$98,972
$70,397
x$209,414
444,728
provide (1) that on each May 1 when the aggregate
principal amount of first mortgage bonds outstanding shall equal or exceed
$20,000,000, the reorganized company will pay to the trustee under the
first mortgage as a sinking fund a sum equal to 4^ of 1 % of the maximum
principal amount of first mortgage bonds theretofore at any one time
authenticated and uncanceled; and (2) that on each May 1 when the
aggregate principal amount of first mortgage bonds outstanding plus all
other funded debt bearing fixed interest shall exceed either (a) 35% of the
total capitalization of the reorganized company, (determined as provided),
or (b) 50% of such total capitalization, less the principal amount of funded
debt bearing contingent interest at the time outstanding, the reorganized
company, in addition to the sums provided in this subdivision (D) to be
paid, will pay into said sinking fund a sum equal to 50% of the available
net income of the next preceding calendar year that remains after providing
for all income mortgage sinking funds and charges prior thereto.
Such sinking fund shall be applied to the retirement of first mortgage
bonds, by purchase in the open market or by call for t3nders at not ex¬
ceeding the redemption price (or in the case of bonds not redeemable, the
principal amount and accrued interest), and whenever the amount in the
sinking fund exceeds $50,000 and first mortgage bonds are not tendered or
cannot otherwise be purchased at less than their redemption price, the
funds then in the sinking fund shall be applied to the redemption of new
first mortgage bonds on the next succeeding interest payment date.
All
shall be canceled.
and
at
the time
$10,000,000 first mortgage bonds, series A, are to be authenticated
and issued in the reorganization for the purpose of providing the $10,000,000
of new money required in the reorganization.
(G) First mortgage bonds, in addition to those to be authenticated in the
reorganization, may be authenticated from time to time, subject to the
(F)
have
bonds
approval of the Commission or such regulatory body or tribunal as may
jurisdiction thereof: (a) to refund first mortgage bonds (excluding
issued solely by way of pledge, except as hereinafter provided) or out¬
standing obligations secured by first mortgage bonds to the extent so
secured or obligations secured by prior lien on after acquired property;
or (b) upon the deposit of new cash equal to the principal amount to be
issued; or (c) to provide for, or to reimburse the reorganized company for,
not exceeding 75% of expenditures made after Dec. 31, 1938, but not more
than three years prior to the date of such authentication (including ex¬
penditures for the acquisition or construction of new railroad equipment,
free from other lien, but not including expenditures for the making of
additions and betterments to equipment) which, under the accounting
rules of this Commission or other Federal regulatory bodies having juris¬
diction in the premises, at the time in force, are properly chargeable to
capital account.
(H) The first mortgage will contain a covenant substantially to the effect
that no first mortgage bonds (other than those to be authenticated under
the plan) will be sold or pledged unless (1) the reorganized company shall
have contracted forthwith to sell or pledge such bonds and (2) the board of
directors of the reorganized company, by resolution adopted by two-thirds
of the entire number of directors, shall have determined that, in the opinion
of the board, taking into account market and all other relevant conditions
at the time, it is impracticable to provide the amount of money needed (a)
by the sale of income mortgage bonds having a maturity of 20 years or more
at a price which would give a yield to maturity of 5% or less, or (b) by the
sale of preferred stock at a price which would give a current dividend
return of 6% or less, or (c) by the sale of common stock at a price (not less
regular dividend rate then in effect, or, if no regular dividend rate is in
effect, on the average rate at which dividends shall have been paid during
the last 12 calendar months) of 6% or less.
The first mortgage will also contain a covenant substantially to the
(est.)
593.
Gross earnings
—V.
149, p.
Week Ended July 21—
1939
1938
$285,336
$248,882
Jan.
1 to July 21
1938
1939
$7,888,551
$7,110,932
principal amount of all first mortgage
pledge at anh one time over the principal amount of all in¬
secured shall not exceed 10% of the aggregate principal
amount of all first mortgage bonds then authenticated and uncanceled.
bonds under
debtedness
—
different
such
such
The first mortgage bonds may be issued from time to time in
the approval of the Commission or the approval of
regulatory body or tribunal as may have jurisdiction thereof,
to
limitations and restrictions as may be specified in the first mortgage,
payable on such date or dates, in such denominations, bearing intrest
such rates and containing such provisions in regard to redemption, con¬
version, taxes, place or places and money or moneys of payment, regis¬
tration, and sinking funds and having such other characteristics as may be
prescribed by the board of directors of the reorganized company at
of issue, but with respect to the lien of the first mortgage all equally secured.
(E)
series, subject to
effect that the excess of the aggregate
Net income
x-Indicates deficit.
will be
of bonds issuable under the first mortgage
limited to $50,000,000.
The first mortgage will
bonds so acluired
1939
1938
$57,634,601 $42,723,992
;
195,723
171,154
June 30—
6 Months Ended
(no
5% preferred stock, $31,850,297; new common stock 319,441 shares
par).
(C) The first mortgage bonds shall be seemed by a first mortgage,
will be a lien, directly or through pledge of securities, subject only to liens
and the
27,852
expenses.
Loss
Other income
justify the conclusion that the reorganized company should be able to meet
the charges on the first mortgage bonds" and "in order to insure the raising
of the new money which is absolutely necessary to effect a reorganization,
we conclude and find that the interest of the first mortgage bonds should
be a fixed charge from the date of issue."
The reorganization plan as now approved provides as follows:
(A) The effective date of said plan shall be Jan. 1, 1939.
(B) The capitalization of the reorganized company, upon consummation
of the plan, shall consist substantially of undisturbed equipment trusts,
Baldwin lease, and Pullman contract, $2,750,050; new first mortgage 4%
bonds, $10,000,000; new income mortgage 4H% bonds, $21,219,075; new
company on
1939
857
selling and
first
ment of interest jon
upon
*
the 6 Months Ended March 31,
Gross loss
Shipping and delivery,
Commission's decision recited that the RFC was unwilling to buy
mortgage bonds of the reorganized company "unless the pay¬
them is made an immediate fixed charge instead of a
contingent charge for the first five years as now provided in the approved
plan."
Remedying this situation, the Commission held that "the present earnings
The
new
(I)
so
The income mortgage shall constitute a lien, subject to the lien
all property from time to time subject to the lien
first mortgage, upon
irst mortgage.
,
of the
of the
Volume
The Commercial & Financial Chronicle
149
The income mortgage bonds may be issued, without limit as to
aggregate
amount or within such limit as
may be specified in the income mortgage,
from time to time in different
series, subject to the approval of this Com¬
mission or such regulatory
body or tribunal as may have jurisdiction
thereof, and subject to such limitations and restrictions as may be specified
in the income mortgage,
payable
on such
date
or dates, in such denom¬
containing such provsiions in
regard tp accumulation of interest, redemption, conversion, taxes, place or
places and money or moneys of payment, registration, and sinking funds,
and having such other characteristics as
may be prescribed by the board
of directors of the reorganized
company at the time of issue, but with
respect to the lien of the income mortg'ge all
equally secured. No interest
shall be mandatorily payable on income
mortgage bonds of any series
(except at maturity or redemption) except out of available net income.
(J) $21,219,075 of income mortgage bonds, series A, are to be authenti¬
cated and issued in the reorganization.
The income mortgage bonds of series A shall be dated Jan.
1, 1939, shall
mature Jan. 1, 2014, shall bear interest at the rate of
4H % per annum, and
shall be redeemable, in whole or in
part, on May 1 in any year, on 30 days'
notice, at their principal amount plus (a) full interest for the last preceding
inations, bearing interest at such
rates and
and all unpaid accumulated interest for prior years and (b) interest
at the rate of 4H% per annum from the last
preceding Dec. 31 to the
redemption date.
The income mortgage bonds of series A shall be convertible into shares of
principal amount of such bonds held by the RCC as collateral for its
claim).
(6) The unsecured claims of the Western Pacific RR. Corp. and the
Western Realty Co. and other unsecured claims not entitled to
priority
over
common
stock,
as
at the time constituted,
May 1 of the next succeeding year or thereafter as provided.
Such
interest shall be mandatorily payable
(except as hereinafter provided)
only out of available net income of the reorganized company that remains
on
after providing for the capital fund and
charges prior thereto.
that comes due andis not paid on the next
All interest
following May 1 shall accumulate
any one time, but not beyond.
mandatorily payable (a) whenever, and to
the extent that, there is available net income for
any subsequent year
remaining after the deductions made (pursuant to certain provisions, or
(b) in any event (whether earned or not) at the maturity or on redempt'on
of the income mortgage bonds of series A.
The board of directors of the
the maximum amount of 13
Accumulated interest shall be
at
reorganized company may at any time, in its discretion, pay any interest
accrued on the income mortgage bonds, series
A, even if not earned, out
of any funds lawfully available therefor.
The income mortgage will provide for the payment on
May 1 of each
year while any income mortgage bonds, series A, are outstanding, of an
instalment of the sinking fund, if earned, as, and in the amount, hereinafter
specified. Such instalment shall be pay'ble only out of available net income
for the last preceding calendar year that remains after
paying interest on
outstanding income mortgage bonds. The amount of such instalment shall
equal (a) M of 1 % of the maximum principal amount of income mortgage
bonds, series A, theretofore at any one time authenticated and uncanceled,
plus (b) an amount equal to interest on all income mortgage bonds, series A,
theretofore purchased or redeemed out of the sinking fund, calculated at
the rate paid on May 1 upon outstanding income mortgage bonds of series A.
Such accruals of the sinking fund instalments shall not be cumulative.
Income mortgage bonds, in addition to those to be issued in the re¬
organization, may be issued from time to time, subject to the approval of
this Commission or of such regulatory body or tribunal as
may have juris¬
diction thereof, to refund outstanding income mortgage bonds or in lieu of
first mortgage bonds, for the purposes and subject to the restrictions stated
in respect of the-issue of additional first mortgage bonds
above, to the
Net from
of which 319,441 shares are to be issued in the reorganization
and
424,382
shall be reserved for the conversion of income mortgage
bonds,
shares
No
1939
1938
1937
1936
$1,190,028
184,193
40,802
def37,411
defl77,500
$1,328,037
def42,258
def202,056
$1,061,250
defl83,878
def343,423
From
Jan.
6,998,405
5,938,245
714,994defl,125,379
defl48,822def2,004,034
7,623,214
108,966
def817,858
def853,767
1—
Gross from railway
Net from railway
Net after rents
—V. 149, p.
__
6,053,931
33,982
128.
Westinghouse Air Brake Co.—Dividend—
Directors have declared a dividend of 1234 cents pershare on the common
stock payable Sept. 15 to holders of record
Aug. 15.
Similar payment was
made in preceding quarter.
Under pastpractice, next quarterly dividend would nothave been
payable
This
change in precedent, according to statement issued by President
George A. Blackmore, was effected in order that all dividends declared
within the claendar year will be paid within the
year.
Heretofore dividends
declared to stockholders of record of Dec. 31 were not paid until Jan. 31
of follow ng year.—V. 148,
p. 3859.
Westinghouse Electric & Mfg. Co.—Dividend Increased
Directors have declared a dividend of 75 cents per share on the common
($50 par value), payable Aug. 31 to holders of record Aug. 8.
Pre¬
viously quarterly dividends of 50 cents per share were distributed.—V. 149,
stock
common stock additional to that actually issued in con¬
reorganization, shall be issued without the further author¬
or of such regulatory body or tribunal as
may
593.
P.
West Penn Power Co.—To Redeem
♦
Preferred Stock—
Company wll redeem
on Feb. 1, 1940, all of the shares of its 7% and 6%
pref. stocks at $115 and accrued interest per share for the 7% prer.
and $110 and accrued interest per share of
6% pref.
Holders of certificates
cum.
for these stocks
electing to surrender them prior to Feb. 1, 1940, at the
Chase National Bank will receive the full amount, including
premium and
amount equal to accrued dividends from Aug. 1, 1939, to Feb. 1, 1940.
The Aug. 1, 1939, dividend has been declared
payable to stockholders of
an
record
July 5.
91% of Old Pref. Stock Exchanged for New—
Company states that in connection with the offering made
on July 17 to
and 7% cum. pref. stocks to exchange such stocks
4M% pref. stock, 270,798 shares of the old pref. stocks have
been accepted for exchange, or 91% of the 297,077 shares of the old
pref.
stocks outstanding.
See also V. 149, p. 592.—V. 149, p. 592, 426, 271.
the holders of its 6%
for t
e
new
Westvaco Chlorine Products
Directors have declared
dition
to
an
Corp.—Extra Dividend-—
extra dividend
of 25 cents
per share in ad¬
the regular
quarterly dividend of like amount on the common
stock, both payable Sept. 1 to holders of record Aug. 10.—V. 149, p. 593.
Weymouth Light & Power Co.—To Pay 63-Cent Div.—
Directors have declared
a
•
dividend of 63 cents per share on the common
stock, payable July 31 to holders of record July 20.
A dividend of 75 cents
was paid on April
28, last, and one of 63 cents per share was paid on Jan. 31,
last.—V. 148, p. 2612.
•
Wheeling & Lake Erie Ry.—Earnings—
June—
1939
Gross from rail way...
Net from railway
__
Net after rents........
From Jan. 1—
Gross from railway
Net from
railway..
Net after rents.
—V..149, p. 272.
1938
$1,131,307
1937
'
1936
$879,501
265,041
182,097
$1,340,431
353,968
498,962
$1,295,118
352,054
280,102
5,996,503
1,597,502
1,255,253
4,526,150
879,235
557,238
8,318,333
2,731,264
2,545,755
7,008,386
1,756,152
1,189,914
398,294
328,120
:
Willys-Overland Motors, Inc.— Voting Rights—
Stockholders at
a
special meeting on Aug. 14 will consider amending the
certificate of incorporatio so as to defer exclusive voting rights to preferred
stockholders upon default in payment of six quarterly dividends to become
effective whenever the company shall fail to pay six quarterly dividends
after Aug. 15, 1944, or until Willys Real Estate Realization Corp. has been
discharged from its guaranty and its properties have been released from any
mortgage or other instrument of hypothecation securing the indebtedness of
Willys-Overland Motors, Inc., whichever is later.
Also consenting to the
execution and delivery of a mortgage or other instrument of hypothecation
on certain of the company's properties for the purpose of
securing a loan
from the Reconstruction Finance Corp. in the amount of $2,500,000.
—V. 149, p. 427.
new
nection with the
ization of this Commission
have jurisdiction thereof.
first mortgage bonds, series A, and considering the value of the collateral
securing its claim, such claim amounting as of Jan.
($2,963,000 principal and $899,870 interest) and
1, 1939, to $3,862,870
represented by notes
secured by general and refunding bonds of the debtor and other
collateral,
shall be provided for under the plan in like securities and in like proportions
those given holders of the debtor's first mortgage bonds.
Treatment of
Existing Securities
(P) The existing securities of the debtor shall be treated as follows:
(1) Existing equipment trusts, Baldwin lease, and Pullman contract,
aggregating $2,750,050 shall remain undisturbed and shall be assumed by
the reorganized company.
(2) Holders of existing first mortgage bonds shall receive for each $1,000,
principal amount thereof, together with $266.66 2-3 of interest accrued
and unpaid thereon to Jan. 1,1939, approximately $400 of income
mortgage
4H% bonds, series A (being 40% of the principal amount of said existing
bonds); $600 of 5% preferred stock, series A (being 60% of the principal
amount of said bonds); and 4,67 shares of common stock (being common
stock taken at the price of $57 a share for 100% of said accrued and unpaid
interest).
(3) The RFC shall receive in respect of the $10,000,000 of new money
provided for (or the surrender of trustees' certificates at their principal
amount and accrued interest, to a like amount) and its existing claim in the
principal amount of 2,963,000, together with $899,870 of interest accrued
and unpaid thereon to Jan. 1, 1939, approximately $10,000,000 of new
first mortgage 4% bonds, series A (being 100% of said new money);
$1,185,200 or income mortgage 434 % bonds, series A (being 40% of the prin¬
cipal of said claim); $1,777,800 or 5% preferred stock, series A (being 60%
or the principal of said claim); and 1.5,788 shares of common stock
(being
common stock taken at the price of $57 a share for 100%
of said accrued
and unpaid interest).
■
(4) The Railroad Credit Corp. shall receive in respect fo its claim in the
principal amount of $2,445,610, together with $146,503 of interest accrued
and unpaid thereon to Jan. i ,1939 (subject to the reduction of said amounts
,
by the application, prior to the date of issue of the new securities under the
plan, of any proceeds from the distributive shares of the company or its
subsidiaries under the marshaling and distributing plan, 1931), approxim¬
ately $154,111 of income mortgage 434% bonds, series A; $241,681 of 5%
preferred stock, series ; and 35,425 shares of common stock (being common
stock taken at the price of $62 per share). The RCC's equity in the collateral
securing the claim of the RFC is found to be without value.
(5) The A. C. James Co. shall receive in respect of its claim in the
principal amount of $4,999,800, together with $1,249,950 of interest accrued
and unpaid thereon to Jan. 1, 1939, $163,724 of income mortgage 434%
bonds, series A; $256,756 of 5% preferred stock, series A; and 37,635 shares
of common stock (being an amount of common stock which bears to the
amount of common stock allotted to the c aim of the RCC the same pro¬
portion that the principa amount of general and refunding mortgage bonds
of the debtor held by the A. C. James Co. as collateral for said claim, bears
Wright Aeronautical Co.—Earnings—
Period End. June 30—
1939—3Mos.—1938
Net profit after deprec.,
interest and taxes
$1,099,311
$1,081,958
Earns. per sh. on capital
1939—6 Mos.—1938
x
(0) The $10,000,000 of new first mortgage bonds, series A, to be au¬
thenticated and issued in the reorganization shall be sold at par and accrued
interest to the RFC.
In consideration of such purchase by the RFC of new
as
securities
$1,339,526
railway
Net after rents
extent that first mortgage bonds are not issued for such purposes.
(K) No income mortgage bonds (other than those to be issued under the
plan) may be authenticated and delivered unless (1) the reorganized com¬
pany shall have contracted forthwith to sell or pledge such bonds and (2)
the board of directors of the reorganized company, by resolution adopted
by two-thirds of the entire number of directors, shall have determined that,
in the opinion of the board, taking into account market and all other relevant
conditions at the time, it is impracticable to provide the amount of
money
needed (a) by the sale of preferred stock at a price which would give a
current dividend return of 6% or less, or (b) by the sale of common stock
at a price (not less than $50 a share) which would give a current dividend
return (based on the regular dividend rate then in effect, or, if no
regular
dividend rate is in effect, on the average rate at which dividends shall have
been paid during the last 12 calendar months) of 6% or less.
The income mortgage will also contain a covenant substantially to the
effect that the excess of the aggregate principal amount of all income
mortgage bonds under pledge at any one time over the principal amount
of all indebtedness so secured shall not exceed 10% of the aggregate
principal
amount of all income mortgage bonds then authenticated and uncanceled.
(L) Available net income shall be determined for each calendar year
beginning with the year 1939, and continuing thereafter so long as any
income mortgage bonds remain outstanding.
(M) There will be authorized 750,000 shares of preferred stock (par
$100), of which 3 1 8,503 shares of series A are to be issued in the reor¬
ganization.
The additional authorized preferred stock not issued in the reorganization
will be issuable from time to time, under certain conditions.
(N) There will be authorized 1,000,000 shares of common stockj(no par),
series A.
no
until Oct. 31.
income mortgage bonds, series A, accruing for each calendar
year shall (up to the limits of accumulation hereinafter specified) become
on
up to
found to be without value, and
are
Earnings for June and Year to Date
June—
Gross from railway
at any time at the rate of 20
$1,000, principal amount, of such bonds.
existing mortgages,
cash shall be distributed under the
plan in respect of these claims.
(7) The capital stockof the debtor is found to be without equity or
value, and the stockholders shall not be entitled to participate in the plan.
or
year
shares per
Interest
751
to the
$2,331,036
$1,668,246
stock.........
$1.84,
$1.80
$3.89
$2.78
x Before provision for possible Federal surtax on undistributed income.
—V.
148, p. 2763.
(Wm.) Wrigley Jr. Co. (& Subs.)—Earnings—
Period End. June 30—
1939—3 Mos.—1938
1939—6 Mos.—1938
Profit
Other income
Total income.—..—
$6,099,507
3,225,059
159,640
$5,598,859 $11,140,416 $10,228,034
3,346,447
5,757,123
6,303,055
148,243
318,004
293,861
$2,714,809
169,530
Operating profit
Expenses.....
Depreciation
$2,104,169
216,134
$5,065,289
478,458
$3,631,118
445,932
$2,884,339
$2,320,303
371,522
$5 543,747
984,737
$4,077,050
694,446
518 684
Federal income taxes
Net profit.
$2,365,654
$1,948,781
Earnings per share
y$1.21
x$0.90
x On
1,959,467 shares capital stock (no par),
capital stock (no par).—V. 148, p. 3398.
$4,559,010
$3,382,604
y$2.33
x$l,72
y On 1,959,465 shares
Wymont Petroleum Co.—Registers with SEC—
See list given on first page
Yazoo &
of this department.
Mississippi Valley RR.—Earnings—
1939
June—
Gross from railway
Net from railway
Net after rents.
"
$1,036,868
211,603
1938
1937
1936
$1,057,052
286,503
$1,238,883
397,633
168,392
6,812,668
1,917,723
612,936
def8,974
78,495
$1,289,446
395,346
368,850
6,621,353
1,715,478
506,113
6,628,205
1,872,400
580,940
7,884,895
2,489,362
1,337,472
From Jan. 1—
Gross from railway
Net from railway.L
Net after rents..
—V. 149, P.
128.
Youngstown Sheet & Tube Co. (& Subs.)—Earnings—
3 Months Ended June 30—
1939
Other income
Total
income...
Interest, &c_
Depreciation and depletion..
Miscellaneous charges..
Netprofit...
Shares common stock
Earnings per share
—V. 148, p. 2763.
...
...
1938
1937
$2,699,911
$2,428,584
390,690
$5,432,397
326,708
Oper. profit (after Fed. income taxes)
$3,026,619
934,581
1,625,391
137,561
$2,819,275
\
747,848
1,627,313
326,081
$5,879,941
682,991
1,730,366
1,444,472
$329,086
$118,033
1,675,008
$2,022,112
1,590,720
1,675,008
$0.07
Nil
447,544
$1.14
,
The Commercial & Financial
752
Chronicle
•
July 29,
1939
.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY
firm throughout the
while volume was
COMMERCIAL EPITOME
Friday Night, July 28, 1939.
Coffee—On the 24th inst. futures closed unchanged to 2
points lower for the Santos contract, with sales totaling only
12 lots.
The old Rio contract was inactive and unchanged.
The new Rios on sale were 1 to 2 points lower.
Actuals were
quiet.
The spot price of Rio 7s was 200 reis higher at
13.400 milreis per 10 kilos over the week-end, and hard 4s
were 100 reis higher at 17.900.
Havre closed half a franc to
a
quarter franc lower.
Clearances from Brazil were light
last week, totaling only 238,000 bags, of which 152,000 were
for the United States, 58,000 for Europe, and 28,000 for all
other destinations.
On the 25th inst. futures closed 4 to 5
points net higher for the Santos contract, with sales totaling
Two lots
101 lots.
were
traded in the
Rio, but there
Old Rios closed 3 points higher,
sales in the old Rio.
were no
while the
new
Rios closed 1 point up.
The market's firm¬
today was attributed to reports of frost and low tem¬
peratures in five of the six coffee growing sections of Brazil.
There was also an improved demand for Brazilian actual
coffee and a small amount of hedge selling was entered in
futures against these purchases.
The Brazilian dollar rate
was better by 20 reis at 19.800 milreis to the dollar.
Rio
5s were 100 higher at 16.000 milreis per 10 kilos.
Havre
closed y to 1 franc lower.
On the 26th inst. futures closed
3 to 7 points net higher for the Santos contract, with sales
totaling 117 lots.
The old Rio contract recorded a sale of
2 contracts in the September delivery, which closed 7 points
net higher.
The coffee futures market continued to reflect
the frost scare in Brazil.
Although minimum temperatures
report d today were well above the freezing level, there were
intimations of frost, which furnished the incentive for further
buying of contracts.
Santos prices rallied further early,
after which profit taking wiped out a portion of the rise.
During early afternoon the market was 2 to 6 points net
higher.
Trading to that time totaled 25,000 bags, of which
5,000 represented switches.
The old "A" contracts were 7
points better on sales of 500 bags.
Prices in Havre were
1% to 2% francs higher.
On the 27th inst. futures closed 8 to 6 points net lower for
the Santos contracts, with sales totaling 106 lots.
Trading in
new
GOODS—WOOL—ETC.
ness
Santos coffee futures continued active with weather
news
the
day, closing unchanged to lKd. higher'
100 tons.
London actuals were un¬
changed.
Local closing: July, 4.07; Sept., 4.14; Dec., 4.27;
Jan./4.32; March, 4.41; May, 4.51.
On the 26th mst.
futures closed unchanged to 1 point higher.
Transactions
totaled 93 lots.
Trading in cocoa futures continued quiet as
neither buyers nor
sellers were aggressive.
The market had
steady undertone in the absence of hedge pressure, prices
showing gains of 1 to 2 points to early afternoon.
There
was some switching into July.
Sales then totaled only 50
lots.- While producers refrained from selling manufacturers
were showing little interest.
Moreover, Wall Street demand
is spasmodic although potential buying power is believed to
be substantial, only awaiting an incentive to make its ap¬
a
stocks increased 400 bags. They
compared with 674,547 bags a year
ago.
Local closing: Sept., 4.14; Dec., 4.28; Jan., 4.33;
March, 4.42; May, 4.52; July, 4.62.
.
On the 27th inst. futures closed 1 point up to unchanged.
Sales totaled 267 lots.
Interest in cocoa futures was larger
than in some time, with activity in September a feature.
It
reflected good demand for actual cocoa.
The absence of hedge
pressure was another feature.
Brazilian producers who were
sellers some time ago, were out of the market.
Sales to early
afternoon totaled 247 lots, which was more than the recent
average.
Warehouse stocks dropped 4,400 bags. They now
total 1,385,041 bags compared with 677,523 bags a year ago.
Local closing: Sept., 4.15; Dec., 4.29; March, 4.43; May, 4.53;
July (1940), 4.62.
To-day futures closed 5 to 6 points net
higher.
Transactions totaled 155 lots. Cocoa futures were
higher under the spur of manufacturer buying and increased
Wall Street interest.
The lack of hedge pressure was a factor.
Prices during early afternoon were 4 to 5 points higher, with
September selling at 4.20 cents, up 5 points.
Warehouse
stocks continued to decline.
They decreased 1,600 bags over¬
night. They now total 1,383,581 bags, against 678,295 bags
a year ago.
Local closing: Sept., 4.21; Dec., 4.35; March,
Warehouse
pearance.
total 1,389,408 bags
now
.
4.48; May, 4.58; July, 4.67.
Sugar—On the 24th inst. futures closed 1 to 2 points net
higher. Transactions totaled 305 lots in the domestic con¬
tract.
Trade houses were on both sides of the market, with
considerably better than the selling. Firmness in
helped the futures market in no small measure. Of the
total sales 122 lots were in September, while there were 25
lots in switches from that month to January at 3 points, and
5 went into March on an even basis.
The undertone ruled
the buying
raws
governing influence.
Prices were 1 to 3 points lower on re¬
newed profit taking and selling due to advices that the recent
threat of frost damage had disappeared.
Minimum tempera¬
tures in the coffee belt rose to 50 degrees Fahrenheit.
Rains
still persist.
Trading volume to early afternoon totaled
14,500 bags. Prices of Brazilian coffees in the cost and freight
market firmed on the better grades, while others were un¬
changed. Manizales were available on a bid of 12% cents.
Havre prices advanced % to 1H francs. To-day futures closed
6 to 11 points net higher for the Santos contract, with sales
totaling 65 lots.
There were only two contracts traded in
Rio new A, and this was in the March delivery, which closed
1 point net lower.
Weather continued to dominate the coffee
market. While the element of frost seems to have disappeared
as a market factor, for the time
being at least, there was the
possibility of damage from rains to consider.
Accordingly
.
traders
were
reluctant
futures this afternoon
spot coffees in Santos
to
were
4s and 16.100 for Rio 5s.
Prices of
sell contracts.
Santos
3 to 6
points higher.
Prices of
19.800 for soft 4s, 16.100 for hard
were
Havre futures
were
1 to 2 francs
lower, the decline reflecting yesterday's losses in New York.
Rio coffee prices blosed as follows:
September
4.251 March
December
4.29
4.291
Santos coffee prices
closed
as follows:
May...
July
September
5.96
Decemoer
6.09
March.
6.25
6.30
6.35
Cocoa—On the 24th inst. futures closed
unchanged to 2
Transactions totaled 157 lots, or 2,104 tons.
points higher.
There
was
considerable
switching from September to the
Approximately 50 lots were worked this
No further July notices were issued during today's
session.
There were 1,843 bags of Bahia cocoa delivered on
contract.
Total notices issued to date stand at 90, and with
tomorrow the last trading
day in July, the position is vir¬
tually cleared up, most trade observers feel.
The London
distant months.
way.
Terminal Cocoa Market closed
There were no sales recorded
unchanged to 1J^c. lower.
throughout the day.
London
Local closing: July, 4.13;
Sept., 4.14; Oct., 4.17; Dec., 4.28; Jan., 4.33; March, 4.42.
On the 25th mst. futures closed 6
points lower to 1 point
higher.
Transactions totaled 145 lots, or 1,943 tons.
Trading was fairly active, with most attention given to De¬
cember and March options.
The buying came largely from
the trade and dealers, while the selling emanated from com¬
mission houses.
Some hedge selling was evidenced in the
actuals
were
unaltered in price.
distant months.
The London Terminal Cocoa Market
was
firm in the.
raw
market today as
refiners continued to show
interest in offerings at 2.90c. for duty frees.
Arbuckle bought
10,000 bags of Puerto Ricos, clearing Aug. 10, and Refined
Syrups purchased 2,000 tons of Philippines for Aug.-Sept.
shipment, both sales passing at 2.90c.
The world sugar
3^ to 1 point higher, with sales of only 44
unchanged to Id. higher, but
quotation on raws for August shipment was
to 7s.
On the 25th inst. futures closed un¬
contract closed
lots.
the
London futures closed
nominal
reduced 3d.
changed compared with previous finals. Firmness prevailed
during most of the session, with sales in the forward positions
in some cases being made at 1 and 2 points net higher.
The
firm market continued to reflect the demand for actuals at
2.90c. for
duty frees and the advance to 2.02c. and 2.03c.
Most of today's trading represented switching.
Cuban raws advanced to 2.02c.
n a purchase by McCahan
of 18,500 bags for first half August shipment today.
There
for Cubas.
was another sale of
cargo on an f. o. b. Cuba basis at 1.88c.,
equal to 2.03c. with freight included, to an operator. Mc¬
Cahan also purchased 2,750 tons of Philippines, loading, at
2.90c., and at the same basis an operator bought 2,000 tons
of Philippines for Aug .-Sept. shipment.
The world sugar
contract closed unchanged to lA point lower.
Transactions
in this department totaled only 78 lots.
London raws were
unchanged, with sellers of first half August asking the
equivalent of 1.24c. f. o. b. Cuba, and late August 1.19c.
On the 26th inst. futures closed 1 point net lower for the
domestic contract, with sales totaling 199 lots.
The world
sugar contract closed y point net lower, with sales of 73
lots.
After reaching new highs for the current movement,
domestic sugar futures ran into profit taking which caused
the market to dip 2 points below the previous close.
The
turnover to that time totaled 6,500 tons.
In the raw market
a sale of 2,200 tons If
Philippines was made to McCahan at
1.90c., off 2 points, for Aug. 2 arrival.
Sellers of raws
continued firm in their ideas with most refiners acting in¬
different.
Cuban tariff.
was heard about a revision of the
The world sugar contract was unchanged to
y point lower
on
Nothing further
sales of 3,400 tons to early afternoon.
London second year quota
In
positions were unchanged to yd.
higher while third year positions were yd. lower to yd.
higher.
Cuban raws were unchanged.
On the 27th inst. futures closed 1 point down to unchanged
for the domestic contract, with sales totaling 99 lots.
The
Volume 149
The Commercial & Financial Chronicle
world sugar contract closed
unchanged
vious finals, and sales totaled 48 lots.
compared with
pre¬
Sugar futures were
generally steady in quiet trading.
The domestic contract
was
unchanged during early afternoou on sales of but 700
tons.
Traders appeared to be awaiting
developments in the
Cuban sugar tariff situation,
regarding which nothing has
been heard for
at
2c.,
some
time.
but refiners held
Further sugars were available
off.
World
contracts
were
un¬
changed to 34 point lower on sales of 2,250 tons, this being
the record to early afternoon.
In London second quota
year positions were unchanged to
%d. lower, while third
quota year months were 3£d- off to 34d. higher.
Raws there
were
unchanged.
Today futures closed 1 to 2 points net
lower
20
for
lots.
the domestic contract, with sales
totaling only
Domestic sugar contracts were traded mostly at
unchanged prices in a quiet market.
The indifference of
refiners tends to restrain traders from
entering into new com¬
mitments.
They also are
waiting for further developments
especially for the new
tariff. The raw
sugar market was also quiet.
Only one sale—1,000 tons of
Philippines, due next week—came to light. A refiner paid
2.90c. a pound, unchanged.
It is predicted in some quarters
in
the
move
Cuban
treaty negotiations,
in the plan to revise the Cuban
sugar
that refiners will show greater interest in raws next week
owing to need of additional supplies.
In the world sugar
market prices were unchanged to
550 tons.
Yz point lower on sales of
unchanged to %d. higher
deliveries while other positions were 34<i. to
Cuban raws remained nominally unchanged.
Prices in London
were
for second year
34d. lower.
Prices closed
follows:
as
734c.; 20 to 25 lbs., 7J4c.; 25 to 30 lbs., 7c. Butter:
Creamery Firsts to Higher than Extra and Premium Marks:
2234c. to 2434c.
Cheese:
State, Held '38, 16c. to 19c.
Eggs: Mixed Colors:
Checks to Special Packs:
1334c. to
,
19c.
Oils—Linseed oil market has been
relatively quiet the past
Buyers appear well covered for nearby needs. Tank
cars are
quoted 8.3 to 8.5 per pound.
Quotations: China
week.
Wood:
Tanks—21c.
bid; Nearby, drums—22c. to 24c.
Crude, Tanks, nearby—2J4c. to 3c.
Pacific,
Coast, spot—.0234c. bid.
Corn:
Crude, West, tanks,
nearby—.0534c. bid.
Olive:
Denatured, Drums, car lots,
shipments—80 bid; Spot—81 to 82.
Soy Bean:
Crude,
Tanks, West—.0434 to .0434; New crop—.04 bid; L.C.L.
N.Y.—.063 bid.
Edible:
Coconut, 76 degrees—8J4bid.
Lard:
Ex. winter prime—834 offer.
Cod:
Crude, Norwe¬
gian, light filtered—29 to 2934Turpentine: 30c. to 32.
Coconut:
Rosins:
$5.40 to $7.65.
Cottonseed Oil sales
yesterday, including switches, 68
contracts.
Crude S. E., val. 5c.
Prices closed as follows:
August.
September
__
October
November.
1.95 May.
.1.99
1.91
March
.1.97
1.94
5.90@ n
December
5.90@ 5.93 January.
5.96@ 5.93 February
5.96@
n
March..
6.10@
6.15@ 6.16
6.15@
n
6.27 @
Rubber—On the 24th inst. futures closed 1 to 5
points net
higher.
Transactions totaled 500 tons.
Spot standard No.
1 ribbed smoked sheets in the trade
remained unchanged at
16 11-16c.
The outside market was
very quiet.
was
reported slightly higher.
for the week ended
September
January
753
20 lbs.,
decrease
July 22
of
Singapore
Stocks of rubber in England
placed at 58,306 tons, a
were
Lard—On the 24th inst. futures closed 2 to 7
points net
The opening range was
unchanged to 7 points lower.
The market ruled heavy
during most of the session, due to
2,775 tons from the week preceding.
Local
closing: July, 16.63; Sept., 16.68; Dec., 16.74; Jan., 16.74.
On the 25th inst. futures closed 17 to
21 points net lower.
Trading was relatively quiet, with the undertone heavy dur¬
ing most of the session.
Transactions totaled only 950 tons.
scattered selling, apparently influenced
by lower grain and
hog markets and falling off of export demand for lard.
Hog
prices were mostly 10c. lower.
Export clearances of lard
about the
July_
lower.
from the Port of New York
the week-end
over
quite
heavy, totaling 202,500 pounds, all destined for Liverpool.
Liverpool lard futures were unchanged to 3d. higher.
Sales
of hogs at Chicago ranged from $5.45 to $6.95.
Western
hog receipts totaled 64,900 head against 56,600 head for the
same day a year
ago.
On the 25th inst. futures closed 2 to
7 points net higher.
Trading was fairly active, though
without any significant feature.
Heavy export shipments
of lard were reported from the Port of New York
today.
Clearances amounted to 215,250
pounds, destined for Lon¬
don and Glasgow.
It is rumored that a barter deal is under
way with Germany in connection with lard.
Liverpool lard
futures
were
6 to 9d. lower.
were
Chicago hog prices
10 to 15c. per cwt.
Sales ranged
late top price was $7.10.
Western
were
from $5.25 to $7.
up
The
marketings of hogs were
moderately heavy and totaled 58,300 head against 46,000
head for the same day last year.
On the 26th inst. futures
closed 22 points net higher.
There were a number of bullish
reports responsible for today's sharp rise in lard values.
Talk of Government buying lard for relief
purposes, and
rumors that
Germany is in the market for a very large amount
of lard, resulted in an extremely
apprehensive feeling among
the short element, and their heavy
covering sent prices sky¬
rocketing 22 to 25 points on the active months.
A report
from the
Institute of American Meat Packers
stating that
lard stocks for the first half of
July decreased about
10,000,-
000
pounds,
was
also
a
strengthening influence.
Export
clearances of lard from the Port of New York
today totaled
81,000 pounds, destined for Antwerp.
Liverpool lard futures
were
6 to 3d. higher.
Hog prices at Chicago were 10c.
higher, with sales ranging from $5.25 to $7.15.
Western hog
marketings totaled 53,100 he£d against 53,000 head for the
same day last
year.
On the 27th inst.
futures closed unchanged to 2
points
higher.
The opening range was unchanged to 5 points
higher, and at the highs of the day the active deliveries were
only up 5 points. Trading was light and without any signifi¬
cant feature.
Export clearances of lard from the Port of
New York today totaled 29,000 pounds, destined for Gothen¬
burg.
Liverpool lard futures were quiet and unchanged to
6d. higher.
Western hog marketings were a little above
trade expectations.
Prices on hogs at Chicago declined 10
to 15c. owing to the heavier receipts than
expected.
Re¬
ceipts for the Western run totaled 59,900 head, against
54,700 head for the same day a year ago.
Today futures
closed 3 to 5 points net lower.
Trading was fight and
without feature.
DAILY
CLOSING PRICES
OF LARD
FUTURES IN CHICAGO
Sat.
Mon.
Tues.
5.50
5.52
5.50
5.72
5.55
5.62
5.75
5.77
5.85
December
5.52
5.55
5.62
5.75
January
5.80
5.77
July
September
„
October
5.57
5.67
5.72
Wed.
Thurs.
Fri.
5.95
5.72
5.80
5.85
5.97
5.92
5.97
6.00
5.97
5.72
5.75
5.82
Pork—(Export), mess, $17.75 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.
Bellies:
Clear, f.o.b. New York—-6 to
8 lbs., 14c.; 8 to 10 lbs., 1334c.; 10 to 12 lbs., 1134c.
Bellies:
Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs., 734c.; 18 to
Spot standard No.
1 ribbed smoked sheets in the actual
market declined 34 to 1-16 9-16c. There was some
trade and
commission house liquidation, with dealer
short
only support to the futures market.
believe that business will come back to normal
change
as
on
the
ex¬
as the trade has fully
digested the recent
The outside market was also quiet.
Alarmed
soon
quota action.
over
covering
Observers
the sharp decline in world rubber stocks
few months, the International Rubber
during the past
Regulation Committee
meeting at London yesterday raised the rubber export quota
to 60% of basic quotas, effective
immediately.
This came
as a distinct
surprise and had quite an unsettling effect on
the
rubber
markets.
Local
closing: July, 16.42; Sept.,
16.58; May, 16.60.
On the
inst. futures closed 3 points to 1
point net lower.
Transactions totaled 169 lots.
Trading in rubber futures
consisted largely of switching, with
prices generally steady.
A London dealer interest was reported to have
bought a sub¬
stantial quantity of September
contracts, with dealers sell¬
ing.
Traders were still studying the quota revisions.
During early afternoon the market was 3 points lower to 2
points higher.
London closed steady, unchanged to l-16d.
higher.
Singapore was l-32d. lower.
Local closing: July,
16.39; Sept., 16.47; Dec., 16.55; March. 16.57.
16.48;
Dec.,
16.57; March,
26th
On the 27th inst. futures closed 7 to 5
points net lower.
totaled 86 lots.
Crude rubber futures were
Transactions
steady within a narrow range in a small volume of trading.
During early afternoon Sept. was selling at 16.46c., off 1
point.
Sales to that time totaled only 230 tons.
Ninety
tons were tendered for delivery on
July contracts.
