The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
.
ADM.
1939
AUG 1
RARY
Financial
The
imimmwf
*tO. U.
COPYRIGHTED IN J938 BY WILLIAM
B. DANA COMPANY.
NEW YORK.
ENTERED AS SECOND-Cl ASS
».^k
■AT. OFFICE
J. ATTHE POETO"'CE AT NPW YORK. NEW YORK. UNDER THE ACT OF MARCH 3,
MATTER JUNE S3,
/Viuittmb L>ariaOo.,PuOiisnor»
VOL. 147. '-''"'"t0""
NEW YORK, JULY 30, 1938
Auii.am oor
THE CHASE
BROOKLYN TRUST
BANK
COMPANY
NATIONAL BANK
Of
Chartered 1866
The
President
BROOKLYN
Member Federal Deposit Insurance
Corporation
OF
CITY
THE
NEW YORK
OF
George V. McLaughlin
NEW YORK
1879.
NO. 3814
Y Cit>
N
Sdmicb Rtt
NEW
tra-
ditionally a bankers' bank.
For
YORK
,
chase is
years
many
served
it has
large number
a
of banks and bankers
as
New York
correspondent
and
depository.
reserve
Member Federal
Deposit Insurance
Corporation
FUNDAMENTAL
PREFERRED
INVESTORS
INC.
United States
STOCKS
Government
Prospectus
available from
Securities
local dealers
The
Brown Harriman & Co.
FIRST BOSTON
Incorporated
63
corporation
Wall Street, New York
Telephone: BOwling Green
BOSTON
NEW YORK
Hallgarten & Co.
AND OTHER
Established 1850
9-5000
Chicago
Washington
San Francisco
SAN HRANCISCO
PHILADELPHIA
Philadelphia
Boston
CHICAGO
Representatives in other leading
Cities
PRINCIPAL CITIES
NEW YORK
London
Chicago
The
NewTbrk Trust
BEAR, STEARNS &
CO.
ONE WALL STREET
State and
Municipal Bonds
Company
NEW YORK
Capital Funds
.
.
$37,500,000
Barr Brothers &
New
IOO
40TH
HOMER & CO., INC.
40 Exchange
AVE. & 57TH
AVE.
ST.
Service
NEW YORK
Office:
European Representative s
KING WILLIAM
to
Banks and
Dealers since
Place, New York
8
Chicago
York
BROADWAY
ST. & MADISON
FIFTH
Co.
INC.
1888
HORNBLOWER
&
STREET
WEEKS
Established 1888
LONDON, E.C.4
40 Wall
CarlM.Loeb,Rhoades&Co.
BROADWAY
61
Paris
Amsterdam
York, Boston, Chicago,
Cleveland, Philadelphia and
Members New
NEW YORK
London
Street
NEW YORK
*
Member of the Federal Reserve
Berlin
the New York Clearing House
System,
Association
and of the Federal Deposit Insurance
Corporation
^
Detroit Stock Exchanges
Financial
n
Chronicle
Interest exempt from all present
July 30, 1938
Federal Income Taxation
$3,413,000
State of
Maryland
1V2% Certificates of Indebtedness
Due
serially August 15, 1941 to 1953, inclusive
Legal Investment, in
our
opinion, for Savings Banks and Trust Funds in
New York, Connecticut and other States
These
Certificates of
Indebtedness, to be issued for various
counsel will constitute
the payment
of which the full faith and credit of the State
Prices
yield 0.60%
to
to
In the opinion of
purposes,
legal and valid binding obligations of the
are
State) of
Maryland for
pledged;
1.60%
These certificates are
offered when, as and if issued and received by us and subject to approval of legality by the Attorney General of the State
of Maryland and Messrs. Ritchie, Janney, Ober & Williams and Mullikin, Stockbridge & Waters, Baltimore, Md., whose
opinions
will be furnished upon delivery. The Offering Circular
may be obtained in any State in which this announcement is circulated
only from such of the undersigned and other dealers as are licensed and offering these securities in such State.
HALSEY, STUART & CO. INC.
BANCAMERICA-BLAIR
LADENBURG, THALMANN & CO.
CORPORATION
HEMPHILL, NOYES &, CO.
ADAMS, McENTEE &. CO.
B. J. VAN INGEN & CO. INC.
INC.
MANUFACTURERS AND TRADERS TRUST COMPANY
STIFEL, NICOLAUS & CO., INC.
BUFFALO
STARKWEATHER & CO.
STERN
BROTHERS &, CO.
KANSAS
JENKINS, WHEDBEE &. POE
CITY
BALTIMORE
Dated August 15,1938. Principal and semi-annual Interest,
February 15 and August 15, payable In Baltimore, Md. Coupon certificates
in the denomination of SI,000, registerable as to
principal only.
The Information contained herein has been carefully
compiled
from sources considered reliable, and while not guaranteed as to
completeness or accuracy, we believe It to be correct as of this date.
July SO, 1938.
DOW THEORY
A. G. Becker & Co.
COMMENT
Incorporated
Established 1893
Air
mail
as
letters
discussing
the
trends
of the
Market
Investment Securities
implied by the movements of "The Averages
Send for Free
Commercial Paper
Copy of Latest Letter
New York
ROBERT RHEA
(Author of "The Dow Theory")
COLORADO
SPRINGS,
Leading Out-of-Town
Investment Bankers &
Brokers
Chicago
And Other Cities
COLORADO
Leading Out-of-Town
Investment Bankers & Brokers
Leading Out-of-Town
Investment Bankers & Brokers
DETROIT
BIRMINGHAM
ST. LOUIS
INVESTMENT HOLDINGS
ANALYZED
MARX & CO.
BIRMINGHAM, ALABAMA
St/k
Charles A. Parcells & Co.
Members of Detroit Stock Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
SOUTHERN
MUNICIPAL
CORPORATION
t,
Co.
BA/NT LOUtB
AND
$
OO^OUVC ST.
BONDS
HARTFORD
Members St. Louis Stock
Exchange
MILWAUKEE
Specialists in Connecticut
Securities
PUTNAM & CO.
Members New York Stock
6
CENTRAL ROW
Exchange
HARTFORD
Tel. 5-0151. A. T. T. Teletype—Hartford 564
WISCONSIN
CORPORATION
Teletype—Milwaukee 92
EDGAR, RICKER & CO.
750
Notices
SECURITIES
North Water Street
Milwaukee, Wis.
The
First
National
Bank
of
Longview,
located at Longview, in the State of
Washing¬
ton, is closing its affairs. All note holders and
other creditors of the
association are therefore
hereby notified to present the notes and other
claims for payment.
LUKE
L.
Dated July 12, 1938
GOODRICH, President.
Volume
147
Financial
Notices
Chronicle
REPUBUC OF CUBA
5% Gold Loan of 1904
State Loan of
The
Notice is hereby
Dollar Tranche.
New
Speyer & Co., 24 & 26 Pine Street,
York,
due
notice
Kingdom of Hungary 1924
Messrs.
give
August
above
stamped
in
conditions
the
notice
1938
1,
mentioned
evidence
in
September
payment
the
1937
at
the
due
the
date
of
of
period
a
of
of
the
which
Times
be
28th
on
and
half
one
the
of
six
coupon
stamping
of
from
years
irrespective
of
relative bond.
the
of
drawing
given
behalf
for
redemption
and in pursuance of
the Agreement under which said bonds were issued, bearing date May 11th, 1904, made
between the Republic of Cuba, represented by its President, and Speyer & Co., that in
accordance with Article Third of said Agreement, the distinguishing serial numbers set
on
of the Cuban
Government,
forth below of coupon
bonds of said issue have been drawn by lot by Speyer & Co. at
office in the City of New York, in the presence of Senor Pabio Suarez, Consul
General of the Republic of Cuba in the City of New York, act ng at the request of the
Republic of Cuba, as its agent, and Henry Davison, Notary Public in and for the County
and State of New York, for redemption of said bonds at par and accrued interest on the
their
first
will
day
of
September,
1938,
the
next
ensuing
interest
cease.
day
when
interest
thereon
-
for
presented
four
of
was
Presentation must be
annum.
date
York
now
rate
the
been
Memorandum
1937
New
of
have
acceptance
the
may
the
per
within
made
of
in
coupons
bonds
the
which
September
published
percent,
out
set
17th
the
that
on
issue
in
965
BONDS
OF
SERIES
"A"
FOR
24
1870
3948
6376
9533
12398
14817
47
1898
3966
6426
9673
12402
14844
132
1977
3977
6441
9675
12412
14874
135
1993
3996
6458
9741
12461
14876
18242
18176
$1,000
1
EACH:
20955
22994
18197
20968
23207
25674
28099
30361
18211
20971
23313
25710
28149
30440
21016
23346
25712
28150
30504
25654
28098
30349
2020
4019
6551
9744
12492
14879
18335
21023
23355
25724
28181
30507
2021
4036
6588
9798
12542
14951
18391
21025
23359
25782
28183
30590
2050
4042
6593
9819
12548
14971
18531
21032
23339
25804
28189
30594
187
1938.
27,
138
155
182
July
4044
6663
9836
12557
14982
18609
21038
23385
25809
28200
2076
4057
6692
9884
12591
15083
18643
21094
23387
25878
28203
30639
2116
4063
6723
9907
12627
15094
18638
21096
23403
25886
28231
30670
376
2131
4083
6797
9936
12679
15096
18689
21124
23407
25963
28245
437
2156
4150
6801
9942
12682
15106
18772
21212
23416
25999
28249
30713
452
Dividends
2063
196
316
2171
4165
6808
9972
12693
15115
18779
21224
23436
26042
28259
30733
30739
30598
30698
2191
4166
6828
9993
12754
15120
18793
21246
23452
26054
28284
456
2199
4200
6834
10154
12761
15312
18836
21358
23455
26071
28326
465
2207
4252
6835
10225
12786
15332
18864
21387
23456
26103
2"334
30818
482
2221
4277
6867
10233
12823
15360
18867
21398
23485
26175
28410
30908
531
2238
4310
6888
10257
12828
15362
18957
21438
23499
26191
28415
30920
30921
454
OTIS
ELEVATOR
COMPANY
30743
548
2246
4375
6910
10284
12836
15363
18963
21491
23555
26198
28443
549
2248
4413
6972
10297
12880
15420
19052
21494
23556
26201
28460
30925
559
2285
4455
7049
10368
12912
15444
19057
21506
23562
26301
28487
30942
587
2301
4476
7079
10404
12920
15488
19063
21547
23658
26392
28488
30970
Common
Dividend
No.
Dividend No.
123
4530
7132
10407
12941
15491
19067
21568
23661
26418
28537
30985
2392
4674
7173
10474
12942
15521
19075
21583
23678
26424
28565
30986
720
2424
4675
7224
10517
12947
15556
19104
21584
2361,1
26535
28657
30987
759
2538
4678
7265
10582
12965
15560
19155
21611
23637
26536
28718
31037
807
159
2384
707
Preferred
2576
4717
7272
10596
12999
15587
19165
21630
23691
26591
28741
31042
701
941
A
quarterly dividend of $1.50
share
on
per
the Preferred Stock and
dividend of 15 ^ per
share on the
no
par value Common Stock have
been declared, payable Septem'
ber 20, 1938, to stockholders of
a
2581
4775
7273
10620
13024
15694
19189
21640
23698
26594
28904
31048
956
2593
4791
7318
10622
13093
15698
19192
21745
23700
26629
28963
31106
968
2598
4801
7321
10643
13183
15708
19215
21748
23703
26637
28996
31125
1064
2599
4818
7379
10737
13238
15707
19237
21751
23704
26662
29033
31141
1116
2605
4824
7515
10757
13321
15715
19240
21774
23707
26673
29054
31194
1129
2620
4828
7528
10765
13363
15869
19248
21815
23710
26704
29118
31303
1132
2665
4839
7529
10842
at
the
August 31, 1938.
on
Checks will be mailed.
C. A. Sanford, Treasurer
7612
10843
13476
15974
19258
21866
23827
26793
29204
31364
4869
7667
10848
13483
16795
19275
21867
23919
26801
29252
1153
2766
4870
7673
10849
13490
16799
19286
21909
23933
26844
29289
31416
1168
2804
4871
7690
10930
13491
16906
19296
21943
23945
26895
29291
31431
2873
4901
7757
11030
13503
16908
19310
21944
24074
26985
29331
2909
4902
7825
11059
13530
16909
19338
21945
24077
26988
29346
31597
1244
business
31361
4844
2737
1169
of
close
29156
2672
1191
record
26705
1139
1144
15950
2921
4903
7925
11136
13552
16912
19352
21946
24082
26998
29369
31679
1260
2980
4925
7952
11143
13641
16922
19363
21992
24091
27016
29373
31680
31690
13460
19249
21843
23714
31369
31560
3065
4943
8030
11144
13696
17001
19392
22044
24103
27041
29434
3079
4999
8061
11172
13713
17069
19425
22091
24141
27069
29444
1312
3099
5007
8064
11179
13933
17077
19427
22100
24147
27081
29471
31721
1320
3102
5038
8103
11208
13934
17091
19450
22167
24183
27091
29517
31766
1333
3133
5066
8120
11212
13972
17103
19499
22180
24185
27103
29563
31767
1337
3236
5100
8190
11232
14034
17112
19636
22182
24190
27139
29592
31789
1340
J&ve/ jkiAjVu&cuv
1280
1286
3257
5115
8247
11252
14043
17124
19715
22185
24527
27263
29595
31826
1413
Tiew Yor\, July 27, 1938.
3263
5119
8315
11310
24547
27290
31699
Consecutive
132nd
A dividend of
York
Common
5% ($1.25
a
Dividend
share) has been
29644
31895
11322
14057
17144
19744
22193
24580
27361
29651
31914
11325
14251
17223
19805
22196
24660
27368
29683
32080
1441
3451
5195
8486
11345
14258
17431
19809
22264
24663
27381
29712
32101
3467
5223
8676
11377
14325
17434
19835
22269
24712
27402
29756
32103
3486
5271
8677
11381
14351
17474
19843
22270
24745
27428
29763
1483
3517
5273
8679
11407
14386
17487
19924
22299
24754
27429
29776
32332
3524
5279
8755
11438
14388
17491
19936
22371
24762
27573
29819
32535
1490
3528
5310
8788
11451
14435
17547
19960
20048
20058
20162
20180
20187
20237
20267
20295
20473
20496
20513
20645
20660
20665
20717
20742
20757
22385
24763
24780
24783
24790
24813
24834
24854
24956
24957
24977
24983
24992
25425
25463
25528
25536
25570
25600
27601
27602
27636
27736
27793
27819
27832
27862
27863
27865
27900
27944
27993
28005
28009
28070
28072
28083
29931
29932
29985
30001
30045
30057
30079
30082
30119
30120
30157
30173
30200
30206
30227
30300
30333
30345
32559
17550
1527
3595
5317
8938
11468
Com¬
1579
3603
5778
8973
11478
14483
17608
Stock B of The American Tobacco
1593
3661
5793
9077
11629
14488
1619
17616
17642
declared upon the Common Stock and
mon
City
22192
8386
8391
1487
Avenue[New
19732
5121
5181
1480
Fifth
17135
3372
3391
1454
111
14048
1428
1439
0
INCORPORATED
14438
3682
5796
9187
11678
14505
1624
3685
5878
9216
11699
14508
1938, to stockholders of record at the close
1635
3731
5948
9217
11712
14530
of
1733
3736
5965
9220
11728
14537
1750
3740
6015
9257
11762
14540
1762
3750
6027
9266
11764
14555
1795
3751
6051
9268
11946
14594
Company, payable in cash
business
September 1,
on
August 10, 1938.
Checks will
be mailed.
Edmund A. Harvey, Treasurer
3766
1802
July 27, 1938
14600
11966
9413
6072
17647
17685
17707
17836
17904
17908
17369
17970
1803
6073
9420
11988
14620
3845
6102
9440
12088
14658
1816
3867
6126
9459
12093
14678
18031
1819
3888
6165
9480
12289
14682
18040
1835
TScnktti
3842
1814
3917
6204
9511
12298
14735
18102
1859
3927
6319
9532
12328
14775
18164
OF
BONDS
111
18025
SERIES
22460
22520
22533
22563
22578
22589
22594
22664
22693
22855
22861
22876
22877
22907
22909
22964
22992
32236
32587
32598
32686
32725
32807
32912
32916
"B" FOR $500 EACH:
2224
2687
An
interim
dividend
of thirty cents
share has been declared on
stock of this
Company, payable September 1, 1938,
to stockholders of record at the close
of business August 15, 1938. Checks
(30^)
per
the outstanding common
3097
3602
431
635
952
2432
2690
2805
3148
3628
3902
432
656
963
1276
1578
1845
2099
2433
2692
2834
3340
3723
3906
189
No. 114
1163
170
Dividend
2792
142
Common
462
671
982
1288
1585
1864
2121
2441
2707
2862
3353
3745
43
379
937
581
1149
1503
1740
2021
1506
1812
2068
495
768
1007
1400
1614
1934
2129
2452
2722
2956
3413
3755
3937
497
811
1015
1419
1675
1953
2158
2522
2728
2961
3565
3773
3947
233
531
878
1129
1437
1678
1957
2207
2523
2746
2999
3568
3853
3994
362
573
934
1131
1502
1733
1961
2223
2653
2764
3014
3592
3859
Said
designated for redemption will be paid in Dollars of the
accrued interest on or after said September 1,1938,
bonds, with March 1, 1939 and all subsequent
appertaining thereto, at the office of
coupon
bonds
so
United States of America at par and
upon
presentation and surrender of said
coupons
SPEYER
E.
NOETZEL, Treasurer
L.
Chrysler Corporation
•
3930
201
225
will be mailed.
The Borden Company
3871
CO.,
&
NEW YORK.
presentation and surrender at the office of Speyer & Co., in the City of
New York, of registered bonds against which coupon bonds bearing the distinguishing
serial numbers drawn as above are reserved for exchange, the par value of the bonds
bearing the numbers so drawn and of Interest accrued up to said September 1, 1938,
will be paid in Dollars of the United States of America.
Upon the
Said coupon bonds so drawn and registered bonds or
against which drawn coupon bonds are held in reserve for
Interest from
and
date fixed for redemption
after the
portions of registered bonds
exchange shall cease to bear
in the foregoing notice.
DIVIDEND ON COMMON STOCK •
July
On
The directors of
clared
share
a
on
Chrysler Corporation have de¬
dividend of twenty-five cents (25c) per
the outstanding common stock, payable
September 14,1938, to stockholders of record at
business, August 16,1938.
numbers
been
and
11,
1938,
on
presented
which
for
B. E. Hutchinson,
Chairman, Finance Committee
INTERNATIONAL
HARVESTER COMPANY
P* Quarterly dividend No. 80 of one dollar and
seventy-five cents ($1.75) per share on the pre¬
ferred stock, payable September 1, 1938, has been
declared to stockholders of record at the close of
business August 5,
1938.
SANFORD
September
1,
1936:
1,
30225
WHITE,
see
page r
September 1, 1933:
19201
12952
30077
1937:
404
—
4179
9178
4596
11602
22609
19284
20188
27040
29049
28329
30065
1512
6804
12251
17406
19016
24701
26196
3546
7402
13167
17445
20003
21925
22612
24711
26494
29025
31247
24180
24883
26859
29068
31339
24608
26066
28323
29667
21916
4440
7860
15175
18018
21274
22188
6761
8702
17240
18659
21865
22324
SERIES
September 1, 1936:
B.
For other dividends
1929:
FOR $1,000 EACH:
"A"
SERIES
September 1,
September
the cloae of
bonds previously drawn for redemption bearing the following
interest ceased on the respective redemption dates, had not
payment:
60
"B"
—
FOR
$500 EACH:
September 1, 1937:
1342
3395
Secretary.
Dated New York, July 29,
1938.
Speyer & Co.
o
\
TV.
ommftria
Vol. 147
JULY 30, 1938
No. 3814.
CONTENTS
Editorials
■J;
page
The Financial Situation
615
Summer Politics and the New Deal____
Boots!
Boots for
627
Everybody—With Straps!
Limits of International Mediation
628
629
__
Comment and Review
Monthly Range of Prices
on
New York Stock Exchange. 664
Text of Flood Control Act and Rivers and Harbors Act__ 631
The Business Man's Bookshelf
635
Week on the European Stock
Exchanges
Foreign Political and Economic Situation
619
620
Foreign Exchange Rates and Comment
624 & 680
Course of the Bond Market
635
Indications of Business Activity
Week on the New York Stock
Exchange
Week
on
636
618
the New York Curb Exchange.
680
News
Current Events and Discussions.
649
Bank and Trust
673
Company Items
General Corporation and Investment News
726
...
Dry Goods Trade
771
State and Municipal Department
772
Stocks and Bonds
Foreign Stock Exchange Quotations
680 & 693
Bonds Called and Sinking Fund Notices
.
687
Dividends Declared
687
Auction Sales.
680
New York Stock
Exchange—Stock Quotations
New York Stock Exchange—Bond Quotations
694
694 & 704
New York Curb
710
New York Curb
714
Exchange—Stock Quotations
Exchange—Bond Quotations.
Other Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
716
...
720
Over-the-Counter Securities—Stock & Bond
Quotations. 723
Reports
Foreign Bank Statements
___.
Course of Bank Clearings
623
680
Federal Reserve Bank Statements
...
General Corporation and Investment News
691
726
Commodities
The Commercial Markets and the
Crops
762
Cotton
764
Breadstuffs
768
Published Every
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City.
T\TorJ^£LD*
. 9,balrman 0f the Board and Editor; William Dana
Seibert, President and Treasurer; William D. Rlggs, Business
atiir
9ffIcee: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
xlwiL*
,nd,°n—Edwards & Smith. 1 Drapers' Gardens, London, E. C. Copyright 1^38
by William B. Dana Company.
^ r^^L?8a*e?>n
matter June 23,1879, at the post office at New York, N. Y.. under the Act of March 3, 1879.
Subscriptions
qLHk
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,1
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ime-
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Transient display advertising matter/45 cents
Contract and card rates on
request.
NOTE: On account of the fluctuations In the rates of
foreign subscriptions and
exchange, remittances
advertisements must be made In New York funds
+
.
The Financial Situation
AMONG lawyers and students of government the
discussions that have been going on at the
sidiary boards
of
**
annual
have
convention of the American
doubtless
careful
attracted
thought in
counterpart among the rank
cerning
administrative
judicial
bodies
of
it
tions
in
throughout
been
New
sharp
criticisms
by
as
the
in
case
past,
upon
in
has
mere
broader
and
more
is
mind", reads
resolutions which
tated
debate,
Labor
social
a new
is
policy.
by it.
the
of
role
ditional
to
the
Federal
character
reserved
which
we
forever
must
ministrative
mediator
these
conduct
defined
contains
no
interests
of
or
the
provides for
the
fail
that
to
re¬
the
of the sixteenth and
bar
seven¬
leadership
of
Lord
Coke
did make these matters its
concern,
much to the
noyance
of the House of
an¬
Stuart; if it had not done
what these people
so,
and
lightly
and
term
never
indifferently
evolution
would
have occurred."
Pointing to the fact that
and
judicial
powers,
the
that
or
therefore
local
no
less
to
be desired for that
tribunals
one
realizes that to commit
all
increased
executive,
and
judicial
man or
spell
body of
col¬
as
against certain broadly
for
of the
the
employer.
It
of
the
protection
employer, except in
so
far
establishment of tribunals
as
it
em¬
course,
were
a
to
men
despotism,
in that
one
would
but
too
drift
direction from
an
increasing number of ad¬
ministrative
bodies
work¬
reason.
together
common
encourage
legislative
powers
few have sensed the
ing
to
combine
speaker added that "every
basis is impossible is another
a
tion is
practice
provisions
is
so
What
legislative
unions,
of the workers
ad¬
our
teenth centuries under the
affairs should be controlled
bargaining and to promote and protect the
interests
same
tribunals,
people
member
statute is to facilitate the
labor
the
will ulti¬
why be concerned ?
It is true enough, to be sure, that "State's
rights" have been made a mockery for a
long while past, and that many of those who
have been crying for their
preservation have
merely been seeking votes, not fully meaning
what they were saying, but their preserva¬
Whatever its title,
of
and
of
The
say,
mately happen to
meaning that doctrine main¬
strong argument against
centralization of government.
formerly held
organization
council
centuries.
obvious effect of this
lective
chamber
thing, they
powers
assert
the
star
sixteenth and seventeenth
Government for the
the
of
chancery, the ad¬
executive,
and
In
departed from the tra¬
and arbiter
who
these
State
it the Federal Government
has
dominant
regulation
must
be
national in scope is simple.
No such regu¬
lation as that demanded is required or war¬
ranted.
Indeed, there is every reason why
it should be avoided like the plague.
The
very fact that regulation of this type on a
this
Act)
hand,
the
of
Tuesday:
on
people, the doctrine of 'State's rights'
one
and
(the National
Relations
those,
are
The reply to those who argue that modern
industry is not intrastate but nation-wide
precipi¬
"that
their
central Government."
in
the deliberate embodiment
of
Association
centralization is
to
"In its proper
tains that local
of the
one
There
other
of
miralty,
defend.
solid
borne
be
the
in
was
dream
in vain.
by the States, and that local government must
always be defended from encroachment by the
must
statute
once
of the
foundation.
"It
National
of the State of
a
structible
much
a
still
court of
General
problems of government.
propagandists of centralization have,
to some extent,
succeeded in smearing the
phrase 'State's rights' with false connotations.
They say it is the vestigial remains of some¬
thing that died seventy-five years ago.
They
say
it is the slogan of whatever political
party happens to be out of power.
"Not being susceptible to propagandists,
and having made some study of the govern¬
ment
our
forefathers created here,
I still
believe that, as an expression of the inde¬
The discussions
rested
political party
who
are
"The
procedural
upon
grounds.
Such dreams
solution of all
infrequently been the
attacks
a
those
much
is
at
These
always,
no means
not
are
centralized forms of government as have de¬
stroyed the freedom of the individual in
foreign lands.
This school of thinking turns
however,
were,
.
developments of
development that has
whichever
of our political philosophy
today.
philosophy which has no patience
with the protest that ours is a dual
system
of government—the very antithesis of such
particularly
and,
the
to
trend
It
Board at times
and
York
in
con¬
subject of close
criticism,
the Solicitor
"The
and
commis¬
view, justly so.
our
abolition.
Criticism,
Attorneys General in Cleveland
The National Labor
inquiry
There
power.
century,
apace
Precisely
Said
aptly called
by
government
the
twentieth
proceeded
.
outstanding legal
liken these tribunals to the
and
frequent
what has been
Relations
the
the
on
cerning the general idea of
was
.
land,
organiza¬
thought-provoking
sions.
presidential address, Arthur T. Vanderbilt
against
particular,
partisans
the
constitute
quasi-
the
in Washington.
course,
the
as
Convention and through it the
general
public that these "administrative tribunals
and
policies
innumerable
comments and discussions
have
told
Of particular
the
regarded
Outstanding Development
penetrating,
of these
several
and
law
almost
now
been leveled
has
can
reports and comments con¬
functioning
particularly, of
much
one
people of the country.
the
In his
help
not
way
have been the
of
An
stimulated
a
interest
practices
that
be
Association
and
a
wishing might find
and file of the
Bar
attention
must
class against the other."
one
or
under
leadership."
defenders of the present regime in Washington
not
want
absent, and critics were at times accused of
of
the
which
fairness
administrative tribunals,
they
demanded in
but those present,
we
are
certain, did not, and the careful reader of the record
will not,
miss the obvious fact that the discussions
taking place were not concerned merely with the
powered to hear and determine complaints by the
fairness,
workers
positions of trust at the moment—as important
against
allowance
Act
in
an
for
an
their
employers.
earnest
impartial
effort to
manner,
Making
due
administer this
the provisions of the
Act itself make it inevitable that to a
large degree
the National Labor Relations Board and its sub¬
a
Of
these
or
things
the lack of it, exhibited by those in
are—but
were
equally
or
more
cerned with the essential circumstance that
here the embodiment of
a
we
as
con¬
have
departure in governmental
policy and in ideas of the function of government.
616
Financial
How
It
All
Began
Chronicle
July so, ms
phrase of the day, and its purport in reality seems
Except possibly the creation of machinery for
au-
to have been but a variant of the managed economy
dit of the accounts of financial institutions which
notions of this day
had
1929, of course, largely wrecked the system, but the
custody of other people's money
kindred
performed
or
functions, the existing administrative trithis country
bunal in
originated in ideas quite at
variance with those which dominate its
and generation.
The crash of
underlying idea seems to have survived.
Indeed,
as
far as the general rank and file are concerned, the
activity at
underlying notion seems to have come through the
present. Professing the utmost faith in competition
trying years from 1929 to 1933 in a truly astounding
as
not
only the life, but by far the best controlling
force, of business generally, the conclusion well
war-
ranted
com-
in
economic
lies in
that full
departments
or
railroads,
result
was
not economically feas-
was
rather reluctant establish-
a
public bodies to hold these natural
check, knowing full well that this
tion
the
rule in government but of planned or managed econ-
but
was
with the planning and
omy
the ruling
done in
Washington, and in this campaign of endeavor it
has had, with deep regret be it said, remarkably consistent
support from the country as a whole,
The mechanism constructed to give effect to this
monopo-
substitute for competition and freedom of
poor
of
life, such for example as the public utili-
The
ment of
branches
certain
ties and the
ible.
reached
facts was
the
by
petition
state of vigor, for it is this notion that the New Deal
seized upon and converted into a regime not of self-
a
form of
conception of government has taken
general
ac-
an
the
additional multiplication of "administra¬
part of the individual enterprise, but
tive tribunals" obedient to the suggestions of the
believing it to be the best method available to meet
White House, and the conversion of the older tribu-
on
The record that
obvious need.
an
the pages
across
of history
they
soon wrote
far from impressive,
was
nals, so far as that could be accomplished, into
pup-
pets responsive to wires running from their offices
but circumstances seemed to warrant their contin-
to the hand of the President.
ued existence and
that the Interstate Commerce Commission, failing
evitable
tended
popular clamor
well
as
the years
the in-
more
grasping of bureaucracy for
to
as
power
enlarge the sphere of their activities
as
to
Chief Executive
the
when
sneeze
Only recently
was
took
aroused the evident ire of the President.
it
snuff,
The fact
passed. Still, until relatively recent years,
that the whole incident almost escaped attention is
general concept of their functions had not al-
the
striking evidence of the complacence with which the
tered
a
Just
great deal.
public views
the world
as
more
was
less
or
unconsciously
drifting into the catastrophic World War, the need
for
making
that competition
sure
was
those branches of business where
maintained in
competition
was
the remarkable
has taken place during recent
transformation that
The day
years.
now
far away, indeed almost lost in antiquity,
seems
when the public could be aroused by the struggle,
if such it really
can
be termed, to
preserve a measure
economically feasible, which includes most of them,
of real independence for the so-called independent
led Woodrow
quasi-judicial administrative tribunals,
conclusion
tion
to
Wilson, always the dreamer, to the
that it
"nip monopoly in the bud."
Trade Commission
endowed with
was
was
the result.
organiza-
This
body, too,
powers;
directing the
course
certain that business
of business but of making
really free to respond to
was
both the checks and the incentives afforded
competition. Then
rous
its
attendant
gency
times
came
upheavals, its multiplicity of
of
good taste of
war
emer-
profits, at
monopoly profits permitted and
couraged by government.
ent
almost
night
over
even
en-
Individuals became affluor
thought they had.
The
public became obsessed with the idea of "getting rich
quick." We
came
in much closer contact with ideas
prevailing in other countries where competition had
never
been
so
highly regarded.
The
measure
trend of
of
our
faith
in
the
System
our
problem of the "admin-
jgtrative tribunals"
they exist today.
as
longer that they combine administrative and judicial
a
functions?
measure
^hat
they
operate
eilg
^-0
tions
a
we
had lost
thought continued throughout the post
a
are
heretofore been
vested in
regarded
The vitally significant
effect
in
which
through
that in them
or even
what have
legislative functions.
constitute
the
machinery
the Chief Executive functions to
system of managed economy which threat-
r€ac]2? if it is not already reaching,
propor-
countries for the liberties of whose
peoples
constantly weeping crocodile tears.
What
termed "administrative tribunals"
to
as
fact
comparable to those obtaining in European
probably
we are
are now
are
here
gtay in one form or another and with one f unc-
tion
another.
or
hold the
pends
competition.
The lead-
jng characteristic of these organizations today is no
Whether
they will permanently
position they now occupy and whether they
will remain in the numbers that
Transformation
Although not admitting it fully,
large
part
by vigo-
the World War with
boards to control production, prices, and what
Business got a
not.
however,
theoretically not that of controlling
was
cf
Here lies the heart of
The Federal
administrative, judicial, and, in
degree at least, legislative
some
its function
or
wise to set up an
was
upon
whether
we
retain
now
our
plague
us
de-
faith in managed
and continue to vest heretofore unheard of
economy
The
powers
war
Commissions which
in the Chief Executive or in
are
Boards and
clearly under his dominance,
inflationary periods. The Federal Trade Commission, far from "nipping monopoly in the bud," was
presently recede into the background, as we believe
in. effect,
sooner or
agency
for
a
time
at
least, converted into
for the suppression of what
we
an
had previ-
ously considered to be ordinary and highly desirable
competition. An extra-legal (not to say unlawful)
system not dissimilar to that (without its labor
as-
pects) later prevailing under the ill-fated National
Kecovery
Administration
arose
"Self-government in industry"
and
was a
flourished.
popular catch-
Should
modern
mercantilistic-communistic
ideas
later they will, and we revert to our older
and better concepts of the role of government par-
ticularly
as concerns
business, the problem of "ad-
ministrative tribunals" will in large measure cease
to
exist, although of course bureaucracy is always
tenacious of life.
Meanwhile, of course, it is not too much to ask
that the officials of these various
agencies act with
■
Volume 147
what
degree
stances
that
Financial
of
detachment
permit, and
they do
justice
circum-
demand
At the
so.
and
should insistently
we
time it is naturally
same
quite useless to expect them to fail to do what they
brought to Washington to do—that is, to co-
were
operate with the President in giving effect to his
of so-called reform and regulation.
programs
the
are
most
in close
the
sympathy with these
philosophy
which
trouble lies with the
bodies and
programs
as
real
legislation which creates these
much
so
legislators
and with
The
them.
underlies
This legis-
gives them financial support.
lation is not
our
For
part they have been chosen because they
tive offices who have
embodiment of the views of
an
such,
of the dreamers in execu-
as
by
another seized
one means or
in this country. Viewed in this way the prob-
power
lem of "administrative tribunals" is but one
of the
phase
problem of usurping government, and the rem-
edy is to be sought not at Washington but at
ballot box.
the
.
.
r»
„
e*.
refraining from reimbursing itself for gold acquisitions. Gold certificate holdings of the regional banks
were
$23,000 lower at $10,633,400,000, but
continued to
were
up
move
toward the banks, total
$13,349,000 to
as
cash'
reserves
Federal
$11,063,727,000.
Reserve notes in actual circulation decreased $14,495,000 to $4,109,643,000.
Total
deposits
with
the
regional banks advanced $23,572,000 to $9,302,883,-
000, with the account variations consisting of
in member bank
$8,187,723,000;
reserve
an
a
drop
balances by $14,173,000 to
increase of the Treasury general
account balance by $8,473,000 to $732,462,000;
a
de-
cline of foreign bank deposits by $1,665,000 to $125,243,000, and
an
increase of other deposits by $30,-
937,000 to $257,455,000.
The
to 82.5% from 82.4%.
Discounts by the regional
reserve
ratio improved
banks continued to drift lower, the decline of $263,000
reported placing them at only $7,322,000. Indus-
trial advances increased $94,000 to $16,308,000,
*.
*
a
an
eserve
era
e
i
■
617
The condition statement of the 12 Federal Reserve
Banks, combined, shows that the Treasury still is
now
,
_
Chronicle
emen
while commitments to make such advances increased
OF banking statistics is interest in the another $299,000 bills$13,731,000. lower market holdings of
CONSIDERABLE the passage of current bankers to were $1,000 Open at $539,000, while
milestone
in
monetary gold
of
accumulations
our
of the Federal Reserve
The credit summary
stocks.
holdings
were
of
and for
of
United
States
Government
securities
unchanged in total at $2,564,015,000.
System reveals gold stocks of $13,002,000,000 as
gain for the week of $13,000,000
July 27,
a
the last
12 months of $569,000,000.
dollar milestones have been
the dollar
devalued,
was
The current hoard of
alone.
$2,800,000,000 of in-
the computation
of $20.67
still
an ounce,
The American
slightly
gold is, of
course, un-
It would be an enormous total even if
precedented.
were
holdings of the metal are held to be
Predictions
are
idle
as
to the ultimate
extraordinary aggregation of gold, for
effects of this
results
economic
totals have been
usually associated with such
hampered by governmental precau-
and restrictions,
dominant for
made in the old measure
new rate of $35.
instead of at the
than half the monetary gold stocks of
more
the world.
tions
passing rapidly ever since
some
having resulted from the currency tampering
crease
the
Fresh billion-
some
and the latter
time to
be
may
pre-
It is, nevertheless,
come.
impossible to ignore the potential danger of a tremendous credit inflation based upon the metallic
stocks.
Fresh credit and currency
developments
are
almost
The
completely lacking in the current statistics.
Treasury in Washington now is borrowing $50,000,000
of
new
the
money
weekly, in anticipation of full scope for
spending-lending
program.
In the week to July 27
offset the out-
such borrowing apparently more than
flow of Treasury
funds, for
a
small increase of the
Treasury general account balance is noted.
bank
reserve
Member
balances with the 12 Federal Reserve
Banks decreased
slightly, but required
reserves
lower, for
were
unchanged for the week at $3,040,000,000.
excess reserves over
also
legal requirements
were
The
condition statement covering New York City report-
ing member banks indicates that
tutions still find
it
huge aggregate of funds at their
loans fell
on
the member insti-
difficult to utilize
command.
of the
Business
$1,000,000, and loans to brokers and dealers
security collateral fell $17,000,000.
ment
more
On the invest-
side, holdings of direct United States Treasury
obligations
by msuch
member
banks
were
down
$28,000,000, while holdings of Treasury-guaranteed
issues
were
up
$17,000,000.
.
Foreign Trade in June
THE country's foreign trade reached the low point
* of the year in June, both on the import sicle and
the export side. Compared with 1937 both items of
trade showed the least favorable comparison of any
month of the year to date. The decline from last
year was influenced to some degree by price reductions and according to the Department of Commerce
the 49% drop in value of imports represented a
decline of only 38% in volume, while the 12% drop
in the dollar amount of exports was entirely attributable to lower prices.
Exports in June totaled $232,686,000, compared
with $257,188,000 in May and $265,341,000 in June,
1937. Imports in June amounted to $145,898,000, in
comparison with $148,260,000 in May and $286,224,000 in June, 1937. In June this year there was an
export balance of $86,788,000, and in May, $108,928,000, while in June last year the balance of
$20,883,000 was on the import side.
The exports in the first six months of $1,592,137,000 exceeded those for the same period of 1937,
amounting to $1,536,562,000. This year's imports in
the half-year of $961,063,000 were sharply reduced
from the $1,683,421,000 of the same period last year,
This year's favorable balance for the period of $631,074,000 compares with an import excess of $146,859,000 in the first half of 1937.
Principally because of larger grain shipments, agricultural exports rose from $38,700,000 in June,
to $49,800,000 in June,
1937,
1938. Non-agricultural items
shipped in June were worth less than a year ago with
the sharpest declines in automobiles, parts and accessories, and iron and steel
mill products. Petroleum
shipments wrere a little larger while
rose
aircraft exports
to $8,000,000 from $2,600,000 a year ago.
Cot-
June dropped to 191,256 bales,
worth $9,442,026, from 206,793 bales valued at $10,402,651 in May and 248,303 bales with a value of
$16,835,103 in June, 1937.
Imports of every description were much lower,
those in the agricultural class declining more sharply
ton shipments in
618
than
Financial
Crude
others.
rubber imports,
for example,
dropped to only $7,400,000 from $23,800,000
a year
Chronicle
however, preferred
The greatest
decline,
grains, which
$7,400,000.
were
as
in previous months,
in
was
imported in amount of only $600,000, compared with $16,100,000 in June, 1937.
Gold imports
in June amounting to $55,438,000
brought the total for the six months
up
to $247,974,-
with
only in a
and in the half year,
$111,531,000; only $1,600,000
in the first six months.
for
on
despite
rather wide swings.
some
in most
The tone
was
firm
just under the high record
months
some
to
have
improve in most sessions, but
a
influence
minor
trend
the
in
securities
of
the
was
week earlier.
There
obvious uncertainty in the financial
community
regarding the trend of trade and the intentions
Administration
to
in
Caution appeared
be the watchword, and when levels attained what
appeared to be high figures selling assumed sizable
The sessions last Saturday and Monday
proportions.
were
especially optimistic and
recorded.
year were
numerous
Liquidation started
highs for the
Tuesday
on
and became quite pronounced in the mid-week
when prices;
dropped 1 to 3 points.
developed Thursday, and the levels then established
were
maintained
ments
are
yesterday.
concerned,
So far
as group move¬
stocks
motor
showed
small
apparently
due
was
The
to
strength of
trade
based
transfers
securities
on
purchases here.
On
the
touched
New
York Stock
Exchange 350 stocks
high levels for the year while no stocks
new
touched
low
new
levels.
On
Exchange 127 stocks touched
stocks
New
at
touched
York
now
Stock
low
the
new
levels.
Exchange
New
York
Curb
high levels and 2
Call loans
remained
the
on
unchanged
1%.
On the New York Stock
period,
A small rally
dollar
while French
course,
under pressure as well.
rather than to currency moves
of the
Washington.
markets, but the
peculiarly interesting.
Sterling receded
slowly and fell to the lowest level of the year, yester¬
were
a
Wednes¬
on
Foreign dollar
was
Guilders also took this
quotations prevalent
groups
inclined
irregular and not materially changed for
Foreign exchange dealings were only of
were
day.
of the
grade
Second¬
were
reaction
day modified the gains decidedly.
francs
and at the close yesterday prices
leading issues were mostly within small fractions
Best
ago.
speculative characteristics
modified the gains
sessions, but occasional bursts of liquidation
of
course
railroad issues and the various special
the week.
PRICE levels of equities showed Stock net change
the week
the New York little
Exchange,
the
corporate bonds likewise held their ground.
bonds
New York Stock Market
followed
tinge
narrow range,
established
levels
ary
of the metal left the country
whole.
a
was
a
dual affair, with
market bonds stable, while issues
money
speculative
a
that
valued at $19,186,000,
deferred, which
were
equities. United States Treasury securities fluctuated
000; exports in the half-year totaled only $5,750,000.
was
1938
listed bond market
The
high-grade
Silver
imported in June
dividends
unsettled the carrier group as
wool and mohair to $1,400,000 from $8,600,000,
ago;
and hides and skins to $2,000,000 from
July 30,
half-day
session
shares;
on
Monday they
on
Exchange the sales at the
Saturday
Tuesday, 1,252,470 shares;
shares;
on
last
on
Wednesday, 1,973,840
Thursday, 1,065,630 shares, and
on
776,240
were
2,106,500 shares;
were
additions for the weekly period, while steel stocks
showed equally small declines.
1,204,240 shares.
occasionally
in
Monday,
253,880
downward.
These
shares;
on
Friday,
Wednesday, 244,535 shares;
Utility stocks
have
no
favor,
but
small
immediate
railroad
issues
and irregular
were
drifted
movements
significance, beyond the obvious
indication that traders and investors
are
Trading in equities on the New
Exchange ranged from a little more than
1,000,000 shares to somewhat
Business
reports
over
2,000,000 shares.
observed, carefully in the
were
sales
last
on
Saturday
The stock market
slow start and
a
were
shares;
129,845 shares, and
uncertain
about the future.
York Stock
the
On the New York Curb Exchange
on
on
92,475
shares;
Tuesday,
on
on Thursday,
Friday, 172,420 shares.
Saturday of last week had
to
gains.
two
a
strong finish, and the short trad¬
ing period witnessed leading industrial stocks
one
on
174,765
points and
few
a
issues
made
up
wider
Railroad shares edged higher and utilities
effort to ascertain the probable trend of
trade, but
the evidence on this score remained
inconclusive.
The advances made
showed little
pendence Day holiday
veloped.
immediately after the
been added since.
to
reflect
any
modity price
Inde¬
maintained, but little has
Banking statistics, moreover, fail
are
effective
demand for
movements
credit.
Com¬
occasioned fresh unsettle-
change. On Monday the stock market
higher at the opening and continued to gain
was
moderately until the final hour, when selling de¬
Stocks .closed irregularly higher, however.
The stock market turned dull
tone
to
on
Tuesday; the final
heavy, with losses ranging from fractions
points.
Stocks had their worst day on
was
two
ment, for wheat dropped early in the week to lowest
Wednesday since the bull drive began
levels in
and this also
some
This
years.
was a
however, which plainly is due
supplies.
Copper
base metals
was
special development,
to
abundant
world
increased slightly in price, and
generally remained firm, possibly
as
a
market had
was
seen
ing weakness.
to
three
on
two successive
days of predominat¬
The market retreated to
consequence of speculative purchases.
stocks, although at the lowest level the
down about
that the present situation of
price reductions for the
however,
wages are lowered.
late
of
a
number
Second quarter earnings
reports
of
leading corporations were issued
during the week, and results were about in accordance
with expectations.
earnings
were
In
some
somewhat
prominent instances the
better
than
had
thought likely, and dividend declarations
ceeded expectations.
In the
case
been
also
ex¬
of the Santa
Fe,
one
greater losses.
metal, and the modification of basing points, cannot
long continue at present production levels, unless
Thursday.
As
to five
points.
one
Stocks opened
was
list
was
A few issues showed
Prices improved in all directions
a
little lower.
slow, but the market
trading, with prices
up
compared with the close
final
close
points lower in the main body of active
of steel
wages
The problem
remained unresolved, but it is clear
June 20,
the first time since then that the
prices yesterday
were
was
on
Trading,
strong in the
fractions to two points.
on
Friday of last week,
generally lower.
Gen¬
eral Electric closed
on
yesterday at 41% against 42%
Friday of last week; Consolidated Edison Co. of
N. Y. at 28
against 29%; Columbia Gas & Elec.
at
7% against 8; Public Service of N. J. at 30 against
Volume
Financial
147
Chronicle
619
30%; J. I. Case Threshing Machine at 99% against
102; International Harvester at 64 against 65%;
yesterday at 57%c.
Friday of last week.
July oats at Chicago closed
Sears, Eoebuck & Co. at 71% against 74; Moritgom-
yesterday at 24c.
against 25%c. the close
ery
at
Ward & Co. at 46% against 47%; Woolworth
47
against 47%, and American Tel. & Tel. at
141% against 140%.
Western Union closed yester-
day at 31 against 32%
Allied Chemical &
on
Dye at 180% against 179; E. I.
du Pont de Nemours at 126
Cash
at
16
against 15%; National Biscuit at
against 24%;
Eastman
Kodak
101%
against
Sulphur at 34%
Can at 45 against 46%;
178
at
Brands at 8 against
Gulf
Texas
against 35; Continental
at
against 127%; National
Register at 28% against 24%; National Dairy
Products
23%
Friday of last week;
against
Standard
179;
8%; Westinghouse Elec. & Mfg.
104; Lorillard at 20%
20%; Canada Dry at 19% against 21;
Distillers
tillers at
The
as
at
with
States
on
most
the
Steel
as
on
on
Friday of last week,
The spot price for cotton here in New York closed
yesterday at 8.67c.
against 8.83c. the close
as
Friday of last week.
yesterday
on
was
16.12c.
as
Friday of last week.
yesterday at 10%c.
on
The spot price for rubber
as
against 15.80c. the close
Domestic
copper
closed
against 9%c. the close
on
Friday of last week.
In London the price of bar silver yesterday
19%
pence
ounce
on
per
ounce
as
against 19%
pence
was
per
Friday of last week, and spot silver in
New York closed yesterday at 42%c., unchanged
from the close
on
In the matter
transfers
on
Friday of last week.
of the foreign
exchanges, cable
London closed yesterday at $4.91% as
against $4.9115/16 the close on Friday of last week,
24% against 24%.
against 60%
at
Schenley
against 20%, and National Dis-
steel stocks in
compared
United
20
against
against 57%c. the close
as
instances
closing
closed
closed lower
prices
last
yesterday
at
week.
58%
and
cable
transfers
2.75 15/16c.
as
on
Paris
closed yesterday at
against 2.76 3/16c. the close on Fri-
day of last week,
Friday of last week; Inland Steel
F
Q
,
M
,
European Mock Markets
75% against 74; Bethlehem Steel at 58 against
OTOCK markets in the leading European financial
were strong and weak by turns this
yesterday at 4% against 4% on Friday of last week;
week, and net changes were small in all instances.
General Motors at 43% against 41%; Chrysler at
The British and French markets continued to reflect
6934 against 71%, and Hupp Motors at 1% against
American influences, as reports of strength in New
1.
In the rubber group, Goodyear Tire & Rubber
York usually occasioned buying in such centers,
closed yesterday at 2634 against 273/8 on Friday of
whiIe gloomy dispatches resulted in reactions. On
last week; United States Rubber at 433/4 against
the German market a good deal of nervousness still
44%, and B. F. Goodrich at 22% against 20%. The
prevailed as the sharp movements of the previous
railroad
shares
closed
lower
the present week,
week still are not adequately explained, and recesPennsylvania RR. closed yesterday at 21 against 23
sions were somewhat more pronounced than gains,
on Friday of last week; Atchison Topeka & Santa
Political influences were cheering to the major cenFe at 36% against 3934; New York Central at 19
ters> for the Anglo-French promises of cooperation
against 20%; Union Pacific at 83% against 85%;
suggest continued peace in Europe, while the moves
Southern Pacific at 183% against 20%; Southern
for adjustment of Central European troubles invite
Railway at 13% against 14%, and Northern Pacific
that ultimate general accord for which Prime Minat 12% against 13%.
Among the oil stocks, Standls^er Chamberlain is striving in England. The Spanard Oil of N. J. closed yesterday at 56% against
is*1 conflict remains as a profoundly disturbing ele57% on Friday of last week; Shell Union Oil at
ment, however, and optimism was restrained for this
17% against 17%, and Atlantic Refining at 25
reason. Reports circulated in London from time
against 26%. In the copper group, Anaconda Copto time that war debt and currency problems are beper closed yesterday at 35 against 36% on Friday
iug studied by the British and United States Govof last week; American Smelting & Refining at 49%
ernments, with a view to a sweeping economic adagainst 50%, and Phelps Dodge at 34 against 34%.
justment, but it was realized that progress depends
Trade and industrial reports remain inconclusive
011 a satisfactory Anglo-American trade agreement
as to the long-term trend, although recent gains are
anc* a waiting attitude was taken. The holiday seabeing maintained in most instances.
Steel operason now is approaching its peak in Europe, which
tions for the week ending today were estimated by
restrained activity in the securities markets^ There
the American Iron and Steel Institute at 37.0% of
were no important variations in trade indices to
capacity against 36.4% last week, 28.7% a month
affect the trend.
ago, and 84.3% at this time last year.
Production
Dealings on the London Stock Exchange were
of electric energy in the week ended July 23 was
fairly active in the opening session of the week, and
reported by the Edison Electric Institute at 2,084,the tone was cheerful. Gilt-edged stocks were in
763,000 kilowatt hours against 2,084,457,000 in the
modest demand, and most industrial securities also
preceding week and 2,258,776,000 in the correspondimproved. Home rails were weak on poor earnings
ing period of last year.
Car loadings of revenue
reports. Anglo-American favorites were in brisk
freight in the "week to July 23 amounted to 580,882
demand at higher levels, and commodity issues also
cars,
according to the Association of American
advanced. In a quiet session on Tuesday, gilt-edged
Railroads.
This was a drop of 21,418 cars from the
issues lost some of their previous gains. With the
previous week and of 186,588 cars from the loadings
exception of a few armaments stocks, industrial sefor the similar week of last year.
curities likewise softened, while home rails suffered
As indicating the course of the commodity maranother sinking spell. International issues drifted
kets, the July option for wheat in Chicago closed
lower under the influence of transatlantic favorites,
yesterday at 68%e. against 68%c. the close on Friand gold and other mining issues also turned dull,
day of last week.
July corn at Chicago closed
Cheerfulness was restored to the London market on
60%, and Youngstown Sheet & Tube at 38% against
39%.
In the motor stocks, Auburn Auto closed
^ centers
620
Financial
Chronicle
Wednesday, with almost all sections showing imGilt-edged stocks
provement.
industrial issues showed
of
textile
securities.
commodity stocks
its
again
Gilt-edged issues
Thursday.
on
and industrial shares
restored
to
were
mixed.
ground
gave
were
favor, but international securities
small
a
and
Home rails
commodity stocks drifted downward.
on
issues
scale
impended.
The
industrial
and
Trading
was
yesterday, for the bank holiday
issues.
Firm
as
dealings
late reaction
were
gilt-edged and
reported
the
on
Paris
modified the gains.
Rentes
were
a
not
changed, but French bank, industrial and elecin
higher. International securities
steady demand, with gold-mining issues
ferred.
Little
French
The
in
resumed for the week, but
were
trical shares closed
were
firm
was
business
done
was
Tuesday
market, and the main trend
example set by other markets
International
securities
with movements wide in
dull session
Bourse.
on
some
are
re-
and French
were
instances.
irregular,
In another
Wednesday, prices advanced
Rentes that
the
on
chiefly
was
sponsible for small recessions in rentes
equities.
There
were
on
the
This
in
rumors
a
Anglo-American
proposed
treaty and the still unsettled British
default.
debt
war
London,
the
over
last week-end, that the trade pact negotiations are
close to
a
break-down.
that
however,
"We have
Mr. Chamberlain explained,
has
agreement
major part of
an
been reached
schedule
enormous
of
to
we
that
announce
are not
both
on
we
have
finally
come
If Great Britain and America
to terms
come
There is goodwill
shall not have to wait too long
we
agreement."
an
can
can
a
to certain instances which offer
come now
yet entirely resolved.
before
011
articles,
exceptional difficulties," he said, "and they
the trade
on
problem, the Prime
Minister said, then the arrangement well may prove
to be the forerunner of
The
pre-
downward,
was
at present."
are
important incident in
an
the
on
sides, and I hope
conditions
Bourse
much
tone
trade
merely
was
debate
general
in favor. In continuation of
trend, the London market turned soft
see-saw
comment
strength with the exception
Anglo-American
were
been better than they
never
maintained and
were
July SO, 1938
policy of wider application,
a
debt issue, to which belated attention
war
is being paid in England, was brought up in the
session
same
by the Liberal leader, Sir Archibald
Sinclair, who urged prompt action in settlement,
Minister
Prime
with
a
Chamberlain
reference to
late last
a
contented
himself
debate in the House of Lords,
week, in which
a
suggested delicately that
Government spokesman
progress
is being made.
guaranteed against franc
The Government's attitude had been made "perfectly
depreciation showed small advances, while larger
gains appeared in French equities.
Commodity
plain" in the House of Lords, said Mr. Chamberlain,
shares
and
securities advanced
mod-
of the Peers
estly.
Emulating the London market, trends
were
recent private suggestions in England that war debt
international
adverse
on the
Bourse, Thursday. Rentes declined
fractionally and losses in French equities were not
much larger, but international issues showed de-
cided declines.
day,
The trend
with rentes
and
again
was reversed
French
equities
in
yestermodest
demand.
The
the
Boerse
erratic
was
on
Monday, but
quick upward and downward variations
more
level
only
numerous
showed
than
improvement
portant
session
mining
on
declines.
Tuesday
A
few
specialties
points.
drifted
the
In
a
lower
end
dull
the
on
Losses
were
considered
more
numerous
significant
again declined.
were
well
almost all issues.
occurred
con-
Hardly
any
market,
unimportant,
gains, and it
fixed-income
the
on
Bank
stocks
were
was
Boerse.
The
firm in
dull
groups were uncertain,
nglo-American Trade and Debts
amity
and of
last
10
years,
Great
problems of trade
intergovernmental indebtedness
settled, and both thees questions
the final sessions of the British
adjournment yesterday.
In
British
Prime
foreign
Chamberlain
her
political engagements.
not be resumed
policy,
expressed
a
were
as
debt question.
evidence of
In
a
The Marquess
desire to settle the
replying for the
the subject
are
countries
Government,
hard to avoid, but he added that
had
made
considerable
progress."
the two countries "than to raise this question at a
moment when
cannot be certain of getting
we
a
set-
tlement acceptable to both sides of the Atlantic."
Maintenance of exchange
stability
must
not
be
forgotten, Lord Stanhope remarked, and will require
careful consideration in any debt discussion,
t
Export-Import
IT IS
*
only
on
rare
r
l-
an
occasions that
some
use
is
found for the Export-Import Bank of Washing-,
ton, which
was
founded with Federal money in 1934
with the aim of expanding
an
incident
was
The
our
foreign
Bank,
it
appears,
will
notes of the Haitian Government up to
to be issued
over
financing of
a
commerce.
reported in Washington last
discount
$5,000,000,
the next three to four years
public works
program
remain to be
include roads,
discussed in
in the
which will
pal water systems and the like.
Parliament, before
general
debate
Minister
on
Neville
satisfaction, Tuesday, that
diplomatic relations with the United States
States,
Lord Stanhope remarked that misunderstandings
Saturday.
between
Britain and the United States has been well
established these
United
the
of Lothian asked whether token payments might
Such
political
in
raised by the Lords, but the
issues
fractional, but they included
trading yesterday, but other
**
was
f
chiefly
ALTHOUGH
as
In another quiet period on Tliurs-
day, fresh declines
losses
than
that
borrowing
to the improved feelings steadily growing between
German
were
to
ranging from
cheaper prices.
reported
some
He also said that nothing could be more disastrous
Bank stocks moved
Wednesday, and price variations
The debate
significant than
the
on
trary to the trend, but fixed-interest issues joined
was
the subject.
more
influential Members took the stand that Great
"both
Boerse, with net losses at
business
more
on
lower.
on
Britain should be careful to observe her financial
to three points, but the im-
prices
the main movement to
barrier
That point also
drifted
up
group
fractions to two
left the
little changed, with advances
a
rather
was
questions be settled in order to avoid the Johnson
Act
as
Berlin
market
who refused to enlarge
"have
bridges, irrigation projects, munici-
In all probability
this arrangement has international political aspects,
for it
seems
that
a
good part of the money to be
advanced will be used in
paying native labor, rather
than in paying for American manufactures. Haitian
imports in connection with the work will, however,
Volume
be
Financial
147
purchased in the United States.
Government's
need
obvious
since
it
tization
on
Bank
criticism
is
in
due
incident
Haitian
that the decision to be made by Lord Runciman
will have to be accepted, if Anglo-French support
is not to be sacrificed.
The draft of a minorities
announced
be
The
modification
its dollar bonds.
can
If the
of
amor-
Export-Import
supply this lack, not much
voiced, for Haitian development
large part to American direction.
again
emphasizes,
The
strictly
the
however,
political nature of the Washington bank, which was
projected
621
foreign exchange has been
for
is utilized to
now
Chronicle
statute
was
published in Prague, Tuesday, and this
document, which is intended only
as
basis for
a
negotiations, provided for equal rights of all citizens, regardless of race, language or religion.
But
the German minority leaders declared that the
con-
cessions failed to meet their demands,
The European situation
along with several others to supply an
surveyed carefully
was
imaginary lack of banking facilities to handle for-
last Tuesday by Prime Minister Neville Chamber-
eign trade financing.
lain, in the
somehow
of
Ordinary private facilities
proved quite adequate for the financing
ordinary foreign trade, and the several institu-
policy in
course
of
full-dress debate
a
British
the
House
of
on
foreign
Commons.
tions
originally projected at Washington dwindled
provement has occurred in recent months.
to
single Export-Import
that
a
active
only
Bank which has been
All of which is
special occasions.
on
especially instructive in view of the
threats
many
lately voiced by Administration spokesmen against
commercial
our
those
banks, because of assumptions by
spokesmen that the banks
unwilling to
are
lend.
than half the
more
believe that
tion of the
was
A?
unity
in
the
fore-
ground of European affairs this week, while
efforts
were
for the
continued to
find
suitable
a
solution
problem presented by the Sudeten German
minority of Czechoslovakia.
The four-day visit of
sense
I believe that in the end
^ie
Anglo-Italian treaty of friendship.
in Czechoslovakia would 'be successful.
berlain
showed
Sudeten
problem
for
opened
be
could
wider
settled
negotiations
New York "Times" remarked.
By
of the visit it
made perfectly clear
program
Britain
the effectiveness of the
the
all
to
intend
world
Great
that
stand
to
firmly together
mutual interest.
The two
gether "by ties that the passing
weaken,"
said
Britain's
Great
plainly
made
French
Foreign
good
follow
to
for
return
George
King
in
British
the
his
can
never
Britain and Germany,"
of
"Mr. Cham-
and
the
between
way
Great
London dispatch to the
a
The well-understood
followed
by
a
Anglo-Italian accord, to be
similar pact between France and
Italy, and eventually by settlements with the GerNazi regime,
man
departure.
persuading
the
diplomatic lead
unity.
ex-
of the British Prime Minister is, of course,
Oslo Powers
Secretary, Lord Halifax,
progress
indications
the
bound to-
are
years
on
France
questions of
on
countries
and
He
extraordinary confidence that the
Royal couple to France ended
was
set-
a
pressed the hope that Viscount RunCiman's mission
diplomatic aim apparently accomplished.
means
ago
shall
we
Spain must precede the implementation
with every
July 22,
relaxa-
The Prime Minister reiterated that
the British
on
a
of tension which six months
succeed in bringing back security and confidence to
0j=
remained
all feel the atmosphere is lighter
oppressive.
tlement in
NGLO-FRENCH
we
"Now
has gone," he said, "I
year
and that throughout the Continent there is
Europe."
European Diplomacy
Mr.
Chamberlain declared emphatically that marked im-
in
Leslie Hore-
QEVEN small European countries, linked since
^
1930
as
the Oslo Powers, held a three-day con-
ference in Copenhagen which ended last Sunday in
Belisha, War Secretary in the British Cabinet, lin-
a
gered in France and declared last Sunday that the
tive measures that the League of Nations might
countries
two
to be
one
Minister
was
now
are
united
general staff and
failed
perhaps
Events
add
to
one
"one
under
flag."
"what
seems
If the British
foreign polic}'," that
with
regard
Czechoslovakia
to
moved
closed last
a
The
with
problem,
Great
Britain,
reports, because the Czechs
the
matter
and
because
no
say
in
the
Board
of
over
was
indicated in
had
been
dispatched to
Prague as a mediator in the conflict between the
Czech
regime and its Sudeten minority.
moreover, was
of
nervousness
France,
reported in full accord with Great
Britain in this step.
In Czechoslovakia
a
good deal
prevailed, for it was realized there
Swiss
declaration
that
The Oslo group had shown similar leanings, but the
ence
than had been thought probable.
Although
still convinced of the need for participating in the
work of the League, the seven States declared that
"they regard the sanctions system under present
conditions and in accordance with practices recently
followed
as
being
non-obligatory
in
character."
situation, the official communication said, but "all
Runciman, former President
Trade,
a
grouping that Germany
On Monday it
London that Viscount
previously by
trated
There is occasion for alarm as to the international
through diplomatic channels,
minority.
the
arrangement smacked
week-end, to make all possible concessions to the
German
of
to have
Italy long have desired. Great Britain appealed
to Czechoslovakia
the
were
the
too much of the four-Power
and
This
sidetracked, according to London
was
of
declaration last Sunday formalized the objections
France, Germany and Italy the arbitrators.
suggestion
attitude
and went further in disaffirmation of League influ-
Saturday that Germany had suggested
minority
aloof
smaller States toward the League had been illus-
British Government dis-
plan for international arbitration of the Sudeten
German
The
hereafter.
puni-
a
rapidly this week, and probably in accord with
preconceived plan.
undertake
any
League sanctions would not be considered binding.
matter of politeness.
a
virtual declaration of independence from
seven
of
our
States are ready actively to cooperate
in all international endeavors of reconciliation in
an
impartial and independent spirit."
Limitation
of armaments was urged, as well as adjustment of
the problems
civilians.
occasioned by airplane bombings of
Foreign Minister Peter Munch of Den-
mark declared that the seven States are determined
never
to participate in any conflict between major
Powers.
Participants
in
the
conference,
in
ad-
dition to Denmark, were Sweden, Norway, Finland,
the Netherlands, Belgium and Luxembourg.
622
Financial
Spanish Civil War
TABLESwith the loyalists assuming the offensive
were turned this week in the Spanish
war,
on
broad
a
scale
after
the Government defense.
eral Francisco Franco still
were
busy
over
week-end in their endeavor to drive the
talions
swift
from
the
attacks
ground that
than
3,000
domain.
defenses of
outer
Valencia.
was
the
situation
changed suddenly
the Ebro River from the
over
southward
a
of
area
over
By
miles of territory to the Franco
Tuesday, when the loyalists started
sive
loyalist bat¬
Spain they gained
poorly defended and added more
square
industrial
the last
southwestern
in
But
collapse of
The fascist forces of Gen¬
on
sharp offen¬
a
thickly-populated
Catalonia.
Driving
steadily
ground taken by the insurgents only
the loyalist battalions made the
few months ago,
most of their
the
thin
surprise attack.
lines
of
They
insurgent
Franco had
withdrawn
major effort
near
were
defense,
aided by
for
General
this
would
dent"
was
•
Gandesa, which the insurgents had been
opera¬
Insurgent resistance there¬
loyalists still have formidable
at
powers
command, which well may keep the struggle
going for months to come.
International aspects
war
were
overshadowed
by the change in
emphasis, but they remained important.
merchant vessel
was
Japanese demands for evacuation
bombed and sunk
Thursday at Valencia.
on
Such incidents
•
of British
a
now
have
a
month to halt the
bombings
ships.
action.
When
a
HEAVILY reinforced Japanese detachments in
Yangtze River valley
able to make
the
dent
disputes with Russia.
reported
was
said
were
to
capital at Hankow, and it is possible that
long-drawn undeclared war soon will enter a
phase.
below
The invaders ended the long stalemate
Kiukiang by taking that city
Casualties
were
maintained
fall of
the
a
heavy
on
on Tuesday.
both sides, for the Chinese
sto*ut defense
town, however,
the
to
end.
With
the
important step
an
was
gained by the Japanese, who
are now only 135 river
Hankow, and only 100 air miles from
capital.
Operations now will prove more
miles below
the
feasible,
the great
materials
There
is,
through Poyang Lake, toward
moreover,
railway artery supplying China with
the other hand,
that Generalissimo
to
the
war
through the Hongkong-Canton channel.
on
no
faintest indications
Chiang Kai-shek intends to yield
Japanese.
As
on
previous occasions when
the invaders made
progress,
calmly prepared to
move
deeper into their country
ever
costly for the
Orders
have
penetrated
further
by the invaders
Thursday for the evacuation
more
faced
were
Wednesday, when the British
on
under consideration if
was
respect British interests in China.
were
of all
It
before the
Nevills
House
of Commons
Chamberlain,
various
issued
civilians
our
This statement
examination
a
declaration
by Prime Minister
the preceding day,
on
for
expedients
aiding
China
that
under
are
by the British authorities.
Palestine
THROUGHOUT the month now ending disorders
again in
have
the
waxed
British
Arabs have
sition
of
waned
waxed
Palestine,
homeland for Jews.
An excessively
rapid growth of the Jewish population probably has
to
do
a
with
the
Arab
can
resentment, and that
be
traced all
readily
imposed
Germany, and that lately has spread also to
on
other countries.
The
problem is of long standing,
however, and requires the utmost in sympathy and
A British commission held that the solution
tact.
might lie in separate districts for Arabs and Jews,
with a small area of the Holy Land reserved as a
of
sort
British
perpetual
sentment in all
mean
that
answer
years
newcomer's.
while, face
forces
and
of
under
area
re¬
will be
supplied only by
and the quiet assimilation of
The
British
authorities,
mean¬
difficult and dangerous task.
a
rushed to Palestine to
were
continued
This suggestion provoked
quarters, and the reaction may well
real
a
the passage
the
neutral
sovereignty.
Fresh
maintain peace
order, but the mutual animosities of Arabs and
Jews
occasioned
and
British
The
neutral
some
policemen
ably will be
and
500
casualties
did not
this
escape
well-intentioned
month,
unscathed.
Britishers
prob¬
deserving of sympathy, in the end,
the factions contending for
mastery
more
than either of
Palestine.
from
Embassy in
too
the anti-Semitism that the Nazis have
to
on
announced in
where
their violent oppo¬
years
sensible and admirable project
very
establishing
and
of
area
expressed for
the
to
and
mandated
observed in his
was
Saturday that
Japan failed to
especially significant in view of
was
difficult and
indicating that another desperate
struggle is anticipated before the populous center
yielded to the Japanese.
distance into
In a remarkably
Lord Halifax stated that "possible
speech,
action"
of
Washington last
some
difficulties
protect her interests in China.
the Hankow
area,
is
Another border inci¬
the Chinese authorities
and thus make the invasion
aggressors.
firm,
Tuesday, when Soviet troops
on
Still
Manehukuo.
were
their drive toward the pro¬
visional
the
remained
border commission for the settlement of all terri¬
torial
circumstance in turn
new
Moscow
Japan turned conciliatory and began to talk about
much
Sino-Japanese War
progress this week in
disre¬
were
Wednes¬
significance, in view of the Italian "interven¬
tion" that served for
area
clari¬
though backed by apparent threats of
even
military
of Russian
border
Manehukuo is not yet
and
A British
day in the port of Gandia by insurgent airplanes,
and several ships were
sprayed with bombs on
new
purpose
long-disputed
a
Foreign Secretary, Lord Halifax, declared in the
stiffened sharply, but the incident indicates
the
border incident
London House of Lords that Great Britain intends
their
of
a
By Thursday the loyal¬
objective and entered
Valencia.
headquarters and supply base for the
the
over
The real
on.
occupying
Siberia
garded,
blunt
that
going
in
between
to
upon
with Russia
war
obvious Japanese de¬
an
hardly be appropriate while the China "inci¬
forces
fied.
and Soviet Russia less¬
week, owing to
cision that
the town of
as
between Japan
Tension
ened
ists achieved their immediate
using
1938
troops for his
of his
most
tions against Valencia.
July 30,
China will be moved another 1,000 miles
up the
Yangtze to Chungking, which city apparently is to
be the next provisional capital of China.
long series of insurgent
a
that almost seemed to presage
successes
Chronicle
The
policeman's lot,
as
sprightly fashion^ is not
Chaco
Gilbert
a
happy
once
one.
Treaty
MEDIATION of one of the most stubborn of
border
conflicts
between
American continent will start
soon
nations
on
the
under the terms
Volume 147
of
a
Financial
Buenos Aires
of
t,nromcle
treaty which Paraguay and Bolivia signed at
the
July 21.
pact there
countries
recent
on
was
the
resume
Up to the
discounts and advances,
signing
very
623
securities,
apprehension lest the two
was
which
made in the
fell
which
off
£171,041, and
rose
£1,817,100.
2% bank rate.
No
Below
change
show the
we
different items with comparisons for
previous years:
bloody and costly struggle of
years, which marked the culmination of the
BANK OF ENGLAND'S
COMPARATIVE
STATEMENT
dispute.
The joint agreement to submit the matter
arbitration was
to
observed, however, and
sentatives
tures
to
of
the
the
two
formal
nations
affixed
document
in
July 27,
of
these
their
signa¬
Circulation
The need
of
to
access
When
Chaco
between
Bolivia for
the
Atlantic
signatures
a
port
will
the
on
attached to the treaty, Presi¬
Argentina officiated, and lie
made much of the
practical American system which
to the tentative settlement and the avoidance
led
staged
the
in
bloodshed.
various
Huge
South
importance of the
estimated.
It set
justment of the
celebrations
American
is
event
were
countries, for
hardly to be
excellent example
an
other
numerous
over¬
for the ad¬
Latin
American
disputes concerning jungle lands that only lately,
with the advance of medical and
have
to be
come
regarded
as
engineering skill,
valuable.
THERE have been no changes during the week;in
discount
of the foreign central
the
rates of any
Present
rates
the
at
Country
leading
Argentina
Date
centers
Rate
SH
Mar.
July
1 1935
4
3
Country
1 1936
4
._
Batavia
Belgium.
Rate in
vious
Established
are
May 30 1938
6
Aug.
7
2H
Mar. 11 1935
Chile......
4
Jan.
__
Colombia..
15 1935
Aug. 24 1935
4A
Nov. 29 1935
3A
3
June 30 1932
Ireland
Italy..
24 1935
4H
4H
May
18 1936
3.29
Java
Apr.
6 1936
3
Jan.
14 1937
5
4
4
July
18 1933
5
Jugoslavia
Lithuania..
vakia
5
Jan.
1 1936
3H
Morocco...
6 ^
May 28 1935
4A
Danzig
5
Norway
3H
Jan.
5 1938
4
17 1937
5
5
_
Feb.
A
1
1935
July
1
1936
6 A
6
4
Denmark
_
Jan.
21937
4
.
Oct.
19 1936
3A
Poland
4H
Dec.
Portugal...
4
Aug. 11 1937
South Africa
2
June 30 1932
5
Sept. 25 1934
2M
5H
Finland
4
Dec.
4 1934
4H
May
_
2K
Rumania
4H
Dec.
7 1934
6
3*A
._
May 15 1933
4
12 1938
3
Spain
5
July
Germany
4
Sept. 30 1932
5
Sweden....
2A
Dec.
1933
3
Greece
6
Jan.
4 1937
7
Switzerland
IA
Nov. 25 1936
2
Holland
2
Dec.
2 1936
....
.....
10 1935
1
5A
2H
Money
were
33.30%
2%
2%
32.55%
2%
THE statement for the week ended July 21 showed
contraction in note circulation of 1,221,000,000
francs, which brought the total down to 99,879,207,470 francs.
Notes outstanding a year ago aggre¬
a
gated
87,911,175,325 francs
84,543,738,875 francs.
call at London
Friday
on
market rate remains
Switzerland at
l/2%>
was
At
1%.
at
2}/&% and in
an
which
was somewhat offset
by a gain of £55,797
gold holdings, with the result that reserves fell
£6,145,000.
the
an
latter
to
amount
addition
other
Public
and other
to
The
increased
decreased
year.
a
accounts
Loans
and
Other
on
Of
£382,014 to
dropped
compares with
on government
£5,940,000 and loans
£1,646,059.
and
proportion
ago,
£11,-
represented by
wras
reserve
week
decreased
£9,399,089.
rose
£9,017,075
21% from 24.5%
19.10% last
deposits
deposits
bankers'
accounts.
before
year
tively.
The Bank's gold holdings showed
the total remaining at 55,808,328,519
pared
with
48,859,557,060
of
a
gold
francs
we
respec¬
change,
no
francs,
last
com¬
and
year
The proportion
year.
hand to sight liabilities stands at 47.56%;
it was 48.78% and two years ago 59.09%.
on
year ago
Below
cur¬
446,000,000 francs,
29,000,000 francs and 1,338,000,000 francs
furnish the various items with comparisons
for previous years:
OF
FRANCE'S COMPARATIVE STATEMENT
;
securities
other securities
securities
consist
of
I
Changes
for Week
July 21, 1938
July 22, 1937
July 24, 1936
Francs
Francs
Francs
Francs
Gold goldlngs
No change
Credit bals. abroad,
No change
55,808,328,519 48,859,557,060 54,831,945,813
25,801,493
13,598,744
19,635,608
French commercial
a
bills discounted.,
+ 446.000,000
b Bills bought abr'd
Adv. against securs.
6,195,340,107
+ 29,000.000
9,262,095,931
761,906,394
No change
885,099,826
4,025,552,061
3,589,147,083
6,662,312,271
1,256,874,043
3,421,019,318
Note circulation.... —1.221,000.000 99,879,207,470 87,911,175,325 84,543,738,875
Credit current accts. + 1,338,000,000 17,456,386.512 12,250,255,580
8,253,899,358
c
Temp, ad vs. with¬
out int. to State..
Propor'n of gold
No change
10.133,974,773 23,886,809,745
5,274,600,024
on
hand to sight llab.
—0.05%
47.56%
48.78%
59.09%
Includes bills purchased In France,
b Includes bills discounted abroad, c Au¬
thorized by convention of June 18, 1936, laws of June 23, 1936, convention of
a
June 30, 1937, and decree of June 29,
allowance of 20,000,000,000
1938.
The last Increased the June 30, 1937,
francs to 30,000,000,000 francs, of which 18,050.000,000
frflncfi I181VG been t&ken.
Bank of
1937, gold valuation has been at rate of 43 mg.
Germany Statement
THE statement for the thirdcirculation, July showed
quarter of the current
decline
another
in note
loss being 107,000,000
ing
is
now
of
in
marks.
5,973,000,000
4,577,586,000 marks
reserve
THE statement for the week endednote circulation
July 27 shows
expansion of £6,201,000 in
298,000,
the
counted, advances against securities and creditor
rent accounts recorded increases of
a year
marks two years ago.
Bank of England Statement
off
and
French commercial bills dis¬
of gold to the franc.
Friday of last week.
on
Paris the open
in
43.25%
2%.
as
against 9-16@%%
on
19.10%
Since the statement of June 29,
Friday of last week, and 9-16@,5/8% for three-months
as
21.0%
reserve
Bank of France Statement
IN LONDON open market discount rates9-16% on
for short
bills
Friday
9-16%,
against
bills,
45,099, 694
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26, 1936,
gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.5 mg.
Foreign Money Rates
on
8 ,868,748
10 ,475,915
52,377,485
to liabilities
4A
England
Estonia....
...
19 ,344,663
2%
Proportion of
3 A
3.65
3
Czechoslo¬
France
4
3
Japan
24,201, 389
34,170,000
Rale
India
4
Bulgaria
Canada..__
26,224,551
7,138,302
10,842, 377
vious
Hungary...
h»
81 ,248,781
13,359, 012
Pre¬
Date
Established
Effect
July 29
96 ,506,961
36 ,926.722
87,370, 889
19,086,249
Bank rate...
BANK
Pre¬
Effect
July 29
75.680, 219
38,499, 771
96,408,310
62 ,848,078
Coin and bullion....
327,481,567 327,516,168 240,948,244 193,361, 551 192 ,157,793
shown in the table which follows:
Rate in
75,223,071
39,371,471
26,627,344
5,811,909
20,815,435
29,177.458
30,744,551
9,475,959
21,268,632
Securities.-..,...
Reserve notes & coin
54,831,945,813 the previous
Discount Rates of Foreign Central Banks 1
banks.
£
11 ,859,964
24,359, 737
award.
were
further
42,292,162
151,407,813 141,581,569 114,594,542 114,179, 990 133 ,433,683
river giving
in the
dent Roberto Ortiz of
of
10,528,723
disputants.
a
figure
1934
Bankers' accounts116,356,344 104,259,233
Other accounts
35,051,469 37,322,336
Gov't securities
115,761,164 114,410,022
Other securities-
arbitrators, but appointees in every case naturally
will arrive at the difficult ultimate
decision appor¬
tioning the Gran
1935
11,186,000
Other deposits
official
the
are
Aug. 1,
1936
493.311,000 498,33 8,710 448,570,759 408,261, 857 389 ,309,715
Public deposits
the
countries
July 31,
1937
£
Disct. & advances-
six
July 29,
1938
repre¬
presence of
delegates from the six mediating States—Argentina,
Brazil, Chile, Peru, Uruguay and the United States.
Presidents
July 28,
compared
of
A decrease
was
also shown in
of
166,954,000
maturing obligations of 9,240,000 marks.
at
marks,
14,507,000 marks and in other
gold holdings showed
no
marks,
70,773,000
marks
with
and 4,033,540,000
ago
foreign currency of 253,000 marks, in bills
exchange and checks
advances
Total notes outstand¬
marks,
last year
in
daily
The Bank's
change, the total remaining
compared with 69,074,000
and 73,952,000 the previous
year.
Silver and other coin, investments, other assets and
other liabilities
000
marks,
registered increases, namely 20,476,-
756,000 marks,
5,561,000
marks
stands at
1.27%;
50,285,000 marks and
respectively.
a year ago
it
The
was
parison of the different items for three
on
the
following
page.
reserve
1.64%.
A
ratio
com¬
years appears
Financial
624
Chronicle
Course of Sterling Exchange
REICHSBANK'S COMPARATIVE STATEMENT
Changes
July 23, 1938 July 23, 1937 Jidy 23, 1936
for Week
Relchsmarks
No change
Of which depos.
abr'd
69,074,000
73,952,000
20,293,000
19,359,000
6,036,000
5,232,000
!—166,954.000 5,526,729,000 4,664,074,000 4,194,413,000
232,114,000
229,481,000
215,710,000
+ 20,476,000
36,829,000
41,422,000
34,529,000
—14,507,000
403,378,000
848,202,000
529,999,000
+ 756,000
Bills of exch. & checks
.
Advances
Investments
715,641,000
+ 50,285,000 1,147,733,000
Other assets
578,785,000
narrower,
are
British exchange equalization fund.
of the
—107,000,000 5,973,000,000 4,577,586,000 4,033,540,000
666,197,000
932,122,000
793,147.000
—9,240,000
240,386,000
278,054,000
203,036,000
+ 5,561,000
obllg
Other dally matur.
Other liabilities
1.64%
1.27%
+ 0.02%
New York
1.92%
Money Market
THE dulness of theweek. York money market was
New There
little
unrelieved this
activ¬
was
ity and rates merely were continued in all depart¬
commercial paper
bill and
Bankers'
remained at a
minimum.
deal¬
The Treasury in
Washington sold $100,000,000 discount bills due in
91
of between $4.91 7-16 and $4.93 last week.
for cable transfers has been between
$4.915-16 and $4.92%, compared with a range of be¬
The
range
$4.91% and $4.93 1-16
annual bank discount basis.
on an
Call loans
on
the New York
all
transactions, while time loans still were quoted
Stock Exchange held at
at
1%% for maturities to 90 days, and 1%% for
four to six months'
1% for
datings.
Rates
was
ruling quotation all through the week for both
and renewals.
continues
this week.
90
market for time
The
new
money
quiet, no transactions having been reported
Rates continued nominal at
134%
to
up
days and 1%% for four to six months maturities.
commercial paper
Prime
has been in good demand
this week but transactions have been restricted
short
the
supply of
Rates
paper.
by
quoted at
are
%%@1% for all maturities.
stabilization.
currency
The demand for
what in the
tinued
There has been
Dealers' rates
reported by
as
the Federal Reserve Bank of New York for bills up
and
to
including 90 days
are
%% bid and 7-16%
asked; for bills running for four months, 9-16% bid
and
%% asked; for five and six months, %% bid and
9-16% asked.
The bill-buying rate of the New York
Reserve Bank is
%% for bills running from 1 to 90
The Federal Reserve Bank's holdings of
days.
gold in London diminished some¬
past few days, but hoarders still con¬
indicating
active,
general uneasiness
a
on
of business interests concerning the mone¬
the part
tary, political,
and economic condition abroad.
the London market is
respects
some
more
spread feeling that there may be substantial im¬
provement in general business on this side. London
bankers and the industrial interests of Great Britain
seemingly convinced that unless business con¬
are
tinues
improve here, the
to
cession may
Commons
the
stimulated
July 26 reviewing foreign affairs, in
on
course
which
of
expressed the
European
was
time in the past year.
System in
increase
a
monthly statement
in industrial
a
decline.
The
that there
from
report said
the
in
business
activity in the first three
July, customarily
increase
on
conditions, pointed out that there was
weeks of
volume
period of considerable
was
industrial
of
also
an
production
May to June, the Board's seasonally adjusted
index
in
conviction
appeasement
July 24 the Board of Governors of the Federal
and financial
an
he
for
outlook
the
Reserve
standing at 77 for June, compared with 76
May and
an average
of 79 for the first quarter of
"Available data indicate that in July
index will show a considerable rise," the Board
year.
ac¬
the
stated.
Discount Rates of the Federal Reserve Banks
re¬
Hopes for business
by Premier Chamberlain's speech in the House of
the
ceptances decreased from $540,000 to $539,000.
British industrial
become intensified.
improvement in Great Britain are likewise
ances
supply of prime bills available.
some
The strength of the dollar de¬
April.
better than at any
THE volumebeenbusiness inweek, due largelyaccept¬
of light this prime bankers' to the
has
change in rates.
with
velops despite repeated official denials that nego¬
are
or
have been in progress regarding
On
no
ago.
tiations
that
Bankers' Acceptances
small
week
optimistic this week, due to the more buoyant tone
of the New York security markets and to a wide¬
DEALING in detail with call loan rates on the
the
Stock Exchange from day to day, 1%
loans
since
value
a
watching
is
dollar to the highest sterling
anxiety the rise of the
In
New York Money
market
London
The
days, and awards were at 0.059% average, com¬
puted
the
The
week.
past
bankers'
for
$4.92 11-16
Dollars
for
accounts
has been between $4.91% and
sight, compared with a
this week
range
tween
ings
trading of the
dull
extremely
partly
range
Propor'n of gold & for'n
curr. to note circul'n.
ments.
which
demand,
in
are
Liabilities—
Notes in circulation—
doubtless due to official operations
24,524,000
5,360,000
—253,000
Res've In for'n currency
Silver and other coin.
70,773,000
No change
Gold and bullion
few weeks.
Currently fluctuations
STERLING exchange continues to follow the trends
of the past
Relchsmarks
Relchsmarks
llelchsmarks
Assets—
July 30, 1938
able
Such
a
business
report, together with much favor¬
on
news
this side, encourages
British
business interests,
which have become increasingly
THERE have beenofno changes this week banks.
the Federal Reserve in the
rediscount rates
apprehensive
result of the decline in railroad
The
following is the schedule of rates
for
the
various
classes
of
paper
at
now
in effect
the
different
and export
volume.
Under normal business
Reserve banks:
a
DISCOUNT
a
as
earnings, bank clearings and loans, and in shipping
season
RATES OF FEDERAL RESERVE BANKS
conditions this should be
entirely favorable to sterling and a time
when there
is
the
minimum
•
Rate In
Federal Reserve Bank
Effect on
July 29
Boston
Previous
Rate
2
114
_
Philadelphia
!
Sept.
1
Aug. 27, 1937
14
14
New York
Cleveland
Date
Established
Sept.
4, 1937
May 11. 1935
2
•
New
demand for exchange
while demand for sterling is at a
York,
maximum because of tourist
requirements.
However,
2
14
on
2, 1937
Richmond
14
Aug. 27, 1937
14
2
Chicago
14
Aug. 21, 1937
Aug. 21. 1937
14
Sept.
2
Aug. 24,
Sept. 3,
Aug. 31,
Sept. 3,
are
not
operative in the
present
Contrary to the usual trend, foreign busi¬
2
St. Louis
market.
factors
2
Atlanta
seasonal
Minneapolis
14
Kansas City.
14
Dallas
14
San Francisco
14
2, 1937
1937
1937
2
1937
2
interests
are
meeting
rather than in the autumn,
dollar
demands
while at the
same
now
time
2
1937
ness
2
British
and
Continental
interests
are
manifestly
moving into dollars on investment account.
Volume
Financial
147
The increased demand for
effect
balance
of
1921.
of
the
United
United
the
The
dollars, with its adverse
sterling, is evidenced by the large export
on
of
the
merchandise
first
half
$631,074,000.
by
imports
since
largest
shipments in the
exceeded
year
value
States
States,
Chronicle
625
offer in the London
open
of price
fixing
market this week at time
taken for unknown destination,
was
the greater
part reported to
of hoarders.
On
have been for account
Saturday last there
£563,000,
Monday £665,000,
on
United
000,
on
Wednesday £514,000,
States for the first six months ended June 30 was,
and
on
available
was
Tuesday £605,-
on
Friday £1,013,000.
according
Department
to
$1,592,137,000.
%
of the
exports
of
The export balance for the half-
is in sharp contrast to the import balance of
year
$146,859,000 at the end of the first half of 1937.
Since
Great Britain is
be
can
an
It would appear
Britain
can
are
been
with
anxiety and oppo¬
wome
agreement has
an
and trade association comments.
understood that delay in
concluding such
an
agreement results from the necessity for consultation
and foreign
An
been
Powers with which it has treaty rela¬
accomplished
the
by
believed that the present
ment will not be
already
and it is
negotiators
delay in drafting
Decrease, $2,175,000
The
seriously prolonged.
or
toward
business
would
aid
under
law.
recovery
maintaining world
in
He said
been
in
order and
negotiations
normally toward agreement.
have
both countries
for
to
answer
and
proceeding
were
reports from
London
On
July 26 $1,263,000 of gold was engaged in
London
shipment to New York, the first
for
the result of
to have been
It
stance.
The shipment
weeks.
in recent
gagement
ceived at San Francisco from
the movement of
gold from London to New York to materialize for
some
time past, but the dollar value of gold in
declined to
London has not yet
make
gaged
on
would
dollar
The
the
The
gold
shipment profitable
was
then
frequently
$34.79
per
fine
prevalent in
June,
the
commonly accepted shipping point is placed at $34.77.
On
July 26 Sir John Simon, Chancellor of the
queried in the House of Commons
gold situation. Asked by one member if he
Exchequer,
on
the
was
banks
with
consult
had resulted in
the
Bank of
lending by
on
considerable
and whether he
England with
a
reimposing the ban, Sir John replied that
to
not
was
ban
and speculation,
hoarding
gold
he
lifting of the
gold
against
would
view
was
that
aware
turbance
in
aware
the
that this
market
and
was
saw
ranged this week between
a
causing
no
The
following
rate
Saturday, July 23
Monday, July 25
Tuesday, July26_
London
at
%%.
9-16%,
money
any
dis¬
occasion for
market continues extremely
Call money against bills is in supply
Two-, three-, and four-months bills are
and six-months bills
are
%%.
tables
show
the
London
mean
market gold price,
open
paid for gold by the United States:
MEAN
LONDON CHECK RATE ON PARIS
178.16
Wednesday, July 27_Thursday, July 28
Friday,
July 29
178.10
-.178.10
— _
178.10
-.178.10
178.10
LONDON OPEN MARKET GOLD PRICE
Saturday, July 23
141s. 5d.
Monday, July 25
.—.141s. 5d.
Tuesday, July 26-__.__._141s. 4d.
PRICE
PAID
FOR GOLD
Saturday, July 23.
Monday, July 25
Wednesday, July 27.
Thursday, July 28.
Friday,
THE
BY
141s. 4d.
141s. 5d.
July 29
UNITED
141s. 6^d.
STATES
(FEDERAL
Gold
___$35.00
Wednesday, July 27
Thursday,
Friday,
35.00
35.00
$35.00
July 28
35.00
July 29
35.00
Referring to day-to-day rates sterling exchange
Saturday last
trading.
on
was up
change
market.
bankers'
in
a
was
$4.92 1-16@$4.92 5-16;
$4.92%@$4.92%.
London
on
on
from Friday's close in limited
Bankers' sight
cable transfers
was
On Monday
fractionally easier in
The range was $4.91
a
ex¬
quiet
15-16@$4.92 5-16 for
sight and $4.92@$4.92% for cable trans¬
On
Tuesday the pound
limited market.
was
Bankers'
fractionally firmer
sight
was
$4.92%@
$4.92 11-16; cable transfers $4.92 7-16@$4.92%.
On
Wednesday trading continued light and sterling
was
steady.
The
bankers'
The
range
$4.92 5-16@$4.92%
was
for
sight and $4.92%@$4.92 11-16 for cable
On Thursday the pound was off sharply.
transfers.
range
was
$4.91%@$4.92 3-16
for
bankers'
sight and $4.91%@$4.92% for cable transfers.
Friday sterling
range was
was
easier in
a
quiet market.
On
The
$4.91%@$4.91 9-16 for bankers' sight and
$4.915-16@$4.91%
for
cable
transfers.
Closing
quotations on Friday were $4.91% for demand and
$4.91% for cable transfers.
Commercial sight bills
finished at $4.91%, 60-day bills at $4.90%, 90-day
documents for payment (60 days)
and seven-day grain bills, at $4.91.
and grain for payment closed at $4.91%.
bills at $4.90 5-16,
at
$4.90%,
Cotton
The
Montreal funds
discount of 11-32% and
a
Paris, the
on
and the price
reimposing the restriction.
comfortable.
Hong Kong.
discount of 15-64%.
fers.
arbitrage.
as
ear¬
were
exchange has been showing narrowing
discounts for the past four weeks.
en¬
this compares with levels exceeding
ounce
an
level which would
not taken at a price which
was
equivalent
While
ounce.
$35
Tuesday
make
a
possible.
shipments
general
Canadian
seems
expecting
been
have
quarters
On Friday there
imports or exports of the metal or change in
gold held earmarked for foreign account.
It was
reported on Friday that $794,000 of gold was re¬
Tuesday, July 26
exceptional circum¬
some
change in gold held
or
foreign account.
on
imports
no
en¬
undoubtedly true that international
is
ended
week
were
RESERVE BANK)
negotiations had reached a deadlock.
that
for the
are
no
peace
His comments seemed
figures
On Thursday there
exports of the metal
marked for
check
the Anglo-American trade
a "tremendous contribution"
that
agreement would make
conference
press
above
Wednesday.
an agree¬
Wednesday Secretary of State Hull told his
On
to
of work has
amount
enormous
None
Net Change in Gold Earmarked for Foreign Account
by the British Government with certain Dominion
tions.
Exports
None
Note—We have been notified that approximately $5,872,000 of
gold was
received at San Francisco, from Japan.
*
widely voiced both in the House of Commons
and in newspaper
It is
Imports
that important interests in Great
conclusion of such
the
to
reported by the Federal
as
Reserve Bank of New York, was as follows:
demand for dollars
a
viewing the prospect of an Anglo-Ameri¬
trade agreement
July 27,
GOLD MOVEMENT AT NEW
YORK, JULY 21-JULY 27 INCLUSIVE
readily understood that this large United
London, and rather earlier than usual.
sition
gold movement for
the week ended
outstanding purchaser it
States export balance causes
in
Thursday £877,000,
At the Port of New York the
reports,
Commerce
on
Continental and Other Foreign Exchange
FRENCH francs are ruling exceptionally steady.
London check
Paris showed hardly
The
any
rate
on
change from hour to hour during the week,
626
Financial
178.10 francs to the pound.
ruling close to
New York rate for francs
moved
and
tions
in
siderable support
from this
The
relationship
to
behalf of the clients of such banks.
sterling-dollar
from tourist requirements.
underlying conditions show
another form of gold hoarding.
Aside
France
week Secretary
the
in
of
the
An official statement
regard-
agreement and affirmed their mutual desire to
its
maintenance."
M.
probably in
credit
recent
extended
Bankers' sight
on
Amsterdam finished
transfers
54.88,
at
sight bills at
assure
Marchandeau, according to
54.97; and commercial
against
54.83, against 54.92.
Swiss
transfers,
checks finished*^ 21.95 and cable transfers
satisfactory
short-term defense bonds,
new
francs
closed at 22.91% for checks and at 22.91% for cable
mediate future, calling attention to the
the
Friday
on
Friday of last week; cable
reports, expressed optimism with regard to the iminitial response to
to
by Holland bankers, the earmarking device
at 54.87, against 54.97 on
perfect functioning of the tripartite
a
the
market.
ing the conversations was to the effect that the two
officials "noted
with
being utilized to avoid disturbing the Netherlands
Treasury
Morgenthau held conversations in Paris with Finance
Minister Marchandeau.
The Bank's recent
gold held under earmark abroad,
in
connection
recent weeks.
Early
on
This represents
statement reported an increase of 30,000,000 guilders
con-
change from
no
July 30, 1938
quanties of gold coins to the leading private banks
displayed only slight fluctua-
The franc at this time is receiving
quotations.
Chronicle
22.89 and 22.89.
against
against 21.96 and 21.96.
He is believed to have discussed the question of con-
at
tinned
Checks
Copenhangen
at 21.95,
Sweden closed
on
25.36 and
aid
American
the
in
past few months.
held
is
Reichsbank
gold
or
control in
this week between 48.18 and 48.20.
to
carry
at
1.27%.
index of the
Currently
as
balance.
following table shows the relation of the lead-
P<3.92
a
19.30
(guilder)
New dollar
month.
showed
11-16
francs t„ the pound, or 2.79 centa a
1 he London check rate
178.10, against
In New
York
178.16
sight bills
Paris closed
on
on
Friday
the French center fin-
on
2.75%, against 2.76%; cable transfers at
transfers,
against
Antwerp belgas closed
and
16.91
were
Final
16.91.
40.17% for bankers
sight bills and 40.17% for cable transfers, in
parison with 40.17 and 40.17.
5.26 for bankers'
com-
Italian lire closed at
sight bills and at 5.26% for cable
transfers, against 5.26% and 5.26%.
Exchange
on
Czechoslovakia finished at 3.45%,
against 3.45%; on
Bucharest at 0.74%, against
0.74%;
against
against
„
1noo
■
Argentine
centavos for
18.87;
and
2.18.
Greek
exchange
on
on
Poland at
Finland
at
2.17%,
closed
at
0.90%,
for bankers
A
co
week; cable transfers
•
.,
.
,
n
,
currencies
no
are
new
generally steady,
relationship to sterling.
The
moving in
Bank
of
The
Netherlands in recent weeks has been
selling large
r
ir\nn
IOr
lyo7.
32.76, against 32.80.
'
was 25.90@26.10,
ten mi reis are quoted
exchange-is
i
t
nommally 9uoted at 23'00> against 23.65.
1S
*
.
1
In XCHANGE on the Far Eastern countries continues to display trends long in evidence. The
Seneral trend of these units is toward weakness
as a
residt of the serious inroads made in commercial
trade relationships as a consequence of the SinoJaPai*ese conflict. This week an additional $5,800>000 of Sold was reported to have been sent from
JaPan to the United States' bringing the total for
the* movement since March 8, 1937 to $335,200,000.
on
yen checks yesterday were
Friday of last week.
Hong-
EXCHANGE on the countries neutralimportance. kong closed at 30.81@30%,
during the Shanghai at 18.00@18 3-16,
presents
features of
war
oi
..
aff„SJ f-85®26-05-.
at 5/8J (°ff*ls£'
q
J
oq'oo
..
at
,
ma£
28.66, against 28.68
—♦—
close
With 100
Closing quotations for
against 0.90%.
These
legal parity
May.
paper pesos closed on Friday at 32.76
sight bills, against 32.80 On Friday of
Friday of last week.
on
quotations for Berlin marks
18.87,
decline of 50
rA
last
16.90% for bankers' sight bills and at 16.90% for
cable
a
Vltn 0(fc.UO IOr 1 yoo and WltH Oo.ol
franc_
2.75 15-16, against 2.76 3-16.
at
The result is that
first five months of this
year averaged 50.97 compared
to 22.92)^
aUowed to "float" on June so, 1037.
cOn May 5, 1938, the franc was devalued on a de facto basis of 179
ished at
The movement reached its height on June
3,
22.90
32.67
68.06
54.86
to 55.03}^
before devaluation of the European currencies
as
bTSn^ f3r°„m1«wetand
at
in its
ec*ualinS the 1913 Parity> the value of the sol for the
40.20
parity
The Central Reserve Bank of Peru
the index value of the sol in relation to
zTto *2.76
currency
favorable export
X5& 1°0 £»*
Switzerland (franc)—
Holland
2.75
foreign
a
when the price stood at 4.81 sols.
Range
PaTl%
to
monthly bulletin for June pointed out that the price
of gold averaged 4.63 sols for a fine gram in
May,
showing an increase of 4 centavos over the previous
ing European currencies to the United States dollar:
b~c France (franc)
American
The Peruvian sol has been
although Peru continues to have
gold surrendered
New Dollar
South
rapidly mounting volume
declining steadily in relation
gold in Germany concealed by various disguises,
old Dollar
the
of
too
a
have increased sharply.
that there must be not less than 1,000,000,000 marks
The
problem
Recent advices from Lima show that Peru's
imports
On the basis of
by her citizens, it is estimated by competent observers
of
against
of imports.
real
no
the
countries is to arrest
Germany's gold holdings at the end of 1929, adjusted
to reflect gold exports and
imports plus the gold of
well
24.70%,
J^XCHANGE steady, Southclose to dollar-sterling
American countries is
generally on the held
ratio
reserve
affords
gold held in Germany.
as
at
variations by the strict national exchange controls,
The Reichsbank
The statement
the former State banks
transfers
J—^
close
its gold holdings at 70,773,000
marks and in the current statement its
stands
cable
change from
no
relationship to dollar-sterling fluctuations and ranged
continues
and
24.71% and 24.71%.
The so-called free
by the
25.34% and cable transfers at 25.34%, against
25.36; while checks on Norwray finished at
24.70%
un-
pound.
The German mark situation shows
mark
renewed
should make the position of the franc
pressure
tenable at 179 francs to the
the
that
event
against 30.83@30%;
against
18%@18%;
Manila at 49.80, against 49.80; Singapore at 57%,
against 57%; Bombay at 36.73, against 36.75; and
Calcutta at 36.73, against 36.75.
\
■
Volume
147
Financial
Gold Bullion in European Banks
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
par
of
exchange) in the principal European banks
of
as
respective dates of most recent statements, reported
to
by special cable yesterday (Friday); comparisons
us
corresponding dates in the previous
four years:
Banks of—
1938
1937
i
£
England
1936
Commonwealth to support Senator
Barkley," Mr.
Roosevelt's spokesman and "yes man" in the Senate.
It
was
the
common
talk, Mr. Stewart declared, that
State administrator
of the WPA had
"openly
boldly stated that he and his organization will
leave nothing undone to achieve the reelection of
and
£
Barkley;" that instructions had been
"selected
to
agents to place
county managers;
£
V £
£
Senator
no
240,948,244
193,361,551
192,157,793
296,118,527
438,655,566
650,213,053
642,017,591
been
that candidates for
2,524,000
2,485,750
2,471,400
7,390,800
2,847.900
c63,667,000
87,323,000
88,093,000
90,775.000
90,546,000
a25,232,000
25,232,600
42,575,000
60,450,000
69,960,000
Netherlands
123,394,000
104,823,000
51,985,000
57,372.000
71,815,000
not support
Nat. Belg..
Swltzerland
83,505,000
105,172,000
106,956,000
101,814,000
111,440,000
82,398,000
49,451,000
45.266,000
75,000,000
61,409,000
tions had been solicited from "WPA
29,218,000
6,539,000
25,864,000
24,041,000
19,794,000
6,549,000
6,553,000
7,394,000
15,335,000
7,397,000
der threat
7,442.000
6,602,000
6,604,000
6,602,000
6,577,000
Denmark
_
.
Norway
-
a
Amount held Dec. 31,
1936, latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount
reported at £1,014,650.
c
report since Aug. 1, 1936.
The gold of the
'
Bank of France
was revalued on July 23, 1937, at
43 milligrams
of gold 0.9 fine, equal to one franc; this was the second change In the
within less than
a
year,
when the gold was
Also first
the previous revaluation took place on
gold's value
of immediate
given a value of 49 milligrams to the franc as compared with
66.5 mgs. previously.
On the basis of 65.5
mgs.,
and
for
vote
project," it
men" who
The
un¬
Republi¬
were
change their registration
"Practically every Federal
charged, "is top-heavy with fore¬
spend their time in political activities.
frank
Roosevelt
letter,
employees
employees who
Barkley.
was
and
straightforward
thing for
Mr.
have done, upon the receipt of
to
approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
43 mgs.. there are about 190 francs to £1.
had
discharge if they refused,
had been directed to
cans
that
1936J
Sept. 26;
relief
nor jobs" for them if
they did
the Senator; that campaign contribu¬
of which Is now
As of April 30, 1938, latest figure available.
the
Barkley
"neither relief funds
and that Federal relief
Total week. 1,074,170,776 1,070,084,045 1,058,333,210 1,240,432,404 1,235,062,284
Prev.week. 1,072,803,979 1,070,747,659 1,051,748,581 1,156,093,030 1,233,961,554
on
is¬
informed, under orders, that there would be
Germany b.
Spain
Italy.
Sweden
one
relief rolls except with the advice" of the
1934
1935
327,516,168
327,481.567
293,728,209
France
627
sued
shown for the
are
Chronicle
to have called
was
Mr.
upon
Stewart for
specific proof of the truth of the charges, and in
the meantime to
Summer Politics and the New Deal
great reason thus far to
the
Kentucky situation.
satisfaction with the results of his efforts to
ter
over
Mr.
feel
Roosevelt
has
boss the voters in the
cheers which
no
Congressional primaries. The
greeted him
on
his tour to the Pacific
no
doubt, to his personal popularity, al¬
as a
plain matter of fact, similar receptions
testified,
though,
have been accorded to almost every
has
traveled, but when it has
voters have
tention
to
There is
the
of any
case
or
inferred, has strength¬
New Deal candidate
to carry
helped
or
out his intended "purge."
contrary, the fact that a candidate was
"purge" list
chances of
with
voting the
conclusive evidence that Mr. Roosevelt's
Mr. Roosevelt
On the
come to
support the candidates they preferred.
no
ened the
President who
given pretty clear evidence of their in¬
opinion, whether expressed
being
well have increased his
may very
success.
on
Mr. Roosevelt has been credited
master politician, but less seasoned
a
political manipulators than he could have predicted
that when
out
President of the United States
a
member of
a
vengeance on
cised his
Congress for
vengeance,
singles
and places
the ground that the member has
own
exer¬
right of independent judgment by
re¬
fusing to be bossed, the opinion of that member's
constituents, and of sensible and honest people
President.
State
tial
Executive interference
with
the
primaries has not been confined to presiden¬
speeches
candidates.
and
discriminating
remarks
about
Not for many years have such specific
charges of the systematic use of Federal money
favor to influence
been
the
had
case
or coerce
this year.
several weeks before
voters been made
As far back
as
as
or
has
May 25,
Congress adjourned, Brady M.
Stewart, Chairman of the State committee that
was
and
rights of
about
crudely
reprehensible to force the citizens of this great
Mr. Hopkins's "firm
workers is observed in
our
without
exception."
of the personal
every
N6thing
State of
was
said
investigating the charges, but if Mr. Stewart
charges, Mr.
it. A searching inves¬
see
tigation of the situation by
WPA
two
an
experienced
corre¬
workers in
Kentucky, together with
an
elaborate
rejoinder from Mr. Hopkins in which he
declared
that
been
western
Senator
When
tour
Barkley
whole Nation
The
important
is
as
accusation"
had
evidence"
and
"documented
by
testimony."
his
on
"every
disproved
"sworn
visited
President
Roosevelt
Kentucky, he praised
"a great American of whom the
proud."
Kentucky
is
case
openly
scandalous,
but
charges have multiplied in other States.' There is
reasonable
ground for doubting that wherever
Federal
expenditures
didates
for
large and New Deal
are
'Congress
are
under
Presidential
can¬
dis¬
favor, organized political pressure is being used in
behalf of candidates who will take orders from the
White
votes
House, and against those whose minds and
White House cannot control.
the
pretense
can
are
Not
even
claim that Mr. Roosevelt does not
know of the kind
of Federal
pressure
that voters
feeling, or that he could not stop it if he chose
do
dent
are
was
spondent of the Scripps-Howard newspapers, late
in June, brought mild
disciplinary action against
are,
of the Federal Government dispensing relief
state¬
employment would
that this guarantee
see
Hopkins would be glad to
tion, charged in a letter to President Roosevelt that
resorting to methods and policies that
that their
others had evidence to sustain the
Kentucky, for-the Democratic Senatorial nomina¬
agency
informed
the Union
or
a
employees and recipients of relief
activities, and that it
to
given wide publicity in the press that "every
reply, and the reply
a
substantial than
more
jeopardized because of their political beliefs
intention to
managing the campaign of Governor Chandler, of
was
nothing
been
not be
Instead, he turned the let¬
Hopkins for
ment that relief
no
Unfortunately,
to Mr.
contained
gen¬
erally, tends to support the member and not the
is
summon
Harry Hopkins, Federal
Administrator, to tell what he knew about
Relief
so.
The acts of the President's subordinates
for every political purpose, those of the Presi¬
himself,
and
the
responsibility
spective of who the actors
may
be
or
is his
irre¬
the official
positions they occupy.
Under these circumstances the work of the Senate
Campaign
Expenditure
Investigating
Committee,
628
Financial
"
headed
by Senator Morris Sheppard of Texas and
containing such well-known and experienced
bers
of
O'Mahoney of Wyoming, Walsh
Senators
as
the
Mississippi
and
Maine, becomes of special importance.
If
promptness with which the Committee has set
to work without
and the
waiting until the campaign is
vigor and plainness with which
members have
spoken out,
some
over,
of its
indications of its
are
its work will be thorough.
pose,
pur¬
It has already be¬
inquiry into the situation in Kentucky, and
gun an
is
of
Harrison
Massachusetts,
White of
mem¬
turning its attention to Tennessee, where condi¬
tions
equally scandalous
Commenting
appear
situation
Tennessee
the
upon
to have developed.
Chronicle
implicated, but the political situation in Ken¬
was
tucky and Tennessee, not to mention other States,
promises the disclosure of an unsavory mess, and
the outcome of
the Tennessee
If, moreover, as the summer of 1940
anxiety.
evidence
the
already before it with respect to
sessments of Federal
employees by
one group
as¬
par¬
ticipating in the Democratic primary contest for
States
United
of
Senator and
the other group
in
which
employees by
points sharply toward
the United
contest
State
group's
candidate
election
an
Senate regardless
States
triumphs.
scheme and questionable device that
every
used in
can
election
the
control
is
result
in
With
in
with the kind of record that Mr. Roosevelt will
number of
additions to
where,
the
The
melancholy aspect of our mid-summer poli¬
the
Roosevelt
deemed the time opportune
ods of
a
third term.
Any
in
one
political propaganda
which the
supporters
for stirring
find typical illus¬
can
approach in the ways
to
reason
Koosevelt would like to have
a
doubt
third
nothing
were
within
A poll of the American Institute of Pub¬
Opinion, the results of which
June
Mr.
term, and that
in his mind if he felt that another term
his grasp.
propa¬
that
the "third term tradition" would count for
lic
a
publicans in
Roosevelt
published
were
on
cross-section of Democrats and Re¬
State, 36%
every
would
run
for
a
thought that Mr.
third
thought he would be elected if he
It is
by
no means
term, and 51%
ran.
clear, however, that Mr. Roose¬
count with confidence
upon
nation if he wants
if he
were
in
•
use
the
it,
or
renominated,
nomination, he
rupt
ardize their
Executive
financial extravagance
tion of voters who
are
the
Presidential
conduct
other
dictatorship and
gross
in the alarming multiplica¬
by fear.
The gratifying aspects
repudiation by the voters, here and there, of
interference, and the apparent deter¬
mination of the
is
plainly jeop¬
be bought and of others who
can
marshaled
be
can
what
accept
bribes, and the help¬
are
The country is reaping the inevi¬
jobs.
harvest of
table
Sheppard Committee to probe mis¬
regardless of who may be involved.
these two
forces,
one
Be¬
disheartening and the
encouraging, the American democratic system
being subjected to
crucial test.
a
Boots!Boots for Everybody—With Straps!
For
can
obtaining
a
renomi-
that he could be reelected
or even
dictate his
that, failing
successor.
If
a recor-
of Federal influence and Federal money
coming Congressional
or
State elections is
14
from
years,
almost the end of
a
"noble
for
the beginning
1933, this Nation
as
1920
to
cursed with
law, diminished, and flaunting crimi¬
nality increased and became
to
of
was
While everywhere respect
experiment."
law,
the vain
expanding industry,
an
struggle to alter appetites by statute and
improve the general conduct by multiplying the
police force
wave
of
ously
continued unavailingly.
was
good
swept
sense
and Prohibition
was
over
Then
a
the American people
abandoned almost
as
impetu¬
it had been attempted.
as
Unfortunately, however, the noble experiment had
scarcely vanished before it
strous
is
was
succeeded by a mon¬
delusion, at least equally threatening to the
prosperity and progress of
it
velt, in spite of evidences of his personal popularity,
can
numbers of voters to
practical purpose
lessness of others before threats which
22, showed that of the voters interrogated,
representing
present moment is the apparent willing¬
large
for every
the ques¬
up
suggestion is being carefully
There is little
have
interested in the meth¬
trations of direct and indirect
gated.
of
charges of similar practices else¬
of
some
States, and with almost daily
by
that time have made.
tween
corrupt and illegal practices notoriously in
a
tion of
full
%
swing."
use
be
political contest to raise funds to influence
a
and
votes
of
Apparently
t
mainly responsible, it will be difficult for the
are
on
opinion that
ap¬
Democratic party managers to support a candidate
ness
"the Committee is of the
of
depression for which Mr. Roosevelt and his policies
the Committee's
that
the Congressional investigation
Valley Authority will be awaited with
proaches, the country is still struggling with the
tics at the
clared
in which his Administration
scandalous exposures
Wednesday, after receiving a preliminary report of
investigator, Senator Sheppard de¬
July 30, 1938
any
generally entertained.
is that
government, man-created and man-operated,
becomes
nevertheless
endowed
with
people among whom
This deadly delusion
by
limitless
something apart and above,
strange and inexplicable magic
some
wisdom,
especially financial
power
resources.
and
resources,
Misguided human
beings, swayed by this fatuous and incomprehen¬
sible error,
is
have come to believe that government
entity completely
an
capable of perceiving all
clearly shown by the Sheppard Committee, it will
be a heavy load for the Administration to
carry, and
their
problems, strong enough to relieve them of all
still heavier if it is also shown that Mr.
their
burdens, rich enough to extinguish all their
knowing the facts
or
Roosevelt,
having reasonable grounds for
suspecting their existence, did nothing important
check or
punish the evil. President Grant, al¬
though a notoriously incompetent President, enjoyed
to
a
personal popularity fully as great
Roosevelt, but he
port for
third
grave
a
was
as
defeated in his
that of Mr.
hope of
sup¬
third term not only by the force of the
their
difficulties
ministrations.
Mr. Roosevelt has not
yet
had to face
solving
on
the
instant
all
debts, and able to spread a delightful and ubiquitous
prosperity.
The great delusion goes
This government
is also misconceived
even
farther.
as unreason¬
ably and inexplicably swayed by varying motives.
It may
be sympathetic and beneficent, or cruel and
Never, by any chance, do these visionaries^
unjust.
imagine
a
government less than omniscient and
term
tradition, but also by the existence of
public scandals which had disgraced his ad¬
and
nipotent,
nor can
motivated either
and sinister
or
om¬
they ever envisage any that is not
by purposes absolutely subversive
else
by those that spring from pris-
Volume
Financial
147
tine purity and limitless
is
beneficence; for fliem there
happy medium.
no
That
Franklin
Chronicle
and
629
possibly too special and
Delano
Roosevelt
obsessed
is
by
facts
in,
elsewhere.
of his earliest
as
political expressions.
He proclaimed
the doctrine of the existence of such
government
a
it
the
within
place
the postulates
among
which nearly all the proceedings of his first
upon
second
based.
Administrations
His
to have been
appear
preachments commonly resolve them¬
that
"helped" by vast
their
borders
which
all
these
they
in
are
powerful than the
more
that
of their separate
sum
practically unlimited in its capacities;
resources,
always, before he took office
President, this
as
attempted, rather feebly and futilely, to correct
its
most
palpable evils, has been wickedly abused
by greedy and grasping individuals who have
riched themselves at the expense
the
Nation; but that, with his
American Government became
en¬
of the weaker of
own
States.
areas
in
the
bricks
to do
evil, it
it
had
chosen, theretofore,
desired to do good; where it had
now
been heartless and
cruel, it would
now
become
sym¬
pathetic and kind; where it had been partial and
made
not
are
48
same
and have paid, less than
every
such difference must
an
equal difference
without
These
and
straw
other
requisite materials.
Under
President
Roosevelt the
national
the United States has been increased
of the Nation's
greater power and wisdom
even
Where
the combined
upon
opposite direction somewhere else.
in
hitherto.
will pay,
be, and will be, compensated by
000,000,000.
possession of
Yet
Quite possibly, even probably, some States
and, most happily, at the same instant, found itself
than
degree responsible.
paid, plus interest, by taxation within the
accession, the
regenerate and kind
poured out
money
they have been borrowed, they will ultimately be
they have received, but
son
States have
and, to the extent to which
and smaller
Woodrow Wil¬
or
of
by borrowing
or
Lincoln,
Theodore Roosevelt,
down in essence,
support their poor, sums
no
great power, except for brief periods wrhen Abraham
or
the
possibly
have been raised by taxation in
moneys
credit of their citizens
far
upon
or
they have not supplied and for the repayment
of
these 48 States
something
conies
sums
to
selves, in effect, into the assertion that the people,
up
Mississippi,
But the doctrine
in
erecting their government, have set
or
appeals to the popular mind, to the assump¬
been
and
to apply every¬
tion that New York and the 47 other
throughout the campaign of 1932, and it has held
prominent
Arkansas
say,
this great delusion was foreshadowed in many even
most
narrow
where; it might, perhaps, be challenged
pay
debt of
by about $17,-
The State of New York has about 10%
population and its citizens regularly
approximately 30% of the total collected from
taxes
incomes.
individual
on
share
The
of
the
people of this State in the debt of the Nation could
not
possibly, therefore, be estimated at less than
treat all justly and
10% of the whole, and it is entirely probable that
equally; where it had been dull and stupid, it was
they will eventually pay almost 30% of that debt,
despicably unfair, it would
now
suddenly clear-eyed and richly endowed with wis¬
plus
an
dom ;
that
during the time that President Roosevelt says
where its capacities had been great, they had
all at
once
This
is
become
immeasurably greater.
fanciful
no
claimed in and out of
his followers.
season
that his Administration has
It has been
portrayal.
pro¬
of the President and
Obviously typical is the current
por¬
trayal of the Federal Government as the greatest
of
all
possible experiments in human cooperation,
with
in
the
equal proportion of the interest.
invariably concomitant implication that
New York out of
of
the
part of the Federal debt which they must
and will almost
surely rise to nearly $5,000,000,000,
exclusive of interest.
These
nomic
zens
and
The dogma
stern, inescapable facts.
are
that supposes a
always acquire all the
"helped" the State of
$100,000,000, its people
support that is certainly well above $1,700,000,000
dealing with the simplest as well as with the most
can
deficit of
have, in fact, been saddled with an augmentation
complicated and difficult problems of social and eco¬
relationships it
a
It follows
government independent of its citi¬
taxpayers, and above and superior to all
requisites of unlimited understanding and plenary
of
them, is so absurd that it cannot bear the light
capacity.
of
plain and explicit statement.
Thus, when Governor Lehman was able to report
that, after five years of effort, the State of New
York had
in its
finally liquidated the $100,000,0(M) deficit
budget representing the four years' control of
its finances
by Mr. Roosevelt, the answer immedi¬
ately appealing to those who believe that the Fed¬
is
Government
eral
York's budget
all-powerful
was
that
New
could not be balanced under Gover¬
Roosevelt because
velt
draws
for
may
a
a
President Roose¬
picture that, under his deft hands,
brief moment seem real to the unin-
structed, but it is nothing else than the old delu¬
sion, and it must prove evanescent and deceptive.
What he envisons can lead
He
ruptcy and decay.
What he really sees
tacle.
000,000
of
all
ages
only to stagnation, bank¬
seems
and
is
to see a sublime spec¬
entire nation—130,-
an
sizes,
of
varied
racial
Washington, under President
origins, and widely differing in everything except
Hoover, would not support New York's poor, while
purpose—all stooping and straining in one united
nor
under
Lehman
Governor
a
surplus
sufficient
to
extinguish the Roosevelt deficit was easily accumu¬
lated
because,
with
Mr.
Roosevelt
in
charge
Washington, the State has been liberally aided in
out, upon
gigantic effort, tugging and pulling upon each
individual
This easy explanation
examination, to be rather incom¬
The Limits of International
The
count
valid, for the all-sufficient reason that the aggregate
the
expenditures
than
half
of the State for relief, during Mr.
tenure
the
as
Governor, amounted to less
deficit which
he
bequeathed to his successor in
accumulated
office.
and
But this
refutation, although complete, is local and factual,
Mediation
announcement by Prime Minister Chamber¬
lain that the British Government was
plete and unconvincing, even if it were otherwise
Roosevelt's
boot-strap—and remaining stationary.
in
paying its current expenses.
turns
and
Runciman
to
Czechoslovakia
sending Vis¬
to
investigate
questions at issue between the Czechs and the
Sudeten
Germans, "and endeavor, if need be, to sug¬
gest means to bring the negotiations to success,"
opens a new
has been
phase of a situation which for months
drifting aimlessly, and with the imminent
likelihood
that the
drift would presently be from
630
Financial
bad to
As
worse.
explained by Mr. Chamberlain to
the House of Commons
on
Tuesday, "such
inves¬
tigator
or
of
Majesty's Government and in fact be inde¬
his
mediator would, of
an
course,
be independent
pendent of all governments, and would act only in
his
It would be necessary that
personal capacity.
he
should
all
have
facilities
the
and
information
placed at his disposal in order to enable him to
through his task.
ca.rry
It cannot be certain that
Chronicle
July 30., 1938
approval of the proposal by Georges Bonnet, French
Minister,
Foreign
the
Prague
Government
nounced its acceptance of the proposal.
while Mr. Chamberlain
was
an¬
On Tuesday,
explaining and defend-
in the House of Commons, the
ing his program
Czechoslovak Government released the
general out¬
line of the nationalities statute and
which further
on
lowing
expected to be based.
are
language statute
negotiations with the Henlein fol¬
There
force
was
a
proposal of that kind will necessarily bring about
in the criticism of
a
solution of this
Wednesday, that the Government had been unwise
valuable results.
two
inform
to
problem, but I think it may have
First of
all, it would
public opinion generally
facts of the
case.
go
far
to the real
as
Secondly, I hope that it
may mean
in
accepting the good offices of
day and publishing
the
which
that the issues which have hitherto presented
great
moreover,
mediator,
be
to
less
obstinate
than
have
we
thought."
The
place in
any
just quoted deserve
well that
a
British subject, chosen by the Brit¬
ish Government to act
in
Mr. Chamberlain knows
investigator and mediator
as
foreign political controversey, and sent abroad
a
for that purpose
umpire
a
that
outlook
The
for
being withheld.
mediation
is
further
darkened
by pronounced opposition in Germany to the pub¬
nationalities
lished
and
language
statutes.
tirely inadequate in the
measure
he be independent of other governments,
can
controversy is
one
of very
en¬
of autonomy which
in the
all,
The
government controlled press finds the statutes
representative he obviously is.
at
on
pass
legislative and administrative bodies
new
to be set up
are
ing the large recognition which the statutes
since the Czechoslovakian
one
Only two of three proposed statutes,
made public, the details of an im¬
and no other, cannot by any possi¬
bility be "independent" of the Govermnent whose
Only technically, if
on
proposal
portant statute dealing with the composition and
list of political examples of vagueness,
indirection and avoidance.
very
prominent
a
an
the next day
on
were
duties of
sentences
on
communique,
umpire would presumably have to
judgment.
difficulties may prove, under the influence of such
a
Sudeten press
a
they accord to the Sudeten Germans. Notwithstand¬
propose
proportional treatment of education, admin¬
istration and the allotment of national
funds, they
give the Czechoslovak Germans the status of
do not
great interest to the majority of European States
practically
and of vital interest to several of them.
of view of the
Prague Government, they could not
without
virtually dismembering the country,
standpoint of the Sudeten Germans
Viscount Runciman
pacity" is to
situation.
acting "only in his personal
the existence of
assume
It is
true, of
course,
ca¬
impossible
an
that Viscount Runci-
will need to have "all the facilities and infor¬
man
mation
placed at his disposal" if he is to accomplish
successfully his mission
extremely
about the
in
To talk of
doubtful
as
that
investigator, but it is
he
will
learn
anything
controversy that he could not have learned
England, while if the country is to look to him
"to inform
public opinion generally
facts of the
case," it
and
can
as
to the real
only be because the detailed
comprehensive information which the British
Government
presumably
possesses
has
been
with¬
held.
issues
equally little
presented great difficulties" wTill be¬
under Viscount Runciman's mediating influ¬
"less obstinate" than the Government has
come,
ence,
thought.
been
for expecting that
reason
which, in Mr. Chamberlain's language,
have "hitherto
the
so
while from the
and their
The roots of the difficulties which have
keeping Czechoslovakia in turmoil lie deep in
antipathy of Czechs and Germans, the
racial
resentment
status
as
by the Sudeten Germans at the inferior
a
minority which the Peace Conference
supporters in the Reich nothing short of
this issue is
disposed of, mediation has slight chance
of
The chances
success.
are
lessened, moreover, be¬
Prague Government, by dallying with the
problem, has materially weakened its own position.
cause
the
If it had
promptly made known last May
June, when it called
Henlein
Reach
a
order in the
basis of
settlement
a
about
been to
what
Czechs, and the Chamberlain
Government has not yet dared to
and
challenge directly
unequivocally the Hitler Government and in¬
sist that it let Czechoslovakia alone.
The Czechslovak
was
being discussed.
been very
way.
skillful in preparing Viscount Runciman's
The intention of the British Government
appoint Viscount Runciman
public
on
Monday. On the
as a
same
mediator
was
to
made
day, following the
The result
has
ity, and sacrifice the respect which the display of
by the Prague Government had occasioned
firmness
at Berlin.
It is clear that Mr.
his insistence
only in
a
ever
that
Chamberlain, notwithstanding
Viscount Runciman
would
act
private capacity, has actually made him¬
been
for
responsible than they
more
the ultimate fate of
He has acted at what
seems
a
Czechoslo¬
peculiarly in¬
opportune moment, with the hope, but without the
assurance, that the interested parties will welcome
his
action and
successful.
really exert themselves to make it
It is doubtful if
any
precedent
found for such direct intervention in the
affairs of
Government, in its turn, has not
have
strengthen the temper of the Sudeten minor¬
vakia.
divides Germans from
now
Instead, it let negotiations drag on
interminably, and left the public largely in the dark
from
It is not in Viscount Runci¬
might before
been reached.
self and his Government
to eliminate the racial hostility that
preserve
municipal elections, it is possible that
have
become the spearhead.
early in
party and the thinly-veiled threats of the
by mobilizing troops ostensibly to
assigned to them, and the persistent agitation and
man's power
or
halt in the arrogance of the
intrigue of the German Nazis, notoriously directed
Berlin, of which the Sudeten Germans have
From the point
complete autonomy appears to be acceptable. Until
the
There is
the
do
independent nation.
an
are
a
can
be
political
foreign State whose domestic politics
inseparable from its international status, and
upon
whose decision regarding the relations between
population groups its continued existence
dependent State
further
may
depend.
as
an
in¬
The intervention is
handicapped by the fact that Great Britain
*
Volume
is
Financial
147
interested
an
What happens to Czecho-
party.
Slovakia may determine what is to
whether
rope,
peace or war,
ment program
concerned
a
colossal rearma-
shows how deeply Great Britain is
immediate
the
over
There appears
that the
and
happen in Eu-
to be
631
to the demands of
between
in Europe that
well
a
great Power, but the balance
and war is so delicate at the moment
peace
a
choice
among
be the only
seem to
admitted evils
course open
if
a
may
general
conflict is to be avoided.
future.
feeling in Europe
an uneasy
Chamberlain
Chronicle
Government, in the case of
Czechoslovakia, is in fact only playing for time;
Mediation, in short, if it is to be successful,
supposes certain conditions.
pre-
It must be tendered by
Germany, and that it is exerting itself to delay the
a party having no direct interest, and no indirect
interest that can be adjudged important, in the controversy or its possible settlement, and it must be
event until it
accepted in good faith and without restrictions by
that it
expects to see Czechoslovakia absorbed by
can
happen with the least accompani-
ment of violence and the least likelihood of
fating
this
European
a
precipi-
Some credence is given to
war.
impression by the proposal of the Runciman
mission, and by the expected resumption of negotiations
with
reaching
Germany
with
at London
a
view
to
accord between the two countries com-
an
parable, presumably, to that reached between Great
Britain
and
Chancellor
The friendly expressions which
Italy.
Hitler
conveyed to London on the eve
of the visit of the British
King and Queen to Paris
have
encouraged the hope that negotiations might
have
a
even
It
successf ul outcome.
able, however, that
if of limited scope,
seems
highly improb-
Anglo-German agreement,
an
would leave open the irritatThere is something
ing question of Czechoslovakia.
repellent to the moral sense in the idea that an in-
dependent State is to be sacrificed as a concession
Text of Act Providing
all the parties involved. These conditions
were met
in the recent settlement of the long controversy between Bolivia and Paraguay regarding territorial
claims in the Gran Chaco, neither of the mediating
countries having any interest in the disputed territory, and no desire except to end a long quarrel and
prevent the renewal of a devastating war. They have
not been met, or at best have been met very imperfectly, in the proposed British mediation in CzechoSlovakia. One is warranted in suspecting, accordingly, when all the factors in the case are considered, that the outcome, assuming that mediation
does not break down, will be unfavorable to Czechoslovakian independence, and that armed support
for the country will not be forthcoming if Germany
concludes that further delay would be useless and
that the time has come to act.
for Appropriations for Flood Control—Also Text of Newly
Enacted Rivers and Harbors Act
With the signing on June 28 of the "Flood Control Bill"
by President Roosevelt, the second law providing for public
works on rivers and harbors, passed at the recent session of
Congress, was placed on the statute book.
The other bill
was signed by the President, June 20.
That the President
did not altogether approve of the bill signed June 28, was
indicated in a memorandum which he issued at the time,
in which he listed as his first objection, the fact that the bill,
while authorizing the expenditure of money for many river
and harbor public works, makes no appropriation of the
required funds.
The cost of the program outlined in the
bill is reported as $375,000,000 for construction, and $11,500,000 for examinations and surveys.
The memorandum of the President was given in full in
local
agencies, shall be granted and reimbursed, from such funds, sums
equivalent to actual expenditures deemed
War and the Chief of Engineers
ments, and rignts-of-way
improvement or channel rectification
or
Provided further, That lands, easements
speculative damages:
shall include lands on which dams, reservoirs, channel
and rights-of-way
improvements,
project for flood control heretofore, or
Provided, That no reimbursement shall be made for any
herein authorized:
indirect
reasonable by the Secretary of
and made by them in acquiring lands, ease¬
for any dam and reservoir project, or any channel
and channel rectifications
That in any case where the
Sec. 3.
walls included in any
located; lands
utility relocation.
are
rights in reservoirs and highway, railway, and
or
flowage
construction cost of levees or flood
authorized project can be substantially reduced by
the evacuation of a portion or
all of the area proposed to be protected and
from the protection to
modify the plan of
to eliminate said portion or all of the area:
Provided,
by the elimination of that portion or all of the area
be afforded by the
said project so as
That
a
sum
not
project, the Chief of Engineers may
substantially exceeding the amount thus saved in con¬
July 9, page 209, where we also reported the
signing of both the "Flood Control Bill" and the bill "auth¬
orizing the construction, repair and preservation of certain
public works on rivers and harbors, and for other purposes."
Here we are giving the complete texts of the two Acts,
first, the one signed June 28 and making provision for
further, That the Chief of Engineers may, if he so desires, enter into agree¬
ment with States, local agencies, or the individuals concerned for the
flood control:
accomplishment
our
issue of
dis¬
appropriate Federal agency for
expenditure, toward the evacuation of the locality eliminated from pro¬
tection and the rehabilitation of the persons so evacuated:
And provided
struction cost may
cretion
may
be expended by the Chief of Engineers, or in his
be transferred to any other
by them, of such evacuation and rehabilitation and for
said sum for expenditures actually incurred by
their reimbursement from
[H. R. 10618]
■
them for this purpose.
AN
ACT
Authorizing the construction of certain
for flood control, and
Be it enacted by the
Sec.
public works on rivers and harbors
for otner purposes.
Senate and House of Representatives of the
United Stales
hereafter, Federal investigations
and improvements of rivers and other waterways for flood control and
allied purposes shall be under the jurisdiction of and shall be prosecuted by
tne
War Department under the direction of the Secretary of War and
of America in Congress assembled, That,
4.
That
the
following
supervision of the Chief of Engineers, and Federal investigations of water¬
waterflow retardation and soil erosion
Merrimack River Basin
sheds and measures for run-off and
jurisdiction of and shall be
prosecuted by the Department of Agriculture under the direction of the
Secretary of Agriculture, except as otherwise provided by Act of Congress.
prevention on watersheds shall be under the
That section 3 of the Act of June
Sec. 2.
738, 74th Congress), as heretofore
shall
22, 1936 (Public, Numbered
amended and as herein further modified,
apply to all flood control projects, except as otherwise specifically
provided by law.
That in case of any
or
dam and reservoir project, or channel Improvement
74th
as
general comprehensive plan
approved by the Chief of Engineers
addition to the construction
flood control works
Congress), as amended, and by the
Act of May 15, 1928 (Public,
Congress) as amended by the Act of June 15, 1936
Numbered 678, 74th Congress), as amended, title to all lands,
and rights-of-way for such project shall be acquired by the
(Public,
easements,
United States or by States,
local
agencies
and
conveyed to the United States,
(b), and (c) of section 3
Notwithstanding
consent
political subdivisions thereof or other responsible
any
easements,
with funds
The
as
set
general comprehensive plan
forth in
House Document
for flood-control and other purposes
Numbered 455, 75th Congress, second
approved, and there is hereby authorized $11,524,000 for the
construction of local flood-protection works in said plan: Provided, That the
session, is
flood-protection project for East Hartford, Connecticut, authorized by
the River and Harbor Act of August 30, 1935, is hereby abandoned; all as
set forth
in House Document
of said Act of June 22,1936, shall not apply thereto.
limitations, or requirement of prior
of War is hereby authorized
acquire in the name of the United States title to all lands,
and rights-of-way necessary for any
dam and reservoir project
channel rectification project for flood control,
hereafter appropriated or made available for such
channel improvement or
projects,
Chief of Engineers.
Numbered 455, 75th Congress, second session.
Marshy Hope Creek, Maryland
restrictions,
provided by any other Act, the Secretary
and directed to
and provisions (a),
of a system of flood control reservoirs, related
which may be found Justified by the
Connecticut River Basin
herein authorized or here¬
by the Act of June 22, 1936 (Public, Numbered 738,
Numbered 391, 70th
or
for flood control and other purposes,
pursuant to preliminary examinations
and surveys authorized by the Act of June 22, 1936, is approved and the
project for flood control in the Merrimack River Basin, as authorized by
the Flood Control Act approved June 22, 1936, is modified to provide, in
The
channel rectification project for flood control,
tofore authorized
works of improvement for the benefit of
destructive floodwaters and other purposes
are hereby adopted and authorized to be prosecuted under the direction of
the Secretary of War and supervision of the Chief of Engineers in accordance
with the plans in the respective reports hereinafter designated:
Provided,
That penstocks or other similar facilities adapted to possible future use
in the development of hydro-electric power shall be installed in any dam
herein authorized when approved by the Secretary of War upon the recom¬
mendation of the Chief of Engineers and of the Federal Power Commission.
navigation and the control of
heretofore or
and States, political subdivisions
thereof, or other responsible
of the city of Federalsburg, Maryland, by a system of
combination with channel improvement, in accord
the report of the Chief of Engineers dated June 7, 1938, made
The protection
levees and flood walls in
ance
with
pursuant to a preliminary examination and survey authorized by the Act
of June 22, 1936 (Public, Numbered 738, 74th Congress), is hereby author¬
ized at an
estimated cost of $220,000.
632
Chronicle
Financial
Hudson and Mohawk Rivers
The protection of the city of Waterford,
walls in accordance with
flood
and
control portion of the reservoir, at such rates
the flood
New York, by
July 30, 1938
by the Chief of En¬
plans approved
the Federal Power
as
Commission shall determine to be afir and reasonable.
a system of levees
Red River Basin
gineers pursuant to preliminary examinations and surveys authorized by
resolution adopted
the
March 19, 1937, by the Committee
of Representatives,
House
United States, is hereby authorized
at
control and other purposes as described in
an
the
The
Secretary of War,
Secretary of the
Interior, and The
Federal
1936, The Secretary of
subdivision
$1,700,000 to the State of South Carolina,
thereof
or
to
$2,497,000,
struction at an estimated cost of
on
the following basis as to
The Chief of Engineers shall report to the President on or before
(a)
for the actual costs to it of the lands, easements and
1, 1938, the value of said Lugert Reservoir as a flood control
November
rights of way needed and acquired for this project.
works, and the value so reported shall be the maximum amount
Ohio River Basin
The general
v
in the Ohio
comprehensive plan
River
Numbered
ment
thereof
Basin,
in the discretion
as
and available for the construction for flood control projects.
purposes
set forth in Flood Control Committee Docu¬
as
75th Congress, first session,
1,
other
of the Secretary of
(b)
with such modification
remainder
The
of such
estimated cost
of the
War and the Chief of En¬
by the Chief of Engineers as the value of said reservoir as a flood control
project
accomplishment of said plan
in the Treasury of the United States created by the
reservoirs and
and local
Reservoir,
Lugert
namely, the estimated total cost of the reservoir, less the amount reported
gineers may be advisable, is approved and for the initiation and partial
hereby authorized $75,000,000 for
there is
herein
funds appropriated
authorized to be appropriated as a charge against any
for flood control and
a
division of the cost of construction:
local political
a
The Lugert-Altus Flood Control and Reclamation Reservoir located on
.
the North Fork of the Red River in Oklahoma is hereby authorized for con¬
War is hereby authorized to reimburse out of flood control appropriations
not to exceed
in Oklahoma shall be reserved for said projects.
such projects
River Special Board, and dated at
District of Columbia, February 29,
Washington,
voir all benefits that can be assigned to tne proposed Altus project and other
described in
Power Commission, by The Savannah
benefits in connection with the Denison Reser¬
Tnat in the consideration of
the Clark Hill Project on the Savannah River, Georgiathe "Report To The President," Through
as
Carolina,
and authorized at an estimated cost of $54,000,000: Provided,
is adopted
In view of the flood control and other general benefits to accrue from the
South
in the dis¬
as
cretion of the Secretary of War and tne Chief of Engineers may be advisable,
Savannah River
,
House Document Numbered 541,
modifications thereof
75th Congress, third session, with such
estimated cost of $315,000.
project known
Red River in Texas and Oklahoma for flood
The Denison Reservoir on
on Flood Control of
$50,300,000 for local flood-protection works; the reservoirs
is a.so hereby authorized to be appropriated out of the special fund
,
therein'designated
(43 U. S. C. 391, 411), and
Act of June 17, 1902
"the reclamation fund" for
protection projects to be selected and approved by the Chief of
the construction of said Lugert Reservoir for reclamation and irrigation as
Engineers: Provided, That this authorization shall include the diversion of
reported in Senate Document Numbered 153, 75th Congress, third session,
Cache River above Cairo, Illinois, from its outlet into the Ohio River to
and
an
outlet into the
Mississippi River, and the protection of the
area
further autnorized by the last paragraph on page
as
Numbered 497, 75th Congress, third
north of
37 of Public Act
session, providing that the construc¬
the Cairo drainage district by levees extending from said drainage district
tion of said Lugert
along the Ohio and Mississippi Rivers to high ground, with
undertaken until the Chief of Engineers and the Secretary of the Interior
of
cost
$2,000,000: Provided
That
further,
the
provisions
estimated
an
Executive
of
join in an agreement as to the division of cost of the construction of the said
Order Numbered 7183A, dated September 12, 1935, are approved, and the
reservoir
acquisition at the cost of the United States of all lands, easements, and
The
rights-of-way needed for the Bluestone Reservoir project
Provided further.
ized:
That the Secretary of War is hereby authorized and
directed to reimburse the
not to exceed the actual
ments and
Muskingum Conservancy District in Ohio
a sum
expenditures made by it in acquiring lands,
ease¬
rights-of-way for reservoirs in the Muskingum River Valley, but
such reimbursement shall not exceed $4,500,000, nor include any expendi¬
for lands,
tures
easements and rights-of-way heretofore or
hereafter pur¬
District by the United States.
chased from said
in
the
Upper Mississippi River Basin, described in
and
other
purposes
Flood Control Com¬
in the discretion of the
as
Secretary of War and the Chief of
Engineers may be advisable, is approved and there is hereby authorized
$6,600,000 for reservoirs and $2,700,000 for local flood-protection works
on
projects to be selected and approved by the Chief of Engineers: Provided,
That this authorization shall include the enlargement and
extension of
a
system of levees located on the south side of the Sangamon River east of the
town of
Chandlerville, Illinois,
as
604, 75th Congress, third session.
'
River
same extent as
is
be hereafter amended
may
now or may
Dam
the same maimer
hereafter be provided by the laws
exist
or as same
enacted and all rignts thereunder, including
or
rights to impound or authorize the retardation or impounding thereof
same
for
and for irrigation, power generation,
uses,
and other beneficial uses, shall be and remain unaffected by or as a result
hereof.
All
rights
sucn
hereby saved and reserved for and to the said
are
States and the people and the municipalities tnereof, and the impounding of
any
such waters for any and all beneficial uses by said States or under their
authority may be
now
as
freely done after the
passage
hereof
as
the same may
be done.
Hempstead
County
Levee
District
1,
Numbered
Arkansas:
Raising,
enlarging, and extending existing levee system to improve flood protection
in accordance with plans approved by the Chief of
Engineers, at
a
con¬
struction cost not to exceed $200,000.
Colfax, Grant Parish, Louisiana: Remedial
to exceed
measures to stop
modifications
Secretary of War and the Chief of Engineers
be advisable, is approved and for the initiation and partial accom¬
plishment of said plan there is hereby authorized $9,000,000 for reservoirs;
east
Chief of Engineers, at
a
serious bank
construction cost not
$50,000.
Grant
Flood Control Committee Doci-
75th Congress, first session, with such
in the discretion of the
all existing pro¬
exercise
if and when constructed, in
with plans approved by the
The general comprehensive plan for flood control and other purposes in
as
to
within tneir borders above Denison
caving and to improve flood protection at Colfax, Louisiana, in accordance
the Missouri River Basin, as set forth in
1,
acknowledges the right of the
continue
of said States, respectively, and all of said laws as they now
set forth in House Document Numbered
Missouri River Basin
Numbered
States
to
other rignts of supervision of and jurisdiction over the waters
or
site and above said dam,
the Upper Mississippi and Illinois Rivers; the reservoirs and local protection
thereof
Texas
municipal purposes, domestic
cations thereof
may
and
of all tributaries of Red
and to the
United
of the
Oklahoma
for flood control above the said Denison Dam and to divert the
general comprehensive plan for flood control
mittee Document Numbered 1, 75th Congress, first session, with such modifi¬
ment
of
prietary
tne
Lpper Mississippi River Basin '
The
provided herein.
as
Government
States
hereby author¬
are
Reservoir and Altus reclamation project shall not be
Parish,
below
Colfax,
Louisiana: Continuation
of
levees
on
(left) bank of Red River below Colfax, Louisiana, to the north bank
of Bayou Darrow to increase flood protection
in Grant Parish; in accordance
with plans approved by the Chief of Engineers at a construction cost not
exceed
to
$71,000.
The construction of
the reservoirs to be selected and approved by the Chief of Engineers.
a
reservoir and other control works, in accordance
with plans in the Office of the Chief of Engineers, in lieu of the construction
White River Basin
The
general comprehensive plan for
of
flood control
and
other
purposes
in the White River Basin, as set forth in Flood Control Committee Docu¬
ment
Numbered
thereof
I,
75th Congress, first session,
in the discretion
as
gineers may
with such modifications
the
of said plan
reservoirs
there is
be
to
hereby authorized
cost shall not be
Bayou,
selected
and
by the
approved
Chief of
Mississippi River
That in accordance with the recommendations of the Chief of
as
set forth in his
Engineers*
Contro1
report of April 6, 1937, and published as Flood
Committee Document Numbered 1, 75th Congress, first session, paragraph
comprehensive plan
Arkansas
River
Basin,
as
38 (b), except subparagraph (1), the project for flood control of the Lower
for floor control
and
other
purposes
Control Committee
Flood
forth in
set
Act of June 15,
hereby
thereof
addition to the
in the discretion of the Secretary of War and the Chief of En¬
the* Act
Mississippi River adopted by
Document Numbered 1, 75th Congress, first session, with such modifications
as
Cypress
authorized in section 5 of the
increased, is approved.
Lower
$25,000,000 for
Arkansas River Basin
The general
the
as
Flood Control Act approved June 22,1936, provided that tne total estimated
Secretary of War and the Chief of En¬
Engineers.
in
for the diversion of Bayou Bodcau and
Louisiana, to improve flood protection,
be advisable, is approved and for the initiation and partial
accomplishment
reservoirs;
of the
flood way
a
1936,
adopted,
as
sums
of May 15, 1928,
as
amended by the
amended, is hereby modified and,
there
and
hereby
is
authorized
to
be
as
modified, is
appropriated
in
previously authorized $40,000,000 to be applied for
gineers may be advisable, is approved, and for the initiation and partial
the purposes set forth in said document covering the said recommendations,
accomplishment
with the exceptions mentioned,
the
reservoirs;
of said plan
reservoirs
Engineers: Provided,
Reservoir
on
That
there is
be
to
this
hereby authorized $21,000,000 for
selected
and
approved
authorization
shall
by
include
the
Canton
navigation
is
to
a
the
on
Ouacuita
hereby conferred
participate
on
on
River in
Arkansas and
the Secretary of War
Louisiana,
authority
and the Chief of Engineers
behalf of the United States in the cost of construction of
multiple-use reservoir at
the
Blakely Mountain site
"The United States may, within the discretion of the Chief of Engineers,
irrespective of other provisions of law,
For the purposes of preventing or controlling floods, and of facilitating
on
proceed to acquire all easements
needed and of the character considered advisable in the Morganza
and to construct said
Morganza floodway.
within the discretion of the Chief of
floodway
Said Morganza floodway
Engineers, be modified
as to
may,
its design
and inflow.
"The said Morganza floodway may be initiated and constructed without
Ouachita
the
as
follows:
the North Canadian River in Oklahoma, as set forth in House
Document Numbered 569, 75th Congress, third session.
subject to the provisions hereinafter made.
That the Flood Control Act of June 15, 1936, as amended, is amended
Chief of
the
River in Arkansas, according to plans and estimates duly approved
by the
delay; and the United States
Secretary of War and the Chief of Engineers, pursuant to
Engineers, irrespective of other provisions of law, proceed to the acquisition
Committee
on
Flood
Control
of the
May 11, 1938: Provided, That the
pation shall not exceed
a
House
sum
of
a
resolution of the
Representatives,
adopted
of money expended in said partici¬
just and reasonable proportion of the total cost
of the multiple-use reservoir
as
allocated according
to the proportionate
storage capacity reserved or utilized for flood-control purposes, nor exceed
the estimated value of the flood control to be achieved, nor in
any event to
exceed the
is
sum
authorized
out of any
of
to
$2,000,000: Provided further, That the Secretary of War
pay for said participation in said multipie-use reservoir
funds authorized for flood control in the Arkansas River Basin
of
may,
flowage rights and flowage easements in the Eudora floodway, and to its
construction
such
as
authorized by existing law:
Eudora floodway shall include an
sill at such
an
those capable of producing a stage of fifty-one feet or over on the Vicksburg
Provided further, That a fuseplug levee loop may be constructed behind
gage:
said sill to prevent flow into
the safe capacity of the
least three feet,
the floodway until the predicted flood exceeds
main river leveed channel, with a free-board of at
but said fuseplug levee may be artificially breached when
insure the safety of the main river
to retain and exercise the
That
respect to that por Jon of
purposes:
authority heretofore conferred
on
it by law with
he project constructed and operated for power
Provided further. That the improvements shall be operated and
maintained at the expense of the private parties
constructing said project
in
the
opinion
the
of the
Chief of Engineers such
extension
of Eudora:
Chief of Engineers,
to
Provided further,
extended
such location
regulations shall provide for payments to the United States for
States may, within the discretion
power purposes
of any flood waters temporarily stored for flood
for
control in
That within the discretion of the
the guide line levees of the Eudora floodway may be
Federal Power Commission with respect to the operations for
power which
use
Provided further,
and easements for
the floodways proper and to the northward
regulations approved by the Secretary of War and the
Chief of Engineers with respect to navigation and flood control and
by tne
south
breaching is advisable to
controlling levee line:
acquire lands, flowage rights,
authority to
floodways shall be confined
in accordance with
the
Provided, That the intakes of
automatic masonry weir with its
elevation that it will not be overtopped by stages other than
the flood-control portion of the
project is completed: Provided fur¬
ther, Tnat the Federal Power Commission is hereby authorized and directed
when
within the discretion of the Chief of
toward
Old
River:
Provided further,
That the Chief of
Engineers is hereby authorized to construct the said Eudora floodway at
other
as
he may
determine, in the vicinity of Eudora.
The United
of the Chief of Engineers irrespective of
provisions of law, proceed to acquire flowage rights and flowage
ease-
•
•
ments in the northward
extension of the Eudora floodway. as
authorized
by existing law, provided that pending the completion of such northward
extension all the Riverside fuseplug levee extending south from the vicinity
connect
reconstructed to
the 1914 grade and 1928 section:
Provided further, That if the back pro¬
tection levee is constructed prior to the construction of Eudora floodway. it
shall be connected with the main Mississippi River levee and subsequently
connected with the Eudora floodway when constructed:
Provided further,
That the Chief of Engineers is authorized, in his discretion, to negotiate
options, make agreements and offers with respect to lands, flowage rights,
easements, and rights-of-way involved, as provided by law, at prices
of
Yancopin to the vicinity of Vau Cluse, Arkansas,
deemed reasonable by
and so as to
of 1928 grade and section, shall be
with the existing levee
him.
"The United States, irrespective of other
provisions of law, may,
erosion prevention
be paid from
new
frequent
"Said
Morganza
floodway shall not be
levees at the head of the
"The fuseplug
operated until the Wax
Lake
for the
all
acquire
flowage
simple as herein provided, either
acquisition or in accordance
Secretary of War as provided
"In the event the
fiscal year on
for levee
by voluntary
Kiamichi River, Oklahoma.
title to any lands in
Pecos River and
benefit of
shall be paid, at the end of such year,
Treasury to the State in which
such property is
Republican River, Beaver and Sappa Creeks, Kansas and Nebraska.
Fox River and its tributaries, Missouri.
Chariton River, Missouri.
Dam at northern end of Fox Island, Clark County, Missouri.
Grand River and tributaries, Missouri.
Henderson River, Illinois.
Kaskaskia River, Illinois.
Embarrass River, Illinois,
Rock River, Illinois.
McCraney Creek, Hadley Creek, Kaiser Creek, Six Mile Creek, and Bay
Creek, and their tributaries in Pike County, Illinois.
Rochester and McClearys Bluff Levee Unit on Wabash River, Illinois.
England Pond Levee Unit on Wabash River, Illinois.
Russell and Allison Levee Unit on Wabash River, Illinois.
Tri Pond Levee Unit on Wabash River, Illinois.
"Wabash River at Terre Haute. Indiana.
Los River and tributaries in the vicinity of Orleans, Indiana.
Miami River, Ohio.
Chagrin River and its tributaries, Ohio.
Muskingum River and its tributaries, Ohio,
Cowan Creek, Ohio.
Short Creek and its tributaries, in Jefferson and Harrison Counties, Ohio.
Tiffin River and its tributaries, Ohio and Michigan.
expended as the State legislature may prescribe for the
the public schools and public roads of the county or counties in
be
to
Provided further, That when such property
the distributive share to each
of such property shall be proportional to its area therein:
Provided further. That no part of the appropriations herein or heretofore
authorized for said Morganza and Eudora floodways and extension shall be
which such property
is situated in more
is situated:
than one State or county
from the proceeds
used for any
other purpose."
t
the Act of May 15, 1928, as amended by the
amended, shall remain in full force and effect.
Except as herein amended,
Act of June 15, 1936, as
Ilomochitto River
The project for
flood control on the Homochitto
River in Mississippi,
1936 (Public, Numbered 738, 74th
Congress), is hereby modified to provide for additional channel improve¬
ments and related works for flood control in accordance with plans approved
authorized
by the
Act of June 22,
and for the execution of these
by the Chief of Engineers,
hereby authorized
plans there is
$100,000.
Hocking River,
Santa Ana River Basin of California,
authorized by the Act of June 22, 1936 (Public, Numbered 738, 74th
Congress), is hereby modified to provide for the control of floods on San
Antonio Creek and Chino Creek in accordance with plans approved by the
Chief of Engineers pursuant to preliminary examinations and surveys
authorized by the Act of August 28, 1937 (Public, Numbered 406, 75th
Congress), and for the initiation and partial accomplishment of these plans
for flood control in the
authorized $6,500,000,
Willamette River Basin
general comprehensive plan for
flood control, navigation, and other
forth in House Document,
approved and for the initia¬
tion and partial accomplishment of the plan recommended for initial devel¬
opment in said document there is hereby authorized $11,300,000; the
reservoirs and related works to be selected and approved by the Chief of
in the Willamette River Basin as set
Numbered 544, 75th Congress, third session, is
purposes
Engineers.
Spokane River and Tributaries
The protection
of certain low-lying areas in Spokane, Washington, and
Maries, Idaho, in accordance with plans approved
Coeur d'Alene and Saint
pursuant to preliminary examinations and surveys
authorized by the Flood Control Act approved June 22, 1936, and Act of
Congress approved March 18, 1938, is hereby authorized at an estimated
by the Chief of Engineers
cost of $308,000.
protection of the city of
Walla Walla, Washington, and
of a reservoir and related works, as set forth in
House Document Numbered 578, 75th Congress, tljird session, is approved
and for the execution of this plan there is hereby authorized $1,608,000.
adjacent lands by means
Yakima River, Washington
t
protection of the city of Yakima, Washington, on the
Yakima River, by means of levees as set forth in House Document Num¬
bered 579, 75th Congress, third session, is approved and for the execution
The
plan for
of this plan
there is hereby
authorized $163,000.
Tanana River and
there is hereby
Sec. 5.
Chena Slough, Alaska
authorized $565,000.
Secretary of
utilize the services
by check to the co¬
operating public agency, either in advance or upon the furnishing or per¬
formance of said services, all or part of the estimated or actual cost thereof;
and to make expenditures for personal services and rent in the District of
Columbia and elsewhere, for purchase of reference and law books and
periodicals, for printing and binding, for the purchase, exchange, operation,
and maintenance of motor-propelled passenger-carrying vehicles and motororganizations, and individuals, and to
of Federal, State,
and other public agencies, and to pay
and for other necessary expenses.
The Secretary of War is hereby authorized and
boats for official use,
Sec. 6.
directed to cause
and surveys for flood control including floods
aggravated by or due to tidal effect at the following-named localities, and the
Secretary of Agriculture is authorized and directed to cause preliminary
examinations and surveys for run-off and water-flow retardation and soil-
preliminary examinations
Humboldt River
Arizona.
and tributaries, in Nevada.
Owyhee River and tributaries, in Nevada.
Saint Regis River, Montana.
Flathead River and tributaries in Flathead County,
Rio Grande and tributaries, Colorado, above the
boundary line.
La Plata River, Colorado.
Montana.
.
Colorado-New Mexico
(North Fork of Gunnison
Paonia
River), Colorado.
Divide, Colorado.
River, Colorado.
Yampa River, Colorado.
West
Mancos
Montezuma
Kremmling,
River, Colorado.
Troublesome River.
Wray,
„
Colorado.
Fountaine Qui Vouille River, Colorado.
Pembina River and its tributaries, North
Dakota.
Kootenai River and tributaries, Idaho.
Boise River, Idaho.
.
. .
Carson River and tributaries, in California and Nevada.
Walker River and tributaries, in California and Nevada.
Truckee River and tributaries, in California and
Humboldt River and tributaries, in Nevada.
Nevada.
Arizona, and Utah.
Virgin River and tributaries, in Nevada,
Owyhee River and tributaries, in Nevada.
Sonoma
Creek, California.
in Los Angeles and
_ _
Ventura Counties
.
draining the Santa Monica
California, directly into the Pacific Ocean.
North Fork of the Yuba River, at city of Downieville and vicinity,
County, California.
.
Santa Ynez River and its tributaries, California.
Santa Marguerita River and its tributaries, California.
Deer Creek in the county of Tehama. California.
Paynes Creek, Tehama County, California.
Cottonwood Creek, Shasta and Tehama Counties, California.
Sierra
.....
Battle Creek,
of this Act, the Secretary of
Agriculture are hereby authorized to cooperate
with institutions,
Utah and
"
.
Arizona and Utah.
Beaver Dam Wash, Arizona, Utah, and Nevada.
Colorado River and its tributaries above Lees Ferry,
Short Creek,
Streams
protection of the city of
That, in carrying out the purposes
War and the
Nevada.
Mountains,
Fairbanks, Alaska, and vicinity
by means of an earth and rock levee and for the relocation of a portion of
the Richardson Highway as set forth in House Document Numbered 561,
75th Congress, third session, is approved and for the execution of this plan
The plan for
•
Apishapa River, Colorado.
Long's Canyon, Colorado.
Mill Creek, Washington
The plan for
Athens, Ohio.
Tennessee, and Rossville, Georgia.
Waccamaw River, North and South Carolina.
Deckers Creek, Monongalia County, West Virginia.
Soldier River, Iowa.
Perry Creek, Iowa.
Hay Creek, Goodhue County, Minnesota.
Wells Creek and Bullard Creek, Goodhue County, Minnesota.
Red Lake River, and its tributaries, Minnesota.
Clear Water River, Minnesota.
Gila River and tributaries, Arizona and New Mexico.
Virgin River and tributaries, in Nevada, Arizona, and Utah.
Kanab Creek, Utah and Arizona.
Streams draining into the Great Salt Lake, and the Great Basin,
Chattanooga,
-
there is hereby
District, Ohio.
Ohio, and in the vicinity of
Bellevue Conservancy
Santa Ana River Basin
The project
tributaries, Texas and New Mexico.
Sulphur River, Texas.
Texas.
Santa Isabel Creek, located northwest of Laredo, Webb County, Texas.
Smackover Creek, in Union, Ouachita, and Nevada Counties, Arkansas.
Bartholomew Bayou of Ashley and other counties, Arkansas.
Ouachita River near Calion, Arkansas.
Six Mile Creek in Logan County, Arkansas.
Cadron Creek, Arkansas.
Black River, Missouri and Arkansas.
Lavaca River,
Provided, That 25 per centum of all moneys
the Treasury of the United States during any
account of such leases
by the Secretary of the
situated,
Concordia, and
Cocodrie, and the watersheds thereof from their
source in Rapides Parish to their outlet in Saint Landry Parish, Louisiana.
East bank of Red River, beginning at the south bank of Loggy Bayou at
the hill line, and thence along the south bank of Loggy Bayou to the east
bank of Red River, and from thence along the east bank of Red River to
Coushatta Bayou, Red River Parish, Louisiana.
Salt Fork of Red River and its tributaries, Oklahoma.
Bayous Rapides, Boeuf,
1928, and may lease such lands:
The
Franklin, Madison, Tensas, East Carroll,
Catahoula Parishes, Louisiana.
of the Act of May 15, 1928, as amended
and supplemented, the United States may retain the ownership thereof,
or any part thereof instead of turning over such lands to the ownership of
States or local interests as provided in section 4 of said Act of May 15,
and deposited in
and Saratoga
Big Elk Creek and Elk River, Cecil County, Maryland.
Smith River and its tributaries, Virginia and North Carolina.
simple under the provisions
received
County, New York.
Kayaderosseras Creek, Fish Creek, and their tributaries,
Lake, New York.
Frankford Creek, Philadelphia County, Pennsylvania.
with the condemnation proceedings by the
for in section 4 of the Flood Control Act of
United States acquires or owns
V
Connecticut.
Chittenango Creek and its tributaries, New York.
Ellicott Creek, New York.
Smokes Creek at Lackawanna, New York.
Bellows Pond and Canada Lake drainage area. Fulton
1928.
May 15,
in this Act until the project
;
V
.
- I
work shall have been adopted by law:
Thames River and its tributarias,
of Engineers,
flowage easements, rights-of-way
rights,
foundations, and titles in fee
House of Representa¬
further,
project
of the Senate: And provided
improvement of any waterway mentioned
for the proposed
Atchafalaya Basin on the east
1928 grade and
the discretion of the Chief
shall be made unless authorized by law or
the Committee on Commerce
Tensas River,
States may, in
"The United
supplemental
That the Government shall not be deemed to have entered upon any
section.
fee
or
formal
examination, survey, project,
by resolution of the Comittee on Flood Control of the
tives
shall be reconstructed to the
side of the Atchafalaya River
further. That after the regular or
proposed are submitted to Congress, no
additional report or estimate
or
within
operative condition.
works other
work under way or
or
the cost thereof to
for such purposes:
the watersheds of such localities;
preliminary examination, survey, project, or estimate for
than those designated in this or some prior Act or joint
reports made as hereby authorized on any
Springs.
outlet has been put into
no
resolution shall be made: Provided
Chief of Engineers, acquire flowage
lands not subject to
on
appropriations heretofore or hereafter made
Provided, That
easements over all
overflow in the Atchafalaya Basin below the
the discretion of the
latitude of Krotz
633
Financial Chronicle
147
Volume
Cow
Shasta and
Creek, Shasta
Tehama Counties,
County, California.
California.
Tehama County, California.
Napa River and its tributaries, California.
San Lorenzo River, in Santa Cruz County, California.
Naselle River, in Pacific County, Washington.
Lands below and contiguous to Vancouver Lake area in Clark County,
Washington, with a view to providing flood protection for lowlands
Columbia River between Whipple Creek and mouth of Lake and-or
Mill Creek,
along
Lewis
Rivers
Willapa
Sec.
7.
River, in Pacific
County, Washington.
That in order to
effectuate the policy declared in
sections one
June 22, 1936 iPublic, Numbered 738, 74th Congress),
for the improvement of rivers and other water¬
ways by the Department of War with the program for the improvement of
watersheds by the Department of Agriculture, works of improvement for
measures of run-off and water-flow retardation and soil-erosion prevention
on the watersheds of waterways, for which works of improvement for the
and two of
and to
the Act of
correlate the program
634
Financial Chronicle
benefit of navigation and the control of destructive
floodwaters and other
provisions have been adopted and authorized to be prosecuted
under the
Charlevoix
direction of the
are
Secretary of War and supervision of the Chief of
Engineers,
hereby authorized to be prosecuted by the Department of
Agriculture
Agriculture and in accordance with
For prosecuting said work and measures there is
hereby authorized to be appropriated the
at
the rate
June 30,
of
sum of
to
carried out
on
be
measures
period
which
ending
are
herein
of the Chief of Engineers and the Chief
„
works of
'
i
opinion
of the Weather Bureau
and the
such service
Valdez Harbor,
preliminary examinations and surveys
improvement authorized by the law for flood-control
purposes,
Secretary of War upon the recommendation of the Chief of
Engi¬
is authorized to allot the Weather Bureau funds
for said expenditure.
That the sum of $375,000,000 is
hereby authorized to be appro¬
priated for carrying out the improvements herein over the
five-year
period
sum
of $10,000,000 additional is
authorized
authorized to be
appropriated and expended by the Federal Power Commission for
carrying
out any examinations and
surveys provided for in this Act or
any other Acts
of
Congress, to be prosecuted by the said Federal Power
Commission.
Approved, June 28, 1938.
The text of
the rivers and harbors bill
as
follows:
conveyance of
Government
works
■'
lands held
preservation
of certain
provement of rivers,
harbors, and other waterways
are
public
tne
ommended in the respective
reports hereinafter
the conditions set forth in
such
Investigations and improvements
of im¬
of War
plans
rec¬
designated and subject to
documents; and that hereafter Federal
of
rivers, harbors, and other waterways
shall be under the
jurisdiction of and shall be prosecuted
by the War Depart¬
ment under the direction of
the Secretary of War and the
supervision of the
Chief of Engineers,
except as otherwise specifically provided
by Act of
Congress, which said investigations and
improvements shall Include a due
regard for wildlife conservation:
Mystic River, Massachusetts; House Document
Numbered 542, 75th
Congress;
Scituate Harbor,
Massachusetts; House Document Numbered 556, 75th
Congress;
Westport River, Massachusetts; House
Document Numbered 692, 75th
Congress;
Plymouth Harbor, Massachusetts; House
Document Numbered 577, 75th
Congress;
Flushing Bay and Creek, Npw York; Senate
Committee on Commerce
Document, 75th Congress;
Huntington Harbor, New York; House Document
Numbered 638, 75th
Congress;
Hudson River, New
York; House Document Numbered 572, 75th Con¬
gress;
Great Kills Harbor, Staten
Island, New York; House Document Num¬
bered 559, 75th
Congress;
Delaware River from
Allegheny Avenue, Philadelphia,
Pennsylvania, to
the sea; Senate Document
Numbered 159, 75th
Congress;
Mantua Creek, New
Jersey; House Document Numbered
505, 75th
Congress;
Annapolis Harbor, Maryland; River and
Harbors Committee Document
Numbered 48, 75th
Congress;
Channel connecting Plain
Dealing Creek and Oak Creek, Maryland;
House Document Numbered
413, 75th Congress;
Twitch Cove and
Big
Thoroughfare River, Maryland; River and Harbors
Committee Document Numbered
49, 75th Congress;
Herring Bay and Rockhold Creek,
Maryland; House Document Num
bered 595, 75th
Congress;
wf.S.a?.e Charles City Harbor, Virginia; House Document Numbered 580,
75th Congrass;
Roanoke River, North
Carolina; House Document Numbered 694, 75th
Congress;
Inlet, North Carolina; House Document Numbered
691, 75th
Inlet,
North
Congress;
Carolina; House Document Numbered 414, 75th
Belhaven Harbor, North
Carolina; House Document Numbered 693, 75th
Congress;
Intracoastal Waterway from
Cape Fear River, North Carolina, to
Winyah
Bay, South Carolina; House
Document Numbered 549, 75th
Congress;
Waterway between Beaufort, South
Carolina, and Saint Johns River,
Florida; House Document Numbered
618, 75th Congress;
-Terry Creek and Back River, Georgia; House
Document Numbered 690,
75th Congress;
Fernandina Harbor, Florida; House
Document Numbered 548, 75th
Congress;
Saint Augustine
Harbor, Florida; House Document Numbered
555, 75th
Congress;
Courtenay Channel, Florida; House Document
Numbered 504, 75th
Congress;
Gallie
Harbor,
Florida;
House
Document
Numbered
497,
75th
Everglades, Florida; House Document Numbered
545. 75th
Con¬
Congress;
gress ;
■\r^Knnel
Florida, to Big Marco Pass; House
Document
Numbered 596, 75th
Congress;
Soi^PuHaubo^Flcl,rida:.Senate
on
file
T^
in
necessary
effect such
to
L
Document Numbered 164, 75th Congress;
sAde channel and basin in accordance with report
the office of the Chief
of
™pa*. aHd
Billsboro
Document, 75th Congress;
Engineers;
Bays, Florida; Senate
Congress-hiC°la River' Florida; House
Congress-Harb°r* Mississippi: House
pr^ioST^«P,Pili^lVxT be^wecn
Committee
New Orleans,
Senate Document Numbered
CongrS^NeCheS Waterway* Texas'> House Document Numbered
.-Huffalo Bayou and
its
575,
75th
639,
75th
Louisiana;
166, 7oth
581, 75th
tributaries, Texas; House
Document Numbered
45b, 75th Congress;
Dickinson Bayou, Texas; House
Document Numbered
568,75th
Congress;
c!w^aterway: House Documents Numbered
564, 640, 641. 642, and 643, 75th
Congress:^,.
au¬
include
or
acquired by the Tennessee Valley Authority pursuant to the
or
Valley Authority Act.
Tnis section shall apply to
the
cons-
To provide suitable office quarters for the district engineer in
charge of maintenance and operation of the Washington Aqueduct and of
accordance
with
Washington District the Secretary of
plans approved by
building at Mc-
the Chief of
Engi¬
the cost of such alteration and remodeling to be paid from appropriaheretofore or hereafter made by Congress for maintenance and
improvement of existing river and harbor works.
4.
That any amounts collected from any person, persons, or cor¬
porations
as
a
reimbursement for lost, stolen,
chased in connection with river and harbor
under
the direction
of
the
or
damaged property,
pur¬
flood control work prosecuted
or
Secretary of War and the supervision of the
Chief of Engineers, wnether collected in cash
or
by deduction from
amounts
otherwise due such person, persons, or corporations, hereafter shall be cred¬
ited in each
or
case to
the appropriation that bore the cost of
replacement of the lost, stolen,
Sec.
5.
or
Appropriation Act, fiscal
the employment
1933, shall not be
year
purchase, repair,
damaged property.
That the provisions of section 204 of part
II of the Legislative
so construed as to prevent
by the Chief of Engineers under agreement
autnorized
as
by section 6 of the River and Harbor Act of July 3, 1930, of any retired
civilian employee whose expert assistance may be needed in connection with
the prosecution of river and harbor
flood control works: Provided,
or
during the period of such employment
a sum
employee shall be deducted from the compensation agreed
Sec.
Tnat
equal to the retired pay of the
upon.
That the conditions of local cooperation applicable to the im¬
6.
Illinois Waterway (Calumet-Sag route) printed in House
73rd Congress, second session, are hereby modified by
provement of the
Document
180,
eliminating therefrom
tne
requirement
that
local
interests
will
furnish
"evidence" satisfactory to the Secretary of War that the
twenty movable
bridges across the Sanitary Canal will be placed in operating condition cr
otherwise
satisfactorily altered": Provided, That local interests will install
operating machinery and place in operating condition the three drawbridges
across the Chicago
Sanitary and Snip Canal between its junction with the
Calumet-Sag Channel and Lockport when directed
by
the.
Secretary of
War: Provided
further, That this resolution shall not be construed as modify¬
ing the provisions of section 18 of the River and Harbor Act of March
3,
1899 (30 Sta. 1153).
Sec.
7.
That section
approved March
"Locust"
and
3,
14 of Public Law Numbered
1925, is
hereby amended
inserting in lieu
thereof
section 14, as amended, will read
as
the
585, 68th Congress
by striking out
word
"Sipsey",
so
the
that
word
said
follows:
"Sec. 14.
That the portion of Black Warrior River between Dam Num¬
bered 17 and the junction of Sipsey and
Mulberry Forks, in the state of
Alabama, shall hereafter be known as 'Lake Bankhead.' "
Sec. 8.
The
Secretary of War is hereby authorized and directed
preliminary examinations and
localities, the cost thereof
after
made for such
surveys to
to be
purpose:
to cause
be made at the following-named
paid from appropriations heretofore
Provided, That
no
or
here¬
preliminary examination,
project, or estimate for new works other than tnose designated in
this or some prior Act or
joint resolution shall be made: Provided further,
That after the regular or formai
reports made as required by law on any
survey,
examination,
no
survey, project, or work under way or proposed are submitted
supplemental
authorized
or
additional
report
or
estimate
shall
be
made
unless
by law: And provided further, That the Government shall
not be
entered upon any project for the improvement of
any water¬
way or harbor mentioned in this Act until tne
project for the
deemed
to have
proposed work
shall have been
adopted by law:
South side of the channel, South
Harpswell, Maine.
Merrimack River, Massachusetts and New
Hampshire, with
improvement for navigation, flood control, and water
a
view to
power.
Manchester Harbor, Massachusetts, with a view to
constructing a break
water between
Magnolia Point and Kettle Island.
Menemsha Creek, Marthas Vineyard, Massachusetts.
Pond Village Landing, Truro, Massachusetts.
Marblehead Harbor, Massachusetts.
Salem Harbor, Massachusetts.
Niantic Harbor and River, Connecticut.
Catskill Creek, New York.
Jamaica Bay, New York.
Bay Shore Harbor, New York.
Beach Haven Inlet, New
Jersey.
Cedar Creek, Ocean
County, New Jersey.
West bank of the Delaware
River, between New Castle and Delaware
City, Delaware, with a view to protection from damage by overflows.
Indian River, Delaware.
Baltimore Harbor and
Document Numbered
Baton Kouge and
House Document
Numbered 597, 75th
Congress-
Congress-Bay°U PaSS' Louisiana'-
Commerce
Document Numbered
exchange
That the
not extend to
exchanges heretofore deemed advisable in connection with
Sec.
United
nereby adopted and
authorized, to be prosecuted under the direction of
the Secretary
and supervision of the Cnief
of Engineers, in accordance with
Port
therein
river and harbor improvements in the
rivers and harbors, and for other
purposes
on
following works
Eau
interests
terms of the Tennessee
any
tions
by the Senate and House of Representatives
of the
States of America in
Congress assembled, That the
Drum
or
thority hereby granted to the Secretary of War shall
Milland Park in
enacted
Congress;
land
may be executed by the Secretary of War: Provided further,
Sec. 3.
ACT
Authorizing the construction, repair, and
*
Alaska; House Document Numbered 415. 75th Congress.
War is authorized to alter and remodel the pumping station
AN
New River
•••
recommendation of the Chief of Engineers, authorize such
exchange upon
terms and conditions deemed appropriate by him, and
any
neers,
it
•,,
struction of the Bonneville Dam in the Columbia River.
signed June 20,
[H. Ii. 10298]
Be
,
tne
equal amounts by the Departments of
War and Agriculture for
carrying out any examinations and
surveys pro¬
vided for in this Act and
any other Acts of Congress, to be
prosecuted by
said Departments.
The sum of $1,500,000 additional is
75th
75th
execution of an authorized work of river and harbor
improvement to
exchange land or other property of the Government for private lands or
property required for such project, the Secretary of War may, upon the
Sec. 9.
ending June 30, 1944, and the
576,
That in any case in which it may be necessary or advisable in
Sec. 2.
neers
to be appropriated and
expended in
Numbered
^
is advisable in connection with either
or
Document
^
Department of Agriculture may be
the watersheds of the Rio Grande and Pecos
Rivers subject
to the proviso in section 2 of the said Act of June
22, 1936.
Sec. 8.
That there is hereby authorized an
expenditure of not to exceed
$375,000 per annum, from any appropriations heretofore or
hereafter made
for flood control by the United States, for the
establishment, operation, and
maintenance by the Weather Bureau of a current
information service on
precipitation, flood forecasts, and flood warnings, whenever in the
House
°Richmond
by the
prosecuted
Michigan;
Harbor, California; House Document Numbered 598, 75th
Congress;
Bodega Bay, California; House Document Numbered 619, 75th Congress;
San Pablo Bay and Mare Island Strait, California
House Document
Numbered 644, 75th Congress;
Umpqua River, Oregon; Senate Document Numbered 158, 75th Congress;
Columbia River, between Chinook, Washington, and the head of Sand
Island; Rivers and Harbors Committee Document Numbered 50, 75th
Congress;
Neah Bay, Washington; River and Harbors Committee Document Num¬
bered 51, 75th Congress;
Everett Harbor, Washington; House Document Numbered
546, 75th
OongFBss •
«.
■
'i./
'•
I-..
"'
Iliuliuk Harbor, Alaska; House Document Numbered 543, 75th
Congress;
Skagway Harbor, Alaska; House Document Numbered 547, 75th Con-
to be expended
$2,000,000 per annum during the five-year
1944: Provided, That such works and
authorized
$10,000,000
River,
Saginaw
Waterway, Texas; House Document Num¬
Harbor, Michigan; Senate Document Numbered 163,
Congress;
under the direction of the Secretary of
plans approved by him.
July 30, 1938
Port Aransas .Corpus Christi
bered 574, 75th Congress;
Channels,
Maryland: Cut-off channel to Inland
Waterway from Delaware River to Chesapeake Bay.
Herring Creek, Saint Marys County, Maryland.
Macum Creek, at the mouth of the Chester
River, Queen Annes County,
Maryland.
Oyster Creek, Anne Arundel County, Maryland.
Cadle Creek, Anne Arundel
County, Maryland.
South Creek and WTest River, Anne Arundel
County, Maryland.
Broad Creek, Middlesex
Scott's Creek, Virginia.
County, Virginia.
Waterway from Chesapeake Bay, through Accomac County,
Virginia,
to the
Atlantic Ocean.
Channel from Manteo, via Broad Creek, to
Oregon Inlet, North Carolina.
Channel from Pamlico Sound to Avon, North Carolina.
<
Volume
Financial
147
Channel from the Intracoastal Waterway to. and turning" basiiCat,
Chronicle
Florida.
Holly
Little Manatee River and inlets, Florida, and channel to navigable waters,
in Tampa Bay.
Allapatchee River (Alligator Creek), Florida.
a dam and dike to
prevent the flow of tidal waters into said
North slough.
Columbia River at The Dalles, Oregon, with particular reference to the
improvement of Hungry Harbor.
&Iver
Oregon, with a view to determining the advisability of
Providing for navigation, in connection with power development, control
of floods, and the needs of
irrigation.
Bayou Grande, Florida.
of
Mexico.
Waterway from Punta Rasa, Florida, by way of the Caloosahatchee
River and Canal, Lake Okeechobee, and Saint Lucie Canal and River, to
Fort Pierce.
Watson Bayou, Panama City, Florida, from deep water in Saint Andrews
Bay to the head of navigation.
Tombigbee River, Alabama, from vicinity of Jackson nancling south,
and between Lock and Dam Numbered 1 and Sunflower Bend.
Cadet Bayou, in the vicinity of Waveland, Hancock County,
Watts Bayou, Nancock County, Mississippi.
Mississippi.
Chunky Creek, Chickasawhay River, and Pascagoula River, Mississippi,
a view to their improvement in the interest of
navigation, flood control,
with
and water power.
Teche-Vermillion waterway, Louisiana, with a view to improvement
in the interest of navigation, flood
control, and other water uses.
in
L'Ea Bleu Bayou, Louisiana.
Esle de Cane Bayou, Louisiana.
way.
Chefuncte River and Bogue Falia, Louisiana, from Lake Pontchartrain
Covington.
Survey of channel for the purposes of navigation, flood control, power,
and irrigation from Jefferson, Texas, to Shreveport, Louisiana, by way of
Jefferson.Shreveport Waterway, thence by way of Red River to mouth of
Red River in the Mississippi River, including advisability of water-supply
reservoirs in Cypress River and Black Cypress River above head of naviga¬
to
Madrid.
Allegheny River, Pennsylvania.
Grand Marais Harbor, Minnesota.
Duck Creek, Brown County, Wisconsin. "
Kawkawlin River, Michigan, with a view to dredging the outlet, with a
view to its improvement in the interests of navigation and flood control.
Saint Ignace Harbor, Michigan.
Harbor Springs Harbor, Michigan.
Yacht Basin and Harbor at Menominee, Michigan.
Coll ins ville Cut, Solano County, California.
Tillamook Bay, Oregon, with a view to protection of Bay Ocean, and
property thereon, from erosion and storms.
Salmon River, Oregon.
the North
Slough Diking District by
1937, is extended one and tnree
26,
1938.
Comparative Analysis Prepared for the
Association of Credit Men,
By
I.
Weinstein.
497
pages.
New
York:
National
Association
of
Sec. 10.
That the
as are deemed advisable by
him, to grant easements for rights-of-way for public roads and streets on
and
across
control
lands acquired by the United States for river and harbor and
improvements including,
and other portions of a
the United
all
or
F.
By
B.
any part of such
upon
appears
the sixth draft of the Uniform
to be the first systematic treatise on the law of small
been
literature
readily available,
on
of small loan
uniform
and
there
is
for
or
to the
include lands held
or
under
acquired
That the laws of the United States relating to tne improvement
of rivers and harbors, passed between March
the laws of the third session oi the 75th
the direction of the
six
hundred
4, 1913, until and including
Congress, shall be compiled under
Secretary of War and printed
additional
copies
be
shall
as a
printed for
document, andthat
the
use
of the War
Department.
Sec. 12.
That the Secretary of War is hereby
authorized to continue the
gathering of hydrological data, concerning the proposed Nicaragua Canal,
by personnel operating continuously in Nicaragua under the supervision of
Chief of Engineers,
the
recommended in
as
House
Document
Numbered
139, 72nd Congress, 1st Session- the cost of this work, and such incidental
expenses as
may
be
in connection therweith, to be paid from
necessary
appropriations hereafter made for examinations,
surveys
and contingencies
of Rivers and Harbors.
Approved, June 20, 1938.
The question of constitutionality is also
The author then takes up
examinations,
charges
$300,
wage
criminal
in detail the provisions
regarding licenses, bond requirements, places of
on
books
and
records,
advertising,
less and for those
ex¬
making and payment
of
loans of $300
requirements for
assignments and liens
or
household furniture,
on
penalties, exemptions, rules and findings of a com¬
missioner, judicial review, and the effect of repeal of prior
Acts.
Part III contains
evasions
an
especially useful discussion of
of statutory interest
devices used for evasion.
limitations and the various
There is
a
full .citation of court
Appendices contain the texts of the first, fourth
and sixth uniform laws, lists of small loan laws of the States,
and a classified bibliography.
The book is primarily for the
lawyer, but individuals or corporations engaged in small loan
business will want to have it by them.
decisions.
The Course of the Bond Market
Bonds have closed the week at
approximately the levels of
Friday. There has been very little fluctuation this week
with the exception of railroad issues, which were off slightly
last
Some industrial bond averages went to
earlier in the week.
new
highs.
Improvement in the volume of traffic
together with com_
paratively better earnings reports for June and the announce¬
ment that three marginal roads would meet August 1 interest
have served to stimulate interest in
the railroad bond market.
High-grade rail bonds have remained at about the same level
as last week.
Union Pacific 1st 4s, 1947, were off % point
110%; Atchison gen. 4s, 1995, have gained % at 105%;
some
considerable
towrard the close.
Reading 4%s, 1997, have advanced 3%
points to 80; Baltimore & Ohio 5s, 1996, at 26% have gained
2%; Lehigh Valley 4s, 2003, have risen 1 to 28.
Highest-grade utilities have recovered after
earlier in the week.
The
advanced moderately.
the
or
by the Tennessee Valley Authority pursuant to the terms of the Tennessee
Valley Authority Act.
6s, 1975, at par have
and
for abandonment of rights granted
Secretary of War snail not extend to
An Introduction traces the history
laws,
comply with the terms or conditions of any
to
nonuse or
authority hereof: Provided further, That the authority hereby granted
legislation, the adoption of successive forms of
the subject.
Provided further, That
be annulled and forfeited by the
Medium-grade and speculative railroad bonds, after an un¬
favorable reaction earlier in the week, have displayed strength
•
Small Loan law which the States have been urged to adopt,
loans, although the texts of the various laws have for
substantially injure the interest of
may
Virginian 3%s, 1966, have remained unchanged at 103%.
Hubachek.
255 pages.
New
Sage Foundation.
$3.
publication, based
rights-of-way
Secretary of War for failure
the
at
Small Loan Laws
Yorkf Russell
This
finding by tne Secretary of War that the same
States in the property affected thereby:
grant hereunder
flood
the privilege of occu¬
for the piers, abutments,
necessary
will be in the public interest and will not
loans,
on
be
bridge structure: Provided, That such rignts-of-way
shall be granted only upon a
ceeding
The so-called Chandler Act of June 22, 1938, provided a
thorough revision of the Federal Bankruptcy Act, originally
enacted in 1898 and frequently amended.
It goes into effect
on Sept. 22.
Representative Walter Chandler of Tennessee,
whose name the Act commonly bears, cautions in a Loreword
to the present volume against assuming that the Act is flaw¬
less, or "that it represents the full extent to which Congres¬
sional power may be exercised on the subject of bankrupt¬
cies."
It is, rather, "a conservative step forward, measured
by humane concepts and taken in the interest of the Nation
at large."
Air. Weinstein, a member of the Philadelphia bar, analyzes
the Act section by section and clause by clause, presenting in
parallel columns the text and his comments or explanations.
The analysis begins with definitions of terms used in the
statute and continues in successive chapters with the bank¬
ruptcy courts and their jurisdiction and procedure, bank¬
rupts, duties and compensation of officers, creditors, estates,
provisions for relief of debtors, debt readjustment of taxing
districts, corporate reorganizations, arrangements of various
kinds, real property arrangements by persons other than
corporations, wage earners' plans, Maritime Commission
liens, and the general provisions of the Act.
The full text
of the statute is given in an appendix.
The book needs no
praise to commend its practical usefulness to all classes of
property holders as well as to lawyers.
whenever necessary,
so mucn of said lands as may
maximum
Men, $5.
Annotations
Secretary of War be, and he is hereby, authorized and
business,
Credit
respectively, from August 26,
empowered, under such terms and conditions
of the law
National
years,
reserved.
discussed.
Jacob
Act of Congress, approved August
an
The rignt to alter, amend, or repeal this section is hereby expressly
regulatory system.
Bankruptcy Law of 1938:
Chandler Act
A
extending from
dam and dike for
preventing the flow of tidal waters into North slough
a
Sec. 11.
Sulphur River, Texas and Arkansas, with the view to improvement for
navigation, flood control, and water power.
San Antonio River, Texas, with a view to its improvement for navigation,
flood control, power, and for the prevention of erosion.
Des Moines River, Iowa; also with particular reference to the construction
The
Washington,
County, Oregon, in township 24 south, range 13 west, Willamette
meridian, authorized to be constructed by the State of Oregon, acting
through its highway department, the North Slougn Drainage District, and
tion.
near
Harbor,
in Coos
pying
Kinney Coulee, Louisiana.
Portage Bayou and Deliambre Canal, Louisiana.
Indian Bayou, Louisiana.
Violet Canal Route, Louisiana.
Waterway from Welsh, Louisiana, to the Intracoastal Waterway, by way
of Bayou Lacassine; also with a view to the acquisition of the Welsh Water¬
time
Center Channel, Willapa
pay
t.
New Pass, Florida, connecting Sarasota Bay with the Gulf of
or
view to the con¬
Palix River to Bay Center Dock.
Sec. 9.
That the times for commencing and completing the construction
Pithlachascotee River, Florida.
dam at
a
•
Intracoastal Waterway from Jacksonville, Florida, to Miami, Florida.
a
vicnity, Coos County. Oregon, with
struction of
Channel from the Intracoastal Waterway to, and turning basin at,
Hill, Florida.
of
635
North slough and
Cocoa,
general principles underlying
the
Union 5s, 1951, have
more
some
softness
speculative utilities have also
American Water Works and Electric
gained %
over a
week
ago;
Western
risen 4% points to 77; Cities Service 5s,
Financial
636
1958, at 64 M were off 1; Indiana
clined 3% to
Chronicle
have been strong, rising 6
Service 5s, 1950, have de¬
advancing 2M to 74M;
postponed.
this week have been
food group,
Fractional gains have been made in the steel
group,
Likewise in the oil group advances have been of small
MOODY'S BOND
Studebaker
PRICES
conv.
(REVISED)
the balance of the list has moved within
U.
All
S.
6s, 1945,
Govt.
Domes¬
Bonds
MOODY'S BOND YIELD
{Based
^
120 Domestic
All
Corporate by Croups *
tic
by Ratings
Cor v.*
Aaa
A
Baa
RR.
98.45
115.57
107.88
97.45
78.82
83.46
98.28
115.57
107.69
97.28
78.58
27— 112.11
97.95
115.35
107.11
97.11
78.20
26.. 112.05
98.11
115.57
107.30
97.28
78.45
83.19
25.. 112.04
120
Aa
107.11
115.14
98.11
97.28
P.
110.83
83.06
104.30
104.30
104.30
83.33
104.30
on
AVERAGES
t
120 Domestic
120 Domestic
Corporate
tic
Corp.
(REVISED)
Individual Closing Prices)
Domes¬
Averages
Indus.
82.79
78.70
U.
104.30
1938
Daily
July 29— 112.17
28.. 112.16
A verages
averages
given in the following tables:
are
t
120 Domestic Corporate *
120
1938
in¬
a narrow range.
Moody's computed bond prices and bond yield
(Based on Average Yields)
Daily
some
Grecian issues.
Japanese have continued to decline, also Polish bonds, while
Building issues, in contrast
with the rest of the market, have been lower, the Walworth
4s, 1955, falling 1% to 68^.
foreign bonds has been irregular with
of strength among Dominican and
stances
Among metal bonds, Revere Copper & Brass
proportions.
4Ms, 1956, have risen 1 to 99.
Purity Bakeries 5s, 1948, in the
have risen 2M points to 97%.
The trend of
the Inland Steel 3 Ms, 1961, for example, rising M to
107%.
Amusement issues
the R.K.O. 6s, 1941,
the other hand Warner Bros.
on
posed, declined 4 to 75
the bond market this week, better-grade bonds in particular
being strong.
cases,
Pictures 6s, 1939, for which an extension plan has been pro¬
have been scored by the industrial section of
Further gains
points to 79.
gained for the week in most
have
New offerings originally scheduled for
533V%,
July 30, 1938
by Ratings
Aa
Aaa
Baa
A
3.57
3.19
Corporate by Groups
4.15
RR.
5.44
P.
5.08
U.
Indus.
3.76
3.42
29—
4.09
110.63
28
4.10
3.19
3.58
4.16
5.46
5.11
3.76
3.43
110.04
27
4.12
3.20
3.61
4.17
5.49
5.13
3.76
3.46
110.24
26
4.11
3.19
3.60
4.16
5.47
5.10
3.76
3.45
July
109.84
4.11
25
3.61"
3.21
4.16
5.45
5.09
3.76
3.47
23.. 112.04
97.95
115.35
106.92
97.28
78.33
82.93
104.30
109.84
23
4.12
3.20
3.62
4.16
5.48
5.12
3.76
3.47
22— 112.04
97.95
115.35
106.92
97.11
78.08
82.79
104.11
109.84
22
4.12
3.20
3.62
4.17
5.50
5.13
3.77
3.47
112.02
97.61
114.93
106.92
96.94
77.84
82.53
104.11
109.84
21
4.14
3.22
3.62
4.18
5.52
5.15
3.77
3.47
109.44
20
21
—
97.61
114.93
106.92
96.78
77.72
82.27
3.22
3.62
19— 112.10
97.28
114.93
106.92
96.61
77.00
81.61
103.93
109.64
19
4.16
3.22
3.62
4.20
5.59
5.22
3.78
3.48
18— 112.09
96.94
114.93
106.73
96.44
76.41
81.09
103.74
109.64
18
4.18
3.22
3.63
4.21
5.64
5.26
3.79
3.48
16— 112.12
109.44
16
4.18
3.23
3.63
20— 111.98
103.93
4.14
4.19
5.53
5.17
3.78
3.49
96.94
114.72
106.73
96.44
76.29
80.96
103.93
4.21
5.65
5.27
3.78
3.49
112.12
96.94
114.72
106.92
96.28
76.17
80.96
103.74
109.44
15
4.18
3.23
3.62
4.22
5.66
5.27
3.79
3.49
14— 112.10
96.61
114.51
106.73
96.11
75.70
80.71
103.56
109.24
14—
4.20
3.24
3.63
4.23
5.70
5.29
3.80
112.12
96.61
114.72
106.73
96.11
75.82
80.71
103.56
109.44
13
4.20
3.23
3.63
4.23
5.69
5.29
3.80
3.49
12— 112.19
96.61
114.72
106.73
96.11
75.58
80.33
103.38
109.64
12.
4.20
3.23
3.63
4.23
5.71
5.32
3.81
3.48
112.17
£6.44
114.72
106.73
95.95
75.47
80.08
103.38
109.64
11
4.21
3.23
3.63
4.24
5.72
5.34
3.81
3.48
15—
13—
11
—
114.72
106.54
95.78
75.24
79.82
112.10
96.28
8—
112.04
96.28
114.51
106.73
95.78
75.12
79.70
103.38
109.44
7—
112.04
96.28
114.51
106.54
95.78
75.01
79.70
103.20
6— 112.02
95.95
114.51
106.54
95.62
74.44
79.20
103.20
109.64
—
.
—
109.64
9—
'v.
-
4.22
4.25
5.36
3.81
3.63
4.25
5.75
5.37
3.81
3.49
3.24
3.64
4.25
5.76
5.37
3.82
3.48
4.24
6—1111—
3.24
3.64
4.26
5.81
5.41
3.82
3.48
95.29
74.44
78.95
103.20
109.64
5—
4
Stock
95.29
74.32
78.70
103.20
109.24
2
4.26
114.09
105.98
94.97
73.76"
78.20
103.02
109.05
114.09
105.22
93.21
71.36
75.82
102.12
108.46
106.54
Exchan ge CIor ed
4—
Stock
2—
111.96
95.62
114.09
1-.
111.96
95.29
111.80
93.85
5.74
3.64
3.24
4.22
8——I—I
3.23
4.22
109.64
106.17
114.51
95.95
111.90
5..
103.38
3.50
4.24
1.
Weekly—
3.24
3.64
4.28
5.81
5.43
3.82
3.48
4.28
5.82
5.45
3.82
3.50
4.51
Exchan ge Clos ed
3.66
3.26
4.28
3.26
3.67
4.30
5.87
5.49
3.83
4.37
—
3.48
3.26
3.71
4.41
6.09
5.69
3.88
Weekly-—
June 24—
June 24
—
3.54
17—
112.01
91.35
113.07
104.48
91.35
66.99
71.36
101.58
107.69
17
4.53
3.31
3.75
4.53
6.52
6.09
3.91
3.58
10—
112.05
93.69
114.72
106.54
93.37
69.89
75.82
101.94
108.46
10.
4.38
3.23
3.64
4.40
6.23
5.69
3.89
3.54
3—
112.10
94.01
114.93
106.92
94.01
69.78
76.29
101.76
108.66
3
4.36
3.22
3.62
4.36
6.24
5.65
3.90
3.53
114.72
-
93.85
69.37
76.53
101.23
108.46
May 27
4.37
3.23
4.37
6.28
20—
111.94
95.46
115.35
108.08
95.62
71.68
78.70
102.12
109.44
20
4.27
3.20
3.56
4.26
6.06
5.45
3.88
3.49
13—
111.82
96.44
115.14
108.46
96.44
73.76
81.22
102.12
109.24
13
4.21
3.21
3.54
4.21
5.87
5.25
3.88
3.50
6-
111.54
95.29
114.51
107.69
95.13
72.11
79.07
101.76
108.85
4.28
3.24
3.58
4.29
6.02
5.42
3.90
3.52
Apr. 29— 111.42
93.69
76.76
100.35
108.27
April 29
22—
111.48
92.90
113.89
105.79
92.90
68.97
75.82
99.48
108.08
22
14..
110.08
91.20
ri2.66
104.30
91.05
66.99
74.21
97.78
106.17
14
8..
109.69
91.05
112.66
103.74
91.05
66.89
75.12
96.94
105.04
1
93.85
May 27- 111.77
107.30
114.09
106.92
93.85
69.37
6—.—
4.38
—
109.58
88.80
112.45
102.66
89.10
63.28
96.11
91.97
113.89
106.92
92.43
66.03
75.01
98.45
106.73
109.97
93.21
114.72
107.11
93.37
68.17
76.76
99.14
107.88
11
—
110.57
94.81
115.35
109.05
95.46
69.78
80.08
99.48
108.46
4..
110.70
96.94
115.78
109.44
97.11
73.65
84.41
100.00
108.46
85.65
Feb. 25- 110.50
97.28
Jan.
3.33
3.79
4.55
6.53
5.75
4.18
3.72
3.76
3.55
4.68
6.92
6.11
4.23
4.46
6.62
5.76
4.09
3.61
4.40
6.40
5.61
4.05
3.57
11
4.31
3.20
3.51
4.27
6.24
5.34
4.03
3.54
4
4.18
3.18
3.49
4.17
5.88
5.01
4.00
3.54
4.16
109.44
99.48
108.46
115.57
109.24
96.28
73.20
84.55
98.80
108.08
95.95
72.43
84.14
98.62
107.69
11
110.16
94.81
114.51
108.27
94.49
71.15
81.61
98.45
106.92
94.81
69.89
—
18
109.05
107.49
3.66
3.98
3.85
115.78
114.72
3.56
4.13
3.62
115.78
94.33
4.03
5.83
3.27
96.44
110.07
5.69
3.34
96.11
28..
4.37
3.23
110.21
4-
6.32
6.52
4.70
110.18
74.44
4.43
4.55
4.41
18-
97.11
5.61
3.68
3.76
4.49
Mar. 25—
11
—
6,28
3.27
3.33
4.55
18
71.15
3.62
3.54
3.93
4.43
104.30
110.34
18-
3.26
5.63
4.54
—
...
8—
Mar. 25..
3.60
Feb.
4.17
5.81
4.92
3.50
4.22
5.92
5.00
4.07
3.56
3.18
3.51
4.24
5.99
5.03
4.08
3.58
4.31
4
3.49
3.19
4.23
-
3.18
4.21
25
.
3.63
3.24
3.55
4.33
6.11
5.22
4.09
3.62
3.54
4.03
79.70
98.62
4.34
3.23
3.59
4.31
21..
110.52
96.61
116.00
109.05
96.78
73.31
83.33
100.18
109.05
21
4.20
3.17
3.51
4.19
5.91
5.09
3.99
3.51
14..
110.15
97.95
116.64
109.84
97.61
75.47
86.07
100.53
109.24
14...
4.12
3.14
3.47
4.14
5.72
4.89
3.97
3.50
7-
109.97
97.61
116.21
110.04
97.28
74.89
86.50
99.66
108.46
4.14
3.16
3.46
4.16
5.77
4.86
4.02
3.54
97.78
78.82
Highl938 112.19
28—
Jan.
—
—
—
1938iiiiii
6.23
5.37
4.08
3.58
98.45
116.43
104.30
110.83
Low 1938 109.58
88.80
112.45
102.66
89.10
62.76
71.15
96.11
104.30
Low 1938
4.09
3.14
3.45
4.13
5.44
4.81
3.76
3.42
High 1937 112.78
106.54
118.16
113.89
104.67
92.43
101.41
106.17
112.45
High 1937
4.31
3.47
3.60
4.33
6.08
5.07
4.22
3.76
94.81
109.84
107.30
94.49
71.46
83.60
96.28
104.30
Low
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
102.30
114.93
111.43
101.23
85.38
95.78
101.76
109.84
July 29 1937
Low
1
1937 107.01
110.24
107.69
87.21
High
Yr. Ago
1
July29'37 109.46
2 Yrs.Ago
July 29*36 110.07
3.34
4.70
1937
3.85
6.11
6.98
4.68
4.23
3.76
Year Ago—
3.87
3.22
3.39
3.93
4.94
4.25
3.90
3.47
3.88
3.23
3.46
4.02
4.79
4.27
3.86
3.50
2
102.12
114.72
110.04
99.66
87.49
95.46
102.48
109.24
Years Ago—
July 29 1936
*
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 July 23,1938, page 488.
level
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Latest
steady.
ness
reports indicate that business activity is holding
The "Journal of Commerce" weekly index of busi¬
slightly off at the figure of 72.3, which compares
was
with 72.6 the
1937 period.
gains for
than
more
previous week and 101.0 for the corresponding
A sharp upturn in steel operations and small
electric
offset
output
and
bituminous
coal
moderate contraction in
a
car
production
loadings,
a
7% drop for automotive activity, and a small recession for
runs-to-stills, according to this authority.
The steel
situation is being watched with unusual
interest, in that
it contains so much that has a
bearing on future develop¬
crude
ments
Grace,
that
in
the
President
steel
lowered to
two
business
prices
of
and
the
must
reestablish
industrial
Bethlehem
be
advanced
fields.
Steel
or
Eugene
G.
Corp.,
declares
production costs
the proper
relationship between the
room for a
profit.
However, weeks
drag along without any readjustment of the
factors and leave
of negotiation
wage scale.
steel
for the 1939 models,
"Iron Age" states in its current
The magazine estimates output at
midweek at 37% of capacity, a gain of one point from last
week.
In addition to the increase in ingot production, blast
of the industry.
survey
Friday Night, July 29, 1938.
It is stated
that for the moment the
companies
fighting for tonnage rather than profits; that this con¬
dition cannot exist much
longer; the situation has to have
a
healthy readjustment so that all can
profit.
Gains in
steel production, which so far in
July represent an advance
of 302? from the average June
rate, may be expected to be
more moderate from
this point, or at least until automo¬
furnace
operations
observes.
the
electric
kilowatt
come
into the market
more
heavily for
are
in
the
Institute
increase,
the
review
a
year
July 23,
ago,
a
2,084,763,000
decrease
of
the Edison Electric
reveals.
Although output for the latest week
174,013,000 kilowatt hours compared with
2,258,776,000 in the same week last year, pro¬
loss of
a
the total
duction
the
week ended
7.7% under the like week
showed
on
light and power industry totaled
hours
of
306,000
kilowatt
hours
above the previous
Engineering construc¬
tion awards for the week, of $48,716,000, are 8% above last
rose
week's revised total of 2,084,457,000.
week and
week,
3% above the volume for the corresponding 1937
News-Record"
reported
yesterday.
"Engineering
Construction
a
decrease
volume for
of 2%
from
1938 to date totals
$1,478,264,000,
the $1,505,429,000 reported for the
Private awards are 45%
below the 1937 week.
Public
last week but 33% above the
corresponding period a year ago.
above
a
week
are
bile manufacturers
also
Production of electricity in the United States by
construction
1937 week.
ago,
is
but 35%
2%
below
The huge
margin by which merchandise exports
have exceeded imports during the first six months of the
virtually assures that the 1938 excess will be the
largest since 1929, observers state.
The surplus of $631,-
year
000,000 for
of
the first half of the year compares with
$842,000,000 for all of 1929.
one
Our export surplus normally
Volume
reaches
peak in the last quarter of the year.
a
ciation
Financial
147
of American
The Asso¬
Railroads reported today that
Class I
carriers had net railway operating income of $70,289,805 in
the first half of this year.
This compared with $299,466,034
in the first six months of 1937 and
$369,416,250 in the same
period of 1930.
The above authority also reported today
580,820 cars of revenue freight were loaded during the week
ending last Saturday.
This was a decrease of 21,418 cars,
or 3.6% compared
with the preceding week; a decrease of
186,588
cars,
24.3%
or
compared with
a
ago,
year
decrease of 347,389 cars, or 37.4% compared with
highly
interesting
in which it
1938
announcement
stated
was
Government
that
a
A
Washington
from
comes
and
1930.
exceed $61,000,000,000.
If it does, President Roosevelt's estimate of a
$12,000,000,000 reduction below the 1937 figure will have
In his budget message to Congress
Mr. Roosevelt predicted a drop from $68,000,000,000 in
to
$56,000,000,000
1937
business sentiment
after the setback of the recent rainy spell in some districts
and an advance in retail distribution were noted today by
1938.
in
from the
Improved
637
preceding week,
a
150,099
cars,
corresponding week two
July 16, 1938, loadings
like
week
of
by
brought
rain
many
Weather
and
southern
of
sections
confined
occurred.
small
distribution,
in retail
with
In eastern
during the past week was unsettled.
damage resulted
was
sharp rise
a
merchants recording the largest sales of the summer.
from
the
the
country,
mostly to local
Damage
bridges,
was
less
or
crop
loss
where excessive falls
areas
washing
by
more
rains,
unusual
but
flooding,
or
heavy
also
and
to
reported here and there, in the southern
half of New
England, southeastern New York, southeastern
Pennsylvania, New Jersey, Maryland, and more locally from
Virginia
also
was
of
Carolina.
local
a
rather heavily
with rivers flooded
southward,
North
eastern
In
the
character
South,
as
material
and
16.4% below those for the
The first 18
1938 loaded
and
A
of
end
last
week.
In
the
New
York
striking feature of the weather
City
area
the extreme heat and
was
three
around
o'clock
this
morning.
damage except to the nerves of some folk.
also
was
felt in
Long Island and
across
It
caused
Loaded
for thundershowers early
was
and
cooler.
Partly
cloudy,
moderate
16 July 24 July 23 July
1938
1937
16 July 24
1937
1938
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR.
21,178
23,751
25,243
25,008
33,802
Chesapeake & Ohio Ry..
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac.Ry
Chicago & North Western Ry
19,371
19,511
17,631
21,599
16,732
2,649
1,360
1,320
1,973
1,957
2,692
2,841
4,637
13,906
International Great Northern RR
1,851
2,647
1,946
Missouri-Kansas-Texas RR
4,118
10,797
6,617
6,357
7,125
7,224
8,936
9,078
9,176
10,681
25,800
19,524
18,410
2,676
16,879
8,387
18,773
18,230
4,625
14,824
7,632
15,111
22,904
13,988
Gulf Coast Lines
4,819
4,828
6,111
8,023
1,458
1,926
2,016
3,109
8,443
37,892
Missouri Pacific RR
13,393
15,608
15,634
7,638
7,603
New York Central Lines
31,620
31,634
45,185
30,707
29,567
4,894
5,516
21,379
8,143
3,564
7,718
17,864
4,910
18,446
3,787
4,409
51,821
51,186
71,673
33,862
32,641
44,372
N. Y. Chicago & St. Louis Ry_.
Norfolk & Western Ry
Pennsylvania Rlt
....
Pere Marquette Ry
■
9,968
6,425
3,750
3,762
5,185
4,306
24,772
7,301
30,292
4,290
4,136
6,836
26,504
6,844
7,011
9,114
5,881
6,409
6,217
7,214
7,388
7,322
4,096
3,757
4,240
Pittsburgh & Lake Erie RR
Southern Pacific Lines.
Wabash Ry
Total
281,604 293,570 358,651
TOTAL LOADINGS AND
CONNECTIONS
FROM
RECEIPTS
161,926 160,682 201,461
(Number of Cars)
V
-
I
.
Week Ended
July 23, 1938
July 16, 1938
July 24, 1937
Chic Rock Island & PacRy
Illinois Central System
26,980
29,347
28,129
27,261
27,598
St. Louis-San Francisco Ry
11,890
12,242
31,238
14,048
66,141
69,187
73,415
Total
The Association of American Railroads, in reviewing the
week
ended
Loading of
This
July 16, reported as follows:
revenue
was
freight for the week ended July 16 totaled 602,300
decrease
a
sponding week in
1937, and
the
of
164,084
or
cars,
21.4%
below the
week
same
Loading of
temperature
101,287
Saturday.
Overnight at Boston, 62 to 74; Baltimore, 72
to 94; Pittsburgh, 72 to 88; Portland, Me., 60 to 68; Chicago,
64 to 82; Cincinnati, 70 to 90; Cleveland, 66 to 88; Detroit,
revenue
corresponding
a
or
corre¬
freight for the week of July 16 was an increase of
holiday.
62
in
decrease of 313,685 cars,
34.2% below
1930.
tonight followed by clearing
with
Received from Connections
Weeks Ended—
Own Lines
1938
1938
New
Jersey.
Today it was fair and warm here, with
temperatures ranging from 73 to 89 degrees.
The forecast
on
July 23 July
cars.
in
CONNECTIONS
FROM
Weeks Ended—
no
The slight shock
the Hudson River
RECEIVED
AND
(Number of Cars)
humidity, which at the present time appears headifig for a
record.
A slight earthquake was reported in the New York
district
their
on
comparative table follows:
REVENUE FREIGHT LOADED
On the
the most
freight
lines, compared with 293,570 cars in the preceding week
358,651 cars in the seven days ended July 24, 1937.
own
beneficial in many
extensively than at the
same
major railroads to report for the week July 23,
total of 281,604 cars of revenue
a
ported a continuation of fairly favorable weather, although
more
corre¬
drop of 30.8% when comparison is made with the
a
including much of Texas and parts of the Atlantic
Coast States, where rainfall previously had been rather
scanty.
In other sections of the country, most States re¬
is needed somewhat
the
For the week ended
week of 1936.
areas,
moisture
drop of
a
21.4% below those for the
were
1937, and
and
total loadings for
ago.
years
24.3%,
cars, or
year ago,
sponding week of 1936. Loadings for the week ended July 9,
1938, showed a loss of 26.2% when compared with 1937
damage
rule.
general
a
other hand, the increased moisture was
in
a
from the
20.5%,
or
Dun & Bradstreet, Inc., in its weekly trade review.
Ex¬
panded buying in the wholesale market continued in some
major manufacturing branches, increasing production sched¬
ules and causing more plants to open, the report said.
Re¬
sumption of consumer buying in those districts harassed
decrease of 186,588
from the total for the like week
experts claim the
national income was virtually certain to
been cut nearly in two.
Chronicle
to
88;
Charleston, 76 to 86; Milwaukee, 60 to 84; Sa¬
vannah, 74 to 88; Dallas, 76 to 94; Kansas City, 70 to 90;
Springfield, Mo., 70 to 80; Oklahoma City, 68 to 80; Salt
City, 60 to 90; Seattle, 58 to 76; Montreal, 68 to 82,
86.
Winnipeg, 58 to
above
cars,
of
an
Coal
the
preceding week, but
in
Weekly
Index
of
Wholesale
Prices Decreased 0.1 Point for
Commodity prices
stocks reached
a
were
Commodity
Week Ended July 23
slightly lower last week although
high level for 1938 and there
new
was
a
feeling of optimism in almost all markets, according to the
"Annalist".
"Commodities
are
suffering
more
from
a
lack
of
buying interest than anything else, as there has been rela¬
tively little selling.
The 'Annalist' Weekly Index of Wholsale Commodity Prices reacted to 81.2 in the week ended
on
Saturday, July 23.
In the preceding week the index
stood at 81.3 and a year ago it was 95.2."
The announce¬
ment of July 25 went on to say:
Special weakness
was
evident in wholesale meat prices.
Several
spec¬
ulative commodities resisted the general downward trend, notably cotton,
The latter item
hides and rubber.
rose
almost
1
cent a pound.
6,688
"ANNALIST"
WEEKLY
INDEX
PRICES
OF
WHOLESALE
COMMODITY
(1926=100)
Fuels
-
commodities
Preliminary.
x
70.5
87.4
89.8
71.2
X70.6
79.6
81.2
Miscellaneous
96.2
65.1
87.4
materials
Chemicals
*
108.9
96.3
65.1
Metals..
All
91.2
81.3
95.2
Revised.
revenue
freight for the week ended July 23
1938, totaled 580,882 cars, a decline of 21,418 cars or 3.6%,
63,022 cars, an increase of
for the week of July 16 totaled 42,052 cars, an
the preceding week, and an increase of 7,615
above
cars
the
corresponding week
in
1937.
increase of 2,631 cars
increase of 2,078 cars above the
corresponding week in 1937.
In the Western districts alone loading of
live stock for the week of July 16 totaled 9,338 cars, an increase of 2,511
cars
above the preceding week, and an increase of 1,293 cars above the
corresponding week in 1937.
Forest products loading totaled 28,186 cars, an increase of 7,245 cars
above the preceding week, but a decrease of 13,712 cars below the corre¬
sponding week in 1937.
Ore loading amounted to 24,312 cars, an increase of 4,039 cars above
stock
Live
above
the
the
in
preceding
week,
to 12,527 cars, an
and
an
preceding week, but a decrease of 55,470 cars
week
the
loading amounted
in
below the corresponding
1937.
amounted to
loading
4,192
cars,
an
increase of 359 cars above
below the corresponding
preceding week, but a decrease of 6,121 cars
1937.
in
districts
1937
and
reported decreases compared
with the corresponding weeks
1930.
1938
2,256,423
2,155,451
2,222,864
2,649,894
4 weeks in January
4 weeks in February
4 weeks In March
5 weeks in April
2,185,822
2,170,984
588,864
501,013
602,300
4 weeks in May
4 weeks in June
Freight Car Loadings in Week Ended July 23
Total 580,882 Cars
Loadings of
1937.
increase of 19,204 cars above
an
In the Western districts alone grain and
week in 1937.
loading
Week of July
2
Week of July
9
Week of July 16
Total...
Revenue
below the
77.4
85.2
cars,
loading totaled
85.7
85.5
...
products
cars
103.5
73.6
X59.3
80.0
Food products
Building
79.4
72.5
*59.3
Farm products
Textile
July 27, 1937
71,618
above the preceding week, and an increase of 14,307 cars above
above
cars
decrease of
decrease of 15,736 cars below the corresponding
products
151
All
July 16, 1938
a
89,749
of
week
July-23, 1938
grain
products
Coke
THE
and
the corresponding
increase
a.
1937.
cars
grain
contained
than carload lot freight totaled 145,335
above the preceding week, but a decrease
below the corresponding week in
loading amounted to
Grain
which
1937.
in
merchandise less
cars
week,
freight loading totaled 234,977 cars, an increase of 39,018
preceding week, but a
week
of
preceding
the
above
increase of 22,103 cars
17,812
week
"Annalist"
the
Loading
20.2%
or
Miscellaneous
cars
Lake
and
cars,
-
15,333,615
1937
1930
2,714,449
2,763,457
2,986,166
3,712,906
3,098,632
2,962,219
802,346
678,958
766,384
3,347,717
3,506,236
3,529,907
4,504,284
3,733,385
3,642,357
936,690
792,053
915,985
20,485,517
24,908,614
undertake to show also the loadings
July 16,
increases
compared with the same week last year.
In the
following
we
for separate roads and systems for the week ended
1938.
During this period only 24 roads showed
when
Financial
638
REVENUE FREIGHT LOADED AND RECEIVED
Total Revenue
1936
1937
1938
Total Loads Received
Total Revenue
from Connections
1938
1938
July so,
Total Loads Received
Freight Loaded
Railroads
Chronicle
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JULY 16
FROM
Railroads
from Connections
Freight Loaded
1938
1937
1937
1937
1938
1936
Southern District—(Concl.)
Eastern District—
486
550
Ann Arbor
Bangor & Aroostook
Boston & Maine.——.—--i.
Chicago Indianapolis & Louisa.
471
1,167
6,701
1,692
1,004
758
205
318
8,230
1,584
7,742
8,289
1,560
9,754
Norfolk Southern
2,157
Piedmont Northern
936
1,573
'
1,120
Mobile & Ohio
1,808
2,453
1,222
•
Nashville Chattanooga & St. L.
1,933
2,877
1,233
1,724
2,629
1,265
1,863
2,265
838
1,989
2,625
1,009
36
61
57
91
1,058
5,033
1,564
2,284
Delaware & Hudson..
8,988
6,400
451
401
125
127
1,675
2,473
2,666
765
334
323
1,502
2,710
886
337
7,642
20,626
3,807
3,417
12,299
4,833
3,569
14,825
350
471
408
522
645
139
176
152
579
849
100,631
94,166
54,201
65,280
15,595
21,291
2,688
20,483
3,764
25,344
1,389
8,934
19,880
2,670
21,199
9,176
2,230
10,745
2,808
8,319
3,492
383
1,229
165
819
389
8,836
21,727
365
Tennessee Central
433
396
333
Southern System.
7,446
6,062
4,831
7,386
Delaware Lackawanna & West.
1.467
4,614
8,400
8,168
18,713
88,637
45
1,252
3,675
Central Indiana
.
Central Vermont
—-■
Detroit <fc Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line...
Richmond Fred, «fe Potomac
Seaboard Air Line
Winston-Salem
V
-
........
Southbound.
..
Total...
11,165
3,415
13,545
13,455
4,144
9,408
13,647
5,067
183
179
170
4,553
1,475
6,745
Lehigh & Hudson River.......
Lehigh & New England...—.
Lehigh Valley...
1,317
7,313
1,109
1,433
756
983
8,158
8,257
7,761
Maine Central
2,375
6,068
1,602
1,823
Chicago St. P. Minn. <t Omaha.
2,597
18,140
3.459
Monongahela
2,636
3,538
2,318
168
227
Duluth Mlssabe & I. R.......
6,971
65
27
Duluth South Shore & Atlantic.
808
40,065
9,775
1,854
5,545
7,168
38,671
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South.
4,161
5,111
29,567
9,511
1,518
7,718
4,099
3,762
267
51
39
Erie
Grand Trunk Western
Montour.
New York Central Lines......
N. Y. N. H. & Hartford
New York Ontario & Western.
2,904
3,548
2,418
1,456
31,634
42,594
10,180
8,132
1,049
4,910
896
Pittsburgh & Lake Erie
3,794
Pere Marquette
Pittsburgh & Shawmut
4,095
4,903
7.468
6,008
205
441
N. Y. Chicago & St. Louis
2,914
1,820
11,885
1,561
9,869
Northwestern District—
Chicago & North Western
Chicago Great Western..
Chicago Mllw. St. P. & Pacific-
482
450
470
149
180
23,811
21,548
2,979
3,343
665
542
543
635
804
3,859
2,441
68
1,794
1,611
1,997
1,815
1,812
Minn. St. Paul & S. S. M_.._.
5,283
7,759
1,954
Northern Pacific
7,479
10,197
6,307
10,119
2,775
3,782
348
354
179
369
1,138
1,190
1,160
1,841
Spokane International
667
624
777
Spokane Portland & Seattle
6,409
6,758
3,158
5,560
5,263
4,587
7,388
2,447
1,005
7,958
119,799
151,518
148,556
118,158
154,332
458
533
625
534
608
25,008
2,913
32,421
33,071
15,111
17,280
6,818
5,850
1,049
3,456
3,438
.
269
5
8
19
9,320
10,904
593
33
45
294
29
36
37,708
47,818
27,856
3,316
22,652
3,489
4,637
5,840
3,758
2,075
2,456
142
507
340
66
129
19,524
1,878
14,193
2,419
18,437
1,650
14,850
2,475
19,336
1,838
6,357
7,566
652
663
13,389
2,890
671
873
7,991
1,851
1,264
1,705
2,391
2,297
2,215
9,337
2,654
1,530
2,651
Denver & Salt Lake......
94
97
30
28
Fort Worth & Denver
566
606
722
2,037
860
1,149
71,390
1,095
67,446
13,419
2,081
1,326
46,192
17,006
51,185
10,231
5,047
12,949
1,063
32,641
13,117
2,376
6
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois
Colorado & Southern
192
Illinois Terminal.
290
352
24
1,512
City
1,857
2,137
1,254
1,469
994
891
1,145
1,541
1,940
680
721
1,945
1,393
51
145
592
980
1,036
438
434
33
162
267
22,179
25,936
21,928
320
261
484
3,583
1,055
13,797
14,253
13,824
6,432
5,844
1,455
8,367
M lsso uri-llltnols
....
7,440
17
47
30
1
3,622
3,341
4,411
6~043
Toledo Peoria & Western
106,371
155,218
147,020
81,765
112,470
12,988
344
286
North Western Pacific
3,001
17,364
305
30
Nevada Northern
Peoria & Pekln Union
West Virginia Northern
Southern Pacific
(Pacific)
Union Pacific System
Total.
115,598
Denver & Rio Grande Western-
203
56
(Pittsburgh)
134,485
25,243
Chicago & Illinois Midland
1,102
5,658
1,013
195
Western Maryland
386
1,482
...
226
567
Union
_
1,072
6,131
Cumberland & Pennsylvania..
Ligonler Valley
Long Island
...
160
963
659
—
Bingham & Garfield
Chicago Burlington <fe Quincy..
185
5,218
Penn-Readlng Seashore Lines.
Pennsylvania System
Co
341
1,569
82,412
864
Central RR. of New Jersey...
Cornwall
Reading
280
1,960
Central Western District—
Atch. Top. & Santa Fe System.
Buffalo Creek <fe Gauley
Cambria & Indiana
3,051
327
1,244
Total
Alton
Alleghany District—
Bessemer <fe Lake Erie
92
Lake Superior & Ishpeming
Minneapolis & St, Louis.
543
Akron Canton & Youngstown.
Baltimore & Ohio
483
7,209
6,196
257
«...
321
3,806
4,891
952
Total.
184
1,445
7,143
561
Pittsburgh Shawmut & North..
Pittsburgh & West Virginia
Wheeling & Lake Erie
275
13,202
12,707
Great Northern
Green Bay & Western
Rutland
Wabash.
3,776
7,224
3,085
56
121
288
203
11
11
1,525
1,684
1,569
1,682
1,973
112,739
122,626
110,883
42,828
53,917
Utah
Western Pacific
Pocahontas District—
Chesapeake & Ohio
19,519
18,446
22,243
21,337
3,438
8,387
3,787
10,454
4,019
972
989
41,989
Virginian
21,401
4.024
Norfolk & Western
47,059
47,018
13,146
16,094
21,639
Total
4,651
Southwestern District—
Southern District—
International-Great Northern190
285
230
147
198
Atl. & W. P.—W. RR. of Ala..
851
658
832
1,093
1,118
821
861
865
530
622
395
123
109
177
208
2,354
1,939
2,191
1,320
2,016
1,448
1,972
2,063
184
Louisiana & Arkansas.
219
197
806
2,008
2,076
1,914
1,594
2,166
1,492
1,581
1,660
Kansas City Southern
Atlanta Birmingham & Coast..
Atlantic Coast Line
440
135
2,647
1,946
Fort Smith & Western
Gulf Coast Lines
Alabama Tennessee & Northern
163
187
126
Burlington-Rock Island
Total.
1,086
1,078
510
Kansas Oklahoma & Gulf
...
919
Louisiana Arkansas & Texas
160
177
208
360
Litchfield & Madison
226
191
235
807
Midland Valley
Missouri & Arkansas
530
562
624
221
204
109
202
130
252
266
4,819
5,162
16,915
4,964
17,183
2.841
3,244
7,005
3,727
8,109
4,376
7,273
4,127
4,015
2,284
Charleston & Western Carolina
Cllnchfleld
625
780
683
895
864
1,346
1,210
1,216
4,637
3,187
1,079
1,829
Columbus & Greenville
261
364
252
414
396
Missouri-Kansas-Texas Lines..
Durham & Southern
201
176
162
355
309
Missouri Pacific
Florida East Coast.
328
466
367
358
488
Quanah Acme & Pacific.
81
129
125
78
132
26
36
43
84
103
St. Louis-San Francisco..
7,246
8,841
3,590
4,200
887
863
884
1,385
1,391
St. Louis Southwestern
2,360
2,368
2,082
Texas & New Orleans
5,989
2,712
2,639
3,172
Texas & Pacific
4,271
6,750
4,659
8,562
2,586
5,782
4,253
4,039
4,232
196
241
218
87
77
18
34
102
43
36
50,353
54.847
53,229
32.141
36.372
Central of Georgia
Gainsvllle Midland
Georgia
Georgia & Florida
288
454
373
353
349
Gulf Mobile & Northern
1,440
1,734
1,019
19,618
20,844
1,624
20,352
860
Illinois Central System
Louisville & Nashville-
8,638
11,163
17,655
20,922
19,383
4,557
5,249
Macon Dublin & Savannah
176
244
165
349
123
169
182
257
331
7,603
8,786
477
Mississippi Central
15,642
940
Note—Previous year's figures revised.
Moody's Commodity Index Slightly Higher
July
July
July
July
July
Thurs. July
Fri.
July
Sat.
Mon.
Tues.
Wed.
22
23
...147.7
No Index
z5_
147.4
26-____
27
28
29-.-
148.0
148.3
148.0
147.9
Wetherford M.W.&N.W
Total
* Previous figures.
indexes
Moody's Commodity Index rose slightly from 147.7 a
week ago to 147.9 this
Friday. Prices of cocoa, hides, rubber,
wheat, steel scrap and copper were higher, while silk, corn,
hogs, cotton, wool and sugar declined. There were no net
changes for silver, lead and coffee.
The movement of the Index during the week was as follows:
Fri.
Wichita Falls & Southern
Two weeks ago,
igo.
July 15-
Month ago, June 29
Year ago, July 29
1937 High—April 5
Low—Nov. 24
1938 High—Jan. 10
Low—June 1.
146.8
140.8
204.9
228.1
144.6
152.9
representing
the
prices
of fertilizer
materials and miscellaneous
commodities advanced slightly.
Price
advances and declines were balanced in
with 25 price series moving
number during the week,
upward and 25 declining; in the preceding week
there were 40 advances and 26 declines; in the second
were
preceding week there
44 advances and 15 declines.
WEEKLY
WHOLESALE COMMODITY
PRICE
Compiled by the National Fertilizer Association.
Latest
Per Cent
Each Croup
Week
Group
INDEX
(1926-1928=100)
Preced'g
Month
Week
Ago
July 16, June 25,
Year
Ago
July 24,
Bears to the
July 23,
Total Index
1938
1938
1938
1937
85.9
130.1
The
60.8
81.8
78.1
86.0
68.0
67.7
65.7
89.0
49.5
48.6
48.8
66.9
57.5
59.8
62.8
103.5
Livestock
75.7
74.9
70.7
90.4
Foods
Farm products
-
wholesale
17.3
Fuels
10.8
Miscellaneous commodities
commodity price index compiled by the
74.6%
in the
as
77.6
78.7
_
-
78.7
78.0
86.5
77.7
77.5
76.5
88.1
8.2
Textiles
59.2
58.9
57.6
77.9
7.1
Metals.
88.4
88.4
94.5
105.7
6.1
National Fertilizer Association dropped
slightly during the
week ended July 23.
Based on the 1926-28 average of 100 %,
last week the index registered
Building materials
79.5
79.1
79.7
88.8
1.3
94.2
94.7
93.7
95.6
Fertilizer materials
69.8
69.6
69.1
72.2
.3
Fertilizers
77.1
77.1
76.8
78.6
.3
compared with 74.7%
it stood at 74.1% and
Chemicals and drugs
.3
preceding week.
A month ago
ago at 88.6%.
The Association's announcement,
under date of July 25, continued:
a
73.1
63.7
83.1
Grains
Wholesale Commodity Prices Declined Slightly During
the Week Ended July 23
According to the National
Fertilizer Association
74.2
63.3
Cotton
23.0
73.6
Fats and oils
Cottonseed oil.
25.3
Farm machinery-.
97.9
97.9r
98.1
96.4
74.6
74.7
74.1
88.6
year
Lower prices for foodstuffs
all-commodity index.
r
were
largely responsible for the drop in the
of meats resulted in a moderate downturn in
the food price average.
The
index of grain prices was
again lower last week but the effect of this in the
livestock; the net result
offset
by higher prices for cotton and
a small rise in the index of farm
product prices,
taking it to the highest point reached since last March.
The textile group
index was higher than at any time since
May, reflecting rising prices for
cotton, wool, burlap, hemp and silk.
Small increases last week in steel
tin failed to change the metal group average, which has remained
again higher with
the rise.
The building material average
an upturn in lumber quotations
being responsible for
The chemical and drug index declined
during the week and the
combined
Revised.
June Sales of Department Stores in New York Federal
Reserve District 9.4% Below Last Year—Decreased
Sales
was
at the same level for the past three weeks.
was
All groups
Declining prices for dairy products and most kinds
farm product group was more than
scrap and
100.0
In
Also
Noted
for
Four
Weeks
Ended
July 23
reporting on department store sales in the Second (New
York) District, in its Aug. 1 "Monthly Review," the New
York Federal Reserve Bank says that "in June total sales of
the reporting department stores were about 914% lower than
last year, and apparel store sales were about 14% less, both
smaller declines than in May.
Department stores in practi-
Volume
Financial
147
cally all localities," the Bank "states, recorded somewhat
smaller decreases in sales during June than in the previous
month."
in this district
as
During the week ended July 23 wholesale food prices declined 0.1%
Fruits and vegetables and cereal products fell 0.9 and 0.8%
while
The Bank also has the following to say:
For the first half of 1938, total sales of the reporting
compared with
an
increase of 7.4% between the first half of 1936 and
Stocks of merchandise
prices
at the end of the month than at the end of
10-4%
were
lower.
June, 1937; apparel store
At this time last year stocks were being
raw
stocks
outstanding continued to be slower than
a
maintained at
sugar,
.
foods"
pork, and veal, oleomargarine, coconut oil,
cured pork,
peas,
pickled herring,
cocoa
meal, bananas,
corn
edible tallow,
dressed poultry,
beans, and most vegetable oils advanced.
higher than
a
month ago and 13.6%
lower
a
rise of
0.3%
An increase of 3.7%
in tankage
Prices of mixed
in the fertilizer materials group.
fertilizers remained unchanged.
four weeks
A decline of
less than usual from the June
During this four week period, sales were about 7%
•
respectively,
Among the individual items for which lower
The prices of butter, yellow
eggs.
canned
,
"Other
the
and
wheat and rye flour, canned peaches and corn,
were
oil, copra, grain alcohol, and castor oil.
index of de¬
partment store sales in this district is indicated by figures for the
products
Chemicals and drugs decreased 0.1% due chiefly to lower prices in coconut
caused
ended July 23, which appear to have declined
Dairy
.
than the corresponding week of July, 1937.
department and apparel stores.
rate.
0.3%
The food index, 74.3, is 1.5%
Collections of ac¬
year ago, both in the
A further increase during July in the seasonally adjusted
reported
dried apricots,
considerably higher levels than in the preceding year.
counts
were
lard, glucose, and
declined more
seasonally during June, and, at retail valuation, were 11.6% lower
than
advanced
oranges, fresh lamb, mutton,
1937.
hand in the department stores
on
meats
groups remained unchanged.
department stores
less than in the corresponding period of last year,
7.8%
were
639
Chronicle
5.7% in the prices of metal beds causeji a decrease of 0.2%
in the price of furniture.
below the cor¬
responding period of 1937.
No change is reported in furnishings.
Average wholesale prices of cattle feed and sulphite woodpulp declined
1.5% and 7.4%
respectively, during the past week.
There was also a
slight drop in the prices of soap.
Crude rubber and boxboard advanced.
,
Change from
Year Ago
a
Feb.
End
to
The increase of 1.7%
May 31
Collected in
hides and leather
last week.
June
Hand
on
Automobile tire and tube prices remained stationary.
Outstanding
Stock
Net Sales
Locality
of Accounts
%
Percentage
of
over
The price of shoes and "Other leather products," such as har¬
June
Month
1937
1938
—9.0
—8.3
—12.7
50.5
49.9
index
—15.1
—11.2
—6.2
47.4
42.5
ported for burlap,
—1.9
Rochester
in leather brought the
luggage, belting, and gloves, were steady.
ness,
June
New York and Brooklyn
Buffalo
in hides and skins and 0.6%
products group index up to 92.4, a gain of 0.3%
—3.2
—4.1
58.6
52.9
Due largely to the increase of 3.4%
for the textile
declined, but there
in the prices of silk and rayon, the
products group rose 0.2%
Increases were also re¬
.
Women's hosiery and cotton goods
hemp, and jute.
change in woolen and worsted goods or clothing.
was no
Syracuse
—12.4
—7.7
37.2
40.1
Northern New Jersey
—10.4
—10.3
—13.0
45.2
43.6
Bridgeport.
—13.6
—9.7
—12.5
41.9
38.8
Bituminous coal and fuel oil (Pennsylvania) showed slight increases,
Elsewhere.
—12.5
—9.3
—5.0
39.4
35.2
the price of gasoline (California) decreased 3.6%
—14.6
—6.7
—14.0
—13.3
—14.0
—9.2
Northern New York State
Southern New York State
—
Central New York State
—3.5
The fuel and lighting materials group index remained unchanged at 77.4.
The 4.3%
m
•»
while
.
advance of scrap steel and the decrease of 4.4% in the price of
antimony did not affect the level for metals and metal products, the index
-
remaining at 95.3%
of the 1926 average.
Hudson River Valley District
Westchester and Stamford
—6.3
—3.4
—16.3
—12.6
Niagara Falls
—19.5
—15.5
—9.4
—8.5
—11.6
48.3
46.7
paint and paint materials increased 0.1%
—12.9
—10.4
45.2
42.1
remaining at 89.3.
....
All department stores
Apparel
—13.8
stores
;:
m.
•
m
■1
-
V
Although
1.1%
brick and tile decreased
lumber advanced 0.2%
,
,
the index for building materials
The following table shows index numbers for the main groups
June sales
those of
a
and stocks in the principal
departments are compared with
modities for the past five weeks and for
previous in the following table:
year
and
mm.
of com¬
July 24,1937, July 25, 1936, July 27,
1935, and July 28, 1934.
(1926=100)
Stock on Hand
Net Sales
Percentage Change
Percentage Change
July
June 30.
Compared with
1938,
Compared with
June, 1937
June 30, 1937
June, 1938,
Classification
Toilet articles and drugs
+ 1.2
—0.7
July
9
16
July
July
July
24
25
2
July
July
28
27
25
1938
1938
1938
1938
1938
1937
1936
1935
1934
All commodities.
—12.0
Musical Instruments and radio
July
July
23
Commodity Groups
78.7
78.9
78.3
77.9
78.2
87.5
80.2
79.2
74.7
69.3
70.7
69.4
68.5
68.8
88.4
81.4
77.1
64.5
74.3
74.4
73.7
72.7
73.2
86.0
81.0
82.2
70.8
92.4
92.1
91.5
91.9
91.0
107.6
94.0
90.1
86.1
65.8
65.7
65.7
65.3
64.9
77.9
70.2
69.9
71.4
—6.9
—2.7
—15.2
—3.0
—19.8
Hides and leather products..
—1.8
Silverware and jewelry
Hosiery
Farm products
Foods
I
-
Cotton goods
Books and stationery
Shoes
+0.2
+8.3
—
products.wi-i
Textile
..w...
—8.5
Fuel and lighting materials..
77.4
77.4
77.2
77.0
76.8
78.6
76.8
75.2
74.7
—8.0
—11.3
Metals and metal products..
95.3
95.3
95.3
95.1
96.4
95.4
-86.2
85.7
86.3
—9.1
—14.3
Building materials..
89.3
89.3
88.5
89.5
90.0
96.8
86.8
85.1
86.7
Men's and boys' wear
—10.4
—14,8
Chemicals and drugs
77.0
77.1
76.8
76.7
76.1
83.8
79.1
78.4
75.6
—11.7
—6.4
Housefurnishing goods
87.9
88. C
88.1
88.4
88.4
91.6
82.6
81.9
83.0
Women's and misses' ready-to-wear
—11.9
—18.9
Miscellaneous
72.5
72.6
72.5
72.9
72.8
79.2
71.3
67.5
70.1
Raw materials
72.2
72.7
71.9
71.1
71.3
85.7
79.5
*
Semi-manuiactured articles..
74.4
74.3
74.2
73.4
74.3
86.9
75.5
*
*
*
*
Men's
—7.3
furnishings.
Women's ready-to-wear accessories
-..
Silks and velvets
—12.3
—15.6
Home
—12.7
—7.1
—14.9
—20.3
furnishings
Furniture
-
—16.1
Miscellaneous
..
—5.8
Labor
Declined
0.3%
During
Department of Labor, Bureau of Labor
week
primarily because of a decline in wholesale prices of
farm
products, Commissioner Lubin announced on July 28.
Lubin said, "followed advances of the
"The decline," Mr.
preceding three weeks and placed the combined index of
800
price series at 78.7% of the 1926 average.
is 0.6%
the
over
The index
montlrago and 10.1% lower than for
week of July 1937." Commissioner
higher than
a
corresponding
80.8
housefurnishing goods, and miscellaneous commodities.
Electric Output for
building materials,
Hides
remained unchanged from the previous week.
of raw materials fell
0.7%
showed
than
lower
a
during the week, largely
higher than last month and
The current raw materials index, 72.2, is 1.3%
15.8%
a
ago.
year
slight gain of 0.1%
.
Semi-manufactured commodities prices
They are 14.4% lower than they were at
is
now
0.4%
number
index
of finished
products
declined 0.1%
lower than
higher than last month and 6.9%
Non-agricultural commodities prices increased 0.1%
according to the index for "all commodities
This is
an
compared
measured
increase of 0.6%
and
over
a
last
week and
a year ago.
over a
week
month ago and a loss of 7.6%
change during the week.
The announcement issued
of 3.3%
in
They
were
0.1%
grains and
Light-hogs advanced 0.7%
Lubin
as
above, also stated:
2.3%
principally because of de¬
in livestock and- polutry.
Grains
2 yellow corn, which increased 2.1%
.
while calves, cows, steers, heavy hogs, and live
Onions, apples (Chicago), peanuts, cotton, and lemons
marked price decreases.
Apples (New York), white potatoes
flaxseed advanced in price.
The farm
index, 69.3, is 0.7% higher than a month ago and 21.6% below
(Chicago and New York), wool, and
that for July,
Week Ended July 23, 1938, 7.7%
a
Year
Ago
1937.
weekly re¬
for the week ended July 16, 1938, was
The output
2,084,457,000 kwh.,
week
a
estimated
decrease of 9.3% from the like
a
year ago.
PREVIOUS YEAR
Week Ended
Regions
Week Ended
Week Ended
Week Ended
July 23,1938
Mjor Geographic
July 16, 1938
July 9, 1938
July 2, 1938
x0.5
..
West Central..
•■.y;
16.1
5.3
:;
1.1
16.5
1.7
3.5
—
9.0
4.4
16.3
2.6
15.8
Central Industrial
3.7
7.9
5.3
New England
3.4
4.7
4.4
6.5
9.1
19.3
23.7
28.4
26.6
3.2
5.4
6.8
5.7
7.7
9.1
10.3
10.0
Southern States.—..
Rocky Mountain.
Pacific Coast
xIncrease.
RECENT
FOR
"VvEEKS
(THOUSANDS
OF
KILOWATT-HOURS
Percent
Change
Week Ended
1938
1937
1938
1936
1932
1929
from
1937
May
poultry declined.
products
78.5
higher
farm products fell 2.0%
declined with the exception of No.
also showed
76.9
77.9
when
July 28 by the Department of
Labor, quoting Commissioner
creases
79.6
79.5
to be
DATA
5.4% lower than they were a month and year ago, respectively.
Wholesale prices of
80.0
86.3
ago,
Average prices of industrial commodities, as
by the index for "all commodities other than farm products and
no
87.4
81.5
other than farm products."
with last year.
foods," registered
80.3
81.5
of electricity by the electric
light and power industry of the United States for the week
ended July 23, 1938, was 2,084,763,000 kwh.
This is a
decrease of 7.7% from the output for the corresponding
week of 1937, when production totaled 2,258,776,000 kwh.
Total United States.
this time last July.
The
80.1
81.4
port, estimated that production
Middle Atlantic
prices for agricultural commodities, copra, and pepper.
because of lower
80.3
81.6
The Edison Electric Institute, in its current
textile products groups advanced, and the three
remaining groups, fuel and lighting materials, metals and metal products,
prices
80.7
PERCENTAGE DECREASE FROM
and leather products and
Wholesale
81.6
prices of foods, chemicals
Slight decreases occurred in average market
and
88.9
Not computed.
Lubin also stated:
and drugs,
82.5
Below
all-commodity index fell 0.3% during the past
Statistics'
82.3
than
products and foods.
Week Ended July 23
The United States
82.3
than
other
82.9
81.6
other
commodities
farm
;'-v
82.8
Commodity Prices of United States
of
Department
.
farm products
All
*
Index of Wholesale
.
..
commodities
All
—11.7
—6.0
Luggage and other leather goods...
—12.3
—17.5
-
.
.
Finished products
—6.6
—16.1
Toys and sporting goods
Woolen goods
.
7
May
14
...
1,939,100
1,967,613
May 21—■
1,967.807
May 28..
4
July
9
July
16
1,973,278
1,878,851
1,991,787
1,991,115
2,019,036
2,014,702
1,881,298
2,084,457
July
23
2,084,763
July
30
June
June
11-
June
18
June 25.-—-.
July
Aug.
2
e__
Aug. 13..
—
2,176,363
—10.9
1,928,803
1,429,032
2,194,620
2,198,646
—10.3
1,947,771
1,436,928
1,688,434
1,598,492
—10.5
1,961,694
1,435,731
1,704,426
1,705,460
1,615,085
2,206,718
—10.6
1,954,830
1,425,151
2,131,092
—11.8
1,922,108
1,381,452
2,214,166
—10.0
1,945,018
1,435,471
2,213,783
—10.1
1,989,798
1,441,532
2,238,332
2,238,268
—9.8
2,005,243
1,440,541
—10.0
2,029,639
1,456,961
1,723,428
2,096,266
—10.3
2,298,005
2,258,776
—9.3
1,956,230
2,029,704
1,341,730
1,415,704
2,261,725
2,099,712
2,088,284
2,079,137
1,426,986
2,300,547
2.079,149
1,415,122
1,592,075
1,711,625
1,727,225
1,723,031
1,724,728
1,729.667
2,256,335
—7.7
1,433,993
1,440,386
1,689.925
1,699,227
1,702,051
Financial
640
Chronicle
Chain Store Sales in New York Federal Reserve District
July 30, 1938
FACTORY EMPLOYMENT
AND
PAYROLLS
(1923-1925 Average=100)
During June Reported 7% Below Year Ago
According to the Aug. 1 "Monthly Review" of the New
"total June sales of the reporting
chain store systems in the- Second (New York) District
were about 7% lower than last year, a smaller decrease than
in May.
The "Review" further says:
Payrolls
Employment
York Federal Reserve Bank,
Without Sea¬
Adjusted for
Without Sea¬
sonal
sonal Adjustm't
Seasonal Varia'n
Adjustm't
June
May
June
June
May
June
June
May
June
1938
1938
1937
1938
1938
1937
1938
1938
1937
The volume of sales of the grocery chain store systems was slightly higher
1937, for the first time in several months; and the declines
than in June,
Durable Goods
Machinery.
substantial, were smaller than in May.
..—-—
considerably the total number of stores operated, with the result that sales
in June were about 14% higher than in June, 1937, in contrast
with the small increase in total sales indicated above.
per store
74.6 100.7
56.3
60.9 110.4
89.1
129.4
85.7
89.6 129.2
76.7
81.3 137.2
60.6
-
.....
Transportation equipment..
and June, 1938, the reporting grocery chains reduced
Between June, 1937
72.4
85.8
Iron and steel
shoe, and candy chains, although
shown in sales of the 10-cent and variety,
65.1
122.6
62.3
68.2 126.4
56.7
59.9 127.8
75.5 101.4
73.0
65.4
133.8
62.1
68.7 137.8
52.9
56.1 135.2
Railroad repair shops
39.4
40.3
63.7
39.6
41.0
64.0
40.6
42.5
Nonferrous metals
80.8
82.6 115.0
80.0
82.5 113.9
66.0
68.7 111.5
Lumber and
53.6
54.4
72.3
54.1
54.4
72.9
48.1
47.4
72.3
54.2
54.9
70.4
57.1
57.4
74.0
51.2
52.6
71.4
82.0
82.4 105.4
60.3
Automobiles........-—
products
Stone, clay and glass
68.7
For the first six months of 1938, total sales of the reporting chain stores
were
with
an
lower than in the corresponding period of 1937,
about 5%
as
Non-durable Goods
compared
Percentage Change
Jan.-June, 1938,
Percentage Change, June, 1938,
Compared with June, 1937
82.3 103.4
60.5
63.7
91.3
Fabrics—
77.9
77.4 101.3
76.7
76.8
99.7
62.3
62.7
93.8
Wearing apparel......
89.3
91.8
112.0
87.2
93.2 109.3
54.6
63.0
82.5
80.4
83.3
96.1
78.4
82.5
55.9
58.3
80.6
Textiles and
between the first half of 1936 and 1937.
4.7%
80.5
A.
B.
increase of
Compared with
Jan.-June, 1937Type of Store
Number of
Total
Sales Per
Total
Sales
Store
Sales
products
+ 13.8
Ten-cent and variety—
+ 0.8
—8.6
—9.4
—5.7
Shoe
+ 2.3
—12.2
—14.2
—10.9
—7.8
—12.0
—4.6
—8.0
—3.1
—4.7
—7.2
—2.6
—5.1
55.7
A. Chemlcals group, except
petroleum refining... 104.3 106.5 128.0 100.2 104.8 123.4 107.9 111.3 135.7
117.1
refining
118.6 125.4
117.7
69.9
B. Petroleum
+ 0.3
52.5
55.2
60.1
59.4
60.3
91.6
93.8 104.9
97.2
98.5 106.9
98.8 108.2
98.4
Paper and printing...
Chemicals & petroleum prods. 106.8 108.9 127.5 103.6 107.2 123.9 114.5 117.7 137.4
Store
—11.9
60.2
60.8
60.4
Tobacco products
93.8
107.0 101.8 112.6 111.3 107.0 115.8
107.6 114.7
108/9
Food products.
Sales Per
Stores
Leather
products......
70.2 100.0
70.6
Candy
All types
,
—2.3
+ 7.4
Rubber products
126.0 135.9 138.4 143.0
117.4
63.1
63.2
71.5 101.2
103.8
—1.8
Grocery.
—6.6
12.0
—
nearest the middle of the month.
Total
Business Indexes
Monthly
of Board of Governors of
BUSINESS
registered
Perkins
on
for which permits were issued was 12%
buildings
the
while the value of additions,
Adjusted for
-
Seasonal Adjustment
June,
May,
June,
June,
May,
June,
1938
1938
1937
1938
1938
1937
P77
76
114
2*75
73
114
ji'.n
91
115
2*54
51
61
7*63
61
Industrial production—Total.
Manufactures
_
Minerals..
Construction contracts, value—Total.
Residential
All other.....
V 45
P78
72
44
47
76
92
77.5
101.4
7*75.7
77.4
101.1
97.8
7*65.7
68.2
98.8
88.6
105.3
7*86.5
87.4
69.2
102.9
7*57.7
60.5
Non-durable goods
7*78.9
80.3
—
Freight-car loadings
Department store sales, value
Department store stocks, value
-•
-
■
-
-
104/j
100.8
58
58
78
58
57
T 78
93
7*79
780
90
7*67
69
76
7*64
71
value
of 1937.
residential
new
family-dwelling
buildings,
decreased
alterations
Total
permit' valuations
compared with
as
June,
During the first
the
over
for
on
dally
The
indexes based
on
three-month
moving average of F. W.
Dodge data for 37 Eastern States.
Employment index, without seasonal adjustment and payrolls
by Bureau of Labor Statistics.
INDUSTRIAL
value
11%
of
decrease of
in
index
of
decrease
new
of
compared
residential
value
month
the value
of
of
non-residential
new
valuations of
declined by 24%.
showed
1938 permits
the
with
buildings
7% in the value of
decline of
a
new
issued
were
9%
the cities
in
$782,697,000.
at
corresponding
also
This is
period
11%.
declined
a
1937.
of
There
was
a
non-residential buildings and of 17%
additions, alterations and
compiled
in
4% in
with the
1938,
period, while permit
current
than
1937.
six months
as
June,
to existing structures
the
issued
decrease of
a
increase of 5% in the number
an
The
year
and repairs
dwelling units
of
were
was
comparing
was
provided.
units
5%
buildings
additions,
number
permits
While there
corresponding month of 1937, there
of
larger
a
which
for
reporting to the Bureau for buildings valued
Note—Production, carloadlngs and department store sales indexes based
contract
buildings
new
the
of
month
consecutive
in
corresponding month
73
Revised.
averages.
Construction
second
provided
the
79
p82
the
For
were
103.5
7*67 0
-
Durable goods
r
118
Secretary Perkins added:
114
*
2*65.1
7*88.0
Factory payrolls—Total
Preliminary,
75
no
67.2
2*76.6
Durable goods
Non-durable goods
V
115
7*75
p 90
77
62
5
p
Factory employment—Total
77
42
37
2*41
P77
alterations and repairs showed
The total value of all buildings for which
permits were granted showed* a gain of 18%.
All geo¬
graphic divisions except the Mountain and Pacific, regis¬
tered gains
in the value of new residential buildings."
gain of 4%.
a
Without
Seasonal Vaiiation
1
■
..
of building construction
higher in June than in May," she said.
"The increase in
case of new non-residential buildings amounted to 45%,
INDEXES
(1923-1925 average=100)
.
Over May, Secretary
June, Secretary of Labor Frances
July 23.
"The value of new resi¬
increases in
announced
dential
Construction
Building
all types
valuations for
Permit
Board of Governors of the Federal Reserve
System issued as follows its monthly indexes of industrial
production, factory employment, &c.:
for
Valuations
Permit
During June Increased 18%
of Labor Perkins Reports
Federal Reserve System for June
On July 23 the
and payrolls are for payroll period ending
June, 1938 figures are preliminary.
Note— Indexes of factory employment
repairs.
Making available the foregoing remarks of Secretary Per¬
kins, the United States Department of Labor said:
PRODUCTION
(1923-1925 average=100)
The percentage change from
various
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
2,054
June,
May,
June,
June,
May,
1938
1937
1938
1938
of
cities having
1937
May to June in the permit valuation of the
construction
indicated *in
is
population of 1,000
a
or
June,
1938
classes
the
following
table
for
over:
Change from May, 1938, to June, 1938
Class of Construction
All Cities
Excl. New York
Manufactures
Durable Goods
New residential
Iron and steel
+ 12.0
+ 7.2
+ 45.3
+ 34.6
+ 3.7
—0.5
46
51
119
New non-residential
36
41
105
Additions, alterations, repairs
48
121
47
52
121
49
130
52
59
147
12
30
♦
12
29
*
69
74
*
82
91
44
260
72
47
234
73
Cement
46
107
*
Steel ingots
Automobiles
Locomotives
119
40
46
.
47
36
47
Pig iron
69
112
*
Plate glass
80
Tin deliveries
Beehive coke..
29
P6
p5
5
24
Total
+ 18.3
There
keeping
cities.
Non-durable Goods
shown
Textiles
77
p87
Cotton consumption.
126
p82
77
88
81
136
85
83
for
115
90
86
77
80
82
76
58
66
49
60
64
change
permits
were
issued
+ 12.3
provided
in
the
during
new
June
house¬
in
these
May.
over
from
units
1937,
June,
1,573 cities having
by
class
of
construction,
population of 2,500
a
102
84
which
for
gain of 8%
a
percentage
below
family-dwelling
50
or
is
over:
130
87
81
Hogs..
is
119
101
Silk deliveries
Slaughtering and meat packing
dwellings
This
The
18,173
were
Cattle
108
103
111
101
100
110
110
134
114
125
139
All Cities
Excl. New York
104
Calves
Change from June, 1937 to June, 1938
Class of Construction
Sheep
151
164
145
148
161
142
Wheat flour
98
86
94
86
81
83
Sugar meltings
Newsprint production
78
81
69
93
91
53
61
52
54
63
—4.2
—12.3
82
51
New residential
......
Newsprint consumption
Leather and
*
Tanning
125
145
*
129
104
119
2*88
96
100
*
75
102
*
Cattle hide leathers
*
77
99
*
73
*
68
83
*
65
80
75
128
*
69
128
197
202
♦
118
114
Compared with June, 1937, there
97
Calf and kip leathers...
Goat and kid leathers
Petroleum refining
Gasoline
—18.3
—26.8
—9.1
Total
114
71
—4.5
—24.4
—17.4
144
2*91
products
New non-residential.
Additions, alterations, repairs
*
*
197
253
130
133
Lubricating oil
*
108
occurring between
1937
are
the first
six months of
1938
and
the
indicated below;
129
165
changes
106
*
increase of 5% in the number
family-dwelling units provided.
The
like period of
256
114
an
201
*
#
Fuel oil
of
was
164
•.
Kerosene
Tobacco products
150
*
70
73
*
72
80
237
212
*
240
234
84
80
*
84
82
163
Cigars
Cigarettes
Manufactured tobacco
Change f rorn First 6 Mos. in 1937
Class of Construction
to First 6
Mos. in 1938
All Cities
New residential
Excl. New York
—11.0
New non-residential
—22.3
—6.5
Additions, alterations, repairs
—
13.4
—16.5
—16.4
—10.8
—18.3
Minerals
Total
Bituminous coal
2*58
57
81
2*5 2
49
72
Anthracite
p72
64
r77
2*63
64
r67
158
175
Petroleum, crude
The data
V148
156
172
V151
Lead
64
60
70
65
59
72
Zinc-...
70
79
115
68
80
111
for
92
107
*
89
105
in
19
122
67
28
240
public
Sliver
*
—
Iron ore..
*
Data not yet
34
available,
p
Preliminary,
r
Revised.
to
private
which
the
and
for
collected
and
were
included
in
awarded
the
buildings amounted
June,
Statistics show, in addition
construction, the number and value of buildings
by the Federal and State Governments,
municipal
contracts
cities
by the Bureau of Labor
to
report.
For June,
$7,845,000
1937, to $19,084,000.
;
1938,
for May,
the value of these
1938,
to
$4,152,000,
Financial
147
Volume
Chronicle
641
Permits were issued during June for the
following important building
In Buffalo, N. Y., for an institutional building to cost over
$450,000; in New York City—in the Borough of the Bronx, for apartment
of grains and preparations increased from
$18,600,000 in the.first half of
1937 to $142,400,000, while meats and dairy
houses
valued at about 15 million dollars
projects:
to
cost
$1,100,000;
apart¬
ment houses to cost over
$3,500,000; in the Borough of Queens, for onefamily dwellings to cost over $3,000,000, for factory buildings to cost
over
$2,000,000, and for an institutional building to cost $3,400,000; in
Norristown,
Pa.,
for
a
hospital
to cost
approximately $300,000; in
Detroit, Mich., for one-family dwellings to cost over $2,600,000, for a
hospital
to
to
cost
over
cost
nearly
$800,000,
approximately
the
in
and
Borough of
Brooklyn,
for
mercantile buildings
for store and
apartment
nearly $350,000; in Washington, D. O., for one-family
dwellings to cost over $1,500,000; in Durham, N. C., for a school building
to cost $600,000;
in Houston, Tex., for office buildings to cost nearly
houses
to
$900,000;
cost
$250,000;
in
Minneapolis,
for
Minn.,
cost
in
San
Antonio,
$700,000;
over
Tex.,
Los
in
for
Angeles,
mercantile
and
store
buildings
to
dwellings to
nearly $3,000,000, for multi-family dwellings to cost over $775,000,
for store and mercantile buildings to cost more than $300,000; and in
cost
and
San
Mateo,
TABLE
Calif.,
for
1—PERMIT
a
school
Calif.,
for
OF
setting change
TO¬
CONSTRUCTION,
BUILDING
GETHER WITH THE NUMBER OF FAMILIES PROVIDED FOR IN
NEW DWELLINGS, IN 2,054 IDENTICAL CITIES IN NINE REGIONS
OF THE UNITED STATES, JUNE, 1938
47%
Families Provided for
in New Dwellings
Permit Valuation
as
June, 1938
2,054
May, 1938
139
495
462
large relatively
190
266
East South Central
94
West South Central
126
89
1,403,047
193
13,752,917
Pacific
Percentage change
18,173
crude
Similarly,
decline of approximately 29%
a
drought mentioned above.
Imports of crude materials, which consist also in large part of agricultural
approximately 40%
were
of business in the United
in
foreign trade in crude materials.
products were about 10%
quantity in the first half of 1938 than in the first half of 1937.
the only one to show a reduction from the preceding year, accounted for
1,215
2,223
2,369
456
485
986
1,677
1,560
483
16%
486
4-7.9
to the total.
Unci.
June, 1938
important export class, contributing 50.9%
certain
lation
June,
$8,183,545
$8,069,927
40,307,842
23,782,640
29,955,831 18,195,024
22,845,916 15,019,464
2,555,125
9,002,978
880,212
1,607,576
3,840,806
626.769
8,542,769
20,855,002
14,660,653
2,887,221
2,639,087
4,490,697
5,142,692
1,979,911
5,203,785
710,576
4,163,621
1,727,853
1,462,024
11,308,736
8,097,625
3.299,791
2,994,590
1.144.439
3,936,144
21.618,773
3,593,591
21,222,259
4-18.3
.'i.i..
4-45.3
of other
exports
implements,
items,—aircraft, metal-working machinery,
and
fuel,
motor
for
example—continued
the
smaller in quantity in the first
period of 1937,
same
larger than that for imports of crude materials.
of wood pulp were down
38%
those of tin 46%
,
two
May, 1938
or
June, 1937.
12%
approximately
one-half.
commodities
Compared with June, 1937, the value
a
for
The
lower
of
prices
both
export
and
smaller
from 20
from
decline
to
40%
in
each
A number of
quantity.
Imports of
the exceptionally large total of
107
yards recorded for the first half of 1937 to approximately
27 million square yards in the first half of 1938.
MERCHANDISE TRADE BY MONTHS
Exports,
Including
Re-exports,
General
1937
Exports and Imports
Imports,
and
Balance
6 Months Ended June
June
1937
1938
of Trade
Increase (-f)
Decrease(—)
1938
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Exports
265,341
232,686
1,536,562
Imports—
286,224
145,898
1,683,421
1,592,137
961,063
import
important part of the change in the foreign
an
a
burlap and newsprint,
under the quantity of a year before.
less, while the value of imports had been reduced by
account
in quantity,
recorded for three of the other economic classes.
decreased
cloth showed
million square
was
manufactured imports,
principal
commodities
cotton
The value of both exports and general imports was smaller in June than
in quantity, those
and cut diamonds, unset,
,
64%.
The
of exports was
reduction slightly
a
Among the various semi¬
manufactures, inedible vegetable oil imports fell off 33%
other
Department of Commerce
at Washington on July 25 issued its statement on the
foreign trade of the United States for June and the six
months ended with June, with comparisons by months
back to 1933.
The report is as follows:
agri¬
move
Imports of Manufactured Articles
Imports of semi-manufactures were 42%
six months of 1938 than in
dropped about 32%
The Bureau of Statistics of the
to
abroad in large volume through June.
relative decrease than
Country's Foreign Trade in June—Imports
and Exports
as com¬
While shipments of
articles,
notably automobiles, electrical apparatus,
steel products, showed a considerable contraction in May and
5.446.438
5,153,069
of total exports
in the first six months of 1937.
manufactured
and iron and
of 1930)
6.628,619
were
Finished manufactures in the first six months of 1938 were, as usual, the
Popu¬
May, 1938
it contributed
Sharp declines from the preceding year's volume
of heavy iron and steel products and wood pulp, parti¬
pared with 51.6%
Repairs) Permit Valuation
May, 1938
in
This class,
both the first and second quarters.
■
and
Alterations,
a year ago
smaller
cularly in the second quarter of 1938, and for naval stores and lumber in
3,968
3,980
of total exports this first half year, whereas
21%
shown for exports
Total Construction
Valuation
of semi-manufactured
Imports of finished manufactures decreased 33%
in either
9%
States and in foreign countries, rather than the
2,488
5,835,080
Percentage change.
quantity than in the
3,673
7,706,667
Pacific
smaller in
It was, however, the differences in the relative activity
2,644
$2,604,769
Mountain
relatively small
4,613
12,596,290
5,990,321
West So. Central
sugar were
reflection of the
Exports of Manufactured Articles
$1,526,356
East So. Central
a
year.
cultural
South Atlantic
Imports of Cuban
in
The reduction in imports
in the first half of 1938 because Cuban producers withheld
shipments with
the hope that prices would improve later in the
Exports
$42,629,264 129,347,688 $140,481,118 $118,706,508 59,871,525
West No. Central..
increase of about 22%
an
agricultural items, like meats and vegetable oils, is
(.Census
East No. Central..
in the quantity of imports of
accompanied by
830
8,233,472
1,182,683
4,448,206
1,486,768
14,057,019
Buildings
New England
Middle Atlantlo
was
the quantity of manufactured foodstuffs
exported.
882
New Non-residential
All divisions
declines in
period of 1937.
manufactured foodstuffs
most
Permit
The almost
considerable
as
approximately 36% below the quantity imported during the corresponding
16,845
4-12.0
June, 1938
well
as
of certain sub-tropical foodstuffs, caused the total quantity of
foodstuffs imported during the six months ending June to
drop
3,517,156
8,916,627
1,242,094
5,018,447
Mountain
the decline in other agricultural imports.
as
complete cessation of grain imports,
imports
11,909,754
18,540,733
13,103,311
4,400,536
South Atlantic
the other hand, declined in value $424,295,000,
$3,756,238
14,225,054
$3,947,816
East North Central
May, 1938
June, 1938
$70,325,522 $62,816,350
New England
Middle Atlantic..
West North Central
on
influence of the 1936 drought, that were primarily responsible for changes
Cities
All divisions
cotton
raw
The drop in competitive agricultural imports was about half
again
greater in volume.
of
The major off¬
year ago.
during the first half of 1938 in comparison with the first half of
,
1937.
commodities,
Geographic Division
a
first six months of 1937, while exports of ccude materials were about
New Residential Buildings
No.
than
the drop of 57 million dollars in the value of
was
Agricultural imports,
or
of
$240,000.
Unmanufactured tobacco exports were
more
exports.
one-family
building to cost
VALUATION
products were up from approxi¬
mately $22,000,000 to $28,000,000.
trade totals when comparisons are made with last year's figures.
the
same as
+ 55,575
—722,358
In fact,
in
physical volume of goods exported in June
June, 1937.
smaller than
a
was
The volume of goods imported
just about the
was,
however, about 38%
Exports, including reexports, amounted to $232,686,000 in June,
compared
with
$257,188,000 in
May,
1938
with
and
1938
$265,341,000
in
June, 1937.
plus
goods
which
(goods entered for storage in bonded
entered
merchandising
channels
ware¬
immediately
arrival in the country) amounted to $145,898,000 in June compared
with $148,260,000 in May, 1938 and $286,224,000 in June, 1937.
upon
Imports for consumption (goods which entered merchandising channels
immediately
upon
arrival in this country, plus withdrawals for consumption
from
warehouse) amounted to $147,938,000 in June compared with $147,241,000 in May, 1938 and with $278,300,000 in June, 1937.
Trade in Six Months
1933
power
Ending June
approximately
period of 1937, the quantity of exports of manufactured goods
Exports of non-manufactured
1937
1938
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
products,
was
June
actually
reflecting prin¬
domestic business activity and the improved 1937 agricultural production in
37% smaller in quantity than the unusually
large volume recorded for the first half of 1937.
were
The much larger value of exports than of imports in June and the preced¬
ing months of this year resulted in a net balance of merchandise exports for
the first half of 1938 of $631,074,000.
This unusually large excess of
since
largest for
1921—stands in sharp contrast
to the
any
corresponding half
excess
172,126
184,256
191,313
206,413
194,712
269,838
192,638
-
170,654
223.469
144,109
July
August
September
October..
131,473
160,119
193,069
—
....
—
198,803
221,296
198,564
182,024
195,113
192,795
200,772
185,693
180,390
178,975
220.539
264,949
226,364
229,800
222,665
233,125
256,565
268,945
289,922
265,341
268,184
277,031
296,579
332,710
314,697
289,252
262,572
275,934
274,507
257,188
232,686
319.787
669,329 1,036,053 1,024,111 1,154,961 1,536,562 1,592,137
ended June 1,440,333 2,041,719 2,120,858 2,413,724 2,837,579 3,401,125
ended Dec. 1,674,994 2,132,800 2,282,874 2,455,978 3,345,550
6 mos. ended June
12 mos.
General Imports—
January
of merchandise
135,706
132,753
158,105
146,523
96,006
February
83,748
October
94,860
88,412
106,869
122,197
142,980
154,918
146,643
150,867
November
128,541
December
133,518
March...
May
year
173,230
105,217
114,203
119,790
April..
May
April
merchandise exports over imports—the
161,672
171,984
108.015
12 mos.
agricultural items, were about one-fifth larger
the other hand, showed marked effects from the decline in
They
170,244
March.,.
162,752
190,938
179,427
Imports,
the United States.
170,519
172,220
101,513
cipally the increase in
on
160,197
176,223
163,007
185,026
164,151
165,459
120,589
February
one-
third smaller in the first six months of this year than in the corresponding
slightly larger.
1936
1,000
December
during this period of depressed domestic business.
was
1935
1,000
Includino
January
Trade statistics for the first half of 1938 suggest the important extent to
Although the aggregate output of our factories
1934
1,000
Month or Period
Exports,
November
which exports have assisted in maintaining United States employment and
purchasing
631,074
146" 859
20~883
Excess of Imports.
Re-expons—•
The value of general imports
houses,
86,788
Excess of exports
year ago.
June
July
August
September
12
mos.
136,109
127,229
119,513
131,658
129,635
150,919
132,258
152,491
177.356
170,500
170,533
156,754
176,631
169.030
161,647
189.357
169,385
186.968
187,482
192,774
198,701
202,779
191,697
191,077
195,056
193,073
215,701
212,692
196,400
245,161
240,444
277,709
170,709
162,896
307,474
173,388
159,911
286,837
284,735
286.224
265,214
245.668
233,142
224.299
148,260
145,898
223,090
208,833
994,466 1,164,509 1,683,421
863,843
961,063
ended June 1,168,080 1,721,310 1,785,679 2,217,527 2,941,504 2,361,309
ended Dec. 1,449,559 1,655,055 2.047,485 2,422,592 3,083,668
592,091
6 mos. ended June
12 mos.
154,647
166,832
imports over exports of $146,859,000 recorded for the first half of 1937.
Exports of United
Foreign Trade in Agricultural Products
States Merchandise and Imports for Consumption
A considerable change in the composition of our
in
recent
months.
Exports
of
certain
foreign trade has occurred
agricultural products, which for
several years had been extremely small, began to move abroad in
1937
increasing
volume following the large crops of 1937, while the exceptional imports of
at
compared with the first half of 1937, agricultural exports
$93,274,000
more
were valued
in the first half of 1938, an increase of 29%
/
.
Exports
1938
Months Ended June
1937
Increased)
Decrease(—)
1938
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Exports (U. S. rndse.)..
256,481
229,515
Imports for consumption
278,300
147,938
1,507,365
1.621,749
1,571,467
943,315
1,000
drought—affected food products were simultaneously greatly curtailed.
As
6
June
Exports and Imports
1,000
1,000
4-64,102
—678,434
642
Financial
Chronicle
Month
or
1933
1934
1935
1936
1937
1938
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Period
Exports—U. 8.
Merchandise—
February
March
169,577
-—
April.
May............—
173,560
159,617
118,659
99,423
106,293
103,265
January
160,312
181.667
187,418
176,490
195,689
179,381
192,405
189,674
197.020
264,627
285,081
June.....
117,517
July
August
September..........
141,573
129,315
169,128
169,851
181,386
177,006
167.490
188,860
October
190,842
November......
181,291
203,636
192,156
267,258
December..
189,808
168.442
220.931
167.278
167,865
169,683
196,040
218,184
256,481
of
229,515
175,825
217,925
this traffic to
579,000,
mos.
itself felt, although
be somewhat smaller on
compared
as
293.374
agricultural relief
receiving
April
273,661
329,373
311.212
316.814
total.
for
below
the
level
the
decline
Bank's
the
the
with
April.
decline
a
Resident
of
farm
5.6%
in the first half of 1938
corresponding half of
from
1937, while in
the United
to Canada
Government
in connection
that it has arranged to send a second
with proposals to place armaments orders
Canadian firms.
with
the
only 10%
was
34%, according to a recent survey quoted by the
Importance is also attached to the official announce¬
British
the
of
ment
the
May,
was
summary.
mission
in
vVvproduction
industrial
Canadian
Imports for
Consumption
January
8.4%
of
decrease
a
were
656,902 1,018,164 1,003,120 1,135,454 1,507.365 1,671,467
ended June 1,4)3,397 2,008,483 2,085,092 2,375,415 2,790,879
3,359,414
ended Dec. 1,647,220 2,100,135 2,243,081 2,418,969 3,295,312
mos.
making
now
reported to
operators numbering 85,000 and representing a farm population of 382,000
States
12
is
date is
According to the most recent figures on employment, the complete
non-agricultural relief total, including totally unemployed as well as par¬
tially and fully employable persons, together with dependents, stood at
285,953
259.797
6 mos. ended June
12
traffic
tourist
summer
of
whole than a year ago.
264,613
262,173
223,920
226,666
the
volume
271,054
271,524
253,625
160,511
169,791
157,161
167.902
111,845
219,063
229,671
252,442
July 30, 1938
being offset by increased activity at holiday resorts where the influence
is
*
.
♦
92,718
128,976
168,482
84,164
91,893
125.047
March
i53,396
88.107
141,247
166,070
109,141
123,931
147,467
166.756
135,067
155,313
173,096
180,381
February
May
June
141,018
124,010
152,714
147,599
July........
August
September....
117,262
—
228,680
260,047
295,705
280,899
278.118
147,241
278.300
147,938
197,458
152,246
175,485
April..
186,377
189,590
194,296
199,776
189,008
194,311
262,919
248.730
149,288
125,269
127,170
December.....
6 mos. ended June
137,975
168,683
189,806
149,470
162.828
126,193
179,760
240,230
689,954
October.......
November.....
200,783
218,425
213,419
200,304
831,200
149,893
163,495
last year.
203,636
984,351 1,153,359 1,621,749
943,315
ended June 1,172,051 1,674,258 1,789,153 2,207,913 2,892,368
2,331,385
mos.
ended Dec. 1,433,013 1,636,003 2,038,905
2,423,977 3,009,852
last year.
These figures were released July 25
ernors of the Federal Reserve System.
MONTHS
Exports, Imports and Net Balance
6
June
Mos.
Ended
Aggregate debits for the 141 cities for which a separate
January, 1919, amounted to
$7,528,000,000, compared with $7,069,000,000 the preced¬
ing week and $8,189,000,000 the week ended July 21 of
total has been maintained since
mos.
SILVER BY
as reported by banks in
leading cities for the week ended July 20, aggregated $8,161,000,000, or 6% above the total reported for the preceding
week and 8% below the total for the corresponding week of
233,959
212.389
12
AND
Debits to individual accounts,
226,470
12
GOLD
Eight Per Cent Decrease Noted in Bank Debits
155,924
173,311
155,407
SUMMARY BY FEDERAL
June
RESERVE DISTRICTS
Increase {+)
Exports and Imports
by the Board of Gov¬
Decrease^—)
*1937
1938
*1937
1938
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
81
131
148
5,750
+5,602,
262,103
55,438
1,029,327
247,974
—781,353
262,022
55.307
No.
Federal Reserve District
Week Ended—
of
Centers
-
Imports
—
Excess of imports
1,029,179
July 20, 1938
July 13, 1938
1—Boston
17
2—New York
15
3—Philadelphia
Gold—
Exports
Incl.
18
18
$461,416,000
3,701,191,000
381,885,000
465,965,000
264,617,000
222.753,000
1,054,575,000
241,817,000
144,967,000
317,835,000
210,587,000
$413,372,000
3,522,838,000
366,585,000
453,600,000
269,732,000
201,466,000
983,212,000
207,653,000
150,571,000
279,519.000
175.271,000
29
693,520,000
672,891,000
233,807,000
732,873,000
274
$8,161,128,000
$7,696,710,000
$8,914,196,000
1,000
Dollars
242,224
4—Cleveland
25
5—Richmond
Silver—
24
6—Atlanta
Exports...
1,144
254
10,122
1,600
Imports
6,025
19,186
34,525
111,531
4.881
18,931
24,403
109,932
26
-
7—Chicago
41
8—St. Louis
—8,523
+ 77,006
16
9—M innea polls
Excess of Imports
17
10—Kansas City
28
11—Dallas
12—San Francisco
Gold
Month
Silver
Period
or
Total
1935
March
1936
1937
1938
1935
1,000
1.000
1,000
1,000
1,000
1,000
Dollars
♦lOSe
*1937
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
338
11
5,067
2,315
"~39
1,248
1,661
3,128
1,753
1,341
2,337
62
51
13
145
49
6
4
212
1,593
2,885
203
131
2,112
1,811
1,546
1,668
1,841
1,144
355
23.637
640
...
1,000
Dollars
46
April..
May.........
174
20
535
June..
166
77
81
69
695
206
102
32
169
1,717
1,547
2,009
197
July
August
September
1938
363
Exports—
January
February
138
191
250
317
278
42
129
1,472
1,704
285
usually
117
232
260
30,084
15,052
512
1,468
1,611
380
127
Board
769
536
236
148
5,750
12,232
6,366
51,622
21,059
12,935
10,122
15,722
18,801
11,965
12,042
58,483
2,846
17,536
14,080
28,708
15,488
8,115
4,490
4,989
23,981
6,589
14,440
2,821
3,165
6,025
4,476
4,964
15,757
145,623
19,085
16,351
20.842
11,002
13,501
10,444
30,230
30,820
45,689
90,709
48,898
170
99
6 mos. end. June
1,226
26,423
12 mos. end. June
40,773
27,157
1,259
12 mos. end. Dec.
1,960
27,534
46,020
45,981 121,336
7,002 120,326
March.........
13,543
7,795
April
148,670 28,106
May
140,065 169,957
June
230,538 277,851
July
16,287
16,074
August...
46,085 67,524
September
156,805 171,866
October
315,424 218,929
November
210,810 75,962
December
190,180 57,070
7,155
8,211
154,371
52,947
215,825
71,236
52,987
55,438
155,366
262.103
175,624
105,013
52,194
6,574
16,637
8,363
26,931
4,451
3,520
60,065
47,603
33,033
the first three
bonds."
adjusted
index,
in
76
Available
Reported
by Bank of Montreal
two
important
the
respects
outlook
Summary."
but
as
labor conditions in industry comparatively
are
also
in
Western
conditions
Not
stable,
relatively favorable
compared with July last year, the Bank stated.
In part,
crop
are
it continued:
While
June
of
production
manufacturing
labor
tively
Western
in
and
crop
July,
was
centers
disturbances.
few
Labor
isolated.
situation
of
unfortunately,
unfavorable element
is
the
in
was
reaching
had
main
high
been
were
gravity,
realized
present
this
this
as
year,
the
more
industry
has
in
and
newsprint,
favorable
features
Canada of conditions
resulted
country,
these
have
the
in
in
a
marked
drop
curtailment in
textiles
and
prevailing
in
a
exports
wide
was
fears
worst
year
reaching
be
set
in
the
of
natural
variety
number
a
less
been
closed.
Western crop
may
in
or
country
crop
the
1937, and
July,
a
of normal.
against
activity
declines
declined,
at
of
serious
compara¬
facing
a
expressed
No
such
outlook being
United
reaction
States,
products
in
upon
which
that
manufactures, notably
automobiles.
Meanwhile, the volume of retail trade is being well maintained, and in
June
sales of
Canadian
department stores, while 3% lower than in
June, 1937, were 7% higher than in May.
Owing to the advent of the
holiday season there has come a slackening of trade in the cities, but it
in
woolen
con¬
July 25, the Board further
measured by the Board's seasonally
79
June
in
average
in
the first
compared
as
quarter of the year.
July the index will show
at
in
this
of
little
change,
sharply
small
considerable
a
been
sharply
In
the
the
June,
in
ingot
also
rose
an
basis
in
while
May,
weeks
a
output
declined
of
July
Corp., showed
Changes
in
of
Coal
crude
activity
return
a
Automobile production
months
following
reflected
construction.
is
volume
recent
usually
than
low
a
decline at
some
year
of
new
cars
further
con¬
reduced.
production
ago.
remained
which
had
further.
at
mills
steel
increased,
36% of capacity as
Crude petroleum output
at
to
production
Other
for
this
private
season,
private
a
six-day
by* the F. W. Dodge
residential
daily rate
same
on
declined seasonally.
considerable increase in May.
fluctuations in awards for
a
chiefly
Awards
maintained in June at about the
there
production
petroleum,
somewhat
estimated
was
decline in June,
a
both
a
which
year.
were
Value of construction contracts awarded, as reported
publicly-financed
Shoe
the
sales
rate of 28% in June.
reflecting chiefly
Texas.
mills,
decline in that period, and in the third week
production
average
sharply,
in
June;
exceptionally low level.
an
in
three
month
compared with
change.
earlier
in
silk
seasonally in June, and lumber production showed
some increase is usual.
Output of plate glass
although there is usually
of
little
increase
further
and
cotton
production, however, and stocks
reduced
first
increased, reflecting chiefly
at
showed
season,
decreased
although
from
volume
industry
Output
considerable
a
output
excess
mills.
and
as
were
construction
building
in May, although
in
slightly larger
work
remained
at
levels.
Employment
high percentage
the
financial
statistics for June
Prices of most staple
July.
as
of
average
that
the textile
in
following
Automobile
were
the
and
in
operations
by
summer
also,
year,
unusual
levels,
interrupted
disturbances
Last
favorable
favorable, with preliminary estimates of yield
As
an
indicate
usually
week
general business
industrial
May and
data
rise
in
Canada is much better than it was a
year ago, the Bank of
Montreal states in its current "Business
only
and
upon
77% of the 1923-25
at
was
further
rose
midsummer
of
production,
Steel production declined
for Canadian Business
business
rise.
tinued
In
weeks
said the
System in its
season,
Reserve
Production
industrial
with
Adjusted to include exported silver pesos coined for the Government of Cuba,
(value in American dollars).
Outlook
general
In its summary, issued
Volume of
not Included In previous current reports
Midsummer
this
reported:
19,186
34,525 111,531
99,748 168,883
91,877
354,531 182,816
363,583.000
commodities, according to the Board, "advanced sharply in
the latter part of June and
early July, and there were
substantial increases in prices of stocks and
lower-grade
In
*
at
States, based
17,952
10,633
23,151
2,267
and
decline
of the Federal
monthly summary of
ditions in the United
1,600
8,427
5,701
6 mos. end. June 805,389 536,692 1029327
247,974
91,226 117,594
12 mos. end. June 1139672 1472282 1636752 850,171
174,587 380,899
12 mos. end. Dec. 1740979 1144117 1631523
considerable
a
of Governors
527
Imports—
January
149,755
February....... 122,817
222,469,000
1.258,377,000
276,836,000
171,455.000
Industrial activity showed little change in June and in¬
three weeks of July, although there is
76
•
395,870,000
607,795,000
292,931,000
creased in the first
86
December
$507,203,000
3,850,997,000
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve
System—
Industrial Activity in June Showed Little
Change
but Increased in First Three Weeks of
July
254
214
143
233
242
...
October
November
...
July 21, 1937
Factory employment and payrolls decreased further from the middle
May to the middle of June.
Employment in the automobile, steel,
machinery, and clothing industries continued to decline, while at woolen
of
mills there
were
was
small.
manufacturing
an
In
increase and
trade
in
most
employment
industries
changes
in
other
was
the
manufacturing lines changes
reduced,
number
while
in
employed
other
were
non-
largely
seasonal.
Agriculture
A
total
wheat
crop
conditions, according to
of
967,000,000
bushels
the Department of
was
indicated
Agriculture.
A
by
crop
July
of
1
this
Volume
size
would
was
be
record
for
loans
July 1
on
34,500,000
crops
Financial
considerably larger than
announced
acreage
a
147
last
acres
crop
at
close
estimated
was
to
Production
for
estimates
Distribution
Distribution
of
commodities
to
the
May level, although
department and variety stores
increased.
than
market
current
In
the first
yield per acre,
other major
little
June
in
Sales at
season.
sales
mail order
change, and
at
July department store sales decreased less
seasonally.
Freight
loadings showed little change from
slightly above the low level of April.
car
June and were
May to
Commodity Prices
Prices
of
industrial
metals, and steep
third
week
and
of
of
Wheat
iron
other
some
particularly rubber, hides, non-ferrous
showed advances trom the middle of June to the
July, and there
products.
Prices
materials,
scrap,
and
industrial
also increases
were
prices
steel
declined,
the
first
half
of
$1,730,000,000
middle
banks
of
of
reserves
of
there
early
June.
in
declines
also
were
in
just
Credit
banks
prior
to
the
largest
$3,000,000,000,
reduction
in
June
in
with
compared
as
requirements
reserve
and
the
occurred at city
through the retirement of Treasury bills and the continued growth
bankers'
Total
cities,
gain
substantially
in
excess
reserves
balances.
loans
and
investments
had
which
increased
of
reporting member banks
sharply
in
the
week
first
in
of
leading
101
declined
June,
during the remainder of June, reflecting largely redemption of Treasury
bills held by New York City banks and a decrease in loans to
security
brokers
and
and
dealers.
investments
During
at
the
first
three
Treasury
on
continued
at
bills
showed
of
July
loans
total
Rates
and
low
exceedingly
banks
Money
Rates
reporting
weeks
notes
little
manufacturing, it is
change.
Yields
firmer
bonds
Treasury
on
July,
in
but
showed
little change.
other
estimated that about 140,000 wage earners were
laid off between
mid-May and mid-June, a reduction of 2.2%
pay rolls were reduced by 3.2%
or
approximately
,
Ordinarily factory employment and
Factory
.
$4,500,000
a
week.
rolls decline by about 1% from
May to June.
Since June, 1937, when factories were
operating near peak
levels for the
recovery movement, the number of wage earners in factories
pay
has been reduced
by one-fourth, and weekly pay rolls by 35%
The most marked declines in
manufacturing employment
.
were
again
reported by the heavy industries, in
particular, machinery, steel products,
automobiles and railroad
repair shops.
The durable goods industries as
a group reduced
employment by 3.7% from May, while the non-durable
goods industries reported a decline of
1% .
In this group of industries there
were greater-than-seasonal increases
in the manufacture of
foods, tobacco
and woolen textiles.
Since last year at this time, the durable
goods in¬
dustries have laid off one-third of their
workers and the non-durable
goods
industries about one-sixth.
because
July,
1937.
were
small in
the non-manufacturing
industries,
Class I railroads reported
of increased
maintenance
Mining employment
work.
a net
addition of 9,200 men,
This is the first increase since
generally curtailed, except for an¬
thracite mines, which added 4,500 men.
About 10,000 bituminous miners
and 4,000 metal miners were laid
off, as business slackened.
Retail and
wholesale firms reduced their staffs
by 14,000 and 5,000, respectively,
largely because of seasonal declines in sales, and
was
year-round hotels had
6,000 fewer employees.
Public utility companies as a
group reported
little change; telephone
companies reduced their forces by 2,000
employees,
while light and power
companies added 2,000.
Private building contractors had about the
May, although a small increase is usual.
by Federal funds expanded, however, with
number of men at work
same
in
as
45,000 workers in
slightly
were
levels.
net
projects and
The report continued:
Federal emergency projects."
for the most part.
increased
rising to above
The
April and in May,"
Employment changes
member
July,
April.
and
of live stock
prices
rise
a
in
the report said.
"These figures do not take account of workers in
agriculture
on
Works Progress Administration
products.
Bank
Excess
in
following
reduced,
were
643
occurred
or
season.
maintained
was
which
In
,.
consumers
showed
half of
with
compared
most
decline is usual at this
a
Cotton
prices.
26,900,000 acres as
with exceptionally high
slightly under the large harvests of last
were
about
Government program
a
at
-when,
year,
harvested.
was
and
average,
Chronicle
Public construction financed
an
estimated net addition of
the
construction industry as a
whole, including road
a result of
expanded building activity in June, employment in
manufacturing industries supplying building materials,
notably
mill work, cast-iron pipe,
plumbers' supplies, cement and marble and
work.
As
certain
granite, added
some
employees in June.
Most of
Weekly
Report
Lumber Movement—Week
July 16, 1938
of
Ended
The lumber industry during the week ended July 16, 1938,
the larger industrial States of the East and
North reported smaller
employment in June, including Michigan,
Massachusetts, New York and
Pennsylvania.
Among the industries contributing to the decline were
automobiles,
steel,
machinery,
shoes
and
certain
textile
and
clothing
stood at
industries.
of
Eighteen States reported employment gains.
