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.
ADM.
IBRARY
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UUL 11 1338
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ammetttit
COPYRIGHTED IN 1938
ml /17
•
'
BY WILLIAM B. DANA
COMPANY, NEW YORK.
Issued Weekly 35 Cents a Copy
$15.00 Per Year
l%79.
MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3,
ENTERED AS SECOND-CLASS
NEW YORK, JULY
9,1938
NO. 3811.
William cor. Spruce Sts., NXCitv
THE CHASE
BROOKLYN TRUST
BANK
COMPANY
NATIONAL BANK
OF
THE
OTY
The
McLaughlin
For
served
YORK
Deposit Insurance
Corporation
years
many
BROOKLYN
Member Federal
chase is
tra-
ditionally a bankers' bank.
NEW
President
NEW YORK
YORK
NEW
OF
Chartered 1866
George V.
OF
it has
large number
a
of banks and bankers
as
New York
correspondent
and
depository.
reserve
Deposit Insurance
Corporation
Member Federal
FUNDAMENTAL
STATE
AND
INVESTORS
MUNICIPAL
Prospectus
United States
BONDS
INC.
Government
Securities
available from
local dealers
Brown Harriman & Co.
The
Incorporated
FIRST BOSTON
corporation
63 Wall
.
Telephone: BOwling Green
BOSTON
Hallgarten & Co
Washington
San Francisco
Representatives in other leading Cities
SAN FRANCISCO
PHILADELPHIA
AND OTHER
Established 1950
NEW
CHICAGO
9-5000
Chicago
Philadelphia
Boston
J
NEW YORK
Street, New York
PRINCIPAL CITIES
YORK
London
Chicago
The
State
NewYorkTrust
BEAR, STEARNS & CO.
ONE WALL STREET
Company
NEW YORK
Capital Funds
.
.
and
Municipal Bonds
Barr Brothers & Co.
INC.
$37,500,000
Chicago
New York
IOO
40TH
ST. & MADISON
FIFTH
HOMER & CO., INC.
40
Exchange Place, New
BROADWAY
AVE. & 57TH
AVE.
ST.
NEW YORK
8
KING WILLIAM
to
Banks and
Dealers since
York
European Representative's
Service
Office:
STREET
1888
HORNBLOWER
&
WEEKS
Established 1888
LONDON, E. C. 4
40
Carl M. Loeb, Rhoades & Co.
*
BROADWAY
61
Members New
the New
London
Paris
Amsterdam
Federal Reserve System,
York Clearing House Association
Member of the
NEW YORK
Berlin
and of the
Federal Deposit Insurance Corporation
Wall Street
NEW YORK
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
j
n
n
Financial
Chronicle
This advertisement appears as a matter of record only and is under no circumstances to be
as an
;
offering of these securities for sale,
of such securities.
any
by and
New
on
or as
an
offer to buy, or as a solicitation of
The offering is made only by the Prospectus.
behalf of only those of the undersigned who
are
construed
offer to buy,
an
This advertisement is published
registered dealers in securities in this State.
Issue
'V
$10,000,000
Crown Cork & Seal
Ten-Year 4y2%
To be dated
Company, Inc.
Sinking Fund Debentures
July 1, 1938
To be due July 1, 1948
Price 99% and accrued interest
Copies of the Prospectus
undersigned
as
are
may
be obtained only from such of the
registered dealers in securities in this State.
*
'
'
■
"
'
'
'
1
>
Paine, Webber & Co.
Hayden, Stone & Co.
Estabrook & Co.
W. C. Langley & Co.
Stone & Webster and
Hallgarten & Co.
Blodget
Cassatt & Co.
Incorporated
July 7, 1938.
Incorporated
.
Dividends
Dividends
Cotton—
AMERICAN
MANUFACTURING
COMPANY
Noble and West
Streets.
Brooklyn. New York
39th Dividend
Friendship
The Board of Directors of the American
Manu¬
Company has declared the regular
quarterly dividend of $1.25 per share on the
Preferred Stock of the Company,
payable July 1,
1938, to Stockholders of record June 15, 1938.
facturing
DOMESTIC
A
FINANCE
large
part of
the cotton
business is done
through per¬
friendship—the same
sonal
sort
to
every
business.
B
BROWN
Treasurer.
CORPORATION
CUMULATIVE PREFERENCE STOCK
of mutual faith which is
necessary
ROBERT
.
The 39th qonsecutive quar¬
terly dividend on the Cumu¬
LOEW'S INCORPORATED
"THEATRES
EVERYWHERE"
Preference
Stock of
July 8th, 1938.
think of the large part played
Domestic Finance
Corpora¬
by consistent publicity in
developing the initial intro¬
tion and
THE Board of Directors on Julyof $1.62 Yi
declared
quarterly dividend 6th, 1938
BUT—did
you
ever
stop
to
lative
uent
predecessor constit¬
has been
company
duction?
declared at the rate of 50c
An
share payable Aug. 1,1938,
to stockholders of record
advertisement
in
"Chronicle"
will
help
form
the
the
you
friendships among
people constituting the
Cotton
of
the
Industry.
able
on
the
15th day
of August,
ness on
the 29th
day of July, 1938. Checks
will be mailed.
DAVID BERNSTEIN
Vice-President 6* Treasurer
L. E.
MICKLE,
Vice-Pres. and Treasurer
World's
25
OFFICES
1938 to
stockholders of record at the close of busi¬
July 27,1938.
new
"backbone"
a
a
per share on the outstanding $6.50 Cumula¬
tive Preferred Stock of this Company, pay¬
IN
7
STATES
For
otherldlvidends
mom
page v.
Vol.147
JULY 9, 1938
No. 3811.
CONTENTS
Editorials
page
The Financial Situation
;
The Labor Board and the Labor Racket
__
__
Suggestions for Presidential Addresses
__
Expediency & Consistency in International Policies
__
163
176
178
179
Comment and Review
New
181
Capital Flotations During June
The Business Man's Bookshelf
Week
on
the European Stock
____
Exchanges
.___
__
Foreign Political and Economic Situation-
169
_
Foreign Exchange Rates and Comment
1 rs & 219
Course of the Bond Market-
188
_________
Indications of Business Activity
189.
-
Week
on
the New York Stock
Week
on
188
169
the New York Curb Exchange
167
Exchange
.___
218
News
Current Events and Discussions
Bank and Trust
General
200
Company Items
215
Corporation and Investment News
263
Dry Goods Trade
296
State and Municipal Department
297
___.
Stocks and Bonds
Foreign Stock Exchange Quotations
___223 & 229
Bonds Called and Sinking Fund Notices
223
__
Dividends Declared
Auction Sales
224
_
223
_
New York Stock
Exchange—Stock Quotations
230
New York Stock
Exchange—Bond Quotations
230 & 240
New York Curb
Exchange—Stock Quotations
246
New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and Bond
250
Quotations
Canadian Markets—Stock and Bond
Quotations.
252
_
256
_
Over-the-Counter Securities—Stock & Bond Quotations. 259
Reports
Foreign Bank Statements
__________
Course of Bank Clearings
„__
____
172
219
Federal Reserve Bank Statements
227
General Corporation and Investment News.
263
Commodities
\
The Commercial Markets and the
Cotton.
__.
Breadstuffs
Crops.
287
289
293
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New
York City.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
Manager.
in United States and Possessions, $15.00 per year, $9.00 for 6
months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months.
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(Except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
per agate line.
Financial
Chronicle
)ANKX/tS
y^OF HEW YORK V^r
iWtet York*s First Bank
Personal Trusts
®| NEW YORK LIFE \*
L\
Established 1784
VA
INSURANCE
L
AND TRUST
A,/
Since 1830
^64/she2<k
Close of Business
at, the
Statement
on
RESOURCES
Cash
hand, in Federal Reserve Bank, and due from
on
Banks and Bankers
United States Government Securities
Short Term Securities
Other Bonds and
:
.
.
,
.
.
.
.
...
.
.
.
Mortgages and Real Estate
.
.
.
.
Stocks
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
...
.
.....
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22,2
.
.
.
.
.
Discounts
Loans and
$42,6
..........
Exchanges for Clearing House and other Cash Items
,
.
.
Banking Houses
Customers' Liability for Acceptances
.
,
Accrued Interest and other Resources
LIABILITIES
Capital
Surplus
Undivided Profits
Dividend Payable July 1,
1938
,
.
Deposits
.
Certified and Official Checks
.
Annuity Fund
■
Acceptances
Less
own
Acceptances held
Foreign Bills sold with
Reserves, etc.
.
.
our
.
.
.
endorsement
...
BOARD
EDWIN
of TRUSTEES
G. MERRILL
J. C. TRAPHAGEN
'Chairman
CHARLES E. ADAMS
Air Reduction
"
Alabon & Company
CLEVELAND E. DODGE
LEWIS SPENCER MORRIS
Phelps Dodge Corp.
JOSEPH H. CHOATE, JR.
Morris & McVeigh
NORMAN DODGE
Cyanamid Co.
Evarts, Choate,
JAMES B. MABON
Debevoise, Stevenson, Plimpton & Page
Company, Inc.
WILLIAM B. BELL
American
President
ELI WHITNEY DEBEVOISE
HENRY PARISH
Mergenthaler Linotype Company
Curtin & Leon
Vice-President
JOHN FOSTER DULLES
HENRY D. COOPER
PAUL TUCKERMAN
New York
Sullivan & Cromwell
New York
LINCOLN CROMWELL
EDWARD J. HANCY
ALLEN WARDWELL
William Iselin & Co., Inc.
Cadwalader, Wickersham & Taft
Davis, Polk, Wardwell, Gardiner & Reed
WM. M. CRUIKSHANK
ROBERT C. HILL
LUCIUS WILMERDING
William Cruikshank's Sons
Consolidation Coal Co., Inc.
Gray & Wilmerding
NORMAN H. DAVIS
EUSTIS L. HOPKINS
WILLIAM D. WINTER
New York
Bliss, Fabyan & Co., Inc.
Atlantic Mutual Insurance Co.
48 IVall Street
UPTOWN
OFFICE:
MADISON
•
New York
AVENUE
AT
C
Member of the Federal Deposit Insurance Corporation
The Financial Situation
more
THE political dishear tellingly although not under
campaigns, now definitely alto¬
are
way,
gether unexpectedly following
the pattern of those
ago.
years
appeared
and in others they are
aggressive figure, scorning those
and outlining further measures
the people must be enacted to round
out and
are
In
all
coming down in the
final analysis to a question as
bilities, and privileges are
has
he
what
Ruggedness Needed
More
has
said since June 24 he
ment, to business,
speaker at the University of Virginia
the past week reminded the public
that "rugged character went into the build¬
tactics,
these
tour
cross-continent
he
has
The
begun.
now
opposition, as far as it is
articulate, still for the most
and relents
"winces
part
and refrains'' when
mental issues
inclined
is
much
are
broached.
As
of
strategists are
of being able to
and must
appeal to popular prejudice
of
business
demn industry
of
to
men,
for
a
"lack
concerning its
vision"
alleged "social responsibil¬
ities,"
with
to
forward
allegedly
come
proposals
designed
to
assume
re¬
sponsibilities
en¬
terprise
private
either will
not
accept or does not meet,
the same time
with
assert
to
a
certain
plausibility that they are
in
reality
no
enemy
of
private enterprise but are
on
the
to
save
contrary
striving
from
it
a
the
is,
of
in
an
the
and
fundamental questions are
they have not been for a century or more
aggressive and superficially plausible position
Every consideration of patriotism
public welfare
loudly demands thorough and
which were
public discussion of issues
/
his party
label, is likely
point in making a
no
no
Real
The
real
The
such thing
How
can
fuss
Question
is:
question
these objectives
be reached?
Society since
of recorded
recognized the
organizing itself
the beginning
history has
need
for
in individual
need of the day.
degree of ruggedness
citizenship is indeed a crying
contest.
intelligent
No one, no mat¬
political creed
be.
what his
dispute this generality,
and so there is absolutely
in
permitted to go largely by default to
whose chief merit is that they are ready to
those
against
to
of
the
purpose
of
pro-
recting
sires.
From the first
itself and of ob¬
taining
itself,
time when
secure
about it.
course,
is
case
take
a
may
or
as
vicissitudes of life as
of the
interested.
Thus at
be
the
ter
comfort they
obtain; and they want
can
known as
of
mere critics of technical matters concerning which
the public knows little and in which it is but little
at stake as
of economic
this world of ours, but the
nearest approach to it and the only approach
to
it
come through the efforts of the indi¬
vidual to provide it for himself.
There is
serious danger that in seeking it by means
of tricky bookkeeping we shall lose in both
security and progress.
A greater
the largest measure
want
to
opposition
forced into
of order
insecurity.
There
security
them for the sake
and decency; they
upon
by the means now
other.
not
certain min¬
restrictions placed
imum
good thing for the
truth
they do
as
offend against
the lengths to
matter is that security
being promoted at Wash¬
ington is a snare and a delusion.
Such
schemes provide no security, social or any
The
long
as
startled the
by questioning whether
is
the role of apologists for business or
the
while
people, of course, want to
be free to do as they please
academician recently
sciousness of
as
and yet at
be
The American
thinking.
"social security"
Nation even
if by some hook or crook it could be made a
reality.
He raised the question whether or
not "security" would not be purchased at the
price of relative stagnation, pointing out
that most of the progress of the world in the
past seemed to have been a result of the con¬
would
about
political balderdash or else
the result of muddled
depend.
what has become
desire.
is
us
indolent
mentally
con¬
they most
"objectives" is either sheer
have
lead
A learned
policies
by attacking the
we
kind
possible the
Most of current talk
only the youth
doubtless do not realize
enjoy to the greatest
life
of
permitted the politicians of
in supposing that somehow
"society" is responsible for the care and sup¬
port of the individual, and it is to be feared
that few indeed understand what a long
continuance of all this may do to the indi¬
vidual upon whose energy, initiative, and
frugality economic well-being and true eco¬
nomic security in the final analysis depend
permitted to enjoy the ad¬
vantage
us
and to
people of this country
to
extent
who
land
the day to
procedure and admin¬
istrative technique.
Thus
Deal
of fact, it is not
matter
which
challenge
of
New
are
need more ruggedness in
their attitude toward life and a more selfreliant habit of thought and action.
Many
sound and
depend for its appeal
to voters upon a
a
the
of
philosophy is
to
age
nonetheless.
Deal
New
the
of
funda¬
"objectives/'
to grant that
concedes
It
if the
which is now grown to the
where everything is de¬
manded as a right," adding that the "youth
of the Nation must be trained for a more
rugged citizenship if American freedom and
American ideals are to be preserved."
Such assertions as these may fall some¬
what strangely upon the ears of a public
which has grown distressingly accustomed
to hearing
precisely the opposite from the
most
persuasive speakers of the land, but
they should be most carefully considered
child
spoiled
govern¬
the individual as a citizen,
ing of the Nation
the same course in
pursue
the
during
further
and doubtless will
assigned to
be
to
A
continued
duties, responsi¬
what
to
complete his pro¬
gram.
usually termed political,
labeled economic, but they
inextricably interwoven, the whole problem
aspects they are
of their
who differ with him
which he told
reargued and redetermined. These
problems concern the roles of government, business,
and the individual in relation to society.
In some
an
as
debate
century ago,
dently must now be
The President may be said to
have laid down the general lines of the various
contests between his supporters and his opponents
in his radio address of June 24.
He there again
of two
continuously and pungently in
less
or
and which many had supposed were
definitely resolved fifty years ago, but which evi¬
a
the things it de¬
there have been
differences
of
how best to organize for these purposes.
Revolutionary changes were in process respecting
opinion as to
just such questions
into
at the time this
Nation came
Indeed this Nation may be said to
born of the revolt against the older system
being.
have been
of tyranny,
restrictions, and economic
interference
make a living
for himself and his dependents.
It came into being
almost coincidentally with the appearance of Adam
Smith's epoc-making treatise on the Wealth of
Nations, and was from the very first largely dedicated
with the
individual in his efforts to
164
to
Financial
July 9, 1938
Bold
system of laissez-faire in both the political and
a
economic
Despite the growth of socialistic
spheres.
and notwithstanding the adoption
doctrines abroad,
of many
sort
one
Chronicle
than
socialistic,
semi-socialistic, programs of
Europe and the rather more
or
another in
or
gradual modification of traditional views
con¬
Experimentation
There is not the
tions
should
with
and
and
slightest reason why these ques¬
be
not
discussed
intelligently,
fully,
Indeed it is in
utmost candor.
the
this,
only in this, way that real progress is possible.
Nor is it necessary
for those who take part in the
cerning social and economic questions in other lands,
discussion to have great
it remained
quired is the application of ordinary common sense.
largely devoted to the doctrines of indi¬
vidual liberty
tively few
and individual initiative until
a
rela¬
The tenor of American
thought
on
these questions,
however, began to change subtly several decades ago,
doubtless
due
of
in
part at least to the
large influx
European immigration with ideas alien to
But to whateyer
country.
this
due, the tide of
cause
experimentation" by the New Deal.
customed
eries
the
even
affairs.
and ideas combining strangely to form
programs
what is known
New
the
as
Deal
became
not
only
politically possible but politically dominant.
of
still do lip service to old and familiar
course,
doctrines, but
bottom
policies and
our
apparently
political convictions
our
when
which
this
Western
country
from which
our
This
of
course
something
as
was
civilization
forefathers
as
as
a
sought out these shores.
policy is put forward by its
under the
new
constantly speaks of blazing
pioneering, and the
new
sponsors
The fact is that in
the
upon
founded
principles
and
stature, and
to the
turning their backs
which this
upon
which
upon
are
are
it
grew
adopting ideas that
Nation
its
to
were
was
present
anathema
der
Label
Which
No
Longer Discredits
But to label the New Deal
ism and the
like,
In
the
and
for
interested, for
probably
does
point particularly significant.
miliar
some
with
fact
other fields
ago or even
not
the
that
in
not
He is of
those of much
more
of
The
thing,
consider
course
the sciences
the ideas
also
one
half
and
the
fa¬
in
now
in
or
possession of mankind.
the
no
such safeguards
nature of the case.
very
conditions
for
Moreover, if
scientist.
The
own
evolve
an
run
experience of the
a
ages
false
analogy, he is
him that
to
to support those who tell
they, like the scientists,
ing" to determine what
The
were nearer
least, reasoning doubtless by
prone
are
"experiment¬
course
ought to be followed.
thoughtful citizen, therefore, cannot well fail
regret that the political opponents of the Admin¬
upon
He would know
the lines of
as
a
same
reason
the
tions
of
currents under
performing
would
conditions that
an
as
issues, and have the matter,out before
was
done
a
century
or more ago.
the
people
high voltage
might result in the
bystanders. No
desirous of finding
group
better way of
some
extraordinarily dangerous operation
without
regard to experience design
a
new
technique and proceed to apply it to thousands of
in
persons
the
thin
hope that
they
something from the "experiment."
menters
upon
can
in
Washington impose
themselves.
might learn
Yet the experi¬
such restraints
no
Their "experiments," if such they
really be called, usually but repeat in different
to
want of forthrightness
practical expediency to join the fundamen¬
ex¬
ordinary human decency would deter the
understanding,
tal
pyra¬
platinum. Considera¬
physicist from "experimenting" with
are
a
inverted
chemist could not be per¬
day, fail either through ignorance, through lack of
through
an
result of the work of his
predecessors that it would tumble to the ground.
For the
guise tests which stud the
or
that neither is in the
party to any "experimental" design of
factory built
istration, muttering the popular shibboleths of the
born of
energy
accumu¬
or
eighteenth century
At
more
sulphuric acid in the
conceptions and analyses than those
a
The engineer would likewise
of surgeons
of the nineteenth.
yield
He knows from the
electrocution of thousands of
or
to make water
up-hill. Nor would he for
machine that would
likely to succeed.
mid.
think of wast¬
a way
undertaking experiments designed
applied to it.
refuse to be
should at
we
never
effort to find
volition
a
experiment
must
of the fundamental rules of the
physicist would
ing his time in
of its
we
some
true upon
correct in their
for the
are
pectation of obtaining gold
trial that the leaders of economic thought
no
are pos¬
In fine, con¬
experimentation
inclined to suppose that for that reason it
may prove
in the seventeenth
danger to
or no
recent origin have
Unthinkingly, he is
un¬
to arrange the condi¬
so
suaded to treat silver with
by further consideration of the facts
at
or
century
a
infrequently been completely discredited in the
laboratory
moreover,
experiment that little
least observe
a
the single factor,
of factors, immediately
part entirely out of the question.
lated
in the street is not
not
conditions," that is,
study of economic and social questions
in
most
least
man
upon
group
simplification and
trolled
reversion to medieval¬
a
quite
substantial number attaches to the procedure.
any
that is
evidently not effective with the rank and file.
another
small
very
study, and,
charge easy enough to sustain, is
a
a
tions of the
to
A
a
were
experimenter and the operations of
moment consider
founding fathers.
laboratory would be
quaint devices if it
experiment itself
most
giving support to the New Deal
people of this country
technique
same
large degree and permit the concentration of the
sible
hardly be
can
Yet
convince
able to eliminate extraneous factors
not
were
trails, of modern
considered other than the usual political oratory.
the
if it
in
such
like, but this
of
able to work under "controlled
The President
sun.
that the
man
The scientific
collection
useless
the
haven
consideration to
employed in the management of public
judged
revolting
was
founded and
wayfaring
be
attention of the
largely those
are
reading dramatic accounts of discov¬
and at
our program,
by their tangible manifestations,
against
We,
to
should take but little
it
continued
the mosaic of
It has,
by experimenters in the scientific field.
opinion quite contrary to that of the founding fathers
gain momentum until
re¬
perhaps, a natural appeal to unthinking people ac¬
cannot
to
All that is
Take, for example, the constantly reiterated boast
of "bold
years ago.
erudition.
pages
of history.
They
constantly endeavoring to contrive mechanisms
make
something out of nothing
feats which both
experience and
a
or
to
perform
priori reasoning
clearly show to* be inherently impossible of achieve¬
ment.
They evidently
expect
mankind
to
act
in
Volume
ways
it
of
nothing
people
so
much
as a group
of irresponsible
liberty in a laboratory filled with com-
children at
plex devices and dangerous chemicals. The very
f
who
injury should success fail to atThey in their actions often re-
work.
their
semble
of
millions
many
must suffer untold
tend
bears
They insist upon making economic
past.
pigs
guinea
operative procedure
intelligent relation to successful prac-
no
or
tice in the
Their
act.
not
Chronicle
again that
that it has shown over and over
will
little
Financial
147
idea
in fashion in
Washington is highly dangerous, and the fact that
of experimentation in the way now
in public life or aspiring to public
any man
such
an
idea and is either
plates giving it effect is quite enough to
voters
life holds
giving it effect or contem-
rejecting him at the polls.
warrant the
Why should op-
Administration hesitate to say so,
ponents of the
people precisely why ?
and to tell the
"Social Responsibility"
Take
next
the
reiterated
assertions
about the
responsibility" of the business man, or more
"social
165
mostly consist not of cash but of bricks and mortar,
of steel and machines, and the like. For these, particularly in times of stress, there is no market, and
they are ordinarily not good security for loans in
such times. Besides, to dispose of them would make
it impossible for the enterprise to return to normal'
operations when conditions were again propitious,
To grant the wage earner an undivided interest in
all this would help not at all if such were the general practice, since no one could be found who would
buy it from the man who wanted not the tools of
industry but bread. But to pass over these troublesome questions, there are other even more vital defects in the whole idea. The- real trouble with it is
that no enterprise could pursue such policies and
stay in business. The wage earner would be relieved
for a time at the expense of his later opportunity
to earn a living at all. If the demand is not made
so much of the individual or any particular enterprise as of industry as a whole, the obvious answer
is that business is but the sum total of; individuals
and enterprises, and the infirmities of the plan as
applied to one business are operative when applied
to all °f them collectively.
We do not wish to be misunderstood. It is clearly
§ sound business procedure to build up and maintain
good morale among employees, and to this end it is
certainly as long as there are any "undistributed
not infrequently wise for employers to be as slow
reserves"
the President calls them. At times the
as practical considerations permit in removing inargument seems to reach the point of contending
dividuals from their pay rolls. Likewise it is obvithat
man is given employment and continues
ously advantageous all round to regularize producin good standing, the employer is in duty bound to
tion throughout the year and from year to year as
pay him his wages undiminished as long as the necfar as it is feasible to do so. All this requires careessary funds are on hand or can be found.
If this ful study and thought which should at all times
appears to be placing words in the mouths of New
be given it, and is being given it by those in control
Deal defenders, let those who doubt re-read some of
of industry. This, however, is a wholly different
the public statements of prominent government ofmatter from what is demanded at Washington,
ficials during the past year, including especially
Neither the individual enterprise nor industry is
what the President himself had to say on June 24
under any obligation to any one to bankrupt itself
about the critical executive with a large income
to maintain or to provide for individuals merely bewho dismissed workers to protect the "undistributed
cause in the past it has included them in its pay
reserves" of his stockholders. The doctrine lies imrolls. On the contrary, it is under obligation to sociplicit in much the larger part of official complaints
ety to avoid doing any such thing for the simple reaabout unemployment during recent years whether
son that by doing so it would greatly reduce the
not it is always explicitly stated.
ability of business to continue its essential function
Doubtless many whose sources of income have
of producing and distributing the good things of
dried up during the past year find something rather
life to the people who really constitute what is
captivating in the idea. Not a few of our more acaknown as industry and trade,
demic writers have of late years come very close to
These demands are probably most dangerous
championing this same doctrine. Yet when subjected
when they are directed at "industry" or "business"
particularly of the corporation. They are most
fre-
connection with employment,
wages, and hours.
The theory appears to be that
the employer is under obligation to "society" to
maintain his pay-rolls intact, or nearly so, whether
or not he has any work for the wage-earner to do—
in
heard
quently
as
once a
or
that
thrift and foresight have come to own the tools of production,
adopt in times of stress the government plan of
"made work," or to be plain spoken of boondoggling,
There is never any clear explanation of the course of
reasoning by which the conclusion is reached that
such a liability should be made to attach to the ownersliip of property, but the point is hardly worth
to
close
analysis it comes down to a demand
those who
by their initiative, energy,
much discussion.
to do
a
doctrine
the
The really important
question has
practical results of the application of
of this sort.
Would the greatest good of
with the
President is so fond of
Would the presumptive benplan really be economically better or
greatest number, as the
saying, be promoted?
eficiary of a
worse
off
as
the result of its
The answer is not
difficult
adoption?
or
obscure. Of course
technical questions at once arise. The "undistributed reserves" of individuals and of corporations
many
rather than at any individual enterprise. There is
something insidiously plausible and appealing in
the argument that the business community, or just
plain "business," ought somehow by collective action to remedy these conditions which seem to be
beyond the reach of the individual enterprise. But
there is no such thing as collective action of the
sort in question in a business system such as ours
where individual freedom, competition and individual initiative are controlling. If there were, or if
the law of the land permitted or compelled such
joint action and laid such joint responsibility upon
"business," we should have a form of collectivism
that differed from communism chiefly in that control was vested in the owners of property instead
of in a political dictator, self-appointed or otherwise. It would appear that the reformers in Washington have failed to think their own arguments
through to their logical conclusion.
Financial Chronicle
166
of Government
What
an(j
assertion that since "business"
what of the
And
Management?
has failed to reach these
"objectives" of regularized
plenty, it is the function of government to step in
function of general management
and take over the
This of course is obvisaying that the system of
enterprise, of free initiative, and of true
policies of business?
of the
ously the equivalent of
individual
laissez-faire has failed and must
form of State
point out this obvious
To
be enough to condemn
many
a
truth will doubtless to
the argument, but with
It is therefore in
not be the case.
others this may
order to ask
be replaced with
management, if not of State socialism,
just what warrant there is for belief
those of the past? Cureffect to what is known as
"managed economy," which is really a strange and
The central government would
individual to manage the details of his own
enterprise.
leave the
him in the formulation of
enterprise but direct
broader
sion of
State socialism and in-
of
admixture
unworkable
dividual
policies of production, pricing and expanfacilities. It is clear from the experience of
past few years, if from no other consideration,
government cannot so direct business by ex-
that
hortation, satire, condemnation, and
lation
meddling legis-
(including tinkering with the credit mechan-
ism). The success of such a system requires what is
known as confidence on the part of the individual
profit prospects, and that confidence has been
in
aqd is sadly lacking. There is certainly no ground
dt present for supposing that the situation in this
respect will be different in the future under such a
system.
^
^
to make the idea work in
Logically, therefore,
practice it would be necessary to vest the central
government with vastly extended
in the
policies it formulates for business.
at least two formidable
at
and for
powers
government itself to assume the risks inherent
the
by and large the best governed country is the least
governed country—a conclusion we believe to be as
sound today as it ever was. But whether Or not
this view of the matter be accepted, it is plain as a
pikestaff that the real issues involved in all the
departures past, present and prospective from traditional American paths ought to be threshed out
by the people themselves in fear and trembling, for
they are obviously of vital significance. Equally obvious is the fact that the political campaigns now
getting in full swing afford an opportunity for such
discussion that ought not to be allowed to slip un¬
used away,
Federal Reserve Bank Statement
get better results than
to
rently the idea is to give
the
in this country, to the conclusion that
woman
government can direct business in such a way
that
as
July 9, ms
The first is how to obtain the type
once.
central
eral
But here
problems present themselves
of
gen-
management that would obviously be
¥
TQLIDAY
J""!
banks, occasioned the major changes in
$86,000,000 in the week to July 6, with
This restraining influence on the upbuildreserves was more than offset, however,
gajn#
bank
jng
by beavy Treasury outlays, which
duction of the
Week, to
gram,
diminished,
possible to find
own
enough to undertake such a
a
a group
abilities in
so
moment believe it would be
of such
who held their
men
high esteem. Why then should it
be
supposed that politically chosen representatives
at
Washington
will
possess or ever
possess
this
re-
discount
Treasury
excess
reserves
bill retirement pro-
intended to speed the increase of banking
reserves,
will continue only for two weeks more, but
likely that the banking resources will keep on
mounting
after that
even
program
is completed, since
spending-lending
^be Administration
program now
is
moving into play, and the general account balance
remains swollen far
xhere is
still
^at the increased
consequence
beyond normal proportions,
satisfactory indication, moreover,
n0
use
to
of bank credit anticipated as a
of the Administration measures is taking
banks in New York
We do not for
for
officially estimated total of $2,990,000,-
an
ual of wide
consider himself wise
the regional
less than $90,000,000 in the statement
no
xbe
qqq
balances with
reserve
reserves
advanced
re-
$32,724,000, but it is clear that their
were up
required
resulted in a
general account balance by $93,704,000.
bank
Member
banks
p.
month-end
independence Day requirements contributing to
place.
task.
the banking
Money in circulation advanced
statistics, this weekw
an(j
continued
States Treasury expenditures
general account with the Federal Reserve
from itg
required. We venture the assertion that no individpractical experience would for a moment
with
together
influences,
heavy United
the
reporting
member
City fell $41,000,000 in the week
all of which
July
of
loans
Business
can
be traced to repayment of
which were replaced
United states Steel Corp. loans
After
giving
consideration to that transaction, there is no
indica-
recently
by
tiorn that
debenture
a
loans
business
Brokers loans
flotation.
otherwise tended to rise,
security collateral moved
on
up
$17,-
quired superhuman wisdom quite regardless of the
000,000 in the statement week, in reflection of the
individuals who
stock market advance.
seats of power
happen at
any
time to occupy the
in the national cajntal?
The second
problem is closely related to the first.
If there
be
no
assurance
management
of
all
the economic
of successful central
activities of the
can
people of the
country, the risks involved in vesting the management in the national
enormous
government
in fact that the
are enormous,
so
people could ill afford to
them, if indeed they could meet them if
assume
assumed.
#
But not to
be
questions
now
really before the people of this
country, whether they fully realize the fact
are
basically the
or more
ago
in
a
same as
ment for such
0f the
afresh high of $12,967,000,000,
continues to refrain from reimburse-
acquisitions.
Gold certificate holdings
regional banks dropped $1,002,000 to $10,-
634,927,000, but specie and other currency requirements
occasioned
that total
a
reserves
sharper fall in "other cash,"
notes in actual circulation
Reserve
banks
were
Federal Reserve
advanced $50,427,000 to
Total deposits
$4,174,869,000.
so
of the regional institutions receded
with
the
Federal
dowTn $64,171,000 to $9,206,-
not,
730,000, with the account variations consisting ofj[a
those fought out a century
gain in member bank reserve balances by $32,724,-
or
long struggle that led most of
kind, and certainly practically
but the Treasury
$32,614,000 to $11,019,225,000.
^
prolong the discussion unduly, let it
reiterated, in recapitulation, that these funda-
mental
Monetary gold stocks of the country advanced a
further $5,000,000, to
every
intelligent
manman
000 to
$8,073,675,000;
aCcount balance
a
drop of the Treasury general
by $93,704,000 to $770,193,000;l"a
Volume
Financial
147
decline of foreign bank balances by
$134,865,000, and
$556,000 to $227,997,000.
82.3%
banks
82.5%.
from
off
were
The
Industrial
$229,000 to $16,361,000, and com¬
mitments to make such advances
in the open market
similarly motionless at $2,564,015,000.
was
even
in cultivation
planted
since
The
the
prescribed size
the
not
was
harvested from 34,001,000 acres,
was
crop
which
large compared with the years 1923 to
1932 and the great
size of the crop was the result of
extraordinarily
an
yield
large
bushels, by far the biggest
the
1921
was
Ldst year's
principally due to too frequent rains.
record
control
and the fact that
acres
reach
did not
the smallest
allotted under
area
27,527,569
was
program
plantings
July 1, which places the
26,904,000 acres,
at
acreage
1900.
of
as
yield
per
has been
acre
bushels from which it
record.
on
can
be
seen
of 266.9
acre
per
As recently as
is to gauge
the size of the
Too many
factors unpredictable at this time enter
crop
into the calculation of the crop
this the
area
planted.
and in recognition of
Crop Reporting Board does not forecast the
size of the crop
One
by the
for another month.
bales
10,435,000
of
basis
on
June
a
crop
of
condition,
25
which would compare with a harvest of 18,946,000
bales last year and 12,399,000 bales in 1936.
PRICE movements were moderate on week New
the
holiday
ending,
last
in
profit-taking
with
occasions.
market
As
the
now
prominent
against closings
on
on
various
Friday night of
week, most equities show small gains, but this
is due in
large part to a sweeping advance during
the brief session last
Saturday.
After the long
sus¬
pension for observance of Independence Day, realiz¬
ing sales brought about
and in
sharp reaction
on
Tuesday,
subsequent dealings levels backed and filled
without
and
a
getting anywhere in particular.
investors
plainly
the situation in the
Traders
inclined to reappraise
were
light of the pronounced upswing
during the latter half of June, with the poor busi¬
situation
clearly in mind.
the
that
trend
of
highs
liquidation
continued
established early
assumed
large
on
the
as
during much of yesterday's trad¬
The session on Thursday was especially active,
with
a
of
2,775,000 shares.
seat
up
on
the
Stock Exchange
Arrangements for transfer of a
Big Board were made Tuesday at $68,000,
$3,000 from the last previous transaction, which
also is indicative.
day at $80,000.