This
was the last day on which tenders could be made.
The
total tenders for the month were 970 tons.
The London
market closed unchanged to 1-16d. lower, while Singapore
unchanged to l-32d. higher.
Shipment offerings from
were high and light.
Local closing: Sept., 16.40;
Dec., 16.49; Mar., 16.51; May, 16.53. Today futures closed
7 to 5 points net higher.
Transactions totaled 59 lots.
Rubber futures were firm but trading continued small.
Prices.this afternoon were 8 to 9 points higher, with Sept.
at 16.48c. and Dec. at 16.57c.,
respectively. Sales to that
time totaled only 420 tons. Commission houses were
buyers
of the Dec. position, while traders sold.
The London market
was
the East
closed firm at advances of l-16d.
It was estimated that
United Kingdom rubber stocks had decreased 1,050 tons this
week.
Singapore was unchanged to l-32d. lower.
Local
closing: Sept., 16.47; Dec., 16.54; Mar., 16.57; May, 16.58.
Hides—On the 24th inst. futures closed 5 to 6 points net
Transactions totaled 7,440,000 pounds. The
lower.
opening
Influenced largely by the
slumped, all
early gains being erased and a substantial decline registered
at the close.
Sales were reported of 2,000 native steer hides
at 1234c. a pound, which was an advance of
34c. a pound
over the last previous business.
Certificated stocks of hides
in warehouses licensed by the
exchange decreased by 4,878
hides to a total of 1,411,036 hides.
Local closing: Sept.,
11.69; Dec., 12.04; March, 12.35; June, 12.60.
On the 25th
inst. futures closed 1 to 2 points net
higher. The opening
range was 5 to 16 points up from previous finals.
Transac¬
tions totaled 6,640,000 pounds.
The heaviness of the market
during the later trading was attributed largely to the weakness
range was
7 to 16 points higher.
weakness in the securities market hide futures
of the securities market.
While trading in domestic
spot
light, prices were firmly held. Sales were reported
of 1,200 July Pittsburgh native steers at
123^c. a pound.
Western packers were reported
firmly established at the
hides
was
The Commercial & Financial
754
advance.
Local closing: Sept., 11.66; Dec., 12.00;
March, 12.31; June, 12.57. On the 26th inst. futures closed
2 to 4 points net lower.
Transactions totaled 92 lots. Raw
recent
much as 4 points higher, turned
under profit taking. During early afternoon the market
was 2 to 4 points net lower, with September selling: at 11.64c.
and December at 11.96c.
No additional sales of spot hides
were reported in the domestic market, but sales at steady
prices were made in the South American markets, it was
reported.
Certificated stocks of hides in exchange ware¬
houses total 1,412,159 hides, while an additional 91,376
hides are awaiting certification.
The total potential supply
thus is 1,503,537 hides compared with 806,729 a year ago.
Local closing: New contracts: Sept., 11.64; Dec., 11.96;
March, 12.28.
On the 27th inst. futures closed 3 to 8 points net lower.
hide futures after opening as
easy
The opening range was 6 to 10 points below the previous
final quotations.
The'market acted sluggishly during most
of the session, with prices confined within a narrow range.
1,760,000 pounds.
No fresh trading
reported in the domestic spot hide market and prices
remained unchanged.
Local closing: Sept., 11.61; Dec.,
11.92; Mar., 12.20; June (1940), 12.46.
Today futures
Transactions totaled
was
closed 6 to 11 points nfet lower.
Transactions totaled 138
lots.
The raw hide futures market had an easy undertone.
There
selling of Sept. and buying of Dec. The market
was influenced by the indifferent action of the stock market.
It continues at a wide discount from spot hides.
During
early afternoon prices were 8 points lower on Sept. at 11.53c.
a pound.
Dec. stood at 11.89c., off 3 points. No further
was
spot sales were reported, but it was said that packers were
willing to sell all selections at the last trading basis. Certifi¬
cated stock of hides were reported as 1,414,453 pieces, while
pending certification were 93,135 hides, a total potential
supply of 1,507,588 hides.
Local closing: vNew contract:
Mar., 12.14; Sept., 11.50; Dec., 11,83.
Freights—The market for charters was quiet
during most of the week. On Tuesday, however, there was
quite a burst of activity, and new business was uncovered in
almost every section of the freight market.
Charters in¬
Ocean
cluded:
Grain Booked:
Twenty loads Montreal to United
Kingdom and Rotterdam, July-August schedule rates. Seven
loads Montreal4o Liverpool, August, 2s. lid.
Ten loads,
Montreal to London, August, 2s. 9d.
Five loads Montreal
to Glasgow, August, 2s. lid.
Five loads, Montreal to
Avonmouth, October, 3s.
Ten loads Albany to London,
spot. Fourteen loads, Albany to Copenhagen, August, 12c.
Albany to Haifa, Jaffa, Tel Aviv, September, 17c. (recently).
Grain:
Fort Churchill to picked ports United Kingdom,
option Spain or Portugal, August, basis 3s. 3d.
Gulf to
United Kingdom, Continent, August basis, 3s. 3d.
St.
Lawrence to United Kingdom, Continent, August 14th, can¬
celling, basis, 2s. 9d. St. Lawrence to London or Hull and
Copenhagen, August 2—10, 3s. lHd.
St. Lawrence to
United Kingdom-Continent, August 30th-September 11th,
basis, 2s. 9d. Scrap: Gulf to United Kingdom; end August;
20s, 6d. one port loading; 21s. two ports loading. Two other
steamers the same.
Atlantic Range to United Kingdom,
August, 18s. one port loading, 18s. 6d. two ports loading.
Gulf to United Kingdom, August, 20s. 6d. one port loading;
21s. two ports loading, option Atlantic loading at 18s. and
18s. 6d.
Coal—A better demand from dealers is reported
by anthra¬
feeling apparently prevailing that
prices have just about touched bottom for the year. This
better demand from dealers has been largely responsible for
cite operators here, the
the sharp increase in production over the last two weeks,
it is stated.
There are rumors in local market circles, which
have not been confirmed, to the effect that wholesale anthra¬
cite prices may move higher in the very near future.
Quo¬
tations at Tidewater have been from $4 and higher for the
larger steam sizes, while "on the line" the similar grades were
quoted from $4.35 and higher per ton. According to figures
the Association of American Railroads, the
shipments of anthracite into eastern New York and New
England for the week ended July 8th, have amounted to
1,247 ears, as compared with 1,083 cars during the same week
in 1938, showing an increase of 164 cars, or approximately
8,200 tons.
Chronicle
July 29, 1939
generally have fallen into line with the
wools on the satisfactory bids made.
trend and sold their
the 24th inst. futures closed
Silk—On
2H to 5c. net
higher for the No. 1 contract and 2 to 5c. net gain for the
No. 2 contract.
The feature of the trading was the July
position, which was very active as a result of liquidation
and short covering.
Transactions totaled 960 bales, includ¬
ing 950 bales on the No. 1 contract and 10 bales on the
No. 2 contract.
Futures at Yokohama advanced 14 to 33
while at Kobe they were 11 to 25 yen higher.
Grade D
gained 25 yen to 1,285 yen at both centers.
Spot sales in
both Japanese markets amounted to 750 bales, while futures
transactions totaled 9,900 bales.
Local closing: Contract
yen,
No. 1: July,
2.72H; Aug., 2.62; Sept., 2.50H; Oct., 2.41
Nov., 2.36; Dec., 2.34; Jan., 2.31.
Contract No. 2: July,
2.69; Sept., 2.46; Oct., 2.37; Dec., 2.26.
On the 25th inst.
futures closed lc. up to 4c. lower for the No. 1 contract.
The No. 2 contract closed 4c. lower to 5c. higher.
The
local silk market failed to respond to the strength of the
primary markets.
After opening up here 1 to 6c. better,
trade and Japanese liquidation gradually moved the market
lower during the day.
Transactions totaled 1,710 bales,
including 1,630 bales on the No. 1 contract and 80 bales on
the No. 2 contract.
Futures at Yokohama advanced 6 to
21 yen, while at Kobe they were 16 to
D gained 10 yen in both markets to
30 yen higher. Grade
1,295 yen. Spot sales
primary markets amounted to 1,250 bales, while
futures transactions totaled 13,700 bales.
Local closing:
No. 1 Contract: July, 2.69; Sept., 2.50H; Oct., 2.41; Dec.,
2.32H; Jan., 2.30. No. 2 Contract: July, 2.65; Aug., 2.58;
Oct., 2.41; Nov., 2.35; Jan., 2.26; Feb., 2.23.
On the 26th
in both
3H to He. net higher .for the No. 1 con¬
Sales totaled 107 lots.
Trading in silk futures was
inst. futures closed
tract.
fairly active and prices were firm with active positions show¬
ing gains of 1 to 2c. during early afternoon.
Sales on the
No.
1
dered
to that time totaled 610 bales.
Heavy
July contracts were made, 640 bales being ten¬
contract
tenders
on
This
issued.
1 contract and 30 bales
the No.
on
tract.
The
month.
on
the No. 2
con¬
the last day on which notices could be
above amounts constitute the total for the.
was
The price
of crack double extra silk in the New
market advanced Ho. to $2.78H. a pound.
Grade D silk in the outside market advanced 5 yen to 300
yen a bale.
Local closing: No. 1 Contract: Aug., 2.62;
Sept., 2.51 H; Oct., 2.44H; Dec., 2.35; Jan., 2.32; Feb..
York
spot
2.31.
On the 27th inst. futures closed 8 to 2c. net lower.
actions totaled 126 lots.
Silk futures broke
as
Trans¬
much
as
10c.
overnight news that the United States wilT cancel its
trade treaty with Japan.
The break followed a wide decline
in the Japanese markets.
As Japan is the principal source
on
of silk
supply, the market was highly sensitive to the news.
sellers, causing uncovering of stop
Trading was active, the volume
to early afternoon totaling 830 bales, all on the No. 1 con¬
tract.
Sept. then was selling at $2.44, off 9c. In the uptown
spot silk market prices were 2 to 3%c. lower, with crack
double extra selling at $2.74, off 3HeYokohama Bourse
prices were 18 to 27 yen lower, but grade D silk was un¬
changed at 1,300 yen a bale. Local closing: No. 1 contracts:
Aug., 2.57; Oct., 2.37; Dec., 2.29; Jan., 2.26H; Mar , 2 25.
Today futures closed 5 H to 1 He• net higher. Transactions
totaled 143 lots.
After opening 1 to 7c. lower, silk futures
rallied under buying which was attributed to Japanese
interests.
In early afternoon prices were 1 to 2He. higher
on active positions, with Oct. No. 1 selling at 2.38He. and
Feb. at $2.27 HTransactions to that time totaled 330
bales.
The price of crack double extra silk in the New York
market continued to decline.
It broke 4He. to $2.70H a
pound. The Yokohama Bourse closed unchanged to 31 yen
Speculative interests
loss orders
lower.
1,260
on
were
the decline.
Grade D silk in the outside market broke 40 yen to
bale. Local closing: Aug., 2.62; Oct., 2.40H"»
Dec., 2.34; Jan., 2.29H; Mar., 2.26Hyen a
furnished by
Wool—While there have been
no
startling changes in the
wool markets the past week, there appears to be an under¬
current of strength and.indications of prices
working higher.
Wool dealers
are said to be
showing.every confidence in the
improved situation of the raw material, and the way wools
are arriving at Boston
by rail and sea indicates that a normal
supply will be held in the summer street district by the end
of the month. Receipts for the first four months fell several
million pounds below the similar
period in 1938. Dealers are
said to have much less domestic greasy wool than a
year ago,
manufacturers and top makers have increased their
COTTON
Friday Night, July 28, 1939
The
Movement of the
Crop, as indicated "by our tele¬
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 73,527
bales against 58,075 bales last week and 33,685 bales the
previous week, making the total receipts since Aug. 1, 1938,
3,670,493 bales, against 7,219,871 bales for the same period
of 1937-38, showing a decrease since Aug. 1, 1937, of
grams
3,549,378 bales.
Receipts atGalveston.
_____
Houston
Cor. Christi, &c_
New Orleans____
while
Mobile
stocks generously.
One result of heavy mill buying early in
the season has been the reversal of the stock situation usu¬
ally seen at the end of the first half of a year when dealers'
stocks are heavy and consumers' supplies
Sat.
2,233
709
Mon.
Tues.
365
416
3
273
4,905
4,237
6,157
1,016
2,883
2,218
7,234
1,510
660
667
634
2,632
11,781
3,853
534
559
782
Pensacola, &c
relatively small.
Rumor has it that Government loans on wool and
consign¬
on the co-operative plan have lost
ments of wool
season.
ground this
It is said that outright buying has been so
urgent
a year ago that growers very
and prices so much better than
1,089
8,795
4,793
37,827
16,368
3,836
4
4
~"l
4
Wilmington.....
70
76
Norfolk
5
5
15
203
10
682
155
1,044
"689
Savannah.
689
15,328
73,527
156
Baltimore
Totals this week.
Total
Fri.
834
1,174
3,365
3,120
4,385
Thurs.
Wed.
1,391
10,497
18,076
9,349
The
10,384
9,893
following table shows the week's total receipts, the
total since Aug. 1, 1939, and the stocks tonight, compared
with last year:
.
Volume
The Commercial & Financial Chronicle
149
1938-39
This
Since A ug
1 1938
Week
Galveston
This
Houston
16368
3,836
895,223
4
*63,815
2.178
36,910
16,096
38,787
Pensacola, &c
81,930
Jacksonville
"15
Savannah
Charleston
Lake Charles
Wilmington
1,044
14.713
156
17,223
Norfolk
New York
1,336
141,254
28,602
5,426
9,693
26,200
_
689
_
Totals.
29,737
1,022
73,527 3,670,493
* Includes Gulf port, Miss,
a
Receipts at—
1938-39
Houston
4,793
1935-36
selling of
600
sorbed most of the
the close
4,167
1,873
43
4,168
2,435
62
867
28
247
1,780
1,044
788
470
281
67
293
156
844
All others
1,156
33,394
1,132
13,749
998
38,520
1,414
34,019
28,992
20,094
Total this wk.
73,527
53,593
55,199
39,742
46,866
62,636
_
Orleans.
16,368
3,836
Mobile
Savannah
15
Charleston
Wilmington.
_
Norfolk
Since
533
.
12,104
4,861
15,903
closed 6
France, 1,993 to Germany, 1,829 to Italy, 6,698 to Japan,
to
China and 4,331 to other destinations.
In the
corresponding week last year total exports were 35,039 bales.
Below
season.
same
period of the
France
many
Italy
Japan
Galveston
1,210
....
Houston
"330
2,929
1,997
4,130
2,543
3,309
"817
1,829
M>
-
—
■«.
'■*
*
Los
300
"622
Angeles
51
"400
"608
4,516
Total
3,680
15,528
1938
Total
1937.-.--
830
1,993
1,829
6,698
1,225
3,981
4,507
16,885
2,087
8,730
2,313
3,450
From.
51
973
of the
widest differences of the
4,761
35,039
34,172
Aug. 1,1938 to
July 28, 1939
Great
Britain
Galveston....
71,724 100,205
130,570 86,454
Houston
29,106
2,462
Japan
93,236
288,180
133,614 119,896
209,925
24,351
13,991
85",361
69,481
69~997
5,192
6,730
36,514
1,464
11,816
1,167
1,666
China
Other
24,376
Lake Charles.
......
Savannah....
"360
565,518
"2", 152
"728
306
1,420
12,192
915
24,799
11,024
505
468
"l~390
5,400
1,088
186
Gulf port
511
714
131
New
331
66
815
177
90
104
Norfolk
...
York
Boston
...
33
Philadelphia
951
600
7,589
155
179
1,511
11,141
6,014
9,150
:
13
Baltimore
5,643
500
"29
.
513
306
5,355
268,692
1,284
1,922
115,777
20
200
21,694
16,647
Francisco
"77
6,016
91,833
24", 108
__
200,064
20
Los Angeles
San
5,331
4,091
9,519
1,936
Seattle
Total
477,192 397,742
.....
469,554 315.399
Total
1937-38 1628,617 760,268
Total
1936-37 1219,729 720,876
NOTE—Exports
to
892,429
96.798 675,062 3324,176
897,889 543,698 702,859
774,017 416,469 1592,181
91,381 1054786 5679,498
23,685 727,746 5474,703
Canada—It
has
never
been
our
practice
to
include
in
the
above table reports of cotton shipments to Canada, the
reason being that virtually
all the cotton destined to the Dominion comes
overland, and It is impossible to give
returns
districts
concerning the
however, of the
say
numerous
week to week,
while reports from the customs
always very slow in coming to hand.
In view,
inquiries we are receiving regarding the matter, we will
are
been
23,601
of June the exports to the Dominion the present
bales.
In the corresponding month of the
preceding
season
season
exports
were
.
from
that for the month
have
the
same
the Canadian border
on
were 16,632 bales.
For the 11 months ended June 30,
1939, there
235,335 bales exported, as against 228,366 bales for the 11 months of
1937-38.
In addition to above exports, our
telegrams tonight also
the following amounts of cotton on shipboard, not
give us
cleared, at the ports named:
market
today in
61,381
61
336
cotton
35,951
7,041
.
11,888
5,124
Charleston
1,039
9,071 130,985
12,074
74,534
500
415
10,685
10,138
Pensacola, &c.
56,067
866
944
Jacksonville..
946*487
936,698
260,037
9,949
173
Orleans.
thus far.
As
the
market
which the demand had
centered, had widened their
premiums over 1940 contracts by 7 points.
Southern spot
markets today were 10 to 20
points higher, with middling
quotations ranging from 8.73c. to 9.93c. Average price of
middling at the 10 designated spot markets was 9.41c.
On
the 26th inst. prices closed 7 to 13
points net higher.
The
Total
23,691 227,029
53,237 203,002
2,171
59,061
1,240
126,089
10,788
Brownsville
Mobile
142.422
57,561
Beaumont
New
Italy
many
63,411
28,425
Corpus Christi
season
in
Ger-
France
near
developed firmness, outside buying orders reached the market
through Wall Street houses. New Orleans also sent purchas¬
ing orders here. Hedge selling was comparatively light, but
there was a little realizing in the later deliveries in the final
trading. At the close the October and December deliveries,
21,170
2,064
....
4,331
Exported to-
Exports from—
range during the morning with a fair part
representing purchases of near months against
positions.
There was a little foreign selling
months, especially from Bombay, at about the
sales of distant
3,010
25
3,316
Total
narrow
3,316
1,355
San Francisco
The market ruled firm
> of the business
665
~
Norfolk.
rather
a
3,846
300
higher.
designated spot markets was 5 to 10 points higher, with
middling ranging from 9.15 to 9.74c. On the 25th inst.
prices closed 12 to 19 points net higher. The opening range
was 1 point
higher to 1 point lower.
Prices fluctuated over
Total
1,158
1,100
665
Savannah
923
1,385
"ioo
Mobile
Other
50
Brownsville
New Orleans....
China
net
exporters.
Ger¬
Britain
10 points
by the Government plan to reimburse
A statement by Secretary Wallace to the effect
that any change in the
subsidy would more likely be toward
a lower than a
higher rate, was believed to be conducive to
prompt buying by foreign spinners.
Spot cotton at the 10
pre¬
Exported to—
Great
to
Prices started with gains of 7 to 11
points, while foreign
on the
prospect that American cotton exports
would be stimulated
the exports for the week.
Week Ended
July 28, 1939
Exports from—
the terms of the program.
to
markets eased
aggregate exports have been 3,324,176
are
as
to be
973
vious
available
made at a rate of
lKc. a pound. Trade and foreign
buying developed in the early session, but profit
taking and
hedging did much to restrain the market in its upward course.
to
to date
was
during most of today's session, deriving its strength largely
from the report from
Washington that an export subsidy
program for the staple had been
determined, with payment
for the week ending this evening reach a total
of 21,170 bales, of which 4,516 were to Great
Britain, 830
season
Towards
Spot cotton interests reported a good forward business con¬
tinuing in the new crop cotton.
On the 24th inst. prices
Aug. 1.. 3,670,493 7,219,871 6,369,025 6,794,420 4,112,322
7,511,837
For the
stocks firmed.
a
information
The exports
bales, against 5,679,498 bales in the
Some demand also reached the
sources as
reaction set in, and the list sold off to the lowest
levels of the
day and to net logses of 2 to 5 points. Before
the session ended there was a
recovery from these levels of
2 to 6 points.
Trading was restricted by expectations that
an announcement
on
the cotton export
subsidy would be
issued from
Washington over the week-end.
No specific
'
2,366
4,255
7,562
New
offerings.
market from Wall Street
1933-34
2,842
7,774
2,819
2,926
Bombay
near
months combined with hedging in later
months, furnished the chief source of offerings. The market
developed a steady undertone and sold up to net advances
of 4 to 6
points.
Trade buying, representing mill price
fixing against last week's large cotton goods business, ab¬
3,714
1934-35
7,964
5,623
8,559
reflec¬
unchanged to 1 point higher.
The opening
range was 2 to 4 points net lower, with
trading
small proportions.
October liquidation and
100
1,217
6,038
4,071
5,286
1,335
79
a
Following this wave of selling traders appeared
cautious in their operations on the
upward side, there
being no real incentive to continue the upward movement.
On the 22d inst.
prices closed
53,593 7,219,871 1,878,171 2,333,858
1936-37
was
time during the week
more
Brownsville, Texas.
1937-38
8,795
one
taking.
In order that comparison
may be made with other years,
we give below the totals at
leading ports for six seasons:
Galveston
At
prices showed gains of almost $3 a bale from the leVels of a
week ago.
At this point there was considerable
profit-
20,856
29,100
500
29,173
The market's action
of
1,091
Baltimore
in
cotton
for future delivery during
the
moderately active, with prices moving irreg¬
conflicting influences.
11,122
100
Boston
tion of
609,966
649,771
106,272
16,761
629,677
62,236
5,245
2,121
147,440
38,877
472,674
546,545
a98,541
31,778
412,928
47,344
*54,159
was
ularly most of the time.
1938
1939
1,217 1,925,152
6,038 1,833,521
32,359
467,136
11,847
4",071 2,133,586
5,286
232,010
78,451
3,615
1,335
137,010
620
200,802
13
79,006
788
29,289
844
59,273
16,678
.
New Orleans
Mobile
.
Speculation
Stock
Since A ug
1 1937
Week
8,795 1,033,676
4,793 1,070,173
37,827 a353,354
__
Corpus Christi
Beaumont
.
1937-38
past week
Receipts to
July 28
755
\
a
continued
to
move
into
heavy volume of transactions.
new
high ground
A short time before
the close of business active months
registered gains of 10 to
14 points over the closing levels of the
preceding day. Around
midday prices were 11 to 16 points higher.
Despite the
worse
than expected Liverpool cables, futures showed a
steady tone at the opening, with initial prices unchanged to
3 points higher and a good turnover effected on the call.
There appeared to be small foreign
buying in the near
months today, with Bombay brokers active sellers in
May.
Trade accounts and Liverpool were buyers in October and
December, absorbing scattered liquidation and hedge selling.
Local professionals were good buyers in the more distant
deliveries.
Commission
Shortly after the call
a
houses
were
months advanced futures and the market
was
moderate
sellers.
heavy foreign demand in the
was
firm.
near
Trading
active.
On the 27th
The
cotton
inst. prices closed
market
for
7 to 12 points net lower.
futures
displayed a mixed tone
throughout the greater part of the day in a moderate vol¬
ume
of business.
Shortly before the end of the trading
period the list was two points above to four points below
yesterday's closing levels.
At noon the market was three
points higher to four points lower.
ket
responded to
The local futures
mar¬
than expected cables this morning
opened two to eight points.lower in a moderately active
trade.
Foreign accounts had selling orders in October,
worse
and
On
Shipboard Not Cleared for—
July 28 at—
Great
Britain
Galveston.....
Houston
New
Orleans
200
Other
Coast¬
many
Foreign
wise
300
269
__
Leaving
Ger¬
France
1,300
1,095
800
1,000
Stock
Total
600
904
34
2,300
3,107
2,614
61
1,206
4.976
Savannah
Charleston.
Mobile
some
There
short
covering
were
scattered
was apparent
on
the lower prices.
hedges placed in December and some
28.602
186
"186
Norfolk
Other ports
Total 1939-.
470.374
543,438
407,952
141,254
December and May, with buying coming mostly from local
professionals and Wall Street interests.
The trade bought
only moderately in the near months this morning, while
Southern
47,158
26,200
sold fair-sized quantities in.
the market slumped
under
202,624
Total 1938
1,750
6,528
Total 1937
5,338
1,361
2,242
2,381
900
2,314
3,568
4,318
17,744
7,619
2,240
3,033
558
10,569 1,867,602
31,861 2,301,997
19,464 1,079,613
liquidation also
came
in.
May.
Leading spot interests
Shortly before the close
increased
offerings from the
South, ring traders, and commission houses.
Today prices closed five to seven points net lower.
The
market displayed a weaker tone
today in a moderate vol-
short time before the close of business
showed declines of three to nine points
from the closing levels of the previous day.
Around mid¬
day the market was unchanged to
four points lower.
Futures failed to follow the better than expected cables
this morning and opened irregular, with prices three points
higher to three points lower.
Most of the activity centered
in the December position and was featured by active sell¬
ing in this month by a broker with Liverpool connections.
Most of these offerings, on the other hand, were well ab¬
sorbed by New Orleans trade and spot house accounts, and
December opened steady.
There was some foreign liquida¬
tion and hedge selling in December and March, and a little
Bombay buying apparent in May. Local professionals were
active
positions
sides of the market.
both
on
-
quotation for middling upland cotton in the
New York market each day for the past week has been:
The official
Mon. Tues. Wed. Thurs.
Sat.
July 22 to July 28—
Middling upland (nominal)
9.54
9.44
9.75
9.75
Fri.
9.68
9.58
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 Aug. 3, 1939.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over %-inch cotton at the 10 markets on July 27:
A
14
15-16
1 In. &
14
15-16
1 In. A
Inch
Inch
Longer
Inch
Inch
Longer
»
8.96
Sept. 1939..
Oct. 1939..
Nov
Fair
on
.91 on
.37
on
on
.85
on
St.
.65 on
.79
on
Mid
.62
on
Baals
Mid
1940..
Mar. 1940.'.
.16 on
.30
on
.44 off
.33 off
.48 on
.65
.31
on
9.12 July
8.99
July
26
7.26
Jan.
26 1939
8.99
8.40
July
22
22
8.83 July
26
7.29
Jan.
27 1939
8.83 July
8.30 July
22
8.72 July
26
7.36
Apr. 20 1939
8.72
July
26 1939
May 22 1939
8.62
July
27 1939
July
15 1939
8.49
July
26 1939
7.49
8.21
July
22
8.62 July
27
1940—
8.12"
July
22
8.49"
26
7.99
Volume of Sales for
.41 off
figures
given in bales of 500 lb. gross weight.
are
Open
July 21 July 22 July 24 July 25 July 26 July 27
New York
October (1939)
26,400
24,800
29,300
40,800
57,000
33,900
342,200
December,.
37,700
21,700
48,900
53,600
61,500
45,400
498,200
1,200
200
4,300
3,700
4,600
5,100
3,700
19,000
21,600
28,700
7~900
17.400
11,700
22,700
35,900
25,600
32,600
179,400
319,000
14,500
4,800
16,800
23,900
13,700
12,500
65,800
200
200
1,500
January (1940)
March
*
.58 off
.44 off
.33 off
•St.
1.15 off 1.08 off 1.02 off
2.32 off 2.30 off 2.30 off
Gray—
Good Mid
.63 off
.53 off
.43 off
.82 off
Mid
.73 off
.65 off
1.41 off 1.36 off 1.32 off
Not deliverable on future contract.
1938
1936
1935
1933
1932
Quotations for 32 Years
7.15c.
.11.70c.
1923.
1922.
25.45c.
21.75c.
1915.
1930
1914.
.--12.75c.
1929---.
-18.90c.
1921.
11.95c.
1913.
.--11.95c.
1928
8.67c.
11.21c.
12.85c.
12.05c.
13.00c.
10.50c.
5.95c.
.
.--
9.35c.
-19.30c.
,22.60c.
1920.
40.00c.
1912.
.--13.25c.
1927---.
1919.
35.15c.
1911.
.-.13.50c.
1926---.
-18.95c.
1918.
28.85c.
1910.
...16.05c.
1925---.
-22.80c.
1917.
25.20c.
1909.
.26.55c.
1916.
13.30c.
1908.
.--10.70c.
Market and Sales at New York
which show at
closed
on
the spot each
a
same
on
are
glance how the market for spot and futures
days.
Futures
Closed
Closed
Nominal
Nominal
Monday
Tuesday
July 19 July 20 July 21 Juy 22 July 24 July 25
Open
Nominal
Wednesday. Nominal
Thursday... Nominal
Nominal
Friday
Contr'ct
Spot
Steady
Steady
Steady
Barely steady..
Barely Steady..
Steady
(
1
I
1
1
t
1
1
1
I
I
1
1
1
I
Total
1
t
i
i
i
i
»
i
i
i
»
1
i
i
i
i
1
i
i
i
i
(
i
t
i
9,800
5,600
8,100
4,200
7,050
11,000
6,150
December
4,550
3,650
4,100
7,250
9,300
54,300
100
600
2,350
2,300
33,150
28,150
1,000
—
2",706
1~850
1,850
"366
2,650
1,150
700
3,100
1,200
4,250
4,750
July
3,450
400
1,400
50
1,600
1,200
7,700
23.250
13.100
19.100
9.850
22,900
29,200
213,150
Total all futures
II
t
i
81",070 126",200 207",270
highest, lowest and closing prices at New
York for the past week have been as follows:
Cotton tonight, as made up by
follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States for Friday
only.
telegraph, is
as
/ 1939
Tuesday
Wednesday
Thursday
Friday
July 22
July 24
July 25
July 26
July 27
July 28
Range,.
8.68n
8.77 n
8.97n
8.72 n
8.81n
9.01n
9.06«
8.60- 8.70
8.70- 8.75
8.73- 8.94
8.93-
9.09
8.92-
8.64
8.74
8.93
9.00-
9.02
8.93
8.59n
8.68n
8.87 n
8.94n
8.95 n
8.90M
Oct.—
8.96-
.
8.96
9.00-
9.00
8.96- 8.98
9.12
8.84- 8.96
8.98«
8.93M
__
Closing
_
—
8.88- 8.89
Nov.—
Range
Closing
_
__
Closing
_
Total Continental stocks
8.59- 8.65
8.61-
8.84
8.82-
8.99
8.81- 8.99
8.70-
8.54
8.62
8.81- 8.82
8.88-
8.89
8.81- 8,82
8.74- 8.75
8.69- 8.83
8.40- 8.40
8.47- 8.51
8.49-
Closing.
8.40
8.50
8.69n
—
8.68
8.76n
8.61M
Range-.
8.36n
8.45n
8.61 n
8.72 n
8.61M
8.54M
8.55- 8.70
8.45- 8.57
8.67
8.55
8.48- 8.49
8.48M
8.42M
Mar.—
Range..
8.30- 8.36
8.38- 8.44
8.39-
Closing
8.32
8.41
8.54r- 8.55
_
-
—
8.58
8.55-
8.72
April—
Range
__
Closing.
8.27 n
8.36n
8.48n
8.59n
Range_,
8.21- 8.21
8.28- 8.34
8.29- 8.49
8.44-
8.23
8.42-
8.62
8.33- 8.46
Closing.
8.31- 8.32
8.43- 8.44
8.62
8.42-
8.43
8.36
8.26n
8.38n
8.47M
8.36 n
May—
-
8.60
June—
Range.
Closing
.
8.19n
62,000
65,000
10,000
9,000
__
_
595,000
353,000
476,000
926,000
82,000
63,000
234,000
6./41.925 7,892,502 4,361,087 4,899,258
Liverpool stock
238,000
239,000
590,000
144,000
43,000
95,000
45,000
23,000
115,000
104,000
146,000
79,000
98,000
113,000
36,000
194,000
27,000
82,000
65,000
12,000
87,000
85,000
85,000
63,000
1,878,171 2,333,858 1,099,077 1,212,092
828,147 1,206,417
2,434,289 1,978,400
9,749
3,244
8,863
1,465
,
Manchester stock
American afloat for Europe
U. S. port stock
a.
.4,670,925 5,490,502 2,549,087 3,091,258
East Indian, Brazil, &c.—
Liverpool stock
444,000
47,000
65,000
36,000
40,000
Havre stock
Other Continental stock
Indian afloat for Europe
&c
8.12- 8.20
8.19- 8.26
8.18- 8.38
8
8.91
8.34
n
1*-
8 .17
Nominal.
—
-J
8.33- 8.49
g
d.3
!
8.318.31
99,000
48,000
43,000
459,000
76,000
53,000
33,000
23,000
419,000
58,000
61,000
45,000
75,000
1.
132,000
78,000
53,000
257,000
306,000
1,028,000
171,000
93,000
199,000
111,000
826,000
787,000
.2,071,000 2,402,000 1,812,000 1,808,000
.4,670,925 5,490,502 2,549,087 3,091,258
Total visible
supply
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple,s fine,Liv
6,741,925 7,892,502 4,361,087 4,899,258
5.40d.
4.99d.
6.12d.
7.10d.
9.58c.
8.67c.
11.23c.
12.85c.
7.29d
4.17d.
5.15d.
4.26d.
4.04d.
5.94d.
4.lid.
5.30d.
7.35d.
5.20d.
5.72d.
7.85d.
5.80d.
Continental imports
The above figures
for past week have been 85,000 bales.
for 1939 show an increase over last
week of 33,604 bales, a loss of 1,150,577 from 1938, an
increase of 2,380,838 bales over 1937 and a gain of 1,842,667
bales
ciooi""'
60,005
82,000
Bombay, India
Total East India,
Total American
429,000
234,000
207,000
916,000
over
At
the
1936.
8.30M
July—
Range.,
descriptions are as follows:
American—
8.65- 8.65
8.68M
Feb.—
Closing.
6,000
6,000
Of the above, totals of American and other
8.83
Jan. (1940)
Range__
29",555
1938
1,769,000 1,172,000 1,234,000
53,000
132,000
78,000
87,000
American cotton afloat for Europe
85,000
85,000
199,000
171,000
257,000
Egypt, Brazil,&c.,afl't for Europe
111,000
Stock in Alexandria, Egypt
93,000
306,000
257,000
Stock in Bombay, India
787,000
826,000
916,500 1,028,000
Stock in U. S. ports
1,878,171 2,333,858 1,009,077 1,212,092
Stock in U. S. interior towns
828,147 1,206,417
2,434,289 1,978,400
U. 8. exports today
9,749
3,244
8,863
1,465
Stock in
8.48- 8.58
—
53,000
26,000
19,000
Stock at Trieste
Egypt, Brazil, &c., afk>at_
Stock in Alexandria, Egypt
8.81M
8.87 n
Dec.—
Range
758,000
176,000
143,000
11,000
Stock at Venice and Mestre,
Manchester stock
Bremen stock
.
Range
819,000
157,000
146,000
9,000
Stock at Barcelona
Stock at Genoa
Total American
Sept.—
Range__
101,000
1,174,000
245,000
242,000
10,000
268,000
Stock at Rotterdam
U. S. interior stock
U. S. exports today
A«f?.(1939)
Closing
121,000
15,000
11,000
10,000
Total Great Britain
Stock at Bremen
Other Continental stock
Monday
9.03 n
1937
698,000
155,000
Stock at Manchester
Havre stock
_
1936
657,000
1,019,000
658,000
144,000
72,000
16,000
bales
588,000
70,000
July 28—
Liverpool
Stock at
Bremen stock
Saturday
Closing
.
The Visible Supply of
cable and
Total visible supply
Futures—The
87,500
i
i
....
1
Total week,
Since Aug. 1
Contracts
July 25
Total European stocks
India cotton afloat for Europe
SALES
Market
Spot Market
Saturday,
New Orleans
Stock at Havre
day during the
indicated in the following statement.
convenience of the reader, we also add columns
week at New York
the
102,300
..-12.75c.
1924-...
The total sales of cotton
For
66,900 141,000 179,500 191,300 132,500 1,463,800
Total all futures,.
1.67 off 1.64 off 1.62 off
Mid
•Mid
•Mid
1931---.
100
...j.
May
2.87 off 2.86 off 2.86 off
Yel. Stained—
St.
New York
—
March
on
•St. Good Ord. 2.12off 2.08 off 2.06 off
2.72 off 2.69 off 2.67 off
Ord
1934
September (1939)
October (1939)
Good Mid
9,58c.
—----
57,600
Inactive months—
January (1940)
.62
•Good
1937
July
•Low Mid
on
Contracts
July 27
.66 off
.30 on
1939
the United States Department
Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
of
.33 off
.65 off
26 1939
Future Delivery—The Commodity
Exchange Administration of
.22 on
.73 off
1.39 off 1.31 off 1.26 off
Mid
July
July 26 1939
.44 off
.50 off
.16 on
St. Low Mid...
Low
23 1939
22
1.52 off 1.48 off 1.44 off
•St. Low Mid- 2.22 off 2.20 off 2.20 off
Mid
.48 on
on
on
.57 off
♦Mid
Even
Mid
Mid
.09
.70 off
27 1939
9.12 July 27 1939
7.49 Feb. 23 1939
Tinged—
Extra White-
Good Mid
.06 off
St.
•St. Good Ord. 2.12 off 2.08 off 2.06 Off
2.72 off 2.69 off 2.67 off
•Good Ord
.79
Mid
Good Mid
1.39 off 1.31 off 1.26 off
Low Mid
Feb.
1 1938
July
9.00
10 1939
July
May 1940..
July
Jan.
8.48
7.58
•St. Low Mid.. 1.45 off 1.40 off 1.35 off
•Low Mid
2.21 off 2.19 off 2.17 off
.68 of t
St. Low Mid—
7.26
8.60 July
on
.48 on
.71
.54 on
Mid
•
.24
on
.48 on
Good Mid
St.
.09
.31 on
St. Good Mid..
St.
.77
.60 on
Apr. 11 1939
7.30 Jan. 24 1939
27
27
9.00 July
26
July
1939
Dec. 1939..
Jan.
8.12 Oct.
7.46
1039
lie
November
Spotted—
Good Mid
While—
Range Since Beginning of Option
Range for Week
Option for—
May
Mid.
July 29, 1939
prices at New York for the week ended
Range for future
A
sales.
of
ume
Chronicle
The Commercial & Financial
756
8.47
8.21- 8.34
8.25
Interior
Towns
the
movement—that is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
Volume
The Commercial & Financial Chronicle
149
757
corresponding period of the previous year—is set out in
detail below:
Saturday
Monday
July 24
July 22
Movement, to July 28,1939
Movement to Jldy 29, 1938
Tuesday
July 25
Wednesday
Thursday
Friday
July 26
July 27
Jidy 28
Aug. (1939)
September
Towns
Receipts
October
1,117
July
Week
74,084
457
Week
22,197
66,863
111
Montgom'y
392
88,752
627
9,412
51,131
1
24
45,096
871
66,770
14
3
132,033
360
154,406
39,000
144
~~43
60,472
159
Selma
Ark., Blythev.
Forest City
14,593
19,392
119,530
"89
426
136,629
632
37,756
4
139,345
2,186
157
98,136
39,288
354
48,622
14,488
31,950
132,966
2,117
137,993
3,800
14,100
29,771
16,952
500
Hope
39,036
Jonesboro..
Little
Rock
6,615
Newport..
Bluff.
438
Walnut Rge
Ga., Albany.
132
Athens
36
Atlanta
Augusta
Columbus.
1,254
2,150
...
300
.
Macon
796
Rome
La., Shrevep't
8,763
Columbus..
24
"45
205,021
2,879
6,936
119
16
339,740
1,104
1,924
31,869
1,985 104,311
22,452 2115,434
26,762
303,385
66,321
19,017
52,662
1,878
51,113
69
23,984
357
3,067
44
76,111
213,183
9,170
228
2,378
134
522,879
619
15
49
2",957
Paris
Robstown..
San
Waco
417
65,205
449
781
7,301
78
13,375
280
..
50,306 4874,914
60,463 2434,289
above
decreased
totals
show
that
800
35,050
47,602
16,990
6
31
1,465
a..
same
27,754
22,087
84
10,413
492
12,138
25,185
3,294
2,184
76,249
21,568
Via
Rain
Inches
3
1
0.15
—
Amarillo
......-
22,750
2,099
Corpus Christ!
Brenham
15
18,787
12,453
?
M
1
•_
Kerrville
Luline
a
and
are
have
tonight
The
year.
than
more
1937-38
Aug. 1
2,879
4,200
h
Aug. 1
h
3,067
3,150
h
-
h
h
2
0.24
h
dry
dry
dry
_
Oklahoma—Oklahoma City-
—
M
Arkansas—Fort Smith
Little Rock
Louisiana—New
1
Shreveport
Mississippi—Meridian
Vicksburg--
1.17
2
2
Florida—Jacksonville
--
Miami
■M
Pensacola
...
Tampa
Georgia—Savannah
Atlanta
<*
5
1
-
6
2
..
2
..
Macon
South Carolina—Charleston.
North Carolina—Asheville..
Charlotte
284
h
200
4,115
12,855
h
h
Tennessee—Memphis
h
23,387
h
689
h
2
2
..
Wilmington
6,830
h
h
.2
h
3,898
1
—
Virginia points
Via other routes, &c
83
68
86
73
91
Chattanooga
...