In Oregon, Washington
and California, the improvement represented
mainly the seasonal hiring
of workers by canneries; in North and South
Carolina the gain was
largely
57% of the 1929 weekly average of production and
58% of average 1929 shipments.
Production was about 59%
of the corresponding week of 1929; shipments, about 62%
week's
that
shipments;
orders, about 83%
new
of that
week's orders, according to reports to the National Lumber
Manufacturers Association from regional associations cov¬
ering the operations of important softwood and hardwood
mills.
production and shipments in the week
1938, recovered from the holiday shut-downs
1938, levels. Reported new orders, increas¬
ing progressively for six weeks, were highest since April,
to average June,
1937.
For the second successive week this year these new
were above the corresponding week of 1937.
They
bookings
exceeded
orders of that week
by 27%.
New Business
was
39% above output in the week ended July 16; shipments
were 1% below production.
Production and shipments were
lower than during corresponding week of 1937.
National
production reported for the week ended July 16 by 8% fewer
mills was 40% above the output (revised
figure) of the
preceding (holiday) week; shipments were 10% above ship¬
ments, and
in
new
week.
the
orders
The
week
September.
of
orders
holiday week
All
of
regions
Pine
similar
gross
Coast,
reported
Revised
figures
for
last
the
feet;
preceding
feet; shipments,
the
in
Northern
the
Hemlock
All
and
except
week
Southern
ended
July 16,
Northern
and
Cypress,
1938.
Hardwood
regions but Southern Pine and
all regions reported production
corresponding week
of 1937.
Southern
Pine,
States
of further
for June.
The principal
employment decline, as in earlier months, were in the
heavy industries, in particular the manufacture of
machinery and steel.
Automobiles and agricultural implements reported
considerably larger than
usual declines.
Among the non-durable goods industries seasonal cur¬
tailment reduced forces in factories
and silk,
manufacturing women's clothing, shoes
disputes affected carpet mills and rayon factories.
and labor
Among the industries in which
off in June
were
a
considerable number of workers were laid
the following:
—%
Change—
EmployDurable Goods Indus.—
rolls
—15.5
—6.3
—11.0
shops
—4.7
—6.3
Steel mills
—4.1
—10.3
Electrical machinery
—3.8
Sawmills....-—-..--—- —2,4
—2.7
tools
and
—% Change—
EmployPay-
Pay-
ment
Agricultural Implements.—11.6
Automobiles.
—9,7
—5.9
machine
Non-durable Goods Ind. ment
Women's clothing
—10.3
Carpets and
rugs
ice
—9.8
The
and
—6.6
—5.3
—10.9
Dyeing & finishing textiles —3.9
—7.5
other
food
industries.
were
those in canning,
Increases in woolen
as
either greater
are
than seasonal
or
listed below:
•
—% Change—
EmployPay-
rolls
ment
—
Men's clothing
—% Change—
EmployPayDurable Goods Indus.—
—6.2
—5.9
important increases
more
Radios
—12.0
—8.3
Boots and shoes.
+0.1
mills, shirt factories, and millwork
contraseasonal.
—0.1
Rayon
manufacture
cream
rolls
—18.5
—10.3
Silk
Most of the employment gains were seasonal, such
above production
Hemlock
United
decreases of 2.2%
In factory employment and
3.2% in wage-earners' weekly pay rolls, the level of factory
employment in
early June was at 75.7% and pay rolls at 67.0% of the 1923-25
average,
according to the Bureau of Labor Statistics' preliminzry index numbers
Foundry
191,051,000
188,334,000
production, 136,943,000
shipments,
in
result
a
Machine
since
mills produced
shipped
stocks
239,678,000 feet.
orders
Northern
items
505
combined;
shipments above production.
Northern
below
orders,
West
1938,
feet.
Mills, 547;
reported
Pine,
16,
softwoods
264,926,000
Pine and
Southern
reported
and
were:
171,986,000 feet;
Northern
orders to
ended July 16 was the highest
The Association further reported:
hardwoods
booked
of unfilled
the
Manfacturing Industries
As
11% above orders of the previ¬
were
relation
During the week ended July
feet
In making available the
foregoing,
Department of Labor reported:
t
Reported
ended July 16,
ous
in cotton mills.
Non-durable Goods Ind. ment
rolls
West Coast,
Western Pine, Redwood and Northern Pine all reported orders
+7.2
+7.6
Canning
+30.2
Millwork
+23.7
+2.2
+2.5
Woolen goods.
above
of
+ 14.0
+23.9
Furniture
+1.4
+3.9
Beverages
+4.0
+5.1
Shirts
+2.7
+1.9
—2.3
Cigars and cigarettes
+1.8
+4.8
Meatpacking
+1.7
+1.0
those
Lumber
similar
1937
orders reported
wood mills
week.
for the week ended July 16,
1938, by 440 soft¬
feet,
or
6%
above production.
Identical
Last
weeks
feet, and
a
and
Mill
Production
feet
it
and
was
was
feet,
feet.
softwood
and
The Bureau's indexes of factory employment and pay rolls
from returns
orders
mills
was
184,213,000
respectively,
received, 255,696,000
were,
200,782,000 feet.
are
+2.1
computed
supplied by representative establishments in 89 manufactur¬
The base used in computing these indexes is the 3-year
ing industries.
1923-25, taken
average,
for seasonal variation.
275,304,000 feet; shipments
244,004,000
4,672,000
Reports
production of 425 identical
year ago
181,136,000
feet
Baking
totaled
257,607,000 feet, or 38% above the production of the
same
mills.
Shipments as reported for the same week were 183,393,000
feet, or 2% below production.
Production was 186,379,000 feet.
Reports from 80 hardwood mills give new business as 7,319,000 feet, or
57% above production.
Shipments as reported for the same week were
4,941,000
-
as
The Bureau's indexes
100.
are
not
adjusted
The preliminary data given for June, 1938 in
this
report are based upon figures received from 23,574 manufacturing estab¬
lishments employing 3,343,159 workers, whose weekly earnings
during the
pay
period ending nearest June 15
were
$74,358,607.
The following table lists the percentage changes in the Bureau of Labor
Statistics' general indexes of factory employment and
pay rolls from May
to June in each of the 20 years, 1919 to 1938.
During this period decreases
Decline
of 100,000 in
Non-Agricultural Employment
During June Reported By United States Depart¬
ment
of
Labor—Reduction
is
Smaller
than
in employment
in
Employment
April and May
There
further decline of about 100,000 in
non-agri¬
cultural employment in June, due primarily to reductions in
was
In¬
a
factory working forces, according to a report made to Secre¬
tary of Labor Perkins on July 22, by the Bureau of Labor
Statistics, United States Department of Labor.
In other
major lines of activity employment was relatively stable ex¬
cept for seasonal changes, the report showed.
"This esti¬
mated decline of 100,000 workers in private
industry and
regular government work was smaller than the reductions
have occurred 11 times in June and in pay rolls they have
occurred 12 times.
Year
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
..
-
crease crease
..
..
..
-
-
-
Year
0.8
-
1.9
0.7
0.6
m
0.1
-
0.1
«
--
3.0
__
No
1931-
c
0.2
h'ge
...
--
Year
1919-
2.2
1920-
1.5
1921..
3.3
1935-
..
--
1929-
3.3
1931-
4 9
1934-
4.3
19251927-
2.2
1928-
1926-
1.5
1930-
0.2
1.2
0.3
De¬
crease crease
5.4
1922-
1924-
1.9
1936-
In-
Year
2.4
19231.5
1937-
De¬
crease crease
2.3
6.7
1934-
1938—
ln-
2.0
--
1932-
1933-
De¬
crease crease
1930-
1.1
km
Payrolls
In¬
1929-
1.2
—
-
De¬
1932-
-
_
2.0
1937-
0.2
0.4
3.1
1935-
1.6
'
7.1
1933- 10.1
1936-
--
1938-
2 9
0.4
2.2
--
3.2
Financial
644
NUMBERS
INDEX
OF
EMPLOYMENT
AND
PAYROLLS
Chronicle
July 30, 193s
IN
Non-Manufacturing Industries
The 16 non-manufacturing industries surveyed, with indexes
MANUFACTURING INDUSTRIES
ment and pay
(Three-Year Average 1923-1925=100.0)
from
Employment
for 1929 is used as the
Payrolls
for the
Manufacturing Industries
June,*
May,
June,
June,*
May,
June,
1938
1938
1937
1938
1938
index
base
100. in computing the index numbers
or
Information for earlier years is not
non-manufacturing industries.
1937
75.7
--
The 12-month average
shown below.
are
available from the Bureau's records.
INDEXES OF EMPLOYMENT AND
All Industries
of employ¬
rolls for June, 1938, where available, and percentage changes
May, 1938 and June, 1937,
77.4
101.1
67.0
69.2
FACTURING
102.9
INDUSTRIES, JUNE,
1938 AND JUNE. 1937
MAY,
Durable goods
65.7
68.2
98.8
57.7
60.5
86.5
87.4
103.5
78.9
80.3
100.8
1938,
AND
IN NON-MANU¬
COMPARISON WITH
104.6
Non-durable goods
PAYROLL TOTALS
75.5
101.4
56.3
60.9
110.4
June,
Blast furnaces, steel works, and
rolling mills
Bolts, nuts, washers, and rivets
78.8
82.1
106.2
58.3
61.4
Cast-iron pipe
57.9
57.1
(not
Cutlery
Including
1938
67.3
63.9
81.9
52.2
55.7
93.3
70.6
41.4
40.6
59.7
70.7
71.8
86.2
57.8
58.2
Forglngs, Iron and steel
40.5
43.4
72.6
28.2
31.0
71.5
58.1
59.8
96.7
53.1
53.9
96.5
80.5
79.7
93.2
67.4
68.7
76.3
Plumbers' supplies
and
86.2
57.0
79.8
46.6
43.1
76.4
74.4
76.5
119.0
58.2
61.5
106.2
57.5
78.7
48.7
52.7
82.4
89.9
—
56.8
55.5
Btoves
88.7
109.2
93.1
93.6
116.6
Structural A ornamental metalwork
Tin cans and other tinware
Tools (not Including edge tools,
machine tools, files and saws)
Machinery,
74.9
101.6
65.2
68.5
114.9
116.0
181.2
85.7
98.3
188.5
85.7
89.6
129.2
76.7
81.3
137.2
114.5
129.5
140.6
137.2
162.5
182.7
121.9
124.4
135.9
115.9
116.4
146.7
75.1
78.0
119.9
67.3
69.1
126.1
104.6
108.5
149.9
94.9
101.6
156.4
75.4
79.2
112.7
65.6
70.1
116.4
152.7
86.2
96.8
and supplies
water wheels
Machine tools
Radios and
phonographs
Textile machinery and parts...
86.3
182.3
75.4
70.1
87.3
46.7
48.4
—7.8
69.4
—0.9
—6.7
—1.1
—11.2
83.8
—0.7
—9.4
—5.9
81.3
—0.3
—6.8
66.4
—0.9
74.5
—0.6
—5.1
90.7
—0.6
+2.5
92.3
+0.6
—4.1
98.8
+ 1.4
—1.6
70.4
chandising ..w.......
Electric
light
and
—0.4
power
and manufactured gas..
Electrlo railroad A motor—4.0
69.6
—2.2
—2.1
56.0
+6.0
—9.2
49.7
+29.9
—10.1
80.1
—2.5
—16.7
56.9
+2.6
—31.7
Metalliferous
55.0
—6.5
—30.8
45.4
—11.3
—41.5
Quarrying A non-metallic.
Crude petroleum producing
43.6
—0.3
—21.4
36.9
—3.5
—29.8
72 6
—0.8
—7.5
67.4
+0.8
—4.2
91.7
—2.2
—2.9
b79.0
—1.9
96.5
+0.4
—7.1
81.9
+ 1.3
—6.4
111.5
+ 1.4
—5.9
82.6
+2.4
—10.4
—18.6
c
—1.6
—26.4
+ 1.9
c
+0.7
—3.0
—30.5
c
+ 1.0
—30.8
bus operation A maint—
Mining—Anthracite....
Bituminous coal
156.2
60.0
—0.4
91.4
Telephone and telegraph..
93.6
Services:
112.9
153.8
80.2
79.1
(year-round)
Laundries
Dyeing and cleaning
Brokerage
c
—1.1
Insurance
c
+0.2
c
+d
Building construction
a
112.3
Typewriters and parts
Transportation equipment.
—3.7
Public Utilities:
Hotels
Engines, turbines, tractors, and
Foundry & machine shop prods.
—2.1
83.4
merchandising.
164.6
92.4
56.1
not
and calculating machines
Electrical machinery, apparatus
1937
73.5
a
119.5
109.0
Including trans¬
portation equipment...
Agricultural Implements
Cash registers, adding machines
73.2
103.5
Wlrework.
—3.6
June,
1938
1938
Other than genera) mer¬
hot-water
heating
apparatus and steam fittings.
1937
—0.4
May,
June,
June,
1938
87.0
...
Retail
General
Hardware
Steam
Trade—Wholesale
edge
tools
May,
a
123.4
silver
and plated cutlery) and
Index
Index
73.0
including machinery
P. C. Change from
P. C. Change from
Industry
Iron and steel and their products
not
Payrolls
Employment
Durable Goods
—1.4
Preliminary,
b Cash payments only; value of board, room, and tips cannot
cData not available for 1929 base,
d Less than 0.1 of 1%.
be computed.
+.
Automobile
Output in June
151.1
62.3
68.2
126.4
56.7
59.9
127.8
Factory sales of automobiles manufactured in the United
731.6
745.1
834.0
672.3
683.7
751.3
62.1
68.7
137.8
52.9
56.1
135.2
Cars, electric & steam-railroad.
27.9
32.1
Locomotives.
30.6
33.0
59.5
19.7
22.3
51.4
Shipbuilding
88.7
93.1
103.3
104.8
106.7
114.5
States (including foreign assemblies from parts made in the
United States and reported as complete units or vehicles)
for June, 1938, consisted of 174,667 vehicles, of which 136,531
Railroad repair shops
39.6
41.0
64.0
40.6
42.5
68.7
Electric railroad
59.9
60.4
62.7
66.1
67.3
67.1
Steam railroad
38.1
39.6
64.1
38.8
40.8
69.0
111.5
Aircraft
Automobiles
76.5
30.2
34.4
91.4
were
and 38,136
passenger cars,
were
commercial
truck,
cars,
and road
tractors, as compared with 192,068 vehicles in
May, 1938, 497,312 vehicles in June, 1937, and 452,968
vehicles in June, 1936.
These statistics, comprising data
Non-ferrous metals & their prods.
Aluminum manufacturers
80.0
82.5
113.9
66.0
68.7
91.3
94.9
129.5
84.6
92.3
135.6
Brass, bronze A copper products
82.0
83.6
122.3
67.2
70.5
125.3
for the entire
86.4
*90.7
121.6
64.0
68.1
118.5
William
75.8
73.6
89.1
53.6
50.6
70.3
Clocks and
watches and time-
recording devices
Jewelry
Lighting equipment
61.8
63.6
96.1
52.4
50.7
95.3
Silverware and plated ware
67.7
68.8
74.4
51.9
54.0
69.1
68.5
71.1
88.8
61.2
64.0
85.2
98.4
105.3
Smelting and refining—Copper,
the
are
based
on
data received
United
57.4
74.0
51.2
52.6
71.4
54.5
32.3
32.3
49.1
cluded in the number shown
63.1
62.2
69.7
65.5
66.4
75.0
79.7
80.9
112.4
76.9
78.5
119.4
37.6
37.3
44.1
32.8
34.4
37.6
68.5
68.6
80.0
54.0
58.0
70.3
80.5
82.3
92.8
162.4
48.1
47.4
72.3
89.1
49.7
47.8
78.7
44.2
57.5
42.6
41.6
57.5
42.4
55.7
38.2
38.2
41.4
i.
Stone, clay, and glass products..
Brick, tile and terra cotta
Cement
.........i...
..
Marble, granite, slate & other
products
Pottery
57.4
75.1
77.7
97.4
68.4
71.5
91.6
as making passenger cars or
and road tractors respectively.
The figures for passenger cars include those for taxicabs.
The figures for commercial cars, trucks, and road tractors
include those for ambulances, funeral cars, fire apparatus,
street sweepers,
and buses, but the number of special
purpose vehicles
is very small, and hence a negligible
factor in any analysis for which the figures might be used.
Canadian production figures are supplied by the Dominion
97.7
101.7
109.7
76.9
83.1
95.8
Bureau of Statistics.
57.2
67.1
83.9
41.9
47.5
73.8
95.7
97.7
119.0
Non-Durable Goods
Textiles and their products......
103.4
60.5
63.7
91.3
76.7
...
Dyeing & finishing textilesHats, fur-felt
Knit goods..
Silk and rayon goods
Woolen and worsted goods..
99.7
62.3
62.7
93.8
63.7
101.6
46.7
46.7
100.2
80.6
rugs
76.8
57.1
Fabrics
80.9
103.0
64.4
65.9
101.2
99.8
99.0
118.1
53.3
59.1
79.1
40.9
46.5
68.4
59.0
51.7
86.0
46.2
37.3
78.5
87.2
Wearing apparel
Clothing, men's
Corsets and allied garments...
Men's furnishings
93.2
109.3
54.6
63.0
82.5
72.2
Clothing, women's.
Millinery
in
39.9
86.7
72.9
63.8
45.2
Cotton goods
Cotton small wares
manufacturers
57.1
159.2
54.4
64.7
Mill work
Carpets and
74
States, 23 making
passenger cars and 63 making commercial cars, trucks, and
road tractors (12 of the 23 passenger car manufacturers also
making commercial cars, trucks, and road tractors).
It
should be noted that those making both passenger cars and
commercial cars, trucks, and road tractors have been in¬
Lumber:
Glass
Statistics for the months of 1938
from
54.1
ware..
Lumber and allied products
Furniture
Sawmills
Commerce.
39.5
lead, and zinc....
Stamped and enameled
industry, were released this week, by Director
Austin, Bureau of the Census, Department of
L.
76.2
106.6
42.7
47.9
132.8
137.3
72.0
88.4
86.6
89.6
77.4
84.7
114.4
136.5
79.5
Figures of automobile production in May, 1938, 1937,
appeared in the June 25 issue of the "Chronicle,"
page
4029.
85.2
103.7
111.6
81.6
.
43.3
52.1
51.2
28.4
35.0
105.6
118.0
81.6
83.5
NUMBER
OF VEHICLES
(INCLUDING
United States (Factory Sales)
CHASSIS)
Canada
(Production)
Year and
37.4
108.4
......
Shirts and collars
trucks,
91.6
85.5
cars,
and 1936
86.7
119.1
commercial
101.7
Total
Month
Comm'l
Pas¬
78.4
82.5
93.8
55.9
58.3
80.6
(AH
Passenger
Trucks,
Boots and shoes
80.7
85.8
94.0
50.5
54.1
73.3
Vehicles)
Cars
&c.
Leather
74.1
74.0
98.0
76.6
74.7
108.4
Leather and Its manufactures
Food and kindred products
107.0
101.8
112.6
111.3
107.0
115.8
Canning and preserving
Confectionery
129.9
136.6
130.8
128.1
133.8
May
204.3
224.4
245.0
233.1
260.5
June
90.6
Butter
Trucks
Cars
1938—
132.5
212.6
Baking
Beaverages
Cars &
senger
Total
87.5
95.6
75.2
73.5
76.6
108.0
82.9
122.7
105.6
85.4
123.5
68.0
Tot. 6
192,068
174,667
end. June
mos.
154,958
37,110
18,115
13.641
136,531
38,136
14,732
11,014
3,718
1,203,874
936,517
267,357
102,158
76,102
26,056
5.478
4,474
67.4
66.9
68.9
67.3
63.6
Flour
73.5
71.5
73.6
74.7
71.3
Ice cream
83.1
79.4
90.6
77.7
74.0
81.5
May
516,919
425,432
91,487
23.458
17,980
Slaughtering A meat packing..
Sugar, beet
Sugar refining, cane
84.8
83.3
88.9
95.6
94.6
99.2
June...-
497,312
411,414
85,898
23,841
17,919
5.922
42.1
38.6
49.3
49.8
46.7
55.2
75.8
76.4
74.9
71.3
73.1
68.4
2,788,298
2,286,987
501,311
128,571
96,823
31,748
3.788
Tobacco manufactures.
74.2
60.3
59.4
60.1
55.2
52.5
55.7
55.7
56.4
68.2
63.8
69.4
May
460,512
384,921
75,591
20,006
16,218
60.9
59.8
60.5
53.6
51.1
54.0
June
452,968
375,337
77,631
16,400
12,846
3.554
97.2
98.5
106.9
91.6
93.8
104.9
88.4
89.0
103.0
86.0
87.5
104.4
2,488,560
2.041.462
447,098
105.948
84,965
20.983
104.6
105.4
120.5
96.7
98.7
124.3
88.0
and snuff
Cigar and cigarettes
Paper and printing
Boxes, paper
Paper and pulp
Printing and publishing:
Book and Job
Newspaper and periodicals..
and
90.2
95.4
80.5
83.7
91.3
102.3
103.1
105.4
99.9
101.4
103.6
103.6
107.2
123.9
114.5
117.7
173.4
100.2
104.8
123.4
107.9
111.3
135.7
107.7
107.6
138.5
117.1
115.9
153.5
1935—
allied
products,
and petroleum refining
Other than petroleum refining.
Chemicals
Cottonseed—Oil, cafce A meal
Druggists' preparations
Explosives
Fertilizers
47.8
57.3
43.9
42.8
51.2
38.6
103.7
104.0
108.8
114.8
114.6
121.3
85.9
103.0
84.7
84.8
94.8
89.2
61.7
90.4
75.7
66.7
95.7
Paints and varnishes.
116.8
118.7
138.9
118.4
122.2
142.7
Rayon and allied products..
Soap
278.9
304.0
391.4
258.1
275.0
391.8
Petroleum refining
...
Rubber productsRubber boots and shoes
Rubber goods, other than boots,
shoes, tires, and inner tubes.
Rubber tires and inner tubes..
*
June,
Tot. 6 mos. end. June
55.1
Chewing and smoking tobacco
Chemicals
1937
91.6
91.7
102.5
106.9
107.2
115.1
117.7
117.4
126.0
135.9
138.4
143.0
70.6
71.5
101.2
63.2
63.1
103.8
53.8
52.4
72.5
40.9
39.7
69.7
102.3
106.6
142.1
92.4
96.8
144.9
62.2
62.3
92.7
58.5
57.0
97.9
Prospects for Satisfactory Canadian Crops Noted by
Bank of Montreal
"Canada
has reached
the
actual commencement
of
the
harvesting season with the prospects still good for generally
satisfactory crops in every province of the Dominion," the
Bank of Montreal states in its
July 28.
weekly
crop
report, issued
The Bank added:
In the prairie provinces
grain is ripening rapidly and it is expected that in
Manitoba harvesting will be general next week; in districts where crops are
not so far advanced
general rains are needed to aid filling.
In Quebec the
weather has been ideal for most field and fruit crops, all of which are making
1938, Indexes preliminary, subject to revision.
79.2
Tot. 6 mos. end. June
good progress.
In Ontario harvesting of grain crops is well advanced, with
satisfactory yields in
Tobacco
has
made
prospect;
excellent
other
progress.
crops
In
are
in favorable condition.
the maritime nrovinces wet
Volume
weather has caused loss during the harvesting of a heavy crop
groups are
of
of hay; other
continuation
yields below average in quantity
In British Columbia a
progressing satisfactorily.
hot, dry weather has cut prospective
except in irrigated districts, where there is still ample water.
Farm Cash
June
for Six
Income Above May—Receipts
However, Estimated at 12% Below
1937 Period According to Bureau of Agricultural
Months of 1938,
Economics
t
in June
amounted to $514,000,000, it was estimated on July 22 by
the Bureau of Agricultural Economics, United States De¬
partment of Agriculture.
Receipts from farm marketings
Cash
sales
from
income
farm
of
products
six months of this year are
in the first
estimated at
now
12% less than the $3,499,000,000 reported
for the first half of 1937.
In noting the foregoing, an
$3,084,000,000,
the Department of Agriculture also said:
The June income from marketings was 1% greater than the revised
estimate of $510,000,000 for May, but 15% less than the $604,000,000 in
June last year.
Government payments during the month amounted to
$45,000,000, compared with $44,000,000 in May and $27,000,000 during
June last year.
This brought the total cash income, including Government
payments, to $559,000,000 in June—1% greater than the estimate for
May but 11% below the $631,0000,000 received in June last year.
For the
first half of
estimated
income, including Government
cash
1938
payments,
This total is 13% less than the $3,829,-
$3,341,000,000.
at
June last year.
The total includes
$257,000,000 in Government payments, which were 22% less than the
$330,000,000 received from this source in the first half of last year.
Receipts from farm marketings in June made a slight increase over
May instead of the usual small decreases-.
After adjustment for seasonal
change the index of receipts from farm marketings increased from 67.5%
of the 1924-29 average in May to 72% in June.
Increased income from
for January through
reported
000,000
and calves more than offset reductions from
corn,
fruits and vegetables, and wool.
The decrease in income from
cottpn was much less
than, seasonal.
Increased marketings of dairy
products were more than offset by declining prices and income failed to
hogs, cattle,
wheat, barley,
Cash
1937,
all
and
from
income
sales
crop
in
was
June.
25% below the estimate
marketings
than
Incomes from rice, sweet potatoes
compensated for lower prices.
Income from each of the other crops was
with potatoes, citrus fruits, truck crops and cotton showing the
also
peaches
down,
up.
were
Receipts from sales of live stock and
all
from
animals
meat
was lower, and the total
Receipts from sales of chickens
hogs
except
6% lower.
income from meat animals was
slightly, but were more than offset by smaller income from eggs.
income from wool was less than half as large as in June last year.
were
up
Cash
the usual seasonal
changes in receipts from farm
expected for thf third quarter of 1938.
marketings' are
July-September cash farm income,
will total about $2,000,000,000
including Government payments, therefore,
$2,342,000,000 in these months last year.
Government
payments are likely to be considerably greater than the very small total
of $20,000,000 in these months' last year.
Payments from the $130,000,000
allotted for the cotton price adjustment program probably will begin in
with
compared
this
350,000,000 bushels
more
Hemisphere
seeding
is
to
crop
larger
World
quarter.
associations have added over half a
decade, accord¬
ing to figures obtained in a survey of all agricultural cooper¬
atives made by the 12 hanks for cooperatives of the Farm
Credit Administration and released by Cooperative Bank
Commissioner S. D. Sanders on July 23.
In noting this,
Farmers' cooperative
million members to their ranks in the past
announcement by the
Although
and
is growing steadily, the recent survey gives figures
actual membership obtained by fieldmen visiting each cooperative
on
the
of
obtained
ciation ;
recruits.
are
Division of the United States De¬
membership of 2,700,000.
This would
by the Cooperative
of Agriculture gave a
have been taking on new members
half a million in the 10-year period.
cooperatively-minded farmers are members of more than one asso¬
so
the increase in membership does not indicate wholly new
It does mean, however, as the survey indicates, that farmers
that
taking
associations
cooperative
the rate of
Most
of
and
marketing
by mail
partment
indicate
cooperative associations show 3,270,000
purchasing cooperatives.
In 1926, figures
records
The
country.
members
at
FCA further said:
generally known that cooperation among farmers
quite
is
live stock producers
based
in
it
57,000
on
year,
a
or
over
cooperative
more
activities,
that
is,
joining
purchasing
marketing associations, or becoming members
mutual fire insurance companies and similar farm business cooperatives.
other
associations,
in
types
of
gains in number of members.
In Illinois,
and purchasing co-ops went
from
131,000 in 1926 to 361,228 in 1936.
Business volume increased
$97,000,000 during the same period.
A large percentage of the increase
in membership,
however, is undoubtedly in the purchasing associations,
Some States 6how substantia]
for
instance,
membership
the
of marketing
which have increased from 31 associations
New
York
has
doubled
its
in 1926 to 186 ten years later.
membership
in
cooperative
marketing
purchasing associations from 100,000 to 200,922 in the past ten years.
Illinois now heads the membership map, followed by Minnesota,
York,
and
New
in the order named.
Ten years ago Minnesota
Illinois, Ohio and Wisconsin following.
Iowa and Wisconsin,
stood first, with Iowa,
Record
World
Wheat
Production
and
Near-Record
Stocks for 1938-39 Crop Year Indicated by Bureau
of
Agricultural Economics
Record
world
wheat production
and
near-record
world
supplies of wheat are indicated for the 1938-39 crop year,
the Bureau of Agricultural Economics, United States De¬
partment
of
Agriculture,
the Bureau's review, con¬
completing,
nearing
of old wheat
carryover
be about
The Southern
Bureau said.
th$n in 1937, the
present indications point
and
somewhat smaller crop in Australia.
July 1 was estimated at around 650,-
a
on
Total world
in 1938-39 than
during the past year, it was said, although political and military consid¬
erations in Europe may increase purchases some during the course of the
000,000 bushels, about 100,000,000
trade
in
But
year.
play
wheat
and
flour
more
not
may
than
a year
much
earlier.
different
the European
in
government activity
be
grain trade promises to
increasingly important role during the coming months, the Bureau
an
pointed
The
out.
restoration
of
special trade
restrictions and
important
European
larger crops this
year than last, and might supply as much as a third of the Continental
European import requirements.
This is expected to reduce takings of
negotiations in
exporting
all
below
wheat
overseas
importing countries is already under way.
many
countries
promise
the
have
to
quantity
significantly
taken
in
seasons.
A
large
as
as
the
past
two
v-.
the 967,000,000 bushels indi¬
in
carryover
bushels
1938-39
into July, 1939,
July
on
1,
was
stated.
may
exceed the record carryover of 378,000,000
1933.
With large supplies in the
to continue below world
prices have largely adjusted to the new1937-38.
prices than were received in
domestic
States,
prices
are
World and domestic wheat
levels.
it
world wheat supply in prospect is expected to result in lower
The large
United
bushels,"
of old wheat in the United States is estimated at
bushels.
With prospects for exports of United States
less favorable than in the crop year just ended, the
carryover
180,000,000
wheat
683,000,000
of
disappearance
domestic
July 1
about
crop
States
either of
-'j
July 1 "would be about 285,000,000 bushels in excess of the 10-year
average
The
the United
in
crop
cated
expected
basis, and changes in the next month or so will probably be affected
chiefly by
changes
in spring wheat conditions
in the United
States and
Canada.
The 1938
rye
crop
is indicated at about 2,000,000 bushels larger than
15,000,000 bushels larger than the 1927-36
1937 and
average.
Petroleum and Its Products—-Compact Group Acts on
Legislation—Daily Crude Oil Output Up—
Postpones
Proration
Order—Crude
New
Oklahoma
Stocks
Again Off-—President Cardenas to Answer
said on July 23 in its current
Note
The Inter-State compact movement has resulted in tre¬
mendous benefit to the oil industry in general, according to
Thompson, Chairman of the group and also a member
Commission, in an interview early this
week preceding the meeting of the group at Colorado Springs
July 29-30.
"What we want is steady employment through the winter,
E. O.
of the Texas Railroad
not flush
Cooperative Associations Increased Their
Membership by Over 500,000 in Past Ten Years,
Reports FCA—Lates Figures Place Total at 3,270,000 Members
Farmers'
an
on
Northern Hemisphere crops may
the
Argentina but
in
United States
July-September Indications
About
Agriculture, bearing
:
Production of wheat from
a
it
China,
lower
7% below June last year.
from dairy sales to
brought receipts
prices
Income
tinued
report.
and
live 6tock products were 9% below
Marketings of dairy products were larger, but
1937.
Russia
ment of
in
largest reductions.
those for June,
World
production,
excluding
is announced, is tentatively
placed at about 4,200,000,000 bushels, which is 375,000,000
above that of last year and slightly larger than the previ¬
ous record
crop of 3,996,000,000 bushels in 1928.
{Prospective
-world supplies for the year beginning July 1 are now esti¬
mated at 4,850,000,000 bushels, about 475,000,000
above
those for 1937-38, and exceeded only by supplies in the
years 1930-33.
The announcement issued by the Depart¬
situation
Soviet
world
for June,
responsible for most of the 15% decrease in income from
in June.
Increased marketings of wheat and barley
and was
farm
more
increase
seasonal
usual
the
make
wheat
or
announcement by
is
645
Financial Chronicle
147
production in August and unemployment through
shutdowns in the winter," he said.
"It is better to produce
less oil in the summer and produce it steadily through the
winter than to have too much on hand as we go into
the low-
consumption period.
We must think months ahead. That
is what long-range planning means.
We are trying to think
of the welfare of all Texas.
limitations the
oil act expires
during the next term of Congress, and the oil and gas con¬
servation laws of Texas expire next year.
Thereforet at
this meeting of the compact it will be necessary to consider
the advisability of a continuation of the Connally act and an
extension of the Congressional consent under which the Oil
"The oil States compact expires by its own
of Congress.
The Connally hot
next term
States Compact functions.
"All of these matters are
of vital importance to Texas
the stability of the oil industry does the pros¬
perity of Texas depend," he pointed out.
"Texas has been
made prosperous by all these measures, having worked suc¬
cessfully under State control and inter-State cooperation.
The entire set-up is working smoothly and for the benefit of
everyone concerned, including the consumer, as he is getting
a far superior quality of gasoline at a cheaper price, tax not
included, than he was before proration."
Daily average crude oil production during the week ended
July 23 gained 5,950 barrels to a total of 3,349,050 barrels,
against the July market demand of 3,398,100 barrels estimate
of the United States Bureau of Mines, according to the Ameri¬
can
Petroleum Institute.
Texas contributed most of the
because upon
there gaining 16,600 barrels during the
period to total 1,394,000 barrels.
Kansas operators lifted production there 4,000 barrels daily
to an average of 1.57,700 barrels while Louisiana showed an
increase of 1,450 barrels to 265,300 barrels.
A decline of
8,1.50 barrels in the daily average production in Oklahoma
brought the figure down to 434,300 barrels.
California
output was off 6,100 barrels to 663,300 barrels.
The
Oklahoma Corporation Commission will set an
increase, production
August allowable of 428,000
barrels daily, it
was
indicated in
dispatches from Oklahoma City. This is the same figure as
set for the current month.
At a meeting held in Oklahoma
City earlier in the week, the principal question under dis¬
was the elimination of the threat of pipe line proration
and disaster to the stripper fields in Southern California.
cussion
646
Financial
Chronicle
Stocks of domestic and
petroleum crude continued their
downward trend during the week of July 16, easing 1,157,000
Daily
holdings of foreign crude oil.
year.
A United
Stocks now are within striking
established in January of last
Cardenas
Oil
purchasers operating in the East Texas field will drop
nearly 500 connections on Aug. 1 when they plan to use
a
a
barrel,
as
barrel.
Institute
States
be obtained for 85 cents
or
90 cents
compared with the East Texas crude price of $1.35
Whether or not the severance of the connections
will
bring about lower prices in the East Texas field is
to question.
^
There were no crude oil price changes.
estimates
the
that
principal
ports for the week ended July 23 totaled 867,000
daily average of 123,857 barrels, compared with
weeks ended
There
daily
a
barrels,
average of
164,000
July 23.
were no
receipts of California oil at Atlantic and Gulf Coast ports
for the week ended
July 23, compared with
for the week ended
July 16 and 6,607 barrels daily in the four weeks ended
daily average of 9,286 barrels
a
July 23.
Reports received from refining companies owning 89.0% of the 4,159,000estimated
barrel
daily potential refining capacity of the
indicate that the industry as a
whole ran to stills,
on
a
United
States,
Bureau of Mines
basis, 3,180,000 barrels of crude oil daily during the week,
and
that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week,
lower for office and technical workers.
can
Petroleum
barrels for the week ended July 16 and 154,893 barrels daily for the four
An official announcement of the Cardenas Administration
Arkansas crude which
Oil Production During Week
1938, Placed at 3,349,050 Barrels
Imports of petroleum for domestic use and receipts in bond at
United
a
in mid-week in Mexico
City stated that a total salary increase
of 446,670 pesos monthly has been granted petroleum workers
to take effect this week.
The increase is that granted late in
1937 but was never carried into effect by the foreign oil com¬
panies, and was one of the main points of contention between
workers and companies resulting in expropriation of the
properties.
The increases, however, will be 8% to 15% less
than set by the original decree for laborers and 15% to 20%
American
The
Press
"President
Crude
daily average gross crude oil production for the week ended
July 23,1938, was 3,349,050 barrels.
This was an increase of
5,950 barrels from the output of the previous week, and
the current week's figure was below the 3,398,100 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during July.
Daily average production
for the four weeks ended July 23, 1938, is estimated at
3,261,750 barrels.
The daily average output for the week
ended July 24, 1937, totaled 3,576,400 barrels.
Further
details as reported by the Institute follow:
dispatch from Mexico City on July 27
intimated today that Mexico
will reject the United States' denfand for arbitration of the
question of expropriation of American-owned farm lands by
the Mexican Government.
Mexico considers there is nothing
to be gained by arbitration as the Government previously
made known its desire to make indemnities, provided no cash
payment was demanded, the President indicated at a
luncheon of the foreign press corps.
President Cardenas
announced that the Government will reply to the note of
Secretary of State Cordell Hull next week."
stated
Average
Ended July 23,
barrels to 289,312,000 barrels.
The decrease was composed
of a drop of 1,145,000 barrels in domestic stocks and 12,000
distance of the 17-year low
July 30, 1938
unfinished gasoline and
76,366,000 barrels of finished
143,041,000 barrels of
whole, on
a
94.8% of the potential
of all cracking units indicates that the industry
charging capacity
Bureau of Mines basis, produced
and
and fuel oil.
gas
Cracked gasoline production by companies owning
as
a
of 750,000 barrels
an average
daily during the week.
DAILY
CRUDE
AVERAGE
OIL PRODUCTION
(Figures in Barrels)
open
■
a
B.
Four
of M.,
Dept. of
Slate
Week
Prices of Typical Crudes per Barrel at Wells
Interior
Allowable
Ended
Change
from
Ended
Ended
(All gravities where A. P. I. degrees are not shown)
Calcu¬
July 1
July 23,
Previous
July 23,
July 24,
1938
Week
1938
1937
Bradford, Pa
SI.80
Lima (Ohio Oil
Co.)
Corning, Pa...
Edlorado, Ark., 40
........
...
Rusk, Texas, 40 and over
1.17
Darst Creek.
1.09
Illinois
1.35
Central Field, Mich.
1.30
Sunburst, Mont..
Mod-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above
1.30
1.22
1.25
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
Smackover, Ark., 24 and
0.90
Petrolia, Canada
2.10
REFINED
PRODUCTS—STANDARD
PRICES—KEROSENE
ALSO
STRENGTHENS—MOTOR
OF
... .
... ....._
JERSEY
LIB^TS
1.42
1.22
.....
1.42
DIESEL
Oklahoma.
518,400
428,000
434,300
—8,150
424,150
637,250
Kansas
172,300
165,000
157,700
+4,000
149,100
204,450
74,900
+5,900
67,250
Panhandle Texas
North Texas.......
+200
76,750
73,350
+50
28,800
33,800
+ 1,600
207,650
East Central Texas...
102,550
East Texas.....
West Texas.
AS
STOCKS
GULF
OFF
COAST
SHARPLY—
+3,550
96,400
203,800
123,150
438,900
+ 400
419,950
469,800
South west Texas
238,650
+ 1,650
229,250
230,050
214,550
+3,250
206,450
204,250
Market conditions
improved to the point where the dis¬
parity between New York and Southern prices for Diesel fuel
oil was corrected this Monday when Standard of New Jersey
posted an advance of 10 cents a barrel, lifting the price to
$1.75.
Southern points have been posted at this level for
time and the local market has been sub-normal.
The strength in the Gulf Coast fuel oil market was also
felt in the local market with Standard of Jersey leading the
some
in
an
advance of )A cent
a
gallon in tank
prices of
M cent a
gallon.
Other
car
kerosene in New York harbor to 3% cents and
gallon in No. 2 heating oil to 434 cents
a
marketers met the advances.
.
.
„
Total Texas
1,360,300 bl625023 1,394,800 + 16,600 1,332,500 1,419,400
North Louisiana
80,800
Total Louisiana
260,600
249,725
Petroleum Institute.
This figure was equal to 47 days'
supply at the present rate of consumption, in contrast to 44
days' supplies held at this time a year ago.
of
gasoline held at refineries were off 1,554,000
barrels to 42,506,000 barrels while bulk terminal inventories
slumped 826,000 barrels to 26,991,000 barrels.
Holdings of
unfinished
gasoline
gained 25,000 barrels to 6,869,000
Daily average production of cracked gasoline was
barrels.
89,400
185,350
169,700
259,100
Eastern
265,300
+ 1,450
265,350
51,000
Arkansas
58,200
+600
53,600
28,200
149,700
146,450
—2,400
145,450
121,450
Michigan
56,400
52,250
—1,550
53,100
44,950
Wyoming
55,500
58,500
+ 1,150
13,500
13,300
+600
58,800
13,200
53,200
Montana...
5,200
3,600
—150
3,700
5,350
101,350
—100
98,850
114,450
Colorado
New Mexico.
112,900
101,600
Total east of Calif.. 2,755,800
California
2,355,000 barrels in inventories of finished
and unfinished gasoline during the week of
July 23 pared
the total to 76,366,000 barrels, according to the American
+ 150
+ 1,300
80,000
184,500
Coastal Louisiana
642,300
17,600
2,685,750 + 12,050 2,597,800 2,905,400
633,300 —6,100
663,950
671,000
C620.000
A reduction of
Stocks
81,200
78,200
29,050
218,000
West Central Texas...
Coastal Texas......
ADVANCED
FUEL
REFINERY OPERATIONS HOLD
way
Week
(July)
1.35
Western Kentucky
over.....
lations
$1.27
1.25
Weeks
Total United States. 3,398,100
3,349,050
+5,950 3,261,750 3,576,400
Note—The figures Indicated above do not include any estimate of
any oil which
might have been surreptitiously produced.
a These are Bureau of Mines calculations of the demand for
domestic crude oil
based upon certain premises outlined in its detailed forecast for the month of
July.
As demand may be supplied either from
plated
withdrawals
from
crude
oil
stocks or from
stocks
b Effective
c
July 18.
new
production, contem¬
be
deducted from the Bureau's
crude oil to be produced,
Sunday shut-downs continued through July,
must
estimate of demand to determine the amount of
Recommendation of Central Committee of
new
California Oil
Producers.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND
GAS AND
FUEL OIL,
WEEK ENDED JULY 23,
1938
(Figures In Thousands of Barrels of 42 Gallons Each)
off 5,000 barrels to 750,000 barrels.
Refinery operations were off 0.4 point to 77.6% of capacity,
daily average runs of crude oil to stills dipping 15,000
barrels to 3,180,000 barrels.
Stocks of gas and fuel oil con¬
tinued their sustained drive into record high levels, gaining
Daily Refining
Crude Runs
Stocks of Finished and
Capacity
to Stills
Unfinished Gasoline
with
East Coast..
barrel to $1.75; advanced tank car prices of kerosene in
a
New York harbor
% cent to 4% cents and upped No. 2 fuel oil % cent to
July 27—Prices of Pennsylvania bright oil stocks
669 100.0
669
Oper¬
At Re¬
age
C.
ated
fineries
488
72.9
6,300
Terms., Nap'tha
&c.
Distil.
14,059
1,083
Fuel
Oil
12,860
Appalachian.
146
129
88.4
103
79.8
1,158
1,785
275
1.164
Ind., 111., Ky
Okla., Kan.,
529
489
92.4
424
86.7
7,447
4,404
802
9.165
72.8
3,427
2,551
New York—
New York—
Texas
Gulf
.08%
Tide Water Oil Co
Shell Eastern
.07%
.0814
Richfield Oil(Cal.)
Chicago
.$.05
New
Orleans.
Gulf
.07%
Warner-Quinlan..
$.07%
ports...
452
383
84.7
355
201
56.6
149
74.1
1,658
149
288
1,832
833
797
95.7
725
91.0
7,103
310
1,776
12,344
589
446
3,412
279
516
4,255
-.05%
.06%-.07
.05%
174
168
96.6
113
67.3
1,535
No. La .-Ark.
Other Cities—
Stand. Oil N. J. .$.07%
Socony-Vacuum._ .07%
Missouri..
Texas Gulf..
La. Gulf
advanced 1 cent.
were
U. S. Gasoline (Above 65
Octane), Tank Car Lots, F.O.B. Refinery
91
58
63.7
41
70.7
302
153
73
Rocky Mtn.
California...
89
62
69.7
47
75.8
1,658
98
906
821
746
90.9
503
67.4
8,978
2~331
1,252
93,407
3,702
89.0
2,872
77.6
Reported
39,566
26,331
457
308
2,940
660
796
6,609 140,141
260
2,900
.07%
TuJ.sa
04%-.04%
I North Texas
(Bayonne)
.$04
July 23 '38
Diesel..
California 24 pi as D
......
(Bayonne)—
27 plus..,
26,991
44,060
27,817
6,869 143,041
6,844 142,068
Phila., Bunker C
y3,380
40,654
23,562
7,403 106.266
..$0.90
x
0.95
.$.04%
(Chicago—
|
28-30 D
Refinery
or
Estimated Bureau of Mines basis.
yJuly, 1937, daily
average.
Terminal
iTulsa.
$.053
I
May Summary of Gas Company Statistics
$.02%-.03
•
Gasoline, Service Station, Tax Included
New York
42,506
3,195
1.75
Gas Oil, F.O.B.
N. Y.
3,180
4,159
xJuly 23 '37
New Orleans C
$1.00-1.25
4,159
4,159
U.S.B. of M.
Fuel Oil, F.O.B. Refinery or Terminal
...$0.^5
4,159
July 16 '38
|New Orleans.$.05%-.05%
|Tulsa
.03%-.04
$.04% I Los -Angeles,03%-.05
N. Y. (Bayonne)
Bunker C
Est. unreptd.
xEst.tot.U.S.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
z
P.
Gas
and
C.
Inland Texas
4% cents.
z
Aver¬
Total
/'.
Unfin'd
in
Daily
Reporting
tial
Rate
July 25—Standard of New Jersey advanced New York price of Diesel
fuel oil 10 cents
Finished
Poten¬
973,000 barrels to reach
a peak of 143,041,000 barrels.
Representative price changes follow:
Stocks
of
District
$.19
Brooklyn...
19
(Newark
I Boston
zNot Including 2% city sales tax.
.$.1591Buffalo
.1851 Philadelphia
The
tured
$.17
16
American
and
Gas
natural
Association
gas
utility
reported
that
manufac¬
amounted
to $62,compared with $64,574,600 for the
corresponding month of 1937, a decrease of 3.5%.
282,900 in May, 1938,
as
revenues
Volume
Financial
147
The manufactured gas
industry reported revenues of $30,month, substantially unchanged from the
figure reported for the same month of the preceding year.
409,300 for the
The
natural
gas utilities reported
6.7% less than for May, 1937.
or
Total
sales
of
manufactured
of $31,873,600,
revenues
month
the
were
a decrease of 0.3%.
Natural gas
utility sales for the month amounted to 91,720,500,000 cubic
decrease of 12.0%.
a
Manufactured gas sales
ing,
1.7%
of
mercial
uses
decreased
gas
for
for
Sales
showed an increase
industrial and com¬
2.9%.
for
sales
2.1%
of
clined
1937.
May,
over
Natural
crease
for domestic uses, such as cook¬
heating, refrigeration, &c.,
water
the
June
Production
The Portland
and
Shipments of Portland Cement <
industry in June, 1938, produced
10,535,000 barrels shipped 10,932,000 barrels from the mills,
and had in stock at the end of the month 22,478,000 barrels,
cement
Production and ship¬
decreases
of 5.6 and 13.5%, respectively, as compared with June, 1937.
Portland cement stocks at mills were 6.4% lower than a year
ago.
The total production for the first half of 1938 amounts
to 43,208,000 barrels, compared with 54,095,000 barrels in
the same period of 1937, and the total shipments for the
first half of 1938 amount to 45,586,000 barrels, compared
with 52,538,000 barrels in the same period of 1937.
The statistics given below are compiled from reports for
June received by the Bureau of Mines from all manufacturing
plants.
In the following statement of relation of production to
capacity the total output of finished cement is compared with
the estimated capacity of 160 plants at the close of June,
1937 and 161 plants at the close pf June, 1938.
according to the Bureau of Mines.
for
gas
29,681,600,000 cubic feet,
feet,
647
Chronicle
domestic
showed a de¬
sales de¬
purposes
month, while industrial
21.1%.
Weekly Coal Production Statistics
The National Bituminous Coal Commission in its current
weekly report stated that the total production of bituminous
coal for the week ended July 16 is estimated at 5,785,000
net tons.
This is an increase of 425,000 tons, or 7.9% over
the output in the week of July 2, the latest full time week.
Production in the week of July 17, 1937, amounted to
7,214,000 tons.
The cumulative production of bituminous coal in 1938 to
date is 31.7% lower than the same period of 1937; cumulation
of both anthracite and bituminous coal in the year to
ments of
Portland cement in June, 1938, showed
RATIO
PRODUCTION
OF
June,
The month
52.8%
48.9%
The 12 months ended
47.8%
41.0%
PRODUCTION,
AND
SHIPMENTS
CEMENT,
.
CAPACITY
TO
1938 Apr., 1938 Mar., 1938
1937 June, 1938 May,
STOCKS
BY DISTRICTS,
OF
IN JUNE,
41.8%
PORTLAND
1938
FINISHED
1937 AND
(In Thousands of Barrels)
,
,
weekly report
said that a substantial increase marked the production of
anthracite during the week of July 16.
The total estimated
output of 559,000 tons showed a gain of 242,000 tons over
production in the week of July 9.
Based on a six-day week,
the daily average of 93,200 tons rose 47% over the rate of
the week before, and was only 4% less than the rate obtained
in the week of July 17, 1937.
STATES PRODUCTION OF
Production
District
Bituminous Coal
1938
1937
1929
1937
732
1,012
1,771
3,045
802
2,302
816
1,112
959
1,002
834
1,070
1,132
838
1,447
4,730
964
946
Daily average
1,666
2,710
985
967
2,134
1,030
1,376
1,254
876
671
975
676
608
2,446
2,761
1,747
1,098
981
2,599
1,699
1,091
884
Wis., Ill.,Ind.&Ky
Va., Tenn., Ala., Ga., Fla. & LaEast. Mo., Ia., Minn. & S. Dak..
W. Mo., Neb., Kan., Okla.& Ark.
2,452
1,529
2,108
689
905
610
611
310
344
340
300
427
503
1,083
955
1,058
,1,024
1,343
1,258
664
473
247
551
164
755
601
11,163
10,535
12,645
10,932
24,011
22,478
PRODUCTION. SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS
(In Thousands of Barrels)
5,785
4,166
'
*
a—
Total, Including mine fuel
•
7,214 162,837 238,267 276,728
985
1,203
Stocks at End of
1,673
1,441
Production
Month
a
718
1,261
753
Ohio, Western Pa. & W. Va
Michigan
2,275
c
July 9, July 17,
1938
1938
4,873
2,245
Total
1938 b
'
of Month
1937
1938
2,115
1,947
Oregon & Washington.
July 16,
1937
Eastern Pa., N. J. & Md
New York & Maine
Colo.. Mont., Utah, Wyo. & Ida.
California
Calendar Year to Date
Shipments
1938
1937
Texas
COAL
(In Thousands of Net Tons)
Week Ended
.
.
Stocks at End
same period of 1937.
The United States Bureau of Mines, in its
UNITED
.
date is
30.3% lower than the
ESTIMATED
26.9%
42.7%
37.7%
47.4%
41.3%
Month
Shipments
Includes for purposes of historical comparison and statistical convenience the
lignite, semi-anthracite and anthracite outside of Pennsylvania,
b Subject to revision,
c Sum of 28 full weeks ended July 16, 1938, and correspond¬
ing 28 weeks of 1937 and 1929.
production
PRODUCTION
ESTIMATED
OF
PENNSYLVANIA
BEEHIVE
ANTHRACITE
AND
COKE
January
5,837
8,443
10,402
February
March
Week Ended
July
Calendar Year to Date
1938
1938
1937
1938
1937
c
December
Penna. Anthracite—
Total
a
25.622
22.979
a22.875
10,535
12,645
10,932
25,747
25,493
24,011
5.879
7,983
9.752
12,237
114,010
November
Total, incl. colliery fuel a 559,000 317,000 585,000 24,983,000 29,520,000 37,218,000
93,200 63,400 97,500
151,900
179.500
Daily average
226,200
Commercial production b 531,000 301,000 556,000 23,775,000 28,044,000 34,538,000
7,259
8,678
10.361
7,879
10,272
11,890
3,916
7,047
October
1929
c
25,023
24,361
24,393
116,478
September
July 9, July 17,
1938
1937
4,390
4,575
12,291
12,773
11,190
8,188
4,793
August
July 16,
1938
4,689
5,163
.
11,634
11,163
11,597
11,894
11,223
11,374
9,248
June
1937
4,534
6,616
April
May
(In Net Tons)
1938
1937
of
25,059
22,262
22,478
23,370
22,940
21,388
21.665
22,634
24,879
Revised.
Beehive Coke—
10,300
10,300
63,800
528,000
1,972,500
1,717
United States total
2,060
10,633
3,143
11,741
Daily average.-a
3,706,500
22,063
Non-Ferrous Metals—Domestic Copper
Raised to 10c.,
Valley, Following Uplift Abroad—Lead Active
Includes washery and dredge coal, and coal shipped by truck from authorized
operations,
b Excludes colliery fuel,
In the three years.
c
Adjusted to make comparable the number
"Metal and Mineral Markets" in its issue of
of working days
(In Thousands of Net Tons)
[The current weekly estimates are based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.]
Week Ended
State
July
July. 9,
1938 p
2
2
2
2
134
Alaska
July 2, July 10, July 11,
1938 p
166
-----
1937
r
1936
July 6,
1929
r
s
Avge.
1923
e
s
239
194
286
Arkansas and Oklahoma
17
17
14
24
63
Colorado..
49
61
70
55
89
1
1
Illinois
473
567
580
632
732
152
161
228
221
251
451
last week.
tion here
Georgia and North Carolina
Iowa
36
—
-
*
1
14
36
s
389
74
Though London moved higher after the quota¬
new level, the feeling
became established at the
prevailed in most quarters that the advance abroad may not
hold, and there was no move on July 27 to disturb the 10c.
basis. Domestic sales increased as prices advanced.
Copper
producers were pleased that the buying movement was in
moderate volume.
Lead was in active demand.
Inquiry for
zinc was good.
Tin was quiet. Manganese and chrome ores
declined.
The publication further reported:
1,268
Indiana
Alabama.-..
165
Copper
s
53
45
July 28 said
that continued strength in copper in London caused producers
to raise the domestic quotation to the basis of 10c., Valley,
ESTIMATED WEEKLY PRODUCTION OF COAL. BY STATES
87
i
ducers
make two increases
to
to 9%c.,
and
here of one-eignth cent each,
July 25 to 10c., Valley.
82
72
92
79
134
from 9^c.
570
604
687
678
735
ended July 26 totaled 20,322 tons, against
91
97
98
84
176
202
16
26
20
24
35
42
bringing the total for the month to
Michigan
5
4
5
3
12
Montana
31
37
35
42
38
41
necticut Valley and Detroit, important copper-consuming centers,
New Mexico
22
26
30
31
40
52
the more
19
17
11
16
s9
s!4
Kentucky—Eastern—
Western
Maryland
North and South Dakota
—
,
17
244
242
369
358
367
1,195
1,686
1,916
2.243
3,680
41
.58
93
80
74
113
Texas
13
15
17
13
18
23
44
87
]94
173
239
Ohio
-
21
23
39
165
215
223
Utah.
Virginia
Washington..
West
23
28
25
30
1,478
1,648
/ 1,519
v
440
1,569
1,405
1.519
483
583
866
70
65
61
67
77
315
1
s2
s4
4,730
5,360
6,494
6,896
7,550
11.208
317
951
679
845
772
1,950
5.047
6,311
7.173
8.322
13.158
-
Virginia—Southern a
1
1
Northern b
Wyoming
#
Other Western States c.
1
*
31
37
5,513 tons in the previous week,
date to 112,921 tons. Producers believe
and reports from the Con¬
to increase,
electrolytic copper in London was not greatly relieved
last week,
the bid price moving up to £46 10s., against £44 10s. on July 21.
However,
offerings of copper on July 27 at the higher prices were fairly
liberal.
Copper at 10c. per
s
pound is accepted in most quarters of the industry as
and tne rise that has taken place this month just
subnormal quotation,
about reflects the improvement
remainder
another runaway
in business that is now in sight
It is claimed that outsiders,
of the year.
who
bituminous coal
market, fail to note (1) that supplies of
situated that output
This was not the case
Pennsylvania anthracite d
Grand total
-
7.741
the
over
seem
to
fear
copper are still
large and (2) producers are now so
Total
bear out
optimistic feeling.
The shortage of
854
1,083
Tennessee
Pennsylvania bituminous
has started
consumption
actual
on
July 22
on
Sales for the week
78
466
Kansas and Missouri
.
Higher copper prices abroad during tne last week forced domestic pro¬
can
sharply on very short notice.
wnen the
boom got
early
in
under way.
July was
be stepped dp
1936-37
Operators are free to admit that the buying wave
excessive, but followers of the market contend that
should gradually increase to 50,000 tons or more a
domestic consumption
N. & Wr.; C. & O.; Virginian; K. & M.; B. C. & G.,
and on the B. & O. In Kanawha, Mason and Clay Counties,
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral and Tucker Counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina
and South Dakota included with "other Western States."
* Less than 1,000 tons.
a
Includes operations on the
month later in
the
year,
and, in that event, the recent purchases
may not
look quite so large.
Lead
V
Contrary to general expectations, the demand for lead in the last week
was
fairly active, sales for the period totaling 8,076 tons, against 2,132 tons
Financial
648
The undertone was quite firm in all directions, and,
In the week previous.
London market, tne price might nave been raised.
favorable impression; the rise in snipments from
except for the dragging
The statistics made a
June was far better than earlier esti¬
July figures will be even better, producers claim.
26,011 tons in May to 35,343 tons in
indicated.
mates
Tne
Chronicle
centers, a
July 30, 1938
reduction of $3 a ton at Pittsburgh and $5 a ton at Gary. The
$4.65 Pittsburgh price on manufacturing ternes at Gary
The Granite
prices $2 a ton over Gary,
adoption of the
product down $2 a ton for consumers in that area.
brings that
City Steel Co., which has maintained mill base
has made no announcement as to its prices.
top of
On
the reductions that have previously gone into effect, these
Actual consumption of lead is
running at 35,000 tons a month or nigher.
With the strike at St. Helena
still on, production for July will be smaller.
lower prices
emphasize the assertions of steel companies that an adjustment
week that the smelter at Tooele, closed since July 1,
in wages or
prices must come if they are to make any profits even with a
It was announced last
will
much higher
curtailed basis on Aug. 1.
resume on a
York, which was tne settling basis named
by American Smelting & Refining Co., and at 4.75c., St. Louis.
Quotations held at 4.90c., New
in reducing wages, especially in the view of the confer¬
this week under the auspices of the Public Contracts
in Washington
ences
of Labor, which has given the steel companies
Board of the Department
Zinc
Yet no steel company seems to be ready to
operating rate.
take the initiative
zinc
sellers, and in some instances
business
there is little or no desire to push forward
Prime Western held
prevailing price level.
the
at
week ended July 23
4.75c.,
at
amounted to 5,266 tons, according to official records,
In galvanizing operations the
week previous.
against only 558 tons in the
The automobile industry is showing more interest in
trend is still upward.
encouraging.
little
are a
week, activity here nas been light.
The tin-plate mills
are operat¬
ing at slightly more than 35% of capacity, according to trade authorities.
Straits
tin,
spot,
settled at 43Mc. per pound,
New York,
The month started out slowly, but has gained momentum,
occurred in sales.
week having shown a decided improvement for many mills.
Government-financed projects are being rapidly announced, but steel
the past
Chinese tin, 99%, was nominally as follows:
July 21, 42.100c.; July 22,
42.100c.; July 23, 42.225c.; July 25, 42.350c.; July 26, 42.350c.; July 27,
with new projects 8,200
Reinforcing steel awards were about 3,000 tons,
Fabricated structural steel contracts closed in June gained nearly
tons.
43%
over
those of May, and were the largest for any month this year.
will be
While August
month of many partial shutdowns of automobile
a
Increased sales of new and used cars will hasten output of 1939
month.
models.
.
THE
42.350c.
OF METALS
PRICES
Struc¬
14,000 tons for a bridge at St. Louis.
plants, some will get into production on new models before the end of the
points higher than a week ago.
DAILY
will not be rolled for some months.
the week were only 8,000 tons, but new work totals
30,000 tons, including
than
more
about 25
or
accounts for the improvement that has
sprinkling of fairly large orders,
tural steel lettings in
activity in the tin-plate industry
encouraging, and London prices nave held remarkably steady in
more
tne last
its economic position."
Miscellaneous buying, much of it in comparatively small lots, with a
will impair
requirements in many instances
Tin
Tnough reports on tne state of
conditions; otherwise prices must be
if the industry is to avoid serious losses which
increased in the near future
News out of Detroit has been
Hign Grade for new model construction.
more
Contracts Board that "present wage rates must be
subject to adjustment to meet existing
The sales of the common grades for the
week.
St. Louis, throughout the
Co. warned the Public
The Inland Steel
additional wage data.
another week in which to present
tends to keep the domestic quotation for
from exnibiting increased firmness.
Producers here are not anxious
As in lead, the London market
("E. &
M.
"IRON
COMPOSITE PRICES
AGE"
Finished
J." QUOTATIONS)
Steel
(Based on steel bars, beams, tank plates,
-i--_2.300c.-j
wire, rails, black pipe, sheets and hot
2.350c.
rolled strips.
These products represent
2.512c.[
85% of the Unjted States output.
July 26, 1938, 2.300c. a Lb.
Straits
Electrolytic Copper
Tin
Lead
Zinc
One week ago
One month ago.
New York
Dorn.,Refy. Exp., Refy.
New York
St. Louis
St. Louis
—
-
One year ago
.—
9.525
9.625
43.500
9.650
9.700
43.500
4.90
4.75
4.75
1938
July 23
9.650
9.775
43.625
4.90
4.75
4.75
1937
July 25
9.775
9.875
43.750
4.90
4.75
4.75
1936
July 26
9.775
9.975
4.75
4.75
1935--.-
July 27
9.775
4.75
1934
4.90
43.750
10.025
4.75
4.90
43.750
4.90
4.75
4.75
43.646
9.829
9.692
..
4.90
4.75
4.75
-
ended July 23 are:
Domestic copper f.o.b.
refinery, 9.567c.; export copper, 9.642c.; Straits tin, 43.433c.; New York lead,
4.900c.; St. Louis lead, 4.750c.; St. Louis zinc, 4.750c.; and silver, 42.750c.
All prices
They
are
are
Daily London Prices
Copper
Lead
Oct.
1
Apr. 24
2.056c.
Jan.
8
1.945c.
Jan.
2
Oct.
3
1.792c.
May
2
Sept.
6
1.870c.
Mar. 15
2.192c.
Jan.
7
1.962c.
Oct.
Jan.
4
2.212c.
Nov.
Pig
Based
One year ago.
July 21
{Bid)
Spot
3M
3913i»
—
3M
40:ji«
44 %
45
193 %
194%
40",#
-
1935
6
9
20.25
Feb.
16
Nov. 24
18.73
Aug. 11
18.84
—
July
Mar.
19.73
-
Nov.
3M
Spot
141,6
14%
14%
194
195
14%
14",«
14
417i«
45%
46%
194%
194%
15i,«
145,6
Jan.
13.56
Jan.
14.81
Jan.
13.56
Dec.
6
—
1932
18.21
Jan.
15.90
Dec.
16
19.71
Jan.
17.54
Nov.
-
15316
143i6
4I9m
4113,6
46%
194
15si»
15%
143,6
14%
14%
in pounds sterling
ton
20.08
buyers'
1935
"Iron
Age" in its issue of July 28 reported that
Pittsburgh has amounted to about 30%, and an excited
scrap market, which has boosted steel-making grades $1 at
Pittsburgh and 50c. at Chicago and Philadelphia, bringing
the "Iron Age" scrap composite price up to $14.08, highest
of the year thus far, are factors which seem to point to
continued improvement. The "Iron Age" further stated:
A
The gain in operations from the June average rate has been about
30% .
more moderate rise is to be expected from this
point on, at least until
automobile manufacturers
new
come
more
heavily for steel for
models, which will be about Aug. 15.
Some
steel
making
districts
have
shown
fairly
sharp
Chicago, where the rate has risen four points to 38%
gains,
notably
chiefly because of
distribution of steel orders for Southern Ry. cars.
In the Wheeling-Weirton
65% rate has been attained, the best in the country. Detroit, where
operations have been at a low rate for many months, is up to 48% from less
area a
than
30%
Corp.
owing to resumption of
some
capacity by the Great Lakes Steel
The starting up of the Ford steel plant
further rise.
Some districts
porarily, having built
shut down for
a
Blast furnace
furnaces
were
have
up stocks
of
reduced
raw
open
on
Aug.
hearth
8 will
assure
a
operations tem¬
A Lorain, Ohio, plant has
steel.
week's vacation.
operations
are
also
on
the increase.
blown in at Chicago, and resumption of
pig iron tdairing may
capacity
36.4%
elimination of the differentials at Gary over
Pittsburgh
plate and special coated manufacturing ternes.
per
base box at Pittsburgh and Gary,
users,
a
on
on
a
tin plate, black
Tin plate becomes $5.25
reduction of $2
while black plate has been placed
for
one
3.15c.
a
a
ton
lb.
for western
base
at
both
9.50
23
Sept. 25
Aug.
6.75
Jan.
3
8
Apr.
8.50
Jan.
12
6.43
July
5
Feb.
18
11.25
Dec.
9
Jan.
17
13.08
Nov. 22
Iron
Steel
and
Institute
on
July 25
an¬
telegraphic reports which it had received in¬
the
week
beginning
week ago, 28.7%
This
ago.
one
represents
1937—
July 25,
with
compared
month ago, and 84.3%
one
an
1937—
July
5
67.3%
Oct.
Oct.
25
19
82.7%
82.5%
July
26
1938—
18
12
55.8% Jan.
52.1% Jan.
Nov. 22
Aug. 16
83.2%
Nov. 29
Aug. 23
83.8%
Dec.
Aug. 30.-..-84.1%
7
71.6%
Dec.
13
Dec.
20
Sept. 13
Dec. 27
Nov. 15
Sept.
Oct.
80.4%
30.7%
May 23
66.1%
Jan.
10-.!
11.-...63.6%
Jan.
17
3
13
27.1%
28.0%
28.7%
33.7%
July
5
22.4%
35.7%
July
11
32.6%
32.7%
32.4%
July
18
36.4%
July
25
.37.0%
27.4% Mar. 21
23.5% Mar. 28
4
19.2% Apr.
Apr. 11
Jan.
June
June 27
-29.9%
32.1%
1Q1Q
29.0%
May 31-—26.1%
June
6
26.2%
June 20
—
29.6% Mar. 7
.27.5% Mar. 14
6
.76.1%
74.4%
4
30.7%
7
41.0% Feb. 14—--31.0%
30.4%
36.4% Feb. 21
-29.3%
31.0% Feb. 28.-
84.6%
Oct.
30.4%
May 16
8
Nov.
9
Sept 27
9
30.5%
48.6% Feb.
84.3%
2.._..S5-.5%
—
May
31
1-
Aug.
Sept. 20.
1938—
24.-—32.7%
Nov.
Aug.
25.6% Apr. 18—
27.8% Apr. 25
2
29.8% May
32.3%
32.0%
30.7%
"Steel" of Cleveland, in its summary of the iron and steel
markets,
on
July 25 stated:
Tangible evidence
less
rapid
The
pace
steel
raw
of
than
is
indicated
production.
industry has
high hopes that the recent spurt in
of the
operations undoubtedly will
weeks,
the
when ingot output was
July
4
The
that
the
rose
reached
rate
holiday
increase
has
steel buying is appearing, but at a
by the improvement in sentiment and
in
recovery
furthered during the balance
Production
basing point situation is the
10.33
Mar. 13
15.00
July
in
the
10
7
9
1937, follows:
Aug. 1 has not added materially to furnace bookings, as most users have
quarter's requirements on contract since the recent $4 a
The most important development in
Dec.
June
increase of 0.6 points, or
1.6% from the estimate for the week ended July 19, 1938.
Weekly indicated rates of steel operations since July 5,
year
in
covered for the
June
dicated that the operating rate of steel companies having
98% of the steel capacity of the industry will be 37.0% of
resumed, while others in that district may come into blast soon.
Foundry
melt is gaining moderately in some areas, with
pig iron shipments slightly
better.
An intimation that pig iron prices
may be raised $1 a ton about
ton reduction.
12.67
-
-
nounced that
Two steel making
follow in other districts if scrap prices move
up too far, as steel companies
have ample stocks of ore, which
presumably they desire to liquidate rather
than add to their scrap costs.
A merchant furnace in Alabama has also
21
15.25
—
-
July
into the market
Nov. 16
Dec.
13.42
The American
a
steel ingot production to 37%, a gain of one point
from last week; an increase in sales over June, which at
12.92
12.25
—
1927
rise in
$11.00
July
.13.00
—
1930.
Ingot Rate Slowly Rises—Scrap Up $1 at
Pittsburgh
26
Mar. 30
17.75
1936
1934.
(2,240 lb.).
Low
High
21.92
—
1932.
The
1
[
$14.08
-
1937
1933
Steel
3
(Based on No. 1 heavy melting steel
—$13.42(
quotations at Pittsburgh. Philadelphia
12.081
and Chicago.
-
1938
buyers' prices for the first session of the
per long
27
Scrap
149ie
15%
Julyi27
195%
195%
195%
1415,6
41%
are
May 14
16.90
Dec.
One year ago
40 ht
All
17.83
May
16.90
-
1933
One week ago.....
One month ago
41%
prices.
5
17.90
—-
1934
3M
149u
London Metal Exchange; prices for copper and tin are the official closing
$19.61
July 26, 1938, $14.08 a Gross Ton
Spot
14%
4Di«
the official
and
23.25
-
-
Steel
Julyt25
Julyt26
are
Valley,
Low
June 21
$23.25
——
——-
1937
1936
Zinc
July) 22
Prices for lead and zinc
Buffalo,
Southern iron at Cincinnati.
Electro.
Spot
of basic iron at Valley
on average
Philadelphia,
High
1938
1
furnace and foundry irons at Chicago,
$19.61
21.91
23.25
—
29
Iron.
July 26, 1938, $19.61 a Gross Ton
One week ago
One month ago.
1930
Tin, Std.
Mar. 10
--2.402c.
-
-
1927--
Copper, Sid.
2
2.016c.
-.-1.915c.
-
1930
1927
reduced to
In cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is,
delivered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business in copper sellers usually name a c.l.f. price—Hamburg,
Havre, and Liverpool.
The c.i.f. basis commands a premium of 0.325c. per pound
above f.o.b. refinery quotation.
r
!
6
Mar.
Dec. 28
-
-
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
the basis of cash, New York or St. Louis, as noted.
July
2.249c.
1.953c.
—
2.300c.
9
2.249c.
—
May 17
Mar.
2.062c.
2.118c.
-----i
1932
Average prices for calendar week
2.512c.
2.512c.
-
-
1933
Average
Low
High
July 21
July 22
an
in
the
last
occurred
in
rate
first
has
week
rolled
activity will be
although subsequent betterment
be unable to match that of the past two
stepped
additional
the
year,
four
week
up
advanced
more
steel
50%.
points
of April,
than
12
.
last
week
36%,
to
highest this
year.
equal
to
Since the
points.
compensated
demand and
is
for
the
accounted
improvement
for
partly by
necessity for mills to bolster their stocks of semi-finished material.
Volume
Steel
producers
decline
hence
of
quantity
operations
ahead
run
Encouraging
sprinkling
accounts
automotive
Little support to steel
until this work is completed.
assemblies last week totaled
decline of nearly 10,000 from the week before.
General
from 17,900 units to 13,415; Ford was steady at 12,500;
1939
to
A
for final runs on 1938
has moderated for the time being as the period for the
however,
change-over
orders.
recent
of
diversification
the
is
by
editions
entered.'
being
is
buying will be provided by motor interests
Reflecting
automotive
32,070
units,
Motors
curtailed
a
reduced
Chrysler
from
shutdowns,
plant
2,750
units to
6,190
;
cut from
while all others
to 3,405.
5,420
for the
steel-making
at Chicago and Birmingham.
Chicago operations gained 1.5 points to 34%
last
week, while the Southern district was 8 points higher at 50%.
Gains predominated changes elsewhere, with Pittsburgh up 2 points to
Southern
27%,
up
building
to
51%,
0.5
to
28,
up
of
5,550 freight
cars
in boosting
important factor
an
points
6
Pennsylvania
the
for
has been
Railway
Wheeling
eastern
material
of
Production
5 points to 35%,
40, and Cin¬
Youngstown up
New England up 5 to
at four centers—
Buffalo at 35, Cleveland at 26, Detroit at 29, and St. Louis at 18.
Railroads are marking time in the purchase of material and equipment,
and little domestic business in freight cars and locomotives is in immediate
cinnati
12
up
50%.
to
Production
and
tonnages,
strong in
week.
all
at
in
rising
and
directions
Increases
and
Chicago
eastern
Steel ingot production for the week ended July 25, accord¬
ing to the "Wall Street Journal" of July 29, shows an
increase of about 4 points over the previous week.
Gain is
attributed to substantial improvement among leading inde¬
pendents, which recorded an upturn of about 8 points.
Subsidiaries of the U. S. Steel Corp. are credited with a
requiring
prices has been
removed, although the lower quotations now in effect have failed to
persuade most consumers to order steel beyond early needs.
However,
clarification of prices has resulted in some balancing of stocks of users
and warehouses and has helped to promote a fairly large number of small
month
The "Journal"
preceding week.
fractional decline from the
further reported;
, compared with
U. S. Steel subsidiaries
27% two weeks
credited with 44% , compared with 36%
For the industry as a whole the average is
placed at 37%
33% in the previous week and 28% two weeks ago.
are
estimated at 29%
against 29 H% in the week before and
,
Leading independents are
ago.
in the preceding
production
with the
from the week immediately preceding:
comparison of the percentage of
corresponding week of previous years, together
the nearest
with
two weeks ago.
week and 28H%
The following table gives a
approximate changes,
points,
in
37
1937
+
4
29
—
82
.
to
as
—
1
78
—
77
2
49
2Y2
27H
1
59
1935
45
+
3
40
—
—
26^
—
1M
55
—
1
50
+
1
+
4
X
—
—
1
1932 (not available
1931
33
1930
57 K
96
1928
following active coverage of third quarter
requirements recently when price reductions were accompanied by uncon¬
Pig iron buying has subsided,
+
.
25
8
84
+2
1933
+
3
72
1934
44
^
+3
66
1929
purchases.
Independents
U. S. Steel
Industry
1938
1936
this
earlier
uncertainty
the
of
for
are
5 on three battleships,
Navy Department will, take bids Oct.
estimated 50,000 tons of rolled steel.
increase,
to
Inquiries
foundries.
spending.
Public Works Administration
Much
slow
are
districts.
productive of fair
this steel outlet shortly gives promise of being swelled by
Building and heavy engineering projects
prospect.
an
unchanged
was
some
Pig
reflecting light
castings are reported
would be revoked in August.
the cuts
contracts
most
among
in
of
part
against
steel production, the market
further in a number of areas
Pennsylvania boosted the
scrap
composite 42c. to $13.50, highest since February.
The iron and
steel composite was advanced 3c. by the rise in scrap to $36.30.
The
finished steel composite was unchanged at $57.20.
being
last
producers
to
purchases
of
that
Scrap prices continue to forecast gains
required
of the
than
ingots
have
operations
in
rumors
shipments
heavier
In the interest of economy
production.
larger
a
gains
recent
iron
certain
sales, consequently,
only scant supplies of
in consumption.
expansion
models,
producing
are
immediately,
firmed
products to
of semi-finished
inventories
increase in semi-finished
an
mills
some
their
half, resulting in
first
The moderate pickup in finished steel
analyses lately.
dictated
permitted
the
during
649
Financial Chronicle
147
72H
1927
68 bj
100
M
2y
92
....
76 X
+
2Y
y*
—
70
1X
+
2
65
71 H
,
+
52
64
....
+
33
33
1M
+
—
Chicago
July 28 July 27 July 20 July 28
1937
1938
1938
1937
New York City
Federal Reserve Banks
the
with
Week
The
July 27 July 20
During the week ended July 27 member bank reserve bal¬
decreased $14,000,000.
Reductions in member bank
reserves arose from increases of $7,000,000 in Treasury cash,
ances
$8,000,000 in Treasury deposits with Federal Reserve banks
and $29,000,000 in non-member deposits and other Federal
Reserve accounts and a decrease of $2,000,000 in Reserve
bank credit, offset in part by increases of $13,000,000 in gold
stock and $2,000,000 in Treasury currency and a decrease of
$17,000,000 in money in circulation.
Excess reserves of
member banks on July 27 were estimated to be approximately
$3,040,000,000, unchanged for the week.
The principal changes in holdings of bills and securities
were an increase of $17,000,000 in United States Treasury
notes and a decrease of $17,000,000 in United States Treasury
bills.
692 and 693.
Changes in the amount of Reserve bank
ing and related items were as follows:
on
pages
credit outstand¬
(+)
increase
or
Decrease
(—)
Since
July 27, 1938
July 20, 1938
U. S. Government securities
advances
(not
__
S
—1,000,000
7,000,000
1,000,000
2,564,000,000
——-
Bills bought.....
July 28, 1937
$
$
Bills discounted
Industrial
Other securities
banks.
Other assets—net..
...—'..
—8,000,000
—2,000,000
+ 38,000,000
Including
—6.C00.000
16,000,000
$14,000,000commitm'ts—July 27)
—5,000,000
Other Reserve bank credit
—2,000,000
+1,000,000
2,583,000,000
13,002,000,000
—2,000,000
+13,000,000
+23,000,000
+569,000,000
Treasury currency
2,719,000,000
+2,000,000
+145,000,000
Member bank reserve balances
8,188,000,000
—14,000,000 +1,412,000,000
6.416,000.000
cash
2,328,000,000
deposits with F. R. bank..
732,000,000
—17,000,000
—8,000,000
+7,000.000 —1,248,000,000
+8,000,000 . +504,000,000
Total Reserve bank credit
Gold stock
Treasury
Non-member deposits and other Fed¬
eral Reserve accounts
Returns
+ 29,000,000
641,000,000
;
+ 78,000,000
New York City and
Chicago—Brokers' Loans
of Member Banks in
Below is the statement of the
Board of Governors of the
System for the New York City member
banks and also for the Chicago member banks for the cur¬
Federal
rent
Reserve
of the member
until the coming Monday.
week, issued in advance of full statements
banks, which wrill not be available
ASSETS AND LIABILITIES
IN
OF WEEKLY REPORTING MEMBER
BANKS
CENTRAL RESERVE CITIES
(In Millions of Dollars)
Chicago
New York City
July 27
July 20 July 28 July 27
1938
1938
1937
1938
$
S
$
$
July 20 July 28
1938
1937
7,490
2,879
7,537
2,910
8,399
3,978
1,827
-513
8
1,827
512
2,001
692
1,450
131
1,451
131
1,736
160
338
18
336
17
456
29
469
486
1,141
25
27
55
carrying securities
Real estate loans
193
118
194
117
272
134
68
12
68
12
76
14,
Loans to banks
88
430
101
430
110
425
52
2
60
Assets—
Loans and
Investments—total..
Loans—total
Commercial
industrial
Other leans for
$
and
agricultural loans
Open market paper
Loans to brokers and dealers.
purchasing or
Other loans
871
917
770
1,054
3,386
52
753
1,059
3,444
49
76
487
451
966
2,458
.51
68
446
128
315
934
34
208
51
129
315
914
33
202
50
100
292
580
29
147
62
6,343
644
67
1,525
464
72
1,521
110
6,073
759
224
1,560
464
104
2,424
265
2,455
270
1,918
553
25
692
7
694
7
548
7
Liabilities—
Demand
deposits—adjusted
Time deposits
....
...
United States Govt, deposits—
453
32
Inter-bank deposits:
Domestic banks.............
Foreign banks.
-
...."
Borrowings
Other liabilities
:
....
....
....
297
291
396
17
17
18
1,477
Complete
Returns
Reserve
1,480
1,474
247
247
240
As
of
52
Member Banks of the Federal
Week
System for the Preceding
explained above, the statements of the
New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
selves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System
Money in circulation.....
Treasury
871
6,278
645
Cash in vault................
3,004
70
492
......
Reserve with Fed. Res. banks..
2,815
week ended July 20 will be
The statement in full for the
found
2,787
Obligations fully guaranteed by
United States Government...
Balances with domestic
$
$
$
$
$
S
Assets—
U. S, Gov't obligations
Capital account.
'
'
1938
1937
of business
for the week ended with the close
July 20:
member banks in 101 leading
for the week ended July 20:
A decrease of $34,000,000 in holdings of United States Government direct
obligations, and increases of $117,000,000 in obligations fully guaranteed
by the United States Government and $90,000,000 in "Other securities";
an increase of $133,000,000 in demand deposits—adjusted, and a decrease
of $53,000,000 in deposits credited to domestic banks.
Commercial,, industrial and agricultural loans declined $13,000,000 in
New York City and $7,000,000 at all reporting member banks, and in¬
creased $6,000,000 in the Atlanta district and $5,000,000 in the St. Louis
district.
Loans to brokers and dealers in securities declined $10,000,000
in New York City and $15,000,000 at all reporting member banks.
Loans
to banks increased $8,000,000 in New York City.
Holdings of
United States Government direct obligations declined
$22,000,000 in New York City and $34,000,000 at all reporting member
banks.
Holdings of obligations fully guaranteed by the United States
Government increased $66,000,000 in New York City, $11,000,000 in the
Chicago district, $10,000,000 in the Cleveland district and $117,000,000
at all reporting member banks.
Holdings of "Other securities" increased
$66,000,000 in New York City, $10,000,000 in the Chicago district and
$90,000,000 at all reporting member banks.
Demand deposits—adjusted increased $137,000,000 in New York City
and $133,000,000 at all reporting member banks.
Deposits credited to domestic banks declined $18,000,000 in the Chicago
district, $11,000,000 in the Philadelphia district and $53,000,000 at all
The condition statement
cities shows the
of weekly reporting
following principal changes
reporting member banks.
Borrowings of weekly reporting member banks
on
July 20.
amounted to $11,000,000
Financial
650
and liabilities of the
reporting member banks, together with changes for the week
and year ended July 20, 1938, follows:
Chronicle
FA summary of the principal assets
increase
(+)
Decrease
or
(—)
Since
July 13, 1938
S
JulV 20, 1938
8
A ssels
Investments—total....20.618,000,000
8,208,000,000
Loans and
Loans—total.
Industrial
Commercial,
a.
30,
a
day in which 150 heavy
explosives on the encroaching infantrymen
hour after
The government reported an advance all along the 90 miles of Ebro
hour.
Amposta, at the river's mouth, inland to Flix.
July 21, 1937
Under date of July 28
S
+150,000.000 —1,595.000,000
—23,000,000 —1,532,000,000
Associated Press accounts from Hen¬
daye said:
The Government did not claim actual occupation of Gandesa.
—7,000,000
—548,000,000
332,000,000
—3,000,000
—127,000,000
623,000,000
—15,000,000
securities
—734,000,000
Franco's former regional headquarters and
simo Francisco
miles of territory regained from the insurgents
square
Generalis¬
link between
a
Catalonian and Mediterranean fronts, but it lay within 200
the insurgent
by the four-day
Ebro River offensive.
loans for purchasing or
carrying securities..........
Other
578,000,000
loans.1,159,000,000
Heal estate
unloaded
bombers
River front, from
3,878,000,000
Open market paper
Loans to brokers and dealers In
I
heaviest Insurgent aerial operations,
of the war's
and agrl-
cultural loans
July
The advance into Gandesa was said to have been effected despite some
—125,000,000
—3,000,000
..........
128,000,000
1,510,000,000
Other loans
U. 8. Govt, direct obligations
fu'ly guaranteed by
United States Government.....
+10,000,000
—8,000,000
—1,000,000
+ 6,000,000
7,696,000,000
Loans to banks
—34,000,000
lost
—544,000,000
Obligations
Other securities..
Reserve with Fed. Res. banks
6,709,000.000
+117,000,000
+ 427,000,000
+54,000,000
+1,407,000,000
389,000,000
+90,000,000
—28,000,000
—26,000,000
2.428,000,000
—34,000,000
+133,000,000
—1,000,000
the
reinforced by troops from other fronts, counter-attacked
zone," the communique said.
Gandesa
"The attacks
were
com¬
pletely repulsed and the enemy was forced to withdraw to the first houses
+109,000,000
—6,000,000
12 miles to the southwest.
"The enemy,
+643,000,000
15,127,000,000
5,208,000,000
United States Government deposits
449,000,000
a
vanced to Bot,
in
1,622,000,000
3,092,000,000
communique the Government tacitly admitted its troops
foothold in Gandesa itself, although it reported its main army ad¬
In its nightly
+ 20,000,000
Cash In vault
Balances with domestic banks
of the town."
♦
+ 89,000,000
Japanese Forces Capture Kiukiang, in Drive
Liabilities—
Demand deposits—adjusted
Time deposits
—Tension
—43,000,000
Domestic banks
5,939,000,000
—53,000,000
+ 862,000,000
307,000,000
—5,000,000
—317,000,000
11,000,000
+4,000,000
—7,000,000
Foreign banks
Borrowings
First
Important
Loyalist Gains in Recent Weeks
Reported
from
Spain—Advances
Reported
by
Insurgents — Government Troops Drive Toward
Gandesa
First important Loyalist advances in the Spanish civil war
for many months were reported this week as Government
armies on the Catalan front in northern Spain were said to
have crossed
the Ebro River and begun an offensive into
territory.
Pearlier in the week insurgent com¬
manders reported that they had swept Government
troops
from the Estremadura region of southwestern
Spain.
The Spanish civil war was last referred to in our issue of
July 23, page 502.
In announcing Loyalist advances,
insurgent
Associated Press advices of July 25 from Barcelona said:
At 5
100-yard wide stream
barrier between the northeastern Government
army and
Spain for the last three months.
Tonight the Government
been
insurgent
a
commanders said
they had advanced without casualties.
Gandesa, northwest of Tortosa,
spearheads.
Gandesa is 14 miles
was
Between
insurgent
A thin enemy line crumbled
before the surprise assault.
Declaring the operation had been carried
cision" and had achieved
out
with
a
"maximum of pre¬
"all objectives," the Government described the
location of the offensive only as on
the mouth of the Ebro, and
a
ten-mile front between Amposta, at
Mequinenza, about half
way
between Gandesa
and Lerida.
(Insurgents said that their aviation destroyed the Government
bridges
and
that the Government
troops lost thousands of killed.
Insurgents
admitted, however, that militiamen succeeded in filtering into two
villages.)
The
drive
of the
Francisco Franco
of
period
troops in raids
on
that vital seaport
careful
on
preparation
hostile
the
assault.
Government
gave
in¬
formation concerning the strength of forces that would
be met.
Caravans of trucks carried up barrels and
planks which were laid down as
pontoon bridges for the river crossing.
Starting at daybreak, shock troops
crossed the stream.
The water at some points was 15 feet
on
the northern bank of the Yangtze River to
Nanchang, the capital of Kiangsi Province.
Meanwhile, tension created between the Japanese and
Soviet Russian governments, as a result of Soviet occu¬
pation of territory which Japan claimed belonged to Manchukuo, appeared to be subsiding.
It was expected that
Japan might propose the establishment of a committee
among Japan, Manchukuo and Soviet Russia to settle all
border disputes of the past and present.
Viscount Halifax, Foreign Secretary of Great Britain on
July 27 warned Japan that Great Britain will protect her
mountains
Britain
He told the House of Lords that Great
considering "possible action" if Japan failed to
respect British interests.
His speech was reported as fol¬
was
lows in Associated Press London advices of
"We
open to us
a
The
deep.
daye,
on
During five days of the victorious drive, the insurgents said, two armies
by Generals Gonzalo Queipo de Llano y Sierro and Jose Sali-
quet captured
23 important towns and villages
along with almost 3,125
miles of territory whose population exceeded 400,000.
The drive, which started
as an
Lord
Government weaknesses in the southwest
and became
a
De La Serena,
as
well
as
Thousands of Government
1,000 bodies
were
men were
said to have been
left
reported caputred and more than
on
the field
defenders.
Additional victories
Franco
s
on
forces control of
the eastern front gave
new
by the demoralized
Generalissimo Francisco
for
world
straddles the
Teruel-to-the-sea highway at a
point 17 miles northwest of
Sagunto, where the highway connects with
the main coastal highway to
Valencia.
On July 27
Loyalist troops were reported to have entered
Gandesa, which had been General Franco's head¬
quarters in Southern Catalonia since April 2.
his
statement
reply to
an
as
sincerity
other
on
the
in
case
of
regarding
protection
of British in¬
attack by Viscount Elibank, Conservative,
detrimental to Britain's trade.
Lord Eliban
The United States gunboat Monocacy was in the thick of shell fire and
bombardment today when eight Japanese
aerial
the
warships steamed up
Yangtse River past the Kiukiang waterfront and anchored 1,500 yards
down stream from the American ship.
The three torpedo boats and five gunboats began an intensive bombard¬
of Chinese shore positions southwest of
ment
airplanes kept
bank about
Below the
warships
up
Kiukiang, while Japanese
heavy bombing of troop concentrations on the north
a
mile from the
a
Monocacy.
Japanese ships engaging in the bombardment larger Japanese
sighted by the Monocacy's commanding office, Lieutenant
were
C. V. Conlan.
The Monocacy was about three miles
upsteam from
the ship the city appeared to
Chinese hands.
Kiukiang, but from
be unaffected by the stiff fire, and still in
Heavy shelling several miles southeast of
Kiukiang
was
audible, however.
Japanese airplanes zoomed low
over
the
Monocacy several times yester¬
day, but departed, apparently after satisfying themselves of the
nationality
of the vessel.
The
British
gunboat Cockchafer moved last night from its waterfront
today
were
was in the line of
the Cockchafer,
a
today's fire.
Anchored
the Mono¬
near
British merchant ship and
Standard
a
Oil tanker.'
Fifty Americans, including
to
remain
at
Kuling,
many
mountain
women
resort
14
and
miles
children,
southeast
who intended
of
Kiukiang,
informed the United States Consul General, Paul
Josselyn, at HaDkow, that
Chinese military forces were approaching to defend the town
against
Japanese operating nearby.
The Chinese requested the Americans to leave
the mountain.
As
the
Americans
Monocacy by
way
at
Kuling
had
of Kiukiang
waited
probably
until
was
departure aboard
impossible,
Mr.
the
Josselyn
asked Chinese authorities to give all possible
protection until the Americans
could leave by roads west of Kuling.
The
announce¬
by the Spanish Government said that
Loyalist and
troops engaged in hand-to-hand
fighting in the
kiang.
The advices added:
The command showed the
growing Chinese fears for the metropolitan
Wuhan area—Wuchang, Hanyang and Hankow, Generslissimo
Chiang
Kai-shek's headquarters and provisional capital—and
to avoid needless sacrifice of non-combatants in
Chinese provinces, to be involved in the conflict.
streets of Gandesa
entrance to Hupeh was made possible
according to Associated Press advices
of
authorities'
desires
expected Japanese air raids.
The Japanese offensive today entered
Hupeh province, the 11th of the 24
Hupeh, which has 71,000
July 27 from Hendaye which added:
July
on
28 that Hankow authorities ordered the evacuation that
day
of all civilians in that popular
tri-city area as the Japanese
war machine
moved relentlessly northwestward from Kiu¬
insurgent
international
peace—particularly
Associated Press advices from Shanghai reported
In the Castellon de la
Plana
sector of the eastern front, near the Medi¬
terranean, the insurgents reported
Capture of the first two trench lines of
Government fortifications
barring their path toward Segorbe.
The town
ment
consid¬
are
adequate consideration
strategic positions in their offensive toward
Valencia.
the city of
secure
The
Sino - Japanese
conflict was referred to in the
"Chronicle" of July 23, pages 502 and 503. Associated Press
advices of July 25 from Hankow described recent hostilities
as follows:
cacy
The advancing troops said
Government fighters were slaughtered as they
do not
called the situation "a notorious scandal."
anchorage, which
Navalviilar De Pala, in the fertile Guadiana River
made
Japan's tactics in China
on
smashing offensive.
Valley.
fled.
Halifax
developed startling
Starting with the capture of Castuera, which the
insurgents said was
the Government capital of
provincial Estremadura, the combined forces of
Queipo de LlanO and Saliquet advanced 25 miles in one
day, the insurgents
reported.
They captured the twin cities of Don Benito and Villaneuva
we
appealed
endangering
terests in China in
effort to keep the Government from with¬
drawing troops to reinforce the defenses of
Valencia,
Secretary
fronts
if
right to protect."
Czechoslovakia.
commanded
square
have
we
foreign
scattered
July 27:
quite ready," Halifax said, "to consider, and already
are
ering, possible action
An earlier Associated Press
dispatch of July 24 from Herithe Franco-Spanish frontier, said, in part:
Interests
occupation of Kiukiang, the Japanese broke General Chiang
Kai-Chek's strong defense lines which extended from the
for south Government Spain.
preceded
territory brought back prisoners who
Protect
of Japanese troops in China this
week
the capture of the City of Kiukiang, which was
considered one of the principal strongholds in the defense
of the temporary Chinese capital of Hankow.
With the
Catalonians
was
reported to be continuing tonight,
encircling towns in their path.
The drive came just after Government
armies on the eastern front de¬
fending Valencia appeared to have checked the long drive of Generalissimo
with troops
Hankow
Japan—
on
and
Commanders
Government
reports said that a number of insurgent officers deserted to the Govern¬
ment's side and that the morale of the
enemy appeared broken by the swift
advance.
She Will
Japan
for interests
west of the Ebro River and is an
Russia
claimed
the focal point of three Government
base.
A
Warns
Britain
interests in China.
the first Government forces crossed the
a. m.
has
Eased
in China
Inter-bank deposits:
that
;■
of Kiukiang,
square
The Wuhan cities
miles and 29,000,000 population.
are
in
The
by the Japanese occupation Tuesday
135 miles down the Yangtze from Hankow and ony 100 air-
miles distant from the
temporary capital.
Volume
United
States
Marines
meanwhile
At
patrols
reestablished traffic
today
Washington, on July 26, Senator Pittman was reported
advocating a "firmer" policy toward Mexico in connec¬
along the sector of the International Settlement in Shanghai which is under
as
their
tion with
guard.
^
651
Chronicle
Financial
147
L—>»«*..
its expropriation
United Press
Senator Pitt¬
of oil properties.
discussing the latest border dispute between Japan and
Soviet Russia, a dispatch of July 25 from Tokyo to the New
advices from Washington on that date quoted
York "Times" said:
"Secretary Hull, as disclosed by his note to the Mexican Government
July 21, demonstrates clearly the kindness, tolerance and patience that our
In
man
h Although the Changkufeng incident is not yet settled, the most recent
developments make an amicable solution in the near future almost certain.
Consequently a widespread feeling of relief has swept the Japanese
public, which had been wrought to a pitch where they believed that a RussoJapanese war was imminent. This was largely due to an exaggerated press
campaign instigated by the Korean garrison through the War Office.
|* A Korean garrison staff officer arriving from the Changkufeng front told
border
tension at Changkufeng on
and the
July 19
to have been exaggerated
for about
area
July 20,
There
week.
a
was
but the situation seems
"It
tion
soldiers were doing their work half naked or
some
has been increased, but it did not appear
area
"Our
"Disputes of
face
continuous
of
such
is made for
compensation
just
that the good
avoidance,
confisca¬
such confisca¬
neighbor policy which our
to
maintaiij, will be
effort
strenuous
a
cannot
permit
position taken
the
in
Mexico
to go
Silence upon the part of our Government, or inaction, might
throughout
world
the
as
to the
of surrender
admission
an
Mexico.
the Government of
policy asserted by
"It would
weaken, if not destroy, the rights of our citizens under treaties
amity and
in that
throughout the world."
commerce
Registration Statement Filed with SEC by Argentina
for
that they were making war
similar nature may occur in the border area in
a
the
in
...
accepted
domestic
unless
made
Government
unchallenged.
and I think it advisable that the people restrain
calmly."
to
Be
4J^%
Loan
External
10-Year
of
Used Toward
Payment of
Indebtedness of Buenos Aires
the future,
themselves and watch the
$25,000,000
Bonds—Proceeds
1
preparations.
situation
swimming
It is true that the number of Soviet troops
in the Tumen River.
has
1915
since
of American citizens in Mexico, Senator Pittman said.
that
without further
destroyed.
be
exercised
defense positions at Chang¬
"It is true that Soviet troops were erecting
kufeng, but
has
the property
is evident
Government
of
newspaper reports.
of
tion
by the
I inspected Kankyo Hokudo Province (Northern Korea)
reported.
and
Changkufeng was not so serious as the newspapers
saying, in part:
Government
the press in Seoul, Korea:
"The situation at
as
Commission announced
The Securities and Exchange
on
promises of the prospective position of a company, ac¬
cording to a cablegram from London July 27 to the New
that day by C. Alonso Irigoyen, Fi¬
nancial Attache of the Argentine Embassy, of a registration
statement (No. 2-3756), under the Securities Act of 1933, of
the Argentine Republic covering $25,000,000 of 10-year sink¬
ing fund external loan 4M|% bonds, due Aiig. 15, 1948.
According to the registration statement the net proceeds
from the sale of the bonds are to be advanced by the Govern¬
York "Times" which added:
ment to the
July 21 the filing
+
Information
Great Britain Plans to Penalize False Stock
The
British
make it
plans legislation which would
give dishonestly misleading forecasts
Government
offense to
an
or
misrepresentation of existing
Hitherto, under the Companies Act. only
acts has been an offense.
...
One of the chief features of the bill is a
plan for annual licensing of
only to members
Exemptions would be given
sharedealers.
of
all
recog¬
nized stock exchanges.
^
According to the terms of the bill licenses may be refused or revoked if
applicant fails to give the Board of Trade adequate particulars about
any
methods or if he is convicted of any offense under
himself and his trading
prohibited, and
The distribution of circulars by share-pushers is
the bill.
the Board of Trade would also receive power
to regulate personal door-to-
The Government will present the bill in Parlia¬
door calls or telephoning.
City of Buenos Aires for use by the city
the widening and construction of various
announced by the Commission, which further
connection with
streets, it was
stated:
According to the statement an agreement among
the several underwriters
provides that Morgan Stanley & Co., Inc., may
conduct certain market
"The purpose of this provision," it is stated, "is
distribution of the bonds by attempting to stabilize the
operations in the bonds.
to facilitate the
market price
The existence of this provision is no assurance
thereof.
such transactions will be effected, or,
The
on
Expropriation
—Senator Pittman Warns Economic
Penalties May
Reply to Hull Note
Debates
Follow if Arbitration is Refused
Cardenas of Mexico and
Amount
Name—
the Mexican Cabinet
The First Boston
On July 22 Senator
Pittman of Nevada, Chairman of the Senate Foreign Rela¬
tions Committee, issued a statement in which he said that
Mexico would be subject to economic penalties if it refused
to
arbitrate the issue of expropriation.
A Washington
Associated Press dispatch of July 22 quoted from the state¬
W. E. Hutton & Co.,
Brown Harriman & Co., Inc.,
Clark, Dodge & Co., N.
week
reported
were
to
July 23, page 508.
in the "Chronicle" of
ment as follows:
good neighbor
policy so far as the United States and Mexico are concerned."
"Mexico," he continued, "then would forfeit all the financial and other
voluntary aid we have given her through our spirit of friendship and
desire for peace, prosperity and upbuilding of that country."
This recalled
A
refusal,
the
that
and
United
to
the
"destroy
important factor in the Mexican economy.
an
attracted
statement
Administration
reflects
often
are
Pittman's
would
views
on
attention,
especially
It was a
foreign affairs.
he
follow-up
since
2,600,000
N. Y
Lee Higginson Corp.,
750,000
900,000
900,000
N. Y—
N. Y.
Estabrook & Co.,N.Y
&
Rollins
N. Y...
Sons,
350,000
Inc.,
300,000
N. Y
Schroder
Rockefeller
&
Co.,
350,000
Inc., N. Y
The
Securities
250,000
300,000
Inc., N. Y
350,000
300,000
500,000 Whiting, Weeks & Knowles,
IncBoston
250,000
250,000
2,000,000
300,000 Dillon, Read & Co., N. Y
Glore, Forgan & Co., N. Y—
N. Y_
Graham, Parsons & Co., N. Y.
.
Hallgarten & Co., N. Y
Harris,
Hall &
Co.
(Inc.),
Chicago.-
H.
Co. of Mil¬
400,000
waukee, Inc., Milwaukee—
350,000
500,000 Speyer & Co., N. Y..t..._._
300,000 Stone & Webster and Blodget,
Y...
Dominick & Dominick. N. Y.
Goldman, Sachs & Co.,
500,000
F. S. Moseley & Co.,
E.
Kidder, Peabody & Co.,
300,000
350,000
N. Y_._
N.Y.....
1,750,000
1,000,000
White, Weld & Co., N. Y
Bancamerica-Blair Corp., N.Y
-
-
250,000
— -
in whole or
least 30 days' notice at 100% .
The price at which the bonds are to be offered to the public and the under¬
writing discounts or commissions are to be furnished by amendment to the
P The bonds
are
in part on any
redeemable at the option of the Government
interest payment date after at
registration statement.
The Commission
In
its
no case
approval
the issue or
State Cordell Hull's note to Mexico yesterday, protesting
for American-owned farm lands seized over a period
Secretary of
300,000
350,000
Ladenburg, Thalmann & Co.,
1,000,000
Smith, Barney & Co., N. Y—
Blyth & Co., Inc., N. Y__
Lazard Freres & Co., N. Y
the most important purchaser of Mexican silver,
is
States
silver sales
that
Senator
said,
Pittman
Senator
Amount
Name—
Hayden, Stone & Co., N. Y_S3,500,000 Hemphill, Noyes & Co., N. Y_
Corp., N. Y_ 3,500,000 Hornblower & Weeks, N. Y__
have engaged in a series of
conferences, preparing a reply to the note sent on July 22
by Secretary of State Hull, in which he protested Mexican
expropriation of farm lands owned by Americans, and
warned that "expropriation without compensation is con¬
fiscation."
The note from Secretary Hull was referred to
this
the principal amount of the bonds to
each are as follows:
Morgan Stanley & Co., Inc.,
N. Y
President
^
of the underwriters and
names
be underwritten by
that
if effected, that they will not
time."
be discontinued at any
Mexico
toward
payment of its floating and short-term indebtedness, and
toward the payment for property acquired by the city in
any
ment in the autumn.
on
noted:
does the act of
security
the merits of
filing with the Commission give to any
indicate that the Commission has passed on
that the registration statement itself is correct.
or
Mexico's failure to pay
of
States
United
insist
would
on
compensation
for
any
seized
it6 nationals.
property of
Hull
the
of
Publication
of
$1,020,500 of Bonds of Cuban
to arbitration.
the note did not mention the expropriation of the property of
Senator Pittman took the view that the statement
oil companies,
the
meant
asking that the question be submitted
and
years
Though
American
Senator Pittman
note,
said,
was
a
repudiation
Mexico that the United States Government "was in
made in
assertions
sympathy with the policy being carried out by the Cardenas Government
in its expropriation of property, not only agrarian, but mineral also."
incident, although
oil
"The
continuation
the
of
Agrarian
In
similar
involving some different factors, was but a
committed against American farmers under
the Senator
Act,"
reporting
acts
Mexican
added.
deliberations on Mr. Hull's note,
July 24 from Mexico City said:
called off a trip today to Finca Palmira to confer
of Foreign Relations, Treasury and National Eco¬
for
President
Cardenas
Secretaries
the
that
but it was assumed
Thursday's note ^ from Cordell Hull, Secretary of State, on the
subject of the
last
of
seizure
The bonds so drawn will be paid at par on
the office of Speyer & Co., 24 & 26
Pine St., New York.
After retirement of these bonds there
will remain $6,115,000 bonds out of the $35,000,000 bonds
originally issued.
Sept. 1, 1938.
and after that date at
New York
Officials
American-owned
maintained
published
States
United
The
discussions was not announced,
farm
lands
silence as to
Washington and as to the
to
newspapers
March
Stock Exchange announced on July 22 the
following rules by its Committee on Floor
Procedure pertaining to the Greek Government 6% gold
bonds, Stabilization and Refugee Loan of 1928, due 1968:
in
Mexico, came in
for a major
adoption of the
oil
of
possible nature of its rejoinder.
mention
Mexico's
note
properties
did
not
owned by
expropriation
British and United States companies.
than $10,000,000.
There
was
here, however, whether the United States Secre¬
bring up the issue of the oil expropriation after
point of view on the farm lands issue and possible
speculation
of State might not
Mexico'6
payments.
'
on
Floor Procedure
July 22, 1938.
•
$1,000 bond will
presentation for stamping of the coupon due Aug. 1, 1938,
Government 40-year 6% secured sinking fund gold bonds,
Notice having
last
confined to the question of farms
at
more
Committee
Few
and agrarian properties
expropriated since Aug. 30, 1927, which Mr. Hull said the owners valued
was
NEW YORK STOCK EXCHANGE
...
it
getting
of 1928
when the Mexican Government would
editorials on the issue.
Instead,
tary
Greek Government
Stabilization and Refugee Loan
Stock Exchange Rules on
6% Gold Bonds,
attention.
share of
reply
Sept. 1
The New York
nomics.
The
5% Loan of 1904 Drawn
on
Speyer & Co., as fiscal agents for the Republic of Cuba
5% loan of 1904 announce that $1,020,500 principal amount
of bonds of this issue have been drawn for redemption on
Associated Press advices of
with
Redemption
be
made
from
on
Greek
Stabilization and
The
been received that payment of $12 for
Refugee Loan of 1928, due 1968:
Floor Procedure rules that the bonds dealt in under
Committee on
option (b) be quoted ex-interest $12 per $1,000 bond on Aug. 1,
That the bonds shall continue to be dealt in "flat" and to be a
in
settlement
carry
of
Exchange contracts made beginning Aug. 1,
the coupons as follows:
1938;
delivery
1938, must
L652
Financial
Chronicle
(a) Aug. 1, 1933, and Feb. 1, 1934, coupons ($8.25 paid), Aug. 1, 1934,
and Feb. 1, 1935, coupons ($10.50 paid), Aug. 1, 1935, to Feb. 1, 1937,
coupons, inclusive (40% paid), and subsequent coupons;
the week ended June 25
were given in our issue of July 23,
504.
In making available the data for the week ended
July 2, the Commission said:
page
(b) Aug. 1, 1933, and Feb. 1, 1934, coupons ($8.25 paid), Aug. 1, 1934,
Feb. 1, 1935, coupons ($10.50 paid), Aug. 1, 1935, to Aug. 1, 1938,
The data published are
and
(40%
inclusive
coupons,
bids
That
and
paid), and
offers
shall
be
being
as
based
upon
weekly reports filed with the New
York Stock Exchange and the New York Curb Exchange by their respective
subsequent coupons;
considered
July 30, 1938
for
bonds
These reports
members.
under
classified
are
follows:
as
New
(a) above, unless otherwise specified at the time of contract.
option
ROBERT
L.
FISHER,
York
New
York
Stock
Curb
Exchange
Secretary.
Exchange
Number of reports received
1,083
836
214
105
Reports showing transactions:
$64,000 of 5 % Gold Bonds of City of Brisbane (Australia)
Drawn for Redemption on Sept. 1
Other than as specialists:
Initiated on floor
Holders
of City of Brisbane, Australia, 30-year sinking
5% gold bonds due March 1, 1957, are being notified
by the National City Bank of New York, as fiscal agent
for the loan, that there have been drawn by lot for redemp¬
Sept. 1, 1938, at
on
these
bonds
Holders
bonds.
par,
$64,000 principal
amount
*
to
surrender
no
of
these
—
jyrote—On the New York Curb Exchange the round-lot transactions of specialists
the
number
carry
of
because, at times,
reports received
STOCK TRANSACTIONS ON THE
Sept. 1, 1938, at
amount of these bonds.
principal
—
x-
-
—
actions for the odd-lot accounts of specialists
1.
Transactions
of specialists in stocks
and odd-lot
in which they
registered—Bought.------------Sold
are
-
Other transactions initiated
on
Sold
3.
2,751,540
----
the floor—Bought.
-
Sold
Total.
2,800,745
2,803,648
bonds due
of New
Total
—
-
5,604,393
---
The
Securities
1.
In round lots—Bought
327,380
364,160
—------
—
Sold
rants
of
on
2.
New York Stock Exchange During
Week Ended July 23
on
-
-
Total..
■
—
-
—
-----
STOCK TRANSACTIONS ON
ACCOUNT
-
THE
OF
1,826,312
1,791,875
—
-
3,618,187
—-
NEW YORK CURB
EXCHANGE FOR
MEMBERS* (SHARES)
Week Ended July
2, 1938
Total for
the New York Stock
Week
Exchange, continuing a series
being published weekly by the Com¬
current
figures
mission.
The figures for the week ended
July 16 were
given in our issue of July 23, page 505.
The data published are based
upon reports filed daily
with the Commission
by odd-lot dealers and specialists.
ODD-LOT TRANSACTIONS
OF
ODD-LOT
IN
DEALERS AND
1.
Transactions
of specialists in stocks in which they
registered—Bought
Sold
are
255,370
265,575
—
Total.
SPECIALISTS
2.
to
Buy)
Trade Date
the floor—Bought.
on
63,050
Sold..
59,075
18
7,481
210,950
July
19
15,090
446,535
July 20
July 21
July 22 and 23...
12,740
Value
3.
(<Customers' Orders to Sell)
No.
Ord.
Shares
Total lor week..
53,671
$7,216,616
14,829,977
16,210
232,112
429,984
10,906,290
13,187
359,425
7,652,438
8,697,951
10,093
268,032
11,819
305,025
1,530,960 $49,303,272
60,549
8,755
362,267
244,200
9,605
267,008
Other transactions initiated off the floor—Bought.
52,155
44,545
Sold..
Value
9,240
S7,317,529
13,640,591
10,275,155
7,833,308
9,386,735
1,594,578 $48,453,318
4.
own
The
account
Stock
Exchange members
traded
for
their
in
amount of 5,604,393
shares, an amount
21.01% of total transactions of 13,335,230 shares
on the
Exchange during the week ended July 2.
During the
preceding week ended June 25 trading
by the Stock Ex¬
change members amounted to 4,554,203
shares, or 20.68%
of total transactions of
11,011,040 shares.
On the New York Curb
Exchange total round-lot trans¬
actions for account of all
members during the week ended
July 2 were 739,770 shares; as total transactions on
the
Curb
Exchange during the week amounted to
1,689,180
shares, the member trading for their own
account was
21.yu% of total transactions, which
compares with a per¬
centage of 21.36% in the
preceding week ended June 25,
when member
trading amounted to 552,220 shares and total
which
.
370,575
369,195
Total.
118,171
88,884
Sold
was
transactions 1,292,700 shares.
The data issued by the SEC is in the
series
a
In
207,055
"members"
Includes
Shares in members'
all
Exchange
members, their firms and their
partners.
transactions as
per cent
of twice total round-lot volume.
calculating these percentages the total of members' transactions is compared
with
twice
the
round-lot
total
volume
on
the
Exchange for the
reason that the
total of members' transactions Includes both purchases and sales while
the Exchange
volume includes only sales.
Elsewhere
we refer
to the announcement made
by the
July 29 as to certain changes incident to the sta¬
tistics respecting members' trading—these
changes having
to do with the
"terminology describing many of the items."
SEC
on
Sales of Securities
National Exchanges
on
During June
but Decreased 17.6%
Below June, 1937, Reports SEC
Increased 40.9% Above May
The dollar value of sales on all registered securities ex¬
changes in June, 1938, amounted to $061,991,344, an increase
of 40.9% over the value of sales in
May and a decrease of
17.6% from June, 1937, it was announced on July 28
by the
Securities and Exchange Commission.
Stock sales, includ¬
ing rights and warrants, had a value of $842,092,482, an
increase
of
$119,898,596,
48.7%
an
over
Bond
May.
sales
valued
were
at
increase of 3.0% over May, the Commission
stated, adding:
pro¬
Total
embodied in its report to
Congress in June, 1936, on
Feasibility and Advisability of the Complete
Segregation
of the Functions of Broker and
Dealer."
The
figures for
sales
of
stocks,
39,875,199 shares,
bonds sold
was
or
including
49.7%
$169,071,623,
The two leading New York
the
The term
partners, including special
of current
figures being published weekly in accordance with
its
gram
*
21.90
739,770
Odd-lot transactions for account of specialists—Bought.
Total
Trading on New York Stock and New York
Exchanges During Week Ended July 2
Trading by all members of the New York Stock
Exchange
and the New York Curb
Exchange (except odd-lot dealers
on the stock
market) for their own account during the week
ended July 2 was above the
previous week, it was announced
yesterday (July 29) by the Securities and Exchange Com¬
Curb
2.86
96,700
Total—Bought.
Sold
Member
mission.
3.62
122,125
Total.
July
15.42
520,945
Other transactions initiated
PURCHASES
(Customers' Orders
Shares
a
Round-lot transactions for account of members:
Total.
No. Ord.
Per
Cent
1,689,180
STOCKS, RIGHTS AND WARRANTS ON THE NEW YORK
STOCK
EXCHANGE—WEEK ENDED JULY 23, 1938
SALES
2.59
691,540
In odd lots—Bought..
Sold
and
Exchange Commission on July 28
made public a
summary for the week ended July 23, 1938*
of the daily corrected
figures on odd-lot transactions of
odd-lot dealers and specialists in
stocks, rights and war¬
21.01
Transactions for the odd-lot accounts of specialists and oddlot dealers:
Total.
Odd-Lot Trading
3.63
967,343
Bostadshypoteksbank)
Sept. 1, 1961 are being notified by The National City Bank
York, as trustee, that $41,000 principal amount of
this issue have been chosen
by lot for redemption on Sept. 1,
1938, at par, through operation of the sinking fund. Selected
bonds will be paid upon surrender at the head office of the
bank, 55 Wall Street, New York.
7.07
443,905
523,438
.
——
—
/'
1,885,510
.
Other transactions initiated off the floor—Bought.
10.31
968,900
916,610
Total...
Holders of Finland Residential Mortgage Bank
(Suomen
1,387,940
1,363,600
— -
-
Total
2.
♦
gold
a
dealers):
by lot for
Drawing for Redemption Sept. 1 of $41,000 of Finland
Residential Mortgage Bank
6% Gold Bonds, Due
Sept. 1, 1961
6%
Cent
13,335,230
Round-lot transactions for account of members (except trans¬
upon surrender of the drawn bonds on Sept.
1, at the
principal office of the bank, 55 Wall Street, New York.
Asuntohypoteekkipankki-Finlands
Per
Week
aggregate
Payment will be made
first mortgage collateral sinking fund
may
2, 1938
Total for
Total round lot volume
$277,000
par,
report
NEW YORK STOCK EXCHANGE FOR
Week Ended July
Holders of Republic of Finland 22-year 6% external loan
sinking fund gold bonds due Sept. 1, 1945, are being noti¬
fied by the National City Bank of New York, as fiscal
on
single
MEMBERS* (SHARES)
ACCOUNT OF
$277,000 of 6% External Gold Bonds,
Due Sept. 1, 1945, on Sept. 1
redemption
a
entries in more than one classification.
Finland to Redeem
that there has been drawn
141
545
The number of reports in the various classifications may total more than
Sept. 1, at the head office of the bank, 55 Wall
Street, New York.
agent for the loan,
71
386
403
:
transactions
"in stocks in which registered" are not strictly
comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
dealer as well as those of the specialist.
on
requested
are
319
Initiated off floor
Reports showing
fund
tion
specialists *1
As
of
all
sales, 94.3%
exchanges.
over
an
rights
and
May's total.
warrants,
in
Total principal
increase of 4.6%
over
June
were
amount
of
May.
Exchanges accounted for 95.0% of the value
of stock sales,
and
99.8% of bond 6ales
on
registered
Volume
The
increase
of
Financial Chronicle
147
total
value
6.5%
of
sales
all
on
exchanges
exempt
$551,349,
was
an
vided, with commissions
May.
over
653
In the price group $1 to $10 a snare, three classifications nave been pro¬
the lowest group reduced, the rates in
on
the upper
being raised, and those in the middle brackets, $4 to $7, being left
unchanged.
group
New
York
Stock
Exchange Eases Rule
on
Salaries of
Securities Traders and Salesmen of Member Firms
Securities traders and salesmen employed by New York
Stock Exchange firms may, hereafter, under a ruling of
the Committee
issued
Member Firms of the Exchange,
on
July 26, be paid on a basis of the profits to the firm pro¬
duced by them.
Heretofore, says the Exchange announce¬
ment, Stock Exchange rules have not permitted any employee
of member firms other than securities salesmen to be paid
other than a fixed salary.
The announcement added:
The approval of the committee to such arrangements must be
in
advance
and
no
credit
arrangements
branch
with
obtained
be given in the arrangements for Stock
may
Exchange commission business produced.
office
The rule does not permit
customers'
managers,
such
foreign
men,
In the price group $10 to $50, two classes are
provided with those
lower half
raised.
keeping the old commission rates, and the second
half being raised.
raised about
are
Rates
on
being
"no-give-up" transactions between members
20%, the announcement said.
Minimum rates charged
to non-members will start at 1 cent for shares selling
share; and will be
a
in the
group
The $50 to $100 range is likewise divided, the rates in the upper
follows: At
as
10
cents
for less than 10 cents
and above, but below $1, 3
cents; at $1 and above, but below $4, 5 cents a share; at $4 a share and above,
but below $7,
share; at $10
7% cents
a share; at
$7 and above, but below $10, 10 cents a
share and above, but below $30, 15 cents a share; at
a
$30
a
share and above, but under $50, 20 cents
a
but below $75, 25 cents
share and above, but below $100,
a
share; at $75
a
share; at $50
a
share and above,
30 cents; from $100 to $150, 40 cents, and from $150 to $200 a share,
cents commission per share.
50
Above $200, the rate will be M of 1 % of the
amount of the transaction.
No changes were made in bond commissions.
representatives, international arbitrageurs, junior customers' men, man¬
agers of foreign activities, sendee men, or traveling
The committee's ruling was
representatives.
announced
Rule 439 of the Board of Governors reads
as
follows:
without
the
prior approval
varying with
of the Committee on
Member
Firms."
Under the authority of the above rule, the Committee on
has determined that it will consider applications for
with certain
ments
employees,
missions
obtained
such
any
by such
compensation arrange¬
branch
for any Stock Exchange com¬
The committee will not consider
employees.
for
arrangements
Member Firms
other than fixed salary basis, provided
on
credit is given in any such arrangement
no
office
managers,
customers'
men,
foreign representatives, international arbitrageurs* junior customers' men.
foreign activities, service
managers of
men,
or
traveling representatives,
Details of every such arrangement must be filed with and
subject to the
approval of the committee.
ft!!'ft!!ftftftftftlftft (; ft'
The
following announcement, regarding the investigation
of Edwin Weisl, a member of the New York
Stock Exchange, and general partner of Edwin Weisl & Co.,
was issued by the Exchange on July 27:
an
investigation made by the Committee on Member Firms
into the activities of Edwin
partner of
interest
Weisl,
a
member of this Exchange, and a general
Edwin^Weisl & Co., charges of conduct or proceeding inconsistent
with just and
equitable principles of trade and of acts detrimental to the
welfare of the Exchange were preferred against
or
Straub, President of the New York Produce
July 27, confirmed recently published state¬
Exchange is
preparing to again establish securities trading on its floor.
Mr. Straub stated that the Board of Managers, at a meeting
held on July 27, had received and adopted the tentative plan
of organization for* a securities market to be conducted on
the floor of the Produce Exchange.
Membership in the
Produce Exchange will be a pre-requisite to membership in
the new Securities Exchange.
An announcement issued by
the Exchange went on to say:
on
ments to the effect that the New York Produce
and
of
poration
Securities
a
Securities Exchange,
new
The charges were based on the
investigation's disclosures that
a
portion of
the income received by the firm from commissions for a period of
approxi¬
mately two years was not reported as a part of the firm's total income from
that source to a bank which was extending credit to the firm.
Exchanges, the terms of which have been determined
ft-ftftftc'^ft
was
not
to the Securities and
Securities
by the Commission would con¬
Favorable action
Exchange.
stitute the first act of its kind
by the Commission, since this would be the
Exchange as a National Securities Exchange.
to this time, all licenses
issued have been granted to Exchanges that
before the inception of the
Confidence is expressed by those
members of the Produce Exchange most
distinct need and will find a good
now
traded in
on
to pay
—'
fact that the
partnership agreement prohibited any partner from having an
another
which account
account in another firm,
of his intention to open
at that time one of his partners, and that their
was
income
returns
were
prepared
on
that basis.
down for bearing on Wednesday, July 27,
by the Committee on
approved
of his Exchange
transfer promptly his member¬
Admissions of the Exchange,
has consented to
after the
membership not to have any connections as a
partner or employee of, or have any financial interest in, any
Stock Exchange firm.
personal
The charges were set
Prior to the filing of his
Cornelius Hearn Jr., or to some other person
this Exchange to
transfer
1938.
the charges, Mr. Weisl agreed to
answer to
ship in
not reflected on the books of
this account prior to the time it was opened, that
one-half of the profits in such account to his brother, Walter
Weisl, who
tax
was
Mr. Weisl contended that he advised all his partners
Edwin Weisl & Co.
he had given
Edwin Weisl had an individual
broker,
New York
Because of this agreement, the Board of Governors
the withdrawal of the charges and
the dismissal of the
proceeding before it without prejudice to the reinstatement of the charges
in the event that the agreement
is not promptly carried out.
I"
•
on
July 22 that it has enlarged its staff of trial examiners to
obviate the occasional necessity,
of
volume
Commission
work,
imposed by the increasing
of employing them in
other
capacities, or of drafting attorneys to act as trial examin¬
ers.
The action was taken to insure that there will be no
departures from the Commission's general policy of main¬
taining its trial examiners in a purely judicial capacity.
The Commission, it was stated, has directed that all trial
<
examiners, both in regional offices and in Wahsington, shall
remain
or
independent of any work of a litigious, investigatory
enforcement nature.
The duties
of a trial examiner are:
To preside at hear¬
administer oaths, to rule on the admissibility of
evidence, to issue subpoenas, to rule on motions in accord¬
ance wifh the Rules of 'Practice of the Commission, to weigh
ings,
to
evidence
and to file advisory findings of fact to the Com¬
Insurance
as
was
Distributes
of New
our
issue of July 2, page 41.
The booklet
jtoints out that "the purchase of investment securities in
which
the investment characteristics are 'distinctly or
predominantly speculative' is prohibited.
securities which
is also
are
The purchases of
in default either as to principal or interest
prohibited."
From the booklet we
also quote:
change from previous practice is the new regulation pertaining
examinations.
Under the present ruling securities are divided
follows:
Group I includes
bonds in which the investment
characteristics are not
"distinctly or predominantly speculative."
This Group consists of general
market obligations that are rated in the fourth investment grade or higher by
a majority
of the four rating agencies, as well as unrated securities of
equivalent values.
If only two of the agencies rate a bond in the fourth
while the other two rate it in the fifth grade or lower, the bond
classed in this group unless the bank can convince the
otherwise.
All bonds in this group will be carried in the examina¬
tion reports at cost price and neither appreciation nor depreciation will be
taken into account in figuring net sound capital of the bank.
Group II includes bonds in which the investment characteristics are
"distinctly or predominantly speculative" and includes general market
obligations in those rating classifications below the fourth highest grade
and unrated securities of equivalent values.
Bonds in this group will be
valued at the average market price for the 18 months just preceding exami¬
nation and 50% of the net depreciation computed on this basis will be de¬
ducted in figuring net sound capital.
In computing the average market
price the banking agencies will average the high and low quotation on each
bond for each month for the past 18 months.
Groups III and IV include bonds in default and stocks, respectively.
A
bond will be classed as in default when a payment of either principal or
interest is passed regardless of the "grace period" allowed in the indenture.
The securities in both groups III and IV must be carried at the current
market value and net depreciation is classified as a loss.
grade
evidently will not be
examiner
*
Business Revival in Autumn Seen by
Guaranty Trust Co. of New York, Based on Large
Indications
Schedule
Commission
of
Stock Exchange—To Become
for Baltimore
Effective Aug. 1
Rates
Exchange announced on July 24 a new
schedule of commission rates adopted by the Governing
Committee at its meeting on July 11.
The new rates,
which will become effective on Aug. 1, are generally upward:
A Baltimore Stock
The following
York
>
Corporation and the Comptroller of the Currency,
noted in
mission.
New
New
-ft
Manufacturers Trust Co., New York, has sent to corres¬
into four groups as
Securities and Exchange Commission announced
The
of
' '
pondent and other banks throughout the country a com¬
pilation of the average market prices for the past 18 months
of listed bonds on the New York Stock Exchange and the
New York Curb Exchange which qualify under Group II
of the new Federal examination and investment regulations.
These rulings, which became effective July 1, were promul¬
gated by the Federal Reserve System, the Federal Deposit
to uniform
Enlarges Staff of Trial Examiners
Co.
,
Survey of Bonds Listed Under Group II
Bank Investment and Examination Rules
A major
SEC
Trust
Manufacturers
The investigation further disclosed that despite the
individual account with
New York Curb
Exchange.
substantially all of the unreported income was used
firm expenses.
formulation will fulfill
field in the vast number of issues not
the New York Stock Exchange or the
The unre¬
Mr. Weisl testified that he did not know that the total income
Up
existed
Securities and Exchange Commission.
directly interested that the market now in course of
a
y
Exchange Commission for registration as a National
first licensing of a new
posted on the firm's books and not included in the firm's income
tax returns, and that
/ft'v
application
duly organized, the new Exchange will make formal
ported portion was not reflected on the firm's books or in the firm's income
tax returns.
Immediate.steps will
Exchange and complete a working agree¬
part of the tentative plan of organization,
When
Edwin Weisl
under Sections 6 and 10 of Article XVI of the Constitution of the Exchange.
for which the title "Manhattan
Exchange" has been tentatively selected.
ment between the two
as
committee of members
special committee of the Board of Managers, provides for the incor¬
a
be taken to incorporate the new
of activities
result of
F.
Exchange,
The plan, developed and submitted by a special
Membership
a
Robert
♦
New York Stock Exchange Withdraws Charges Against
Edwin Weisl After He Acts to Transfer Exchange
|b As
York Produce Exchange Plans to Re-establish
Securities Market—Tentative Plan of Organization
Adopted by Board of Governors
»'
"No employee shall be paid other than a fixed salary not
the business,
New
follows:
as
regarding the
"Sun" of July 26:
,
new
rates is from the Baltimore
of
Crops and Government
Spending
Discussing the business outlook, the Guaranty Trust Co.
of New York states that "it seems obvious that business is off
the Mead center'; and there are many indications of revival
in the autumn,
which will be stimulated by large crops and
by the Government's
spending program."
"The principal
question," says the company in its monthly "Guaranty
Financial
654
Survey," "is how soundly the revival will develop—whether
a sustained movement or merely a repetition of the
it will be
results
of
efforts
past
by artificial
promote recovery
to
means."
As far
domestic conditions are concerned,
as
business
for
outlook
enterprise to earn and retain a
further obstacles are placed
sufficient reward to compensate it for the
the efforts that must be put forth, and if
risks that must be taken and
necessary
the crucial question is the
If the existing situation allows productive
profits.
no
in its way, then full recovery is possible.
A
condition for obtaining this result is the adoption of measures to
crushing taxation
balance the Federal budget; for, otherwise,
or
currency
If profits fail to respond, then the recent
abortive movement of a temporary and
probably artificial character; for, unless a rise in activity is accompanied by a
corresponding increase in profits, the incentive to enterprise is absent.
readjustment will bring disaster.
must be regarded as an
upturn
Opposing Views of the Outlook
To weigh the various
influences in the balance and arrive at a net judg¬
concerning the outlook for the remainder of the year is a difficult
ment
matter, as is sufficiently attested by
the wide divergence of opinion
among
At one extreme is the view that recovery is de¬
responsible observers.
loan
July
belief that the banks
in the
make
can
Where
contact
the
other
banks
participate in
or
participate,
not
applicant's
the
in
will
bank
applicant's
vicinity
in
effort
an
to
will
secure
Department at Washington has issued the
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, 1938, and show that the money in circula¬
tion at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$6,460,891,284, as against $6,467,227,891 on May 31, 1938,
and $6,447,056,447 on June 30, 1937, and comparing with
$5,698,214,612 on Oct. 31, 1920.
Just before the outbreak
of the World War, that is, on June 30, 1914, the total was
only $3,459,434,174.
The following is the full statement:
The Treasury
customary
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business recovery, is
great many
agencies
Stock of Money in the Country
gJP
expected to continue. At the other is the belief that nothing has yet occurred
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which any revival in the
a
RFC
in making the loan.
finitely under way and, in the absence of unforeseen developments, may be
to restore the confidence on the part
1938
30,
of the loans.
cooperation
the "Survey" issued July 25 also said:
In part
Chronicle
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Mr. Jones
a letter July 15 to State and National banks
(mentioned
on page 506 of our issue of a week
ago), in which he said
that "since the end of February,
through July 14,
we
have authorized 2,001
business and industrial loans
aggregating $85,344,788."
"Banks participated in only 302
was
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each
statement
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applicant" and when the appli¬
cant's bank will not participate in a loan, "other banks
in the applicant's vicinity are to be contacted."
Following
various communications to the banks on the subject, Mr.
Jones, in May last, asserted that "if banking is to remain
in private hands it must meet the credit needs of the
country."
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substantial demand for
RFC Agency
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sections of the country," and it was made
that
contact
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July 25 in which he referred
"there is still
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on
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the meeting of the credit needs of their communities, Jesse
statement
CO
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banks regarding
to
I
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Banks Again Reminded by Jesse H. Jones of RFC that
There Is Demand for Credit—RFC Agency Man¬
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Supplementing his various
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of agriculture rests in part on the shifting
to Contact Other Banks Where
Bank Will Not Participate in Loans
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agers
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and uncertain foundation of crop control legislation and Federal subsidies.
The improvement in the railway situation as a result of higher rates and
middle of 1937.
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heavier taxation in the future.
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Unfortunately,.the list of adverse influences is perhaps equally imposing.
Labor uncertainties are still present, although active disturbances
have declined, perhaps mainly as a result of the business recession.
The
tax load is heavy, and the unbalanced condition of the Federal budget
even
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of the farm population will be comparatively high, and
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for wages and materials.
somewhat similar effect
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encouraging from the point of view of the railroads and of various processing
Recent increases in freight rates and passenger fares further
The trend of foreign trade indicates little
shrinkage in the world demand for American products.
is tremendous.
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revival in residential
improve the railway outlook.
threat of
I
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69
industries.
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the prospect of large crops ana moderately favorable prices indicates that
the level will be well sustained for some time.
The crop outlook is also
holds
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that had been blamed for the failure
capital to flow into productive channels.
power
CO
The Revenue Act of 1938 repealed or modified cer¬
building construction.
purchasing
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The National Housing Act amendments removed
tain features of the Federal tax system
of
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for a sustained upward movement of business.
of the difficulties that had tended to prevent a
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have
this view, certain specific developments of the last
be cited.
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weak financial structures and ineffecient plants, lowered indebtedness, and
six months
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depleted inventories, created shortages, reduced capitalizations, shaken out
otherwise paved the way
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According to this
long period of subnormal activity must
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history and that the process of recovery was by no means complete when it
interrupted by the recession of the last 12 months.
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passed through the most severe and prolonged economic depression in its
was
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in
.
.
of
these
in
the
aggregate amount
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This
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not
a
enough bank participation, either in number of loans
Q
or
in
©
...
Government, though making it unnecessary
further into the banking business.
your
for
the
Government
to
The RFC statement, dated
July 23 and released for pub¬
lication July 25, follows:
connection with
his recent letter to all
banks, asking their extensive
cooperation in making business and industrial loans, Jesse H. Jones, Chair¬
man of the RFC, states that from the number of
applications being received
daily there
the
is
country,
bank
of
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each
still
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taking this method of appealing to you as bankers to take a
greater interest in these loans in the belief that you can safely make many
of them, either in whole or in part, with
profit to your banks and aid to
go
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of $11,438,444," he said,
and he added:
amount.
5
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a
and he
substantial
for
credit
in
many
sections
of
has requested RFC Agency Managers to contact the
with a view to securing its participation in the
applicant
demand
53 ts
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*
Revised figures.
a
Does not include gold other than that held by the Treasury.
b These amounts are not Included In the total, since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 la included
under gold, standard silver dollars, and silver bullion, respectively.
c This total includes credits with the Treasurer of the United States
payable in
gold certificates In (1) the Gold Certificate Fund-Board of Governors, Federal
Reserve System in the amount of $7,820,450,860 and (2) the redemption fund for
Federal Reserve notes in the amount of $9,387,520.
d Includes $1,800,000,000
e
Exchange Stabilization Fund.
Includes $59,300,000 lawful money deposited as a reserve for Postal Savings
deposits.
f The amount of gold and silver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held in the Treasury
to arrive at the total amount of money in the United States.
Volume
g Includes
Financial
147
held by
money
the Cuban agency of the Federal
Reserve
Bank of
Atlanta.
The money in circulation Includes any
tinental limits of the United States.
h
paper
currency
held outside the con¬
In the Treasury—(1) as a reserve for United States
Treasury notes of 1890—$156,039,431 in gold bullion; (11) as security for
Treasury notes of 1890—an equal dollar amount In standard silver dollars (these
Note—There Is maintained
Instructions went out to 11
Southern WPA
State administrators to raise their job quotas at once." ^
A United Press Washington dispatch of
problem.'
being canceled and retired on receipt); (III) as security for outstanding
silver certificates—sliver in bullion and standard silver dollars of a monetary value
are
for gold
amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the Issuing Federal Reserve Bank. Federal Reserve
notes are secured by the deposit with Federal Reserve agents 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, 1939, 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
equal to the face amount of such silver certificates; and (lv) as security
certificates—gold bullion of
Reserve notes
in
actual
a
value at the legal standard equal to the face
"Gold
circulation.
certificates"
credits with the Treasurer of the United States payable in
Reserve bank notes and National bank notes
are
as
herein
used Includes
gold certificates.
Federal
In process of retirement*
since_1935, said:
Jytly 25, reporting
£
The $1,635,000,000 WPA outlay for the
present fiscal year will bring
WPA expenditures
notes and
notes
655
Chronicle
the agency's spending to
__
$6,469,974,053.
The report was completed while WPA and its
Hopkins,
under attack
are
the political front.
on
administrator, Harry L.
Republicans and anti-
New Dealers have waged a concerted assault against the agency,
it is
charging
political slush-fund and demand that administration of relief be re¬
a
turned to the States.
The report
)j$
all forms of relief-recovery spending up to last June
covers
30, end of the 1938 fiscal
It shows that for 1935-36 Congress made
year.
$4,679,473,143 available and that all of it
The
of
sum
business
was
and all of it
$2,247,538,001
was
was
spent except $31,500,000.
was
appropriated for the
spent.
appropriated and spent in
1937 when
Only $1,760,810,502 was appropriated in 1938
improving.
1939 fiscal
year
and
A total of $2,149,350,000 was
President Roosevelt in recent
revised budget estimates said an additional $500,000,000 would
be necessary.
Just before the WPA came into existence late in 1935 the Federal Emer¬
Tenders of $264,955,000
Received to Offering of $100,-
000,000 of 91-Day Treasury Bills Dated July 27—
$100,224,000 Accepted at Average Rate of 0.059%
The
Treasury Department announced on July 25 that the
tenders to the offering of $100,000,000, or thereabouts, of
91-day Treasury bills totaled $264,955,000, of which $100,224,000 were accepted.
The tenders were received at the
Federal Reserve banks and the branches thereof up to 2 p. m,.
Eastern Standard Time, July 25.
The Treasury bills are
dated July 27 and will mature on Oct. 26, 1938.
Previous
reference to the offering was made in our issue of July 23,
506.
page
Total accepted, $100,224,000
Total applied for, $264,955,000
Range of accepted bids:
High
99.994 equivalent rate approximately 0.024%.
Low
99.981 equivalent rate approximately 0.024%.
Average price 99.985 equivalent rate approximately 0.059%.
preceded it,
$934,592,359 or
spent
The following table shows the percentage of relief-recovery spending
other New Deal agencies from 1935 to June
by
30, 1938:
Total
.
%
Agriculture (without public roads and farm security)..$136,615,976
Bureau of Public Roads
506,828,601
Farm security
;
556,883,719
1.6
5.9
6.4
Rivers and harbors
164,315,196
1.9
Civilian Conservation Corps
Public Works Administration
593,619,080
6.9
396,194,391
4.6
All other agencies
531,098,268
6.2
...
1,200,000
Unallocated
New
York, receiving $1,096,202,888 during the four-year period, topped
States
States
in
the
Federal
of
amount
relief
$709,909,034;
Pennsylvania,
were
expenditures.
Illinois,
Other leading
$486,742,797;
Ohio,
$465,391,296, and California, $458,774,925.
An item bearing on an increase in the WPA wage scale
appeared in our issue of July 2, page 48.
The President's
reference to the South as "the Nation's No. 1 economic
problem"
(21% of the amount bid for at the low price was accepted)
which
Administration
10.8% of the 1935 outlay.
all
Regarding the accepted bids to the offering, the Treasury's
announcement of July 25 had the following to say:
Relief
gency
noted
was
on page
208 of the July 9 issue.
«.
91-Day Treasury Bills—
Aug. 3, 1938
New Offering of $100,000,000 of
To be Dated
President Roosevelt
On
July 28 announcement was made by Acting Secretary
Treasury Roswell Magill of a new offering of 91-day
Treasury bills to the aggregate amount of $100,000,000, or
thereabouts.
The tenders to the new offering will be re¬
ceived at the Federal Reserve banks, or the branches thereof,
up to 2 p. m., Eastern Standard Time, Monday, Aug. 1.
Bids will not be received at the Treasury Department, Wash¬
ington.
The Treasury bills will be sold on a discount basis to the
highest bidders.
They will be dated Aug. 3, 1938 and will
mature on Nov. 2,1938; on the maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on Aug. 3 in
amount of $.50,021,000.
In his announcement of July 28 bearing on the new offering
of bills, Acting Secretary Magill stated:
of the
President Roosevelt who is cruising in
U. S. Cruiser Houston reached Charles
$10,000, $100,000, $500,000 and $1,000,000 (maturity value).
No tender for
must be in
amount less than $1,000
an
will be considered.
that date
It
tions
must
not
be
and trust companies and from
of
10%
are
or
Gardner Bay in Hood
anchor
The President,
an express
guaranty of payment by an incorporated
1938,
closing hour will be opened and public announcement of the acceptable
probably
the following
morning.
The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders and to allot less than the amount
applied for, and his action in any such respect shall be final.
Those sub¬
mitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
prices will follow as soon as possible thereafter,
Banks in cash
on
other immediately available funds on
1938.
or
except
estate and
in
Island,
a run
of about four hours, where it was to
.
.
a message
to Antonio Lopez, President of
Colombia,
unfortunate disaster, news of
I am most happy to know that you and Presi¬
Eduardo Santos escaped injury."
expressed his "very deep sympathy in the
dent-elect
Sunday in which
referred to the airplane accident there
Tne President
more
than 40 persons were
killed.
Favored by excellent weather
workout witn rod and reel since
and fishing, the President has had a daily
his arrival in this equatorial island chain
Sunday.
Press
advices coming from the
Houston
From far away
inheritance taxes.
(Attention is invited to
today sent greet¬
neighbors who celebrated the 150th anniversary of
ratification of the Constitution.
The Chief Executive acted as
New York's
Honorary Chairman
of the Committee for the celebration.
actual 150th anniversary of the ratification of the Constitu¬
State of New York at Poughkeepsie," the President said, "I
"On this, the
tion by the
86
"Ithfinteresting
to reflect that the lineal successor of the first President
sends this instantaneous message to his home
United States warship at a point in the Galapagos Islands in
tne Pacific Ocean exactly 12 miles south of the Equator.
"I nope to be with you all in September at the time of the official cele¬
elected under the Constitution
county
from
a
,
,
bration.
Tne
Houston
anchored tonight in Elizabeth Bay, picturesque cove
of
of the Galapagos group, after a circuitous run
early today from Tagus Cove.
Albermarle Island, largest
principal and interest, and any
be exempt, from all
Galapagos Islands, President Roosevelt
on
ings to Poughkeepsie
whicn began
The Treasury bills will be exempt, as to
gain from the sale or other disposition thereof will also
taxation,
.
which had just reached me.
Associated
all tenders received at the Federal Reserve Banks or branches thereof up
Aug. 3,
which the Houston
islands Sunday.
July 26 said:
trust company.
Reserve
overnight.
from incorporated banks
of the face amount of Treasury bills applied for, unless the tenders
Federal
the
Associated Press advices on
first inhabited island of the Galapagos group
responsible and recognized dealers in invest¬
Immediately after the closing hour for receipt of tenders on Aug. 1,
to the
on
Island, in the Gala¬
President Roosevelt did
not go ashore, but members of his party left the ship to explore the island
and take gifts from the President to the Wittmer family.
.
.
.
The Houston was under way again shortly before noon, headed for
Tenders from others must be accompanied by a deposit
accompanied by
bank
Frac¬
used.
Tenders will be accepted without cash deposit
ment securities.
99.125.
was tne
Pacific waters
reported:
visited since arriving among tne
Each tender
The price offered must be expressed on the
multiples of $1,000.
basis of 100, with not more than three decimal places, e. g.,
Archipelago, on July 27.
pagos
They will be issued in bearer form only, and in amounts or denominations
of $1,000,
Cruise in Pacific Waters Visits
on
Galapagos Islands—Sends
Greetings to Poughkeepsie, N. Y. Incident to Anniversary of Ratifica¬
tion of Constitution by New York
the President's Western trip
July 16, page 354 and 355.
References to
these columns
appeared in
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes
of any tax now
or
hereafter imposed by the United States or any of its
possessions.
Treasury Department Circular No.
418,
as
amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
Expresses Gratification at Signing
and Paraguay on Chaco
Bolivia
Boundary Dispute
of
Accord
by
Buenos Aires on July 21 by the
Ministers of Bolivia and Paraguay of a treaty
providing for the submission of the Chaco boundary dispute
to arbitration, President Roosevelt indicated his gratifica¬
tion at what he said "offers concrete evidence of a very real
and lasting inter-American solidarity."
Responding to a
Following the signing in
Foreign
issue.
+
WPA Spent $4,834,974,053 Since 1935, Treasury Report
Shows—Administrator Hopkins Orders Increase in
Southern Payrolls
A
President Roosevelt
Treasury report, made public on July 25, revealed that
the Works Progress Administration since
allotments of $8,656,321,646, of which
1935 has received
the WPA spent
$4,834,974,053, or 55.7%.
The United Press estimated
this expenditure at more than $37 per capita.
Meanwhile,
on July 21,
Harry L. Hopkins, Works Progress Adminis¬
trator, ordered an immediate increase of 200,000 in Southern
WPA rolls.
Discussing this order, the Washington "Post"
of July 22 said "it was the third WPA move in the South
mce the President called in 'the Nation's No.
1 economic
message
from President Roberto M. Ortiz
Roosevelt cabled the Argentine
President
of Argentina,
President, as
follows:
I am deeply
Peace
gratified that the patient and conciliatory efforts of the Chaco
Conference convoked by your
Excellency's Government at the re¬
parties and so ably presided over by your eminent Minister
of Foreign Affairs have now happily culminated in a treaty of peace,
friendship and boundaries between Bolivia and Paraguay.
The signing of this most significant treaty is occasion for thanksgiving
throughout the Western Hemisphere.
This treaty offers concrete evidence
of the existence of a very real and lasting inter-American solidarity and of
quest of the two
Chronicle
Financial
656
the
ever-increasing insistence on the part of public opinion in all of
nations that
be abolished from this hemisphere.
war
excellency my most earnest wishes for the welfare and prosperity of
Madison, Wis., with
your
your
Service
personal regard.
Committee on July 27 announced that
will be given an opportunity to present
arguments against the "yardstick" electric power program.
In reporting this announcement, United Press advices of
July 27 from Knoxville said:
The Investigating
The message of
President Roosevelt, who is on a vacation
at sea, was made public by the State Department at Wash¬
ington on July 23.
In Associated Press advices from Wash¬
ington on that date it was stated:
In
a
message
without
said
"splendid achievement"
loyalty to the inter-American
Pa via
said
private utilities
Felix Paiva of Paraguay, Mr.
President
Provisional
to
the
industry in matters of policy and publicity, and Electric Bond
& Share Co. and Commonwealth & Southern Corporation.
The latter two
the power
principle of pacific settlement of
„
the
agreement
"definitely
consecrates
high
where
your
co-operatives.
excellency."
Secretary of State Cordell Hull
Foreign Ministers of Bolivia and Paraguay.
The
signing of the treaty by Bolivia and Paraguay
our issue of July 23, page 504.
was
offering its cheap power to municipalities and rural
is
v^-Uy,-
of private
T. V. A.
Lilienthal, Director of the Tennessee Valley
the principal witness this week at the hearings
conducted in Knoxville, Tenn., by the
congressional com¬
mittee which is investigating TVA activities.
The opening
of the committee's inquiry was noted in these columns
July 23, page 508.
In testifying on July 23, Mr. Lilienthal told the com¬
was
mittee that TVA rates for power are, if
His testimony was summarized in the
anything, too high.
following Associated
Press, Knoxville dispatch of July 23:
director's
statements
marked
the
'"'V'
phase
of
his
defense
Committee that injunctions
the
'
'-'Uf'1 '•
Mr. Lilienthal, who has been in charge of
•'
the Authority's power program,
"in the red" because it had not been selling
said TVA had been operating
the total output at the three dams now equipped to
produce power.
Sees Revenue Rise
He said sale of the total power output
of the three dams would result in
annual revenue of $5,582,000, with operating expenses of
an
"If
a
balance
struck now,"
were
$2,547,000.
Representative Charles A. Wolverton
(Rep., N. J.) asked, "wouldn't it show that TVA is operating in the red—
at
loss?"
a
"That is naturally true,"
utilities) and
"The dams have
Mr. Lilienthal replied.
We have been held up by injunctions (granted private
just been completed.
opening
told
had
private utilities seriously hampered the authority's power
According to Mr. Lilienthal, the TVA will have a net
operating revenue of $3,035,000 annually when it sells the
total electric power output of Wheeler, Wilson and Norris
Dams.
United Press accounts from Washington, July 26,
reporting this, added in part:
E.
Authority,
Lilienthal
E.
David
obtained by the
program.
Congressional Committee Investigating TVA Hears
Testimony of Director D. E. Lilienthal—Authority
Operating in "Red"
The
A.
V.
companies in their court fights against the constitutionality of
Director
noted in
David
T.
The Committee also indicated it would investigate expenditures
Other message were exchanged between
and the
which have extended holdings in the Southeast,
holding companies
are
the
principles of the good neighbor consistently sustained by
American
Electric Institute, representing
The Committee said it had invited Edison
would have been impossible
international disputes.
President
Power Authority.
officials of the New York
great nation and I send you at the same time the assurances of my warm
Roosevelt
announcing the proposed rates. The conferences were held at
members and utility experts of the Wisconsin Public
Commission and the University of Wisconsin and at New York with
experts before
historical occasion to extend to
I desire to take advantage of this
July 30, 1938
Lilienthal then outlined briefly the conference he held with power
Mr.
our
have not had opportunity to build up a load."
we
against charges of Dr. Arthur E. Morgan, deposed Chairman of the Federal
agency, who testified earlier in the week.
of the committee
The witness denied Dr. Morgan's assertion that the
basis for TVA rates
had never been revealed, and that he
(Lilienthal) once referred to them as
counter-charges
"little
Dr. A. E. Morgan, who was discharged from the Chairmanship last March
more than a
guess."
He declared also there
foundation for the
was no
statement that TVA is
selling power without knowing what that power costs.
The misunderstanding over rates, Mr. Lilienthal
said, was caused largely
by "Arthur Morgan's failure
to understand the
Kk.The director asserted that in
theory I proposed."
he recommended, in fixing wholesale
rates,
and
ment,
all
operating
be
expenses,
accepted
charges
as
the
that invest¬
on
minimum
below
which those rates should not be
permitted to go.
"The actual rates, I
clearly
recommended, should be determined with
reference to other factors:
The competitive
sources of
addition to the
but those
costs
would
men¬
determine the level
below which rates should not fall."
This
was
regarded
The
known
as a
as the by-product
theory, he said, since TVA power is
by-product of the flood control and navigation dams.
TVA's delay in reporting to
Congress
and reservoir projects was not, he
said, as Dr.
effort to keep Congress and the
on
cost
allocation
and the way in which TVA rates
were
This delay, Mr. Lilienthal said,
confidence in the persons and the
was
of
dam
Morgan charged, "a deliberate
public from knowing what these
costs are
was
On the
tobacco
assigned,
Mr. Lilienthal
quoted from a speech made by Dr.
Morgan
1933, in which the ousted chairman said "the
power
on
Nov. 20,
program of TVA has
been worked out under the direction
of D. E. Lilienthal, a member of the
Board, with vigor and dispatch, and I believe in a masterful
manner."
lilienthal had admitted previously today that the
agency's "yard¬
power rates were
published in newspapers before Dr.
Morgan had
He insisted,
however, the published rates were merely
was later revised
by thfe TVA Board.
The witness said the
"proposed" rates which he issued for publication on
Sept. 14, 1933, were only for residential schedules and
that the complete
resale rate schedule was not
fixed until several months later, upon
approval
Tupelo, Miss.,
contract of Nov. 13,
prove necessary.
Even
now
are
flexibility to
not frozen.
raise
or
As I
have
are
the power
....
read
a
too high and should be
long "plan of action for carrying out
line of
a
authorized and
section
set
out in
directed
Mr.
Lilienthal
Under the plan he
wholesale
was
the memorandum and to
electric rates,"
directed to formulate
which rates
included in TVA rates.
The
same
were
to
proceed along a
"execute" the plan
"a schedule
of basis for
include all items actually
plan authorized Mr. Lilienthal to
enter into contracts with
municipalities
or cooperatives for
wholesale power.
Mr. Lilienthal testified that while
the plan of action
power were
of
insuring "a
Thomas,
of Valdosta,
more extensive use of
the
1938
the iDjunctions,
granted
covers
tobacco crop,
providing for im¬
of the quotas pending ultimate
excess
all
tobacco
Judge Thomas'
North
in
grown
Florida
order applies only to tobacco
The penalty tax is 50%
power."
to be
of market value of the tobacco.
Petitions seeking the injunctions were signed by more than 400 growers.
They charged that Congress
cannot set quotas
the Federal Government constitutionally
or
for tobacco,
corn,
wheat, and other
Judge Thomas set Aug. 6 for hearing
on
These injunctions
ones
were
similar to the
crops.
the injunction he issued.
obtained in opening the fight
against the Kerr-Smith Tobacco Act, which eventually was ruled invalid
by the United States Supreme Court.
Estimated tobacco crops exceeded the State quotas in both Georgia and
Florida.
<
Warehouses in two Florida and 15 South Georgia markets tonight
were
jammed with baskets of the leaf awaiting auction tomorrow.
From Atlanta
July 28 advices to the New York "Times"
said:
Brisk sales and slightly better prices than the 1937 average marked today
the opening of the 1938 tobacco auction season in 15 cities in Georgia.
as
low
though official figures
as
estimated at 27 cents
was
4 cents and
as
high
not available,
were
a
Last
pound.
as
52 cents
a
Al¬
pound.
the average return to farmers
year
the
average
price for the
first two days' sales was 25 cents a pound and the average for the entire
was
Growers sold
19.66 cents
their
first
a
pound.
baskets
under
temporary
quota
cards.
The
Agricultural Adjustment Administration in Washington promised perma¬
cards
release
by next Monday.
more
Sales will continue for six weeks and will
than $15,000,000 into trade channels, it is estimated.
Georgia
quota
was
fixed by the AAA at
.
.
.
76,000,000 pounds and
production is estimated at from 90,000,000 to 100,000,000 pounds.
Penalty taxes
are fixed at 50% of the market price or 3
pound if the tobacco sold in excess of quotas brings
a
less than 6 cents.
Chicago Federal Appeals Court Rules in Favor of Fansteel Metallurgical Corp. in Voiding Order of NLRB
—Employer Warranted in Discharging "Sit-Down"
Striker, Justice Sparks Holds—Dissent by Justice
Treanor
actually authorized
him to enter into
contracts, that he took it to refer to
negotiations for
contracts rather than to
actually make contracts.
The plan stated that the wholesale
rates were to be of the "inducement
type and the retail rates to be charged
by buyers of TVA
fixed with the idea
of
warehouses here, but growers were expected to seek similar injunctions for
cents
to
for the Board.
sales
in
which has only two markets.
program," which the Board
adopted Aug. 22, 1933, approximately
three weeks before the
yardstick rates were announced.
plan
the first
decision in the litigation.
The
Mr. Lilienthal
The
E.
nent
already stated, I believe they
Morgan.
pounding of receipts of tobacco sold in
Provisions of the contract
lower the rates, whichever may
prove necessary.
lower."
The committee instructed Mr. Lilienthal to file
Circuit Judge Harold W. Adams, of Lake City, Fla., and Superior Judge
W.
1937 auction
the resale rates
insure the necessary
of
eve
growers
Prices ranged
1933.
The simple fact is that the
resale rates, including residential schedules
even
those included in Board
improved contracts, were merely the
initial rates, the actual
rate to depend on what
experience in operation
and
might
and
27 United Press advices from Valdosta said:
"proposed" and the schedule
of the
Morgan
the other 14 South Georgia tobacco markets opening tomorrow.
Resuming his testimony on July 25, Mr. Lilienthal said
demand for "quick action" was
responsible for the
fixing of "yardstick" power rates in September, 1933, when
the TVA had just
begun its program. United Press Knox¬
ville advices of
July 25 outlined this testimony as follows:
learned of them.
A.
Georgia and Florida obtained State
Court orders on July 27 temporarily restraining the collec¬
tion of penalty taxes on excess tobacco, imposed under the
Agricultural Adjustment Act of 1938.
Under date of July
that
stick
Harcourt
remaining 20 pages of a 24-page statement he bad prepared
Judge Adams' injunction
groups to whom the work
Chairman
Temporary Injunctions Granted to Southern Tobacco
Growers Against Collection of Penalty Taxes on
Excess Quotas Imposed Under Agricultural Adjust¬
ment Act—First Sales of 1938 Crop
established."
partly due to Dr. Morgan's "lack of
and the maladroitness of his
administrative methods."
^
Lilienthal,
by President Roosevelt.
supply, for example,
desirability for the wide use of electricity, and the
importance of
substantial repayment to the Federal
treasury. In establishing the actual
rates those factors and others would be
considered in
direct costs,
of Mr.
for the record the
the social
tioned fixed and
(Dem., Wyo.), and
Lynn Frazier (Rep., N. Dak.)—became weary of listening to charges and
1936
"the liquidation of the actual
total investment devoted to
power purposes, fixed
Mr. Wolverton and the other two members
present—Senators H. H. Schwartz
in answer to accusations of Dr.
memorandum to the TVA board in
a
Earlier in today's session,
In
of
a
two-to-one decision
Appeals at Chicago,
National
ment of
Labor
on
Relations
the United
States Circuit Court
July 22, voided
Board
calling
an
for
order of the
the
reinstate¬
employees discharged by the Fansteel Metallurgical
Volume
Corp.
after
these
1937,
The
of
strike
The
North
company's
the
at
Chronicle
March
4109.
1937,
6,
The order
Appeals
Chicago
at
1530,
page
the NLRB
of
issued
was
last
September.
What
was
Labor
that
is
there
just
was
upon
of
the
petitioner
account
same
"They had
nothing in time
coordinate
or
Board, by the
in
this
of
have
justice,
this
the
the better
best
interests
all
of
seek to enforce against the
now
that
the
refused
company
to
an
Sept.
company
1937,
2,
the
NLRB
trial
examiner's
found
report
for
discharge,"
this
down
the
strike
majority
the
court
and
Board
resisting
employees,
the
and severing
exclusive possession of
In
that
employees, and
we are
approval
6uch
the
argument
conducting a sit-
foolish
a
relationship,
when
illegal
and
act.'
they take and retain
compelled to
activities
the
hold in order to avoid placing
so
our
warranted
they
as
strikers)
engaged
in,"
the
injustice not only to the
an
employer, but to the unions and their friends who wish them well."
The court said it
did
company
with
was
"It
Metal
America
Workers1 of
Justice Rules That Local
Bonding Employees with
a
as
suit to force local banks to
Justice Hooley contended that banks created under
50-A,
passed
by the
as
State laws were
Legislature, including
Section
provides for protection of depositors in requiring banks to
which
fidelity bond only from such insurance companies in New York
a
as
authorized
are
by
Superintendent
the
Justice
Insurance.
of
Hooley, emphasizing that be did not question the financial solidarity of
Lloyds
of the banks in placing insurance with tbem,
the good faith
or
to continue this practice would have
obtained from the Legislature and not from the courts.
The action
trial,
which the rulings were made and which is yet to come to
on
who
holders in the seven banks,
seeking
are
L. I., stock¬
permanent injunction pre¬
a
defendants from continuing their policy in placing fidelity
venting the
insurance with the British company.
The
to^be
k
filed recently in Nassau County Supreme Court by Edna H.
was
Runcie, of Freeport, L. I., and Marvin I. Robins, of Mineola,
An accounting from premiums paid
demanded.
fefr
,
the suit
banks named as defendants in
seven
are
Corn Exchange
Trust Co., EJmpire Trust Co., Central Hanover
Brooklyn Trust Co., Irving Trust Co., and Manu¬
Bank & Trust Co.,
facturers Trust Co.
Justice Hooley's ruling was
contained in several opinions handed down
defenses submitted by the banks.
in connection with the dismissal of several
The banks contended in their amended answer that
Section 50-A did not
apply since the insurance placed with Lloyds was in the form of insurance
contracts and included fidelity
.
.
in
•
violation
of
provisions only incidentally.
charged that
Labor
the court's ruling
Board
was
the courts
and
in
regard to unlawful acts
of
striking
Dissenting Opinion
,
is,
short, my understanding of the National Labor Relations Act
in
employees have ceased work in connection
because
continues
of
that
aside
it
although
the order
unless
Board
the
constituted
Treanor's dissenting
Judge
consider
must
unlawful
decision, the court has
reaching its
in
employees
striking
a
by force of law," Justice Treanor's opinion said.
held
He
labor dispute
unfair labor practice, the employer-employee relationship
an
with
conduct
of
right to
no
"Abuse of discretion."
an
opinion reads,
in
part,
company
on
Both
force
the
fully strengthen
decision
the
The
of
their strike
by
remaining in
possession
of
Supreme Court
Board in
a
State Labor Relations
contending that the
The court ruled that the law
New
the
York
"Herald
its counsel, Samuel Seaorders of the Board, handed down on
by Governor
1937, and under which the Board organized, was uncon¬
company
also questioned the Board's designation of
Metropolitan
in
on
Life Insurance Co., through
set aside various
the ground that the Doyle-Neustein bill, signed
May,
The
stitutional.
insurance
Steuer,
Justice
by
of July 27 said:
sought to
Lehman
building in which they worked, it is obvious that they did not make
York
the New
applied to all employees and not to manual workers alone.
The ruling of the State Labor Relations Board was referred
to in the "Chronicle" of July 16, page 356.
In amplifying
June 8 last,
Sides
of
unconstitutional.
Law was
bury,
Mistakes
Ruling
Metropolitan Life Insurance Co. to
bargain collectively with the Industrial Insurance Agents
Union, an affiliate of the Committee for Industrial Organ¬
ization.
Justice Steuer dismissed arguments by counsel for
as
"Granting that the employees were wrong in assuming they could right¬
in
the
ordering
ruling
Tribune"
follows:
Sustained
July 26 sustained the State Labor Relations
the
"It
that when
Board
Labor
Steuer
Aaron
Justice
on
employees.
State
Against Metropolitan Life Insurance Co.—Directed
to Bargain with C. I. O. Union
the
differing sharply with the majority,
a misinterpretation of the powers of
York
New
on
Justice Treanor's minority opinion,
the
described
was
subject to control of laws
(of the Labor Act)," the ruling said.
these questions we are not permitted
8
weight of the evidence
ourselves."
concern
set
these
"buy American insurance."
The ruling was summarized
follows, in the New York "Herald Tribune" of July 28:
contributed support to the organization
(company)
interpretation of Section
"With the
or
from
in espionage within the union and that it interfered
engage
Rare
liberal
the
perusal of the evidence that the
also be said that there is substantial evidence to support the
may
the
to
a
in
3431.
page
employees wishing to become members of the union.
finding that petitioner
of
convinced from
appeared
Francis
Bank & Trust Co., Bankers
in discharging
was
Barred
to date on such bonds is also
(Chicago) likewise said:
petitioner
(the
"To do otherwise would be
concluded.
court
in
men
employer is warranted in discharging
an
strike
.
opinion Justice Sparks, according to the
convinced
upon
in
"Indeed,
the
'did
officers
that
"Journal of Commerce"
are
that
Supreme
Are
pointed out that permission
.
cause
his property against his will."
his 26-page
"We
said.
opinion
admitted
Certainly it cannot be denied that
his
the
that
discharged employees and to bargain collectively with the union.
,
"There seems to be no denial by the Board that there was ample
before
the
on
on
The action
State
engaged in unfair labor practices and ordered it to reinstate
was
bearing
G. Hooley, of the New 1fork Supreme
July 27, held that the action of seven large New
York City banks in bonding employees with Lloyds, of
London, violated Section 50-A of the State insurance laws.
secure
Ordered
Reinstatement
the Circuit Court was wrong,
Lloyds
Court,
bargain collectively,,
agent to spy upon the activities and members of the
union, and that it attempted to organize a company union and threatened
to discharge all who failed to join.
charged
hired
on
dissent," he said.
Court
York
Justice
union
section of the Wagner Act which
out also that the statute con¬
3112, and May 28,
„
Industrial Organiza¬
affiliate, as result of the sit-down strike, said the
Chicago "Journal of Commerce," which went on to say:
On
items
Banks
of North America, a Committee for
it
pointed
New
who really
of those
tion
The
was no
He
that Fansteel workers
seek to enforce against the petitioner
now
right, and that of the majority
was
labor.
they violated the law they
could violate.
Sparks's opinion
M.
they
disregarding all
remedy,
thought
The charges against the Fansteel company were filed by
the Amalgamated Association of Iron, Steel and Tin Work¬
that
Will
specific section providing that the Act itself did not take away
a
Recent
petitioner."
ers
Judge
on
columns May 14, page
legal
this
,
hope the Board will appeal the case to the Supreme Court, because 1
think that it should."
the Courts
spurned
contrary to
to
without
"I
subject to settle the differences according to their own sense
heart
at
"In
however,
employees,
this
on
right and
returned
reinstated
were
the NLRB, charged the Seventh Circuit
Justice Treanor pointed out in his
as
respect.
They Spurn
law
ers
them at
The employer had
had their cause been just.
wages
right
,
reemployment
who
women
and
after
employees' right to strike. •
"The Board's reasoning in ordering reinstatement of the striking work¬
of which they would have lost
use
for
company
and
men
affiliate
the
left
remained until
the
complete and adequate remedy without cost to
a
of the Labor
employee
tained
quote:
we
61
O.
I.
who
men
6aid
an
Discussing the seizure of the plant by employees, Judge Sparks wrote:
"The
C.
(Fansteel)," Mr. Fahy said there
and this may be enforced
[Fansteel company]
who
*
Commenting
The order is set aside.
procedure.
that
found
the
28
the
Appeals at Chicago tonight with misinterpreting the Wagner Act
he would ask the NLRB to appeal the court's reversal of the
Board's Fansteel Metallurgical Corp. decision.
employees still have their right of bargaining without inter¬
From the
no
of
and
with the
applicationss
also
had "violated the law which
proper
the hands
It
members
of
eviction
the
Charles Fahy, general counsel of
and
Board.
The present
ference
filed
had
hired.
were
12
Court of
for
cause
before
that
found
Under date of July 22, United Press advices from Wash¬
ington said:
discharge.
It was
exercised and those who have not been reemployed are not employees of
the company and were hot at the time of the finding and order by the
hold
we
were
yesterday
restriction.
written by Judge Will M.
Sparks and was concurred in by Judge Walter C. Lindley.
Judge Walter Treanor dissented.
Judge Sparks, in his de¬
cision (we quote from the Chicago "Tribune"), said:
Appeals Court ruling
eviction
and
work
court
plant
the
and June 19,
voided by the
657
Federal
strike-bound
Feb. 17, 1937, reference to which appeared
on
columns
page
Court
sit-down
a
Chicago plant
in
Financial
147
agents
"employees."
as
a
Election
Considered
Limited
greater mistake as to the law than did the petitioner and its advisers who
believed
with
the
the employees on
Act
"The
at
unconstitutional.
of
is
NLRB
the
findings
tion
were
jurisdiction
order
the
Act,
for
their resistance
of
the
acting Under the order of the State court—
jurisdiction
no
penalty
of
was
the
over
the
over
and the
Board,
within
presented by the unfair labor
made
for
in
its statutory
decision by thiB court
performance
power
on
which were supported by substantial evidence.
I think it was."
its
duties
the basis
of
of the
With the
excep¬
A
force
was
75
of
approximately 100 deputies, using tear and nauseating gas,
strikers inside the Fansteel plant in February, 1937.
evacuation of strikers
first forced
the
court
from
for
violating
a
later
Lake County
were
in United States history.
found
were
injunction
and
guilty of contempt of
received
fines
upheld by the Appellate Court of Illinois on
this year.
'/
1.
more
for office supervision and not for collective bargaining.
the definition of "employee," Justice Steuer first quoted
decision
State Act and
Act.
The
State
contrasted it with that of the National Labor
Act defining an employee as quoted in his
follows:
'The term
"employees" includes but Is not restricted to any Individual
employed
organization; any Individual whose employment has ceased as a conse¬
of or In connection with any current labor dispute or because of any unfair
labor practice, and who has not obtained any other regular and substantial equivalent
employment; and shall not be limited to the employees of a particular employer,
unless the article explicitly states otherwise, but shall not include any individual
In the domestic service of any person In his home,
individual employed only for the duration of a labor dispute, or any Individ¬
farm laborers.' "
employed by his parent or spouse or
uals em ploy ed as
ranging
"Definition Incomplete"
$100 to $300 and jail terms ranging from 10 to 180 days.
Sentences
The company
by a labor
or any
strikers
the
of
it.
quence
sit-down
Thirty-seven
the
Relations
•'
O. affiliate union
in which 3,865 persons might have
appropriate and that the greater New York
discussing
full
in
is
unit
In
for the city and the three
State-wide election
a
have been
would
voted
that question.
case
question
that
contended
City
whom proceedings were not dropped.
the petitioner;
Labor
the
election held by the insurance agents
counties 2,532 votes were cast.
The C. I.
1,278 ballots while 1,242 were recorded against
adjacent
received
above noted,
evicted
It
had
have
of
whether
under
who
did against
does
practices
paid
employees
law
the
all
"The
"It
was
striking
least
collectively
the ground that the National Labor
the
In
could rightfully refuse to bargain
petitioner
agent of
Relations
officers
the
that
May 10 of
"This
definition
contrasted
is obviously incomplete,"
with the National Labor Relations
"When
Act it will be 6een that the
Justice Steuer said.
Financial
658
definition
therein
the definition
class."
general
Steuer
Justice
that
tion
~
abandon all attempts to
mon
u
pointed out that it was the insurance company's conten¬
had
Washington dispatch of July 26 to the New York "Journal
no
of Commerce," we quote:
question," he added, "is one of legislative intent and the controversy
definition of employee or the definition as given
law shall prevail."
"The
Holds
Board
Contracts
Hearings
alike.
Wages—Hearing Bears on Administration's Powers
Respecting Wages Under Walsh-Healey Act
The Public Contracts
Board of the Department of Labor
a
of the small operators,
Public Works Program to Be
proposal of the Committee for Industrial Organiza¬
tion that the Government establish minimum wage rates for
Southern economy.
Advices from Washington
Export-Import Bank of Washington, announced on
July 23 that the Bank has agreed with an American engi¬
neering firm to discount notes to be issued to it by the
Haitian Government in payment for planning and carrying
out
25
to
the
New York
added, in
The
part:
of
years
construction .of
Sheffield Steel & Iron Co., Birmingham,
tems.
All
United
45-cent rate would result
automatically in step-ups in other wage classifications and so burden the
with labor costs that competition with the Northern concerns
With one exception, he said, steel mills of the South
its
IlearinglOpens
the
Pierson,
Haitian
policy
proposal of the C. I. O. which has been charged in some
of
Government
head off wage cuts in the steel industry which
expected to follow the recent price reductions in steel products by
and
a
It marked the first attempt by the Administration to
set a floor on wages
in the steel industry under the powers conferred upon
the Secretary of Labor in the
Walsh-Healey Government Contracts Act.
|(As the hearing opened the Board had before it
a
suggestion advanced by
Steel Workers Organizing Committee,
levels for common labor be established for
Philip Murray, Chairman of the
C. I. O. affiliate, that three wage
the industry as
the
Kentucky and Virginia, 6214 cents an hour.
Region No. 2, Western—All States west of the western borders of Minne¬
into
projects
to
Colorado and Utah, and north of the eastern border of Nevada, and north
of the western and southern borders of
California, 60 cents
and
No. 3, Southern—All States south of the southern borders of
Region
Kentucky, Missouri, Kansas, Colorado and Utah, and east of
Virginia,
Ralph
they
the eastern borders of Nevada and California, 46 cents per hour.
the
of
The
and
which
J.
G.
be
purchased
Export-Import
of
action
facilitating
Bank
Bank
the
and
exports
has
been
awarded
the
White Engineering
Government, it
effect largely
be
sys¬
the
in
Wash¬
of
line
in
is
imports
with
and
the
contract
Corp.
relief
a
by the Haitian
of New York City.
said, in part:
learned, seeks to put the public works
was
as
undertaken
Plans
measure.
understood
Day,
general
superintendent,
building is regarded
work
can
Bank
be started
benefits
be
may
country and
to
exert
The
be
to
for
the
ready,
various
having
were
minimum
a
in
seen
expected
because
step,
between
relations
on
and
once.
this type
of
preparation.
the effect the action of the
have
to
of
Prince,
au
be undertaken at
may
first
Port
at
now
are
probable
a
Export-Import
Haiti
this
and
is expected
Haitt.
of the
the work
previous
bond
with
as
in the stabilizing influence that a relief program
signing
Haitian
its
in
out
carry
were
expected to determine what projects
are
Koad
the
hour.
an
the
water
been
prepared during the occupancy of the island by the United States Marines.
Samuel R. Jones, a Vice-President of the J. G. White
Engineering Corp.,
Iowa and Missouri, and north of the southern borders of Kansas,
sota,
Haitian
Indirect
|fcRegion No. 1, Eastern—All States east of the western border of Minne¬
Missouri, and north of the southern borders of Missouri,
three
bridges,
of
municipal
of
will
equipment
President
financing
is
program
follows:
sota, Iowa and
the next
during
erection
the
installation
In its July 24 issue the New York "Times"
The
considerable portion of the smaller plants scattered through¬
the country.
and
Government.
American firm
The
major companies.
out
materials
foreign
Lee
quarters as an attempt to
concerns
trails,
and
exchange of commodities between the United States and foreign countries.
the Contracts Board opened hearings on the
of all the major producing
improvement
roads and
works
ington, has just returned from Haiti, where he went to discuss the matter
with
The hearing brought together representatives
contemplates the
existing
irrigation
States.
Warren
their common laborers 40 cents an hour.
were
works within the Republic of
by the Reconstruction Finance
announcement
arrangement
four
or
Ala., told the Board that establishment of a
The
public
of
program
Corporation further said:
"Journal of Commerce," from which we quote,
Hugh Morrow, President of Sloss
a
Haiti.
July
Jones, Chairman of the Advisory Committee of
the
employees in the steel industry working on products to be
purchased by the Government from 45 cents an hour in the
South to 62 V2 cents in the North would "absolutely disrupt"
minimum wage
to
Discounted by Export-
Import Bank
Jesse H.
that the
as
Incident
Issued
Government
Haitian
of
Notes
July 25 the Government Contracts Board was advised
Mr. Morrow testified
which will be followed by other increases
job classifications.
in the higher
Government contracts.
would be impossible.
consideration of the
spokesmen said, the levels proposed to be established
would amount to wage increases
question permits the Board to fix minimum rates in the
of certain companies bidding on more than $10,000 of
pay
echo Mr. Ballard's warning
cut, they joined in asking postponement of
They intimated strongly that the industry is in no con¬
this time to have the bottom wage level "frozen" and in the case
dition at
wages
industry
...
wage
case
On
of
employees and employers
C. I. O. proposal.
in Washington its hearings on proposals to
of steel companies, as counsel for the com¬
panies indicated that they might contest the validity of the
Walsh-Healy Act.
Plans for the hearings were last re¬
ferred to in the "Chronicle" of July 23, page 512.
The law
in
as
While other members of the industry did not
of
this week began
reduce
they cannot
present economic conditions without injury to
Steel
on
maintain wages as high
be maintained static in the face
advised the Board that while it is desirable to
economically possible,
Public
S. Ballard, counsel for Inland Steel Co.,
opened this morning when Ernest
the labor
in
objection to continuance of the hearing was raised as the session
First
whether the dictionary
is
From the testimony as summarized in a
and prices.
wages
not come under the definition in the State
power to make orders in regard to them.
did
Board
the
Spokesmen for the industry on July 26 urged the Board to
prescribe minimum wages for com¬
labor until the economic situation becomes more settled
and there is a clearer indication of the probable trend of
certain
employees
its
that
and
Act
and
noted
3
4. The lean
condition of Southern ore.
given to the effect
tions
of "unproductive" workers in the South.
periods of hot weather which curtails productivity.
The long
that all employees are referred to with the excep¬
variations from what might be the dictionary
definition of the word; whereas in the State Act are definition is restricted
to the exceptions and contains no statement that the term refers to any
is
July 30, 1938
that there is a large percentage
shall include
In other words, in the National Act a complete definition
employee.'
any
'The term "employee"
follows:
as
that in the National Act
the same except
virtually
is
commences
Chronicle
day
debt
the
by
contract
was
which
announced
State
from
Department
agreed
to
American
meet
corporation
au
Prince
had
announced
the island republic,
question, under which
amortization,
the
Port
all
interest
token payment of $20,000 to the amortization fund
will
July 6.
on
plan
a
On
for
the
which had halted
charges,
and
make
during the ensuing
a
year.
Twofold Aim Seen
As Mr. Murray
described his plan to the Board and offered evidence
Export-Import Bank Acts
to Expand Trade with South
American Countries
purporting to support the justness of the wage levels, there was a strong
feeling that the proposal had a twofold aim: one to head off the threatened
reduction, and two, force Bethlehem Steel and Republic Steel to pay
wage
the
6214 cents
an
hour rate in theC. I. O. contract which the labor organiza¬
tion has been unable to
negotiate with Bethlehem or Republic.
Examination of the minimum wage proposal of the
it would wipe out the old wage districts set up
and southern regions during
been maintained
there
to
a
No. 1.
At the present time
districts the wage levels are important.
where it
is
69.5 cents per
These
are
affect the
In the other three
Johnstown, Pa., where
hour; Buffalo and Lackawanna,
is 58 cents, and Bethlehem and
the
hearing by Boris Shishkin, economist,
an
who said that the
producing areas
and western
He urged a minimum of
hour for the entire northern producing area.
Protests against the proposed levels also
were
of other small mills who pointed out to the
voiced by representatives
Board that if the rates were
established they would be precluded from again bidding on
Government
contract work because of increased labor costs.
Haitian
Government to fiance its
Public works
require $5,000,000. is only one of a number of im¬
Rail Sale
The
bank
order for
industry, except among the die workers, it was repre¬
proposed by the C. I. O. could not be justified.
of the
portant, transactions in which the bank will participate.
for the sale
differential of 2.5 cents between the eastern
65 to 67.5 cents
discount notes
program, estimated to
Coatesville, Pa., and Sparrows
Although the American Federation of Labor does not have any wage
sented at
to
N. Y.,
Point, Md., where it is 56.5 cents.
contracts in the steel
The disclosure last Saturday that the Export-Import Bank had agreed
In three of the districts
determination of the prevailing wage of the industry.
minimum
.
within the eastern, western
the steel tonnage is so inconsequential that wage rates do not
the
.
the National Recovery Act period which have
large extent by the industry.
six wage districts within region
are
.
C. I. O. shows that
Expansion of American trade in South American countries,
especially in heavy goods products, will be encouraged by the
Administration through redoubled efforts of the ExportImport Bank, which heretofore had concentrated its activities
in the European field, it was learned on July 26, said the
Washington "Post" which also stated in part:
is
expected to
Negotiated
disclose
soon
the completion of negotiations
by American railroad equipment manufacturers of
Unsettled political conditions in
Europe,
restrictions have reduced the activities of the
South
a
substantial
rolling stock to Brazil.
America
is
experiencing
improved financial conditions
of countries
have
are
consummated
a
trade barriers and exchange
Export-Import Bank.
business revival.
Factors indicating
the refunding operations which
in
this
country
in
their
a
number
dollars
debt.
Last week the Republic of Argentina registered with the Securities and Ex¬
change Commission
a
$25,000,000 bond issue which will be floated in the
United States.
Those who took the witness stand for the industry included C. H. Mur¬
ray of
American Rolling Mills; A. J. Hazlett, President, the Eastern Rolling
Mill Co.; John E. Laughlin Jr., National Steel
Corp.; R. C. Cooper, Wheel¬
ing Steel Corp., and R. M. O'Hara, Cohoes Rolling Mill Co.
Hearings
Secretary Hull Denies Formidable Obstacles to AngloAmerican Trade Pact—Says He and Prime Minister
Chamberlain
will be resumed tomorrow.
Delay Is Urged
In
opposing the rates
behalf of the Southern producers of steel, Mr.
on
Morrow urged that further hearings before the Board be delayed until the
small mills can become better acquainted with the effects of a Board order
fixing
wage
contracts.
I*
minimums
....
in
steel
concerns
operating
on
under
Government
,
Mr. Morrow based his opposition to the 45-cent
South
wage -minimum in the
four factors: 1. Excessive Southern freight rate structure.
2. Fact
are
in
Secretary of State Hull
Agreement
on
July 27 said at
a
press con¬
ference that he and Prime Minister Neville Chamberlain of
Great Britain are agreed concerning the basic value of an
Anglo-American reciprocal trade pact.
Mr. Hull's state¬
reply to recent rumors abroad that negotiations
ment was in
have encountered obstacles which threaten the conclusion of
a
trade pact.
In reporting Mr. Hull's remarks at his
press
Financial
147
Volume
conference,
Washington dispatch of July 27 to the
a
New
York "Times" said:
to terms
forerunner of a policy of
Minister was stating
several years.
Economic rehabilitation, normal restoration of trade and finance and
commerce based on the doctrine of equality and the principle of the most-
wider
industry in cooperation with the National Recovery Administration pro¬
trade agreement it might prove to be the
application, Mr. Hull pointed out, the Prime
trying to say in this country for
what he himself had been
drawn and
the
$36,207,441
mindful of that fact.
negotiations
trade
with
he reiterated,
Britain,
were
proceeding
has been
with¬
In addition,
June and similar authorizations aggregat¬
Through June 30, 1938, the Corporation
withdrawn.
were
has authorized
a
The
$58,443,053
amount
Corporation agreed to purchase participations amounting to $5,450,650
in loans to 134 businesses during
and
has agreed to the
or
businesses,
of 641
purchase of participating aggregating
$9,980,239 of which has been withdrawn
$17,171,986 remains available.
During June the Corporation
purchased from the Federal Emergency
Administration of Public Works two blocks (two issues) of securities having
value of $1,543,000 and sold securities having par value of $996,225
par
at
The Corporation also collected maturing PWA
premium of $2,817.
a
securities
normally.
Of this
$59,609,753 remains available to the borrowers.
ing $2,358,816
founda¬
tion for any structure of stable peace or world order based on law.
After 18
years of practical demonstration, he said, the nations ought to be fully
Secretary Hull added, offered the only secure
favored nation policy,
the Corporation has authorized 3,760 loans for the benefit of industry
gram,
aggregating $220,866,416.
When Mr. Chamberlain said that if the two nations could come
upon a
659
Chronicle
having
Through June 30,
of $369,279.
value
par
said
that necessarily the Anglo-American negotiations were lengthy "because
of the many items involved and the meticulous care with which each is
securities
considered."
1938, the
Securities having a par value
State, in
Sumner Welles, Under-Secretary of
a
radio address tonight
.
"During the negotiations of the
(
17 trade agreements already in
effect,"
the progress of
the negotiations were made until the agreements were ready for signature.
This same practice is being followed in the case of the British negotiations
despite the conflicting rumors about their progress."
announcements about commodities or rates or
he said, "no
having
the
having
value of $611,060,557.
par
El
Directs
Paso
Electric
Co.
Reinstate
to
60
Strikers with Back Pay
National Labor
The
Corporation has agreed with the Administrator to purchase, to be held
collected
and
sold
or
at
Co., El Paso, Tex., the rein¬
strikers with back pay.
60
of
statement
In its proposed
the Board said that
complied within 10 days, a final order
findings of fact sent to the company,
unless the company
the
in
would
case
be
strike was
The
issued.
called in
of Elec¬
affiliate.
The company was directed by the Board to disestablish the
El Paso Company Employees Alliance, describing it as a
company-dominated organization, and said it would invali¬
February, 1936, by the International Brotherhood
trical Workers, an American Federation of Labor
date any
such
part
The
listed
report
follows disbursements and repay¬
from Feb. 2, 1932 to June 30, 1938:
as
Disbursements
Loans under Section 5:
$
Federal Land banks
387,236,000.00
382.218.723.49
Regional Agricultural Credit corporations
173,243,640.72
173,243,640.72
Building and loan associations (lncl. receivers).
118,109,658.11
115.800.042.50
Insurance companies
90,693,209.81
Joint Stock Land banks
21,418,889.05
87,162,758.18
16,323,049.74
State funds for Insurance of deposits of public
13,064,031.18
Credit unions
Processors or distributors for
of
Secretary
Feb. 2, 1932 to June 30,
1938—Loans of $12,377,643,519 Authorized During
Period—$1,882,761,907 Canceled—$6,980,788,587 Dis¬
bursed for Loans and Investments—$5,108,268,030
3,831,789,899.01 3, 186,222,881.13
Agriculture
purchase
to
3,300,000.00
22,450,000.00
during June amounted to $68,589,081,
previous authorizations and commitments
amounted to $9,982,850, making total authorizations through
June 30, 1938, and tentative commitments outstanding at
the end of the month, of $12,377,643,519.
This latter
amount includes a total of $1,044,001,066 authorized for
other
Governmental
Agencies
and
$1,800,000,000 for
relief from organization through June 30, 1938.
Authoriza¬
tions aggregating $1,529,570 were canceled or wothdrawn
during June, Mr. Jones said, making total cancelations and
withdrawals of $1,882,761,907.
A total of $690,612,382
remains available to borrowers and to banks in the purchase
the recovery program
of
preferred stock, capital notes and debentures.
June $29,127,971 was disbursed for loans and
investments and $24,553,150 was repaid, making total dis¬
bursements through June 30, 1938 of $6,980,788,587 and
repayments of $5,108,268,030 (over 73%).
The Chairman
of
standing indebtedness
Loans to aid In financing self-liquidating construc¬
damaged
During June,
loans
were
authorized to 12 banks and trust companies
and withdrawals of loans to banks
$1,721,000.
liquidation) amounted to $459,279, $361,532 was disbursed and
$3,243,288
Through June 30, 1938, loans have been authorized to 7,529 banks
trust companies (including those in receivership) aggregating $2,541,Of this amount $495,943,930 has been withdrawn,
available to
borrowers
amount
and
$2,014,098,454 has been disbursed
$1,873,702,283,
or
93%
has been repaid.
$9,799,414 is owing by open banks and that includes
Only
June,
purchase preferred stock,
of six banks and trust companies in the
aggregate amount of $830,500.
Through June 30, 1938, authorizations
have been made for
the purchase of preferred stock, capital notes and deben¬
of 6,768 banks and trust
companies aggregating $1,276,044,834 and
1,121 loans were authorized in the amount
of $23,322,755 to be secured by
491,552 of this has been withdrawn and
the banks when
$32,391,100 remains available to
loans were authorized for distribution
$2,628,738.
ments amounted to
Commodity Credit Corporation
Other.
Loans to Rural Electrification Administration
Total loans,excl.of loans secured by
debentures of banks and
$18,148,730
cluding
pref.stock.5,233,776,102.40 4,133,475,520.14
capital notes and
(in¬
preferred stock,
of
purchase
trust companies
disbursed
and
$8 051,-
877.50 repaid on loans secured by pref. stock). _1,097,484,836.56
Purchase of stock of the Fed. Nat. Mtge. Assn..
Loans
secured
preferred
by
stock of
34,375,000.00
7,061.786.51
1,167,859,936.56
540,788,404.16
579.152,548.01
434,004,099.93
the purchase of
Total
Federal
—
insurance
(Including $100,000 disbursed for
preferred stock)
companies
533,726,617.65
25,000.000.00
11,000,000.00
Purchase of stock of the RFC Mortgage Co
Administration
Emergency
of
Public
Works security traasactions
6,980,788,586.97 5,108,268,030.23
Allocations to Governmental agencies
under pro¬
visions of existing statutes:
purchase:
Capital stock of Home Owners' Loan Corp...
Capital stock of Federal Home Loan banks..
Farm Loan (now Land Bank) Commissioner
Secretary of the Treasury to
200,000,000.00
124,741,000.00
for loans to:
Farmers.--——-
Joint Stock Land banks
Federal Farm Mtge. Corp. for loans to farmers-
145,000,000.00
2,600,000.00
55,000,000.00
Federal Housing Administrator:
To create mutual mortgage insurance
fund..
loans to farmers (net)—
Governor of the Farm Credit Administration for
revolving fund to provide capital for pro¬
Sec.of Agricul. for crop
duction credit corporations
Stock—Commodity Credit Corporation.......
Stock—Disaster Loan Corporation
10,000,000.00
51,521,074.55
115,000,000.00
40,500,000.00
97,000,000.00
10,000,000.00
Regional Agricultural Credit corporations for:
purchase of capital stock (incl. $39,500,000
held In revolving
fund)
Expenses—Prior to May 27,1933
Since May 20, 1933
...
Administrative
-
Administrative expense—1932 relief
to
governmental agencies..
912.306.899.09
299,984,999.00
To
States
on
certification
Under Emergency
$317,896,761 of this amount has been withdrawn and
$30,992,532 remains available to the borrowers. $977,382,944 has been dis¬
bursed and $898,824,603, approximately 92%
has been repaid.
Under
Emergency
17,159,232.30
of Federal Relief
Administrator
2,764 closed banks aggregating
$1,326,272,237.
44,500,000.00
3,108,278.64
13,004,752.92
114,921.13
120,871.85
relief—To States directly by Corporation....
Total allocations to
For
Through June 30, 1938, loans have been
authorized for distribution to depositors of
2,425.46
ing of agricultural commodities and livestock:
conditions of authorizations have been met.
depositors of
11 closed banks in the amount of $1,571,000 cancelations and withdrawals
amounted to $452,900, disbursements amounted to $512,773 and repay¬
June,
767,716,962.21
18,605,543.20
46,500,000.00
purchases of assets of closed banks.
Loans to finance the carrying and orderly market¬
preferred stock, a total authorization for preferred stock, capital notes and
debentures in 6,847 banks and trust companies of $1,299,367,589.
$169,-
During
19,504,491.78
Loans on and
For other purposes
authorizations were made to
20,177,690.67
29,798,023.92
1,037,251.64
12,153,382.43
767,716,962.21
enterprises.
Loans to mining businesses
$7,927,154 from one
capital notes and debentures
6,217,581.80
20,224,586.66
106,166,990.46
3,790,500.00
15,685,640.27
surpluses In foreign markets
Loans to business
$31,217,683
mortgage and trust company.
tures
11,987,555.32
and other catastrophes
Cancelations
and trust companies (including those in
repaid.
During
of property
fire, tornado, flood
Total
(including those in liquidation) in the amount of
latter
earthquake,
by
Loans to aid In financing the sale of agricultural
continued:
this
63,407.530.63
public school authorities for payment
salaries and for refinancing out¬
teachers'
of
During
Of
22,300,000.00
302,717,389.46
tion districts
Loans for repair and reconstruction
monthly report, issued July 23, Jesse H. Jones,
Chairman
of the
Reconstruction Finance Corporation,
stated that authorizations and commitments of the RFC in
In his
remains
2,536,253.05
and Irriga¬
tion projects
Repaid
3,300,000.00
81,942,087.23
Loans for refinancing drainage, Jevee
Loans to
14,718.06
9,250,000.00
payment of pro¬
cessing tax
to
476,918.21
14,718.06
Fishing Industry
5,558,631.11
244,359.42
600,095.79
Agricultural Credit corporations
12,971,598.69
5,643,618.22
719,675.00
.—
Federal Intermediate Credit banks
13,064,631.18
12,971,598.69
9,250,000.00
moneys
Livestock Credit corporations
Total loans under Section 5
Report of Operations of RFC
260,067.
$
-
cotton
and
Repayments
(incl. receivers)...] ,998,412,813.33 1,861,548,900.64
Railroads 'including receivers)
578,180,739.11
*184,482,028.51
323,862.880.68
Mortgage loan companies
422,230.611.94
Loans
rescissions
of securities having an
from time to time.
with the Alliance.
contracts it might have
date,
later
a
aggregate par value of $80,176,868 as the PWA is in a position to deliver
Banks and trust companies
Relations Board on July 22 recom¬
mended to the El Paso Electric
Of this amount securities
$415,244,629 were sold at a premium of $12,326,329.
of $176,133,075 are still held.
In addition-
par value of
ments for all purposes
NLRB
PWA 3,928 blocks (2,920 issues) of
Corporation has purchased from the
Appropriation Act—1935—
Relief Appropriation Act,
499,997,748.11
500,000,000.00
—
500,000,000.00
1935
,
authorizations to finance drainage, levee and irrigation
districts Were increased $175,249, authorizations in the amount of $244,112
were
withdrawn and $448,786 was disbursed.
Through June 30, 1938,
loans have been
districts
drawn,
disbursed.
provisions of Section 5 (d), which was added to the RFC Act
1934 and amended April 13, 1938, 385 loans to industry aggregat¬
authorized during June. Authorizations in the amount
canceled or withdrawn during June. Through June 30,
ing $10,849,960 were
of
.....................
$1,208,150 were
1938, including loans to mortgage
loans companies to assist business and
Does not
33,177,419.82
9.726,255,652.99a5.125,427,262.53
Grand total
*
al7,159,232.30
Issued for funds for allocations
and relief advances.
aggregating $141,367,168, of which
Under the
June 19,
Interest on notes
authorized to refinance 623 drainage, levee and irrigation
$19,480,796 has been with¬
$39,944,285 remains available to the borrowers and $81,942,087
has been
1.799,982,747.11
Total for relief..
During June the
include $5,500,000 represented by notes of the Canadian Pacific Ry
which were accepted in payment for the balance due on loan made to the
Minneapolis St. Paul & Sault Ste. Marie Ry, Co.
a In addition to the repayments of funds disbursed for relief under the Emergency
Co.,
Relief and
Construction Act of 1932, the Corporation's notes have been canceled
of $2,691,307,833.72 equivalent to the balance of the amount dis¬
in the amount
agencies and for relief by direction
Interest paid thereon, pursuant to the provisions of an Act
approved Feb. 24, 1938.
bursed for allocations to other governmental
of
Congress and the
(Public No, 432)
660
Financial
Chronicle
The loans authorized and authorizations canceled
Industrial Employment and Payrolls in Illinois During
June jjShowed^Contra-Seasonal
Declines Below
or with¬
drawn for each railroad, together with the amount disbursed
to and repaid by each are shown in the following table
(as
of June
30, 1938), contained in the report:
Canceled
employment and payrolls in Illinois during
June, as compared with May, showed declines of 1.6% and
& Northern RR.
Corp.
I
Ann Arbor RR. Co. (receivers)--
%
127,000
275,000
2,500.000
605",367
634,757
400,000
95,358,000
Birmingham & So'eastern RR.Co.
41,300
Boston <fc Maine RR
9,569,437
400,000
12,171.721
41,300
535,800
123,632
14,150,000
3,124,319
Central RR. Co
of N. J
14.150.000
500,000
3,124,319
464,299
140,000
35,701
Charles City Western Ry. Co
140,000
Chicago <fe Eastern 111. RR. Co-5,916.500
Chicago & North Western RR. Co 46,589,133
Chicago Great Western RR. Cor1,289,000
Cbic.Gt. West. RR. Co.(receiver)
150,000
Chic. Milw. St.P. & Eac. RR. Co. 12,000,000
Chic. Milw. St.P. APac. RR. Co.
------
Chic. No. Shore & Milw. RR. Co.
Colorado & Southern Ry. Co
Columbus & Greenville Co
24,000
697,000
60,000
8,300,000
8,300,000
29,450,800
Denver & Salt Lake West.RR.Co.
53,500
600,000
1,800,000
3,182,150
3,000
717,075
227,434
Ft.Smith & W.Ry.Co.(receivers)
Ft. Worth & Den. City Ry. Co—
627",075
Georgia & Fla.RR.Co. (receivers)
3931706
71,300
3,183,000
1,061,000
As
354,721
99,422,400
6,000,000
6,000,000
13,915
13,915
520,000
520,000
520,000
Illinois Central RR. Co
35,312,667
22,667
35,290,000
19.8% in
employment
10,278,000
1,000,000
9,278,000
8.500,000
800,000
2.650,000
RR. Co
200,000
3,000
1,729.252
744.252
800,000
800,000
2,650,000
2,550,000
197,000
50,000
Co.
-
-
St. P.&S S.Marie Ry. Co.
985,000
Mississippi Export RR. Co
6,843,082
100,000
6,843,082
100,000
*6,843.082
100,000
Missouri-Kansas-Texas RR. Co.
2,300,000
2,300,000
2,300,000
Missouri Pacific RR. Co
23,134,800
99,200
785,000
Missouri Southern RR. Co
Mobile & Ohio RR. Co
23,134,800
331200
99,200
785,000
27,499,000
N. Y. Chic. & St. L. RR. Co
18,200,000
27,499,000
18,200,000
N. Y. N. H. & Hartford RR. Co.
during the
affected
the
221
7,699,778
742,763
28,900,000
3,000,000
28,900,000
3,000,000
17,000
17,000
11,000
4,975,207
4,975,207
300.000
7,995,175
750,000
400,000
117,750
37,200,000
Southern Ry. Co
162,600
1621600
22,000,000
19,610,000
19,610,000
Sumpter Valley Ry. Co
200,000
29,500,000
2,264,336
162,600
Southern Pacific Co
1,200,000
100,000
100,000
5,147,700
147,700
7001600
7001666
30,000
30,000
39,000
39,000
15,731,583
4,366,000
108,740
Texas & Pacific Ry. Co
—
30,000
Tuckerton RR. Co
108,740
700,000
Texas Southern-Eastern RR. Co.
45,000
6,000
15,731,583
4,366,000
Research
2,500,000
2,500,000
Wichita Falls & Southern RR.Co.
750,000
400,000
22,525
22,525
22,525
691,424,295 106,393,556 578,180,739
189,982,029
Totals
*
male
industries,
100,000
Paul & Sault dte. Marie Ry. Co. (The Soo Line)
was secured by its bonds, the interest on which was guaranteed
by the Canadian
Pacific Ry. Co. and when the "800 Line" went into bankruptcy, we sold the balance
on
the loan to the Canadian Pacific, receiving 555,670.076 in cash and Canadian
Within the
In addition to the above loans authorized the
principle,
loans in
payments.
dropped
index
of
from
The
89.7
payrolls
index
in
fell
June,
received by the
were
from
84.1
3,842
0.7
workers
of
1%
of
in
Division of
Wage rate reductions
manufacturing
the
total
number
and
of
rate of decrease
average
non-
workers
was
6.1%.
was
Wages Paid, According to Sex
Corporation has approved,
the amount of $55,670,076
upon
and
compared with
as
0.6
of
1%,
May.
while
Total
total
wage
to
female
to
4.1%.
manufacturing classification of industry, 2,334 establishments
of 0.9 of 1% and 2.5% in the number of male and
female
workers
employed,
respectively.
Total
payments. to
wage
declined 0.5 of 1% and those to women decreased 4.9%.
In the non-manufacturing classification of industrial
establishments
number
male
payments
paid
wages
of
workers
declined
reported
male
and
decreases
female
declined
1.2%
1.0%,
during
June
$25.20;
facturing
$27.43
industries,
for
of
1%
and
respectively.
total
compared
as
of
Total
paid
wages
with
enterprises,
0.3
1%
2,223
in
the
paid
wages
to
female workers
to
May.
Weekly Earnings—June
both
for
0.9
while
Average
earnings
averaged
of
workers,
men
combined
sexes
all
in
$14.50 for
and
men
reporting
industries
the
In
women.
manu¬
weekly earnings were $24.37 for men and
women
workers combined; $26.79 for men and $14.52 for women.
In the
non-manufacturing industries, weekly earnings averaged $26.79 for both
sexes combined;
$30.03 for male and $14.43 for female workers.
average
Changes in Man-Hours During June in Comparison with May
In
and
all reporting
female
worked
in
industries, 4,255 enterprises reported man-hours for male
combined, and in these enterprises the total hours
workers
declined
2.4% during June in comparison with May.
Hours worked
reporting man-hours for male and female workers,
3,711 establishments,
separately,
In
the
reported
a
1.1% for male and 3.1%
decreased
for
female workers.
manufacturing classification
of
industries,
2,248
enterprises
decline of 3.1% in total man-hours worked by male and female
workers combined.
Within this
decreases of 0.9 of 1% and
classification, 2,133 establishments showed
3.8% in man-hours worked by male and female
workers, respectively.
In the
1%
Within
of
non-manufacturing
in
an
and women,
of
increase of less
the
per
were
the manufacturing
35.4
in
male
female
and
1,578
than 0.1 of
1%
a
decrease of
workers
showed
concerns
0.8
combined.
decrease
a
in man-hours worked
by
respectively.
reporting industries,
In
by
industries,
Average actual hours worked
all
2,007 firms reported
group,
worked
classification
1.8% and
men
hours
total
this
June,
or
36.7,
group
or
the
unchanged
non-manufacturing
week in
per
the
same
actual
average
40.1,
the
the
or
430,400 workers,
in
as
in comparison
classification
week during June averaged
June by
hours
with
same
as
worked
per
week
May.
number
the performance
in
May.
of
hours
worked
in May.
specified conditions.
W.
Round-Table
SEC
of
Conference
and
New
Between
York
Chairman
Stock
Exchange
Douglas
Repre¬
O.
Resumption of round-table conferences between William
Douglas, Chairman of the Securities and Exchange
Commission and
William
McC.
Martin, President of the
New York Stock Exchange and other
representatives of the
latter occurred on July 28, when the officials of the
Exchange
were luncheon
guests of Mr. Douglas. From a Washington
dispatch that date to the New York "Times" we quote:
Following the discussion Mr. Douglas said that
up were
among the topics taken
floor trading problems, including the question of segregation, and
various angles which are
establishing
being considered in connection with the advisability
a trust institution to act in a
fiduciary capacity for brokers
O.
Douglas, SEC Chairman, Says New Deal Re¬
alignment of Public Utility Holding Companies
Has Just Begun—Defends Law in
Speech Before
American Bar Association
sentatives
of
indexes show decreases
wage
decreases
In
of
of
or
manufacturing
decreases
decreased
were
Pacific Ry. Co.'s notes for $5,500,000. maturing over a period of 10 years.
in
industries
while the
The weighted
4,557
from
workers
reported
The loan to Minneapolis 8t
due
1938,
total
during the month of June.
envelopes
pay
during June
employed
of
Western Pac. RR. Co. (trustees).
Wrightsvllle & Tennille RR
June,
non-manufacturing enterprises
designated the sex of their working forces showed decreases of 0.9
1% and 2.0%, respectively, in the number of male and female workers
workers
1,4031666
Texas Okla. & Eastern RR. Co.-
Wabash Ry. Co. (receivers)
Western Pacific RR. Co—-
the
26.4% in
which
100,000
5,147,700
Tennessee Central Ry. Co
been reported in both
period.
same
weighted average increase
2,805,175
200,000
-
that the average
8.6%.
reports of wage increases, affecting 825 workers, or 0.2 of
1% of the total number of workers reported, were received in June.
The
18,672,250
400,000
Sand Springs Ry. Co
7,995,175
18,672,250
200,000
18,790,000
Corp
in
inclusive,
Twenty-one
300,000
300,000
St. Louis-Southwestern Ry. Co—
Salt Lake & Utah RR. (receivers)
Salt Lake & Utah RR
18.200,000
600,000
3,000,000
st. Louis-San Fran. Ry. Co
declines
1923-37,
below seasonal levels.
1937,
1938,
employed.
as
Weekly
27,4991666
7,700.000
Pere Marquette Ry. Co
—
Pioneer & Fayette RR
Pittsburgh & W. Va. RR. Co—
Puget Sound & Cascade Ry. Co¬
period,
decreases have
Twenty reports of wage rate decreases
25,000
29,500,000
Pennsylvania RR. Co
contra-seasonal
15-year
which
reporting
June,
1,070,599
-
the
month-to-month
June,
all
for
in
785,000
1,070,599
25,000
1,070,599
Murfreesboro-Nashvllle Ry. Co—
New York Central RR. Co
Mobile & Ohio RR. Co.(receivers)
of
employment and
71.9
to
61.9
to
110,000
Lehigh Valley RR. Co
(trustee)
compared with
of
of
546,000
Litchfield & Madison Ry. Co
Maine Central RR. Co
Minn
by the Department:
represent
Changes in Employment and Total
13,915
Meridian & Blgbee River Ry.
comparison
Reports
354,721
105,422,400
Gulf Mobile & Northern RR. Co.
Maryland & Penna
A
payments in Illinois have been
10,639
3,183,000
546,000
Green County RR. Co
For
of
15,000
10,539
Galveston Terminal Ry. Co
payrolls.
Department
The following is also
changes in employment and
payrolls for the preceding eight months shows that in each month since
October, 1937, the volume of employment and the amount of total wage
8,176,000
15,000
Galv. Houston & Hend. RR. Co-
Illinois
227,434
8,176,000
Fredericksburg & North. Ry. Co.
Gainsville Mldl'd Ry. (receivers)
582,000
3,000
90,000
changes
the ninth consecutive month in
series.
reported
3,182,150
16,582,000
16,582.000
Eureka Nevada Ry. Co
Fla. E. Coast Ry. Co. (receivers)
the
the Division of Statistics and Research show
Statistics and
531500
8,081,000
1,800,000
Great Northern Ry. Co
and
the records of
1,553,000
60,000
2191666
May-June
manufacturing
—
Erie RR. Co
current
1937,
Denver & Rio Grande W.RR.Co.
(trustees)
The
of
2,098,925
53,600
of
July 29.
on
from the announcement issued
537
3,840,000
1,150,000
13,718,700
53,500
8,300,000
-
Copper Range RR. Co
838
150,000
11,600,000
500,000
13,718.700
10,398,925
29,504,400
Denver & Rio Grande W.RR.Co.
155,632
4,338.000
1,289,000
1,150,000
Chicago R. I. & Pac. Ry. Co.—
Cincinnati Union Terminal Co--
32,000
46,588,133
3,840,000
(receiver)
220,692
464,299
6,916,500
1,000
Research
and
May-June changes are increases of 0.2 of 1% in employment and 0.8 of
1% in payrolls.
The current declines in employment and payrolls mark
(Atlantic Coast Line and Louis¬
Central of Georgia Ry. Co
Statistics
of
Labor, it was announced
employment
Carolina Clinchfield & Ohio Ry.
ville & Nashville, lessees)
6,715 manufacturing and
non-manufacturing establishments reporting to the Division
5.602
13,200
statistical analysis of the
a
data contained in the reports from
41,300
9,569,437
53,960
549,000
2.3%, respectively, according to
434,757
400,000
95,343,400
14,600
53,960
Buffalo Union-Carolina RR
-
Repaid
S
127,000
Ashley Drew <fc Northern Ry. CoBaltinore & Ohio RR. Co. (note)
Co
Disbursed
275,000
2,500,000
634,757
Alton RR. Co
Carlton & Coast RR.
or
Withdrawn
«
127,000
...
Aberdeen & Rockfish RR. Co.-Ala. Term
May
Industrial
A uthorlzations
Authorized
July 30, 1938
William O. Douglas, Chairman of the Securities and Ex¬
change
Commission,
American
Bar
told
enemies of the Public
cast
the
program
the
Association
shadow
that
of
a
are
at
annual convention of the
Cleveland on July 26 that
Utility Holding Company Act "have
hangman's noose on a purpose and
constructive
and
beneficial."
Mr.
Douglas said that the Administration's program to break
public utility holding companies into simple, geographically
integral units, "has entered the period of action."
Speeches at other sessions of the Bar Association's con¬
vention
are
referred
to
elsewhere
and customers.
in
this
issue
of
the
expressed
last
"Chronicle."
It also is understood that the discussions
included problems in connec¬
tion with the activities of the
specialists and whether there should be further
restrictions on their trading for their own account
than those now imposed
under the Exchange's rules.
week when he announced the SEC's
The representatives of the
Martin
were
Edward
E.
Stock
Bartlett,
Exchange present in addition
Chairman
of
the
Governing
to
Mr.
Board;
Paul V. Shields, member of the Board and John
Dassau, Treasurer.
The purpose of the Round-Table Conference is
to work out a general
program
which
under the
new
can
be agreed upon with the reorganization of the Exchange
management.
Repeating the
warning
and
reassurance
move to
reintegrate the
Utilities Power & Light Co., Mr. Douglas declared that the
"SEC
means
business," said special advices July 26 from
Cleveland to the New York "Journal of
Commerce," which
further quoted Mr. Douglas:
"We
are
intent
Chairman said.
on
doing the job that Congress has intrusted to us," the
"And we desire to do it in a fair and constructive
way.
The most appropriate formula for bringing the various
systems within the
Volume
Financial
147
Chronicle
661
pattern called for by Section 11 (b) seems to be the trading of properties and
New York Curb Exchange
securities.
"Now
a
realize
we
period of
that
to break its
years even
All captions
employ ed on the New York Curb
this job cannot be done overnight.
back.
And
It will take
are
to use
the
do not propose
we
haste where speed will jeopardize the
quality of the product.
Nor do
propose to descend with surprise on a company which has given us
of sincerity and which is
making actual progress.
But to get on
task we must insist on
we
with our
From the
advices
same
quote:
number
of
the
number of utility offices.
a
He indicated also that a
industry's leaders, although disagreeing with Section
(death sentence) of the Act,
"bent not
are
but
nullification or repeal
on
11
on
compliance."
A plea for diversification was made several
months ago by a committee of
utility holding company executives headed by James F. Fogarty, President
of the North American
Co., and C. E. Groesbeck, Chairman of the Board of
Electric Bond & Share.
Seemingly in reply
integrated
scattered
to
systems
less
are
diversified
or
letter
a
addressed
by
Groesbeck-Fogarty
the
SEC, Mr. Douglas produced data purporting to prove that
vulnerable
business
to
that
depression
Describing diversification
system.
as
that
argue
desirable.
diversification
Mere
scatteration
of
public utility systems is necessary or
has
increased
meant
cycle," Mr. Douglas
said.
Douglas further declared that the founders of the present far-flung
utility systems, far from following
a
policy of diversification or any other
policy, were simply acquiring utility companies wherever they could be
purchased.
The SEC
Chairman
deplored that the utility industry's coinage of the
"death sentence" to describe Section 11 of the Public Utility Act had
term
cast the "shadow of
hangman's
a
and program that are
noose on a purpose
constructive and beneficial."
According to
designed for healthy cooperative action,
sabotage of law validly enacted or for oblique avoid¬
of
ance
are
mandate under the Act."
our
exchange,
with
the
following
the New York Curb Exchange
on
by the Exchange.
the volumes
the
on
Exchange;
round*
a
shares, twenty-five shares,
the unit of trading in that issue
upon
Transactions in rights and warrants
are
or
as determined
excluded.
Since
the New York Curb Exchange as reported on the ticker
includes rights and warrants, the two series
may be compared only after
rights and warrants are removed from ticker volumes.
on
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
ists
similarly designated for the New York Stock Exchange, since special¬
the New York Curb Exchange
perform the functions of the New York
on
Stock Exchange odd-lot
dealer, as well
those of the specialist.
as
A part of
the round-lot transactions of the
specialists on the New York Curb
Ex¬
results from the business of dealing in odd-lots.
The revised schedule of data
on members' trading for the
July 2 is noted elsewhere in today's issue.
week ended
Chairman Douglas of SEC Sees Potentialities in Cleve¬
land Reserve District for Development of
Regional
Investment Market
Potentialities for developing a strong regional investment
banking and capital market in the Cleveland Federal lieDistrict
serve
presented
at
Chamber
luncheon
a
the Committee
of
in his honor given on July 26 by
Banking and Investment of the Cleveland
on
Commerce.
The following account of the ad¬
Douglas is credited to Chads O. Skinner in the
dress of Mr.
"Plain
Dealer"
of
Accrual
The
development of
the accrual
part
of
such
to
West
a
strong,
district
a
Virginia
and
said.
He
listed
these
1—"I should expect
is
brought
finance
closer
and
the
as
2—"I
regional capital market will mean
Fourth
(Ohio, western Pennsylvania,
of Kentucky)
simpler and
bankers,
Mr.
go
Douglas
aspects:
conservative finance, where finance
more
and
of benefits that should
to investment
go
beneficial
business
to
Benefits
sound
part
other
July 27.
of
beyond these that naturally would
where
investors
brought
are
closer
to
investment."
should expect
regional financing to produce better planned financ¬
ing, since under that system there might well be freedom from the scramble
in
♦
by William O. Douglas, Chairman of
are seen
the Securities and Exchange Commission whose views were
a
round tables
not for
shares, depending
Cleveland
Cleveland dispatch July 26, by Geoffrey
Parsons Jr. to the New York "Herald Tribune," Mr.
Douglas said that amendments to the Public Utility Holding
Company Act of 1935 might appear necessary after further
experience with its operation, and that such amendments
would be welcomed.
"But short of that," he was reported
as saying, "we are bent neither on nullification nor
repeal;
our
latter
represents all stock sales effected in round lots
lot means either one
down¬
sensitivity to
ward spirals and less response to upturns of the business
Mr.
the
the
"scattera-
tion," Mr. Douglas declared that his data provided "a red light to those
who
Exchange schedule which
the New York Stock Exchange form have
on
for
as
"Total Round lot Volume",
change therefore
Held Less Vulnerable
committee to the
Item A,
ten
Douglas disclosed also that at least tentative blue prints for reor¬
ganization of utility companies under the Utility Holding Company Act
being prepared in
significance
hundred shares, fifty
we
Mr.
are
same
exceptions:
its token
progress."
worded similarly to those
the
central
capital
market
for
the
of
issues
temporarily popular
in¬
dustries."
SEC
Reduces
Trading
Time
for
Compiling Data on Members'
New York Stock and New York Curb
on
Exchanges—Also Revises Schedules for
and
Data
Securities
and
equity
Commission
announced
New
trading
York
the New York Stock Exchange and the
on
Curb
Exchange would be made available
to
that regional
should
ownership and
5—"Finally,
I
should
markets
would
banking
industry and
bring
capital
No
the data.
Commission
also
announced
that in
line
with
con¬
members' trading,
on
the schedules for the data have been revised in
some
respects
and, while the figures themselves continue to have exactly
the same scope as in the past, the terminology describing
many of the items has been changed.
Following are brief
explanations of the various items on the schedules:
New York Stock Exchange
Item A,
"Total Round-lot Volume",
on
either
means
one
on
Item
B,
Transactions
Odd-lot
includes all round-lot
of the shares sold
per cent
"Round-lot
are
excluded.
of
Accounts of Specialists and
91/2%
purchases and sales of stock,
9% of all Federal
of
district
the
shown
(Except
Dealers)",
excluding rights and
The term "members"
throughout the form includes members of the Exchange, their firms, and
their partners,
dealers
including special partners.
and specialists
business
dealers in
as
which
were
odd-lots
are
Round-lot transactions of odd-lot
undertaken
in
connection
excluded from Item
with
their
B.
Item B-l, "Transactions of specialists in stocks in which
they are regis¬
tered", includes the round-lot transactions for the
for his partner or his firm which were effected in
was
acting
as
a
specialist in that issue.
account of a member or
an
issue while the member
Transactions made
member's account in any issues other than those in which he
a
specialist
Item
for
"Other
transactions
initiated
was
floor",
are
the
such
a
acting as
round-lot
transactions initiated by a member for his own account while the member
actually
was on
the floor of the Exchange.
on
the
Odd-lot
and
C,
Exchange but
by the member while on the floor of the Exchange.
"Transactions for the Odd-lot Accounts of Specialists
Dealers", includes all purchases and sales effected
by odd-lot dealers for their
business.
Stock
own account
very
purchases and sales
are
small.
said,
represents,
eco¬
in the Nation
at retail
in
1935; accounts in
income taxes,
with
commensurate
the
the country are in
pays
he explained.
whether the investment and capital market
district's
economic
machinery
importance is
9,000 registered brokers and
this district, Mr. Douglas said.
Hoffman
Representative Clare E. Hoffman (Republican) of Michi¬
made public on July 24 a statement criticizing the
Labor Relations Board and informing the Board
he was
furnishing for distribution to employers,
em¬
ployees or others copies of his 1937 speech in Congress in
which he declared against the policies of the Committee
Industrial
Organization, and the part played by Com¬
sit-down
in
Hoffman said
he
strikes.
In
acting
was
on
letter to the NLRB Mr.
a
the basis of press advices
which said that the Board had held that circulation of the
speech by an employee of the Muskin Shoe Co. of Westmin¬
Md.,
ster,
tuted
company
on
time and company property consti¬
The decision of
violation of the Wagner Labor Act.
a
was referred to in the "Chronicle" of July 16,
362. In reporting Mr. Hoffman's letter a Washington
dispatch of July 24 to the New York "Herald Tribune" said:
the
Board
page
case,
"if carried
the
accompanying
press
to its logical
from
employee
C.
distribution
any
to
a
of
copy
his letter to
the
Representative Hoffman contended that its ruling in the Maryland
the
the
to
statement
a
Board,
I.
of
0.
or
or
conclusion, not only
giving
any
newspapers
organization
other
to
any
employee
organization,
containing
news
but
items
prevents the
a
employer
statement
it
or
would
derogatory
preclude the
editorials
critical
of
of the activities of the Board itself."
by specialists
NLRB Sustains Trial Examiner's Order
ney
Round-lot purchases and sales and odd-lot
The
given separately.
dealers
District, Mr. Douglas
and
in the conduct of their odd-lot
The odd-lot purchases of specialists and odd-lot
reflection
a
gan
The volume of odd-lots handled by specialists on the New York
Exchange is
as
various regions.
National
not initiated
Item
capital
investment
Criticizes NLRB—Says He
Attacking C. I. O. to
Employers and Employees Alike
and
Item B-3, "Other transactions initiated off the floor", includes the roundlOt transactions effected for the account of members
the
business."
Will Distribute His Speech
In
on
into
of local
+
included under this item.
are not
B-2,
is
securities dealers in
munists
principals.
the
Reflection
by the fact that less than 5% of the
for
as
brains
12% of the national industrial production and
That it is doubtful
warrants, effected for the account of members; that is, all round-lot trans¬
involved
new
management
investment banking in
of
Reserve
of all the goods sold
actions in which members
were
personnel
Federal
good years for about
about
that
Members
Odd-lot
of
all
nomically speaking, about 10% of the country, although it embraces only
2% of the area.
The district has about 9% of the population; bought
These
the Exchange.
on
Account
for
Fourth
Representative
figures are consistently larger than the round-lot volume reported on the
ticker, since the latter ordinarily fail to include certain transactions amount¬
ing to from five to ten
present
The
the Exchange; a round-lot
Transactions in rights and warrants
and
Douglas said the last point should not be construed
the
hundred shares, as in most issues, or ten shares, as in the
less active issues.
Transactions for
Mr.
on
the New York Stock Exchange
includes all stock sales effected in round lots
with
management,
one
practice. Through
the joint efforts of the Commission and the two exchanges,
it has been possible to reduce from four weeks to three weeks
the time needed for assembling, compiling and publishing
The
an
capital, particularly in
development of regional
the
that
expect
new
the financial
week earlier than has heretofore been the
tinuing efforts to improve the statistics
might be able to develop
size."
moderate
reduction in absentee financing would result
a
absentee
of
finance
supply of long-term
of
expect that
reduction
a
the
for
enterprises
advantages which flow from keeping business at home for the home folks."
yesterday (July 29) that its weekly release of the figures for
members*
form,
4—"I
in
Exchange
hope
adequate organization
Terminology of Terms
The
should
3—"I
are
the
equiva¬
a
from Hearing
National
Labor
on
Barring Attor¬
Weirton Steel Co. Case
Relations
Board
on
July 25 upheld
ruling made by Trial Examiner Edward G. Smith barring
lent of the sales of odd-lot customers, while the odd-lot sales of
specialists
Clyde A. Armstrong, chief counsel of the Weirton Steel Co.,
and odd-lot dealers represent the purchases of odd-lot customers.
from
further
participation
in
the
action
by
the
Board
Financial
662
against the company.
This was the first time that the
NLItB is said to have invoked its disciplinary powers since
it
by Congress in 1935.
Associated Press
Washington, July 25, said:
had been ousted from the case
.
.
.
before the trial
from
Armstrong
examiner, Edward G. Smith, at Steubenville, Ohio, July 11.
Board
The
upheld
the
The
would not
it
24,
Aug.
It
the
was
resume
Mr.
"there
is
resume
participation
which
The
controversy
permitted
to
from repetitions of
of an argument July 7 between Mr.
regional attorney for the Board.
Arm¬
out
grew
Cone Textile Mills of
in
End Strike
C., ended
between
reached
15 when
July
on
the
bargain with representatives of a majority of their unions."
The
general wage
11 in protest against
July
on
duction ordered
by the
Greensboro,
a
strike, which
circulars
under which
ordinance
"The
the terms
of
the
No
to
exceed
settlement
announced
were
12^%, and reductions
No
3.
The mills will operate five days
less
of
than
discrimination
because
of
strike
First Edition of "Investment Counsel Annual" Features
Article
of
Rent
The fundamental
C; I. O. Strike Ended
weekly for three weeks to compensate
houses to be charged
the basis of time
on
at
Chicago Hardware Foundry Co.
strike at the Chicago Hardware Foundry Co. at North
Chicago, 111., which started on June 6, was ended on
July 20, after pickets from the Committee for Industrial
Organization had been routed by tear gas.
Those who
returned to work at the
factory
were called
upon, it is
10% pay reduction.
In describing the end of the strike, Associated
advices of July 23 from Waukegan, 111., said:
Settlement
of
the
strike
near-by North Chicago
Labor
of
Scheck
Mr.
5%
Chicago
Hardware Foundry Co. in
by Harry E. Scheck, Federal
that
the
strikers would
return
work
to
Monday under
a
working contract is to be negotiated, he said, with a
reduction to become effective Aug. 1.
company had ordered a 10% wage cut, the issue over which the
called
June 6 by Local 1192 of the
Amalgamated
Steel and Tin Workers, a C. I. O. affiliate.
was
of Iron,
Ten
pickets
injunction
work.
have
forbidding
been
sentenced
interference
to
with
Twenty, including these 10,
jail
terms
for
workers who
indicted
were
Association
violation
wished
to
of
an,
return
to
charges of conspiracy
on
Policemen and Lake
County deputy sheriffs, using tear gas bombs, routed
pickets today who had blockaded the Chicago Hardware
Foundry Co. in North Chicago for seven weeks.
The action was taken to
strike
An hour
chance
order that had been
court
a
work
as
the
defied
after the way was cleared
to
soon
wefe
the
back
plant
at
had
their
150 employees who had
Investment
the
Angell's speech is
been
asked for
Announcement of the
leaders
declared
cut
Edward
B.
Sherwin,
President
cause
of
were
tonight that they would not compromise
transcript of the testimony at the public hearing of invest¬
counsel
ment
firms
Eleven
New
Orleans
Trucking
Ended—C. I. O. Members Return
to
Companies
Work
Your
trucking
com¬
if
constitute
funds,
I
I have been
not
actually
serious
a
who must
I
lasted for
one
month and
had involved much violence,
particularly among taxicab drivers.
strike
was
outlined
as
follows in
The conclusion of the
United
Press
advices
of
United
Transport Workers,
strike
at
22
an
affiliate of the C. I. 0., tonight called off
transfer
Organizer Paul Heide said
"voted
t
job and
and
return
back
operating
latter
work
of the transfer
any
here.
in
their
strike
order
to
action
against
consolidate
for the hearing by the National Labor
prepare
Officials
to
companies
a meeting of the transport workers'
unanimously to terminate
companies
or
all
their
union
said
companies
it
panies.
had
with
the
the
union
Relations
did not indicate whether
of the 800 who went
trucks
rare
of
methods
those
by other
I
markets,
our
of
of
all
can
judging
greatly at
am
and
long
a
tend toward
way
"Shall
the
to how
experience,
toward setting
wisdom of
of building methods
being studied
are
brains,
of
the
individual
If
we
to
devise,
today, it
form
to
so
and put
which
do, then
unknown
to
a
abhorrence, of
to me, in our country
into actual
shall
working by
control
and
Those systems
problems that lie
the
Federal
and
deal.
the
will
State
today
on
but
in
suggest
that
door
with
those
with
us
democratic
a
utterance
mere
unbalanced
the
which
the
on
us
same
of
our
not serve to
today.
We have
I do
drag up to the speaker's table
and
are
budgets,
following
relatively
same
opportunity,
your
your
these
taxation
speakers,
field
narrower
new
degree—not
in
profession,
absolute
dangerous
and
put the brake upon instability, which
greater
of
of
of
happily,
security
profess yourselves to be competent to deal—I only
field—there
responsibility of
tively
the
the doorsteps of all of
of unemployment,
securities
only
and
abhorrent to
are
inheritance,
at the
in
which you
that
counterparts
this country those democratic methods of control.
problems
I
finance with
and
In other countries other systems
local
the
allegiance to the democratic method, will
our
attempt to bring
tonight
tame
group,
American civilization must take
our
today.
us
with
democratic
to devise in
in
deal
to
up
forces.
and
the
the
and
which
control
life?
set
centrifugal
and
up
momentum
of social
seems
create
methods
those
processes
unable
are
other
being
but
yet may be,
as
centrifugal forces that make for instability in national, in
are
deal
to
I know not
loss.
a
greater degree of stability for the investor.
a
able
be
we
democratic
the
as
They
the road
on
estimating
causes,
gradually
so
application
The
yours.
go
the
The fundamental domestic question
is,
of someone else.
management
approach and possible control
than
groups
disinterestedness
shall
to
small
with
investors
suggestion
a
longer
no
as
is
break-up
forces
I
therefore,
by
that
to
devise the
mean,
means
will tend to create
terms
but
in
which
some
relative
at
rela¬
terms—of
stability for the investor.
July 17 from New Orleans:
month-old
the
to
make
to
run
of that kind
recurrence
so
surely they are susceptible of intelligent approach.
work
July 17 after the walkout
least
general
money
investment
creating standards for
make the
at
problems of the growing ratio in volume of liquidity of national
what
Organization,
on
the
attempt
volatility of
assert
called off
their
trust
by
can,
speaking,
impossible,
danger' to
when
that
confess
with the
panies, called, it is stated, by the Committee for Industrial
was
in
:■
gentlemen,
profession,
of which
event,
will
A^ strike by employees of New Orleans
SEC
the
.
not
at
before
Washington on
:;;r::.
Mr. Angell's address was devoted to "Some Potential Re¬
sponsibilities of the Investment Counsel Profession."
In
part, he said:
ii.
Feb.
got
Strike
Annual," which
published on July 27.
Six other articles were written
dealing with various phases of the investment counsel pro¬
fession, while 57 pages of the magazine are devoted to a
solve
the point.
on
America.
of
was
tradition
the strike, and the strikers'
recent address
a
Association
of a number of articles included
one
...
opened
the
was
a
Counsel
in the first issue of the "Investment Counsel
some
jobs.
announced that all employees who wanted to work
tomorrow, provided they accepted a 10% cut in pay.
back
individual life?",
and in
Exchange Commission, said in
in
by the pickets.
company,
welcome
in
curities and
means
A Chicago dispatch of July 19 to the New York "Times"
reported, in part, the picketing of the plant as follows:
enforce
actual
into
put
Angell, former Regional Administrator for the Se¬
direction,
O.
create and
group,
Ernest
wealth and
intimidation.
I.
devise,
centrifugal forces that make for
of
5%
The
to
shall control and tame the
trusts,
conciliator.
week
further
strike
said
the
at
announced 4oday
was
Press
reduction.
wage
Next
said,
a
Department
question in the United States today is:
able
be
we
before
for company-owned
accept
by Earnest Angell—Also Gives Transcript
Hearings Before SEC
"Shall
Mr.
The
a
state¬
instalibity in national,
activity.
actually worked.
been
I. 0.
C.
a
Reyer answered that the Supreme Court decision held good only for
Mr
for time lost this week.
take
by
is unconstitutional
Reyer acted
working by the democratic processes those methods which
reductions
wage
2.
a
Mr.
decision against all such laws,"
Court
Supreme
said.
company, was not sponsored
follows:
had
denouncing city officials.
as
Reyer said he could act under an ordinance forbidding distribution
without a permit—which the C. I. 0. cannot obtain.
Mr.
re¬
12y2% not to be enlarged.
of
if it persisted in
its headquarters
raids and arrests at
described
additional
distributing 10,000 circulars
by any
In United Press advices of July 15, from
union, it is said.
As
I. 0. could
Police Superintendent George Reyer said'the C.
Meanwhile,
expect
agreement
an
started
C.
ago.
employees and management with
the aid of Federal and State conciliators.
and
days
18
companies with "unfair labor practices under the Wagner Act in refusing
Greens¬
5,000 employees of the Cone Textile Mills of
N.
Greensboro,
a
strikes
religious circulars.
was
to
called
it
they had contracts with the A. F.
said
employees.
The NLRB ruling also authorized issuance of a complaint, charging the
strike of
A
which
against
however,
Union and that the teamsters represented a majority of
Teamsters
L.
of
companies
11
ment
A
4.
I.
companies,
the
boro, N. C.—Non-Union Strike Called, Protesting
General Wage Reduction
1.
determine a bargaining agency for employees
0. transport workers' union claims majority employee repre¬
in
of
Some
recent
as
to get Federal court injunctions to
July 9 had ordered a hearing to decide
0. was the bargaining agency for the
on
C.
the
The C. I.
of
Workers
•
majority of employees of the 11 companies affected by the
strike.
A United Press New Orleans dispatch of July 9
to
Armstrong's failure to obey the examiner's order to
down" and his manner of examining witnesses were
to have been objected to.
said
\
..
strike, which
Yellow Cab
a
the
at
been wounded in outbreaks of violence during the strikes.
NLRB
The
Mr.
"sit
out,
the transfer companies.
sentation
Armstrong
walked
added:
intolerable."
and Isadore Poller,
strong
Mr.
were
the hearing he would refrain
in
find
we
that
believe
to
reason
no
had called off
14]
\
should be called to
election
of
began operations in 1935 that it
the Steubenville dispute, the Board said,
Summarizing the versions of
acts
company
disciplinary action against a defense attorney.
taken
the
the Weirton
the steel
Armstrong and not to the Board.
time since the Board
first
taking testimony in
that any inconvenience to
adding
be attributed to
could
has
said
Board
until
[July
employees
.
stop wholesale arrests by city officials of C. I. 0. members.
The NLRB is scheduled to hold a hearing July 25 to determine if an
whether
^y'
>
*v
■
unsuccessfully had tried
0.
I.
C.
Thursday
drayage
\
Three men had
The
from the Board's
expected to make a court appeal
:.;v-'/
last
the
after
here.
Board's duly designated agent."
Armstrong was
order.
case
contending that Mr.
yesterday,
action
reflected "a calculated attempt to wrest control of
the
from
hearing
Mi,
Smith'E
Mr.
Armstrong's behaviour
July 30, 1938
0.
I.
C.
The
started
Co.
created
was
accounts
Mr.
Chronicle
on
American
contracts
with
strike.
drayage
on
the
Board."
of
of
the
President
Labor
drivers.
drayage
com¬
of the
ica, presided.
on
they would
The companies had
Federation
several
union
The addresses which
are
presented in the "Annual"
were
delivered at the evening dinner session of the Association's
first annual meeting on May 4, at which Dwight C. Rose,
Investment Counsel Association
of Amer¬
It is noted that the address of Mark Graves
"Proposed Taxation of
State and
Federal Bonds"
and
the paper by Orrin W. Main on
and Its Aftermath"
of the
"Upsurge of the Automobile
(both of which form part of the contents
book) present new and important aspects of some of
today's fundamental economic and investment problems.
Volume
Financial
147
A. T. Vanderbilt Warns Against "Drift Toward Despot¬
ism" in Speech at Convention of American Bar
Association—Jerome
man-—Chandler
Frank
Upholds
Amendments
to
SEC
Chair¬
Act
Bankruptcy
A
against
warning
"drift
the
toward
despotism"
was
by Arthur T. Vanderbilt, President of
the American Bar Association, in an address before the
Association's annual convention at Cleveland.
Mr. Vander¬
July 25
on
about
America"
and
the
defect
"outstanding
of
our
Federal
judicial
system."
In
United
Press
developments
from Washington on July 26
accounts
at the meeting on that
day
summarized
were
in part as follows:
Discussed
uttered
663
Chronicle
bilt criticized the alleged failure to subject the
rapidly ex¬
A warning
by Robert M. Cooper, special assistant United States At¬
torney-General, that the public utilities'
"powerful resistance and deep
rooted
regulation is
hostility"
administrative
against
leading them to
"social ownership."
A resolution challenging Justice
because he
was
Black's right to sit on the Supreme Court
Supreme Court
member of the Congress that increased
a
panding administrative tribunals of the Federal Government
to the same judicial standards which have been established
justices'salaries.
At the same convention
Jerome N. Frank, member of the Securities and Exchange
that "seductive catch-words" such as "collective
by democracies for their courts.
Commission, took exception to a committee report
criticiz¬
asked
A
charge by Prof. Edwin Borchard of the Yale University Law School
world safe for democracy" have betrayed
its old regard for genuine
A warning
security" and "making the
the United States into abandoning
neutrality.
by Lovell H. Parker, Washington tax consultant, that
ing William 0. Douglas, Chairman of the SEC, and
United States' taxation system will not be sound and
that
State and local taxes
the report
In
be retracted.
July 25
of
New
the
to
Vanderbilt a Cleveland
York "Herald Tribune"
by Mr.
speech
outlining the
dispatch
said:
;
exchange
Mr.
between
the country will set about persuading the various States to
adopt the reforms.
The outstanding recommendations are:
That the State courts control and be responsible for their own procedure
of
lawyers
That
rules
promote the administrative efficiency
to
has
York
State
every
such
of the courts.
(Only New
council.)
a
be adopted.
(The pre¬
trial
hearing would be in effect a preview of the actual trial, held
before a judge,
to narrow the issues, stipulate uncontested facts and
speed up the judicial process by eliminating legal deadwood.)
Federal Judge John J. Parker of Charlotte, N. C., was Chairman of the
committee, which did a monumental piece of work in condensing its
seven-fold report within 200 pages.
Judge Edward R. Finch of the New
York Court of Appeals told the convention today that the report was an
answer to complaints
"which have been louder and more insistent until a
question has arisen as to the operating efficiency of the courts."
address this
his
have
the
in
that
Vanderbilt said that "time and again
morning Mr.
in the courts, but it must be
their faith
people demonstrated
confessed
Urges Change
Vanderbilt
Mr.
In
jurisdictions that faith has been sorely tried, not
many
by the ultimate decisions of the courts on substantive law but by inexcustable delays in perfecting the pleadings in bringing on cases for trial,
well
as
deciding
in
as
cases
after final hearing or on appeal, by outmoded
procedure and occasionally by judicial inefficiency or, even
technicalities of
described
Vanderbilt
Mr.
the
report
avail
not
for
"a systematic
as
attack"
on
public.
"They must constantly bear in mind what have been termed the funda¬
mental rights
months
in
"Every litigant is entitled (1) to
meaning a trial within two
of ltgants," he asserted.
efficient
and
prompt
of
trial
his
case,
six months in others;
contract cases,
represented by Competent attorneys;
(3)
(2) at a reasonable cost ;
(4) before impartial and trained
judges and honest and intelligent juries; (5) with the privilege of a review
the trial court's determination by an appellate tribunal composed of
of
judges who will render a final decision
similar
of
basis of
the
that
time
"These
do
States
are
the
within three or four months
is taken.
appeal
unreasonable criteria
not
they exist
of a fair
trial,
but in how
many
practice?"
in
accounts
Act,
Bankruptcy
effective" process
of
the
stantial
Frank
among
size.
One
other things,
disinterested
independent
preparation
quote:
the Chandler Act amendments to the
anticipated a "more democratic and more
of reorganization under the independent trustee provisions
amendments,
of
also
importance of
Mr.
permit judicial review of findings of fact by
selective civil service and tighten eligibility
requirements for practice before the agencies.
The proposed dispute of
Roosevelt
the
of
chief
of
the
members who practice
impaired
will
under
by the
a
As he understands it, the law is not
privilege of creditors and stockholders to propose plans
In
Section
Act, but rather he feels that the law now
"within the court" around which the bargaining
Chandler
round-table
take place.
Earlier
Black, introduced by Dean Edward T.
Chicago, urged appointment of five
before the high tribunal to contest it.
pointing to two previous actions
The resolu¬
against Black, recom¬
mended its rejection.
The house also allowed the resolution
tion
on
an
Government policies
and cruelty" during the annexation of
The Committee warned against violation of the
Austria.
in
committee's rejection recommenda¬
demand for condemnation of Nazi German
a
in the "recrudescence of barbarism
action involving "the present
The 5,000 delegates
bar's constitution
civil government of a foreign country."
to the association's
sixty-first annual convention,
temporarily a report by the commit¬
social security, which accused the National
of "intensifying class antagonism." The report was
ending tomorrow, sidetracked at least
tee on
labor, unemployment and
Labor Relations Board
returned to committee when no one appeared to
discuss it.
convention by William O. Douglas,
Chairman of the Securities and Exchange Commission is
referred to in another item in this issue.
An address before the
Salaries of Clerical
of
to
Workers Showed Average Increase
3.5% Between May, 1937 and May, 1938 According
Survey of 207 Corporations by Merchants' As¬
sociation of New York
Despite the recession in business
between May, 1937, and
May, 1938, the salaries of 27,000 clerical employees, covered
in a survey of 207 corporations by the Merchants' Associa¬
tion of New York
average
through its industrial bureau, showed an
3.5%.
increase of
The results of the survey were
Association, which went on
public on July 24 by the
say, in part:
made
to
The
groups
covered
the survey included accountants, auditors,
bookkeepers, stenographers and secretaries (male
in
and non-machine
machine
dictaphone operators, telephone* operators, office
machine operators, chief and supervisory clerks, file clerks and all other
office occupations.
Average weekly salaries of employees included in the
increased from $31.05 to $32.17.
number of employees reported by
The
1938,
a
typists,
female),
and
was
the 207 corporations in May,
those reported for May, 1937, thus indicating
employment of approximately only % of 1%.
The groups
only 193 less than
reduction
in
banks and trust com¬
investment brokers, manufacturers, public
utilities, railroads, wholesalers and retailers, and "miscellaneous" concerns
among which were included hotels and restaurants, warehousing, trucking
and freight forwarding concerns, engineering and construction firms, and
real estate companies.
The group whose employees showed the largest
increase
in average
weekly salaries was the railroads, namely, 9.3%.
Increases in individual classifications ranged from 2.4% to 10.2%.
of
employers
panies,
who furnished this information were
insurance
Principles
companies,
Arthur
T.
Vanderbilt
of
Newark, N.
J., President of the Bar
lawyers meet the "challenge of intol¬
by perfecting judicial administration.
Attorney General Homer S. Cummings, in a dinner speech, said that
"delay in the administration of justice is one of the most shocking things
Association, urged that the Nation's
erance"
Embodied
Amendment
in
Limiting
Proposed
The Savings
Constitutional
Indebtedness of
New York Savings
Bonded
Municipalities Endorsed
Bank Association
reorganization or a statement why a
attempted to clarify a good deal of misunderstand¬
fact, he believes they will continue to do so more
77B.
In hi3 opinion, the ability of interested
creditors and stockholders to "trade out" the terms of a fair plan is not
reorganization.
provides
67 to 16. *
Marshall of John Marshall Law School,
require the appointment by the
trustees in all reorganizations of sub¬
of the independent trustee is the
ing about this provision of the Act.
freely than
appointment by President
Senator was a member of the
debate, but
Black's
Justice
grounds the former Alabama
The resolution assailing Justice
duties
and filing of a plan of
Commissioner Frank
of
on
killed by a vote of
was
plan cannot be effected.
destructive
"pre-formed opinions and prejudices." In United
stated;
law.
new
The
court
we
the
B. Eastman,
Government's
The Committee urged laws to
survey
July 25, from Cleve¬
land, the report of the association's Committee on Adminis¬
trative Law, to which Mr. Frank took exception, criticized
as
"biased," "perfunctory" and "carefully staged with an
idea to a predetermined result" hearings which Mr. Douglas
conducted on reorganization committees.
From the United
Emphasizing
and unsafe."
representing Joseph
administrative bureaus, extend
According to United Press advices,
Press
English,
Press advices from Cleveland it was also
the
for the benefit of litigants and of
and lawyers but
judges
H.
George
On July 28 the Association's House of Delegates—its
governing body—approved by a unanmous voice vote a
report of the Committee of Administrative Law, criticizing
New Deal alphabetical bureaus for rendering decisions on a
judges and lawyers constantly remember that the courts
both
unless
exist
by
U. S. Hous¬
humans live
policy of allowing State regulation of insurance of interstate motor carriers.
recommendations, however wise, will
problem, but warned that "no set of
a
defense
by judicial bad manners."
worse,
the
A
Chairman of the Interstate Commerce Commission, of the
tions committee,
practice of holding pre-trial hearings
the
That
'
by Leon H. Keyserling, General Counsel of the
in urban slum surroundings "both unsanitary
committees,
judicial
in
lished
composed of representatives of the bench, bar,
law schools, laymen and press, be estab¬
to do research and draw necessary statutes and
councils,
judicial
A statement
ing Authority and author of the Housing Act, that 40,000,000
Congress that raised Supreme Court Justices' pay drew some
courts).
(as the Supreme Court is for the Federal
legislative
Charges by James R. Garfield, Cleveland lawyer, that the Securities and
Exchange Commission is "autocratic in its zeal" and that the New Deal is
heading toward "absolutism."
■
Vanderbilt and Mr. Frank high¬
lighted a busy day of convention speechmaking.
Despite the anti-New
Deal tenor of most official pronouncements of the bar association, today's
program
included addresses by such outstanding New Deal lawyers as
Supreme Court Justice Stanley Reed, Attorney General Homer S. Cummings and Solicitor General Robert H. Jackson.
Sharing the spotlight with the administrative boards, commissions and
agencies was a less controversial but highly important item on the con¬
vention agenda, a draft of proposed reforms for the State courts, match¬
ing the changes in civil procedure which will become effective in the
Federal courts on Sept. 16.
The association's section on judicial admin¬
istration unanimously approved the recommendations for improving State
court procedure evolved by its committee.
The proposals will next go
before the convention's house of delegates; if they are approved there the
indirect
The
the
equitable until Federal,
co-ordinated.
are
by
Bank Association of the State of
New York,
Andrew Mills Jr., who is also Presi¬
Savings Institution, New York City,
officially endorsed the principles embodied in the pro¬
through its President,
dent of the Dry Dock
has
posed New York
State constitutional amendment reported
Committees on Counties and Towns, on Cities, on
Villages, and on State Finances.
This amendment would
impose a limitation of bonded indebtedness of each county,
city, town or village in the State, and its purpose is to
eliminate excessive taxation on real property in many of
the communities of the State.
In a statement made public July 25 Mr. Mills said:
by the
664
Chronicle
Financial
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and
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special committee of the Association has been at work on
these proposals for many months."
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as
the State,
precaution
banks consider it
as
is
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as
own
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these
against
bonded
is
a
few
have
owners
witnessed
tax burdens on real property.
hundreds of thousands of thrifty people
have
with
done
help
to
years
these
increasing
indebtedness of political
genuine
to say:
excessive
homes and who
past
on
to the property owners, to see that every reasonable
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own
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part
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while enthusiastically endorsing the proporal, feel
by the committee's report are entirely too high.
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years
(1942-1946), a limitation of 7% for
(1947-1951), and 6% thereafter.
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years
reduction
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administrations of these
of
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everything within their power
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1
July 30, 1938
«>.2'.7.2,,2,
i
J>>
Grounds.—To
House
of
Jewels
be
at
New
Smallest
York
Exhibit
but Most Valuable
Laying of the cornerstone of the House of Jewels, on
July 21, at the New York World's Fair, 1939, initiated work
on
the
of
a
structure
which
be
will
the
smallest
exhibit
hall
Exposition, yet contain perhaps its most valuable
exhibits,
matter.
Inc.,
according
Pierre
disclosed
C.
that
to
an
Cartier,
five
announcement
issued
President of House
leading New
of
in
group
in
the
Jewels,
York jewelers have
44
High
June
High
105 106
47 17% 17 81* 7 8 6*4 4*2 61
43 19% 17 7% .6% 8 6*2 4*2 70
6*4
15%
47
Low
5%
534
5%
3%
55
16
46
103% 1033s
36
85%
104% 10034
55
97*4
99
71%
85
14
88*2 81% 75*8
66*2
106% 1C9% 101% 109-% 107
5734 97 53 64
51
78
14
10584 109 100% 108% 103%
41
62
6
15% 141*
43
Low
50*2 42 1051* 107% 103%105% 101% 90 89% 65*4 11048460 *2 11073490 % 102 1108*094 IO6S4 67%
5*2 384
6
5%
98%
51
April
44 17% 16 8 6% 7*2 6*2 4% 60%
High
558 5*8
— 15%
42
Low
0%
5%
104% 105%
38
49
62
50
8*4 734
104%
101%
55
65
57
98
47
64
71
106 1IO7842% 105%105%
99
851*
92%
50 17% 16% 81*
High
5%
5
48%
71
71
103% 104
102% 10634 101% 108% 102
4434
59
109%
96
97
43% 14% 14%
Low
79%
4 78 1834
February High
43%
Low
17
1157s% 9 8 9% 7*2 5*2
7
7%
8
7%
6*2 734 6*2
8
71
7834 54*2
47
14
49
57%
"68
"95
97
77
103% 110%
107 102
102%
108%
105
87
92%
97% 90%
10534 108% 105% 103
44
56-%
80
107% 110 1091* 105% 100
*~76 54*2
4%
65*2 92% 43*2
35
40
94*8
90
86*4
86
86
44%
67
72
8834
83
100%
65
14
14
56
104% 108
61%
79%
103% 107%
"87
101%
101*2
"65
78
104% 106% 107*2
105%
104%
106% 108
105
7934
82
101% 10334 110% 110% 111% 111% 107% 106%
92%
95
106% 107%
102
95%
88*2
41
60
47*2
62
106%
109% 106
96%
101
72
91
39
60
92
98*4
11234
10C
9234
10
102%
21%
99%
921*
105%
11% 11% 11%
107%107% 107%107% 106% 10534 103% 21% 107 10 % 16 * 16% 15%
100% 103% 112 112 110% 110*2 105% 104
20%
105% 104 102
106%
97
15
15%
15
108 98 10 34 103?g 1I 228434 1112*32 1 0*2 107 105 11003810 11053460 107% 106% 103%105% 11013430 % 21% 107*1 9 *2 17% 16%
95% 99%
112%
87
105*8
24
100
106
100% 104% 113% 11234 112 111% 108 106*4
97
99% 10%
107%107% 107 104*2 102% 21% 108 10 *2 16 1 % 1 *2
101% 112 112 109% 10934 105 105
100
109% 107%
8534
98
99
95%
97s8
108% 107%
101% 104% 11234 11234 111% 111*2 108% 107%
98%
93
90
221*
108% 107% 11043460 % 10234 101% 9 %10 % 241* 105% 10 % 13
109% 110 105 102%
100 111 111
99% 10% 10%
22%
102% 101%
103
108% 108% 107%108 103% 103*2 102% 2 34 101% 11
10334 11234 1 21* 111% 111% 107*2 106%
99
106% 105
85
92
107%
98*2
105*2 106% 101% 103% 110% 110% 111% 111% 107 106 108% 107% 102% 101% 101
90*8 9434 86%
4434
108
100% 102% 10434 111% 111 111% 112% 108*2 107
108
95*2 9534 92%
30
65
100%
75
99%
108
10U*
101
110*
106 HI2 108 108 106%106%
101%
86
86
43
59%
84
89
96
104% 10534 102%
108% 108% 903s 73% 102%
10234 107 107% 104*2
62
7U* 6534
8734 81%
106%
105% 110%
31
108 107% 106%108 104 103% 102% 2 34 103 12 13
10
100
106*2 1087 1IO08584*2 103 4 91*2 8 % 68% 1043 108*2 11077809 1105*07%2 82% ~86 10 34 78*2 105% 1 34 1106*06344 106%
7834 58 48
4*2
17% 17%
50
Low
21%
107% 105
110% 105% 104
102
106
106%
9634
16
16%
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Ctfs
1
Feb
g
Conv
Rc
Chi
Gold
1st
First
&c & Childs
Chi
White
Cln
&
Gen
& 3Hs 3>*s
St
Cleve Clev
Cleve Cleve
Clev
Cin Cln
Cin
& Cairo
Ref
1st
1st
1st
Chic
Chic
ff
ss
1st 1st
2?*8
&o
Col
5s
Com'l
&
Col
4>*s 4*^s
5s
3J*s
4s
Up er
3M®
Consol
& Conn
Conn
Non
Consol
9
434
9%
92%
'
93*2
73
Low
118%
115 114 124
111%
39%
101% ~~81~
36
High 1 9% 111684734 I 584 1 5% 124% 7934 1 2 985S
June
36
"l8
96
35
High
Low
97
~9"
4
14
105%
"9"
95
106 20 95 100 92% 85 90*2
109*2 9 34 108% 30 29 2 % 106* 75% 65 51*s 54 1 5% 73 97 103 4 1 %16 9434 94%
4
70
1934
10*2
13
90%
35
80%
99%
108%
54
95
108%
22
25
105%
18
64%
60
76*2
3584
115%
54
56
96
891*
103%
11%
91
24
90%
85
81*2
934
8*4 9*2
9
8%
60%
75
68
3%
97% 59 108%108% 10 *2 108% 29% 29 25 1104*06%4 7 %
"5
9%
97
70
28*2 22*2 19%
97
57
74%
13%
1 5 62% 97*2 11033440 1 5% 94% 94% 108 IS 4 96*2 101*2 97 85 90
53
65
42
95%
108
91% 91*2
112%
113
19%
High 17%120 15%17% 1 5 s 12%15 1245s 80 96% 1 %12% 98 92
April
Low
121%
113
40
35
82%
97
40
3%
16%
95%
92
86
March
High 120% 14%18% 1112386% 1 538 124% 85 101% 1 %14% 102 95% 40 10 % 1023s 87%
Low
111
116
120%
92
90
73
8634
99%
40
6
59
83
98
4
Low
98*2
101*2 108
1I 89I2 11161s7 11137S84 1l34lol2 11231252 34 89 1l0O3CFglo 1112S484 s 1100U04 99
9512
10
110%
85*2
94% 9934
16
86
10
" 21
19%
6
lou
22
10
7684 2234
50
"92
3934
65
49
62
114
62*2
S834
29
57%
64
102
7U
I23g
46
10
99%
85*2 85%
103%
15
9434 9934
95
88*2
20
72
72
20
50
10
1106*2270 110738307 4 10
35
97
30
106
27
7%
6%
734 4*s
16
5%
17
20*2
16
2%
13%
23
19% 10%
1434
13%
14
10
10
83s
8
4%
16%
16
884 8*2 5*2
20%
20
21
1534
3%
15%
23
7*2 234
"21
16
15% 15% 17%
10
7%
13*2 14% 14*2 15% 15%
19%
7*2 734 334
15
32
30
72
93*2 9334
101%
3%
12%
13
23
72
56
105% 117
12
14%
90
14
12
99
9334 98*4
19
1384 1334 13% 14%
32
2S% 34% 33%
34*2
13
634 334
7
15
15
6%
16*2 17%
6
14*2
"2I1
27
27
3184
32
32
10%
17
16%
22*4 11% 11% 11%
22
5
334
18
73
10
2%
25*2
23
4*2
" 21
6%
15
14
90
20% 20*4
7*2
103
21% 9934
9034 91%
15%
112
14*2
15
15% 15*2 15% 1734
15
19
10%
10
10*2
7%
7*2
1834 1S34 17*2 21% 18*4
4%
35*
85%
36
30
35*2
33
13*2
18
12%
22
IIS4 11%
~1~3
643S 1105*062 106 121 96 96 1142*5426*? 107 1102121*8 109 105 109*4 90*4 17l2 16*2 108 19
59l2
86
16*2 15*
16
7
3
71% 15% 12%
13*2
11023s50 97U 74l2
12
7%
8l2 734
95
99%
95
21
106 113
26
112
112
104% 104% 117
18*2 10% 10%
4%
32% 2634
6%
12%
13
14
34l8 2734
107
14*2 14% 15%
14
14% 16%
10%
5
4%
1584
63
10
107 11071870 *8 99 10534710 3s 3278 29 1023s510 38 9314 6534 64 U116*6%2 67 106 105*2 120 97 97 106 1 3 23% 103% 1105l07342 107 98% 103 90 17%
63
53
10
5%
103
97i2
22
22
2334 24%
24
9%
93*8 81% 9134
16*2 75*2 22%
5*8 5i2
IOOI4 103
20
25
934
5%
10%
10
18% 12%
63
7%
56
81
35
89
60
22
26
26
23
2134
"02
60
10
6I4
86
96*2
10 % 63 4 108 9 *2 107%108% 38 32 25% 105*2 89 64*4 62 1 6*2 6 *2 104 105 111Q3402 96% 97 1 3% 22 102% 106% 104 95 s 102
113
83
January High
49
7
"12"
26
7
70lo
9434 47is 9834 99i2 8214
117
54%
15*2 13%
3*2
18%
18
3*2
4%
56*2 16% 10% 10%
10
7
February High 11187si02 s 1 8 11145si5 2 11334i5 8 1123345 8 i2 1100iH0 24 lHSj 11003s20 i8 9658 47's lO U 102 89
12
Low
40%
66
101
107
7
73
83i4
27% 20*2 22%
90
6
"8%
20
15%
8%
10%
534
6
"1034
17
2%
13%
21
8%
9
78*2
75
47*: 55 11123.3%!64 99 103%104% 1 4 93 93% 10i107s%4 20 97 102% 96*2 8 % 96%
58 1107%8 97% 110634870 4 32 28 24% 1048 7434
0
6
58
72% 23%
17
8
8
21
21
26
60
10
"53
60%
14%
107
12% 1134
6S34
9
99*2
9334 87%
91
74
100*2
83
24*2 10%
25
26
5%
21*4 12% 10% 10%
68
11
5%
99%
1 %1 2 26
5
16
105
52%
65
9% "5%
39
9%
3%
5
12
60
4*2
1118%9% 16%17% 14%16% 1114%5% 11237842 % 82 97*2 1112%2% 99 93% 35 9 % 94310% 82
7S34 95%
13% 67%
6
5%
81
8
93% 86%
42
May
CdeDrsal1ia0vf5=hy.,*«.
pstpd aid.19274sg_e8n 1934 deposit1A952deposit1960 5s195 1*5Sos'eat1960 Staion— 194 63E.seri 195 450s-yr1D962 43*5Gcosu2nlfA3.>is1967 4sg.19u2C55 D.1s9e7r4g8n193E.s1e9r7i 3 4s.l91 tr041s.1s9t s40.tM5*8-19 356*5®Ase2r1948 50197 81 4J*s.l96 A1f752^$ .1973Cf5gs4e3n.1970 AMs48eHr«M5asy1A95p2r 614gesx.9t8 e1x5t4L9s6.3>5*s1942 3H5®1A5.se3r1954 6 _1957 8 19654Rs'iv3st5gr1Hesf *3P62ow1esr'4d>*b1956 8 Workfs7s_1956 139*5^s4ds_eb1J95 O—195 .196 3vdapo2eizn.nf:stt;
BONDS
1938—Contiued
43
51 19% 18% 9% 8% 10 8% 5% 86
January High
71%
52
103 100
8
105% 1 1% I106346O 84
57*2 47% 1102%50 IO8 4 108% 1102%30 4 90% 86*2 65i2 14% 1102%40 3 108*4 102 1108%90 1104%70 % 82 92% 66 101% "87
55
106*2 10834 100 102% 104% *5u 10*%i 112% 112 108*2 107*2
85 82 74% 53% 37 93*2 91% 90
100
95
3
94%
40
86*2
87
87
105
5%
5%
5%
34
47
95*2
73
79
97
65
March
921*
105
9634 431*
67
93*2 92% 86% 79%
52
104% 107% 11003806 973410% 84 83 59 IO48 108% 101% 108% 105 65 % 9 *8 97*4 11033450 % 1 1% 10
40
16
8
83S4 86-%
93% 93%
42
42
3%
58
100%
79%
101%
99
70
57
104%
105%
50
97
56
May
106 1107340 1106*06*44 104% 101%
61
78
52
100
5
5%
3%
5*4
1034
13% 72*2 15% 12%
85
"26%
25
28% 2834
10%
28
15
14% 15*4 17*2
17
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—
concluding his radio broadcast of July 22 the Crown
Prince said:
I
last
was
saying that friendship is the key word to the celebrations of the
four
weeks
hardly remind
which
of
you
united
have
the fact
Americans
that there
into
a
formal
pendence.
Benjamin
treaties
There
the
in
harmpnious,
as
with
treaty
Franklin,
of
are
relations
The
same
the
of
then
time,
history
that
your
great
friendship
your
been
of
between
envoy
and
exists
friendship which dates as far back
history of the United States.
Sweden was the
yours
as
in
was
Paris,
the
after
need
and
beginning of the
country to enter
the
War
concluded
has,
I
country
unlike
in
of
Inde¬
1783
most
by
other
truly and faithfully kept by both parties.
few relationships as untroubled, as
nations
our
to
alike.
my
first neutral
republic
which
Swedes
between
two
countries.
Volume
1
78
109
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is full of strife and hatred.
We are going
rich in conflicts between nations and within
nations.
We have all a feeling of insecurity and of unrest.
At
such a time it mu3t be a source of lasting satisfaction to be
able to point out
Z
We
nations.
are
of
interest
and
common
I
venture
belief
in the ideals of law and
peace and goodwill among all
to believe that this community
token of an everlasting friendship
the Swedish and the American people.
ideals
esteem between
a
justice, of
and
world.
the
nations
in
united
democracy
of
order,
three centuries' standing.
We have in common
interests of peace and of friendly intercourse between
vital
most
those
between
historic
of
traditions
traditions,
is
the
surest
the
of
and
H*.
Return
from
D.
of Secretary of Labor Perkins
International Labor Conference—
Geneva
—Comments
A.
on
Lewis, Also a
Delegate to Meeting, Likewise
Returns
Both Secretary of
who
attended
Labor Frances Perkins and A. D. Lewis,
conference of the International
the
recent
at
Geneva,
Labor
Office
United
States liner
Switzerland,
returned
on
Washington, which reached New
the
York
According to Secretary Perkins, a universal
be indorsed at the next session of the
international labor delegates in 1939.
In reporting Miss
on
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July 22.
40-hour week might
Perkins's views, the
said:
New York "Herald
Tribune" of July 23
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and mo6t interesting accomplishment
proposal by a comfortable margin
the adoption of a
of
to
calling
the agenda for the 939 annual conference a resolution
generalized 40-hour week," she said.
Miss Perkins explained that
the first time that a resolution had been adopted to recommend
on
a
this
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most outstanding
meeting was
for
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was
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vote for
despite
limitation of hours in all industries.
Perkins's statement, A. Dennie Lewis,
Miss
international
of John
representative of the United Mine Workers of America and brother
L.
Lewis, head of the Committee for Industrial Organization, had a
different opinion.
He said that the subject to be voted on in Geneva in
1939 did not provide for a specific number of hours, but simply for the
"reduction of hours in all industries."
Mr. Lewis had attended a coal
conference
The
and
at
the International
Washington
also
signment
$1,991,660
Labor Office in Geneva.
brought approximately 200
in silver from the Spanish
...
refugees from Germany,
Government under con¬
Reserve Bank here.
to the Federal
the Geneva conference and the re¬
Perkins appeared in these columns
June 18, page 3895.
Advices to the effect that the gen¬
eralization of a shorter week through the labor world moved
a step forward, on June 22, when the International Labor
Conference voted, 92 to 27, with 19 abstentions, to consult
the governments on this point with a view to definite treaty
action at the next session of the conference in June, 1939.
After adopting all other proposals before it, the conference
closed this session, said an account, June 22, from Geneva
to the New York "Times," which also stated, in part:
An
marks
item
of
bearing
on
Secretary
668
Financial
Chronicle
July
1938
30,
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C~i t>- r-<
President of the Irving Trust Co., New
York, announced
July 27 the appointment as Vice-Chairman of the Ad¬
visory Council of J. Stewart Bak&r, Chairman of the Board
of the Bank of Manhattan
Co., New York*
In accordance
on
with the rules
ceed to the
adopted by the Council, Mr. Baker will
Chairmanship in June, 1939, the close of
Chapter's fiscal
The
suc¬
the
year.
Advisory Board consists of 16 members, all of whom
senior bankers representing the principal banks whose
employees are enrolled in the courses of banking and in¬
are
vestments with the New York
of Banking.
Chapter, American Institute
Other members of the Council
Commissioner of the Port
Authority by Governor Lehman on July 26 to
fill a vacancy caused
by the resignation of Michael F. Walsh.
Mr. Taylor is a former
Comptroller of New York
are:
a
City.
J. Stewart Baker Appointed
Vice-Chairman of
Council of New York
Chapter, American
Winthrop W. Aldrich, Chairman of the Board, The Chase National Bank.
Henry Bruere, President, The Bowery Savings Bank.
J. Herbert Case,
partner,
S.
Sloan Colt,
R. W. Pressprich & Co.
President, Bankers Trust Co.
"Walter E. Frew, Chairman of the
Board, Corn Exchange Bank Trust Co.
E. Chester
Gersten, President, The Public National Bank & Trust Co.
Advisory
Institute
Banking
Harry E. Ward, Chairman of the
Advisory Council of
the New York Chapter, American
Institute of Banking and
.xoo
JXCOtt«5t-cOtCOCOXXXXt-©OtOXOO
of New York
of
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Harvey D. Gibson, President, Manufacturers Trust Co.
William S. Gray Jr., President, Central Hanover Bank &
Trust Co.
George L. Harrison, President, Federal Reserve Bank of New York.
Robert Louis Hoguet,
President, Emigrant Industrial Savings Bank.
Frank K. Houston,
President, Chemical Bank & Trust Co.
Henry R. Kinsey, President, Williamsburgh Savings Bank.
High
June
5*8
7%
32% 13%
3% 6 534 8*2 7*2 17 4% 3*4 61% 82 23 72 94%
8%
102% 10734 104% 107 109 95% 90% 100 47% 51*8 45 45% 45 5434 85% 6 %67 40*451%
103%
104 103% 104* 53 16 62% 12% 934 12 9*2 11% 9% 51 30 20% 1534 101% 1 2%1 5 53% 11 23**» 1109840% 106 18% 1834 28% 28 1 234 19 1234
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Low
6
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Low
April
121
—
102
108
High 3 % 15 108% 9% 23
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March
High
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7*4
32
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934
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45
110
24
114%
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37
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93
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42
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105
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59
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Low
Low
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85
w—
February High 4 i2 18 1108340 9% 2 % 12 10*2 15 12*2 10234 102% 1107*084 61% 60 17% i*-———"H84% 1234 14*4 12*2 13*2 1 *4 65 32% 2 34 16% 93
14
January High
6
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59
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42 17
Low
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9
High
May
5*2
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112% 12% 10%
24
105
10 % 64 64*2 7 *4 88 9 *2 106*8801 120*4012 *4 11017830 % 108*4 11007*8*22 100 93%
9734
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54
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76
52
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63
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60
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70
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97
107
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65
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STATES
GOVERNMENT SECURITIES
March
February
Low
—
1,74*4*
w4*t?4*4®t2°4u
(©FMFFI-ONOO
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—
Low
April
High
32ds of a point)
June
May
High
Low
118.4
118.18
118.18
109.7
109.20
109.18
110.5
114.12
114.10
114.33
113
112.29
113.11
Low
High
High
117.2
117.21
116.10
117.27
116.4
118.14
108.6
107.15
108.10
107.17
108.19
107.12
109.16
113.11
112.20
113.6
111.31
113.14
111.22
114.5
113.25
111.22
111.5
111.21
110.8
111.37
110.8
112.16
112.8
107.18
108.19
107.30
108.22
108.1
108.30
107.28
109.30
109.30
110.6
110.6
104
104.28
104.7
104.30
103.28
105.1
103.26
105.26
105.29
106.11
106
106.20
105.6
106.11
105.17
106.4
105.9
106.11
105.2
107.15
107.5
107.20
107.18
108.5
1940-1943
106
106.13
105.29
106.8
105.22
106.11
105.21
106.20
106.15
106.20
105.21
106.27
1941-1943
107
107.12
106.20
107.13
107
107.14
106.29
108
107.20
107.25
107.23
108.2
1946-1949
105.28
106.28
106.6
106.28
106.2
107.4
105.27
107.30
107.22
108.11
108.6
108.25
1949-1952
105.19
106.20
106.3
106.22
105.21
106.24
105.19
107.25
107.26
108.3
108.3
108.16
107.4
107.22
107.5
107.20
107.8
107.24
107.4
108.13
107.30
108.5
108.3
108.14
19*4-1946
107
107.31
107.13
108.7
107.10
108.15
107.7
109.10
109.6
109.19
109.17
110.3
1955-1960
101.25
102.23
102.2
102.25
101.27
102.37
101.24
103.27
103.24
104.8
103.17
104.15
104.23
105.31
105.20
106.7
106.3
106.28
116.22
117.24
1943-1945
107.2
1944-1954
112.2/
1945-1956
110.27
1943-1947
1951-1955
...1946-1948
..1941
119
110.25
1945-1947
103.25
104.29
104.2
103.29
104.31
103.25
1948-1951
101.30
102.29
102.7
102.25
102
102.39
101.27
104.5
103.28
104.11
104.12
104.27
1951-1954
100.31
101.30
101.7
101.30
100.29
102.2
100.26
103
102.27
103.11
103.1
103.18
...1956-1959
100.26
101.20
101.4
101.22
100.17
101.27
100.14
102.25
102.22
103.5
102.14
103.10
101.19
1958-1963
1949-1953
99" 18
ioo's"
1945
102.14
103.20
103.1
103.22
1944-1964
103.28
104". 30
104.2"
104.22
1944-1949
103.15
104.12
103.20
104.8
103.22
104.26
103.31
102.18
103.17
9152
103.19
1949
99.25
100.10
Home Owners' Loan Corp 234s._1942._-1944
99*20
100.14
99.18
102.1
101.14
101 TO
f0l".26
101.19
102.2
103.7
103.27
103.4
105.11
105.8
105.18
105.11
106.7
101
101.23
101.1
103.12
103.6
103.22
103.26
104.17
104.10
104.26
103.28
105.20
105.18
106.12
106.26
107.7
103.9
104.10
103.4
105.6
105.10
106.4
103.4
106.17
104.17
103.24
104.19
103.25
105.13
105.10
106.1
103.22
106.18
102.20
103.6
102.20
103.9
102.13
104.12
104.7
104.26
102.13
105.10
104.15
103.23
104.7
103.15
104.14
103.9
105.16
105.10
106.10
103.9
106.23
101.12
102.14
101.14
102.14
101.13
102.14
101.9
103.13
102.25
103.2
101.9
103.13
101.6
102.4
101.14
102.8
101.11
102.7
101.5
103.12
103.1
103.20
101.5
104.15
1.1.1948
Federal Farm Mortgage Corp 3s
1942-1947
Federal Farm Mortgage Corp 21942-1947
1
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1947-1952
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Death of T.
Bevan, United States Consul General
H.
Warsaw,
at
Poland—Was in
Consular Service 28
Years
,
Thomas H. Bevan,
saw,
He
United States Consul General at War¬
Poland, died July 23 in a hospital in Berlin, Germany.
51 years old.
Mr. Bevan was returning to his
was
A native of Balti¬
post in Warsaw when he was taken ill.
Md., Mr. Bevan had been in the consular service of
States for 28 years and was appointed to War-
more,
the United
saw
in
As to his career, we take the fol¬
September, 1935.
Exchange Commission was announced on July 28.
Mr.
Shaughnessy succeeds Robert O'Brien, whose appointment
as
Assistant General Counsel was previously announced,
said the Commission which further stated:
The
new
Assistant Director has been
the Advisory
Supervising Attorney In charge of
Section of the General Counsel's Office on the
Securities Act
Previously, he was Assistant Solicitor of the
Department of the Interior from June, 1933 until December, 1935, acting
as Counsel to the Petroleum Administrative Board in that department.
He
also has served as Attorney with the Reconstruction Finance Corporation
and as Special Attorney in the Treasury Department.
b~i
of 1933,
since October 1937.
lowing from the New York "Times" of July 25:
After
private
from
secretary
1908
as
Bevan
a
to
a
half
years
United
consulate clerk,
Vice-ConsUl
was
Johns
at
at
Hopkins
Senator
States
For the next
1910.
to
successively
Mr.
and
two
five years
I.
he was
vice-consul and
Berne,
University
he became
post he held
in Tampico, Mexico,
Rayner,
a
deputy consul.
Switzerland,
1916-17;
In
Hamburg,
1925-28.
May, 1928, he was appointed Consul General at Oslo, Norway, where
remained
he
Germany,
seven
years,
at
times
serving
as
charge d'affaires
of
the
Director
of
legation.
+*
M.
Q.
Shaughnessy
Named
Assistant
Registration Division of SEC
The
appointment of M. Quinn Shaughnessy as Assistant
Registration Division of the Securities and
Director of the
Names
gram
Glasgow,
Scotland, 1917-19; Consul at Bahia, Brazil, 1919-23; Montevideo, Uruguay,
1923-25;
Chairman Griswold of
Committee
Investment Bankers Conference
to Conduct Educational Pro¬
with Respect to Maloney Over-Counter
Act
acquaint investment bankers
and security dealers throughout the country with the pro¬
visions and objectives of the Maloney Over-the-Counter
Act has been brought under way by the Investment Bankers
Conference, Inc., and in furtherance thereof, B. Howell
Griswold, Jr., Chairman of the Conference has appointed a
committee which will have charge of the program.
In a
letter to Commissioner George C. Mathews of the Securities
and Exchange Commission, advising of the appointment of
the committee, Wallace H. Fulton, Director said:
An educational program to
Chronicle
Financial
672
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Y. E. Booker, Y. E. Booker & Co., Washington.
Robert S. Belknap,
Alex Brown & Sons, Baltimore.
C. Newbold Taylor, W. H. Newbold's Sons & Co., Philadelphia.
Joseph M. Scribner, Singer, Deane & Scribner, Pittsburgh.
Frank F. Walker, Eastman, Dillon & Co., New York.
John E. Sloane, John E. Sloane & Co., New York.
Pliny Jewell, Coffin & Burr, Inc., Boston.
Albert P. Everts, Paine, Webber & Co., Boston.
The members of the committee
are:
Richard H. Martin, Ferris & Hardgrove, Portland, Ore.
Malcolm Bruce, Conrad, Bruce & Co., San Francisco.
Guy Witter, Dean Witter & Co., Los Angeles.
George W. Davis, Davis, Skaggs & Co., San Francisco.
Ralph G. Buckley, R. G. Bulkley & Co., Denver.
Edward E. Chase, Maine Securities Co., Portland, Me.
The executive committee consists of: Joseph M. Scribner,
Chairman; Lester Biglow, John E. Blunt, 3d, Charles B.
Crouse, John S. Fleek, John E. Sloan and Lowry Sweney.
J. M. Hancock Elected to Executive
Clifford S. Ashmun, C. S. Ashmun Co.,
Minneapolis.
Lester Bigelow, Bigelow, Webb & Co.,
York
Inc., Minneapolis.
H. H. Dewar, Dewar, Robinson &
Pancoast, San Antonio.
Louis W. Stayart, James Stayart &
Davis, Inc., Dallas.
Snyder, A. W. Snyder & Co., Houston.
John R. Longmire, I. M. Simon &
Co., St. Louis.
John E. Blunt 3d, Lee Higginson
Corp.,
Chicago.
Charles B. Crouse, Crouse & Co., Detroit.
Hagood Clarke, Johnson, Lane, Space & Co., Inc., Atlanta
John Dane, Dane & Weil, New Orleans.
Lowry Sweney, Lowry Sweney, Inc., Colunsbus, Ohio.
John S. Fleek, Hayden, Miller & Co., Cleveland.
Committee of New
Stock
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Chairman—rSpecial Committee
John H. Barrett, Stern Brothers & Co., Kansas
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03 00
ing.
The Committee consists of Gayer G. Dominick,
Chairman, John A. Coleman, Richard Pigeon, Philip W.
Russell and Jacob C. Stone.
single day pursuant to a single order entered at a single price or at the
(2) of
a
Board of Governors of New York Stock
suant to
a
(d)
For the purpose of this section, all purchases or sales for one account
(1) of
a
single security traded In on a 100-share unit basis, effected on a
market, and
Amendment
mission
to
Constitution
Charged
on
on
Exchange Adopt
Minimum
Transactions
in
10
Com¬
shall be
In
Share
Unit Stocks
single security traded in on a 10-share-unit basis, effected pur¬
single order entered at a single price or at the market
regarded as one transaction.
determining the amount involved in a transaction commissions and
taxes shall be disregarded.
On
July 27 the Board of Governors of the New York
Stock Exchange adopted an amendment to the Constitution
ITEMS
of the
Exchange, which will be submitted to the membership,
amending the minimum commission to be charged on trans¬
actions in 10 share unit stocks effected pursuant to a single
order entered at a single price or at the market. The effect
of the amendment is to remove the present requirement
whereby,
when
single order in a ten-share-unit stock
one day,
the minimum commission
prescribed for a single transaction must be charged with
respect to each day's transactions involved in the execution
of the order.
The effect of this change is to reduce the
amount of the commission which must be charged to a nonmember when a single order in a ten-share-unit stock can be
executed only over a period of days.
Section D of Article XVII, as amended, will read as follows:
cannot
BANKS,
Cravath,
a
TRUST
COMPANIES,
&c.
partner in the New York Stock
Exchange firm of Chisholm & Chapman, died on July 25 at
his home in Locust Valley, L. I., N. Y.
He was 65 years
old.
A graduate of Yale University in 1894, Mr. Cravath
had been a partner of Chisholm & Chapman for 28 years.
*——
a
be executed in
ABOUT
Erastus M.
Effective July 23, the Takoma Park Bank, Takoma Park,
Md., (P. 0. Washington, D. C.) was consolidated with the
Silver Spring National Bank, Silver Spring, Md., the latter,
as part of the transaction, changing its name to the Suburban
National Bank of Silver Spring.
The Washington "Post" of
July 24, from which this is learned, stated that with the aid
a loan of $1,300,000 made by the Federal Deposit Insur¬
Corp. all deposits of the Takoma Park Bank would
of
ance
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Duckett was
elected Chairman of the Executive Committee and General
T.
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as deposits of the Suburban National Bank
Spring, with its opening for business the following
day (July 25).
The new organization is capitalized at
$500,000, consisting of $350,000 preferred stock and $150,000
common
stock; surplus and undivided profits of about
$50,000; deposits of $4,200,000, and total resources of
approximately $5,000,000. A branch of the institution will
be operated in the former quarters of the Takoma Park
Bank.
The officers, as named in the paper, are:
Harvey
W.
Turnage, former Executive Vice-President of both
institutions, President; James H. Cissel and E. V. Crittenden,
Vice-Presidents; Fred L. Lutes, Cashier, and R. Weir Waters,
Harold F. Gates, Charles J. Sincell, George T. Day and H. C.
Assistant Cashiers.
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Financial
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respectively. These promotions precede the consolidation in
September of the two offices in the Euclid-E. 105th Bank
Building, which is being remodeled and enlarged.
Mr.
Berardi joined the trust company in 1910 and has been
Manager of the Euclid-105th Street office since 1920, while
Mr.
Johnson has been connected with the company since
1922 when the Garfield Bank
was
merged with the Cleve¬
land Trust Co.
Other
the election of Glenn M. Cummings as
Committee, to
succeed the late Raymond T. Sawyer, and the Advancement
of George A. Romoser Jr., from Manager of the bank's
changes
were
Chief Counsel and
Pearl-Broadview
that office.
a
member of the Executive
office
to
He has been
Vice-President
in
with the bank for 24 years.
In
an
Assistant
regard to Mr. Cumming's career the paper said in part:
Mr. Cummings has served as Assistant
Counsel of the Cleveland Trust
Co. since 1913, when he left the law
join the bank.
Several changes were made
recently in the personnel of the
Cleveland, Ohio, it is learned from
"Money & Commerce" of July 23. H. P. Berardi, Manager
Cleveland Trust Co. of
of the Euclid Avenue-East 105th Street office of the
com¬
and P. C. Johnson, Manager of the company's
Euclid Avenue-Mayfield Road branch, have been promoted
pany,
to the offices of Vice-President and Assistant Vice-President,
Ohio.
He
was
firm of Blandin, Hogsett & Glnn to
From 1905 to 1909, he was City Solicitor of Mansfield,
graduated
from
Wittenberg
College in
1896
and
was
admitted to the bar in 1898.
—♦
That checks, aggregating more than $1,000,000, represent¬
ing a 5% dividend, will be made available beginning on
Aug. 1 to depositors of the Ohio Savings Bank & Trust Co.
of Toledo, Ohio, was announced on July 26 by Ross F.
Volume
Financial
147
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K
t,
the
firm
law
of
Mitchell,
named a director
father, the late Oscar Lampland.
York,
been
has
.,
Lampland, President Lampland Lumber Co., St. Paul, formerly
with
Taylor, Capron
of the Liberty
State,
& Marsh, New
succeeding his
Xaylor Cox, President of the institution.
—♦—
*!..'
Improvements at the Portland (Ore.) head office of the
States National Bank are announced.
While the
■
Mutual National Bank of Chicago,
Chicago, 111., increased its capital stock from $300,000 to
United
$400,000.
and has entrances at each end, greater entrance accom¬
modation has been deemed necessary and two new doorways
of
As
July
19,
the
at
City
$110,000,
The
occupies an entire block from Sixth Avenue to Broad¬
way
—•—
The
bank
was
institution
recently placed
was
Bank of the same
111., capitalized
in voluntary liquidation.
will
absorbed
by
the Harrisburg National
be
opened to the public, advices in the matter state:
cal
Bank of Harrisburg,
National
place.
Interior
expansion will also take place with a rearrangement of mechani¬
departments on the Stark Street side permitting an
area
occupied by the executives and the addition of a
sultation room.
According
Vice-President and a director
and
other
Liberty State Bank of St. Paul, Minn., has been ad¬
the
number
John K. Fesler,
of the
vanced
to
heretofore
the presidency
increase in the
large new con¬
a
of the institution to succeed the
to
Paul
S.
improvements
of
persons
Dick, President,
has
who
been
utilize
the
opening
of
new
made necessary, by steady
the headquarters
bank.
doorways
in
increase
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Ltd., of London, in its statement of
reports total assets of £543,595,319
compared with total resources of £546,084,146 on Dec. 31,
1937, of which the principal items are:
Coin, bank notes
and balances with Bank of England, £58,384,678
(against
£53,968,247
on
the earlier
bills £,38,548,364
515,235
On
the
reserve
date)
;
at call and
money
short
(against £25,449,442) ;
('against £52,532,678)
;
British Treasury
investments, £125,-
(up from £117,386,191), and advances to customers
other
accounts,
debit
fund
side
now
of
£215,696,092
the
stand
at
(up
from
£208,198,218).
paid-up and
£15,158,621 and £12,410,609, re¬
statement,
capital
spectively, against £15,152,811 and £12,404,799, respectively,
on
Dec. 31, and current, deposit and other accounts
(in¬
cluding profit balance) are £498,561,524 as compared with
£497,796,590 six months
ago.
4
The annual report of the Standard Bank of South Africa,
Ltd. (head office London), covering the fiscal
year
March
31
and
paring
added
presented
meeting
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profit and loss brought forward from the preceding fiscal
Out of this
interim dividend at the
per share (subject to income tax), calling for
£125,000, was paid, and £75,000 credited to bank premises
account, leaving a balance of £570,925.
This amount the
directors recommended be allocated as follows: £150,000 to
year, made
sum,
rate
the
of
officers'
£770,925 available for distribution.
statement
tells
us,
an
5s.
£175,000 to pay a dividend at the
(subject to income
tax), making a total distribution for the year at the rate
of 12%, and £75,000 to pay a bonus of 3s. per share (subject
to income tax), leaving a balance of £170,925 to be carried
forward to the current fiscal year's profit and loss account.
Total assets are shown in the report as £85,001,578 (against
total assets of £84,277,804 on March 31, 1937).
Paid-up
capital and reserve fund remain the same as last year at
£2,500,000 and £3,000,000, respectively. The bank was estab¬
pension fund;
rate of 7s.
per
share on 500,000 shares
lished in 1862.,
.
CURRENT
NOTICES
on
£556,587 on March 31, 1937), which, when
£149,292, representing the balance to credit of
with
to
XXX,-
X
d —<
ended
to the proprietors at their 125th
July 20, has recently been received.
It shows net profits for the 12
months, after the payment
of all expenses and rebating current bills, of £621,633 (com¬
ordinary
d©©X
Ml*
of June 30,
notice, £27,566,173
Mn
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—Ralph E. Edwards, formerly of August
ciated with D. M. S. Hegarty & Co., Inc. in
Belmont & Co. is now asso¬
the Retail Sales Department.
—Frederic H. Hatch & Co., Inc. announce
insurance stock department
the formation of a bank and
under the direction of John
Butler.
Volume
Financial
147
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with the proposed dissolution of the New York Stock
Exchange firm of Jenks, Gwynne & Co.,
a
large part of the personnel of the firm, including all general partners,
A. M. Kidder & Co. dates from 1865 and
The
new
Jenks, Gwynne & Co. from 1913.
firm, which will be known as A. M. Kidder & Co., will have
on
Orleans
Exchange,
Dealers
Exchange,
Cotton
Inc.,
Exchange, Montreal Curb Market, Commodity
Liverpool Cotton Association, and New York Security
In addition to the
Association.
main
office at
One
Wall
St.,
New York City, branches will be maintained at 277 Broadway, New York
City,
Bridgeport
and Toronto,
and
Meriden,
Conn.,
Burlington,
and
Montreal
Canada.
Partners of Jenks,
Gwynne & Co. who will become general partners of
Lowh, and John Chester Botts.
Gwynne, Percy D.
On the Kidder firm's side, the partners
Charles L. Morse, Amos M. Kidder 2d, Albert C. Hugo, and Charles U.
Mr. Bay, who entered the firm of A. M. Kidder & Co. in 1933, is a
director of Parke, Davis & Co., American Export Lines, Randall Co.,
Bay.
Huron Products Co. of
*
■
oo» ooo©4ho*
ixx
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of the
New
York Curb Exchange.
Mr.
Hugo
has
been
A. M.
Kidder & Co. in prior years were prominent in the guaranteed
distribution
of
securities fields, and also in the underwriting and
various
industrial
extensive
business
in
and
issues,
general listed
insurance stocks, and in
including
Today,
others.
and
unlisted
Procter
the firm
&
Gamble,
conducts
securities,
bank
an
and
municipal and corporate bonds.
Jenks, Gwynne & Co. is one of the better known wire houses, transacting
a
large volume in commodities as well as in stocks and bonds.
—Total bank credit appears more
the next six months, according to
banks
likely to expand than
to contract in
the quarterly review of New York City
published by Chas. W. Scranton & Co., 209 Church St., New Haven,
Conn.,
members of the New York Stock Exchange, who point out that
during the coming fall and winter the banks will be called upon to provide
the Government with substantial funds to refinance its recovery program.
A. M. Kidder & Co. are William P. Jenks, Arthur C.
are
Vt.,
member
railroad and telegraph
the New York Stock Exchange, Chicago Board of Trade,
New York Curb Exchange (Associate), New York Coffee & Sugar
New
"
Brunswick-Balke-Collender,
will become associated with the firm of A. M. Kidder & Co.
memberships
* "J
*
connected with the firm for 26 years, the last II years as a partner.
prominent in stock, cotton and
grain brokerage for many years, it has become known that the business
and
I
—
NOTICES
ciate
—In connection
I
IHH
ee*
Canada, and other enterprises.
He is also Chairman
of the Executive Committee of the First National Bank, Bridgeport.
Mr.
Bay was instrumental in bringing about the proposed joining of forces of
Mr. Kidder, grandson of the founder of the Kidder firm,
is the floor member of that firm, and Mr. Morse, son of the late Horace J.
the two firms.