Another sale
wTas
a
good deal of
sys¬
uncer¬
the wage problem remains un¬
toward
these
little
a
Copper,
concerns.
base metal stocks
forged ahead for
week, with strength of the commodities
buying, but the gains in such
modified in the latter half of the
were
market
The
appeared to be
inclined toward waiting to see
more
com¬
despite the antagonism of the Roosevelt
also
week.
and
as
basis for the
issues
Steel
Utility stocks managed to make
most of the
progressively
whether trade
industry will follow the excellent example set
in the stock market
On that
In
during the latter part of June.
question views naturally differ.
bond market
the listed
recorded
sharp advances
were
during several sessions in the low-priced
railroad
securities, with the passenger fare advance
affording stimulation
while equities
even
were
soft.
Speculative industrial bonds forged ahead, and local
traction securities
in keen demand
Even
little attention.
a
and
ment
were
unification.
attracted
other
on
dollar
foreign
moves
bonds
United States Govern¬
market bonds were quiet
money
throughout and hardly changed for the week.
In the
commodity market, grains lost ground, with wheat
the
reported yester¬
and Canada.
United States
base metals
other
Copper, lead and
firm in most
were
sessions, but
impression finally spread that speculation in the
London market was
ity, and
the
growing strength of the United States dol¬
flected
lar.
occasioning much of the activ¬
softer tendency developed in the latter
week.
Foreign exchange markets re¬
a
of
half
exchange was permitted to fall to
Sterling
in
levels
lowest
controls
official
than
more
have
ample
a
Since
year..
resources
the
to prevent
movements, some mystery attaches to this de¬
such
velopment.
Continental European currencies were
weak, and Japan found it necessary to bolster the
yen
by resuming gold shipments on a sizable scale.
the New York Stock Exchange 325 stocks
On
touched
on
high levels for the year while eight
new
touched
stocks
new
On the New York
low levels.
Exchange 151 stocks touched new high levels
six stocks touched new low
the
New
York
Stock
Call loans
levels.
Exchange
remained
un¬
changed at 1%.
On
proportions
ing.
turnover on the New York
mostly better, as
in the basing point
quotations occasioned
lead and other
and
were
sales modifying the
were
exception, however, for the price
are an
Administration
The
and
Wednesday, but after scores
year
issues
progress,
good deal of buying was done.
on
Industrial shares
settled.
Curb
for the
Thursday,
and it
a
foreshadows
upswing
improvement,
sharp upswing in rail stocks
a
subsequent
tainty, especially
this
upward
was
place, with
tem of
on
business
assumption
The hope still prevailed
June
spectacular
widespread
a
generally believed that this change
against closings of Friday a week ago.
reports and the uncertainties of the political
ness
Eastern
fares to 2y2c.
experimental period of 18
an
materially, and
advance.
the
stock
Commerce
especially unsettled on reports of large harvests in
The^New^York Stock Market
York
for
It is
toward
has predicted
private estimator
their passenger
active
most
Interstate
to
will, increase passenger revenues of the large car¬
low as 132.5
as
how impossible it
the
among
reductions and the changes
AAA, it is revealed in the Government's report
area
were
owing
raise
to
months.
pany
THE area planted to cotton the allotment fixed by
small,
smaller than this year is exceedingly
of
week,
mile, from 2c.,
took
Governments Cotton Report
the
carriers
riers
United States Treasury issues
stocks
this
Commission permission on Wednesday for
unchanged at $537,000, and the total of
were
portfolio
dropped $181,000
issues
Open market holdings of bankers
$13,468,000.
bills
regional
the
by
$1,733,000 to $7,958,000.
advances receded
to
ratio fell to
reserve
Discounts
Railroad
$3,747,000 to
increase of other deposits by
an
167
Chronicle
the
the New
York Stock Exchange the sales at
half-day session on Saturday last were 1,472,420
shares;
Independence Day and a
Monday, being
holiday,
the
markets
were
closed;
on
Tuesday,
1,695,840 shares; on Wednesday, 1,817,190 shares;
on
Thursday,
2,774,320
1,567,070 shares.
the
sales
Tuesday,
last
shares,
and
on
Friday,
On the New York Curb Exchange
Saturday were 223,525
229,839 shares;
on
shares; on
Wednesday, 218,914
Financial
168
Chronicle
shares; on Thursday, 345,470 shares, and on Friday,
Auto closed
266,215 shares.
of last
Activity in the stock market on Saturday of last
week continued without
extended
their
their best
figures.
from
to
one
abatement, and share prices
advances,
closing the day around
Many well-known stocks climbed
four
points, and trading volume
Needless to say,
maintained.
well
was
Monday, being
Independence Day and a holiday, all national
ex¬
changes were closed. The week-end holiday accorded
the market
resumed
Tuesday the recent inclination of trad¬
to make
ers
breathing spell, and when trading was
a
on
heavy commitments failed to material¬
ize, and with profit-taking a factor, the market
obliged to retreat from its former position.
issues
a
as
was
Leading
cut from fractions to 2
consequence were
points and more from their previous gains.
Reac¬
tionary tendencies were present in early trading
Wednesday,
but
short-lived,
were
signs of a rally the market perked
usual stride.
and
reborn
As the
five
points
equities
veloped
a
a
brisk advance,
coach tariffs
period of 18 months.
a
assumed
the
as an
experiment
Rail issues, as
a
leadership and closed higher
profit-taking in light trading marked the
lost
from
yesterday.
As
erased.
week
on
the
Further
course
of
points, but with late-hour
good portion of the declines
a
compared with prices
equities
ago,
result,
At the opening active shares
three
to
one
improvement
an
Friday
on
last
on
Friday
closed
were
one
lower.
General
Electric
41%
Friday of last week; Consolidated Edison
on
Co. of N. Y. at
Elec.
8
at
closed
yesterday at 40% against
28% against 28%; Columbia Gas &
against 8%; Public Service of N. J. at
31% against 32%; J. I. Case Threshing Machine
at
yesterday at 4% against 3%
Friday
on
week; General Motors at 38% against 37%;
Chrysler at 65% against 62%, and Hupp Hotors at
1
against %.
In the rubber group, Goodyear Tire &
closed
Rubber
yesterday at 23% against 22%
on
Friday of last week; United States Rubber closed
yesterday at 36% against 38%, and B. F. Goodrich
at
17% against 17%.
provement this week
mental
Eastern carriers
Railroad shares show im¬
the strength of the experi¬
on
coach rate increase granted the
passenger
mission.
by the Interstate Commerce Com¬
Pennsylvania RR. closed yesterday at 21
against 19%
Friday of last week; Atchison To-
on
peka & Santa Fe at 37% against 35%; New York
Central at
18% against 16%; Union Pacific at 78
against 83; Southern Pacific at 16% against 16%;
Southern
Railway at 12% against 11%, and North¬
Pacific
ern
at
11% against 10%.
Among the oil
stocks, Standard Oil of N. J. closed yesterday at 55
against 55%
Oil at
Friday of last week; Shell Union
on
16% against 16%, and Atlantic Refining at
23% against 25.
In the
copper
Anaconda
group,
Copper closed yesterday at 33% against 33
Fri¬
on
day of last week; American Smelting & Refining at
48%
against
50,
Phelps
and
Dodge
30%
at
against 29%.
Trade
provided the
day, while industrials met with resistance.
the market
accom¬
by granting Eastern carriers
advance in passenger
for
extending
heavy sales volume in the first hour.
incentive
an
was
instances up to
The Interstate Commerce Commission
market
first
the
Irregularity in trading de¬
Thursday after
on
panied by
gains
some
on
and found its
up
with
closed
the day.
on
with
day progressed confidence
from fractions to two and in
.
July 9, 1938
and
industrial
reports reflected
state of affairs this week.
week
Steel
ending today were estimated by the American
Iron
Steel
and
Institute
at
22.4%
against 28.7% last week, 26.2%
67.3% at this time last
is
largely
a
of
capacity
month
matter of holiday shut-downs, of
a
Edison
by the
reported
and
ago,
The drop for the wreek
year.
Production of electric power
is
mixed
a
operations for the
course.
for the week to July 2
Electric
Institute
at
2,014,702,000 kilowatt hours against 2,019,036,000 in
the
preceding week, and 2,238,268,000 in the
sponding week of 1937.
Car loadings of
corre¬
revenue
freight for the week to July 2 totaled 88,864
the
Association
This
of
American
was
a
gain of 29,927
week and
a
drop of 213,482
cars
Railroads
over
cars,
reports.
the preceding
from the total for
cars
this week in 1937.
94% against 96; International Harvester at 63%
As
indicating the
of the commodity
course
mar¬
against 66%; Sears, Roebuck & Co. at 67% against
kets, the July option for wheat in Chicago closed
67%; Montgomery Ward & Co. at 43 against 43%;
yesterday at 71%c.
Woolworth at
Friday of last week.
& Tel. at
46% against 45%, and American Tel.
141% against 142.
Western Union closed
yesterday at 31 against 30%
Allied Chemical &
Dye at 175 against 174; E. I. du
Pont de Nemours at
Cash
Register
Friday of last week;
on
117% against 121%; National
20
at
against
20;
International
against 73%c. the close
as
July
yesterday at 58c. against 57%c. the close
at
against 27c. the close
26%c.
as
The
spot price for cotton here in New York closed
Friday of last week.
against 24%; Texas Gulf Sulphur at 33% against
34; Continental Can at 46 against 47%; Eastman
yesterday
Kodak at
yesterday at 9%c.
tillers
at 23
The
Dry at 19% against 18%;
at
Schenley Dis¬
18% against 20, and National Distillers
against 22%.
steel
trast to the
stocks
on
was
lower
sharp gains made
a
yesterday in
week ago.
con¬
United
States Steel closed
against 9.01c. the close
as
The
15.10c.
as
as
In
19%
London the
ounce
against 18 15/16
Motor
shares
moved
at
58% against 60%, and
Tube
at
forward
37% against 41%.
this
week; Auburn
closed
on
was
pence per
Friday of last week, and spot silver in
on
closed
yesterday at 42%c., the close
on
Friday of last week.
In
the
matter
of
the
week, and cable transfers
&
copper
price of bar silver yesterday
pence per ounce as
79%; Bethlehem
Steel
Domestic
Friday of last week.
yesterday at 57% against 59 on
Friday of last week; Inland Steel at 75 against
Sheet
on
for rubber
against 9%c. the close
transfers
Youngstown
spot price
against 15.20c. the close
Friday of last week.
New York
closed
Friday of
on
last week.
ucts at
Canada
Friday
July oats at Chicago closed yesterday
yesterday at 9.17c.
169% against 169%; Standard Brands at
8% against 8%; Westinghouse Elec. & Mfg. at 97%
against 99%; Lorillard at 17% against 17%;
on
of last week.
Nickel at
49% against 50%; National Dairy Prod¬
15% against 15%; National Biscuit at 24%
on
Chicago closed
corn at
on
against $4.95 11/16
at 2.76
15/16
of last week.
foreign
London closed
as
the
exchanges, cable
yesterday at $4.94%
close
on
on
Friday of
as
last
Paris closed yesterday
against 2.78%c. the close
on
Friday
Volume
Financial
147
169
Chronicle
showed only modest gains, but larger advances ap-
European Stock Markets
CHEERFUL sessions the leading European finan- peared ingreat favor. Another active session was
international issues. Commodity stocks
exchanges in were the rule this week on
were in
stock
cial
optimism
centers, largely because of growing
The belief
spread in London that America, which first plunged
into the current depression, was about to lead the
regarding trends in the United States.
increased
stocks
American
Interest in Angloon this basis,
difficulties.
of the
out
way
sharply
especially in the early sessions, before trading was
resumed at New York.
in
American
favorites
trading,
far
so
and German markets most
week
offset
were
in commodities was
a
precedents set
Anglo-American
as
concerned, but British gilt-edged and
are
On the French
industrial stocks remained in favor.
the
London
The tendency on the
market thereafter was to follow the
of the early advances of
Speculation
by later sales.
reported heavy in London, and
considerable amount of business also was done
ing European countries were not encouraging,
British unemof 24,107
occasioned the better feeling.
covery
which
expectations of American re-
that
indicates
also
in
from the lead-
Trade and industrial reports
Paris.
ployment statistics disclosed an increase
in the roster of the
German accord
on
debts of the Greater Reich, held
securities con-
England, provoked buying of the
in
occasioned
developments
encouragement early in the week as the Anglo-
some
Persistent weakness of sterling, as
cerned.
.
jobless last month, to a total of
Diplomatic
1,802,912.
of
sections
All
the London
flected the demand for
week
against
proved interesting but far from alarming,
the dollar,
Stock Exchange re-
securities
trading for the
as
resumed last Monday.
was
Favorable week-
reports from New York did much to encourage
end
buying in London.
Gilt-edged issues moved higher,
and industrial stocks were strong.
issues
Anglo-American
to the higher quotations estabNew York over the week-end.
Keen de-
responded
lished in
developed
also
mand
German
for
and
Austrian
financial responsibility for Austrian issues and arranged serv-
loans, as the Reich agreed to assume
ice
A
German
on
more
York
sion
were
prevailed Tuesday at
was
awaited, after the long suspen-
here, and in the late dealings
were
recorded
shares moved
terest
in
in
British industrial
The opening of the New
again in favor.
market
modest recessions
Copper
to the revived in-
Anglo-American stocks.
ahead, in response
commodities.
In
a
quiet
session
on
Wednesday, gilt-edged stocks forged ahead, and industrial issues likewise were improved.
Commodity
shares
drifted lower,
however, and reports of the
uncertain tone at New York
holders of
proved disconcerting to
Anglo-American favorites.
The tone was
with business brisk,
in excellent demand, and ad-
generally cheerful on Thursday,
Gilt-edged issues were
vances
were
stocks and
numerous
British industrial
Transatlantic shares
among
commodity issues.
developed strength, in anticipation of fresh gains
on the New York
market.
Profit-taking developed
yesterdav, and small losses
edged and industrial issues.
followed both in giltAnglo-American issues
also were lower.
from New
in the London market,
Bourse trading in Paris was brisk last Monday,
with advances general.
Rentes and French equities
Cheered
by
national issues showed larger gains than French
securities. Profit-taking developed Wednesday at
Paris, partly because New York reports were less
optimistic. Rentes showed sizable losses, while
French equities held close to former levels. In the
international group almost all issues with the exception of gold-mining stocks drifted lower. After
a good opening on Thursday, prices again receded
at Paris, and small losses were numerous at the end
of the session. Rentes and French equities were
dull, while international issues were well supported,
The session yesterday was cheerful, with rentes and
French equities both better. International issues
were dull.
The Berlin Boerse, well insulated from all other
markets by the stringent German controls, showed
only small changes on Monday, with the undertone
firm. Fractional gains were numerous among the
equities, and a few leaders showed larger advances,
Fixed-interest obligations were quiet and soft. Littie activity was noted Tuesday, on the Berlin market, with most changes toward lower levels. Variations were small, with mining and steel stocks more
depressed than others. More public interest was
reported Wednesday, but it was largely of a realizing nature, and the session closed with more losses
than gains. Sales for cash to buy enterprises of
Jews were believed to be an important feature of
the market, but as the Boerse long has been thin
even modest dealings serve to establish the trend,
An uncertain tone prevailed Thursday on the German market, with leading issues slightly lower,
while others were barely changed. Fixed-income
obligations were dull. The Boerse again was quiet
and uncertain yesterday, with changes small,
Government debts on a new basis.
cautious atmosphere
London, but gilt-edged issues and
stocks
reported on Tuesday, with rentes that are guaranteed against franc fluctuations in better demand
than franc-pegged issues. French bank and chemical stocks led the equities group forward. Inter-
good
week-end reports
York, and by the upsurge
.
.
~
n
.
i
A
ng o- erman e
ccor
JONG and difficult negotiations between British
I—i and German representatives on the question
of Austrian external obligations were terminated
late last week with a new accord, that appears to
satisfy both parties, and possibly will be the forerunner of a wider political understanding. The discussions continued for more than a month, and the
new arrangement was announced in the House of
Chancellor of the Exchequer
Sir John Simon. British spokesmen achieved their
principal object of having the Reich undertake to
service the Austrian obligations held by British
bondholders, and of accepting responsibility for all
Austrian issues guaranteed by Great Britain, along
with other nations. To the German Government, on
the other hand, certain concessions were made with
respect to debt service both on German Government loans held in England and on the similar holdings of the Austrian 7% loan of 1930, which is not
Commons, on July 1, by
guaranteed by others. Existing clearing and trade
arrangements were extended to cover the territory
of former Austria, and the two Governments agreed
to enter upon "further negotiations with a view to
increasing mutual trade and improving trade relations."
t
Financial
170
There
of which
7% loan, part
States.
the United
in
floated
was
The
due July 1 was paid to the extent of five-
coupon
since five monthly
sixths of the amount due,
received by
were
Berenger,
French
delegate,
tively
number of refugees
the highest
and had
reached, if not exceeded, the saturation point.
The
Earl of Winter-ton, speaking for the British Gov-
on
ernment, was rather chilly on the question of absorbing the refugees. England itself, thickly popu-
dollar
lated and highly industrial, could do little in that
have been made in dol-
connection, while the British Dominions naturally
Austrian
and
German
Henri
the trustee before the Nazi
the Reich authorities will reconsider the
Modified payments
bonds.
pay-
Senator
tries.
declared that France had opened her gates to rela-
It is conceivable, however, that
regime defaulted.
both
July 9, 1938
is, of course, no change implied in all this r existing laws and practices of participating coun-
for American holders of the Austrian
ments
Chronicle
position
Government
the German Dawes and
Young loans floated
would have to make their own decisions, he said,
here, whereas British holders have received full in-
The British delegate contributed a demand, however,
that the Reich permit the refugees to take with
lars
on
terest under the
It
clearing arrangement.
that the Germans are to pay on
now
appears
British hold-
them their accumulated funds,
ings of the 7% Dawes loan only 5% interest, while
European Peace
2% will be paid annually into a cumulative sink-
Similarly, British holders of the 5%%
ing fund.
receive 4%% interest hereafter,
Young loan will
while
1% will be paid into a sinking fund.
trian
7% loan of 1930 will be treated like the Dawes
issue,
far
so
The Aus-
British holders are concerned.
as
In
TITTLE
than
more
JLi corded
of peace
a
shift in emphasis
be
can
re-
this week in the broad European question
The "intervention" of the Italian
or war.
Government,
the
at
brought about
a
request
Great
of
Britain,
sudden cessation of bombings of
effecting this settlement the Reich insisted that it
British ships in Spanish ports by insurgent flyers,
is
Whether the insurgents will continue to desist re¬
applicable only to British holdings, and that it
does not affect the reserved
question of legal
respon-
sibility for Austrian obligations.
mains
a
question,
for
however,
suggestions
that
British shipping be diverted to the port of Almeria
apparently
Refugee Conference
and
are
not to the liking of British officials
The fact that Italian influence
shipowners.
IN RESPONSE to suggestions made by President can bring about a halt in theinadequate, where Britbombings, supplies
representatives
ish influence
utterly
Roosevelt
months
several
of 32 nations assembled at
ago,
was
Evian-les-Bains, France,
Wednesday, to consider the problem of religious
on
and
political refugees from Germany and Austria,
and
possibly from other countries that lack the tolusually associated with
erance
society.
The gathering
one-sided,
problem
for the
were
invited, of
The
delegates
from
the
into
of
American
the
States,
prime
mov-
attended also by
British
various
•
were
was
was
Dominions
countries.
and
As the
broad
for
humanitarian
each
impression
motives
that
The tendency
delegation to jockey others
was
At least
victims
as
of
the
to
Nazi
a
little
dispelled, however, by the
Czecho-
is directed largely
sharply.
ever more
It
pro-
from Berlin, and under
this interpretation the conflict actually is between
the German and Czech Governments.
creased, to
some
Tension in-
degree, when the Prague authorities
snubbed the minority leaders,
Prime
other
Minister
Chamberlain
Neville
made
an-
effort, last Saturday, to modify the resent-
merit occasioned in England by the sinkings of Brit-
ish merchant vessels in Spanish loyalist ports.
At
a
party rally in Kettering, Hampshire, he explained
again that British shipowners had been warned to
keep
their
vessels
of
out
dangerous
territorial
waters, since protection in Spanish waters would
'
Myron C. Taylor, head of the American
committee
gram
reported somewhat at vari-
pleaded for the establishment
all
The
thus continues to be drawn
opening declarations.
Paris
prominent.
nority leaders could not be granted, and the issue
transportation and settlement.
mental
again
that important demands of the Sudeten German mi-
accepting the refugees and bearing the costs
of this
were
the
brought the conference into being.
seemed to be
area
is generally believed that the Sudeten German
atmosphere
with
ance
modified this week, those of the Central Euro-
were
pean
and Italy preferred not to attend,
the Latin
Al-^
was not
occasioned
Germany
spokesmen from the participating countries gathered the
resumed.
that
countries
conference, which
almost all
are
democracies—the United
great
at the
will be indicative if the attacks
though the international troubles centering in Spain
slovakian Government made it known last Saturday
Great Britain and France—thus
ers
a
and interesting aspect, and one that necessarily
imposing but rather
not represented.
course,
three
was
civilized status of
a
new
facilitate
of
an
the
group,
intergovern-
emigration of
persecution.
He
suggested
operating center for this permanent
involve the risk of
war.
profits
warning
that
the
It was for the sake of high
disregarded,
was
Mr.
Chamberlain said, and he added that it would be
unreasonable for the Government to take
measures
in these circumstances that might lead to hostili-
organization, and urged that it be composed of the
diplomatic representatives in the French capital
ties.
of the
mier Mussolini, which proved effective where Brit-
participating nations.
mental intolerance"
group,
should
All victims of "governbe
the
concern
Mr. Taylor said, but he added that the im-
mediate task in hand concerned the
Germany and Austria.
on
a
basis to be fixed
mittee, he urged.
refugees from
Costs of the migration and
resettlement scheme should be borne
ments
of this
by the
govern-
by the permanent
com-
In line with the statement made
by President Roosevelt, Mr. Taylor conceded that
any
absorption of the refugees must accord with
Available reports do not indicate that
reference
was
ish protests were futile.
was
any
made to the British appeal to Pre-
Whether
any
real progress
made toward the implementation of the Anglo-
Italian treaty remains to be
seen.
It is clear that
both signatories want the pact brought into effect
without delay, and it
tions
about
may
easily be that the deelara-
preliminary
withdrawals
of
Italian
"volunteers" from Spain will be twisted sufficiently
to
make
the
treaty effective
that would clear the
way
for
soon.
a
Presumably,
comparable pact
Volume
Financial
147
between France and
a
general
Germany.
ing
between
Britain
Great
In the latter connection it is
that
reached
Italy, and for negotiations
settlement
Anglo-German
an
the British
on
on
and
encourag-
understanding
was
holdings of Austrian external
The Czechoslovakian Government made it known
Saturday that it could not capitulate to certain
demands
of
the
Sudeten
German
leader, Konrad
Henlein, and the problem of Czech-German
tions thus reached
the
a
phase.
new
rela-
A sharp negative
supplied to the Sudeten German demand that
was
general assembly of the party be made
lative
body, for
toward
of the
border
hitch
in
ing
such step would be
any
a
legis-
long
a
one
autonomy and probably toward separation
statute"
from the
area
the
was
of
Czech
negotiations
for
followed the next
100,000
Henleinists
"nationalities
day by
a mass
meet-
Czecho-
Komotau,
at
This
Republic.
a
Slovakia, at which Herr Henlein urged his followers
to
continue the
of local
their
efforts
to
Vincent
well indicated in
are
Sheen
Tribune" of last
out the
Nazis, meanwhile, continued
integrate Austria with the Reich,
The methods used
from
a meas-
autonomy were rejected by the Sudeten
The German
leaders.
a
dispatch
York
New
the
to
"Herald
"Terror reigns through-
Tuesday.
population," said this Vienna report, "and
nobody dares give
a
plain
to
answer
plain
a
ques-
tion; but the Nazi organization is in full and
questioned control, with
supporting it."
masses
made
of his
one
an
un-
important part of the
It Italy, Premier Mussolini
customary belligerent speeches, last
Monday, directed against reports that the Italian
wheat crop
is
He declared that the
poor.
ample for Italian needs, and that
insufficient, Italy
"so-called
whether assents will be received from both the disputants remains to be
seen.
Unless both sides agree
in Spain, the plan naturally will not be put into
effect.
That considerable
pressure
will be exerted
for approval is clear enough, for the implementation
never
crop was
if it
even
were
would turn for aid to the
great demo-plutocracies."
of the plan.
ness
upon
which seems rather hard on the loyalists, who are
known to have far fewer active allies than the inThe insurgents
surgents.
rights
erent
are
to be granted bellig-
withdrawal
upon
of foreign
AS THE
r\
the
Spanish civil
favor.
International
control
of
war
neared its second anni-
loyalists and the insurgent forces of General
Francisco
Franco,
while
international
tions of all sorts remained unresolved.
that the
war
will
compliea-
The
danger
spread beyond the Iberian penin-
sula seemed lessened this
the costs have been allocated,
even
week, at least to
a
neutral merchant
ships in loyalist ports
came
nents in Spain will
agree.
The military struggle within Spain centered again
the stretch from Teruel to the Mediterranean
Sea, whree General Franco's insurgents tried des-
on
perately to break the loyalist resistance and march
south to Valencia. A heavy, smashing drive took
place last Sunday, and the Government defenses
were
pushed back in several places.
By Tuesday the
insurgents were able to claim the capture of Bur-
riano, only 20 miles north of Sagunto and well
to fold up the ends of the long line.
insurgents continue to make slow
time that British pressure
a
to an
bombings will be resumed, for negotiations
non-military port where
the
cargoes can
under
was
as
consideration
While this
in
England,
shipping interests there voiced objections to it
the
a
be landed for
loyalists without fear of bombing.
suggestion
are
reported in
London, Monday, to have suggested Almeria
on
ground that it violates all principles of inter-
national law and
After
almost
a
might set
year
of
an
awkward precedent,
study and
Sino-Japanese War
debate, the
China, neither side was able to claim any mathis week, but both summed up the
gains
full year
a
of fighting and declared every
intention of continuing the bitter contest.
flict
started
on
troops near Peiping declared they had been fired
upon
and
The provocation was a minor one,
by Chinese.
it
may
well have been
manufactured out of
whole cloth, for in place of the usual
for adjustment
started
them
on
another invasion that now has carried
over a
third of China, at a cost of many lives
and untold material wealth to both countries.
Japanese claimed "occupation" of
miles of
com-
promise plan for withdrawals of "volunteers" from
either
nations
side
in
signed
Spain,
the
and
representatives
proposal.
It
was
of
26
forwarded
promptly to Burgos and Barcelona authorities, but
negotiations
of the incident, Japanese militarists
ment
Tuesday with respect to the British
The con-
July 7, last year, when Japanese
London non-intervention Committee reached
agreeon
thought
IN THE costly undeclared war between Japan and
results of
It is feared that
was
was
small
of the Chamberlain
General Franco
It
would induce the
French really to close the frontier to munitions
movements for the loyalists, but independent observers report a ceaseless stream of supplies going over
the border. The superior equipment of the insurgents attests the aid being given General Franco
by his fascist allies,
1
promising.
Although the
the im-
progress,
mediate outcome of the drive toward Valencia remains uncertain. Far to the north, attacks were
made by the insurgents on Catalan lines, deep in
the Pyrenees, but the Government troops repulsed
these moves. Both sides are reported in receipt of
vast supplies from other countries, and in that re¬
terial
not too
on
the way to Valencia. But the loyalist resistance
stiffened thereafter, and the insurgents attempted
regime, but because Italy intervened at the request
the
oppo-
Preliminary soundings
must have been made.
end, not because of British protests to the insurgent
Government.
that at least
so
basis exists for the belief that the two
some
Insurgent bombings of British and other
degree.
munitions
the
traffic would be resumed, under the plan. The plan
bus been worked out in great detail, however, and
for
fighting continued bitterly between
versary,
troops,
which also is rather too much in General Franco's
spect the situation was unchanged.
Spain
effective-
Under this proposal, 10,000 for-
eign fighters would be withdrawn from either side,
Proposals of the Prague
struggle.
regime for decentralization of authority and
ure
171
of the Anglo-Italian accord depends
obligations.
last
Chronicle
known
territory
that
on
The
775,(KM) square
Thursday, although it is well
they really control only the lines of
communication
that thread the vast
area.
asserted that 1,300,006 Chinese lives were
They
sacrificed
in the invasion, and placed their own losses at
the
172
Financial
36,629.
of
figure
ridiculous
perfectly
Prince Fumimaro Konoye
stated
on
Premier
Thursday that
Japan is determined to settle the struggle once and
for
all, and with customary Japanese disregard of
he
realities
promised that Japan will not take
inch of Chinese
lish
territory and merely wants to estab¬
permanent peace in the Far East.
The Chinese
Generalissimo Chiang Kai-shek, promised
side that China never will submit, and he
leader,
his
on
an
urged the Japanese people to rise up and halt the
of their militarists.
madness
actual
The
of water
junks at Matang
upstream a short distance to Hukow, at
the entrance to
Control of this body
Poyang Lake.
is the immediate issue, for the Japa¬
now
plainly intend to move inland via the water¬
and attempt to cut the railway that carries
nese
course
supplies for Chinese troops from Canton.
announced
authorities
participate in military control.
whole it is
the
Japanese
of Hukow
capture
Tuesday, but the Chinese claimed two days later
that
would
effect
There
Angora.
that
they still held the place and were fighting des¬
but
result,
the
bombed
fall.
Chinese
airplanes
Japanese ships in the Yangtze repeat¬
edly, and claimed the sinking of a merchant vessel
that
converted
been
had
an
continued
airplanes
Japanese
into
airplane carrier.
bombing
their
Canton and other undefended cities.
nese
that
troubles
was
inundated
An
casualties.
ment was the
added
the
on
port
Tuesday
of
this week
rumors
definite indications to this
no
available.
are
It also
rumored in
was
European capitals that Great Britain
to the matter and would
some
party
was a
receive, along with France,
right to war-time passage of the Dardanelles.
Discount Rates of
Foreign Central Banks
THEREdiscount noof
have been changes during the week in
the
of the foreign central
rates
Present
banks.
rates
any
the
at
leading centers
are
shown in the table which follows:
Pre¬
Rate in
Effect
Date
Established
Rate in
vious
July 8
Rate
Country
3*;
...
Belgium
Mar.
1 1936
4
July
1 1035
3
Argentina..
May 30 1938
Canada
2M
Jan.
July
Jan.
1
4
Jan.
Rate
Aug. 24 1935
4H
India
3
Nov. 29 1935
3*i
3
June 30 1932
3H
7
18 1933
4
3
vious
Ireland
Italy
4H
24 1935
Java
4*2
Japan
2 1937
May
3.29
...
6 1936
14 1937
5
Feb.
5X
July
Morocco
May
Danzig
Norway
Jan.
4
28 1935
5
6H
3*J
3.65
1 1936
3M
5 1938
17 1937
5
1936
5
18 1936
Apr.
Jan.
3
Lithuania..
Colombia..
vakia
4
Hungary...
Pre¬
Date
Established
4
Mar. 11 1935
4
Effect
July 8
in
Aug. 15 1935
6
Bulgaria...
Country
Jugoslavia
Czechoslo¬
its
prevent
to
were
military alliance between France and Turkey
a
Chile
perately
as a
prove
important, since it signifies growing amity between
Paris and
Batavia
on
For Europe
quite possible that the treaty will
Yangtze, where the Japanese
surmounted the barrier of sunken
and moved
to
the
on
July 9, 1938
prestige implied by the French admission of Turks
the
fighting again was centered
middle reaches of the
Chronicle
_
1 1935
6*2
6
4*1
4
4
Oct.
19 1936
3X
Poland
*2
Dec.
England...
2
June 30 1932
2H
Portugal...
4
Aug. 11 1937
4X
Estonia
5
Sept. 25 1934
5^
Rumania
4*J
Dec.
6
4
Dec.
Denmark..
4 1934
4
..
5
7 1934
Holland
...
3X
May
15 1933
Spain
5
July
10 1935
5
Sweden....
2 *5
Dec.
1 1933
3
Jan.
41937
7
Switzerland
1H
Nov. 25 1936
2
2
Greece
South Africa
3
Sept. 30 1932
6
..
May 12 1938
4
...
4H
2H
Finland
France
Germany
'Dec.
2 193ff
2X
4
5J*
To the Japa¬
Foreign Money Rates
flood at Kobe
a
and caused
hundreds of
develop¬
interesting international
occupation by French troops,
IN LONDON open market discount rates9-16%
Friday
9-16%
against for short
Mon¬
Friday of last week, and 9-16@^% for three-months
on
bills
on
were
as
against 9-16@^%
on
day, of the low-lying atolls known as the Paracel
bills,
Islands, 150 miles southeast of Hainan, in the south
Money
China Sea.
Paris the open
market rate remains at 2J^% and in
Switzerland at
1%.
The
in warfare has
growing importance of the air
arm
given the islands considerable strate¬
as
call at London
on
gic importance, and French authorities did not deny
factor
occasioned
the
that
this
also
claimed, however, that the islands long have
been under nominal
French
Empire of Annam,
now
occupation.
rule,
known
as
as
a
Indo-
Cliina.
an
raising the total to £488,230,000 which is consider¬
ably smaller, however, than the £494,424,620 out¬
a year ago.
such has been the
ONE of the more obscure areas of the world has
gained
little notice, owing to
treaty
last
French
Sunday.
the
a
and
Turkish
10,000'
which
tion
representatives signed
This accord relates to the status of
Sanjak (district)
of Alexandretta,
area
of
miles at the northern tip of Syria,
square
Turkey lost in the World War.
of
an
The popula¬
a
and
the
as
result
a
while other
increased
was
leased to
port of Alexandretta
Turkey after the World War, but the
district has been under French mandate and mili¬
tary control.
The treaty signed last Sunday admits
gain of £47,273 in gold holdings,
rise
in
amounted to
reserves
deposits fell off £9,960,167.
£147,451 from
tingly to regain
of the lost Turkish influence
that
Of the latter
other
The
accounts.
reserve
pro¬
portion dropped to 23.8% from 24.4% last week, and
compares
Part of the
years
amount, £9,812,716 was from bankers, accounts and
securities
some
four
over
The currency increase was
Public deposits increased £2,008,000,
£3,000,000.
200,000 is largely Turkish, and President
the district.
This makes the third successive
case.
slightly offset by
Mustapha Kemal Ataturk has endeavared unremit¬
over
At
England Statement
week, but only the fourth in
Sanjak of Alexandretta
which
3/2%-
was
THE statement for the week ended July 6 shows
expansion of
£3,047,000 in circulation,
standing
a
Friday
They
part of the
French
Bank of
Friday of last week.
on
on
with
were
23.3%
a
year
ago.
Government
reduced £7,600,000 and other securities
£2,702,367.
Other securities
discounts and advances which
consist
of
£3,366,511, and
securities which fell off £664,144.
No change was
made in the 2% bank rate.
Below we show the
different items compared with previous years:
rose
BANK OF ENGLAND'S COMPARATIVE
STATEMENT
Turkey to joint and equal military occupation of
the
district, and
on
made to
that the
not be
is
assure
change.
Every effort
Armenians and others in the
as
area
has much
The accord
possessing possibilities of extensive
political repercussions.
strategic value
Syria, and there is
no
The Alexandretta district
as
July 7
July 8
July 10
July 11
1938
1937
1936
1935
1934
was
joint Franco-Turkish administration would
detrimental to their interests.
regarded
July 6
Tuesday the first Turkish troops
arrived to effectuate the
the controlling area in
disputing the gain in Turkish
Circulation
488,230,000 494,424,620 443,106,123 400,652,245 384,625,984
12,545,000
15,254,552
10,520,796
8,361,374 17,433,369
151,652,325 125,696,203 135,069,927 144,959,228 133,463,727
Bankers' accounts. 115,663,218
88,541,017 96,703,728 108,593,215 97,285,294
Other accounts
35,989,107 37,155,186 38,366,199 36,366,013 36,178,433
Govt, securities
96,758,310 95,801,044 82,647,017
111,891,164 96,625,321
Other securities
31,112,666 29,468,575 23,419,336 22,954,400 18,789,665
Dlsct. & advances.