..
84
86
89
89
70
68
72
71
68
87
83
83
87
81
64
79
67
80
93
68
68
71
75
72
74
71
68
67
81
68
81 '
69
81
74
94
92
1.07
88
94
93
94
98
93
92
88
91
92
89
94
94
94
0.03
3.19
1.29
1.31
0.61
5.69
0.80
3.57
5.23
0.21
5
87
70
73
70
70
89
1.56
3
0.69
..
Nashville
80
72
90
2.33
3
2
60
94
94
dry
..
Augusta
90
67
1.37
'
84
68
76
1.01
6
.-
83
82
3.18
2.26
2.31
3
-J
Birmingham
Montgomery
71
0.31
4
..
84
93
103
0.16
3
2
..
-
0.96
4
..
0.02
2
Orleans—
Alabama—Mobile
0.86
3
--
Antonio
85
72
80
108
104
98
0.54
Taylor
Since
Week
2
San
stocks
69
95
104
98
100
102
98
98
108
100
104
dry
dry
Paris
San Antonio.
interior
82
96
94
0.02
Palestine
45,396 1978,400
Mean
75
61
68
0.08
dry
dry
dry
MM
■»
Paso
Low
99
99
100
Nacogdoches
26,2406692,995
-Thermometer
89
0.03
1
....-
Dallas
El
58
Steady,
High
dry
dry
"274
91,206
Quiet.
Steady.
Rainfall
Days
Texas—Galveston
Brownsville
42,175
stdy.
Cotton
rainfall.
.18,091
Via
Very
York
Quiet.
Returns by
Telegraph—Telegraphic advices to us this
evening indicate that rain is badly needed in Texlas. Progress
and condition of cotton is fair to
poor, except in the extreme
south, where picking and ginning advanced rapid y.
In the
Carolinas progress of cotton has been poor due to much
2,175
Since
Via Rock Island
Via Louisville
8.34
Quiet.
Steady.
establishing a new contract for
trading in the future delivery of cotton, the Board of Manag¬
announced on July 26.
It is expected that the only
important change will be substitution of a 15-16-inch basis
for the present Y%-inch basis.
a—
1938-39-
Mounds,
8.38
8.53
ers
32,912
5
the
Week
Via St. Louis
New
33
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
^
Steady.
of
436
week last year.
oQ
8.59
8.46
Quiet.
Abilene
telegraphic
,
8.66
8.51- 8.52
Exchange to Vote
Aug. 3 on New Futures Contract—A meeting of members
of the New York Cotton
Exchange has been called for Aug. 3
to consider a
proposal for
1,413
"28
8.43
Dull.
Austin
Overland Movement for the Week and Since
Aug. 1—
We give below a statement
showing the overland movement
for the week and since
Aug. 1, as made up from
r
8.31fr-8.32«
Quiet.
Steady.
Members
7,484
6
during the week 10,157 bales
July 28—
Shipped—
*
8.77
8.64
Tone—
511,021
455,889 bales more than at the same period last
receipts of all the towns have been 24,066 bales
the
34,200
65
14,035
115,102
93,578
17,456
a7,639
Includes the combined totals of 15 towns in
Oklahoma,
The
2,425
809
153,061
12,862 2718,014
46,120
18,054
16,732
46,509
_
Tot., 56 towns
*
915
32
Marcos
Texarkana
56.974
8.65
8.545-8.55a
134,935
56,361
15,010
202
Dallas
13,520
25,322
138,745
123,862
340
54,776
46,133
"79
24
..
29,893
486
253,420
"~7
149
Brenham
19,545
59,099
2
"283
28,347
1
22,013
15,588
Austin
110
533
1,060
551,880
12,494
3,355
2,467
38,416
38,343
1,383
1,937
34,843
10
86,473
147,564
17
Texas, Abilene
22,901
404
36,558
146,414
46,403
187,963
62,135
262,084
40,994
32
433
89
Tenn., Mem's
263
Options...
394
17,085
15,559
15,578
39,435
2,416
1,924
15 towns *.
Spot
"53
Oklahoma—
8. C., Gr'ville
23,767
9
60,524
20
8.25
150
500
1~550
507
8.49- 8.50
8.41
June
24,534
28,396
1,400
3,156
467
8.42
8.34
57
25,286
32,515
75,143
45,776
32,984
1,275
2~602
8,69
120,144
32,000
288
Mo., St. Louis
8.77
496
37
N.C., Gr'boro
8.88
July..
926
3,468
7,906
8.80
_
101,214
65,923
17,640
45,765
8.58
8.98- 9.00
April
45,539
239,647
180,634
29,559
8.83- 8.84
8.51
February
March
May
8
2
8.91
47,628
"~5
62
9.01
57,122
85,902
4,503
33,569
Yazoo City.
9.00-
261
12,334
205,252
Vlcksburg..
9.03
8.93
"575
25,969
75,108
24
...
9.12
8.71- 8.72
60,486
"13
"453
Greenwood.
Natchez
12,120
53,071
69,458
171,475
375
155,280
30,297
9.11-
8.65
21,094
8,122
1,265
275
86,762
Miss., Clarksd
Jackson
41
48,057
47,817
46,536
34,130
40,198
Helena
Pine
153
9.03
December.
Week
Season
Eufaula
8.83- 8.8*
29
ments
28
November
Stocks
Ship¬
Receipts
8.77
July
Jan. (1940)
Ala., Birm'am
Season
Stocks
ments
Week
Ship¬
81
84
82
80
84
82
81
83
59
62
78
74
56
70
70
79
81
68
81
68
81
Deduct Shipments—
1,022
h
h
245
h
h
13,442
h
5,469
h
14,709
h
8,678
4,638
_
Total to be deducted
Leaving total
-
net overland *
1938-39-
over
Nashville
Above
zero
of gauge.
9.5
10.2
Shreveport
cksburg
Above
zero
of gauge.
2.5
Above zero of gauge.
6.4
4.3
19.0
Since
Aug. 1
53,593
8,678
85,000
h
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
h
tions.
h
h
h
h
147,271
*9,156
h
do not include overland receipts nor
they are simply a statement of the
weekly movement from the plantations of that part of the
138,115
h
takings to July 28-
h
26,606
h
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
End.
1939
h
h
figures
h
h
Week
h
The
Southern consumption;
h
....
h
•
195,992
1938
1937
1939
1938
1937
1939
12,397
45,944
44,904
2795,440 2289,937 1322,016
Nil
24,610
40,825
16,918
31,296
17,042
28,231
26.
16.953
14,112
25,457
2757,237 2263,791 1255,379
2725,840 2237,238 1206,606
2692,156 2216,336 1162,626
2667,674 2194,843 1107,259
Nil
19.
16,498
10,724
15,932
17,870
17,425
23,761
9.
16,177
16.
so as to allow proper
>
1936
23,331
20,059
27,019
13,710
Nil
May
5.
12.
Quotations for Middling Cotton at Other Markets—
Below are the closing
quotations for middling cotton at
Southern and other principal cotton markets for
each day
1938
Apr.
28-
*
Decrease,
h We withhold the totals since
Aug. 1
adjustment at the end of the crop year.
of the week:
Feet
5.8
18.2
of gauge-
h
Total in sight July 28
North, spinn's'
zero
2.6
9.5
of gauge-
Above
Memphis.
zero
Week
206,149
*10,157
»
takings
consumption to July 1
Above
Aug. 1
Receipts at ports to July 28
73.527
Net overland to July 28
12,622
South'n consumption to July
28.-120,000
Total marketed
Interior stocks in excess
Excess of Southern mill
Orleans
-1937-38-
Since
Week
July 29, 1938
Feet
*
In Sight and Spinners'
July 28, 1939
New
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.
Takings
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
h
12,622
-
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
June
2.
23,325
2635,929 2167,585 1064,946
2600.639 2138,409 1030,620
Nil
Nil
Nil
15,944
2570.117 2119,356
998.705
Nil
7,966
Nil
Nil
23.
Week Ended
24,113
19,653
8,083
5,532
22,893
15,752
2541,961 2100,775
2512,919 2081,164
964,392
26,909
930,969
Nil
3,282
Nil
26,363
17,684
17,059
2490,599 2053,520
903,027
873,772
4.043
Nil
Nil
July
7.
July 28
Saturday
Galveston
Monday
Tuesday
Wed'day Thursday
8.96
Mobile
Savannah
9.44
9.54
Norfolk
9.50
9.25
9.60
9.45
9.50
9.64
9.74
9.93
10.01
9.15
8.90
9.25
9.45
9.15
9.50
9.20
9.23
9.15
9.40
9.43
9.73
9.80
9.19
9.11
9.45
9.38
9.43
9.53
9.50
9.80
9.80
9.05
Montgomery
Augusta
Memphis
Houston
_
9.15
9.35
9.40
9.70
9.45
9.93
9.25
9.10
9.35
8.44
8.54
8.73
8.81
8.73
9.35
9.00
Friday
9.20
9.03
9.35
9.28
9.49
9.65
9.40
9.08
9.20
9.05
9.10
8.86
14.
33,685
32,676
17,371
21.
8.88
9.15
9.14
New Orleans
Little Rock
Dallas
on-
36,239
30.
Closing Quotations for Middling Cotton
58,075
2462,476 2024,282
2444,446 1997,556
848,935
5,562
44,437
17,198
73,527
43,924
53,593
28,601
28.
55,199
2434,289 1978,400
828,147
63,370
44,437
3,438
Nil
Nil
34,411
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1938, are 4,514,046 bales;
in 1937-38 were 8,448,340 bales, and in 1936-37 were 6,216,627 bales.
(2) That, although the receipts at the outports
the past week were 73,527 bales, the actual movement from
the plantations was 63,370 bales, stock at interior towns
having decreased 10,157 bales during the week.
New Orleans Contract Market—The
for
leading contracts in the New Orleans
the past week have been as follows:
closing quotations
cotton market for
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
The Commercial &
758
July 29, 1939
Financial Chronicle
Bales
from all sources from whien statistics
obtainable; also the takings or amounts gone out of
for the last two seasons
are
period:
sight for the like
Cotton Takings,
Week
6,708,321
Visible supply July 21
h
138,115
h
16,000
5,000
h
19,000
11,000
h
h
801
Venice, July 22, Nishmaha, 268
To Havre, July 25, Hybert. 100--—
To Venice, July 24, Maria, 216.
200
h
400
5,000
h
6,000
h
h
8,149,963
h
To
6,741,925
h
7,892,502
h
188,588
140,388
h
h
257,461
210,061
47,400
h
48,200
—
h
h
West Indies, &c.
b Estimated,
h We withhold the totals since Aug. 1 so as to allow proper
adjustments at the end of the crop year.
from AH Ports
India Cotton Movement
Since
Since
Since
Week
1936-37
1937-38
1938-39
July 27
Receipts—
Week
Aug. 1
Week
Aug. 1
—
-
100
Bergen, July 20, Toronto,
50
100
—.
July 20, Toronto, 650
—
650
To Japan, July 20, Kunikawa Maru, 817
817
To Guatemala City, July 19, Sixaola, 200
200
BROWNSVILLE—To Ghent, July 22, Louisiana, 400-—
400
To Bremen, July 21, Memel, 1,3851,385
MOBILE—To Manchester, July 15, Antintious, 665__.
665
SAVANNAH—To Manchester, July 21, Schohari, 300--— 300
NORFOLK—To Antwerp, July 27, Black Condor, 5151
SAN FRANCISCO—To Japan, (?), 3,316
3,316
LOS ANGELES—To Manchester, July 21, President Pacific, 622-622
To Dunkirk, July 24, San Diego, 400
400
To Bremen, July 21, Oakland, 608
608
To Manila, July 19, President Van Buren, 25_ —
-—25
To Japan, July 21, Kansai Maru, 376; July 24, Tatuta Maru,
931; President Cleveland, 48
1,355
Aug. 1
Total
21,170
— -
-
—
11,000 3,132,000
19,000 2,500,000
16,000 2,387,O0C
Bom Day
1-345
268
100
216
100
-
—
To Gothenburg,
in Europe from Brazil, Smyrna,
Embraces receipts
*
July 20,
To Oslo, July 20, Toronto, 50-_
To Gdynia, July 20, Toronto, 100-
h
29
100
100
-
To
h
2S_------
Total takings to July 28
Of which American Of which other
50
79
Monrosa,
h
6,930,513
Visible supply July
-
.
h
195*992
Total supply
Deduct—
328
2,601
200
200
—
200
July 27, Lagaholm, 79
To Gothenburg, July 27, Lagaholm, 29
To Reval, July 27, Lagaholm, 100
To Tallin, July 27, Lagaholm, 100
NEW ORLEANS—To Genoa, July 22, Nishmaha, 544;
h
7,975,448
h
Bombay receipts to July 27-Other India ship'ts to July 27.
Alexandria receipts to July 26
Other supply to July 26 *0-_~
—
To Karlsalm,
h
- - - -- - - -
July 28--
American in sight to
Season
Week
Season
50
100
230
50
Liverpool, July 20, Atlantian, 328
To
To Manchester, July 20, Atlantian, 2,601
BROWNSVILLE—To Gdynia, July 27, Lagaholm,
To Gelfe, July 27, Lagaholm, 200To War berg, July 27, Lagaholm, 50
1937-38
1938-39
Week and Season
Visible supply Aug. 1
HOUSTON—To Ghent, July 25, Elizabeth Van Belgie,
To Havre, July 25, Elizabeth Van Belgie, 100
To Dunkirk, July 25, Elizabeth Van Belgie, 230
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Cotton
Since August I
For the Week
Exports
Great
Conti¬
Britain
nent
China
Great
Conti¬
Janap &
Britain
nent
China
Jap'n &
From—
Total
High
5,000
15,000
7,000
11,000
7,000
1938-39-.
3*666
1937-38--
20,000
17,000
83,000
252,000 1343,000 1678,000
76,000
84,000
287,000
776,000 1139,000
402,000 1576,000 2062,000
19,000
30,000
Other Indla-
1938-39--
5,000
1937-38--
6,000
5~666
11,000
313,000
263,000
1936-37-.
9,000
6,000
15,000
505,000
.45c
.60c
Flume
Antwerp
.46c
.61c
Barcelona
5,000
.45c
.60c
Japan
.46c
.61c
Shanghai
.61c
•76c
Hamburg
.46c
759,000 1353,000 2498,000
738,000 776,000 1853,000
396,000
339,000
589,000 1089,000 1576,000 3254,000
show
a
compared with last year in the week's receipts of
3,000 bales.
Exports from all India ports record a decrease
of 3,000 bales during the week, and since Aug. 1 show an
increase of 645,000 bales.
decrease
Shipments—We now receive
cable of the movenents of cotton at Alexandria,
The following are the receipts and shipments for
past week and for the corresponding week of the previous
Alexandria Receipts and
a
No quotation
x
Only small lots.
Liverpool—By cable from Liverpool we have the followstocks, &c., at that port:
July 7
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
spot cotton have been as
Monday
Tuesday
Wednesday
Moderate
Quiet.
Quiet.
This
Since
This
Since
1
demand.
Mid .Upl'ds
5.31d.
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
Market
opened
Market,
4
&c
To Continent & India —
To Manchester,
To America-
3,000
5,000
10,000
1,000
172,169
19 >,254
717,455
29,664
4,000
13*666
1,000
190,121
185,829
757,966
28,459
2,000
2,000
6,000
194,316
209,838
745,525
42,870
P. M.
Quiet.
Quiet.
Quiet; 3
Quiet:
un¬
changed
pts. decline
to 1 pt. adv
to 2 pts.
advance.
Quiet;
Q't but st'y
3 pts. decl. 1
3
to
pts.
advance.
ta2 pt.adv.
Liverpool for each day are given below:
Wed.
Tues.
Mon.
Sat.
July 22
5.40d.
5.39d.
5.37d.
5.29d.
5.27d.
Prices of futures at
19,000 1116,542 18,000 1162,375 10,000 1192,549
Total exports
Friday
#
Steady,
Quiet but
Quiet but
Quiet but
stdy.; 3 to stdy.; 6 to stdy.; 1 pt. 5 to 7 pts.
advance.
dec. to 3
9 pts. dec.
6 pts. adv.
pts. adv.
6 Stdy.; 1 pt. Steady; un¬
Quiet but Steady;
stdy.; 2 to pts. dec. to dec.to 1 pt changed to
15 pts. adv
advance.
6 pts. adv: 3 pts. adv.
■
Thursday
Quiet.
f
i
Futures
Since
2,000
82,000
12,000
follows:
Saturday
12:15
This
55,000
658,000
167,000
51,000
Liverpool market for spots and futures
day of the past week and the daily closing prices of
P. M.
5,000
8,845,637
51,000
690,000
194,000
50,000
5,000
106,000
14,000
The tone of the
each
Spot
2,000
10,362,147
July 28
uly 21
48,000
667,000
184,000
30,000
8,000
98,000
10,000
July 14
61,000
694,000
207,000
44,000
4,000
119,000
.17,000
Forwarded
Market,
1936-37
d Direct steamer.
ing statement of the week's imports,
two years:
1937-38
71c
.56c
.6lc
45,000
—
.71c
Stockholm
28,000
To Liverpool
.560
.61c
25,000
Export (bales)—
.60c
,46c
7,000
19,000
1,000
d.55c
Bremen
15,000
7,897,634
.60
Leghorn
Gothenburg
.90c
Bombay x
5,000
_
d.55o
.71c
12,000
17,000
1
Naples
,60c
9,000
Receipts (canlars)—
*
*
.56c
9,000
Since Aug.
Copenhagen
d.55c
5,000
1938-39
•
Oslo
1936-37-
Alexandria. Egypt,
July 26
Venice
Genoa
1192,000
According to the foregoing, Bombay appears to
1.00c
Salonlca
714,000
1937-38.i.
1.00c
d.85c
.60c
*
*
Havre
•
all—
1.00c
.85c
♦
d.45c
820,000
507,000
451,000
687,000
ard
85c
Piraeus
.60c
,75c
1938-39..
the
Manchester
Stand¬
Density
*
ard
d.45c
.
High
Stand¬
Density
Trieste
.60c
.45c
Rotterdam
1936-37--
weekly
Egypt.
ard
Liverpool
Bombay—
Total
High
Stand¬
Density
Total
Frl.
Thurs.
to
Egyptian bales weight about 750 lbs.
that the receipts for the week ended July 26 were
foreign shipments 19,000 bales.
Note—a cantar is 99 lbs.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
July 28
This statement shows
1,000 cantars and the
Market—Our report received by cable to¬
Manchester
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are not willing to pay
d.
d.
d.
New Contract
4.72
4.74
4.74
4.73
4.82
4.88
4.89
4.87
4.90
4.90
4.41
4.33
4.35
4.36
4.34
4.43
4.49
4.49
4.46
4.49
4.49
4.31
4.29
4.35
4.37
4.38
4.37
4.39
4.39
4.37
4.38
4.39
4.38
4.40
4.40
4.37
4.37
4.39
4.38
4.40
4.40
December
4.29
4.30
4.35
January vl940)-_
4.35
4.29
4.30
4.37
4.31
4.32
4.33
May..
4.38
4.33
4.36
4.35
4.33
July
4.38
-
4.34
October
4.33
4.34
4.35
4.34
4.35
4.36
4.35
4.36
+ m
4.31
March
for
d.
d.
d.
d.
4.80
October
January vl941)_.
We give prices today below and leave those
previous weeks of this and last year for comparison:
present prices.
d.
d.
d.
d.
July (1939)
March
—
-
-
__
—
-
4.39
_
4.33
—
--
4.37
-
4.35
-
-
4.36
-
-W
_
4.40
4.38
4.39
4.38
4.37
-V
«•
»
—
4.39
December.-
1938
1939
Lbs. Shirt¬
ings, Common
8M
32s Cop
s.
d.
d.
8
7K@
8.
d.
Middl'g
32s Cop
Upl'ds
to Finest
Twist
Twist
d.
d.
8K@
9K
5—
8%@
9*A
8H@ 9*A
@10
19—
9
26..
8K@
9VS
Cotton
d.
s.
9 10K
5.00
9K@10^
9
9
d.
4.41
4.42
4.40
4.39
L.—
Flour—The
local
flour
Friday Night, July 28, 1939.
showed considerable
market
Fairly heavy flour bookings were
6
@
9
9
4.96
activity the past week.
5.33
9
6
@
9
9
4.77
3
5.54
9K@10K
9K@10K
9K@10K
9
IK
@9
9
4K@
9
7K
4.68
9
@9
3
5.48
9
9
3
@
9
6
4.46
reported, and were largely for small bakers' account. Buy¬
ing interest in the Northwest was also reported to be
5.49
8U@
9K
@
9
3
4.43
9
IK
5.28
8 10K@
9
@10
9
9H
9
@9
9^@10H
9H@10
9
@10
9
@10
9
@9
3
5.77
8K@
9%
9
@
9
3
4.54
9
@9
3
5.76
9
@
9
3
4.69
9
@9
3
5.66
8K@ 9Ji
9
@10
9
1K@
9
4K
4.83
9
@9
3
5.62
9K@10K
9
1K@
9
4K
4.96
9K@10K
9K@10K
9K@10K
9K@10K
9
3
@
9
6
5.16
K@
9
4K
4.88
Ttlltr
July
7—
9
@10
9
@9
3
5.61
14..
9
@10
9
@9
3
5.52
21..
89H
8
28..
8K@
9%
8
10K@ 9
10K@ 9
3
5.23
IK
5.40
9
9
IK© 9
4K
5.06
9
1K@
4K
4.99
9
moderately
section
News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 21,170 bales.
The shipments in detail, as made
Shipping
from mail and telegraphic reports, are as follows:
GALVESTON—To Gdynia, July 21, Vigrid, 1,490
To Japan, July 20, KomakiMaru, 1,210
To China, July 20, Komaki Maru, 923.
To Havana, July 28, American Press, 291
To Buena Ventura, July 28, American Press, 100
To Cartagena, July 28, American Press, 116
Bales
1,490
*
1,210
923
291
100
116
of
active,
the
with large purchases reported in that
The sudden reversal in the pro¬
country.
longed downward trend of wheat
on
flour
apparently had its effect
consumers.
Wheat—On the
22d inst. futures closed 1 to 13^c. net
slumped today in an avalanche of selling
orders, prices reaching the lowest levels of the year—in some
lower.
cases
4.38
9
8 10K@
2_.
up
4.37
d.
9..
23..
-
4.41
4.39
Upl'ds
3
30..
_
Middl'g
4 80
@10
June
16..
—
4.39
—
4.38
4.35
May,'
-
BREADSTUFFS
May
12..
Shirt¬
ings, Common
to Finest
s.
April
28--
Lbs.
8X
Cotton
-
Wheat
the lowest in six years.
Apparently the selling
was a
liquidation which has been under way for
lowered wheat values
15c. a bushel and corn 12c. since the last of May.
Reports
of beneficial rains in the Canadian wheat belt, where a large
continuation of the
the last several weeks and which has
is near harvest, unsettled the market.
There was sell¬
ing of July contracts by interests which did not want to take
delivery of actual grain.
Trading in all July deliveries
ceased today and the outstanding contracts remaining will
be settled by delivery.
In the background, in addition to
crop
Volume
such
The Commercial & Financial Chronicle
149
factors
lagging international demand and
as
world surplus of wheat,
huge
a
July
corn
759
closing at 38% to 38 Yc., the lowest
any contract
nations at the London wheat conference as well as less war¬
like developments in Europe, with talk of an outbreak di¬
has been in six
years.
The market rallied slightly before the
close.
On the 24th inst. prices closed
% to l%e. net lower.
Corn fell more than a cent in
minishing.
contracts
reports of discord among the
were
On the 24th inst. prices closed 2% to 33dsc. net
swamped with selling orders
again today and prices tumbled to new low levels for the year.
lowef.
In
The grain markets were
levels
some cases
reached that had not been touched
were
in several years.
Wheat prices broke more than 3c. a bushel,
September contracts dropping as low as 60%c., the lowest
any wheat contract has been since last September and only
a cent
above the lowest point in seven years.
The basic
factors responsible for this pronounced weakness in wheat
futures were the heavy reserve stocks in
Europe and com¬
petition of Western hemisphere nations for export trade,
and less warlike European news—not to
speak of the huge
world surplus of wheat.
Execution of numerous stop loss
orders
accelerated the selling in the wheat pit.
Another
sharp increase in domestic visible supply, prospects that
Canada will produce one of its biggest crops on record, with
the harvest of spring wheat
already under way, were factors
that started renewed liquidation.
On the 25th inst. prices
closed
to lc. net higher.
As a result of the almost con¬
tinuous decline of several days, the wheat market seemed to
have become oversold, and
yesterday's session appeared like
a readjustment of its technical
position.
Early price gains
of as much as lL£c. were cut almost in half later, however,
but the market did show fairly substantial
gains at the close.
It was the first definite reversal of the recent steep wheat
market decline in several sessions.
Both foreign and domes¬
tic commercial and consuming interests acted to take ad¬
vantage of the low level of world prices, and sales of wheat
to millers and exporters
aggregated the best volume in some
Early reports indicated total North American export
business was around 2,000,000 bushels, half Canadian wheat
and half United States, but later
messages from export
time.
interests
were inclined to reduce the
figures on the domestic
grain and increase Canadian sales.
On the 26th inst. prices
closed 1 Y% to l%c. net higher.
The strength displayed in
the wheat markets today was ascribed
largely to improved
domestic flour demand and disappointing spring
wheat
threshing returns, which boosted wheat prices on the Chicago
Board as much as 23^c. a bushel.
Wheat for September
delivery advanced 2>^c. over the previous close to 63
and
December and May contracts gained \ Yc.
Liverpool prices
opened about as due on the basis of action here yesterday.
Cables said that disappointing action of North American
markets yesterday was offset by an unfavorable Canadian
Government weekly crop summary.
The Canadian crop
summary reported that hot weather during the last week
had taken further toll, and that grass-hoppers were a serious
menace to wheat plants in the southern section of the belt.
On the 27th inst. prices closed 1% to iy2C. net higher.
Advancing
more
than
lc.
bushel,
a
wheat
prices
today
extended the week's recovery to around 4c. above the 1939
lows touched Monday.
Expanded commercial demand for
wheat
and
market
was
factor
a
More
sold by
were
best
flour
today.
in buying which lifted the
300,000 bushels of cash grain
than
shippers here, mostly to millers.
business of this kind in
months.
reports
that
flour
ditional
crop
complaints from
belts,
but
the
conditions.
sales
forecast
had
It
the
was
This coincided with
improved.
There
the spring
wljeat and
predicted
more
ad¬
were
corn
weather
favorable
offers
of North American grains.
This, together with lift¬
ing of hedges on wheat and flour sales into consumer chan¬
also
orable crop
west and
selling,
of
the
was
particularly
slumped
selling of the latter
exports this
interest
in
DAILY
season
wheat
may
was
PRICES
PRICES
Mon.
OF
...
_
May-
tt
Season's
July
September
High and
79%
79%
December
80
May
68
DAILY
62%
63%
CLOSING
When
Made
I
PRICES
OF
——
October
-
...
November
----
December--
cent
in
corn
tracted
trade
attention.
some
in
Cables
continued
corn
61%
62 %
64%
Season's
WHEAT
51%
51%
53%
53%
Thurs.
81%
IN
Wed.
the
volume of previous
Today prices closed %c. off to %c. up.
Substantial
damage in western sections of the corn belt are conceded
by most traders, but the crop in the central and large pro¬
ducing territory, where additional good rains were received
overnight, is in good condition, according to most reports.
Corn prices, therefore, showed little further
recovery, hold¬
ing near the previous close. A favorable export basis again
prevailed at Liverpool.
Open interest in
DAILY CLOSING
PRICES
Low
63%
64%
66%
and
Mon.
July
July
July
62%
63%
Tues.
49%
50%
51%
51%
50%
50%
52%
52%
65%
67%
When
Oct.
62%
60%
FUTURES
64 %
DAILY
CLOSING
PRICES
OF
IN
July
September
December.
May.,
—
Season's
High and
55%
56%
December
45%
Wed.
51%
51%
.
53
53
Made
Thurs.
1939
Fri.
51%
52
52
53%
52
53%
53%
53%
Y to %c. net lower.
Losses of
new
as
much
as
records, with
Thurs.
54%
Tues.
IN
Wed.
38%
39%
40%
42%
39%
40%
43%
42%
Low
and
38%
38%
56%
Fri
56%
CHICAGO
Thurs.
38%
-
When Made
I
Season's
Sept. 24. 1938IJuly
Jan.
4, 1939 September
June
8, 1939) December
July 28, 1939|May
54
May
-
YORK
Wed.
FUTURES
Mon.
38%
39%
41%
NEW
52%
Fri.
41%
42%
41%
42%
45
45
When
39%
July
July
July
42
July
Made
22, 1939
25,1939
26, 193£
26, 1939
Oats—On the' 22d inst. prices closed %q. to
lower.
The heaviness of wheat and corn
lYc. net
together with the
generally bearish tone of the grain
resulted in a slump
quite active on the
selling side. On the 24th inst. prices closed %c. to Jic. net
lower.
Trading was relatively light in this grain, the wheat
market apparently occupying the attention of the trade. Oat
values were heavy and lower in
sympathy with the extreme
news,
in oats.
The short element appeared
weakness
of wheat
and
corn
markets.
On
the
25th inst.
prices closed unchanged to J/gc. higher.
Trading was light
and without feature.
Today prices closed l^gc. to lYc. net
higher.
Elevator interests were also substantial buyers of
oats, and with all grains showing substantial gains in values,
oats readily followed the upward movement.
the
oats
27tli
inst.
market
prices closed
moved
%
forward
to
in
l%c.
net
sympathy
higher.
with
the
pronounced strength displayed in the wheat and corn mar¬
kets, which, in turn, influenced considerable short covering
in
the
market.
oats
Today
prices closed Y to %c. net
heavy during most of the session,
influenced by the heaviness of the other grains and bearish
This market ruled
reports.
CLOSING
PRICES
OF
OATS
FUTURES
IN
CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
25
____
25%
26%
—
24%
High and
24%
26
26
26%
27%
27%
—
27%
29
27%
28%.
29%
27%
28
28%
When Made
I
Season's Low and When Made
10. 19391 July
24%
Oct.
18, 1938
May 25, 1939 September
24%
July 25,1939
May 25, 1939[December—_ 26
July 25, 1939
July 25, 1939(May
27%
July 24, 1939
June
35
33%
34%
29%
...
CLOSING
PRICES
OF
—
-
-
OATS
Sat.
24%
24%
24%
FUTURES IN
Mon.
Tues.
Wed.
23
23%
23%
24%
24
25
23%
24%
WINNIPEG
Thurs.
25%
26%
25%
Fri.
25%
26%
26%
Rye—On the 22d inst. prices closed Yc. to Ya. net lower.
64%
65%
66%
WINNIPEG
38,035,000
The market for rye futures appeared
5.1938
24
19.39
24*
CORN
IN
Tues.
53%
Sat.
July
September
CORN
Mon.
--53%
„
82%
24.'1939
OF
Sat.
No. 2 yellow
Fri
Fri.
corn was
bushels.
July.
CHICAGO
Thurs.
reported that international
below
YORK
80%
higher.
net
years.
DAILY
Open
lYc.
to
of the belt, even in areas where the
large
surplus of commercial corn is produced.
An increase in
the storage allowance under the corn
loan program at¬
December
.
60%
62%
64
at times established some
prices closed 1%
substantial gains today.
Weather
believed to be unfavorable for corn in
were
May
belief that
Wed.
Tues.
Corn—On the 22d inst. prices closed
All corn contracts fell to new 1939 lows.
a
inst.
sections
Season's
1940,
NEW
FUTURES
May 26. 19391July
May 31. 1939 Seotember
May 26. 19391December
July 28, 1939|May_
Sat
July-
IN
78%
Mon.
65
^
most
July
September
Some
year.
conditions
October
Tues.
77%
WHEAT
Sat.
December
encouraged by
WHEAT
80%
July
September
May,
bushel.
27th
December..
OF
Sat.
CLOSING
to
a
be smaller than last
No. 2 red
DAILY
lc.
the
May
89,860,000 bushels.
was
CLOSING
depressing
than
more
On
Corn prices also showed
December
forecast for showers in Canada touched off the
which
corn
July
September
news
which
contracts,
quoted under Argentine in the Liverpool market
trade
1Y to 1 %c.
net higher.
Trading in corn was relatively light.
Prices
ruled steady to firm much of the time.
There was no im¬
portant liquidation of futures.
Shorts were active in cover¬
ing at times.
DAILY
markets
a
States
for the first time in
months, a revival in corn export
was in evidence.
On the 26th inst. prices closed
crop
from the spring wheat belt and strength
helped an early upturn of about lc.
Later, private reports of good rains in the domestic North¬
foreign
Early
years.
buyers turned sellers later.
Heavy liquidation reflected the
substantial rains over much of the corn belt.
With United
lower.
helped the upturn.
Today prices closed %c. higher to %c. lower.
Wheat
prices fluctuated nervously today, alternately rising above,
then dipping below previous closing levels and
finishing
unevenly lower.
Continued good milling demand, less fav¬
in
bearish, and with the severe break in wheat values, there was
little support to the corn market outside of
profit taking by
shorts.
On the 25th inst. prices closed
% to %c. net lower.
Corn, which started higher with wheat, slumped almost 2c.
before the finish to new lows for the last six
On
reflecting the upturn this side of the Atlantic and firmer
nels,
been in
The
Liverpool prices advanced almost lc. at times,
today's trading, September
going to 38Yc., the lowest any corn future has
six years.
Weather and crop news was generally
relatively steady, this
largely to moderate short cover¬
ing and lack of the aggressive selling that depressed wheat
and corn markets.
On the 24th inst. prices closed
lYc. to
lMc. net lower. Rye being a bread-grain, naturally felt the
effects of the extreme drop in wheat values.
The highly
bearish world statistics and prospects of severe
competition
in world markets by the many nations
having abundant
crops, discouraged many holders of rye into letting go of
their commitments with the result that rye values
slumped
steadiness being attributed
for the movement. Shorts were
reported active
downward side of the market.
On the 25th inst.
prices
closed unchanged to* Yc. up.
Rye futures showed firmness
to new lows
on
during the early trading, but when gains of a cent were
shown, renewed selling developed resulting in a
disappear¬
ance of these early gains.
On the 26th inst. prices closed
lc. to 1 Yd. net higher.
Today's strength in rye values was
The Commercial & Financial Chronicle
760
largely to heavy buying by elevator interests.
of the grain was said to be encouraged by
attributed
Accumulation
on
27th
the
PRICES
RYE
OF
FUTURES IN
Man.
Toes.
CHICAGO
Wed.
Thurs.
United
When
When
and
and
54 H
56
44**
I
I
Made
Made
Sat.
45
15,
24.
24.
24,
July
1939
1939
1939
1939
Mon.
37*^
38*6
October
December
Tues.
DAILY CLOSING PRICES
36
37*6
Wed.
Fri.
Thurs.
36
37*6
Mon.
Sat.
38*6
39*6
37*£
38*6
Tues.
Wed.
38*6
39
WINNIPEG
Fri.
Thurs.
32*6
32*6
33*6
34*6
34*6
31*6
32*6
33
33*6
J.
December
32
33*6
33*6
34
34
34
32*6
34)6
4.80
Hard winter clears
5.90
Other countries...
10,257
23,257
56,000
No. 2 white
...
Rye. United States cJ.f
56*6
95,987
311,278
1,635,000
6,483,000
99,225
259,794
5,178.000
Total 1938.1.
Chicago, cash
41*6
59*6
59*6
...45-50
...
Oats
Corn
GRAIN
bush 32 lbs
881,000
5,041,000
bush 56 lbs bush 48 lbs
474,000
34,000
151.000
378,000
197,000
561,000
178,000
55,000
1,396,000
64,000
13,000
1,919,000
651,000
400,000
66,000
35,000
134,000
3,775,000
287,000
197,000
63,000
3,000
"33",000
40,000
416,000
52,000
16,000
55,000
31,000
City
4,330,000
201,000
68,000
3,016,000
227,000
136,000
673,000
16,000
73,000
-4*-----
Joseph.
m
m
m.m
*k, m
Wichita
33,000
1,875,000
31,000
4.
«, *
44
-
Wheat
m
m*
m
39,000
m
4,347,000
7,471,000
2,832,000
1,895,000
3,077,000
Same wk'38
417,000
Samewk '37
341,000
26,335,000
27,713,000
m.
rn
m m
m
m
"9~. 000
1,000
171,000
167,000
15,000
1,000
10,000
60,000
Wichita
...
429,000
23,000
Hutchinson
—
St. Joseph
City.....
Omaha
Sioux City
St. Louis
"
"
5,000
80,000
329,000
39,000
120,000
72,000
108,000
126,000
,
10,000
10,000
21,000
43,000
538,000
186,000
6,000
161,000
280,000
177,000
154,000
7,047,000
881,000
109,000
424,000
115,666
1,532,000
1,642,000
113,000
42",000
11,588,000
1,841,000
1,626,000
407,000
2,806,000
822,000
504,000
451,000
afloat
——
-
—
—
afloat
13,153,000
120,000
2,659,000
686,000
1,926,000
67,666
178,000
2,519,000
510,000
2,280,000
2,000
5,000
2,000
130,000
3,245,000
1,060,000
375,000
457,000
91,000
976,000
57,000
43,000
126,000
17,000
7,468,000
4,460,000
66,000
1939... 129,515,000 24,262,000
Total July 22,
3,000
108,000
981,000
4,205,000
125,000
17,000
1,127,000
37,000
10,380,000
On Lakes
20,000
2,000
5,332,000
included above: Oats—New York, 21,000 bushels;
total, 162,000 bushels, against 91,000 bushels In
1938.
Barley—Chicago, 1,000 bushels; Duluth, 149,000; total, 150,000 bushels,
against 306,000 bushels in 1938.
Wheal—New York, 267,000 bushels; New York
afloat, 40.000; Buffalo, 1,387,000; Buffalo afloat, 261,000; Erie, 720,000; Albany,
3,998,000; on Canal, 535,000, total, 7,208,000 bushels, against 2,423,000 bushels In
grain
Note—Bonded
not
1938.
Wheat
Oai8
Bushels
Rye
Bushels
Corn
Bushels
Canadian—
Bushels
Barley
Bushels
river&seab'd 35,504,000
2,046,000
50,000
Ft. William &Pt. Arthur
15,227,000
1,121,000
754,000
Other Can. & other elev.
37,202,000
1,458,000
5,125,000
748,000
3,573,000
Lake, bay,
848,000
8,629,000
1",919,000
5,175,000
5,332,000
8,629,000
7,468,000
4,460,000
1,919,000
5,175,000
22, 1939—.217,448,000 24,262,000 13,961,000
9,387,000
9,635,000
22, 1939...
87,933,000
Summary—
.....
Canadian...
...
129,515,000 24,262,000
Total July
87,933,000
of wheat and corn, as furnished by
the New York Produce Exchange, for the week
The world's shipment
ended July 21 and since
shown in the following:
July 1, 1939, and July 1, 1938, are
Corn
Wheat
Week
35,666
349,000
324,000
263,000
742.000
Week
Since
Since
July 1,
July 1,
1938
July 21,
1939
July 1,
1939
July 1,
1939
Bushels
1,161.000
Since
1939
Exports
Since
July 21,
m
Bushels
Bushels
Bushels
Bushels
Bushels
1938
340.000
12,868,000
75,000
4,000
19,534,000 383,068,000 327,485,000 114,225,000 26,018,000 96,239.000
20,119,000 312,821.000 163.452.000 80,515.000 17,941,000 82,146.000
HO
Ui, liUUl
emu.
glclUU
CLU
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
134,000
94,000
83,000
30,000
163,000
4,000
.
286,000
48,000
Rye
Barley
bush 56 lbs bush 48 lbs
114,000
22,000
Montreal..
43" 000
1,575,000
713,000
Boston....
19,000
28*,000
225.000
2,000
1,000
278,000
267,000
3,531,000
249,000
104,000
9,000
8,440,000
54,426,000
12,306.000
2,583,000
465,000
3,055,000
302,000
2,826,000
3,144,000
370,000
55,COO
450,000
7,767,000
57,350,000
61,132.000
3.242,000
Since Jan. 1
Week 1938.
10,537,000
2,101,000
4,427,000
9,509,000
632,000
2,032,000
1,280,000
1,115,000
2.434,000
3,043,000
8,799.000
32,744.000
40.979.000
4.813,000
15.322.000
26.987,000
.
3,056,000
India
Other
countries
_
Weather Report for the Week Ended July 26—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended July 26, follows:
characterized by scattered showers with
moderate to high temperatures in western parts of the country, while un¬
settled conditions which prevailed over the Southeast on several days of
the week brought heavy to excessive rains to many localities in the Cen¬
tral
and
South Atlantic
States.
The week continued practically rainless
prevailed in most of the Southwest.
Mean temperatures for the week averaged
and North Atlantic States, the eastern Ohio
225,000
Tot. wk. '39
539,000
12,453,000
in the Northeast, while dryness
392", 000
Three R'ers
360,000
3,531,000
The weather of the week was
"s, odd
16,000
30,000
Sorel.
163,000
7,001,000
9,000
17,000
_
4,656,000
Total..
27,000
24,000
_
New Orl'ns*
15,477,000
10.299,000
Black Sea.
follow:
Wheat
York.