Morse, whose membership in the firm dated from 1877, is the firms'
asso¬
"Furthermore," states the review, "as recovery proceeds,
business will
require a large amount of new money since the working capital position of
industry is far less adequate to
This inadequacy is due not
handle
a
only to the
business upturn than previously.
use
of working capital during the
past few years to finance capital outlays and even to pay dividends, but
also to the constricting effects of the undistributed profits tax on capital
accumulations from earnings.
"Strength in the high grade bond market has fortified the investment
portfolios of our banking institutions, and the banking structure has been
of the bright spots of the current business depression, with its present
one
portion in sharp contrast to the pevious depression when bank failures and
liquidations kept the forces of deflation going."
Chronicle
Financial
678
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edition.
Association,
has
Several important statistical series,
for many years, are
book, while
a
published
been
in
a
the
1938
which have been published
continued in the new edition of the 96-page reference
showing that the 7,264 automotive patents granted last year represented
17% of all patents issued by the United States Patent Office, to a tabulation
indicating that 85%
Legislation affect¬
of farm families own automobiles.
ing the motor vehicle industry and trade is systematized in a newly devised
chart which affords at
a
glance
a
descriptive classification of laws and the
States in which they are effective.
—In
connection with
the fiftieth
firm, to be celebrated
on
City, have published
a
Dow-Jones
averages.
anniversary of the
formation of the
Aug. 6, Hornblower & Weeks, 40 Wall St., N. Y.
The industrial stock,
the
railroad
bond averages are charted by months from January,
based on the
stock and the
1920 to July, 1938.
The ultities stock average is included from its inception in January,
1929
Supplementing the price chart, stock market
activity in millions of shares is also indicated by months from
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is
published bi-monthly by the Horsey Co.
annual and semi-annual
Single copies
are
a
real
estate mortgage
sold
as
well
as
subscriptions.
—Joseph J. Degnan has joined Luckhurst & Co., and is
now
organizing
securities department, specializing in Westchester
County properties.
For the past year and a half, Mr. Degnan has been a partner at Pelz &
Co., and for 18
of Steelman &
years
prior to that was manager of the trading department
Birkins.
1929 to
—Gude, Winmill & Co., members of the New York Stock Exchange,
have
opened
a
branch
office in the
Gideon
Putnam
Hotel at
Saratoga
Springs, N. Y., under the management of James G. Tremaine, resident
partner.
Gude, Winmill & Co. is the only stock exchange house which
has applied this year to open a
at
branch for the period pf the racing
season
Saratoga Springs.
—G. L. Ohrstrom & Co., Inc., 40 Wall St., N. Y.
semi-annual
comparative
City, has issued
tabulation of public utility operating
its
company
|
—Otto B.
Reimer, Stock Exchange member, has retired from the firm
Terry & Co.
The firm will be continued
as
Terry, Buckbee &
Co. by the present partners, Alfred E. Terry and Frank R. Buckbee, with
the
222
in
preferred stocks currently paying dividends and having accumulations.
July, 1938.
of Reimer,
22
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19-year chart of the security market
also to July of this year.
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incorporated in the July issue of "The Stock Picture" published by M. C.
Horsey & Co., 49 Wall St., New York City.
"The Stock Picture" is
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number of new features are added.
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admission of John
F.
Kent to the partnership.
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—Louis Fetzer, formerly of Fetzer & Emmons,
of offices at 70 Wall
stock brokerage
maintain offices at 111
unlisted securities.
I
opening
general bond and
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with offices at 64 Wall St.,
a
business for brokers, dealers and institutions.
geheral business, the firm will specialize in put and call options and will
Broadway. New York City.
announces the
St., New York City, to conduct
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a
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ENGLISH
FINANCIAL
HHHHHHH
HH
H
MARKET—PER CABLE
The daily closing quotations for securities, &c., at
London,
reported by cable, have been as follows the past week:
Sat.
Mon.,
July 23
Silver, peroz..
Gold, p. flneez.l41s. 5d.
Consols, 2 H %
-
British 3Yi%
War Loan
Tues.,
July 25
141s. 5d.
19%d.
141s. 5d.
£75 H
Holiday
Wed.,
July 26
19 13-16d.
19%(1.
£75 13-16
Thurs.,
July 27
July 28
19 7-16d.
141s. 4d,
19 15-16d.
141s. 5d.
£7554
£75^
The
141s. 6Kd.
£75
£103
£102 %
£102 Vi
£102 K
£102^
Holiday
1960-90
States
Fri.
July 29
19^d.
Holiday
£114J4
£114^
£114J^
£114K
£114^
British 4%
price of silver per ounce (in cents) in the United
the same days has been:
ODD
Bar N. Y. (for¬
42M
4242%
42%
64.64
64.64
64.64
64.64
U.
8. Treasury
(newly mined) 64.64
l^d. to 43^d.
over
dollar parity.
Quotations—
July 7
July 8
July 9
July 11
July 12
July 13--?--
Per Fine Ounce
141s. lMd.
—
The following
were
the United
on the
We
reprint
GOLD
AND
SILVER
MARKETS
the
following from the weekly circular of
Samuel Montagu & Co. of London, written under date
of
July 13, 1938:
British Guiana
Belgium
France
German V—
Switzerland
Other countries
—
2d.
23^d.
2Md.
1.92d.
Kingdom imports and exports of
4th inst. to midday on the 11th inst
£3,045,355
11,882
8,439
391,979
6,753
2,392,118
1,609,733
Britisn East Africa
141s. l^d.
141s. 1 %jd.
141s.
141s.
141s.
141s.
Imports
Canada
ENGLISH
-
Average
Australia
THE
-
-
British South Africa
64.64
an
Large amounts were sold
daily fixing, tne total for the week being about £5,160,000 and after
fixing operations were also on a considerable scale.
Prices ruled at from
at the
42%
.
regarding
having been reflected in
increased demand for gold from the Continent.
registered from midday
Closed
DD
Business in the open market has been very
active, uneasiness
the general political and economic situation
on
eign).......
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5, if
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4,436
49,154
goldj
Exports
Exports
United States of
Canada
Belgium
France
Netherlands
Switzerland
Finland
Syria
Other countries
12,649
America -£l ,101,368
2,830
84,713
111,405
138,853
831,053
22,553
10,150
8,013
GOLD
Tne
Bank
411,750
on
of England
July 6 showing
day.
gold
no
reserve
change
as
against
notes
amounted
to
£7,532,498
£326.-
compared with the previous Wednes¬
The
to
SS.
Rajputana which sailed from Bombay
the value of about £257,000.
£2,310,938
on
July 9 carries gold
Financial
680
272? 27
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on
movements
the New York Curb Exchange was fairly active and price
pointed upward during the fore part of the week, but profit-
taking became
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27
of
prominent
The transfers for the
Oil stocks and mining
the side of the advance were Aluminum
101^; Duke Power, 234 points to 59%;
on
America, 2 points to
Thew Shovel, 1% points to
OOHMNHH
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■'■•■'
the side of the advance.
92,000 shares with 274 issues
Other stocks
.
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to
over
traded in. These included 127
advances, 61 declines and 86 unchanged. Bath Iron Works was particu¬
larly active and worked its way up to a new top for 1938 as it reached
day
lOM"*®! (O «■«*«<© OJ <-,<».-! COt-M—i
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inclination to stiffen and some of the more active of the speculative
an
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was
Profit-taking dominated the movements of the curb market during the
two-hour session on Saturday. Toward the end of the day prices showed
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during the week, the trend of the market has, on the whole, been
toward lower levels.
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in demand
were
Irregularity, due to profit-taking,
generally in evidence, and while some new tops were registered at various
«
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Metals and oils
sharply downward.
but failed to maintain their gains.
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EXCHANGE
CURB
THE
Ot^»-(»OC<W»C'»rt'<0 50«5JCC. **?IC«'OMNrtiOX«<»'
<;
July 30, 1938
16%, and Aluminium Ltd., 1 point to 112.
and metal issues
were stronger on
Monday and
pushed smartly forward in a number of instances to new high levels for
1938.
to
During the opening hour prices were somewhat irregular but as
day progressed the market steadied and many stocks moved ahead
the
Industrial specialties also attracted some buying and
higher levels.
there
was
utility
moderate attention given to the preferred issues in the public
Outstanding among the stocks closing on the side of the
points to 34; Niagara Hudson Power
group.
advance
Axton Fisher A, 2
were
(2) pref., 2% points to 70, and National Power & Light pref., 2 points
'
63.
to
Losses of
«
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early dealings
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again apparent during the opening hour on Thursday,
as the session progressed and a
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but
E?
1937.
moderate
furtner advance in
bear
covering was sufficient to cause a
and 19 3-16cL for two montns' delivery
yesterday.
Conditions
have
continued to
be quiet
and tnere have been
features, the present level of prices apparently having little
no
new
attraction for
"
operators.
Bar Silver per
"
The following were the
registered from midday
on
United Kingdom imports and exports of silver
the 4th inst. to midday on the 11th inst.
Exports
Imports
Burma
£16,090
Australia
16,660
5,586
Britisn Soutn Africa
16,161
z20,172
Germany..,
Belgium
Gibraltar
;
2,000
1,259
...
Other countries
United States of America-_
Belgium
13,783
Germany
13,690
Denmark
Netherlands
-
Aden & Dependencies.!
Arabia-Muscat....—....Egypt
Other countries...
Coin not of legal tender in the United Kingdom,
coin not of legal tender in the United Kingdom.
Quotations during the week:
3,896
1,365
x33,155
x4,409
xl ,440
5,359
£154,287
£77,928
x
£24,990
52,200
France
z
Including £6,520 in
*
Oz. Std.
NEW YORK
(Per Ounce .999 Fine)
2 Mos.
Cash
19d.
July 7....-.19 3-16d.
July
8
.19Kd.
July 9
19 5-16d.
July 11
19 5-16d.
July 12
19%d.
July 13
19 Hd.
Average
19.302d.
19 l-6d.
19 3-16d.
19^d.
19 3-16d.
19 3-16d.
43 cents
43 cents
43 cents
July 6
July 7
July 8
July 9
July 11
July 12
43 cents
.43 cents
---43 cents
19.125d.
New York recorded during the period
7 to July 13 was $4.94H and the lowest $4.92H.
The highest rate of exchange on
from July
Although mainly limited to yesterday's rates, offerings were rather more
in evidence to day, but were absorbed by buying from the Continent and
ut reaction may be retarded in view
Srices remained unchanged; however, of the appear to shown by sellers.
they hesitation be sufficiently high,
IN
LONDON
IN
979,069
SILVER
for
toward the end of the session and closed with a num-
up
gold output for June, 1938, amounted to 1,018,712 fine
prices, which reacned 19%d. for cash
Brown Co. pref. moved
early upturn curb market movements were unsettled
an
again firmed
Dining the past week, sellers again proved reluctant and a
demand
level for 1938.
£ X!
compared with 1,019,251 fine ounces for May, 1938, and
fine ounces for June,
Early in
Shovel, 1% points to 20%.
Following
VN©«©UVNV«VVVNVU
Be
the leaders.
2% points to 2934; Humble Oil, 1% points to 70%; New England
Tel. & Tel., 2% points to 107; Technicolor, 2% points to 25%» and Thew
^
o a
if
among
brief period but the list again turned
up
& !j
pa«*5«>©5; «5
S
ounces as
registered
^ nJ W |jj
(55 S ft ^ o
^ SOTil
o *
(41 o
u
^
of America dipping
upward in the final hour and some of the losses were canceled.
Aluminum
Co. of America was particularly active and forged ahead 6% points to
It
0
in
<
0.
Aluminum Co.
gradually strengthened
the afternoon prices eased off for a
1
*
Wednes¬
points to 100%-
number of modest gains were
i
on
points to 108, and Singer Manufacturing Co., 5% points to 243.
i
WWC33COiHCO<HW
0
i
tno
i vo
toward lower levels
utilities, oils and mining and metal stocks
recessions,
of the
brunt
but the market
i
move
Pepperell Manufacturing Co., 2 points to 80; Sherwin-Williams, 234
«
J?
PJ
N
Hit
HH
00 OS 00 H »H tH
I
gain of 3
Other noteworthy losses were American Gas & Elec¬
tric, 2% points to 27%; Jones & Laughlin Steel, 334 points to 31%;
Newmont Mining, 3 points to 73; New Jersey Zinc, 2% points to 64%;
3
»0 »-* *-»
l®H
i 1-t W
MHNHHSwbWN^OOWWHN*
.
o?c?
I.: J:
I«
It
I CO "5
the
bore
N
^
l-j' r^c5"»'
ttf-KN CO M htiM CO
WNOOCOh
rf N W
continued to
dustrial specialties, public
fM
!
tH rf
00 CM
OOtdNOCCOO^OHMCONOONNiO©
SJrtH
Curb market prices
*—f fH
r-< I—f
W
a
day, the declines ranging from fractions to 3 or more points. There were
a number of small advances but these were generally unimportant.
In¬
^
rS^rS0
'
^
ti"£t"
wjith
Mining and metal stocks were fractionally lower.
I
rHS»Or-4C05^OOO^0'5<*0t>-C^C0
^
Lt}* rt ^ OOCO -C<
'cooioo—iMrH
an appear¬
Aluminum Co. of
rM
.v"-;.
CSCOcOOO^^O^NrH<N^COOOCO
»c: 00 03 00 <N •-< •-!
<M CM o CO rH
CO
t5°9F
io-^a
HOW SO
^ r-«<
i«o>o
I SO H
IH«
the list
gave
strongly ahead and closed at 103%
i
I
trend and these
strength during the final hour.
Thew Shovel was also in demand and moved 3 points higher.
Public utilities were weak and so were a fairly long list of specialties.
!"*-<
ft <N
moderate
points.
w <N OS CO'M COM W SOOOW 00 IO H rt
(
t>* (W t"* 1~4.1** f^.
*
J
!oo
.
!N
•-.
I-I
RMw£lOOOt^£M'^lttiCiOCOOMtt<c
^
JP
-MrfTtiCOCOCOCvICO^
1-5
it
M
,
•«■••.'
M
tfJP2'JP
! o CO'O COCOAS
!eo^
OOCO
r-<(N f
1
(N 00 SO
i
through the list were a number of slow-moving stocks that
America moved
JF
I
CO tH 1M.--
i
CO
«M®O0Nrtit
of
ance
*
itJ't
•■
IH^OO©
*-»
f-<a>cot^*oco
■
OOWNO>0 00
.00 fl f
tfS
l-»
r-<
.
"Ijs CM co io
IN l-ffl
It KNMHrt
Tuesday but the market continued fairly active and a
on
inclined to work against the
SjStt
'
it
HH
Stt
were
I
!ineoso
^
^
Scattered
i
<272? 27
I
llflHiCMN
< ; 1 1"H 00 ^ fH • '
•
apparent all along the line during the
or more were
goodly part of the profit-taking was absorbed before the session closed.
'
Ol-*
iN«93(MH
oio co
NOJCOCI ^ rn
CO
2?t?
2727
272227
^HrtlflO
«C0©Hrt
1
,"
MOt-OsOOIOsji-ffO
H 'H <0 ^ H CO H or
•*<
« a> co
^
H
rl
2>
sJP
.?
!sO"IO)OiOCCWSO
!
O «C O oc SO CC so b»
CMO«3«r<H
.
point
a
NATIONAL
The
BANKS
following information regarding National banks
from the office of the
is
Comptroller of the Currency, Treasury
Department:
VOLUNTARY LIQUIDATION
July 19—The City National Bank of Harrisburg, 111. Common
stock, $75,000; preferred stock, $35,000—
$110,000
Effective April 21, 1938.
Liquidating committee: C. A. Sloan,
Robert E. Choisser and Daisy Seright, all of Harrisburg, 111.
Absorbed by: "The Harrisburg National Bank," Harrisburg,
111.
Charter No. 14387.
COMMON
CAPITAL STOCK INCREASED
Amt. of Inc.
July 19—The
Mutual National Bank of Chicago,
From $300,000 to
$400.000-
July 20—'The First National Bank of Blooming
Prairie, Minn. From $50,000 to $60,000
Chicago, 111.
$100,000
Prairie, Blooming
10,000
Volume
ber of the
147
Financial
active stocks
more
on
Chronicle
the side of the advance.
The gains
scattered
were not
particularly noteworthy and were well
through the list. Aluminum Co. of America moved
111 at its top for the day but fell back and closed at
109 with a
2-point advance.
The sales for the day were
172,000 shares, against 130,000 on
Thursday. As compared
with Friday of last week
prices were lower, American Gas &
Electric closing last night at
29%, against 28 % on Friday a
up to
week ago; Carrier
leum at 23%,
Corp. at 25%, against 27; Creole Petro¬
against 24%; Electric Bond & Share at 8%,
9%; Fairchild Aviation at 5%, against 5%; Fisk
Corp. at 7%, against 7%; Ford of Canada A at
19Hi against 19%; Gulf Oil Corp. at 45, against 45%;
Humble Oil (New) at
70%, against 70%; New Jersey Zinc
at 65, against 66; and Sherwin
Williams at 110, against 112.
against
Rubber
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
Stocks
EXCHANGE
CURB
of
July 29, 1938
Sat.,
July 23
Dr,i!BS
Corporate
Total
Cons Goldflelds of S A.
ord.
DAY
ImpTobof GB4I...
London Midland Ry__
Metal Box
$1,000
$7,000
1,518,000
29,000
19,000
1,566.000
1,266,000
14,000
21,000
11,000
United
68,000
1,291,000
1,840,000
West
$726,000
129,845
1,751,000
1,148,000
16,000
29.000
1,193,000
172,420
1,375,000
24,000
8,000
1,407,000
1,067,920
$7,776,000
$105,000
$142,000
Fri.,
July 29
98/6
13/9
19/4/6
1/6
24/"
143/£13#
75/-
99/6
13/9
18/9
£9^
99/13/6
18/6
4/9
4/6
l/6
24/"
142/-
1 /6
23/6
142/£13#
£13
75/-
Week Ended July 29
101/3
£38#
£4#
£4#
£4#
38/3
™er?-
38/3
23/6
21/-
38/3
£14#
£7#
18/6
101/10#
18/3
101/3
18/—
102/6
£38#
£4#
£38#
£4#
38/3
23/3
21/-
23/3
1938
20/9
1937
1,141,015
25,977,237
following securities
were
£7#
£7#
$7,776,000
$6,211,000
420,000
$196,623,000
$273,524,000
8,283,000
105,000
142,000
Total
SALES
sold at auction
$6,708,000
6,827,000
$204,515,000
$288,634,000
Shares
Stocks—
correspondents
we
are
in
in
practically
position
% per Share
Bank, Boston, par $12#.__.__
22#
Haverhill, par S10---_-..._...^..7#
____
36 Merrimack National
Bank,
200 Broadcasting Service
Organization, Inc., class B
$100 lot
4 Central Power &
Light, 7% preferred, par $100
4 Public Electric
Light Co., preferred, par $100.
all
foreign
extend
to
PRINCIPAL OFFICE
55
TRUST
AND
BROAD
FOREIGN
7 Empire Gas & Fuel, 8%
preferred, par $100
150 Morris Plan Corp. of America, common, par 25 cents
6 American Screw Co., par $25
.....
Member Federal
FOREIGN
Pursuant to the
the
Shares
Clearing House Association
CERTIFIED
JULY
23,
UNDER
BY
1938,
par
$100-..
,
29
...
.....
Shares
now
44#
20
14#
22#
-
20
....
Stock
OF
$ per Share
100 Bryn Mawr Trust Co., par $10
COURSE
We
RESERVE
1930
OF
BANK
$16 lot
...$18 lot
CLEARINGS
clearings this week will again show
pared with
a
decrease
com¬
Preliminary figures compiled by us,
telegraphic advices from the chief cities of the
a year ago.
based upon
INCLUSIVE
6#
.....
1,040 Pennsylvania Finance Co., preferred, par $5..
10 Sullivan Smythfield Co., preferred, par $100
Bank
FEDERAL
ACT
.......
By Barnes & Lofland, Philadelphia:
RATES
TARIFF
1938 TO JULY 29,
$ per Share
3 Boston Investment Co., par $50..-
record for the week just passed:
RATES
51c
41#
13#
................
cable transfers in the different countries of the world.
TO TREASURY
14
„•
5 Saco-Lowell Shops, preferred A, par $20..
25 Eastern Utilities Associates, common
requirements of Section 522 of the Tariff
EXCHANGE
18#
53#
......
Slock—
5 Merrimack Manufacturing Co., preferred,
certifying
daily to the Secretary of the Treasury the buying rate for
BANKS
....
$3 lot
48 New Hampshire Fire Insurance Co., par $100
3 Massachusetts Real Estate Trust, par $100.
Reserve Bank is
2#
By Crockett & Co., Boston:
DEPARTMENT
Deposit, insurance Corporation
Federal
55
Co., Inc., common...
System
EXCHANGE
3
....
45 Dewey & Almy Chemical
Co., common
5 Rockland-Rockport Lime
COMPANY
European Representative Office: 1, Cornhill, London, E.C.3
Member Neu> York
75#
....
...
world¬
STREET, NEW YORK
Member Federal Reserve,
80#
__
4 Jefferson Unoin
Co., 7% preferred, par $100.
10 Engineers Public Service Co., $5
preferred
100 Massachusetts Utilities Associates, common
temporary certificate
20 Reading Co., 2d
preferred, par $50
20 Warren Bros. Co., preferred
temporary certificate
banking facilities to exporters and importers.
MANUFACTURERS
FOREIGN
Wednesday
..'/A. />.:
.
12 National Shawmut
......
a
on
By R. L. Day & Co., Boston:
4,184,000
3,708,000
77,000
$8,023,000
give below
-
£7#
70,926,867
Bonds
1930,
38/3
23/21
of the current week:
Domestic
of
75/£9
£14#
£7#
AUCTION
Jan. 1 to July 29
1937
1,067,920
Foreign government-..
Foreign corporate
Act
6
4/6
£14#
Wltwatererand
The
1938
Stocks—No. of shares.
wide
18
£38#
18/6
21/3
Areas
Curb
Exchange
countries,
£53#
6/£22#
28/9
28/£9^
98/6
13/3
£9
£39
Molasses..23/6
104/6
75/-
£9
42/3
$8,023,000
Sales at
With
£14#
75/£9
£14#
Ltd....
1/6
23/6
141/3
£14#
28/6
28/3
£14#
18/3
101/3
Cop M.
42/3
104/6
£53#
6/£22#
28/1#
28/6
£9^
98/6
13/6
18/6
4/6
1/6
23/9
142/6
£22#
£9^
Transport.......
Un lever
Thurs.,
July 28
6/-
£9
Rolls Royce
RoyalDutch Co
$718,000
Wed.,
July 27
42/6
105/£54#
£9^
HOLI-
Gaumont Pictures
Tues.,
July 26
42/3
105/6
£54#
—
Electric & Musical Ind.
253,880
174,765
244,535
York
S & Co
™J,,eere-A
Co
Distillers
Shell
received by cable
as
6/6/£22#
£22
28/10#
28/6
29/28/9
Central Min & Invest.
Courtaulds
Mon.,
July 25
42/6
105/~
£54%
Kk ,A^erI0bacc0rXinft W°rdina7—
Canadian Marconi
Tinto
Roan Antelope
Foreign
Government
Domestic
of representative stocks
day of the past week;
92,475
Total....
New
Foreign
Shares)
Saturday
Monday
Tuesday
Wednesday
Thursday..
Friday
Quotations
each
RandMines
Bonds (Par Value)
(Number
Week Ended
681
THE LONDON STOCK EXCHANGE
country, indicate that for the week ended today (Saturday,
Noon Buying Rate for Cable Transfers in New
York
Value
in
United States Money
Country and Monetary
July 30) bank clearings from all cities of the United States
from which it is possible to obtain
Unit
July 23
Europe—
Belgium, belga
Bulgaria, lev
July 25
July 26
July 27
July 28
July 29
S
$
S
%
S
.169105
.169038
$
.169197
.169202
.169138
.168991
012350*
Czechoslov'la, koruna
.034516
Denmark, krone
.219743
Engl'd, pound sterl'g 4.923125
Finland, markka
.021700
France, franc
.027631
Germany, reichsmark
Greece, drachma
Hungary, pengo
Italy, lira
Netherlands, guilder.
.012350*
.012350*
.012350*
.012350*
Our
.012350*
.034516
.034508
.034518
.034510
.219671
.034512
.219850
.219775
.219621
4.921527
.219325
.925347
4.923611
1.919305
.021675
.021675
.021712
.021695
4.912569
.021656
,027583
.027634
.027645
.027639
.027620
.401712
.401775
.401725
.401806
.401781
.009016*
.009017*
.009014*
.009014*
.196650
.196650
.196875*
.196650*
.052603
stands
same
at
week in 1937.
loss for the week ended
a
comparative
summary
$4,777,963,452,
year.
against
At this center
Friday of 18.8%.
Our
for the week follows:
.196650*
.052603
total
$5,837,825,188 for the
.009014*
.196650*
preliminary
there is
.401681
.009017*
weekly returns will be
18.2% below those for the corresponding week last
Clearings—Returns by Telegraph
Week Ending July 30
Per
1938
1937
Cent
.052607
.052603
.052603
.549583
.550100
.549922
.549327
.548577
Chicago
$2,182,191, 364
209,789, 301
$2,687, 322,748
261, 498,427
—18.8
,549961
Norway, krone
Poland, zloty..
.247331
.247278
.247462
.247406
.247187
.246878
Philadelphia..
246,000, 000
276, 000,000
—10.9
.188333
.188333
.188300
.188333
.188375
.188266
Boston
154,719, 431
171, 152,000
—9.6
Portugal, escudo
.044450
.044445
.044458
.044462
.044537
.044429
Kansas
103, 254,113
.007328
.007335*
.007335*
.007325*
.007328
.007292*
St. Louis
77,502, 273
65,600, 000
—24.9
Rumania, leu
75 300,000
—12.9
.056000*
.052604
New York....
City..
—19.8
Spain, peseta
.056000*
.056000
.056000*
.056000*
.057500*
San Francisco,
Sweden, krona
.253768
.253700
.253906
.253828
.253625
.253318
Pittsburgh...
76,842, 815
113, 927,000
116, 814,713
—34.2
Switzerland, franc...
Yugoslavia, dinar.
.229030
.228980
.229127
.229088
.229022
.229063
Detroit
67,671, 804
111, 268,489
—39.2
.023225
.023200*
.023200*
.023200*
.023175*
.023175*
Cleveland
63,805, 290
46,562, 997
84, 313,188
—24.3
59, 373,076
—21.6
$3,296,413,275
685,222,935
$4,060,223,754
-18.8
720,665,800
—4.9
$3,981,636,210
-16.7
796,327,242
$4,780,789,554
1,057,035,634
$4,777,963,452
$5,837,825,188
-18.2
__
Asia-
105,728, 000
Baltimore
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
.182916*
.183541*
.182916
Shanghai (yuan) dol
Tientsin (yuan) dol.
Hongkong, dollar.
British India, rupee.
Japan, yen
.183125*
.182187*
.307468
.367500
.367625
.367993
.367912
.286809
.286771
.286918
.286900
Straits Settlem'ts. dol
Australasia—
.573625
—7.2
.572750
.
.183875*
.183333*
.183541*
.183875*
.183593*
.183843*
.182656*
.307468
.182500*
.177875*
.183333*
.182500*
.182500
.182906*
.182500*
.182500*
.177875*
.177937*
.177000*
Other cities, five days
.183281*
.307343
.307437
.307437
.307312
All cities, one day
.367487
.366968
.286678
.286421
Eleven cities, five days
Total all cities, five days
Total all cities, for week
.573312
.573312
.573500
.583875
Australia, pound-... 3.922734
3.920687
3. 924750
3.922812
3.920062
3.914375
New
3.952250
3. 956500
3.934500
3.951875
3.945875
foregoing will
4.871875
4.876875
4.875312
4.871145
4.864166
furnish
Zealand, pound. 3.954531
Africa—
South Africa, pound. 4.875312
North America—
Canada, dollar
Cuba, peso
-24.7
Complete and exact details for the week covered by the
in
appear
them
today,
our
issue of next week.
inasmuch
as
the
week
We cannot
ends
today
*
.997109
.997460
.997363
.996933
.996796
.999333
.996875
(Saturday) and the Saturday figures will not be available
.999333
.999333
.999500
.999333
.999333
.202500*
.202000*
.202666*
.199700*
.198000*
.198000*
.994609
.995000
.994843
.994296
.994218
.994375
Argentina, peso
Brazil, mllreis
.328080*
.058540*
.328065*
.328360*
.328300*
.328040*
.058540*
.058540*
.058540*
.058540*
.327560*
.058540*
Chile, peso—official.
.051683*
.051683*
.051716*
.051683*
.051716*
.051716*
present further below, we are able to give final and complete
.040000*
.562575*
.040000*
.040000*
.040000*
.040000*
.040000*
.562600*
.562600*
.562600*
results
.562600*
.561800*
.647601*
.647500*
.647750*
.647835*
.647450*
.646895*
Mexico, peso
Newfoundl'd. dollar.
South America—
"
export.
Colombia,
Uruguay,
•
peso
peso
Nomina? rate.
until
noon
today.
the week in all
In
the
Accordingly, in the above the last day of
cases
for
the
week
For that week there
of
has to be estimated.
elaborate detailed statement, however, which we
clearings
for
the
previous—the week ended July
was
a
whole
23.
decrease of 9%, the aggregate
country
having amounted
to
Financial
682
$5,365,801,203, against $5,896,493,248 in the same week in
1937.
Outside of this city there was a decrease of 12.3%,
the bank clearings at this center having recorded a loss of
6.3%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record a loss of 6.5%, in the Boston
Reserve District of 2.9% and in the Philadelphia Reserve
District of 3.7%.
In the Cleveland Reserve District the
totals are smaller by 20.1%, in the Richmond Reserve
District by 8.8% and in the Atlanta Reserve District by
5.9%. The Chicago Reserve District registers a decrease of
17.3%, the St, Louis Reserve District of 16.7% and the
Minneapolis Reserve District of 11.8%.
In the Kansas
City Reserve District the totals show a drop of 21 %, in the
Dallas Reserve District of 20.4% and in the San Francisco
Reserve District of 9%.
In the following we furnish a summary by Federal Reserve
Chronicle
July 30,
1938
Week Ended July 23
Clearings alInc. or
1938
1937
Dec.
S
%
1935
1936
s
$
$
Seventh Feder al Reserve D istrict—Chic ago—
263,413
364,546 —27.7
243,872
252,823
110,212,350
2,689,532
—28.7
101,882,237
80,899,323
—11.2
2,522,637
1,757,474
1,530,863
1,073,422
—23.2
1,123,186
—24.3
1,264,809
960,001
14,209,000
724,011
Mich.—Ann Arbor
78,557,926
Detroit
Grand
2,389,341
Rapids.
1,175,798
Lansing
Wayne
813,090
Indianapolis—
19,167,000
South Bend. J.
2nd.—Ft.
656,907
+ 5.5
16,826,000
1,221,689
18.173,000
1,456,657
—16.1
1,051,147
3,979,889
19,324,681
4,689,257
—15.1
4,709,955
3,750,579
Wis.—M il wauk ee
21,266,656
—9.1
1,134,949
1,032,746
+ 9.9
18,243.252
958,434
13.926,370
Rapids
7,652,525
3,162,519
636,293
—1.1
7,740,011
+ 2.7
3,079,414
273,364 + 132.8
7,147,319
3,443,276
6,340.682
2,556,034
Terre Haute.
la.—Ced.
..
Des Moines
Sioux City
.
—
.
764,721
365,557
287,935
272,162,762
324,832,203
—16.2
281,886,691
235,993,558
808,647
878,773
—8.0
769,043
553,604
Peoria
3,287,253
3,728,665
—11.8
4,076,804
Rockford
1,040,850
1,600,191
1,263,131
1,458,307
—17.6
813,483
2,380,677
628,285
+ 9.7
1,441,682
-869,934
418,378,816
505.742,897
—17.3
448,606,199
367,675,103
93,300,000
68,100,000
27,848,523
14,631,633
23,584,779
111.—Blooming ton
».
Chicago.
■
Decatur—
—
Springfield
districts;
SUMMARY
Total (18 cities)
OF BANK CLEARINGS
Inc. or
Week End
1938
1937
Dec.
1936
1935
$
July 23, 1938
3
%
S
S
Eighth Federa 1 Reserve Dis trict—St Lo uis—
81.800,000
102,200,000 —20.0
30,418.330
33,833,274 —10.1
Ky.—Djuisville..
Mo.—St. Louis..
Federal
1st
Reserve
Dlsts.
240,722,976
247,965,445
—29
251.409.647
229,185,673
Term.—Memphis
3,152,118,147
3,371,157,101
—6.5
3,090,118,583
3,510,017,151
111.— Jacksonville
361,238,422
375,271,824
—3.7
353,237,590
301,999,320
287,189,121
220,536,821
12 cities
Boston-
"
York. 13
2nd
New
3rd
PhlladelphialO
II
Quincy
(i
4th
Cleveland..
252,212,406
5
315,703,218
<4
5th
Richmond
6th
Atlanta
7th
Chicago ...18
8th
St. Louis...
9th
Minneapolis 7
6
.
—20.1
129,555,697
118,109,308
—8.8
i i
10
120,081,445
100,776,583
137,408,396
146,066,084
—5.9
129,894,178
505,742,897
—17 3
448,606,199
X
.
—10.1
10,685,756
X
X
X
X
555,000
601,000
—7.7
528,000
387,000
127,204,067
152,685,856
—16.7
136,308,156
102,757,535
...
Total (4 cities)
16,051,582
99,499,572
418,378,816
14,430,737
367,675.103
• 1
•'
4
152,685,856
—16.7
102,757,535
Ninth Federal
99,993,047
113,382,279
-11.8
104,164,328
85,468.840
Minn.—Duluth..
3,071,508
4,917,831
—37.5
3,408,753
2,420,370
155,916,923
197,402,791
-21.0
172,879,630
125,589,694
Minneapolis-...
65,175,237
—13.9
69,123,766
56,014,781
58,531,207
73,565,774
—20.4
51,567,515
44,543,638
Paul......
25,179,862
—2.7
25,927,848
21,803,363
N. D.—Fargo...
2,209,512
873,419
+3.7
1,925,551
1,647,803
+ 9.7
653,513
653,912
—8.9
669,109
2,744,352
75,726,281
25,875,461
2,131,182
796,090
811,511
3,123,923
—12.2
2,455,788
384,358
2,544,226
99.993,047
113,382,279
—11.8
104,164,328
85,468,840
127,204,067
136,308,156
Reserve Dis trict
—
44
tt
10th Kansas City 10
II
6
11th Dallas
Fran.. 11
12th San
St.
"
243,967,488
267,994,282
—9.0
235,491,719
198,488,432
5,365,801,203
5,896,493,248
—9,0
5,380,948,111
5,386,538,362
2,317,756,016
2,644,127,594
—12.3
2,393,882,447
1,973,900,166
304,225,718
329,888,981
—7.8
317,883,065
275,610,613
S. D.—Aberdeen.
112 cities
Total
Outside N. Y. CityCanada
32 cities
We
add
now
our
Mont.—Billings
Helena
...
Total (7 cities).
years:
Tenth Federal
Neb.—Fremont
1937
Dec.
1936
1935
484,048
Portland--..-.
Boston
718,984
—28.1
174,484
143,894
2,643,746
2,989,476
—11.6
3,190,347
2,270,956
30,953,785
33,377,079
—7.3
26,427,262
545,337
Fall River.-
1,751,628
2,243,178
—21.9
2,005,996
212,501,929
—1.5
218,969,347
663,983
540,689
Lowell-..-.—-
479,004
321,794
+48.9
274,968
632,208
706,226
—10.5
633,366
2,962,736
+0.4
2,631,626
Joseph....
4,126,396
636,843
—12.4
4,797,868
609,199
—4.3
582,832
528,335
523,317
525,143
—0.3
598,315
480,081
155,916,923
197,402,791
—21.0
172,879,630
125,589,694
Pueblo
1,867,680
—10.0
1,669,321
1,153,422
11,170,144
—26.0
10,670,524
3,927,071
4,426,237
—11.3
3,731,743
Total (10 cities)
2,213,500
8,262,297
2,242,986
3,814,771
584,717
2,974,726
1,681,211
—24.9
32,904,698
2,275,104
3,753,241
124,484,721
Colo.—Col. Sprgs
199,834,884
638,991
New Bedford..
—15.3
—14.8
87,374,477
2,727,544
1,632,137
209,245,698
Mass.—Boston
2,881,242
4,577,266
147,857,546
110,994,120
3,613,145
St.
635,855
2,441,048
3,901,897
Kan.—'Topeka—
Wichita......
_%
—32.7
79,388
118,020
—62.5
217,603
Mo.—Kan. City.
Reserve Dist rlct
City
214,197
156,409
Omalia...
Inc. or
1938
as
80,257
l_
Lincoln.
f
Clearings at-
Reserve Dis trict—Kans
__
Hastings.
Week Ended July 23
First Federal
v
detailed statement showing last week's
figures for each city separately for the four
Me.—Bangor..-
739,157
.
Minn eapolis
Springfield
...
Worcester..
—
Conn.— Hartford
+ 22.8
702,302
279,864
R.I.—Providence
10,120,200
10,041,900
+0.8
9,045,400
N.H.—Manches'r
500,902
463,948
+8.0
439,199
Eleventh Fede ral
Texas—Austin...
11,036,997
3,052,817
7,820,200
392,807
New Haven
Total (12 cities)
240,722,976
247,965,445
—2.9
251,409,647
229,185,673
Ft.
Reserve
District—Da lias—
Worth....
Galveston
1,280,396
1,187,862
+ 7.8
771,804
1,287,794
43,266,029
Dallas
55,201,358
10,524,478
—21.6
38,551,793
33,591,313
—20.4
6,709,017
5,360,385
1,494,000
1,442,000
8,378,092
1,779,000
862,817
2,004,000
1,091,215
—11.2
Wichita Falls..
—20.9
627,024
862,988
La.—Shreveport.
2,964,873
3,556,861
—16.6
3,413,877
1,999,158
58,531,207
73,565,774
—20.4
51.567,515
44,543,638
*
Second
N.
Feder al Reserve D istrict—New
Y.—Albany.
Elmlra...
—
8,481,817
1,110,459
+ 10.9
1,035,095
1,228,045
37,042,545
—24.0
32,000,000
26,500,000
416,429
Buffalo
James town..
New
546,717
—23.8
580,202
658,677
685,947
811,514
—15.5
568,707
436,199
York
3,048,045,187 3,252,365,654
Rochester.
6,240,862
7,792,423
Syracuse
4,606,978
6,030,021
WestchesterCo.
3,473,543
2,924,385
Conn. —Stamford
3,857,089
4,886,114
N. J.—Montclalr
317,700
325,441
....
Newark.
Total (6cities).
York-
7,715,591
1,231,505
28,600,000
.
Binghamton
_____
Northern N. J.
18,862,551
28,064,765
—9.0
8,005,102
—6,3 2,987,065,664 3,412,638,196
—19.9
6,521,757
5,704,960
—23.6
3,760,789
3,846,443
+ 18.8
2,451,839
—21.1
3,691,286
300,000
—2.4
*320,000
2,764,879
18,002,732
+ 4.8
17,331,378
30,359,102
Reserve Dls trict—Phila
Reading
Seranton
...
Wllkes-Barre..
York,—
N. J.—Trenton.
.
—19.2
405,797
—24.8
1,075,973
349,000,000
1,302,212
2,328,847
1.316.408
—18.3
343,000,000
291,000,000
1,290,274
1,984,440
950,757
33,466,539
9,561,000
—15.2
801,688
466,977
Ore.—Portland..
29,780,323
—12.6
27,097,407
23,415,274
Utah—S. L. City
Calif —L'g Beach
13,646,920
34,082,300
14,816,256
—7.9
12,724,239
10,619,150
Yakima.
Pasadena
San
363,000,000
—3.9
Francisco.
San Jose
489,920
318,412
*300,000
1.537.409
—15.3
1,450,874
2,476,523
—6.0
2,005,983
1,119,781
1,598,956
—15.1
1,496,056
3,819,000
—6.4
1,298,322
1,201,092
2,686,900
+ 42
2,552,000
375,271,824
353,237,590
301,999,320
+ 4.9
4,097,792
—8.9
3,325,746
3,323,272
2,538,033
—4.4
138,478,574
119,385,000
2,566,150
2,010,238
850,157
4,123,008
2,427,455
1,340,917
1,636,513
2,436,353
—18.1
1,131,926
1,089,805
+ 12.1
2,215,442
1,380,125
243,967,488
267,994,282
—9.0
235,491,719
198,488,432
—9.0 5,380,948,111
5,386,538,362
Grand
total
—22.8
(112
cities)
5,365,801,203 5,896,493,248
Outside NewYork 2,317,756,016 2,644.127,574
—12.3 2,393,882,447 1,973,900,166
Week Ended July 21
4,250,000
361,238,422
4,165,086
148,981,723
3,144,714
2,731,065
225,707
946,256
783,139
Clearings at—
Inc. or
1938
Total (10 cities)
Fourth
-3.7
Feder al Reserve D istrict—Clev eland—
Ohio—Canton...
Cincinnati
x
51,624,524
83,725,136
9,430,300
1,569,227
Cleveland
Columbus
Mansfield
Youngstown...
x
62,123,681
Dec.
1936
S
Canada—
1937
$
%
$
Toronto
x
x
—16.9
54,909,386
42,215,933
98,334,711
—14.9
87.566,827
64,982,159
11,150,100
—15.4
10,378,000
8,384,000
1,951,154
—19.6
1,596,833
1,119,709
105,863,219
142,143,572
—25.5
132,738,075
252,212,406
315,703,218
—20.1
287,189,121
100,104,310
Montreal
104,120.761
Winnipeg
24,001,836
Total (5 cities)
.
Fifth Federal
W. Va.—Hunt'ton
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore.
x
x
103,835,020
,220,536,821
102,417,864
95,311,314
+ 2.6
90,577,605
77,239,163
37,690,125
18,203,001
—36.3
49,703,770
34,630,018
—9.6
18,995,558
—9.0
14,723,504
13,926,448
17,116,493
5,430,007
15,224,033
4,839,403
+ 12.2
3,728,640
16,552,265
Ottawa..;
13,846,769
Quebec
279,124
2,169,000
380,869
—26.7
Halifax
2,757,540
2,714,044
+ 1.6
Hamilton.
5,163,229
5,391,255
—4.2
2,458,484
4,395,710
4,641,351
2,003,417
6,282,782
—26.1
5,148,479
2,064,015
—2.9
1,945,851
—10.6
1,663,510
1,744,561
John
Victoria
1,740,144
London.
Reserve Dist rlct—Richm ond-
298,109
128,000
2,632,000
—17.6
2,398,000
1,924,000
32,716,191
954,684
61,643,634
20,346,675
37,483,910
1,396,663
—12.7
35,250,029
29,465,846
—31.6
976,125
724,593
65,974,614
—6.6
21,787,641
—6.6
61,553,760
19,605,422
53,245,932
15,288,212
118,109,308
129,555,697
120,081,445
100,776,583
$
—8.7
Vancouver
St.
1935
109,670,902
101,436,099
Colgary
Pa.—Pittsburgh.
7,374,000
Stockton
264,000
305,665
1,284,669
4,369,345
3,735,010
142,496,818
26,886,558
Santa Barbara.
Total (11 cities)
—9.8
624,509
305,004
Chester
—18.0
delphi
505,541
504,670
Lancaster
—21.2
9,727,000
996,834
6.5 3,090,118,583 3,510,017,151
455,903
Philadelphia
43,909,711
7,981,000
845,203
2,294,341
Third Federal
Franc isco—
34,613,432
Spokane
32,179,638
—7.2
3,152,118,147 3,371,157,101
Bethlehem
Twelfth Feder al Reserve D istrict-—San
Wash.—Seattle..
13,460,671
30,237,279
Total (13 cities)
Pa.—Altoona
4,432,764
2,588,189
2,723,646
—5.0
2,617,086
Edmondon
3,910,993
3,948,473
—0.9
3,686,025
Regina..
3,082,490
2,933,950
+ 5.1
Brandon
382.215
308,034
+ 24.1
Lethbridge
425,061
467,162
—9.0
2,668,606
325,607
410,367
1,141,367
—12.9
1,353,772
Saskatoon
3,543,420
2,115,122
3,784,429
4,271,196
1,635,348
1,457,904
2,171,646
3,707,574
3,293,751
277,012
392,922
1,223,959
C.—Wash'g'n
Total (6 cities)
.
Sixth Federal
Tenn.—Knoxvllle
Nashville
17,637,421
Ga.—Atlanta
48,500,000
Augusta
1,001,940
784,781
Macon
3,670,202
19,115,050
50,700,000
1,092,222
806,796
+ 6.7
3,138,081
—7.7
15,060,885
1,408,409
11,801,406
—4.3
48,300,000
35,400,000
—8.3
1,106,831
814,334
658,696
—2.7
Fla.—Jack'nvllle.
15,070,000
16,398,000
—8.1
Ala.—Btrm'ham
17,032,513
18,482,970
1,583,070
—21.0
.
Mobile
Miss.—Jackson..
Vicksburg
La.—New Orleans
1,250,517
x
x
—8.3
539,775
426,437
919,034
897,179
+ 2.4
Fort William....
866,825
718,041
+ 20.7
855,705
782,409
488,342
New Westminster
564,264
Moose Jaw
—7.8
x
14,734,000
16,503,760
1,337,038
x
794,236
12,859,000
13,742,920
1,231,999
x
106,950
117,133
—8.7
32,109,595
108,433
75,553
34,100,641
—5.8
28,790,816
618,449
666,615
—7.2
267,499
311,748
—14.2
291,660
221,512
Peterborough
631,314
648,628
—2.7
615,111
565,252
Sherbrooke
700,104
768,017
—8.8
551,054
532,745
Kitchener
554,639
1,103,914
975,078
+ 13.2
960,775
823,891
2,856,704
3,250,652
—12.1
2,752,789
321,264
...
Windsor
369,837
—13.1
348,820
Moncton
872,068
856,296
+ 1.8
748,933
Kingston
605,357
605,834
——0.1
530,568
Chatham
471,112
486,014
—3.1
362,407
2,068,198
329,525
773,332
457,879
331,314
Samla
551,365
538,545
+ 2.4
506,460
485,248
Sudbury
974,883
917,151
+ 6.3
835,187
737,107
304,225,718
329,888,981
—7.8
317,883,065
275,610,613
Prince Albert
21,527,353
Total (32 cities)
Total (10 cities)
717,473
Medicine Hat
Reserve Dist rict—Atlant
3,914,679
573,882
Brantford
D.
1,310,445
626,126
137,408,396
146,066,084
-5.9
129,894,178
99,499,572
*
Estimated,
x
No figures available.
Volume
Financial
147
Chronicle
683
TREASURY MONEY HOLDINGS
The
EBbunB a BBB5
following compilation, made
up from the daily Gov¬
shows the money holdings of the
Treasury at the beginning of business on the first of April,
May, June and July, 1938.
ernment
aligll&ttt*
statements,
Holdings in U. S. Treasury
Apr. 1, 1938
Net gold coin and bullion.
1,690,901,985
338,201,514
Net silver coin and bullion
485,240,920
2,021,683
493.661.620
$
Net United States notes.
_
June 1,
May 1, 1938
1938
387,760.544
514,070,194
2,422,824
921,897
1,914,139
439,060,870
512,478,802
2,871,295
1,353,384
Net National bank notes-
671,666
702,308
Net Federal Reserve notes
15,105,485
11,938,480
515,508
12,342,170
439,555
9.619.097
8,734,294
7,026,698
ODBBOI
sslgii
378,678
9,217,942
7,117,884
7,590,599
Net Fed Res. bank notes.
520,683
.
Net subsidiary silver.
8,604,052
Minor coin, &c
7,445,745
Total cash in Treasury.
13,777,498
•
2!=f§'
1
£1
!
0 !
o
863,269,395
934,602.979
156,039,431
156,039,431
156,039,431
830,205,989
s:
St1
St i
i
707,229v964
Treas'y bonds.
cer¬
679,077.000
610,534,000
373,381,867 1,359,930,216 1,203,137,586
929,359,113
811,207,000
728,164,000
15,522,535
16,068,704
28,668,208
2,145,865
2,985,939
28,285,688
1,697,503
2,720,221
.
Cash in Philippine Islands
Deposits in foreign depts.
14,061,203
28,724,951
III
I
I
II
I
I
I
I
I
I
II
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
III
I
I
II
I
II
1
I
15,380,811
II
till
II
I
I
I
I
28,889,530
I
II
I
I
I
II
1,606,307
1,738,384
I
I
I
I
I
I
I
II
I
I
I
I
I
I
I
I
2,870.735
2,909,903
I
I
I
I
I
I
I
to
3,287,287,602 2,845,192,896 2,708,041,330 2,419,017,730
203,099,817
146,944,053
156,323.475
141,121,594
Available cash balance
001
W©I
Includes on July 1 8480,900,002 silver bullion and §4,757,659 minor, &c., coin
included in statement "Stock of Money."
•
debt
less
I
I
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Gross debt per capita
per annum on
tO MM tO M-
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74,216,460.05
306,803,319.55
1,118,109,534.76
Net bal. In gen. fund
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31, 1917,
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DEBT STATEMENT
(On the basis of dally Treasury statements)
Pre-War Debt
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3,140.343,549 2,688,869,421 2,566,919,736 2,215,917,913
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and in banks
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in
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cash
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Dep. in Fed. Res. banks..
Dep. in National banks—
Net
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To credit disb. officers
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2,054,472,788
II
III
Cash balance in Treas..
Treasury notes and
i
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156,039,431
778,563,548
>
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2.210,512.219
Less gold reserve fund
account
era
$
$
$
S 3 P-5
b o a cro
O—?9?3* jg ©
July 1, 1938
bearing debt outstand¬
2.395
ing (percent)
June 30, 1937,
A Year Ago
Gross debt
—
11
3.750
4.196
I.I
May 31, 1938,
mm i
Last Month
$36,424,613,732.29 $37,422,327,043.23 $37,164,740,315.45
2,553,473,897.31
2,566,919,735.54
2,215,917,913.00
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tot
June 30,1938
SSIOO.
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rate
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ON
GOVERNMENTAL
CREDIT
AGENCIES
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I
2.589
Subject to revision.
RATIONS
.
to
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MONTHLY
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a§285.70
int.
interest-
bearing debt outstand¬
a
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$33,871,139,834.98 $34,855,407,307.69 $34,948,822,402.45
Gross debt per capita
per annum on
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MAY 31, 1938
;
corporations and credit agencies, financed wholly or in part
by the United States, was contained in the Department's
"Daily Statement" for June 30,1938.
The report for May 31 shows in the case of agencies
financed wholly from Government funds a proprietary in¬
terest of the
United States
as
of that date of
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partly from Government funds and partly from private
funds as of May 31 was shown to be $1,260,225,854.
This
compares with $1,266,008,567 as of April 30, 1938.
In the
case of these Government agencies, the Government's
pro¬
prietary interest is the excess of assets over liabilities, ex¬
clusive
of
interagency items, less the privately-owned
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FOOTNOTES FOR ACCOMPANYING TABLE
Non-stock (or includes non-stock proprietary Interests).
to I-1 © CO 0.
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interests
b Excess Interagency assets
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$2,753,962,321,
which compares with $2,877,925,353, April 30, 1938.
The Government's proprietary interest in agencies financed
a
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The monthly report of the Treasury Department, showing
assets and liabilities as of May 31, 1938, of governmental
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(deduct),
Deficit (deduct).
d Exclusive of Interagency assets and liabilities (except bond
e Also Includes real estate and other property held for sale,
c
MM
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to
Investments),
f Adjusted for interagency items and Items in transit,
ft Includes legal reserves
and undivided profits totaling $7,127,283.
Subject to qualification as indicated under liabilities of RFC, CCC and FHA.
1 Includes U. S. Housing Corporation, U. 8. Railroad Administration, U. 8.
Spruce Production Corporation, and notes received on acoount of sale of surplus war
supplies.
J Includes Disaster Loan Corp.; Electric Home and Farm Authority; Farm Credit
Administration (crop-production and other loans); Farm Security Administration;
Federal Prisoas Industries, Inc.; Indian Rehabilitation loans; Inland Waterways
Corporation;
Federal
National
Mortgage Association;
Puerto
Rico
Recon¬
struction Administration; Rutal Electrification Administration; The RFC Mortgage
Company; Tennessee Valley Associated Cooperatives, Inc.; Tennessee Valley
Authority; loans to railroads, municipalities, Ac., and Interagency interest held by
© *© to
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the United States Treasury.
kNet after deducting estimated amount of uncollectible obligations held by the
Farm Credit Administration.
1 Includes
subscriptions
$6,199,660 due to Federal Land banks from the U. 8. Treasury for
to paid-in surplus.
Shares of State building and loan associations, $40,652,310: shares of Federal
savings and loan associations, $170,553,300.
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Assets not classified.
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Less than $1,000.
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Includes only the amount of capital stock held by the
In liquidation.
r Represents capital stock,
paid-in surplus, and other proprietary interagency
Interests which are not deducted from the capital stock and paid-in surplus of the
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corresponding organizations.
» Excludes unexpended balance of appropriated funds;
t On basis of appraisal of assets as of March 31,1938. the Secretary of the Treasury
reported to the President pursuant to the Act of March 8, 1938, a total deficit of
$94,285,404.73,
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United States,
as
of that date.
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Financial
684
Chronicle
July 30, 193S
—Month of June—
GOVERNMENT RECEIPTS AND EXPENDITURES
Through the courtesy of the Secretary of the Treasury,
we are enabled to place before our readers today the details
of Government receipts and disbursements for June, 1938
and 1937, and the 12 months of the fiscal years 1937-38
and 1936-37:
<
■Month
-
—July 1 to June 30
of June1937
1938
1937-38
547,114.518
2,634,618,139
184,752,614
209,761,095
2,279,453,099
2,181,220,357
626,677
2,214,877
5,666,572
5,886,836
4,897,108
52,681,642
604,448,646
252,160,840
6,860
20,605
150,131,981
345,088
21,950,469
Mlscell. internal revenue...—
41,715,547
359,187,250
486,350,599
2,649
2,547
Unjust enrichment tax
Taxes under Social Secur. Act
employees
Customs...
Miscellaneous
Proceeds
of
receipts:
Govt.-owned
se¬
interest—for'n obligations.
74,298
....
1322,527,677
1300,856,121
61,487
1.094,843
Gold, &c.
on
Increment resulting from reduc¬
Seigniorage.—
flood control
Panama Canal
23,828
....— ....■
Unemployment trust fund
Old-age reserve account
72,094
.
Total..
6,246,662
82,238,709
15,412,233
2,048,493
42,161.811
402,412,233
267,261,811
147,813,409
25,371,003
Transactions
35,603,220
48,911,891
6,824,124
81,891,328
67,211,066
280,678,423
f886,226
f279.074,135
127,380,803
34,679
333,154
875,000
2,554,510
of Govt, agencies (net), Ac—
Chargeable against Increment on
904,020.915
327,047,498
5,920,221
51,478,739
99,573,791
46,335,000
25,107,975
2,722,150
1,727,031,693
29,171,058
125,000
3,129,649
6,279,375
Expenditures—
139,105,190
37,802,836
Trust accounts
867,699,895
46,757,661
41,892,626
570,225,624
509,761,212
4,107,303
a
3,800,4ei
60.817,514
33,990,146
3,800,100
152,036,510
89,703,051
164,995,449
140,478,750
48,752,000
559,705,000
293,386,000
=
checking acc'ts
in
6,241,661,227
5,293,840,237
b
a
Melting losses, Ac
14,487.254
3,152,004
a...
39,907,513
retirement
1,049,412
11,361,130
11,917,182
9,000,000
15,761,374
43,407,438
48,321,786
d851,42i
eS,424,842
943,443
d301,423
fl,372,027
e3,424,842
•226,239
23,890,020
25,348,870
291,452,989
182,759,139
U. 8. Housing Authority a
32,841
5,478,665
165,424
5,030,000
—
Investments
Old-age
190,975,000
1,000,000
395,200,000
267,100,000
5,404,063
38,725,000
—
26,969
reserve account:
Investments
—
—
15,400,000
42.100,000
831,429
————
19,674
Benefit payments
———
Railroad retirement account:
—
1,200,000
................
209,955,603
Investments
—
—
———
Benefit payments
66,200,000
8.078,670
79,849,056
5,000,000
a
Total
Army
national
of
bank notes
Withdrawals by States
977,308
Security Act
amended)
For
Unemployment trust fund:
13,000,026
National defense:
35,873,850
30,987,518
404,701,839
47,901,832
589,455,394
£497,083,719
a..
47,772,932
48,969,067
5ei,764,663
580,234,709
Agricultural Adjust. Program
48,302,176
35,820,463
361,659,309
125,076,727
1,396,944,900
14,028,463
330,086,793
1,070,364,140
359,027,974
48,594,228
527,061,270
>
...
Navy
Veterans' Administration
Parm Tenant Act...
1,736,497
3,051,657
Civilian Conservation Corps a
24,826,132
468,533
1,081,504
8,154,936
27.271,869
3,421,443
3,011,631
42,002,238
£11.995,141
h232,981,724
hl93,578,383
h926,280,714
h865,384,331
Customs
32,718,640
324,936,035
321,130,997
551,193
Processing tax
farm prod
on
1,758,869
16,156,340
3,564,187
32,791,660
32,848,860
1,283,471
342,039
10,232,690
6,515,774
To States of taxes collected
under
title
IX
of
—.
602,761,954
500,392,850
4,660,648,348
4,297,089,142
unclassified sales)
34,373,584
Credit
5,745,139
5,726,515
3,234,327
69,828,306
4,775,752,095
776,550
1,829,500
12,750,800
140.589.400
1,056,719,300
204,425,400
series:
Adjusted
360,832
5,990,167
77,851.019
25,498,297
9,739,351
Foreign Service retirem't f'd
3,030,476
18,921,897
River and harbor work and
flood control
84,575,924
260,908,922
Canal Zone retirement fund
Alaska RR retirem't fund n
4,630,308
4,574,442
Rural Electrification Adm.
Works Progress Admin
33,639,018
94,483,515
1,882,582
2,029,262
38,495,637
10,254,232
165,726,017
144,171,312
1,472,499,478
1,896,446,658
19,028,024
29,167,162
194,173,016
367,540,711
248
4,746,698
5,911,909
22,457,595
351,755,000
1,423,870,000
596,439,000
15,400.000
Railroad retirem't acc't (notes)
Civil service retirement fund n
42,100,000
395,200,000
267,100,000
151,600,000
518,000
731,000
881,000
n
140,000
134,000
609,000
634,000
18,000
10,000
275,000
52,000
—
25,000,000
„
—
23,000,000
892,717
11,725,019
16,740,080
21,201,403
180,149,109
Sub-total
Admin, for Indus. Recovery
f52
f6,687
f4,522
4,873
315,813,720
231,798/ 92
2,264,273.488
3,079,266,645
*
"
2,659,283,489
f 195,920,617
Farm Credit Admlnistra'n.
works:
f189,733
Public
12.276,600
fo06,181
il,207,616
fl2,646,102
fill,787,757
fl7,826,050
States,
Ac
12,673,637
Loans to railroads
....
Miscellaneous:
Export-Import
Bank
Reconstruction
Corp.—direct
Finance
22,587,625
136,875,353
224,480,428
fl0,550
13.276.580
f401,489
fl,203,756
48,373,373
f333,864,455
27,056,075
169,329,904
539,514,000
3,666.199,000
16,750
145,450
1,034,550
2,533,700
7,082,250
961,550
68,393,000
72,061,650
2,900
notes
156,000
322,400
bonds
532,400
4,434,362
66,629,995
36,206,922
7,867,100
18,254,700
82,624,200
696,531,400
First Liberty bonds
746,200
304,800
13,782,900
14,850,550
Fourth Liberty bonds
Postal Savings bonds
Other debt Items
National
bank
notes
375.600
890,800
15,440,000
19,457,600
1,400
3,600
1,024,960
1,739,200
47,333
39,570
1,181,467
423,636
2,972,210
6,366,321
59,110.840
114,402,169
571,071,153
5,166,031,312
4,624,988,227
2,673,808,600
1,751,364,500
2,673,808,600
1,751,364,500
.
and
Fed. Res. bant notes
39,900,000
1,186,556,200
series:
service
certificate
265,000,000
fund (certificates)...
Unemploy. trust fund (ctfs.).
Railroad retirem't acc't(notes)
146,402,587
retirement
73,255,000
540,280,370
606,657,587
46,735,300
868,400,725
(sinking
fund, Ac.)
11H:
k556,665,425
387,000,000
k500,380,370
800,000
1,186,556,200
....
Sub-total
Adjusted
800,000
Sub-total.
Exchanges:
Treasury notes
Treasury bonds
Special
funds (U. S. share)
Civil servlcere tlrement fund
Foreign Service retirem't f'd
Canal Zone retirement fund
2,000,000
834,665,000
43,800.000
144,100,000
303,003,000
864.165,000
303.053,000
15,000,000
72,100,000
n
52,000,coo
25,600,000
n
237,000
419,000
514,000
n
16,000
7,000
251,000
179,000
10,000,000
70,000,000
35,000,000
5,000,000
Postal Savings System (notes)
Fed. Dep. Ins. Corp. (notes).
5,000,000
44,000,000
654,000
6,914,100
Excess of receipts
Excess of expenditures
...IIIII
2,226,400
65,464,950
103,971,200
891,918,000
331,029,000
1,010,830,000
566,986,000
828,087,972
Total expenditures
1,301,754,186
7,766,374,277
8,105,158,547
2,916,870,217
902,100,153
8,880,669,912
6,943,338,727
740,126,583
54,139,996
2.646,070,239
434,054,291
1,524.713,050
2,811,318,311
expenditures
Less public debt
Excess of receipts.
Excess of expenditures
1,211,805,745
(+)
in Gross Public Debt—
or
Market
+54,139,9%
retirements—
6,914,100
+434,054.291 +1,524,713,050 + 2,811,318,311
2,226,400
65,464,950
103,971,200
operations:
Treasury bills
—360,543,000
Certificates of Indebtedness..
(+) or
receipts (—) (excluding public
"""*
Trust accts., Increment on gold,
excess of
receipts (—)
expenditures ( + )
+933,351,260
+47,225,896 +431,827,891
+1,459,248,100 + 2,707,347,111
Less nat. bank note retlrem ts
+48,743,709
—14,028,463
—330,086,793
+166,333,225
95.969,605
417,799,428
1,129,161,307
2,873,680,336
2,554,510
5,920,221
51,478,740
)
—239,195.000 —1,098,538,000
—145,450
—1,034,550
-61,655,000
—2,533,700
+ 851,942,550 —1,466,446,600
—766,096,650
+6,963,579 + 2,248,182,842 +2,659,304,437
—47,178
—39,570
—1,181,269
—423,636
—2,972,210
—6,366,321
—58,510,840
—114,402,169
—351.090.728
+613,159,788
—377,528,417
+1,714,192,282
+ 598,645,956 +1,117,655,000
+931,877,956
99,573,791
.
,
+93,504,000
Total.
expenditures
receipts (
Other debt Items
National bank notes and Fed¬
eral Reserve bant notes
or
t
—16,750
—925,862,850
expenditures
of
•
257,586,728
Increase ( + ) or Decrease (-+)
Summary
or
4,056,487,000
:
6,586,274
f243,569,164
reserve account
Railroad retirement account
excess
812,698.000
••
fl,452,711
7,763,270
Adjusted service ctf. fund
(+)
Treasury
Treasury
Sub-total
fl,117,133
and1
f98,201,802
Total
Expenditures—Market operations:
Cash:
Treasury bills
of
4. Transfers to trust
accts., Ac.:
Ac.,
:l+ i
13,118.619
fl3,647,955
of
9,589,408,965
-—
U. S. savings bonds
Commodity Credit Corp...
Excess
1,498,863,956
9,620,796,495
2,113,905,898
Adjusted service bonds....
Agricultural aid:-
of
Total public debt receipts..
—
Revolving funds (net): I
Excess
m50C, 157,956
2,153,485,000
929,674,956
Certificates of indebtedness
loans
23,000,000
985,422,000
209,695,567
Loans and grants to
25,000,000
m500,157,956
20,487,826
765,807
14,715,539
Sub-tOtal
78,700,000
35,000,000
364,000
Govt, life insur. fund (notes)
(Adjusted service bonds).
50,734,420
1,440,685
Security Admlnistra'n
Miscellaneous:
Farm
81,200,000
1,200,000
64,300,000
n
Postal Savs. Sys. (notes)
Federal
Deposit
Insurance
Corporation (notes).
54,900,000
881,000,000
20,686,284
804
Emergency housing
U. S. Housing Authority...
Federal Housing Admin...
2,179
32,000.000
—
f 74,764
other
1,546,939,100
1,751,364,500
certlf.
1,773,333
Aid to home-owners:
Home Loan system
1,617,089,300
=
service
(certificates)
Unemploy. trust fund (ctfs.).
Old-age reserve acc't (notes).
94,285,405
6,198,591,109
2,673,308,600
1,186,556,200
fund
94,285,405
retirements
198
600,000
2,072,454
Debt
519,731,009
3,604,543,000
1,132,401,442
Adjusted service bonds.
Special
64,181,013
Corp.,
............
employees'
504,653,947
29,178,342
•
486.528,739
—
Public works (Incl. work relief)
Reclamation projects b
Public highways
Govt,
1,221,413,000
155
Treasury savings securitiesDeposits for retirement of
Sub-total
restoration of capital Im¬
Old-age
852,901,100
293,513,250
Treasury notes.
267,775,600
Treasury bonds...918,780,600
2,129,452
municipalities,
219,035,700
-
rate
Federal Land banks....
All
3,757,949,000
Treasury bonds....—.—
U. S. savings bonds (incl.
Sub-tOtal....
Corp,
int.
mortgages
pairment
Relief
300,319.000
852,904,100
452,155,000
Treasury bills.......
Treasury notes
Exchanges:
Federal Farm Mtge,
Commodity
Cash:
40,561,886
Recovery and relief:
Agricultural aid:
in
Receipts—Market operations:
national bank notes
40,561,886
Sub-total
—reduction
166,333,225
the
Social Security Act
on
4*8,7*3,709
Excess of expenditures
16,549,408
2,490,757
Internal revenue
Excess of receipts or credits
Public Debt Accounts
Farm Credit Administration, a
Tennessee Valley Authority..
Interest on the public debt
Refunds:
6.
39.786,924
294,439,871
..........
518,493
68,258,989
Dlst. of Col. (U. 8. share)..
3.
90,351,012
762,832,519
59,028,158
513,773
64,961,946
and
Postal deficiency (current) c.
Postal deficiency (prior years)
Railroad Retirement Act
,
1,676,188
1,831,545
44,656,848
161,211,894
160,596
1,352,545
11,902,314
work
harbor
Reclamation projects
2.
150,393,499
Increment
Accounts,
Payments to Fed. Res. banks
(sec. 13b, Fed. Res. Act, as
a..
Public buildings a
Public highways a
•
Receipts—
Trust accounts.——.—155,241,969
169,115
773,947,976
General:—Departmental
Social
35,424,613,732
gold:
Total receipts.
and
37,164,740,315
1,944,759
Expenditures—
River
36,424,613,732
1,408,097
Seigniorage
Other miscellaneous.!
1.
33,778,543,494
37,164,740,315
public debt this date
Gross
2,199,225
other................
Panama Canal tolls, &c
+ 740,126,583 +2,646,070,238
36,424,613,732
Railroad retirement account...
Principal—for'n obllga'ns..
All
-257,586,728+1,211,805,744
public debt
tion in weight of gold dollar..
curities:
$
—128,036,307
—337,555,984
35,212,807,988
Trust
Taxes upon carriers and their
$
+ 799,926,537
37,422,327,043
2,157,526,081
8
$
tax...
$
public debt at beginning
1936-37
549,711,028
Receipts-
Internal Revenue:
Income
the gross
—July 1 to June 30
1937-38
1936-37
1937
(—) In
Increase (+) or decrease
Gross
of month or year
General & Special Accounts
^
1938
S
decrease (—) In
general fund balance..—
—351,001,823
Increase (+) or
+93,415,095
+411,879,207+1,077,682,567+2,774,106,545
(For footnotes
—257,586,728+1,211,805,745
see
next page)
+ 740,126,583 +2,646,070,239
Volume
Financial
147
FOOTNOTES
Treasury statement for the 15th of each month.
b General expenditures under this caption for the fiscal year 1937 are Included in
"Departmental,"
Recovery and relief expenditures under this caption for the
.
for that year being included In
c
Treasury to the Postmaster General to meet deficiencies in the
figures do
These
Fund of the
postal revenues.
the General
The item Postal Deficiency represents advances from
The
not reflect any allowances for offsets on account
Further, the
e
$49,800,000.00
28,894,500.00
118,065,420.00
$196,759,920.00
Treasury bonds:
funds by Post Office
1925 to 1933 (deduct).
/
4% bonds of 1944-54
3*4% bonds of 1946-56
3%% bonds of 1943-47
3H% bonds of 1940-43
354% bonds of 1941-43—
expenditures
grants for fiscal years
Department on account
:
x
.
——
3M % bonds of 1946-49
.
3% bonds of 1951-55
3*4 % bonds of 1941..—,—
3*4 % bonds of 1943-45
3*4% bonds of 1944-46
834,453,200.00
—
1,400,528,250.00
1,518.737,650.00
1,035,874,400,00
491,375,100.00
2,611,095,150.00
1,214,428,950.00
1,223,495,850.00
1,626.687,150.00
—Ui..—
3% bonds of 1946-48—
3*6%
2*6%
2*4%
2*4 %
2*4 %
2*4%
2*4%
2*4%
of
f Excess of credits (deduct).
the fiscal year 1937 for "National defense, Navy"
in this statement disagree with the
totals for the same classifications In the daily statement for June 30, 1937, In the
amount of $1,000 due to compensating differences of that amount between these
classifications in the figures shown in the latter statement.
it The total expenditures for
and for "Tennessee Valley Authority" shown
bonds of 1949-52
bonds of 1955-60————————
bonds of 1945-47
bonds of 1948-51......
bonds of 1951-54
981,827,050.00
1,786,146,650.00
540,843,550.00
450,978,400.00
918,780,600.00
bonds of 1956-59...
bonds of 1949-53
bonds of 1945.....
....
......
2*4% bonds of 1948
..
representing one year's Interest at 4*6% on $500,157,956.40 face amount of bonds issued to the U. 8. Government life insurance fund
$758,945,800.00
1,036,692,900.00
489,080,100.00
454,135,200.00
352,993,450.00
544,870,050.00
818,627,000.00
755,433,500.00
434% bonds of 1947-52
figures for the fiscal year
Represents repayment of
v,)■.■, .?;V!x
<:/
—
1938 represent payments and repayments of
$8,780,085.63 and $7,928,662.85, respectively, on account of adjustments of grants
for prior years. The net adjustment is $851,422.78.
d The
of the
statement
2*6 % Postal Savings bonds (15th to 49th ser.)
shown above on account of postal deficiency for the
.
"
Bonds—
of extraordinary
fiscal years 1937 and 1938 are
exclusive of $16,245,165.06 and $718,699.88, respectively, on account of transf;rs
of appropriations from the Post Office Department to the U. S. Maritime Com¬
mission pursuant to the Act of June 29, 1936 (49 Stat. 1988).
These transferred
funds when expended by the U. 8. Maritime Commission are classified above as
"Departmental" and on p. 7 of the dally Treasury statement on the 15th of the
month as "Departmental—U. S. Maritime Commission."
preliminary
3% Panama Canal loan of 1961
3% Conversion bonds of 1948-47
expenditures or the cost of free mailings contributing to the deficiency of postal
revenues certified to the Secretary of the Treasury by the Postmaster General
pursuant to the Act of Congress approved June 9, 1930.
1938
public debt of the
United States June 30, 1938, as made up on the basis of
the daily Treasury statement, is as follows:
reclamation projects
"Public Works—All other." |
JUNE 30,
UNITED STATES
Additional expenditures on these accounts are included under
fiscal year 1937 include only Boulder Canyon project, other
STATEMENT OF THE
PRELIMINARY DEBT
FOR PRECEDING TABLE
"Recovery and
relief" and "Revolving funds (net)," the classification of which will be shown in
the statement of classified receipts and expenditures appearing on page 7 of the daily
a
685
Chronicle
-
2*6% bends of 1958-63
21,846,029,950.00
h Includes $22,507,108.04,
U.
S. Savings bonds (current redemp.
pursuant to sec. 5 of the Adjusted Compensation Payment Act of Jan. 27,1936. An
equal amount is included under trust fund reecipts on p. 3 of daily Treasury state¬
ment for account of the U. 8. Government life Insurance fund.
4 of daily Treasury
Value):
$181,510,031.75
334,841,539.00
441,374,215.25
229,683,843.75
50,263,224.30
Series A-1935
Series C-1938
i Details are shown
statement.
in supplementary statement on page
Series B-1936
Series C-1937
Unclassified sales
1
.........
i
,
j Includes deposit of proceeds of appropriation for restoration of capital Impair¬
ment of the Commodity Credit Corporation provided in Act of June 25, 1938. The
credit to this account is offset by an expenditure in the same amount under the
|k Includes $500,157,956.40 representing the amount certified by the Adminis¬
trator of Veterans' Affairs for payment to the U. 8. Government life insurance fund
in 4 >6% bonds in accordance with sec. 5 of the Adjusted Compensation Payment Act
of Jan. 27, 1936. An equal amount is included under public debt receipts for the
fiscal year 1937, above.
1 Includes the sum of $22,507,108.04
m
referred to In footnote h.
Represents amount of bonds Issued to U. 8. Government life Insurance fund in
5 of the Adjusted Compensation Payment Act of Jan. 27
accordance with sec.
1936, and referred to in footnote k.
TREASURY CASH AND
The cash
June 30,
stood
The figures
entirely from the daily statement of tie United
taken
are
CURRENT LIABILITIES
holdings of the Government as the items
1938,
are
set out in the following.
States Treasury of June
$12,962,923,999.12
-
-
$12,962,923,999.12
Total
Liabilities—
,
$2,894,024,749.00
Gold certificate fund—Board of Governors, Fed. Res. System..
7,820,450,860.38
Redemption fund—Federal Reserve notes
9,387,519.82
Gold reserve—156,039,430.93
Note—Reserve against
Treasury)
$346,681,016 of United States notes
ury
1,800,000,000.00
283,021,438.99
——————
SILVER
Assets—
Silver
...$12,962,923,999.12
—
——
Silver...
-
-
dollars————————————.———
$1,037,163,305.33
603,647,170.00
$1,540,810,475.33
Total
'
Liabilities—
Silver certificates outstanding
—————————
Treasury notes of 1890 outstanding
Silver in general fund
Total
—
$1,508,062,253.00
1,169,422.00
31,578,800.33
$1,540,810,475.33
.
GENERAL FUND
Assets—
Silver (as above)———
—————i.——31,578,800.33
United States notes———————.
———————
2,871,295.00
.......——
-—.....
Federal Reserve bank notes.————.
—
—.—
.......
National bank notes.—————————————.
Subsidiary silver coin
Minor coin..
....
Silver bullion (cost value)
Silver bullion (recoinage
value)
—
......
——.—.....
Unclassified—Collections, Ac.r
Deposits in—Federal Reserve banks.———-.—..
—
.————
Special depositaries account of sales of Govt, securities
National and other bank depositaries:
...
officers
Foreign depositaries—To credit of Treasurer United States
To credit of other Government officers
—
Philippine Treasury—To credit of Treasurer United States
13,777,497.50
378,677.50
1,353,384.00
8,734,294.50
4,757,658.99
479,592,842.47
1,307,159.35
2,832,940.23
929,359,113.40
610,534,000.00
15,380,811.44
28,889,529.55
1,255,928.72
1,653,974.11
1,738,384.14
$2,419,017,730.22
Total
Liabilities—
$12,722,858.38
Treasurer's checks outstanding
1*4 %
1*6%
1*6%
1*6 %
2%
1*6%
1 *6 %
59.300,000.00
4%
3,328,000.00
1940
3,602,000.00
to 1943
Alaska Railroad retirement fund series,
4%
maturing June 30, 1941 and 1943
Postal Savings System series,
1940 and 1942
327,000.00
...
maturing
—
45,000,000.00
series, maturing Dec. 1.
Deposit Insurance Corporation
1939 and 1942
85,000,000.00
Government life insurance fund series,
maturing June 30,1942..........
8
-----
23,000,000.00
2%
Federal
2%
'
10,424,639,950.00
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1939———————
$25,800,000.00
2*6 % Unemployment Trust Fund series, maturine June 30, 1939
872,000,000.00
Total interest-bearing debt
897t800>000.00
1,154,164,000.00
Treasury bills (maturity value)—
$36,575,925,880.45
outstanding
CeasedApr. 1,1917
Matured Debt on Which Interest Has
Old debt matured—issued prior to
$3,911,540.26
43,820.00
——
2*6 % Postal Savings bonds
3*6 %, 4% and 4*6 % First Liberty Loan
bonds
14,774,900.00
of 1932-47
4% and 4*6% Second Liberty Loan
bonds of
1,323,600.00
1927-42
4*6% Third Liberty Loan bonds of 1928
4*6 % Fourth Liberty Loan bonds of 1933-38—
3*6% and 4*6% Victory notes of 1922-23
Treasury notes, at various interest rates.-.—
Ctfs.of indebtedness, at various interest rates.
2,130,200.00
23,315,550.00
666,850.00
22,240,350.00
Treasury bills..
...
Treasury savings certificates —
-
67,749,000.00
241,800.00
4,964,850.00
......
_
-
.
j g— 43020
„
$346,681,016.00
United States notes
Less
„
156,039,430.93
gold reserve
;
$190,641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes
and fractional currency
Thrift and Treasury savings stamps, unclassi¬
$251,527,461.50
2,031,728.28
Old demand notes
3,251,199.89
fied sales, Ac.....
447,451,974.74
Total gross debt.
—......
........
$37,164,740,315.45
from re¬
dollar..
Seigniorage (silver) (see Note 1)
balance
$141,900,194.61
446,038,793.66
1,627,978,924.73
2,215,917,913.00
$2,419,017,730.22
Total
Note 1—This item of seigniorage represents
NATIONAL BANK NOTES
IN
335,031.62
6,228,676.92
—
$203,099,817.22
the difference between the cost value
value of silver bullion revalued and held to secure the sliver
account of silver acquired under the Silver Purchase Act of
shows the amount of National bank notes
afloat (all of which are secured by legal tender deposits)
at the beginning of June and July, and the amount of the
decrease in notes afloat during the month of June, for the
The following
current year
and last
year:
National Bank Notes—All Legal Tender Notes—
Amount afloat June
1
Note 2—The amount to the credit of disbursing officers
$1,898,339,567.08.
and certain agencies today
Amount of bank notes afloat
*
....
*$220,687,930
July 1
Includes proceeds for called
Note—$2,258,881.50
1938
$223,242,440
2,554,510
-
......
-
Net decrease during June
on
1934 and under the President's proclamation dated Aug. 9, 1934.
was
series
Service retirement fund,
CHANGES
Balance today—Increment resulting
duction in the weight of the gold
monetary
Foreign
1939 to 1943
4% Canal Zone retirement fund, series
110,153,069.82
Redemption of National bank notes (5% fund, lawful money).
Uncollected items, exchanges. Ac...—
certificates issued
388,900,000.00
to 1943
Deposits for:
and the
66,200,000.00
4% Civil Service retirement fund, series 1938
9,126,443.70
deposits
Postmasters, clerks of courts, disbursing officers, Ac
Working
662,300,000.00
Railroad retirement account series, ma¬
turing June 30, 1942 and 1943
5,233,736.78
Deposits of Govt, officers—Post Office Department
Board of Trustees, Postal Savings System:
5% reserve, lawful money
Other
15,1939..
15,1939—
15, 1939..
15,1940..
15,1940—
15,1940..
series A-1941, maturing Mar. 15,1941..
series B-1941, maturing June 15,1941..
series C-1941, maturing Dec. 15,1941..
series A-1942, maturing Mar. 15,1942..
series B-1942, maturing Sept. 15,1942..
series C-1942, maturing Dec. 15.1942..
series A-l943, maturing June 15,1943—
$17,738,700.00
433,460,900.00
1,293,714,200.00
526,232,500.00
941,613,750.00
426,554,600.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
426,349,500.00
342,143,300.00
232,375,200.00
267,775,600.00
Debt Bearing No Interest—
To credit of Treasurer United States
To credit of other Government
series A-1939. maturing June 15,1939..
(excluding Postal Savings bonds)
$283,021,438.99
Gold (as above)
Federal Reserve notes.......
series E-1938, maturing Dec. 15,1938—
June 30,
Exchange Stabilization fund————————.———-
Total
serlesD-1938, maturing Sept. 15,1938..
series B-1939, maturing Dec.
series C-l939, maturing Mar.
% seriesD-1939, maturing Sept.
1*6 % series A-1940, maturing Mar.
1*4 % series B-1940, maturing June
1*4 %series C-1940, maturing Dec.
1*1
2%
of Treasury notes of 1890 outstanding.
Treas¬
notes of 1890 are also secured by silver dollars in Treasury.
and $1,169,422
Gold in general fund---
818,859,206.40
$24,099,321,930.45
Treasury Notes—
2*4 %
IX %
2*6 %
1*6 %
1*4 %
3%
GOLD
Gold certificates—Outstanding (outside of
1,237.672,854.05
..
................
3% Old-Age Reserve account series, maturing
June 30, 1941 and 1942
CURRENT ASSETS AND LIABILITIES
Gold
ii.
——-—7
.
Total bonds..
m
$9,146,922,950.00
30, 1938.
Assets—
.
M
caption "Recovery and relief: Agricultural aid," above.
.i
$318,701,250.00
500,157,956.40
Adjusted Service bonds of 1945.......—...
(Government Life Insurance Fund series)..
1937
$278,084,675
5,920,221
*$272,164,454
bonds redeemed by Secretary of the Treasury.
Federal
secured by lawful money, against
Reserve
bank
notes
outstanding
$2,279,182 on July 1,1937.
July
1,
1938,
Financial
686
TREASURY
Chronicle
RELIEF AS
The various agencies of
the
FederaljGovernment, it
OF JUNE 30,
is shown in
1938
RECOVERY AND
1938
tabulation given in the Treasury's "Daily Statement"
a
had appropriated $23,373,427,466 for recovery and relief
of June 30,
July 30,
AND EXPENDITURES FOR
STATEMENT SHOWING APPROPRIATIONS
to the end of June.
up
The Treasury's tabulation for
June 30, follows:
ALLOCATED FOR RECOVERY AND RELIEF, EXPENDITURES THEREFROM, AND UNEXPENDED BALANCES
FUNDS APPROPRIATED AND
AS OF
JUNE
30,
1938
V'.'
'
■
K'v-Vv
Sources of Funds
Expenditures
Appropriations
Statutory and Executive Allocations
Work
Organizations
National
Specific
Emergency
Appropriation
Recovery
Act
Act
1935.
Approved
A pproved
June 16, 1933 June 19,
Agricultural aid:
Agricultural Adjustment AdmInLs'n_..
Federal Farm Mtge. Corporation:
Capital stock—
cl60,770,303
Relief
and Public
Industrial
Reconstruaion
of
Total
Fiscal Year
Corporation
Appropriation
Appropriation Act of 1938
Relief
A as
Fiscal Year
Finance
Works
Emergency
1937 and
1938
Prior
Years b
1935.
1934 1936 and 1937
37,456,157
198,226,460
198,226,460
200,000,000
200,000,000
——..
200,000,000
7,500,000
7,500,000
5,726,515
125,000,000
189,000,000
120,650,000
125,000,000
189,000,000
4,736,775
32,977,497
120,650,000
32,114,033
94,285,404
94,285,404
Reduction. In Int. rate on mtges...
Federal Land banks:
Capital stock
Paid-in surplus
Reduction In int. rates'on mtges
•
Commodity Credit Corp.,
of capital impairment.
120,064,745
142,160,468
81,401,999
restoration
94,285,404
Relief:
h604,861,788
h332,199,230
93,101,630
Federal Emergency Relief Admlnis d„.
Civil Works Administration
Civilian Conservation Corps
152,068,757
399,484,058
317,538,025
Department of Agriculture, relief...
480,590,000
321,033^924
911,040,000 3,083,152,904
820,643,289
88,960,000
1,325,292,660
83,934,430
934,592,359
593,619^080
83,934,430
Public works (including work relief):
Public Works Administration
965,000,000
Public highways
255,488,217
River & harbor work & flood control...
Rural
Electrification
438,041,639
256,295,622
2,239
93,708,050
Administration..
Works Progress Administration
83,339^960
All other
829,051,062
93,783,122
965,000,000
5~O6O
4,369,080 3,074,249,696
209,037
817,423,102
1,409,575 1,318,407,420
2,472
83,919,948
1,200,360,697
513,128,584
506,828,601
163,119,910
15,484,573
4,821,089,701
1,423", 549"852
611,981,132
1,445,148
46,500,000
84,575,923 1,061,243,460
33,639,018
467,177,385
38,495,637
11,673,706
6,244,639,553 1,472,499,478 3,160,108,148
1,619,600,426
219,671,313 1,296,543,241
61,984,573
Aid to home owners:
Home-loan system:
Home Loan Bank stock..
Home Owners'
125,000,000
200,000,000
Loan Corporation
Federal savings A loan associations..
Emergency housing
22,451,218
6,854,241
1,000,000
26,138,054
Security Administration k
3,223,696
19,307,748
50,000,000
United States Housing Authority
Federal Housing Administration
Farm
125,000,000
200,000,000
50,000,000
j50,000,000
4,992,511
25,000,000
82,676,043
24,784,742
4,734,900
61,521,074
556,883,719
49,952,826
82,490,030
20,487,826
11,725,019
180,149,108
47,208,553
355,507,468
g4,522
105,127,261
31,638,983
62,521,074
586,245,470
120,006,100
200,000,000
11,797
22,457,595
1.50,000,000
24,245,466
Miscellaneous:
Federal Deposit Insurance Corporation.
150,000,000
Administration for Industrial Recovery
Tennessee Valley Authority
Subtotal
150,000,000
24,300,260
75,000,000
2,266,196,535 2,555,686,586 1,106,267,976 8,311,059,864 2,390,000,000 1,633,021,074
Revolving funds (net): e
Agricultural aid:
18262 232,037
75,000,000
2,264,273,487 13137010,229
*
Commodity Credit Corporation
57,635,551
3,000,000
59,489,199
90,369,858
16,884,200
589,339,584
Farm Credit Administration
107,559,415
313,339,437
f367,317,356
186,273,329
370,317,356
410,652,138
pi,207,616
gl2,646,101
122,125,135
372,346,241
1,010,238,437
133,598,772
618,869,623
46,250,000
gl,203,756
18,166,574
Public Works:
Loans and
grants
to
States, munic¬
ipalities, Ac
Loans to railroads
Miscellaneous:
Export-Import Bank of Washington.
Reconstruction
Finance
1,250,000
45,000,000
Corporation
—direct loans and expenditures...
3,258,568,518 3,258,568,518
Subtotal.
57,635,551
Total...
653,078,783
197,929,273
10,000
......
Grand total
78,038
2,323,842,087 m3208843
42,794
Expenditures by the several departments and establish¬
public works under the Emergency Relief and Construction Act of 1932
general disbursing accounts, and, therefore, are not susceptible to
were made from
segregation from the general expenditures of such departments and establishments
the basis of the
c
The
sura
are
stated
on a net
collections, the details of which
basis, 1.
are set
j Includes $700,000 allocated for savlngs-and-loan
promotion
as
authorized
by
Sec. 11 of the Act of April 27. 1934.
k Includes allocations and expenditures on account of subsistence homesteads.
Exclusive of the $90,972,316.04
transfer referred to In note 13, and $184,275.51
e., gross expenditures less repayments
forth In the supplementary statement
below.
f Net, after deducting
repayments to the Reconstruction Finance
n
Exclusive
o
made by Federal Surplus Commodities Corporation from
funds provided for the Federal
Emergency Relief Administration.
Expenditures
2,390,000,000 5,490,180,278 23373 427,465 2,433,603,391 15965849,074
carried to the surplus fund of the Treasury.
& Includes expenditures
e
15965 849,074
15,168,977
Finance Corporation and as credits against expenditures of the Federal Emergency
Administration of Public Works.
m
daily Treasury statements.
of $160,770,303.38 represents
the balance under appropriations pro¬
vided by the Acts of May 12,
1933, May 25, 1934, and Aug. 24, 1935.
and
15,038,143
408 n1304240,044 08656321,646
b The emergency expenditures Included in this
statement for the period prior to the
fiscal year 1934 include only expenditures on account of the
Reconstruction Finance
Corporation and subscriptions to capital stock of Federal land banks under authority
of the Act of Jan. 23, 1932.
on
169,329,903 2,828,838,845
2,323,832,087 3,208,765,370 1,304,197,250 8,641,283,502 3,390,000,000 5,490,180,278 23358258,488 2,433,603,391
Unallocated funds...
ments for
3,857,159,203 5,096,026,451
330,223,638
48,373,372 1,697,331,270
Includes $4,000,000,000 specific appropriation under the Act of April 8,
the
and $50,334,412.27 transfers referred to in
note 13, and $5,500,000 transferred to salaries and expenses, Farm Credit Adminis¬
tration; and $25,735,783.34 carried to the surplus fund of the Treasury.
$40,364,759.65
1935,
$1,425,000,000 specific appropriation under the Act of June 22, 1936, $789,000,000
specific appropriation under Act of Feb. 9, 1937, $1,500,000,000 specific appropria¬
tion under the Act of June 29, 1937. $250 000,000 specific appropriation under the
Act of
Corporation.
of
Mar.
2,
1938. and transfers of unexpended balances as follows:
From the
Reconstruction
Finance Corporation, $500,000,000: from the appropriation of
$3,300,000,000 for National Industrial Recovery, $90,972,316.04; from the appro¬
g Excess of credits (deduct).
h The appropriation of
$950,000,000 provided in the Act of Feb. 15, 1934, was
allocated by the President as follows:
Federal Emergency Relief Administration,
priation, of $525,000,000 for relief in stricken agricultural areas provided In the
Emergency Appropriation Act of 1935, approved June 19, 1934, $40,364,759.65;
$604,995,000, of which $131,542.23 has
from
appropriation
Works
and
$1,669.70
been transferred to the Emergency Relief
to the surplus fund of the
Treasury; Civil
carried
Administration. $344,995,000, of which
ferred to the
amount $7,570 000 has been trans¬
Emergency Relief appropriation. $5,218,250 transferred to the Em¬
ployees' Compensation Commission, and $7,519.01 carried to the
surplus fund of the
Treasury; leaving an unallocated balance of $10,000.
4V1 *£?der the Provisions of the Emergency
the
Appropriation Act, fiscal
year
the appropriation of $899,675,000 for emergency relief and public works
provided In the Emergency Appropriation Act of 1935. approved June 19. 1934
$50,334,412.27; from the appropriation of $950,000,000 for emergency relief and
civil works provided in the Act of Feb. 15, 1934, $7,701,542.23: from unobligated
moneys
referred to in Sec. 4 of the Act of Mar. 31. 1933, $21,527,113.76: and moneys
transferred pursuant to Sec.
15 d) of the Agricultural Adjustment Act. $12,921,502.64. less transfer of 31,500,000 to War Department under Act of July 19, 1937.
1935, and
Emergency Relief Appropriation Act of 1937. the Reconstruction Finance
Corporation Is authorized to purchase marketable securities
acquired by the Federal
Emergency Administration of Public WorKs. The
purchase of such securities by the
Reconstruction Finance Corporation is reflected as
expenditures of the Reconstruction
DETAILS OF REVOLVING FUNDS INCLUDED
p
Includes deposit of proceeds of appropriation for restoration of capital impair¬
Commodity Credit Corporation provided in Act of June 25, 1938. The
ment of the
credit to this account Is offset by an expenditure in the amount under the caption
"Recovery and relief; Agricultural aid," above.
IN GOVERNMENT RECEIPTS
AND
EXPENDITURES
This Month
Fiscal Year 1938
Organizations
Repayments and
Payments
Commodity Credit Corporation
Farm Credit Administration
Loans and grants to States,
Loans to railroads
municipalities, Ac__
...
Export-Import Bank of Washington.
Reconstruction Finance
a
"
*
_
Corporation—direct loans
A
Excess of repayments and collections
(deduct).
expenditures
Net
Collections
Expenditures
Repayments and
Payments
$294,456.13
132,318.20
14,202,259.24
$96,215,073.09
322,051.57
1,528,622.28
a$95,920,616.96
al89,733.37
12,673,636.96
$109,397,031.32
1,380,026.81
217,756,403.85
25,620.13
35,083,266.07
1,142,753.11
48,731,221.45
al,117,132.98
al3,647,955.38
52,535.50
3,104,939.58
493,083,519.28
Net
Collections
Expenditures
$108,189,414.93
14,026,128.72
80,881.051.20
3,329,115.38
4,308,695.88
444,710,146.48
$1,207,616.39
al2,646,101.91
136,875,352.65
a3,276,579.88
al,203,756.30
48,373,372.80
Volume
Financial
147
REDEMPTION
CALLS
AND
Chronicle
Per
NOTICES
Below will be found
list of
a
Name of Company
bonds, notes and preferred
redemption, together with
The date indicates the redemption or
sinking fund notices.
making tenders, and the
location in which the details
page
number gives the
given in the "Chronicle":
were
Company and Issue—
Page
Date
.
---------
*
Mlentown-Bethlehem Gas Co., 1st mtge. 3 Ms, 1965---Sept.
Atlantic Beach Bridge Corp. 1st
mtge. b^s, 1942
Aug.
*
Bear Mountain Hudson River
Bridge Co.. 1st mtge. 7s__Oct.
Brown Shoe Co.. Inc. 15-year
3% debs
Aug.
1
________
106;
1
1
1
Chicago Union Station Co. 3 Ms guar, bonds, 1951
Sept. 1
Cleveland-Cliffs Iron Co. 1st mtge. 4Ms, 1950
Sept.
1
Colon Development Co., Ltd.,
6% pref. stock-—...--—Aug. 20
Consolidated Gas Electric Light & Power Co. of Bait.,
1st refunding mortgage bonds.......
Aug.
1
*
Consolidation Coal Co., 25-year s. f. bonds
Aug. 23
Copley Press, Inc., 5M % bonds, 1943
Aug.
1
Dakota Power Co. 1st mtge. 6s, 1938
Sept. 1
*
Des Moines Gas Co., 5% bonds, 1956
Sept. 1
♦Detroit Edison Co., 5% bonds series
E, 1952
Oct.
1
Diamond State Telephone Co.
6M% pref. stock
Oct. 15
_
727
x3943
108
566
567
735
567
x3332
736
736
__
—.
-
1st mtge. 6s
San Diego Water Supply Co. 5% bonds, 1955
Scott Paper Co. 3M % deb. bonds, 1952
—Jan.
Extra
Hooven & Allison Co. 5% preferred (quar.)_.__
(N. Y.) pref. (quar.)
(monthly).
— —
Indiana Associated Telep. Corp., $6 pref.
(quar.)
Hoyi
x3820
Kendall Co.
584
584
280
755
585
585
133
741
xI398
761
137
286
—
_
preferred—
pref. series A (quar.)
Lake of Woods Milling, pref. (quar.)
Lawson Realty Co., 7% pref. (quar.)
Lake Superior District Power, 7 % pf. (quar.)__
6% preferred (quar.).
pref. (quar.).
"ligl Power Securities,
Lehigh ~
Life Savers Corp. (quar.)
x3679
DIVIDENDS
first
bring
we
together
current week.
we
show
Then
a
second table in which
previously announced,
been paid.
In the
dividends announced the
the
follow with
dividends
the
have not yet
we
all
but which
Further details and record of past
dividend payments in many cases are given under the com¬
pany
in
name
our
"General Corporation and
Investment
News Department" in the week when declared.
,
cum.
Special
Per
Name of Company
Share
Holders
Payable of Record
12Ac
35c
Addressograph-Multigraph (quar.)
Akron Brass Co
15c
Allied Laboratories, Inc. (quar.)
Allied Products Corp. class A com,
15c
43 Ac
(quar.)
Allied Stores Corp., 5% pref.
$IA
$1A
(quar.)
Allegheny Steel Co., preferred (quar.)
American Arch Go
American Box Board Co., 7%
American Can Co., preferred
preferred (quar.)
HA
12 Ac
(quar.)
American Forging & Socket Co
American Home Products Corp. (monthly)
American
—
—
20c
97 Ac
Indemnity (increased)
American Insurance (Newark)
Extra
American Metal Co
—
Preferred
———————
—
—
—
————
(s.-a.)
———————————
Oct.
Aug.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
16
15
15*
15
6
6
19
19
10
20
31
31
5
Oct.
Sept.
2
2
Sept.
Sept.
Oct.
25c
—
———
—
(quar.)
American Tobacco Co. com. & com. B (quar.)..
Baldwin Locomotive Works preferred (s.-a.)
Bangor & Aroostook RR. Co
Cumulative preferred
Bankers & Shippers Ins. Co. (N. Y.) (quar.)
Belden
25c
1 A%
Aug. 15 July 30
Sept. 22 Sept. 2
Aug.
July 28
Oct.
Sept. 15
Oct.
Sept. 14
Oct.
Sept. 16
Sept.
Aug. 15
Sept.
Aug. 19
Sept.
Aug. 18
Oct.
5c
25c
Oct.
$1A
SI A
$1.05
Sept.
Sept.
Sept.
Sept.
63c
-
Oct.
VA%
HA
Oct.
Mfg. (no action).
Bethlehem Steel Corp. 7% preferred (quar.)____
5% preferred (quar.)
Blauner's (quar.)
Preferred (quar.)
Borden Co., common (interim)
;
Boston Fund, Inc
UA
25c
25c
75c
30c
14c
Brooklyn Edison Co. (quar.)
$2
25c
Burlington Mills Corp
Butler Bros., preferred (quar.)
37 Ac
Campbell Wyant & Cannon Foundry (no action)
Canadian Oil Cos., Ltd. (quar.)
tl2Ac
Canadian Oil Ltd., 8% preferred (quar.)
}$2
Canadian Wire & Cable, preferred (quar.)
Carter (J. W.) Co
Case (J. I.) Co., preferred (quar.)
Central Eureka Mining Co
Non-cumulative preferred
Chester Water Service Co. $5M pref. (quar.)..
Chile Copper Co
Chrysler Corp
Civic Finance Corp. (N. Y.) pref. (quar.)
Clear Springs Water Service $6 preferred
Commercial Discount Co. (Los Angeles)-Commonwealth Utilities $7 preferred A (quar.)_
$6 preferred B (quar.)
$6A preferred C (quar.)—
—
t$lM
$1A
6c
6c
UH
50c
25c
20c
t$l A
5c
$1A
HA
HA
Oct.
Sept.
Aug. 15 Aug.
Aug. 15 Aug.
Sept.
Aug,
Aug. 20 July
Aug. 31 Aug.
Aug. 15 Aug.
Sept. l Aug.
Aug. 15 Aug.
Oct.
1 Sept.
Sept. 15 Aug.
Aug. 4 Aug.
Oct.
1 Sept.
Aug. 15 Aug.
Aug. 15 Aug.
Aug. 15 Aug.
Aug. 19 Aug.
Sept. 14 Aug.
Aug.
1 July
Aug. 15 Aug.
Aug.
1 July
Oct.
1 Sept.
Oct.
1 Sept.
Dec.
1
1
15
29
12
5
11
1
20
31
1
12
1
1
5
9
16
20
5
25
15
15
1 Nov. 15
40c
$5 preferred (quar.)
.
Mallory Hat Co., 7% pref. (quar.)
—
Manufacturers Casualty Insurance (quar.)__
UA
UA
25c
Extra
25c
—
40c
10c
50c
——
Masonite Corp. (extra)
—
Preferred
(quar.)- —------------------Mayfair Investment Co. (Los Angeles) (quar.).
preferred (quar.)
-—
preferred A (quar.)
$5A, preferred B (quar.)
- - - Mercantile Acceptance Corp. of Calif., pref—
Mercantile Stores, Inc., 7% pref. (quar.)
__
Metropolitan Storage Warehouse Co
Merchants Fire Assurance Corp. (s.-a.)
Extra
7% preferred (semi-annual)
Minneapolis Brewing (resumed)
-
UA
40c
75c
$2 A
25c
—
8% preferred
Morse Twist Drill & Machine.-Mortgage Corp. of Nova Scotia (quar.)
National Container Corp. (Del.)
National Cylinder Gas
t25c
Monolith Portland Cement
-
50c
—-
5c
— —
$1H
$1
12 He
10c
-
Preferred A (quar.) —
Preferred B (quar.) —
New Amsterdam Casualty
UA
UA
•>.
(semi-annual)
New Bradford Oil
—
(s.-a.)__
— -_-
32 Ac
22c
50c
35c
Extra
New Jersey Insurance—
New Jersey Zinc Co. -
—
-
Electric Light & Power...
-
-
Nineteen Hundred Corp. class
--
$2
UA
-
15c
12Hc
B
Nonquitt Mills
-
Northern Insurance Co.
$1
50c
-----
— -
New York Fire Insurance
Extra
75c
75c
HA
-
Midland Grocery Co. (semi-annual)
Midland Mutual Life Insurance (quar.)
New York & Queens
Preferred (quar.)
UA
10c
-----
New Brunswick Fire Insurance
Acme Wire Co
ii g
25c
Lunkenheimer Co.
MacMillan Co. (quar.).
National Lead Co
When
UA
(quar.)—
Loblaw Groceterias class A and B
National Fire Insurance
are:
UA
UA
UA
UA
40c
,
Extra
The dividends announced this week
$1A
t5c
I5c
$1A
$1A
5c
$1M
$1A
McKesson & Robbins
grouped in two separate tables.
43 Ac
25c
Internat. Rys. of Central America
75c
(N. Y.) (s.-a.)-- — -$1
UA
UA
niA
---------------
Northwestern Public Service,
1 Sept. 10
1 Aug.|L5
1 Aug. 10
1 Aug. 10
7% pref
6% preferred
Norwalk Tire & Rubber preferred---- Occidental Insurance Co. (quar.)
Otis Elevator Co.
—
Preferred (quar.).
—
Pacific Fire Insurance (quar.)
Parker Rust-Proof Co.
-—
Parker (S. C.) & Co., Inc., A (quar.)...
Oct.
1
Sept. 1
Sept. 1
Aug.
1
Aug.
1
Sept. 10
Sept.
Aug.
Aug.
July
July
Aug.
15
15
15
22
22
31
Sept. 15 Sept. 1
July 21-.
Aug. 15 July 30
l'july
—
I ngersoil-Rand Co
Inland Steel Co..
1
are
50c
40c
Mead Corp.
Dividends
3c
87 Ac
2oc
Idaho Maryland Mines
Oct.
Sept.
Sept.
Sept.
Aug. 15 Julyj 30
25c
Preferred (quar.)
Hollinger Consol. Gold Mines (monthly)
Horn & Hardart
1 Aug. 31
Aug.
i July 27
Aug. 25'Aug. 15
25c
Indianapolis Water Co., 5% pref. A (quar.)
Pages in Vol. 146.
x
62Ac
UA
x2383
127
280
131
-
.
15c
30c
UA
UA
Hale Bros. Stores (quar.)
Hamilton Watch Co. (quar.)
751
581
Oct.
Aug. 20 July 130
Sept.
1 Aug. 15
Sept. 15 Sept.
1
Sept.
1 Aug. 15
Aug.
1 July t25
_
Guelph Carpet & Worsted Spinning Mills—
6A% preferred (quar.)—
Hackensack Water Co. 7% preferred (quar.)
1 '39 x3679
Aug. 20
Sept. 1
Solvay American Corp., 5M% preferred stock
Aug. 15
*
Southern California Edison Co., Ltd., debs, series 1940
and 1945
Sept. 1
Southern Light & Traction Co.
5% bonds, 1949.
Sept. 1
Southwestern Bell Telephone Co. 7% pref. stock
Aug.
1
(A. E.) Staley Mfg. Co. 1st mtge. 4s, 1946
Aug.
1
*
Trenton Cotton Co., Ltd. (Hamilton Cotton Co., Ltd.)
secured notes
Aug. 18
(Raphael) Weill & Co., 8% preferred stock
Sept. 1
*
Western Refrigerator Line Co., 1st lien ctfs.
Aug. 15
Wheeling & Lake Erie Ry., series D ref. bonds, 1966
Sept. 1
Wisconsin Public Service Corp., 1st mtge. 4s, 1961
Aug.
1
♦Announcements this week,
Golden Cycle Corp.
573
x3670
x3670
272
x3670
577
x3809
424
751
25c
3c
35c
10c
Gorham Mfg. Co
Goshen & Deckerton Ry_____— —
Graton & Knight Co. 7% preferred (quar.)
113
90c
Si A
mA
$1A
37 Ac
1 Aug. 15
Sept.
Aug.
1 July ,20
Sept. 15 Aug. 12
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Aug. 15 July. 30
Sept. 15 Sept. 1
Sept.
1 Aug.10
40c
Extra
111
50c
Holders
40c
-
Preferred (s.-a.;
Florida Power Corp. 7 % preferred A (quar .)__._
7% preferred (quar.)
Georgia Home Insurance Co. (s.-a.)
268
112
741
.
62 Ac
30c
When
Payableiof Record
cash.
com. or
Falstaff Brewing Corp
268
268
1
Jan. 1,'39
.
Opt. div. 44-1000th sh. of
Employers Reinsurance Corp. (quar.)__
rail River Gas Works
(quar.)-__
ill
Aug.
4Ms, 1951
Aug.
1
Equitable Office Building Corp., 35- year 5% debs
Great ConsoI.Elec. Power Co., Ltd., 1st
mtge. 7s. 1944— Aug.
1
♦Hamilton Cotton Co., Ltd.. 1st
mtge., 5Ms, 1948
Sept. 19
Hazleton Water Co. 1st mtge. 5s,
Sent.
1
(Walter E.) Heller & Co. 7% cum. pref. stock and 10-year
4% notes
..Sept. 14
Houston Oil Co. of Texas 5Ms, 1940
Aug.
1
Kansas City Gas Co. 1st mtge.
5s, 1946
-Aug.
1
Langendori United Bakeries, Inc., 6M % 1st mtge. bonds__Sept. 1
Lawrence Gas & Elec. Co. 20-year 4Ms
Aug.
1
Long Beach Gas Co. 1st mtge. 5s
Aug.
4
Massachusetts Utilities Associates, 5% debs., 1949
Aug.
9
Mengel Co. 1st mtge. 4^s.
.Sept. 1
*
Ontario Power Co. of Niagara Falls, 5% 1st mtge. bonds. Aug. 15
*
Ottawa Lt., Heat & Pow. Co., Ltd.,
5% ref. mtge. bondsOct.
1
Packard Bldg. (Philadelphia) 1st
mtge. bonds
Aug. 15
Pearl River Valley Lumber Co. ref. Inc. bonds, 1945---^.-Sept.
1
Phila. Elec. Power Co. 1st mtge.
Aug.
1
5Hs, 1972Safe Harbor Water Power Corp., 1st mtge. 4Hs, 1979-.-Aug.
5
St. Joseph Ry., Lt., Ht. & Pr. Co. 1st mtge.
4Ms, 1947—Aug.
1
St. Joseph Stock Yards Co., 1st
mtge. 5s, 1940
Aug.
1
San Antonio Public Service
Co., 1st mtge. 5s
Aug.
1
_
_
—-
First mortgage bonds, series A & B
El Paso Natural Gas Co. 1st
mtge.
_
267
.
East St. Louis & Interurban Water Co.—
First mortgage bonds, seires D
Share
Connecticut Power Co. (quar.)
Consolidated Amusement (quar.)
Consolidated Edison Co. of N. Y.,Inc
Consolidated Gas of Bait, (quar.)
Preferred A (quar.)
Consolidated Sand & Gravel, 7 % preferred.
Crane Co., 5% cum. conv.
preferred (quar.)
Creameries of America, Inc., preferred (quar .)__
Curtis Publishing Co. $7
preferred
Cypress-Abbey Co-___
Deere & Co., preferred (quar.)__
Delaware Fund, Inc. (initial)
Detroit Gasket & Mfg. preferred (quar.)
Diamond Ice & Coal Co., 7 % preferred (quar.)
Dixie-Vortex Co. (no action)
Class A (quar.)..
:
;
Eastern Shore Public Service, $6 pref. (quar.)
$6H preferred (quar.)
Electric Shareholdings, preferred
stocks of corporations called for
last date for
687
FUND
SINKING
-
-
preferred (quarterly)
Parkersburg Rig & Reel (quar.).
40c.
(quar
Pemigewasset Valley RR. (semi-ann.)
Pender (D.) Grocery, class A (quar.)
Pennsylvania Sugar Co. (omitted).
Peoples Gas Light & Coke Co
Philadelphia Suburban Water, 6% pref.
Phoenix Hosiery Co., 7% preferred
...
Pittsburgh Suburban Water Service—
$5 A preferred (quar.)
... Princeton Water Co. (N. J.) (quar.)----Public National Bank & Trust (N. Y.) (quar.). _
Radio Corp. of America, B pref. (quar.).
1st preferred (quar.)
Quincy Market Cold Storage & Warehouse—
5% preferred
Railway & Light Securities Co., 6% pref. A___
Regent Knitting Mills, $2 pref. (quar.)
Republic Petroleum Co., 5 A % pref. A (quar.)_.
Revere (Paul) Fire Insurance Co--Preferred
Bxrt>x*i£b
Reynolds Metals Co., 5A% pref. (quar.)
Roxy Theatre, Inc., preferred
Royal China, Inc.
Rustless Iron & Steel, pref. (quar.)
St. Louis Car Co., 7% pref. (quar.)
Second Investors Corp. <R. I.), $3 pref. (quar.).
Security Realty Corp., 6% pref. (quar.)
Seeman Bros., Inc. (quar.)
30c
15c
UA
$1A
20c
50c
10c
40c
Uh
87 Ac
Aug.
20
Sept. 30 Sept. 16
Sept.
1 Aug. 15
Sept. 15 Sept. 2
Sept.
l|Aug. 19
Aug. 12'July 29
Aug. 12 July 29
Sept. 1 Aug. 15
Sept.
1 Aug. 12
Aug. 22 Aug. 10
Aug. 15 Aug.
1
Oct.
1 Sept. 12
Sept. l'Aug. 8
Sept. llAug. 15
Aug. 15 Aug.
8
Sept.
1 Aug. 10*
Sept.
1 Aug. 15
Aug.
1 July.25
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Aug.
lj July _25
Sept.
1 Aug.
1
Sept. 1 Aug.
1
Sept. 1 Aug. 10
Aug. 15 Aug.
5
Aug. 25 Aug. 10
Aug.
8 Aug.
3
Aug.
1 July 23
Aug. 15 Aug.
1
Aug. 15 Aug.
1
Aug. 22 Aug. 10
Sept. 1 Aug. 10
Aug.
1 July 20
Sept. 15 Sept. 1
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Aug.
1 July 25
Aug. 15 July 30
Aug.
1 July 19
Aug.
5 July 25
Aug.
5 July 25
Aug.
5 July 25
Aug.
1 July 25
Aug.
1 July 25
Aug. 10 Aug.
1
Aug. 15 Aug.
1
Aug. 15 July 28J
Aug.
1 July 23
ept.
1 Aug. 10
Vug. 10 July ,28
Vug. 15 Aug.
1
Aug. 15 Aug.
1
.ept. 30 Sept. 16
jept. 15 Sept. 2
Nov.
1 Oct.
14
Oct.
1 Sept. 15
July 22 July 15
Aug.
1 July 22
Aug.
lJuly 22
Aug. 12 July 28
Sept. 10 Aug. 19
Sept. 14 Sept. 2
Sept. 1 Aug. 17
July 30 July 25
Aug. 15 Aug.
8
Aug. 12 July 26
July 28 July 28
July 28 July 28
Sept.
1 Aug. 20
Sept.
1 Aug. 20
Aug. 18 Aug. 8
Aug. 15 Aug.
5
Sept. 20 Aug. 31
Sept. 20 Aug. 31
Aug. 13 Aug.
5
Sept. 1 Aug. 10
Aug.
1 July 25
Aug.
1 July 25
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Aug.
1 July 20
Sept. 1 Aug. 20
Sept.
1 Aug. 10
HA
Sept.
87 Ac
Sept.
1 Aug. 12
1 Aug. 19
$1
37Ac
$1A
87 Ac
t75c
UA
40c
68 Ac
60c
5c
$IH
UA
20c
62 He
UA
75c
37 Ac
62 He
Aug. 15 Aug.
5
Aug.
1 July 20
Oct. 10 Sept. 20
Oct.
1 Sept. 14
Oct.
1
Sept.
7
Aug.
1 July 21
Aug.
1 July 26
Sept. 1 Aug. 15
5
Aug. 15 Aug.
Aug.
1 July 26
Aug.
1 July 26
Oct.
1 Sept. 20*
Aug. 10 Aug. 3
Aug.
1 July 25
Sept. 1 Aug. 15
Aug.
1 July 26
Sept. r Aug. 15
Tiilv
9.1
Aug.
1
Sept. 15
)
Financial
688
Per
Share
Name of Company
50c
Sherwin-Williams Co
5% preferred (quar.)—
Gas Sc Electric, pref. (quar.)
Soundvlew Pulp Co. (no action).
►
Preferred (quar.)
—
South Bend Lathe Works (quar.)
Stamford Water (quar.)
Standard Cap & Seal (quar.)
>
Preferred (quar.)
— --Stromberg-Carlson Teleg. Mfg. pref. (quar.) —
Stuart (D. A.) Oil, Ltd., partic. pref. A
Superheater Co
Tampa Electric Co. (quar.)
—
Preferred A (quar.)
Texamerica Oil Corp. (monthly)
Texas Pacific Coal & Oil Co. (quar.)
Tradesmens National Bank & Trust Co
Sioux City
—
Troy & Bennington RR. (semi-ann.)—
United Engineering & Foundry Co. (quar.)
Preferred (quar.).
—
— —
United Gas Corp., $7 preferred (quar.)
United States Playing Card (quar.)-—Extra-.United States Steel. 7% pref. (quar.)
-
——
—
$1H
SIX
SIX
30c
40c
40c
40c
7 He
10c
"8
5uc
$1H
$1X
25c
25c
«1H
Universal Insurance Co. (quar.)
25c
Van Norman Machine Tool Co.---
40c
12Hc
50c
SI
Wesson Oil & Snowdrift (quar.)
Extra...
;
Preferred (quar.)
Westinghouse Electric & Mfg——
...
—
50c
87Hc
Profonr ed
West Michigan"steef Foundry, 7% prior pref—_
Weymouth Light & Power
Will & Baumer Candle Co., Inc., pref. (quar.)
Winchendon Electric Light & Power
—
Below
we
When
Holders
Payable of Record
Aug. 15 July 30
Sept. 1 Aug. 15
Aug. 10 July 30
Aug. 25 Aug.
Sept. 1 Aug.
Aug. 15 Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
_
l2m
17&c
62c
Oct.
15 Oct.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
15
15
1
1
1
1
16
16
1
July
July
July
Aug.
July
July
Aug.
Aug.
Aug.
1 Sept.
Oct.
Oct.
15
15
1
15
15
15
15
5
29
29
28
11
23
21
5
5
12
15
1
Sept. 15
20
1
20
26
26
26
Aug. 31
28
15
9
15
15
15
8
8
15
21
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
July
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug. 31 Aug.
Aug.
1 July
July 29 July
$2
Oct.
SI
July 29 July 21
1
Sept. 15
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Per
Name of
Share
Company
Adams-Millis Corp
Preferred (quar.)
15c
-
——.
Preferred (quar.)
Alabama Power Co., $5pref. (quar.).
Alaska Juneau Gold Mining (quar.)
Extra
;
$1H
SIX
„
15c
Allied Kid Co
Alpha Portland Cement--
50c
—
SIX
SIX
tC
Corp. (quar.)-
Amerex
Holding Corp. (s.-a.)
American Can Co., com. (quar.)
70c
$1
American Capital Corp., prior pref. (quar.)
American Chicle Co. (quar.)
—
American Cities Power & Light $3 class A
Opt. div., l-64th 8h. of class B stk. or cash.
Envelope Co., 7% pref. A (qu.)7% preferred A (quarterly)
American Gas & Electric Co. pref.
(quar.)
American Home Products Corp, (monthly)
American Light & Traction (quar.)
Preferred (quar.)—
American Machine & Foundry Co., common—
-
-
_
American Thermos Bottle-
—
'-----
Trap Co. of Amer., Inc., 7% pref. (qu.)-
Archer-Daniels-Midland, preferred (quar.)
Teleg. Co., 7% 1st pf. (qu.)
1st $6 preferred (quar.)
Associated
Telep. Co., Ltd., $1H pref. (quar.)
Atlantic City Electric Co., $6 pref. (quar.)
—
Atlas Plywood Corp. pref. (quar.)
Atlas Powder Co., preferred (quar.)
Ault & Wiborg Proprietary 5H % pref. (quar.)
Baltimore American Insurance (s.-a.)
Extra
Bangor Hydro-Electric (quar.)
Barnsdall Oil Co
Bayuk Cigars, Inc_
1st preferred (quar.)
Beattie Gold Mines, Ltd—
Beatty Bros., Ltd., 1st pref. (quar.)
Belding Heminway Co
Bellows & Co. class A (quar.)
Class A (quar.)
Beneficial Industrial Loan Corp. pref. ser. A (qr.)
Borland Shoe Stores, Inc., 7% pref. (quar.)
Best & Co., Inc
-
-
—
-
_
Birtman Electric Co. (quar.)-_~
Preferred (quar.)
I~_~
Blue Ribbon Corp. 614% preferred.—IIIIIIII
Blue Ridge Corp., $3 pref.
-
tquar.)
Opt. div. of 1-32 sh. ot com. or cash.
Boss Mfg. Co., common
Boston Edison Co. (quar.)
II-IIIIIIII
Bourjois, Inc., preferred (quar.)__
I
Bourne Mills (quar.)
BrentanoVi Book Stores, Inc., $1.60cl A (quar.)I
Brewster Aeronautical
British Columbia Telep. 6% 2nd
pref. (quar.)III
Broad
wayJDept. Stores, 5% cum. pref. (quar.).
Brooklyn Teleg. & Messenger Co. (quar.)
Buckeye Steel Casting prior pref. (quar.)
6% preferred (quar.)—
Buffalo Ankerite Gold Mines, Ltd. (quar.)—"""
Buffalo Niagara & Eastern Power $5 pref. (au.)
Bullock Fund, Ltd.Bullock's, Inc. (Los Angeles), 5% pref. (quar.)""
Bunte Bros., 5% pref. (quar.)
II
5% pref. (quar.)--_
Burroughs Adding Machine
_
Byron Jackson Co
Calamba Sugar Estates (quar.)
Calgary Power Co., pref. (quar.)
California Packing
Preferred (quar.)
;
----II
I
—.11
————
California Water Service, preferred (quar.).
Cambria Iron Co. (semi-annual)
15
Aug.
July
Aug.
Aug.
Sept.
Sept.
Aug.
16
15
12
SIX
20c
30c
3734c
2uc
2f
68 He
8734c
SIX
49c
42c
3lHc
SIX
Sin
10c
5c
30c
25c
18 He
S1S
Six
12 He
2oc
25c
87 He
$1H
40c
25c
$1H
t50c
75c
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
1
1
1
1
1
1
15
1
1
31
Oct.
15
—
*
30
1
1
1
1
15
15
1
1
1
1
1
1
1
15
15
1
1
15
Aug. 20
Aug.
1
Aug. 31
Sept. 16
25*
15
1
11
Dec.
July
8
July 14*
July 15
July 15
July 18
July 22
July 29
July 15
July 15
Aug.
5
July
8
July 20
July fl5
July 20
July 21
July 30
July 30
July 15
July
6
July 25
July
5
July 20
July 20
July 15
July 30
July 30
July 11
July 12
Aug. 31
Sept. 30
July 29
July 15
Aug.
3
Sept. 1
16 Dec.
1
July 30 July 15
Aug.
1 July 20
Aug. 15 July 25
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 27
5
Sept. 1 Aug.
Aug. 15 July
Aug.
1 July
Aug. 15 Aug.
Aug.
1 July
Aug.
1 July
Aug. 10 Aug.
Aug.
1 July
Aug.
1 July
Sept. 1 Aug.
Aug.
1 July
Aug.
1 July
Aug. 15 Aug.
Aug.
1 July
Aug.
1 July
Aug.
1 July
Sept. 1 Aug.
Dec.
30
11
1
14
15
1
16
Oct.
1
Aug.
2
Aug.
1
Aug.
1
Sept.30
July 30
Aug.
2
Aug.
I
Aug. 10
Aug. 25
Aug. 25
Aug. 15
Aug.
2
Aug.
1
Aug.
1
Aug.
1
Aug.
1
Sept. 1
Aug,
1
Aug.
1
Aug. 15
Nov. 15 Nov.
5
Century Ribbon Mills, preferred (quar.)-
Sept. 1 Aug.
Aug.
1 July
Aug. 15 Aug.
Aug.
1 July
Oct.
1 Sept.
Aug.
1 July
Sept. 1 Aug.
Aug.
1 July
July 30 July
July 30 July
19
18
1
15
15
28
1
Preferred
— —
-
-- --
Cerro de Pasco Copper Corp
Chain Belt Co
—
Chain Store Investment, $6H pref.
(quar.)—
Champion Paper & Fiber Co. 6% pref. (quar.)—
Corp., common
Chartered Investors, pref. (quar.)
Chase National Bank (s.-a.)
Cherry-Burrell Corp
Preferred (quar.)
—
Chicago District Electric Generating Corp.—
$6 preferred (quar.)
—
Chicago Yellow Cab Co. (quar.)
—
City of New York Insurance (semi-annual)
Cincinnati Union Terminal 5% pref. (qu.)
5% preferred (quar.)
-----City water Co. of Chattanooga, 6% pref. (qu.)
Cleveland Cincinnati Chicago & St. Louis (s.-a.)
Preferred (quar.)
Cleveland & Pittsb. RR. Co., reg. guar
(quar.)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)
,
—
Coast Breweries Ltd., new (quar.)
Colgate-Palmolive-Peet Co., 6% pref
Columbia Gas & Electric Corp.—
6% cum. preferred series A (quar.)
5% cum. preferred (quar.)
5% cum. preference (quar.)
Columbia Pictures Corp. v.t.c (payable i n stock)
$2H conv. pref
Columbus & South. Ohio Elect.CJo.6H % pf.(qr.)
Charis
Oct.
$1H
$1H
$134
m
$1.62
Connecticut & Passumpsic RR. 6% pref. (s.-a.)-
$3
37Hc
SIX
$1H
Coon (W. B.)
1
11
26
15
30
30
31
15
Sept.
Aug.
Aug.
Sept.
Aug.
$1H
25c
50c
Aug.
■—-
25c
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
20c
534%,preferred quar.)..
15c
$1H
75c
7c
t25c
t$lH
1H%
2c
25c
43 He
$1H
—
50c
Cuneo
Press, Inc. (quar.)
Preferred (quar.)
July
July
July
Sept.
Aug.
July
Aug.
July
July
Sept.
8 July
1 Sept.
1 Aug.
1 July
July
1 Aug.
1 July
Oct.
<-
— — .
20
21
21
10
10
20
20
20
2
1
15
25
9
25
25
31 Dec. 25
Dec.
Aug.
—
Co. (quar.)--.
7% preferred (quar.)
Corn Exchange Bank Trust (quar.)
Corporate Investors, Ltd. quar.)
Cosmos Imperial Mills, Ltd. (quar.)
5% preferred (quar.)
Courtauld's, Ltd. (interim)
.1
Cresson Consol. Gold Min'g & Mill'g Corp. (qu.)
Crown Cork & Seal Co., Ltd. (quar.)
Crown Drug Co., pref. (quar.)
—
Crum & Forster pref. (quar.)
Cumberland County Power & Light Co.—
6% preferred quar.)
14
22
22
30
15
15
1
15
15
15
3
six
June 30
July
July
Aug.
July
15 July
30 Sept.
1 July
1 July
1 July
15 July
15 July
15 Sept.
Oct.
15
15
15
15
25*
6
16
16
21
31
30
30
15 July 31
Aug. 15 July 30
Aug. 15 Aug. 10
Sept. 30 Sept. 20
Aug.
1
1
1
Sept.15
Aug.
1
Aug.
1
Aug.
Aug
Aug.
Davenport Water Co., 6% preferred (quar.)
$154
$1H
$1H
$1H
Dennison Mfg. Co. debenture stock (quar.)
Dentist's Supply Co. of N. Y. (quar.)
IS
75c
.
July 16
July 16
July 20
Sept.
1
July
July
1 July
1 July
1 Aug.
Sept.
16
16
20
20
Dec.
Dallas Power & Light 7%
preferred (quar.)
$6 preferred (quar.)
Quarterly
—
-
-
7% preferred (quar.)
7% preferred (quar.)
SIX
SIX
Denver Union Stockyards pref. (quar:)
Detroit Gray Iron Foundry (semi-annual)
Diamond Match Company (quar.)
Quarterly
Partic. preferred
Partic. preferred
—
Dictaphone Corp. preferred (quar.)
-
Diem"&
Wing Paper Co. 5% pref. (quar.)
Distillers Co., Ltd., Amer. dep. rec. (final)
Bonus
—
$2
25c
25c
75c
75c
$2
$1H
;-
-
Distillers Corp .-Seagrams, Ltd,—
5% preferred with warrants.
Divide'nd Shares
ivid<
Aug.
Aug.
Sept.
1 Aug. 20
Jan.
5 Dec. 20
Sept.
1 Aug. 10
Dec.
1 Nov. 10
Sept.
1 Aug. 10
2-10-39
3-1-39
Sept. 1 Aug. 12
Aug. 15 July 31
6
Aug.
8 July
6
Aug.
8 July
July 20
July 15
Aug. 18
Aug.
Quarterly
Domestic Finance Corp., cum. pref. (quar.).—
Dominguez Oil Fields (monthly)
—
Dominion Bridge, Ltd. (quar.)
Dominion Tar & Chemical pref. (quar.)
—
25c
50c
25c
30c
i
Dow Chemical
Preferred (quar.)
50c
Duplan Silk Corp. (semi-ann.)--.
Early & Daniel Co., pref. (quar.)
22
1 Nov. 19
I
Oct.
1 Oct.
Dec. 23 Dec. 23
Aug.
m
25c
Dr. Pepper Co. (quar.)
Sept.
Nov. 18
Dec.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
July 27
31 Aug. 22
_
July
July
July
July
15 Aug.
30 Sept.
15
1
15
15
30
12
30
30
5
20
Preferred (quar.)
Preferred (quar.)
SIX
SIX
SIX
Preferred
$1"
Mar. 31 Mar. 20
June 30 June 20
July
30 June 30
Oct.
15
(quar.)
$1H
15
Aug. 15
Aug. 15
Aug. 15
Sept.16
Aug. 15
Aug.
1
Sept.10
Aug.
1
Aug. 15
Sept. 30
Aug.
1
Aug.
1
Aug. 15
Sept.
1
Aug.
2
$1H
Continental Can Co., Inc. (quar.)
Continental Oil Co
11
10
15
15
Aug.
5
Julyj
Aug.
July
July
1 July 13
1 Sept. 6
Aug.
Consol. Chemical Industries, class A (quar.)—
Consolidated Cigar Corp. preferred (quar.)
Prior preferred (quar.)
.—
Consolidated Edison Co. of New York, Inc—
Consol. Press Ltd., class A (quar
June 30
1 Nov. 10
1 Nov. 10
Dec.
SIX
Consolidated Oil Corp. (quar.)
Preferred (quar.)
31
26
15
15
1 Dec. 19
Dec.
m
$5 pref. (qu.)
Consolidated Laundries, pref. (quar.).
July
July
July
July
Oct.
75c
5H% preferred (quar.)
Aug.
1
Aug. 15
Aug. 15
Aug.
1 July
July 30 July
July 30 July
Sept. 1 Aug.
Sept. 1 Aug.
12 He
Coniagas Mines, Ltd
Connecticut Light & Power common.--
June 30
July 18
July 21
Jan.
$1.10
31 He
50c
Columbus & Xenia RR
Commonwealth Edison Co. (quar.)
Community Public Service.
Confederation Life Assoc. (Toronto) (quar.)
Quarterly
July 20
July 20
Aug. 15
1 Aug. 15
1 Aug. 19
1 July 15
1 Sept. 19
Sept.
Sept.
Aug.
$3
15
June 38
SIX
Ry. (semi-ann.)
t37Hc
Ltd
tsix
(quar.)--——
Canadian Fairbanks Morse (resumed)
Canadian Industries. A and B
Canadian Investment Corp. (quar.)-Carolina Insurance Co. (semi-annual)
Castle (A. M.) & Co. (quar.)
Caterpillar Tractor
Preferred (quar.)
Cedar Rapids Mfg. & Power (quar.)
Celotex Corp., preferred (quar.)
Central Arizona Light & Power, $7 pref. (quar.)
$6 preferred (quar.)-—-——
...
Central Hudson Gas & Electric (quar.)
Central N. Y. Power, preferred (quar.)
Central Ohio Steel Products-Central Power & Light, 7% preferred
6% preferred
.
Centrifugal Pipe Corp. (quar.)..
Quarterly
—
Canada Southern
Canadian Bronze Co.,
Eastern Township Telephone
Electric Bond & Share Co. $6
20
20
Holders
Payable of Record
Company
Eastern Theatres, Ltd., 7% preferred (s.-a.)—
1 Sept. 15
Aug.
1
Aug. 15
Aug. 15
Aug. 15
When
Name of
22
1 Nov. 25
July
July
July
July
Sept.
July 30, 1938
20
Sept. 6 July 30
1
Aug. 15 Aug.
Oct.
I~"
10 July
30 July
1 July
15 July
1 Aug.
15 Sept.
ly
1
1 Nov. 25
$1
31c
—
Dec. 31 Dec.
1 Aug. 25
$1
Atlantic Refining Co.. pref. (quar.)
15
Sept. 30 Sept. 15
Dec.
$134
Atlantic Macaroni Co., Inc. (quar.)
Dec. 31 Dec.
Sept.
75c
50c
50c
-
Sept.
Sept.
Sept.
1 July 20
1 July
5
1 July
5
10 July 30
10 July 30
1 July 15
1 July 25
24 Sept. 1
1 Aug. 15
30 Sept. 15
SIX
40c
—
Anglo-Canadian Telep., 5H % pref
Aug.
Sept. 15
SIX
50c
(guar.)
American Reserve Insurance (quar.)
Associated Telep. &
$Ti
37Hc
American
American Ship Building
American Smelting & Refining Co
Preferred (quar.)
Aug.
Aug.
50c
Quarterly—
7% preferred (quarterly)
7% preferred (quarterly)
Amalgamated Sugar 5% pref. (quar.)
American Re-Insurance Co
1
Aug.
Aug.
Aug.
Aug.
1234c
25c
-
Aluminium Ltd., pref. (quar.)
Aluminum Mfrs., Inc. (quar.)
American Paper Goods
Sept.
Sept.
Oct.
$1
87 He
t50c
Holders
1 July 15
1 July 22
1 July 22
1 Aug. 15
1 Aug. 15
15c
.—
Alaska Packers Assoc. (quar.)
———
Allentown Bethlehem Gas Co., 7% pref. (quar.)
Allied International Investing, preferred—
Animal
Aug.
Aug.
30c
20c
Extra
Amerada
Aug.
$1H
—-
Agnew-Surpass Shoe Stores (s.-a.)
-
When
Payable of Record
25c
Adams (J. D.) Mfg. (quar.)--
Chronicle
36c
pref. (quar.)
$5 preferred (quar.).
Elizabeth & Trenton RR. Co. (semi-ann.)5% preferred (semi-ann.)
Empire Casualty (Dallas) (quar.)
Quarterly
Employers Casualty Co. (Dallas, Tex.) (quar.)_
Employers Group Assoc. (quar.)
Emporium Capwell Co. 4H% Pref. A (quar.)—
4 H % preferred A (quar.)
Emsco Derrick & Equipment (quar.)
—
Kopens Smith Co. (s.-a.)
—
Erie & Kalamazoo RR
Eureka
—
Pipe Line Co_
Faber, Coe & Gregg, 7% pref. (quar.)
Fairchild Aviation Corp
M
S1H
Dec. 31 Dec. 20
July "6"
July
6
Sept. 20
Sept. 20
Aug.
Aug.
Oct.
Oct.
25c
Aug.
25c
Nov.
25c
56 He
July 23
Aug.
July 30 July 16
Oct.
1 Sept. 17
56Hc
Jan.
25c
15c
$2
$2H
50c
$1H
15c
_
3 Dec. 24
Aug. 25 Aug. 19
Aug.
1 July 25
Aug.
1 July 26
Aug.
1 July 15*
Aug.
1 July 20
Aug. 10 July 26
Volume
147
Financial
Chronicle
689
M
P*r
Name of Company
Shate
Farm-rs & Traders Life Insurance
(Syracuse)
Federal Insurance Co. (J. O., N.
J.) (quar.)
Federated Department Stores. Inc
Holders
When
$214
10
20
20
20
16
18
18
22
Aug. 20
July 20
July 20
July 25
Sept.
Sept.
July
July
July
July
July
July
Oct.
35c
Oct.
25c
July
4H % conv. preferred (quar.).
$1.06 4 July
Fibreboard Products. 6% prior pref.
(quar.)
$1H
Aug.
Fidelity & Deposit of Maryland (quar.)
July
Extra
July
Fidelity Fund, Inc
10c
Aug.
Ford Motor of Canada, 5H%
pref. (seml-ann.)
Sept.
$2%
Franklin Fire Insurance (quar.)
25c
Aug.
Extra...
10c
Aug.
Franklin Rayon Corp., $2 H prior
62 He
pref. (quar.)
Aug.
S2H prior preferred (quar.)
Nov.
62 He
_
-----
Freeport Sulphur
common (quar.)
Fuller Brush Co. class A (quar.)
50c
12Hc
Fuller (Geo. A.) 7% pref. (quar.)
$1*4
Fulton Industrial Securities, $3H
pref
Gardner-Denver Co. pref. (quar.)
Gas Securities Co. common
87 He
75c
(monthly)
H%
Payable in scrip
6% preferred (monthly)
i
General Cigar Co., Inc., preferred
50c
•SI *4
50c
General Foods Corp. (quar.)
$4H pref. (initial quar.)—..—
General Metals Corp. (quar.)
General Mills Inc. common
(quar.)
General Motors Corp. $5 prer. (quar.)
$1H
25c
75c
General Telephone Allied Corp. $6 pref. (quar.)_
Gillette Safety Razor pref. (quar.)
Globe Democrat Pub. Co. 7% pref.
(quar.)
Globe & Republic Insurance of Amer.
(quar.)__
SI 4
51H
S1K
$1*4
12Hc
Goldblatt Bros, (stock dividend)
l-60th of
a
share of
com.
Per
Payable of Record
Oct.
Sept.
Aug.
Oct.
Aug.
Aug.
Aug.
25
Aug.
July
Sept.
July
July
July
15
25
22
15
20
15
July
Aug.
Aug.
Sept.
Aug. 15 July
Aug.
1 July
Aug. 15 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Sept. 1 Aug.
July 30 July
July
Aug.
_
15
16
25
11
30
9*
11
15
1
20
20
18
for each share held.
Name of Company
Share
Lane Bryant, Inc.,
7% pref. (quar.)
!*4%
Lansing Co. (quar.)
25c
Lanston Monotype Machine
$1
Law beck Corp.,
6% pref. (quar.)
Lee Rubber & Tire
$1H
25c
Lehigh Portland Cement Co
4% preferred
Lerner Stores Corp. pref.
(quar.)
25c
$1
Aug.
Sept.
25c
Sept.
Sept.
Sept.
Class B (quar.)
Lincoln National Life Insurance
(Ft. Wayne)
30c
Quarterly
Lincoln Printing Co., pref.
(quar.)
Nov.
Oct.
26
Aug.
Sept.
July
Aug.
Sept.
Aug.
19
10
15
25
Dec.
Nov. 25
25c
Preferred (quar.)
Little Miami RR., special
guaranteed (quar.)_Special quaranteed (quarterly)
Original capital
Original capital
$1%
50c
50c
$1.10
$1.10
Lockhart Power 7% pref. (s.-a.)
Lock-Joint Pipe Co. 8% pref. (quar.)
8% preferred (quarterly)
$3s1
$2
15c
Loew's, Inc., $6H preferred (quar.)
Lone Star Gas Corp
Preferred (quar.)
Longhorn Portland Cement Co.—
5% refunding participating pref. (quar.)
20c
$1.63
Extra
(quar.)
Sept. 15 Aug. 15
Loose-Wiles Biscuit Co
7% cum. preferred (quar.)
Grace National Bank (N. Y.)
SI *4
July 12
Aug.
Aug. 25
Sept.
3
Aug. 15 Aug.
1 July 23
Aug.
Lord & Taylor 1st nreferred
(quar.)
2nd preferred
(quar.)..,.
'
Great Lakes Dredge & Dock Co
Great Lakes Engineering Works (quar.)
Great Southern Life Insurance Co. (quar.)
15c
35c
Preferred
Oct.
10 Oct.
1
80c
Great Western Electro-Chemical Co
Green (H. L.) Co. (quar.)
Aug.
Aug.
Aug.
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
5
Oct.
15 Aug.
July
July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
30 July
July
July
July
15 Aug.
July
July
15 Aug.
15 Aug.
15 July
15 July
26 Aug.
30 Sept.
Aug.
July
July
July
July
July
15 July
15 July
Aug.
Aug.
July
July
July
July
July
July
July
July
July
July
July
10 July
15 July
Sept.
Jan.
3 Dec.
40c
(quar.)
$1*4
Group Securities, Inc.—
Agricultural
1.5c
Extra
lc
Automobile
'
_
0.4c
Extra
1.6c
Aviation (extra)
lc
Building
Chemical..———
lc
-
_
.9c
........
Extra
2.1c
Distilling and brewing
1.5c
Electrical equipment
Extra
2.3c
Food
1.5c
Industrial machine
2.3c
Extra
0.7c
1.7c
M erch andising
2.5c
Mining
1.9c
Extra
....
...
....
...—
1.1c
Petroleum
1.2c
Extra
1.3c
Railroad
0.5c
Tobacco
2c
Extra
0.5c
J tilities
Hat Corp. of Amer.. 6 H % pref. (quar.).
Hartford Electric Light
Hartford Times, 5H% pref. (quar.)
;
_
.—
...
Havana Elec. & Utilities Co., 6% cum. pref
Hearn Department Stores preferred (quar.)...
Hecker Products Corp. (initial quar.)....
Heilman
(G.) Brewing (quar.)
(duar.)
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly)—
Monthly
Hobart Mfg. classA (quar.)
Holly Sugar Corp. preferred (quar.)..
Home Insurance Co. (N. Y.) (quar.)
Hercules Powder Co. preferred
Extra
75c
15c
25c
1 H%
75c
$1
15c
15c
37 He
$1*4
25c
15c
Homestead Fire Insurance (s.-a.)
Border's. Inc. v,quar.)
Hormel (G. A.) & Co. (quar.)__.._.
Preferred
50c
25c
37 He
(quar.)
Horn (A.C.) Co.,7% non-cum.pr. partic.pf.(qu.)
6%
2c
$14
68 He
68*4c
t75c
81H
8Hc
2d partic. preferred (quar.)
45c
Horn & Hardart (N. Y.) (quar.)
Home (Joseph), 6% preferred
(quar.)
Houston Light & Power, 7% prer. (quar.)--
30c
non-cum.
81H
$1*4
$1H
$6 preferred (quar.)
Humberstone Shoe Co., Ltd. (quar.)
Hussman-Ligonier
50c
(quar.)
25c
Hydro Electric Securities
5% preferred B (semi-ann.)
7% preferred (quar.)
$6 preferred (quar.)
Illinois Northern Utilities, 6% pref. (quar.)
Illuminating & Power Securities Corp. (quar.)__
7% preferred (quar.)..Imperial Life Assurance Co. (Canada) (quar.)..
Quarterly
Incorporated Investors
International Cigar Machinery Co
Interchemical Corp. preferred (quar.)
International Business Machines Corp. (quar.).
International Harvester preferred (quar.)
International Metal Industries, 6% pref
6% preferred, class A
International Nickel Co. of Canada, Ltd..pref..
Idaho Power Co.
...
quarterly
,
Kalamazoo Stove & Furnace
July 30 July
1 July
Aug.
1 July
Aug.
Oct. 10 Sept.
Sept. 1 Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
Sept. 1 Aug.
Dec.
20c
Aug.
July
Aug. 31 Aug.
Sept. 20 Sept.
Aug.
1 July
July 31 July
July 31 July
Sept. 1 Aug.
50c
$1H
S1H
$1*4
$1H
M
87>fc
$1*4
12 He
Kellogg Switchboard & Supply
Preferred
$1
$1H
t$3*4
30c
$3H prior preferred (quar.)
Interstate Dept. Stores, Inc., pref. (quar.)
Iron Fireman Mfg. vtc conv. (quar.)
vtc com.
$1*4
$1H
$1H
30c
International Utilities Corp. $7 prior pref. (qu.)_
Ironrite Ironer Co., 8% pref. (quar.)
Jantzen Knitting Mills pref. (quar.)
Jewel Tea Co., Inc. (quar.)
20c
25c
15c
(quar.J.
Kemper-Thomas, 7% special pref. (quar.)
7% special preferred (quar.)
Kentucky Utilities, 7% jr. preferred (quar.)...
Klein (D. Emil) 5% pref. (quar.)
Kokomo Water Works Co., 6% pref. (quar.)
Kress (S. H.) & Co
Special preferred (quar.)
Kroehler Mfg. Co. 6% class A pref. (quar.)
6% class A preferred (quar.)
Kroger Grocery A Baking Co., 7% pref. (quar.)
Kansas City lire & Marine Insurance
Kennecott Copper Corp
.....
Kerr Lake Mines, Ltd
Kings County Trust Co. (quar.)
Klein (D. Emil) preferred (quar.)
Land is Machine (quar.)
Quarterly
......................
7% preferred (quar.)
7% preferred (quar.)
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
$1*4
87Hc
62 He
S1H
40c
15c
S1H
S1H
$14
30c
25c
5c
$20
Dec.
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
18
15
15
1
28
11
Nov. 15 Nov.
Sept. 16 Sept.
Dec.
15 Dec.
Oct.
Jan.
Dec.
214
Aug.
Aug.
Aug.
Aug.
July
23
29
20
15
Aug. 20
Aug. 20
July
July
July
Nov. 21
Nov. 21
July 26
Sept. 17
Aug. 17
July 15
Sept. 1*
July 18
Aug.
Sept.
Aug.
Aug.
-
Aug.
1
Aug.
Aug.
1
July 30 July 20
Oct.
1 Sept.21
....
Gold Mining
Lunkeqheimer Co., 6H% preferred (quarterly).
6H% preferred (quarterly)...
Lynch Corp
Lyon Metal Products, Inc., 6% pref. (quar.)..
McCall Corp. (quar.)
McClatchy Newspapers, 7% pref. (quar.).
7% preferred (quarterly)
McCrory Stores preferred vquar.)
Jan.
...
1
Dec.
21
Aug. 15 Aug.
5
1 July 15
Aug.
1 July 15
Aug.
Aug. 31 Aug.30
Nov. 30 Nov. 29
Aug.
Aug.
1 July
1 July
Sept.
McGraw Electric Co. (quar.)
Mclntypre Porcuuine Mines Ltd..
McLellan Stores, nreferred (quar.).
Macy (R. H.) & Co. (quar.)
1
Aug.
20
18
Aug.
1
1 July 11
1 Aug. 12
Sept.
Aug. 31 Aug. 16
Aug. 15 Aug.
5
Madison Square Garden
Magnin (I.) & Co. 6% pref. (quar.)
Preferred (quarterly)
Managed Investments, Inc. (quar.)
Manising Paper Co. 5% 1st pref. (quar.)_,
Massachusetts Bonding & Insurance Co..
May Dept. Stores (quar.)
Maytag Co., 1st preferred (quar.)
Cumulative preference (quar.)
Meadville Telephone Co. (quar.)_
Mehi Corp
Meier & Frank, Inc. (quar.)
Melville Shoe Corp. common (quar.)
Preferred (quar.)
Nov. 15 Nov.
5
Aug. 15 Aug.
1
1 July 20
Aug.
5 July 28
Aug.
Sept. 1 Aug. 15
1 July 15
Aug.
1 July 15
Aug.
Aug. 15 July 31
1
Aug.
..July 15
Aug. 15 Aug.
1
1 July 15
Aug.
1 July 15
Aug.
.
Merchants & Manufacturers SecuritiesClass A and B (quar.)
5
Aug. 15 Aug.
Aug. 15 Aug.
5
July 30 July 20
Participating preferred (partic. div.)_.
Merchants & Manufacturers Fire Insurance
6% preferred allotment ctfs. 5% paid
Michigan Bakeries, Inc., $7 pref. (quar.)
$1 non-cum. prior preferred (quar.)
Michigan Gas & Electric, 7% prior lien
$6 prior lien
Michigan Central Railroad (semi-ann.)
Michigan Public Service Co., 7% pref. (quar.)..
6% nreferred (quar.)
16
20
16
15
15
15
Middlesex Water Co.
(quar.)
t25c
$15*
25c
87 He
75c
$25
$1*4
$1H
75c
20
Milwaukee Electric Ry. & Light Co., pref
20
Mine Hill & Schuylkill Haven RR (s.-a.)
30
30
Minneapolis-Honeywell Regulator Co. (quar.)_.
Minnesota Valley Canning Co. 7% pref. (quar.).
Mississippi Power & Light, $6 pref. (quar.)
Monmonth Consol. Water Co., $7 pref. (quar.)
Monsanto Chemical Co. $4H class A pref. (qu.)
Montana Power $6 preferred (quar.)
15
15
12
23
15
15
15
20
18
18
15
15
15
30
30
$1H
Montreal Light Heat & Power Consol. (quar.)..
Montreal Light Heat & Power Co. (quar.)
Moody's Investors Service preferred (quar.)
Moore (W. R.) Dry Goods (quar.)
Quarterly
Morris (Philip) & Co., Ltd., Inc.—
5% conv. cum. preferred series A (Initial)
Morris Plan Insurance Society (quar.)
Quarterly
Munising Paper Co. 5% 1st pref. (quar.)
$1*4
$1H
$1*4
$24
$1H
38c
$2
75c
$1H
$1H
Oct.
1
Oct.
1
2 Jan.
2
Sept.
Sept.
1 Aug. 15
1 Aug. 27
Dec.
1
25c
Mutual Chemical Co. of Amer. 6% pref. (qu.)
Mutual Telephone (Hawaii) (quar.)
National Automotive Fibres preferred (quar.)..
National Biscuit Co. pref. (quar.)
—
6% preferred (quar.)
iiB
20c
$1H
$1*4
15
National City Bank of New York (semi-ann.)
National City Lines $3 pref. (quar.)
National Credit Co. (Bait., Md.), cl. A (quar.)_.
l*4c
15
2
National Dlsfillers Products (quar.)
National Lead Co. pref. B
$1H
20*
20*
National Liberty Insurance Co. (s.-a.)
20
National Paper & Type. 5% pref. (semi-ann.).
National Power & Light Co., $6 pref. (quar.).
20
25
6
20
11
11
22
1
20
20
20
20
—
10c
10c
4c
—
$1
Neisner Bros., Inc., 4*4% conv. preferred---$ 1.18*4
t$2
Neptune Meter Co. preferred
Nevada-California Electric Corp., pref
$1
Newberry (J. J.) Realty Co., 6H % Pref. A (qu.)
$14
6% preferred B (quar.)
$1H
—
-—m
Preferred (quar.)
New England Water, Light & Power Assoc.
6 % preferred (quar.)
New Process Co
Preferred (quar.)
New York Merchandise Co
Niagara Hudson Power 1st pref. (quar.)...
2a preferred class A & B (quar.)
20
12
5
3
6
$14
$1H
15c
Quarterly
Nation-Wide Securities class B
50c
75c
50c
—
Nehi Corp., common
1 Nov. 10
Aug.
1 July 12
July 30 June 30
Aug. 15 July 31
Aug. 15 Aug.
1
Jan.
$1H
6
18
20
22
5
10
Dec.
21
18
18
15
15
21
15
15
24
15
15
4
23
15
1
ii
Muskogee Co. 6% cum. pref. (quar.)—•
Extra..
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
July 30 July
Aug.
1 July
Aug.
1 July
Sept.
1 Aug.
Aug.
1 July
Aug.
1 July
Aug. 20 Aug.
Aug.
1 July
Aug.
1 July
Aug. 15 Aug.
84c
«»«»•»
30
31
30 July
30 Sept. 2
15 Aug.
1
Aug.
1 July 25
Aug.
1 July 20
Aug. 15 Aug.
5
$14
$1*4
Sept. 30
Sept. 21
Metropolitan Industries Co.—
30
31
25c
Louisville Henderson & St. Louis RR
5% preferred (semi-ann.)
1
1 Nov. 21
1 July
Nov. 25
Sept.
Sept.
Louisiana Land & Exploration Co. (quar.)
Louisiana Power & Light $6 preferred
(guar.).
Lucky Tiger-Combination
Aug. 25
Dec.
Oct.
4
25
25
1 Nov. 10
Aug. 20 Aug.
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Sept.
Dec.
Aug.
July
Sept.
Aug.
15
15
Sept.
Aug.
.
5% preferred (quar.)..
25c
Oct.
Dec.
Dec.
Extra
$14
Sept.
Sept.
Sept.
Loew's Boston Theatres
(quar.)
5% refunding participating pref.
Aug.
30c
87Mc
Link Belt Co
Goodyear Tire & Rubber Co. $5 conv. pref. (qu.)
Gotham Silk, Hosiery Co., Inc.,
3%
Oct.
65c
Libby-Owens-Ford Glass
Liggett & Myers Tobacco (quar.)__
July 15
Aug. 10
Aug. 19
July 20
July 15
July 14
Sept.14
July 20
Aug. 31
Aug. 31
Aug. 16
Aug. 16
July 26
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
$1H
Leslie Salt Co. (quar.)
-«4
Holders I
When
Payable of Record
$14
$1H
50c
$15*
10c
$14
1900 Corp., Class A (quar.)
Class A (quar.)
NiDissing Mines, Ltd
Norfolk & Western Ry, (quar.)
Preferred (quar.)
North American Edison Co.. pref. (quar.)
North American Oil Consolidated (quar.)
North Carolina RR. Co., 7% gtd. (semi-ann.)_
Northern Illinois Finance Corp. (quar.)
Preferred (quar.)
50c
15c
vg
$3H
25c
37 He
Nov. 26
Aug.
1 July 20
Sept. 1 Aug.
9
Sept. 28 Sept. 15
Dec. 28 Dec.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
15
1
31
1
1
15
1
1
15
15
15
1
1
Aug.
July
July
July
July
July
July
July
July
-
_
12
9
16
30
15
22
30
30
30
June 27
Aug.
July
July
July
July
July
July
1 July
1 Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
1
Aug. 15
15
Sept. 6
July 25
July
July
July
July
July
July
Aug.
Nov. 15 Nov.
1
15
15
15
25
15*
16
16
16
15
21
21
20
15
15
1
1
Aug. 22 Aug.
1
Sept. 19 Aug. 31
Aug. 19 July 30
Sept.
1 Aug. 15
Aug.
5 July 25
Aug.
1 July 21
Aug.
1 July 15
Aug.
1
690
Financial Chronicle
Per
Share
Name of Company
$2
Northwestern Yeast (liquidating)
Liquidating
—
Noyes (Chas. P.) Co. 6% pref. (quar.)
$2
2214c
Jan.
%\X
SIX
Nov
10c
50c
(quar.)
SIX
58 l-3c
—
7% preferred (monthly) ——
—
50c
6% preferred (monthly) —
- —
412-3c
5% preferred (monthly)
—
$1
Okonlte Co. (reduced)
50c
Oliver United Filters, class A (quar.)-.———
—
Preferred
(quar.)-
__
—-
—
UK
10c
-
$234
Oswego & Syracuse JRR. Co. (s.-a.)—
50c
Outboard Marine & Mfg. Co
Outlet Co., common (quar.)
1st preferred (quar.)
2nd preferred
—_
-
-
—
(quar,)..
Oxford Pine Line, 7% pref.
Glass
Owens-Illinois
.
————
20c
5% preferred (quar.)
534% preferred (quar.)
75c
Pacific Lighting Corp. (quar.).
Pacific Power & Light $7 preferred
$6 preferred-
mx
mx
Pacific Public Service 1st pref. (quar.)
32m
Airways
Parker Pen Co. (quar.)
Passaic & Delaware Extension RR. (s.-a.).
Peninsular Telephone Co. common (quar.).
25c
—
$1X
Quarterly.
7% A preferred
A preferred
Penmans, Ltd. (quar.)
Preferred (quar.)
Pennsylvania Power Co. $6 preferred (quar.)
$6.60preferred (monthly)--$6.60 preferred (monthly)
Pennsylvania Salt Mfg
.
—
55c
55c
$1
75c
SIX
Pharis Tire & Rubber (quar.)
—
2Uc
25c
SIX
50c
25c
50c
15c
—
Pitney-Bowes Postage Meter (quar.)- ———
Pittsburgh Bessemer & Lake Erie (s.-a.).
Pittsburgh Brewing preferredi—-.
Pittsburgh Coke & Iron, $5 pref. (quar.)
Pitts Ft W. & Chicago By.—
7% preferred (quar.)
— —
7^o preferred (quar.).
'% preferred (quar.)
10c
75c
$1
SIX
SIX
SIX
SIX
SIX
SIX
SIX
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Youngstown & Ashtabula Ry.
7% preferred (quar.)
7% preferred (quarterly).
SIX
Pollock Paper & Box Co. 7% preferred (quar.)
SIX
7% preferred (quar.)
six
Portland & Ogdensburg Ry. (quar.)
50c
Portland RR. Co. (MeA, 5% gtd. (s.-a.)_
$214
Potomac Edison Co. 7% preferred (quar.)
SIX
6% preferred (quar.)
SIX
Procter & Gamble Co. (quar.)
50c
Protective Life Insurance Co. (Ala.) (s.-a.)
30c
Provincial Transport Co
10c
Public Electric Light Co. (quar.)
25c
Public Service Co. of Colorado, 7% pref. (mo.). 58 l-3c
6% preferred (monthly)
50c
5% preferred (monthly)
41 2-3 c
—
—
Public Service of New Jersey
50c
8% preferred (quar.)
7% preferred (quar.)
$5preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
$2
SIX
SIX
50c
50c
50c
Public Service of Northern Illinois (quar.).
75c
No par common (quar.)
75c
Pullman, Inc
3714c
SIX
Quaker Oats Co. pref. (quar.)
Quarterly Income Shares (quar.)
Quebec Power Co. (quarterly)
Raymond Concrete Pile (quar.
Preferred (quarterly)
30c
25c
25c
75c
Reed (C. A.) $2 preferred A
f5l)c
Reading Co. (quar.)
1st preferred
25c
(quar.)
50c
2nd preferred (quar.)
50c
Reliance Manufacturing Co
Republic Insurance Co. (Texas) (quar.)
Republic Investors Fund, 6% pref A. & B. (qu.)
Reynolds (R. J.) Tob. Co., com. & com. B (qu.)_
Rich Ice Cream Co., Inc
Rich's, Inc. (quarterly)..
;
$114
3714c
SIX
SIX
a.
18c
Rolland Paper Co., Ltd. (quar.)—
25c
6% preferred (quar.)
Bros., Inc., preferred (quar.)
Rose's 5-10 & 25 Cent Stores (quar.)
St. Lawrence Flour Mills
(quar.)
Preferred (quar.)
San Francisco Remedial Loan Assn.
(quar.)
$114
Roos
20c
25c
SIX
75c
Quarterly
Seton Leather Co., common
15
5
5
15 Nov.
Aug. 15 Aug.
5
Aug.
1 July 21
Sept. 1 Aug. 20
Aug.
1 July 20
Sept. 1 Aug. 20
Sept. 15 Aug. 31
Aug.
1 July 12
1
Oct.
4
1-3-39
4-1-39
7-1-39
10-1-39
2-40
I"
(quar.)
(quar.).""
~~
III" I
35c
25c
$194
$1 X
50c
A"
Sierra Pacific Power Co. pref.
(quar.)
Signode steel Strapping preferred (quar.)_.
Silex Co. (quar.)
Simpson's, Ltd., preferred
"
Skelly Oil Co., 6% preferred (quar.)
""
S. M. A. Corp
Smith Agricultural Chemical Co.
(irregular).I"
6% preferred (quar.)
SIX
87 Xc
20c
$134
6234c
25c
SIX
$134
7c
$1
$134
12-10-39
Aug. 20
Nov. 21
Sept. 15 Sept. 15
Dec.
15 Dec.
15
Aug. 31 Aug. 20
Aug.
1 July 16
Aug.
1 July 20
Aug.
1 July 20
Aug. 15 July 25
Aug.
1 June 25
Aug. 15 Aug.
1
Aug.
1 July 22
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 15
Sept.30 Sept. 1
Sept.15 Aug. 15
Sept.15 Aug. 15
Sept.15 Aug. 15
Aug. 1,5 July 15
Sept.15 Aug. 15
lOct. 15 Sept. 15
'Aug.
July 15
Aug.
July 15
Sept.15 Aug. 24
Aug. 31 Aug.
1
Aug.
July 15
Aug. 15 July 25
Aug.
July 20
Aug.
July 20
Aug.
July 20
Aug. 11 July 14
Sept,
Aug. 18
Oct.
13 Sept. 22
Aug.
Tuly 21
Aug. 25 Aug. 10
July 16
Aug.
Aug. 15 July 25
July 15
Aug.
Aug.
July 20
Aug.
July 15
Sept.
Aug. 19
Sept.
Aug. 12
Sept.
Aug. 12
Aug.
July 15
Aug. 15 Aug.
5
Aug. 15
Sept.
Aug.
July 15
July 20
Aug.
July 20
Aug.
July 20
Aug.
Sept. 30 Sept.14
Dec.
25c
12-10-38
3-10-39
6-10-39
9-10-39
Dec
Sept. 15
Aug. 15
Sept.15
Aug.
1
Aug.
Aug.
$134
$134
Sept. 10
Sept.
75c
40c
Sept. 24
Aug. 20 Aug.
5
Sept. 9 Aug. 19
Sept.
I Aug. 10
II July
Aug.
8
Oct.
1 Sept.
9
Aug.
1 July 15
Sept.
1 July 29
Aug. 15 July 25
Aug. 20 Aug.
1
Oct.
1 Sept. 15
Aug. 15 July 29
Sept.
Aug. 19*
40c
Shamokin Valley & Pottsville RR.
(s.-a.)
Sharp & Dohme, Inc.. $3 34 preferred, series
Shawinigan Water & Power (quar.)
60c
30c
(quar.)
$6 preferred (quar.)
Security Insurance Co. (New Haven)
Servel, Inc.
Preferred (quarterly)
Preferred (quarterly)
15c
50c
Riverside Cement $6 1st preferred (quar.)
Rochester Button Co. preferred (quar.)
Rochester Gas & Electric 5% prel. (quar.)
6% preferred C & D (quar.)
Rockland Light & Power
Scott Paper Co. (quar.)
Scotten Dillon Co
Seaboard Oil Co. (Del.) (quar.)
Securities Corp. General $7 preferred
10c
30c
Dec.
Oct.
15c
Phelps Dodge Corp
Philadelphia Co. preferred (semi-annual)
Philadelphia Electric Co., $5 pref. (quar.)
Philadelphia Electric Power pref. (quar.)—;—
Philadelphia Insulated Wire (semi-ann.)—_—
Phillips Petroleum Co
_
$114
—
Peoples National Bank (Bklyn.) (s.-a.)
Peterborough RR. Co. (s.-a.)
til !
Aug. 15 Aug.
75c
-
Pierce Governor Co_
50c
1634c
$134
3714c
3494c
Pacific Gas & Electric Co., 6% pref. (quar.)
•
75c
SIX
$114
314%
(semi-ann.)
—
Pacific Finance Corp. 8% pref. (quar.)
6 34% preferred (quar.)
Pan American
50c
-
———
-- -- -- -- -
Oswego Palls Corp. (quar,)---
15 Nov. 30
1
5
1
20
20
15
Oct.
Sept.
Aug.
Sept.
July
July
July
Aug.
Sept.
Jan.
Dec.
17
Sept.
18
15
Aug.
July 18
Aug.
July 15
July 15
Aug.
Aug. 15 July 28
Aug.
1 July 20
1
Aug.
5 Aug.
Aug. 10 July 30
Aug.
1 July 23
6
Aug.
1 July
Aug.
1 July 20
Aug.
1 July 21
Aug.
1 July 21
.
Per
Name of Company
Morgan) Co. (quar.)
Quarterly
Solvay American Corp. 534% pref. (quar.)
South Carolina Power Co. $6 Dref. (quar.)
South Pittsburgh Water Co.. 5% pref. (quar.)_
Southern Calif. Edison Co.. Ltd. (quar.)
6% preferred series B (quar.)__
_
Southern Canada Power Co., Ltd. (quar.)
Southern Indiana Gas & Electric Co.—
4.8%-preferred (quar.)
__
Spiegel, Inc., $434 preferred (quar.)
Standard Brands. Inc., pref. (quar.)
Steel Co. of Canada (quar.)
Preferred (quar.)
Stein (A.) & Co
____________
Sterling, Inc . (quarterly)
Preferred
(quarterly)
Sterling Products, Inc
—
Stott Briauet $2 conv. preferred
Strawbridge & Clothier prior pref. A.
Sun Oil Co. (quar.)
—
—■—
...
Preferred
When
Share
$1
Smith (S.
15
40c
25c
5% preferred (quar.)
(monthly)--
Oahu Sugar Co., Ltd,
Ohio Confection Co. class A (irregular)
Ontario Steel Products
Dec.
40c
25c
Ohio Public Service Co., 1st preferred
Sept.15
Aug.
1 July 25
July 30 July 15
July 30 July 15
Aug. 15 Aug.
6
Aug.
1 July 20
Aug.
July 15
Aug.
July 15
Aug.
July 15
Aug.
July 15
Aug.
July 15
Aug.
July 20
Aug. 15 July 30
Aug. 15 July 30
Aug.
1 July 23
Aug. 20 Aug.
5
Aug. 10 July 25
July 20
July 20
Aug.
1 July 20
Aug.
2 July 15
Aug. 15 July 30
Aug.
ljJuly 15
Aug.
1 July 15
Aug.
PJuly 15
Aug. 15 July 30
Aug. 15 July 30
Aug. 15 July 20
Aug.
July 18
Aug.
July 18
Aug.
July 15
Aug.
July 20
Sept.
Aug. 15
Aug.
July 22
Oct.
Sept.15
Shoe Co
Nunn-Busch
When
Holders
Payable of Record
July 30,
4354 c
15c
5c
37 34c
95c
t5)c
$134
25c
SIX
(quar.)
10c
Sun Ray Drug
Preferred (quar.)
Syracuse Binghamton & New York RR. (quar.).
Tacony-Palmyra Bridge pref. (quar.)
Taylor & Fenn Co. common (quar.)
Telautograph Corp
Tennessee Electric Power Co. 5% pref. (quar.)..
6% preferred (quar.)——
7% preferred (quar.)
7.2% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
;
7.2% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
Texas Gulf Sulphur (quar.)
Texas Power & Light, $6 pref. (quar.)
7% preferred (quar.)
Thatcher Mfg. preferred (quar.)
Toburn Gold Mines (quar.)
__—
__
3734c
$3
$1X
$134
10c
$134
$13*
$154
$1.80
6% preferred (monthly)
5% preferred (monthly)
Transamerica Corp. (semi-ann.) _
Trane Co. (quar.)
Preferred (quar.)
Triumph Explosives, Inc. (quar.)
Troy & Greenbush RR. Assoc. (s.-a.)
Tung-Sol Lamp Works, pref. (quar.)
208 So. La Salle St. Corp. (quar.)
Underwood Elliott Fisher Co. (quar.)
Union Gas Co. of Canada (quar.)
50c
60c
60c
60c
50c
SIX
six
90c
2c
25c
5c
Sept. 15
July 20
Aug. 15
Oct.
Sept. 15
Aug.
July 20
Sept.
Aug. 15
Oct.
Sept. 15
Sept. 15 Sept. 1
Aug.
July
Aug.
July
Aug. 15 July
Aug. 22 July
Aug. 22 July
Aug.
July
Aug.
July
Aug.
July
July 30 July
Aug. 15 Aug.
16
16
30
2'2e
22
15
15
15
15
1
Sept.
Aug.
1 July
20
Dec.
15 Dec
20c
50c
Aug.
50c
38c
Sept.
Sept.
Aug.
Aug.
Aug.
1 July
Sept
30 Sept.
15 Aug.
10 July
1 July
15 July
$154
$154
t$l
Oct.
18
15
30
1 Sept.
9
Jan.
3
Sept.
1 Aug. 15
20c
30c
$154
(quar )
—
United Gas Improvement (quar.)
Preferred (quar.)__
_______—.—
25c
$134
United Light & Railways, 7% prior pref. (mo.). 58 l-3c
58 l-3c
7% prior preferred (monthly)
58 l-3c
7% prior preierred (monthly)
6.36% prior preferred (monthly)
6.36% prior pre«erred (monthly)
6-36% prior preferred (monthly)
.<—
6% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United New Jersey Railroad & Canal (quar.)__
United States Fire Ins. Co. (quar.)
United States & Foreign Securities Corp.—
1st preferred (quar.)
United States Guarantee (quar.)
United States Hoffman Machine pref. (quar.)__
United States & International Securities—
1st preferred (quar.)
53c
53c
United States Pipe & Foundry Co., com. (quar.)
Common (quarterly)
Oct.
Sept.
1
1
50c
$134
30c
6854c
50c
50c
—
-
4 34 % preferred, with warrants
Preferred
Walton
(CJ & Co., 8% preferred (quar.)
Waltham Watch Co., 6% pref. (quar.)
-
-
■—
9
Oct.
Aug.
Aug. 15
Sept.15
July 15
1 July
15
1 Aug. 15
1 Sept. 15
Oct.
10 Sept. 20
1 July 22
Aug.
1 July 28
Sept. 30 Sept. 18
Aug.
1 July
21
Aug.
1 July 28
Sept. 20 Aug 31*
Dec. 20 Nov. 30*
1 July 19
$134
$134
Aug.
**f
$154
$154
$134
$1*4
25c
25c
$2
$134
SIX
»
Dec.
Aug.
$1$1
Walker (H.) Gooderham & Worts, Ltd
12*
20
1 Aug. 15
1 Sept.15
Oct.
75c
Upper Michigan Power & Light Co.
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Valspar Corp. $4 preferred (initial).
Vapor Car Heating Co., Inc., 7% pref. (quar.)_
7% preferred (quar.)
Virginian Railway pref. (quar.)
Vulcan Detinning Co. pref. (quar)
Walgreen Co
1
Oct.
Aug.
Sept.
Aug.
Sept.
$234
19
17
Sept. 30 Aug. 31
Sept. 30 Aug. 31
Aug.
1 July 15
50c
50c
50c
1
1
53c
.$134
Universal Leaf Tobacco Co., Inc__
Prior preferred (quar.).
Oct.
$154
__
_
United Fuel Investment, Ltd., 6% preferred
_
Aug.
July 15
Sept. 15 Sept. 1
Sept. 15 Sept. 1
7
Aug
July
7
Aug
July
1
Aug. 15 Aug.
Aug.
July 20
Aug.
July 20
Sept.
Aug. 15
Aug.
July 22
Sept.
Aug. 15
Sept. 15 Aug. 25
Sept.
Aug. 10
Aug.
July 18
Aug.
July 18
Aug.
July 22
June 17
Aug.
Aug.
July 18
Aug.
July 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Sept.
$134
Union Oil Co. of California
United Biscuit Co. of Amer. pref. (quar.)
United Corp. Ltd. $134 class A (quar.)
United Dyewood Corp. pref.
Preferred (quarterly)
30
Aug. 15 July
Aug.
3734c
_
1
50c
58 l-3c
50c
41 2-3c
_
1
Nov.
50c
On
Extra
Toledo Edison Co., 7% preferred ^monthly
Aug.
Nov.
Aug. 15 July 15
Oct.
Sept. 15
Aug. 19 Aug. 10
Aug. 15 July 20
Sept. 15 Aug. 20
J20c
1.2%
$134
$134
43 Xc
Holders
Payable of Record
Aug.
$1
SIX
$134
SIX
3734c
37 34c
1938
Nov.
Feb.
Aug.
July 27
Sept. 10 Sept. 1
Dec.
10 Dec.
1
Aug.
1 July
20 Oct.
16
Oct.
10
Aug.
1 July 15
Sept. 15 Aug. 26
Sept. 15 Aug. 26
Sept. 15 Aug. 26
Aug.
1 July 15
Oct.
3 Sept. 24
Oct,
3 Sept 24
Aug.
1 July 15
Warren Foundry & Pipe Corp
50c
Warren (Northam) Corp. $3 pref. (quar.)
Washington Gas Light (quar.)
75c
Sept.
30c
Aug.
1 July 15
Aug. 10 July 30
Cum. conv. preferred (quar.)
Weill (Raphael) & Co., 8% pref
$134
(s.-a.)
$4
—
West Penn Electric Co., 6% pref. (quar.)
7% preferred (quar.)
—
West Penn Power 7% preferred (quar.)
6% preferred (quar.)
West Virginia Pulp & Paper Co. pref.(quar.)
Westchester Fire Insurance Co. (quar.)
Extra_____,
Westinghouse Air Brake Co., quarterly
Quarterly
Westmoreland, Inc. (quar.)
Weston (Geo.) Ltd., preferred (quar.)
_
Westvaco Chlorine Products, preferred (quar.).
Quarterly
Wheeling & Lake Erie Ry., prior lien (quar)
Whitaker Paper Co. 7% pref. (quar.)
White (S. S.) Dental Mfg. (quar.)_
Wilson Line, Inc., 5% 1st pref. (s.-a.)____
Winsted Hosier Co (quarterly)
-
—
__
15 July
15 July
1 July
1 July
15 Aug.
1 July
1 July
30 June
25c
Oct.
31
25c
Oct.
1
Extra
10c
25c
Extra."
-
-—
Wood (Alex.) & James 7% 1st pref
Woolworth (F. W.) Co. (quar.)
Worcester Salt Co. 6%
pref. (quar.).
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Yale & Towns Manufacturing Co__
Zeller's, Ltd., 6% preferred (quar.)
5
5
1
21
21
30
Sept.30
Sept. 15
July 20
Aug.
25c
Sept.
Aug.
July 11
Aug. 10
July 25
Oct.
Sept. 17
15c
Aug. 15 July 30
Aug. 15 July 15
Aug.
July 15
Aug.
July 15
$234
$134
$134
.—
22
22
$134
3734c
50c
'
Quarterly
Extra
Wisconsin National Life Insurance
*
30c
15
1
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
$134
$154
$154
$134
—
____
Sept.
1 Aug.
50c
30c
20c
t$l 54
60c
$134
25c
25c
25c
15c
734c
Aug.
Nov.
Oct.
Nov.
Oct.
Aug.
July
Aug.
July
Aug.
July
Sept.
Aug.
Aug. 15 Aug.
Aug.
1 July
Sept.
Aug.
Oct.
1'Sept.
Oct.
1 Sept.
Aug.
llJuly
15
15
21
21
26
10
5
20
20
20
9
15
Transfer books not closed for this dividend,
t On
account of accumulated
dividends,
t Payable in Canadian funds, and in the case of non-residents of Canada?
a tax of 5% of the amount of such dividend will be made.
deduction of
Volume
Financial
147
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
The weekly statement issued
by the New York City
OF
OF
MEMBERS
in comparison
date last year:
CLEARING HOUSE
JULY 23, 1938
NEW YORK
THE
FOR THE WEEK ENDED SATURDAY,
ASSOCIATION
*
Capital
Clearing House
Net Demand
with the previous week and the
Time
Deposits
corresponding
Deposits,
Average
Surplus and
Undivided
Average
Profits
Members
York
New
The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 27, 1938,
Clearing House is given in full below:
STATEMENT
691
Chronicle
July 27, 1938 July 20, 1938 July 28,1937
$
Assets-
S
S
Bank of New York.....
20,000,000
National City Bank....
77,500,000
Chem Bank & Trust Co.
20,000,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
42,355,000
Cent Hanover Bk&Tr Co
21,000,000
Corn Exch Bank Tr Co.
15,000,000
10,000,000
First National Bank
Irving Trust Co
50,000,000
4,000,000
100,270.000
.....
Continental Bk & Tr Co.
Chase National Bank
45,,351,000
3.705,900
77,650,900
500,000
Fifth Avenue Bank.....
10,165,000
38,924,000
171,152,000
7,463,000
55,204,000
91,560,000
48,082,000
24,611,000
2,734,000
5,403,000
1,323,000
53,477,000
2,269,000
146,,367,000
13,479,700
452,,672,000
25,920,500
/58,700,000 al,462 ,557,000
495 ,438,000
54,904,400
182,010,400 61,371 ,289,000
477 ,518,000
45,129,400
C752 ,873,000
71,027,500
251,,887,000
18,409,400
521,,971,000
108,772,300
478,,136,000
61,411,100
39,,255,000
4,238,900
132,268,700 <11,949 ,837,000
6,000,000
Bank of Manhattan Co.
Gold certificates
Bankers Trust Co
25,000,000
Title Guar & Trust Co._
10,000,000
1,086,700
13,,103,000
Marine Midland Tr Co..
5,000,000
96,,782,000
12,500,000
9,058,600
27,846,700
7,000,000
8,176,500
293,,403,000
75,,649,000
9,084,100
83, 509,000
United States Treasury_ x......_ 4,534,489,000 4,500,356,000 3,372,267,000
Other cash
Total
4,648,072,000 4,612,650,000 3,451,403,000
reserves
Bills discounted:
Secured
by U. S. Govt, obligations.
fully guaranteed-
912,881,700
523,125,000
Totals
Includes deposits in foreign branches as follows:
a
4,758,000
415,000
2,347,000
1,528,000
2,419,000
7,105,000
213,000
4,190,000
4,192,000
1,130,000
5,860,000
226,407,000
357,242,000
196,498,000
210,233,000
362,343,000
191,397,000
780,147,000
780,147,000
725,029,000
786,077,000
786,971,000
739,124,000
68,000
66,000
86,000
5,115,000
131,021,000
9,874,000
14,637,000
6,308,000
144,966,000
12,265,000
142,414,000
10,053,000
12,713,000
—
Total
bills
".
discounted...
Bills bought in open market
Industrial
advances..
Government securities:
United States
Bonds
Treasury
notes
Treasury
7,000,000
Public Nat Bk & Tr Co.
2,004,000
212,000
or
1,133,000
395,000
226,407,000
direct
Other bills discounted
49,758,000
New York Trast Co
Comm'l Nat Bk & Tr Co
......
1,068,000
78,068,000
1,586,000
110,708,000
1,398,000
112,185,000
Redemption fund—F. R. notes
49,487,000
2,158,000
8,815,000
30,424,000
1,795,000
e806,,663,000
hand and due from
on
bills
333,705,000
181,091,000
654,804,000
9,814,260.000
Total U. S. Government securities..
§270.663,000; 6 §87,905,000^
c§6,684,000: d §117,073,000; eS36,181,000.
*
As per
returns
are
not
Total bills and securities...
Due from foreign banks...
publishes regularly each week
of a number of banks and trust companies which
members of the New York Clearing House.
The
"Times"
York
New
The
30, 1938; trust
National, June 30, 1938; State, June
/ As of July 5, 1938.
official reports:
companies, June 30, 1938.
Federal Reserve
of other banks...
Bank premises..
Ail other assets..
the figures for the week ended July 22:
^
IN ST IT UTIONS~NOT IN CLEARING HOUSE WITH "THE CLOSING OF
following
notes
Unco llected items
5,594,864,000 5,575,044,000 4,368,058,000
Total assets
.
FOR THE WEEK ENDED FRIDAY, JULY 22, 1938
AND STATE BANKS—AVERAGE FIGURES
BUSINESS
NATIONAL
Liabilities—
F. R, notes in actual circulation....—.
Loans,
Disc, hnd
Other Cash,
Res. Dep.,
Dep. Other
Including
N. Y. and
Banks and
Gross
Investments
Bank Notes
Elsewhere
Trust Cos.
Deposits
S
$
§
§
Manhattan—
Grace National
Sterling National
Trade Bank of N. Y.
160,100
7,479,800
2,806,500
5,861,000
303,130
2,241,022
6,072,000
282,356
Foreign bank.....
280,300
1,835,900
665,400
...
Other deposits
27,356,300
27,743,000
6,092,970
..............
People's National
—
88,600
COMPANIES—AVERAGE
TRUST
553,100
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities....
Res. Dep.,
Dep. Other
Banks and
Elsewhere
Trust Cos.
$
Cash
Surplus (Section 7)
FIGURES
N. Y. and
Loans,
Disc, and
Investments
8,170,000
5,674,400
S
44,930,000
204,620,000
128,677,000
50,959,000
51,943,000
7,744,000
8,210,000
2,422,000
Capital paid in
321,700
Federation.
Fiduciary..
Fulton
Lawyers..
United States
Total liabilities.
Ratio
of
total
deposit
to
reserve
51,095,000
51,474,000
7,744,000
9,117,000
974,000
and
87.0%
86.8%
84.0%
316,000
350,000
1,111,000
3,933,000
Contingent liability
61,691,900
27,603
10,697,492
12,616,899
437,900
3,939,000
5,462,000
bills purchased
on
for foreign correspondents
20,807.000
vances
industrial
make
to
Commitments
ad
...
36,412,800
t "Other cash" does not include Federal Reserve notes or a
77,872,023
bank's own Federal
Reserve bank notes.
Brooklyn—
77,395,000
...
2,879,000
2,242,861
58,000 111,351,000
38,476,295
38,590,000
32.739.166
Brooklyn..
Kings County.
9,067,194
x
$5,372,000;
Fulton,
§6,062,256;
for the gold taken
31, 1934, devalued from
These are certificates given by the United States Treasury
over
from the Reserve banks when the dollar was, on Jan,
59.06
100 cents to
Empire, §4,194,200; Fidufollows:
Lawyers, §9,951,500; United States,
Includes amount wltb Federal Reserve as
clary,
139,501,000
140,603,000
50,958,000
51,943,000
7,744,000
8,210,000
2,346,000
Gross
Deposits 1
§
3,254,600
1,553,750
11,165,100
50,515,800 *6,063,400
156,683
1,473,606
9,558,235
866,219
*1,697,120
12,898,404
816,900
*5,715,200
18,453,100
554,500
*10,597,000
27,034,900
*40,564,492
66,413,975
Empire
67,023,000
55,007,000
44,642,000
173,068,000
5,594,864,000 5,575,044,000 4,368,058,000
F. R. note liabilities combined
$
S
Manhattan—
921,741,000
898,978,000
4,446,581,000 4,414,262,000 3,186,412,000
Total deposits-
Deferred availability items...,
Brooklyn—
6,586,500
4.998,800
898,328,000
Deposits—Member bank reserve acc't.. 3,907,142,000 3,949,118,000 2,948,013,000
116,369,000
247,434,000
U. S. Treasurer—General account....
289,889,000
§
468,000
20,891,900
18,991,000
4,440,255
Lafayette National..
*
9,874,000
14,209,000
are
cents,
these certificates being worth less to the extent
difference, the difference Itself having been appropriated as
under the provisions of
§21,862,790.
of the
profit by the Treasury
the Gold Reserve Act of 1934.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the
items of the resources
Board of Governors of the Federal Reserve System, giving the principal
which weekly returns are obtained.
and liabilities of the reporting member banks in 101 leading cities from
The comment of the Board of Governors of
and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported in this statement, which wer0
These figures are
always a week behind those for the Reserve banks themselves.
System
the Federal Reserve
described in an announcement
the figures for the latest week appears in our department of "Current Events
upon
of the Federal Reserve
B ank of New York of April 20,1937, as follows:
changed primarily to show the
of purchasing or carrying
York City and those located
"acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other loans"
form are confined to the classification of loans and discounts.
This classification has been
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with
The changes in the report
amounts of
would each be segregated as
A more detailed
ASSETS AND
Federal
"on securities" and "otherwise secured and unsecured."
explanation of the revisions was published in the May 29, 1937, issue
LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101
20.618
Loans—total
—
securities
588
...
Other loaas
-
United States Government
1,127
1,770
604
552
2,842
643
357
616
487
3,301
418
673
228
284
817
283
155
244
226
991
73
150
142
337
26
§
2,142
3,878
270
1,564
191
262
98
156
466
332
63
141
19
11
10
3
31
5
5
16
2
24
492
16
21
3
6
31
6
1
4
3
16
623
32
264
34
37
16
15
79
12
8
12
14
55
82
221
59
172
31
27
91
49
6
22
21
378
3
101
2
2
2
4
4
7
115
35
62
39
44
---
177
1,348
199
148
209
172
708
obligations
1,510
114
518
97
168
68
73
7,696
366
3,038
335
745
283
145
-----
2
1,622
96
92
32
43
64
13
45
38
138
129
1,218
278
260
61
80
454
97
41
118
51
305
354
3,575
239
351
137
96
1,121
176
75
153
102
330
Bank..
6,709
Reserve with Federal Reserve
31
807
223
389
16
37
18
11
62
10
5
12
10
20
167
159
278
136
126
410
128
124
303
215
240
71
560
82
105
33
38
82
23
18
23
25
211
15,127
1,027
6,860
768
1,050
400
829
2,225
416
265
482
405
900
5,208
262
1,038
291
746
199
183
877
185
119
144
131
1,033
449
8
117
20
18
12
23
100
15
2
18
24
92
240
2,523
300
348
203
192
913
268
129
365
193
265
5,939
Other assets—net
64
142
1.271
banks
124
2,428
vault
Balances with domestic
9
272
4
1
1
7
1
------
21
5
21
7
6
3
4
308
93
90
374
89
57
95
82
333
LIABILITIES
deposits—adjusted
Time deposits
deposits..
United States Government
Inter-bank deposits:
Domestic
1
U. S. Govt.
securities
banks
Foreign banks
Borrowings
------
3,092
Obligations fully guar, by
Capital
§
%
169
carrying
Loans to banks
Other
San Fran.
S
§
$
8,364
—
Real estate loans
Demand
§
Dallas
128
Other loans for purchasing or
in
S
Minneap. Kan. City
St. Louis
1,159
agrieul. loans
Open market paper.
—.......
Loans to brokers and dealers in secure.
Cash
Chicago
S
S
Atlanta
578
Commercial, indus. and
Other
1,114
8,208
investments—total
of Dollars)
LEADING CITIES BY DISTRICTS ON JULY 20, 1938 (In Millions
Cleveland Richmond
Phila.
§
$
%
ASSETS
Loans and
New York
Boston
Total
Reserve Districts—
of the "Chronicle," page 3590.
----
307
-
.
------
12
------
-
liabilities
727
19
account
3,647
240
------
11
11
.
301
15
17
1,608
225
361
Financial
692
Chronicle
July 30, 1938
Weekly Return of the Board of Governors of the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System
The following was
showing the condition of the 12 Reserve banks at the close of business
for the System as a
Wednesday.
on
on
Thursday afternoon, July 28,
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
Reserve
Reserve
returns
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
for the Latest week appear in our department of uCurrent Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 27. 1938
July 27,
ASSETS
July 13,
July 6,
1938
1938
1938
$
(000) Omitted
July 20.
1938
Three Ciphers
?
$
$
10,633,40(
9,09£
421,22£
10,633,422
10,634,925
9,99(
406,95£
9,884
401,12£
11,063,72/
11,050,378
Other bills discounted--..
4,I7£
3,143
Total bills discounted
7,322
Gold ctfs.
on
hand and due from U. S. Treas. x.
Redemption fund (Federal Reserve notes).--—
Other cash *
Total reserves
June 29,
1938
June
22,
June
June
8,
June
1,
1938.
1938.
S
*
$
S
15,
1938.
1938.
$
July 28,
1937
*
10,637,401
9,164
401,326
10,637,400
9,619
397,797
10,638,900
8,180
389,350
8,833,899
406,523
10,635,912
9,900
411,562
11,019,225
11,051,839
11,057,374
11,047,891
11,044,816
11,036,436
9,167,492
6.005
4,704
5,992
3,454
3,404
5,442
3,126
5,479
2,935
10,316
3,254
6,111
3,580
6,054
3,261
7,958
9,691
9,508
9,396
8,568
8,414
15,217
10,634,92/
9,884
10,635,929
9,387
374,414
11,045,93c
4,467
3,118
•7,585
9,266
"
9,936
323,657
Bills discounted:
Secured
by
direct
or
U. S. Government obligations
fully guaranteed
53S
Industrial advances
Total U. S. Government securities
537
537
537
536
534
3,201
16,361
16,590
16,535
16,635
16,732
16,818
21,596
744,105
1,174,105
645,805
744,105
1,174,105
744,105
1,165,105
654,805
744,105
1,165,105
654,805
744,105
1,141,819
678,091
744,105
645,805
1,132,053
687,857
657,253
1,191,905
714,857
657,253
1,191,905
714,857
1,162,713
630,969
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564.015
2,526,190
2,588,184
-
537
16,274
2,564,015
United States Government securities—Bonds..
540
16,214
744,105
1,190,876
629,040
-
540
16,308
Bills bought in open market
Treasury notes
Treasury bills
4,901
2,588,354
2,590,095
2,588,871
2,590,833
2,590,595
2,590,583
2,589,851
2,589,781
2,566,204
732,508
Foreign loans on gold
Total bills and securities...
Gold held abroad
-
-
-----
"""181
--------
Uncollected items
Bank
26,602
593,833
44,581
183
183
183
"""183
184
186
25,552
20,252
585,567
22,473
549,768
44,577
44,837
19,505
520,057
44,616
44,953
20,816
513,229
44,641
42,560
22,109
682,909
44,657
41,525
'49,267
18,742
582,086
44,641
48,070
14,303,512
14,271,986
14,307.574
14,429,857
14,262,804
14,319,942
12,439,530
""180
49,113
47,486
644,090
44,578
46,027
14,303,421
14,351,414
14.396,457
-------
premises.-——
All other assets
-
Total assets..
""180
23,516
534,141
44,559
Due from foreign banks
Federal Reserve notes of other banks
—
44,621
""222
32,396
582,875
45,572
44,769
LIABILITIES
Federal Reserve notes in actual circulation
4,109.643
4,124,138
4,134,161
4,174,869
4,124,442
4,108,568
4,123.102
4,135,785
4,157,156
4,193,413
Deposits—Member banks' reserve account
8,187,723
8,201,896
723,989
126,908
8,273,069
7,904,250
7,847,605
1,004,684
131,989
295,508
298,579
267,141
7,744,949
1,092,819
130,200
262,794
6,775,505
149,500
934,887
139,487
242,816
8,040,951
863,897
138,612
227,441
7,921,888
928,590
226,518
8,073,675
770,193
134,865
227,997
9,302,883
9,279,311
9,272,770
9,206,730
9,270,901
9,295,486
9,277,203
9,251,419
9,230,762
7,308,737
539,276
133,785
147,739
27,683
32,810
9,602
597,151
638,000
133,706
147,739
27,683
32,845
9,553
571,624
133,667
147,739
549,504
133,569
147,739
27,683
32,846
675,937
133,551
589,461
8,354
521,301
133,570
147,739
27,683
32,846
13,504
521,177
133,760
147,739
27,683
32,810
8,822
14,303,421
14,351,414
14,396,457
14,303,512
82.5%
82.4%
82.4%
879
975
1,097
13,731
13,432
5,478
United States Treasurer—General account-
732,462
Foreign banks
125,243
257,455
Other
deposits
Total deposits
Deferred availability items..
-----
Capital paid in.
Surplus (Section 7)
Surplus (Section 13-B).
Reserve for contingencies
—
—.——
...
All other liabilities
Total liabilities
627,928
128,957
227,818
185,042
120,372
27,683
12,179
27,683
32,846
11,796
12,563
578,995
133,582
147,739
27,683
32,880
11,145
14,271,986
14,307,574
14,429,857
14,262,804
14,319,942
12,439,530
82.3%
82.5%
82.5%
82.4%
82.5%
82.4%
79.7%
1,368
1,506
1,686
1,840
1,703
1,530
3,212
13,500
13,468
13,649
13,600
13,638
13,373
13,140
15,726
7,685
12,304
27,683
32,846
147,739
133,558
147,739
32,880
132,407
145,854
27,490
35,871
6,297
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent
foreign
liability
on
bills
...
purchased
for
correspondents
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted-
—
-
Over 90 days bills discounted
7,369
6,286
7,807
7,556
6,913
6,677
612
418
247
471
477
464
559
599
417
536
527
477
477
358
321
369
774
613
--
5,662
529
418
-
16-30 days bills discounted---.
31-60 days bills discounted
61-90 days bills discounted
570
528
503
355
403
292
235
169
806
324
415
395
581
595
597
540
600
822
8,414
15,217
284
Total bills discounted
<
511
7,322
7,585
9,266
7,958
9,691
9,508
9,396
8,568
1-15 days bills bought in open market
307
239
69
107
110
4
128
16-30 days bills bought in open market
127
105
168
275
216
69
107
110
4
117
90
23
86
83
229
298
299
247
164
173
37
110
110
131
129
128
158
253
2,549
31-60 days bills bought in open market
61-90 days bills bought in open market
Over 90 days bills bought in open market
Total bills bought in open market
539
1-15 days U. S. Government securities
61-90 days U. 8. Government securities
Over 90 days U. S. Government securities
Total U. 8. Government securities.-.-.
537
537
1,233
1,269
1,239
58
277
305
380
367
283
229
626
611
1,150
1,034
934
271
537
537
536
534
3,201
1,290
1,259
1,544
1,607
1,149
171
160
274
263
263
286
316
298
405
262
656
920
885
1,022
798
792
•
94
13,527
13.293
13,331
13,524
13,960
13,849
13,919
13,498
13,888
18,905
16,308
16,214
16,274
16;361
16,590
16,535
16,635
16,732
16,818
21,596
86,493
87,710
215,480
223,779
1,950,553
81,361
92,271
264,905
109,604
236,036
1,942,758
204,754
181,285
1,803,467
183,017
188,171
208,287
174,203
1,812,337
142,926
1,978,175
128,893
173,696
192,780
1,951,474
101,541
193,239
171,040
1,968,138
106,776
112,246
174,203
215,480
1,955,310
155,437
86,493
171,040
118,893
81,361
181,285
215,480
1,966,996
117,172
92,335
192,780
229,401
57,736
2,259,453
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,526,190
4,433,662
324,019
4,455,659
331,521
4,472,648
4,458,193
283,324
4,418,328
293,886
4,416,044
4,420.471
307,476
297,369
4,434,946
299,161
4,425,573
268,417
4,523,643
338,487
4,109,643
4.124.13S
4,134,161
4,174,869
4,124,442
4,108,568
4,123,102
4,135,785
4,157.156
4,193,413
4,528,632
4,528,632
4,542,632
4,543,632
4,535,632
4,535,632
4,535,632
4,580,632
6,615
8,267
6,986
4,533,632
7,810
4,531,632
6,292
8,505
8,321
7.659
7,047
Total industrial advances
16-30 days U.S. Government securities
31-60 days U. 8. Government securities
540
1,885
47
61-90 days industrial advances.
Over 90 days industrial advances
540
1,728
1-15 days industrial advances
16-30 days industrial advances
31-60 days industrial advances
208
*
38,628
27,447
1-15 days other securities.
16-30 days other securities...
31-60 days other securities
61-90 days other securities.
Over 90 days other securities
Total
other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank
In actual circulation...
330,230
Collateral Held by Agent as Security
for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. S. Treas..
By eltgible paper
United States Government securities.
14,531
20,000
Total
*
collateral
4,534,924
"Other cash" does not include Federal
Reserve notes,
4.535.247
4.550.899
4.550.618
4,541,442
4.540,137
4.543.953
4.543.291
4.542.679
4.615,163
t Revised figure.
These are certificates given by the United
States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100
cents to 59.06
cents on Jan. 31, 1934, these certificates
being worth less to the extent of the difference, the difference itself having been appropriated as profit tby the
x
provisions of the Gold Reserve Act of 1934.
Treasury under
Volume
Financial
147
Chronicle
693
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS JULY 27, 1938
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Gold
Total
Boston
$
$
PhilatF
New York
ASSETS
$
certificates
on
hand
and
$
Atlanta
Chicago
St. Louis
$
$
$
%
$
San Fran
Dallas
Minneap. Kan. City
S
$
$
due
from United States Treasury
1,124
28,028
1,218
732
164
698
384
821
214
334
112,185
30,671
23,380
17,895
57,537
18,684
10,808
21,595
17,107
687,771
1,109
39,628
497,001
722,926
333,836
243,779 2,164,804
330,289
234,842
296,803
204,404
728,508
374
43,711
421,229
L
691,037
658,463 4,648,072
9,098
Other cash *.
467,849
613,850 4,534,489
902
1,398
10,633.400
Redemption fund—Fed. Res. notes..
Total reserves
Cleveland Richmond
$
11,063,727
309,724
255,720 2,106,569
223,213
311,221
186,963
274,994
Bills discounted:
Secured by U. S. Govt, obligations.
direct and (or) fully guaranteed..
4,179
240
1,133
921
606
191
115
95
111
38
140
215
Other bills discounted
3,143
97
395
606
211
398
606
12
60
70
147
235
306
7,322
337
1,528
1,527
595
1,004
797
127
155
181
185
375
521
539
40
212
55
49
23
19
67
2
2
16
16
Total bills discounted
Bills bought in open market
Industrial advances
2,390
4,190
2,950
768
1,487
120
523
135
1,176
418
807
1,344
56,941
226,407
66,972
69,727
36,922
32,271
80,919
34,429
24,656
60,348
91,127
362,343
107,183
111,591
59,090
51,645
129,505
33,203
53,139
21,310
1,190,870
39,462
96,582
48,135
191,397
56,616
58,944
31,212
27,280
68,407
28,069
34,105
18,015
55,098
629.040
29,104
20,845
51,016
2,564,015
196,203
780,147
230,771
240,262
127,224
111,196
278,831
114,411
73,430
118,631
84,963
207,946
2,588,184
Treasury notes
Treasury bills
Total U. S. Go At. securities
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected
198,970
786,077
235,303
241,664
129,738
112,132
279,548
114,703
74,789
119,250
86,161
209,849
181
67
18
17
8
6
23
3
2
5
5
1,214
5,115
1,577
1,070
1,281
1,472
2,669
2,269
443
3,804
50,774
131,021
60,095
40,196
17,060
69,465
30,478
25,530
0,143
2,654
2,094
4,528
22,540
2,316
1,055
17,165
1,547
534,141
items
14
23,516
3,121
1,271
5,162
3,010
2,241
4,656
1,917
1,547
1,510
28,789
3,286
2,076
1,545
4,019
784,836 1,037,077
510,723
378,784 2,525,693
474,037
330,910
453,280
319,359
978,268
premises
44.559
2,973
9,874
41,028
4,752
All other assets
49,113
3,182
14,638
5,157
Bank
38
16,308
744,105
U. S. Government securities—Bonds.
Total assets
915,590 5,594,864
14,303,421
13
LIABILITIES
F. R. notes in actual circulation.---.
4,109,643
354,966
898,328
300,283
405,740
186,431
139,562
955,621
171,886
131,441
162,748
75,388
327,249
8,187,723
434.720 3,907,142
369,?36
473,419
222,106
161,959 1,334,264
229,890
123,185
223,713
167,564
540,425
31,151
Deposits:
Member bank reserve
account
U. 8.
Treasures—General account-Foreign bank...-
732,462
37.407
289,889
26,123
38,371
101,337
27,780
43,531
21,986
30,906
9,021
44*930
12,279
45,152
11,527
38,829
125,243
5,388
4,385
14,910
3,759
2,882
3,033
3,633
8,896
Other
257,455
3,784
204,620
2,654
9,335
2,801
4,743
1,845
6,156
3,492
471
2,484
15,070
484,932 4,446,581
410,392
539,433
269,124
209,458 1,452,356
41,002
40,026
16,714
-
...
deposits
Total deposits
9,302,883
Deferred availability items
(Section
13-B)
Reserve for contingencies
Ail other liabilities
Total liabilities
204,587
595,542
30,410
30,692
4,460
13,250
3,919
4,177
5,626
22,387
4,667
730
1,429
545
3,613
1,142
3,892
1,270
10,174
9,805
2,121
1,603
7,146
1,153
1,215
2,911
3,153
1,001
1,901
28,198
3,941
934
1,776
2,000
362
552
453
307
685
378,784 2,525,693
474,037
330.910
453,280
319,359
978,268
50,959
12,228
59,147
13,389
4,962
9,900
51,943
7,744
13,466
14,323
4,964
1,007
8,210
4,411
2,000
3,176
3,409
1,401
715
2,422
1,054
862
406
631
784,836 1,037,077
510,723
2,874
1,448
915,590 5,594,864
14,303,421
Contingent liability on bills purchased
for foreign correspondents.
Commitments to make Indus, advs
*
249,803
16,861
128,677
9,602
(Section 7)
Surplus
173,090
23,858
51,340
9,415
147,739
27,683
32,810
Capital pajd in
Surplus
267,585
72,351
539,276
133,785
879
63
316
86
81
38
31
105
26
20
25
25
63
13,731
1,414
3,933
405
1,482
1,840
183
22
586
237
442
91
3,096
"Other cash" does not include Federal Reserve notes.
RESERVE NOTE
FEDERAL
STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Total
Boston
New York
%
8
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Cleveland Richmond
Phila.
$
$
Federal Reserve notes:
%
Atlanta
Chicago
St. Louis
Minneap
Kan. City
Dallas
S
$
$
$
S
?
S
San Fran.
$
998,768
319,612
430,056
197,796
155,121
996,709
173,596
83,486
376,446
100,440
19,329
24,316
11,365
15,559
41,08?
185,100
13,214
137,551
24,456
6,110
10,84?
8,091
49,197
4,109.643
354,966
898,328
300,283
405,740
186,431
139,562
955,621
171,886
131,441
162,74?
75.38?
327,249
4,528,632
390,000 1,010,000
302
1,452
327,000
434,000
202,00C
159,000 1,010,000
188,63i
141,50C
177,00C
85,50(
404,000
1,099
410
880
127
96
167
170
35?
517
4,534,924
...
379,422
324,019
6,292
In actual circulation
Collateral held
4,433,662
390,302 1,011,452
328,099
434,410
202,880
159,714 1,010,127
188,727
141,667
177,176
85,85(
404.517
by Agent as security
for notes issued to banks:
Gold
certificates
on
hand and
due
from United States Treasury
Eligible paper
Total collateral
714
United
United States
Rates
quoted
are
Treasury Bills—Friday, July 29
*
3 1938
Asked
Bid
0.08%
Asked
Sept. 21 1938
Sept. 28 1938
Oct.
Aug. 24 1938
Aug. 31 1938
0.08%
Oct.
19 1938
Sept.
0.08%
0.08%
Oct.
26 1938
Transactions
0.08%
0.08%
0.08%
0.08%
0.08%
7 1938
Sept. 14 1938
13 1938
the
New
York
page
Averages—See
THE
Stock
PARIS
as
July 25
July 20
Francs
Francs
Francs
6,000
6,600
6.700
1,226
403
1,211
458
1,228
455
or
32ds of
more
254
250
252
240
248
22,300
22,300
22,200
22,000
21,900
043
640
647
638
1,370
29
1,370
29
1,360
27
1,300
27
485
485
485
408
Pacific
Int.
Rate
Maturity
Generale Transatlantiquc..
Citroen B
Bid
Asked
------
------
C'oty S A
Dec.
15 1938...
Dec.
15 1941..-
...
101.15
101.17
790
200
786
200
793
190
786
200
1X%
June
15 1940-.-
1*2%
102.19
102.21
Courriere
227
101.14
Dec.
15 1940--.
1*2%
102.20
102.22
Credit Commercial de France—
407
463
460
102.17
1,560
—1,380
1,550
1,330
1,540
1,330
284
510
282
283
1,540
1,320
286
508
1,300
28
222
101.12
223
459
226
1^%
Coinptoir Nationale d'Escompte
1^%
1^%
102.15
l%%
102.17
102.19
Sept. 15 1939.__
101.24
101.26
Mar. 15 1942,
1^%
103.26
103.28
Dec.
15 1939.
1%%
101.29
101.31
Dec.
i
104.6
104.8
June
15 1941...
102.19
Sept. 15 1942...
105.2
105.7
Energie Electrique du Nord
Energle Electrique du Littoral--
102.10
102.12
Kuhlmann
..
0.700
Canal de Suez cap-..-
Canadian
Cie Generale d'Electricite
15 1943
Francs
1,224
454
Cie
l%%
102.17
Mar. 15 1940..
.
15 1942.__
Mar. 15 1939.
1H%
101.14
101.16
June
Mar. 15 1941.
1H%
102.22
102.24
v<%
2%
2*i%
2*S%
Sept.15 1938...
15 1939
100.8
Lyonnaise
Credit
Eaux des Lyonnaise cap
L'Air
— -
NordRy
Orleans
THE
BERLIN
STOCK
Pathe
EXCHANGE
Closing prices of representative stocks
as
received by cable
July
25
July
July
July
July
20
27
28
29
Per Cent of Par
(8%)
(7%)
Mannesmann Roehren
Reichsbanks (8%)
(5%)
-
Siemens & Halske (8%)
Verelnigte Stahlwerke (5%)..
Rentes 4%. 1917
4M%, 1932, A
Rentes 4^%,
*
-
1932, B_.
Rentes, 5%. 1920
Royal Dutch
(4%)113
113
112
113
111
112
Saint GobainC&C------
152
153
152
152
152
Schneider A Cie
117
117
151
152
118
124
109
152
152
151
-.109
109
109
109
189
—192
188
193
105
187
187
187
191
189
104
103
Deutsche Bank (6%)
-118
Deutsche Relchsbahn (German Rys.pf.7%). 124
Dresdner Bank (5%)-.—.--.109
Farbenindustrie I. G.
Rentes Perpetual 3%
Rentes
23
Berliner Kraft u. Licbt
HOLIDAY
Rentes 4%, 1918
July
Allgemeine Elektrizltaets-Gesellschaft
Ry 0%
Capital
Pechiney
day of the past week:
105
117
Societe Franchise Ford
124
124
123
Societe Generale Fonciere.
109
109
109
109
Societe I-yonnalse
151
151
Societe Marseilles
108
108
Tubize Artificial Silk preferred-.
186
Union d'Electricite
190
190
Wagon-Lits
103
103
Ex.
dlv.
642
1.230
780
762
367
28
1,578
74.10
72.00
70.60
77.90
77.90
96.00
6,920
1,993
1,030
1,220
63
81
117
124
x
510
647
Liquide
Lyon(PLM)
each
Francs
0,100
Cie Distr d'Electricite
one
Int.
Asked
July 27 July 28 July 29
Bank of France
Banque de l'Union Parislenne--
Figures after decimal point represent
point.
Bid
received by cable
Banque de Paris et Des Pays Bas
July 29
Rate
709.
day of the past week:
Francs
Maturity
Exchange,
BOURSE
July 23
Quotations for United States Treasury Notes—Friday,
June
New
709.
page
Quotations of representative stocks
each
a
the
on
page.
0.08%
5 1938
Oct.
at
Daily, Weekly and Yearly—See
Stock and Bond
0.08%
0.08%
0.08%
Aug. 10 1938
Aug. 17 1938
Securities
Exchange—See following
for discount at purchase.
Bid
Aug,
Government
States
York Stock
1,334
561
—
771
753
366
27
1,563
74.00
71.80
70.30
77.80
77.70
95.90
6,860
1,970
1,005
62
81
1,329
509
644
1,230
773
765
307
28
1,688
73.90
71.60
77.60
77.50
77.70
95.90
6,890
2,014
1,005
63
80
1,328
190
1,550
1,340
637
1,220
773
755
367
28
1.579
73.80
71.40
70.10
77.30
77.10
95.80
.
6,860
1,230
368
73.90
71.40
70.25
77.40
77.30
95.80
6,860
2,005
1,007
63
79
1,320
560
'558
560
130
410
128
409
130
409
133
409
86
85
87
87
----
July 30, 1938
694
Stock Exchange
Stock and Bond Sales—New York
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
,
United States Government Securities
Below
furnish
we
the New York Stock Exchange
on
Owners' Loan and Federal Farm Mortgage
daily record of the transactions in Treasury, Home
a
No
of the day.
only transaction
disregarded in the day's range, unless they are the
for the year.
NOTICE—Cash and deferred delivery sales are
such sales in computing the range
account is taken of
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more '62ds of a point.
■ ■''■ .■
^
118.17
118.20
Low.
118.17
118.2C
118.20
118.19
.Close
118.17
118.20
118.20
4^8, 1947-52
1
114.14
Mr-
114.13
114.14
Low.
—
—
—
....
—
114.13
114.14
Total sales in $1,000 units...
....
2
1
5
.....
.
Total sales in $1,000 units..
113.1
113.5
-
106.11
103.2
103.2
103.2
103.2
102.10
102.9
107.14
5
....
110.9
110.12
,v
Close
102.7
102.8
102.6
102.9
102.9
28
104.21
104.16
104.19
104.13
104.16
104.17
104.20
[Close
104.13
104.16
104.19
104.21
Total sales in $1,000 units...
50
1
11
104.13
(High
[Low.
2Mb, 1948
110.10
110.10
4
15
13
Close
110.10
110.12
110.12
Total sales in $1,000 units...
102.5
102.4
11
Total sales in $1,000 units...
1
110.9
m m m —
102.4
102.2
Low.
2 Ms, 1945
110.10
110.10
•
110.9
....
102.2
*4
102.6
102.5
High
110.10
107.14
High
102.1
102.1
[Low
102.4
Total sales in $1,000 units...
107.14
17
15
102.1
(High
8
Low.
Low.
102.29
103
3
[Close
High
3%b, 1943-47
102.26
102.27
2%fi, 1958-63
106.9
20
Total sales in $1,000 units...
103.2
103.2
103
Low.
—
106.9
Close
3%s, 1941-43
7
51
102.27
Close
2Mb, 1956-59
106.9
106.10
106.11
Total sales in $1,000 units...
103.21
103.19
103.19
Total sales in $1,000 units...
106.9
-
11
103.16
113.5
106.11
'*r
——
— —
■
*2
103.14
High
113.1
106.11
"
(.Close
..
8
Total sales in $1,000 units...
10
[High
.J Low.
3^8. 1940-43
104.29
103.16
113.5
113.1
....
104.29
104.28
Close
112.30
...
104.26
104.24
High
112.30
Low
Close
104.28
104.24
104.26
[Low.
2Mb. 1951-54
112.30
High
■
104.24
104.26
10
114.14
:
Close
104.26
104.23
Total sales in $1,000 units...
114.14
— -
....
High
104.29
104.25
[Close
114.14
1
Total sales In $1,000 units..
4s. 1944-54
2Mb, 1948-51
15
3
114.13
Treasury
118.20
118.20
104.25
[High
[Low
118.20
High
Treasury
3HB. 1946-56.
July 29
Daily Record of U. S. Bond Prices July 23 July 25 July 26 July 27 July 28
July 27 July 28 July 29
Daily Record of XJ. S. Bond Prices July 23 July 21 July 2
1
11
[High
Low.
107.25
m'+
■
—
107.25
Close
Total sales in $1,000 units...
^
2
....
—
-
-
■
^
^
109.21
101.31
12
13
109.20
109.24
109.21
109.20
109.22
109.18
109.20
109.23
109.22
27
16
7
5
109.20
109.21
109.20
109.18
109.1
109.20
109.18
— _
109,^1
109.20
109.22
27
13
1
Close
Total sales in $1,000 units...
....
4
106.1
106.2
106.8
106.8
[Low.
[Close
106.1
106.2
106.7
106.8
106.1
106.2
1
—
106.31
[High
3s, 1944-49
1
109.22
■
106.31
Total sales in $1,000 units..
Federal Farm Mortgage
109.22
'"V
:
*.
106
106.1
106.1
Low.
106
105.31
106.1
3s. 1942-47
106
[Close
[Close
-'
—
....
Ml-.
—
Total sales in $1,000 units...
(High
Low
Federal Farm Mortgage
105
105
108.17
108.19
108.17
Close
104.29
104.30
32
9
1
Total sales in $1,000 units...
1
5
2Mb, 1942-47.
■
m''ml',**
■
Total sales in $1,000 units..
108.11
-
'
m
.
1
j
-
•»'—
'' +^,1
m
Close
108.13
2
Home Owners' Loan
106.8
106.8
106.8
106.2
106.5
106.5
106.7
106.8
Hign
107.25
107.26
107.28
107.26
107.26
107.27
107.26
107.28
107.25
107.26
107.28
107.26
107.28
Total sales in $1,000 units...
1
1
26
14
2
106.7
106.8
106.8
7
2
3
2
102.25
102.24
102.25 *102.25
102.23
102.22
102.22
102.24
102.22 tl02.21
102.24 *102.23
102.23
102.25
102.25
[Close
107.28
107.25
106.5
7
2%s, series B, 1939-4,9Low.
..._.[Low_
[Close
106.2
106.1
102.25
(High
.
1
106.5
Total sales in $1,000 units...
■
105.2
106.2
106.1
Low.
108.13
108.13
1
....
3s, series A, 1944-52
108.14
108.13
2
'
108.11
Low.
I Close
105.2
1
106.1
(High
108.13
108,11
[High
■
104.30
108.17
108.19
Home Owners' Loan
3HS, 1949-52
104.29
105.2
105
108.19
—
,
25
54
104.30
108.17
:
106.1
106.1
17
1G4.29
108.18
:
Low.
1
15
[High
Federal Farm Mortgage
108.17
High
•
106.8
106.8
*3
16
Total sales in $1,000 units
Total sales in $1,000 units
3^s, 1946-49.
6
106.31
Low.
Close
109.22
109.21
102.5
9
23
[High
109.22
109.18
109.19
Low.
102.4
101.31
4
••
3HB, 1944-46—
102.3
101.29
Federal Farm Mortgage
10
109.18
1
102.3
Low.
109.18
High
102.5
102.3
Close
Low.
Total sales.in $1,000 units...
102.4
101.29
Total sales in $1,000 units...
2Mb, 1949-53
High
Close
102.3
101.28
107.29
----
109.20
101.31
101.30
107.29
3Ms. 1944-64
3^8, 1943-45.—
102
101.29
107.29
107.25
High
3Ks. 1941
101.29
102.24
9
...
102.23
*7
9
106.15
106.17
106.15
106.20
Low.
•
'
V
106.17
106.15
106.20
—
106.15
Mr
4
4
[High
103.30
103.31
104.1
104.2
Low.
103.29
103.28
103.29
103.29
104
104.2
103.29
103.31
103.30
103.31
104.1
Total sales in $1,000 units...
4
11
2
11
2 MS, 1942-44
■
106.17
106.15
106.20
1
5
9
ales in $1,000 units...
*
11
103.30
103-.31
104
104.2
104.2
Low.
103.30
103.27
103.28
103.29
104
104.2
Close
Total sales in $1,000 units...
103.30
103.28
103.28
104
104.2
3
17
13
48
bonds.
104.2
106.15
of
coupon
109.18 to 109.18
...103.27 to 104
106.17
106.15
106.14
106.18
Low.
106.15
106.14
106.13
106.14
106.18
106.16
106.15
106.14
106.18
106.14
106.16
106.17
Total sales in $1,000 units...
5
1
4
10
8
5
106.18
sales
were:
7 Treas. 2%s, 1955-60
Close
High
..
Transactions in
Treas. 3Ms, 1943-45
1
51
includes only
registered bonds
table
above
Note—The
103.30
2KB, 1945-47....
20
t Deferred delivery sale.
Odd lot sales,
106.18
High
2Ks, 1955-60
104.2
11
106.18
2
Close
Total
— M
7
103.31
Total sales in $1,000 units...
Home Owners' Loan
106.20
106.14
High
3s, 1951-55
9
103.29
Close
3s, 1946-48.
United States Treasury
Bills—See previous page.
United States Treasury Notes,
&c.—See previous page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
July 23
$ per share
*49%
49%
*110
Monday
July 25
$ per share
52
50%
*110
Tuesday
Wednesday
Thursday
Friday
NEW
July 27
July 28
July 29
Week
$ per share
51%
52
119% *110
$ per share
50%
52
*110
*42
47
42
42
*41%
47
*39%
4034
40%
12%
40%
*4034
42
1238
21%
*41%
$ per share
51
51
24%
2334
*234
2%
24%
2%
58
40%
1134
20%
24
2%
2%
234
*234
64%
64%
65%
63%
64%
60%
6312
"61%
62%
11%
11%
11
ll8
1034
138
11
1%
10%
1%
11%
99%
9934
5134
12%
21%
*23
24
*98
13g
1%
*21
24
1%
1%
13s
1078
11%
1%
1%
1%
14%
15
12%
14%
12%
12%
12%
12%
12%
15
15
19%
19%
19%
9
9
179% 179%
10%
10%
1%
13%
15%
20%
10
9%
182% 182%
11
*10%
*T% "T%
13%
12%
*12
*14%
19%
9%
181
10%
143s
14%
14%
14%
11%
11%
663i
66%
53
53%
11%
66%
52%
54%
5134
18%
18%
18%
18%
19
*2%
3
3
*20%
7534
22
*21
76%
75
77%
79
79
83
83
22
2284
22
22%
21%
*56
59%
59%
59%
58%
*
11%
3
.
22
11
*20
23%
21
23*8
44
""""15
41
600
23%
243g
1,100
"6134
62%
11%
*65
*278
*21
1»4
1*2
1378
12%
1112
11
1334
12%
12%
15%
2C%
11%
12
14i2
18%
Abraham
7,000
41
11%
20%
12%
Adams
200
1%
1%
Adaress-Muitigr
14i2
193s
9%
9% ' 9%
*175% 181
10%
10%
1478
13%
1478
10
11%
11%
182
1078
1%
1%
12%
13%
A.bany <k Susq RR
12,000
11%
*11
*13
18%
938
178
11%
12
15%
183s
9%
178
Way El Appliance. -No par
Allegheny
1238
2,800
*11%
*12%
12%
500
15%
300
1834
19%
6,000
9%
2,300
Allen Industries Inc
180%
1,100
Allied Chemical A DyemNo par
Allied Kid Co
5
9%
180
11
300
AJegheny
Steel Co
July 25
per
Highest
share $
per
share
36
Nov
55
Mar
37
Nov
69
Mar
Dec
85
Aug
11934 July 21
42
July 18
Jan 14
1234 July 19
2134 July 20
24% July 29
2% July 12
6534 July 25
1% July 11
13% Feb a
4334
7% Nov
17% Oct
16% Oct
1% Oct
44% Nov
% Oct
8
Oct
146
Oct
22% Mar
28% Feb
36
4%
80%
Jan
Jan
Jan
5%
Jan
1534
Feb
166
Aug
% Mar 31
9934 July 25
1% Jan 7
1
Oct
5%
Feb
6% June 17
5M% Pf A with $30 war.100
5M% Pf A with $40 war. 100
5M% Pf A without war.100
$2.50 prior conv pref.No par
11%
4
May 2
% Mar 30
8'4 Mar 31
95
Apr 16
..100
No par
Corp
$
share
52
June
1% Jan
40
Alaska Juneau Gold Mln--_10
7,400
13%
12%
10
No par
No pa:
Air
11,200
"~I% "l%
Corp
per
52
6% Mar 30
14% Mar 31
16% Mar 31
N* par
No par
Advance Rumely
1,500
11%
28
.25
Air Reduction Inc
300
11
Express..
Adams-Mlllis
share
36% Feb
No par
.....
per
$
119% July 19
30% Mar 23
100
Straus
Acme Steel Co
7,800
20%
<k
$
No par
4M% conv pref
10
17% Jan 12
11
Oct
59%
Feb
17% Jan 12
17% Jan 12
11
Oct
69
Feb
10
Oct
17% Jan 12
21% Jan 17
10%
Oct
58%
62%
Feb
13
Oct
5
Mar 30
5% June 17
734June 18
11% Mar 31
4% Mar 30
No par
1
124
Mar 31
7
Mar 31
10
July 25
184
July 19
11% July 20
6%
145
7%
10
Oct
Nov
Dec
Feb
45% Mar
23% Apr
258% Mar
17% Aug
33% Jan
21% Mar
14%
7,000
Allied Mills Co Inc
No par
8% Mar 28
14% July 25
10%
11%
14
1078
1)%
11%
34,300
Allied
70
65
65
68
68%
64
64
700
5%
No par
100
4% Mar 26
38
Mar 31
68% July 28
49
Dec
52%
1934
49
52%
19%
50%
5134
50%
52%
18,000
AlilB-CbaJmers Mfg....No par
83%
183s
18%
4,000
Oct
3
234
278
234
234
700
39% Jan
8% Mar
22
18%
234
23
74%
80%
54% July 25
1934 July 26
Oct
18%
234
34% Mar 31
11% Apr 1
1% Mar 26
34
18%
*9%
13%
*19%
21
*19%
75
761"
75
75
74
*77
81%
2134
58%
79%
20%
80
79
21%
21
21
59%
59%
58%
58%
Bid and asked prices; no sales on this day.
11
20%
Abbott Laboratories
3,000
—
*102
6634
14%
24
11%
99%
14%
12%
*14
12
12%
21%
*21
4034
12%
Par
Lowest
Highest
Lowest
Shares
*41%
27g
64%
1%
12%
*21
40%
*41%
40%
5078
*110
*110
44
$ per share
Year 1937
im-Share Lou
EXCHANGE
the
July 26
On Basis of
STOCK
YORK
Ranoe for Previous
Range Since Jan. 1
STOCKS
Sales
for
Saturday
*9%
13%
*1934
Stores,Corp
preferred
Alpha Portland Cem
No par
Amalgam Leather Cos Inc.-.l
7434
~~2~6o6
8034
8134
1,100
Am Agrlc Chem
21
21%
4,600
American
*56
59%
130
t In receivership.
a Def.
delivery,
Amerada Corp
9%
a
Bank
(Del)
Note
preferred
New stock,
3%
July 19
Jan 11
10
Mar 30
24
Jan 12
No par
6% conv preferred—
23
74
12
55
July 13
49
May 27
Mar 26
78
No par
83
July 25
10
Mar 30
50
10
46% Apr 27
.50
r
Oasn saie.
x
Ex-dlv
y
6%
8%
1%
19
Oct
Oct
Oct
Oct
51% Nov
63% Oct
85
23% July 19
10
Oct
5
50
Dee
75%
Ex-rights
Jan
52% Mar
114% Mar
101%
41%
fi01«> .Tulv
Mar
Jan
Fpb
Jan
$ Called for redemption.
Volume
HIGH
AND
LOW
SALE PRICES—PER
Sales
CENT
NOT PER
SHARE,
the
July 25
July 26
July 27
July 28
July 29
On Basis of
STOCK
Week
$ per share
40
40
S per share
S per share
$ per share
$ per share
$ per share
Shares
*128
....
99
*165
30
30
52
51
*105*4
114*4 11414
*17
107i2
11534
115
*17
20i2
*17
14
14
1378
13*2
1312
137s
76
76
10
*5i2
W
12%
13
77%
*77%
77%
70
6%
5*8
*5*2
6
5%
5*4
5%
534
22,300
8%
10
*5%
500
5*8
2414
4%
22i2
12
1214
11%
*1812
19l2
19
19
127g
434
12i8
3Hs
10
*12l4
28*4
9i2
2814
82
83
85
86*4
86I4
5,200
American Home Products—.1
400
American
2%
*2
*18
19
2%
8
21*4
2234
12,700
68%
*65%
68%
100
16%
16%
5
16%
17%
8
22%
5
5
5
7
40*4
67s
39%
8*4
914
97s
678
18l2
19l2
1912
197s
144%
30%
22,800
*13
28
28%
28
10%
*86
37*2
8%
40
8%
*35
312
*16%
*3%
37
9
44
8%
*35
37%
.
47
50
17%
18*4
17
177s
334
6*8
39%
17
17*8
334
11%
*86
4
*3%
48
35
*41%
19%
110
17%
18%
110
*16%
4
*3%
88
*87
91%
15,100
.
-
«
-
8%
*40%
18%
18%
120
120
*100
105
*100
*50
*50
*1012
47
47*2
*
10%
6
6%
6I4
63g
79
4534
107s
10i2
107?
63s
»
*50
90*8
47
90*8
4612
*
79
6%
57*2
*50*8
43*2
6%
90%
46%
934
10%
6
6
*
79
6%
6%
*53*2
57%
90%
*50
90%
*50
44
44%
44
10%
*10
10%
10%
5%
6%
#
6
79
"ilia
11*4
"li"
11%
"9%
11%
16"
10%
16%
*71
88
*71
86
*71
88
*72
88
*72
*71
90
*71
90
*71
90
71
71
70
34
*30*8
34
*30%
34
*30
*29%
34
83
83
*82%
85
*83
85
85
39*4
403g
58
58
24%
25
1,000
200
4i2
33g
19i2
4l2
4%
11*8
10%
11%
10l8
12
12
1,000
22*2
22%
7%
*11%
2434
7*2
12%
*11%
1234
12
26%
25
25%
25
24
734
734
7*2
*107
*107
108
8*2
834
8i2
45
45
44%
107*2
108*8 *107
8%
8%
8%
45
*44% 45%
*53
57*2
57%
118i2 118*2 *11812 'mum*
7
7%
7
7l2
4%
4%
458
43g
3%
3%
3*8
33g
20
20
20
1912
434
4%
4*4
4*8
58
55
10%
7
4*8
*234
20
4*2
10*4
10*4
1134
10*2
123g
36l2
*35
36
98*2
*96
98*2
*35*4
3612
*96
98i2
*97
11%
21*4
233g
22*2
*96
19%
22%
13
12*4
13
12%
12*4
293g
2914
29i2
29*2
29%
11%
*29%
20i2
2014
21
20
2034
19
17
17
17
*112l2 '•»
*967? 101*8
~
*Q67fi
120
9
78%
*75
*967«
1011«
434
11%
11%
98%
40
11%
21%
11%
10,100
*11
31
*29%
31
90
19%
20
26,500
97%
97%
22
20
21
12%
11%
30%
*29%
20%
16%
19%
15*4
101%
19%
20%
*96%
101%
*29
31
*29
32
*29
*112
120
*112
*75
78*4
1914
*75
78*4
83g
*75
19%
*18%
18l2
18%
18*2
18%
49%
50*4
48
49*4
47%
61%
15%
97%
58
1834
1834
20*2
6058
62i4
6H2
63ig
60%
61%
58%
16
16
16
16
15%
16%
15%
8%
78%
20*4
8%
*75
20%
8%
78%
-
2,200
2.300
18%
18%
18%
47%
48
48
60%
58
60%
72,300
15*4
15%
97%
1,300
15%
15%
97
97
*95%
25*4
1,100
29
28%
25%
27%
25
197s
19*4
20
17%
20
17%
18%
19
19
2,800
2,400
19U
17%
18%
18%
17%
17%
17%
18
15,400
24%
*16%
62
*51
2712
28
19*4
1934
28i2
1934
177?
18*2
18*2
*1514
247s
17*8
*16%
26
26%
24%
16*8
24%
*16%
24%
24%
*163g
55
55
55
*53
60
52
52
*49
307s
30*4
313g
31%
28*4
30*4
29
29*4
28%
29%
28
30%
28%
29%
29
30
Bid and asked
-
87,700
97%
99
•
*
21%
98%
98*2
28
1,700
98%
27%
98i2
27*2
1,000
120
8%
78%
50
27i2
2,400
32
120
8%
9
18*8
30*2
1,100
*96% 101%
*112
834
29*8
'■
30%
28*4
'
2934
prices: no sales on
this day.
--1
60
t In reotfvership.
62
20
40,400
5,700
a Def, delivery.
Ohio——..—100
100
60
100
10
Asphalt Corp
No par
-_50
Barnsdall Oil Co——
6
Bayuk Cigars Inc
No par
1st preferred
100
Beatrice Creamery
25
55 preferred w w
No par
Beech Creek RR
...-50
preferred
Beech-Nut Packing Co
20
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
6
Aviation
Beneficial Indus
Co
Bethlehem Steed
Loan..No par
No par
(Del).Nopar
-
preferred
preferred
Blgelow Sanl Carp Inc. No
Black A Decker Mfg Co No
Blaw Knox Co
No
Bioomlngdale Brotbers.No
20
100
B'umenthal A Co oref
100
5%
7%
par
par
par
par
Co
Aluminum A Brass
Boeing Airplane
0 New
stock,
Jan
2l2 Dec
10*4
Feb
46
Feb
4i2 July 7
30*4 July 20
22
Dee
116*4 May
121i2Mar 2
100i2 Jan 18
7
July 19
93
Oct
Oct
4*8
24*4 Aug
Feb
111
121*4
Feb
111
Mar
Feb
99*8 Mar
13*4
Jan 12
57
Deo
94% Jan 31
4712 July 25
11
July 19
7*8 July 13
96
Feb
30
Oct
70*2 Mar
Oct
16*4
72
47b
2*8
Oct
126
Jan
Feb
17*8
Jan
100
July
Nov
19
6
Dec
70i2 July 12
72i2 July 29
68
Dec
101
Jan
83
Nov
125
Mar
Jan 10
33
Dec
T184 July
24*4 Mar
r
Cash sale.
5
5
35
2
94*4 May
Feb
104
27*8 Jan 12
18
Oct
6612 Ma r
7
6
Oct
29
9
Oct
18
Oct
8I4 July
14ic
Jan 10
9% Jan 10
lul*8 Sept
7*8 Deo
39*4 Oct
Mar
44
Jan
37
Mar
116*8 Feb
18*2 Mar
62*8 Mar
45
July 21
58
July 25
38
Nov
94
3
119
3
01
Dec
133
Jan
Mar 25
12% Mar 30
2i2 Mar 29
5
Mar 30
4
Mar 31
512 Mar 29
29
Mar 31
86
Dec
66*2
Feb
67*8
Mar 29
1
Barker Brothers
Bohn
37*8
10178 Apr 12
684 Mar 30
38'4 Mar 26
2
Corp
preferred
Beet A
Oct
27*8 July 20
100
preferred
Bangor A Aroostook
Conv 5% preferred
Bendix
7
10712 July 28
105
55 prior A
5H%
Jan 11
1784 Mar 31
36
Aviation Corp of
Barber
4% Mar 25
6i2 Mar 26
No par
Baltimore A
98*2
Oct
Jan 14
Austin
4%
96
72
30,800
200
Oct
May 27
Mar 31
23,80
7,000
Oot
10
2214 Mar 31
9%
11%
36
Feq
39
Feb
4%
10%
69*8 Mar
97
Jan 11
June
10%
*34%
*94%
Feb
88
9%
11
79*8
106
4%
14,000
Feb
Dec
10%
70
Jan
20
Dec
9%
36
24i2 Nov
Jan
79
fO
4%
300
Oct
Fen
14*8
71*4
10*4
*34%
*27%
Jan
107
327| Nov
8*4
*10%
Oct
Deo
3% Oct
July 11
4%
3
20%
Oct
3i2
25*4
May 20
Jan 12
2
3
*19
82
42
4
3%
20
29*8
85
|io%
*19
Oot
80
Nichols......—No par
No par
Del (The)-.3
Baldwtn Loco Works v t c —13
3% f *2*4
Jan
Feb
Oct
8
Jan 22
2%June
4%
20
Feb
Mar 29
__
4i2 Apr
XAuburn
997s
150*8
20is
72
No par
Atlas Tack
Jan
Dec
Jan
Jab
72
Automobile.-No par
1,300
2,600
4912
*
5% conv
7
187?
*48
40
118% 118%
99
Co..No par
Atlas Powder
4%
48
*98
500
7
18is
1834
57
Dec
warrants..100
preferred
4%
48
187s
57
187
Mar 30
Corp
6%
7
20%
18*4
18
Atlas
600
32
*30
9
*75
200
7,400
*111% 120
32
*112
9
9
57
8%
46
Oct
May 12
July 5
14
*45
16%
16%
16%
17
17
15%
*112
114
114
*112% 11412 *112% 114% *112
18%
18%
*17%
18*2 *17%
1734
18*2
*18%
*Qfi7o
*30
♦mi"? 120""
—
18*2
18*8
44%
800
Jan
2678
56
40
4%
35
*12l2
29*8
Ts"
838
300
7,900
143*4
Oct
80
100
7
10
22*4
173,
107% 107% *107
8%
8*8
*
I 44%
*57
8
12
25%
108%
2i2 Mar 30
RR—100
Atl G A W I SS Lines—No par
5% preferred
100
Atlantic
Refining
25
4% conv pref series A...100
4
34%
11%
*7%
24U Mar 26
5i2 Mar 25
*52
Atlantic Coast Line
7
834
10%
217?
*11214
8
118% 118% *118
11%
934
10i8
IH4
55
*7
Jan
Oct
27
preferred
5%
Marl9
Mar 29
without warrants 100
Atch Topeka A Santa Fe.-lOO
6,300
1134
*35*2
203g
*1658
20,200
54
23%
-
4%
37%
54
23
85g
*3*4
36%
52
28% Mar 28
4
55 pref
23%
378 Mar 26
100
100
1st preferred
5% pref with
90
52
13%
*18
84
Apr
1
7% 2d preferred
Assoc Investments
33%
36
26%
7l2
84
23*4
7*2
13%
*7
6%
56
26%
"
*31
N tpar>
—.iOO
Preferred
400
39
13*8
*11812
13,500
72%
6
Associated Dry Goods
88
,
Cork Co...No par
Constab ;i Corp
Artloom Corp
«. —
53
277?
55
10%
~
36%
1234
*53
—100
'
-
Mar 31
60
preferred
60%
1978 July 25
110
July 27
19
Mar 30
7%
2,100
Mar 31
82
Armstrong
pm *
10*4 Mar 31
97
Apr 6
116
Arnold
Jan
Dec
4U
912 July 25
43
July 25
7% preferred
100
ArmourACo(Del)pf 7% gtdlOO
Armour A Co of Illinois
5
56 conv pref
No par
1,300
Jan
26f2
68*4
June 29
43
2
73U
128U May
7*8 July 19
43s Mar 30
25
Mar 26
20
Oct
Dec
57
7
2358Mar 31
10
Jan
Feb
140
8i2 July 27
13*2 Jan 12
86
Jan 20
Mar 30
1
July 14
4,600
57%
26i2
453,1
600
39%
7*4
107
15,200
57*4
2334
12i2
8i2
6%
38*4
267s
*45
100
587s
25i2
July
142
Apr 16
3i4Mar31
25
68i2
148
14
8518 July 29
88
July 29
68
No par
Mining
20
Paper Co
No par
Daniels Mldl'd.No par
Archer
40%
23*4
6
Jan
154
10478
1171s Mar 14
20U July 21
149*4 Jan 10
378 Mar 28
.
Dec
24
Jan 11
31
5884 Mar 31
130
Apr
1
.
105*4 Mar
22i2
7*8
Jan 18
11*4
Nov
Feb
1312 July 27
June 10
12
Andes Copper
A P W
39*8
267?
107
37%
1558 Mar 31
6% Mar 31
Mar 30
100
*81
*81
Oct
Nov
56.50 conv preferred. No par
*567s
*11*4
*7
34
85
....
46
125
AnchorHockGiass Corp No par
6%
lllg
*81
122
July 22
230
79
90
*81
Jan 17
55
14412 July 18
34*4 Jan 10
7
Jan 17
58
10%
6
*
88
*71
131
Mar 29
4584 Apr
5,800
19%
90%
*71
83*2
41
Mar 30
45
~io%
*81
56*4 Jan 12
July 25
55
*71
*297?
*82i2
Mar
60
50
55
79
Feb
58
38
105
6%
6%
57*2
46
29
Mar 29
*120
105
57*2
Oct
Dec
May 26
30%
*29
120
6*4
36
7*2
24%
718 Mar 26
2284 Apr 1
28is Mar 31
29
4
*27
57
15*4 Deo
1634 July 25
35i2 Jan 11
1538Mar 31
21
*3%
*100
67s
101*8 Aug
Mining..50
4
*119
58
Deo
Anaconda W A Cable..No par
1734
29
65g
63is
Anaconda Copper
17%
105
57
8034 July 20
20?8 Jan 12
500
17%
118
65g
Mar 29
58
48
110
110
29
58
46% Mar
36% 137,500
35
36%
Jan
Oct
227g
111
55 prior conv pref
170
15*2
Woolen.....No par
Preferred
100
Amer Zinc Lead A Smelt
1
100
Oct
Jan 15
-
20,900
8%
43
*35
Oct
140
I65i2 Jan 12
American
2,800
118
6i2
Feb
914
July 20
14834 July 1
13i8 Mar 30
Go...100
56 1st preferred
-
38%
*100
*5414
29i2
17
Mar 30
9
par
6% preferred
..100
Am Type Founders Inc
10
Am Water Wks A Elec.No par
20,100
38%
8*4
29%
Jan
Jan
Tobacco—....-25
Common class B
25
2,800
100
*28%.
87is
72i2
Am Sumatra Tobacco ..No par
850
6%
118
30%
Oct
1258 Mar 30
10,000
6%
100
30i4
26
1013s Mar 31
4,000
8634
*115
*29
Jan
3738 July 20
American
6%
38
110
16i2
Oct
161s Mar 31
100
Preferred
Amer Telep A Tel eg
91%
48
Oct
par
No par
900
140% 140%
8
8%
1134
11%
43
Deo
3
31
21i2 Mar 30
500
11%
8
26
7is Jan 12
4l38 July 20
Mar 29
Refining..100
American Sugar
Jan
8884 Mar
129i2 Feb
31*2 Dec
Mar 31
No par
Stores
Feb
125
2434 Nov
107
314 Mar 29
130
American
Oct
19
20
103
American Stove Co
Dec
par
par
....100
8,800
118
3014
29i2 Jan 18
514
Mar 30
....100
25
19%
*987? 100
*29
*115
Nov
Amer Steel Foundries..No par
1,900
112
18%
86%
140*4 141
6*2
110
18
91%
6%
6%
100
884 July 19
99i2 Mar 30
Snuff
141% 142
85
85%
85*2
7%
88*4 Jan 12
June 21
23
preferred
200
14
28%
112
8%
700
*2734
19
140% 142
83
8334
12
13*8
100
Preferred
American
900
9
*13
14
28%
110% 110%
*18%
29*8 Mar
Oct
Co..No par
Amer Ship Building Co .No par
Amer Smelting A Refg.No par
400
Oct
Oct
American Seating
440
9
108*2 108l2 *108% 110
108i2 10812
*16l2
*314
1834
500
14
Oct
25
100
American Safety Razor.. 18.60
2,000
4*4 Mar
27*8 Feb
17*4 Mar
5878 Feb
Oct
3
4M% conv pref—
1,100
56*4 Mar
62*8 Mar
Oct
Jan 12
American Rolling Mill
26,900
29
preferred
Preferred
70
9%
*9
37
*48
No
No
55 preferred
No
Am Rad A Stand San'y .No
3,100
51,500
July 19
4212 July 22
2i4June 23
20U July 20
23s Mar 31
100
Amer Power A Light
56
27
26
30
28
30
29
11U Mar
10%
American News Co new No par
160
2,600
29*4
27*4
44
50
Oct
Oct
63
No par
preferred
6% conv
26,900
144% *140
144% *140
9%
13%
36%
38
30%
51%
49%
3034
8%
*35%
50
2i2
20i2
3214
118
Sis July 19
Jan
1738 July 25
Amer Metal Co Ltd
......
40
144
•
6)34
37U
Jan
Feb
74i2 Jan 17
6,800
30%
9%
13*2
*39
43
687g
21
2434 July 21
Amer Mach A Metais.-No par
50%
28*2
40*8
37i2
Dec
Oct
Mar 31
1,900
30,500
12*4
11%
50
36l2
*47
14i4
7*4
June 17
4,000
32
110% 110% *110% 112
19*2
*18%
19%
19%
141
14334
141% 144%
84
84
82%
83%
86
86%
85*2 87
140*4 140*4
*139% 140*4
8
8%
7*2
8%
9*2
43
2
Jan 18
Jan
Jan
10
4*4
48*2
14
28%
7*8
38*8
44
16%
31*4
28*4
*13l2
Preferred
4%
49%
*128*4 132
128*4 128*4 *12834 132
*55
55%
55%
5434
*5434
5434
55
54%
43
*40
52
*85
4014
Oct
100
American Locomotive.-No par
16%
52%
50%
*82
95
*77
6*4
Oct
6*4
14%
Amer Mach A Fdy Co..No par
32
32
32%
100
No par
Amer Internet Corp
4,400
8
21%
*65%
30*4 Mar
l%Mar
13*4 Mar
4% Mar
12% Mar
,.No par
Ice
6% non-cum pref
600
8
67
..50
preferred
700
16*4
21
*66
70
6%
200
18%
*2
18%
American Hide A Leather
41%
41%
4134
preferred
27
*24%
27
preferred..
Amer Hawaiian SS Co
...
4%
4%
4%
4%
41*4
8%
23%
7%
8%
23%
12834 12834
*13914 140*4 *13914 141
83g
734
734
7%
1278
12I4
1134 12
Dec
1234 July 20
Mar 29
32
8634
Mar
99U Mar
13i2 Jan
13*4
687g
12
5
140% 141*4
83i2 84i2
140*8 140i2
225
Oct
2%
17*2
*24%
42%
400
No par
23*8 Mar
30*4 Mar
33*8 Jan
5% July 2
2514 Feb 25
27
17
28*2
Oct
177
Mar 29
8%
HOlg *1097i 1107s
183«
19*4
19*4
18i2
Jan
175
Jan 22
2
22%
*110
17
Jan 22
177
Amer A For'n Power
1
*67
14
Oct
634 July
12
144%
144i2 *140
3034
32
29%
9%
*9%
9l2
*12*4
137s
29
5
Mar 29
2078 July
12
*11
12
4%
36%
37
35%
35
36%
35%
35*4
36%
377g
3618
*110% 119
*110% 119
*110*2 119
*110% 119
*110*4 U9
*11014 119
2734
2734
28
2734
27*4
*27%
2734
*27%
28%
27i2
27*2
*27U
6
6
534
6%
534
6%
534
634
6%
6I4
6I8
6ia
37
37%
36
37
36
3634
39
38%
39
38*2
3914 40i4
33%
34
33%
3334
33%
35
34%
3234
35
36%
34%
3514
15%
15
15%
15%
16%
14%
16%
16
1634
15%
16%
I6I4
158%
*151
152
152
158f2 *152
158*2 *155
150
150
151
*150
21%
21
20%
20*2
22%
22
22%
20%
2134
22*4
2134
21*8
79%
*78%
79
80
79%
79*4
*78*2
79%
7934 80*4
7934
*79U
18%
19
18%
19
18*2
1934
18*2
*18
1934
1912
1912
1934
15%
14% *14%
14%
13%
1434
13%
*15
16
1534
14%
1534
31l2
Oct
7
4
8,600
37*2
144l2 *140
Nov
2
12i2
83
2i2 Mar 25
Mar 26
2%
*95g
80
638 July 25
8I4 Mar 30
June 20
69
100
Amer European Sees...No par
Amer Express Co
100
4%
4%
16%
16%
18*4
31
16*4 Jan 12
Jan 18
934 July 19
May 26
2%
*140
1484 July 20
9
18%
55
Jan
Mar 29
9
10
2%
5378
Aug
29
10
19%
55
112
No par
214
517?
Oct
20i2 Dec
5% Oct
8U Oct
56
*1812
1307s 13018
90
July 19
20
17%
2*8
19*4
527?
Apr
11534 July 25
17%
2*8
12934 12934
*54
5434
160
88% Mar 31
19% Feb 7
4i2 Mar 29
No par
*11
1914
32l2
104i2 Feb
33*4 Aug
Oct
18%
11%
434
2*g
19U
32
Oct
*11
'
3234
11*4
86
*1634
*2i8
*18i2
8%
*3214
5H4
2284 July 25
Sis Mar 30
4%
4%
Jan
IO414 July 19
Mar 31
No par
42
5
Oct
Feb
9% Mar 29
No par
4*8
*24%
3634
36
80*4
89i2 Feb 18
27
100
$7
4%
173g
5*4
Feb
57 2d preferred A
42%
5
71
1,300
26%
16*4
Oct
2,500
45g
5
15U
11
42i2
16*4
Jan
3214 July 25
63
July 25
21
26*2
1634
174
10*4
5
8%
Oct
20%
42i2
24i2
7H2
15178
11
27
8
8
22%
42U
7H2
Feb
*21
27
24
167
*10%
4234
8i2
121
11%
28
73
Dec
21*4
*4212
24
69
10
22%
11%
*26i4
23%
2
21
*11
*70
July
2U Mar 30
13% Mar 29
434
4%
434
*17
*11
4%
101
12
434
2314
434
.No par
8% 1st preferred
500
*170
500
*170
3
160% Mar 30
125s Mar 30
American Encaustic Tiling._1
10
*5%
10
160
Am Comm'l Alcohol Corp..20
American Crystal Sugar
10
2,500
13
12%
77*2
Deo
18%'
47)
*11
14
13%
13%
13%
13%
*170
2334
1134
434
1334
77*2
Oct
109
Am Coal Co ot N J(AllegCoi25
American Color type Co..
10
1,600
4,800
9%
9%
8*4
8*4
Feb
28
July 22
4212 Jan
70*4 Jan
100
Chicle
share
per
3
129
preferred___.......100
American
19%
*17
19%
*17
500
115
112% 112% *113
share $
per
Apr 21
23U Mar 31
Am Chain & Cable Inc.No par
5%
12*2
57g
*5i2
11*4
23
21%
76*2
13%
*170
it.
m
49%
20%
$
share
per
Highest
Lowest
Highest
5
share
per
114
25
American Car & Fdy
Preferred
*107%
,
77%
137s
7*4
*6i2
*170
*170
;
4812
14,400
2,100
24,900
21%
20%
9%
13
14%
29%
49%
*47
*108
834
9*2
*76
6*8
6l8
57?
5*8
51%
21*4
*112% 115
*17
19%
20*2
14
1434
137?
7714
*76
48*s
28
Can
Preferred
900
29%
28
20%
*107*2
115
9*4
934
934
934
*9*4
22%
166% 166%
166% 166%
31
27*2
51
21%
115
20i2
30%
*107
—
•
166
American
3,400
99
98%
98%
97
5
Am Brake Shoe 4 F6j.No par
5 H% conv pref
100
*13034
*130%
97%
165*4 166
WO-Share Lots
Lowest
Par
1,400
39%
39
38%
38%
97
49i2
53
-
99
30lg
2234
2158
*
....
39%
*129
166
3214
5H2
22
2II4
166
39
39*2
9712
99l2 IOOI4
Wednesday
1
*129
*128
99i2
283s
39
40
*164*4 166
,
YORK
EXCHANGE
Monday
Tuesday
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
NEW
for
Friday
Thursday
Saturday
July 23
40
695
New York Stock Record—Continued—Page 2
147
Jan 21
Mar
7i2 July 19
6i2 Jan 12
358 July 13
20i2 Jan 25
434 July 9
1134 July 25
11
July 7
13*4 Jan 11
36
July 21
98
July 19
4l2
3i8
2
Oct
Dec
Sept
15
Dec
Mar
Jan
18is
86*4
Jan
Feb
9i2
Feb
214
Oct
62i2 Mar
9*4 Jan
6
Oct
23*4 Aug
8*8
Oct
40lj Mar
47*4 Mar
10
Oct
30
Oct
45
Feb
89
Dec
110*8
Feb
12i8 Mar 30
5
Mar 23
23*8 July 25
10*8
Oct
43*8 Mar
I3is July 20
7*4
Dec
32
215s Mar 29
30
Jan 19
20
Nov
42
10% Mar 30
213s July 19
10
Oct
Mar 30
17*4 July 19
115
Jan 31
08
9012 Apr 29
18i2 July 25
96iz Jan 17
92
25
9
109
Apr
9
118s Mar 30
9*4
Oct
115
Oct
28*4 Feb
105*4 Mar
43U Feb
114*4 July
Nov
9
30% Mar 12
29*2
94i2 Apr
2
115i2 July 18
90*4
Deo
684 Mar 31
9
July 19
7*8
Oct
Oct
27
29
31
31
3934May 27
1284 June 14
83
Jan 11
821$
Dec
21% July 29
8V
Oct
75
Mar 31
17i8June 3
9*4 Mar 30
lOig Mar 31
1312 Apr 4
37 May 10
20i8May 27
158s Mar 31
* Ex-dlv.
Jan
Feb
Jan
Aug
Oct
13*4
Apr
75i4June
85s Mar
15U Mar
267g Mar
35*4
20U
Jan
2
15
Oct
6014 July 26
667S Jan 1)
16% Jan 12
99
July 25
29
July 25
29
Dec
15*4 Feb
88*8 July
30*8 Feb
23*4 Jan
62*4 Jan
41
Oct
106i2 Mar
14
Oct
19
Mar
20'4 July 19
19*4 July 25
17*4 Jan 20
55
July 25
35% Jan 17
30*8 July 27
85*8 Nov
22*4 Dec
13*4 Nov
20
Jan
129*8
69*4
Feb
Feb
Jan
38
Oct
297s Mar
15*8
Dec
32iz
60
Deo
16
Oct
94i2 Jan
49*4 Mar
21
Oct
48*8
9
y Ex-rlgbta. T Called
Jan
Feb
for redemption.
New York Stock Record—Continued—Page 3
696
SALE PRICES—PER
HIGH
AND
LOW
SHARE,
NOT PER
CENT
tfVP
JUT
July 23
July 25
Tuesday
July 26
8 per share
$ per share
$ per share
*94%
96
46
96
*95
*45
46
*13
1734
32%
4'2
17%
32
*4'4
*22i2
1178
*35
*3734
2i2
*9
11%
♦34
9534
96
♦46
47%
♦46
47%
14%
*13
14
*127#
14
1334
17%
3034
*334
18
173s
177g
17%
30%
33
30%
334
32
4%
2334
117g
33%
3734
39%
4
23%
12%
24
25
12%
11
12%
32%
3734
34%
3734
30
34%
11%
30%
37%
37%
*36%
38%
2%
9%
38%
2%
9%
39
39
*39
11
1134
39
2%
9%
24-%
33
20
21
19%
38
*34%
34
3378
23%
2
2%
9
9
10%
11%
32%
32%
2
46%
37i2
223s
1212
21%
22
12i4
2114
3
3
*10%
10l4
912
2234
4i8
127g
1078
16%
95«
2234
414
13
47%
5%
38
39
23%
2234
12%
21%
318
*103s
12%
22%
3%
10%
♦15
1634
97S
23%
9%
*23
4I4
12%
4%
13%
38
38
39
21
2J12
225#
22
•38
2078
223#
22%
52
*48
23s
914
18
17'2
21%
*8
23
12
13
19%
2%
20%
2%
10-%
97#
10
16%
9%
23
23
4%
4%
l2%
13%
39
21%
9%
37%
21%
127#
Zl9%
137g
20%
15
15%
8%
22%
37g
9%
22%
12%
11%
117g
11%
*36
38
20%
20
477g
*42
7%
7
2078
4778
*42
4778
*42
477g
*42
7%
7
7%
20%
7i8
42
52
*5C
23#
4078
2%
2%
93g
2%
9%
1778
8%
9%
17%
67#
4078
7%
39
17
2%
678
40%
*8
173g
51
1984
40
39
*30i8
39
8l4
♦36U
39
8%
*36%
39
39
39
*36%
40
*36%
♦75
79
*76
79
*76
79
*75%
79
*75
79
*75
*18l2
*334
101%
*113
5614
*1O014
21%
*
93
*86
25
71
24
67
67
23
23%
23
2234
5 >4
107
14
14
14
5%
634
5%
734
*12%
7%
99
47
48
48%
49%
9%
39%
10%
1034
40
10«s
387#
40
97
97
97%
30
2912
30%
*90
*67
99
13
TT
*90
49
9%
10
38
29
1234
443#
4478
42%
36
42%
35
3414
35%
33
3334
MM
*77
MM
1
5
5
*1%
1514
153s
«4
134
S4
134
234
H4
*37
*42
♦5g
7#
434
*134
78
78
*134
4%
234
1478
15%
14%
15%
%
78
1S4
13s
h
1%
1%
1%
5
15%
*34
37
M
-
5
*42%
*7g
M
4
1%
*4%
37
M
*35
l"
78
234
284
2%
2%
2'4
23g
11%
177g
914
178
2%
*134
*1012
1784
884
11%
2%
1138
19%
87g
♦39
46
*38
44
71%
*lll8
7314
1112
*11%
*11%
17%
177g
9%
7334
8%
*37
75%
11%
71%
72
72
70
*49
62
*49
5
5
25%
MM
2512
*60l8
4234
93
43
140
58%
58%
MM
12l2
*94
M
-
*1000
13i2
13%
2612
~17%
18
*61*
11
8%
11
18
M
M
M
M
97
778
*68
60
42
5
13%
13%
M
96
95%
36%
34%
137
92%
95
♦58%
*1000
35%
*
26%
~18*
734
11
18%
8
11
*93
*
*784
*10
1134
62
*49
4%
•
Wi
♦4%
70%
138
138
58%
M
MM
M
95
94%
8
94%
26%
18%
734
7%
1C
10
*9
10
*9
20%
20%
19%
97#
20
*19%
20%
1558
*34
36%
8
21%
*19%
21
98%
*94
98
15%
8%
69
1434
*34
778
92
92
1478
14
14%
35%
33
34
8%
12%
*897#
7%
8
*49
4%
4%
24%
MM
-
M
on
this day.
24
139
*58%
*1000
139
58%
MM
MM'
95
12%
*90%
35
35%
37%
94%
94%
94%
95
♦
26%
16%
7
9
17
7
93#
*
*7
9
1978
20
20%
19%
91%
19%
9234
*19%
*91
14
14
14
♦33
34
£33
7%
6778
7%
677S
95
26%
"16%
9%
*7%
9
1234
7%
17
6,900
13,700
30
2,800
400
MMMMM-'
20,400
400
18,900
270
M---M-
3,200
2,800
94
14%
33
7%
68
49%
103
54%
107
11%
1%
12%
1%
39
40
26
26%
{In receivership,
MMMMM
97#
20%
20%
15
Oct
I84 Oct
0i* Deo
10
Oct
30
100
700
3,700
300
41,700
1,000
---MM-
13,700
400
10,400
100
94,900
20,900
3,100
11,800
a Def. delivery,
6
24i2
4914
2i*
10%
18% July 25
2li2 July 22
45
July 13
42
July 25
Oct
6%
preferred
100
Central Agulrre Assoc..No par
9
82
Preferred
100
18% July 20
4t* JaD 12
107i2 July 25
91*
Dec
52is Sept
0i* Feb
20i* Jan
37*8 Feb
3814 Mar
Oct
Deo
07*
28
Oct
Nov
Common
Checker Cab
preferred-
conv
28
Pr pf
Oct
95
Sept
3484 Deo
10% July 25
31* Oct
181* Oct
1031* Deo
251* Nov
June 15
82
Feu
111
Feb
5
Oct
*40
Nov
901* Mar
31
Oct
687* Mar
89
1
Mar 31
6
89
114 Feb 23
July
7
2
1578 July 19
Jan
44
Mar 25
12
Mar 29
3% Mar 30
May 31
358s Mar 31
25
Mar 30
42
3
100
..100
100
Oot
Feb
74
Oct
1714
Dec
48
Aug
102*4 June
19i* Dec
113
Jan
Mar 12
2784 July 29
Jan 27
45%May 11
2584 July 22
120% July 29
5
1384 July 25
Columbia Gas A Elec..No par
6% preferred series A...100
5% preferred
100
23
Mar 30
84
Mar 28
Comm'l Invest Trust..No par
34.25 conv pf ser "Z6.No par
31% Mar 31
90
Commercial Solvents..No par
Common with A Sou
No par
Jan 31
5?| Mar 30
1701*
69
Apr
June
81*
Oct
98«< NOV
112*4 Mar
8
8*4 Jan 12
lit* Jan 10
10
June 30
2234 July 19
223* July 19
98% July 25
16% July 19
3538 July 19
26
Jan
Hi* Oct
514 Dec
8
29
Jan
32
Aug
05
Nov
10
Oot
Jan 15
Jan 18
491* July 25
30** Dec
103
July 29
54*8 July 29
July 29
12% July 29
2
45
22% Mar 30
28
Feb
75* Dec
16*4 Dec
10*8 Dec
79
107
Apr
517*
30
65
95* Jan 13
45
27U Mar
Dec
25*4 Deo
x4«* Oct
x68% Oot
041* Dec
Mar 29
y
Dec
297* July
1327* June
25*4 Mar
1041* Jan
62*4 Feb
Mar 31
Ex-dlv.
41
Dec
1
x
Jan
241* Nov
1314 Dec
1101* Dec
93*4 Oct
601* Jan
Deo
25
*6 preferred series...No par
Commonwealth Edison Co__25
90
18
Jan 22
Commercial Credit
...10
4\i% oonv preferred....100
Oct
95
Jan 15
1
481* Aug
4
Feb
1
6'8 Mar 30
67 May 3
60 May 10
82
July
10®* Mar
373s July 29
951* Jan
29
Mar 30
461* Deo
May
90
9
Mar
Dec
20
271| Apr
80
Feb
2
July 21
6314 Apr
3% Mar
10i*
68
May 17
Mar 29
27i* Jan
22i* Jan
157* Mar
Oct
60
13
Oct
Oot
976
4
Apr 1
13% Mar 29
884 Mar
01*
3
9is Mar 30
3i4Mar 31
414 Mar 29
par
par
Oct
12
87»4June 29
20 June 24
100
Oct
30
May 5
7^8 Mar 30
May 31
13i4Mar31
Dec
1
July 29
July 27
141
78
*4
15*
Jan 12
Jan 12
July 26
8
976
Aug
Feb 28
78
Jan
Feb
Feb
45
5i8 July 19
27
July 21
67% July 2
32i2 Mar 29
57% July
6*8 Mar
191*
33
Feb
112
111
7U Mar
Feb
Apr 7
15U Mar 26
105% Mar 30
Jan
314 Mar
92
60
par
32
Dec
Mar 24
par
Mar
57
Mar 22
100
4
I8I4 Mar
123* May
218*
2
10% Mar 31
Mar
4*4 Mar
131* Mar
13514
64
par
100
Feb
Oct
5
lO&s Mar 26
48
11
100
100
7
6314 June
75i2July 25
13% Jan 12
74% July 19
69
5
July
2%
1284
19%
07#
100
Jan
25* Dec
684 Oct
28<4 Deo
II4 Jan 20
3
Dec
58 Deo
11* Oct
7g Dec
10
22
20
July 22
July 27
Oct
Oct
10
10
37
Mar 28
1
2i* Dec
6
l7g Jan
1'4 Jan
5% July
1678 July
Oct
Oct
3
8
284 July
Dec
84
1% Jan 10
6<* Jan 10
Mar 30
8
No par
Jan
4
10
Cash sale.
Feb
1234 July 20
1
5
r
236*
48i2 Mar
38i* Jan 17
375sJune 9
#8 Mar 31
1% Mar 28
par
preferred.No par
New stock,
Mar
Jan
86*8 Mar
30i2 Jan 12
22
Columbian Carbon vie No par
Columbia Plot v t o
No par
n
July 23
115
May 4
June 14
>4 Mar 29
Columbia Br'd Syslnc cLA 2.60
Class B
...2.60
conv
40
100
31*
June
07g Mar 31
Coca-Cola Inter. Corp..No par
Colgate Palmollve-Peet No par
6% preferred
100
Collins A Alkman
No par
32.76
1
'
...No par
4% 1st preferred
4% 2d preferred
Oct
678 July 25
104
Apr 2
49*4 July 25
2
Chlckasha Cotton Oil..
10
Chllds Co
No pai
Chile Copper Co
25
5% conv preferred..
Colonial Beacon Oil...No
Colo Fuel A Iron Corp.No
Colorado A Southern..
Oct
4
July 25
8% Jan 10
84 Mar 20
No par
Cluett Pea body * Co.. No
Preferred
Coca-Cola Co (The)...No
Class A
No
8
14
Mar 29
June
i2Mar28
6% preferred
100
Chicago Yellow Cab...No par
Equipment
Oct
June
Feb
Apr 20
i2 Mar 18
li2 Mar 23
% Jan 26
28s Mar 26
1
July 1
878 Mar 31
{Chic Rock Ial A Pacific...100
7% preferred
100
Clark
Oct
2
90
558 July 25
Mar 20
par
Corp
24
Oct
Jan
100
70
100
(32.60>cumdlv_.No
8
Jan
52
7
100
preferred
48U Mar
821* Jan
39U Jan
125* Jan
10714 Jan
41*4 Jan
24*4 Jan
141* Mar
72i2 July 21
4
5% preferred
100
{Chicago A North Wert'n. 100
33
116
Dec
314 Mar 31
6
.100
Preferred
Dec
191*
7
129*4
27i8 Mar 30
22 June 18
...100
Chicago Pneumat Tool No
Deo
90
Jan 12
July 25
6
Preferred series A
13
105U Aug
4H4 May
18
Chesapeake Corp
.No par
Chesapeake A Ohio Ry
..26
6%
Deo
94
No par
{Chic A East 111 Ry Co
Deo
Nov
97
107
4i2 Mar 30
17i2Mar 31
6% prior preferred
100
Cham Pap A Fib Co 6% pf 100
97
251* Jan
20i4 Mar 29
l
Apr
191«4 Aug
94
Mar 31
Certain-Teed Products
9i*
40
Mar 26
Cerro de Pasco Copper.No par
Feb
35*8 June
July 25
99«4 Apr 11
90
102
May 11
2284 July 20
Mar 28
2
Nov
Jan
171* Mar
611* Jan
181* Mar
52i4 Jan
July 25
100
5
20
80
61
58
12i2 Mar 26
40
Deo
131* Nov
27* Oct
34** Mar
Feb
115
Mar 30
July
Jan
48U
Oct
8% July 25
91
Oct
Dec
Deo
No par
Mar
Jan
Oct
44
81* Jan 10
2
Oct
24
90
Co
Feb
18%
488
371*
Celotex
45U
3014 Mar
9U Feb
33*4 Mar
Jan 17
100
Feb
Oct
Apr 18
100
Feb
39
Oct
Oct
80
Case (J I) Co
Preferred
45U Jan
18*8 July
355s
11*4
5%
40
Caterpillar Tractor
No par
6% preferred
100
Celanese Corp of Amer.No par
7% prior preferred
100
6514 Mar
10U
214
133s July 21
Mar 30
May
Jan
July 19
4i2 Mar 3i
Clev El Blum 34.60 pf.No par
9%
Feb
03% Apr 14
12%June 13
2i2 Mar 25
02% Mar 31
98% Jan 3
295$ Mar 31
100% Jan 4
Clev Graph Bronse Co (The) 1
Clev A Pitts RR Co
7% gtd.50
Climax Molybdenum..No par
320
63
52%
•
Jan
13
July 19
4l2 July 25
Mar 31
21
70
480
68
103
M
8%
*4884
48%
107
M
10
24
Mar 31
1
No par
2,600
2734
*60%
4134
42%
2234 2334
120% 120%
M
1,100
1,900
112
93
12%
-MM
4%
24
27
138%
58%
70
73%
62
112
mm
6884
6834
6884
*67%
68%
63
*53
62
63
*4834
63
63
*55
*4834
47
46's
48% 49%
48%
48
48%
46%
46%
47%
*99% 102
*100% 102%
102% 102%
102% 102% *102% 106
52
54
527#
5034
52% 5334
50% 5334
5234
51%
*107
11434 *106% 120
*106% 120
♦106
120
*106
1147g
9%
9%
9%
9%
9%
10%
9%
10%
107g
9%
1%
13s
1%
1%
1%
13s
1%
1%
1%
1H
*43
44
43
41
42%
40
41
40
40
42%
27
2684 27
27%
26% 27
2578 2634
26%
26%
68
Bid and asked prloes; no sales
8,800
11
33
95
"l7"
11
*1000
35%
*
18
*58%
13%
♦48*4
•
70%
62
'MM
M
31%
95
26%
~17%
10,400
978
14**
98
Jan 15
17%June 30
Mar 31
45
5
8H% preferred
City Investing Co
City Stores
68%
4%
138%
58%
M
18
42
Oct
Jan 17
11
25i4 Feb
1171* Mar
Oct
34% Mar 28
390
68
MM
4
July 25
Jan
2i2 Oct
24% Dec
lOU Oct
684 Dee
.1
City Ioe A Fuel
10
8
300
8%
0
26
Capital Admin class A
Chrysler
21
97
15%
*34
800
11%', 11%
July 29
July 25
2%
33 preferred A
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
6
Carriers A General Corp
1
600
*49
*1000
Canadian Paclfio Ry
Cannon Mills..
11
68
58%
500
3,200
11%
18%
8%
23%
I4l2
22%
3i2
6% Mar 29
14l2 Mar 31
1% Mar 28
4% Mar 26
6*4 Mar 30
5%May 31
105s Mar 30
2% Mar 30
July 25
Oct
Oct
DeeJ
Dec
69%Jk73% 157,100
62
138
100
78
134 |f 2
18
35
6
01*
10
107g
68
58%
M
2%
Jan
70
39
85s May 27
12i8 Mar 30
37% Apr 29
7134
*49
140%
M
241*
1012 July 13:
1278 July 25]
July 29'
15% Mar 20
13U Mar 31
Campbell W AO Fdy_.No par
Canada Dry Ginger Ale
6
Canada Sou Ry Co
..100
1078
6934
*9
21
8%
m -»
46
78
2 Ai.
♦
8,700
M m
Jan
Oct
69
20%
*20%
97%
147#
9i2
2012
2%
*36
39
*7i8
20%
*19%
1
2,400
900
37
Jan
50
Dec
1
11
*1034
13%
95%
*94
3212
92
*
46
*42
102U
52*4
16i* Dec
34
4
7334
68%
11%
34%
98
29*4
*91
*36
Deo
21
Jan 13
Jan 24
90
6% Mar 30
42
M
13918 140
*1000
37
2%
*11
8%
2,400
1,800
2,100
5
Jan
Jan 10
Jan 11
60
{Chicago Great Western..100
40
15%
53
Feb 18
preferred
4% preferred
100
{Chic Ind A Loulsv 4% pf.100
Chicago Mall Order Co
6
{Chic Mil St P A Pao..No par
5
Dec
18%
497*
400
1434
7
Jan 11
par
4,000
78
1%
1%
Jan
Jan
41
3% Mar 31
Jan
8
381*
21% Jan 11
Apr 18
47
Oct
Dec
1
15i8 Mar 30
Packing....No
500
14
h
1%
1%
34
Dec
61*
121*
78
434
14
14%
28
July 25
600
2
Feb
June 30
42
60
73%
*4%
MM-MMM'
*1%
531*
41
1
*84
434
134
Dec
22
3%
*3
25% 26%
25% 25%
23% 25%
23%
112
112
1115s 111 r>8
*111%
*111%
26
26
2578 26%
26
27%
27%
26%
93
93
*67
71
*601S
*60%
93
*69%
41
42
42
42
42l2 43%
417#
42%
24
24
21
2478
23%
23%
21%
23%
124
*120
124
118% 118% ♦118% 124
*120
M
2534
24% 247g
*118ii 124
*58i4
8%
300
300
17,500
4%
*134
19
17%
12
43%
32 34
*77%
*%
MM
1
3%
7g
*78
2%
2'4
11%
11
11
5
*111
2%
12
32
5
44
1
30
2,700
*40%
147#
*42
2%
1,220
28
1%
*36
*7g
2%
72%
62
478
25%
1
16,300
934
1%
138
37
44
MM
6,200
484
14%
15%
M
M
%
1%
5
14%
27g
1
1%
14%
h
5
12
33
M
47
35
36%
*97% 100
42%
*%
*3%
*34
4%
1%
1%
16
1
17%
9%
*78
7g
234
1%
5%
1634
M
32
20
*26%
75
Century Ribbon Mills..No par
500
99
9%
28
12
*41%
3
78
17S
*36
28
1
27g
9%
37%
37
*16*4 Mar 31
10i8 Mar 29
27%May 27
5% Mar 26
57# Mar 31
Feb
Feb
22
Mar 31
800
47
4634
Feb
Aug
2314
597*
Mar 30
300
7%
6%
*90
99
28
Mar 30
34
Oct
Oct
13
Central Foundry Co
1
Central ni Lt A14% pref-.lOO
Central RR of New Jersey. 100
Central Vloleta Sugar Co
19
10
15
*11%
*97% 100
MM
58
2%
*1034
36
15&8
5]8
I6I4
*42
38
334
78
m
-
9%
5%
234
134
13s
13S
MMMM
78
45%
*3
78
*li8
153s
514
1634
3712
'
MM
78
384
5
78
13
*77%
M M
MM
78
334
78
4
78
*12
14
*90
*97% 100
27% 28
11%
11%
42
*4011
34
31%
*77%
29
-
26,900
5%
7
46%
130
5,400
109
*6
10%
38%
*97% 100
13
14
73g
49%
1,500
5,700
1,500
50,100
6%
97#
800
2234
*7
48%
45
5
10
160
*6%
95
*4214
3484
*7514
*78
*334
165s
300
67%
7%
95
'
MMMMMM
67%
6
Deo
7
18
20
6%
1,000
70
30
1578
13*8 Jan 13
18
Callahan Zlno-Lead
..1
Calumet A Hecla Cons Cop..6
100
6%
99
*11
*12
13
538 Mar 30
15*4 Mar
California
2,800
*7
1% Mar 25
3% Mar 26
Oct
25ig July 29
12% July 26
34% July 29
38
July 22
39% July 29
2«4 Jan 13
1038 July 8
6058 Aug
3
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co
No par
20,400
90
10
6% conv preferred
10,500
13,600
9,000
18,500
•MMMMM
100
Butler Bros
MMMM-M
M
..No par
Butte Copper A Zinc.—-
160
MM
Co
{Bush Term Bldg gu pf ctfs 100
3,300
1,300
M
Watch
Bullard
400
8%
5
Mar 29
No par
Debentures
3,700
24
*584
7%
6%
14
Burlington Mills Corp
Burroughs Add Mach..No par
{Bush Terminal
No par
40
2234
Jan
53g Mar 31
12*4 Mar 30
100
preferred
7%
8,300
5,100
83%
18%
3%
101%
117%
5434
*106
28
Jan
2284 Dec
484 Jan 10
No par
23
2234
5%
Dec
Mar 23
Bulova
*82
109
10
2
5% Jan 20
90
*106
Aug
684 July 21
547S Jan 11
23
22%
47#
5%
109
25
Mar 26
*67
23
47#
*106
Dec
Mar 20
23
70
23
5%
6%
*90
28s8
*8
8%
11
3
*82
90
23%
23%
*106
678
734
67#
734
*75#
534
*82
84
23%
72
♦67
23
084
247#
24l2
107
*96
*8
884
18%
17l2
5
43s
*10512 107
*1314
8%
preferred
Budd (E G) Mr?
150
18
17%
1734
*16%
183s
*16%
*16%
4
4
4%
334
334
334
334
3%
334
3%
104
100
102
105
101
107%
102% 102%
103%
99%
115
11434 115
114% 114% *115
117% *115
117% *115
57
58
56i2
56
55% 5634
5234
53%
54%
54%
110
♦106% 110
*106% 110
*106% 110
*106% 110
*106% 110
22
22
2U4 22%
2034 213#
1934
1934
2078
20% 2134
1834
93
24%
70l2
*2258
8%
14% July 19
19% Jan 12
33
July 25
25
41
40%
!
100
36
9
22
_
300
-7%
20%
19
52
22
Apr
June
10,800
11,100
1,200
20%
21%
51%
2%
9%
177#
20%
477g
36
zl934
21%
*49%
2%
834
401*
No par
12
1134
39
21%
22%
*35%
20%
93
Oct
Budd Wheel
22%
4%
378
Bruns-Balke-Coliendar. No par
Bucyrus-Erie Co
6
750
9%
*22
4%
Oct
39
10,300
16,100
5,200
15
87g
8%
22
16
*48
15
1534
76*4
July 12
preferred
No par
Bklyn-Manh Transit ..No par
7%
20,100
5%
38%
22%
14%
20%
27g
10%
197#
*2%
*10%
27g
4
6%
July 28
48
*8
170
45
14
10
22
4%
6
22
1.800
7,000
90
i
Brooklyn A Queens Tr.Nc par
No par
share
per
<
Jan
15 May 31
16% Mar 31
Bearing Co..17
$6 preferred series A. No par
Brooklyn Union Gaa—Nfl par
Highest
share
per
Apr
100
Brown Shoe Co
MM.M-M
934
437g
5%
37%
21%
5
1,400
2,200
18%
934
6%
27g
*8%
1534
8%
12,300
34
38
35%
18
2234
32
18%
*34%
46
20
2234
2%
42
8I4
35%
20%
11%
57g
4534
478
9%
18%
21%
*43
45
6%
47%
5%
38%
47#
13
21
52
214
914
7i8
23
57g
45
215#
27#
*35%
23
18
48
7*8
5%
3834
1,000
1,300
1,600
18%
20%
*21%
*49%
2%
8%
16%
19%
♦48
2l4
9
6%
5%
37%
22%
12%
20 %
27g
10%
*15%
9%
39%
2%
9%
12%
1134
6%
46%
6%
6I4
5'8
1,000
31%
*86
47
38
90
12%
87
Bower Roller
S
9
16
6
Corp
share
per
82
Bridgeport Brass Co—No par
11%
9%
11%
87
Borg-Warner
6
40
Brlggs Manufacturing.No par
Brlggs A Stratton—..No par
Bristol -Myers Co
6
90
10%
12%
87
63s
1,800
Borden Co (The)
Boston A Maine RR
50,700
1178
10
12%
85%
5%
300
Lowest
Highest
share
per
1
20,000
90
10%
46
11,300
19,700
Bond Stores Inc
12
38
127#
934
800
3
Bon Ami ci&sa A——No par
Class B
No par
34%
11
87
10
19
38
70
70
10%
123S
18%
*34l»
19%
38
25
9%
Lowest
Par
96
11%
3234
3734
39%
2%
93g
2
*9
86
6ig
37i8
334
2334
12
33
9%
12i2
5
*42
4
Ranoe for Previous
Year 1937
100-Share Lots
EXCHANGE
the
47%
1334
1734
3234
4%
25%
*46
17%
327g
90
46
96
1734
31%
♦17%
*34%
9%
11%
934
12%
*85
*43
96
*4
*3534
20
36»i
21
9534
31
11%
33%
34%
*1934
♦3534
,
945;
47%
14
37%
Ranoe Since Jan. 1
Shares
18%
12'4
32%
36i2
38«4
♦2i4
9%
1114
912
113s
$ per share
July 30, 1938
On Basis of
NEW YORK STOCK
Week
S per share
33
23
3834
*2i8
July 27
Friday
July 29
94%
47%
4%
J
£
Thursday
July 28
14%
32i8
414
23 »4
1214
3214
36l2
30%
Wednesday
$ per share
,
47%
14U
1734
14%
1
1
Sales
m
Monday
Saturday
STOCKS
80
Dec
34
Deo
80
Dec
5
Oct
Jan
311* Aug
125*4 Apr
39i* Jan
40i* Jan
207*
Jan
108
Jan
101
Jan
091*
114
80i4
120
Jan
Jan
Jan
Jan
2H4
Jan
3
1
Oct
4i*
Jan
May 11
May 11
34
Oct
75*8
Jan
Jan
Ex-rights.
1 Called for redemption.
Volume
HIGH
SALE PRICES—PER
Saturday
Monday
July 23
July 25
77s
$ per share
7%
734
8
7%
7
26%
24
26%
27
25%
15
*8
15
*8
15
*8%
13
13
13
13
13
13
12
17
17
17
17%
17
17%
15%
9%
9%
9%
9%
10
68
*67
68
*81'8
827«
1%
8%
2934
983S
*82%
1%
82%
*1%
8%
29is
98%
1%
8%
8h
9%
9%
8
29%
98%
27%
98%
5%
29%
98%
6
*5%
1834
14
4%
1834
5%
I884
*87%
%
4%
1834
88
16%
24%
2%
17%
25%
234
%
4%
*87
90
163s
16%
245g
.
2%
2378
212
101
1 0934
10%
10l2
35%
35i8
1%
34%
%
;
4%
20
4%
*19
35
353s
35%
36
1%
353s
1%
1%
3534
16%
26%
234
33%
1%
34
3534
3484
19
19%
19
19%
18
52%
52
52
52
69%
434
4%
34%
111% 112
3434
4%
34%
24
24
112%
24%
♦9%
10
9%
36%
37%
3434
*33%
373s
5%
35%
113
24%
9%
38
4%
32%
9%
9%
34%
36
41
*33
34%
82
12%
36%
3384
*79%
82
35%
*79%
13%
14%
80
81
36%
37%
34%
37%
*78
84
a84%
%
84%
%
85
80
80
5%
*70%
20%
72%
*70%
20%
20%
6%
45%
*79%
•%
*%
734
5%
0
8
8
5%
5%
5%
5%
72
20%
7%
46%
*70%
20%
7
71%
20%
7%
46
34%
41
34%
13%
14%
Q
35%
35
9%
*33%
13%
38S4
8%
5%
9%
9%
112
112
*24%
25
*36
82
8%
111%
25
36
14%
,
4%
33%
34%
13%
*33%
37%
%
165%
34%
85
*75
734
7%
5%
5%
8
5%
70%
20%
7%
6%
70
19%
684
45
19%
3534
*75
11,000
38,800
19
Continental
6%
45%
6%
45%
534
5%
23%
75
*70
75
*70
75
*70
75
*70
75
*70
40
*37
42
*35
44
*38
44
*38
44
*38
44
27
*69%
23%
24%
27%
2734
2834
734
734
*7%
8
*1434
17%
*15%
934
934
*106% 107%
2238
22%
14%
1634
8
2%
2238
22%
14%
17%
8%
2%
*103% 107
*3%
6
934
106
17%
10%
17%
17%
2%
*4
2634
15%
10
6
24%
8%
4%
934
1034
106% 107
23
23
23
24
24%
16%
8
33%
*14%
14%
*14%
15%
16%
16%
8%
2
5%
*28%
37%
938
29%
38%
9%
37
29%
*38%
39%
16%
17%
16%
74%
74%
23%
13%
*3%
3%
6
533g
132% 13534
3%
*3
*534
53%
136%
14
*11
110
*102
127% 130
130
*10%
*102
135
135
115% 115%
*1153g 116%
$2.25 conv pref w w..No par
Pref ex-warrants
No par
Crown Cork & Seal
6%
179
6%
180%
180
5
26%
9%
*3%
12%
42%
*39
20%
20%
5%
19%
5%
273s
9%
3%
12%
4234
3934
30
30
*134
2
25
25
*43%
108
6%
*55
62%
45
108
6%
58%
62%
*63
116
27
181
—
—
3%
*81%
84
94
*89
*97
—
110
*102
110
130
125% 128%
6%
7
176% 179
170
171
6%
169
169
30
30%
30
*134
2
25
24
1%
3%
27
3%
11%
39
41
37
37
30
30
30
1%
25
*4434
68
*63
6%
5634
*55
V
3
3%
3
6%
6%
3%
3%
6%
3%
4,100
1,300
3%
3%
5
14%
16%
400
4%
1334
13%
14
9,000
15%
15%
15%
16
16,700
1%
*1%
2
8%
8%
8%
200
*1%
*8
34
3534
34%
36%
32%
31
32
32
32
31%
14%
14%
*13%
81%
14%
81%
*13%
*8184
14%
84
*79
84
*79%
*88
94
86
86
*87
90
94
1.0C0
13
*4%
37
32%
*13%
5
*4%
3434
37
100
5%
3%
3%
333}
15
8I84
100
200
6%
6%
4%
37%
14,600
3%
63j
33%
14%
8I84
68
""400
3,200
4%
3634
*90
534
23«
634
1%
734
61
108% 108%
5%
6%
56%
56%
*60
62%
108% 108%
89
360
36%
31%
14%
84
89
4,600
1,500
800
-
-
4%
4%
4%
4
4%
4%
4%
43g
4%
"5,300
4%
4
4%
4
4%
4%
4%
1%
*4%
4,100
2.200
2434
8834
34%
1,300
34%
1%
24%
*85%
34%
4%
1%
25
*20
25
1%
26
*83
90
353s
22%
35%
*20
25
3534
*134
2
25%
25%
*86
35
*20
Bid and asked prices: no
90
35%
25
J 34
24%
134
25
9C
90
34%
3434
*20
25
sales on this day.
*1%
24
24
*85%
89
34%
*20
t In receivership,
a
Co—2
Corp-Seagr's Ltd No par
500
3,100
3
70
Deo
12
Dec
4
Oot
5
2
$7
$6
Elk Horn
El Paso Natural
12%
29%
Oct
Dec
30
May
6
18%
Oct
30
Oot
30%
40%
5%
Dec
23
Feb
Feb
Feb
Apr
10
Oct
29
Mar
60%
Oct
90
Mar
15
Oct
25
Feb
27
Oct
10%
Oct
41%
46*4
Feb
"5"
Dec
"12%
Mar
77%
Jan
July 27
Mar 30
Mar 20
6% Mar 25
6
$6
preferred
100
Smelting Co 100
.—.100
Federal Motor Truck—No par
Federal Screw Works..No par
Federal Water Serv A ..No par
Federated Dept Stores.No par
Fed Dept Stores 4% % pf—100
Fidel Phen Fire Ins N Y..2.50
FUene's (Wm) Sons Co. No par
Federal Mln A
Def. delivery,
Preferred
n
New stock,
r Cash sale,
Deo
21
8%
1%
65
Jan
Deo
39%
Jan
Oct
8%
Jan
17%
Jan
July
8
10
Oct
Jan 27
100
Nov
122
11
Apr 23
Jan
143*4 July
8
115
Jan
132*4 July 25
90% Mar 31
130*4 Mar 31
109% Apr 1
111*4 Jan 3
3% Mar 31
121% Mar 31
5
10% Mar 30
Mar 23
13% Mar 30
Mar 30
98
Nov
180%
Jan
137
Marie
130
Oct
135%
Feb
117
July
Oct
Oct
Oct
112
6
107%
116% Mar 1
7% Jan 12
181
July 25
109%
2%
144
Apr 20
150
171
21*4 July
5% July
28% July
10% Jan
4
6% Mar 29
21*4 Mar 31
% Mar 26
17
Feb
8
33
Apr
0
94% Apr 5
2% Mar 29
Jan
17
Mar
Nov
198
Aug
Apr
104
Nov
Dec
37%
2%
Deo
Dec
10
14%
3%
3%
0%
13*4 July 20
Feb
Oct
Oct
Oct
10
Feb
9?
27
Oct
24
Oct
31% Mar 7
2
July 20
22
Oct
July
Feb
Mar
45%
2
2
26
Nov
115%
15%
26
25
25
17
Jan 11
41*4 July
100
26% Oct
79% Nov
70%
3% Jan
Mar 31
Service
»
$5 conv preferred—. No P"T
$5H preferred w w..No ^
$6 pre. erred
Vo par
Equitable Office BIdg_.No par
JErie Railroad
..100
1% 1st preferred
100
4% 2d preferred
100
Eureka Vacuum Cleaner
5
Evans Products Co
5
Ex Cell-O Corp.—-— — -3
Exchange Buffet Corp .No par
Fairbanks Co 8% pref
100
Fairbanks Morse A Co. No par
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction...15
Feb
Jan
May
A-, par
No par
5% preferred
Engineers Public
Jan
10%
45% July
3
50
24% Mar
22
22% Mar 31
Corp
58% Mar
Oct
146%
2%May 27
Gas
Oct
Oot
8% Jan 20
54% July 25
140% July 7
24% July 19
14
July 19
—No par
Coat Corp newNo par
Nov
29
1%
88%
2
Elec Storage Batten
27
31*4 Mar
Oct
5
4%June
87% Jan 27
18
109" "Jan
Oct
Am shares—
Light .No nor
preferred...
preferred
Feb
13
33% July 29
Electric Power &
Jan
24
17% July 25
Mar 4
17
Jan 12
8% Mar 28
Elec & Mus Ind
18i>
Oct
8
5
6
Oct
Oct
20% Nov
Mar 30
Electric Boat
Feb
27
19% Nov
12
Jan
Jan
02
"90% "Oct
27% July
2
86
Nov
6
par
157
8% Mar
23*4 Mar
Oct
Deo
12%
par
102
Feb
109% Jan
18% Nov
July 29
l*4May
Mar
24
24
International.———1
No par
8% preferred
100
Du P de Nemours(EI)& Co.20
6% non-voting deb—-—100
$4.60 pref
No par
Duquesne Light 5% 1st pf 100
Eastern Rolling Mills..