9,035,196
10,710,508
5,983,311
10,372,619
7,832,157
Securities
20,402,158 20,433,379 17,436.025 12,581,781 10,957,508
Reserve notes & coin 39,171,000
32,869,914 43,461,110 52,619,595 67,528,918
Coin and bullion
327,402,052 327,294,534 226,567.233 193,271,840 192,154,902
Proportion of reserve
to liabilities
23.8%
23.30%
29.80%
34.31%
44.74%
Bank rate
2%
2%
2%
2%
2%
Public deposits
Other deposits
Volume
Financial
147
173
Chronicle
New York Money
Bank of France Statement
HE money
THE weekly in note circulation of 30 showed an
expansion statement dated June 2,896,000,000
francs, which brought the total
of
up
high
to an all-time
Circulation a year ago
102,087,671,875 francs.
francs, and the year
before
86,448,318,730 francs.
French commercial
bills discounted recorded a loss of 1,218,000,000
aggregated
88,686,728,180
francs and creditor current accounts of
The Bank's
francs.
gold holdings showed no change,
stood at 48,859,221,333 francs and the
year
year
balances
abroad showed
against securities of 160,000,000
francs and advances
abroad and
francs, while the items of bills bought
temporary advances to State
ratio fell off to
reserve
47.53%
Below
the
furnish
we
remained unchanged.
47.25%, compared with
and 57.87% two years ago.
ago
year
a
2,000,000
of
increase
an
Credit
francs.
54,340,500,384
at
previous
The
Gold
55,808,148,617 francs.
the total remaining at
last
2,489,000,000
various
with
items
com¬
market remained dull this week, save
slight increase in the demand for stock:
a
market funds.
Brokers' loans
advanced
only $17,-
000,000' in the week to Wednesday night, according
the
to
cates
local
that
weeks
almost
stock
the
all
for cash.
was
In the
tion of brokers' loans made
Exchange, loans went
$10,513,500.
and the
and
by the New York Stock
throughout June only by
up
Idle bank funds continued to mount,
Day
Independence
without
a
mercial
paper
of
buying of recent
comprehensive tabula¬
peak demand for funds at the end of June
over
market
The
rates.
f
reporting member banks, which indi¬
Bankers' bill and
quiver.
dealings
were
;
accommodated
was
dull,
com¬
unchanged
at
Treasury sold late last week an issue
$100,000,000 discount bills due in 91 days, and
awards
were
at
0.023%
New
York
Stock
loans
again
were
Call loans
average.
on
the
Exchange held to 1%, and time
1*4% f°r maturities to 90 days and
l1/2% for four to six months' datings.
parisons for three years:
BANK OF FRANCE'S
for
Market
COMPARATIVE STATEMENT
New York Money Rates
Changes
for Week
Gold holdings
June 30, 1938
July 1, 1937
July 3, 1936
Francs
Francs
Francs
Francs
No change
—
+ 2,000,000
Credit bals. abroad
a
55,808,148,617 48,859,221,333 54,340,500,384
20,974,835
17,248,375
26,774,529
ruling quotation all through the week for both new
French commercial
No change
abr'd
6,829,817,789
5.792,404,230 10,205,110,823
987,320,308
777,386,331
—1,218,000,000
bills discounted-.
b Bills bought
and renewals.
loans
The
market for
time
1,275,107,042
4,464,870,942 3,536,564,705
+ 2,896,000,000 102087671,875 88,686,728,180 86,448,318,730
Note circulation
7,459,834,647
Credit current accts. —2,489,000,000 16,014,940,091 14,117,604,887
3,614,489,459
+ 160,000,000
Adv. against securs.
c
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
continues
quiet,
no
Rates continued nominal at
this week.
ll/i%
Temp, ad vs. with¬
40,133,974,773 23,926,269,384
No change
out int. to State.-
Proport'n of gold on
hand to sight liab.
57.87%
47.53%
47.25%
—0.17%
b Includes bills discounted abroad,
Includes bills purchased In France,
a
90
c
Au¬
1936, laws of June 23, 1936, convention of
The last Increased the June 30, 1937,
30,000,000,000 francs, of which 18,050,000,000
thorized
by convention of June 18,
June 30,
1937, and decree of June 29, 1938.
allowance of 20.000,000,000 francs to
francs have been taken.
Since the statement
of June 29, 1937, gold valuation has been at rate
gold, 0.9 fine, per franc; previous to
gold valuation was 49 mg. per franc;
of gold to
of 43 mg.
Transactions in prime
tinues very
Rates
are
that time and subsequent to Sept. 26, 1936,
prior to Sept. 26, 1936, there were 65.5 mg.
paper
have been
The supply of high-class
light this week.
paper con¬
commercial
small and the demand is below normal.
quoted at M%@1% for all maturities.
Bankers' Acceptances
THE market for prime bankers' coming out andstill
acceptances is the
the doldrums.
Few bills
in
THE statement for notelast quarter of June showed
expansion in the circulation of 715,700,000
an
marks, which brought the total up to a new
record
Notes outstanding a
year ago aggregated 4,991,599,000 marks and the
year
before 4,389,232,000 marks.
Reserves in
foreign currency, silver and other coin and other
high of 6,439,900,000 marks.
assets recorded
000 marks and
Bank's
decreases of 255,000 marks, 93,500,-
78,480,000 marks, respectively.
The
gold holdings showed no change, the total
70,773,000
at
remaining
marks,
compared
with
68,954,000 marks last year and 71,704,000 marks the
previous year.
exchange
and
advances
of
An increase was shown in bills of
checks of 970,123,000 marks, in
13,515,000
marks, in investments of
obligations
89,748,000 marks and in other liabilities of 6,913,-
921,000 marks, in other daily maturing
of
as
1.18%;
it was 1.58%, and two years ago
year ago
are
demand is very
There has been
light.
Dealers'
rates.
rates
no
change in
reported by the Federal
as
Reserve Bank of New York for bills up to
and includ¬
ing 90 days are Yi% bid and 7-16% asked; for bills
running for four months, 9-16% bid and
for five and six
The
is
J^-% asked;
months, %% bid and 9-16% asked.
bill-buying rate of the New York Reserve Bank
The
XA% f°r bills running from 1 to 90 days.
Federal Reserve Bank's
mains
holdings of acceptances
re¬
unchanged at $537,000.
Discount Rates of the Federal Reserve Banks
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
The
following is the schedule of rates now in effect
the
for
various
classes
of
at
paper
the different
Reserve banks:
1.75%.
The
000 marks.
a
to
up
days and 1J^% for four to six months maturities.
the franc.
Bank of Germany Statement
money
transactions having been reported
reserve
ratio is
now as
low
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Rate in
A
comparison of the different items for
three
years
Date
July 8
appears
Effect on
Federal Reserve Bank
Established
below:
2. 1937
Previous
Rate
2
Boston
New York
1
Aug. 27, 1937
IK
Philadelphia
STATEMENT
Sept.
IK
Sept.
4, 1937
2
Cleveland
REICHSBANK'S COMPARATIVE
IK
IK
May 11, 1935
2
Reichsmarks
Assets—
1938 June 30, 1937 June 30,1936
Reichsmarks
Reichsmarks
70,773,000
abr'd
No change
20,333,000
68,954,000
19,359,000
Reserve in foreign curr.
—255,000
5,663,000
Reichsmarks
71,704,000
24,537,000
5,786,000
Of which depos.
Bills of exch. and
checks
Silver and other coin...
Advances
—
Investments.—,.
Other assets
.—.
-—- -
+ 970,123,000 3,174,847,000
—93,500,000
+ 13,515,000
Aug. 27, 1937
2
IK
Aug. 21, 1937
2
IK
Aug. 21, 1937
2
St. Louis
IK
Sept. 2, 1937
Aug. 24. 1937
2
3, 1937
Aug. 31, 1937
Sept. 3. 1937
2
Richmond
June SO,
No change
Gold and bullion
IK
Atlanta
Chicago
Changes
for Week
160,731,000
71,338,000
846,631,000
+ 921,000
—78,480,000 1,161,336,000
5,103,000
5,232,731,000 4,796,788,000
153,158,000
162,184,000
54,561,000
56,230,000
403,994.000
530,414,000
716,178,000
550,675.000
-
Minneapolis
—
IK
Kansas City
Dallas
IK
—
IK
IK
San Francisco
Sept.
2
2
2
Course of Sterling Exchange
Liabilities—
Notes in circulation—
Oth. daily matur.
oblig.
Other liabilities
+ 715,700,000 6,439,900,000 4,991,599,000 4,389,232,000
+ 89,748,000
1,119,282,000
880,335,000
960,242,000
+ 6,913,000
267,618,000
219,477,000
191,037,000
—0.15%
1.18%
1.58%
1.75%
Propor'n of gold & for'n
curr. to note circul'n.
STERLING evidence during the past two weeks,
exchange continues to follow the
trends in
with the dollar
appreciating in terms of the pound
Financial Chronicle
174
and all other major
there
sterling this week has
$4.96% last week.
has been between
and $4.95%, compared with a range of
of between $4.95% and
for cable transfers
range
The
been between $4.93% and
compared with a
bankers' sight,
for
$4.95 11-16
On Monday, July 4,
The range for
currencies.
market in New York.
no
was
range
$4.93%
and $4.96 5-16 a week ago.
between $4.95 5-16
foreign exchange market has been more active
in several weeks.
Owing to the continued
The
than
York security market all the
buoyancy of the New
foreign markets are responding to the more confident
tone here. The improved tone of commodity markets
responsible for the rise on foreign markets#
still many unfavorable factors affecting
the international trade situation, but on the whole
business news is more encouraging and Europe seems
is also
There
are
apprehensive over political unrest on the
much less
Continent.
The London markets are
greatly encouraged by the
Anglo-German debt and
The agreement constitutes
considerable British success, as was shown by the
successful conclusion of the
agreement.
commercial
a
Stock Exchange.
and it
Britain was in a position
payment of German debts by
withholding
proceeds of German sales to the United
A revision is being made with respect to
Kingdom.
Provincial bank clearings continue to decline,
indicating diminished activity in industrial centers,
Official statistics as of June 13 show that unemploy-
ment has increased by roughly 500,000, as
compared
with a year ago, due to a downward trend in such
important industries as steel, textiles, and automobiles. The total of unemployed on June 13 was
placed at 1,803,000.
Total provincial bank clearings were off 19.4% in
June, as compared with May, with Manchester
showing a drop of 26.7%, and Bradford 25.9%.
Despite the rise in the New York stock market
during the past two weeks, conservative London
does not regard the outlook here as at all glowing at
present. This is the view expressed by the Midland
Bank's monthly bulletin. The bank doubts whether
clearing spectre, as Great
sterling
for the
the world can count on a strong contribution from
the United States to an early revival of international
trade.
One reason that the dollar is stronger in terms of
the pound is to be found in the heavy buying of
American securities in London and Amsterdam in the
past few weeks for Continental account. In fact
American issues were the most active group on the
at
to enforce
514,648 in June, 1937. New capital offerings
first six months of 1938 totaled £74,050,924, the
smallest for the period since 1934. The total compared with £97,415,870 in the first half of 1937.
the London
reported that financial circles in Berlin
the disappearance of the unilateral
was
relief
that there is a decided revival of new capital offerings,
but the total for June was only £8,509,247, the lowest
for the month since the World War. The figure
compares with £27,397,880 in May and with £24,-
Germany also gained by the pact,
sharp recovery of German loans on
feel
July 9, 1938
payment of commercial debts arising out
of British
These are paid out of the
sterling proceeds of German sales to the United
Kingdom.
The new agreement provides a sliding
scale of payment which will permit maintenance of
British exports to the Reich at the same level as
exports; to Germany.
Continental stock exchanges.
The interest in
as
American securities is bound to increase whether
business in general improves in the manner expected
by optimistic opinion.
The Netherlands cannot
possibly employ its vast volume of idle funds at
home or in its colonies. This is likewise true of Great
Britain, though perhaps to a lesser degree,
presaging increased trade between the two countries.
;
Other dispatches pointing to improvement in the
It would seem that certain leading investment
interests in London anticipate business recovery in
general trade and foreign exchange situation, while
the United States before long. There is now pending
in London the formation of a new unit investment
trust which will confine its investments entirely to
The fact that
heretofore.
eluded is welcomed
United
have
States
proceeded
agreement was con-
an
both sides of the Channel
indicate
confirmation,
official
lacking
on
that
the
and British commercial negotiations
far that they
so
are
likely to be
con-
It is understood
eluded before the end of the month.
that Great Britain has sent its acting
First Secretary
eating
chief
United States, indithat negotiation of the reciprocal trade agree-
ment
is
in
the
diplomatic
who is also the
service,
treaty drafting officer, to the
nearing
details have been
completion
The world at large
in
particular
are
and
an
all
minor
and Great Britain and France
sorely in need of
in international trade relations.
has been at
that
arranged.
improvement
an
Foreign
commerce
extremely low level since September,
1931, and in the past nine months the outlook has
been darkened
by the depression here.
trade
European
although
reaction,
enough to constitute
a
serious
crisis, attained severe dimen-
the second quarter.
sions in
The present
not
It is estimated that
European trade during that period fell short of last
year
raw
by approximately 15% in value. Lower prices of
materials
were
largely
accountable
for
this
condition, but volume also declined.
British
still in
a
business, both foreign and
phase of recession,
increase in
capital
unemployment
offerings.
Now,
as
domestic, is
is evidenced by the
as
by the drop in
however,
London notes
as
well
United States industrial securities. The new trust
industries,
Commercial transactions in the past few weeks
have also been a factor in depressing sterling. Another
factor, adverse to the pound, was the rise in gold
prices on the London open market. The prices were
kept at a high level ranging between the dollar
equivalent of $34.83 and $34.90, through the operations of the British Exchange Equalization Fund,
Many hoarders still anxious to obtain gold are
waiting in the hope that the gold price may decline,
The equalizatior fund's purpose seems to be to hold
the price at levels incompatible with profitable
export of the metal to New York.
The shipping
parity is $34.77.
Money continues abundant in the London market,
Two-, three-, and four-months' bills are 9-16%, and
six-months are %%. Gold on offer in London at
price fixing time each day was as follows: On Saturday last £180,000, on Monday £478,000, on Tuesday
£322,000, on Wednesday £553,000, on Thursday
£784,000, and or Friday £680,000.
At the Port of New York the gold movement for
the week ended July 6, as reported by the Federal
Reserve Bank of New York, was as follows:
will include stocks of about 20
Volume
Financial
147
GOLD MOVEMENT AT NEW YORK, JUNE 30-JULY 6,
Imports
j
J
$501,000 from India.
No
notified
been
have
The
above
figures
for the week ended on
are
On Thursday there were no imports or
Wednesday.
gold held earmarked
for foreign account.
On Friday there were no im¬
ports or exports of the metal or change in gold held
exports of the metal or change in
earmarked for foreign account
Canadian
between
ranged
discount of
week
the
of 31-32%
discount
a
it is believed.
A
closer
between
and
a
11-16%.
rate
London check
market gold price, and the
tables show the
Paris, the
on
open
price paid for gold by the
out the
United States:
Tuesday, July 5
ON PARIS
177.78
177.80
178.48
PRICE
140s. lid.
July 7 ___141s. l%d.
July 8
141s. 1%d.
Saturday, July 2
140s. 9d.
Wednesday, July.6
Monday, July 4
140s. 9%d.
140s. 8%d.
Thursday,
PRICE PAID FOR GOLD
which gives
government,
trade
unfavorable
brighter
signs of improvement in the
are no
adverse feature,
of
balance
Another
France.
Friday,
which, if not corrected, may again
labor unrest
cause
French
the rise in the
is
The wholesale price
index
price
June 25 stood
on
651, compared with 649 a week earlier and with
at
645 two weeks earlier.
On
July 5
de
electrical
a new
power
and distribution
formed, to be called "Groupement
was
This
l'Electricite."
action
was
in
accord with
BY THE UNITED STATES (FEDERAL
decrees issued in June
as
public works
July 8
Friday,
LONDON OPEN MARKET GOLD
Tuesday, July 5
developed
has
cooperation
the
On the whole the outlook is
summer.
corporation
Wednesday, July 6_
Thursday,
July 7...
177.89
177.89
177.85
July 4
Monday,
of
and
although there
mean
MEAN LONDON CHECK RATE
Saturday, July 2
degree
labor
promise of strengthening M. Daladier's hand through¬
index.
The following
relatively
upon
.
during
exchange
London.
with
market
unimportant demands for money will now be avoided,
approximately $125,000 of gold
received at San Francisco from Australia.
was
market will be a wideness
compared
when
lacking
Sudden narrowing of the Paris
for Foreign Account
change
that
intervention ir the money
hitherto
None
Net Change in Gold, Earmarked
Note—We
INCLUSIVE
Exports
175
Chronicle
The object of the corporation
program.
is to finance electrical
The
colonies.
holders
a
on
part of the government's
development in France and its
corporation has lined up as share¬
basis of their
rata
pro
capital
own
RESERVE BANK)
Thursday,
Holiday
35.00
Monday, July4
Tuesday, July 5
$35.00
35.00
35.00
Wednesday, July 6
-.$35.00
Saturday, July 2
Friday,
July 7
July 8_
Referring to day-to-day rates sterling exchange on
Saturday last
dull, hardly changed from Friday's
9-16@$4.95 11-16;
$4.95%@$4.95%.
On Monday,
was
Bankers' sight was $4.95
levels.
transfers
cable
York.
On
Tuesday the dollar strengthened the pound.
The
range was $4.94%@$4.95 9-16 for bankers' sight
July 4, there was no market in New
$4.94 7-16@$4.95%
and
On
for cable transfers.
Wednesday sterling dropped sharply in terms of the
existing French electrical companies, of which there
A few
the quota
on
kinds in
all
The
The range was
continued
easy.
$4.93% @$4.93% f°r bankers' sight
$4.93%@$4.93% for cable transfers. On Friday
the tone of the market favored the dollar in com¬
and
paratively light trading. The range was $4.93 13-16@
$4.94 5-16 for
bankers' sight and $4.93 13-16®
$4.94% for cable transfers.
Friday
were
Closing quotations on
$4,94 3-16 for demand and $4.94% for
Commercial sight bills finished at
cable transfers.
$4.94 1-16, 60-day bills at
$4.93 5-16, 90-day bills at
$4.93, documents for payment (60 days) at $4.93 5-16,
and
for
seven-day grain bills at $4.94.
Cotton and grain
payment closed at $4.93 5-16.
London rate
on
Paris rules slightly in favor of the
the
The suspension of im¬
Japan
growing
coolness
the Chinese
over
between
war.
began
few weeks ago, although currently
a
belga rates are easier in New York as this unit, like
inclined to follow the
all Cortinental currencies, is
pound down in terms of the dollar. However, belga
futures are quoted at discounts, with 30-day belgas
at
eight points below the basic cable rate,
to
seven
while
belgas
90-day
fractional
whereas
at
are
premiums
22 points discount,
prevail for future
The banking situation in
and offers no
justification for the weakness in the urit.
During
guilders and Swiss francs.
Belgium is in all respects satisfactory
the week ended June 30 the National
showed
Bank of Belgium
gold holdings of 16,700,000
increase in
an
Its total gold stock then stood at 2,835,-
900,000 belgas, while its ratio
total
THE French franc few weeks.important change
during the past shows no
Currently the
(approximately $9,134,000 at
belga continues to maintain the improvement
guilders.
Continental and Other Foreign Exchange
1937
reflects
France and
which
Thursday sterling
France imported
imports.
present rate of exchange).
portation
for
On
The value of such imports is only
list.
338,300,000 francs' worth of Japanese merchandise
of
The
transfers.
the French authorities ordered the
lower fraction of French
sight and $4.93 15-16@$4.94% for cable
$4.93%@$4.94 5-16
ago
% of 1% of total Japanese exports and a slightly
dollar.
was
days
suspension of importation of Japanese merchandise
bankers'
range
than 100.
are more
of gold to notes and
sight liabilities was 63.96%.
The
following
relation of the
shows the
table
leading European currencies to the
United States
dollar:
franc, while francs in New York are
the upturn in
The
Paris
lower reflecting
Parity
the dollar.
b
market has been aided by the decree
issued at the end of June authorizing the Bank of
France to engage
in open market operations similar
France
c
Italy (lira)
Switzerland (franc)
Holland
those
consist
prevailing in London.
These operations
chiefly of buying and selling in the market
three-months bills, Treasury bills, and defense bonds.
The Bank had been
30
making loans for
a
32.67
68.06
22.84% to 22.96
55.08% to 55.37%
from gold and
On May 5,
allowed to "float" on June 30,1937.
1938, the franc was
devalued on a de facto basis of 179
pound, or 2.79 cents a franc.
The London check rate on
maximum of
days against such government paper, but at an
discount rate.
Henceforth purchases and
19.30
before devaluation of the European currencies
30 and Oct. 3, 1936.
between Sept.
c
2.76% to 2.78%
16.92
to 16.96%
5.26% to 5.26%
40.20
—
(guilder)
francs to the
at
sight bills on
New York
sales will be made at open
2.76%, against 2.78%; cable
considerably
from
market rates, which
the
official rate.
may
It is
expected that henceforth the result of French bank's
Paris closed
on
Friday
Friday of last week. In
the French center finished at
178.46, against 177.90 on
official
differ
Range
This Week
-
6.63
16.95
8.91
.
13.90
5-26
New dollar parity as
b Franc cut
Parity
a
3.92
(franc)
Belgium (belga)
a
to
Nre Dollar
Old Dollar
transfers at 2.76 15-16,
Antwerp belgas closed at 16.93 for
sight bills and at 16.93 for cable transfers,
against 2.78%.
bankers'
/
176
Financial
Chronicle
remains
against 16.953^ and 16.95^.
Final quotations for
Berlin marks were 40.22 for bankers- sight bills and
40.22 for cable transfers, in
and
comparison with 40.28J^
ished
Exchange
3.46%, against 3.4734;
at
Poland at 18.87, against
Finland at 2.1834 against 2.19%.
0.74%, against 0.7434;
and
18.87;
on
Greek exchange
checks yesterday
were
Hong¬
Shanghai at 18%@18.60, against 18%@18%; Manila
at
Bucharest at
on
yen
Friday of last week.
on
kong closed at 30.91@31.00, against 30.96@31 1-16;
Czechoslovakia fin¬
on
dollar
Shanghai
but the
Closing quotations for
28.81, against 28.90
sight bills and at 5.2634 f°r CQb\e transfers, against
5.2634 and 5.2634.
relatively firm,
and the Japanese yen are weak.
Italian lire closed at 5.263^ for bankers'
40.28J^.
July 9, 1938
49.80, against 49.85; Singapore at 57.80, against
57.70; Bombay at 36.88, against 36.79; and Calcutta
on
at
36.88, against 36.79.
closed at 0.90%, against 0.91.
Gold Bullion in
European Banks
bullion (converted into pounds sterling at
EXCHANGE onmixed trends. neutral during the THE following table indicates the amounts of gold
presents the countries The Scandinavian
par
war
of
currencies follow
closely the movements of sterling.
Holland guilder and Swiss franc are showing
The
exceptional weakness
far
so
the spot rate is
as
exchange) in the principal European banks
respective dates of most recent statements, reported
to
This is believed to be due
by special cable yesterday (Friday); comparisons
us
con¬
shown for the
are
cerned.
of
as
largely, if not
corresponding dates in the previous
entirely, to the movement of funds from Holland
on
the
which 455
are
bourse
in
quoted.
now
those of
few years ago,
a
1,200,000,000 guilders,
lands,
which
not
are
Spain
as
large
Denmark
sight
on
55.1734* against 55.37
transfers at
sight bills
at
55.12,
against
and
22.95.
at
Checks
25.4834 and cable transfers
25.56 and
24.84
25.56; while checks
and
cable
transfers
at
on
at
25.48%, against
Norway finished at
24.84, against 24.91
and 24.91.
within less than a year,
EXCHANGE on the reflecting only slightly' the
South American countries is
relatively firm,
current
depreciation of the pound in terms of the
dollar.
The fundamental conditions
many
affecting these
months.
of the
exchange controls is still aimed
more
equitable
balance
between
The policy
at
all
attaining
imports
a
and
A few days
exports.
approved
a
ago the Argentine Government
plan of public works for the current year
involving
a total outlay of 159,120,900 pesos
(ap¬
proximately $53,000,000 at official exchange rate).
The largest
outlay will be for the benefit of the
state
railways, which will receive 43,900,000 pesos.
Argentine paper pesos closed on Friday at 32.94
for bankers'
sight bills, against 33.04 on Friday of
last week; cable transfers at
32.94, against 33.04.
The unofficial
free market close
or
against 26.00@26.15.
at 5.85
quoted
5.19
25.85@26.10,
Brazilian milreis
(official), against 5.85.
at
was
(official),
are
quoted
Chilean exchange is
against
5.19.
45,125,000
61,209,000
25,821,000
24,007,000
19,737,000
15,254,000
6,548,000
6,553,000
7,394,000
7,397,000
6,602,000
6,604,000
6,602,000
6,577,000
the
previous revaluation took place on Sept. 26,
1936,
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.
The Labor Board and the Labor Racket
The
report of progress which the National Labor
Relations Board put out on
July 4 was, no doubt,
highly gratifying to the Board and its staff and to
the
In
thick
thin
and
Peru
is
nominally quoted at 23.65, against 23%.
partisans of the Wagner Act.
the 32 months ended June 1
the
Of this
had been successfully closed
cases
3,652
cases were pending. Of the 11,180 closed
6,090 had been settled by amicable agreement
cases,
both sides.
on
last, according to
report, 14,832 cases had been handled.
and
changed in
75,801,000
49,292,000
1,032,227,351 1,068,657,477 1,037,789,536 1,156.731,941 1,230,580,847
number, 11,180
.—*—
units have not
54,836,000
102,574,000
when the gold was given a value of 49 milligrams to the franc as compared with
66.6 mgs. previously.
On the basis of 65.6 mgs., approximately 125 francs
Copenhagen
Sweden closed
on
63,047,000
49,517,000
107,490,000
francs
checks finished at 22.07 and cable transfers at
22.07,
against 22.13 and 22.13.
88,092,000
42,575,000
192,154,902
637,224,445
2,180,500
90,533,000
71,678,000
70,572,000
£1,016,660.
c As of April 30,
1938, latest figure available.
Also
first report since Aug. 1, 1936.
e
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 gold's value
checks and at 22.87 for cable
22.95
3,185,750
90,780,000
reported at
Friday at
Swiss
55.32.
193,271,840
570,179,351
Amount held Dec. 31, 1936, latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which Is now
on
against
226,567,233
434,720,003
2,372,300
327,294,534
296,116,493
2,481,450
87,323,000
25,232,000
102,265,000
105,377,000
83,597,000
.
a
Friday of last week; cable
55.1734* against 55.37; and commercial
closed at 22.87 for
transfers,
on
.
Total week.
4,100,000,000
Amsterdam finished
£
Prev. week. 1,031.000,078 1,103,996,811 1,'028,268,000 1,152,409,899 1,228,849,334
guilders.
Bankers'
1934
£
29,151,000
6,540,000
7,442,000
Norway
foreign countries with
approximately
-
1935
£
72,588,000
Sweden
which equaled
1936
£
123,436,000
80,520,000
Nat. Belg-.
Swltzerland
the foreign colonies of The Nether¬
total
.....
Italy
Netherlands
as
1937
327,402,052
293,727,299
2,522,000
c63,667,000
825,232,000
Germany b.
estimated at
are now
amount
such investments in all other
the exception of
issues, of
While investments of
they
an
England...
France
American
Hollanders in the United States
of—
During
Amsterdam reported unusual activity
Amsterdam
1938
£
Banks
and Switzerland to the New York market.
the past week
closed
Strike cases, in the
total of 11,ISO
numbered 1,676 and involved 284,440
workers; of this number 1,271, or about 76%, the
report
.
stated, "were settled and
reinstated
were
.
cases,
In most
.
after
cases
189,696 workers
discriminatory
discharges.
those reinstated had been dis¬
charged for outstanding leadership in upholding the
right of their fellow-workers to organize. Thus the
reinstatement of
leader may
other workers in
many
suffer
bulk
one
give
assurance
fallen
in
the
Court.
work, it
was
had been handled and
On the
The great
pointed out, had
same
validated
some
by the Supreme
85% of the total
cases
93% of the Board elections
period, naturally, has
est success of the Board in
published
was
period since April, 1937, when the
Since that time
The
to
plant that they will not
by exercising their legal rights."
of the Board's
Labor Relations Act
held.
a
seen
the great¬
litigation.
day before this report appeared, there was
in "The Democratic Digest," issued at
Washington by the Democratic National Commit¬
T^XCHANGE
LLi
sents
of past
on
the Far Eastern
countries
pre-
tee,
features of importance from those
All these units reflect unfavorable
the
no new
months.
business
conditions brought
between
Japan and China.
about
The
by the conflict
Hongkong dollar
the
tain
an article by J. Warren Madden, Chairman of
Board, in which, besides reviewing the work of
Board, the writer undertook to dispose of cer¬
"misconceptions" which he found
garding the Labor Relations Act.
current
re¬
To the criticism
Volume
Financial
147
that the Act
unfair in that it did not
Chronicle
177
protect
The multiplication of labor controversies is not
employers equally with employees, Mr. Madden re-
the only evil which the Wagner Act has promoted,
plied that "when the object is to insure that work-
The restrictions which the Board, by its rulings in
was
if they wish,
ers,
sentatives to the
can
the
same
privilege to employers,
bargaining conference have
challenged."
lips of an employer from the moment
leaders
employee who would persuade him to join his.
the
political field this objection would have
parallel if it
vent
electorate.
If
that
mean
were
candidate
a
hibited
a
from
that employers
from
persuading the
wanting
no
union would be
trying to gain converts from
Neither ban is tolerable if
rudiments
the
of
democratic
out, among
pro-
safely
to
are
Happily,
procedure in
neither
as
was
Burke
Mr.
Madden's
upon
defense
of
go
unchallenged.
ployees.
Senator
laid
He had made, he
reported
was
an
his hands
take part in
seems
employer
not
may
to reflect
movement for
any
four-fifths
forced
on
was
of
nothing voluntary about
shotgun marriages.
them
them.
Instead of being
Board, they reflect discredit."
A
were
To
a
an
or move
independent
his plant,
of his
group
em-
considerable extent, the restrictions
employer apply equally to superintend-
case
a
of unusual interest involving the applicaState anti-injunction law has lately arisen
in New York City and awraits final adjudication in
the State courts. On July 27 Justice Cotillo, of the
They
State Supreme Court, issued
credit
a
threaten to close
or
upon an
tion of
employers with their backs to the wall,
There
least
at
ask the civil authorities for protection
or
to employees.
as
"that
the
on
ents, foremen, and others holding similar relations
"special study of these agreements," and
estimated
to
or
confer with
or
opera-
had been settled "by agreement of
cases
parties."
were
union,
a
of his plant,
Nebraska, Democrat, attacked the claim
a
examples, that
publish anything that
say or
strikers,
of the
of advancing industrial
means
allowed to
6,090
saying,
a
the Board's laudatory report of its
tions,
both
numerous
With specific
the writer points
case,
reopening his plant without surrendering to the
Wagner Act
that
safely do.
may not
with a labor controversy
among
we
a
study of Board decisions, have concluded
a
citation of rulings for each
industry."
peace, nor
notable article in the issue of July 5, set down
argued that the law should preoffice
A
remarkable list of things which personnel officials,
applied in labor relations it would
those who do.
retain
a
a
for
group
from
unions involved, has disposed of it.
or
writer in the New York "Journal of Commerce," in
union against
no
controversy
a
starts until the Board, in cooperation with the labor
been
never
He denied also that the Act failed to
protect "the employee who wants
In
become,
rights to send instructed representatives to
same
the
a
bargaining conference, it would be
redundant to insure the
whose
variety of cases, has clamped upon employers have
by accumulation, so comprehensive and
drastic as practically to tie the hands and close the
send their freely chosen repre-
permanent injunc-
a
tion forbidding the picketing throughout the city
"There will
be," he added, "some shocking disclosures when I
of the stores of the Busch Jewelry Co. by
make the facts
affiliated with the Committee for Industrial Organi-
marked
editorially
of these labor
the
public." The New York "Times"
on
Wednesday that "how
disputes
re-
zation. The injunction
many
themselves caused by
were
as contrary
was
a
union
immediately challenged
to the provisions of the Quinn-Neustein
Act of 1935, adapting to New York the provisions of
Wagner Act and its administrative interpreta-
tion, the Board's report does not indicate," and
the Norris-LaGuardia Act limiting the issuance of
that "it is
injunctions by Federal
March to
discreetly quiet about the fact that from
September last
and of persons
year
involved in them
rose
or
things will find in the report's figures much
irreparable injury" to the property of the complain-
as
well
as
system which the Board adminis-
ant
the methods which it has evolved for admin-
istering it.
Why, in the
It
unless
seems
the
relief
requested
is
to have been generally assumed that, un-
longer be forbidden.
Act, as everybody knows, with its elaborate specification of "unfair labor
follow
der this law, picketing, whatever the form, could no
nearly 15,900 labor dis-
Primarily because the Wagner
its hands?
on
"will
granted."
of 32 months, did
course
the Board find itself with
putes
injunc-
tion to issue only in cases where "substantial and
commend the
ters
an
the
one
form of
to
findings of fact to be made, and permits
who looks at the substance
disputes.
injunction,
an
the Quinn-Neustein Act specifies in great detail the
to the highest
levels in two decades."
No
in labor
courts
Without prohibiting the issuance of
the number of strikes
such was the case.
Justice Cotillo denied that
"The law is well settled," he
em-
said, "that where, as in the instant case, defendant
ployers but with no recognition of any possible un-
unions have repeatedly and constantly engaged in
fairness
on
the
con troversies
practices"
on
the part of
collective
bargaining
and
strikes and violence which the country has
endure.
It will take
of settlements with
to convince a
and
seen
more
than
a
was
had to
ance
on
before its
business,
that
a
numbers in front of plaintiffs' places of
thereby causing crowds
to
collect and
block ingress and egress to plaintiffs' stores, and by
newspapers
eyes
of false and misleading statements, congrega-
tion in great
alleged goodwill "on both sides"
going
by disorder, in-
timidation, loud and boisterous language, the issu-
the
statistical citation
public which has read the
what
unlawful picketing accompanied
part of labor, has encouraged the
over
i
disorderly, offensive, abusive and insulting remarks
majority of such settlements, especially those in-
to plaintiffs' employees, customers and prospective
volving large establishments, have not been practi-
customers, and that where it appears that upon the
cally forced upon employers, or that the condona-
facts of the case, as it does in this case, there is
tion
by the Board of violence
on
the part of strikers
and the enforced reinstatement of strikers many
whom have been
guilty of
open
danger of the continuance of such unlawful acts
of
with consequent injury to plaintiffs if any picket-
lawlessness have not
ing whatsoever is permitted, courts of equity will
given radical labor leaders much ground for believ-
and have enjoined all picketing." A long list of "acts
ing that the Board will be found on their side.
of misconduct," some of them of
an
extremely law-
178
less
in
Financial
flagrantly scandalous character,
or
support of the court's position.
issued
that
declared
Act
Cotillo, defending his
course,
notwithstanding the Quinn-Neustein
ever
was
outlawed, and will continue to be
outlawed if law and
main
if the
decency and order
the bulwark of this
as
by
class."
any one
number of strikers
unanimous refusal of the
injunction
but
contempt,
with the
Appellate Division to stay
injunction, attorneys
for the unions pledged
injunction until the action could
observance of the
be reviewed in October.