12,298,000
3,688,000
No. Amer.
JL
UIJLO
Flour
Philadelphia
4,058,000
736,00(1
2,272,000
Australla
Receipts at—
1939
4,000
2,320,000
12.024,000
4,824,000
8,669,000
5,218,000
37,984,000
7,279,000
870,000
7,189,000
Fort Worth
197.000
2,498,000
the week ended Saturday, July 22, 1939,
Galveston.
2,000
30,000
mmmmmm
22,324,000 446,008,000 267,914,000 104,336,000 26,673,000 96,294,000
Baltimore.
12,000
19,000
Argentina.
A
New
8,000
9,000
New Orleans
Kansas
4,000
345,000
720,000
rnmmmmm
mm mm.
Since Aug. 1
....
Barley
Bushels
•
27",666
27.2n.000
1936
Rye
Bushels
56,000
344,000
mmrnmmm
m
m
336,000
454,000
1937
Oats
Bushels
...
Broomhall to
mm «.
m
mm.
mm
m
1,161,000
Tot. wk. '39
1938
Corn
Bushels
60,000
Baltimore
377,000
219,000
152,000
_•
Mr*.**
141,000
-
follows:
-
1,785,000
Sioux City.
Buffalo....
was as
00
STOCKS
93,000
19,000
Omaha
stocks in
Bushels
United State®—•
New York
Barley
Rye
953.000
Kansas
St.
bush 56 lbs
bush 60 lbs
1,379,000
Peoria
84,000
10,553.000 3.962.000 10.740.000
comprising the
July 22,
1iiUryy
seaboard ports Saturday,
Total July
Louis
supply of grain,
visible
American
St.
>
•
Wheal
....
15,000
Buffalo. 111,000: on Canal, 30,000;
of the last three years:
Toledo
69,000
56,000
Total 1939.....
On Canal...——
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Indianapolis
3,000
16,500
4.50 @5.00
40 lbs. feeding
Duluth
3,000
West Indies
Oats, New York—
Corn, New York—
Minneapolis
82,000
Brit. No. Am Cols
Buffalo
Barley, New York—
Milwaukee.
1,442,000
16,000
Detroit
GRAIN
230,000
4,900,000
253,000
Minneapolis
3.25
1.2-0.3-0.2
No. 2 yellow, all rail
1,307.000
33,781
51,500
52,750
Duluth
Coarse
Wheat, New York—
No. 2 red, c.i.f., domestic- 82*6
Manitoba No. 1, f.o.b. N. Y. 62*6
149,990
5,922
22,500
Milwaukee
Barley goods-
_
40,808
Kingdom.
Chicago
.......
Nom.
bbls 196 lbs
Bushels
So. & Cent. Amer.
3.95
Rye flour patents.
3.65
Seminola, bbl., Nos. 1-3—5.60
Oats good
2.35
Corn flour—
1.50
Fancy pearl (new) Nos.
Chicago
Bushels
Peoria
FLOUR
Flour
Bushels
Indianapolis
Closing quotations were as follows:
Spring pat. high protein._4.95
Spring patents
4.65
Clears, first spring
—4.25
Hard winter straights....4.65
Receipts at—
Bushels
Galveston.
OF BARLEY FUTURES IN
July
Hard winter patents...
1939
Barrels
Philadelphia
FUTURES IN WINNIPEG
36*6
*
1939
Fri.
46**
July
July
July
39
.
July
October
July 1
1939
July 22
1939
When Made
41H
44 M
May
PRICES OF RYE
DAILY CLOSING
and
38
December..
8;1939
May 31. 1939
May 31. 1939
July 28. 1939
58
45**
44**
Season's Low
_
July
September
June
46 H
July 22
1939
Continent
The
::::::::::::::::::
Season's High
December
Since
July 1
July 1
22
or.
41$ ra
%34%14 narof accumulation at lake and
44%
y principal points g%34
at
|
May..
Week
Barrels
39 H
July...
May
Since
prices closed
inst.
Sat.
July
September
Week
1939
July
July 1 to—■
CLOSING
DAILY
Since
Week
and Since
rye.
1V2 to l%c. net higher.
The strength in rye today reflected offering of loans at
rates expected to average around 35c.
a bushel to the
farmer, only 6 to 10c. below Chicago market prices.
Today
prices closed % to l%c. net lower.
Liquidation and short
selling in this grain, especially in the later deliveries, car¬
ried prices substantially below previous finals.
On
Corn
Wheat
Flour
Exports for Week
Government announcement that it would soon make known
loan rates
July 29, 1939
below normal in the Middle
Valley, and portions of the
Mississippi Valley and the Northwest.
In parts of Virginia and
adjacent sections, temperatures averaged from 6 to 7 degrees below normal,
but they were only slightly below average in the Northwest.
Elsewhere,
except as noted above, the week was generally warm, although the depar¬
tures were not abnormally large, being mostly from 3 to 6 degrees in the
lower Great Plains and about the same in the far West.
upper
.
^
Since Jan. 1
1938
*
on
....
2,197,000 10,202,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, July 22, 1939, are shown in the annexed
Temperatures in excess of 100 degrees were general over the Great Plains,
portions of the Great Basin of the West, and adjacent areas, and locally in
the Southeast.
Maxima of 90 to 95 degrees were reported locally in the
Northeast, but in much of the Lake region they were below 90 degrees.
The highest temperature for the week as reported from a first-order station
was 109 degrees at Fresno, Calif., on the 22nd, and 108 degrees at Okla¬
homa City, Okla., and Rapid City, S. Dak., on the 21st and 20th, respec-
tiVPrecipitation
statement:
Wheat
New York
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
113,000
Albany
41,987
56,000
6,000
11",000
43",000
28,000
225,000
Sorel
77,000
713,000
392,000
Three Rivers.
278,000
95,987
28,000
225,000
99.225
192.000
New Orleans.
Galveston
Montreal
Total week 1939
Same week 1938..
1,635,000
..
5,178,009 3,962,000
along the Atlantic coast and locally in Michigan.
were noted in the Carolinas and adjacent areas,
32.000
471 000
since
also frona the
central Gulf
.
.
.
,
The drought that began in the Northeastern States about the first of
July is now reaching serious proportions.
In New York State, where the
drought is most acute, damage from this cause is becoming daily more
serious and widespread, with the fire hazard increasing and streams and
in
In the New England States cool, dry weather early
retarding the effects of the drought, but toward
of hot weather again aggravated conditions.
In this
there have been 25 days with less than one-half inch of rainfall, and
becoming low.
the week assisted in
the close the advent
area
Heavy to excessive rains
where the weekly totals
,
The destination of these exports for the week and
July 1, 1939, is as below:
the Northeast, the Lake
ranged from 3 to over 7 inches.
Moderate falls were reported
middle Mississippi and lower Missouri valleys as well as in
States and locally in the lower Great Plains.
wells
i
continued markedly deficient in
region, much of Texas, and quite generally from the Great Plains westward.
In the first two areas rainfall was generally too light to measure, except
shallow-rooted crops are now reported badly hurt.
The effects of the dry
weather are less serious in Pennsylvania and New Jersey, but in these
States there is urgent
need for immediate, soaking rains.
Volume
The Commercial & Financial Chronicle
149
A
pressing need of rain is also becoming evident in the Lake region,
particularly Michigan and Wisconsin, where the growth of some crops has
been seriously stunted and the forest fire
hazard increased.
The droughty
area in
the south-central Great Plains is
becoming somewhat extended
due to the practically rainless week and
the occurrence of hot, dry winds
and high temperatures.
Some localities in this area reported maxima as
high as 115 degrees during the week, while the soil moisture is
badly de¬
pleted in most parts.
In portions of Wyoming and Colorado
well where there are
adequate water
irrigated crops are still doing
supplies, but there are increasin ^re¬
ports of a water shortage for this purpose, with
many canals reported dry
in southeast Colorado.
High temperatures and low humidities in many
portions of the Pacific Coast States have caused serious forest fire hazards
and grain, brush and timber fires were
fairly extensive in northern and
central
California, with an estimated burned
grain and brush 50,000.
acreage
of timber 30,000 and
In marked contrast to these
droughty areas,
Ohio and Mississippi
valleys are quite
conditions in most of the
satisfactory, with the major crops
in
fair to good condition and
making satisfactory progress.
of material rainfall
dining the week was not
The absence
seriously detrimental in the
spring wheat and winter wheat belts, as it enabled harvesting and thresh¬
ing operations to proceed practically
uninterruptedly.
In areas of the
Southeast
in
some
crops in
moderate
areas
this
to
heavy
that had been
area
rains were mostly beneficial, particularly
unfavorably dry, and the general progress of
is satisfactory.
761
Oklahoma—Oklahoma City: Unfavorably hott with hot winds several
days and maxima of 100 to 115 degrees at all stations on one or more
days.
Little rain soil moisture
badly depleted, except in scattered north and
centra areas where more than one inch
fe 1 on 22d.
Unfavorably for grow¬
ing crops.
Hybrid and other early corn mostly made, but progress of late
poor or deteriorated, due to
burning; condition poor to fairly good.
Prog¬
ress of cotton
poor to fair, with heavy shedding of squares and bloom in
extreme south; condition rather
poor in extreme south-central and extreme
southwest,
needed
but
rain
fail
to
badly.
Broomcorn harvest
very
Stock
near
good
water
end in
elsewhere.
low
many
Lindsay
area.
Most
gardens
and
truck
some being hauled.
Livestock fair to good.
areas;
Arkansas—Little Rock: Progress of cotton fair to
good, except some
west hill
sections, where poor due to heat and dry soil; normal shedding;
favorable for checking
weevil; blooming and boiling rapidly in nearly all
areas; soil moisture now ample at most stations.
Corn deteriorated to
fair progress in most of
west; fair to good progress elsewhere.
Too hot
and dry for
pastures, sweet potatoes, tomatoes, and vegetables in most of
west and central; favorable
elsewhere.
Tennessee—Nashville: Cotton helped by recent adequate rains;
progress
good; condition fairly good to good.
Erogress of corn excellent where
fell, fair elsewhere; condition of much
early in west rather poor;
now
rains
condition good
recent
good;
to
excellent in
central
and
east.
Tobacco suffered from
drought; considerable relief during week; condition averages
fairly
ready to cut.
Potatoes and truck doing well where adequate
some
rain.
Small
Grains—Harvesting winter wheat is practically completed
throughout the belt, while shock threshing is well started in the later
areas.
Threshing is advancing in the Northeast, with the present dry
weather favorable for
completion of this operation.
Whinter wheat is
mostly ripe in Montana and the heads appear well filled, while harvesting
is
general in the north Pacific
In the Spring Wheat Belt
harvesting operations progressed practically
some combining aws accomplished.
Rain is needed
in portions of
Montana, while too rapid ripening was reported in the latespring wheat districts of Washington.
Flax is mostly in the boll stage in
North Dakota, with some early
already harvested.
Rice is making good
uninterruptedly and
Erogress is nearly completed or wellthe early ripening in Louisiana.
in Southern States, with under way in the Ohio Valley,
arvest
in
Iowa
the
excessive
weediness
caused slow
fered with combining.
Oat
while
drying in shock and inter¬
Corn—Hot, dry weather in the western portion of the Corn Belt was
extremely unfavorable, with deterioration reported in many sections, al¬
though condition of the late drop is still being maintained in some areas.
In most eastern parts of the belt conditions
were much more satisfactory
and the crop made
generally good to excellent advance.
In Texas and Oklahoma late corn wilted
and deteriorated in some sec¬
tions, but the early was largely made before the advent of the hot, dry
weather; condition ranges from very poor to fairly good.
In Kansas corn
deteriorated in all sections and condition is now
very poor, although it is
still fair in some parts; tassels have been burned
and leaves fired in most
parts.
^
In Nebraska and South Dakota
hot, drying winds were unfavorable,
with slow deterioration noted in the former.
Soil moisture is badly de¬
pleted and grasshoppers are becoming damaging; condition of the late crop
remains fairly good.
In most sections of the belt from Missouri eastward
corn made good to excellent
progress during the week and is in generally
good shape; more than half the crop is tasseling and much is shooting ears
and silking, with the early in
roasting-ear stage.
In Iowa progress of corn was
generally excellent, with most of the crop
through the critical pollination stage this week under favorable conditions.
Considerable grasshoper damage has been noted in the northwest,
but
more favorable weather conditions later in
the week retarded this; some
local firing and curling is noted.
Cotton—Cotton made good progress in most central parts of the belt,
was too much rain
locally in the east and it was too dry in parts
but there
of the west.
In Texas progress and condition of cotton
were good in extreme south,
picking and ginning advanced favorably; progress and condition
were fair to locally poor elsewhere in this State
,with some sheding; rain
is needed generally.
In Oklahoma cotton made poor to only fair progress,
with heavy shedding of squares and bloom in the extreme
south; condition
is poor in some south-central and extreme southwestern
localities, but fair
to very good elsewhere.
where
In most central States of the belt
good to excellent progress is reported
quite generally, although only fair to poor in some areas; in most of these
States the weather favored
checking weevil activity and bolls are being
set rapidly in northern parts.
In the Carolinas progress of cotton was
poor due to too much rainfall and insufficient sunshine, but conditions
remains generally satisfactory, with openint noted in southern South Caro¬
lina.
Rapid opening was reported also from southern
Georgia
progress of cotton was
where
mostly good.
Weather Bureau furnished the following resume of
conditions in different States:
Virginia—Richmond: Rainy; cool.
Crops growing rapidly.. Cotton
good; injured slightly by standing water.
Corn excellent; earing.
Tobacco
not hurt by rains; cutting
apd curing.
Peanuts fine; free of weeds but
last working delayed by wet ground.
Truck excellent.
Digging early
potatoes; planting late.
Commercial fruit growing delayed by drought in
valley section.
North
Carolina—Raleigh: Unfavorably cold on 21-22d; otherwise fa¬
vorable; flooding rains on 20-21st in south and east.
Condition of corn
excellent; progress good.
Progress of cotton rather poor due to rain and
cloudy weather; condition good; about normal shedding; weevil activity
favored.
Heavy rains unfavorable for tobacco locally in southeast.
Truck
mostly satisfactory progress, except where flooded in southeast.
South Carolina—Columbia: Unfavorably hot in interior first few days;
adequate to heavy rains revived crops, but considerable local damage
already done, especially in northwest, to early corn, truck and gardens by
recent heat and drought.
Scattered wind, rain and hail damage.
Favor¬
able for rather rank cotton growth on coastal
plains; first opened in south
on
18th; satisfactory bloom and fruiting in north.
Tobacco harvesting
and curing well advanced.
Georgia—Atlanta:
Began dry but adequate rains most places middle
or 21st; too much or
flooding rains in few central and south¬
but locally soil too dry for pastures, truck, pecans, and sweet
potatoes, especially in north.
Progress of cotton mostly good; bolls opening
rapidly in south.
Tobacco harvest near end; markets opened 25th.
and south 20th
east counties,
Florida—Jacksonville: Favorable warmth; adequate rains; soil moisture
ample.
Progress and condition of cotton fairly good; favorable for
checking weevil; blooming and boiling rapidly.
More favorable for farm
work.
Good
tobacco crop ready for
market.
Sweet potatoes good.
Rapges fair; lowlands wet.
Citrus good condition; new fruit plentiful and
sizing well.
now
Alabama—-Montgomery: Adequate rains, except locally in middle-east
Progress of cotton mostly good; condition mostly fair to
good, though spotted and locally poor in middle and north; boiling well
to north.
Too dry locally in middle-east and
northeast, but local showers
helped most areasv and miscellaneous crops good condition.
and northeast.
Mississippi—Vicksburg: Conditions irregular; too dry locally in west
too wet locally in east, affecting
progress of corn; elsewhere
fairly
and
good.
Progress of cotton mostly fair; about-normal shedding; numerous
small bolls in early planted;
generally favorable for weevil activity in
east and more favorable for
checking in west.
Gardens and pastures
largely fair to good.
Louisiana—New Orleans: Progress of cotton
good to excellent; fruiting
rapidly; condition generally good; favorable for checking weevil.
Progress
of corn good, but rain needed locally;
early maturing; condition fair to good,
except locally in west where too dry.
Progress and condition of rice
good; early ripening.
Other crops doing well.
Favorable
warmth
in
extreme
south
and
extreme
west; too hot elsewhere; more rain needed generally.
Harvesting and
threshing wheat about over.
Late corn wilted badly, but
early made be¬
fore hot weather and in fair condition
generally.
Progress and condition
of cotton good in extreme south where
picking made excellent progress
and ginning advanced favorably; elsewhere
progress and condition mostly
fair to locally poor; some shedding in
north-central; rain needed generally
picking advanced to upper coast.
Too dry for truck and
ranges; some
deterioration.
Cattle rather thin in extreme west and
west-central, but
Rice good progress.
mostly good flesh elsewhere.
New York,
Friday Night, July 28, 1939.
Largely favorable weather conditions and the sustained
better feeling in the
security markets resulted in a fairly
good showing for retail business during the past week, al¬
though the severe drought in importantsections of the
country,
aggravated by a shrinkage in the prices of farm
products,
caused some pessimistic
forebodings concerning the buying
of parts of the rural population.
Home furnishings
neglected, but active demand continued for summer
power
were
apparel and
Fair
visitors
accessory lines.
In
exerted a growing
specialty shops.
Department
for the week ended
the local area buying by
influence, notably in th«~
store sales the country over
July 15, according to the report of the
Federal Reserve Board, increased
5% over the corresponding
week of 1938.
New York and
Brooklyn stores showed a
gain of 7.9%, while in Newark establishments an increase
of 8% was registered.
Trading in the wholesale dry goods markets continued
active, with buying of goods for the holiday season
becoming
more pronounced.
Staple domestics moved in good volume
and
more
interest
was
shown in
piece goods.
Retail mer¬
requirements for
August and September promotions. Wash goods moved in
chants
displayed growing
fair volume
fabrics.
eagerness to cover
and sustained interest was attracted to
rayon
in silk goods broadened
Business
somewhat, al¬
though the heavy fluctuations in the price of the raw ma¬
terial tended to restrict transactions.
Trading in rayon
yarns remained active with interest continuing to
spread
from the finer deniers to other counts.
While weaving plants
as heretofore were the chief
takers, the sale of knitting yarns
also broadened slightly as both underwear and
hosiery manu¬
facturers displayed more interest.
Surplus yarn stocks con¬
tinued their decline and
position
a
as a result of
the improved statistical
number of the smaller producers increased their
output to capacity.
Domestic Cotton
The
Texas—Houston:
THE DRY GOODS TRADE
area.
Goods—Following the previous week's
spurt in sales, trading in the gray cloths markets subsided
somewhat, although prices ruled firm, reflecting on the one
hand the substantial rally in the raw cotton
markets, and
the generally optimistic outlook in trade and
industry as
mirrored in the persistent upward trend of
and
security prices,
on
the other hand the belief that converters and
are still in need of considerable amounts
of
facturers
A feature of the week
manu¬
goods.
the growing interest shown in the
Business in fine goods turned quiet
were limited to minor
quantities.
Moderate inter¬
est existed in two-ply alpacas and
fancy shirtings continued
to move in good volume.
Closing prices in print cloths were
narrow
was
sheeting section.
and sales
follows: 39-inch 80's, 6He.; 39-inch
72-76's, 5>£c.; 39-inch
68-72's, 5% to 5^c.; 38^-inch 64-60's, 4%c.; 38^-inch
60-48's, 4Y2 to 4J<£c.
«
as
Woolen Goods—Trading in men's wear fabrics
remained
seasonally quiet.
A few duplicate orders on the new fall
suitings came into the market but generally manufacturers
confined their purchases to immediate
requirements.
Major
developments were the reviving interest in overcoatings and
Government inquiries on wool shirts and drawers for the
CCC administration.
Mill operations, still
supported by
the existing backlog of contracts,
generally maintained their
previous ratios.
Reports from retail clothing centers re¬
flected
a seasonal contraction in
sales with consumer
pur¬
chases of hot weather apparel items on the wane.
Business
in women's wear goods continued active and
reports were
current
forecasting
a
tightening delivery situation in
some
of the popular materials.
More interest was shown in flan¬
nels.
A feature of the period under review was the
increased
buying by retailers in connection with the forthcoming August
and September promotion events.
an
Foreign Dry Goods—Trading in linens gave indications of
early moderate revival, although current sales remained
disappointing.
Linen shipments from Belfast to this coun¬
try during the past month were valued at $738,272
compared
with $410,897 in June 1938, the rise
being taken as an indi¬
cation of
an improved
nearby outlook in this market'.
Busi¬
burlap continued quiet, but subsequently,
following
a
sharp price decline in the Calcutta market,
buying in¬
quiries broadened somewhat.
Domestically lightweights
were quoted at
4.05c., heavies at 5.45c.
ness
in
The Commercial & Financial
762
Chronicle
total assessed
The aggregate
Specialists in
Illinois & Missouri Bonds
Founded 1890
105 W. Adams St.
reported by Nassau County, where assessed property
The heaviest drop in total assessed valuations
reporting a loss of $85,739,840 due to a decline
of nearly $87,000,000 in the City of Rochester.
Figures for the five counties comprising New York City are as follows:
county was
values were up
$59,174,546.
occurred in Monroe County,
WIRE
ST.
1937
Assessed
1938
Assessed
314 N. Broadway
DIRECT
CHICAGO
valuations of the five counties comprising
New York City is shown in the table to be $16,769,332,722, compared to
$16,650,297,794 for the previous year. The aggregate total assessed valua¬
tions of the 57 counties outside New York City is $8,918,001,067, compared
to $8,973,570,132 in the previous year.
Although New York County remains the "richest" in the State, on the
basis of real property valuations. Queens County reported the heaviest
increase in assessed valuations among the counties of New York City—a
boost of $37,646,808.
In the State as a whole, the largest increase in total assessed valuations
in any one
Stifel, Nicolaus & Cojnc.
1939
July 29,
LOUIS
% of
Valuation
Valuation
Increase
$1,962,427,013
$1,938,546,942
$23,880,071
Kings
3,974,122,396
New York
8,230,477,593
Queens
Richmond
2,301,526,522
3,953,668,426
8,194,482,439
2,263,879,714
299,720,273
County—
Bronx-..
News Items
Arkansas—Vote
on
Road Bond Refunding Pending—Admin¬
Gov.Carl
on
and Senate anticipated completion
Bailey's bill to refund $140,573,000
for sine die adjournment of the
special session, according to Little Rock advices of the 24th.
highway debt by July 28
Administration thus far has accepted nine
has succeeded in
amendments and
voting down other attempts to revise the
original bill.
Principal changes follow:
•
300,779,198
found encouragement in the fact that real property
reduce 6.5-cent gasoline tax and automobile
highway fund revenues reaches $17,000,000 annually two
Original bill authorized reduction when revenue reached
Revenue in 1938 calendar year was slightly more than $13,-
Permit the Legislature to
license fees when
whole is from year to year being assessed at more nearly
its full value than in the past.
He pointed out that the average rate of
equalization for the State this year is 85.55%, compared to the 1938 average
rate of 85.10%, a gain of .45%.
'
■
The equalization rates, which are intended to neutralize the inequalities
of the level of assessment in the 62 counties of the State, are determined by
members of the State Tax Commission, sitting as the State Board of
Equalization, from figures assembled by Deputy Commissioner Daniel R.
Spratt, director of the Bureau of Local Assessments, Special Franchises,
Land Tax and Equalization.
In addition to Mr. Graves, who is president
ex officio, the board includes Tax Commissioners John P. Hennessey and
Ogden J. Ross.
The Commission fixed higher equalization rates than last year for 31
counties of the State, in setting up the 1939 table; established lower rates
for seven counties, and left the rates of 24 counties unchanged.
in the State as a
000.000.
and automobile license only if revenue
should fall short of $10,50 \000 annually as total of debt service and highway
and bridge maintenance.
Originally, this figure was $13,000,000.
Pledge gasoline tax and automobile license solely for debt service, road
construction, maintenance, bridge district and road improvement district
Provide for increase in gasoline tax
,
#
consecutive years.
$20,000,000.
.52%
.44%
1.66%
.35%
Commissioner Graves
istration leaders in House
of vote
20,453,970
35,995,154
37,646,808
1,058,925
Increase
1.23%
,
State—Investment Field for Banks Widened—
New York
William R. White, New
York State Superintendent of Bank¬
ing, recently announced that, pursuant to the provisions of
Section 14 (F) of the Banking Law, the State Banking Board,
the application of the Savings Bank Trust Co.,
banks in this State to invest in sev¬
eral of the recently-issued debenture issues of large corpora¬
acting
on
had authorized savings
aid.
Provide for sinking fund reserve when
highway fund revenue reaches
$15,000,000.
'
tions.
26 States During
1939—In the first half of 1939 26 State Legislatures killed
Chain-Store Tax Proposals Killed in
proposed chain-store taxes, either by direct action or by
letting the measures die with adjournment, according to
a survey of trends in chain-store taxation prepared by Carl
Byoir & Associates, Inc., of New York, and made public
recently.
disclosed also that levies of this type were held unconstitu¬
New Jersey, that repeal of existing
the legislatures of Michigan and Texas and cur¬
rently is awaiting action in Wisconsin.
Despite the fact that 34 State Legislatures considered more than 60
proposed measures dealing with chain stores, the survey noted that not
one new State was added to the anti-chain roster.
Proposed anti-chain
levies were killed by Legislatures in Arkansas,
Connecticut, Florida,
Georgia, Maine, Massachusetts, South Carolina and Illinois.
Eighteen
other chain tax proposals died when Legislatures in Arizona, California,
Colorado, Indiana, Iowa, Kansas, Minnesota, Missouri, New Mexico,
New York, North Dakota, Ohio, Oklahoma, Oregon, Utah, Washington,
West Virginia and Wyoming refused to act on proposed taxes before ad¬
journment.
Further evidence of what wak termed a complete shift in legislative trends
was noted in the failure of Representative Patman to obtain a Congressional
hearing on his chain-store tax bill.
The survey attributed the development of this legislative reversal to
mounting puDlic opposition to punitive and discriminatory taxation.
It
reported alo that American Federation of Labor groups had consistently
denounced all chain taxes as cuts in labor's "real wage," that farm organiza¬
tions in all sections of the country had condemned such levies, ppointing out
that efficient low-cost distribution provides fair prices for farmers, low costs
to consumers and expanding markets for agricultural products, and that
consumer groups are opposed to chain taxes because they tend to increase
Included in the list of issues approved
by the Board are the $25,000,000
Bell Telephone & Telegraph
debentures due in 1979 of the Southern
of 3%
Co., which were offered to the public recently; $50,000,000 of 3% debentures
due in 1964 of Socony-Vacuum Oil Co., Inc.: $60,000,000 of ZH % deben¬
tures due in 1951 and $40,000,000 of 3% debentures due in 1959 of the
Texas Corp.
The Superintendent
Board did not presume to pass on
in taking this action said the Banking
the question of whether the securities
investments for any particular savings bank.
This question, it was pointed out, could be decided only by the manage¬
ment of the banks, with due regard to aU relevant considerations.
listed
suitable
constitute
The survey
North
tional in Kentucky, Pennsylvania and
chain taxes was urged in
living costs.
Concerning In¬
Connecticut—Amendment to Regulations
of Trust Funds—We give herewith the text
228, Laws of 1939, dealing with the investments
legal for trust funds:
vestment
Be it enacted
by the Senate and House of Representatives in
of Chapter
considered
Section 776d of the 1937 supplement to the general statutes is
amended to read as follows:
Trust funds, unless otherwise provided in the
1.
creating the trust, may be invested in such real estate mort¬
the savings banks in this State may be authorized by law to invest
instrument
gages as
in, or may be deposited in savings banks incorporated by tnis State or in
the savings departments of State banks and trust companies located in this
State, or may be invested or reinvested in any bonds or stocks or other
securities selected by the trustee with the care of a prudent investor.
Any
bonds purchased by a trustee under authority of this section may, in the
discretion of the trustee, be in coupon form.
Sec. 2.
Section 777d of the 1937 supplement to the general statutes is
repealed.
New York State—Rise in Assessed Valuations
Indicated—
gain in assessed valuation of taxable real property in New
York State during the past year is indicated in the State
equalization table for 1939, made public on July 22 by Mark
Graves, Commissioner of Taxation and Finance. The table,
based on 1938 assessment rolls of the various localities,
A
assessed valuations of real property totaled $25,687,333,789, compared to $25,623,867,926 in the previous
shows
year.
"While
there
is
no
spectacular gain in
is nevertheless a wholesome indication."
Graves, in commenting upon the figures.
"Since 1931, when the assessed valuations touched
or
.25%,
real
$63,465,863.
the assessed valuation of
property in the State over the previous year, the increase of
said
a
ure
Commissioner
peak of $29,191,-
105,905. there had been a steady decline until 1937, when a gain of .29%
noted.
The second successive increase mirrors a steady recovery of
real property values and continued advances in new construction of homes
and business buildings."
Increased valuations in each of the five counJes of New York City
was
analysis of the figures revealed.
Aggregate
counties outside New York City declined
$55,569,065, whereas the total assessed valuation of New York City coun¬
ties topped that of a year ago by $119,034,928.
valuations of the 57
Committee
Formed
Rock, N. C., on July 18
organization and proced¬
to be inown as the "North Caro¬
Advisory Committee,"
The Committee elected as its chairman,
R. C. Kirchofer, of Kirchofer
Arnold, Inc.; Raleigh, N. C., and W. H. Woolard, of the Guaranty
Bank & Trust Co., Greenville, N. C. as vice-chairman.
Other members
of the committee are: J. N. Coburn of Waccamaw Bank & Trust Co.,
&
Whiteville, N. C.; Meade H. Willis of Wachovia Bank & Trust
ton-Salem, N. C.; R. S. Dickson of R. S. Dickson & Co., Inc.,
Co., Wins¬
Charlotte,
Russell F. Hall of Lewis & Hall, Inc., Greensboro, N. C.; W. Kelvin
Gray, N. C. Municipal Council, Raleigh, N. C.; T. E. Hemby of Ameri¬
can Trust Co., Charlotte, N. C.; R. L. Pope of First National Bank, Thomasville, N. C.; Philip Woollcott of The Bank of Asheville, Asheville, N.
C., and J. Lee Peeler of Kirchofer & Arnold, Inc.
The committee, which is representative of bankers and investment
bankers throughout North Carolina, was appointed through the coopera¬
tion of the North Carolina Bankers Association and the executive com¬
mittee of the Informal Group, North Carolina Investment Bankers Asso¬
ciation.
As its objectives the committee adopted a four-point program as
N. C.;
follows:
1. To determine how sources of authoritative,
formation as to local government units of North
and
made available to the committee
exhaustive and valid in¬
Carolina may be utilized
and the Commissioner of Banks.
To embark upon a program along broad educational lines to encourage
bankers in the interpretation and underatanding of financial
assist
information
as
to local government
units.
3. To provide the Commissioner of Banks with information so as
in the intelligent and practical groupong of obligations of local
ment
units in
to assist
govern¬
North Carolina.
4. To disseminate information of a broad
lines which will assist bankers to encourage
units to achieve
character along educational
officials of local government
improved credit standing and rating for their
bonds.
Compiled—The fourth
Texas—County Financial Statistics
annual edition of financial statistics
for the counties in the
by Garrett & Co., First Na¬
This booklet, first prepared
1936, has received much favorable comment because it
summarizes important data on each county, such as up-todate figures on outstanding debt, assessed valuations, popu¬
lation, 1938 tax rates, tax collection trend, &c.
We are ad¬
vised by P. B. (Jack) Garrett, President, that copies of
the 1939 edition will be sent upon request to the above firm-
State has just been prepared
tional Bank Building, Dallas.
in
States—Large Cost Rise Shown for State Govern¬
capita cost of operation and maintenance of
general departments of the 48 State governments was $20.28
in 1937 compared with $12.52 in 1932, an increase of 62%,
according to a preliminary report released on July 24 by
William L. Austin, Director of the Bureau of Census, De¬
United
ments—Per
partment of
Commerce*.
This report is Number 1 of a series of summaries of State finances now
being prepared by the Division of State and Local Government, in connec¬
tion with the restoration of the annual report of financial statistics of States
after
a
This
account for the State's gain,
assessed
of the combined groups
lina Securities
2.
convened■
Sec.
Advisory
held at Mayview Manor, Blowing
and 19, adopted definite plans for
and
General Assembly
Carolina—Securities
for Municipal Studies—Groups representing State banks and
Investment Bankers of North Carolina at a two-day meeting
each
lapse of five years.
report,
1937 previously issued for
statistics of general departments and
like the preliminary report for
State, presents separately the
public service enterprises, a separation not made in the reports on finan¬
cial statistics of States in 1932 and prior years.
A new classification of
of
Volume
The Commercial & Financial Chronicle
149
accounts was adopted for the
1937 report, and it is impracticable to presen
comparable data of prior years for some items of the new
clasification, it
was pointed out.
Thirty States Now Use Individual Income Taxes—The
July 15 issue of the "Wisconsin Taxpayer" carried the fol¬
lowing article:
Thirty States
were
imposing income
taxes
on
individuals
as
of Jan.
1,
1939.
In addition, Massachusetts
was levying a tax at varying rates on
different classes of income. New
Hampshire, Ohio and Tennessee were tax¬
ing income from intangibles and Indiana was
imposing a gross income tax,
sometimes classified
as a
sales tax.
Surtaxes
Four States
were
that
is
PLACENTIA, Calif.—BOND
OFFERING—It is reported that sealed
bids will be received until
7.30 p.m. on Aug. 1, by Nellie M. Cline,
City
Clerk, for the purchase of the following not to exceed
5% semi-annual
bonds aggregating
$70,000; $60,000 water system, and $10,000 city hall
bonds.
Dated June 30, 1939.
Denom. $1,000.
Due $2,000, June 30,
1940 to 1974.
The bonds are to be sold for cash
only and at not less than
par and accrued interest, and no bid shall
provide for more than one rate
of interest.
The opinion of
O'Melveny, Tuller & Myers of Los Angeles,
upon the validity of the bonds will be furnished the
purchaser.
Enclose
a certified check for
not less than 5% of the
par value of the bonds bid for,
payable
the
to
city.
levying surtaxes
on individual incomes, but Wisconsin
only State to levy two surtaxes.
Colorado imposed a tax of 2%
on residents' income
from dividends, royalties and interest.
New York
levied a 1% surtax on
ordinary net income, excluding certain capital gains
and losses.
§outh Carolina levied a special surtax of three to five per
cent on dividend and interest
income over $500.
The Wisconsin surtaxes consist of a
60% surtax computed at the normal
rates, deducting $25 for married persons, $10 for
single persons and $2 for
each dependedt and
taking 60% of the remainder.
The other Wisconsin
is the teachers' retirement surtax
computed by deducting $37.50
from the normal tax and
taking one-sixth of the remainder.
Of the 30 States
imposing a regular income tax on individuals, eight States
fixed personal exemptions the same as
those under the Federal Income Tax
law; that is, $1,000 for single persons, $2,500 for married
persons or heads
of families and $400 for
each dependent.
The States were: California,
surtax
Colorado, Georgia, Kentucky, Louisiana, Maryland, Mississippi and-New
York.
SAN FRANCISCO
(City and County), Calif.—BOND OFFERING—
It is stated that sealed bids will
be received until 3 p. m. on
Aug. 7, by
David A. Barry, Clerk of the Board of
Supervisors, for the purchase of a
$300,000 issue of airport bonds.
The issue will be dated Jan.
1, 1938,
and will mature $124,000 Jan.
1, 1940; $19,000 each Jan. I, 1941-44 and
$20,000 each Jan. 1, 1945-49.
'
The bonds are part of an issue of
$2,850,000 voted in 1937 of which $1,605,000 have already been sold.
On Feb. 7, 1938, $650,000 of the
issue
were sold as 2s; on July
25,
1938, another $305,000 as l%& and on Feb. 6,
as 1 7-10s.
block will bring the
outstanding bonds of this issue to $1,905,000.
last, $650,000
The
new
.
SAN MATEO COUNTY
(P. O. Redwood City), Calif.—BOND SALE
—The $10,000 issue of Belmont
Elementary School District bonds offered
for sale on July 18—V.
149, p. 443—was awarded to Donnellan & Co. of
San
Francisco,
as
3s, paying a price of 101.023, a basis of about
2.80%.
Due $1,000 from July 1, 1940 to 1949, incl.
Dated July 1, 1939.
Exemptions
Under the Wisconsin
law, personal exemptions are expressed in dollars
are deducted from the
gross tax, the entire income being taxa¬
Under the Federal law, as well as under the laws of
25 of the 30 States
with regular income tax
laws, personal exemptions are expressed in dollars
of income and are deducted from
the total income before beginning the tax
computation.
The personal exemptions under the
Alabama, Iowa, Minnesota, South
Dakota and Wisconsin laws are
expressed in terms of tax deductions.
of tax and
COLORADO
ble.
Single
persons whose incomes exceed $800 are
come tax in Wisconsin.
Exemptions for single
required to
pay a
State in¬
persons are lower than the
Wisconsin exemptions in the
following five States:
Wisconsin exemptions in the
following five States:
Idaho, $700; Kansas,
$750; North Dakota, $500; South Dakota, $600, and Utah, $600.
In
19
States the exemptions granted to
single persons are $1,000—the
the Federal low.
The highest exemption granted to
single persons
is $1,500 in Alabama, Arkansas and New
Mexico.
In seven States the
exemptions granted to married
same as
families
Iowa,
heads o;
Idaho, $1,500;
COLORADO SPRINGS, Colo—BOND SALE—The
$600,000 issue of
revenue refanding, Department of Public
Utilities, Division of Water and
Waterworks, semi-annual bonds offered for sale on July 24r—V.
149, p. 608
—was
lower than the Wisconsin exemption of
$1,600:
Kansas,
$1,500;
North
Dakota,
South Dakota, $1,100, and
Utah, $1,200.
The highest personal exemptions
$1,500;
Oregon,
$1,500
awarded to Boettcher & Co. of
Chicago, jointly, at
granted by any State is $3,000, granted
by Alabama.
Ten States have fixed the personal exemptions of married
$2,500—the same amount as is allowed under the Federal law.
Rate Schedule
Wide variation exists
among the States in the schedule of tax rates.
The
lowest rate is a flat
imposed in Maryland.
The highest rate schedule
is a graduated schedule of 1- to
15% on all net income over $15,000 in
North Dakota.
California also imposes a maximum rate of
15% on all
net income over $250,000.
The Wisconsin normal tax reashes the
7%
maximum on all net income over
$12,000.
Bidder—
Paul H. Davis & Co.,
Milwaukee,
and
Chicago-.Goldman, Sachs &
Price Bid
-----100.079 for 1 J£s
-
New
Co.,
York;
Adams & Co., Denver..
and
Engle,
100.0334 for lWs
Blyth & Co., Ch[cago; Harris, Hall & Co., Chicago;
Sullivan & Co., Denver, and Sims, Newman &
Co., Colorado Springs._ _;
100.397 for 1 %s
StrAnahan, Harris & Co., Toledo; and Donald F.
—
-
Brown &
Co.,"Denver_-|
100.216 for 1 %s,
„
alternative, 100.0171
the first $200,000
as l«£s, and last $400,-
.
&
Sept.
as
Co., Cleveland, and Paine, Webber & Co.,
Sidlo, Simons, Roberts & Co., Denver; Phelps, Fenn
& Co., New York, and E. W. Clark & Co., Phila-
delphia
l>is
100.1725for l?4s
100.02 for first $200,as 2 Ms,
and last
000
$400,000
HUNTSVILLE, Ala.—BOND CALL—It is reported that N. M. Payne,
City Clerk-Treasurer, is calling for payment at par and accrued interest
March 1,
or as
an
for
ALABAMA
1, funding bonds Nos.
1912.
Denom. $500.
Chase National
re-
Chicago; The Milwaukee Co.,
Kelley,
Richardson
&
Co.,
000
on
bidders
prices to yield from
0.30% to 1.25%, according to maturity.
It was reported subsequently that the entire issue
had been resold in
rapid order.
Other bids were as folllows:
Boston
Proposals and Negotiations
Co. of
as
BONDS OFFERED FOR INVESTMENT—'The
successful
offered the above bonds for public
subscription at
Otis
Bond
&
a
the bonds divided
—
persons at
Denver, and C. F. Childs
price of 100.03, a net interest cost of about
1.18%,
follows: $200,000 as 134s, due on
Sept. 1: $50,000
in 1940, and $75,000 in 1941 and
1942; the remaining $400,000 as 134s,
due $80,000 from Sept. 1, 1943 to 1947 inclusive.
on
persons or
are
$1,500;
763
still
delivering permanent Colorado River Waterworks 334%,
4% and 434% refunding bonds of the above district in
exchange for tem¬
porary bonds at its corporate trust department.
the
was
it
1 to 260, aggregating $130,000.
Dated
Due
March 1, 1942.
Payable at the
Bank, New York City, upon presentation of said bonds
with all unmatured coupons attached.
OPELIKA, Ala.—BONDS PUBLICLY OFFERED—An issue of $112,000
semi-annual refunding, series O bonds is
being offered by Ward,
Birmingham, for general investment.
Dated June 1, 1939.
3 34 %
Sterne & Co. of
Due June 1, 1940 to 1949.
Callable in whole or in part on
any interest
date at 102.