5
Eastman Kodak (N J).No par
6% cum preferred
100
Eaton Manufacturing Co
4
Eltingon Scblld—
No par
Electric Auto-Lite (The)
5
Oct
Jan
43
20%
8%
Jan 12
DunhUl
Jan
Jan
127
64%
84
16
14%
10% July 29
Mar 30
A No par
No par
Oct
39% Dec
2
Class B
17%
2%
28*4June
Dresser (SR)Mfg conv
Jan
Oct
Dec
40
Mar 18
31
Mar
3
3
No
Doehler Die Casting Co No
Dome Mines Ltd new—No
Dominion Stores Ltd—No
par
81% Mar
135
Deo
%
5
28%May
3
5
II
Douglas Aircraft
No par
Dow Chemical Co—No par
108*4 Apr
Oct
5% pref with warrants..100
Dixie-Vortex Co
No par
par
Deo
Nov
75
Class A
25% Apr
4% Jan 24
7*4 July 6
39% Feb 28
Mar 30
20% Jan
31% Jan
Oet
67%
8% Feb 25
2% Jan 10
108
Jan 12
2%May 31
4%June 11
25
Jan
Jan
Dec
80
65% June 17
13%May 25
30
200
'
*95
*95
*97
*97
*97
25
6% participating pref
Endlcott-Johnson
47
23s
3%
9
1%
2%
2%
3%
*1%
700
2,200
*1%
24%
47
2%
23g
2%
3%
12%
15%
134
24%
25
1%
68
58
30%
*4434
61
6%
40
29%
*24%
*63
5
3%
12%
37
61
14%
12%
3%
1134
40%
68
5
9%
39%
*58
14%
9
37
*63
14
9%
3%
39
58%
5%
179
171
32,600
20,900
2,800
52,200
5,200
1,200
1,200
64»4
14%
15%
178
*168
7,000
3,400
27%
*60
5
634
6%
600
26%
*55
*55
116
7,400
6434
*8%
17,300
434
58%
9%
110
12834
4%
*61
534
2
126
12%
42%
*4434
47
48
108% *107% 108%
16%
2
*102
Match
Diamond T Motor Car
Distil
7% Mar 29
Duplan 811k
14
4%
♦55
2%
3%
100
2,400
1,400
4%
108
*63
1234
4,600
*45%
50
108% 108%
684
6%
66%
2%
24
2,000
213s
13
*3%
39
66%
2%
3%
135
20%
12%
6%
800
35,400
3%
*11
22,500
534
51%
20«4
13%
2434
1284
70
20%
33
9
5
634
177% 178%
3%
*4434
*20%
200
170
116
116
3%
5
135
Diamond
400
116
9
21%
33%
534
49
300
116
116
25
21
32%
100
56%
47%
Deo
8%
15% Jan 11
17% Jan 12
Mar 31
A..No par
No par
Jan
Feb
30%
107%June 7
25% Feb 25
25
Jan 20
Mar 26
5% preferred
100%
11% July 29
13*4May 27
19*4 Mar 29
9
Mar 30
1
Devoe & Raynolds
1,200
13% Mar 31
4% Mar 29
13% Mar 29
6%June 4
102% Jan 3
76
810
135
135
135% 135% *134% 136
116% 116% *116*3 120
116% 116%
9
90
*
23
125
42
2534
35%
...
23%
*102
41%
25%
*20
180
22
14
39
134
*83
4,900
32%
14
44%
*25%
■
24
*32
*11
40%
30
2
25%
4%
134
*4
4%
1,300
32%
32%
32%
6
*5%
5%
51%
50%
5334
133% 135% £132% 13534
24
*21%
2484 *20%
12%
12%
12% 14
3%
3%
3%
3%
40%
2984
*134
4%
4%
1%
4%
13%
32%
5%
43
25
7,200
49%
11%
38%
37%
13
15,100
17%
75%
28
4%
5%
14
15
179
10%
2434
7%
*13%
134% 134%
*116% 118
*171
40
9%
4%
33%
110
12934
""16
16%
3134
*11%
Det <fc
6
Jan
28*4
84
4
24% July 25
70
July 20
40
July 23
28*4 July 25
8*4 July 20
15% July 26
48% Jan 11
18
Mar 31
pf.100
JDenv & R G West 6%
10
8
3% Mar 30
—..100
Mackinac Ry Co—100
Western..50
Delaware Lack &
37
21% July 18
7% Jan 12
50% Jan 18
6. July 19
12% Mar 30
Aug
115
21
Jan
Feb
77
71% Jan
171% Jan
10% Mar
56% Feb
Nov
Jan 17
Jan 7
Feb 7
July 14
87
Mar 31
Detroit Edison..
37
2934
June
35
35% Mar
0% Dec
28i4 Nov
July 19
94%
1%
13%
6%
Jan
Feb
July
Dec
44% Jan 11
19% Mar 31
Apr 8
70
4
200
10
13%
32%
_
Delaware & Hudson
800
*3%
*74
20
10
100
Preferred
Diesel - Wemmer-Gllbert
2
40
27%
3%
36
128
14
8,500
(The).l
DaytonPow &Lt4H% pf-100
Deere & Co new
No par
107
1634
9%
7
734
3%
12,500
10%
2634
10
4%
*5%
14%
15%
15%
2%
8%
3634
3%
600
40
75%
1334
Davison Chemical Co
1,000
40
5%
7
14%
*134
1334
190
*2834
2034
*634
13%
25
1334
9,400
30
8%
6
25
Davega Stores Corp
Conv 5% pref
*29
19%
43s
2134
5%
28%
2%
3%
*5
*20
*102
*2%
3%
*4
13734
115% 115% *11534 116%
7
7%
634
7%
*171
*171
136
5,400
Cutler-Hammer Inc newNo par
*6
13%
6%
10
38,800
82
Oct
21
34% July 25
14% July 19
58%May 31
12 May 25
4% Mar 31
1
1
Cushman's Sons 7% pref-.100
$8 preferred
No par
500
Mar 29
3
22% Nov
7
39% Jan 17
100
10
Class A
49
Apr
88%
Jan 11
Jan
42*4
3%
Oct
163
10% July
6% Mar 31
3
Mar 29
Curtlss-Wright—
200
25
%June 20
Cudahy Packing
50
Curtis Pub Co (The)—No par
Preferred
No par
28,700
21% Apr 5
6% Mar 31
22% Mar 30
29
Apr 13
25% Apr 1
7% Mar 29
87
Oct
Oct
9% Oct
46*4 Nov
60% Oct
Jan 12
July 25
—.100
Preferred
Jan
Dec
Jan
Oot
%
113
68
Jan
Feb
69%
108%
25*4
23
Mar 31
No par
Cuba RR 6% pref
Cuban-American Sugar
11%
7%
100
Preferred
Cuba Co (The)
22%
24
14%
17%
7%
..No par
$5 conv pref
*36%
1434
32%
23
7%
16
5
Crucible Steel of America..100
10
1434
22
26
*1%
*100
No par
Crown Zellerbaoh Corp
37
*72%
*32
23%
2*4 Mar 26
Jan 31
300
109*4
24
167% July 22
5% July 25
36% July 19
19
No par
Oct
6%
35*4 July 25
19% July 25
162
Crosley Radio Corp
5%
65
69% July 23
5% conv preferred
100
Cream of Wheat ctfs_..No par
Oct
37% Dec
106% Deo
July 25
56
37% Apr
37*4 Jan
Octf
Oct
1*4 Jan 16
1
1
Apr 12
2,200
1,100
1,500
3,300
Oct
1
112% June 28
11% July 26
36
13% Apr
52*4 Apr
92% Aug
Oct
7%
June 30
49
Apr
85
55,000
10%
Apr
1
*6
72%
54%
110
13284
6
*3%
5%
Dec
3
16
103% July 25
Mar 26
25
35%
72%
5%
*12
6
734
37
28%
40
9
7%
2
105
75%
52%
14
*134% 135
116
31%
,
7
*134
*102
16
32%
2334
32%
14
32%
6
52%
*3%
734
36%
28%
39%
8%
134
102
17%
32%
223s
24
32
8
134
16
14%
*13
21
7%
102
1634
14%
*20
21
9%
15
33%
22%
32%
6%
54%
138
23%
14
32%
20%
31%
10%
107% 107% *107
21%
22%
21%
25
*23%
*23%
17%
10
*32%
*6%
*1434
14%
*6
*14%
15%
1034
26
15%
36%
*72%
*1434
7%
22%
14
107
*72
25%
24%
7%
15%
10%
46
5%
17%
2
*3%
23%
45
15
10
9%
17
21%
38
16%
74%
15
7%
1034
*6
9
26
23%
37%
16%
2234
*15%
10
*37%
23%
15%
383s
*28%
22%
7
*6
28%
38
5%
2434
3734
*28
5%
8
*104
2%
110
45%
5%
2234
*14%
15
4334
5%
*39
27%
106% 106%
106
2334
23
8
23%
*7
23%
2234
14%
*104
*45%
534
6
79%
Jan 12
40
Co—
5,400
1,600
Feb
i53
Crane
3,900
Jan
Jan
1%
17% July 19
26% July 27
2*4 July 16
78May 26
21% Mar 30
Coty Inc...
300
10%
Oct
100
5% Jan 12
21% Mar 30
17,900
300
105%
Oct
89% July
June 17
11,600
13% Feb
17% Apr
Oot
Dec
100
Preferred
400
Jan
108
Oct
%
22
Apr 18
10
Nov
7
_
25
Corn Exch Bank Trust Co..20
Corn Products Refining
Jan
Jan
Jan
2%
% Jan
9»4May 27]
Continental Steel Corp. No par
220
3,700
5*4
18*4
49%
3%
7% Jan
8% Mar 26
5
Continental Oil of Del
75
40
23«8
534
Motors
Oct
Oct
Deo
92
6% July 21
10*4 July 13
103% July
~
Mar 31
6
Jan
1
June 30
100
Jan
4%
21%
8% July 25
2% Mar 19
78
$2.50
....1
Continental Insurance
1,800
7%
634
30% July 25
65% Mar 31
36% Mar 30
107
Jan 5
20
$4.50 pref
No par
Continental Diamond Fibre..6
30
19
6%
Mar
100
preferred...
8%
3,300
3,700
*734
19%
Mar
95
1% Mar 29
Continental Can Ino
350
70
87
Oct
82% July 26
1% Jan 11
No par
Class B._
200
5%
Oct
63
68
1
5
Mar 26
10
Container Corp of America.20
Continental Bak class A No par
1,300
70
65
Apr
Jan
I
5% preferred v 10
100
Consumers P Co$4.50pfNo par
15,800
5%
preferred
500
600
81%
37%
70
18%
2% Mar 31
% Mar 21
12.400
9
Oct
98% Mar 24
25%
9%
35%
36%
3334
1334
85
4%
No par
*%
J
70%
13%
July
Consol RR of Cuba 6% pf.100
XConsolidated Textile.-No par
Consol Coal Co (Del) v t C..25
5,500
1,700
16,300
2,300
484
Jan
20
~1~866
35%
18%
51%
69
165%
4%
34%
34%
22
Oct
88% Apr 16
2% Mar 30
7
Mar 30
34%
17%
19%
Deo
$5 preferred
...No par
Consol Laundries Corp
5
Consol Oil Corp
No par
7,000
51%
68%
Deo
5%
8
4% Mar 26
17
Mar 31
1%
18
111
82
%
10%
35
69%
167
1
1%
51%
111% 112
2484 25
9%
934
34% 36
14%
%
10%
7%
Jan 17
July 21
Jan 16
4% Mar 29
100
800
3434
July 13
July 6
*2 partlo pref
No par
Consol Edison of N Y__No par
110% 110%
45
18
434
6H% prior pref w w
45%
100
100
8%
14%
19%
10%
71
Consol Film Industries
12,800
1,700
5,100
2%
2%
*68
33
84
38
*80
16%
26%
4534
110%
10
35%
13s
353g
33%
*1%
34%
5
*81%
37%
14%
15%
25
100
33%
36
*36
34%
*8784
16
25%
2%
*165
5%
34
11134 112
24% 24%
%
4%
19%
Mar 29
4% Mar 30
Mar 29
65
30
%5
4%
%
484
19%
88
4%
88%
110%
934
6884
*165
167
4%
33%
41
*36
41
*36
6884
167
*165
167
167
69%
4%
%
434
19%
99
July 21
.100
600
Dec
28
11
No par
preferred
per share
19% Feb
46% Mar
Oct
4%
20
Mar 29
1,200
52,100
2,600
1,200
29,900
110
*103
110
45%
52
68
6884
5%
10%
*98
18%
52
69%
5%
10%
51
19
69U
5%
10%
15%
25%
2%
35%
1%
35%
52%
19
*51%
2834
99
27%
9834
*87
87
15%
24%
2%
35%
28%
%
*4%
*18%
87
1%
8
*4%
%
1634
26%
284
16%
2334
1%
*784
4%
19%
90
*87%
82%
*1%
10
4%
Consolidated Cigar
7%
1%
*103
110
19
1,300
9834
5%
5%
10%
4%
%
4%
5
9
68
28
2934
98%
2%
97
9934
103% *100% 1C2%
4584 4684
46%
46%
4634 47%
*109
109
110
110% *109% 110%
11
9%
11
11%
1034
11%
47%
46%
*4%
9
*66
1
i
6
Conn Ry & Ltg
% pref.100
Consol Aircraft Corp..
1
9,800
7%
1%
102
103
*108
*81
9
1%
7%
30%
98%
484
82%
1%
8%
6
478
14
*81
82%
1%
*81
1%
7%
82
6
10
10%
10%
10%
IO84
10%
10%
*103
*103
110
♦103
110
*103
110
4%
68
*63
2934
98%
6J«
*6
9
*65%
68
*65
*67
""160
16%
15%
3% Apr
Highest
share
per
$ per share
8
July 20
share
per
15
Congoleum-Nalrn Ino ..No par
Congress Cigar
No par
25
15
13%
$
No par
7.500
*7%
1234
Conde Nast Pub Ino
800
7%
24%
24%
10
1284
16%
23%
*8%
*11%
15%
82%
26%
*8
25%
15
1234
17
9%
67
20l4
Par
Lowest
Highest
Lowest
$ per share
*634
\QO-Share Lou
On Basis of
Week
Shares
634
684
7%
EXCHANGE
July 29
$ per share
$ per share
7%
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
July 28
Wednesday
July 27
July 20
$ per share
$ per share
Tuesday
i
NOT PER
SHARE,
Sales
for
AND
LOW
697
New York Stock Record—Continued—Page 4
147
7%
26%
7
441*
Feb
Jan
J an
Jan
Jan
"29
jan
33
Nov
60
Feb
100
Nov
115%
14%
7
44% July 22
108% July 25
7
July
1
Oct
3
Oct
17*4
Oct
78%
Jan
Jan
Jan
48% Mar 31
40
Mar 31
57% June 30
62% July 23
41
45
Nov
81
Feb
Mar 29
66% July 25
2% Jan 11
51
Nov
86%
Feb
46
1% Mar 29
1*4 June 21
2*4 Mar 30
2
June
2%
5%
10%
1%
3%
4
Mar 26
Mar 31
Apr 9
Mar 31
Mar 30
19%May 27
22%May 31
0% Mar 30
67
52%
96%
2%
1%
April
Apr 5
Feb 2
Mar 30
Mar 30
Mar 31
1%
12% Mar 30
07% Jan 4
22% Mar 30
15
June
x Ex-dlv.
1
6% Jan
8*4 Jan
9*4 Jan
23% Mar
3
1%
4%
0
8%
Opt
35% Mar
5
Oct
3
Oct
6%
Dec
28% Mar
14% Jan
34% Mar
1%
Oct
6% Jan 6
6% Jan 13
14% July 25
16% July 27
2% July 19
11% Jan 12
37% July 21
34% Feb 19
15% July 20
Dec
Oct
6%
Jan
7i*
Oct
28
Jan
23%
Oct
71%
Jan
26
Oct
70
Jan
7%
Oct
29%
82
July
1
72*4
Dec
103
Jan
Jan
92
July
6
60
Nov
150
Mar
99%May 17
4% July 25
4% July 25
2% July
1
26
July 21
90
Oct
129
Apr
2
Oct
11%
2%
Oct
Ills
Feb
Feb
1U
Oct
0
Jan
14*4
Dec
43*4 Mar
July 27
£65
Oct
108% Mar
45% Jan
39*4 Feb
90
35*4 July 25
£21% July 14
y Ex-rlghta, 5
22%
Oct
20
Dec
Called for redemption.
New York Stock Record-Continued—Page 5
698
AND
LOW
HIGH
RALE
PRICES—PER
SHARE,
NOT
PER
CENT
Monday
July 23
July 25
$ per share
$ per share
22%
23
*93% 10018
32
22?8
2334
23%
96%
*92%
33
34
32%
2234
28%
*18%
*2%
30%
23%
24
*28*4
29*2
*29
29%
*17i2
20
*18%
2%
20
3078
31
*2
214
30
30
103
103
20%
103
21%
71
*4
5%
2%
103
2134
80
*66
*70
1534
*47%
8%
8
*96
99
49
49
1012
*125
*96
50%
1034
1034
*125
128
4%
5%
12i2
1234
25
2534
*69l2
1734
5%
1278
2534
*69
7H2
33
33%
22
23
27
27%
27%
20
2%
*17%
*2%
*17%
20
*17%
2%
2%
30
103
103
103
21%
19
21
19
70
70
*66
31
29%
2%
20%
*66
2%
5
7%'
30
2%
5%
1734
5
17
17
16%
*3%
*15
16%
11
7
73g
7
7
15%
15
15
*1434
*47%
49%
*47%
8%
9934
8
8%
73,i
*96
9934
50%
10%
493g
10%
1034
*126
128
26%
5%
1278
2534
71
69
11%
135
69
135
5%
11%
25%
*63
75
*65
19%June13
24% July 20
29% July 20
22
Dec
58%
15
7
21
15
Dec
39% Mar
1% Mar 26
3
Florsbelm Shoe class A.No par
""360
15
49%
8%
9834
50%
1078
10%
10%
*132
148
540
*104
*2
2
2i8
23
24
24
*95
100
*95
1»4
2
1%
2234
24
35
35l2
27i8
2734
153g
19
24%
3434
27%
153s
1978
1538
19
*
99
I5I4
y
5912
14%
*63'2
2434
100
10
"4",200
*45
3
3%
*72%
2134
5812
22%
58%
27
28
28
9712
97i2
97%
5
5%
*63i4
70
1%
1%
6%
612
*178
2
12%
1714
2812
12%
17U
28i2
2312
14i4
25
*23
14
24%
28l2
287g
134
39
5
*63%
1%
6%
1%
12%
17%
28%
23%
1438
24%
26%
15%
25%
14%
15
19%
16
9%
15
338
90
23%
59%
287g
9778
5%
70
138
7
2
1234
1734
2938
23%
1478
25%
29
24
*40
49
"l5"
9
*61
1378
63%
15%
9%
"14%
15%
8%
9%
65
*60
64%
*59
14%
1234
*60%
23%
*45%
2%
14%
13
24%
63%
25
46%
46%
3
3
3%
3%
90
*72%
20%
23%
59%
56
59
27%
97%
5%
*63%
1%
634
*134
28%
98
25%
28%
95
95
5%
4%
5
*63%
65
12%
16%
29%
12%
17%
29%
23%
1434
24%
14
2234
287g
135
Mar 29
No par
115
16,800
22
34
*31
10%
17
10
27
*2638
27
3334
10%
*31
3334
*17%
18
*94
934
18
20
20
5%
*94
98
*94
98
98
*96%
98
96
96
3434
33%
34
32%
33
32
132
*121
2%
95%
8%
95%
95
95
8%
70
2%
96
8%
*95
70
234
96
834
112
*148
634
*65
2%
*95
*121
634
6%
70
*65
3%
6%
6934
234
100
,
3
*96% 105
734
8%
8%
8%
*95% 112
*96
112
14984 H984 14934
1634
17%
1734
63
63%
63%
6434
132% 132% *132% 134
149
62%
62
63
132% 132%
131
131
*53
58
55
55
*56
60
*94
98%
97
97
*95%
59%
98%
*56
*95%
98%
1934
41%
1934
*19
24
*18
24
1634
*18% 24
4178
4178
*110% 112
*13%
14
19
19
*104% 106
61% 61%
*28
32
15%
42
111
111%
13%
1334
18%
19
106
106
61
62%
*28
30%
15%
15%
1534
*61
63
61
61
*95
98
9%
9%
48%
48%
*2%
8
30%
9
258
8%
3078
9%
95%
938
48%
2%
8%
30%
9%
%
1
1
13%
*22%
23%
13%
23%
*34
36
36
*7%
♦
13%
8
734
17
62%
40%
111
*13%
18%
106
60%
307g
1434
*61
41
39%
111
112
14
106
*105
62
1
18,600
600
4,200
28%
135
3,400
43,100
600
2,500
*37%
400
1,500
1,900
300
50
49
23%
23%
*40
49
*1%
*20
~2~ 400
20
66,300
3,800
100
20
22%
434
600
20
434
20
900
934
9%
18
60%
300
634
70
27g
98
98
77g
8%
105
147% 150%
18
19%
60
60%
""766
90
7,600
400
5,600
100
150
56
56
400
98%
98%
300
20
100
41%
112
4,500
140
13
13%
1,900
17%
*17
18
1,600
*105
106
30
30%
30%
100
13%
14%
14%
15%
16,500
6034
61%
62
62
6234
63
96
96
*96
99
*96%
99
„
48%
3
8%
46
234
9%
30
10
*8%
2834
834
1
%
14
13
22%
37%
13%
22%
3734
8
*734
8
Bid and asked prloes; no sales
8%
48%
2%
4634
878
47
preferred
278
6234
8%
9,500
700
300
9%
47
18,800
13
Apr
1
1% Mar 26
1
10
Mar 31
32
June 18
Gotham Silk Hose
15% Mar
69%June
2% Mar
52% Mar
No par
100
9%
10
22,500
Dec
Feb
29% Mar
Oct
90% Mar
19%
Dec
51% Jan 19
3% July 18
3% Jan 11
43
Oct
51%
58%
Oct
6%
Jan
Feb
8%
Feb
80
1
*83%
Dec
12«4
Dec
60% Mar
46
Deo
8784* Mar
16%
72%
3%
Dec
65
June 29
2
Jan 12
5% July 19
Oct
3
Oct
434
Feb
Feb
5
30
22
Dec
47%
3
23% July 15
198a
Dec
22%
15% Jan 12
26% Jan 12
10
19
Apr
20
Jan
9% Mar 30
12% Mar 31
23% Apr 8
122
Apr 12
July 18
32
Jan 14
135
July 25
40
Jan 22
15
20% Dec
23%
129
Oct
1
13% Mar 30
25% July 19
100
34% Mar 29
50
June 30
60
7% Mar 31
17
July 25
7%
Oct
7% Feb
11% July 13
1% Jan 10
7%
Dec
%
Oct
Greyhound Corp (The).No par
5)4% preferred
10
No par
July
6
4
% Mar 31
—100
12
Mar 28
Gulf Mobile A Northern.—100
3
Mar 25
8
Mar 29
22
35
6%
preferred
100
Water
25
24
25
30
Apr 28
Apr
1
10
5
Mar 25
Hamilton Watch Co.—No par
12
Mar M
7%
Hall
preferred class A
Printing
preferred.
100
88%June 30
28
Jan 12
6% July
28
Hazel-Atlas Glass Co
4% June 3
50% Mar 31
l%June 14
76%June 1
5% Mar 25
81
May 5
25
Hecker Prod Corp
Helme (G W)
l
25
Preferred
100
Motors
140
No par
6% cum preferred
Hershey Chocolate
34
conv
Apr
Jan
8
12
Mar 11
6
Jan 18
95
Nov
108
98
July 21
92
Oct
105
34% July 25
18
Oct
121
Dec
102
Jan
106%
Feb
Oct
8
Jan
81
Nov
117% Aug
884 July 25
95
July 23
88
Dec
126
Feb
152% Feb 17
129
Nov
166
Jan
5%
Dec
15%
Jan
6
1
Marl6
Mar 30
46% Jan
100
4
83% Jan 26
5
t c—25
5
Mar 31
23% Mar 30
1
May
7
100
Jan
June
15%
Oct
112
July 27
13% July 19
25% Jan 12
108
May 27
65% Jan 20
93
734
15%
109
*3934
5284 Feb
120% Jan
3O84 Mar
43% Jan
11434 Mar
53*4 Deo
Nov
Deo
Oct
Oct
Oct
30% July 26
21
Dec
41
Jan
15% July 19
63
July 29
6
Oct
27%
Feb
44
Oct
73
Jan
Dec
94
Mar
100
June 28
934 July 20
53% Jan 13
3% July 14
Mar 30
10
%June15
6% Mar 30
14
900
6% preferred series A...100
12
38
230
Leased lines 4%
..100
RR Sec ctfs series A...1000
23
78%
434
37
Oct
17%
Jan
Oct
90% Mar
1%
3%
Oct
5%
15%
Jan
Oct
Jan 13
4
Oct
23%
Feb
Jan
1% Jan 10
July 25
8
Oct
6
24% July 25
16
Oct
Mar 30
38% July 25
3
July 25
34
Deo
72
5
Dec
25% Mar
Apr
3% Apr
x
Jan
37
30% July 20
29,400
18,400
1
67*4
111
Dec
9% July 14
5
100
Dec
Nov
16%
Mar
Mar 29
3
Hudson Bay Mln A Sm Ltd 100
Hudson Motor Car
No par
39%
Oct
2
20
20% Mar 30
100
11
42% July 22
48% Apr 1
17% Mar 31
stk.No par
Cash sale,
1784
Dec
1%
83
5% Mar 26
par
100
r
Oct
55%
56% July 20
98% July 29
Mar 28
No par
New stock,
5
July 14
3% July 26
98
July 29
70
Feb
Mart9
Mining
12.50
Houdallle-Hershey ol A.No par
n
Feb
Feb
40
Homes take
Illinois Central
140
Dec
80
Hupp Motor Car Corp
Jan
58% Mar
64
Jan 10
preferred
Feb
100
39%
ll%June
5%
Feb
Feb
135%
98
v
Jan
20%
31
Nov
No par
preferred
36
Oct
Deo
May
Holly Sugar Corp
7% preferred
5%
434
1784
50
5% conv preferred ...No par
Hollander A Sons (A)
5
Houston Oil of Texas
Deo
26% Apr
Jan
125
Jan 31
com
Oct
19% July 29
17
Household Fin
17% Mar
59% Mar
3434 Feb
23%
June
10% July 20
21% Jan 15
Jan
59
Oct
65% July 20
No par
B
484
Oct
132% July 13
16% Mar 25
Class
3%
Mar
16% Feb
11% Mar
Mar 26
10
Hlnde A Dauohe Paper Co. 10
Holland Furnace
No par
No
12
98
42% Mar 31
126% Jan 19
100
preferred
64% Mar
39% Mar
Nov
7
July 25
Jan
42% Jan
145% Mar
Dec
Greene Cananea Copper
35
Jan
Jan
Deo
28% Mar
6684 May
Oct
60% Sept
15% Oct
preferred
Jan
5%
100
8%
Jan
Feb
48%
1%
Green Bay A West RR
Green (H L) Co Inc
Guantanamo Sugar
Mar
2784
1%
12%
delivery,
1%
96
Oct
22%
Def
13%
Oct
Oct
12%
a
47% Mar
141
Dec
Dec
22%
t in receivership,
Oct
Feb
13
1234
240
65
115
10
22
7%
Oct
Jan 17
23% July 29
61% July 19
18% Jan 10
12
*634
2
Jan
Mar 31
22
*35
1%
Mar 30
13%
day,
6%
49%
7% July 29
2% July 19
13% JaD 11
21
this
15% July 19
67
July 20
27% Jan 11
88%
1
Great Western Sugar..No par
Preferred
100
Howe Sound Co
8,100
7
Oct
8
.—.20
Hudson A Manhattan
30
35
Feb
56
10%May 26
Gt Nor Iron Ore Prop.No par
Great Northern pref
100
2,100
29%
6%
Aug
20%
30
1
2,600
9%
35
Nov
24
Oct
July 26
Grand Union
33 conv pref series...No par
Granite City Steel
No par
Grant (W T)
10
preferred
95
Oct
July 19
2% Mar 31
6%
Nov
8
8
98
5
(The) Co
95
28
»4 Mar 29
3,500
30%
7
Jan
July 25
31
1
q
9
38%
Mar
11% Feb 26
61
Feb 26
17
30
Graham-Paige Motors
Granby Consol MSAP
11%
35
Mar 30
37
2%May 27
60% Apr 26
234
29
1
8
37%June 18
50
1
No par
5%
preferred
No par
Goodyear Tire A Rubb.No par
35 conv preferred—.No par
47%
934
%
June
16
Goodrich Co (B F)
234
30%
1
100
Mar 29
No par
No par
0
2%
9
1
Mar 29
June
Mar 29
21
7
on
9%
Deo
5
4conv preferred
9%
16
51
Hercules Powder new..No par
13%
*29
36
Glidden Co (The)
13%
6
No par
Hercules
130
112
1%
Jan
No par
preferred
Brothers
1,600
13
30
conv
Glmoel
8,600
132
15%
*29
35
preferred
10% July 20
126% Feb 28
x7% Jan 19
*131
*99
20
7
17%
6234
Mar 31
8% Mar 23
14% May 23
120
*18%
40%
106
1
1
preferred
6% preferred
100
Hat Corp of Amer class A..1
6)4% preferred w w
100
Hayes Body Corp
2
20
61%
36
132
98
*105
Gen Realty A Utilities
6%
18
62%
Nov
*121
55
112
86
July 21
Mar 29
98
112
95
June 23
55
41%
85% Mar 19
preferred
15
*18%
39%
Jan
100
Feb
Jan
83
132
Jan
53g
Hanna (M A) Co 35 pf.No par
27g
60%
Feb
65%
117%
7
Harbison-Walk Refrao.No par
*131
Feb
15%
Oct
3
60
*96
122%
60%
Dec
Feb
2% July
3,000
*6%
112
Oct
Oct
Oct
17
Hackensack
10
1,000
98
6934
*96
Feb
26% Jan 15
98
2%
*96% 105
8
110
70%
106
33
6%
7%
Dec
111
Jan
Feb
Deo
101% Apr 9
l%May 21
12% Mar 30
32
6934
124
19
45
28%
No par
Preferred
19,600
135
*9634
2%
May
Oct
Gold A Stock Telegraph Co 100
57,500
13%
24%
38%
300
15%
9:
9%
%
*6%
*67
117
3%
8%
6%June13
61%
99
10
22%
*94
132
65%
21%
9
lb", 700
17
14
98
July 28
384
64%
Oct
«4
July 22
98
13%
106
61%
30%
9%
48%
3078
1%
12%
*1634
98
33%
124
Nov
48
9% July 23
12% July 22
.100
61%
*29%
*96%
278
93a
41%
112
1234
17%
1834
49%
9%
*9634
Jan
Jan
33
No par
6 %
7%
1%
12%
*17
149% *147% 149
*147% 150%
17%
16%
17
18%
18
95%
278
*94
Oct
July 29
Mar 31
General Tire & Rubber Co..5
1%
1%
67g
18
4
Jan
Gillette Safety Razor__No par
27
*17
3
18,400
70
34
98
70
*64
*31
34
*2%
47S
*26%
9734
*60
97
478
34
33
6%
2734
*96
27
98
6%
23%
5734
*31
9%
Jan
Feb
1% Jan 11
35% July 9
66% July 29
~6~,600
90
22%
56%
26%
*26%
*9%
44%
preferred
6,500
3%
*72%
32%
9%
64%
Gen Public Service.
Gobel (Adolf)
2078
18
111
Jan
Oct
28% Nov
Gen Railway Signal...No par
Goebel Brewing Co
*18
9
34
45% Jan 10
36% July 20
6% Mar 29
1,300
27
98
7
3
21%
18
152
1
Ink
General Printing
3
*234
*26%
32%
934
126% Mar
52% Jan
Dec
4434 July 25
120% July 28
4
No par
100
*18
18
*120% 132
5%
Dec
25% Mar 31
111% Apr 25
21% Mar 30
35 preferred
No par
Gen Outdoor Adv A ...No par
46
11%
1%
33
*6%
64%
23%
*45
16%
*92
*120% 132
13%
11%
*92%
*120% 132
99%
15%
9%
6378
1378
64%
24%
1478
15%
1%
Oct
22
*99
Jan
16
22%
66
Feb 23
Jan
Feb
11
1%
118
10
Common
Jan 24
28
3334
43%
11
*4%
100
preferred
6%
General Motors Corp
72
Mar 25
50% Jan
Feb
Mar
120% Feb 11
% Mar 30
25
65
88
15%
*20
5%
108% June 28
No par
36 conv pref series A .No par
General Mills
No par
Oct
Oct
2,000
20%
578
20%
No par
34.50 preferred
Gen Gas A Eleo A
14%
Oct
28%
20%
*5%
20%
22% Mar 30
32% Mar
13
30,500
24
27% Mar 31
Feb
14
Oct
Gen Time Instru Corp.No par
23
1%
No par
No par
Foods
153
6%
Gen Steel Cast 36 pref.No par
Gen Theatre Eq Cor p.. No par
21%
16%
11%
General Electrio
General
Oct
2%
Oct
200
24
15%
20% Mar 31
108% Apr
preferred
7%
Oct
5
117
1,770
21%
11
Mar 30
100
No par
General Cigar Inc
July 28
5% July 25
13% July 19
26% July 20
15% Mar
105% Jan
86% Feb
19% Jan
3,400
2,400
*1%
35
100
preferred
Mar 30
135
Oct
Nov
31% Nov
Jan
Jan
5,100
1%
11
No par
cum
Apr 12
5%
91
Feb
28%
16%
No par
A
6% Mar 31
2% Mar 31
6% Mar 31
July 12
51% July 25
11% July 27
684
23%
14%
23%
11%
7%
5
June 25
8% July 27
100
70%
28%
11%
38 1st preferred
June 15
4% Mar 31
48%
*2234
*1%
Feb
Oct
23%
14%
1%
19%
Oct
28%
11%
Jan
Jan
Oct
Oct
14
1%
33
106%
4
1
28%
11%
*39% June
Oct
Nov
18
*2234
*1%
Deo
88
14
29%
23%
1434
49
11%
10%
7% Mar
15% July
2% July 25
14
50
Jan
Oct
Dec
1%
3
24% July 25
3738 July 20
2884 Jan 10
17
28% 28% *28%
28%
*133% 135
*133% 135
*37%
49
*37%
49
2434
23%
2434
23
23%
32%
Mar 25
12%
29
Jan
15% Mar 31
*134
49
Jan
83
13% Mar 29
1,300
*16%
135
Jan
18%
No par
13,600
*11%
*40
Baking
General
6%
2%
*11%
17
4,700
17%
49
5
Corp
preferred
36
"2,900
12%
49
Container
Gen Am Transportation
109
16%
28%
23%
7
29
12%
2
July 20
5
5
"4", 300
7%
2
July
18
No par
36
1%
16
*934
70
18
93% July 13
7% July 25
Feb
135
1534 July 19
1%
*44
*31
*64
434
Oct
49
6%
17
21%
27%
97%
434
18
Mar 29
1%
24%
27
25%
*95
57%
4% Mar 29
30% July 25
234 July 2
5% July 19
82
7
46
*26%
22%
MarlO
Dec
13%June25
1%
16%
11%
*1%
6
90
20%
55%
Mar 30
9% Mar 29
40
48
6%
*134
46
*20%
534
21%
*26%
*72%
10
85
Oct
July 15
5
% conv preferred
50
Gen Amer Investors...No par
1%
16%
534
90
2% Mar 31
Dec
2%
Feb
Apr
Sept
General Refractories... No par
1934
*60%
2%
3%
19% Mar 30
1% Mar 29
43
Gaylord
678
50
24
3%
Apr 13
5% Jan 12
9%
15
62
13%
25
27
Oct
267g
*17%
834
64
2%
Industries Inc.—3
2% Mar 31
1%
9,300
1%
23%
*
9
24%
4634
2%
23
*23
99%
1434
23
*45%
3%
3
70
14%
8%
64
47
2178
59%
16%
534
21l2
63
24%
*72%
*37%
24%
*20
99%
*
Wood
33% Jan 10
100
100
*17%
135
24
*95
45%
29
*37%
100
15
135
*3714
*2334
2
2234
2534
19%
Gar
Mar 29
Jan 10
900
4,500
...
2
22
27%
25%
48
3%
2034
58l2
*104
1%
22
24%
15
pf 100
Free port Sulphur Co—-—10
Gabriel Co (The) ci A ..No par
Galr Co Inc (Robert)
—1
33 preferred
10
Gamewell Co (The)
No par
Gannet Co conv 36 pf—No par
200
28
14%
*17%
F'k'n SlmonACoInc 7%
75
27
i>
66
*64
28
19
July 25
Class
34
99
71
1,800
33%
*18
Mar 29
25
1%
*22%
*
50
25
3234
1578
1978
No par
No par
Cable
1%
23%
1®4
*22%
37 conv preferred
Feb
54%
General
32
2
98
Oct
10,000
34%
25
*72i2 110
*95
Oct
11%
1278
23%
*23
2
100
July 12
July 25
80
22
12
31%
65
3
*95
68
103
12%
24%
1%
22%
65
3
100
1%
20%
Oct
Mar 25
Mar 31
Bronze—
3434
61
3%
3%
2
22%
18
General
25
99%
*45%
2
2034
Feb
46%
11
4,400
34%
9%
60%
1434
6412
25
4734
17g
2
2334
Oct
85
5%
*104
...
5
Dec
10
5
36
"15%
1434
*95
2%
2434
15%
5912
23
*103
...
2
2%
24%
9%
9
134
*104
Jan
41% Mar
107% Feb
52% Mar
100
4%>% conv pref
Foster-Wheeler
20
27
27
2612
27t2 *27
28%
27%
27%
27
27
*26% 28%
800
II6I4 116% *116% 118% *116% 118% *117% 118% *11734 118% *11734
10
118%
43
42
43
41
43
42l4
43
4378
41
42%
41% 42% 65,200
35
35
3434 3512
35%
35%
33%
35
34
34%
34% 3434
10,000
*110
11118 110% 110% *110% 111% *110% 111% *110% 111% 110% 111
300
1
1
*%
1
%
1
%
1
%
%
%
78
2,000
*30
40
*30
5012 *30
50% *30
50% *30
50% *30
50%
65
64%
64%
66
64%
64%
66
*6334
66
64%
66
6678 "3,700
123
*11978 12012 121% 122
123
121% 123
124
124
124
124
630
41% 4312
43% 4434
40%
42%
43%
43%
41%
43%
43% 44% 196,400
12018 12018 120% 120% 119% 119% 11934 120
120
12034 12034 12034
1,100
44
44
43
43
42
44% 44%
42% *4134
*42
44
900
44%
9
918
97S
9%
9%
8%
9
9%
8%
9%
834
9% 12,100
1112
1134
1178
12%
11%
11%
10%
11%
1034
11
1034
11%
4,300
*104
Apr
11%
Oct
Nov
t Follansbee Brothers..No par
Food Machinery Corp
100
5%
75
Apr 14
Francisco Sugar Co
1,000
12,800
1,600
180
49%
135
11%
23%
10% Mar 26
No par
18
8%
51
5
12%
2534
26%
No par
900
17
*96
49%
10%
24% Mar 30
Fllntkote Co (The)
Florence Stove Co
1,700
15,900
5,600
15
share
per
16%
5
*47%
Highest
$ per share %
90
4,200
1,200
8
*96
50%
5
5%
13%
2534
15%
49%
share
96% July 25
34% Feb 11
*16
7%
per
25% Jan 15
2934
2%
*93% 100%
7
7%
%
16% Mar 31
*16%
17
100%
share
76
2%
16%
*16
48%
128
5%
13%
29
per
6% preferred series A...100
First National Stores..No par
4%
*93
50
128
40
16%
100%
*96
9934
51%
*29%
3
Lowest
Firestone Tire A Rubber.—10
5
*93
8%
8%
72
*3%
40
*35
48%
1534
30
4
100%
7%
2%
Par
Highest
6,000
20
*102% 103%
19% 20%
72
434
*92
49
2%
*2934
29%
103
5%
17%
*17%
16%
17
100%
15i2
33
2234
27
2834
5
50
33
21%
2%
5%
8
32%
23%
2734
2834
5%
17%
*16%
96
32%
29
Lowest
400
22%
21%
2734
...
Year 1937
EXCHANGE
the
28%
2%
512
1712
15U
*4712
*95
2%
514
1714
7%
22
95
40
2934
29%
23s
30%
7%
22
95
*30%
28 34
2%
7%
21%
94%
478
2%
40
*92
23%
*3%
2i2
17
Shares
5
30%
101
33%
23%
$ per share
40
*214
1612
21%
94%
96%
$ per share
Range for Previous
On Basis of 100-Share Lots
STOCK
YORK
NEW
Week
*4
29*4
*92
$ per share
July 28
*32
5%
40
30
July 27
Friday
July 29
72
20%
71
*4%
Thursday
103%
*103
22
40
*32
Wednesday
\
S per share
23
23%
96
32i2
23i4
Tuesday
July 26
Ranoe Since Jan. 1
STOCKS
Sales
for
Saturday
July 30, 1938
Ex-div.
2
y
Ex-rtghts.
1%
Dec
4% Aug
38
.
Mar
67% Mar
Jan
t Called for redemption.
Volume
HIGH
AND
SALE PRICES—PER
NOT PER
SHARE,
STOCKS
NEW YORK STOCK
the
CENT
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
July 23
July 25
July 26
July 27
July 28
July 29
$ per share
9%
*8%
2434
94%
-
-i -i
9%
*8%
2434
93
*140
$ per share
8 per share
938
*9
24%
24
25%
95%
96
*140
«»«»«•«.
23%
95
95
*142
„
*8%
24%
23%
*93%
96
*141
9%
2434
8%
8%
24%
96
L«».«
$ per share
$ per share
9%
*83g
95
*141
-
.
94
74
75
74%
75%
73
75%
73
16%
10%
16
16%
14%
16%
15%
5%
*5
5%
5
5
*4%
5%
5%
5%
53g
25%
89%
89%
*88%
5%
12%
3%
27%
5%
90
25%
90
5%
12%
12%
3
3
*26%
101
161
65%
13%
3%
*28
67%
67%
*153
*152
*152
7
4%
10%
51%
140
1034
45%
434
46
24%
*34%
231*>
9%
10%
14%
*76
*11
334
10%
9%
934
9%
10%
9%
10
10%
1434
1434
*76
12%
21%
*
97%
65
66
66
*23
9734
*128
25
*22%
*120%
*120%
52%
78
1234
99%
-
1234
12
24%
24%
13%
24%
21
21
21
*14%
15%
*80
90
11
11
734
42
14%
*80
7%
7%
*90
92
42%
43
10
78
1234
934
13%
75%
*11%
21%
2G34
1434
*11%
21
65%
*64%
9634
97%
*63~
93%
65
22%
21%
*120%
1434
11%
8%
23
21
10%
23%
20%
14%
13
44
*80
90
11%
11%
92
42%
42%
11%
113s
11%
11%
11
28%
29
29%
*28%
234
234
10%
193s
19%
7%
83g
*32
40%
42%
11%
28%
10%
28
3
23%
6%
1
*24%
15%
25%
22
24
14%
14%
14
14%
7%
,*534
32
4634
8%
8%
*31%
9834
983i
10%
8%
98%
103% 10334
*167
18
*17%
170%
17%
30%
45
47
*734
3234
33%
48
50%
48
4934
*96
100
*20%
20%
45
19%
534
44%
28"
443.J
21%
18
46
46%
1934
20%
28
44%
45%
14%
1434
14%
15%
3234
33%
3334
*2
2%
2
9
*8
7%
1534
8%
14
1234
.7%
15%
7%
16
2
5%
34
5
12%
*1%
*25%
13%
263g
12%
134
2
6%
5%
13,500
20
400
900
*17
44
4431
43
44%
1,300
1834
20
18%
1834
19
19
5,500
31
31
31
3034
3034
1734
43
43
29
267g
43
14%
15%
31%
33%
100
1434
280
7%
4,000
*7%
12%
6-%
634
6%
634
14%
7%
7
8
15
14%
15%
14%
2
1%
1%
*1%
6
6
5%
6%
15
%
%
1%
8%
1434
13%
5%
15
534
57g
*4
6
12%
1434
12%
44%
15
3,200
32
2,000
1%
15
1,100
2,000
2
5%
6
%
26%
13,700
%
1,090
*4
634
20
14%
14
15%
3,590
%
*1%
1%
*1%
1%
1%
1%
1%
1%
13%
1334
12%
2434
3%
45%
28%
13%
12%
2434
13%
25%
12%
24%
133g
2534
*3%
46%
4
*3%
4
46
48
29»4
28
28%
47%
28%
48%
28%
2634
26%
4
4%
45%
47
29%
29
29%
50
6%
63g
27%
27%
84
*152
50
6%
*28
84
160
50
*152
4%
160
4834
49
6%
6%
6%
28%
28%
28%
84
95
*84
*152
47%
6
*26%
*85
26%
4%
160
47%
Lerner Stores Corp
Liggett A Myers
6%
6%
13%
13%
14%
11%
11%
11%
12%
1134
1234
11
12%
Bid and asked prices; no
*83
98
sales on this day.
13%
11%
*83
95
Link Belt Co
May 27
80
Nov
Oct
Mar 26
1134 July 20
838July 19
7
4
6
90% July 29
80
Jan
13%
13%
11%
12
123g
44
14%
July 25
113g July 22
30
July 19
338 July 25
Wks. No par
No par
195g July 19
8
July 13
315g July 23
17% Jan 17
15% Dec
22
Mar 26
12% Mar 31
Co—No par
L.) Co
-1
Martin-Parry Corp.—No par
Marshall Field A
Martin (Glenn
No par
Masonlte Corp
Mathieson
Alkali Wks.No par
98
i2
178
198s
078
1984
a Def. delivery,
New stock,
r Cash sale.
Oct
27%
41%
Jan
Jan
6
Dec
1784 Mar
Oct
27% Mar
7
14
Oct
51% Feb
4
117% July 28
97
7% July 25
1% Jan 12
5% Jan 13
Mar
Mar
Mar
Mar
Mar
20
29
30
6
Mar 29
25
Mar 30
81
Mar 30
81% Mar 31
157
Apr
9
145g Mar 31
2014 Mar 26
Mar 25
29
Mar 31
Apr 18
84 Mar 20
92
Mar 31
June 22
1384 Mar 31
125
Apr 1
12% Mar 31
2978 Apr 20
12i2May 27
29
11
July
July 25
Jan 14
22
Mar 29
Dec
4%
Oct
Dec
2% Dec
2234 Dec
%
203
Feb
24% Mar
384
18%
Jan
Jan
43% June
Oct
58%
Jan
79
Jan
5
33% July 28
23
Oct
Jan 10
82
Dec
IO384 July 25
169
July 29
Mar
21%
23
100
24
Oct
8
Jan 10
9
33% Dec
Oct
Feb
15% Mar
29
Aug
113%
Feb
Oct
114
Jan
May
175
83%
151
Jan
Feb 28
15%
Oct
23% May
37% July 25
48
July 5
18%
Oct
83%
33
21% July 21
56% July* 18
14
Oct
26% July
43%
Dec
87% Aug
£18
107% July 1
284 June 25
56
July 25
100
Jan 18
21% July 25
143%July
5
18% July 7
56% Jan 10
21% Jan 12
31% July 19
Jan 21
120
Mar 29
29
247g Mar 30
40
10
984
33% July 28
48
July 25
1105s Mar 30
Nov
9984 Nov
1
June
32
Oct
2%
Oct
17%
Dec
Oct
101
15% Dec
125
Oct
14%
Oct
48% Nov
13% Oct
26«4 Oct
123% Nov
Feb
Aug
03
110
Jan
3%
Feb
75% Mar
IO84
Jan
43%
110
Jan
May
28%
14784
2884
99
Feb
Jan
Jan
Mar
4I84 Mar
30
Feb
132%
Feb
July 27
17%
Deo
02% Mar
July 26
25
Dec
58% Mar
Mar 26
15% Feb 25
8%
Oct
15%
18% Mar 31
a4 Mar 29
3334 July 25
18%
Oct
03
0
Dec
16%
jan
10
Oct
39
Jan
Oct
10%
Oct
Oct
29%
Jan
684
Feb
Oct
84 Dec
14%
10
45gMar 30
2% July 19
9
Jan 10
584 Mar 20
20% Jan 13
25g Mar 20
9
Jan 13
Mar 30
16
July 23
9
1% Mar 31
5
Mar 31
7
Jan 11
5%
7%
l%May 12
7
Jan 28
7%May 11
78 Mar
1884 Mar
5% Mar
14% Mar
2%May
25
284 Jan 11
4%
9%
1%
2
%May
3i2 Feb
30
30
30
30
24
Mar 29
Jan
Mar
Jan
Feb
3% Mar
3
Oct
20
Jan
15% July 29
684
Dec
39
Jan
2% May 11
1%
Oct
29% July
6
14% July 25
27% July 25
45g Jan 24
49
July 19
24
7%
Dec
Dec
10
Oct
I84
20
Oct
Oct
6% Mar
51*4 Mar
30% Mar
29% Apr
13% Jan
74
41«4
Feb
Jan
30% July 19
22
Dec
Jan 26
105
Feb 23
142
May
165
Jan
28i2 Mar 31
3% Mar 26
51
July 19
Dec
06
Mar
1984 Mar 31
61
n
Jan
6
Jan
7% July 20
195g July 19
29
30
2314 Mar 31
100
preferred
Jan
24%
Oct
Jan
3
preferred.—
100
Department Stores—10
Maytag Co...
—No par
$3 preferred w w
No par
$3 preferred ex-warr.No par
$0 1st cum. pref
No par
McCall Corp
No par
McCrory Stores Corp
1
0% conv
15%
47%
Deo
Mar 29
95
157
May
Oct
Dec
14
Dec
584 July 25
—100
Marlln-Rockwell Corp
.1
4
22
8
1434 July 25
22% July 22
preferred
Feb
10%
8i2 Mar 31
3i8May 13
2i2 Mar 28
0% 2d
9% Mar
15i8 Mar 31
2i8 Mar 20
I484 Mar 31
No par
Madison Square Gard—No par
Magma Copper.—.
10
Manatl Sugar Co.—
1
Mandel Bros
No par
t Manhattan Ry 7% guar. 100
Modified 5% guar
100
Manhattan Shirt
25
Maracalbo Oil Exploretlon..l
Marine Midland Corp
5
Market Street Ry—
100
0% preferred
100
6% prior preferred
100
1784 Dec
I84 Oct
35% July
29% Jan
26
No par
Jan
20% Mar
4684 Apr
71
par
Co Inc
Jan
69% Mar
Dec
par
Nashville—...100
Ludlum
Steel
—1
MacAndrews A Forbes
10
0% preferred...
No par
19%
109%
Dec
.30
Biscuit
25
5% preferred
100
Lorillard (P) Co
10
7% preferred
100
Louisville Gas A El A ..No par
Louisville A
Oct
Dec
28% Nov
5% Oct
11
102
Loose-Wiles
Feb
19% Jan 22
par
par
lnc
Jan
238g
Mar 30
9
par
Inc.
$0.50
Jan
110
20
No
preferred——No
No
Lone Star Cement Corp No
Long Bell Lumber A—No
Loew's
Loft
Jan
Mar
27%
July 23
I2i8 Mar 31
8,600
J In reoelvershlp.
3
Feb
114 Mar 29
12% Jan 7
33
1,800
*83
0i2 Mar 31
Liquid Carbonic Corp..No par
10
1334
98
Corp—No par
Lima Locomotive
300
*85
25
100
Preferred
Lily Tulip Cup
3,800
25%
95
Tobacco..25
Series B—
1,200
*22%
*85
No par
Llbby McNeill A Llbby No par
Life Savers Corp...
5
7%
4734
6%
95
No par
Llbbey Owens Ford Gl.No par
160
26%
13%
98
4734
6%
14%
*83
*152
20%
13%
98
48
6%
13%
*83
160
47
27%
13%
98
*152
100
50
6% conv preferred..
50
Lehman Corp (The)
1
Lehn A Fink Prod Corp....5
100
48
160
Lehigh Valley Coal
12,800
29,000
2,400
2,400
2,200
27%
85
5
4«4 Mar 29
Apr
Lehigh Portland Cement—25
160
4
434
1,000
634
%
%
%
6
7%
*14
2
2
35
25
14,800
*734
1%
*7%
12%
44%
Oct
Nov
1014 Mar 31
Macy (R H)
134
1%
8%
Oct
13
13i2 Mar 30
4% conv preferred
Lehigh Valley RR
Mar
16
No par
5
Bryant
Lee Rubber A Tire
Jan
Mar
29
13% July 25
24% July 21
No par
Mack Trucks Inc
8%
1434
32
preferred
14", 300
1234
44%
*14%
*31%
1%
28%
26%
43%
1434
30%
1%
28%
1%
14
200
*123
4534
2634
15%
*7%
1%
44%
*123
33
15%
70
17%
*30
46
44%
140
*138
140
80
28
263i
8,300
*138% 140
17%
17%
29%
*
5%
16,700
9,400
48
*83
400
2%
54%
20%
29%
*80
53%
800
6,000
30,300
98
48
50
503g
10634 107
2
7,100
20%
29%
*152
49%
20
98
28%
13
14%
47%
20%
*123
*32
1234
1334
33
47%
19%
100
98%
32
2634
12%
28
*17%
20
21
6%
40
121
Oct
5
213g July 15
15
July 19
Lambert Co (The)
200
173g
35%
19%
20
*4
13%
169
169
98
46
5%
28%
5%
900
1,600
3,300
20%
48
4%
434
*20
33
99
98%
IO284 103
£32
98
19%
34
*%
*4
5%
*1%
15%
5%
6
*%
19%
1,200
98
*43%
14
7%
46
19
21
20%
20%
138% 13834 *138
17
17%
17%
1%
8%
2
2
*4
2
13
44%
19%
1,500
10,400
21
*123
28%
45%
8%
1,600
96%
*31
32
8
497g
49%
48%
48%
107
10634 10634 *106
2
2
1%
1%
53%
5534
52%
53%
434
*9%
22
96%
20%
45%
1834
27
20
97
31%
*1234
5%
5%
*21%
*123
*123
56
5534
56
22
*31
32
27%
*106% 107
2%
2%
£22
18
18
45%
19%
*31
2%
*13834 139
*138% 139
*17%
51
107
97
22%
5,800
8
20%
*21%
900
1,200
31%
46%
5%
%
4%
4534
46%
5434
%
4%
44%
20
55%
5%
34
30%
44%
21
54%
434
6%
31%
37%
2%
6%
4634
4734
49%
10
7,700
6%
934
20%
107
2,200
23
6%
h
27%
934
30%
47
2%
22
227g
227g
117% 117% *117%
1,900
934
3634
Feb
Lane
7%
19
27%
21
2
18%
*9%
*30%
37
*105% 108
*534
27%
48
130
2
6
2638May 27
220
Jan
Jan
6434 Nov
15% Dec
115% Apr
Mar 29
5i8 Mar 29
19
Jan
155
126
Jan 12
300
87%
Mar
30
5,200
1,000
2834
934
8%
Apr
Aug
65% Nov
Mar 26
14
934
33
30
127
Deo
120
15
1
22%
27%
33
Oct
Sept
49
100
22%
7%
99
99
*96%
*967g
103
102
101% 103%
103% 10334
*167
*168% 172%
170% *167% 172
*17
17%
17%
1734
I73g
*17%
34
36
35%
35
3334
35%
20%
Jan 12
9%
8%
107% Apr
26% Jan
£116
18
14
.
99
8
1212 Apr
10i2May
63
Jan
Dec
Nov
78
1
12i2 Mar 25
3
»
36%
110
Jan
24% July■20
120
July 14
Jan 24
12
Feb
8% Nov
9
99% July'25
July 7
80
Kennecott Copper
15%
70
Mar 29
28%
33%
Deo
8
4%
*8%
8%
Laclede Gas Lt Co St Louis 100
*4%
9834
Feb
Oct
340
4%
33
35
110
Oct
0%
9,400
800
.15
*14
15
4%
46
Oct
4
Jan
Jan
130
1
B
65
7
July 9
65% July 20
Kendall Co $0 pt pf A ..No par
Class
Mar
17%
17%
17%
4%
3134
Southern
preferred
52
900
4%
8
4%
Kaufmann Dept
Oct
120
4984 Apr
Mar
10
19%
*28
18%
*534
*18
100
100
Stores.$12.60
Kayser (J) A Co
6
Keith-A1 bee-Orpheum pf.,100
Kelsey Hayes Wh'l conv cl A.l
Kansas City
8
Mar 29
118
493g
7%
32%
10
45%
48
9%
193g
7%
14%
Kan City P A L pf ser B No par
Oct
19
4,000
1734
31
33
47%
1,700
28%
4%
29
2834
7%
18%
24
24%
22% 24
24%
2434
*117% 125
*117% 125
*117% 125
6
6%
7%
7%
6%
6%
1
%
%
*%
7g
%
4%
28%
934
4%
*534
800
3
17%
33
22
22
1734
7%
18
17%
29
50
*24
1834
*14%
100
30
*6%
1034
*24
167g
*13%
58
122
Feb
2884
No par
Keystone Steel A W Co No par
Kimberly-Clark
..No par
Kinney (GR) Co
1
$8 preferred
No par
$5 prior preferred—.No par
Rresge (S S) Co—
10
Kresge Dept Stores
No par
Kress (8 H) A Co
No par
Kroger Grooery A Bak.No par
3
15
26%
1434
48,200
3
14
17
4234
1034
2834
16
No par
Feb
Oct
1234 July 25
24
Jan115
II314 Apr 30
44I4 Mar 30
Johns-Manvllle..
4,300
2834
17%
20%
36%
*47
18%
4,400
40%
1034
17
168
*17%
16%
18%
-
1134
8%
90%
90%
41%
10%
*27%
2%
______
7%
7%
92
423g
187g
10234 103
168
3
90
11%
1134
7%
*67g
*28%
33
9834
11
7%
33
*9%
4434
90
19%
*117% 125
*31
*80
31%
19
4,700
June
10
57%
19%
r
Mar 31
8
16
68% Sept
Deo
1078 July 7
1534 July 19
x76
July 19
Feb 10
No par
Kalamazoo Stove A Furn... 10
—
900
IIS4
1
Jones A Laugblln BtT pref. 100
13
*80
;__1
300
....
113s
127g
127g
No par
Preferred
21
21
*120%
Corp
preferred
Jan
733g Mar
13534 Jan
19% Sept
34
IO84 July
0% Mar 30
63
I884
Nov
Jan124
r23
23% July
'
72
July 22
4
1,100
66%
400
*6%
*534
8,300
300
31%
1634
18
95
Feb
16% Jan
15% Apr
29% Deo
2% Oct
3584
4
0
Jewel Tea Inc
132
6534
66%
22%
....
$6
21
8
14%
Island Creek Coal
23
19%
7%
18%
Inter type
800
11
*26%
15%
300
*18
31%
16
12%
20%
5ia Feb
Interstate Dept Storee. No par
Preferred
100
124
*21
19%
25
30
11%
*7%
31%
16%
76%
21
734
25%
14%
5,200
No par
No par
Oct
37
'
4012 Mar 30
Inter Telep A Teleg
23%
10%
19%
153g
100
37,800
*18%
127g
31%
17%
*23%
14%
*534
18%
12
Oct
48% Jan1 21
2434 July 29
Mar 28
100
6,300
Jan
127% May
6% Dec
115g July 20
4738 July 25
6
Jan 21
414 Mar 29
18% Mar 31
2% Mar 30
June 17
934
*128
15
28
preferred
Aug
162
1%
140
Jan 19
19i2Mar31
Foreign share ctfs
Jan
120
6
6284 Feb 23
July 23
3678 Mar 31
International Salt
7%
189
Oct
132
Apr
Apr
9%
63%
127% Nov
53% Nov
3
0»4 Mar 31
28iz Mar 25
14%
94%
Oct
784 Jan 12
4?g Jan 11
117« Jan 21
Mar 25
2
International Silver
*20
*90%
3%
19%
95
Oct
18%
Nov
Shoe
400
28% Mar
2
Jan 17
138
3% Mar 31
Jan
64% Apr
111% July
11% Mar
Jan 11
100
...
Dec
July 28
International
67
92
70
400
9%
Oct
155
preferred..
5%
Jan
1384
9
Mar
200
1,400
20%
12%
5% conv pref
Feb
6
Oct
May 27
141
100
Inter Paper A Power Co
33%
Oct
20
16234 July 28
No par
No par
23%
19%
16%
*%
*21
*120%
7%
31%
16%
15%
16%
43g
28%
65%
21%
----
100
Internat Rys of Cent Am—100
600
71
*64
65%
132
*128
8
11%
1834
94%
7%
31%
634
19%
97%
19%
31
23%
19
"65%
67
Preferred
25
Oct
1%
Oct
Mar 31
28,800
1,550
6%
3%
Oec
Int Business Machlnes.No par xl30
Internat Harvester
48
No par
100
131% Mar
0
29
Preferred
Apr
2%
Mar 26
100
23,300
Mar 30
Mar 26
Int Nickel of Canada..No par
103g
15
58®4 Nov
I67g July 25
5% July 21
f.84 Jan 13
26% July 21
98
Apr 25
35s Apr 1
278 Mar 26
2
100
52,600
*___.
82
Mar 29
Int Mercantile Marlne.No par
Internat Mining Corp
1
*11%
*20%
12%
21
56% June 17
7i8 Mar 30
June 10
Int Hydro-Elec Sys cl A
*76
124
92
29%
*3
*24
*22
30
19
33g
*11
*20%
*
7
'
234
12
*90
8%
734
*90
92
75%
July
6% Mar 30
6,200
5,100
13%
12%
23
*80
90
75%
Feb
143
2
8,800
90
11%
*18
14
75%
144
Oct
80
Agricultural..No par
Prior preferred
9%
14
Nov
32
15
Internat
13%
9%
72
July 18
June 30
100
4
9%
July 25
141
No par
Rubber
Iron
6%
*67
96
8
Feb
5%
558July 7
13% Jan 12
3% Jan 17
Interlace
4
9%
934
Mar 25
10% July 13
143s Mar 31
No par
preferred...
Intercont'l
100
156
97g
13%
2034
6%
1
6%
10
934
66
6634
22%
*120%
28%
30
53,400
8,300
1,100
2,800
13,800.
66%
64
634
334
14%
132
*128
132
9%
9%
124
124
66
67
24%
-
9%
14%
*128
132
*19
11
800
434
3%
*155
71
*67
71
9%
10
*-.-_
65
-
934
*75%
21%
*67
72
*67
*20
*90%
13%
3
Inspiration Cons Copper...20
40
90
50%
72%
10%
10%
15%
124
~65"
132
1234
900
27%
27%
162% 16234
65%
•
5%
24%
12%
278
26%
16234
6%
4%
*67
10
65
*128
7
3%
51%
12%
9534
6%
4%
4,800
t Interboro Rap Translt._.100
Interchemlcal Corp....No par
50
51%
51%
49%
51%
49%
51%
*136% 140
140
*136% 150
*136% 140
*136% 150
*136% 150
10%
11
10%
10%
11
1034
9%
1034
9%
11%
10%
44%
42%
4334
45%
4034 4534
41%
44%
47%
46%
45%
5
5%
5
434
5
5
434
4-%
4%
5%
5%
48
46%
48
g46%
48
47
4634
*46%
4634
4634
47%
2434
23%
24%
24% 24% *23
24% 24%
24%
24%
24%
35
3434
35
3434
*3438
35%
*34%
35%
*34%
35%
35%
22
22
21%
21%
2234
*21%
24%
*22% 24
23% *2334
124
~65~
*»
"7"
4%
934
10%
10%
52%
21
21
«*'•»
6%
4%
Insuranshares Ctfs Ino
88%
*4%
434
13
155
7%
2,200
share
Jan
22%
47%
60
5%
per
Oct
135
16%
g
Dec
100
No par
Highest
share
per
15
No par
preferred
Inland Steel
$
share
per
July 19
Ingersoll Rand...
6%
$
share
Mar 29
26
4
1,300
-
76%
5%
90
6334
155
7
783.!
*
m
162
162
6334
66%
*154% 155
4%
7%
4%
72
*62
66%
161
161%
66
12%
2%
26%
3%
28
27
-
5,300
34,400
*24
24%
434
13%
3
3%
29
161
68%
*88%
4%
12%
13%
12%
3%
90
5%
5%
*5%
24%
4%
25%
5
28%
16J34 162
27%
5%
25
24%
*88%
5
25%
*88%
*5
5
5%
5%
26
-
10
No par
*47g
16
5
25
-
Indian Refining
per
Industrial Rayon
7534
77
16%
5
5
100
$
Lowest
Highest
Lotoest
Par
15%
73 %
16%
.
24%
100-Share Lots
Basis of
7,300
2o%
95%
*142
72%
.
On
Week
Shares
$ per share
Range for Previous
Year 1937
Range Since Jan. 1
Sales
for
LOW
699
New York Stock Record—Continued—Page 6
147
16% June
20
75
Mar 29
Apr
884 Mar 31
0
Mar 23
Mar 31
3384
67g Jan 12
28% July 26
21
Apr 22
4% Oct
20% Dec
15%
Jan
44
Jan
35
June
45
Jan
91% Feb 10
93
Nov
111
Jan
Dec
7«4 Oct
£06
Oct
36
Jan
16
Jan 18
1234 July 26
80
July 13
11%
24%
Feb
106% Mar
zEx-dlv. y Ex-rights. T Called for redemption.
I
New York Stock Record—Continued—Page 7
700
LOW
AND
SALE PRICES—PER SHARE. NOT PER CENT
HIGH
Saturday
Monday
Tuesday
July 23
July 25
July 26
Wednesday
July 27
S per share
$ per share
} per share
$ per share
175g
17
*1I78
1214
115s
115g
4414
22*4
4478
43*4
4414
23*4
7*4
3514
*12%
44*8
2214
35
16*4
16*8
75s
*35
978
9%
*
16*4
23%
8
7*4
1018
9*4
10*8
*
85
Thursday
Friday
the
July 28
July 29
Week
$ per share
$ per share
Shares
1
17%
16*4
11%
12*8
11%
16%
1134
44
44%
44%
46%
21%
23*4
7%
34!4
22%
7%
34%
9%
7%
3434
84
84
7%
7%
35
35
35i2
*75
93
2412
778
17%
1284
44%
23i2
34%
10*8
J'8
16%
9%
85
82
82
14%
13%
15
16%
11%
£45%
21%
23
7%
34%
934
9%
*82
*1558
15*4
1478
15*4
77
67
67
*65
74
*65
74
*66
70lS
*63
69*4
*65
69*4
57%
*65
14%
73%
70%
*55
57
55%
6
*65
5378
55
6
6
6'2
6I4
6*8
2178
23
23
2414
2312
13i2
23%
47
47*8
1412
*45
47
♦135s
14i2
47
*13%
4712
1214
11%
20*8
12
1178
20*8
20*4
28
28
28%
108
108
%
2
*%
**4
114
*1612
1778
3
3
11
;
3
3
17i2
17l2
90
90i2
*11312 114l2
47*4
48&8
38i8
38iS
38
*3514
7912
110
81
7*4
75g
%
*78
2
1%
ll2
3%
11%
1%
27g
1778
90%
91*4
11
1%
18*4
11312 114*4
485s 495«
*37
38l2
3712
*3614
20*8
2H4
21*4
22*4
13ia
13!8
27*4
2778
1378
2712
712
14%
28*4
4614
40i2
7
712
4512
4512
*15
15i2
*15
*58
61
*583s
*104*4 105
9l2
8%
778
6%
*78
*114
*16i2
714
14
14
10*8
1078
1118
1678
1278
167S
19%
12%
20*8
44%
11%
19%
25%
28
10%
12%
20%
28%
94
i
19%
26*4
19%
27%
110% 111
109% 110
94
*90%
77
80
108
6%
79
*107
6%
09%
*%
2
17
16%
*%
*84
*16
16%
2*4
2%
7,200
1,150
17
•
2*4
17%
17%
88%
89
89
1%
114
114
113% 113%
44%
48%
45
47%
37
37
30%
36%
36
37
36
36
20%
22*4
2134
13%
25%
14%
20%
13%
27%
25%
26%
13%
"3*260
10,000
%
1.000
1%
1% *"*330
16%
2%
10%
1%
300
1,800
9,900
900
234
1,400
17%
4,300
2,900
90%
113% 113%
46
47%
*35% 36%
36
36%
20% 22%
14
1434
20
203s
8%
7%
320
68,700
300
260
12,300
5,800
5,800
16.400
163
*135
145
7%
47%
48
14
14
*14%
15%
100
Munslngwear Ino...
*55%
58
*56
58
100
104*4 *103
105
160
9
10%
58
10434
10%
9%
53
53
*48
11%
11%
10%
11*4
17%
14*4
15%
13%
14%
13
*46%
10
33,100
54
200
Myers (F A E) Bros ...No par
10%
11%
15%
143g
9%
14%
«»
-
10%
16
*15
65,100
160
12,800
3,200
24,200
7l2
5812
245s
75«
5938
2H2
22
245g
*29
29*4
81*4
81*4
*74
3*4
1158
1112
27
*2512
80
*70
5914
2214
21
30
24%
7%
59%
21%
29%
*29
82
80
81
78
8H4
*74
78
334
3*4
III4
1112
25i2
*3*4
3%
*70
*38
4012
102
102
♦38
40%
10134 102
12
*8i2
*9
187a
19l2
19
19i2
38i4
38i4
38
2058
2D4
2058
1958
19*4
32i4
31
39i2
2H2
1978
32i2
36*8
3734
37
4*8
4%
1034
10
10*4
11%
25
6118
2512
*38
4012
*10H2 102
12l2
1212
32
11%
2312
7%
*70
*70
145
75g
7i2
6OI4
21%
29i2
*74
78
*35s
2412
11%
12
1812
19
38
20
35
38
18%
20%
*33%
39%
19
17
29
17*4
17*4
16
18
29i2
30%
27%
30%
27
34
4%
36i2
4ig
37
105g
1834
10%
4%
10%
*4%
934
37i2
414
35
37
4%
934
4%
9%
10%
*4
""*250
4,900
17,800
300
42,300
18,500
100
10%
115
*109
*108
123
*108
123
*108
123
*108
123
*109
123
*109
*56
....
*52
•
-
-
*52
.
2%
2*8
23g
2%
214
5*4
"2%
7
7
7
714
6*4
6%
1
1
*78
*78
1%
8
8%
8I4
li8
8i2
7%
8%
52
*46
52
*46
s8
12
174
174
*103
106
*46
5«
"2%
6%
1%
7*4
*1
7%
52
58
*46
%
52
*%
10,400
22,800
1,200
1,400
M>
mm
"l.lOO
3,900
700
100
80
10
31,700
700
♦103U 106
105
105
104% 104% *103
2414
5412
2312
23ig
54*8
*5312
54%
10%
*96i2
105s
10i2
11
97
96i2
96i2
*82
92
84
*83
22*4
23%
*54%
55%
10l2
*96%
98
21%
54%
10%
23%
54%
9%
*96%
*81%
92
21%
*54%
105
170
22%
34,700
55%
*54%
40,400
*96%
553g
10%
9734
92
*81%
12%
*94%
*31%
92
*81%
92
13%
98
12%
*94%
96%
32%
*31%
32%
10
14%
14
14i2
95%
*94
96
*94
96
*94%
96
*3H2
3238
*3158
32%
*31%
32%
*31%
32%
284
*2018
234
278
*2118
1238
2934
1878
2%
25
2%
21%
12%
*2%
21%
21%
23
25
1134
1134
12
11%
12%
31%
18%
12i2
29
2934
17i2
18*4
101
101
812
26*4
*13134
8i2
*102
3%
25
30l4
29
31%
29%
30*4
2934
19l2
18%
19
1634
18%
17%
18%
17%
110
*102
878
2738
11
50
50%
*44
70
*115
878
73%
9%
*412
19
5l2
19
*44
73
.
1134
50%
9
70
....
74
9*8
8
25%
132
11%
*43
18*4
*44
110
♦103
132
*834
24%
110
8%
26
*132
11%
51%
1834
10*8
*42
18%
70
*44
*115
73
8
8%
26%
9
70%
8%
8
2434
8
25%
Tl%
50
18%
70
10%
*47
19%
*44
"10%
8%
£70
8
Apr
1
50
6
6i8
Oct
17
Dec
145
May
13
Oct
12
Oct
IO6I2
Deo
104if
Oct
Oct
245s Mar
1078 Jan
25% July 25
20% July 26
17
Oct
35
Mar
17*4
Deo
38
Mar
4if
Oct
18i« Apr
Oct
44
Mar
7
18
Jan
Jan
8% Jan 12
6
Oct
617s
14*4
44*4 Mar 31
66t2June 30
55
Oct
99U Aug
14i8 Mar 31
23
Feb 25
Dec
20% Nov
21
175s
20U
63if
Deo
30
Dec
80is
16if
Dec
Jan
Oct
4
30
82
July 7
July 25
1
75
Feb 23
75
Dec
Dec
4i2 Jan 14
12% July 29
3
Dec
Jan
Oct
Feb
Jan
Feb
65s
Oct
22% Dec
26
July 20
70
Feb 11
Mar 31
40
Jan 14
32
9912 Apr 26
412 June 28
9% Mar 31
106
Jan 18
99if Nov
28
12*s Mar 31
18
Mar 30
2
62
Dec
Dec
Nov
9
12% July 21
19% July 23
10ig
29
Mar 25
July 19
Oct
Nov
3734 July 23
4*4 Jan 11
Oct
15
2*4
Oct
Oct
5
514 Mar 26
101
Mar 30
120
1
Apr 25
110
Oct
111
111
Apr 28
113
Nov
Apr 28
11*4 Mar
*8 Jan 10
14 Mar 26
*8
Oct
Jan 18
61
5414
Dec
100
li8 June 10
2*4 Jan 10
2
Oct
2&S Mar 30
71* July
4%
Oct
1
Oct
3
Oct
54
June
1
5
7
1% Jan 15
4*4 Mar 29
10*8 Jan 24
Jan
38
Mar 31
*sJune 16
62
Jan 10
Oct
30
lis Jan 11
i2
1
180
Oct
Mar 29
106*4 Jan 17
102
Apr
24*8 July 20
55*8 July
5
June
87%May
75
3
3
June 21
6*s Mar 31
198
14ig Oot
48% June
July 13
Jan 13
3
Oct
93
Oct
93*4 Jan 13
91
Oct
11
99
14i2 July 25
July 15
9%
93% July
3212 July 13
30
8
May 12
1*8 Mar 30
12*4 Mar 30
9
May 26
19i8May 31
712 Mar 30
1*8
15
9
Oct
327g Feb 23
24
Nov
83i2 Apr
Mar 28
9% July 19
5if
Otis Elevator
13*4 Mar 25
28l2 July 19
20%
4
preferred
100
122
1
132
July 20
6*8 Mar 31
12
Jan 12
56
Jan 11
300
Pacu-v Finance Corp (Caiv.10
9% Mar 26
No par
Preferred
Coast
preferred
Electric
25
Cash sale,
1912 July 25
101
July 23
Jan 14
1534
27
Steel
30% Apr
10
1
Mar 30
39% Apr 28
x22*4 Mar 30
x
Ex-dlv.
y
Oct
314 July 29
July 29
8% preferred A
....100
Oppenhelm Coll A Co ..No par
No par
Dec
147S Jan 10
25
30
No par
Oct
95
25
50
Equip
Oct
Jan 13
13*4 Mar 31
45*4 Apr 1
5% Mar 30
No par
r
Jan
Mar 31
2%May 24
75s Mar 31
14%June 17
58
Apr 5
100
Co—
New stock.
May
Oct
Omnibus Corp (.The) vtc No par
n
112
5U
29,500
Del. delivery,
20% Feb
112i2 Mar
July 25
50
Preferred
Pacific Gas &
67U Aug
3878 Feb
4
Ohio
4,700
Jan
25
Norwalk Tire A Rubber No paf
Pacific
Jan
9
25,200
27,700
240
18*8
33*8 Mar
167
13U Mar 29
5
Mar 29
3*4 Mar 29
a
10*4 Jan
25%June 21
15978 July 13
Jan
Mar
150
No par
t In receivership,
24
171
2d
26%
47if Mar
Oct
Oct
390
26%
245s
Oct
8
July
9%
27%
Oct
10
127
834
26*4
5
July 21
12i2 Jan 10
153
NorthernStatesPowerCo.*5pf 1
Northwestern Telegraph...60
Otis
Jan
Feb
Mar
143s July 29
100
Northern Pacific
9,100
71
July 19
Mar 30
28,
20*4
160i2 July 27
2% Mar 26
*14
Oct
Deo
137
6
15
3
44
1
10% Mar 25
15
IOI4 July 27
July 29
Feb
Mar
3
10
15
IO8I2
June
No par
*15%
27*4
90
Apr
June
1st preferred
1534
28i2
Nov
102
July
Pacific Amer Fisheries Inc...5
8%
50
July 19
July 25
180
834
1534
July 22
13
1,500
*8%
58
31
1934
5
Dec
97s
99*8 Mar
30%
105
Mar 30
Apr 19
912
Mar 31
Mar 30
85g
this day.
No par
preferred
6%
15U Aug
Dec
50
127
No Amer Edison *6 pf.No par
Northern Central Ry Co...50
1,200
5,300
Mar
Oct
North Amer Aviation
Oliver Farm
51
6*4 July
40
8%
26
64i4 Jan 13
15i8 July 22
Jan
Feb
Mar 30
115
5
25
Jan
26
Mar 29
100
8
29
38if
Jan
Owens-Illinois Glass Co..12.50
20
Feb
66I2
Oct
~8*506
5
Mar
46
Oct
Adjust 4%
__
72
69
Dec
36i8 Deo
12lf Oct
8U Oct
15U Dec
414 Oct
154
Shlpbldg Corp part stk. .1
7% preferred
100
X Norfolk Southern
100
70
*44
Oct
21
1718 Mar 29
N Y
30
*115
30
13
25
14
Conv preferred
Oil
25
23
39
105U Mar 30
5
Jan
46% July 25
305s July 29
16% July 27
112i2Mar 2
113
July 29
10*4 July 19
12% Mar 31
11% Mar 31
106% Mar 30
3ij
3i8
17U
IH2
4078
107% Aug
109
Sept
Feb
371* Apr 12
t N Y Ontario A Western..100
80
495g July
38i8 July
39% Jan
22*4 July
1434 July
2884 July
8% July
Oct
33*4
74%
8%
5%
1934
70
*7*2%
19
on
5,500
105
July 19
Nov
103if
*5.50 conv 1st pref.-No par
5
Bid and asked prices; no sales
mm
119
Oct
Dec
*71
Dec
Outboard Marine A Mfg
5
Outlet Co
No par
19
26%
mm
3% Jan 11
Aug
800
5
28
mm
34i2 Mar
0% Mar
1214 Mar
13
1,300
17
28%
37,800
rnmmmmm
9*4 Mar
Oct
Dec
Dec
90
21%
5
*15
mm'
Oct
6is
II4
1*8
125s
July 25
47%
19
15*4
m
2
1734 July 25
21%
5
15U
2778
734
25%
m
15
85
Mar 31
47%
18
8%
*13%
Jan 17
20%
5l2
834
Mar 25
8
15% Mar 31
214 Jan
5% Mar
6U Jan
34
Apr
IH2 July 21
2% Jan 8
18
150
16is Mar
Aug
108
17*4 Jan 13
3*s Jan 12
6*4 Mar 30
71* Mar 22
8is Mar 30
50
1978
8
110
734
25
mm
OCt
Jan
30% Nov
preferred
8%
Dec
7g
54
11
*4l2
9%
Mar 29
4
10%
*115
73%
*102
*134
*133
*115
73%
*102% 110
19U
9*8
*
..
1834
*115
70i2
.
3%
3%
21%
8i2
50
3
23%
12%
31%
2078
*13134
11%
1112
1834
3
1214
30%
1258
2634
*1812
3
*22
13%
100
84
22i2 Jan 10
3814 Jan 12
N Y A Harlem
300
1% Jan 11
li2July 25
3714 Mar 29
100
14
12l8
9i8 Apr 7
34*4 Mar 28
96
Apr 6
pref
100
North American Co..-No par
98
13%
Mar 30
110
*9414
12
Mar 25
104% 104%
*8212
13%
13%
4
133
21%
10%
Mar 31
26
100
*96%
9%
Mar 31
IDs Mar 29
Norfolk A Western
98
10%
Mar 31
10% Mar 31
700
22%
Deo
6
22%May 27
Oct
Dec
if
Mar 25
7%
%
50
7
734
167% 167% *167
July 21
Jan
8% preferred series A...100
734
52
*4
July 19
*4 Jan 10
15is
734
109
8
72
2
22
28
27
26
29
40
4,800
175
Mar
2112 July 25
6%
1%
"I",766
Mar
124
Mar 29
*%
%
120
Oct
Mar 26
6%
%
Nov
08%
4*s
10
1%
—
Jan
63
20
6%
3,300
106
No par
*%
'
Oct
111
N Y Chic A St Louis Co...100
100
91
Oct
...No par
6
m
122
94i2 Jan 26
18*4 July 25
....No par
1
tNYNHA Hartford
m
mm
Oct,
Nov1
94l2June 29
8
Jan
72U Mar
Feb
35*8 Mar
48i| Mar
20%
15
2
25
Oct
14
Mar 30
43i% conv serial pref.-.100
Newberry Co (J J)...-No par
5% pref series A
100
I New Orl Tex A Mex
100
Newport Industries...
1
"2",500
m
4*8
87
May
National Tea Co......No par
"2%
175
2234
40
41
Dec
33*4 Nov
2878 July 25
July 28
H4 Mar 25
70
5%
14
16i2 Jan 13
47% July 25
12% July 25
67
25
Feb
2278 Jan 11
4*4 Mar
*4 Mar 30
10
Jan
16*8
47*4 Mar
July 13
10%May
li* Mar
93i2 Aug
86
10% Deo
May 27
% Mar
63
N Y Air Brake
Oct
87
tgJune
preferred..
40
prior preferred--.100
prior preferred
100
Co
3
Mar 31
8%
Neisner Bros Ino
3712 Deo
Mar 26
514%
Natomas
Jan 25
110
is Feb
Corp
.25
National Supply (The) Pa..10
*2
Mar 26
84
111
1
Apr
4
10
2%
%
June 13
Apr 25
49% Jan 28
National Steel
m
"
52
Dec
89
National Power A Light No par
*52
*46
50
6
6% July 25
24% July 25
12U Mar 30
15% June 4
Apr 1
..1
Co
Lead
"2%
*46
172
National
13,200
175
175
Nat Gypsum
%
2%
68
July 21
67% July 27
78
No par
%
%
*52
*57
2*8
Nat Distillers Prod
10% pref
..50
t N Y Investors Ino.—No par
N Y Lack A West Ry Co..100
%
4
5*4 Mar 31
Nat Enam A 8tampIng.No par
9,000
123
%
Dec
26*4 Mar 30
No par
......10
preferred
2,400
115
%
6%
7% preferred A
100
6% preferred B
100
Nat Mall A St'l Cast Co No par
150
170
*109
%
100
100
7% pref class A
7% pref class B
Nat Dept Stores
340
110
*8
No par
Register
Nat Cash
700
8,400
110
6618
Nat Dairy Products...No par
4%
115
Jan
72
5% pref series A w w
100
Nat Bond A Share Corp No par
10%
*110
Jan
34*4 Apr
101
Feb
1
3is Mar 30
14 May 31
5
...10
100
19
11212
32% Apr
NYC Omnibus Corp..No par
New York Dock......No par
115
*8
Biscuit..
National
36
*110
®8
Nat Aviation Corp
Oct
Dec
Dec
5
Apr
Jan
11
Oct
28*2 Dec
10
Apr 12
6*4 Mar 26
50
8I4 Jan 10
7812
70
55
26*8 Jan 12
35% July 25
10i2 July 18
Sept
16*4 July 22
Mar 26
5
1
New York Central
110
*8
13i8May 27
53s Mar 20
June 14
27
5
....
20% 140,600
18%
4,100
2934
6,900
110
h
Corp
Acme
National
35%
36
281s Jan
42if Jan
42i| Mar
16U Mar
47if Jan
Nashv Chatt A St Louis..100
17%
2734
4%
Oct
Dec
l0%May 27
37
*35
20%
18%
16%
21
Dec
65
80
*68
Dec
7*4
41,900
17,800
38
38
38%
*37%
38%
*37%
10134
*101% 101*4 *101% 10134 *101
12
12
12
*7%
*6%
*7%
17
19
18%
1734
16%
18%
20%
*35
80
*68
11
30%
18%
5*s
100
■«
80
175s July 25
12*8 July 27
Nat Bond A Invest Co. No par
100
—
24%
136i2 13612 ♦135
25
"2,900
*
-
Nash-Kelvlnator
7% cum pref—
12
12*8
1284
12%
11*8
26
25%
25%
27%
2534
20%
160% 160% *159% 163
*159% 163
136
136
135
*136% 145
135%
22
23
22%
22%
22%
21%
7%
7%
7%
7%
£7%
7%
61
58
58
59%
60%
5934
21
20
19%
20%
19%
21%
29
29
28%
28% 29
*28%
81 ■
80
80
80%
79%
81%
78
78
78
*74%
*74%
*74%
3%
3%
3%
3%
3%
3%
12%
12%
1134
11%
11%
11%
25
25
2434
2434
*23% 25
1234
2734
*16012 163
1214
27
..No par
Murphy Co (G C)
.No par
6% preferred
100
Murray Corp of America...10
54
934
58
10%
1434
*7 conv preferred. ..No par
620
4884
mm mm
163
*159
Mulllns Mfg Co class B
8%
7%
1
1
Co
Brass
Mueller
49%
15%
m
*159
Co....10
*4.50 preferred
No par
Montg Ward A Co Ino No par
Morrell (J) A Co
No par
Morris A Essex
50
Motor Products Corp..No par
Motor Wheel
6
Monsanto Chemical
7%
*16%
13
; Missouri Pacific
100
5% conv pref erred.. ....100
Mohawk Carpet Mills.....20
share * per share
pet
463s July 28
35
JMlnn St Paul A 8 8 M...100
7% preferred
...100
4% leased line ctfs
100
Mission Corp
....
10
Mo-Kan-Texas RR
No par
Preferred series A
100
*
Mar 26
7
No par
*8.50 preferredi
Highest
Lowest
Highest
35is Mar 25
4% oonv pref series B—100
Minn Mollne Pow Imp!
1
600
Lou
* per share
* per share
10
Jan 31
100
49%
*12%
58
28%
Lt 6% pf.,100'
Minn-Honey well Regu. No par
MUW El Ry A
■
■
8%
mm
12i2
2714
100
320
12%
13%
13%
9*4
10%
9l2
9%
8*4
9%
9h
8%
9%
9%
834
24*8 2434
2478
24i2 25
23% 24%
23% 24%
23% 24%
*154
1577s *153
157% *152
157% *152
157%
1577s *153
157% *155
16
1612
17%
17%
17*4
16*8
1034
17%
16i2
*16%
17%
1612
85
*84
*86
85
85
*81
*83*4
*83*4 'mm
50
50
50
50*"
46i2 46l2 *45%
*45%
46i2
*45%
*45l2
*45%
27
25
26*4
28%
28l2
28%
20%
29%
26%
2834
30%
26i2
16
16
1578
1578
15%
I6I4
16%
16%
163g
15*4
15%
1558
115
♦111
*11134 115
*112i8 115
*112% 115
*1123g 'm
*112% 115
113
*111
*11134
*111*4
*112%
all2% 112% 113
*9
10
10
8*4
1014
9%
9%
934
912
9%
834
9i2
6
6
6
6
*6
6
6
6%
684
6%
5%
*5%
24
25
24
25%
25%
245s 25i2
25%
24% 253g
24*8 2434
21
*19
20
20
20%
*18% 20
*18l2
*18% 20% *18% 20%
1278
28%
No par
8% cum 1st pref
■
912
12%
2778
No par
S6 pref series A
No par
J5.60 pref eer B w w.No par
Melville Shoe
No par
Mengel Co (The)
1
5% conv 1st pref
60
Merch A Mln Trans Co-No par
Mesta Machine Co
.—6
Miami Copper..
6
Mld-Contlnent Petroleum..10
49%
15%
105
MM
preferred
Midland Steel Prod
■
2458
*»
—-.1
100
Stores
McLellan
6% oonv
Mead Corp
200
94
*%
*%
*34
Mclntyre
2,700
7%
*16
2%
10%
1%
2%
12%
70
18%
8934
10%
2%
17%
%
1%
4,000
21,300
7,600
20
7
70
1%
110
79%
2%
9%
*1%
234
17%
58
13%
"*"766
108
2%
9%
*1%
2%
1%
89%
7%
70
*%
1*4
*34
9
*90%
80
%
*%
94
108
7%
105
1178
10
27%
11034 111
79
70
70
62
17
1314
4,000
27%
*107
79%
107
%
1*4
1*4
*90%
*
105
17
13
4,500
14
4412
1134
*1414
95g
900
4434
11
105
*48
6,100
22%
14
44%
*58
60
21
2134
Porcupine Mines..6
McKeeeport Tin Plate
10
McKesson A Robbina
5
$3 oonv preferred
No par
6
14%
61
♦10412 105
10i8
9%
♦62
143g
71%
71%
55%
46*4
27
46
*63
43
10%
1012
1%
1%
2*4
2*4
18
17*4
90
89i2
11312 113i2
47*8 48%
*37
39%
38
36*4
21
22*8
135g
14%
27
21
McGraw Eleo Co new——.1
McGraw-Hill Pub Co--No par
40
*13%
3
3
5%
22%
15i4
*52
52
*46
14
71
*14
17
17
22
107%
7*4
712
*70
7314
*70
5%
*107
107
107
56
110
*90i2
7914
278
112
2812
94
3
ID4
1%
*91*4
57
1178
20i2
2H2
2878
112
*108
93
*90%
80
79%
*106i4 107
7*4
7%
*71
7314
**8
57
55
8,400
1,500
23%
73g
3434
9%
5%
71*4
5378
5*4
*63
13*4
14
Lowest
Par
10,400
18,100
17%
11%
46
86
*65
14%
On BasU of lOty-Share
YORK STOCK
EXCHANGE
NEW
for
1938
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Saks
July 30,
21% July 29
012
90
125
0%
Oct
Oct
Nov
Oct
Oct
Nov
Oct
48
Dec
12*4
Dec
Dec
50
Jan 12
44
115
Apr 19
114
74i8 July 29
III4 Jan 17
65s Jan 11
20
July 28
May
61% Nov
z9%
Dec
2i2
Oct
7*2
Oct
4
Oct
9% July 19
15% July 23
10*2 Dec
2934 July
22
Ex-rights.
1
Oct
1 Called for redemption
Volume
HIGH
AND
Monday
$ per share
Tuesday
July 25
Saturday
July 23
41%
July 26
40%
41
19%
*27
30
*13*2
5%
15
5*2
9*4
40
40
$ per share
1,500
1
1*8
1*8
1
1
1
1*8
67
70l2
65*2
65%
63
65*2
64
67*2
64
50
50
50
50
49*2
49%
48
49%
48
94
11*2
92%
11
11%
93
94
94
11%
93%
10%
*91
11*8
11%
11
11*8
10%
28*2
27
27
28
28
28
2%
2%
3
40
40
40
20*4
20
3
3
3*8
40
40
*19
20*4
2%
*19%
*91
2%
10
7
7%
53%
53*2
53%
84
84*2
85
2%
2*2
2%
5%
5
5%
30%
*4%
16*2
39
43
17%
41
42
34%
35
12
*62%
67
43
4
24%
7%
24%
24%
47
*91
*6*4
47
115
*45
*91
*7
12
610
200
4
*2
4%
129
119% 124%
128
126%
131
60
*3%
4*2
...
7
7
*7
8
59
*42
59
200
V
-------
42%
43%
41%
43
£40%
42
41*2
*3%
4
♦3*2
4
*3*2
4
*3%
17,100
42*4
4
4
48
8
24%
49
6%
7%
24*2
49
*91
■,
*..—
115
*9l"
6%
*6
26%
26%
7%
7%
41
7%
24%
24%
*47
26%
40%
8
*40*2
48%
48%
7%
*23%
100
*6%
6%
25%
600
7%
2,100
*6%
7%
69
♦65
69
*65
69
*65
69
*65
69
*65
155
155
155
155
♦153
158
*153
158
*154
158
*65
8*4
8%
8%
9*4
14*2
397g
14*2
39%
14*2
14%
14*2
*23%
25*2
*3534
39
9
8*2
40
24%
25
%
1
29*2
30
550
39
41
42
100
8
8
*3
14
12
1
*%
%
**2
%
25
25
2434
25%
24*2
24%
24
24%
13%
%
*h
13*8
24
%
24%
14
1,320
*%
*%
24
%
11
*10%
11
11
11
10%
10%
*9
10*4
12
11*2
11%
10%
11%
10%
1034
11
3
3%
%
3%
10%
10%
32%
56%
118%
3%
3*4
3*4
3%
3*4
%
3%
%
3
%
%
3%
10%
3%
3%
10%
10%
10%
10*2
*30%
31
55%
55%
*117% 119
118%
1
%
3
3%
3*9
9%
10%
8%
3*4
9%
10%
9
9
56
118
30
31
31
32
31
31%
97
97
97
97*2
97%
97%
111
*109%
*109% 111
112% *109
*119*4 120% *119*2 120*2 *119*2 120's *119%
137
137
136%
136% 137
*135% 137
*115*2
*115% 120
115*2 115% *115*2 120
32%
34%
34
33*2
3434
34i4
33%
31
*96*2
13
13%
31%
97
12%
95
11%
95
*88*2
88
87%
87%
*88
88
95
87%
88
13%
13%
13%
13%
13
13%
13%
14*2
*11%
11%
7%
*11*2
11%
*11*2
11%
11%
11*2
87%
7%
*75
100
56%
3%
23*2
56%
278
3%
23*2
7%
57%
7%
7%
57%
56%
3*4
3
23*2
23
7
*75
100
*75
100
3%
23
55%
7%
100
f
6%
3
55*2
2%
23*2
320
100
June 21
Mar 14
97%
Apr
9*4 July 25
Jan 12
4%
5% pref class A
1st scr conv prior
1
5
15
Creek Pocahon.-No par
8
Class B
5% conv
conv
71,100
7*4
100
5,300
56%
2%
3
20,200
2234
200
4*2 Mar
39*2 Mar
116
—100
100
8
Mar 29
112
9
No par
Ref Corp.. 10
Amer...No par
85 preferred B
No par
83.50 conv 1st pref. -No par
$ Radlo-Kelth-Orph
No par
Raybestos Manhattan.No par
Quaker State Oil
60*4
15%
15%
14%
16%
14%
15%
14%
15*2
6,200
23%
23%
22%
23%
22%
22%
2,300
17%
18
17%
16%
17%
18%
4,700
Reading
*22
25*2
25*2
25%
*24%
25%
15%
24%
22%
17%
23*8
18%
*19
22
22
♦20*4
22
*20*4
*5*4
6
6
*51%
58
*55
5%
6
58
*%
*9
1
11
11
*12%
1534
13
13
13
13
16%
17
17%
17%
*73
79
*72%
80
♦61
65
61
61
2%
20%
2%
20%
2%
20%
63
6134
62*4
63
2%
19%
*61%
*61
62%
65
17%
*60
62
60%
60%
*62%
65
62
62%
7*2
14
*12
19%
*18%
25
*1%
45*4
*1%
3
*5%
*5*8
*5%
"7%
7
7%
1219
*17%
18%
*17%
24
24%
19%
46*4
1%
-
*10
♦12
2*4
-
*1%
45
7*2
1%
45*2
23
17
7,100
39
100
80
80
80
60
*40
60
15
15
1,600
*91%
95
100
14*2
95
7%
9,100
9,000
70
7%
8*2
13
50,100
*18%
23%
18%
18%
18%
200
23%
24
24
25*2
3,200
1%
*1%
45*4
42%
19
"
*11%
2%
44
1%
1
1
1
1
2%
2%
2%
2%
2%
salea on this day.
1134
57*2
13
2%
Bid and asked prices: no
-
*5
*1%
3
-
43%
*53
:
7%
m
42*2
42%
57*2
40
-
11
11*4
42%
*53
*5
900
60*2
16
*11
1%
44
60*2
16*2
1034
14
7%
14
25
-
60
*31
*91%
12
*58
62
62
91%
57*2
40
Rensselaer A Bar
RR Co—100
5
preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass
-5
Class A
--10
7% preferred
100
5\i% preferred
100
91%
43%
62
400
61
95
11
62
400
10
1
.25
Republic Steel Corp ...No par
*91
42%
23,600
par
Reo Motor Car
14%
♦53
17%
72
100
70,700
*40
12%
14%
600
22,000
*78
57%
700
$ In reoelvershlp
*1%
43%
...
1%
44
100
4,800
1*8
*1
234
200
2%
1,800
a Def
delivery,
6%
conv
Reynolds Metals Co..-No par
5H% conv pref
100
Reynolds Spring
-----1
Reynolds (R J) Tob class B.10
10
Rhine Westphalia Elec A Pow.
Richfield Oil Corp
No par
Rttter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
$ Rutland RR 7% pref
100
St. Joseph Lead
...10
$8t Louis-San Francisco—100
6% preferred—100
Common
n New
stock,
r
Cash sale,
Oct
Oct
12% July 21
3% Jan 13
7
Oct
Oct
1%
1% Jan 22
4% Jan 17
%
Oct
2%
Oct
10% July 21
5*8
Oct
5%
Oct
10% July 25
31% Jan 17
56% July 26
l22%May 18
35*2 Jan 13
98% Jan 12
111
July 29
20
Oct
43%
Oct
114*2 Mar
308s Oct
91
Oct
Oct
103*2
123% Jan 13
143
Jan 14
117
Oct
132
Sept
June 13
110
June
116
Jan 17
16%
58
Oct
8%
Oct
85
Oct
684
Oct
Jan 14
7
13*8
Dec
4%
Oct
May 11
July 20
96*2
Dec
44
Dec
7% July
80
25*2
2*4
Oct
Dec
Dec
20
Dec
18*8
Dec
18
30% Jan 16
30
Dec
13*4 June 21
2% Mar 25
27*8 Jan 25
23
18
Mar 30
10% June 17
Mar 22
% Mar 29
5
Apr
1
5*2 Mar 30
2%
14%
43%
600
Oct
'2
19*2
par
19%
60
11%
9*2
11
Co
No
1st preferred-..--—
Reliable Stores Corp.—No
Reliance Mfg Co
Remington-Rand
Preferred with warrants .
Dec
8*2
20
190
Preferred
Rels (Robt) A
2%
80
43%
1,100
18%
14%
*53
10
%
Deo
84 Nov
8
24*t Jan 11
29*8 Jan 18
22
Jan 13
8%May 26
34% Mar 29
2%
♦78
11%
69%
4% 2d preferred
Real Silk Hosiery
19%
*40
57%
72
500
1st preferred
2%
15
44 %
*13*2
16*2
6
4%
—50
50
50
--5
18%
60
16%
9*2
*10
62
*58
*58
80
10%
•
2%
18*2
64%
2%
20*4
*60
2%
20*4
15
57%
1%
64%
2%
♦40
43*2
3
72%
17*4
74
*78
58
2%
16%
*5%
*56%
%
72%
16%
74
60
44%
*1%
16%
17%
79
80
*
10%
45*4
*13%
*61*2
19%
14%
13*2
38
57%
45
8
11
16
43%
2
8
11
♦32
95
25
9%
10%
17
*91
*1%
13%
%
32
94*2
10*2
25
*84
*8
10%
61%
16
*91
*18%
1
5%
32
15%
*7%
57
5%
*56%
%
5%
17%
"15%
7%
100
38
15
*12
20
*33*2
18%
"15"
*5
20
*79
80
60
13
20
39
17%
37
*78
*73
9%
11
*18%
*32
17%
*34
*
11
20
5%
*56
%
%
9*2
9*2
11
5%
58
58
%
%
9%
9*2
11
.
*18%
400
Jan 31
37% Mar 31
17gJune 2
14% June 20
16%
-
June 16
4% Mar 31
Radio Corp of
Dec
Dec
88*2 July 19
14% July 29
Purity Bakeries
23
9
74%June 18
Mar 29
Dec
6
Jan
100
7
Oct
32
13
13% July 20
98% Jau 18
24
24%
8
36%
18
24%
Jan
8%May 26
81
Apr 19
preferred
Oct
8
Jan 13
21%May 27
16%
24%
Jan 12
112
Oct
4*2
30
Jan
No par
100
23%
*22
Apr
132
16%
2419
1
Mar 25
25
18
17%
July
86% Mar 31
101% Apr 23
24%
16%
6
30
25
25
30
31
No par
..100
Rayonler Inc.-.———-1
82 preferred
26
*24
1
12
..No par
5%
200
1% Mar
No par
preferred
16,800
58June
8% preferred
Pub 8er El A Gas pf 85-No par
6%
11%
45
Mar 28
1% Mar 26
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J..No par
100
14%
47% July 29
30
July 29
11
4% Mar
Procter A Gamble
16%
25% July 25
6*8 Mar 29
No par
A-No par
No par
1st pref
2d pref
174
Mar 31
13% Mar
conv
7*2 Jan 17
16% Jan 10
% Jan 19
Mar 29
-—5
---50
5%
_
% Mar 31
6
$ Postal Tel A Cable 7% pf-100
Pressed Steel Car Co Inc-.l
30,900
13%
9
May 28
6
Pond
8
%June
6% preferred
100
Pittsburgh A West Va
100
Pitts ton Co (The)
No par
Plymouth Oil Co
7
May 21
23
pref 100
Term Coal Corp
Pitts
Pullman Inc
2,000
20*2 Apr
11% Apr
100
...100
7% pref class B
Pure Oil (The)
87%
56
Aug
4%May 26
7*2 Mar 29
No par
Pittsburgh Steel Co
12,700
34
*86*2
*22
117
145
No par
pf 100
7% preferred
87
3
90
May
5
3% Mar 30
Plttsb Screw A Bolt-—No par
6% preferred
87
56%
Dec
3% Mar 31
Pitts Ft W A Chi 7% gtd
85 preferred
92
23
*22
36
July 12
May 10
July 12
Oct
200
6%
52
Dec
800
*75
8
48%
9634
12%
7%
Oct
Jan
Mar 30
30%
11%
100
20%
41
96%
*11
4
7
Dec
30
14%
7
July
4
500
8,400
117*4 118
109% 111
11%
*75
56%
2%
*21%
13*2
*11
Oct
July
25
800
87%
Oct
9
25
Jan 17
12,300
12%
,
Dec
7*2 July 25
67
July 20
934
700
87
Oct
1%
27
35
9%
4,100
*88%
July 19
30*8
20
6% preferred..
9%
*9%
55*2
11%
378 July 20
43
Oct
Nov
50
100
100
Pittsburgh Coal of Pa
3,500
33*4
9
50*2 Mar
6%
3
Mar 29
4
Pitts Coke A Iron Corp No par
3*2
33%
132% July 29
90
%
28%
32%
Mar 31
Oct
65
Pirelli Co of Italy "Am share*"
3%
96%
Oct
Oct
130% July 29
40
%
120% *119% 120% *119% 120*8
135
137
136%
135% 136%
*115% 120
*115*2 120
120
34*2
Flour
2,200
55*4
96%
13
12%
Plllsbury
%
117% 118
30
30%
%
20*2 Jan
pref...100
Mills
25
Pierce Oil 8% conv
Poor A Co class B
*109% HO
110
87%
13%
*88
95
118
Dec
7
Mar
1
30% Jan 18
2
Dec
184
Preferred100
Porto Rlo-Am Tob cl
28%
5434
75% Mar 29
114
June 25
62
2%
8% July 23
1,600
55
56
% Mar 26
34*2 Nov
4% Jan 12
44% July 19
4,200
29
29
117% 118
400
,
9%
54%
12]
July 12
Oct
18*2 Nov
2% July 26
4*8 Mar 30
3*8
9*2
27
July 25
Oct
3
38
May
4
27% Mar 31
11*2
9%
56*2
*29%
Oct
9%
No par
-100
Phillips Petroleum....No par
Phoenix Hosiery
-.5
3*2
*9%
28*2
Dec
11
67
No par
7% preferred
3%
*34
30
10
*109
56%
6,300
24%
*10%
2%
*23
13*4
12%
11%
9%
12
2%
*%
7
8
*3
8
*5
14
*58
1
Apr 12
—50
Phillips Jones Corp
170
1
*6
♦75
45
29
9*2
*88
47*2
920
*5g
14%
1278
3,200
39
14
55
1434
26
1
*4
*30
14%
25
15
.
14%
36
*%
10
*10
13%
36
39
14%
*%
934
17,100
24%
23%
*7
11%
8%
46
40*2
•
8%
42*2
42
*%
14%
8%
41
40%
*36
39
%
13%
23%
4134
*37
1
14%
30
8%
9
8%
30*4
6
37*2 Jan
1% Arp 25
2% Mar 26
7% preferred
85 conv pref...
69
*153*2 155
Dec
Pitts.C.C. St.L.RR.Co.... 100
100
115
25%
6%
7%
1,300
48%
*47
26
26
800
8
24*2
*91
115
*6
26
7
*46
*91
6%
6%
26
24%
48
8
7%
7%
24%
115
*33*2
48
*36
7%
25
20
30
36
Mar 28
60
6% conv pref series A—100
*42
July 25
8% July 13
3
30
50
1,100
7
Oct
38% Jan 16
17% Mar 31
Philip Morris A Co Ltd... 10
59
Oct
9
Jan 11
4% Jan
Oct
3
Jan
JPhlla Rapid Trans Co
Phlla A Read C A I
110% Sept
22
13%
1,100
*6
9
15
11,200
*42
Dec
4
7% Mar 30
%
*%
Oct
27
Feb
8*i Mar 29
127% 130*4
130
132%
9
115
7%
330
Dec
5
Phelps-Dodge Corp
25
Philadelphia Co 6% pref--50
86 preferred
No par
200
Oct
13*2
20
No par
Pet Milk
Petroleum Corp of Am
Oct
Oct
1%
2*4
25
15
43
Mar 23
15
57*2 Nov
17% July 25
17% Mar 26
Pfelffer Brewing Co..-No par
3
59
8
5% preferred..
25
10
36*2 July 20
6% July 22
6*i Mar 26
100
100
5% prior preferred
2,300
35
*2
h
h
121
100
Pere Marquette
Oct
Nov
24% Jan 15
22% Mar 26
1% Mar 26
—100
Oct
2%
37
July 25
31
110
6% cum pref
100
People's G L A C (Chic)--100
•
19
112% Feb
19% Mar 28
Mar 29
Peoples Drug Stores—No par
Oct
8
15% Jan 11
14% Mar 31
50
Pennsylvania RR
Oct
4
23
25
30
Mar 30
10
30,700
8%
35
*7
*5%
7%
2%
2,300
12
66%
*_...
67
*2
%
*34%
35
*34
4*2
4
33*2
34%
32%
3
7%
7%
7%
35%
11%
12
2% Mar 30
10% Mar 30
1%
10% July 23
l%June 13
10
par
97 conv pref ser A...No par
Penn G1 Sand Corp v t c No par
Penn-Dlxle Cement-.-No
Peoria A Eastern
13*2
12
7*2
*2
*125
4,500
32*2
*42
26%
6%
26
26
*113
9
48
*40
8
700
43%
*3%
48
25,500
59
*42
43
12,000
13%
66% *---_
*3%
700
5*4
31
Rust Proof Co.--2.50
Penn Coal A Coke Corp.
2%
32*2
35
42%
Mar 31
31%
13%
*13%
*34
*7%
8%
55
600
*62*2
59
No par
480
67
128% 130
Penney (J. C)
16
35
119% 121
6,300
39*2
*62%
*126% 127
83*2
36*2
*34
%
Mar 30
*14%
67
128
8
32%
125%
41
15
•
34*2
%
No par
37
15
34%
120
Penlck A Ford
21%
21
36
%
Mar 26
100
*25
35%
*2
4
29*2
37
7*2
4
3
37
15
34
7%
4
Peerlees Corp.-—-...
6*8
7%
4
7,100
1,100
35%
7%
*3*2
26,500
7%
13% July
7% July
54% July
85% July
2% Jan
5% July
*4%
11%
2%
12*2
8% Mar 31
34*2
12%
2%
3% Mar 30
6%
11%
2%
No par
Patlno Mines A EnterprNo par
34*2
12%
2*4
Pathe Film Corp
*4%
13%
35
31,100
10
34*2
33
34%
2% July 19
6%
15
<
1% Mar 29
15*2
21%
-
Parmelee Trans porta'n. No par
*14
30*4
-r
800
800
20%
*113
Parker
35%
*4%
10
600
27
*27%
13%
*125
*29
30
31
119
8%
22%
34
17
5*4
15*2
14%
118
*42
*14%
41
h
*2
14%
32
4
*3*2
*16
*2*4
27
30
6*8
83*8
30
37
*62*2
*51
5*8
4%
*26
32
2%
7%
2%
*2%
5%
12
*34
*2
2%
28
*13%
35*2
34%
12*2
7%
6% 2d preferred
53%
9%
11%
10
7%
14*2
7%
Oct
.2*4
2%
12
7h
34%
7%
778
34%
12%
*13*2
12
12
9
34
14%
*13%
20% Feb 23
20%
36"
35%
35*2
*4%
Mar 31
2*8
*113
*113
6%
17%
6%
*16
21%
30*8
36%
35%
Oct
13
14%
22la
30*4
*113
-
5
15%
*4%
28
83*2
*14
*34%
July 27
53*2
22%
30
41
82
15%
23*2
*14%
31% Mar 31
53
2%
Oct
2,500
No par
85%
*26
Oct
1
Parke Davis A Co
3*8
53
5%
Oct
3% Jan 10
1*8 Mar 30
83
2%
Oct
18%
1
52
29
Oct
8
July 19
13% July 20
30
July 29
Park Utah CM
84%
5%
8*2
80*2
13% July 19
1
54
2%
100
Park & Tllford Ino
84
*27
Mar 26
65
2,300
14,400
54
30%
15*2
23%
m
7%
7%
30
29
28
*113
12%
1
100
10%
19*8
2*4
9*8
11%
7%
Feb 11
94
30
40
9%
Oct
32% Nov
x95
Sept
10*2
19*8
9*2
12%
Oct
29
28
39%
10%
13*2
7%
53%
85%
2%
5%
Oct
1
10%
19
9%
12%
Oct
7
88% June 21
5% Mar 31
100
6% 1st preferred
Mar 31
4
28
40
10%
preferred
Dec
6% Mar 31
16
Mar 29
19
934
conv
Paramount Pictures Ino
900
39
2*4
13%
11
19
2%
4%
10
92
41
2%
7
10%
90
19
212
*14%
22%
29%
29
Jan
11®4
70*2 July 25
50
July 22
«4 Mar 25
No par
149
10,500
3
*2%
28
Parafflne Co Inc
Jan
Apr
9% Feb 25
1% Jan 7
27% Mar 26
660
152
133
June 27
15% Jan 10
5% July 7
3*4 Mar 30
7
Mar 29
JPanhandle Prod A Ref No par
8% conv preferred
100
Nov
July 26
30
10*2
3
2*2
10
No par
110
145
Mar 18
Pan-Amer Petrol & Transp..5
Jan 31
116
100
10
7
197$ July 19
No par
Highest
share 3 per share
5334 Jan
z34% Oct
4478 Jan
10% Oct
per
28
11
28*2
*2%
.No par
100
3,900
40
40%
20
-
12
400
63,600
10%
92
10*2
92
90
Corp
Pac Western Oil Corp
Packard Motor Car
48,400
*94% 100*2
*94% 100%
*94% 100*2
1C*4
11%
*94% 100*2
11*4
10*2
*27
100
48
94%
10*2
88
Ltg
3
share
per
41% July
32% Mar 31
9*4 Mar 30
87
Apr
1
6% preferred
100 xl32% Mar 30
PaciflcTln Corp. (sp.stk) No par
18% June 18
"""140
65*2
50
*94
S
share
per
2,000
69*2
68
*49
Pacific Mills
Pacific Telep & Tel eg
1
1
1
1
Pacific
1,200
40
40
40%
40
*18%
S
Lowest
Highest
Lowest
Par
Year 1937
100-SZwre Lots
On Basis of
Week
Shares
17%
17%
17
17%
17%
18
19%
121%
121% *112
121% *110*2 121% *112
121% *110
145
145
142
143
145
*141% 145
*141*2 145
*29
29%
29
29
*28
•29*4
29%
29%
*29*8
29%
13%
14
*13%
15
*13%
13%
13%
13%
*13%
14%
5*2
5*4
5*2
5*8
5%
5*4
5%
5%
5*2
5%
9*4
*7%
*8
8%
9%
*734
9*4
8%
9*4
*7%
19
18%
♦111
121% *111
142
*140*2 143
Previous
EXCHANGE
Friday
July 29
»
$ per share
$ per share
41
40%
Thursday
July 28
Range for
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
SHARE,
Wednesday
July 27
$ per share
$ per share
41%
18%
*7%
1%
PRICES—PER
SALE
Sales
for
LOW
701
New York Stock Record—Continued—Page 8
147
5% Jan 11
24
July 21
6*8 July 19
58
July 26
1*2 Jan
3
3*8
Dec
Oct
39
Dec
1
Sept
Jan 10
7*2
Dec
11% July 20
7%
Dec
June 10
13*2 July 13
9%
Oct
9% Mar 30
17% July 25
74
July 22
8*8
61*2 Nov
66% Jan 22
69
9
49% May
2
Apr 28
1% Mar 30
ll%May 31
39% Mar 29
38
May 26
7% Mar 30
17% Mar 30
65
Apr 27
62% Feb 24
10*2June 9
84% Apr 25
4% Mar 30
33% Mar 30
40
51%
Jan 31
5%June 21
11
3
Jan 10
1%
Oct
Dec
Oct
2078 July 25
75% Jan 15
12*4
Oct
65
Dec
Jan 13
60
Dec
73
18% July
7
9
Oct
37
Jan
8
26
Dec
85
Jan 21
70%
Dec
00
Nov
94% Jan 21
17% Jan
91 % July
7
27
12% July 26
46*t Jan 8
58% Jan 11
8% Jan
7
12%
80
Oct
Nov
5%
Dec
40*4
Dec
65
Oct
10*4 Nov
Oct
7*2 Apr 11
14*8 Mar 30
8*2 July 29
13% July 21
4*8
8%
Dec
20% Jan 19
18%
Dec
Mar 31
26% July 19
17%
Oct
l%June18
25%May 27
%June 13
1% Mar 25
1
Oct
46% July 25
1% July 20
3% July 20
5
13
Mar 25
x Ex-dlv
2*2 Jan 10
r Ex-rtghts.
20% Nov
1
Oct
1%
Oct
% Called tor redemption.
New York Stock Record—Continued—Page 9
702
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER CENT
Wednesday
Thursday
July 25
July 27
$ per share
$ per share
$ per share
Monday
$ per share
*3
6%
*7
*3
*3
63s
*3
6%
Shares
*3
6%
19%
*7%
6%
...
*3
v
78
*78
80
79
79
79
79
7934
21
80
*76
80
100
96
*90
96
*90
96
*90
95
94
94
*87
96
20
104
104
147«
14?8
20 ]4
20%
77
*75%
%
*6%
7
2134
22%
22%
*102% 103%
102% 102% *102% 104
15
15%
1434
1478
1334
I334
21
21%
1934 21
21%
21%
75
*75%
77%
75%
*75%
77%
*%
%
%
%
34
684
6%
684
634
7
6%
46
46%
46
46
34
3
26
*234
2534
3%
26%
*3%
74%
18
4
75%
17%
1834
65
65
I
6
!
4534
%
234
2%
2%
84
*2*4
2578
46%
%
46
312
7334
I6I4
17%
*6278
3%
74%
17
17%
65
17
57S
4314
11%
578
*4234
11
*25
25%
25%
4334
U%
25%
18
18
5%
*42
17%
177S
0103% 103%
8%
8%
26%
26%
27«
27g
20%
31%
*92%
*96%
213«
11
234
25
2034
31%
*20%
94
*92%
32
27%
27g
21%
32%
94
%
63«
%
*2%
*24%
3%
70%
15%
34
3%
2434
3%
72%
16%
17%
68
%
*2%
24%
3%
71%
25
*3%
70%
16%
1678
18
68
15%
4
74%
17
1634
17
1634
*62%
68
*62%
534
*25
17%
534
4234
1078
26%
17%
2534
278
*1934
31
*92%
6%
46 %
6%
46%
24
4234
1078
%
6%
4
*6278
21%
%
46%
74%
1734
%
46
46%
*3%
25
20%
103
102% 102% *100
13%
13%
1334
1334
19% 20%
1934
20%
75
75
75
75%
73%
5%
43%
16%
17%
*61%
%
3%
25
200
32
3,700
102
*99
102
*99
20
20
20
94
92%
96
Mar 26
105
8*4 Mar 29
19
,
_
June 14
1% Mar 29
15% Mar 29
Mar 30
% Jan
Dec
13.50 conv pref ser A.No
G.) -No
Sheaffer (W A) Pen Co. No
Shell Union Oil
No
Shattuck (Frank
.
Mar 30
3
No par
Sharpe A Dohme
300
5,500
par
4,100
6,400
2,100
par
10
93
104%
9%
27%
3%
Slmonds Saw & Steel.-No par
25
100
18% Mar 31
x84
Apr 1
-
6% preferred
20
21
*34%
*3%
*41%
3%
934
237,8
2434
42%
37g
43
3%
10%
24
15%
*37%
14%
69%
2734
25
1534
45
14%
69%
30
8%
834
*101
102
3%
9%
21%
15
21%
39
378
43
4%
10%
14
14%
1234
14%
1334
13%
69
66%
27%
68%
6534
67
67
67
28%
28%
29
29
5,000
8%
834
29%
8%
834
102
102%
234
3
4%
4%
8%
10
8%
8%
8
8%
101
878
101
10
22
34%
*25
10%
22%
2784
1
3478
35
35
*37%
9%
*20
*%
1
*%
33%
33%
*25
27%
66%
2734
26%
11
11
67
11%
8%
12
11%
678
*41
44
4%
2534
67%
12%
10%
8
8
11%
12
12
11%
2534
1078
11%
113.1
1034
2534
2334
2534
24%
*23%
*4%
5
*15%
2%
*434
I684
25
.3
2%
5%
17
13
334
17
15%
15%
96
96
1478
15%
4884
49%
11%
778
9%
11
734
9%
5
*15%
*238
*5%
6
33
4%
*32
*5%
5
*5
Nov
197
Mar
120
Mar
Oct
64%
Jan
10
Dec
40%
29*4
Feb
7%
*7
*41
5%
734
47%
4%
3538
12
11%
24%
24%
59
534
7%
18%
15
16%
14%
*45
4%
*15
*4%
5
2%
5%
50%
49%
50
48%
49%
46%
11
11%
778
1078
11
11%
7%
11
1034
11%
7%
11
10%
4%
4%
6%
10%
25%
33%
*938
24%
34%
5
10
25%
34%
5%
85%
6
6
*9%
24%
10%
25
3434
*33
5
66
66
66
15
84%
14%
85%
87
14%
85%
22
22
22
22%
21%
14%
86%
22
85%
86
86%
87
85
86
32%
11%
2%
119% Feb
9%
17%
1*4
8*4
1
9
5
50
5
5
25
The Fair
"""36
34
5,400
$3 dlv
8
8
Mar 30
4
Mar 30
11
6,400
Transue 4 Williams St'l No par
4% Apr
4%
87%
*5%
4%
87%
5%
6,500
Trl-Contlnental Corp. _No par
$6 preferred
—No par
2% Mar 30
*9
10%
100
24%
2434
25%
14,400
34
33
4%
30%
27
27
11
1134
14,200
2%
700
1,400
17,600
Under Elliott Fisher Co No par
Union Bag 4 Pap new.No par
41
19,800
Union Carbide 4 Carb.No par
Union Oil California
...25
57
4,300
4,400
Union Pacific
1C
lHo
10%
*2%
64
64
13%
14%
*2%
64%
1334
83%
2%
65%
14%
86%
11
2%
83
85
83
21
22
21%
21%
85%
82
21%
83%
65%
14%
85%
21%
83%
76%
84%
7634
2%
65%
13%
73
75%
*74
75%
75
75
22
22
*21%
21%
30%
29
21%
28%
21%
2934
1C78
IO84
11
1034
29%
11%
934
10%
this day.
*75%
21%
7634
22
28%
934
29
10%
22
22
2734
29%
9%
10%
t In receivership,
a Def.
530
900
700
77
No par
..10
delivery,
n
New stock,
8*4
Oct
Oct
Dec
Oct
Jan
50% June 30
12*4 Jan 12
36
Oct
79
Feb
10
Oct
17
Aug
8% July 12
11
July 26
4
Oct
22%
27%
478July 19
87% July 29
6% Jan 10
10% Jan 11
5% Oct
3% Dec
82
4%
Dec
Oct
7
Dec
18%
Oct
Jan
Jan
11% Mar
109% Jan
12
Mar
26% Mar
407a Mar
6
Jan 13
Oct
17%
Mar 30
44
Jan 11
39
Dec
94
Jan
Mar 25
12
July 25
7
Oct
25
Mar
Mar 31
7% Mar 30
Mar 31
2678 July 19
38
July 19
2% July 26
66
July 23
15
July 25
87
July 25
26
2*4
Nov
1% Oct
46% Nov
87g Dec
61% Nov
17%
Oct
17% Mar 31
55% Mar 31
5934 Apr 20
5
22% July 21
88% Jan 12
6
78
Oct
20
100
23% Jan 12
30% July 25
ll%July 19
22
Nov
Mar 30
19% Mar 30
5
..5
Cash sale,
72
Oct
Sept
Mar 31
Mar 29
Mar 25
Mar 29
1% Mar 26
No par
r
1%
6%
13%
8%
15% Mar
287g Feb
10% Jan
40*4 Jan
21% Feb
98% Aug
2878 Feb
6
100
United Aircraft Corp
Un Air Lines Transport..
July 25
40
16
No par
4% preferred
Union Tank Car
June 27
3% Mar 28
Twin City Rap Trans—No par
Preferred
100
Twin Coach Co
1
63,900
26,600
1
July 25
Mar
16% Jan
15% Jan
64% Mar
5%
16%
25%
2%
20th Cen Fox Film Corp No par
$1.50 preferred
No par
Ulen 4 Co
4
19
31% Mar 301
10%
1,000
Oct
Sept
Oct
15% July 23
10
10%
438
1,900
2%
36
Mar 31
Tlmken Detroit Axle
7%
4%
Mar 24
Nov
77% Apr 29
No par
7%
34
15
65
No par
Timken Roller Bearing. No par
434
Jan 13
5% July 25
2% Mar 31
Transamerlca Corp
2
Transcont 4 West'n Air Inc.5
*434
Jan
13% Mar
93% Jan
13% Feb
15*4 July 25
98
July 13
5,100
30
Feb
64
56
Apr 12
67% Feb
8% Jan
15% Mar
65% Apr
9% Mar
48
35
3%
20% Jan
28% Mar
337g Mar
2334 Jan
17% Jan
15*4 Jan
Oct
65
July 26
5% July 13
Jan
20% July
61*4 Feb
7*4 Mar
47% Mar
397g Jan
Oct
24% July 25
Mar 30
125
Jan
44
10
8,500
4,400
*32%
Oct
Oct
11%
4%
31
Oct
2
10
48
3234
34*4
18% July 26
47%
1034
3234
Oct
Dec
48
11
*2834
Oct
4
15
Trusoon Steel
15% Oct
22% Oct
434 Oct
4% Oct
6% Dec
5% July 19
14%
Truax Traer Coal—
Oct
3% Mar 30
8% Mar 28
1% Mar 28
5% Mar 30
10% Mar 29
14
1,700
Oct
1%
13
534
1%
8
17% Dec
7*4 Oct
Dec
11% Feb 10
26
July 22
Mar 31
*9
9%
Oct
59
13
24%
5%
18
2% Jan 13
96
pref..
Oct
Mar 31
95%
conv
Aug
9
Mar 24
96%
$4.50
Jan
118
1
Tide Water Assoc Oil
1,100
7,800
77%
44% Dec
53% June 23
2% Apr 13
15
1
96%
pref...
Jan
Feb
23*4 Oct
6*8 Oct
6% Oct
15% Nov
18% Dec
Mar 30
Jan
Feb
20
5%
5% July 29
75
21
Oct
4
3578 July 25
12
July 23
Feb
Oct
41
Jan 11
60
17%
33%
Jan 10
49% July 20
Mar 30
24%
9%*
Mar
5%June 29
6*4 Mar 31
Thompson (J R)
25
Thompson Prods Inc_.No par
Thornpson-Starrett Co.No par
cum
734 July 25
8
7
10
100
334
16%
15%
200
48
15
pref
Third Avenue Ry
$3.50
8% Jan 11
47
2% Mar 29
1
....
conv
10% Jan 11
4
26
100
Thermold Co
""806
19% July 19
29% July 25
Mar31
Apr
July 20
14% July 28
4% Mar 31
3% Mar 30
32% Mar 30
No par
Preferred
334 July 29
17*4 Jan 10
32
22% Mar 30
4*4 Mar 30
3%May 27
Texas 4 Paciflo Ry Co
100
Thatcher Mfg
No par
$3.60 conv pref
No par
200
Mar 26
6% June 13
16
Mar 30
25
Texas Pacific Land Trust
8
Mar 31
Mar 31
Mar 31
17% Mar 30
24
2834
on
...100
10
3%
16%
1434
*86
19% Dec
53% Dec
6% Oct
3
15
10
Mar
6%
15%
7%
76
July 25
3%
15%
7%
Dec
Nov
12
1734
3%
43
42
3% Mar 30
1434
a
Feb
5% Mar 29
Texas Gulf Produo'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal 4 Oil
10
700
6,600
15,200
2,100
11,500
Jan
60
27% Dec
26% Oct
30% May
No par
preferred
Telautograph Corp
Tennessee Corp
Texas Corp (The)
800
300
Jan
4
Dec
87%
534
10%
85%
22
18%
5
Jan
72%
6%
17
3%
29
Bid and asked prices: no sales
5
2%
65
Jan 13
Without warrants.....
25
*2%
*4%
1734
83%
66
2%
434
*15
Oct
Dec
11
-
Apr
48% Mar
16% Jan
Oct
%
June 17
Symington-Gould Corp ww.-l
3,900
30,600
27,400
5,000
11,900
12,700
4%
5
1478
86%
2%
85%
5%
4%
25
2%
50
85%
6%
48
14
5
Mar 29
Jan
107%
Dec
12% Jan
14% Mar
Oct
32% Mar
1
45
Jan
Oct
12% July 26
Talcott Inc (James)-.
""206
7%
47%
5
10
7
lan 13
878 July 29
59
July 20
12534 July 7
14% Mar 10
30% July 25
Feb
Oct
Mar 29
Apr 8
Mar 31
Mar 29
36
Oct
2%
2%
2
34% July 25
35% Sau 7
Mar 30
101
May 28
5 H%
5%
48
45
5%
5% Jan 12
11% Jan 12
6
Swift International Ltd
44
*45
*5%
534
5
3% Jan 10
Oct
49
Swift 4 Co
200
11%
107% Feb
7%
5
Sutherland Paper Co
.-10
Sweets Co of Amer (The)—.50
6,400
4,100
*22
16%
3%
934
4%
6%
7%
5%
0% Jan 10
10
6% preferred...
2,000
*57%
*5%
18%
4%
19
28
60
14%
10%
4%
19
28
35%
Nov
8%
Studebaker Corp (The).
1
Sun Oil
No par
1,700
4,500
24%
13%
*83
13%
*57%
15%
434
13%
7%
46%
4%
34%
11%
1034
22%
16
35% Feb 16
58% July 25
2734 July 25
68
July 28
Stone 4 Webster
1,400
*5
Nov
28*4
95%
Feb
49
July 25
Stokely Bros 4 Co Ino
21,700
5,000
*22
434
7
334
1634
29%
*23
11
5%
334
334
16% ,16%
15%
3%
16%
58
10%
*5%
5%
Dec
70% July 18
31
Stewart-Warner
300
29%
23%
2458
11
438
34%
11%
10%
1434
9%
4%
84,700
*41
Jan
10
Sterling Products Inc..
11%
22%
24%
60
5%
45%
47%
4%
35%
1134
22%
*22%
44
50
25
Starrett Co (The) L S__No par
7%
47%
4%
3434
11%
11
23%
4%
66
*
*5
96
*82%
72%
*41
Dec
25% Mar 31
1,200
3,500
20,100
1,700
33,000
834
39
1
68
11%
8
11
8%
6%
Aug
%June2l
26
*7
36
41% July 19
15% July 19
Mar 31
67%
8%
5%
734
25
2%
11
1034
45%
4%
34%
44
4%
12
7178
734
*15%
*2%
30
*21%
28%
6%
*7%
9
5%
25
2%
33
64%
1434
7%
45
32%
11%
2%
*2
*5
58
34%
11%
2%
'11
6%
734
18%
Dec
July
Superheater Co (The)--No par
Superior Oil.....
1
Superior Steel
....—100
28%
10
July
2,000
14%
1834
27%
23*4
28
30
3%
16 34
30%
14%
18%
2734
Oct
Mar 14
23
Sunshine Mining Co
3%
16%
10
24
Mar 18
26
77% Mar
9% Jan
2534 July 26
17% July 25
Mar 30
13
Jan
31
Mar 29
90
30%
Mar 26
32%
1% Oct
6% Dec
19% Dec
4% Mar 30
10% Mar 30
No par
8,300
3%
43% Mar
60% Mar
65% Jan
1178 Mar
Oct
2484
32%
3934
17%
*28
65% Mar
Oct
Oct
l%June13
13
27%
Oct
35%
Standard Oil of New Jersey.25
1234
17
4% July 25
11
July 19
94
1
No par
—No par
No par
Jan
Oct
46
Jan, 21
155
17*4
Mar 30
Standard Oil of Indiana
11.000
35
Oct
Mar 25
Standard Oil of Calif.-No par
12,200
Jan
130
Oct
2
$4 preferred
$6 cum prior pref
$7 cum prior pref
42%
Dec
15
6% Mar 31
48%May 26
12% Mar 31
6% Mar 31
..No par
125
12%
22% Jan 12
Standard Oil of Kansas
33%
34%
7
Feb
Oct
1%
2 5" 7 00
*7%
10%
8%
July
June
6%
20%
15
57%
11
Jan 10
23% Aug
115
Oct
27
56%
*25
Oct
Mar
Feb
1%
21*4 Jan 10
34% July 21
378 July 21
JStand Gas 4 El Co
5,600
Oct
13
Stand Investing Corp.-No par
25%
1
9*4
9
J Stand Comm Tobacco
125
1834
15%
7%
500
125
1234
27%
96
7%
$4.50 preferred
4,600
5,600
10,800
1,000
4%
9%
20%
July 20
110
25
734 Mar 31
No par
125
13%
28
96
4
19
17%
234
Standard Brands
37,400
125
28%
8%
*45
*15%
2%
8%
103%
Feb
June
July 25
29
Oct
Apr
13
140% Mar 26
4
19*4 Mar 26
15% Mar 30
-.1
Square D Co class B
57
15%
96%
4%
4%
5%
18
59
32,900
*55
1534
97%
15%
6%
*9%
2334
2%
24
14
57
17%
334
17%
15%
96%
1434
87%
4%
*82
5%
25
4%
10%
8%
10
*55
12%
27%
3%
9%
7%
1134
50
10%
7%
8
33%
42
125
734
11
,
8
33
3,100
Apr
96
4
Spencer Kellogg 4 Sons No par
Sperry Corp (The) v t c—.—1
Spicer Mfg Co
No par
83 conv preferred A-.No par
Spiegel Ino
2
Conv $4.50 preferred-No par
57
18%
29
47
578
11
56%
26%
68
11%
*%
900
29,700
Mar
67
2
No par
1
57
1834
35
*5%
25%
67%
14%
3578
*45
55%
8
14
4%
578
35
14
7%
1
34
14
5
19
24%
*%:
17%
29%
44
2%
4%
8%
15%
33
16%
29%
*41
*102
9%
1934
*25
31
7
*40
1934
57%
26
30
734
1634
2334
11%
2834
8%
234
4%
35
7%
35%
1134
*5%
9
102
34
10%
4%
*45
234
4%
45
33%'
734
58
125
125%
13%
1334
29
29%
3%
3%
17
17%
778
49%
4%
59
102
24%
1634
32%
11%
7%
*58
55%
7%
*55%
7%
49
59
13
1
7%
5%
2334
*40
67%
12
8%
35%
*58
*25
11%
35
2534
*22%
35
16%
20%
26%
33%
34%
23%
34
67
*5%
48
45
32
34%
57%
26%
67%
5%
4734
978
21%
18%
23%
67
678
*37%
26
57%
734
45
2534
58%
7%
23%
*100% 103
2%
234
4%
434
58
7%
*55
58
58
58%
*125% 129
*125% 129
13%
13%
13%
1378
29
29
29% 30%
3%
3%
3%
3%
*17
17%
16% 1734
31
31
*30%
31
13%
13%
13% 14%
1834
1878
1.87S
19%
29
*28%
2834
29%
9%
9%
9%
9%
7%
7%
7%
7%
*7%
8%
734
734
7%
Sparks W1 thing ton
Spear 4 Co
560
297S
11%
*5
2234
25
17
29%
34%
44
22%
2334
67%
34%
*41
9
31
34%
6%
*834
120
4%
Nov
29
Spalding (A G) 4 Bros.No par
1st preferred
100
26,200
1,400
1478
69%
34%
11
4%
1438
68%
34
7%
42
30
1
58%
27%
1634
3%
41
26%
*%
*66%
1078
24%
2534
17%
42
100
5% preferred
Mobile 4 Ohio Stk tr ctfs 100
41
5
*26%
*24%
8%
4
9
2334
12,500
""20()
58
26
60%
102%
9% Mar 31
6% Mar 30
8% Mar 30
17% June 17
2% Mar 29
Southern Railway....-No par
34*4 Feb
105% Feb
1778 Mar
7
28
19% Mar 31
Southern Pacific Co—...100
29,000
Jan
Feb
16*s Jan 10
l6%May 24
128
Jan
Feb
44
113% Feb 28
3% Jan 13
Apr 14
1% Mar 29
25
Southern Calif Edison
81,100
16%
2%
35
9
3%
*8%
3%
42
18% ' 1934
13%
14%
18%
19%
*31%
54%
*3%
3%
17%
434
57%
9
*41%
334
4%
19%
1334
19%
54%
..100
Feb
17%
June 30
13% Jan 16
10*4 Mar 31
No par
8% preferred
4,200
25
2%
*25
42
4
24
2534
16
378
*22
24
37
1734
12%
17%
*31%
*3%
41%
30
25%
4%
9
*%
42
20%
20%
14%
20%
42%
334
42
4%
9%
So Porto Rico Sugar
14
65
Nov
88
July
Feb
42% Mar
19
Mar 31
111
1
98% Aug
34
20% Jan 10
8% Mar 29
South Am Gold 4 Platinum.1
3,900
24
2%
22%
26%
378
17%
12%
17%
*31%
334
"3" 700
2434
16%
2%
26%
*21
20%
14%
Typewr__.No par
Snider Packing Corp—No par
Sooony Vacuum Oil Co Inc. 15
Solvay Am Corp 5H% preflOO
1,300
35,300
24
4%
95S
*21
1934
13%
19%
102
91
Feb
Jan
8% Jan
64% Apr
11% Mar
Oct
6% Oct
24% Dec
1478 Nov
26% Dec
July 19
Jan 17
Jan
2%
Dec
3*4
44
Jan 13
22
Feb
Feb
Mar
5% Oct
17% Oct
2% Nov
1534 Dec
Jan 11
3%
23%
45%
120
93
12% Mar 30
2% Apr 6
14% Mar 30
Skelly Oil Co
July 29
3% Oct
49*4 Nov
12*4 Dec
34*4 Jan 10
4*4 Mar 31
No par
10
Slmms Petroleum.....
100
2734 Jan 27
18% July 20
Mar 30
Simmons Co.—
Jan 14
1158 July 25
Mar 20
5M% conv preferred..-100
Silver King Coalition Mines.5
700
July 19
6% July 19
48
377gJune 3
634Marl2
20% Apr 1
par
par
10
20%
14%
20%
*34%
*334
*41%
Oct
60
Smith 4 Cor
14%
16
Jan 14
900
2138
Oct
66
18
*18%
*18%
19
18%
18%
*18%
19
J834
18%
18%
12
12%
1278
12%
]278
12%
11%
11%
*11%
11% *11%
11%
15
15%
15%
16
15%
16
14%
15%
1534
1534
15%
15%
*112% 114
*112% 114
*112% 114
*112% 114
*112% 114
*112% 114
2%
2%
%
2%
2%
2%
2%
2%
2%
2%
2%
2%
22
22
2278
23% 24
23%
23% 24
22% 23%
21% 22%
132
132
131% 132
*131% 139
*131%
*131%
*131%
24
2434
247g
24% 24%
24%
2234 2334
23% 23%
23% 23%
20%
1.4%
Oct
45% Mar 31
8
20%
*4
1%
Oct
Apr
20%
3
July 22
15
18
~i~Io6
19%
51*4 Mar
98% Mar
2034 Jan 11
20%
20%
Dec
% Oct
3% Oct
34% Nov
9% Mar 30
Mar 26
98
1934
19
Dec
71
4
10
102
*19
22
Jan
1
No par
—No par
2
102
6
Feb 23
27% Feb 25
5% Jan 14
75% July 25
Mar 28
*99
Feb
27% Mar
Mar 30
May
97
113
Oct
June 16
13
96%
*99
Dec
11
3
91
98
102
20
Jan
x98
4
Jan
47
45
*96
*99
Mar
113
No par
16 preferred
.--No par
Smith (A O) Corp...
.10
98
102
103
Deo
% Jan
Sloss Sheff Steel 4 Iron—100
*19
Jan
Dec
Feb 11
3
290
*99
46
70
86
7.% Jan 11
47% July 21
6
20*4 Mar
37% Mar
Dec
Jan 20
1
3
Oct
Nov
18
July 28
85
% Feb 10
62
3%
Highest
share $ per share
10
27% Jan
14%June 10
5
100
34*4 Mar 28
15 oonv pre!
200
31%
*91%
95%
70
Servel Inc
5,900
734
94
Sharon Steel Corp
4,400
20
81
Mar 24
Seagrave Corp
40
26%
2%
Mar 29
68
per
Sears, Roebuck 4 Co—No par
700
16 34
17%
104% 104%
68
J Sea board Air Line..-No par
4-2% preferred
100
Seaboard Oil Co of Del.No par
1,500
25%
100
100
100
5M% preferred
23,100
11,300
25%
No par
5% Jan 26
7% July 12
23% Jan 12
fSchulte Retail Stores..
1
8% preferred
-100
Scott Paper Co
No par
400
3%
Mar 26
Schenley Distillers Corp
700
6,000
*234
$
Mar 30
7% preferred—
8,500
1,300
1,060
1,000
5%
43%
10%
26
share
May 28
Savage Arms Corp—No par
12,200
43%
10%
734
per
6
6% preferred...—
130
*19
26%
27S
21%
31%
5%
$
share
2
6% preferred..
1,900
73%
1634
1734
68
per
i2
Safeway Stores...
17,300
534
5%
5%
43%
*42% 43%
10%
934
10%
*25% 27%
*25%
26
17
17%
16%
17%
103% 103% *103% 104%
8
8
734
8%
25
26%
25% 25%
*234 ,
*234
2%
2%
*19
*18% 1 20%
20%
30%
32
31%
31%
92% 92%
*91% 9234
96%
96%
95%
95%
10
103% 103% *103% 104
8
8
8
8%
2634
278
1934
%
Year 1937
Lowest
jSt Louis Southwestern... 100
5% preferred..
100
—_
78
21%
Par
Range for Previous
Highest
Lowest
6%
*7%
*90
19%
21%
% per share
the
100-Share Lois
On Basis of
YORK STOCK
EXCHANGE
NEW
Week
$ per share
*71-»
*7
*6%
..
July 28
Friday
July 29
Range Since Jan. 1
STOCKS
Sales
for
Tuesday
July 26
Saturday
July 23
July 30, 1938
x
Mar 30
Ex-div.
y
81
Jan
Ex-rights.
80
Nov
10*4
Oct
5%
Oct
50
678
Mar
Jan
Jan
100% Jan
18% 8ept
111
Feb
28% Feb
148*4 Mar
99*4 Jan
31% Feb
35% Mar
24% Jan
1 Called for redemption.
Volume
HIGH
SALE
Monday
PRICES—PER
Tuesday
July 23
July 25
July 26
$ per share
S per share
¥ per share
11
*10i4
11
1834
18i2
116
12l2
187g
18%
115
115
62
62
64
6512
*17
19
17
17U
33
6%
6%
10%
*10i4
*72i8
7i2
77
*34
35*2
65
65%
33s
3312
67g
67g
10%
1078
8%
3412
66i8
1034
116
July 28
33
33U
32
77
77g
9%
*70
9%
85
*80%
Us
Us
734
9%
*11%
I2ig
12
94
95
92L
812
6U8
62%
16%
16%
500
3%
32%
24,900
9,200
$3 preferred
6%
3,600
United Drug Inc
1,700
United Dyewood Corp
Preferred
3%
3
33%
32
32%
32
6*4
9
3412
34l2
35
34
34%
67
67
67
64%
10%
66*4
85
*70
9U
12U
9634
7%
834
*70
r
80%
*70
80i2
44%
.
93i2
9412
9012
42 U
1034
11
11
1,700
90
88%
89%
5,300
*163% 1697s
9U
834
21
22
6U
1034
10*4
43%
42
40%
6%
634
44%
45l2
46%
47
83
8334
8334
83
SOU
4634
84%
66
67
67l2
85U
67l2
43i2
6%
46U
84U
67
67
65
65
63
63
64
64
64l2
64l2
64
64
6034
623g
61*4
63U
60%
58%
60%
108
108%
~
5%
10934
109
110
34
9%
—
"
52
*46
1U2
*103g
1134
71
71
^
10U
69%
711-2
81
64
6334
64%
64
64
64
*45%
.
150
'«•
*150
—„
4~3~78
*393g
4438
*373s
44i2
34
78
34
34
34
*84
7g
78
*21%
24i2
20
20%
29%
29%
*22
24l2
205g
28l2
~3~4%
34
19i2
28is
213g
28i2
3434
167S
1658
47g
2834
47g
2834
47g
5U
29l2
30! 2
112U 1121, *11214 113
*4
4U
4U
4%
150
19%
27%
*11
14
*11
113
*110
113
*61
66
*62
6412
*61
2
4U
438 V;
4
25g
2%
*8%
8%
8
8i2
8
177g
18
;*8312
183s
89
10
10%
10
10U
44%
4412
44
45
*18%
19%
*17i2
19
334
*54
37g
58%
18
*83l2
978
19%
*187S
17i2
37g
18U
18
*47
53
*47
678
7U
4078
4138
39
4%
4l2
15l2
15*2
1834
30
29
1834
19
3034
3034
*2%
27g
*7g
1
16%
4%
4%
4%
4
4
11
*60
77g
18
*85
'
87g
42%
31
234
*7g
29?g
193s
3U2
234
1
38
38
38
385g
*80
81
81
81
*19
18
11
11
*111% 113
62
27%
27%
60
60
2,101
1,300
1,300
35%
1634
17
63
*60
334
14
14l2
14l2
29
88%
9%
32,700
43%
43%
2,300
187g
187g
834
*43%
19
678
39
4%
14
19
17%
17%
3%
3%
50%
*47
634
6%
377g
4%
17%
*35
4
*13%
*47
6%
3%
2,300
1,400
50%
17%
3%
200
67g
38,500
1734
36
36
4
4U
250
4,600
17%
*12
400
3,500
278
28%
20%
27%
28%
28%
287g
1834
21
6,600
29
29%
207g
29%
22
30
30
27g
27g
4,000
1,800
38
234
*2%
3%
1
590
37
37%
37%
38
1,900
*80
82U
*80
82%
*80%
82%
82%
82%
86
*84
86
*84
87
1
*7g
377g
377g
1
1
1
1
200
86
*84
90
*8414
85*2
84
85l2
*84
•94
94
95
95l2
94
95l2
96
96
95
95
94%
95
290
89
91
90
90
90
90
89
90
90
90
90
90
120
120
120
116
116
116
116
*120
122
*11512 116
18
18U
185s
120
120
*120% 122
*120
122
300
116
116
*116
118
*116
118
210
18%
1812
17
18
*4
412
378
4
4
4
*4
834
4i8
*77g
43g
*77g
8i2
778
77g
7
7%
*1%
314
327g
U4
*u8
1U
*34
Us
3U
327g
1U
*67g
*34
3
*234
3
30%
31%
24
26%
1812
*34
27
27%
28U
27
27i2
104
105U
105
10634
103
10434
234
30% 33%
27
25%
100% 105%
135
135
135
135
135
135
130
3U
33
3i8
32%
2714
I8I4
183g
18bi
*3414
37%
*34l4
197g
*28%
20
297g
70
*60
2312
237g
*81
95
*52l2
5278
*13j8
131*
15
14i2
20
*2814
3U
34
18U
37U
20i8
297g
3%
32is
*17U
18
*34i2
1912
37U
28%
28%
*34%
19%
*283g
82
*70
19U
70
70
24
26U
247g
26%
95
84
84
54
*5378
54.7g
15
*13%
15
*81
527g
*13i8
1412
15U
*70
1478
143g
8%
^Utilities Pow A Light A
Sales..
No
Vadsco
2U
2%
16i2
16%
17
183g
*27g
212
3
5%
5
512
*5118
5%
5234
5%
52i2
2034
2U4
21
5
47r>8
477g
2H2
*69i2
2134
*38
43
*50
52l2
*9738
9978
*71
72
85
39
*38
1934
2078
*10012 102
2034
22
39
397g
*7078
20%
2134
4i2
•
85
207g
22
4'2
4778
21i2
*72
512
534
100
38
21
39
215g
22
22U
3934
41
38*4
*707g
2034
85
*7078
*70
82
50
24
25
20,900
*80%
95
100
19
1934
27g
6%
5%
49U
2%
5%
5U
*46
5%
50%
17
*234
234
5%
5%
*46
3
900
27g
15,800
6
6,800
19%
19%
1934
20%
5,600
47%
21%
47
47%
47
47%
25,800
1934
20%
20%
21%
10,000
70%
39%
47%
*67
71%
67%
68
270
I6I4 Mar 31
50
50
Mfg
1111* jan
3
20
36
36
700
20U
20
20%
7,000
23U
22*4
19%
23
20
21%
21%
22%
14,200
4l2
412
41*
4U
4%
378
4%
2,100
4U
this day.
4%
1 In receivership,
Truck A Coach cl
100
A Wire—No
Youngstown S A T
No
6 34% preferred
Youngst'wn Steel Door .No
Zenith Radio Corp
No
Zonlte Products Corp
Young Spring
n New
Oct
76
Oct
3
stock,
r
Mar 24
Mar 30
IU4 Mar 29
Oct
10«4
Oct
2U8
Dec
90
Dec
19
Oct
Nov
Deo
15l2 July 19
15i4 July 25
11
Jan 21
141*
Oct
6
Oct
8i2
Jan 22
IBs
Oct
Oct
3
,
21% Jan 24
3% July 1
11
I84
Oct
Jan. 7
2
Dec
3
678 Jan
578 July
60U Jan
2134 July
Oot
Dec
4% Oct
4984 Dec
10% Dec
488
10
19
21
25
4834 July 13
22% July 21
34
Oct
12
Dec
Oct
Mar 29
27
Mar 28
72i2 July 19
40
July 20
6412
34
Dec
28U Mar 30
5014 July 25
39*4
Dec
5512 Mar 30
j
61% Mar 31
2084 Jan 31
8% Jan 3
71
Mar 30
98s Mar 31
24
100
62U Mar 31
11% Mar 29
1
Oct
42
par
par
par
par
IO84
31% Nov
65
Mar 26
6i2June 20
lU Mar 31
10% Mar 29
36
Jan 3
8718 Nov
113
76
May 27
6ig Mar 31
32
U2 Oct
2218 Deo
17«4 Oct
4
Jan
59
31
30
16
16
Oct
Jan 14
95
884 Mar
1% Mar
H4June
33gJune
3
2734 Jan 12
12
par
25
B.-l
Preferred
a Def. delivery,
Oct
88
Jan 27
42
WorthlngtonPAM(Del) No par
Preferred A 7%
100
*35
Apr 12
14i2Mar 26
Mar 29
100
—10
10
37%
207g
Jan
75
No par
36%
19%
84
20% July 25
30
July 20
90
Jan 4
Mar 31
65
Aeronautical—No par
31,900
Oct
7318 Nov
18l8 July 23
35
July 13
3 U8 Mar 28
10
Mar 31
preferred—No par
5
1
conv preferred10
Woodward Iron Co
Woolworth (F W) Co
140
Mar 31
9i2 Mar 30
34 conv
Prior
85
July
23U
Jan 11
July 22
July 20
July 21
10978 Jan 15
6l84Mar31
103
Willys-Overland Motors
Wrlgley (Wm) Jr (Del).No
Yale A Towne Mfg Co
39%
Oct
Oct
218
1%
338
3414
2834
16i2 Mar 31
1584 Mar 31
Wilcox Oil A Gas
36 preferred
9
Mar 25
i2Mar 23
U2 Mar 18
Mach—No par
Wilson A Co Inc
9784
25s Mar 31
White Motor
Wright
38
1
Oct
20
ll2 Jan 28
385g July 25
82% July 29
102% Jan 3
10212 Jan 3
7gJune 9
25% Mar 31
71
Apr 8
70
Apr 1
823sMay 28
Instrum't-No par
Class A
No par
Westvaco Cblor Prod—No par
5% conv preferred
-30
Wheeling A L E 5 34 conv pf 100
Wheeling Steel Corp.—No par
Preferred
100
35 conv prior pref---No par
White Dent'l Mfg (The 8 S)_20
600
*707g
11%
31% July 25
3i8 July 29
II4 Mar 26
Telegraph. 100
670
85
Mar 30
Oct
200
38%
Oct
Mar 30
Oct
71%
37%
16
17
100
96%
*707g
2978 July 21
22
July 29
11
Pacific..--------100
4734
85
Nov
1
94
*71
Oct
9
6i2
71%
85
Dec
2%
1634 July 15
Jan 10
preferred
Yellow
33
478 July 15
Mar 31
4i2 Jan 10
46%
*35
July 19
I84 Mar 31
Oct
72
1934
19
21% 153,300
20%
50
101% 101% *10134 109
20
20
4,600
21%
19%
43
Oct
Dec
97%
18*4
July 19
Apr
95%
4734
Dec
8
26%
484
14i2
2%
*707g
*45
July 20
5
Weston Eleo
400
51
110i2
71
3834
Oct
Mar 31
Feb 23
98
*37%
2
19
71
38%
July 16
384 Mar 26
20
Mar 26
pref 434% series.-.10
pf 4 H % conv series. 10
38%
4
6
preferred
Prior
Mar 26
23
Westlngh'se Air Brake.No par
6%
Oct
778
1914 July 27
12«4May 31
preferred
—100
Supply Co—10
Western Maryland
100
4% 2d preferred
100
6%
300
21
Oct
Oct
2
Western Auto
13,100
5%
51
20*4
3934
Bid and asked prices, no sales on
Oct
17
June 27
2,300
27g
27g
534
19
4i2
32
118
17%
*234
1,000
47,800
2034
22U
July 21
193s Feb 18
Power 7% pref. 100
White Sewing
15
20l2
22l2
215g
45
1784May 18
8
Mar 26
117%
4,900
101% 10134
21%
19%
39%
37%
101«4 101*4
2 U8
21U
Dec
July 19
2%
46%
95%
2012
207g
7I84
314
122
2%
38%
38
*38
*10U2 102
Oct
84% July 28
lOU July 22
4% Mar 30
30
Mar 31
Oct
Mar 29
1,700
40
72
18
684 Mar 31
1334June 10
74
Mar 26
Mar 31
8U
66%
48
8l2 July 25
2OI4 Jan 10
Dec
74
8%
83
101
Oct
6%
116
8
2078
48
Oct
2l2
218
Co
—
White Rock Mln Spr ctf No par
22
*71
Feb
2
Mar 21
100
preferred
14%
47
*99
11734
No par
53
2%
72
118% Mar 21
2% Jan 11
438 July 23
338 Feb 4
Ltd No par
14%
27g
*385g
Dec
U2 Apr 22
*13%
177g
*70
Deo
50
18s Mar 23
*52
27g
2%
5%
5%
49%
473g
113
65i2 July 22
114
Mar 30
1
1434
1778
5%
Oot
12078 Feb 26
Mar 31
116% July 19
14%
3
6U
8
Mar 29
37
53%
278
53g
200
Oct
100
13%
15
18%
5i2
1,500
Oct
18i2
Dec
preferred.—No par
West Penn El class A—No par
7% preferred
—.100
1st
~2%
5% Jan 21
32*8 Jan 21
3
conv
Wes t Penn
2
4% Jan 20
1534 Jan 11
A.-No par
Class B
No par
Preferred
———.100
Warner Bros Pictures
5
33.85 conv pref
No par
tWarren Bros
No par
33 convertible pref--No par
Warren Fdy A Pipe
No par
Waukesha Motor Co
5
Wayne Pump Co
1
Webster Elsenlohr
No par
Wells Fargo A Co
1
Wesson Oil A Snowdrift No par
6%
July
1% Apr 13
514 Mar 26
Ward Baking class
34
Oct
17
3684 Nov
June
No par
Preferred
Oct
97
105
No par
No par
4 ^ % pref with warrants 100
Walk (H) Good A W
Oct
14U
July 16
100
---100
100
Walworth Co
Oct
9%
297s July 19
107 June 22
42
Jan 22
June 19
105
5234
207g
4734
2138
50U
95
No par
Oct
16
2138 July 25
30i2 Mar 30
14
Apr 9
284 Mar 29
1684 Mar 30
pref—No par
XWabash Railway
5% preferredA
6% preferred B
25
Oct
84
%
Jan 10
Jan 17
1%
lli2 Mar 31
14% Mar 31
97
July
1% Jan
Mar 26
16
*13%
20U
sou
82
25%
loJune 22
14%
278
18
99% 102
*71
24%
*80%
Oct
1
par
54%
13
50
39
95
19
29%
Jan
Jan
Nov
29
54
50
39
*70
26%
135
Jan 12
*13%
52l2
2134
48U
85
82
19
29%
150
Nov
July 22
6
-5
Chem
Westlnghouse El A
19
Mar
753s
Dec
9*4
47
54
100
Western Union
2934
105
126i2 Mar
Oct
46
150
preferred
150
19
Feb
Oct
May 11
5
19,600
*28%
Jan
7238 Mar
118
Oct
27% Mar 30
% Mar 30
Va El A Pow 36
6%
278
~T
134
Van Raalte Co Inc
12,900
9,300
2978
1938
June 20
36
74
100
Preferred
Apr
Mar 31
Vanadium Corp of Am.No par
26%
------
Oot
100U
48
100
preferred
25%
37%
48% Nov
13i2 Jan 14
No par
31
*34%
Deo
68
7i2June 13
40
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
6%
37%
Dec
62% Nov
8
3% July 25
50
July 21
Western
*34%
Mar
71
Oct
43i2
oi2 J^y 20
1U Mar 26
37
Feb 3
100
17%
37%
19%
20
Conv pref (70c)
-No par
United Stores class A..No par
900
900
July 25
534 July 21
10% July 29
101% 104%
130
47
Oct
4538 July 29
78
27g
32%
78
*234
17
17%
2
500
130%
*17
178
2,100
*16%
130
2%
178
1,800
37g
7%
17%
130
*2
834
18%
3%
*7
17%
130
2%
8i2
2i2
100% 10334
2U
834
*17%
1U
8%
812
2%
734
8%
2%
8%
278
234
23%
*S0
4%
.
8
8%
27g
17%
17%
17%
Mar
Mar
26
320
120
112
72U
3*8 Mar 30
500
9%
19%
Feb
15% Mar
228s Mar
43%
Oct
1
100
9U
Mar
70
Deo
314
11412 Jan 10
25
1,300
18
*82%
23i2 Mar
24
July 25
70*8 Mar 5
63*4 July 25
Walgreen Co
18%
Feb
65
7
85*4 July 25
Waldorf System—
84%
9%
4334
172
July 13
70
91%May 31
29% Mar 30
Stockyards Corp
1,800
36%
19i2
3034
*234
8
18
27%
18*4
2734
*2%
*7s
29
19U
30
8
Jan
Nov
53
3
x4484Mar31
5% preferred100
Virginia Ry Co 6% pref—100
Vulcan Detlnning
100
Preferred
100
60
Jan
Feb
Oct
Oct
Oct
Mar 31
50
3,000
3478
4438 July 25
Mar 29
45i2 Jan
No par
new
20i2
137
164i8 Nov
584 Dec
2978 Deo
678 July 13
12
July 19
21
Virginia Iron Coal A Coke. 100
10
100% Feb
3% Jan
16%
384
6i8
Mar 31
140
500
16% Feb
2484 Mar
Nov
70
7
38
7% pref. new
United
Va-Carollna
177g
51
38
43g
U 8 Tobacco
1,600
100
July
Oct
Dec
312
5%
938 July 21
z55
Victor Chem. Works
4U
Jan
par
No
—
1,700
18%
11378
100
U 8 Steel Corp—
Preferred
6,400
*11
Oct
50
6,600
*111% 113
101
7
27s Mar 31
Mar 31
No par
10
434
*4
Jan
7
July
2U2 Mar 30
20
Vlck Chemical Co
40
17
10% July 19
3514 Jan 12
24U July 20
June 20
50
—100
29%
11234 11234
434
28
8684 Mar
Oct
9634 July 25
July
2
13i2 Mar 31
3% Mar 30
63s Mar 26
class A .No par
Preferred
—
11,300
84%
437S
conv
Mar
63
Oct
172
4i8 Mar 29
24
Jan
9
80
162% Mar 28
No par
7% 1st pref
35%
.
Universal Pictures 1st pref. 100
181.1
19%
3*4
6%
39
7%
7%
^.20
Jan
Mar
52
Oct
8% 1st preferred
—100
U 8 Smelting lief A Mln
60
140
89
50
7
634
77g
*3%
53
4
*28«4
16%
43i
4
334
3i2
4%
16
16%
11
18i2
397g
*15
35%
*11138 113
1812
*1834
43g
7
35U
4U
89
9%
44
397g
612
35
16%
8
44i8
19U
37g
1,100
Oct
6i2
36 conv pref A
300
Oct
1214 July 25
U 8 Rubber
*100
Us
*234
86
27
*116% 125
*116% 125
*116% 125
2
Ug
Us
*Ug
Us
Us
3%
4
37g
3%
3%
3%
4U
*2
3
3
3
*2%
2*4
234
Us
2%
1734
27
*100
1
178
*2
*83i2
19%
20%
28
287g
27% 29%
112% 112% *112% 11234
64i2
900
4,800
*116U 125
178
438
4
24%
197g
35
14
*110
*21%
20%
*%
28%
«.'•»
34
*21%
7g
24%
78
s4
34
7g
34
34
7g
24%
21%
*22%
4
13
k
45
5
113
*116% 125
72%
71
71
*69%
.3,300
lOQU Feb
9% Mar
2%
24
584 Mar 30
55
Mar 31
U 8 Realty A Imp
5234
1034
149
1658
113
*134
*45
*10
*28
78
29l2 30
*112U 113
*11
*11614 125
5234
*934
39
35
4
234
150
*100
47g
10%
2%
*32
28lg
1658
167g
*1534
10%
150
34
2412
203.i
3434
3434
534
45
1
*100
*100
*100
*2218
34%
45%
5%
11%
*45
142,700
Deo
74
Oct
U 8 Pipe A Foundry
900
A4,500
357g 4.2,800
4538 4
30
150
34
*78
61
150
*38%
I
234
58%
1,800
10934110%
*31
165
*150
10
2%
27g
5234
'
.
5%
5%
10
10%
72
83%
4578 118,000
15,600
83'8
109U U0
34%
34%
i»
5%
*45
52*4
*1012
12,500
6U
4334
80%
97g
2%
*47
6%
6%
64
53g
3
278
31g
m
41%
2684 Apr
Oct
Prior preferred
9,500
Oct
*4
preferred
Partlc A
4,900
11
6%
488
U 8 Leather
75
42%
64
978
10
10
'
1034
16
1*4 Jan 18
4,400
1,800
45%
6
34
*45%
»
5i2
53g
5%
10
*70
72
im
6%
Oct
9U July 23
U 8 Industrial Alcohol-No par
A
5
3i2Mar26
10
^1,900
100
A
4678
100
prererred
100
U 8 Hoffman Maoh Corp
6
5H% conv pref
50
43%
6%
34
34
*45
5%
6
42*4
6U8
6U2
58U
110%
11034 zl09
34
45
3
3
52*4
9%
-*69%
3234
10
10
978
278
*46
63$
45
45
32%
3212
*44%
5%
7
22%
6%
*69%
75
43%
634
44
42%
9U
34
20%
6%
*69%
9U
*31
34
8%
Oct
%May 16
U 8 Gypsum
7%
Mar
Oct
No par
U 8 Freight
Conv
35
Dec
2
5
;
6
May
Jan
Feb
Feb
25%
July 25
8
1
4i2 Apr
62
100
91
—No par
800
*31
75
*69%
40i2
SOU
preferred
8
169
169
first
8
87%
10%
$5
U 8 Dlstrlb Corp
100
93
1138
9
85
138
10*4
llSg
*70
6,300
87g
10
30%
H784
10978 July
884 Mar 30
100
Mar 14
3
Mar 26
No par
Oct
Dec
1138 Jan
67
Mar 31
50
No par
USA Foreign Seour_—No par
*80
Mar 26
Oct
3684
17i2
1078 July 18
8012 Jan 10
878July 25
3634 July 20
1
Apr
7
15
Jan 12
7
217s Mar 31
6
No par
United Gas Improvt
35 preferred
United Paper board
11%
8
3
200
8%
*7U
60
6
3,600
*7%
8i2
*7
100
United Electrlo Coal Cos
United Eng A Fdy
United Fruit
7
*1
1%
10
108
1%
*1
11,800
4% June 18
4% Mar 29
Highest
share % per share
Oct
31% Feb
per
110
19% Jan 10
384 Jan 8
3414 July 20
22% Mar 31
5
7
85
*68%
*11
10%
10%
87g
834
9%
85
1*8
*34
4,400
1
...No par
¥
1438 July 29
1912 Jan 11
July 26
65i2 July 25
Mar 26
2
share
per
116
4
12% Apr
United Carr Fast Corp. No par
United Corp
No par
108
7
7
65
64%
65U
1034
1034
10%
10834
108% 108i2 *108
6%
34
*33
35
29,600
500
8%
778
8%
10
77
77
77
6434
9%
9%
9%
9%
*74%
8%
*163i2 170
*16312 170
*163% 170
*16312 170
9
9%
9i2
834
9i2
8*4
878
834
*31% 34%
3212 32 I2
3434
*31%
*3U2 32i2
23
237g
20% 22%
22i2 22i2
23%
2234
6h
634
634
6U
6i8
634
65g
*6%
11
1U2
1178
10l2
11U
1134
1U2
lli4
*70
6%
6%
934
77
7U
6U
Jan
39
No par
17
734
*31%
85
1,500
100
United Carbon
$
share
per
684 Mar 31
145s Mar 31
1103s Jan 20
No par
No par
Preferred
61%
3
734
13s
*1
United Biscuit
20
17
87g
11
107g
1034
108*4
10834 *107
8
7%
7U
7%
9
9ig
9U
9%
United Amer Bosch
1,500
61%
*74
8i2
6,800
17%
3U
6i2
97g
9l2
*73
14%
*116%
17
3
108% *104
7h
18
63
6U2
*16i2
3%
1284
12%
18
3
Lowest
Highest
Lowest
Par
17%
12%
187g
*116
17U
6*4
Shares
100-Share Lots
On Basis of
Week
§ per share
11
*1778
17U
3ig
634
July 29
$ per share
*116
65
*63
10%
77
*74
8*2
1034
*104
3%
325s
3U
3*8
32i4
11
1212
18i2
12i8
18%
116
STOCKS
EXCHANGE
Thursday
$ per share
*115
Friday
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday
July 27
Range for Previous
Year 1937
Ranoe Since Jan. 1
Sales
for
AND
LOW
Saturday
703
New York Stock Record—Concluded—Page 10
147
9
284
Mar 30
Mar 31
Jan
Cash sale, x Ex-dlv.
3
102
July 20
7178 July 21
39
July
5
21% July 25
102
July 22
38
Oct
68>2
21*4
Oct
Dec
7l2
68
Oct
Dec
22% July 25
4334 Jan 12
Dec
34% Nov
80% July 20
70
Oot
22i2 Jan 15
2534 July 7
584 Mar 7
IDs
2ig
Dec
Oct
v Ex-rights. 5
12l2
43*4"
Aug
9U
Jan
Called for redemption.
704
NEW
YORK STOCK EXCHANGE
Bond
Record, Friday, Weekly and Yearly
"and intefwit^'•—except for Income
and defaulted bonds.
Caah and deferred delivery sales we disregarded in tbe week's range.
#» they
unless tney are tne only transactions of tbe week, and when
selling outside of the regular weekly range are shown In a footnote In the week In which they
occur
No acoount Is taken of such sales In
computing tbe range for tbe year.
_
-
•S
Y
STOCK
^1
Last
if'
EXCHANGE
*a.i
Week Ended July 29
Week's
Friday
„,
£
BONOS
n
Range
Sale
Price
Bid
A
or
BONDS
Range
Since
Asted
Ia>W
Friday
»
Friday's
High
Jan.
No.
Y.
1
Low
U. S. Government
N.
0
Week's
Week Fnded July 29
nft,
Last
Range
Sale
•*
EXCHANGE
STOCK
Friday's
Price
Ask
No.
99 M
98
Since
l!
24
A
Low
High
Range
or
High
bid
Jan. 1
Low
High
&Mun. (C01U.)
Foreign Govt
1
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
4mb
4s
118.20 118.17
D
1944-1954
14.13
113.5"
3%s..._. ...-1946-1956
3%s
—1940-1943
3%s
...1941-1943
3%B.---------1943-1947
3%n
1941
3%s
1943-1945
3 Ms—
..1944-1946
D
1946-1949
D
108". 1*7
D
107.28 107.25
...1951-1955 M S 106.18 106.14
8
8
Treasury 3M8--
—1949-1952
Treasury 3s
Treasury 3s
Treasury 2Ms
Treasury 2Ms....
1946-1948 J
8
-
8
119
12
29
10 7". 1*4 107.14
107.14
6
110.12
6
107.25
107.29
113.11
105 .21106.27
12
107 .4
108.14
109.22 109.18
♦Costa Rica (Rep of)
109.24
57
107 .2
110.5
109.18
109.22
42
107
110.3
Cuba (Republic) 6s of 1904
External 6e of 1914 ser A
108.17
108.19
42
105 .27108.25
108.13 108.11
External loan 4 Ms ser C
108.14
5
105 .19108.16
107.18
44
105 .2
28
103 .26106.20
1977 J
Jan.15 1953 J
♦Public wks 5Ms.-.June 30 1945 J
104.2
103.27
106.20
104.2
133
101 .24104.15
106.18
33
103 .25106.23
104.29
32
1949 F
3b...'.
Jan.
2MB
Mar.
Sinking fund 8b
ser
58
100 .20103.21
Denmark 20-year extl 0a
1942
103.2
41
100 .14103.10
External gold 5Mb-
1955
102.10
75
101
D
*105.29106.16
104.21
101.28 102.5
"73
105.31
102 .14106.7
67
106.31
106.8
4
101
104.21
35
106.1
ios'i
104.29
105.2
100.8
106.1
106.8
28
103.9
1 1939-1949 F
1942-1944 J
102.25
104.2
40
101.9
59
101.6
102.23 102.21
102.13 105.10
103.28
24
9M
9M
f 7s series B
f 7s series C
1945
9
♦External
s
f 7s series D
1945
♦External
s
f 7s 1st series
1957
9M
8M
1945
f 7fl 2d serlea.1957
a95M
1
80 M
80 M
A
O
J
104
67
04
60
55
64
60
55M
62
60
51
62
O
60
*20
1969 A
1909 A
62
1948 J
1967 J
1945 M S
99
98 m
101
34
19M
106M
2
100
8
too
107m
107 m 116M
100
102 m
105m
♦7s unstamped..
104
111M
6
100 M
16
20 M
6
19M
20 M
7
15M
14
16M
14M
69
13M
14M
52
13M
99M
14
16
100 M
3
24
18m
23
12m
19 m
10m
10m
19m
10m
19m
96 M 102
99M
99%
4
95
101m
3
98
102 m
M N
62 M
....
♦7s secured
A
103
98M
1950 M
30
1942 M N
♦External sinking fund
0a.—1900 A
♦Extl sinking fund
0s...Feb 1901 F
♦Ry ref extl s f 08
Jan 1901 J
26M
18M
18M
M
18M
A
M N
*18 M
D
17M
d
17
N
16M
16M
A
M
♦Chinese (Hukuang Ry) 5e
1951 J
♦Cologne (City) Germany 5 Ms. 1950 M
Colombia (Republic of)—
Oct 1901
♦0s extl b f gold
Jan 1901
♦Colombia Mtge Bank 0Ms.-.1947
♦Sinking fund 7s of 1920
1940 M N
♦Sinking fund 7s o< 1927
1947 F
A
s
f 5«
85
78m
70m
70 m
62 M
64 M
23
54 m
72 m
63
♦Assenting
♦Assenting
♦Assenting
♦
{Treas 0s
33M
31 m
32 m
♦Assenting 6s large
♦Assenting 5e small
34 m
34M
35m
110
12
105m
110
112M
10
109 m
113m
102 M
103
27
98
103 M
101 M
19
98 m
1
97 m
103M
101M
98 M
98 M
119
92 m
98 m
20
16
17M
17M
15M
15M
24
24 M
24
M
24 M
27 M
24 M
♦Sec extl Bf 8Mb
♦Sec extl b f 0 Ms
f
♦0s series A
32
32
20-year external 0s
2
26M
21M
13
14m
19m
External sink fund 4Mb
External • f 4mb
29
25M!—-
19 M
27
80
70
85
20 M
12M
*12M
43
a
19
*40 M
10M
104
22M
17M
106M
13
11H
19
13
11 %
12M
19M
12M
11M
18M
»*
13M
43
37
59%
43
32%
41%
°,
113
J
112M 117M
*61
75
76%
89
72
75
76M
S!
76 M
12
70 M
80 M
59%
61
32
56
82
116
68M
M N
51 M
50 M
74M
51M
05 M
81
51
49 M
64 M
a
6
11
35
45 M
a
40 M
21 H
41 M
f
41M
21M
21 M
1
20 %
23
24 H
24 M
1
24M
24M
9%
1%
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1 %
9%
7
6
9%
1%
1
1M
1M
2M
1%
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1M
1H
4M
1M
1M
3
f
A
69 M
d
68 M
14m
19m
15
15
19m
19M
Municipal Bank extl 8 f 5a
♦Nuremburg (City) extl 6a
22
15
Oriental Devel guar 0s
Extl deb 6 Ms
Oslo (City) s f 4mb
2
15
19m
19M
6
14m
19M
18M
18m
6
12m
18
17
6
13
4
f ext loan
b
f 5s
J
o
63M
Si
10M
S
10M
D
53 M
"i%
1%
1%
62%
1%
ser
A
10%
10%
50%
*50%
67 M
101 %
105M
106M
106
8
1265 a
Ol
3
11
97 M
11
'
104 M
98 % 103M
103M 107
104 %
104
104 %
10
103 %
103
14
103
103%
102%
103%
51
98M
103 %
103M
20%
1
102 M
11
20
103%
21M
46 %
81
45 %
44 M
32
43%
57 M
101 %
34
90 M
103 M
2
86
104 M
40
49
""5
32
45
20
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45 M
43 %
o
101
D
97
1963 m N
*47
1953 j
3
10M
8
a
1958 M n
0M
7
107 %
D
-.1965 a
3
37
101
8
3M
87
60
a
1963 m
1M
57
61
a
A
32
1M
38M
Ol
1952 F
1
10%
10%
53%
101
1970 j
3M
2M
20}
1
1
63%
101
1903 f
Panama (Rep) extl 5 Mb
♦Extl
1M
97
55
104
107M
99 M 106 M
99M 104 M
62 H
18M
16
♦
b
1M
1956 m
-
4
4
*1M
1M
A
——1944 F
19
4s
9%
"1%
New 80 Wales (State) ext! 6s_.1957 f
External s f 6s
—.Apr 1958 a
Norway 20-year extl 6b
1943 F
19
12 m
30 M
22M
20
1959 M n
28
6
20M
80
a
.—1952
29
12m
29M
1
10
33
27 M
M N
F
1958 M
1959 M
♦Montevideo (City) 7s
34M
46
3
29
32 M
29
J
7
1m
16M
24 m
*24 M
34M
1
13
assent(large) '33
62 M
38
*13
20 M
24M
23
30 M
4s of 1910 large
20
17M
17M
17M
"60
5
32
4s of 1910 small
ot '13
19
19
M
26M
1954
19
19
28 M
21M
25M
12M
1964
19
19
*31
....
4s of 1904
19
26 M
19
23M
23
29
(vi N
Milan (City. Italy) extl 0Ms—1952 a
Mlnas Geraes (State)—
104
103
35
9
*1M
♦4s of 1904
36 m
30
140
19M
al04M al04M
♦Medellln (Colombia) 6 Mb
1954 J d
♦Mexican Irrlg assenting 4 Mb.1943 M n
♦Mexico (US) extl 6s of 1899 £.1945 Q J
♦Assenting 5s of 1899
...-1945 Q J
53
29M
24 %
22
23
51
29M
29M
26M
18M
18M
18M
18M
18M
18M
18M
16M
16M
16M
16M
15M
113
10OM
27%
1900 M n
Japanese Govt 30-yr s f 0Ms---I954
Extl sinking fund 5 Ms
1905
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947
52 m
*34 M
J
22
19M
99 M
*17
Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium 7s ser B '47 M
Italian Public Utility extl 7s—1952 j
6
29K
104 M
32
1946
1946
s f g
f g
Irish Free State extl
11
*25
2
100M
104 M 108M
23 m
101M
103M
I960) A
s
♦Hungarian Land M Inst 7MB.1961
♦Sinking fund 7 Ms ser B
1961
♦Hungary (Kingdom of) 7Ms.. 1944
Extended at 4mb to.
1979
63
111 M
112
10
29
A
O
61 M
109M
112
112
*24
♦{Small
O
101
2
20 M
27%
O
61 M
*34
108M
"3l""
D
.1940 A
79 m
70 m
33M
Oct 15 1960 A
J
64
44
O
Haiti (Republic) s f 0s ser A... .1952 A
61
*41
1954 J
M
12
78 M
65
—
99
93 M
23M
21M
♦Heidelberg (German) extl 7 Ma '50
Helslngfors (City) ext 6 Mb
1900
Hungarian Cons Municipal Loan—
61 M
O
J
J
14
70
7
3
95
105%
25 M
♦Lower Austria (Province) 7 Ms I960 J
106
107 M
100M
*21 M
30 M
1968
60 M
F
A
13M
30
*95%
105M
20 M
106M
24 M
22
1949
1904
23
108
103M
60
1967 J
For footnotes see paga 709
28
*65
M
1944 J
•Extl sinking fund
6s..Sept 1901
♦External sinking fund 0s
1962
♦External sinking fund 6s
1903
♦Chile Mtge Bank 0 Ms
1957
♦Sink fuDd 0Ms of
1926
1961
♦Guar slDk fund 0s
-.1901
♦Guar sink fund 0s
-.1962
♦Chilean Cons Munlc 7f
1900
5
3
70
—1901 J
I 7s
32
20 M
*80
D
1905
106m
100 m
90 m 102
31
14
112"
Holder) '06
♦German Rep extl 7s stamped. 1949 A
88 m
88 m
20 M
20
Aug 15 1945 F
6s..July 15 1900
78 m
78 m
110M
1900 A
(Ger) 7b
49
100 M
1952 M N
♦Carlsbad (City) sf 8s
♦ Cent
Agrlo Bank
56
82
68
1968 M N
-
80 M
80
60
1967 J
-
1965 J
Ms unstamped
90 m
102
22
21M
23 %
*100 M
.1964 M n
88
102
D
8m
105M
105M
1950
Canada (Dom of)
30-jr 4b
58
j
1949
1949
5m
100 M
*99M
D
105M
20M
107M
1941
90 m 100m
43
26
19
100M
J
stamped. 1941
.1958 j
104M
104M
15M
14M
14M
13M
M
23
8
105M
105M
103M
60
8m
101
1957
f 7s
♦5
♦7Ms secured
1958
•Stabilisation loar 7 mb
94M 102
*99
101M 106M
56
5
90 M
82
106
.1952
4M-4MB
1977
Refunding s f 4Mb-4ms
1976
External re-adj 4Ms-4Ms—1976
External s f 4Ms-4Ms
1976
8% external s f $ bonds
1984
Bulgaria (Kingdom of)—
♦08 of 1928
98
31
75
4m
20 M
.1966
s f
>•
15
24
100
*58 %
59
♦5 Ms stamp(Canad*n
9M
9
8M
11
89M
♦Budapest (City of) 6s
...1962 J
♦Buenos Aires (Prov) extl
6s...1961 M
♦6s stamped
..1961 M
♦0 Mb stamped
1901 F
6s Oct coupon on
♦Chile (Rep)—Exil
99M
105M
101 M
104M
101
100
♦5 Ms of 1930 stamped
9
20
19
.1949
Sinking fund gold 5s..
20-year s f 6s
f
104
105
German Govt International—
9M
2
9
9M
7M
89M
♦Brasll (U 8 of) external 8s
.1941
♦External s f 6 Ms of 1926-. .1957
♦External s f 8mb of 1927-. .1957
f 0s
99%
50
50
55
9M
6
8
1946
(Central Ry)
Brisbane (City) s f 6s
*25
8M
(Germany) s t 0Ms.— .1950
♦External sinking fund 6s.. 1958
s
78 M
75
83
1908 f
1955
♦7s
9M
9M
7M
♦Berlin
«
96
95M
7M
External 30-year s f 7s
1956
T Bergen (Norway) extl s f 6a_ .1960
Farm LoaD
95
*94M
8%
8M
8M
8M
1972 F
1972 A
♦Bavaria (Free State) 6 Mi
Belgium 25-yr extl 6M8-External sf6s
Farm Loan
62%
55
External 7s stamped
7s unstamped
25
a95M
External 5s of 1927
..1957 M S
External g 4M* of 1928
1958 M N
♦Austrian (Govt's) s f 7s..... 1957
J
♦
62 M
01
♦El Salvador 8s ctfa of dep
Estonia (Republic of) 7s
25
17 m
1971 M N
Australia 30-year 6s
♦
16 m
23
8
Antwerp (City) external 6s
1958
Argentine (National Government)—
25-year 3Ms
7-year 2mb
30-year 3s
15
25
8M
7s 3d serlee-1957
8 f external 4mb
8 f extl conv loan 4s Feb
8 f extl conv loan 4s
Apr
25
24
s
10-year 2 Mb
102
100
65
French Republic 7Ms
7 Ms unstamped
s
a
123
100
*58 M
*58 M
♦Frankfort (City of) s f 6 Ms.-.1953 M N
♦External
♦Secured
4
60 M
80
*70
5 Ms 2d series
O
♦Dresden (City) external 7s.-.1945 M N
104.15
J
♦External
External
110M
96 M
229
S
5 mb of 1920
6 Ma 1st series
103.13
104.2
A
Norway) 4s. 1968
♦Antloqula (Dept) coll 7s A
1945
sec a
103
99
60 M
106.23
Akershus (King of
sec b f
24
16M
101M 104
O
103.22 106.18
1 1944-1952 M N
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 8s
—1947
♦Gtd sink fund 6s......
1948
♦External
*99 M
19M
104
O
2d series sink fund 5 Ms
Customs Admins 6 M> 2d ser. 1901 M S
103.28 107.7
103.4
106.17
Govt. & Municipals—
♦External
90
1940 A
1940 A
ser
Finland (Republic) ext 6s
Foreign
02 M
80
Domlnlcan Rep Cust Ad 5Ms—1942 M
99 .18102.5
8
1942-1947 M
1
2M8 series B..Aug.
2Mb series O
43
4
*
104M
101M
External g 4Ms
Apr 15 1902 A O
Deutsche Bk Am part ctf 0s...1932
{♦Stamped extd to Sept 1 1935.. M S
19102.9
1st
J
"13
61M
al03M a!03M
71 Mi
71 M
73M
O
103.21
100.31 106.31
106.1
106.8
!
60M
O
102.26
15 1942-1947 J
May
D
A
1942
B
102.1
Home Owners' Loan Corp—
3s series A
J
1951 A
Czechoslovak (Rep of) 8a
102.9
102.5
60
83
19M
A
D
80
59 M
*101 M
103.2
D
2 Ms
1949-1953 J
Federal Farm Mortgage Corp—
3MB
Mar. 15 1944-1964 M 8
3s
May 15 1944-1949 M N
92M 101M
92 M 10OM
80
101 .27104.29
...1948 M S 104.21 104.13
-
18
60 M
83
60
A
4mb external debt
Sinking fund 5mb
108.5
*60
*102 M
1945 J
2mb
97 M
•»
1949 F
S
2 Ms
..«
1961 M N
1944 M S
7s
D
M
99M
99%
4,4ft*
107 .18110.25
10.9
110 .8
1958-1963 J
2MB-----...—1956-1959
2M»
D
1952
26-year gold 4 Ms
1953 M N
{♦Cordoba (City) 7s
1957 F a
{♦7s stamped
1957 F a
j
Cordoba (Prov) Argentina 7s.. 1942 J
106 .29108.2
110.10
j
Copenhagen (City) 5s
111. 22114.23
113.5
...1945-1947 M S 106.17 106.13
-—1948-1951 M S 104.29 104.23
...1951-1954 J D 103.19 103.14
Treasury 2 Ms..
Treasury 2Ms.--
114.14
116 4
106.11
D
1955-1960 M
20
112.30
A
8!
118.20
106.9
D
-
Treasury
Treasury
Treasury 3 Ms
Treasury
Treasury
Treasury
Treasury
Treasury
O
..1947-1952
30
"20 M
"16
19m
21 m
17M
17M
116
10
54
10
17m
17m
26
24
25
M
"~"6
5
17m
16m
24
24m
17
25
42 M
43 M
♦Pernambuoo (State of) 7s.—.1947
♦Peru (Rep of) external 7a
1959
*6%
7%
10%
10%
♦Nat Loan extl a f 6a 1st ser..I960
♦Nat Loan extl b f 6a 2d ser—1961
♦Poland (Rep of) gold 6b
—1940
♦Stabilisation loan a f 7b
1947
9%
9%
9%
38%
9%
21
38%
2
♦Stamped..
———1903 M N
♦External link fund g 8a —1950
*55%
37
60
13
5M
7M
11M
65
7M
11M
11M
22
37
07 M
55
Mj
41 %
7M
9%
82 %
36
62
New York Bond Record—Continued—Page 2
Volume 147
BONDS
Y
N.
STOCK
Last
EXCHANGE
Bid
Foreign Govt. &Munlc. (Concl.)
No
Low
Prague (Greater City) 7%s
20%
11%
Belvldere Delaware
8
5%
80
2
62
10%
98%
♦Berlin City Elec Co deb 6%a..l951 J
♦Deb sinking fund 6%s
1959 f
20%
6
19
22%
20%
2
19
23
105%
10
102% 108%
106%
106%
1
103% 109%
1950 M S
♦29%
36%
105
A
O
1953 F
A
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
...1946 A
O
"9
6%
31
12
25
9)4
8)4
D
8%
8
8%
6
5%
10%
9%
8%
8%
8%
10
7%
13
66%
8
60
73%
1
20%
38
19
1968 J
8%
8)4
20
9%
8%
..1966 MN
1967 J
8%
D
8%
1952 A O
♦Roumanla (Kingdom of) 7S...1959 F A
66)4
66
6
10%
15
5%
10%
6
6%
10%
8
a29%
a29%
♦February 1937 coupon paid—
♦Saarbruecken (City) 6s
..1953 J
Sao Paulo (City of, Braail)—
J
*21 %
1952 M N
s f
8%
1957 M N
♦6 )4s extl secured a f
l*8s extl loan of 1921..
1936 J
8
J
♦8s
1950 J
J
25
7%
8%
7
5%
8
17
9%
*9%
10
1968 J
.1940 A
1945 J
D
8%
30%
25%
D
*25%
♦6s extl Dollar loan
Secured
17a
a
♦Saxon State Mtge Inst 7s
1946 J
Serbs Croats A Slovenes (Kingdom
♦Sinking fund g 6 )4s
9%
J
O
1962 M N
1962 M N
♦8s secured extl
♦7s series B sec extl
♦Silesia (Prov of) extl 7a
1958 J D
♦Slleelan Landowners Asan 6a..l947 F A
1955 F A
Sydney (City) s f 5)4s
~~7
7%
6%
26
24%
9%
8%
11%
27
27%
17
20%
26%
26%
26%
12
21
29%
28%
♦Berlin Elec El A Undergr 6 %s 1956 A
Beth Steel cons M 4%s ser D..1960 J
o
22%
29
6
29)4
101%
28
1
101%
45
Big Sandy 1st 4s
1944 j
D
1967 M
39
43
60
3
40
50
44%
60%
41
64%
38%
64
40%
63%
37%
53
41%
44%
50
1
47%
47%
2
47%
47%
45
45%
70
1
33
38
50
38
5
46%
43
21
42%
67%
14
21%
*40
41%
48
207
98%
96%
82
*105%/
104% 107%
19%
45%
33
"37"
76
36
33%
37%
48
20%
45
18%
5%
41
-
------
106%
68%
54
8
30
29
101
65%
106%
39%
95
85
87
a
m N
a
-
73%
20
30
-
17
"59" *86*"
22
85%
100
108%
95% 106%
76
19
59%
76
87
25
78%
95%
85%
27
1952 a
O
1955 j
J
*68%
47%
------
49
111%
100
107
30%
40
10%
8%
19
7%
6
0%
8%
7%
of
110
----
-----
27
O
105% 108%
8
110%
*108
......
1
108%
110
110%
A
66
108%
------
D
99%
74
------
(|*Burl C R A Nor 1st A coll 5s 1934
-
35%
—
-
12
54
106%
99
D
f
—
106
106
j
476
69%
*31
85
1957 m N
Conaol 6s
16
*35
Brown Shoesf deb 3%s_
1950
Buffalo Gen Elec 4 %s ser B
1981
Buff Nlag Elec 3%a series C..1967
Buff Roch A Pitts conaol 4%s_.1957
deposit
(Bush Terminal 1st 4a
42
12
105%
------
1950 f A
1945 m N
F
34%
48
-
j
1941 J
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 6s
32
10%
33
mm -
-
8
73
44
10
9
69
18
49%
86%
20%
49%
1960 a
O
17
35%
01
1966 a
gu
O
93
92%
93
16
79
93%
A
o
89%
89
90
38
74% 109
55%
------
cons gu
5a A.....1962
1957 j
July 1969 J
Canadian Nat gold 4%s
Guaranteed gold 5s
j
-----
A
o
119%
1970
f
A
Guar gold 4%s
June 15 1955 j D
Guaranteed gold 4%s
...1956 f A
Guaranteed gold 4%s..Sept 1951 M S
j
Canadian Northern deb 6 %b___ 1946 J
Canadian Pac Ry 4%
Coll trust 4%s
18
40%
"48
49%
48
*114%
116%
J
Oct 1969
Guaranteed gold 6a
Guaranteed gold 5s
56%
deb atk
119%
119%
119%
65
120%
110
70
112% 110%
114%
114%
115%
14
125%
125%
80%
125%
12
111
115%
120% 126%
81%
30
96%
111%
97%
111%
31
90
103 %
1
111
114%
100
18
j
j
3
119%
117%
115%
d
J
J
D
69%
115%
114% 117%
117
121
12
115%
96%
62
111
-
ii
*117%
S
100
—' ■
"
119%
115%
80%
1944 J
J
5s equip trust ctfs
115
116%
------
j
perpet J
1946 M
J
70
48%
99% 105%
92%
35
Bklyn Manhat Transit 4%s_—1966 m N
Bklyn Qu Co A Sub con gtd 5s. 1941 m N
Canada Sou
61
76
S
1st g 4%s series JJ
(♦Boston A N Y Air Line 1st 4s 1965 F a
j
Brooklyn City RR 1st 6s
1941 J
Bklyn Edison cons mtge 3%a.. 1966 m N
♦Certificates
105%
99% 104%
41)4
47%
*
104%
1955 m N
1961 a O
1st M 5a series II
(Bush Term Bldga 5s
6
45
45%
95
Calif-Oregon Power 4s
101%
43
45
95%
60%
33
25
50
1979 M N
1978 F A
3)4a extl readjustment
1984 J
J
Venetian Prov Mtge Bank 78—1952 A O
♦Vienna (City of) 6s
1952 M N
♦Warsaw (City) external 78
1958 F A
Yokohama (City) extl 6s
1961 J D
o
----
98%
95%
98
34%
7
47
-4-4 )4 % extl readj
4-4%-4%% extl readj
98
35
29%
41)4
3%
105
o
20%
20%
27
39
29
j
1966 A
1952 A
Cons mtge 3%a series E
3%a s f conv debe
39
28%
28%
*27
------
17
26
29%
27%
O
1950 j
23
1
25%
High
26%
A
♦Debenture 6a
Debenture gold 5a...
lat lien A ref 5s eerles B
11%
Low
8
28
1955 a
,
10%
47%
26
Since
Jan. 1
No.
High
27%
1947 m N
13%
13
Asked
*100
J
d
1st lien A ref 6s series A
24
32
27
1964 M N
6a
7%
39
J
Tokyo City 6s loan of 1912
1952 M S
Externals! 6)4a guar
..1961 A O
♦Uruguay (Republic) extl 8a...1946 F A
♦External a f 6s
1960 M N
b f
11
28%
27 %
1971 J
Taiwan Elec Pow a f 5 )4s
♦External
13%
*14%
...1966 M S
♦7s extl Water loan..
3%s..l943 j
1st 5s stamped
San Paulo (State of)—
external
cons
Boston A Maine 1st 5s A C
105
A
♦7s municipal loan
Rome (City) extl 6)48
&
Low
7%
4
O
♦78 extl loan of 1926
§1
Bid
High
7
1947 F
♦6s extlsfg
5
Friday's
Sale
Price
a.
Ranoe
Range or
Last
8%
8)4
f 7S..1941 A
1946
—
£ fe
•s
20%
1952 M N
8)4
♦Prussia (Free State) extl 0%s.l951 M S
♦External a f 6a
1952 A O
♦Rio de Janeiro (City oil 8s
♦Extl aec 6J4s
<0
EXCHANGE
20%
J
♦Rblne-Maln-Danube 7b A
STOCK
Week Ended July 29
80
D
1966 J
8
Y
8
1961 J
♦8s extl secured
N.
Since
Jan. 1
Ask
High
Lou
♦Porto Alegre (City of)8s
♦Extl loan 7 Ha
Queensland (State) extl
25-year external 6a
<k
—
BONDS
Range
Friday's
Price
Week's
Friday
5
Ranoe or
Sale
Week Ended July 29
705
Week's
Friday
j
99%
99%
93
83%
93
103%
73
1
104
80%
99
35
47%
94% 108
"_5
103%
89
92
6
93%
*39
114% 118%
....
1
1
RAILROAD
Carriers A Gen Corp deb 6s w w
COMPANIES
((♦Abltlbl Pow A Paper 1st 58.1953
1948
Adams Express coll tr g 4s
Coll trust 4a of 1907
J
M
68
D
99
S
98
97%
1947
10-year deb 4%s stamped...1946
.1952
*
Adriatic Elec Co extl 7a
100%
♦
5s
conv
78
104
100
105
10
42%
60
35
deb 5a
...1953 J
American Ice 8 f deb 5s
60
d
86
87%
43
59
88
j
D
19%
20%
5
f
A
a
O
j
D
------
1946 j
J
♦Mid Ga A At Dlv pur m 56.1947 j
j
♦Mobile Dlv lat
J
1946
1941
5s
35
57
70
90
Central Foundry mtge 6s
45
78
67%
22
44
67%
41%
16%
38
1941
Cent Hud G A E 1st A ref 3 %a. 1965
Cent 111 Elec A Gas 1st 5a
1951
Cent Illinois Light 3%s
1966
(♦Cent New Eng lat gu 4s.....1961
Central of N J gen g 6s....
1987
91%
92
S
112
92
110%
fei
29%
S
59%
S
Amer I G Chem conv 5)48
J
59%
99
J
79
92%
79
92%
117
96
27
100
General 4s
55
61%
2
38%
95
63
100%
94
99%
99% 105%
13
;
80
100%
A
J
Anaconda Cop Mln s f deb 4)481950 A
♦Anglo-Chilean Nitrate—
103
"166"
1995 Q
Ark A Mem Bridge A Term 5S.1964 M
J
-
-
1st M s f 4s ser C (Del)
103%
44
111
100
87
37%
126
25%
37%
33
28
23
41
97%
97%
98
100
63
88
97%
97%
25
86%
97%
"96%
97
O
84
31%
-
97
J
99% 103%
97% 115
105%
*
A
1
10
100
33%
-
8
B.1955 F
1957 J
..1995 A
Armour A Co (Del) 4s series
99% 103%
105
37
1967 Jan
5 f Income deb
( Ann Arbor 1st g 4s
112% 113%
58
98%
105%
O
75
103%
102%
J
Amer Wat Wks A Elec 6a ssr A. 1975 MN
113%
103
111
D
deb. 1950 J
conv
112%
112%
103%
O
106
97
102% 105%
General
4s
1995 Nov
-
104%
--
90%
90
91
90%
D
Rocky Mtn Div 1st 4s
1960 J
1948 J
1965 J
J
'mis'mm
95%
Trans-Con Short L lat 4s
1958 J
J
104%
104%
Conv gold 4a of 1910
Conv deb 4)4s
mmmmm
»
1962 M S
1946 J D
Cal-Arls 1st A ref 4)48 A
Atl Knox A Nor lat g 5a
—
— — — -
101%
D
-----
*86
100%
105%
*106%
*73%
J
1944 J
J
1st 30-year 5s series B
1944 J
At! Coast Line 1st cons 4s July 1952 M 8
Atl A Charl A L lit 4 Ha A
14
92%
90
D
D
Conv 4s of 1905
7
90%
90%
1955 J
——1955 J
Conv gold 4s of 1909
141
106
90
91%
1995 M N
♦Stamped 4s
-
89
-
82
102
81
104%
-
—
-
190
1
95%
106
8
106%
8
mmrn
mm mm -
75% 103%
1
30
101%
'"■'mm
98% 110%
75% 103
-
-
-
-
-
—
-
79% 101
87%
106%
95% 103%
112%
98% -112
100
105
84%
88
84%
88
25
67
87
86
87
42
69
108
97
104%
94
Qen^al unified 4)4a A
.1964
10-y\5r coll tr 5s
May 1 1945
68
71
56
53
77%
M N
82
78
82
46
63
88
LAN coll gold 4s
MN
64
62%
66
104
45
Atl A Dan lat g 4s
Second mortgage 4s
Atl Gulf A W I 88 coll tr 5s
J
Oct 1952
1948 J
1948
D
»
—— —
—
29%
25%
J
55
1959
55
1942
5a extended to May 1
Central Steel lat g a f
7
98%
97% 102
15%
1st gold 5s
O
46
46
50
101
37
6a
1982
(Chic Milwaukee A St
78%
39%
82%
Paul—
A——.May 1 1989
series B—May 11989
4%a series C—May 1 1989
E—May 1 1989
♦Gen 4%a aeries F—May 1 1989
(♦Chic Milw St P A Pac 68 A.. 1975
♦Conv adj 6s....-.--Jan 1 2000
♦Gen 4%a aeries
3%s._1987
27
20%
30
239
15%
45
36%
39
116
27%
70
33%
36%
33%
66
19
69%
Tol A Cln Dlv 1st ref 4b A—.1959 J
30%
28%
30%
41
17%
46
193
13%
38%
11%
34
—1987
♦Stpd 4s non-p Fed Inc tax 1987
♦Gen 4%s atpd Fed lnc tax..1987
♦Gen 6s atpd Fed lno tax——1987
♦4 %s stamped
1987
14
39
|*Secured 0 %a—
36%
2000
1960
M
8
26
24%
26%
F
A
22%
21%
24% 1043
F—,..1996
M
8
26%
24
27%
-----
99
108
♦1st A
48
♦Conv
)4s_—1951
Bell Telep of Pa 6e series B
1948
95
For footnotes see page 709
117%
128%
nrl
89
109%
102
105% 109%
38
17
25
32
102
20
29
13
18
30%
13
101
106%
105%
105%
72%
"58%
75%
74
58
62%
180
46
34%
----
134
60
97%
64%
72
35%
74%
IN
"57"
"eo" ""3
117
117
117
1
77
77
80
93
99
99
3
m N
S
"98%
wl N
103%
m
117%
8
94%
M n
F
a
J
j
J
98%
103%
116%
94%
94%
20
99%
103%
117%
95%
16.
"54" "04"
112%
49
30
21
80
95% 100
98%
99%
103% 100
16 ), 110%
95
117
85%
85%
121
97
97
j
j
109%
------
108
J
....
6
108%
-----
-----
j
J
m
A
o
J
J
90%
95%
J
j
------
100%
m
8
"90%
f
A
89
100
100
101% 116
104% 104%
8
f
------
11%
44
51
85
107%
90% 111%
81% 109
58
20%
-
-
"14%
m N
95%
97
89%
36
68
106
91%
93
122
75
109%
*75
100
----
90
90%
14
16
154
8%
17%
14%
14%
2
7%
16%
76%
-
14%
M
32
90%
101%
89
92%
o
IVV N
....
23
21
22
A
A
76%
1
56% 108
16%
22%
19%
22%
251
j
14
9
15
12%
14%
12%
11
j
2
8%
j
12
12
2
9
13
14%
6
6
2
3
m N
J
j
j
j
D
"20%
"
6%
J
"iii%
1
6%
6%
1
70
70
111%
25%
5
111%
29%
3%
00
111%
7%
7%
86%
112
«
— —
118
18
99% 100
115% 119%
129%
19
125% 129%
—
•
—
J
J
.....
25%
J
"20"
25%
29
J
J
25%
25%
29
19%
36%
1
35
20%
20%
30
21
25%
J
23
11
J
J
J
f
A
"10%
A
O
3%
M'
n
-
-
-
-
M n
"if"
M n
17%
19%
35%
34%
7%
13%
11%
391
3%
4%
17%
365
2%
2
18
17%
27
13%
13%
13%
14%
15%
10%
3
10
M n
30
9%
16%
17%
M n
,
28
*25
J
16%
17
17
10
16%
19%
64
4%
18%
18%
17%
22
31
15
18%
22%
D
11
18%
10%
20%
J
12%
24
7
12%
D
11
10%
11%
38
7
11%
J
D
11%
10%
11%
54
11%
M n
6%
6%
7%
206
0%
3%
*15
M n
m N
♦let A ref 4He
40
*70
129%
•let ref g 5e
106
mm
55
95
1930
May 1 2037
stpd.May 1 2037
ref 4 %s ser C.May 1 2037
4%s series A——.1949
112%
106%
*40
1960
103
1
1951
1st A ref 5a series C
----
6
3s.. 1989
Beech Creek ext 1st g 3
170
(♦Chic A No Weet gen g
♦General 4a
103
105
gu
3
27%
*65
75
.
J
C—-1947
♦1st A gen 5s series A
1900
♦1st A gen 0s series B—May I960
Chic Ind A Sou 50-yr 4s
1950
Chic L 8 A East lat 4%S—
1909
♦Refunding 4s aeries
1995 J D
1941 M N
J
Southwest Dlv 1st 3)48-58...1950 J
lat
--
105%
o
S
P L E A W Va Sys ref 4s
4s stamped
31
-
-
18
29%
------
j
M
Ref A gen 6s series C
Battle Creek A Stur
J
j
S
♦Gen g 3 %i
34%
103
j
J
M
♦Gen 4s series
98
*107%
109%
(♦Chicago Great West 1st 4s...1959
j
(♦Chic Ind A Louiav ref 6a
1947
♦Refunding g 6s aeries B
1947 J
85
208
103"
102
108%
36%
8
3s
Chicago A Erie lat gold
30
47%
J
101
109%
------
♦Certificates of deposit
60
28%
Bangor A Aroostook 1st 5s
1943 J
Con ref 4s
.....1951
101%
O
M n
Cblc Burl A Q—111 Dlv
15
26
Rel A gen M 6# series
A
m
1949
3%B—1949
Illinois Division 4s
1949
General 4s
........1958
lat A ref 4 %a series B
1977
1st A ref 5a series A
1971
(|*Chlcago A East 111 1st 08...1934
(♦C A E 111 Ry (.new Co) gen 5a_ 1951
Chic A Alton RR ref g
60%
1
....
42
4)48
rll3% rll3%
8
f
a
1948
1950
1950
.1939
General gold 4%s
1992
Ref A Imp mtge 3%s ser D..1996
Ref A impt M 3%s ser E
1990
Craig Valley 1st 5a
May 1940
Potts Creek Branch 1st 4s—1940
RAA Dlv 1st con g 4s.
1989
2d consol gold 4s—......1989
Warm Spring V lat g 5s
1941
81%
8
58
26
Conv
107
mm
31
42
Ref A gen 6s series D_*
2
mm
m
1941
8s
Champion Paper A Fibre—
a f deb 4%a (1935 Issue)
s f deb 4%s (1938 Issue)
Ches A Ohio 1st con g 5s
31%
D
J
79
*8%
XT
14
O
July 1948 A
1995 J
July 1948 A
118
54
Ml
14%
Refund A gen 5s series A
Bait A Ohio 1st g 4s
10
95
2
a
70
19
98%
9
26
78
a
21
78
98%
"0" "id"
118
—
O
27%
19
Loco Works 5s-stmpd.l940 M N
16
7
-
----
78
F
♦Gen
Baldwin
---
11
7
7%
7
110
F
31%
*67
(♦Auburn Auto conv deb 4)48.1939
Austin A N W 1st gu C 5s
..1941
76%
15
12%
3%
S
J
A
Atchison Top A Santa Fe—
♦Adjustment gold 4a
---
-
50
■■}•'
S
4a—1954
Guaranteed g 5s
1960
|»Cent RR A Bkg of Ga coll 6s 1937
Through Short L 1st gu
Certain-teed Prod 5%s A
—..1961
1966
-----
-
20
j
M
gold 4s„1949
Cent Pacific lat ref gu
30%
Amer Telep A Teleg—
20-year sinking fund 5)48.-1943 M N
—
14
4
.
M
.....1987 J
1962 A
Central N Y Power 3%s
*8
19%
8
14i
6%
.....
-
-
112
2
112
103%
99
109
6
100
;
101
9
92%
92%
103%
103%
15
105
100
D
""88
g
Gen mortgage 6a
6%
*
-
11
12%
5%
6%
5%
92
35
10%
-----
♦Mac A Nor Dlv 1st g 5a
63
*25
------
O
7
32
M n
86
a
37
*37
A
Am Internat Corp conv
3)4s debentures
3 %s debentures
♦Am Type Founders
35
J
74
104%
M N
1949
5)48...1949
3,
25
1955 M
2030 M
Alplne-Montan Steel 7s...
54
80%
53
63%
63%
..1951 F
1952 M
Allls-Chalmera Mfg conv 4s
95% 103%
2
50
75
"29% "28%
....1950
debentures
Am A Foreign Pow
67
1950
stamped
103%
91%
A
72
..—1949
5a
98
91%
f
1950
1981
Celotex Corp deb 4%s w w
1947
♦Cent Branch U P 1st g 4a
1948
(♦Central of Ga lat g 6a.-Nov 1945
♦Conaol gold 6s
—.1945
♦Ref A gen 5 %s aeries B
1959
♦Ref A gen 58 series C
1959
♦Chatt Div pur money g 4a._1951
70
Allegh A Weet lit gu 4s.......1998
Allegh Val gen guar g 4s
..1942
Allied Stores Corp deb 4)48..—1950 A O
4 )4s
94
100%
1946
Alleghany Corp coll trust 5s...1944
Coll A conv 5s
100
86
103%
100%
*42%
Alb A Subq 1st guar 3 )4s
♦Coll A
98
*40%
1943
1st cons 4a aeries B
Albany Perfor Wrap Pap 6s... 1948
6a with warr assented
.1948
87%
100
70
70
*102%
1943
Ala Gt Sou 1st cons A 5s
97%
102%
37%
69%
M n
Cart A Adlr 1st gu gold 4s
INDUSTRIAL
AND
-
-
-
--
----
7%
New York Bond Record—Continued—Page 3
706
July 30, 1938
I g"§
BONDS
N.
Week Ended July 29
Bennett ''Bros. & Johnson
|
EXCHANGE
STOCK
Y.
~
F
G West gen 5s. Aug 1955
A
B.__Apr 1978
{♦Des M A Ft Dodge 4s ctfs.—1935
IVI
1133*
35*
*203*
1133*
A
O
105^32
1052132
1965 A
Randolph 7711
Teletype •>- Cgo. 543
BONDS
Last
EXCHANGE
1063*
54
30
*353*
42
*253*
923*
35
&
Low
{♦Chicago Railways 1st 6s stpd
Feb 1 1938 25% part paid
{♦Chic 111 A P Ily gen 4s
1988
♦Certificates
No.
High
East T Va A Ga Dlv 1st 5s
Ed El 111 Bklyn 1st cons 4s
Low
-
High
1952
El Paso A S W 1st 58
12
143*
223*
193*
53*
103*
6
11
36
53*
3
53*
83*
3
63*
67
5
43*
80
65
55
86
9
11
70
.1944
Guaranteed 4s
.1963
1st mtge 4s series D
.1963
1st mtge 3?*s series E
.1951
33*s guaranteed
Chic & West Indiana corf 4s_. .1952
4s.
1st mtge guar 33*8 series D. .1971
Clearfield A Mah 1st gu 5s— 1943
86
*102
General 6s series B
♦1033*
1073* 1073*
1043*
1053*
104
1013*
102
6
903*
92
48
1023* 1073*
1073*
1
1053*
60
103
101
1033*
29
333*
51
213*
123*
363*
1953
O
4s series D
A
O
*14
145*
145*
143*
145*
20
24
266
93*
43
175*
473*
262
93*
423*
2
45
*40
50
36
89
84
75
D
Federal Light A Traction 1st 5s 1942 IVI
♦5s Income mtge
1942 IVI
1942 IVI
1942 IVI
S
1st Hen 68 stamped
30-year deb 6s series B
1954 J
D
1946 J
"36
2
109
1093*
"38
1053*
1063*
19
1023* 1073*
D
1083*
59
41
95
903*
923*
733*
1023*
1053* 1063*
1043* 108
100
86
873*
80
73
123
77
1043*
1063*
44
71
1023*
45
653*
82
76 3*
923*
*104
1013*
593*
"~2
953* 1013*
6
40
65
39
49
30
49
♦1st A ref 5s series A
1974 IVI
Gen Motors Accept Corp deb 3s.'46 F
A
{{♦Ga Caro & Nor 1st
1063* 1093*
1083*
105
1083*
1003*
1083*
1013*
26
268
1023*
1033*
128
105
1043*
105
11
953* 1013*
993* 1033*
105
100
J
♦Good Hope Steel A Ir sec 78—1945
Goodrich (B F) conv deb 6s
1945
1st mtge 43*s
Goodyear Tire A Rub 1st
D
D
1956
5s__ 1957 IVI N
Gotham Silk Hosiery deb 5s w w '46 IVI s
Gouv & Oswegatchle 1st 5s
1942 J D
Grand R«fe I ext 1st gu g 43*s—1941 J
J
58—1947 J
gu
1944
F
1950 J
General 53*s series B
General 5s series C
Gen mtge 33*8 series 1
3Mb debentures..
837
*108
1958
100
1103*
1003* 101
1073* 1083*
1073*
2
1073*
1073* 1083*
1043* 1083*
deb 33*s
♦Debenture 4s
♦Debenture 4s
1955
♦Debenture 4s
*103*
*103*
1956
f 5s.—-.I960
Consumers Power 33*s.May 1 1965
lBt mtge 3 Mb
May 1 1965
1st mtge 3 Mb
1967
51
1073*
1073*
1053*
1053*
"1053*
—1966
1st mtge 3lis
1033*
1946
.1943
12
103*
113*
~20~~
52
1083*
13
8
9
6
153*
40
56
1053*
9
1013* 1063*
1023* 1053*
105
1053*
40
1003* 1053*
1033*
1033*
20
983* 1033*
983* 1053*
1053*
*104
"~97~"
96
"973*
18
83
98
—.1951
103
1033*
29
Crown Cork A Seal s f 4s
Crown Willamette Paper 6s
1950
103
100
9
1023* 106
Cuba Nor Ry 1st 53*s
1942
1053*
373*
1033*
1053*
383*
8
1951
Cuba RR 1st 5s g
1952
73*s series A extended to 1946
6s series B extended to 1946
40
513*
4
40
4
40
Dayton Pow & Lt 1st <fc ref 334s 1960
Del & Hudson 1st A ref 4s
Del Power A Light 1st
19
39
503*
393*
1083*
1083*
3
993* 104
1063*
31
43
313*
543*
41
583*
35
52
1053* 109
1943
533*
1971
1083*
1083*
5
1969
1043*
104 3*
4
1063* 1083*
103
1043*
1969
43*s
-
1063*
1063*
2
106
f 5s___ 1951
Stamped as to Penua tax
{{♦Den A R G 1st cons g 4s
{♦Consol gold 4Mb
1936
226
1083*
133*
12
*12 3*
1083*
143*
14
"~2
164
253*
783*
34
99
943*
85
53
1023*
1063*
513*
713*
90
95J* 1113*
80
67
82
8
68
993*
903*
893*
103 3*
104
933*
97
156
74
87
86
89
121
693*
95
J
733*
733*
75
21
60
82
54
60
*45
Feb
Feb
83*
t
O
'
*67""
O
713*
70
108
114
60
83*
Hoe (R) A Co 1st mtge
1944 A O
{{♦Housatonic Ry cons g 5s.-.1937 M N
Houston Oil sink gund 53*8 A.1940 IVI N
Hudson Coal 1st s f 5s ser A... 1962 J D
ser
1949 M N
A.1957 F A
♦Adjustment income 5s.Feb. 1957
A
O
IlUnols Bell Telep 33*s ser B..1970 A
Illinois Central 1st gold 4s
1951 J
7
10
55
81
106
793*
73
*30
f 4 3*s
Gulf States Utll 4s series C
10-year deb 43*s
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5s
99
84
993*
1013* 1063*
743*
943*
983*
1035*
J
19
55
82
903*
91
913*
....
"93"
93
93 3*
2
105
1055*
38
1043*
1043*
6
993* 1053*
1003* 1043*
9
108
933*
1055*
75
74
*30
1013*
1015*
27
26
1215*
"583*
109
....
H4~"
753*
933*
27
108
12
109
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102
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76
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13
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58
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115
40
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203*
22
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1951 J
23
215
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1st gold 38 sterling
Collateral trust gold 4s
1951
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1952
108
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1953 M N
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31
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1955 M N
58
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60
2
39
60
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235
23
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84
1955 M N
1966
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1950
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1951
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g
1003* 1103*
773*
s
1952 J
Springfield Dlv 1st
6
91
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Purchased lines 33*8
Collateral trust gold 4s
Refunding 5s
Omaha Dlv 1st gold 3s
St Louis Dlv A Term g 3a
Gold 33*8
1095*
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Aug 1
109
J
J
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84
78
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93
61
63
56
47
72
56
593*
1951
683*
1951
1951
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55
33*8—1951
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95
50
50
Western Lines 1st g 4s
1951
1063* 1085*
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1951
1936
58
35
65
J
40-year 4%a
33
25
1043* 109
1053*
1970
3 3*3
13
13
64
J
♦Harpen Mining 6s
Hocking Val 1st cons
13
21
27
10
J
Hackensack Water 1st 4s
993* 1023*
1955
143*
21
J
973* 103 3*
77
173*
163*
113*
100
21
21
1949 J
36
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10
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97
43*8—1999 J
102 3*
243*
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114
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85
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1952 J
Stamped
Gulf States Steel
2
493*
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1940 M N
107 3*
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34
443*
1946
4s
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1043*
1956
1951
gu
1073*
deb 4s..l954
23*
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1967
1043*
1043*
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of Upper Wuertemberg 7s
13*
25*
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1946
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—1950 A
Gulf A S I 1st ref & ter 5s Feb 1952 J
1961
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f 3J*s A
8
23*
175*
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J
1977
105
105
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96
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3 Mb debentures
—.1948
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1956
33*
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1073*
93
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69
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105
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A
1973
29
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99
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1976
♦Green Bay A West deb ctfs A
♦Debentures ctfs B
105
203*
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973*
973*
1952
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General 43*8 series E
General mtge 4s series G
Geo mtge 4s series H
67
1073*
60
101
1093*
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24
D
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1093* 1123*
1093* 1123*
105
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1968
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16
1965
993*
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1103*
108
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105
J
1103*
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ext 68—1934
Gt Cons El Pow (Japan) 7s
1st & gen a f 63*8
85
963*
1043* 1123*
1013*
A
98
1951
8
483*
86
1943
33*
1948 IVI N
15-year 33*s deb
1951
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1939
Gen Steel Cast 63*8 with warr.1949
{♦Ga A Ala Ry 1st cons 5s Oct 1 '45
643*
83*
24
483*
1940 J
40
49
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85
353*
633*
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1
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1951
933* 1003*
104
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1981
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3
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Gen Amer Investors deb 5s A.. 1952 F
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1947 J
1957
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Conn A Pa8sum Rlv lBt 4s
*33*
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1956 M N
1956
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7
1941 J
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96 3*
1083*
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7
♦Certificates of deposit
Fort St U D Co 1st g 43*3
55
943*
S
1952
{{♦Proof of claim filed by owner. M N
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1982
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963*
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15-year deb 5s
Crane Co s f deb 3 Ms
7s
95
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1063*
1013* 1013*
87
105
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59
30
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1063* 108
1955
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s f
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1948
85
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102
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68
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1943 J
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1942
97
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106
Jan 15 1961
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75
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Apr 15 1952
1035*
975*
S
1st lien
153*
30
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debentures
S
80
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1943
1970
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1965
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1956 J
923*
13
1942
1942
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1948
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.1960
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1977
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1973
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1977
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1945
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A
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14
1073*
38
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s
48J*
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Colo A South 4Mb series A
IVI
71
1083*
106
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.
1938
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100
1940
1940
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{♦3d mtge 43*s
10
1013*
213*
175*
J
f 6s.. 1957
s
40
109
53
15
J
1st
883*
1063*
703*
195*
80
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103
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48
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71
Spr & Col Dlv 1st g 4s
WW Val Dlv 1st g 4s
1085*
15
16
For footnotes see page 709.
102 3*
16
88
18
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793*
13
77
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Cleve Elec Ilium 1st M 33*8—1965
s
943* 107
106
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110
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99
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1st mortgage 4 Mb
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108
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—1953
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65
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61
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108
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26
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100
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22
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109
1953
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47
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1977
1939
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Consol Oil
1015*
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1993
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s
9
33
88
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Cleve Cln Chic & St L gen 4s... 1993
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1053*
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1053*
1965
B—1940
1940
{♦Erie RR 1st cons g 4s prior.. 1996
♦1st consol gen Hen g 4s
1996
783*
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guar
1063*
5s stamped..
67
.1942
.
37
20
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45
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1967
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46
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63
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J
59
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1943
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J
1965
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con gu
J
MM
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Cln Leb & Nor lBt
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18
107
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32
12
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Dec 1 1960
5s
1093*
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37
1951
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1951
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143*
165
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114
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18
Electric Auto Lite conv 4s
1952 F A
Elgin Jollet A East 1st g 6s
1941 IVI N
D
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61
9
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Ch St L A New Orleans 5s
1053*
109
1956 M N
1939
Ed EI 111 (N Y) 1st cons g 53.-1995
41
103*
1934
{♦Secured 4Kb series A
♦Certificates of deposit
1053*
J
J
A
Dlv 1st 4a_.1948
East Ry Minn Nor
Since
£3
Asked
473*
223*
193*
deposit
of
D
J
J
93
2
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109
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2
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Jan. 1
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Price
35*
1135*
8
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Week's
Friday
STOCK
247
109
1951 J
High
43*
4
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v
109
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Low
20
31
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.1995 J D
Detroit Term A Tunnel 43*s__1961 IVI N
135 So. La Salle St.
Week Ended July 29
No
63*
77
O
.1952
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{{♦Dul Sou Shore A Atl g 5s.. 1937
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N.
8
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MUNICIPAL 'BONDS
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Last
Price
Low
{♦Den A R
♦Assented (subj
^ew York, CN^, Y.
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Week
»
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\
52
52
"50"
'75"
Volume
New York Bond Record—Continued—Page 4
147
BONDS
N,
Y.
Last
fes
EXCHANGE
STOCK
Week Ended July
c
29
Range or
Sale
fe
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123
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1950
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1956
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1961
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1977
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1952
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1956
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1955
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1955
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1942 F
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ext 5s. 1939
—-
17
155
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95
10354
97
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100
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— — — -
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1965 A
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78
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62
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29
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1949
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1941
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1955
Gen & ref s f 5s series B—-1955
Gen & ref s f 4348 series C—1955
Gen & ref s f 5s series D
1955
Morris <fc Essex 1st gu 3*4s
2000
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1955
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83*4
.1951 F
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16
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82
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106
.1945 M
8
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126
125
125
Louisiana A Ark 1st 5s ser A— .1969 J
.1966 M
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10554
101
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19
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1
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76
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1977
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85
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D
75
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1960
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1965
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1956
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1998
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1946
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—
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8
23
35
35
38
8
22
38
47
99*4
99*4
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34
34*4
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24
37
37
1
22
37
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38
40
22
40
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Newport A C Bdge gen gu
N Y Cent RR 4s series A
—
-
-
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1
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_
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m
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27
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I960
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1st A ref 58 series B—
1955
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{{♦N O Tex A Mex n-c inc 5s.-1935
♦1st 5s series B
1954
106*4
O
A--1952
1961
1st 4s—1986
4*4s
103*4
105*4
A
guar 58—1945
32
101
92*4
196
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68
18
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103*4
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J
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8
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5
31*4
A
J
55*4
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J
D
New England
65
3054
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IVI N
J
62
114
99*4
A
J
J
5s—-1948
Newark Consol Gas cons
9154
D
75
69
No 5 on '77
lien 4*4s—
1914 coupon on
1951
1914 coupon off—.1951
♦Assent warr A rets No 4 on '51
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M N
m -
M N
MexicoJ
♦4 Ms Jan 1914 coup on
1957
♦4*4s July 1914 coup on
1957 J
J
♦4*43 July 1914 coup off.—1957
♦Assent warr & rets No 4 on *57
N J Pow A Light 1st
98
*
McCrory Stores Corp s i deb 5s. 1951 IVI N
McKesson A Robbins deb 5*48.1950 IVI N
{♦Manhat Ry (N Y) cons 4s—1990 A
m'mm
50
1978
1951
extended to
1946
Dairy Prod deb 3>4s w w._ 1951
Distillers Prod deb 4*4s—1945
Nassau Elec gu g
Nat
96
100
*75
D
84
107*4
112
83*4 102
85
*109
J
24
83*4
—
.1955 M N
Lower Austria Hydro E18J48-. .1944 F
For footnotes see page
O
73
1
N J Junction RR guar
98
84
.1945 M
-
A
96
O
J
98
95
75
O
A
85
19
98*4 105
91*4
90
.2003 A
.1980 IVI
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A
1
55
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1st g
Louisville A Nashville rr—
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O
99
93
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9554
33
98
107*4
J
A
67*4
98*4 107 H
114
Nat Steel 1st coll s f
Manati Sugar 4s s f
J
50*4
67
51
88*4
88*4
127
74*4
114
73*4
82
60*4
50
.
M N
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5
23
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v
M N
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s
85
25*4
14*4
9
1955
series B
90
O
23
15
114
5s—1947
gtd 6s ext at 5%--1941
Constr M 4 Ms
87
.1944 A
15*4
107*4
63*4
.1949 IV1
6H
25*4
6
2154
106*4
O
55
4s stamped
21*4
*60*4
O
A
—-----------1965
80*4
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-
15*4
18
1
8t Louis Dlv 2d gold 3s
-
23
100*4
3
4s
F
75
21
100
82
4
23
3
IVI N
60
Paducah A Mem Div 4s
O
Monongahela Wert Penn Pub Serv
1st mtge 4 3^8.-------------I960 A
82
83*4
25*4
15
24*4
26*4
60
8354
15
54
*55
60*4
83*4
62
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s
s
22*4
454
M
O
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A
4*4
4s. 1991
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.1949 (VI
South Ry Joint Monon
IVI N
♦Assent warr & rets
"94*4 156*4
21
28*4
Lombard Elec 7s ser A
A
♦Long Dock Co 3*4 s ext to.. .1950
112*4
23
9
{♦Assent warr & rets
121*4 126
21*4
15
342
13
.1946 F
2154
Mr —'
40
85
25*4
4
26*4
"56
E
M N
15
22*4
Mut Un Tel
30
8
410
25*4
62 54
.1949 IVI
23
23*4
21
S
99*4
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21
M
9854
C
8
1938
D
1st A ref 48 series D—
IVI
4
1977
♦Secured 5% notes
Mohawk & Malone 1st gu g
.1952 J
Guar ref gold 4s
25*4
15*4
153
8*4
39*4
5554
15*4
48
7*4
13*4
112
"99*4
23
654
43
45
99
21
*2054
6*4
239
124*4
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21*4
8
24*4
111
7
24
21
124*4
19
10
25
52
52
108
12854
171
23*4
45
51
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24
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40
\
45*4
20*4
50
42*4
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17
------
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M
♦Ref & impt 4 Ms
Nat
O
29
2054
IVI
National Rys of
O
4554
•
74*4
28*4
50*4
32
-
28
70
33*4
-
46
74
13
—
67
42*4
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F A
♦Montgomery Dlv 1st g 58—1947
11*4
-
34*4
40*4
22
18*4
48
28*4
42
-
—
16
36
3
60
♦Certificates of deposit{♦Mo Pac 3d 7s ext at 4%-July 1938 MN
117
*27
70*4
28
1
*2054
-—1949
1980
18*4
34
5*4
60*4
M N
Mutual Fuel Gas 1st gu g
72
Mr
20
70*4
6*4
2*4
10
23
292
46
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3
mmm-
22*4
32
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8*4
j
j
21
33*4
Unified gold 4s.
7*4
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20
9*4
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112
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854
21
124*4
6s
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9
22
A
deb 7s
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A
D
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3
j
1981
.1947 J
Long Island Unified 4s
8*4
3*4
j
1978
♦1st & ref 5s series I
50
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Little Miami gen 4s series A.. .1962 M N
.1946 F A
Loews Inc s f deb 3*4s._
4
2
*154
deposit-.
of
.1951 F
6s
8
*3
♦Certificates of deposit-—
28*4
O
20
73
j
—1975
1977
-
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26*4
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Ijex A East 1st 50-yr 5s gu— .1965 A
A
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12
20
j
1959
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27*4"
Leh Val Term Ry
52
60
8
j
j
-1990
1962
1962
1978
Jan 1967
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30
J
.2003 M N
General cons 5s
77
77
60
8
---.
♦General
.2003 (VI N
J
97
f
{♦Mo Pac 1st & ref 5s ser A
1965 FA
♦Certificates of deposit-.
-2003 M N
4*48— -1940
Lehigh Val (Pa) cons g 4s
General cons 4*4s
15
104*4
104*4
51
19
8
98*4
51*4
*20
19
M N
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34
95
.*31*4
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89*4
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S
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l>
-
—
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-
10
30*4
79*4
2454
2
4=2*4
95
31*4
29*4
-1943
extend to—-
Leh Val Harbor Term gu 5s
89
90*4
95*4
31*4
1954
f 5s
1st A ref. 8 f 5s
----
61
O
Lehigh A New Eng RR 4s A—
1945 M S
Lehigh A N Y 1st gu g 4s
1st A ref
89
34
Lehigh C A Nav s f 4*4s A
Cons sink fund 4*4s ser C— 1954 J
f 6s.
88*4
89
1954 J
Lehigh Val Coal 1st A ref s
90
------
1975
♦1st mtge income reg
—
*
J
1997 J
3*4s
Nitrate Co Ltd—
Lake Sh A Mich So g
-
A
40-year 4s series B.
6s debentures.
2d gold 5s
Lautaro
Mo Kan & Tex 1st gold 4s
M-K-T RR pr lien 5s ser
♦Certificates
95
Lake Erie A Western RR—
5s 1937 extended at 3% to— 1947 J
con
5*4s
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m
71
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95
5
99*4
10354
1959 (VI
Uniform ctfs of deposit
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J
103
60
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25
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O
*
101
--
-
91
85
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94
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100
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98*4
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23*4
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♦1st & ref 5s series F___
102*4
A
41
-
103*4
------
1945 j
4s_.
-
40
99*4 108*4
—■
95
99*4
MN
74
103*4 108*4
103*4 10654
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------
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80
80*4
1954 j
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90
85
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-
-
-
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1961
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-
91
90
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Kings County El L A P 69
74
40
108*4
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1961
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90
7554
73
71
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notes.
98*4
5
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78*4
88
27*4
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40
3054
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6
52
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♦Ctfs with warr (par $925)— 1943
1946 IVI'S
Keith (B F) Corp 1st 6s
1987 j
Kentucky Central gold 4s
Kentucky A Ind Term 4*4s.— 1961 j
w w
A
9054
J
1949 IVI
1962 y
♦1st & ref gold 4s
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78
72
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72
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D
J
—1934
41
28
1950 j
ext
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*»«*■»«»**
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---1938
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1946
354
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-
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1950 A
Apr
1960
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75
-
1st mtge 5s
94
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O
Milw El Ry & Lt 1st 5s B
104*4
5*4
5*4
IVI N
1940
1961
1971
-
82
74
s
A
{♦Mid of N J 1st ext 5s
75
548
91
103*4 110*4
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4
89*4
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*
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S
7
99*4
72
M
1951
1952
1979
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2
71*4
2
94
19
88*4
79
*70
79
51
80*4
90
J
83*4
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25
65
D
78*4
26
11
79
79
80
J
Jack Lans & Sag 3*4s
1st gold 3*4s
70
80
S
M
4*4s(1880) 1934
1939
1939
{♦Mil Spar & N W 1st gu 4s_—1947
{♦Milw & State Line 1st 3*48-1941
75*4
4854
51
97
v
J
97
88*4
155
75*4
99*4
74*4
3*4
A
J
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19
99*4
J
♦Ctfs w
12
72
F
Kansas City Term
♦Karetadt
9
26*4
1st gold 3s
Ref A impt 5s
16*4
*
—1940
83
♦Certificates of deposit-—Kan City Sou
19
87
-
-
83
M
Kanawha A Mich 1st gu g
12
554
96
88*4
-
A
J
J
4s -. 1959
Steel 4*4s A-. 1961
5
254
49
97
M
Jones A Laughlln
16
73*4
73*4
J
James Frankl A Clear 1st
60
16
16
deb g 4*4®—1952 J
Int Telep A Teleg
1954
5
4*4
4*4
A
Int
Internat Paper 5s ser
Ref s f 6s series A
89
102
13
68
16
O
J
Internat Hydro El deb 6s
65
100
— —
19
17
1956 J
♦1st g 5s series C
10254
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J
77
88*4
86
86*4
M N
J
♦Miag Mill Mach 1st s f 7s
1956
Michigan Central Detroit <fe Bay
City Air Line 4s
Interlake Iron conv de'o
13*4
108*4
64*4
63
59
13*4
104*4
32
59
68
20
Metrop Wat Sew & D 5*4s
1950 A O
{{♦Met West Side El (Chic) 4s. 1938 F A
♦Mex Internat 1st 4s asstd
1977 M S
10
M S
♦Certificates of deposit—
98
79
*71*4
Mead Corp 1st 6s with warr—1945 IVI N
Metrop Ed 1st 4*4s ser D
1968 IVI s
42*4
116
-
5
98
98
High
75
85
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18
42*4
32
—
-
Low
70
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s
s f 5s—1953 IVI
Manila RR (South Lines) 4s—1939 IVI N
let ext 4s
—1959 IVI N
J
1
61*4
28*4
'
'
No.
Since
Market St Ry 7s ser A.-April 1940 U
82
v.
61*4
30
Jan. 1
High
&
O
10154 10754
O
A
—
Range
BQt§
Friday's
Bid
{♦Man G B & N W 1st 3*4s—1941 J
Marlon Steam Shovel s f 6s
1947 A
100*4
96
-
38
10754
63 yB
1254
—-
--
98
*96
3U
Asked
Range or
Saleprice
90
87
107*4
-
--———1932
7% notes..l932
49*4
10554 10754
75
107*4
♦Certificates of deposit
conv
ft,
EXCHANGE
High
Low
-------
III A Iowa 1st g 4s
{♦10-year
*«!
Week's
Friday
Manila Elec RR & Lt
Joint 1st ref 5s series A
8* 10-year 6s-_
STOCK
Week Ended July 29
III Cent and Chic St L & N
Ind
Y.
Jan. 1
High
dk
■
:
BONOS
Range
•3
Asked
Friday's
Bid
707
oj
Week's
Friday
J
110*4
J
-
-
-
13
37
110*4
2
144
110*4 111*4
48*4
82
62
91*4
38*4
85*4
231
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73
129
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84
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67
71
A
O
7854
78
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A
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62
62
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211
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65
70
70
69*4
72*4
IVI N
36
New York Bond Record—Continued—Page 5
708
5
1
BONDS
Week Ended
Last
fci
Range or
Sale
EXCHANGE
N. y. STOCK
•5a
July 29
Rid
Price
& ftud Elver
4a
2 J
High
C
49*
49
4
42*
56*
69*
42 H
8 A
A
Conv 5% notes—
D
3*s ser E
& Erie—See Erie RR
Gas El Lt H & Pow g 58—
1st lien & ref
F
C
1
5 A
0
6 A
O
8 J
D
9 F
gold 4s
rr
.
_
L M
S
»
M
8
46
50*
101
Peop Gas L A C 1st cons
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12
17%
16
99%
95
103
61
60
80
75
93
1st g 4 *s
:
■
V
22
95
95
17%
17%
85
96*
ref g 4s.. —:
4s
11*
17*
12
19
21
Phlla Electric 1st & ref
17%
5
U
14%
4
11
J
19
19
O
27
24%
N Y & Putnam 1st con gu
N Y Queens
2 M
20*
8
A
4s..:
;
i
J
1st nutge 6s
1st mtge 5s
{♦{N Y Susq & West 1st
{♦2d gold 4 Ha
♦General gold 5s
♦Terminal 1st gold 6s
O
18*
13
23*
35
{{♦Philippine Ry 1st s f 4s—
A
Pillsbury Flour Mills 20-yr 6s. .1943
.1952
(Italy) conv 7s
4*8 A .1952
6
5
12
Pirelli Co
78
13
23
Pitts Coke & Iron conv
8
51
79
10%
18
9
~58
23
106
104%
2
92
89%
IVI
N
106%
IVI
N
105%
105%
M N
F
A
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1
IVI
N
45
94*
106%
105%
104
106*
103
108*
105%
103
11
11
~~8%
5*
40*
45
104%
104 %
104%
23
J
J
107%
107%
107%
18
J
D
1
**M **
** "**
72
7
^
4%
M
S
A
O
1940
Series B 4*8 guar
1942
Series C 4*s guar
.1942
Series D 4s guar
—1945
Series E 3*s guar gold
1949
Series F 4s guar gold.——.1953
Series G 4s guar
—1957
Series H cons guar 4s
--I960
Series I cons 4 *3
1963
Series J cons guar 4*s
1964
Gen mtge 5b series A
1970
Gen mtge 5s series B
1975
Gen 4*s series C
1977
A
92
IVI N
12%
14*
O
24
'93"
e99%
15%
15
13
45
43 %
15
A
117
117
104*
103%
104%
Northwestern Teleg 4*s ext-.1944 J
{•Og & L Cham 1st gu g 4s... 1948 J
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
1st
mtge 4s
1st mtge 3*8
1943
1965
1967
1972
1966
95*
99*
40
9
43*
M
1946
Guar stpd cons 5s.-..
103%
"52
~
11
5%
78
"66
107
-
-
M
M
113%
♦
110%
MM'MM
113*
10
J
J
J
J
Pacific Coast Co 1st g 5s
1946 J
D
Pacific Gas & El 4s series G
1964 J
D
110
1st <fc ref mtge 3*s ser H...1961 J
D
107*
1st & ref mtge 3 Ha ser I
D
104
107%
115
115
4Kb
1955 J
Panhandle Eastern Pipe L 4s.. 1952 IVI
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
Paramount Pictures deb 6s
3lis conv debentures
Paris-Orleans RR ext 5 His
Parmelee Trans deb 6s
1955 F
1955 J
IVI
D
J
J
99
96* 102
47
5
11
1
j
Ha trust ctfs D
<er
E trust ctfs
For foofnotes see
1944 J
1963 F
page
D
709
A
98* 104
w.i956
—
6
IVI
63*
51
43
101
40
17*
177
106
84*
15
9*
55
18*
103* 108
74*
6
64
104*
4*
85
8
32
42
82*
7
98
98
D
D
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71*
J
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52*
62*
48*
76
80
58
93*
90
68
93
76*
♦75
J
s
75*
60*
O
79*
102*
101*
103*
49
84
103*
116
116
118*
15
100
118*
1941 IVI N
45
109
74
91*
92
43
72
98
99
32
92
35*
36*
4
28*
21*
21*
3
20
24
30
30
1
27
31*
29*
J
29*
1
27
32
90
"99"
J
♦Rhine-Ruhr Water Service 68.1953
71*
93*
94* 112
92
106*
J
1955
90*
"21*
N
94*
101
36*
Richfield Oil Corp—
4s
s
f conv debentures
1952
IVI
103
105
37
104
J
Rlchm Term Ry 1st gen 5s
1952
♦Rima Steel 1st
1955 F
a
f 7s
104
1
89* 105
♦Rio Grande June 1st gu 6s.—1939
1977
1962
{{♦R I Ark & Louis 1st 4*8—1934
♦Ruhr Chemical 8 f 6s
RR
28*
34
68*
41
41
J
38
28*
44*
106*
105
103*
103*
105
105
D
105
Saguenay Pow Ltd 1st M 4*8-1966
1947
O
103*
1996
1966
J
83*
51
78*
92*
20
31*
50
118* 120
60
70
97* 103*
102* 103*
90
■
103*
88* 104
"96"
22
83
100*
5*
2d gold 6s
105
♦
6
8
16
6
10*
15
12*
100* 105
99*
103
103*
109
94
*"
O
12*
10
14*
23
——
88*
8t Louis Iron Mtn <fc Southern—
♦{Rlv & G Dlv 1st g 4s
50
"ll"
J
1933
61
58*
61*
60
IVI N
♦Certificates of deposit
92%
20*
8*
104*
1947
110
7*
14*
14
Safeway Stores s f deb 4is
20*
121
107*
23
♦7*
*6*
J
103*
82%
14*
23
13*
50
118*
J
98
63
54
1949
98*
100
18*
109*
1st con 4*8—1941
103
66*
22
23
8
O
♦Stamped
St Lawr & Adlr 1st g 5s
47
*
M
1948 A
39
*7
4s Btmp
105*
*21
*35
J
{•Rut-Canadian
104
A
D
St Jos <fc Grand Island 1st 4a
90%
95 %
115*
49
*5
97*
1946
70
82*
95
J
1st mtge 4*8.1956
Revere Cop & Br
♦Rhelnelbe Union s f 7s
82
48
1952 IVI N
109*
107*
95
S
J
107*
60
92*
103 %
2a-yeu. 4a
106* lU*
102* 107*
57
8
15
IVI N
IVI
A
Gen mtge 4*s series B
1961
Purch money 1st M conv 5*8 '54 M N
Gen mtge 4*s series C
1956 IVI N
69
"5
103
Guar 4
57
81
D
Gtm
45
16
A
'11%
110* 118*
90* 108*
59
78*
73
•Paullsta Ry 1st ref a f 7s
1942 M
Peun Co gu 3Hs coll tr ser B—1941 F
Guar 3H8 trust ctfs C
1942 J
60*
5
111* 113*
63
8
cons
106
32*
96%
5S---1949 IVI
Pat 4 Passaic G 4 E
65*
12
104*
63
s
107*
S
95%
80%
O
55*
32
32
102* 108
A
1944
52
"5
100
52
28
102*
1968 IVI
1947
108
40
38
"3
64*
26*
10
95*
"52"
5
64
8
112*
71* 104*
6
105*
A
90
106
D
17
104
99
106
107*
*121*
109*
47
103%
50
S
107%
98 %
O
S
107
M
52
*52*
O
103%
-
41
"52"
O
A
10
93*
92*
*105
29*
106
„
D
A
101*
"93*
117
110*
94* 112*
30*
105*
_
100
O
J
56
102*
29*
106
„
113
M
38
s
A
107*
107
113
100*
M
110%
O
s f g
*110*
100*
Gen mtge 5s series E
85
Puducah 4 111 1st
D
104
109
r
*111
A
IVI N
Rocb G & E 4*s series D
109%
Pacific Tel 4 Tel 3*8 ser B...1966 A
Ref mtge 3lis ser C
1966 J
F
A
113
2
65
104
*102
*101
100
*102
F
110
51%
65
D
M N
116*
78%
*70
105* 105*
109
50
J
*105*
103
79
A
A
Republic Steel Corp 4*s ser A. 1950 M S
{♦Rutland
1966 J
109
103* 104*
F
29*
98* 104*
110
190
{♦Pac RR of Mo 1st ext g 4s—1938 F
{♦2d ext gold 6s
1938 J
105
*103
5
100 %
99%
77
108*
*106
"l5
77
100*
*106*
M N
M N
{♦Rio Grande West 1st gold 4s. 1939
♦1st con & coll trust 4s A
1949 A
115
114
O
90
103*
10
114
A
77*
101* 108*
103
110*
29*
98
102
107%
J
105*
29*
91*
4
M
105*
O
17
99
104
.
O
♦Cons mtge 6s of 1930
23
103%
98%
103%
M
A
90
12
104*
103
101%
6*
31
109*
13
98
MM
101*
101*
20
♦Direct mtge 6s.—.......1952 IVI N
A
♦Cons mtge 6s of 1928
1953
108* 108*
103%
-
7*
4*
10
97*
~90"
♦Rhine-Westphalia El Pr 7s... 1950 M
103
«,
100* 102
102
103*
100
4%
105*
s
{♦Itadlo-Keith-Orph pt pd ctfs
for deb 6s & com stk (65% pd)..
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 48.1951
Gen & ref 4*s series A.....1997
Gen & ref 4*s series B
1997 J
80
J
1962
1948
45
1961 J
Otis Steel 1st mtge A 4*s
{♦Providence Sec guar deb 4s. .1967
{♦Providence Term lBt 4a.
1956
Purity Bakeries s f deb 5s
79
11
*104*
O
*78
76
66%
11
J
88*
68%
3
34
1951
Pressed Steel Car deb 5s
46
65
34
"15*
105*
53*
6
48
16*
5
J
40
1945 IVI N
Oregon RR & Nav con g 4s.._. 1946 J D
Ore-Wash RR & Nav 4s
23
40
103*
D
J
23
34
109*
78*
95*
105
109*
15*
13*
J
16
99
J
116*
39
99
15*
5*
{{♦Postal Teleg & Cable coll 58.1953
Potomac Elec Pow 1st M 3*8.1966
65%
104
5s—1946
110
94*
13*
115
97* 110*
32
109
105* 110
104
104*
93
*48*
64
Ontario Transmission 1st 6s
Ore Short Line 1st cons g
107
96* 104
107
108*
60*
*102*
70 %
J
A
53
106
107
75%
109
119*
110
64
103*
J
Remington Rand deb 4*s w
D
F
16*
15*
99* 104
101
104
104""
J
Rensselaer & Saratoga 6a gu_
*6%
16
114
108*
IVI
1st 5s 1935 extended to 1950—
28
*
107*
*101*
1960 M S
Port Gen Elec 1st 4 *s
93*
62*
4*
76
99* 112*
Porto Rlcan Am Tob conv 6S..1942
67
103"
75*
60
*109
28
*
80*
*102
41
103*
53*
49*
A
19
66
8*
"n
42
D
G
105
'
60
107
86
1962
1974
.1977
series B
1st gen 5s series
58%
-
100
112*
42
D
83%
74
4
67*
Pitts Y & Ash 1st 4s ser A.—1948
56
J
1943
1st
81 *
J
Ontario Power N F 1st g 5s
1st
56
M N
.-1946 J
...
A—1958
mtge 4*s series B---..-1959
mtge 4*s series C
-1960
82%
J
S
97
*50
S
Oklahoma Gas <fc Elec 3*s
4s debentures
111
103%
A
1st 4*s series D
8*
*50
-
40
30
66
IVI N
Pitts & W Va 1st 4*s ser
1st gen 5s
112
*35
107
2
107*
*106*
A
Pitts Va & Char 1st 4s guar—1943 M N
3*
6*
104* 109*
110
J
M
M
103%
>
J
J
.w— ...
103*
75
86*
105%
V:
*
113* 117
4
112*
64*
82
106
*
104* 107
104* 108*
11
117%
106
•i'
52
88
45
6s....—-1961 F A
tfo Am Edison deb 6s ser A—1957 IVI S
Deb 6 Ha series B
Aug 15 1963 F A
Deb 6s series C
Nov 16 1969 MN
forth Cent gen & ref 5s
..1974 IVI 8
Gen & ref 4*s series A
1974 IVI 8
{Northern Ohio Ry let guar 6b—
♦Apr 1 1935 & sub coupons. 194„
♦Oct 1938 and sub coupons..1946
♦Ctf8 of dep stamped
Apr *33 to Oct 34 coups
North Pacific prior Hen 4s
1997 Q J
Gen lieu ry & Id g 3s Jan
2047 Q F
Ref & lmpt 4 Ha series A
2047 J J
J
Ref & lmpt 6s series B—...2047 J
Ref & lmpt 6s series C
2047 J J
Ref & lmpt 6s series D
2047 J J
f Nor Ry of Calif guar g 5s
1938 A O
Northern State Power 3 Ha
1967 F A
North Amer Co deb
8*
107* 108*
5
108%
99%
92
O
F
16
11*
62
75
nos%
IVI N
A
108
108*
106*
60
64%
1
♦Certificates of deposit
1941
1996
7
10
M N
«
104*
70
*10%
]
N Y
1
6s stamped
1
{{♦N Y Westch & Bost 1st 4Ha I
Niagara Falls Power 3 Ha
1
Nlag Lock & O Pow 1st 5s A.J
Niagara Share (Mo) deb 6*8.1
Nord Ry ext sink fund 6*8—1
{{♦Norfolk South 1st & ref 6s. 1
♦Stamped
109
108%
*81
J
B
Trap Rock 1st 6s
8
58
103
A
& gen s 14)48.—1
11*
49
108
1
1st cons g 4s
4
108*
F
Re! mtge 3*s ser
Norf & W Ry
5*
103
J
ref 6s.:
2
{{♦Norfolk & South 1st g 6a...
8
J
J
1
111*
71
64
.1949 IVI
19*
10%
7Yf:. 7,.
IVI N
91
101*
64*
5s.
11
61
58
106
111*
112*
.1937 J
20%
9
_
82
116*
50
70
71
M
28
*75
MM v
59
80
116*
110*
111*
A
J
21
M N
El Lt & Pow 3 Ha.
{N Y Rys prior lien 6s stamp..:
N Y & Itlchm Gas 1st 6s A
N Y Steam 6s series A
:
N Y Telep 1st
10
82*
84* 101*
89
65*
103*
55
18*
O
75
25
*102
F
.1973 J
♦Conv deb 6s
10
S
A
89
94
.1967 J
3*s....1967
{♦Phlla & Reading C & I ref
60
D
jj
94*
91*
82*
.1943 M N
Phlla Co sec 5s series A.—
11
12%
.
92*
7*
.1974 F
8
16%
4s.
67
7
.1977 J
series C
J
General 4*s series D........1981
Pitta C C C & St L 4 *s
♦General 4s
89* 111*
Apr
General g 4 *s
15
) A
{♦N Y Providence & Boston
74
47
49
deb...
16%
i J
{♦N Y Ont & West
116
O
A
.1952 J
14%
J
18*
97*
.1980 IVI
Phlla Bait & Wash 1st g
24
103*
85*
.1956 J
series C
General 5s series B
*13" "19*
5 IVI N
D
S
89*
95*
O
1947 M
103* 109*
103* 114
103* 111*
94
O
1
74
95*
109* 120*
105*
75
5 J
M N
104*
92* 102*
39
94*
4s... 1940
♦Income 4s
April 1990
Peoria & Pekin Un 1st 5*s... 1974
Pere Marquette 1st ser A 5s....1956
16
7 M N
83
224
116
84
1943 A
102*
8
84*
Peoria & Eastern 1st cons
Phelps Dodge conv 3*8
45
77
94
100* 105*
102*
103
1952 A
6s....
1st 4s series B
75
■
121* 125
112* 115*
1
High
30
1984 J
Gen mtge 4*s
11
1
'
110
1981 A
D
series E„
Conv deb 3*8...———
General 4*s series
114%
12
20
Low
110
"96*
1965 J
J
General 5s series B.„——. 1968
1970 A
124%
No.
Since
Jan.
87*
115*
87*
Debenture g 4*8
101* 106*
106
95
%
110
1943 IVI N
1970 A
1960 F
series C
4*s
General 4*s series A
14%
J
7 J
55*
25
*12
O
A
39*
45
*60
8
5 J
6
98
108
102 Ji 109*
106%
*70
CJ
1
14
"
105*
*13
1 A
7 IVI
54%
*50 "
Term) 48—1939 A O
O
1A/I7
-
5
"do"
t
J
7 IVI
„
..
95*
8
59
*51
I IVI N
Y & Long iirancu geu to
65
72
102
105
50
%
3 IVI N
{♦N Y & N E (Bost
*1
Gen mtge 3*s
Consol sinking fund
15
17%
3 IVI N
T
77
90
131
114%
0 M N
N
62
63 %
94
105*
!|
«5
101*
105*
109*
101*
51*
48*
High
93*
Pennsylvania RR cons
1948 IVI N
Consolld gold 4s
-IVI N
4s sterl stpd dollar May 1 1948
123%
123*
6 IVI N
3 J
4 *s—
g 4s__—
74
106
A
A
Asked
.1981 J
4*s series B__
84
69%
A
92*
105*
95
58%
105
106*
1981
S
D
A
26 Ji
30
48%
..
M
J
& ref 4 *s A..1977
30
53 %
49
Sand 1st M 4*8...1960
Pa Ohio & Det 1st
195
440
105
Penn Glass
.1941
6s A.
Penn-Dlxle Cement 1st
Pennsylvania P & L 1st
80
•
71%
99M
105
94 %
98%
65%
82%
Friday's
Bid
Low
High
67
Price
Range
Range or
Sale
EXCHANGE
Week Ended July 29
1
64
55 Ji
A
7 A
53
231
69 H
101*
3 F
38
18
Low
Y. STOCK
56 li
*37H
C
3 F
202
70
68
——
-----
fi
7 A
3*s extended to...
1st gu 4 Ms A
1st guar 6b series B
Y Do *k 1st gold 4s
>
C
6 b
1st mtge
Purchase money
A
4
4a collateral trust
N Y
/
/
8 M
N Y Connect
N Y
F
8 F
8
Lake Shore
N Y Edison 3*s ser
62 H
NO
83 H
83H
64%
80 li
*76H
62*
C
3 A
4*s ser A
coll gold 3*8—
Mich Cent coll gold 3 Ha
N Y Chic & St Louis—
Itef 6 Ha series A
Itef 4 Ha series C
-----3-year 6»
—
Oct 1
83*
J
... ..
ltef & lropt
N
1
7 J
3 Ha...
Debenture
N
S)nce
Jan
Last
BONDS
Range
Friday't
4
Asked
Low
N Y Cent
July 30, 1938
Week's
Friday
Week's
Friday
_
58
60
J
{♦St L-San Fnn or Hen 4s A—1950
1950
62
11
1978
m"s
J
12
18*
5
50
69
275
8*
16
12*
56
7*
14*
89
8*
11
12
8
13*
15*
13*
13
166
7
14
11*
6*
63
5
38
11*
67*
32*
38
24
20
38
23*
18*
7*
10*
J
J
1990
4
14
63
11*
♦Ctfs of deposit stamped
{♦St L SW 1st 4s bond ctfs
1989 MN
J
♦2d g 4s Inc bond ctfs..-Nov 1989 J
{♦1st terminal A unifying 58.1952 J
18*
62
12
13*
12*
j"j
♦Certificates of deposit
♦Gen A ref g 5s series A
64
46
16
J
of deposit
•Con M 4*s series A
42*
61
J
J
♦Certificate,
5
11*
{♦S L Peoi <v N W 1st gu 5s.—1948 J
Mi A P 5s stpd.—1955 J
St L Rocky
♦Prior lien 5s series B
66
27*
42
13
27*
16*
18*
53
9
18*
11*
79
Volume
09
BONDS
Last
Sale
Week Ended July 29
Price
D
J
J
High
{♦St Paul A K C Sh L gu 4%s_1941 F
8t
Paul
No.
A
20
9%
9H
98
7H
*8 X
11
80
98
6
6H
9H
11
Virginian Ry 3Ha aeries A
1966 IVI 8
{{♦Wabash RR 1st gold 6s—1939 IVI N
■„
*2d gold 5s
1939 F A
1940
J
J
1972
J
J
..1943
\San Antonio Pub Serv 1st 6S..1952
San Diego Consol G & E 4s
1965
J
J
J
J
St Paul Un Dep 5 t guar
8 A A Ar Pass 1st gu g 4s
1942 M S
{♦Scbulco Co guar 6%s
1946
1946
f 6%s series B
a
J
6
116%
110
111
104
112H
16%
1
15
20
17%
7
12
23
♦Ref A gen 4 Ha aeries C
24
30
♦Certificates of deposit
♦Ref A gen 5s series D
16%.
16%
34
O
*27
M N
*114
O
*11
A
O
F
A
A
O
{♦Gold 4s stamped
1989
♦1st A
6s series A
cons
S
1933
M
1935 F
1935 F
♦Series B certificates
Sbell Union Oil deb 3%s
1952
{♦Siemens A Halske
♦Debenture
s
103%
♦Silesia Elec Corp 6 Ha
Sllesian-Am Corp coll tr 7s
South A North Ala RR gu 5s
South Bell Tel A Tel 3%s
7
5H
9H
19%
5
4%
21
4%
13
68 %
67 %
75 H
75H
1
68H
76"
80
53
63%
85%
46 H
50
29
48
{♦Warren Bros Co deb 6s
1941 IVI
s
74 %
44
Warren RR 1st ref gu g 3 Ha
2000'F A
*27 H
Washington Cent 1st gold 4s
1948 Q IVI
102%
106%
107%
64
77H
97
79 H
90 H 103
106%
104%
106
108%
15
109
109
30
106 H
1947
97
96
97
19
87 H
Southern Kraft Corp 4Ha
Southern Natural Gaa—
-.1946
94 H
93%
94%
68
83
99%
3
1961
1st mtge A ref 4s
1st mtge pipe line 4 Ha
1951
So Pac coll 4s (Cent Pac coll)..1949
1st 4%a (Oregon Lines) A.-.1977
Gold 4 Ha
1968
Gold 4 Ha
1969
Gold 4 Ha
1981
10-year secured 3Ha
1946
99%
54
58
61
60%
63%
107
91
105%
A
♦5s assented
25- year gold 5s
30-year 5s
35%
76
354
30
63 H
Wheeling Steel 4Hs series A.—1966
3541
30 H
63
White Sew Mach deb 6s
65
43 H
46
77
72 H
67
73
290
52
83 H
104H
1st 4s
1955
1955
1994
1956
1956
1956
1996
1951
1938
4a
stamped
Southern Ry 1st cons g 5s
Deve) A gen 4a series A
Devel A gen 6s
Devel A gen 6 Ha
Mem Dlv 1st g 5s
-
8i Louis Dlv 1st g 4s
East Teon reorg Hen g 5s
76 %
45H
83
23 %
49 H
75%
46 H
63
22%
22 X
62 %
62 H
65
56 %
57
{ {♦ Wllkes-Barre A East
gu
5
106H
106 H
92 H
92 %
100 H
100 H
6%
6%
101H
30
F
A
Standard Oil N J deb 3a
J
13
♦Certificates of deposit
{♦Sup A Dul dlv A term 1st 4s *36 M N
♦Certificates of deposit
Wlsoonsln Pubi c Service 4s
1961 j D
12
65
28
69
64
65
{♦Wor A Conn East 1st 4 Ha
35
60
97 H
"13"
8
15H
3
6%
7H
1
5H
6H
2
0H
14H
8%
0H
„
152
58 H
109%
34
106 H
105%
1
101
105 %
1961
101H
100
101H
IVI N
5H
90
159
102%
110
105%
1st mtge s f 48 ser C
5
9H
*4H
106 H
104
4
106
105 H
106
J
96
108%
105H
1943 J
14
12
7%
6H
Youngstown Sheet A Tube—
75
4
60
94
71
105 H 109 H
17
•105%
J
26
109 X
96
93%
14%
11
9
15
104%
104%
1
101
105
102%
103%
157
100
103 H
102
14
J
------
103 X
D
*103%
79
M N
J
1949 J
110
100
5
94
O
A
1947
4s
250
52%
105
2
100%
lOOH
J
1960 J
gen
65
*95
95
61
92%
5s. .1942
1955 J
69%
H
105H
110%
79 H
94%
91H 100 H
4
7H
90 H 101X
"20
100 H
D
24
100
104
*102
A
F
Wilson A Co 1st M 4s series A
60
78
16%
10
J
J
63%
M S
D
Swift A Co 1st M 3Ha
316
395
*65
1961 J
1943 J
—
79
49%
62
1946
68.1945
1950
74
45%
65 H
Staley (A E) Mfg 1st M 4a
Ha
48
22 %
J
Winston-Salem 8 B 1st 4s
93
46
So*western Gaa A Elec 4s aer D. 1960 M N
J
♦{Spokane Internat 1st g 5s.-.1955 J
Staten Island Ry 1st 4
47 H
20 H
77
8
{♦Wis Cent 50-yr 1st
Mobile A Ohio coll tr 4s
1938 M S
D
So'western Bell Tel 3Ha serB.. 1964 J
♦Studebaker Corp conv deb
77 H
145
9
1940 M N
Conv deb3Hs
So Pac RR 1st ref guar
20 X
74 X
%
J
1949 M S
56%
89%
S
1966 M S
RR 1st consol 4s
56%
66
51H
48 %
72
56%
87%
21
155
76 H
50%
63%
45
77 H
77
72 H
50%
50%
89 H
20%
74%
71%
52
65 X
19
77
53
J
20
73 %
M N
O
98H
97 H 108%
21
10
19H
"19k"
M N
J
93
73 X
7
103
S
Wheeling A L E Ry 4s ser D
63 H
08 X
5
103 %
S
105
31 H
1*03%
IVI
2361 J
Registered
69 H
41
101H 105 X
52
89
J
♦Westphalia Un El Power 6s. —1953 J
West Shore 1st 4s guar
2361 J
100
8
87 H
89
O
..I960 IVI
;.-
106 X 111%
100 H 110
105H
1950 IVI N
1951 J D
ser
7
86
86 %
O
A
1943
1946
Western Union g 4Ha
94 H
109 H
A
120 H
116
109 %
1946 IVI
{♦Western Pac 1st 5s
100
"18
107" '"4
52 X
1950 A
San Fran Term 1st 4s
33
57
109%
102%
107
1977 J
West N Y A Pa gen gold 4s
105 H 108 H
1965
Southern Colo Power 6s A
Southern Calif Gaa 4Hs
102
110
106H
121H 123
98 H 102 X
*119H
1952
1st A ref 5 Hs series A
110
120 H
101H 105
104
107 H
103 H
2
104
*122 H
102 H
108%
104
104"
1952
Western Maryland 1st 4s
9
*108
104 H
J
1966
West Va Pulp A Paper 4 Ha
104H 108
-
91
109%
1961
20 H
82
50
A
Westchester Ltg 5s stpd gtd...l950
Gen mtge 3H8
1967
1st mtge 3Ha series I..
70
103
106 H
1939
19
*104%
A
West Penn Power 1st 5s ser E..1963
59
102%
------
1945
1945
1st 40-year guar 4s
Wash Water Power s f 5s...
103 H
70 H
106%
55%
71
O
24
1
10H
6H
100
O
2
23
32
1939 M S
1st mtge 48 ser H
76
2
106 H
70 X
1955 A
82
96
10 H
1955 A
6s debentures
61H
24
12%
10 H
Walworth Co 1st M 4s
Wash Term 1st gu 3Hs
50
76
"0% "la"'
"55
11
105 %
5H
....
1
"38
11H
106 %
4H
96 H
77%
11
12 H
11H
*10
.1980 AO
13
6H
7H
Warner Bros Plct deb 6s
22
13
52
-----
7
6H
D
2%
61
95%
96
17H
•
24
------
9
2H
103%
77 %
24
1962
Socony-Vacuum Oil 3 Ha
8%
50
1951
1950
1963
Skelly Oil deb 4s
5H
10 H
103%
77H
1952
Simmons Co deb 4s
9%
221
*98%
1935
1951
1946
.1941
f 7a
s
f 6Ha
8
4%
6
50
"39
*10
11%
14%
11%
13H
UH
12H
"I2H
11H
1978 A O
30
Walker(Hlram)GAW deb 4Ha. 1945 J
8H
4
18
4H
------
1951
Shlnyetsu El Pow 1st 6%s
4H
4
6
4
*3%
S
A
A
2H
48
6%
8
8
♦Certificates of deposit
{♦Alt A Blrm 1st gu 4s
{♦Seaboard All Fla 6s A ctfs
3%
7%
7%.
..1945 M
45
3%
------
♦Certificates of deposit
1976 FA
♦Certificates of deposit..-.--.
15%
13
15%
91H
*10
deposit
35
33%
*n%
"llM
16H
*39" "45"
20
12
7
13
20
*19
*
♦Certificates of deposit
109 H 116
15
of
♦Ref A gen 5s series B
31
24
-
♦Certificates
0
...1950
..Oct 1949
1959
♦Adjustment 5s..
{♦Refunding 4s
29
20
20
s
108
1
*27
75
{♦Wabash Ry ref A gen 5%s A. 1975 IVI
1
2
16 %
45
*30
8
105
-
-
*30
IVI
110%
—
35
50 H
1939
112*16
66
99H 105H
67 H
32
30
33
High
Low
38
54 %
31
1941
1941
♦Toledo A Chic Dlv g 4s
105
_
O
A
♦Stamped
♦Des Moines Dlv 1st g 4s
♦Omaha Dlv 1st g 3Ha
45
110%
-
v
High
No.
103 %
103%
50 H
1
Jan.
Asked
A
1954
112316
-
-
-i'--
{{♦Seaboard Air Line 1st g 4s._1950 A
Scioto V & N E 1st gu 4s
102H
109 H 118H
Since
Friday's
Bid,
1941
♦1st Hen g term 4s
♦Det A Chic Ext 1st 5s
98
81H
109 H 113>,i
J
A
:
*61
J
J
♦Stamped
116
IVI N
Santa Fe Pres A Phen 1st 5s
♦Guar
98
Ranee
Range or
Sale
Price
Low
Minn A Man—
t Pacific ext gu 4s (large)
Last
si
Week Ended July 29
1
High
Low
88
93
*88
N. Y. STOCK EXCHANGE
Jan.
Asked
A
BONDS
Since
l2
Friday's
Bid
Low
4s.. 1968 J
con g
{♦Si Paul E Gr Trk let 4 Ha.-.1947
Range
Range or
N. Y. STOCK EXCHANGE
Week's
Friday
Week's
Friday
St Paul A Duluth 1st
709
New York Bond Record—Concluded—Page 6
147
v
—
-
-
*
-
-
73%
187
105%
105%
82%
106%
43
Tenn Coal Iron A RR gen 5s.-.1951 J
M
Tenn
J
*120%
S
102%
IVI
95
46 H
e
week and not Included In the
Cash sales transacted during the current
yearly
range.
No sales
82 H
105H 108
during current week
a Deferred delivery sale; only
current week,
n Odd lot sale, not included In year's range.
{Negotiability Impaired by maturity,
t The price represented Is
the dollar quotation per 20O-pound unit of bonds.
Accrued Interest payable at
exchange rate of $4.8484
Cash sale; only transaction
r
transaction
x
during
Ex-interest.
s
1944
1944
Cop A Cbem deb 6a B
Tennessee Corp deb 6s aer
C
1947 J
Tenn Elec Pow 1st 6s ser A
Term Assn of St L 1st g
D
"oik"
Texas A Pac 1st gold 5a
Gen A ref 5a series B
—.1977
Gen A ref 5s series C
1979
GeD A ref 5s series D
gold 5s
Gen refund
s f g
4s
Texnrkana A Ft S gu 6 Ha A
Texas Corp
TexA N O
deb 3 Ha
con
gold 5a
Tex Pac Mo Pac Ter 5Ha A...
1964
Third Ave Ry 1st ref
--
-
-
-
119H 125
--
1
1
103%
114
102
89 H
-
"92% "44
103%
103 H
30
103%
88%
90
9
106%
107
107
63
*
112
70 X
99
112
6
87
25
70
88 H
86%
87
11
69
85
87
12
*95
97
38 X
39%
59
8%
38%
7H
96
7%
90
6
90
89%
71H
90
f
,
104 %
104%
104%
32
.1953 J
D
48H
48%
49%
124
J
D
86 H
85
86%
13
Tol A Ohio Cent ref A Imp 3H8
1960
To! St Louis A West 1st 4s
1950 A O
1942 M S
Tol W V A Ohio 4s ser C
Toronto Ham A Buff 1st g 4s.. 1946 J
D
IVI
s
Trl-Cont Corp 5s conv deb
J
Nord Rys. 6%S,
Guar
sec s
*
87
24 H
3H
71
Transactions
39 %
9
98
-
-
-
-
-
------
------
—
-
J
A
-
*95
—■'
—---k-
-
2
*24%
Railroad dk
Slate,
United
Total
Number of
Miscell.
Bond
Bonds
Municipal &
For'n Bonds
States
Shares
63
109
4
2
109%
*7%
8%
116%
-
6
111%
116%
112%
53
110%
62
104%
103%
104%
86
-
8
Bonds
96
82
95 H
------
107%
107%
6
103
107 H
15
74
63
80%
78%
—
—.J,
--
22%
----
---
116%
6
102%
238
102 H
715,000
5,595,000
5,294,000
551,000
202,000
952,000
156.000
8,378,920
$36,315,000
$4,028,000
$1,252,000
$41,595,000
Jan. 1 to
Week Ended July 29
35%
11
27 H
New York Slock
Government...
$2,116,000
$1,252,000
——
155,579,818
$85,244,000
34%
-----
93 X
92
27 H
5,242,000
139.588,000
216,150,000
25,531,000
819,567,000
1,367,322,000
$41,595.000
$32 889,000
$1,044,399,000
$1,862,141,000
_
5
51%
97
94
73
90
60
Below
H
78 H
93 H
32
45
45
77
the daily closing
averages
F
A
N
-
99
99
-
-
{♦Vera Crux A P 1st gu 4 Ha
1934 J J
J
J
{♦July coupon off...
Virginia El A Pow 4s aer A
1955 M N
Va Iron Coal A Coke 1st g 5a... 1949 M S
-
v
-
104%
*103
1%
109%
-
-
-
-
as
Bonds
-
--
104
104
%
10
2H
Total
30
20
15
Total
10
First
Second
10
Indus¬
Date
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
Rails
Rails
ties
Bonds
trials
-
6
109%
10
104H 104H
10
1%
*1
--
3
104%
-----
of representative
listed on the New York Stock Exchange
compiled by Dow, Jones & Co.:
stocks and bonds
55
31
are
65 H
108
52%
98%
104H
91H
39
53
51
Stock and Bond Averages
38
-
Stocks
1957 M
$278,669,000
4,028,000
36,315,000
.......
Railroad and
36
27%
—
93%
51X
52 H
107
15
-
36
1944
1947
1959
O
249.204,622
industrial
State and foreign
Total
4,232,520
8,378,920
1937
1938
1937
1938
Exchange
36H
*36
A
July 29
116H
102 %
34%
Utah Power A Light 1st 6s
6,977,000
1,204,240
27
102%
94
1st cons 5s
19H
115%
90%
5s
81H
109 H
107
102%
88%
Va A Southwest 1st gu
-
77 H
116
....
92%
f 48 series B
60
'
*108%
*19%
94
a
69 H
9,441,000
1,973,840
Stocks—No. of shares.
Bonds
83 H
171,000
7,154,000
8,172,000
6,348,000
6,402.000
Sales at
109 H 116
753,000
673,000
1,065,630
—
Total
116% 119
$4,078,000
480.000
1,252,470
Wednesday
104 H U2H
107 H 114H
97
107 H
17
71%
2,106,500
-
9H
16
90 H
1941
4s series A-.-.1955
105 X
7
94
1944
Vanadium Corp of Am conv 6s.
105
94%
w—1951
{♦Debenture 5s
80
113%
Utah Lt ATrac 1st A ref 5s....
{♦Utll Pow A Light 5 Ha
59 H
--
Tuesday
Friday.-.;----
93%
80
1951
1951
A...1947
Sales
$52,000
191,000
$384,000
$3,642,000
8,577,000
6,230,000
776,240
Saturday
Monday
Thursday.-.-
113%
93%
-
------
♦Un Steel Works Corp 6Ha A..
United Stockyards 4Hs w
97
90
93 H
—
72
5s—1952
United Drug Co (Del) 5a
1953
U N J RR A Canal gen 4s
1944
{{♦United Rys St L 1st g 4s...1934
U S Pipe A Fdy conv deb 3 Ha. 1946
U S Steel Corp 3Hs debs
1948
108 H
94 H
„
United Clgar-Whelan Sta
Cons
-
110
-
103
18
25
112
June 2008 M S
Ended
Week
July 29 1938
80
20
*21%
110 H
f 6 Ha series C
50
117H 119
—
108
J
♦Sink fund deb 6Ha aer
63 H
84% 102
"95" 103%
99
*119%
June 2008 M S
1st lien A ref 5s..
Exchange,
104 %
48 H
-
J
34-year 3 Ha deb
.1970 A O
35-year 3 Ha debenture
1971 M N
United Biscuit of Am deb 5a.-.1950 A O
Vandalia cons g
-
1952
1st lien A ref 4s
s
—
4s—1947
debentures
Union Pac RR 1st A Id gr
♦Sec
*104
59%
------
o
Union Oil of Calif 6s series A—1942
60
108
S
1945
1962
{{♦Union Elev Ry (Chic) 5s...1945
UJlgawa Elec Power a f 7s
Union Electric (Mo) 3Ha
3 Ha
A
the New York Stock
at
Daily, Weekly and Yearly
90
'
IVI N
1952 F
f 7s.—.
■■■%"
Sept. 28 at 100%.
1950.
Stocks,
J
1949
A..1953
♦Tyrol Hydro-EIec Pow 7Ha.. 1955
Included
the current week and not
Deferred delivery sales transacted during
104
'
Trenton G A El 1st g 5s
week.
the yearly range:
in
Tokyo Elec Light Co Ltd—
1st 6a dollar aeries
companies.
Bonds selling flat.
88 H
104% U0H
reorganized under
No sales transacted during current
Friday's bid and asked price.
♦
85
111%
M S
1952
•
90
86%
1937
Section 77 of the Bankruptcy Act, or
103H 107
receivership, or
securities assumed by such
reported as being In bankruptcy,
{ Companies
108X
70
maturity.
? Bonds called for redemption or nearlDg
94
103 H 106 H
109H 114
87
Jan 1960
Tide Water Asso Oil 3 Ha
102 H
95
81%
.
1960
4a
♦AdJ Income 5a
{♦Third Ave RR 1st g 5s
-
-
102%
*112
1980
cons
-
91
103%
4Ha.-.1939
1944
1953
1950
1951
1943
2000
1st
-
roads
ties
Stocks
106% 109%
trials
I
O
*30
-
—
-----
57%
75
57
42%
75
57%
-
-
-
-
2
6
45
July 29.
141.20
28.44
20.69
46.32
106.80
92.65
56.74
105.51
90.43
75
July 28.
142.20
28.54
20.88
46.63
106.81
92.38
56.83
105.40
90.36
July 27.
140.24
28.28
20.72
46.06
1
6.70
91.98
56.41
105.45
143.33
29.67
21.72
47.44
106.70
92.75
57.28
105.69
90.14
90.61
144.91
30.14
22.08
48.03
106.68
93.09
57.83
105.71
July 23.
A
J
75
July 25.
1958
J
35
July 26.
2003
144.24
30.38
21.99
47.93
105.56
92.70
57.03
105.76
39
61
90.83
90.51
New York Curb
710
Exchange—Weekly and Yearly Record
jmy
ma
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only transactions of the week, and when selling outside
of the regular weekly range are shown In a footnote in the week In which they occur.
No account is taken of such sales in computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (July 23, 1938) and ending the present Friday (July 29, 1938).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
week
which any
dealings occurred during the week covered;
Sales
Friday
for
of Prices
Low
High
Week
Price
27
25
27
Mfg class A.*
Aero Supply
B
1
Agfa Ansco Corp oom
36 X
9%
9X
1
IX
16X
100
9
com...I
1
common...*
8N
X
IX
16X
IN
Conv preferred
Southern-.60
Gt
$6
17
Apr
23
Alliance
Invest
Class A
64
65
58%
Co
Aluminum
6%
Mar
%
33 %
Mar
50%
250
44%
9
Jan
Brewster
Mar
15
Feb
5,550
Bridgeport Gas Light Co.*
Bridgeport Machine..
*
Jan
Mar
June
3,900
67
Mar
103X
15%
May
Jan
Mar
r1*
56
July
0N
Mar
12%
July
2
X
56
56
11
11
50
July
Mar
94 X
8
1,700
15
%
10c
12X
X
10
44
500
Feb
Mar
%
100
X
500
23%
100
"i~X "i'x
IX
Mar
29
26 X
B
29
2%
2%
Cyanamld cUm A. 10
10
Amer Gas A Eleo com...
*
25%
IX
IX
12
lix
27%
30%
no x 110X
5%
5X
27%
28X
110X
American General Corp 10c
25
23
24 N
28 X
5%
Preferred
2%
25
Amer Foreign Pow warr—
Amer Fork A Hoe com...*
$2
preferred
$2.60 preferred
T,900
IX
125
500
16
30
7,800
25
18 X
Republics
7N
7%
8X
3,900
78 X
78 X
10
1%
♦
100
12
July
Apr
Jan
3X
IN
4
3%
24%
8N
4N
IN
17
Jan
IN
7N
Mar
Mar
2N
Mar
Apr
5N
70
May
May
N
Corp class B
7% preferred
July
Mar
X
100
4N
7
ION
N
Jan
Mar
2N
Jan
4N
Jan
15
100
6%
28X
Mar
30
Apr
21X June
19N
Apr
22%
25%
Mar
27N
Apr
May
20 N
Jan
N
July
Jan
33
Jan
15N
Mar
33
July
Mar
Mar
July
(Brown Co 6% pref
29
July
Apr
27
N
8N
Mar
21
Brown Fenoe A Wire com. 1
*
19X
Brown Forman Distillery. 1
2%
15X
Mar
Feb
$6 preferred
*
Brown Rubber Co oom—1
Feb
Apr
111%
Feb
1,500
104
2X
Mar
150
23
Apr
Mar
8
Mar
June
14X
10
Mar
100
22
June
19 X
125
11%
X
2,100
400
43X
July
%
3%
Arkansas P A L $7 pref...*
Art Metal Works com....6
Class A
IN-
IN
N
Jan
Feb
16
..*
3
3
300
2N
Apr
Jan
Carnation Co common...*
24
24
100
17N
Apr
3N
24N
July
Jan
Carnegie Metals
2,300
N
May
IN
Jan
X
Mar
June
75
Mar
1%
700
3X
June
600
7%
Apr
16X
Feb
104 N
30
Apr
104 X
July
19%
4
July
Feb
2%
4
July
Jan
1,200
%
Mar
'it
Feb
1,100
2%
Mar
Mar
6X
200
4%
4X
7%
76 X
Jan
2%
4X
Mar
Jan
May
Mar
5
Mar
9
July
3X
Mar
4X
July
Mar
500
»i«
Mar
6,700
Apr
1,800
X
3%
400
'it
Jan
li«
Jan
X
•
preferred
7X
"u
7
Option warrants
IX
8%
3J
Mar
%
Jan
Assoc Laundries of Amer.*
Atlan B riming ham A Coast
RR Co pref
100
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..*
July
Atlantic Coast Line Co.-60
Atlas Corp warrants
Mar
.....
Casco Products
Castle (A M) com
Catalin Corp of Amer
1
Celaneee Corp of America
7% 1st partic pref...100
Celluloid Corp common. 15
%
Mar
1%
Jan
6%
Mar
16X
Jan
%
2%
9%
Jan
2%
10
Mar
Mar
X
3,500
%
Mar
IX
400
X
Mar
Automatic Voting Mach..*
Avery (B F)
5
9%
8%
6X
9%
1,000
0N
Mar
5%
30
Jan
Jan
300
July
14
14
""50
14
Warrants
4
Mar
15
7
Apr
21
Jan
13
Mar
14
July
1H
Aviation A Trans Coro...l
Axton-Fisher Tobacco—
"2%
Class A common.....10
Babcock A Wilcox Go....*
36 X
32
36 X
690
28%
28%
29%
2,200
2%
2 X
Baldwin Locomotive—
com.
4%
7% preferred
0
Baldwin Rubber Co oora.l
Bards town Distill Inc
i
Batlum Stainless 8teel... 1
17 X
8
4%
17%
7X
4",300
May
IX
Mar
13 X
2H
2X
6,800
2X
700
11X
8%
3,400
4H
1*
Mar
36 X
30X
9,300
6
6
Mar
May
Jan
Jan
10
100
4,100
115
8
30
•
July
4N
July
Mar
63 X
Mar
May
6X
Jan
July
1%
8X
2X
Mar
12
July
2X
Jan
~34%
page 715
IN
Apr
50
June
3N
Jan
July
Jan
82
Jan
ION
Mar
14
May
68 X
May
«4
Feb
75 N
June
4N
'88 X
7N
4
4N
7N
'"366
1,100
Apr
June
92
8
82
88N
80
"i'x
"90N
1,100
125
64
Mar
83
2,100
1
Mar
4N
8N
IN
X
2N
N
5N
6N
14N
650
3
Mar
300
0
Mar
Apr
10
4N
4N
2,000
10
6N
Cherry-Burrell com
5
Chesebrough Mfg
25
Chicago Flexible 8haft Co 5
14N
6N
15
200
100
..100
14
N
600
Conv preferred
100
Conv pref opt ser *29.100
8
Feb
Feb
Jan
June
17
warr
*
2N
Jar
%
Jan
7X
May
Apr
July
Apr
Strip Co
Charls Corp
3
4X
Chic Rivet A Mach
Chief Consol Mining
75 X
300
~75N ~77N
2,300
N
45
9N
40 N
9X
40
.
52%
50 N
300
Mar
June
Mar
10
42%
5,000
7N
2,200
21N
May
Mar
3%
200
5
67
Feb
75
20
Feb
7N
3,400
4
Mar
8N
July
3N
100
2N
Mar
4N
June
13N
IN
June
1,300
IN
IN
4
4
100
5N
5N
800
1
Jan
2X
30 N
Feb
20
Jan
2N
Mar
Feb
Jan
Mar
37 N
July
"l%
"1% "IN
"MOO
3N
Mar
0N
Feb
IN
5N
June
3N
IN
June
1
Mar
7
Mar
10
Jan
Jan
6N
3N
May
10,000
IN
June
6N
3N
3N
3N
Mar
4N
July
Mar
7N
June
Jan
Colt's Patent Fire Anna.25
Columbia Gas A Eleo—
59
July
Jan
Conv 5% preferred-.100
54
54%
75
119N
Feb
3%
8,400
300
45
Jan
Jan
Mar
47N
01
Feb
June
00
Jan
Commonwealth A Southern
X
Jan
May
May
May
May
7
600
Mar
47N
72
3,400
July
11
40
4N
8
Jan
July
Feb
6%
20
9%
29
4N
Mar
July
»i.
51
Mar
6N
Mar
79 %
Mar
4%
14X
Jan
July
75
53
51
Jan
112
2
__£1
25
6N
N
warr.
Columbia Oil A Gas
1
Columbia Pictures Corp.. *
Jan
20 N
3
July
40
600
100
113X
5X
Mar
21
3N
7N
Colon Developmen lord
0% conv pref
Colorado Fuel A Iron
Jan
Mar
200
*
Cleveland Tractor com...*
8%
7%
June
5
12N June
9N
N
1
Cleveland Eleo Ilium
July
20
3%
*
Claude Neon Lights Inc-.l
Clayton A Lambert Mfg..*
Feb
4N
50 %
9N
50
*
Cities 8erv P A L $7 pref.*
$6 preferred
7N
Mar
97
4
1
Chllds Co preferred
100
Cities Service common.. 10
Mar
3N
5
5
5
*!•
May
May
9X
Mar
11
July
Mar
34N
July
34%
350
18
100
34%
"3',200
165
1,700
11
75
71
Apr
Mar
1,600
X
"3N "~3N
Mar
X
11
3N
7N
60 %
l8i«
,
Jan
13N
Club Alum Utensil Co.—*
Cockshutt Plow Co com..*
Cohn A Rosenberger Inc.*
19%
X
Bickfords Inc common...*
26
12N
July
X
8
Jan
Apr
17
12N
9%
7X
19%
pref
Berkey A Gay Furniture. 1
15N
09
250
115%
Mar
June
Clinchfield Coal Corp.
3
147
Bell Tel of Pa 6N % Pf-100
Benson A Hedges com....*
6H
50
July
12
5
1,000
6%
180
6N
51
12
Jan
6N
5N
57
Clark Controller Co
9%
4%
July
June
Jan
8X-
4%
32
May
7,700
55
*
Jan
June
12
Jan
Apr
300
27%
15
Jan
80
17N
4N
25 N
14
85
Mar
*
July
June
Tx
25 N
Mar
60
Cent Hud G A E com
*
Cent Maine Pw 7% preflOO
0% pref without
7% preferred
Jan
05N
..*
IN
2N
7
100
X
%
Apr
4N
Preferred..
9%
5
"360
15
23 N
Preferred B
18X
100
15
July
Apr
Mar
Jan
Apr
200
IX
IN
7
Jan
Mar
July
Mar
9X
4X
Jan
June
2
IX
July
Jan
3
July
6%
pref
20
Beech Aircraft Corp
i
Bell Aircraft Corp com...l
Jan
IN
ION
14
5X
IX
9%
conv
3N
Mar
150
Mar
6%
100
4N
Mar
"11
300
City Auto Stamping
*
City A Suburban Homes. 10
Barlow A Seelig Mfg A...5
Baumann (L) A Co com..*
7% 1st pref
..100
Beaunit Mills Inc com.. 10
Mar
2
2,300
Preferred BB...
Basic Dolomite Inc com..]
Bath Iron Works Corp
1
8X
8X
June
19
5X
18X
4,400
2N
21
July
1,200
26
25
Jan
Jan
Chamberlin Metal Weather
2,900
"it
28N
21
Centrifugal Pipe
25%
IX
13X
50
9
300
5
22
*
$7 dlv preferred
1st preferred
Mar
25%
l
9
...
2,600
Apr
Apr
Mar
4,400
10
Jan
2,600
12
IN
...*
1 %
5%
12%
3
IN
1
June
IX
common.
70
IX
»
*
Cent Pow A Lt 7% preflOO
Cent A South West Util 50c
Cent States Elec com
1
4%
1
pref
Carrier Corp
Carter (J W)Co
n
July
3N
3
IN
*
80
6
Purchase warrants
$6 preferred.
Jan
10
3
3
Carolina P A L $7 pre!...*
1
J
3N
1
oom
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
11H
4N
200
18
19
19N
19N
*
Mar
Automatic Products
1
*
..1
Mar
•
.....25
B non-voting
Canadian Marconi
70
Atlas Plywood Corp
Austin Silver Mines
w w
she.fi
Calamba Sugar Estate. .20
Canadian Car A Fdy pfd 25
Canadian Indus Aloohol A*
67
4X
July
25c
Mai
u#
July
Carlb Syndicate
Carman A Co class A
Class B........
15%
1
N
Jan
7X
IX
7,100
1
Jan
%
X
1
*i«
*
3Vs
3%
Common.............1
Jan
July
Capital City Products
June
£1
July
3N
3N
June
Apr
Industries
Amer deposit rets
Assoc Gas A Eleo—
18 N
Apr
Mar
Jan
Jan
8%
2,600
Mar
2M
1 %
Feb
7,700
4%
10
03 %
1
8X
4X
1,200
26 X
»u
300
Amer dep rets pref
16%
Apr
July
8X
July
Mar
Jan
June
8%
4X
101X
July
Apr
59
1
Apr
July
%
10
88
May
3%
3%
■
3%
Mar
400
Cables A Wireless Ltd—
6%
*
22 %
Mar
3X
(Arcturos Radio Tube.-.l
Jan
Apr
16
55%
Arkansas Nat Gas com...*
July
18N
200
11
96
June
700
200
45
104
39
3N
Jan
14
15
July
2N
%
Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
May
Jan
May
4N
Apr
6
17N
Mar
3%
40
31
3N
Mar
3%
Jan
3N
50
2N
6
Wupperman..l
*
2N
May
May
300
16 N
3
2%
IN
2,500
Bunker Hill A Sullivan 2.50
50
100
21X
3N
4N
14N
15
31N 31X
21%
21%
100 X 101
Burry Biscuit Corp.. 12He
Cable Elec Prods v t 0
♦
1,200
400
8
22
Burma Corp Am dep rets..
7,200
18
$5 1st preferred
Jan
Apr
Jan
6%
16
4X
50
Buff Nlag A East Pr pref25
5
14
500
40
5
Buckeye Pipe Line
2N
500
200
July
10%
2%
Ashland Oil A Ref Co
27X
14%
21%
19%
43 X
30
Bruce (E L) Co oom
18N
450
July
30
9X
*
Preferred
July
»»n June
24 %
23
Apr
a*
5X
5X
9%
6
Common class A
Mar
3,200
25
July
May
"300
15
2
12%
31X
Class A pref
29N
7N
19N
2N
26N
7N
Jan
Mar
1,425
33
Jan
Feb
May
*
100
Jan
Mar
100
"n
•
American Thread pref
Anchor Post Fence
£1
3%
Mar
Jan
Mar
88
300
Registered
July
8X
May
8N
Am dep rets ord bearerfl
Amer dep rets reg
British Celaneee Ltd—
19X
Jan
June
27 X
26 X
British Amer Oil ooupon.
Apr
July
600
July
July
7N
18
25
Brillo Mfg Co common...»