In
spite of this pledge, how-
picketing continued in various parts of the
ever,
He is familiar with the
glibly and convincingly.
words for he used them all,
precisely
burgh,
candidate for the Presidency,
as
1932.
years
ago,
during the five
few months of his
own
Administration,
Pittsburgh less than six
and
years
Federal
a
have continually exceeded Federal
expenses
until the total deficit of the eight years' period since
1930, the last
that
year
balanced budget,
a
saw
exceeds $23,750,000,000. Less than one-third of this
vast total was accumulated in the last three years of
President
Hoover's
Administration; the
mounted during the sad five
of his
years
Busch
the
Company.
y;V
v
Wagner Act, with its provisions for collec-
bargaining, professed
dustrial peace.
an
intention to further in-
What it has done is to encourage
labor
disorders, often in acute form, and to make it,
consequence, more and more difficult for indus-
in
trialists and merchants to do
of
making
often for
clear
no
over every
strike, fomented
a
other than to advance the
reason
prestige of labor leaders
hangs
business, not to speak
profit. The threat of
a
or
the power of
important business
union,
a
industrial
or
establishment.
The rank and file of union
meantime,
exposed to the danger of sudden in-
are
members,
will exceed anything
peace
so
arranged that
and the deficit of the next ensuing fiscal
expenses
year
of
has
rest
Adminis-
own
The next step would be to show, or to
tration.
admit, that he, the President, has
The
Oct. 19,
on
He might now add that since he spoke at
city, the pickets merely avoiding the stores of the
tive
quoted,
as
allowing for elisions not at all significant, at Pitts-
receipts, that deficits have been piled upon deficits
who defied the
promptly cited for
were
the
re-
rights of the people are to be preserved from
intimidation
A
to
are
country's existence, and
July 9, 1938
Mr. Roosevelt could speak the above paragraph
cited
was
a statement
"illegal picketing is as much outlawed today
it
as
Justice
later
In
Chronicle
ever
in this country or in
recorded in
time
any
other country, and
any
to relate, or confess, that the still-mounting national
debt is
above $37,000,000,000,
now
about 50%
or
than the highest figure produced by the World
more
War. From that point, it would be natural and logical
on and explain that by an inescapable law of
to go
burdens
the
economics
of
wasteful
governmental
expenditures, unbalanced budgets, excessive public
debts, and oppressive taxation rest in superabundant
the farmers,
measure upon
artizans,
upon
all workingmen,
upon
the poorest of urban
those who have
upon
terruption of work and loss of wages, and in addi-
least and who, far too often, furnish the votes that
tion to intimidation
maintain in office visionary and profligate governments which dissipate the resources of the public in
to approve
and
the
personal violence if they fail
or
and support the strike. The Wagner Act
rulings of the Board
doubtedly been of
some
under
it
have
financial advantage to
un-
some
unions
and
of
leaders
and
agitators, but that either the Act
political
the Board has done
advantage to
labor
some
or
anything that has improved the
position of American labor
as a whole would be, we
think, extremely difficult to show. Among the mon-
failures
umental
Deal labor
of
the
past five years,
policy is entitled to
the New
prominent place,
a
=====
the
President
of
the
United
Ststes
travels
through the South and West, with frequent sidejourneys and stops, to enable the Leader of the
Democratic
Party, not
politician, to plead,
the
on
President but
as
as
behalf of himself and
a
mere
some
of
pliable and complacent Senators and Con-
more
gressmen,
for continuing favor from the voters,
our
thoughts
dwell,
the
almost
from
necessity,
sound and truthful observations that
his lips in such
public addresses.
might well
say,
"It is
terrible
a
at
one
of
upon
might fall from
For example, he
his stopping off places:
thing to ask
people to listen
you
for 45 minutes to the
story of the
but
I want to discuss this
Federal Budget,
problem with
...
you
On this, he might well
wisp.
merry
while it lasted.
thought
come
melted
mental
like
away
.
.
$625
.
people.
Can
a
we
have
nothing to fear.
and will meet
it
can
successfully
This country
every
.
.
.
can
problem it faces; but
do
so
only through intelligent leadership
working unselfishly for the good of all the people.
That it has not had such
come
you
leadership
obvious from the facts I
tonight."
am
.
.
.
will be-
going to relate to
very
...
We
while in-
.
in the spring, govern...
three kinds of
for the
average
Those words, also, he used in the
sPeech- He would, of
we
are
govern-
family of
wish
course,
same
Pittsburgh
now to raise
the
average cost of government per family from the $625
of 1932 to the much hiSher sum attained under his
Administration, say to $750 or to $825, or whatever
would satisfy the consciences of his quite com-
placent statisticians. Then, of course, he would
proceed to bring the lesson home to each of his
hearers by something like the following:
"Taxes
are
paid in the sweat of
labors because they
are
are a
burden
paid through production.
excessive, they
are
on
every man
who
production and
If those taxes
are
reflected in idle factories, in tax-
sold farms, and in hordes of hungry people, tramping
the streets and seeking jobs in vain. Our workers
may never see a tax
we
our
year
in deductions from
it
.
all
worry.
was
stand that ? I do not believe it."
tonight.
To do so sincerely, I must tell the facts as
and conceal nothing from you. It is not a
pretty picture, but if we know that picture and face
snow
But
did not drop at all
expense
paying for the cost of
ment
It
We did not greatly
getting rich.
we were
they
are
say:
" 'Come-easy-go-easy' was the rule.
five
Suggestions for Presidential Addresses
As
vain pursuit of some impossible Utopian will-o'-the-
they
buy,
or—as
there is not
a
pay.
They
pay
in increased cost of what
now—in
throughout the land.
man,
bill, but they
wages,
broad
There is not
unemployment
an
unemployed
struggling farmer, whose interest
in this subject is not direct and vital."
If these words were true when the President, as
candidate, first spoke them, in 1932—and they were
true then—they are equally true, and much
more
apt
and urgent, at the present time when five years of
Volume
179
Chronicle
Financial
147
mounting government costs and drastic increases in
they struggle with poverty and unbelievably hard
taxation
times.
that
have
approximation of
not
yet raised receipts to
tions
have made all the ap¬
expenses
plicable facts support the argument far
A
any
more
lower than at any
must have
than
more
The
is, in fact, spoken to
interested individual
every
and abroad,
home
at
he embarks
for
"
.
.
in serious
are
railroads
the
.
ends meet.
difficulty.
whole
a
They
in
this
of
Nation
and
encouragement
duce
lasting improvement in transportation condi¬
repression, will pro¬
tions., The economy and efficiency of railroad opera¬
tions will
depend
this
balanced
is
sponsibilities
I
of effort and of
he said at San
Francisco, before he had attained his present office,
farms,
our
know
.
.
that
.
flow
tures
the
our
mines and
back
our
constant
our
Manufac¬
We must
pay
the fair cost of
a
tiny fraction
a
earn
final
no
...
are
quoted words
on
And
finally, pausing briefly to recapitulate these
time-tried
spells only
one
first spoken by Presidential
nothing to ameliorate
described, since under his Ad¬
longer duration, since he indifferently let the
International Policies
English statesmen
functions
in
as
real effort
on
his
part to induce wise railroad legislation, he should
be able to repeat
and much
something real, at
them with greater emphasis of
higher
any
of these grave
resolution to
contribute
personal sacrifice, to the solu¬
problems.
He might
even say
goes
to the root of the difficulty.
House of
more
my
...
attentive to public
point
some
upon
the well-planned route
might be thought desirable, or at least necessary, to
discuss
agriculture.
When that has become inevi¬
table, what could be more pertinent and plausible
than the following
see no
phrases ?
necessity for discussing in detail the acute
distress in which the farmers of America find them¬
selves.
or
...
We
have poverty, we have want in
the midst of abundance.
With incomparable national
wealth within the reach of these progressive farmers
opinion than are American
Representatives, who are elected for
chronological terms, or members of the Cabi¬
sanction of
or
all.
who is out of office may
An English states¬
also, with the equal
custom, take advantage of some public
ceremonial occasion to criticize the
defend
his
former
Government,
policies, or advocate something
office, he might be expected
bring forward.
Captain Anthony Eden, former British Foreign
Secretary, has been a
in
English
of
somewhat interesting figure
politics since, unable longer to agree
with Prime Minister
Party."
Probably at
"I
man
.
friends, is the transportation policy of the
Democratic
it
time called to account in the
Commons, they are closer to the voters and
net who are not elected at
bring the operating balance sheets of the
railroads out of the red and into the black.
That,
.
of using public
things about for¬
They are able ot do this because,
and liable to be at any
to
.
way
anything that the same persons may say
which, if he returned to
again:
a
representing as they do a responsible government
fixed
no
have
occasions for saying
Parliament.
Seventy-Fifth Congress in its most docile and obedi¬
adjourn sine die with
as
domestic policies which may be quite as sig¬
or
nificant
ent mood
"My policy
sustained omissions,
publicly, said anywhere or at any time:
Culpa, Mea Culpa."
Senators
I seek to
own
might be led to say, what he has never,
least
"Mea
eign
were
ministration all the evil conditions have grown worse
tion
principles and his
the President
their existing
of this failure
Since he has achieved
feeling
Nation
is unable to meet the situation."
failing month
the fixed charges
the situation that he
now
assistance
give, has finally failed.
attempt; and I decline to assume that this
rail¬
our
Candidate Roosevelt at Salt Lake City, on Sept. 17,
with
last resort, to be tried
Expediency and Consistency in
Continuance
1932.
has been
.
.
thing—bankruptcy."
The
as a
the function of
matter of ever-present
today is that most of
throughout the Nation
debts.
assume
and balance as
As yet there,
failure, because there has been no
with such
can
concern.
by month to
regulation only
sponsibility,
at
.
improvement in the economy and
"The net situation
roads
economic
primary producers along
efficiency of transportation is
national
as
Sept. 23, 1932:
Government
forests flow into the
selling price of commodities themselves.
So the
eco¬
The products of
transportation, which is in truth
of the
great
requires the continuous,
products of
these
to
highways of steel.
this
every
of the railroads.
The fabricated
markets.
re¬
say,
only when private initiative, inspired by high re¬
nomic interest in the Nation
efficient operation
themselves, of experi¬
profligate expenditures
"The Government should
...
and
"You
by acceptance of public
of the rapid succession
application of theories conceived and
the President might
money,
and its freedom from undue burdens and restraints
when
in the
and
vain
on
the capacity of management
upon
some survey
exposed and abandoned by former generations, of
cooperation,
than
restriction and
light-heartedly discarded in 1933.
so
governmental events, of policies piled upon policies
ments
more
mere
wantonly devalued
in
barely 60 cents at the former
and often conflicting among
not making both
are
paid
were
worth
Eventually, with
...
"Government
•
as
are
gold standard
might recite the following facts:
spoken at Topeka, by the can¬
was
prices
dollars that
fishing trip, the President
a
or
Sept. 14, 1932, but that was before de¬
on
pression
topic and more than one
one
foregoing
didate,
Somewhere, perhaps at San Francisco, be¬
speech.
fore
address
each
low
time in the history of the United
tates."
munication, when radio and telegraph magnify every
until
hogs, cotton, wool, cattle,
corn,
and wheat selling on the farm at prices as
strongly.
traveling President, in these days of rapid com¬
audience
They try to hold their farms under condi¬
produced by
Chamberlain in certain matters
foreign policy, he resigned his post in the
The
him
Cabinet.
precise nature of the difference which separated
from his chief has never been divulged, and his
speech in the House of Commons in which he justi¬
fied his retirement did not make the situation en¬
tirely clear. He left no
doubt, however, of his radi¬
policy of negotiating with dic¬
which Mr. Chamberlain was following, and
cal dissent from the
tators
of
his belief that
course
for Britain to continue on that
meant the abandonment of ideals
and prin-
180
Financial
Chronicle
July 9, 1938
ciples which the British people had long held dear.
of those which the British
Essentially,
ished.
rality
gathered, he felt that political
one
retirement, has gathered
any
that the criticisms of
ment that have
that Mr.
Eden, since his
considerable following,
the Chamberlain
multiplied in England
with the views that Mr. Eden is
be
synony¬
on
hold.: Some remarks which he made at the Fourth
ent
ignored
having
as
take,
another example, the related
as
ernment is wrong
Austria with the Keich occurred
and that there
are
lessons of bet¬
"We in this
any
lems and
to
not
was
country," he said, "perplexed by immediate prob¬
grasping in
consequence
at temporary ex¬
pedients, cannot be too grateful" to American states¬
for
men
"their
what, in
described
a press summary, was
as
fidelity to the principles of liberty and tol¬
erance." "To lose
"is the
of the
sense
objective," he added,
greatest calamity a nation
can
suffer."
Leaving aside the question whether contemporary
claim to the superior
which
Eden,
them, there
upon
who
Mr.
feel
that
are
good many people
a
"grasping at temporary expedients"
is not what should be
However
by implication, bestowed
probably
expected of
a
Government.
perplexing "immediate problems"
there is much
disposition to expect that
ment shall know its
own
may
be,
a
Govern¬
move as
mind and
existence it
If there
tant.
in
politics, if
cies to be
such
are
a consensus
as moral
or
impor¬
poli¬
some
if the political
nation appear to be
a
to
seems
principles
of opinion holds
good and others bad,
foundations of
neces¬
recognized end and that
things
seriously
en¬
was
promised.
and let
the
Whether the British
dictated
There is
no
question that British policy, in deal¬
is
also
Britain
no
as
There
question that the reputation of Great
a
European and world Power has been
materially lessened by what has been regarded
weakness
well
or
uncertainty.
ask
There cannot be much doubt,
however, that if the British Government, instead of
refusing to make
its intention to
if
the
country
with
commitments, had announced
any
support Czechoslovakia with
were
collision
attacked,
with
nearer
demands
end
of the
Sudeten
course
highly dangerous for
to
defy
easy
trivial incident
a
time very grave,
to
tience,
pa¬
accord with Italy that would adjust the
differences, and to offer whatever
to
make
an
concessions
accord possible.
were
The other
was
let
controversy drift, with practically certain
knowledge that it would before long end in war.
Consistency, if Mr. Eden's position is correctly un¬
derstood, forbade bargaining with a dictator whose
word, it was widely believed, could not be trusted
and
whose ideas of government were the
The forbearance of the British
ish
ships has
obviously strained support for the
appears
to
as
be
well
no
as
in the
coun¬
great confidence
withdrawal of foreign
troops will be given
early effect. Yet the British policy of non-interven¬
Looking back at the situa¬
standpoint of today, two courses only
have been open to Mr. Chamberlain. One
necessary to
policy.
Government in the face of repeated attacks on Brit¬
might at any moment have produced
seek, with the utmost persistence and
an
complicated
so
that the agreement which has at last been reached
and that
tion from the
was
a
would
a
a
disastrous explosion.
appear to
no
analysis from the standpoint of in¬
try, and there
for
ex¬
their
outside Power to mix.
an
terranean and the Near East. There is
was
in which it
Spanish situation has become
Government in the Commons
the situation
or
of negotiations which
situation
therein the relations of the two Powers in the Medi¬
doubt that
Germans
apparently in sight, have at least revealed
The
as
Meantime the
dragging along week after week with
complicated internal
be
an
and the path of reconciliation
Italy effectively blocked.
treme
arms
the prospect of
Germany would have been
ternational
no
of Italy,
public generally possessed at the
his critics, on the other
hand, precisely
they would have had him do. Take, for ex¬
ample, the Anglo-Italian controversy, including
what
case
time, is uncertain.
as
Mr. Chamberlain might
considerations
situation than the
have been
of temporary expedients.
Czechoslovakia
same
greater knowledge of the internal
leaders, and the tedious
one
with
due also to
or was
and less
China, has been
'
course
expediency which governed in the
ing with Italy, Germany and Spain in particular
conspicuously in dealing with Japan and
recognize, has been
primarily by the
brought much
compromise, especially since
Austria, whose claims
quarrel rankle, or was the expedient
the better one?
course
after patient
now,
financial concession, the pay¬
Would it have been better to hold aloof
Government should not
be the first step toward surrender.
recognized, and
some
Germany at first refused to
armed
may
cre¬
pledged. The absorption of Austria,
was
dangered, the feeling is likely to be strong that the
compromise
largely instrumental in
ment of British creditors of
of
as very
accom¬
country whose latest political form*
a
negotiation and
policy of expediency does not, of course,
everything is adrift, but it nevertheless
of
accordingly,
directly
imply that the end is not regarded
an
nothing to do but to acqui¬
was
Great Britain had been
A
no
or
equally futile
although that meant acquiescence in the dis¬
esce,
appearance
was
that there is
was
obviously
was
of
quickly that it
so
other Power to interpose. It
protest against what
possible toward the end which it wishes to attain.
mean
cases
incorporation of
physically possible for Great Britain
plished fact. There
as
sarily
The
ating, and to the maintenance of whose independent
American statesmen have any
honor
Englishmen now
not the better course.
was
Austria and Czechoslovakia.
ought to be learned.
practical bearing
no
One wonders if many
case.
however, suggest that he still thinks that the Gov¬
ter conduct that
both
on
that, all things considered, what seemed expedi¬
Or
July dinner of the American Society of London,
be
the
feel
of
agreement
an
kept, and that differences of political ideology
should
supposed to
mous
that
made, that it should be assumed
sides, without discussion, that the agreement would
Govern¬
are
people have long cher¬
Expediency demanded
should be
in some way at stake.
was
There is little to show
or
mo¬
negation
for the
tion, difficult and not wholly consistent
as
it has
been, has at least had the effect of keeping the war
from spreading, and
that, in the present delicate
situation in
Eden
rally
will
Europe, is something. It
implied in another speech at
on
may
a
be,
as
Mr.
Conservative
Thursday, that temporizing and expediency
mean
the abandonment of the traditional Brit¬
ish interest in the
independence and territorial in¬
tegrity of Spain. It
may also mean that, by localiz¬
ing the war, both independence and territorial in¬
tegrity have been insured whatever the partisan
outcome of the
war.
Volume
To
Financial
147
observers of the European
most
situation it
Britain, still far
democratic State in
Europe, has had only the alternative of temporizing
or war.
Mr. Eden will not have it so. In his speech
has
probably seemed that Great
the most powerful
and away
Certainly Mr. Eden must know that there are no
fixed standards of international conduct, that Brit¬
policy must be conditioned
by
conduct which
cannot
depart. I maintain," he added, "that this is not to
be pedantic or vaguely idealistic but to be severely
practical, for unless international standards and
principles are the same confusion is inevitable and
certain
we
principles of international
of other
.
The
It is not
reinforced
capital flotations in this country
aggregating $18,700,000 were so placed.
of April nine different issues amounting
to $17,117,780
were placed privately or semi-privately.
In the month of March seven issues aggregating $61,035,000
were also placed privately.
During the month of February
two issues amounting to $35,000,000 were so placed, and
in January last two small issues totaling $401,000 were
reported as having been placed privately.
This makes a
grand total of $213,538,780 in corporate securities, covering
37 separate issues, placed privately or .semi-privately in the
first six months of 1938, and compares with $288,400,000 of
corporate securities, comprising 58 different issues so placed
in the corresponding period of 1937.
During the month
Making further reference
to the new corporate
offerings
that public utility issues
accounted for $145,146,945, which compares with $40,375,000 for that group in May.
Industrial and miscellaneous
issues totaled $142,510,800 in June, as against $21,251,450
in May, while railroad financing in June amounted to $6,-
announced during June, we note
There
were
no
railroad offerings during the
month of May.
securities of all kinds put out during
June was, as already stated, $293,987,745, of which $283,368,195 comprised long-term issues, $750,000 consisted of
short-term issues, and $9,869,550 represented stock flota¬
tions.
The portion of the month's corporate offerings
devoted to refunding operations was $95,034,000, or more
than 32% of the total.
In May the refunding portion was
The total corporate
41% of the total. In April the
$66,500,000, or more than 84% of
In March the refunding portion was $57,643,000,
70% of the total. In February the refunding
$25,691,650, or more than
refunding portion was
about
it is by
as
active preparation for a pos¬
present inter¬
national circumstances.
corporate issues
or
does not conduce to
that seems practical under
sible war,
aggregated $505,605,148. This
total compares with $219,689,172 recorded for May, and
$352,592,019 reported for April.
During the months com¬
prising the first quarter of the year it is found that March
accounted for a grand total of $245,747,393, February
showed $200,518,612 of new issues, while for January the
grand total was $121,524,413.
The grand total of $505,605,148 for June comprised $293,987,745 of corporate issues,
$143,681,403 in the form of State and municipal securities,
$65,050,000 of issues falling under the head of Farm Loan
and publicly-offered governmental agency securities, and
$2,886,000 for the account of United States Possessions.
We mention here that our compilations, as always, are very
comprehensive and include the stock, bond and note issues
by corporations, by holding, investment and trading com¬
panies, and by States and municipalities—foreign and
domestic—and also Farm Loan issues and direct public
offerings by governmental agencies such as the Commodity
Credit Corporation and the Federal Home Loan Banks.
The private sale of bond issues by borrowing corporations
direct to large institutional investors continued to be an
important phase of the market for capital in the month of
June.
During this month 14 corporate emissions for a
total of $81,285,000 were closed privately or semi-privately.
In the month of May our records show that a total of four
the total.
political purist,
national or
of mind, but it is the only one,
policy that can satisfy a
international peace
during the month of June
330,000.
a
it certainly
and
contentions were applied.
if Mr. Eden's
would be
Capital Flotations in the United States During
and for the First Six Months of the Calendar
grand total of new
policy is concerned, it
represented today much more accurately by the
course
of the Chamberlain Government than it
is
have disastrous
The New
Britain has never
historical British foreign
as
consequences." This is
strange doctrine from a former British Foreign
Secretary long intimately conversant with the bick¬
even
may
always been those
by
greatly troubled itself over obvious inconsistensies
between its own theories and its practices. As far
upheld and from which we
have always
no means
nations, and that Great
ish standards have
course
make clear that our
of Nations.
erings and ineptitudes of the League
Thursday he declared that there was a third
which to him seemed preferable, namely, "to
on
181
Chronicle
the Month of June
Year 1938
61% of the total, and
$3,773,300, or about
734% of the total.
In June a year ago, the amount for
refunding was $154,659,150, representing about 36% of
that month's total.
Important refunding issues sold during
June, 1938, were as follows:
Two offerings by the Com¬
monwealth Edison Co., comprising $33,000,000 1st mtge.
334s, I, June 1, 1968, and $39,083,195 conv. debentures 334>
July 1, 1958, the proceeds of both issues providing $55,579,000 for refunding, and $28,440,000 the Consolidated Gas
Electric Light & Power Co. of Baltimore 30-year 334%
1st ref. mtge. bonds, series O, June 1, 1968, used entirely
portion was*$62,325,590, or about
in
January the refunding portion was
for refunding.
of the month was that of
Steel Corp. 10-year debenture
corporate offering
The largest
$100,000,000 United States
3Ms, June 1, 1948,
priced at par.
Other sizable corporate
offerings were:
The two offerings for the
Edison Co. consisting of $39,083,195 conv.
July 1, 1958, issued at par,
Commonwealth
debenture 334s,
and $33,000,000 1st mtge.
334s,
yield about 3.38%;
$28,440,000 the Consolidated Gas Electric Light & Power Co.
of Baltimore 30-year 334% 1st mtge. bonds, series O,
June 1,1968, placed privately; and $27,750,000 the Mountain
States Telephone & Telegraph Co. 30-year debenture 334s,
June 1, 1968, offered at 102, to yield about 3.147%.
Included in the month's flotations was an offering of
$41,500,000 Federal Home Loan banks 1-year 1% con¬
solidated debentures, series E, dated July 1, 1938, and due
July 1, 1939, offered at 100 9-16, to yield about 0.435%,
and $23,550,000 Federal Intermediate Credit banks 1%
consolidated debentures, dated June 15, 1938, and due in
four months and one year, offered at a slight premium over
I, June 1, 1968,
par
priced at 10234, to
value.
There
two
were
conspicuous offerings
kind
or
made during the
basis of one
rights to acquire stock on a
another.
They were as follows:
month carrying
Commonwealth Edison Co. conv.
$39,083,195
deb. 334s»
convertible after Sept. 1,1938, and at or before
maturity into shares of the company at the conversion
price of $25 per share.
77,873 shares Philip Morris & Co., Ltd., Inc., 5% conv.
cum.
pref. stock, series A, par $100.
Convertible into
common stock on a share for share basis at any time prior
July 1, 1958,
to
redemption.
Results
for
clines
the
More
Half-Year—Volume of Offerings De¬
Than a Billion from Same Period
of 1937
in the
$1,645,676,757,
shows a decline of more than a billion dollars from the
grand total recorded for the first six months of 1937 which
at $2,728,316,726 surpassed that of all half-yearly periods
back to 1931 with the exception of 1936, when the half-yearly
output reached an aggregate of $3,637,237,111.
Comparison
of these figures with earlier half-year periods shows the
following:
$2,020,521,962 for the first half of 1935; $1,019,530,920 for the half-year of 1934; $516,518,604 for the
The
grand total of new
United States during
security issues placed
the first half of 1938, at
182
Financial
Chronicle
half-year of 1933; $900,792,835 for the half-year of 1932;
$2,992,851,637 for the first six months of 1931, and $5,196,189,289 for the first half of 1930.
Including $293,987,745 of corporate issues sold during June, 1938, the total
corporate output for the half-year stands at $669,448,265,
as
against $1,789,196,591 for the similar period of 1937.
$2,583,747,098 in the first half of 1936, $569,484,800 in the
first half of 1935, $201,660,385 in the first half of
1934,
$219,043,478 in the first half of 1933, $249,823,295 in the
first half of 1932, $2,030,346,201 in the first half of 1931,
and $3,964,471,707 in the first half of 1930.
State and
municipal issues totaled $509,907,492 in the first six months
of 1938, which compares with $556,806,135 in the similar
period of 1937, with $614,446,413 in the first half of 1936,
with $600,010,462 for the first half of 1935, with
$519,570,535 for the first half of 1934, with $226,425,126 in the
first half of 1933, with $528,469,540 in the first half of
1932, with $851,188,436 in the first half of 1931, and with
$765,536,582 in the first six months of 1930.
July 9, ms
$62,500.
There were no Canadian corporate floations here
during the first half of 1938, nor were there any foreign or
Canadian corporate issues marketed here during the half
year
of 1937.
$>8,000,000,
There
Three Canadian corporate issues, aggregating
floated in our markets during 1936.
other foreign corporate issues sold here during
were
were no
that period.
No foreign or Canadian corporate issues appeared here in the first half of 1935.
In the first half of
1934 foreign corporate financing totaled only $1,200,000.
In the first half of 1933
a total of $1,600,000 was placed here
foreign corporations.
There were no
foreign corporate issues sold here in the first six months of
1932, but in the first half of 1931 they accounted for a total
of $167,800,000.
Taking into account the flotations of
both foreign governments and foreign corporations, including
Canada, its provinces and municipalities, an aggregate of
only $62,500 is shown for the first half of 1938.
This
compares with $219,000,000 for the same period of 1937,
with $141,000,000 for 1936, with nothing floated here for
such account in the first half of 1935, with only $1,200,000
in the first half of 1934, and with $61,600,000 in the similar
period of 1933.
There were no foreign offerings of any
description in this country during thw first half of 1932,
while in 1931 an aggregate of $218,222,000 was floated here,
The following table carries the half-yearly comparison
back to 1919:
for
On further examination of the
corporate flotations, we
find in the subjoined table continued evidence of the
change
in the character of new
financing since 1929.
We refer to
the displacement of new stock issues
by bond and note
emissions.
To show the change which has taken
place, we
analysis setting forth the comparison both
issues and for the combined output of
domestic and foreign issues:
fe
present a tabular
for the domestic
the
of
account
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES
DOMESTIC
Jan. 1 to June 30—
Bonds and notes
1938
Half-Year to June 30, 1938—
1935
$669,385,765 $1,788,446,591
$569,484,800
Jan. 1 to June 30—
Bonds and notes
1934
$200,460,385
DOMESTIC
Jan. 1 to June 30—
Bonds and notes....
AND
Other foreign
$238,853,800 $1,612,890,150
6,775,275
126.948,667
4,194,220
$217,443,478
1936
JlSt
'
1935
'■
half of
First half of 1930..
First half of 1929
$569,484,800
First half of 1927
First half of 1928.
1934
Bonds and notes....
Preferred stocks
$172,655,100
2,908,800
Common stocks.....
26,096,485
1932
$197,305,200
4,325,000
17,413,278
1931
$201,660,385
—
First half of 1925—
First half of 1923
$249,823,295 $2,030,346,201
Convertible Feature
subscription rights
or
kind
one
warrants
or
to
another,
or
subscribe for
stock:
C0I^FI,9££FTS ISSUES
CARRYING
RIGHTS
OR
or
FEATURES
OR
54,658,000
813,219,000
213,224,000
214,860,000
69,535,300
...
.
20,432,717
584,221,447
241,448,913 1,176,537,750
90,979,000
91,750,300
616,458,040
110,272,000
154,650,000
384,737,562
792,926,425
567,006,000
20,941,679
193,646,279
627,076,650
263,224,000
223,358,000
104,514,300
119,500,000
50,000,000
8,498,000
34,979,000
$30,000,000 Consolidated Edison Co. of New York,
inc.,
deb.
3^s»
Ja£- hi9581, offered at 101 %, toyield about 3.375%
.tTtMSul™
Hs'
m'Be'
'P
'
February
■
$57,(W0,wo Appalachian Power Co. 1st
carrying
acquire
FLOATED IN THE FIRST HALF
CONVERTIBLE
WARRANTS
758,561,000
563,788,730
935,088,837
701,947,425
524,707,740
456,734,000
230,087,562
172,704,600
el'jJS
January
by according
of
218,222,666
Large Domestic Corporate Issues During the Half-Year
purchaser rights to acquire common stock.
In the
following we bring together the more conspicuous issues
floated during each month of the
present year containing
features
................
First half of 1919
the
14",500,666
507,576,650
First half of 1921..—...........
One feature of the old method of
financing continues to be
followed to some
degree.
We allude to the tendency to make
lond issues and
preferred stocks more attractive
convertible
...
First half of 1924
First half of 1920
The
....
First half of 1922
$219,043,478
eKffi
.
First half of 1926
$238,853,800 $1,780,690,150
6,775,275
126,948,667
4,194,220
122,707,384
^
|
Total—.^.....
$2,583,747,098
1933
U—°—
"i:::"
203,722,000
First half of 1932..
First half of 1931.
6,079,000
$219,000,000
133_—■—
193511111111111111121111
26,496,800
$62,500
$219,000,000
JSf o! lolll 111II11111111111ZII
$669,448,265 $1,789,196,591
Jan. 1 to June 30—
$62,500
$62,500
$536,909,000
,
Total
$62,500
—
First half of 1937..
$249,823,295 $1,862,546,201
1937
corporate issues
Grand total
122,707,384
FOREIGN, INCLUDING CANADIAN
1938
.
Canadian corporate issues.
1931
$633,821,695 $1,239,641,500 $2,351,350,900
30,354,475
314,457,663
148,565,526
5,272,095
235,097,428
83,830,672
Preferred stocks....
Common stocks
new
Total
6,079,000
1932
$195,705,200
4,325,000
17,413,278
20,096,485
Total.....
to
MUNICIPALITIES)
Refunding
Canada, its Provinces & municipalities..
Other foreign government
26,496,800
$2,545,747,098
1933
$171,455,100
2,908,800
Preferred stocks
Common stocks
.
New Capital
Total foreign government
Total
m
1936
$536,909,000
Common stocks
.
1937
$633,821,695 $1,238,891,500 $2,313,350,900
30,354,475
314,457,663
148,565,526
5,209,595
235,097,428
83,830,672
Preferred stocks
^
(INCLUDING CANADA, ITS PROVINCES AND
CORPORATE ISSUES
mtge. 4s, Feb. 1, 1963, priced
$10,000,000 Appalachian Power Co. deb. 4%s, Feb. 1, 1948, offered at
100K, to yield about 4.438%.
$20,000,000 New England Telephone & Telegraph Co. 1st
mtge. 3^s,
OF 1938
•*.
™
^
$15,000,000 Pacific Gas & Electric Co. 1st & ref. mtge. 3^8, series I,
placed privately.
-\':0 /t'l*•'.■■■■
March
SUBSCRIPTION
_
.
ow
•
T
.
9fi
u
f
t
2b, iso shares T3
180
Bausch & Lomb Optical Co.
„
Eh
$30
Stock
—
S27'50 per share' and thereafter
per share
$45,000,000 United States Rubber Co. 1st mtge. 4&s, July 1, 1958,
placed privately.
$10,000,000 Duluth Missabe & Iron Range Ry. Co. 1st mtge.
3^s,
Oct. 1, 1962, priced at 98, to yield about 3.62%.
,
5% cum. conv. pref. stock,
through 1940 at $25 per share, thereafter
to Dec. 31, 1947, at
February, March, and April
None
1
..
May
$1,500,000 Rheem Mfg. Co. (Richmond,
Calif.) 5% conv. debentures,
v
\ABril I» 1948. Convertible into common stock on or prior to
April 1, 1943, at rates ranging from
$14 to $20 per share.
sAen<(?
_
June
The conspicuous issues
during this month have already been mentioned
above in our remarks of the
financing done during June.
:
.•
•
The
Foreign Issues Placed
There
were
no
in
the
United
offerings
appeared here for
an
a total of
$134,000,000.
In addition there
$85,000,000 flotation by the Dominion of Canada
in the first half of
1937, making
total of $219,000,000 of
here during the half year.
refunding operations.
In the
foreign
a
government loans put out
All of this total
represented
first half of
three loans
there
was
minion of
1936
foreign government financing comprised
aggregating $55,000,000 in addition to which
a loan of
$48,000,000 put out here by the DoCanada, bringing the grand total to $103,000,000.
All of these floations
were for
refunding of existing obligapreviously placed here.
No foreign government
issues were floated here during
first half of 1935, nor were
any put out in our markets during
tions
the first half of 1934.
loan of
In the first half of 1933 there
$60,000,000 sold here
in the form of 15-months'
4%
was
a
by the Dominion of Canada
notes, due Oct. 1, 1934.
No
foreign government offerings appeared here in the first six
months of 1932.
In the first half of 1931
Canadian issues
aggregated $50,422,000, comprising the whole of the
foreign
government loans placed here during that
period.
Foreign
corporate financing in this country during the first half of
1938
was
confined
to
a
single offering in the
amount
May
$16,500,000 San Antonio Public Service Co. 1st mtge. 4s, April 1, 1963»
offered at 99, to yield 4-05%.
150,000 shares General Foods Corp. $4.50 cum. pref,
stock, issued at
$101 per share.