Legality to be approved by Storey, Thorndike,
Palmer & Dodge, of Boston.
as
1Mb
GRAND JUNCTION, Colo.—BONDS OFFERED
TO PUBLIC— An
issue of $100,000 2 34% water revenue refunding bonds is
being offered by
Boettcher & Co. of Denver, for public subscription at prices to
yield from
0.50% to 2.30%, according to maturity.
Denom. $1,000.
Dated June 1,
1939.
Due on Dec. 1 as follows:
$6,000, 1939 to 1943, and $7,000, 1944
to 1953, all incl.
Callable as a whole or in part in inverse numerical order
after 30 days' published notice, prior to Dec. 1, 1943 at
102.50, thereafter
prior to Dec. 1,1948, at 101.50, thereafter, prior to Dec. 1, 1953, at 100.50.
Prin. and int. (J-D) payable at the offiec of the City Treasurer, or at the
First
National
Bank
in
Denver.
Legality to be approved by
Myles P.
Tallmadge of Denver.
payment
CONNECTICUT
ARIZONA
SALT
POWER
RIVER
DANBURY, Conn.-BOND OFFERING— John E. Kane, Town Treas¬
PROJECT AGRICULTURAL IMPROVEMENT
DISTRICT
(P.
O.
Ariz.—BONDS OFFERED TO
PUBLIC—The International Trust Co. of Denver is
offering for public sub¬
scription a block of $4,135,000 4%% municipal bonds.
Denom. $1,000.
Due serially from 1948 to 1964.
Coupon bonds, registerable as to principal.
Legality approved by Chapman & Cutler of Chicago.
The district reserves
the right to redeem the bonds in 1948, or on any interest
payment date there¬
after upon 45 days' notice at par and accrued interest
plus a premium of
34 of 1 % of the principal for each year or fraction of year of the term thereof
which has not expired at the date of the redemption,
provided the premium
shall not exceed 3% of the principal.
These bonds are the second instalment of an issue of
$13,000,000 all of
which will be used for the calling and retiring of indebtedness of
the associa¬
tion bearing a higher rate of interest.
None of this issue will represent new
debt.
California
that the Board of Selectmen will receive sealed bids until
(EST) on July 31 for the purchase of $275,000 coupon funding
Aug. 1, 1939.
Denom. $1,000.
Due Aug. 1 as follows:
$28,000 from 1940 to 1944, incl. and $27,000 from 1945 to 1949, incl.
Prin.
and int. (F-A) payable at the First National Bank of Boston.
Bidder to
name one rate of int. in a multiple of M of 1 %.
These bonds will be valid
general obligations of the town, and all its taxable property will be subject
to the levy of unlimited ad valorem taxes to pay both prin. and int.
(except
that certain classes of property such as classified timber lands are taxable
at a limited rate).
They will be engraved under the supervision of and
authenticated as to their genuineness by the First National Bank of Boston.
The legality of this issue will be examined by Ropes, Gray, Boyden & Per¬
kins or Boston, a copy of whose opinion will accompany the bonds when
delivered, without charge to the purchaser.
The original opinion and com¬
plete transcript of proceedings required in the proper issuance of these bonds
will be held in custody by the First National Bank of Boston and available
for inspection upon request.
urer, announces
AND
Phoenix),
11
Bell
OFFICES
IN
Barnett National Bank
CALIFORNIA
r™rt^dbTlIai^B.
Riley, State Controller, that he received sealed bids until 11:30 a. m. on
July 28, for the purchase of $3,848,200 registered warrants.
Dated Aug. 3,
1939.
Due on or about May 28, 1940.
LOS ANGELES COUNTY SCHOOL DISTRICTS
(P. O. Los An¬
geles), Calif.—BOND SALES—The following issues of bonds aggregating
$29,500, offered for sale on July 25—V. 149, p. 608—were awarded to
Dean Witter & Co. of San Francisco, on these terms:
$20,000 Garvey School District bonds
a
basis of about 3.22%.
incl.
as 3 Ms, paying a
price of 100.21,
Due $2,000 from Aug. 1, 1944 to 1953
9,500 Bloomfield School District bonds as 4s, paying a premium of
$26,
equal to 100.273, a basis of about 3.97%.
Due from Aug. 1,
1940 to
1958 incl.
METROPOLITAN
WATER
DISTRICT
OF
SOUTHERN
CALI¬
FORNIA (P. O. Los Angeles), Calif.—BOND EXCHANGE STILL IN
PROGRESS—It Is announced by the Chase National Bank of New York
FLORIDA
Branch Office:
CITIES
CALIFORNIA (State of)—WARRANTS SOLD—A
$4,000,000 issue of
unemployment relief, registered warrants was offered for sale on
July 26
and was awarded to R. H. Moulton & Co. of Los Angeles, at a rate
of 4%,
plus a premium of $14,112.
Dated Aug. 1, 1939.
Due on or about
May 28, 1940..*
Iwaaail
i IflE'iaiarifciaiirfli
'
is
Building
JACKSONVILLE
First
-ASmTlONAtrWA^RANTS"OFFERED-lt
BONDS
Clyde C. Pierce Corporation
Street, San Francisco
PRINCIPAL CALIFORNIA
Dated
FLORIDA
System Teletype SF 469
OTHER
m.
Municipals
Bankamerica Company
485 California
a.
bonds.
National
Bank
Building
T.
TAMPA
S.
Pierce, Resident
Manager
FLORIDA
FLORIDA, State of— SUMMARY OF MUNICIPAL SITUATION—
The following report is taken from the July 20 issue of the monthly quotation
sheet gotten out by A. B. Morrison & Co., Miami:
Since our June bulletin the Florida municipal market has been charac¬
terized by a dearth of attractive offerings and by a softening of prices on
numerous issues.
This latter condition was caused largely, in our opinion,
by earlier disquieting rumors as to the number of defaults which would
occur July 1
on county and road district issues because of the Supreme
Court decision mentioned in our last bulletin and the Governor's
vetoing of
the bill designed to get around it.
While there were defaults in some
»
seven
or
eight counties attributable
the decision mentioned, the total was far less than rumor had led
people
to believe and most of the defaults will, we feel, be corrected at a
to
fairly early
Nevertheless the publicity has had an unfavorable effect on prices.
Activity in the market seems to be confined largely to certain issues and
there is by no means a widespread demand.
There appears to be a
hesitancy
on the part of investors to step out for bonds.
There is no question but that
date.
the
stoppage of gas moneys to certain counties which have exhausted their
allocations (even though more or less temporary in
many cases), may have
a serious effect in several situations.
It has emphasized one
thing
we
have
maintained right along, that too much reliance should not be
placed on the
gas tax but that the real test of a bond is its ability to perform from ad
valorem taxes alone.
j
The Commercial & Financial Chronicle
764
nothing alarming in the Florida picture, nothing changed in
general conditions, ability and willingness to pay are
Relatively few counties and road districts are affected, as the
There is
far
so
resources,
as
concerned,
gas tax allocation continues unchanged in most
in those situations where trouble is occurring
of them.
The bond holder
should remember that this
totally unexpected and unforeseen, and that some time is
necessarily required for the counties to adjust themselves to the changed
conditions.
Every effort is being made to clear up these situations and we
believe as stated above, that most of them will be remedied at an early date.
whole thing was
(P. O. Bradenton), Fla.—SINKING FUND
BONDS SOLD—We are Informed by Joseph A. Sperry, County Auditor,
that at the offering on July 20, of a total of $142,250 bonds owned by the
county sinking funds—V. 149, p. 285—a total of $106,250 of such bonds
were awarded to Kuhn, Morgan & Co. of Tampa, as 5s, 5Ms and 6s, at an
average price of about 96.50.
No bids were received for the remaining
$36,000 of obligations.
MANATEE COUNTY
BEACH, Fla.—BOND ISSUANCE CONTEMPLATED—It is
Manager, that no definite plans have
of bonds, but because funds may be
needed for the city's building program, it may be necessary to float bonds
MIAMI
stated by Claude A. Renshaw, City
been made as yet for the issuance
in the future.
GEORGIA
COLUMBUS, Ga.—CHAIN STORE TAX SUSTAINED—The city
passed by the City Commissioners early this year, levying a
special license tax on chain stores based on the number of stores in a chain
throughout the country, was sustained in an order handed down by Judge
C. F. McLaughlin in Superior Court at Columbus on July 25.
After the ordinance became effective the first of April, local chains were
given until May 1 in which to pay and a few of the smaller ones did..
Cases
were made in police court against four of the larger chains by the city au¬
thorities in order to bring the question into the courts for test purposes.
ordinance
Those
against whom cases were docketed were the Atlantic & Pacific Tea
Co., which was the specific case proceeded with; Lanes Drug Stores, Inc.;
H. L. Green & Co. (Silver's), and Sears, Roebuck & Co.
The decision in the A. & P. cases governs in the others.
Petitions for
Injunctions to stop the city from collecting the tax, that ranged on chains
of 10 stores and more from $50 to $1,200, were then brought in Superior
Court by the four local business establishments and arguments in these
were heard by Judge McLaughlin on July 6, when he took the record under
consideration for study, his decision to be announced later.
CONSOLIDATED
HARTSFIELD
Hart
SCHOOL
DISTRICT
(P.
O.
afield), Ga.—BOND SALE—The $3,000 auditorium
bonds offered
July 21—V. 149, p. 444—were purchased at a price of 107.20,
according to the Superintendent of the Board of Education.
for sale
on
the transaction, at a cost
PURCHASERS—The
successful
bidder
was
Wayne,
Martin &
Co. of
Atlanta.
HAWAII
HONOLULU
(City
and
County),
Hawaii—CONDITIONAL BOND
PURCHASE—It is reported that Brown, Schlessman, Owen & Co. of Den¬
have purchased, subject to a grant from the Public Works Administra¬
ver,
tion, the $700,000 4% semi-ann. water revenue bonds that were offered for
sale without success last October—Y. 147, p. 2893.
Due $28,000 from
Oct. 15, 1943 to 1967, incl.
ILLINOIS
COUNTY (P.
COOK
O. Chicago),
BUREAU ESTABLISHED—The
for
collection
the
of delinquent
new
III.—NEW TAX COLLECTION
centralized bureau of county officials
headed by John Toman, County
Treasurer will begin operations in the near future, according to Chicago
press notices.
Operation of the bureau is planned along the lines of similar
movements in several other large cities.
Detroit and Cleveland are said to
have provided outstanding examples in improving the tax collection situa¬
tion by the application of systematic business methods.
The new bureau
first will send fetters to taxpayers whose real estate taxes have been delin¬
Toman.
It will be
explained that, because of the delinquency problem, tax
bills are 15 to 20% larger than they would be otherwise.
The county will
permit the payment of arrears on an instalment basis.
HERRIN, 111.—BOND ELECTION—At a special election to be held on
Aug. 22 the voters will pass on a proposal to issue $325,000 municipal elec¬
tric light plant bonds, to be secured only by revenues of the system.
ILLINOIS
(State
of)—GOVERNOR
VETOES
LOTTERY
BILL—
Henry Horner on July 25 vetoed as unconstitutional a lottery
scheme designed to raise millions of dollars to clear Chicago's slums.
The
Governor said the plan was contrary to a section of the State constitution
prohibiting the sale of lottery or gift enterprise tickets,
Governor
JERSEY
(P. O.
Jerseyville), 111.—OTHER BIDS—The $50,000 road
bonds awarded to the
Mississippi Valley Trust Co., St. Louis,
plus $433.50 premium, equal to 100.867,
p. 609—were also bid for as follows:
a
as 2s at par
basis of about 1.85%—V. 149,
Bidder—
Premium
Int. Rate
Paine, Webber & Co.
Baum, Bernheimer Co
White-Phillips Corp
State Bank of
$176.00
79.00
512.00
440.00
382.50
2%
2%
2 U. %
Jerseyville
2U%
2 M%
2 H%
2M%
2M%
Channer Securities Co
8tix&Co_
John Nuveen & Co
Bartlett, Knight & Co
237.75
159.50
135.00
MORRISONVILLE, 111.—BONDS SOLD—An issue of $6,000 5% sewer
was sold to BaLlman & Main of Chicago.
Due in 1953. Bonds were
bonds
authorized at
an
election
on
June 27.
The bonds are dated June 15, 1939,
Dec. 1 from 1949 to 1954, incl.
in $1,000 denoms. and mature $1,000
Principal and interest (J-D) payable
Co., Chicago.
Legality
approved by Holland M. Cassidy of Chicago.
on
at the Continental Illinois National Bank & Trust
VERMILION
COUNTY
(P. O. Danville),
111.—BOND SALE—Paine,
tuberculo¬
Webber & C9. of Chicago obtained award on July 25 of $80,000
sis sanatorium bonds as Is, at a price of 100.072.
of $1,023,263, and to provide the $300,000 for
Present plans
call for sale of the proposed revenue bonds at
competitive
bidding.
INDIANAPOLIS SANITARY DISTRICT, Ind.—LOAN OFFERING—
James E. Deery, City Comptroller, will receive sealed bids until 11a.m. on
Aug. 10 for the purchase of $100,000 not to exceed 6% interest notes or
warrants, comprising $50,000 dated Aug. 10, 1939, and $50,000 dated
Sept. 11. 1939, all due on Nov. 13, 1939.
Interest payable at maturity.
Principal and interest payable at the County Treasurer's office or at one of
the authorized depositaries in the City of Indianapolis.
The notes or war¬
rants shall import no personal obligations for their payment and shall be
payable only out of the taxes actually levied and now in process of collec¬
tion under Section 21 of an Act of the General Assembly of .the State in the
year 1917, and are issued under and pursuant to the provisions of said Act
of 1917, approved March 9, 1917, and all Acts amendatory thereof, and
particularly under and pursuant to Section 21 of said Act, approved March
9, 1917, as amended by the Act approved March 7, 1923, and as last
amended by an Act approved March 6, 1937.
t*
ST.
JOSEPH
COUNTY (P. O. South Bend), Ind.—BOND SALE—
The $350,000 series I advancement fund (poor relief)
28—v. 149, p. 143—were awarded to the Harris Trust
bonds offered July
& Savings Bank of
Chicago, as Is, at a price of 100.27, a basis of about 0.95%.
Dated July
1, 1939 and due $35,000 on June 1 and Dec. 1 from 1940 to 1944 incl.
Harriman Ripley & Co., Inc., second high bidder, offered a price of 100.11
for Is.
VEVAY, Ind.—BOND OFFERING—Elbert B. Gray, Town Clerk(CST) on Aug. 12 for the
purchase of $4,500 not to exceed 4M% interest school aid bonds of 1939.
Dated June 15, 1939.
Denom. $500. Due as follows: $500 Dec. 15, 1954,
and $500 on June 15 and Dec. 15 from 1955 to 1958 Incl.
Bidder to name
one rate of interest, expressed in a multiple of Mof 1%.
Proceeds of the
issue will be turned over to the School Town of Vevay in connection with
construction of school building in cooperation with the Work Projects
Administration.
The bonds are direct obligations of the town, payable
from unlimited ad valorem taxes.
Legal opinion of Matson, Ross, McCord
& Clifford of Indianapolis will be furnished the successful bidder. A certified
check for $250, payable to order of the town, is required.
(An issue of bonds similar to the above was awarded on July 6 to McNurlen & Huncilman of Indianapolis, as 2%&, at a price of 101.03.—V. 149,
Treasurer, will receive sealed bids until 2 p. m.
p.
445.)
VINCENNES TOWNSHIP (P. O. Vincennea).
Ind.—BOND SALE—
$7,800 bonds offered July 20—V. 148, p. 3875—were awarded to
Browning, VanDuyn, Tischler & Co. of Cincinnati, as 2Mb, at a price of
100.524, a basis of about 2.45%.
Sale consisted of:
The
$4,000 refunding bonds.
Due $1,000 on July 15 from 1949 to 1952, incl.
3,800 judgment funding bonds.
Due July 15 as follows: $1,000 from 1949
to 1951, incl. and $800 in 1952.
All of the bonds will be dated July 15, 1939.
Second high bid of 100.153
for 2Mb was made by McNurlen & Huncilman of Indianapolis.
SCHOOL
TOWNSHIP.
Clark
County, Ind.—
Ratts, Trustee, will receive sealed bids until
Aug. 9 for the purchase of $6,033.07 not to exceed 5% interest
funding bonds. Dated July 1, 1939.
One bond for $433.07, others $400
each.
Due as follows: $400 Jan. 1 and July 1 from 1941 to 1947 incl. and
$433.07 Jan. 1, 1948.
Bidder to name one rate of interest, expressed in a
multiple of M of 1%.
Legal opinion of Matson, Ross, McCord & Clifford
WASHINGTON
BOND
OFFERING—Roy
7:30 p. m. on
of Indianapolis will be furnished the successful bidder.
WHITE
taxes,
quent since 1928, according to Arthur Sullivan, Attorney for Treasurer
1939
29,
working capital.
The plan has received the approval of a citizens' com¬
mittee, Mayor Sullivan, four of the five trustees of the Indianapolis Uthity
District, and nine members of the City Council, all of whom attended a
recent meeting on the proposal in the Mayor's office.
Completion of details
and actual acquisition of the plant is expected to take several months, and
the tentative purchase price is dependent on the trend of the bond market.
MILLEDGEVILLE, da..—BONDS SOLD—It is reported that $33,000
3 M % semi-annual water works bonds approved by the voters at an election
held on May 26, have been sold.
July
chester),
RIVER TOWNSHIP SCHOOL TOWNSHIP (P. O. Win¬
I nd.—BONDS NOT SOLD—The issue of $50,000 4% school
Dated Sept. 1, 1939
bonds offered July 24—V. 149, p. 286—was not sold.
and due semi-annually from 1940 to 1955, inclusive.
IOWA
BLOOMFIELD, Iowa—BONDS SOLD—It is stated by the City Clerk
that the $12,000 sewer bonds were offered for sale on July 25 and were
awarded to Jackley & Co. of Des Moines.
COLLINS,
semi-annual
Iowa—BONDS SOLD—It is
town
bonds
hall
Bank of Nevada for
a
were
reported that $6,000 2M%
by the Nevada National
purchased
price of 100.41.
DICKINSON COUNTY (P. O. Spirit Lake), Iowa—BOND'OFFER¬
both sealed and open bids will be received until
July 31, at 1 p. m., by W. M. Moreland, County Treasurer, for the pur¬
chase of a $200,000 issue of primary road bonds.
Dated Aug. 1,1939. Due
May 1, as follows: $10,000 in 1948, $180,000 in 1949 and $10,000 in 1950.
Bids should be made in the basis of par and accrued interest or better for
all of the bonds bearing the same interest rate, such interest rate to be a
multiple of M of 1 %. The purchaser of the bonds will be required to accept
delivery and pay for the bonds at the County Treasurer's office, or through
a county seat bank when the bonds are available for delivery and
payment.
In order to assure competitive bidding on a uniform and impartial basis,
sealed bids should be submitted on bidding blanks which may be obtained
from the County Treasurer, and from the the State Highway Commission
at Ames.
All open bids are to be made on condition that before a final
acceptance thereof, they will be reduced to writing on one of the bidding
blanks.
The purchaser must agree to furnish the blank bonds, and the
county will furnish the approving opinion of Chapman & Cutler, of Chicago.
A certified check for 3% of the amount of bonds offered, payable to the
County Treasurer, is required.
ING—It is stated that
FORREST CITY, Iowa—MA TLRITY—It is now reported by the
City Clerk that the $9,000 sewer bonds sold to the Forest City National
Bank of Forest City, as 1Mb, at par—V. 149, p. 609—are due on Nov. 1
as follows: $1,000 in 1940 to 1946 and $2,000 in 1947.
HAWKEYE, Iowa—BONDS SOLD—The Town Clerk reports that the
following bonds aggregating $9,450, were offered for sale on July 25 and were
purchased by the Citizens Savings Bank of Hawkeye:
$5,150 street im¬
provement, and $4,300 improvement fund bonds.
IRETON, Iowa—BONDS SOLD—The $5,000 water works bonds offered
on July 21—V. 149, p. 445—were awarded to W. D. Hanna & Co.
Burlington, as 2Mb, paying a price of 100.20, according to the Mayor.
Due from Dec. 1,1940 to 1949; optional on Dec. 1,1945.
The Security Savings Bank of IretoA offered 100.18 for 2Ms, the second
for sale
of
INDIANA
HARRISON
BOND
SCHOOL
TOWNSHIP
(P.
O.
Monroe
City),
Ind.—
best bid.
SALE—The
$11,700 judgment funding bonds offered July 26—
V. 149, p. 143—were awarded to Ross T. Ewert, Inc. of Indianapolis, as
2Kb, at a price of 100.40, a basis of about 2.19%.
Dated July 15, 1939
and due July 15'as follows:
$700 in 1941 and $1,000 from 1942 to 1952
incl.
The Fletcher Trust Co. of Indianapolis, second high bidder, offered
101.34 for 2 Ms.
INDIANAPOLIS, Ind.—PURCHASE OF PRIVATE WATER PLANT
WOULD COST $24,711,662—Purchase of the Indianapolis Water Co. by
the City according to latest estimates, will cost approximately $24,711,662,
and a bond offering of about that amount would be necessary for converting
the system into municipal ownership.
Present plans call for the issuance
of revenue bonds, and the cost estimate is based on calling outstanding
bonds of the private water company as of Sept. 1.
Proceeds of the offering
would be used approximately as follows:
$13,827,000 to redeem Indianapolis
Water Co. bonds; $3,556,500 to redeem Indianapolis Water Works Security
Co. bonds which would be guaranteed to be its only debt; $1,054,900 to
redeem Indianapolis Water Co. preferred; $4,500,000 to purchase common
stock in the
holding company.
Iowa—BOND
OFFERING—It
is reported
that
MASON CITY INDEPENDENT SCHOOL DISTRICT (P. O. Mason
City), Iowa—BOND SALE—The $80,000 school building bonds offered
July 24—V. 149, p. 445—were awarded to Baum, Bernheimer Co. of Kansas
City as Is, at par plus $425 premium, equal to 100.531, a basis of about
0.83% to maturity.
The bonds are dated July 1, 1939, and will mature
$18,000 on July 1,1940, $15,000 on July 1 of each of the years 1941 tol943,
incl., and $17,000 on July 1,1944.
Bonds numbered 1 to 18, incl., optional
for redemption on Jan. 1, 1940.
MILLS COUNTY (P. O.
Glenwood), Iowa—BOND OFFERING—It is
reported that sealed and open bids will be received until Aug. 1 at 2 p. m.,
for the purchase of $4,800 5% semi-ann. Levee District No. 1 bonds.
Denom. $600.
Dated Aug. 1, 1939.
Due $600 from June 1, 1940 to
1947, incl.
From the total of $22,938,400 would be
deductible $1,550,000 of quick net assets in the
treasury of
KANSAS
the water com¬
pany, making net cost to the city of $21,388,400.
In addition, the city would issue another
$3,323,267 of bonds, of which
$2,000,000 would cover the cost of an Oklandon dam and Fall Creek filtra¬
tion plant, $1,023,267 for expense which would be incurred in refinancing
outstanding stock and bonds at a lower interest rate, and $300,000 to pro¬
vide for adequate working capital.
Building of the Oaklandon dam and
completion of the Fall Creek filtration plant at a cost of about $2,000,000
is considered advisable by city officials, but not obligatory.
It is also
considered advisable to pay expenses of refinancing at a lower rate of inter¬
est on outstanding securities and other expenses in connection with closing
MARSHALLTOWN,
bids will be received until 7.30 p.m. on Aug. 7, by Anne McMahon, city
Clerk, for the purchase of a $10,000 issue of grading fund bonds.
CHASE
COUNTY
(P.
O.
Cottonwood
Falls), Kan.—INDEBTED¬
NESS LISTED—The indebtedness of the above named county, including
county, cities and school districts as of June 30.1939, amounted to $212,700.
according to statistics just compiled by M. C. Jelf, county clerk.
As the
county's population is given as 5.943 this would give a per indebtedness
of about $39 which is probably one of the lowest for counties of this state.
The county's indebtedness includes $1,000 for the road improvement fund
and $10,500 for the general improvement.
Cottonwood Falls has a debt
of $85,100.
The city's assessed valuation is $716,648.
Volume
HAYS,
The Commercial & Financial Chronicle
149
Kan.—BOND
SALE
DETAILS—It
is
CHARLES
by the
City Clerk that the $12,000 park and park improvement bonds purchased
by the Columbian Securities Corp. of Topeka, as lMs, at a price of 100.01,
as noted here—V.
149, p. 609—are due on Aug. 1 as follows: $1,000 in
1940 to 1943, and $2,000 in 1944 to 1947, giving a basis of about 1.495%.
MUNICIPAL UNIVERSITY OF WICHITA
BONDS
SOLD—We
now
reported
PARISH SCHOOL DISTRICT NO. 7 (P. O. De
OFFERING—Sealed bids will be received until
Aug. 17, by K. R. Hanchey, Secretary of the Parish School
Board, for the purchase of a $12,000 issue of school bonds.
Interest rate
is not to exceed 6%, payable F-A.
Dated Aug. 15, 1939.
Denom. $500.
Due Aug. 15,1940 to 1949.
A certified transcript and the approving opinion
of A. R. LeCompte of De Ridder, will be furnished by the
purchaser; if
other approving opinion is desired purchaser must secure same at his cost.
Enclose a certified check for $500, payable to the Parish School Board.
m.
La.—BOND
on
LAKE PROVIDENCE, La—BOND OFFERING—It is stated by W. M.
Moore, Town Clerk, that he will receive sealed bids until 10 a. m. on
Aug. 15, for the purchase of an issue of $137,500 water and light plant
revenue bonds.
Interest rate is not to exceed 6%, payable M-S.
Denom.
$500.
Dated Sept. 1, 1939.
Due Sept. 1, 1940 to 1959.
The approving
opinion of B. A. Campbell, of New Orleans, and the transcript of record
as
Plata).
Md.—BOND
OFFERING—
CUMBERLAND, Md.—BOND ACT CONTESTED—A friendly suit to
legality of an Act of the State Legislature authorizing the city to issue
$130,000 cross-town water line bonds was scheduled to heard recently in
Circuit Court.
The principal point in the complaint is that a flaw in the
title of the Act renders it unconstitutional
.
WASHINGTON SUBURBAN SANITARY DISTRICT, Md.—BOND
o
SALE—The $600,000 coupon water and sewer bonds offered July 26—V.
149, p. 609—were awarded to a syndicate headed by John Nuveen & Co. of
Chicago, at a price of 100.67, a net interest cost of about 2.60%, as follows:
$600,000 254%
series RR. bonds.
Due July 1 as follows: $8,000 from
1940 to 1944, incl.; $10,000, 1945 to 1954, incl.; $15,000, 1955 to
1964, incl.; $20,000, 1965 to 1974, incl., and $22,000 from 1975
to 1979, incl.
200,000 series 88 bonds were sold as 2Ms,
Bidder was required to name
the rate of interest for this series.
1940 to 1959, Incl.
Due $10,000 on July 1 from
A group composed of Phelps.
Legg & Co., Eldredge & Co. and F. W,
BEAUREGARD
a.
La
All of the bonds will be dated July 1,1939.
Fenn & Co., Inc., Mackubin,
LOUISIANA
10
O.
test
(P.O. Wichita), Kan.—
LOUISVILLE BRIDGE COMMISSION (P. O. Jeffersonville, Ind.),
Ky.—BOND REFUNDING NOT CONTEMPLATED—In connection with
the report given in our issue of July 22, that the above Commission was
considering the refunding of $1,750,000 in bridge bonds—V. 149, p. 609—
it is stated by E. H. West, Secretary of the
Commission, that no present
plans have been made for refunding the issue.
Ridder),
(P.
purchase of $27,000 bonds.
informed that the following 2M% bonds aggre¬
awarded on July 25 to the Small-Milburn Co. of
KENTUCKY
765
The Clerk of the Board of
County Commissioners will receive sealed bids
until Aug. 8 for the
are
gating $34,000, were
Wichita, paying a price of 103.76.
$12,000 refunding, and $22,000 im¬
provement bonds.
Payable at the State Fiscal Agency in Topeka.
COUNTY
passed upon will be furnished the purchaser.
These bonds
the issue of $250,000 authorized at the election held
certified check for $2,750, payable to the town.
on
are
Nov. 18.
part of
Enclose
Craigie & Co., second high bidder, offered a price of 99.703 for the $600,000
2 Ms and par for the $200,000 issue as 2s, making a net interest cost of about
2.61 %.
Other offers included that of 100.05for $600,000 2Ms and $200,000
2 Ms,
submitted by
a
group
composed of Harriman Ripley & Co., Inc.,
R. W. Pressprich & Co. and R. C. Jones & Co., Inc.
SUCCESSFUL GROUP—The award
was made to the following account:
John Nuveen & Co., W. W. Lanahan & Co., Y. E. Booker & Co., Stern,
Wampler & Co., Prudden & Co., Inc., Barclay, Moore & Co., and Scott,
Horner & Mason, Inc.
A syndicate composed of R. 8. Dickson & Co., Inc.,
First of Michigan Corp., J. N. Hynson & Co., Stein Bros. &
Boyce, Edward
Lowber Stokes & Co., and Marburg, Price & Co. offered a price of 100.05
for the series RR and par for the series SS as 2 Ms.
An account consisting
of Alex. Brown & Sons, Northern Trust Co. or Chicago, Braun, Bosworth
& Co., Wheelock & Cummins, Inc. and Campbell,
Phelps & Co., Inc., bid
98.199 for the series RR and 100.09 for the series SS as 2 Ms.
Final bid of
100.06 for both issues with the series SS loan bearing 3M% interest came
from Blyth & Co., Inc., Estabrook & Co. and the Equitable Securities
Corp., in joint account.
a
MORGAN CITY,
the voters
are
La .—BONDS VOTED—At
NEW
ORLEANS, La.—BOND REDEMPTION NOTICE—It
is stated
by Horace P. Phillips, Secretary of the Board of Liquidation, City Debt,
that the 14th allotment of 4%, constitutional bonds, constituting 633 bonds
of $1,000 each and 134 bonds of $500 each, aggregating
$700,000, are called
for payment on Jan. 1,1940.
Dated July 1, 1892.
Due July 1,1942.
ORLEANS
"
LEVEE
DISTRICT
(P.
O.
MASSACHUSETTS
election held on July 18
$110,000 in water works,
an
said to have approved the issuance of
electric light and power plant improvement bonds.
New
Orleans), La.—BOND
SALE—The $1,500,000 issue of refunding bonds offered for sale on July
27—V. 149, p. 144—was awarded to a syndicate composed of R, W. Press¬
or ich & Co., of New York, Newman, Harris & Co., Scharff & Jones,
White,
Dunbar & Co., the Whitney National Bank, the American Bank & Trust
Co., and Fenner & Beane, all of New Orleans, paying par, a net interest
cost of about
2.89%, on the bonds divided as follows:
$561,000 maturing
$187,000 Sept. 1, 1942 to 1944, as 3Ms, $374,000 maturing $187,000
Sept. 1, 1945 and 1946, as 3s, $187,000 maturing Sept. 1, 1947, as 2Ms,
and $378,000 maturing $189,000 Sept. 1, 1948 and 1949, as 2Ms.
EAST
BRIDGE WATER,
Mass.—NOTE SALE—The Home National
Bank of Brockton purchased on July 24 an issue of $30,000 notes at 0.23%
discount.
Due July 24.1940.
Graham, Parsons & Co., second high bidder,
named
a
of
rate
EVERETT.
0.25%.
Mass.—BOND
OFFERING—Emil
W.
Lundgren,
City
Treasurer, will receive sealed bids until 11 a. m. (DST) on Aug. 2 for the
purchase of $100,000 coupon municipal relief bonds.
Dated Aug. 1, 1939.
Denom. $1,000.
Due $10,000 on Aug. 1 from 1940 to 1949, incl.
Bidder
name one rate of interest in a multiple of
M of 1%.
(F-A) payable at the National Shawmut Bank of Boston.
to
Prin. and int.
Legal opinion
of Storey, Thorndike, Palmer & Dodge of Boston will be furnished the suc¬
cessful bidder.
No telephone bids will be accepted.
(In announcing the above offering the city advised that the plan to sell
$200,000 bonds on July 26—V. 149, p. 610—had been abandoned.)
GLOUCESTER,
Mass.—BOND
SALE—The
$170,000
coupon
bonds
offered July 25—V. 149, p. 610—were awarded to Lee Higginson Corp. of
Boston as lMs at a price of 101.79, a basis of about 0.90%.
Sale consisted
of:
MARYLAND
BALTIMORE, Md.—STOCK OFFERING—Eugene H. Beer, City Regis¬
ter, will receive sealed bids until noon (EST) on Aug. 3 for the purchase of
$4,559,500 3 M% registered stock,
as
follows:
$125,000 municipal relief bonds.
Due Aug. 1 as follows: $13,000 from 1940
to 1944, incl., and $12,000 from 1945 to 1949, incl.
45,000 playground bonds.
Due Aug. 1 as follows: $5,000 from 1940 to
1944 incl. and $4,000 from 1945 to 1949, incl.
All of the bonds will be dated Aug. 1, 1939.
Othe^ bids, all for 1 Ms:
1954 Loan.
Due June 1, 1954.
duly authorized to be issued by Chap¬
General Assembly of Maryland of
1904 and Ordinance No. 71 of the Mayor and City Council
of Baltimore, approved April 21, 1904, and ratified
by the legal
voters of the city at a special election held on
May 17, 1904.
Int. J-D.
ter
468
This loan
was
of the Acts of the
The Act and ordinance provide for the issuance of stock to
amount
an
not
exceeding $6,000,000 to supply additional means
for the Burnt District Commission plan of improvement.
The
total amount of this loan has already been issued.
3,204,300 New Sewerage Improvement 1980 Loan.
Due Oct. 1, 1980.
Int. A-O.
This loan was duly authorized to be issued by Chap¬
ter 349 of the Acts of the General Assembly of
Maryland of
1904 and Ordinance No. 227 of the Mayor and City Council of
Baltimore, approved March 20, 1905, and ratified by the voters
of the city at an election held on May 2, 1905.
The Act and
ordinance provide for the issuance of stock to an amount not
exceeding $10,000,000 for the purpose of providing money for
the projection, construction and establishment of a new sewerage system for the city.
The total amount of this loan has
already been issued.
Rale Bid
Bidder—
$1,355,200 Burnt District Improvement
Gloucester Safe Deposit & Trust Co
Cape Ann
National
Tyler & Co
Gloucester
Newton,
National
Abbe
&
Bank
101.63
101.335
-
_;
Bank
101.227
_
Co
101.142
-
101.077
__—___
Smith,
Barney & Co
Whiting, Weeks & Stubbs.
100.785
;
100.56
_______
Treasurer recently borrowed
$200,000 in anticipation of taxes from the First National Bank of Boston
at an interest cost of 0.70%.
Due $100,000 on April 17 and an equal
LOWELL,
Mass.—NOTE
amount on June
SALE—City
This brought the borrowings of the city for such
of $3,500,000.
12, 1940.
purpose to an aggregate
PEABODY, Mass.—PAYLESS PAYDAY REPORT—The Boston News
of July 27 contained the following report:
More than 250 city
Bureau
employees, will have their first payless payday today and disbursements to
recipients of relief, old age assistance and city pensions scheduled for this
week will not be made.
All city employees except workers in the electric
'
The above-mentioned stock offered for sale is now held by the Commis¬
sioners of Finance as part of the Public Improvement 1940 Loan
sinking
fund and the Refunding 1940 Loan sinking fund, and the proceeds from the
sale thereof will be applied for the redemption of the Public Improvement
3M% 1940 Loan and the Refunding 3M% 1940 Loan, which mature
1, 1940.
The sale of this stock, which was authorized by the Com¬
missioners of Finance at their meeting on Wednesday, July 5, 1939, will
not increase the public debt.
Bids may be made for the entire amount of
either issue.
A certified check for 2% of the amount bid for,
payable to
order of Commissioners of Finance, is required.
Stock will be in denomina¬
tions of $100 or multiples thereof, as desired by the successful bidder.
Jan.
BALTIMORE, Md.—TAX RECEIPTS LOWER—City taxes and other
collected during the six months ended June 30, 1939, totaled
$27,902,706, or 57.17% or the year's estimated levy of $48,810,200, accord¬
ing to the monthly report issued by Herbert Fallin, municipal budget direc¬
tor.
This compares with $27,950,084 collected in like
period of preceding
year, or 58.95% of the estimated amount of $47,414,286.
This year's
budget is based on the collection of 94% of the total current levy as against
93% in the preceding year.
Operating expenditures of the municipality
during the six months' period totaled $17,732,732,or 52.02% of the $34,088,368 total operating appropriations for the year.
In like period of
1938 operating expenditures totaled $17,461,026, equal to
51.61% of the
year's $33,835,507 operating appropriations.
accounts
MARYLAND (State of)—BOND SALE—The $1,587,000
coupon or
registered certificates of indebtedness, known as general bond issue of 1939,
offered for sale on July 25—V. 149, p. 445—were awarded to a syndicate
composed of Blyth & Co., Inc.; Roosevelt & Wefgold, Inc.; Francis I.
duPont & Co.; Gergory & Sons, Inc., and Sherwood & Reichard,
Inc., all
of New York, as lMs, at a price of 100.0577, a basis of about
1.24%.
Dated Aug. 15, 1939.
Due Aug. 15 as follows:
$95,000 in 1942; $99,000,
1943; $103,000, 1944; $107,000, 1945; $111,000, 1946; $116,000, 1947
$120,000, 1948; $125,000, 1949; $131,000, 1950; $136,000, 1951; $142,000
•1952; $148,000 in 1953 and $154,000 in 1954.
The successful bidders re-offered the obligations to yield from
0.35%
to 1.25% for 1951-1954 maturities, and the remainder of the issue was
priced from 99.75 to 99.
The following other offers, all for 1M&, were
among the unsuccessful tenders:
Bidder—
Bankers
light department will be affected.
Decision to put off payments was made
by Mayor O'Keefe after the city council had refused him permission to ob¬
a loan of $275,000 which he said was necessary to run the city in addi¬
tion to the $500,000 budgeted at the beginning of the year.
There is still
$24,000 in the city treasury but Mayor O'Keefe ordered this held to be
tain
used in
mayor
some
partial payment of a $30,000 note which falls due Tuesday.
The
also ordered payment stopped on all other city indebtedness, including
$30,000 owed in back bills.
WAKEFIELD,
Boston
was
Mass.—NOTE SALE— The Second National Bank o
on July 27 an issue of $100,000 notes at 0.148%
awarded
discount.
Due $50,000 each on March 15 and April 12,1940.
Other bids:
Merchants National Bank of Boston, 0.21%; Wakefield Trust Co., 0.235% .
WAKEFIELD, Mass .—BOND SALE—The $50,000 coupon water main
awarded to 8mith, Barney A Co. of New York,
lMs, at a price of 100.40, a basis of about 1.19%.
Dated July 15.1939.
Denom. $1,000.
Due July 15 as follows: $4,000 from 1940 to 1945. incl.:
$3,000 from 1946 to 1953, incl., and $2,000 in 1954.
Prin. and int. (J - J 15)
payable at the Second National Bank of Boston.
Legality approved by
Ropes, Gray, Boyden & Perkins of Boston.
Other bids:
Bidder—
Int. Rate
Rate Bid
Lee-Higginson Corp
*
1M %
100.152
First National Bank of Boston
1M %
100.086
Wakefield Trust Co_
1M %
101.569
Tyler & Co
•
1
101.544
Newton, Abbe & Co
1M %
101.23
Second National Bank of Boston
1M %
101.09
Bond, Judge & Co
1M %
100.133
bonds offered July 21 were
as
_
—
_
-
_____
WALPOLE, Mass.—NOTE SALE—The Merchants National Bank
of
purchased an issue of $100,000 notes at 0.135% discountDue July 15, 1940.
Other bids: Second National Bank of Boston, 0.159%;
First National Bank of Boston, 0.184 %.
Boston recently
WEYMOUTH,
Mass.—NOTE
house addition notes
SALE—The
offered July 24—V.
$60,000
149, p.
coupon
school
610—were awarded to
Estabrook & Co. of Boston, as Ms, at a price of 100.668, a basis of about
Dated Aug. 1, 1939 and due $10,000 on Aug. 1 from 1940 to 1945
Second high bid of 100.542 for Ms was made by Lee Higginson Corp.
0.56%.
incl.
of Boston.
MICHIGAN
Rate Bid
Trust
Securities
Co., New York; Glore, Forgan & Co.; Union
Corp., New York; Robert Garrett & Sons, and
G. M.-P Murphy & Co.,
ALMA, Mich.—BOND OFFERING—L. I. Hannig, City Clerk, will re¬
jointly
Salomon Bros. & Hutzler; L. F. Rothschild & Co.; F. S.
& Co. and Estabrook & Co., jointly
101.789
Moseley
Halsey, Stuart & Co.: Blair & Co., Inc.; Ladenburg, Thalmann
& Co.; Hemphill, Noyes & Co.; Adams, McEntee & Co.; B. J.
Van Ingen & Co., and Stern Bros. & Co., jointly
Harrimau Ripley & Co., Inc.; First Boston Corp., and Harris
Trust & Savings Bank, Chicago, jointly
First National Bank, New York; R. W. Pressprich & Co.; Mer¬
cantile-Commerce Bank & Trust Co., St. Louis and First Na¬
tional Bank, Baltimore, jointly
Chemical Bank & Trust Co.. New York; Kean, Taylor & Co.;
R. L. Day & Co., and E. H. Rollins & Sons, jointly
101.56
101.548
101.299
ceive sealed bids until 2 p. m. on July 31 for the purchase of $28,000 4%
special assessment paving bonds.