Class A
*
30K
Apr
Jan
Feb
Apr
2
1,000
Jan
July
14
June
*
nifWfi A
July
17 N
Mar
25
78 X
42
Mar
4
2,300
Feb
12%
2N
%
300
Mar
Mar
7
400
6%
3%
X
10
Preferred
see
3K
13
6
27 X
26 H
1,200
"l9%
24
Amer Seal-Kap com..
2
Am Superpower Corp com *
1st preferred
*
For footnotes
3%
Apr
2N
50
x6 N
Apr
24%
X
Amer Potash A Chemical. *
conv
100
Aero nautical ...1
Mar
Amer Pneumatic Service.*
Bellanca Aircraft oom
Bell Tel of Canada
'"266
1
15N
13
July
IX
64
*
Purch warrants for
ION
34
2,800
July
Apr
19
1
Amer Meter Co
0% preferred
6% pref xw.
50
Am dep rets ord reg.-10s
British Col Power class A.*
14%
24%
25
Amer Maracalbo Co
Elec
X
23 %
66
8,200
14X
"is"
.20
preferred
July
Mar
21
13
Amer Mfg Co oommon 100
Preferred
100
Associated
3%
25
2,400
Amer Invest of 111 com..
Amer Laundry Mach
Amer Lt A Trac com
4
Mar
25
Amer Hard Rubber Co..60
$2.60
July
Brill
Mar
5N
Class B
28%
Class A with warrants.25
Class Bn-v
H
10%
58
25
A
X
23%
*
preferred
Conv
Feb
117
July
July
June
5
100
IN
%
4N
300
Tx
Preferred
July
Jan
Mar
1,300
1
Bright Star Elec cl B
11%
21%
British Amer Tobacco—
Common class B
$1.50
July
16%
5X
13 X
100
Breeze Corp
9
11
Mar
3,400
4
15%
Brazilian Tr Lt A Pow...*
100 X
14
15.60 prior pref
•
Amer Centrifugal Corp.,1
Am Cities Power A J.t—
$5
111
2d preferred
Feb
Apr
10
1
Jan
Apr
12 %
3%
May
Mar
11
June
10
42
16
100
July
15
an
1
IX
ION
com..
1st preferred
12 %
58
10c
Angostura
7%
10%
93
100
.....
Bowman-BUtmore
Feb
100
21%
1%
41
*l"0N
100
25
Apr
111
High
Mar
6X
300
Co com...*
7% 1st preferred
Borne Scrymser Co
Bourjols Inc
June
3
100
common
American
*
*
X
H
Capital—
Claas A
6%
Jan
109X U7
103 X 103 X
115%
Amer Box Board Co com.l
Class
May
May
800
American Book Co....100
Amer
63
Mar
Bo hack CH C)
8%
American Beverage com..l
Class
68%
Mar
102X 103 X
15X
16X
American Airlines Inc... 10
$3
Mar
1, 1938
Low
0,300
"ili
oom...
50
Aluminum Industries com *
American
July
Corp
$3 opt. conv pref
Blumenthal (S) A Co
200
98
109
100
0% preferred
53
Apr
Jan
7X
11X
20 X
5
6
Aluminum Goods Mfg.
Aluminium Ltd oommon-*
July
Range Since Jan
Shares
10
6%
10N
IX
IX
10
common.
16X
X
common
Tx "Tx
25
preference
Jan
W)
2X
1%
H
IX
*
conv com
Jan
UX
2
com
Allied Products com
July
IX
2
100
Allied Internal Invest oom*
$3 conv pref
Blue Ridge
9X
Mar
Price
10
Bliss A Laughlln com
Mar
Week
*
com
July
June
X
1
for
of Prices
Low
High
com
10
7%
Alice &, Fisher Inc com—*
Machine Co
Blauner's
Bliss (E
300
Week's Range
Birds bo ro Steel Foundry a
July
Mar
600
Jan
Jan
37
5%
1,700
Feb
4%
Jan
30
53
56N
64
*
preferred
34
Feb
100
50
Ala Power $7 pref—--
June
Sales
Last
Sale
Par
High
2%
900
Warrants
Alabama
1
17%
1,200
36 %
Air Devices Corp com
Air Investors
3%
9
Alnsworth Mfg common
Air Associates Inc
3N
3N
36%
STOCKS
(.Continued)
Low
Shares
14 X
2U
Acme wire v t o oom
Class
Week's Range
Sale
Par
Friday
Range Since Jan. 1. 1938
Last
STOCKS
25
30
IN
X
Jan
Jan
Warrants
Commonw Distribut
3X
N
4N
Jan
13%
July
»i«
7,200
N
100
125
16
25
350
1
1.100
N
22
Mar
July
23 N
N
1
Community P A L $0 pref *
Community Pub Service 25
Community Water Serv-.l
2N
13%
3N
22
24
X
N
N
Jan
N
Feb
1
Mar
28
18N
Mar
25N
X
Apr
1
J»n
July
Jan
May
Jan
Volume
New York Curb
147
Friday
STOCKS
Last
(Continued)
Weel't Range
Sale
Par
Price
Exchange—continued—Page
Sales
of Prices
High
Low
1, 1938
Range Since Jan.
for
15
14*
Consol Biscuit Co
OX
Consol Copper Mines
Consol G E L P Bait com *
5% pref class A
Consol Gas Utilities
"ox
ox
74
73
100
Consol Retail Stores
1
8% preferred
100
Consol Royalty Oil
10
Consol Steel 'Corp com...*
15
6*
OX
74
»!•
60 *
4*
60 X
80
80
4*
400
25,200
700
100
1S16
4%
80
Jan
itI
800
50
Mar
55
U0X
June
Apr
1H
May
Apr
04 X
2X
70
IX
Jan
Mar
5X
July
X
Jan
July
3X
Mar
OX
Mar
10X
June
Arp
54 X
Mar
"io"
8X
"io
"""ioo
"~~8* "OX
20
"ox
20
26
3*
*
"2^200
200
Apr
Jan
80
4
Feb
Mar
9X
Jan
Mar
4X
14
20X
July
8
July
65
7X
900
4X
May
28X
OX
28 *
400
18X
June
28X
July
3X
100
IX
Mar
3X
July
65
100
53 X
May
Jan
72
preferred
15
Fruehauf Trailer Co
1
Fuller (Geo A) Co com... 1
93 conv preferred
*
5% preferred
General Alloys Co
General Investment
96 preferred
Warrants
com.
10*
June
Apr
5*
July
300
6*
Mar
8*
50
7*
15*
11
10*
14*
5*
Jan
Mar
16*
Jan
11
Jan
Mar
15
July
May
July
200
18
preferred
General Tire A Rubber—
X
June
2X
Jan
100
4X
June
13X
Jan
7X
July
12
Jan
6% preferred A
Gen Water G A E com
93 preferred
900
1*
Mar
2*
500
10*
Mar
19*
13
13
13*
X
900
Mar
14
*
"53""
~~~60
"12* "l2*
"l.OOO
30
5
300
X
17X
IX
Feb
Georgia Power 90 pref...*
7,800
Mar
27 X
Jan
7X
2,000
3X
Mar
8X
Jan
Croft Brewing Co
1
X
X
8,100
•11
Mar
X
July
95 preferred
*
Gilbert (A C) common...*
Preferred
»
Crown Drug
com..25c
Co
10X
11
"506
3X
Mar
300
"m "i
11
8X
Mar
IX
IX
1,100
*
Crystal Oil Ref com
"i
""*
-.10
6% preferred
Cuban Tobacco
com v
17
t o.*
3*
Cuneo Press Inc........*
18X
5H
35
150
1,800
5
Class A.............35
9*
8X
13 *
9X
"u'x'iix
22
21
1
Dennlson Mfg 7% pref. 100
22
6
30
Derby Oil A Ref Corp com*
2X
OX
30
2X
1,900
2X
1,700
200
400
Jan
IX
"l'X ~~2X
*
June
10
Mar
ar
Feb
July
3X
Mar
Gray Telep Pay Station. 10
July
7X
Jan
Apr
400
2
Mar
June
5X
June
Mar
40
3X
58
July
Jan
Jan
Feb
9X
15
July
July
Mar
2X
July
May
May
3*
3X
July
Non-vot
com
*
stock
100
25
Greenfield Tap A Die
*
Grocery Sts Prod com._25c
Gulf Oil
Corp
25
500
IX
IX
400
IX
Products...*
27 X
3X
30
1,000
14
Mar
30
July
14
14X
75
11
May
16
Jan
Hartford
3%
3X
200
3
Mar
0
Jan
1
Diaper Corp
Apr
May
4*
76*
May
62
Mar
June
6*
41
June
Apr
17*
600
May
7
Mar
35
10
Mar
Apr
Jan
Feb
6*
26
4*
June
Ian
July
Jan
17*
Feb
June
95
sn
Jan
2*
June
May
Feb
21*
24
250
10
Apr
19
200
13*
Mar
10,200
*
5*
Mar
1*
Jan
200
Mar
9*
4,800
3*
Mar
10
Jan
July
65
July
24
July
20 *
*
8*
8*
63
9X
Mar
900
9X
Mar
10X
July
Jan
07
Jan
8*
61
«u
9
Jan
10*
350
63
"28*
V 7
2*
"28* "29*
Apr
4*
Mar
7*
1,800
2*
2*
10
700
"44"
"46*
124*
Apr
1,200
~
45
Mar
25*
6*
9*
30
117*
1~550
"
5~600
7*
Mar
*
8* May
Feb
*»•
33
Feb
Jan
33
Feb
Jan
3
10*
June
H June
46*
Mar
July
91
July
Gypsum Lime A Alabast.*
5
June
5
June
._....*
1*
Mar
9
Mar
12
25
Elec Light
50
Apr
64
July
1
Apr
2
July
Apr
1*
Jan
17*
July
2*
*
Hearn Dept Store com...6
6% preferred
50
Hecla Mining Co
25c
1,500
3*
July
Jan
1*
200
"i'x
"766
*
Mar
4*
600
2*
June
13*
in
Mar
4*
May
9
Apr
30
Jan
10*
Jan
»»•
T
4*
Corp
6*
29
7*
30
1,900
250
20
Jan
Jan
Jan
9*
3*
10*
4,100
6*
May
*
3*
300
*
Rubensteln
Helena
3*
*
Brewing Co
Hazeltine
Jan
5
Lamp Co
Harvard
10X
60
June
31*
19
Hat Corp of Am cl B com. 1
13
07
Jan
0
Apr
80
Feb
Mar
*
88
Mar
Feb
Jan
Mar
2X
100
..100
Textile com
July
Jan
Jan
22X
1,300
Domin Tar A Chem com.*
5*% preferred
72
4*
26*
81
3X
100
3X
10*
15X
Dominion Steel A Coal B 25
Mar
72
preferred
24*1
24 X
3
10
3X
10
Jan
44
*
86
Haloid Co.
£1
Distillers Co Ltd
150
Gulf 8tates Util 95.50 pref *
Hall
Dlvco-Twln Truck com_.l
Dobeckmun Co com
Jan
14
Mar
2
23
1
10
6
1*
Mar
lu
1
24 X
Hartford Rayon vtc
Hartman Tobacco Co
Jan
—10
DlstUled Liquors Corp
2,100
6*
35
15*
Grumman Aircraft Engr.. 1
Guardian Investors...... 1
3X
Preferred
6*
34*
7% 1st preferred
Gt Northern Paper
3X
Diamond Shoe Corp com.*
May
8*
Great Atl A Pac Tea—
Mar
3X
De Vilbiss Go com
July
89
ex
35
IGrand Natlon'I Films Inc 1
Grand Rapids Varnish...*
Apr
6H
July
53
5
Vtc agreement extend.*
9X
13*
13*
22 X
May
17
80
30
*
M
Feb
Mar
Mines..1
Gorham Inc class A
July
Jan
May
57
100
6*
*
1
Detroit Paper Prod
Dominion
preferred
Goldfield Consol
93 preferred
Gorham Mfg Co—
6X
Mar
5~800
97
July
106
25
100
*
Alden Coal
July
Jan
10X
0% pref ww.
20
Detroit Gray Iron Fdy...l
Det Mich Stove Co com_.l
9X
July
Glen
Godchaux Sugars class A.*
Class B
*
Mar
30
58
6*
*
5X
35
37 X
9X
Feb
Gilchrist Co
\8X
May
10
*
Detroit Gasket A Mfg....l
Detroit Steel
Mar
IX
18
25
10
Dayton Rubber Mfg com.*
;
Jan
2X
Jan
July
ox
100
Davenport Hosiery Mills
Preferred
Jan
6
Jan
ux
102
35
Darby Petroleum com...6
Dejay Stores..
Mar
June
L900
100
6*% preferred
Curtis Mtg Co (Mo)
1
14
1*
25
Preferred
5
50
Apr
40
81
24X
July
1
"12*
"46"
5
7X
Jan
Feb
*
Apr
June
05
46
81
23*
Jan
*
41
5
7*
3
9
700
81
23 *
July
2*
18*
1
*
Jan
June
2*
*
6
Crowley, Milner A Co—*
Crown Cent Petrol (Md).6
Crown Cork Internat A..*
Anr
18*
*
Jan
UX
83*
Mar
18*
100
Crocker Wheeler Elec
Ma*
87
7*
*
Creole Petroleum
com.
35
Jan
""800
conv
1,000
21*
Mar
75
....
Gen Rayon Co A stock..
General Telephone com.20
93
Mar
28
86
1
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 96 pref
*
IX
1
7*
15*
Jan
*
....
High
7*
2*
0*
15*
..*
Gen Electric Co Ltd—
Amer dep rets ord reg.£l
Gen Fireprooflng com
*
Low
Shares
100
8X
.£1
Range Since Jan. 1, 1938
for
Week
High
4% conv preferred...100
Gamewell Co 96 conv pf
*
Gatlneau Power Co com.. *
IX
1*
60
p
of Prices
100
1
8X
com..
Cramp (Wm) A Sons
June
10X
1
Courtaulds Ltd
Jan
May
*
6% conv preferred
Jan
July
May
*
S6 preferred A
Cosden Petroleum
5
81X
4X
61
Common
Mar
July
07 X
72X
$4 preferred
*
com.. 10
Corroon A Reynolds—
July
Conv
Apr
m
Week's Range
Low
5
Common
325
70X
|Continental Secur com..5
com
July
"'OX "lOH ~2k66
Cook Paint A Varnish...•
prior preference
ex
74
Price
Sales
.1
Froedtert Grain A Malt-
July
•h
48 X
(Peter) Brew Co
Franklin Rayon Corp
ex
1H
2X
*
Copper Range Co
Copperweld Steel
Mar
Feb
15
113 X
200
950
62
Mar
11
"~4X '"~4% "bX "1,200
Cont G A E 7% prior pf 100
Continental Oil of Mex
1
Cont Roll A Steel Fdy
700
113* 115
1
Consol Min A Smelt Ltd.5
S3
Sale
Par
Fox
1940
Cooper Bessemer
Last
High
Low
Compo Shoe Mach—
V t c ext to
STOCKS
(Continued)
Week
Shares
711
2
Friday
7*
7*
50
2*
5*
5*
Apr
7*
Jan
Mar
6*
21*
Feb
9*
Jan
7
61
60
04X
July
10
21
23
600
Mar
23
July
Class
100
Dubllier Condenser Corp. 1
104
104
10
103
June
110
Mar
Heller Co
IX
60
500
1
Mar
2
Feb
125
54
Mar
05
Jan
10
11
600
6
X
Jan
3
July
35*
36*
300
27
Mar
37*
"~5X "hx
1~,700
3X
Apr
OX
Jan
Hires (Chas E)Coc!A_..*
52
52
100
40
Mar
52
July
May
9*
Feb
Hoe (R) A Co class A... 10
11*
300
5*
Mar
13*
July
Mar
13*
Jan
Hollinger Consol G M...5
10*
14*
15*
800
11*
16
10*
900
Driver Harris Co
7% preferred
Duke Power Co
IX
100
58 X
47
Mar
11X
Durham Hosiery cl B com *
Duro-Test Corp com
1
5X
Duval Texas Sulphur
•
7X
7X
8X
1,200
6
Eagle Plcher Lead
10
East Gas A Fuel Assoc—
UX
10X
12X
10,100
7
*
Common
4*% prior preferrd .100
0% preferred
100
Eastern
3
3,300
IX
47
150
33 X
June
52
Jan
May
18X
18*
20
650
11
June
31
Jan
11X
UX
IX
50
OX
Apr
12
July
Horn
100
X
Mar
Jan
2X
June
*
T7 preferred series A...*
16 preferred series B
*
Easy Washing Mach B
*
Economy Grocery Stores.*
2
Eisler Electric Corp
Chemical
10
5%
2X
IX
22
24 X
325
24
425
900
13
13
100
13X
1
15X
10X
IX
1,600
A
100
Inc.-.5
.*
26
Jan
24
Jan
Humble Oil A Ref
Jan
Corp 5
Hussmann-Ligonier Co.. *
4*
13
Jan
14
10X
X
Apr
16*
Jan
July
Hummel-Ross Fibre
Mar
1 *
Jan
10*
July
9X
47,100
61X
54X
1,400
30
Mar
55*
July
*
57 X
57X
59X
600
42
Mar
61 *
July
3X
3X
28X
4X
1,000
2
Mar
4*
July
2
Mar
4*
July
11*
11*
69
72
Illinois Iowa Power Co.__*
Class A
1
Elec P A L 2d pref A
Option warrants
4X
1,800
31X
200
15 X
5X
300
2X
Mar
5*
July
2*
2*
300
IX
Apr
2*
July
Illinois
76
July
96 conv pref ww
»
Elec Shovel Coal 94 pref..*
Electrographlc Corp
1
76
50
"i'x "i'x
Elgin Nat Watcb Co
15
Empire Dlst El 0% pf.100
Empire Gas A Fuel Co—
100
6*% preferred
.100
7% preferred
100
8% preferred
100
Empire Power part stock.*
Emsco Derrick A Equip..6
6
Jan
Mar
13
Jan
1
50*
50*
51
May
55
56
May
50
28
Feb
55*
May
Indiana Pipe Line
52*
200
28
Jan
67*
May
54*
100
32
Jan
58
May
May
22
Feb
10*
Feb
"9* "io*
"lieoo
»ie
10X
"iix
4,900
17*
6X
3,700
11*
10*
X
7
Mar
Mar
May
July
22
»i»
Jan
13
Jan
31
Jan
7%
10
20
3*
16*
16*
12
July
Jan
July
300
Mar
Mar
Jan
7*
Jan
300
18*
5*
10*
9
July
Mar
15
5*
July
June
2*
June
1*
33*
4*
Jan
Jan
July
18*
July
300
4
*
Jan
X
2
Mar
1,300
12
Mar
6
Jan
10*
1,100
3*
Mar
1,950
5*
Mar
Jan
13*
49*
7*
15
Feb
8*
Jan
Mar
19*
Mar
15*
9*
16*
June
19
Mar
4,400
17
Jan
Feb
13*
Mar
15*
July
32
Mar
37*
9*
10
9X
July
OX
600
4
Mar
OX
July
7X
500
4X
Mar
8*
Jan
23
Jan
Mar
7%
preferred
Insurance Co of No
Am. 10
*
39*
'
Pref 83.50 series
50
A *
Pow warr
International Petroleum. . *
Jan
Tu
Jan
Apr
60*
Jan
Internat Radio
4X
48*
Mar
7*
July
Internat
Mar
64
July
19 X
20
Mar
49
July
70
3,100
"""600
4*
1,600
3*
May
2,500
14*
15
Mar
20*
July
Mar
20
June
1*
Mar
18*
19*
20
20
325
5*
Jan
Corp—..1
Safety Razetr B._*
For footnotes see page 715
Class
A
B
81.75 preferred
Mar
67*
June
16*
Mar
22
Jan
16
19*
900
8*
Apr
20
July
7
10
*
3
25*
7*
2*
25*
Feb
*
May
Apr
8*
July
1*
Mar
3*
Mar
31*
July
Mar
6
8*
50
3*
3,400
26*
5.500
23
1,200
24*
2*
June
2*
Apr
*
1
*
-*
3*
10*
10
4
10*
2,400
31
Mar
Mar
4*
Feb
Mar
5
11*
*
July
June
*
100
*
6
800
*
7*
May
9*
Jan
24*
Apr
30*
July
ht
8
i«
Jan
Feb
*
Jan
4*
July
5
July
230
Mar
Mar
83.50 prior pref
Warrants series of 1940.-
30*
Vitamin... 1
4*
4*
4*
2,200
2*
Mar
Interstate Home Equip.. 1
4*
4
4*
1,800
2*
June
International
Ford Motor of France—
100 fres
48*
200
62*
International Utility—
20
2,800
Class
4*
11*
63*
20
800
20
63
Registered....
*
International Products...*
Ford Motor Co Ltd—
reg..£l
Feb
July
June
A stock purch warrants.
Internat Paper A
Mar
si#
1
~47~
Jan
Hydro-Elec—
14*
"47*
7
1
June
57*
7*
*
55
7X
14X
May
July
100
Internat
600
97*
Feb
Jan
21*
Apr
*
Apr
19
19*
82
Mar
20*
Jan
May
"_25
*
Mar
32
"97* "97*
1
16*
Jan
Jan
Mar
Feb
I*
600
32
Jan
10
10
97*
International Cigar Mach •
July
0*
10
1 *
10
July
500
Mar
Mar
»ti
9*
12
June
Mar
5*
8*
12
1
7X
1
July
I*
6
"ox
100
*
0*
*
Mar
1
B
11*
72*
Mar
*
B
2
8X
18X
8*
Fire Association (Phila).lO
Ford Motor of Can cl ▲..*
July
Mar
Mar
2*
Non-voting class A
OX
UK
•
July
May
Class
2,900
1,200
Flat Amer dep rights
Corp
Feb
31
102*
Industrial Finance—
5X
9
19X
5
5X
1
Florida P A L 97 pref
Jan
Apr
Apr
4
48*
10
Internat Metal Indus cl
FJdelio Brewery
2*
20*
3*
100
preferred
IndplB PAL 6*% pf-.lOO
Indian Ter Ilium Oil—
V t c common
25
Ferro Enamel Corp
Jan
3
2
Indiana 8ervlce 6% pf.100
53*
5
Warehouse Co com
21*
"r
8
£1
50*
Federal Compress A
Amer dep rets...
Ireland
»u
Fedders Mfg Co
Class
A
50
Fanny Farmer Candy coml
Am dep rets ord
Britain
52
50
1
*
Apr
Imperial Tobacco of Great
_.l
Fansteel Metallurgical
20
50
Imperial Tobacco of Can.5
Jan
Feb
June
4*
4*
*
Zinc
Imperial Oil (Can) coup..*
Registered
*
Jan
Option warrants..
Falstaff Brewing
90 preferred
60
preferred.:
Jan
1*
81X
50
European Electric Corp—
Fisk Rubber
5%
24
28
50
com
Fairchild Aviation
Jan
June
125
50*
10c
1
May
10X
0% preferred
Equity Corp com
Esquire-Coronet
Eureka Pipe Line
""300
Apr
3
75*
00
10
70
1
Electro 1 Inc vtc
2X
July
0
7*
Div arrear ctfs
1
June
16*
250
1,700
Imperial Chem Indus—
Am dep rets ord reg..£l
35
Electric Shareholding—
Common
4*
Illuminating Shares cl A..*
Mar
15*
100
Hydro Electric Securities.*
Hy grade Food Prod
5
5
»
...
Mar
Mar
12
Hygrade Sylvania Corp..*
Jan
1
com
Feb
May
5,000
11*
70*
4*
4*
225
7% pref stamped
100
7% pref unstamped.. 100
400
8*
51X
90 preferred
30*
Common..*—....... 1
Mar
IX
~~8X
Elec Power Assoc
July
IHuylers of Del Inc—
*
4X
June
9
98*
30
.
Elec Bond A Share com..6
95 preferred...
11
Mar
3*
*
Hardart
Mar
18
Horn (A C) Co common.. 1
preferred
Hubbell (Harvey)
1*
Mar
6*
15*
Co com*
Mar
13
4
3X
Hormel (Geo A) A
Mar
14
22
3*
18
Holophane Co common..*
Holt (Henry) A Co cl A..*
45
Eastern States Corp
Edison Bros Stores
25
w w
Hewitt Rubber common. .5
Heyden
45
2X
2
common
Preferred
June
Iron.25
Malleable
A..
30*
30*
9
Jan
1
Jan
Last
Week's Range
for
Sale
of Prices
Mills--*
Interstate Power $7 pre!--*
Investors Royalty
—1
Price
Interstate Hosiery
Iron Fireman Mfg v t
Irving Aur Chute
Italian Superpower A
5%
Co
*i
Pow & Lt—|
6%% preferred
100
6% preferred-—
100
7% preferred100
Jones* & Laughlin Steel-100
Kansas Q & B 7% pref-100
Keith(G E)7% 1st pref-100
Kennedy's Inc..—..--.5
Ken-Rad Tube & Lamp A *
Kingsbury Breweries
1
Kings Co Ltg 7% pf B 100
6% preferre
D
100
Kingston Products
--1
Klrby Petroleum
1
Klrkl'd lake G M Co Ltd 1
Klein (D Emll) Co com..*
Kleinert (1B) Rubber ColO
Knott Corp common
1
Kobacker Stores common. *
Hoppers Co 6% pref—100
6%
200
X
18
350
11%
%
11%
%
700
4%
2%
X
Jeannette Glass
Low
25%
2%
2,300
H
*
1,
Jacobs (F L) Co
6%
5%
2%
6,700
17
c_.10
1
Feb
Mar
28
Mar
Mar
»%
7%
X
18
Mar
12%
X
7%
June
July
Jan
1
National Baking Co oom.l
Nat Bellas Hess com
1
National Candy Co com—*
National City Lines com.l
Jan
Jan
Jan
83 conv pref
National Container (Del)-l
National Fuel Gas
*
Jan
May
%
2
3X
July
Jan
65%
305*
70
82%
34%
111
52%
Apr
Apr
66
Jan
61
73
Jan
180
68
Apr
85
Jan
3,800
21
Mar
50
111
"m "~5%
106
May
""266
10%
10
10
25
10
65%
70
81%
30%
200
%
2\H
4
5X
100
Jan
Mar
Apr
43 X
111
Jan
July
21%
7%
11%
Jan
Mar
Jan
2%
3%
3%
4
3,200
600
Feb
1
Jan
Mar
42
Mar
22
2%
%
%
28%
%
Mar
33
July
IX June
V 3
June
»hi Mar
13% May
99 %
8%
13
99%
200
1*66"
150
5%
*5%
Mar
10%
8%
13
100
Jan
95
Mar
Mar
100
4% conv 1st pref
—10
U%
6%
Lake Shores Mines Ltd.—1
Lakey Foundry & Mach—1
Lane Bryant 7% pref--100
Langendorf United Bak—
Class
48
51%
52%
2%
52 %
11%
6%
48
Kreuger Brewing Co
1
Lackawanna RR (N J) -100
3%
100
100
37% June
11X June
5% Mar
38
May
45% Mar
Jan
J
n
July
July
Apr
4%
Oil Develop-—25
267«
Lion Oil Refining
—*
*22%.
2,500
%
1
--5
he
3,600
26%
300
14
23%
150
%
26
13%
22%
2,100
Llpton (Thos J) class A—.1
6% preferred.—
Lit Brothers common
25
Locke Steel Chain.—
5
13 %
Lockheed Aircraft..
1
14%
Lone Star Gas Corp
*
%
Jan
12%
Feb
2% May
X Mar
13
Mar
11% June
15% Mar
10%
Jan
19%
Apr
2%
*
"l3"
13%
9%
1%
500
3
1
Mar
19
*
Loblaw Groceterias cl A..*
Lucky Tiger Comb G M.10
Lynch Corp common
6
Majestic Radio & Tel
1
Manatl Sugar opt warr—
Mangel Stores—
1
$5 conv preferred
*
Mapes Consol Mfg Co---*
48
July
Feb
Jan
Jan
i
»u
26%
14
July
1,100
30
325
"
1
400
25
*4*166
6%
88
88
10
88
38
39
""900
r
24
1%
Mar
Mar
2%
9%
88
July
%
3%
300
"17% *17%
1%
Apr
29% June
15
May
45
19%
Mar
7%
1
"9"
Massey Harris common. .*
1
15%
"9%
"soo
15%
1,700
Jan
June
3%
1%
4%
11%
Mar
Mar
7%
24
8%
2%
Mar
10
Mar
16%
*
51
55
July
3%
17
300
IX
Mar
900
7%
Mar
3X
17%
July
120%
100
Mar
124%
Ju,ly
Mar
4%
Mar
120
50
Feb
47
90
3X
18%
18%
300
19
Mar
55
Jan
Mar
20
July
3
Mar
Participating preferred.*
Merrltt Chapman & Scott *
21
Mar
25
Mar
5
4%
5
"66""
l
-
50
%
25c
%
275
%
3,300
30%
%
1%
25%
300
10
Middle States Petrol—
Class A v t c
*
25
3%
July
July
Mar
60
Mar
%
IX
29X
July
85
May
Apr
Jan
Feb
Feb
Class B common
-*
Noma Electric
86 preferred
8%
1,600
""660
80 X
Jan
1%
8%
13X
2%
Jan
July
July
Feb
39
July
69
June
76
Mar
May
110
July
2X
5%
6%
1,500
10,400
2%
2%
""560
6%
3X
Mar
Jan
4%
June
""166
200
*
100
Mountain City Cop com 5c
Mountain Producers
10
"~~6% "7%
5%
{Mountain States Power.*
Mountain Sts Tel 4 Tel 100
5%
117% 117%
9%
10%
"I
715.
12
10%
300
IX
Mar
2%
42
Mar
77 X
Mar
19%
73
17
1,000
20%
28%
8
2,400
7%
*94*
*94"
19%
20%
190
7%
9%
89%
9,100
84
70
70
15^ 400
1,900
9%
Jan
Jan
Jan
10X
4X
Jan
Mar
20%
July
Mar
9%
July
70
Mar
89X
July
5%
600
X
May
Feb
800
%
Apr
6%
6%
700
"36% *39%
2*,400
July
70
he
Jan
1%
June
3%
80
39
Mar
7%
July
July
89X
Jan
24%
Apr
39%
July
7%
IX
Mar
Mar
9%
2%
Feb
Feb
Mar
4%
July
Mar
2%
1%
4%
2,000
2,700
1%
40%
4,300
40%
31%
100
31*
22%
25
700
12 X
Mar
26
24
400
11%
Mar
25
Apr
43
1%
3
42
T1"
Mar
42
Apr
74
Apr
80
Mar
11
13
1,900
6%
Mar
14%
600
8%
Mar
14%
15%
25
25
80
5%
Northwest
Engineering..*
Novadel-Agene Corp
*
24%
15%
24%
Ohio Brass Co cl B com..*
30%
30%
Ohio Edison 86 pref
Ohio Oil 6% pref
—
Oilstocks Ltd
108*
com.
83 preferred
15
50
6% conv pref
Oldety me Distillers
108%
113
113
"""466
Pacific Can Co
com
81.30 1st preferred
9%
33%
9
33
10
34%
July
Pepperell Mfg Co.
Mar
34
Perfect Circle Co
Pharls Tire & Rubber
30
30%
"107X l08%
2,200
50
16%
4%
9%
5%
Jan
Phillips Packing Co
July
%
Jan
4%
27%
25%
Mar
98%
3%
15X
Mar
27%
Mar
108 X
Apr
Mar
94
19%
2,300
22,400
12%
5%
3%
3%
May
May
300
3%
June
Feb
5%
500
June
13
4%
12X
May
18
""5%
Mar
2%
21
107%
26X
26%
45
4%
50
4%
4%
7%
*
154"
*80""
154
26
110
24
Mar
26X
July
50
4,900
8%
1,200
100
20
75
2%
93%
Mar
84
May
160
121X
67X
100
59
83
225
54%
8~566
6
6%
117% 117X
30% 30%
600
8%
1%
74
80
'"7% "~6% "8%
Apr
1% June
2% July
IX Mar
4X May
79 X
Mar
24
30%
5%
Jan
Apr
45
*
"iiTx
19
23
27%
25
2%
158
Mar
7X
4%
16
150
200
67X
*
7%
19
June
17%
"16% "18% *2*,100
65
Apr
4%
14
7%
31
Apr
16%
87
2%
6X
4%
Mar
Apr
Mar
2X
2%
8X
72%
86
24 X
8%
3%
6%
112%
Mar
7%
50
Feb
117X
125
29%
Mar
31X
4X
Apr
Phoenix Securities—
Jan
June
50
3%
Philadelphia Co
3% May
4X Mar
100
Mar
Mar
*92% "94"
2.50
1
May
1%
46
"6% "7% """eoo
1
com
*
Phila Elec Co 85 pref
*
Phila Elec Pow 8% pref 25
89
35
2%
1,300
10%
10X
Jan
300
6X
*
50
Apr
Mar
2%
*
100
104%
94 X
8X
10
*
113%
6%
*
*
r
Apr
June
9%
,
82.80 preferred
34%
97 X
113
109 X
100
Peninsular Telph com
*
Preferred
.100
Penn Edison Co—
S 5 preferred.
Penn Gas & Elec cl A
Penn Mex Fuel Co
100
1,100
*
*
May;
May
10%
50
-1
Parkersburg Rig & Reel.. 1
Patcliogue-Plymouth Mills*
Pender (D) Grocery A
*
Class B
Mar
June,
85
10%
100
-
18
20%
6
93%
5
com
Oklahoma Nat Gas
he June
87
100
*
100
Ohio Power 6% pref—100
Ohio PS 7% 1st pref—100
6% 1st preferred
100
Mar
40
100
Mar
121
Jan
3,400
6
Mar
12
July
100
Mar
4
27
4% June
94%
50
Penn Salt Mfg Co
Feb
Apr
47
Pa Water & Power Co
3%
July
10
Feb
Jan
104
150
July
Jan
Apr
200
July
2
Jan
91%
60
%
1%
82%
145
10
350
%
1%
82%
Jan
Jan
30
Apr
125
93
X June
July
Mar
6X
72
31
100
20
80
5%
155
5%
2
78%
5%
Apr
Apr
20%
4
19%
2%
July
Mar
81
50
200
.... „
92%
July
Mar
6%
5
28%
"7%
6% pf-100
7% preferred
100
Northern Pipe Line
10
Nor St Pow com cl A. .100
Mar
4%
X
11%
2%
77%
72 X
72
Nor Ind Pub Ser
122
145
V"i8
Mar
1%
20% May
28% May
r"ie
45 X
"92%
July
14
700
"""2%
July
16%
3%
2%
10
13%
67
Pa Pr <fe. Lt 87 pref
86 preferred
6X
Mar
Mar
May
13%
63%
Pennroad Corp v t 0
..1
Penn Cent Airlines com-.l
Mar
12
Mar
4%
he
28
JMoore (Tom) Dlstlllery.l
Mtge Bk of Col Am shs
108
4%
200
Penn Traffic Co
IX
IX June
5%
Mar
July
11
12%
Montreal Lt Ht 4 Pow..*
Moody Investors pref.—*
Mar
*14%
% June
6X Mar
8% Mar
IX Mar
24%
Feb
103
Miss Rlyer Power pref-100
Missouri Pub Serv com
*
152
85
100
200
Pan-Amer Airways
—*
Pantepec Oil of Venez
1
Paramount Motors Corp. l
8%
~~5
30
8
'•
2%
Page-Hersey Tubes com..*
200
151
108
107
12%
he
July,
7% June
59% May
*
Apr
62
15
Mar
he
July
1%
4%
36
European Oil com.-.l
1%
Feb
5%
51
Mar
7%
June
July
Apr
Mar
Apr
1
June
7%
X
X
5%
10
d*
Apr
3%
100
Apr
6
500
200
May
79
18
65
Pacific Ltg $6 pref
*
Pacific P & L 7% pref.100
Pacific Publlo Service
*
%
Montgomery Ward A
25
July
3% June
4X June
X Mar
'""166
Feb
1%
6%
6%
700
4%
July
3%
Monarch Machine Tool..*
Monogram Pictures com. 1
Monroe Loan Soc A
l
Montana Dakota Utll-..10
200
SOX
"T"
5
50
X
111
Mar
4%
4%
100
May
29%
5
No- Central Texas Oil
Apr
Mar
%
11
"13%
6% prior preferred
50
No Am Utility Securities.*
1%
X
5%
9%
400
5%% 1st preferred.—25
Mining Corp of Canada..*
see page
108
Pacific G & E 6% 1st pf-25
5%
105
1%
Feb
"266
22%
Jan
Jan
*
11
"""20
3
17
100
"25""
Jan
1,700
"39"
May
*52% *53%
-*
North Amer Rayon cl A..*
Class B com
*
%
4%
%
6%
37*
Mar
12%
18%
5X
9%
4%
4%
1%
Mar
hi
Jan
IX
X
500
6
51
51
IX
Apr
May
*
Minnesota Mining <fe Mfg. *
Minnesota P & L 7% pf 100
5%
6%
1
Parker Pen Co...
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2)4
Nachman-Springfllled
*
"5%
4
Jan
%
Mid-West Abrasive.---50c
Midwest Oil Co
10
Midwest Piping & Sup.—*
48%
4%
%
5%
8%
2
June
79
45
1
he June
7,100
7%
1,500
1,000
Oliver United Filters cl B_*
Overseas Securities
*
1,500
10X May
Jan
4X
hi
Nor Amer Lt & Pow—
Jan
""400
4%
300
100
*he
3%
%
6%
5%
Mock, Jud, Voehrlnger—
Common
...12.50
Molybdenum Corp
l
109X1169%
45
5
Class A pref
July
5
4%
1,700
32
6
Niagara Share—
May
"h
..
Midland Oil Corp—
$2 conv pref..
Midland Steel Products—
For footnotes
June
150
hi
Class B opt warr
3% May
%
Middle West Corp com—6
Warrants-
Moore Corp Ltd com
Class A 7% pref
Jan
%
Jan
2
64*
1%
17
—
74%
*
v t c—
$2 non-cum dlv shs
MIdvale Co
Class A opt warr
he
Michigan Bumper Corp.-l
Michigan Gas & Oil
.1
Michigan Steel Tube. .2.50
Michigan Sugar Co.--—.*
Preferred
10
1
%
Oil..
—
4%
Apr
50
25%
2
100
ho
1%
~25%
3,500
%
%
Partlclpat preferred -15
Metropolitan Edison-—
56 pref
*
Class B
4%
—-
6X % A preferred—10O
Mexico-Ohio
Jan
13%
Merchants & Mfg cl A.^.l
Mesabl Iron Co
Jan
45
Mercantile Stores com.—*
Metal Textile Corp
July
July
3%
16%
Memphis P & L $7 pref—
—
July
51
Memphis Nat Gas com...6
Warrants
Jan
.Mar
4%
Mar
1%
8
N01
May Hosiery Mills Inc—
$4 preierred w w
*
McCord Rad & Mfg B—*
McWlllIams Dredging.—*
Mead Johnson & Co
14%
1,900
64X
Mar
17
100
Common
16
"5% ""6%
.
'
IX
7%
2%
84
Jan
Jan
Jan
Feb
Mar
May
100
7%
2%
-100
5% 2d preferred
Jan
38
Mar
38%
Mar
14%
Niagara Hudson Power—
Common....
10
Nineteen Hundred Corp B1
N1 pissing Mines
5
%
""166
pf.100
July
1%
2%
N Y Water Serv 6%
Nllee-Bement Pond
Mar
15
9
1%
Jan
%
3%
Mar
14%
18%
--
July
July
3,300
14X
Mar
hi
New York Transit Co.—5
5% 1st pref
July
39
400
IX.
--
%
Mar
Mar
Jan
37
July
5%
2%
64
N Y & Honduras Rosarlo 10
Jan
42
Apr
June
12
300
%
1%
64
16%
86 preferred--*
N Y Shipbuilding Corp—
Founders shares
1
34 X
July
%
--
--
July
June
1%
""8% "9%
ar
A
--
3
July
lix
"i"66o
%
1%
61%
N Y Pr & Lt 7% pref-100
14%
10%
1%
-
Jan
Mar
1
7
Apr
City Omnibus—
Warrants
25
Mar
7%
Mar
May
""B% *~5%
N Y Auction Co com...
N Y Merchandise-—10
July
July
T260
300
63
61
*
Jan
5%
6%
26%
—*
New Process Co com
N Y
10
15
Feb
17,400
5,900
35
12%
"37""
"35"
8
14
14%
10%
12%
1,000
—
Tel 100
25%
13%
34
2%
Jan
July
22% May
26%
*
Master Electric Co
""5%
Newmont Mining Corp. 10
July
Mar
34
1
5%
Mar
*
Mass Utll Assoc v t c
$2 pref
New England Tel &
New Jersey Zinc
2o
New Mex & Ariz Land—1
7%
26%
1%
IX
15
7*
£*
3
100
6% preferred...
Mar
June
4
*
New Engl Pow Assoc
May
July
"*850
Communlca'ns ord.reg £1
shovel
35%
61%
5
July
5%
'""666
—
May
14
Marconi Intl Marine
Marlon Steam
1st pref
Nelson (Herman)
New Idea Inc com
*13%
-
Margay Oil Corp
Co com
*
Nebraska Pow 7% pref-100
Nehl Corp common—
*
New Bradford Oil Co
85%
"16"
3X
Nebel (Oscar)
Jull
Jun
2,100
•
2
12%
*
Corp—1
*
11
Feb
200
%
"""900
-12.50
-
37% June
12 X
Feb
102 X
Mar
May
7% preferred
-.-100
6% pref class B
100
Loudon Packing...-----*
Louisiana Land & Explor.l
Louisiana P & L $6 pref--*
_
*
Corp.-6
Neptune Meter class A—*
Nestle Le Mur Co cl A—*
Nevada Calif Elec com-100
7% preferred.—-—-100
July
3
Line Material Co
IiOng Island LightingCommon
"lO"
Navarro Oil Co—
IX
7%
High
Low
Shares
3,700
10
"u
Nat Tunnel & Mines
Nat Union Radio
1%
14
Le Tourneau (R G) Inc..
National Transit-
Jan
15X
8%
14%
12 X
High
9
Range Since Jan. 1, 1938
for
Week
of Prices
7
New Haven Clock Co-
1
*
Preferred.-—
4
~*
Co—25
Nat Rubber Mach
--*
Nat Service common
1
Conv part preferred—*
National Steel Car Ltd-.-*
National Sugar Refining.*
National Tea 5X % pref. 10
National Oil Products
Feb
58%
8%
*
Lefcourt Realty common.
9%
Week's Range
Low
National Refining
6
63%
3
5,800
2,400
*
A—
B—
LehJgh Coal & Nav——*
Leonard
100
Price
com—*
National P & L 86 pref-
3%
Kresge Dept Stores
Kress (SH)& Co
Nat Auto Fibre com
Nat Mfg & Stores
Jersey Central
82
Par
High
*n May
11%
7%
200
200
Sale
(Continued)
High Share*
Low
Last
STOCKS
Range Since Jan. 1,1938
Week
Par
Sales
Friday
Sale*
Friday
STOCKS
(Continued)
Class
July 30, 1938
New York Curb Exchange—Continued—Page 3
712
June
June
12%
8%
Jan
Mar
3%
4%
3,400
2%
Mar
..1
3%
2,800
1%
Mar
Conv pref series A
10
Pierce Governor common.*
21X
17%
4%
23
250
10X
Mar
23
July
17%
500
zlOX
Mar
July
1
Jan
19%
IX
Mar
3%
Jan
Common.
..*
Pines Wlnterfront
1
Pioneer Gold Mines Ltd-_1
3X
"3
3ji
41400
2%
4%
July
Jan
Volume
New York Curb
147
STOCKS
Last
(Continued)
Sale
Par
Price
Exchange—Continued—Page
Week's
Range
for
»
Range Since Jan, 1,
High
Shares
^
Mct6r
39*
Pittsburgh Forglugs
1
Pittsburgh A Lake Erie. 60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
Plough Inc
—*
Polaris Mining Co
25c
Potrero Sugar
9
2,400
53
540
7*
100
100*
101
1.500
*
200
3*
400
»»
400
15
2*
22*
2*
24
2*
19*
18*
20
50
500
2.700
*
5*
7*
7*
*
Prudential Investors
10
July
Mar
62*
Jan
7*
Jan
Mar
106*
July
June
1*
Jan
Jun6
8*
Jan
Mar
*
2*
•h
2*
Feb
97
July
July
2*
Feb
Mar
June
37
9*
Mar
20
he
Apr
*i«
5*
7*
5*
7*
7*
1,600
3*
Mar
6*
Jan
125
6*
3*
Mar
7*
Jan
7*
July
Mar
July
July
98
Jan
Jan
Public Service of Colorado-
100
6% 1st preferred
101
30
101
*
*
$7 prior preferred.
$6
preferred
Mar
95
103*
7% 1st preferred
100
Public Service of Indiana—
38*
July
106
Feb
190
22
Jan
23*
22
160
11*
Jan
39*
23*
6% prior lien pref—.100
7% prior lien pref... 100
{Pub Utll Secur$7 pt pf._*
Puget Sound F A L—
55 preferred..
—*
$6 preferred*
Puget Sound Pulp A Tim. *
Pyle-Natlonal Co com—5
75*
87
*
86
40
41*
225
17*
6*
19
625
23*
10*
6*
300
4*
"5* "6*
41*
17*
"400
4*
7
Mar
47*
Mar
23*
May
May
Mar
7*
150
166
5
4
6*
33*
3
1,800
20
5
5
6,600
6*
35
32
July
July
Jan
June
7
Jan
4,700
1,700
12*
200
13
4
4
1,200
"2",200
3
8*
2*
7*
*
*
*
..*
7*
8*
30*
8*
3*
8*
*
53
7
8
7*
36*
3*
1*
80*
3*
T"
.25
*
1st preferred
2d
24*
July
Mar
22*
97
1
1,200
100
r23
90
Mar
June
5,200
"h May
* June
10
1*
17* June
r23
1*
1*
25
10*
3*
Mar
*
1,700
1,300
*i#
Mar
»i8
Jan
12*
6*
Mar
12*
4
4*
1,900
2
Apr
4*
July
July
4*
5*
3,300
9*
*
10
4*
2*
62
Jan
June
5*
69
10*
Apr
12*
3*
4*
1,200
2*
24*
Apr
4*
Mar
June
6
29
6*
3*
100
3
June
18
13*
7*
July
3
1,800
2
Mar
3*
Mar
10*
July
8
v
6*
Mar
9
*
Feb
7*
1*
3*
9
Mar
•i«
July
*
1
Inc
--——-1
Stetson (J B) Co com....*
Stlnnes
Jan
Jan
10*
Feb
July
Feb
May
July
3*
May
Jan
(Hugo) Corp
6
*
*
—*
1
Sullivan M achlnery
Sunray Drug Co
Oil
8*
2*
5* % conv pref
60
Superior Ptld Cement B—*
13
July
Mar
4
July
Technicolor Inc common.*
1*
Jan
July
Teck-Hughes
* June
July
Mar
6
1
Mar
3*
June
June
Mar
7ib
Apr
90*
11*
Apr
16
*
Jan
Feb
July
2
Tfaew Shovel Co com
5
Tilo
T266
Jan
800
3*
Mar
9*
Jan
600
*
June
7i«
Feb
46*
30*
July
46*
50
53
July
July
4*
Apr
Mar
reg—£1
reg.—£1
Corp
*
Toledo Edison 6% pref.100
7% preferred A
100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev.l
5
Mar
35
Mar
18*
3*
350
18*
4
300
3,900
50
4
2*
*
48
Mar
Mar
Mar
100
4*
June
200
12*
2*
Mar
42
Mar
7,500
l"I66
"2*
Jan
Jan
July
Jan
Mar
2
Feb
13
7
Jan
11
Mar
13*
July
July
Feb
2*
2,000
Mar
Apr
Apr
3*
36*
Jan
Feb
5*
2*
34
1*
7*
100
May
7*
July
Mar
Feb
6*
31*
June
Mar
*
1*
26*
July
300
2*
34
100
34
2*
29*
*
500
2*
26*
*
1*
1*
Mar
26*
1,100
17,000
*
21*
14*
Mar
4*
May
5*
6*
28* Z29*
*
25*
3,600
600
44
20
4*
4*
Mar
15*
21
10*
11*
Jan
Jan
Jan
5*
70* June
102
Jan
Mar
5
7,250
1,600
0*
Mar
21
July
July
11*
July
7*
Mar
3
4*
July
3*
16,700
Apr
50
4*
Jan
400
92* June
4*
11
Mar
2*
Mar
5
Feb
61*
5
July
July
Tobacco Securities Trust—
July
Jan
200
1!
*
Exports...*
Tobacco Prod
Apr
8
9*
---1
Constr*
Roofing Inc
Tlshman Realty &
3*
Jan
July
9*
13
12
1
Tenn El Pow 7% 1st pf.100
Texas P & L 7% pref-—100
July
38
3*
1*
800
Mines
3*
1,000
2,800
81
June
Mar
22*
9*
1,600
$3.30 class A particlpat.*
Swan Finch Oil Corp
15
May
July
6ib
Jan
8
"Is"
Taggart Corp com
1
Tampa Electric Co com—*
Tastyeast Inc class A...1
Taylor Distilling Co
1
Mar
Apr
July
Jan
7*
6
19
July
1,000
*
11*
9*
12
3*
Mar
Jan
Jan
July
3
1*
Jan
7*
Jan
22* June
99*
Jan
6
Apr
1*
Mar
1*
14*
300
1*
May
700
8
24
24*
600
Mar
15*
June
July
8*
July
9*
Jan
38
Fel
4
Jan
15*
Am dep rets ord
Am dep rets def
Todd Shipyards
Trans
Lux
1*
57*
94*
57*
60
93*
94*
105* 106
5
65*
1
Common
2*
10
Transwestern Oil Co
11
1
33
Class A
Tung-Sol Lamp Works... 1
80c dlv. preferred
*
Ulen A Co ser A pref
*
29*
Jan
Unexcelled Mfg Co
Union Gas of Canada
Jan
Union
Union Premier Foods Sts. 1
25
Feb
Jan
Mar
23
June
Mar
Investment
9*
Jan
106
Jan
July
Jan
h#
1*
Jan
Mar
3*
Jan
4* June
* June
7
July
7*
Jan
1*
7*
11*
June
Jan
100
11*
2,800
5*
Mar
35
Mar
July
Jan
500
18
June
3*
7*
800
2
Mar
3*
July
300
Apr
7*
Jan
3*
3*
200
4*
1*
Mar
3*
3
3
100
2
Mar
3
July
July
Mar
1*
Mar
33
34
2*
2*
7*
7
*
10
Series B pref
Jan
June
95*
Mar
3,800
1,300
6*
Tublze Chatillon Corp.._1
15
113
Mar
Jan
July
*
2
1*
Jan
98*
2,500
7
Jan
40
2*
7*
1
3*
Apr
2*
7
2*
85*
1*
63
Screen—
Plct
Tri-Contlnental warrants..
July
60
16*
h«
Trunz Pork Stores Inc.—*
July
Mar
800
Jan
July
44
*
July
6
18*
Feb
Feb
50
*
Jan
1 *
92
8
9
500
16*
3*
1*
1*
500
*
200
1
Mar
29* June
—.*
*
3,500
May
3*
500
2
Mar
11
3*
June
9*
July
1*
1*
Jan
July
35
Mar
1*
4*
17
Jan
June
Jan
*
"14* "14*
1,666
13*
"13* "14*
lJOO
14*
12,800
4*
1,100
11*
Mar
15
3*
*
com..*
Mar
0*
14*
July
Mar
10
Jan
Jan
Jan
1
Common
1*
1*
1,400
9
1*
.5
stock
9*
200
*
5
Mar
Mar
1*
10
June
June
55.50 prior stock.....25
"72*
72*
74*
250
48*
Mar
74*
July
Allotment certificates...
73*
73*
73*
100
49*
Mar
73*
July
Selfridge Prov Stores—
£1
Amer dep rets reg
3*
Seversky Aircraft Corp—1
Denn Mining..5
2*
8*
Shattuck
Shawinlgan Wat A Pow__*
Sherwin-Williams com-.25
5% cum pref ser AAA 100
Shreveport El Dorado Pipe
Line stamped
..25
24*
3* June
4
United
7
3,800
200
1*
5*
18*
Jan
3*
Mar
10*
Jan
Apr
a-22*
July
July
Apr
110
107
111
1,450
66
Apr
115
111
110* 111
90
107
Jan
111*
*
13*
*
13*
100
*
•ie May
Jan
100
5*
Jan
13*
July
Mar
Mar
10*
Mar
1,200
1,000
16*
1*
2*
Conv preferred
*
Simmons H'ware & Paint. *
2*
June
Mar
5*
Jan
4*
July
Mar
*
*
Mar
July
Mar
2*
Feb
34
09
*
Mar
Mar
5*
100
1*
•11
Mar
1*
Mar
3*
4*
28*
Apr
Jan
Jan
Jan
77
Jan
Jan
Jan
Jan
100
1*
Apr
8,400
13*
Mar
17*
Jan
Apr
23*
July
June
70
May
5* June
75
05
Molasses Co—
dep rets ord reg...
United N J RR A Canal 100
July
6*
230
100
*
June
1
Preferred..
July
9*
1,300
8*
2*
United Shipyards cl
1*
2,300
20
220
220
*
United Profit Sharing—25c
*
—10
A—.1
9*
1
1 *
B
9*
212
8*
9*
3
July
July
Feb
77
80*
625
* May
50* Mar
81*
250
39
Jan
42*
July
May
July
1*
"42"
41*
United Specialties com—1
4*
7*
3*
42*
5
700
2*
July
6*
7*
4,700
3*
June
6*
8*
*
*
200
*
Mac
1*
60*
400
1
Jan
Jan
Jan
Jan
-25
Preferred
U 8 Foil Co class B
Simmons-Broadman Pub—
4,500
3
2*
28*
23*
Am
Class
Mar
2,300
1
—*
preferred
United Shoe Mach com .25
*
common
$6 1st preferred
—.*
Milk Products—*
United
100
July
2
02
2*
3*
ll16
100
2*
$3
T,m
*
*
24*
22*
Feb
9*
£22* Z22*
non-voting.*
500
"2*
June
8*
*
*
*
'""2* "2*
1,100
16,800
Common class B_.
1H
Mar
4*
97*
United Lt A Pow com A.*
May
Seton Leather common...*
4
96
United G & E 7% pref.
'u May
14*
6,500
*
1
Option warrants
100
July
July
Apr
4
warrants.—
United Gas Corp com
4
61«
.1
Serrick Corp (The)
*
Un Cigar-Whelan Sts.-10c
11*
$3 cum & part pref
Corp
2*
Mar
30
11*
United Chemicals com...*
United
Mar
4*
Transport
Warrants
518
1*
1
Sentry Safety Control
Aircraft
2*
50
paid-in
$17.50
United
1st $7 pref
Selected Industries Inc—
U S and Int'l Securities. _*
Jan
2*
4
240
2*
3*
240
2*
4
248*
Jan
42
Mar
62
July
1
60
Mar
50
212
Mar
254
July
Singer Mfg Co Ltd—
July
U S Playing Card
i*
*
10
""""50
22
Feb
1*
29*
U S Radiator com
Simplicity Pattern com... 1
Singer Mfg Co
.100
—1
4*
4
4*
1,400
2
Mar
4*
Jan
3*
2*
3*
1,800
Mar
3*
Jan
1st pref with warr
U S Lines pref
4*
100
U 8 Rubber Reclaiming—*
Jan
88
Jan
Mar
13
Mar
"29* "29*
4*
July
5*
*
10
$7 conv 1st pref
1
3*
3*
3*
1,500
•1 *
Mar
4
Sonotone Con
J
1*
1*
2,600
1*
Mar
United Verde Exten—,60c
1*
1
1,000
3*
2*
Mar
1*.
6*
Jan
Soss Mfg com.
1*
5*
Jan
United Wall Paper
2*
Mar
3*
Jan
Co
July
United Stores v t c—
Calif Edison—
5% original preferred.25
6% preferred B
—25
34*
28
25
Southern Colo Pow cJ A.25
100
For footnotes see page 715
28
28
"2 * "2*
300
"166
25*
23*
1*
30
Apr
Mar
Mar
Mar
June
39
28*
26
2*
45
May
July
Universal Consol Oil
2
10
Universal Corp v t c
5*
South Coast Corp com...1
1*
U S Stores Corp com—.
13
4*
Jan
88
Amer dep rets ord reg-£l
Sioux City G A E 7% f»f RM
Smith (H) Paper Mills.
preferred..
Mar
6*
10*
3*
*
1*
Segal Lock A Hardware.. 1
Seiberling Rubber com...*
Selby Shoe Co—
*
7%
15
500
96*
Feb
Union Traction Co (Pa)—
8*
-
5*% pref seres C
2,300
6*
6*
21*
Sterling
15
Securities Corp general—*
Southern
July
14*
18*
Sterling Brewers Inc
110
*
Warrants
Solar Mfg.
2*
14*
Mar
50
20
preferred
2*
*
pref
Scullin Steel Co com
Sllex Co
Apr
Apr
5
18
18
*
Jan
Lace common..*
Convertible
11
200
2*
Sterling Aluminum Prod.l
Scranton Spring Brook
Seem an Bros Inc
100
14*
18*
2*
July
1*
13*
*
Service
2
14*
12
100
preferred
Mar
.....
5
Water
6* %
Sterchl Bros Stores
1*
100
9
6
6
50
6
—100
preferred
Samson United Corp com 1
Scran ton
300
14
July
1,100
'"106
53
2*
1
pref
Mar
16
1
Ryan Consol Petrol-..--*
Ryerson A Haynes com._l
Safety Car Heat A Lt—
St Lawrence Corp Ltd—*
Scranton Elec $0
8*
20
Scovill Mfg
Jan
22*
105
22* June
5
1
Savoy Oil Co.—
18
Jan
Jan
Jan
Jan
146
90
5
"16"
*
"16"
*
Schiff Co common
Mar
*
Texon Oil A Land Co
$2.50 conv pref.——..*
7%
-2*
Mar
4
2*
ord ref._. £1
Rome Cable Corp com—6
$2 conv pref A
1,100
4*
1*
*
Mar
2,000
Am dep rets
Rustless Iron A Steel
July
Stein (A) A Co common. _*
Tobacco Allied Stocks
Royal Typewriter
*
May
Rolls-Royce Ltd—
Russeks Fifth Ave
Jan
100
136
May
*u June
1
Royallte Oil Co Ltd
Jan
& Acid Works com...20
Starrett (The) Corp v t.c.l
9
2*
CoVoting trust ctfs
1
Rochester G&E6%pfD 100
$1.20 conv pref
Rossia International
17*
*
17*
Jan
* June
*
Jan
Feb
Mar
Jan
Mar
39
22*
Standard Wholesale Phosp
Apr
Rio Grande Valley Gas
St Regis Paper com..
1
3
18
1
29
*
*
common.*
Relter-Foster Oil
50c
Reliance Elec A Eng'g...5
Reybarn Co Inc.
—1
Reynolds Investing
1
Rice Stlx Dry Goods
*
Roosevelt Field Inc
17*
1
Sunray
17*
Reeves (Daniel)
Root Petroleum Co
*
*
Standard Steel Spring
*
19
Reed Roller Bit Co
Roeser A Pendleton Inc.
*
500
4*
Apr
May
1*
*
Stroock (S) Co
*
60c
Radiator
19
Feb
146"
"16* "16*
Red Bank Oil Co
Richmond
60
Feb
Jan
Apr
July
7*
*
146"
-—*
Raytheon Mfg com
Common class B
Preferred
Standard Products Co
Standard Silver Lead
Raymond Concrete Pile—
53 conv preferred
700
Mar
90
*
6% preferred
100
Quebec Power Co
*
Ry & Light Secur com...*
Railway A Utll Invest A..1
Rainbow Luminous Prod—
Class A
*
Class B...
•
Common
10
28*
37
21
4*
1
July
July
*
July
5*
*
100
June
92
3
"466
36
Standard Oil (Ohio) com 25
5% preferred
Standard Pow & Lt
Steel Co of Can Ltd
Pyrene Manufacturing. .10
Quaker Oats common
Apr
May
May
5*
Mar
500
21
37
Standard Dredging Corp—
Common...
.1
$1.60 conv preferred..20
July
Public Service of Okla—
Mar
2
2*
*
Standard invest $5* pref*
Standard Oil (Ky)
10
Standard Oil (Neb)
25
140 *
10
dep rets ord reg
£1
dep rets ord bearer £1
Spencer Shoe Co
*
Standard Tube cl B
39
38
23
103
Jan
June
Am
com
High
Low
Am
Standard Brewing Co
*
Standard Cat A Seal com. 1
Conv pre) erred
.10
24
85
25
July
Feb
Shares
"6* ""6*
Pipe Line..60
Spanish A Gen Corp—
Stahl-Meyer Inc
500
700
South Penn Oil
Jan
Mar
High
3*
So West Pa
July
June
1*
Range Since Jan. 1, 1938
for
Week
of Prices
135
Preferred A
25
Southland Royalty Co..-5
1*
17
Week's Range
Txno
2*
4*
15*
June
10
3*
Price
Southern Union Gas
Mar
300
7
Sales
South New Engl Tel—100
Southern Pipe Line--...10
Mar
*
—*
preferred
Mar
Mar
33
*
Gas
July
July
*
1
*
Prosperity Co class B
7*
39*
95
Pressed Metals of Amer.. *
Corp
Jan
Mar
55
6
Sale
Par
34*
4*
100
4*
15*
*
Prentice-Hall Inc
6*
37*
4*
300
8
"u
Premier Gold Mining.... 1
16
25
4*
4*
Canada—*
100
6% 1st preferred
Providence
800
39*
10
*
7*
3*
Power Corp ol
Producers
9
7*
102*
5
Pratt & Lambert Co
39*
51*
common.-.5
Powdrell A Alexander
7*
7
RR—-150
Last
(Continued)
High
Low
Pltney-Bowes Postage
Pitta BeesA L E
STOCKS
1938
Week
of Prices
Low
713
4
Friday
Sales
Friday
1
Universal Insurance
Universal Pictures com... 1
Universal Products Co—*
Utah-Idaho Sugar
May
Utah Pow & Lt $7 pref—
5
Jan
Feb
»u
Mar
1*
Jan
1*
Feb
A*
Mar
2*
1«*
July
2*
2*
4,400
"2* "~3"
'"766
7
Jan
"loo
1*
June
7
15
Jan
Feb
1*
15
Jvn
*
1*
"5* ""5*
5*
2,300
3,200
8
July
July
3
Jan
May
3
Mar
50
9
May
1
Mar
31
Mar
1*
1*
600
39*
40*
175
July
Jan
3*
8* June
8
16*
1*
43*
Jan
Feb
Jan
Jan
New York Curb
714
Friday
Sales
Friday
STOCKS
Last
Week's Range
for
(Concluded)
Sale
of Prices
Range Since Jan. 1.1938
Low
Price
High
Low
Shares
conv
225
Apr
3H
July
Crucible Steel 5s.—1940
45 K
July
H
Jan
Cuban Telephone 7 K* 1941
Cuban Tobacco 5s
1944
200
11M
2H
500
12M
3M
Jan
Cudahy Packing SKs.1955
Mar
Jan
Delaware El Pow 5 Ks. 1959
Mar
Jan
Denver Gas A Elee 6s. 1949
17 W
Jan
Det City Gas 6s ser A.1947,
3K
July
7
600
Mar
36
450
1H Mar
20K June
36
22
22 M
300
11
23
200
2M
Mar
4K
2,000
H
Mar
Apr
IK
July
Jan
10K
"360
IK
7,000
Mar
59
7% pref.. 100
9
4M June
1M
Mar
6K
Mar
Waco Aircraft Co...—
*
83
100
Walker Mining
Co
Wayne Knitting Mills..
Welsbaum Bros-Brower—1
Wellington Oil Co
1
Wentworth Mfg.—.1.25
Western Air Express
1
Western Grocery Co
20
83
Mar
IK
Jan
Empire Dist El 5s
1952
Empire Oil 4 Ref 5 Ks. 1942
Erode Marelll Elee Mfg6 Ks series A
1953
Erie Lighting 5s
1967
Federal Wat Serv 5 Ks 1954
July
Mar
Apr
6K
Jan
Mi June
6K
Jan
3H
4K
June
7M
200
"4M
""800
2M
3M
400
IK
Mar
900
2
May
8
Jan
0
4M
2K
3K
Elmira Wat Lt A RR 5s '56
July
3
8
Apr
Jan
Finland Residential Mtge
Banks 6s- 6s stpd—1901
Jan
50
47
46
30K
Mar
10M
100
46
May
75
Jan
Westmoreland Coal Co—*
81M
2
20
'
4M
5M
1,100
*
9M
10M
900
1
Wisconsin P A L 7% pf 100
Mar
July
2k
Jan
4M
4M
2K
Apr
Apr
7K
6K
Jan
Apr
6M
June
5K
10K
May
58 M
2
Wolverine Portl Cement. 10
2
Wolverine Tube com
Petroleum
Wool worth (F W) Ltd—
9K
81K
07M
K
Williams OU-O-Mat Ht.
Woodley
Feb
Mar
400
1
*
—
Mar
6
81M
VA
Weyenberg Shoe Mfg
Williams (R o A Co
Wilson Products Inc
22 H
Mar
9
West Texas Util 10 pref.
West Va Coal A Coke...
Apr
Mar
9h
70
3K
Feb
July
July
Jan
July
Jan
6K
7M
1,100
3M
Mar
7K
July
7K
7M
400
5M
May
7K
July
14K
1
Mar
16K
Jan
8H
2K
Feb
Jan
dep rets
7K
8
4,100
6M
Mar
1H
1H
VA
1,600
IK
Mar
1942
103
$2,000
102
8,000
5,000
11,000
11,000
76 M
Apr
70K
Apr
66,000
103
65
Jan
Jan
103 K
89
Jan
101
78
Apr
Feb
Alabama Power Co—
1946
1st A ref 5s
1951
93
1st A ret 6s
1956
ist A ret 5b
1968
92 M
89
1st A ref 4^s
1967
82 M
99
Aluminium Ltd debt 5sl948
106
2028
109
Am Pow A Lt deb 6s..2016
89
Amer Radiator 4KS-.1947
Amer Beating 6s stp—1946
106 K
97
Appaiac Power Deb 04 2024
Ark-Loulslana Gas 4s. 1951
99 M
93
93
91H
92 M
88 H
82 M
89 H
100
106 M
108 M 109 M
88 M
89 M
106
90
106 M
H
116
97
116
Associated Eleo4Ks..l953
Associated Gas A El Co—
Conv deb 5Ks~...1938
44
105K June
23.000
100
77,000
12,000
5,000
13,000
31,000
43 M
Mar
104 H
Mar
31M
34
32
Conv deb 5Ks
1977
39
40
Assoc T A T deb BKs.A'56
Atlanta Gas Lt 4Ms.. 1955
75 M
100
100 H
Avery A Sons (B F)—
6s with warrants...!947
77M
100
100 K 100 H
$88 K
49,000
29,000
33,000
2,000
12,000
85M
91
104 k
3k
June
5k
4
2,000
3k
June
5%
July
9,000
1
Feb
ik
ik
May
77 K
105K
97 K
100K
54
7,000
93,000
9,000
77
79
76,000
18,000
105K 105K
104
104
1,000
97 K
98
9,000
99 K 101
733,000
IK
76
109K 109K
54
2,000
55
2,000
1O0K 106K
77
103 K
16,000
78K
103 K 103K
102
102K
1,000
11,000
5,000
101K 101K
$05
80
h
Jen
Feb
Apr
05
June
81 k
May
106
Apr
109 k
May
53 k
79 x
Mar
Apr
106
July
July
98
Mar
104
July
83 k
Mar
98
July
71h
Apr
101
July
43
Apr
Feb
56
106 k
July
Apr
78 k
July
101k May
101k July
101k July
105
Feb
105 k
105 h
Jan
97 k
102k
68
78 k
June
,
95
Feb
Jan
Jan
July
July
Apr
Gary Electric A Gas—
5s ex-warr
stamped. 1944
Gatlneau Power 1st 5s. 1956
Deb gold 6s. June
Deb 0s series B
Georgia Power ref 5s.. 1967
Georgia Pow A Lt 5s..1978
80
89 X
♦Hamburg Elee 7s
May
113
July
July
113
Apr
July
90
107 K
July
$64
65
65
Jan
90
July
20K
Mar
34
July
20K
Feb
100
Apr
101
July
97 M
96 H
114M 114M
57,000
4,000
113H
Jan
May
45
Cincinnati 8t By 6 Ms A '52
75
40 M
75
Mar
94 k
July
42,000
79 K
23 K
Mar
41
Jan
56.000
24
Mar
41
Jan
41
71
July
Mar
57 k
July
Jan
107k
May
July
107 k
Jan
70
k
Mar
67k
66
34,000
42 K
Mar
67
July
65
65
2.000
65
July
6*
July
12,000
43
Mar
67 k
July
July
July
5 Ms
1949
♦Commeri A Prlvat5Ms'37
Community Pr A Lt 5s '57
63
63
65
"74 %
Community P S 5s...I960
100
100M 100K
74
75 M
99 K 100
Conn Lt A Pr 7s A...1951
Consol Gas El Lt A Power
129
(Bait) 3 Ms ser N...1971
Consol Gas (Bait City)—
108 M 108 M
129
$110K
69
104 M 104 M
Gen mtge 4 Ms
1954
Consol Gas Util Co—
123 M 123 M
K
66
45 k
Mar
03 k
56 K
27,000
43
Mar
61k
69
8,000
35,000
104K 104K
55 K
56 K
55 K
64
64 M
108
Mar
June
60k
June
56 k
Apr
Mar
io'ooo
107
Jan
109
Apr
35
Mar
56
July
81K
76 K
22,000
8,000
64
Mar
83
57 k
Mar
70 K
July
July
97
99
18,000
90
Mar
99
July
90 K
97
91
June
97 K
July
6s series B
...1961
Iowa Pow A Lt 4KS..1958
Iowa Pub Serv 5s—.1957
105""
K
$106K 108
104K 105
7,000
105 k
Mar
107
July
"5,666
98 k
Jan
105
July
3,000
52 k
Apr
03
Jan
3,000
78
Jan
85
Feb
30,000
39
Jan
53
July
July
48K
9,000
32
Feb
50
.—.1947
105 K
105K 105 K
6,000
100
Apr
100
4Kb series C
1961
Kansas Elee Pow 3 Ks. 1966
Kansas Gas A Elee 6s.2022
104 K
104 K 104 K
101K
101K 101K
20,000
1,000
Kansas Power 5s
ioik"
5s stamped
1942
46 K
Jersey Central Pow A Lt—
6s series B
1947
117
117
101K 102K
7,000
98 H
Jan
Apr
105k
Jan
97
Mar
July
112
Mar
101 k
117
Apr
102 k
13,000
95 h
36,000
65
July
July
Kentucky Utilities Co—
Long Island Ltg 6s...1945
Louisiana Pow A Lt 5s 1957
Mansfield Mln A Smelt—
Mar
05
July
40
Mar
65
July
94K
125 K
6,000
103 K
Deb 4Ks
83
94 K
104
2,000
78
Mar
84
50,000
65
Mar
98K
67K
$94 K
Jan
100k
Julv
Memphis P A L 5s A..1948
88
75 k
June
Mengel Co
90 K
100k
Metropolitan Ed 4s E.1971
Apr
129
July
July
Jan
108h June
i06K
99 K
88
68K
89
87
64
64
98
99K
95 K
96
1st A ref 5s
1978
95 H
...1955
103 K
Registered
9;66o
88
102 K 103 K
78
80
94
July
90 k
84
July
99 k
July
July
Apr
103
Jan
Mar
27
May
84
Apr
97 k
104h
11,000
101
70
Apr
Apr
100
Mar
24m
Apr
Jan
Mar
100
Feb
106
July
28k
June
2,000
97
Jan
104
55
Apr
83
Jan
87
3,000
6,000
Apr
95
July
92k
May
07k
Feb
July
16,000
70
June
3,000
7,000
27,000
1,000
75,000
77,000
13,000
13,000
100
Apr
107 h
July
Mar
108k
July
101k
93
Jan
75 k
Jan
95
Apr
60
Apr
64
88k
Jan
99 k
July
July
83
Apr
97h
Apr
103 k
81
87 k
61k
Mar
78K
78 K
5.000
78k
July
85 K
109K
July
84
"lE 000
95
90 K
92 K
105K 106
106 K 107 K
Jan
84
25
40
104
Middle States Pet 0Ks '45
Midland Valley RR 5s 1943
Minn P A L 4Kb
28^000
90
105 K 100
$26 K
93
99K
94 K
103K 104
104
5,000
28
94K
$88 K
106"
Jan
1965
Apr
99
90
$27
Mar
48 series G
84 k
Mar
£9
$98K
"99K
52
4Kb. 1947
84
98
70
conv
83
89
82 K
1952
Miss Power A Lt 5s
1957
Miss River Pow 1st 5s. 1951
For footnotes see page 715
58 k
65 k
48
80 K
75 K
40
Jan
3,000
58
108
3,000
80 K
McCord Rad A Mfg 6s '45
Memphis Comml Appeal
6sk
Jan
Apr
74
"09"
•78 without warr'ts.1941
Marlon Res Pow 4Ks.l954
Apr
106 k
...I960
5sseries D
July
54
Jan
Apr
4Kb series F
1958
Iowa-Neb LAP 58—1957
July
7,000
49 k
100 k
61k
56 K
$55
108
Mississippi Power 5s.. 1955
64M
Jan
Interstate Public Service—
103
May
Jan
May
May
July
24^660
July
102 k
106 k
124
111 k
37 k
Apr
Feb
107 M
Mar
Mar
104K June
July
Apr
Apr
104 k
18k
91K
120 K
85
Mar
41,000
1952
86K
7,000
3,000
Mar
109 %
36
Debenture 6s
59,000
Jan
75
Jan
"56 K
51
54
108 k
July
109k
106K 106 K
Mllw Gas Light 4KS..1967
1939
K
52 K 116,000
33,000
99,000
29,000
5,000
44,000
27,000
2,000
Pipe
64 M
79
1956
64 K
63
95K
55 K
35
1969
63 M
63
93K
K
56 K
33 K
5s series I
65
101K 103
July
1952
Jan
64 M
101H
July
86 K
Lake 8up Dist Pow 3 Ks '66
Mar
1943
94
Mar
1957
7s series F
♦Leonard Tietz 7KS..1946
Lexington UtlUtles 5s. 1952
LIbby MoN A Libby 5s '42
47 K
stamped...!943
7b series E.
1st mtge 5s ser H...1961
6 Kb series D
1948
70 M
66 M 308,000
Cities Serv P A L 5 Ms. 1962
Mar
68
.1955
Lehigh Pow Secur 6s..2026
$68
64 M
65
100 M 101H
76
37,000
104K
Jan
.1966
..1969
94
International Power bee—
Jan
July
July
Cities Service Gas 5 Ms *42
July
86K
1963
1st Hen A ref 6s
Feb
74
43 X
98 k
84
53 K
54 K
91
79
1958
Apr
93
....1957
52 k
87
$75
.1960
5s
Jan
95
...1955
...
79
46K
July
July
6,000
1,000
98K
53
106k
Feb
July
78 K
83
Apr
July
101k
78 K
98 K
99
Apr
July
110
Apr
50 K
Jan
84
June
85 k
Isotta Fraachinl 7s
1942
ItaUan Superpower 6s. 1963
Jacksonville Gas—
July
Apr
101K
July
66
74~66O
July
Mar
97
June
68
Mar
86
Indiana A Mich Eleo 5s '55
5K« series F.
193 K
15
Mar
101K
100
99
85
U05K 106 M
May
43
43
106
59 H
Chicago A Illinois Midland
Ry 4Mb A
i960
Chic Jet Ry A Union Stock
Yards 6s
1940
(♦Chle Rys 5s ctfs
1927
Feb
12k
13,000
1,000
59 K
103k
32K
July
Isarco Hydro Eleo 78.1952
Apr
105
107 k
July
92
105 K
Apr
105
88
71,000
4,000
29,000
106 M
Jan
06 K
105
103
July
10,000
59,000
97
Interstate Power 5s... 1957
Mar
Mar
52 M
56 M
106 M 106 M
54M
June
2,000
1,000
100M
105
102 k
85
Jan
106 M
Apr
85
108 k
37
96
97 K
92 K
95
140
98
104
$107K 109
1953
International Salt 5s..1951
115k
95
Apr
$103K 104
$107K 107 K
...1947
Jan
114k
Feb
122k
j 22k June
87
Feb
Feb
97 k
Indiana Hydro Elee 5s 1958
Mar
89K
June
21k
83 k
Jan
July
July
95
28
26 K
94 K
103
July
16,000
37 M
1961
94 K
2,000
Mar
36
Chlo Dist Elee Gen 4Ms'70
26 K
103
lOOK
98 K
July
May
109
July
35 H
Mar
97
34 k
109
72 K
35K
Jan
June
Indiana Gen Serv 5s..1948
104k
36
107 k
76 k
33
July
Mar
5Ms ex-warr«nts—1954
Cent States P A L 5 Ms '53
July
6,000
July
71K
Cent States Elee 5s...1948
104
97
40
85
65 K
94
8,000
96 K
$30
97 K
101K
82 H
94 H
104K
Jan
Feb
July
95 k
2.000
82
42k
104
97
♦Indianapolis Gas 5s A1952
Ind'pollB P L 5s ser A. 1957
82 H
94 M
Mar
Apr
80 K
Apr
92 K
85 H
June
Apr
lb'656
99
59
51
29
Mar
July
Mar
104 M 104 M
104
103
98
05
04
Apr
Jan
Mar
102 M 103
98 M
97 M
98 H
98 H
Apr
84
July
99
108
11,000
3,000
87 k
103
50 k
93 k
Jan
20.000
70
1st A rei 4 Ms ser F.1967
July
Apr
June
85
Apr
Mar
Apr
66
81k
Jan
Feb
97
23
94 K
July
83
5s series C
96 H
12,. 00
02,000
27,000
7,000
2,000
24,000
103,000
75
95
0Ks series B
24,000
It 5
33 k
Feb
...1951
6s series A
July
May
Cent Pow A Lt 1st 5S.1956
5Ks...May 1957
Corp—
July
129
104
Apr
02
Electric
July
2,000
4Ms series H......1981
Cent Ohio Lt A Pr 58-1950
Cent Power 5s ser D..1957
R f deb
Indiana
35
135
104 M
May
68
"sjjoo
66
33 K
41
Mar
July
94
107
25
32 K
Mar
86
"l'ooo
68
Mar
73
4,000
56
66
Mar
Mar
135
114 K
Apr
Mar
42 K
65 K
21 K
Bethlehem Steel 0s
1998
Birmingham Elee 4Ksl908
Birmingham Gas5s...1959
Broad River Pow 5s.. 1954
Canada Northern Pr 6s *53
Cedar Rapids M A P 5s '63
Central HI Public Service—
Jan
June
78
42
$53
$12K
6s series B
21
Apr
103 M
96 H
87 k
49 H
53
"
65
66
lat A ref 5Ks ser B.1954
1st A ref 5s ser C
1956
Apr
Canadian Pao Ry 6s_. 1942
Carolina Pr A Lt 6s.-.1950
66
66
July
117K
120M
72 M
33~666
1949
40
62
83
05 k
Apr
Jan
Jan
July
80 k
6,000
Hygrade Food 6s A... 1949
Mar
110K
71H
$80
21*606
129,000
K
88 K
88K
$107K 112
1938
111 Pr & Lt 1st 0s ser A. 1953
8,000
1968
Ry 6Ks
July
5,000
5,000
i960
A St
98 K
121
87 M
Apr
"7l"
70
0Ks ex-warrants...1943
Houston Lt A Pr 3 Ks.1966
♦Hungarian Ital Bk 7Ka'03
122
86 M
July
77
$29
71
Houston Gulf Gas 6s..1943
122
"87 M
83
Jan
75 k
93
54
1935
Jan
Jan
Mar
75
85
54 K
Heller (W E) 4s w w ..1946
107K
109 K
120
121
62
81
♦Hamburg El Underground
90K
83K
I960
1st M 5s series B...1957
Apr
78
91 K
Guardian Investors 5s. 1948
80
Mar
63
72,666
83
82 K
111 Northern Util 5s... 1957
57
101 k
90
81K
$74
92
(Adolf) 4K0-..1941
Hall Print 6s stpd.... 1947
3.00
37,000
Mar
2,000
81
55
Gt Nor Pow 5b stpd..1950
May
88
83
Feb
101h
78
102
$85
81K
Grand Trunk West 4s. 1950
July
Feb
July
104 h
18,000
29,000
99 k
..1953
Glen Alden Coal 4s... 1965
103
90
92 h
Apr
92 K
104 K
1941
Gen Pub Util 0Ks A. 1956
♦General Rayon 6s A.1948
Gen Wat Wks A El 5s.l943
0s
91K
104
Mar
100
91K
104
15 1941
General Bronze 6s
1940
General Pub Serv 5s..1953
0Ks series C
1st M 6s series A...1955
6s ser A
July
Mar
10,000
5K
4K
IK
IK
79 K
91k
May
20,000
90
$75
♦Convertible 0s
1950
Bell Tflep of Canada—
5s
106 k
87 k
Indiana Servloe 5s....I960
5s without warrantsl947
Gas
Mar
Apr
90 K
94
Baldwin Loeom Works—
Service
93
May
July
Mar
Apr
02
30 M
Line 6s
July
110
76
90 K
2,000
32
Cities
July
104
June
97 k
74
July
49,000
29 K
Conv deb 5s
97k
Mar
108
17,6O6
May
July
95
32
Debenture 6s..
Registered
Debenture 5s
Mar
Jan
Jan
July
91K 115.000
97
31
31M
Cities Service 5s
72 k
July
87K
116
93 M
30 H
0s series B
90 k
100
Apr
Mar
91
Jan
30
1968
68 series B.
87 k
47
86
Feb
79
43,000
Debenture 6s
6s series G
103
100k May
91K
107 M
45M
Conv deb 4 Ks
1949
Conv deb 5s.......1950
Apr
58 M
31
Conv deb 4Ks C...1948
Atlantic City Elee 4Ks '64
43,000
102 M 103
97
98 X 122,000
Arkansas Pr A Lt 5s..1956
6s series E
IK
77
109 K
Hackensack Water 5s_1977
1st A ref 6s..
5s series C
83k
86
Gobel
8
BONDS
Amer G A El debt 6s.
High
Mai
Florida Power A Lt 5s. 1954
Grocery Store Prod 08-1945
Guantanamo A West 6s '58
Abott's Dairy 6s
5K
1
First Bohemian Glass 7s '57
♦Gesfurel
-6c
6% preferred
£1
Wright Hargreaves Ltd..*
Yukon-Pacific Mining Co.5
Amer
Low
63 k
Florida Power 4s ser C1960
—*
Wilson-Jones Co
......
Firestone Tire A Rub 5s '42
Western Tab A fltat—
Vot tr ctfs com
5K
Firestone Cot Mills 5s. 1948
Western Maryland Ry—
Range Since Jan. 1. 1938
High Shares
82K 131,000
101K
101K 101K
4,000
$95 K 97K
"67
64
72 K
22jj66
97 H
96 K
97 K
40,000
102
102 K
102 H
10,000
$108K 108 H
105K 106 K 30~666
104
103 K 104 K
44,000
El Paso Elee 5s A....1950
VA
7K
7
T
Jan
Mar
1
1,100
for
Week
80 K
81
Aug 1 1952
♦Certificates of deposit
Edison El 111 (Bost) 3 Ks 65
Elee Power A Light 08.2030
7
VA
Low
♦Deb 7s
Eastern Gas A Fuel 4S.1956
Apr
1H
Aug 1 1952
♦Certificates of deposit
♦6Ks
Jan
Jan
Sales
!
Week's Range
of Prices
Detroit Internet Bridge—
July
M
Apr
*«u June
6
*
Class B...
Jan
1H
Wahl (The) Co common.*
Waitt A Bond class A
♦
77K
10K
3H
11K
July
July
1950
5s 1st series B
July
1H
4%
"in
Vogt Manufacturing.....*
Wagner Baking vtc
2H
M
33
2K
"22
Petroleum... 1
7% 1st preferred
Cont'l Gas A El 5s—1958
31H June
K June
1M Mar
4,000
'11
12 M
—6
7% preferred
June
H
VA
1%
M
Venezuela Me* Oil Co—10
Va Pub Serv
Tu
7i«
Van Norman Mach Tool
Venezuelan
2
June
1K
45M
45
45
100
1
pref
Price
High
1M
Utility Equities Corp
*
Priority stock...
*
Utility A Ind Corp com..5
Conv preferred
—7
|UtU Tow A Lt common. .1
Class B
1
14
Sale
(Continued)
Utah Radio Products..
7% preferred
Valspar Corp com
Last
BONDS
Week
Par
July 30, 1938
Exchange—Continued—Page 5
86 K
47,000
70
Mar
109 K 109 K
10,000
109
Jan
78
July
July
May
h
July
110k
May
Apr
89
Volume
New York Curb
147
Friday
BONDS
•
Last
Continued)
Exchange—Concluded—Page
Week's
Sale
Range
for
Range Since Jan. I.
1938
67
6734
1944
8S~634s
6734
31,000
54
Apr
9934
19,000
86
Apr
434
43,000
134
8134
June
May
95
Jan
6234
5834
Mar
92
July
Texas Power A Lt 5s—1956
6s series A
2022
May
July
100
534
Feb
Tennessee Elec Pow 5s 1956
Tenn Public 8ervlce 5s 1970
Ternl Hydro-El 6348—1953
Texas Elec Service 5s. 1960
84
1,000
Nat Pow A Lt 6s A...2026
8934
91
16,000
80
83
28,000
Apr
8334
July
38
38
2,000
38
July
44 34
Jan
10.000
108
Mar
11034
May
Toledo Edison 5s
1,000
111
Apr
120
June
Twin
234
2030
80
j—
—
1
..2022
6b series A
115
Nevada-Calif Elee 5s. 1956
84
New Amsterdam Gas 5s '48
115
90
92
15,000
8034
Apr
93 34
Jan
8334
Nelsner Bros Realty 6b *48
84
20,000
69
Apr
8534
July
59"
6s_ _1948
5734
Conv deb 5s
5734
1950
New Eng Power 3lis.1961
New Eng Pow Assn 5s. 1948
""8934
Debenture 5148
1954
New Orleans Pub Serv—
9034
♦Income 6s series A. 1949
"83"
9934
N Y State E A G 4148 1980
7234
10734
------
N Y A Westcb'r Ltg 4s 2004
1954
Debenture 5s
6134
July
5834
Apr
5934
July
59
10534 10554
71,000
3934
60
July
5734
5634
8934
9134
8834
Mar
11,000
102
Feb
10634
11,000
70
Mar
8934
July
92,000
74
Mar
9.34
July
July
10,000
80
8434
60,000
9934
5,000
July
Feb
8134
July
June
64
9834
93
10034
Mar
Feb
8634
93
70
71
4,000
45
107
108
26,000
'05
Apr
9634
98
10434 105
36,000
88
Feb
84
Apr
May
51
No Indiana G A E 68-1952
Northern
10834
Ian
July
9*5
50
88
89
52 34
18,000
7,000
1966
10334
1969
104
1970
99
10234 104
104
10434
99
N'western Elec 6s stmpd'45
100
10434 10434
N'western Pub Serv 5s 1957
95
9434
107
..1945
------
1st A ref 414s ser
D.1956
Okla Nat Gas 4148—1951
10334
1946
9934
Okla Power A Water 6s '48
------
5s conv debs
7434
6s series A
"80 X
1952
10834
6s series A
1973
Utab Pow A Lt 6s A—2022
8134
76
90
July
Wash Gas A Light 58.1958
Wash Ry A Elec 4s...1951
54
July
Wash Water ^ower 5s 1960
July
West Penn Elec 5s...2030
Pacific Coast Power 5s '40
10734
♦5s Income
deb
1954
2434
10634
"lOlH
105
10534
10334 104
10334 104
July
West Texas Utll 5s A 1957
"9334
10434
July
Apr
July
Feb
10534
May
West Newspaper Un 6s '44
West United G A E 534s'55
Wheeling Elec Co 5s..1941
5334
100
Apr
9534
July
Wlso-Mlnn Lt A Pow 5s '44
July
Wise Pow A Lt 4s
10734
July
Apr
115
Mar
62
24
Feb
2734
June
23
Jan
28
Mar
2,000
6134
30
52
56
Mar
8034
July
8,000
5734
Apr
20,000
115
9434
6434
Feb
104
July
Feb
83
July
27 34
1,000
7434
75
8034
10334 104
8034
82
13,000
57,000
11234
July
Apr
8234
July
July
3,000
3,000
96
Feb
109
5334
Jan
80
July
8134
87
9034
26,000
64
Feb
8134
July
16,000
75
Feb
87
July
14,000
75
Apr
92
July
8634
32,000
75
Apr
87
July
65
Apr
8b 34
July
10834 10834
76
7934
8634
14,000
2434
25
29,000
106
10634
16,000
109
10,000
1234
10334
10634
9934
Mar
26
July
Apr
107
July
June
109
July
Jan
Apr
106
13,000
97
Feb
10234 June
108
1,000
96
Mar
93 34
94
83,000
51
5434
48,000
32
June
103
Apr
106
June
10534 10534
10134 102
10,000
7434
Mar
10834
July
94
July
55
June
10534
July
108
May
Jan
10734
July
9734
44,000
96
Feb
10534
1937
10034 102
82 34
*79
5834
Apr
1947
*79
8134
*24
30
♦York Rys Co 5s
*106
Stamped 5s
9634
102
72
May
July
Feb
85
May
8234
July
July
May
July
4734
Apr
Jan
9934
6534
Mar
8634
10634
82
Mar
30
10534
July
Apr
44
7,000
20,000
103 34
83
60
4734
~3~666
Yadkin River Power 5b '41
9834
9934
37,000
8034
81
12,000
69
Apr
10,000
100
Mar
10334
49,000
11,000
114
Mar
10234 10334
96,000
56
105
1966
Jan
July
Jan
10534
10734
107
104
10834
10634 10634
9734
9634
Mar
Jan
Jan
July
8,000
10334
104 34
96
Jan
Feb
10534
108
105
Jan
May
109
Feb
7,000
51,000
17,000
45,000
10434
8534
Apr
8634
Mar
Waldorf-Astoria Hotel—
93 34
8034
94
46,000
8534
Mar
102
Jan
40,000
10534 10534
86
1946
93
3,000
10034
8634
86
534s A—1946
59,000
22,000
Mar
Apr
"8934
Va Pub Serv
37,000
29,000
8234
7534
1st ref 5s series B...1950
1944
62 34
10834
66,000
16,000
6s
4348
July
Apr
May
61
8434
8034
8634
8934
July
Mar
96
Apr
9934
78
West Penn Traction 5s '60
6s series D
Ohio Power 1st 5s B..1952
(Del) 534s *52
United Lt A Rys (Me)—
11334
30
Feb
Mar
*26
1959
Jan
Apr
May
5734
48 34
9034
5934
1974
10334
10534
*10834 112
5s series C
Ogden Gas 5s
634s
634s
Apr
70
9134
2,000
*26
United Lt A Pow 6s.—1975
5034
10,000
Feb
9734
115
1945
105*4
Indiana P 8—
414s series E
f 6s
11244
51
8834
a
Jan
No Amer Lt A Power—
614s series A
..1956
Nor Cont'l Utll 5148-1948
♦1st
Un Lt A Rys
93
9234
9534
10334 10434
47
♦United Industrial 634b *41
Jan
118
Jan
5834
6534
84
5934
Mar
11534
94
High
Low
16,000
54,000
2,000
9734
City Rap Tr 534s '52
40
6,000
9334
Range Since Jan. 1. 1938
Ulen Co—
40
*11334
*46
Nippon El Pow 6 14b—1953
10434
10534
12,000
New York Penn A Ohio—
♦Ext 4Kb stamped. 1950
N Y P A L Corp 1st 434«'87
"95 X
87
58
9334
1962
44.000
92
N "Y Central Elec 514s 1950
86
for
Week
Shares
see Leonard
6034
117
58
90
1942
(L)
Low
Conv 6s 4th stamp. 1950
United Elec N J 4s
1949
United El Serv 7s
1956
117
N « Gas A El A sen 5s 1947
5s stamped
10934 11034
Tleta
Range
of Prices
High
Tide Water Power 5s.. 1979
7034
84
Deb 5s series B
Week't
Pr*e
ctfe.1937
Nassau A Suffolk Ltg 5b '45
(♦Nat Pub 8erv 5« ctfB 1978
Nebraska Power 4348.1981
Sales
Sale
High
Low
Montana Dakota Power♦Munson
Last
Shares
99
Missouri Pub Serv 58.1960
5^g
BONDS
(Concluded)
Week
of Prices
High
Low
Price
715
6
Fridayj
Sales
FOREIGN
GOVERNMENT
Jan
AND
Feb
Agricultural Mtge Bk (Coll
MUNICIPALITIES—
Pacific Gas A Eleo Co—
1941
1st 6b series B
Pacific Invest 5s ser A.1948
Pacific Ltg A Pow 5s.
.
1942
11534
------
Pacific Pow A Ltg 5s. .1955
Park Lexington 3s
1964
------
Penn Cent L & P 4 34s. 1977
8934
1979
1st 5s
------
1971
Penn Electric 4s F
11534 11534
91
92
*11434 117
7234
7034
7434
------
9334
31
31
89
9034
97
98
9334
9434
79
Apr
11634
9334
July
113
Apr
115
May
63,000
55
Mar
77
July
2,000
28
Mar
3434
Jan
7434
Mar
9034
July
3,000
78
Mar
98
July
43,000
76
Apr
9434
July
------
63,000
♦20 year 7b
1950
♦7sctf8of dep.Jan
*47
*22 34
♦68 ctfs of dep...Apr
*2334
A ctfs of dep. 1945
*634
B ctfs of dep. 1945
*634
C ctfs of dep. 1945
Mar
Jan
♦7s
ser
D ctfs of dep. 1945
*634
*634
934
934
10634 June
10834
May
ctfs of dep.'57
*534
9
106 34
Apr
109
9334
July
♦Baden 7s
95
July
Bogota (City) 8s ctfs..1945
Mar
Bogota (see Mtge Bank of)
2,000
93
-----
•
Penn Water A Pow 5s. 1940
-
10634
1968
434s series B
10634 106 34
18,000
*10734 10834
*
Mar
93
93
9334
11,000
7834
Mar
...1961
95
94
95
44,000
8234
Mar
Phlla Elec Pow 534b..1972
Phlla Rapid Transit 6b
1962
11234
------
112
11234
7334
*7234
Pledm't Hydro El 634s '60
57
58
6a..1949
Pittsburgh Steel 6s
1948
*106
108
88
89
Coal
♦Pomeranian Elec 6s. .1953
88
------
67
Portland Gas A Coke 6s '40
1961
Potrero 8ug 7s stmpd.1947
PowerCorp(Can)434sB '59
*2034
2534
67
6834
21,000
9934
96
Jan
------
8,000
------
37
10034
79
Feb
Apr
61
Feb
Feb
July
100
Jan
19
Jan
22
Apr
10434
Buenos Aires
7
4,000
71
------
7,000
1948
♦734s ctfs of dep.-1946
*834
June
65
Jan
♦Prov Banks 6s B..1951
2634
2634
9834
June
103
26
26
Jan
Apr
June
2934
10034 101
2,000
10534
107
Jan
6934
July
Apr
Apr
10834
2534
7s
1948
♦78 ctfs of dep
5s series C.
10534
1966
4 34s series D
1978
1980
11034 11034
10534 10534
104
104
10434
*10434 10534
10334 10634
10534
10534 10534
-
-
10334
1st & ref 434s ser F.1981
130
Jan
143
July
1952
♦6« series A
1960
Puget Sound P A L 5 34s '49
1st A ref 5s ser C
1950
113
Feb
1,000
103 34
Apr
107
Mar
6,000
10234
105
July
634s ctfs of dep.... 1959
Danish 534s
1955
5s
1953
10534
May
July
10134
Apr
Apr
26,000
10134
Mar
18,000
104
------
Apr
10634
Feb
Mar
10334
June
80
July
Apr
7534
July
♦Lima (City) Peru 634b
Jan
73
July
♦Maranhao
82
1st 4348 series B
1968
1st 4 34s series D
1970
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 58.1957
Southeast PAL 68.—2025
3,000
5,000
7234 June
93 34
Jan
Feb
2934
May
2534
21
Mar
_
3134
107
June
1,000
934
10234
Jan
12SU
F»h
Apr
11034
15
102
------
105J4
13134
kej * 7g
Mar
8.000
2134
Jan
3134
July
15,000
9634
Apr
9,000
3834
10634
Apr
Apr
6134
July
10134
10734
10534
Jan
Mar
May
2,000
102
Mer
10534
Mar
11,000
102
Mar
105
------
9434
5834
8234
9334
5834
8334
9534
102
Jan
Apr
1,000
54
May
6334
9,000
70
Mar
84
68,000
7134
Mar
82,000
10134
Apr
July
Jan
July
9734
July
1945
Ref M 334s.May 1 1960
Ref M 334 b B.July 1 '60
1st A ref mtge 4s
1960
Sou Counties Gas 434s 1968
334 s
1951
S'western Assoc Tel 5s 1961
8'western Lt A Pow 5s 1957
So'west Pow A Lt 6s..2022
So'west Pub Serv 6s.. 1945
(♦Stand Gas A Elec 6s 1935
♦Certificates of deposit
1948
♦Convertible 6s....1935
105
10734
......
10334 105
10734 108
28,000
al08
10,000
al08
11034 11034
104
10434
49
......
...
85
10234
5434
......
5234
......
♦Certificates of deposit
51
9834
99
10134 102 34
8434
8534
102
10234
4834
5334
----
52
♦Issue of Oct 1927
♦7s ctfs of dep.Oct
apr
11034
June
Apr
10634
5634
85
Apr
102 34
July
55 34
Mar
8534
July
3,000
93
Mar
10534
Jan
Feb
99
Mar
5634
July
38
Mar
56
July
10 000
52
July
5314
July
39
Mar
56 34
July
July
56
5234
12.000
6234
J'dy
62
5634
5634
62,000
3734
3634
Mar
57
July
5634
July
79
5334
5334
*77
80
27,000
Mar
54
Apr
34
5234
55
51.000
36
Mar
5534
30
2934
31
33,000
1834
Mar
3134
May
*
*55
2d stamped
5434
------
10534
54
55
43
56
10534 10534
10534 10534
Jan
38,000
39
Jan
1,000
104
Apr
Apr
1,000
10334
Apr
July
1334
1834
Feb
Jan
934
May
June
934
10
734
Jan
Feb
8034
Feb
24
July
1,000
1634
Jan
24
July
5J)00
17
1234
Apr
1734 June
1,000
18
*22 34
2634
2634
Mtge Bk of Denmark 5s '72
9934
2634
9934
(State) 7s—1958
♦Rio de Janeiro 6 34s. 1959
♦Russian Govt 634s...1919
10
10
8
34
*60
*1534
1961
*1534
1034
Apr
1034
Jan
Jan
Jan
Jan
Jan
34
Mar
34
Mar
34
34
34
"17.666
34
5,000
1,000
34
1949
Mar
6
34
34
Feb
Apr
7
16,000
34
*34
34
10234
96
1,000
834
65
1934
18
34
45
Mar
1
Jan
Mar
34
Feb
65
Jan
1134
Jan
1634
July
1134
Jan
1634
June
value,
a Deferred delivery sales not included in year's range,
n Under
not included In year's range,
r Cash sales not Included In year's
Ex-dividend.
* Friday's bid and asked price.
No sales were transacted during current week.
»
5334
July
55
July
10634
10634
No par
rule sales
the
range,
♦
Jan
Feb
x
Bonds
being traded flat.
( Reported
e
in receivership.
Cash sales transacted during the current
week and not Included in weekly or
yearly range:
No sales.
y
Under-the-rule sales transacted during the current week and not included In
weekly or yearly range:
July
July
Stlnnes
Mar
30
17
♦Parana
July
5234
------
2234
July
Mar
5334
July
Jan
19
21
*2234
♦7s
Mar
25
64
3,000
*22 34
1919
1921
23
Jan
Jan
8934
5434
12,000
Jan
12
♦634s ctfs of dep...1947
♦6 34s certificates
2234
Jan
1934
Mar
Apr
15,000
1951
"V.ooo
2,000
1947
♦7s ctfs of dep
♦Santiago 7s
56
Debenture 6b. Dee 11966
3,000
2,000
934
*14
17
Mtge Bank of Columbia—
♦7s ctfs of dep
1946
July
93
40
10
*2234
*47
1931
6s stamped
July
10,000
13,000
10
934
*9
23 34
10834
29,000
11,000
------
'47
10834
5434
5234
Debenture 6b
10
1951
Apr
3.000
......
(Hugo) Corp—
4s
1940
2d stamped 4s
1946
Super Power of HI 434s 68
1st 434b
1970
10634
10334
3534
2034
10
934
.1954
Apr
May
54
1948
(Standard Pow A Lt 681957
♦Starrett Corp Inc 5s. 1950
----
5334
57,000
18,000
25
2034
♦534s certificates
1921
♦Santa Fe 7b stamped. 1945
107
54
Conv 6s (stpd)
Standard Invests 534s 1939
56
3,000
22,000
10234
10234
2034
1934
20
22
20
'58
♦Mtge Bk of Chile 68.1931
♦534s
Sou Calif Edison Ltd—
—
♦78 ctfs of dep. May
Feb
28
19,000
Mar
Mar
30
2334
112
------
6934
*22 34
♦634s ctfs of dep.
May
July
61
June
26
June
57
;..
Jan
39
*23
24 34
*10734
10434
10434 10534
10434
10434 10434
10434 104J4
10434
------
♦7s ctfs of dep
10134
10034
4134
*2334
1958
7s
Apr
May
Mtge Bk of Bogota 7S.1947
♦Issue of May 1927
10834
------
Feb
9834
98
Mar
May
2,000
3134
10134 102
July
July
1,000
12
*9
r7934 r80
10,000
2834
1434
1434
2,000
♦Mendoza 4s stamped. 1951
25
25
-
Mar
99
Apr
25
*131
133
10934 111
'52
Shawlnlgan W A P 434s '67
12,000
------
......
1334
*105
..1955
1948
26 34
10934
1334
San Antonio P 9 5s B 1958
Scrlpp (E W) Co 634b.1943
Scullln Steel 3s
1951
2934
109
(♦St L Gas A Coke 6s. 1947
♦Schulte Real Est 6s..1951
83
29
*23
Jan
28
10
20 34
..1947
53
Safe Harbor Water 434 s '79
San Joaquin L A P 6s B
*36
(City) 7s...1939
♦Hanover (Prov) 6348.1949
59
Mar
9834
♦German Con Munlo 7s '47
6034
2934
27
Jan
101
101
9834
♦Hanover
12,000
9834
101
..1952
External 634s
25.000
------
Apr
Jan
May
Danzig Port A Waterways
10634
*734
♦Medellin 7s stamped. 1951
1952
6348.1953
♦Saxon Pub Wks 6s...1937
'61
Apr
29,000
72
2234
25
8,000
1,000
1734
7034
7034
10
1734
* 1434
♦Secured 6s
------
Apr
(Dept of)
110
Queens Boro Gas A Elec—
♦Ruhr Housing 6 34s. .1958
*1434
♦68 ctfs of dep..Oct
*10334 10334
7634
7834
7534
7534
7534
1st A ref 434s ser D.1950
634
Columbia (Republic of)-
5,000
Pub Serv of Oklahoma—
1966
8034
12
♦68 ctfs of dep..July *61
11034
Feb
Apr
11
Apr
4,000
3,000
76
May
65
Cent Bk of German State A
37
2534
Feb
68
11
9 34
July
3,000
14234
2134
May
75
108
48
108
13,000
July
2034
1,000
71
*834
*934
*9
2034
2,000
6
1,000
14
*72
(Provlnce)1952
1947
ctfs of dep. '46
♦Caldas 7 34 8
♦Cauca Valley
9
2034
*11
♦734s stamped
88
7
♦7s stamped
June
108
Cundinamarca
1956
—
2034
May
108
142
6% perpetual certificates
Pub Serv of Nor Illinois—
(stpd).
*534
ctfs of dep.'57
1951
ser
53
11334
Public Service of N J—
6s
♦7s 2d ser ctfs of dep.'57
65
108
*2234
ser
Jan
37
------
♦Prussian Electric 6s. .1954
Sou Indiana Ry 4s
♦7s 1st
111
108
Potomac Edison 5b E.1956
4 34s series F
*
♦7s 3d
Peoples Gas L A Coke—
4s series B
1981
Debenture
July
934
ser
103
Servel Inc5s
7
934
ser
103
1954
D
Baud a Falls 5s
'48
ser
Penn Pub Serv 6s C..1947
634s series A
July
Co¬
of)
♦78
Mar
♦Ruhr Gas Corp
(Dept
♦7s
99
4s series A
July
2434
30
Antioquia
♦78
75
1,000
434s series 1
24
Jan
30
Feb
"3^666
434s series E._
Jan
30
*22 34
July
92
107
1st A ref 5s
26
June
Apr
92
107
Pittsburgh
1734
20
30
*24
10734
103 34
82
9834
*96
B..1959
4s series D
*2234
lumbia—
6s series A
6s series
'46
Jan 1947
♦6s ctfs of dep...Aug '47
Penn Ohio Edison—
Deb 534s series
Apr 1946
♦7s ctfs of dep. Apr
♦20-year 78
No sales.
t
Deferred delivery sales transacted
In weekly or
during the current week and not included
yearly range:
No sales.
Abbreviations
Used Above—"ood,"
certificates of deposit; "cons," consolidated
••cum," cumulative; "conv," convertible; "M," mortgage; "n-v,"
"v t
non-voting stock:
"x *w "
c," voting trust certificates; "w 1," when issued; "w w," with warrants*
without warrants.
July 30, 1938
Chronicle
Financial
716
Other Stock Exchanges
New York
Estate Securities Exchange
Real
Bid
Unlisted Bonds
Unlisted Bonds
Ask
19
Bowker Bldg 6s..-—-1937
75
B'way 38th St Bldg 7s 1945
Bryant Park Bldg 6 %s *45
24
m
-
-
...
11 West 42d St Bldg—
Listed, and Unlisted
Bid
Graybar Bldg 5s. _ . . .1946
Harriman Bldg 6s.... 1951
Hearst Manh Prop 6s. 1942
Internat Commerce Bldg-
SECURITIES
CHICAGO
Closing bid and asked quotations, Friday, July 29
Ask
66
68
29%
Pan! H.Davis & Go.
31%
42
43
Members
New York Stock
4
63*s unstamped....1945
Stamped-
33
Equitable Office Bldg 5 '52
51
52%
Lefcourt Manh Bldg 5s *48
56%
58
Loew's Thea A Realty 6s'47
92
32
Chicago Stock Exchange
Chicago Board of Trade
Exchange
93%
29
Park Place Dodge Corp—
35
6Ms—
Ctfs of deposit
-
-
500 Fifth Ave Inc—
1949
6 Ms stamped
1400 B'way Bldg—
6 Ms stamped-
1943
-
7%
Income 5s 1952 vtc._.
44%
42 B'way Bldg 6s
60
_
46%
...
10 So. La Salle
77
165 B'way Bldg 5 Ms.
1951
49
250 W 39th St Bldgs 6s '37
9
.
St., CHICAGO
6
10 East 40th St Bldg 5s '53
36
1948
1958
.1939
-
40 Wall St Corp 6s...
New York Curb (Associate)
Chicago Stock Exchange
51M
July 23 to July 29, both inclusive, compiled from official
Baltimore Stock
Last
Exchange
Sale
Sales
Friday
Last
Sale
Par
Stocks—
Price
Week's Range
of Prices
High
Low
Price
t
of Prices
Hl\ h
Low
Range Since Jan. 1, 1938
for
Week
High
Low
Shares
Abbott Laboratories—
Range Since Jan. 1,1938
for
Par
Stocks-
July 23 to July 29, both inclusive, compiled from official sales lists
sales lists
Sales
Friday
Low
52
9
9
30
7%
8
1,550
Adams (J D) Mfg com...*
Adams Oil A Gas com
*
High
700
50
...*
Common (new)
Week
Shares
36%
7%
4%
52
July
Jan
Mar
103*
Mar
Apr
8
Advanced Alum Castings.5
Arundel
Corp
185*
*
Atlantic Coast L
185*
40
26
25
(Conn).~
773
19 %
Bait Transit Co com vtc.*
111
M
*
1%
1st
pref vtc
*
Black A Decker com
19M
73 M
Consol Gas E L A Pow_.
18
Mar
June
17
100
4|%
Mar
584
20
73 M
19%
111
Mar
Mar
Jan
2
Mar
45*
300
4
Mar
8
100
7
June
200
6
June
190
45
Apr
1
Jan
Allied Products com
2M
Apr
American Pub Serv pref 100
Armour A Co common
b
100
114
1143* 115
Apr
20 M
July
July
73 M
116
103*
Common'
1
Preferred
1
19
19
75
11
Fidelity A Deposit
—20
Fidelity & Guar FlreCorplO
Houston Oil pref
100
105
110
56
75 H
9%
30 %
18
Mfrs Finance 1st pref...25
Mar Tex Oil
63*
2
1
Common class A
30 M
107
18
183*
1,365
6%
33
6M
Aro Equipment com
12M
1M
1%
67M
2
16%
125*
153*
35
10
Mar
118
21
Apr
Jan
June
3
Jan
Jan
35
35
25
42 %
Apr
1,317
7%
Mar
12 M
July
June
1%
Jan
680
67 M
1203* 1203*
10
Jan
July
7
1
47 M
44% May
Bait Transit 4s flat. 1975
Mar
223*
32%
30%
5,050
16)*
Mar
33
July
17
16%
33
17
10
Mar
17
July
7
400
8
Mar
19
100
14
Apr
1,350
6
May
Borg Warner
(New)
Brach A Sons (E J) cap...*
Brown Fence A Wire com. l
Class A
Butler Brothers
$1,500
1203*
July
1203*
235*
July
5% conv pref...
3ft
Campbell N Y A Can Fdry*
Castle A Co. (A M) com. 10
Cent 111 Pub Serv pref
*
21M
18,500
Mar
27
Mar
85
Feb
Apr
96
June
803*
803*
1,000
15M
78
95 M
95 M
1.000
92
20
Central 111 Seccom
Jan
Convertible pref
Central S W—
Sales
Friday
Sale
Stocks-
Par
Price
Week's Range
of Prices
Low
High
Range Since Jan. 1, 1938
for
Low
High
Amer Pneumatic Serv Co
6% preferred....
50
Blgelow-Sanford Carpet..*
Boston A Albany....—100
Boston Edison Co
100
Boston Elevated...... 100
Boston Herald Traveler. *
Boston A Maine—
Common....
141%
1
75
2,507
1
Mar
15
50%
Jan
1%
Apr
27%
17
June
27%
82
89
697
60
Mar
1085*
1275* 134
391
108
Apr
49
210
50%
3%
17
%
16%
3%
11
4
48%
583*
Jan
Mar
205*
Jan
Mar
45*
July
Jan
5%
Mar
4K
367
1%
Mar
4%
4%
207
1% June
45*
July
July
12
221
24
15
23
July
1
July
62
4%
2% June
8%
Apr
50
8%
9%
471
5%
Mar
Copper Range
6%
7
710
4%
May
2%
3
270
45
44%
48
234
23
18
18
19%
341
113* June
1% June
June
55*
July
125*
Jan
75
Jan
15* June
105*
75*
Jan
Jan
3
Jan
52
May
305*
Jan
61c
100
31
.*
8
30
2
100
"3k"
298
75c
8
100
3%
30
31%
2%
2,917
3%
90
188
15
15
Employers Group..
I*
Georgian Inc cl A pref. .20
19%
1%
19%
576
1%
Gilchrist Co
*
Gillette Safety Razor....*
5%
6%
9%
304
*
.....
9
Hathaway Bakeries pref. *
3%
o.l
Inc
100
Ctfs of dep
Old Dominion Co....
Pacific Mills Co
Pennsylvania RR..
Qunicy Mining Co
.....
25
2,042
.
388
5
35*
81
97
Jan
50
July
30
2%
Apr
53*
Mar
163*
213*
*
com
4%
Mar
15*
Jan
9%
20
5%
Mar
103*
July
100
96%
Apr
103
July
57%
June
conv
103
pref.*
Common capital
.*
Chic Yellow Cab Co Ino_.*
Cities Service Co— •.
(New)
10
com
9%
26%
6%
vtc pref part shares
.50
Com part shs v t c A—50
Com part shares v t c B_ *
Curtis Lighting Inc com..*
Dayton Rubber Mfg com. *
Decker (Alf) A Cohn comlO
Dexter Co (The) com
5
Dixie-Vortex Co com
*
Common...
Houdallle-Hershey cl B_
Mar
Hubbell. Harvey Inc«x>m.5
Hupp Motors com
1
Mar
79e
Jan
2%
65
2
Apr
5
Jan
2
48
1
May
35*
Jan
16
Jan
12
May
Mar
25
ILlnois Brick Co
111 North Utll pref
Indep Pneu Tool
__
*
10
.....
6%
100
v t C——
*
~38~
10%
55*
Mar
12
July
Kellogg Switchboard com. *
"7%
26%
28
246
17
Apr
28
July
19%
20
29
15
Apr
225*
July
76%
80
1,145
50
Mar
805*
July
Mar
15*
Jan
Jan
Jan
July
3%
65*
Jan
July
4
Feb
113*
July
150
1%
%
Jan
Feb
33*
July
100
2
July
17
270
20
July
183*
July
73
July
14%
July
17%
50
10
Mar
73
10
48
15%
350
May
11%
Apr
3
100
1%
June
14
2,050
5%
Mar
50
1% Mar
3% June
2%
5%
100
14%
150
12
15
7%
Mar
4
2%
213*
1,300
600
8%
150
100
9%
2%
2,600
12%
200
10%
300
3%
450
1%
1%
163*
33*
14
33*
July
Jan
July
July
63*
Jan
Jan
Mar
165*
143*
43*
Mar
13
24
May
15
43*
8
Apr
Mar
1%
Mar
3,400
16
In Mana Steel Prod com
i
Iron Fireman Mfg vtc...*
Jar vis (W B) Co cap
1
com
Preferred
4%
"15%
10
Mar
8% May
2% June
83*
113*
25*
16
103*
Jan
Jan
Jan
July
June
Jan
Jan
July
43*
Jan
May
25*
Jan
IOO
79%
10%
5
cap
La Salle Ext Unlv com
Le Rol Co com
1
S
10
200
8%
350
19%
10%
7%
7%
7%
1,850
13
June
233*
6
Mar
85*
Jan
Mar
193*
103*
July
21
13%
113*
15%
11%
12
1
%
6%
7%
108% 110
23
23%
5
4%
17%
17%
15
16%
305
July
50
Mar
83*
June
Jan
73*
73*
July
%
12%
5
53*
750
5%
S50
4
100
10
5,100
150
3,500
165*
11
Mar
Mar
Jan
21
May
14
5% Mar
83* Mar
% June
Jan
Apr
Jan
Jan
155*
July
12
July
2
Jan
550
5
Mar
250
100
Mar
110
14% Mar
33* June
29
123* May
105* June
175*
185*
July
200
300
100
1,250
83*
7
Jan
July
Jan
Jan
Jan
22
*
Ken-RadTube A Lp cm A *
Kentucky UtU Jr cum pf SO
Kerlyn Oil cl A com
Kingsbury Brewing
16%
11%
14%
Joslyn Mfg & Sply com...5
Katz Drug Co com
1
Jan
750
21
Jefferson Elec Co
245*
6%
150
7
Jan
For footnotes see page 719.
May
2
7
Jan
July
85*
45*
28
8%
Mar
60c May
195*
103
Mar
18%
H
Mar
22
3
105*
Mar
Jan
4,100
10
20
13*
30
3%
9%
May
55*
13* June
June
2%
12%
May
565* June
Jan
14
11%
5
8
12
1%
100
12
15
493
May
143*
50
255
6%
2%
453
8%
27%
2%
370
4%
26
im
15%
10%
75
103*
1,050
20
2%
11%
1%
July
June
7%
3%
June
Gen Household Utll—
July
1
74
Jan
7%
15%
3%
15%
9%
10%
7%
125*
15%
17%
20%
»
70
Mar
73
Jan
*
400
May
8
2
_
6
37o
55c
11
July
3%
Container Corpof Am com20
Continental Steel com
*
Cudahy Packing pref... 100
Cunningham Dr Stores 2%
1095*
134
590
1,150
11
.
Jan
420
98c
10
9%
1%
6%
55c
90c
200
16%
Mar
May
100
20
11
805*
Feb
Consumers Co—
30c
Utah Metal A Tunnel Co. 1
61
20
com *
9%
135*
78
103
11
Club Aluminum Uten Co.*
Coleman L'p A Stove
77%
60 %
5
"l9%
Jan
June
9%
Helleman Brew Co G oap.l
Heinwerner Motor Parts. 3
July
7%
1,903
23*
34
Mar
Jan
9%
Jan
25*
Mar
%
July
10
1%
25%
38%
Printing Co com... 10
Harntschfeger Corp com. 10
2
12
32%
Hall
Jan
25*
12% June
800
75
Great Lakes DAD com—*
22
12
100
195
Goldblatt Bros Inc com..*
Gossard Co (H W) com...*
28
150
7,700
900
Feb
4
16
1%
Mar
1% June
16
2%
33%
July
51c
965
15%
14%
16
"2k
July
July
"T%
May
9
41
90
Preferred
»
Chic Flexible Shaft com..6
11
35*
Jan
Apr
Hormel A Co (Geo) com A*
Horders Inc coih
,-..*
July
July
23*
June
35
7%
7%
75*
Mar
9,150
25%
105
Torrington Co (The).....*
6
Mar
Mar
May
1
150
1%
Jan
60
42c
25
Warren Brothers
Mar
1%
185*
July
200
185*
23 J*
3%
so
Vt A Mass Ry Co
Waldorf System
12
105
565
2%
13*
Apr
97
42c
17%
Union Twist Drill Co
5
United Shoe Mach Corp.25
Jan
4% June
Mar
7%
1%
175*
20%
*
Reece Buttonhole Mach 10
Sbawmut Assn T C
*
Stone A Webster....... *
Mar
2%
1%
51c
ioo
"
20
2
......
aoo
2.60
Old Colony RR
30
Jan
Feb
28
18%
27
109%
Jan
15*
146
107
July
75*
6%
2%
July
25*
35*
Mar
%
3%
Fox (Peter)
Brewing com.5
Fuller Mfg Co com
1
Gardner Denver Co com. *
General Candy A
5
Gen Finance Corp com
1
315*
June
200
1
20%
8%
July
%
July
June
8%
Jan
6% June
183*
25
Jan
July
July
573*
21%
1%
19
10
243*
Mar
Fltz Sim A Con DAP com*
4% May
125
34
16
Mar
July
Jan
July
14
Feb
Apr
Apr
17%
53*
41 J*
May
15*
8
82
590
25%
Apr
80
3%
5%
107%
15
July
2% May
5% Mar
223*
153*
230
3%
155*
3%
18
2%
27
x
Tel" 100
New River Co com.;.
Chain Belt Co
Jan
200
3%
July
Apr
6%
pref..._...ioo
Mergenthaler Linotype
*
Narragansett Racing Ass'n
8%
33%
Isle Royal Copper Co...15
Maine Central com
100
7
%
3%
135*
15*
2%
255
5%
55%
Dodge Mfg Corp com
*
Elec Household Utll cap.5
Elgin Nat Watch
15
East Mass St Ry—
...100
Jan
50
New capital
25
Compressed Ind Gases cap*
Consolidated Biscuit com.l
2%
12
Jan
46
May
275
12
May
Mar
..
Commonwealth Edison—
13%
1%
25
July
70
4%
4%
11%
83*
65*
5%
4
Jan
95
July
60
17
1%
East Gas A Fuel Assn—
Common
134
Jan
23
4%
11%
Mar
May
1495*
Brown-Durrell Co com...*
Calumet A Hecla
.25
4M% prior preferred 100
6% preferred
...100
1%
16
Mar
% June
67
1
Apr
11
110%
27%
84%
134
100
Prior pref
..100
Class A 1st pref (stpd) 100
Class B 1st pref (stpd) 100
ClassD 1st pref std__ 100
Boston Personal Prop Tr_*
Boston A Providence
100
300
1%
1%
12%
14%
140% 144%
July
*
Cherry Burreill Corp com.5
Chicago Corp common..*
Chicago Towel
1st preferred
...50
Amer Tel A Tel
100
Assoc Gas & El Co cl A... 1
213*
Mar
Chic A Northwest Ry__ 100
Chic Rivet A Mach cap
4
Week
Shares
Jan
13
8%
23
55%
Central States P A L pfd—*
23 to July 29, both inclusive, compiled from official sales lists
13
6% June
♦
pref
Preferred
Exchange
4,600
700
*
1
150
400
3%
9
.1
Common
Prior lien
Boston Stock
10
Jan
7%
19
3%
July
1975
7%
1
July
..1975
200
"13%
12 %
5s flat
1,150
23,150
1,200
5
5
Bruce Co (EL) com
Burd Piston Ring com
17 %
5s flat
600
13
8
....*
Mar
A
Last
5
June
B
12
Corp—
common
8M
Mar
Mar
Mar
12 M
16
8
12%
225
45,000
25*
90C
2,644
18
17M
1%
Mar
22
12%
Jan
Mar
20
1
.1
Bliss A Laughlin Inc com.5
17M
75
1
1%
Jan
2o"
5
Apr
Flnanc Co of Amer 4 % 1047
North Butte.
Jan
July
July
2 J*
11%
11%
18%
10
30
Bonds-
City 4s Annex I.... 1954
NYNHAHRR
Jan
45*
27
20%
Bastlan-Blesslng Co com.*
Belden Mfg Co com
Bendlx Aviation com
59 M
Baltimore City Bonds—
New England Tel A
365*
50
100
100
Jan
44
v t
Mar
June
32
1,150
105*
25 %
41M
cum
July
1%
Berghoff Brewing Co
115*
5%
Jan
85*
15*
2%
Binks Mfg Co cap.
44
Mass Utilities Assoc
6%
Apr
Mar
1%
Jan
41M
com
Mar
5%
%
2%
Jan
25 M
Adjustment
3%
100
Automatic Products com.5
July
25
com..
35M
18M
June
July
Aviation A Trans C cap.l
2%
25
Fidelity A Guar
6
Mar
900
4
203*
MonWPenn P 87% pref.25
MtVer-WoodbMllls preflOO
Penna Water A Pow com.*
110
Jan
93*
62
3,750
32
1H Mar
13* May
14
12M
19
Mar
27 M June
11M Mar
Jan
113*
6%
*
com.
22 % June
14
National Marine Bank..30
Mar
62
July
July
8%
1%
A they Truss Wheel cap—4
145
14
Eastern SS Lines
Preferred
~6%
July
July
July
925
26M
New Amsterdam Casualty 5
North Amer Oil com
1
105*
850
25 M
Common.....
58%
1
1
2
25%
Preferred B
1st pref
8%
8%
Asbestos Mfg Co com
,
2
2
2
1
Martin (Glenn L) Co. —-.1
Merch & Miners Transp..*
July
10
10%
June
Eastern Sugar Assoc—
U S
600
7
Associates Invest Co
6% preferred
Seaboard Comm'l
3
Aetha Ball Bearing com.. 1
Allied Laboratories com..*
July
28
Apr
Mar
250
H
3*
9M
55%
112M
175
2
72
12M
23
Mar
235*
July
38
38
50
35
May
4
250
3
Mar
8
350
5%
Mar
403*
53*
83*
July
81
July
3%
7%
79%
10%
27%
"4%
4
1
2%
10
81
400
80
10?4
350
28%
120
4%
800
1
150
2%
550
11
300
153*
65
53*
20
Feb
Mar
12
Mar
283*
33* June
5*
Feb
13* May
63* May
5
13*
33*
11
Jan
Jan
Jan
Jan
Mar
Mar
Feb
July
Volume
Last
Week's
Sale
of Prices
Low
High
Price
Par
Range
Sales
Friday
Sales
Friday
Stocks {Concluded)
717
Chronicle
Financial
147
Range Since Jan. 1, 1938
last
Jan. 1, 1938
Week's Range
for
Sale
Range Since
for
of Prices
Low
High
Week
Week
Shares
Stocks (Concluded!)
High
Low
Par
Price
High
Low
Shares
"
I
Libby McNeill & Libby--*
754
*
4 54
Jan
9
Mar
6
400
Hobart A
Kahn...
4
3%
4k
1,650
Apr
4k
July
*
30
3154
70
24 k
Mar
31 54
July
Lion Oil Ref Co com
*
23 k
2354
25
Loudon Packing com
*
Lincoln Printing com
83 54 preferred
k
300
k
lk
Jan
12
14^
6,650
5k
Mar
14 k
July
12
12
70
5k
Mar
14 k
1,550
2H
Mar
1354
*
'~4H
Mer <fe Mfrs 8ec cl A com.l
Corp
lk
38
50
24k
4k
5
Stock purchase warrants
2k
July
July
38
Jan
July
5
3k
600
lk
Mar
4k
,654
7k
7,700
4k
Mar
7
k
k
1,750
H
Mar
6k
3,350
k
1,250
>2:-*
40
3k
654
H
cap
16k
4k
Mlckelberry's Food Prod—
Common
1
Middle West
150
250
k
54
...»
McCord Rad <fe Mfg A
Jan
Mar
Apr
Mar
Mar
38
Manhatt-Dearborn com..*
Marshall Field com
2
2
2
.5
Lynch Corp com
7k
July
k
July
32 k
30
25
3254
*
8
8
30
7
Mar
100
92
92
12
92
Jan
1654
1 754
......
1st pref
3254
954
Mar
*
Leonard
*
4
4
25
3
Jan
50
91
91
1C
88
May
5454
5654
387
254
354
117
Little Miami Guar..
P & G
"5554
*
Randall B
*
_
1254
10
60
15
10
32?
100
July
30
July
7
2154
6
10
July
June
Jan
98
30
....
Jan
56 54
5
Mar
100
29
10
—
50
100
May
100
100
.10
Jan
July
4
f
29% Mar
154 June
6
Sabln Robblns pref
U S Playing Car l
U S Printing pref
Wurlitzer
495
Feb
1754
Mar
Kroger..
Jan
Mar
100
5
754
Mar
Feb
July
1054
July
6 k
_*
Jan
2
Midland United Co—
.554
4k
A
*
Conv preferred A.
k
Common
:,
Feb
3
k
July
k
Midland Util—
2
100
6% class A pref-.--.100
7% prior lien
100
6% prior lien
54
k
1
120
154
lk
2
180
Miller & Hart conv pref..*
24
*
5
*
Preferred
4k
July
6%
July
Apr
27 k
5
July
June
41 k
Feb
...
Apr
154k
July
IH
July
6k
350
7
24 k
300
18
5
100
2
k May
40
40
50
35
151
150
126
6k
Montgomery Ward Cl A.
1
1
Nat Rop Inv Tr pi (stpd) *
National Standard com. 10
"24H
Noblltt-Sparks Ind com..5
k June
Jan
13 k
Apr
100
k
Mar
114
2,100
Mar
26k
854
Jan
15k
July
43
July
7k
1,050
5
Mar
15
16k
200
8k
Mar
100
100
40
43
50
18 k
Apr
17
ink
240
8k
Mar
1954 May
Omnibus Corp (The) v t c. *
17 k
i9k
254
16k
July
1914
July
*
19 k
19 k
20
9k
Feb
1914
July
7
7% preferred
Ontario Mfg Co com
7
Oshkosh B'Gosh Ine com.*
4k
65b
36 k
160
24 %
100
22
Penn Gas & Elec A corn-
\.'4rV<
Peoples G Lt&Coke cap 100
34
Perfect Circle Co—:—..*
25
26 k
3k
1
3
300
50
June
934
3614
July
29
V'
Mar
k
Ilk
Mar
114
Jan
July
July
3
July
lk
50
k
May
1,050
9k
July
114
1054
Process Corp com.......*
iob"
Quaker Oats Co common.*
Preferred
100
1
.
_
.
.....
.
3
172
lk
k
2,000
13)4
lk
70
7k
lk
2,940
k
290
24 k
26 k
400
950
11
1354
71k
2k
75k
873
3k
4,000
v
15k
13k
50
550
10
lk
102
6C
77
77
454
Mar
154
Jan
10
1
13k
13k
4k
*
Ilk
10k
3k
Ilk
28 k
27 k
29
3k
18 k
19
;
.soo
308
350
3
*17 k
Walgreen Co common
*
Wieboldt Stores Inc com..*
Williams-Oil-O-Matic com*
WisconsInBankshares com*
V
Woodall Industries com..2
July
2
Apr
Jan
4
Jan
June
18
Mar
Apr
31
16
July
July
2254
20
2054
120
Mar
2054
July
3
354
265
254
Mar
354
Apr
Jan
July
Jan
Jan
July
254
Apr
July
102
514
Jan
Feb
354 June
750
7k
Apr
13
Jan
22 k
15
Mar
29
July
Mar
1934
3k
Mar
Feb
534
National Tile
314
July
June
June
654
Feb
75
554
Mar
1154
July
354
60
254
Mar
454
Jan
234
100
154
July
100
954
May
3k June
Jan
1154
1554
July
1954
Feb
754
July
4
4
254
11
11
1554
1554
100
754
810
4
1254
200
854
38
190
30
28
105
12
Reliance Electric & Eng..5
1234
_...*
3734
754
1254
3754
28
26
Peerless Corp
Bros.
Seiber'g Rub 8% cum pflOO
Corp.—_______1
Troxel Mfg.........
1
Upson-Walton
.1
Van Dorn Iron Works...*
Warren Refining
Mar
39
July
Apr
3254
Jan
Mar
1354
July
454
180
354
Mar
554
July
154
254
7
Feb
154 June
347
154
'
354
Apr
Mar
254
Jan
June
4
80
5
5
....2
*
July
954
254
254
13
20
4
....
Apr
1354
1354
S M A
Mar
50
154
July
Mar
354
1154
354
July
8614
48
1134
354
*
*
3
Patterson-Sargent
Jan
1154
*
Packer Corp..
13
July
1734
Mar
*20 "
*
Miller Wholesale Drug
*
Murray Ohio Mfg
_._*
National Reflning.__.__25
Metro Paving Brick
July
1,835
350
14 k
577
3k
13,850
6314
54
k
550
k
Jan
650
lk
20
14 k
Mar
Mar
5
1434
10
12 54
1,050
19%
20 H
Zenith Radio Corp com..*
Jan
35
Apr
k
Viking Pump Co com...
Jan
8
554
Jan
17
1714
1834
July
lk:: 2
16k
16k
17 k
13k
10k
11k
4k
5
4k
4k
"~i%
7
654
30
Jan
July
5k
Utility & Ind. Corp com. .5
354
Mar
17
July
2k
"2k
4454
30
334
14k
17
36k
5
16k
Mar
*
1,100
19
27 '"
1
77
10 k
400
10
McKee (A G) B.___
*
Medusa Portl Cement....*
554
Jan
lk
7k
2k
37
37
29
McKay Machine
Mar
Mar
Mar
72
Jan
Lima Cord Sole & Heel
1354
Mar
83.54
*17"
Union Carb & Carbon cap *
Conv preferred
;
50
11
11
"3k
2k
14 k
4k
25
July
7514
Mar
Apr
10
July
24k
2714
June
90
July
2654
114
Mar
8 k
13 k
Mar
Jan
85
13 34
Mar
Mar
18J4 July
15k Mar
654 May
47 k Mar
2
July
8534
109
85
2654
"5k
11754
21
85
85
*
Electric
Rlchman
2k
Utah Radio Products com *
Mar
3
lk
common.2
May
13
July
k
Thompson (J R) com ...25
Trane Co <The)
July
10
22
17k
25
Jan
21
450
com......*
Swift & Co
32
Mar
6
101
15
May
100
11734 11754
100
July
19
11
14
5,250
4k
lk
12
12
....
Jan
10754
100
1954
14
2314
Jan
*
:
2,576
24
18
*
*
Swift International.
4k
195
22
18
Leland
3k
Common ..........—.1
Stein & Co (A)
5
■
22
July
16 k
Standard Dredge-
Standard G & E com
Jan
*
15k
Sterling Brewers Inc com..
Sunstrand Mach Tool com5
64 54
112
Interlake Steamship.
Lamson & Sessions...
*
20
41k June
July
100
July
'
Convertible pref
72
Gen Tire & Rub 6% pref 100
Great Lakes Towing
100
25
S'western Lt & Pw pref
Jan
59
56 34
112
112
Cleve Cliffs Iron pref.
*
Cleve Elec Ilium S4.50 pf.*
Cleveland Railway
100
Dow Chemical pref
Sou Bend Lathe Wks cap. 5
Soo Colo Pow A com.
2054
July
1154
Southw Gas & El 7% pf 100
June
July
1014
July
Slgnode Steel Strap—
....
14
July
25
Common
10
3
20
"3k
Jan
18
18
"Is"
146
*
Serrick Corp cl B com....1
July
1254
105
13
Sears Roebuck & Co com.*
80
Mar
Mar
Sangamo Electric Co com. *
Schwitzer Cummins cap..l
_..
July
July
10
1154
Mar
"ih
Ross Gear & Tool com.
13
71
10
10
71
1054
10
.
Mar
1H
Rollins Hos Mills com
Jan
Apr
4
307
10
71
Airway Elec Appl pref. .100
Apex Elec Mfg pref
100
City Ice & Fuel
*
Clark Controller
1
85
4
5
Reliance Mfg Co com—10
Jan
129
23k
High
Low
Shares
100
350
1, 1938
Range Since Jan.
for
Week
of Prices
High
Low
210
2k
9k
k
Raytheon Mfg Co—
6% pref vt c
Price
146
50
10k
23
50c
Sale
Par
103 k 105
144
10
Week's Range
Last
Stocks-
sales lists
Sales
Friday
Cliffs Corp v t c
Colonial Finance
10k
2k
1st preferred..—.......
Common vtc
Jan
4 J4
10k
45
Exchange
July 29, both inclusive, compiled from official
Jan
Mar
May-
1254
12
to
Jan
Mar
Apr
ik
~~9M
Pressed Steel Car.........
Rath Packing Co com
1
1454
11
9k
-.1
Potter Co com
lk
u k
...*
Poor & Co Class B
4
lk
Ik
Apr
500
Cleveland Stock
July 23
Mar
8
Apr
k
500
13
Pictorial Pap Pkg com...5
5k
20
,
k
14 k
H
Peabody Coal Co B com..*
Penn Elec Switch com A 10
Pines WInterfront com
A. T. & T. CLEV. 565 & 566
July
12
Northwest Eng Co com—*
Northwest Bancorp com..*
Northw Utll pr lien prel
Building, Cleveland
Telephone: CHerry 5050
July
26 k
24
Union Commerce
July
24
150
lk
ik
1
Natl Union Radio com
;
510
lk
24
23
.
Members Cleveland Stock Exchange
Mar
Feb
151
Mo dine Mlg com
Monroe Chemical com
Ohio Listed and Unlisted Securities
Jan
2
Mar
2k June
30
4
4
1
*
Minn Brewing Co corn
154
Apr
k
1
Jan
May
2
Feb
l
2,300
100
1,150
54
2
2054
500
2k
354
Jan
1234
13k June
9 54 June
Jan
Jan
14 54
Mar
5
May
514
1,000
254
Mar
534
9k
May
2554
July
45k
34,000
41 k
July
45k
Chicago Stock Exchange
DETROIT
Buhl Building
Jnly
7,050
Jan
20
New York Curb Associate
Exchange
Exchange
Detroit Stock
Jan
5k
July
Members
New York Stock
July
23k
14
130
15
Watling, Lerchen fit Hayes
Feb
18
Weinberger Drug Inc
July
Telephone: Randolph 5530
Bonds—
44k
ctfs—-.1927
Chic Rys 5s
106
1958
Commonw Edls 3t4f».
9.000
108
106
110
July
Detroit Stock
July
July 23 to July 29, both inclusive,
Exchange
compiled from official sales lists
Sales
Friday
Last
Sale
Cincinnati Listed and Unlisted Securities
Par
Stocks-
W. D. GRADISON & CO.
Baldwin Rubber
Bower Roller..
Members
DIXIE TERMINAL
—
Burroughs Add Mach
BUILDING, CINCINNATI, O.
Burry Biscuit
Brown McClaren
Teletype: CIN 68
Telephone: Main 4884
-.*
*
com....1254
Briggs Mfg com...
New York Stock Exchange
Cincinnati Stock Exchange
1
com__._l
5
Allen Electric com
Casco Prod
July
23 to July 29, both inclusive,
-'*
Range Since Jan. 1, 1938
Last
Par
Stocks—
Aluminum Industries
Amer Ldry
Mach
Burger Brewing
Week's Range
for
Sale
of Prices
Low
High
Week
Price
*
20
«
Preferred.'
*
100
98
Cin Street
_.
-
50
2854
97
98
354
84
*
554
*
554
9
_____—
*
Formica Insulation
1054
654
Hatfield prior
pref
.
Hilton-Davis pref
2
July
May
31
Jan
94
June
654
Jan
10554
7
Mar
Jan
Jan
Apr
3
May
5
Jan
Jan
85
July
554
30
954
110
1054
4
10054
554
554
July
6
Mar
1,015
1054
754
Mar
1254
Jan
105
954
Apr
1054
Feb
20
28
5
July
Jan
75
5
719.
1854
154
1854
90
454
For footnotes see page
.
Feb
20
55
12
2354
Mar
5
567
2754
...5
15
High
Mar
354
97
io
.100
20
3 54
k
2354
22 54
10
354
10
5
2*
2354
Apr
Apr
1054
28
554
July
7
July
28
May
July
July
Mar
Feb
Jan
154
3,837
1,495
2154
855
354
3,410
Mar
1354 Mar
15 54 June
154 June
1
May
100
11
Mar
69
74 54
4,320
36
Mar
1454
1454
450
13
May
154
450
70
May
154
154
325
10354
46
154
254
1,380
154
Mar
3
154
3k
1,500
15-4
May
354
3,925
154
June
103
354
Federal Mogul com.
..3
*
..,—
*
Fed Screw Works com
*
Frankenmuth Brew com.. 1
Gar Wood Ind com... —3
Gemmer Mfg A
*
General Finance com
I
General Motors com
10
Goebel Brewing com..... 1
Graham-Paige com
..1
Grand Valley Brew com..l
454
4
....
*
2154
July
July
354
July
2
July
Jan
1354 July
7454 July
Feb
1554
154 June
154
108
Jan
Jan
254
354
July
354
July
Jan
May
16
Mar
2854
2054
July
Apr
Mar
1554
July
Mar
1354
July
Mar
4 54
July
2854
135
1554
2054
523
12
1554
1354
1,200
9
1,615
6
4 54
500
254
454
125
3
Apr
454
Jan
July
Jan
2
3,530
1
Mar
2
July
7
754
5,900
454
754
July
23
Mar
Apr
2
24
3
100
30
Mar
354
530
June
454
Jan
4454
7,958
2554
Mar
4454
July
254
354
2,710
254
May
'354
154
1,120
154
50
3
754
954
24
4054
354
43 k
class A.....*
& Bear com .10
54
34
154
354
Hall Lamp com.
12
Mar
Jan
July
10
2054
1554
1354
June
77
154
954
24 54
200
14
2854
.....
....
354
2
1354
com.....—-4
Ex-Cell-0 Aircraft com.
Hosklns M fg com
Jan
Mar
1354
70
Fed Motor Truck com....
Home Dairy
454
1254
900
_
Hoover Ball
i*io
.
1354
154
com........*
—10
Detroit Edison com ...100
Det Cray Iron com... _ .. 5
Det-Mich Stove com
1
Det Paper Prod com ..... 1
Det Steel Corp com
.5
Det Steel Prod com. ._...*
Eaton Mfg
3.992
34
354
High
Low
1,175
854
2554
20
.....
8454
*
Gibson Art
110
41
1154
..10
Eagle-Picher_
Part, pref
354
..50
Cohen (Dan)
Crosley Radio
150
9654
pref.. .100
Cin Telephone.
12
154
654
Cln Advertising Prod.
Cin Gas & Elect
454
1854
2754
.
..
101
1854
154
:«r
*
_
Champ Paper & Fibre
Shares
4 54
.
—
— .
Low
154
754
2354
3254
354
1,1938
Range Since Jan.
for
Week
Shares
2054
-
Det & Cleve Nav com
sales
High
3354
Consumers Steel
compiled from official sales lists
Friday
154
8
2554
of Prices
Low
154
------
Chrysler Corp com......5
Consolidated Paper com 10
Cincinnati Stock Exchange
Price
Week's Range
954
1654
51
354
1,715
754
150
954
376
17
70
400
204
June
k
2
Jan
Mar
754
June
654
Mar
15
Feb
154
70
Jan
Jan
Feb
Jan
354
754 June
1254
Jan
17
Jan
Financial
718
Par
Stocks (Concluded)
Houdallle-Hershey B
Hudson Motor Car com.
15
*
Hurd Lock <fc Mfg com
1
Kingston Prod com
60c
2%
Mar
3,103
3%
10
6
5%
37C
Apr
Apr
1%
Mar
2,400
3,590
2,703
33
June
**
Mai
4%
4%
•
560
2c
35%
35%
Loew's Inc...
*
50
50
Montgomery Ward
*
49
49
18%
18%
21%
Mar
40%
July
North American Aviation. 1
9%
9%
210
31**
6%
5,435
1%
May
1,255
1,640
*
8%
2%
7%
2%
8%
Prudential Investing com. 1
2%
266
2%
2%
2%
1,350
1%
3%
3%
696
2%
3%
3%
1,635
2
265
Apr
4%
1%
Reo Motor com.....—.5
22
4%
7,861
July
29
Mar
10%
Mar
21%
July
12%
July
12%
12%
100
10**
May
5%
200
3%
Mar
5%
July
Radio Corp of America— *
7
7
7%
400
5
Mar
7%
July
Jan
Radlo-Keith-Orpheum ...»
3
3
3
100
1% June
5%
Jan
Mar
4
Jan
*
18%
18%
20%
200
13
May
20%
July
4%
Jan
Republic Steel Corp
Standard Brands Inc
*
8%
8%
8%
200
7
May
Jan
Studebaker Corp
1
9%
8%
15%
July
30
July
July
27
Apr
Feb
Packard Motor Car Co... *
5%
5%
7
Tide Water Assoc Oil Co. 10
15%
15%
8%
15%
500
July
100
10%
Mar
July
4%
100
United Aircraft Corp
5
29%
29%
30
400
24%
Apr
03%
600
38%
Mar
900
3%
Mar
8%
*
58%
58%
Warner Bros Pictures Inc.5
6%
6%
40c June
1%
6**
336
3%
3%
450
3%
400
2%
2%
1.650
May
Apr
7
Jan
5%
3%
Jan
2%
200
78c
85c
820
65c
Mar
1?*
3
150
1** June
3**
Established
Jan
3
Apr
3
18c
25c
350
18c
July
%
Young Spring A Wire
*
21**
21**
1*0
13**
Jan
21%
Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW
Wm.Cavalier & Co.
Philadelphia Stock Exchange
July 23 to July 29, both inclusive, compiled from official sales lists
Sales
Friday
MEMBERS
Last
Stocks—
San Francitco Stock Exchange
Angelet Stock Exchange
Los Angeles
Par
American Stores
Teletype L.A. 290
.
...
Week
Price
.
141%
_
10
Bell Tel Co of Pa pref. .100
Week's Range
of Prices
High
IjOW
Range Since Jan. 1, 1938
for
Week
Shares
Bandinl Petroleum Co—1
4%
4
4%
1,400
2%
95c
95c 97%c
300
52 J* c
3%
2,300
1?*
Mar
11%
200
6?*
June
Buckeye Union Oil pi
v t c
Chapman's Ice Cream Co. *
Chrysler Corp—
-.6
Claude Neon Elec Prods.. *
Consolidated Oil Corp...*
Consolidated Steel Corp..*
*
Preferred
4c
4c
3c
1
Central Invest Corp... 100
2%
11
18
1.25
100
200
9**
69**
9?*
10**
10**
10**
100
5%
5%
5%
100
10%
10%
4%
10**
85c
85c
General Metals Corp..2.50
General Motors com
10
Hancock Oil Co A
11
500
200
Apr
1.25
36
6%
7%
2%
8
Mar
Mar
1.45
70?*
9?*
July
10?*
July
July
Apr
6
11**
100
3%
Mar
4?*
Jan
900
6%
Mai
10%
July
90c
2,400
52c May
95c
Jan
100
July
11?*
Mar
42**
July
12
July
100
500
5%
26%
6H
200
28%
300
17
Apr
28**
38
39%
2,500
25
May
39?*
10
97**c
9
1.00
10**
25?*
7
Jan
3?*
Mar
300
65c
Mar
300
10
5?*
Apr
Hupp Motor Car Corp...1,
1
800
50c June
lntercoast
50c
50c
50c
200
36c June
5c
5c
5c
1,700
2c May
11c
11c
11c
1,000
14**
3**
13**
14?*
3%
3?*
5%
6%
Petroleum
Klnner Airpl & Motor
1
Lincoln Petroleum Co. 10c
1
6
July
4%
10**
4%
10
12
39**
Mar
July
Mar
Mar
11**
42**
97 **c
Jan
Mar
11**
1
1
1.20
10
1.50
July
July
July
4%
70
68%
18c
Natl Power & Light
14?*
50
Phila Elec of Pa $5 pref..
3%
6%
3% June
700
49c May
75c
80c
Mar
3?*
52**c May
70c
55c
300
Occidental Petroleum
13c
13c
14c
4,000
.1
22c
22c
22c
1,000
Oceanic Oil Co
1
97**c
Pacific Clay Products
Pacific Distillers Inc
*
8%
8%
9%
1
35c
35c
35c
14**
14**
15%
1,978
Mar
36
Jan
75
July
Mar
7%
71
21**
Mai
31%
Mar
44%
2,989
25**
Mar
44%
July
4%
7%
1,460
7%
500
2
2%
23%
20%
30%
55
103
3
5%
July
Mar
7%
July
Mar
8%
Jan
3,941
1%
Mar
2%
Jan
14%
Mar
303*
Jan
61
503
30?*
2
2?*
4%
Feb
112
360
117
June
Apr
32**
Feb
Apr
2?*
July
Mai
4%
Jan
29**
46
3?*
20%
May
3
4%
2,457
117
30?*
Jan
1%
2
20
23%
2,250
10?*
Jan
27%
May
45**
46%
65
35**
Mar
47**
July
Tacony-Palmyra Bridge..*
Tonopah Mining..
1
35?*
36
36
July
Union Traction
67
26**
Mai
**
%
650
**
May
1%
Jan
**
Transit Invest Corp
Preferred
1%
130
**
Apr
1%
July
1%
294
**
Apr
2%
Mar
1
50
2?*
123
Jan
Mar
2%
3%
570
1?*
1%
Mar
3%
Jan
*
31%
31**
33%
102
22%
Mar
33%
May
United Gas Improve com.*
Preferred
*
10%
10?*
11
3,704
8%
Mar
11**
Jan
162
99%
Mar
109**
June
211
6%
Apr
10**
Jan
5%
Apr
United Corp com
*
Preferred
Westmoreland Inc
Westmoreland
3
108%
*
Coal
108** 109%
7%
8%
8%
8%
3%
36
Bonds—
El & Peoples tr ctfs 4s. 1045
7
6
$17,500
7
Jan
H. S. EDWARDS & CO.
UNION
BANK BLDG.,
Tel. Court-6800
Jan
55c
5%
Mar
*
July
500
55c
Jan
July
Mar
50
Scott Paper
Mar
4,200
6%
3%
Jan
4?*
116
Corp
119%
2%
50
Salt Dome Oil
July
7
20%
.25
5%
4
.1
7% pref
July
380
6%
30%
29%
40%
43 X
Pennsylvania RR_.
Phiia Elec Pow pref
Phila Rapid Transit
23%
6%
'29%
Pennroad Corp vtc.
July
Jan
60c
*
Mar
114
Jan
Mar
555
75
6%
7%
2%
Jan
Mar
3
*
com
Electric Storage BatterylOO
General Motors
10
232
114% 115%
5%
6%
6%
Apr
5?*
55c
12%
Jan
12c
2
2?*
111%
5
57**c May
1,800
55c
336
292
July
2,400
2%
140% 143%
20%
23%
11%
149%
July
Apr
1
97**c 97**c
7
July
10c
Menasco Mfg Co....
1
Mt Diablo Oil M & Dev..]
Nordon Corp Ltd
1
Pacific Finance Corp com 10
Pacific Gas & Elec com..25
Jan
Feb
11**
5%
July
5c
42**
27%
June
5c
18
12
*
Mascot Oil Co
3%
12**
11**
com
Lockheed Aircraft Corp..l
Jan
42**
Holly Development Co
Los Ang Industries Inc...2
Los Ang Investment Co. 10
July
2c May
10
v
1.25
69**
4%
1.00
4c May
470
1.25
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
Hudson Motor Car Co...*
200
2,000
18
69**
9**
Creameries of Amer vtc.l
Gladding-McBean & Co..*
Globe Grain & Milling..25
Goodyear T & Rubber...*
4c
3c
3c
15%
May
Mar
Mar
Lehigh Coal & Navigation *
Lehigh Valley
..50
High
Low
Berkey & Gay Furn Co—1
6%
*
Chrysler Corp........
High
160
*
Curtis Pub Co
Sales
Low
9%
8%
Budd Wheel Co
July 29, both inclusive, compiled from official sales lists
Range Since Jan. 1, 1938
Shares
High
Budd (E G) Mfg Co
Angeles Stock Exchange
Friday
Low
8%
100
.:
.
for
of Prices
*
American Tel <fc Tel
Barber Co
Week's Range
Sale
Chicago Board of Trade
Veur York Stock Exchange
YORK
90 Broad Street
101S Walnut Straat
2%
1874
Members
July
11%
July
New York Stock
Jan
Bolsa-Chlca Oil A com.. 10
8
DeHaven & Townsend
July
1
Broadway Dept Stores
Buckeye Union Oil com_.l
Jan
61%
Jan
2%
Sale
July
Jan
Mar
1%
1%
80c
Price
Apr
Jan
5
June
Wolverine Brew com
Par
5
Jan
4%
Stocks-
July
July
12%
U S Steel Corp
3%
Last
July
23%
*
Mar
2%
1%
to
July
Mar
Ohio Oil Co—
July
4%
July 23
50
49
11
15
4%
125
Los
July
Mar
100
14**
65c
523 W. 6th St.
July
6
23%
Mar
65c
Lot
13**
42%
1,600
23%
June
1
*
50
100
23%
8%
Tom Moore Dist com
1
100
11
July
Mar
800
50
27%
*
2%
1,902
Wayne Screw Prod com..4
July
Mar
12%
100
Jan
•
6
3%
200
North American Co
650
14**
3%
2
13
42%
July
June
Jan
3%
*
13%
42%
July
July
2%
Jan
14**
2%
1
*
Corp..*
Kennecott Copper
Jan
3%
8%
2%
Mai
90
1
*
Jan
12
May
Mar
1%
220
Tivoil Brewing com
*
4**
Jan
6%
20%
Mar
Timken-Det Axle com—10
Union Investment com...*'
500
49
New York Central RR—*
2%
25%
5%
5%
July
2%
100
May
July
"2H
3%
July
1%
5%
10%
25%
32%
11%
Apr
10**
9%
100
July
1%
1%
13 J*
1,209
3%
July
9
9%
1%
Mai
40%
100
30
700
31%
11%
3%
40
1
400
200
32%
8% June
4% Mar
5%
10
32%
11%
1%
5%
13%
42%
5
Commercial Solvents Corp*
Commonwealth A South..*
8.904
13**
8%
5%
10%
5%
*
Borg-Warner Corp
Jan
2,345
14**
9%
3%
100
300
Curtlss-Wrlght Corp
5
.2
0%
20%
Elec Power A Light
Murray Corp com...... 10
40
6%
20%
May
4% June
14%
Jan
35%
6%
20%
Jan
Motor Wheel com—
Parke Davis com
21%
35X
Apr
8?*
Mar
100
Jan
b
5
July
1.25
87c June
Apr
50
Fel>
Packard Motor Car com.. *
14%
55
Mai
11
3c
lc
Bendix Aviation Corp
JUfy
1,472
Apr
Mar
27,000
Unlisted-
Anaconda Copper.
2.00
22%
1,50
22c
4%
Armour A Co (111)
22%
20**
July
6c June
2% June
-
Jan
May
2%
425
22**
High
12c
%c May
Jan
Mar
1.75
*
Walker A Co B
2c
400
Motor Products com
Warner A ircraft com
Development.25c
1%
Mid-West Abrasive com50c
B
Imperial
1%
Micro mat! e Hone com— 1
Universal Cooler A
Jan
Jan
69c
United Shirt Dist com
3%
July
5
....
200
75c
100
Scotten-Dillon com
4,600
19**
3%
1 **
300
Stearns (Fred'k) pref—100
10c
3%
2%c
Mai
80c
Standard Tube B com
9c
3%
Mar
Mar
8%
River Raisin Paper com..
9c
3%
40c
80c
Rickel (H W) com
—1
Cons Choliar GAS Mng.l
15**
1%
8
Pfelffer Brewing: com
Cardinal Gold
980
31
Low
7,500
Jan
500
31
10%c ll%c
Jan
1%
1
1
11c
Range Since Jan. 1, 1938
Shares
75c
1,223
Mich Steel Tube Prod.2.50
Price
9%
"
80
Week
10c
3%
57c
for
of Prices
Low
High
Calumet Gold
19**
57c
Week's Range
July
19%
2%
57c
—
*
Parker Wolverine corn...*
Penin Metal Prod com...l
16
Par
(Concluded)
Stocks
~~2 H
Lakey Fdy & Mach com.. 1
Masco Screw Prod com
1
McG'hmahan Ref com
High
4.415
65c
3
McCIahahan Oil com
9
Low
Last
Sale
Shares
15%
13%
62c
—1
10
Klnsel Drug com
High
9%
—
.....
Kresge (8 8) com
Low
Sales
Friday
Range Since Jan. 1, 1938
for
Week
of Prices
Price
July 30, 1938
hales
Friday
ImhI
Week's Range
Sale
Chronicle
120
Jan
PITTSBURGH, PA
A. T. & T. Tel. Pitb-391
BROADWAY,
NEW YORK
July
Specialists in Pittsburgh Securities
May
21c
July
18c June
30c
Jau
900
75c May
1.20
Jan
800
5
Jan
9%
July
300
30c
Mar
4 yc
700
9**
Mar
15?*
July
Friday
6c
Jau
Pittsburgh Stock Exchange
July 23 to July 29, both inclusive, compiled from official sales liata
Sales
26%
26**
28%
200
23**
Mar
28%
July
Last
Week's Range
for
25
30**
30%
100
28
Mar
Sale
39**
39%
100
32?*
Mar
30%
41%
July
Pacific Lighting com
*
Republic Petroleum com.l
30**
39**
of Prices
Low
High
Shares
6%
July
6% 1st pref
5J*% pref
50
Richfield Oil Corp
Warrants
com
5**
39**
8
*
2%
5**
39**
7%
2%
2,100
3
Mar
39**
6
2
30
Mar
8%
2%
6,300
200
40
July
July
8**
July
*
43%
Mar
2.50
July
Blaw-Knox Co...
*
17%
Byers (A M)
*
13%
13%
2%
Apr
2%
3%
2%
400
2%
3,100
1.05
Mar
3
July
3%
3%
3%
22
1%
2%
July
7%
5%
7%
1,800
2%
Apr
Mar
7%
July
75
23%
Security Co units ben int. *
Sierra Trading Corp...25c
Signal Oil & Gas Co A
*
31
31
9c
30
31
9c
9c
1,000
30**
9**
1,100
27
Sontag Chain Stores Co..*
9**
9%
So Calif Edison Co Ltd..25
23**
38J*
27?*
23%
38%
27**
30**
30**
19**
18**
32**
2**
32**
2**
34?*
Sunray Oil Corp
Superior Oil Co (The)...25
45
43
46
1,100
Transam erica Corp
Union Oil of Calif
2
10**
10?*
2,100
25
21**
21**
11%
22%
Universal Consol Oil
10
18
17
18%
Original pref
6% pref B
25
25
So Calif Gas Co 6% pf A 25
Southern Pacific Co
100
Standard Oil Co of Calif..*
VandeKamp'sH D Bakers*
Mar
31
Jan
July
12c
Jau
30**
July
Electric Products
Mar
13%
7%
2
500
50c May
1%
Jan
600
3?*
Jan
7%
July
7%
8
695
5
Mar
9%
Jan
2
12
*
8
2
12?*
8
113
.
1?*
Apr
820
8
Apr
6%
Apr
10
2%
14
Mar
11%
June
90c
90c
100
70c
Feb
10
15**
Mar
32**
25?*
Apr
28**
July
Jones & Laughlln St pfd 100
67**
32**
67**
6
50**
Apr
73**
28**
Apr
30**
June
100**
180
96
Apr
9** Mar
25** Mar
2% June
21?*
Jan
Koppers G & Coke pref. 100
Lone Star Gas Co
*
3,203
34?*
July
10**
1%
5%
26
Mar
46
3
3%
8**
Mar
12?*
Jan
2%
2%
1,800
17**
Mar
22**
July
1,400
6?*
Jan
18**
July
500
200
1,800
700
300
3%
Jan
July
Mar
9
July
Apr
5
July
4%
3%
June
6**
Jan
3%
5**
3?*
900
3%
400
2%
Mar
3?*
July
McKinney Mfg Co
100
10% June
12c
Mar
13
Feb
23c May
100
*
Mountain Fuel Supply. .10
100
1%
"b%
Fireprooflng Corp...5
Pittsburgh Brewing Co
*
Preferred
7%
9%
Natl
5%
9
70
5
6?*
Apr
1%
Feb
Apr
1%
Mai
6%
3%
July
190
2
Mar
3
Jan
Mar
30
July
25%
75
1%
1%
50
1
102% 106%
67
56
8%
9%
761
Pittsburgh Steel Foundry *
Plymouth Oil Co
5
8%
8%
8%
25%
Reyner A Bros
Ruud Mfg Co
*
3%
...5
11%
3%
11%
Jan
Jan
July
90c
25%
95c
103*
July
4?*
1%
95c
105
July
650
25%
25 J*
Mar
95c
632
*
1
Mar
400
Pittsburgh Oil A Gas
5
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
Renner Co
3,000
7%
Jan
Jan
9%
32**
100
July
90c
7%
1
5?*
6%
85c
Harb-Walker Refractories *
3%
For footnotes see page 719.
50
Jan
7
Follansbee Bros pref
Fort Pitt Brewing
100
23c
July
July
28**
30**
21**
11
July
19%
July
200
21c
47%
Mar
July
9
11
Mar
10%
9?*
5
23c
24%
24 J*
9
Cons MIOc
195
731
38**
5
Mammoth
21%
Jan
5
BIk
Mar
Jan
35
9
11
11%
Mar
40
4%
10
260
7?*
800
Weber Shwcse & Fix 1st pf *
Yosemlte Ptld Cement pf 10
Mlnintf—
20%
Consolidated Ice pref
10
Duquesne Brewing com..6
Mar
High
18%
Carnegie Metal Co
1
Clark (D L) Candy Co
*
Columbia Gas & Electric;*
May
Wellington Oil Co of Del. .1
Alaska-Juneau Gold
com
Low
*
19?*
200
24**
38**
2%
5C
18
3%
Range Since Jan. 1, 1938
Week
47%
19%
3
10
Price
Mar
5
1.10
Roberts Public Markets..2
6% preferred..
Par
Allegheny Steel com
Armstrong Cork Co
Ryan Aeronautical Co
1
Samson Corp B com_._..*
3
Stock*—
100
40
1,000
100
63
19**
4?*
July
Jan
Jan
Apr
1%
106%
July
May
9%
July
Mar
10
Mar
25**
75c May
1%
Jan
Jan
3%
July
July
14%
Jan
6
15?*
2
11**
Jan
July
Volume
147
Financial
Friday
Shamrock Oil & Gas
1
United Eng & Foundry5
United States Glass Co. .25
Vanadium Alloy Steel
*
Victor Brewing Co
1
Westinghouse Air Brake.. *
Westinghouse El & Mfg. 50
Week's Range
of Prices
Friday
for
Sale
Par
719
Sales
last
Stocks (Concluded)
Chronicle
Week
Price
Low
High
3
35%
170
75c
100
75c
July
120
27%
July
28
22
Jan
4
Apr
1%
Stocks (Concluded)
High
Low
Shares
1,100
75c
27%
oaLes
Last
36%
Mar
July
Jan
1%
45
Jan
Par
Week's Range
for
Sale
3 >4
33%
28
1938
Range Since Jan. 1,
of Prices
Week
Low
Price
Food Machine
Corp com 10
Foster & Kleiser
30
com..2%
High
30
2.60
30
2.50
Range Since Jan. 1. 1938
Low
Shares
125
17
2.60
335
1.25
Gen Metals
Corp cap. .2%
General Motors com
io
10%
10%
11%
43
40%
44%
1,428
2,652
25%
2.60
July
Mar
11%
Mar
Mar
44%
July
July
Mar
6
50c
50c
1,100
65c
Feb
507
15%
Mar
28%
July
July
28%
General Paint Corp com..*
Genl Paint Corp pref
*
10
25%
10 1%
Lone Star Gas 6% % Pf 100
Pennroad Corp vtc.....l
28
28
28
173
Mar
28
Mar
283
62%
Mar
107%
Jan
Gladdlng-McBean
11%
6%
May
4%
4%
39%
12%
4%
900
Golden State Co Ltd
*
Hancock Oil of Calif A...*
Hawaiian Pine Co Ltd...*
11%
1,603
2%
Apr
12%
4%
39%
200
25%
Mar
39%
45c June
Apr
112
1% June
3
Jan
108
110
110% 110%
1%
2%
Jan
162
9
& Co..*
9
8%
39%
25
25
810
6%
25
25%
818
20%
Apr
1
95c
95c
1.05
2,725
66c
June
Hone F & M Ins Co
ca>p_10
38%
38%
38%
70
Honolulu Oil Corp cap
*
Honolulu Plantation Co.20
Hudson Motor Car Co...*
32%
Apr
23
23
23%
200
20
20
20
i. m. simon &co.
Langend'fUtdBakAunstpd*
16
...50
41
Business Established 1874
Langendorf Utd Bk B
*
LeTourneau (R G) Inc_..l
I-ockheed Aircraft Corp__l
8
8%
1,385
26
26
26%
14
13%
14%
2,280
2,522
,'ioc
55c
100
817
Holly Develop Co..
ST. LOUIS MARKETS
Enquiries Incited
on
Pref
all
Mid-Western and Southern Securities
Lyons-Magnus B.
(Associate)
Board of Trade
Chicago Stock Exchange
St., St. Louis, Mo.
Last
Sale
Par
A 8 Aloe Co pref
Price
100
American In v com.
Sales
Week's Range
103
24
36%
17%
36%
Burkart Mfg com1
Central Brew com.......5
Century Electric Co
July
Jan
40%
367
21
Jan
400
2
July
2
July
4%
6%
100
4
June
5
Mar
34%
155
35
325
29%
220
7%
Apr
3%
26
23%
Jan
33%
19
10
18% June
99%
8%
10
95
July
May
21
99%
8%
*
8%
43
Hamilton-Br'n Shoe com.*
June
35
Jan
99%
1
com
Apr
24
19
100
com
109
June
2
29
Ely & Walker D Gds com25
Griesedieck-West. Br
July
20
27% May
10% June
18
6
35""
_
2nd pref.
103
4%
4%
Chic & Sou Air L pref... 10
Coca-Cola Bottling com.. 1
25
105
High
2
10
Dr Pepper com
5
24
*
Low
Shares
103
*
_
Brown Shoe com.
Falstaff Brew
High
Range Since Jan. 1, 1938
for
Week
of Prices
Low
4%
6%
Mar
75
27%
Jan
1
1.125
4%
4%
July
240
43
July
10
46%
Apr
Apr
June
4%
July
June
14%
Jan
May
12
45%
44
46
122
27
Jan
46
July
International Shoe
35
35
35%
227
28% May
Apr
4%
Jan
10%
6% May
36
Jan
20%
13%
13%
*
com
Key Co com
12%
13
135
10
10
11
50
7%
Mar
*
Knapp-Monarch
8%
10%
8%
10%
283
*
com
10
10
240
20
63
14
June
200
9
June
13%
20%
12%
13%
26%
27
125
18
May
30
Jau
9%
10
255
5
Mar
10
July
Laclede-Christy CI Pr com*
Laclede Steel com
20
Mo Port Cement com...25
12%
Midwest Pipe & Sply com. *
Natl Bearing Metals com. *
Natl Candy com
*
12
9%
Rice-Stix Dry Goods com. *
1st pref
100
6
50
25
8%
4
July
11%
Mar
11
Feb
8%
70
6%
Apr
6%
Jan
July
July
July
July
90
99
June
St Louis B B1 Equip com.*
2%
2%
15
2
June
Scruggs-V-B Inc
1st pref...
5
6
6%
220
4
Apr
100
55
55
6
55
July
62
Jan
.100
40
40
2
40
Apr
40
Apr
25
25
32
19
Apr
25
8
9
100
3%
Apr
9%
July
1
1
150
45c June
1.23
Jan
com
2nd pref
Preferred
Scullin Steel
104%
..100
*
com
104%
8
Scullin Steel warrants
Southwest Bell Tel pref 100 $115.46
Sterling Alum com
I
Wagner Electric com....15
105
115% 115.46
6
32
26%
1,770
6
135
33
3,300
115
June
105
July
3
6%
123%
4% June
16% June
Jan
July
July
Mar
Jan
7%
33
July
Bonds—
tScullin Steel 3s
1941
Mar
24
19
July
28
165
8
Feb
9%
.
July
15%
16%
1,945
12
Apr
16%
July
41
July
July
41
40%
290
June
35%
Apt;
26%
Mar
5%
8%
Mar
3%
13
14%
Feb
July
July
55c
85c
80c
90c
1%
Jan
12%
12%
12%
100
7
Mar
13%
July
15%
15%
16%
563
8%
Mar
16%
July
15%
12%
Feb
2.90
8%
11%
7%
Oliver Utd Filters A
Oliver Utd Filters B
59
59
$1,000
21
2,000
40% Mar
19% June
60
21
28
Jan
21
21
7.000
19
27
Jan
July
80c
Mar
15%
3%
July
1,902
5,908
3%
Mar
10
July
2,010
7%
Mar
12%
July
1,088
8%
23
3%
7%
Mar
8
43
Feb
Mar
13%
Feb
17c June
30c
44%
50
12%
13%
870
9%
25c
25c
4*0
8%
23
50
5
May
260
8%
23
22%
July
Mar
3%
40
25c
*
9%
Jan
July
7%
11%
44%
13%
390
50c
55c
12%
8%
*
15%
42c June
10
2.85
com 1
Occidental Petroleum
1
O'Connor Moffat cl AA..*
15
Mar
10%
23
July
Jan
Jan
July
July
*
7%
7
7%
1,550
3%
Pacific AmerFlsherles com5
Pacific Can Co com
*
8%
8%
8%
100
7%
Apr
6%
6%
7%
282
4%
Mar
7%
July
9%
9%
9%
100
6
Jan
9%
July
Pacific Clay Prod cap
*
Pacific Coast Aggregates 10
Pacific Gas & Elec
6% 1st pref
5%% 1st pref
Pac Light Corp
$6 Dlv
Pac Pub Ser
1.80
Jan
2.05
Jan
28
2,587
23
Mar
29%
July
30%
1,647
27
Mar
30%
July
27%
27%
41
40%
107% 108
795
25%
Mar
511
32%
Mar
99
Mar
27%
40%
107%
7
*
Parafflne Cos
3%
Mar
346
13%
Mar
7%
19%
50
87%
Apr
119%
70
131%
Apr
144
July
486
29%
Mar
50
89
June
96
July
July
31%
3%
May
43%
July
June
7%
6%
113
144
140% 144
*
60
Parafflne Co's pref
TOO
Phillips Petroleum Co cap
Puget Sound P & T com..*
R E & R Co Ltd com
Rayonler Inc
96
94
96
43%
43%
6%
267
5%
264
5
Jan
8
May
25
6
Republic Petroleum com.l
Jan
July
14%
16%
3,137
22
24
2,929
3,820
17%
June
29%
Jan
2%
Mar
1,378
9%
Mar
6%
14%
July
14%
8%
7,340
4%
Mar
8%
July
2.15
124
1.25
Mar
2.75
July
18%
July
22
July
Mar
119
May
5%
14
Richfield Oil Corp warnts-Safe Stores Inc com-
2.15
13%
7
8%
21%
....
San J L <fe P 7 % pr pref. 100
2.15
22
21%
119
Schlesinger Co B F com.
Schleslnger (B F) 7% pf-25
6
5%
5%
Rheem Manufacturing...!
Richfield OH Corp com
*
119
2.00
375
119
20
2.00
2.00
1,518
111
80c May
2 00
6
6
6
470
3
Apr
17
*
com
July
22
25
Shell Union Oil
30
800
July
5%
14%
1
com
50
43%
*
Preferred
50
6%
Jan
July
July
1,129
112
common
28
41%
108
7%
18%
113
100
Preferred
60
19%
7
18%
100
com
1.40
26%
*
com..*
non-v
320
Jan
30
25
1st preferred
1.80
7%
10
27
.....25
com
1.80
Mar
30%
25
com
*
Pac Tel & Tel
Jan
Hussmann-Llgonier com. *
Huttig S & D com
5
Hyde Park Brew com
10
_
July
13%
40
9%
8%
No American Oil Cons.. 10
July 29, both inclusive, compiled from official sales lists
Stocks—
July
July
9%
9%
No Amer Invest com..100
N Amer Invest 6% pfd 100
Exchange
Friday
1.10
*
National Auto Fibres
Natomas Co
Telephone Central 3350
St. Louis Stock
Jan
29%
39%
Market Street Ry pr pf 100
Menasco Mfg Co com
1
New York Curb
Chicago
315 North Fourth
-
July
July
July
Magna vox Co Ltd
2%
Magnin & Co (I) com
*
Marcliant Cal Machine..5
MEMBERS
New York Stock Exchange
St. Louis Stock Exchange
to
'
Jan
33
100% 106%
"~25%
Unlisted—
July 23
High
r
Mar
17
18
585
10
Apr
18
28%
29
510
18
May
29
Signal OH & Gas Co A
29
21
6%
Feb
June
Jan
July
July
July
July
Soundvlew Pulp com....6
Preferred
..100
21%
22%
2,013
11%
Mar
23
Jan
92
92
92
1,060
60
Mar
92
July
So Cal Gas Co pref ser A_25
30%
30%
350
28
Apr
30%
Southern Pacific Co
100
18%
18%
30%
21%
4,438
9%
Mar
22%
Jan
So Pac Gold Gate Co A... *
15c
10c
15C
275
10c
July
63c
Feb
May
B
25c
Super Mold Corp cap
Texas Consolidated Oil
6c
25c
13c
May
37c
;%
10
5%
July
33
33
34%
2,542
25%
Mar
6%
34%
19%
Spring Valley Co Ltd
Standard OH Co of Calif..*
19%
19%
913
13
Mar
23
5%
10
5%
80c
80c
100
Jan
Feb
July
June
Pref.
Transamerica Corp
85c
400
70c
Mar
15%
15%
15%
130
15%
July
97
97
10%
76%
May
97
1
TldeWater Ass'd Oil com 10
Mar
97
July
10%
2
10%
10
11%
14,442
8
Mar
1.20
12%
Jan
21
June
Jan
Treadwell Yuk Corp Ltd.l
73c
73c
80c
612
45c
Feb
Union Oil Co of Calif...25
21%
21%
22%
1,470
17%
Mar
22%
July
Union Sugar com
tUnlted Railways4s..1934
fUnited Ry 4s c-d's
11%
9%
5%
Mar
22%
10%
July
6%
Jan
18%
4%
July
10%
23%
3%
July
July
25
United Air Lines Corp...5
Universal Consol Oil
Dean Witter
Co.
8c
PWvjf* Lenszd Wlrtt
MUNICIPAL AND CORPORATION BONDS
New York Curb
Exchange, San Francisco Stock Exchange, Chicago BoardofTrads
Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
225
9%
9%
443
18%
Mar
1
3%
4%
4,726
1,075
5
8%
8%
9%
327
10
22%
3%
22%
23%
325
14%
Mar
3%
3%
600
2%
June
............
Western Pipe & Steel
Yosemlte Port Cem pref. 10
Unlisted—
1%
*
Alleghany Corp com
Limbers: New York Stock
11%
11%
17%
3%
Victor Equip Co com
Preferred
9%
18
10
141
American Tel & Tel Co. 100
Amer Toll Bridge (Del). .1
53c
Oakland
Tacoma
Seattl*
Sacramento
Stockton
New York
Portland
Fresno
Beverly Hills
Honolulu
Los Angelas
Anaconda Copper Min..50
36%
Anglo Nat Corp A com—*
15
1%
Feb
1%
Jan
Apr
149%
Jan
42c June
70c
Jan
37%
July
1,300
35
37%
945
21
15
15
May
Ppsadeno
Long Beodb
143
11
Apr
5
3%
3%
3%
110
2
Mar
Bait & Ohio RR com—100
10%
10%
10%
260
4%
4%
4%
1,843
6
4%
20%
20%
489
13%
June
10
3%
3%
105
1.85
Mar
Argonaut Mining Co
Bendix Aviation Corp
San
July 23
to
Francisco Stock
Exchange
Bolsa Chlca Oil A
July 29, both inclusive, compiled from official sales list
Last
Par
for
Sale
Stock*—
Week's Range
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1938
BUDker Hill & Sullivan 2.50
17%
17%
20
20
4
100
2.25
June
10%
435
7%
Mar
Low
15
15
225
12
Mar
19
Jan
Hobbs Battery Co A
Assoc Insur Fund Inc
10
Atlas Imp Diesel Engine..5
Bishop Oil Corp
5
Byron Jackson Co
*
5%
9
5%
9%
2,455
5%
750
20
20
22
20
Calamba Sugar com
Calaveras Cement Co
9
4,765
19%
19%
19%
259
*
6%
6%
200
com
6
1,812
2%
4%
3%
13%
17
3%
Jan
Jan
Mar
Mar
21
Mar
55
55.
10
45
May
14
14
14%
30
8
Jan
Calif Cotton MUls
17
17
18
100
20c
20c
20c
5%
22
55
com.
10
Mar
Calaveras Cement pref. 100
Calif Art Tile A
*
Calif-Engel8 Mining Co. 10
4%
300
5%
332
15c June
Mar
6%
July
May
July
July
Jan
July
55
July
14%
July
1?
July
38c
24
Jan
Apr
52
July
15c
Apr
Jan
54%
57%
Mar
57%
1
54%
1.90
986
1.90
2.05
2,600
1.65
Jan
2.35
Jan
.1
1.95
1.95
2.00
450
1.65
Mar>
2.35
Jan
5
70%
69%
73%
1,690
Claude Neon El Prod(Del)*
Cons Chem Ind A
*
9%
9%
9%
151
26%
26%
26%
Creameries of Am Inc vtc. 1
Crown Zellerbach
com
Preferred
5
..*
Cypress Abbey Co...
2
Di Giorgio Fruit com...10
4%
4%
420
12%
14%
5,284
80
82%
95c
95c
4%
4%
.100
23%
23%
Doernbecher Mfg Co
*
3%
3%
El Dorado OH Works
*
Pref
Emporium Capwell Corp.*
Preferred (w w)
50
Emsco Derrick A Equip..5
Ewa Plantation Co cap. .20
Firemen's Fund Ins Co..25
813
4%
13%
80%
200
27%
July
Mar
73%
July
6% Mar
22% May
9%
July
3%
7%
56
75c
Mar
33
488
1.00
Mar
1.75
Idaho-Maryland
7.25
7.00
7.25
1,445
4.95
Mar
7%
July
June
July
Mar
4%
14%
July
Mar
82%
July
July
95c
July
Jan
25c May
Mar
47c
4,340
3.25
3.00
3.50
5,990
1.50
3%
July
42%
42%
42%
620
28%
42%
July
22%
20c
22%
July
2,400
1
Italo Pet of Amer com
Preferred
46c
43c
1
Kennecott Copper com... *
—
22%
Marine Bancorporatlon..*
22%
20c
10
May
Apr
17%
Mar
50c
Jan
1
20c
Montgomery Ward <fe Co.*
46%
Mountain City Copper..5c
10%
11
655
6%
Mar
11
July
27
28%
225
19%
May
35
Mar
MJ&M&M Cons
46
48
cap.20
872
7,663
7%
6%
5%
15%
45%
Mar
100
1,700
com
1.75
5%
750
50%
28c
Chrysler Corp
1.56
Radio Corp of
22%
Preferred
Feb
1.75
Packard Motor Car com..*
21%
Central Eureka Mining
July
35%
27
50
30
July
104%
May
North American Aviation. 1
21%
Caterpillar Trac Co com..*
6
July
26%
Oahu Sugar Co Ltd
50
30c
Mar
101%
10
Jan
Calif Packing Corp com..*
23c
3%
60
5%
7%
10%
Calif Packing, Corp pref.50
Carson Hill Gold Min cap 1
23c
340
Mines..1
Feb
15
Jan
Feb
July
5%
*
13%
20
10%
32%
32%
Anglo Calif Nat Bank
6
32%
5%
104%
Hawaiian Sugar
2%
101% 104%
1
pref. 100
Co
20
Curtlss-Wrlght Corp
High
Fibre Brd Prod pr
4%
July
4
Mar
3%
July
4
9
July
18
Columbia River Packers..*
210
Jan
July
20
Jan
11%
3%
Mar
1%
10%
19
Jan
July
900
11%
5%
Jan
July
10%
1%
10%
11
20
1%
10%
4.25
100
20
1%
Alaska Juneau Gold Min 10
4%
Mar
17
200
17%
Canada Dry Glqger Ale..5
Consolidated Oil Corp—*
Shares
3%
3
June
Claude Neon Lights com.l
h
Sales
Friday
19
Jan
111%
55c
Bancamerica-Blalr Corp.. 1
Son Francisco
July
212
141
53c
Mar
May
Mar
200
1%
1%
141
2%
6
83c June
430
15c
31
3%
June
May
38c
48
9%
Jan
July
Jan
Jan
6%
7
7
7
550
4%
Mar
7%
Jan
Riverside Cement Co A.. *
8%
8%
8%
300
5
Apr
8%
July
Schumach Wall Bd com..*
3%
3%
3%
200
2
Feb
3%
Jan
America...*
'
20
*
Preferred
5%
17
20
455
3%
7%
Apr
5
8
8
100
8
July
pref...25
26
25%
26
568
24
Apr
6% preferred
25
S P Gold Gate 6% pref. 100
28
28
28%
204
25%
9
9
8ilver King Coalition
So Cal Ed-5%%
8
9
32
35c
35c
35c
100
8%
Sterling Oil & Develop.-.l
1
Studebaker Corp com
7%
8%
1,257
8
25c
4
Mar
Apr
20
9%
26
29%
18
July
July
Jan
July
Jan
Feb
Feb
35c
July
Mar
8%
July
32
32
32
10
25%
June
36%
Mar
United Aircraft Corp cap.5
29%
29%
29%
380
10%
Mar
29%
July
*
3%
3%
3%
100
2%
Apr
3%
Title Guaranty Co
pref..*
95c
150
4%
203
2.75 June
110
18%
Mar
28
Jan
U S Petroleum Co
.1,
1.10
100
3% June
15% Mar
9% Mar
26% Mar
5
Jan
United States Steel com..*
61%
2ft
July
1*%
July
37
July
24
3%
10
1"
19
1°3
13%
35%
13%
14%
380
35%
36
.120
5%
10
10%
10%
2,070
Mar
10%
36%
36
36%
30
30
June
46%
84
84
84
90
62
Mar
6%
88
Jan
Feb
Feb
June
United Corp of Del
1.10
1.05
58
62%
200
1,619
1.55
Jan
May
62%
July
75c
1%
Utah-Idaho Sugar Co com 5
1%
1%
200
1
Mar
1%
Jan
7
7
7
445
4
Mar
7%
July
'
Warner Bros Pictures....5
•
r
z
No par value.
a
Jan
Mar
40
2nd Llq
Dlv. Pay
Endorsed.
b Ex-stock dividend,
x Ex-dlvldend.
y Ex-rights
Cash rale—Not Included In range tor year,
Listed,
t In default,
.
Financial
720
July
Chronicle
1938
30,
Canadian Markets
LISTED AND
Provincial and
UNLISTED
Montreal Stock Exchange
Municipal Issues
Closing bid and asked quotations, Friday, July 29
Jan
1 1948
4Mb
Oct
1 1956
/58%
/5 7
Province of Ontario—
Ask
Bid
5a
•
-
-
Oct
5s
-
Bid
1942
1
Sept
15 1943
Prov of British Columbia—
6s
May
1 1959
July 12 1949
Oct
1 1953
Manitoba—
4s
June
1 1962
4%s
Jan
5s
4 Ms
Province of
1 1941
June 15 1954
Aug
4%s
5s
2 J959
Dee
5s
6s
•
»
*
-
99% 100%
4%s
15 1960
15 1961
Apr
Apr
Sept 15 1952
5s
Mar
1 1960
117
Week's
99
94
96
4
96
4s
.Feb
1 1958
109
110
4%s
.May
1 1961
111
112
94
Province of Quebec—
%s
Mar
2 1950
*
100
Preferred
June 15 1943
85
86
5%s
Nov
15 1946
85
86%
4%s
Oct
1 1951
80
81
102
4s
6s
4Mb
Dec
16 1944
94
Bid
July
1 1944
111
4Mb
Sept
1 1946
97
6s
95%
5s
Dec
1 1954
99%
Ask
97%
99%
93%
111%
July
4Mb
1 1960
13
95
27
M8F
Mont Loan & Mortgage. 25
27
27
27%
101
78%
78%
27%
78%
34%
Ask
93
4 Ms
Ask
Canadian Northern Ry—
1 1951
June 15 1955
.Feb
4Mb
Bonds
Bid
Canadian National Ry—
Sept
114% 115%
117% 117%
1 1956
115M
1 1957
Montreal Tram ways ...100
6s
.Oct
1 1969
Feb
1 1970
125% 126
1 1969
3s
Jan
1 1962
98
98%
80
38
Mar
43
65
10,110
31
Mar
62
July
72%
71%
73
5,648
48
Mar
73
July
28
29%
*
100
«#
~
«.
155
«•
•
-
*
m
10
-
for
of Prices
Low
High
10
Amal Electric
27%
4%
27%
5%
10%
5
27%
Range Since Jan. 1, 1938
25
60
15%
30
10
11%
3,730
2%
535
Preferred
10%
2%
100
__
Bell Telephone
100
Brazilian Tr Lt & Power. *
British Col Power Corp A. *
B
>jc
27
163%
13
31%
27
162% 163%
12%
31%
13%
31%
4%
4%
4
......
siikMiiia:::::::::*
4
25
3,737
440
60
135
1,710
95%
140
18
Canadian Car & Foundry *
Preferred
25
.
Canadian
Celanese
4%
18%
29
30
13%
93%
13%
9%
Con Mln & Smelt
100
100
July
2%
July
7%
27%
Mar
14%
Apr
33%
Feb
3% Mar
2% June
5%
4%
Dominion Coal pref
Dominion Glass
38
Apr
7% Mar
86% June
9
67
12%
no
June
16%
Mar
95
66
95
July
95
July
40
54
24
Feb
40
July
10
80
Feu
86
Jan
100
99
100
10
100
July
100
July
...*
48
48
25
47
June
49
July
125
125
10
122
July
125
Preferred
.....
Penmans
.
—100
Preferred
14%
16%
3,036
9%
Mar
16%
19
18
4,590
8%
Mar
20
55
53%
19%
55%
630
34
Mar
55%
July
18
18
19
550
14
Mar
19
July
23
5% preferred
Quebec Power
100
■
*
A
"15%
*
Preferred
100
100
_
Feb
Jan
17%
Feb
Feb
July
102
6%
3,070
2%
Mar
'6%
July
19%
2,075
8%
Mar
19%
July
17
5%
30
17
June
Feb
20
55%
58%
1,552
24
21%
23
1,626
17%
Mar
Mar
17
July
Jan
120
Mar
16
16
10
109
109
JL5
105
*
10
10
1o
19%
6%
Preferred...
......
July
July
Jan
10%
11%
Mar
17
June
56
Mar
70
July
54%
Mar
67
July
Mar
7
July
May
3
Mar
3
110
2
10s
Mar
108
Mar
10
10
20
10
July
10
July
7
7
32
7
May
8
2%
3
775
1.50
Apr
2%
2%
175
1.25
Mar
14%
14%
150
45
45
2%
"
2%
2%
100
100
1,170
Mar
7%
58%
23
110
*
Woods Mfg pref
10
7
*
B
960
6%
100
Winnipeg Electric A
......
•
6
2%
10
1%
•
Jan
June
Mar
17
June
; Apr
50
July
x.c,.7v'':r
40
Jan
3
2%
Banks—
Canadlenne
100
Commerce
100
Nova Scotia
...100
Royal
100
Jan
Feb
"l85"~
160
175
89
160
Apr
178
Jan
215
216
103
197
Mar
223
July
303
'215"
145
173
161
..100
Montreal
303
32
295
June
305
Feb
185
186
89
170
Mar
191%
Jan
161
162
182%
Canadian Government Municipal
Public
June
July
Mar
18%
Utility and Industrial Bonds
30
July
9
June
20
Jan
335
90
July
106
Jan
July
10%
Jan
June
19
Feb
Apr
100
HANSON BROS., Inc.
July
Mar
10
Apr
2,195
15
9
80
11
40
100
4%
Mar
4
7
6%
*
Jan
4%
16%
Mar
7%
13
70%
6%
.*
Windsor Hotel pref.
Jan
Mar
1.50
10
70%
*
Windsor Hotel....
Jan
Mar
7%
18%
20
12%
70
V ±
25
United Steel Corp
Feb
7
12,202
-
._*
Steel Co of Canada
Apr
10
100
145
6
Mar
7%
9,288
5
Mar
10%
8%
Established 1883
255
66
James
St.
Montreal
St.,
330 Bay Street, Toronto
Sparks St., Ottawa
Jan
Montreal Curb Market
Jan
Mar
Jan
July 23 to July 29, both inclusive, compiled from official sales lists
12
12
13%
1,226
Mar
13%
60%
59
62
1,951
47
Mar
64%
Jan
Last
Week's Range
for
19%
19%
170
16
Mar
19%
July
Sale
of Prices
Week
*
6%
July
*
16%
16%
17%
1,485
11
Mar
17%
38%
36%
39
3,479
21
Mar
39
July
25
18%
Par
Price
TjOW
High
Ranoe Since Jan. 1. 1938
Low
Shares
High
July-
*
Sales
Thurs.
*
18%
99
15%
8%
15
18%
100
792
20
16%
10,676
9%
1,060
Abitlbl Pow & Paper Co..*
Mar
26
Jan
6% cum pref
100
96%
June
108
Jan
Pref ctfs of dep
100
9
Mar
3%
16
16%
Jan
Aluminium Limited..._..*
Mar
10
Jan
Asbestos Corp Ltd
*
83%
20
75
June
84
Feb
Bathurst P & P Ltd B
*
4%
70
58
May
70
Jan
Beauharnols Pow
Dryden
*
*
8
8
210
4
Mar
8%
Jan
Brewers & Distill of Van..5
1.35
Jan
Brit Amer Oil Co Ltd
8%
_*
1.00
Electrolux Corp
1
Enamel & Heating Prod..*
16%
3%
.*
Foundation Co of Can.... *
17
3%
55c
Apr
250
11%
Mar
50
1%
Apr
3
Jan
Jan
Can & Dom Sugar Co...-*
Mar
16
July
7
15%
16
235
8%
83
100
84
4%
9%
9
656
7%
17*
July
Mar
12%
June
75
Mar
86%
June
4%
20
3
June
4,810
5
Mar
4%
10%
July
10%
273
45
Mar
Goodyear T pref inc '27.50
Gurd (Charles)
*
Gypsum Lime & Alabas..*
56
56
|50
53
Mar
8
8
100
5
Mar
8%
June
7
7%
760
4
Mar
8%
Jan
9%
205
5
Mar
9%
July
5
33
June
_II6o
28%
3,350
26%
30
110% 115
83%
79%
653
9%
26
83%
Mar
4%
July
Mar
29
July
July
26%
July
Apr
3,450
47
Mar
4%
4%
490
2
June
4%
1,757
2%
Mar
5
10
5
2,679
17
115
83%
4%
July-
July
July
Jan
May
5%
7%
Feb
Feb
Mar
21%
July
45
45
Holnnger Gold Mines
5
15%
15
15%
1,990
11%
Mar
Howard Smith Paper
Preferred
15%
June
*
17
17
17%
583
10%
Mar
18
100
96
96
90
Mar
98
Feb
__*
20%
Mar
31
July
15
Mar
19%
Feb
13
13%
158
10
Jan
14
Mar
83
83
85
243
59%
Apr
85
July
34
33%
107% 109
29%
Apr
36
Jan
27
103
Jan
110
Feb
17
15
16
Jan
16%
2
21%
165
.
165
9
14%
178
Mar
Feb
2%
June
Apr
22
Apr
202
June
Mar
1.65
180
95c
Mar
1.65
13c
10
14c
Jan
15c
1.10
262
1.00
Jan
2.00
8%
8%
70
8
Feb
10
11%
3,085
3
Mar
11%
July
41
45
405
18
Mar
45
July
3
11
1.65
1.10
*
*
675 1.10
16%
13c
1.65
Canadian Lt & Power.. 100
Cndn Pow & Paper Inv
*
5% cum pref
Can Vlckers Ltd
2%
21%
165
75
3
10
2
May
3%
Apr
Mar
1.85
July
9
July
Feb
Jan
May
July
Hudson Bay
21%
*
1
21%
21%
*
Cndn Marconi Co
125
*
*
Preferred
July
75
80
'56
Can Breweries Ltd
Cndn Industries Ltd B
75
9
26%
1.00
5
British Columbia Packers *
July
100
*
7,505
4%
Canada Malting Co
._*
Can Nor P 7% cum pf.100
Canada Vinegars Ltd
*
120
12
4
Jan
11
11
11%
Corp
5
10%
*
*
1.00
4%
3%
26%
27%
67
Hamilton Bridge
Preferred
95
25
102%
57%
81
Preferred
35
May
Apr
21%
*
67
Rights
General Steel Wares
Preferred
99
17
81
Gatlneau
12%
15
Jan
July
18
*
*
English Electric B
25
5%
19%
St Lawrence Flour Mills
Mar
55
15%
98
100% 102
-ri.
*
50
preferred
23
23
15%
98
25
Regent Knitting pref
100
Eastern Dairies.
Jan
"16
*
Dominion Textile
Paper.....
July
June
2
17%
820
25
Dominion Steel <k Coal B 25
Preferred....
July
11%
July
260
3%
8%
July
472
2%
8%
100
Dom Tar & Chemical
Feb
155
May
83
Stocks—
Distill Corp Seagrams
Dominion Bridge
31
Mar
5
82
July
3,570
3
*
11%
Mar
1.15
3%
3%
25
July
3%
*
new
9%
15
._*
Cockshutt Plow
95
15
Canadian Indus Alcohol..*
Crown Cork & Seal Co
228
4%
16%
Cndn Foreign Invest
*
Preferred ...........100
Canadian Locomotive
Canadian Pacific Ry
18
17%
Preferred 7%.
100
Canadian Converters..100
Class B_.
40
29%
*
367
14
41
June
Jan
11%
40%
July
3
16
Jan
56
*
28
Apr
11%
Apr
6% June
■/;.
17
11
,
Jan
July
166
56
14
Jan
2
4%
Mar
11%
95
12
11
Mar
56
Canada Steamship (new). *
Preferred
50
Mar
150
40
Western Grocers pref. .100
Feb
15
*
*
Apr
Mar
7
147
*
..100
2
_
10
Building Products A
Preferred
23
40
11%
95
Vlau Biscuit.
High
'
June
995
Canada Cement
Can Forgings class A
Can Northern Power
9%
25
3
15
Bathurst Power & Paper A *
Bawlf (N) Grain
*
5
400
.*
3
Low
Shares
Corp......*
Associated Breweries
Bruck
5
550
420
29%
155
100
Preferred
W P6A
5%
100
...
July
Ottawa Car Mfg......100
Southern Canada Power..*
Sales
Week's Range
Sale
Preferred
July
42%
58%
Simon (H) & Sons....
Exchange
Last
Alberta Pacific Grain A..*
42%
42%
42
Shawinigan W <fc Pow
Thurs,
Agnew-Surpass Shoe.....*
Apr
42
St Lawrence Paper pref 100
Montreal Stock
Price
Feb
63
St Lawrence Corp
108% 110%
July 23 to July 29, both inclusive, compiled from official sales lists
Par
May
89
42%
—*
Noranda Mines
Preferred
Stocks—
28
July
42%
Sherwin-Williams of Can.*
Acme Glove Works Ltd.
2,237
Jan
July
*
Saguenay Power pref..
119% 120
6s
98
Feb
Mar
98%
31
25
Preferred
National Steel Car Corp..*
Rolland Paper vot tr
1 1946
Grand Trunk Pacific Ry4s
Jan
1 1962
115%
5s
July
6Ms
114% 115%
116% 116 %
119M 119%
July
July
4Mb
14
Apr
4,551
May
July
10%
June
10
98
30%
July
105
Mar
Power Corp of Canada.—*
Dominion Government Guaranteed
4Mb
755
June
4%
98
Price Bros & Co Ltd
Bid
12
11%
100
17%
Ottawa L H & Power... 100
Ask
80%
103% 104
10
6,245
10%
High
Mar
10%
29%
'i'*.
Ontario Steel Products...*
Canadian Pacific Ry—
perpetual debentures.
...Sept 15 1942
620
30
P Consol
Preferred...
Bid
17
*
M ont L H &
Preferred
Canadian Pacific Ry—
9
Low
Shares
102
102
Range Since Jan. 1, 1938
for
Week
Higf.
15%
9%
*
McColl-Frontenac OH.... *
Massey-Harris
Ogilvle Flour Mills
Railway Bonds
Low
16
Lake of the Woods
Range
01 Prices
Price
Pai
National Breweries
Prov of Saskatchewan—
5s
109% 110%
107%
Stock$ (Concluded!)
Montreal Cottons pref. 100
110
106% 107%
103% 104%
Sale
118
121% 122%
109% 110%
115%
97%
Province of Nova Scotia—
4MB
111%
97
Prov of New Brunswick—
4Mb
Ask
112
96
15 1965
Sales
Thurs.
Last
Province of Alberta—
Mining.
Imperial Oil Ltd
_*
Imperial Tobacco of Can.5
7% cum pref
100
Canadian Wineries Ltd..*
Commercial
31
17
15%
15%
17%
15%
955
3,348
1.50
Consolidated Paper Corp. *
29%
17
Alcohols....*
Prefeired...
...5
8%
Dom
1.50
4%
8%
44
Engineering Works.*
1.70
485
4%
65
9%
14,400
48%
454
90c
4
3%
21
Mar
4%
Jan
Mar
9%
July
May
48%
July
15%
July
5%
5%
75
4%
June
8
8
20
7
May
7%
Feb
Dominion Stores Ltd.....*
Donnacona Paper A
*
6
£i
7%
7%
8%
1,050
3%
Mar
8%
8%
July
28
28
20
23
Apr
29%
Jan
Donnacona Paper B
7
6%
7%
1,080
3
Mar
7%
July
Intercolonial Coal
Preferred-
100
...
Jan
*
50%
Internat Pet Co Ltd
26
43
95
40
Mar
43
126
5
125
Apr
125
Apr
Eastern I}airies7 % cm pflOO
Falrcbild Aircraft Ltd
5
23
23
400
Jan
23
July
Fleet Aircraft Ltd._...__*
25
25
Int Nickel of Canada....*
13%
42
23
*
5,419
126
100
Intl Bronze Powders.
Preferred...
Jan
Corp...*
Preferred
Industrial Accept
28
53
25
350
24
Apr
27
49%
25%
52%
5,953
37
Mar
26%
2,620
23%
Mar
22%
July
Jan
52%
31%
Ford Motor Co of
Feb
Mar
*
No par value.
C^n A.*
7
7
8%
195
14,455
8%
7%
13%
8%
15
15,112
19%
20
783
3%
3
4%
14%
Apr
Mar
Jan-
Mar
Jan
7%
Jan
8%
July
15
July
20%
July
Volume
721
Chronicle
Financial
147
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange
Montreal Curb Market
Week's Range
Last
Sale
Stocks (.Concluded)
of Prices
High
21
Bidgood Kirkland
1
Jan
Big Missouri
1
Jan
BiltmoreHots
23,810
Jan
17
Apr
63
July
Bralorne
87%
Jan
101
July
Brazil
1,865
—.—..*
34c
34c
50
1.00
Jan
99%
87
7%
4%
395
4%
55H
55
55%
55
*
12c
13c
7,800
May
4%
Mar
July
Jan
15
10
May
15
Mar
Apr
2
July
1.10
355
Mar
32M
July
45
19 X
17H May
95
19X
July
19%
56c
2,500
18c
20c
80c
98c
Dome Mines Ltd
38c
2.80
24c
26c
Co.—1
Feb
Feb
Mar
1.27
Jan
Jan
30
*
2.66
36c 36 He
5H
5H
11%
4Hc
Feb
15c
24c
Mar
62c
May
2.12
Mar
3.20
Mar
2.18
20c
Mar
41c
Feb
27 %
June
22%
July
3%C May
6%o
Jan
17,100
Jan
19,073
2.15
July
—1
1
1
1
1
52%
51%
52%
1,724
Mar
99c
15Hc May
27c
1.50
Newbec Mines
Normetal Mining
Feb
4.55
*
1
Pato Consol Gd Dredging 1
Pend-Oreille M A M Co.. 1
Perron Gold Mines Ltd... 1
Pickle Crow Gd M Ltd.—1
Preston-East Dome.
1
Read Authler Mine
.1
...
20Hc
June
1.27
Mar
45 H
Jan
21c
35%
Apr
80c
1,000
30%c
Jan
80c
Mar
2.25
400
1.55
Mar
2.25
Feb
"2.22
2%c
Mar
60c May
2.75
500
Mar
2.90
14,200
2.25
Mar
20c June
1.55
Apr
11 He
1.14
July
Jan
5.40
Jan
4.65
July
62c
2.70
1,700
2.65
Jan
1.62
16,800
1.02
JaD
1.77
3.90
Mar
5.15
Jan
98c
1.73
72c
Mar
1.48
July
2.65
2.90
18,850
1,550
2.60
10c
11c
1,100
1.37 May
300
1.35
4H
1.30
4.50
Jan
Denlson Nickel
42c
Jan
Feb
Feb
Dome Mines
1.41
1.56
2.20
2.25
1.15
1.22
9,600
59c
57c
65c
32,602
1.05
1.00
1.07
10,125
91 He May
2.01 May
3.40
Jan
Mar
1.39
Mar
88c
390
80c
June
Mar
1.78
78c
1.23
Jan
May
Dominion
Mar
2.70
Mar
3.60
Feb
4.60
500
4.40
Apr
5.60
Jan
24c
24,450
190
Mar
38c
Jan
20c
23c
25,600
21c
July
43c
Jan
225
Mar
8.10
Jan
Eastern
1.35 June
2,800
34c June
1.86
1.51
....... —
Jan
500
40c
Mar
1.30
1.45
6,638
95c
Mar
1.45
Apr
48 H
1.388
33%
Mar
48 H
July
Home Oil Co
—
1.32
46
47
*
July 23 to July 29, both inclusive,
Sales
Thurs.
Range Since Jan. 1. 1938
Last
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Low
—*
1
9c
3c
3c
6,425
1,433
3,200
1,500
1
20c
20c
700
4H
5H
1,075
27 H
90
*
3%c
28%
26 H
Acme Gas A Oil
Alton Mines Ltd—
Ajax Oil A Gas
4c
3%c
.100
-
preferred
— —
*
Alberta Pacific Grain pf 100
Alberta Pacific Grain
4%
26
27
29
11c
54c 60 He 106,235
Mar
8%
Mar
4HC
Mar
32c
Apr
5%
July
2
Apr
10H
Jan
40c
May
54c
21 He
21c
24c
46,900
16Hc
*
*
1.45
1.45
1.50
12,330
95c
3.45
3.10
3.45
929
19c
17c
20c
5,200
7c
5c
7c
5c
20c
-.1
1
Arntfleld Gold
1
3c
3c
3Hc
Auglte-Porcupine Gold—1
31 He
29c
32c
55,400
Astorla-Rouyn
1
Bagamac Mines
Bank field Cons
1
100
Scotia.. 100
Bank of Montreal
23c
71c
210
19c
71c
210
303
.
'""40c
37c
Base Metals Mln
*
Bathurst Power A
*
10H
*
4H
B
Beat tieGold
*
2.90
Jan
28
70c
July
Feb
33c June
1.21
1.19
24c
36,681
81c
34,550
6
210
J
20
42c
28,025
304
11
4H
1.25
15c
3
—
3
*
3
Francoeur
Gatineau Power—
Gold
—
God's Lake..
-
100
*
1
1
*
Goldale Mines
Gold Eagle
Goodflsh Mining
Goodyear Tire
Preferred
Graham-Bouaquet
Granada Mines
13c
62c
195
285
20o
Mar
Jan
44 0
Feb
27c
Jan
Jan
1.03
Feb
Mar
222H
July
June
Mar
400
6H
June
25
2%
May
6,500
4%e
1.00 May
305
45c
11H
5
1.45
Feb
Feb
July
July
Jan
Mar
Jan
44
June
25%
July
Jan
Mar
73
May
9c June
Mar
1.05
—*
Gold...—.....1
Gypsum Lime A Alabas—*
Halcrow-Swayze
1
Hamilton Cottons pref.-30
Harding Carpets
*
Hard Rock
1
Harker
1
Hedley-Mascot
1
Hlghwood-Sarcee.
*
260
Mar
15c
Jan
2.19
12
June
17
10
99
Apr
105
2.48
44,495
30
25c 129,200
5
1.97 May
Mar
6.95
Mar
21%
Jan
14c
Jan
3 He May
18c
July
July
35
July
14%
Mar
18c
2,642
5,700
13c
Mar
48c
16,950
4%
84
86
10
1,810
15c
17c
86,200
3
3c
4c
12,700
Feb
8
Mar
4c
70
Mar
5H
2,000
390
Feb
Mar
3.25
4.70
5c
12
July
16
19%
38c
Jan
84
'
June
6Hc
Jan
10
2.19 129,271
5
40
16Hc
Feb
Feb
4H
Mar
27c
Jan
30c May
July
40
20c
Feb
July
20
22c
53c
Apr
Feb
Feb
12H
June
3H June
74H Mar
4H
July
6H
8c
86 H
June
Mar
5
10H
July
Mar
32o
Apr
Mar
2c June
5c
Mar
68c
Jan
31c
54c
57c
36,458
3
30c
36c
14c
Mar
40HO
July
18Hc
21c
ieo
May
40c
Feb
3
47,700
23,000
3
3 %c
65
4Hc
15,000
3Hc
66 H
11
52
July
Apr
72 %
56
56
70
51H
Mar
68
4Hc
2,000
3Hc
July
9Hc
Feb
lie
July
3
56
4c
3
3
8c
11c
67,449
5c
Mar
3
6HC
9H
7%c
3,700
5c
June
10H
654
23 H
Paper
Gunnar
No par
7
8%
3
26%
314
11
11
Greening Wire
*
3H June
July
X
16 H
15H
7
9
1
1
-.1
--*
50
1
1
*
*
19
33
Mar
5
102
83 H
84
206
Apr
June
9,300
4H
*
Rights
Preferred
27H June
Apr
4%
9c
11H
12
Mar
10,900
19
Great Lakes
Mar
9H
4c
A
July
75
9
12c
22c
Jan
17H
Jan
11
66 H
25
81
40
46c
325
83,900
Jan
2c June
330
4,807
6
8%c
4.15
Jan
16H
5C
June
Mar
40
1
Federal-Klrkland
T-1
Fernland Gold
1
Fleury-Bissell pref. — — 100
FontanaGold
-1
Grandoro Mines
33c
1,000
3
73
June
Mar
16
18%
Feb
Mar
June
17c
189
4%C
Jan
23Hc
9c June
30
32
245
1,637
2,475
Jan
10c
8,304
6.50
1.65
Apr
33
206
19%
Mar
Mar
25
7
Preferred
8,500
25,000
Ashley Gold
14c May
Mar
June
17H
75
2.27
July
7c
1
—
July
18c June
*
Anglo-Huronlan
4%
29
lHc
Amm Gold Mines..
_
2,700
4,500
12,600
2,711
6.05
Gillies Lake
High
1.00
Anglo-Can Hold Dev
Aldermac Copper—
Feb
18H
Glenora
Abltlbl
Feb
38
102
25
General Steel Wares
Shares
Jan
24
8c
-100
Foundation Petroluem.
compiled from official sales lists
Jan
*
Ford
Toronto Stock Exchange
46 %
199H
9%
Fanny Farmer
57c
Feb
Apr
81
81
)
2.30
70c
55c
42c
29
5%
Falconbridge
*
•
Mar
100
*
Equitable Life
Dalhousle Oil Co Ltd
Jan
20c
32 %
1.94
Jan
800
Jan
Mar
15H
3.10
2.66
Apr
5
2.25
2,620
15
Steel
Mar
2.64
<
16
39
May
*
4H July
1.25 June
Jan
Mai
llHc
58Ho Apr
Calgary A Edmonton
May
11H
4HC
Eldorado
1,300
1.48
85c
5,450
18H
East Malar tic
7800
39
July
June
31H
...
East Crest Oil
1.45
July
64c
June
203
Dorval Slscoe
35
13H
1.84
74
*
7.50
Preferred
1.45
Mar
16
17c
100
3.30
6.55
7
176
10c
Preferred
21%c
July
43c
5
21c
Dominion Tar
7.90
22c
July
75o
24Hc June
162
31c
33
Stores
4.60
20c
1.73
June
3,650
31c
(new)
3.25
*
July
35c
22
9%c
Dominion
1.22
60c Juno
25c May
1.35
Mar
16
Preferred
3c
1.45
Feb
62
9%c
203
6Hc
Mar
Mar
15o
180
1
*
1
..100
Apr
l%c
33c
Feb
Mar
64 H
32 X
Bank.......100
Dominion Coal pref——25
Dominion Explorers
1
Dominion Foundry......*
Dominion Steel Coal B—25
3%c
2.20
.....
27c
32 X
75
2,000
10c June
July
8 He
59
Distillers Seagrams
4,500
3,800
18,125
4,490
July
1.19
3.20
167
..100
Mines
Mar
4%e
12C
2.60
Jan
Jan
179
60
5
100
Davles Petroleum
2%c
11c
Feb
1.10
16
15%
24c
Dark water
4c
Brown Oil—
Bank of Nova
100
1.68
1.25
67c
July
22
7c June
Oil—
6%
4H
1.68
*
Gas
2%c
lie
1
*
Mines
Smelters
Cons
1,265
2,000
5
Chlbougama
Consol
13%
3,000
60,900
64,560
3,300
Jan
3H
20
Mar
54c
64c
—.
Bakeries
Cons
82c
12
12
—
Conduits Co..
Conlaurum
46c
1.62
28c 28 He
...
Commoil Ltd
4c
1
1
Slscoe Gold Mines Ltd—.1
Sladen Mai
1
Stadacona (new)
.*
Sullivan Consolidated
1
Sylvanlte Gold
.1
Teck-Hughes Gold
.1
Thompson Cad
1
45c
64c
Cockshutt Plow
2Mc
—
13c
19,805
20,600
Feb
475
2.65
1
1
12,565
2.80
1.43
1
Crows Nest Coal
2.40
1
Reward Mining
2,700
1.19
lOHc
Mining
Consumers
4.95
8H
2.10
1.65
2.54
95c
Cosmos
1.65
Red Crest Gold
July
2.65
...1
1
1
Central Porcupine
Jan
1.50
2.22
122
Mar
2.45
Jan
4.80
1.58
Jan
5
Caribou Gold
Commonwealth Petroluem*
79c
4.65
Jan
110
14,343
Apr
July
16%c
2.25
16
May
July
100
4.20
May
2
Chromium
15c
20%C 28%c
10
17
Coniagas Mines
Pandora Cad..
Feb
2H
Jan
730
3,460
12,800
Jan
1.28
10
7%
3H
Chesterville-Larder Lake
4.00
4H
Mar
150
12
7
Jan
Mar
122
122
7%
Jan
9
74o
120
Chemical Research
3.90
65
1,625
23,438
100
Jan
3.90
22
3H
Jan
500
30
18 H
Jan
14c
29
"3%
18
Wineries
5.50
1.10
July
Cndn Wirebound Box—
2%c
1.00
19
.*
100
25
*
Canadian Oil
Central Patricia
2.25
*
1
Apr
10H
Mar
33,500
16
35
Mar
8c 11%C
85
18H
July
3.50
*
July
21
1%C
80c
*
6
99c
500
Mining Corp of Canada..*
Apr
3H
1,980
15c
4
92c
3,000
45%
110
*
Malartic..
Canadian
6c
44 H
Jan
6
3H
4.95
Mclntyre-Porcupine
5
McVIttie-Graham Mines. I
177
22
*
2%c
2,050
1,180
Mar
18%
29 %
25
Preferred
Canadian Dredge
2c
1.27
157
July
6c
1.23
76
July
Castle-Trethewey
58 %
July
315
30
4.80
1.25
21H
21
175
20%
171
18 %
Feb
46X Mar
5%c June
May
18%
2c
.
Mar
Jau
July
2%
Apr
4.90
......
14 H
IX
IX
20 H
175
785
Mar
Mar
Canadian
1,900
1H
2H
7H
Feb
1.40
30
6H
13c
1.25
22
July
Mar
240
55 He
1.40
June
7,820
1,080
Mar
1
67
15
25
35
8%
4%c May
7c June
July
55
155
18%
"39c
45c June
Mar
47
18
30
8%
Ltd...*
Cad
49
Apr
28
5%
C P R
Wright Hargreaves—
49
*
Canadian Oil pref
Ritchie Gold
49
6H
16%
Jan
July
10c June
1,357
16H
4H June
16H July
8H
Jan
1,100
Mar
17H
Mar
1,000
2
18H
6.95
2,800
Jan
506
.20
3.25
8c
150
100
lstfpreferred
preferred
Mar
8c
May
4H
2d
Mar
40c
128
Can Car A Foundry..—.*
1.96
10%c IIXC
31
Canadian Canners
4.90
40c
Jan
35
14H
*
835
—
72
4H
Preferred
8,425
Kirkland Gold Rand Ltd.l
Mar
14H
Cndn Bk of Commerce.100
2.48
Inspiration
58
4H
Breweries
Canadian
6.50
35c
Jan
71
110
17
6.10
28c
Jan
36
71
*
2.27
200
108
*
pref
2.35
9,700
Apr
Apr
B
Cndn Bakeries
6.10
5c
Jan
89
29
133
133
100
Canada Wire A
Falconbridge Nickel
*
Federal-Kirk land Mining. 1
45c
13
10
150
50
2.18
40C
Mar
95
*
1
1
5c
July
34
10X
*
1.95
39c
Jan
7
95
Canadian Ind Alcohol A..*
1.05
3.10
62c
7
420
Canada Permanent
Jan
Mar
June
May
33 H
11%
»
..100
Preferred
Feb
25o
100
Canada Malting
Jan
23 H
3
2,400
*
22c
May
1.80
13,920
1
Canada Cement
June
Mar
15
Calmont Oils
2.51
58
Apr
9 He
Canada Bread
2.55
6H0 May
Feb
1,865
33
4%c
4c
33c
13Hc
2,100
26c
31H
33
Mar
5c
29,100
1,475
6c
Apr
77c
4,000
34c
2.65
7c
Glfds. 1
*
Duparquet Mining
7c
35c
July
90c
17c
2,125
3,600
2.70
24c
Mar
6Hc June
24 X June
1,600
95c
July
68c
5,400
8c
Jan
67c
22c
1,000
20c
Mar
42c
7,550
24c
37
25
21
Calgary A Edmonton
Canada Steamships
55c
lie
21
25
Canada Packers
28%
Stocks—
Feb
*
Jan
7%c
Royallte Oil Co..
17H0
Mar
Bunker
106
28%
Anglo-Can Oil
Mar
2 He
3 He
June
870
2.00
44 H
43
1
1
Dredging...5
Cndn Malartic Gold
*
Cartler-Malartlo G M Ltd 1
Central Cadillac Gold
1
Central Patricia Gold
1
Wood
11c
3%c
7%
July
4%
Bulolo Gold
Shawkey Gold..
Sherrltt-Gordon
1,955
28,500
3 He
104
Bouscadlllac Gold
Pamour-Poi'cupine
Jan
16c 16Hc
16Hc
6
10
1.90
6%
50
105
10
80c
O'Brien Gold
68HC
*
99%
Mar
92
Feb
July
June
1
Hill...
July
7%
33c
Buffalo-Canadian
Feb
14H
22
Mar
16,900
BuffaloAnkerlte..
95
July
39c
July
Apr
78
10.25 June
Mar
16H
2,888
May
Jan
Mar
4H June
Brown Oil
May
13%
60
55c
McWatters Gold Ltd
22
14 He
7%
20
Mar
8.00
4,286
4,370
5%
5%
7%
50
Corns
Mackenzie-Red Lake
9.65
13%
5H
5%
22c
Mines
9.35
12H
21H
105
Beaufor Gold
Macassa
9.60
Jan
Jan
7c
12,000
13
"21X
99H
99%
Corp..
Lee Gold
lOHo
llHc
»
96
.A,
Lebel-Oro Mines
11c
B A Oil
Mines—
Lake Shore Mines
34
._*
Preferred
Kirkland Lake Gold
5
June
Jan
13 %
*
J-M Consol Gold(New)
July
29
6%
1.50
Mar
3
60
June
14
11%
112
485
18
July
8%
310
4
5
Mar
Jan
8H
Brewers A Distillers
1.00
58c
31
Feb
18
Jan
Mar
30c
4
8H
2%
Worts(H) *
Francoeur Gold M
36c
1.50 May
6H
Eldorado Gold M Ltd
32c
31
.__*
Mines
Traction...
Burt (FN)
100
East Malartic Mines
Feb
Building Products
(H) Walk-Gooder A Worts*
Cons Chibougamau
50c
47,600
7,250
65
96
2.66
Aldermac Copper
Feb
29c
1.50
13 H
*
Bank field
Bobjo Mines...—...
22%
4%
Amm Gold
Jan
20o
26c
*
Blue Ribbon pref
905
Trans.—
pref
166%
415
50
.1
Blue Ribbon
July
218
1.00
Quebec Tel A Po w A.—. _ *
Sou Can Pow 6% cm pf 100
United Securities Ltd. .100
Walkervllle Brewery
5%
Mar
..*
July
1.45
Mar
7
505
12%
34
Mar
40o
14H
16%
17
Ltd..*
6% cum 1st pref
Mar
Mar
2%
13
61
1.45
5%
———*
$3 cum pref
55
4H
30
99
5H
Mar
146 H
32c
1.50
Page-Hersey Tubes Ltd..*
Power Corp of Canada
cum
July
1.00
62
Mtl Ref A Stor vot trust.. *
II
4%
Mar
14H
Distillers Ltd pf*
Walker Good <fe
Mar
55c
59
"el"
pf.100
Melchers Distilleries Ltd.*
Provincial
1.70
900
98
Paper._*
June
2
397
4
220
Jan
15
8
733
4
163H
High
Low
4%
10
9%
*
Bell Tel Co of Canada. 100
80c
90c
1.40
Massey-Har 5% cum pf 100
Mitchell (Robt) Co
Beauharnols
July
Week
162H 163 %
*
July
21%
Feb
4%
30
*
Mackenzie Air Service.—*
Melchers
Beatty Bros A
19%
Mar
27c
4H
Lake Sulphite.
McCoIl-Fron 6% cm
Feb
Mar
40c
75c
(Can) ltd A..*
Intl Utilities Corp B
1
MacLaren Pow A
Shares
4
Intl Paints
Lake St John PAP
50c
9
10
100
19
19
20%
for
of Prices
Low
High
Price
Par
3,430
19
*
Voting trust ctfs
Stocks [Continued)
High
Low
395
45c
45c
Foreign Power Sec Corp—*
Fraser Companies Ltd...*
Week's Range
Sate
Shares
1, 1938
Range Since Jan.
Last
1,1938
Range Since Jan.
for
Week
Low
Price
Par
Sales
Thurs.
Sales
Thurs.
400
74c
11,325
7%
560
3 He
3 He
32
3H
2.62
3
17
Jan
Jan
June
11c
Jan
Mar
13
July
16
Mar
33
Jan
10
May
12
61c
Mar
1.09
Mar
Apr
8H
Jan
4o
June
4H
1,000
32
3
71c
7
3
12e
4H
2c
27
Mar
Jan
34
Mar
Feb
3H
Jan
2.93
July
9o
Mar
170
Mar
800
1.00
May
1.40
Feb
600
8c
Mar
20c
Jan
260
2H
2.82 107,670
1.10
4
lie
12c
25,700
1.10
1.10
12c
12c
value.
/
Apr
Jan
722
Financial Chronicle
July 30, 1938
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
Thurs.
Last
for
Sate
Stocks (Continued)
Pat
14%
15H
5,025
1.32
1.29
1.43
8,045
21c 25HC
39,202
25Hc
28c
1
Howey Gold
30
*
26 He
29 %
5
170
28C
High
13%
-100
Huron A Erie
Imperial Oil
Tobacco
Inspiration
L
205
Mar
15 %
June
Slscoe Gold
1
2.20
2.18
2.25
18,010
2.00 May
3.40
Jan
Mar
1.47
Apr
Sladen Malartic
1
1.16
1.15
1.24
28,000
86c
Mar
1.38
Mar
Jan
Slave
---1
14c
12Hc 14 He
52,000
7c
Apr
24c
Jan
Spy Hill Royalties
4c July
39He May
77c
May
8
July
15c
22c
May
37o
31
July
Stad&cona.
12
Mar
Standard
Inter. Metals A
10
6
July
16 %
10
57
190
Mar
10
Apr
10
Feb
69H
8,231
Mar
19H
1,715
13 %
Mar
15%
45c
8,000
38c
July
8%
605
7%
70
100
"101
70
101
101
5
15
\%
98%
145
70H
July
May
102 H
10 H
52%
1.000
9
July
10%
Jan
11,206
37
Mar
26
23
Mar
52%
31%
Mar
Mar
1.00
10
16
June
320
56
Mar
17%
70%
July
15
70 H
54
Apr
67%
July
Apr
15%c
67
Apr
2.90
3.15
3,350
2.00
Mar
3.80
14c
12Hc
15c
5,100
10c
Mar
19c
Mar
1.05
1.00
1.06
Mar
1.23
Mar
3.60
Feb
11c
13c 143,150
6c
Jan
Jan
Sylvanlte Gold
1
3.25
3.25
3.35
13,880
8,537
Tamblyns
*
13%
13K
13 %
100
12H
Teck
*
4.55
4:55
4.65
10,885
4.40
Mar
5.70
Jan
*
1.58
1.45
1.68
15,650
1.05
June
1.68
July
85c
2.60
Mar
Mar
10
Jan
2.95
1
40%
25c
Mar
12~Hc
Sullivan..
10 h
Jan
*
Sudbury Basin
Sudbury Contact
50 %
4
Jan
1
Straw Lake Beach
International Nickel....
17
95
Apr
—*
Mar
Jan
71
212
69 H
——25
Intl Mining Corp..—...1
International Pete
*
25%
26%
7,658
Intl Utilities B
1
75c
75c
75c
900
Jack Waite
1
54 He
54Hc
60c
58,800
Jacola
1
19c
17Hc
20c
10,366
42c
39,360
10,257
50c
Feb
Jan
Hughes
Texas Canadian
Tip Top Tailors pref... 100
Toburn
Mines
Jelllcoe
1
Cons
37c
J M Consol (New stock). 1
Kerr Addison..
Kirkland-Hudson
Laguna
37c
12c
11c
2.17
1
1.80
1
61c
1.28
60c
July
13Ho May
36c July
9%c June
40c
Mar
1.40
1.25
60c
95c
1.50
Jan
Mar
1.50
6,584
27c
June
59c
52%
5,717
46
Mar
58%
4%
2
Mar
13
11% June
2%c July
37 Ho
Jan
17
July
3%c
4%
16%
3%c
La pa Cadillac
1
58c
Lava Cap Gold
1
Lebel Oro
1
Lee Gold
1
Gold
58c
67c
76,150
96c
98c
2,600
6c
6Hc
2Hc
12,100
5Ho June
12,500
lc June
2c
88c
3.65
22%
84c
44
44
20
60
June
48
79
79
1.78
15
Feb
Mar
85
54c
7,585
33c
Mar
66c
2.10
14H
7.3
50c
2.27
25,565
90c
Jan
2.27
July
14 H
1,627
Mar
15H
Jan
14
*
14c
263
18
Mar
21H
Mar
5.55
Jan
1.30
Jan
4.45
16c
45c
36c
9,574
4.45 151,911
46c
58,250
2%c
12,800
2c
4c
4c
4c
13
3 %
5
3%
3%
5%
1,535
*
.1
10Hc
9%c
12c
11,525
*
Preferred
5
9%
Mar
25o
11
3,200
12c
July
Mar
Jan
26c
Preferred
*
4%
-.100
Westons
36
Jan
P referred
B
3%
July
6
July
May
19 Ho
Mar
20c
June
2
Mai
5
July
13
5
37
28
May
37
July
6,100
15.300
13%
85
88
2%
2%
34c
Mar
14Hc
2,090
9
Mar
14
50
74
Apr
88
17c 106,900
9
10H
5,650
Mar
10H
23c
18,200
20c
July
12,390
8,615
6.50
Mar
14c
May
*
7.85
7.80
7.95
Ymlr Yankee Girl
*
16c
14c
17c
July
59
62 H
2,595
28
Mar
63
July
11%
11%
11H
105
10
June
14
Feb
to
100
86
86 %
Jan
101
July
46
Thurs.
5,633
35 H
Mar
46
July
Last
West's Range
July
for
Sale
of Prices
Low
High
Merland Oil
1.24
1.29
25,790
69c
Mar
16c 16HC
8,000
10c
Mar
24c
Mar
78c 106,700
32c
Jan
80c
"78c
62c
6c
2.25
*
4c
Mlnto Gold
Moneta Porcupine
1*89
*
2.35
37,200
4c
4Hc
1,500
13c
160
1.97
23,583
1.86
160
Morrls-Klrkland
1
Mulrheads
*
'"".3c
*
6%
"is"
100
6%
13
190
Naybob Gold
Newbec Mines
1
"63c
*
8Hc
New Golden Rose
1
13c
6
1.70
*
72
15c
192
30
62,700
6%
8c
Jan
July
12c
July
Mar
Apr
Mar
Canada Vinegars
Canadian Marconi
12c
Coast Copper
5
160
Cons Sand & G pref
Dalhousle Oil
Jan
DeHavllland
3Hc
30
12
June
19
Jan
190
66
1"0
July
210
17c
1.85
73
4%C
13 He
1,565
7,683
Apr
79c
July
May
11 Ho
July
12c May
38c
Mar
2.15
Jan
2c
2,200
1.65
48
Mar
Mar
73
7Hc
40,600
2c
Mar
7Ho
July
July
89c
1.12
71,755
50c
Mar
1.14
Jan
8.60
650
7.50
May
8.75
July
39c
5,320
27c
Apr
40c
July
Mar
3%
3H
275
3%
May
3%
4.05
1.59
Olga Gas
9,420
2,750
2.75
1.42
*
3Mc
2Hc
Omega Gold
1
62c
50c
4c
7,100
65c 128,323
12
60
Orange Crush pref
*
Oro
"~4%
4%
4%
75
*
71c
70%c
80c
8,000
*
7c
Page-Hersey
•
95 %
Pamour
*
4.45
1
20c
4.15
8c
96
18c
180
4.65 153.049
20c
22c
5%
140
56,100
1
10c
18c 23 He
7c
11c
1
57c
48c
1
16c
13c
*
Perron Gold
48
Mar
5.45
Jan
1.07 June
2.30
Jan
June
5%C
65C
July
7
May
4
Apr
5%
July
46c
Jan
1.45
Mar
12
July
4,200
5
June
Apr
2.90
Mar
17c
Feb
96
Feb
4.65
July
20c
July
4
May
7H
Feb
Jan
24He
July
June
22c
Mar
Mar
69c
Feb
12c June
23c
5c
38c
48
July
63c
58
Feb
1.60
1.48
1.64
29,035
1.02
Jar
1.76
4.80
4.80
4.95
8,950
3.80
Mar
5.10
2.94
2.94
3.00
2,900
2.80
Mar
3.30
Read Authier
Roche
Jan
Feb
23c
Jan
Malrobic
15c
1
lc
National Steel Car
*
63 %
Oil Selections
*
3%c
3Hc
Oslsko Lake Mines
Pawnee-Kirkland
1
12c
1
~1Hc
lHc
2c
Pend Oreille
1
2.20
2.20
Rltcme Gold..*.
1
2HC
lHc
21H
21%
Robb-Montbray
__1
Rogers Majestic
Shawlnlgan
lHc
*
*
Paving
4
*
Preferred.
*
Temiskamlng Mines
1
Thayers
12c
Royal lte Oil
*
27
13Hc
"47
100
47
13c
6
50
18tf
48 H
105
14c
6%
19
30
22,110
150
225
i
Sheep Creek
1.23
1.23
1.28
6.565
1
Shawkey Gold...
10Hc
10Hc
12c
_50e
Sherritt-Gordon
*
Preferred
*
Simpsons A
95c
1.40
1.59
79,507
1.00
1.00
20
95c
"
1.44
Sllverwoods
13,100
2,000
2%
10
:
3H
Mar
lc
May
2c
2.40
17,860
1.30
Mar
2.62
3c
24,500
4
3
18
May
3H
1,225
Jan
Jan
Feb
2%c
May
70
Jan
3c
lc June
480
Apr
16c June
l%c June
500
lHc
4Hc
4%
July
23
July
2
Mar
27
150
12
Mar
27
July
100
31
37
June
12c
14,100
Apr
May
9%c
9 Ho
Jan
4H
25c
Jan
WalkervllleBrew
4
15
2
Apr
4
July
625
30
Apr
43
July
2.00
2.15
205
1.25
Apr
2.15
1.65
2.50
400
1.00
May
2.50
July
July
*
Waterloo Mfg A..
*
1.65
Industrial and Public Utility Bonds
Feb
Closing bid and asked quotations, Friday, July 29
52c
Bid
Ask
69 H
Bid
96 %
95%
112% 113%
MacLaren-Que Pr 5Hs '61
104
Manitoba Power 5H8.1951
67c
Massey-Harrls Co 5s. .1947
May
1.73
July
Calgary Power Co 5s.-I960
98
98%
Minn A Ont Paper 68.1945
50c
July
98c
Mar
/40H
Montreal Island Pr 5 Hs *57
104
5Hc
Mar
15c
July
2.55
104%
4.55
104 %
July
Canada Bread 6s
1941
Canada North Pow 5s. 1953
Canadian Inter Pap 6s 1949
96%
97 H
Mar
Canadian Lt & Pow 5s 1949
3(fyic
104 H
Jan
64c
Feb
Canadian Vlckers Co 6s '47
Cedar Rapids M & P 5s '53
Consol Pap Corp 5Hs 1961
J111
9o
170
34%
101
v
July
Jan
Apr
June
Feb
Mar
May
10c
Mar
3
June
Jan
27
July
24c
Mar
190
48 %
110
20c
6H
12 % June
1.11 Mar
19
9Ho June
34c
1.55
5Hs ex-stock
1961
107
114
114%
51 H
4flu
96
95
96
Provincial Pap Ltd 5 Hs '47
101
102
Saguenay Power 4Hs A '66
4 H s series B
1966
Shawlnlgan W A P 4 Hs '67
103%
2nd
51
97
98
104 H
91
3%
June
6s
1951
•
No par value.
101
/Flat price,
104 %
91%
66
Int Pr A Pap of Nfid 5s '68
Lake 8t John Pr A
Pap Co
Dec
conv
deb
4s
1
1957
99
100 H
-
«•
104% 104 %
103
97
98
91
United Securs Ltd 5H« '52
68
69
67
n
—4
103% 104H
Smith H Pa Mills 4Hs '51
United Grain Grow 5s. 1948
Winnipeg Elec 6s Oct 2 *54
82
•
•».
Mar
Jan
100
96
90
8%
99
105
1942
Eastern Dairies 6s
1949
Fraser Co 6s
Jan 11956
Gatineau Power 5s... 1956
Gt Lakes Pap Co 1st 5s '55
Kootenay Pow 7s
1961
3
Montreal Tramway 5s 1941
95
5Hs
18
97 H
103
Jan
June
May
103 H
96%
1957
June
1%
102 H
1973
5s
1.25
8H
50 H
-1956
Price Brothers 1st 5S-.1957
1.21
10
105
76 H
1.80
100
3Hs
3Hs
50
86%
July
Feb
1939
value) 3s
52%
64
9ic May
July
May
par
75%
East
Jan
40%
85%
Mar
Mar
100
Montreal LH&P($50
Donnacona Paper Co—
July
52
99
1956
Dom Gas A Elec 6HS.1945
Jan
May
51
Ottawa Valley Pow 5 Hs *70
Power Corp. of Can 4 Hs'59
Jan
91c May
1.00
2%b to '38-5Hs to '49—
100
99
105
Maple Leaf Milling—
66
37
Ask
81
64
10
5
5c
1958
3
3H
2Hc June
6,000
9,300
Burns A Co 5s
43,800
1,466
6.000
Feb
9c
90
4c
15c
July
39 Ho
21
42
July
2.42
14,350
27
65
19H
72.800
26
Mar
Mar
49c
11 He 14Hc
187
32
Mar
14 He
105
"l3c
*
St Lawrence A
San Antonio
1.81
10
9 He
185
i
Corp
12
96
46c
l
8t Anthony
1,540
7,900
41
Beauharnols Pr Corp 5s *73
Bell Tel Co of Can 5s. 1955
4,690
65
4
Apr
13c
Mar
40
Mar
2.95
31
34H
10c
30c
37
Jan
Mar
*
2,200
2.70
July
24c
27
100
United Fuel pref
68 H
37
2c
10c June
258
34%
H
86
12Hc
%c June
30
23
"34
Alberta Pac Grain 6s.. 1946
2.70
Feb
21 H
3
3%
100
Supertest ord
July
4,600
3,800
29 H
59
17c
14H
7,000
19c
30
17c
21%
1,000
1 He
*
*
16H
70c
15c
Montreal LH&P
Apr
1.73 946,675
665
Mandy
9%
55c
July
13c June
1
821
87C
20%
9%
35c
70c
July
20%
16%
80
39
Mar
31c
6,660
Mar
Mar
14%
2.35
June
5
15%
19H
Jan
14H
12
Abitlbi P & Pap ctfs 5s 1953
2.25
July
69c
Mar
10
Kirkland-Townsite
July
18 %
80
June
120
May
1.60
Feb
40c
5
125
9H
16
2.65
*2.25
70
18
9%
99%
*
15
20%
9%
20%
*
*
Mai
*
80
Jan
19H
*
Hamilton Bridge
May
ioo
Russell Motors pref
July
39
1.37
I I*
Long Lao
Mar
9%
July
37
15
*
Bank
1%C
Feb
1.65
4.00
38
71,900
~~~i
Royal
%c June
3H Mar
17H
June
*
2.65
loo
Riverside Silk.
6,500
4,802
June
2.00 June
10
97 H
~_~i
Gold
He
9H
15
90c
3,900
2.44
19H
.
1
8%
56c
07%
l
Real Estate Loan
Red Lake Gold
850
13H
2.50
\
Prospectors Airways
Quemont Mines
2,300
55c
Fraser vot trust..
Mar
25c
Pressed Metals..
Preston E Dome
50
1.60
13 H
*
Corp
Jan
3.50
80
1
Prairie Royalties
Iremler
July
9
16%
*
Humberstone
Jan
1
100
4H
July
June
l
Porto Rico pref
Powell Rouyn
Jan
May
Mar
7 He
30,100
58c 101,645
14c
17,700
48
6c
78
i
Pickle Crow
Pioneer Gold
5H
12c
lHc
8%
Jan
Mar
2c
31c
3,200
5
l
1
2H
145
_»
.
Dominion Bridge
Standard
7c
95
125
6
Mar
13c
11%
4H
High
2Hc June
1.40
100
Feb
126H
3.85
Penmans
July
7H
Apr
10,800
3.15
*
July
3HC
16
1.40
1
Consolidated Paper
June
1.48
Gold
Cobalt Contact
4%
3.85
Partanen-M alartlo..
July
lHc
115
*
Ontario Steel
*
July
15c
July
Low
2Hc
4H
1
July
......1
Paymaster Cons
Pay ore Gold...
Feb
Range Since Jan. 1, 1938
Shares
5H
20c
36
Apr
143
3c
Canada Bud
2.56
Apr
38c
95c
Pan tepee Oil
*
2.49
8.50
7c
*
Northern Empires Mines. 1
Northern Canada
*
North Star Oil pref.
.5
Okalta Oils
BruckSllk
Price
1
4Hc
1.60
Par
Brett-Trethewey
Mar
25
Stocks—
Apr
13
62c
73c 263,050
6Hc 11 He 425,533
1.70
Mai
1,45
111
35
1.29
2%c May
3,726
3He
116
71
...1
Normetal
ltfc
116
*
Noranda Mines....
160
13c
100
Nlplssing
36
,
5c
500
35
100
National Grocers
1,000
13c
1
Corp
6c
1.95
26c
Porcupine.
Pandora-Cadillac
Feb
Sales
Mar
1.17
*
..*
Pacalta Oils
8.20
30c
Week
*
Plata
Jan
July 29, both inclusive, compiled from official sales lists
98
McWatters Gold
Gold
Jan
Jan
43c
Toronto Stock Exchange—Curb Section
July 23
44
1
Norgold Mines
Jan
2%
16
Mar
61
1
Preferred....
National Sewerplpe
National Trust
July
May
8
98
M cVlt tie-Graham
A
18c
3.15
7%
Wright Hargreaves
July
Apr
35
46
McKenzle Red Lake
Monarch Oils
3c
Jan
Apr
Feb
1.50 May
1% Mar
295
..5
Corp
Feb
Mar
100
Mclntyre Mines
July
8c
20c
....1
.
9Hc
2%
2%
13%
11
100
Wood-Cad lilac.
8c
11c
*
Preferred
45
19H
85
15c
14 He
15c
1
July
Mar
11c
*
8.50
Mar
Jan
Mar
12
......100
1.02
July
7.40
17
10c
12H
7
Mar
CO 0 is?
2,989
1,086
8,400
9%C
10c
*
Wiltsey-Coghlan
Winnipeg Electric A
Feb
Jan
*
Mar
4.00
4,839
8.50 395,337
13 He
Jan
Apr
4%
1
West Turner Petroleum 50c
Mar
Mar
Gold
Westflank Oil
4c
1H
19%
Feb
4c
9c
44%
19
Feb
lHc May
3
43
19H
1.12
3Hc June
186
7.60
43 H
*
6.75
3
4,190
6.50
*
Preferred
6.00"
49c
7
6
6.00
*
Amulet
Walkers
July
3.65
*
Waite
Jan
3.50
4.20
...100
6H
6.25
Western Canada Flour
5.00
..1
Preferred
*
»
2Hc May
21H
2KC
B
July
2.19
United Oil
Jan
15c
24
*
St Lawrence
18H
United Steel
Wendigo
July
Mar
*
Reno
Jan
Mar
-*
Feb
Mar
4.75
McColl Frontenac
Apr
60c
4.95
.♦
1.13
3.40
Manitoba & Eastern
Power
2.90
12
Ventures
Mar
19 %
21
.....
74o
802
MaOle Leaf Gardens
Preferred
Feb
73,685
20,350
1
Maple Leaf Milling
60
3.75
1
Maralgo Mines.
Massey Harris
Feb
23 %
»
Madsen Red Lake
93c
85c
Mar
3.55
22%
20%
MacLeod Cockshutt
40
6Hc
*
Mines
500
7,600
96c
*
B
4H
3 He
.1
Little ixrng Lac
Loblaw A
Paulore
Mar
810
1
Gas
Jan
1,300
Jan
17
*
28c
*
O'Brien
Jan
29c
51%
Union
108
June
2.10
16H
Tawagmac Exploration-.1
Uchl Gold
100
2.05
15
Toronto General TrustslOO
Mar
29c
*
Moore
Mar
May
10
Jan
2*05
-50
2.30
52 %
Lamaque Contact...
Mining
Preferred
105
16
June
15
*
16c
Mar
66,581
105
"
..—1
Toronto Elevators
82c
June
1
Lake of Woods
Macassa
FeD
..........1
Gold
Lake Shore
Lake Sulphite
Leltch
12c
32c
2.20 151,056
72c
8,250
61c
1.37
Klrkland Lake
►
2,500
47,373
8
17
*
Preferred.—
July
70
4%c
6H
67
Steel of Canada
9%
May
4c
57c 64 He
*
Stedrnan Bros
49c June
Mar
62
4c
58c
Jan
17%
15H
.
40
8
25c
Chemical
July
214
38c
8H
Intl Metals pref
Intl Milling Co pref
6
81
'
33c
Mar
5
15%
'""38c
...
Lake
Mar
35
20%
80
pref——--100
Simpsons
July
2,035
69H
High
11
11,500
205
'
Low
91o
6
203
17 H
Range Since Jan. 1, 1938
Shares
July
31
59
100
*
5
Imperial Bank....
Week
17H
5
-
for
of Prices
Low
High
Price
Par
Stocks (Concluded)
Week's Range
Apr
6
Hunts A
Imferial
Low
17
Hudson Bay Mln A 8m..*
li.
Shares
15H
Hoiilnger Consolidated...6
Home Oil Co——
*
Sales
Last
Sale
16H
Hlnde & Dauch
Exchange
ThUT8.
Range Since Jan. 1, 1938
Week
of Prices
Low
Hit.
Price
Homestead Oil—
Toronto Stock
Sales
Nominal.
104
«
--
New York
Jan
July
25 M
27
Sterling Nat Bank A Tr 25
Trade Bank
12 M
National Bronx
Bensonhurat National. ..50
Chase
13.55
75
100
104
108 4
a4*4s Mar
1981.
a4Hs May
1957.
118*4 119*4
115M 116*4
Flatbush National
a4 V$3 Nov
1957.
115*4 117
Klngsboro
a4Hs Mar
1963.
117 M 119
a4 Mb June
1965.
a4 Ma July
1967.
118M 119*4
119*4 120 *4
1 1954
a3 Mb Mar
1 1960
1024 1034
1 1975..
May 1 1957...
a 4s
Nov
1
1958
109
110
a 4s
May
1 1959
109
1104
o4s
May 1 1977
a 4s
Oct
1124 1134
114
1 1980...
113
1124 114
1 1964.
1134 114*4
114
1154
a4 Mb Dec
a4*4sMar
116M 117*4
118
117
117 M
118*4
MM USM
118*4 119*4
oAMb Dec 15 1971
a44b Mar
1 1960.
1 1962
a44s Sept
40
12*4
National Safety Bank. 12Hi
Penn Exchange
10
Peoples National
50
Public National
25
Merchants
48
1084 1094
101
100
a3 Mb Nov
a 4s
103
184
40
107
a4*4s Apr
1034 104 M
103 M 104 M
a3*4s Jan 15 1976
Ask
97
35
100
Bank...50
Bank
164
Bank of Yorktown_.66 2-3
1 1966
a4*4s Apr 16 1972
a4*4sJune 1 1974
a4*4s Feb 15 1976
a4*4sJan
11977
a4*4sNov 16 '78
Bid
Par
Ask
Bid
Par
Bank of Manhattan Co. 10
116
114 *4
103
1 1975
a3*4s May 1 1954
a34a July
Ask
Bid
994 100
1 1977
03 4b
New York Bank Stocks
City Bonds
Ask
Bid
o3s
723
Financial Chronicle
Volume 147
Fifth
Avenue
135
129
730
700
100
1760
First National of N Y..100 1720
100
National... 100
44
34
65
12 M
14*4
10
12
48
52
27*4
23 M
29*4
25 M
15M
18M
Chicago & San Francisco Banks
121*4 122M
123*4 124*4
11979
33 M
31*4
Commercial National..100
National City
A Trust
285
100
Northern Trust Co
181
171
305
515
Harris Trust A Savings. 100
100
Ask
Bid
Par
Ask
Bid
Par
American National Bank
535
Continental Illinois Natl
New York State Bonds
3s 1974
62.30 less
62.40 less
National
100
Bk of Amer N T A S A
226
221
47 M
12 *4
49 M
World War Bonus—
1
3s 1981
1
1949..
4*4s April 1940 to
61.70
Improvement—
1958 to '67
Hlghway
Canal A Highway—
JAJ '60 to '67
....
129
129
4s Mar A Sept
62.55
58 Jan A Mar 1964 to *71
First
FRANCISCO—
SAN
72*4
70*4
Ask
Bid
Ask
Bid
33 1-3
Bank A Trust
Highway Imp 4Mb Sept '63
Canal Imp 4 Ha Jan 1964..
137
Canal Imp 4s
137
Barge C T 4s Jan *42
Can & High Imp 4*4s 1965
134
Barge C T 44b Jan 1
TRADING MARKETS
A '46.
112*4
1945.
Banks—Insurance—Industrials—Utilities
115*4
All Over-the-Counter Securities
....
Eugene J. Hynes & Co.
61
Ask
Bid
Ask
Bid
Incorporated
Authority Bonds
Port of New York
E
MAS 60.50
MAS 111
New York City
Broadway
Whitehall
Y. 1—2345
Bell Teletype N.
I—3234-8
Holland Tunnel 4Mb ser
Fort of New York—
1939-1941
105
106
Gen A ref 2d ser 3 4b '65
104 M
105 M
Gen A ref 3d ser 3 He '76
1014
to
1.25%
1024
Gen A ref 4s Mar 1 1975.
1977
Gen Arei3*4s
1942-1960
112
Insurance
D
MAS 60.75 to 1.60%
MAS 107 M 109 M
Inland Terminal 4 *4 a aer
96
Gen A ref 4th ser 3s 1976
97
98 M
99M
1939-1941
Companies
2 *4
24
164
17 *4
7M
10
10
Home Fire Security
Ask
Bid
Par
Ask
Bid
Par
1940-53. MAN
109
8M
634
124
24
101M
10
46*4
48*4
Homestead Fire
10
25 M
27
25
82 M
85 M
Importers A Exporters...5
Ins Co of North Amer...10
624
American Alliance
4 *4s ser B
97 M
Agricultural
1942-1960
George Washington Bridge
10
22
23 *4
Knickerbocker
5
114
25*4
26*4
10
Aetna Cas A Surety
Aetna
110
Aetna
United States Insular Bonds
Life
American
5
Equitable
5e
Apr
5s
Feb
5*4sA«g
105
U S Panama 3s June 1 1961
105
8M
American Re-Insurance. 10
35
13*4
37
American Reserve
108
108 M
110
July 1948 opt 1243.
U S conversion 3 s 1946
5s
122
116
111
no
112
10
25
26 M
25
464
484
Merchants
34*4
National Casualty
10
Automobile
2M
5
10M
21*4
New Brunswick
24*4
26 M
New
City of New York
Connecticut Gen Life
10
19*4
20*4
JAJ
JAJ
MAN
1945
38 1965 opt
3s 1956 opt 1948
Bid
MAN
34b 1955 opt 1945.
1034 103*1* 4s 1946 opt 1944... ...JAJ
4 *4s 1958 opt 1938- ..MAN
103«u 104
..
105
Ask
1054
10
27
28*4
New York Fire
Continental Casualty
5
29 *4
31*4
Northern..
111*4 1114
100*4 101 *1«
2M
Eagle Fire
x 43
5
10
42
107
Bank Bonds
Fireman's Fd of San Fr.25
66
57*4
82 M
1004
Lincoln 4Mb
f54
87
88
5b
58
/54
Burlington 5s
100
Lafayette 5s
994
3a
Atlantic
Bid
Ask
99 M 100 M
58
Ask
90
91
.
32
/29
5
f3M
100*4 1014
Central Illinois 5a
Chicago 4*4s and 5s
Dallas 3s
99 M
Denver 5s
97 M
First Carolinas 5s.
100
First of Fort Wayne 4 Mb—
994
First Texas of Houston 5a.
100 M
994 1004
Ohio-Pennsylvania 5s
102
Oregon-Washington 5s
f34
38
Pacific Coast of Portland 5s
100
101
100
101
Phoenix
99
100*4
99M 100 M
Flrst of New Orleans 5s
99*4
Pennsylvania 5s—
100 M
99 M
First of Montgomery 58.--
100 M
North Carolina 5s
4Mb
99*4
105
4*4s
106 M 108
5s
99 M
Potomac 3s
100
101
St Louis 5s
f29
101
102*4
San Antonio 3s
100
78
Southwest
81
79
58
82
64
5s
119
83
...
99 M 100 M
3s
184
364
7M
(NY)
17
100
88
91
Virginian 5s
99 M 100 M
Iowa of Sioux City 4Mb...
93
96
Virginia-Carolina 3s
99 M 101
Joint Stock Land Bank Stocks
Bid
100
30
Denver
Des
North
•
-
-
-
4
IM
3M
100
First Carolinas
14
58
4
Reinsurance Corp
Republic (Texas)..
10
Revere (Paul) Fire..... 10
38
40*4
Rhode Island
22
Rossla
6
5
6
20
23 4
24 M
StPaul Fire A Marine.-.25
203
5
42 *4
44*4
Seaboard Fire A Marine..5
5
Globe A Rutgers Fire.-.15
2d preferred
-.15
13 M
14*4
30*4
70
73
5
24 M
26
-.10
Security New Haven
10
Springfield Fire A Mar..25
Stuyvesant
6
1
8M
10
23 M
25
Hanover
10
—10
Hartford Steam boiler
10
Home
5
33 M
35
Hartford Fire
75 M
78 M
U S Fire
52 X
544
U 8 Guarantee
28*4
304
Westchester
Great Amer Indemnity
...
Halifax
100
20
24
---..100
75
85
100
Potomac
55
60
Bid
Virginia
Virginia-Carolina
1*4
5
..100
70
Federal Intermediate Credit Bank
1*4
80
—
F I C 1
Mb
Oct
FICIHS—Nov
FIClHs-—Dec
15
15
15
15
15
1938
1938
1938
1938
1938
Bid
6
.20%
FIClHs-.Jan
6
.25%
FIClHs.-.Feb
6
.25%
.25%
.30%
FIClHs—Apr
6
6
FIC 1%
F I C 1%.
New York Trust
Par
BancaComm Italian a. .100
Bank of New York
Bankers
Bronx
County
Brooklyn
100
w.10
7
100
20
Chemical Bank A Trust. 10
Central Hanover
Bid
90
360
46 M
6
Debentures
Ask
-1953
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '53
Associated Mtge Cos Inc—
Debenture 3-68
1953
Cont'l Inv Bd Corp 2-52 '53
Cont'l Inv DebCorp3-68 '53
All series 2 5s
369
2-3s
1945
2-5s'55
Co of Md
1953
Interstate Deb Corp
Mortgage Bond
Inc 2-58
Guaranty
zl550
County
30
38 M
Manufacturers
40
42
50
55
65
Colonial Trust.
25
10
13
New York
1580
34
Continental Bank A Tr.10
12 M
14
Corn Exch Bk A Tr
20
504
514
Title Guarantee A Tr. ..20
.100
Underwriters
Empire
10
16
17
United 8tates
40 M
51
Preferred
•
53
86
89
54
80
.100 1510
164
174
52 M
54 M
53
56 M
33*4
Co..2
Corp—
1954
Potomac Bond Corp
44
Issues)
46
354
Ask
544
76
1954
(all
75 M
1953
2-6s
3-6s
Corp—
1953
Deb Corp 3-6s '53
Franklin Deb Co
1953
Potomac
Maryland Deben¬
Potomac Cons Deb
78
3-68
50
Potomac
50
35
424
444
424
444
43
-
11t*
•
1
1
1
ture
85
73 H
Corp 3-6s
1953
Atlantic
Deb Corp 3-6s
ctfs
/25
Nat Cons Bd Corp
42*4
2-58 '53
3-68.1953
43
1953
28
Realty Bond A Mortgage
44*4
1953
Unified Deben Corp 5s 1955
deb
75 M
Nat Deben Corp
I
Sept 1 1939
Mb
96*4
47
3-6s
34
July 1939
28...------Dec 1940
2s
Apr
1 1943
Is
36
6*4
1943.opt'39
Home Owners' L'n Corp
2s
Aug 15 1938
1 Ms..
June 1 1939
way
For footnotes see
page
104
Authority 3 Mb '68
3 Ma revenue
102
3*4s revenue
1944
1949
105
b
2.40
less
1
b
2.90
less
1
100.14 100.16
Reconstruction Finance
Corp—
101.10 101.12
1*4%
Dec 15 1938
M % notes July 20 1941
Reynolds Invest'g 6s 1948
100.14
100.14 100.16
55
57
994
99 M
100.17 100.19
102.12 102.15
101.20 101.23
Standard Oil of N J—
24B
101.14
100.3
100.7
4s serial
101.2
101.4
4s serial
725
1953
Trlborough Bridge—
4s s f revenue '77 AAO
101.11
90
1560
Ask
974
Natl. Mtge Assn
2s May 16
Bid
Ask
Fed'l Home Loan Banks
Federal
Clinton Trust
11*4
01 M
Lawyers
479
57 M
Federal Farm Mtge Corp
Ask
246
Kings
88
88 M
44
469
2.50
Series B 2-5s
78
Bid
241
74
83
128
540
Bid
205
10*4
4
Potomac Realty
1946
Bear-Mountain-Hudson
River Bridge 7s... 1953
Commodity Credit Corp
4 % notes Nov 2 1939.
190
Irving
125
490
Bonds and Debentures
Series A 3-6s
85
Empire Properties Corp—
Associates Invest 3s.
Fulton
48 M
36
Miscellaneous Bonds
Companies
Bid
8*4
27
34
4
10
Fire
64
25
Ask
Potomac
16 1939 6 .30%
15 1939 6 .30%
15 1939 6 .35%
Par
U S Fidelity A Guar
8
212
Ask
June 15 1939 6 .40%
July 15 1939 6 .45%
Ask
102
6*4
100
100
Sun Life Assurance
Travelers-
M
5*4
Surety
Nat Union Mtge
(Central Fund'g series).
FIClHs-.-Aug
FIClHs
Sept
9*4
Allied Mtge Cos Inc—
Nat Bondholders part
Bid
324
Surety Guaranteed Mortgage
6
Fremont
7
244
244
Georgia Home
10
Gibraltar Fire A Marine. 10
Seaboard
9
23 *4
234
General Reinsurance Corp 5
64
San Antonio
60
50
100
Lincoln
10
100
Carolina
Pennsylvania
100
Moines
Ask
100
New York
45
95
Dallas
45
38
100
Atlantic
Bid
Par
Ask
35
Atlanta
10
28
99*4 100*4
Illinois Midwest 5s
Par
84
26 M
Great American
87
164
34*4
68
99
5s
110*4 114*4
Providence-Washington. 10
5
Globe A Republic
284
124
6
Accident
Preferred
5
Glens Falls Fire
164
93
100*4
/15
Southern Minnesota 5s
Union of Detroit 4 Mb
Greensboro
31
M
274
10
Phoenix
Franklin Fire
...
First Trust of Chicago 4Mb
Fremont 4Mb
100*4
100 H
Fletcher 3*4s
-
107
x 89
85
101
New York 5s
44
154
5
Firemen's of Newark
Bid
Atlanta 3s
31*4
45 M
41
National.25
25
Pacific Fire
7
43 X
111
13
43 M
2.50
Northwestern
45
6
Excess..
Federal.
Joint Stock Land
3M
2M
Employers Re-Insurance 10
Fidelity A Dep of Md._.20
Fire Assn of Phila
10
3s 1956opt 1946
130
29M
12.50
River
84
7*4
11M
Hampshire Fire.-.10
20
North
654
122
New Jersey
Fire
7
224
63 *4
2
New Amsterdam Cas
: 9M
5
20
2
10
National Union Fire
89
615
47
20
10
National Liberty
7*4
86
605
Carolina
As*
6*4
25
4M
544
8M
(Providence)..5
10
10
Camden
Bid
32*4
100
Bankers A Shippers
Boston
1034 103»i«
Merch Fire Assur com
National Fire
Baltimore American
Federal Land Bank Bonds
3*4
43
5
Merch A Mfrs Fire New'k 5
Mass Bonding A
112*4
110*4 112*4
Conversion 3s 1947
U5M 1174
120
113
4Mb July 1952
100*4 102
Hawaii 4Mb Oct 1956
5s
514
.1
Ins..12 M
7
12
American Surety
Govt of Puerto Rico—
106
1941
Honolulu
104
1952
101M
104
1959
1952
1955
4*4sOot
4^s July
3.00
63.60
100
4s 1946
2
5
Lincoln Fire
Maryland Casualty
10
American of Newark._.2H
American Home
Ask
Bid
Ask
Bid
Philippine Government—
revenue-.1942
revenue.-1968
1094
1104
b
2.10
less
1
b
3.50
less
1
Financial
724
Chronicle
July 30, 1938
Quotations on Over-the-Counter Securities—Friday July 29—Continued
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
Akron Canton and Youngstown
5)4s
28
6s
3o$epb ttlalkersSons
Baltimore & Ohio 4)48...
Dealen in
37)4
73
75
33
...—
28
...»
Cambria & Clearfield 4s
93
95)4
Chicago Indiana & Southern 4s
Chicago St. Louis & New Orleans 5s
Chicago Stock Yards 5s
Cleveland Terminal & Valley 4s
67
70
4
Tel. RE ctor
GUARANTEED
2-6600
STOCKS
36
Boston & Albany 4)43
Excbamg*
f—
NEW YORK
Since1855.
mrn-mmmmm-mm*-,
65
93
.1961
108)4
100?*
101)*
69
Dividend
Far in Dollars
Terminal 3)48
Indiana Illinois & Iowa 4s
Kansas Oklahoma & Gulf 5s
1953
4)s
Asked
64
70
100
100
10.50
102
108
6.00
43
47
50
2.00
29
32
..100
8.75
84
88
Pennsylvania & New York Canal 5s
..100
8.50
22
27
2.85
45
49
76
79
Canada Southern (New York Central)
Carolina Cllnchfleld & Ohio common 5% stamped.. 100
5.00
5.00
60
Cleveland & Pittsburgh (Pennsylvania)
50
3.50
69
73
50
2.00
40
43
.25
2.00
36
38
.100
6.50
50
55
......
Delaware (Pennsylvania)
—. _
.—........ ..
Fort Wayne & Jackson pref (N Y Central)
.
——
Georgia RR & Banking (L & N-A CL)...„:
Lackawanna RR ol N J (Del Lack & Western)
100
100
4.00
48
51
50.00
600
800
3.875
89
97?*
100)4
2000
New York & Harlem 3)4s
97
100
1948
88
91
1947
75
1939
59
62
1941
102
103
Pittsburgh Bessemer & Lake Erie 5s
1947
114 H
Portland Terminal 4s
New York Philadelphia & Norfolk
4s
...
85
1961
85
1947
60
Terre Haute & Pecoria 5s
1942
99
Toledo Peoria & Western 4s
1967
81
1957
105
106
95
99
—.
Toledo Terminal 4)4s
Toronto Hamilton & Buffalo 4s
1946
Canal 334s
36
5.00
58
4.00
82
Oswego & Syracuse (Del Lack & Western)
60
4.50
37
42
Pittsburgh Bessemer & Lake Erie (U S Steel)..
50
1.60
37)4
3.00
75
Pittsburgh Fort Wayne & Chicago (Pennsylvania).. 100
1954
39
43
38
41
40
50
77
67
1990
±
West Virginia A Pittsburgh 4s
62
50
70
38)4
100
1940
Washington County Ry 3)4s
87
100)4
104 H
1951
Vermont Valley 4)48.—
142
.100
Michigan Central (New York Central)
Morris & Essex (Del Lack & Western)..
75
111
1940
....
Norwich & Worcester 4)4 s
United New Jersey Railroad &
9.00
68
85
108)4
Providence & Worcester 4s
Cleve Clnn Chicago & St Louis pre! (N Y Central).. 100
stock
65
.1959
Philadelphia & Reading Terminal 5s
100
(New York Central)
Boston & Providence (New Haven)
Betterment
1950
1978
—
Memphis Union Station 5s.................—..
New London Northern 4s.
6.00
Albany & Susquehanna (Delaware & Hudson)
Boston & Albany
Bid
-.100
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
75
57
Illinois Central—
Louisville Div. &
(Illinois Central)
41
106
...
Florida Southern 4s
(Guarantor in Parentheses)
----
37
Connecting Railway of Philadelphia 4s
Duluth Missabe & Iron Range 1st 3)4s
Guaranteed Railroad Stocks
Alabama & Vieksburg
31
92
Boston <fc Maine 5s..-.-.—
Mjrmbm T^rw Terk Sttxk
120 Broadway
31
28
—
Atlantic Coast Line 4s
..50
New York Lackawanna & Western (D L & W)
Northern
Central
(Pennsylvania)
Preferred
Par
Rensselaer & Saratoga (Delaware <fc Hudson)
135
145
7.00
154
158
Associated
Alabama Power $7
100
6.82
60
63
..100
6.00
117
122
100
St Louis Bridge 1st pref (Terminal RR)..
preferred
7.00
pref..*
Arkansas Pr & Lt 7 % pref *
100
Preferred
Second
Public
3.00
56
60
-
Utility Stocks
85
Gas
&
Ask
63)4
65)4
77)*
79
3
*
Original preferred
*
._._..*
City El 6% pref.*
$7 preferred
Tunnel RR St Louis (Terminal RR)...
100
6.00
117
121
Birmingham Elec $7 pref. *
United New Jersey RR & Canal (Pennsylvania)
100
10.00
216
222
100
6.00
50
56
-.100
5.00
60
3?*
5?*
6?*
7
6)*
107)4 110
Buffalo Niagara & Electern
Utlca Chenango & Susquehanna (D L & W)
Valley (Delaware Lackawanna & Western)
Vicksburg Shreveport & Pacific (Illinois Central)... 100
5.00
47
52
5.00
51
55
50
3.50
30
.50
3.00
51
West Jersey & Seashore (Pennsylvania)
Railroad
54
Equipment Bonds
6%
preferred......
.
.
*
.
Consumers Power $5 pref*
Ask
Bid
52
*
53)4
56
Mississippi P & L $6 pref.*
Miss Riv Pow 6% pref. 100
5954
61)4
West
Pub Serv 7%
67.60
Baltimore & Ohio 4)4s
1.75
New Orl Tex & Mex 4)4s__
6.50
New York Central 4)4s._.
67.50
Maine 4)4s
6.50
65.00
5s
4.00
65.00
5s
3)4s Dec 1 1936-1944...
Canadian National 4)4s..
4.00
64.50
3.75
63.20
2.50
63.20
2.50
63.00
65.50
4.50
2.00
61.50
Chicago & Nor West 4)48.
4)4s
58
5s
67.00
5.50
5s
66.00
5.00
62.50
1.75
Pennsylvania RR 4)4s
62.25
1.50
61.75
1.10
Jan
67.25
&
July
1937-49
25
pref
Mountain States Power—_
80
82
Nassau & Suf Ltg 7% pf 100
Nebraska Pow 7% pref. 100
26)4
28)4
13
15)4
109)4 111)4
70 H
72?*
Newark Consol Gas
128
77
80
New Eng G & E 5)4 % Pf
New Eng Pub Serv Co—
67
70
7% preferred
6
100
17)4
$7 prior lien pref
81
79)4
*
New Orl Pub Serv $7 pf.
8
39?*
..100
95)*
71)4
73)4
$6
cum
7%
cum
*
preferred
States
100
7% pref.
(Minn) 5% pref
100
66.50
5.25
66.50
5.25
St Louis-San Fran 4s
2.25
92
62.00
61.75
4.50
4.50
63.50
2.25
63.00
Southern Ry 4)4s
5s
$7 preferred
*
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf..l00
preferred
cum
*
.*
$7 cum preferred
Gas & Elec of Bergen.. 100
Hudson County Gas
100
1.00
5s
65.00
Long Island 4)4s
64.25
63.25
2.75
2.75
62.25
1.50
61.50
1.00
61.50
1.00
3.25
5s
64.25
5s
1.10
61.75
5s
Maine Central 5s
Union Pacific 4)4s
3.25
61.75
mmm
190
$6 preferred
103
105
-.100
110
112
Gas..*
24
26
7% preferred
Interstate
Natural
Interstate Power $7 pref. *
Iowa Southern Utilities—
7% preferred
100
5)4
6)4
34
50
53
81
83
109
111
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr.100
.100
55)4
1.10
Virginia Ry 4)4s
61.70
Wabash Ry 4)4s
1.00
61.70
5s
1.00
75
93)4
22)4
24
6%
preferred C
100
25
South Jersey Gas & El. 100
Tenn Elec Pow 6% pf.100
4)4
5)4
94)4
88?*
91
27?*
28?*
190
54
195
56
100
.56)*
58)*
Texas Pow & Lt 7% pf-100
Toledo Edison 7% pf A. 100
95)*
96?*
39
26)*
34
27?*
35)4
26
27
Utah Pow & Lt $7 pref
61)4
63)*
Virginian Ry
104)4 106
United Gas & El (Conn)—
7% preferred
Public
100
*
100
67)4
39?*
135
70
41)*
142
Utility Bonds
Ask
Amer Gas & Power 3-5s '53
43
44 )*
Dallas Pow <fc Lt 3)4s. 1967
108)4
Amer
66)*
68
Dallas Ry & Term 6s. 1951
Federated Util 5)4s
1957
58 H
Utility Serv 6s. 1964
Appalachian Elec Power—
1st mtge 4s
1963
f debenture 4)4s_.1948
Associated Electric 5s. 1961
s
Assoc Gas & Elec
106?4 106?*
101?4 102)4
47)*
48)*
Corp—
23)4
24)4
85
Income deb 3)4s...l978
Income deb 354s
1978
24
24)4
Income deb 4s
1978
27
27)4
3.50
5s
75
85
3.50
5)4s
75
85
Income deb 4)4s...l978
30
3.50
6s
75
85
Conv deb 4s
47
49
48
49
Bid
69)4
Ask
5954
71
Havana Elec Ry 5s
1952
/40
Idaho
1967
10 VA
105 H
/45X
47)4
Power 354s
Inland Gas
Corp 6)48.1938
Kan City Pub Serv 4s,1957
Kan Pow & Lt 1st 4)48 '65
Lehigh Valley Transit 5s '60
Lexington Water Pow 5s '68
2654
43
28)4
109)4 110)4
35)4
36)4
73)4
30?*
64.25
Missouri Pacific 4)4s
97
10254
102)4 104)4
61
57)4
92)4
35)4
64.40
5)48
95 H
101
*
7% preferred
Mass Utilities Associates—
5% conv partic pref..50
Memphis Pr & Lt $7 pref.*
54
94)4
95)4
95)4
96)4
101)4 103)4
11254 113)4
Southern Calif Edison—
64.40
Minn St P & S S M 4s
Penn Pow & Lt 17 pref
6% pref series B
Jer Cent P & L 7% pf._100
Kan Gas & El 7% pref. 100
7% preferred
7% preferred
100
Okla G & E 7% pref.. 100
Pacific Pr <fc Lt 7% pf__100
Sioux City G & E $7 pf.100
32
105
Rochester Gas & Elec—
Jamaica Water Supply—
preferred
*
51)4
Queens Borough G & E—
6% preferred
100
Republic Natural Gas
1
mmm
*
4.25
63.25
...
4)48
5.00
Louisv & Nash 4)48
23)4
Idaho Power—
4.25
65.00
Texas Pacific 4s
4.25
65.75
21H
21)4
103
2.50
65.00
5s
Illinois Central 4)4s
Internat Great Nor 4)4s.
19)*
19?*
128
95 J*
Bid
1.25
Hocking Valley 5s
21
190
Corp—
1.50
61.80
95
65.50
65.50
Southern Pacific4)4s
5s
92
88
94
92
4)48
95
88
5s
2.00
90
St Louis Southwestern 5s_.
95
4)48
Great Northern 4)4s
2.75
62.50
5)4s
90
2.10
Ohio Edison $6 pref
$6.50
81)4
93)4
Power—
(Del)
32
100
34
80)4
preferred
116
$6 cum preferred
19"
33
New York Power & Light—
43?*
96)4
28
Federal Water Serv
5)4
25)4
63)4
114
Essex Hudson Gas
24
22
Derby Gas & El $7 pref..*
7)4%
5s
5.25
90
62.75
63.50
1937-50
Marquette 4)4s
6.00
84
66.50
Erie RR 5)4s
6s...
2.25
63.00
Dec 1
Pere
Reading Co 4)4s
80
62.85
2)4s series G non-call
6.00
Trustees' ctfs 3)4s
5)4s
5.00
5.00
Northern Pacific 4)4s.
5.50
67.00
Chicago R I & Pacific—
Denver & R G West 4)4s.
5s
5.00
65.75
66.00
N Y N H & Hartf 4)4s
4s series E due
67.00
5s
2.75
2.00
65.75
5s
Chic Mllw & St Paul 4)4s.
63.75
63.00
5s
N Y Chic & St L
1.00
Chesapeake & Ohio—
5s
5.00
2.25
62.70
5s
Canadian Pacific 4)4s
Cent RR New Jersey 4)4s.
65.50
115
454
Penn
Dallas Pr & Lt 7% pref. 100
62.50
112
Missouri Kan PJpe Line..5
Monongahela
Northern
.100
7% preferred
Ask
Ask
50
21H
Central Maine Power—
7% preferred..
100
$6 preferred
100
Cent Pr & Lt 7% pref.. 100
Consol Elec & Gas $6 pref *
Consol Traction (N J) .100
Bid
60)4
Continental Gas & El—
Bid
Atlantic Coast Line 4)4s.,
Boston <fe
Carolina Pr & Lt $7 pref..*
..........100
Preferred
Warren RR of N J (Del Lack & Western)
25
preferred
$1.60
Par
Mississippi Power $6 pref *
$7 preferred
Electric
$6.50 preferred
Atlantic
Bid
65.50
4.75
5s
65.50
65.50
Western Maryland 4)4s
Western Pacific 5s
4.75
5)4s
4.75
63.50
2.50
Conv
deb
1973
4)4s
1973
66.00
5.00
Conv deb 5s
1973
5.00
Conv deb 5)4s
1973
60
54s. 1966
Mtn States Pow 1st 6s.1938
55
66.00
5)4s
Missouri Pr & Lt 3
72)4
10154 102)4
86
89
Mountain States Tel & Tel
-
-
-
-
Debentures
3)43—-1968
102)4 10254
105)4 106)4
8-year 8s with warr.1940
Par
/G Foods Inc
Bickfords Inc
*
6
100
7% preferred
N Y, Pa &
N J Util 5s 1956
59)4
6054
28
32
N Y State Elec & Gas Corp
4s
1965
93)4
94)4
Sink fund inc
24
154
9
1983
25
Ohio Pub Service 4s._1962
Old Dominion par 5s. .1951
65
75
Sink fund inc 5)4s_.1983
Sink fund inc 4-5S..1986
26
100
11)*
11?*
S f inc
25
Ask
Kobacker Stores
7% preferred
2)4
12)4
Kress (S H) 6% pref.
Miller (I) Sons common..*
33
35
2
3
6)4% preferred
100
Murphy (G C) $5 pref. 100
Reeves (Daniel) pref...100
United Cigar-Whelan Stores
100
15
100
99
Flshman (M H) Co Inc..*
7)4
4)4s..l983
17)4
105
9)4
$5 preferred
..*
4
7
17
22
104
106
98
28)*
...
30)*
4)4s-5)4s
Sink fund inc 5-6s__1986
S f inc
5)4s-6)4s...1986
Cent Ark Pub Serv 5s. 1948
Central G & E 5)4s._.1946
1st lien coll trust 6s. 1946
Cunan Atlantic Sugar...10
Eastern Sugar Assoc
e
9
18
20
Savannah Sug Ref
com
1
Bid
30)4
Ask
33
10
1
Par
|
11
1
Preferred
For footnotes se
10
Ask
page 725.
1
ser
G '60
Central Public Utility—
Tncome 5)4s with stk '52
Sugar Stocks
Bid
1986
Blackstone V G & E 4s 1965
Cent Maine Pr 4s
Par
North Boston Ltg Prop's
Bid
10)4
$2.50 conv pref
*
Bohack (H C) common...*
23
'66
Par
75
common *
7% preferred
Diamond Shoe pref
Ask
Narragansett Elec 3!4s
89
Sink fund inc 5s
Borland Shoe Stores
B
Bid
89
88
Cons ref deb 4)4s..l958
Sink fund inc 4s.. .1983
Chain Store Stocks
88
8s without warrants. 1940
Assoc Gas & Elec Co—
West Indies Sugar
Corp..l
ZH
454
Secured notes 3)4s.. 1947
106)4 10654
102
5254
102 H
5454
24
27
26)4
28)4
29
Peoples Light & Power
1st
lien
3-6s
1961
68)*
70 M
Portland Elec Power 6s *50
85
87
70)4
72
75)*
76?*
104?* 105)*
/15
Pub Util Cons 5)43—1948
109)4
69
71
Republic Service coll 5s *51
St Joseph Ry Lt Heat & Pow
63?*
65)*
4)4s
1947
15X
103
3an Antonio Pub Serv—
1st mtge 4s
1963
Sioux City G <fe E 4s.. 1966
Sou Cities TTtil 5s A.. 1958
100
40?*
100)*
41)4
S'western Bell Tel 3s. 1968
100 H
100)4
99)*
99?*
n%
2?4
Cities Service deb 5s..1963
Cons Cities Lt Pow & Trac
64)4
65 H
5s.
1962
Consol E & G 6s A...1962
6s series B__
1962
Crescent Public Service—
78 H
79)4
Tel Bond & Share 5s..1958
63)4
65)4
41
42
Texas Public Serv 5s
.1961
85)4
87)4
41
43
Utlca Gas & El Co 58.1957
122)4
Coll inc 6s (w-s)
Western Pub Serv
1954
38
Cumherl'd Co P.VL 3Hs'66
102
39)4
102)4
5)4s '60
80
S3
Wisconsin G & E 3)4s.l966
106
105?*
Wis
106)*
107
Mich
Pow
Volume
Financial
147
Quotations
on
Chronicle
Over-the-Counter Securities—Friday July 29—Continued
Industrial Stocks and Bonds
Water Bonds
Bid
Alabama Wat Serv 68.1957
Ashtabula Wat Wks 5s
Atlantic
97 N
58
County Wat 5s '58
Muncle Water Works 5s '65
105
Water 5s 1950
101
JOIN
New Jersey
102
'
...
New Rochelie Water—
...
84
87
1951
88
92
New York Wat Serv 5s '51
91
92 N
Newport Water Co 5s 1953
97
Ohio Cities Water 5 Ms '53
77
1957
105
58 series B
1954
101
5 Ms series A
1954
104N
1957
105
105
Calif Water Service 4s 1961
103 N
Ohio Valley Water 5s. 1954
Ohio Water Service 5s. 1958
Chester Wat Serv 4Mb '68
104N
Butler Water Co 5s
5Ns
104)4
5 Ms
102
"series" A _~_~.IIIIl951
103 N
-II
City of New Castle Water
1941
5s
101
City Water (Chattanooga)
5s series B
1954
101 N
1st 5s series C
1957
105N
II
_
63
65
1946
66
68
Connclisville Water 5s 1939
100
1946
6s series A
1st mtge 5s
Ms-.1966
Peoria Water Works Co—
1st & ref 5s
1950
1st consol 4s
1948
1st consol 5s
1948
Prior lien 5s
1948
Phlla Suburb Wat 4s.. 1965
Pinellas Water Co 5 Ms. '59
91N
93 N
94N
100 M
...
99'
...
100
...
104
107
•
108 M
100
102
102
...
...
4s ser A..'66
Gas & Water Co
St Joseph Wat
97
Shenango Val 4s ser B 1961
109
South Bay Cons
101
1967
1st & ref 5s A
1977
Wat 5s '50
South Pittsburgh Water—
1st mtge 5s
1955
Huntington Water—
58 series B
1954
101N
6s
1954
103 N
5s series A
5s
1962
104
5s series B
1960
1960
;.
106 N
101N
Indianapolis Water
1st mtge 3 Ms
104N 105 N
...
99
•
•
---
104
..
+,mm
103 N
m
mm
m
105
mm
1949
M
103 N
Texarkana Wat 1st 5s. 1958
Va Water Serv 4s..1961
100
m
101N
Western N Y Water Co—
5s series B
105
1957
105
Kokomo W W Co 5s..1968
1950
95
1st mtge 5s
Joplln W W Co 5s
1951
1950
94
Long Island Wat 6 Ms. 1955
104N 105N
1st mtge 5 Ms
Westmoreland Water 5s '52
Middlesex Wat Co 5Ms '57
107
96
m
mm
100N
101M 102 N
Wichita Water—
Monmouth Consol W 5s '56
■mm**
M
mmm
101N
Morganlown Water 5s 1965
195
99 N
'mm
m
1956
101
1960
104M
6s series A
1949
104 N
1952
102 N
'mmm
mmm
m
m -
7N
*
2N
23 H
60
70
Scovlll Manufacturing..25
40
42
Singer Manufacturing..100
21
23
Singer Mfg Ltd
4
5N
10
common
W'msport Water 5s
Skenandoa Rayon
5
Standard Screw
244
240
8
20
29
31
43
53 M
6
Stanley Works Inc
25
Stromberg-Carlson Tel Mfg
41N
6N
7%
45
Sylvanla Indus Corp
13N
15N
3
4
52 M
4M
6
*
Taylor Wharton Iron <fc
8
109
57
60
Devoe & Raynolds B com *
34
31M
35N
Steel
common
38
*
13 M
15M
32
34
31
2N
Douglas (W L) Shoe—
Conv prior pref
Draper Corp
136
141
*
pf.10
33
35
60
70
Trlco Products
Corp
cum
United Artists Theat
IN
*
IN
2N
9M
10N
com.
United Piece Dye Works.*
Preferred
100
Veeder-Root Inc
5
59M
*
United Merch <!fc Mfg com *
35"
4
*
Par
Bid
13.42
Bake
Shops.....*
Preferred
5
3N
4N
50N
com...
52 N
42
46
15
18
63
6M
17 M
23
*
18M
Foundation Co For shs...*
2M
19M
3N
American
*
shares
Garlock Packing com
*
Fire
Preferred
2M
3M
2N
$3 cum preferred
*
White Rock Min Spring—
16N
18N
5M
7
7M
56
7M
8M
M
7N
80
11
14
22 N
24 H
Worcester Salt
43
49
100
York Ice Machinery
Lawrence Portl Cement 100
16
17M
14N
15M
44 M
100
7N
Par
Bid
Ask
Affiliated Fund Inc. .-IN
3.96
4.38
25.84
28.28
♦Amerex
19 M
21M
Series B-2
22.42
24.57
3.50
3.86
Series B-3
15.12
16.59
Holding Corp..*
Amer Business Shares..
7
Series K-i
14.63
Amer Gen Equities Inc 25c
57c
65c
Series K-2
11.28
12.53
Insurance Stock Corp*
4M
5
Series S-2
14.54
16.08
Assoc. Stand Oil Shares..2
5M
6M
Series S-4_.
5.18
5.80
Anur & Continental Corp
Am
6
♦Bankers Nat Invest Corp*
♦Class A new
Basic Industry
Boston
1.82
7M
...
~9M
Fund Inc
15.95
Maryland Fund Inc.—10c
Mass Investors Trust
1
5.64
6.18
21.14
22.43
10
11.67
12.75
Nation Wide Securities 25c
3.27
45M
*
7% preferred
100
Young (J S) Co com—100
7% preferred
100
12N
13N
61N
64 N
75
85
122
200
100
Bonds—
100
*
3M
36 M
4M
40M
American Tobacco 4s_1951
*
Wire Fabrics 7s-.1942
90
23 M
25 M
Chicago Stock Yds 5s. 1901
93
common.
29c
44c
24.86
26.59
1
14 H
15M
National Investors Corp.l
5.60
5.96
Canadian Inv Fund Ltd..l
3.90
4.25
New England Fund
1
13.12
10%
11N
44
47
*
107
5%
preferred
100
New Britain Machine
*
Century Shares Trust...*
22.78
24.49
Commonwealth Invest.-.l
3.54
3.79
Shares
pflOO
1.33
Voting shares
1.46
N Y Stocks Ino—
Norwich
Agriculture
8.54
9.24
7.77
8.41
Bank stock
2.32
7.63
8.26
1
2.27
Building supplies ......
8.07
series...1
2.27
Electrical equipment—
8.01
8.67
.1
2.73
Iasurance stock
9.45
10.22
1
2.73
Machinery
8.42
9.11
Metals
8.81
9.53
Oils
9.63
10.41
7.49
8.11
7.76
8.40
Series A A
Accumulative
Series A A mod
Series ACC mod
♦Crura & Forster com...10
23
100
115
♦8% preferred
25
♦Crum A Forster Insurance
Railroad equipment
10
♦7% preferred
30
100
♦Common B share
110
32
Steel
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953.*
4.73
Cumulative Trust Shares. *
8.72
52 M
2.21
Deposited Bank Shs ser A1
1.49
Series 1955
1
100
Pharraacal
5
3.08
Series 1956
1
Ohio Leather common...*
—*
Ohio Match Co
Deposited Insur Shs ser Bl
Series 1958
1
2.35
5.70
Dividend Shares
1.28
25c
6.35
1.40
Eaton & Howard Manage¬
ment Fund series A-l...
17.40
Eq.ult Inv Corp (Mass)..5
27.97
18.69
29.76
28 H
31N
*
19.38
20.88
10c
2.45
series. 10c
2.42
2.80
9.34
*
7
Class B
*
7A
Plymouth Fund Inc—10c
Putnam (Geo) Fund
46c
52 c
14.45
15.45
Quarterly Inc Shares..10c
10.85
11.88
5% deb series A—
Representative TrustShslO
Republic Invest Fund.25c
Royalties Management-.1
28
8
98
IN
102
2.71
Fixed Trust Shares A... 10
26
Class A
3.70
1
Equity Corp S3 conv pref 1
Fidelity Fund Inc
Fiscal Fund Inc—
Bank stock
series
Insurance stk
10.00
10.50
31c
34c
40c
60c
Selected Amer Shares..2M
9.42
Selected Income Shares—
7.40
10
B
4.18
Sovereign
10.27
71c
Investors
"79c
15.43
16.38
3.12
3.63
Foreign Bd Associates Inc.
7.10
7.70
Foundation Trust Shs A.l
4.05
4.35
Fundamental Invest Inc.2
17.32
18.73
Standard Utilities Inc.SOc
50c
Fundamental Tr Shares A2
4.93
5.63
♦State St Invest Corp... *
76 M
3.17
*
4.44
*
31.09
33.43
Trust.*
4.87
5.30
B
Spencer Trask Fund
*
Standard Am Trust Shares
Super Corp of Am Tr ShsA
AA...
General Capital Corp
General
Investors
5.86
1.26
94c
1.03
Supervised Shares
1.20
1.31
Building snares
1.44
1.57
1.27
1.38
Food shares
84c
92c
Investing shares
82c
90c
._
1.08
Merchandise shares
1.18
D
5.86
-
3
10.01
1
1
6.36
1
6.02
Series D_.
Series B
Trusteed Amer Bank Shs B
59c
65c
1.44
Trusteed Industry Shares.
97c
1.08
U S El Lt & Pr Shares A..
13 X
1.75
14M
91c
1.00
81c
89c
1.17
1.28
Tobacco shares
1.03
1.13
1
♦Huron Holding Corp...l
60c
1.00
Investors..*
17.66
18.99
Bank Group shares
1.08
1.19
Insurance Group Shares.
1.33
1.47
32
Invest Co. of Amer com. 10
30
2.55
2.90
10.80
11.53
1
B.__.
Voting shares.
Un N Y Bank Trust C-3.*
1.85
2 N
2
UnNYTr Shs ser F
*
1
Wellington Fund
1
13.20
-
107
40
35 N
38 N
Woodward Iron—
89
108 N
44
12
8N
14
2d
1902
1st 5s
ION
conv
income 5s..1902
101
m
m
98N 102
IN
Corpl
4
5
32
35
...
*
2M
♦First Boston Corp
10
18 H
20M
♦Schoelkopf, Hutton &
Pomeroy Inc com
10c
IN
2N
—
Bid
A St
Metropolitan Corp (Can)—
24 M
89
95
1945
64
06
1946
24 N
25M
..1947
6s
Metropol Playhouses Inc—
33
1948
63
65
Chanln Bldg Inc 4s
1945
Chesebrough Bldg 1st 6s '48
Colonade Constr'n 4s. 1948
56
58
46
48
N Y Majestic Corp—
4s with stock stmp._1956
34
36
N Y Title & Mtge Co—
S f deb 5s
N Y Athletic Club—
Broadway Motors Bldg—
4~6s-
2s
1950
30
32
Dorset 1st & fixed 2s. .1957
26
28
1st
3N8...