June
Domestic corporate offerings of exceptional size during this month have
already been mentioned above in our remarks of the financing done
during
June'
States
foreign
government loans sold in this
country during the first half of 1938, whereas in the first
six months
of 1937 three
foreign government
was
April
$60,000,000 Consolidated Edison Co. of New York, Inc., 10-year
3H%
debentures, due April 1, 1948, issued at 101 h. to yield about 3.298%.
of
'
The
The
Corporate Refunding
s
conspicuous corporate refunding issues sold
during the first six months of 1938 comprised the following:
Two offerings sold during February by the Appalachian
Power Co., comprising $57,000,000 1st mtge. 4s, Feb. 1,
more
1963, and $10,000,000 deb. 43^s, Feb. 1, 1948, the proceeds
°f both issues providing $61,829,590 for refunding; $45,000,000 United States Rubber Co. 1st mtge. 4Ms, July 1,
1958, used entirely for refunding, and $10,000,000 Duluth
Missabe & Iron Range Ry. Co. 1st mtge. 3 Hs, Oct. 1,1962,
also used entirely for refunding, both of which were offered
in March; $60,000,000 Consolidated Edison Co. of New
York, Inc., 10-year 33^% debentures, due April 1, 1948,
sold in April ana used
entirely for
refunding.
Two offerings
by the San Antonio Public Service Co. comprising $16,500,Obb 1st mtge. 4s, April 1, 1963, and $2,500,000 4% serial
April 15, 1939-48, sold in May, the proceeds of
both issues being used entirely for refunding,
The more important refunding issues sold during June
bave already been mentioned in our analysis of the financing
done during the month.
notes,
.
^
.
ri
^
United States Government Financing—Its Magnitude
It remains for
States
us
to show the exact extent to which United
Government financing has been conducted
during
Volume
Financial
147
period under review, namely the first six months of
the
the
calendar year 1938.
It is* important in our
study that we distinguish between
financing which represents distinctly new cpital and repre¬
sents an increase,
therefore, in the indebtedness of the
Government, and borrowing to provide for the taking up
and retiring of issues already outstanding, and which are to
be replaced by the new issues.
This is particularly true
with reference to the placing of United States Government
securities.
Treasury bills are all the time maturing, and
have to be replaced with other issues, while Treasury cer¬
tificates of indebtedness are another form of short-term
Sept. 21, 1938.
totaled $428,614,000, of which
$101,150,000 was accepted.
The average price for the bills
was 99.996,, the average rate on a bank discount basis being
0.016%.
Issued to replace maturing bills.
Mr. Morgenthau on June 23 announced a further new
offering of $100,000,000 or thereabouts of 91-day Treasury
bills.
The bills were dated June 29 and will mature Sept. 28,
bills
public indebtedness, as a result, was being steadily and
largely reduced, the matter was of little consequence, but
now there is a budget deficit (as a result both of the ordinary
expenditures and of the extraordinary outlays) of growing
proportions (for aid and assistance of outside undertakings
andf to provide for industrial recovery and to take care of
large-scale idleness and unemployment), it is important to
know the exact extent to which the Government finds itself
the
run
In addition
into
to
new
the
Treasury bill offerings
Applications to the offering totaled $281,464,000,
$100,095,000 was accepted. - The average price for
the bills was 99.997, the average rate on a bank discount
basis being 0.011%.
Issued to replace maturing bills.
Baby bond sales during the month aggregating $34,373,584
were slightly smaller than in May, and therefore the smallest
of any month this year.
Total sales of this type of securities
in the half-year have amounted to $310,859,391.
In the following we show in tabular form the Treasury
financing done during the first half-year of 1938.
The re¬
sults show
that the
Government publicly disposed of
$3,953,914,491 in that period, of which $3,392,224,100 went
to take up existing issues and $561,690,391 represented an
addition to the public debt.
For June, by itself, the dis¬
posals aggregated $1,673,159,784, of which $1,638,786,200
was
used for refunding and $34,373,584 represented new
during
public debt.
Amount
the issue totaled $354,671,000 of which
$100,189,000 was accepted.
The average price for the bills
was 99.990, the average rate on a bank discount basis being
0.040%.
Issued to replace maturing bills.
Secretary of the Treasury Morgenthau on June 6 an¬
nounced a combined offering of 20-25-year 2%% Treasury
bonds of 1958-63 and of five-year 1}/%% Treasury notes of
series A-1943, both in exchange for $618,056,800 of 2J^%
Treasury notes, series B-1938, which matured June 15,
1938, and $596,416,100 23^% Treasury notes of series
Applications
to
Exchanges were made
par for par and the offering of the new bonds and of the new
notes was limited to the amount of matured notes of either
series tendered and accepted in exchange therefor.
Cash
subscriptions were not accepted.
The 2% % bonds of 1958-63 will be dated and bear interest
from June 15, 1938, and will fall due June 15, 1963.
The
bonds will, however, be redeemable at the option of the
United States at par and accrued interest on and after
June 15, 1958.
The new ll/%% Treasury notes of series
A-1943 are also dated and will bear interest from June 15,
and will mature June 15, 1943, and will not be subject to
call for redemption prior to maturity.
Total exchanges of $1,186,631,200 were received for the
2M% Treasury bonds of 1958-63 and llA% Treasury notes,
series A-1943 for the notes maturing on June 15 and Sept. 15
D-1938, maturing Sept. 15, 1938.
June
15, $607,893,800
416,100 of 23^% notes
were
matured on
were exchanged, and of the $596,maturing on Sept. 15, $578,737,400
exchanged.
the 2%% Treasury bonds of 1958-63«
of which $571,740,200 were
and $347,109,400 September notes.
For the
June
in amount of $918,849,600,
notes
1H% Treasury notes of series A-1943 exchanges totaled
$267,781,600, made up of $36,153,600 of June notes and
$231,628,000 of September notes.
Mr. Morgenthau on June 9 announced a new offering of
thereabouts
of
91-day
Treasury
$100,000,000
or
The bills were
dated June 15 and will mature Sept. 14,
bills.
1938.
Subscriptions to the offering totaled $415,110,000, of which
$100,701,000 was accepted.
The average price for the bills
was 99.993, the average rate on a bank discount basis being
0.027%.
Issued to replace maturing bills.
On June
announced a new offering
thereabouts of 91-day Treasury bills. The
16 Mr. Morgenthau
of $100,000 or
SIX
Accepted
Yield
Price
99.984 *0.065%
Dec.
30 Jan.
5
91
days
153,977,000
50,000,000 Average
Jan.
7 Jan.
12
91
days
60.027,000 Average
99.976 *0.097%
50,130,000 Average
99.972 *0.111%
60,035,000 Average
99.974 *0.103%
Jan.
19
91
days
138,807,000
160.075,000
26
14 Jan.
21 Jan.
Jan.
91
days
176,533,000
10 years
102,248,655
Jan 1-31 Jan 1-31
*2.9%
302,440,655
91
184,593,000
150,294,000
50,060,000 Average
99.979 *0.084%
days
days
146,823,000
50,144,000 Average
50,063,000 Average
99.980 *0.080%
91
days
141,485,000
50,276,000 Average
99.977 *0.092%
10 years
3 Feb.
10 Feb.
days
91
28 Feb.
Feb.
75
102,248,655
total.
Jan.
Jan.
50.456,549
50,456,549
75
16
23
17 Feb.
91
99.980 *0.080%
*2.9%
250,999,549
total.
99.978 *0.086%
106 days
230,782,000
160,894,000
50,137, 000 Average
50,042, 000 Average
99.983 *0.058%
Mar.
3 Mar.
9
99 days
227,296.000
50,156, 000 Average
99.982 *0.073%
Mar.
3 Mar.
9
99 days
Feb.
Feb.
91 days
24 Mar.
24 Mar.
7 Mar. 15
Mar. 10 Mar. 16
Mar. 10 Mar. 16
10H yrs
91 days
204,681,000
93 days
Mar. 17 Mar. 23
86 days
Mar. 17 Mar. 23
91 days
99.984 *0.059%
50,033, 000 Average
2.50%
100
450,646, 900
50,208, 000 Average 99.9824 *0.070%
99.982 *0.068%
000 Average
50,025,
99.986 *0.059 <7
50,099, 000 Average
99.983 *0.067%
100,282, 000 Average
159,587,000
450,646,900
122,339,000
118,569,000
242,126,000
Mar.
Mar. 24 Mar. 30
80 days
82,462,000
60,107 000 Average
99.982 *0.081%
Mar. 24 Mar. 30
91 days
Mar 131 Mar 131
10 years
233,733,000
48,258,000
100,097, 000 Average
48,258, 000
99.978 *0.087 %
*2.9
75
199,200,000
100,325,000 Average
99.965 *0.139%
100,188,000 Average
100,420,000 Average
99.963 *0.146%
50,050,000 Average
99.991 *0.037%
40,166,021
75
1,100,090,900
Marc h total.
Mar. 31 Apr.
6
91
days
Apr.
13
91
days
197,199,000
14 Apr, 20
Apr. 21 Apr. 27
Apr 1-30 Apr 1-30
91
days
days
376,161,000
158,830,000
10 years
40,166,021
Apr.
Apr.
91
99.985 *0.061%
*2.9%
391,149,021
total.
April
4
Apr. 28 May
May
5 May 11
91
days
187,632,000
50,021,000 Average
99.992 *0.033%
91
days
211,547,000
50,109,000 Average
99.993 *0.029%
91
days
204,464,000
99.993 *0.027%
12 May 18
19 May 25
91
days
169,687,000
50,269,000 Average
50,409,000 Average
35,356,582
May
May
May 1-31 May 1-31
tot
May
35,356,582
10 yrs.
1
91
days
June
2 June
8
91
days
June
June
June
6 June
15 20-25 yrs
918,849,600
100
2.75%
267,781, 600
100
1.125%
91
days
days
June 23 June 29
91
days
281,464,000
Junel-30 Junel-30
10 years
34,373,584
99.990 *0.040%
100,701, 000 Average
99.993 *0.027%
101,150, 000 Average
100,095, 000 Average
34,373, 584
99.996 *0.016%
99.997 *0.011%
75
*2.9%
1,673,159,784
total
June
*
5 years
99.994 *0.025%
918,849, 600
91
June
*2.9%
50,020, 000 Average
100,189, 000 Average
9 June 15
16 June 22
June
75
196,449,000
354,671,000
267,781,600
415,110,000
428,614,000
15
99.994 *0.025%
236,074,582
I—.
May 27 June
Average rate on a
bank discount basis.
Use of
Funds
Type of
Accepted
New
Total Amount
Security
Dated
Refunding
Indehtednett
$
Jan.
bills
bills
91-day Treas. bills
91-day Treas. bills
U. S. Savings bonds
91-day Treas.
5
Jan.
12
91-day Treas.
Jan.
19
26
Jan.
1-31
Feb.
Feb.
1-28
-
91-day Treas.
Total.
Mar.
2
Mar.
9
Mar.
9
Marr 15
Mar. 16
Mar. 16
Mar. 23
Mar. 23
Mar. 30
Mar. 30
Mar.
1-31
bills
106-day Treas. bills
91-day Treas. bills
99-day Treas. bills
2K% Treas. bonds
91-day Treas. bills
93-day Treas. bills
86-day Treas. bills
91-day Treas. bills
80-day Treas. bills
91-day Treas. bills
U. S. Savings bonds
91-day Treas.
2
Mar.
50.130,000
50,035,000
50.000,000
60,027,000
50,130,000
50,035,000
102,248.655
102,248.655
102,248,655
—
Total-—-.
200,543,000
50,060,000
60.144,000
60,063,000
50.276,000
50,456,549
50,060,000
50,144,000
60.063,000
250.999,549
23
Feb.
91-day Treas.
9
16
bills
bills
bills
91-day Treas. bills
U. S. Savings bonds
91-day Treas.
2
Feb.
50,000,000
50,027,000
302,440,655
Total.
Feb.
Total exchanges for
were
Due
Dated
Jan.
$1,214,472,900.
Of the $618,056,800 of 2J^% notes which
in amount of
FIRST
Amount
Applied for
Date
Offered
Feb.
$196,449,000, of which $50,020,000 was accepted.
The
average price for the bills was 99.994, the average rate on
a
bank discount basis being 0.025%.
Issued to replace
maturing bills.
On June 2 Mr. Morgenthau announced a new offering of
$100,000,000 or thereabouts of 91-day Treasury bills.
The
bills were dated June 8 and will mature on Sept. 7, 1938.
THE
PUBLIC FINANCING
Feb 1-28 Feb 1-28
Secretary of the Treasury Morgenthau on May 27 an¬
nounced a new offering of $50,000,000 or thereabouts of
91-day Treasury bills.
The bills were dated June 1, and
will mature on Aug. 31, 1938.
Tenders for the bills totaled
DURING
MONTHS OF 1938
Feb.
Month of
TREASURY FINANCING
STATES
UNITED
Feb.
Treasury Financing During the
June, 1938
offering
1938.
June, Secretary of the Treasury Morgenthau announced a
dual offering of 20-25 year 2M% Treasury bonds of 1958-63
and of five-year \ l/%% Treasury notes of series A-1943; both
were offered in exchange for $618,056,800 of 2%% Treasury
notes, series B-1938, which matured June 15, 1938, or
$596,416,100 23^% Treasury notes of series D-1938, ma¬
turing Sept. 15, 1938.
The details in respect to these
offerings are recorded further below.
In view of the magni¬
tude and importance of United States Government borrow¬
ings, we give below a summary of all Treasury issues
marketed during June and also those sold during the five
preceding months, furnishing full particulars of the various
issues and presenting a complete record in that respect for
the first six months of the calendar year.
New
the
to
of which
indebtedness.
usual
dated June 22 and will fall due
were
Tenders
borrowing which has to be renewed periodically without
adding to the outstanding public indebtedness.
So long
as the Government was showing huge budget surpluses and
obligated to
183
Chronicle
200,192,000
50,456.549
50,137,000
.50,042,000
50,156,000
50,033.000
450,646,900
50,208,000
50,025,000
50,099,000
50,000,000
50,179,000
50,000,000
50,189,000
450.646,900
50,045,000
"50,188",000
100,218,000
50.163,000
100,282,000
50,107,000
100,097,000
48,258,000
1.100,090.900
50,276,000
50,456,549
100,092,000
50,112,000
48,258,000
801,001,900
299,089.000
184
Financial
Chronicle
July
1938
9,
REVISED GRAND TOTALS OF THE NEW FINANCING DONE DURING
Type of
Apr.
Total Amount
Security
Dated,
Accepted
THE
New
Refunding
6
91-day Treas,
bills
Apr. 13
Apr. 20
91-day Treas.
bills
100,188,000
100,188,000
91-day Treas.
91-day Treas.
bills
100,420,000
100,420.000
bills
50,050,000
indebtedness
January
50,050,000
Apr. 27
Apr. 1-30
$100,325,000
U. S. Savings bonds
$100,325,000
The
$40,166,021
$391,149,021
$350,983,000
50.021.000
50,021,000
50,109,000
50,269,000
50,019,000
50,409,000
50,409,000
■
...
Total
1
91-day Treas. bills
June
8
91-day Treas.
$50,020,000
100,189,000
918,849,600
267,781,600
100,701,000
101,150, OCX)
100,095,000
34,373,584
bills
June lb.
2%% Treas. bonds
June 15....... 1 H%
Treas. notes
June 15
91-day Treas. bills
June 22
91-day Treas. bills
91-day Treas. bills
June 29.......
June
1-30
(J. 8. Savings bonds
Total
♦
»
NOTES
Allocation
Month-
35,356,582
Classification
Issue
of Proceeds
January:
Add
Public utility
\
Bill $1,000,000 Upstate Telephone
Corp.
"
N.
of
$200,718,000
$35,356,582
Y.
1st
mtge.
4s,
.
Jan. 1.1963
*
February:
$50,020,000
Add
Public utility
100,189,000
50,000 Southeastern Telephone
Co. 1st mtge. 4s, 1963
j 1,186,631,200
New
cap.
April:
Adjust
100,710,000
Land, buildings, &c. 1
101,150,000
w
l.w*. L,|L Roman Catholic Bishop of
Toledo,
Ohio,
direct
obligation 4s, 1950
100,095,000
Refunding
May:
34,373,584
(No change in published figures for this month.)
*
$34,373,584
$3,953,914,491 $3,392,224,100
total.
505,605,148
$1,645,676,757
LONG-TERM BONDS AND
$1,673,159,784 $1,638,786,200
Grand
the first five months of 1938:
50,269,000
$236,074,582
June
$40,166,021
35,356,582
*
$219,689,172
,
following is a list of the additional issues and adjust¬
occurring in our published figures by months during
ments
May
4.«iij*„ 91-day Treas. bills
May 11-.
91-day Treas. bills
May 18
91-day Treas. bills
May 25..—... 91-day Treas. bills
U. S. Savings bonds
May 1-31
MONTHS ENDED JUNE 30
......
40,166,021
Total
SIX
.......$121,524,413 May
February....*........... 200,518,612 June.
March...
245,747,393
April.
Total
352,592,019
_
$561,690,391
Refunding, $258,100;
capital, $741,900.
new
following is
a
ments
INTERGOVERNMENT FINANCING
The
occuring in
our
list of the additional issues and adjust¬
published figures by months during
the first half of 1937.
1938
Issued
Retired
%
$
LONG-TERM
Net Issued
BONDS AND
NOTES
Allocation
January—
Certificates
69,054,000
$
Month—
Classification
Issue
65,200,000
63,241.000
Deduct
Railroad
Deduct
134,254,000
46,759,000
87,495,000
Add
Iron, steel, coal, Ac.
Railroad
Add
Public utility
85,400,000
84,100,000
1,000,000
1,939,000
84,400,000
82,161,000
Add
Public Utility
169,500,000
2,939,000
166,561,000
Notes
Total-..--——.—
February—
Certificates.......
...
Notes...........................
24,254,000
of Proceeds
January;
44,800,000
1,959,000
$7,080,000 Chic. Burl. & Quincy equip New
3,000,000 Mistake in calculation
New
2,958,300 General American Trans¬
portation Co. equipment New
1,000,000 Wisconsin Power & Light
Co. 1st M. 4s, 1966
130,000 Concord Gas Co.
New
cap.
cap.
lK-4%
serial notes, 1938-50
Total....
cap.
cap.
Refunding
February:
Add
March—
Railroad
4,950,000 Louis v. & Nashville equip. New
cap.
11,220,000 Southern Pacific equip.
New
6,255,000 Pacific Fruit Exp. equip.
New
6,500,000 Scranton Electric Co. 1st
cap.
Add
23,000,000
52,100,000
Notes
Add
Railroad
29,842,000
15,600,000
22,258,000
Railroad
7,400,000
Add
Public utility
Add
Oil
9,000,000 Sun
Add
Certificates
Railroad
2,320,000 Western Pacific 3s
M.
Total
75,100,000
...............
37,858,000
37,242,000
3^8, 1967
Oil Co 2%%
debs.
1943-47
April—
Certificates
11,930.000
Total
*12,935,000
11,930,000
Notes
4,100,000
24,865,000
28,965,000
*17,035,000
*4,100,000
March:
yy ■■■:
April:
1,000,000
6,500,000
9,346,000
91,500,000
6,800,000 Cin N O & Texas Pacific
Other Indus. & mfg.
1-15 years 2Hs, 1938-52 New
1,500,000 Pittsburgh Screw & Bolt
10,346,000
81,154,000
881,000,000
104,422,000
834,665,000
57,253,000
46,335,000
47,169,000
985,422,000
891,918.000
93,504,000
1,467,706,000
1,018,785,000
448.921.000
Corp.
Add
Iron, steel, coal, Ac.
Deduct
Public utility
June—
Certificates
.
.
ii—ii
i
a
.
.
1.. k.
Total...—,►.
Total six months
Foreign Service Retirement Fund,
Railroad Retirement Fund, Postal
Savings
Retired.
*
s
Canal
Farm
Zone
Retirement Act,
Alaska
System and Federal Deposit Insurance
Loan
$333,218,600 for the
5,010,000 Commonwealth Water Co.
Other Indus. & mfg.
Add
Miscellaneous
Railroad
1st mtge. 4M»
Refunding
721,000MerchantsDist. Corp. debs. New cap.
2,000,000 J. Shillto Co. 4^8, *39-52 New cap.
Add
Add
*
Other Indus. & mfg.
Refunding, $5,318,000;
less
1935;"*$298,300,000
period of 1934; $10,900,000 for the same period
1933;. $122,500,000 for the first half of 1932; $60,600,000
of
The current
short-term
$164,100,006;
half-year's offerings
consolidated
two offerings of
debentures,
Federal Home
In the
amount
of
com¬
aggregating
Loan
banks
$200,000,000;
one
offering of the
Federal National Mortgage Association
five-year notes in
Land bank issues
totaling $3,935,000.
Add
notes, 1941
represent applications for capital by the companies
themselves, and are, therefore excluded from our compila¬
tions of new
financing.
The following table sets forth a
six-months' comparison for the
past five years:
March
April
May
June
Total
22,096,368
4,318,088
1,025,000
3,965,000
1937
1936
1935
1934
$8,008,000 $12,746,795 $14,376,300
534,375
12,008,694
17,040,437
11,736,424
4,946,566
1.585,000
700,000
2,144,135
1,229,000
$4,212,000
Add
Public utility
New
cap.
500,000 Virginia Gas Corp. 5%
notes, June 30, 1938
STOCKS
Month—
Classification
Issue
of Proceeds
January:
Deduct
Motors & accessories
$140,000 Common stock (mistake in
calculation).
New
February:
1,200,000
cap.
(No change in published figures for this month.)
March:
Add
Other Indus. & mfg.
Other Indus. & mfg.
285,000 Wyatt Boiler
1,366,583 Noblitt
stock
New
cap.
New
com.
Sparks
common
cap.
New
cap.
Industries
stock
April:
Add
Oil
Add
Other Indus. & mfg.
625,000 Republic
Petroleum
5H% preferred
Other Indus. & mfg.
Other Indus. & mfg.
Co.
stock
64,660 A. E. Staley Mfg. Co.
mon
com¬
stock
Refunding
28,244 A. E, Staley Mfg. Co. pref. Refunding
321,713 Merchants Distillery Corp.
stock
New
cap.
(No change in published figures for this month.)
In the elaborate and
comprehensive tables
on
the succeed¬
ing pages we compare the foregoing figures for 1938 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed
analysis for the five years of the corporate offerings,
showing
separately the amounts for all the different classes of cor¬
porations.
Following the full-page tables we give complete details of
the new capital flotations
during June, including every issue
of any kind brought out in that month.
Full details as to
the separate issues for each of the
preceding months
back to the beginning of our
compilation in
dating
March, 1921,
monthly articles for those months, these
articles appearing usually on the first or second
Saturday
can
$32,015,790 $48,932,458 $49,013,291 $20,034,435 -$5,412,000
cap.
June:
common
not
4,641,113
12,451,695
12,459,292
4,287,175
7,085,183
New
June:
the first half of 1937, with
$49,013,291 in the first half of
1936, with $20,034,435 in the first half of 1935 and with
$5,412,000 in the first half of 1934.
These transactions do
1938
'
$600,000 Vanadium Corp. 3H %
(No change in published figures for this month.)
Add
Offerings of this type during the first six months of 1938
amounted to $32,015,790, as
compared with $48,932,458 in
$611,334
.
Iron, steel, coal, &c.
May:
Representing New Financing
February..
of Proceeds
May:
Deduct
January
Issue
(No change In published figures for this month.)
April:
$29,000,000, and three small Joint Stock
Not
Classification
collateral trust
the aggregate of
Issues
capital, $4,682,000.
(No change In published figures for this month.)
March:
Add
of^the Commodity Credit Corporation
notes
cap.
Allocation
consolidated bonds to the amount of
$65,000,000; one offer¬
ing
new
1931, and $30,500,000 for the
prised six separate issues of Federal Intermediate Credit
banks,
New
10,000,000 Kimberly-Clark Corp. 1st
mtge. 4J^s
January:
(No change In published figures for this month.)
February:
no
same
first"half of 1930.
3,900,000 Atlantic Coast Line 2^s
June:
Allocation
first^ half "of 1936;
tlan' $850,593,700 for the first half of
for the first six months
cap.
Public utility
Issues
securities
during the first half_of
including direct public borrowings by governmental
agencies functioning along similar lines, aggregated $462,035,000, as against $163,314,000 for the first six months of
of
cap.
;
1938
the
Refunding
Mining,
Smelting & Power Co.,
Ltd., 5% debs., 1942
New
1,000,000 Wisconsin Power & Light
Co. 1st mtge. 4s, 1966
New
May:
Month—
for
May 1, 1948
Consol.
750,000 Granby
SHORT-TERM BONDS AND NOTES
Offerings of Farm Loan
f937,Awith
4J^s,
mtge.
Deduct
*
Fund,
1st
Add
Comprises sales of special series certificates and notes; certificates sold to
Adjusted Service Certificate Fund and
Unemployment Trust Fund, and notes to
Old Age Reserve Account, Railroad
Retirement Account, Civil Service Retirement
Corporation.
caP.
■j.'loV Kd."■■■'■'■:.
■
Railroad
*2,846,000
Notes....
cap.
Deduct
84,000,000
Total..
New
Add
85,000.000
Notes
Refunding
•
(No change In published figures for this month.)
May—
Certificates......................
■'
cap.
Refunding
be found in the
of the month.
Ox
O
to4
o
to
c
o
9,420, 0 1,"50b6 97,6809
New
15,480
324,8705 46,9 80 3,81,250
5,u0,0C )0,0 ( 7,6/ ,0 ( b 6~.6 c
13.6/,0
YGFovetfrdnrmaogm.uilcplyesFEJOAITMUFVRSNHSUTAINERSHDE
YFEJOIATMUVRFNHISAALUFRNCOGPRDLM
750, 0 9,3 6,05 473,50
293,8745
65~,"0 6 143,68 03 2.86,0 50,65148
750, 0
95,034 0 5i,b"o~ 6b 13,7260 160,2 0
$
Total
283.6,195
Refundi g 94,28 0
$
1938
OSUMFARY
Capitl 189,0415
$
CNOORGPERAUFWTPEI
ACHNARDTE
.
9",36",05 473,50
198.53,74
New
«
i
13,50 129,5.03 2,860 345. ,948
Satneds
.
13.67,0
106,/95.0C 174,360 20,7 0 31,"lb'.OC 10, 0 1,658,0 d"bo oc 46,09OC "bo ",o
20 ,0 (
26,0 ( 160,97325 19,780C 17,69 08c lO. OC
239,O C
bo ",0 c
324,87.05
2,345,out 10,"6 ,0c 35,42615 OOC
50 ,0
3.43 6c 79,185 106,7950 185,360 20,7 0 6,532615 1 ,90 1,903,0C 3,943 0
60 ,0 1
1,50 6c 245,0 0
5)0, 0
%
Refundig
274.18,67 91,47329 365,27 96
New
"
19,06.25C
239,0 0
20 .0 C
2,61.87 5u,328o5w 26,0 c 169,37 25 19,780C 37",603 0 lO. OC 2,6180 375, 75
15",436 5 40,0(
3O0. 0C
5^10.821", 2&,85/ 6 80.7950C 15.962,375 1.02 0C 2S,9 "285 1,64,0C if,321,56 15,874160
400,
7,80",O C
"
1,50.6c 245,0 C
30 ,0 1
Capitl 95.0 C 13,76235 1.02 0C 13,492~ t 1(),0 0( 1.49.0C "560",60 12./,295
600"1,o o", 63,81209 1,0 .0 217,68 19
Capitl 154,7 20 37,6 08 61.25,0 20,6597
$
5
$
154,69150 36."o .6 20,93510 205,6 0
Refundig 130,58 0 13.57,920
15,480
5,0 ,0 510, 0 7,6 ,0 "b ~6
15,4801
1936
9,568,750 978,40
$
$
GFOOVCERRENMIPGNTA,T,
Refundi g 7,590, 0 87,6401 7,3240( 3,b"o,6c
-
129,64Out
428.7 ,617 30, *0 12,05839 570,83456
Total
1937
12,5:0 8,1640(H> 25,0 0 3",590
Total
285,109 51,20 70,93750 21,63467
New
7,590, 0 87,640 17,3240 3~,O ",06
•
New
15,874160
Capitl
129,640
"
'fi-
Capit l
12,7295 1,7450 18,5230 10,275 1
$
9,0 ",0 9,420
6,;>" 9,bob, 9,42u0Ut
420",O C
'•—.
$
93,4296 4,78524 1.750, 51,72049
23,740
420", 0
12,590 8,1640) 25.0 C0 3~,5b6" c.
"
$
1935
m rnm
19,74 0 4,0 ,0
$
Total
94,2"5b6 108,5973 2,750 73,406 8
375, 75
60 ,0
$
Refundig
527,69 15
46,09 2,3450 65,29150 13,65 765
$
"
New
13,67 0 I"187.4II 5,471
New
"
9,bo",06 3,1670
9,b"o ,6 9,420 19,74 0 4,0 ,0 42~O,6O
42"0,6
19,74/U0C
Capit l
15,480 0319,006", 2,9547 457, 2 4
Capitl 13,67 0
1936
4.0UO O 19,74 0
$
1934
18,5 09
129,640
$
Total
19./4OJ
129,640 "6,9103 0 64,7358 512,89 5
$
Refundig
1935
4,0 ,0 19.74,0
158",
9",420,6
$
fb
4",bo",0
$
Total
23,74 0 147,0" 17,458.3 18,6053
$
Total
•^1
Refundi g 4,0 ,0
3.167,0 bo0 0", 15,26 307,1962
Refundi g 4,0 ,0 19,74 0
Capit l
00
o
8L
$
1934
s.
2.
S3
4,0 ,0 19,74 0 9,420, 0
$
Total
to
VI
5
•»«.
$
V
80,
1.745,out 2", 6",0
Neio
1.90 C
v
.
89,12 7 1,293, 40 2,bl",6 92,481. 15.40 C 15,8240 20.850C 1.0J C 106,217 75,84 501 3.45.0C 1.293 4C 5,462"0 428,7 61
35.6ob, 6 51,2U 0
15,40 C 139,5/40C 20,85.0 1,0 0 1,o "6 75,84 50 3,45.0 I8,45b"6r 285.109UC O16,25G0",
$
Total
lU,54715t 3.60.0C 130.9 C 16,8510 2,540*,O G 63",0 154,69150
•
Refundi g 3,60 , 0f 17,4 08 67318.6 2,540",6 "6 3,6 130,58 1 13,57 920
13,5/ 920
905,0
1,80 2,156920 20,850 1,0 0 4,682,0 75,84 50 17,8 6 154,/ 21 2,67,08
35,b"o .6( 3/.6V U8L
$
1937
"
Capit l
8
Neio
$
Total
Refundi g 94",28 6
Capitl
New
$
"
905,0
78,5 027 1,293,40 2,b~i26c 81, 0967 1.80 C 24,83 0 20,S50C 1,0 0 83,257"02 75,84 50 1,293 40 54,79 6 274,1867
9,869,5 c 6,30. C 145, 6945 10, 0 750, 0 1,573" 0 25,18750
75U.OUL
293,8745
94,28 6c "75"o~,6 c
95.034, 0
9,&69,5 t 6.30 C 50,862945 io, oc 1,573 0 30,187501
1,608,75c 8,073,0 187,50
"750,6 c
198,5374
750. 0C
283,6195
$
1838
10,547150
94,28 0OC "750,6 c
6.30. C 143,5819 10, 06 3",50,0(1 30, 01
"
"
"
6,830 f 49,25 19 10, U0( 3",50",6( 30, 0C
527,691
5(61, 08",7 8,"073,6f 187,50C
189.0415
notes. not^s. - notes. . governmt- aci_s.& . bfuoytanieds Notes— &c. manufctrig - _ &c - Notes— — manufctrig &c -— _ &c-— . manufctrig - &c—. -&c— manufctrig —&c
JOUNFE Domestic— boLaonngd-tserm stock. Ca>ndi—• boaLnondg-tserm Sho-r~t-—em steocrkd stock foreign— boaLnondg-tserm Short-em Prsetofckr.ed stock. corpate toal indcfilguuodreets JOUNFE BoLaonngd-Tserm Emanqufutipm.ent acaes.onrid iandustrl &buildcngs, Miscel—ano_u. -; BoSahnordt-Tsem Railro_d——s. utiles Emaqnuufcitprmesent aonid inadustrl &buildcngs, — hotlrdtaridnuignsg,,,iscel-a—nous . utiles. cocpsoteear,l,l,mEanqufutipment acaesnorid aindustrl - buildngs, Ruber. hotlrdtarindugins,gt,,iscelanous utiles&ccospotea,l,l,Emaqnuuficptrmesent aonid iandustrl &buildcngs. hottlrdrauidnisngtg,,,Miscelanous seccourrpitate
GovCeranmndtianforeignGLooavant,nScMaituneicsp,alPoStan^es utiles cocpsoteear,l,l, -rhotldtaridnuigns,gt,, &ccospotea,l,l,
Corpate—
MONTH
Com on
Pref
Com on Other
Grand
Com on Total
OtherFarm United
*
These
MONTH
Total
Total
*
Public Iron, Motors Other Land, Rub er.
Oil
Ship ng Inv.
Public Iron, Motors Other Land, Rub er
Ship ng Inv.
M
Stocks— Railroads Public
Total
Iron, Motors Other Oil. Land,
Ship ng Inv.
M
Total—
Public Iron, Motors Other Land, Rub er
Ship ing Inv.
Total
I
00
to
to
o
3.