Dated July 12, 1939.
Denom. $500.
Due $7,000 on Jan. 12 from 1940 to 1943, incl.
The State Public Debt
Commission has been asked to approve the issue.
Prin. and int. (J-J)
payable at the First State Bank of Alma or at the Alma Savings Bank.
Purchaser to pay for legal opinion of his own attorney.
A certified check
$1,000 is required.
for
BAY CITY, Mich.—NOTE SALE—The $100,000 general obligation tax
anticipation notes offered July 24 were awarded to the National Bank and
Commercial & Savings Bank, both of Bay City, jointly, as
lMs.
Dated Aug. 1, 1939.
Due Nov. 27, 1939 at the City Treasurer's
office. City to furhish the notes; purchaser to provide legal opinion if one
the People's
101.27
-
101.26
is
desired.
The Commercial & Financial Chronicle
766
DETROIT,
TRUST
Mich.—EQUIPMENT
CERTIFICATE
July 29, 1939
$36 000 city refunding, series A bonds.
Due from Sept. 1, 1940 to 1956.
258,000 city refunding, series B bonds.
Due from Sept. 1, 194J to 1965.
124 .00 Indianola Separate School District refunding bonds.
Due from
Sept. 1, 1940 to 1963.
SALE
COMPLETED—Charles J. Tabor, General Auditor of Department of Street
Railways, recently reported that the sale of $1,460,000 2M % street railway
equipment trust certificates to John Nuveen & Co., Chicago, and Miller,
Kenower & Co., Detroit, jointly, had been completed, delivery of instru¬
ments having been made to the bankers on July 22.
Sale was made at par
plus a premium of $146.
Bids for the securities were received on June 1—
V. 148. p. 3876.
Maturities follow: $210,000 July 1,1940: $210,000 Jan. 1
and July 1 in 1941 and 1942; $210,000 Jan. 1 and $200,000 July 1, 1943.
In
advising us of the other oids for the offering the General Auditor states that
the offer of First of Michigan Corp., First Boston Corp. and Watling,
Lerchen & Hayes, a premium of $1,316 for 2s, did not conform to advertise¬
ment.
An account composed of F. 8. Moseley & Co. and Wilmerding & Co.,
Inc., bid a premium of $2,190 for 2and Hickey & Co. of Chicago offered
par for 3.48s.
STARKVILLE, Miss.—BOND SALE DETAILS—It is now reported by
refunding bonds sold to
101.00, as noted here—
from April 1, 1940 to 1959, giving a basis of
the City Clerk that the $10,000 3% semi-annual
M
A. Saunders & Co. of Memphis at a price of
V.149, p. 611—are due $500
about
2.89%.
BONDS
MISSOURI
INDEPENDENCE AND SPRINGFIELD TOWNSHIPS FINANCIAL
LANDRETH BUILDING,
Mo.-BOND OFFERING—
that he will receive sealed bids
of a $40,000 issue of 2Ht 2J^,
2
or 3% semi-annual court house bonds.
Dated July 1, 1939.
Denom.
$1,000.
Due $8,000 July 1, 1943 to 1947.
Subject to the approval of the
County Court, the purchaser shall designate place of payment of principal
and interest.
The bonds are to be registered in the State Auditor's office
and were authorized at the election held on June 30 by a vote of 2,372 to
525.
Enclose a certified check for $5,000, payable to the County Treasurer.
MICHIGAN
(State of)—BONDS PURCHASED— Reporting on result
refunding bonds, L. B.
Director of Finance of State Highway Department, advises that
offers were received for $33,000 on five issues at prices of 99.50 to par.
Reid,
PONTIAC, Mich.—BOND CALL—The above city, which recently
awarded an issue of $750,000 3 M % and 4%jrefunding bonds to the First of
Michigan Corp., Detroit, and associates—V. 149, p. 610—announces that
various numbered refunding bonds, series A of 1934, dated March 1, 1934,
on any
ROUGE,
Mich.—BOND
CALL-Raymond
J.
p.
Savings Bank, River Rouge. Dated March 1, 1934 and due March 1, 1954.
Sept. 1, 1939 and all subsequent coupons must be attached to the bonds
presentation at the bank.
JOSEPH, Mo.—BOND OFFERING—Sealed bids will be received
m. on Aug. 1, by Marmaduke B. Morton, City Comptroller,
purchase of an issue of $127,000 coupon refunding bonds.
Dated
Sept. 1, 1939.
Denom. $1,000.
Due Sept. 1, as follows: $8,000 in 1944
to 1958, and $7,000 in 1959.
The bidder will name the rate of interest
in a multiple of H of 1%.
Each bid must be for all of the bonds.
The
interest may be at a single rate for the whole issue or at two rates, one for
one set of maturities and another for the remaining maturities.
Bidders
are requested to state the total interest cost to the city under their re¬
spective bids.
The bonds are issued to redeem a portion of $155,000 matur¬
ing on Sept. 1, 1939.
The balance of $28,000 of the maturing bonds will
be paid at maturity.
The approving opinion of Chapman & Cutler of
Chicago, will be furnished.
Enclose a certified check for $2,540.
ST.
until 8 p.
WOODSTOCK, ROLLIN, SOMERSET AND WHEATLAND TOWN¬
SHIPS FRACTIONAL SCHOOL DISTRICT NO. 7 (P. O. Addison),
Mich.—TENDERS WANTED—Grace L. Crofoot, District Secretary, is
for the
on
MINNESOTA
ADA
INDEPENDENT
SCHOOL DISTRICT NO. 8 (P. O. Ada),
Minn.—BOND SALE—The $42,000 issue of refunding bonds offered for
on June 13—V. 148, p. 3565—was awarded jointly to the Ada National
sale
Bank and the First State Bank, both of Ada, as 3s,
according to the Secre¬
tary of the Board of Education.
CLAY
COUNTY
(P. O. Marshfield), Mo.—MATURITY—-It is
reported by the County Clerk that the $30,000 court house bonds
the Baum, Bernheimer Co. of Kansas City, as 4s, at a P£ice of
111.708, as noted here—V. 149, p. 611—are due on Feb. 1 as follows: $2,000
in 1941 to 1943; $3,000, 1944 to 1947 and $4,000 in 1948 to 1950, giving a
basis of about 1.89%.
WEBSTER COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
Ill
now
(P. 0. Averill), Minn.—BOND SALE—The $22,000 issue of coupon semiann. refunding bonds offered for sale on July 21—V.
149, p. 611—was
awarded to the American State Bank of Moorhead, as 3s, paying a premium
of $220,
equal to 101.00, a basis of about 2.74%.
Dated Aug. 1, 1939.
Due from Aug. 1, 1940 to 1948; optional on and after Aug. 1, 1944.
sold to
The District Clerk reports that two other bids were received.
LA
CRESCENT, Minn.—BOND OFFERING— Sealed bids will be
ceived until 7.30 p.m.
re
Aug. 4, by Ed. Hurley, Village Clerk, for the
purchase of an $18,000 issue of coupon sanitary sewer bonds.
Dated
Aug. 1, 1939.
Due $2,000 Aug. 1, 1941 to 1949.
The bidder shall desig¬
nate the rate of interest on the bonds and fix the premium offered by him,
if any, but the bonds will not be sold for less than par and accrued interest.
The approving opinion of Fletcher, Dorsey, Barker, Colman & Barber of
Minneapolis, will be furnished.
Enclose a certified check for $500, payable
to the Village Clerk.
on
MONTANA
"
(P. O. Chinook), Mont.—BOND OFFERING—
It is reported that sealed bids will be received until Aug. 14, by Pearl J.
Rooney, County Clerk, for the purchase of $81,613.93 refunding bonds.
BLAINE
street improve¬
July 25—V. 149, p. 611—was awarded to
Minneapolis, as l%a, paying a premium of
basis of about 1.72%.
Dated June 1, 1939.
Due
bonds offered for sale
Co.
COUNTY (P. O. Boulder), Mont.—BOND SALE—
$22,750 refunding bonds offered July 24—V. 149, p. 287—were awarded
Trust Co, of Helena as lMs, at a price of 100.659.
Second high bid of 100.54 for l^s was made by J. M. Dam & Co. of
Minneapolis.
JEFFERSON
The
$66, equal to 100.165, a
$4,000 from 1940 to 1949 Incl.
MOORHEAD,
Minn.—BOND
OFFERING—R. G. Price, City Clerk,
7 for the purchase or $12,000
3% sewer revolving improvement fund certificates.
Due $3,000 on July 1
from 1941 to 1944, incl.
Interest J-J,
A certified check for $500 is re¬
quired.
will receive sealed bids until 8 p. m. on Aug.
MORRISON COUNTY INDEPENDENT SCHOOL DISTRICT NO. 22
(P. O. Upsala), Minn.—BOND SALE—The $52,000 issue of coupon semiann. refunding bonds offered for sale on July 21—V.
149, p. 611—was
awarded to the First National Bank & Trust Co. of Minneapolis, according
to the District Clerk.
Dated Aug. 1, 1939.
Due from Aug. 1, 1940 to
1954: optional on and after Aug. 1, 1944.
NEW ULM INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O. New
Ulm), Minn.—BOND SALE DETAILS—The $50,000 high school building
and
equipment bonds awarded as 1
to the Wells-Dickey Co. of Min¬
neapolis and Mannheimer-Caldwell Co., Inc., of St. Paul, jointly—V. 149,
P. 611—were sold to the bankers at 100.002, a cost basis of about 1.749%.
Issue is dated Aug. 1, 1939, in $1,000 denoms. and matures Aug. 1 as fol¬
lows: $3,000 from 1942 to 1947, incl., and $4,000 from 1948 to 1955, incl.
Interest F-A.
Legality approved by Junell, Flethcer, Dorsey, Barker &
Colman of Minneapolis, and Somsen, Dempsev, Johnson & Somsen of
New Ulm.
OLMSTED COUNTY SCHOOL DISTRICT NO. 132 (P.O. Rochester)
PIPESTONE
INDEPENDENT
SCHOOL
DISTRICT
NO.
1
(P. O.
Pipestone), Minn.—BOND
OFFERING—It is stated by Luella Mc GilliClerk of the School Board, that she will receive sealed and oral bids
Aug. 2, at 7 p. m.. for the purchase of a $260,000 issue of school
building bonds.
Dated Aug. 1, 1939.
Denom. $1,000.
Due July 1, as
follows:
$10,000 in 1941 to 1962, and $20,000 in 1963 and 1964.
Rate of
Interest to be designated by bidder.
The bonds will be made payable at
any suitable bank or trust company designated by the purchaser, and were
authorized at the election held on
July 10.
The approving opinion of
Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis, and Hall &
Catlin of Pipestone, will be furnished. A certified check for
$5,000, payable
to the district, is required.
vray,
until
ST. JAMES, Minn.—BOND SALE—The $30,000 issue of refunding
?F s?le„on July 21—V. 149, p. 447—was awarded to the
First National
,
i
Bank & Trust Co. of
Minneapolis, according to the City
Dated Aug. 1, 1939.
Due from Jan. 1, 1941 to 1950, Incl.
+V,n
that
$2U,UUU 3%
1945^0 ^1959*
^* Minn.—BONDS SOLD—The Village Clerk
semi-ann.
sanitary
°n Ju*y
sewer
V.
se^ann. paving bonds have
& Trust Co. of
Minneapolis.
is reported that $22,000
1%%
been purchased by the First National Bank &
MISSISSIPPI
*fi88
NOT SOLD—It is
that the following issues of not to
Clerk,
aggregating $418,000, offered
bonds
not sold as all bids were rejected:
stated by J. C. Boyer
exceed
on
July 21—V.
4U% semi-ann.
149
p
145
were
$18,808 refunding
1959, inclusive.
TOWNSEND, Mont.—BOND SALE— The $17,000 issue of refunding
on July 25—V. 149, p. 611—was purchased by the
3HS> according to the Town Clerk.
State Board of Land Commissioners, as
No other bid
was
received.
COUNTY SCHOOL DISTRICT NO. 2 (P. O.
Billings) Mont.—BOND CALL—It is stated by Joseph W. Farrell, County
YELLOWSTONE
Treasurer, that bonds Nos. 101 to 400 are called for payment on Sept. 1,
at his office or at the Chase National Bank, fiscal agency for the State.
Dated March
1,
Due March 1, annually,
1934.
date from and after five years
callable on any interest
from date of bonds.
NEBRASKA
DAWSON COUNTY
(P. O. Lexington), Neb.—BONDS
SOLD—It is
reported that $52,000 3 % semi-annual refunding bonds have been purchased
by the First Trust Co. of Lincoln.
Due from 1941 to 1948; optional after
five
years.
NEW
HAMPSHIRE
H.—BOND SALE—The $100,000 municipal im¬
provement and equipment bonds offered July 27 were awarded to Bond,
Judge & Co. of Boston, as lj^s, at a price of 100.699, a basis of about
1.37%.
Dated July 1, 1939.
Denom. $1,000.
Due $10,000 on July 1
from
1940
to
1949 incl.
Principal and interest (J-J) payable at the
First National Bank of Boston.
Legality approved by Ropes, Gray, Boyden & Perkins of Boston.
Other bidders:
(for l^s), Kennedy Spence
& Co. and Frederick M. Swan
& Co., jointly, 100,619; Arthur Perry
& Co., 100.452; Goldman, Sachs & Co., 100.446; E. H. Rollins & Sons,
100.261; Mackey, Dunn & Co., and First Michigan Corp., jointly, 100.14.
(for l^s) Halsey, Stuart & Co., 100.777, and First ^National Bank of
N.
Boston, 100.50.
PORTSMOUTH, N. H.—BOND OFFERING—Remick H.
City Auditor, will receive sealed bids until 11 a.m. (DST) on
the purchase of $50,000 coupon permanent improvement and
bonds.
Dated Aug. 1, 1939.
Denom. $1,000.
Due $5,000
from 1940 to 1949 incl.
of 1%.
Principal and
dike,
Palmer
&
Laighton.
Aug. 1 for
equipment
on Aug. 1
Bidder to name the rate of interest in a multiple
semi-annual interest payable at the Merchants
supervise the preparation of the bonds
National Bank of Boston, which will
and certify as to their genuineness.
Legality approved by Storey, Thorn-
Dodge of Boston.
states
Due in
DETAILS—The
SALE
bonds offered for sale
bonds approved by the voters
were Purchased by the State.
WORTHING, Minn.—BONDS SOLD—It
/-iJ
City
Mont.—BOND
as 2Ms, at par, to the State Board of Land Commissioners
149, p. 287—mature semi-annually on Feb. 1 and Aug. 1 from 1940 to
bonds sold
MANCHESTER,
Minn.—BONDS SOLD—The State is said to have purchased $9,000 build¬
ing bonds, approved by the voters on July 11.
Clerk.
RONAN,
on
of
COUNTY
to the Union Bank &
MADELIA, Minn.—BOND SALE—The $40,000 issue of
ment
the Allison-Williams
Due $1,000 from 1941 to 1955 incl.
(P. O. St. Louis), Mo.—BOND SALE—The $35,000
public library bonds offered for sale on July 21—V. 149,
p. 611—was awarded to Smith, Moore & Co. of St. Louis, as 2s, paying a
premium of $528.50, equal to 101.51, a basis of about 1.87%.
Dated
July 1, 1939.
Due from July 1, 1944 to 1959, inclusive.
The second highest bid was an offer of $210 premium on 2s, submitted by
Soden & Co. of Kansas City, Mo.
City
to be redeemed
287—were purchased at par.
KIRK WOOD
upon
are
NO 37—(P. O. Kennett),
reported that the $15,000 3% % semi-ann.
Berger-Cohn & Co. of St. Louis, as noted here—V. 149,
issue of coupon
Clerk, reports that series A refunding bonds, Nos. 11 and 12, will be re¬
deemed at par and accrued interest on Sept. 1, 1939, at the River Rouge
asking for tenders of $3,000 district bonds which
Aug. 15, 1939.
Kennett),
DUNKLIN COUNTY SCHOOL DISTRICT
int. date,
Peters,
O.
Mo .—PRICE PAID—It is now
school bonds sold to
have been called for redemption on Sept. 1, 1939 at par and accrued int.
Bonds should be delivered to the National Bank of Detroit, in Detroit.
RIVER
(P.
It is stated by J. R. Oliver, County Clerk,
until 10 a. m. on July 31 for the purchase
of the call for tenders of assessment district highway
and accrued int.
ST. LOUIS, MO.
MISSOURI
COUNTY
DUNKLIN
general obligations of the district, payable from unlimited taxes, and
approving legal opinion of Berry & Stevens of Detroit will be furnished the
successful bidder. A certified check for 2% must accompany each bid.
par
.
SCHERCK, RICHTER COMPANY
are
1, 1964, and callable at
■
1
refunding bonds.
Due April 1 as follows:
$3,000 from 1940 to 1942, incl.;
$4,000 from 1943 to 1951, incl. and $5,000 from 1952 to 1965, incl.
Bonds
maturing in 1963 and thereafter may be redeemed on any interest date on
or after April 1, 1944.
Principal and interest (A-O) payable at the Detroit
Trust Co., Detroit.
The State Public Debt Commission has been requested
to approve the issue, purpose of which is refund an equal amount of 1937
refunding bonds in order to effect a saving in interest charges.
The original
bonds, scheduled to be called on Oct. 1, 1939, bear interest rates as follows:
3% to April 1. 1942: 4% to April 1, 1947, and 5% % to April 1, 1967.
New
rates must be at least one-hair of 1 % less than current coupons.
The bonds
due March
County & Town Issues
Markets in all State,
SCHOOL DISTRICT NO. 3 (P. O. Clarkston), Mich.—BOND OFFER¬
ING—Carrie G. Da vies, Secretary of the Board of Education, will receive
sealed bids until 8 P. m. (EST) on Aug. 15, for the purchase of $115,000
NEW
JERSEY
ATLANTIC COUNTY (P. O. Atlantic City),
B. J. Van Ingen & Co., Inc. of New York submitted
N. 3.—BOND SALE—
the successful bid at the
offering of $2,740,000 3 H % coupon or registered refunding bonds on July 26
—V. 149, p. 288. Bankers accepted a total of $2,729,000 bonds at a price of
$2,712,626, equal to 99.40, a basis of about 3.57%.
Dated Aug. 1, 1939
and due as follows: $137,000 from 1940 to 1958 incl. and $126,000 in 1959.
H. B. Boland & Co. of New York, only other bidder, offered to pay 98.999
for a total of $2,740,000 bonds.
BAYONNE,
N.
J.—MATURITY—The $100,000 2K% bond anticf
Hudson County National Bank of Jersey
pation notes purchased by the
Citv—V.
149.
n.
fil2—mature Jan.
10.
1940.
Volume
The Commercial & Financial Chronicle
149
BRADLEY BEACH, N. J.—BOND OFFERING—Frederic P. Reichey,
Borough Clerk, will receive sealed Dids until 7 p. m. (DST) on Aug. 8, for
the purchase of $32,000 not to exceed
6% interest beachfront improvement
bonds.
Dated Aug. 1, 1939.
Denom. $1,000.
Due Aug. 1 as follows:
$2,000 from 1940 to 1952, incl. and $3,000 in 1953 and 1954.
Principal and
interest (F-A) payable at the Borough-Collector's office.
Bidder to name
one rate of interest, expressed in a
multiple of % or l-10th of 1%.
A certi¬
fied
check for 2% of amount of bonds bid for, payable to order of the
Borough Treasurer, is required.
Legal opinion of Caldwell & Raymond of
767
Bidder—
R. D. White & Co.
int. Rate
Rate Bid
2.40%
2H%
2Yi%
2H%
1
Roosevelt & Weigold, Inc
Peninsula National Bank of Cedarhurst
Manufacturers & Traders Trust Co., Buffalo.
100.189
100.33
100.26
100.10
CONKLIN AND BINGHAMTON COMMON SCHOOL DISTRICT
NO. 7 (P. O.
Binghamton), N. Y.—BOND SALE—The City National
Bank of Binghamton purchased on
July 19 an issue of $3,700 school bonds
3s, at a price of 100.69, a basis of about 2.86%.
Dated Aug. 1, 1939.
New York City will be furnished the successful bidder.
as
CARTERET, N. 3 .—BOND OFFERING—August J. Perry, Village
Clerk, will receive sealed buds until 8 p. m. (DST) on Aug. 7 for the pur¬
chase of $43,000 coupon or registered improvement bonds, as follows:
$29,000 street bonds.
Due as follows: $2,000 in 1940 and $3,000 from
interest
1941 to 1949 incl.
14,000 park bonds.
Due $1,000 annually from 1940 to 1953 incl.
dated July 1, 1939.
A certified check for 2%
pay¬
able to order of the borough, is required.
Legality approved by Hawkins,
Delafield & Longfellow of New York City.
All of the bonds
are
,
All of the bonds will be sold as constituting a single issue, to mature as
$3,000 in 1940 $4,000 from 1941 to 1949 incl. and $1,000 from
1950 to 1953 incl.
Bidder to name one rate of interest of not more than
Denom. $370.
Due $370 on Aug. 1 from 1940 to 1949, incl.
Principal and
(F-A) payable at the City Nat'onal Bank of Binghamton, with
York exchange.
Tho bonds are unlimited tax oDligations of the
district.
New
CORTLAND, N. Y.—BONDS PUBLICLY OFFERED—UNSUCCESS¬
FUL BIDS—The group
composed of Kidder, Peabody & Co., Lehman Bros,
and Estabrook & Co., all of New
York, which was awarded a total of
$581,000 various purposes bonds as 1.60s, at 100.579, a basis of about 1.54%
—V. 149, p. 613, made public
re-offering of the securities at prices to yield
from 0.20% to
1.75%, according to maturity.
Other bids:
Bidder—
follows:
6% and expressed in a multiple of ]4 or 1-10 of 1 %.
Principal and interest
(J-J) payable at the Borough Treasurer's office or at the First National
Bank of Carteret.
Legal opinion of Caldwell & Raymond of New York
City will be furnished the successful bidder. A certified check for 2 % of bonds
offered, payable to order of the Borough Treasurer, is required.
int. Rate
First Boston
Corp. and First of Michigan Corp
1.60%
100.449
100.058
and Roosevelt &
Weigold, Inc
Manufacturers
&
Traders
Trust
Co., Buffalo;
Adams, McEntee & Co., and Glenny, Roth &
1.70%
100.643
Doolittle, jointly--.
•
Goldman, Sachs & Co.; Marine Trust Co., Buffalo,
and R. D. White & Co.,
jointly
Blyth & Co.; Stone & Webster, and Blodget, Inc.,
and F. S. Moseley & Co..
jointly
Union Securities Corp., New York; R. W. Press-
1.70%
100.498
1.70%
100.03
l%%
100.24
1^%
100.16
1.60%
Co., Inc.
-
DUMONT, N. J.—BOND SALE—The $189,000 coupon or registered
general refunding bonds offered July 27—V. 149, p. 612—were awarded to
John B. Carroll & Co., New York, as 4s, at a price of 100.28, a basis of
about 3.96%.
Dated June 1, 1939 and due Dec. 1 as follows:
$10,000 in
1941; $15,000 from 1942 to 1952 incl. and $14,000 in 1953.
MIDDLE
from 1940 to 1956 incl. and $7,000 in
1957.
NEW JERSEY, State of—RELIEF FINANCES FOUND LACKING—A
United Press dispatch from Trenton on July 25 reported as follows:
So far as relief is concerned, New
Jersey has no money, State Treasurer
William H. Albright said yesterday.
Mr. Albright's statement was made at a joint meeting of the State House
Commission and the 8tate Financial Assistance Commission.
It followed a
disclosure by State Comptroller Frank J. Murray that the State Govern¬
ment has
the
-
-
TOWNSHIP
(P. O. Cape May), N. J.—BONDS SOLD—
An issue of $92,000 4% refunding bonds was sold on
July 12 to Bailey,
Dwyer & Co. of Jersey City, at a price of 98.50. a basis of about 4.20%,
according to report.
Dated June 1, 1939.
Denom. $1,000.
Due $5,000
unpaid bills of $16,200,000 and nothing to
Legislature devises means of raising new funds.
pay
them with unless
J>rich & Co., and Salomon Bros. & Hutzler,
ointly
Harris Trust & Savings Bank,
wood & Reichard, Inc.,
Chicago, and Sher¬
jointly
E. H. Rollins & Sons; A. C. Allyn & Co.; B. J. Van
Ingen & Co., and Hemphill, Noyes & Co., jointly
Bankers Trust Co., New York
Halsey, Stuart & Co
HARRISON
Dec. 31 if relief funds
PASSAIC
$74,000
were not
COUNTY
(P.
raised
O.
by that time.
Paterson),
N.
J .—BOND SALE—The
registered park bonds offered July 27—V.
B. Boland & Co. of New York, as Is,
100.018, a basis of about 0.997%.
Dated July 1, 1939 and
follows: $15,000 in 1940 and 1941 and $18,000 from 1942
were
coupon or
awarded to
H.
149, p. 447—
at a price of
due July 1 as
to 1944 incl.
Other bids:
Bidder—
Int. Rate
First National Bank, Paterson
—
—-
100.333
1K%
1^%
1M%
1M%
100.319
100.313
100.177
100.162
1^%
1M%
1M%
1 H%
1M%
IM%
IM%
Wi%
3%
100.16
100.155
100.148
100.071
100.458
100.319
100.30
100.17
100.00
—-
-
Butcher & Sherrerd
—
-
,
Ira Haupt & Co_
Kean, Taylor & Co., and Van
Deventer
jointly.
Blyth & Co—
A. C. Allyn & Co.
Campbell & Co.
Minsch, Monell & Co
J. S. Rippel & Co.
Bros.,
—
„
_
-------
—-
„„
H. L.Allen & Co
-
------
Adams & Mueller
-
—
—
—
Broadway Bank & Trust Co., Paterson.
RARITAN
TOWNSHIP
(P.
O.
Metuchen). N. 3.—TEMPORARY
LOAN—The National State Bank of Newark purchased an issue of $39,000
3% temporary loan notes.
TENAFLY SCHOOL
DISTRICT, N. 3.—BOND SALE—The $197,000
registered school bonds offered July 27—V. 149, p. 612—were
awarded as 2Hs, at 100.328, to the Northern Valley National Bank of
Tenafly.
Dated Aug. 1, 1939 and due Aug. 1 as follows:
$10,000 from
1941 to 1943 incl.; $15,000 from 1944 to 1954 incl. and $2,000 in 1955.
coupon
or
O.
Harrison),
N.
100.157
1.80%
1.80%
100.269
100.051
100.279
1.90%
Y.—BOND SALE—The
$80,000
general town bonds offered July 27—V. 149, p. 613—were
awarded to R. D. White & Co., New
York, and Marine Trust Co., Buffalo,
jointly, as l^s, at a price of 100.17, a basis of about 1.44%.
Dated
Aug. 1, 1939 and due $16,000 on Aug. 1 from 1940 to 1944 incl.
Re-offered
to yield from 0.50% to 1.50% according to
maturity.
Other bids:
Bidder—
Int. Rate
Halsey, Stuart & Co., Inc...
Allyn & Co., Inc.---_——
George B. Gibbons & Co., Inc
Roosevelt & Weigold, Inc.a
A. C.
Rate Bid
1Y%
1.60%
100.059
100.089
100.05
100.11
—
1.80%
2%
HEMPSTEAD
(Village of), N.
Y.—BOND SALE—The $171,875
registered bonds offered July 27—V. 149, p. 613—were awarded
Tilney & Co. and C. F. Herb & Co., both of New York, in joint account,
as lHs, at a price of
100.16, a basis of about 1.21%.
Sale consisted of:
$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 and $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,
coupon or
to
inclusive.
Inc.,
-
—
Rate Bid
IH%
-----
Buckley Bros
C. C. Collings & Co
(P.
1H%
coupon or reg.
The Legislature has
been deadlocked since last January over conflicting
proposals for financing relief and the State government.
Mr. Murray said the State's deficit would oe increased by $7,500,000 by
Rate Bid
Lazard Freres & Co. and
Kean, Taylor & Co
Blair & Co., Inc., George B. Gibbons &
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.
BONDS PUBLICLY OFFERED—The bonds, dated Aug. 1,1939, were reoffered by the bankers for public investment at prices to yield from 0.30%
to
1.35%, according to maturity. Other bids for the offering
Bidder—
A. C.
were as
follows:
Int. Rate
Rate Bid
114%
1.30%
100.115
100.066
Halsey, Stuart & Co., Inc.-
Allyn & Co., Inc. and E. H. Rollins & Sons, Inc.-
Marine Trust Co.,
Union
Securities
Buffalo, and R. D. White & Co
1.40%
Corp.
and
Estabrook
&
Co.-1.40%
Kidder, Peabody & Co. and Roosevelt & Weigold, Inc.
1.50%
Manufacturers & Traders Trust Co., Buffalo, and Camp¬
bell, Pheips & Co., Inc
1.50%
Sherwood & Reichard, Inc. and George B. Gibbons &
Co.
—
ion.16
100.029
100.29
100.214
.
100.137
100.09
Par
1.50%
1.60%
2Yi%
Adams, McEntee & Co., Inc.
South Shore Trust Co., Rockville Centre
-
KINGSTON, N. Y.—BOND SALE—The $170,000
coupon or
registered
bonds
Co.,
offered July 26—V. 149, p. 448—were awarded to Barr Bros. &
New York, as 0.90s, at a price of 100.06, a basis of about 0.88%.
Sale consisted of:
Interest Exempt from
$45,000 series A home relief bonds.
Due $5,000 on Aug. 1 from 1940 to
1948, inclusive.
125,000 series B Works Project Administration projects bonds.
Due
Aug. 1 as follows:
$20,000 from 1940 to 1942, incl.; $25,000 in
1943 and $10,000 from 1944 to 1947, inclusive.
all present Federal and
^
New York State Incorrie Taxes
NEW
All of the bonds will be dated Aug.
Bidder—
ISSUE
Bankers Trust Co., New
1, 1939.
Other bids:
Int. Rale
York
1%
Goldman, Sachs & Co., and Blair & Co.. Inc.,
jointly.
Adams, McEntee & Co
Harris Trust & Savings Bank, Chicago
Manufacturers and Traders Trust Co., Buffalo,
$171,850
and Kean, Taylor & Co., jointly
Securities Corp., New York
-
*
—
100.08
100.06
100.056
100.035
Union
and Roosevelt
Weigold, jointly-Kidder, Peabody & Co., and Estabrook & Co.,
jointly---Boatmen's National Bank, St. Louis
Geo. B. Gibbons & Co., Inc., and Sherwood &
Reichard, Inc. jointly.-Marine Trust Co., Buffalo, and R. D. White &
&
NEW YORK
-
— -
1.25% Bonds
due August 1, 1940-49
1%
100.022
1-10%
100.18
1.10%
100.18
1.10%
1.10%
Hafsey, Stuart & Co--3
1.10%
A. C. Allyn & Co., and E. H. Rollins & Sons, jointly
1.10%
Tilney & Co., and C. F. Herb & Co., jointly—„1.20%
Co., jointly
-
-
Prices to
100.139
1%
1%
1%
1%
—
Village of Hempstead
Rale Bid
yield .30% to 1.35%
MAMARONECK (Town of), N.
100.17
100.069
100.038
100.026
100.18
Y.—BONDS PUBLICLY OFFERED—
block of 4H% bonds,
Charles H. Drew & Co. of New York are offering a
due May 1,
NEW
Tilney & Company
cost
1969 to 1974, at a price yielding 3%.
YORK, N. Y.—OPERATING COSTS STUDIED—The per capita
city govern¬
$85.30 in 1937 compared with $75.02 in the previous year, accord¬
preliminary report released July 24 by Director William L.Austin
of operation and maintenance of general departments of
ment was
76 Beaver
ing to a
St., New York
of the Bureau of the Census, Department of
sents
NEW
YORK
CAMILLUS, N. Y.—OTHER BIDS—The $12,000 highway and public
works bonds awarded to Union Securities Corp., New York, as 2.10s, at
par plus $20.40 premium, equal to 100.17, a basis of about 2.06%—V. 149,
p. 612—were also bid for as follows:
Bidder—
Int. Rate
Marine Trust Co. of Buffalo
Manufacturers & Traders Trust Co
Sherwood & Reichard, Inc
George B. Gibbons & Co
Camillus Bank—
CEDARHURST,
N.
2.20%
2.20%
2.40%
2.50%
2.75%
Y.—BOND SALE—The $11,000
bonds offered July 25—V.
street
Premium
$19.15
8.28
18.00
33.00
Par
improve¬
149, p. 612—were awarded to Sherwood
York, as 2s, at a price of 100.22, a basis of about
1.95%. Dated July 1, 1939 and due July 1 as follows: $2,000 in 1940 and
$1,000 from 1941 to 1949 incl. Other bids:
ment
& Reichard, Inc. of New
Commerce.
This report pre¬
separately the statistics of general departments and of public-service
enterprises.
The per capita cost in 1937 was almost double that for 1926,
when the figure was $48.66.
In 1936 the amount was $75.02.
The
departments showing the largest per capita increase in operating and
maintenance costs, according to the report, were education and police.
The Police Department item for 1937 was $57,072,286; the Department
of Education, $151,346,306.
In 19 i6, the police per capita cost was $5.73;
in 1936, $7.46; in 1937, $7.98.
In 1926, the per capita cost for schools
was $16.67; in 1936, $19.97; in 1937, $21.15.
PER CAPITA COST PLACED AT HIGHER FIGURE—The Citizens
Budget Commission, Inc., in commenting on the above-mentioned report,
pointed out that the Census Bureau uses a uniform system of reporting the
cost of municipal governments, both as to indebtedness and expenses,
eliminating those activities peculiar to certain cities, such as rapid transit
railways, water supply systems, markets, &c.
Accordingly, the Com¬
mission says that the figure of $85.30 is far less than the total per capita
cost of the city in 1937.
"Using the Census Bureau's own population estimate of 7,154,300, the
cost of our local government in 1937 was $104.95 for every man, woman and
child in the city," it asserts.
"The per capita cost is still rising.
The
Census Bureau states that city costs in 1937 of the 'general departments'
July
1939
29,
But the actual total of operating and maintaining
totaled $610,260,559.
the city government and servicing its debt was $750,832,843.
Bureau states that the city's gross debt at the close of 1937 was
The Census
$1,224,508,date, as shown by the Comptroller's report,
was $2,305,197,896.
The Census Bureau states that the net bonded debt
of the city at the close of 1937.was $686,025,847.
The actual figure, again
as shown by the Comptroller's report, was $1,975,250,663.
The discrep¬
ancies in the Bureau's figures are accounted for by the exclusion of many
items, running into tens of millions, for cost and maintenance."
712.
Chronicle
The Commercial & Financial
768
McDONALD-COOLI DGE &. CO.
$65,000 coupon refunding road and bridge and school bonds offered for sale
July 25—V. 149, p. 449—were awarded to Ryan, Sutherland & Co. of
Toledo, paying a premium of $84.50, equal to 100.13, a net Interest cost of
about 3.91% on the bonds divided as follows: $45,000 as 4s, due on Feb. 1,
$7,000 in 1954, $8,000 in 1955 and $10,000 in 1956 to 1958; the remaining
$20,000 as 3M» due $10,000 in Feb. 1 in 1959 and 1960.
SPRINGFIELD
COLUMBUS
CINCINNATI
AKRON
CANTON
(P. O. Kenansville), N. C.—BOND SALE—The
DUPLIN COUNTY
UNION COMMERCE^BLDG., CLEVELAND
1001
CAROLINA
NORTH
MUNICIPALS
OHIO
The gross debt on that
on
COUNTY (P. O. Winston-Salem), N. C.—BOND SALE
and school refunding bonds, aggregating $95,000,
25—V. 149, p. 614—were awarded to a syndicate
composed of R. S. Dickson & Co. of Charlotte, the C. S. Ashmun Co. of
Minneapolis, and the Southern Investment Co. of Charlotte, paying a price
of 100.003, a net interest cost of about 2.09%, on the bonds divided as
follows:
$40,000 as 2 M s, due $5,000 from Aug.1,1940 to 1947; the remain¬
ing $55,000 as 28, due $5,000 from Aug. 1, 1948 to 1958, incl.
FORSYTH
—The road refunding
offered for sale on July
GRAHAM, N. C.—BOND SALE—The following coupon bonds, aggre¬
gating $138,000, offered for sale on July 25—V. 149, p. 614—were awarded
to a syndicate composed of R. S. Dickson & Co. of Charlotte, C. S. Ashmun
& Co. of Minneapolis, and the Southern Investment Co. of Charlotte,
on
these terms:
$108,000 general refunding bonds at par for $44,000 maturing May 1,
$4,000 in 1947 to 1950, $7,000 in 1951 to 1954, as 4Ms; and
$64,000 maturing $7,000 in 1955 to 1958, $10,000 in 1959 and $13,000 in 1960 and 1961, as 4s.
25,000 water refunding bonds at par, for $12,000 maturing May 1,
$1,000 in 1947 to 1950. $2,000 in 1951 to 1954, as4Ms, and$13,000
maturing May 1, $2,000 in 1955 and 1956, and $3,000 in 1957 to
1959
as
4s.
5,000 water refunding bonds as 4 Ms, paying a premium of $6.90, equal
to 100.138, a basis of about 4.23%.
Due $1,000 from May 1,
1947 to 1951. inclusive.
ROWAN COUNTY (P. O. Salisbury). N. C.—BOND OFFERING—We
are informed by W. E. Easterling, Secretary of the Local Government Com¬
mission, that ne will receive sealsed bids until 11 a. m. on Aug. 1, at his
office in Raleigh, for the purchase of a $47,000 Issue of school building bonds.
Dated July 1, 1939.
Due annually on July 1, $2,000, 1943 to 1955, incl.;
$3,000, 1956 and 1957, and $5,000, 1958 to 1960, incl., without option of
prior payment.
These will be no auction.
Denom. $1,000; principal and
interest
(J-J) payable in lawful money In New York City; coupon bonds not
registerable; general obligations; unlimited tax; delivery at place of pur¬
chaser's choice.
Bidders are requested to name the interest rate or rates,
not exceeding 6% per annum in multiples of one-fourth of 1%.
Each bid
may name one rate for part of the bonds (having the earliest maturities)
and another rate for the balance, but no bid may name more than two rates,
and each bidder must specify in his bid the amount of bonds of each rate.
The bonds will be awarded to the bidder offering to purchase the bonds at
the lowest interest cost to the county, such cost to be determined by deduct¬
ing the total amount of the premium bid from the aggregate amount of
interest upon all of the bonds until their respective maturities.
No bid of
less than par and accrued interest will be entertained.
Bids must be
accompanied by a certified check upon an Incorporated bank or trust com¬
pany, payable unconditionally to the order of the State Treasurer for $940.
The right to reject all bids is reserved.
The approving opinion of Redd,
Hoyt, Washburn & Clay, New York City, will be furnished the purchaser.
ROWAN
COUNTY
FORMATION—It is
(P. O. Salisbury), N. C.—ADDITIONAL IN¬
reported by the Clerk of the Board of County
now
Commissioners that the $50,000 notes purchased by the Wachovia Bank
& Trust Co. of Winston-Salem, at 0.75%, as noted here—V. 149, p. 614—
were
sold for
a
premium of $1.26, are dated July 25, 1939, and mature on
Jan. 25, 1940.
SMITHFIELD, N. C.—NOTES SOLD—It is reported that $8,000 notes
by the Concord National Bank of Concord, at 3%.
have been purchased
Due in 6 months.
COUNTY
STANLY
(P.
O. Albemarle),
N.
two issues of general and school refunding coupon
C.—BOND SALE— The
semi-annual bonds, aggre¬
gating $84,500, offered for sale on July 25—V. 149, p. 614—were awarded
jointly to Kirchofer & Arnold. Inc., of Raleign and the Branch Banking &
OHIO
AKRON CITY SCHOOL DISTRICT, Ohio—BOND OFFERING—
Hazel Fleek, Clerk of Board of Education, will receive sealed bids until
noon (EST) on Aug.
14 for the purchase of $350,000 not to exceed 4%
interest tax deficiency bonds.
Dated Sept. 1, 1939.
Denom. $1,000.
Due on Oct. 1 from 1940 to 1946 incl.
Rate of interest to be expressed in
multiples of M of 1%.
Interest A-O.
A certified check for 1%
bonds is required.
Legal opinion of Squire, Sanders & Dempsey of
land of Cleveland will be furnished the successful bidder.
SCHOOL DISTRICT, Ohio—NOTES
submitted for the $8,973.23 not to exceed 4%
20.
ALBANY CONSOLIDATED
NOT SOLD—No bids were
interest
refunding notes offered on July
RURAL SCHOOL DISTRICT (P. O. Marys-
ALLEN TOWNSHIP
ville), Ohio—NOTE SALE—The Farmers & Merchants Bank of Milford
purchased on July 20 an issue of $4,885.25 refunding notes.
Center
SCHOOL
VILLAGE
AMANDA
$6,500 3M% refunding
Denom. $500.
Due
15 from 1940 to March 15, 1946, incl.
ANTWERP, Ohio—BONDS SOLD—An issue of
has been sold.
Dated March 15, 1939.
bonds
$500 on March 15 and Sept.