6
5Ms series C-2
5Ms series F-l
5Ms series Q
6N
52
3s inc '46
500 Fifth Avenue6Ms.l949
23
25
29 M
31
50 Bway Bldg 1st
51
54
•
44 N
1939
60
40
19th & Walnut Sts (Phlla)
1st 6s
•
July 7 1939
Nov 15 1939
1st 6s
-
-
2d
1951
mtge 6s
103 E 57th St 1st 6s... 1941
46
rnm-m
165 Bway Bldg 1st 5Hs
/19
/0N
6Ms stamped..1948
Fox Theatre & Off Bldg—
35
1957
/13
1944
1949
33
37
1940
68
40
17
/49
19N
50
1901
57
39
66
'51
Prudence Co—
5Ms stamped
Bldg—
1400 Broadway
49 N
/38
Oliver Cromwell (The)—
40 M
1958
42 Bway 1st 6s
34 N
/47N
1 Park Avenue—
35
Film Center Bldg 1st 4s '43
40 Wall St Corp 6s
7
51
••
52d & Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
/6
/49
/32N
5Ms series BK
Court & Remsen St Off Bid
1st
Income 3s
Fuller Bldg deb 6s
1st
2N-4s (w-s)
Graybar Bldg 5s
mmm
14M
36
31
Harriman Bldg 1st 6s. 1951
29 N
Hearst Brisbane Prop 6s '42
43
44 M
52
53 H
46N
47N
Hotel
Lexington units
Hotel St George 4s... 1950
56 H
w-s—1963
e65
Corp
1947
1952
1st 5s (L I)
3s
with stock.... —1956
28N
29N
Sherneth Corp—
1950
2s with stock
/21
22 N
60 Park Place (Newark)
40 N
42N
39
40
..1955
69
1958
39
41
49 N
52
1947
3Ms
68
1st 3s
92
93 N
Textile Bldg—
43
44 H
Trinity Bldgs Corp—
1st 4s (w-s)
60
62 H
....1939
Bldg 1st 4s 1946
m~m
2 Park Ave
55
mm*
Walbridge Bldg (Buffalo)—
30 M
1st 3s 1957 w-s
53 H
Savoy Plaza Corp—
1st 5Ms—
1947
1951
47
52
3N» with stock
1950
Syracuse Hotel (Syracuse)
Madison Ave Apt Hotel
33
3s
with stock
1950
18
Wall & Beaver St Corp—
Majestic Apt Inc—
4s w-s 1948 stamped
5H
6M
Metropolitan Chain Prop—
1948
6s
1957
1st 4s
61 Broadway Bldg—
1950
1st 6s
/44
Roxy Theatre—
-
35
Loew's Theatre Rlty
Realty Assoc Sec Corp—
5s income.
1943
1st fee & leasehold
Lefcourt Manhattan Bldg
*
♦Central Nat Corp cl A..*
♦Class B
/23M
Mortgage Certificates
Ask
32 M
87 N
90
1st 4Ms
..1951
Westlnghouse Bldg—
w-s
1st fee & leasehold 4s '48
20 N
22
68
14.48
Investm't Banking Corp
♦Bancamerlca-Blair
"
Investors Fund of Am Inc.
Investors Fund C._
1945
32
Ludwig Baumann—
1st 5s (Bklyn)
1.23
RR equipment shares...
Steel shares
B'way & 41st Street—
1st 3s
..1944
1st & gen 3s whs
1.32
Institutional Securities Ltd
N Y Shipbuilding 5s..1946
Wither bee Sherman 6s 1903
London Terrace Apts—
2.40
Trustee Stand Oil Shs A.l
10.88
2.46
Series C
B'way Barclay 1st 2s. .1956
1st 4s
1.13
N
75
22 N
/19N
62
Bid
1957
1st 3s
Income 5Ms
Petroleum shares
Incorporated
1940
24 M
Lincoln Building—
Mining shares
Guardian Inv Trust com.*
12N
60
52
Lewis Morris Apt Bldg—
Trustee Stand Invest Shs—
Aviation shares
Chemical shares
2.15
1.15
Automobile shares
Nat Radiator 5s
Real Estate Bonds and Title Co.
1st 4-5s extended to 1948
3.31
BB
54c
[80
2.15
B
C
Group Securities—
Agricultural shares
76
/74M
/ 10N
22 M
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended..-
Pacific Southern Inv pref. *
Diversified Trustee Shares
.3.50
1937
1938
Deep Rock Oil 7s
Haytlan Corp 8s
l
Hotel units
2.66
2.76
D
...
90
87
4N
20
Eastern Ambassador
2.70
Deposited insur Shs A...1
C
1940
f 6s
Scovlll Mfg 5Ms
Preferred 6M%
Alden
Aviation
8M
Corporate Trust Shares-.l
3M
«17
conv s
Kelsey Hayes Wheel CoConv. deb 6s
1948
New Haven Clock—
14.11
♦Continental
95
85
*
Nat Paper & Type com...*
95
17.06
British Type Invest A...1
Broad St Invest Co Inc. .5
Bullock Fund Ltd
lst
7% preferred
100
Muskegon PLston Ring.2M
Preferred
107
Cont'l Roll & Steel Fdy-
113
National
Casket
Am
3.37
Mutual Invest Fund
3.44
Shares..10
;.
16.03
8M
M
9
Long Bell Lumber
150
$7 1st preferred
Wick wire Spencer Steel..*
Wilcox & Glbbs com
50
WJRTbe Goodwill sta_..5
32
100
97
15N
29
2d 8% preferred
17""
293
14 N
6
Great Northern Pa per.. 25
100
100
15
IN
31M
Lord & Taylor com....100
1st 6% preferred
100
Preferred
105
W est Dairies Inc com v t c 1
29
*
preferred
preferred
41
x5l
5
.1
King Seeley Corp com_..l
*
com..5
100
West Va Pulp & Pap com.*
conv
7%
39
100
Harrlsburg Steel Corp
Kildun Mining Corp
$3
Welch Grape Juice
30
100
Mock Judson & Voehringer
Keystone Custodian Funds
Series B-l
N
N'
Warren (Northam)—
Federal
6% preferred
Ask
12.61
8N
2N
*
Tublze Chatillon
112
100
7%
Tennessee Products
Time Inc
IN
...100
(Jos) Crucible
Preferred..
Admlnls'd Fund 2nd Inc. *
5N
9M
Corp..*
40
*
Crowell Publishing com..*
17 preferred
100
Dennison Mfg class A... 10
Dentist's Supply com
10
Macfadden Pub
Investing Companies
3N
25
4N
2M
~4~~
....
Merck Co Inc common..1
...
9
17N
$5 preferred
5s series B_.
5s series C
Monongahela VaUey Water
5 Ms
1950
Manufacturing...*
Remington Arms com
28M
Great Lakes SS Co com..*
mmm
■
13 N
15M
Extinguisher...*
Good Humor Corp
1
Graton & Knight com
*
■
102N
102
12N
26M
Columbia Baking com
$1 cum preferred
Gen
99
~M
1
Exploration
Pollack
90
13 N
N
1
*
Fohs OH Co
101
W
94
75 N
73 M
99
*
Petroleum Heat & Power.*
un
78 N
76 M
Terre Haute Water 5s B '56
6s series A
91
78 N
76 M
100
Union Water Serv 5 Ms '51
Indianapolis W W Seeurs
1958
100
Belmont Radio Corp
*
Beneficial Indus Loan pf *
Burdlnes Inc common
1
Chic Burl & Qulncy
100
Chilton Co
11N
Pathe Film 7% pref
Petroleum Conversion
..25
Products
Preferred
:
98
97
—
1966
pref
cum
Maize
Dixon
Spring! City Wat 4s A '56
Illinois Water Serv 5s A *52
5s
97N
96 N
...
102
5 Ms series B
8%
American Hardware
Art Metal Construction. 10
105
1952
5s series B
11N
Ask
Bid
Pan Amer Match Corp..25
4M
33
Pilgrim
86 N
100M
Hackensack Wat Co 5s. '77
99 N
10
99N
107
4Ms
1958
Scranton-Spring Brook
Water Service 5s. 1961
1952
pref
American Mfg. 5% pref 100
Andian National Corp
*
...
93
Greenwich Water & Gas—
i
conv
Amer
Richmond W W Co 5s_1957
Scranton
5s series A
...
80
Roch & L Ont Wat 5s. 1938
1958
1958
4M
28
Bankers Indus Service A.*
Pittsburgh Sub Wat 5s '58
Plalntield Union Wat 5s '61
Coasol Water of Utlca—
4MB
Par
Ask
Bid
Dictaphone Corp
Community Water Service
5 Ms series B
5%
84 N
trust 4
1st coll
*
American Hard Rubber—
Penna State Water—
1951
5n
*
American Arch
98 N
Ore-Wash Wat Serv 5s 1957
Citizens Wat Co (.Wash)—
Par
Alabama Mills Inc
American Cynamld—
—..1951
5s series B
Birmingham Water Wks—
5s series C_.
Ask
Bid
Ask
98N
725
5
No
/ Flat
a Interchangeable,
b Basis price,
d Coupon,
e Ex-interest.
Nominal quotation,
tc 1 When Issued,
w-s With stock,
x Exz Ex-stock dividend.
value,
par
price,
n
Now selling on New York Curb Exchange,
t Now listed on New York Stock Exchange.
dividend.
v
t Quotations per
♦
100 gold rouble bond, equivalent to 77.4234 grams of pure gold.
Quotation not furnished by eponser or issuer.
726
Financial
Chronicle
30, 193a
Quotations on Over-the-Counter Securities—Friday July 29—Concluded
Foreign Unlisted Dollar Bonds
Foreign Stocks, Bonds and Coupons
bid
BRAUNL
52 WiUUm
&
122
Hungarian Ital Bk 7 Ms '32
Hungarian Discount A Ex¬
change Bank 7s.—.1936
Illseder Steel 6s
1948
Tel. HAnover 2-5422
Coupons—
Nov 1932 to May 1935
Nov 1935 to May 1937
1943
Koholyt 6 Ms
Land M Bk Warsaw 8s '41
Bid
Bid
All
120
/29
123
22
Dulsburg 7% to......1945
32
East Prussian Pow 6s. 1963
26
Electric Pr
f23
25
117
20
120 M
22
1963
European Mortgage A In¬
vestment 7 Ms
1960
/16
19
112
13
8s.
fllX
12 M
Farmers Natl Mtge 7s.*63
ollv
4X
Frankfurt 7s to......1945
7s.
14X
14X
14 X
4%
4X
Gelsenklrchen Mln 08.1934 /100
08.
10
Art
Aotloquia 8s.
78.
Bavarian Palatinite Com
Cities 7s to
(Ger'y) 6 Ms '50
QMs
7Ms Income.....1966
1941
7s.
120 X
1907
7s.
7s Income....
1907
French Nat Mall SS 6s '52
6s
British
Hungarian Bank
1902
7 Ms
Brown
German Atl Cable 7s..1945
19
/29M
30 M
Funding 3s
German scrip
/32 M
/6 M
0M
123
German Dawes coupons:
Dec 1934 stamped
Cailao
(Peru) 7 Ms
1944
0M
10
1946
1947
(Brazil) 8s
10M
/15M
/10M
12
July to Dec 1933.......
German Central Bk
Madgeburg 6s
Jan to June 1934..
July to Dec 1934
1934
no
Chilean Nitrate 5s
1968
City Savings Bank
Budapest 7s..
-.1953
18
July to Dec 1935
110
103
7b assented,......
18
Jan to June 1930
60
July to Dec 1930
...
Jan to June 1937
/H
/38M
/66M
/16M
/16M
/16M
.....1946
Cordoba 7s stamped.. 1937
Costa Rica funding 5s. '51
Costa Rica Pac Ry 7 Ms '49
5s
1949
Cundinamarca 6 Ms. .1959
Dortmund Mun Utll 6s '48
July to Dec 1937
41
69
/15
Jan to July 1938
124H
122
122
/21M
24
8%.
22
Saxon Pub Works 7s..1945
23
6 Ms....
1951
Saxon State Mtge 6s..1947
f29
33
Slem A Halske deb 68.2930 /470
State Mtge Bk Jugoslavia
23 M
Nat Bank Panama
(A A B) 0M8-1946-1947
191
191
/II
Mtge 7s
...1948
North German Lloyd 6s '47
/II
/98
7s._.Il946
Oberpfals Elec
...1945
7s to
Panama City 6 Ms
Panama5% scrip..
1952
Poland 3s
1950
1936-1937
Coupons
/25
1950
1956
60
60
Coupons—
Oct 1932 to April 1935
Oct 1935 to April 1937
...
/68
/50
/21M
174
m
Stettin Pub Utll 7s—1946
02 X
122
63M
24
120
22
/20M
/30
127
29 M
135
37
Stlnnes 7s unstamped. 1936
Certificates 4s
1930
1908
35
1946
174
m
1955
56
..1946
f9X
Union of Soviet Soc Repub
31
1943 186.62
7% gold ruble
Unterelbe Electric 6s..1953
8M
/7M
7s unstamped
Certificates 4s
Toho Electric 7s
Vesten Elec Ry 7s
f22
f2l
/20M
1947
1945
99
27
Bell Telep of Canada ... 100
160
29
Bell Telep of Pa pref—100
28 M
Cuban Telep 7% pref..100
1957
Preferred
New York Mutual Tel. 100
165
Pac A Atl
114
117
Peninsular Telep com
30
40
20
15
Telegraph
25
*
18
25 M
23X
111
..100
Preferred A
115
115
27
50
58
27
32
91M
94 M
Telegraph... 100
60
65
Mtn States Tel A Tel..100
116
120
Emp A Bay State Tel..100
Franklin Telegraph
100
Gen Telep Allied Corp—
30 preferred......
*
Rochester
Telephone—
$6.50 1st pref...
100
110
So A Atl Telegraph
25
100
14
19
148
150
Wisconsin Telep 7% pf.100
114
116M
Sou New Eng Telep
67
Hamburg Electric 6s .1938
Ask
16
/20
1953
6s
Bid
Par
119
Hanover Harz Water Wks
Haiti 6s
Ask.
95
117
18
9X
Bid
100
26
23 M
22
Pat
Am Dtet Teleg
Int Ocean
/21M
725,
REGISTRATION
The total involved is
reasons
it is not always
are
and Investment News
UTILITY—INDUSTRIAL—MISCELLANEOUS
always
STATEMENTS
as
possible to arrange companies in exact alphabetical order.
near alphabetical position as possible.
Administered Fund
UNDER
ACT
plant, machinery, development and working capital.
be underwriter.
Filed July 21, 1938.
Net income for the
1938
Investments
Cash In bank.....
Amt.
due
$2,697,413 $5,239,963
93,479
250,236
49,644
34.461
44,008
6,050
sold, Ac.
Cash divs. recelv'le
Total
12,533
$2,831,403 $5,596,383
147,
p.
-
«W
Prov.
for State
m
*»
MI"
120
&
Federal taxes
7,025
6,507
319,718
4,931.443
def496,284
298,497
8,126
Total -....-..-$2,831,403
$5,596,383
410.
Air Reduction Co.,
3 Mos. End. June 30—
Gross sales
Operating
Net
before
Net
inc.
earned
$1,054,951
38,610
$2,657,605
52,185
$2,137,315
94,023
$1,319,210'
138,344
$2,709,791
420,292
$2,231,338
329,093
$1,457,555203,23a
$888,757
$0.35
$2,289,498
$1,902,244
$0.75
$1,254,324
$1.50-
$0.90
Note—No accrual has been made for excess
on
profits taxes
Akron Canton & Youngstown Ry.June—
or
for surtax
Net after rents.
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
—V. 146, p. 4104.
.
1936
$169,608
50,723
22,036
$179,845
60,271
27,447
1935
$142,85835,403
14.151
741,564
114,158
..
.
..
_.
..
1,135,517
416.482
192,811
1,102,159
410,902
226.273
977,130
328,904
189,148-
def46,667
1937
-Earnings—
$119,592
18,771
def5,036
1938
.
.
$4,577,514:
3.258,304
undistributed profits.—V. 146, p. 2837.
Gross from railway...
Net from railway.
Phillips Petroleum Co.
.
on
outstanding stock..
Earnings pw share
500 under the Non-Insured plan and 500 fully paid.
Aggregate
involved $5,000,000.
Sponsor: Company itself.
Simpson Yeo¬
man, President.
Filed July 22, 1938.
Pacific Northwest Oriental
Line, Inc. (2-3760, Form Al), Seattle.
Wash., has filed a registration statement covering 2,500 shares (par $100)
capital stock.
Proceeds to be used for working capital, &c.
No under¬
writer named.
P. E. Harris, President.
Filed July 27, 1938.
1935
$7,041,509
4,904,194
Fed.
taxes
Est'd Federal taxes
amount
1936
1937
$8,360,977
5,703,372
$1,093,561
204,804
expenses
inc.
Inc.— -Earnings—
1938
$5,744,382
4,689,431
Net operating income.
Other income
plan,
m.
2,075
pay.
prec'n over cost
Invest'ts—Drl ,012,106
investment trust, has filed a registration statement covering Insured In¬
vestors series C certificates, of which 500 will be issued under the Insured
given
$31,972
of
—V.
was
Commissions
Earned surplus
Manufacturing Co. (2-3758, Form A-2), Rock Island, 111., manu¬
facturers of wheel-alignment equipment, has filed a registration statement
covering 60,195 shares ($2 par) common stock, and 25,000 shares 7% cum.
conv. ($10 par) pref. stock.
The preferred shares will be offered at $10
eacn and 5,475 of the common shares will be offered at $8 each.
Of the
remaining common stock being registered, 14,695 shares may be offered by
the company; 25,000 shares are reserved for conversion of the preferred,
and 15,025 shares may be offered by stockholders and officers of the com¬
pany.
Hatch, Piper & Co., Inc., will be underwriter.
Proceeds will be
used for working capital and to finance accounts receivable.
Will Dammann is
President.
Filed July 22, 1938.
Insured Investors Inc. (2-3759, Form CI) of Kansas City, Mo., an
previous list of registration statements
1937
$9,277
P-
Net unrealized ap-
Bear
issue of July 23, page 560.
Dlv. pay. July 20I-
231,934
Cap. stock (par $1)
Capital surplus-.. 4,023,811
Central Duverny Gold Mines, Ltd. (2-3757, Form A-l), of Montreal,
Canada, has filed a registration statement covering 800,000 shares SCI
par) common stock to be offered at 60 cents a share.
Net proceeds would
be used for improvements and working capital.
Weir & Co., Inc., are
(2-3761. Form A2) of N. Y. City has filed
a registration statement
covering $25,000,000 of 3% convertible deben¬
tures and an undetermined number of shares of common stock
(no par).
Further details on subsequent page.
Filed July 27, 1938.
1938
Unclaimed dlvs...
a
Filed July 21, 1938.
Liabilities—
65.671
scrip. to cap.stk.
Receivable for sees.
registration statement
covering $25,000,000 of 4M% sinking fund external loan bonds, due 1948.
(Further details are given under "Current Events and Discussions" on a
preceding page.
Filed July 21, 1938.)
underwriters.
$49,620
Sheet June 30
1937
sub-
on
1937
$77,271
27,652
$10,206
period
Balance
Assets—
H. B. Hening will
1938
$18,540
8,334
Expenses
1933.
approximately $56,123,800.
Argentine Republic (2-3756, Form B) has filed
Second, Inc.- -Earnings—
6 Months Ended June 30—
Income—Cash dividends...*
Misers Chest Mining 4 Milling Co., Inc. (2-3705, Form A-2), Lordsburg, N. M., has filed a registration statement covering 100,000 shares $1
par common stock to be offered at 81 a share.
Proceeds will be used for
our
/23
/23M
Telephone and Telegraph Stocks
3761, inclusive) have been filed with the Securities and
The last
5s
2d series 5s
—
69
/13M
/7M
(Brazil) 6s..1943
Wurtemberg 7s to
27
/20
Exchange Commission under the Securities Act of
in
/12
122
67
(N J) corn,*
27
following additional registration statements (Nos. 3755
as
..1947
120
27
Guatemala 8s. .......1948
SECURITIES
named
/5
/23
/22
8s ctfs of deposit. 1948
Santa Catharlna (Brazil)
Sao Paulo
27
18
However, they
to
/13M
/12
....1948
1 Flat price.
/58
/40
/25
/25
/25
/25
/25
/20
/25M
/24
113
4s
NOTE—For mechanical
The
8 crip
8s...........
12M
reat Britain A Ireland—
RAILROAD—PUBLIC
OF
/21
4s
10 M
General Corporation
FILING
Saarbruecken M Bk 6s '47
Salvador 7%
1957
7s ctfs of deposit. 1957
22
16
/10
/12
/20
112
/21M
120
Duesseldorf 7s to.....1945
8
1960-1990
18
/9M
.
For footnotes see page
...
Jan to June 1935
125
Chile Govt 6s assented
...
/20M
1945
Porto Aiegre 7s
June 1 '35 to June '38...
/25
/7M
/21M
/21M
3M
Central German Power
Colombia 4s
lerman Young coupons:
Dec 1 '35 stamped
lOVs
Central Agrtc Bank
see
/57
/43
122
f48
Oldenburg-Free 8tate
/7M
Apr 15'35 to Apr 15 *38.
/10M
49
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
32 M
49
f20
f70
1941
Rio de Janeiro 6%.
1933
Rom Cath Church 6 Ms '46
R C Church Welfare 7b '46
49
47 M
4s.1947
12 5
Caldas (Colombia) 7 Ms '46
Call (Colombia) 7s—1947
Ceara
23
/14
1953
Cauca Valley 7Ms
22
Agricultural 0s
1938
German Conversion Office
Buenos Aires scrip
/46
Burmelster A Wain 6s. 1940 /119
1941
6s
69
German Central Bank
1946
Westphalia 6s '33
Westphalia 6s '36
Munlc Bk Hessen 7s to '45
/47
-
..1948
Mannheim A Palat 7S.1941
Munich 7s to
/21M
-
29M
47M
Hungary 7MS—.—1902
National Hungarian A Ind
German Building A Landbank 6 Ms
......1948
-
Coal Ind Corp—
8MB
Water 7s
/21M
/21
/21
Rhine Westph Elec 7% '36
£4
12 8
(C A D) 6 Ms-1948-1949
Nat Central Savings Bk of
19
Prov Bk
Prov Bk
1946
Municipal Gas A Elec Corp
Recklinghausen 7s..l947
Nassau Landbank 6 Ms '38
24
97M 100
20 %
many) 7s
Luneberg Power Light A
24M
f20
fl2
/20
/12
/H
/20M
m
J17
6s.
Leipzig O'land Pr 6Ms '46
Leipzig Trade Fair 7s. 1953
Bid
Protestant Church (Ger¬
5s
Merldionale Elec 7s...1957
1 i9M
/33
Brazil funding 5s..1931-51
Brazil funding scrip,.
22
1937 /100
1940 fl00
0s
7M
21M
22
/20
m
mx
/23
-»«»»•
/H
/H
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
Foreign Unlisted Dollar Bonds
Ask
191
Hansa 88 6s
CO., INC.
St., N. Y.
.1939
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s *37
Inactive Exchanges
Volume
Financial
147
Akron Brass Mfg. Co.,
Inc.—Larger Dividend—
Directors have declared a dividend of 15 cents per share on the common
stock payable Aug. 1 to holders of record July 28.
This compares with 12 H
paid on May 20, last, and a regular quarterly dividend of 12Ys cents
paid on Dec. 27, last.—V. 146, p. 2837.
Alabama Great Southern
June—
Net after
612,914
168,507
92.422
519,549
111,629
90,455
rents
1935
1936
547,539
137,509
66,776
1937
Assets—
1938
Cash
e
From Jan. 1—
stock.
Accrued interest.
Prepaid
Alabama Power
Co.—Earnings—
Period End June 30—
1938—Month—1937
Gross revenue
$1,565,078
$1,720,066
Oper. expenses & taxes.
Provision for deprec.
291,088
75,485
1938—12 Mos.—1937 •
$19,690,348 $20,080,742
*8,803,260
*8,932,878
2,674.440
2,169,256
688,056
217,690
779,355
227,325
Gross income
Int. & other fixed chgs-_
$659,333
406,127
$713,385
403,030
$8,212,648
4,804,974
$8,978,608
4,833,240
Net income..
Divs. on preferred stock.
$253,205
195,178
$310,356
195,178
$3,407,674
2,342,138
$4,145,368
$58,027
$115,177
$1,065,536
$1,803,230
_
Balance
2,342,138
x No
provision was made in 1936 for Federal surtax on undistributed
profits as all taxable income was distributed.
No provision was made in
1937 except for a small amount provided by a subsidiary company.—
V. 146, p. 4104.
Algoma Steel Corp., Ltd.—Earnings—
Year End.
Year End.
May 4 '35 to
Apr. 30 *38 Apr. 30 '37 Apr. 30 *36
Period—
prod'ts, pig iron, coke
$12,942,784
Selling and shipping expenses, royalties. &c
262,703
Balance
29,440
13,959
7,797,272
Acer. exps. A taxes
a Prior pref. stock,
b Preferred stock,
1,024,500
9,340
2,809
22,575
112,198
$28,502
2,400,460
970,000
c Class Acom. stk.
11,047
d Class B com. stk.
63,266
2,400,460
220,000
3,778
3,998
Capital surplus... 4,178,772
7,672
1,975
Earned surplus
4,304,615
763.391
expenses..
$8,122,375 $8,730,390
$756,871
56,860
18,908
b Represented by 97,000
no par shares,
1937) no par shares,
c Represented by 110,472 no par shares.
by 632,662 no par shares,
e Market value $4,439,248 in
1938 and $7,247,048 in 1937.
Note—There were outstanding at June 30, 1938 warrants entitling the
S?JrerfL to purchase class B common stock as follows: 537,437 shares at
*
Ji sbare before July 1,1940; 70,000 shares at $1 a share (subject to certain
V^li^ p8 ^Q1forth in a C01Qtract dated Mar. 19,1936) before Jan. 1,1942.—
American Forging & Socket Co.—12 %-Cent Dividend—
Directors have declared a dividend of 12 M cents
per share on the common
stock, payable Sept. 1 to holders of record Aug. 15.
This compares with
25 cents paid on Dec. 1, last; 50 cents
paid on Aug. 24, 1937; 25 cents on
July 1 and on June 1, 1937, and in previous quarters dividends of 20 cents
per share were distributed.—V. 147, p. 101.
American Gas & Electric Co. (& Subs.)—
Period End. June 30
1938—Month—1937
Subsidiary Cos. Consol.
Operating revenue
$5,651,906
Operating Expenses:
Operating
1,804,867
Maintenance
Depreciation
$5,904,324 $73,049,987 $72,456,450
1,910,485
354,237
812,632
810,339
350,531
882,409
772,473
i.
J_
Taxes
Reserved for income taxes
.
Bills & accts. rec_.
Inventories
2,473,773
5,746,258
_.
Adv. pay. on contr
Adv. to subs
240,892
Investments
1,071,923
x Prop. & equip't. 13,941,798
Deferred charges.
108,527
Total
$541,814
1938
y
1937
$
$
^Liabilities—
75,934 Bank of Montreal
loan (secured).. 3,322,000
2,712,020
857,000
147,754
3,146,073 Acer, wages & sals.
150,144
12,171 Accounts payable545,476
483,769
Notes payable
39,780
44,200
1,071*223 Dep. on contra cts
5,000
351*962
507,687
13,139,635 Acer, liabilities
77,102 Prov,for Inc. taxes
156,572
Reserves
2,464,761
2,372,*171
5% pref. stock
2,201,500
2,201,500
y Common stock. 10,188,500 10,188,500
Distributable surp 2,793,857
2,793,857
Earned surplus... 1,372,992
731,737
23,686,562 20,234.158
After
x
1937.
$189,923
%
$
103,391
23,686,562 20,234,158
Total
reserve for depreciation of $1,573,302 in 1938 and $1,035,273 in
Represented by 407,540 no par shares.—V. 144, p. 4332.
Balance
Balance
made
146,
at
the
22,460,125
4,142,877
9,597,209
10,026,139
10,200,896
10,190,646
$1 ,841,624
16,472
$2,016,655 $25,465,900 $26,230,098
54,142
23,533
390,470
[,858,096
729,248
424,394
$2,070,798 $25,489,434 $26,620,569
782,218
10,584,219
11,175,229
417,884
5,053,026
5,014,393
$740,453
of
subs,
$870,695
$9,852,188 $10,430,946
$704,453
216,027
$870,695
241,947
$9,852,188 $10,430,946
2,891,583
3,205,280
165,680
4,879
159,170
4,383
cos.'
earn, applic. to Amer.
Gas & Elec. Co
Int. from sub. cos...
Pref.
stock
divs.
from
subsidiary companies.
Other income
Total income
Expense
Interest, &c., deduct'ns.
Pref. stock divs. to public
1,948,676
72,289
1,910,050
219,288
Balance..
Fidelity-Philadelphia Trust Co., Philadelphia, Pa.—V.
$1,091,042
59,907
170,853
177,811
$1,276,197 $14,764,737 $15,765,565
66,550
715,683
676,968
170,853
2,051,045
2,305,096
177,811
2,133,738
2,133,738
$682,470
$860,982
$9,864,269 $10,649,763
Note—Figures for periods prior to Jan. 1, 1938 restated to include an
additional charge at the rate of $100,000 per annum for amortization of
debt discount and expense.
Figures for periods prior to Jan. 1, 1937 also
restated to conform with new classification of accounts.—Y.
American-Hawaiian
Period End. June 30—
Operating earnings
Operating expenses
Net profit from oper
Other income
Total
Allentown-Bethlehem Gas Co.—Bonds Called—
A total of $25,000 first mortgage bonds 3% % series, due 1965 have been
called for redemption on Sept. 1 at 105 and accrued interest.
Payment will
be
_
Total income.....
Interest &c. deductions.
Preferred stock dividends
22,777,978
4,414,565
April 30
1937
1938
Assets—
$1,264,142
63,142
535,766
123,139
...
.
Balance Sheet
Cash.,
$813,731
75,680
540.918
7,210
$641,255
loans, &c
Operating income.
•Earnings—
1938- -12 Mos.—1937
Amer. Gas & Elec. Co.—
$1,417,671
101,227
548,181
127,008
Total income
Depreciation, plant and equipment._
profit
$1,264,142
470,328
~.
....$8,122,375 $8,730,390
Represented by 25,268
.,®.
Other income
$9,013,213
7,749,071*
Total
11,047
63.266
UU2.450 in
226,959
$1,398,762
Operating profit..
Net
217,886
$9,422,553
8,665,681
Other income
on
$9,240,172
$12,680,080
11,281,318
Cost of products sold
Interest
$9,640,438
$80,625
82,485
220,000
Sales of rolled
and by products
1937
1938
bought
6,958,747
_
2.451,737
3,058,311
731,017
370,038
3,737,212
1,063.612
639,763
3,008,819
489,288
434,046
Net after rents
—V. 147, P. 101.
Securities
& not received..
.
Total
Gross from railway.,__
Net from railway
$558,414
un¬
delivered
Invest, secure...
Treasury
448,877
63,463
46,595
Liabilities—
1937
$890,589
Secure, sold &
Other investments
Divs. receivable..
RR.—Earnings—
1938
Gross froxn railway
Net from railway
727
Comparative Balance Sheet June 30
cents
was
Chronicle
profit
Prov. for depreciation
on sale of securs..
Steamship
1938—Month—1937
$1,334,949
$1,617,493
1,222,653
1,505,816
p.
101.
1938—6 Mos.—1937
$7,554,470
7,340,461
$6,643,902
6,474,064
$112,295
3,417
$111,677
9,640
$214,009
17,892
$169,838
34,192
$115,713
75,223
$121,317
65,267
$231,901
$204,029
387,738
5,764
453,802
Profit
Exps.
147,
Co, (& Sub.)—Earns.
15,058
incident to mari¬
time strike
158,583
2351.
p.
Net profit before Fed.
Alton
income
RR.—Earnings-
June—
1937
1938
Gross from railway
Net from railway
1936
$1,326,965
258,027
defl5,569
def227,735
7,133,084
Net after rents
$1,346,385
218,109
def61,741
8,144,231
2,038,918
408,711
7,525,247
1,496,148
def40,123
6,417,887
768,778
def526,157
$1,105,191
694
From Jan. 1—
Gross from railway
Net from railway
1,181,276
def392,842
Net after rents
—V. 147, p.
412.
American
Shoe
&
Foundry
Co.—Consolidated
June 30 '38
Assets—
on
ities
(at
5,671,948
5,139,674
219,274
receiv. (less res.)
263,883
2,724,646
Conv.
5,506,386
109,991
102,577
3,891,727
4,007,291
Otherassets..
Investments at cost
Land, buildings &
equip., less depr.12,641,475 13,201,490
Patents & goodwill 1,346,959
1,350,995
290,237
x
1,139,719
1,139,396
5,463,300
5,463,300
pref. 5M%
($100 par)
Common stock,
cum.
no par.
.12,544,800 12,544,800
Capital surplus... 6,565,456
6,569,434
Earned surplus... 4,146,829
4,612,906
437,350
31,336,576 32,680,7381
Total
31,336,576 32,680,738
The income statement for the 3 months ended June 30 was published in
American
Water Works & Electric Co.,
stocks
bonds, &c.
1938
$37,738
84,900
4,457
output of the electric subsidiaries of the American Water
Works & Electric Co. for the month of June totaled 164,716,337 kilowatt
hours, against 218,241,214 kilowatt hours for the corresponding month of
1937, a decrease of 25%.
For the six months ended June 30, 1938, power output totaled 1,011,272,546 kilowatt hours, as against 1,309.988,737 kilowatt hours for the
same period last year, a decrease of 23%.
Weekly Power Output—
Output of electric energy of the electric properties of American Water
Works and Electric Co. for the week ending July 23,1938, totaled 39,518,000
years
follows:
1938
mi
$367,445
135,037
8,265
1936
$380,037
75,036
8,725
1935
$153,538
63,082
4,103
$220,723
8,700
Research Jfees
11,965
7.275
5,903
28,951
1,900
23,117
52,542
24,513
53.500
$68,782
$411,274
69,485
150,187
$367,060
69.485
102,450
$510,747
11,850
14,566
%
Pees of trustees, transfer
agents, &c
Gen. exps., incl. salaries
and taxes
Prov. for Fed. inc. taxes.
Prov. for contingencies_
Net
Prior
preferred dividendsi
69,416
dividends
72,750
Preferred
19,736
"
2*666
_
income
1936
1935
1934
47.850 000
44,221,000
50,993,000
49,906,000
45,661,000
43,273,000
45,270,000
46,969.000
36,440,000
30,694,000
36.741,000
37,786,000
34,467,000
29,032,000
31,875,000
32,719,000
p.
561.
RR.—Earnings—
Gross from railway
$463,798
11,450
$127,096
12,900
1937
37,513,000
33,488,000
39.814,000
39,518.000
Week Ended
July 2
July 9..
July 16
July 23
—V. 147,
Net from railway
Net after rents
$184,384
69,485
102,450
1937
1936
1935
1938
$277,138
41,195
8,557
$339,055
67,072
34,251
$316,993
63,119
35,836
$316,965
70,477
38,064
1,635,143
161,612
def41,931
2,065,471
405,386
190,110
1,919,740
1,880,075
424,732
228,745
From Jan. 1—
Gross from railway
Net from railway
Total
Inc.—Monthly
Output—
June—
Capital Corp.- -Earnings-
Profit from sales of see's.
on
of 5 cents per share in
share on the
stock, both payable Oct. 1 to holders of record Sept. 6. Similar
amounts were paid on April 1, last, and on Oct. 1 and April 1, 1937.—V.
146, p. 1389.
Ann Arbor
6 Mos. End. June 30—
on
(Newark, N. J.)—Extra Div.—
extra dividend
a decrease of 20.8% under the output of 49,906,000 kilowatt
corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
Y. 147, p. 561.
Dividends
an
hours for the
Represented by 769,092 no par shares.
Note—American Brake Shoe & Foundry Co. of Calif., not consolidated in
1937 because less than 95% controlled, became wholly owned in 1938 and
Is therefore included in the 1938 consolidation.
This change must be
recognized in comparing the financial statements for the two periods.
Int.
have declared
addition to the regular semi-annual dividend of 25 cents per
kilowatt hours,
383,796
x
American
921.
American Insurance Co.
$
257,082
530,916
1,272,666
other
prepaid items..
Total
—V. 144, p.
The power
current..
Reserves
2,514,121
4,503,730
Inventories
and
Accounts payable-
290,237
464,393
721,840
Notes payable not
quoted
market)
Notes and accounts
Insur.
Dec 31 '37
$
Accrued accounts-
secur¬
or less
Liabilities—
$
Notes payable
hand
Marketable
June 30 '38
Dec. 31 '37
S
deposit &
on
American Indemnity Co.—Dividend Increased—
Directors have declared a dividend of 97 Vx cents per share on the common
stock, payable Oct. 1 to holders of record Sept. 15.
This compares with
dividends of 90 cents per share previously distributed each six months.
common
Balance Sheet—
Cash
$56,050 loss$206.843 loss$336,527
101.
The directors
Brake
$40,489
taxes
—V. 147, p.
1935
$1,231,025
254,450
def23,162
Net after rents
—V. 147, p. 102.
329,907
156,836
Associated Gas & Electric Co.—Statement
by Company—
Company has issued the following statement in response to the announce¬
that the Securities and Exchange Commission was seeking a court
order to enjoin the company from continuing with its plan for extending an
issue of 5M% convertible investment certificates, due Nov. 15. 1938:
"The company stated that it had not yet received the complaint of the
SEC but that it assumed that the proceeding was brought for the purpose
of obtaining a determination of the question, upon which counsel lor the
SEC and counsel for the company have been in disagreement, of whether
ment
Financial
728
the Commission has
jurisdiction over an extension
of maturity of an out¬
standing security.
Company stated that it had made an offer to holders
of the 5H% investment certificates due Nov. 15, 1938, under which they
might presently receive payment in cash of 20%. the remaining 80% to be
extended for either one year or five years.
This offer was made for the
purpose of conserving the cash of
the top company in the Associated
Associated Gas & Electric Co. (which is
8ystem) during a period when the future
SEC Cites Acts of
of Maturity of
1933 and 1935 to Halt Proposed Extension
Certificates—Show-Cause Order Issued—
determine if it has jurisdiction over the extension of the
maturity date of investment certificates, the Securities and Exchange
Commission began an action July 22 in Federal court against the company.
On the application of the Commission, Federal Judge Henry W. Goddard
signed an order requiring company and certain of its affiliates, trusts and
officials to show cause on Aug. 2 why it should not be restrained from com¬
mitting acts, which, according to the Commission, would be in violation
of the Securities Act of 1933 and the Public Utility Holding Company Act
In
test case to
a
related to the company's proposal to exchange S3,250,000
5H% convertible investment certificates, which will mature
Nov. 15 for similar obligations that will mature in 1939 and 1943.
The SEC contends that the process of extending the maturity date by
such a proposed exchange is equivalent to the sale (of a new security.
It
complains that the defendants have not filed declarations with the Com¬
Those acts are
Atlanta Birmingham & Coast RR.—Earnings—
1938
1937
1936
1935
railway
$255,685
$278,361
$228,407
$227,611
Net from railway
5,549
def3,610
defl0,439
def815
Net after rents
def45,113
def27,789
def33,131
def23,980
June—
From, Jan. 1—
Net after rents
mission, as required under the Public Utility Holding Company Act, nor
have they registered the securities with the Commission, as required under
the Securities Act.
had been filed the company
Shortly after the suit
stated that it had not yet received the complaint of the
SEC, but that it assumed that the proceeding was brought for the purpose
of obtaining a determination of the question, upon which counsel for the
SEC and counsel for the company have been in disagreement, of whether
the Commission has jurisdiction over an extension of maturity of an out¬
"The company
standing security.
Atlanta & West Point RR.—Earnings—
June—
1938
1937
1936
Gross from railway
$128,713
$146,966
$139,206
Net from railway
6,039
21,258
14,429
defl7,399
15,372
920,649
122,707
1,235
98,338
def26,514
1—
From Jan.
Gross from railway
Net from
Net after
—V. 147, p.
Net oper. revenues—
Taxes—
-
$402,228
350,000
$646,201
350,000
$6,283,994
2,925,000
$8,169,678
3,175,000
Operating income..__
Equip. & jt. facil. rents.
$52,228
191,644
$296,201
174,697
$3,358,994
1,328,950
$4,994,678
1,095,233
Net ry. oper. income.loss$139,416
-V. 147, p. 103.
$121,504
$2,030,044
$3,899,445
1938
$811,606
421,568
$808,610
415,846
$9,109,880
4,792,286
$8,498,386
4,681,142
ery
$279,782
$333,638
$3,141,466
$3,217,844
$279,782
10.744
$344,382
Dr58,419
$3,083,047
125,448
$3,343,292
Operating income
652
595
9,980
$280,434
$344,977
$3,093,027
146,385
150,991
10,746
1,800,682
109,728
Other income (net)
Gross income
mortgage bonds.
Other int. & deductions.
Int.
on
Int.
16,873
$3,360,165
1,813,220
99,589
charged to construc¬
10,022
2,957
10,748
13,247
Net income
$124,780
$186,197
preferred stocks for the
period, whether paid or unpaid..
—
$1,193,365
$1,460,603
949,265
6,874,911
Dividends applicable to
-
accumulated and unpaid
Preferred
to June 30,
$542,070
28,774
906,893 for six month
$2,242,300 $8,955,096
13,511
13,479
and $345,575 for month and $2,081,230 and $1,of 1938 and 1937, respectively, accruals under the
unemployment insurance and
To
$570,844
103,193
railroad retirement act of 1935.
Includes
$467,651
$867,823
171,493
374,809
$735,756
205,791
374.945
$479,782
246,092
249,964
249,163
$1.19
250,899
$2.78
249,966
$2.12
249,968
$0.93
provision for surtax on
undistributed profits.
Balance Sheet June 30
1937
$
/
Preferred Dividend—
issued July 27 said that directors at their
took no action on the preferred
position of the road.
7,439,504
7,242,125
G'dwill, pats., &c. 4,053,084
Seer. of af 1 il. cos..
960,407
4,053,045
Accts.
other income $4,035,831, total income $14,400,145.
The
required to pay interest on its bonds and equipment trust certificates
$13,115,463.
Deducting such interest leaves a balance of net income of
only $1,284,682 available for the payment of dividend on the preferred stock
which is equal to $1.03 per share.
However, the company failed by $3,029,000 to earn its interest for the six months of the calendar year 1938.
"During this period some unusual expenditures were made necessary by
the California floods in March.
Maintenance expenditures for the last
three months of the six months period ending June 30, 1938, were sub¬
stantially below normal.
Recent rains over a large part of the system
coupled with the fact that maintenance expenditures were drastically
reduced during the last three months will result in the percentage of re¬
duction in maintenance expenditures not being carried throughout the
remainder of the year.
As a result of the long continued inadequacy in
railroad revenues, railway credit generally has become greatly impaired so
$10,364,314.
is
practically all of the financing done recently has
had to be done through
2,617,935
that the company should retain a
the board took no action in respect
For further
dividend information
V. 147, p. 103.
see
Atlantic Refining Co. (&
6 Mos. End. June 30—
1938
aft. int., depr.,
depletion, taxes, &c._ $2,866,000
Shs. com. stk. (par $25)_
2,664,000
Earnings per share
$0.96
'
1937
Res've
Misc. accts. & notes
Stock
of
2,172
3,247,172
3,165,930
Paid in surplus
2,553,301
304,365
2,985,842
Surplus...
324,892
288,556
1936
secur.
invest
1935
....24,757,394
16,655
828,098
22,367
3,962,464
4,886,907
59,886
25,202,6561
.....24,757,394 25,202,656
Total
a Common stock represented by 262,852 shares of no par value in 1938
(262,781 in 1937).
b Represented by 30,012 shares of preferred and 13,688
(11,882 in 1937) shares of common stock,
c After reserve for depreciation
and obsolescence of $7,807,305 in 1938 and $7,408,451 in 1937 —V. 147,
562.
p.
12 Mos.End. June 30—
Sales
Cost and expenses..
(& Subs.)—Earnings—
1938
1937
1936
$40,086,205 $30,377,715 $16,797,451
36,375,970
26,500,009
16,303,537
$1,859,645
Operating profit
144,614
Other income
1,849,255
1,848,401
1,850,590
Depreciation.
1935
$20,784,893
20,136,867
1,854,213
$2,029,305 x$l,355.341 x$l,206,187
554,924
561,163
302,826
$794,178
x
$903,361
1,335,876
12,187
$2,004,259
$2,584,229
897,752
1,764,849
1,527,912
633,800
748,400
170,080
Dr408,647
Dr579,351
Dr317,548
Drl63,913
prof$64,060
$508,371
$2,809,720
$2,415,339
Profit
Int. & misc. expenses.._
Federal taxes
in
x
stock¬
min.
in
net
profit
of Midvale Co.
Net loss...
Loss.
x
Note—The above statement for 1938
includes provision for income taxes
of companies having taxable net income, including Federal surtax on un¬
distributed profits in the amount of such tax for the full calendar year 1937.
Interest
Payment—
•
Th3 board of directors at a meeting
held July 28, voted to pay coupons
1938, on the company's refunding mtge. bonds, 6% conv.
series due 1950, in pref. stock of the company in lieu of cash.
For each $30
coupon on the $6,470,900 principal amount of these bonds issued and re¬
served for issuance pursuant to the company's plan of reorganization, one
share of 7% cumul. $30 par value pref. stock will be isused.
Dividends on
this stock will accumulate from Sept. 1, 1938.
The board of directors also declared the regular semi-annual dividend of
Sept.
1,
$1.05 per share on the 45,296.3 shares of 7% cumul. $30 par value pref. stock
heretofore issued and reserved for issuance in exchange for couDons falling
1, 1938, and prior thereto on
due March
the company's consolidated mtge.
pursuant to the company's plan of reorganiza¬
dividend declared to day will be payable on Sept. 1, 1938, to
holders of such preferred stock of record at the close of business on Saturday,
Aug. 20, 1938, and thereafter to the persons receiving such preferred stock
in exchange for the said coupons at the time of such exchange.—V. 147,
bonds and ref. mtge. bonds,
tion.
p.
The
412.
Automobile Banking
Corp,
6 Months Ended June 30—
Earnings—
'
1938
$1,880,516
127,107
1936
1937
....
for taxes
2.664,000
2,664,000
2,664,904
$1.18
$1.12
$0.10
Note—No provision has been made for possible surtax on undistributed
profits.—V. 147, p. 263.
Provision
for
Depreciation
Net profit.
bad debts
on
furniture & fixtures.
Dr25 000
$335,291
$227,883
780
750
$166,713
Life insurance premiums
$3,188,966
385,291
Z>r50,000
750
Miscellaneous income.
$4,878,385
$165,963
handled—
Gross inc. after deducting cost of ins.
To adjust unearned finance charges._
Gross volume of business
Provision
empl.,
1,175,181
61,101
(net)..
Total.
by
but not yet issued
__
Operating expenses
$3,137,391
stock
Atlas
Marketable
Security
gencies
82,089
Instalment paid on
Powder Co.....
Inventories
54,821
contin¬
3,729
from unconsol..
b
for
20,264
receivable, &c._
Current accts. due
$255,000
$3,400,000
480,354
award to empl..
Commissions to agents
Interest and discount.
Net prof.
1,121,294
Res. for stk. bonus
16,664
Balance
Subs.)—Earnings—
912,146
and Federal tax.
2,556,292
the Reconstruction Finance Corp.
"These conditions make it imperative
sound financial position and therefore
to dividend on its preferred stock."
8,761,725
8,759,358
432,060
3,580,718
due
amount
9,860,900
incl.
pay.,
2,189,438
19,420
Notes rec.—Empl.
meeting
year of the Atchison Topeka & Santa Fe Ry. Co. for the
of computing the amount available for the payment of adjustment
and preferred dividends is that ending June 30.
the fiscal year ended June 30, 1938, the net operating income was
S
.
div. on pref. stk.
956,940
Cash
dividend in order to preserve
"The fiscal
1937
•
9,860,900
Common stock..
a
equipment.
8
Liabilities—
Preferred stock
property
Plant,
1938
$
Assets—
c
30.
The statement is as follows:
that
$559,982
80,200
1938
holders
Company in a statement
"For
$866,418
130,662
...
Equity
its 4% adjustment mortgage bonds
First instalment of 2% on the stamped bonds
paid on Sept. 1. Second instalment of 2% on the
bonds and the annual instalment of 4% on the unstamped bonds will be
paid on the usual interest date of Nov. 1.
purpose
interest
$1,027,848
xl60,025
_
com. stk. outstand¬
ing (no par)
Earnings per share
Company has declared interest on
for the year ended June
deferred May 1 will be
held July 26
the financial
$474,037
85,945
Shs.
Pay Interest—•
No
65,879
Baldwin Locomotive Works
$3,783,468
13,561
Net ry. oper. income. $3,331,421
Average miles operated.
13,511
$329,587
80,993
_
dividends
Ry. and Panhandle & Santa Fe Ry.J
1938—Month—1937
1938—6 Mos.—1937
Railway oper. revenues_$13.771,501 $15,283,933 $68,505,569 $81,085,320
Railway oper. exps
9,179,211
12,171,094 58,381,677 66,637,405
x Railway tax accruals._
1,074,561
CY803.254
7,185,854
5,262,056
Other debits
186,306
132,624
695,737
230,762
Period End. June 30—
Includes
5,678,291
$800,539
dividends
Common
Topeka & Santa Fe Ry.—Earnings—
[Includes Gulf Colorado & Santa Fe
x
6,675,921
$946,854
171,493
249,242
Gross inc. for period.
Def. items
$244,100
$511,338
1938, 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, 1938. Dividends on these stocks are cumulative.—V. 147, p. 102.
Balance
Atchison
8,033,122
Federal income tax
949,265
753
tion (credit)
Dividends
$6,152,328
Notes &accts. rec.
(net)
x
1935
$7,476,460
goods sold, deliv¬
and other expenses
Net operating profit.
pther income (net)
and
599,400
1,176.128
56,400
112,982
_
Net oper. revenues.._
Rent from lease of plant
x
1936
$8,979,976
Cost of
Light Co.—Earnings—1938—Month—1937
1938—12 Mo.?.—1937
Period End. June 30—
appropriations.
1937
$7,416,980
x
serve
(& Subs.)—Earnings-
Atlas Powder Co.
6 Mos. End. June 30—
Arkansas Power &
Operating revenues
Oper. exp., incl. taxes..
Property retirement re¬
-1937
1938—6 Mos.—1937
$3,557,890 $24,853,503 $27,258,434
2,911,689
18,569,509
19,088,756
$3,021,664
2,619,436
Net income for period
Electric System reports
net electric output of 87,339,605 units (kwh.).
This is 3,672,150 units or
4% below production of 91,011,755 units for a year ago.
This is the lowest percentage decrease under the previous year's compar¬
able week reported for any week so far this year.—V. 147, p. 562.
22, Associated Gas &
RR.—Earnings—
1938—Month
Period End. June 30—
Operating revenues
Operating expenses
"The company
Weekly Output—
726,854
47,285
def59,853
835,821
103.
Atlantic Coast Line
investment certificates due
For the week ended July
1935
$116,528
def 1,302
defl9,645
def7,074
775,937
railway
16,299
rentsdefl24,629
Net after rents.—
.
stated that it had made an offer to holders of the 5H %
Nov. 15,1938, under which they might presently
receive payment in cash of 20%, the remaining 80% to be extended for
either one year or five years.
"This offer was made for the purpose of conserving the cash of Associated
during a period when the future business outlook is unsettled."
The complaint, which was filed by Lewis M. Dabney, Counsel for the
Commission, asserts that since May, 1933, Associated Gas has been ex¬
changing its 5H % certificates, and has reduced a $31,000,000 issue to about
$3,250,000. The company aserts that the amount has been reduced from
$3,250,000 on Jan. 26 last to between $1,800,000 and $1,900,000.
1,447,194
59,087
defl08,653
103.
—V. 147, p.
issued the following
statement:
1,599,154
119,165
def57,381
1,946,486
253,503
18,194
1,658,166
105,966
-defl97,452
Gross from railway
of
worth
30,
Gross from
Net from railway
outlook is unsettled."
business
July
Chronicle
$336,071
59,756
48,584
$228,633
40,676
37,543
Cr38,855
19,086
39,012
252,883
796
783
783
47,703
11,224
9,633
48,758
30,716
24,010
38,356
15,726
14,099
600
600
600
$38,659
$122,865
$80,849
Volume
Financial
147
at
Balance Sheet June 30
IS 38
Assets—
Co Hat.
$364,666
retail-_ 2,742,391
204,924
hand...
on
Notes rec.,
$447,091
Acc'ts. receivable. _
Repossessed cars.
Divs. pay. July 1.
3,636
Accounts
Acer,
wholly-owned
fixts.
&
Furn.
10,000
Prepaid
11,000
interest.
21,501
3.000
off.
2
2
4,594
1,626
13,368
11,352
,
_
loss
Conting.
premium on 8%
-
(spec.)
—...
8% pref. stock....
$1.50
pref.
stock
($25 par)
Com.stk.(25c par)
Class
A
stock
Belden Manufacturing Co.—Dividend Omitted—
Directors
20,600
—
took no action with regard to
$10, par common stock at this time.
A divi¬
May 16, last, and previously regular quarterly
dividends of 15 cents per share were distributed.
In addition, a special
dividend of $1.20 was paid on Dec. 15, last, and an extra dividend of $1.70
per share was paid on Dec; 26,1936 —V. 146, p. 3003.
Belmont Radio Corp.—Sales—
Surplus paid in...
1938
January
February
793,200
"I
May
~
June
15,938
5,750
Total first six months
465,975
*
Total........-.$3,374,365 $4,924,581
.$3,374,365 $4,924,581
Total.
preferred stock was called
$110 per share.
No dividends will accrue on this stock
subsequent to June 30, 1937.—V. 147, p. 563.
Baltimore & Ohio RR
June—
Freight.
Passenger
Mail
-
Express
-
—
All other oper. revs.
1938—6 Mos—1937
$9,123,428 $12,370,158 $52,157,255 $77,290,529
5,496,783
975,019
5,211,976
1,114,071
1,540,990
1,555,744
251,646
252,564
980,699
552,491
100,508
273,364
2,702,668
2,134,675
351,285
494,467
Railway oper. revs—3 10,801,886 $14,504,624 $61,612,141 $88,011,669
8,599,630
1,703,648
857,547
5,723,309
Maint. of way & struc..
20,866,199
14,201,994
2,278,453
3,799,788
Maint. of equipment.._
2,430,879
2,234,998
369,478
396,765
Traffic
30,148,849
26,144,432
4,137,775
4,881,020
Transporta'n—rail line822,424
744,682
126,213
164,614
Miscellaneous operations
3,312,927
2,516,227
477,360
412,177
General
Cr2,346
Cr5,030
CVl,047
Transporta'n for invest.
$2,620,243
881,326
Railway tax accruals—
213,344
Equipment rents (net)..
144,236
Joint facility rents (net)
Net rev. fromry. op._
$3,082,476 $10,051,529 $21,833,107
612,914
5,398,528
5,658,233
292,963
1,128,580
1,489,438
156,981
1,010,101
921,576
Net from railway.
Net after rents.
147,
Co.—Earnings—
$1,017,892
$32,971
7,793
$53,927
6,477
$279,858
13,565
$417,866
13,928
$40,763
5,601
$60,404.
$293,423
33,484
.
Less interest
charges
Prov. for deprec., obso¬
$259,938
235,243
$384,780
353,077
$54,397
A 4% and 5% debs
—
600,026
1936
$188,795
Taxes
354,888
368,040
165,377
$622,806
114,914
88,283
$582,121
102,559
93,223
$354,172
87,158
65,654
values to
market, wnich-
Adj. of security
159,660
92,500
53,852
28,714
$43,888
is lower
$327,110
$332,487
$172,646
Birdsboro Steel
Foundry & Machine Co.—Earnings—
$
1937
$
$
Liabilities—
143,043
Deferred Income..
497,668
497,668
255,646
Deposits—......
Invest, and loans. 14 ,108,037
255,646
Loan pay. to
bank
200,000
400,000
14,821,641
Reserve for taxes.
53,417
97,974
rec..
62,131
52,309
Due to customers.
11,162
15.440
cust'8—
20,521
33,771
Res.
for expenses.
14,269
14,488
Unadjust. credits.
1,547
13,107
63,459
10.062
513,822
457,113
sold
under agreement
_
stock...
Trust
funds..
assets
being listed at $1,232,772 against current liabilities of $351,068,
The company has no funded debt.—V. 146, p. 3489.
(Sidney) Blumenthal & Co., Inc.- -Earnings—
3
Months
6
July 2, *38
July 3,'37
$124,681 prof$15,339
110,667
101,833
Operating loss
Depreciation reserve
Net loss......
$235,348
Months
July 2,'38
$299,569
221,474
July 3,'37
$10,620
201,878
$521,043
$212,498
$86,494
$65,633
61,322
Liabilities—
Notes payable to banks.
Accounts payable
Cash in banks and on hand—-
$38,056
Accts. rec. (less res's, $20,000)
473,638
bal—
8,558
569,232
Acer, int., salaries, com'ns.&c.
132,809
Prov. for real estate,
Due ffom empl's, current
Inventories
—
Value of life las. policies
Fixed
x2,693,437
properties
1,355,657
Prov. for
.15,133,721 15,837,043
preferred and common stock have
(The) Barber Co., Inc.—Earnings—
1938—6 Mos.—1937
Fed.
&c., taxes
43,934
& State social
security taxes
19,014
Prov. for normal Fed. Income
surtax.
Reserve for contingencies
1st mtge. secured loan..'
Cum.
conv.
Common
1,702,040
Total....
$250,000
131,664
50,000
40,192
1st mortgage 5s—
61,274
Deferred charges..
3,000,000
31, 1931, respectively.—V. 146, p. 743.
paid to Nov. 30, 1931, March
Note—Company has changed its basis of providing for depreciation with
the result that the provision for the current year is approximately $18,000
less than would have been the case under the method in force in the pre¬
210
3,000,000
Note—Dividends cumulative on both
pref. stock..
stock...
Capital surplus—.......
Earned
Total
x
no
—S3,977,064
-
After reserve for depreciation of
par
shares.
z
surplus—
Total
$1,078,489.
Represented by 148,996
13,760
15,000
1,450,000
y1,471,680
Z148.996
248,895
93,928
.$3,977,064
y
Represented by 24,528
142, p. 4331.
no par shares .—V.
Borden Co.—Interim Dividend—
1938—12 Mos.—1937
*
dividend of 30 cents per share on the
stock, payable Sept. 1 to holders of record Aug. 15.
Like amount
paid on June 1, last, and a quarterly dividend of 40 cents per share
paid on March 1, last.—V. 146, p. 2678.
Directors have declared an interim
common
y$270.109
x»402.794
$70,994
x$775,772
was
was
$1.03
Nil
Nil
$1.98
earnings to cover surtax on
Loss.-—V. 146, p. 2357.
has been made from
Bear Manufacturing
See list given on
12,238
1,523
Net profit
dividends
10,000,000 10,000,000
15,837,043
-.--15,133,721
y
81,973
Depreciation of buildings, furniture, fixtures, &c
Provision for normal Federal income tax
Provision for surtax on undistributed profits
79,222
Surplus
Listributed profits.
$240,771
79,405
charges
and
interest-_
Prepaid
Period End. June 30—-
Interest
under sales agree¬
Partic. pref. stock.
taiesf&ct"!-dePr6CSi£np?t§ sSSh"
Profit and income from all sources
Dep. rec. as trustee
Common stock
un-
Boston Edison
& Western Ry.—Earnings1936
1937
$174,383
Fet from railway
ret after rents
_
$197,031
35,899
3,87,5
Iross from railway.
defl 1,959
„„„
— „
,
_,0
1,566,933
701,915
1,745,218
ret from railway
ret after rents..
375,163
444,936
865,000
39,798
1,479,685
$143,490
defl ,762
def44,125
„
38,815
167,273
159,024
1,532,621
6,077,440
6,205,420
Net operating income. $1,728,420
Nonoperating income—
42,482
$1,657,089
85,801
$7,352,966
157,997
$7,602,516
199,032
$1,770,902
553,455
$1,742,890
575,143
$7,510,963
2,250,719
$7,801,548
2,285,147
$1,217,447
$1,167,747
$5,260,244
$5,516,401
------
de£35,228
1,193,608
374,556
61,178
864.954
215,113
def48,451
$110,522
1,130
Gross income
Int., disc't & rents, &c_.
Income balance
—Yr 146, P.
River Bridge Co.—Bonds Called
Company is notifying holders of its first mortgage 7% 30-year sinking
ind gold bonds that it will redeem $250,000 principal amount of these
irnds, selected by lot by Chase National Bank as trustee, on Oct. 1, 1938,
1938—12 Mos.—1937
$7,799,773 $32,883,036 $32,322,363
3,706,248
15.825,357
14,895,403
865,000
3,460,000
3,460,000
1935
-V. 147, P. 103.
Bear Mountain Hudson
1938—3 Mos.—1937
$7,800,977
3,688,073
—
—
1938
_;—
Uncollectible revenue...
Taxes accrued
first page of this department.
June—
Co.—Earnings-
Period End. June 30—
Operating revenues
Operating expenses _
Depreciation.
Co .—Registers with SEC—
Beaumont Sour Lake
from railway
or a
-
30,000
-
ment
From Jan. 1—
1937
ratio of 3.51 to 1.
Assets—
160,457
Cash
rross
1938
$146,260 prof$235520
After all charges including depreciation and Federal and State income
taxes, but before allowance for Federal surtax on undistributed profits.
Balance sheet as of June 30, 1938 showed strong asset position, current
x
Balance Sheet Jan. 29, 1938
1938
1937
S
Assets—
No deduction
Nil
ceding year.
Balance Sheet June 30
1938
X
$2.56
Preferred
Profit for the 6 months
>een
Nil
on corn.
Earnings for the Year Ended Jan. 29, 1938
$347,922
114,145
30,229
Operating expenses
—
8,063,728
$18,316,707
$4.57
6 Months Ended June 30—
1935
$214,082
314,554
Total income
Total..
8,115,527
$1,145,213
■
Blum's, Inc. (Illinois)'—Earnings—
1937
$267,918
$33,368
Interest, dividends, com¬
missions & other inc.-
Treasury
4,024,399
$150,305 $10,022,874
Net loss..
-Earnings-
Corp.1938
June 30—
Deferred charges.
4,037,585
-V. 146, P. 2841.
Bankers Securities
.
1938—3 Mos.—1937
1938—6 Mos.—1937
$5,969,167 $15,702,603 $12,823,781 $29,767,931
1,781,277
1,655,330
3,563,041
3,387,496
x After
allowing for dividend requirements on the preferred stocksBefore provision for surtax on undistributed profits.—V. 147, p. 103.
$31,703
6,007
$35,162
Prof. & loss on sales—net
Due for secur
Corp.—Report for Quarter—
Net profit..
Earns, per sh.
$431,794
47,014
$24,695
--
--,241
526,383
V. 146, P- 3946.
from
4,073,331
925,101
869,112
Consolidated Income Account (Including Subsidiary Companies)
Period End. June 30—
Total income
1938—6 Mos.—1937
$5,839,781
$6,028,944
5,033,540
5,011,052
$149,949
96,021
Net income.
Due
5,567,478
1,888,334
1,687,277
capacity during the 2d quarter of 1938, as compared with 34.6% during the
previous quarter and 92.9% during the 2d quarter of 1937.
Current steel
production is approximately 40% of capacity."
Period Ended—
Accrued int.
8,378,112
4,061,084
3,587,171
y
$116,434
83,463
Gross income.
ever
1935
$1,016,753
430,495
367,079
x
Fixed charges
cost or
1936
$1,655,861
951,624
781,466
on hand June 30, 1938, was
$89,916,012,
compared with $99,934,192 at the end of the previous quarter and $147,216,591 on June 30, 1937.
Steel production (ingots and castings) averaged approximately
35.7% of
'
1938—Month—1937
$944,114
$1,003,615
827,680
853,666
Operating income
Nonoperating income—
6 Mos. End.
1937
$2,295,986
1,496,902
1,361,386
$2,514,320 $13,763,860
$2,019,618
[Including Baltimore Coach Co.]
Period End. June 30—
Operating revenues
Operating expenses
Balance..
RR.—Earnings—
as
x
Int. declared on series
*$1,227,895
adjusted downward at
103.
p.
Bethlehem Steel
y
Net oper. revenues.
Taxes
$2,305,777
were
E. G. Grace, President, says:
"The estimated value of orders
147, p. 263.
Baltimore Transit
210,856
332,771
2,584,981
def66,415
def270,706
_
lescence & depletion..
income. $1,381,337
Net ry. oper.
—V.
1936
3967.
year
P.
1938
From Jan. 1—
Gross from railway
—V.
475,244
$751,879
246,964
164,829
Gross from railway
Net from railway.
Net after rents
—Earning*
1938—Month—1937
Period End. JuneSO—
by $66,631.—V. 145,
1936
$137,664
107,936
143,657
257,260
286,970
492,422
$1,688,807
.
Bessemer & Lake Erie
Note—-As of July 1, 1937, all outstanding 8%
for redemption at
f
2 2
Monthly sales figures for full
end of year
1937
$271,314
373.106
406,721
$246,584
338,862
280,370
324,177
306,778
'192,032
3
April
15,688
719,575
15,688
18,706
50,128
441,252
Undivided profits.
their meeting held July 27
March
common
(25c par).
at
148,293
660
limited number of the
the
a
payment of a dividend on the
dend of 5 cents was paid on
finance
charges
48,732
41,777
102,556
Gen. loss reserve
commission red.
......
58,376
134,209
64,499
partic.
reserve..
Unearn.
Stock underwriting
preferred stock.
53,630
88,132
Fed., State taxes
Dealers'
.
called for redemption may sell
not
bonds to the
company at the same price by delivering them during
month of October to Brown Brothers Harriman & Co.—V.
144, p. 763.
50,529
3,000
these bonds
payable
bonus,
Reserves for—
at
cost, less deprec
37,366
and employees-.
subsidiaries....
Other investm 'ts—
17,672
for Insurance...
17.419
Invest, in & ad vs.
to
20.500
Unsec. notes pay—
339,225
7,874
26,547
_
$1,800,750 $3,090,000
payable
4,044,498
Notesrec.,wholes'le
interest.
Selected bonds should be surrendered for
that date at Brown Brothers Harriman & Co., 59 Wall Street,
The company has also made arrangements whereby holders of
on
New York.
trust notes
729
-
104H and accrued
payment
1937
1938
Liabilities—
1937
Cash in banks and
Chronicle
Boston
2841.
Fund, Inc.—To Pay 14-Cent Dividend—■
Directors have declared a dividend of 14 cents per share on the common
stock, payable Aug. 20 to holders of record July 29.
A dividend of 18
cents was paid on Aug. 20, 1937.
Financial
730
Chronicle
that the current dividend represents income received
from investments exclusive of gains or losses from the sale of securities.
V. 147, p. 264.
Company stated
Boston Elevated
1938
1937
$2,026,657
1,578,411
134,774
$2,122,526
1,547,903
140,906
103,258
103,258
235,428
328,373
5,789
Month of June—
—
— _
Federal, Htate and municipal tax accruals
Rent for leased roads
...
Subway, tunnel and rapid transit line rentals
235,660
Interest
329,373
6,940
361,862
Ixmds
on
i..
Miscellaneous iterns
Excess of cost of service over receipts.....
—v.
147,
Boston & Maine
expenses....
$798,244
Net oper, revenue
-
1&38—6
1938—Month—1937
$3,259,837
2,461.592
revenues
*»
Total oper. revenues._$xl,862.156 $11,832,923 $50,169,235 $49288,346
Operating expenses...
5,081,102
5,160,478
21,633,348
21,245,295
Depreciation
948,507
1,020,321
4,280,872
4,798,900
Taxes
find.
prov.
for
Fed. income tax).....
2,910,177
2,588,547
10,818,007
9,736,693
$2,922,371
133,878
34,328
$3,063,577 $13,437,008 $13,50/,457
160,703.
'
570,826
567,946
33.176
132,596
105,904
$3,021,921
566,120
Operating income
Nonoper. revenues
Nonoper. rev. deducts..
239,134
298,806
m»
Grossincome
Mos.—1937
Int.
$4,079,817 $19,337,977 $24,276,866
2,954,250
15,794,730
17,308,883
$1,125,567
317,769
170,882
$3,543,247
1,870,565
4,925
51,031
$6,967,983
1.842,711
1,152,183
70,355
Joint fac. rents—Dr....
181,834
6,955
Net ry. oper. income.
Other income....
$310,649
96,928
$631,991
85,033
$505,22.5
594,372
$3,902,735
535,707
$407,577
$717,024
$1,099,597
627,245
3,733,745
■
1,116,426
on
long-term debt..
$3,191,104 $13,875,237 $13,969,499
596,545
2,294.905
2,386,180
int., amort, of
debt disct. & exp. &c.
Miscell.
Sales
of
elec.
35,265
$2,559,294
322,564,172 316,033,218 1359724,557 1300165,061
695.793
577,077
2,740,823
2,165,309
Incl. maint. expends.of
Bucyrus-Erie Co,—Earnings—
6 Mos. End. June 30—
1938
Net deficit
147,
$213,743 prof$89,779
$829,250
696,661
$458,296
293,586
$948,176
233,609
$725,165
187,477
$132,589
xl53,375
$751,883
^82,100
106,900
$1,181,785
301,324
y278,700
$912,642
285,563
yl57,200
$285,964
262,774
4,800
Net profit.
dividends...
$362,883
215,551
$601,761
215,633
$469,879
$18,390
61,925
$147,332
$386,128
$300,337
$2,634,148 prf.$654,706
Operating
profit
earns,
$3,227,488
from oper..
1,491,064
Operating expenses
Net
before
earns,
Light & Power Co., Ltd.—Earns.
Total income
1933—Month—1937
Period End. June 30—
Gross
1938—12 Mos.—1937
$3,479,576 $18,473,125 $18,534,605
1,496,740
8,707,698
8,381,107
Depreciation
Federal taxes. &c
de-
prec'n & amortiza'n $1,736,424
—V. 147, p. 104.
$1,982,836
$9,765,427 $10,153,498
Preferred
Bridgeport Brass Co.—Earnings—
x
x
1938—3 Mos.—1937
Period End. June 30—
Net loss
1935
$1,631,847
906,682
1,039,162
Other income
Brazilian Traction,
1936
$2,013,965
1,065,789
Surplus
3,783,736
413.
p.
1937
$1,497,459
Grossincome
Expenses—V.
139.179
Note—No provision for Federal surtax on undistributed profits was made
or deemed necessary.—V. 146, p. 2842.
Total deductions (rentals
interest, Sec.).
124,084
$11,456,248 $11,444,140
energy—
Kw. hohrs
a
31,888
$2,423,913
Net income
$4,438,442
621,320
Equip, rents—Dr
Gross income
1938—12 Mos.—1937
$48,671,689 $47,465,867
1,497,546
1,822,479
RR.—Earnings—
Period End. June 30—•
Taxes
...
1938—3 Mos.—1937
a
104..
P.
Operating
Operating
Period End. June 30—
Operating revenues:
Fr. sales of el. energy.$J 1,711,305 $11,443,406
Other oper. revenues.
150,851
389,517
Ry.—Earnings—
Total receipts.,
.......—
Total operating expenses..... —-
July 30, 1938
Brooklyn Edison Co., Inc.—Earnings—
1938—6 Mos.—1937
$111,150
y$349,296
$415,204
y $759,709
926,900
Nil
926,990
$0.47
926,900
Includes
certain dividends which
will
not
169,542
in
occur
last
def$43,535
half of year,
Estimated amount for all Federal and State income taxes and provisions
fo*- Federal surtax on undistributed earnings.
y
926,990
$0.82
Balance Sheet
Shares capital stock out¬
standing (no par)
Earnings per share
Nil
June 30'38
Dec. 31 '37
June 30'38
Assets—
on
Liabilities—
$
Dec. 31*37
undistributed profits,
y
Profit.—V. 146,
p.
$
3490.
Bridgeport Hydraulic Co.—Bonds Called—
All
of the outstanding first mortgage 3 % % bonds series E and 3
V* %
bond series F have been called for redemption on Aug. 1 at 103 and accrued
interest.
Payment will be made at the Bridgeport-City Trust Co., Bridge¬
port, Conn., or at the Guaranty Trust Co.. New York Cnty.—V. 147, p. 104.
Briggs & Stratton Corp.—Earnings—.
Period End. June 30—
1938—§ Mos.—1937
2,694,846
11.5,318
90,447
5,802,327
4,001,935
59,925
5,614,424
Accr'd
3,437,149
25,571
3,495,389
.24.939
&c.._._
30,164
28,007
Accrued
taxes....
480,885
573,299
Goodwill
surtax
5,156,352
Acc'ts & bills rec..
taxes & other charges, but before provision for
Land, buildings,
machinery, &c._ 5,189,617
Cash.
2,424,206
Deferred charges..
After deprec.,
x
6,842,255
6,843,493
Accrued
commis¬
7%
Due from affil. cos.
Ot h er assets
Inventories
Investment assets.
314,531
110,437
117,318
94,177
267,993
325,750
284,230
$500,650
43,685
Net prof, from opers..
inc., less miscell.
charges
$1,094,988
42,331
$975,152
91,818
86,084
Total.....
189,036
1651247
218,282
5,575.598
Earned surplus..
6,476,624
6,329,291
Total
.26,121,736 26.169,408
y Less depreciation
of $5,230,118 in 1938 and $4,949,256 in 1937.
Represented by shares of $5 par value,
a Includes $988,029 representing
preferred and common stocks in treasury.—Y. 146, p. 1703.
$1,052,657
$883,335
$1,622,128
29,310
61,321
87,594
111,327
$486,275
L,113.978
$970,928
$1,733,456
Gross income from sales, after deduc¬
145,165
a308,011
ing cost of material, labor & manu¬
facturing exps., but before deprec.
General, administrative and selling
z
cost of
Bucyrus-Monighan Co.—Earnings—
6 Months Ended June 30—
Bonus of 10% paid to all
employees
a89,331
213,316
a200,247
1938
$396,944
$900,662
undistributed profits
on
$770,682
1937
1936
$166,336
$149,085
69,798
57,602
32,624
$96,537
_
$91,483
8,028
loss$5,254
5,594
$99,511
$339
12,839
expenses.
on
ex¬
287,600
26,121,736 26,169,408
$456,965
prof, oefore em¬
ployees' bonus & inc.
Including surtax
373,210
5,575,598
a
$1,708,212
Net
Net profit
sundry
sions, &c
Advances
1938—12 Mos.—1937
Other
a
6,078,335
Capital surplus...
profit from opers.,
deducting de¬
preciation
Provision for deprec'n..
Prov. for income taxes..
6,078,335
penses,
before
...
6,158,600
stock...
Dividends payable
Net
taxes....
6,158,600
Accounts payable.
98.317
pref. stk.
Accrued payrolls..
Reserves
874,634
cum.
Common
y
$27,369
$1,280,279
1936 income.
Notes—The bonus charged to operations for the 12 months period ended
30,1937, was for the year 1936, per resolution of the board of directors
Operating profit, before deprec
Interest and discount (net)
.
_
10,111
_
June
Nov.
Profit, before depreciation
16, 1936.
The company has made no provision for Federal surtaxes on undistributed
income for the six months period ended June 30, 1937.—Y. 146,
p. 2841.
Depreciation
Total oper. expenses
$4,011,970
3,018,275
$4,323,881 $49,284,227 $51,987,039
2,980,195
35,114,681
34,332,481
Cash.
$993,695
469,746
$1,343,686 $14,169,546 $17,654,558
496,018
6,281,984
5,887,657
Cash
1938
a
$129,272
749,005
Net non-oper. income...
$523,949
74,095
$847,668
69,509
$7,887,562 $11,766,901
937,823
1,028,245
Gross income
Total income deductions
$598,044
683,993
$917,177
673,669
of
417,940
loss$85,949
$243,508
Accrued
life
expenses
to
surplus
insurance
17,450
79,005
Bal. to B.-M. T.
......
$4,806,281
$578,168
def$85,949
74
232,327
211,514
1
1
Due to affil.
Goodwill
7,000
rev.
on
from oper...
oper. prop
Operating income
Net non-oper. income...
Gross income
Total income deductions
297,819
35,744
600,000
600,000
d Class B com. stk.
200,000
200,000
co
$759,316
315,621
$443,695
$1,010,056 $10,661,402 $13,600,600
294,124
3,946,636
3,701.650
$715,932
►
,714,766
905,711
72,469
66,264
$516,164
570,322
$782,196
565,345
loss$54,158
$216,851
$743,065
$9,898,950
1,320,509
$7,620,477
surplus
V. 147, p. 414.
$11,219,459
6,877,412
6,715,587
$4,503,872
oper.
revenues...
Total
oper.
expenses
rev. from oper...
on
....$1,425,404 $1,545,8211
sented
by 40,000 shares (no par),
146, p. 1543.
June—
oper. proper..
Operating income
Net non-oper. income..
Gross income
Total income deductions
Total
$1,425,404 $1,545,821
(no
1938—Month—1937
1938—12 Mos —1937
■A
$1,723,572
$1,823,255 $20,735,642 $21,312,304
1,480,187
1,479,962
17,116,636
17,141,399
$243,385
154,125
$343,293
201,893
$3,619,006
2,335,348
$4,170,905
2,186,007
$89,260
14,039
$141,400
15,601
$1,283,658
180,561
$1,984,898
205,659
$103,299
$157,001
135,090
130,344
$1,464,219
1,629.116
$2,190,557
1,544,726
Current income carried
to
surplus
146, p. 4109.
los8$31,791
$26,657 loss$164,897
$645,831
1937
1936
1935
$136,480
36,513
20,524
$61,597
defl3,750
def29,133
$57,611
def28,l04
def46,147
690,916
44,620
Net after rents
$100,729
1,790
def7,828
643,131
82,780
def48,992
386,132
def68,148
defl62,670
395,920
def91,847
defl86,044
From Jan. 1—
Gross from railway
Net from railway
Net after rents
def62,121
—V. 147, p. 104.
Bush Terminal
Co.—Listing—
The New York Stock Exchange has authorized the listing of 242,861
shares of common stock (par $1) on official notice of issuance in substitu¬
tion for 242,861 shares of common stock (no par) now issued and outstand¬
ing and 275,000 additional shares of
ture
on
stock
common
the
holders
of
Terminal
the basis of four shares of
held,
stock upon official notice of
Company 7% cumulative debenture
common
common
stock for each share of deben¬
making the total amount applied for 518,461 shares of
stock.
The new securities are to be issued pursuant to the provisions of the plan
of reorganization and the confirmation order dated April 21, 1937.
Undfir the plan for reorganization the treatment of creditors and security
holders was as follows:
Bush Terminal Co., Is* Mtge. 4% bonds due 1952—Interest and sinking
fund defaults on these bonds were remedied during the reorganization pro¬
ceedings, at which time the acceleration of the maturity of the mortgage
was
waived and the mortgage restored to good standing.
All current
interest and sinking fund instalments are being currently met.
Issue left
undisturbed.
Bush Terminal Consol. Mtge. 5% bonds due 1955—In Dec., 1936, the
July 1. 1933 through Jan. 1, 1936, amount¬
ing to nearly $1,000,000, paid and such payment was made by the trustee.
Current interest is being paid as it falls due.
Throughout the history of
the Terminal company, including its operation by receivers and trustees, it
court ordered the interest due
—V.
573,666
Dr204,041
d Represented by 40,000 shares
1938
Gross from railway
Net from railway
issuance to
Brooklyn & Queens Transit System—Earnings—
Period End. June 30—
Total
Taxes
121,295
616,589
Dr277,678
a After reserve for credit losses of
$79,468 in 1938 and $68,890 in 1937.
b After depreciation of $238,840 in 1938 and $351,375 in 1937.
c Repre¬
stock
Net
121,295
Earned surplus
Treasury stock
Burlington-Rock Island RR.—Earnings-
1938—Month—1937
1938—12 Mos.—1937
$2,299,969
$2,513,858 $28,695,895 $30,831,555
1,540,653
1,503,802
18,034,493
17,230,955
Current income carried
to
100,970
28,734
Class A pref. stk.
c
$4,508,462
12,293
$231,215
Excluding Brooklyn & Queens Transit System]
Net
14,083
par value).—V.
Sys.
Period End. June 30—
Total oper. revenues
Total oper. expenses
Taxes
61,049
.
contracts
15,775
968
b Mach'y & equip.
Total
$578,168
$43,056
Adv. pays, on sales
Paid-in surplus...
Current income carried
1937
$37,324
13,135
Dividends payable
58,825,385 $12,795,146
8,247,217
7,988,865
Accruing to minority int.
of B. & Q. T. Corp...
loss$12,499
1938
Accounts payable.
$267,507
633,010
296,381
Receivables
value
Liabilities—
1937
Prepaid insurance.
Operating income
$73,265
Balance Sheet June 30
Assets—
1938—12 Mos.—1937
Inventories
Net rev. from oper...
Taxes on oper. properties
13,318
12,928
$73,663
Net profit.
[Including Brooklyn & Queens Transit System]
1938—Month—1937
20,246
Provision for Federal income taxes
Brooklyn-Manhattan Transit System—Earnings—
Period End. June 30—
Total oper. revenues
$106,648
12,739
Financial
147
Volume
has, according to the reports of the company, its receivers and trustees,
always earned the full interest and sinking fund charges on its first mortgage
bonds and the interest on its consolidated mortgage bonds.
Issue left
undisturbed except that provision made for a sinking fund.
General Creditors of the Terminal Co.—All claims of general creditors and
any and all other claims under guaranties or contingent of disputed claims
and other claims not specifically provided for in this plan, to the extent
that any such claims are determined and finally allowed, paid in new 6%
cumulative preferred stock of the Terminal company at par.
Preferred creditors of Terminal company claims paid in full in cash,
claims of the United States against the Terminal company paid in full in
731
Chronicle
No officer
or
or
employee of H. M. Byllesby & Co. is an officer or director
in the Standard Gas & Electric Co. group."—
any public utility company
V. 144, p. 4171.
Callahan Zinc-Lead Co.—
expiration of
The company received on July 20, $318,000 in cash at the
tne option on shares not subscribed for by stockholders under
^January of this
$3 a snare by Harrison White, Inc.
consequence the company nas issued a total of 306,299 shares of stock
the proceeds of which the company has acquired control of Livengood
106,000 shares taken up on tne option at
with
Terminal com¬
common stock of the
Terminal Company 7 % Debenture Stock—Each holder of
7 % debenture stock received 4 shares of new
Terminal company for each share of debenture stock held.
Terminal Company Common Stock—Each holder of Terminal company
common stock (no par)
received one share of new common stock of the
Terminal company (par $1) for each share held.
Buildings Company 7% Cumulative Preferred Stock—Each holder of Build¬
ings company preferred stock received, upon the completion of the reorgani¬
zation for each share held, the following:
(1) One-fifth share of new
Terminal company 6% cumulative preferred stock and (2)
depositary
certificate representing in the first instance one share of new preferred stock
of the buildings company generally similar to the present preferred stock.
The holders of depositary certificates will receive at the end of three years,
commencing March 15, 1937 (subject to extension to the end of five years),
in lieu of each such share of Buildings company preferred stock, 1 l-10th
shares of new 6% cumulative preferred stock of the Terminal company,
unless the holders of depositary certificates vote otherwise, in which event
such holders will receive the Buildings company preferred stock.
pany
from
May I to
Jan. 1 to
'
,
.
Period—
Revenue
rentals,
transp.,
$2,891,251
463,169
$497,594
$838,584
$1,336,179
2.000
179,540
18,869
142,376
4,000
359,081
28.194
281.084
6,000
538,622
2,998
9
910
212
79~919
159,645
239,564
(since April 30, 1937)
Reserve against inter-co. advances to
Bush Terminal RR. and Exhibition
20,000
20,000
Building, Inc.
Legal and professional services in con¬
nection with reorganization
5,000
22,355
Operation and maintenance expenses
Balance
'
Provision for bad debts
Real estate taxes
Other taxes.
Interest on funded debt--.—
Other interest charges
Loss on sale of equipment
Depreciation. . «
.
Interest
1,555,072
47,063
423,461
3,008
indebtedness to
Bush
Co. to April 30,
on
Terminal Buildings
11,697
11,697
1937
Interest
on
15-year 6% income note
as at
1,346.744
167,480
Cash in banks and on hand..
Accounts and notes receiv
62,682
Maintenance & oper. supplies
Prepaid
insur.,
taxes,
Dec. 31,
1
'
...
entered
$2,822
.
will be
until
we
(or) assigns if any agree to take up all
one-half for one year or until earlier
by Stock Exchange, remaining one-naif being immediately free
take up second option at $3 we and
or none and further
agree to retain
and
unrestricted."
The option whicn Goldfield
Consolidated Mines Co. had on 298,114 shares
$3 per share nas not been exercised but nas been assigned without any
change in its terms to Harrison White, Inc., 9 Rockefeller Plaza, New York.
Harrison White, Inc. desires to exercise said option to the extent of 106,000
shares and has agreed to purcnase and pay forthwith for 106,000 snares of
said 298,114 shares, provided the New York Stock Exchange will release
it, as the assignee of said option, from the requirement that Goldfield
Consolidated Mines Co., or its assigns, should "take up all or none" of
said 298,114 snares.
If released from this restriction to take up all or none
Harrison White, Inc. has agreed in writing with the Stock Exchange that
said 106,000 shares so taken up shall be subject to the same restrictions as
as to transfer contained in the agreement of Goldfield Consolidated Mines
Co. with the New York Stock Exchange.
In consequence of said agree¬
ment, one-half or 53,000 shares of the 106,000 shares to be taken up are
restricted as to transfer until July 20, 1939, unless earlier released by the
New York Stock Excnange and the balance are immediately free and
at
unrestricted.
proceeds of $318,000 to be received by Callahan Zinc-Lead Co. if
exercises the above-mentioned option to the
be used for dam and ditch construction, engineering
and drilling, camp and shops, and such other costs of construction and
ground preparation work as can advantageously be undertaken and for
and when Harrison White, Inc.
extent set forth, will
bonds, 1952. .. $2,366,000
bonds, 1955 6,381,000
Terminal Buildings 6%
income
520,000
note...i*_■.—.-_
Current liabilities
.
-
490,304
—
....
-■
£.
1,400,000
518,460
700,000
4,568,998
Earned surplus
630?65l
—
Bros.-
:
Depreciation
Depletion
Fed. income tax
x
$215,469
145,882
111,646
Shares common stock
.
1938—6 Mos.—1937
y$975,430
$529,078
1,112,289
1,112,289
$0.29
Nil
but
(H. M.) Byllesby & Co.
;
-Suspended
Dealer in Wis-
as
consin—
The license of the company as a securities dealer in Wisconsin was sus¬
pended by the State Banking Commission on July 25 on the ground that it
nad kept its records in such a way as to conceal the purposes for whicn large
sums were disbursed and who received them.
Company Issues Statement on Suspension of
License—
following statement July 25,
following press dispatches referring to suspension of the company's license
by the Wisconsin Banking Commission:
"We are advised by Herbert Thomas, Madison counsel of H. M. Byllesby
& Co., that the Wisconsin Banking Commission, by its order this morning,
suspended the 1938 license of H. M. Byllesby & Co. to conduct its security
Graf, President, authorized the
-
the criticism involves only
to
Net after rents
From Jan.
1936
$86,667
21,928
68,373
$102,595
35,043
65,586
658.539
263,983
492,845
585,69.0
38,774
348,258
559,742
176,070
469,745
1—
Gross from railway
Net from railway
Net after rents—
340,234
—V. 147, p. 105.
Campbell, Wyant & Cannon Foundry
loss$88,295
_
$1,220,317.—V. 146, p. 3176.
Canadian
June 30,
General
"The Wisconsin Banking Commission
operations under the Wisconsin Blue
finds no fault with the company's
Sky Law.
Its order contains no criti¬
company's practices and policies in the transaction of its invest¬
ment banking business.
Also, the Commission finds no fault with the
company's present executives, nor does it criticize the company's present
accounting methods nor any of its operations or business practices subse¬
quent to 1930.
The accounting transactions to which the Commission
refers covered the acquisition of the stock of a Wisconsin public utility
property more than ten years ago, when there was intensive competition
in the purchase of this class of properties by large utility groups.
The
purchase of such stocks did not require the making of an application to the
State Public Service Commission for its approval and it did not necessitate
the making of appraisals or rate studies by the Commission.
"It is unfortunate for the company at this time that the
Liabilities—
Assets—
Investments
Accounts &
(book value and
80,237,164
accrued interest)
38,812
70,479
Cash in banks.
Securities sold but not paid for
x
...$6,346,455
-
Canadian Malartic
3 Months Ended
June 30—
Tons ore milled..
Net
production (gross)
Marketing charges
Commission, does not
& Co. what¬
connection with H. M. Byllesby
Byllesby & Co. will, by its counsel, immediately apply for a
rehearing before the Wisconsin Banking Commission, and if that is denied,
the issue will be carried in the most expeditious manner to the Wisconsin
courts for a review of the matter on its legal merits, and an injunction will
until such court decision.
themselves entirely
from operation of utility properties by delegating the voting control of the
Standard Gas system, which existed at that time, to voting trustees who
be sought to protect the company on its operations
"H. M. Byllesby & Co. in November, 1936, divorced
M. Byllesby & Co.
1,060
3,002,945
stock
distributable.. 2,897,264
. . - - - - .
304,832
.$6,346,455
Total
June 30 was published in
160,587
Operating profit for
Capital expenditure
4,246
$271,255
138,469
7,097
$157,831
122,611
5,456
$110,678
8,152
$125,689
19,853
$29,764
21,958
$275,511
exps.—Toronto office.
period
N0te—in the above figures no
allowance has been made for taxes, de¬
development.—V. 145, p.3003.
in New England—Earnings—
1937
1936
1935
$132,503
$97,600
$83,668
def7,152
def4,960
def41,371
def40.655
def43,660
def49,572
def84,101
def92,327
Canadian National Lines
soever.
M.
3,381
56,216
income tax...
Gold Mines, Ltd.—Earnings—
1938
1937
1 936
58,892
61,004
28,444
*27HZf
S27I'?Z2
$16H§2
3,666
3,720
2,230
Metal production (net)
Operating costs.
preciation, and deferred
& Co. mentioned by the
have no connection with H.
Capital
$80,751
V. 147, p.
authorities.
"H.
Prov. for Dom.
Represented by 600,589 no par shares.
income statement for 6 months ended
564.
The
paid for..
Loans (secured).....
Surplus account... .
Total..
Admin. & gen.
and never has had any
dividends payable
Securs. pur. but not
x
officers who
conducted the transactions complained of, and who were responsible for the
accounting entries, have passed away or have long since severed their con¬
nection with the company.
If these officials could be present, it is believed
that they could explain the transactions in a manner satisfactory to the
"The defunct Buckman
Ltd .—Balance Sheet
Investments,
1938—
and is unfair to the present management,
certain bookkeeping transactions from 1925
cism of the
Co. (/& Subs.)—
1938—6 Mos.—1937
$440,213 loss$168,471
$668,662
348,000
348,000
348,000
348,000
Earnings per share
Nil
$1.27
Nil
$1.92
x After depreciation and
other charges, also after a reserve for possible
additional Federal taxes, including tax on undistributed profits, &c.
As of June 30, 1938, the company reports current assets of $2,134,533
and current liabilities of $319,710. Cash on hand and in banks amounted to
1938—3 Mos.—1937
Period End. June 30—
Net profit
Shares common stock
x
Capital surplus
1930.
1935
1937
$98,989
31,555
74,140
543,370
122,438
_
"This order is most unfortunate,
as
-Earmngs-
1938
State.
investment business in that
$1,487,549
undistributed profits.—V. 146,
$76,649
14,565
40,038
June—
Gross from railway
Net from railway
before
x After
interest, depreciation and Federal income taxes,
provision for surtax on undistributed profits,
y Loss.
The continuing drop in textile prices during the first few months of the
year resulted in substantial inventory losses.
Volume was 15% below
that of the same period in 1937.
Frank S. Cunningham, President, in
comment, said:
"Independent merchants were overstocked and in ex¬
pectation of .still lower prices bought only from hand-to-mouth, a condition
pricesely opposite that prevailing in the first six months of 1937.
With
merchants' stocks requiring replenishment and primary markets firming,
normal buying is resuming."—V. 146, p. 3005.
x$42,060
$705,686
x$61,891
i..
Loss.
Cambria & Indiana RR.-
1938—3 Mos.—1937
y$594,928
$263,610
1,112,289
1,112,289
Nil
$0.14
245,000
115,000
(est.)..
p.-3005.
-Earnings—
Period End. June 30—
Robert J.
$2,702,807
497,974
472,284
45,839
$1,251,516
228,282
202,548
Note—No provision made for surtax on
Net income
Earnings per share
$2,661,779
41,028
107,076
-V. 147, p. 264.
Butler
2,595,373
$1,205,677
15,111
Total income
.$18,768,847
Total
772,882
$148,245
119,036
91,100
Other income
Net profit
.$18,768,847
....
$967,598
1,247,008
$194,716
20,753
$133,134
Operating income
$5,257,152
$2,452,686
1,717,010
_
* - *
pref. stock
Common stock ($1 par)
cumu.
$763,7,85
same
3947.
Co.—Earnings
1938—6 Mos.—1937
1938—3 Mos.—1937
Period End. June 30—
Rev. from copper sold..
Cost of
Bush
and contingencies.—V. 146, p.
office and general expenses, taxes
Calumet & Hecla Consolidated Copper
Capital reserve
Capital surplus—
Total...
expiring on
subject to the agree¬
Consolidated Mines Co. with the New
by Goldfield
into
1st mtge. 4%
42,239 6%
Goodwill.......
option
YorkStock Exchange reading as follows:
.
We agree that out of all or any part of first 200,000 share option which
we may take up (under which Goldfield Consolidated Mines Co. in fact
took up the 53,400 snares), one-half will be retained by us for one year
Consol. mtge. 5%
■Reserves.. .i..
&c.,
expenses..
further
together witn the 53,400 shares referred to above, are
ment
1937
Liabilities—
7V '-r
Assets—
21,370
21,370
$21,465 loss$818,643
Properties, facilities & equip.$16,931,337
Investments and advances...
218,365
a
July 20, 1938, to purchase 298,114 snares of the capital stock of Callanan
Zinc-Lead Co. at $3 per share. This option and the shares covered thereby,
The
17,355
Net income...
Balance Sheet
and received therefor a total of $296,708.
Goldfield Consolidated Mines Co. had
released
$1,930,487
1,091,903
$960,764
services
offering to snareholders at $2 per
an
1937 and of
'37 Dec. 31 '37
Apr. 30 *37 Dec. 31
&c.
affords the following:
sh. of 498.413 additional
dated Dec. 31, 1937 and expiring on
$189,908 representing subscriptions
for 94,954 shares of stock
purchased and paid for by stockholders.
Also,
prior to Jan. 25, 1938 Goldfield Consolidated Mines Co., pursuant to tne
terms of option purchased and paid for an aggregate of 53,400 shares <■'
aggregating $106,800.
In consequence, tne company sold 148,354 shares
Pursuant to
Year Ended
period from Jan. 1 to April 30,
for period from May 1 to Dec. 31, 1937.
company
A statement to the New York Stock Excnange
shares of the authorized
capital stock,
Jan. 20, 1938, the company received
unless earlier released by Stock Exchange and remaining one-half
retained by us either for one year or until option at $3 is taken up or
released by Stock Exchange, whichever is earlier; secondly in event that
Comparative Income Account
Income account of trustee for
now
the offering
represented payment for the
Placers, Inc.
cash.
x
The casn received
year.
June—
railway
Net from railway.
Gross from
Net after rents.
GrossTrmn*railway
Net from
railway
Net after rents
—V. 147,
P.105.
1938
$98,610
606,340
def94,914
def345,674
742,211
7,373
def262,716
638,885
defl63,537
def413,581
521,821
defl71,602
def460,608
Financial
732
Earnings of System for
Gross revenues
—V.
147,
p.
Weekended July 21^
$3,704,383
$3,296,205
-
a
July 21
14.7, p. 564, 415.
\
.
^
/
Period End. June 30—
Net oper. revenues...
Other income (net)—
.
Gross income
Int.
bonds.
mortgage
on
& deduc'ns.-
Other int.
•-..v-'
■'>.
Decrease
$169,000
Net
$370,788
12,900
$360,598
12,581
$4,799,953
23,764
$373,179
191,667
10,121
$4,823,717
2,300,000
74,306
$2,450,228
c
5,075,533
115,068
208,685
48,716
994,816
1,013,632
Dividends payable
116,224
116,214
10,297,102
259,992
5.103,488
281,662
7,748,300
7,750,000
7,871,429
9,039
Deb.
sinking fund
275,000
instalment
Long-term debt
Reserves
219,500
211,173
979,393
896,330
6% cum. pref. stk.
plant
equipment .23,651,972 21,688,306
Patents
140,957
113,444
d Common stock..
—
-
($100
Property,
.
.
.
1,135,225
821,103
Total .........35,692,073
Cap.
.
par)
7,871,429
371,210
369,510
7,207,350
6,817,782
(pd. in)
surp.
Earned surplus
32,150,019
b After
1938 and $13,511,035 in 1937.
in 1938 and $31,282 in 1937.
V. 146,p.4111.
After reserves,
a
Gross revenues
1,255,237
Balance
Period End. June 30—
1,255,237
$1,227,052
...
Operating expenses
d Represented by 551,000 no par shares.—
264.
of 15 cents per share on the common
stock, payable Aug. 14 to holders of record Aug. 1.
Like amount was paid
on April 1, last; dividends of 20 cents were paid in each of the four preceding
quarters and previously regular quarterly distributions of 15 cents per share
were made.—V. 146, p. 2034.
Directors have declared a dividend
-Earnings1938—12 Mos.—1937
$402,354
$418,888
223,738
24,715
49,365
8,166
12,382
5,295
12,200
207,617
33,308
47,550
Fed'l
8,285
7,642
32,302
29,150
$25,852
$88,767
2,362
$84,727
2,212
$24,377
1,343
$28,065
$25,621
539
360
$91,130
2,488
$89,367
1,049
income)
W.) Carter Co.—To Pay 15-Cent Dividend—
Inc.-
1938—3 Mos- -1937
$105,439
$107,690
52,871
56,056
Maintenance
Depreciation
Taxes (other than
35,692,073 32,150,019
Total
for depreciation of $14,522,533 in
c After reserve for amortization of $45,130
reserves
Central States Edison,
$1,194,991
p.
6,441,814
Deferred charges..
$2,482,289
$185,225
$171,391
preferred stocks for the
period, wnetner paid or unpaid
147,
Other accts. pay..
1,569
817
income
(J.
301,228
and
$4,850,170
2,300,000
69,450
817
2,186,239
Investments
a
b
$4,816,788
33,382
$383,688
191,667
7,613
535,625
rec.(not current)
1938—Month—1937
1 938—12 Mos.—1937
$974,118
$980,488 $12,132,977 $11,645,251
513,330
529,890
6,203,024
5,858,463
90,000
90,000
1,130,000
970,000
(credit)
Dividends applicable to
-V.
2,273,334
419,071
receivable
Notes and accts.
a
316,345
(trade)
Accrued liabilities.
1,778,884
Other notes and
accts.
Advs. on rawmat'l
Interest charged to con¬
struction
a
Inventories
■
.
-Earnings—
Co.
Carolina Power & Light
Operating revenues
Oper. exps., incl. taxes. _
Prop, retire, res. approp.
1937
$2,688,000
S
81,340
Notes payable
Accts. pay.
Notes and accts.
receiv. (trade)..
1938
$2,519,000
760,528
810,188
8
Liabilities—
S
$
Apr. 25*37
Apr. 24 '38
Apr. 24 '38 Apr. 25'37
Cash...
Ry.—Earnings—
Earnings for Week, Ended
—V.
Consolidated Balance Sheet
$408,178
Assets—
Traffic earnings
b Excluding
$135,034 dividends paid on old common stock.
Note—Fiscal year of companies consists of 13 periods of four weeks each.
Decrease
564.
Canadian Pacific
$116,484.
dividends on old preferred issues amounting to
Ry.—Earnings-
Canadian National
1938
30,
July
Chronicle
Net oper. income
Non-operating income..
Gross income.
Int. crigs. of subs
4,640
on
Central
States
Edison, Inc. coll. trust
Int.
Mines, Ltd.—Files Registration
Duverny Gold
Central
Statement—
mv; 'v.-'
Net income
-V.
1938
1937
1936
1935
$1,207,186
124,045
def32,248
$1,329,150
107,939
3.827
$1,229,809
150,876
13,195
$1,121,071
81,617
deflO,538
7,309,881
689,719
defl46,057
Gross from railway
Net from railway—...
Net after rents
8.818,346
1,556,413
797,485
7,568,651
1,015,682
268,092
Net after rents
—V. 147, p.
,
106.
from
Net
1938
Net loss from operation before
and Federal income tax
From Jan.
i
.
.
„
_
.
.
.
_
... _ .
^
1,182
.
24,694
Depreciation
Federal income tax
(estimated)
$101,261profx$85,200
Net loss
x
undistributed profits tax.
provision has been made for
No
1,068
34,269
11,522
$101,261, for the second quarter of 1938, compares with
$77,805 for the quarter ended March 31, 1938.—V. 146, p.
The net loss of
a
net loss of
3177.
Central Power & Light
Period End. June 30—
Co.—Earnings—-
1938—3 Mos.—1937
1938—12 Mos.—1937
Operating revenues
$2,248,180
Total oper. exps. & taxes
1,432,726
$2,179,054
$8,854,880
5,637,374
$8,214,076
1,365,775
$815,454
2,875
$813,279
5,764
$3,217,506
28,056
$3,063,818
17,048
$818,329
419,603
7,288
$819,043
428,998
6,632
$3,245,562
1,688,831
28,428
$3,080,865
1,716,799
31,977
32,188
7,042
32,976
6,575
129,815
30,151
132,250
29,361
$352,208
$343,862
$1,368,336
Net oper. income
Other income (net)
Gross income
Int.
on
long-term debt..
General interest
5,150,258
Amort, of bond discount
and expense
Taxes assumed on int
Note—Total cumulative preferred dividends not declared or
$1,170,477
per
share on
Central RR. of New Jersey—Earnings—
1938
June—
Gross from railway
Net from railway..
Net after rents
From Jan.
1937
1936
1935
$2,423,945
629,199
100,082
$2,7^4,447
735,506
187,049
$2,485,911
5o0,808
47,202
$2,659,528
825,686
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
14,798,726
3,971,156
1,778,759
408,474
1—
Gross from railway
Net from railway.
Net after rents
—V. 147, p. 106.
Consolidated Income Account for
Gross
sales
(less returns
After depreciation,
taxes.—V. 147, p.
come
Stated Periods
Apr. 24 '38
__
$22,415,477 $23,276,175 $19,691,009
15,848,121
16,979,749
14,390,849
Gross profit from sales
$6,567,356
Gross profit from miscell. oper. (net).
33,441
Total gross profit.
Maintenance and repairs
$6,600,797
1,361,232
Deprec'n, depletion & amortization..
1,280,958
Taxes (other than income taxes)
Rents and royalties
594,052
34,046
>,296,427
18,394
$6,314,821
1,023,722
933,107
363,635
26,664
Gross profit
Selling, gen. & admin, expenses
Profit from operations
Other income credits
_
_
^
Gross income
Income charges
Prov. for Fed. & State income taxes
$5,300,160
18,223
$5,318,383
917,768
860,838
253,147
25,945
Net income for the fiscal year
Preferred dividends
Common dividends
Earns, per sh. on 551,000
x
(nopar) shs.
$3,330,510
1,289,473
9,816
$3,967,693
1,208,602
3,193
$3,260,684
1,225.472
8,022
$2,031,222
212,924
$2,755,898
193,659
$2,027,190
161,988
$2,244,146
393,472
y293,235
$2,949,557
!,189,178
832.378
732,883
248,906
$1,557,439
464,897
688,750
$1.98
y363,771
$1,753,408 x$l,207,389
a383,733
464,750
964,250
b374,059
$2.34
$1.35
Before deducting minority interest of $46,236 in income of the Cham¬
pion Fibre Co., represented by dividends on its preferred stock,
y Includes
$33,543 ($11,936 in 1937) for surtax on undistributed income,
z The
Champion Fibre Co. has been liquidated and its operations after Oct. 11,
1936, will be conducted by the Champion Paper & Fibre Co. a Excluding
1,037,906
298,059
191,460
1938—6 Mos.—1937
$141,411
$200,129
1938—3 Mos.—1937
$66,092
$89,503
interest and other charges but
565.
Chemical Fund,
before Federal in¬
Inc.—Portfolio—
The first purchases of securities of companies engaged in the
chemical process industries made by Chemical Fund, Inc.
chemical
from the
approved list are revealed in the Fund's latest prospectus, dated July 27.
As disclosed by the prospectus, the portfolio includes the securities of 35
companies out of a list of 45 companies whose shares have so far been
approved for investment by the Fund.
The largest individual items are:
Abbott Laboratories, Air Reduction,
Allied Chemical, Dow Chemical, DuPont, Eastman Kodak, Monsanto,
Standard Oil of New Jersey and Union Carbide.
In a somewhat less amount are investments in:
Bristol-Myers, Hercules
Powder, MacAndrews & Forbes, New Jersey Zinc, Norwich Pharmacal,
Owens Illinois Glass, Parke Davis and Texas Gulf Sulphur.
Other investments completing the list consist of:
American Cyanamid,
American I. G. Chemical, Archer-Daniels-Midland, Atlas Powder, Canadian
Industries, Consolidated Mining & Smelting, General Printing Ink, Heyden
Chemical, International Nickel, International Salt, National Lead, Pennsyl¬
vania
Salt,
Pittsburgh
Plate
Glass,
Procter
&
Gamble and Westvaco
Chlorine Products.
majority of the investments are in common stocks, although the
following preferred stocks are shown on the list:
Archer-Daniels-Midland
7% preferred, Monsanto Chemical $4.50 preferred and Westvaco Chlorine
Products 5% preferred.
The portfolio also shows a substantial percentage of Treasury bonds
and cash.—V. 147, p. 416.
The
Chesapeake & Ohio Ry.- -Earnings—
railway
Net from railway
Net after rents
From Jan.
146,
p.
$8,010,352
3,033,377
1,984,842
$9,888,804 $10,855,982
4,133,165
5,089,273
3,210,520
3,785,880
$10,220,571
4,939,500
3,981,218
46,773,384
15,471,433
63,478,417
27,306,793
19,930,821
63.283,884
54,592,006
23,113,206
17,732,880
1—
Gross from railway
Net from railway
Net after rents
—V.
1935
1936
1937
1938
June—
Gross from
9,946,909
28,571,438
22,788,405
4111.
Chicago Burlington & Quincy RR.- —Earnings1938
June—
Net from railway...
Net after rents
$6,867,811
1,242,758
1935
1936
1937
$7,470,216
886,025
142,850
4^346,297
Gross from railway
40,228,502
Net from railway7,769,474
46,500,905
9,624,920
1,162,265
4,757,906
Net after rents
$7,488,032
1,373,852
263,655
$6,095,979
163,992
def737,660
43,963,246
36,658,488
5,721,464
9,308,165
3,221,621
653,027
—V. 147, p. 565.
Chicago & Eastern Illinois Ry.—Earnings—
Net after rents
From Jan.
147,
rents
p.
1937
1936
$1,039,356
132,117
$1,236,656
161,474
def43,905
def30,473
$1,165,110
245,013
35,571
$992,549
119,733
def29,096
6,801,595
1,092,951
8,231,743
1,975,508
defl53,099
618,282
7,577,948
1,693,630
393.592
6,491,604
1,259,369
208,268
_
1—
Gross from railway
Net from railway
—V.
1935
1938
June—
Gross from railway
Net from railway
Net after
Provision for doubtful notes & accts
1,092,464
337,890
211,195
From Jan. 1—
Apr. 25 '37 zApr. 26'36
and allow¬
&c.)_
Cost of goods sold
ances,
1,326,563
469,824
293,662
and
Gross from railway
Champion Paper & Fibre Co. (& Subs.)—Earnings—
Years Ended—
$153,725
31,776
15,869
accrued on
$2,263,985, or approximately $18.81
the 7% and $16.12per share on the 6% preferred stock.
565.
books at June 30, 1938, amounted to
—V. 147, p.
1935
1936
Mfg. Corp. (& Subs.)—Earnings—
Net loss..
x
Earnings—
$170,884
47,168
23,831
-
1,099,709
248,772
106,137
Period End. June 30—
x
-
1937
$210,580
69,553
41,939
147, p. 108.
Checker Cab
1937
$59,256prof$148,370
13,369
13,487
2,760
2,824
funded debt
Amortization of debt discount and expense
1—
Gross from railway
int. charges, deprec.
on
Other interest,
railway
Net from railway.
Net after rents.
—V.
Interest
$166,835
37,946
18,838
Gross from railway
Earnings—
(& Subs.)
Central Foundry Co.
3 Months Ended June 30—
51,570
$36,748
1938
June—
Net after rents
801,649
157,292
49,618
$39,023
Charleston & Western Carolina Ry.-
7,053,559
From Jan. 1—
Gross from railway
Net from railway
12,676
$12,684
146, p.3005.
-Earnings—
Central of Georgia Ry.
June—
12,001
$15,524
bonds
V
.
first page of this department.
See list given on
108.
Chicago Great Western RR.
June—
Gross from railway
Net from railway
Net after rents
1938
$1,253,908
181,508
Earnings—
1937
1936
1935
,
$1,436,874
281,907
def67,815
33,426
7,882,070
1,146,417
9,019,258
1,851,966
def446,856
145,956
489,223
197,111
$1,188,318
225,562
9,947
8,315,801
1,799,078
266,784
7,184,833
1,274,041
def47,519
$1,527,592
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.147, P.108.
Chicago Rock Island & Pacific Ry.
ganization Ended—
-Hearings
on
Reor1
Rock Island reorganization case was closed July 27
by the Interstate Commerce Commission.
Nov. 1 was set as the final date
for interested parties to file briefs.
There still remains a possibility of
reopening the hearing should counsel for any of the mortgage interests
The hearings in the
Volume
Financial
147
and justify their position to the ICC.
It
that the record of the court which has jurisdiction over
the reorganization would be considered as part of the ICC record, even
though the court record followed the close of the current hearing.
make
was
a
motion to that effect
also stipulated
[Excluding Chicago Rock Island & Gulf Ry.]
1938
Net after rents
From Jan.
$6,690,037
859,779
34,110,153
3,569,345
dfl,220,120
36,736,598
4,196,702
671,102
__
688,254 and 629,706 vehicles for the first half of 1937.
Net current assets at the end of the half year were
Net from railway.
Net after rents.
$80,820,929, represent¬
$6,766,112 during the first half of the year.
Depreciation
$5,753,452 were charged to operations.
Retail sales in the United. States of the corporation's vehicles—Chrysler,
DeSoto, Dodge and Plymouth passenger cars and Plymouth and Dodge
commercial cars and Dodge trucks—for the first five months of 1938
(latest available complete returns) totaled 214,614.
The corporation's
export sales, including Canadian, during the first half of the year totaled
ing an increase of
1,341,452
$4,857,465
27,850
def577,727
56,089 vehicles.
1—
Gross from railway
—V. 147, p.
1935^
1936
$6,320,342
763,219
def5,816
1937
S6.247.663
909,893
87,891
Gross from railway
Net from railway
months of this year and
These compared with $409,-
Sales amounted to $188,125,465 for the first six
included 261,048 passenger cars and trucks.
and amortization of
Earnings of Company Only
Jung—
733
Chronicle
34,654,169
29,512,247
2,537,353
2,210,922
dfl,929,958 dfl,669,907
The improvement in general business
conditions which has been some¬
what in evidence during recent weeks has reflected itself in a rapid liquida¬
tion of dealers' stocks of new and used cars, and the indications are that
this situation may contribute to an improved outlook for operations this fall.
:
565.
Consolidated Income Account 6 Months Ended June
Earnings of System
rev.
$4,137,981
59,639def1,291,491
from oper'ns.
Netrailway oper.
147, p. 565.
$945,264
$1,015,571
income
76,941
$
25,230,915
xl ,200,160
Net from railway
Net after rents
From Jan.
Net
291,185
after rents
—V.
147,
Chicago Indianapolis & Louisville
J
June—
1,677,855
539,013
456,384
Net after rents
1936
$790,133
142,051
def4,758
$790,477
96,515
116,884
438,289
—V.
4,934,794
945,736
88,184
5,179,553
916,850
179,315
3,875,948
361,440
def489,568
Gross from railway
11,579,468
3,528,097
27,456,609
75,531,892
29,473,737
65,612,041
18,659,310
39,300,875
95,085,778
57,960.185
6,528,498
8,704,664
4,314,391
6,471,587
1,083,081
2,166,163
86,274,517
87,755,340
84,299,801
54,710,939
Divs. paid & declared—
First quarter
Second quarter
' 1935
$684,963
128,392
4,567
From Jan. 1—
Net from railway
Net after rents.
25,739,470 y22,881,264
7,714,662
2,175,566
1,627,599
485,863
Ry.—Earnings—
1937
1938
$611,51162,409
def67,084
Gross from railway
Net from railway
25,575,087
88,450,083 102,988,502
61,884
108.
p.
45,068,671
i
.
1,942,326
667,901
465,685
1,649,657
428,805
66,792,674
5,709,600
82,740,484
1935
$243,506
67,775
80,946
1—
railway......
60,746,358
1,582,717
_
'
$276,530
93,895
$295,042
81,268
57,774
45,786
Gross from railway
Net from
1936
1937
1938
$258,093
66,111
_
44,382,708
685,963
Admin., engin., selling,
advertising, service &
Chicago & Illinois Midland Ry.—Earnings—
June—
i.ucujhu_
utai
66,410,790
381,884
19,138,757
j-
60,042,298
704,060
26,431,074
$4,829,958
def517,707
—V.
Gross from railway
3,857,475
658,699
def55,736
Surplus, June 30
Shares capital
stock out¬
standing (par $5)
4,351,132
4,352,332
4,314,391
Earnings per share
$1.31
$6.31
$6.83
x Includes $862,314 profit from sale of investments securities,
$1,507,525 premium
on
June 30
1936
1935
$9,180,362 $7,062,426
1,538,292
def64,650
316,788 defl026,467
1937
1938
June—
$7,741,274
871,608
$8,989,601
1,387,477
Net after rents
def286,912
2,000,145
Net from railway
44,470,066
6,348,438
51,680,315
9,215,370
Net after rents
def342,090
4,361,639
1—
From Jan.
Gross from railway
—V.
147,
50,258,662
9,080,733
2,123,177
41,377,672
6,752,135
1,103,604
417.
p.
'38 Dec.
12,916,198
———
3,524,641
Investments and other assets.———-.—.....
x4,964,102
23,509,282
6,315,343
6,546,367
50,132,862
7,750,485
63,858,577
66,064,473
1,156,694
2,259,106
Drafts against car shipments—
Notes and accounts receivable
— . — ——
Inventories
y
—
Property, plant and equipment
Goodwill..
—
1
....—
—
Prepaid insurance, taxes, &c
1936
1935
$6,774,835
956,376
$7,760,631
def48,911
$8,322,142
1,013,884
102,853
727,292
158,922
$6,510,949
317,972
def392,428
36,361,249
1,534,777
42,432,390
2,520,889
41,761,255
3,343,092
35,368,871
4,582,769
def3463 ,680 defl007,828 def1570,468
Net after rents.
From Jan.
1—
Gross from railway
Net from railway
Net after rents.
—V.
1937
3 Months Ended June 30—
1938
operations, after deducting manu¬
facturing, selling & administrative expenses
$27,846
$302,238
5,681
6,900
Profit
$33,527
Provision for Federal undistributed profits
$309,138
25,000
Totalincome
Provision for depreciation.
Provision for Federal income taxes
25,000
58,000
37,000
tax
$8,527
Net
profit after taxes
—V. 146, p. 2844.
$189,138
1936
1937
1938
June—
Gross from railway—.—
Net from railway
Net after rents
$379,340
116,179
$400,354
85,486
$428,517
105,678
1935
$337,134
100,225
def10,949
64,795
39,620
8,703
Gross from railway
Net from railway.
2,279,855
568,636
2,288,085
633,257
2,045,473
506,188
1,812,568
429,458
Net after rents.
def71,371
157,798
84,200
def77.999
From Jan.
—V.
.....
147, p. 565.
1938
1937
1936
1935
$1,382,988
*108,353
$1,481,595
19,233
$1,631,274
427,678
$1,146,976
20,421
defl03,955
106,738
220,056
defl35,100
7,537,217
783,718
8,165,678
472,343
8,422,905
985,948
6,723,254
587,573
def455,003
def524,779
def229,725
def322,589
June—
Gross from railway
Net from railway
Net after rents.
From Jan. 1—
Gross from railway.....
Net from railway
Net after rents
147,
108.
p.
Childs Co.
6
$76,638.
(& Subs.)—Earnings—
-
Operating profit
1937
$8,680,276
1936
$8,063,622
1935
$8,693,048
7,517,917
7,978,196
7,507,458
8,173,236
$182,393
$702,081
$556,164
$519,812
9,275
9,376
12,960
$191,559
211,523
Cost and expense
1938
$7,700,310
9,166
Mos.End.June 30—
Sales and rentals
$711,355
212,993
$565,540
217,316
$532,772
222,979
3,853
Other income
Totalincome
Interest4.
Federal tax
301,887
301,969
300,564
3,326
Cr2,872
4,901
9,089
$325,177prof$199,265 prof$42,758
$22,470
Depreciation
Res. for Can. exch., &c.
319,321
176,518,354 188,803,077
1938
Net from railway
Netafterrents
—
—V. 146, p.
3007.
Directors at their meeting held
July 27, declared a dividend of 25 cents
the common stock of the corporation payable Sept. 14 to
16.
This compares with 50 cents paid on June 14,
Sept. 10,1937, $2 per share paid
$5.50 on Dec. 14, 1936; $4 on
Sept. 15 1936; $1.50 on June 30, 1936; $1 on March 31, 1936; 75 cents paid
on Dec. 31, 1935; 25 cenls paid each quarter from March 31, 1934, to and
including Sept. 30, 1935, 5o cents paid on Dec. 31 and Sept. 15, 1933;
25 cents paid each 3 months from Jan. 2, 1931 to Dec. 31, 1932, incJ., and
per
share
on
holders of record Aug.
last; $3 paid on Dec. 13,1937; $3.50 paid on
June 11, 1937; $1.50 on March 13, 1937;
April 2, 1926 to and incl. Sept. 30,
25 ^ents per share were distriouted
Sept. 30 and June -9, 1935, and on June 30, 1934.
7o cents paid per snare quarterly from
1930.
In addition, extra dividends of
on
Report—In his remarks to stockholders ac¬
the semi-annual statement, K. T. Keller,
Semi-Annual
companying
President, says:
is
& Texas Pac. Ry.—Earnings—
1937
1936
1935
$1,419,209 $1,351,477 $1,138,626
596,074
543,153
404,497
451,265
368,122
305,121
1—
From Jan.
Net from railway
Netafterrents...
147, p.
6,406,117
2,105,651
1,504,539
7,912,405
3,048,330
2,221,516
8,812,220
3,461,930
2,586,734
7,118.789
2,060,848
1,556,702
Gross from railway
108.
Clear Springs Water Service Co.—Accumulated Div.—
have declared a dividend of $1.50 per share on account of
cumulative preferred stock, no par value, payable
Aug. 15 to holders of record Aug. 5. Similar amounts were paid in each of
Directors
accumulations on the $6
preceding quarters.
Arrearages after
$5.25 per share.—V. 146, p. 2685.
the current payment will
amount to
Cleveland-Cliffs Iron Co. (& Subs.)
Total
income
after
deduction of prov.
of suds
$251,669
Bond interest
and expense
bonds purchased
for depletion and depreciation
est'd Fed. normal income tax applicable
Amortization of bond discount
Premium & commission on
Provision
to the
1937
for est.
normal Federal inc. taxes
Prov. for
Earnings1938
Ended June 30—
parent company.
167,197
9,021
2,221
124,270
$2,403,015
193,563
8,747
240",047
189,313
.— -
—
loss$51,040 $1,771,345
Total provision for depletion and depreciation for the period of three
months ended June 30, 1938, was $214,502 (incl. depletion applicable to
land and standing timber sold in the amount of $1,268) of wnich the appli¬
cable amount of $88,964 was charged to surplus arising from adjustment of
Net profit
(excl. of security transactions)
properties for Federal income tax purposes.
The company's proportionate share of net losses of subsidiaries not
consolidated, for the period, not taken up, amounted to approximately
$98,000—V. 147, p. 566.
Cleveland Ry.—Earnings—
6 Months
1938
Ended June 30—
Gross receipts
Charges for maintenance,
retirements & operation-
Capital reduction sinking
fund
Interest
-
-
T
_
$6,969,750
5,954,800
619,878
1937'
$7,8.)9,337
5,762,933
olI'£?9
_
842,054
operations
1,068,596
1,128,036
$778,071
-
-
Loss from actual
Chrysler Corp.—To Pay 2o-Cent Dividend—
of
$1,188,811
375,522
271,598
Taxes
Net loss....
21,755,660
25,958,106
82,740,484
922,152
19,674,632
y
Cincinnati New Orleans
3 Months
Chicago St. Paul Minneapolis & Omaha Ry.—Earnings
—V.
of
June—
the five
1—
12,300,000
21,755,660
25,958,106
86.274,517
-
reserve
Gross from railway
—V.
Chicago Rock Island & Gulf Ry .—Earnings—
'37
After reserve for depreciation, &c.
$53,281,185 in 1938 and $50,407,352 in 1937.
z Of which $666,215
restricted on account of the repurchase of capital stock.—V. 146, p. 3663.
After
from
Income from investments
31
$
25,452,043
1,301,526
7,489,695
18,163,260
Federal, State and foreign taxes on income
Reserves—operating, contingencies, &c
Capital stock (par $5)
x Capital surplus
Earned surplus
x
Chicago Railway Equipment Co.—Earnings—
'38 Dec.
15,575,589
payrolls
Total..
147, p. 565.
1
$
Accounts payable and accrued
Accrued insurance and taxes
275,273
Gross from railway
from railway
Net
7,736,207
...176,518,354 188,803,077
June 30
1937
'37
35,397,378
216,844
on
Liabilities—
1938
June—
31
$
$
72,972,871
hand and on deposit—
Marketable securities at cost
Cash
Total
Chicago & North Western Ry.—Earnings—
Includes
Consolidated Balance Sheet
Assets—
Chicago Milwaukee St. Paul & Pacific RR.—Earnings
4,332,326
$4.31
y
debentures called.
147, p. 108.
Gross from railway
Net from railway
1935
188,125,465. 409,688,254 358,634,899 295,569,895
162,894,550 349,645,956 292,224,109 251,187,187
.
Net
30
1936
1937
1938
[Including Chicago Rock Island & Gulf Ry.]
Period End. June 30—
1938—Month—1937
1938—6 Mos.—1937
Total ry. oper. revenue. $6,676,179
$7,090,390 $36,390,007 $39,024,682
Total ry. oper. expense5,660,608
6,145,126
32,252,026 34,194,724
prof$8,424
for 1938 is the unpaid 3% on tne
If this amount were not accrued, the
jVote—Included in the interest item
stock
amounting
to
$954,792.
operating balance for 1938 would have been $176,720. This sum, however,
is not available for interest payments, because under the ordinance practi¬
cally all of it must be used for maintenance, depreciation and renewals of
property.—V. 146, p. 2531.
Clinchfield RR.Gross from
railway
Net from railway
Netafterrents
From Jan. 1—
railway
railway
Netafterrents
—V. 147, 109.
Gross from
Net from
Earnings—
1938
1938
june—
$389,233
142,471
110,782
1937
$533,.548
221,805
199,505
$438,313
165,608
156,913
1935
$400,062
135,812
123,080
2,784,224
1,108,271
882,803
3,590,351
1,741,045
1,642,635
2,993,286
1,277,947
1,224,998
2,589,350
1,005,167
913,316
1936
Financial
734
Colorado & Southern Ry.-
1937
1938
June—
24,717
July 30, 1938
Congoleum-Nairn, Inc. (& Subs.)— Earnings—
1936
3643,058
114,014
145,198
$497,572
101,836
Gross from railway
Net from railway
Net after rents
Chronicle
—Earnings—
$454,338
2,378
4,147
1938
6 Mos. End. June 30—
Operating profits
1935
$597,356
98,812
From Jan. 1—
3,702,088
780,419
358,414
2,874,003
385,760
defl70,343
Net after rents
1935
1936
$540,918
3,234,428
541,440
50,779
2,620,565
182,485
$1,878,763
240,509
y231,000
27,271
$1,473,004
241,774
165,000
29,416
$1,822,100
237,861
200,000
28,151
$316,791
310,750
$1,379,983
1,243,000
$1,036,814
984,720
$1,356,088
974,920
$6,041
1,243,000
Depreciation
State & foreign taxes
$1,247,516
225,488
$1,639,285
167,832
$654,824
256,044
y57,500
24,490
Federal taxes (est.)
def224,663
$1,710,931
113,906
—
_
Total income
Gross from railway
Net from railway—...
1937
def65,696
Other income.
$136,983
1,243,000
$1.11
$52,094
1,230,900
$381,168
1,218,700
$1.11
182,815
—V. 147, p. 109.
Net income.
Columbia Natural Gas
Dividends paid
Co.—Merger Planned—
A merger of two western Pennsylvania natural gas companies, involving
undepreciated fixed capital of $41,596,659 and 147,888 cus¬
approval to the Pennsylvania P. U. Com¬
companies are Columbia Natural Gas Co. and Peoples
it is said, an
tomers has been submitted for
The
mission.
Surplus
par)_
Shs. com .out. (no
x
$0.25
Earns, per sh. on com
Natural Gas Co.
Exclusive of shares held in treasury,
x
y
$0.84
No provision has been made
for surtax on undistributed profits.
Columbia Pictures
Corp.—Listing—
Consolidated Balance Sheet June 30
The New York Stock Exchange has authorized the listing of voting trust
representing 34,454 additional shares of common stock (no
par), as follows:
Voting trust certificates for 8,829 shares upon official notice of issuance in
payment of a stock dividend of 2}4%; and
Voting trust certificates for 25,625 shares upon official notice of issuance
upon the exercise of outstanding options.
The total amount applied for to date is voting trust certificates
repre¬
senting 520,740 shares of common stock.—V. 147, p. 417.
1938
certificates
June—
Ry.—Earnings—
1937
1938
Gross from railway
$75,863
1,767
Net from railway
Net after rents
$93,349
13,287
8,311
639,712
101,392
25,687
561,296
64,822
26,642
$69,255
def3,891
def4,739
522,399
38,970
11,692
413,005
def24,180
8,291,850
securities.——
2,141,925
3,746,123
Treas. stk.
$35.00
June 30. 1939
33.33
„
45.00
5,700
45.00
16
45.00
At
835
45.00
Dec.
33.33
will
of
co.
31, 19.39
Additional
were
Edison
Bonds
Co.—Seeks
and
Issuance
of
Debentures—Proceeds
$72,to
Be
Existing Obligations—
filed July 26,
1938, with Illinois Commerce Commission
issue $33,000,000 additional first mortgage
(having the same characteristics as the
recently sold) and $39,241,595 or more of
additional convertible debentures,
3H% series due 1958 (to be in addition
to $39,113,600 of such debentures
recently sold).
The proceeds of the first
mortgage bonds will be used to retire $30,000,000
series
C and series D 4^% Edison bonds
maturing in 1956 and 1957,
respectively, and callable at 11).
The proceeds of the convertible debentures
by Commonwealth Edison Co.
are
proposed to be advanced
enabie such subsidiaries
publicly held securities comprising $29,410,000 of Public
Service Co. of Northern Illinois bonds
bearing interest at 5% and 4M%; the
preferred stocks of Illinois Northern Utilities Co. and
Chicago District
Electric Generating Corp.; and the series B first
mortgage bonds of Chicago
District Electric Generating Corp.
The convertible debentures will be offered
pro rata to stockholders at par
to subsidiaries
to
to retire certain
and each $1(J0 thereof will
be convertible into four shares of Edison stock.
Subscription warrants will be issued to stockholders at the rate of $5 of
debentures for each share of stock held on the record date. Warrants will be
transferable, but
may be exercised
for
(cost)
1,368,486
Securities Act of
as
amended, will be filed with the Securities and Exchange Comm,s8i°n, Washington, D. C., within the next two weeks.
Ihe first mortgage bonds and convertible
debentures will be underwritten
by one group of underwriters headed by Halsey, Stuart &
Co., Inc.
The electricity
output of the Commonwealth Edison Co. group (inter¬
company sales deducted) for the week ended July 23, 1938 was 122,172,000
kilowatt-hours compared with 135,439,000 kilowatt-hours in the
correspond¬
ing period last year, a decrease of
9.8%.
•
The following are the
output and percentage comparisons for the last
four weeks and the
corresponding periods last
year.
T
_
,
—Kilowatt-Hour Output
,
Week Ended
Juy
1933
9
-
i§37
122,172,000
126.057,000
113,955,000
135,439,000
139,532,000
125,688,000
117.941,000
147" p""567""
—V
.
% Decrease
1
1
Deferred debits...
109,175
61,356
*
Prov.
for deprec'n and
retirement reserve
Gross income
Int. & other fixed
Net
y
Connecticut
Under the plan there would be issued 20,000 shares of non-voting class A
capital stock ($100 value) and 10,000 shares of class B capital stock (no
par) with stated book value of $10 a share.
The plan provides that all claims approved and allowed by the Court,
other than the claims of the estate of the New Haven are to be discharged
in cash.
These included
Haven,
pref. stock-
on
Balance
QT1
y
t?
v.
i
14/,
^
p.
r
ob7.
a
13,566.049
52,354,347
39,776,221
39,452,694
775,445
749,790
991,481
749,780
12,578.126
8,997,417
15,557,021
8,997,244
241,701
3,580,709
capital for the reorganized debtor."
The plan would reduce the fixed interest-bearing debt from $20,123,000 to
$5,000,000.
The demand notes held by the New Haven which the Con¬
necticut Co. proposes to cancel amounts to $3,987,023.
Fixed interest debentures aggregating $5,000,000 would be issued under
the reorganization plan, to mature in 20 years, bearing 5% interest annually.
The Board set $17,950,000 as the value of the property, explaining that
since the company was free of mortgage or lease line complications it was
believed the value of the investment should be measured according to
original cost and "strictly limited to that property which is actually useful
and used in the transportation service as now conducted."
The Board said it estimated the company's annual operating revenue
under the proposed plan would be $6,000,000 and operating expenses
$4,925,000. Deducting allowances for taxes and miscellaneous charges, the
Board added, an estimated total annual income of $560,000 would then be
available for fixed charges.—Y. 146, p. 2203.
Consolidated
Earnings
Inc. (•& Subs.)—
Ended June
30,
1938
& Fed. income taxes
—
$64,897
*
Consolidated Edison Co. of New York, Inc.
ciated
$188,014
13,189
109,927
i
Final net profit_
*
(& Asso¬
Companies)—Earnings—
Consolidated Income
Period End. June 30—
of electric energy
Statement
1938—3 Mos.—1937
1938—12 Mos.—1937
Sales
(M. kw. hours)
Sales of gas (M. cubic ft.)
Sales of steam (M. lbs.).
5,680,995
39,376,003
10.228,943
1,344,076
9.641.361
1,979,369
1,363.656
9,627,122
1,743,678
5,441,130
37,821,684
10,468,770-
sales
$
$
$
$
185,422,221
40,927,388
9,855.020
182,477,624
40,607,197
.
electric
43,362,714
10,272,730
1.897.362
431,943
energy
From sales of gas
From sales of steam..
44,948,510
10,062,784
613,860
Total oper. revenues
57,345,065
28,635,886
3,768,442
55,964,749 238,366,151 235,112,281
27,400,442 117,088,464 112,931,486
17,290.234
4,293,152
19,412,951
(incl.
prov.
for
Federal income tax)..
12,433,006
11,975,262
49,491,048 b46,656,943
Operating income
Non-oper. revenues
Non-oper. rev. deduc'ns
12,507,732
103,190
129,416
12,295,893
103,916
135,107
54,496,404
437,622
480,960
56,110,901
412,351
497,436
" 12,481,505
12,264,791
3,985,143
54,453,066
4,624,658
56,025,816
16,398,989
191,217
232,409
898,184
885,341
1,097
1,097
c4,390
c459.030
36,255,242
38,282,456
10,903,450
22,943,054
10,496,245
25,810,936
88,246
101,681
1,719,911
Operating expenses
Depreciation
a
2,161,522
9,841,762
2,185,698
Taxes
Gross income
Int.
on
long-term debt-.
int., amort, of
17,295,250
Miscell.
debt disc. & exp. and
miscell. deductions
55,009,716
Divs.
on
pref. stocks of
assoc.cos
.held
by
pub._
Net income
7,664,532
8,046,142
Divs. declared (excl. divs. decl. on pref. stocks of
assoc. cos. h eld
by pub., deducted from inc.):
On Consolidated Edison Co. of N. Y., Inc.—1
$5 cumulative preferred stock
Common stock
On common stocks
paid in full
per annum since that date.—
Corporation and its subsidiary, Southwestern Electric
Co., have filed an
application^with the Securities and Exchange Commission (File 56-6) for
approval of the sale of $300,000 of New Mexico Utilities Co.
general mort¬
gage bonds, series A, 5%, due Nov. 1, 1955.—V.
147, p. 109.
I
Industries,
Months
-V. 146, p. 3180.
held
Community Power & Light Corp.—To Sell Bonds—
Three
Depreciation
surtax on undistributed profits for 1936
were
Chemical
for
Net profit, before deprec.
Federal income tax
6,559,777
Dividends
Lighting Co.,
Other oper. revenues.
4,290,971
3,299,490
£er share per annum.
at t 6 rate °f $3 Per share
&
injury and damage claims.
Reflects deduction for full preferred stock dividend
require-
inlf
1
Railway
The plan states that it was the opinion of the company's Board that these
claims could be satisfied and "there will then remain adequate cash working
8.6
4,121 394
3,345,949
Vno^68 p£>° »isio.n for Federal
1937.
j
uuU
of the Connecticut
claim
of
$
16,330,798
claim of $1,500,000 by the Second National Bank, New
a
$564,619
a
whose property the Connecticut Co. operated until a sub-lease was rescinded
last year and an estimated $100,000 liability on miscellaneous, personal
revenues—
1938—12 Mos.—1937
1,344,745
stock under the company's current
set-up are all held by trustees of the New Haven, also in the process of
reorganization, and it is proposed in the reorganization plan that all new
securities be issued to the New Haven.
From
11,990,104 146,660,525 143,102,791
6,354,387 x77,975,380 x74.527,026
1,341,464
Co.—Reorganization Proposed—
Operating
25,654
chgs__
income
Divs.
1938—Month—1937
11.517.576
6,054,718
29,937,055 30,645.796
9.8
129,051,000
$
exps. and taxes
Total
29,937,055 30,645,796
b Real estate, buildings, machinery
147,000 shares common stock.
equipment, automobiles and auto trucks, furniture and fixtures, less
reserve for depreciation,
c 1,390,000 shares of no par value (and includes
treasury shares).—V. 146, p. 3331.
9.7
Commonwealth & Southern Corp. (& Subs.).—Earns.
Oper.
trade-
9.3
Harold P. Farrington was on
July 26 elected President of this corporation.
Other officers elected were J. Truman
Bidwell, Vice-President: Ronald M.
Craigmyle, Treasurer, and J. Bay Robinson, Secretary.—V. 146, p. 4112.
Gross revenue
13.865,340
390,225
&
marks......--.
Commonwealth Gas Corp.—New President, &c.—
Period End. June 30—
Earned surplus ...13,773,327
830,994
475,951
a
Weekly Output—
Trr
661,624
3,861,232
1,368,486
817,792
Contr. in progress.
by the holders only in amounts calling
D is expected that a
registration statement under the
Ju y 23
J" y 16
606,966
36,105
—
Investments..—
$100 of debentures or any multiple thereof. The record date to determine
the stockholders who will be
entitled to subs.riptoin warrants will be fixed
at a later date.
1933,
606,979
316,026
3,590,116
stock from $19,877,000 to $2,100,000.
The 198,770 shares ($100 par) capital
Samuel M. Greer and Linus C. Coggan have been elected directors of
this corporation, it was announced on
July 25 by Theodore P. Walker,
President of the company.
Mr. Greer succeeds the late William D. Ticknor, who was President of the company, and Mr.
Coggan succeeds Philip
L. Reed.—V. 147, p. 567.
Commonwealth
accrued charges.
Federal taxes
Reserves
Company filed a plan for reorganization July 14 with the Federal Court
proposing a drastic reduction in its capital stock, a reduction
of approximately 75% in its fixed interest debt and cancellation of demand
notes held by the New York New Haven & Hartford RR.
The plan, subject to confirmation by the Federal Court and approval
by the State Public Utilities Commission proposes reducing the capital
Commercial Solvents Corp.—New Directors—
Used to Refund
—
1,599,590
at New Haven
1871.
p.
.
Accts. payable and
and
Dec. 31, 1941
Dec. 31, 1939
Dec. 31. 1941
Dec. 31, 1940
Petitions
7,876,550
Inventories...
1,143,513
11,650.620
a
Corp.—Options—
11.000
241,595
28.856
Total
200
6,000..
1,440
147,
40,947
def28,704
Corporation reports that the following options, evidencing the right to
purchase 25,191 shares of its common stocfe, were in existence as or June
30, 1938:
No. of Shs.
Price
Expiration Date
—V.
Other accts. rec'le.
109.
Commercial Investment Trust
v
2,311,923
22,094
Goodwill
Gross from railway
Net from railway
Net after rents.
,
1,725,481
Accrued int. rec'le.
1935
From Jan. 1—
—V. 147, p.
Notes & accts. rec.
8
5
Common stock.. 11,650,620
c
U. 8. Gov. & mun.
1936
$91,650
2,928
def20,604
def266
1937
1938
Liabilities—
$
10.836,772
Sundry debtors
Columbus & Greenville
1937
$
Assets—
Bldgs.Aequip.. 11,420,137
Land
1,146,923
Cash
2,791.593
b
a
of associated
companies
by minority stockholders
Balance
Inci. maint. exp. of...
b Incx. a
-
$4,178,258
$3,496,348
provision of $5,385 for Federal surtax
c
Excl. of dividends in
held
arrears
on
N. Y.
2,320,492
1,873,594
$15,918,866 $31,419,396
on
undistributed profits,
Steam Corp. cum.
pref. stocks
by the public, amounting to $13,827 in 1938 and $150,684 in 1937.
Volume
Financial
147
Income
r
Period End. June 30—
of
Sales
electric
Statement
1938—3 Mos.—1937
3,302,266
33,707,198
3.223,865
32,622,609
0_The Baltimore National Bank, Baltimore, Md., will until 2
23,322,938
8,711,282
447,690
99,176,860
34,454,912
3,278,072
99,454,651
34,433,449
2,648,920
32,481,910 136,909,844
18,226,862
75,459,854
9,348,790
2,427,375
136,537,021
74,468,558
6,082,251
25,558,950
24,709,420
6,556,263
5,230,149
213,291
5,745,422
5,341.308
326,176
26,542,249
20,802,122
1,050,739
26,767,895
22,944,313
1,411,993
11,573,120
2,981,989
10,760,554
2,573,284
46,293,633
10,890,964
48,300,215
10,748,020
Jy
$
,
8,443,354
1,349,288
Total oper. revenues._
34,043,153
Operating expenses
18,940,298
Depreciation
2,115,876
Taxes (including provis'n
for Fed. income tax)..
6,430,715
a
Operating income
Non-oper. revenues
Non-oper. rev. deduc'ns
Gross income.
long-term debt..
Misc. int., amort, of dt.
disc't & exp., &c
"
10,591,148
26 Weeks Ended—
June 25. *38 June 26 ,'37 June 27, '36 June 29, '35
x$3,526,876
$2,706,028
$2,569,180
$1,590,608
126,315
128,342
98,263
167,298
Operating profit
Other
income
Total income
Loss
on eqpt.
disposed of
Interest, amortiz., &c__
Depreciation..
decl.
$5
on
preferred
116,736
154,185
597,604
34,805,065
1,001,793
271,000
867,161
107,560
Preferred dividends....
$2,077,514
1,603,600
$1,472,484
1,608,600
$1,367,455
801,800
$736,587
801,734
Surplus.............
$473,914
y$ 131,116
$565,655
354
Net profit.......
After deducting $29,100,540 cost and expenses,
x
10,921,345
a
10,496,245
23,883,720
$9,228,975
26,431,958
$7,900,290
on
Incl. maint. exp. of
$2,048,141
New
Officials—
Funded debt
Funded debt
5,226,371
Accounts payable.
Acer. int., tax., &c
Accr. Int.,
800,251
Divs. pay & accr.
pay.
2,616 690
2,957,896
Est. Federal tax..
Est. Federal tax..
16 499
Deposits, &c
Investm'ts
322 483
Deferred charges..
445 940
.
272,588
due within 1 yr_
yr.
Light
&
Co.
Power
of
Gas oper. revenue
Steam heating oper. rev.
$6,017,274
2,205,169
114,874
1938—12 Mos.—1937
$6,079,178 $25,067,790 $24,029,099
2,288,745
8,910,525
8,963,343
122,206
772,945
729,648
Total oper. revenue..
$8,337,319
Oper.
deprec.
exps.,
646 ,125
595,356
Capital surplus b.
2,508 ,777
5,340 ,127
2,508,777
4,879,454
52,451,800 51,660,131
52,451,800 51,660,131
Total.
After
deducting reserve for depreciation, &c.
b Class A common
value, authorized, 2,000,000 shs.; outstanding, 291,813 shs.;
class B common stock, no par value, authorized 2, JOO.OOO shs.; outstanding,
2,000,000 shs.
c Amounts received from vendors since Dec. 26, 1936, with
respect to processing taxes.—V. 147, p. 267.
a
no par
$8,490,130 $34,751,262 $33,722,091
1938—3 Mos.—1937
Coos Bay Lumber
Co.—Earnings—
Earnings for the 6 Months Ended June 30, 1938
Loss from operations before charging interest or
&
6,327,407
6,550,402
taxes
26,754,589
25,030,780
C576.472
Earned surplus
stock,
Subs.)—Earnings—
Period End. June SO—
Electric oper. revenue..
13,000
384,980
,116
Reserves.
Total.
Electric
Gas
13,000
416,431
Rec. from vendors
and Howard W. Leitch has been elected VicePresident in Charge of Electrical Operations.
Frederick W. Jesser was
elected to the post of Secretary, formerly held by Mr. Davidson.
John H.
Aiken, General Commercial Manager, was elected an Assistant VicePresident.—V. 147, p. 266.
Consolidated
57,000
570,430
491,071
801,800
691,791
Funded debt instal.
Funded debt Instal.
11,216
301,784
company,
Baltimore (&
$
43
43,000
595,823
595
499,430
801,800
920.166
852 795
Inventories
June 26 '37
$
40,090 ,000 40,090,000
8% pref. stock
5,700 715
Accts. receivable..
Sundry
Herbert C. Davidson has been elected Vice-President and chief accounting
of this
Liabilities—
$
Land, buildings,
mach'y, &c
32,192 802 31,788,296
Pats., g'dwill, &c_ 10,303 876 10,301,729
Loans to employees
officer
y$65,147
Deficit.
y
June 25 '38
June 26 '37
$
Cash
$2,458,624
,
Consolidated Balance Sheet
Assets—
a
stock
common
46~244
1,080,260
286,750
36,928,203
cum.
Bal. avail, for divs.
18,612
8,583
2,959
496,060
Federal taxes
623,992
8,033,085
stock
$1,757,906
$2,667,443
$2,834,370
Cr8,083
$3,653,191
15,242
16,086
1,048,289
June 25 '38
Divs.
p. m. Aug.
f. bonds, due
exceeding the
Minority interest.
8,474,395
income..
Net
s.
sum of $101,617 at prices not
147. p. 567.
Continental Baking Corp. (& Subs.)—Earnings—
24,250,511
From sales of gas
5%
I960, to exhaust the
redemption price.—V.
of electric
Other oper. revenues.
on
Mos.—1937
23 receive bids for the sale to it of sufficient 25-year
energy
Int.
1938—12
795,190
8,336,697
802.858
8.259,394
Operating revenues—
sales
735
Consolidation Coal Co.—Tenders—
energy
(M. kw. hours).
Sales of gas (cu. ft.)
From
Chronicle
(Company Only)
depletion
providing for
$32,600
36,733
49,344
depreciation
or
Interest paid or accrued (net)
223,344
$2,162,723
222,187
$7,996,673
563,550
$8,691,310
580,724
$2,010,260
$2,384,911
$8,560,223
$9,272,035
$632,343
$640,579
17,328
$2,542,679
63,787
$2,762,116
38,798
$1,786,916
Operating income
Other income
Gross income
&
Int.
&
bonds
exp. on
15,656
deductions
$1,727,004
$5,953,757
1,050,657
278,828
1,050,657
1,115,315
4,202,629
$6,471,119
1,115,315
4,202,629
$32,775
$397,518
$635,812
$1,153,175
$0.93
Net income
$1.24
$4.14
$4.59
$1,362,261
278,828
Preferred dividends
Common dividends
Balance
Earns,
sh.
per
96,485
Depreciation
Loss from operations
of disc't,
amort,
prem.
Other
Depletion
on
com.
stock
Note—Operating expenses are adjusted to equalize the costs of power for
effects of variable flow of the Susquehanna River.
The adjustments
are
made through the balance sheet account "Hydro Equalization."—
V. 147, p. 109.
$215,164
A
Balance Sheet June 30,
1938
Assets—Cash, $2,070; accounts receivable (lass reserves), $178,271; in"
ventories, $229,196;
timber
and
lands
(less depletion), $2,992,0611
operating facilities (less depreciation), $1,885,548; Myrtle Point-Powers
RR. (at cost), $1,173,758; non-operating properties, $1,071,033; deferred
cnargas, $136,954; total, $7,668,893.
Liabilities—Due bank,
$1,314,895; accounts payable, &c., $41,501;
accrued payrolls,
$12,590; accrued property taxes, $130,781; accrued
property taxes due 1939 to 1954, $261,488; capital stock without par value
(63,500 shares authorized and outstanding), $6,350,000: deficit, $442,362;
total. $7,668,893.—V. 146, p. 1069.
the
Consolidated Investment Trust—Warrants
Outstanding
""Company
announced that there are outstanding or issuable approximately
399,000 bearer warrants of an original total of 440,066, for the purchase of
stock of the Trust at $30 per share.
This privilege will expire at 1 p. m.
Eastern Standard Time on Aug. 1, 1938, after which time the warrants will
have
value.
no
1933 to all stockholders
Kidder Participations, Inc.; Kidder Partici¬
pations, Inc., No. 2; Kidder Participations, Inc., No. 3, and The Kidder
Peabody Acceptance Corp., upon surrender of the old stock certificates.—
V. 146,p.3332.
bearer warrants were issued or issuable in
The
Copper District Power Co.—Earnings—
1937
—
Provision for retirement reserve
Taxes..
$153,692
729
$154,421
Net
operating income
(net)
Other income
x$]*2,496
14,305
49,506
Depreciation
Net profit for the year
After charging
12,500
provincial income taxes
......
Class A dividends—__
x
29,432
20-year convertible gold debentures—
Provision for Dominion and
$65,360
...
50,000
______
...
remuneration of executive officers and directors holding
$32,359 and legal fees of $779.
salaried employment
Consolidated Balance Sheet March 31, 1938
Liabilities—
Assets—
Cash
on
$41,125
202,450
154,798
51,420
Accts. receivable less reserve._
Inventories
......
loans,
Sundry
vances
deposits,
Accts. pay. & accrued charges.
Accrued int. on debentures. .
Reserve tor income, sales and
other taxes
$65,945
9,538
Prepaid subscriptions
Mtge. pay., on Graphic Arts
Building—due June 1,1939.
125,925
44,352
hand and in bank
Invests. & accrued int. thereon
Funded debt...
440,200
ad-
for expenses, &c
10,338
Deferred expenses
*541,603
Fixed..
500,000
Goodwill & circulation struct.
.
.
thorized and Issued
x
-
After
reserve
-SI ,546,085
20,976
445
notes payable
5,636
232
254
Total
732,076
108,925
$1,546,085
for depreciation of $351.480.—V.
Dividends
on
$3
144, p. 2475.
Consolidated Sand & Gravel, Ltd.—Accumulated Div.—
$3.50 per share on account of ac¬
cumulations on the 7% cumulative preferred stock, payable Aug. 15 to
holders of record July 30.
A dividend of $7 was paid on Dec. 15, last, this
latter being the first payment made since Nov. 15, 1932.—V. 145, p. 3650.
Directors have declared a dividend of
$54,103
$92,258
cum.
b78,750
preferred stock
b Including dividends in arrears
Including undistributed profits tax.
at Dec. 31, 1936 of $24,750.
a
31, 1937
Balance Sheet Dec.
Assets—Utility plant, &c., $3,963,912; cash, $14,152; special
$500; accounts receivable (less reserve for uncollectible accounts of
$70,652; materials and supplies, $19,123; prepayments, $6,572;
charges, $105,230; total, $4,180,142.
Liabilities—Common stock (issued and
deposit,
$5,038),
deferred
^
outstanding 40,000 shs. without
value), $1,500,000; $3 cum. pref. stock (issued and outstanding 18,000
no par shares), $835,200; 1st mtge. bonds, series A, 4^ %, due June 1,1956,
$1,238,000; purchase-money obligations, $50,874; notes payable, $205,916;
accounts payable, $70,448; customers' deposits, $1,641; accrued interest,
$4,655; accrued taxes, State, local, &c., $18,618; Federal income taxes,
$21,678; miscellaneous current liabilities, $1,634; reserve for depreciation,
$217,952; contributions in aid of construction, $1,225; earned surplus,
$12,299; total, $4,180,142 —V. 145, p. 2841.
par
Court & Remsen Bldg. Corp.—Earnings—
the Court & Remsen Streets Building, 22
The earnings of
42,500
Class A shares no par value au¬
Consolidated earned surplus..
Total
on
$156,799
___
H%
55,827
Interest on funded debt
Interest
$137,484
25,937
54,258
3,195
Amortization of bond discount and expense
Net income
the Year Ending March 31, 1938
Total income
6
a41,507
Sub.)-—Earnings—
Profit from operations for the year__.
Income from investments
on
44,442
9,404
45,000
$137,252
Miscellaneous income deductions
Consolidated Press Ltd. (&
Interest
$277,605
12,515
45,000
a46,686
Maintenance
of the predecessor companies:
Consolidated Income Account for
1936
$312,567
54,674
Calendar Years—
Operating revenues
Operating expenses
Court Street,
Brooklyn, for the fiscal year ended April 30, 1938, were at the rate of 3 M %
on the $2,980,000 first mortgage bonds outstanding.
The Amott, Baker &
Co., Inc., statistical report which has just been prepared on this property
indicates that real estate taxes are paid to date and that the building suc¬
ceeded in having its assessed valuation for 1938 reduced to $2,855,000,
compared to $3,000,000 in 1937 and 1936.
Since the property was reor¬
ganized in the New York State Courts in 1936, first mortgage bondholders
have received interest at the rate of 3 X % P©r year.
Gross income for the
latest fiscal year amounted to $319,881, compared to $307,917 in the pre¬
year.
This 28-story office building, which contains a net rentible
of about 200,000 square feet, is said to be about 67% rented and in
physical condition.—V. 138, p. 687.
vious
area
fair
Crown Cork &
The
figures
Seal Co., Ltd.—Correction—
under this company's head in last
this company.—V. 147, p. 568.
appearing
week's
"Chronicle" do not apply to
Consumers Power
Period End. June 30—
Gross
revenue
Oper. expenses & taxes..
Prov. for depreciation..
Gross income.
Int. & other fixed chgs..
Co.—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$2,881,927
$3,036,479 $37,435,195 $35,176,175
1,529,405
335,500
$1,017,022.
338.264
1,568,750 xl9,450,684 xl7,736,530
335,500
4,026,000
3,438,000
Credit Utility
Banking Co. (& Subs.)—Earnings—
1938
Ended June 30—
operating income
Operating expenses
Prov. for Fed. normal inc. taxes
6 Months
Net
Divs.
preferred stock.
$9,484,585
3,413,519
783.339
4,204,862
195,835
as
$408,434
$5,287,726
$5,38/,946
made in 1936 or 1937 for Federal surtax on undis¬
all taxable income was distributed.—V. 146, p. 4113.
No provision was
tributed profits
Dividends.
$59,052
158,340
$35,649
102,431
$271,191
27,500
$217,392
27,500
$138,081
$189,892
$117,456
$1.05
; revenue
$9,788,642
285,283
65,278
$278,052
Balance
x
$758,995
285,428
65.278
$57,824
'213,367
$243,691
$1,132,229 $13,958,511 $14,001,645
373,233
4,473,926
4,213,003
$628,758
income
on
1936
$120,847
12,451
,
Amort, of pref. stk. exp.
1937
$166,716
97,999
9,665
$1.07
$0.65
$200,143
129,869
Gross
Note—No provisions made for surtax on
undistributed profits.
79,262
5,935
20,625
Financial
736
Chronicle
Consolidated Balance Sheet June 30
5595,750
1,035
4,235,239
4,001,556
15,717
18,118
1
1
Investments
receivable
-----
x
54,577.8091
54,847,742
Total--.-
Total.
Directors at a special meeting held July 26, voted to retire the company's
outstanding issue of $15,000,000 of 5% bonds, series E, due Oct. 1, 1952.
The issue was called for payment on Oct. 1, next, at 105.
The action, which had been anticipated in financial circles, paves the
for the issuance at a later date of a like amount of bonds bearing a
Details of the proposed refunding issue were not
It is con¬
sidered likely, however, that the new bonds will bear interest at the rate of
way
lower rate of interest.
announced and in all probability have not yet been determined.
3H% or lower, and there is a strong possibility that the issue may be
placed privately with institutional investors, thereby saving the expense
and time of registration.—Y. 147, p. 417.
$4,847,742 $4,577,809
Represented by 55,000 shares common B stock,
146, p. 2689.
1937
$2,475,000 $2,350,000
Dlv. pay., July 11
13,750
13,750
Reserve...
739,505
673,812
Reserve for taxes.
31,058
21,978
Deferred Income..
229,737
213,377
General reserve...
15,000
15,000
Capital stock
1,100,000
1,100,000
Surplus..
243,691
189,892
Other assets (prep'd
Int., exp., &c.).
Furniture & fixt-.
1938
Notes payable
Notes & aceept'ces
no
value.—Y.
par
Detroit & Mackinac
*
Corp.—Earnings—
Net from railway
Net after rents—
From Jan. 1—
Sales.--------------------
— — — —
Cost
-
Gross profit.
— — ----- -
—
Expenses—net.
--..$1,023,137
950,939
-
-
---------
Gross from railway
Net from railway
Net after rents
$72,199
x63,220
—
------
Net profit for period
—V. 147, p.
$8,978
Note—No provision
def 1,218
305,225
24,957
984
def 12,499
672
271,840
4,379
37,408
136,341
2,446,043
802,124
468,724
Gross from railway
Net from railway
Net after rents
—V. 147, p.
1935
1936
$573,877
245,524
4,312,921
2,263,972
1,460,076
$487,669
223,490
165,092
4,717,340
2,639,161
1,916,787
$550,446
250,194
166,815
4,083,222
2,154,647
1,498,826
Net after rents
From Jan. 1—
$3,482,347
1937
1938
$329,693
77,513
June—
Gross from railway
1938—6 Mos.-—>1937
$1,258,706
$67,026
13,952
8,124
111.
Net from railway.
Co .—Earnings—
Period End. June 30—
1938—3 Mos.—1937
Net profit after deprec.
and Federal taxes
$1,012,417
$1,968,607
420,678
86,866
40,183
1935
$51,034
1936
Detroit Toledo & Ironton R R .—Earnings—-
x Expenses
net does not include carrying charges on inventory conconsisting of interest and insurance accrued subsequent to Feb. 28, 1938,
amounting to $6,467.—V. 146, p. 2204.
Curtis Publishing
— -
1937
$73,518
7,664
2,066
353,866
46,423
9,574
Gross from railway
Earnings for 12 Months Ended June 30, 1938
Ry .—Earnings—
1938
$72,302
14,024
6,658
June—
Cummins Distilleries
1938
30,
To Retire Bonds—
Liabilities—
1937
5557,100
1,035
1938
Assets—
Cash....--.
July
111.
has been made for tax on undistributed earnings.
Detroit & Toledo Shore Line RR.-
Accumulated Dividend—
The directors have declared a dividend of 25 cents per share on account of
accumulations on the 7% cum. pref. stock, par $100, payaDle Oct. 1 to
hold, of rec. Aug. 31.
Like amount was paid on July 1, last, and compares
with $1 paid on April 1, and on Jan. 3, last; $1.75 paid on Oct. 1, July 1 and
April 1, 1937; Dec. 15 and Oct. 1, 1936, and in each of the eight preceding
quarters and with $1.25 per share paid on July 2,1934, 75 cents per share
on
1934, and 50 cents per share on Jan. 23, 1934.
In addition,
dividend of 25 cents was paid on Dec. 21, 1936.—V. 146, p. 3181.
i
April 2,
a
From Jan.
Period End. June 30—
Operating revenues
Oper.exps.,incl. taxes.,
Prop, retirement reserve
appropriations
$3,083,873
2,306,847
12,844.
9,370
193,935
121,963
$40,742
15,505
$55,195
15,505
$494,745
186,063
def5,268
$254,804
127,045
56,385
1,184,932
473,625
2,049,212
1,169,673
2,069,117
1,166,170
1,836,031
1,017,574
114,242
623,403
613,123
544,297
.
Net after rents.
147, p. 111.
Dixie Vortex Co.—No Common Dividend—
1938—12 Mos.—1937
$3,007,366
2,318,686
1935
1936
$271,442
120,434
48,571
1937
1—
Gross from railway—...
Net from railway
Co.—Earnings-
1938—Month—1937
$245,484
$252,421
191,898
187,856
■Earnings—
$240,036
102,820
52,125
$141,896
42,376
Net after rents
—V.
Dallas Ry. & Terminal
1938
June—
Gross from railway
Net from railway
action in regard to
Directors at their recent meeting failed to take any
payment of a dividend on the common shares at this
time.
A dividend of
2.5 cents was paid on July 1, last, and previously regular quarterly dividends
of 37M cents per share were distributed.
In addition, an extra dividend
$655,063
186,063
of
50.cents was paid on Dec. 15, last.—V. 146, p. 3333,
______
Net oper. revenues
Rent for lease of plant--
Operating income.$25,237
1,750
$39,690
1,041
$308,682
20,854
$469,000
13,542
$40,731
23,853
2,048
$329,536
284,939
25,837
$482,542
286,230
25,327
$1,242
$14,830
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$18,760
$170,985
Other income
Gross income
Interest onmtge. bonds.
Other deductions
$26,987
23,515
2,230
Doehler Die Casting
""6"Months
-
profit after taxes
Earnings per share
—V. 146, p. 4114.
Duluth Missabe & Iron
x
103,901
103,901
def$85,141
$67,084
1936
1937
1938
$3,133,329
109,729
$0.39
Ended June 30—
Net sales
Net
$6,530,001
675,962
$490*957
$2.41
$2.07
Range Ry. -Earnings-
1938
June—
Net income
Co.—Earnings-
1935
1936
1937
$1,526,107
877,652.
893,003
$4,565,505
3,441,629
3,432,191
$2,642,837
1,837,258
1,595,815
$1,909,898
1,262,370
1,125,381
railway.2,853,055
def516,525
def817,078
11,349,748
6,456,512
5,086,832
5,517,122
1,958,669
1,098,200
4,171,156
1,182,316
741,396
Gross from railway—
Net from railway
Net after rents
From Jan. I—
Balance
Dividends
accumulated and
unpaid to June 30, 1938, amounted to
$484,872. Latest dividend amounting to $1.75 a share on 7% preferred
stock was paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
—V. 146, p. 4113.
x
Deere & Co.—Common, Dividend Action
Gross from
Net from railway-.-.-.
Net after rents.
-
Listing—
The New York Stock Exchange has authorized the
1st mtge.
Postponed—
Directors at their recent meeting decided to postpone action on the com¬
dividend until their Sept. 20 meeting.
Dividends of $1 per share
paid on the common snares on Oct. 20 and on Sept. 1, 1937, this
latter being the first payment made since July 1, 1931.—V. 147, p. 267.
Duluth South Shore & Atlantic Ry.
mon
were
Delaware & Hudson RR.1938
Gross from railway
$1,681,681
Net from railwayNet after rents
From Jan. 1—
408,572
272,371
Gross from railwayNet from railway.
Net after rents
—V. 147, p.
10,169,861
2,043,263'
1,100,378
-
1937
$2,082,261
$2,039,260
354,474
218,295
13,402,334
3,039,621
2,104,998
$2,062,846
361,799
275,983
12,318,578
328,322
228,399
Duluth
1935
11,860,611
1,688,835
1,237,851
1,886,240
1,159,086
1936
1935
70,087
$338,260
162,499
138,014
$254,165
105,586
94,376
1,419,745
347,812
251,223
1,333,308
385,182
273,106
1,084,504
230,668
144,457
111.
■Jl
1936
listing of $29,462,000
111.
—Earnings-
1937
$251,972
50,832
841,893
def44,625
def152,051
-
p.
Mfcl
Winnipeg & Pacific Ry.
June—
1938
Gross from railway
Net from railway._____
Net after rents
def37,232
From Jan. I—
Gross from railway
Net from railway._____
Net after rents
Earnings—
1936
1937
$83,636
def21,653
1935
$81,874
$114,868
19,999
def2,304
def 17,440
733,073
163,450
14,001
555,552
def23,188
defl59,257
$105,568
5,762
def 17,093
685,976
121,161
def24,925
493,764
6,472
def70,894
def30,507
—V. 147, p. 111.
1938
Gross from railway.—_
Net from railway
_
Net after rents
From Jan. 1—
Gross from railway
$3,758,917
713,739
216,033
21,600,098
3,925,222
1,103,676
Net from railway
Net after rents
1937
Earnings—-
1936
$4,124,402
841,964
481,661
$4,317,770
1,069,904
584,097
26,320,708
6,624,638
3,879,410
24,448,940
4,749,786
2,643,749
—V. 147, p. 110.
1935
$3,825,745
617,983
298,971
22,805,560
4,331,067
2,317,572
(E. I.) du Pont de Nemours & Co.- -Consolidated Balance
Sheet June 30—
$
Liabilities—
339,077,504
Bonds of sub. co.
§
Patents,
June—
1938
Gross from railway..
Net from railway.
—
-
..
Net after rents
From Jan. 1
—
$1,717,190
13,901
def272,551
good¬
1936
29,925,966
38,336,317
c
17,459,625
28,769,198
363
def239,776
$1,452,884
62,650
defl26,405
curities
—
12,203,918
480,643
def517,320
10,940,347
1,312,063
8,773,649
1,367,809
233,268
29,719,120
57,652,934
23,429,200
54,092,148
Divs. payable on
defll3,631
Corp.com. stkl90,500,000
Net after rents
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
—V. 147, p. 111.
37,949,506
acquired..
1,716,950
4,623,075
1,433,998
1,495,660
Ry.—Earnings-
1938
1937
$152,708
29,722
49,619
$131,593
defl9,136
9,571
862,484
125,003
228,759
1,264,002
412,593
def39,801
defl5,036
Div. pay. on pf.
1,235,691
252,382
361,545
817,506
296,320
470,494
on
1,639,422
562,500
14,608,788
21. 817,293
639,422
7,891,006
3,711,815
Misc.accts. pay.,
advances, &c.
to
empls.
un¬
der bonus plans
dts.
contlngs.
3,277,409
6,719,370
and
Reserve
for
8,089,996
31,217,951
de¬
101 ,183,497
d254,258,113 240 926,865
preciation, &clll,091,028
Total. ......809,387,585
a
General
a
Motors
745,994.0771
Corp.
common
Total.......809,387,585 745,994.077
stock,
10,000,000 shares
carried at
share in 1938, $18.45 in 1937 (9,843,750 shares of which are repre¬
sented
mtS0- gold bonds, 5% series due 1956, have been called
Sept. 1 at 105 and accrued interest.
Payment will be
Te^sylvania Co. for Insurances
liabils.
sions,bad
$146,828
49,908
82,347
on
nuities, Philadelphia, Pa.—V. 146, p. 3182.
stock.
Prov. for awards
1935
Des Moines Gas Co.—Bonds Called—
Lives & Granting An¬
Edison
Co.—Places Bonds Privately—-The com¬
pany has arranged for the sale to a group of life insurance
companies of a block of its series G bonds, the proceeds from
which will be used to redeem the
$15,000,000 of 5% series E
1.
been called for
redemption on Oct.
Details of the sale of series G bonds were not disclosed.
22,600,760
Surplus
326,713
221,315,240
7,032,824
Res.for ins.,pen¬
1936
$135,568
$19.05
which have
184,500,000
40,317,482
3,703,523
pension
plan
Accrued
Com. stk. of the
co.
Denver & Salt Lake
3,795,502
3,698,587
Motors
MLsc. Investm'ts
payable.
deben.
advances, &c.
Gen.
Com. stock...221,315,240
under
Def. debit items
—V. 147, p. 111.
June—
Gross from railway
Net from railway
....
$
109,294,800
Oblig. to trustee
Accts.
Misc. accts. rec.,
a
Gross from railway..
9,826,771
Net from railway...
556,034
Net after rents
—-deflll9,545
_
Inventories
1937
1,135,000
$4.50 cum. pref.e50,000,000
74,709,853
b Marketable se¬
1935
$1,768,684
$
1,055,000
Deben. stock... 109,294,800
29,974,966
will, &C.
Cash....
receivable....
—Earnings—
1937
$1,977,006
defl62,693
64,250
1938
1937
1938
A. sscts
Plant & props. .362,204,070
Notes and accts.
Denver & Rio Grande Western RR.
bonds
Net after rents.
—V. 147, p.
Delaware Lackawanna & Western RR.
June—
Detroit
1938
$144,892
def2,778
defl9,404
Gross from railway
Net from railway
-Earnings-
417.
edemption
June—
Gross from railway
Net from railway
Net after rents.
From Jan. 1—
Delaware Fund, Inc.—Initial Dividend—
The board of directors of this company, a management type investment
trust, has declared an initial dividend of 15 cents per share, payable Sept.
15 to holders of record Sept. 1.
June—
3lA% bonds, due Oct. 1, 1962.—V. 147,
by E. I. du Pont de Nemours & Co.'s interest in General Motors
Securities Co.).
b Quoted market value June 30, 1938, ($29,971,056
(1937, $23,429,200). c Represented by 11,065,762 shares of $20 par value,
d E. I. du Pont de Nemours & Co.'s equity in surplus of controlled com¬
panies not wholly owned has increased since acquisition by a net amount
of $3,222,934, which is not included in surplus in above balance sheet,
e Represented
by 500,000 no par shares.
The income statement for the three-and six-months ended June 30
published in V. 147,
Duro-Test
Holders of the
p.
was
570.
Corp.—Rights—
common
stock of record July 29, will be offered the right
to subscribe at $6 per share to one additional share of common stock (for
each four shs. held. Warrant certificates evidencing the right to subscribe
will be mailed by the corporation's transfer agent on or about Aug. 1,1938.
Volume
Financial
147
737
Chronicle
right to subscribe will expire at the close of business on Aug. 29.
—V. 146, p. 3333.
Consolidated Balance Sheet March 31, 1938
and the
Period End. June 30—
Assets—-
Liabilities—
Cash in banks and
East Missouri Power
Co.—Earnings—
1938—12 Mos.—1937
1938—3 Mos.—1937
on
Receivables..
Operating revenues
Oper.exps.& taxes
$48,150
35,129
$44,602
32,532
$201,096
146,084
$183,437
Net operating incomeOther income (net)
$13,021
$12,070
$55,012
764
$12,070
2,812
$55,775
11,250
12
8
81
114
158
682
647
51
$10,031
1,487
$9,092
1,487
$41,647
5,950
$44,083
$8,544
$7,605
$35,697
$38,133
Inventories
603,488
Investm't in gen. mtge. bonds.
263,000
Def'd
$56,159
11,262
128,358
I urn. &
fixtures, equip't, &c._
28
Int.
on
long-term debt..
General interest
v
Amort, of bond disc't &
163
expenses
Miscell. income deducts.
2,114
30
Net income.
Pref. stock dividends
Balance
'
292,560
$2,912,7801
After
*
for bad debts of $7,085.
reserve
Railway oper.
Railway oper.
Net ry.
1938—6 Mos.—1937
$495,814
335,639
expenses.
oper. rev
Taxes
$544,036
362,052
$3,236,582
2,061,183
$3,389,438
2,095,688
$160,175
42,392
revenues.
$181,984
41.347
$1,175,399
260,368
244,709
$915,031
30,310
$1,049,041
37,962
$122,971
Gross corp. income
on funded debt,
$140,637
6,449
$147,086
$945,341
$1,087,003
Interest
rents,
321,565
624,627
307,211
617,613
52,658
103,258
50,782
99,689
&c
Depreciation
before
prov.
for retirem't losses.
—V.
147. p.
_
loss$27,500
$140,811
$20,517
loss$8,830
HI.
$7,966,126
7,162,518
$803,608
85,579
$1,743,295
87,516
$1,375,190
$512,907
$1,830,811
430,742
117,038
280,000
$1,452,567
$1,003,032
$786,614
196,418
Depreciation-
325,301
110,827
25,000
Federal taxes
.
Net profit
$51,780
32,874
149,631
6%
cum. pref. divs
Common dividends
77,377
$889,187
297,794
137,472
76,931
334,324
146,629
185,000
51,425
580,045
$376,990
—V. 146, p. 3012.
Fairmont Creamery Co. (Del.)
(& Subs.)—Earnings—
Earnings for Fiscal Year Ended Feb. 28, 1938
Net sales (excluding intercompany sales)
Cost of sales
$46,883,574
44,840,812
428,094
889,264
Repairs and maintenance
Depreciation
State, local, social security and capital stock taxes
440,729
$284,676
84,978
Profit from operations
Interest and dividends received, discounts taken, &c
$369,654
8,689
Total income
Other
deductions.
;.
54,967
Reserve for Federal income tax
$305,997
Net profit (after Federal income tax)
Preferred dividends
180,011
422,996
$0.30
Common dividends
Earnings
share
per
on
422,996 shares common stock (no par)..
Consolidated Balance Sheet Feb. 28, 1938
Liabilities—
Assets—
Net inc.
1935
1936
$11,075,786
9,700,596
$407,374
105,533
Interest
$1,293,750
$117,783
5,188
Other income.
$2,912,780
After reserve for depreciation
y
6 Mos. End. June 30—
1938
1937
Net sales
<5 >10,488,266 $15,098,045
Costs and expenses
10,080,892
13,354,750
Total income
Ry.- -Earnings—
1938—Month—1937
....
$82,041.
z Arising from the excess of net assets acquired over the par
value of capital stock issued therefor.—V. 146, p. 1874.
Associates—Earnings—
for the 12 months ended June 30, 1938 total con¬
$9,993,383 available for Federal taxes, depreciation
and depletion reserves, interest and dividends. This represents a decrease of
$1,009,325 compared with the same period for 1937.
After all charges the net income available for dividend (exclusive of
intercompany profits) amounted to $1,846,905. After dividends of $1,108,732 on the 4^% prior preference stock, the balance of net income is equal
to $1.97 per share of 6% cumulative preferred stock.
There is no provision for surtax on undistributed profits.
All figures are
subject to the annual audit by certified public accountants.
For the 12 months ended June 30, 1938 compared with the same period
for 1937, volume of gas sold by the public utility subsidiaries increased
2%.
Coal transported decreased 2%, coke sales tonnage decreased 9%,
and coal sales tonnage decreased 15%.—Y. 147, p. 111.
of
Period End. June 30—
207,865
..
of
Operating profit
Eastern Massachusetts Street
Total..
Fairbanks Morse & Co. (& Subs.)— -Earnings5,950
Company reports
income
z750,669
Earned surplus
Total
Net inc. Mun.Ac. Corp.
Eastern Gas & Fuel
735,581
500,000
Capital stock ($1 par).
Paid-in surplus
—V. 146. p. 4114.
solidated
59,442
239,000
inc.—unearned circu-
culation revenue
y79,960
Deferred charges
Gross income
$420,224
Accounts payable
Accrued expenses
Provision for Fed. inc. taxes.
$55,079
1,080
$13,049
2,812
hand...$1,218,360
x455,412
$470,901
$502,547 Acc'ts payable & accruals...
500,000
1
xl, 140,131 Notes payable
220,380
Inventories
4,264,841 Accrued local & Fed. taxes..
4,000,000
Other assets
110,918 4H% conv. pf. stk.($100 par)
z8,459,920
;
Fixed assets
y9,490,291 Common stock
1,468,105
Deferred charges
166,825 Earned surplus
556,247
Brands, trademarks & g'dwlll
1 Capital surplus
Cash
on
hand and in banks..
Accounts & notes receivable-
...
...
Eastern Utilities Associates—Earnings—
......
12, Months Ended June 39—
1937
Operating revenues—subsidiary
$8,691,833
•
1938
companies
$8,205,920
applicable to
1,194,117
Other income of Eastern Utilities Associates
309,824
Net earnings of subsidiary companies
Eastern Utilities Associates
1,795,819
309,824
Balance for Eastern Utilities Associates dividends
1,966,306
1,367,327
and surplus
Total......
x
After
$15,675,554
.....
for doubtful
reserve
of $6,475,789.
2125.
depreciation
—V. 144, p.
—V. 147, p. 268.
$15,675,554
Total.....
accounts
z
of $91,843.
y After reserve for
by 422,996 no-par snares.
Represented
*
Falconbridge Nickel Mines, Ltd.—Earnings—
Ebasco Services,
For
Inc.—Weekly Input—
1938
118,398
1937
110,077
1936
85,228
3,904,636
3,731,003
2,955,316
2,015,762
1,801,007
1,435,539
1,313,273
4,286,545
3,658,455
2,752,043
2,654,114
pounds.
operating profit..
2,225,419
$603,736
1,870,780
$664,762
1,215,473
$611,113
1.256,217
$528,024
Provision for taxes..—
47,000
52,500
Deprec. & def. devei., &c
292,869
259,180
181,729
137,641
3 Mos. End. June 30—
week ended July 21, 1938, the kilowatt-hour system input
operating company which are subsidiaries of American Power &
Light Co., Electric Power & Light Corp., and National Power & Light
Co., as compared with the corresponding week during 1937, was as follows:
the
of the
Tons smelted
Nickel
Operating Subsidiaries of—
1937
118,004,000
61,066,000
77,236,000
1938
National Power &
Light Co.. 78,266,000
♦•Decrease.—V.
Inc.—Earnings—
Consolidated net profit
common stock
Shares
Earnings
per
share
Stores in operation at June 30
x
After
Amount
%
*7,375,000
*6.2
*7,384,000 *12.1
1,030,000
1.3
1938
1937
$12,100,641 $11,779,464
581,511
503,268
383,861
$1.21
123
380,244
$1.43
112
Refined copper
produced,
$263,866
$353,083
$370,584
$334,522
Note—Above figures exclusive of non-operating revenue.—V. 146, p. 3012.
Net
$9,342,142
416,704
380,244
$1.09
95
profit
Florida East Coast
Ry.—Earnings-
Net from railway.
$361,052
def 101,410
def236,701
$463,593
def35,265
defl49,215
6,329,496
2,480,609
1,519,833
railway.....
5,873,277
2,022,990
1,188,865
From Jan. 1-—•
Gross from railway
Elgin Joliet & Eastern Ry.—Earnings—
June—
1938
1935
1936.
1937
$799,690
75,226
def9,202
$1,925,869
600.083
622,211
$1,507,325
404,939
252,155
$1,064,438
5,111,436
Gross from railway
11,776,274
3,865,312
2,538,301
8,957,424
2,723,323
1,853,659
Net after rents
6,927,905
..
Net from railway
Net after rents
Net from railway..
...
226,230
—V. 147,p.
From Jan. 1—
Gross from railway
Net from railway.
480,363
Net after rents.
defU4,363
.
2,034,304
1,416.983
Period End. June 39—
Erie
Net
1938
1937
1936
1935
$5,468,752
798,612
def8,577
Gross from railway.
Net from railway—___
$7,022,054
1,894,933
1,182,425
$7,024,063
2,126,087
1,349,811
$6,379,181
1,747,019
1,190,768
Net after rents.
From Jan.
31,915,410
Gross from railway
Net from railway.
Net after rents
—V.
**
1—
.
4,608,678
def279,205
11,271,200
7,235,662
8,324.251
36,323,276
9,424,991
5,984,336
.
i
_. .
.
from
x
Falstaff Brewing
_
Includes interest
Period End. June 30—
Corp .—-To Pay 25-Cent Dividend—
Ogating revenues.
$12,332
def $18,832
$27,776
Dr494
1,039
527
$28,302
def $8,753
$11,838
86,566
$24,305
Earnings for the Year Ended March
Net income, before prov.
$983,564
for Federal income taxes
undistributed profits
148,099
_
27,600
—
1938—12 Mos.' -1937
$1,018,917 J14.59S1.432 $13
66:667
''Ml
$337,077
133,772
$5,915,780
558,689
$5,425,675
$518,869
216,667
$470,849
216,667
110,000
110,000
$6,474,469
2,600,000
1,320,000
19,391
18,716
242,427
$5,866,247
2,600,000
1,320,000
292,755
$172,811
$125,466
Dividends applicable to preferred stocks for the
period, whether paid or unpaid-
$2,312,042
$1,653,492
1,153,008
1,153,008
on
on
mortgage bonds-
debentures
Net
deductions.
income
—, -
_
—
-
—
shs. cap. stock (par $1)
—
$807,865
600,000
$1.61
440,572
$1,159,034
$500,484
x Dividends
accumulated and unpaid to June 30, 1938, amounted to
$5,765,040, after giving effect to dividends of 87 cents a share on $7 pref.
stock and 75 cents a share on $6 pref. stock, declared for payment on July 1.
Balance.
.
Net income.
;
Cash dividends pAid
Earns, per share on 500,000
,225,280
,002,255
800,000
$375,606
143,263
Int.
x
Provision for Federal income taxes
1938—Month—1937
$5,423,025
2,650
Other int. &
8,022
Interest income, &c
268.
$5,913,130
2,650
Int.
$975,542
....
....
p.
221
Advertising,
operating revenue
,
Co.—Earnings—
$336,856
Operating income
circulation and other operating revenue, less dis¬
counts, returns, allowances and agency commissions.
^ ..$6,020,807
Operating
costs
and
expenses—editorial,
production,
dis¬
tribution and general expenses
....
5,045,264
$104,358
funded debt.—V. 147
$2,324
221
Other income (net)
31, 1938
85,210
$56,908
$375,385
Rent from lease of plant-
Esquire-Coronet, Inc. (& Subs.)—Earnings—
250,855
def$17,793
14,162
1:333
Net oper. revenues—
147, p. 419.
on
$48,130
20,354
accruals on outstanding
stock, payable Aug. 25 to holders of record Aug. 15.
Previous payment,
wnich was made on Dec. 15, last, consisted of a 25-cent cash dividend and
a dividend of $1 per share payable in 5%
10-year debenture notes.—V.
Surtax
$6,551
25,383
Florida Power & Light
Directors have declared a dividend of 25 cents per share on the common
Net
$15,579
3,247
def $2,573
gross
Net deficit....---.--
147, p. 268.
$298,985
Drl,985
income 1
39,929,33**
43,416,055
13,247,565
Deducts,
$229,223
222,672
15.552
Gross income _
x
4,989,745
1,321,265
540,435
997,111
4,195
_
Other income.
r
def255,399
5,242,437
1,776,085
def $6,768
from opers.
Operating income
[Including Chicago & Erie RR.
June—
revs,
def157,393
$56,538
40,960
33.166
Tax accruals
RR.—Earnings—
$348,686
def 132,163
Gloversville RR.—Earnings—
1938 6 Mos. 1937
1938—Month—1937
$30,593
Operating revenues
Operating expenses
—V. 147, p. 111.
$427,415
def 19,575
112.
Fonda Johnstown &
138,782
1935
1936
1937
1938
June—
Gross from
Net after rents
tributed earnings.—V. 147, p. 268.
2,843,654
produced,
pounds
1936
Federal taxes, but before Federal tax on undis¬
provision for
Refined nickel
:
73,587
pro¬
Gross
6 Months Ended June 30—
Sales.
x
matte
duced, pounds...
147, p. 570.
Edison Bros. Stores,
in
1935
^
pro¬
duced, pounds
Copper
Increase
American Power & Light Co.110,629,000
Electric Power & Light Corp. 53,682,000
matte
in
1938.
Dividends on these stocks are cumulative.
Financial
738
Chronicle
includes full revenues without consideration of rate
which a reserve has been provided by appropria¬
of $630,690 for tne 12 months ended June 30,
1938, and of $574,938 for tne 12 months ended June 30, 1937.—V. 146,
Gardner-Denver
Note—Income account
reduction in litigation for
6 Mos. End. June
tions from surplus in amount
Inc.—Earnings—
1938
$13,297
1937
$11,125
—
10,534
6,978
$2,763
$4,147
12,235
70,612
June 30—
Operating expenses
--
--
earned over oper. expenses...
Profit realized from sales of securities (based on
average cost)
Excess of interest
$14,998
1,000
$74,760
$13,998
43,094
$64,706
22,084
Total
Net
profit—
Dividends paid.
10.054
Balance Sheet June 30
Liabilities—
1938
1937
$48,107
$39,051
4,243
11,179
Asset 8—
Cash In bank—..
for
1937
Pay. for sees. pur.
but not receiv..
secur.
$5,090
$13,930
Accts. pay—Fiscal
but not de¬
livered...
1938
.....
agents' fees
276
987
stock tax......
620,208
Securities owned..
642,348
Accrued int. recelv
1,600
Deferred charges I.
1,200
Prov. for Fed, nor¬
3,657
Prepaid Insurance.
265
1,200
Prov. for Fed. cap.
4,510
667
Misc. accts. rec...
U. 8. Go't secur..
269
mal income tax.
2,528
•-
m »
T
47
8.170
Accrued expenses.
10,282
10.054
3,580
Com.stk.(10c, par)
Capital surplus...
—V. 146, p.
Net after rents........
From Jan. 1—
1,761
3,369,466
1,155,528
795,371
261,798
Gross from railway—3,174,807
Net from railway
Net after rents
805,803
302,220
2,698,345
714,789
341,402
55.343
def4,005
2,320,500
378,968
47,543
112.
Fundamental Investors, Inc. (Del.)
6 Mos. End. June 30—*
Income—Dividends.—
-Earnings-
1937
$148,063
1938
z$120,138
1936
$29,866
1,842
$149,023
45,136
$57,405
32,325
$31,708
10,817
z
$8.5,161
$103,888
$25,080
General
on
investments
held (other than stocks of same class).
Note—The loss from sales of investment for the six months ended June 30,
1938 determined on the basis of specific certificate costs and charged directly
to earned
surplus account amounted to $42,583.
♦
$10,260,253
over par
value thereof
over
rec.
894
costs
b42,584
Cash dividends declared
Net
20,263
Balance, June 30, 1938
Adjustment of prior
year
,1.
income
6,700
85,161
$91,861
91,861
Balance. June 30, 1938
Nil
Cost of goods sold
y
Selling, admin. & gen.
exps. & other charges.
$111,393
Total surplus, capital and earned
-$10,812,311
Unrealized net deprec. of invests, without prov. for costs of reali¬
zation
2,459,085
Tot. surp. on the basis of carrying invests, at mkt. quotations.
1938, $2,459,085; decrease (improvement), $796,913.
Assets—
1938
1937
1938
Accounts payble..
$964,812
8,199,998
26,188
36,713
215,796
31,010
Accrued
9,835,033
8,381,790
16,417,486
16,236,340
$7,234,018
531,572
$7,784,517
$3,646,417
Issuance exp., pref. stock
85,012
Prov. for income taxes._
646,054
$3,302,397
$7,765,590
85,012
1,389,500
$8,194,233
$2,915,351
97,500
$2,778,935 z$6,291,078
z$6,868,923
$2,817,851
$2,778,935
$6,193,578
$6,868,923
$0,537
$0,529
$1,179
$1,308
Other income.
Prov. for div.
Net
Reserve
for
-
'
-
—
—
523,462
409,716
1,325.310
to common stock
Includes
provision for depreciation and freight charges,
y Includes
share in results of operations of controlled companies,
z After
deduction of $947,030 (1937) and $437,871
(1938) as provision
for possible inventory writedowns and other adjustments at end of fiscal
x
proportionate
J ear. 30, 1938, was of cost over $175,000.—V. 147, p. 572.
The excess (estimated) market value of inventories
mental
Group
Corp....
Scrip redemp. fund
Deferred charges..
General Mills,
2
3,436
4,883
312
208
1938
$75,830
Depreciation
man¬
Net income
Preferred
dividends
Common dividends
for deprec n_-
bonds of sub.
Includes
cos.
company
Prov. for int.
Federal
202,704
22,922
—Y.et147?p: 269
4,303,389
1,338,342
1,995,162
$3,602,193
1,338,342
1,995,162
4,075,251
1,338,342
1,995,162
&c
22,218,301
1,156,144
10,700,918
956,642
Capital stock
Paid-in surplus
9,114,007
Unrealized net ap¬
878,530
4,391
741,747
$4.12
1938
and
Claims
for
Advances
111,393
358,490
268,638
1938
1937
Liabilities—
.?
21,997,717
x
Common stock..16,691,960
Savings
S
16,691,960
of
7,926,732
3.450.150
Accounts payable.
5,795,302
7,015,048
Accrd. local taxes,
138,552
Pref. divs. accrued
officers
accts.
&
1,516.448
2,348,722
223,057
223,057
Spec. <fcconting.res 3,996,071
5,398,315
3,958,348
7,238,741
Min. int. in cap. &
594,629
373,289
14,312,850 16,786.029
1,502,022
1,319,496
1,454,090
expenses.
126,443
2,778,203
empl.-
&c
134,232*
grain
Inventories
132,857
2,277,134
Earned surplus
674,625
refund
on
1937
22,305,700 22,305,700
2,556,961
purchases, &c._
Prepaid
$9,506,727 $10872,661
31
11,989,024
of processing tax
over
invest.Z>r2,459,085
surplus of subs
14,311
Capital surplus...
5,398,315
1,402,162
member¬
8,015,868
ships, sundry ad¬
&c
Water power rights
-Earnings—
goodwill,
1938—6 Mos.- -1937
$591,549
$1,374,222
419,351
410,314
51.970
47,557
9,750
19,500
19,500
48,639
44,329
72.625
97,331
84,508
43,500
136.000
$49,734prof$355,789
268,689
$3.40
$11,016 in
on
Preferred stock
Drafts and accept.
Notes & accounts.
$714,236
205,758
25,985
profits tax
$
U. S. Treas. bills..
Total
969,885
$4.46
777,127
$4.17
undistributed
bldg. and
Cash
income
4,800
4,958,172
1938
Land,
9,409
9,750
on
notes
Prov. for income taxes..
4,370,344
764,667
3,484
Consolidated Balance Sheet May
4,883
1938—3 Mos.—1937
pref. stk. of sub.
5,688,067
xl,381,602
3,075
Balance
vances,
$239,081
4,729,521
x618,890
Earns, per share on com.
equip.,
bonds,
- —
4,844,514
113,658
4,110,631
1,338,342
1,995,162
Gross income
Res. for Fed. income tax
4,500
(Robert) Gair Co., Inc. (& Subs.)
on
4,298,656
71,688
68,366
Minority int. in subs
Invests.,
deprec., int.
5,642,942
45,125
4,661,155
infome
Assets—
Par $3.—V. 146, p. 2692.
Period End. June 30—
Profit before
deducting
exp...146,801,180 153,107,783 141,835,012 136,985,716
144,117
169,107
221,488
241,177
1,066,705
1,060,188
1,025,085
1,003,052
operating profit..
Miscellaneous
y
Treasury stock...Drl03,746
$9,506,727 $10872,661
1935
$
1936
1937
159,980,019 147,380,242 143,074,459
facturing, selling, ad¬
min. and other
Interest charges
3,436
cost of
at
Cost of sales, incl. manu¬
$156,092
4,000
Earned surplus
Total...
152,673,157
17,837
preciation
hand
Inc. (& Subs.)—Earnings—
Net sales
Reserve for taxes.
y
on
une
1937
agement fee
Funda¬
97,500
applicable
Unredeemed scrip.
ital stock
pf. stk.
on
profit
Amt. per sh. (5,251,440
com. shs. outstanding)
manage¬
ment fee
Subscrip'ns to cap¬
on
(& Subs.)—Earnings—
$315,009 in 1937.
Liabilities-—
deposit
custodian.$1,060,997
Securities owned—
Divs. receivable..
on
$241,271
$3,137,070
165,327
x
Balance Sheet June 30
Div.
$114,570
8,388,494
$8,353,226
a Includes $188,966
relating to subscriptions received on June 30, 1938
for which settleinent was received and capital stock issued in
July, 1938.
b During the six months ended June
30, 1938 there was a decrease in the
indicated unrealized net depreciation of investments, without
provision for
cost of realization, M follows:
At Dec. 31, 1937, $3,255,998; at June 30.
Int.
$43,462
$3,374,802
271,615
i
Net
Earned surplus, June 30, 1938
&c,-r_
Provision
13,828
276,000
1938—3 Mos.—1937
1938—6 Mos.—1937
$31,384,580 $31,849,169 $65,649,666 $68,376,441
19,621,284
20,330,309
41,998,162
44,355,584
Period End. June 30—
Net sales
Nil
Federal capital stock tax
Less—Cash dividends declared.
y
16,744
276,000
Consolidated Income Account for Years Ended May 31
Net income for the six months ended June 30,1938
from
2,725
69,000
1937 figures have been adjusted to in¬
clude a proportionate share of frequency change expense of Gary Heat,
Light & Water Co. recorded during the onth of December, 1937, in the
amount of $200,000—V. 146, p. 3013.
$111,393
investments):
Balance, Dec. 31, 1937—
Rec.
$894,789
363,690
v:
For comparative purposes the
a
Undistributed net income (excl. of profits & losses from sales of
on
90,350
$9,878
deductions...
from sales of 16,315 shares of
reacquired capital stock
with
a2,020,998
$764,169
356,855
miscell.
Depreciation
a439,772
cost of amts.
Balance, June 30, 1938
.$10,700,918
Earned surplus—Arising from sales of investments computed on
the basis ofspecific certificate costs: Bal., Dec. 31,1937
174,426
Adjustment of prior year Federal income taxes
187
Loss from sales of investments on basis of specific certificate
Funds
2,253,062
$205,536
Surplus Account for the 6 Months Ended June 30, 1938
Capital surplus—Balance, Dec. 31,1937
Excess of amounts rec. upon issuance of cap. stock
Excess
a539,414
$170,629
88,650
3,100
69,000
&
int.
$20,891
Includes $2,738 for securities received as distributions
$2,915,788
538,940
x
Net profit for period.j,
51,270
$3,017,231
General Foods Corp.
$54,368
3,038
$120,138
34,977
Total income.
Expenses
15,440
$744,950
maint.
Bond interest
1935
961
Interest..
18,906
$709,569
$678,512
1935
$387,567
$453,068
116,417
52,922
1938—12 Mos—1937
$3,001,791
$2,864,517
1938—3 Mos.—1937
$707,809
$726,044
Other income
Inc. avail, for bd. int.
1936
$853,865
431,880
428,020
169,494
—V. 147, p.
Dr6.453
$700,891
1937
1938
Institute, Chicago—Bond Extension—
[Including Gary Heat, Light & Water Co.]
expenses,
and taxes.....
$692,198
as
Gary Electric & Gas Co.—Earnings—
Oper.
June——
$1.38
and,
to the present bondholders without change in principal amount, but with
maturity extended to Dec. 1, 1947.
All income from the mortgaged
properties will be paid in monthly to the trustee—not the institute—
and from this segregated income fund will be paid:
First, interest at 2 % %
on the new bonds; second, any interest from Dec.
1, 1937., at the 2%%
rate which may not previously have been paid; and third, any baiance of
funds available shall be used to retire bonds, pay additional interest, and
furnish income for the institute's operations.
The members of the committee are:
David B. Gann, Chairman; E. J.
Perry, I. L. Porter, Gilbert H. Scribner, and Henry Verdelin, with Austin
Jenner, Secretary.
First National Bank, Chicago, is depositary.
City Ry.—Earnings—
Gross from railway
Net from railway......
179,666
$2.55
protective committee, in a letter to the holders of
certificates of deposit for 1st mtge. serial gold bonds, series A, 5%%,
states that approximately 90% of the $2,155,000 of bonds outstanding
have now been deposited pursuant to the extension plan and additional
bonds are being deposited steadily.
The essential terms of the plan provide for the issuance of new bonds
,
3013.
Fort Worth & Denver
179,666
$1.15
bondholders'
Period End. June 30—
Operating revenue
of
Total
$678,512
$700,891
$247,129
557,522
$0.12
Garrett Biblical
77,044
securities owned Dr296,089
Total
$457,818
562,857
1,534
19,212
value
$640,097
t
575.120
Excess of cost over
market
59,776
$316,191
69,062
Includes provision for surtax on undistributed profits for 1936,
estimated, for 1937.—V. 146, p. 3013.
5,816
■
849,170
Earned surplus
1936
x$510,681
52,863
x
The
Provision for Federal normal income tax.
1935
1937
x$699,873
$66,833
profit for com.stk.
Shares common stock...
Earnings per share
Net
—
6 Months Ended
Interest earned
sold
1938
$124,181
57,348
Pref. stock requirements
Foreign Bond Associates,
Recelv.
Co.—Earnings—
30—
for
Net profit after prov.
Federal taxes
4115.
p.
July 30, 1938
$35,688prof$671,930
Total...,
&c
60,557.410 61,083,802
Total
60,557,410 61,083,802
x Represented
by 665,054 shares of no par value,
y After depreciation of
$17,094,945 in 1938 and $16,826,166 in 1937.
Note—Prior to June 1, 1936, because of the unusual situation created by
the invalidation of the Agricultural Adjustment Act, cash in the amount
of $11,024,724 was transferred by action of the boards of directors of the
companies concerned, to provide for the discharge of all liabilities arising
out of processing taxes imposed under that Act, recovered or not paid.
Since June 1, 1936, a large portion of the amount, so transferred, has been
expended in making reimbursements to customers and other expenditures
for which said amounts were transferred.
Further expenditures arising out
of processing taxes still remain to be made, however, including windfall
taxes and other tax liabilities incident to the invalidation of the processing
Volume
147
Financial
Chronicle
tax which have not yet been
adjusted with the Government.
Until finally
not there will be any net
determined, it is not practical to state whether or
recovery after all liabilities of the companies concerned
arising out of pro¬
cessing taxes are discharged, but the unexpended balance of such funds
behoved to be adequate for the
discharge of all such liabilities.
General
Sloan Jr.,
are
As in
Corp.—Semi-Annual Report—Alfred P.
says in part:
shipments & production
by foreign manufacture subs
An
613,953
530,533
498,120
871,226
222,797
„■
542,007
419,648
879,188
$
1,097,370
$
$
$
....272,264,537 500,412,848 522,777,124 837,262,749
from
subs,
not
consolidated)
after all exps. incident thereto.
27,923,922
81,497,908
34,849,732
133,833,896
3,922,519
3,872,152
8,683,211
8,800,603
31,846,441
85,370,060
111,871
136,257
229,234
276,484
53,428
186,145
107,702
287,911
58,443
General Motors Corp.'s
equity in
the undivided profits or losses
of sub. co.'s not consolidated..
Cr.49,888
121,532
Cr.11,427
Net profit from operations and
investments
43,532,943 142,634,499
Less provision for:
Int. on employees
savings fund
Deduct invest, fund reversions
account of employees savings
withdrawn before class
ma¬
turities.
Employees
savings and
vestment fund—net
For the six months period this reduction amounted to 43%.
overseas operations for the six months period showed a con¬
absorption somewhat above that of a year ago.
The corporation's inventories,
consisting of raw and finished materials at
factories applicable to the current model, as well as complete units in dealers'
hands, have been reduced in line with the present volume of business.
consumers.
In contrast,
in¬
Employees bonus.
sumer
*
658,170
272,198
Front from operations & income
from invests, (incl. divs. rec.
an
lished in December, appears to have taken
place—consumer sales increasing,
seasonally considered. This improvement has been sustained up to the time
of this writing. Sales of cars trucks and other products of the corporation
show an important decline in the second
quarter as compared with the
corresponding period of a year ago, as do earnings. The latter, however,
have been favorably affected by (a) urastic
reductions in operating expense
in line with the
policy of the corporation to keep expense as closely as is
practically possible in harmony with declining volume m times of depression,
and (b) better relative maintenance of
profits emanating from overseas
operations and from sources other than domestic manufacturing operations.
In comparing the quarter under review with the
corresponding quarter of
a year ago, there was a
reduction, of 49% in terms of unit sales to domestic
315,682
con¬
Net sales—value
x
Operating Review
declining trend of business, measured by consumer sales
index, referred to in the report of April 28, 1938, covering the first
quarter's operations, characterized the second quarter's operations.
However, in the latter part of June a reversal of the downward trend, estab¬
$
General Motors sales to dealers
In General—The
as
§
seas
Retail sales by dealers to
sumers—United States
therefore excluded from
Chairman,
1938—6 Mos.—1937
General Motors sales to dealers,
incl. Canadian sales, over¬
—United States
Motors
1938—3 Mos.—1937
$ -'
$
hales of cars and trucks—units:
previous years, the amount of the
unexpended balance of such funds and
the provisions for such liabilities are not carried as assets or liabilities re¬
spectively on the records of the companies and
the above balance sheet.—V.
146, p. 3954.
739
Period Ended June 30—
Amts.
foreign subsidiaries...
64,600
113,100
151,600
218,900
5,414,212
273,132
8,600,473
excess profits taxes
31,723,398
Provision for U. S. & foreign in¬
79,955,848
Net
of
24.7%.
The attention of the stockholders
was
called to the fact, in dealing with
the first
quarter's operations, that in accordance with the corporation's
regular practice, in periods of reduced volume, important reductions were
made as of March 1, 1938, in the compensation of the salaried and executive
groups, which reductions continue in effect.
before
income
&
& excess profits taxes
come
6,907,000
Net income for the period
24,816,398
General Motors Corp.'s propor¬
24,786,002
65,731,100
33,020,019 110,545,266
2,294,555
2,294,555
22,491,447
63,436,545
28,430,909 105,956,156
ing the period
42,920,744
Amount earned per share of com¬
42,744,549
42,921,604
42,843,355
$1.48
$0.66
$2.47
tion of net income
on pref. cap. stk.—$5 series
(less divs. applicable to stock
held in treasury)
Amount
earned
on
capital stock
.
Average number of shares of
mon
com.
$0.52-
capital stock
x And after
providing $11,701,959 and $23,233,378 for the second quarter and
the six months ended June 30, 1938, and $10,554,628 and $20,932,446 for the second
quarter and the six months ended June 30, 1937, respectively, for depreciation of
real estate,
plants, and equipment.
Notes—The above earnings for the six months ended June 30,1938 and 1937 make
provision for additional Federal income taxes on earnings in excess of dividends
paid.
The above earnings do not include such portion of the earnings of foreign
subsidiaries as cannot be remitted on account of foreign exchange restrictions.
no
Summary of Consolidated Surplus
Period Ended June 30—
1938—3
surplus
beginning
at
tion
Motors
net
Corp.'s
income,
sum¬
24,786,002
Preferred dividends (net)
Common dividends (net)...-...Earned surplus at end of period
33,020,019 110,545,266
2,294,555
10,714,035
2,294,555
42,835,765
478,626,491
4,589,110
4,589,110
21,454,823
53,570,985
401,765,828 420,466,396 401 765,828 420,466,396
Consolidated Balance Sheet
June 30, '38
Assets—
$242,788,823
Dec. 31,'37
$143,859,608
$170,347,061
201,891
Cash
4,923,977
89,647,561
U. S. Govt, securities
Other market, securities (short term)
8,512.365
1,800,643
8,074,290
12,103,290
1,150,486
53,610,613
279,146.383
245,071,483
257,388,416
244,201,251
237,275,355
1,361,779
1,361,779
2,595,834
16,326,329
758,736,659
4,148,412
50,322,686
Accts. rec. & trade acceptances
Inventories
1,183,539
41,909,970
175,808,749
Notes receivable
x
June 30,'37
2,100,427
Right drafts with bills of lading at¬
tached, and C.O.D. items.......
25,021,584
747,817,794
5,049,865
50,322,686
22,575,116
692,679,517
1,111,615
72,065,039
Investments and miscellaneous:
Sub. not consolidated, &miscell-Invest, in General Motors Manage-
Corp. (in 1938, 6,752 shs. of com¬
mon
stock)
Motors
General
held
in
purposes
no
par
Corp. cap. stock
for
treasury
common;
corporate
(in 1938, 579,815 shs.
39,722 shs. $5 series
preferred)
Real estate, plants & equipment
Prepaid expenses <fc deferred charges.
Goodwill, patents, etc.......
...
$1,558,656,565"$1,566,673,796"
Total...
June 30,'38
Liabilities—
savings
Jime 30,'37
$55,372,055
41,713,167
39,320,118
63,598,294
32,751,156
46,669,257
44,290,696
1,956,081
1,529,703
2,758,486
1,562,805
1,811,342
1,562,805
356,197,909
339,351,532
317,138,531
7,127,389
8,008,159
9,127,616
50,721,118
187,536,600
-
8,725,071
45,297,726
187,536,600
8,393,000
38,014,559
187,536,600
435,000,000
435,000,000
435,000,000
1.888,613
401,765,828
—
$72,898,660
2,282,245
394,789,742
2,192.805
420,466,396
and excess
profits taxes and surtaxes
within
1,602,031,304
accrued
& sundry
-
Employees
Dec. 31,'37
4,434,252
50,324,538
$40,469,001
U. 8. and foreign income
payrolls,
items
1937.
-
.
payable
funds,
one year....
Accrued dlvs. on pref. capital
stock..
Reserves—Depreciation of real estate,
plants, and equipment.
Employees savings funds, payable
subsequent to one year........
Employees bonus (at Dec. 31,1937,
based upon cost of stock dis¬
year ago.
Net
493,056 during this period, reflecting, for the most part, the completion of
program of plant and equipment development inaugurated in 1937 and
entirely completed in that year, together with certain necessary addi¬
tional items since authorized, and an excess of $18,700,568 in dividend
disbursements during the 12 months ended June 30, 1938, over earnings
available for dividends during this period. During the latter half of 1937,
there was distributed in dividends $25,676,654 in excess of earnings or
that particular period, this disbursement being made from undistributed
earnings of the first half of that year.
65,731,100
414,774,418 465,596,716 427,809,761
Earned surplus before dlvs
review.
a
$
propor¬
per
of consolidated income...
Accounts payable.-
earnings for the 12 months ended June 30, 1938, amounted to
$118,911,351.
After deducting dividends on the preferred stock, this is
equivalent to $2.57 per share on the common stock.
Cash, United States Government and other marketable securities at
June 30, 1938, amounted to $242,990,714 and compares with $150,884,012
at Dec. 31, 1937, and $261,795,265 at June 30, 1937.
Net working capital
at June 30, 1938, amounted to $351,953,176, as compared with $347,216,116 at Dec. 31, 1937, and $407,984,895 at June 30, 1937.
The corporation's financial position as affecting cash and its equivalent
as well as net working capital at June 30.1938, compared with the position
at June 30, 1937, reflects, among other things, disbursements for plant and
equipment in excess of depreciation reserves provided, equivalent to $31,-
$
.389,988,416 399,865,616 394,789,742 368,081,225
of
mary
1938—6 Mos.—1937
$
of
period
General
Mos.—1937
$
"...
Earned
Taxes,
for the first six months of the current year amounted to
$33,020,019. This compares with $110,545,266 for the corresponding period
of a year age.
After preferred dividends, the equivalent in earnings per
share is $0.6t. as compared with $2.47 per share for the same period a
4,589,110
capital stock outstanding dur¬
After deducting dividends of $2,294,555 on the preferred stock, earnings
available for the common stock were $22,491,447 for the quarter under
Net earnings
4,589,110
common
in market value of securities.
of 1937.
110,661,026
Dlvs.
A Financial Review
corresponding quarter of
Earnings for the second quarter of 1938 were equivalent to $0.52 per
share on the average number of common shares outstanding during the
quarter. This compares with $1.48 per share for the corresponding quarter
10,179,000 23,373,000
33,080,811
vided
This compares with $63,436,545 for the
43,259,811 134,034,026
14,159,000
65,796,848
Net
earnings of General Motors Corp., including equities in the undi¬
profits or losses of subsidiary companies not consolidated, for the
second quarter ended June 30, 1938, were $24,786,002, as compared with
$65,731,100 for the corresponding quarter of 1937. There is included in
earnings for 1938 a non-operating profit resulting from the revaluation of
securities held by one of the corporation's subsidiaries, amounting to
$1,883,252, equivalent to $0.04 per share, being equivalent to a nonoperating loss in like amount taken in the first quarter of 1938 on account
or a decline in market values during that quarter.
It is the present practice
of the corporation, where profits arise from the revaluation of securities,
to include in earnings only that portion of such profits which is necessary
to offset losses previously taken into income within the year due to a decline
income
....
to
419,648 cars and trucks, compared with 879,188 units for the corre¬
sponding period of a year ago, a reduction of 52.3%.
Retail sales by dealers to consumers within the United States for the
second quarter of 1938 amounted to 272,198 cars and trucks.
This com¬
pares with 530,533 cars and trucks for the corresponding quarter of a year
ago, a decrease of 48.7%.
Deliveries for the first six months of 1938
amounted to 498,120 cars and trucks, compared with 871,226 units for the
corresponding period of a year ago, a decrease of 42.8%.
Overseas sales in units, including production from all sources, for the
second quarter amounted to 94,218.
This compares with 101,164 for the
corresponding quarter of a year ago. Such sales for the six months of the
current year amounted to 191,411, as comparea with 187,821 for the corre¬
sponding period a year ago.
The competitive position of the corporation, as measured by the per¬
centage of total new car and truck registrations in the United States repre¬
sented by General Motors cars and trucks in terms of units, makes a satis¬
factory comparison with previous years.
Net sales in value,
excluding inter-divisional transactions, for the second
•quarter of 1938, amounted to $272,264,537. This compares with $500,412,848 for the corresponding quarter of a year ago, a reduction of 45.6%. The
same item for the first half of the current
year amounted to $522,777,124.
This compares with $837,262,749 for the corresponding period of a year
ago, a reduction of 37.6%.
Net sales for the 12 months ended June 30, 1938, were $1,292,304,216,
compared with $1,469,132,187 for the 12 months ended June 30, 1937.
Employment—The essential adjustments in- the corporation's operations
incident to the reducea level of business activity have naturally resulted in
important reductions in payrolls, affecting both the hourly workers and the
salaried group.
The effect of the reduced level of operations during the
second quarter is reflected in the fact that there was disbursed, through
payrolls. $65,703,364, as compared with $131,045,419 for the corresponding
quarter of a year ago, a reduction of 49.9%.
The average number of
employees on the payroll, both salary and the hourly groups, during the
quarter was 174,253.
This compares with 283,169 for the corresponding
quarter of a year ago, a reduction of 38.5%.
There has been no change in the hourly rate during the second quarter as
compared with the first quarter, or with the same quarter a year ago. The
average number of hours worked per week for all workers in the United
States during the quarter was 28.6, as compared with 38.4 for the corre¬
sponding quarter of a year ago—40 hours per week being the standard.
This reduced number of hours of employment available was reflected in a
reduction in the average weekly earnings of hourly workers to $26.89, as
compared with $35.71 for the corresponding period a year ago, a reduction
8,393,000
123,043
Total
Sales in Units and Value—Total sales to dealers, including Canadian sales,
overseas shipments from domestic
plants and production by foreign manu¬
facturing subsidiaries during the second quarter of 1938 amounted to 315,682
cars and trucks.
This compares with sales of 658,170 cars and trucks for
the corresponding quarter of a year ago, a reduction of
52%. Total sales
for the first six months of 1938 amounted to 613,953 cars and trucks, com¬
pared with total sales of 1,097,370 units in the corresponding period of a
year ago, a reduction of 44.1 %.
Sales by the corporation to dealers within the United States during the
second quarter of 1938 amounted to 222,797 cars and trucks.
This com¬
pares with 542,007 units for the corresponding quarter of a year ago, a
decrease of 58.9 %. Sales to dealers for the first six months of 1938 amounted
5,351,000
provided for employees
bonus payments by certain
tributable as bonus)
Sundry and contingencies
-
$5 secur. preferred stock
Common stock ($10 par)
y
-
_.
Interest
of minority stockholders in
sub. with respect to
capital & sur¬
plus, represented at June
by preference stk. of sub.
of public
Earned
30, 1938
in hands
— -
..
surplus".
5.
-
Total
x
—
-
..$1,558,656,565 $1,566,673,796 $1,602,031,304
After reserve for doubtful accounts,
y
Represented by 1,875,366 no par shares.
not
stock at June 30, 1938 as shown above, in
the General Motors Bonus Plan, 220,971 shares of
General Motors Corp. common stock which are the equivalent of 107,660 shares of
class B and 12,743 shares of common stock of General Motors Management Corp.
owned by General Motors Corp.
„
Note—There are reflected in treasury
connection with the operation of
—V. 147, p. 420.
Financial
740
General Printing Ink Corp. (&
$235,152
-
Other income....
54,143
71,866
$506,461
94.305
77,060
$950,870
101,713
132,290
$164,931
$389,633
$335,096
$0.46
$0.31
$0.83
The directors have
declared
14fi, p. 3014.
extra dividend of 10 cents per share in
share on the
capital stock, par $10, both payable Aug. 1 to holders of record July 22.
Similar payments were made on Feb. 1, last, Aug. 2 and on Feb. 1, 1937,
and on Aug. 1, 1936.—V. 146, p. 753.
RR.—Earnings—
Georgia
Gross from railway
Net from railway
$1 par after 4 for 1 split-up.—V.
an
addition to the regular semi-annual dividend of 50 cents per
Junes
Earns, per sh. on 735,960 shs. com. stock.__
a
Dividend—
$716,868
$0.15
— __
$515,640
47,112
44,510
Federal taxes—......
Net profit......
28,970
$256,554
Total income.......
Other deductions
a
1938—6 Mos.—1937
$466,168
$894,871
40,293
55 999
$486,670
21,402
Operating profit.
1938
30,
Georgia Home Insurance Co. (Columbus, Ga.)—Extra
Subs.)—Earnings—
1938—3 Afos.—1937
Period End. June 30—
July
Chronicle
Net after rents
...
1938
$277,749
36,476
31,220
1937
$207,100
31,953
104.914
1936
$313,048
56,755
56,383
1935
$276,987
54,882
1,659,138
187,704
161,465
1,910,656
388,644
415,975
1,734,681
263.220
278,895
1,550,634
235,131
264,710
55,431
From Jan. 1—
General Public Utilities, Inc. (&
oper.
Operating expenses.
Maintenance
General
......
_ _
taxes.—
—
Federal normal inc. tax.
1938—12 Mos.—1937
$5,563,952
$5,224,253
2,333,148
2.182,151
218,602
268,289
537,365
535,416
535,978
469,785
94,013
86,345
$467,082
195,957
19,837
$484,399
195,326
15.496
45,569
45,093
11,725
revenues—
Depreciation..
Subs.)—Earnings-
1938—Month—1937
Period End. June 30—
Gross
44,034
40,616
6,310
Federal surtax on undis¬
4,080
23,405
$171,190
3,883
$160,328
5,622
$1,840,765
18,953
$1,658,862
38,719
$175,073
30,567
$165,950
31,286
$1,859,718
373,050
$1,697,581
373,709
■—
71,353
71,353
856,238
609
Net from railway
Net after rents
—V. 147, p. 112.
tributed profits.
_____
'7 .'■"■■■'•
/■<',
//:■,
June—
Gross from rail way.....
Net from railway
Net after rents
1938
$133,750
def3,926
def22,929
1937
$165,779
8,765
def7,571
1936
$171,199
13,393
defl2,528
1,021,787
1,281,706
282,036
156,882
1,145.235
151,875
J93^
operating income
Non-operating income.
.
12,636
/
Gross from rail way.....
86,650
Net from railway.
def37.601
Net after rents
Gross income—
Charges of subs.......
Interest
and
trust
on
3
755
$63,311
3,242
$5 pref. stock..
on
93,933
9,781
19,184
112.
6j^%
$72,544
Divs.
946,001
God's Lake Gold Mines Ltd.—Earnings—
1st mortgage
on
coll.
bonds
Int.
—V. 147, p.
*
$181,915
3L165
From Jan. 1—
Net
:
.
Georgia Southern & Florida Ry.—Earnings—
857,136
unfunded debt..
Gross from railway.....
3.242
$629,674
38,910
$466,735
38,910
6 Months
35,206
196.7
.438
194.5
192
.321
.021
93.72
stock and surplus..
$69,302
$60,068
$590,764
$427,825
Total
operating cost
^,.?4;87
$263,328
$444,022
125,894
Production...
-020
95.29
$180,694
Average daily tonnage
Average heads assay
Average tails assay
Percentage recovery
Bal. avail, for common
133,342
259,236
Note—No provision has been made in the above statement for Federal
undistributedprofits taxes other than reflecting the accruals for the calendar
years 1937 and 1936 in the figures for the 12 months ended June 30, 1938
and 1937, respectively.—V. 147, p. 112.
Total
Months
Mar. 31,'38 June 30/38
17,297
17,909
Period—
Tons milled
profit-
Net operating
-379^
-021
$129,986
$184,786
includes $19,667 which was spent
$54,799
-
The total operating cost for the half year
the construction of the new sluice way at the power
site. The operating
including the normal operating charges at Kanuchuan
$238,568.
This figure compares quite favorably with the operating
charges for the first half of 1937 which were $235,514, when consideration is
on
costs at the mine,
General
Refractories
Period End. June 30—
Net sales.
Co.—Earnings-
1938—3 Mos.—1937
$1,393,479
$3,268,022
Cost of sales & expenses
of operations..
were
1938—12 Mos.—1937
$8,620,253 $13,817,032
1,177,764
2,641,560
6.927,744
$215,716
$626,462
$1,692,510
938 to the the that about 8,000 tons more were milled in the first half of
fiventhan in fact first half of 1937.—V. 146, p. 3954.
10,640,521
$.3,176,512
Gold Coast RR.—Construction Certificate
Gross profit
...
Other inc. from various
17,814
sources
77,588
202,155
336,181
The
Interstate Commerce Commission on
the ICC to construct
for
deprec., deplet.
taxes, interest, &c_
$233,530
126,945
1,530
94,229
Bond disct. & exp. amort
Interest other than on
on
Fed.
155
Penn.
&
taxes
24,074
8,135
439
23,625
6,928
funded debt
Extraordinary items
x
5.924
8,333
funded debt
Int.
$704,050
116,272
30,375
47,300
$1,894,665
481,422
14,347
410,500
44,285
$3,512,692
454,615
24,370
184,720
21,277
11,370
97,875
118,522
124,875
9,718
105,139
213,515
540,353
loss$37,933
x
$366,393
$502,830
$2,100,180
(estimated)
No deduction has been made to
General
undistriDUted
expneses
income—net.".I
$1,587,851
21,022
16,703
$3,197,826
48,651
declared
fixed
available
$3,205,274
46,729
for
charges
Net
Gen.
income..
Tel.
Corp.
$1,636,096
1,027,517
$1,608,873
946,013
$3,246,477
1,969,069
$3,252,003
1,915,982
$608,579
$662,860
$1,277,408
$1,336,021
110,269
110,269
220,539
220,539
$498,310
Int. & other deductions.
$552,591
$1,056,869
$1,115,482
pref.
div. requirements
Income balance
—V. 147, p. 420.
General
Theatres
Equipment
3 Mos. End. June 30—
Net income after provision for deprec. and Federal
income
taxes
Earnings per share
(no par)
—V.
(&
Corp.
1937
1938
$194,920
$323,203
Period End. June 30—
Net
oper. revenue._
oper. expenses.
rev.
1938—Month—1937
$86,713
$106,385
83,552
99,971
or
$3,161
7,797
$6,414
7,482
10.214,916
2,040,258
1,822,005
2,zl5,521
1,126,840
Subs.)—Sales—
146. p. 3501.
Granite City Steel Co.—Earnings—
6 Mos. End. June 30—
Sales billed
Costs,
1937
1938
$640,592
579,102
$61,491
46,469
def$12,791
46,457
1936
1935
$2,915,138
$7,594,022
$4,636,678
$3,651,336
deprecia¬
exps.,
3,159,385
7,217,200
4,532,000
3,305,907
loss$244,247
9,456
$376,821
$104,678
$345,428
11,948
7,439
15,248
loss$234,791
Interest charges
32,969
Special charges, includ¬
ing Federal taxes.
3,974
$388,769
16,191
$112,118
$360,677
...
Net profit_________
operations
382,505
12,303,768
3,235,819
3.7%.
—V.
from railway
Railway tax accruals
219,958
13,007,628
3,501,312
For the six months ended July 2, last, retail sales totaled $14,727,360
against $15,100,383 in first half of 1937, a decrease of $373,023 or 2.4%.
Total income
$497,354
510,145
,
8,225,452
defl3.586
Grand Union Co. (&
Other income
1938—6 Mos.—1937
1935
Retail sales for quarter ended July 2, 1938, amounted to $7,629,424 as
compared with $7,928,015 in second quarter of 1937, a decrease of $298,591
Operating income
'
1936
$2,116,265
571,808
—V. 147, p. 112.
tion,&c
Georgia & Florida RR.—Earnings—
Railway
Railway
share on the
$1,763,134
351,409
206,203
$0.54
147. p. 112.
A
per
defll69,922
Gross from railway
Net from railway......
597,172 shs. capital stock
on
cents
1937
$2,035,099
466.379
$1,407,377
120,940
Net after rents.def91,332
From Jan. 1—
Subs.)—
$0.33
_____
dividend of 25
1938
Gross from railway
Net from railway
Net after rents
Income
a
no par
was
Grand Trunk Western RR.—Earnings-
1938—12 Mos.- -1937
$6,369,930 $13,556,692 $12,529,670
4,782,079
10,358,866
9,324,396
>,811,733
5,192,340
revenues
have
value, payable Sept. 15 to holders of record Sept. 1.
paid on June 15, last; a dividend of $1.25 was paid on
Jan. 26, last; dividends of 50 cents were paid on Dec. 15, Nov. 15, Sept. 15
and June 15, 1937; a dividend of 25 cents was paid on March 15, 1937; a
special dividend of $1 was paid on Jan. 25, 1937 and a regular quarterly
dividend of 25 cents per share was distributed on Dec. 15, 1936.—V. 146,
p. 3669.
stock,
June—
1938—6 Mos.—1937
$1,619,393
Other
on
Mfg. Co.—To Pay 25-Cent Dividend—
directors
common
Telephone Corp. (& Subs.)—Earnings-
Period End. June 30—
Operating
Operating
estimated surtax
cover
3014.
p.
The
Like amount
income
profits.—V. 146,
a
Gorham
3,208
59,095
a
connection with the main line of the Southern Pacific at Leland,
about 90 miles, in Curry and Josephine counties, Ore., on condition that
not more than 50% of the cost of road and equipment be represented by
funded debt, and that construction be commenced on or before April 1,
1937, and be completed on or before March 31, 1938.—V. 142, p. 2159.
Coast, to
Depreciation
Depletion
Corp. & property taxes.
been shown, canceled
16, 1936, the Gold Coast RR. was authorized by
line of railroad from Port Orford, on the P icific
Under date of March
Prof, before allowances
Canceled—
July 14 having decided that
definite prospect of construction of the line has not
the certificate authorizing construction by the road.
x
p.
49,083
Provision for Federal tax
on
6,674
48,303
$323,495
loss$271,734
x$105,444
$312,373
undistributed profits unnecessary.—Y. 146,
3669.
1
Railway oper. deficitEquip, rents (net)
Joint facil. rents (net)..
Net ry. oper. deficit.
.
$1,068
Drl,210
Drl ,909
o ow
$59,248 prof$15,021
Cr385
Drl 1,674
Drl 1,792
Drll,622
Non-oper. income
$8,024
1,481
$4,188
1,383
$2,805
$8,275
8,002
$70,655
8,760
$6,543
_
$61,895
5,658
Great Northern Ry.—Earnings—
1938
1936
1935
$9,120,317
3,716,773
3,805,357
$8,302,690
3,388,133
2,570,998
$6,307,768
2,448,983
1,839,460
29,947,089
5,233,480
41,207,930
11,925,046
36,886,929
10,535,592
32,090,646
9,777,934
308,932
Net after rents
1937
$5,963,838
1,994,196
1,176,719
June—
Gross from railway
Net from railway.
8.740,351
6,809,260
5.788,086
From Jan. 1—
Gross
deficit
Deduct. from income
957
Deficit before interest
978
'
$7,500
$3,783
-Week Ended July 141938
1937
Operating revenues
$17,275
$24,500
$
$5,897
$67,553
—Jan.
1
273
5,624
July 14—
1937
$696,742
to
1938
$526,414
1938—Month—1937
1938—12 Mos.—1937
$2,274,256
$2,357,507 $28,575,353 $28,167,083
Operating exps. & taxes.
1,112,978
1,245,070 xl4,797,808 xl4,380,339
Provision for deprec..
230,000
230,000
2,760,000
2,211,250
revenue
_
_
Gross income
Int. & other fixed charges
Divs.
on
pref. stock
Balance—
x
$931,278
547,190
$882,436 $11,017,545 $11,575,494
535,304
6,611,696
6,391,126
$384,088
245,862
$347,132
245,862
$4,405,849
2,950,350
$5,184,367
2,949,772
$138,225
$101,369
$1,455,499
$2,234,595
No provision was made in 1936
ributed profits as all taxable income
—V. 147, p.
Green
113.
Bay & Western RR.—Earnings—
or
1937 for Federal surtax
was
$128,780
36,919
15,214
on
undis-
distributed.—V. 146, p. 4115.
From Jan. 1—•
Gross from railway..—
Net from railway
Net after rents.
—V.
147,
1937
1938
June—
Net after rents
Georgia Power Co.—Earnings—
Period End. June 30—
Net income
-
railway
Net from railway.
Net after rents
Gross from railway
Net from railway
—V. 147, p. 572.
Gross
Gross from
p.
$147,974
38,207
707,947
162,775
842,899
205,855
110,096
19,556
def57,277
1936
1935
$140,946
36,381
15,558
$ 99,436
15,643
def7,980
780,207
186.057
689,333
144,039
74,393
87,101
113.
Gulf Mobile & Northern
1936
$575,290
230,120
1935
141,599
110,428
$490,465
158,271
79,137
3,225,393
901,011
3,825,571
1,367,028
3,433,857
1,223,446
2.804,025
857,179
301,079
713.207
578,785
404,186
$500,610
134.244
^
Gross from railway
Net from railway.
-
1937
$582,787
173,619
46,366
Net after rents
From Jan. 1—
Net after rents.
RR.—Earnings—
1938
June—
Gross from railway
Net from railway.
-
-
Volume
Asks
Financial
147
Authority to Make Operating
commenced
Changes—
The company has asked the Interstate Commerce Commission to
permit
RR.
it to abandon operations over 113 miles of the line of Illinois Central
between Bemis, Tenn., and Paducah, Ky., and over certain terminal facil¬
ities of Nashville, Chattanooga & St. Louis By. at Paducah.
The G. M. & N. and the 111. Cent, made an agreement June 7,1933 cover¬
ing this trackage use.
Illinois Central later served notice that effective
April 30, 1936 no G. M. & N. trains could move over the tracks unless they
were manned by Illinois Central employees.
By a court order June 30,
1938 the G. M. & N.
refused its request that Illinois Central be com¬
pelled to permit trackage use without the use of Illinois Central employees.
The court allowed 20 days from the date of the decree for its order to be
effective.
It is understood that the application filed by the G. M. & N. is a pre¬
Ohio.—V.
&
147,
Assets—According
merger
of the G.
M.
&
to the pro forma consolidated balance sheet
li, 1938, the net tangible assets were as follows:
estate, buildings, machinery & equipment-. $3,035,271
June
Real
Less reserve for
depreciation
$288,970
20,045
36,521
_
Sundry deposits with fire insurance company, &c.
charges
^
JNet
N. with the
-
current
at
$1,752,420
planned will be expended in whole or in
part in
improvements to the machinery and equipment
of the
company and its subsidiary
Deferred
as
l ,282,851
Portion of cash proceeds of bond issue which it is
-
.
after making provision for all
assets
current liabilities
269.
p.
741
the
at;
quarterly rate and have since been regularly made
together .with an additional
payment of 50 cents per share at April 1,1938,
leaving dividends in arrears of $6 per share, aggregating $110,910.
was
liminary step toward the eventual
Mobile
Chronicle
702,871
1,048,408
Gulf & Ship Island
June—
RR.—Earnings-
1938
Gross from railway.____
1935
101,234
20,006
1936
87,967
def9,306
def35,674
i33,630
19,347
92,707
def2,771
def28,032
645,906
41,987
defl22,615
830,804
172,970
23,673
719,922
112,192
def36,382
Net from railway.
Net after rents.
From Jan.
1937
29.265
def3,528
1—
Gross from rail way.
____
Net from railway
Net after rents.
;
642,523
88,750
def50,263
—V. 147, p.4116.
(C. G.) Gunther's Sons—Registrar—
preferred, second preferred and
Equal to $2,435.50 for each $1,000 1st mtge. & coll. trust bond to be
presently outstanding.
Earniiuis—The combined net earnings of the company and its sub¬
sidiary, Trent Cotton Co., Ltd., after deduction of adequate provisions
tor depreciation of
buildings .plant, machinery and equipment, and making
provision for Dominion and Provincial taxes at
present rates, wnich would
have been available for interest on the 1st
mtge.
were as
52
The Marine Midland Trust Co. of New York has been
for the first
$2 800 829
common
appointed registrar
133, p.
stocks.—V.
1460.
Hale & Kilburn
Years End. Mar. 31—
Co.—Earnings—
1937
$737,113
311,707
c
Operating profit
Sundry income and prior
period items
$506,939
$541,802
$425,406
$33,550
20,359
21,085
10,588
Operating revenues
Operation
116,616
$527,297
allowed,
$562,887
$435,993
$49,117
68,955
54,849
83,750
51,031
84,753
77,028
28,370
79,323
&c
60,779
profits taxes.
profits
63,427
Cr3,944
dividends
stock
share
yPar
Retire,
Cr6,814
Cr26,326
$83,924
$97,066
6
76
56
$8,080
2,917
$6,145
$83,999
35,000
$97,122
35,000
$5,163
$3,228
138
171
$48,999
2,132
$62,122
2,285
$5,025
accruals.
___
_
Interest charges
$3,057
$46,868
39,312
$59,837
58,968
...
2,917
Net income
Dividends declared
—Y. 147, p.
Cr20,320
$371,494
$254,719
loss$38,257
1,605
373,304
y93,326
y93~,326
$3.90
$2.44
y9|f,326
z
Liabilities—
1937
$130,371
330,738
335,182
623,526
534,381
15,224
(net)..
Inventories
Other assets
56,701
8,827
27,194
Fixed assets
611,278
Patents, &c
37,024
34,718
1
1
2,377
4,566
Goodwill..
Mtge. bd. ext. exp.
4,383
un¬
Acer. Fed. inc. tax
Bldg. mtge. pay.
2-yr. 5% deb .notes
x
Reserve.
3,823,943
638,235
148,696
2,134,627
362,582
1,828,561
284,881
Net profits for period. $1,227,134
Surplus at beginning of
$3,037,011
$1,772,044
$1,543,680
13,636,948
10,623,674
10,178,157
10,229,141
year.
19,969
sale
of
excess
of
402,885
18,541
Total surplus
Preferred dividends
-
...
$14,864,082 $14,063,570 $11,950,201 $11,772,821
262,464
262,464
306,208
369,372
855,862
1,768,904
1,167,758
875,383
Common dividends
60,575
80,963
Shs.
64,800
72,000
Earnings
170,000
19317
15,926
9,811
491,447
373,304
252,838
175,073
Com. stk. ($1 par)
Earned surplus...
$1,735,268 $1,552,751
from
stock in
65,516
103,960
Deferred income..
1,936
1935
95,000
Paid-in surplus
Total...
$96,871
1936
1937
$64,223
Preferred stock...
Instalment financ¬
ing charges
on
Acer .sal..wages,Ac
475,577
Unexpired ins., &c
dep.
shipped orders..
Bank loans
1937
stated value
1938
Acc'ts payable, Ac.
Adv.
rec
(& Subs.)—Earnings—
$23,678,788 $16,443,876 $14,585,682
1,433,401
206,266
sources
com.
1938
573.
Fed. income tax (est.)..
Undistributed profit tax.
Proceeds
$5.
$54,006
304",795
Surplus at June 30—-$13,745,757 $12,032,203 $10,476,235 $10,528,065
com.
stk. outstand'g yl,316,710
1938
107,443
1937
$
$
Assets—
1938
Liabilities
Plants and prop.18,536,044 17,559,870
Cash
1,865,637
5,650,286
Accts. receivable.. 3,201,612
4,753,196
y
Par $5.—V. 146, p. 1553.
z
Treasury stock..
1,577,474
securities.
75,070
Invest,
Hamilton Cotton
Co., Ltd.—Bonds Offered—A. E. Ames
& Co., Ltd., Toronto are offering in the Canadian markets
$1,150,000 1st mtge. and coll. trust bonds as follows:
$300,000 3% serial bonds due Aug. 1, 1939-43 (which have
been sold) and $850,000 434% sinking fund bonds, due
Aug. 1, 1950, at 100 and int.
Principal and interest (F. & A.) payable in lawful money of the Dominion
of Canada at any branch in Canada (Yukon Territory excepted) of the
company's bankers.
Denom.:
Serial bonds, $1,000: sinking fund bonds,
$500 and $1,000.
Bonds may be registered as to principal only.
Trustee,
National Trust Co., Ltd., Toronto.
Provision will be made for a yearly
payable in cash or sinking fund bonds taken at the then
redemption price, commencing Aug. 1, 1944, which, together with
of the serial bonds, will be suf¬
this issue before maturity.
The
company will have the right to anticipate sinking fund payments.
The serial bonds maturing 1939-43 inclusive are redeemable at the option
of the company at any time on 30 days' notice in whole, or in part to be
selected by lot, at 101 and interest.
The sinking fund bonds are redeemable
at option of company at any time on 30 days' notice in whole, or in part
to be selected by lot, at 102 and int. up to and incl. Aug. 1, 1943: at 101H
and int. thereafter up to and incl. Aug. 1, 1946; at 101 and int. thereafter
up to and incl. Aug. 1, 1948; at 100H and int. thereafter up to and incl.
Aug. 1, 1949, and at 100 and int. thereafter to maturity.
Company will
have tne right to purchase bonds for redemption or sinking fund on the
market or by private contract at prices not greater than the redemption
price current at the time of purchase.
In the opinion of counsel, bonds are investments in which Canadian
and British
Insurance Companies Act,
1932 (Dominion) states com¬
y583,574
$2.01
y583,865
$2.51
Balance Sheet June 30
159,512
Total...
y590.722
$4.70
$0.73
share
per
After
deducting all expenses, incident to manufacturing and sale
ordinary or extraordinary repairs, maintenance of plants, accidents, de¬
preciation, &c. y Average number of shares outstanding, z Includes capital
surplus.
x
y466,630
Includes $7,200 for first instalment of ouilding mortgage due Feb. 15,
y
res.
Gross income
Consolidated Balance Sheet March 31
Assets—
Cash
Notes & acc'ts
$6,138
1
Hercules Powder Co., Inc.
$327,843
17,566
242,648
x373,304
$0.82
Common dividends
xPar $1.
$563,725
358,387
25,546
82,726
6 Afos. End. June 30—
1938
Gross receipts
$15,598,476
x Net
earnings from all
♦
inventory write-offs
per
$570,947
368.712
30,503
87,808
45,818
valuation res. against
merchandise inventory
Earnings
$45,536
29,669
2,412
7,316
$8,078
Balance
18,814
tax
Prov. for & reduction of
common
-Earnings-
$45,971
27,704
2,638
7,551
Non-oper. income (net).
Prov. for Fed. undistrib.
Preferred
d 24 weeks ended June 11.—V. 146, p. 3806.
discount
Prov. for depr. & amort.
Provision for Federal inc.
& excess
21.374
6,350
43,709
iqsr— t\a
_
Net oper. revenues
15,567
paid,
Available for bond interest,
Period End. June 30—
$150,166
Total
$181,039
142,602
150,193
155,316
49,731
Before providing for depreciation, income taxes, and bond Interest,
b Provision for Dominion
and Provincial taxes at present rates (estimated).
Taxes
$1,095,198
553,396
Interest
121,510
Net Earns.
c
1935
1936
$1,243,429
736,490
...
h Taxes
$26,583
19,103
20,432
a
Haverhill Gas Light Co.
profit on sales
Sell., adrn. & gen. exps..
x
292,907
298,201
99,790
Maintenance
1938
Gross
1938.
99,324
122,281
Dec. 26,1936
Corp.—Liquidating Dividend—
Hammond Instrument
Shares
Deprec.
$103,671
366,031
Dec. 29,1934
June 11,1938-d
Co.—Discussing Financing—
Directors have declared a liquidating dividend of $6.50 per share on the
7% non-cumul. pref. stock, payable at the Continental Bank & Trust Co..
New York.—V. 146, p. 3955.
&
Earnings
$311,294
a.
Dec.24.1937
Hackensack Water
Henry L. deForest, President states that the company is discussing with
its bankers, White, Weld & Co. and Kean, Taylor & Co., the refinancing of
its outstanding bonds.
This would involve calling all the outstanding
bonds of the company.—V. 146, p. 3188.
bonds to be presently issued,
follows:
Weeks Ended—
U. S. Govt. sees..
Accts.
pay.
crued
$
15,443,625
9,619,400
& ac¬
accounts.
1,679,309
205,978
38,129
Preferred divs
1,857,921
20,948
3.897.758
Other assets
1937
$
Common stock.. 16,945,850
Preferred stock— 9,619,400
x
Federal taxes (est.)
Deferred credits..
873,386
131,232
22,750
833,490
1,838,561
131,232
31,237
1,301,828
219,721
1,012,492
Reserves..
4,162,291
4,011,476
3,579,870
Finished products. 4,333,654
Deferred charges..
241,718
5,919,091
Earned surplus._.
Capital surplus-..
9 633,301
11,087,961
944,242
5,000,000
5,000,000
Inv. In assoc. cos.
.
Mat'l & supplies..
Goodwill
4,355,802
162,138
46,334,157 44,409,563
Total...
46,334,157 44,409,563
Total
4,112,456
Represented by 1,355,668 (617,745 in 1937) (no par) shares, y After
for depreciation of $16,624,275 in 1938 and $15,867,979 in 1937*
z Consists of 8,706 shares of preferred and 38,958 (22,355 in 1937) shares of
common.—V. 146, p. 3501,
x
reserve
sinking fund,
current
the payment at maturity or redemption
ficient to redeem 75% of all the bonds of
Hey wood-Wakefield Co.—Earnings—
profit after all chgs.
x
$4:51
Nil
Consolidated Comparative
$98,427
Accts. receivable..
Notes
1937
$158,529
1938
Assets—
Cash.....
11,163,622/ 1,471,803
i.J
receivable.-J
Inventories...—
Miscell. investm'ts
.......
2,219,159
21,503
equlpm't 4,009,670
Patents & goodwill
1
Deferred charges..
115,734
Plants &
\
245,430
2,572,604
15,835
3,883,708
1
156,842
per annum preference stock
Common stock ($30 par)—.
Dividends
Jan.
1,
1932.
($30 par)
$300,000
850,000
TAabUities—
Nil
,
1938
Accrued
taxes,
Prov.
5%
$190,427
900,000
111,346
258,562
payrolls,
&c..
for
income
Federal
taxes
57,135
81,518
608,800
608,200
10-year regis.
deb. bonds
A
B
1st
1st
pref.
12,000
Surplus
$7,628,115 $8,504,751
Total
Total
22,700
pref.
stock (par $25). 3,487,000
Com. stk. (par $25) 1,500,000
-V. 146, p.
1937*^1
$247,633
350,000
Notes payable
stock (par $100)
1,254,201
3,487,000
1,500,000
1,450,344
..$7,628,115 $8,504,751
3669.
Hollinger Consolidated Gold Mines, Ltd.—Usual Extra
Dividend—
declared an extra dividend of 5 cents per share in addition
regular quarterly dividend of 5 cents per share on the capital stock,
payable Aug. 12 to holders of record July 29.
Similar amounts were
distributed in preceding months.
See also V. 147, p. 113 for record of
previous dividend payments.—V. 147, p. 573.
Directors have
600,000
554,550
600,000
600,000
the
cumulative preference stock were suspended on
On April 1, 1935, payments on account of arrears were
on
$2.78_
Outstanding
bonds
% serial bonds, due ann., Aug. 1,1939 to 1943—152,000,000/
4 Yi% sinking fund bonds, due Aug. 1,1950
j
1
Cumulative convertible sinking fund ($2 dividend
loss$53,129
Balance Sheet June 30
Series
of Commerce,
First mortgage & collateral trust
_
Accounts payable.
Series
Capitalization—(After giving effect to the redemption of all the out¬
standing $713,000 5M % 1st mtge. sinking fund gold bonds series A, due
April 1, 1948, to be redeemed at 103 and int. on or about Sept. 19, 1938,
at any branch in Canada (Yukon Territory excepted) of Canadian Bank
Authorized
1935
$254,948
Loss,
panies registered under it may invest their funds.
and $85,000 secured notes of Trent Cotton Co., Ltd. (a
wholly-owned subsidiary) due May 1, 1939, to be redeemed at 100 and
accrued int. on or about Aug. 18, 1938,and upon conlpletion of present
financing.)
$358,607
x$153,312
Earns, per sh. on com
1936
1937
1938
6 Mos. End. June 30—
Net
to the
both
Financial
742
Co., Ltd.-
J Honolulu Rapid Transit
Period End. J une
30—
$95,512
05,252
$603,965
Net rev. from transp.
$37,454
$30,261
Bev. other than transp .
1,551
3,188
$223,289
10,026
Net
rev.
—
—
Depreciation
—
Profit and loss
20,467
—
$233,315
$201,135
8,350
66,226
United States
market quotations x—
Government securities
16
12,359
74,155
Cr200
Crl51
2,894
5,424
"""556
$51,677
$12,183
$7,736
Net revenue
Making total resources of...
Against which the company had
1938
30—
administrative expenses
$154,052
5,384
x
the new ($2.50 par) snares. _
provision made for
undistributed profits tax.
$196,816
84,444
396
y Notes, &c., ree.
Sundry accts. ree.
1,322
U. S. Govt, sees
Other bds. & stks
■}
(675,731
819,075
$34,054
expenses.
84,459
236,315
73,964
7,206
6,209
10,765
Land, buildings,
machinery, &c—
500,613
619,989
Pats. & goodwill..
1
From Jan.
24,550
Accrued Int.
z
ree
Deferred charges..
New
Hudson & Manhattan
Oper. expenses & taxes__
$639,788
422,810
$3,661,990
2,666,693
$3,980,187
2,543,142
Operating income
Nonoperating income
$151,978
11,901
$216,978
12,093
$995,297
71,333
$1,437,045
73,280
$163,879
287,784
$229,071
290,159
$1,066,631
1,727,843
$1,510,325
1,743,865
$123,905
$61,087
$661,212
$233,540
Income charges......
x
Income interest on adj. income
Illinois Central
From Jan.
1935
1936
1937
1938
Gross from railway
$8,874,867
1,443,650
2,093,528
$8,941,454
2,065,295
953.266
$7,901,743
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
46,862,193
9,452,939
5,151,396
1,583,629
945,450
1—
Gross from railway
Net from railwayNet after rents
.
.
„
Earnings of Company Only
From Jan.
.
$6,893,560
1,440,730
740,362
$7,585,421
1,048,304
1,715,678
$7,702,571
42.969,081
9,779,936
4,965,381
.
48,695,337
9,481,510
5,446,514
46,854,976
10,160,384
5,276,905
1,667,662
773,612
$6,896,046
1,344,600
887,802
1—
Net after rents
.41,298,346
8,367,687
5,146,651
147, p. 422.
Co.
Illinois Terminal RR.
-Earnings—
1935
1936
1937
1938
June—
$410,992
99,859
40,647
$507,193
186,233
114,378
2,493,263
646,512
276,514
3,122,344
1,148,449
720,088
2,919,285
1,060,118
Net after rents
From Jan. 1—•
Gross from railway
Neb from railway
Net after rents
—V. 147, p. 113.
$404,573
105,917
64,723
$484,527
Gross from railway
Net from railway
Illinois Water Service Co.
168,521
114,481
743,969
2,475,514
742,194
,
494,976
-Earnings-
quarterly dividend of $1.25 per share was
sent to Reduction in
President and General Manager, has addressed
ref. & impt. bonds, asking them to approve
President Yungblutn says in part:
Despite adverse experiences common to all businesses, as a result of nine
years of depression, and despite circumstances affecting particularly those
engaged in transportation, the management has succeeded so far in keeping
tnis company out of receiversnip and reorganization.
In common witn all lines of business, this company has experienced sharp
Bernard J. Yungblutn,
letter to the nolders of the
certain modifications to the mortgage.
Net income
a
low point in
1933.
period, and tnrougn 1935.
Since that time tne trends of expense have
largely to increased labor costs and taxes.
Particularly
heavy increases nave been experienced in taxes.
A State law passed last
year levies a special tax against public utilities for relief purposes.
This
tax alone costs tne company roundly $175,000 a year.
Last year, with the
special relief tax in effect for only six months, taxes consumed more than
11% of the company's revenue.
In January, 1938, as tne result of an unprecedented ice jam at Niagara
Falls, tne company suffered a great loss in the destruction of Falls View
Bridge.
Revenue from this bridge last year amounted to $321,039.
In addition to these proDlems, the company is faced with changing con¬
ditions peculiar to tne transit industry.
During the last few years the man¬
agement has substituted bus operation for street car operation on many
routes and is greatly encouraged by tne increased revenue directly at¬
been upward, due
_
,
,
tributable thereto.
'
Although tne Dondholders have received full Interest regularly and
promptly, and prior lien bonds nave been retired at maturity, no dividends
nave been paid to holders of common stock of tne company since 1918.
As a
result of the depression, it became necessary in Marcn, 1931, to suspend
preferred dividends.
Since July, 1935, it has been necessary to defer pay¬
ments to tne sinking fund set up under the mortgage..
The current decrease in its system revenues indicates clearly tnat, unless
there shall very soon occur such substantial upturn in general business
prosperity as is hardly to be expected, the company will be unaole to meet
its Nov. 1 interest payments in full, although partial payments of such
interest can be made.
Under these circumstances, the management deems
it its duty to the bondholders to apprise them in advance of the situation
with wnich tney will probably be confronted on Nov. 1, and to formulate
for their consideration a plan by wnich they can avoid the disadvantages
involved in a reorganization under Section 77-B of the Bankruptcy Law;
hence the proposal of the following:
Plan for
„
„
,
.
,
Meeting the Conditions
Provide Cash by Partial Deferment of Interest—To meet tne current
for mainetnance and operation of the property and for necessary
$276,357
capital expenditures, tne company proposes that the interest rate on IRC
bonds be reduced temporarily from 5% to a minimum of 3%, more to be
$277,211
171,990
1,375
3,949
853
291
Preferred dividends
.
700
$82,418
52,427
30,000
...
Common dividends
needs
$99,195
53,400
—V. 146, p. 3018.
Incorporated Investors- ■Earnings—
3 Mos. End. JuneSO-r-
1938
1936
1937
1935
$370,826
52,517
$311,407
63,205
22,246
Taxes
$474,561
88,654
22,667
80,218
27,700
4,150
4,669
3,786
241
Management fee..
$589,773
3,162
Income from cash divs.
38
347
973
10,920
agent's fees and
expenses
Miscellaneous
(1)
paid if earned, the difference
Net income
(2) Purchase Bonds with Funds Now Idle
Sinking Fund—Tne company has on deposit
$302,629
trustee under
ments
..
Cash dividend
Undivided earns.June 30
the mortgage,
into the sinking fund were
of such
xl,412
x20,755
result contemplated
809",908
610,218
374,806
386,520
years
$1,032,461
$1,084,483
$737,846
696,000
$709,905
$1,084,483
$41,846
$106,086
have resulted in the
\
446,318
$586,143
603,819
Representing amount included in price of new shares for participation
earnings before expenses for the quarter to date and in the
graduated in yearly instalments in such
equal by Jan. 1, 1949, witn interest thereon, tne total face
prior lien bonds and refunding and improvement bonds
issued to retire them.
These provisions as to the sinking fund Were set
up on tne assumption that these bonds would be purchased at par.
Large
numbers thereof have been acquired for tne sinking fund from time to time
at considerably less tnan par, so that tne payments into tne sinking fimd
amounts as to
$361,628
ing
paym't for
par¬
ticipation in undividedI.';.
earnings
Undivided earnings
and Defer Payments into the
with tne Bankers Trust Co.,
avails of an award by the Privy Council
at London in compensation to tne company for its Canadian Division,
which amount to more than $800,000.
This money snould be used for the
purchase and retirement of bonds of the company, witn obvious resultant
advantages to the nolders of the remaining bonds; but on request tnat it
be so used, the trustee has advised tnat it cannot consent because of the
default wnich exists in payments into the sinking fund.
Tne proposed
waiver seeks to cure existing and like future defaults, tnus deferring future
payments into tne sinking fund until interest and other payments shall
have been made in full as below set fortn.
Tne sinking fund was set up in the mortgage solely for tne purpose of
providing for tne payment when due of prior lien bonds of tne total face
amount
of $12,651,500, and such of the refunding and improvement
bonds as should be issued to pay or retire such prior lien bonds.
The pay¬
as
$474,265
$222,553
Part of proceeds of sales
of cap. stock constitut¬
between the amount paid and the amount of
before any dis¬
interest at 5% to be cumulative and to be paid on the oonds
tribution to stockholders by way of dividends or otherwise.
amount
long-continued depression.
Revenue
Succeeding years showed some general im¬
reductions in revenue throughout the
$644,128
367,770
144,059
1,125
3,377
Interest on funded debt
Amortization of debt discount and expense
Amortization of commission on preferred stock
x
Con¬
Interest—-
$231,272
Miscellaneous interest
in accrued gross
distributed.—V. 147, p. 114.
Ry., Buffalo—Bondholders Asked to
$230,139
1,133
...
Gross income
Total income
America—Pref. Div.—
declared a dividend of $1.25 per share on account of
the 5% cumulative preferred stock, par $100, payable
Aug. 15 to holders of record Aug. 8.
Like amount was paid on May 16
and Feb. 15, last, and a dividend of $5 per share was paid on Dec. 10 last,
this latter being the first dividend paid since Aug. 15, 1931, when a regular
accumulations on
$572,096
341,956
Other income.
Transf.
in which the Bowater Co. purchased the Corner brook
International Power & Paper.—V. 146, p. 3956, 3670.
1937
1938
Years Ended June 30—
Operating revenues
Operating expenses and taxes
y
company,
„
Gross from railway..
Net from railway
—V.
1935
1936
1937
1938
June—
Gross from railway..
Net from railway
Net after rents
Ltd.—
Nfld.
tnis
$7,950,612
1,727,233
827,857
.
of
provement, but while the first depression was still upon us, the second de¬
pression set in during the later months of 1937 and currently revenues are
running below the 1933 level.
Tne management effected sharp reductions in costs of operation during
Earnings of System
June—
Net from railwayNet after rents
new
reached
bonds at 5%.—V. 147, p. 422.
RR.—Earnings—
.
Co.
Bowater-Lloyd Newfoundland, Ltd., with a £500,000
will, it is reported, acquire certain shares of International
Co. of Newfoundland, Ltd., from Bowater Paper Mills, Ltd.
The new company, it is said, will carry on the business as manufacturers
and dealers in pulp, cellulose, paper and other wood products.
This is
A
a
Deficit...
Paper
Power & Paper
International
1938—6 Mos.—1937
1938—Month—1937
Gross income
&
Power
Company Acquires Control—■
nominal capital
RR.—Earnings—
$581,228
429,250
x
5,694,718
l,u40,326
279,016
p.114.
International Rys. of Central
$1,862,964 $2,108,926
Total
of $3,500.
Period End. J une 30—
;
part of the transaction
in 1937.—V. 146, p.
Gross oper. revenue.....
5.787,032
854,095
def29,937
— -
newsprint mill of
Represented by 480,000 shares capital stock, par $2.50, y After reserves
z After reserve for depreciation of $358,779 in 1938 and $335,207
3670.
x
6,503,935
1,084,455
20,732
1935
$926,712
92,967
def31,021
i936
$963,744
126,544
defl5,461
The directors have
$1,862,964 $2,108.9261
Total
1937
$1,038,354
175,460
21,513
1—
International
l
15,120
547,057
10.934
Cl'ms In closed bks.
1,200,000
470,486
Capital stock...
\268.734 Surplus
106,727
1,200,000
taxes
x
1938
$944,843
74,240
def54,018
r
Gross from railway
$18,826
Provision for Fed'l
283,323
233,084
Inventories
Accrued
107,877
of this department.
5,9o4,723
628,496
def345,285
June—
Gross from railway
Net from railway—
Netafterrents
payable-
books
International Great Northern RR.—Earnings—
—V. 147,
Accounts
$205,699
given on first page
June 30 '38 Dec. 31 '37
Liabilities—
June 30 '38 Dec. 31 '37
Assets—
•
.$59,564,336
of
of $50,564,336 were equivalent to $17.06 for each of
Net from railway
Sheet
Balance
■
Cash
$353,000
$0.73
94,500
4,000,
Investors,1 Inc.—Registers with SEC—
Insured
See list
7,746
Net after rents
Net profit
No
$434,398
21,908
59,490
$115,429
$0.24
—
63,205
—....
—
2,964,644 shares.
x These investments are carried at their cost of $49,246,397 on the
of the company.—V. 147, p. 269.
$426,652
$159,435
23.571
20,435
—
Depreciation
x
$568,799
142,147
97,272
Operating profit-»wi—i--*--—
Net income on bonds and miscellaneous
Provision for Federal income tax
1037
$251,324
—
liabilities of management fee
— —
This leaves net resources
Mfg. Co.—Earnings—
6 Months Ended June
Manufacturing profit
....
$71,696
147, p. 269.
Net profit per share on
$50,726,042
—
payable July 1, 1938
— Estimated Federal and State taxes...—...............
The net resources
x
...
and preferred stocks.
Interest and dividends received
Accrued expenses
Selling, general and
....
13,578,438
1,143,750
32,233,025
146,240
Railroad bonds
49,994
10,000
102,719
1,000
Hoskins
$3,624,589
1938, the company had cash.....
Investments, at
CY338
Replacements
—V.
Condensed Statement of Net Resources June 30, 1938
On June 30,
$180,668
$33,449
$39,005
11,079
1,667
17,861
from oper—.
—
$556,955
376,288
440,676
Common
Taxes assign, to ry. op__
Interest
undivided earnings account,
y Includes interest of $85,965 in
1938, $18,966 in 1937, $2,494 in 1936, and $40,501 in 1935.
1938—6 Mos.—1937
73,024
$110,478
Gross rev. from transp—
Operating expenses
193S
July 30,
.
balance in
-Earnings—
1 o
Chronicle
nence.
acquisition of bonds to tne par
vahm of $8,678,300, a
four
under tne original scnedule to be reached in 1942,
Of the prior lien bonds tnere now remain outstanding
with
payment not yet provided for only $523,000 par amount of Buffalo Traction
bonds due in ten years on Dec. 1,1948.
Bondholders Protected—Tne plan for waiving defaults in sinking fund
payments and for reducing current payments on account of interest safe¬
guards the interests of the bondholders by making sucn waiver and agree¬
ment conditional upon compliance by the company witn tne following re¬
quirements:
Volume
Financial
147
(а)
The company shall pay to the trustee in instalments to
on or before Dec. 1, 1948, an amount sufficient to
pay off tne
tion Co. bonds outstanding In the hands of the public.
(б) The company shall pay to assenting bondholders not
upon the face amount of bonds outstanding, and in addition,
income wnich tne company snail have earned up to a sum
per annum thereon, after deducting only the minimum of 3%
and not tne amounts paid under
(a) above.
Chronicle
be completed
Buffalo Trac¬
_
„
less than 3%
all of the net
equal to 5%
interest paid
(c) The company shall pay to the trustee annually 25% of the remainder
of its net income after deducting
payments set fortn in (a) and (6) above;
tnis money to be used for the purchase of refunding and improvement bonds.
(d)
Tne company shall annually eitner pay to the trustee to be used for
the purcnase of refunding and
improvement bonds, or expend for the
acquisition of additional property to be placed under tne lien of the mort¬
gage, 50% of the remainder of its net income after deducting the payments
743
Kansas City Power & Light
Co.—Earnings—
Period End. June 30—
Gross earnings
exps. (incl. maint.
& gen. &
property tax)
719,220
of
8,540,238
8,331,829
$714,777
115,434
8,497
187,291
$8,945,967
1,382,364
102.436
2,270,891
$8,983,022
1,455.412
103,816
2,232,629
2,674
5,386
60,000
Depreciation
721.514
$649,826
114,529
8,540
190,990
Net earnings
Interest charges
Amort, of disc. &prems.
Amort,
1938—12 Mos.—1937
$1,436,292 $17,486,205 $17,314,851
1938—Month—1937
$1,369,046
Oper.
4,015
5,571
78,003
26,245
67,647
868,017
16,611
69,859
507,816
limited-term
investments.
Misc. income deductions
Fed. & State inc. taxes..
set fortn above.
(e) No dividends shall be declared
or
paid
upon any
class of the company's
corporate stock until cumulative interest at tne rate of 5% per annum snail
have been fully paid and tne sinking fund requirements as set forth in tne
mortgage snail have been met.
Bondholders are asked to execute tne current instrument at
onc9 and
send it witn their bonds to the Bankers Trust Co.
The bonds will be en¬
Net profit and loss...
Earns, per share common
$267,706
$315,966
$4,228,367
$4,596,877
$0.47
$0.56
$7.60
$8.30
Note—No deduction is made in the foregoing statement for the surtax,
if any, imposed on undistributed
profits.—V. 147, p. 116.
Kansas Gas & Electric Co.
dorsed indicating their approval and returned promptly.
Income Account (Rail and Bus
■
.
Total revenues
Maintenance
Period End. June 30—
Operations) Six Months Ended June 30
1938
1937
$2,891,029
II
_
"
I
374,817
169,659
924,587
451,536
377,501
Power operation
Conducting transportation
General including accidents expenses
_
__
Taxes.
$3,217,613
462,105
'
224,124
904,153
378,965
278,707
Amort,
$502,749
276,126
income
633,390
$969,558
509,924
16,482
29,347
586,597
$603,043
Interest
Rentals, transfer taxes, &c
Amortization of discount
Depreciation
Deficit..
—V.
146.
$6,049,857
3,145,850
531
2,477
93
Property retirement re¬
serve
appropriations..
55,000
50,000
630,000
600,000
$171,092
5
$179,965
Dr4,573
$2,267,917
13,905
$2,303,914
16,003
$171,097
60,000
15,000
9,163
$175,392
60,000
15,000
11,179
$2,281,822
720,000
180,000
104,319
$2,319,917
720,000
Net oper. revenues
Gross income
Interest
Interest
on
on
mtge. bonds
deben. bonds
Other int. and deductions
i
Interest charged to con¬
struction
(credit)
m
rn*>
<*
5,285
180.000
102,784
16,046
2,047
$1,293,549
$1,319,180
3190.
p.
Jones &
Laughlin Steel Corp.—Issues Placed Privately—
has sold privately through Mellon Securities
Corp. as agent to eleven purcnasers two issues of bonds,
aggregating $13,500,000.
The issues consist of $8,100,000
1st mtge. 4s, series B, due serially July 1, 1940-46, and sold
at 100, and $5,400,000 of 1st mtge. 434s, due serially,
July 1, 1947-50, and sold at 98.
The purchasers of the bonds and the amounts purchased
The company
Net income
$92,219
$89,213
Dividends applicable to pref. stock for the period,
whether paid or unpaid..
Balance
—V.
147,
...
520,784
520,784
$772,765
$798,396
116.
p.
Kansas Oklahoma & Gulf
June—
Ry.—Earnings-
$183,727
87,337
52,819
1937
$181,777
112,125
60,131
1,111,053
518,069
318,500
1,096,005
557,044
329,111
1938
Gross from railway
Net from railway
Net after rents.
1936
1935
$192,411
102,695
63,744
$142,665
45,577
20,891
1,171,970
604,112
925,446
384,427
378.516
220.042
From Jan. 1—
follows:
are as
$6,248,073
3,347,679
limited-term
investments
$172,791
$592,929
518,407
13,761
30,414
.
1938—12 Mos.—1937
$508,408
278,443
of
Other income (net)
Gross
-Earnings—
1938—Month--1937
Operating revenues
Oper. exps., incl. taxes.
Gross from railway
Net from railway
Series B 4 Ms
„
Purchaser—
Maturities
Metropolitan Life Ins. Co.
$5,400,000
Net after rents
$1,350,000,1947to 1950,incl.
—V. 147, P. 424.
Series B 4s
Union Trust Co. of Pittsburgh..$3,810,000
National City Bank, New York.
2,050,000
Mellon Nat. Bank, Pittsburgh..
1,550,000
Farmers
Deposit
Pittsburgh-
Citizens
Nat.
Bank
Nat.
1942 to 1946, incl.
$100,000,
1940;
$200,000,
1941;
$250,000,
1942 to
1946, incl.
Bank,
450,000
of
$75,000 1941 to 1945, incl.
Wash¬
ington, Pa
60,000
Butler (Pa.) County Nat. Bank
& Trust Co. of Butler
Braddock (Pa.) National Bank..
National Bank of Charleroi (Pa.)
& Trust Co
Logan
$200,000,
1940;
$435,000,
1941;
$635,000,
1942 to
1946, incl.
,
$300,000,
1941;
$350,000,
$10,000, 1941 to 1946, incl.
48,000
$8,000, 1941 to 1946, incl.
$6,000, 1941 to 1946, incl.
36,000
Bank
&
36,000
$6,000, 1941 to 1946, incl.
36,000
$6,000, 1941 to 1946, incl.
$4,000,
Trust
Co. of New Kensington, Pa__
The bonds
notice
are
of
infringement suit against Rosedale Knitting Co., Reading, Pa., by
an
District Judge Oliver B. Dickinson in April, 1937.
Had the legality of the patent been upheld this company and the
1941 to 1946, incl.
redeemable at the option of the company after 30 days'
Kimberly-Clark
Corp.—Earnings—
Period End. June 30—
Sciios
(exclusive
interplant sales)
1938—3 Mos.—1937
of
Gen. & selling exps
$187,500 to reimburse the company's cash working capital for moneys
deposited with the corporate trustee, Union Trust Co. of Pittsburgh,
against the authentication by the corporate trustee and delivery to the
company of $187,500 of its 1st mtge. bonds, series B.
Company expects,
it is stated, to withdraw the sums deposited upon the completion of certain
projects now under construction or now contemplated.
The balance of the proceeds will be used to reimburse the company's
cash working capital.
Company has notified the New York Stock Exchange that the following
promissory notes and (or) assignmcts are on deposit as collateral under its
indenture of mortgage securing 1st mortgage bonds, series A, 4M% due
March 1, 1961:
Promissory Note of—
Dated
Amount
Inter-State Iron Co.
July 8, 1938
$5,272,676
Jones & Laughlin Ore Co
July 8, 1938
287,457
Shannopin Coal Co
July 8,1938
10,913,925
The Vesta Coal Co..
July 8, 1938
1,719,041
Adelaide Land Co
July 8, 1938
1,632,548.
Jones & Laughlin Steel Service, Inc
July 8, 1938
532,064
Assignment by Jones & Laughlin Steel Corp.
1
of the indebtedness of the Monongahela
Connecting Railroad Co
Apr. 8, 1938
410,000
Assignment by Jones & Laughlin Steel Corp.
of the
indebtedness of Aliquippa
and
Southern Railroad Co
Apr. 8, 1938
1,585,000
All notes dated prior to July 8, 1938, were surrendered to the Jones &
Laughlin Steel Corp. upon delivery and of the obligations dated July 8,
1938, as listed above.
Period End. June 30—
1938—3 Mos.—1937
Prof, after Fed. inc. tax.
$210,230
389,417
1,475,116
$4,706,727
372,857
1,881,894
$1,654,303
x$2,451,976
Interest
Depreciation & depletion
Net loss
_
Profit before surtax
on
1938—6 Mos.—1937
$688,008
$8,722,177
779,701
749,171
2,832,335
3,538,636
$2,924,028 x$4,434,370
undistributed profits.—V.
147,
p.
$578,184
104,725
$853,655
60,151
$1,377,876
212,460
$1,731,758
109,530
$682,909
106,250
xl22,000
149,445
$913,807
72,378
x260,000
149,445
$1,590,336
212,500
x297,000
298,890
$1,841,287
138,853
x520,000
298,890
loss30,000
y40,000
loss71,500
y40,000
$275,214
$471,983
$710,446
$923,544
$0.56
$0.97
$1.45
$1.90
Profit from operationOther income
1938—3 Mos.—1937
Period End. June 30—
Net loss
Earns, per sh. on
B shares..
$122,735
y$587,410
After all charges, incl.
surtax on undistributed
$1.09
Prov. for divs.
on
pf. stk.
Net inc. of Wm. Bonifas
Net amount earned
on
Amount earned per share
on common stock
Includes provision for
undistributed profits tax.
y Represents sub¬
sidiary's profit for fiscal year ended June 30,1937.—V. 147, p. 576.
x
(G. R.) Kinney Co., Inc. (& Subs.)—Earnings—
6 Months Ended June 30—
Net sales
-
1938
$6,657,209
-
Cost of sales & operating expenses
Interest charges
—
Miscellaneous charges (net)...
—
Depreciation and amortization
1937
$7,725,435
6,566,675
27,990
17.762
120,691
7,416,495
29,910
^5,503
130,764
20,000
Provision for Federal taxes on income.
Net loss for
$75,909 prof$82,763
period.
-V. 146, p. 4122.
Kinsey Distilling Co.—EarningsEarnings for 12 Months Ended June 30, 1938
Gross sales—bulk
whiskey
$565,424
68,366
54,011
.
Other income—interest received
repurchased whiskey and sundry..
Warehouse rentals,
Total income
—
Total costs and expenses,
Interest paid
Net
—Y.
$687,801
548,397
—
incl. taxes, maintenance & depreciation
60,349
profit
$79,054
-
146, p. 602.
Kroger Grocery & Baking Co.—Sales—
A
9% decrease in sales of this company tor the seventh four-week period,
16, compared with the same period a year ago, was reported at
ended July
the company's offices on July 25.
Seventh period sales this year were
,
...
,
.
$17,073,815, compared with sales of
$18,670,678 for the same period in 1937, a drop of $1,596,863.
Cumulative sales for the first seven periods of 1938 totaled $124,997,204,
a decrease of 9%
from the $136,793,087 for the same seven periods last
ynon
Average number of Kroger stores in operation during the period was
4,024, compared with 4,210 for the seventh period of 1937.—V. 147, p. 272.
Laird &
Co.—Earnings—
Earnings for 12 Months Ended June 30, 1938
-
...
Cost
-
.....
—
-
—
$862,111
606,693
1938—6 Mos.—1937
$476,518
Nil
y$765.077
$1.42
Federal income taxes, but before provision for
profits, y Profit.—V. 146. p. 3019.
Federal income taxes...
Sales
cl. A &
Nil
Bond interest
116.
Kelsey-Hayes Wheel Co. (& Subs.)—Earnings—
x
$6,798,267 $13,262,530 $13,838,946
5,208,537
10,719,755
10,661,164
736,075
1,164,898
1,446,024
as
redemption price of 101% if redeemed on or before July 1,1942, thereafter
and incl. July 1, 1945, at 1001^%, and thereafter at 100%.
In Case of the redemption or any one or more maturities of the 1st mtge.
bonds, series B4^%, due s.eri^lly July 1,1947-^950, at a redemption price
of 102% if redeemed on or before July 1, 1942; thereafter and incl. July 1,
1945, 101H%: thereafter and incl. July 1, 1947, 101%; thereafter and
incl. July 1, 1949, 100)^%, and thereafter at 100%.
The net proceeds from the sale of the bonds, together with bank loans
aggregating $1,500,000 from the Union Trust Co. of Pittsburgh and the
Mellon National Bank of Pittsburgh, are to be used as follows:
$3,000,000 to pay the remaining principal amount of $5,000,000 of
serial bank loans made on April 7,1936, as follows:
Union Trust Co. of Pittsburgh
$2,100,000
Mellon National Bank of Pittsburgh
900,000
$5,500,000 to pay the principal amount of the following short-term bank
loans made since August, 1937:
Union Trust Co. of Pittsburgh
$3,700,000
Mellon National Bank of Pittsburgh
<
1,800,000
x
1938—6 Mos.—1937
•.
$5,933,656
4,773,232
582,240
follows:
In case of the redemption of any one or more maturities
of the 1st mtge. bonds, series B 4%, due serially July 1, 1940-1946, at a
x
Textile
corporation would have been in a position to collect royalties from hosiery
mills throughout the country which produce "ringless hosiery."—V. 146,
P. 2857.
Costof sales
Second National Bank of Union-
town, Pa
patent owned by this company and Textile Patent Corp. is invalid.
The court in a unanimous decision of the three judges upheld dismissals
Isjet
24,000
National
(Julius) Kayser & Co.—Patent Held Invalid—
In a decision of importance to hosiery industry, the U.S. Circuit Court
of Appeals for the Third Circuit at Philadelphia, ruled the "ringless hosiery"
Gross profit
Expenses—net
...
$7,400
Net profit
—V. 145, p.
$255,418
248,018
4119.
Financial
744
Lake Superior & Ishpeming
June-
Net after rents
From Jan. 1—
Gross from railway...
Net from railway
Net after rents.
341,907
defl63,653
def309,130
..
.
1935
$217,415
118,553
98,278
926,513
374,282
202,814
592,430
117,148
19,747
686,756
462,944
—V. 147, p. 117.
Lake-of-the-Woods Milling Co.,
Ltd.—Accum. Div.—
a dividend of $1.75 per share on account of ac¬
7% cumul. pref. stock, par $100, payable June 1, and on
Sept. 1 to holders of record Aug. 15. Like amount was paid on June 1 and
on Mar.l. last.
Div. of $8.75 per share was paid on Dec. 1, last, and divs.
of $1.75 per share were paid on Sept. 1 and on June 3, 1937.
See Y. 143,
p. 2683, for detailed record of previous dividend payments.
Dividend arrearages after the current payment will amount to $7 per
share.—V. 146, p. 2858.
Directors have declared
cumulations
the
on
Lehigh & Hudson River Ry,—EarningsJune—
1937
1938
1936
13,629
$127,650
32,035
7,664
1935
$138,527
40,553
14,824
845,985
267,161
775,828
219,488
248,363
108,242
69,791
100,760
$115,801
38,343
11,549
686,962
187,361
32,715
Net after rents
$136,240
37,562
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 147, p.
771,445
118.
Lehigh & New England RR.—Earnings—
June—•
1938
1936
1935
$274,072
$306,765
49,990
39,169
$401,492
158,478
1,705,559
Net after rents
1937
$384,716
155,119
114,276
Gross from railway...
Net from railway....
1,977,570
527,621
469,611
1,996,750
1,785,045
518,325
35,990
75,359
152,813
From Jan. 1—
Gross from railway
Net from rail way....
--
399,660
Net after rents
321,175
The Securities and
519,441
392,801
518,796
under the Holding
follows:
June—
1938
Gross from
railway
1937
1935
1936
$4,U92,260
770,921
310,688
$4,118,147
1,289,273
902,761
$3,600,556
928,280
631,828
as
Gross from railway
19,997,882
4,245,249
1,340,208
.
Net from railway..
Net after rents
25,934,239
6,236,419
3,236,046
23,618,308
5,882,692
3,614,129
20,751,232
5,023,236
3,113,315
Bluffs Gas Co.
of the securities will enable Lone Star Gas Corp. to redeem
preferred stock having a par value of $7,975,500 and retire outstanding
the principal amount of $8,400,000; Lone Star Gas Co. to
retire all outstanding bank loans in the principal amount of $5,100,000,
Dallas Gas Co. to redeem all outstanding preferred stock having a par
value of $107,900 and retire all bonded indebtedness in the amount of
$1,749,000 in the hands of the public, and Council Bluffs Gas Co., County
Gas Co., and Texas Cities Gas Co. to retire their respective bonded in¬
debtedness in the respective amounts of $894,500, $1,595,000, and $3,724,000, outstanding in the hands of the public.
The portion of the proceeds of the proposed financing to be advanced
to the subsidiary companies by the Lone Star Gas Corp., in the amount
of $13,575,955, plus par value of bonds to be returned to the respective
companies by the corporation in the amount of $1,759,000, will be covered
by the income demand notes executed in favor of the Lone Star Gas Corp.
by the several subsidiaries affected.—V. 146, p. 3342.
The proceeds
all
bank loans in
Long Island RR.-—Earnings—
1938
1937
1936
1935
$2,032,785
596,701
57,196
railway
$2,160,090
500,628
9,379
$2,244,406
692,316
191,240
$2,130,272
639,062
172,741
Net after rents.
From Jan. 1 —
Gross from
railway
Net from railway..—.
Net after rents.
10,842,187
2,102,500
def338,152
12,160.445
2 037 391
def220,544
12.055,565
2,685,630
463,658
11,520,143
2,255,826
93,460
—V. 147, p. 118.
Louisiana & Arkansas
Life Savers
Gross from railway
Net from railway—
Corp.—Special Dividend—
July 22 declared
a
special dividend of 40 cents
per
share in
addition to the regular quarterly dividend of 40 cents per share on the com¬
$495,231
171,644
108,708
—
Net after rents
Gross from railway
on
Net from railway
Net after rents
Sej?t^ 1, 1937, and one of 60 cents was paid on Dec. 14, 1936.—V. 146,
Lionel
2,894,644
943,898
556,483
sales
$2,889,422
2,382,194
1938
Gross from railway
Net from railway.
$507,227
159,380
Net profit from operations..
Other income, less interest expenses, &c
$347,847
33,015
Income before Federal income taxes
Federal income tax—normal
Federal excess profits tax
$380,862
55,945
$106,565
15,274
5,096
—
Net after rents
From Jan.
Operating profit
Prov. for depreciation of property, piant and equipment
Net
761
undistributed profits
19,439
income
Earned surplus as at Feb. 28, 1937
Adjustment of Federal income taxes of previous
$304,717
58,643
738
year
Total
$364,099
Recapitalization
Transferred to
30,463
expensesfor contingencies
reserve
15,000
Cash dividends paid:
x Preferred stock
y
5,000
180,000
Common stock
Earned surplus as at Feb. 28,1938
per share on 180,000 shs. com. stock (par $10)
$133,636
$1.69
Earnings
12Kc. per share paid Mar. 31, 1937.
Exchanged for common stock,
share for share, May 22, 1937.
y 30c. per share paid Jan. 3, 1938: 70c.
per share paid Feb. 28, 1938.
x
Balance Sheet Feb. 28,
Assets—
$506,239
Accts. & notes receivable (less
reserves
1938
of $13,362)
Accounts
571,240
52,881
def50,177
Accrued
123,487
$56,021
salaries,
and
wages
Due from officers & employees
Inventories (lower of cost or
3,937
miscellaneous expenses
Fed. income & other taxes pay¬
market)..
Investments and advances....
679,448
Employees' funds held In trust
able and accrued
Fixed assets (at cost)
Patents.
x900,069
2
Other assets
2,801
Deferred charges
After
estate
products sold
Net operating income.
15,000
1,800,000
133,636
$2,281,811
1937
1936
1935
$5,448,355
$4,216,765
$3,206,438
4,321,800
4,518,123
3,699,667
2,985,516
$930,232
$517,097
$220,922
632,285
398,968
292,953
425,514
$595,156
$1.37
$531,264
Net inc. for period._
per share
Before
120,000
$1,227,441
written off
x
notes
Total
Deprec., deple. & prop's
Earnings
7,418
mtge.
(& Subs.)—Earnings—
6 Mos. End. June 30—
1938
Gross income
$5,549,240
Exps., incl. int. & cost of
p.
40,000
for depreciation of $1,218,396.—V, 146,
p. 1246.
Lion Oil Refining Co.
x
249
notes
(due within 1 year)
Unearned Income
estate
24,652
84,836
mtge.
(not due within 1 year)
Reserve for contingencies
Common stock (par $10)
Earned surplus
$2,281,8111
reserve
real
Serial real
27,921
Total
x
Serial
37,907
provision for
income
$1.26
taxes
and
$224,145 loss$204,591
$0.80
Nil
corporate
surtax
V.
146,
3958.
Lone Star Cement
Corp.—Options—
This corporation has notified the New York Stock
Exchange that pursuant
options granted to certain officers of the corporation and its wholly
owned subsidiaries to purchase an aggregate of 16,400 shares of common
to
stock at $34 per share, 246 shares
June 30, 1938.—V. 147, p. 577.
were
Period End. June 30—
taken up under said
options on
1937
$118,794
37,880
17,453
646,640
159,929
28,301
2,207,708
709,803
456,775
663.409
■Earnings—
1936
1935
$125,877
33,548
12,567
$96,334
29,823
14,953
623,269
152,788
35,034
464,338
90,468
6,089
Light Co.—Earnings—
1938—Month—1937
1938—12 Mos—1937
$7,480,188
59,000
$636,095
397,020
55,500
699,000
$7,539,174
4,848,983
758,000
$127,373
$183,575
$1,890,868
$1,932,191
$127,373
$183,575
$1,890,868
22,898
$1,934,724
24,281
$574,787
388,414
Operating revenues.....
Oper. exps., incl. taxes._
Prop, retire, res. approps
Net oper. revenues
4,890,320
Rent from lease of plant
(net)
2,533
—
Operating income
Other income (net)
1,954
on mtge. bonds.
Other int. & deductions-
Net income..
__
$185,865
72,963
4,374
$1,913,766
875,549
62,031
$1,959,005
875,350
52,771
$48,906
Interest
2,290
$129,327
72,960
7,461
Gross income
$108,528
$976,186
$1,030,884
Divs. applic. to pref. stock for the period, whether
paid
or
356,532
Balance
147,
p.
355,532
$619,654
unpaid
$674,352
577.
Louisiana
payable
2,762,332
1,045.687
130.354
85,237
—V. 147, p. 118.
—V.
Liabilities—
Cash
1935
$384,950
1—
Gross from railway
Net from railway
Net after rents
Louisiana Power &
on
1936
$481,582
196,775
122,529
—V. 147, p. 577.
June—
Cost of goods sold, gen., admin. & selling expenses
Federal surtax
2,886,089
932,645
571,328
Louisiana Arkansas & Texas Ry.-
Corp.—Earnings—
Earnings for the Fiscal Year Ended Feb. 28, 1938
Net
1937
$460,929
152,162
94,222
From Jan. 1—
mon
stock, par $5, both payable Sept. 1 to holders of record Aug. 1.
A
special dividend of 70 cents was paid on Dec. 1, last; one of 40 cents was paid
Ry.—Earnings—
1938
June—
—V. 147, p. 576.
on
follows:
Texas Cities Gas Co. to acquire at par $1,562,000 of its first mortgage 5%
gold bonds, series of 1928, held by Lone Star Gas Corp., the parent;
Council Bluffs Gas Co. to acquire at par $227,500 of its first mortgage
5% gold bonds, series of 1928, held by Lone Star Gas Corp.;
The Dallas Gas Co. to acquire at par $5,500 of its first mortgage 6%
gold bonds, second series, held by Lone Star Gas Corp.
Lone Star Gas Corp. also filed an application for approval of the sale
of the securities to be acquired from it by Texas Cities Gas Co. and Council
,
From Jan. 1—
Directors
Company Act covering the issuance and sale of securities
Corp., $20,000,000 15-year 3M% sinking fund debentures,
due Sept. 1, 1953 and $11,300,000 of bank loan notes maturing in instal¬
ments from six months after date of issue to seven years after date of issue:
Lone Star Gas Co., $5,100,000
income demand notes;
Texas Cities Gas Co., $5,438,380, 4lA% income demand notes;
Council Bluffs Gas Co., $1,209,725, 4H% income demand notes;
Dallas Gas Co.,„$1,942,850, 4H% income demand notes, and
County Gas Co., $1,680,000, 4H % income demand notes.
The 4M % income demand notes or the subsidiary companies are payable
to the Lone Star Gas Corp.
Lone Star Gas Corp. has filed an application
for approval of the acquisition
of the 4
income demand notes to be
issued by its subsidiary companies.
Texas Cities Gas Co., Council Bluffs Gas Co. and Dallas Gas Co. have
filed an application for approval of the acquisition and retirement of
Net from railway.
$3,423,049
827,017
378,434
Net from railway..
Net after rents
July 26 announced that the
Lone Star Gas
Gross from
Lehigh Valley RR.—Earnings—
on
as
June—
—V. 147,p. 118.
•
Corp.—Proposed Financing—
Exchange Commission
Lone Star Gas Corp., and its subsidiary companies. Lone Star Gas Co.,
Texas Cities Gas Co., Council Bluffs Gas Co., Dallas Gas Co. and County
Gas Co. have jointly filed a declaration and applications (File 43-142)
securities
Lawrence Gas & Electric Co.—Bonds—
The Securities and Exchange Commission has granted company an ex¬
emption from the declaration requirements under the Public Utility Act in
connection with the sale of $1,500,000 of 3y* % first mortgage bonds, series
A, due 1968.
The bonds were purchased by Lee Higginson Corp., acting
as agent for a group of insurance companies.—V. 147, p. 576.
Gross from railway.....
Net from railway.
July 30, 1938
Lone Star Gas
1936
$427,804
306,679
248,830
1,309,325
$118,918
30,435
8,885
..
RR.—Earnings—
1937
$389,478
259,775
202,694
1938
Gross from railway
Net from railway
Chronicle
Oil
&
Petition Court to Halt
Holders
Refining Corp.—Preferred
Reorganization—
A plea to set aside
the twice-confirmed reorganization plan is contained
in a petition for a writ of certiorari filed with the U. S. Supreme Court
July 15 by counsel for J. S. Bache and other stockholders, owners of nearly
20% of the company's preferred stock.
In addition, the group asks that the company's assets and business, now
in the possession of Arkansas Fuel Oil Co., a subsidiary of Arkansas Natural
Gas Corp., in turn controlled by Cities Service Co., be returned to an in¬
dependent trustee.
If the plan is not upset, the group asks that the case be remanded to the
District Court with three specific instructions: (1) that the $9,019,465
claim of Arkansas be judicially determined with the burden of proof on
that company; (2) that the value of the debtor's current assets be estab¬
lished by competent evidence, and (3) that the excess value thus found be
accorded to the preferred stock.
The petitioners believe that the equity of the preferred stock in the
debtor will be found equal to the par value thereof—$100 a share.
Of the four reasons given in the brief for allowing the petition, the second
states that the "right of accepting stockholders to revoke their acceptance
of a plan prior to confirmation has never been passed on by the Supreme
Court.
An authoritative decision is most essential, since the cornerstone
of future reorganizations is still 'acceptance of the plan by the requisite
majorities.' "
Louisiana Oil filed a petition under Section 77-B on May 28, 1935, being
unable to meet a demand by Arkansas Fuel Oil for payment of an alleged
debt of $9,019,465.
In November of that year a plan of reorganization
was proposed.
Under the plan Arkansas was to acquire all assets and business of Louisi¬
ana in consideration of discharging the said debt, payment of $500,000 of
other debts, exchange of $20 par value Arkansas preferred for each $100
par value preferred of Louisiana, plus accrued dividends, and payment of
10 cents a share on the common stock, including that owned by Arkansas.
This plan was accepted by a majority of preferred stockholders, including
the present petitioners.
But before the District Court acted, oil was dis¬
covered on the debtor's property and the petitioners revoked their consents.
The District Court then increased the exchange value of the preferred stock
to $25 a share, with an alternative for a limited time of accepting $25 in
cash.
The amount to the common stock was then increased to 25 cents,
with the shares held by Arkansas excluded.
This plan was confirmed.
;
Volume
Financial
147
The petitioners then appealed to the Circuit Court of Appeals for the
Fifth District, which set aside the plan.
In the meanwhile, Arkansas
had taken
solved.
over
the Louisiana assets and caused that company to
be dis¬
In the meanwhile,
the petitioners charge that it was discovered
that|the $9,000,000 claim that resulted in the 77-B petition had never been
audited or judicially determined and that other assets had been written
downl$2,000,000.
The amended plan was again confirmed by the District Court and the
group again appealed.
This appeal was denied about amonth ago.
In their petition the group represented by H. Struve Hensel of Milbank,
Tweed & Hope of New York and Sidney L. Herold, of Herold, Cousin &
Herold, Shreveport, La., claim that the decision of the Fifth Circuit Court
that allegations of a proof of claim in 77-B proceedings are prima facie
evidence of their correctness is in direct conflict with a decision of the Second
Circuit Court here.—V. 146, p. 3959.
Louisville Gas & Electric Co.
revenues
McGraw-Hill Publishing Co., Inc. (& Subs.)—Earnings
Period End. June 30—
xNet profit...
Earns, per sh. on 600,000
1938
1937
$11,072,357 $10,248,454
5,604,987
5,207,377
—
Net oper. rev. (before approp. for retire, res.)..
Other income (net)
$5,467,370
228,994
appropriation for retirement reserve)
Appropriation for retirement reserve
Amortization of contractual capital expenditures.
37,000
$4,117,195
1,121,514
1937
$2,118,460
1,050,873
Balance
Taxes
$1,125,090
177,259
32,601
$1,067,587
175,795
37,917
Net profit..
Earns, per sh. on 798,000
$915,230
$853,875
shs.cap.stk. (par $5).
—V. 146, p. 3671.
$1.15
__
329,167
20,508
during 1937
Other income deductions
Dividends on pref. stocks
of Louisville
Gas
25,000
17,809
149,679
&
Electric Co. (Ky.) held by public
1,354,920
1,354.920
$1,503,417
Net income
$1,448,272
Notes—0.) The above figures for the 12 months ended May 31, 1937,
have been adjusted to reflect $43,345 of additional taxes applicable to the
period of 1936 included therein, paid by Louisville Gas & Electric Co.