$
Total
136,0 10 35,4 0 2,908,0 26,096,485
5~02,1 55
Capital 57,39,0 12,750 2.908.S0 26,09 485
$
Total
504,890 32,10 026,49 80 6,079,0
569,48 0 850,93"75 60,10462
43 .0 0
468,91546 841,09375 235,946 21
Capital 78, 0,348,45,0 7,125,0 6,079,0
2,58374,09848,0 05,0 03 ,21S60 14, 64132,85,0
Refundi g 1,93047,9 3 ,76250 17,2 7389,630, 23 30, 0, 0
- 48,0 0 5 ,0 ,0 31 , 860 1,750. 0
236,47 916
SbSoftmaFrGutaoneoiicynhvedgpdsrlnmesyal. FTMEAOJNF3IUDXROIHV0R
FGOFLOARMVFEEUINTRIGASNOMCMNEHDJPNRUTLGXD,
$
691,72 1,50 5,90 0314,5763 25,097428 "750",5 5
1,789 6,5185,0 0134,0 0163, 40 56,80135
95,730912 85.0 ,0 134,0 012,340 129,730865
Capital 502,9587245.076,80120,9 361 59,72136
S
"750",5 6
New
Total
$
628,416955,40 30,54 755,209,5
1,42875,
829,465 79 43",0 ",56427,05270
Refundi g 69, 568 20,83920193,5 .302 75,3602
S
1937
1.29540, 9
50 69,48265
" 62",
'
Refundi g 307,5938402,758,0 1,02 ,80
GORNUEPFIW
31,7460 261,035"6 9,60728 642,07 368
$
SOUCOMRPFARYATE, 1938
CITOSURPNHIEAED
6462",0635",509, 74924,286.0 1,645.7,
Capital 320,87 5 2,642,0 29,316755,209,5
50
$
" 62",
New
}
Refundi g
6,0 ,0 32,10 0 1,785,2 05,0 ,0 1,4 8,7 05,0 ,0
19,371,80 32,57 80 85,0 0 264,3625083,0 0 13",941",6 7 ,81 ,75018,50 0893,0 0 25,81 0 569,48 0
4 4,0 0
425,986 10, ",5
1,6 5,0 6,0 .0
6,0 ,0 23,6150
19,371,805 19,37180 58,20 0253,7.0 61,3906 2,4 1,0 54,1950 13,50 0
25.81,0 468,91546
13,204 0 26,80, 01,063250 1,609,34 1",50",6 23,6 7505,0 ,0 893,0 0
10,56934
6,0 ,0 2,485,0
8,4 5,0 1,785",2 05,0 ,0 1,4 8,7 5,0 ,0
56,2890 1,05824,0 263,0 20,7 0 148,3015624,0 07,306,0 ~6"0 ",5 13",O~"6 2,98 0, 30, 0. 01,850. 0
8,125,0 4,50 , 0 245,0 0 7, 50, 0 52,470, 0 24,1 3 287,2 9,50 7,462,40 3,2 5,0 15,3 8 17,9632 9 4,80 , 0 52, 9,10
23.96f8
8,125,0 2, 87,50
18,70 .50 2,96,563,15,0 7,462,40 2,81,0 65,2873 2,54 , 90 4,80,0 17,4057 105,493 7 172, 40 62,48026 9,436748 8,46,40 2,81,0 89,0 78928,715027 3,812,0 60 ,0 04,80,0 19,4057 462,583 40
35,90 6,50 87,28394 ,81 76 12,57 053195,2 59 12, 8 3 2",96",90 85,4 345 549, 5091 324,17 0 615.46,394106,29 8761,0,0 2,572,053270,84159 271,06438 25,09 0 3, 16,9 0 250, 0 149,0 345
1,789 6,51
104,320 48,72169825,076 50 4",934",6037,8978027,3480 18,5430 3,20,50 69, 5628 1,450, 018,573920
Refundi g
80 ,0 0
20,823,920 84,0569428,1 50 40,736",0468,10675 ,50 26,391859 268,91 364 105,7820 52,10 31253,26450 4~,934",60 79,3582615,4 76518,5430 682.50 29,52359 95,730912
350, 0
Capital 214,02 0 58,106,302 5,089501,0,05,065,40 35,892012,497506.52,0 "250",60 24,384,50 502,95872 4,350, 02,76,08 1,350, 0
$
"
1,40 . 0
2 ,105, 0 398,62 195 0. ,0 55630, 0 2,843,50 45,0 0 "40 :5 61,250, 0 628,41695 2,~06b~,6 750, 0 "156:5 650 ,0 0
5",
28,19
750" 120" 21 ,0 0
Refundi g 10, 0, 024,79 40 8",096",§5 l",127",5 45,0 0 ~89"0.5 307.593,840 "55o, "555,
$
8
New
35,08",530 126,90 761 423,14.90 79,31 42 0,9275 19,780 423,90 18,970542 57,4821 3,7 9,0 53,8 530 2,1 63,258
7, ~50",6 3 ,762,50 21,8 71284,078,0 "423",§5 50, 6 45 15,4 8749
2, 12,50 245,0 0
60 ,0 0
59,628.901,04 79,628270,42950 28,1240 3,25,0 271,8031286,43297,51,0 4,80,073,2910 2,58374,098
2, 0 , 0
CHAARNCTDER Capital 12,05,0156,482510, 0
358.073,625 5201,06",40,2674 4,286,0 1,036 ,89
6,0 ,0 4,10 , 0 6,0 ,0
New
1938
102,365
"
350, 0
318,740 506,82 0 60,1350 1,0,0 10, 0 73,4290 149,85 0 25.09 0 "250",6 027,58.0 1,7291,50 5,80,0 21,350 1,350, 0
Total
Total
588
504,890 10," ,56
60 ,0 0
Capital 15,2140 58,934206 ,285 4S1,02,0 24,52*41 23,958037 .567,0 "03,20 0 38, 2.903 15,0 ,0 1,250, 0
1937
73,470 23,652 0 5,26 ,0
23,905 0
New
2,78.316,72
5
18,9153 "55625", 9,0 ,0 29,05.28 120,5610 46,083 0 58 ,750 24,157 3550 ,0 0 "525",5 6 9,250, 0 201,60385
60 ,0 0
408,1490 56,89024196, 475219,780 123.79,08 240, 19633,7 9,0 1,0 0 1,96047,9 15,0 .0
$
Total
462,583.40 55612 ",90 ",37,91471,075,0 863.50,37
New
58 ,756
36,5.0
4 4,0 0
Capital 26,80, 09,278,0 16.09,34 5,"O6~,619,720 "893:6 6 78, 034
YEARS
F3YOIEV0ARS
Capit l 30,8290318,70 5031.29,78 74,20 649 8,0 ,0
$
85,08 .0 25,61.0 78,0 0 55597, 41",72,30 07,50 , 0 893,0 0
Netc
1936
250, 0
"
Refundi g 58,20 , 0 243,7 0 61,3906 2",4 l",6 52,80 7,50 . 0
1935
2,73.0674
2,1 63,258
$
Total
3,67.2,1
Total
525"
57,39,0 12,0 65 "sob",5o6 "250"6 o 12.750, 0 ,750 158,3951", 52 ,6 9,*0 *,6 29,0528 47,109 0 2,4308 58 ,750 18,9153 50 ,0 0 "556, 9,250",65 9,2518'
New
1,549 .587
2,60.8 ,9052,470 148,56 2 83, 0672 38,0 ,0
$
1936
2,958,6 5
$
43 ,0 0
$
New
$
78,460,2 0 20.947,0
$
10,56934 9,~5"o ,6 364,0 41 47,56 375
$
Total
Refundi g 52, 0 , 0 23,652 0 2,308, 5
1934
2,0 51,962
Refundi g 425,986 23,6150 19,37180
1935
*0
2,958,0 50 .0 0
9,609.1034,083 0 2.308, 0
Total
9.295,185 54.o .5o43,2 54 587,61.739
8
Oo
Vo
Capital 47,109,10 10,43#80
192,365.20 24,30 5 85,246981 431,9281
New
a
136,0 10 20.947,0 12,0 0
201,6 385 298,30" 519,7053 1,0953,20
1,20 , 0
Refundi g 78,460,2 02 ,705 0
S
1934
o
•"—»
fcr
2l05. 98",30, 0 1,7 6,50
40 ,0 0360, 0
320,87 5
2,"0 ",5 ~"3O",5O5289,0 0
682
35,90 45,82608 2,482,70 16,23 76 12,57 053154,765493,12073 2",84",90 59.02,486 280,64372 218,3920 63, 508253,02361,0,0 17,637,45319,4657915,6095736,5 2,0 2,634, 90 250, 0 19,42698 829,465 79
2",o 6", 6 5,40 , 0 31",5759",40 ,598 29,56 7 862,50
1,234,526 35,62 570 2,105 040,187301 ,40 598 750, 0 57,914,7 31, 6250 2,843,50 45,0 0 40 .0 04, 84,520 69,48265
1,67 ",5 2,758,0
" 20.35 1,02 ,80
1,0 2*.50
555 2,642.0 3,5 9,17540 ,598 28,567",2 7862,50
"323",
10, 0 24,79 40 "750",5 5 9~,219",45 21 ,0 01, 27,0 45,0 0 2,587,35 31,7460
2 0 34,603,7 0 12, 05. 016,70 43 10,40598 48,69537 31, 5 0 1,7 6,50 "46 :6 01,897,2 0 358,073625
l",214",
agenci_s.& funds 30 manufctrig &c ._ ,_ manufctrig _• _&c- manufctrig: &c _ ;_ manufctri:g &c_
EJ3NUDN0E boannodtess. stock. bonanodtess. anonteds. corpateGovernmt governmt.Govt,Municpcal—tS P,,osein toal fdiignnuclrouedste MEOJNNUDTNHSE LoBnNgo-Toanedtrmess utiles &sccteoopalel,E,rq,umipanmufetnt aacnesdoriinduastridl bu&ildncgs, trthruoasdldtining,Mg,is,celanous ShBoNrot-oTanetdemssRailrods.- utiles s&ccteoopalel,E,rq,umipanmufentt aacnesdoriinduastridl bu&ildcn_gs, tthrruoaslddtining,Mg,is,celanous _ utiles s&ccteoopal,lE,q,umiapnmufecnttresanodi_.induastridl bu&ildncgs, ' tthrruoaslddtiinng,gM,i,scelanous_ utiles. &scctooepaell,Er,,qumipanmufentt aacnesdoriinduastridl bu&ildncgs, Shipng.trthruaosdlditningM,g,is,celanous cosrepcuraitte
MONTHS Corpate— Domestic— Long-termShort-emPrefredComstoocnkCandi — Long-termShort-emPrefstroeckdComstoocnk foreign— Lbonogn-tedrmsShort-emPrefstrocekdComstoockn Candian foreignLoaann USntiateeds
Total
6
Other
Other Farm
*
Grand
These
Total
*
6
Railroads Public Iron, Motors Other
Oil
Land,Rub er
Ship ingInv.
Total
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Stocks— Railroads Public
Total
Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total—
Railroads Public Iron,
Motors Other Land,Rub er
Oil
Inv.
Total
Volume
DETAILS OF NEW CAPITAL FLOTATIONS
BONDS
THAN
FIVE
LATER
(ISSUES MATURING
NOTES
AND
YEARS)
RAILROADS
$6,330,000 Pennsylvania RR. Co. equip, trust
100.375,
Placed
PUBLIC UTILITIES
'
Co.; Blytn
V
■.
Refunding.
1963.
y%975,000 Alton Water Co. 1st M. 4s, A,
Placed
privately.
Refunding.
1,490,000 Bridgeport Hydraulic Co. 30-year 3 Ms, 1968.
Placed privately through Lee Higginson Corp. as
Co. 1st & gen.
Placed privately.
1,000,000 Central Maine Power
Reduce bank loans.
33,000,000
agent.
M. 4s, G, Oct. 1, 1960.
-
1
Commonwealth Edison Co. 1st M. 3)48, I, June 1, 1968.
Refunding.
Price, 102M; to yield about 3 38%.
Offered by
Haisey, Stuart & Co., Inc.; Brown Harriman & Co., Inc.;
Glore, Forgan & Co.; Harris, Han & Co. (Inc.); Lee Higginson
Corp.; Lehman Brothers; A.
& Co., Inc.;
&
Co.
G. Becker & Co., Inc.;
Central Republic Co.,
S. Moseley & Co.
Bonbright
Chicago; Kidder, Peabody
and F.
Other underwriters were:
Co.; The Bancamerica-Blair Corp.; Blair,
Dodge & Co.; Coffin & Burr, Inc.
Sachs &
Co.; Hayden, Stone & Co.; Hemphill,
Bacon, Whipple &
&
Bonner
Goldman
Co.;
Biddle, Whelen & Co.: Blair, Bonner &
& Co., Inc.; Boettcher & Co.; Bonoright & Co.,
Inc.; Bosworth, Chanute, Lougnridge & Co.; Alex. Brown &
Sons; Brown Harriman & Co., Inc.; Burr, Gannett & Co.;
Cassatt & Co., Inc.; Central Republic Co.; E. W. Clark &
Co.; Clark, Dodge & Co.; Coffin & Burr, Inc.; R. L. Day &
Co.; Dick & Merle-Smitn; Dommick & Dominick; Eastman
Dillon & Co.; Elkins, Morris & Co.; Equitable Securities
Corp.; Estabrook & Co.; First Boston Corp.; First of Michigan
Corp.; Robert Garrett & Sons; Glore Forgan & Co.; Goldman
Sacns & Co.; Graham Parsons & Co.; Green Ellis & Anderson; v
Hallgarten & Co.; Harris Hall & Co., Inc.; Hayden Miller
& Co.; Hayden Stone & Co.; Hemphill Noyes & Co.; J. J. B.
Hilliard & Sons; Hornblower & Weeks; W. E. Hutton & Co.;
Illinois Co. of Chicago; Jackson & Curtis; Kean Taylor & Co.;
Kidder, Peabody & Co.; Ladenburg Thalmann & Co.; Laird
Bissell & Meeds; W. W. I.anahan & Co.; W. C. Langley &
Co.; Lazard Freres & Co.; Lee Higginson Corp.; Lehman Bros.;
Adolph Lewisohn & Sons; W. L. Lyons & Co.; Mackubin
Legg & Co.; Laurence M. Marks & Co.; Mellon Securities
Corp.; Merrill Turben & Co.; Mitchum Tully & Co.; Moore,
Leonard & Lynch; F. S. Moseley & Co.; G. M.-P. Murphy
7"V-v.'Co.; W. H. Newbold's Son & Co.; Newton Abbe & Co.;
Otis & Co.; Paine, Webber & Co.; Arthur Perry & Co., Inc.;
R. W. Pressprich & Co.; Riter & Co.; E. H. Rollins & Sons,
Inc.; L. F. Rotnschild & Co.; Salomon Bros. & Hutzler;
Schoellkopf Hutton & Pomeroy, Inc.; Schroder, Rockefeller
& Co., Inc.; Schwabacher & Co.; Securities Co. of Milwaukee,
Inc.; J. & W. Seligman & Co.; Shields & Co.; Singer Deane &
Scribner & Co.; Smith Barney & Co.; Speyer & Co.; William
R. Staats & Co.; Starkweather & Co.; Stein Bros. & Boyce;
Stern Bros.. & Co.; Stern, Wampler & Co., Inc.; Stone &
Webster and Blodgett,
Inc.; Stroud & Co., Inc.; Spencer
Trask & Co.; Tucker Anthony & Co.; G. H. Walker & Co.;
Washburn & Co., Inc.; Weeden & Co.; Wells-Dickey & Co.;
Wertheim & Co.; White
Weld & Co.; Whiting Weeks &
Knowles, Inc.; Dean Witter & Co.; Yarnall & Co.; Dillon
Read & Co.
7 7"
Becker & Co., Inc.;
bid of
basis.
privately.
■
.v
&c.
$100,000,000 United States Steel Corp. 10-year debenture 3)48, June 1»
1948.
Repay bank loans to extent of $50,000,000 and provide
cash for modernization, extension and replacement of plants
and facilities of subsidiaries.
Price, 100: to yield 3.25%.
Offered by Morgan Stanley & Co., Inc.
Other underwriters'^
were:
Kuhn, Loeb & Co.; Almstedt Brothers; Bacon, Whipple
& Co.; Baker, Watts & Co.; Bancamerica-Blair Corp.; A. G.
2%s, I, July 1, 1939-53.
Awarded to Gregory & Sons, Inc., on a
representing about a 2.69% interest cost
New equipment.
STEEL, COAL, COPPER,
IRON,
DURING
JUNE, 1938
LONG-TERM
187
Chronicle
Financial
147
Clark,
<
-
Weeks; Ladenburg, Thalmann &
Paine, Webber & Co/ Schroder
& W. Seligman & Co.; Stern,
Wampler & Co., Inc.: Stone & Webster and Blodget, Inc.;
G. H. Walker & Co.; White, Weld & Co.; Dean Witter & Co.;
Mitchell, Hutchins & Co.; A. C. Allyn & Co., inc.; Ames,
Emerich & Co., Inc.; Alex Brown & Sons; H. M. Byllesby &
Co.
Inc.; Paul H. Davis & Co.; Dominick & Dominick; Estabrook & Co.; Graham, Parsons & Co.; Hallgarten & Co.; The
Illinois Co. of Chicago; Newton, Abbe & Co.; E. H. Rollins
& Sons, Inc.; Schoellkopf, Hutton & Pomeroy, Inc.; Schwabacher & Co.; Speyer & Co.; Spencer Trask & Co.; Babcock,
Rushton & Co.; Alfred L. Baker & Co.; J. E. Baker & Co.;
Baker, Weeks & Harden; Cassat & Co., Inc.; Eastman, Dillon
& Co.: Edgar, Ricker & Co.; Farwell, Chapman & Co.; The
First Cleveland Corp.; Fuller, Cruttenden & Co.; Jackson &
Curtis; Kean, Taylor & Co.; Laurence M. Marks & Co.;
Mitchum, Tully & Co.; Charles K. Morris & Co., Inc.; G.
M.-P. Murphy & Co.; Nichols, Terry & Dickinson, Inc.;
Otis & Co.; Arthur Perry & Co., Inc.; R. W. Pressprich & Co.;
Putnam & Co.; Riter & Co.; The Securities Co. of Milwaukee,
Inc.; Sills, Troxeli & Minton, Inc.; The Straus Securities Co.;
Stroud & Co., Inc.; Thrall West Co.; Washburn & Co., Inc.;
Wertheim & Co., and Whiting, Weeks, & Knowles, Inc.
Noyes & Co.; Hornblower &
Co.; W. C. Langley & Co.;
Rockefeller & Co., Inc.; J.
39,083,195
Commonwealth Edison Co. conv. debenture 3)48, July 1,
1958.
Refunding, retire bank loans and provide funds for
general corporate purposes.
Price, 100; to yield 3.50%.
Convertible after Sept. 1, 1938, and at or before maturity into
shares of the company at the conversion price of $25 per share.
Offered by company to holders of its common stock.
Under¬
written by offering houses and other underwriters as above.
18,000,000 The
Consolidated Gas
Electric
Refunding.
1968.
10,440,000 The
Consolidated Gas
Baltimore
•
Electric Light & Power Co. of
bonds, series O, June 1,
privately with a small group of
White, Weld & Co. and associates.
7,500,000 East St. Louis & Interurban Water Co. 1st
A, June 1, 1953. Refunding. Placed privately
insurance companies.
1,000,000 Kansas Electric Power Co. 1st
Complete generating station and
additions. Placed privately.
M. 3^8, A, Dec. 1, 1966.
provide for extensions and
offering prices.
'
.
'
•
•
1st M. 4s, 1948.
•:/:>
7i
.
Redpath, Johnston, Lemon & Co.; Brown, Goodwyn &
& Co., Inc. and William W. Mackall Jr.
&
Olds; Folger, Nolan
INDUSTRIAL AND
OTHER
MANUFACTURING
Television Corp. (N. Y.) 99,500 shares capital
stock, par $1.
Acquisition of machinery, financing of in¬
ventory, development of sales and working capital.
Price,
$1 per share. Offered by J. A. Sisto & Co.
$99,500 American
7,787,300 Philip Morris
7
,
f.
7
& Co., Ltd., Inc. 77,873 shares 5% conv.
cum.
pref. stock, series A, par $100.
Pay bank loans and
provide working capital.
Price, $100 per share; to yield
5.00%.
Convertible into .common stock on a share for share
basis at any time prior to redemption.
Offered by company to
holders
of its common stock.
Underwritten by Lehman
Brothers; Glore, Forgan & C07 Kuhn, LOeb & Co.; Hayden,
Stone & Co.; Hallgarten & Co.; Hemphill, Noyes & Co.;
Kidder, Peabody & Co.: A. G. Becker & Co., Inc.; Dominick &
Dominick; Scott & Stringfellow; Wertheim & Co.; G. M.-P.
Murphy & Co.; Laurence M. Marks & Co.; G. H. Walker &
Co.: White, Weld & Co.; Alex. Brown & Sons; Davenport
& Co.; Jackson & Curtis; Riter & Co.; L. F. Rothschild & Co.;
Stern Brothers & Co.; Bacon, Whipple & Co.; Ira Haupt &
Co.; W. L. Lyons & Co. and Schwabacher & Co.
Aircraft Corp. 74,600 shares capital stock, par $1.
Purchase additional machinery, construct factory building and
provide working capital. Price, $2)4 per share.
Offered by
Hammons & Co., Inc., Los Angeles, Calif.
186,500 Solar
$8,073,300
OIL
150,000 shares common stock, par $1.
Development of properties, payment of indebtedness and
additional working capital. Price, $1)4 per share. Offered by
Edgerton, Riley & Walters, Los Angeles, Calif.
Oil Co.
$187,500 Magnet
LOAN AND
FARM
GOVERNMENTAL AGENCY ISSUES
Home
Loan
Banks 1-year 1% consolidated de¬
1, 1939.
series E, dated July 1, 1938 and due July
Refunding and provide additional funds.
Price, 100
bentures,
yield about 0.435%.
system.
.
9-16; to
Offered by the 12 member banks of the
i"-.-' 7;
Intermediate
23,550,000 Federal
Credit
Banks
1%
consolidated
dated June 15, 1938 and due in four months and
Refunding. Priced at a slight premium over par
Offered by Chas. R. Dunn, N. Y., Fiscal Agent.
debentures,
one
Dominion Water Co.
privately.
;
UTILITIES
$1,521,000 Washington Gas Light Co. 15,600 shares $4.50 cum. conv.
pref. stock, no par. Reimburse treasury for expenditures made
in connection with additions to and expansion of plants and
distribution system.
Price, $91)4 per share; to yield about
4.61%.
Offered by Y. E. Booker & Co.; Auchincloss, Parker
$41,500,000 Federal
2,250,000 The Mountain States Telephone & Telegraph Co. 30-year
debenture 3)4,8, June 1, 1968.
Repay notes held by Trustee of
Pension Fund, repay advances from American Telephone &
Telegraph Co. and provide for extensions,'additions and
improvements. Price 100; to yield 3.25%.
Sold privately to
Bankers Trust Co., New York, as trustee of pension funds
established by the company and certain affiliates.
300,000 Old
and all classes of common
-"7
77. 7 7
PUBLIC
Other underwriters were:
Central Republic Co., Chicago.
value are taken at par, while preferred
stock are computed at their
Preferred stocks of a stated par
stock of no par value
)
Blyth & Co., Inc.- Bonbright &
Co., Inc.; Mellon Securities Corp.; Lazard
Freres & Co.;
Boettcher & Co.; Bosworth, Chanute, Loughbridge & Co.;
Clark, Dodge & Co.; Dominick & Dominick; Estabrook &
Co.; Goldman, Sachs & Co.; Harris, Hall & Co. (Inc.); Hayden,
Stone & Co.; Hornblower & Weeks; W. E. Hutton & Co.;
Lehman Brothers; F. S. Moseley & Co.; Schoellkopf, Hutton
&
Pomeroy,
Inc.; Securities Co. of Milwaukee; Stone &
Webster and Blodget, Inc.; White, Weld & Co.; Coffin &
Burr, Inc.; R. L. Day & Co.; Dean Witter & Co.; E. W.
Clark & Co.; Jackson & Curtis; Glore, Forgan & Co.; Graham,
Parsons & Co.; Blair, Bonner & Co.; Alex. Brown & Sons, and
due May 1, 1941. Refunding.
STOCKS
M. 4Hs, series
with a group of
27,750,000 The Mountain States Telephone & Telegraph Co. 30-year
debenture 3)4s, June 1, 1968.
Repay notes held by Trustee
of Pension Fund, repay advances from American Telephone &
Telegraph Co. and provide for extensions, additions and
improvements. Price, 102; to yield about 3.147%. Offered by
Morgan Stanley & Co., Inc.; Kuhn, Loeb & Co.; Kidder,
Peabody & Co.; Lee Higginson Corp.; The First Boston Corp.;
Brown Harriman & Co., Inc., and Smith, Barney & Co.
-
STEEL, COAL, COPPER, &c.
IRON,
$750,000 Laclede Steel Co. 2% % notes,
Placed privately.
<
;
INCLUDING FIVE YEARS)
AND
30-year 3)4% 1st pref. M.
Refunding.
Placed
insurance companies through
1968.
(ISSUES MATURING UP TO
BONDS AND NOTES
SHORT-TERM
Light & Power Co. of
1st ref. M. bonds, series O, June 1,
Placed privately with six insurance com¬
panies through White, Weld & Co. and associates.
Baltimore 30-year 3H%
'
Refunding.
year.
value.
Placed
32^8,
750,000 Public Service Co. of New Hampshire 1st M.
C,
Aug. 1, 1960.
Pay off bank loans, and provide for other
corporate purposes, including construction and expansion.
$143,538,195 Placed privately.
OTHER
$65,050,000
$467,500 Burroughs
by Stern,
Pictures Corp. 6-year debenture 4)48, May 1,
and provide additional working
bank loans
Placed privately.
Retire
1944.
capital.
1,450,000
International
capital
Business
Machines Corp.
10,000 shares
Price, $145 per share.
Offered by
& Co., Inc.; Lee Higginson Corp. and Kidder,
stock, no par.
Brown Harriman
2,000,000 Devoe & Raynolds Co., Inc. 15-year debenture 4Ms, 1953.
Pay off bank loans and provide working capital.
Sold pri¬
vately in one lot to the Equitable Life Assurance Society.
$3,500,000
Adding Machine Co. 27,500 shares common
Offered
Priced at market about $17 per share.
Wampler & Co., Inc., N. Y.
stock, no par.
INDUSTRIAL AND MANUFACTURING
$1,500,000 Columbia
•
REPRESENTING NEW FINANCING
ISSUES NOT
Peabody & Co.
347,500 Master Electric Co. 25,000 shares common stock. Priced at
market about $13)4Offered by Mitchell, Herrick & Co.;
Riter & Co. and Otis & Co.
OIL
Union Oil Corp. 15-year loan.
Provide funds for
development of properties, plant additions and otner cor¬
porate purposes. Placed privately with life insurance interests.
$25,000,000 Shell
5,000,000 Standard
1937
Oil Co.
(Ohio) 10-year debenture 3)^8,
$30,000,000
Joseph Water Co. 7,000 shares 6% cum. pref.
Co. and
Sar $100.
;
stock,
'
Price, $99)4 per share. Offered 7'7W. C. Langley
by
H. M. Payson & Co.
1948.
working capital expenditures made in
and provide for new construction.
Placed privately
Equitable Life Assurance Society of the United States.
Reimburse treasury for
with
700,000 St.
Life Insurance Co.
$3,965,000
and Northwestern Mutual Life Insur.
Co.
188
Financial
Chronicle
The Course of the Bond Market
Power
Further
^ains in bond prices have occurred
Utilities
trials
States
have
also
been
United
strong.
this
week,
and
indus¬
last
High grades have been characterized by strength,
Atchison gen.
points
points
scored
63%;
to
to
a
York
Pennsvlvania
87%;
Baltimore &
gain of 4% points.
participated
Central
in
the
4s,
1998,
3%s,- 1970,
Ohio
1st
5s,
1948, at
advance.
New
76.
utilities
have
remained
firm,
while
to
2030, have advanced
MOODY'S BOND PRICES
u. s.
All 120
1938
Govt.
Domes¬
Daily
Averages
Bonds
%
(REVISED)
120 Domestic Corporate •
Aa
the
In the retail trade group, United Drug 5s,
Sentiment
moderate
59%;
Central
are
given
t
p
A
Baa
RR.
P. V.
AU
Indus.
68.87
69.48
103.38
109.44
69.58
103.20
91.20
113.07
109.64
101.23
91.20
68.27
68.97
103.20
91.05
113.07
101.23
Exchan ue Clos ed
109.64
91.05
68.17
68.77
103.20
109.64
6—
112.86
100.88
by
the
better
major
as
part
the
91.05
July
8—
68.67
103.20
yield
averages
111.96
90.59
112.86
100.88
90.75
67.58
68.17
103.02
112.86
100.35
89.10
65.19
66.13
102.12
120 Domestic
by Ratings
Corporate by Croups *
xK;
30
For-
Corp.
Aaa
Aa
A
Baa
RR.
6.33
6.27
P.
U.
Indus.
3.31
4.52
3.31
3.93
4.52
6.32
6.26
3.82
4.54
3.31
3.93
4.54
6.39
6.32
3.82
3.31
3.93
4.55
6.40
6.34
3.82
eigns
3.48
4.55
3.48
Stock
3.92
4.53
3.81
3.49
3.48
-
'
mmm';
mmm
Exchan ge Clos ed
2—
4.56
3.32
3.95
4.55
6.40
6.35
3.82
1
108.46
101.58
120 Domestic Corporate *
7-
109.05
89.25
t
6-
109.24
June 24.. 111.80
Weekly-
and bond
4.52
4—
68.17
points.
bond prices
tic
68.97
90.90
two
Domes¬
91.35
111.96
to
120
1938
91.51
1-
continued
in the following tables:
Daily
Averages
101.23
2..
f
has
MOODY'S BOND YIELD AVERAGES
(REVISED)
(Based on Individual Closing Prices)
101.41
Stock
list
registered
one
113.07
112.02
been
Contrary to the general trend has been
Moody's computed
113.07
111.90
foreign
have
lost from
For¬
91.51
5-
the
developing in Polish and Austrian bonds, which
91.51
6..
in
gains
of the issues.
8- 112.04
4..
rise
1953, have advanced 5% to 74.
7.. 112.04
rm
Goodrich 6s, 1945, have climbed 2%
Outstanding in the amusement group has
4% points to 79% in Warner Brothers
120 Domestic
Corporate by Croups •
by Ratings
Aaa
Building issues have
In the rubber group,
Yields)
tic
Corp.*
Among oil bonds, Socony-Vacuum 3%s,
% point at 107%.
of
lower
eign
(Based on Average
93%.
weakness
American &
5s,
gains have
strong, Certainteed Products 5%s, 1948, rising 3% to
been
4%s,
grades have recorded further advances.
Power
fractional
only
group
Pictures 6s, 1939.
1967, have gained 3 points at 20.
High-grade
steel
1%
48%
Haven
to
points to 95%.
Defaulted railroad bonds have
general
the
1%
rose
advanced
lv>
been
displayed by the medium-grade and speculative bonds of
New
In
1950, have gained
a mile
Eastern rail systems has been a factor in the broad
gains
railroads.
week.
rose
increase in the basic passenger coach fate of
2%c.
Eastern
1%.
up
been made in most cases, although Wheeling Steel
4%s, 1966,
4s, 1995, have advanced 1% points .to 105%, and Texas &
Pacific 1st os, 2000, have gained 2 points at
110%.
The
on
are
the indus¬
bonds, although the advances have been smaller than
trial
two points common.
up
Further gains have been scored this week
by
The railroad bond market has continued to
record higher
with price advances of
were
1952, at 74
Governments
and high grades have remained firm.
prices.
1957, at 80 have gained 2; Indiana
Service 5s,
1% at 58%; Portland Gas & Coke 5s, 1940,
have risen 2% to 64%; iQueensborough Gas & Electric
5%s,
1950,
particularly among speculative rails.
5s,
July 9, 193S
3.50
4.58
3.32
3.95
4.57
6.46
6.40
3.83
3.51
3.32
6.71
6.61
—
Weekly—
June 24..
4.67
'•flfim
m m-.
[mmm
111.84
99.83
87.35
60.47
61.81
3.98
3.88
3.54
88.95
113.48
107.69
4.68
10- 112.05
101.76
89.40
63.28
17-
4.86
65.84
3.37
101.94
4.01
7.25
7.09
3.91
m
113.68
102.48
89.99
63.37
10—
3.58
89.25
108.46
4.80
3.. 112.10
4.69
3.29
101.76
3.90
6.92
6.64
3.54
102.84
89.99
63.20
3.28
101.23
3.86
6.91
6.57
3.90
rn
114.30
103.93
91.97
65.66
May 27—
3.53
91.05
108.46
4.62
20- 111.94
66.99
4.67
mmm
113.68
3—
3.89
89.25
108.66
4.66
May 27- 111.77
66.51
3.28
3.84
6.93
6.52
3.93
114.09
104.48
92.90
67.97
20-
3.54
92.28
109.44
4.62
13.. 111.82
69.37
4.67
4.55
72.00
3.25
3.78
4.49
6.66
6.28
3.88
3.49
17-
112.01
86.50
102.12
102.12
109.24
13—
"■
'mmm
■1;^-
mm
mm
m
mm
•'/m
mm'
111.54
91.20
91.66
66.51
70.20
4.47
3.26
3.88
113.27
108.85
6.03
89.69
101.76
3.75
Apr. 29.. 111.42
103.02
90.44
63.91
6—
68.17
4.54
3.29
6.57
3.90
3.52
89.55
4.64
mmm
102.12
Apr. 29—
6.20
113.07
108.27
108.08
4.51
89.10
100.35
3.79
22- 111.48
14- 110.08
3.30
3.83
4.59
6.85
22-
6.40
3.98
4.68
3.55
3.31
-mm
3.88
6..
8- 109.69
1- 109.58
Mar.25— 110.34
18- 109.97
11- 110.57
4- 110.70
Feb. 25- 110.50
18- 110.21
113.48
103.74
3.50
-mm
87.35
111.64
100.53
61.98
66.22
97.78
6.88
4.03
67.38
96.94
3.38
'mmm
62.15
4.80
3.56
87.93
14..
6.46
100.18
106.17
4.65
111.84
105.04
3.97
4.77
7.07
4.13
mmm
86.07
68.70
63.73
4.79
3.66
98.97
8-
6.60
111.64
96.11
3.37
104.30
3.99
4.76
7.05
6.48
4.95
4.1"8
3.72
3.38
4.06
4.89
7.47
6.87
4.72
4.23
3.76
3.31
3.80
4.65
7.13
6.46
4 63
4.09
3 63
3,78
4.59
6.88
6.27
4.05
3.57
3.67
4.44
6.67
5.94
4.03
3.54
3.64
4.33
6.26
3.54
87.78
88.51
113.07
103.56
89 55
61.47
6.. 68
89.34
98 45
113.89
103.93
106.73
90.44
63.64
1—
Mar. 25„
69.48
99.14
.07.88
18..
91.66
114.51
94.01
93.85
93.53
91.81
94.33
105.98
14.93
115.14
114.93
94.49
92.28
115.14
113.89
114.09
115.35
116.00
92.75
06.58
72.98
99.48
106 54
94.49
69.58
77.60
100.00
108.46
106.92
4 51
4..
4 36
3.22
94.81
70.62
79.20
99.48
108.46
78.20
4.33
4.00
69.58
Feb. 25-
5.54
94.01
98.80
3.21
108.08
3.62
4.31
5.41
4.03
77.96
4.37
98.62
3.22
107.69
3.63
4.36
6.26
5.49
4.39
4.07
3.64
4.38
5.51
4.08
mmm
■'
'
m
■
mmm
-mm
3.56
3.21
m-m
;•*;'
3.54
68.87
18-
6.16
93.69
'•
•
:m
..
— m
'
'"m m
105.79
92.28
67.68
75.70
98.45
106.92
*
92.59
66.41
73.99
4.47
3.58
105.04
11..
4..
98.62
3.27
107.69
3.68
4.47
5.70
3.62
m
69.99
77.84
4.50
4.09
94.81
Jan. 28..
6.45
106.73
100.18
3.26
109.05
3.72
4.45
6.58
5.85
3.58
m
72.32
80.84
4.34
4.08
95.62
21..
100.53
3.20
109.24
95.46
72.00
14—
81.35
4.25
99.83
108.46
3.17
3.58
4.26
7-
6.00
5.28
3.50
82.13
4.26
3.97
72.65
103.38
3.18
109.64
3.57
High 1938
4.27
6.03
5.24
4.02
58.15
61.72
4.95
96.11
3.38
3.54
104.30
4.06
Low 1938
4.89
7.54
7.10
4.24
4.23
3.76
3.17
1 Yr. Ago
July 8 '37
3.55
4.24
5.97
5.18
3.81
3.48
3.91
3.27
3.45
3.97
4.95
4.29
3.94
3.50
95.78
95.62
115.78
107.69
107.88
95.95
116.00
108.27
95.95
111.64
98.97
86.07
113.89
'■'V,
106.54
7- 109.97
101.58
-■
3.27
3.24
107.73
Hlgh 1938 112.17
85.24
11—
108.46
14- 110.15
2
99.48
87.49
4- 110.16
Jan. 28.. 110.07
21- 110.52
110.24
100.53
Yrs.Ago
July 8 '36 110.09
67.58
6.42
85.24
11— 110.18
Low 1938 109.58
1 Yr. Ago
July 1 '37 108.60
63.64
4.43
85.24
95.13
101.06
109.24
2
101.41
3.63
4.31
6.33
6.22
Yrs.Ago
5.52
3.99
3.51
"
m
'
m"
■
m
114.93
109.64
98.62
85.93
94.17
102.30
108.46
July 8 '36
3.92
3.22
3.48
4.08
4.90
4.35
3.87
3.54
are computed from
average yields on the basis of one
"typical" bond (4% coupon,
the average movement of actual
maturing In 30 years), and do not purport to sbow either the
price Quotations.