ATHENS,
Ohio—BOND OFFERING—Robert P. Tompkins, City
bids until noon on Aug. 3 for the purchase of
$48,165.84 4% coupon bonds, divided as follows:
$15,176.84 property owner's and city's portion street impt. bonds.
One
bond for $176.84, others $1,000 each.
Due Nov. 1 as follows:
$1,176.84 in 1940 and $2,000 from 1941 to 1949, incl.
The
taxes for these bonds will be subject to the existing 10-mill tax
Auditor, will receive sealed
limitation.
30,184.00 property owner's and city's portion street impt. bonds.
One
bond for $184, others $1,000 and $500.
Due Nov. 1 as follows:
$4,184 in 1940; $4,000 in 1941 and 1942 and $4,500 from 1943
to 1946, incl.
The proceeds of the bonds will be used to pay
maturing notes issued in anticipation thereof; of the total
amount evidenced by the notes so to be paid $23,000 was in¬
curred under a then existing 15-mill tax limitation and the
balance under a presently existing 10-mill tax limitation; ac¬
cordingly $23,000 of the aggregate principal amount of such
bonds are outside of the existing 10-mill limitation but subject
to the pre-existing 15-mill tax limitation.
2,805.00
Due Nov. 1 as follows: $805 in
WILSON COUNTY (P. O.
issue of
revenue
notes
Wilson), N. C.—NOTES SOLD—A $20,000
is said to have been purchased by the Wachovia
Bank & Trust Co. of Winston-Salem, at a rate of
of $1.26.
0.75%, plus
a
premium
1,1939.
Bidder may name a different
rate of int., expressed in a multiple of M of 1%.
Different rates may be
named on the respective issues.
Prin. and int. (M-N) payable at the City
Treasurer's office.
A certified check for $500, payable to order of the city,
is required.
Legal opinion of Squire, Sanders & Dempsey of Cleveland will
be furnished the successful bidder.
BAINBR1 DGE SCHOOL DISTRICT (P. O. Geauga
issue of $3,808.04
an
BARNES
COUNTY
FEATED—It is
now
(P.
O.
Valley
N.' Dak
City),
reported that at the election held on
interest refunding notes
CITY
BEDFORD
offered July 18.
SCHOOL DISTRICT, Ohio—BOND
DEJuly 11, the
(We had previously reported that these bonds had been approved by the
voters—V. 149, p. 614.)
on
BURKE COUNTY (P. O. BowbelM), N. Dak .—BONDS DEFEATED
the required majority to the
proposal to issue $175,000 in refunding bonds, at an election held on July 11.
—It is reported that the voters did not give
NEW
SALEM, N. Dak.—BOND SALE—The $28,000 water works rev¬
bonds offered July 24—V. 149, p. 614—were awarded to H. E. Mueller
.
on terms
Ohio—NOTE SALE—The issue
was
bids will be received until July 31, by W. Behrbaum, City Auditor, for the
purchase of a $27,500 issue of 5% semi-ann. refunding bonds.
Dated July
1, 1939.
Due on July 1 as follows:
$1,000 in 1940 to 1944; $2,000, 1945
to 1954, and $2,500 in 1955.
Commercia
DISTRICT (P. O. Bryan).
of $2,548.52 refunding notes offered July 2l
SCHOOL
DISTRICT
(P.
O.
NOTE SALE—The Citizens National Bank of
July 19
an
McConnellsville), Ohio—
McConnetlsvilie purchased
issue of $3,056.31 refunding notes as 3s.
Due in 1941.
SCHOOL DISTRICT (P. O.
Brunswick), Ohio—NOTE SALE—An issue of $4,444.03 refunding notes
was sold on July 25 to the Savings Deposit Bank Co. of Medina, the only
BRUNSWICK
bidder,
as
Is,
TOWNSHIP
RURAL
at par.
SCHOOL
EXEMPTED
DISTRICT,
Ohio—NOTE SALE
DETAILS—The $14,010.26 2 M % refunding notes sold to
Bank of Columbus—V. 149, p. 614—are dated July 17,
in two years.
BURTON
First
RURAL SCHOOL DISTRICT,
National
Bank
of
Burton,
only
bidder,
the Ohio National
1939 and mature
Ohio—NOTE SALE—The
purchased the $6,012.33
refunding notes offered July 5, as 4s, at par.
DAKOTA,
State
of—OLD
AGE
PENSION
PROPOSAL
DEFEATED—We quote in part as follows from an editorial appearing in
the Minneapolis "Commercial West" of July 22:
"North Dakota's $40
a month old-age pension law was thrown in the ash can on Tuesday last
week bv the voters of that State who, at a special election defeated by
majorities of approximately four to one, initiated measures intended to
old-age pension, as well as a couple of others of 'ism' nature.
Action of voters on the measures more firmly than ever entrenches that State
again in the conservative column.
Their vote was especially overwhelming
against the gross income tax to finance old-age pensions and against that
which would have diverted for two years taxes for
highway construction
finance the
Into
the old-age pension fund.
North Dakota's citizens very definitely
they will stand for no more new taxes, especially those
proposed for such theoretical purposes as a $40 a month old-age pension,
served, notice that
competently
denounced as a State bankruptcy menace.
North Dakota and its municipalities, in
large part, enjoy good
This action of its voters should add to their
popularity with
xrn
NOT SCHEDULED—We '
awhile
Ohio—RATE OF IN\-
taken locally as 3 Ms.
BRISTOL
BRYAN
of the bid.
NEW SALEM, N. Dak.—BOND OFFERING—It is reported that sealed
NORTH
RURAL SCHOOL DISTRICT,
$4,200.92 refunding notes purchased by the
149, p. 449—were sold as 4s.
BRIDGEWATER TOWNSHIP SCHOOL
on
City Auditor did not report
OFFERING—
Education, will receive sealed bids until
Aug. 10 for the purchase of $14,845 4% series S funding notes.
Dated July 1, 1939.
Denoms. $1,000, $500 and $345.
Due as follows:
$345 April 1 and $500 Oct. 1, 1940, and $1,000 on April 1 and Oct. 1 from
1941 to 1947, incl.
Bidder may name a different rate of int., expressed in
a multiple of M of 1 %.
Int. A-O.
The notes will be issued for the purpose
of funding general obligations for operations accrued prior to Jan. 1, 1939,
and are authorized pursuant to various State legislation and in accordance
with a resolution adopted by the Board of Education on June 23, 1939.
A
certified check for $148.45, payable to order of the Board of Education,
must accompany each proposal.
two-thirds majority.
of Hazen.
Copley), Ohio—NOTES
$7,267.39 not to exceed 4%
BATH RURAL SCHOOL DISTRICT (P. O.
NOT SOLD—No bids were submitted for the
National Bank of Tiffin—V.
refunding bonds in the amount of $65,000 failed to carry by the required
enue
14
EXEMPTED SCHOOL DISTRICT,
Ohio—NOTE
SALE—The First National Bank of Barnesville purchased on July 24 an
issue of $19,748.09 refunding notes as 2Ms.
BARNESVILLE
TEREST-'The
DAKOTA
Lake), Ohio—
Bank of Burton purchased on July
refunding notes as 4s.
NOTE SALE—The First National
BETTSVILLE
NORTH
the existing
10-mill tax limitation.
All of the bonds will be dated May
$60,500 general refunding bonds, of which $25,500 are 2 Ms, due on June 15,
$500 in 1946; $5,000, 1947; $10,000 in 1948 and 1949; the remaining
$35,000 as 2Ms, due on June 15: $15,000 in 1950, and $20,000 in
follows:
1940 and $500 from 1941 to 1944,
The taxes for these bonds will be subject to
incl.
Leo J. Kucera, Clerk of Board of
as
$305, others $500 each.
One bond for
bonds.
impt.
sewer
noon
1951.
DISTRICT, Ohio—NOTE SALE—
issue of $11,275.24
The Clear Creek Valley Bank of Amanda purchased an
refunding notes as 3Ms at par.
Trust Co. of Wilson, paying par for the bonds divided as follows:
24,000 school refunding bonds as 2Ms.
Due on June 15
$4,000 in 1943; $5,000 in 1945, 1947, 1948 and 1949.
of the
Cleve¬
SG
°'
are
Securities of
credit rating.
investors."
N- Dak.—CERTIFICATE SALE
informed by the County Auditor that the
$110,000 certificates of indebtedness will not be held for
?' Williston), N. Dak .—CERTIFICATE
OFFERIN(r—-It is reported that sealed bids will be received until 11
a. m.
Morten Mortensen, County Auditor, for the purchase of a
$200,000 issue of not to exceed 7% semi-annual certificates of indebtedness.
Denom. $5,000.
Due on or before July 31, 1941.
No bid is to be for less
than par.
A certified check for 2% of the bid is required.
^
CANTON,
Ohio—BOND SALE—The
$4,300 building Improvement
bonds offered July 21—V. 149, p. 148—were awarded to J. A. White & Co.
Co. of Cincinnati, as 2s, at par plus a premium of $23.13, equal to 100.537,
ba*is of about 1.83 %.
Dated June 15,1939, and due June 15 as follows:
$1,300 in 1941 and $1,000 from 1942 to 1944, incl.
Second high bid of
100.30 for 2s was made by Ryan, Sutherland & Co. of Toledo.
a
Torchhill), Ohio—
offered July 22 were taken by
CARTHAGE RURAL SCHOOL DISTRICT (P. O.
NOTE SALE—The $3,106.55 refunding notes
a local bank as 3 Ms.
Due in 1941.
CLARK COUNTY (P. O. Springfield), Ohio—NOTE OFFERING—
Harold M. Fross, County Auditor, will receive sealed bids until noon on
Aug. 3 for the purchase of $9,450 3% poor relief notes.
Dated Aug. 10,
1939. Due March 1 as follows: $3,050 in 1940; $3,169 in 1941 and $3,231 in
1942. Bidder may name a different rate of interest, expressed in a multiple
of M of 1%.
Interest M-S.
A certified check for $100, payable to order
of the Board of County Commissioners, is required.
COLLEGE-CAMBIER RURAL SCHOOL DISTRICT (P. O. Gambier), Ohio—NOTE SALE—The Peoples Bank of Gambier purchased on
an issue of $6,016.93 refunding notes.
Due in 1941.
July 27
Ohio—BOND OFFERING—
Board of County Commissioners, will receive
(EST) on Aug. 11 for the purchase of $110,000
COLUMBIANA COUNTY (P. O. Lisbon),
C. A. McLaughlin, Clerk of
sealed bids until 10 a. m.
not to exceed 3
$11,000.
% interest poor relief bonds.
Dated 8ept. 1,1939. Denom.
on March 1 and Sept. 1 from 1940 to 1944, incl.
of 1 %.
Principal and
Due $11,000
Rate of interest to be expressed in multiples of M
Volume
The Commercial & Financial Chronicle
149
Interest (M-S) payable at the
County Treasurer's office.
A certified check
for $1,100, payable to order of the
Board of Commissioners, is required.
COLUMBUs, Ohio—CONSIDERS POOR RELIEF BOND ISSUE—The
City Council postponed action until July 25, on
legislation to issue delin¬
quent tax bonds totaling $662,000, to finance the
City's half of the direct
relief load for 1939.
It was agreed at a conference of City officials that
delinquent tax bonds should be issued to raise the City's share of the antici¬
pated $1,300,000 direct relief expense this
year.
The alternative proposal,
which Council wants to
avoid, would be a lj^-mill levy.
^
COLUMBUS CITY SCHOOL
DISTRICT,
TAILS—The $521,245.27 2%
Ohio—NOTE SALE DE¬
refunding notes sold to the Ohio National
Bank of Columbus, at 100.01—V.
149, p. 614, mature in two years.
CONGRESS RURAL SCHOOL DISTRICT
(P. O. West Salem),
Ohio—NOTE SALE—The Farmers State Bank of West Salem
the only
bidder purchased on July 19 an issue of
$5,262.36 refunding notes as 4s.
Due in 1941.
DEERFIELD TOWNSHIP SCHOOL DISTRICT
(P. O. Clarksburg),
Ohio—NOTE SALE—The
Clarksburg Commercial Bank purchased on
July 25 an issue of $7,969.08 refunding notes as 3
XsDue in 1941.
This
was the only bid.
EATON, Ohio—BOND OFFERING—H.
N. Swain, Village Clerk, will
noon on Aug. 7 for the purchase of $7,000 4%
resurfacing bonds.
Dated July 15, 1939.
Denom. $500.
Due as
follows: $500, July 15, 1940 $500, Jan. 15 and
July 15 from 1941 to 1946
Incl. and $500, Jan. 15, 1947.
Principal and interest (J-J) payable at the
Village Treasurer's office.
A certified check for $140 is required.
receive sealed bids until
street
ELIDA SCHOOL
DISTRICT, Ohio—NOTE SALE—The Commercial
purchased on July 26 an issue of $11,221.87 refunding
1941, as 4s.
The Metropolitan Bank of Lima bid for 4s.
769
OHIO (State of)—NOTE OFFERINGS BY SCHOOL DISTRICTS—'The
following is a record of note offerings announced by school districts during
the past week.
The particulars in each instance are similar in that bidder
is required to name an int.
rate of not more than 4% and the obligations
will be subject to call after Nov.
30 in any year.
Proposals must be accom¬
panied by a certified check for 1 % of the issue.
Tabulation shows name
of the district
making the
set for opening of bids:
offering, amount of loan, date of sale and hour
Name of School District—
Berlin Rural (P. O. Berlin
Bennington-Liberty
Amount
Heights)
(P. O. Johnstown)
Bowerstown
Branch Hill Rural
Caledonia
Chillicothe
Coal Grove
Coventry Rural (P. O. Kenmore)
Dover
Greenfield Rural (P. O. Gallia)
Lawrence Township Rural (P.
O.
2,209.33
were
sold at par and mature in two years.
on
July 26
an
issue of $5,299.76 refunding
2,572.20
Aug. 2, 8:00 p. m.
Suffield Township Rural (P. O. Suffield)..
phia)...
Township (P. O. Plain City)
Dover Township Rural (P. O. Dover)
JEFFERSON
SCHOOL
DISTRICT,
Ohio—NOTE
SALE—The
Jefferson Banking Co. purchased on
July 24 an issue of $14,022.48 refunding
notes as 2%s.
Due in 1941.
'
Green
Township Rural (P.O. Portsmouth)
Green Rural (P. O. R. D. 5, Springfield).
Leesburg-Magnetic (P. O. Magnetic Spgs.)
McKean Rural (P. O. Newark)
Newton Village (P. O. Vanatta)
Orange (P. O. Chagrin Falls)
Otterbein-Home Rural (P.O. RR. No. 3,
Lebanon)..
Perry Township Rural (P. O. New Phila¬
follows:
Premium
2%
2%
$2.34
2.00
2^%
21.67
3H%
J. A. White & Co
Johnson, Kase & Co
5.00
JEFFERSON TOWNSHIP SCHOOL DISTRICT
(P. O. West Jeffer¬
son), Ohio—NOTE SALE—The Madison National Bank of London pur¬
chased on July 25 an issue of $2,764.22
refunding notes as 3s. Due in 1941.
LAKEWOOD, Ohio—BONDS
bonds
was
sold at par.
SOLD—An issue of $75,000 2% hospital
$7,000 from 1940 to 1944,
Due Oct. 1 as follows:
incl. and $8,000 from 1945 to 1949, inclusive.
LOCKLAND
CITY
SCHOOL
DISTRICT,
Ohio—NOTE SALE—
The Ohio National
Bank of Columbus purchased on July 25 an issue of
$15,924.83 refunding notes as 2Mb.
LORAIN, Ohio—BOND SALE—The two issues of bonds described
below, bids on which were received July 25—V. 149, p. 289—were awarded
VanLahr, Doll & Isphording, Inc., of Cincinnati, as follows:
to
$32,754 city's portion at. impt. bonds were sold as l^s, at par plus a pre¬
mium of $19.65.
Dated Aug. 1, 1939, and due Sept. 15, as fol¬
lows: $4,754 in 1940; $4,000 in 1941; and
$3,000 from 1942 to 1949,
incl.
81,267 special asst. st. impt. bonds were sold as 1 Xb, at par plus a premium
of $48.76.
Dated Aug. 1, 1939, and due Sept. 15, as follows:
$9,267 in 1940, and $8,000 from 1941 to 1949, incl.
The following is a list of the bids submitted at the sale:
For $81,267 Issue
Rate
*Bidder—
$438.84
Prudden & Co.._
345.00
First Cleveland Corp
109.00
BancOhio Securities Co
73.00
VanLahr, Doll & Isphording, Inc
48.76
Johnson, Kase & Co., and Merrill, Turben Co
562.00
Seasongood & Mayer
512.85
Field, Richards, Shepard, Inc._
431.00
Ryan, Sutherland & Co
344.00
Bohmer-Reinhart Co., Mitten-
1^%
li^%
and
1^%
1 X%
47.00
1X %
IX %
1
X%
2%
2%,;
228.00
207.85
2%
2%
2%
2M%
57.00
537.00
Braun, Bosworth & Co___
Fahey, Clark & Co
Stranahan-Harris & Co
*
472.00
493.72
364.87
or none
3,416.65
7,752.77
noon
Wayne Rural (P. O. Wooster)
York Rural (P. O. Fremont)
1:30 p.m.
8:30 p.m.
8:00 p.m.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
8,
f:
8:00 p.m.
8:00 p.m.
8:00
8:00
8:00
8:00
p.m.
p.m.
p.m.
7,
p.m.
5, 11:00 a.m.
Aug.
Aug. 7,
Aug.
8,
Aug. .7,
Aug.
7,
Aug.
8,
Aug.
8,
8:00
8:00
8:30
8:00
Aug.
7,
7:30 p.m.
Aug.
Aug.
7.
8:00 p.m.
8:00 p.m.
3,148.08
3.892.08
FURTHER OFFERINGS— Issues
included the following:
subsequently
Name of School District
Avon Lake Village
Baughman Township (P. O. Orrville)
Beloit Village
Brookfield Rural (P. O. Caldwell)
Brown Township (P. O. Hilliards)
Burlington Rural (P. O. North Kenova)_„
Carlisle Centralized Rural
Chagrin Falls Exempted
8:00 p.m.
Aug.
Aug.
Aug.
Aug.
3,578.65
2-,033.58
Philadelphia)
Amount
$4,765.21
1,931.10
3.092.15
1,981.02
1,468.27
3,029.98
4,438.04
6,534.03
<
Claridon Rural (P. O. East Claridon)
Concord Rural (P. O. Sugar Tree Ridge).
Deerfield Township (P. O. Clarksburg) —
DeGraff Village
1,311.13
3,312.38
7,969.08
2,504.64
Aug.
7,
7:00 p.m.
p.m.
p.m.
p.m.
p.m.
noon
7:00 p.m.
7,
7,
7:00 p.m.
announced
sal®
for
Sale Date
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Aug.
7,
t
8:00 p.m.
l:C0p.m.
8:00 p.m.
2:00 p.m.
9:00 p.m.
noon
8:00 p.m.
25*.
|
8:00 p.m.
7,
9:00 p.m.
4,
3,
5,
3,
3,
5.
8:30 p.m.
8:30 p.m.
2:00 p.m.
7:30 p.m.
8:30 p.m.
8:30 p.m.
Greenwich Township Rural (P. O. Green¬
wich)
Homer Township Rural (P. O.
1,379.04
Homerville)
3,764.03
Jefferson Union Rural (P. O. Stubenville)
Malintar-Grelton Village (P. O. Mallnta)..
Newcommerstown Exempted
11,902.24
6,411.59
16,582.85
2,675.49
Union Rural Centralized (P. O. Stockdale)
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
8:00 p.m.
8:00 p.m.
2:30 p.m.
The following are additions to the list of pending
ADDITIONS TO LIST
Name of
23.00
213.00
2%
2X%
$4,520.54
6,961.43
4,164.85
6,128.06
173.00
2%
2%
Hungtington Rural (P. O. Summithill)
Johnstown-Monroe (P. O. Johnstown)
Kelleys Island
Lee Rural (P. O. Harlem Springs)
IX %
Hebron Rural
Lewis Rural
—
16,110.33
8,426.78
2,749.06
2,499.06
1,611.64
3,696.22
3,623.67
(P. O. Feesburg)
Liberty Rural (P. O. Jackson)
Milton Rural (P. O. Wellston)
Minford Rural
2X%
—
17,029.08
New Market Rural (P.
Plain Township (P. O.
—Gen.
of both issues.
LUDLOW TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. Mari¬
etta), Ohio—NOTE SALE—The Peoples Savings Bank of New Matamoras purchased on July 22 an issue of
$6,607.10 refunding notes as 3 V4s.
Due in 1941.
Youngstown), Ohio—BOND SALE—
Charles A. Hinsch & Co., Inc. of Cincinnati purchased on
July 19 an issue
$470,000 2X% refunding bonds, due $47,000 annually on Oct. 1 from
1941 to 1950 incl.
Interest A-O.
of
MANSFIELD CITY SCHOOL DISTRICT, Ohio—NOTE SALE— The
Ohio National Bank of Columbus purchased on July 24 an issue of
$70,593.49 refunding notes as 2s.
Sale Date
Amount
School District—
Burlington Rural (P. O. Homer)
139.00
LORAIN COUNTY (P. O. Elyria), Ohio—NOTE SALE—The
$91,500
poor relief notes offered July 26-—V. 149, p. 615—were awarded to the
Provident Savings Bank & Trust Co. of Cincinnati, as Xs, at a price of
100.02, a basis of about 0.74%.
Dated July 31, 1939 and due as follows:
$31,500 8ept. 1, 1940; $30,000 Sept. 1, 1941; $15,000 Sept. 1, 1942 and $15,000 March 1, 1943.
Second high bid of 100.35 for Is was made by Strana¬
han, Harris & Co., Inc. of Toledo.
MAHONING COUNTY (P. O.
4,585.40
8,293.12
8,268.69
1,683.20
6,330.18
5,409.24
1,415.46
Providence Township Rural (P. O. Toledo)
1,209.48
Rush Township Rural (P. O. Uhrichsville)
3,187.25
Salem-Oak Harbor (P. O. Oak Harbor)— 13,356.47
Solon Village
3,195.76
Trimble Village
5,598.43
Upper Arlington Exempted (P. O. Co¬
lumbus)
8,610.82
Washington Township Rural (P. O. New
Hartland Rural
\1X%—Sp. Assmnt,
For all
j
2%
2%
Combined Bids
Otis & Co., and Fullerton & Co.
delphia)
Hannibal Rural
Brackhouse
& Co.
p. m.
noon
8:30 p. m.
8:00 p. m.
8:00 p .m.
8:30 p. m.
8:00 p. m.
1X%
102.00
19.65
1^%
•
Co.
$137.57
138.00
1 X %
_
dorf &
For $32,754 Issue
Premium
Rate
Premium
Stranahan, Harris & Co
8:00
1,963.51
....
JEFFERSON
SCHOOL
DISTRICT,
Ohio—OTHER
BIDS—The
$3,000 building bonds awarded to 8aunders, 8tiver & Co. of Cleveland,
as 2s, at 100.10, a basis of about
1.97%—V. 149, p. 615—were also bid for
5,055.65
4.2C3.99
,
Hartford Rural
Paine, Webber & Co
Jefferson Banking Co
3,
4,
3,
3,
3,
1,
4,
4,
ADDITIONAL OFFERING—Other offerings of the same nature are
follows:
Name of School District—
Amount
Sale Date
Alexandria
$6,699.79
Aug.
7, 8:00 p.m.
Beach City-Wilmot (P. O. Beach City)..
7,015.04
8:00 p.m.
Aug.
HIGGINSPORT SCHOOL DISTRICT, Ohio—RATE OF INTEREST
—The $5,791.48 refunding notes sold to the Citizens Bank of
Higginsport—
V. 149, p. 615—bear 4% int.
Int. Rate
7:30 p. m.
8:00 p. m.
1:00 0. m.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Etna Rural.
Goshen Rural
Bidder—
p. m.
noon
2,331.89
1,621.37
2,527.08
6,838.28
1,257.80
8,174.37
6,815.25
9,667.98
SCHOOL DISTRICT (P. O.
Grand Rapids), Ohio—NOTE SALE—The Grand
Rapids Banking Co.,
only bidder, purchased the $6,182.30 refunding notes offered July 21,
naming an interest rate of 3 M %. at par.
as
p. m.
noon
Route 1)
Montville (P. O. Medina)
Pierce Township Rural (P. O. Amelia)
Ridgeville (P. O. R. F. D. No. 1, Elyria)
Scott
Township Rural (P. O. Marion)
Canaan
GRAND RAPIDS TOWNSHIP RURAL
_
p. m.
as
SCHOOL DISTRICT (P. O. Free¬
dom Station), Ohio—NOTE SALE—The First National Bank of Garretts-
ville, the only bidder, purchased
notes as 3Hs.
Due in 1941.
p. m.
p. m.
Aug. 4, 7:30 p. m.
Aug. 3, noon
Aug. 3, 8:00 p. m.
Windsor Rural (P. O. Chesapeake, R.F.D.)
York Township Rural (P. O. New Philadel¬
FREEDOM TOWNSHIP RURAL
8:00
8:00
8:00
8:00
8:30
6,873.60
8,148.92
Vanlue Rural
.
2,
4,
2,
1,
3,
3,
4,
2,
3,
4,
Canal
Fulton)
Bank of Delphos
Co.—V. 149, p. 615.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Liberty Rural (P. O. Girard)
Margaretta Rural (P. O. Sandusky)
Mary Ann Township Rural (P. O. Newark,
notes, due in
ELYRIA CITY SCHOOL
DISTRICT, Ohio—NOTE SALE DETAILS
—The $62,234.98 2 % % refunding notes sold to the
Elyria Savings & Trust
Sale Date
$3,787.68
2,461.78
5,510.45
1,380.60
5,638.14
45,792.30
11,456.25
7,149.70
26,861.08
3,865.26
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
7,
8:00 p.m.
8:30 p.m.
9:00 p.m.
8:00 p.m.
2:00 p.m.
8:00 p.m.
9,
7,
?:
I:
8:00 p.m.
8:00 p.m.
8:00 p.m.
7:30
7:00
7:30
1:00
p.m.
p.m.
p.m.
O. Hillsboro)
2,272.02
p.m.
8:00 p.m.
Middlebranch) - - » 14,667.99
Ravenna Township (P. O. Ravenna)
8, 8:00 p.m.
8,105.47
Aug.
9. 8:00 p.m.
Strongs ville
7,830.00
WestTdberty Village.
6,486.04
Aug. J, 8:30 p.m.
>nal offerings:
FURTHERN OFFERINGS—The following are additio:
Amount
Name of School District—
Bokescreek
Rural
(P.
O.
West
Caldwell Exempted
Colerain Twp. Rural (P. O.
Cranberry Rural
Crestline Exempted
Sale Date
Mans-
field)
Barton)
,
$3,221.34
10,786.23
7,586.44
1,152.16
10,887.75
C ridersville—
4,306.84
Rural (P. O. Warren)
Jefferson Twp. Rural (P. O. North Robin-
5,871.51
Greene Twp.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
?:
8:30 p.m.
6:00
p.m.
8:00 p.m.
8:00 p.m.
8:00 p.m.
7,
8:00 p.m.
8:00 p.m.
8:00 p.m.
son)
2,981.22 Aug.
7:30 p.m.
Liberty Rural (P. O. Kimbolton)
6,659.08 Aug.
Middleburg Rural (P. O. Dexter City)
2,103.40 Aug. 7. 8:00 p.m.
Mineral City-Sandy Village (P. O. Mineral
City)
5,600.14 Aug. 7, 8:00 p.m.
Aug.
7, noon
Perry Rural (P. O. South Point)
4,942.33
Stock Rural (P. O. Berne)
Aug.
7, 7:30 p.m.
2,875.18
Wendelin Rural (P. O. St. Henry)
Aug.
7, 8:00 p.m.
1,324.17
NEW OFFERINGS—Offerings of the same calibre
subsequently an¬
nounced consisted of the following:
\
_
MARIETTA
TOWNSHIP RURAL
SCHOOL
DISTRICT
(P. O.
Marietta), Ohio—NOTE SALE—The Central National Bank of Cam¬
bridge purchased on July 25 an issue of $2,918.35 refunding notes as 3s, at
a
price of 100.137.
Due in 1941.
The First National Bank of Marietta
Name of
Amount
School District—
MOOREFIELD RURAL SCHOOL DISTRICT (P. O. R. D. 6,
Spring¬
field), Ohio—NOTE SALE—The First-National Bank & Trust Co. of
Springfield purchased
at par.
This
was
July 18
the only bid.
on
an
issue of $5,529.30 refunding notes
as
3s,
NAPOLEON TOWNSHIP SCHOOL DISTRICT (P. O.
Napoleon),
Ohio—NOTES NOT SOLD—No bids were submitted for the $1,081.54 not
to exceed
4% interest refunding notes offered July 21.
NORWALK,
Ohio—BOND SALE DETAILS—The $11,908 2M%
special assessment street improvement bonds sold to the sinking fund
trustees—V. 148, p. 3270, mature $630 on April 1 and Oct. 1 from 1940 to
1949, inclusive.
Sale Date
$9,762.73
Little Muskingum Rural (P. O. Marietta)
McCartyville Rural
Marlboro Township (P. O. Canton)
Monroe Twp. Rural (P. O. West Liberty)
Monroe Twp.
(P. O. Moscow
R. R. 2)_
11,271.59
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
2,976.66
Aug.
5,416.54
Aug.
Aug.
Aug.
10.225.01
2,707.85
9,298.79
4.698.11
3 317.11
5,034.40
Moscow
New Bloomington
Proctor ville
(P.O. Agosta)
Township (P. O. Deschler)
Scipio-Republic (P. O. Republic).
Shaker Heights
Troy Twp. Rural (P. O.
3,115.69
5 841.49
Pultney Twp. Rural (P. O. Bellaire)
Tichfield
Aug.
8,382.73
Bergholz
bid par for 3s.
Ashland)
27,116.80
4,040.76
7
7
7
7
7
7
7
7
7
7
7
7
7:30 p.m.
8:30 p.m.
noon
9 p.m.
8 p.m.
8 p.m.
8:30 p.m.
8;30
p.m.
8 p.m.
noon
8 p.m.
8;30
p.m.
7
7
noon
7,
8;30 p.m.
8 p.m.
The Commercial & Financial
770
(State of)—BRIDGE COMMISSION APPROVES BOND REPROPOSAL—Estimating savings of $75,000 in interest charges,
early last week approved a refinancing pro¬
gram for the Sandusky Bay Bridge and the new refunding ispue will be
offered in August.
V. 149, p. 616.
Under the refinancing plan, the
Commission will issue $1,400,000 in 2% bonds to replace a similar amount
of outstanding 3M% obligations.
The new issue would mature in July,
On the basis of present
1946, or five years earlier than the present bonds.
revenues new bonds could be retired early in
1945, the Commission says.
The new issue is expected to be advertised early in August, and call premiums
were
estimated at approximately $35,000.
The Commission took no
action on proposals to refinance the State-owned bridges linking East
Liverpool and Chester, W. Ya., and East Liverpool and Newell, W. Va.
Within the next few days data showing the revenues derived from the
operation of the Gallipolis-Pt. Pleasant, W. Va., bridge will be presented
OHIO
ceed
Chronicle
July 29, 1939
payable semi-annually.
Due $2,000 from 1942 to 1946, incl.
approved by the voters at an election held on July 17.
4%,
FUNDING
These bonds were
the Ohio Bridge Commission
GREENFIELD SCHOOL DISTRICT
(P. O. Watonga), Okla.—
PRICE PAID—In connection with the sale of the $9,600 building bonds to
Calvert & Canfield of Oklahoma City, as 2)48 and 2lA&, as noted in our
issue of July 15—V. 149, p. 451—it is now reported that the bonds were
sold at a price of par.
Due on May 15 in 1942 to 1949.
to the
Citizens Banking Co. of
Perrysburg—V. 149, p. 450—were sold
as
4s, at par.
PLEASANTVILLE VILLAGE SCHOOL DISTRICT, Ohio—NOTES
NOT SOLD—No bids were submitted for the $7,527.81 not to exceed 4%
interest refunding notes offered July 25.
PORTAGE COUNTY (P. O.
E. R. Wascko, Clerk of Board of
Ravenna), Ohio—NOTE OFFERING—
County Commissioners, will receive sealed
July 31 for the purchase of $23,000 2lA% poor relief
notes.
Dated Aug. 1, 1939.
Denom. $1,000, or in such amounts as the
Clerk may determine.
Due $15,000 on March 15 and $8,000 Nov. 15,
noon
on
from excise taxes levied by the State and also
are general obligations or the county, and proceeds will be used to meet poor
relief requirements for 1939.
A certified check for 1 % of the notes bid for,
payable to order of the County Treasurer, is required.
Legal opinion of
Squire, Sanders & Dempsey of Cleveland may be obtained by the successful
The notes are payable
1940.
bidder at
his own expense.
PORTSMOUTH, Ohio—BOND SALE—The $50,000 series A first
mortgage waterworks extension revenue bonds offered July 21—V. 149,
p, 290—were awarded to Ryan, Sutherland & Co. of Toledo as l|£s at
par plus $161 premium, equal to 100.31, a basis of about 1,68%.
Dated
April 1, 1939, and due April 1 as follows:
$7,000 from 1941 to 1946 incl.
and $8,000 in 1947.
Second high bid of 100.20 for 15is was accounted
for jointly by P. E. Kline, Inc., and Katz & O'Brien,
POWHATAN POINT VILLAGE SCHOOL
SALE—The First
National
DISTRICT, Ohio—NOTE
Bank of Powhatan purchased
on
refunding notes as 3s, at a price of 100.10.
National Bank of Cambridge bid 100.06 for 3s.
issue of $11,888.98
RARDEN
July 26 an
The Central
RURAL SCHOOL DISTRICT,
Portsmouth Banking
Ohio—NOTE SALE—The
Co of Portsmouth purchased on July 20 an issue of
$6,531.39 refunding notes.
RILEY TOWNSHIP SCHOOL DISTRICT (P. O. Pandora), Ohio—
NOTE SALE DETAILS—The $7,247.65 refunding notes purchased by the
First National Bank of Pandora—V. 149, p. 616—were sold as 4s and ma¬
ture in two years.
RUSH TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Lucasville,
R. No. 1), Ohio—NOTE SALE DETAILS—The $10,264.19 2K% re¬
funding notes sold to the Portsmouth Banking Co. of Portsmouth—V. 149,
p. 616, mature in two years,
ST. CLAIRSVILLE SCHOOL DISTRICT, Ohio—NOTE SALE— The
July 25 an issue of
$20,025.30 refunding notes .as 2hs, at a price of 100.064.
Due in 1941.
The First National Bank of Barnesville, second high bidder, offered 100.04
for 2Hs.
Clairsville purchased
Second National Bank of St.
on
SAVANNAH-CLEAR CREEK RURAL SCHOOL DISTRICT (P. O-
Savannah), Ohio—NOTE SALE—An issue of $5,945.35 refunding rotes
sold
was
on
July 21 to Fenn, Shriver & Co.
as
4s.
SHADE CONSOLIDATED SCHOOL DISTRICT, Ohio—NOTE SALE
DETAILS—The $8,587.53 refunding notes sold to the Quaker City Na¬
tional Bank of Quaker City—V. 149, p.
616—bear 3% interest, are dated
July 14, 1939, and mature July 14, 1941.
SHELBY
SCHOOL
CITY
bear and
sold
on
Ohio—NOTE
SALE— An
July 22 to the Ohio National
►
accordance with Article 5, Chapter 32,
1935.
Int. Rate
Bidder—
Fox, Einhorn & Co
-
BancOhio Securities Co
Rate Bid
100.402
100.151
100.09
2%
2%
2%
2%
2)4%
2)4%
214%
2)4 %
2)4%
2)4%
Stranahan, Harris & Co., Inc
Siler, Carpenter & Roose
Seasongood & Mayer
Fahey, Clark & Co
*
,
Van
Lahr, Doll & Isphording
Provident Savings Bank & Trust Co
Assel, Goetz & Moerlein, Inc
McDonald-Coolidge & Co
_
MADILL, Okla.—BOND REFUNDING
PLAN APPROVED—It is
Bruce May, City Manager, that the city's refunding plan, as
Federal Municipal Bankruptcy Act, has been approved by
the courts.
He reports that not one cent was deducted from the principal or
accrued interest of all bonds outstanding.
The rate of interest was reduced
to 1% for five years, 2% for five years, 3% for five years and 4% for five
years.
The new issue was in the amount of $353,000.
The city has paid
off $46,500 of this amount since May, 1938, and there is now outstanding
$313,000 of the new bonds.
stated by
filed under the
MARLOW, Okla.—BONDS SOLD—It is reported that $70,000 gas plan
purchased by the Taylor-Stuart Co. of Oklahoma City.
bonds have been
OKMULGEE
100.062
100.53
100.412
100.14
100.13
100.105
100.07
TOLEDO CITY SCHOOL DISTRICT, Ohio—APPROVES REFUND¬
ISSUES—Board of Education has authorized a $300,000 issue of
ING
a period of financial urgency several years ago.
The new notes
will take up paper based on remittances from the Ohio School Foundation
Fund.
Chester),
was
SCHOOL
DISTRICT
(P.
O.
Ohio—NOTE SALE—The Monroe National Bank of
awarded
on
July 20
an
issue of $6,099.27 refunding notes as
4s, at par.
VERSAILLES, Ohio—BOND SALE—The $15,300 sanitary sewage
offered Juiy 22—V. 149, p. 290—were awarded to BancOhio Se¬
bonds
curities Co. of Columbus.
June 1 and Dec.
on
WINDSOR
An issue of $5,305.40
of Orwell as 4s.
WOODVILLE
Dated June 1, 1939, and due as follows:
DISTRICT, Ohio—NOTE SALE—
refunding notes was sold to the Orwell Banking Co.
SCHOOL
SCHOOL
YORK
TOWNSHIP
SALE—The Citizens
issue of $13,508.44
The notes
were
sold
RURAL
Central
Ohio—NOTE
DISTRICT,
Woodville Savings Bank Co. purchased
refunding notes as 3^s.
an
$900
1 from 1940 to 1947 incl., and $900 on June 1, 1948.
RURAL
on
SALE—The
July 25 an issue of $4,794.34
SCHOOL
Bank
DISTRICT, Ohio—NOTE
purchased on July 20
of Nelsonvilie
refunding notes.
as
GRADED
SCHOOL
DISTRICT
OREGON
SCHOOL DISTRICT NO. UH 3 (P. O. Baker),
Ore.—BOND SALE—The $4,000 issue of school bonds offered for sale on
July 20—V. 149, p. 451—was awarded to Tripp & McClearey of Portland,
as
2Hs, paying a premium of $6.80, equal to 100.17, a basis of about
2.46%.
Dated July 15, 1939. Due $500 from July 15, 1940 to 1947, incl.
BAKER COUNTY
COOS
(P.
COUNTY
O.
Coquille). Ore.—BOND OFFERING—It is
reported that sealed bids will be received until Aug. 2 by the
for the purchase of $27,000 refunding bonds.
Due $3,000
1941 to 1949, inclusive.
County Clerk,
from Sept. 1,
$3,000 swimming pool bonds
the First
of about
Dated July 1, 1939. Due on July 1,
Ore.—BOND SALE—The
HEPPNER,
offered for sale on July 22—V. 149, p. 616—were purchased by
National Bank of Portland, as 2)4s, at a price of 100.17, a basis
2.47%, reports the City
Recorder.
1945.
LANE COUNTY UNION HIGH
SCHOOL DISTRICT NO. 10 (P. O.
Florence), Ore.—BOND OFFERING—It is stated that sealed bids will
be received until 8 p. m. on Aug. 1 by Margaret Neilsen, District Clerk,
for the purchase of a $10,000 issue of 4% semi-annual coupon refunding
bonds.
Dated Aug. 1, 1939.
Denom. $1,000, $900 and $800.
Due
Callable on any interest payment date on and after
for not less than par
County Treasurer's
office or at the fiscal agency of the State in N. Y. City.
The cost of fur¬
nishing the bond forms complete for signatures and the proper interest
coupons is to be assumed by the purchaser.
Enclose a certified check for
$2,000, payable to the district.
■
,
Aug. 1, 1940 to 1950.
Aug. 1, 1947, at par and accrued interest.
Bids to be
and accrued interest.
Prin. and int. payable at the
SCHOOL DISTRICT NO. 14 (P. O.
Ore.—BONDS OFFERED—Sealed bids were received
July 28, by Worth Harvey, District Clerk, for the pur¬
chase of $4,800 not exceeding 4% se i i-annual school bonds.
Dated July 1,
1939.
Deno ^
$500, one for $300.
Due July 1, as follows: $300 in 1943,
and $500 in 1944 to 1952.
These bonds were authorized at an election held
on Sept. 26, 1938.
Prin. and int. payable at the County Treasurer's office
or at the fiscal agency of the State in New York.
LANE COUNTY UNION HIGH
Grove),
until 7:30 p.m. on
SCHOOL DISTRICT NO. 185 (P. O. Eugene,
Ore.—BOND OFFERING—It is reported that sealed bids
Aug. 8, by Elmer A. Hoiland, District
Clerk, for the purchase of $4,000 school bonds. Interest rate is not to exceed
4%, payable F-A.
Dated Aug. 10, 1939.
Due $500 from Aug. 1, 1940 to
1947, incl. Callable at any interest payment date, after one year from date,
LANE
COUNTY
Route No. 1),
will be received until 7:30 p. m. on
upon
30 days' prior notice.