(Ky.) in 1937 and charged to surplus.
made by Louisville Gas & Electric Co. (Ky.) for
Federal or State income taxes or for surtax on undistributed profits for the
year 1936 as that company claimed as a deduction in its Federal and State
income tax returns for the year 1936 the unamortized discount and expense
and redemption premium and expense on bonds redeemed in 1936 which
resulted in no taxable income for that year.
During the period from Jan. 1,
to Aug. 31, 1936, Louisville Gas & Electric (Ky.) made provision for
Federal income taxes in the amount of $271,400 which was reversed over
the period from Sept. 1, to Dec. 31; 1936.
During the period from Jan. 1,
to Nov. 30, 1936, that company also made provision for State income taxes
in the amount of $90,060 which was reversed during December, 1936.
Also provision made for the year 1937 was reduced as a result of deductions
to be made in income tax returns for losses resulting from
the flood in
Louisville during January and February, 1937.
No surtax on undis¬
tributed profits under the Revenue Act of 1936 was incurred by the other
No provision for surtax on un¬
companies consolidated herein for 1936.
distributed profits during 1937, under the Revenue Act of 1936, is included
in the above statement as it is estimated that no such surtax will be incurred
by the company or its subsidiary companies for that year.
(3) The above figures reflect the loss in revenue due to the flood at
Louisville in January and February, 1937.—V. 147, p. 118.
was
Louisville & Nashville
June— •
Maine Central
....
....
Net after rents...
From Jan. 1—
Gross from railway
Net from railway.,
Net after rents....
$6,001,070
1,229,616
667,317
36,817,753
6,825,727
---
3,232,195
1937
$7,673,451
1,941,216
1,349,612
45,482,858
11,761,550
8,293,128
1936
$7,243,601
2,065,694
1,535,077
42,683,913
10,835,262
8,141,764
1935
$6,053,579
1,488,820
1,193,812
36,323,883
8,187,326
6,265,658
—V.147, p. 577.
McColl-Frontenac Oil Co., Ltd.—Bonds
Offered—Offer¬
made July 20 of a new issue of $12,500,000 first
mortgage & collateral trust bonds, series A, by a syndicate
beaded by Wood, Gundy & Co., Ltd., and McLeod, Young,
Weir & Co., Ltd., and including Dominion Securities Corp.,
Ltd., A. E. Ames & Co., Ltd., W. C. Pitfield & Co., Ltd.,
Savard, Hodgson & Co., Greensbields & Co., Inc., and
Collier, Norris & Henderson.
The issue consists of $2,400,000 serial 3% and 3)^% bonds, maturing $300,000 in each
year from 1939 to 1946, and $10,100,00011-year 4%% bonds,
due Oct. 1, 1949.
The 11-year bonds are being offered at
100 and interest, to yield 4.25%.
ing
was
Outstanding bonds of
company with all unmatured coupons attached
be tendered in payment.
The price to be paid (in Canadian funds)
6% bonds is $107H flat. This price includes principal, premium on
redemption, interest to Oct. 1, 1938, and premium on sterling exchange,
and is subject to change with fluctuations in exchange rates.
Proceeds of the new issue will be used to retire the company's outstanding
6% bonds and to improve the company's working capital, or for other
corporate purposes.
No new capital expenditures are at the present time
contemplated by the company.
Bonds are to be dated Oct. 1, 1938. Principal and interest (April 1 and
Oct. 1) payable in lawful money of Canada, at holder's option, at any
branch of the company's bankers in Canada.
Coupon bonds, registerable
as to principal only, in denom. of $500 and $1,000 and authorized multiples
of $1,000.
Red. in whole or in part at the option of company at any time
prior to maturity on 60 days' notice at 101 for the 3% and 3M% bonds;
to be red. at 103 if red. prior to Oct. 1,1942; at 102 if red. on or after Oct. 1,
4 X % bonds to be red. at 103 if red. prior to Oct. 1,1942; at 102 if red. on or
after Oct. 1,1942 and prior to Oct. 1, 1936; at 101 if red. on or after Oct. 1,
1946 and prior to maturity; in each case with accrued interest to date of red.
Company will reserve the right to purchase in the market or by private
contract bonds of any maturity and to sell or otherwise dispose of the same
at any time thereafter prior to maturity.
Commencing Oct. 1, 1947,
there will be provided for the 11 year 4M % bonds an annual sinking fund
amounting to $300,000 per annum payable in whole or part by the delivery
by the company to the trustee of 11 year 4% % bonds, which bonds are to
be taken at their principal amount.
Trustee; Montreal Trust Co., Toronto.
In the opinion of Counsel, these bonds will be a legal investment for funds
of insurance companies registered under the Canadian and British Insur¬
ance Companies Act, 1932, as
amended^
may
for the
Changes in By-Laws Approved—
Stockholders
on July 25 gave their approval to by-law changes proposed
by directors, including that of moving the head office to Toronto.
Opposi¬
well as that of reducing the quorum
necessary for meetings.
J. A. Wales, President, told stockholders the reasons for changing the
head office were purely legal and technical, but on advice of counsel he
could not disclose specific facts entering into the decision of directors.
Criticism developed from some shareholders.
Hugh O'Donnell, one of the company's counsel, said it would not be in
the best interests of the company to disclose the facts at this time, but asked
stockholders to show their confidence in directors.
It was a case, he said,
of where the shareholders were not entitled to all the information.
Mr. Wales said executive direction of the company would continue from
Montreal and also that annual meetings would be held in Montreal.
Asked if the change in the head office had any connection with proposed
financing by the company, Mr. Wales said he was not in a position to an¬
swer.—Y. 147, p. 424.
tion developed o n this suggestion as
1936
1935
$2,035,932
970,031
$2,019,520
924,547
$1,065,901
183,,282
72,603
$1,094,973
189,135
83,725
$810,016
$822,113
$1.01
$1.03
$1.07
RR.—Earnings—
1938—Month—1937
$994,268
$831,419
765,896
646,232
1938—6 Mos.—1937
$5,715,637
4,415,842
$6,577,198
4,588,470
$1,988,728
$228,372
67,223
04,010
28,132
$1,299,795
416,117
Joint facil. rents—I)r
73,189
Cr9,833
27,439
165,356
417,900
Br179,073
176,909
Net ry. oper. incomeOther income..
$94,392
37,399
$137,027
39,984
$586,360
202,162
$1,214,846
207,949
$131,7.91
$171,011
171.483
173,391
$788,522
1,064,978
$1,422,795
1,044,944
$3,620 def$276,456
$377,851
Net
$185,187
oper. revenues
Equipment rents.
Gross income
Deduc. (rentals, int., &c.)
Net income
-V. 147,p. 424.
def$39,692
Manhattan Ry.-
'Trustee
Dr 131,962
Requests Sixth Avenue *L* Fore-
closure—
Federal Judge Robert P. Patterson reserved decision July 25 on a motion
by counsel for Central Hanover Bank & Trust Co., which is trustee for the
first mortgage bonds of the company, for an order directing the trustee to
foreclose on the property known as the Sixth Avenue elevated line. The
trustee desires to sell this property to
the City of New York in settlement
Other Manhattan
of past due tax claims against the Manhattan company.
interests oppose the sale.
At the
same
City of New York and the Transit Commission
time the
filed notices of appeal from Judge Patterson's ruling that Interborough
Rapid Transit Co. is not bound under its city contracts to continue through
operation of its trains over the elevated lines and extensions for a single
fare. This ruling was a part of the court's decision permitting the I. R. T.
receiver to disaffirm the lease on the properties of the Manhattan.
The
Manhattan company will file an
—V. 147. P. 424.
appeal from the entire disaffirmance order.
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.
payments were made in each of the eight preceding quarters.—V.
2859.
RR.—Earnings—
1938
V
Gross from railway
Net from railway.
.....
Operating revenues
Operating expenses
_
_
$1.03
2859.
Mclntyre Porcupine Mines, Ltd.—Earnings—
Taxes
Interest charges (net)
Amortization of debt discount and expense
Amortization of flood and rehabilitation expense
$0.44
3 Mos. End. June 30—
1938
Gross income
$2,168,357
Costs and develop, exp.
1,043,267
37,000
$4,459,364
1,091,132
160,220
_
$617,335
$267,473
$0.50
After int., taxes and all other charges, incl. deprec.—V. 146, p.
x
313,118
$5,354,195
1,200,000
$301,209
$0.15
Period End. June 30—
$5,696,364
1,200,000
Gross income..
(2) No provision
$92,973
shares capital stock...
$5,041,077
Net operating revenue and other income (before
1938—6 Mos—1937
1938—3 Mos.—1937
(Del.) (& Subs.)—Earns.
__
expenses, maintenance and taxes.
incurred
745
Depreciation
Years Ended May 31—
Operating
Operating
Chronicle
Masonite Corp.—Extra
Similar
146, p.
Dividend—
dividend of 50
Directors at their meeting on July 28 declared an extra
share on the common stock, payable Aug. 22 to holders of record
Aug. 10.
A regular quarterly dividend of 25 cents per share was paid on
the common stock on June 10 last.
An extra dividend of 75 cents was paid
on Aug. 25, 1937.—V. 147, p. 120.
cents per
Massachusetts Utilities Associates—$4,000,000 Note—
P The Securities and Exchange Commission has declared effective a declara¬
tion filed under the Utility Holding Company Act by the company covering
the issuance of an unsecured note for $4,000,000.
The note will be issued
to First National Bank Boston and will bear interest at the rate of 2]A%
annually.
Part of the proceeds will be applied toward the reduction
$3,324,000 of 5% debentures, Series A, due 1949.—V. 147, p. 120.
of the
Memphis Power & Light Co.—Earnings—
1938—Month—1937
$684,696
$638,217
Period End. June 30—
Operating revenues
Oper. exps., incl. taxes.
Prop, retire, res. approp.
mtge. bonds
on
Other int. & deductions
Netincome
$176,488
6,017
$2,626,053
$2,218,663
31,487
$182,505
$2,674,887
737,375
$190,571
61,448
3,157
—
Gross income—
Int.
$8,280,823
5,362,533
699,627
.
-----
Dividends applicable to
404,158
57,571
$184,294
6.277
Net oper. revenues.—
Other income (net)--
1938—12 Mos.—1937
$9,019,830
5,649.672
744,105
440,870
59,532
_
61,448
3,043
$125,966
$118,014
preferred stocks for the
48,834
39,254
$2,250,150
737,375
42,585
$1,898,258
$1,470,190
394,876
394,876
$1,503,382
$1,075,314
period, whether paid or unpaid
Balance
-•
—V. 146, P. 4124.
Co.—Earnings—
Miami Bridge
1937
1936
$171,957
1935
$118,060
2,224
8,496
_ -
Total
Operation
------—
Taxes—
Depreciation.
of security and
reorganization costs.
Working capital reserve _
Fed'l income and excess
profits taxes....
2,077
$174,034
42,664
20,613
8,380
23,949
$141,475
37,902
26,421
11,054
23,670
$120,284
34,189
17,345
7,828
20,703
2,587
24,000
-
$138,837
2,638
$190,108
43,918
20,498
7,657
24,182
-
Other revenue
Maintenance
1938
$181,612
12 Mos. End. June 30—
Bridge revenue
2,437
2,732
2,736
$39,694
y21,622
$37,427
x 14,525
,
Amort,
_
Other
3,135
529
Surplus income
Deb. int. paid March 1.
""""32
$63,603
z63,425
deductions..
$75,956
Z46.095
53
$178
$29,861
$18,071
$22,902
1,905,294
1,813,726
1,411,622
1,352,909
x Paid from the surplus income for calendar year 1934.
y Paid from the
surplus income for calendar year 1935.
z Paid from the surplus income for
calendar years 1937 and 1936.
Remainder
Vehicles
—
—
crossing bridge.
Balance Sheet
$1,340,426 $1,326,621
90,000
85,050
Mtge. receivable-.
124,186
136,392
Cash
Accts. receivable..
174
143
Special deposits--Accr'd Int. recelv.
925
652
'
m
-»«w" '
June 30
1938
Liabilities—
1937
1938
Assets—
Fixed capital
272
~9~214
9,658
properties-..
5,207
109
Reacquired stock.
23
x
Capital stock-
—
1937
$14,830
$14,830
1,256,500
1,274,500
Income deben. due
Mar. 1,
1952.—
Int. pay. on bonds
550
Accrued taxes
300
3,149
when Issued
2,894
38,235
12
Deferred assets.-.
Reserves
!
Proceeds from sale
of
Total
x
—
-
Deb. bd. int. accr.
$1,577,411 $1,551,652
Surplus
Total
...
37,695
144,650
120,037
110,498
110,395
$1,577,411 $1,551,652
Represented by 14,830 shares, no par.—V. 145, p. 613.
Financial
746
Merchants Fire Assurance Corp. of N. Y.—Extra Div.—
declared an extra dividend of 10 cents per share in
addition to the regular semi-annual dividend of 75 cents per share on the
common stock, par $12.50, both payable Aug. 5 to holders of record July 25.
Like payments were made on Feb. 7, last; 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 witn the Feb. 1,1936, payment.—V. 146, p. 1406.
Chronicle
Michigan Public Service Co.—Earnings
The directors have
Manufacturing profits-.
Expenses
-
Operating profit
Depreciation.
—
Other deductions—„
—
Res. for
$444,944
101,077
$900,595
206,768
$1,122,418
113,423
$693,827
228,044
68,815
62,271
33", 304
106,745
46,596
85,566
115,513
$162,816
$654,575
profit-sharing..
Federal income taxes—
$1,889,563
213,950
91,783
158,383
212,657
$334,697
$1,008,995
$1,212,790
22,362
89,626
12,796
86,039
3,279
$88,311
$76,549
2,028
$399,715
2,327
$330,794
2,435
$88,097
47,554
9,896
$78,577
$402,042
191,643
40,280
$333,229
193,425
5.885
5,987
659
728
23,714
2,583
23,949
3,243
$24,102
income.
$13,619
$143,823
$72,337
Dr214
Other income (net)
Gross income
long-term debt—
on
General interest.
------
bond
of
Amortiz.
profit
.
Nil
$1.85
Nil
$3.30
Note—Before surtax on undistributed profits.— V. 146, p. 3671.
Midland Utilities Co.—Amended Plan—
Exchange Commission announced July 27 that the
amended its plan of
reorganization (File 34-7) which was originally filed Aug. 26, 1937.
The
amended plan retains the all common stock capitalization as proposed
originally but the percentages of new common stock to be allocated among
The Securities and
debenture holders' committee for the company has
Mxscell. inc. deductions.
No. of
Shares
Debentures
600,000
_
% of
Equity
30.0'
—Original Plan—
No. of
%°f
Shares
32 1
642,000
Secured notes held by;
Continental 111. Natl. Bank &
Trust Co
349,983
—
-
370,520
17.5
18.6
Serv,
Midland United Co
...
Prior lien stockholders
Preferred stockholders
—
7.5
149,998
790,004
84,254
25,518
Annuity Trust
.
1,999,757
164,850
759,940
42,127
17,863
39.51
4.21
1.28
100.00
8.3
38.0
2.1
Minneapolis St. Paul & Sault Ste Marie Ry.—Earnings
[Excluding Wisconsin Central Ry.]
Passenger
626,436
$1,211,964
$5,876,047
$6,625,063
231.463
245.457
34,348
491,217
57,962
990,633
1,348,335
199,154
3,013,846
296,357
1,136,236
1,506,693
215,177
3,112,611
$105,795
$151,517
Crl54,239
13,165
15,619
$27,711
575,508
107,578
83,505
$314,860
228,209
81,401
92,947
$738,881
Maintenance of way and
structural expense
Maintenance of equip.
Traffic expenses..
-
Transportation expeases
expenses.
Net railway revenues.
1,997,300
100.0
Under the amended plan debenture holders would receive 100 shares of
common stock for each
$1,000 of debentures held.
Secured note
holders and unsecured note nolders would receive 148 shares and 49^
shares of new stock respectively for each $1,000 of notes held.
Prior lien
one share of new common for each 2 XA shares of
while preferred stockholders would receive one share of
for each seven shares of preferred.—V. 145, p. 2082.
Taxes
97,593
Hire of equipment
Rental of terminals
10,724
14,315
Other
prior lien stock,
Int.
income
on
475,373
Dr230,327
2,905,151
$87,698
Dr234,654
2,874,614
$535,589
$273,412
$3,874,359
$3,196,966
Valley RR.—Earnings—
1937
1938
Gross from railway
Net from railway
$99,878
.39,087
23,261
Gross from railway
Net from railway
Net after rents.
$115,338
45,148
30,080
$103,589
29,681
15,730
$86,654
21,108
11,477
590,764
210,693
107,787
Net after rents...
From Jan. 1—
685,134
291,643
188,643
692,058
296,657
202,812
574,113
210,997
125,003
—V.. 147, p. 120.
Michigan Gas & Electric Co.—Earnings—
Period End. June 30—
Operating expenses
Depreciation
State, local & miscell.
Federal taxes.
Federal normal inc. tax.
Undistrib. profits tax
Net oper. income
Other income (net)
interest
Amort, of bd. disc. & exp
Amort, of prior lien and
pref.
stock
$1,422,831
26,583
6,505
27,785
3,125
105,536
23,810
4.749
756,785
160,741
$1,331,818
718,931
145,165
899
$351,826
5,266
$88,652
57,949
$379,260
231,798
402
4,575
4,575
2,888
18,300
$357,092
231,798
1,493
18,300
share
636
2,546
651
549
3,185
2,546
2,429
$24,540
$120,543
$100,526
the 7 % and $16.67 H per share on the $6 prior lien stock.
Divi¬
dends of 87 Ac. and 75c. per share on the 7% and $6 prior lien stocks, re¬
spectively, were declared on July 7, 1938, payable Aug. 1, 1938, to stock¬
holders of record at the close of business on July 15, 1938.
Cumulative
preferred stock dividends not declared or accrued on the books at June 30,
1938, aggregated $147,452, or $32.50 per share on the 6% and $6 preferred
stock.—V. 147, p. 425.
on
Stockholders at a special meeting held July 25 approved a proposal of
directors to increase authorized preferred stock to 100,000 shares from
10,000, to change par value to $10 from $100, and to fix interest on the new
cumulative preferred at 50 cents a share.
In addition, stockholders authorized conversion of $10 par preferred
into shares of common from Aug. 1, 1938 to Aug. 1, 1939, in the ratio of
two shares of preferred for each three shares of common; from Aug. 1, 1939
to Aug. 1, 1940, in the ratio of one share of
preferred for one share of com¬
mon, and from Aug. 1, 1940 to Aug. 1, 1941, in the ratio of five shares of
preferred for four shares of common.—V. 147, p. 425.
Minneapolis-Honeywell
Miscellaneous
x
income..
Gross income.
Prov. for income
(&
Subs.)-
1938—6 Mos.—1937
$4,234,165
$7,743,859
1,964,799
3,427,365
96,210
3,780,405
236,810
5,689,867
188,170
$199,331
1,863
1,509
$1,342,070
1,746
2,373
$216,950
3,079
9,201
$1,865,822
2,249
4,293
$202,703
$1,346,189
$229,230
$1,872,364
28,489
13,897
286,294
25,278
56,095
30,229
392,051
39,228
$160,317
$1,034,617
$142,907
$1,441,085
and
capital stock taxes
Other deductions
Net inc. for the period
.
Co.
111,189
Net profit from opers.
Interest & divs. earned.
12,207,991
1,990,417
302,068
10,342,749
931,819
def496,952
Misers Chest Mining &
See list given on first page of
Includes provision for normal Federal income taxes; no provision has
been made for the liability of the
company, if any, for surtaxes on undis¬
tributed net income imposed by the Federal Revenue Acts of 1936 and of
1938 as the amount of any such liability is not determinable until the end of
the year.—V. 147, p. 578.
x
Minneapolis & St. Louis RR.—Earnings
June—
Gross from
1938
railway
Net from railway
Net after rents
From Jan.
1937
1936
$688,934
116,905
24,563
$637,147
56,003
123.387
$851,774
260.184
160,064
4,001,869
581,898
107,221
3,861,080
388,739
1,791
4,202,888
721,602
200,533
1—
Gross from railway
Net from railway
Net after rents
—V. 147, p. 425.
3,335,546
38,852
def246,667
this department.
1938
From Jan.
1936
1935
$76,420
20,228
12,824
$65,311
449,674
62,816
429,063
337,767
49,447
10,631
3,704
17,222
9,765
1—
Gross from railway
Net from railway
Net after rents
—V. 147, p.
1937
$74,773
8,018
def813
378,314
45,583
defl2,779
5,389
103,153
61,557
274.
Ry.—Earnings1936
1935
$63,390
def3,125
def14,298
$83,884
3,399
def7,709
$84,003
16,503
5,729
$64,739
11,975
4,013
460,417
31,464
548,502
68,111
defl0,421
494,329
103,257
37,303
184,510
46,746
25.346
1937
1938
June—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
def36,887
—V. 147, p, 121.
Missouri Edison Co.—Earnings—
Period End. June 30—
Operating revenues
Oper. exps. & taxes..
Net oper.
1938—3 Mos.—1937
$66,960
$58,049
37,955
44,708
$252,872
168,855
$22,251
$90,972
1,591
$84,017
$20,129
8,937
$22,251
8,937
658
751
855
13
855
67
$92,563
35,750
2,924
3,419
$84,025
35,750
3,040
3,419
income
$20,094
Other income (net).
35
Gross income
Int. on long-term
Other
debt..
interest..
Amort, of bd. dist. & exp
Miscell. inc. deduc'ns..
Net
1938—12 Afos.—1937
$254,298
163,326
income
$9,666
*
$11,641
8
575
493
$49,895
$41,323
Pref. stock div. require-
3,216
period..
Balance
3,216
12,866
12,866
$6,449
ments for
$8,424
$37,029
$28,457
—V. 146, p. 4124.
Missouri Illinois
Ry.—Earnings1938
June—
Gross from
$66,088
railway.
Net from railway.
1,624
def9,953
1937
$133,225
52,691
1936
$102,856
33,527
1936
$86,167
13,586
32,179
17,086
4,047
499,243
84,016
730,021
241,557
520,571
118,753
511,163
109,142
def5,899
Net after rents
116,856
29,101
36,lo3
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 147, p. 121.
Missouri-Kansas-Texas Lines—Earnings—
Period End. June 30—
Operating
Operating
revenues
expenses
Income avail, for fixed
1938—Month—1937
1938—6 Mos.—1937
$2,322,830
$2,864,031 $13,017,435 315,275,501
1,872,085
1,965,383
11,218,510
11,495,380
%
„
$59,374
357,538
Fixed charges
1935
$548,941
def9,196
def69,867
Milling Co., Inc.—Files Regis¬
$63,077
12,626
June—
Net from railway
Net after rents
charges
,
2,001,936
Mississippi Central RR.—Earnings-
5
Regulator
Period End. June 30— 1938—3 Mos.—1937
Net sales
$2,275,319
$4,865,644
Cost of goods sold and
operating expenses...
801,765
360,990
92,880
tration Statement—
Michigan Gas & Oil Corp.—Stock Increase Voted—
Depreciation
12,816,436
.
Missouri & Arkansas
Note—Cumulative prior lien stock dividends not declared or accrued on
the books at June 30, 1938, aggregated $265,766, or approximately $19.45
per
10,775,463
620,206
...def1154,687
22,806
Gross from railway.....
$34,141
income
$2,007,887
Gross from railway
103,488
12,406
$371,210
8,050
636
Miscell. income ded'ns..
$2,432,586
668,904
347,403
From Jan. 1—
commis¬
sions and expenses
Net
$326,781
167,773
40,345
$98,397
57,949
$2,265,554
367,798
491,749
$2,030,945
296,116
—V. 147, p. 274.
$334,648
164,985
40,112
$87,753
1935
1936
1937
1938
'
Net after rents
1938—12 Mos.—1937
443
long-term debt..
General
1938—3 Mos,,—1937
$96,462
1,935
Gross income
on
(Including Wisconsin Central Ry .)
June—
Gross from railway
Net from railway
Net from railway.
Net after rents
Total oper. revenues
Int.
Earnings of System
1935
1936
339.486
Dr75,011
$16,838 prof$276,973
(net).
funded debt.;—
Net deficit-
Midland
June—
&>,596,677
401,950
Dr37,480
481,271
Net def. after rents...
stockholders would receive
common
595,839
217,921
200,983
34,366
482,135
53,404
revenues
$4,940,325
339,883
$1,094,604
revenue
All other revenue
General
1938—6 Mos.— 1937
1938—Month—1937
$900,223
$981,995
94,556
107,893
99,825
122,075
Period End. June 30—
Freight re venue
0.9
new
40,275
stock dividends not declared or accrued at June 30,
1938, aggregated $84,814, or S13.12H per share on the 7% and $11.25 per
share on the 6% preferred stock.
Dividends of $1.75 and $1.50 per share
on the 7% and 6% preferred stocks, respectively, were declared July 7,
1938, payable Aug. 1, 1938.
Cumulative junior preferred stock dividends
not declared or accrued at June 30, 1938, aggregated $45,177 or $33 per
share.
No dividends have been paid on the junior preferred stock since
Jan. 1, 1933.—V. 147, p. 425.
Total
Peoples Gas Lt. & Coke Co
9,886
Cumulative preferred
the various claimants have been changed as follows;
—Amended Plan—
48,356
dis¬
count and expense
Net income..
Net
Earns, per sh. on 234,915
shs. com. stk. (nopar)
26,440
1938—12 Mos.—1937 \
$1,128,729
$1,003,026
478,142
521,477
104,773
105,114
22,226
2,500
Federal income tax
$2,114,010
224,447
$229,772
114,663
26,139
Operating expenses
Depreciation
State, local & miscella¬
neous Federal taxes..
Int.
$343,866
113,881
33,866
$253,840
Total oper. re venues
Net operating
1938—6 Mos.—1937
1938—3 Mos.—1937
1938—3 Mos.—1937
Period End. June 30—
Midland Steel Products Co.—-Earnings—
Period End. June 30—
July 30, 1938
Def. after fixed charges
$494,189 def$204,455 df$18l6,629
350,864
2,137,673
2,100,744
$298,164 prof$143,325
$2,342,128
$284,115
-V. 147, p. 121.
Monolith Portland Cement
Directors have declared
a
Co.—Accumulated Dividend
dividend of 25 cents per share on account of
on the 8%
cumulative preferred stock, par $10, payable
Aug. 15 to holders of record Aug. 1.
A like amount was paid on May 16,
last, and compares with 50 cents paid on Dec. 15, last, and 25 cents paid
accumulations
Volume
on
(Conde) Nast Publications, Inc.—Earnings—
previous dividend
Aug. 15 and on May 15, 1937.
For detailed record of
3503.—V. 146, p. 4124.
payments see V. 145, p.
Missouri Pacific
RR.—Earnings—
1938
1937
1936
1935
$6,101,619
896,623
1,060
$7,045,073
1,352,687
430,447
$7,138,656
1,650,279
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
Net after rents
Net after rents
—Y.
7,748.
34,621.028
5,565,484
1.492,645
147, p. 578.
Mobile & Ohio
RR.—Earnings
119,435
$726,653
107,618
18,413
$846,155
153,850
52,613
1—
330,517
Net after rents
4.079,771
370263
4,908.990
6,102,410
1,472,407
722,753
5,609,048
1,158,055
Gross from railway.....
Net from railway
—V. 147, p.
$1,029,296
248,057
$837,888
170,874
44,705
Net after rents
1935
1936
1937
1938
June—
Gross from railway
Net from railway
From Jan.
x
873,295
defl79,188
265,482
275.
Series—
Auih.
Central Funding—
A Series.
5%
D Series.
Co.—Earnings—
expenses....
$272,563
21,749
28,161
....
Depreciation.
Selling expenses
.
$185,350
7,323
Profit
net.
$157,991
Net income.
105,055
$1.01
Dividends paid
share on 156,000 shares com stock (no par).
June 30 '38
June 30 '38 Dec. 31 '37
§34,950
$32,661
LiaMllttes—
Dec. 31*37
Accounts payable.
all5,658
Accrued taxes
330,134
Commis's
282,115
securs.
§148,979
321,550
d
Inventories
4,043
1,000,200
389,591
442,527
Dr27,280
Earned surplus
Acer. int. on notes
1,439
securities
f Treasury stock..
A>r27,280
Cash surrender val.
23,171
5,026
23,171
life insurance
5,026
insurance
Ld., bidgs. &
AD Series
-5%
47%
52%
57%
61%
AG Series
5%
47%
AI Series
6%
46%
52%
52%
47%
52%
10%
Patents-
Mortgage Security—
A Series.
5%
B Series.
5%
D Series.
4%
14%
E Series.
D Series.
Mtch-2 Ser.
After allowance of $51,117 to reduce to
a
CTA Series
approximate market values at
Dec. 31, 1937.
b After allowance for doubtful notes and accounts, c After
for depreciation of $579,905 in 1938 and $576,670 in 1937.
d Represented by 156,000 no par shares,
f Represented by 5,921 shares at
4%
35%
39%
55%
60%
48%
40%
44%
CB Series
6%
46%
52%
41%
46%
41%
48%
24%
C Series-
5%
7%
Southern Securities—
B Series5%
CC Series
32%
42%
46%
C Series.
53%
F
Series-
2,300,356
1,350,712
670,090
2,303,802
1,402,438
688,832
2,039,570
1,248,777
645,092
184.458
203,761
87,327
1,511,333
873,964
284,776
159,769
G Series.
Net after rents
National Container
The
have
directors
4%
Monsanto Chemical Co.
Corp.—Five-Cent Dividend—
declared
a
dividend
Corp. (& Subs.)—Earnings—
1938
144,360,034 129,703,332
5,127,123
4,393,942
4,409,230
153,190,804 158,143,959
Cost, expenses, &c
5,260,187
Depreciation.
$1,437,410
$6,862,880
$8,216,916
482,905
523,147
482,588
544,256
$7,319,990
Int. & subs. pref. divs..
1,334,756
1,140,100
$7,386,027
1,366,785
$8,699,504
1,788,408
$6,180,865
1,993,966
Other income.
Earns, per
$1,754,829
$3,877,191
232,242
363,550
Net profit from operations
x792,862
Other income
Gross income
-
Income charges
Provision for income taxes—estimated
$1,224,735
$2,852,087
22,838
39,346
36,482
40,346
$1,162,551
Net income
Portion of net income applic.
$5,079,542
345,481
$4,734,060
$5,582,615
$3,119,417
$0.75
$0.89
$0.49
stock
mon
2861.
$104,094
British sub
$0.89
$2.49
Notes—The provision for depreciation and obsolescence during the period
amounted to $1,213,370. The earnings of the British subsidiary have been
converted at $4.85 per pound sterling.
The above statement includes the
results of operations of the Fiberloid division from April 1,1938, the date of
acquisition of the assets of the Fiberloid Corp.
Earnings per share on common
Gross inc. after retir. ac.
Liabilities—
$
$
Receiv., less res...
Inventories
5,105,319
3,457,357
6,701,668
6,420,209
2,974,723
9,279,457
...
1938
1937
1938
Assets
Accounts
$
payable.! 1,968,674
Accrued items
Net income
—V. 146, p. 4126.
National Gypsum
Statement of
pref. Ltk.
Div.
606,437
394.825
1,658,094
7,238,546
Buildings
9,234,315
Mach'y & equip. .27,179,040 22,512,509
1,778,642
Land
1
1
236,057
Pat'ts & processes.
Deferred charges..
170,595
on
Co.-—Earnings—
97,277
$569,852
64,839
$643,352
47,875
$505,013
23.790
$361,937
50,780
17,094
34,657
38,821
20,884
$413,268
11,443
35,793
$560,820
11,422
$442,402
$324,140
9,402
21,577
9,073
20,638
$592,881
$473,382
$334,046
65,000
83,000
65,000
38.000
$395,504
4,238,946
$509,881
1,963,199
$408,382
$296,046
536,783
316,350
doubtful accounts
Miscell. deductions
Interest earned
Miscell. income items___
Profit
1,802,000
1,080,200
Provision for estimated
Federal income tax—
Previous surplus
9,689,655
571,613
602,905
234,298
234,298
235,704
323,866
value
arising
from restock
1,940,000
exchange.
1,940,000
376,315
subsidiary
Minority int. in
American sub..
Pref. stock.
.x5,000,000
Net cap. sur.
11,144,080
135,220
90,250
541,660
$4,319,472
$1,488,251
8,345,221
U. S. Govt,
11,068,264
..58,526,854 48,083,101
Represented by 50,000 no par shares series A $4.50 redeemable and
cumulative preferred stock.
Note—The assets and liabilities of the British subsidiary have been
converted at $4.85 per pound sterling.—Y. 146, p. 3509.
Net from railway
Net after rents
From Jan. 1—
...
Gross from railway
Net from railway......
Net after rents—...—
—V.
147,
St. Louis Ry.—Earnings-—
1938
1937
1936
p.
$1,037,791
169,041
*
65,979
$1,127,665
88,400
37,601
$1,100,467
85,784
41,293
$
1,808,498
6,621,268
1,228,369
605,524
7,511,330
1,262,729
715,287
6,650,926
723,480
384,214
6,171,631
550,543
181,964
1,852,024
bonds
321,104
tr'marks,
amortiza'n.
Pat'ts &
Deferred charges..
340,390
...
def7,772
taxes, &c
80,386
441,931
($20 par)
310,725
420,786
Com. stk. (par $1)
Earned surplus
Capital surplus
Total
a
._...14,825,474 12,890,997
After provision
deducting
$758,701.
p.3510.
Total
1937
§
§
244,644
79,108
78,147
282,176
202,092
C155.125
170,486
1,150.683
1,234,458
544,879
4,217,206
41,127
1,250"000
747,000
3,510,967
1,152,679
1,174,382
a429,888
3,889.584
14,825,474 12,890.997
for United States and Canadian income taxes, b
and depreciation reserves: 1938, $1,194,592:
depletion
c
$200,9i«
deducting
182,228
25,995
2,277,017 Reserves
3,448,000
1,388,522 4M% deb
6,488,187 4% mortgage note
6% s. f. bds., 1943
124,071 7% 1st pref. stock. 3,505,617
5% 2d pref. stock
assets—less
reserves
payable.
Dividends payable
Acer,
pay.,
local
Federal income tax
1,917,850
Inventories (cost). 1,648,894
b Tot. fixed assets 8,296,087
less reserves
Other
Liabilities—
Accounts
—at cost
less
1938
1937
§
certlfs.
$942,072
31,372
122.
1935
37",130
June 30. $4,762,085
of deposit
10,963,223
x
Gross from railway
mm
$1,623,471
Notes & acc'ts rec.,
Nashville Chattanooga &
mm
151,702
1938
and
Cash
12,418,160
$10)
June—
m,
$4,471,176
x After selling, administrative and other expenses, but before
depreciation and depletion.
Comparative Condensed Balance Sheet June 30
Earned surplus...10,740,786
Total...
mm
151,584
Curr. on pref. stock..
Accum. on pref. stock
Assets—
(par
Paid-in surplus
58,526.854 48,083,401
832
$832,829
Dividends declared—
382,464
Pref. shs. of British
Total
16,913
196,096
class. of common
Redeemable of 6% bonds
fluctuations
For conting
stock
134.889
Excess of sale price over
39,256
$4,950,800
able containers
Com.
$740,629
Federal
before
112,500
.
For red.of return¬
for
1935
$401,193
138,227
Interest on bonds
par
1,170,707
178,186
$536,333
55,191
Depreciation & depletion
Credit
Deprec. & obsol.13,183,071
For
$1,115,760
252,228
Income—6 Months Ended June 30
1938
1937
1936
$674,560
Profit from operations.
Reserve^—
402,353
Phosphate deposits
238,049
889,999
Mtscell. investm'ts
$
3,181,941
|
782,511
132,050
&c
230,538
132,797
$460,504
x
1937
Est. normal income
taxes
Due fiom officers,
1938—12 Mos.—1937
$1,278,326
22,777
16,615
Comparative Consolidated Balance Sheet June 30
Cash & securities.
Subs.)—Earnings—
$98,307
17,295
8,830
Operating revenues
Additions to reserves for
—
Net income.
$4,845,134
345,482
$2,775,260
to minority int. in
► American subsidiary
—
Prov. for divs. on pref. shares of
722,000
$3,464,899
345,481
sh. on com¬
264,939
166,545
Research expenses
983,000
$5,928,097
345,481
$0.71
....
939,700
$4,499,653
Net profit
Preferred dividends
$3,612,252
317,419
Selling and administrative expenses
$5,759,359
1,584,959
562,147
$5,636,608
$6,837,085
National Gas & Electric Corp. (&
June 30—
1938—Month—1937
$3,473,239
1,449.435
586,394
Gross profit
1935
1936
1937
$165,288,076$170,133,963$156,970,891$139,749,170
Period End.
1937
1938
the
of 5 cents per share on
This compares
cents per share
were previously distributed each three months, the Sept. 1, 1937 dividend
being the initial distribution.—V. 146, p. 3023.
(& Subs.)- -Earnings-
6 Months Ended June 30—
\71%
stock, payable Sept. 1 to holders of record Aug. 10.
with 12Vi cents paid on June 1, last, and dividends of 25
—V. 146, p.
—'V. 147, p. 121.
64%
71%
66%
67%
146, p. 2052.
From Jan. 1—
Gross from railway
Net from railway.
,
common
$391,366
259,463
87,970
$330,178
192,311
79,219
$349,431
Net after rents
1935
1936
1937
1938
$284,954
58%
5%
51%
49%
46%
4%
5%
Total income
Monongahela Ry. —Earnings—
60%
55%
6%
cost.—V. 147, p. 425.
J une—
55%
Union Mortgage—
allowance
Gross from railway
Net from railway
19%
National Mortgage—
National Dairy Products
$1,562,068 §1,539,321
41%
7%
6 Mos. End. June 30—
Total..
50%
35%
CA Series
8%
5,435
§1,562,068 §1,539,321
46%
6%
National Reserve—
.
F Series.
4%
Mich-3 Ser.
77%
D Series
4%
Mortgage Bond—
—V.
33%
33%
4%
29%
15%
54%
61%
61%
59%
Meline—
A Series.
29%
65%
12%
4%
5%
C Series.
4%
Mich. Ser.
Investors Mortgage—
B Series.
5%
4%
E Series-
49%
56%
57%
45%
Net sales
Total
D Series.
AA Series
77%
65%
Investment Securities—•
587,929
613,050
5,435
eq.
49%
54%
46%
58%
12,522
1,000,200
60%
48%
AC Series
54%
129,339
109,918
earned.
Common stock.
68%
55%
44%
5%
6%
A B Series
52%
49%
52%
48%
4%
E Series.
§361,769
115,658
155,845
.
b Receivables
Prepaid
44%
5%
5%
Instalment Mortgage—
B Series5%
72%
C Series.
5%
60%
Balance Sheet
■c
AA Series
4%
D Series.
63%
5%
5%
A Series.
45%
40%
4%
5%
6%
C Series-
21%
Mortgage Guarantee—
5%
B Series.
$192,672
34,681
Profit
Federal income taxes (estimated)
and
50%
Federal Home—
37,303
Administrative expenses
Market,
55%
55%
50%
5%
A Series.
to Date
16%
5%
B Series.
Empire Bond—.
A Series.
Auth.
Auth.
Alabama—
A Series.
1938
general
for deprec., selling, adminis. and
Profit before provision
Assets—
Series—
to Date
Home Bond—
Condensed Income Account Jan. 1, 1938 to June 30,
Cash.....
Auth.
Guaranty Title—
Monarch Machine Tool
Earns, per
Corp.—Distribution—
^Distributions on account of principal have been authorized on the follow¬
ing series at the rates indicated.
Distributions will be payable on or before
Aug. 20, 1938, to holders of participation certificates of record as of the
close of business Aug. 4, 1938.
Transfer books will be closed for a period
not exceeding 15 days, beginning Aug. 5, 1938.
Amount Previously
Auth.
Amount Previously
Auth.
C Series.
Other income,
^
_
National Bondholders'
660,753
717,221
1—
Gross from railway
Net from railway
Net profit.
$5,713,660
June—
Gross from railway
Net from railway
1938—3 Afos.—1937
1938—6 Mos.—1937
loss$78,485
$38,930
$135,356
$127,790
After charges and taxes.—V. 146, p~270TT|[ii_
Period End. June 30—
x
From Jan.
747
Financial Chronicle
147
Includes U. S. undistributed profits tax
After
1937,
estimated.—V. 146.
748
Financial Chronicle
National Lead
Co.—Earnings—
Income Account Six Months Ended June 30 Unci.
Subs.)
1938
1937
1936
July 30, 1938
Nevada-California Electric Corp. (&
Period End. May 31—
Operating revenues
1935
1938—Month—1937
$490,459
$453,238
19,570
19,919
207,557
172,113
Subs.)—Earnings
1938—12 Mos.—1937x
$5,790,554
$30,542,553 $50,728,762
29,075.795
47,103,588
xCost of goods sold
49,980
47,242
612,958
585,165
Net oper. revenues—
Other income
$36,607,915 $32,064,071
34,320,530
30,268,336
$5,471,858
204,994
2,107,902
526,068
591,071
$162,549
3,042
$172,580
19,970
$2,069,399
71,701
$2,041,821
108,319
Interest
Net sales
$165,591
119,046
$192,550
110,892
$2,141,101
1.379,597
$2,150,141
1,336,857
6,937
1,075
7,056
1,094
84,054
14,638
86,257
$38,532
$73,507
$662,812
$713,339
43,802
25,472
Drl.604
Drl,418
Dr8,146
Cr7,588
$36,928
$72,089
$698,468
Maintenance
Other operating expenses
Taxes...
Gross profit on sales..
Other income
Total income.
$1,466,758
338,107
$1,804,865
Expenses and taxes
1
Deprec. & depletion—/
$3,625,173
1,567,093
$5,192,266
Seex
Net profit
Class A preferred divs_.
$2,287,385
453,542
See
$2,740,927
See
x
x
819,775
•
$2,615,510
See
x
$1,804,865
748,275
232,386
773,775
$50,428
$3,437,830
$1,003,991
$879,513
Profits
3.098,310
$0.26
Class B preferred divs..
Common dividends
$5,192,266
748,275
232,386
773,775
3,098,310
$1.36
3.095,100
$0.57
y309,510
$5.33
-
-
Other
$2,740,927
730,775
232,386
773,775
Amortiz. of debt disc't &
$2,615,510
730,775
232,386
772,836
expenses
Miscellaneous—
Net income
Surplus
Shares
stock
com.
out¬
per share
National Steel Corp. (&
Period End. June 30—
Profit from oper. 8c inc.
bonds & debs, (net)
miscell. debits
from interest & divs..
Prov. for depr. & deplet.
Interest charges, &c., on
$9,292,733
1,436,699
594,262
398,720
607,651
1,235,306
funded debt
Prov. for Fed. inc. tax.-
Netprofit
$1,005,863
2,168,117
Shares capital stock
Earnings
share
per
redemp.
of
divs., &c
1,184,289
672,308
$0.46
1,206,994
2,321,905
$2,094,499 $11,708,896
2,168,117
2,167,777
$0.96
$5.40
a After
deducting cost of sales, selling and general expenses, &c., but
before depreciation and depletion, interest
charges and Federal income tax.
Note—No provision has been made for Federal tax on
undistributed
Commission
$746,399
classification
effective Jan. 1.1937.—V. 147. p. 123.
$6,550,040 $17,889,459
2,598,944
2,651,664
$6,013,077
2,167,777
$2.77
bonds,
In order to make proper compariso:
were revised
to conform with Federal Power
x
1938—6 Mos.—1937
$3,349,115
1,350,269
&
Earned surp. avail, for
Subs.)—Earnings—
1938—3 Mos.—1937
13,687
retirement of
credits to surp. (net)--
x Includes
expenses, taxes, depreciation and depletion,
y Par $100,
the shares having been split 10 for 1 effective
May 15,1936.—V. 147, p. 579.
a
on
—
standing (par $10)...
Earnings
283,454
2,239,577
41,385
Depreciation
$1,795,735
50,803
Nevada Northern
June—
From Jan.
Gross from
1937
1936
1935
$43,275
17,358
9,907
$56,016
28,734
$42,554
18,356
12,232
$27,083
256,466
after rents
Net
Ry.—Earnings—
1938
Gross from railway.
Net from railway
3 3 5,977
161,822
274,985
120,455
89,280
176,590
21,942
4,986
2,763
1—
railway..
— .
Net from railway......
91,262
59,355
Net after rents
—V. 147, p. 123.
117,430
30,905
14,750
.
earnings.
To Spend
New Amsterdam
$5,000,000
on Weirton Steel Co. Plants—
Corp. on July 27 announced that $5,000,000 will be
spent on plants of the Weirton Steel Co. at Weirton, W. Va., in further
diversification of products.
The improvement will provide production
facilities for a number of new products which will include a
greatly increased
range of structural shapes, sections for car building and ship building, a full
line of steel piling and other special sections.
The new equipment also will
roll all sections of rails including the 152-pound
section, now the heaviest
used by the railroads of the country.
Work will be started on the program immediately and the new
facilities
are
expected to be in operation by July 1, 1939.
This program is in line
with tne consistent
policy followed by National Steel Corp. since its organi¬
zation to continuously diversify its line of products.
National Steel now has capacity to produce
3,500,000 tons of steel
annually, being tied for fourth place in the industry in the matter of
produc¬
tion.—V. 146, p. 3962.
The National Steel
National
Tea
V. 146, p. 761.
New Brunswick Fire Insurance Co.—Extra Dividend—
The directors have declared an extra dividend of 35 cents
per share in
addition to semi-annual dividend of 50 cents per share on the
capital stock,
par $10, both payable Aug. 1 to nolders of record July 22.
Similar pay¬
ments were made on Feb. 1, last, and on Aug. 2 and Feb.
1,1937.
An extra
of 25 cents in addition to the 50-cent semi-annual dividend
waspaid
Aug. 1 and Feb. 1, 1935.—V. 146,
New
The sales of the company for the four weeks ended
July 16,1938 amounted
July 16,
1938, resulting in
decrease of 3.05%
a
location.—V. 147. p. 579.
in average sales per
National Union Fire Insurance
Co.—Extra Dividend—
The directors have declared an extra dividend of
$1 per share in addition
to semi-annual dividend of $1.50
per share on the capital stock, par $20,
both payable Aug. 15 to holders of record
Aug. 1.
Similar amounts were
paid on Feb. 14, last, and on Aug. 9 and Feb. 8, 1937, and
previously semi¬
annual dividends of $1 per snare were
distributed.
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.—
V. 146, p. 760.
National Union Radio
Years End. April 30—
Gross profit
Sell., adm. & gen. exps..
Depreciation
Exps. of non-oper. prop
Loss on machinery sold
scrapped
Special charge
Net
1,924
36,935
tax
on
undist. profits
loss.
-Earnings-
1937
1936
1935
$626,196
435,268
14,464
69,743
$489,454
402,102
61,421
105,762
10,602
$520,645
432,302
61,279
104,064
16,226
_
or
Surtax
1938
Cash collat. acc't.
a
Notes & acc'ts
rec
Inventories..
Real
estate
61937
$50,326
34,276
178,039
$153,173
1~4~5~865
$93,226
Liabilities—
Notes payable
£1937
$152,000
150,114
94,231
Acer. exps., &c
Real est. mtges
$200,000
131,496
Accounts payable-
660,086
697,972
18,000
741,643
33,985
Com. stk. ($1 par)
463,953
45,754
463,953
35,582
Surplus
384,738
480,869
$1,617,551
$1,788,335
85,000
Goodwill, &c
1
Conv.
pref.
88,500
f56,133
f57,396
250,000
d Reserves
'
5
and
...$1,617,551
250,000
stock
(par $1)
1
$1,788,3351
Total.
£^r£e£e.rv^sv>,»b After
reserve for depreciation of $517,628 in 1938
c To affiliated
company,
d For tube replacement
f Includes $8,000 reserve
for Federal taxes.
effect to (1) the settlement of certain
$449,019 in 1937.
and sale premiums,
g
After giving
disputes and litiga¬
Corp. of America involving the issue of new
pref. stock
to said
company in exchange for old pref. stock and
certain indebtedness to
said Radio
Corp. of America; (2) the issue of common stock in
payment of
tion with
Radio
certain indebtedness to
officers and expenses incurred in
connection with
the above described
settlement; (3) the liquidation by payments in cash of
certain obligations to Radio
Corp. of
a
loan, the proceeds of which
indebtedness.—V. 145,
p.
Nebraska Power
Period End. June 30
Operating
revenues
_
Oper. exps., incl. taxes.
Amort, of limited-term
_
were
1106.
America; and (4) the procurement of
used for the partial
liquidation of said
Co.—Earnings
1938—Month—1937
$640,349
$631,237
377,492
359,846
1938—12 Mos.—1937
$7,876,721
4,345.099
.44,166
37,673
580,000
Net oper.
revenues...
$212,668
$227,225
i$2,913,949
22
151
13,791
$212,690
61,875
$227,376
61,875
17,500
9,012
$2,927,740
742,500
17,500
9,652
4,115
6,182
_
(credit)
$7,173,379
3,975,856
527", 500
1938—6 Mos.—1937
$1,386,858
$4,351,782
1,963,264
3,926,528
$2,181,941
1,963,264
$247,370 sur$218,677
1,963,264
1,963,264
Shs. cap. stk. (par $25)per share
$0.37
$576,406 sur$425,254
1,963,264
1,963,264
$0.70
$2.21
$1.11
Includes dividends received from
subsidiary companies, proceeds from
&c., and is after deductions for expenses, taxes,
patents,
depletion, contingencies.—V. 146,
depreciation,
p.
2861.
New Mexico & Arizona Land
Co.—Earnings—
1937
$38,269
3,842
$34,754
3,225
791
1,141
$49,733
6,926
26,509
$42,902
6,638
25,844
$39,120
$16,416
—
1934
$39,254
5,438
5,041
$46,309
5,688
24,203
Profit
1935
11,080
2,406
Expenses
1936
$32,822
$16,297
10,000
$10,420
$7,737
Dividends paid.
6,115
25,268
General Balance Sheet Dec. 31
Assets—
Lands
1937
1936
(914,170.64
acres)
U. S. Treasury se¬
curities (at cost)
Miscell. invest
1937
1936
$1,000,000 $1,000,000
$653,026
Current liabilities.
609
25,857
169,233
Unadjusted credits
Profit & loss (clef.)
28,153
437,764
136,998
153,426
$891,764
$873,615
615
Unadjusted debits
46,606
7,741
1,988
400
2,277
$891,764
$873,615
Total
■V. 145. p. 124.
New Orleans & Northeastern RR.June—
Gross from railway
Net from railway
1938
railway
p.
1,622,181
638,692
305,403
1,265,815
378,469
111,501
1,098,887
245,792
42,961
1937
1936
1935
$125,518
def20,356
$157,717
30,657
$112,031
def9,032
def 1,451
864,406
245,644
293,332
defl2,7l4
Net after rents
—V. 147, p. 123.
210,000
108,230
27,505
42,457
,894,515
$1,788,789
499,100
499,100
$1,395,415
$1,289,689
....
_
26,504
$124,601
8,826
def6,646
1,334,231
491,781
504,385
1,573,695
1,112,194
762,282
359,597
276,217
New York Central
June—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
426.
Ry.— Earnings—
1938
$2,797,767
742,500
210,000
98,935
p.
1935
$191,624
48,095
14,413
New Orleans Texas & Mexico
147,
1936
$214,829
77,009
30,309
123.
June—
Gross from railway
Net from railway.
Net after rents
—V.
•Earnings-
$265,543
103,036
47,045
1,460,497
431,151
102,358
-
From Jan. 1—
Gross from railway
147,
1937
$252,427
84,605
33,256
Net after rents
—V.
1,184
486
39,086
Land sale contracts
Total
Liabilities—
Capital stock
$406,158
From Jan. 1—
Gross from railway.
Balance
$734,262
981,632
Earnings
$2,670,023
127,744
.
-V. 147, p. 123.
1938—3 Mos.—1937
Dividends....
x
397,821
def97,736
Jersey Zinc Co.—Earnings—•
Net from railway.
Net income
$128,418
$144,531
Dividends applicable to
preferred stocks for the
period, whether paid or unpaid
..
def218,852
Net after rents
1,855
48,334
Gross income
Int. on mtge. bonds
I
Interest on deb. bonds.
Other int. & deducts
Int. chgd. to construct'n
399,278
def29,954
defl53,279
Period End. June 30—
Net income
Net from
investments
Prop, retire, res. approp.
Other income
381,260
def37,650
defl65,105
147, p. 123.
New
Current assets
Total
341,455
def26,776
defl46,770
Net after rents
97,502
18,000
c Invest. &
advs..
Deferred charges..
defl9,546
From Jan. 1—
Gross from railway
Net from railway
x
1935
$70,291
def8,989
def28,852
Net after rents
—V.
1936
$69,084
def2,975
def24,778
Taxes
1938
1937
$62,590
def6,622
def26,048
"Total income.
$ 10,434
593,184
not
used in business.
b Fixed assets
1938
Interest
Other
Consolidated Balance Sheet April 30
Assess—
on
761.
Jersey & New York RR.—Earnings—
June—
Calendar Years
Rentals
5,697
45,476
3,500
4,500
$96,131 prof $47,548
Cash
Aug.
paid
d.
Gross from railway
$59,122
Net from railway.def825
Deficit
Corp. (& Subs.)
1938
$422,958
392,194
16,233
71,804
Interest
Normal
on
1, 1936.
A semi-annual dividend of 75 cents was paid on Feb.
1, 1936,
and prior thereto regular dividends of 50 cents
per share were distributed
each six months.
In addition, extra dividends of 15 cents were
Co.-—Sales—
to $4,027,115 as compared with $4,631,958 for the
corresponding four weeks
of 1937, a decrease of 13.06%.
The number of stores in operation decreased from
1,241 in 1937 to 1,113
at
Casualty Co.—Larger Dividend—
Directors have declared a semi-annual dividend of 32 ^ cents
per share
on the common stock payable Oct.
1 to nolders of record Sept. 15.
Pre¬
viously semi-annual dividends of 30 cents per share were distributed.—
691,162
RR.—Earnings—
1938
1937
1936
$23 ,040,069 $31,002,458 $29,586,541
4 ,809,709
7,378.129
7,954,998
922,244
1,229,247
4,239,983
-.138 ,942,439
23 ,731,434
108,187
....
186,831,954
47,032,776
22.575,194
1935
$25,055,702
6.077,402
2,546,059
171,616,006 150,482,705
41,191,177
35,408,141
19,688,552
15,039,674
New York Ontario & Western
Newport Industries, Inc. (Del.)—-Earnings—
3 Months
8ales, net-.
—
—
Maintenance and repairs
x
Provision for depreciation
12 Months
$1,800,215
1,345,925
54,335
100,895
$4,334,524
669,474
28,080
48,131
—
6 Months
$830,545
Period Ended June 30, 1938—
Cost of sales-
41,575
112,745
220,739
450,914
loss$45,295
$ 51,016
9,902
19,322
$662,305
33,703
8,050
5,499
16,968
40,409
88,469
Miscellaneous other Income
Total Income
paid—net—
100,048
profits taxes
Prov. for co.'s proportion of the oper.
loss
of
Armstrong-Newport
Co.
...
(50% interest)
26,715
before
loss
provision for sur¬
profits
tax on undistributed
'
$52,720
Repairs and replacements charged
to reserve for depreciation
—V. 146, p. 3347.
New York Chicago
$21,111
$11,971
& St. Louis RR.—Seeks
Extension of
$15,000,000 Notes Due Oct. 1 Next—
Nickel Plate
The
6% unsecured notes,
$15,000,000, to consent to a tnree-
extension of tne issue which matures on Oct. 1. In bespeaking accept¬
ance of the proposed estension,
George D. Brooke, President, in a letter
addressed to noteholders, states that reorganization under Section 77 is
inevitaole unless substantially all of the holders consent to tne plan. As in
1932 and again in 1935, untoward business developments have seriously
affected earnings of the road, impaired railroad credit generally, and ren¬
dered impossible the retirement or the refunding of tnese notes at this time.
"Prompt action on your part in depositing your notes is necessary,"
says Mr. Brooke in his letter to noteholders, "in order to avoid the serious
consequences of a default."
Tne Nickel Plate's plan of extension, which is subject to Interstate
Commerce Commission approval, provides for an exchange of the present
notes for new ones, on a par-for-par basis, at a continuing 6% rate of
interest, and maturing as to principal on Oct. 1, 1941. As tne present notes
are deposited with the Manufacturers Trust Co., tne designated agent and
provisions of the plan is that deposited notes may
noteholders without charge at any time prior to
be witn-
tne plan
to the
by the
being declared operative.
Any costs incurred in forwarding notes
depositary, including cost of registration and insurance, will be paid
be made on or before Aug.
The plan provides that deposits
company.
31,
1938.
Mr.
noteholders, prefaces the discussion
Brooke, in nis letter to
of tne
plan of extension witn a summary of conditions that prevent tne retirement
or refunding of tne notes on their maturity.
"These notes," tne letter reads, "were issued tnree years ago in exchange
for a like amount of three-year notes wnich matured on Oct. 1, 1935, at
wnich time, because of the reduced earnings of the company and the
decline in market value of railroad securities, it was not possible otherwise
to retire or refund the maturing notes.
"Beginning at about that time and continuing until the summer of 1937
there was a substantial improvement in tne earnings of the company," tne
letter continues, "and during this period tne company was enabled to make
certain definite improvements in its financial affairs.
Two of its first
mortgage issues were extended for 10 years at substantially lower interest
rates; short-term indebtedness of more than $15,000,000 owing to the
Reconstruction Finance Corporation and more than $4,000,000 to the
Railroad Credit Corp. was retired by the sale of $16,000,000 of 10-year
4% collateral trust notes and Dy use of treasury casn. There has been a net
decrease of approximately $3,250,000 in the company's indebtedness, not¬
withstanding tne issuance of equipment trust obligations for the acquisition
of a substantial amount of new rolling stock.
The result of these trans¬
actions nas been to reduce the annual interest charges of tne company by
approximately $250,000 as compared witn the amount of interest paid
during the year 1935."
Mr. Brooke relates now the sudden reversal of the business trend, com¬
bined with the imposition of substantially increased costs, over wnich the
company has no control, brougnt an unprecedented decline in railroad
income and in railroad credit.
"For tne first six months of 1938," he continues, "your company's
earnings available for fixed charges amounted to only $1,730,760, or 48%
of sucn charges and its cash position suffered accordingly.
During recent
weeks there has been a modest improvement in the trend of traffic.
"Under such circumstances your directors nave no other alternative tnan
to offer to the nolders of the notes a plan for tneir extension for an additional
period of three years, continuing the interest rate of 6% per annum. Unless
this proposal is accepted by tne holders of substantially all of the notes, a
.
reorganization of your company under the
Bankruptcy Act is inevitable."
Mr. Brooke's letter to the noteholders is
provisions of Section 77 of the
1938
June—
$2,773,682
from railway
711,382
after rents...284,764
Net
Net
From
Jan.
accompanied by a copy of the
1937
$3,391,788
1,045,085
707,560
1936
1935
$3,337,425
1,192,714
657,484
$2,729,576
863,627
505,568
19,600,644
6,903,754
16,569,361
5,221,034
3,023,871
1—
Net from railway
16,690,873
3,869,812
Net
after rents..
1,176,049
—V.
21,885,050
7,544,596
4,359,044
147, p. 426.
Gross from railway
4,157,446
RR.—Earnings—
New York Connecting
120,864
1937
$212,193
158,720
97,269
1936
$206,172
154,618
90,781
1935
$246,064
176,119
113,422
1,094,132
744,429
362,300
1,457,262
1,396,488
1,076,830
669,425
1,399,241
1,160,304
794,868
1938
June—
$249,084
183,849
Gross from railway.....
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 147, P. 123.
New York Dock
1,074,737
671,227
1938
Revenues
$1,517,447
Expenses
Taxes, interest, &c—...
Net loss
825,659
721,604
1937
$1,559,201
$29,816
$4,349
$102,211
$63,062
—V. 146, p. 4126.
New York New Haven & Hartford RR.—Earnings—
Period End. June 30—
1938—Month—1937
1938—6 Mos.—1937
Total oper. revenue
$5,858,061
$6,821,447 $34,702,358 $41,285,346
a Net railway oper. inc.
defl03,481
440,490 def659,996
3,714,896
c Net def. after charges-bl,131,721
b542,677 b6,808,923 b2,101,385
leases of the following
companies were rejected on dates stated
below, but net railway operating income includes the results of operations
of these properties.
Old Colony RR. June 2, 1936; Hartford & Con¬
necticut Western RR., July 31, 1936; Providence, Warren & Bristol RR.,
Feb. 11, 1937.
b Effective as of these dates no charges
included covering the Old
for the stated leased rentals are
Colony RR., Hartford and Connecticut Western
and Bristol RR. leases.
RR. and Providence, Warren
c
$5,385,461 $23,590,808 $22,109,196
131,226
523,075
580,876
Total oper. revenues..
$5,799,280
3,553,891
453,815
$5,516,686 $24,113,883 $22,690,072
2,901,351
13,361,740
11,784,863
437,361
1,996,415
2,004,955
981,731
1,142,839
4,502,190
4,263,527
Operating Income
Non-oper. revenues
Non-oper. rev. deducts.
$809,843
3,674
3,891
$1,035,135
3,426
3,295
$4,253,538
14,424
14,251
$4,636,727
12,310
13,410
Gross income........
$809,626
264,792
$1,035,266
218,750
$4,253,711
921.041
$4,635,627
875.000
Int.
long-term debt..
int., amort, of
debt disc't & exp. &c.
on
,
Before guarantees on
40,935
Divs. decl.
on
of
206,651
98,247
$776,957
$3,126,017
$3,662,379
60,755
60,755
$3,065,262
$3,601,624
157,963,087 156,607,056 668,113,863
$270,385
$292,203
$1,103,515
600,171,679
$1,083,672
pfd. stk_
Bal. avail, for divs.
Sales
39,559
$503,899
Net income..
electric
on common
stock
energy
(kw. hours)
Incl. maint. expends, of
a
Note—No
made
Federal surtax on
deemed necessary.—Y. 147, p. 580.
or
provision
for
separately operated properties.—V. 147, p. 580.
undistributed profits was
Corp.—Earnings—
New York Steam
1938—12 Mos.—1937
1938—3 Mos.—1937
Period End. June 30—
Operating revenues:
$9,841,762
$9,855,020
1,565
$1,897,363
2,086
55,102
55,590
$1,721,476
1,294,643
47,013
$1,899,449
1,322,292
22,766
$9,910,122
6,619,587
361,060
$9,897,352
6,280,625
523,829
From sales of steam..
$1,719,911
Other oper. revenues.
Total oper. revenues..
Operating expenses
Depreciation
a
372,870
351,890
1,535,664
1,381,852
$6,949
16,625
7,518
$202,500
19,869
6,665
$1,393,811
76,411
32,721
$1,711,046
$16,056
351,349
$215,705
353,290
$1,437,502
1,407,813
$1,784,062
1,416,281
65,750
58,986
251,170
.-def$401,043 def$196,572
b Divs. declared onpref. stocks
........
....
def$221,481
Taxes
Operating income.
Nonoperating revenues.
Nonoper. rev. deducts..
Gross income
Int.
on
long-term debt..
int., amort, of
debt disc't & exp. &c.
109,847
36,832
Miscell.
Net income.
......
234,653
•
$133,128
470,638
......
def$221,481 def$337,510
Sales of steam(l,000 lbs.)
1,743,678
1,979,369
10,228,943 10,468,770
a Incl. maint. expends.of
$245,786
$275,034
$1,018,940
$906,171
b Cumulative pref. stock divs. in arrears at June 30, amounted to
Balance
624,486 in 1938 and $156,879 in
Sale of
1937.
Bonds Delayed—
sched¬
Public offering of $32,000,000 bonds, which had been tentatively
uled for offering on Thursday of this week, has been postponed because
Commission examiners have not
S.
the P.
company's application.—V. 147, p.
580.
RR.—Earnings—
1937
1936
1935
$253,529
73,663
def5,292
$239,870
64,322
4,650
$239,302
54,772
2,125
$327,704
1,551,451
509,473
69,580
1,753,559
658,915
268,561
1,682,649
516,475
237,263
1,891,020
549,456
214,506
1938
June—i
Gross from railway
Net from railway..
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
V. 147, p. 124.
New York
completed their report on the
Susquehanna & Western
New York
111,415
61,960
Telephone Co.-—New Director—
of Rockville Center, L. I., newly appointed Vice-President
personnel was appointed a director of that company at a meeting
A. G. Wright,
July 27.
of the board held
As
_
Vice-President Mr. Wright
Center,
years
succeeds Robert H. Boggs, also
who is closing his active
,
of Rockville
association with the company
after 39
of service.—V. 147, p. 276.
New York Title & Mortgage
Co.—Hearing Adjourned—
Frankenthaler has adjourned ujntil Oct. 19 the
40,000 certificate holders against the company,
to recoup on defaults and interest on principal payments guaranteed by the
company.
The adjournment was taken at the request of Superintendent
Supreme Court Justice
hearing on the claims of
of Insurance Pink and attorneys representing certificate holders on the
grounds that they needed further opportunity to investigate certain
in order to furnish the court with a factual basis to reach a determination
of the correct amount due on the claims.—V. 147, p. 427.
claims
Niagara-Hudson Power Corp.
Period End. June 30—
Oper. rev.
deductions
Operating income--.Non-oper. income
Gross income
(net).
— —
inc
Net
income.-
Divs. on
$5,889,649
116,907
6,006,556
2,553,747
$3.4.52,809
Divs. on pf. stks.
of subs
— .
(&Subs.)—Earnings—
1938—3 Mos.—1937_
1938—12 Mos.—1937 *
$19,883,177 $21,678,301 $84,645,650
13,993,528 xl4,066,611 59,388,623
Operating revenues
Balance—
Facilities Corp.)
1936
1935
$1,373,921 $1,416,970
834,387
738,608
731,899
729,163
737,525
748,133
(Including New York Dock Trade
The
$5,672,224
127,056
Deduct, from gross
Co.—Earnings—
6 Mos. End. June 30—-
a
■
Yeo * to Date
Earnings for June and
Co.—
1938—12 Mos.—1937
1938—3 Mos.—1937
revenues:
in charge of
plan and deposit agreement and oy a form letter of transmittal for tne use
of the notenolders in depositing tneir notes in excnange for new notes
bearing an extended date of maturity.
Gross from railway
,
■
Queens Electric Light & Power
a
Operating expenses...
Depreciation
Taxes
(incl. prov.
for
Federal income tax)—
the
tne
4,343,737
1,133,569
676,867
Fr. sales of el. energy.
Other oper. revenues.
depositary, transferable deposit receipts will be sent to the owners of
notes.
When the plan is declared operative by the company new notes
will be issued and the full interest due Oct. 1, 1938, Will be paid.
One of tne
&
Period End. June 30—
Operating
year
drawn by
ry
York
8,806
Miscell.
Road is asking nolders of its
outstanding in the principal amount of
3,423,875
510,054
$769,092
224,468
161,144
4,399,936
1,012,048
535,496
defl9,542
$14,214prof$410,408
x
$6,669
-
—V. 147, p. 124.
for normal Federal income
and excess
6,461
Net after rents
1935
1936
$719,930
188,026
102,523
$522,829
41,635
3,097,596
117,545
def378,706
From Jan. 1—
Gross from railway
Net from railway
New
Ry.—Earnings—
1937
1938
$592,846
91,237
Net after rents.
129,725
Selling, general and admin, expenses.
Profit from operations
June—
Gross from railway.
Net from railway
$635,590
11,395
$37,027
13,989
...
-
Net
6,090
GY281
20,108
loss$33,901
Taxes
Interest
2,817,093
122,644
202,146
Cr2,698
Charges in respect of eqpt. dismantled
Provision
749
Financial Chronicle
147
Volume
— -
preferred stocks
1,841,676
$1,611,133
606,006
$7,611,690 $25,257,026 $30,296,340
87,025
371.696
332,205
7,698,715
2,675,851
generated and pur¬
chased (thousands)
Sales of manufactured &
25,628,722
10,412,133
30,628,545
10,967,785
$5,022,864 $15,216,589 $19,660,760
1,913,711
7,415,250 10,103,411
$3,109,153
625,604
$1,005,126 x$2,483,549
Balance
$85,273,272
x54,976,932
$7,801,339
2,391,362
$9,557,349
1.042,673
$5,409,976 x$8,514,676
Kwh.
mixed gas, in
2,143,951
7,985,632
8,142,547
2,444,973
2,580,187
10,197,833
10,103,707
4
thousand
cubic feet
Sales
1,861,140
of natural gas, in
23,361,066 34,765,447 109,297,170 130,724.211
x Changed to give effect to major adjustments made later in the year 1937.
Notes—Operating revenue deductions for the three months ended June 30,
1938, ano June 30, 1937, include $208,795 and $153,560, respectively, and
for the 12 months ended June 30, 1938, and June 30, 1937, $981,383 and
$323,995, respectively, representing expenditures incurred in connection
with
changing customers' electric equipment
to standard frequency.
Prior to Jan. 1,1937, such expenditures were charged to surplus.
)
No provision has been made for possible surtax on undistributed profit
for the calendar year 1938 under the 1938 Federal income tax law.—
therms.
V. 146, p.
3198.
750
Financial
Chronicle
York
New
Moves to
Lehman announced
Governor
July 20 he would appoint
an
Assets
Notes
Cash
Mamaroneck asking them to suggest appointees for
5148,163
xl,156,426
receivable
surr.
Notes and accounts payable-Conv. debs., 6%, due 1951...
21,737
Certifs. of investment—contra
val. of life insur..
Other notes & acc'ts
rec
rec—Contra
Notes
Harrison,
and
Liabilities—
Cash in banks and on hand--
unofficial
committee to study means of reviving the abandoned road.
Governor Lehman, at the request of Senator Pliny W. Williamson, said
he had sent letters to the Mayors of New York, White Plains. New Rochelle
and Mount Vernon and to town boards of Pelham, Scarsdale, Rye,
Eastchester
July 30, 1938
Consolidated Balance Sheet June 30,1938
Westchester^&f Boston Ry.—Gov. Lehman
Open Line-—
10.758
(to
the
Furniture
committee.
and
Reserves
17,709
Class A common, 70,742 shares
de¬
Deferred charges
outstanding
Interstate Commerce Commission
on
a
x
certificate
Earnings for June and Year to Date
1938
1937
$594,533
276,930
215,999
2,277,620
470,102
168,103
1936
$505,581
186,671
126,826
$695,856
304,072
228,342
2,617,191
677,250
330,632
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
2,209,195
426,536
155,966
V. 147, p. 124.
Norfolk & Western
Period End. June
Freight
Pass., mail <fe
301-
$5,103,000
transportation...
Incidental & joint facil..
Ry.
oper. revenues...
Maint.ofway&
$5,451,232
struct—
Transportation rail line.
Miscellaneous operations
General
Transport'n for invest..
GY340
Net ry. oper. revenues
$1,759,143
Railway tax accruals...
15,114
179,285
GY1.374
741,570
$3,670,331
1,211,783
$2,458,548
327,351
Drll,012
_
on
...
fuxTded debt.
Net income
—V. 147, p. 124.
securities of which
(7)
the
$2*774,887
233,127
$1,214,949
178,453
$3,008,014
178,817
$2,829,197
Transportation
Goal----
Total oper.
Operating
Net oper.
a
a oo
43,288,873
7,314,804
11,950,136
5,044,462
291,890
3,935,082
262,709
756,158
1936
1935
o
no a
nr. e
41.233,336
6,560,301
12,177,831
3,749,964
38,086,503
6.299,689
10,946,726
3,213,508
883,760
5.571.103
26 890
260,908
206,354
5,794,893
108,452
Other income.
Gross income
264,389
9,462
767,243
4,693,526
115,131
4,953
864,770
4,319,602
215,737
1.839
57,657
--$55,391,273 $58,262,147 $53,705,973 $50,164,093
14.388 741
11,416,998
14,708,368
15,418.821
'
funded debt.
of bond disct.
on
Amortiz.
and expense
928,092
Other interest charges..
Int. during construction
charged to property &
plant
Pref. divs. of subsidiaries
Min. ints. in net income
of subsidiaries
659,578
401,235
Approps. for deprec.
res.
CY69.127
7,833,074
Cr134,446
8,263,509
Period End. June 30—
Net income.
y
Earnings
351,664
150,509
56,313
291,268
107,456
9,944
1,434.770
14,509,215
1,315,694
13,854,136
995.260
13.434,960
189,277
Co.—Earnings—
1938—6 Mos.—1937
$902,621
$1,126,845
$0.12
$0.24
per share
Y
1938—12 Mos.—1937
$1,963,029
$2,018,517
$0 32
$0.35
x After
depreciation, Federal income taxes, surtax on undistributed
profits, interest, &c.
y On 1,806,870 no-par shares of common stock.—
V. 147, p. 580.
Northern Insurance Co. of N. Y.—Extra Dividend—
The directors have declared
an extra dividend of $1 per share in addition
the regular semi-annual dividend of $1.50 per share on the common
stock, par $12.50 both payable July 28 to holders of record July 28. Similar
payments were made on Jan. 31, last, July 29 and on Jan. 15, 1937. Extra
to
dividends of 50 cents per share were paid on July 30, and Jan. 27,
and
on
June—
Ry.—Earnings—
1938
Gross from
railway
Net from railway
1937
1936
From Jan. 1—
Gross from railway
Net from railway.
Net after rents..
$5,467,645
889,744
1,684,088
$4,955,972
830,563
544,987
$3,730,918
34,357
def218,353
24,245,075
1,531,178
defl54,833
Net after rents
30,399,579
4,550,761
4,258,990
26,204,494
2,741,826
1,454,822
22,786,730
Northern States Power Co.
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended July 23, 1938, totaled 24,796,343 kilowatt hours, a decrease of 1.9%
p.
580.
Northwestern Electric Co.—Earnings—
8,182,698
Operating
revenues
Oper. exps., incl. taxes.
_
193 8—Month—193 7
$314,231
$334,763
213,702
220,824
1938—12 Mos.—1937
$4,387,514
2,832,487
$4,466,323
2,827,153
Amortization of limitedterm
investments
48
$17,257,325 $13,061,587
$9,750,505
Rent for lease of plant.
_
Net oper, revenues
aver.
$2.01
$1.52
■Kr™?ies7~^\ The above figures do not include the results of
Amer ai? Light & Power Co. or Capital Transit Co.
I
Operating income.
$1.13
operations of
.
Other income (net)
167
600
280,000
260,000
$75,529
17,390
$92,224
17,484
$1,274,860
206,626
$1,378,570
208,612
$74,740
$1,068,234
Dr52
Dr60
$1,169,958
Dr8,898
$58,084
28,234
15,839
$74,688
29,570
16,208
$1,068,174
345,241
203,604
$1,161,060
371,199
196,045
10
Property retirement re¬
serve appropriations.
21,667
Dr55
1,820,034
25,000
$58,139
$11,570,539
1,819,316
$1.68
927,794
defl9,462
—V. 147, p. 125.
common
outstdg.
1935
$4,582,154
600,173
285,292
$14,880,903
1,819,077
1936
July 29, and Jan. 28, 1935—V. 146, p. 922.
Period End. June 30—
^™!°nCkdivs'&8Urp--514'393'472
Earns per share on
shs. com.stk.
400,523
175,508
69,927
def24,823
compared with the corresponding week last year.—V. 147,
1,819,077
for
$54,102
26,277
8,625
—V. 147, p. 124.
Ct 319,725
Bal. for divs. &
surp__$i6,212,549 $19,076,402
Divs. on North Amer.
preferred stock
Balance
$53,609
20,888
7,038
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
692,261
CY255.975
7,289,602
l ,276,319
15,334,581
631,612
186,196
217 363
1935
1936
$60,546
20,528
1,584
266,702
81,399
Net from railway
Net after rents.
Northern Pacific
190,198
—
1937
$32,545
1,698
defl4,023
Northern Indiana Public Service
revenues...$48,514,682 $51,272,524 $47,918,766 $44,704,487
Net profit on mdse. sales
Net income from rentals
Interest
a
Earnings—
1938
x
revenues.$118,096,645$119,162,690$111.640,199$103,250,914
44,082,191
Maintenance
7,826,511
Taxes, other thanincome 13,475,470
Prov. for income taxes..
fewestDividends
company.
by it, and the transfer of the
company.
-
1937
expenses
Prov. for Fed. surtax...
now owned
The acquisition by General Gas of the common stock of the applicant.
Gross from railway
$4,516,470 $15,902,920
i
Miscellaneous
new
Southeastern of the securities of certain electric
Northern Alabama Ry.
$5,588,015 $16,975,821
1,071,536
1,072,901
$94,396,597 $94,445,857 $87,132,405 $81,176,639
V
inn nm
o
3,100,919
3,146,482
3 008 311
3,284,205
4,378,525
4,230,163
4,176,892
3,924,326
10,621,745
11,076,592
10,633,016
10,062,932
4,304,666
4,865,227
5,194,130
4,007,351
1,294,192
1,398,369
1,219,550
1,071,354
HpAtinir
Heating
be transferred to the
new
June—
$5,394,070 $16,441,219
193,945
534,601
1938
£as
new water
(9)
$4,472,915 $14,590,379
999,334
1,923,185
Dr78,180
Dr72.345
$1,165,667
49,282
revenues:
are to
utility companies
proceeds so received to General Gas.
(8) The transfer to General Gas of the preferred and common stocks of
$9,455,103 $21,718,080
4,982,187
7,127,701
Earnings for 12 Months Ended June 30 (Incl. Subs.)
Electric-..
Cos., Inc.—Plan Filed—
a
The sale by the
and gas public
Nojrth American Co.—Earnings—
Operating
which now has
it for
107,502
1,292,646
GY22,056
$1,036,496
Gross income
Int.
$1,616,879
—V. 147, p. 580.
Ry. operating income. $1,017,573
Equipment rents (net)..
160,938
Joint facility rents (net)
Dr 12,844
Net ry. oper. income.
Other inc. items (bal.)..
95,592
1,052,196
CY2.762
Total-
for doubtful loans of $108,311.—V.
145, p. 2085.
General Gas, to Northeastern Water & Electric Corp., a
subsidiary of the
applicant, of all the securities of public utility subsidiaries now owned by
a demand note of
approximately $17,000,000.
(4) The liquidation of Southeastern and the assumption of its name by
the present Northeastern Water & Electric
Corp.
(5) The transfer by the new Southeastern to a new water works company
of the securities now owned by if of companies which supply water to the
public in exchange for $4,000,000 of bonds, $3,000,000 liquidation value
of preferred stock and $2,500,000 of common stock of the new company.
(6) The sale of the $4,000,000 of bonds so received and the use of the
proceeds to retire a $3,000,000 bond issue of Northeastern Water & Elec¬
tric Corp. and certain outstanding funded debt of the water companies the
1938—6 Mos —1937
$8,001,025 $32,338,947 $48,056,994
757,053
4,056,750
5,094,547
1,503,506
7,605,651
8,511,925
125,550
836,483
794,371
1,751,561
9,239,934
10,559,977
624,799
1,260,612
133,998
1,478,636
16,020
178,364
Maint. of equipxnent
Traffic
2,429,631
559,198
234,291
$7,555,648 $30,326,097 $45,564,852
365,102
1,651,189
1,949,142
29,333
145,343
178,940
50,942
216,317
364,060
294,121
22,477
31,632
express...
Other
1935
$585,357
252,843
184,653
Ry.—Earnings—
1938—Month—1937
32,655
Exchange Commission announced July 25 that com¬
voluntary petition for reorganization under Section
77-B pending in the Northern District of New York, has filed an applica¬
tion (File 52-11) under the Holding Company Act for
approval of a plan
of reorganization.
The applicant is a sub-holding company in the regis¬
tered holding company system of The Associated Gas & Electric Co.
In brief, the plan contemplates:
(1) The transfer of all the assets of the applicant to General Gas & Elec¬
tric Corp., another subsidiary in the Associated System.
(2) The issuance by General Gas of unsecured promissory notes for
approximately $1,200,000 in exchange for unsecured promissory notes of
the applicant now outstanding, and the payment by General Gas, in cash,
of a secured promissory note of the applicant for $2,100,000, which was due
on July 14, 1938, and is now in default.
(3) The transfer by Southeastern Electric & Gas Co., a subsidiary of
pany,
County, N. C.
June—
reserve
Northeastern Water
West End, a point of connection with the Norfolk Southern's Aber¬
deen and Asheboro branch, to Jackson Springs, 4.331 miles, all in Moore
Gross from rail way.....
$1,616,8791
After
520,335
surplus..—
The Securities and
southwesterly
from
25,000
Capital surplus
Earned
permitting abandonment by Morris S. Hawkins and L. H. Windholz,
receivers of the properties and assets of the company, of a branch line of
known as the Jackson Springs branch, extending
railroad
141,484
-----
outstanding
Total
July 14 issued
....
45,002
66,000
Class B common, 150,000 shs.
Norfolk Southern RR.—Abandonment—
The
46,740
outstanding
Pref. stock, 1,320 shs. outst--
23.026
fixtures,
Prior pref. stock, 4,024 shares
2702.
p.
239,060
-
239,060
preciated value
Mr. Williamson told the Governor that the closing of the road Dec.
31,
1937, had "caused serious inconvenience to those who founded their homes
and established their businesses along its line."
"If its operation be not resumed, that Inconvenience will be crystalized
Into reduced demand for such locations, will result in actual reduction In
value of the real estate in the zone of service of the road," he added.—V.
146,
(offset agst. notes at matur.)
be
offset at maturity)
$429,204
71,500
/o\
fie provisions for Federal surtax on undistributed income for the
and for the 12 months ended June 30,
}*Q{™>nths ended •Lpe.SO, 1938,
'^are those made
calendar
years.—V.
in
147,
December of 1937 and 1936
for
the respective
276.
p.
Gross income. j>.
Int. on mortgage bonds.
Other int. & deductions.
Int. charged to construc¬
tion (credit)
North American Finance
Operating income
Operating expenses
I
$211,763
147,954
_
Net income from
operation
$63,809
CY2.413
13,325
9,230
Other income
Other deductions
—IIII""""
Estimated provision for income
taxes.
Net
income
$43,666
29,956
Surplus balance Jan. 1, 1938
Adjustment of prior year taxes
Dr5 92
Total
Dividends paid in cash—Prior
preferred
Preferred
Class A
7%.
common
$0.25 per share per
Preferred—minority interest—8 %
Balance June 30,1938
$oI 80*"
quarter"
"
$73,030
1,610
2,310
35,329
1,227
$32,555
163
185
$14,021
$28,973
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$519,492
$594,001
334,182
334.178
Balance
x
63
Net income
Corp.—Earnings—
Consolidated Income Account
for Six Months Ended June 30, 1938
$185,310
$259,823
x Dividends
accumulated and unpaid to June 30, 1938, amounted to
$1,054,305, after giving effect to a dividend of $1.75 a share on 7% preferred
stock, declared for payment on July 1, 1938.
Latest dividend on 6% pre¬
ferred stock was $1.50 a share paid on Oct. 1, 1932.
Dividends on these
stocks are cumulative.—V. 147, P. 12 5.
Northwestern
June—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 147, p. 125.
Pacific
RR.-
-Earnings-
1938
1937
1936
1935
$276,274
def40,172
def70,383
$319,852
22,338
def2,316
$321,495
51,283
36,640
$293,757
38,116
18,435
1,269,293
def554,495
def728,929
1,807,446
77,271
def66,494
1,653,079
89,238
defl4,649
1,439,955
def58,695
defl81,229
Volume
Financial
147
meeting held July 20 declared dividends of $1.75 per share
pref. stock and $1.50 per share on tne 6% cum. pref. stock
of the company, payable on Sept. 1, to holders of record Aug. 20.
Similar
payments were made in each of the five preceding quarters.
See also V. 143, p. 3157 and V. 143, p. 2855, for detailed dividend record.
—V. 146, p. 3513, 3349, 922; V. 145 p. 2859.
Directors at
on^the 7%
latter being the
share was distributed.—V. 146, p. 3198.
Ohio Associated
Shs
$61,993
$48,783
$367,999
$362,669
71
184
427
1,077
Operat ing revenues
Operating expenses
$61,922
40,580
$48,599
$367,572
245,125
$361,592
224,808
Net oper. revenues
$21,342
7,207
$9,328
5,363
$122,447
$136,784
43,589
31.323
$14,135
$3,965
$78,858
$105,461
39,271
operating income.
125.
Light, Heat & Power Co., Ltd.—Bonds Called—■
k*16 outstanding 5% refunding mortgage and collateral trust sinking
treal in Ottawa, Montreal, Toronto, Winnipeg, Vancouver,
Quebec, Hali¬
fax, St. John, New York City or London, England.—V. 147, p. 581.
Pacific Lighting Corp. (&
Ohio Edison
$16,627,233 $20,528,130 $21,872,634 $21,112,111
1,995,000
3.042,856
4,817,718
4.929,669
26,830
25,565
40,666
24,565
CY12.759
Crl2,963
Cr7,233
Cr21,625
6,543,879
5,668,019
7,039,844
6,698,415
Bond interest
Other interest
708,008
200,000
$516,409
285,7 2
income
$580,447
257,571
$7,285,398
3,308,330
$8,046,281
3.293,963
$230,617
Gross income
$322,876
155,577
$3,977,068
1,866,923
155,577
No provision was
made in 1936
$2,110,145
$167,2
$75,040
Balance
x
or
$2,885,394
1937 for Federal surtax on undis¬
tributed profits as all taxable income was
distributed.—V. 146, p. 4127.
Ohio Water Service Co.—Statement
of Income—
1938
443.898
803,087
853,566
276,744
$10,125,705
59,128,072
$9,204,343
1,515,893
1,513,410
220
242
165
1,179 990
1,179,990
1,179,990
1,179,990
Div.
of Pacific
x5,630,208
4,825.893
3,860,714
4,343,303
Remainder to surplus.
Earns, per sh. on 1,608,-
$306,285
$2,613,429
$2,573,716
$2,164,991
631 shs.no-par com.stk
$3.69
$4.62
$4.00
$4.05
Ltg. Corp._
x Includes $804,315 extra dividend on common stock,
y Includes other
income of $532,013 in 1938; $545,891 in 1937; $254,408 in 1936, and $299,192
in 1935.
Consolidated Balance Sheet June 30
$375,696
4,085
3,234
Other income, net.
on
pref. stock of
Pacific Lighting Corp.
Cash div. on com. stock
$678,667
$307,471
Operating revenues
Operating expenses and taxes
1938
Plants,
191,000
funded debt
$
franchise ....186,633,562
Invest, in
182,087,191
10,648
Amortization of debt discount and expense.
Accts.
Sub. pref. stock.
1,001,616
10,243,549
stk. and surp.
9,284,972
(net)
rec.
$108,280
125,618
Net income
Dividends
Notes receivable
25,303
21,130
Mat'l & supplies
2,456,628
5,034,985
2,937,487
6,522,553
$33,224
6,383
Gross from railway
def2,220
Net after rents
1936
$42,410
19,254
10,831
213,294
64,549
260,429
93,046
272,623
139,618
Total
35,440
92,769
32,450
Oklahoma Natural Gas Co. (&
$7,994,970
Gross income after retirement
1937
$7,985,823
2,922,355
1,439,765
2,912,867
1,348,133
1938
Operating revenues
accruals
Net income.
Earnings per common share without deduction for
surtax on undistributed profits
$1.88
$1.71
a Without
deduction for surtax of $40,000 on undistributed profits for
fiscal year ended Nov. 30, 1937 (none in fiscal year ended Nov. 30, 1936),
charged to surplus.
Note—No provision has been made for the Federal surtax on undistributed
profits for tae fiscal year beginning Dec. 1, 1937, which may be payable
under the Revenue Act of 1936, since any liability for such tax cannot be
determined until the end of the fiscal year.
The Revenue Act of 1938 will
283.
p.
Co. (& Subs.)—Earnings—
1938—9 Mos.—1937
1938—3 Mos.—1937
Period End. June 30—
$952,240
$1,085,803
$1,618,227
$1,673,942
341,900
29,819
334,310
28,987
856,890
86,725
751,832
84,327
$580,522
11,748
profit from sales..
$722,506
13,328
$674,612
32,434
$837,783
33,647
Selling, administrative &
general expenses
Prov. for depreciation..
Profit
Other income.
$871,430
6,026
$735,835
2,213
$707,047
13,700
121,000
131,550
145,000
158,550
$465,381
$602,072
$548,347
$706,855
$592,270
5,890
Total income
charges
Wisconsin
and Federal normal in¬
taxes
Net profit
.
„
in this statement for I ederal excess
undistributed earnings.—V. 147, p. 428.
Owens-Illinois Glass Co. (& Subs.)—Earnings—
12 Mos. Ended June 30—
1938
1937
1936
Net sales, royal. & other oper. revs—$81,030,596 $91,231,989 $66,035,271
of sales
royal,
paid, patent,
Total.......215.434,809 215,686,041
y
Represented by 1,608,631
Mfg. profit & net oper. revenues
Selling, gen. & adminis. expenses
Int. on debs. & bank loans
70,073,690
50,555,219
$15,536,195 $21,158,299 $15,480,052
7,247,718
6,946,900
5,665,233
508,521
_ _ _ ...
Profit
Other income
in year, from sale
rights & licenses
...
526,958
853,578
86,667
348,910
692,540
221,370
$6,591,885 $ 12,744,196
594,732
1,358,704
bonus
Discts. on sales & prov. for bad debts.
Sundry expenses and losses
—
Prov. for management
$8,551,998
793,648
1,057,500
1,102,500
342,192
824,655
21,225
Cash proceeds, rec.
Total income
Provision for Federal taxes.
798,472
$7,985,089 $15,160,400 $10,448,146
2,178,471
3,304_,2C6
1,671,806
$8,776,341
1,282,260
$2.18
x$4.46
y$6.84
x 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 $3,078,395 in 1938, $2,390,931 in 1937 and $2,134,Net income for
period
No. of shs. outstand. at
end of period.
Earnings per share
346 in 1936.—V.
147, p. 581.
Line,
Inc.—Registers with
1938—Month—1937
Period End. June 30—
.
$468,332
260,304
Operating revenues
Oper. exps.,incl. taxes..
of
Amort,
of thfll department.
Light Co. (& Sub.)- -Earnings-
Pacific Power &
$433,811
227,278
1938—12 Mos.—1937
$5,826,310
$5,490,398
2,929,159
3,291,356
limited-term
investments
131
-
.
57,908
57,708
693,300
692,500
Net oper. revenues...
Rent from lease of plant.
$150,120
17,390
$148,825
17,483
$1,841,523
$1,868,739
208,612
Operating income
Other income (net).....
$167,510
$166,308
$2,048,149
Dr576
Dr'Sl
1,848
$2,077,351
3,383
$166,934
85,417
19,289
$166,277
85,417
18,792
$2,049,997
1,025,000
$2,080,734
1,025,000
231,943
232,965
$62,228
$62,068
Dividends applicable to preferred stocks for the
period, whether paid or unpaid....
$793,054
$822,769
Prop, retire, res. approp.
206,626
Int.
on
mortgage bonds.
Other int. & deductions.
Net
income
Balance
x
—
—
Dividends
458,478
458,478
$334,576
$364,291
accumulated and unpaid to June 30,
1938, amounted to
Latest dividends, amounting to $1.75 a share on
share on $6 preferred stock, were paid on
Dividends on these stocks are cumulative.—V. 147, p. 428.
$305,652.
stock and $1.50 a
Pennsylvania Reading Seashore
'
June—
1938
$440,222
2,846
defl56,475
Gross from railway
Net from railway
Net after rents
From if(171. I**
.....
Net from rail way
Lines—Earnings
1937
$565,919
62,834
defl34,230
2.147,114
.
2,671,477
def481,580
Gross from railway.....
defl90,397
def1298,780 def1,130,085
Net after rents
7% preferred
May 2, 1938.
1936
$490,513
25,184
defl59,323
1935
$512,016
68,421
def94,876
2,540,330
2,380,219
def84,675 def342,269
def983,973 def1,162,388
—V. 147, p.127.
Inc.—Earnings6 Mos. End. June
Profit from sales
Interest on bonds,
&c—
1937
1936
1935
$781,104
152,863
6,083
$915,928
74,983
6,849
$249,350
68,888
$997,761
$319,860
85,000
$940,050
85,000
85,000
85,000
19,350
of secur.
Dividends on stocks
$23,705
138,960
2,618
$165,283
30—
18,900
18,100
16,200
11,340
11,913
9,193
6,061
38,891
33,233
33,880
26,642
~"x483
x9~3~818
125", 000
2,000
5,049
$10,219
$697,185
1,963,162
$726,588
1,257,129
$178,906
965,220
$2,660,348
102,860
167,074
$1,983,717
102,860
42,105
$1,144,127
154,291
1938
1,622
•
65,494,401
develop. & other oper. expenses
of patent
See list given on first page
provision is included
profits tax or surtax on
Cost
215,686,0411
Northwest Oriental
Pacific
x
Outboard Marine & Mfg.
x
215,434,809
Gross income
Ontario Power Co. of Niagara Falls—Tenders—
The Toronto General Trusts Corp. will until Aug. 15 receive bids for the
sale to it of sufficient 5% first mortgage bonds to exhaust the sum of $125,
Note—No
499,200
fiscal year beginning Dec. 1, 1938.—
apply to this company under the
V. 147, p. 125.
not
come
17,972,197
SEC—
Subs.)—Earnings—
12 Months Ended June 30—
for
18,415,911
11,008,631
63,099,707
Represented by 196,665 shares (no par),
shares.—V. 146, p. 2704.
x
221,822
85,393
12,964
Net from railway
Net after rents
Provision
3,595,434
1,409,912
13,298,972
58,454,383
3,519,347
for
liabil..
Earned surplus-
—V. 147, p. 125.
Other
1,136,854
ad vs.
no-par
Gross from railway
Gross
1,655
46,000,000
Reduction surp.
1935
$38,760
17,905
9,546
1—
000.—V. 141,
1,498
46,000,000
Other reserves..
1937
$43,949
20,492
10,688
1938
Net from railway
a
&
Current
City-Ada-Atoka Ry.—Earnings—
June—
From Jan.
of subsidiaries
Funded debt
Consumers'deps.
contr....
$177,075
—V. 146, p. 3026.
Oklahoma
22,572,350
Min. int. in com.
Deprec. reserve.
class A common stock.
on
$
19,666,500
29,937,924
24,925,950
19,666,500
Common stock 29,937,924
7,339,972
5,532,543
Deferred charges
777
Miscellaneous interest
y
1937
$
Pref. stock...
7,141,538
4,857,820
secur.
Calif, warrants.
$379,781
191,000
1,058
10,648
Liabilities—
x
&
prop.
1938
1937
S
Assets—
302,971
Cash.....
$310,706
on
1,506,173
110
1937
$614,750
307.278
Years Ended June 30—
Interest
dis¬
Net profit.......
$8,506,244
Divs. on pref. stocks of
subsidiaries
1,389,650
Com. divs., minority int.
$4,752,317
1,866,923
preferred stock.
on
bond
of subsidiaries
Int. & other fixed chgs._
Net
1938—12 Mos.—1937
$1,515,387 $18,971,590 $19,008,421
734,940
x9,286,192
x9,137,140
200,000
2,400,000
1,825,000
$1,424,417
Gross revenue
of
count and expense
1938—Month—1937
Oper. exps. and taxes
Prov. for depreciation..
Divs.
Depreciation.
Co. —Earnings—
Period End. June 30—
Subs.)—Earnings-
12 Mos.End. June 30—
1937
1938
1936
1935
Gross revenue
$45,697,810 $52,075,055 $50,196,323 $47,616,293
Operating expenses
21,913,408
23,579,118
21,710,470
20,021,086
Taxes
7,157,169
7,967,806
6,483,096
6,613,219
y
Amortiz.
147, p.
befor
Ottawa
e
Int. chg'd to constr'n
Net
—V.
$1.47
interest,
Netincome
Operating taxes
896,446
Nil
fund bonds series A have been called for redemption on Oct. 1 at 103 and
accrued interest.
Payment will be made at the office of the Bank of Mon¬
1938—6 Mos.—1937
1938—Month—1937
Uncollectible oper. rev..
$1,742,820
896,446
$0.93
depreciation, Federal income taxes, &c., but
provision for undistributed profits tax.
y Loss.—V. 147', p. 581.
Telephone Co.—Earnings—
Period End. June 30—
Operating revenues
1938—6 Mos.—1937
y$817,480
$1,040,424
896,446
896,446
Nil
share
per
After
*
1938—3 Mos.—1937
y$520,101
stk. (no par)..
com.
Earnings
dividend of $1.75 per snare on
a
Co.—Earnings—
Period End. June 30—
Net income.
x
Dividend—
account of ac¬
18 to holders
24 last, this
first dividend paid since Oct. 1, 1935, when 50 cents per
Directors nave declared
cumulations on the 7% cum. pref. stock, par $50, payable Aug.
of record Aug. 8.
A dividend of S3.87M was paid on Sept.
751
Otis Steel
a
cum.
Norwalk Tire & Rubber Co.—Accumulated
F
Chronicle
Dividends—
Northwestern Public Service Co.—Accum.
$5,806,617 $11,856,194
2,661,204
2,661,204
Total
revenues
Interest on debentures-_
Research service fees
expenses.
and
———
Fees of trustees,
transfer
agents, &c
General expenses, incl.
salaries and taxes
Prov.
for contingencies.
Prov. for
Net
Fed. inc. taxes.
income
-
Earned surplus Jan.
Divs. on
1__
pref. stock
stk_.
Prov. for contingencies. .
Fed. stock transfer tax,
prior years
1,806,227
$1,816,446
102,861
Divs. on cl. A com.
Earned
x
surp.
Does not
x
23",666
10,335
June 30. $1,703,250
$2,390,413
$1,838,752
$966,836
include Federal surtax upon undistributed net income.
Financial
752
Chronicle
Comparative Balance Sheet June 30
$454,908
4,120
$1,281,567
32,616
Sec. sold <fe undellv.
1,785,892
5,647,676
610,119
286,459
d Inv.sec.(at
tures
53,620
53,620
40,295
8,076
(cost)....
receivable...
Prepaid
expenses..
a
par.
98,060
—Y. 145, p.
$3 pref. stock...
685,737
b Class Acom.stk.
stk.
167,074
78,191
Capital surplus...
Earned surplus...
1,573,207
1,703,250
a
Class B
com.
3813.
y
$7,341,809 June 30. 1937.—V. 146,
Panhandle Producing & Refining
Co.—Transfer Agent
$796,185
$649,244
792,549
$4,037,133
4,347,267
Philadelphia Co. (& Subs.)—Earnings—
$3,579,720
3,779,526
$127,454
$143,305
$310,134
$199,806
b Divs. from allied
Clearfield
Operating revenues.
Operating expenses, maintenance and taxes.
Net
oper.
rev.
and depletion
cos.
.-$41,567,209 $41,892,259
22,203,366 21,249,132
__
for retirement
(before approp.
reserves)
$19,363,843 $20,643,126
207,179
505,776
Other income (net)
of
virtue
$1,690,874, including cash of $315,391, compared
1938.—V. 146, p. 3200.
[Not Including Pittsburgh Rys. and Subsidiary and Affiliated Street Ry. &
Transportation Cos.]
Year Ended May 31—
1938
1937
1938—12 Mos.—1937
1938—3 21Jos.—1937
Oper. exps. & taxes923,639
Earnings per share
with total current liabilities of $667,080 on June 30,
Pennsylvania Coal & Coke Corp. (& Subs.)—Earnings
Period End. June 30—
6 Months Ended June 30—
Net profit
Total current assets of
of New York has been appointed transfer
agent, scrip agent and warrant agent for the common $1 par value stock.
—V. 147, p. 428.
Gross earnings
Co.—Earnings—
1938
1937,.
1936
$224,116
$23,573
$59,413
$1.02
$0.10
$0.27
x After depreciation, other charges and Federal income
tax and surtax
on undistributed profits,
y On 220,000 shares of common stock.
Earned surplus of the company amounted to $1,084,652 on June 30,1938,
compared with $893,536 on Dec. 31. 1937.
The company's gross sales for the first six months of this year were $3,882,060, against $3,451,774 for the corresponding period of 1937.
x
$7,735,934 $8,456,567
Total
The Marine Midland Trust Co.
by
2238.
Pharis Tire & Rubber
Y
•/..
(oper.
Bituminous
39,308
25,865
14,742
6,574
5,112
4,240
Coal Corp. lease)
Sundry income.
Net oper. rev. & other income (before approp.
for retirement and depletion reserves)
$19,571,022
46,065
31,607
$21,148,902
5,264,678
5,228,537
Appropriation for retirement and depletion reserves
596
$244,961
4,313
$122,134
6,880
$118,295
$15,513
$122,585
$15,196
$249,275
$76,291
$129,014
$35,035
$3,797
$8,353
$32,391
$35,608
$118,102
$121,989
193
Charges to income.
Net loss
Gross income
Rents for lease of properties
Interest on funded debt
(bef. Federal
income taxes)..—
Incl. deplet. & depr.
a
b Net inc. of allied
(P. C. & C.
-
Guaranteed divs. on Consol.
cos.
Corp.sh.)
For
_
Net oper. revenues—
Rent for lease of plant.
$1,072,358
$1,116,215 $13,781,859 $13,985,212
10,331
Operating income
Other income (net)
$1,072,358
15,626
$1,087,984
_
453,750
50,000
14,380
1,092
Other int. & deductions.
Int. chgd. toconstr. (cr.)
$1,140,738 $13,956,522 $14,204,746
453,750
5,445,000
5,445,000
600,000
50,000
600,000
221,512
204,696
20,256
16,917
17,192
1,927
Net income....
$570,946
$618,659
Dividends applicable to preferred stocks for the
Balance..
$7,955,151
3,846,546
unpaid
or
$7,724,018
3,846,544
$3,877,472
period, whether paid
preferred and
1938—6 Mos.—1937
Operating
y
pref. stock
Balance
1938—6 Mos.—1937
from ry.opers $9,126,396
.
(& Subs.)—
1938—12 Mos.—1937
$336,834
$250,567
$10,449,738 $41,749,090 $58,524,808
13,753,100
13.565,620
2,557,900
2,523,084
2,435,651
386,355
377,530
2,227,412
349,644
3,005,638
513,010
2,204,568
728,964
3,764,275
1,316,221
458,230
959,080
82,614
787,288
55,837
41,032,974
38,919,397
-
$6,895,547
1,731,659
$7,519,669 $27,818,248 $30,693,989
1,781,489
7,010,498
8,124,157
$5,163,889
590,072
$5,738,180 $20,807,750 $22,569,833
590,072
2,360,290
2,385,040
$4,573,816
„
on
9,880,836
9,790,538
expenses
Net earnings..
Income deductions.....
$5,148,107 $18,447,460 $20,184,793
x Restated
and adjusted for comparative purposes,
y Including de¬
preciation renewal and replacement reserve and all taxes.—V. 147, p. 127.
Ry. operating revenues.$29,115,565 $39,749,113$167,984,782$234,942,164
Ry. operating expenses. 19,989,169
29,299,375 126,235,692 176,417,356
Railroad retire, taxes
Inc.
has
the
and
$4,108,607
(Excludes L. I. RR. and B. & E. RR.)
Equip. rents-Dr_......
Joint faciJty rents-Dr.
$165,243
$195,445
and
xl938—12 Mos.—xl937
Oper. revenue (incl. nonoperating)
$16,686,085 $17,400,505 $68,851,222 $69,613,387
Net income
Railway taxes
Unemploy. insur. taxes.
$8,947,244
stocks held by public and
Philadelphia Electric Co. System—Earnings—
Dividends
1938—Month—1937
_________
Period End. June 30— 1938—3 Mos.—x1937
Pennsylvania RR. Regional System—Earnings—
Period End. June 30—
common
Products Co.,
Philadelphia Dairy
Period End. June 30—
Net inc. after all chgs...
—V. 146. P. 4128.
-V. 147, p. 127.
rev.
on
—
238,888
minority interest of subsidiary companies and dividends on preferred
common stock of Philadelphia Co.
Note—The above income account for the year ended May 31, 1937,
been adjusted to reflect $280,413 of additional taxes applicable to
period of 1936 included therein, paid by Duquesne Light Co. in 1937
charged to surplus.—V. 147, p. 127.
$1,116,215 $13,781,859 $13,974,881
24,523
174,663
229,865
"
dividends
500,000
275,399
$7,384,354
Consolidated net income—
x
69,192
500,000
69,192
Other income deductions
\
:r.:x
1938—12 Mos.—1937
1938—Month—1937
,044,207 $38,358,717 $38,046,799
Operating revenues
$3,069,657
1,717,992
21,902,398
21,696,587
Oper. exps., incl. taxes..
1,777,966
Amort. of lim-term inv.
4,460
1,000
210,000
2,670,000
2,365,000
Prop. retire't res. approp
218,333
_
Gas Co. of the City
preferred capital stock
Appropriation for special reserve.
.
Earnings—
Pennsylvania Power & Light Co.
__
$14,306,344 $15,920,365
170,200
170,200
5,473,387
5,479,287
075,992
5,977
509,802
509,576
of Pittsburgh
Period End. June 30—
Gross income..
Int. on mtge. bonds
Int. on debentures
_
Other interest charges (net)
Amortization of debt discount and expense.
—V. 146, p. 3352.
Net
action with
Directors have declared a dividend of $1 per share on the capital stock,
payable Sept. 1 to holders of record Aug. 10.
This compares with $2 paid
on Dec. 10, 1937, this latter being the first dividend paid since July, 1933.
—V. 146, p. 3027.
Represented by 68,573 shares no par.
b Represented by shares of $1
c Represented by shares of $0.10 par.
d Based upon current quota¬
tions, $3,259,484 June 30, 1938, and
a
any
Peoples Gas Light & Coke Co.—To Pay $1 Dividend—
3,480,000
685,737
167,074
51,452
1,399,403
2,390.413
3,150
$7,735,934 $8,456,567
Total
17,408
gold
5%
debs., series A., 3,480,000
69,130
Divs. & accr'd int.
p.
and not received
July 21 failed to take
regard to payment of a dividend on the common shares at this time.
A
regular quarterly dividend of 50 cents per share was paid on April 30 last.
bought
Securities
c
deben¬
own
Directors at tneir meeting held
$184,427
20-year
cost):
Common stocks.
Co.'s
1937
$31,067
Acer. exps. <fe taxes
1,377,384
3,972,794
Preferred stocks
434,035
Bonds..
127,040
Other investm'ts—
Pennsylvania Sugar Corp .—Dividend Omitted—
1938
Liabilities—
1937
1938
Assets—
Cash....
July 30, 1938
Phillips Petroleum Co.—To Issue $25,000,000 Debentures
Company, on July 27, filed with the Securities and Exchange Commission
registration statement (No. 2-3761, Form A-2) under the Securities Act
of 1933 covering $25,000,000 of convertible 3% debentures, due Dec. 1,
1948, and an undetermined number of shares of no par value common
capital stock, including scrip certificates for fractional shares, to be reserved
a
for conversion of the debentures.
The number of shares of common stock
being registered is to be furnished by amendment to the registration state¬
ment.
Net ry. oper. income..
—V.
147,
p.
$5,020,919
The debentures
$6,522,047 $18,804,208 $37,450,837
528.
are
to be offered
through transferable subscription
war¬
rants to holders of the
company's common capital stoca at the rate of $5.62,
of debentures for each share of common stock held.
The expiration date
of the warrants and the record date of stockholders are to be furnished
Peoples Natural Gas Co.—Proposed MergerSee Columbia Natural
Gas Co. above.—Y.
by
amendment to the registration statement.
Any of the debentures not subscribed for are to be offered publicly through
146, p. 2865.
Peoples Water & Gas Co.—Earnings—
Years Ended June ZD—
1938
$271,669
5,435
$272,031
$277,104
155,850
10,771
Interest on funded debt
Miscellaneous interest—net.
$1,027,636
755,967
$ 266,703
5,327
Other income.
1937
$1,049,792
783,089
Operating revenues
Operating expenses and taxes
156.088
10,991
underwriters, it is stated.
According to the registration statement $6,015,000 of the proceeds from
the sale of the debentures will be applied to the purchase for retirement of
$3,000,000 of 3% serial notes due Dec. 1, 1939 at a redemption price of
100Vi%, and $3,000,000 of ZYs% joint serial notes due Dec. 1, 1940 at a
redemption price of 100%.
Accrued interest on the securities to be re¬
deemed will be paid out of the general funds of the company.
The balance of the proceeds will be added to the company's working
capital.
The company states that it has under consideration the expendi¬
ture
of
approximately $4,000,000 for the extension of pipe lines, but
a
determination to make such expenditure has not yet been made.
According to the registration statement, The First Boston Corp. of New
York, which will head the underwriting group, has been authorized by the
,
Net income
-V. 146, p. 3514.
Pere
.
$105,410
$110,025
Marquette Ry.—Earnings-
Period End. June 30—
Total oper. revenues
1938—6 Mos.—1937
1938—Month—1937
$1,842,343
$2,567,015 $11,377,099 $16,339,446
1,732,060
2,065,444
10,563,383
12,278,238
Operating expenses.
Net oper. revenue
$110,263
153,476
Railway tax accruals...
Operating income
Equipment rents—Net.
Joint facil. rents—Net-
def$43,213
55,049
60,767
.
$501,571
56,652
several underwriters to engage
$813,716
917,688
$444,919 def$103,972
32,465
357,198
67,328
262,284
$4,061,208
986,912
$3,074,296
263,882
249,954
tures, the subscription warrants and the common stock.
The existence of
this provision is no assurance that any such transactions will be effected,
if effected, that they will not be discontinued at any time."
The prices
at which the debentures are to be offered to the stockholders and to the
or
public through underwriters, the names of other underwriters, and under¬
writing discounts or commissions and the redemption and conversion pro¬
visions
16,495
$345,135 def$723,454
27,370
49,441
44,218
174,581
$2,560,459
39,443
203.667
Total income
def$140,166
Misc. deducts, from inc.
8,359
$416,723 def$499,431
7,436
36,440
$2,803,770
36,798
Other income
Inc.
avail,
for
Rent for leased roads
on
debt
5,811
272,151
Net income
-def$426,487
Inc. applied to sinking &
other reserve funds
Inc.
to
bal.
$2,766,972
&
equipment
Interest
$409,287 def$536,871
5,642
274,816
profit & loss
Fed.
def$426,487
Months Ended June 30
1937
1937
,
1935
.$53,934,501 $58,957,417 $49,413,068 $42,294,612
Gross..
inc.
tax
&
interest
39,149,002
Profit..
Net profit
Shares of capital stock—
per share
38,229,190
34,426,808
29,866,966
$14,785,498 $20,728,227 $14,986,260 $12,427,646
9,200,359
8,049,147
7,649,958
7,407,671
$5,585,140 $12,679,080
4,449,052
4,449,052
$1.26
$2.85
A statement accompanying
In view of the
$7,336,302
4,153,234
$1.77
$5,019,975
4,153,234
$1.21
the earnings says:
generally unfavorable business conditions and the low
37,276
1,639.284
36,206
1,636,119
$128,829df$2,212,432
$1,094,647
575
2,861
$128,829 df$2,213,007
$1,091,785
transferable
—V. 146, p. 4128.
by amendment to the registration statement.
1938
m
Earnings
def$148,525
to be furnished
Deprec. & depletion
fixed
charges.
are
Income Account {Co. and Subs.) for 6
Exps.,
Net ry. oper. income.def$159,029
Dividend income
2,368
in certain market operations in the deben¬
tures, subscription warrants or common stock "to facilitate the distribution
of the debentures by attempting to stabilize the market price of the deben¬
prices which prevailed during the first six months of 1938, we feel that the
company's earnings statement is satisfactory.
Improved conditions in the
oil industry were reflected in our second quarter earnings, which were
41%
more than first quarter earnings.
Considering rapidly improving conditions
and the effect of the approaching season of peak consumption, it is reasonable
to expect a substantial increase in profits during the last six months of 1938.
The market influence of excessive stocks of gasoline, which caused a
sharp
decline in refinery gasoline prices late in 1937, continued during the first
six months of 1938.
Average refinery and natural gasoline prices were far
below the average prices for the same period last year.
Volume
Financial
147
Conditions in the oil industry, however, are now better than at any time
during the year. In spite of the general business depression, gasoline demand
during 1938 reached the highest level in the history of the industry. Stocks
of crude oil and gasoline have been reduced
almost to working levels,
proration is gradually eliminating over-production, and gasoline prices
are
rising.
Directors have authorized the management to file a registration statement
with the SEC under the Securities Act of 1933, as amended, to enable the
company to issue 825,000,000 10-year 3% convertible debentures.
This
offering will be made to stockholders.
According to present plans, a substantial part of tne proceeds from the
sale of these convertible debentures will be
applied to the payment of a
portion of the company's privately held serial notes, which are npt due but
may be retired.
The remainder will be used to increase working capital
and for other corporate purposes.—Y. 146, p. 3676.
The directors have declared a dividend of 873^ cents per share on account
of accumulations on the 7% cum. pref. stock,
par 8100, payable Sept. 1
to holders of record Aug. 19.
A similar payment has been made in each of
the 21 preceding quarters, as compared with 88 H cents paid on
1933, and 87 cents on Dec. 1, 1932.—V. 146, p. 2865.
March 1,
1938
Assets—
1937
$
$
,
*
Investments
7,953,387
1,167,153
204,227
stock (no par):
S7 series (80,577
944,214
special deposits.
92.190
Cash & work.funds 2,020,384
c Accts. receivable
1,362,767
Cum. prior pref.
8,036,340
Inv.
a
&
ad vs.
connection
in
shares)..
with
from
1,275,532
1,711,574
139,576
214,912
520,937
revenues-
mat'ls
pref. stock.....
stock..22,125,000 22,125,000
debt-..-47,180,750 47,542,850
oblig's
Mid.
to
521,157
&
Co.
United
1,313.512
1,686,686
3,937,316
4,214,266
Lease rentals
492,335
...
Unarnort. debt dis¬
..
81,466,672
12,443,383
2,384,681
2,319,485
9,599,992
1,932,654
2,176,036
7,782,067
1,445,652
1,710,416
Pittsburgh Shawmut & Northern RR.June—
1938
Gross from railway
Net from railway
864,599
10,326
Net after rents.
def'd liabilitiesreserve.
def746
421.691
66,976
defl2,389
Net after rents
527.786
78,149
26,691
502,632
58,237
10,093
508,677
52,041
defl7,572
—V. 147, p. 128.
Pittsburgh & Shawmut RR.—Earnings—
June—•
1938
Gross from railway.
1937
834,382
def7,694
def9,509
...
...
844,602
defl,917
9,188
1935
1936
830,036
defll,209
defl0,821
*
89,408,608 89,693,220
in
aid
..
Net after rents
316,506
defl 1,455
13,889
June—
367,155
45,512
56,208
265,391
defl9,983
defl3,800
In property and lease in connection with Interurban Ry. property oper¬
p.
129.
Portland Gas & Coke
Period End. June 30—
8370,547
111,426
150,639
8317,576
101,580
98,951
8243,999
69,870
78,474
1,325,921
Net from railway...244,397
Net after rents.23v>,101
—V. 147, p. 128.
2,196,560
609,533
680,495
1,813,463
615,657
662,173
Portland General Electric Co.
450,685
481,856
(& Subs.)—Earnings1938
1937
84,785,928
1,348,483
84,870,735
1,268,756
231,545
6 Months Ended June 30—
Gross operating revenues
Operation
Maintenance
313,313
411,743
804,890
...
...
Net earnings from operations
Other miscellaneous income (net)
....
81,907,499
Dr40
Total net earnings
on funded debt (incl. int. on
81,907,459
419,103
754,954
82,196,377
2,228
159,690
coll. notes)..
82,198,605
1,256,143
108,896
8568,055
Interest
8833,566
1,179,714
Sundry income deductions
$66,476
$55,151
40,604
4,324
24
$66,051
40,604'
4,444
Gross income
Int. on mtge. bonds
Other int. & deductions
Note—The figures shown hereinabove for the six-month periods ended
_
Int. chgd. to constr. (cr.)
x
Dividends
on
these stocks
Quotation
on
Curb—
Contending that unlisted trading in its common stock on the New York
detrimental to the company because sales on the curb
generally at a price below true market as quoted by the local over-thecounter dealers, the company, at a hearing before Charles Lobinger, trial
examiner for the Securities and Exchange Commission, asked on July 27
that the unlisted trading privilege be revoked.
Curb Exchange was
430,167
cumulative.—V. 146, p. 4128.
Oklahoma—Earnings—
1938—12 Mos.—1937
1938—3 Mos.—1937
$1,471,599
$1,414,184
711,104
703,075
Period End. June 30—
Total oper. revenues.
.
Opera ti ng expenses
State, local &
miscell.
$6,217,845
2,903,838
.
$5,799,270
2,860,638
709,478
194,685
181.259
780,168
68,395
Federal taxes
50,221
288,625
105,825
$505,444
16,626
$471,599
$2,245,214
76,536
$2,123,329
58,862
$522,070
176,125
3,261
26,967
$486,762
$2,321,750
709,183
20,549
109,505
$2,182,191
—
Federal normal and State
income
taxes
_
"
income
Other income (net)
Gross incomeon
_
.
v
—
long-term debt..
15,163
879
7,843
717,283
25,058
112,525
12,187
$274,283
133,891
133,892
$1,474,669
535,567
$1,323,825
535,567
$182,625
$140,391
$939,102
$788,258
178,150
5,664
27,786
Cr800
deduc'ns.
$316,517*
income
Net
Prior lien stock divs....
Balance
—V. 146, P.
Providence Gas Co.—Protests
are
Public Service Co. of
Miscell. inc.
Co., Inc.— Transfer Agent—
$219,508
430,167
430,167
$210,659
x Dividends
accumulated and unpaid to June 30, 1938, amounted to
$1,907,881.
Latest dividends, amounting to $1.25 a share on 7% Pref.
stock and $1.07 a share on 6% pref. stock, were paid on Dec. 24, 1937.
General interest (net)
Amort, of bd. disc. & exp
Pressed Steel Car
658
$236,142
Int.
Company has appointed thq First National Bank of Chicago as transfer
agent of its common, 5% cum. con v. 1st pref. and 5% conv.2dpref. stocks,
effective July 16.1938.—V. 146, p. 4128.
$757,809
487,250
51,051
$194,025
Balance, deficit
June 30,1938, and June 30,1937, are exclusive of any provision for Federal
3029.
$762,375
Dr4,566
$730,915
487,250
50,298
income.,
$10,247
$21,003
Dividends applicable to preferred stocks for the
period, whether paid or unpaid.
surtax on undistributed
profits imposed by the Revenue Act of 1936.—V.
$734,896
Dr3,981
Dr425
Net
Net oper.
Net income
p.
$275,725
186,332
22,917
$55,576
Dr425
_
1,433,425
Net after rents
From Jan. 1—
Gross from railway
1938—12 Mos.—1937
$3,396,532
$3,388,Do
2,386,636
2,363,29b
275,000
262,500
$267,138
188,645
22,917
Oper. exps., incl. taxes.
Prop, retire't res. approp
1935
1936
8223,931
42,153
29,388
Co.—Earnings—
1938—Month—1937
revenues
Other income (net)
Earnings—
1937
1938
2,660,870
89 408,608 89,693,220
Total
Less
Net oper. revenues
Gross from railway
Net from railway
...
a loss, leased directly or subleased to receiver of Indiana RR.
reserves of $669,071 in 1938 and $630,081 in 1937.
b Less reserve of
$11,615 at both dates,
c Less reserve of $94,433 in 1938 and $109,207 in
1937.
d Less reserve of $193,256 in 1938 and $187,809 in 1937.
e
Outstanding, 70,588 shs., including 19 shs. subscribed for but un¬
issued.
f.Outstanding, 442,500 shs., no par.
g
Including $52,015 in
1938 and $143,934 in 1937, payable to associated companies,
h Including
$217,558 in 1938 and $692,999 in 1937 for Federal income taxes.—V. 147,
—V. 147, p. 128.
Pittsburgh & West Virginia Ry.-
159,833
298,056
2,909,972
of
ating at
Operating
242,590
def37,692
def41,050
93,721
332,225
reserves..
Deficit......
Total
876,648
18,160
19,8459
From Jan. 1—
..
501,105
income taxes
Miscell.
a
Gross from railway
Net from railway
-
—
.
3355.
(George) Putnam Fund of Boston—Assets Now Exceed
$1,000,000—Equity Holdings Up Sharply Since June 30—
were
This is the first
case
of this kind
to come before the Commission and
the
hearing resulted in an extended controversy between officials of the
company, Stanley W. Barrett, a securities dealer in Providence, R. I.,
and W. A. Lockwood, counsel for the New York Curb Exchange.
A. F. Short, Secretary of the company, said a situation in which Curb
quotations were under the local over-the-counter market price would make
it difficult for the company to arrange new financing on favorable terms.
He said also that it interfered with the company's policy of confining stock
sales as far as possible to customers.—V. 146, p. 1725.
Public Service Co. of
Period End. June 3C—
Operating revenues
Operating expenses..
Prov. for depreciation-.
—
Indiana—Earnings—
1938—6 Mos.—1937
,972,711
3,363,766
761,372
1938—12 Mos.—1937
87,140,855 814,295,866 814,527,597
3,573,041
6,931,899
7,429,332
751,436
1,521,197
1,502,742
Prov. for Fed. income &
92,846
797,860
undist. profits taxes..
Other
taxes
...
Net oper. income...
Other income (loss)
133,925
765,966
128,060
1,572,085
1,878,098
1,905,042
.
1935
8103,696
21,509
10,849
878,700
1,231
def6,242
863,169
defl3,930
def32,123
504.057
554.466
Contingency— Fed.
Earnings—
1936
1937
From Jan. 1—
146,
396,375
Cust. dep. & misc.
construction
Provision for depreciation
General taxes
362,625
pref. stock.....
304,643
334,143
Contrlb.
Gross from railway.
Net from railway
198,172
Term.Rlty.Corp.
—V. 147, P. 429.
Net from railway
Net after rents
129,356
Other miscell. liab.
Deprec'n
_.
1,909,549
182,188
Liab. for retire, of
1935
1936
5,787,769
defl34,886
235,066
Net after rents
839,973
1,515,324
203,394
81,878,890
492,165
489,819
152,624
--
795,777
h Taxes
Miscell. assets
489,721
693,719
496,844
488,248
(parent co.)
ft Accts. payable..
Interest accrued..
82,105,949
485,077
318,965
81,103,070
railway
Net after rents
From Jan. 1—
Gross from railway.
Net from railway._
6,560,260
f Common
Funded
281,003
supplies
975,000
6,560,260
56 series cumul.
Unsecured
ciated companies
Mdse.,
975,000
shares)
e
asso¬
Unbilled
7,850,339
7,850,339
...
$6 series (13,000
oth.leased prop,
b Misc. inv. and
Due
1937
1938
Liabilities—
Utility plant (incl.
intangibles)
70,620.382 70,391,976
190,073
Gross from railway.
Net from
1937
but which
Balance Sheet June 30
count & expense
Pittsburgh & Lake Erie RR.—Earnings—
1938
753
ciation and other charges which are deductible for tax
purposes,
are not reflected in the above statement of income.
d
Phoenix Hosiery Co.—Accumulated Dividend—•
June—
Chronicle
293,651
1,496,004
81,956,865
153,272
81,916,485
64,031
$4,142,625
375,401
83.805,867
97,289
81,803,594
81,855,455
1,257,947
1,268,565
83,708,578
2,539,932
120,963
73,966
122,083
83,767,224
2,522,027
242,754
157,233
Slightly less than six months after public announcement
tion for the purpose of carrying on a
of its organiza¬
balanced investment program, The
that its total assets as of July 25
George Putnam Fund of Boston reports
were
in excess of
$1,000,000.
,
„
u
,
shift in the proportions
taken place, in accordance with the policy set forth
Since the June 30 quarterly report, an important
of cash and equities has
in the
quarterly report.
,
.
.
.
,
preferred," the trustees stated, referring to the building up of
"to await a somewhat calmer attitude before
investing any substantial part of this new money."
Because of developments during the first part of July, tne trustees
resumed the purchase of equities and on July 25 the proportion of cash had
been reduced to 19% compared with 39% on June 30.
The proportion of
equities was increased to 61% against only 42% at tne end of June.
Hold¬
ings of fixed income securities on July 25 amounted to 20%, comparing
with 19% on June 30.—V. 146, p. 3966.
"We have
cash through sale of shares,
Market
Quincy
Cold Storage
& Warehouse
Co.—
Accumulated Dividend—
The directors have declared a dividend of 75 cents per share on account of
accumulations on the 5% cumulative preferred stock, par $100, payable
Aug. 1 to holders of record July 21.
Like amount was paid on May 2, last;
a dividend of $3 was paid on March 26, last; dividends of 75 cents were
paid
on
Feb. 1, last and on Nov. 1, Aug. 2 and May 1, 1937; $5.45 paid on
$2.75 paid on Feb. 1, 1937, and dividends of 75 cents per
each of the 12 preceding quarters.—V, 147, p. 130.
March 26, 1937;
Gross income
Int. on funded debt.—
Amort, of dt. disc. & exp.
Miscell.
deductions
87,366
8350,717
8377,440
Deficit at beginning of period
Excess prov. for prior years' Federal income taxes
Net income
—
Total
charges.
Deficit at end of period
—
2,909,972
8750,281
3,659,718
41,339
Prl7,816
$1,972,257
688,613
and interest thereon
Surplus
173,804
54,755
37,750
—
,
Miscellaneous—Net
$845,209
244.561
82,885,914
24,058
2,660,870
Radiomarine Corp. of America
Period End. June 30—
2,909,972
-Earnings-
1938—Month—1937
1938—6 Mos .—1937
$110,638
$612,282
$578,835
76,147
452,239
425,283
$31,373
expenses
$106,930
75,557
Teieg. & cable oper. revs.
Total teleg. & cable oper.
$34,492
$160,043
$153,552
1,500
Net teleg.& cable oper.
revenues
Uncollectible oper. revs.
Notes—(1) For comparative purposes the results of operation for the por¬
included above have been adjusted to exclude certain
adjustments recorded during the month of December, 1936, wnich were
applicable to a prior period and the surplus at the beginning of the period
has been adjusted accordingly.
(2) The provision for Federal income and
undistributed profits taxes is based upon deductions for additional depre¬
tion of the year 1936
share were paid in
Taxes assign, to opers_
_
.
Operating income—.
Nonoperating income—
Net income
—V. 147, p.
430.
250
600
7,331
39,600
33,011
$21,920
$26,910
$119,844
1,063
$119,041
2,373
jne.
...
182
840
$22,102
Gross income
Deducts, from gross
100
9,353
$27,751
$120,906
1,115
$121,414
$27,751
$119,791
$121,414
185
$21,917
Financial
754
Railway Equipment & Realty Co., Ltd.—Earnings—
Gross (incl. non-oper.
Opera ting expenses
Taxes ,&c-.
-
-
-
1938
1938—3 Afos.—1937
Period End. June 30—
Depreciation
Interest, &c
307,615
$653,804
324,201
78,463
62,924
188,375
202,133
$268,633
-—
Dr604
Cr61,367
$67,477
$79,860
$
Cash
Materials & suppb
628,025
Bank loans
286,246
845,898
5,000,000
Rock Ola Mfg.
401,566
148,946
260,977
l
Dividend
Deferred
78,080
143,277/
\
payable./
credits..
95,812
267,588
3,750,051
Capital and surplusl9,059,461 19,591,391
Total
29,725,430 29,409,32 8
29,725,430 29,409,328
...
Railway oper. revenue._
Railway oper. expense..
1938—Month—1937
1938—6 Mos.—1937
$4,000,389
2,852,409
$5,179,550 $23,532,222 $31,768,321
3,428,173
18,040.812
21,234,229
$1,147,980
344,946
$1,751,377
391,426
from ry. oper.
Railway tax accruals—
...
Rutland
Richmond
$5,491,410 $10,534,092
1,773,262
2,810,601
—V.
1937
1935
1936
$313,192
def4,506
1,399,498
1,796,262
1,632,803
1,556,860
defl§l,084
160,561
30.030
48,330
def28,185
7,313
def94,604
$266,876
$295,261
41,466
26.339
43,692
def371173
15,178
def4,714
147, p. 583.
St. Louis Brownsville & Mexico Ry.
1938
June—
Net after rents
$1,460,366
$3,896,020
$7,927,169
Net after rents
1937
4,710,692
1,427,220
705,263
23,864
From Jan. 1—
Gross from railway..
4,166,092
829,894
209,845
Net from railwayNet after rents.
>
1935
$556,741
74,817
$583,969
131,026
55,890
3,874,888
823,059
288,772
6,560
def3 8,543
def58,479
$292,280
def6,456
def33,536
4,181,846
1,646,412
4,639,650
1,989,673
1,393,392
2,932,422
1,118,855
•„
2,599,840
780,321
381,898
807,165
491,290
131.
St. Louis Rocky
Mountain & Pacific Co.—Earnings—
Period End. June 30—
Expenses, taxes, &c
Interest, &c
Deprec., depletion, &c._
$253,345
210,258
31,589
23,543
1938—Month—1937
$430,613
$422,811
715
471
Operating revenues
Operating expenses
$429,898
307,632
731,467
304,577
Net loss.
26,642
$1,129
Net oper. revenues
$122,266
55,470
Net operating income.
1938—6 Mos.—1937
$2,560,613
4,225
$2,469,933
2,754
$422,340
$2,556,388
$2,467,179
302,259
1,819,819
$120,081
$736,569
336,202
$725,901
241,608
41,923
$78,158
52,984
$400,367
253,236
$484,293
334,564
—V. 147, p. 131.
Rustless Iron & Steel
1937
1936
1935
$1,263,629
1,018,629
129,864
Depreciation & depletion
99,718
$1,793,900
1.233,320
138,892
$1,330,488
1.031,323
163,266
$1,244,596
liO.973
106.640
182,641
105,870
$15,419
$310,715
$29,257
$47,676
-
Cost, expenses and taxes
Interest charges
—V. 146, p.
St. Louis-San Francisco Ry.
Period End. June 30—
expenses
General & administrative
June 30 '38
$378,509
310,598
$798,416
638,096
$2,162,362
1,502,986
$67,911
48,244
45,946
$160,321
96,296
88,234
$659,376
84,346
77,678
15,253
$218,571
Total income
June 30
'37
development,
patent expense
_
Other income
13,854
4,951
$805,445 def$739,791
4,884
31,900
$2,272,982
33,318
Bal. avail, for int., &c.
$213,620
$800,562 def$771,692
$2,239,664
Earnings of Company Only
1938
29,107
14,864
railway
From Jan.
$13,182
29,651
$40,134
29,566
Interest
$4,541,728
1,050,277
550,407
131.310
1936
1935
$3,974,752
722,699
703,213
355,528
$3,119,169
105,477
defl95,732
24,680.436
4,385,814
2,413,428
21,947,385
3,329,098
1,687,523
18,542.983
1.348,110
defl74,221
1—
Gross from railway
Net from railway
x$482,488
35,287
$53,315
59,216
1937
$3,808,040
JuneNet from railway.
Net after rents
20,262,907
1,393,745
def761,215
Net after rents
Operating loss.
Depreciation
System—Earnings—
1938—Month—1937
1938—6 Mos.—1937
$4,070,258
$4,814,735 $21,276,914 $25,746,527
3,405,528
3,654,137
19.708,503
21,284,924
203,217
793,050
def831,075
2,198,326
15,354
12,394
91,284
74,656
6 Months
Mar. 31 '38
$92,410
48,051
42,287
.
908,408
3519.
Operating revenues
Operating expenses
Railway oper. income.
Gross from
Gross profit on sales.
$20,802prof$l 10,876
Deductions from income
Corp.- -Earning s3 Months
Period—
June 30 '38
Gross sales, less discts.,
returns & allowances.
$419,907
Cost of goods sold
327,497
47,631
$857,951
624,080
66,842
56,152
1,741,278
$66,479
42,073
Net income
441,670
63,364
Earnings for 12 Months Ended June 30
Gross earnings..
Net income
Operating taxes
$531,863
$331,913
273,033
33,367
1938
revenues
1938—6 Mos.—1937
1938—3 Mos.—1937
$12,044
Gross earnings
3 ,,542,264
Telephone Corp.—Earnings—
Period End. June 30—
1935
$277,541
82,623
52,561
def 1,572
131.
Uncollectible oper. rev..
1936
$458,654
From Jan. 1—
Gross from railway
-Earnings
1936
$672,620
172,975
74,038
-Earnings-
1937
$356,910
21,026
Gross from railway
Net from railway
$7,723,491
196,732
6,946
1938
Net after rents
Selling
$162,045
def42,171
Net from railway
Net after rents
$3,718,148
138,204
39,668
.
$591,017
99,247
railway..
Net from railway
Research,
—
1938
$239,456
defl2,197
Net from railway
Net after rents
$1,359,951
97,079
3,336
Fredericksburg & Potomac RR.-
June—
Operating
$464,578
302,533
-
RR.—Earnings—
June—
Gross from railway—__
—V. 147, p-
Gross from
Rochester
—
1889.
—V. 145, p.
Net from railway
p.
...
Net income before Federal taxes..
$840,817
Net ry. oper. income.
—V. 147, p. 131.
147,
90,296
—
Other deductions.
31,252
6,531
$803,034
Railway oper. income
Equipment rents (net)..
Joint facility rents (net)
—V.
$374,282
...
—
Gross from railway
Reading Co.—Earnings—
Period End. June 30—
rev.
$1,339,171
964,889
—
From Jan. 1—
—V. 147, p. 583.
Net
$56,891
...L..—-—
Other income
308,119
4,009,227
Reserves
$136,323
Corp.—Earnings—
Gross profits on sales
Operating expenses
436,928
—
$28,037
Earnings for 12 Months Ended June 30, 1938
Total income
and exposition-.
Accued interest
46.837
$103,013
period
x Gross
earnings for the quarter ended June 30, 1938 and for the six
months ended June 30, 1938 include a profit of $92,204 realized on sale of
substantially all of the company's instalment notes.—V. 147, p. 279.
583,334
Accounts <fc wages.
Total
Profit for
Instalment contract
245,134
879,927
Deferred charges—
59,219
Operating profit
5,000,000
1946
1,355,711
54,501
......
$103,729
$195,542
25,841
8
Equip, intge. 4Hs.
932,223
......
1937
?
Liabilities—
27,613,644 26,293,447
Capital assets
Receivables.
1938
1937
$
$53,878
39,238
$375,682'
Consolidated Balance Sheet June 30
1938
jJ. 'IQC'to
$142,251
Gross earnings.
x
Cr107.050
Drl8,594
Ioss$58,314
surplus items
Balance
Earnings per share are based on 397,806 shares of capital stock out¬
standing at June 30, 1938.
Note—No provision has been made in the
above figures for possible surtax on undistributed profits.
—V. 147, p. 279.
1938—3 Mos.—1937
1938—6 Mos.—1937
Expenses
Other charges & credits,
net incl.
July 30, 1938
z
$815,955
345,190
$141,227
$68,081
Ioss$39,720
$6,015,860
4,892,290
340,171
$209,468
$93,305
74,977
58,048
Balance
$5,822,601
4,828,626
§1,495,124
1,200,270
85,386
inc.)$l,431,831
1,248,124
90,402
12 Mos.—-1937
Chronicle
on
Kansas
City Memphis & Birmingham Bonds—
The trustees have been authorized by Federal Judge
Net loss
$42,832
10,031
$62,351
885
Total loss
$112,532
17,380
$32,801
Miscellaneous income
$69,700
7,348
300
$95,152
1,185
Int. chgs. on bank loans.
Prov. for Federal normal
income taxes
x$447,200
10,886
x$458,087
4,765
St. Louis Southwestern
Period End. June 30—
•
Net loss
63.900
Ry.
-Earnings—
1938—Month-
1937
$62,651
22,823
$96,338
45,646
x$389,421
13,194
Profit.
expenses.
$1,637,789
1,339,199
from ry. oper.
$454,924
$298,590
105,220
115,350
Ry. operating incomeOther ry. oper. income.
$349,704
25,049
$183,241
Total ry. oper. income
Deduc. from ry. op. inc.
$374,754
Net ry. oper. income.
Non-operating income.
Ry. operating
Ry. operating
Net
rev.
revenues.
1938—6 Mos.—1937
~
$1,553,127
1,098,203
Deduc'ns from gross inc.
$33,686
22,823
Preferred dividends
x
George H. Moore
semi-annual interest due Sept. 1, 1938, on the general mortgage 4%
bonds and income 5% bonds of Kansas City Memphis & Birmingham RR.
—V. 147, p. 131.
to pay
$8,894,208 $10,664,167
6,712,078
8,037,706
$2,182,130
627,345
$2,626,461
23.201
$1,554,785
156,679
$1,963,220
144,256
$206,442
210,957
$1,711,465
1,085,925
$2,107,476
1,246,235
$173,894
6,004
def $4,515
6.209
$625,540
47,144
$861,242
42,314
$179,897
266,785
$1,693
270,054
$672,684
1,607,005
$903,555
1,628,787
$86,887
Railway tax accruals
$268,361
$934,322
$725,232
663,241
Balance Sheet June 30
Assets—
1938
1937
Liabilities—
hand.
on
y
157,647
247,769
1,088,533
32,274
Fixed assets....
1,979,847
1,604,522
37,861
Reserve
for
$353,812
71~769
a68,941
2
--$3,491,891
79,523
96,255
1,189,048
625,000
864,409
847,311
966,038
1,547,649
Surplus
2
Total
eral income tax.
Common stock..
x
1
Patents
a
$3,541,795|
advances
to
Total
$3,491,891 $3,541,795
Ruberoid Co. (&
Subs.)—Earnings—
exps.,
deprec.,
y
1938
$4,992,712
$6,344,473
$8,861,639
4,650,941
6,339,194
8,387,212
$199,038
$0.50
Profit for period
per share
the
$3,497,282
3,298,245
Earnings
As
1938—6 Mos.—1937
$341,772
$5,279
$474,427
$0.86
4.01
$1.19
Fed'l
taxes, less other inc
x
1938—3 Mos.—1937
result of
in basis of providing for depreciation, the
profit and loss increased $13,497 for the quarter ended June 30,
and $32,040 for the six months ended June 30, 1938, as
compared
a
cnange
with wnat the charges would nave been on last
year's basis. (Total charges
for the six months ended June 30, 1938—including the aforesaid increase—
$264,777 compared to $220,426 for the first half of last year.)
x Earnings
shown above do not include Ruberoid Co.'s equity in
earnings of Ruberoid Co. Limited (England).
were
Central Hanover Bank & Trust Co. is notifying holders of company's
4% first mortgage bond certificates due Nov. 1, 1989, that pursuant to
order of the U. S. District Court, Eastern Division, Eastern District of
Missouri, filed July 22 in proceedings for reorganization of the company,
funds have been received to cover tne semi-annual
instalment of interest
due May 1, 1938, on these certificates.
Payment of May 1, 1938, coupons
will be made upon surrender at the bank's principal office, 70 Broadway,
N.
(Excepting The Ruberoid Purchase Corp.)
Period End. June 30—
Net sales
x
Cost
of goods sold,
Interest—
subsidiaries
wholly-owned,
b Rep¬
ented by 36,511 (25,000 in 1937) no par shares, x Par $1 after deducting
233 (141 in 1937) shares held in
treasury at a cost of $1,118 ($677 in 1937).
y After reserve for doubtful accounts of $12,039 in 1938 and $9,061 in 1937.
z After reserve for
depreciation of $256,113 in 1938 and $416,007 in 1937.
—V. 146, p. 2868.
z
_
Net deficit
Investments in and
200,860
Fed¬
b Preferred stock.
assets
Invest. In sub
300,000
813,119
79,324
Prepaid & deferred
z
$55,012
Notes pay. to bks.
Accrued liabilities.
$844,107
Accts. and notes
receivable
1937
Accounts payable.
$117,597
Inventories
1938
_
Cash in banks and
the
Y.
City.—V.
San
147,
p.
583.
Service Co.—City of San Antonio
Rejects PWA Offer of Loan for Power Project—
Antonio
Public
The City of San Antonio will not accept the recent grant and loan of
$2,770,000 of the Public "Works Administration for the construction of a
municipal electric power system, according to Mayor C. K. Quin.
The
Federal allotment was 45% of the amount required for the municipal
system which would cost the taxpayers $6,137,300 and would yield no
returns for many years, city officials said.
Mayor Quin explained he made the application for the grant more than
two years ago, but since that time power rates have been reduced locally
by the San Antonio Public Service Co. and that he did not believe the
proposed plan would be profitable.
He said that the municipality was
curtailing expenditures and he did not believe the public would favor an
indebtedness of another $6,137,300.
The mayor pointed out that au¬
thorities say
the city would not receive any profits from the project for
Volume
Financial Chronicle
147
than 20 years and then there would be
financial loss.—V. 146, p. 3679.
more
possibility of its being a
a
755
^arket value of such dividends at the date of receipt
$1,985.
approximately
was
No part of such dividends has been reflected in the statement of
net income.
San Antonio Uvalde & Gulf RR.
June—
1938
Gross from
railway
From Jan.
1—
$92,421
25,645
def 1,600
595,504
def64,804
def257,193
$56,471
def39,213
def62,576
671,371
238,201
60,079
$83,811
def9.093
def40,643
V
Gross from railway
Net from railway.
Net after rents.
The total Federal capital stock tax applicable to the six months ended
June 30, 1938, was not determined at the date of this report but was esti¬
1935
1936
1937
$81,974
defll,510
def40,428
Net from railway
Net after rents
Earnings—
444,253
2,809
def140,964
mated to be
$15,000 of which $12,500 has been charged to the capital surplus
realized profits on investments sold, which
payment of that amount of the tax.
This charge is made
anticipation of a resolution by the board of directors directing the charge
to which account are credited
any
occasion the
,
662,188
100,416
def97,857
?noo 5-000 of the Federal capital stock tax for the tax year ended June 30,
1938, to the capital surplus account.
BalanceSheet
—V. 147, P. 131.
Scott
June 30 '38
Assets—
Cash
Paper Co.—To Reduce Stock—
Company has notified the New York Stock Exchange of a proposed
in authorized preferred stock from 133,305 shares to 130,000
shares.—V. 147, p. 584.
reduction
Seaboard Air Line
June—
1936
1935
$2,778,526
107,122
def123,451
$3,096,606
376,235
112,639
$2,69o,058
222,397
35,463
$2,521,902
21,091,881
23,075,308
5,510,246
2,956,263
19,230,743
3,213,593
1,161,953
Gross from railway.
_
...
...
but not received
1
i
136.360
..
_
railway
3,706,488
-
Net after rents
1,055,750
--
Accrd.
11,553,666
expenses, &c
Due for cap. stock
876
surrendered
1,690,067
Total.
1937
1938
x
Corp.—Earnings9 Months Ended June 30, 1938
$505,063
215,166
Operating income
Main office and direct operating expense..
Interest
*«.
»
...
Net operating income, tax
_
19,318
'
Liabilities—
June 30 '38 Dec. 31 '37
$163,700
3,287,210
2,700,560
631
rez.
Dec. 31 *37
June 30 '38
$675,000
$990,000
29,834
and others
43,741
Accounts payable.
Accrued liabs.
—
fixtures
27,679
Balance Sheet June 30,
215,313
264,156
$2 cum. pf. stock
1,197,825
1,250,000
y
179,740
110,318
513,059
20,462
Cash in banks
6,099
1.715
$2,962,177 $3,493,184
of
$117,797
($96,435
laws of Delaware in excess
of par value
z Represented
Total
1937
1936
Operating expenses—
$1,574,905
328,016
$1,114,062
322,885
Operating profits
$1,368,829
$1,484,559
23,245
$1,246,889
12,976
$791,177
9,649
$1,397,436
,
$1,507,804
$1,259,865
$800,826
960,279
868.951
645,783
Net
Balance
$189,194
185,839
183,000
14,861
Sell. gen. & adm. exp—.1
Depreciation
$437,157
$638,853
$614,082
$408,814
$0.35
profit
$0.51
$0.49
Gross income
1937
$4,815,027
$126,857
12,499
194,250
„
315,990
100,833
111,483
20,361
$114,359
16,261
$101,591
13,725
$102,080
$98,097
$87,866
$5.82
$0.61
$6.70
$0.63
$0.59
$122,441
Operating profit before Fed'l taxes.
Provision for Federal taxes
Earned per sh. on pref. stock ($25 par)
on common stock..
Earned per share
$7.32
1938
$654,459
$512,526
Liabilities—
1937
4,660,836
13,280
13,189
bonds
$3,234,000x$3, 027,000
150,000
290,000
90,940
long term
102,569
42,560
JSfCt lOSS
18,934
Dividends payable
Cash val.oflife ins.
14,859
13,025
Contingent res'ves
97,359
63,377
90,798
Reserve for
losses
56.213
52,312
Deferred income..
242,712
285,279
used
in the business..
4,136
9,329
Furn. and fixtures
19,265
18,914
5% conv. debs, due
June 1,1946
Common
stock
Surplus
$5,455,685 $5,358,783
Total
x
Notes only.—V.
490,000
437,134
365,900
576,052
__
546,828
91,661
..$5,455,685 $5,358,783
_
146, p. 4129.
Selected American Shares,
Statement of
Total.
417,500
111,216
Preferred stock.
Inc.—Earnings—
x
Income—Cash dividends
-
Less discounts, returns
_ ,
-
$127,459
2,500
251
Net income for the period excl. of gains & losses on securities..
123,808
_
900
Franchise tax..
1938
Earns, per
Note—There
on
common
were
distribution surplus
154,585
also received during this period certain stock dividends
stock paid in preferred stock of the paying company.
12 Mos.End.
1937
June 30, '38
$1,286,662
$556,358
$1.12
$2.57
$0.16
share on common stock—
After provision for
Federal and Canadian income taxes.
»
Consolidated net sales for the first six months of 1938 were $2,935,148.
The consolidated balance sheet as of June 30 shows $2,108,304 of casb,
with total current assets amounting to $6,294,335.
Current liabilities
$609,681.
Privately—The company is proceeding with
completion of its inactive new plant at Fitch burg, Mass.,
for whch purpose it reports that it borrowed $1,500,000
privately on July 1, 1938, through an issue of 10-year serial
Notes Placed
notes.
The $1,500,000 10-year
Rate of
Interest
Amount
1
$150,000
2 K%
150,000
150,000
150,000
150,000
3 K%
3H%
3H%
serial notes consists of the following:
The
Rate
Due Date
of
July
July
July
July
July
Note
Amount
1, 1939
1,1940
1,1941
1.1942
1, 1943
$150,000
150,000
150,000
150,000
150,000
of
Interest
m
3 H%
3H%
3M%
Due Date
of
July
July
July
July
July
Note
1, 1944
1,1945
1,1946
1,1947
1,1948
There is no collateral applying
against these notes.
The notes may be redeemed by the company on any
interest date on 45 days' notice.
There is a restriction to the effect that the
company shall not pay dividends if the ratio of the current assets to the
current liaoilities and notes outstanding is less than two to one.—V. 146,
Interest
is due on Jan.
1 and Ju.y 1.
3203.
Sierra Pacific Power
ment
Co.—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$147,914
$1,940,280
$1,763,347
61,249
50,451
accruals
$164,056
55,754
44,230
739,853
609,250
678,076
549,733
Note—The above statement includes parent company
July 31, 1937—V.
for period prior to
147, p. 280.
Southern California Edison Co., Ltd.—Debs, Called—
series of 1940Tand certahTdebentures
called for redemption on Sept. 1 at 101 and accrued
interest.
Payment will be made at the Harris Trust & Savings Bank,
Chicago, the Bankers Trust Co., New York City or at the California Trust
Co., Los Angeles.—V. 147, p. 584.
All of the outstanding debentures,
Cash dividend paid from
$2.71
Nil
Profit.—V. 146, p. 2869.
$82,768
Operating. evenues.
Gross income after retire¬
...
Operating income.
—
y
—6 Mos. End. June 30—
Period End. June 30—
36,002
_
Original issuance stamp taxes..
and allowances
Period-—
Net income
Federal capital stock tax
$343,915 y$l,148,036
$1.67
Consolidated net income—
$155,500
7,961
...
Operating expenses
y$696,076
Nil
$163,461
Interest earned.
$343,915 y$l,476,624
51,188
277,400
Simonds Saw & Steel Co.—Earnings—
p.
Net Income for the Six Months Ended June 30, 1938
Total gross income
$192,006
W
74,609
Deferred charges..
Automobiles
27,259
177.400
387,662
32,626
Accts. payable and
12,794
26,761
the
accrued..
duc'n of debs...
1937
Coll. trust bonds—
26,886
Sinking fund for re1
1938
Coll. trust notes &
4,655,183
12,679j
Accts. receivable-.
$361,336 y$l,418,376
17,421
58,248
y$900,735
Earns, per sh. on
common shares
were
Balance Sheet June 30
7,125
$192,006
-
Fed. & State income tax
x
Net profits
Other notes rec'le.
18,250
6,125
y$873,974
Interest, amortiz., &c__
x
Repossessions....
4,625
LOSS
$103,674
2,083
$122,441
Operating profit
Cash i
9,250
24,333
$2,235,278
414,957
343,811
39,884
ac¬
Other income.
1936
$6,808,764
420,283
117,925
175,500
Fixed charges on 5% debentures
Notes receivable..
$401,121
357,004
366,000
30,203
$1,278,613
213,370
160,811
$199,131
Earnings—
1938
acquired._ $5,821,262
492,481
175,790
Direct income charges
General and operating expenses
Assets—
1938—6 Mos.—1937
$3,989,456 $11,825,908
3,588,335
9,590,630
$0.33
Securities Acceptance Corp.
6 Mos. Ended June 30—
Gross value of receivables
doubt,
for
counts. &c_
After deducting share of
products accruing to operators of Kettleman
Hills absorption plants.—V. 146, p. 3203.
x
Ordinary taxes.
Provision
Earned per share on capi¬
tal stock..
10,265
$709,341
Total
1938—3 Mos.—1937
$1,890,465
$6,276,671
1,701,271
4,998,058
Gross sales
Manufacturing costs
392,012
deple'n Federal
taxes, &c__.
500,159
Corp.—Earnings—
Period End. June 30—
x
____
Deprec.
60,503
...
—V. 147, P. 132.
1935
$1,986,869
502,310
28,607
$709,341
Sharon Steel
1938
Other income
of outstanding
Earned surplus
1937).
in
$1,824,050
455,221
3 Mos. End. June 30—
$2,188
R6.226
—
stock
157,626
$2,962,177 $3,493,184
Total.
accounts
able and accrued...
Common stock (par $1)
Portion of legal capital under
Seaboard Oil Co. (& Subs.)—Earnings—
Gross earnings
receivable
Federal and State taxes, pay¬
Paid-in surplus
£y 6,536 no par snares.—Y. 147, p. 131.
Represented by 47,913 (50,000 in 1937) no par shares,
X
$701,526
497,954
Earned surplus...
doubtful
cost
109,967
Capital surplus...
for
at
179,740
Com. stk. ($1 par)
reserve
Investments—stocks,
Dividends
preferred stock.
1938
Liabilities—
Assets—
Res. & def. income
9,834
15,053
$6,571
14,336
Dividend income less expenses.
Dividends paid
10,418
z$2cum. div.conv.
After
Shareholders Corp.-—Earnings—
10,208
—
income tax
32,440
and
deferred expense
x
"
Servel Inc.—New Chairman—
Res've for Federal
Autos., furniture &
Total...
Co.—Liquidating Dividend—
7% gold bonds are being
Wicks, Special Master, will pay to all holders who
present their bonds to him on or before Aug. 15, a liquidating dividend of
$4.30 for each $1,000 bond.
All holders have option of either accepting
this dividend or in lieu thereof full paid and nonassessable shares of Peninsula
Copper Co., on basis of one share for each $50 of bonds, principal and
interest.—V. 140, p. 3057.
Kirk E.
Notes pay., banks
$218,922
assets
Seneca Copper Mining
Statement of Income for the Six Months Ended June 30, 1938
$11,898
Income—Dividends5,326
Expenses
Consolidated Balance Sheet
hand and
Receivables
Other
12,483,514
$122,153
...
■
,
in banks
x
10,460,641
Total
Axel L. Wenner-Gren has resigned as a director and Chairman of the
Board, and Charles G. Groff has been elected Chairman.—-V. 146, p. 3520.
.
Net charge to surplus
12,483,5141
.10,460,641
9,894,826
29,425
$37,685
127,784
32,059
paid.
__........
_
Adjustment, net.
Misc. accts.
09R
2,402,800
Holders of Seneca Copper Corp. first mortgage
232,894
Reserved for bad debts and depreciation
on
732
2,592,195
7,103,879
9,026
Represented by shares of $2.50 par.—V. 146, p. 766.
notified that
Seaboard Finance
Assets—
8.989
redemption
Capital stock
Capital surplus...
x
Distribution surp.
Consolidated Statement of Income for the
Cash
for
Other liabilities.—
3,690,661
Corp.—Earnings—
6 Months Ended June 30—
6,950
agent's fees and
21,373
Deferred charges—
x
Dividends paid_
10,127
Invests, (atcost).. 9,669,723
custodian &tran.
def41,108
Net earnings
$102,771
$131,969
Earnings per share on common stock
$0.77
$1.14
x After
operating expenses, normal Federal income taxes, depreciation
and other charges, but before * Federal surtax.
V. 146, p. 3520.
40,952
managem't
9,227
—V. 147, p. u84.
Seaboard Commercial
107,633
30,000
tax
11 vered20,593
From Jan. 1—
Gross from railway.
Net from
705,693
Federal in¬
Accr'd
18,075,192
1938
;
Net from railway
Net after rents
900
come
sold but not de-
1937
33,875
7,982
.
$
$
Due tor sec. purch.
864.473
39,453
Accrued int. receiv.
Accts. rec. for sec.
Ry.—Earninqs—
Liabilities-
722,015
Cash divs. recelv..
v*'
June 30 *38 Dec. 31 '3
Dec. 31 '37
S
series of 1945 have been
Financial
756
Chronicle
Spencer Trask Fund, Inc.—Earnings—
Telephone & Telegraph Co.—Earnings
Southern Bell
July 30, 1938
Income Account for 3 Months
Ended June 30, 1938
Operating revenues
$5,207,170
UncoUectibleoper.rev..
23,577
1938—6 Mos.—1937
$5,133,545 $31,863,271 $31,097,123
20.261
134,802
124.673
Operating expenses
14,361
Operating revenues—
Operating expenses.....
$5,183,593
3.518.211
$5,113,284 $31,728,469 $30,972,450
3,431,001 20,783,713 20,233,053
period
Undistributed nalance of income at March 31, 1938-
$4,349
73,140
Net oper. revenues...
$1,665,382
710.056
$1,682,283 $10,944,756 $10,739,397
669,058
4,367,343
4,120,165
Distribution made during the period.
1938—Month—1937
Period End. June 30—
.
Operating taxes..
$955,326
$1,013,225
$6,577,413
666,962
5,151,779
4,946,551
133, 281.
Southern Colorado Power
Co.—Earnings—
r
Years Ended May 31—
Operating revenues
-—
.......
Operating expenses, maintenance and taxes.._. —
■ Net oper. revenue
ment
1938
$2,329,928
1,357,855
1937
$2,289,653
1,263,374
Total
$972,073
$1,026,279
587
reserve)
revenue
oper.
Gross
and
Balance Sheet June 30, 1938
Liabilities—
Assets
$955,535
10,485
Cash in banks—demand depos.
Deferred N. Y. State franchise
9,488
81,205
tax
income..
$972,660
300,000
Net income.
—V. 147, p. 133; V. 146, p.
Southern Pacific
-
Net from railway......
Net after rents...
2,361,652
3,054,709
1,438,393
69.376,875
10,831,326
84,847,954
19,982,397
68,140,055
17,120,919
def541,959
9,293,294
8,376,327
56,851,335
13.702,604
6.148,762
Southern Pacific SS.
1937
x$536,150
x$341,054
$268,926
$0.34
$1.55
$0.93
$0.60
y
Net after rents
def5,145
*
1937
$532,786
10,854
$656,665
57,143
37,652
stock
No provision has
3203.
(A. E.) Staley Mfg. Co. (& Subs.)—Earnings—
6 Mos. End. 3 Mos. End. 3 Mos. End.
June 30 '38 June 30 *38 Mar. 31 '38
Period—
$2,083,531
1,145,545
382,615
Gross earnings
'
191,947
91,636
34,390
57,246
$131,606
$332,128
1935
$360,410
$1,170,669
590,627
190,668
$912,862
554,918
$463,734
Fed. inc. & undist. profits taxes, est..
1936
$479,180
7,279
1936
been made for Federal surtax on undistributed profits
After depreciation, interest, and Federal income taxes, &c.—V. 146,
x
p.
1935
1938
Depreciation
Lines—Earnings—
1936
Gross from railway
Net from railway
11,699
.$5,756,402
Total..
share on com¬
Expenses
June—
5,323,376
61,554
Net profit on securities sold—
x$l 16,328
yNet profit
1935
585.
p.
Undistributed balance of inc..
Square D Co.—Earnings—
6 Months Ended June—
mon
1936
1,327,610
From Jan. 1—
Gross from railway.—.
$5,756,402
—■
Earns, per
1937
27,030
322,535
Capital stock (par$l)
Balance of paid-in surplus
—V. 146, p. 3680.
6,046
$13,347,341 $15,655,489 $13,761,015 $10,340,702
3,407,880
4,498,230
4,631,471
2,877,538
GrossfromYailway
Net from railway
Net after rents
Total..
Co.—Earnings—1938
def48,618
def49,356
8,123
Net
profit
-
Note—No provision made for excess profits taxes.—V.
147,
p.
133.
Standard Gas & Electric Co.—New Directors—
From Jan. 1—Gross from railway
3,190,239
3,959,774
2,732,809
def96,194
defl89,793
Net from railway
Net after rents
—V. 147, p.
$288,373
$10,209
Accrued taxes
432,473
3971.
June—
147,
$726,892
$243,886
—
(cost).. 4,699,689
Accounts payable
3 months end. June 30 1938-
$1,026,892
300,000
$672,660
423,801
4,973
.....
Interest charges (net)
Other income deductions
—V.
Marketable securities
(before
$947,000.
beginning of period, $1,780,400; as at end of period,
Receivable from agent
other income
approp. for retirement reserve)
Approp. for retirement reserve
Net
$61,554
Undistributed balance of income at end of period
Notes—Net profit on securities sold during the period (computed on
identified costs) amounted to $11,699.
Unrealized depreciation of corporation's securities (approximate); As at
613
...
$77,488
15,934
--
Dividends receivable..
(before approp. for retire-
Other income.
Net income for the
$6,619,232
725.278
Net operating income.
income.
Net
—V. 147, p.
$18,710
Income cash dividends...—
204,666
49,382
def78,078
defll6,504
2,337,035
def302,751
def307,586
133.
1938
1937
1936
1935
$6,697,164
1,552,827
607,348
$7,796,319
1,905,532
978,370
$7,445,568
1,942,462
1,247,593
$6,479,398
1,476,301
861,120
41,294,388
9,447,944
3,569,588
50,907,645
15,093,017
9,267,498
45,010,351
12,109,185
7,749,243
39,452,292
9,163,314
5,451,654
June—
Net after rents
ptFrom Jan. 1—
Gross from railway
Net from railway
Net after rents
Third Week of July
1938
1937
Gross earnings (est.)
$2,257,855
Jan. 1 to July 21
1938
1937
$2,508,394 $61,670,104 $74,960,430
-—V. 147, p. 585.
Southwestern Associated
Period End. June 30—
Telephone Co.—Earnings—
1938—Month—1937
1938—6 Mos.—1937
Operating revenues
Uncollectible oper. rev..
$102,024
$97,879
$613,762
200
150
1,200
$569,522
700
Operating revenues...
Operating expenses
$101,824
60,541
$97,729
57,692
$612,562
373,903
$568,822
341,583
$41,283
8,906
$40,037
8,286
$238,659
53,644
$227,239
42,989
$32,377
$31,751
$185,015
$184,250
Net oper. revenues
Operating taxes
Net oper. income
'
—V. 147, p. 133.
Southwestern Bell
Telephone Co.—Earnings—
6 Mos. End. June 30—
1938
1937
•
1936
1935
Total revenues
$43,592,338 $42,756,253 $39,452,856 $36,760,819
Expenses, incl. taxes... 33,947,198
1,079,850
Net income
Dividends paid
32,610,291
983.110
29,412,249
1,183.456
27,962,457
1,493,740
$8,565,290
8,547,492
Interest
elected directors of the company.
On July 1 announcement was made of the election of the other seven
members constituting the new board of nine directors as provided for in the
Southern Ry.—Earnings—
Gross from railway
Net from railway
At an adjourned special meeting of the holders of the $4 cumulative pre¬
ferred stock held July 26, Benjamin L. Allen and John K. MacGowan were
$9,162,852
8.114,992
$8,857,151
7,682,492
$7,304,622
7,682,492
company's plan of reorganization.
Approval by the United States District Court for the District of Delaware
of the election of the nine new directors of the company will now be sought,
according to a statement by Bernard W. Lynch, President of the company,
who also said that if this approval is granted, it will be promptly followed
by the filing of a petition by the company for a discharge from 77-B pro¬
ceedings, which have been pending since Sept. 27, 1935.
Trustee Files Suit
Charging Stock Transaction Losses—
A $42,685,409 sujt was filed July27in U. S. District Court at Wilmington
by former U.S. Senator Daniel O. Hastings, special trustee of the company
against a group of public utility and securities firms and their officials.
The suit is to recover for the Standard Gas & Electric, now in the process
of reorganization under the bankruptcy laws, certain moneys which the
trustee believes were unlawfully taken from the corporation through a
series of stock transactions.
"The wrongful acts complained of," the bill explains, "were not discovered
by the complainant and were not discoverable with the exercise of reasonable
diligence until after Standard was rendered unable to meet its obligations
and just debts and applied for relief under Section 77-B of the Act of Con¬
gress relating to bankruptcy."
It is charged that the assets of Standard were wasted and that the directors
and officers of Standard acted in violation of their duty and trust.
Particular attention in the bill of complaint is drawn to the H. M. Byllesby
& Co., which the trustee states, controlled the corporate actions of Standard
Gas & Electric.
Attention is also directed to Ladenburg, Thalmann & Co.
The bill of complaint (covering some 49 pages) charges that on a number
of occasions the Byllesby firm acquired certain securities and sold them to
the Standard Gas & Electric for a large sum of money "in excess of the price
paid by the defendant Byllesby, therefore said defendants unjustly en¬
riching themselves at the expense of Standard."
In 1925, the bill continues, the Landenburg and Byllesby firms "entered
into a corrupt and fraudulent conspiracy" to profit through the manipula¬
tion of Pittsburgh Utilities Corp. stock and United Railways Investment
Co.
stock.
Also it
was
alleged that a conspiracy was entered into by the defendants
settle litigation brought by stockholders.
to have the company
Surplus
$17,798
$1,047,860
$1,174,659 def$377,870
Note—'Total revenues include amounts estimated as $14,535, $115,950,
$45,530 and $143,050 for the first six months of the years 1938, 1937, 1936
and 1935, respectively, which may be refunded in whole or in part in the
event of adverse rate
case
decisions.—V. 147, p. 585.
Southwestern Light & Power Co. (&
Period End. June 30—
Total operating revenues
Operating expenses
State, local and miscell.
Federal taxes
Fed. & State income tax
Undistributed profits tax
1938—3 Mos.—1937
Subs.)—Earnings
1938—12 Mos.—1937
$585,149
356,839
$564,894
354,882
$2,592,067
1,553.620
$2,480,499
1,459,408
66,205
9,233
63,224
10,044
260,248
58,103
243,438
58,631
Weekly Output—
Electric output of the public utility operating companies in the
Gas & Electric Co. system for the week ended July
Staten Island
Rapid Transit Ry.~
Net operating income
$152,872
771
136,744
1,215
$719,721
5,165
$719,021
4,846
Gross income........
Int. on long-term debt..
$153,642
88,394
3,405
$137,959
88,394
1,510
$724,886
353,575
10,569
$723,867
353,921
5,807
General interest (net)...
Amort, of bond discount
andexpense.
Miscell.
income
—
deduc'ns
5,097
1,225
5,135
1,421
20,326
5,034
20,563
4,317
Net income
$55,521
$41,498
$335,382
$339,259
—V. 146, p. 3523.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
—
V
.
^torrents
141
p. loo*
»
1938
1937
1936
$72,301
15,011
18,266
$71,475
20,437
10,493
$52,422
3,729
defl,862
335,081
29,432
391,177
70,102
337,895
70,601
243,486
defl,128
def74,769
30,255
20,901
def33,710
Jr
TOTfl JCLTl
•
Net after rents
—V. 147, p. 133.
731,040
defl7,416
def283,991
Sterchi Bros. Stores,
Inc.—Sales—
1938
6 Months Ended June 30—
$2,292,000
Sales
1937
$2,837,000
—V. 146, p. 2710.
Superheater Co. of Delaware—Earnings—
[Including
6 Mos. End. June 30—
Profit from operations
Its
Canadian
Affiliate]
1937
1938
1936
1935
$549,751
528,480
392,249
$259,178
270,277
$520,548
72,359
$1,630,561
68,715
$942,000
61,815
$529,455
45,909
330,921
142,667
66,441
30,846
income tax
$1,102,082
78,661
Depreciation
Fed., Dominion & for'n
$102,614
417,935
applicable to
minority interests
43,187
64,921
27,974
$338,683
940,855
$1,187,739
904,855
$672,597
882,805
$0.76
$389,131
No. of shs. outstanding.
per
share
...
$0.37
Note—No provision has been made for
1938
1937
1936
1935
$610,009
121,576
def1,722
$748,772
222,343
224,764
$669,605
233,306
118,381
$638,982
229,777
127,995
3,583,764
714,086
44,815
4,295,479
1,430,223
863,910
3,520,097
1,065,147
354,687
3,335,714
1,107,463
524,540
11
Gross from railway
Net from railway
790,067
def 14,222
def230,796
—V. 147, p. 134.
Earnings
June—
Gross from railway.
783,196
def1,525
def169,655
def187,924
Earns,
Spokane Portland & Seattle Ry.—Earnings—
Net from railway
Net after rents
def24,900
def 11,417
def45,758
753,394
17,137
1935
$69,725
13,214
5,694
1935
$119,371
def 2,452
def47,146
defl6,157
Other income
Spokane International Ry.—Earnings—
JuneGross from railway
Net from railway
1936
$119,126
1937
$131,427
def416
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
Other income (net)
■Earnings—
1938
$144,234
20,362
June—
Gross from railway
Net from railway
Net after rents
375
Standard
23, 1938, totaled 101,-
848,861 kilowatt-hours, a decrease of 8.6% compared with the corresponding
week last year.—Y. 147, p. 586.
profits.—V. 147,
p.
$1.31
874,529
$0.45
Federal surtax on undistributed
432.
Supervised Shares, Inc.—Changes in Personnel, &c.—Company announced the appointment of the State Street Trust Co
Boston, as custodian of its securities and transfer agent for its shares.
was the Commercial Trust Co.
of New Jersey.
The
Former custodian
Corporation Trust Co., Jersey City, formerly acted as transfer agent.
This
when
a
move
management of the trust in 1934,
affiliated with Massachusetts Investors Trust was
follows the change in active
Boston
group
Volume
Financial
147
Chronicle
9 Congress St.,
?laced in controlBoston, and henceforth all corporatehave been will center
of operations. Executive offices functions moved to
in that
Period End. June 30—
Gross revenue
city.
In
connection with this change, the
company announced the resignation of
Herbert I. Shaw as Vice-Presiden and Walter F. Moore as Treasurer. L.
Sherman Adams, formerly Assistant
Treasurer, has been elected VicePresident.
Robert W. Ladd has been elected as Treasurer, and Kenneth
L. Isaacs as Assistant Treasurer.
Other officers include Merrill Griswold,
Chairman, and Mahlon E. Traylor, President.
Besides Messrs. Griswold, Traylor, Tsaacs and L. S. Adams, the board of
directors includes Prescott S. Bufeh, Dwight P. Robnoson Jr
and Charles
Oper.
Dividends
Period End. June 30, 1938—
Gross inc. from oil and gas properties
Net
expense
operating profit
3 Months
6 Months
$379,081
153,183
$782,625
297,819
12 Months
962
$484,806
2,360
$1,061,880
5,698
$226,859
6,139
102,268
$487,166
12,906
210.972
$1,067,578
25,341
397,998
33,679
63,342
117,334
2,500
5,000
5,000
$225,897
Interest on indebtedness
Prov. for depletion and depreciation.
Losses on leases surrendered, non¬
—
Net profit for period
per share on 1,388,970 shares
capital stock (par $1)
—V. 147, p. 282.
$82,273
194,946
$0,140
Operating
revenues
Oper.
incl. taxes..
retirement re¬
$78,224
58,577
$1,027,896
778,562
4,000
4,000
48,000
Net oper. revenues
$15,647
$201,334
$212,933
271
476
$15,421
Gross income..
$15,421
mtge. bonds.
Other interest
Interest charged to con¬
on
454
8,232
$15,759
$201,605
5,450
100,163
454
;
;
8,237
Operating
serve
applicable to preferred stock for the
period, whether paid or unpaid
35,000
$74,838
$109,838
and taxes
147,
$108,406
p.
1936
$332,340
$300,556
$358,628
134,988
22,180
52,832
$4,805,221
2,132,500
120,000
212,142
$4,434,294
2,132,500
120,000
195,901
$2,340,579
$1,985,893
on
147,
Gross from railway
Net from railway
283.
Ry. System—Earnings—
Period End. June 30—
expenses.
$1,190,970 $13,932,624 $13,740,772
862,620
10,723,270
10,093,905
$175,052
205,260
$233,638
194,608
$1,888,976
Deductions
2,599,929
$2,646,256
2,711,071
$1,951,984
430,000
$30,209 prof$39,029
$1,872,826
430,000
$710,953
$64,815
—V.
$116,613
$1,521,984
$1,442,826
1,081
9.557
12,433
$115,533
$1,512,427
$1,430,393
70,000
1,269,508
$152,447
35,833
loss
32,819
147, p. 135.
Toledo Peoria & Western RR .-—Earnings—
June—
1937
1938
Gross from railway..
Net from railway
1935
1936
$168,401
38,315
17,611
$187,430
34,723
10,077
$207,761
53,400
21,311
$138,771
16,972
3.091
1,026,641
271,235
111,729
1,139,426
320,371
131,825
1,145,131
338,843
166,668
809,451
143,313
43,632
Net after rents
From Jan. 1—
Gross from railway..
Net from railway
Net after rents
—V. 147. p. 135.
1937
1936
$200,864
45,789
18,611
$192,234
55,944
38,223
1,263,265
307,635
157,159
1,159,966
305,464
189,339
1935
Trans-Lux Corp. (&
$163,501
42,111
24,368
1,059,443
273,098
Subs.)—Earnings—
Consolidated Statement of Income for
and subsidiaries
Six Months Ended June 30, 1938
$70,867
Income from ticker operations (net)
Income from theaters operated by
Trans-Lux Movies Corp.
(net)..
7,739
23,493
._
Miscellaneous interest, discounts, &c
174,125
—V. 147, p. 134.
Total net income
Tennessee Public Service
Period End. June 30—
Operating revenues
Operating
exps.,
$102,098
Prov. for State, Federal and Canadian income taxes, &c
Co.—Earnings-
1938—Month—1937
$310,905
$313,139
$3,866,115
$3,711,475
217,507
32,552
214,171
2,604,355
31,390
388,372
2,547,914
374,041
Consolidated Balance Sheet June 30, 1938
I
Assets—
res. approp.
Cash in banks and
hand...
$06,226
Acc'ts & notes receivabJe...-.
cos..
29,373
12,892
Interest rec.—Affiliated cos
6,286
on
Acc'ts ec.—Affiliated
Net oper. revenues
Other income
$60,846
$62,201
29,167
mtge. bonds
Other int. & deductions.
on
$68,795
32,417
$890,364
408
Gross income
$67,578
1,217
$873,388
1,355
370
16,976
$789,520
12,475
Marketable securities (at cost)
Inventories......
378,984
6,621
Net income..
$32,626
$36,008
Dividends applicable to preferred stock for the
$801,995
389,000
5,064
.
Investments,
...
&c..—..
..
Other notes & accounts rec...
Fixed
or
$407,931
297,618
...
Net oper. revenues^..
Deferred charges
........
648,893
77.013
1
x
z
After
After
$50,361 —V.
$718,903
395,893
$702,506
385,839
$8,572,211
4,527,981
$7,917,971
4,136,531
83,333
50,000
1,100,000
147,
p.
$4,315,618
3,221,967
$4,749,964
$1,093,652
544,293
$1,478,471
566,462
$549,359
10,086
$912,009
14,765
$559,445
464.636
32,488
8,019
$926,775
482,621
33,148
6,963
$54,301
$404,042
3,271,492
624,996
Net operating revenue
Taxes assignable.
Operating income.
Non-operating income
$3,156,444
3,482
$239,808
140,542
2,567
$267,024
140,542
2,398
$2,951,539
1,686,500
30,947
$3,159,926
1,686,500
18,754
Miscellaneous debits
$96,699
$1.24,084
Dividends applicable to pref. stock for the period,
whether paid or unpaid
$1,234,092
$1,454,672
Net income.-...
375,678
375,678
-
Gross income
Net income
._
$ 1,436,748
433.
Operating revenue
Operating expenses
$2,944,230
7,309
Balance
.. ......
City Rapid Transit Co. (& Subs.)—Earnings—
Ended June 30—
1938^
i^7
357
—V. 147, p. 135.
..
Twin
6 Mos.
1938—12 Mos.—1937
Total
of $7,096,
y After reserve for depreciation of $274,443.
for depreciation of $35,078 and reserve for amortization of
reserve
reserve
$266,667
bonds
surplus
X7.967
.$1,436.748
131
Gross income
25,000
716,803
Earned
yl.32,00r)
$239,677
Other income (net)
17,722
17,972
Capital stock (par $1)
Patents
Co.—Earnings-
1938—Month- -1937
...
Z163.649
and
Texas Electric Service
Period End. June 30—
Canadian taxes—
297,618
$207,141
$110,313
unpaid to June 30, 1938, amounted to
$644,839.
Latest dividend amounting to $6.75 a share on the $6 preferred
stock, was paid on Dec. 9, 1937. Dividends on this stock are cumulative.
—V. 147, p. 433.
Operating revenues
Oper. expenses, incl. tax
Property retire, reserve
appropriations.
$10,359
Reserve tor Federal, State and
Tenants' deposits on sub-leases
assets......—.
Balance.
accumulated
payable...........
Accrued taxes and expenses...
94,801
Capital assets of theater cos_.
$504,759
unpaid
IAaMlities—
Accounts
23,047
793,488
Total
period, whether paid
11,509
$90,590
Net profit...
1938—12 Mos.—1937
incl.
taxes
Interest on mtge.
Other interest
1938—12 Mos.—1937
1938—Month—1937
$1,187,395
897,662
revenue.....
$1,874,375
Drl,549
Drl.172
195,174
31,743
$1,120,843
$2,227,713
418,543
$1,953,156
1,028,823
Net after rents
p.
865,050
$1,475,529
$1,576,390
312,586
Dr332
$142,309
20,322
def3,601
865,050
unpaid
or
$200,819
$152,779
1938
Dividends
$379,805
177,708
10,000
24,137
$149,856
25,195
70,000
Net after rents
From Jan. 1—
x
596
$347,554
177,708
10,000
14,008
534,153
Tennessee Central Ry.—Earnings—
x
561
$4,425,237
9,057
Operating income.._.
Non-oper. income
598,056
1,304,306
June—
Int.
674,536
$4,798,841
6,380
$3,646,867
1,419,155
Preferred dividends
Common dividends. !_
—V. 147, p. 586.
Gross from railway
Net from railway
875
$379,209
_
$3,209,354
1,632,964
$113,019
Net income
709
re¬
$346,993
Net
....
Interest.
Prop, retire,
retirement
1938—12 Mos.—1937
$895,204 $11,476,685 $10,425,396
449,970
5,560,905
5,325,623
$920,445
482,265
$328,351
127,532
$4,368,904
1,723,473
236,903
$113,589
570
Balance
Retirement accruals
16,446,127
2,836,790
81*6,827
$289,733
139,877
$4,583,112
1.760,649
271,251
$149,422
35,833
Net oper. revenues
5,849,763
2,639,038
1938—Month—1937
Net oper. revenue.
1938—12 Mos.—1937
$375,722
156,194
20,026
46,723
Non-oper.income (net).
19,364,170
4.116,348
1,545,047
106,449
Light Co.—Earnings
revenues
Third Avenue
$230,984
794
Taxes
$2,571,075
231,776
def91,748
1,116,064
1935
$148,628
Mainten .nee
1935
663,690
255,310
Taxes
1938—Month—1937
revenues
1936
$3,326,755
23,670,247
20,328,362
3,835,015
759,294
appropriations.
Operating
Operating
>.
$3,761,992
703,789
66,025
—V.
1937
Tampa Electric Co.—Earnings—
Operatior
653,068
218,645
150,328
Balance
586.
Period End. June Z0—
Operating
677,079
202,869
127,543
174,416
601,939
113,816
period, whether paid
147, p. 282.
(James) Talcott, Inc.—Earnings—
—V.
771,120
244,515
Net income
$145,838
$167,960
Dividends applicable to preferred stocks for the
35,000
$60,992
1938
$77,942
7,952
def2,436
$3,278,261
debenture bonds.
Other int. & deductions.
Dividends
6 Afos. End. June 30—
Net profit after all exps.
1935
$88,396
4,545
defl0,993
90,478
Int.
$95,992
—V.
1936
Gross income.
Int. on mtge. bonds
98,146
$7,068
Balance.
1937
$116,249
26,569
33,679
Net oper. revenues...
Other income (net)
5,450
25
$6,735
432.
554,872
96,819
47,876
Oper. exp., incl. taxes..
Amortiz. of limited-term
investments
Property
.
$70,304
7,225
def2,993
Period End. June 30—
$213,409
struction (credit)
Net income
1938
Texas Power &
48,000
Other income
$771,674
undistrib-
on
147, p
Ry.—Earnings—
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$982,354
721,421
.
distributed.—V.
—V. 147, p. 134.
112
Property
serve appropriations.
$1,229,981
was
Texas & New Orleans RR.
—Earnings—
1938
1937
'
-1937
$84,464
65,043
exps.,
$38,145
made in 1936 or 1937 for Federal surtax
June—
Gross from railway.
Net from railway
Net after rents
Superior Water, Light & Power Co. —Earnings—
1938—12 Mos.
was
all taxable income
—V. 147, p. 134.
$0,376
1938—Month—1937
$2,322,543
1,550,869
Gross from railway
Net from railway
Earnings
Period End. June 30—
$2,780,844
1,550,863
Net after rents
$521,905
$0,059
$166,966
128,821
128,834
Net after rents
From Jan. 1—
productive wells drilled & abandon¬
ments
Prov. for income taxes (not
including
Federal surtax on undistr. profits).
$5,062,193
2,739,651
$118,844
as
June—
Gross from railway
Net from railway
601,137
$5,609,727
2,828,883
$247,678
Texas Mexican
$1,663,017
$402,354
235,388
pref. stock
No provision
uted profits
Other income
Interest
105,000
Balance..
x
Superior Oil Corp.—Earnings—
Operating
on
1938—12 Mos.—1937
$1,326,702 $16,300,257 $15,676,776
819,348
x9,430,530
x9,354,582
105,000
1,260,000
1,260,000
$484,906
237,228
Net income
432.
p.
1938—Month—1937
$1,386,522
796,616
taxes.
Gross income
Int. & other fixed chgs__
,
147,
expenses &
Provision for deprec
F. Rowley.
The advisory board comprises Charles Francis Adams, Roger
Amory, James L. Richards, Henry B. Sawyer and O. M. W. Sprague.
—V.
757
Tennessee Electric Power Co.—Earnings—
Interest on funded debt,:
......
Amortization of discount on
funded debt
—V. 146, p. 3034.
$858,414
$1,078,994
United Air Lines
Transport Corp.—Listing—
The Chicago Stock Exchange has approved the application of the cor¬
poration to list 1,521,741 shares of capital stock (par $5).—V. 146, p. 3529.
Financial
758
Union Pacific RR
Chronicle
—Official Promoted—
to
W. M. Jeffers, President of the road, announced on July 25 the appoint¬
C. Gale, Chief Special Agent of the road for more than 20
the present action last May lost a suit for an injunction
Bethlehem from buying United's assets for $9,340,000.—V.
435.
P.
United States & Foreign Securities
the President. Mr. Gale will continue in Omaha, Neb.
1938
6 Mos. End. June 30—
6 Mos. End. June 30—
Gross profit from oper..
1938
1937
1936
$1,870,147
$3,806,596
$2,888,696
1,716,107
37,087
2,851,309
2,193,519
48,652
403,315
$116,953
141,741
$856,867
145,894
33,000
$646,526
124,351
$518,116
112,144
Dr4,249
I>rl3,146
Drl0,350
Dr8,665
Netinc.bef. int. &tax loss$29,037
Debenture interest
$664,827
$511,825
$397,307
36,030
125,559
91,034
1935
1936
$655,330
$958,102
Drl77,010
$668,727
$596,650
Cr492,123 Drl,374,694
$542,377
43.849
83,311
$781,092
47,329
83,004
$1,160,850 loss$778,045
27,021
98,763
61,461
59,207
$415,217
Int. received & accrued.
$875,449
81,500
1,153
$650,759
$1,000,627 loss$864,272
$591,838
76,889
$511,451
61,645
23,553
$993,280
Commercial expenses—
Net sundry charges
Corp.—Earnings—
1937
$573,828
81,503
Cash dividends received.
(& Subs.)—Earnings—
United-Carr Fastener Corp.
1938
prevent
147,
ment of John
years, as assistant to
—V. 147, p. 587.
July 30,
The applicants in
Net inc. before deprec.
Depreciation.
___
_
Obsolescence
98,420
.
1935
^
Other income
Total income
71,850
Net realized on invests. _xDr 112,953
Total
profit
Cap. stock & other taxes
Other expenses.
Profits applic. to minor¬
ity interests
—
—
—
Net
profit.
1st pref. dividends
630,000
945,000
945,000
945,000
x After deducting $16,812
for cash and securities received during 1938
in settlement of reichsmarks balances received in prior years.
,
Federal, State & foreign
income taxes._
Profit
29,036
_
Balance Sheet June 30
63,565
305,192
$0.19
Shs.com.stk.out.(nopar)
Earnings per share
$420,790
250.000
$663,148
$606,330
Accounts payable.
X414.591
Cash.,
Accts.
701,427
c
373,459
Divs.
eSecure, (atcost).30,596,097
30,398,002
Accrued
1,264,393
1,145,820
34,997
Prop., plants A eci. 2,526,336
Patents, licenses &
2,393,702
...
_
Total
y
80.151
4,356.413
4,267,763
4
$4,880,459 $5,077,460
Total
United Fuel
y
1937
1938
1936
Interest
$1,048,681
284,944
$875,110
351,313
$862,060
358,811
25,643
19,157
22,156
7,181
220,263
20,042
United States
par)
116,000
984,459
984.459
15,039,205
Total..:.
33,721,915 42,554,664
$6 cum. div.
Gypsum Co.—Earnings—
Income Account
for 6 Months Ended June 30 Unci. Subs.)
1937
1936
1935
$3,658,088
$4,967,373
$3,483,666
123,948
164,056
210,880
$2,592,725
207,914
$3,782,036
1,142,718
46,099
$5,131,429
1,086,764
33,412
573,000
$3,694,546
1,009,394
30,492
366,935
$2,800,639
942,145
16,809
214,208
Other income
Total income
written off.
Provision for deprec
221", 706
223,300
1,795
219,633
...
Deprec. & depletion
Miscell. deductions—__
Income taxes
Surtax
Combined profits, less
cos.
45,750
6138,900
1938
$1,178,702
278,645
exps.
losses for all
(no
210.000 shares
Operating profit
Bond & loan exps. & dis¬
count absorbed
Organ,
but
purchase
b 50,000 shares (no par) $6
cum.
div.
c General reserve
set up out of $5,000,000 paid-in cash by
subscribers to 2d pref. stock,
d 1,000,000 shares,
e Including
15.000
shares of common stock of corporation under option to the President until
March 1, 1939, at $25 per share.
The aggregate value of securities owned
based on available market quotations Or estimated fair value in the absence
thereof was greater than the above book value by approximately $98,661
in 1938 and $10,803,235 in 1937.
f 94,100 shares of 2d pref. and 1,987,653
shares of common stock.
g Includes accrued expenses.—V.146, p. 2712.
a
before
bonds.
on
315,000
Operating surplus. 6,452,806
1935
:
Charging depr. or bond
interest
100.000
payable..
not received
9,497,704
4,950,000
100,000
.
pref.
Capital surplus
Earnings—
Investments, Ltd. (& Subs.)-
Years End. Mar. 31—
Profit from oper.
1
Total.........33,721,915 42,554.6641
Represented by 305,192
Includes investments.—V. 146, p. 3822.
a
Sec.
&
stock
1st
15 000
&
...
S.
12.413
_
55,319
$4,880,459 $5,077,460
shares,
13,016
57,639
Capital stock
U.
in
Int. Sec. Corp..
on
stock
301,085
for conting..
Trade notes and accounts receivable only,
x
f Inv.
S
4,950,000
reserve.
d Common
not
Reserve for taxes.
companies
surplus
4
60,364
goodwill
expenses.
203,374
Min. ints. in subs.
21.287
Prepaid
$197,674
127,782
194,956
Deferred income.
lies,
41,915
a28,282
of life insurance-
Other assets
1937
$130,653
expenses.
foreign taxes
Inventory & goods
In transit...
Cash surrender val.
but
Federal, State and
notes & ac¬
ceptances rec'le.
no par
1938
Liabilities—
1937
General
176,285
20,571
sold
delivered......
1937
$
a
133,512
accrued, Ac
$1.24
See.
1938
1938
Liabilities—
1st pref. stock..21,000.000 21,000.000
b 2d pref. stock
50,000
50,000
2,109,215
interest
Divs, rec.
Consolidated Balance Sheet June 30
Assets—
2,971,734
Cash.
$309,445
255,498
$i.56
$539,268
300,750
$1.79
$
S
Assets—
Consolidated net inc.. loss$58,073
1937
1938
Cr 11,734
debs, retired._
on
undistributed
on
412,000
37,000
45,950
273,777
1,193,733
$3,401,253
273,777
1,193,156
$2,241,774
273,777
894,077
$1,627,477
273,777
596,031
$713,709
$1.61
$1,934,320
$2.62
$1,073,920
$1.65
$757,669
$1.14
profits
for
yr. before prov. for
Dom. of Canada in¬
Net income
>2,1-81,219
Preferred dividends....
$651,115
come taxes
$274,196
$522,873
$261,778
Common dividends
Consolidated Balance Sheet March 31, 1937
1938
Assets—
1937
$
Property
1938
S
1937
$
Liabilities—
$
Premiums
9,828,025
6% cum. red. pref.
shares ($100 par)
9,000.000
9,000,000
Common shares.
100,000
100,000
6,379,955
1,191,556
6,378,955
Consolidated
Res. for sink, fund
9,965
11,210
378,617
468,655
Gen. mtge. 6H%-
450,000
450,000
549,358
605,808
Hamllton by-prod.
paid on
acquis, of subs.,
&c
Cash
•.
Surplus..
Earns.persh.oncom.stk.
Consolidated Balance Sheet June 30
9,877,355
a
830,062
surplus
Accts. receiv. (less
reserve)
Inventories......
Cash with trustees
....
bonds
for sinking funds
Bond discount....
319
65
300,946
325,307
92,755
83,605
64,963
65,781
Accounts
1,014,181
5,505,553
6,961,327
1,516,219
3,684,805
Accr. payrolls, &c.
565,516
6,571,132
Fed. & Dom. tax..
857,866
784,253
1,076,753
Dividends
733,755
733,466
60,000
118,175
Deposit for insur¬
146,460
175,571
contracts
&
16,622
14,156
13,179
99,076
3,632
244,564
Def'd maturities—
45,438
prop. pur. instal.
1.083,772
907,921
no
par
have declared
111,800
3,073,908
2,858,521
Total.........18,835,823
18,586,264
Total....
shares.—V.
147,
x
p.
dividend
United Gas Improvement Co.
Week Ended—
Electric output of system (kwn.)___.
—V. 147, p. 587.
United Public Utilities
Subsidiaries
of $1.75
Deprec. & depletion
State,
local
Federal
Federal
&
$959,898
63,970
71,196
355,261
63,714
100,763
89,148
423,018
from opers.
Other income (net)
Total net earnings
Gen. int. & misc. deduct.
Profit from
of
net
y
371,102
1,459,210
282,773
407,234
81,093
344,239
300,209
Int. on 10-yr. int. scrip.
Miscel. income deducts.
Net income
United
20,445
106,670
78,552
3,632
$789,556
19,735
$825,467
37,210
$163,607
3.252
$207,559
2,156
$809,291
11,555
$862,676
11,627
132,143
$712,559
74,428
78,004
42,290
5,023
54,218
10,688
88,112
on foreign exchange
on
foreign
ex¬
change (net)..
x$80,090
$286,231
x$95,889
$472,014
31.610
3,228
31.736
7,962
Net income for period,
x Loss.
x$ll 1,700
$283,003
x$127,625
$464,052
income taxes
Net inc.,
z
excl.
of loss
Loss
y This item does not include interest accrued on instalment accounts
receivable because such interest is taken into income only when collected.
z Includes
$32,605 loss in 1938, due to devaluation of French franc and
Mexican peso, arising from expression in United States dollars of assets and
of respective foreign subsidiaries at current rates of exchange.
profits and losses realized, and profit
adjustments arising from expression in United States dollars of
assets and liabilities of other foreign subsidiaries (after deducting the re¬
serve for exchange adjustments) at parity before revaluation of the United
This item also represents exchange
States dollar.
Consolidated Balance Sheet
Assets—
June 30 '38
x
Cash
Dec. 31
'37
Instalment accts.
$549,772
$395,097
21,877
102,866
10,027
$797,736
87,494
410,776
36,336
7,017
$851,049
82,386
411,478
44,848
at
$27,057
$70,633
$256,112
cost
4,846,279
644,254
679,349
taxes estimated-
410,635
9,888
420,874
383,795
Com. stk.($5 par).
1,391.450
1,130,082
1,130,082
Capital surplus
1,697,273
64,182
Due from employ.
—incl. exp.funds
22,111
23,217
1,541,547
1,346,138
1,346,138
Earned surplus...
1,814,993
1,976,492
Reserves
5)4%
pref.
7,690
8.764
cost
94,550
24,166
1,391,450
94,550
cost
17,709
stock
($50 par)..
leases,
24.156
contracts, &c
Mtges.rec., at
Sundry inv.,at
312,093
uncomplet. sales
63,143
$312,337
$2,100,000
Deposits on acct.of
Prepaid & def.chgs
on
Dec. 31 '37
accts,, incl. Fed.
or
lower.
June 30 '38
4,872,121
(less reserves)..
Invent,
Liabilities—
Notes pay., banks.$2,300,000
Accts. pay. & accr.
Other accts. receiv.
$205,403
P. Smith Manufacturing Co. and Dennis F.
of a total of 2,957 shares of class A stock of the company,
which was recently taken over by Bethlehem
Shipbuilding Corp., Ltd.,
have applied to the New York Supreme Court for an order
directing ap¬
pointment of a committee of three to appraise the value of their stock and
to compel immediate payment. Hearing on the application is set for
Aug. 1.
owners
131,267
$78,505
80,542
83,164
48,996
foreign
(est.)
receivable—...
Shipyards, Inc.—Asks Appraisal—
The Neirbo Co., the A.
O'Brien,
70,656
prop.
Deprec. of physical
Deposits
-V. 146, p. 3035.
66.473
_
and loss
$203,455
4,104
21,146
102,576
8,406
1,169
847,293
$580,416
liabilities
$159,974
$160,354
774,965
x$52,762
$426,416
37,134
48,837
$3,991,316
266,769
applic.
to
United
Pub. Utils. Corp
$355,760
$16,219
Int. & other income.
Gross income
earnings
UnitedPub„ Utils.Corp
General exps. & taxes
Int. on coll. trust bonds
381,868
1938—6 Mos.—1937
$2,415,156
$3,629,958
1,692,953
2,202,249
$1,964,182
1,182,942
425,479
x$50,255
operations
y
Bal.
$1,146,062
814,449
Sell., adm. & gen. exps.
1938—12 Mos—1937
$4,104,367
271,217
375,042
1,534,894
259,731
Machinery Corp. (& Subs.)—
1938—3 Mos.—1937
Cost of goods sold
July 24 '37
87,458,562
20,043
earns,
United States Hoffman
Int. & other inc. charges
Corp. (& Subs.)—Earnings-
$944,745
61,155
63,877
375,984
69,610
104,954
66,581,877 66,828,194
Prov. for Fed. &
State income
taxes
Net
July 16 '38
86,607,154
Total
After depreciation and depletion,
y Represented by $20 par shares.
reserve for bad debts.—V. 146, p. 2712.
After
Net sales.......
per
miscell.
taxes
&
July 23 '38
8/,033,54i
x
66,581,877 66,828.1941
Period End. June 30—
-Weekly Output-
1938—3 Mos.—1937
Total oper. revenues
Power purchased
Gas purchased
Operation
Maintenance
1,239,041
5,831,447
Earnings—
434.
share on the $7
cumulative non-voting preferred stock, no par value payable Sept. 1 to
holders of record Aug. 12.
A like payment was made on June 1, and
March 1, last; Dec. 1, Sept. 1, June 1 and March 1, 1937 and on Dec. 1
and Sept. 1, 1936, this latter being the first
payment made since March 1,
1933, when 25 cents was paid.
A dividend of 87M cents was paid in De¬
cember, 1932, and prior thereto regular quarterly dividends of $1.75 per
share were distriDuted.—V. 147, p. 284.
a
185,000
1,231,743
5,831,447
res
Paid-in surplus
41,833
128,445
United Gas Corp.—Accumulated Dividend—
The directors
Conting. & oth.
Earned surplus...24,372,722 23,702,767
& conting
renewals
18,586,264|
instal.
55,980
Deferred charges..
Res. for deprec. &
18,835,823
maturities—
244,096
Miscell. Invests
101,301
bonds
Curr.
payable
prop. pur.
ance reserve
Accr. int.
penses
Represented by 100,000
$
6,438,052
receivable, &c_.
Marketable
1,569,000
Reserve for taxes.
a
1937
7,822,200
y
Prov.for reorg, ex¬
Total
7,822,200
6,083,897
and notes
Empl. stock purch.
sund. accr. chgs.
on
$
Preferred stock—
secure.
Accts.
1,525,000
pay.
1938
Liabilities—
42,903,821
Common stock. .23,874,660 23,863,120
Accounts payable. 1,231,968
1,471,972
z
3,181,500
Meter deposits
equipment
7,992,208
3,109,500
Co. bonds
1937
Plant & equip...43,151,031
Invent. & supplies
1,137,480
United Gas & Fuel
Deferred charges &
prepaid expenses
Stores and spare
1938
x
Cash
earn.
z
Treasury stock..
42,670
42,670
a
Plant property..
863,492
880,762
Pats., g'dwill, &c_
1
1
Total.
x
includes
.$8,725,517 $8,756,300
Total
$8,725,517 $8,756,300
$110,572 in 1938 and $121,022 in 1937 of funds in foreign
governmental restrictions,
y After reserve of $250,000
countries subject to
Volume
Financial
147
1938 and $175,000 in
in
1937.
7,000 shares of common stock at cost,
a After reserves of $487,503 in 1938 and
$452,041 in 1937 (including $49,677
in 1938 and $52,097 in 1937 of net plant property not in use).—V. 146. p
3035.
United States International Securities
6 Mos. End. June 30—
Cash divs. received
1938
1937
$850,523
193,068
$565,513
31,287
$450,017
$326,647
35,283
77,808
$657,455
29,067
$534,226 loss$290,509
$213,556
299,000
$549,023
$597,537
270,890
Total income
inv_
on
75,582
34,448
profit
Cap. stock & other taxes
Net
expenses
profit.
740,526
— —
1st pref. dividends—...
9,147
53,237
22,293
58,021
79,365
$453,912 loss$352,893
478,400
897,000
Balance Sheet June 30
1938
Assets—
1937
$
Cash
Sec. sold but not
299,000
38*125
Res. for taxes and
574,883
Divs. rec., int. ac-
accrued
fccrued, &c
129,703
163,666
f.Securities at cost42,220,660 42,099,916
stock..23,920,000 23,920,000
500,000
500,000
d Special reserve._ 9,475,000
9,475,000
Common stock..
Operating surplus.
43,866,877 43,353,7271
Total
24,855
24,855
9,346,831'!
476,566j
9,073,871
43,866,877 43,353,727
b Represented by 239,200 no par $5 div. shares,
c Represented
by
100,000 no par $5 div. shares,
d 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.
The indicated value of securities owned, based on
market quotations, was less than the above book values by approlxmately
$15,103,123.—V. 147, p. 588.
United States Steel
Since the middle of July, however, there has been an improving demand
for steel products as evidenced both by incoming orders received and the
increased production of the steel industry.
The operations measured by shipments of finished steel products
during
the six months ended June 30, 1938, were as follows:
Tons
•
C. of
Capacity
P.
Shipped
1,565,244
1,445,110
First quarter of 1938
Second quarter of 1938
Total for the six months
35.3
32.0
3,010.354
7,614,274
Decrease for the six months...
33.6
4,603,920
___
Corresponding six months in 1937
for additions and betterments totaled
There
are
payrolls
-
statistics
1,576,150 shares,
March 31,
shares,
9.44%,
for the six
follows:
months
18.11%,
or
against 1,664,087 shares,
as
income
on
U. S. Steel bonds
Int.
on
bonds of subs
New York State investors' holdings of common stock on June 30, 1938,
1,331,757 shares, or 15.30%, as compared with 1,330,715 shares, or
15.29%, on March 31, 1938. On the preferred stock investors' holdings on
June 30, 1938, were 1,265,879 shares, or 35.14%, as against 1,278,832
shares, or 35.50%, on March 31, 1938.
Foreign holdings of Steel common on June 30, 1938, amounted to 842,862
shares, or 9.68% of the issue, as compared with 849,816 shares, or 9.76%,
so held on March
31, 1938. Of the preferred stock 80,145 shares, or 2.22%,
were "owned abroad on June 30, 1938. as against 79,380 shares, or 2.20%,
so held March 31. 1938.—V.
147, p. 435.
United States Playing Card Co.—Extra Dividend—
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, par $10, both payable Oct. 1 to holders of record Sept. 15. A similar
extra was paid in each of the 14 preceding quarters and compares with an
extra dividend of .50 cents paid on Jan.
2, 1935, and an extra of 25 cents
paid on Oct. 1, 1934.—V. 146, p. 2874.
,
United Wall Paper Factories, Inc.—New President—
The board of directors at
a
meeting held July 22, elected Albert J. Brown¬
ing of Chicago, President of the company. Mr. Browning, formerly group
Merchandise Manager for Montgomery YYard & Co., will assume his new
position Aug. 1.
His headquarters will be at the company's general offices
in
Chicago.
The retiring President of United Wall Paper Factories, Inc., C. W. Kellogg
Universal Pictures Co.,
206,357
.$135,252,626
11,170,183
53,716,626
Inc.- -Arranges for Advances in
Great Britain—
J. Cheever Cowdin, Chairman of the Board, on his return home July 26
the lie de France, stated that his associates in Great Britain had arranged
on
to have a
of money placed at the company's disposal for a sub¬
financial
arrangement
will enable Universal
to
program still further, Mr. Cowdin added.
While abroad Mr. Cowdin concluded a new long-term agreement with
General Film Distributors covering distribution of Universal's pictures in
Great Britain, which he characterized as being "on a much more satis¬
factory basis for both."
Mr. Cowdin also stated that he was "much pleased with the progress of
stantial
large
sum
This
term.
strengthen next year's
the company's business throughout Europe."—V. 146, p. 3974.
Utah-Idaho Sugar Co. (&
Years Ended—
Profit
on
Int.,
exp.
of
254,949
92,939
$934,558
226,518
$1,921,295
450,970
$1,831,606
334,589
$1,809,213
601,907
206,667
7,340
281,104
177,342
$577,092
660,035
Federal
undist.
$229,676,854
$1,256,318
752,445
;$1,215,914
$1,029,965
$503,873
!$1,129,419
130,948
.
paid.
Surplus.
1938
86,496
1937
19.8%
41.1%
572,435
Government bonds
Cust's'
&c.
1,623,687
70,900
&
notes,
624,092
452,500
8 ,256,454
5,109,063
377,838
412,757
(less res.)__
Inventories
-
Other assets
15,392,378 14,496,109
equipment
14,117,864
&c
*
79,650
81,107
66,856
-
75,213
suppl., exps., &c
1935
14,504,794
on
sugar
settlements.
...
State inc. taxes.
gen.
37,423,682
3,363
1,322,975
14,722,240
3,363
1,231,454
2,767,592
Cr6,358
Cr76,338
2,392,988
-
pref. stock
6,304,919 c25,219,677
(1%%)
Surplus for quarter.defll.315,345
Earn, per sh. on com
a
Nil
(7%)
10,954,005
$3.43
12,862,423
3,602,811
def762,493
(1%)
1,801,405
GA%)
9,259,612def2,563,898
$0.75
Nil
Proportion of overhead
expenses of Lake Superior Iron Ore Properties,
normally are included in value of the season s production of ore
carried in inventories, but which, because of curtailment in
tonnage, is not
so applied,
b Before surtax on undistributed profits,
c Includes regular
1% % for June quarter and 5% % on account of arrearages.
-
-
1938
$
half-year—
1937
1936
$
22,504,268
46,891,630
1935
Net
income
Int.
on
U. S. Steel bonds
Int.
on
bonds of subs
102,851
4,281,950
(par
c
31,623,416
26,994,370
22,745,452
c776,041
798,495
2,708,534
67,353,415
6,725
2,572,813
19,897,260
6,725
2,450,808
Gross from railway
6,724
Net avail, for divs
Divs.
on
(3%%)
Balance, surplus
Earns, per sh. on com
(12%%)
cl8,912,415
Nil
18,799,375
$5.99
51,000
1,150,000
4,230,000
16,238,727
5,404,216
(1A%)
c2,936,294
3,602.810
10,834.511
c6,539,104
$0.41
(1%)
Nil
a See
footnote (b) above,
b See footnote (a) above,
c Loss,
d In¬
cludes regular 3lA% for six months and 9%% on account of
arrearages.
Number of
Stockholders—
—V. 147, P.
2,080,547
146, p. 1896.
—
272,185
def7,805
def61,061
1937
$46,779
3,451
1936
$45,056
def3,709
defl0,005
$55,926
14,111
7,428
623,568
104,201
38,923
519,180
136,496
65,898
442,538
109,922
25,032
deft,455
1935
136.
Utilities Power & Light Corp.—Associated Gas Interests
File
Another Plan—
Securities and Exchange Commission announced July 21 that As¬
shares
while
preferred stock amounted
to
an ap¬
plication (File 52-JO) under the Holding Company Act for approval of a
plan for the reorganization of the Utilities Power & Light Corp.
The plan, in effect, provides that the presently outstanding securities and
claims shall receive the following treatment:
(1) All claims ranking prior to the outstanding debentures will be paid
in cash as and when due.
(2) The principal amount of the outstanding debentures will remain
unchanged, but accrued interest thereon to May 31, 1938, will be canceled
and beginning May 1,1939, there will be set aside a sinking fund amounting
to
25%of the net earnings of the debtor for the retirement of debentures.
The amount of 7 % cumulative preferred stock will remain unchanged
(3)
will be reduced from 7% to 5% per year and dividend
June 30, 1938, will be canceled.
(4) The presently outstanding class A stock will be converted into
participating preference stock on the basis of one share of such stock for
each five shares of class A stock held.
but the dividend rate
arrearages to
Common stock of the United States Steel Corp. outstanding as of June 30,
1938, amounted to 8,703,252
3.602,811 shares.
1,997,604
25,369,704 22,321,336
sociated Investing Corp. and Associated Utilities Corp. have filed
38,662
c6,302,577 a64,735.215
12,609,838 d45,935,840
pref. stock
Rate
after rents.
The
0373,481
2,392,988
b Extraord. deductions.
1938
$26,805
defl0,309
def9,234
June—
3,800,861
2,500,431
Total
Ry.-—Earnings—
Net from railway
23,280,309
22,321,3361
Represented by 428,195 no-par shares.—V.
Utah
Net
sundry property assets
securities
$5)
—11,856,415 11,856,415
settlement with growers for 1935 beets, this amount
pending final determination of the company's liability, if
for windfall tax under tne Revenue Act of 1936.
The windfall tax
return filed showed no liability.
b At Feb. 28, 1938, the amount due growers for 1937 beets was indeter¬
minable, being dependent on the prices received for sugar sold between
Oct. 1, 1937 and Sept. 30,1938.
An estimated liability for final settlement,
based on the prices received for sold sold to Feb. 28,1938, has been provided.
Met loss from disposal of
and
20,749
•
withheld
Net after rents
From Jan. 1—
26,546,313
Charges & allowances for
depletion & deprecia¬
tion and obsolescence.
3,000,000
17,022
any,
Net from railway
Jfc
98,976,831
76,925
3,000,000
In making final
was
Gross from railway
Income Account for 6 Months Ended June 30
earns,
25,369,704
Total....
2,280,000
which
Total
190,500
79,648
75,000
a
on
Kate
382,962
122,500
113,380
Com.
1,246,723
550,000
Net avail, for divs.-_def5,010,426 b36,173,682
Divs.
b345,782
Cap. stk, & surp.:
cCl. A pref. stk. 4,281,950
3,362
stock
securities
76,825
964,665
taxes,
payroll, &c
Other liabilities
11,350,272
loss575,190
570,133
1,478,474
251,612
for
beets
Long-term debt.
16,292,944
$
238,912
2,275,000
76,825
settlement
Excise tax
Acer.
Unamort. bd. disc.
& refd. expense.
11,745,372
$
Prov. for Fed. and
Prepaid insurance,
taxes,
1937
1938
**
payable tor
Surplus..
and
!$1,029,965
Contlng. beet pur.
and
plants
Acc'ts
Notes payable
a Remain, of final
& growers'
acc'ts
'*
Liabilities—
Cash
sundry property assets
Extraord. deductions.
$1,716,274
&
profits\
1938
Decrease
257,168
29,227,034
$1,576,656
def$82,943
for
Dividends
Feb. 28 *35
$1,609,365
311,930
& other oper._
on
Feb. 29 '36
179,184
State income taxes—
Surtax
Feb. 28 '37
$755,374
Other income—
Provision
Sub.)—Earnings—
Feb. 28 '38
sugar
Net loss from disposal of
a
19.12%,
or
On the preferred stock their holdings were 329,506
June 30, 1938, compared with 340,202 shares, or
on March 31, 1938.
on
Reserves
Net
Int.
10.42%, were in
shares from the
1938.
9.15%,
or
Assets—
1937
Consolidated Income Account for Quarter Ended June 30
1938
1937
1936
1935
$
$
$
$
tion and obsolescence-
or
decrease of 9,537
were
Land,
earnings
Charges & allowances for
depletion & deprecia¬
a
Consolidated Balance Sheet Feb. 28
approximately 197,000 employees,
many of whom, however, are working on part time.
This part-time
employment extends to the wage-earning groups as well as salaried em¬
ployees and executives.
Net
1938,
on March 31, 1938.
New York State brokers' holdings of common stock as of June 30, 1938,
as
1938
—
30,
by them
were
the payroll at present
on
outstanding 375.269 shares,
June
on
approximately $36,000,000.
compared with the same period in 1937 are
Total payroll
names
or 10.68%, so held on March 31, 1938.
Investors' holdings
of preferred amounted to 3,227,542 shares, or
89.58%, of the outstanding
issue on June 30. 1938, as
compared with 3,218,005 shares, or 89.32%, held
51.6
working assets of the corporation and the subsidiaries, before de¬
ductions for dividends this day declared, but after deducting as a liability
bank loans totaling $50,000,000 which, early in July, were repaid out of
net proceeds derived from the sale in June of the
$100,000,000 issue of
3%% debenture bonds, were at June 30, 1938, $442,174,191, which com¬
pares with net working assets as the following dates of:
At Dec. 31,
1937, $372,388,530; at Dec. 31, 1936, $391,330,566.
The installation of additions and betterments reported under way at the
close of 1937 for plant improvements and modernization is proceeding
satisfactorily and according to schedule.
Capital outlays for these pur¬
poses in the first half of 1938 amounted to approximately * '",100,000;
and in the same period a total of $5 300,000 of maturing bonds and
capital
obligations were paid making a total outlay on capital account of $51 400,000.
At July 1 the unexpended balances on approved appropriations
and
brokers'
384,806 shares,
85.2
Net
employment
23.70%, held by brokers on March 31, 1938.
Investors'common stockholdings on June 30, 1938, were 6,741,757 shares,
or
77.46%, as compared with 6,640,791 shares, or 76.30%, on March 31,
—V. 146, p. 4132.
Corp.—Quarterly Report—
£
in brokers' names, representing a decrease of 100,966 shares
were
of Hudson Falls. N. Y., will continue to serve as a director of the company.
E. R. Stettinius Jr., Chairman, July 26, issued the following statement:
There was a further recession in the demand for steel products during
the second quarter of 1938 in comparison with that for the first quarter.
Six Months Ended June 30—
Number of employees
stock outstanding on June 30, 1938, 1.961.495 shares, o
61,000
85,500
exps...
2d pref. stock
Capital surplus
The
22.54%,
b 1st pref.
c
e
Total
$
$
1st pref. div. pay.
Sees, purch. not rec
515,262
delivered
1937
1938
Liabilities—
$
1,516,514
759
common
from the 2,062,461 shares, or
on
Net
Other
Of the
Of the preferred stock
1935
$420,647
22,675
6,694
$740,492
Other income
Net realized loss
Corp.-—Earns.
1936
$516,221
49,292
$543,822
53,715
Int. received & accrued-
Chronicle
z
Financial
760
Chronicle
Victor
Equipment Co.-
Profit
iws
1937
$68,211
1,147
1,436
$8,650
$61,679
Profit before Federal income taxes.
—V.
146,
9Q
Gross...
—
—
.
—
—
4,296,032
4,443,022
245,407
638,643
taxes.!.
$54,164
37,432
Total loss
V-.
6,277,754
83,379
1,062,655
1,023,109
$267,785
'
1,795
$322,223
1,453
$3,412,998
33,925
$3,684,409
31,798
$269,580
82,963
2,482
$323,676
82,963
3,663
$3,446,923
$3,716,207
995,550
48,295
1,678
5,793
9,797
$185,813
$237,050
Dividends applicable to pref. stock for the period,
whether paid or unpaid
$2,399,575
$2,682,159
Interest
on
mtge. bonds
Other interest & deduct.
Interest charged to construction (credit)
.
Net income
Net
$66,886
loss
—V. 146, p.
Virginian Ry.
r
$61,487
$33,135
$62,833
2874.
-Earnings-
June—
IMS
Gross from railway..
Net from railway
.
Net after rents
From Jan. 1—
Balance...
1937
1936
—V.
1935
$1,463,322
698,276
583,480
$1,604,327
$1,178,677
817,604
715,703
576,473
541,663
$1,399,354
786,023
656,176
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
7,643,235
4,069,820
3,372,880
-
.
.
.
—V. 147, p. 136.
995,550
57,591
622,518
622,518
$1,777,057
-
$2,059,641
147, p. 137.
Wayne Knitting Mills—Earnings—
a
Cost of sales.
1936
1937
Calendar Years—
Gross sales (less discount, returns
Gross from railway...
Net from railway
Net after rents
.
reserve
Net oper. revenues...
Other income (net)
$16,732 prof$20,002
78,219
82,835
$26,952 prof$20,020
53,155
39,934
5,877,272
466,446
92,411
—
retire,
Gross income
Bond int., exps., &c
$872,048 $10,753,407 $10,584,790
$800,253
440,057
$24,115
44,117
19,147
Other income
1938—12 Mos.—1937
1938—Month—1937
721,921
$8,506
28,526
d5,561.032
a3,282,765
Washington Water Power Co. (& Subs.)—EarningsPeriod End. June 30-—-
Operating revenues.....
Operating expenses, incl.
1938—6 Mos.—1937
$584,479
$697,801
$46,099
Operating loss..
Net Prof.
$674,158
3,177,312
5,876,182
interest, depreciation and amortization
of properties and Federal income taxes,
b Including studio depreciation
charged to film costs, c After Federal income taxes and all other charges,
d No provision has been made for possible Federal surtaxes on undistributed
profits for the 39-week period.—V. 147, p. 589.
appropriations
272,588
Expenses
3,445,166
3,281,716
-
c
After all charges other than
a
Virginia Iron, Coal & Coke Co.—Earnings—
1938—3 Mos.—1937
$226,489
$236,901
14,352,230
11,714,504
on Debs.
IYeelcs
Property
Period End. June SO—
of
Properties
$6,025,210
5,850,793
5,763,585
May 28, 1938
3531.
p.
_
Amort,
$4,888,198
4,786,832
4,573,743
May 29, 1937---
$34,820
5,097
Depreciation of buildings and equip--
,
Expense b Deprec. &
a Net Prof,
$11,984,565
....
14,499,938
17,783,511
Fiscal Years Ending—
Aug. 31, 1935
Aug. 29 1936
Aug. 28| 1937---
$44,428
7,731
1,877
Amortization of patents
_
.
Incl. Int.
1936
$15,921
tion and Federal income taxes
_
Int.
depreciation, amortiza-
before
follows:
as
are
Earnings-
3 Months Ended June 30—
July 30, 1938
together with the results for the comparable period of the preceding year,
The presently outstanding class B stock will be converted into new
common stock on the basis of one share of such new common stock for each
10 shares of class B stock held.
(6) The presently outstanding common stock will be converted into new
common stock on the basis of one share of such new common stock for each
10 shares of old common stock held.
Atlas Corp. has previously filed an application (File 52-9) for approval
of a plan of reorganization of ttilities Power & Light Corp.
The hearing
on the Atlas plan and on the plan filed July 21 by the Associated interests
will be held Aug. 8 at the Washington offices of the Commission.
The
order of the Commission (File 59-1) with respect to the application of the
integration provisions of the Act to the debtor will be considered at the
same time.;—V. 147, p. 588.
(5)
Gross operating profit
Selling expenses
$3,331,196
2,753,582
—
— .—
$2,986,590
$577,615
240,714
and allowances).
...
_
$483,016
234,579
General and administrative expenses............
2,503,573
90,677
71,348
$246,223
$177,088
C'r24,048
31,168
GV34.798
Dr 15,704
17,660
$239,028
40,491
150,000
$1.32
$178,522
40,491
68,000
$0.92
Wabash Ry.— Earnings—
June—
Gross from railway...
1938
...
Net from railway
Net after rents
From Jan. 1—
Gross from railway.
_.
Net from railway
Net after rents......
—V.
147,
p.
Net operating
..
...
..
1937
1936
1935
$3,082,150
531,226
26,283
$3,535,892
690,097
$3,571,097
220,995
192,575
$3,113,830
483,276
48,270
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
20,304,230
4,834,205
2,227.134
694,104
589.
profit.
Other income
Other charges
Dr75
__
Provision for Federal income tax
Net income.
on
Dividends
on common
Earnings
per
preferred stock
sha
re on
stock.
150,000 shs. of com. stock.
Washington Gas & Electric Co.—Earnings—
Depreciation
Taxes
(other
income)
than
Non-operating income..
Gross income
Int.
on
on
$839,291
81,401
74,782
160,179
131,493
$233,579
40,553
$274,038
39,481
$468,074
71,614
$274,132
183,761
$313,519
184,467
$539,688
367,833
$621,185
96,000
4,338
14,360
96,000
5,163
14,429
192,000
9,404
28,749
192,000
10,716
28,534
180
CrlSO
350
$13,278
def$58,ll7
1st mtge. bonds.
1st lien & gen.
mtge. bonds
Other interest
Amortization
Other inc. deductions...
Net income
-V. 146, p. 4133.
The company has addressed a letter to holders of optional
6% con¬
vertible debentures, asking them to deposit their debentures under a plan
of exchange providing for the delivery of an equal principal amount of new
6% debentures maturing in 1948. The agent and depositary is New York
Trust Co., 100 Broadway, New York.
Albert Warner, Vice-President states in part:
The debentures were issued in a total amount of $44,064,500 of which
outstanding.
These
debentures mature for payment on Sept. 1, 1939.
Company has endeavored to secure an underwriting for the public sale
of new securities to provide the funds for the retirement of the
outstanding
debentures.
However, owing to general conditions, a satisfactory under¬
writing could not be obtained.
From the standpoint of both the debenture holder and the
company,
it
has become increasingly desirable that steps be taken at this time to meet
the approaching maturity of the
outstanding debentures.
To that end,
the management has formulated a plan for the
exchange of the present
debentures for new debentures. Transferable certificates of deposit will be
issued for debentures deposited.
The certificates of deposit will be listed
on the New York Stock
Exchange and registered holders of certificates of
deposit will be entitled to receive interest as it matures on the deposited
debentures. Upon the plan of exchange becoming effective, new debentures
in an equal principal amount will be delivered to the
registered holders of
certificates of deposit.
new
debentures will bear the
same
rate of interest
as
1936
1935
1934
$1,314,041
1,080,071
$1,280,959
1,039,858
$1,138,904
897,417
$351,886
7,748
$233,970
5,040
$241,101
6,831
$241,486
1,520
$359,634
317,294
$239,009
251,225
$247,933
238,926
$243,006
233,152
$42,339
226
7,927
10,812
loss$12,216
21,468
$9,007
37,463
$9,854
56,610
prof.$23,373
Rentals earned,
$33,684
$28,456
$46,756
net
Total gross profit
Sell., admin. & gen. exp.
Operating profit
Surtax
undist. profits
Balance Sheet Dec. 31, 1937
Assets-M^ash, $21,181; title-retaining instalment contracts receivable,
trade accounts (after reserve of $60,000), $567,928; inventories, $452,146;
capital stock of subsidiary company, $5,634; store fixtures, &c., used for
rental purposes (at cost less reserve for depreciation of $15,978), $21,910;
improved real estate, &c. (not used in operations; less reserve for depre¬
ciation of $226,386), $492,206; employee and sundry accounts receivable
(less reserve of $10,227), $4,891; stocks, bonds, deposits, &c., $2,954;
land, $538,476; buildings and equipment (after reserve for depreciation of
$387,580), $216,275; patents, processes and patterns, $1; deferred charges,
$13,955; total, $2,337,547.
Liabilities—Notes payable to bank, $160,000; accounts payable, $142,196;
customers' deposits, $2,602; accrued taxes, $1,407; reserve for contingencies
and Federal taxes on income, $26,740; deferred income, $16,598; 1st pref.
stock $2 cum. (34,988 shs., no par), $699,760; 2d pref. stock $2 cum.
(6,264 shares, no par), $156,600; common stock (124,853 shares, no par),
$749,118; capital surplus, $882,370; deficit, $499,844; total, $2,337,547.
—V. 145, p. 454.
Westchester Lighting
Period End. June 30—
Co.—Earnings—
1938—3 Mos.—1937
1938—12 Mos.—1937
Operating revenues:
From
the present
sales of electric
energy
From sales of gas.....
Other oper. revenues.
mature Sept. 1, 1948.
The debentures
will be authorized in the maximum amount of
$29,400,000 and will be issued
only in exchange for the present debentures.
The present debentures provided for an annual purchase fund of
3%
or the
largest aggregate principal arriount of debentures which were out¬
standing at any one time, providing the debentures could be purchased at or
below par.
Such annual purchase fund was equivalent to $1,287,051
principal amount of debentures. The new debentures provide for a sinking
fund under which there will be retired
3 % of the largest aggregate principal
amount of debentures which shall have been
outstanding at any one time, on
Dec. 15 of each of the years
1939,1940, 1941:4% of said aggregate amount,
on Dec. 15 of each of the
years 1942, 1943, 1944; and 5% of said aggregate
amount, on Dec. 15 of each of the years 1945, 1946, 1947. Since the maxi¬
mum amount of new debentures
which may be issued is $29,400,000, the
maximum annual sinking fund for the first three
years will be $882,000
principal amount of debentures, for the next three years $1,176,000
principal
amount of debentures and for the
following three years $1,470,000 principal
amount of debentures.
In the event that less than
$29,400,000 of new
debentures are issued, the sinking fund will be
correspondingly lower.
During the years the present debentures have been outstanding, the
company has always promptly paid the interest on the day it matured and
has promptly retired the full amount of debentures
required under the
purchase fund.
The operating results of the company and its subsidiaries for the three
Hscal years ended Aug. 28, 1937, and the 39 weeks ended
May 28. 1938,
on
Net loss
debentures, namely 6%, and will
Co., Inc.—Earnings—
$1,946,333
1,594,447
Cost of sales
Other deductions (net)..
Federal income tax
now
v/
1937
Gross profit
$14,664,500 have been retired leaving $29,400,000
..
369,309
Warner Bros. Pictures, Inc.—Prcposes
Refunding Plan
for $29,400,000 6% Debentures Due Sept. 1, 1939—
The
Weber Showcase & Fixture
Calendar Years—
Sales, net
def$24.328
-
patents, $1; total, $2,394,222.
Liabilities—Accounts payable (trade), $27,779; customers' credit bals.,
$78; accrued payroll and bonuses, $12,201; accrued royalties, commissions,
&c., $34,596; accrued taxes (general and Federal), $58,601; dividend on
preferred stock, payable, $20,245; provision for
Federal
income
tax,
$31,374; preferred stock (18,000 shares issued, less 4,503 shares repurchased
and held in treasury at par value), $674,850; common stock
(150,000
shares), $750,000; capital surplus, $387,633; earned surplus, $396,864:
total, $2 394,222 —Y. 145, p. 3832.
$20,274
$1,633,469
748,759
113,110
92,312
V
Assets—Cash, $165,693; customers' accounts receivable (less reserve for
discounts, $5,000), $275,626; due from employees, $530; salesmen's
advances,
$400; miscellaneous accounts, $597;
Inventories,
$893,169;
prepaid expenses, $3,741; unabsorbed premium deposits, $18,168; property,
plant and equipment (after reserve for depreciation of $589,775) $1,018,041;
deferred maintenance (unamortized), $18,255; goodwill, trademarks and
cash
$547,793
73,392
47,319
$1,569,554
717,801
123,151
100,348
Fed.
Net oper. income
Int.
1938—12 Mos.—1937
$771,336
343,170
62,222
50,962
384,319
58,830
_
Balance Sheet, Dec. 31, 1937
The Interstate Commerce Commission on July 14 issued a certificate
permiting abandonment, as to interstate and foreign commerce, by the
company of its entire line of railroad and abandonment of operation thereof
by C. E. Ervin and T. M. Stevens, receivers of the Mobile & Ohio RK.
The road extends from Tidewater to Kellerman, approximately 13.66 miles,
all in Tuscaloosa County, Ala.
Operating expenses
Maintenance
_
Including depreciation of $77,183 in 1937 and $80,057 in 1936,
a
1938—6 Mos.—1937
—
—
_...
Dividends
Warrior Southern Ry.—Abandonment—
Period End. June 30—
Gross oper. revenues
—....
$2,649,561
1,619,43024,644
Total oper. revenues $4,293,635
$2,568,976
1,561,447
20,211
$11,229,542 $10,794,787
6.472,476
6,173,747
46,563
92,374
$4,150,634
2,167,918
324,697
$17,748,582 $17,060,909
10,346,770
9,283,996
924,590
1,336,114
Operating expenses...
Depreciation.
Taxes
(incl. prov.
for
Fed. income tax)
2,635,372
620,133
695,243
2,696,085
2,196,399
Operating income
Non-oper. revenues.
Non-oper. rev. deduc'ns
$877,642
4,751
$962,777
2,653
9,975
8,409
$3,781,137
18,527
40,689
$4,244,400
10,682
36,727
Gross income.
Int. on long-term debt..
Miscell. int., amort, of
$872,417
461,342
$957,022
243,987
$3,758,975
1,783,929
$4,218,356
976,417
a
debt disc. & exp., &c.
160,488
192,243
133,677
733,498
$388,418
$520,791
$1,841,368
$2,508,442
63,984
1,367,727
60,196
Sales of gas (M. cu. ft.).
1,304,662
281,171
5,668,804
5.199,074
Incl. maint. exps. of..
$336,712
$203,493
$1,235,658
$857,332
Net
Sales
income
of
electric
energy
(M. kw. hours)
a
—V.
146,
p.
22,658-
2875.
251,922
Volume
Financial
147
Wesson Oil & Snowdrift Co., Inc.—Extra Dividend—
The directors have declared an extra
dividend of 50 cents per share in
addition to the regular
quarterly dividend of 123^ cents per share on the
A dividend of 75 cents was paid on the preferred stocir, on May 27, last,
and previously regular quarterly dividends of $1 per share were distributed,
—V. 147, p. 286.
common
stock, both payable Aug. 26 to holders of record Aug. 15.
Like
amounts were paid on
July 1, April 1 and on Jan. 3, last, and an extra divi¬
dend of 87H cents was paid on
Aug. 25, last.
The dividend is moved forward from Oct. 1 to save the company taxes
under the undistributed profits
levy.—Y. 146, p. 4133.
Operating
Operating
1937
1938
$1,193,140
724,602
*
$490,801
231,649
8,360
45,615
1,132
2,891
$504,001
224,563
6,005
44,392
$229,866
120,750
Net earnings
Other income.......
664,264
Interest on funded debt
Miscellaneous interest
Amortization of dent discount, premium & expense
Interest charged to construction—Cr
Miscellaneous deductions
Net
income
'
Preferred dividends
Second preferred dividends
—V. 146, p.
3532.
Western Air Express
Calendar Years—
Gross
826
Corp.—Earnings-
al937
$740,984
556,677
95,638
864,579
94,508
bl934
bl935
bl936
$886,713
revenue
Oper. & general expenses
Depreciation
$586,989
$379,209
495,295
71,109
—V.
147,
loss$72,374
41,902
Miscellaneous charges._
6,709
Int. earned, less int.chgs.
Sundry income, net..
2,241
$88,668
-
2,077
7,600
Prov. for Fed. inc. tax..
Loss
32",448
$34,939 prof$50,697
55,661
Deficit.............
$8,188
$153,509
556,612
$34,939
v.*
Dividends
$8,188
$710,121
$4,964
Western Air Express, Inc., a non-operating wholly-owned
dissolved on June 19, 1937.
b Includes subsidiary.
a
was
Balance Sheet Dec. 31,
subsidiary,
froperty not used in operations (after reserve for depreciation of $3,950),
6,349; properties and equipment (after reserve for depreciation of $160,893),
$493,016; airport lease and rights not used in operations (less amortization of
$20,625), $29,375; prepaid insurance, rent, taxes, &c., $20,362; develop¬
ment of air routes, $6,325; total, $783,494.
Liabilities—Note payable to bank, $50,000; notes payable for purchase
of airplanes, $39,527; accounts payable, $91,020; accrued liabilities, $21,269;
unused portion of tickets sold, $5,087; notes payable for purchase of air¬
planes, due Jan. 10, 1939 to June 10, 1939, $19,763; capital stock (out¬
standing 261,636 shares), $261,636; capital surplus, $499,896; operating
deficit. $204,705; total, $783,494—V. 146, p. 2875.
Western
1938—Montfi—1937
Operating revenues-$1,013,324
Operating expenses
777,721
Operating income
Equipment rents
Joint facility rents (net)
$1,776,225
444,728
$3,139,691
634,728
$314,501
026,259
Dr9,037
$1,331,497
$2,504,963
0146,637
Dr77,559
Dr8,477
_
Gross income.
Net
$421,122
106,62.
CY9,444
_
charges..
....
$331,723
17,614
$1,379,175
$178,606
277,578
$349,337
274,790
$1,441,317
Cost of sales, incl. taxes,
labor, idle plant exp.
& other oper. charges. 12,079,900
Repairs ancf maintenance
charges
954,890
Prov. for depr. & deplet.
1,017,979
Sell., gen. & admin, exps
1,340,363
'V
Taxes, other than income1
y.
taxes
(excl. of those
incl. in cost of sales)-.
214,713
Prov. for doubtful acc'ts.
54,234
$234,881
Gross earnings (est.)
Gross loss from oper..
Other income
$329,359
earns,
—V. 147, p.
(est.)
436.
$245,964
$340,315
$6,839,079
1937
1938
$7,102,557 $10,087,174
1935
Gross from railway
Net from railway
$1,190,028
def37,411
$1,328,037
Net after rents
From Jan. 1—
def177.500
def202,056
$1,061,250
defl83,878
def343,423
147,
p.
5,938,245
def1,125,379
def2,004,034
7,623,214
108,966
def817,858
6,053,931
33,982
def853,767
$923,431
37,508
def57,705
5,343.821
536,348
defl77,231
137.
Western Ry. of
1937
1938
Gross from railway
Net from railway
Net after rents
From Jan. 1—
$117,996
def226
def9,710
20,607
32,574
railway—771,358
52,370
defl2,359
—V. 147, p. 137.
Net from railway
Net after rents
855,216
103,478
65,334
801,250
780,087
y389,852
121,394
y450,530
■
69,798 '
$624,888 x$2,463,034
$1,155,923 x$3,771,841
x Profit,
y Expenses and losses directly attributable to the floods of
January and April, 1937, in the amount of $1,189,302, have been charged
directly to the corporation's surplus account.
This item is an allowable
deduction for tax purposes.
The provision for depreciation for the first and second quarters of 1938
has been adjusted, following tne established practice of the corporation,
by reason of the low rate of operation during tnese periods.
A loss of approximately $300,000 has been written off during the second
adjustments due to
tne decline
As the result of the plan of recapitalization,
approved by the stockholders
July 14, 1937, 350,290 shares of 6% cum. pref. stock had been exchanged,
as at June 30,
1938, for shares of $5 cum. conv. prior pref. stock and
common stock.
The time within which outstanding 6% cum. pref. stock
may be exchanged under the plan has oeen extended by the board of
directors to expire at the close of business on Sept. 14, 1938.
Unpaid cumulative dividends on 6% cum. pref. stock were, on June 30,
1938, 24% of
$729.312.—V. 146, p. 3823
par, or
Wisconsin Central
Period End. June 30—
$5,621,134
176,426
393,814
$1,053,590
232,005
140,118
27,618
397,206
40,361
$4,899,416
658,169
882,789
164,227
2,374,699
227,035
$6,191,374
736,347
936,490
147,652
2,405,938
277,869
$190,322
81,288
revenue.
revenues
$216,281
Cr105,638
64,583
42,559
$592,495
494,405
197,723
i...
Maint. of way & struc—
Maint. of equipment
Traffic
expenses
Transportation expenses
General expenses
Net railway revenues.
Taxes.
Hire of
.
Rental of terminals
$39',644
Net after rents
Other income (net)
on funded debt
Dr67,242
138,284
Net deficit
$165,882
Woodall Industries,
y
x
per
$1,662,163
$388,100
prof$39,474
Inc.—Earnings—
1938—6 Mos.—1937
$112,436
$225,493
Nil
$0.75
1938—3 Mos.—1937
$72,079
$104,268
Nil
$0.35
Net profit
Earns
$889,463
452,371
825,192
137.
Period End. June 30—
x
316,173
$1,687,076
200,508
336,197
260,908
$214,776 def$415,806
Dr2,2'32
Dr423,605
173,070
822,752
19,938
49,452
equipment
147, p.
1938—6 Mos.—1937
$4,393,206
152,296
353,914
$936,341
158,401
143,134
28,331
380,177
35,975
Freight revenue
Passenger revenue
All other
Ry.—Earnings
1938—Month—1937
$929,299
$838,571
29,035
38,910
68,735
85,381
share
After deprec., Fed. income taxes but before prov.
y on
for undist. profits,
300,000 shares capital stock (par $2).—V. 146, p. 3208.
Valley RR.—Earnings-
1938
1937
1936
1935
Gross from
$1,057,052
286,503
78,495
$1,289,446
395,346
368,850
$1,238,883
397,633
168,392
$1,005,697
6,628,205
1,872,400
580,940
7,884,895
2,489,362
6,812.668
1,917,723
5,563,847
1,085,252
1,337,472
612,936
def39,330
railway
Net from railway
Net after rents
From Jan.
Gross
$122,718
10,860
4,043
$105,794
defl4,562
defl8,569
741,873
41,627
2,159
647,580
def40,437
def62,439
Net after rents
—V. 146. p. 4134.
(& Subs.)—Earnings—
Operating
expenses
National Bank,
Payment will be made at the principal office of The Chase
trustee, 11 Broad Street, on or after Aug. 15,
dividends will cease.—V. 129, p. 652.
on
successor
which date
$483,229
25,332
$478,678
257,663
1,622
14,115
$508,561
304,610
3,961
36,891
$205,277
$163,098
$2,761,669
1,493,533
— —
151,221
262,929
98,636
;
Provision for retirements
—
-----
Gross income
Interest on first mortgage
Interest on unfunded debt
284,301
$2,747,989
1,371,119
160,289
299,677
123,910
309,765
$471,049
7,629
!
-
Maintenance
Other taxes-
1937
1938
Total operating revenues
Other income
Refrigerator Line Co.—Certificates Called—
239,029
51,148
1—
fromrailway
railway
Net from
12 Months Ended June 30—
1935
1936
Company will redeem on Aug. 15, 1938, at 102% and accrued dividends,
all outstanding equipment trust first lien certificates, series A, maturing
on and after Feb. 15T 1939. in the aggregate principal amount of $400,000.
bonds
Amortization of debt discount and expense
Balance of income
—V. 146, p. 3974.
Westinghouse Electric & Manufacturing Co.—Orders
$1,700,000 contract was awarded on July 13 to this company to build
equipment for 10 new 100-miles-an-nour locomotives for pas¬
senger service on the electrified sections of the Pennsylvania RR. oetween
Harrisburg, Pa., New York and Wasnington.
The building of the major portion of tne equipment will be done in plants
at East Pittsburgh, Pa.; Snaron, Pa., and Newark, N. J.
Employment
involved in the contract amounts to 600,000 man-nours, the company
A
-electrical
announced.
366,859
168,950
$233,279 x$5,002,458
Provision for Federal income taxes
Gross from
Western
$138,710
,
392,917
399,050
York Rys. Co.
Alabama—Earnings-
June—
453,715
97,748
June—
1936
—V.
$9,746,859
Jan. 1 to July 21-—
1937
Gross from railway
184,077
87,695
incl.
bonds
on
Net loss for the period
1937
1938
1938
Net from railway
Net after rents
2,852,037
2,697,413
2,696,368
$156,040 x$3,245,803
charges,
for
Federal
inc. taxes (est.)
Jan. 1 to July 14
•Earningsdef42,258
■1,391,151
$470,324 x$4,671,630
237,045
330,828
Yazoo & Mississippi
June—
34,942,162
1,943,899
2,042,386
2,646,388
Provision
—V.
,
Western Pacific RR.
22,131,113
1,449,783
1,409,597
$281,059 x$3,071,619
125,019
174,184
Gross loss
discount
$972,618
—Week End. July 21
1938
1937
17,737,094
•
$2,622,953
1,650,335
July lb
436.
p.
Int.
1,650,731
1937
1938
62,142
$2,574,041
48,912
$74,547 def$209,414
def$98,972
income
0117,041
069,363
$164,949
13,657
—Week Ended
Gross
$9,118,261
5,978,570
$163,982
Net ry. oper. income.
Fixed
$6,422,893
4,646,668
6,453,569
1,444,425
927,586
1,756,152
1,189,914
1938—3 Mos.—1937
1938—6 Mos —1937
sales, less disc'ts,
& allowances.$15,381,020 $25,331,016 $28,844,925 $48,395,419
Total
1938—6 Mos —1937
$235,603
71,621
Net oper. revenue
Taxes
Other income
$1,400,837
979,715
.
Period End. June 30—
Marylarid Ry.—Earnings—
Period End. June 30—
7,008,386
1—
quarter of 1938, representing inventory
in market value of certain raw materials.
1937
Assets—Cash, $53,113; U. S. Govt. Treasury notes, $22,681; accounts
receivable (after reserve for doubtful accounts of $5,098), $105,593; in¬
ventory of parts and supplies, $36,039; note receivable, secured by deed
of trust ($1,800 due in 1938), $8,916; securities of other corporations, $1,724;
1935
$1,153,980
327,893
249,888
returns
468,444
62,348
$20,585 loss$151,583
lossl9,100
36,158
15,986
7,384
1,188
1936
$1,295,118
398,294
328,120
8,318,333
2,731,264
2,545,755
$879,501
265,041
Wheeling Steel Corp. (& Subs.)—Earnings
Interest
Net operating income.
Profit on sale of equip..
4.526,150
879,235
557,238
railway
Gross from railway
Net from railway
Net after rents
Gross
Gross income
182,097
1937
$1,340,431
353,968
498,962
1938
from
Net from railway
Net after rents
$479,742
24,258
$203,416
207,000
25,000
expenses and taxes
$1,144,007
$468,537
22,263
revenue
Wheeling & Lake Erie Ry. —Earnings—
_June—
Gros
From Jan.
West Virginia Water Service Co.—Earnings—
Years Ended June 30—
761
Chronicle
York Utilities Co.-
1937
1936
1935
1934
$93,419
89,761
$93,247
84,104
$82,133
84,773
loss$5,726
$3,658
$9,142
loss$2,640
8
30
loss$5,726
40,705
$3,666
40,705
$9,172
40,705
23
7
102
60
3,877
4,962
3,220
3,042
Deficit from prev. year.
$50,331
549,484
$42,008
507,489
$34,855
472,588
Profit or loss adjustment
I>r44
CY13
Dr46
$46,448
461,175
Cr35,035
$599,860
$549,484
$507,489
$472,588
Total
revenue
Expenses
Profit from operationsi
Non-operating
.
Company's July "profit sharing" bonus for all workers has been set at
3%, compared with extra pay of 5% in June and 1% In May. Tne "profitsharing" is based on the company's average earnings for the three preceding
—Earnings—
$86,596
92,322
Calendar Years—
Coupon interest
Miscellaneous interest-Taxes
loss$2,640
40,705
months.
Dividends—--
*'■
' ° :
dividend of oO cents per share on the common
stock and a dividend of 87 Y* cents per share on the 7% participating pre¬
ferred stock (both of $50 par value) both payable Aug. 31 to holders of
Directors have declared a
record Au§[t
the common shares on May 27. last
previously regular quarterly dividends of $1 per share were distributed.
A dividend of 50 cents was
.and
paid
o l
/Net deficit
Total
deficit
expenses includes
depreciation of $15,660 in 1937:
$14,913 in 1936; $14,857 in 1935 and $15,948 in 1934.- -V. 144. p. 2683.
Note—Operating
Financial
762
July 30, 1938
Chronicle
The Commercial Markets
and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
Friday Night, July 29, 1938.
Coffee—On the 25th inst.
1
futures closed 3 points higher to
with sales totaling 30
6 points lower, with
The market was a very quiet affair.
point lower in the Santos contract,
The Rio contract closed 1 to
lots.
31 lots.
such as the improvement in the stock
market and some of the other commodities, were without
influence.
Prices in Brazil for Rio spot 7s were 200 reis
sales totaling
External
factors
higher at 12 milreis per 10 kilos.
The Havre market closed
y2 franc lower to % franc higher.
Clearances from Brazil
last week amounted to 217,000 bags, of which 82,000 were
for the United States,
113,000 for Europe and 2,000
for all
other destinations.
the 26th inst.
On
futures in the Santos
contract closed
unchanged to 1 point higher, with sales totaling
The Rio contract closed unchanged to 2 points
17 contracts.
higher, with
8 lots.
Although trading was virtually at a
standstill, the undertone in the coffee futures market was
steady today.
A holiday in Santos restricted business.
-What was done was for the account of trade houses and
sales totaling
operators, representing liquidation, short covering and new
buying.
The primary market for Rio coffee was firm, spot
Rio 7s price advancing 500 reis to 12.50 milreis per 10 kilos.
A cable to the exchange said that this strength "is attributed
to the shortness of local stocks."
The Havre market closed
y to I ii francs higher.
Brazil's coffee destruction during
July amounted to 434,000 bags, bringing the
total since the start of the calendar year to 5,243,000 bags.
On the 27th inst. futures closed 5 points lower to unchanged
in the Santos contract, with sales totaling 66 contracts.
The Rio contract closed 2 to 4 points off, with sales totaling
3 contracts.
In trading amounting to 10,250 bags Santos
contracts stood unchanged during the early afternoon.
Rio
futures were nominally unchanged as no trading was re¬
the first half of
and freight market
ported up to early afternoon.
The cost
for both Brazilian and mild grades was unchanged,
was reported to be better.
franc lower to y franc higher.
inquiry
although
Havre futures were y
closed 1 to 4 points net higher in
the Santos contract, with transactions totaling 78 contracts.
The Rio contract closed 7 points net higher, with transac¬
tions totaling 16 contracts.
Prices advanced sharply in the
coffee futures market on both contracts.
Santos gained 5 to
On the 28th inst. futures
6
points in the early trading, with the exception of Septem¬
only 3 points. Trading was active, with
turnover of 15,250 bags to early afternoon.
Rio prices
ber which advanced
a
were
generally 9 points higher with the
exception of Septem¬
ber, which gained 4 points. The advances reflected Brazilian
Government efforts to enhance prices of their coffees.
It was
believed that considerable business was
booked in the cost
market, prices advancing about 10 points. Milds
also were better, with Manizales up 20 points.
Another
advance was reported in Rio de Janeiro spot 7s.
Havre
futures were y franc lower to iy francs higher.
Today
futures closed 6 to 9 points up in the Santos contract, with
sales totaling 133 contracts.
The Rio contract closed 3 to 6
points up, with sales totaling 14 contracts.
Coffee futures
continued to advance in sympathy with firmness in Brazil.
Santos contracts this afternoon were 3 to 6 points higher on
and freight
while Rios advanced 2 to 4 points above
last night's close.
The cost and freight market was firm for
Brazilian grades with Santos 4s at 6.60c.
Mild coffees were
strong. Manizales at 11c. were 10 points higher. Medellins
advanced to 11.35c.
Havre futures were 1% to 2 34 francs
sales of 15,500 bags,
higher
on
sales of 9,000 bags.
Rio coffee
prices closed
September
as follows:
4.38 May.
.4.53
.4.56
4.43 July.
4.51
December
March
Santos coffee prices
closed
September.
as follows:
6.14 May.
.6.49
.6.56
6.29 July.
-.6.42
December
March
points net
The market after early advances of 8 to 11 points,
ran into profit taking and finished only slightly above the
previous finals.
Transactions were relatively light, only
totaling 122 lots.
This limited amount reflected a lack of
speculative interest. Early strength was based on the better
tone of the stock market and the higher prices ruling in the
London cocoa market, but that improvement served as a
base for increased hedge selling.
The Gold Coast export
higher.
quota for August has been fixed at 55,000 bags, the same as
month, it was reported in a cable to the Exchange.
Warehouse stocks amounted to 664,636 bags today, an
this
of
3,771
bags
over
the total
on
Friday.
Local
closing: July, 5.58; Sept., 5.05; Oct., 5.10; Dec., 5.21; Jan.,
5.27; March, 5.36.
On the 26th inst. futures closed 1 to 2
points net higher.
Transactions totaled
lower.
213 contracts.
Transactions totaled 195 lots.
The fact
Wall Street
liquidation, due to weakness in stocks, caused cocoa futures
to sell 1 to 5 points lower, with September at 5.05c.
Transac¬
tions to early afternoon were 150 lots.
The trade were ready
buyers on the decline.
Warehouse stock continued to in¬
crease.
The overnight gain was 3,000 bags. It brought the
total to 677,523 bags compared with 1,306,845 bags a year
ago.
Local closing: Sept., 5.06; Dec., 6.20; March, 5.36;
May, 5.46.
On the 28th inst. futures closed 3
Transactions totaled 176 contracts.
points up to 1 point off
Although Wall Street
was apparently showing no interest
in the cocoa futures
market, prices were firm. In early afternoon the market was
points higher on a turnover of 150 lots. It was said
quiet accumulation was in progress.
Manufacturers
were credited
with buying on little reactions.
Warehouse
stocks decreased 1,300 bags.
They now total 676,295 bags,
2 to 4
that
compared with 1,302,459 bags a year ago.
Local closing:
Sept., 5.09; Oct., 5.14; Dec., 5.23; Jan., 5.28; March, 5.37;
May, 5.47; July, 5.57. Today futures closed 4 to 3 points
net lower.
Transactions totaled 114 contracts.
Trading
in cocoa futures was dull and prices were steady in a narrow
range,
off 1 point. Sales to
Traders were marking
with September selling at 5.08c.,
early afternoon totaled only 71
lots.
Manufacturers are satisfied to pay current
time.
prices for
it all week, but they have re¬
being content to absorb what is
and have been buying
cocoa
fused to bid the market up,
has been on
bags. They
675,690 bags, compared with 1,296,185 bags a
Local closing: Sept., 5.19; Dec., 5.19; March,
offered by dealers and producers.
Wall Street
the side lines.
Warehouse stocks decreased 600
now
total
year
ago.
5.34; May, 5.44.
Sugar—On the 25th inst. futures
closed unchanged from
previous day on a turnover of 241 lots, or 12,050 tons.
Despite the announcement that Great Western Sugar Co.
reduced refined beet sugar 10 points to 4.30c., domestic
futures and raws ruled steady today.
The Great Western
cut in beet refined re-establishes the 20 point discount on the
the
refiners' price which had been considered a normal
spread until the beet group last year narrowed the differential
to 10 points, which prevailed until today.
A lull in demand
developed in the raw sugar market today.
Offerings of
Philippines for August-September and September-October
shipment were in the market at 2.85c., and the former posi¬
tion on a bid may have been available at 2.83c., but refiners
were showing no interest.
The world sugar contract closed
Yi to 1 point higher, with sales totaling only 54 lots.
In the
London market raws were held at 5s. 6d., equal to 1.033^c.
f.o.b.
Cuba.
London futures were unchanged to
yd.
cane
higher compared with the previous Friday's finals.
On the 26th inst. futures closed 3 to 4 points net lower.
Transactions totaled 196 lots, or 9,800 tons.
With market
attention focused
the prospect
on
in the refined sector
of increased competition
following the announcement of a 10-
beet processors, domestic sugar
and irregular.
The 10-point beet
reduction widened the differential with cane refined to 20
point
reduction
futures
became
by
the
nervous
points.
This action was taken, it is said, in an effort on the
part of the beet sellers to pick up some of their lost volume.
Reports were current of a sale below the basis of 2.80c.
delivered in the
confirmed.
raw
sugar
market late today, but it was not
were 1,000 tons of Perus for
However, there
August arrival on offer at the
Cocoa—On the 25th inst. futures closed 2 to 3
increase
steady while most of the other
considered impressive. Switch¬
ing forward from the September to March position accounted
for a fair portion of the business, about 38 lots being done
at 30 and 31 points.
Trade and commission houses were on
both sides.
Warehouse stock showed an increase of 9,911
bags to 674,547 bags.
Actual demand was reported to be
slow.
Local closing: July, 5.48; Sept., 5.06; Oct., 5.12;
Dec., 5.23; Jan., 5.29; March, 5.38; May, 5.48; June, 5.54.
On the 27th inst. futures closed unchanged to 3 points net
that the cocoa market ruled
commodities were lower, was
COMMERCIAL EPITOME
which
refiners
did
not
take
equivalent basis of 2.80c.,
in.
World
sugar
contracts
iy to 2^ points lower on Cuban selling and scat¬
tered liquidation induced by the lower London market.
Transactions in world contracts totaled only 77 lots, of which
about half were in March.
London raws were offered at
5s. 5^d., equal to 1.02c. f.o.b. Cuba, with freight at 15s. 6d.
London futures closed y to yd. lower.
On the 27th inst. futures closed 1 to 2 points net higher in
the domestic contract, with sales totaling 338 contracts.
Notwithstanding general weakness in other markets, the
domestic sugar market persisted in advancing.
It gained
1 to 2 points in active trading, which totaled 16,000 tons to
early afternoon, including 2,000 tons of March switched into
September at 9 points difference.
The rise in futures took
place in face of a reduction in the asking price of raw sugar
at 2.82e., against 2.85c. asked yesterday.
Moreover, it
closed
Volume
was
Financial
147
believed that
parcel of Peruvian
available
Chronicle
763
Sales of futures
early afternoon totaled 5,300 tons.
Currently on offer
are Philippines raws at 2.80c. and Cubas at
1.92c., although
Pork—(Export), mess, $27.3734 per barrel (per 200
pounds); family; $30 (40-50 pieces to barrel), nominal, per
barrel.
Beef: (export), steady,
Family (export), $20 to
$22 per barrel (200 pounds), nominal.
Cut Meats: Pickled
Hams—Picnic, Loose, c.a.f.—4 to 6 lbs., 1534c.; 6 to 8
lbs.', 15c.; 8 to 10 lbs., 14c.
Skinned, Loose, c.a.f.—14 to
16 lbs., 2034c.; 18 to 20 lbs., 20c.
Bellies: Clear f.o.b. New
York—6 to 8 lbs., 19c.; 8 to 10 lbs., 18%c.; 10 to 12 lbs.,
17%c.
Bellies: Clear, Dry Salted,-Boxed, New York—16
to 18 lbs., 1334c.; 18 to 20 lbs., 13c.; 20 to 25
lbs., 12%c.;
25 to 30 lbs., 11 %c.
Butter: Creamery, Firsts to Higher
than Extra and Premium Marks: 2534c. to 2634c.
Cheese:
State, Held '36, 22c. to 24c.; Held '37, 1934c. to 2134c.
Eggs: Mixed Colors, Checks to Special Packs: 1734c. to
it is believed the latter could be had for
22%c.
at 2.80c.
a
sugars was
A
shipment of 32,045 bags of Peruvian refined
sugars was entered against the 1938 quota and offered at
4.30c. a pound.
The world sugar market closed 34 to 2
points net lower4 with sales totaling 134 contracts.
London
was unchanged to 34d. lower.
On the 28th inst. futures closed unchanged to 3 points
down in the domestic contract, with sales of 232 contracts
during the session.
Sugar markets
The domestic futures trend
was
irregular today.
sympathy with a
price, to 2.80c. on
were
lower in
decline of 2 points in the spot raw sugar
sales of 17,000 bags of Cubas to a refiner.
to
it
said that there is
a
shade less.
More¬
quantity of Perus that could
be negotiated at something less than 1.90c.
World sugar
futures were unchanged to 1 point up, with transactions
totaling 120 contracts.
London was %d. lower in the
nearby position to %d. higher on some distant months.
Today futures closed 1 point lower on all active deliveries
in the domestic contract, with sales totaling 186 contracts.
The world sugar contract closed
234 to 34 net lower, with
sales of 261 contracts.
Trading in sugar contracts was fairly
active as prices continued to drift lower in both the world
over,
was
and the domestic futures markets.
Domestic contracts in
the distant positions showed weakness, but nearer positions
were
steady.
The turnover to early afternoon was 4,600
tons, including 950 tons additional of Sept. position switched
into March at 9 points difference.
Prices in the raw sugar
market eased on sales of Cubas at 1.88c. and of Perus at
2.75, duty paid.
In the world futures market prices were
34 point lower to unchanged on a turnover of 9,050 tons.
London closed %d. higher to %d. lower on sales estimated
at 3,000 tons.
Prices
were as
1.81
March (new)
-
.
»—.» » —.——»
September„„..1.86 May
January (new)
-1.94
—1.97
1.90
Lard—On the 25th inst.
points higher.
futures
were
up
futures closed unchanged to 5
During the early part of the session lard
10 to 12 pts., due to commission house buying
prompted by the firmness in cotton oil and the steadiness in
hogs.
During the later session considerable realizing de¬
veloped, the market losing almost all the early gains. Liver¬
pool futures were unchanged to 3d. lower.
Chicago hog
prices were unchanged to 5c. higher at the close. Sales of
hogs ranged from $8.35 to $10.10. Western hog marketings
totaled 55,500 head against 41,000 head for the same day last
year.
On the 26th inst. futures closed 7 to 15 points net
lower.
Lard futures virtually ignored the reports of export
sales to the United Kingdom late on Monday and opened
lower.
Selling was influenced by the continued weakness in
grains, and the lower action of
Futures declined
cotton oil also contributed.
15 to 20
points as a result of the above
Heavy clearances of American lard
were reported from the Port of New York
today and the
shipments amounted to 205,805 pounds, destined for Liver¬
pool, Manchester and Antwerp. Liverpool lard futures were
irregular, 6d. higher on the spot position and 3d. lower on
the distant deliveries.
Chicago hog quotations finished 10c.
to 15c. higher for the day.
Sales of hogs ranged from $8.50
to $10.25.
Western hog marketings were moderately heavy
and totaled 46,700 head against 36,600 head for the same
day
a year ago.
On the 27th inst. futures closed 10 to 15 points
net lower.
Lard futures were depressed further today, due
to selling reported to be for eastern
account; the latter was
prompted by the lower action of cotton oil, and the weakness
mentioned offerings.
in securities also contributed toward the decline.
side markets
were
Other out¬
also influenced
by the weakness in stocks.
Lard futures eased 12 to 17 points as a result of the above
mentioned pressure.
There was some support at these
levels, and the prices rallied slightly. There were no export
clearances of lard reported from the Port of New York.
Liverpool lard futures were slightly easier and final prices
were 3d. to 6d. lower.
Hogs closed unchanged to 10c. lower.
Sales of hogs ranged from $8.50 to $10.15.
Western hog
marketings were moderately heavy and totaled 50,400 head
against 29,800 head for the same day a year ago.
On the 28th inst. futures closed 20 to 22
points net lower.
The bearish hog news appeared to be the
principal factor in
the sharp decline of lard futures today.
Prices at the start
were 2 to 5 points lower, but later commission house
selling
and some selling by trade interests caused a setback of 20
to 22 points on the active deliveries, from which there was
no rally,
prices closing at the lows of the day. Export clear¬
ances
of
lard from
the
Port of New
York totaled
62,160
pounds, destined for London and Glasgow.
Liverpool lard
futures were also easy and prices at the close were 6d. to
9d. per cwt. lower.
Hog prices at Chicago declined 10c. to
15c.
Sales of hogs ranged from $8.25 to $10.05.
Receipts
at the leading Western hog markets totaled
52,700 head,
against 24,.500 head for the same day last year.
Today
futures closed 3 points off to 2 points up.
At one time
during the session prices showed maximum losses of 8 to 5
points.
•
r:.r
...
DAILY CLOSING PRICES OF LARD FUTURES
Sat.
July
September
October..
9.20
9.27
December
9.15
Oils—Linseed oil prices are very little changed, although
Argentine seed market has fallen about 2c. the past
the
week.
Linseed oil in tank
cars
is
quoted 8.0 bid.
Quota¬
tions: China Wood—Tanks 13.3 to 13.5c.; Drums, 1434 to
14}4z.
.03%.
Coconut: Crude,
Tanks,
.03%; Pacific Coast,
Corn: Crude, West, tanks, nearby, .08%.
Olive:
Denatured, Spot, drums, Algerian, 93 to 95.
Soy Bean:
Crude, Tanks, West, .0634 to .0634: L.C.L., N. Y., .07.
Edible: Coconut, 76 degrees, 934Lard: Prime, 934J Extra
winter, strained, 9.
Cod: Crude, Norwegian, light filtered,
31.
Turpentine: 2934 to 3134Rosins: $4.90 to $7.95.
Cottonseed Oil sales, including switches,
Crude, S. E., 734c.
August
Prices closed
as
December
September-8.70@
Octooer--..--...,.8,63@
January-February.
November
8.62@
n
March
110 contracts.
follows:
8.65 @
8.61 @
____
8.63@
8.63 @
8.65@
n
Rubber—On the 25th inst. futures closed 22 to 25 points
net
higher.
Sales totaled 4,580 tons.
Spot standard No. 1
smoked ribbed sheets followed the trend also, closing at the
follows:
July—
...
a
Mon.
Tues.
Wed.
IN
CHICAGO
Thurs.
Fri.
9.20
9.20
9.12
9.00
8.80
9.30
9.20
9.07
8.87
8.87
9.20
9.07
8.92
8.70
8.72
9.05
8.72
8.80
highs for the year at 16 l-16c., up 34c. Opening 9 to 41
points up on higher cables and a stronger stock market, the
futures market today maintained these levels with commis¬
sion houses and some European buying. Later in the day the
market reacted on the declining stock market, bringing out
profit-taking and commission house selling. Factors were
not very active in the prod jedings, exchanging some Decem¬
ber futures for actual rubber in the outside.
Local closing:
July, 16.00; Aug., 16.04; Sept., 16.08; Oct., 16.11; Dec.,
16.15; Jan., 16.28; March, 16.26; May, 16.32. On the 26th
inst. futures closed 1 to 18 points net lower.
Transac ions
totaled 4,530 tons.
Opening 16 to 41 points lower on com¬
mission house selling which ran into stop loss orders, the
trade later supported the market with December purchases.
Factors also were active in the ring, buying on the down¬
ward trend.
The outside market ruled generally quiet and
lower. Some dealers reported small lots of shipment business
done but the price was generally too high. The actual mar¬
ket followed the trend of futures, closing spot standard No. 1
smoked ribbed sheets at 15 15-16c., off 34c.
The Interna¬
tional Rubber Regulation Committee postponed action on
the fourth quarter export quota today. The next meeting
is to be held on Sept. 12, at which time the restriction officials
are expected to have a clearer idea of world consuming needs.
Following the announcement at London the rubber futures
market both here and in England declined.
Local closing:
July, 15.87; Sept., 15.93; Dec., 16.03; Jan., 16.05; March,
16.13; May, 16.15. On the 27th inst. futures closed 33 to 40
points net higher. Transactions totaled 485 contracts. This
market had a strong opening of 35 to 47 points net higher.
Later in the session there was some heavy profit-taking,
influenced partly by declining markets elsewhere and a re¬
actionary securities market. Under this pressure there was a
loss of some of the early gains.
Subsequently the market
took on renewed strength and recovered most of the previous
losses, closing substantially above the previous day's finals.
The monthly tire statistics were regarded as favorable.
London was unchanged to 3-16d. lower.
Singapore also
closed unchanged to 3-16d. lower.
Cables reported that a
large volume of business was done in London with both
trade and speculative buying.
Local closing: Sept., 16.30;
Dec., 16.42; Jan., 16.56; March, 16.46; May, 16.55.
On the 28th inst. futures closed 2 points off to 1 point
advance.
Transactions totaled 282 contracts.
Belated liqui¬
dation carried rubber futures off 10 to 20 points further on
the opening, but at the lower levels demand improved with
the result that most of the decline was recovered.
In early
afternoon prices were 6 to 10 points net lower, with Sept. at
16.24c., Dec. at 16.32c. and March at 16.38 on a turnover
of 1,620 tons.
Certificated stocks in warehouses licensed by
the Commodity Exchange total 8,960 tons.
Both London
and Singapore markets closed steady, with prices showing
slight advances.
Local closing: Sept., 16.30; Oct., .16.34;
Dec., 16.42; Jan., 16.43; March, 16.47; May, 16.54. Today
futures closed 20 to 17 points net lower.
Transactions
175 contracts.
Crude rubber futures were steady
trading.
This afternoon prices were 6 to 7 points
net higher on a turnover of 950 tons with Dec. at 16.48 and
March at 16.54c., respectively.
Shipment offerings were
high and cables reported that sentiment was bullish in the
Singapore market with dealers, manufacturers and specu¬
lators
buying rubber.
Singapore closed steady, l-32d.
lower.
London closed unchanged to l-16d. higher.
It was
estimated that United Kingdom rubber stocks had increased
totaled
in dull
Financial
764
Local closing: Sept., 16.10; Oct., 16.16;
950 tons this week.
Dec., 16.25; Jan., 16.25;
with the
closed 1 to 8 points net
The market was irregular at the start of the session,
opening range 2 points decline to 10 points advance.
The tone of the market, however,
showed
some
improvement
Trading around the ring was spirited
sounded, the active months showed
gains of from 1 to 8 points for the session. Underlying con¬
ditions in the domestic spot market are reported firm.
Buyers are reported willing to pay last prices of 1134c. a
pound for light native cow hides, but packers are said to be
unwilling to accept new business at this rate.
Transactions
in futures totaled 225 contracts or 9,000,000 pounds.
Local
closing: Sept., 11.23; Dec., 11.54; March, 11.80; June, 11.85.
as
the
day advanced.
and when the last bell
closed 21 to 27 points net lower.
the domestic spot hide market was re¬
On the 26th inst. futures
While the tone of
ported firm today, the futures market was decidedly weak.
The opeing prices around the local ring ranged from 21 to 27
points below the previous closing.
Selling was reported
influenced by the decline in the securities market.
Fluctua¬
tions during subsequent dealings were comparatively limited
The last trade reported in spot hides was 1134c. for light
native cows.
Transactions in hide futures today totaled
7,160,000 pounds.
Local closing: Sept., 11.00; Dec., 11.35;
March, 11.53; June, 11.58. On the 27th inst. futures closed
18 to 20 points net lower.
Transactions totaled 179 contracts.
Although further sales of spot hides were reported at steady
prices, the hide futures market was nervous and sold off
rather easily in sympathy with other markets after opening
6 to 10 points higher.
In early afternoon the market was
10 to 17 points net lower on a turnover of 5,160,000 pounds,
with September at 10.90 and December at 11.18.
In the
domestic market sales of 25,000 spot hides including JuneJuly light native cows at 1134c. and branded cows at 11c.
were
reported.
Local closing: Sept., 10.82; Dec., 11.15;
March, 11.35.
On the 28th inst. futures closed 10 to 7 points net higher.
Transactions totaled 107 contracts.
A little scattered liqui¬
dation
was reported in the raw hide futures market on the
opening, which as unchanged to 10 points net lower. How¬
ever, the market strengthened after the opening with the
result that by early afternoon prices were 17 to 18 points
net higher with Sept. at 11c. and Dec. at 11.32c.
Sales to
that time totaled 2,680,000 pounds.
Certificated stocks of
hides in licensed warehouses stand at 806,271 pieces.
Local
closing: Sept., 10.92; Dec., 11.22; March, 11.42.
Today
futures closed 15 to 17 points net lower.
Transactions
totaled 108 contracts.
After
an
initial decline of 2 to
12
points the raw hide futures market became steady and re¬
gained part of its losses.
In early afternoon Dec. stood at
11.21c., off 1 point.
Transactions to that time totaled
1,680,000 pounds. Sales of spot hides at steady prices were
reported in the domestic market.
Local closing: Sept.,
10.75; Dec., 11.07; March, 11.27.
Metals—The report of Copper, Tin, Lead, Zinc, Steel and
Pig Iron, usually appearing here, will be found in the articles
appearing at the end of the department, headed "Indications
of Business Activity," where they are covered more fully.
•
i^Ocean Freights—Grain chartering from the Gulf and the
St. Lawrence continues to be the mainstay of the freight
market.
Charters included: Gulf to Antwerp or Rotterdam,
August 22-21, 2s. 434d., option, Antwerp or Rotterdam,
2s. 6d.; United Kingdom, 2s. 9d.; Germany 3s.
Gulf to
Antwerp or Rotterdam, August 15-31, 2s. 6d., option,
United Kingdom, 2s. 9d.; Germany, 3s.
Gulf to Antwerp or
Rotterdam, August 15-31, option United Kingdom, 2s. 9d.
Germany, 3s. Albany or St. Lawrence to Antwerp or Rot¬
terdam, August 12-22, basis 2s 9d.
St. Lawrence or Albany
to full range United Kingdom, August 10-15, basis 2s. 9d.,
option, five ports Scandinavia, 1734c. Grain: Gulf to Ant¬
werp
or
Rotterdam, August-September; 2s. 434d.
St.
Lawrence or Albany to Antwerp or Rotterdam, August 1-15;
2s. 9d.
Albany to Antwerp or Rotterdam, August, 2d. 9d.
Gulf to Antwerp or Rotterdam, August 1 to 15, 2s. 434d.
Grain Booked: Five loads, Montreal to Antwerp or Rotter¬
dam, August, 14c.
Sugar:
Cuba to United KingdomContinent, August 20-September 5; 15s. 9d.
Time:
Six
to ten weeks West Indies trading, August; $1.3234Round
trip trans-Atlantic, August; 3s 134d.
Coal—According to figures furnished by Association of
American Railroads, the shipments of anthracite into eastern
New York and New England for the week ended July 9th
have amounted to 1,083
cars as compared with 1,264 cars
during the same week in 1937, showing a decrease of 181
approximately 9,050 tons.
Shipments of anthracite
for the current calendar year
up to and including the week
ended July 9th have amounted to 43,963 cars as
compared
with 47,641 cars during the same
period in 1937, showing a
decrease of close to 183,900 tons.
Shipments of bituminous
coal into this territory
during the week ended July 9th have
amounted to 1,050 cars as compared with
1,362 cars during
the corresponding week in 1937.
Calendar year shipments of
cars, or
bituminous coal have amounted to 41,805 cars
with 55,066 cars during the same
period in
as
compared
1937, indicating
a
decrease estimated at 663,050 tons.
W ool—The wool market the past week has been a
paratively dull affair, this being attributed
to
1938
30,
Both alike seem
impression, however, that 70c. wool will be seen in
the near future, and as growers are well aware of the situa¬
tion in the East, the price of the raw material is stronger and
themselves rather than their customers.
of the
March, 16.28; May, 16.34.
Hides—On the 25th inst. futures
higher.
July
Chronicle
com-
the dealers
promising than at any time since the recovery set in.
ppward tendency of the market, dealers prefer
sell at
lower figures.
The larger mills are reported buying in the
Boston market, and some worsted manufacturers have made
some
big purchases direct from the West.
The lessened
spot activity is partly due to the fact that a number of topmakers attended the sales in the West, including the Merrion
Wilkins auction at Denver, Colo., and Ogden, Utah.
Some
restraint is reported in buying wool on account of the pend¬
ing reciprocity treaty, but a number of the trade feel that
even if put through, it will not affect this market adversely.
The Northwest is comparatively quiet, as a large percentage
of the wool is consigned, sold, or taken in the Government
loan, advices state.
A cable from London reports that a
good many textile concerns will close down next week, be¬
ginning with Bank Holiday.
The main exceptions to the
shutdown are firms working on Government orders.
more
In the strong
to
hold their property at prices asked rather than
Silk—On the 25th inst. futures closed
34c. to 3c. net higher.
Moving higher on a better securities market, trade buying,
new
long buying by commission houses and trade short
covering, prices scored gainst at one time during the session
of 4c.
A reaction in the stock market influenced con¬
the silk futures market,
prices to ease somewhat.
The opening range
in silk futures was 134c. to 3c. higher. Transactions totaled
820 bales.
Crack double extra declined 34c- to $1.8334Yokohoma showed gains of 7 to 14 yen, while Kobe was 3 to
12 yen higher.
Grade D was 805 at both cities, unchanged
at Yokohama and 5 yen easier at Kobe.
Spot sales in both
Japanese centers totaled 650 bales, while futures transac¬
tions totaled 3,275 bales.
Local closing: July, 1.84; Aug.,
1.76; Oct., 1.74; Nov., 1.72; Dec., 1.72; Jan., 1.7134On the 26th inst. futures closed unchanged to 134c. net
lower.
Transactions totaled 670 bales.
The opening range
was lc. to 134c. lower on easier securities and cables, with
Japanese selling and commission house profit-taking acceler¬
ating the downward movement.
Near the close Japanese
short covering advanced the market from the lows.
A
little European selling in August weakened that position.
Crack double extra advanced 34c. to $1.84.
Yokohama was
3 yen higher to 10 yen lower and Kobe ran 3 to 5 yen easier.
Grade D advanced 5 yen in both cities to 810 yen.
Spot
sales in the primary markets amounted to 900 bales, while
futures transactions totaled 5,325 bales.
Local closing:
Aug., 1.74; Sept., 1.73; Oct., 1.7234; Nov., 1.71; Dec.,
1.7134; Jan., 1.71; Feb., 1.71.
siderable selling and profit taking in
which caused
On the 27th inst. futures closed lc. to 4c. net lower. Trans¬
actions
totaled 100 contracts.
The market was heavy
during most of the session. The old contract opened 34c. to
134c. lower, while the new No. 1 opened 34c. lower and the
new
No. 2 at 134c. lower.
Trading to early afternoon
totaled 620 bales in the old contract, 10 in the new No. 1
and none in No. 2.
December old stood at $1.69, off 234c.
this afternoon.
March new was $1.6934> unchanged.
The
price of crack double extra spot silk declined 4c. to $1.81.
In Yokohama Bourse
prices were 4 to 15 yen lower.
Grade
D silk outside was 20
yen lower at 790 yen a bale.
Local
closing: Aug., 1.73; Sept., 1.7134; Oct., 1.6834; Dec., 1.6734;
Jan., 1.68; Feb., 1.68.
On the 28th inst. futures closed 1 to 3c. up in the old con¬
tract, with sales totaling 36 contracts.
The No. 1 contract
sold 4c. up, with sales confined to the March
delivery.
Trading in silk futures was dull and prices wrere irregular.
The old contract was unchanged to 2c. lower during the
early afternoon.
The new No. 1 contract was firm with
March at $1.6834The No. 2 contract was inactive.
Trading in the old contract totaled 110 bales to early after¬
noon,
while the turnover in the
new
No. 1 contract
was
30
bales.
The price of crack double extra silk in the uptown
market declined 334c. a pound to $1.7734Inquiry at the
lower level was reported better.
In Yokohama Bourse
prices closed 12
to 16 yen lower.
Grade D silk was off 1734
77234 yen a bale.
Local closing: Aug., 1.75; Nov.,
1.7034; Dec., 1.7034; Jan., 1.69; Feb., 1.69.
Today futures
closed 34c. up to 134c- lower.
Transactions totaled 22
contracts.
Trading in raw silk futures was small but prices
were
steady, with activity restricted to the old contract.
On
yen to
a
turnover of 80
bales
December this afternoon stood
un¬
changed at $1.7034 and February advanced 2c. to $1.71.
It
was reported that there was
good demand for silk in the up¬
town spot market,
prices rising 234c. to $1.80.
The Yoko¬
hama
Bourse advanced 13 to 16 yen.
In the outside
market grade D silk was 1234 yen higher at 785 yen a bale.
Local closing: Aug., 1.7434; Sept., 1.7334; Nov., 1.69;
Dec., 1.69; Jan., 1.69; Feb., 1.6834COTTON
Friday Night, July 29, 1938.
as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 53,593
bales, against 43,924 bales last week and 32,676 bales the
previous week, making the total receipts since Aug. 1, 1937,
7,219,871 bales, against 6,369,025 bales for the same period
The
Movement of the
Crop,
Volume
of
Financial
147
1936-37,
showing
increase
an
since
Aug.
1937,
1,
of
the exports were 22,903
were
850,846 bales.
Sat.
Receipts at—
Galveston
Mon.
457
Tues.
Wed.
Total
Fri.
Thurs.
176
7
335
9
5
1,217
4
930
280
5,523
1,320
7,380
2,192
1,191
6,084
5,532
4,810
5,648
644
574
342
4,071
271
459
2
1.525
1,526
1,503
90
New Orleans
3
158
1,025
217
Mobile
Savannah
Charleston
»
—
342
—
-
235
_
—
—
On
13
755
19
788
Houston
382
844
New
1,022
8.919
13,787
53,593
t2
226
16
8,204
8,421
3,799
—
Ger¬
Britain
620
13
43
18
12
194
_
Leaving
Great
26
59
Shipboard Not Cleared for—
July 29 at—
1,335
.
—
Wilmington
Baltimore
6,038
1,022
Lake Charles
Norfolk
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
5.286
7
Christi-_
bales.
For the 11 months ended June 30, 1938, there
228,366 bales exported as against 262,709 bales for the 11 months of 1936-37.
32.359
Houston
Corpus
765
Chronicle
Galveston
France
Other
Coast¬
many
Foreign
wise
700
Orleans.
Savannah
1,000
1,044
1,382
3,600
.
7,000
8,523
1,000
270
2,083
1,605
2", 192
Stock
Total
428
9,700
11,377
9,750
300
300
Charleston
Totals this week.
10,463
The following table shows the week's total receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
with last year:
"546
Norfolk
Other ports.
6,528
5,338
6,604
.
This
This
Week
Galveston
Since Aug
1, 1937
Week
1.217 1.925,152
6,038 1,833,521
467,136
32,359
11,847
4.671 2,133,586
232,010
5,286
78,451
3,615
1,335
137,010
620
200,802
13
79,006
788
29,289
844
59,273
Houston
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola, &c
Jacksonville
Savannah
Charleston
Charles
Wilmington
Norfolk
SinceAitg
1, 1936
79 1,701,038
2,366 1,302,087
32,559
329,505
23,286
4~255 2,036,441
7,562
338,372
64
104,463
60
4,687
4,167
150,699
867
174,143
56,001
"470
28,175
1,414
45,795
week has been
1937
1938
298,804
237,853
67,111
14,264
250,913
42,534
3,639
1,598
124,386
609,966
649,771
106,272
16,761
629,677
62,236
5,245
2,121
147,440
38,877
11,122
20,856
29,100
New York
18,929
5,041
9,133
20,500
100
1,022
Totals
29,173
1,336
100
3,714
3,672
600
Boston
Baltimore
600
74,333
55,199 6,369,025 2,333,8584,099,077
53,5937.219,871
In order that
t ^mparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1937-38
Receipts at—
1936-37
1935-36
Galveston
1,217
79
Houston
6,038
4,071
5,286
1,335
2,366
4,255
7,562
4,167
"""62"
"""867
New
Orleans-
Mobile
Savannah
12,104
4,861
15,903
4,168
2,435
2,842
7,774
2,819
2,926
533
1932-33
1933-34
1934-35
7,964
5,623
8,559
5,731
13,374
12,559
4,973
1,123
"l",625
1,873
43
28
"""247
l",780
Brunswick
"
Charleston
788
470
281
67
293
823
844
1,414
1,132
1,156
998
917
All others
33", 394
34",019
13".749
28",992
20",094
55",443
Total this wk.
53,593
55,199
39,742
46,866
62,636
96,563
Wilmington.
_
Norfolk—
N'port News.
7,219,871 6,369,025 6,794,420 4,112,322 7,511,837 8.959,255
Since Aug. 1__
The exports
for the week ending this evening reach a total
bales, of which 3,680 were to Great Britain, 1,225
to France, 3,981 to Germany, 4,507 to Italy, 16,885 to
Japan, nil to China and 4,761 to other destinations.
In
the corresponding week last year total exports were 34,172
bales.
For the season to date aggregate exports have been
5,679,498 bales, against 5,474,703 bales in the same period
of the previous season.
Bellow are the exports for the week:
Week Ended
Exported to—
Ger¬
Great
France
Britain
Houston
Lake
3,270
450
2,192
Other
492
9,155
9
610
—-
China
Japan
855
Total
14,547
3,284
5,935
385
l",900
3,643
Charles
6,538
500
"425
Mobile
600
100
"ill
1,236
109
Jacksonville..—
109
55
Pensacola, &c~.
Los
Italy
many
775
Galveston
New Orleans.
55
229
3", 275
60
Angeles
2,555
San Francisco—
3,504
2,615
3,680
1,225
3,981
4,507
16,885
4,761
35,039
Total
1937
15,528
2,087
8,730
2,313
3,450
2,064
34,172
Total
1936
21,168
1,770
8,238
1,313
4,150
7,758
44,397
Total, —ji,——
From
Exported to—
Great
Ger¬
July 29, 1938
Exports from—
Britain
Galveston
295,558 189,035
Houston
277,633 173.350
Beaumont
Japan
255,613 160,503
218,951
44,029 295,256 1458,945
196,762 141,949
142,122
33,558
28,448 229,507 1189,771
many
75,776
57,394
4,250
123
Italy
3,825
—
52,979
Total
Other
3,829
58,400
374,588
'
475,071 261,455
725
'
-
^
158,774 165,677
--m-
-
51,691
8,923
4,143 225,900 1342,711
24,485
6,819
4,401
2,853
102,297
1,652
18,852
45,750
14,966
Jacksonville,.
Pensacola, &c.
41,882
177
11,560
357
433
54,409
Savannah
54,724
37,897
914
6,456
99,991
9,949
171,081
Lake Charles.
Mobile
------
Wilmington.
-
.
6,275
7,774
3,622
York...
Baltimore
4,432
384
Gulfport
Boston
24,570
.
5,373
-
-
1,659
10
43
mm---
18
2,449
10,325
17,753
18,341
9,218
10,191
26,496
100
10,863
2
814
------
----
6,897
2,892
79,750
421,972
3,585
74,684
198,394
55
367
1,163
172,991
82,666
322
30,467
55
----
,
1628,617 760,268
Total
1,200
37,472
400
650
561
22,814
—
1,851
''■mmm'm
-
250
271
Seattle
201,213
1,775
10
286
Francisco
San
19,098
60
420
934
.
107,890
_
50
66,010
1,000
--
._
Philadelphia
Los Angeles
200
mm--
100
'
2,157
1,391
144
....
-
27,452
_
200
-
.
—
-
55.475
105,557
Charleston
Norfolk.
New
139
—
2,314
3,568
4,924
17,744
7,619
7.598
3,033
558
500
31,861 2,301,997
19,464 1,079,613
23,013 1,189,070
cotton for future
delivery during the past
moderately active, with the price trend gen¬
There has been nothing in the news to encour¬
On the
other
hand, the weather has been generally favorable, and this
apparently has influenced operations on the short side and
caused not
a
few holders to let go
their long commitments.
On the 23d inst. prices closed 9 to 10
points net higher.
The market rose 45 to 50 cents a bale
today when renewed
general buying and covering were induced by continued
showery weather over the belt, the forecast for unsettled
conditions next week, and fears of increased boll weevil in¬
festation.
A scarcity of contracts
developed and prices
moved ahead briskly in late
trading under good demand from
commission houses, New Orleans and trade interests.
Im¬
pressive firmness of the stock market, reports of expanding
mill activities, and the favorable tenor of business news
generally also contributed to the bullish demonstration that
carried prices back to within a narrow
margin of the week's
best levels.
Hedging
pressure
and realizing for
over
the week¬
end reduced the margin of gain
slightly in the last few minutes
of trading, but the list ended net 9 to 10
points over the
previous closing range._ Southern spot markets as officially
reported were 5 to 11 points higher. Average price of middling
cotton at the 10 designated
spot markets was 8.88c. On the
25th inst. prices closed 5 to 8
points net lower. During the
early trading prices advanced 5 to 9 points, influenced by
higher Liverpool cables and further rains in the cotton belt
the
over
week-end.
however.
closing
improvement
was
short-lived,
realizing and hedge selling, and prices reacted sharply
barely steady.
Weather advices were to the effect
that rains
were
reports were
creased
This
At these levels the market met resistance in the
widespread and in
to
many cases heavy. Private
the effect that weevil infestation has in¬
at
numerous
points, especially east of the river.
doubt, however, as to whether weevil have caused
any actual damage to the crop so far, and traders were im¬
pressed by a report by the New York Cotton Exchange
Service which said that,
according to advices received last
week from approximately 450
correspondents, the average
condition of the crop rose several points during the first
half of July.
Southern spot markets as officially reported
were 5 to 8 points lower.
Average price of middling at the
10 designated spot markets was 8.83c.
On the 26th inst.
prices closed 7 to 10 points net lower. Lack of response to
widespread rains and predictions of weevil damage, under¬
mined confidence in the cotton market today and resulted
There
was
in considerable
liquidation. The market opened steady and
points higher in response to steadier Liverpool cables
than expected and on reports of further rains in the South.
Buyers were indifferent and it was evident that the action
of Monday, when prices eased off in the face of a number of
constructive factors, had disturbed confidence.
Liquidation
developed through Wall Street houses as well as from
2 to 4
sources
and from abroad.
This
selling met indif¬
points from
early highs, closing with only a slight rally from the
lowest on covering.
Private crop advices have stated that
the crop is making good progress in most sections. Southern
spot markets, as officially reported, were 5 to 10 points
lower. Average price of middling at the 10 designated
spot
markets was 8.76c.
On the 27th inst. prices closed 1 to 3
points net lower.
The cotton market moved to lower
ground today in a moderate volume of transactions. A short
ferent demand and the market declined 14 to 17
China
92,652
Orleans-
New
France
2,242
2.381
real substantial support of the market.
scattered
Aug. 1, 1937 to
Corpus Christi
erally lower.
age
form of
of 35,039
Exports from—
"734
Stock
1936-37
Speculation in
Receipts to
July 29
Lake
3,387
"138
—
Total 1938.
Total 1937Total 1936—
1937-38
""50
Mobile.
600,266
638,394
619,927
147,140
38,877
61,502
29,100
166,791
897,889 543,698
3,813
702,859
91,381 1054786 5679,498
774,017 416,469 1592,181
887,966 398,059 1551,523
23,685 727,746 5474,703
42,175 976,984 6037,306
the
time before
the close
of business active
months
registered
losses of 5 to 10
points from the closing levels of the pre¬
ceding day. The volume of trading was relatively light on
the opening, with futures unchanged to 3 points below
yes¬
terday's last quotations. Leading spot houses were moderate
sellers of the May option.
The distant positions also were
sold by Liverpool.
Brokers with Bombay affiliations sold,
the October and December contracts. These offerings were'
absorbed
by local professionals, trade shorts, Wall Street
After the call prices held within a
point or
two of the previous day's range.
There was a moderate
business in gray goods late yesterday at unchanged
prices.
Second-hand offerings were limited. Showers were
reported
in Eastern Texas and along the Gulf and Atlantic coasts
overnight.
and wire houses.
Total
1936-37 1219,729 720,876
Total
1935-36 1464,475 716,124
NOTE—Exports to Canada—It has never
been our practice to include in the
reason being that virtually
impossible to give
from week to week, while reports from the customs
above table reports of cotton shipments to
Canada, the
all the cotton destined to the Dominion comes overland and it is
returns
districts
concerning the same
on the Canadian border are always very slow in coming to hand.
In view
however, of the numerous inquiries we are receiving regarding the matter, we will
say
that for the month of June the exports to the Dominion the present
have
been
16,632
bales.