They merely serve to Illustrate in a more
average
yield averages, the latter being the truer
comprehensive way the relative levels and
picture of the bond market,
the relative movement of
x Discontinued,
t The latest complete list of
on the Issue of
April 23, 1938, page 2594.
bonds used In computing these indexes
was published
*
level
These prices
-
or
Merchants of Peace
ferences at
Spa, Rome and elsewhere, conferences
looking
tariff policy, the
conclusion of
commercial
treaties,' and questions of industrial
property, double taxation, communications and
transit, and
bills of
lading.
toward
Twenty
Years
of
Business
Diplomacy
Through the International Chamber of
Commerce, 1919-1938. By George L. RidgeIllustrated.
way.
Columbia
Professor
419 pages.
University Press.
Ridgeway's book
is not
a
New York:
the barriers
to
international
obstacle of
detailed and technical
trade
and
lessen
the
impediments to national
understanding." In the pursuit of
those objects the Chamber
could not well avoid
touching
questions of national political
interest and serving, indi¬
rectly at least, as an international
forum for their con¬
sideration.
The story goes back
beyond the World War period to 1905,
International Congress of Chambers of
Commerce
and commercial and
industrial associations
began to take
form.
With the organization
of the present
Chamber, in
when the
1919, opinion wras divided between those
who sought an
early resumption of accustomed business
relationships and
procedure, and those who advocated "a
some
form
of
continuation
special
governmental
or
of
quasi-governmental
political authority."
The history
of the
Chamber, accordingly, is inseparable from the varied
and prolonged
attempts to settle the reparations
issue, re¬
construction in the Danubian
region, the international con¬
aid
involving the
use
of
international
The efforts of the
$3.75.
history of the International Chamber of
Commerce, although
it offers,
naturally, a good deal of historical information.
It is a history,
rather, of the efforts of the Chamber "to
remove
an
various
Chamber, however,
were
to
meet
the
a
rising economic nationalism, and to that sub¬
ject Professor Ridgeway gives
special attention.
The inter¬
national
economic
structure
after
the
war
was
indeed
slight, and as industrial and financial
imperialism grew its
stability was more and more threatened. Professor
Ridge¬
writes rather
Senator Borah, to
way
trade agreement of
ment which would
contemptuously of the attempt, under
"a sort of European-American
debts for
disarmament," an arrange¬
arrange
war
"leave the United States without
League
followed in due
course, with the
collapse of 1929 still unrelieved, the rise and fall
of Labor
government in Great
Britain, the break-up of the London
Economic
Conference, the emergence of Fascism and
commitments."
Nazism, and
the
There
race for armaments.
To Professor
Ridge¬
the armament situation
appears replete with peril.
"World
capitalism," he declares, "its economic system still
tainted with billions of
unliquidated war debts, has turned
afresh its
energies to the printing of new billions of this
worthless commercial
paper mortgaged to plant and
equip¬
ment, the value of which is
computable solely in the index
figures of material destruction and of
human suffering."
"Economic disarmament" as
represented by national trade
barriers, he declares further, "is the crux of
military dis-
way
Volume
armament,"
not
but
Financial
147
but
accomplished
sovereignty"
of international cooperation for
bieak through
the
must be
by "violent frontal attack upon economic
substitution
"the
by
isolated
national
the
of
June
of
Berlin
that
in
Chatham
of the
He finds encouragement in the
conference at London in
House
the later Paris congress of the
year, and the regular biennial
March, 1935,
calls for "a
by business men for overthrow
armaments."
old regime of
results
and he accordingly
action,"
united front formed
Chamber in
congress
at
June, 1937.
with portraits of former presi¬
of chairmen of the American
James T. Shotwell contributes a com¬
The volume is illustrated
dents
Professor
section.
for business the following October in a
13x50 feet in size and with deposits on the
day of $4,099.85, the bank has been from that time a
opened
fought,
banking
first
been.
Coal, oil and railroads,
(
Murphy.
bank first issued in
work covering the whole period of
75 years in which the bank has been in existence.
In¬
corporated in May. 1863, before Gettysburg battle had been
1906 is essentially a new
The volume,
was
and
1938.
nothing in the news or
of
For
The
of 1937.
Rural
over
Electrification Administration
allotments in the new
made its first
pump-priming program, setting
aside
$11,229,200 for 66 rural power projects in 18 States and
Puerto Rico.
The Interstate Commerce Commission author¬
fares one-half
cent a mile.
The carriers estimated this would add $30,500,000 a year to their revenue.
Steel operations dropped
five points this week from 28% to 23%, according to the
"Iron Age," which ascribes the decline to holiday influ¬
ences.
"Steel business is in a state of virtual stagnation
while buyers digest the ramifying conditions arising from
the elimination of basing point differentials between dis¬
tricts and the establishment of new basing points," the
ized
Eastern
railroads
to increase coach
stated that consumers of steel will
benefit greatly from the new price set-up, particularly in
the East and South.
Many steel mills, especially those in
the central district embracing western Pennsylvania, Ohio
and West Virginia, will be obliged to absorb $2 to $3 a ton,
and in some instances more, in order to hold their trade
at distant points.
It is pointed out that Government spend¬
ing may soon make itself felt in the steel market, judging
from many contracts awarded at Washington, particularly
for army and navy work.
Steel scrap prices continue to
advance.
The "Iron Age" scrap composite price has risen
50c. to $12.58.
The production of electricity by the electric
light and power industry of the United States for the week
review
says.
ended July 2
It
is
totaled 2,014,702,000
in addition to
narrative, biographies
the corresponding
under production of
the
with net income of $3,823,704 in
four months combined net
first
the 1937 month.
loss was $139,-
796,871, against net income of $19,214,427 in the 1937 period.
Reports of increased employment at scattered plants in
numerous industries give rise to hopes that July employ¬
high in June, some phases gaining
June, 1937.
Administrator Stewart
McDonald said the FHA would insure $1,000,000,000 of new
building this year.
Postmaster General Farley said postal
earnings for the last 12 months were the highest on record.
75%
banks."
handsomely printed, contains,
1937, and a decrease of 2.4%
compares
activity reached a new
and
and that through mergers
First National "contains
2,019,036,000 in the week ended June 25, according to the
Edison Electric Institute.
Net loss of 141 Class I railroads
was $33,483,079 after taxes and charges, according to fig¬
ures released by the Interstate Commerce Commission.
This
week and 99.4 for the
According to this publica¬
tion,
loadings were sharply higher and petroleum runs^
to-stills gained 2.7 points.
Electric output declined slightly
and automotive activity was fractionally lower.
The fol¬
lowing items coming from Washington reflect in no small
measure the improved trend of business activity.
The Fed¬
eral Housing Administration reported that home financing
60%
present
10.0% under output of 2,238,268,000 in
week of
68.8 for the previous
of
corresponding week
the
of the bank's presidents
portraits of directors and other officials.
the historical
developments of the
week calculated to upset the general feeling of optimism
that continues to prevail in business and trade circles.
On the whole, reports from most sections continue favor¬
able.
The stock market during most of the week was
strong and active.
However, close followers of the market
movement
are detecting
increasing resistance, and the
ranks of those who are expecting a reaction are increasing.
It is the consensus that a substantial setback would make
for a more healthy state, and would place the market in a
position where it would give a more accurate reflection of
the expected broadening business revival in the fall.
Ac¬
cording to the "Journal of Commerce," business activity
showed a moderate gain for the week ended July 2, the
business index rising to 69.8, and compares with a revised
figure
consolidations
within itself 10 separate
trade—commercial epitome
Friday Fight, July 8,
There
"high lights" of the
history,
interruption from the first year,
and
thexstate of
the interesting
among
that an original capitalization of $200,000
has grown to one of $4,050,000; that there have been only 84
directors in three-quarters of a century, and that one direc¬
tor served 50 years; that dividends have been paid without
Illustrated. 154
Published by the
supplement to a history of the
notes,
bank's
Bank
This
manufacturing industry and
and national' and State politics—
all have contributed to the chain of circumstances by which
the operations of the bank have been affected and to the
financial position which it has won.
trade, municipal growth
One
Scranton, Pa.:
industrial and
transformed a paveless
mine and mill town into a prosperous modern city.
Mr.
Murphy, accordingly, lias wisely refrained from trying to
separate the bank from its environment, and has made his
book not only a history of the bank but also a running
account of a municipal and economic development all of
which the bank has seen and a large part of which it has
History of the First National Bank of
Scranton, Pa.
pages.
Scranton and of the
development which has
commercial
mendatory Foreword.
By Thomas F.
room
part of the history of
and
Chamber
the
of
189
Chronicle
kilowatt hours, a decrease
ment will
despite the usual
has declined in July
reflect a substantial increase,
seasonal trends.
Factory employment
during 13 of the past
16 years.
Yet, r^orts of increased
and textile plants, among others,
have been published since the first of the month.
More¬
over, the Detroit employment index shows that motor indus¬
try employment has yet to show the usual sharp seasonal
decrease.
Railroad employment increased in June and some
further additions to shop forces have been noted this month.
Stronger commodity and security prices, increased indus¬
trial operations and gains in distribution brought a revival
of confidence to many trade divisions this week and resulted
in a greater pick-up of retail volume, Dun & Bradstreet,
Inc., reported today.
The long stretch of hot weather and
more uniform broadening of demand in farm districts left
almost none of the leading centers of distribution without
a
gain over the previous week's sales, the rise ranging
from 4% to 10%.
In the wholesale field trade shows and
openings of season's new lines attracted throngs of buyers
to the principal markets to place initial fall orders.
As in
the case of retail distribution, wholesale volume this week
was only 8%
to 15% under the corresponding jjeriod last
employment in radio, shoe
New passenger automobile and truck production in
and Canada dropped to 25,375 units this week,
according to Ward's Automotive Reports, Inc.
With United
States plants of the Ford Motor closed and the Fourth of
year.
this country
July
this
holiday being
generally observed by other
compared unfavorably with 100,031
the like week a year ago and 40,945 units
of the plants will resume next week
figure
duced in
Several
producers,
units pro¬
last week.
and total
the
production should rise again to around 40,000 units,
report said.
The Association of American Railroads re¬
ported today 588,864 cars of revenue freight were
during the week ending last Saturday.
This was an in¬
crease of 29,927 cars, or 5.4%, compared with the preceding
loaded
with a
37.1%, compared
week
was favorable for farm operations and crop
especially for harvesting in the Western grain
with
decrease of 213,482, or 26.6%, compared
and a decrease of 347,826, or
1930. Except in parts of the central valleys, the
just
closed
week;
year
a
ago,
growth, and
belt.
In the Eastern States night temperatures were
low for best growth of warm-weather crops during
of the time, especially from the Carolinas northward,
otherwise they were quite generally favorable for the
too
much
but
ad¬
of vegetation.
Farm work was delayed considerably
by heavy rains and wet soil in much of the Ohio and upper
Mississippi Valleys, but otherwise the cultivation of row
crops made satisfactory advance.
No extensive drought
vance
has
developed so far this year.
Rains would be advan¬
locally in Georgia, in parts of the lower Mississippi
Valley, and in the central Great Plains, but otherwise the
moisture situation is
generally favorable, with still a
superabundance in some interior section*
Heavy rains
caused considerable flood damage to crops in the uppermiddle Wabash and eastern and western White River Val-
tageous
190
lays
Financial
of
Indiana, the southern portions of Wisconsin
Chronicle
Minnesota, parts of Illinois and in northwestern Iowa.
In
the New York City area the week has been
pleasant, with
temperatures at times
Gain 29,927 Cars
Loadings of
freight for the week ended July 2,
1938, totaled 588,864 cars.
This is a rise of 29,927 cars,
5.4%, from the preceding week; a decrease of 213,482
little high.
a
Today it was fair and
here, with temperatures ranging from 68 to 81 de¬
grees.
The forecast
for partly cloudy and
somewhat
warmer tonight and
Saturday morning, probablv followed
warm
in the afternoon by
day
local thundershowers and cooler.
Overnight at Boston it was 64 to 76
fair.
26.5%, from the total for the like week a year ago,
drop of 60,839 cars, or 9.4%, from the total
loadings
corresponding week two years ago,
For the week
ended June 25, 1938,
loadings were 27.4% below those for
the like week of 1937, and
21.7% below those for the cor¬
responding week of 1936.
Loadings for the week ended
June 18, 1938, showed a loss of
26.2% when compared with
1937 and a drop of
19.5% when comparison is made with
cars, or
and
Sun¬
the
same week of 1936.
The first 18 major railroads to
report for the week ended
July 2, 1938 loaded a total of 277,935 cars of revenue
freight
on their own
lines, compared with 262,627 cars in the pre¬
ceding week and 372,184 cars in the seven days ended
July 3,
1937.
A comparative table follows:
to 80;
♦
Selected
Income
and
Steam
The
Bureau
of
Balance
Sheet
Items
of
Class
I
Railways for April
Statistics
of
the
Interstate
a
for the
degrees;
Citv. 68 to
REVENUE FREIGHT LOADED AND RECEIVED
Commerce
Commission has issued a statement
showing the aggregate
totals of selected income and balance sheet items
of class I
steam railways in the United States for the
month of April.
These figures are subject to revision and were
Loaded
on Own Lints
Weeks Ended—
136 reports representing 141 steam
railways.
The
present statement excludes returns for class I
switching and
terminal companies.
TOTALS
The report in full is
FOR THE UNITED
STATES
For the Month
(ALL
1938
Total Income
25,997
22,560
Gulf Coast Lines
17,987
7,297
12,297
14,831
18,221
13,565
16,931
21,503
6,695
6,514
8,486
13,100
16,376
8,669
8,843
10,673
2,413
2,174
1,747
1,713
1,932
5,509
2,644
2,554
3,386
25,906
3,596
25,174
5,041
4,656
10,362,259
39,640,374
202,536
11,966,098
Pere Marquette Ry
Pittsburgh Ac Lake Erie RR
Southern Pacific Lines
Wabash Ry
$64,332,190 $233,189,661
40,117,957
41,253,673
157,963,787
49,235,226
159,696,114
233,067
858.607
925,233
Total
1,015,274
4.834,145 dl35,743,877
1,010.441
4,052,994
$3,823,704 d$139796,871
1,215
1,405
12,468
18,937
7,300
45,446
28,752
7,505
29,024
42,642
4,184
5,420
7,212
7,376
14,526
10,248
23,549
3,933
3,843
5,810
48,204
74,244
33,327
32,169
6,410
7,491
3,958
3,610
48,384
5,649
3,814
8,237
3,778
7,272
9,821
6,788
7,037
8,596
34,234
5,226
9,324
7,238
277,935 262.627 372,184 157,381
153,597 218,385
$19,214,427
of
CONNECTIONS
Care)
23,333,088
d$33483079
1,177
29,147
TOTAL LOADINGS AND
RECEIPTS FROM
(Number
d32,467,805
7,901
2,103
4,137
7,239,392
6,233
2,098
4,356
8,455,070
6,421
4,350
4,184
1,752,823
6,607
1,992
...
4,118.661
Week Ended—
16,801,565
753,792
16,321,579
3,055,715
67,136,783
3,832,774
July 2, 1938
stock..
1,934,347
813,702
906,164
18,386,080
4.546,903
24,928,776
4,915,812
Balance at End of April
A wet
ears.
1937
This
of affiliated
companies--.
$652,620,728
$688,989,703
$305,933,149
-
$468,374,609
7,909,876
43,113,460
270,492,746
Cash
Demand loans and
deposits.------Time drafts and
deposits.——
Special deposits
8,010,846
-
19,674.157
57,441,076
-
Loans and bills receivable
Traffic and car-service balances
receivable
Net balance receivable from
agents and conductors..
Miscellaneous accounts receivable
Materials and supplies.--Interest and dividends receivable
3.766,100
47,966,525
37,439,845
133,647,530
374,093,066
21,645,570
1,454,083
4,155.294
-
Rents receivable
Other current assets
....
in
25,931.517
1,913.996
6,915,988
$1,015,227,241 $1,463,925,185
Liability Items—
week
Loading of
78,686
1937, and
a
Railroads, in reviewing the
follows:
as
for the
of
July 3, 1937
week
ended
211,008
cars,
decrease
of
June
25
totaled
558,937
27.4% below the
361,708 cars, or 39.3%
1930.
or
corre¬
below
revenue
freight for the week of June 25 was an
increase of
3,368 cars, or six-tenths of
1% above the preceding week.
Miscellaneous freight
loading totaled 220,539 cars, a decrease of
3,777
cars below
the
preceding week, and a decrease of 92,288 cars
below the
corresponding week in 1937.
9,278,286
63,803,998
51,892,391
149,013,107
365,285,211
same
freight
decrease
a
in
a
Loading of merchandise less than carload lot
freight totaled 145,461 cars,
decrease of 847 cars below
the preceding
week, and a decrease of 21,311
below the
corresponding week in 1937.
cars
Coal
the
loading amounted to 86,855 cars, an increase of
4,025 cars above
preceding week, but a decrease of 26,682 care below
the
corresponding
in 1937.
week
Grain
Total current assets.
and
grain products loading totaled 41,996
cars, an
increase of
above the preceding
week, and an increase of 1,097 cars above
corresponding week in 1937. In the Western districts
alone, grain and
grain products loading for the week of
June 25 totaled
5,428
cars
the
Funded debt maturing within
6 months
a.
$212,561,395
$211,544,695
$231,794,250
63,756,174
245,822,203
57,913,757
710,168.375
$200,174,997
increase
Loans and bills payable b
Traffic and car-service
-
balances payable.
Audited accounts and wages
payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Other current liabilities
Total current liabilities.
253,554,272
126,029,494
575,705,580
1,956,416
479,092,548
1,649,433
103,730.375
36,194,390
28,850,430
$1,987,380,922 $1,888,449,545
Tax liability:
United States Government
taxes
Other than United States
Government
taxes
$53,550,022
137,352,954
cars
81,511.610
2,576,921
522,651,236
1,364,969
95,782,804
34,552,512
20,997,721
Funded
debt matured unpaid.....
Unmatured dividends
declared...
Unmatured interest accrued..
Unmatured rents accrued
$127,335,446
Includes
125.631,222
payments which will
become due on account
of principal of
debt (other than funded
long-term
debt matured
unpaid) within six months after close
month of report,
of
b Includes
obligations which mature
not more than two
after date of Issue, d
years
Deficit or other reverse
Items.
of
below
Live
stock
cars
above the preceding
week, but a decrease
corresponding week in 1937.
loading amounted to 10,584 cars, an increase of
cars,
of
an
975
520
cars
preceding week, but a decrease of 1,819 cars below
the corre¬
sponding week in 1937.
In the Western districts
alone, loading of live
stock for the week of
June 25 totaled 7,460
cars, an increase of 242 cars
above the
preceding week, but a decrease of 1,678 cars below
the corre¬
sponding week in 1937.
Forest
products
loading totaled 2b,j33 cars, an
preceding week, but a decrease of 12,934
sponding week in 1937.
above
the
Ore loading amounted to
22,771 cars,
preceding week, and a decrease of 51,599
in
a
increase
cars
in
53
the
1937.
districts
reported
decreases
compared
1930.
with
cars
41
the
cars
corre¬
below the
corresponding week
Coke loading amounted to
4,098 cars, a decrease of
preceding week, and a decrease of 5,472 cars below
week
of
below
decrease of 1,969
below the
cars
1937.
All
Commodity Index Advances
Sharply
Moody's Commodity Index rose from
143.1 a week ago
Friday. The principal factors in this
30,404
5,442
the
above the
in 1937 and
Moody
was
the
Investments in stocks, bonds,
&c., other than those
16,013
64,011
25, rejiorted
revenue
sponding week
Items—
31,150
12,564
The Association of American
week ended June
Loading of
1938
31,523
25,041
66,095
Total
1,269,992
On preferred stock
26,406
12,986
Illinois Central System
St. Louis-San Francisco
Ry
June 25, 1938
27,535
25,574
Chic Rock Island Ac Pac
64,915,628
11,352,108
Dividend appropriations:
the
cars
below
the
corresponding
corresponding weeks
s
146.0 this
1938
to
sharp advance
higher prices for hogs and
hides.
Corn, steel scrap,
lead, cotton, wool and
sugar also rose, while
cocoa,
rubber and wheat declined.
There were no net
changes for
silk, silver and coffee.
were
copper,
The movement of the
Index
1
2_
4_
5_
6
13,219
7,655
50,112
Federal Income taxes
July
July
Mon.
July
Tues.
July
Wed.
July
Thurs, July
Fri.
July
14,343
21,786
13,425
Pennsylvania RR
Depreciation (way <fc structures
and equipment)
Sat.
32,209
17,461
14,584
2,155
RR
Missouri Pacific RR
$50,205,169 $52,317,122 $200,076,067
$209,856,573
Net income
Fri.
4,395
31,011
4,518
16,813
Other deductions
Income after fixed charges
4,709
4,560
14,580
International Great Northern RR
Missouri-Kansas-Texas
34,426
17,999
Chicago Burlington Ac Qulncy RR.
Chicago Milw. St. Paul Ac PacRy.
Chicago Ac North Western Ry...
1937
24,689
22,159
New York Central Lines
2,083,786
Total fixed charges
a
1937
Atchison Topeka Ac Santa Fe
Ry.
Baltimore Ac Ohio RR
Chesapeake Ac Ohio Ry
N. Y. Chicago Ac St. Louis
Ry...
Norfolk Ac Western Ry
Rent for leased roads & equip.
Selected
July 3
1938
$72,787,260 $240,429,053
Interest deductions
Selected,
June 25
1938
$28,791,803 $195,872,532
43,995,457
44,556,521
Inc. avail, for fixed charges..
$17,737,364 $57,151,267
Fixed charges:
common
July 2
1937
$9,236,818 $48,357,728
10,584,332 10,546,362
Mlsoell. deductions from income
On
July 3
1938
$19,821,150 $58,904,090
——
Contingent charges...
June 25
1938
follows:
1938
Received from Connections
Weeks Ended—
July 2
REGIONS)
1937
CONNECTIONS
•
.
For the Four Months
of
of April
Income Items
Net railway operating income..
Other income
as
FROM
(Number of Cars)
compiled
from
revenue
or
Baltimore, 72 to 90; Pittsburgh, 68 to 90;
Portland, Me./
62 to 76; Chicago, 68 to
90; Cincinnati, 68 to 90; Cleve¬
land, 74 to 90; Detroit, 74 to 92; Charleston, 70 to
84; Mil¬
waukee, 72 to 88; Savannah, 70 to 88; Dalas, 72 to
96;
Kansas City. 70 to 82; Springfield,
Mo., 68 to 88; Oklahoma
98; Salt Lake City, 52 to 84; Seattle, 56
Montreal, 64 to 78, and Winnipeg, 62 to 82.
July 9, 1938
Revenue Freight Car
Loadings in Week Ended July 2
and
143.1
__No Index
No Index
7
8_
143.4
144.8
145.9
146.0
during the
week
was as
Two Weeks
Ago, June 24
Month Ago, June 8
Year Ago,
July 8_.
1937 High—April 5
Low—Nov. 24
1938 High—Jan. 10
Low—June 1
follows:
140.8
...131.8
209.4
228.1
144.6
152.9
-130.1
Four weeks in
January
2,256,423
Four weeks in
February
Four weeks in March
Five weeks In April
Four weeks in
Week of June
2,155.451
1937
2,714.449
1930
3.347,717
3,529,907
4,504,284
3,098,632
502.624
3,733,385
553,854
688,987
750.500
555.569
4
Week of June 11
Week of June 18
Week of June 25
3,506,236
2,986,166
3,712,906
2,185,822
May
2,763,457
2,222,864
2,649,894
935,582
752,787
926.066
860,064
558,937
Total
-
769,945
920,645
13,641.438
18,237,829
22,263,886
In the
following we undertake to show also the
loadings
for separate roads and
systems for the week ended June
25,
1938.
During this period only 14 roads showed increases
when compared with the same
week last year:
Volume
Financial
147
REVENUE
FREIGHT
LOADED
AND
Total Revenue
from Connections
1938
1938
977
1,253
Mobile A Ohio
586
493
454
Bangor A Aroostook
1,323
234
240
6,446
1,500
1,256
8,405
1,613
843
Boston A Maine
7,980
1,453
8,075
1,410
9,991
2,201
22
35
14
45
108
Central Vermont
1,148
Delaware & Hudson
4,708
9,073
1,548
4,957
9,805
1,033
5,937
10,219
1,637
5,779
5,099
2,239
7,423
6,794
384
395
439
125
136
1,467
2,616
2,666
746
175
404
390
1,750
11,152
13,214
5,506
13,294
4,879
9,159
3,444
164
260
167
Lehigh A New England
Lehigh Valley
2,101
1,266
8,268
Maine Central
2,403
9,262
2,989
1,855
10,309
2,747
1,228
2,807
14,330
7,367
1,979
1,154
8,180
2,115
Ann Arbor
Chicago Indianapolis A Louisv.
.
Delaware Lackawanna A West.
Detroit A Mackinac
Detroit Toledo A Ironton
Detroit A Toledo Shore Line...
Erie
......
Grand Trunk Wdstern
Lehigh A Hudson River.......
2,934
1,330
29,147
7,971
1,345
4,184
3,789
4,356
4,026
2,359
42,532
10,643
1,290
5,361
6,979
6,136
Pittsburgh A Shawmut
188
360
4,894
1,553
982
6,590
1,563
140
.........
Montour
New York Central Lines......
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie...
Pere Marquette
...
39
52
29,024
9,203
1,706
7,376
3,585
41,770
12,179
1,787
9,887
3,610
7,337
4,985
55
36
Pittsburgh Shawmut A North-
257
356
409
191
310
586
1,274
677
1,046
Rutland
533
649
596
820
2,023
1,073
4,656
2,784
4,970
4,682
5,506
4,129
7,037
2,217
8,264
3,089
118,424
155,641
151,665
116,742
162,617
478
530
467
640
31,605
7,491
30,853
13,219
1,083
16,908
Wabash
...
Wheeling A Lake Erie
Total.
.........
Akron Canton A Youngstown.
Baltimore A Ohio
22,159
2,374
......
Bessemer A Lake Erie
5,717
3,145
195
250
332
5
8
762
Buffalo Creek A Gauley
Cambria A Indiana
358
385
407
937
951
380
321
6,993
16,376
8,523
20,156
7,232
19,957
3,595
3.293
11,635
3,935
3,611
13,602
Tennessee Central
315
486
418
381
672
Winston-Salem
126
164
166
522
713
80,022
101,269
96,575
52,411
60,781
14,576
2,190
16,909
3,585
6,737
20,930
2,739
20,764
3,743
13,155
1,683
7,356
8,843
2,285
10,234
2,601
8,019
3,553
4,087
19,394
2,462
19,552
3,643
26,048
1,329
9,952
504
447
515
175
186
12,287
25,659
19,361
2,561
3,247
563
602
627
493
605
768
2,204
1,537
6,682
10,086
2,829
2,082
6,611
9,742
74
99
1,679
1,894
2,682
1,666
2,578
Southern System.............
Southbound...
Total.
Northwestern District—
Chicago A North Western.....
Chicago Great Western
Chicago Mllw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
Duiuth Missabe A I. R
683
Duluth South Shore A Atlantic.
Elgin Joliet A Eastern.
.....
Ft. Dodge Des Moines A South.
Great Northern
Green Bay A Western........
Lake Superior A Ishpemlng
Minneapolis A St. Louis
Minn. St. Paul A S. 8. M
1,070
1,020
11
11
325
249
354
189
394
1,587
1,433
1,521
1,185
1,412
78,395
131,279
114,987
35,326
46,334
24,689
2,751
30,939
3,010
24,482
2,948
4,395
1,798
6,417
2,312
241
536
333
112
130
13,425
1,567
7,557
628
13,274
1,958
15,419
1,291
13,474
2,536
738
ChlcagoiRock Island A Pacific,
Chicago A Eastern Illinois
14,312
1,536
15,702
2,473
6,233
Chicago?* Illinois Midland
710
903
1,839
2,769
2,259
7,827
1,926
1,224
2,252
9,879
621
Spokane International
Total.
......
Bingham A Garfield
Chicago Burlington A Qulncy..
Colorado A Southern
6,991
6,608
9,423
11,385
561
940
49
32
Denver[<fe Rio Grande Western
243
287
74
21
32
726
2,290
Fort Worth A Denver City
Illinois Terminal
827
1,186
70,816
15,620
17,179
1,347
Missouri-Illinois
48,204
19,995
4,808
62,327
13,880
13,266
2,238
1,139
32,169
13,280
Pennsylvania System
Reading Co
5
...
Union (Pittsburgh)
West Virginia Northern
34
39
349
474
39
13
2,291
1,674
2,716
1,925
1,120
1,840
1,340
1,023
1,433
292
387
Denver A Salt Lake
125
632
Penn Reading Seashore Lines.
946
1,610
......
207
558
705
1,762
"58
59
70
......
768
881
1,013
286
425
160
235
45,595
Nevada Northern
17,098
8,561
2,218
'...v. 1
2,449
1,774
2,706
369
37
40
29
4,079
Central Western District—
169
Valley
Long Island
557
6,765
Spokane Portland A Seattle...
Northern Pacific
550
Cumberland A Pennsylvania..
339
173
391
3,341
1,722
4,602
7,270
614
Cornwall..
6,514
2,847
I.
5,483
Central RR. of New Jersey
Ligonler
:
991
778
267
Atch. Top. A Santa Fe System
J
1,955
2,130
1,641
2.292
1,832
2,774
1,536
Richmond Fred. A Potomac...
Seaboard Air Line............
Alton
Alleghany District—
380
2,059
•2,587
2,869
1,837
2,475
1,286
Chattanooga A St. L.
Piedmont Northern
Pittsburgh A West Virginia
.....
Nashville
Norfolk Southern
280
215
3,314
2,185
39,805
10,311
1,724
5,093
7,062
6,035
Monongahela
1937
1938
1936
1937
Southern District— (Concl.)
Eastern District—
Central Indiana
from Connections
Freight Loaded
Railroads
1937
1938
1936
1937
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
191
Chronicle
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JUNE 25
FROM
RECEIVED
North Western Pacific..
Peoria A Pekln Union
......
85
2,373
3,455
3,055
4,419
6,021
99,938
Western
157,736
140,600
79,771
113,111
Maryland......
Total.
Southern Pacific (Pacific)
Toledo Peoria A Western......
20,948
24,795
22,613
3",938
5,786
263
236
425
11,011
12,913
12,623
1,060
5,925
1,269
Union Pacific System
1
...
8,134
189
195
113
17
7
1,386
1,566
1,447
1,689
1,989
100,209
120,043
105,606
42,173
55,060
143
190
134
294
110
127
116
233
251
1,215
1,713
1,353
Utah.
Western Paciflo.
.............
Pocahontas District—
17,461
14,526
3,429
Virginian
.........
Total.
22,145
4,118
20,782
3,153
47,843
10,663
5,035
7,297
3,843
23,513
21,580
35,416
Chesapeake A Ohio
Norfolk A Western.....
46,048
892
1,154
12,032
16,852
Total.
Southwestern District—
Burlington-Rook Island
Fort Smith A Western.......
Gulf Coast Lines
2,345
1,974
2,103
2,098
International-Great Northern.
Southern District—
1,981
2,394
312
1,917
853
894
1,543
1,006
2,208
1,122
167
402
488
254
663
764
191
168
209
1,836
1,414
2,087
2,109
1,639
Alabama Tennessee A Northern
163
232
206
157
211
Atl. A W. P.—W. RR. of Ala..
702
718
738
966
1,255
Atlanta Birmingham A Coast..
813
855
864
582
728
6,857
4,029
Louisiana Arkansas A Texas..
130
172
Litchfield A Madison........
332
286
Midland Valley
490
495
472
296
Missouri A Arkansas
126
191
172
192
185
4,350
12,499
5,583
14,799
4,617
16,164
2,554
7,505
3,497
8,908
Coast Line
Kansas Oklahoma A Gulf....
Kansas City Southern
...
Louisiana A Arkansas
...
9,394
3,985
8,531
4,150
3,748
2,817
Charleston A Western Carolina
448
489
432
798
Cllnchfleld
913
1,467
1,029
1,264
2,616
1,118
1,807
Columbus A Greenville
207
366
321
235
314
Missouri-Kansas-Texas Lines.
Atlantic
Central of Georgia
3,591
1,411
279
Durham A Southern*
159
148
160
320
217
Missouri Pacific
Florida East Coast
362
461
390
388
430
Quanah Acme A Paciflo
323
612
96
94
180
Gainsville Midland
26
34
42
80
95
St. Louis-San Francisco
743
860
921
1,304
1,477
St. Louis Southwestern
Texas A New Orleans
7,566
2,364
5,919
8,828
2,453
6,307
4,305
3,563
1,974
2,622
3,672
4,461
2,850
3,360
Texas A Pacific
9,861
2,544
7,717
5,239
202
295
275
71
79
32
38
73
48
89
46,533
56,134
53,600
30,513
38,227
Georgia
......
375
410
516
422
477
1,273
17,065
16,062
1,727
8,442
1,093
10,862
22,091
1,779
20,365
21,147
826
20,072
4,378
4,858
Macon Dublin A Savannah
124
168
154
359
325
Mississippi Central
106
183
187
251
309
Georgia A Florida
Gulf Mobile A Northern
Illinois Central System
Louisville & Nashville
...
Note—Previous year's figures revised.
in Date of Computation Date of "Annalist"
Weekly Index of Wholesale Commodity Prices—No
Change in July 2 Prices as Compared With June 29
made known
this
week by
"The Annalist" that
changing of the publication date of "The Annalist" necessi¬
tates certain revision in its weekly
^index of Wholesale Com¬
modity Prices.
"The Annalist" announcement said:
was
Wetherford M. W. A N. W...
Total.
4,353
of Labor Index of Wholesale
Declined 0.4% During Week
United States Department
Commodity
Prices
Ended July
2
The decline in iron and
steel prices
together with lower
prices for farm products, foods, and building materials
ant
the calendar week rather than the week ended Wednesday.
developments in
any
commodity
over
the week-end will also be included.
The "Annalist" Weekly Index of Wholesale Commodity
puted on Saturday quotations.
Import¬
Statistics' index of wholesale
commodity prices to fall 0.4%
Prices will be com¬
In the commodity futures table, prices for
the first three days of the week will be discontinued in
favor of prices of the
preceding calendar week and the corresponding week of last year.
although a rising market in stocks carried
most of the speculative commodities to new highs in the
closing days of last week, selling in several important items
held the "Annalist" Weekly Index of Wholesale Commodity
Prices to 80.6, on Saturday, July 2, unchanged as compared
with the preceding Wednesday (June 29).
A year ago the
Wheat
Cotton
was
was
under
The announcement went
heavy
pressure.
on
to say:
Other grains were slightly
whirled upward to new highs for the current movement.
lower.
Rubber,
hides, silk and wool all moved briskly forward as both speculators and trade
interests entered the market.
THE
"ANNALIST"
WEEKLY
INDEX
OF
WHOLESALE
on
COMMODITY
PRICES
over
July 29. 1937
Sat.
Wed.
Tues.
July 6,
1937
above the corresponding week of June when
Four of the 10 major commodity groups
farm
were
products,
foods,
The housefurnishing goods group
The
raw
The group index is
June and is down
A decrease of
0.5%
higher than it was for the first week
in the finished products group
the level of a month ago.