UMATILLA, Ore.—BOND SALE—The $3,000 series B water revenue
bonds offered July 24r—V. 149, p. 616"—were awarded to Tripp & McClearey,
of Portland, as 3s, at a price of 103.345, a basis of about 2.62%.
Dated
Aug. 1, 1939. Due Aug. 1, 1959; callable on and after Aug. 1, 1949. Second
high bid of 103.285 for 3s was made by Baker, Fordyce, Tucker Co. of
Portland.
4s at par.
YORK TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Powhatan
Point), Ohio—NOTE SALE—The First National Bank of Powhatan
Point purchased on July 24 an issue of $2,750.37 refunding notes.
'
"
*
PENNSYLVANIA
during
CENTRALIZED
UNION
COUNTY
(P. O. Okmulgee), Okla.—BOND OFFERING—It is reported that
be received until 6 p.m. on Aug. 1, by Floyd Lawson, District
Clerk, for the purchase of $3,800 building bonds.
Denom. $500, one for
$800.
Due $500 in 1942 to 1947, and $800 in 1948.
The bonds shall be
sold to the bidder bidding the lowest rate of interest the bonds shall bear
and agreeing to pay par and accrued interest for the bonds.The bonds
are issued in accordance with Article 5, Chapter 32, of the Oklahoma Session
Laws of 1935.
Enclose a certified check for 2% of the amount of bid.
No. 4
bids will
refunding bonds and a $169,790 issue of refunding notes.
The bonds will
replace notes issued two year ago to take up tax scrip used by the board
UNION TOWNSHIP
The
of the Oklahoma
.
TOLEDO, Ohio—OTHER BIDS—The $52,169.54 street impt. bonds
awarded to Weil, Roth & Irving Co., Cincinnati, as 1
at 100.09, a basis
of about 1.73%—V. 173%—V. 149, p. 450—were also bid for as follows:
Monroe
accrued interest for the bonds.
agreeing to pay par and
Session Laws of
Cottage
DISTRICT,
issue of $18,943.26 refunding notes was
Bank of Columbus.
West
SCHOOL DISTRICT No.
(P. O. Hollis), Okla.—BOND OFFERING—It is reported that sealed
be received until 2 p.m. on Aug. 2, by J. E. Leathers, District
Clerk, for the purchase of a $7,000 issue of school site, building and equip¬
ment bonds.
Denom. $1,000.
Due $1,000 in 1943 to 1949.
The bonds
shall be sold to the bidder bidding the lowest rate of interest the bonds shall
bonds are issued in
Commission.
PERRYSBURG EXEMPTED SCHOOL DISTRICT, Ohio—NOTE
SALE DETAILS—The $13,943.19 refunding notes purchased by the
bids until
COUNTY CONSOLIDATED
HARMON
12
bids will
DETAILS
Edward Lowber Stokes &
COLLEGEVILLE SCHOOL DISTRICT, Pa .—BOND SALE
—The
$49,000 2% school bonds purchased by
price of 100.125—V. 148, p. 3109, are dated May 1,
1939, and mature May 1 as follows: $1,000 in 1940 and $2,000 from 1941
Co. of Philadelphia, at a
to
1964,incl.
ELIZABETH, Pa.—BOND SALE—The $12,000 coupon bonds offered
July 25—V. 149, p. 451—were awarded to S. K. Cunningham & Co. of
Pittsburgh, as 2^8, at a price of 100.43, a basis of about 2.43%.
Dated
Aug. li 1939. Due $1,000 on Aug. 1 from 1940 to 1945 incl.; from 1947 to
1949 incl. and from 1952 to 1954 incl.
Second high bid of 101.534 for 2Ms
came from Singer, Deane & Scribner of Pittsburgh.
SCHOOL DISTRICT (P. O. York),
bonds offered June 9—
awarded on the 14th to the First National Bank of
York, at par plus $128 premium, equal to 100.45, a basis of about 2.96%.
Dated July 1, 1939.
Due July 1 as follows: $1,000 from 1940 to 1961, incl.
and $2,000 from 1962 to 1964, incl.
Callable on any interest date on or
MANCHESTER
TOWNSHIP
Pa.—BONDS SOLD—The $28,000 3 % coupon school
V. 148, p. 3270—were
after July 1,
1944.
SCHOOL
MONACA
DISTRICT,
Pa .—OTHER
BIDS—The $40,000
purchased jointly by Hemphill, Noyes & Co.
Co., Pittsburgh, as 2 As, at 101.12, a basis of
—V. 149, p. 451—were also bid for as follows:
school
bonds
Schmertz &
and Phillips,
about 2.36%
Other bids:
Int. Rate
Rate Bid
Philip J. Davidson
Glover & MacGregor, S. K. Cunningham & Co.
and George G. Applegate, jointly
Singer, Deane & Scribner
Blair & Co., Inc
2)4%
100.50
2)4%
2%%
2%%
100.48
101.757
101.67
M. M. Freeman & Co
2%%
101.639
Bidder—
2)4%
101.038
Burr & Co
2)4%
100.699
Johnson & McLean, Inc
E. H. Rollins & Sons, Inc
3%
3%
101.146
100.379
Moore, Leonard & Lynch
MORRIS
TOWNSHIP
-
ROAD DISTRICT
(P. O. Clearfield), Pa.—
of Board of Supervisors, will
5 for the purchase of $2,500 4)4%
BOND OFFERING—William Slee, Treasurer
receive sealed bids until 10 a. m. on Aug.
road
bonds.
Dated
July
1,
1939.
Denom.
$500.
Due July 1, 1949.
Interest J-J.
TOWNSHIP (P. O. Mount Lebanon), Pa.—
OTHER BIDS—The $200,000 improvement bonds awarded to Singer,
Deane & Scribner, Pittsburgh, and E. H. Rollins & Sons, Inc., in jofcit
account, as 2^8, at 101.872, a basis of about 2.05%—V. 149, p. 451—were
MOUNT
T+
It
is
^9- Alva). Okla.—BOND OFFERING—
stated by the District Clerk that he will receive sealed bids until July 31,
purchase of a $10,000 issue of school bonds. Int. rate is not to ex¬
for the
also bid for
LEBANON
as
follows:
«
Volume
The Commercial & Financial Chronicle
149
Other bids:
Bidder—
Rate Bid
Int. Rate
Halsey, Stuart & Co., Inc
*
Moore, Leonard & Lynch and Dougherty, Corkran
-
& Co_
George E. Snyder & Co., E. Lowber Stokes & Co.,
S. K. Cunningham &
Co., Glover & MacGregor
and George G.
Applegate
,
101.286
234%
100.953
1952 to 1959, inclusive.
(The above corrects the report which appeared in our issue of July 22
—Y. 149, p. 617.)
2 34 %
100.219
234 %
SOUTH
CAROLINA, State of—CERTIFICATE SALE—The $1.750,000 issue of State highway certificates of indebtedness offered for sale
on July
27—V. 149, p. 451—was awarded to a syndicate composed of
Halsey, Stuart & Co., Inc.; Blair & Co., Inc.; Graham, Parsons & Co.:
Stranahan, Harris & Co., Inc.; Schlater, Noyes & Gardner, Inc., all of
New York; the Peoples National Bank of Rock Hill, S. C.; Kirchofer &
Arnold, Inc., of Raleigh; Hamilton & Co. of Chester, S. C.; and William R.
Compton & Co., Inc., of New York, as 134s, paying a price of 100.084,
a basis of about 1.74%.
Dated Aug. 1, 1939.
Due $175,000 from Aug. 1,
1941 to 1950, inclusive.
100.795
234 %
101.585
2H%
M. M. Freeman & Co
Johnson & McLean, Inc., Burr &
Co., Inc., Stroud
and Co. and Butcher & Sherrerd
Hemphill, Noyes & Co.
234%
103.245
„
and Phillips, Schmertz &
Co
—
PHILADELPHIA, Pa .—FINAL ACTION ON $41.000,000 GAS PLANT
LOAN—The City Council on July 20 adopted final legislation in connection
•with the plan to borrow a total of
$41,000,000 against the annual rental
from the municipal
gas plant.—V. 149, p. 616.
The loan will be represented
by revenue trust certificates, half of which will be purchased by the Re¬
construction Finance Corporation and the other naif
by Philadelphia
banks.
Financing will permit the city to pass the long-delayed budget for
this year, but the bulk of the
proceeds will be used to liquidate temporary
indebtedness resulting from unbalanced budgets in recent
years.
The city
receives a fee of about $4,200,000
annually through lease of its gas plant
and this revenue will be
pledged for 1234 to 18 years as security for the
trust certificates.
The latter will be issuable in coupon form, registerable
as to principal in denominations of
$1,000, and in registered form without
coupons in denominations of $1,000, $5,000 and
any multiple of $5,000, ma¬
turing as follows: $900,000 No. 1.1939 and May and Nov. 1,,1940, $950,000 May and Nov. 1, 1941 and
May 1, 1942, $1,000,000 Nov. 1, 1942 and
May and'Nov. 1, 1943, $1,050,000 May and Nov. 1, 1944 and May 1,
1945, $1,100,000 Nov. 1, 1945 and May 1, 1946, $1,150,000 Nov. 1, 1946
and May and Nov. 1, 1947 to 1953 and
May 1, 1954, $1,250,000 Nov. 1,
1954, $1,350,000 May 1, 1955, $1,450,000 Nov. 1, 1955 and May 1, 1956,
$1,550,000 Nov. 1, 1956, and $1,650,000 May 1, 1957.
CERTIFICATES
OFFERED
FOR
INVESTMENT—1The
successful
bidders reoffered the above certificates for public subscription at prices to
yield from 0.75% to 1.85%, according to maturity.
(Official notice of the public reoffering appears on page n.)
SOUTH
CAROLINA,
SOUTH
Due in 20 years.
„
REDFIELD INDEPENDENT SCHOOL DISTRICT (P. O. Redfield),
S. Dak.—BOND SALE—The $45,000 issue of funding bonds offered for
on July 24—V. 149, p. 617—was awarded to the Wells-Dickey Co. of
Minneapolis, and associates, as 3s, paying a premium of $100, equal to
Dated June 1, 1939.
Due $3,000 from
100.22, a basis of about 2.97%.
June 1, 1940 to 1954.
sale
VOLGA,
S.
Dak.—BOND SALE—The
Int. Rate
Jones
Pennsylvania School Employees' Retirement Board—
Blyth & Co., Northern Trust Co., Chicago, Paine,
Webber & Co., Mercantile-Commerce Bank
& Trust
Co., St. Louis, Roosevelt &
Weigold, Stroud & Co.,
C. F. Childs & Co.,
Equitable Securities Corp., First
National Bank & Trust Co.,
Minneapolis, Newton,
Abbe & Co., Field, Richards &
Shepard, Mackey,
Dunn & Co., J. N.
Hynson & Co., Farwell, Chap¬
man & Co., and H. C.
Wainwright & Co., jointly
Harriman Ripley & Co., Inc.. Moncure Biddle &
Co.,
Graham, Parsons & Co., Yarnall & Co., Alexander
Brown & Sons, Butcher &
Sherrerd, E. W, Clark &
Co.,
3%
100.119
100.289
In connection with
National Bank, St. Louis, Weil,
Irving Co., and Fahey, Clark & Co., jointly.
PITTSBURGH, Pa.—BOND
100.48
334 %
100.189
OFFERING—James P. Kerr, City Comp¬
a. m.
(EST) on Aug. 15 for the
troller, will receive sealed bids until 10
Eurchase of $750,000 not to exceed 4% Denom.
interest
onds of 1939.
Dated Aug. 1, 1939.
coupon current expense
$1,000.
Due $150,000
Aug. 1 from 1940 to 1944, incl.
Bidder to name a single rate of interest,
payable F-A.
Coupon bonds are exchangeable at holder's option at any
time for a registered bond or bonds of the same
maturity and of the denom.
of $100 or a multiple thereof not
exceeding the aggregate principal amount
of the coupon bonds surrendered in
exchange.
The bonds are issued for
the purpose of providing funds for the
payment of current ordinary expenses
of conducting the public business of the
city and are issued by Councilmanic authority.
The city reserves the right to deliver to the
purchaser a
temporary typewritten or printed bond or bonds which shall be
substantially
on
in the
same
form
as
tions and variations
the definitive bonds with appropriate
omissions, inser¬
may be required.
Until their exchange for definitive
as
bonds, the temporary bonds shall be in full force and effect
cording to their terms.
Bids must be made on blank forms which
coupon
may
ac¬
RIDLEY TOWNSHIP SCHOOL DISTRICT
(P. O. Woodlyn), Pa.—
SALE—The $40,000 coupon operating revenue bonds
offered
July 21—V. 149, p. 291—were awarded to M. M. Freeman & Co.
of
Philadelphia, as 234s, at par plus a premium of $667.70, equal to
101.669,
a basis of about
1.93%.
Dated July 1, 1939, and due $4,000 on
July 1
from 1940 to 1949, incl.
Burr & Co. of Philadelphia, second
high bidder,
named a price of 100.589 for
2%b.
BOND
coupon sewer
bonds offered July 21—V. 149, p. 291—were awarded to
Phillips, Schmertz
& Co. of Pittsburgh and
Hemphill, Noyes & Co. of Philadelphia, jointly.
Dated July 1, 1939, and due from 1944 to
1948, incl.
RHODE
ISLAND
PROVIDENCE, R. I.—TO ISSUE $2,300,000 RELIEF BONDS—City
Council
finance
committee
voted, in connection with the proposed $2,300,000 emergency unemployment relief loan, that the fiscal
agency shall
be in New York.
Chairman Coppen of the finance committee stated
that
he would ask Mayor Collins to call a special session of the
City Council as
soon as possible to act on the resolution of the finance
committee.
The
National
City Bank of New York has long served Providence as fiscal agent
June 16, last, an ordinance passed by the City Council
named the
Bank of Boston as fiscal agent for the bond issue.
The
resolution passed by the finance committee does not
but
on
First
National
specifically
name
National City Bank, but It is believed that the effect would be to
restore
the fiscal agency to that institution.
The date for the bond issue has been
changed from Aug. 1 to Sept. 1 in order to give the city time to draw
up
and advertise the issue.
BORROWS $500,000 ON NOTES—City Treasurer Walter F.
Fitzpatrick
that $500,000 already has
been borrowed under authority of a
stated
bond issue resolution, indicating that enough WPA and 8UR
are available for the rest of the fiscal year despite deadlock
between
thelMayor and the Finance Committee over the fiscal agency for the
bond issue.
The $500,000, Fitzpatrick said, has been obtained on short
term notes, under a standing authority for such borrowing in
anticipation
of money from authorized bond issue.
$2,300,000
funds
SOUTH
GREENVILLE COUNTY
CAROLINA
(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
Co. of Greenville, paying a premium of $3,217.50, equal to 101.17, a net
herewith some of the im¬
Interest rate is not to exceed 5%, payable
CLEVELAND, Tenn.—BONDS SOLD— It Is
•
reported that $50,000 3%
have been purchased by Booker & Davidson
100.50.
,
semi-annual school bonds
Nashville, at a price of
of
HICKMAN COUNTY (P. O. Centerville), Tenn.—BOND OFFERING
be received by John H. Clagett, County Judge, until
—Sealed bids will
10 a. m. on Aug. 14 for the purchase of $12,500 coupon
Dated July 1, 1939.
Denom. $1,000, one for $500.
Due
highway bonds.
July 1 as follows:
$1,000 in 1941 to 1952.
Bidders will name rate to net
par and accrued interest, bidding to be in multiples of 34 of 1%.
Enclose
a certified check for $500.
•
$500 in 1940 and
be
obtained from the City
Comptroller.
The purchaser will be furnished with
the opinion of Reed, Smith, Shaw &
McClay of Pittsburgh, that the bonds
are direct and general
obligations of the city, payable both as to principal
and interest from ad valorem
taxes, without limitation as to rate or amount
on all property
legally taxable therein.
Enclose a certified check for
2%
of the principal amount of bonds bid
for, payable to the city.
YOUNGSVILLE, Pa.—BOND SALE—The $10,000 334%
bonds:
Dated June 1, 1939.
Due June 1, as follows:
$250,000 in 1941 and 1942, $260,000 in 1943, $270,000 in 1944, $280,000
in 1945, $290,000 in 1946. $360,000 in 1947, $370,000 in 1948, $380,000 in
1949, $390,000 in 1950, $400,000 in 195\ $410,000 in 1952, $420,000 in
1953, $430,000 in 1954, $450,000 in 1955. $460,000 in 1956, $480,000 in
1957, $500,000 in 1958, $510,000 in 1959, $530,000 in 1960, $540,000 in
1961, $560,000 in 1962, $570,000 in 1963. $590,000 in 1964, $610,000 in
1965. $630,000 in 1966, $650,000 in 1967, $670,000 in 1968, and $690,000
in 1969.
Bidders shall name a rate or rates of interest to be borne by the
bonds in multiples of 34 of 1 %.
The named rate may be uniform for the
entire series for all of the bonds or may be split so as to name not more than
two rates, but there shall be no more than one rate for any one maturity.
Prin. and int. payable in lawful money at the Guaranty Trust Co., New
York, or at the Hamilton National Bank, Chattanooga.
Boatmen's
Roth &
power
the above report we repeat
portant provisions in the
J-D.
Denom. $1,000.
334%
and
TENNESSEE
Rate Bid
3 34 %
electric
&
CHATTANOOGA, Tenn.—BOND OFFERING—It is now reported by
S. R. Finley, Chief Engineer to the Electric Power Board, that sealed bids
will now be received until 11 a. m. on Aug. 8 for the purchase of the- $13,200,000 not to exceed 5% semi-annual coupon electric power revenue,
series A, bonds, that were originally scheduled for award on June 26, as
described fully in our issue of June 17—V. 148, p. 3728—but withdrawn
when all bids were returned unopened.
It is also noted by Mr. Finley
that the details remain the same except certain provisions in reference to
call price, which will be as follows: Bonds A-l to A-7160, maturing 1941 to
1959
(both inclusive), are not redeemable prior to maturity.
Bonds
A-7161 to A-13200, maturing 1960 to 1969 (both inclusive) to be redeem¬
able at the option of the city after 30 days' published notice on any interest
payment date in inverse numerical order at par plus accrued interest to
date of redemption plus a premium of 34 of 1% for each year or fraction
thereof from date of redemption to maturity of bond called.
Inc., Eastman, Dillon & Co., George B. Gibbons &
Co., Inc., Darby & Co., Inc., E. Lowber Stokes &
Co., First of Michigan Corp., Illinois Co., Chicago,
Stern, Wampler & Co., McDonald-Coolidge & Co.,
Glover & MacGregor, Schlater,
Noyes & Gardner,
Inc., Walter Stokes & Co., and Moore, Leonard &
Lynch, jointly
$40,000
bonds offered July 24—V. 149, p. 617—were awarded to George C.
Co. of Minneapolis as 334s at par plus $226 premium, equal to
100.565, a basis of about 3.10%.
Dated Sept. 1, 1939, and due $4,000
on Sept. 1 from 1940 to 1949, incl.; optional after five years.
Second high
bid of 100.562 for 3 34s was made by the First National Bank of Sioux Falls.
revenue
Reoffered to yield from 2% to 3% according to
maturity. Bonds will
Townsend, Elliott & Munson of Philadelphia.
Bidder—
DAKOTA
Dak.—BONDS SOLD—It is stated by the City
$18,500 have been purchased
by the Fulton State Bank of Fulton as 3s, paying a premium of $46.25,
equal to 100.249: $12,000 auditorium and $6,500 water extension bonds.
ALEXANDRIA, S.
Auditor that the following bonds aggregating
be approved as to legality
by
Other bids were as follows:
Halsey, Stuart & Co., Inc., First Boston Corp., Blair
& Co., Inc.,
Dougherty, Corkran & Co., Stone &
Webster and Blodget, Inc., E. H. Rollins &
Sons,
State of—NOTES SOLD—It is reported that
$300,000 notes were purchased on July 21 by the Citizens & Southern Bank
of Columbia, at 0.40%.
Due in two months.
PHILADELPHIA SCHOOL DISTRICT,
Pa.—BOND SALE—The
$3,750,000 coupon school bonds offered July 26—V. 149, p. 451—were
awarded to a syndicate composed of Lehman
Bros., Phelps, Fenn & Co.,
Inc., Kean, Taylor & Co., Hemphill, Noyes & Co., B. J. Van Ingen & Co.,
Inc., Bacon, Stevenson & Co., Stranahan, Harris & Co., Inc., Eldredge
& Co., Inc., Charles Clark &
Co., all of New York; Singer, Deane & Scribner
of Pittsburgh; Otis & Co.,
Cleveland; Campbell, Phelps & Co. and Han¬
nahs, Ballin & Lee, both of New York; C. C. Collings & Co.,
Philadelphia;
Wells-Dickey Co., Minneapolis; Phillips, Schmertz & Co., Pittsburgh;
Stern Bros. & Co., KansaA
City, Mo., and the District Bond Co. of Los
Angeles. Banking group named an interest rate of
3% and paid a price of
100.63, a basis of about 2.95%.
Dated Aug. 1, 1939 and due Aug. 1 as
follows:
$179,000 from 1944 to 1955 incl. and $178,000 from 1956 to 1964
incl.
771
interest cost of about 2.06%, 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 and 1951, the remaining $128,000 as 234s, due $16,000 from Jan. 1,
KNOXVILLE, Tenn.—BOND
A. P. Frierson, Director
TENDERS INVITED—It is stated by
of Finance, that he will receive
sealed tenders until
Aug. 11 of 25-year refunding bonds of the city, dated Jan. 1,
1933 maturing on Jan. 1, 1958, in the sum of $25,000, for the pin-chase by
the Sinking Fund Board In compliance with authorization.
-Bidders may
stipulate, if desired, that their tenders are for purchase of all or none of the
bonds tendered, and shall state the time and place of delivery of the bonds,
the interest rate and numbers of bonds offered.
The city prefers that de¬
livery be made at the Hamilton National Bank, Knoxville.
Enclose a
certified check for 1% of the face amount of bonds tenderedfor purchase.
10
a.
m.
on
MURFREESBORO, Tenn .—BOND SALE—The
$48,000 issue of fund¬
sale on July 25—V. 149, p. 618—was purchased by
Nashville as 2Ms, paying a premium of $87, equal to
basis of about 2.47%.
Due from 1940 to 1951, inclusive.
ing bonds offered for
Webster & Gibson of
100.18,
a
NASHVILLE, Tenn.—BOND OFFERING—Mayor Thomas L. Cummings is calling for sealed bids until 10 a. m. (CST), on Aug. 2, for the
purchase of a $15,000,000 issue of electric power revenue, series A coupon
bonds.
Interest rate is not to exceed 5%, payable J-D.
Denom. $1,000.
Dated June 1,1939.
Due June 1 as follows: $1,220,000 in 1942, $630,000 in
1943, $650,000 in 1944, $670,000 in 1945, $690,000 in 1946, $710,000 in
1947
$740,000 in 1948, $760,000 in 1949, $780,000 in 1950, $800,000 in
1951
$830,000 in 1952, $850,000 in 1953, $880,000 in 1954, $900,000 in
1955. $930,000 in 1956, $960,000 in 1957, $990,000 in 1958 and $1,010,000
in 1959.
Bonds of series A maturing in years 1955 to 1959, both inclusive,
numbered A-10211 to A-15000, both inclusive, shall be redeemable at the
option of the city, after 30 days, published notice, on any interest payment
date, in inverse numerical order, at the principal amount thereof, together
with accrued interest to the date of redemption, plus a premium of 34 of
1 % for each year or fraction thereof, from the date of redemption to the
date of maturity of the bonds called for redemption.
Bonds numbered
A-l to A-10210, both inclusive, maturing in the years 1942 to 1954, both
inclusive, are not redeemable prior to maturity.
Bidders shall name a rate
or rates of interest to be borne by the bonds of series A in multiples of 34 or
1-10 of 1 %.
The named rate may be uniform for all of the bonds of series A
or may be split so as to name not more than two rates, but there shall be no
more than one rate for any one maturity.
Principal and interest payable in
lawful money at the Chemical Bank & Trust Co., New York, or at the
City Treasurer's office.
The bonds are to be issued pursuant to the pro¬
visions of the City Charter and Acts amendatory thereof and supplemental
thereto, including particularly Chapter 262 of the Private Acts of Ten¬
nessee for the year 1939 and pursuant to Chapter 33 of the Public Acts of
Tennessee, Extra session, for the year 1935, as amended by Chapter 230
of the Public Acts of Tennessee for the year 1937, and other applicable
statutes, for the purpose of the acquisition of a municipal electric light and
power plant and distribution system.
The bonds are registerable as to
principal only.
The legality of the bonds will be approved by Caldwell &
Raymond, Esqs.. of New York, whose legal opinion will state in effect that
been authorized in accordance with the Constitution and
the. bonds have
8tatutes of the State and the City Charter, together with amendments
thereof and supplements thereto, and constitute valid and legally binding
The Commercial & Financial Chronicle
772
and the 134 % bonds are priced to yield from 1.55%
1.70%, all according to maturity.
from 0.60% to 1.50%,
Public Works of Nashville have covenanted to fix and collect such rates and
to
'
charges and to revise same from time to time whenever necessary for the
facilities of the municipal electric power plant and distribution system as
will always provide revenues sufficient to pay the principal of and interest
on the bonds offered for sale, in addition to paying the necessary expenses of
operating and maintaining such system and all other obligations and
indebtedness payable from such revenues, and that such rates and charges
shall not be reduced so as to be insufficient to provide revenues for said
purposes.
The opinion will further state that the interest on the bonds is
exempt from Federal income taxes under existing laws.
Such opinion will
be furnished to the purchaser without charge.
No bids will be considered
for the bonds of series A offering to pay less than the par value thereof plus
accrued interest thereon.
The award of said bonds will be made on the basis
of the lowest net interest cost to the city, and comparison
July 29, 1939
FOR INVESTMENT—The successful bidders reoffered the above bonds for public subscription, the 1.90% bonds to yield
OFFERED
BONDS
obligations of the city, payable solely from revenues to be derived from the
operation of the city's municipal electric power plant and distribution system
that the city and the Electric Power Board of Nashville and the Board of
Va.—ISSUANCE OF IMPROVEMENT BONDS PRO¬
RICHMOND,
POSED—It is stated by E. 8. Bolen, City Clerk, that at a meeting of the
Board of Aldermen on July 11, a member introduced a resolution asking
the Committee on Finance to submit a five-year program for capital im¬
provements, providing for the issuance of not over $1,000,000 in bonds in
any one of the five years.
This resolution has been sent to the Committee on
Finance for recommendation, and by it referred to a subcommittee.
No
has been worked out for submission to Council, and it may
quite a whole before any final definite action is taken in the matter.
program
take
WASHINGTON
of the lowest net
Wash.—BOND
ARLINGTON,
interest cost will be made by taking the aggregate of Interest at the rate or
rates named and deducting therefrom the premium bid to determine the
net interest cost to the city.
Bids are desired on forms which will be fur¬
ELECTION—It is reported that an
election has been called for Aug. 21 in order to have the voters pass on
issuance of the $60,000 water system revenue bonds.
the
CONSOLIDATED SCHOOL DISTRICT NO. 73 (P. O.
Wash.—BONDS SOLD—It is stated by the Treasurer of
bonds were sold to the State of
Washington an July 21 as 3s at par.
Due in from 2 to 20 years: callable in
whole or in part after 10 years.
Prin. and int. payable at the County
Treasurer's office, the State Treasurer's office, or the State's fiscal agency
nished by the city.
CRESTON
(These are the bonds that were originally scheduled for award on June 28,
the tentative sale of which was canceled subsequently.—V. 149, p. 617.)
Davenport),
Lincoln County that $10,000 construction
PARIS, Tenn.—BOND SALE DETAILS—In connection with the sale
of the $40,000 3% semi-arm. refunding bonds to Nichols & Co. of Nashville,
as noted here on March 11, it is now reported that the bonds were sold at
in New York City.
price of 98.81, giving a basis of about 3.13 %, on the following description:
Dated April 1, 1939.
Denom. $1,000.
Due $2,000 April 1, 1940 to 1959.
Prin. and int. payable at the Central Hanover Bank & Trust Co. of New
a
York.
RITZVILLE, Wash.—BOND OFFERING—It is stated that sealed bids
will be received until 11 a. m. on Aug. 19, by J. Hoefel, City Clerk, for the
purchase of $5,000 not to exceed 4% semi-annual golf course tool house and
Legality approved by Chapman & Cutler, Chicago.
garage bonds.
Dated July 15, 1939.
Denoms. $300, $400 and $500.
Due Jan. 15 as follows: $300 in 1942 to 1946, $400 in 1947 to 1951, and $500
TEXAS
BROWNSVILLE,
in 1952 to 1954.
1950 on any
Texas—BONDS
VALIDATED—City officials are
said to have been informed that Judge E. M. Kennedy of the Federal
Discourt Court at Houston has issued an order validating $1,086,500 bonds
of the city.
The suit validation was filed by W. J. Meredith of Wichita,
Kan., ajod was joined by other holders of the bonds.
amount of the bid.
,
HARDIN
CONSOLIDATED
SCHOOL
COMMON
DISTRICT
.
NO.
(P. O. Liberty), T exa»—BONDS PARTIALLY SOLD—Axes & Wymer
of Houston were awarded a block of $90,000 school house bonds of the
issue of $150,000 offered July 21—V. 149, p. 292.
Bankers bid for the
first $30,000, due $15,000 each on July 10 in 1940 and 1941, as 234s, and
the succeeding $60,000, maturing $15,000 annually from 1942 to 1945 Incl.,
as 234s.
Kauscher, Pierce & Co. of Dallas, also bid for $90,000 worth,
naming an interest rate of 2 34 %. W. H. Randolph, District Superintendent,
did not report on disposition of the balance or $60,000 bonds of the total
Texas—BOND SALE—The $125,000 Issue of refunding
sale on June 15—V. 148, p. 3730—was purchased by
Rauscher, Pierce & Co. of Dallas, paying a price of 100.34, on the bonds
divided as follows: $42,000 as 2Mb, due from 1942 to 1949: $48,000 as 234s,
due from 1950 to 1954, the remaining $35,000 as 3s, due from 1955 to 1959.
offered for
ORANGE
COUNTY
(P.
O.
Orange),
Texas—PLRCHASERS—In
connection with the public offering by Fenner & Beane of Houston, of the
$80,000 4% semi-annual Navigation District refunding, series A bonds,
and the $49,000 4% semi-annual Navigation District refunding, series B
bonds, notice of which appeared here—V. 149, p. 150—it is now reported
that Aves & Wymer, Dillingham & McClung, both of Houston, Dewar,
Robinson & Pancoast, and Mahan, Dittmar & Co., both of San Antonio,
were associated with the above named in the purchase, at par.
SAN ANTONIO, Texas—BONDS SOLD—It is reported that $400,000
funding, series 1939 bonds were purchased on July 19 by a syndicate com-
g»ed of Robinson & Pancoast, and Mahan, Dittmar & Co., Kansas City,
ewar, Paine, Webber & Co. of Chicago, Stern Bros. & Co. of both of San
Antonio,
2 J4s
paying a price of 100.709, a basis of about 2.29%. Denom.
$1,000.
Dated July 15, 1939.
Due July 15, as follows:
$23,000 in 1941,
$24,000 in 1942 and 1943, $25,000 in 1944, $26,000 in 1945, $27,000 in
1946, $28,000 in 1947, $29,000 in 1948, $30,000 in 1949, $31,000 in 1950,
$32,000 in 1951, $33,000 in 1952 and $34,000 in 1953 and 1954.
Principal
and interest payable at the City Treasurer's office or at the Guaranty Trust
Co., New York.
The bonds are general obligations of the city.
Legality
to be approved by Chapman & Cutler of Chicago.
as
this time, he said.
UVALDE, Texas—BOND OFFERING DETAILS—In connection with
the offering scheduled for Aug. 3 at 8 p. m., of the $60,000 street and sewer
bonds mentioned in our issue of July 22—V. 149, p. 618—it is now reported
that the bonds are divided as follows:
$40,000street bonds.
Due $1,000 in 1941 and 1942; $2,000, 1943: $4,000,
1944 and 1945; $5,000, 1946; $7,000, 1947, and $8,000 in 1948 and
1949.
20,000
sewer system bonds.
Due $8,000 In 1950 and $6,000 in 1951 and
Nicklow, City
Clerk, that $51,300 refunding bonds were offered for sale on July 24 and
were awarded to Paine, Webber & Co. of Chicago.
Dated July 1, 1939.
Denom. $1,000, one for $1,300.
Due April 1 as follows: $3,300 in 1940,
and $4,000 in 1941 to 1952.
Principal and interest payable at the Bank
of Barron.
The bonds, authorizedf by referendum election, are being
issued for the purpose of paying and retiring a like principal amount of outstanding indebtedness of the city, bearing a higher rate of interest, and will
be direct gederal obligations of the city, payable as to both principal and
interest from unlimited taxes.
2% bonds a premium of $280, equal to 100.545,
Other bids (all for 2s), were as follows:
The purchasers paid for
a'basis of about 1.91%.
Bidders—
Price Bid
•
$51,575
Harley Haydon & Co., Madison
Channer Securities Company, Chicago
T. E. Joiner & Co., Chicago.
51,570
51,565
51,560
„
-
The Milwaukee Co., Milwaukee
OF RIO JOINT SCHOOL
Wis.—BOND SALE—Harley, Haydon &
July 24 an issue of $19,992 3% general obli¬
gation refunding bonds, due July 1 as follows: $1,992 in 1940 and $2,000
from 1941 to 1949 incl.
Principal and interest (J-J) payable at the RioTOWN OF LOWVILLE AND VILLAGE
DISTRICT NO. 5 (P. O. Rio),
Co. of Madison purchased on
Fall River Union Bank, Rio.
CANADA
,
TEXAS, State of—GENERAL FUND DEFICIT FOUND INCREAS¬
ING—The deficit in the State general revenue fund stood at $18,035,927 on
July 20, according to report of Treasurer Charley Lockhart.
The deficit
increased $94,425 in 15 days, and was $3,356,000 higher than last year at
.
Wis.—BONDS SOLD—It is stated by L. C.
BARRON.
•
MIDLAND,
bonds
,
WISCONSIN
26
offering.
in any of the bonds after
Bidders for the bonds will be required
The city reserves the right to call
interest paying date.
specify the least rate of interest, and premium above par, at which such
bidder will purchase the bonds.
None of the bonds will be sold at less than
par and accrued interest, nor shall any discount or commission be allowed
or paid on the sale of such bonds.
Enclose a certified check for 5% of the
to
ARVIDA, Que.—BOND SALE—The $68,000 4% school bonds offered
July 25—V. 149, p. 618—were awarded to Banque Canadienne Nationale
of Montreal at a price of 101.21, a basis of about 3.86%.
Dated June 1,
1939, and due on June 1 from 1941 to 1959, incl.
Second high bid of 99.57
was entered by Burns Bros. & Denton.
Que.—BOND SALE—The
BELOEIL,
10-year and $22,00
$13,000
0
149, p. 618—were
Ltd. of Montreal, which paid a price or
98.54 for the shorter loan and 98.48 for the longer maturity.
A coupon
rate of 3 34 % was named in each instance.
Other bids:
Bidder—
Int. Rate
Rate Bid
Gairdner & Co
4%
100.576
Barrett & Co..
4%
99.75
Banque Canadienne Nationals..
—
4%
99.80
Banque Canadienne Nationale
334%
96.15
(not $2,000)
20-year serial bonds offered July 24—V.
awarded to Credit Anglo FVancais,
L. G. Beaubien & Co
98.75
4%
—
HAMILTON, Ont.—BOND SALE—Lampard, Marston & Co. of Toronto
purchased $500,000 one-year Treasury bonds at a price equivalent to a
1.75% yield basis.
1952.
Denom. $1,000.
Dated Aug. 15, 1939.
These bonds were authorized
at an election held on Spet. 12,1938.
It is the Intention of the City Council
to sell the bonds at the rate, or combination of two rates, of interest which
will bring the nearest price to par and accrued interest.
Bids lower than
KELOWNA, B. C.—BOND SALE—a. E. Ames & Co. of Toronto
purchased on July 24 an issue of $65,000 324% hospital equipment bonds
at a price of 103.26, a basis of about 3.38%.
Second high bid of 102.19 was
made by R. A. Daly & Co. of Toronto.
par and accrued interest will not be considered.
The rate or rates bid must
be in multiples of 34 of 1 %.
Bidders should bid on the two issues sepa¬
rately and then submit a combination bid on the two.
The award will be
made to the bidder or bidders offering the lowest net interest cost to the
the city has increased by about
city.
The interest rate must not exceed 334%.
The city will furnish the
printed bonds, a copy of the proceedings, approval of Chapman & Cutler
of Chicago, or Gibson & Gibson of Austin, and will deliver the bonds to
the bank designated by the purchaser, without cost to him.
Enclose a
certified check for 5% of the amount of the bonds.
MONTREAL, Que.—DEBT ANALYSIS ISSLED-'The funded debt of
$100,000,000 since 1917, according to an
analysis of the municipal finances recently compiled by Honore Parent,
K.C., Director of Departments, under the title "Information Concerning
the Mode of Municipal Administration."
As against a total of $93,471,772
in 1917, the comparable figure at the end of the 1937-1938 fiscal year was
$274,028,746, according to the report.
Except for the years 1917, 1920,
1921, 1925 and 1937-38, the city's funded debt was larger at the end of eaoh
year than at the beginning.
While the net debt at the end of 1937-38
stood at $201,340,194, the figure was $161,957,238 at the end of 1932 an
increase of
VERMONT
approximately $40,000,000 in five years.
SALE—The $42,600 4% school bonds
618—were awarded to the Dominion Securities
MOUNT ROYAL, Que.—BOND
ST.
ALBANS, Vt.—BOND SALE—The $47,000 bonds offered July 25—
V. 149, p, 618—were awarded to the First Boston Corp. as follows:
$35,000 refunding bonds as 234s, at a price of 102.64, a basis of about 2.57%.
Dated Aug. 15, 1939 and due $5,000 on Aug. 15 from 1955 to 1961
Incl.
12,000 refunding water bonds as 234s, at 102.17, a basis of about 2.33%.
Dated Aug. 1, 1939 and due Aug. 1 as follows:
$5,000 in 1954
and $7,000 in 1955.
offered July 24—V. 149, p.
Corp. of Toronto.
NORFOLK COUNTY,
Ont.—BOND SALE—An issue of $170,000 2%
bonds, due from 1940 to 1944 incl., was sold to Harris, Ramsey & Co. of
Toronto at a price of 98.25, a basis of about 2.55%.
County used the
proceeds of the sale to repay bank loans.
ST.
BONIFACE, Man.—INTEREST RATE SET—The city has been
Utility Board of Manitoba that the rate of
advised by the Municipal and
interest to be paid on the outstanding debentures for the year 1938
fixed at 30 cents on the dollar.
This also applies to debentures of
face and Norwood School Districts.
$125,000
LYNCHBURG, VA.
iy2s
SHERBROOKE, Que.—BOND SALE—The $200,000 334% improve¬
Due
bonds offered July 24—V. 149, p. 618—were awarded to a group
composed of the Bank of Montreal, A. E. Ames & Co. and McTaggart,
Hannaford, Birks & Gordon, both of Toronto, at a price of 102.02, a basis
ment
Aug. 1, 1967-61 at 1.70% basis
of about
F. W. CRAIGIE & COMPANY
A. T. T. Tel. Rich. Va. 83
VIRGINIA
—BOND SALE—The $500,000 issue of coupon or
registered semi-annual improvement bonds offered for sale on July 26—
Y-149. p. 150—was awarded to
a syndicate composed of the Chemical Bank
& Trust Co., Estabrook & Co., both of New
York, and F. W. Craigie &
9®-
Richmond, paying a price of 100.121,
a net interest cost of about
1.61% (on an all or none basis), on the bonds divided as follows: $250,000
as 1.90s, due $25,000 on Aug. 1 in 1942 to 1951
; the remaining $250 000 as
134s, due $25,000 from Aug. 1, 1952 to 1961.
incl.
Dated July 1, 1939 and due on July 1 from 1940 to 1955
high bid of 101.41 was made by an account composed of
and the Royal Securities Corp.
3.23%.
Second
Hanson
Bros,
Rate Bid
—101.12 i
Bidder—
Bell Gouinlock & Co
Richmond, Va.
Phone 3-9137
has been
St. Boni¬
K ww,uw
Mills, Spence & Co
...
Credit Anglo-Francais
McLeod, Young, Weir & Co
L. G. Beaubien & Cie., and Greenshields & Co., Inc
Dominion Securities Corp.; Nesbitt, Thomson & Co.;
-
-
100.1 <
,.100.621
100.27
100.58
Royal Bank
_ _
101.07
of Canada
Banque Canadienne Nationale: Savard,
and Wood, Gundy & Co., Ltd
Hodgson
&
—„
Inc.,
100.625
101.40
Lawrence Smith & Co
VICTORIAVILLE,
Cie.,
Que.—BOND
OFFERING—P.
Marchand,
City
Clerk, will receive sealed bids until 5 p. m. on Aug. 7, for the purchase of
$11,000 334% improvement bonds.
Dated July 1, 1939 and due on July.l
from 1940 to 1949, inclusive.
@FedFRASER