In
the
corresponding
month
of
the
preceding
On
the 2Sth
season
season
The
cotton
inst. prices closed 9 to 11 points net lower.
market again
moved
into
lower
ground
today
.
766
in
Financial Chronicle
limited
a
the
of
business.
of
volume
trading
Shortly
1
was
before the end
5 points
to
below
points, and December was 3 points lower at
Trading was quiet on the opening, with futures regis¬
loss
5
of
8.71c.
tering declines of 2 to 3 points from the last quotations of
The selling was done by New Orleans,
the South, and spot houses.
Brokers with Bombay connec¬
tions, trade shorts and Wall Street bought. No large trades
were made during the early
business.
Less rain was re¬
ported in the cotton belt overnight.
Scattered showers were
felt in east Texas, along the Gulf Coast and on the Atlantic
coastal plains.
Open interest in cotton futures on the New
York Cotton Exchange yesterday aggregated 2,038,700 bales,
a decrease of 2,200 from the previous
day. ;
,v
Today prices closed 1 to 3 points net lower. After selling
slightly easier during the morning's dealings, prices for cot¬
preceding day.
the
ton futures recovered somewhat and
list
developed an irregular
gains and losses throughout the
A short time before the close of business
this afternoon, with
tone
about
even.
positions showed an advance of 2 points to
active
decline
a
from the closing levels of the previous day in
of 2 points
Range for future prices at New York for week ending
July 29, 1938, and since.trading began on each option:
October changed hands at 8.61c.,
yesterday's closing levels.
a
list
the
period
Trading at the opening
moderate volume of sales.
feature of the early business.
There also
was considerable
scattered buying by Wall Street.
Some
reported, especially in the March con¬
Liverpool and the South sold.
price-fixing and
hedge selling was
tract.
Mon.
Tuen.
8.92
8.87
8.79
Wed. Thuri.
8.76
Premiums and Discounts for Grade and
15-16
Staple—The
11». <fc
inch
Longer
.63 on
.87
on
1.09
St. Good Mid..
.57 on
.81
on
Good Mid
.51
on
.75
on
St. Mid
.34 on
.60
Mid
Basis
.25
St. Low Mid—.
.59 off
.35 off
While—
15-16
1 in. <k
inch
inch
Longer
Spotted—
Mid. Fair
on
Good Mid
.10
.30 on
.50
on
1.03
on
St. Mid
.06 off
.14
.33
on
.97
on
Mid
.65 off
.45 off
on
.81
on
♦St. Low Mid- 1.47 off 1.39 off 1.33 off
on
.45
on
♦Low Mid
.19 off
1.37 off 1.27 off 1.22 off
Low Mid
♦St. Good Ord. 2.22 off 2.17 off 2.12 off
2.83 Off 2.82 off 2.82 off
♦Good Ord
Extra White—
.51
.75
on
.97
on
St. Mid
.34 on
.60
on
.81
on
Mid
Even
.25
on
.45
on
.59 off
.35 off
St. Low Mid-
on
.19 off
1.37 off 1.27 off 1.22 off
♦St. Good Ord. 2.22 off 2.17 off 2.12 off
♦Good Ord
on
.28 off
2.30 off 2.25 off 2.21 off
2.80 off 2.78 off 2.78 Off
.47 off
.32 off
.17 off
.73 off
.57 off
.44 off
1.54 off 1.44 off 1.38 off
♦Mid
2.92 off 2.87 off 2.85 off
♦Low Mid
Yel. Stained—
.93 off
♦St. Mid
1.71 off 1.65 off 1.58 off
♦Mid-
1938.
8.60
July
"29
8^99
July
25
1939.
8.62
July
29
9.00
July
25
1939.
Dec.
Gray—
.57 off
.38 off
.81 off
.60 off
.45 off
1.43 off 1.32 off 1.26 off
Quotations for 32 Years
June
9.06 July
25
7.77
May 31 1938
9.25 July
8.34
May 25 1938
8.34
May 25 1938
9.09 July
25
7.81
May 31 1938
9.27
July
7 1938
8/74
1939.
July
"29
Juiy
25
8.88
July
9.05
July
22 1938
9.13
Volume of Sales for Future
figures
Open
Contracts
July 22 July 23 July 25 July 26 July 27 July 28
New York
10,900
32,800
27,500
39,900
11,600
23,700
15,200
39,700
30,200
39,800
23,700
2,600
3,000
5,100
2,400
9,800
4,600
128,400
11,900
5,900
18,400
11,300
4,600
5,700
5,900
18,500
5,200
434,400
9,800
16,300
13,200
200
300
1,100
400
300
1,900
2,500
-— —
—
March
May
July
39,900 102,800
75,200
Open
3,400
6,950
7,500
3,500
10,950
11,350
165,100
December-
2,100
10,500
7,550
4,850
14,500
9,850
141,600
50
50
1,200
2,300
3,500
"250
3,150
"550
50.350
450
800
650
250
1,050
600
24,200
650
100
750
7,150
20,600
19,2.50
8,850
30,300
22,450
3S8.700
March.,
—
-L
May
Total all futures
The Visible
Supply of Cotton tonight, as made up by
as 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.
cable and
telegraph, is
July 29—
1938
bales_l.019.000
155,000
1937
698,000
121,000
1,174,000
Stock at Liverpool
Stock at Manchester
819,000
157,000
Total Great Britain
Stock at Bremen
Stock at Havre.
245,000
242,000
10,000
Stock at Rotterdam
Stock at Barcelona
53,000
26,000
Stock at Venice and Mestre
Stock at Trieste
19,000
Continental Stocks-
—
.
12.75c.
1913
12.10c.
1912
13.40c.
1927
18.70c.
1919
34.25c.
1911
1934
13.00c.
1926
19.15c.
1918
28.95c.
1910
13.25c.
15.35c.
Total visible supply
1933 ——10.50c.
1932
6.00c.
1931
8.45c.
1925
25.50c.
1917
25.20c.
1909
12.75c.
Of the
1924
33.30c.
22.45c.
1916
13.30c.
1908
10.70c.
1915
9.35c.
1907
12.90c.
July 29
Range
Closing
8.78a
8.73a
8.65a
8.62a
8.53a
8.80a
8.75 a
8.67a
8.64a
8.55a
8.55 a
Range..
8.75- 8.85
8.77- 8.91
8.64- 8.81
8.56- 8.67
8.57- 8.65
8.52- 8.59
Closing.
8.82- 8.83
8.77
8.69
8.66-
8.57
8.57
8.86a
8.80a
8.72 a
8.70a
8.61a
8.60a
Range—
8.83- 8.93
8.84-
8.71- 8.88
8.64- 8.75
8.65- 8.74
8.60- 8.66
Closing
8.91
8.84
8.75- 8.76
8.74-
8.75
8.65
8.75- 8.89
8.67-
8.76
8.67- 8.74
8.62- 8.66
8.78
8.76
8.67
8.65a
8.53a
Range..
Closing
_
Oct.—
8.67
Nov.—
Range—
f
Closing.
29,000
6,000
6,000
758,000
176,000
143,000
11,000
62,000
65,000
10,000
9,000
565,000
184,000
89,000
20,000
63,000
55,000
12,000
9,000
353,000
476,000
432,000
1,172,000 1,234,000
78,000
53,000
997,000
64,000
140,000
154,000
101,000
621,000
146,000
9,000
85,000
171,000
93,000
87,000
199,000
111,000
787,000
--.7,892,502 4,361,087 4,899,258 4,278,315
as
follows:
American—
Liverpool stock
bales.
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U. S. port stock
U. S. interior stock
U. S. exports today
Total American
East Indian, Brazil, &c.—
Liverpool stock
Manchester stock
Bremen stock
590,000
95,000
146,000
194,000
65,000
85,000
2,333,858
1,978,400
3,244
239,000
45,000
104,000
113,000
27,000
85,000
1,099,077
828,147
8,863
238,000
156,000
43,000
22,000
115,000
118,000
98,000
67,000
82,000
86,000
87,000
140,000
1,212,092 1,073,695
1,206,417 1,121,546
9,749
6,074
5,490,502 2,549,087 3,091,258 2,790,315
8.63
_
Sept.—
1935
503,000
62,000
1936
above, totals of American and other descriptions are
Manchester stock
July 28
657,000
101,000
Egypt, Brazil,&c.,afl't for Europe 257,000
Stock in Alexandria, Egypt
306,000
Stock in Bombay, India
826.000
1,028,000
Stock in U. S. ports
2,333,858 1,099,077 1,212,092 1,073,695
Stock in U. S. interior towns
828,147 1,206,417 1,121,546
1,978,400
U. S. exports today
8,863
3,244
6,074
9,749
1914
27
595,000
Total European stocks
-.1,769,000
India cotton afloat for Europe
132,000
American cotton afloat for Europe
85,000
12.00c.
July
6,700
July
40.00c.
July 26
July 26
October (1938)------
January (1939)
1920
July 25
65,500 2,048,500
Contracts
1921
July 23
77,700 119,300
July 20 July 21 July 22 July 23 July 25 July 26
New Orleans
1922
Awp.(1938)
231,500
100
Total all futures-.
19.45c.
Friday
597,400
April (1939)
12.65c.
Thursday
654,200
Inactive months—•
21.10c.
lowest and closing prices "at
New York for the past week have been as follows:
July 28
27,000
October (1938)
December—
January (1939)
1928
Wednesday
21 1938
Delivery—The Commodity
given in bales of 500 lb. gross weight.
are
1929
highest,
7 1938
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
1930
Tuesday
23 1938
June 28 1938
29
8.67c.
Monday
Feb.
29
12.85c.
12.05c.
Saturday
23 1938
9.51
8.74
3 1938
July
11.21c.
Futures—The
Feb."
May 31 1938
June
1939.
July
9.50
7.74
July
1938
1923
23 1938
8.67
1937
1936
1935
*
18 1938
Feb.
"7.73 May" 3V1938
1939.
May 1939.
.22 off
21.70c.
Feb.
9.48
8.71
Mar. 1939.
Apr.
Total
Good Mid
future contract.
New York
9.39
May 31 1938
8.18
2.42 off 2.36 off 2.32 off
♦Mid
on
May 25 1938
7.70
25
Stock at Genoa.
1.19 off 1.05 off
Good Mid
St. Mid
♦Not deliverable
July
Tinged—
Good Mid
St. Mid
♦St. Low Mid— 2.34 off 2.28 off 2.22 off
Good Mid
Low Mid
on
8.91
Feb.
8.67
the premiums and discounts for grade and
staple in relation to the base grade, Middling
established
for deliveries on contract on Aug. 4, 1938.
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 28.
%
29
Fri.
8.67
table below gives
Inch
July
Jan.
quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat.
8.52
1938-
Oct.
The official
July 23 to July 29—
Middling upland
8.31
Sept. 1938.
Nov. 1938.
a
The buying of the May
Bombay connections was the
with
brokers
by
Range Since Beginning of Option
Aug. 1938.
of
was
point above the previous finals.
position
llange far Week
Option for-
moderately active proportions, with futures 1 point below to
1
July 30, 1938
429,000
60,000
99,000
48,000
43,000
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India.
132,000
257,000
306,000
1 ,028,000
459,000
76,000
53,000
33,000
23,000
78,000
171,000
93,000
826,000
419,000
58,000
61,000
45,000
75,000
53,000
199,000
111,000
787,000
347,000
40,000
66,000
22,000
73,000
64,000
154,000
101,000
621,000
Dec.—
.
8.99
Jan. (1939)
Range..
8.88-
Closing
8.93a
.
8.95
8.96-
9.00
8.86a
Feb.—
Range
Closing
_
8.95a
8.88a
8.80a
8.78 a
8.90-
9.06
8.79- 8.94
8.70-
8.90-
8.91
8.83
8.81
8.71
8.85a
8.82a
8.72a
8.82- 8.97
8.75- 8.85
8.74-
8.87
8.84
8.74- 8.75
8.74
8.88a
8.85a
8.75a
8.76a
8.90- 8.95
8.80-
8.90a
8.87a
8.69a
8.67 a
Mar.—
Range
8.88-
.
Closing
_
8.
8.98a
8.82
8.71-
8.79
8.67- 8.74
8.70
April—
Range..
Closing
May—
Range
.
9.00a
8.93-
.
Closing.
8.92a
9.02
8.95-
9.02 a
8.95
9.04a
9.09
8.97a
—
8.72 a
Total East India, &c
Total American
Total visible supply
—-
7,892,502 4,361,087 4,899,258 4, 278,315
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.1 staple,s'fine, Liv
7.10d.
6.68d.
8.67c.
11.23c.
11
12.85c.
m oc_
9.09d.
4.04d.
5.94d.
4.lid.
10.35d.
11.53d.
5.72d.
11.95c.
8.54d.
4.99d.
6.12d.
5.30d.
7.35d.
5.20d.
...
5.81d.
7.85d.
5.80d.
Continental imports for past week have been 97,000 bales.
The above figures for 1938 shows a decrease from last
week
of
increase
8.83
.2,402,000 1,812,000 1,808,000 1,488,000
.5,490,502 2,549,087 3,091,258 2,790,315
82,946
of
8.71- 8.77
bales,
2,993,244
3,614,187 bales
over
a
gain of 3,531,415 over 1937,
bales over 1936, and a gain
an
of
1935.
June—
Range.
Closing
_
,
^
.
July—
Range..
8.96- 8.98
9.00-
Closing
9.06a
9.00
n
Nominal.
9.13
—
8.80
8.76- 8.88
8.74- 8.79
8.76
8.79
At the Interior Towns the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Volume
Financial
147
Towns
Receipts
Ala., Birm'am
Season
an
f
4
66,863
Eufaula
12,120
—
21.094
46
3
17.61 cents per grease
594
85,081
8,122
—
30
Week
Season
Week
29
9,473
15,705
1
6,115
24,768
16,916
33,426
2,386
4,320
..
47,628
51
53,53?
574
261
57,122
2
55,453
814
171,475
926
85,902
168,208
306
60,486
'
Helena.
"bib
69,458
57
24,534
1.3
Ark.,Blythev.
Forest City
53,071
41
yti'T.
Selma
i
14
Montgom'y
,
duly
1,265
July
ments
TI/JH
<*
Week
101,214
496
28,396
■
32,786
7
"37
60,748
22
"28
19,792
194,237
65,923
150
36,558
263
45
146,414
404
Newport—
4
46,403
110
"275
28,004
143,008
19,545
Bluff.
354
187,963
3.S50
54,557
23,767
24
Hope
7,484
•
Jonesboro—
RocK
Little
;W-
22,901
86,473
*r
62,149,824 net grease pounds of wool had been appraised for
aggregating $10,946,475.57.
Of this amount, loans of
$2,969,796.72 have been completed on 16,624,908 pounds of
wool, the remainder being in process.
The loans average
loans
Storks'
Ship¬
Receipts
Slocks
Shipmi
TJiiSfllo
Week
1937
Movement to July 30,
Movement to July 29, 1938
767
Chronicle
V—
137
32,410
12
5,127
1,152
11,247
533
59,099
62,135
2
29,893
Ga., Albany..
Athens-—,
"b
17,640
37
13,520
8
25,322
48
29,558
260
11,565
4,503
45,539
239,647
340
Atlanta....
3,468
138.745
522
365,863
3.959
90,149
Augusta
1,400
180,634
2,425
123,862
1,956
210,419
3,453
18,481
18.632
a
woolen worsted
Inc., of Brooklyn, converters of hand-knitting
33,000
520
Top Exchange
meeting of the Board of Governors of the New York
Wool Top Exchange held on July 27, Marland C. Hobbs
of Boston, Mass. and Abraham Rubenstein of Brooklyn,
New York, were elected to membership in the Exchange.
Mr. Hobbs is Vice-President of Arlington Mills, of Boston,
and Mr. Rubenstein is President and Treasurer of Eastyarn,
—At
67,655
200
pound.
Two New Members of New York Wool
Pine
46,186
29
9,591
14,576
206
12,142
■
Walnut Rge
Columbus-.
Macon
.
.
.
500
16,990
_
_
34,200
400
19,825
65
47,602
;
800
35,050
9
.
Rome.....
.
■;4- "24
27,754
2
48,598
.
21,198
22,087
---.
600
goods.
Quotations for Middling Cotton at Other Markets
Closing Quotations for Middling Cotton on—
Week Ended
Friday
Wed'day Thursday
1,749
La., Shrevep't
~53
147,564
283
54,776
5
100,187
46
Miss., Clarksd
394
262,084
1,060
46,133
140
165,167
242
3,396
July 29
Tuesday
Monday
Saturday
Galveston
8.72
8.67
8.59
8.56
8.47
8.47
8.72
8.47
Columbus..
32
40,994
486
26,762
304
39,935
702
13,721
New Orleans...
9.00
8.92
8.84
8.79
8.72
Greenwood.
433
303,385
1,878
51,113
170
262,989
290
8,382
Mobile
8.72
66,321
23,984
162
63,396
275
3,492
Savannah
8.97
8.59
8.84
8.56
69
8.67
8.93
8.47
8.72
9.15
9.10
9.00
9.00
8.90
8.85
8.75
9.32
9.27
8.80
9.19
8.9J
8.85
8.80
8.75
8.90
8.65
9.07
8.65
8.72
8.65
8.55
8.45
17
Jackson
709
Norfolk
846
76,111
357
25,185
213,183
3,067
3,294
1,304
44
9,170
228
2,378
29
20,998
39,423
51,412
337,259
11,010
134
522,879
619
134,935
110
177,425
294
53,562
241,948
3.116
62,394
2,461 2570,559
11
38,943
12,004
15
19,017
84
10,413
Vicksburg..
49
52,662
492
12,138
Yazoo City.
__
2,957
1
w
_
——
63
...
24
1,647
1,533
2,020
Montgomery.
Augusta
Memphis
54
2,829
Houston
8.81
_
9.16
Little Rock—__
Oklahoma—
15 towns *
153,061
2,184
21,568
511,021
809
Tenn., Mem's
Texas, Abilene
■
■
7,484
.
3
<
.
18,054
""28
1,413
6
•'
Austin
.
2,189
76,249
12,862 2718,014
46,120
S. C., Gr'ville
Brenham
•
14,035
33
2,175
436
115,102
31
Dallas
2,099
15
17,456
1,465
18,787
58
12,453
458
6
42,175
Waco....
5
91,206
"
8,967
15
7,639
San Antonio VVvii'
Toxarkana
•
8.90
8.25
8.22
8.13
8.38
8.33
8.25
8.22
8.45
8.55
8.33
8.13
Fort Worth.__
_
8.55
8.13
•
8.13
New Orleans Contract Market
Saturday
Monday
Tuesday
July 23
2,568
July 25
Thursday
Friday
July 28
Wednesday
July 26
646
July 29
July 27
506
t;
156
13
2,088
529
10,966 6097,817
31.754
828.147
*
_
8.65
8.38
9.07
8.65
1,277
i
,
8.75
Dallas
8.65
261
_
79,677
35,243
8.80
8.57
8.70
....
_
1,608
.
2
6,429
232
83,496
71,825 £'1'
14,169
211
32,912
"274
17
16,253
1
22,750
93,578
Paris
Robstown..
8.72
238,792
Natchez...
Mo., St. Louis
N.C., Gr'boro
—
—
Aug.(1938)
September
45,396 1978,400
Friday
Market
Closed
Quiet, 9 pts. adv.—
Steady, 5 pts. dec—
Quiet, 8 pts. dec
Quiet, 3 pts. dec
Quiet, 9 pts. dec—.
Steady, unchanged.
.
Steady
Barely steady._
Steady
Steady
Barely steady..
Steady
Conlr 'ct
Spot
Total
"94
"225
"225
48.253
1
319
237", (MX)
.
points
Via other routes, &c
.
8.76
8.74
9.10
9.02
8.93
8.89
8.82
8.79
9.14
9.07
8.98
8.94
8.85
8.83
—
9.11
9.02
8.98
8.88
8.87
—
Aug. 1
Tone—
Dull.
_
Dull.
Quiet.
Steady.
Steady.
.
Steady.
A marillo
—
Abilene——
h
Between interior towns
_
h
1,336
h
196
h
h
'
,
8,218
h
13,442
Inland, &c., from South
El
14,709
h
9,750
Paso.
Kerrville
—
_
h
4,503
h
Palestine
-——ThermometerHigh
Low
90
80
94
62
78
96
74
85
96
82
0.37
98
Mean
85
4
1
1
3
96
68
72 A,
72
90
78
92
72
96
64
84
82
80
102
68
85
96
68
96
60
82
78
<
0.46
0.18
0.70
0.98
4.36
0.30
2.46
0.34
3
2
3
Lampasas
Luling.
h
8,678
shedding has been
dry
-------
Nacogdoches
Total to be deducted..........
Steady.
3.44
Corpus Christi
14,253
h
1.022
245
_ _
Steady.
0.68
;
2
3
3
Brownsville-
h
Henrietta
&c_
Steady.
dry
Brenham
h
h
23,387
Total gross overland
Dull.
dry
...
Dallas...
Overland to N. Y., Boston,
Dull.
Rainfall
Inches
_
Austin
4,336
7,264
Deduct Shipments—
Dull.
0.41
Days
Texas—Galveston,
h
1,553
1,100
4,115
..12,855
i
by Telegraph—Reports to us by telegraph this
evening indicate that reports from many Texas sections say
that damage done by heavy rains was mostly of local charac¬
ter, but that moisture conditions as a whole have improved,
as many areas had been too dry.
Conditions have been
h
200
-
9176- 9200
Rain
...
Via Virginia
8.85
h
h
3,067
3,150
..............
Week
Aug. 1
Week
Via Louisville
8.89
Since
Since
..
Via Mounds, «fec_
Via Rock Island
8.99
_
generally unfavorable.
Considerable
reported and weevils are active.
1936-37
1937-38
Shipped—
285,253
and Since Aug. 1
Overland Movement for the Week
Via St. Louis
8.73
9.05
(1939)
Returns
319
July 29—
8.74
Spot
Options
"94
Total week.
Since Aug.
8.66
8.83
July. — —
Closed
_■
8.67
8.82-
June
SALES
Spot Market
__
8.74- 8.75
8.88
February
Futures
Thursday
8.79
8.97
April
May
in Oklahoma,
Market and Sales at New YoiV
—
8.87- 8.88
9.03
October
November
Includes the combined totals of 15 towns
Saturday.—
Monday
Tuesday —
Wednesday
8.95
Jan.
2
December.
March
26,240 6692,995
*
.
3
———2
2
85
84
74
87
90
70
80
92
70
81
100
,
1.76
0.88
96
68
82
98
3
0.88
98
74
72
86
Taylor
Weatherford
4
1
1
2
2
1.10
0.66
0.18
0.29
0.23
94
68
81
93
71
82
98
70
84
94
70
82
95
72
89
3
2.98
92
71
82
5
6
1.99
1.62
93
69
Paris
Leaving total net overland *
*
Including movement by rail to Canada.
Aug. 1 so as to allow proper adjustment at
h We withhold the totals since
the end of the crop year.
In Sight and
7.'
Since
Since
Spinners'
h
53,593
8,678
85,000
Receipts at ports to July 29
Net overland to July 29—South'n consumption to July
29__
Aug. 1
Week
Aug. 1
Week
Takings
h
h
...
of
Excess
over
mill
Southern
iT~
147,271
*9,156
5
2.14
0.15
6.46
1.06
0.92
4.34
1.82
4.60
Montgomery-1-------—
Florida—Jacksonville
h
3
4
5
Georgia—Savannah
h
12,856
h
4
Pensacola
CCC
Aggregated
$238,699,196
on
5,464,137 Bales Through July 21—Announcement was
made on July 22 by the Commodity Credit Corporation that
"Advices of Cotton Loans" received by it through July 21,
1938 showed loans disbursed by the Corporation and lending
agencies of $238,699,195.92 on 5,464,137 bales of cotton.
This includes loans of $7,030,883.77 on 167,188 bales which
paid and the cotton released.
1-31
6
2
Augusta
5
Macon
3
South
of
Loans
— —
Atlanta
h We withhold the totals since Aug. 1 so as to allow proper
adjustment at the end of the crop year.
have been
—
Miami.
h
Decrease,
Cotton
2
The loans average
pound.
Figures showing the number of bales on which loans have
been made, by States, are given below:
-
- -
Raleigh
Wilmington—
Tennessee—Chattanooga——
Memphis
Nashville
The
0.18
1.28
1.40
3.28
5
2
.0-30
3
4
Carolina—Charleston..
North Carolina—Asheville.
Charlotte
w
1.16
1.40
3
1
1
1
7.34
0.30
0.57
0.84
Bales
786,882
125,844
570,307
75,366
995
State—
Missouri
452,819
Tennessee-
_ —.
—-
299,621
Texas
_—— —-
617,047
Virginia
State—
....
Arizona
Arkansas
-
_
.
.
_
.
.
..
_
_
--
--
.... _
California
Florida
Georgia
Louisiana.
Mississippi
_
»
__
„
,U..
-
-
New
"
Mexico...
North
Carolina
Oklahoma
South
Carolina
...
Bales
77,128
49,296
126,879
84,944
258,016
284,191
1,645,105
9,697
62,149,824 Pounds of Wool Appraised for Loans by
CCC Through July 16—The Commodity Credit Corpora¬
tion announced on July 22 that, through July 16, 1938,
83
70
82
90
72
81
92
72
80
92
68
80
92
90
81
81
70
72
80
86
72
74
93
72
84
94
66
80
92
70
81
92
68
80
86
73
80
90
60
75
92
92
68
80
66
79
90
70
80
94
66
80
93
72
82
94
70
82
88
■
A
80
been received by tele¬
of rivers at the points named at
following statement has also
graph, showing the heights
8 a. m. on the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg--.
Above
Above
Above
Above
Above
of gaugezero of gaugezero of gauge.
zero of gauge.
zero of gauge_
zero
July 29, 1938
July 30, 1937
Feet
8.40 cents per
Alabama
83
71
94
1.12
3
3
5
— .
81
74
94
Vicksburg
Alabama—Mobile
Birmingham
Shreveport
85
92
Mississippi—Meridian
h
183,914
138,115
North'nspinn's' takings to July 29 26,606
*
------
New Orleans
takings
week
—
Amite
consumption to July 1
Came into sight during
Total in sight July 29
_
— _
—
Bluff
Pine
h
204,702
*20,788
h
Little Rock—
h
_____
Total marketed
Interior stocks in excess
—
Smith
Louisiana—Alexandria-
h
55,199
4,503
145,000
Arkansas—Eldorado
Fort
-1936-37-
-1937-38-
_
San Antonio.
Feet
5.8
3.3
18.2
10.4
10.2
9.2
4.3
2.8
19.0
13.5
Estimate—The Bureau of Agricul¬
that the world
consumption of United States cotton in the current (19371938) season would be 11,100,000 running bales, and that
the carry-over of domestic cotton on Aug. 1, 1938 would
approximate 13,500,000 bales, or 200,000 bales in excess of
the previous .high record of 13,300,000 bales on hand at the
Cotton
tural
Carry-over
Economics at Washington forecasts
Financial
768
beginning of the 1932-1933 season, and compares with
of 6,200,000 bales on Aug. 1 last year.
Chronicle
July
a
1938
1937
carry-over
8 % Lbs. Shirt¬
32? Cop
ings. Common
Middl'g
Twist
States Japanese Agreement on Cotton Ex¬
Philippines Extended—Extension for another
year of the agreement between American cotton textile pro¬
ducers and Japanese exporters of cotton piece goods limiting
Japanese exports of cotton piece goods to the Philippines to
45,000,000 square meters was announced by the State
Department at Washington on July 26. The agreement was
due to expire Aug. 1.
In announcing the extension the Department according
to Washington advices to the New York "Journal of Com¬
Cotton
to Finest
Upl'ds
d.
d.
United
to
ports
merce" said that
a
modification
was
d.
quarter
9J*@10M
9tf@10M
9}*@10>*
9
6
@
9
4.09
10
6
@10
9
6
@
9
9
4.77
6
@10
9
7.12
9
4«@
9
7X
4.68
6
@10
9
7.29
27-
9
6
@10
9
7.36
6
@10
9
13.
the
14
@15
10
0
7.22
9
@10
9
9
3
@
9
6
4.46
9
@10
14X@15H 10
14H@15* 10
14
10
@15
3
@
9
3
4.43
14
7.45
9
June
3-
10
@15
7.31
8**@
9K
10-
8J*@
9j*
9
@
9
3
4.54
13J*@14J*
10
6
@10
8
7.06
17-
8H@ 9H
9
@10
9
@
9
3
4.69
10
6
@10
9
6.92
9
1«@
9
4>*
4.83
13H@15
13
@15
9
1M@ 9
4M
4.96
3
10
0
@10
9
0.95
9
6
@10
9
6.87
July
8-
9J*@10 H
9^@10H
9
6
5.16
15—
9}*@10J*
9
1H@ 9
9^@10)*
9Ji@10H
9
1X@
9
4X
4H
4.88
22-
9
1M@ 9
4H
4.99
1—
29-
providing that such excess of imports shall never be more than 2,250,000
meters (20% of the normal quota) in any quarter.
from
4.80
@10
square
Receipts
d.
d.
s.
9
6..
quarters,
or
Upl'ds
d.
8.
20-
made in the arrange¬
succeeding
Middl'g
to Finest
9
24-
of any
allowance
d.
s.
ings, Common
Twist
May
of 45,000,000 square meters will be divided into equal
quarterly amounts of 11,250,000 square meters each, with the provision
that, if imports in any quarter should amount to less than or more than
11,250,000 square meters, the deficiency may be added to or the excess
the
d.
Cotton
32? Cop
9H@10«
29.
The annual quota
from
s.
85* Lbs. Shirt¬
Apr.
ment in substance as follows:
subtracted
1938
30,
@
9
5.06
13^ @145*
135*@145S
135* @145*
13J*@14J*
125*@14H
6.98
10
6
@10
9
10
6
@10
9
6.85
10
6
@10
9
6.60
10
4J*@10
7H
6.12
Shipping News—Shipments in detail:
Bales
Plantations
GALVESTON—To Japan/July 21, Kryosnml Maru, 8,389; Skjeldrek, 766
To Bremen, July 22, Lubeek, 3,270
To Gdynia, July 22, Kentucky, 167
To Dunkirk, July 26, Vermont, 571
To Havre, July 26, Vermont, 204
To Ghent, July 26, Vermont, 32
To Kotterdam, July 25, Boschdijk, 268; July 28, Ethan Allen,
9,155
3,270
167
571
204
32
-
Stocks at Interior Towns
Receipts at Ports
Week
Receipts from Plantations
End.
1937
1938
1936
1937
1938
1936
1938
1937
1936
Nil
Nil
Apr.
45,944
44,904
20,044 2289,937 1322,016 1779,076
24,010
16,918
29.
40,825
31,296
28,231
Nil
13,710
May
17,042
14,112
20.
27.
25,457
39,157 2263,791 1255,379 1732,379
40,509 2237,238 1206,606 1693,071
45,482 2216,336 1162,026 1651,649
52,470 2194,843 1107,259 1594.234
17.425
13.
23,701
47.072 2167.585 1064,940 1554,313
1936-7
Nil
Nil
Nil
Nil
Nil
1,20
Nil
Nil
4,060
Nil
Nil
NU
NU
7,151
June
3.
32,597 2138,409 1030,520 1517,933
NU
Nil
Nil
10.
20,069
23,325
17.
27,019
24,113
15,944
39,972
2119,356
998.705 1465.362
7.966
Nil
Nil
19,653
21,698 2100,775
904,392 1424,012
5,53?
Nil
Nil
21,952 2081,164
13,381 2053,520
16.973 2024,282
930,969 1384,154
3,282
Nil
903,027 1349,502
873,772 1301.765
Nil
Nil
Nil
3,438
Nil
Nil
848,935 1255,364
828,147 1206,417
17,198
44.437
3,764
NU
34,411
NU
24.
July
1.
22,893
15,752
8.
17,684
32,676
17,371
15.
22.
17,059
28,419
39,742
28,601
43,924
53.593
29.
55,199
World's
1997,556
1978,400
Nil
Supply and Takings of Cotton—-The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
Cotton' Takings,
amounts
or
gone
1937-38
out of
1936-37
Week and Season
Week
Season
Week
Season
4,492,413
h
Visible supply July 22
Visible supply Aug. 1
American in sight to July 29—
7,975,448
h
138,115
h
183",914
h
Bombay receipts to Juty" 28—
Other India ship'ts to July 28
Alexandria receipts to July 27
Other supply to July 27 * b—
19,000
h
h
11,000
h
h
h
400
h
11,000
15,000
1,000
5,000
8,149,963
h
4,708,327
7,892,502
h
4,361,087
h
257,461
210,061
47,400
Deduct—
Visible supply
h
6,000
Total supply July 29
h
To Trieste, July
— --
h
131,000
h
h
h
h
h
Total
35,039
Liverpool—Imports, stocks, &c., for past week:
July 8
July 15
July 22
July 29
40,000
34,000
43,000
44,000
1,138,000 1,133,000 1,157,000 1,174,000
723,000
707,000
696,000
685,000
49,000
30,000
69,000
63,000
14,000
3,000
8,000
8,000
176,000
195,000
181,000
162,000
18,000
23,000
30,000
26,000
h
Forward
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
h We withhold the totals since Aug. 1 so as to allow proper
b Estimated,
adjustments at end of crop year.
India Cotton Movement from All Ports
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the
1937-38
1936-37
1935-36
Since
Week
Bombay
Since
Week
Aug. 1
19,000 2,500,000
day of the past week and the daily closing prices of
spot cotton have been as follows:
Since
Week
Aug. 1
11.000 3,132,000
Aug. 1
Spot
38,000 3,134,000
Saturday
For the Week
Since Aug. 1
P. M.
Great
Britain
Conti¬
Jap'n&
nent
China
Great
Total
Conti¬
nent
China
Total
3,000
7,000
7,000
17,000
11,000
19,000
42,000
30,000
84,000
43,000
114,000
287,000 776,000 1139,000
402,000 1576,000 2062.000
401,000 1425,000 1940,000
1,000
Quiet.
Friday
Moderate
Moderate
Moderate
demand.
76,000
Other India:
Market
5.06d.
f
Futures
1937^38—
Quiet.
Mid.Upl'ds
Bombay—
1935-36—
Quiet.
Thursday
demand.
demand
5.04d.
5.03d.
Wednesday
Japan &
Britain
Tuesday
\
1
12:15
Exports
Monday
f
Market,
from—
Liverpool market for spots and futures
each
July 28
Receipts—
—-—-
i
h
h
347,240
216,240
Total takings to July 29
Of which American
Of which other
Quiet,
4 to
t
opened
[
6,000
5,000
11,000
203,000
451,000
9,000
6,000
15,000
505,000
687,000
714,000
1192,000
1935-36-
10,000
2,000
12,000
381,000
611,000
992,000
5
5.12d.
5.09d.
Quiet but
Steady,
1
pts. decl.
Steady,
4
P. M.
advance.
Quiet but
Quiet but
2 to 6
2
to
Prices of futures at
pts.
to
unch.
to
pts.
points
Liverpool for each day
are
pt.
Quiet
2 to 4 pts.
decl.
decline.
1
decline
Quiet,
Quiet,
6
decline.
advance.
4
to
St'yd, unch
advance.
pts. decl.
pts. st'y, 5 to 6 st'y,
decline.
2 3
to
4.99d.
Quiet,
Q't but st'y
pts. 4 to 6 pts. St'y, 2 to 5 unch.
decline.
Market,
1937-38—
1936-37—
Total
-
-
To Genoa,
—_ ——
obtainable; also the takings
sight for the like period:
are
*
293
July 27, West Chatala, 169; July 28, Monrosa, 449-618
27, West Chatala, 237
237
HOUSTON—To Liverpool, July 20, Clare Hugo Stinnes, 1,250
1,250
To Manchester, July 20, Clare Hugo Stinnes, 942
942
To Copenhagen, July 22, Stureholm, 593; July 28, Tortugas, 186
779
To Gdynia, July 22, Stureholm, 1,034; July 28, Tortugas, 247-1,281
To Gothenburg, July 22, Stureholm, 172; July 28, Tortugas, 712
884
To Valparaiso, July 14, Margaret Lykes, 21
21
To Cartagena, July 14, Margaret Lykes, 101
101
To Ghent, July 23, Vermont, 193
193
To Havre, July 23, Vermont, 44; July 26, Ethan Allen, 150
194
To Dunkirk, July 23, Vermont, 256
256
To Kotterdam, July 26, Ethan Allen, 25
25
To Genoa, July 27, Monrosa, 9
9
NEW ORLEANS—To Kotterdam, July 22, Bomsterdijk, 225225
To Venice, July 22, Clara, 1,202
1,202
To Trieste, July 22, Clara, 750—
750
To Genoa, July 23, West Chataia, 1,466
1,466
To Venice, July 23, West Chatala, 75
75
To Trieste, July 23, West Chatala, 150
150
To Japan, July 23, Kunikawa Maru, 1,900
1,900
To Durban, July 26, Sailer,160160
To Liverpool, July 27, Clare Hugo Stinnes, 300
300
To Manchester, July 27, Clare Hugo Stinnes, 310
310
LAKE CHARLES—To Ghent, July 24, Ethan Allen, 500
500
JACKSONVILLE—To Liverpool, July 23, Shickshinny, 109
109
MOBILE—To Liverpool, July 21, Darian, 100; Desoto, 272
372
To Manchester, July 21, Desoto, 53
53
To Antwerp, July 18, Treginna, 100
100
To Bremen, July 18, Treginna, 53
53
To Hamburg, July 18, Treginna, 658
658
PENSACOLA—To Liverpool, July 27, City of Alma, 26; July 26,
Desoto, 22
48
To Manchester, July 26, Desoto, 7___
7
LOS ANGELES—To Liverpool, July 22, Pacific Grove, 229
229
To Japan,
July 23, President Coolidge, 1,778; Vinni, 186;
July 26, Hokuroku Maru, 1,311
3,275
SAN FRANCISCO—To Great Britain, (?), 60
60
To Japan—(?), 2,555
2,555
25
6.
3
decline
given below:
all—
1937-38—
9,000
12,000
339,000
776,000 1853,000
July 23
Sat.
9,000
17,000
7,000
19,000
28,000
1936-37—
45,000
1935-36—
10,000
3,000
42,000
55,000
589,000 1089,000 1576,000 3254,000
495,000 1012,000 1425,000 2932,000
July 29
Close Noon Close Noon Close Noon Close Noon Close Noon Close
738,000
Alexandria Receipts and Shipments
Alexandria, Egypt,
1937-38
1936-37
New Contract
d.
July 1938.
October...
1935-36
d.
Wed.
Tues.
d.
d.
d.
d.
d.
Thurs.
d.
Frl.
d.
4.85
4.92
4.90
4.89
4.88
4.84
4.82
4.83
4.95
4.94
4.92
4.88
4.84
4.82
4.83
4.80
d.
d.
4.79
4.88
December.
Jan. 27
Mon.
4.93
4.87
4.93
4.99
4.79
4.78
4.85
4.83
January 1939
This week
2,000
10,362,147
5,000
8,845,637
4.95
5.01
5.01
4.98
4.95
4.91
4.89
4.90
4.87
4.86
4.85
March
Receipts (centars)—
4.99
5.05
5.05
5.02
4.99
4.95
4.93
4.93
4.91
4.90
4.89
5.02
5.08
5.08
5.05
5.02
4.94
4.93
4.92
4.96
4.95
4.94
May
1,000
8,211,831
July
1
4.96
4.96
4.98
This
Exports (Bales)—
Week
Since
Aug.
This
1
To
Liverpool
To Manchester, &c
4,000 190.121
185,829
To Continent and India. 13",5O5 757.966
To America
1,000 28,459
Week
Since
Aug.
This
1
Week
5.09
5.02
5.07
5.02
4.96
4.95
4.92
5.03
5.08
5.03
4.97
4.97
4.93
_
.
—
—
5.04
4.99
5.04
October
December.
Since Aug.
«
18,000 1162,375
...
_
Aug.
1
BREADSTUFFS
2,000 194,316
2,000 209,838
.6,000 745,525
42,870
206,622
166,784
5",000
683,271
35,508
10.000 1192549
5,000 1095185
Egyptian bales weigh about 750 lbs.
Friday Night, July 29, 1938.
Flour—According to the trade, the demand for flour con¬
has
very slow and no improvement
been uncovered so far this week.
movement,
Manchester
together
with
the
tude
ingly-
Wheat values dropped another cent
buying
very spar¬
We give prices today below and leave those for
vious weeks of this and last year for
comparison:
pre¬
in
continued
Market—Our report received
by cable to¬
night from Manchester states that the market in both yarns
and in cloths is steady.
Merchants are
_
Since
tinues
Total exports
_
buying interest
The
heavy
downward
wheat
trend
of wheat
on
values, is doing much to encourage a waiting atti¬
the part of flour consumers.
Wheat—On the 23d inst.
market, dominated by
a
prices closed % to lc. net lower.
today and the declining
big 1938 harvest despite other day-
Volume
14?
Financial
to-day deve opments, was back where it was
May.
Prices dropped to levels very close
quotations in five years.
Trade
optimistic and pessimistic crop
export business and uncertainty
news
the
to
was
a
comment,
lowest
mixture
of
off the market
lower
before
was
United
a
in
five
years.
huge increase of
year,
on
the market.
turn
of
a
acted also
as
a
centers, including 545
wheat led the downward movement of
prices in Chicago, and
a low of 67off 1
%c. from Saturday's latest quota¬
tions.
Little rallying power was shown
during the session.
On the 26th inst.
prices closed hs to Ac. net lower.
For
the second time in 48
hours, the Chicago wheat market today
broke five-year low
price records. The latest break amounted
to about a cent a
bushel, with rallies following that partly
overcame the losses.
Increased selling because of new
crop
report that much of the
crop areas both sides of the Canadian
setback early owing to
over-night downturns of
%c. in Liverpool quotations and to a
collapse of 5c. in
July delivery at Winnipeg.
Cheaper Russian offerings
abroad were
reported, and cables said European demand for
North American wheat was flat.
A trade authority esti¬
mated the probable
yield in Canada this season at about
300,000,000 bushels.
a
2
On
the
27th inst. prices closed
A to
net higher.
Rallying more than a cent a bushel from early downturns,
the Chicago wheat market scored
fractional gains today.
Interest shown by traders was
greater on the recovery than
during the declines.
Some of the buying on the
dips, which
went around
the season's low price
record, was credited to
export concerns.
For the third successive
day Liverpool
quotations were lower than due, and this was reflected
by
the Chicago market.
Besides, notice was taken of 21,000,000 bushels increase of the world
visible supply, making the
total 25,000,000 bushels
larger than
A further
a year ago.
handicap was that overnight European demand for North
American wheat remained
meager.
Uncertain
tions
crop
condi¬
were
reported in the spring wheat both sides of the
Canadian boundary.
Fairly general rains were received in
the domestic
Northwest, but only scattered moisture in
widespread urgent
need
estimated, and that private experts would revise their
fig¬
ures downward next week.
Buying for houses with export
connections accompanied the
upturn of Chicago prices.
On
the other hand, late cables showed
a decline of values
at
Liverpool.
Today prices closed Va to %c. net higher. Wheat
declined
lc.
a
bushel
today to fresh low price records, but
then rebounded and scored
slight gains.
The transient
setback resulted
largely from persistent selling on orders
attributed
to
Southwestern
sources.
Harvesting of spring
reported making good progress, with
quality of receipts generally good. Triple bank
holidays
ahead in
Liveipool tended to restrict wheat trading here
wheat Northwest
was
the
and
were
British
July
July
PRICES
conducive
exchange
to
price downturns.
also
was
a
bearish
A
factor,
new
as
low
for
tending to
curtail export demand for wheat from
North America.
the other hand, hot weather advices from
On
Canada attracted
was
the
Trading
72%
When
Made
July
July
July
July
26,1938
26, 1938
29, 1938
29, 1938
94%
75%
74%
93
93%
76%
74%
76%
74%
92%
77%
75%
as
concerns
the
move¬
or no
sentiment
to
appears
28th
was
crop reports.
inst. prices closed
prevail,
light and there
%
influenced
%c.
to
lower.
net
was
nothing of interest in the
market eased in sympathy with the
heaviness
in wheat.
Today prices closed unchanged to %c. lower.
Trading was light and devoid of any particular feature.
The market's undertone was
barely steady.
Open interest
in
corn
38,893,000 bushels.
was
DAILY
CLOSING PRICES
OF
Sat.
\
<
No. 2 yellow
CORN
Mon.
-72%
IN
NEW
Tues.
72
YORK
Wed.
72%
Thurs.
72%
DAILY CLOSING PRICES OF CORN
FUTURES IN
Sat.
September
December
Mon.
58%
57
March
Tues.
56%
55%
72%
CHICAGO
Wed.
57%
55%
Fri.
72%
Thurs.
57%
55
Fri.
57
54%
57
54%
55%
56%
56
May
59
Season's
High and
September
December
March
64
63%
—
.56
May
60%
58%
58
When Made
1
Season's
Mar. 25, 1938'September
13, 19381 December
July
July
July
57%
Low
28, 1938 March
23, 1938)May........
and
56%
When
54%
52%
55%
56%
Made
May 31, 1938
May 31,1938
July 29,1938
July 29, 1938
Oats—On the 23d inst. prices closed
Ac. off.
little of interest in this
market, trading
There
was
being very light with
prices following the downward trend of wheat and corn. On
the 25th inst. prices closed
%c. to I Ac. net lower.
There
was
nothing especially bearish in the news on oats, this
market being influenced almost
entirely by the weakness in
wheat and corn.
On the 26th inst.
prices closed unchanged
and largely of routine
Ac. to Ypc. net
higher. This grain followed the uptrend in wheat, firmness
prevailing throughout most of the oat session. Trading was
to
Yap. down.
character.
more
On
Trading
light
was
On the 27th inst. prices closed
active than usual.
28th
the
inst. prices closed
% to *4c. net lower.
light and of routine character.
Today prices
closed unchanged to %c. higher.
There was very little of
Trading
was
interest
in
this
market.
OF
OATS FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
September
24%
26 %
27%
December
May
...
Season's
High and
September
December
30%
28%
May
28
24%
25%
26%
23%
25%
26%
24%
25%
27%
When Made
Season's Low and
Jan.
10,1938 September
23 %
July 13, 1938 December
24%
July 23, 1938 May
26%
24
24
25%
26%
When
July
July
July
25%
27
Made
27,1938
27, 1938
25, 1938
DAILY CLOSING PRICES OF OATS FUTURES IN
WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
July
39%
34%
December...
37%
33%
32
31
October..
30%
35%
36%
33%
30%
36%
33%
30%
36%
33%
Rye—On the 23d inst. prices closed Ac. down to %c.
up.
Trading was fairly active, with price movement irregular.
On the 25th inst. prices closed
unchanged to Ac- lower.
In view of the weakness in other
grains, the showing of rye
was
regarded as exceptionally good, prices holding firm
through most of the session.
On the 26th inst. prices closed
% to Ac. off.
The down¬
ward trend of wheat values together with bearish
news on
both here and abroad, caused heaviness in rye
values,
being little or no incentive to take the upward side.
On the 27th inst. prices closed
A to Y%c. net higher.
The
response of rye to the upturns in wheat, corn and oats was
fair.
Hedge pressure was in evidence, however, and this
crops
there
acted
On
as some
the 28tb
weakness
in
shadowed
restraint to the upward trend of
prices in rye.
inst. prices closed 1*4 to
l%c. lower.
This
rye
was
pronounced and completely
over¬
the other grain markets.
The sharp declines
attributed to hedge selling and
operations on the part
shorts.
Today prices closed V2c. off to
unchanged.
were
of
September
99,624,000 bushels.
68%
70%
71%
72%
70
71%
72%
The
news.
upturn
was
68
72
and
Fri.
WHEAT IN WINNIPEG
Tues.
Wed.
Thurs.
Fri.
99%
76%
75
anything but bullish
and with little
Bearish
DAILY
an
Open interest in wheat tonight
82%
CHICAGO
Thurs.
67%
70%
67%
69 %
70%.
71%
May
.101%
77%
76%
news
Trading
in securities.
Low
December
March
OF BONDED
July
72%
Season's
Sat. Mon.
notice because of the suggested likelihood
that drought and
conditions there would be aggravated.
A steadying
influence as to wheat values at one
stage came from
rust
71%
72%
September—
of
moisture.
There was talk also
in the United States has been over¬
that wheat production
67%
69%
71%
9,1938
15, 1938
23,1938
23, 1938
DAILY CLOSING PRICES
On the 28th inst.
prices closed unchanged to %c. lower.
Increased selling that was
associated with domestic new
crop movement gave a late downward
trend to Chicago
wheat
values today, more than
canceling earlier gains.
Southwest receipts
today totaled 967 cars against 857 a
week ago.
The primary movement aggregated
2,902,000
bushels versus 2,499,000 at this time
last week.
Prospects
of warm humid weather in
American spring wheat areas
suggested black rust damage.
Canadian advices told of
68
Fri.
82%
IN
Wed.
70
Made
Feb.
June
"DAIEY^CLOSING
Canada.
nearly
When
92%
84%
73%
74%
May—,
a
boundary would be subjected to probable black rust and
grasshopper damage.
Wheat prices on the Chicago Board
received
Season's High and
September
December
March
On
later buying was in¬
by
Tues.
largely by bearish
movement, facilitated the price downturn, but then
purchase
orders developed better volume.
The
measure
Mon.
69%
.
Thurs.
82%
FUTURES
71%
7'2%
73%
.
May
trend.
fell to
fluenced in no small
late wheat in
spring
September
December
83%
YORK
Wed.
Tues.
83%
WHEAT
NEW
export demand, there was
nothing to serve as an incentive for any real demand.
On
the 26th inst.
prices closed %c. off to Yic. up. This market
was steadied
by export business estimated at over a million
bushels. Beneficial rain was
something of an offset, however.
On the 27th inst.
prices closed Ac. off to
3^c. up. Trading
was
relatively light in this grain, with prices irregular in
being especially influenced by big
cars today at
Minneapolis, almost half of it from nearby harvested fields.
Meanwhile, export demand for North American wheat was
of only
inconsequential volume. September delivery of
crop
OF
March
ment of corn,
values
receipts in spring
Mon.
84%
PRICES
Sat.
The
The wheat market trended lower in
strong advancing securities market, the down¬
wheat
Sat.
CLOSING
IN
of export
States
the face of
DAILY
WHEAT
Corn—On the 23d inst.
prices closed %c. to l^C. off.
With bearish crop and weather news
and an utter absence
demand, not to speak of light domestic demand,
corn futures
followed easily the downward trend of wheat
values.
On the 25th inst.
prices closed %c. to l%c. net
lower.
With such bearish
developments in wheat, it was
only natural that corn prices should suffer a
sharp setback.
Serving to force values
18,034,000 bushels in the
visible supply total.
Forecasts of record
world wheat production this
season, together with official
suggestions that this year's exports from the United States
would be smaller than those of
last
weight
OF
No. 2 red
October.
December
On the 25th inst. prices closed
iy to l^gc. net lower.
Breaking nearly 2c. a bushel maximum today, wheat prices
on
the Chicago Board smashed down
to bottom levels
unreached
769
DAILY CLOSING PRICES
discouraging
regarding the amount of
temporarily
by Government loan acceptance.
However, there was
nothing startling to excite outside speculative interest, in
lieu of which
hedging sales predominated and forced the
steady quiet decline.
A press survey of the western Cana¬
dian crop places it at
300,000,000 bushels or more, the
largest in six year's and about 150,000,000 more than last
year, but considerably below recent estimates.
wheat which will be held
new
Chronicle
at the end of
was
light and of
CLOSING
a
PRICES
professional
OF
RYE
Sat.
December
May
49%
51%
or
routine character.
FUTURES
Mon.
48%
50%
52%
Tues.
48
49%
52%
IN
Wed.
48%
49%
52%
CHICAGO
Thurs.
47%
49%
52%
Fri.
46%
48%
51
Financial
770
September
9, 1938
69%
Feb.
December
56%
July
14, 1938
May
53%
July
25, 1938
May
29, 1938
Thurs.
44
46%
-
—
44%
43%
44
43
46% 45%
—43 %
. ——— —
45
45%
45%
44%
follows:
Closing quotations were as
FLOUR
)4.20
Rye flour patents
4.10(
Seminola, bbl., Nos. 1-3..6.40L
Spring oats, high protein.5.50@5.75
Spring patents
4.75(^5.00
Clears, first spring
4.35<©4.60
Soft winter straights
3.70(g>4.10
Hard winter straights
4.45 4.65
Hard winter patents
4.65 4.85
2.30
1.70
Barley goods—
4.00
Coarse
— - -
Corn, New York—
No. 2 yellow all
Milwaukee.......
35%
...
Detroit..-..—..
Barley, New York—
Buffalo......
53
32-52
47% lbs. malting
Chicago, cash
below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
collected by the New York Produce Exchange.
give the receipts at Western lake
for the week ended last Saturday and since
First
....
Duluth
Rye, No. 2 f.o.b. bond N. Y._ 64%
All the statements
from figures
260,000
1,523,000
2,492,000
1,147,000
114,000
3,320,000
—
Minneapolis
Oats, New York—
No. 2 white
72%
rail
we
and river ports
Aug. 1 for each
of the last three years:
Chicago
bush. 32 lbs. bushMlbs. bushASlbs.
bbls.lQQlbs bush. 60 lbs. bush. 56 lbs.
29,000
57,000
858,000
3,194,000
3,456,000
22b,000
—
1,397,000
240,000
Milwaukee
10,000
144,000
29,000
131,000
Toledo
3,000
132.V.00
2,000
654,000
133,000
Louis..
16,000
*13*. 000
6,000
21,000
408,000
30,000
2,000
299,000
194,000
234,000
7,000
"
12,000
56,000
29,000
467,000
395,000
74,000
15,000
7,126,000
3,031,000
137,000
196,000
183.000
Joseph.
59,000
110,000
160,000
304,000
67,000
52,000
48,000
12,000
65,000
77,000
52,000
10,000
54,000
230,000
125,000
11,000
4,000
1,005,000
4,000
95,000
8,210,000
891,000
349,000
97,000
79,000
2,774,000
7,000
172,000
1,438,000
408,000
172,000
737,000
5,000
2,000
115,000
192,000
96,000
59,000
5,000
358,666
457,000
20,000
1,551,000
2,000
3,547,000
31*666
922,000
-----
5,334,000
972,000 2,794,000
5,891,000
920,000 2,650,000
1,242,000
846,000 2,459,000
Note—Bonded grain not included above:
Oats—On Lakes, 91,000 bushels; total,
91,000 bushels, against 130,000 bushels in 1937.
Barley—On Lakes, 306,000 bushels,
total, 306,000 bushels, against 579,000 bushels in 1937,
Wheat—New York, 120,000
bushels; Buffalo, 261,000; Albany, 45,000; Erie, 170,000; on Lakes, 1,624,000; on
Canal, 203,000; total, 2,423,000 bushels, against 5,960,000 bushels in 1937.
Total July
Total July
81,126,000 18,209,000
16, 1938
63,092,000 19,995,000
24, 1937— — 70,094,000
6,322,000
Corn
Oats
Rye
Barley
Bushels
Bushels
Canadian—
Bushels
Bushels
Bushels
449,000
river—seab'd. 4,779,000
Lake, bay,
"l'LOOO
19,000
61,000
185,000
417,000
26,335,000
7,471,000
3,077,000
324,000
742,000
Same wk.'37
341,000
27,713,000
2,832,000
2,498,000
263,000
340,000
Same wk.'36
403,000
23,832,000
4,953,000
6,333,000
575,000
1,745,000
26,018,000 96.239,000
19,534,000 383,068.000 327,485,000 114,225,000
17,941,000 82,146,000
20,119,000 312,821.000 163,452,000 80,515,000
208,586,000 141,568,000 20,979,000 98.055.000
19.209,000 410 718.000
Total receipts of flour and grain at the
the week ended Saturday, July 23, 1938,
563,000
686,000
147,000
1,829,000
3,418,000
3,150,000
926,000
3,382,000
3,619,000
2,961,000
279,000
3,083,000
——81,126,000 18,209,000
19,352,000
— —
5,334,000
3,418,000
972,000
2,794,000
926,000
3,382,000
1938...100,478,000 18,209,000
July 16, 1938-.- 84,734,000 19,995,000
July 24, 1937— 99,331,000
6,322,000
8,752,000
9,041,000
1,898,000
1,696,000
4,203,000
1,125,000
6,176,0OC
6,269,000
5.542,000
elev.
6,794,000
_
Total July 23,
..
1938.... 19,352,000
Total July 16,
1938—-.21,642,000
29,237,000
..
..
..
American
Total
shipment of wheat and corn, as
The world's
Broomhall to the New York Produce
Exports
July 22,
1938
Barley
Rye
18,000
240,000
Baltimore..
19,000
231,000
*4*8*,000
21,000
New Orl'ns*
31,000
78,000
160,000
16,000
864,000
2,000
„
Montreal.
.
Sorel.
"52*066
1,124,000
—
13*666
Halifax.—.
428,009
5,000
17.000
2,826,000
3,144,000
370,000
57,350,000
61,132,000
3,242,000
216,000
1938
3.931,000
770,000
73,000
96,000
48,000
41,168,000
23 340,000
2 922,000
2,463.000
7°2.000
1937.
Week
450,000
55,000
302,000
7,767,000
Tot. wk. '38
Since Jan. 1
2.197,000 10,202,000
Since Jan. 1
1937
*
on
7,804 000
,
Receipts do not include
grain passing through New Orleans
for foreign ports
through bills of lading.
for the week
the annexed
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
9,509,000
6,494,000
424,000
3,056,000
3,080,000
200,000
1,280,000
1,584,000
977,000
3,043,000
4,316,000
27,134.000
7.660.000
26.987.000
35.154,000
11.225.000
Total...
Loans
Albany
62,000
447,000
Philadelphia
37,000
------
"
i~66o
Texas City
624,000
..
New Orleans.
"5",000
1,27*0*,000
100,000
Sorel...........
626,000
"7",000
1,124,000
620* 000
"52",000
32*. 000
504",000
■
1,567*666
Galveston
Montreal
.
Halifax
Three
21,666
4*28,666
32*.666
"1*7,666
5,178,000 3,962,000
Total week 1938..
Same week
192*000
5,000
„.i
Rivers
99,225
192,000
32,000
471.000
36.000
98,810
9,000
81,000
46.000
2.807,000
1937....
The destination of these exports
July 1, 1938, is
for the week and since
moisture; the
Bushels
2,327
7,526,655
1,035,066
-.26,087,701
25,661
3,687,150
Illinois
Iowa
Week
Since
July 23,
July 1,
Week
Since
July 23,
1938
July 1,
1938
1938
1938
1938
1938
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
July
23.
July
1,
40,910
105,960
2,538,000
5,165,000 2,068,000
19,815
2,640,000
5,374.000 1,834,000
So. & Cent. Amer.
10,500
35,424
32,500
West Indies......
24,500
76,500
Brit. No. Am. Col.
2,000
1,500
3,000
Total 1938
99,225
Total 1937
98.810
259,794
385,309
4,940,000
5,739,000
1,000
12,000
•
Other countries...
which loans
Bushels
1,438,023
3,474,319
99,612
1,218,272
4,203
State—
Missouri
Nebraska
Ohio
South
Dakota-
...
Wisconsin
tinuous rainfall
over
the northeastern and
southern parts of the country
New England southward to Georgia and Florida
New Mexico.
Over the eastern United
States and north Atlantic Ocean there was little or no progression of air
masses, with a general stagnant condition prevailing.
An extensive "high"
loitered over the north Atlantic Ocean with relatively low pressure to the
in
a
belt extending from
and westward to Texas and eastern
westward.
resulted in
This pressure
a
distribution and general stagnant
air condition
practically continuous flow of moist southerly winds over the
by persistent rainfall day after day.
However,
confined to a comparatively narrow land belt
States, attended
unusual rainfall was
Appalachian Mountains eastward to
the ocean and in the South,
Cotton Belt.
geographic distribution of rainfall for the week as a whole in¬
dicates light to moderate falls rather generally over the country, except
in the persistently wet eastern and southern areas where the weekly totals
ranged mostly from around 2 inches to 8 inches, or more, locally.
In the
wet areas some of the heaviest falls reported were as follows; Boston, Mass.,
The
Since
and Since
Kingdom.
determined
Weather Report for the Week Ended July 27—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended July 27, follows:
The outstanding feature of the week's weather was the practically con¬
extending westward over the
Week
July 1 to—•
Continent
Aggregated
amount loaned per bushel
thus far has been .4849 cents.
Figures showing the number of bushels on
made, by States, are given below:
the
Exports for Week
United
21
have been
from the
Corn
Wheal
Flour
July
Through
average
manner
Eastern
below:
as
CCC
44,598,989
Bushels—The Commodity
Credit Corporation announced on July 22 that "Advices of
Corn Loans" received by it through July 21, 1938, showed
loans disbursed by the Corporation and held by lending
agencies on 44,598,989 bushels of corn.
Such loans aggre¬
gated $21,624,283.68, based on a loan rate of 50 cents per
bushel of 2Y2 cubic feet of ear corn testing up to 14^%
Minnesota
1,571*, 606
Houston
40.970.000
of
on
Kansas
34,225
Baltimore
15,477,000
$21,624,284
Indiana
495,000
28,994,000
2,091,000
.
India.....
State—
Corn
61,000
10,537,000
Australia
Colore! ao_
Wheat
New York.
1,837,000
2,992,000
3,364,000
statement:
Exports from—
25,000
539,000
7,001,000
in this
The exports from the several seaboard ports
ended Saturday, July 23, 1938, are shown in
12,868,000
4,656,000
Corn
5*04*, 000
*32*666
Three Rlvs.
7,000
3,666,000
1,264.000
1,213,000
"V, 000
5,000
Boston..
Bushels
1,
1937
Argentina.
countries
32,000
July
Bushels
Bushels
Bushels
Since
July 1,
1938
22,
1938
Other
i"666
1,270.000
2,000
July
1,
1937
Bushels
6,033,000
"
192,000
620,000
100,000
.....
July
1,
1938
10,676,000
1,936,000
No. Amer.
Black Sea.
24,000
Galveston-
July
Since
Week
Since
follow:
bush.56lbs. bushASlbs.
bbls.mibs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs.
22.000
119,000
538 000
157,000
158,000
Philadelphia
Corn
Wheat
Since
Week
furnished by
Exchange, for the week
July 1, 1938, and July 1, 1937, are
ended July 22, and since
shown in the following:
Bushels
New York..
776,000
Summary-
seaboard ports for
Oats
Corn
Wheal
Flour
Receipts at-
867,000
653,000
Other Can. & other
18,000
483,000
Tot. wk. '38
3,921,000
1935.....
216,000
2,316,000
7,779,000
Ft. William & Pt. Arthur-
Total
271,000
Sioux City.
1936--.-.
153,000
246,000
Total July 23,
604,000
1937
3,000
106,000
Total July 23, 1938
Canadian
71,000
115* 000
727,000
Wichita..-
Since \ug. 1
11,000
448,000
103,000
Buffalo
*3*2*666
119*666
2,000
856,000
afloat
On Canal.....—-------
3,000
Kansas City
St.
1,000
31,000
214,000
Peoria
Omaha
1,000
4,000
1,000
71,000
Total July 24, 1937
2,047,000
Indianapolis
St.
153,000
612,000
316,000
15,000
_
183,000
1,047,000
565,000
Duluth
39,000
299,000
357,000
898,000
1,829,000
Minneapolis
4,000
14,000
Wheat
Barley
Rye
Oats
Corn
Wheat
Flour
Receipts at-
Bushels
Bushels
5,000
31,000
179,000
afloat...-..-..--
pearl,Nos.2.4&7.5.00@5.25
tGRAINi
No. 2 red, c.i.f., domestic... 82%
Manitoba No. 1, f.o.b. N. Y_ 100%
Bushels
283,000
—------
On Lakes
York—T
Yvneat, New
Philadelphia
-■*464.000
Baltimore...——732,000
New Orleans
12,000
Galveston.---.
1,426,000
Fort Worth
8,740,000
Wichita
2,558,000
Hutchinson-—
6,014,000
St. Joseph
3,014,000
Kansas City
.....25,977,000
Omaha
3,289,000
Sioux City
-535,000
St. Louis...
4,922,000
Indianapolis
1,258,000
Peoria.-.--—--—
270,000
Chicago
-.11,985,000
"
Fancy
Bushels
—
Corn flour
4.45
clears...;—4.20
Hard winter
good
Oats
Oats
58,000
New York..
"
afloat.
Barley
Rye
Corn
Bushels
39,000
follows:
STOCKS
GRAIN
Wheat
United States—
44%
44%
accumulation at lake and
seaboard ports Saturday, July 23, were as
Fri.
—
48% 47
47% 47% 47%
49% 48
48% 48% 48
PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
DAILY CLOSING
October
December
July
stocks in
comprising the
supply of grain,
at principal points of
granary
IN WINNIPEG
45%
50%
51
—
December
July
29, 1938
Wdd.
Tues.
Mon.
Sat.
July
October
29, 1938
July
visible
The
Made
July
46
47%
50
—
December
PRICES OF RYE FUTURES
DAILY CLOSING
When
and
Low
Season's
When Made
High and
Season's
September
July 30, 1938
Chronicle
6*0",000
5,178,000
2.807.000
4.8; New York, N.
Y., 4.3; Trenton, N. J.f
Philadelphia, Pa., 5.1; Richmond, Va., 5.6; Lynchburg, Va., 5.0;
Clinton, N. C., 6.0; Wilmington, N.C., 8.2; Columbia, S. C., 7.6; Athens,
6.2;
9.7, and Llano, Tex., 10.2
Ga., 7.7; Thomasville, Ala.,
inches.
Valley, just west of the rain belt, the week was practically
Light to moderate rainfall was widely distributed over the Great
Plains and some heavy amounts were reported in the southern Rocky
Mountain section.
West of the Rocky Mountains there was little or no
In the Ohio
2,000
6,410
6.7 inches; New Haven, Conn.,
*6*0*.000
10.553,000 3.962,000 10,740,000
52.000
36,000
8.551,000
rainless.
rain,
except
Arizona.
for locally heavy
-
,
amounts in southern
Utah and northern
Volume
The
147
Financial
temperatures
averaged below normal in most sections east of the
Rocky Mountains, althougn in parts of the Northeast and locally in the
interior somewhat
Southeast and
a
more than normal warmth
prevailed.
In parts of the
considerable southwestern area the
weekly mean tempera¬
tures were from 4
deg.to as much as 8 deg. below normal.
On the other
hand, the interior of the far Northwest Had an
abnormally warm week,
averaging from 6 to 11 deg. above normal temperature, with frequent
maximum readings of 100 deg. or
higher.
In contrast, freezing weather
was reported from some
extreme western valleys of
Wyoming.
In eastern and southern sections of the
country, more or less crop dam¬
age resulted from the unusual rains, but
heavy loss was confined mostly
to local areas where excessive falls
occurred.
Damage by washing or
flooding, and also to small bridges, was reported here and there, in the
southern half of New England, southeastern New
York, southeastern
Pennsylvania, New Jersey, Maryland, and more locally from Virginia
southward, with rivers flooded rather heavily in eastern North Carolina.
In the South, material damage was also of a
local character as a general
rule.
On the other hand, the increased
moisture was beneficial in many
areas, including much of Texas, and parts of the Atlantic Coast States
where rainfall previously had been rather
scanty.
In other sections of the
country, most States
reported a continuation of
fairly favorable weather, although moisture is needed somewhat more
extensively than at the end of last week.
A good general rain would be
helpful over the central and northern Plains and is
urgently needed in
west-central and south-central Iowa.
Also, a continuation of hot, dry
weather in the far Northwest has further
aggravated the forest-fire situa¬
tion and there are some reports of
grain fires; cooler weather and rain are
urgently needed in this area.
Precipitation of the week, on the other hand,
was
decidedly helpful in much of the Southwest, including most of Texas,
New Mexico, and much of Arizona.
Farm work made generally
good progress except in the persistently wet
eastern
winter
wheat
is
Corn—The corn crop is now rather generally in its most critical stage
widely tasseling and silking, with the need for moisture
becoming rather more extensive in much of the western part of the belt.
East of the Mississippi River development continues
mostly good to ex¬
cellent, although only fair in a few sections, such as parts of Illinois, where
further rains will be needed within a few days.
In Missouri development is mostly good to excellent and is
mostly
favorable from Kansas southward, although rain is needed in a few localities;
of development,
Texas moisture of the week
favorable for late corn.
In Nebraska
to maintain its present good condition, while
was
the crop must have rain
to the northward growth continues
mostly good to excellent, while satis¬
factory condition continues in Wisconsin and Minnesota.
In Iowa un¬
favorable dryness is reported from west-central and southwestern counties
where desiccating winds the latter part of the week rolled the leaves and
caused local bottom firing; some silks have been seared; the bulk of the corn
is in silking stage.
to
crop
a
cool,
week.
While rainfall was heavy over the eastern and much of the
central portion of the belt it was lighter over the northwest and much of
the west.
Except in the central-north, the week was decidedly unfavor¬
wet
over
the
eastern
two-thirds
of
the
belt, but rather favorable
over
most of the western third.
In Texas
damage by heavy rains was of a more or less local character,
and for the State, as a whole, the moisture condition is improved as con¬
siderable areas had been too dry.
In most of the State plants are grow¬
ing nicely and opening well northward.
In Oklahoma, also, progress and
condition of the crop were mostly good, with much blooming reported.
In the central States of the belt the weather was rather favorable in
the north, including central and western Tennessee and much of Arkansas.
In southern sections, however, there was too much rain and
cloudy weather,
which promoted stalk growth at the expense of fruit and favored weevil
Also in the eastern belt from Georgia northward conditions
activity.
were generally unfavorable for the same reason.
Some shedding was re¬
ported and the week was decidedly favorable for weevil activity.
Miscellaneous—Too much rain was unfavorable for miscellaneous crops
most sections from Alabama eastward and
northeastward, with con¬
siderable damage reported to potatoes, tobacco, and tomatoes, and serious
interruption to harvesting and cultivation.
In most of Tennessee and
in
Kentucky, and in Indiana and Wisconsin, tobacco made good growth,
topping well along in northern sections.
Minor crops suffered hail
damage in portions of the Lake region and rain is badly needed in much
with
of the Plains States and the far West.
Considerable pest damage is noted
in the Northwest, but in most sections from the Mississippi River west¬
ward, truck, fruits, and miscellaneous crops made good advance.
While rains in eastern sections caused some danage to cut hay, the
week generally favored pastures in this area.
Rain is needed badly for
ranges and meadows in most Plains States and in much of the far West,
where weather generally favored haying.
Livestock are in generally good
condition with mostly ample feed, but pastures are failing in Iowa, where
livestock deteriorated during the week.
The Weather Bureau
furnished
the
following
resume
greatly improved; mostly in good condi¬
practically thade.
Some local rain damage to cotton, but pro¬
improved; plants growing nicely and bolls opening well
about
extreme
extreme south ideal for picking and
ginning
done; picking expanding in south.
Ranges in
dry; elsewhere good.
Cattle mostly good.
Rice
two-thirds
south
very
made excellent progress; some
early being harvested.
Oklahoma—Oklahoma City: Normal warmth; local rains.
Consider¬
able fall plowing done, but too
dry locally.
Grain threshing nearly done.
Progress and condition of cotton good, much
blooming; moderately fa¬
vorable for weevil in several central counties.
Progress and condition of
corn good, but rain needed
many localities.
Much good hay harvested.
Livestock good.
Minor crops mostly satisfactory, but rain would
help#
Arkansas—Little Rock: Progress of cotton very good
generally due to
favorable weather; bolls setting
rapidly; moderately favorable for weevil
activity locally, due to cloudy, showery weather; condition fair to
fairly
good.
Condition of early corn poor to good; much
nearly matured; progress
of late corn
mostly fair to excellent.
Other crops favored, except too
dry
in extreme north.
Tennessee—Nashville: Progress and condition of
damage by rains on eastern lowlands.
Winter
aged by rains.
mostly good.
east.
Georgia—Atlanta: Too cool, with excessive rains in north; normal warmth
Conditions favorable for weevil activity
sections; cotton growth too stalky; considerable shedding in south.
General progress of corn fair, but poor or deteriorated in low places.
Un¬
favorable for late tobacco and peach harvest.
Sweet potatoes and peanuts
good growth.
Too wet for most truck crops.
and substantial rains in south.
most
Florida—Jacksonville:
Normal
warmth;
heavy
Condition
rains.
and
oils forming.
Erogress of cotton fairly good; moderately favorable for weevil activity;
Corn good; harvest about over. Sweet potatoes good growth,
early being dug.
Truck scarce; seed beds being prepared in south.
Citrus groves improved, fair set of fruit.
Alabama—Montgomery: Cool; heavy rains; little Sunshine.
Fields
becoming grassy.
Some local washing and flood damage.
Progress and
growth of cotton fairly good; weevil activity favored most sections. Con¬
condition still good; about normal advance; moderate rain damage,
good, although
wheat in fields dam¬
Progress of cotton good, except fair in southeast; condition
Condition and progress of tobacco
good, except too wet in
Hay rank; needs dry weather.
Truck and vegetables plentiful.
THE DRY GOODS TRADE
New York,
seasonal
influences
Friday Night, July 29, 1938
served
to
retard
the
flow
retail
trade, more favorable weather conditions were
helpful factor,^ although not of sufficient force to prevent
of
a
a
moderate increase in the loss of volume
compared with last
year.
The call for travel and vacation items maintained
its recent pace, but interest in other
divisions continued at
low ebb.
Department stores sales the country over, for
the week ended July
16, according to the Federal Reserve
Board, decreased 8% from the corresponding week of 1937.
For
the
New
New York
York
reported
a
the Federal Reserve Bank of
decline of 6.4%, while Newark stores
area,
registered a loss of 9.7%.
Trading in the wholesale dry goods markets remained
fairly active as large numbers of store representatives visited
the buying centers.
While the covering of nearby
require¬
ments proceeded at a
quickening pace, it was noted that
both
retailers
and
wholesalers continued their cautious
with regard to entering into
major forward com¬
mitments.
Prices were well maintained, and
attitude
were
predictions
again made to the effect the the present reluctance of
buyers may easily result in later delivery difficulties.
A very
good call existed for staple items such as towels, sheets and
pillowcases.
Business in silk goods again gave a
satisfactory
account, with interest in printed fabrics for spring
showing
a
fair increase.
Trading in rayon
yarns
as
large
continued
very
notably of weaving yarns, added to
commitments on an important scale,
resulting in a
further marked reduction of
surplus yarn stocks in the hands
of producers.
Late in the week one leading producer
advanced prices for viscose
yarns 2 to 3c. a pound.
users,
their
Domestic
Cotton
Goods—Trading in the gray cloths
quiet throughout the week, although prices
steady, reflecting the sharp decline in second-hand
offerings.
While the position of most of the mills remains
sound with substantial backlogs of orders on
hand, no
immediate resumption of a broader buying movement is
anticipated, pending the release of the Government crop
report early in August, or a pronounced revival in the move¬
ment of finished goods.
A feature of the market was the
growing scarcity of a number of constructions for prompt
delivery.
Business in fine goods continued in its previous
desultory fashion, with purchases confined to occasional
fill-in lots.
Sustained interest prevailed in spun
rayon
challis, and there were indications of increased activity
in lining twills.
Pigment taffetas continued to move in
fair volhme.
Closing prices in print cloths were as follows:
39-inch 80s, 6M to 6%c.; 39-inch 72-76s,
6^ to 6%c.;
39-inch 68-72s, 53d> to 5^c.; 383^-inch 64-60s,
4%c.; 3824inch 60-48s, 4Kc.
markets
was
held
a
North Carolina—Raleigh: Daily heavy to excessive local rains.
Rivers
flooding rather heavily; considerable crop damage in central and east.
Growth of corn and some other crops good, especially in west.
Work
hindered or delayed.
Too much rain for tobacco.
Progress of cotton poor
to fair; moderately favorable for weevil activity.
corn
some
of
conditions in the different States:
corn
northward; conditions in
which
active
Cotton—Much of the greater portion of the Cotton Belt had
some
tion;
Late
spects mostly much
While
Grains—Combining
practically finished in
Kansas where threashing shocked grain is
general.
Harvesting is nearly
done in Nebraska and is largely
completed in Missouri, Iowa, Illinois, the
Dakotas, and to eastward.
Threshing is about half done in Nebraska and
is general in eastern and southern South
Dakota, Iowa, and mere other
States of the belt.
Yields generally vary from poor to very good, but in
Iowa yield, weight, and quality are
poorer than last year.
In most west¬
ern sections
weather generally favored
harvesting, although some delay
was caused by rain.
Excessive heat was unfavorable in portions of the
Northwest.
Threshing is nearly completed in southern sections where
plowing was accomplished during the week.
Good progress was made in
harvesting and threshing oats, barley, and
rye, with variable yeidls reported.
Considerable rust and insect damage
is noted in northern portions of the Great
Plains, and some lodging oc¬
curred locally in the Lake region.
Oats are turning northward to north¬
ern Wisconsin, with harvest well under
way generally.
Protracted rainy
weather was unfavorable in several Eastern
States, with harvesting and
threshing delayed by rain; there were numerous complaints of sprouting
in shock.
Late rice was helped by rains in Louisiana, but wet fields de¬
layed cutting the early crop; some rice was harvested in Texas.
able
771
before rains started.
and southern sections.
Small
In
Chronicle
Woolen Goods—Trading in men's wear fabrics assumed
somewhat spottier character.
While the demand for
fancy goods broadened perceptibly, other types of fabrics
neglected.
Prices held steady, however, and scat¬
tered markups on worsted suitings ranging from 2^ to 7Kc.
a yard were announced, reflecting the
improved sentiment
caused by the absorption of clothing surplus stocks through
the Works Progress Administration buying program.
Re¬
ports from retail clothing centers gave a fairly satisfactory
account, although adverse weather conditions served to
were
hold down the volume of sales.
Business in women's
wear
goods, while not as active as heretofore, nevertheless made
a fairly good showing, with boucles and tweeds
again com¬
manding chief attention.
Prices were firm, and individual
advances of 5c. a yard on certain types of goods were an¬
nounced during the week.
ut
dition and progress of corn,
slight rain damage.
peanuts, and truck good.
Vegetables good;
Pastures good.
Mississippi—Vicksburg:
Progress
of cotton generally fair, with fre¬
quent rains inducing plant growth and retarding fruiting; very favorable
for weevil.
Condition and progress of corn mostly good; some early
planted blown down.
Uplands eroded locally.
Progress of gardens, truck,
and pastures generally good.
Louisiana—New
heavy rains.
Orleans: Normal
warmth; frequent light to locally
Condition of cotton generally good, but progress only fair;
too much rain causig
rank growth and moderate shedding in many areas;
Most other crops helped by rains, especially
favorable for weevil activity.
late corn and rice, but wet fields delayed cutting early rice.
Texas—Houston:
Cool
in
north
and
about
normal
elsewhere; drought
continued in extreme south; light to locally heavy rains in Panhandle and
extreme
a* j
northeast, and heavy to excessive elsewhere.
Farm work mostly
*andstill, but winter wheat, oat, and minor grain harvests nearly over
Foreign Dry Goods—Trading in linens received some
impetus through the local Domestics and Linen Show,
although the volume of sales remained materially below last
year's event.
While an early seasonal upturn in activities
is looked for, no decided revival appears likely until after
the conclusion of the pending Anglo-American trade agree¬
ment conferences.
Business in burlap continued quiet but
prices ruled steady, reflecting the firmness of the Calcutta
market, where reports of damage to the jute crop, and
better prospects of a production curtailment agreement,
acted as a strengthening influence.
Domestically light¬
weights were quoted at 3.75c., heavies at 5.00c.
Financial
State and
Chronicle
July 30,
193&
City Department
Municipal Finance Officers to Hold Annual Con¬
ference—Problems in municipal finance ranging from budgets
to retirement
Specialists in
systems, will be discussed in St. Paul, Minn.,
Aug. 15 to 18 at the 33rd annual conference of the Municipal
Finance Officers Association of the United States and Canada.
Illinois & Missouri Bonds
In addition to some 15 topics for round table discussion, the conference
will include six general sessions featuring talks by outstanding
public officials and authorities in the field of municipal finance.
Governor
Elmer A. Benson of Minnesota and Mayor William H. Fallon of St. Paul
will deliver the welcoming addresses.
Also appearing at the opening ses¬
sion will be A. C. Meyers, budget director of St. Lous, Mo., and President
of the Association.
The conference will pass one entire session discussing a committee report
advising finance officers how to balance their municipal activities with
available revenues.
Another general session will feature a report on
"Schools As Part of Government," with suggestions for the financial ad¬
ministration of school systems.
Both reports will be made on the basis of
extensive studies conducted throughout the last year.
Other topics on the program include: How to get lower interest on munici¬
pal bonds; how to develop and carry out long term financial programs;
assessment practices; public purchasing; administration of retirement sys¬
tems, and practical accounting for small cities.
Frederick L. Bird, head
of the municipal service department of Dun and Bradstreet, will address
the conference on the basis for municipal credit.
Among the other prominent speakers on the program are Simeon E.
Leland, President of the National Tax Association; Albert W. Noonan,
Executive Director of the National Association of Assessing Officers;
Joseph Nicholson, Purchasing Agent of Milwaukee and President of the
National Association of Purchasing Agents; and Professor J. H. Kerwin
of the University of Chicago, author of the school administration report.
program
STIFEL, NICOLAUS & CO.,
105 W. Adams St.
CHICAGO
WIRE
PUBLIC
Accord
WORKS
Reached with
Inc.
314 N.
DIRECT
ST.
Broadway
LOUIS
ADMINISTRATION
RFC for Aid in
Financing of Large
Recovery Projects—The PWA pump-priming funds have been
augmented by agreement with the Reconstruction Finance
Corporation to make advances to local public bodies for aid
the
in
of
construction
approved
projects,
according
to
Washington press advices on July 28.
The estimated cost of construction of projects approved by the President
and
provided for in the allocations of PWA Administrator Ickes neared the
mark with the allotment of $17,823,172 for 155 additional non-
billion
projects raising the total cost of the construction program to
$953,785,199.
The RFC joined forces with the PWA in pumping Federal funds into
the industrial stream when an agreement was reached between Adminis¬
trator Ickes and Chairman Jesse Jones for the RFC to make loans from its
$1,500,000,000 fund on big projects receiving grants from PWA's $950,000,000 appropriation.
Administrator Ickes said that the effect of this arrangement will oe to
expand the PWA program to provide an additional $250,000,000 worth of
construction.
This is made possible by the fact that the PWA will not be
called upon to make loans as well as grants for the projects but the loans
will be made by the RFC.
Federal
This would increase the total estimated cost of construction for the whole
program to $l,9i/,doO,uOO.
The current ceiling on construction
from the PWA loans and grants alone is $1,667,000,000.
resulting
New York
City—Comptroller Warns of Impending Budgetary
budgetary crisis" was predicted on July 24
by Comptroller Joseph D. McGoldrick in a message to the
Board of Estimate which revealed that mandatory increases
in appropriations would "inflate" the 1939-1940 budget to
$617,492,456.
This total, he disclosed, would be
$27,752,604 in excess ot the constitutional tax limit imposed by
the State on the amount the city may raise by the real
estate levy.
Crisis—A "serious
The bulk of the increases in 94 separate budget items, the Comptroller
said,
was
due to annual increments paid civil service employees, increased
to the pension systems, and additional operating costs of
of essential new projects" either constructed or under
contributions
"a
vast
number
construction.
some
Among the large increases listed are: Debt service and tax reserve, $4,731,034; Fire Department, $4,516,000; pension funds, $4,455,266; educa¬
education, $3,641,546; miscellaneous, $3,365,638; Health,
Hospitals and Sanitation, $2,833,340; Parks, $1,710,000; Water Supply,
Gas and Electricity, $1,094,000, and Board of Elections, $766,300.
"I therefore earnestly urge each member of the Board to explore the
situation thoroughly," Mr. McGoldrick's message declared.
"A solution
must be found.
It is apparent that in paring down this projected deficit
cuts cannot be made in the personal service schedules, for salaries and
wages paid by the city are not luxuries.
Savings must be effectuated by
other methods to combat the upward tendency which has placed the city
Jones in view of the nature
in this critical situation."
It is not contemplated that the RFC shall make loans on all future
applications but would be expected* to aid in getting the large projects
started.
His organization still has a considerable amount left for loans,
he said.
To date the PWA has made only $36,000,000 in loans while
grants have totaled in excess of $500,000,000.
The loan figure is regarded
as exceedingly low in comparison to the total program and was attributed
by PWA officials to the fact that communities generally can obtain money at
rates lower than from the PWA.
The PWA charges 4% interest on its
loans.
Although interest on RFC loans runs around the 4% level also, there is
likelihood, it is said, that the charge might be reduced by Chairman
of the loans.
In the case of self-liquidating
types of projects, it would conceivably be good business for the RFC to
make a loan at a low rate since 45%of the cost of the project is being pro¬
vided in a form of a grant by the Government.
The arrangement between the PWA and the RFC is believed designed
argely to make possible the construction of three large prQjects which have
been submitted to the PWA for approval and are still under consideration
by the engineer division.
These are:
1. The proposed $70,000,000 tunnel in New York City linking the south¬
ern tip of Manhattan Island with Brooklyn.
2. A $60,000,000 "all-weather" highway across Pennsylvania.
3. A $60,000,000 subway under Chicago's downtown area.
News Items
Georgia—Homestead
Exemption Ruled not Applicable to
Future School Bond Issues—The
of
Supreme Court of the State
Georgia has ruled that Georgia's $2,000 homestead
ex¬
emption of assessment from ad valorem taxation does not
apply to future issues of school district bonds.
in school districts will be
Property
subject to taxation for debt
pur¬
without reference to the homestead exemption, the
poses
ruled
court
in
a
decision.
recent
However, the $300
exemption for personal property will apply against
future
debts,
according
to
court's
decision.
The
such
home¬
exemption
was
approved by
an
amendment to the
Georgia constitution in 1937, but became effective for the
first time in 1938.
In the case at issue
school
district
a
taxpayer had brought suit to halt an issue of pro¬
bonds.
He
contended
that
the
effect
of
the
ex¬
emption had been to reduce the assessed valuation of the district to the
{Joint thatof 7% bond issue would exceed the Georgia constitutional debt
the of assessed valuation. The court, in ruling that the home¬
imitation
stead
exemption would not apply to future issues, pointed out that the
question of application to debts in existence before the limitation was
passed had not been an issue of the case.
Local lawyers, however, state
that the case in question would act as a precedent in the event that an
attempt should be made to have the exemption applied to previous debts.
Massachusetts—Changes in List of Legal Investments—
following bulletin (No. 1), issued as of July 26 by the
Banking Commissioner, shows the first revisions in the
most recent list of investments considered
legal for savings
banks in this State, which was published in its
entirety in
our issue of
July 23—V. 147, p. 600:
The
State
ADDED
TO
THE
LIST
OF JULY
1,
1938
Municipal Bonds and Notes—
As of July 15, 1938, Town of Derry, N. H.
Telephone Company Bonds—
As of July 19, 1938, Southwestern Bell
series O, 3s, 1968.
Telephone Co; 1st & ref. mtge.,
Public Utilities——
Asof July 25, 1938, Rochester Gas & Electric
Corp. gen. mtge., series I,
3
/2
Stressing the fact that his estimates covered only minimum increases,
Comptroller said that the budget might rise even further due to the
Fair, which might add to the budget of the
An upward
Departments of Police, Hospitals, Health and Sanitation.
trend might affect the prevailing rates of wages paid to skilled mechanics
or the cost of supplies and materials used by the city, he said.
Changes
in certain civil service classifications, he added, might place some em¬
ployees in the graded service, thus bringing them into the scope of the
Annual Increments Act. Additional mandatory legislation might also add
to the city's difficulties.
The fiscal year specified by the message is the first to be established
under the new charter and will extend from July 1, 1939 to June 30, 1940.
In addition to the current budget for 1938, the Board of Estimate has al¬
ready approved a transition budget for the first six months of 1939.
In
accordance with the intent of the new charter, the Comptroller stated that
since he assumed office in January he has sought "to lay a statistical ground¬
work on which to construct sound financial planning for the future."
The
current analysis, the message said, does not indicate the needs for expansion
in various departments but merely shows the minimum of expense the city
will be obligated to pay.
It totals $27,511,880 more than the budget for
the
influx of visitors to the World's
1938 which aggregates $589,980,576.
"That the Board was not appraised of this threatening situation long
before now is a most regrettable circumstance, since earlier knowledge might
easily have made it possible to avert certain of the contributing factors,"
Comptroller McGoldrick declared.
"Available figures presented with a
clear interpretation would have crustallized public opinion against much of
the mandatory legislation which has added about $48,000,000 since 1934.
"I do not wish to argue the merits of the individual legislative acts, for
with some, such as the general salary restoration, I am in complete sym¬
pathy.
It is the principle of legislative mandate over the budget which
is
widely deplored by administrators, who, no less than legislators, are
Because of these mandatory regulations, the pro¬
of economy pursued by this administration is all the more to be
elected by the people.
gram
sought.
stead
posed
tion and higher
®
♦
19671
As of July 25, 1938, Central Illinois Light Co. 1st A consol.
mtge. 3^s,
1966.
REMOVED
FROM
THE
LIST
vital today than it has been since this adminis
the current study indicates that in all likelihood
be at least $617,492,456.
The significance of
this total is not its size but the fact that it is $27,752,604 more than the
State Constitution permits the city to raise by the real estate tax under the
2 % constitutional limitation
The Comptroller estimated
that the assessed valuation of taxable real
This
predicated upon the maintaining of present assessed valuations
which for 1938 total $16,650,297,794, plus $75,000,000 estimated for in¬
creases
due to new buildings and improvements to existing buildings.
General fund revenues will sink from $124,098,396 for the current year to
$117,220,000 during 1939-1940, he said.
Mr. McGoldrick also revealed that the city's current budget of $589,980,576 is actually within $220,637 of the constitutional limitation.
"A $617,000,000 budget, however, is no novelty," the message declared.
"In the year 1931, the budget rose to $620,840,183 and in 1932 it reached
the all-time high of $631,366,297.
The administration which governed
New York in those days was nevertheless untroubled by the problem which
confromts us now, for the assessed valuation of taxable real estate in 1931
was
$19,162,517,014 and in 1932 was $19,977,095,815.
"This amount sufficed to keep the city well within its tax limit and at the
same time to finance a top-heavy budget.
Since 1932, however, assessed
valuations have dropped about $3,000,000,000.
From the expense budget
the present administration has eliminated many millions of luxury dollars
and necessarily so, for if economies had not been made to offset mandatory
increases, the budget for 1939-1940 might have approximated $700,000,000."
Despite the seriousness of the situation, it will not threaten the city's,
credit, according to the Comptroller.
The credit collapse of 1933 was
property for the period under discussion would total $16,725,297,794.
he said was
occasioned
by a large amount of uncollected taxes "which had pyramided
during the depression," the message declared, as well as by "excessive
obligations which were then awaiting refunding.
"Neither of these conditions obtains today," it stated, "nor can they
reach so acute a point under the provisions of the new charter."
amounts" of 6hort-term
New York
State—Realty Increases $75,062,843 in Value-—
$75,062,843 in the 1938 assessed valuation of
An increase of
Public Utilities
As of July 14, 1938, Potomac Electric Power Co. 1st
mtge., 3 Ms,
"Such economy is more
tration assumed office, for
the 1939-1940 budget will
1966.
New York's taxable real property over a year ago was an-
Volume
nounced
147
Financial
July 24 by Mark Graves, State Tax Com¬
in releasing the 1938 State equalization table,
which is based upon 1937 assessed valuations.
He placed
623,867,926,
as
estate values
which
assessed valuation throughout the State at $25,compared witn $25,548,805,033 in 1937, and said real
dropped $4,642,300,822 in five years after 1932 "are
of
tae
city
$8,194,482,439.
at
The
complete figures
on
these
are:
Valuation
County—
Bronx
Kings
-
New York.
Queens
Richmond
Valuation
$1,938,546,942
3,953,668,426
8,194,482,439
2,263,879,714
299,720,273
$1,923,709,614
3,939,292,859
8,252,020,105
2,186,323,584
298,349,032
Commissioner Graves reported tne 1938 average rate of assessment as
85.1% (of full value), an increase of 0.7 of 1%.
Allegany and Tioga
counties, with a rate of 99%, led all others, while Sullivan's 35% was lowest.
Counties assessing above the 85.1% of full value include The Bronx, 91;
Cayuga, 95; Kings, 92; Livingston, 91; New York, 92; Orleans, 94; Tioga,
99; Tompkins, 94, and Wyoming, 87.
Rates in four counties are under
50%—Ulster, 49; Suffolk, 48; Clinton, 41, and Sullivan, 35.
Twenty-nine counties, Commissioner Graves said, nave received new
and nigher assessing ratios.
hereafter on these percentages of tneir real property
full valuation:
Albany, 83; Cattaraugus, 68; Chautauqua, 77; Columbia,
61; Cortland, 81; Delaware, 79; Essex, 58; Franklin, 68; Genesee, 80;
Hamilton, 54; Herkimer, 77; Lewis, 73; Livingston, 91; Monroe, 85; Mont¬
gomery, 60; Nassau, 74; Niagara, 80; Oneida, 72; Orleans, 94; Putnam, 63;
Saratoga, 62; Steuben, 68; Suffolk, 48; Tompkins, 94; Warren, 88; Wayne,
81; Westchester, 84; Wyoming, 87, and Yates, 67.
assess
Savings Banks Favor Bond Debt Limit for Municipalities—
Banks Association of the State of New York,
through its President, Andrew Mills, Jr., who is also President
of the Dry Dock Savings Institution, New York City, has
officially indorsed the principles embodies in the proposed
constitutional amendment reported by the committee on
counties and towns, on cities, on villages and on State
finances.
This amendment would impose a limitation of
bonded indebtedness for each county, city, town or village
in the State, and its purpose is to eliminate excessive taxation
on real property in many of the communities of the State.
The Savings
"The Savings Banks Association," stated Mr. Mills, "has given an im¬
amount of study to proposals for tax limitation and debt limita
mense
tion.
ALABAMA
ALABAMA, State of—DETAILS ON BONDS PURCHASED—In
A
special committee of the association has been at work on these
for many months.
The savings banks consider it a part of
to the home owners of the State, as well as to the property
owners, to see that every reasonable precaution is exercised against ex¬
cessive tax burdens on real property.
The savings banks who have helped
hundreds of thousands of thrifty people to own their own homes and who
have done everything within then* power during these past few years to
help these home owners to keep their properties, have witnessed with
increasing concern a tendency to increase bonded indebtedness of political
subdivisions to that point where taxation is a genuine discouragement
to the efforts of such people.
proposals
their duty
Convention Agrees on
Housing Plan with State Subsidy—The
Constitutional Convention, after long debate which extended
into the morning of July 28, approved for final passage the
Baldwin amendment to the
Constitution, designed to enable
comprehensive housing and
slum clearance program in its history, it was reported in
news dispatches.
The action is said to have been taken after
the original proposal of Mr. Baldwin, New York Republican,
the State to undertake the first
had been amended
numerous
times.
One of the amendments
cut from
81,135,500,000 to about $240,000,000 the ceiling
the total housing and slum clearing subsidies which the
State might grant to municipalities in 50 years.
from the
the
Constitutional
Convention
of
the
Poletti
amendment
"Little TVA" in New York, according to
advices from Albany on that date.
creating
"The
a
experience
of
this
State
and.
other
governmental
units
clearly
demonstrates that
we can make use of our great natural water power re¬
for the benefit of the people and can do it without loss to the State."
the Governor said in a special communication to the convention.
public water
power resources must
be developed in accordance
with the enlightened thought of the day, under State ownership and State
so that all of our people may be able to secure the benefits that
should come to them from their own resources and their own property."
control
The convention's
utility committee has killed the Poletti amendment
State complete control over the St. Lawrence and
also
$26,300
of Bridge
State of Alabama yesterday in advance
maturities, resulting in a saving in interest had the bonds been permitted
to remain outstanding until they matured, of approximately $395,000.
Maturity dates of the refunding bonds ranged from 1957 to 1965.
"Besides those retired at maturities regularly falling due annually, the
State has purchased and retired from State income tax receipts surpluses
a total of
$1,932,000 of refunding bonds during the past year and a half.
All of the bonds bear interest at the rate of 3.75%.
Yesterday's purchases
were on a yield basis of from 2.75 to 2.90.
"Announcing the bond purchases, W. W. Brooks, personal financial
adviser to Governor Graves, said the Bridge Authority bonds were bought
at 97.99. or 2.01 under par value.
These bonds were issued last year when
the State purchased and freed the Cochrane Bridge at Mobile.
Their
maturities
extend
1957."
to
ARIZONA
PIMA COUNTY (P. O. Tucson), Ariz.—SCHOOL BOND OFFERING
We are informed by Gladstone Mackenzie, Clerk of the Board of Super¬
visors, that he will receive sealed bids until 2 p. m. on Aug. 22, for the pur¬
chase of two issues of bonds aggregating $443,000, as follows:
$225,000 School District No. 1 bonds.
Due $28,000 from 1941 to 1947,
and $29,000 in 1948.
218,000 Tucson High School District No. 1 bonds.
Due as follows:
$2,000, 1939 to 1941; $29,000, 1942; $30,000, 1943 to 1945, and
$31,000,1946 to 1948.
Interest
$1,000.
is
rate
not
exceed
to
5%, payable semi-annually.
Denom.
No bid for less than par and accrued in-,
Dated Sept. 1, 1938.
terest will be considered.
These bonds were approved by the voters at an
election held on July 14.
Prin. and int. payable at the County Treasurer's
&
office.
The approving opinion of Pershing, Nye, Tallmadge, Bosorth
Dick of Denver, will be furnished.
A certified check for not less than 5%
of the total amount of each bid, is required.
The said Board will furnish,
the bonds.
Financial Statements —School District No. 1
Bonds
are
issued under the provisions of Article 4,
Code of Arizona
Chapter 21, Revised.
1928.
The tax rate, for the purpose
is not limited in Arizona.
of paying interest and principal
bonds,
on
For the fiscal year
1937-38 the net assessed valuation of the real and
personal property of the district, used as a basis for levying taxes, was.
$27,045,090.
Assessed valuation is assumed to be 55% of the actual value.
The 1938 valuation set by the County Assessor and the Board of Supervisors
is $29,793,105.
This may be changed by the State Tax Commission on
Aug. 1.
Present estimated population of the district is 56,000.
The district was organized on No11-. 18, 1867, and has never contested
the
o either principal or interest on its
cash basis.
There is no litigation
threatened affecting the corporate existence or boundaries of the
district or the titles of its present officials to their respective offices.
The total tax rate in the district for 1937, including levies for City,
County, State and School District, was $5.4486 per $100.
The rate for 1938
will be fixed according to law the third Monday in August.
The following is a detailed statement of the bonded debt:
payment nor been in default as
bonded debt and is now operating on a
pending
or
Amount
Retired to
Balance
Cash Bal. June 28, '38
of Issue
June28,'38 Outstanding Bond Red. Bond Int.
$69,000.00
$350,000.00 $281,000.00
146,000.00
March 1,'27''
162,000.00
16,000.00
Date
of
Issue
Sept. 10, *20
June
Dec.
1,
1,
4,000.00
200,000.00
73,000.00
40,000.00
48,000.00
500,000.00
200,000.00
67,000.00
March 1,'27
Jan.
1, '30
'31
*35
44,000.00
300,000.00 $37,505.30 $19,093.85
127,000.00
27,000.00
$614,000.00 $713,000.00,
Total ...$1,327,000.00
Outstanding bonds to be retired: $138-39, $104,000; 1939-40, $75,000!
1940-41, $55,000.
Tucson High School District No. 1
Bonds
are
issued under provisions of Article 4, Chapter 21, and Para¬
graph 1076, Revised Code of Arizona, 1928.
The tax rate, for the purpose of paying interest and principal on bond
is not limited in Arizona.
■
.
,
t
For the fiscal year
1937-38 the net assessed valuation of the real and
personal property in the district, used as a basis for levying taxes, was
$27,045,090.
Assessed valuation is assumed to be 55% of the actual value.
The 1938 valuation set by the County Assessor and the Board of Supervisors,
is
A
$29,793,105.
iiir
1
This may be changed by the State Tax Commission on
Present estimated
press
sources
"These
Montgomery "Advertiser" of July 21:
$485,000 of 1933 refunding bonds,
"Another
Authority bonds, were bought by the
on
Governor Urges Approval of Proposed Power Amendment
Declaring that the people will no longer permit future "inroads by jirivate capital on our natural resources at any
time," Governor Lehman on July 27 called for approval by
con¬
nection with the report given in our issue of July 23—V. 147, p. 603—that
the State had purchased a number of oust&nding bonds, we
quote as follows
of
1937 Assessed
1938 Assessed
They will
Bond Proposals and Negotiations
current
returning to normal."
New York City's assessed valuation totals $16,650,297,794, as against
$16,599,695,294 a year ago, with New York County leading the five
counties
773
on
missioner,
counties
Chronicle
population of the district is 56,000.
organized in 1913, and has never contested the
The district was legally
payment nor been in default as to either principal or interest on its bonded
debt and is now operating on a cash basis.
There is no litigation pending or
threatened affecting the corporate existence or boundaries of the district
or the titles of its present officials to their respective offices.
The total tax rate in the district for 1937, including levies for City,
County, State and School District is
$5.4486 per $100.
The rate for 1938
will be fixed according to law the third Monday in August.
The following is a detailed statement of the bonded debt:
Amount
Retired to
Balance
Cash Bal. June 28, '38
of Issue
June 28,'38 Outstanding Bond Red. Bond Int.
15,1921 $750,000.00 $525,000.00 $225,000.00 $17,179.56 $10,361.38
Date of Issue
which would give the
June
Niagara River water power resources.
He said that the people have on "countless occasions expressed senti¬
Outstanding bonds
1940-41, $75,000.
to be retired:
1938-39, $75,000; 1939-40, $75,000;
ment in favor of State control."
ARKANSAS
United States—Executive Budget and Centralized Pur¬
chasing Promote Economy in States—Extension of the execu¬
tive budget and centralized purchasing and accounting
offices to include nearly all States, were ranked by the
National Association of State Auditors, Comptrollers and
Treasurers on July 25, as two of the most important methods
by which States are obtaining greater economy and ef¬
ficiency in their fiscal administration.
The findings are dis¬
closed in the first analysis ever made of the three major
State fiscal offices.
CYPRESS CREEK DRAINAGE DISTRICT (P. O. Arkansas
1922, 21.09 cents on the dollar.
The executive budget making the Governor responsible f or the prepara¬
tion of a budget in which expenditures balance with available revenue, is
in effect in 44 States, the analysis shows.
The States in which a com¬
mittee or board prepares the budget are Indiana, North Dakota, and South
now
Carolina and Arkansas.
Arkansas is the only State in which a legislative
agency has complete control over the preparation of the budget.
The Governor is made entirely responsible for final budget revisions in
16 States and serves in a dominant position on revision committees in most
of the remaining States.
Central purchasing, regarded as one important method of economizing
through large scale purchases in addition to focalizing control of expendi¬
tures, is provided by 43 States.
In the majority of these States a single
agency handles requisitions for supplies for operating departments.
In 38 States, the analysis shows, the centralized offices buy supplies for
all departments with only a few minor exceptions.
The central purchasing
office in five other' States buys only for such institutions as hospitals and
penitentiaries.
Forty-three States have centralized accounting offices which
prescribe
the accounting forms to be used by the various departments,.and many of
these offices keep an inventory of all State property'.
The State Auditor
or
Comptroller usually directs such central offices.
City),
Ark.—REPORT ON BOND DEBT SETTLEMENT—Holders of $1,416,000
of bonds of several issues by the above district may deposit their securities
in the next 30 days with Lee Cazort, referee in bankruptcy, in accordance
with a decree returned by the United States district court at Little Rock.
The settlement was approved after a refinancing loan of $502,000 was
secured from the Reconstruction Finance Corporation.
After 30 days, the
balance in Mr. Cazort's possession will be transferred to the court and held
for owner of bonds not surrendered for redemption.
Schedule of payment will be as follows:
$17,000 of bonds dated July 1,
1911, 100 cents on the dollar; $650,000 dated Feb. 1, 1916, 49.59 cents on
the dollar, and $449,000 dated April 1, 1921 and $300,000 dated April 1,
CALIFORNIA
CALIFORNIA, State of—PWA REPORTS ON SUSPENDED MUNIC¬
IPAL PROJECTS—Public Works Administrator Harold L. Ickes recently
announced that he had ordered one of the California projects suspended
because of alleged lobbying activities restored to active status.
He also
disclosed tnat one public district is contemplating legal action against the
lobbyist in question if it is shown that he had claimed to represent the
^Administrator
Ickes
restored
the
South
Laguna
waterwroks
project,
California Docket No. 1844 to an active status upon formal assurance from
with Glenn E. Miller,
it had formally refused
his services and had not paid him any funds.
Revocation of the suspension
order was authorized by Administrator Ickes subject to confirmation of the
applicant's assurance by inspection of the records cited by the applicant.
the applicant that although it had corresponded
whose activities caused suspension of the project,
Tnis is the first of eight suspended projects to be cleared.
Seven other
California projects were suspended last week by Administrator Ickes when
reported that the applicants had hired a lobbyist to obtain alleged
"expedition" of their projects by the Public Works Administration.
Some
towns having suspended applications have been heard from, der
it was
of the
774
Financial
nouncing reports that Mr. Miller had any connection with their projects,
and commending the lobbying policy enunciated by Administrator Ickes.
The telegram from
President Crawford of the South Coast County Water
District was as follows:
"Your stand on employment
of paid lobbyists for securing of PWA
You are under misapprehension regarding em¬
by South Coast County Water District of south
Laguna, Orange County, Calif.
Correspondence with Mr. Miller but no
money paid or contracted to be paid.
Services formerly refused at board
meeting July 7 and Mr. Miller so notified."
The telegram citing contemplation of legal action against Mr. Miller was
from the board of directors of the Fall Brook PuDlic Utility District.
Because a Fall Brook Irrigation District docket was suspended by Admin¬
istrator Ickes, the Public Utility District inquired as to whether its project
also was in jeopardy.
After giving "definite and unequivocal assurance"
that Mr. Miller never represented the District, the telegram stated:
^-"This board will institute legal action against Mr. Miller if such false
representation on his part can be proven or if our application has been de¬
layed or suffered thereby.
Permit us to say that we are in complete
agreement and sympathy with your attitude toward unfair political or any
other improper pressure in PWA applications and ours is before you strictly
grants
heartily approved.
ployment of such service
on
its
merits."
A third telegram was
received from Mayor Harry H. Williamson of New-
filler in 1936 in good faith and stated
knowledge that
was violating
Sort Beach. Mayor Williamson without that his city haditemployed Mr.
PWA regulations thereby.
Because of this employment, Mayor William¬
son asked advice as to whether the city's present standing with PWA has
jeopardized.
He then added that "We appreciate your efforts in
protecting expenditures of Federal and local funds."
His request was taken under advisement.
Meanwhile, investigation of the other projects under suspension to de¬
termine whether Mr. xMiller had any connection with them is being con¬
tinued by PWA, Administrator Ickes pointed out.
They are:
California 1698-DS, school at Upland.
California 1627-DS, storm sewer in Orange County.
California 1651, Santa Monica city hall.
California 1336, Oxnard Harbor.
California 1021, sewer project at San Gabriel.
California 8303, Fall Brook irrigation.
California 1741-F, Riverside disposal plant.
been
CALIFORNIA, State of—WARRANT OFFERING—Sealed bids will be
1, by Harry B. Kiley, State Comptroller,
the purchase of a $3,000,000 issue of registered unemployment relief
warrants.
Warrants are to be issued in blocks of $50,000 each and interest
rates are to be quoted by bidders in fractions no smaller than one-quarter
of 1%.
Warrants will be dated and delivered Aug. 3 and are expected to
be called for retirement about next Nov. 30.
Legal opinion by Orrick,
Dahlquist, Neff & llerrington, San Francisco, will be furnished the suc¬
cessful bidder without charge.
There are now $47,284,372 registered California warrants outstanding
of which $12,259,782 are expected to be retired about Aug. 3; another
$27,918,295 about Aug. 31: and balance of $7,106,294 about Nov. 30 next.
received until 11:30 a. m. on Aug.
Chronicle
It is also stated that a $22,000 issue of 2%% sewer plant bonds was
purchased by the same group at a price of 100.95. Due from 1939 to 1953.
CONNECTICUT
BRITAIN, Conn.—NOTE OFFERING— Sealed bids addressed
H. Judd, President of the Board of Finance and Taxation, care of
New Britain National Bank, New Britain, will be received until 10:30
NEW
to W.
Standard Time) on Aug. 2 for the purchase of $45,000
anticipation serial notes of 1938, first issue.
Dated
Denom. $1,000.
Due $9,000 on June 30 from 1939 to
1943 incl.
Bidder to name one rate of interest in a multiple of M of 1%.
Principal and interest (J. & D. 30) payable at the First National Bank of
m.
a.
(Eastern
coupon
revenue
June 30,
1938.
the New Britain National Bank, New Britain, at holder's
Toe notes will oe engraved under the supervision of and autnenti-
Boston or at
option.
cated as to genuineness by the First National Bank of Boston; their legality
will be approved by Storey, Thorndike, Palmer & Dodge of Boston, wnose
opinion will be furnished the purchaser.
The original opinion and complete
transcript of proceedings covering all details required in the proper issuance
of these notes will be filed with the First National Bank of Boston, where
inspected.
Notes will be delivered to the purchaser on or
10, 1938, at the First National Bank of Boston, 67 Milk St.,
they may be
about Aug.
office, Boston.
Debt Statement July 20, 1938
(last completed Grand List)--.
--.$123,325,331.00
limit (5%)
6,166,266.00
Net bonded debt (3.5%)
4,376,367.53
Total bonded debt outstanding (including this issue).
6,063,000.00
Water bonds, included in total debt
925,000.00
Subway bonds, included in total debt (self-supporting and
amortizing)
376,000.00
Sinking fund, not incl. water or subway sinking funds
385,632.47
Short-term debt, serial notes due within five years (included
in total bonded debt)
;
290,000.00
Year—
1938
1937
1936
1935
Assessed valuation
Net bonded debt
$2,983,088
and County),
Clyde C. Pierce Corporation
Barnett National Bank
JACKSONVILLE
OFFERED FOR INVESTMENT—The successful bidder rebonds for public subscription at prices to yield from
Stewart,
County Clerk, for the purchase of a $65,000 issue of
Interest rate is not to exceed 5%, payable
Dated Aug. 1, 1938.
Due on Aug. 1 as follows:
Denom. $l,o0U.
$1,000 from 1940 to 1947; $4,000, ly48 to 1950, and $5,0uu from 1951 to
1959.
No bid for less than par and accrued interest will be accepted.
Prin.
payable at the County Treasurer's office.
A certified check for
5% of the bid, payable to the order of the Chairman of the Board of super¬
and int.
visors, must accompany tender.
TULARE COUNTY (P. O. Visalia), Calif.—STRATHMORE SCHOOL
SALE—The $71,000 issue of Strathmore Union School District
BOND
bonds offered for sale on
July 26—V.
147, p. 456—was awarded to the
4s, paying a premium of $390.00,
Bankamerica Co. of San Francisco,
as
equal to 100.549, a basis of about
from Aug. 1, 1940 to 1963.
3.95%.
Dated Aug. 1, 1938.
COUNTY
SCHOOL
DISTRICT
S.
Pierce, Resident Manager
FLORIDA
DUVAL COUNTY
(P. O.
Jacksonville), Fla.—BOND ELECTION—
Bond issues aggregating $5,364,000 will be voted on in the above county on
The School Board will ask for approval of $2,042,000, the pro¬
ceeds to be used for improvements in educational facilities, and the County
Commission will ask for a country-wide vote on $3,322,000 in bonds for
bridge, annex to the court house, highways, &c.
(This notice supersedes the report given in our issue of July 23.)
Aug. 30.
MIAMI, Fla.—SCHOOL BOARD BOND REFUNDING PROGRAM EX¬
one-year extension of time from April 1, 1938, has been
board at a special
meeting for completion of the 1937 bond refunding program. The program,
involving the refunding of approximately $7,500,000 of county
school
district bonds, was undertaken on May 1, 1937, by R. E. Crummer & Co.,
of Chicago and Orlando, Fla., the Jonn Nuveen Co. of Chicago and B. J.
Van Ingen & Co. of New York.
Approximately 60% of the refunding bonds
had been delivered at the expiration of the year's contract on April 30, it
was reported.
granteu its three refunding agencies by the county school
The time extension
came
in the form of
a
resale to the
same companies,
under the same terms as set forth in the original purchase, of the undelivered
portion of the refunding bonds.
The new bonds bear 4% interest as against
the 4%, 5% and 6% interest of the bonds which are being refunded.
The
bonds to be retired still have a year to run at 4% before the next high rate
begins to apply, C. W. Peters, boarJ attorney, explained, so the boara will
suffer no financial loss through the time extension.
GEORGIA
NO.
3
(P.
O.
Paonia),
,
DENVER (City and County),
Colo.—BOND OFFERING—It is stated
by F. E. Wilson, Manager of Revenue, that he will receive sealed bids until
11 a. m. on Aug. 4, for the purchase of a $475,000 issue of stadium bonds.
following information is furnished by Mr. Wilson:
Reserving the right to reject any and all proposals, the securities will be
sold to the highest and best bidder for not less than par and accrued interest
from the date of issue to the date of delivery, the interest rate to be stated
The
of 1% and in no case more than 6% per annum.
Aug. 1, by Mrs. T. L. Harper, City Clerk, for the purchase of a $30,000
issueof 4^% coupon school bonds.
Denom. $1,000.
Dated Aug. 1,1938.
Due $1,000 from Jan. 1, 1939 to 1968 incl.
Interest payable J. & J.
SAVANNAH
m.
(Mountain Standard Time), on Aug. 9, for the purchase of a $33,000 issue
bonds.
Interest rate is not to exceed 4%, payable J. & D.
Denominations $1,000 and $500.
Dated June 1, 1938.
Due on June 1
as follows: $1,500, 1939 to 1944; $2,000,
1945 to 1951, and $2,500, 1952
to 1955.
The district reserves the right to pay the bonds at any time
within one year prior to maturity of same.
Principal and interest payable
at the County Treasurer's office.
Kate of interest to be in multiples of
y± of 1%.
No spiit bids will be considered.
The approving opinion of
Myles P. Tallmadge of Denver, will be furnished.
A certified check for
$550 must accompany the bid.
(These are the bonds mentioned in our issue of July 23—V. 147, p. 603.)
of building
sealed bids
purchase of
were
were
BEACH,
by a reputable concern for execution by the proper officers of the issuing
authority and shall satisfy himself prior to bidding as to the legality of said
by an independent legal opinion at his own cost.
Fabrication, execu¬
tion and issuance of the securities must be so arranged as to comply with
Public Works Administration requirements for financing said project.
As
a matter of information, it is proposed that the City and County of Denver
shall become the owner of the present stockyards stadium and surrounding
property, which shall constitute acreage of approximately 7.8 acres.
The
present assessed valuation of the land is $33,300, and the improvements
$133,500.
The assessed valuation of the present stadium, exclusive of
various other buildings, is $72,020.
It is proposed to entirely remodel and add to the present stadium, de¬
molish the small surrounding buildings, and to make the property into a
strictly modern stadium with necessary exhibition buildings at a cost of
approximately $839,000.
It is estimated that the total valuation of the
land and improvements upon completion will be approximately $1,008,000.
To do this, bonds to the amount of approximately $475,000 will be
issued, and it is for this issue that bids are being requested.
issue
GRAND JUNCTION, Colo.—BONDS VOTED—At the election held on
July 26—V. 147, p. 603—the voters approved the issuance of the $110,000
disposal plant construction bonds by a count of 242 "for" to 226
"opposed."
The bonds are to be issued in conjunction with a Public
Works Administration grant of $83,344.
Ga .—BONDS OFFERED—It is reported that
July 26, by Mayor J. E. McMillan, for the
received until
$30,000 issue of public improvement bonds.
approved by the voters at an election held on July 11.
a
These bonds
IDAHO
BANNOCK COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
(P. O. Pocatello), Idaho—BONDS SOLD—We are informed that the
$85,000 high school bonds approved by the voters at the election held on
June 14, as noted here at the time—V. 146, p.
the J. K. Mullen Investment Co. of Denver, as
Due from 1939 to
4148—were purchased by
2%s, at a price of 100.66.
1955, inclusive.
BOUNDARY COUNTY (P. O. Bonners
Ferry), Idaho—BOND SALE
—The
$50,000 issue of court house bonds offered for sale on July 6—V. 147,
4148—was purchased jointly by Richards & Blum, Murphey, Favre &
Co., and Paine, Rice & Co., all of Spokane, according to report.
p.
ILLINOIS
Inas¬
much as the charter of the City and County of Denver makes no provision
for such expenses in the case of the issuance of securities of this kind, the
successful bidder must furnish bonds with steel engraved borders fabricated
T.
McCAYSVILLE, Ga.—BOND OFFERING—Sealed bids will be received
Colo.—BOND OFFERING—It is stated by John O. Hovgard, Secretary of
sewage
Building
,
FLORIDA
until
the Board of Directors, that he will receive sealed bids until 7.30 p.
multiples of
Bank
-
Due
COLORADO
DELTA
National
Building
•
TAMPA
TENDED—A
Exeter School District bonds.
in
First
the above
TULARE COUNTY (P. O. Visalia), Calif.-—EXTER SCHOOL BOND
OFFERING—Sealed bids will be received until lu a. m. on Aug. 16, by
Gladys
-
-
Branch Office:
Calif—BOND SALE—The
0.60% to 1.90%, according to maturity.
F. & A.
BONDS
O. San Diego), Calif .—ALPINE SCHOOL
$305,000 issue of airport bonds of 1938 offered for sale on July 25—V.
147, p. 603—was awarded to Brown Marriman & Co., Inc., as l%a, paying
a premium ot $561.20, equal to 100.184, a basis of about 1.72%.
Due as
follows: $31,000 from 1940 to 1944, and $30,000 from 1945 to 1949, all incl.
Smith, Barney & Co., and Mitchum, Tully & Co., bidding jointly,
offered the best bid for the bonds, a tender of $54.60 premium for $200,000
bonds due 1940 to 1946 at 1% %, and the remaining $105,000, due 1946 to
1949, at 1^%.
However, this bid was rejected because of a technicality
and the bonds were awarded as described above,
in all there were 22
bidders for the issue, it is stated.
BONDS
73,277
,
FLORIDA
Angeles, as '6%a, paying a premium of $11.00, equal
100.11, a basis of about 3.73%.
Dated June 27, 1938.
Due $1,000
from June 27, 1940, to 1949, incl.
offered
$2,644,595
405 of the
Special Acts of 1907 and No. 44 of the Special Acts of 1933, and all taxaole
subject to the levy of unlimited ad valorem taxes
property in the city is
to pay the same.
K. Staats Co. of Los
(City
$2,742,194
77,843
Note—The above-described notes are issued pursuant to No.
to
FRANCISCO
118,934
Uncollected June 30'38-
BOND SALE—The $10,000 issue of Alpine Union School District bonds
offered for sale on July 25—V. 147, p. 603—was awarded to the William
SAN
$2,755,080
463,963
Tax levy
for
SAN DIEGO COUNTY (P.
July 30, 1938
MONTROSE, Colo.—BONDS SOLD—We are informed that an issue of
$82,500 2%% refunding water bonds was purchased recently at a price of
100.50 by a group composed of Gray B. Gray, the International Trust Co.,
and Garrett-Broomfield & Co., all of Denver.
Due serially from 1939 to
ALTAMONT, 111.—BOND ELECTION—At a special election Sept. 1
issue of $6,000 city hall building bonds.
the voters will be asked to approve an
AMITY TOWNSHIP (P. O. Cornell), 111.—BOND
road
improvement
SALE—The $20,000
bonds authorized at an election July 6—V. 147, p.
They bear 3H% interest and mature in 1945.
605—have been sold.
BROWNING
issue $15,000
on
TOWNSHIP, 111.—BOND ELECTION—A proposal to
gravel road construction bonds was submitted to the voters
July 26.
CANTON
SCHOOL
DISTRICT, 111.—BOND SALE—An issue of
$55,000 3% school building bonds was sold to the National Bank of Canton
& Rowe of Peoria, jointly, at a price of 101.
Legality
approved by Chapman & Cutler of Chicago .|
and Negley, Jens
~
CHlCAGO,~111.—CERTIFICATE OFFERING—R. B. Upham, City
Comptroller, will receive sealed bids until 11 a. m. (Daylight Saving Time)
on Aug. 4 for the purchase of $2,200,000 3%
coupon, registerable as to
principal, water works system certificates of indebtedness.
Dated Aug. 1,
1938.
Denom. $1,000.
Due $1,100,000 on Aug. 1 in 1956 and 1957.
Principal and interest (F. & A.) payable at the City Treasurer's office
or at the office of tne fiscal agent or the City of Chicago in New York City.
The certificates are payable solely from revenue derived from operation
of the water works system.
A certified check for 2% of the issue, payable
to the order of the city, must accompany each proposal.
Legal opinion
of Chapman & Cutler of Chicago, and engraved certificates to be furnished
by the city.
Delivery to be made in Chicago.
Volume
bond each year from date of issue. Interest payable semi-annually. A
certified check equal to par value of the bonds bid for must accompany each
proposal.
2.85% to the first optional date and the coupon rate thereafter, $889,000
bonds, comprising $376,uUO 3>£% priced at lu4J4 and $513,00U 4s bonds,
due &ept. 1, 1955, optional March 1, 1946 and priced at lu7.75.
Of the
bonds, $6j,'JUo are due Sept. 1, 1955, optional March 1,1940; .S60,0uo
are due Jan. 1, 1956, optional Jan. 1, 1946; and $z56,Ouo are due May 1.
1956, optional May 1, 1946.
The Chicago Bark District is eoterminus
with the City of Chicago.
in
vt vrttna-
Rrtvn
future.
near
FAST
,
PEORIA
tn
a
LIBERTY SCHOOL TOWNSHIP
bonds purchased by Lansford & Co. of Chicago—V. 146, p. 1921—bear
Peoria
Jens & Rowe of
building bonds au-
J944 and
COUNTY
O.
(P.
Mount
jail building bonds was decisively rejected by the voters,
2,243 for the project and 3,507 in opposition.
^
MO
ft-om^Q^rtoVqo?'
1953, xncl., $3,000 from 1954 to 1962,
ci., and $4,000 in 19b3.
buildmg.
111.—BONDS
Vernon),
DEFEATED—At the July 26 election an issue of $96,000
to
9
LINTON, Ind.—SCHOOL BONDS APPROVED—The Board of Trustees
authorized a bond issue of $23,500 to pay cost of constructing a new school
bonds to finance construction of an addition to the
carried at a recent election.
JEFFERSON
Johnson of Indianapolis, at 101.09 for 2*s.
b'ddOT
III.—BONDS VOTED—A proposed issue of $25,000
Franklin grade school
CITY,
(P. O. New Castle), Ind.—BOND
LINTON, Ind.—BOND ISSUE DETAILS—The $55,000 sewer revenue
purchased the $100,000 sewer and $22,000 municipal
thorized by the voters at the July 16 election.
FARMER
"523 000
to the
,
-BONDS SOLD—Neelev
111
i<wim
nio„,.
SALE—The $40,000 school building bonds offered July 22 (V. .147, p..300)
were awarded to the Indianapolis Bond & Share Corp., Indianapolis, as
2>£s, at par plus a premium of $464, equal to 101.16, a basis of about
2.32% . Dated July 1, 1938 and due as follows: $2,000, Jan. 1 and $1,500
?n July 1 from 1940 to 1950 incl. and $1,5 )0, Jan. 1, 1951.
Second high
III.—BOND OFFERING—The
Secretary of the Board of Education will receive sealed bids until Aug. 1
for the purchase of .$35,000 high school building bonds.
Issue was authorized by a vote of 190 to 144 at the July 16 election.
m aiimp
rp«w„
Au-pmnrvpn
n.,rr>o
KOUTS, Ind.—BOADS A.XJIHORIZED Jam^ Griffith, ^wn<^erk,
has been inscructed to advertise for the saie of $10,000 water works plant
construction bonds. Board of Trustees held that the remonstrance filed
against the issue was not sufficient to prevent the sale.
COAL VALLEY SCHOOL DISTRICT,
FA<ST
775
Chronicle
Financial
147
CHICAGO PARK DISTRICT, 111.—BONDS PUBLICLY OFFERED—
Brown Harriman & Co., Inc., New. Y ork are offering to yield in excess of
courthouse and
the count being
LOGANSPORT SCHOOL CITY, Ind—BOND ISSUE URGED—
The Board of School Trustees has been petitioned to authroize an issue
of $200,000 bonds for new school buildings.
sv^cm^nrPdi^o-a^nlanf SKfa^'efoTthe Sfof TruS
iti?v 12
SSesirfillv l%^oT96rffcmsive
iruscees
July 12.
Due serially, 1939 to 1908, inclusive.
MARION SCHOOL CITY, Ind.—LEGAL OPINION—OTHER BIDS
e %m 2s, at 100.277—V. 147, p. 605—will be approved by& Co. of
Q0Q improvement'bonds awarded to John Nuveen Matson,
as
on
on
Chicago,
DISTRICT, NO. 70, 111.—
of the Board of Eduoa(Daylight Saving Time) on Aug. 1
for the purchase of $50,000 not to exceed 3% interest coupon buildingbonds.
Dated Aug. 1, 1938.
Denom. $1,000.
Due Aug. 1 as follows: $1,000,
1939 to 1943 incl. $2,000, 1944 to 1948 incl. $3,000from 1949 to 1953 incl.,
and $4,000 from 1954 to 1958 incl.
Bidder to name a single rate of interest.
expressed in multiples of ^ of 1 %.
Principal and interest (F. & A.) payable at the First Lake County National Bank, Libertyville.
Bonds will
be delivered at place of purchaser's choice at his own expense.
The issue
was authorized at a special election on July 18,
1938, and is payable from
Ross, McCord & Clifford of Indianapolis, and were also bid for as follows:
OT$l"oOO mu^awora'pau^each ?ropo3. ^The^ppro^
Financial Statement tOffieially Reported by President, Board ofSchool Trustees)
Assessed valuation, 1937
-—
$17,970,000
LIBERTYVILLE GRAMMAR
SCHOOL
BOND OFFERING—Paul W. Pettengiil, Secretary
A%erati
bidder
•
...
_
.
.
...
.
.
.
Fort Wayne National Bank
McNurlen & Huncilman
„
SCHOOL
SAWYERVILLE
156,
Percentage
fi-iriiw/A
TIMCILWA
An
issue
Milwaukee Co.
Co.,
i
-
crunni
SCHOOL
Mr*
mcTDicT
Int.Rate
and Stern
3%
3%
ico
m
TROY
dadti
100.93
100.58
j//iTPn
DISTRICT NO. 169, 111.-—BONDS VOTED—
bonds carried by a vote of 192 to 68 at the
DISTRICT, III.—PRE-ELECTION—The Municipal
V. 147, p. 605.
15
INDIANA
1
■1 *
CAMBRIDGE
CITY,
Trustees has
ment
Ind.—BONDS AUTHORI ZED—The Board o
$5,000 bonds to finance purchase of equip-
agreed to issue
for the fire department.
CRAWFORDSVILLE,
Ind.—BONDS
AUTHORI ZED—City
Council
GARY, Ind.—TO OFFER $45,000 BONDS—Librarian Ralph R. Shaw
that an offering of $45,000 not to exceed 4^% interest public
library addition bonds will be made soon.
The Public Works Adrninistration has furnished a grant in connection with the project and the bonds to be
reports
soMwilJ be part of the issue of $75,000 for which all bids were rejected on
April 2o—V, 146, p. 2892.
Receipt of Federal aid will reduce the amount
to be
(P.
awarded to the Citizens State Bank of Newcastle, as 3^s, at par plus
a premium of $94.11, equal to
102.68, a basis of about 2.40%.
Dated
Aug. 1,1938. Due $500 July 1, 1939, and $500 Jan. 1 and July 1 from 1940
to 1942, inclusive.
were
COUNTY
(P.
O.
Kokomo),
Ind.—NOTE
OFFERING
Raymon Gilbert, County Auditor, will receive sealed bids until 10 a. m.
Aug. 1 for the purchase of $135,000 not to exceed 6% interest tax anticipation notes.
Dated Aug. 1, 1938.
Denom. $5,000.
Payable Nov. 15,
1938 at the County Treasurer's office.
A certified check for 3% of the
issue Did for, payable to the order of the Board of County Commissioners,
on
must accompany
must accommnv
each proposal.
eacn orooosal
.
®io nnn narir )mnpAi,a.
qat
STOCKTON SCHOOL TOWNSHIP (P. O. Linton), Ind.—BOND
OFFERING—Jesse D. Figgins, Trustee, will receive sealed bids until
7p.m. (Central Standard Time) on'Aug. 12 for the purchase of $8,000 not
to exceed 4M% interest judgment funding bonds.
Dated Jan. 15, 1938.
Denom. $500. Due $500, July 15, 1939; $500, Jan. 15 and July 15 from
15, 1947. Bidder to name a single rate of
multiple of
of 1 %. Interest payable J. & J. 15.
school township, payable out of
1940 to 1946 incl. and $500, Jan.
interest,
expressed in
The bonds
are
a
direct obligations of the
unlimited ad valorem taxes on all of its taxable property. The approving
legal opinion of Matson, Ross, McCord & Clifford of Indianapolis will be
furnisned the successful bidder. No conditional bids will be considered,
Bonds will be ready for delivery within 12 days alter the award.
VERMILLION COUNTY
(P. O. Newport), Ind.—BOND ISSUE
PETITIONED—The county announced the filing of a petition asking for
an issue of $105,000 bonds to provide poor relief funds.
WALKERTON-CLINTON TOWNSHIP CONSOLIDATED SCHOOL
(P. O. Walkerton), Ind .—REQUEST BOND ISSUE—The
of School Trustees has been petitioned to issue $26,500 bonds to
DISTRICT
pay the cost
of constructing a new school building,
WASHINGTON
SCHOOL TOWNSHIP (P. O. Roll), Ind.—BOND
Board has been petitioned to issue $34,000
ISSUE SOUGHT—'The Advisory
construction of a new school building at
bonds to finance
Roll.
(P. O. Plymouth), Ind.—BOND
school building bonds offered July 25
y 147 D 300—Was awarded to McNurlen & Huncilman of Indianapolis.
Dated June 1
1938, and due as follows:
$1,000, July 1, 1939; $2,000,
Jan. j and $1 i00O on July 1 from 1940 to 1952, inclusive.
SCHOOL
WEST
SALE
TOWNSHIP
The issue of $40,000 coupon
IUWM
LUVERNE INDEPENDENT
SCHOOL DISTRICT (P. O. Luverne),
auditorium
$6,700 issue of gymnasium and
hpnds
for
on
l^VV' 147, P*
Carleton D. Beh Co. of D^ Moines as ^Mspayinga Premium of $88.0 J,
°APA.
^ basis
about 1-99%. Dated July 1, 1938. Due from
1940 to 1946, inclusive.
DES MOINES, Iowa—BOND OFFERING—It is stated by Harvey Bogenrieff city Treasurer, that he will receive both sealed and auction bids until
Aug. 1, at 10 a. m., for the purchase of a $295,000 issue of coupon airport
bonds.
<con nnn •_ ,Q4Q
®oa nnnin
nPc<^/nnn
in'
iqaI '
nodi nG
Q47and?948
$27 000 in
1949'
$28 ()00 in
}94g. f^-OOO * 1946, $26,000 n 1947 and 1948.$^27.TO0 In 1949. W8.0W m
J£50'&29,000in 1951, 530,0(30 m 1952, $3^1^0 inM953 amd $29J)0(Jin 1954.
The bonus are issued under authority of Chapter 303-C 1, Code or Iowa,
1935, and were authorized at an election held on June 6. Bidders are also
following alternate bids: (1) Bonds as hereinbefore
described except containing a provision giving the city the option to call the
same for payment on Dec. 1, 1938, and on any interest payment date there¬
after.
(2) Bonds as hereinbefore described, except containing a provision
giving the city the option to call the same for payment on June 1, 1940, and
on any interest date thereafter.
(3) Bonds as hereinbefore described, except
containing a provision giving the city the option to call the same for payinvited to submit the
INDIANAPOLIS, Ind.—BOND SALE—The $266,000 East St. funding
28—V. 147, p. 605—were awarded
Chicago, as 2s, at 101.1399, a basis
of about 1.89%.
Dated July 20, 1938 and due July 1 as follows: $13,000
from 1940 to 1958 incl. and $19,000 in 1959.
The following were included
bonds of 1938, first issue, offered July
to the Harris Trust & Savings Bank of
in
roath
j
i
Iowa—BOND SALE—The
TOWNSHIP
Q. Newcastle), Ind.—BOND
SALE—The $3,500 3M% building bonds offeted July 26—V. 147. p. 457—
SCHOOL
HOWARD
aimta
tr\\k IA
Council.
HENRY
consideration will be had of the request of the
done by the city.
GREENSBURG, Ind.—PROPOSED BOND ISSUE—A petition requesting an issue of $22,000 bonds for park purposes has been filed with
Common
273,396
118%
Board
recently approved the issuance of $110,000 sewage treatment and disposal
plant construction bonds.
PubUc Works Administration will be asked
to furnish a grant in connection with project.
of financing
®oq?3riq
147n
Jrvf w? nHh a?™?h? i hi
^
»n nf plrtt
Bank, Peoples Bank and the First National Bank, all of Portland.
Bond Corp. of Chicago has purchased, subject to result of July 26 election,
an issue of $32,000 school building bonds.
Date of voting was previously
given as Aug
107%
253,693
97%
MUNCIE SCHOOL CITY, Ind.—B01VD SALE—Tne First National
$155,000 school building bonds as
A Puolic Works Administration grant will be obtained.
SCHOOL
®oi?3q6m
Bank of Chicago purchased an issue of
2Hs, at a price of 102.05.
Rate Bid
nnvno
239,766
MARION COUNTY (P. O. Indianapolis), Ind.—PLANS $300,000
Auditor, states that at a special meet-
of $28,00u construction
June 30 election.
®o^345oq
$423,489 $261,901 $231,813
Board of Commissioners for authority to issue $300,000 warrants to finance
current operating expenses of the welfare department.
SPRINGFIELD, 111.—BOND SALE—The $500,000 electric plant revbonds offered July 25—*V. 147, p. 457—were awarded to a group composed of the Illinois Co. of
Chicago, First of Michigan Corp., Detroit,
Bartlett, Knight & Co. and Blair, Bonner & Co., both of Chicago, as 2%s,
100.53, a basis of about 2.70%.
Dated Sept. 1, 1937 and due as follows:
$45,000, Sept, 1, 1949 $65,000, March 1 and Sept, 1 from 1950 to 1952 incl.,
and $65,000, March 1, 1953.
Other bids:
W. Pressprich &
Wampler & Co
Stifel, Nicolaus & Co
112%
-
ing of County Council Aug. 2
enue
Bidder
344,000
_—
LOAN—Charles A. Grossart, County
III.—BOND SALE
to pur-
CONTRACT—Paine, Weober & Co. of Gnicago have contracted
chase an issue of $i4,00u building bonds—V .la/, p. 457.
R.
collections*in~"eaV ("u^"ent
°anddelinquent)?-272,386
rate? A /„.
rate 3 U^~V"147, P- 605—
DISTRICT NO.
4934>9
.
Total
SCHOOL DISTRICT NO. 13, 111.—BONDS SOLD—>
Charles A. Smith, Secretary of the Board of Education, advises that the
ROCK FALLS
and6tbe^oar^has1 already*been^old11^Hiterest
and the loan has already been sold,
interest
...
100.273
overlapplng debt t0 **> *725,000, which la
VOTED—Voters of the township recently
for road building purposes.
111.—BONDS
_
These bonds, in the opinion of counsel, are full and direct obligations of
Marion School City payable from unlimited ad valorem taxes on all taxable
property within the School City.
Tat Collection Record (Reported by President, Board of School Trustees)
issue of $85,250 bonds
an
.
Population (1930 U. S. Census), 24,496.
O'FALLON TOWNSHIP SCHOOL DISTRICT
(P. O. O'Fallon),
111.—BOND SALE—An issue of $44,000 3% school building bonds has been
sold to the H. C. Speer & Sons Co. of Chicago at par.
ONARGA,
_
Total bonded debt, July 20, 1938
th^vot®"will(ide?tofp?oSl^uanceaofP$74,000 aewag? disposal
plant construction "bonds.
authorized
...
Qjty Securities Corp
100.189
100 337
100.228
101.158
100 333
101.265
101 261
101.11
2^%'
-
.
.
,.
Rate Bid
2H%
2 M %
2H %
2M%
2lA%
_
w:,
2%
2M%
2lA%
Harris Trust & Savings Bank
Stern, Wainpler & Co
.
Brown Harriman & Co., Inc
Indianapolis Bond & Share Corp..
Bartlett, Knight & Co
Halsey, Stuart & Co., Inc_
will be furnished the successful
ing opinion of Chapman & Cutler of Chicago
Int. Rate
Bidder—
tion, will receive sealed bids until 7 p. m.
the other bids submitted at the sale:
.
Int. Rate
Bidder—
■
Rate Bid
June 1,
ment on
1943, and on any interest payment date thereafter.
Hemphill, Noyes & Co. and Mackey, Dunn & Co
2%
Lazard Freres & Co. and Boatmen's Nat. Bank, St. Louis.2%
Merchantile-Commerce Bank & Trust Co., St. Louis and
101.078
101.03
W l}ondf ^
except contaming the
the city the option to call for payrnent the bonds maturing
year 1945 on June 1, 194o, and on any interest payment
2°Zr
lftft 897
provision giving
The approving
\ 1 mstfirit,Bros
Northern Trust
c8:,Chiaa"g"o\\\\\\\\\\\\\\\\\"::::::::2%
100:27
F. S. Moseley & Co_—2%
100.03
101.58
Brown Harriman & Co., Inc. and
Phelps, Fenn & Co. and Fletcher Trust Co.,
JACKSON
TOWNSHIP,
Indianapolis.2M %
Ind.—BOATD ELECTION—The State Tax
issue of $38,800 school
Aug. 9.
Commission authorized the township to submit an
bonds for consideration of the voters at an election on
KNOX, Ind.—BOND OFFERING—Louis W. Bortz, Town Clerk, will
the purchase of $12,400 not to
receive sealed bids until noon on Aug. 5 for
exceed 6% interest general obligation sewer system improvement bonds.
Dated Aug. 15, 1938.
One bond for $400, others $1,000 each.
Due one
on and after the
date^thereafter.
opinion of Stipp, Perry, Bannister & Starzinger, Esqs,, of
Des Moines, will be furnished the Purchaser
All bids must be accom-
Pam®d. by a certified
(had Previously reported that this offering was
'
P'
h<vUii<vi
fnr
Tniv 98
scheduled for July 28
Financial Statement as of June 1, 1938
annual levy for the payment of these bonds is one-fourth
the assessed taxable valuation, upon all property within the city,
The maximum
mni upon
which will produce annually at present valuations paproximately $35,825.
All of this amount is and will be available for the payment or the present
and the proposed bonded obligations.
The operating cost of the Municipal
Airport is paid from airport receipts and other funds.
Financial
776
is now obligated for existing bond issues for principal and inter¬
est, the following suras: 1939, $19,847.50: 1940. $23,095; 1941, $23,157.50;
1942, $23,187.50, and 1943, $3,142.50.
The city
Liabilities—
General obligation and limited
1937645
$10,168,623.33
163,000.00
394,716,06
$10,726,339.39
1
^
,
$840,250.00
Water works sinking fund
1,154,036.63
Cash balance,
1.994,286.63
$8,732,052.76
Assessed valuation—Real estate
.$141,540,989.00
33,696,982.00
Moneys and credits
-
Tax Levies and Collections
—Collected
Fiscal Year Beginning
April 1—
on
Levy-
Amount
Tax Levy
$2,338,884.09
2,540,289.46
2,817.209.42
2,770,526.16
98%
$2,293,843.56
2,524,366.85
2,799,064.45
2,769,352.84
99.37
99.36
99.96
MASON CITY INDEPENDENT SCHOOL DISTRICT (P. O. Maion
City) Iowa—BOND ELECTION—It is reported that
held
on
an election will be
Aug. 15 to have the voters pass on the proposed issuance of $340,000
purchase and construction bonds.
in high school site
MOULTON INDEPENDENT SCHOOL DISTRICT (P. O. Moulton),
Iowa—BOND BALE—The $12,600 Issue of building bonds offered for sale
July 18—V. 147, p. 458—was awarded to the Carleton D. Beh Co. of
Des Moines, as 4s, paying a premium of $25, equal to 100.19, according
on
to report.
SAC COUNTY (P. O. Sac
City),
PARISH
(P. O. Abbeville), La .—BOND ELECTION—
"Times-Picayune"
A special dispatch out of Abbeville to the New Orleans
of July 20 had the following to report:
4,703,000.00
Water works revenue
Judgment (to City Water Works)
Warrants outstanding
Iowa—BOND OFFERING—We
are
Members of the Vermilion parish police jury this morning unanimously
agreed to call an election on Wednesday, Aug. 31, on a proposed $190,000
bond issue for construction of a $325,000 courthouse and jail here, with the
assistance of a Public Works Administration grant
of $146,454 which has
already been allocated.
The call for the special election provided for the issuing of the $190,000
of bonds over a period of 25 years with a maximum interest rate of 5%.
Under the present assessment of $11,000,000, it was estimated that it will
require a lH-mill tax to finance the issue.
The body appointed B. A.
Campbell, New Orleans bond attorney, and J. E. Kibbe, Abbeville at¬
torney, to prepare the legal detals in connection with the election and the
issuing of the bonds.
PARISH
VERMILION
SCHOOL
$350,000 issue of primary road bonds.
Interest rate is to be specified by
bidder.
Denom. $1,000.
Dated Aug. 1, 1938.
Due on May 1 as
$20,000, 1945 to 1948; $70,000, 1949, and $200,000 in 1950.
Op¬
tional on and after May 1, 1944.
The purchaser is required to furnish the
biank bonds free of expense, ready for signature, while the county will
furnish the approving opinion of Chapman & Cutler of Chicago.
No bid
is to be for less than par and accrued interest.
Prin. and int. payable at
the office of the County Treasurer in Sac City.
A certified check for $10,500, payable to the County Treasurer, must accompany the bid.
the
follows:
KANSAS
TOPEKA, Kan.—BOND SALE—The two issues of 154% bonds
aggre¬
gating $121,997.59, offered for sale on July 26—V. 147, p. 606—were
jointly to the Mercantile-Commerce Bank & Trust Co. of St.
Louis, and Callender, Burke & McDonald, of Kansas City, at a price of
101.383, a basis of about 1.48%.
The bonds are divided as follows:
$91,560.76 paving bonds.
Due from Aug. 1, 1939 to 1948 incl.
30,436.83 sewer bonds.
Due
awarded
from_Aug.JLJ.939 to 1948 incl.
The following is a list ofjhe otherbids submitted:
'
'
$115,000 Abbeville School District No. 2 bonds.
$2,300 must accompany this bid.
Ward School District No.
Baum-Bernheimer, jointly, Stern B'ros
Rhodes-Seitsam Co., Topeka
12.31
BeecroftjCole & Co., Topeka
12.22
Columbian Securities Co., Topeka
National City Bank & Trust, jointly,
WILSON
COUNTY
(P. O. Fredonia), Kan.—MATURITY—It is
stated by the County Clerk that the $9,500 2M% semi-annual unemploy¬
ment relief bonds purchased at par by the State School Fund Commission,
as noted here—V. 147, p. 458—are due $500 on Feb. and
Aug. 1, from 1939
to 1947, and on Feb. 1, 1948.
KENTUCKY
LOUISVILLE, Ky.—BOND SALE—We are informed by Harold F.
Brigham, Secretary of the Board of Trustees, Louisvnle Free Public Library
that at the offering on July 25 of the library bonds described in our issue of
July 23—V. 147, p. 606—a contract was made for the sale of approximately
$360,000 of the bonds, as 3s, on an interest cost basis of 3.24%.
The
bonds will be taken by a syndicate composed of J. J. B. Billiard & Son,
Dunlap, Wakefield & Co., Almstedt Bros., Stein Bros. & Boyce, and the
Bankers Bond Co., all of Louisville, and the Security Trust Co. of Lexing¬
ton.
They are coupon bonds, maturing serially in from one to 20 years,
incl.
The proceeds will be used to refund $311,000 of outstanding 3j^%
bonds, while the balance will be devoted to improvements in the library.
TAYLOR COUNTY (P. O. Campbellsville), Ky.—BOND SALE—We
informed by Stein Bros. & Boyce of Louisville, that they recently pur¬
are
chased
a $70,000 issue of 454 % funding bonds.
Denom. $1,000.
Dated
July 1, 1938.
Due from July 1, 1939 to 1958 incl.
Prin. and int. (J. & J.)
payable at the Fidelity & Columbia Trust Co., Louisville, or at the option
of the holder, at the Bank of Campbellsville.
Legality approved by Chap¬
man
& CuJer of
Chicago.
Financial Statement Dated June,
1938
[Reported by the County Court OlerkJ
Assessed valuation, 1938-1939
Total bonded debt (this issue)
$4,827,552
*70,000
None
Floating debt
Total net bonded indebtedness approximately
1.4% of assessed valuation
Population: 1930 Census, 12,000; present (officially estimated), 13,000.'
*
The above financial statement
as
to bonded debt does not include the
overlapping debt of other political subdivisions which have power to levy
taxes upon any of the property represented by the above assessed valuation.
These bonds in the opinion or counsel will constitute valid and legally
binding obligation of Taylor County, Ky. issued to refund at a lower in¬
terest rate outstanding floating indebtedness, which indebtedness was in¬
curred for general purposes.
An annual ad valorem tax will be levied
each year throughout the life of the bonds to pay principal and interest as
they mature within the limits prescribed by law.
Abbeville),
10
a.
m.
on
1
A certified check for
bonds.
York.
WEBSTER
PARISH
SCHOOL
DISTRICT
NO.
6
(P. O. Minden),
La.—MATURITY—It is now reported that th9 $75,000 construction bonds
purchased by White, Dunbar & Co., and Scharff & Jones, both of New
Orleans, jointly, as 354s, at a price of 100.204, as noted here on July 23—
V. 147, p. 606—are due on Sept. 15 as follows: $6,000, 1939 and 1940;
$7,000, 1941 to 1943; $8,000, 1944 to 1956, and $9,000 in 1947 and 1948,
giving a basis of about 3.23%.
MAINE
PORTLAND, Me.—BOND SALE—The $100,000 coupon refunding
bonds offered July 26—V. 147, p. 606—were awarded to Estabrook & Co.
of Boston, as 154s, at a price or 100.78, a basis of about 1.615%.
Dated
Aug. 1, 1938 and due Aug. 1, 1948.
Other bids:
Bidder—
Int. Rate
Rate Bid
First Boston Corp., Boston
Brown Harriman & Co., Inc., Boston
Halsey, Stuart & Co., Inc., New York
Mackey, Dunn & Co., New York—
Arthur Perry & Co., Boston
F. S. Moseley & Co., Boston
Harris Trust & Savings Bank, New York
Canal National Bank, Portland
C. F. Childs & Co., Boston
Hornblower & Weeks. Boston
—.—
Bond, Judge & Co., Boston
Smith, Barney & Co., Boston
First National Bank of Boston and First National
jointly
Portland—
--
E. II. Rollins & Sons, Boston
Chace, Whiteside & Co., Boston
Maine Securities Co., Portland
Newton. Abbe & Co., Boston
11.78
10.69
;
Small-Milburn, Wichita
O.
check must accompany this
Bank at Portland,
Price Bid
$13.09
13.07
(P.
A $2,000 certified
bid.
85,000 Gueydan School District No. 3 bonds.
A certified check for
$1,700 must accompany this bid.
Due serially in 25 years.
Payable at the Chase National Bank in New
100,000 Ninth
Frederick M. Swan & Co.,
_
Names of Other Bidders—
Estes & Co., Topeka
DISTRICTS
La.—BOND OFFERING—Sealed bids will be received until
Aug. 4, by J. H. Williams, Secretary of the Parish School Board, for the
purchase of the following issues of not to exceed 5% semi-annual school
bonds aggregating $300,000:
Informed by the Iowa State Highway Commission that bids will be received
until 2 p. m. on Aug. 2, by the County Treasurer, for the purchase of a
^
~
1938
July 19—V. 147, p. 3992—was purchased by the Ernest
M. Loeb Co., Inc. of New Orleans, as 5s, paying a premium of $12.50,
equal to 100.0416, according to report.
Dated Aug. 1, 1938.
Due from
Aug. 1, 1940 to 1953.
VERMILION
$5,219,323.33
240,300.00
July 30,
offered for sale on
levy bonds:
Payable from taxes
Payable from rentals
Assets
Chronicle
100.72
100.4899
100.316
100.313
154 %
1%%
124%
124%
124%
2%
2%
2%
2%
2%
2%
2%
101.11
101.08
101.07
2%
2%
2%
2%
2%
2)4 %
101.04
100.89
100.801
100.76
100.275
100.25
100.26
101.40
101.367
101.31
101.249
MARYLAND
Md.—DECISION A WAITED ON PWA BOND PRO¬
GRAM—The special committee named by Mayor Jackson to study the
advisibility of the incurrence by the city of approximately $10,000,000 of
debt in order to participate in the Federal Government's public works
program is expected to make known its conclusions on Monday, Aug. 1.
The city has proposed a Public Works Administration improvement pro¬
gram amounting to $18,000,000, of which $8,000,000 would be furnished
as a grant by the PWA and the balance supplied through the sale of city
BALTIMORE,
bonds.
The Baltimore Commission on Government Efficiency and Eco¬
is opposed to any increase in the municipal debt other than for such
projects as may be absolutely essential and non-deferable.
nomy
MARYLAND
(State of)—BOND SALE—The $3,413,000 coupon, regprincipal, certificates of indebtedness, known as general bond
awarded to a syndicate
composed of Halsey, Stuart & Co., Inc., Bancamerica-Blair Corp., Ladenburg, Thalmann & Co., Hemphill, Noyes & Co., Adams, McEntee & Co.,
Inc., B. J. Van Ingen & Co., Inc., all of New York; Manufacturers &
Traders Trust Co., Buffalo; Stifel, Nicolaus & Co., Inc., St. Louis; Stark¬
weather & Co., New York; Stern Bros. & Co., Kansas City, and Jenkins,
Whedbee & Poe of Baltimore.
Group paid a price of 100.182 for l)^s,
basis of about 1.48%.
Dated Aug. 15. 1938, and due Aug. 15 as follows:
$219,000, 1941; $225,000, 1942; $232,000, 1943; $239,000, 1944; $246,000,
1945;
$253,000, 1946; $261,000, 1947; $269,000, 1948; $277,000, 1949;
$285,000, 1950; $294,000, 1951; $302,000 in 1952, and $311,000 in 1953.
The successful group re-offered the issue at prices to yield from 0.60% to
1.60%, according to maturity.
They are stated to be legal investment for
savings banks and trust funds in New York, Connecticut and other States.
(The successful banker's offering of the issue is contained in the advertise¬
ment on page n.)
isterable
as to
issue of 1937, offered July 27—V. 147, p. 301—were
The following is a list of unsuccessful bids:
Bidder—
Alex. Brown
Int. Rate
&
Sons;
Rate Bid
National Bank;
L. F. Rothschild &
The Chase
Salomon Brothers & Hutzler;
1M%
Brothers;
C.
100.179
1 54%
101.718
154%
Co., and F. S. Moseley & Co
Lazard Freres & Co.: Lehman
101.3599
F.
Childs & Co.; Washburn & Co., Inc.: Equitable
Securities Corp.* Watling, Lerchen & Hayes; J. N.
Hynson & Co., Inc.; Morse Brothers & Co., Inc.;
Edward Lowber Stokes & Co.: Charles Clark &
Co.; F. W. Craigie & Co., and Hernon, Pearsall &
Co_
1
1
Bankers Trust Co.; Brown Harriman & Co., Inc.;
The First Boston Corp.; Harris Trust & Savings
Bank; J. & W. Seliginan & Co.; Robert Garrett &
Sons; G. M.-P. Murphy & Co., and Strother,
Brogden & Co
Louisiana
The
Municipal Bonds
Bought and Sold
Whitney National Bank
of
New
Orleans
LOUISIANA
SCHOOL DISTRICT NO. 13 (P. O. Benton). La.
—BOND OFFERING DETAILS—In connection with the
offering scheduled
for
Aug. 18, of the $300,000 not to exceed 6% semi-annual building bonds,
our issue of July 23—-V.
147, p. 606—it is stated by R. V. Kerr,
1
e-.£?£ls£^Sctlool Board, that the bonds mature as follows:
6,000, 1939 to 1942; $9,000, 1943 to 1945; $10,000. 1946; $16,000, 1947:
17,000, 1948 and 1949; $18,000, 1950 and 195i; $19,000, 1952; $20;000,
noted in
§ ia^o
.and 1958.
'
MARION
0| 1954: $22'°°0. 1955; $23,000. 1956, and $24,000 in 1957
CONSOLIDATED
Farmer ville),
SCHOOL
La.—BOND SALE—The
DISTRICT
$30,000
issue
NO.
of
4
school
(P.
O.
bonds
National City Bank; Smith, Barney & Co.;
Blyth & Co., Inc.; Union Trust Co. of Maryland;
Geo. B. Gibbons & Co., Inc.; First of Michigan
Corp.* Eldredge & Co., Inc.; Roosevelt & Weigold,
Inc.: Kelley, Richardson & Co.; First National
Bank of St. Paul, and Owen Daly & Co
154%
Mackubin, Legg & Co.; First National Bank of New
York; Stone & Webster and Blodget, Inc.; R. W.
Pressprich & Co.; Phelps, Fenn & Co.; Darby &
Co., Inc.; Mercantile-Commerce Bank & Trust
Co.; The Boatmen's National Bank; First Na¬
tional Bank of Baltimore, and Charles K. Morris &
Co., Inc
154%
Mercantile Trust Co. of Maryland; Kidder, Peabody & Co.; The Northern Trust Co.; Baker,
Watts & Co.; Stein Brothers & Boyce, and Robin¬
son, MiHer & Co., Inc
154%
W. W. Lanahan & Co.; Goldman, Sachs & Co.; Barr
Bros. & Co., Inc.; A. G. Becker & Co., Inc.;
Eastman, DUlon & Co.; H. C. Wainwright & Co.;
Francis I. DuPont & Co., and Frank B. Cahn &
Co
154%
101.32
101.319
101.159
100.399
HARFORD COUNTY (P. O. Bel Air), Md.—BOND SALE—Alex.
Brown & Sons of Baltimore were awarded on July 25 an issue of $95,000
public school construction bonds as 2s, at a price of 101.36, a basis of about
1.83%.
Dated Aug. 15. 1938.
Denoms. $1,000 and $500.
Due Feb. 15
Volume
Financial
147
follows:
$12,500 from 1944 to 1950 incl. and $7,500 in 1951.
Legality
approved by Niles, Barton, Morrow & Yost of Baltimore.
The bankers
placed the issue privately.
Other bids:
as
Bidder—
Rate
Mackubin, Legg & Co.; Mercantile Trust Co.; Baker,
Watts & Co.; Stein Bros. & Boyce, and Struther,
Brogden & Co., all of Baltimore.
2%
Rate Bid
,
W. W. Lanahan & Co
100.329
100.17
101.146
2^%
777
NORTH ADAMS, Mass.—BOND OFFERING—Adrien Bonvouloir, City
treasurer, will receive bids until noon (Daylight Saving Time) on Aug. 1,
for the purchase of
$95,000 coupon municipal relief loan, Act of 1938,
193678
P'dted Aug-
$20,000 from 1939
1938.
Due Aug. 1 as follows:
Denom. $1,000.
1942 incl. and $15,000 in 1943.
Bidder to name rate
Principal and semi-annual interest
payable at the Merchants National Bank of Boston.
These bonds will be
interest in
oi
2%
Ilalsey, Stuart & Co., Inc.
Chronicle
to
multiples of M
of 1%.
prepared under the supervision of and certified as to their genuineness by
JLhe Merchants National Bank of Boston, and their legality approved by
Storey,
Thorndike,
Palmer
&
Dodge of Boston,
be
whose opinion will
furnished the purchaser.
Delivery will be made at The Merchants National
Bank of Boston for Boston funds.
Legal papers incident to the issue will
be filed with The Merchants National Bank of Boston where they may be
MASSACHUSETTS
CAMBRIDGE, Mass.—BOND SALE—Smith, Barney & Co. of New York
City obtained the award on July 27 of $400,000 coupon bonds as 13^s, and
2Ms, at a price of 100.539, a basis of about 1.7812%.
The bonds were
inspected.
sold
1935---.
follows:
as
$300,000 municipal relief, Act of 1938,
from
100,000
1939 to
1948
as
Due $30,000 on Aug.
l^s.
1
inci.
2Ms.
Due Aug. 1 as follows: $4,000 from
1948 incl. and $3,000 from 1949 to 1968 incl.
■
sewer construction as
1939 to
All of the bonds are dated Aug. 1, 1938 and were re-offered by the pur¬
chaser to yield from 0.30% to 2.25%, according to interest rate and ma¬
19367
turity.
Denom. $1,000.
Principal and interest (P. & A.) payable at the
Ixrst National Bank of Boston.
Payable from unlimited ad valorem taxes
all of the city's taxable property.
Legality approved by Storey, Thorn-
on
dike, Palmer & Dodge of Boston.
Second high bidder at the sale was the
Harris Trust & Savings Bank, New York, which offered to pay 100.535
for $300,000 1 Ms and $100,000 2 Ms.
Financial Statement, July 21, 1938
Assessed valuation, 1937, including motor vehicle excise.
Totai bonded debt, not including present issue
Water bonds, included in total debt
Sinking funds, other than water
Water sinking funds
Population, 1935.
118.075
$177,928,700.00
9,701,500.00
800,500.00
193758
„
802,886.28
valuation, $20,794,902.
Population, 22,085.
Tax rate,
titles July 20, 1938, $8,171.49.
Outstanding loan
against tax titles, $1,320.50.
Total bonded debt, July 15, 1938, $668,100.
$38.00.
Tax
WEBSTER, Mass.—IffOTES OFFERED—James P. Bergin, Town Treas¬
urer, received bids on July 29 for the purchase of $50,000 coupon municipal
relief, Act of 1938, notes.
Dated Aug. 1, 1938.
Denom. $1,000.
Due
$5,000 on Aug. 1 from 1939 to 1948, incl.
Bidder was asked to name
rate of interest in multiples of M of 1%.
Principal and semi-annual in¬
terest payable at the Merchants National Bank of Boston.
These notes
will be certified as to their genuineness by the Director of Accounts, De¬
partment of Corporations and Taxation, Commonwealth of Massachusetts,
and their legality approved by Kenneth H. Damren of Boston, whose
opinion will be furnished the purchaser.
Financial Statement
Tax levy
-$410,229.46
$407,910.02
$463,121.30
Uncollected July 1,1938-------949.42
21,422.01
86,036.09
Assessed valuation, 1937, $9,888,463.
Tax titles, July 1, 1938, $14,890.
Borrowed against tax titles,
'
Norfolk County Trust Co.
R. L. Day & Co
Discount
...0.17%
July 1, 1938
$65,000
168,000
-
Total
.0.181 %
..i
Population,
Tax rate, 1937, $46.00.
Municipal relief
Municipal building.
0.18%
This issue
.
v
$6,368.
13,838.
Bonds Outstanding as of
Other bids:
1937
1936
1935
Year—
ton, second high bidder, named a rate of 0.17%, plus $3 premium.
Bidder—
New England Trust Co. (Plus $1 premium)....
National Shawmut Bank of Boston
Uncollected July 20, 1938
$99.23
,
14,890.69
133.579.12
720.8S7.86
Levy
$824,801.00
818,618.32
804,378.91
1938 assessed
1938,
2,282,737.58
162,679.53
DEDHAM, Mass.—NOTE SALE—John Gaynor, Town Treasurer, re¬
ports that the issue of $100,000 notes offered July 27 was awarded to the
Merchants National Bank of Boston, at 0.165% discount.
Dated July 28,
1938 and due April 28, 1939.
The Boston Safe Deposit & Trust Co., Bos¬
|
Financial Statement
Year
$233,000
50,000
—
0.22%
GREAT BARRINGTON, Mass—NOTES OFFERED—Ruth F.
Town Treasurer, received sealed bids on July 29
Gorham.
for the purchase of $10,000
municipal relief loan, Act of 1938, notes.
Dated Aug. 1, 1938.
Denom. $1,000.
Due $2,000 on Aug. 1 from 1939 to 1943 incl.
Principal
coupon
Town Treasurer
will receive bids until noon on Aug. 1, for the purchase of $10,000 Works
Progress Admin. Project bonds, due $5,000 on Aug. 1 in 1940 and 1941.
WINCHENDON,
Mass.—BOND
OFFERING—The
and semi-annual interest
payable at the Merchants National Bank of Boston.
of interest in multiples of M of 1 %.
These
by the Director of Accounts,
Department of Corporations and Taxation, Commonwealth of Mass¬
achusetts, and their legality approved by Kenneth M. Damren of Boston,
whose opinion will be furnished the purchaser.
Bidder
was
asked to
name rate
notes will be certified as to their genuineness
Financial
Year
Statement
281,825.76
242,124.76
...
1937 assessed valuation, $8,108,290.
$29.40.
Tax titles July 23, 1938, none.
Cray, McFavvn & Petter
Uncollected July 23, 1938
$61.08
3,144.74
22,675.24
Levy
.$267,415.76
1935..
MICHIGAN MUNICIPALS
GRAND
DETROIT
A.T.T. Tel
DET 540-541
RAPIDS
Telephone 9-8255
Telephone Cherry 6828
A.T.T. Tel. Grps. 7
Population, 6,369.
Taxrate, 1937
Borrowed against tax titles, none.
Bonis Outstanding as of July 1, 1938
$2,000
65,000
Bridge loan
School building addition
$67,000
$10,000
Total
This issue
MICHIGAN
BAY CITY, Mich.—NOTE SALE—The $100,000 tax anticipation notes
offered July 25—V. 147, p. 607—were awarded to the Peoples Commercial
<&
Savings Bank of Bay City, as Ms, ay par.
Dated July 28, 1938 and
1, 1938.
Wright, Martin & Co., Detroit, bid for Is, plus $3.75,
Bank of Bay City offered par for 2s.
due Dec.
Mass.—BOND SALE—The $250,000 coupon second
municipal relief loan, Act of 1938, bond issue offered July 28 was awarded
jointly to Smith, Barney & Co., New York, and Whiting, Weeks & Knowles,
of Boston, as 2s, at 101.077, a basis of about 1.79%.
Dated Aug. 1, 1938.
Denom. $1,000.
Due $25,000 on Aug. 1 from 1939 to 1948 incl. Principal
and interest (F. & A.) payable at the Second National Bank of Boston, or
at holder's option, at the office of the City Treasurer.
Bonds may be
registered upon presentation at the City Treasurer's office for cancellation
of coupons and for appropriate endorsement.
Legality approved by Ropes,
Gray, Boyden & Perkins of Boston.
Other bids:
Bidder—
Int. Rate
Rate Bid
Lazard Freres & Co
2%
100.849
F. S. Moseley & Co
2%
100.696
Brown iiarriman & Co., Inc
2%
100.459
LAWRENCE,
First Boston
100.27
100.519
100.339
Corp—------2%
2M%
2% %
Bond, Judge & Co
C. F. Childs & Co. andChace, Whiteside & Co
Financial
1938
{Incl. Motor Vehicles)
Tax Rate
$90,693,205
$39.60
92,236,495
36.80
1936—
91,975,699
37.60
100,184,485
37.60
Tax Levy
$3,567,247
3,333,439
3,735,275
3,764,244
Uncollected Taxes
$3,186,771
372,414
12,325
177
$3,210,165
481,000
Total
Less water debt.,...
Net debt
.
$2,729,165
:
Population, 1935—-86,785.
MEDFORD, Mass.—BOND SALE—Frederick M. Swan & Co. of Boston
awarded on July 27 an issue of $197,000 coupon municipal relief bonds
of 1938 as lMs, at a price of 100.117, a basis of about 1.73%.
Dated Aug.
1, 1938 and due Aug. 1 as follows: $20,000 from 1939 to 1947 incl. and
$17,000 in 1948.
Principal and interest (F. & A.) payable at the National
Shawmut Bank of Boston.
Legality approved by Ropes, Gray, Boyden &
were
Other bids:
(In announcing
Mich.—BONDS APPROVED—The State Public Debt
approval covering an issue of $35,000
bonds authorized at an election last
September.
The bonds will be general obligations, bear interest at not
more than 4% and mature serially from 1940 to 1949, inclusive,
BUCHANAN,
Commission issued a certificate of
and sewage treatment plant
sewer
-2%
2M%
2M%
..—
•
100.519
100.459
Lee Higginson
100.0969
1M%
Corp
Financial Statement as of July 20,
1938 assessed valuation
1938
—
Uncollected, 1937...
—
1937 tax levy
Uncollected, 1936--..
1936 tax levy
Uncollected, 1935 including prior years
Total Ponded deot, including this issue—
Water debt (included in above)
Sinking funds other than water.
...—
of $537,000 refunding bonds at an average cost
of 4.63%.
Daley, City Controller, will receive
refunding bonds in the amount of about $500,000
until 10 a. m. on Aug. 11.
Offers must remain firm until 1 p. m. of the
following day and be made under the following conditions:
If callable bonds are offered at a premium: (a) When the interest rate is
4H% or higher, the yield shall be computed to the second call date.
(5) When the interest rate is less than 4^ % the yield shall be computed to
TENDERS
the fourth
WANTED—John N.
call date.
offered at par or less than par:
If bonds are
^
Yield shall be computed to
the date of maturity.
All tenders shall be
„
,
in writing and shall be sealed.
Tenders shall show
rate of interest, date of maturity, the dollar value and the
yield
Tenders will be accepted on the basis of the highest net yield to the
city as computed from the dollar price.
Only 1962-63 maturities of callable
bonds will be accepted.
The city reserves the right on bonds purchased,
which are delivered subsequent to Aug. 18, to pay accrued interest up to
that date only.
the purpose, the
$79,129,252.00
$38.60
3,054,389.05
—---546,887.33
3,021,645.00
52,212.12
2,971,278.00
6,183.96
3,588,000.00
389,000.00
30,000.00
320,697.08
310,268.68
„—....
Mich.—BONDS PURCHASED FOR RETIREMENT—
Comptroller, reports the recent purchase from holders
sealed tenders of callable
Co..2%
C.F. Childs & Co.
each proposal,
DETROIT,
100.399
100.436
100.27
100.625
2%
Bond, Judge & Co. and Chance, Whiteside &
Loan against tax titles
Cash on hand
1956, incl. Rate of interest to be expressed in multiples of M of 1%.
Principal and interest are payable from ad valorem taxes upon all the
village's taxable property without limitation as to rate or amount.
Bids
will be conditioned upon the opinion of reputable legal counsel approving
the legality of the bonds.
Village will pay for printing the bonds and the
cost of legal opinion must be borne by the successful bidder.
A certified
check for $350, payable to the order of the Village Treasurer, must accom¬
John N. Daley, City
100.625
100.10
100.10
Merchant's National Bank
Harris Trust & Savings Bank and
Aug. 5, 1938, and payable to bearer in denoms. of $500.
Interest payable
semi-annually on presentation of coupons.
Due Aug. 5 as follows: $500
to 1942, incl,; $1,000. 1943 to 1952, incl.; $1,500 from 1953 to
from 1940
for retirement
2%
2%
;
Skeels, Village
Clerk, will receive sealed bids until 8 p. m. on Aug. 2. for the purchase of
$17 500 not to exceed 4% interest general obligation sewage disposal plant
bonds, authorized at election on July 18 by a vote of 130 to 11,
Dated
100.2599
2M %
__.__2%
2%
Tax titles held
the above offering, the city stated that the $110,000
disposal plant revenue bonds offered July 12—V. 147, p. 155—
Bids were also asked at that time on an issue of $90,000
general obligation sewer system bonds.
We have not been advised as to
the outcome of the offering.)
100.601
2%
Brown, Harriman & Co
—
Corson,
of Detroit, at its own expense.
pany
Bancamerica-Blair Corp
1938 taxrate
H.
sewage
Rate Bid
Int. Rate
Bidder—
1938 tax levy
OFFERING—II.
COOPERSVILLE, Mich.—BOND OFFERING—Frank W.
$2,960,165
250,000
Present issue
Kennedy, Spence & Co.,
Halsey, Stuart & Co
Tyler & Co.
Newton, Abbe & Co
Goldman, Sacks & Co
National Shawmut Bank
City
Time)
bonds.
Dated April 1, 1938.
Denom. $1,000.
Due $1,000 on April 1 from 1941
to 1952, incl.
Principal and interest (A. & O.) payable at the American
National Bank & Trust Co., Chicago.
A certified check for $240, payable
to the order of the city, must accompany each proposal.
City will furnish
bonds and approving legal opinion of Miller, Canfield, Paddock & Stone
Mich.—BOND
BIRMINGHAM,
Treasurer, will receive sealed bids until 2 p. m. (Eastern Standard
on Aug. 1, for the purchase of $12,000 4% coupon sewage revenue
Tax title loans (net), $83,159.
Total bonded debt
Perkins of Boston,
tions will
-
Year
Tax titles held, $182,229.
TOWNSHIP
SCHOOL DISTRICT NO. 1, Eaton
Mich.—REFUNDING APPROVED—The State Public Debt
the refunding of $28,400 bonds.
New obliga¬
bear 5% interest and mature serially from 1939 to 1948, incl.
BELLEVUE
County,
Commission has approved
had been sold.
Information
July 20,
Assessed Valuation
and the National
_
_
——
623,889.30
ECORSE TOWNSHIP SCHOOL DISTRICT NO. 11, Mich.—NOTES
APPROVED—The State Loan Board has approved the borrowing $25,000
notes against taxes due in the current fiscal year.
Debt will mature
Feb. 1, 1939.
on
ELMWOOD AND ELKLAND TOWNSHIPS FRACTIONAL SCHOOL
DISTRICT NO. 3 (P. O. Gagetown), Mich.—BOND SALE—The $165,500 coupon school bonds offered July 22—V. 147, p.
L. C. Purdy of Gagetown, as 3s, at par. Dated July
607—were awarded to
15, 1938 and due July
Financial
778
15
as
$3,000 in 1939 and 1940, and $3,500
follows:
Chronicle
July 30,
the issue of $55,000 water system
Int- ^ite
Bidder—
Channer Securities Co., Cnicago
State Savings
3M%
3M%
3M%
3%%
Bank of Gagetown
Martin, Smith & Co., Detroit..
Siler, Carpenter & Roose, Toledo
Stranahan, Harris & Co., Detroit
— --
Premium
$145.20
Par
4^-99
VOTED—At an election on July 19
construction bonds carried by a vote of
Mich.—BONDS
SEBEWAING,
from 1941 to 1943 incl.
Other bids:
1938
344 to 49.
WEBBERVILLE SCHOOL DISTRICT
NO. 6 (P.
O. Webberville),
Mich.—BONDS DEFEATED—At an election on July 9 the
of $27,500
proposed issue
school building addition bonds was rejected by the voters.
7.55
4.00
FERNDALE, Mich.—TENDERS SUBMITTED—The city's offer to
purchase by tender 1935 refunding bonds, series A, B, C, D or E, resulted
in the submission of the following offerings, according to Jay F. Gibbs,
City Manager:
$25,000 series C at 80 and interest.
15,000series D at 82.19 and interest.
10,000 series C at 80.875 and interest.
8,000 series C at 86.375 flat.
12,000 series D at 86.375 flat.
10,000 series Eat 81 flat.
5,000 series D at 90 and interest.
The tender of $25,000 series C at 80 and interest was accepted.
MINNESOTA
DULUTH, Minn.--CERTIFICATES SOLD—It is reported that $900,000
3 M % semi-ann. sewer revenue certificates were purchased by the AllisonWilliams Co. of Minneapolis.
Due from 1941 to 1958.
FARIBAULT, Minn.—BONDS SOLD—It is stated by the City Clerk
semi-ann. real estate purchase bonds were purchased
Dated April 25, 1938.
Due on
April 25 as follows:
$3,000 in 1939 and 1940; $4,000 in 1941, and $3,000
that $13,000 2Vi%
recently by the City Water Department.
in
1942.
MOWER COUNTY CONSOLIDATED SCHOOL
DISTRICT NO. 69
(P. O. Elkton), Minn.—BOND OFFERING—Both sealed and open bids
8:30 p. m., by Ernest Dammann, District
Clerk, for the purchase of a $15,000 issue of funding and refunding bonds.
Interest rate is not to exceed 3 %, payable F. & A.
Denom. $1,000.
Dated
Aug. 15, 1938.
Due $3,000 from Aug. 15, 1939 to 1943, incl.
Prin. and
interest payable at a suitable bank or trust company designated by the
purchaser.
The approving opinion of Junell, Fletcher, Dorsey, Barker
& Colman of Minneapolis, will be furnished,
A certified check for $500,
will be received until Aug. 9, at
HAVEN, Mich.—BONDS VOTED—An issue of $55,000 city
1,105 to 430 at the election
GRAND
hospital construction bonds carried by a vote of
on July 26.
I
Jackson), Mich.—NOTE SALE— The
issue of $41,000 notes offered July 25 was awarded in amounts of $20,500
each to the National Bank of Jackson and the Jackson City Bank & Trust
Co., to bear 4% interest.
Due March 15, 1939.
(P.
COUNTY
JACKSON
DISTRICT,
SCHOOL
LAKEVIEW
O.
Mich.—BONDS DEFEATED—
issue of $55,000 school building addition
The voters refused to authorize an
and heating plant
bonds.
as
follows:
$20,000 fire hall bonds, payable with option of prior payment on July 1
as follows: $1,000,1939 to 1942 incl.; $2,000 from 1943 to 1947 incl.
and $1,000 from 1948 to 1953 incl.
10,000 sewer extension bonds, payable with option of prior payment on
July 1 as follows: $1,000 each year from 1941 to 1950 incl.
All of the bonds will be dated July 1, 1938.
Denom. $1,000.
Rate of
fi of 1%.
Principal and interest
(J. & J.) payable at the First National Bank of Alger County, Munising.
City is authorized and required by law to levy upon ail of its taxable property
Interest to be expressed in multiples of
such
A
unlimited ad valorem taxes
certified
ROCHESTER SCHOOL DISTRICT (P. O. Rochester), Minn.—
VOTED—It is stated by the Business Manager of the Board of
BONDS
Education that at the election
as
may
be necessary to service tne debt.
check for
$1,000, payable to the order of the city, must ac¬
company each proposal.
Printed bonds and legal opinion of Miller, Canfield, Paddock & Stone of Detroit will be furnished the successful bidder.
NORTON TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O. Roose¬
velt Park,
Muskegon Heights), Mich.—BOND OFFERING—A. M.
Sampson, District Secretary, will receive sealed bids until 6 p.m. (to be
opened at 8 p. m., Eastern Standard Time) on Aug. 10 for the purchase
of $55,000 4% coupon school building construction bonds.
Dated May 27,
1938.
Denom. $1,000.
Due May 27 as follows:
$10,000, 1939 and 1940;
$11,000 in 1941 and $12,000 in 1942 and 1943.
Interest payable annually
VIRGINIA,
until 8 p. m. on
July 26 the voters approved the is¬
Minn.—BOND OFFERING—Sealed bids will be received
Aug. 2. by J. G. Milroy Jr., City Clerk, for the purchase of
$450,000 issue of 3% community building bonds.
Dated July 1, 1938.
Due on Jan. 1 as follows:
$20,000. 1940 to 1944, and $25,000 from 1945 to
1948; optional at any time prior to maturity.
Prin. and int. (J. & J.
payable at the City Treasurer's office.
(These are the bonds mentioned in our issue of July 16th.—V. 147, P. 460.)
MISSISSIPPI
Mis*.—PWA LOAN APPROVED—It is stated by R. S.
Tew, City Clerk, that the Public Works Administration has approved a
MERIDIAN,
for
loan of $780,000 to the city
a power
plant.
PASCAGOULA, Miss.—MATURITY—It is now reported by the
City Clerk that the $54,000 5% semi-ann. refunding bonds purchased by
Walton & Jones of Jackson, at a price of 101.00, as noted in these columns—
V. 147, p. 4^0—are due on July 1 as follows: $1,000 in 1943 and 1946 to 1948;
$3,000, 1949; $1,000, 1950: $2,000, 1951 to 1957, and $4,000, 1958 to
1965, giving a basis of about 4.92%.
MISSOURI
BONDS
May 27.
man's Bank,
Markets in all State, County & Town Issues
SCHERCK, RICHTER COMPANY
LANDRETH
Financial Statement
Population of district 1938 estimated
School
census
293
—
Tax
rate
.$2,337,083.00
ONTONAGON
SCHOOL
1936-37
1937-38
was
to June
1, '38
$10,886.40
6,218.59
Mich.—BONDS
VOTED—
authorized by the voters.
ROYAL
August to pass upon a proposed
Village has applied for Works
the project.
on
OAK
TOWNSHIP SCHOOL DISTRICT NO.
7
(P. O.
Berkley Branch, Royal Oak), Mich.—TENDERS WANTED—Edward
Parkin, Secretary of the Board of Education, will receive sealed tenders of
1937 certificates of indebtedness, dated Sept. 1, ] 937, until 8
p. m. (Eastern
Standard Time) on Aug. 8,
Offerings should be firm for two days and state
certificate numbers, their par value, and the amount for which
they will
be sold to the district.
As of July 15 there was $3,000 on hand in the sink¬
ing fund for retirement of certificates.
This may be increased prior to
time for receipt of tenders and, in
any event, sufficient certificates will Ixj
purchased to exhaust the sum available on Aug. 8.
In connection with this
call, Matthew Carey, refunding agent, 2149 Union Guardian Bldg., Detroit,
compiled the following report on the result of the last previous call on May 9:
—Tenders AccentedFace
Tendered
Amount
at
$500.00
—Other
Cash
$230.00
500.00
47
235.00
500.00
48
240.00
500.00
49
245.00
500.00
50
250.00
500.00
51
500.00
52
255.00
260.00
500.00
53
1,000.00
54
265,00
540.00
1,000.00
1,000.00
2,000.00
2,000.00
2,000.00
55
550.00
56
560.00
57
58
1,140.00
1,160.00
58.73
1,174.60
$13,000.00
54.65
Tenders—
Tendered
Cash
Face
Amount
46
Amount
at
$5,139.00
2,411.68
2,000.00
1,663.35
3,326.70
2,588.79
2,719.26
5,000.00
6,584.00
1,427.80
16,908.24
781.68
Amount
58.73
58.85
59
$50,550.50
$3,018.13
1,419.27
1,180.00
59
981.38
59
1,962.75
1,546.80
1,624.76
2,999.50
59.75
59.75
59.99
60
3,950.40
63.02
900.00
71.95
12,165.48
80
625.34
64.04
$32,373.81
Average
$7,104.60
Summary Status of Certificates
on
tenders March 15, 1938
Retired
on tenders
May 9, 1938-.
Still outstanding in hands of
public
$19,698.05 at 41.5 to 59.25—46.5 avge.
13,000.00 at46.0 to 58.73—54.65 avge.
146,427.32
Total issued to public
.$179,125.37
In school sink, fund for
cancelation
10,182.39
Held for bonds not yet
refunded.
.
Total authorized
.
mined
latter.
Eddy, Superintendent of
t
lf?sue.
Issue will bear interest at not
1943°WS:
r
STE.
SAULT
V.
$42,000 school bonds was authorized
^Ln e^e.ction on July 12. Date of sale to be deter¬
$14 000in
more
than 4%
$5'000' l940: $u.000, 1941; $12,000
MARIE, Mich.—BONDS
DISTRICT
now
(P.
O.
Edina),
Mo.—BOND SALE
school building
informed that the $20,000 3 M%
(not
Joplin), as reported here recently—V. 147, p. 608—were sold at a price of
102.30, and mature serially on Feb. 1.
Coupon or registered bonds, dated
Aug. 1, 1938.
Denom. $500.
Interest payable F. & A.
Mo.—BOND SALE—The $250,000 issue of 3% semi¬
street improvement bonds offered for sale on July 27—V. 147,
157—was awarded to the Commerce Trust Co. of Kansas City, at a
price of 107.45, according to the City Clerk.
Dated Aug. 1, 1938.
Due
from Aug. 1, 1939 to 1957.
annual
p.
RICH HILL TOWNSHIP (P. O. Chillicothe), Mo .—BONDS SOLD—
It is reported that $15,000 highway bonds were purchased on July 25 by
Baum, Bernheimber & Co. of Kansas City.
Denom. $1,000.
Due $1,000
from March 1, 1940 to 1954 incl.
Prin. and int. payable at a Chillicothe
bank.
MONTANA
LIBBY SCHOOL DISTRICT NO. 4 (P. O. Libby), Mont.—BOND
OFFERING— Sealed bids will be received until Aug. 26, by M. D. Rowland,
District Clerk, for the purchase of a $35,000 issue of construction and
equipment bonds.
Dated June 1, 1938.
Due in 20 years, becoming
optional after five years.
These bonds were approved by the voters on
July 23.
TREASURE
COUNTY
HIGH
SCHOOL
DISTRICT
NO.
and mature
VOTED—lOoToOO
an
com-
election
1
(P.
O.
Hysham), Mont.—BOND SALE—The $16,000 issue of school bonds of¬
fered
for
sale
July 25—V. 147, p. 303—was purchased by the First
National Bank of Hysham, according to the District Clerk.
on
NEBRASKA
BEAVER
CROSSING,
Neb.—BONDS SOLD—It is reported that
$20,247.59 3M% semi-ann. sewer bonds have been purchased at par by
the State Board of Education.
Denom. $1,000, one for $247.59.
Dated
July 15, 1938.
Due on July 15 as follows: $1,000, 1940 to 1957, and $2,247.59 in 1958; optional after five years.
GORDON,
Neb.—BOND SALE DETAILS—In connection with the
auditorium bonds to Wachob, Bender & Co. of
a price of 100.06, as noted in our issue of July 16—V.
146, p. 460—we are now informed that the sale was made contingent
upon the result of an election to be held on Aug. 9, that they are dated
Sept. 1, 1938, and mature on Sept. 1, 1958, with $10,000 callable on Sept. 1,
1948, the remaining $15,000 callable on and after Sept. 1, 1953, giving a
basis of about 3.74 %.
sale of the $25,000 issue of
as
3Ms, at
MULLEN SCHOOL DISTRICT NO. 2 (P. O. Mullen), Neb.—BOND
OFFERING—Sealed bids will be received until Aug. 20, by John J. Motl,
SPRINGFIELD,
Neb.—BONDS SOLD—It
is
stated
semi-annual
1938.
Due
saiu to have
by
the
Village
Clerk that the $5,000 4M % semi-ann. auditorium bonds were sold recently.
Denom. $500.
Dated July 1, 1938.
Due on July 1 from 1949 to 1658;
optional
on
July 1, 1948.
in 1942, and
mumty building bond issue carried by a vote of
1,250 to 289 at
July 25.
are
School Director, for the purchase of a $16,000 issue of 3Yi%
construction bonds.
Denom. $1,000.
Dated July 1,
from 1939 to 1956; optional after five years.
These bonds are
been approved by the voters on June 13.
.$200,402.88
an
SCHOOL
DETAILS—We
bonds purchased by the Bankers Bond & Security Corp. of Hannibal
school
11,095.12
Mich.—BOJVDS VOTED—T.
noted here—V. 147,
100.177, a basis
1, 1939 to 1958
Optional after Aug. 1,1945.
EDINA
Omaha,
Average
Retired
as
KIRKSVILLE,
voters
will be given an opportunity sometime in
of $30,000 water system bonds.
Progress Administration aid
Smith, Moore & Co., both of St. Louis, jointly,
incl.
Levy
$11,500.00
7,000.00
ROCKWOOD, Mich.—-BOND ELECTION SCHEDULED—The
issue
Boonville), Mo .—BOND
p. 608—were sold for a premium of $274.35, equal to
of about 2.23%, for the bonds as 2Ms.
Due from Feb.
Collected
Year
DISTRICT,
An Issue of $10,000 building bonds
O.
and
None
$2,000.00
Collected
1935-36
DISTRICT (P.
SALE DETAILS—It is reported by the Secretary of the Board of Education
that the $155*000 school bonds awarded to the Mississippi Valley Trust Co.,
Tax Collection Data
1934-35
SCHOOL
BOONVILLE
$7,000.00
levy 1937-1938
Tax levy for debt service 1937-1938
Outstanding debt, due 1940 and 1941
Levy
to June 1. '38
$10,000.00
$9,491.50
9,000.00
8,512.11
ST. LOUIS, MO.
2.99 mills
I
1937-1938
Tax
Year
BUILDING,
MISSOURI
1,500
1938--
Assessed valuation 1938
on
on
a
Both principal and interest payable at the National Lumber¬
Muskegon,
Bonds are payable from ad valorem taxes on all
of the district's taxable property within the limit prescribed
by the State
Constitution.
An additional 6-mill levy has been voted for the five-year
period 1938-1942, Incl.
A certified check for 2% of the issue, payable to
the order of the District Treasurer,
must accompany each
proposal.
Successful bidder to pay for printing of the bonds and legal
opinion, other
than that of Harris E. Galpin, Attorney, Lyman Block,
Muskegon.
Bond
issue carried by a vote of 156 to 49 on May 27, 1938, while the 6-mill tax
increase was authorized by 161 to 45 on June 10.
The district will receive
a $39,000 grant from the Public Works Administration.
on
held
of the $400,000 in building addition bonds.
suance
MUNSING, Mich.—BOND OFFERING—William L. Dore, City Clerk,
will receive sealed bids until 4 p.m. (Eastern Standard Time) on Aug. 8 for
the purchase of $30,000 not to exceed 4% interest general obligation bonds,
divided
payable to the district, must accompany the bid.
NEW
JERSEY
ESSEX FELLS, N. J.—BOND SALE—The $39,000 coupon or registered
park bonds offered July 25—V. 147, p. 608—were awarded to Boenning &
Co. of
Newark,
as
2Ms. at par plus a premium of $51, equal to
100.13,
a
Volume
Financial
147
basis of about 2.24%.
Dated Aug. 1, 1938 and due Aug. 1 as follows:
52.000 from 1939 to 1941 incl. and $1,500 from 1942 to 1963 incl.
GLEN ROCK SC HOOL
DISTRICT, N. J.—TO SELL $261,000 BONDS
District Clerk, informs us that sealed bids will be re¬
25 for the purchase of $261,000 school building
construction bonds.
Denom. $1,000.
Due serially on Sept. 1 from 1939
to 1966, incl.
Coupon, registerable as to both principal and interest.
Payment of bonds and interestjfM. & S.) at the Glen Rock National Bank.
Legal opinion of Reed, Hoyt, Washburn & Clay of N. Y. City.
—James A.
ceived
193675
on
Daly,
or
about Aug.
INTERLAKEN, N. J.—BOND OFFERING—R. H. Adams, Borough
Clerk, will receive sealed bids until 8p.m. (Daylight Saving Time) on
Aug. 8, for the purchase of $35,000 not to exceed 6% interest coupon or
registered sewer bonds. Dated Aug. 1,1938. Denom. $1,000. Due$l,000
on Aug. 1 from 1939 to 1973, incl.
Rate of interest to be expressed in a
multiple of
of 1%.
Principal and interest (P. & A.) payable at the
Allenhurst National Bank & Trust Co., Allenhurst.
The sum required to
be obtained at the sale is $35,000.
The bonds are payable from unlimited
ad valorem taxes to be levied on all of the borough's taxable property.
A
certified check for 2%, payable to the order of the borough, is required.
The approving legal opinion of Hawkins, Delafield & Longfellow of New
York City will be furnished the successful bidder.
METUCHEN, N. J.—BOND EXCHANGE APPROVED—The State
Funding Commission approved the proposal to exchange $97,000 refunding
on a
par-for-par basis.
PATERSON, N. J —BONDS PUBLICLY OFFERED—J. B. Hanauer &
Co. of Newark are making public offering of $50,000 4K
%sewer bonds at
prices to yield from 3 % to 3.75%, according to maturity.
Due on March 1
from 1942 to 1946, incl.
The city, according to the bankers, operates on a
basis, subject to the provisions of Chapter 60, New Jersey P. L. of
1934.
Tax Collections
%
Delivery
Delivery End of
%
Delivery
Levy
Year of Levy Delivery
Afar. 31,'38
$6,866,713
$2,233,638
32.53
$183,995
7,807,101
2,076,623
26.60
599,732
7,787,483
1,957,904
25.14
1,612,339
Year—
2.68
7.68
20.71
*
WESTWOOD, N. J.—BOND OFFERING—William L. Best, Borough
Manager, will receive sealed bids until 8:30 p. m. (Daylight Saving Time)
on Aug. 9 for the purchase of $31,600 not to exceed 6% interest coupon
or registered bonds, divided as follows:
$20,500 street assessment, due annually from 1940 to 1948 incl.
5,000 street improvement, due from 1939 to 1943 incl.
6,100 improvement, due from 1939 to 1944 incl.
All of the bonds will be dated Aug. 1,
amount of $500 and one for $100.
to
expenses of the Water
the water fund of
1938.
Denom. $1,000, except
The bonds are issued pursuant
the Local Bond Law and the combined maturities, with payments due
each Aug. 1, are as follows:
in 1942 and 1943; $3,000in
$2,100, 1939; $5,500, 1940; $5,000, 1941; $4,000
1944, and $2,000 from 1945 to 1948 incl.
Bidder
single rate of interest, expressed in a multiple of y± of 1 %.
Prin.
and int. (F. & A.) payable at the First National Bank, Wildwood, or at the
Guaranty Trust Co., New York City.
The sum required to be obtained
at the sale of the bonds is $31,600.
A certified check for 2 % of the amount
of the offering, payable to the order of borough, must accompany each
proposal.
The bonds are payable from unlimited ad valorem taxes on all
of the borough's taxable property.
Legal opinion of Hawkins, Delafield &
Longfellow of New York City will be furnished the successful bidder
to name a
1937658
NEW
MEXICO
CARLSBAD, N. Mex.—BOND SALE DETAILS—We are now informed
by the City Clerk that the $165,000 sewer system improvement bonds
purchased by the State of New Mexico, as reported here on July. 23—
V. 147, p. 608—were sold at par for $99,000 bonds as 2j)£s, the remaining
$66,000 at 3%.
Coupon bonds, dated June 5, 1938.
Denom. $1,000.
Due serially from 1942 to 1958.
Interest payable J. & D.
TAOS
MUNICIPAL
SCHOOL
BOND SALE
DETAILS—It
1953.
May,
is
DISTRICT
(P. O. Taos), N.
Mex.—
reported by the County Treasurer
that the $20,000 issue of school construction bonds purchased by the State
Treasurer, as noted in our issue of July 23—V. 147, p. 608—were purchased
as 4s
at par.
Denom. $1,000.
Coupon bonds, maturing serially up to
Dated
2,
1938.
now
Interest
payable J.
&
J.
coupon
or
registered
bonds offered July 25—V. 147,
p. 461—were awarded to Little & Hopkins of
Rochester, as 1.40s, at par pius a premium of $220.50, equal to 100.22, a
basis of about 1.36%.
The award comprised:
$48,000 pubuc welfare bonds.
nn
nnn
Due Aug.
1
as
$4,000 in 1939 and
follows:
t94u and $5,000 from 1941 to 1948 incl.
20,000 viaduct bonds.
Due $2,000 on Aug. 1 from 1939 to 1948 incl.
30,000 public works bonds. Due $3,000 on Aug. I from 1939 to 1948 incl.
Aii of the bonds are dated
Aug. 1,1938. Other bids;
Biddet—
Rate Bid
Int. Rate
Roosevelt & Weigold, Inc
George B. Gibbons & Co., Inc
1.50%
1.60%
1.60%
$236.00
305.76
244.02
Sherwood & Reichard.
1.60%
Halsey, Stuart & Co., Inc.
Marine Trust Co
1.60%
1.60%
1.70%
1.70%
225.00
115.64
39.20
300.86
Manufacturers & Traders Trust Co
Harris Trust & Savings Bank
Equitable Securities Corp
GREENBURGH,
259.70
PUBLICLY OFFERED—Public
of a new issue of $78,500 3% sewer and
water bonds by George B. Gibbons & Co., Inc., New York, successful
bidders for the loan at the offering on July 20—V. 147, p. 609.
Bankers
priced the securities to yield from 1 % to 3 %, according to maturity. Due
serially on July 1 from 1939 to 1948 incl.
Y.—BONDS
N.
was made this past week
Financial Statement {.Officially Reported July 6,
Assessed valuation, for 1938 taxes
Total bonded debt, including this issue
Less water bonds
Net bonded debt
Population, 1930 U. S.
census
1938)
$130,042,901
4,708,500
$790,500
$3,918,000
35,821
„■
Above financial statement does not include the debt of other
political
divisions
having the power to levy taxes within thd town, nor does it include
temporary debt in the amount of $646,312, after giving effect to this issue.
Taxes
Year—
1938
State, co., town & school
levy
*$2,169,436
1935
1936
1937
$3,352,204
$3,300,611
$3,169,764
659,042
693,784
299,007
275,386
Uncollected *
End of year of levy.__
As of July 6, 1938
Not ended
565,629
393,275
762,217
State, county and town levy alone.
JOHNSTOWN, N. Y.—BONDS AUTHORIZED—An issue of $73,000
bonds was authorized by the Common Council on
street
improvement
July 18.
LIVINGSTON
(P. O. Geneso), N. Y.—OTHER
sinking fund bonds awarded to the Harris
COUNTY
The $107,000 highway
Savings Bank of Chicago, as 1.40s, at 100.567, a basis
147, p. 609—were also bid for as follows:
Name
City
City
C.F.Childs& Co., New York City
Geo. Gibbons & Co., New York City
Roosevelt & Weigold, Inc., New York City
Goldman, Sachs & Co., New York City....
Adams, McEntee & Co., Inc., New York City
Marine Trust Co., Buffalo, and R. D. White & Co.,
New York City
Manufacturers & Traders Trust Co. (Buffalo)
Sherwood & Reichard, and Hernon, Pearsall & Co.,
Salomon Bros. & Hutzler, New York
Lehman Bros., New York
New York
1.4%
1.4%
1.4%
1.5%
1.5%
1.5%
1.5%
1-5%
1.5%
1.6%
City
Halsey, Stuart & Co., Inc., New York City
Co., New York City.
Sage, Rutty & Co., Rochester,,.
Erickson Perkins & Co., Rochester
Washburn &
1.6%
-
BIDS—
Trust &
of about 1.31%—V.
Int. Rate
1.4%
1.4%
of Bidder—
Brown & Groll, New York City..
Little & Hopkins, Inc., Rochester
1.6%
1.6%
2%
333.84
135.00
548.00
460.10
374.80
374.50
2l2Ao
84.53
321.00
233.26
192.00
°5.b0
12.5U
LOCKPORT, N. Y.—BOND ELECTION PLANNED—At an election
the voters will pass upon a proposed $676,000 bond issue
supplement a Public Works Administration grant for construction
to be held soon
to
purposes.
NEW
YORK
N. Y.—BOND OFFERING—Arthur J. Odgen, City
Comptroller, will receive sealed bids until noon (Eastern Standard Time)
on Aug.
16 for the purchase of $200,000 not to exceed 5% interest coupon
or registered public improvement work relief bonds.
Dated Aug. 1, 1938.
Denom. $1,000.
Due $20,000 on Aug. 1 from 1939 to 1948 incl.
Bidder
to name a single rate of interest, expressed in a multiple of l/i or l-10th
of 1%.
Principal and interest (F. & A.) payable at the City Treasurer's
office.
The bonds are payable from unlimited ad valorem taxes to be
levied on all of the city's taxable property.
A certified check for $4,000,
payable to the order of the City Comptroller .must accompany each proposal
The approving legal opinion of Hawkins, Delafield & Longfellow of New
York City will be furnished the successful bidder.
BINGHAMTON,
CAMILLUS (P. O. Camillus), N. Y.—BOND OFFERING—Harry R.
Abell, Town Clerk, will receive sealed bids until 2 p. m. (Eastern Standard
Time) on Aug. 5 for the purchase of $40,000 4% coupon or registered water
refunding bonds.
Dated June 1, 1938.
Denoms. $1,000 and $500.
Due
$2,500 each Dec. 1 from 1938 to 1953 incl.
Principal and interest (J. & D.)
payable at the Camillus Bank, Camillus, with New York exchange.
The
bonds are part of a total authorized issue of $50,000 and are general obliga¬
tions of the town, payable primarily from a levy on the Camillus Water
District in the town, but if not paid from such levy all of the town's taxable
property will be subject to the levy of unlimited ad valorem taxes to pay
the debt.
A certified check for $800, payable to the order of the town,
must
Department as of Dec. 31, 1937, there was a surplus
approximately $8,000.
CORNING, N. Y.—BOND SALE—The $98,000
*
one in
779
in
offering
bonds
cash
Chronicle
accompany
each proposal.
The approving legal opinion of Dillon,
will be furnished the successful
Moore of New York City
Vandewater &
bidder.
NEW YORK, N. Y.—$10,000,000 REVENUE BILLS SOLD—An issue o$10,000,000 of revenue bills was sold July 26 by Comptroller Joseph D.
McGoldrick at an interest rate of 0.40%. It is dated July 27 and will mature
on Oct. 26, redeemable from the Oct. 1 tax instalment.
The following 26
banks and trust companies participated:
Bankers Trust Co., $800,000;
Bank of the Manhattan Co., $390,000; Bank of New York, $120,000;
Brooklyn Trust Co., $110,000; Central Hanover Bank & Trust Co., $750,000; The Chase National Bank of the City of New York, $1,810,000; Chemi¬
cal Bank & Trust Co., $390,000; The Commercial National Bank & Trust
Co. of New York, $20,000; The Continental Bank & Trust Co. of New
York, $50,000; Corn Exchange Bank Trust Co., $280,000; Empire Trust
Co., $20,000; The Fifth Avenue Bank of New York, $70,000.
The First National Bank of the City of New York, $500,000; Fulton
Trust Co. of New York, $20,000; Guaranty Trust Co. of New York, $1,310,000; Irving Trust Co., $500,000; Kings County Trust Co., $30,000; Lawyers
Trust Co., $40,000; Manufacturers Trust Co., $430,000; The Marine
Midland Trust Co. of New York, $70,000; The National City Bank of
New York, $1,430,000; The New York Trust Co.. $280,000: The Public
National Bank & Trust Co. of New York, $100,000; Title Guarantee &
Trust Co., $20,000; United States Trust Co. of New York, $80,000; J. P.
Morgan & Co., $380,000.
-■
____
PAINTED POST, N. Y.—BOND
OFFERING-—H. O. Anderson, Village
improvement bond issue recently
Aug. 4.
Clerk, reports that the $70,000 public
authorized by the voters will be sold on
—RICHLAND, SANDY CREEK AND ALBION CENTRAL SCHOOL
N6. 1 (P. O. Pulaski), N. Y.—BOND SALE—'Thei $300,000
or registered school bonds offered July 29—V. 147, p. 609
were
awarded to Smith, Barney & Co., New York, and the Manufacturers &
Traders Trust Co. of Buffalo, jointly, as 2.40s at 100.83, a basisofabout
2 34%.
Dated June 15, 1938 and due Dec. 15 as follows:
$10,000 from
1940 to 1954 incl. and $15,000 from 1955 to 1964 incl. The bankers reoffered
the bonds to yield from 0.80% for the earliest maturity to a price of 99.60
for the securities due from 1962 to 1964 incl.
Second high bid was sub¬
mitted jointly by George B. Gibbons & Co., Inc. andJRoosevelt & Weigold,
Inc., both of New York, who bid 100.20 for 2.40s.
DISTRICT
coupon
FULTON,
N.
Y.—BOND SALE—The $76,900
coupon
or
registered
offered July 29—V. 147, p. 609—were awarded to Sherwood &
Reichard of New York City, as 1.60s, at a price of 100.13, a basis of about
bonds
1.575%.
The bankers re-offered them to yield from 0.40% to 1.60%,
The sale consisted of:
$58,900 judgment funding bonds.
Due Aug. 1 as follows: $5,900, 1939;
$5,000 in 1940, and $6,000 from 1941 to 1948, incl.
18,000 water works bonds.
Due Aug. 1 as follows: $2,000 from 1939 to
1946, incl., and $1,000 in 1947 and 1948.
All of the' bonds are dated Aug. 1, 1938.
Second high bidder was
Marine Trust Co. of Buffalo, at par and premium of $29.99 for 1.60s.
according to maturity.
$12,386,939.20
1,297,291.27
Assessed valuation of taxable real estate
Total bonded debt, excluding these issues
Deductions—Water supply bonds incl. above—$188,000.00
Bonds
other
than
bonds, maturing in
water
1938, provision for paying of which has been
budget
made in
jointly, bid 0.21%, and the
ROME,
83,000.00
271,000.00
$1,026,291.27
Net bonded debt
Floating debt—Certificates of indebtedness
$76,000.00
Judgments and interest thereon ($58,000 of
which is to be paid with the proceeds of fund¬
ing bonds)
58,905.85
Tax Collection Record
Uncollected at End
$535,199.19
514,221.09
506,085.68
495,406.61
of Fiscal Year
$23,690.44
19,253.63
17,233.07
(Unexpired)
Chase National Bank of New York
bid 0.22%.
Y.—BONDS APPROVED—At the election on July 21 an
hospital construction bonds carried by a vote of 896 to 295.
SALAMANCA,
N.
Y.—BONDS VOTED—An issue of $85,000 city
authorized by the voters on July 19 by a count
building repair bonds was
16.
•
SCARSDALE, N. Y.'—BOND SALE—The $24,000 coupon or registered
park bonds offered July 26—V. 147, p. 610—were awarded
Scarsdale National Bank & Trust Co. of Scaradale, as 1.70s, at par
plus a premium of $11, equal to 100.04, a basis of about 1.69%.
Dated
Aug 1, 1938, and due Aug. 1 as follows: $3,000 from 1939 to 1942, incl.,
and $2,000 from 1943 to 1948, incl.
series of 1938
to the
Uncollected
as
of
July 1,1938
None
$6,240.96
11,252.92
93,617.00
of bonded debt does not include the debt of any
levy taxes upon any or all of the
property subject to the taxing power of the city.
The city owns its own water supply system, and after providing for the
payment of principal and interest of all water bonds and all operating
The foregoing statement
other subdivision having the power to
N.
issue of $288,750
of 1,611 to
(Including City, State and County Tax)
Levy
Year—
ROCHESTER, N. Y.—NOTE SALE—The $2,000,000 tax anticipation
offered July 26—V. 147, p. 609—were awarded to Barr Bros. & Co.,
York, at 0.167% interest.
Dated Aug. 1, 1938, and due Nov. 1,
1938.
Second high bidder was made jointly by the First Boston Corp.,
and Erickson, Perkins & Co. of Rochester
the group naming a rate of
0 19%.
The National City Bank of New York was third high at 0.20%,
Harris Trust & Savings Bank and the Northern Trust Co ..Chicago,
notes
Inc., New
Financial Statement
Other bids:
/nf. Rale
Bidder—
Sherwood & Reichard
Manufacturers & Traders Trust Co
R. D. White & Co_
Ira Haupt & Co
A. C. Allyn & Co., Inc
v-rFifth Ave. Bank of New York ntty
-
l'Z«/$
1.80%
1-90%
2%
2%
16.80
53.33
97'?S
27.12
15.00
780
Financial
SENECA FALLS, N. Y.—BOND ELECTION—We are advised that the
-election on the issue of $130,000 water bonds—V. 147, p, 610—will be held
on
Chronicle
July 30, 1938
Above financial statement does not include the debt of other political
divisions which have the power to levy taxes within the town.
Aug. 16.
Taxes
SODUS, N. Y.—SALE OF SODUS POINT WATER DISTRICT BONDS
—The issue of $45,000 coupon or registered water bonds, series of 1938,
offered July 27 was awarded to Roosevelt & Weigold, Inc., New York,
as 2.60s, at par plus a premium of $171, equal to 100.38, a basis of about
2.5%.
Dated Aug. 1, 1938.
Denom. $1,000.
Due Aug. 1 as follows:
$2,700 from 1941 to 1962 incl. and $1,000 in 1963.
Second high bidder
York, at 100.35 for 2.60s.
Both
principal and interest (F. & A.) payable at the Marine Midland Trust Co.,
New York, with New York exchange.
Legality approved by Dillon, Vandewater & Moore of New York City.
The bonds are general obligations of
the town, payable primarily from taxes on property in the water district,
but if not paid from that source then all of the town's taxable property will
be subject to levy of unlimited ad valorem taxes in order to service the debt,
was
E. H.
Rollins &
Sons,
Inc., New
SYRACUSE, N. Y.—BOND SALE— The $1,800,000 coupon or reg¬
istered bonds offered July 26—V. 147, p. 610—were awarded to a syndicate
composed of George B. Gibbons & Co., Inc., Stone & Webster and Blodget,
Inc., R. L. Day & Co., Roosevelt & Weigold, Inc., Eldredge & Co., Inc.,
Equitable Securities Corp., and Sherwood & Relchard, all of New York
City.
Bankers paid a price of 100.02 for a combination of $950,000 bonds
as 1Mb and $850,000 as 1Mb, or a net interest cost to the city of about
1.59%.
The sale consisted of:
$950,000 debt equalization bonds.
Due Aug. 15 as follows: $250,000 in
1945, and $350,000 in 1916 and 1947.
450,000 welfare bonds.
Due $45,000 on Aug. 15 from 1939 to 1948, incl.
400,000 Federal aid project bonds.
Due $40,000 on Aug. 15 from 1939
to 1948, incl.
All of the bonds will be dated Aug.
15, 1938.
The successful group reoffered the 1 Ms, due from 1945 to 1947, priced from 100.25 to 99.50, while
the 1Mb were placed on a yield basis of from 0.30% to 1.70%, according
to maturity, running from 1939 to 1948.
The bonds are stated to be legal
investment for savings banks and trust funds in New York and interest
exempt from all present Federal and New York State income taxes.
The
following other bids were submitted at the sale:
Int. Rale
Premium
Co., Inc., and R. D. White & Co.,
{$950,000 1 Ms]
New{ 850,000 2s
f
(
J
$900.00
Halsey, Stuart & Co., Inc.; Bancamericar-Blair Corp.;
Darby & Co., Inc.; Adams, McEntee & Co., Inc.;
Stranahan, Harris & Co., Inc.; Gregory & Son,
Inc.; Schlater, Noyes & Gardner, Inc.; Morse
Bros & Co., Inc.; First of Michigan Corp., and
Eldward Lowber Stokes & Co
Lehman
1.70s
127.00
Ladenburg, Thalmann & ($950,000 lMsj
Co.; Manufacturers & Traders Trust
850,000 2s
I
Co.; R. W. Pressprich & Co. and assoc.. [
/
The Chase National Bank, Mgr.; Harris Trust &
Savings Bank; The Northern Trust Co.; Kean,
Taylor & Co.; L. F. Rothschild & Co.; R, H.
Moulton & Co., Inc., and Kelley, Richardson &
Co., Inc
1
Chemical Bank & Trust Co.; Hallgarten & Co.;
Mercantile-Commerce Bank &
Trust
Co., St.
Louis; Hemphill, Noyes & Co.; B. J. Van Ingen &
Co., Inc., and Martin & Chambers
l^s
Lazard Freres & Co.; Goldman, Sachs & Co.; The
Boatmen's National Bank;
Minsch, Monell &
Co., Inc.; J. N. Hynson &Co,, Inc.: Hannahs,
Ballin & Lee; Starkweather & Co.; The Illinois
Co. of Chicago, and William R. Compton & Co.,
Inc
1MB
Brown, Harriman & Co., Inc.; First Boston Corp.;
Phels, Fenn & Co., and Bacon, Stevenson & Co_ 1MB
First National Bank of New York; Salo.mon Bros &
Hutzler; Washburn & Co., Inc., and H. C. Wainwright & Co
1.90s
Bankers Trust Co.; National City Bank; Smith
Barney & Co.; Blyth & Co., Inc.; Estabrook &
Co., and F. S. Moseley & Co
2s
Bros.;
_
108.00
1,782.00
1,099.80
342.00
5,760.00
Tax collection record.
Fairly sound budgetary policy and long record
of conservative fi¬
that
"although tax-anticipation borrowing is
resorted to each year and the city continues to borrow against
delinquent
taxes and for relief purposes, we do not regard these factors as
significant.
The delinquent tax debt has declined since 1936, and the expansion in the
relief debt is now small and is being more than offset by a reduction in
other categories of obligations.
Consequently the debt trend has been
downward since 1935.
The tax rate is rather high but tax collections re¬
main fairly satisfactory."
UTICA, N. Y.—RFC AGREES TO PURCHASE WATER SYSTEM
BONDS—The Reconstruction Finance Corporation has agreed to purchase
$7,900,000 of city water supply revenue bonds on a 4% yield basis provided
the deal can be completed within 40
days, according to a Utica dispatch
of July 25 to the New York "Times."
The Federal agency's offer was
contained
in a letter sent by Chairman Jesse Jones to
Mayor Vincent
Corrou, which stated that the obligations would be purchased subject to
the filing of a formal application
by the city and also subject to opinion
of counsel satisfactory to the corporation as to the
validity of the issue.
Proceeds of the loan would be used in the
acquisition of the properties of
the Consolidated Water System.
The purchase was originally discussed
last year and negotiations reached a point where the water
company issued
call, later rescinded, for the redemption of $5,575,000 bonds.
Decision
plan at that time was caused by opposition to the proposal
by suburban communities.
In connection with the current offer of the
RFC*, it was pointed out that no action had been taken by the city toward
satisfying the suburbs.
a
to abandon the
VALLEY STREAM, N. Y.—BOND SALE—The issue of
$61,000 coupon
registered improvement bonds offered July 25—V. 147, p. 610 was
as 1.90s, for a premium
of $168.33, equal to
100.27, a basis of about 1.83%.
Dated July 1, 1938
and due July 1 as follows:
$10,000, 1939 to 1943 incl.; $2,000, 1944 to 1946
incl., and $1,000 from 1947 to 1951 incl.
Other bids:
or
ay<*rded to Halsey, Stuart & Co., Inc., New York,
Bidder—
Int. Rate
Manufacturers & Traders Trust Co_
100.18
100 14
2%
2%
100.01
2-20%
100-22
2.20%
Inc
100.07
2 20%
Marine Trust Co. of Buffalo
and"R~ D~
White &
jointly..
100
19
Co"
WILMINGTON, N. Y .—NE\\r ISSUE
i1^'
maturity.
w
Play^ound
Due
OFFERING—George B Gibbons
000 «
rn?,cie Public offering of a new issue of $16,v/uw 3M%
/0
bonds at prices to yield from 1 % to 3 %, according to
serially
on
March 1 from 1939 to 1954 incl.—V.
147, p. 610.
Financial Statement
Valuation,
as
determined by State Tax Commission
$628,167
%7k
_
including this issue
"
~~~
~-V.~Y_~.~~ III111
_
6
qnn
'
3&*55~5nft
!000
Net bonded debt..
Population: 1930 U. S. Census, 567;
CLAYTON, N. C.—NOTES SOLD—It Is said that $7,000 revenue antici¬
pation notes were sold on July 26 to the Concord National Bank of Concord,
1938-40
at
3%.
DAVIDSON COUNTY (P. O.
Lexington), N. C.—BOND SALE—The
$19,000 issue of coupon or registered land and building bonds offered for
on July 26—V. 147, p. 610—was awarded to Oscar Burnett & Co. of
Greensboro, as 3s, paying a price of 100.88, a basis of about 2.90%.
Dated
sale
Due $1,000 from April 1, 1940 to 1958, inclusive.
The following is an official tabulation of the bids received:
Price
Rate
Oscar Burnett & Co
Kirehofer & Arnold, Inc
3%
3M %
II. S. Dickson & Co
3M %
Wachovia Bank & Trust Co.; Lewis & Hall, Inc
3%
Chas. A. Hinsch & Co
3M %
Provident Svgs Bank & Trust Co., for the 1st $14,000.-3M %
For the balance
3%
F. W. Craigie & Co
3%
S30tt, Horner & Mason, Inc., for the 1st $14,000
3M %
For the balance
3%
Interstate Sec. Corp
3M%
Wm. B. Greene Co., for the 1st $13,000
3M%
For the balance
3%
%
Equitable Sec. Corp
3M%
McAlister Smith & Pate; Branch Banking & Trust Co_.3M %
DUPLIN COUNTY (P. O.
$19,168.10
19,039.00
19,086.00
19,033.00
19,205.77
I
|
19,000.00
19,037.43
1
(
19,019.00
19,019.00
19,000.00
19,052.25
19,049.40
Kenansville), N. C.—FINANCIAL STATE¬
offering scheduled for Aug. 2 of the $74,000 road, bridge and school bonds,
described in our issue of July 23—V. 147, p. 610:
74,000.00
50,000.00
—
,
-—
Sinking funds
$2,095,190.91
116,000.00
$1,979,190.91
Population, Census 1920,30,223; Census 1930, 35,110; present estimated,
38.750.
Ass'd
Tax Data
$
1936-37
1937-38
$
$
$
15,622,075.00 15,614,674.00 15,827,504.00
1.40
1.55
1.45
1.65
1935-36
valuation. 15,064.552.00
Tax rate
Tax
of June 30, 1938
as
1934-35
on
$100
230,303-02
levy
263,865.65
42,232.13
61,346.71
Amt. uncollected
245,604.68
71,715.21
281.045.07
128,010.80
Principal Bond Maturities to June 30, 1945
$98,309.09
100,989.09
97.989.09
$104,989.09
*201,489.09
194W2
1942-43
$88,789.09
76,409.09
1943-14
1944-45
*
Includes sinking fund issue.
'
The county technically defaulted in the payment of principal and interest
during 1932-33, and 1933-34, when a refunding program was being put
through.
The total principal amount of bonded indebtedness and current liabilities
of the county has been reduced $811,909.09, since June 30, 1929.
During the fiscal year ended June 30, 1938, $36,000, principal amount of
school building (PWA) bonds were issued, and $21,809.09, principal amount
of State loans and bonds were retired.
DURHAM, N. C —BOND OFFERING—Sealed bids will be received until
11 a. m. on Aug. 9 by W. E. Easterling, Secretary of the Local Government
Commission, at his office in Raleigh for the pin-chase of four issues of not to
exceed 6%
divided
as
semi-annual coupon
or
registered bonds, aggregating $155,000,
follows:
$105,000 waterworks extension bonds.
Due on Jan. 1 as follows: $2,000,
1941 to 1945, and $5,000 from 1946 to 1964.
20,000 street improvement bonds.
Due on Jan. 1 as follows: $1,000 in
1941 and 1942 and $2,000 from 1943 to 1951.
10,000 sanitary sewer bonds.
Due on Jan. 1 as ioilows: $1,000 i ; 1941
and 1942 and $2,000 from 1943 to 1946.
20,000 park bonds.
Due on Jan. 1 as follows: $1,000 in 1941 and 1942
and $2,000 from 1943 to 1951.
Denom. $1,000.
Dated July 1, 1938.
Prin. and int. payable in N. Y.
City in legal tender.
A separate bid for each issue (not less than par and
accrued int.) is required.
Bidders are requested to name the interest rate
or rates in multiple of M of 1%; each bid may name one rate for part of the
bonds of any issue (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates for any issue, and each
bidder must specify in his bid the amount of the bonds of each rate.
The
bonds will be awarded to the bidder offering to purchase the bonds at the
lowest interest cost to the city, such cost to be determined by deducting
the total amount of the premium bid from the aggregate amount of interest
upon all of the bonds until their respective maturities.
Bids must be on a
form to be furnished by the above Secretary.
General obligations; unlim¬
ited tax.
Delivery on or about Aug. 23 at place of purcnaser's choice.
The approving opinion of Masslich & Mitchell of New York will be furnished.
Enclose a certified check for $3,100, payable to the State Treasurer.
'
ELM CITY,
N. C.—NOTES SOLD—It is reported that $2,000 revenue
were purchased at 3% on July 26 by the Concord Na¬
anticipation notes
tional Bank of Concord.
HENDERSON, N. C —BOND SALE—The $7,000 issue of coupon
underpass bonds offered for sale on July 26—V. 147, p. 610—was awarded
to Seasongood & Mayer of Cincinnati, as 4 Ms, paying a premium of $79.85,
equal to 101.14, a basis of about 4.16%.
Dated June 1, 1936. Due $1,000
from June 1, 1955 to 1961, inclusive.
An official list of the bids received is given
Bidder—
herewith:
Rote
c00
'
Trust
Co
GREENVILLE,
iranrovfimfiTit.
bonds
C —BOND
offered
for
7,025.78
5%
7,000.00
—
Banking
4M%
-
N.
$7,015.00
7,079.85
7,013.79
4M%
Mason
First National Bank, Henderson
McAlister Smith & Pate and
Branch
&
4q
1936"offidaYestinVte" l",66o.
Scott Horner &
Price
4M%
4M%
4M%
Kirehofer & Arnold, Inc
Seasongood & Mayer
F. W. Craigie & Co.
(Officially Reported June 25, 1938)
Assessed valuation
Total bonded debt,
Less water bonds
similar basis to be exchanged for defaulted
Rate Bid
2%
I
a
2 to 4% coupons.
Eugene M. Guise, 208 North
Broadway, St. Louis, is refunding agent, and St. Louis Union Trust Co. is
depositary.
Net debt including bonds now offered
3,582.00
Conservative debt burden, with decline now noted in both the city
debt and the overlapping debt.
2. Relatively short term of debt, most of which consists of
20-year
serial issues, even for land and buildings.
3. Recent charter amendment placing restrictions on issuance of new debt.
5.
of new bonds on
issues and interest other than water debt, for which an additional $97,090
Total debt including bonds now offered
1.
ivk Haupt & Co
Ira
issued $301,300
would beissued to carry
Refunding road and bridge bonds
738.00
follow:
Sherwood & Reichard
Roosevelt & Weigold, Inc
ranging from 1% to July 1, 1939, to 4% after July 1, 1956, excepting those
refunding interest, which would bear 1%.
For the city, which also covers
bonds of the towns of Kenilworth and Biltmore, assumed, there would be
Outstanding bonded debt (not including bonds to be retired
from proceeds of bonds now offered)
$1,872,000.00
149,190.91
especially in its long-term outlook, according to Lazard Freres & Co., which
has just completed a financial
study of the city.
The principal favorable factors in the situation uncovered
by the study
out
city and county have been agreed on by holders of substantial amounts of
the obligations affected and are being presented to other holders of the issues
pnvolved.
A new issue of $792,000 of county bonds is proposed, to be
designated as series 2 and mature July 1, 1961, to be exchanged par for par
for outstanding bonds and interest claims.
They would bear interest
School notes payable to the State of North Carolina
Bonds now offered—Refunding school bonds
$24,000.00
__
4.
CAROLINA
MENT—The following official information is furnished in connection with
UTICA, N. Y.—FINANCIAL CONDITION HELD FAVORABLE IN
DEBT SURVEY—The financial condition of the
city is generally favorable,
nancial practices.
The analysis points
NORTH
ASHEVILLE AND BUNCOMBE COUNTY, N. C.—REFUNDING
PLANS ADOPTED—Refunding programs for certain bonds of the above
Bidder—
Marine Trust Co. of Buffalo; Barr Bros. &
and
approximately $160,000 of the town's assessed valuation consists of Stateowned land, subject to general taxation for town purposes, and therefore
more than 40% of its taxes are received from the State of New York.
April 1, 1938.
Bidder—
York.....
This town is assured receipt of its full tax levy each year, as town
county taxes are payable at the one time and if the amount collected for town
and county taxes is insufficient to pay both levies, the town levy is first
satisfied in full and the balance applied to the county levy.
Furthermore,
SALE—The
sale
on
July
7,009.10
$50,000 issue of street
26
V.
147,
p.
610—was
Volume 147
■awarded
to
Financial
syndicate composed of Seasongood & Mayer, Charles A.
Hinsch & Co., and Aiiddendorf &
Co., all of Cincinnati, paying a premium
of $15, equal to
Iu0.u3, a net interest cost of about 3.32%, on the bonds as
follows:
$25,uuu as 334s, maturing on May 1:
$2,000 in 1940; $3,000,
1941 to 1948; the remaining
$24,000 as 234s, maturing $3,000 from May 1,
1949 to 1956, inclusive.
The bids submitted for the bonds
h.
Chronicle
a
are
Bidder—
General
781
are
issued
to
pursuant
Assembly of North Carolina,
Chapter 479 of the Laws of tne
Session 1935, as amended by Chap-
»A
an(* Chapter 323, 1937. They are approved by the Governor
the Council of State.
In the opinion of the Attorney General, tney
are tax free to the
same extent as are tne general obligations of the State
of North Carolina.
and
officially listed as follows:
Price
Rate
Oscar Burnett &
These bonds
Co., for the 1st $20,000
3 %%
For the balance
Kirchofer & Arnold, Inc., for the 1st
$38,000
For the balance
3
>
I
334%
R. S. Dickson & Co., for the 1st $32,000
I
3^1%
-
For the balance
-
—
i'i
I
i
\
«
,j
50,000.00
1
334%
Seasongood & Mayer; Chas A. Hinsch & Co.;Middendorf & Co., for the 1st $26,000
3 34 %
For the balance
334 %
Provident Savings Bank & Trust Co
334%
F. W. Craigie & Co., for the 1st $35,000
324 %
For the balance
334%
Scott Horner & Mason, for the 1st $38,000
3 34 %
For the balance
3>4%
Interstate Sec. Corp., for the 1st $40,000
334 %
For the balance
3 34%
Guaranty Bank & Trust Co., for the 1st $45,000
-3 24 %
For the balance
334 %
Equitable Sec. Corp., for the 1st $38,000
3 34 %
For the balance
334%
McAiister Smith & Pate, Branch
Banking & Trust Co.
For the 1st $35,000
3 34%
For the balance
334%
•oYiSK5 COUNTY
I
I$50,987.20
334 %
50,051.00
divided
as follows:
$16,000 as 334s, maturing $4,000 from May 1, 1939 to
1942, the remaining $18,000 as
234s, maturing on May 1:
$4,000, 1943 to
1946, and $2,000 in 1947.
The
official tabulation of the bids received:
Rate
I
Kirchofer & Arnoid-
50,072.80
50,125.07
2 34
I
I
Wachovia
Bank
For the
&
Trust
1
f 50,060.70
234%
334% I
3%
J
Securities Corp.-
B.
Greene Co., and Guaranty
Trust Co
First National Bank, Henderson—
Bank
RAEFORD, N. C.—NOTE SALE DETAILS—It is
Clerk-Treasurer
Raeford,
as
that
now reported by the
$6,000 notes purchased by the Bank of
147, p. 611—are dated July 25, 1938, and
the
noted here—V.
mature on Nov.
WILSON,
N. C.—BOND ELECTION—The City Board has called a
special election on Sept. 6 on a $499,000 bond issue for an extensive building
program, which includes a new sewerage disposal plant, water works, power
line improvement, erection of a municipal stadium, with athletic grounds,
erection of a city library and hospital improvements.
The full project will cost an estimated total of $905,500.
The Public
Works Administration will furnish the balance of the program if the bond
REIDSVILLE, N. C.—BOND SALE—The $22,000 issue of street and
bonds offered for sale on July 26—V.
147, p. 611—was awarded to
at Co. of GreensDoro, as 3
34s, paying a premium of $181.30,
equal to JLuu.»24, a basis of about 3.15%.
Dated July 1, 1938.
Due from
July 1, 1941 to i953, inclusive.
NORTH
sewer
Oscar Burnett
are
Rate
Price
334 %
Kirchofer & Arnold, Inc
R. S. Dickson & Co.—
334%
the
1st
For
the
18.000
334%1
Banking &
Hall, Inc.—
1st 18,000
&
For the
Trust
Co.,
and
Dewis
&
334% I
334%J
balance..
1st
For the
12,000
the
1st
the
balance
.
Securities
Corp
McAiister Smith & Pate and Branch Banking &
Trust Co
ROWAN
COUNTY
(P.
O.
22,085.00
22,043.34
324 %1
334 %J
334%
334%
324%
12,000---
Interstate Securities Corp
Wm. B. Greene Co
Equitable
22,002.30.
334 %J
324%
334%
Provident Savings Bank & Trust Co
F. W. Craigie & Co
Scott Horner & Mason, Inc.—
For
Dated July 1, 1938.
Due from 1941 to 1958. These
approved by the voters at an election held on July 18.
NORTH DAKOTA, State of—PRICE PAID—It is now reported by the
Secretary of the State Conservation Commission that the $150,000 revenue,
Series A bonds purchased by the North Dakota Rural Rehabilitation Corp.,
as noted here on July 23—V. 147, p. 611—were sold as 3s, at par.
Due on
or before 30 years from June 1, 1938.
334%1
—
balance
For
were
22,023.00
'
.
Chas A. Hinsch & Co.—
the
NECHE SCHOOL DISTRICT (P. O. Neche), N. Dak.—BOND OF¬
FERING—It is reported that sealed bids will be received until Aug. 11, by
the District Clerk, for the purchase of a $23,000 issue of 434 % semi-annual
bonds
334 %J
For the
For
$22,181.30
22,045.00
construction bonds.
balance—
Wachovia
DAKOTA
BOWMAN, N. Dak.—BONDS SOLD—It is stated by D. H. Hogoboom,
Village Clerk, that $24,000 sewage disposal plant revenue bonds were
purchased on July 25 by the First National Bank of Dickinson, as 5s at par.
follows:
as
Bidder—
Oscar Burnett & Co
For
34,044.20
McAiister Smith & Plate and Branch Banking &
issue carries.
1, 1938.
The bids and bidders
34,000.00
34,094.86
34,011.26
&
Security National Bank
Town
34,017.55
3%
I
334%)
3%
3%
3%
Wm.
agent, to the above Mayor.
34,000.00
3%
J
MEBANE, N. C.—BOND TENDERS INVITED—It is stated by Mayor
J. A. Crumpler that on or after
Aug. 1, the Town will purchase a minimum
of $7,000 of its refunding street
improvement bonds and $10,000 of refund¬
ing water and sewerage bonds at private sale.
It is said that offers to sell
may be submitted in any manner, convenient to the bondholders or their
34,004.00
34,147.00
34,153.00
34.117.80
34,004.20
!I%J
11%
{ 50,065.00
LUMBERTON, N. C.—NOTE SALE DETAILS—It is now reported by
the City Clerk-Treasurer that the $7,000 notes
purchased by Kirchofer &
Arnold of Raleigh, at 2 %, as noted here—V. 147,
p. 611—are dated J uiy 22,
1938, and mature on Oct. 3, 1938.
I
3%
July 25 by the
on
34,045.00
Co.-
1st 28.000
issue of $1,000 revenue
anticipation notes is reported to have been purchased
Concord National Bank of Concord, at
4%.
34,000.00
334%1
234 %J
50,000.00
50,005.01
$34,209.80
34,047.85
%I
J
3%
R. S. Dickson & Co.-
1
i
Price
3%
234%
i
Interstate
HUNTERSVILLE, N. C.—NOTES SOLD—An
*s an
50,015.00
50,191.00
I
I
following
Bidder—
I
[
(P. O. Henderson), N. C.—BOND SALE— The
issue of school building bonds offered for sale on July 26—V. 147,
Was awarded to R. S. Dickson & Co. of Charlotte, paying a premium
eQualt0 100.132, a net interest cost of about 2.44%, on the bonds
22,022.00
22,012.56
22,072.60
334%
22,057.20
22,024.20
22,059.06
Salisbury), N. C.—NOTES SOLD—It
is
reported that $50,000 revenue anticipation notes were purchased on July 26
by the Security National Bank of Durham, at 134%, plus a premium of
$3.33.
STONEVILLE, N. C —BONDS NOT SOLD—The $45,000 issue
to exceed 6% semi-ann. water and sewer bonds offered
on
ROLETTE
COUNTY
(P.
O.
Rolla),
N.
Dak.—CERTIFICATE
OFFERING—Sealed bids will be received until 2 p. m. on Aug. 4 by J. H.
Penny, County Auditor, for the purchase of
$60,000 issue of certificates of
indebtedness.
Interest rate is not to exceed 7%, payable F. & A.
Denoms.
$1,000 and $500.
Dated Aug. 4, 1938.
Due on Aug. 4, 1939 or 1940.
Bidders must specify the rate of interest, the maturities, and the denomina¬
tions selected.
No bid for less than par will be considered.
A certified
check for 2% of the amount bid is required.
a
WELLS
COUNTY (P.
O. Fessenden), N. Dak.—CERTIFICATE
$25,000 issue of certificates of indebtedness offered for sale
July 26—V. 147, p. 463—was purchased by the First National Bank
of Fessenden.
No other bid was received, according to the County Auditor.
SALE—The
on
of not
OHIO
July 26—V. 147,
p. 611—was not sold as no bids were received, according to the Secretary
of the Local Government Commission.
Dated June 1, 1938.
Due from
June 1, 1941 to 1967.
MITCHELL, HERRICK & CO.
UNIVERSITY OF NORTH CAROLINA—BOND OFFERING—Sealed
bids will be received by Charles M. Johnson, State Treasurer, at his
office
in Raleign, until 11 a. m. on Aug. 10, for the purcnase of an issue of
$178,000
dormitory buildings revenue bonds.
Dated Aug. 1, 1938, maturing on Aug. 1, $6,000, 1940 to
1942; $7,000,
1943 and 1944; $8,000, 1945 to 1948; $9,000, 1949 to 1952;
$10,000, 1953
and 1954; $11,000, 1955 and 1956, and $12,000, 1957 to
1959, all inclusive.
There will be no auction.
Denom. $1,000; coupon bonds,
registerable as
to principal; principal and interest (F. & A. 1) payable in lawful
money at
the State Treasurer's office Raleign, or at the Chemical Bank & Trust
Co.
in New York, at tne option of the holder.
The bonds and interest tnereon are payable solely and
exclusively from
the revenues and receipts derived from tne operation of the two
dormitory
buildings on the campus at State College, in Raleign, including tne
necessary
equipment and appurtenances, to be constructed from tne proceeds of the
MUNICIPALS
700 CUYAHOGA
BUILDING, CLEVELAND
coupon
bonds.
The
bonds
will
be issued
pursuant to
Chapter 479 of the Public
Laws of 1935, as amended.
Bidders are requested to name tne interest rate or
rates, not exceeding
per annum in multiples of 34 of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and anotner rate for tne
Dalance, but no bid may name more than two rates, and each bidder must
4%
specify in his bid the amount of bonds of each rate.
Tne bonds will be
awarded to the bidder offering to purchase tne bonds at the lowest
interest
cost to the University, such cost to be determined by
deducting the total
amount of the premium bid from tne aggregate amount of
interest upon all
of tne bonds
until their respective maturities.
No bid of less
and accrued interest will De entertained.
Bids must be accompanied by a certified cneck
upon an
than
par
incorporated
bank
or trust company, payable
unconditionally to the order of the State
Treasurer for $3,560.
The rignt to reject all bids is reserved, and no bid
can be considered at less than par.
The approving opinion of Reed, Hoyt,
Wasnburn and Clay, New York City, will be furnished the
purchaser.
Tnese bonds are issued by the University of Nortn Carolina to
supplement
grant of $145,636 made by the United States of America, Public Works
Administration, to provide $323,636 to construct two dormitories on tne
campus of tne North Carolina State College of Agriculture and
a
in
Raleign,
Engineering
division of the University.
Both the principal of and interest
payable solely out of the revenues to be derived from the
ownership and operation of tne buildings.
The University of Nortn Caro¬
lina has pledged itself to apply tne gross reveneus derived from tne
operation
of tne buildings to tne payment of tne principal of and interest on tne
bonds
on tne
a
bonds
are
and to the maintenance and operation of the
buildings.
is in position to insure full occupancy at all times.
To further
The Administration
tne payment
of the bonds, the University of Nortn
Carolina has made certain pledges witn respect to the continuous
opera¬
tion and maintenance of the buildings and the fixing and maintenance of
charges to be made for tne facilities furnished by tne buildings and the
secure
maintenance of adequate insurance thereon, and it nas also agreed not to
pledge, mortgage, or otnerwise encumber, or sell or lease or dispose of the
ouildings
so
long
as any
of tne bonds remain outstanding.
CANTON
AKRON
CINCINNATI
COLUMBUS
SPRINGP1ELD
OHIO
AKRON, Ohio—SEEKS EARLY APPROVAL OF RELIEF LOANS—
Finance Director Don E. Ebright recently told city council that the mu¬
nicipality is in better shape with regard to its relief financing than any
major taxing body in Ohio.
He recommended early action by council on
the
of tax anticipation bonds against estimated state-collected
approximately $300,000, and issuance of deficiency bonds under
of $850,000.
Of
due and $300,000
issuance
taxes for
the recently approved Lawrence Act for an aggregate
this last sum, $550,000 is needed to meet scrip already
is for the poor relief fund.
BALTIMORE,
bonds
offered
Ohio—BOND
June
20—V.
146,
SALE—'The $4,000 4% water works
p. 3844—were purchased by the First
National Bank of Baltimore, at a price of 100.25, a basis of about 3.91%.
Dated Nov. 1, 1937 and due $1,000 on Nov. 1 from 1940 to 1943, incl.
CINCINNATI,
Ohio—SEEKS $200,000 FOR DEBT SERVICE PAY¬
MENTS—The City Council will be asked at its August meeting to borrow
$200 000 on 45-day notes to provide funds with which to meet Sept. 1 debt
service charges of the Sinking Fund Trustees, according to Mrs. Jessie B.
Brown, Secretary.
Notes will be retired immediately upon collection of
anticipated taxes.
COLERAIN TOWNSHIP,
Hamilton County, Ohio—BOND ELEC¬
TION—At the primary election on Aug. 9 the others will consider an issue
of $15,000 bonds.
DOVER (P. O. Dover Center), Ohio—BOND OFFERING—Eugene
Hickin, Village Clerk, will receive sealed bids until noon on Aug. 18, for the
purchase of $43,670 434% bonds, dividend as follows:
One bond for $170, others $500 each.
Due
$1,670, 1941; $2,500 from 1942 to 1945, incl.
1946 to 1950, incl.
17,000 refunding bonds.
Denom. $500.
Due Oct. 1 as follows:
$1,500,
1941 and 1942; $2,000, 1943; $1,500, 1944; $2,000, 1945; $1,500,
1946 and 1947; $2,000, 1948; $1,500 in 1949, and $2,000 in 1950.
$26,670 refunding
Oct.
1
as
bonds.
follows:
and $3,000 from
Purpose of the financing is to refund both general obligation and special
Interest payable A. & O. Bidder
assessment bonds presently outstanding.
interest rate other than 4 34 %, provided that fractional rates
expressed in multiples of 34 of 1%.
A certified check for 10% of the
may name an
are
bonds bid for, payable to the order of the Village Treasurer, must accom¬
pany
each proposal.
782
Financial
TOWNSHIP
EDINBURG
,
RURAL
SCHOOL
DISTRICT
Chronicle
July 30,
1938
To refinance the
State of Oklahoma's general revenue deficit, tenati\#
estimated at $8,000,000 to $9,000,000 State Treasurer Hubert L. Bolen,
(P. O.
election on
New Milford), Ohio—BOND ELECTION—At the primary
Aug. 9 the votes will be asked to approve an issue of $35,000 scnool building
tion of issuing
agent of the State note board will offer an $8,000,000 issue of 2% tax
anticipation notes in August, probably between Aug. 10 and 15.
Proceeds
of the sale will be used to call outstanding 4% warrants.
Mr. Bolen estimates that $110,000 of $33,009,969 of 1938 fiscal year
appropriations will be unspent when exact figure is determined.
Showing an increase of $12,452,235, the total of real estate and per¬
sonality tax valuation as finally determined by the Oklahoma board of
equalization is $934,774,659, compared with $922,322,424 in the preceding
year.
B. D. Crane, head of the ad valorem tax division, in making public
the present said the increase was largely in Tulsa and Oklahoma County
improvements, oil in storage and higher oil prices.
HURON, Ohio—BOND ELECTION—At the Aug. 9 primary election
be asked to approve an issue of $30,000 sewage treatment
plant bonds.
ceived until 8 p. m. on Aug. 1, by E. Hallum, District Clerk, for the pur¬
chase of a $9,000 issue of building bonds.
Bidders to name the rate of
bonds.
as
,
SCHOOL
ELI DA
DISTRICT,
Ohio—BOND
ELECTION—An
issue
of $72,000 scnool bonds will be considered by the voters on Aug. 9.
GARRETTSVILLE SCHOOL DISTRICT, Ohio—BOND ELECTION
—At the primary election on Aug. 9 the ballot will include a proposed issue
of $65,000 school bonds.
^
SCHOOL DISTRICT, Ohio—BOND ELECTION—'The ques¬
$25,000 gymnasium-auditorium bonds will be included on the
ballot at the Aug. 9 primary election.
HIRAM
the voters will
ONAPA CONSOLIDATED SCHOOL DISTRICT NO. 25 (P. O. Star
Okla.—BOND OFFERING—Sealed bids will be re¬
Route, Checotah),
interest.
HURON, Ohio—NOTE SALE DETAILS—The $36,000 sanitary sewer
notes purchased by
Ryan, Sutherland & Co. of Toledo—
V. 146, p. 3700—were sold as 3 Ms, at par and premium of $80.
Dated
May 1,1938 and due on or before April 10, 1939.
Due $1,000 from
1941 to
1949 incl.
A certified check for 2%
of the bid is required.
construction
~MARION
SCHOOL
CITY
DISTRICT, Ohio—BOND ELECTION—
issue $410,000 high school building bonds will be submitted for
of the voters at the Aug. 9 primary election.
A proposal to
consideration
MAUMEE, Ohio—BONDS AUTHORIZED—An ordinance authorizing
issue of $18,000 3M% special assessment street improvement bonds was
passed by Village Council on July 5.
Dated June 15, 1938.
Denom.
$1,000.
Due serially in 10 years.
an
PARMA
(P. O. Brooklyn Station,
Cleveland), Ohio—BONDS PUR¬
TENDER—City Treasurer John M. Graham reported as
follows: "Pursuant to the provisions of the plan for municipal debt readjust¬
ment of the City of Parma, notice was given in accordance with the
provi¬
CHASED
ON
POTEAU, Okla.—BOND OFFERING—It is reported that sealed bids
will be received until Aug. 8, by the City Clerk, for the purchase of the
following bonds, aggregating $40,000:
$18,000 water works; $9,000 sewer;
$10,000 street improvement, and $3,000 fire station bonds.
TECUMSEH, Okla.—BONDS TO BE EXCHANGED—We are informed
by G. E. Home, City Clerk, that an issue of $297,500 refunding bonds,
authorized recently by the City Council, will be exchanged with the holders
of the
original bonds.
WAYNOKA, Okla.—BOND SALE— The $8,000 issue of
offered for sale
on
sions of tne General Code of Ohio that tenders of bonds would be received
on
July 15, 1938, on which date the City of Parma received tenders of its
refunding bonds in the total amount of $640,000, at prices ranging
town
bonds
July 25—V. 147, p. 612—was awarded to the Commercial
according to the Town Clerk.
Due $500 from
Bank of Waynoka, as 2s,
1943 to 1958 inclusive.
OREGON
new
from
60 to par.
"From the funds available in the bond retirement fund, as of
July 15,
1938, it will be possible for tne City of Parma to retire approximately
$142,350 of tne new bonds at an expenditure of approximately $92,020,
at
an
average
price of 64.648.
"The above bonds will be redeemed at prices ranging from 60 to 67 in¬
on tne tenders received."
clusive
PEMBERVILLE
SCHOOL
DISTRICT, Ohio—BOND ELECTION—
An
issue of $80,000 grade school building bonds will be submitted for
approval of the voters on Aug. 9.
The Public Works Administration is
expected to furnish a $36,000 grant.
Last November an issue of $70,000
was rejected.
ROOTSTOWN SCHOOL
DISTRICT, Ohio—BOND^ELECTION—At
the Aug.
9 primary election the voters will consider
$45,000 building bonds.
a
proposal to issue
SANDUSKY,
Ohio—BOND SALE—C. F. Breining, City Treasurer,
reports sale of $451,000 water works revenue bonds to Widmann & Holzman, and Seufferle & Kountz, both of Cincinnati, jointly, at 2Ms, at a
price
of 98.26.
Due serially from 1941 to 1961 inclusive.
The bonds
are
dated Sept. 2, 1938.
Coupon in $1,000 denoms.
UNION HIGH SCHOOL DISTRICT (P. O. Adrian), Ore.
—BONDS VOTED—At an election on Aug. 18, the voters are said to have
ADRIAN
approved the issuance of $30,000 building bonds.
MARION
COUNTY
SCHOOL
DISTRICT
•
NO.
-
78
(P. O. Salem,
RR. No. 6), Ore.—BOND SALE—The $10,000 issue of school bonds
offered for sale on July 23—V. 146, p. 463—was awarded to Tripp &
McClearey of Portland, as 2M« and 2Ms, according to report.
Dated
Aug. 1,1938. Due $1,000 from Aug. 1, 1940 to 1949, inclusive.
MARION COUNTY SCHOOL DISTRICT NO. 128 (P. O. Salem),
Ore.—BOND SALE—The $9,000 issue of school bonds offered for sale on
July 25—V. 147, p. 463—was awarded to the Baker, Fordyce Co. of Port¬
land, at par, on the bonds divided as follows: $6,000 as 3s, due $1,000
from Dec. 1, 1939 to 1944; the remaining $3,000 as 2 Ms, maturing $1,000
from Dec. 1, 1945 to 1947.
WASCO COUNTY SCHOOL DISTRICT NO. 9 (P. O. The Dalles),
Ore.— WARRANT SALE—The $4,000 issue of building warrants offered
on July 23—V. 147, p. 463—was purchased by the United States
National Bank of Portland, according to report.
Due in from one to
four years from date.
for sale
Interest
payable M. & S.
$100,000.
TOLEDO, Ohio—BOND SALE—The $56,165 special assessment street
improvement bonds offered July 26—V. 147, p. 463—were awarded to
Stranahan, Harris & Co., Inc. and Ryan, Sutherland & Co., both of
Toledo! jointly, as 3s, at par plus a premium of $308.91, equal to 100.55, a
basis of about 2.85%.
Due July 1 as follows: $11,165, 1940: $11,000 from
1941 to 1943, incl. and $12,000 in 1944.
Second high bidder was Seasongood
& Mayer of Toledo which bid 100.42 for 3s.
UNIVERSITY HEIGHTS (P. O. South
CITY
READING, PA.
Series "B"
4)4% Bonds
Due November 1, 1947 1952—To net
2.15-2.25%
YARNALL & CO.
Euclid), Ohio—BONDS NOT
A. T. & T. Teletype
SOLD—W. A.
Horkey, Village Clerk, reports that no bids were received
at the offering on July 23 of $155,600
4% series A of 1938 refunding bonds—
V. 147, p. 463.
They will be exchanged with holders of outstanding obli¬
gations, the Clerk says.
Dated July 1, 1938 and due $15,560 on July-1
from 1943 to 1952 incl. Callable on or after July
1, 1942.
&
OF
1528
YOUNGSTOWN, Ohio—BONDED DEBT—Complete report of the
bonded indebtedness of city, as of Dec. 31, 1937, has been prepared by the
city finance department.
The city's total indebtedness on Jan. 1, 1938,
was $8,011,035,
which includes outstanding general bond issues in the
amount of $6,796,353, special assessment bonds
totaling $410,000, and
water department bonds totaling
$805,000.
During 1937, the city's outstanding debt was cut $1,150,600, while new
issues totaled only $673,000, of which
$350,000 was represented in refunding
Walnut
Phila. 22
St.
Philadelphia
City of Philadelphia
434% Bonds due September 16, 1975/45
Price:
bond issues.
107.962 & Interest to Net
3.00%
Moncure Biddle & Co.
1520 Locust St., Philadelphia
R. J. EDWARDS, Inc.
PENNSYLVANIA
ALIQUIPPA, Pa.—BONDS PUBLICLY OFFERED—M. M. Freeman &
Municipal Bonds Since 1892
Co. of Philadelphia are offering for public investment a new issue of $50,000
street and sewer improvement bonds at prices to yield from 0.50%
to
2.10%.
Due from 1939 to 1948 inclusive—V. 147, p. 612.
Oklahoma City, Oklahoma
AT&T
Ok Cy
19
AMBLER SCHOOL DISTRICT, Pa.—BONDS VOTED—P. C. Weber,
Secretary of the Board of Directors, reports approval by the voters on
July 19 of $165,000 school building addition bonds by a vote of 649 to 120.
Long Distance 787
OKLAHOMA
Bidders
are
to name the rate of interest.
the amount bid is required.
AMBRIDGE, Pa.—BOND SALE—The $19,000 coupon paving bonds
July 25—V. 147, p. 612—were awarded to Moore, Leonard &
Lynch of New York City, as 2 Ms, for a premium of $53.77, equal to 100.283,
a basis of about
2.21%.
Dated Aug. 1, 1938 and due Aug. 1 as follows:
$4,000 in 1945, and $5,000 from .1946 to 1948 incl.
Second high bidder
was E. H. Rollins & Sons, Inc., Philadelphia, at 100.15 for 2Ms.
offered
ADA, Okla.—BOND OFFERING—Sealed bids will be received until
3 p. m. on Aug. 2, by Albert Chamberlain, City
Clerk, for the purchase of
two issues of bonds
aggregating $82,800, divided as follows:
$47,050fire station bonds.
Due as follows:
$4,000, 1941 to 1951, and
$3,050 in 1952.
35,750 library bonds.
Due $3,000 from 1941 to 1951, and $2,750 in 1952.
A certified check for 2%
of
^
BLAKELY SCHOOL
DISTRICT, Pa.—BOND SALE DETAILS—
The $40,000 4% school bonds sold in May to the First National Bank of
Peckville, the only bidder—V. 148, p. 3387—were purchased by the bank
at par plus a premium of $191.12, equal to 100.477, a basis of about 3.35%.
ELK
CITY, Okla.—BOND OFFERING—We are informed by P. E.
Baldwin, City Clerk, that he will receive sealed bids until 8 p. m. on Aug. 2,
for the purchase of a $30,000 issue of water works
improvement bonds.
Interest rate is not to exceed
4%, payable semi-annually. Due serially in
20 years.
These bonds were approved by the voters at the election held on
July 19, by
a
count of 225 to 68.
Bond Sale Postponed—It was stated later
by P. E. Baldwin, City Clerk,
postponed from Aug. 2 to Aug. 9
Due $2,000 annually from 1943 to
1957 incl.
that the sale of the above bonds had been
JONES, Okla.—BONDS
*
8
$1,000 from 1942
to
SOLD—It
is
now
reported that the $16,000
as 4s.
Due
on June 21—V. 146, p. 3845—-were sold
1957, inclusive.
mv.MI^l^C.HOOL„DISTRICT <PThe
°- Miami), Okla.—BOND SALE—
$85,000 issue of school building bonds offered for sale on
July 25—
147, p. 463—was purchased by the Brown-Crummer Investment Co. of
Wichita, according to report.
Due $5,000 from 1942 to 1958 inclusive.
V.
n
are a'so *nf°rme(i that the bonds
2.882%.
City.
The only other bidder
was
the
sold at an interest cost of
Taylor-Stuart Co. of Oklahoma
were
C CLAHOMA, State of—NOTE
OFFERING—It is reported that bids will
be received until Aug. 8. by Hubert L.
Bolen, State Treasurer, for the
purchase of an $8,000,000 issue of 2% tax anticipation notes.
It is said
that the sales will be by subscription and the
amounts
among
will
be
the bidders.
liThe Chicago "Journal of Commerce" of July 25 commsnted
on the above scheduled offering:
prorated
BRIDGEVILLE,
Pa.—BOND
OFFERING—Michael
J.
Chabala,
Borough Secretary, will receive sealed bids until 8p.m. (Eastern Standard
Time) on Aug. 9 for the purchase of $30,000 coupon bonds.
Dated Aug. 1,
1938.
Denom. $1,000.
Due $5,000 on Aug. 1 from 1943 to 1948 incl.
Bidder to name a single rate of interest, expressed in a multiple of M to 1
%.
Sale of issue is subject to approval of proceedings by the Pennsylvania
Department of Internal Affairs.
A certified check for $500, payable to the
order of the Borough Treasurer, must accompany each proposal.
Success¬
ful bidder will be furnished with the approving legal opinion of Burgwin,
Scully & Churchill of Pittsburgh, and the borough will furnish the bonds.
DICKSON CITY, Pa.—BONDS PUBLICLY OFFERED—M. M. Free¬
man & Co. of Philadelphia are making public offering of $30,000 4M%
refunding bonds, due from 1940 to 1945 incl., at prices to yield from 2% to
3.50%, according to maturity.
After no bids had been submitted for the
issue on June 29, the bankers obtained an option for six months on the
loan.—V.
147, p. 464.
DUNMORE, Pa.—BOND SALE—The $480,000 judgment funding bonds
for which no bids were received on June 21—V. 147, p. 160—were purchased
later as 4Ms by M. M. Freeman & Co. of Philadelphia.
Re-offered by the
bankers to yield from 2% to 4%, according to maturity.
Dated June 1,
1938 and due serially on Dec. 1 from 1939 to 1954, inclusive.
HARRISON
(P.
O.
Natrona),
Pa.—NEW ISSUE
2M% bonds was publicly offered this
& Co. of Philadelphia, priced to yield from
2% to 2.61%, according to maturity.
Due from 1942 to 195/, incl.—V.
146, p. 3846.
TOWNSHIP
OFFERING—An issue of $95,000
past week by M. M. Freeman
as
follows
Volume
Financial
147
783
Chronicle
HELLERTOWN, Pa.—BOND ELECTION—At an election on Aug. 23
issue of $30,000 bonds in connection
Progress Administration improvements.
the voters will be asked to approve an
$120,000
with Works
DISTRICT,
SCHOOL
LIBERTY TOWNSHIP SCHOOL DISTRICT
R. D.), Pa.—BOND OFFERING—Guy M. Nelson,
SCHOOL
CHARLEROI
NORTH
O.
(P.
Lock
No.
Pa .—BOND SALE—
4),
awarded
of
about 2.74%. Dated July 1, 1938 and
1943 to 1949 incl. and $1,000 in 1950.
The issue of $15,000 bonds offered July 21—V. 147, p. 464—was
Burr & Co., Inc: of Philadelphia, as 2 Ms, at par plus a premium
to
$14.85, equal to 100.099, a basis of
due July 1 as follows:
$2,000 from
F. W. CRAIGIE & COMPANY
Richmond, Va.
Aug. 12, for the purchase
DISTRICT,
Pa .—BOND
OFFERING—
Bessie E. Longbothum, Secretary of the Board of School Directors, will
receive sealed bids until 8 p.m. (Eastern Standard Time) on Aug. 8 for the
purchase of $40,000 1M, \%, 2, 2M, 2M. 2%, 3, 3M or 3M% registered
school bonds. Dated June 30, 1938. Denom. $1,000. Due $2,000 annually
from 1940 to 1959 incl.
Bidder to name a single rate of interest. Principal
and interest (J. & D. 30) payable at the First National Bank, Mansfield.
A certified check for 2% of tne bonds Did for, payable to tne order of the
District Treasurer, must accompany each proposal.
Sale of the bonds is
subject to Approval of tne Pennsylvania Department of Internal Affairs,
and any legal opinion, other than such approval, is to be furnished by the
successful bidder.
Delivery of bonds will be made not sooner nor later
than 60 days after approval of loan by the aforementioned State agency.
(Preliminary report of this offering appeared in V. 147, p. 612.)
MANSFIELD
Int. Rate
Bidder—
.
—
—
—
ORANGEBURG COUNTY (P. O.
—It is
now
105.00
3%
3M%
3M%
87.50
211.25
115.50
'f:
Date
Approved
Municipality and Purpose of Issue—
New Castle City, Lawrence Co.
debtedness
Amount
(refunding bonded in¬
July 19
Wampum Borough, Lawrence Co. (construct a sanitary
sewer and sewage disposal plant with necessary land
and rights of way
Jenkins Twp. S. D., Luzerne Co. (tax anticipation
$65,000
July 19
30,000
July 19
Dunmore
Borough,
Lackawanna
Co.
Homestead Borough, Allegheny
indebtedness
PLYMOUTH,
(erect and construct
July 21
20,000
July 22
120,000
Co. (refunding bonded
Trebilcox,
OFFERING— George
Pa .—BOND
480,000
(funding out¬
standing judgments
Winfield Twp. S. D., Butler Co.
an addition to school building
25,000
July 21
note)
Borough
Secretary, will receive sealed bids until 2 p. m. on Aug. 8 for the purchase
of $18,000 3M % equipment and improvement bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows: $4,000 from 1939 to 1941, incl.,
and
$6,000 in 1942.
J. & J.
A certified
Callable at par on Dec. 31 of any year.
Interest
check for 1% of the amount bid must accompany each
proposal.
payable at the Chase National Bank in New York.
Legal approval
Reed, Hoyt, Washburn & Clay of New York.
Basis of about 3.22%.
RICHLAND COUNTY (P.
by
O. Columbia), S. C.—NOTE SALE—The
$360,000 issue of coupon highway notes offered for sale on July 28—V. 147,
p. 613—was awarded to Johnson, Lane, Space & Co. of Savannah, as 2Ms,
paying
premium
a
Dated Aug. 1, 1938.
of $526, equal to 100.146, a basis of about 2.48%.
Due $30,000 from Aug. 1, 1939 to 1950, inclusive.
SOUTH
DAKOTA
HURON, S. Dak.—BOND SALE—The $39,000 issue of 3 M % semi-ann.
airport improvement bonds offered for sale on July 25—V. 147, p. 464—
was awarded
to the Farmers and Merchants Bank of Huron, paying a
premium of $850, equal to 102.17, a basis of about 3.26%.
Dated July|l,
1938.
Due from July 1, 1940 to 1957, inclusive.
TENNESSEE
Tenn.—BOND OFFERING—Sealed bids will be
received until 11 a. m. on Aug. 11. by F. K. Rosamond, City Auditor, for
the purchase of an issue of $134,000 not to exceed 5% semi-annual public
works of 1938, Issue No. 2 bonds.
Dated Aug. 1, 1938.
Due Aug. 1,
as follows: $5,000 in 1941 to 1953, $6,000 in 1954 to 1957, $5,000 in 1958,
and $2,000 in 1959 to 1978.
No bid for less than par and accrued interest
will be received.
The bonds will be issued under provisions of Chapter 10,
Public Acts of Tennessee for the year 1935, First Special Session, as amended
by Chapter 37, Public Acts of Tennessee for the year 1937.
Principal and
interest payable at the National City Bank, New York.
The approving
opinion of Caldwell & Raymond of New York, will be furnished the pur¬
chaser.
Enclose a certified check for 2% of the face value of the bonds,
payable to Alvin Shipp, City Treasurer.
CHATTANOOGA,
TENDERS ACCEPTED—In con¬
Term.—BOND
CHATTANOOGA,
tenders of $36,000 refunding bonds, series A, B
funding bonds, all dated May 1, 1935, and maturing on May 1,
1950, as noted here recently—V. 147, p. 465—it is stated by R. T. Preston,
Chairman of the Sinking Fund Commissioners, that more than a sufficient
amount of bonds were offered for purchase to the Commissioners.
nection with the call for
and C, and
CITY,
JOHNSON
Term .—BOND
REDEMPTION 'NOTICE—City
that the city is exercising
sufficient bonds to exhaust $13,500 now avail¬
Recorder and Treasurer E.J. Quillen announces
WASHINGTON, Pa .—BOND ELECTION CANCELED—The
originally scheduled for Aug. 23, on a proposed issue of $150,000
bonds, has been indefinitely postponed.
election
vaiduct
SCHOOL DISTRICT (P. O. Claysville, R. D. No. 1), Pa,—BUNajS NOtSOLu—No bids were received at the
offering on June 13 of $lu,/5J 3% funding bonds—V. 146, p. 3846.
Due
June 1 as follows:
$7oj in 1941, and $1,oj0 from 1942 to 1951, inclusive.
WEST
building bonds
jointly by Stranahan,
& Co. of Columbia, as
3Ms, paying a price of 100.34.
Denom. $1,000.
Dated July 15, 1938.
Due on July 15 as follows:
$6,000. 1940 to 1944; $7,000, 1945 to 1949; $8,000, 1950 to 1954; $9,000.
1955 to 1959, and $10,000 in 1960 and 1961.
Principal and interest (J. & J.)
$137.00
115.65
PENNSYLVANIA
(State of)—LOCAL ISSUES APPROVED—The
Department of Internal Affairs, Bureau of Municipal Affairs, has approved
local bond issues.
Information includes name of the muni¬
cipality, amount and purpose of issue and date approved:
■
Orangeburg) S. C.—BONDS SOLD
reported that the $170,000 road, bridge and office
offered recently—V. 147, p. 464—were purchased
Harris & Co., Inc. of Toledo, and C. W. Haynes
the following
V;V
CAROLINA
SOUTH
are valid obligations of the district, the bidder, however,
right to obtain at his own expense the opinion of some other
recognized bond counsel.
Enclose a certified check for $1,000, payable to
the City Board of Public School Commissioners.
that the bonds
to have the
Premium
3%
3%
3%
Singer, Deane & Scribner
Moore, Leonard & Lynch
First National Bank of Charleroi
A. T. T. Tel. Rich. Va. 83
Phone 3-9137
Other bids:
Johnson & McLean
Glover & MacGregor, lnc
S. K. Cunningham & Co
1939-1942 at .60-1.90% basis
Due Aug 1,
(P. O. Port Allegany,
District Secretary, will
of $20,000
4% coupon school bonds.
Dated July 1, 1938.
Denom. $1,000. Due
$1,000 on July 1 from 1939 to 1958, incl.
Any or all unpaid bonds are
redeemable 15 years from their date.
Interest payable J. & J.
Issue was
approved by the voters on May 17, 1938, and proceedings have been
approved by the Pennsylvania Department of Internal Affairs.
A certified
check for 2% of the amount bid must accompany each proposal.
receive sealed bids until 8:15 p. m. on
COUNTY, S. C. Hwy. 2i/2s
RICHLAND
Pa.—BONDS NOT SOLE—TO
BE RE-OFFERED—Bessie M. Poorman, District Secretary, reports the
rejection of all bids at the offering on July 26 of $45,000 not to exceed 4%
interest school bonds—V. 147, p. 464.
A new offering will be made.
HIGHSPIRE
FINLEY
TOWNSHIP
its right to call for payment
able for that purpose.
The bonds subject for call are refunding series G bonds, dated March 1,
1933, numbered 3 to 13 incl., in the denomination of $1,000, 22 and 23
$1,000, and 127 in the denomination of $500. Int.
on the bonds so called will cease to accrue on and after Sept. 1, 1938i_!sa=5
in the denomination of
A.
SCHOOL
DISTRICT,
Pa.—BOND
SALE—The
$260,000 coupon, registerable as to principal, high school building bonds
offered July 22—V. 147, p. 305—were awarded to Dougherty, Corkran &
Co. of Philadelphia, as 2Ms, at a price of 100.411, a basis of about 2.21%.
Dated Aug. 1, 1938, and due Aug. 1 as follows: $10,000 from 1939 to 1953,
incl., and $11,000 from 1954 to 1963, incl.
Other bids:
WYOMISSING
KNOXVILLE, Tenn.—BOND TENDERS INVITED—It is stated "by
P. Frierson, Director of Finance, that he will receive sealed tenders
offering for sale to tne city refunding bonds in the amount of $50,000, dated
Jan. 1, 1933, and maturing on Jan. 1, 1958, for tne purchase by the Sinking
Fund Board in compliance with the law authorizing same.
Sealed tenders
will be received until 10 a. m. on Aug. 9.
Tenders shall be accompanied by a certified check upon an incorporated
bank or trust company for 1% of the face amount of the bonds tendered for
Int. Rate
Bancamerica-Blair Corp
Burr & Co., Inc
— -
-
Halsey, Stuart & Co., Inc.
M. M. Freeman & Co., Inc
Leach Bros., Inc..
-
101.717
101.635
101.179
2M%
2M%
101.04
100.709
101.139
INFORMATION—The following
official daU are furnished in connection with the offering scheduled for Aug.
9,of the $825,000 not to exceed 6% public works bonds, described in our
3M %
——
2M-%
2% %
~
First Boston Corp
E.W. Clark & Co
101.978
101.77
101.84
issue of
3M%
—
Rate Bid
2M%
. —-
2M%
2M%
2M%
Bidder—
Brown Harriman & Co., Inc..—
Peoples Trust Co. of Wyomissing.
E. H. Rollins & Sons, Inc
100.65
purcnase.
'/■'
Knoxville.
Tenn.—FINANCIAL
MEMPHIS,
July 16—V. 147, p. 465:
Resume
of Gross and Net Debt
Bond Debt Jan. 2, 1928 to
RHODE
ISLAND
PROVIDENCE, R. I.—BOND OFFERING—Walter F. Fitzpatrick, City
Treasurer, will receive sealed bids until 2 p. m. (Daylight Saving Time) on
Aug. 11, for tne purchase of $1,100,000 municipal dock bonds.
Dated
Sept. 1, 1938.
Denom. $1,000.
Due $55,0u0 each Sept. 1 from 1939 to
1958, incl.
The Public Works Administration will furnish a grant of
$900,000 in connection with the project.
Bidder is to name a single rate
of interest on all of the bonds, expressed in a multiple of M of 1 %.
Interest
M. & S.
Either coupon bonds of $1,000 each, or registered bonds in sums
of $1,000, $5,000, $10,000, or $20,000 each, as desired, will be issued for
the whole or any portion of said loan, and coupon bonds may at any time
thereafter be converted into registered bonds of the above denoms. at the
option of the holder, and when so registered they become registered as to
both principal and interest.
Registered bonds cannot be changed back into
coupon bonds.
The principal and interest of coupon bonds will be payable
at the fiscal agency of the city in New York City.
The city transmits by
mail interest on all registered bonds, if desired.
Bonds will De ready for
delivery as soon after Sept. 1, 1938, as possible, and will be subject to
accrued interest from Sept. 1, 1938, to date of delivery.
A certified check for 2% of the bonds bid for, payable to the order of the
City Treasurer, must accompany each proposal.
Purchaser to furnish
own legal opinion.
The bonds are payable out of unlimited ad valorem
taxes, except that the tax on intangible personal property is limited by
statute to 40c. per $100 valuation.
SOUTH
CAROLINA
SCHOOL DISTRICT (P. O. Charleston), S. C.—
BOND OFFERING—Sealed bids will be received until noon on Aug. 10,
CHARLESTON
by A. B. Rhett, Clerk of the City Board of Public School Commissioners,
purchase of an issue of $170,000 school bonds.
Dated July 15,1938.
Denom. $1,000.
Due July 15, as follows: $5,000 in 1939 to 1954, and
$10,000 in 1955 to 1963.
Bidders are invited to name the rate of interest
which the bonds are to bear and will be awarded to the bidder offering to
take them at the lowest rate of interest at a price not less than par and ac¬
crued interest to the date of delivery.
As between bidders naming the same
rate of interest, the amount of premium will determine the award.
Prin.
and int. (J. & J.) payable at the Central Hanover Bank & Trust Co.,
New York.
The purchasers are to pay for the printing of the bonds and
will be furnished with the opinion of H. L. Erckmann, of Charleston,
for the
tenders are for the
Bidders may stipulate, if desired, that their
purchase of all or none of the bonds offered, and shall state the time and
place for delivery of the bonds, the interest rate and numbers of the bonds
offered. The city prefers that delivery be at the Hamilton National Bank in
Outstanding Jan. 2, 1928
Issued during period Jan.
Notes
July 2, 1938. Inclusive
327.680.000.00
16,216.000.00
-
—
2,1938 to July 2,1938
payable, Board of Education to Gen. City Government
1938-..
Notes
—
-----
-
payable Board of Education to
City Government
Water bond matured 1933, still
100,000.00
$43,996,000.00
2, 1928, plus new issues....Retired during period Jan. 2, 1928 to July 2,
Total outstanding Jan.
$13,570,000.00
General
10,000.00
*1,000.00 •
outstanding..
1 "■
^
Outstanding July 2,
Outstanding July 2,
Increase in gross debt in
11
.I
1
_
•
30,415,000.00
—
2,1938.--.--.----debt Jan. 2. 1928
— —
$2,735,00o.00
.$19,989,758.71
20,205,670.80
-----
debt in 10M years
27,680,000.00
- —
10M years....
Net debt July
Decrease in net
1
.$30,325,000.00
90,000.00
1938—Bonds..
1938—Notes
2, 1928--
Outstanding Jan.
Net
"
*
13t581 jOOO'OO'
•
$215,912.09
—
Analysis of Net Debt Decrease
Bonds issued Jan
Bonds retired Jan.
2, 1928 to July 3, 1938—
2, 1928 to July 2, 19.38
-----
$16,316,000.00
13,581,000.00
retirements in 10 years and 6 months.
sinking funds
,.$1,512,912.09
electric plant bonds._ 3,000,000.00
$1,512,912.09
$2,735,000.00
1,562,000.00
2,950,912.09
Excess of issues over
Increase in
Increase in
Less:
Decrease in water
bonds
Net decrease as shown a1f>ove-___
♦Treated as retirement, as cash is in
in skiing
Net per
Net per
fund assets.
capita debt, Jan. 2, 1928.
capita debt, July 2, 1938.
Decrease in net per
—
$215,912.09
included
hands of fiscal agent and not
$100.53
69.50
— — — -
capita debt in 10 M years
Population 1928, 201,000; apopulation 287,625.
a Published by United States Cenus Bureau for 1937.
—
$31.03
784
Financial
Chronicle
MONROE COUNTY (P. O. Madisonville), Tenn.—BOND SALE—
The $85,000 issue of 4% semi-ann. school bonds purchased by C. H, Little
& Co, of Knoxville, and the Cumberland Securities Corp. of
Nashville,
jointly, according to the Clerk of the County Court.
July 30, 1938.
&
Dodge of Boston, a copy of whose opinion will accompany the bonds
when delivered, without charge to the
purchaser.
The original opin¬
ion and a complete transcript of proceedings
covering all details required
in the proper issuance of these bonds will be filed with the First National
Bank of Boston, where they may be inspected.
Dated Aug. 1, 1938.
Due from Aug. 1,1939 to 1959.
.
Financial Statement July 13, 1938
Assessed valuation for 1938
TEXAS
Total
bonded
debt
$3,962,164.00
including
167,400.00
152,000.00
19,500.00
^
None
Town and school district co-terminus.
CORPUS CHRISTI, Texas—BONDl9 OFFERED FOR INVESTMENT—
$650,000 seawall and breakwater .bonds were purchased by the Ransoni47, p. 465—it is announced by that
firm in a public offering circular that they, acting as syndicate members,
are offering for public subscription a total of $850,000 4M% seawall and
breakwater bonus at prices to yield from 1.00% to 3.10%, according to
maturity. Denom. $1,000. Dated July 7, 1938. Due on April 10 as follows:
$60,000, 1939: $80,000, 1940; $100,000, 1941; $130,000, 1942; $140,000,
1943; $150,000, 1944; $90,000, 1945, and $100,000 in 1946. Prin. and int.
(A. & O.) payable at the Corpus Christ! National Bank in Corpus Christi.
Legal approval by the State's Attorney General and by Dillon, Vandewater
& Moore of New York.
It is stated
by T. R. King, City Secretary, tnat these bonds were sold
premium of $8,500, equal to 101.00, giving a basis of aoout 4.25%.
were issued under tne autnority given in a Special Act
of the 37th Legislature of Texas, as of March 31, 1921, creating State aid
for coastal protection. $200,000 of the bonds were autnorized by a majority
vote of the citizens of Corpus Christi, Texas, voting in an election held for
that purpose in 1923. At tnat time the voters autnorized $2,500,000 bonds,
$2,300,000 of wnich were subsequently issued and sold.
The remaining
$650,000 of the above issue were autnorized by a majority of approximately
14 to 1 of the qualified tax paying voters of Corpus Cnristi voting at an
election held for tnat purpose on July 6, 1938. To the above $850,000 is to
be added a probable grant of $731,618.10 from tne Public Woris Adminis¬
tration, application for which has already been made and the total amount
of $1,581,618.10 will be expended for tne purpose of constructing additional
seawall and breakwater protection in Corpus Christi Bay.
Altnough issued in the name of tne City of Corpus Cnristi and a direct
obligation of tne city, for the payment of wnich a tax may legally be lievied
by the city, these bonds, together with otner seawall and breakwater bonds
still outstanding, are payaole from the remission of all State
general fund
ad valorem taxes from the seven counties of Brooks,
Duval, Jim Hogg,
Jim Wells, Kleberg, Nueces and
Willacy, the 1937 assessed valuation of
wnich total $101,528,115. The 1937 tax rate was 35c.; the total tax
levy was
$355,348.40.
a
Tne above bonds
DISTRICT
(P. O. Brownwood) Texas—BONDS
SOLD—It is reported that $8,500 3%% semi-annual school bonds were
purchased by the State School Board.
DORADO, Texas-r-BONDS VOTED—We
are
28,415.00
8,200.00
Water bonds
WASHINGTON
In connection witn tne report given in these columns recently to toe effect
Davidson Co., Inc. of Wichita—V.
None
Outstanding notes and orders of the village
Outstanding notes and orders of the school district
that
EL
(not
Outstanding fiotSs and orders of the town
815,000 4% semi-ann. construction bonds were purcnased recently by the
State Board of Education, at par.
SCHOOL
outstanding
School district bonded debt
CHESTER
COMMON
CONSOLIDATED
SCHOOL
DISTRICT
NO. 17 (P. O. Woodville) Texas—BONDS SOLD—It is reported that
EATLY
town
Village bonded debt
$2,000 building bonds.
for
of
present loan)
CARLSBAD SCHOOL DISTRICT (P. O. Carlsbad), Texas—BONDS
SOLI)—It is reported that the State Board of Education has purchased
SEQUIN, Wash.—BONDS SOLD—It is stated by the Town Clerk that
4% semi-annual refunding bonds were purchased by Conrad,
Bruce & Co. of Seattle, at a price of 96.00, a basis of about 5.32%.
Denom.
$1,000.
Dated July 1, 1938.
Due on July 1 as follows: $2,000, 1939
to 1912, and $3,000, 1943 and 1944.
$14,000
YAKIMA COUNTY SCHOOL
Wash.—BOND
DISTRICT NO. 89 (P. O. Yakima),
OFFERING—Sealed bids will be received uniil 10 a. m.
Aug. 6, by C. D. Stephens, County Treasurer, for the purchase of a
$5,000 issue of school bonds.
Interest rate is not to exceed 5 M %, payable
M. & S.
Dated Sept. 1, 1938.
Due over a period of 10 years, optional
on
after five years.
Principal and interest payable at the office of the
Treasurer.
A certified check for 5% must accompany the bid,
WEST
County
VIRGINIA
HANCOCK COUNTY (P. O. Wheeling) W. Va.—BONDS VOTED—
an election held on July 26 the voters approved the issuance of $265,000
in school construction bonds by a count of 2,878 to 630.
At
SUMNERS COUNTY
(P. O.
Hinton) W. Va.—BOND ELECTION—
It is said that the issuance of $175,000 in school bonds will be submitted to
the voters for consideration at the primary election to be held on Aug. 2.
WOOD COUNTY (P. O.
Parkersburg) W. Va .—BOND ELECTION—
It is reported that at the primary election to be held on Aug. 2 the voters
will be asked to approve the issuance of the $568,000 in school bonds.
WISCONSIN
DOUGLAS
COUNTY
(P.
O.
Superior), Wis.—BOND OFFERING—
It is stated by S. P. Gray, County Clerk, that sealed bids will be received
until 2 p. m. on Aug. 17, for the purchase of an issue of $100,000 relief
bonds.
Interest rate is not to exceed 4%, payable M. & S.
Due $10,000
from Sept.
1, 1939 to 1948, incl.
•
informed by the City
MADISON, Wia.—BOND OFFERING—It is stated by A. W. Bareis,
Clerk that at the election held on
July 22 the voters approved the issuance
of $25,000 water works and sewer
system revenue bonds and of $20,000
water works and sewer tax bonds.
The count was 102 to 9. Interest rate is
for the purchase of the
not to exceed
aggregating $85,250:
5%. Due in 20
years.
EL PASO, Texas—BOND ELECTION—It is
reported that an election
is scheduled for Aug. 13 in order to have the voters pass on the issuance of
a total of $1,207,000 in bonds for various
purposes.
FLOYDADA, Texas—BOIVD TENDERS INVITED—It is stated by
S. E. Duncan, City Secretary, that he will receive sealed tenders of re¬
funding bonds, dated March 1, 1935, until Aug. 9.
The city is said to
have approximately $5,000 with which to purchase the outstanding bonds
and only tenders of less than par and
accqued interest will be considered.
GILMER INDEPENDENT SCHOOL DISTRICT
(P. O. Gilmer),
Texas-—BOND OFFERING—Sealed bids will be received until 10 a. m. on
Aug. 4, by John M, Brooks, District Secretary, for the purchase of a $40,000
issue of 3% building bonds,
Denom. $1,000.
Dated July 1, 1938.
Due
on April 1 as follows:
$1,000, 1939 to 1958, and $2,000, 1959 to 1968, all
incl.
Principal and interest (A. & O.) payable at the State Treasurer's
office or at the Farmers & Merchants National Bank, Gilmer.
A certified
check for 5%, payable to the District
President, must accompany the bid.
HIDALGO
COUNTY
(P. O. Edinburg), Texas—BOND ELECTION
on Aug. 16 the voters will pass
Drainage District No. 1 refunding
—It is reported that at an election to be held
on the proposed issuance of
$525,000 in
bonds.
KARNES CITY INDEPENDENT SCHOOL DISTRICT (P. O. Karnes
City), Texas—BONDS SOLD—It is reported that $12,000
Z%% semi-ann.
refunding bonds have been purchased at par by the State Board of Educa¬
„
tion.
Dated March
1, 1938.
LOVING SCHOOL DISTRICT
(P.
O. Loving), Texas—BONDS
SOLD—It is reported that $5,000 4% semi-annual school bonds were
pur¬
chased recently by the State Board of Education.
Mc LENNAN COUNTY (P. O.
Waco), Texas—BOND ELECTION—
It is reported that an election will beheld on
Aug. 10 to have the voters
pass on the proposed issuance of $330,000 in court house and jail bonds.
PAMPA
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Pampa)
Texas—BOND ELECTION—It is reported that an election will be held on
Aug. 6 to have the voters pass on the issuance of $193,000 school bonds.
City Clerk, that he will receive sealed and oral bids until Aug. 5, at 10 a. m.,
following not to exceed 4% semi-ann. coupon bonds
$35,750 Dudgeon School. Series No. 70 bonds,
Denom. $1,000, one for
$750.
Due on Sept. 1 as follows: $3,000, 1939 to 1943; $4,000,
1944 to 1947, and $4,750 in 1948.
49,500 Longfellow School. Series No. 71 bonds.
Denom. $1,000, one for
$500.
Due on Sept. 1 as follows: $5,000, 1939 to 1947, and $4,500
in
1948.
Dated Sept.
1, 1938.
The opinion of Chapman &
Cutler of Chicago, that the bonds are valid and enforceable obligations of the
City in accordance with their tenor will be furnished.
The maximum rate
of interest to be borne by the bonds shall be 4% and the bonds will be duly
sold uo the responsible bidder who offers the highest premium of the bonds
over par at the interest rate of 4% per annum, or to the responsible bidder
who offers the lowest interest rate on the bonds without any premium.
The City reserves the right to accept or reject any bid and, in case the nec
yield of two or more bids be identical, to accept the bid deemed most ad¬
vantageous to the City.
MONROE UNION SCHOOL DISTRICT (P. O. Monroe),
Wis.—
BOND SALE—The $115,000 issue of 2M% coupon semi-annual building
bonds offered for sale on July 22—V. 146, p. 466—was awarded to Harley,
Haydon & Co. of Madison, the Citizens State Bank of Sheboygan, and the
Channer Securities Co. of Chicago, paying a premium of $4,355.00, equal
to
103.78, a basis of about 1.82%.
Dated Aug. 1, 1938.
Due from
1940 to 1953, incl.
RHINELANDER, Wis.—MATURITY—It is now reported by the City
Manager that the $75,000 3% semi-annual school construction bonds pur¬
by Paine, Webber & Co. of Chicago, at a price of 103.45, as noted
here on July 23—V. 147, p. 614—are due on July 1 as follows: $1,000,
1939 and 1940; $2,000, 1941; $8,000, 1942 to 1944; $12,000, 1945 and 1946;
$15,000, 1947, and $8,000 in 1948, giving a basis of about 2.47%.
chased
TAYLOR COUNTY (P. O. Medford). Wis.—BOND OFFERING DE¬
TAILS—In connection with the offering scheduled for Aug. 2 of the $50,000
highway improvement bonds, noted in our issue of July 23—V. 147, p.
614—wd are now informed by Mark J. Hirsch, County Clerk, that the bonds
are 3% coupon bonds, maturing on April 1,
1942.
Denom. $1,000.
In¬
terest payable A. & O.
Legal opinion to be furnished by Attorney General.
WYOMING
ROSEDALE
INDEPENDENT SCHOOL DISTRICT (P. O. Beau¬
mont), Texas—BOND SALE—The $25,000 issue of building bonds offered
on June 29—V. 147, p. 162—was
purchased by the State Board of
Education, as 4s at par.
Due from 1939 to 1968; optional in 1943.
for sale
NATRONA COUNTY (P. O. Casper), Wyo.—BOND ELECTION—
An election will be held on Aug. 16, according to report, for the approval of
a
$280,000 issue of hospital bonds.
CANADA
VERMONT
ST.
■—V.
ALBANS, Vt.—BOND SALE—The $47,000 bonds offered July 27
147,
p.
614—were awarded
to
Arthur
Perry &
Co.
follows:
of Boston,
as
$12,000 refunding water bonds were sold as 2%s, at 101.18, a basis of
about 2.66%.
Dated Aug. 1, 1938 and due Aug. 1 as follows:
$7,000 in 1953, and $5,00u in 1954.
35,000 refunding bonds were sold as 2%s, at 100.323, a basis of about
2.73%. Dated Aug. 15, 1938 and due $5,000 each year from 1955
to
1961, inclusive.
The next highest bidders
for $12,000 2Mb, and the
$35,000 2%s.
were E. H. Rollins & Sons, Inc., offering 100.44
Burlington Savings Bank, which bid 100.08 for
ST. JOHNSBURY SCHOOL
■—At
DISTRICT, Vt.—PLANS BOND ISSUE
a
special meeting of the school board on Aug. 1 the matter of issuing
$220,000 scnool bonds and accepting a Public Works Administration
grant
in connection with project will be
considered.
WINDSOR TOWN SCHOOL DISTRICT
(P. O. Windsor), Vt.—
BOND OFFERING—F. B.
Tracy, Treasurer, will receive sealed bids until
8p.m. (Daylight Saving Time) on Aug. 2 for the purchase of
$157,000 not
3% interest coupon school improvement bonds.
Dated Aug. 1,
to exceed
1938i„ P™n?ra;E;000™ Due Au®- 1
and
$4,000
in
19o7.
Bidder to
as
name
follows: $9,000 from 1940 to 1956,
one
rate of interest
in
multiples of
% °,f 1%"t> Principal and interest (F. & A.) payable at tne First National
Bank of Boston.
.These bonds will te valid general oDligations of the
Town School District of
Windsor, and all taxable property in the district
Will be subject to tne levy of unlimited ad
valorem taxes to pay both
principal
and interest.
The bonds will
authenticated
as
to
their
be engraved
genuineness
by
under the supervision of and
the First National Bank of
Boston, and their legality will be approved by Storey. Thorndike, Palmer
I
CANADA
LOANS TO
(Dominion
of)—REGULATIONS COVERING FEDERAL
MUNICIPALITIES—1The July 23
issue of the Canada
"Gazette," published at Ottawa, sets forth the regulations to govern the
operations provided for in the Municipal Improvements Assistance Act of
1938, under which the Federal government is to make loans to municipali¬
ties in connection with extension, improvement and construction of selfliquidating projects.
The debentures to secure loans will bear 2% interest
and mature semi-annually over a period of years equal to the estimated
life of the project.
The provinces will be required to guarantee repayment
of the advances in event of default by the borrower.
Loans will be made
only for such projects that will not increase the "burden on the municipal
taxpayer, either directly or indirectly."
NEW BRUNSWICK (Province of)—BOND SALE DETAILS— The
$4,000,000 3% and 3H% bonds purchased by a banking group headed by
the Bank of Montreal—V.
147, p. 466—comprised $1,000,000 3s sold at a
price of 98.50 and $3,000,000 3 Ms which were taken by the bankers at 96.54.
ONTARIO (Province of)—HYDRO ELECTRIC COMMISSION BONDS
PUBLICLY OFFERED—A syndicate headed by the Bank of Montreal reoffered tne new issue of $12,500,000 3%
oonds—V. 147,
p.
614—at
a
price
of 99.15, a basis of about 3.10%.
Others in the gronp were: The Royal
Bank of Canada; The Canadian Bank of Commerce; Wood, Gundy &
Co.;
McLeod, Young, Weir & Co.; Tne Dominion Securities Corp.; Bell, Gouinlock & Co.; A. E. Ames & Co.; Mills, Spence & Co.; Royal Securities
Corp.;
The Bank of Nova Scotia; The Bank or Toronto; Imperial Bank of
Canada;
Tne Dominion Bank; McTaggart, Hannaford, Birks & Gordon; Hanson
Bros., Inc.; Midland Securities Corp.; Cochran, Murray & Co.; Matthews &
Co.; Harrison & Co., and Fry & Co.
SOREL, Que.—BOND OFFERING—Jean L. Poirier, City Clerk, will
Aug. 1 for the purchase of $82,400 4%
improvement bonds, due serially until 1943.
receive sealed bids until 4 p. m. on
@FedFRASER