1937.
82.3 to equal
Textile products
57.0
57.1
Fuels
85.5
t84.5
90.7
Metals
97.9
t97.3
108.8
Buildiner materials.
65.8
66.1
70 5
Chemicals.-
87.4
87.4
88.1
Miscellaneous
71.7
71.4
79.4
products and
95 3
remained unchanged at
above
of
15.1% from a year ago.
0.2%
85.1
t80.6
week's level.
largely because of lower
partially processed iron and steel items caused the
the semi-manufactured commodities group to fall 1.2% during the
105.7
80.6
These
Declining prices of
78.4
t Revised.
0.3%
prices for agricultural commodities. This week's index, 71.1, is 1.3%
the level of a month ago.
It is 17.8% lower than it was a year ago.
72.5
All commodities
.
miscellaneous commodities advanced.
remained unchanged at last
materials group index declined
77.6
79.9
declined during the week.
metals and metal products, and building
textile products, fuel and lighting
materials, chemicals and drugs, and
72.5
products
the
Hides and leather products,
Food products
Farm
all-commodity
77.7, the low point of the year.
was
materials.
week.
July 2, 1938
Mr. Lubin said, "placed the
800 price series at 77.9% of the 1926 average.
Compared with
the week ended July 3, 1937, the all-commodity index is
down 10.7%.
The Commissioner added:
index
index for
(1926=100)
Lubin an¬
July 7.
"The decline,"
index of
It is 0.3%
It is stated that
index stood at 95.3.
during the week ended July 2, Commissioner
nounced
caused
Labor, Bureau- of Labor
the United States Department of
Beginning with this issue, discussion of the individual commodities will
cover
5,030
* Previous figures.
Change
It
Wichita Falls A Southern
brought the index to
It is 6.5% lower than it was for
the first week of July,
According to the index
for "all commodities other than farm
non-agricultural commodities prices fell 0.2% and are
the
are
and
products,"
0.1% higher than for
Compared with a year ago, they
The index for "all commodities other than farm
corresponding week of last month.
down
5.1%
by
7.5%
.
foods," reflecting the trend in prices of industrial commodities,
81.5.
It is 0.1% higher than it was a month ago
lower than it was a year ago.
Financial
192
remarks
Lubin's
Commissioner
contained
were
in
Chronicle
July 9, 193S
an
issued by the
Department of Labor, from
which the following is also taken:
announcement
Pronounced price decreases
(In Thousands of Kilowatt-Hours)
By Fuels
By Water Power
in iron and steel items such as bars, billets,
sheets, skelp, strips, struc¬
tural steel, and wire products caused the index for the metals and metal
products group to decline 1.3% .
The decrease in the iron and steel sub¬
group was 3%
Non-ferrous metals advanced 1.5% because of higher prices
for pig lead and pig zinc.
No changes were reported in prices of agricultural
implements, motor vehicles, and plumbing and heating fixtures.
Decreases of 2.6% for fruits and vegetables, 1.3% for meats, and 1.1%
for cereal products caused the index for the foods group to fall 0.7% .
Quotations were lower for flour, bananas, lamb, fresh and cured pork,
veal, dressed poultry, and oleomargarine.
Dairy products advanced 0.6%
USE IN THE
OF ELECTRIC ENERGY FOR PUBLIC
UNITED STATES
PRODUCTION
nails, pig iron, cast iron pipe, steel plates, rods,
March
April
May
March
1938
1938
1938
May
April
1938
Division
1938
1938
,
result of higher prices for
a
as
314,095
272,364
Middle Atlantic—...
832,862
788,587
East North Central—
263,428
276,500
West North Central—
South Atlantic-
199,574
232,068
670,225 1,484,384 1,373,160 1,486,209
262,080 1,820.818 1,661,707 1,694,516
377,100
384,003
403,249
243,712
butter and cheese.
Higher prices
.
0.5%
in the grain subgroup and
of 4.1%
Decreases
482,559
362,123
526,501
323,648
139,226
86,166
82,586
24,086
39,235
19,087
467,759
455,289
495,417
369,475
391,362
415,086
80,193
996,457 1,076,104
; 87,979
71,941
59,432
57,340
South
Mountain
1,008,547
Pacific
of electric energy for public use in May was
The average daily production
1.2% less than the average daily production
285,157,000 kilowatt-hours,
April which is the normal change from April to
in
and sole leather caused the hides
and leather products group index to rise 1% to the highest level reached
since mid-May.
No changes were reported in prices of shoes and other
Sharp advances in prices of hides, skins,
The
for
index
the chemicals
belting, luggage, and harness.
and
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR
lower prices
drugs group
in
3.2% in
raw
as a
result of
Average wholesale
last week's level.
hemp, and raw jute,
in the textile products group
hosiery and underwear, and woolen
Seasonal advances in prices of anthracite and
with rising prices for
advanced 8.2%
group
and soap declined fractionally.
A minor decrease in prices for office furniture did not affect
for the housefurnishing goods group
as
a
whole.
the index
It remained at 88.4%
1937
1938
January
9,839,000,000
9,330,000,000
+ 13
—5
39
38
8,956,000,000
9.946,000,000
8,442,000,000
+ 12
—6
39
42
9,186,000,000
+ 18
—8
39
43
9,609,000,000
8,668,000,000
+ 14
—10
43
46
9,719,000,000
9,820,000,000
10,090,000,000
10,381,000,000
8,840,000,000
+ 13
—9
44
43
March.
April
May
....
June
+ 12
•
•
.
38
V
+9
33
31
32
+4
32
+2
38
—3
37
117,791,000.000
October
+7
9,554,000,000
9,747,000,000
September
+ 11
9,981,000,000
10,149,000,000
August
+9
37
November
December
Total
Note—Above data solicited from all plants engaged in generating electric energy
for public use and, in addition, from electric railways, electrified steam railroads,
and miscellaneous Federal, State, and other plants.
Accurate data are received
of the total production shown; the
made as rapidly
Thus, the figures shown for the current month are
preliminary while those for the preceding months are corrected In accordance with
actual reports received and vary slightly from the preliminary data.
each
month representing approximately 98%
actual figures are available.
as
Coal Stock and Consumption
The total stock of coal on hand at electric utility power plants on
five weeks and for July 3, 1937, July 4, 1936, July 6,
cite,
from May 1, 1937.
Of the total
bituminous coal and 1,389,624 tons were anthra¬
of 2.4%
decrease
a
June 1,
when compared
This was a decrease of 2.2%
1938 was 9,590,933 tons.
with May 1, 1938 and a decrease of 0.6%
stock 8,201,309 tons were
No changes were reported in prices of furnishings.
The following table shows index numbers for the main groups of com¬
modities for the past
1938
Kilowatt-Hr 8.
KllovxiU-Hrs.
during the week and cattle feed
Paper and pulp dropped 0.2%
of the 1926 average.
1937
.
Crude rubber prices
.
bituminous coal together
gasoline caused the fuel and lighting materials
Coke prices averaged slightly lower.
index to advance 0.3%
1937 to
remaining 2% of the production is estimated and corrections are
unchanged.
and worsted goods were
Water Power
1936 to
1938
1937
Months
silk and silk yarns, 1.3% in cotton goods, and
Wholesale prices of clothing,
1%
of
other textile products including burlap,
largely accounted for an advance of 0.6%
rose
because
for ammonia sulphate and superphosphate.
Increases of
Index.
0.8%
rose
prices of mixed fertilizers remained unchanged at
0.3%
PUBLIC USE
% Produced by
% Change
July
oils, alcohol, tartaric acid, ground bone, and
The fertilizer materials subgroup declined 4.3%
tankage.
May was
43% of the total.
February
and down 23.6% from a year ago.
advancing prices for fats,
May.
production of electric energy by use of water power in
The
in livestock and
decline of 0.4% in the farm products
group during the week.
Lower prices were reported for corn, oats, rye,
wheat, calves, cows, hogs, sheep, alfalfa hay, fresh milk (Chicago), and
potatoes.
Quotations were higher for steers, live poultry (New York),
cotton, eggs, fresh apples, lemons, oranges, hops, flaxseed, dried beans,
onions, and wool.
The farm products index, 68.5, is up 1.9% from a month
leather manufactures such as gloves,
70,712
Total United States 3,908,370 3.986,880 3,803,340 5,277,603 4.681.011 5,036,547
poultry were largely responsible for a
ago
504,307
624,928
296,663
were also
beans, copra, lard, oleo oil, raw sugar,
The current food index,
72.7, is 0.6% higher than it was a month ago and 14.8% below a year ago.
A sharp decrease in prices of structural steel together with lower prices
for butts, nails, and iron pipe resulted in the building materials group index
falling 0.6%
"Wholesale prices for yellow pine lumber, paint materials,
and lead pipe were higher.
Prices of brick and tile, and cement were steady.
380.446
603,681
Central—
West South Central..
East
cottonseed oil, and peanut oil.
tallow,
261,457
310,054
reported for citrus fruits, cocoa
edible
215.770
266,994
New England.
.
when compared with
and 0.6%, respectively,
May 1, 1938.
Electric utility power plants consumed approximately 2,966,324 net tons
1935, and July 7, 1934.
.
^
V
(1926—ioo)
of coal in May 1938.
and
July
June
June
2
Commodity Groups
25
18
1938
1938
1938
June
June
1938
1938
July
July
July
3
4
6
7
1937
1936
1935
Of this amount 2,802,797 tons
were
were
bituminous coal
anthracite, increases of 4.7% and 12.9%, respec¬
tively, when compared with the preceding month.
July
4
11
163,527 tons
1934
In terms of days' supply,
which is calculated at the current rate of con¬
sumption, there was enough bituminous coal on hand June 1, 1938 to last
91 days and enough anthracite for 263 days' requirements.
—
Farm products
77.9
78.2
78.4
77.8
77.7
87.2
79.5
79.1
74.7
68.5
All commodities
68.8
69.7
68.3
67.2
89.7
80.2
78.0
64.1
Foods
72.7
73.2
73.5
72.7
72.3
85.3
80.8
81.9
71.0
Hides and leather products..
91.6
91.0
91.1
91.1
91.5 106.6
94.2
89.8
87.9
Textile products
69.7
—
65.3
64.9
64.8
64.9
65.5
77.4
69.6
Fuel and lighting materials..
77.0
76.8
76.7
76.5
76.5
78.1
76.4
74.9
74.2
Metals and metal products..
95.1
96.4
96.5
95.7
95.7
95.1
85.6
85.7
86.9
71.5
Building materials..
89.5
90.0
89.8
90.1
90.2
96.9
85.7
84.8
87.5
Ohemicals and drugs
76.7
76.1
75.8
75.9
75.9
83.1
78.3
79.5
75.7
Wholesale Commodity Prices Advanced Slightly During
the Week Ended July 2, According to the National
Fertilizer Association
Housefurnishing goods
88.4
91.0
82.6
81.8
83.1
Miscellaneous
72.9
72.8
72.7
72.4
72.5
78.8
70.3
68.0
69.9
Raw materials
71.1
71.3
71.6
70.9
70.2
86.5
78.7
*
*
*
commodities
other
farm products
*
88.6
*
73.4
74.3
74.1
72.8
73.0
86.5
74.4
*
82.5
82.6
82.2
82.3
88.0
80.9
*
80.3
80.3
79.9
80.0
86.6
79.3
79.3
76.9
81.5
81.5
81.5
81.2
81.4
85.9
78.9
77.8
Fertilizer Association
78.6
than
other
than
farm products
commodities
88.6
80.1
articles.
Finished products
All
88.6
82.3
Semi-manufactured
All
88.4
Reversing the downward trend of the previous week, the
commodity price index compiled by the National
rose during the week ended July 2 to
74.2% from 74.1% in the preceding week.
A month ago
the index (based on the 1926-28 average of 100%) stood at
73.8% and a year ago at 88.3%.
The Association's an¬
nouncement, under date of July 5, continued:
wholesale
and foods..
Higher prices for foods and livestock were largely responsible
to the
for the
The rise in the food price index took it
upturn in the commodity index.
Not computed.
In the farm produce
highest level recorded since last March.
group
higher prices for cotton and livestock were sufficient to offset another de¬
cline in grain prices.
May Production of Electric Energy for Public Use in
price average last week was at the lowest level reached in the current
decline.
the United States
With the exception of the first week in June the grain
An upturn in the fuel price average
production of electric
month of May,
energy
for public
use
during the
1938 totaled 8,839,887,000 kilowatt-hours
as
certain cotton goods registering increases.
copper,
tin, lead, and zinc,
as
the decline in steel and iron.
mission.^JThis is
oak flooring caused a
an
increase of 2 % when compared with the
April.
.
The production of electric
energy for public use by 12periods for each of the preceding 12 months is given
below.
OF
ELECTRICITY
STATES
FOR
PUBLIC
USE
IN
THE
UNITED
and
23
Kilo watt-Hours*
week there were 30
second preceding
advances and
26
declines.
WHOLESALE
COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
Latest
(1926-1928=100)
19371717
114.925, 000,000
115,766, 000,000
+ 14
1937.
Oct.
31.
1937.
+ 12
Nov. 30,
1937.
Dec. 31,
1937.
117,857, 000,000
118,080, 000,000
117,791, 000,000
Jan.
31,
1938.
117,282 000,000
+7
Feb. 28,
1938.
Mar. 31,
1938.
116,768 000,000
116,008 000,000
+4
Apr. 30,
1938.
May 31,
1938.
115,067 ,000,000
114,188 ,000,000
1938
1938
1938
1937
Group
Ago
June
Ago
4,
July 3,
85.9
57.2
76.2
78.1
75.0
86.8
65.8
65.7
64.7
49.0
48.8
44.1
69.8
Grains
59.8
62.8
57.6
107.1
Livestock..
+9
72.3
60.8
78.3
Cotton
+ 11
73.1
61.1
Cottonseed oil
23.0
73.6
Fats and oils
25.3
+ 12
71.7
70.7
72.1
87.1
78.6
7S.0
79.4
86.1
76.8
76.5
76.0
Fooda
Farm products
17.3
Fuels..
10.8
+6
Miscellaneous commodities
..
88.2
87.3
8.2
of
the year are included in each total, and the effect of seasonal variations is largely
eliminated.
5S.4
57.6
56.8
78.5
Metals
91.7
94.5
94.1
105.3
6.1
0
Textiles
7.1
+2
Note—Since the above data show production by 12-month periods, all seasons
Year
Week
June 25,
+ 13
Sept. 30,
116,756, 000,000
117,426, 000,000
Month
Week
July 2,
Total Index
+ 14
1937.
1937.
Preced'g
Bears to the
Previous Year
31,
*
reflected higher prices for alcohol.
declined; in the preceding week there were 34 advances and 23
declines; in the
Each Group
% Change from
Aug. 31,
June.30,
by
A moderate
(IN KILOWATT-HOURS)
Production
July
well
Lower prices for structural steel, nails, and
decline in the building material index.
Per Cent
12 Months Ended-
as
well as steel scrap rose in price, but the
advance in the chemical and drug average
WEEKLY
PRODUCTION
mark-up in
Thirty-nine price series included in the index advanced during the week
_
month
a
Non-ferrous metis, including
effect of these increases was much more than offset in the metal group
according to reports filed with the Federal Power Com¬
month of
resulted from
Textiles were generally higher, with all fibers
gasoline quotations.
The
Building materials
Chemicals and drugs
78.9
79.7
70.7
89.8
94.7
93.7
94.0
94.6
.3
Fertilizer materials
69.1
69.1
69.0
72.0
.3
Fertilizers
76.8
76.8
768
77.3
.3
Farm machinery
98.1
98.1
98.1
96.1
74.2
74.1
73.8
88.3
1.3
The production of electric energy by electric railways, electrified railroads and
other miscellaneous plants which produce energy for their own use is not included;
100.0
All groups
combined
.
Volume
Financial
147
Electric Output for
Week Ended July 2, 1938, 10.0%
a Year
Ago
Below
The Edison Electric Institute, in its current weekly re¬
port, estimated that production of electricity by the electric
light and power industry of the United States for the week
ended July 2, 1938, was 2,014,702,000 kwh.
This is a
Chronicle
the
this total of
10.0% from the output for the corresponding
1937, when production totaled 2,238,268,000 kwh.
The output for the week ended June 25, 1938, was estimated
to be 2,019,036,000 kwh., a decrease of
9.8% from the like
week
a
year ago.
Week Ended
Major Geographic
Regions
Week Ended
2,
1938 June 25,
9.0
•
Middle Atlantic.
1938 June
18,
1938
June
11,
1.1
1.7
4.1
17.4
Progress Administration and
Corps.
An announcement by
the
Civilian Conservation
the Board continued:
The
Conference Board
workers
estimates
from the revised April
ployment
in
industries,
manufacturing,
and
increase
an
of
estimate for this
unemployment during the month
unemployed
The increase in
due primarily to a decrease in
was
trade,
transportation,
192,000
year.
extraction
which
minerals,
of
than
more
the
4.8
9+
Southern States
9.2
8.8
23.4
17.3
3.6
2.5
10.1
10.0
Total United States.
10.0
9.8
WEEKS
(THOUSANDS
OF
in
Employ¬
increase of 192,000 between April and May;
an
In all enterprise taken together there was
a
de¬
employment between April and May of 142,000 workers.
Taking into
1.1
the
industry.
21,000; and in transportation, 5,000.
agriculture showed
construction, 70,000.
crease
22.9
5.7
RECENT
in the service industries,
7.7
26.6
for
Employment in manufacturing declined 200,000 between April and May;
distribution,.and finance, 152,000: in extraction of minerals, 26,000;
5.3
Pacific Coast
em¬
service
compensated
in trade,
ment in
16.8
6.1
in'
represented by the Works
as
in
5.4
17.0
3.4
...
Rocky Mountain
1938
11.9
11.7
16.5
Central Industrial
FOR
Included
than 3,000,000
are more
in employment in agriculture and the construction
Employment in public utilities remained unchanged.
Week Ended
Week Ended
8.5
July
New England
DATA
Board.
Conference
increases
PERCENTAGE DECREASE FROM PREVIOUS YEAR
West Central
Industrial
unemployed in May
workers attached to the Government emergency labor force,
decrease of
week of
193
National
account the increase in population,
the Conference Board
estimates that the total labor force of the country, including both em¬
ployed and unemployed workers has been increased by the addition of
5,252,000 persons since 1929 to a total of 53,540,000.
The distribution of employed workers in the major fields of activity is
KILOWATT-HOURS)
indicated in the accompanying
table.
UNEMPLOYMENT AND
Percent
EMPLOYMENT
(In Thousands)
Change
Week Ended
1938
1937
1938
1929
1932
1936
1929
March,
May,
March,
April*
Avge.
1933
1937
1938
1938
from
1937
Apr.
2..
Apr.
9
1,978,753
2,146.959
1,990,447
1,957,573
1,951,456
—7.8
—8.5
Apr. 16
mm.
Apr. 23
m
m
Apr. 30
m
—
1,938,660
2,176,368
2,173,223
2,188,124
2,193,779
_
_
1,939,100
2,176,363
—10.9
m
—
1,967,613
2,194,620
—10.3
1,967,807
2,198,646
—10.5
2,206,718
—10.6
May
-
7
May 14.-
-
May 21
May 28
June
»
-
m
—
4
June 11
June 18
June 25
July
m
1,914,710
—11.6
1,932,797
1,928,803
1,947,771
1,961,694
1,954,830
1,922,108
—11.8
—10.0
2,238,268
2,096,266
mm
—10.1
—9.8
—10.0
1,696,543
1,709,331
1,425,151
1,381,452
1,435,471
1,441,532
1,440,541
1,456,961
1,341,730
1,415,704
1,945,018
1,989,798
2,005,243
2,029,639
.1,956,230
2,029,704
2,298,005
--
1,679,589
1,480,738
1,469,810
1,454,505
1,429,032
1,436,928
1,435,731
1,916,486
1,933,610
2,214,166
2,213,783
2,238,332
2,014,702
9
16-.---
July
—9.9
—10.8
2,131,092
2,019,036
^
2
July
1,973,278
1,878,851
1,991,787
1,991,115
1,480,208
1,465,076
1,867,093
Unemployment total..
The
Domestic
14,984
6,192
10,398
10,118
10,310
Employment total
47,368
35,586
46,751
43,042
43,372
43,230
Agriculture
10,650
9,920
11,448
10,631
10,824
1,663,291
1,699,822
1,688,434
1,698,492
1,704,426
1,705,460
1,615,085
1,689,925
1,699,227
1,702,501
1,723,428
1,592,075
1,711,625
Forestry and fishing
.
1923-25=100
Domestic
1938
9,521
9,321
1,247
1,317
1,737
1,732
Public utilities-
1,167
864
967
938
937
938
7,325
5,869
7,507
7,455
7,659
7,507
9,160
7,549
9,220
9,153
9,232
9,211
1,383
1.114
1,419
1,365
1,374
1,374
Trade,
distribution
Service industries
Miscellaneous Industries and
services.
Preliminary.
Living Costs of Wage Earners in United States Declined
0.3% from April to May Reports National Industrial
Conference Board.
The cost
noted
Manufactured Ooods
1938
1937
in each
Food
1937
111
191.7
139
181.6
127
of
110
174.1
111
April
rl47.0
101
rl21.5
107
r 165.2
98
May
pi 41.6
99
P124.3
107
P154.1
93
149.0
mm
162.0
mmmm
....
109
....
131
107
....
111
mm
mmmm
109
....
106
mmmm
r
....
110
....
112.5
.
....
114.4
....
Coal
196.4
196.8
a
lower
year
than
May,
in
0.8%
declined
from
No
change
year
a
was
ago,
noted in
0.8% higher than
but 1.5%
1933,
The
according
Industrial
Conference Board.
The present phase of the 9-year old
depression in the United States has now run about 173^
months, and there are still no signs of substantial improve¬
ment in any major industry.
The survey also said:
production, computed on a per capita basis,
ter of 1931 and in the
production, crude petroleum and bitumin¬
machine tool orders, and copper
Present indications suggest that this year's automo¬
Building acitivity showed a
sharp rise in May.
Moderate improvement was experienced in electric
power production and cotton consumption.
Domestic orders for machine
bile output will approximate
that for 1931.
tools have now receded to the lowest level since
non-ferrous metals
time
high.
mon
Stocks of
again increased, and zinc stocks have reached an all-
The recession in the field of trade and distribution continued
during May.
month.
October, 1934.
Wholesale commodity prices receded for the 10th consecutive
Com¬
Retail prices and the cost of living fell slightly last month.
little net improvement.
May to $62,000,000.
stock prices registered
nancing decreased during
Total corporate
fi¬
National Industrial Conference Board Reports Number
of
Unemployed Workers Increased Between April
May to Estimated Total of 10,310,000
and
A rise in
unemployment
was
registered between April and
May, bringing the number of unemployed in the latter minth
to a total of 10,310,000, according to the latest estimates of
at
the
beginning
May,
to
which
made
them
1929, but
in
lower
April,
In May of this year they
were
the cost of sundries, which in May of this
and 8.2% higher than in the spring
than in
in
1929.
May,
the dollar
112.6c.
was
in
115.6c.
May, 1937, and
100c.
May, as compared
in 1923.
Indexes of the
Relative
Cost of
Importance
Living
1923=100
in
Item
Family
May,
April,
Budget
1938
80.8
or
Inc. (+)
Dec. (—)
1938
33
P. C. of
from April, 1938
to May, 1938
81.1
—0.4
Housing
20
87.0
87.2
—0.2
Clothing
12
74.5
75.1
—0.8
80.5
81.2
—0.9
68.5
69.0
—0.7
83.7
*
Food
...
Men's
-
Women's-.
-
—
85.7
—2.3
Coal
82 4
85.3
—3.4
Gas and electricity
86.4
86.4
0
97.6
97.6
0
66.5
86.8
—~0.3
115.6
115.2
+0.3
5
Fuel and light.
30
Sundries
third quarter of 1934.
coal production, iron and steel output,
and zinc production.
has lost about
through December,
stands at about the same level as in the fourth quar¬
Losses occurred in automobile
ous
than
a year ago
purchasing value of
115.2c.
Business activity declined further during May,
to the regular monthly survey of the National
now
They
however,
but 7.5% lower than in May, 1929.
Activity
Declined
Further
During May,
Reports National Industrial Conference Board
This series
1929.
in May,
April
Business
1936.
May,
were
1929.
3.4%.
prices declined seasonally,
of
with
Industrial
in
They
higher
and 38.8%
ago
lower
than
point of 1933.
from April to May.
year was
Revised.
three-quarters of the gains registered from July, 1932,
also
Board
22.7% higher than in the spring of 1933.
175.3
...
22.8%
and
above the low
5.5%
but
0.5% higher than
146
114.9
162.4
1937,
May,
higher than
1934,
112
.....
in
dropped 0.2%
Clothing prices
104
„
----
Conference
the
2.9% lower than in May, 1937, and 24.1% lower than in May,
91
•
13
June
prices declined 0.4% from April to May, which made them 8.6%
than
1.0%
110
99
issued
however, 32.2%
are,
121.5
-
States
of the major groups of expenditures except
Living costs in May of this year were 2.6% below
those of a year ago and 12.6% below those of May, 1929,
but 20.6% above those of the low point of 1933.
In an
Raw Materials
1938
in the United
earners
sundries.
lower
1937
of living of wage
declined 0.3% from April to May, according to the National
Industrial Conference Board.
Reductions in costs were
121.9
Preliminary,
and
finance-
121.7
p
7,013
1,159
1,749
111
mm
11,071
9,729
120
December
647
11,832
1,431
1,967
127
November
673
989
152.0
October
698
1,545
156.6
September
761
2,841
161.8
mm
587
2,416
March
---
168
13,954
Construction
February...
AUgUSt
167
14,115
1,087
Manufacturing
January
July
166
14,272
Transportation
Rents
-
199
16,957
stated:
Stocks of
(Quantity)
-
136
10,998
Extraction of minerals.
announcement
Stocks of
Stocks,
Combined Index
»
11,016
268
18,582
Total Industry
Commodity Stocks Lower in May
Current Business of the United States
Department of Commerce reports the combined index of
commodity stocks in May lower than the preceding month,
stocks in May being at 141.6 as compared with 147.0 in
April.
Stocks of raw materials at 154.1 again showed a
sharp decline from the April figure of 165.2 while manu¬
factured goods at 124.3 showed an increase over the April
figure of 121.7.
;■ '■■■■.
'■■■■..
'
To provide basis for comparison we are showing in the
table below the monthly indexes since January, 1937:
Survey of
June
1938
920
*
Combined
May,*
11
■.
Weighted average of all Items
100
Purchasing value of dollar
*
Based
on
food price indexes of the United States Bureau of Labor Statistics for
May 17, 1938. and April 12. 1938.
Industrial Conference Board
-National
Industrial
Production
During
Reports World
April Receded for
Eighth Consecutive Month
World industrial
production receded during April for the
eighth consecutive month, according to the regular monthly
review of world business conditions by the National Indus¬
trial Conference Board.
Output declined in Great Britain,
Germany, France, Belgium, Holland and
showed little change in most of the
Scandinavian countries and in Latin America; in Canada,
United
Poland.
States,
Activity
business continued to improve.
creased in
Italy.
During March, activity in¬
The Conference Board also had the fol¬
lowing to say on June 15;
la
with
of
production is
now
the lowest since May, 1936.
during April
England
as a
certain
industrial
such
factors,
capital
index
99.0
from 93.6 to
rose
and steel
of
come
the
economic
new
This brought the index
factors,
returned
index
the
reached
in
1929
was
level.
the
to
nomics
Farmers'
third
the
In
and
fourth
quarters
of
fell
modities
since
60.2%
to
the
average,
lowest
level
reached
June, 1934.
Wholesale
Great
No change occurred
stock
Common
sharply
prices
cancelled.
The
May
the
in
United
advanced in France and
severe
exchanges
leading
10
on
most
and
but
in Germany.
of
three-quarters
Approximately
May.
during
Sweden,
and
Canada
Britain,
during April
receded
again
prices
States,
Italy.
was
1928
the
of
occurred
losses
the
world
of the April
the New
on
receded
recovery
York,
but was 12% below the $577,Receipts from farm marketings for
the first five months of this year were estimated at $2,568,000,000 for May, 1937.
000,000, 11% smaller than in the same months last year, but
$30,000,000 greater than for the first five months of 1936.
Government payments to farmers in May amounted to
Cash
considerable
a
farm
improvement was experienced.
Weekly
Movement—Week
Lumber
of
Report
June
The lumber industry during
the week ended June 25, 1988,
56% of the 1929 weekly average of production and
55% of average 1929 shipments.
Production was about 54%
of
the
corresponding week of 1929; shipments, about 55%
that week's shipments.
Production as reported for the
of
ended
week
but
June
25, 1938, exceeded that of the preceding
were not only above the preceding week,
New orders
week.
New business was 2% above output in the week
25; shipments were 5% below, with few excep¬
quarter.
ended June
All
in
items
lower than
the
June
ended
week
25,
1938,
during the corresponding week of 1937.
were
National
production reported for the week ended June 25 by 4% fewer
mills was 1% below the output
(revised figure) of the
preceding week; shipments were 2% below shipments, and
orders
new
above orders
4%
were
of the previous week,
according to reports to the National Lumber Manufacturers
of
tions
from
and softwood mills.
week ended June
In
the
25, 1938, production, shipments and orders
in
feet
hardwoods
of
booked
orders
of
were:
Mills,
and
559;
orders,
feet;
All
Hardwoods
but
Coast,
orders
Southern
Northern
reported shipments, and
softwood
feet,
6%
or
below
from
96
as
or
the
for
feet, and
a
hardwood
feet
and
it
ago
feet
and
increases,
greater than
than
from
marketing
increased
the
year,
as
lower
income
peaches
except
strawberries
Farmers'
below
May
5%
Southern
week
the
sales
of
hogs
other
meat
Market
farm
mills
of
June
25,
Northern
except
from
sales
of
vegetables
and tobacco
also
30%
was
lower
was
livestock and livestock products in
partially
dairy
prices
of
products
farm
sales
incomes
from
and
eggs
from
from
reduced
offset
products,
May were
Slightly larger receipts
wool.
was
about the usual seasonal
mid-May
to
mid-June.
If
the
marketings this month follows the indicated trend, receipts from
marketings in June will show about the usual
seasonal change from
therefore, that the total receipts from farm market¬
It is expected,
World
give
was
1938,
25,
week
by
455
189,735,000
was
business
new
179,141,000
were
Production
feet.
6,693,000 feet,
as
reported for the
as
Mill
June
same
week
were
5,509,000
feet.
same
was
Reports
from 1938-39 Harvests May4,025,000,000
and
4,075,000,000
Bushels, Reports Bureau of Agricultural Economics
mills
orders
and
World
Bureau
of
ment
was
187,619,000
were,
respectively,
received,
189,492,000
Growth
of
Crops
estimated harvest of about
a
large part of Alberta
an
infection of stem rust
over
In southern Manitoba
but is not serious at present, while in parts of Saskatchewan
grasshoppers are active and are causing some damage.
showing satisfactory growth.
of hay is being cut and the crop of canning
as
well
as
Hemisphere countries—as now indicated by acreage and
reports—and upon average crops in the Southern
The announcement issued by the Department
Hemisphere.
of
Agriculture, hearing
stocks
of
bushels
on
wheat
compared
world
production
would
be
than
the Bureau's analysis, continued:
about
around
as
July 1
650,-
now
bushels,
4,700,000,000
in
or
about 320,000,000
ending this June.
These estimates
China.
and
Russia
likely to be about
1937, the Bureau
estimated, the world's wheat supply
during the current season
Soviet
seem
556,000,000
about
with
With
disappearance of wheat is estimated to average about 3,775,000,000
World
of
average
July
stocks
bring
would
be
would
more
6tocks for
July,
in
it
wheat,
1924-28,
was
but
1939,
to
about
925,000,000
6tated, than the 675,000,000
considerably under the peak of
1,194,000,000 in 1934, and also below the 1930-34 average of more than a
billion
bushels.
Early indications point to a wheat crop from the 1938 harvests in the
States that may reach more than 1,000,000,000 bushels.
"A crop
peas
A better than
is up to average
of
this
excess
the
carryover
378,000,000
Domestic
doing well.
upon
prospects, are satisfactory and tobacco is making excellent progress, while
tree fruit
1938
expected to be slightly below average.
In the maritime
provinces grains are progressing satisfactorily, hay prospects
season.
are
good and
the
says
Bureau,
(1932-36)
five-year
"would be about 365,000,000 bushels in
average domestic disappearance of 670,-
Basing its computations on a 200,000,000-bushel
domes¬
during 1938-39 no larger than
during 1937-38; the Bureau points out that the carryover in July, 1939,
may
he about 100,000,000 bushels more than the record carryover of
tic
In
are
promising condition, canning crop
potatoes and roots well advanced for the
size,"
of
000,000 bushels."
was
old
1938-39
for
The hay crop is a good one,
tobacco,
Ontario crop prospects generally are excellent.
fall wheat is approaching maturity in
an
3,580,000,000 bushels in Northern
United
has appeared
are
on
4,000,000,000-bushel wheat crop this year is based upon
more
The Bank continued:
In southern and central Saskatchewan and
and other roots,
may
June 23 in its current
This compares with last
year's harvest of 3,827,000,000 bushels.
This estimate of a
reported
Agriculture,
This
heavy.
production from the 1938-39 harvests
4,025,000,000 and 4,075,000,000 bushels, the
Agricultural Economics, United States Depart¬
of
analysis of the wheat situation.
said.
Good
wheat
between
World
Reports
Between
condition
softwood
277,529,000 feet; shipments
feet,
Production
Wheat
Total
Hem¬
Canada," the Bank of Montreal states in its
are
fruits and
month last year.
chickens
animals,
which
yields
all
cotton
from
prices for June indicate that there
in
May.
production below similar
ended
434 identical
254,244,000
crops
same
and
bushels.
potatoes
fruits and
citrus
Northern
and
ended
report.
Quebec all
with
Receipts
the
fruits
materially below the level of last
was
sales of
Income
year.
below the
bushels,
In
earlier.
May last
offset
marketings of all
last year,
reductions.
year
as
rice
000,000 compared with $3,503,000,000 in the first six months of last year.
"In the Prairie Provinces where early
sown wheat is now
heading out over wide areas well dis¬
tributed rains have been beneficial and crops on the whole
are
making good progress under favourable growing con¬
while
and
corn
May.
Dominion of
average crop
crops
Receipts from sales of all
exclude
are
of
Receipts from
greatest
income from
last
only
of
23% below a
the same
about
sales
well below
were
the
were
was
from
grains.
income from truck
and
"Good growth and absence of any major setbacks continue
to characterize the progress of the crops throughout the
stands of wheat
May
in
year.
this
other
showing
all crops
grains
and sweet potatoes amounted to less than half of the May, 1937,
potatoes
total,
from
all
receipts
ings for the first half of 1938 will fall between $3,050,000,000 and $3,075,-
Continue Throughout Canada
ditions.
reductions.
of
190,057,000
1% above the production of the
or
Production
Shipments
Montreal
current crop
usual
than seasonally.
Hogs and dairy products
while other meat animals and wool
The May receipts from sales of
Income
213,227,000 feet.
of
barley and rice being the only crops to show
in receipts from sales.
Receipts from
seasonal
000,000
Bank
1937.
Jess
All regions but Southern Pine
for the
25% above production.
production
year
176,618,000
1924-29
increase
showed
total
week
reported
Identical
week's
in
all regions
orders,
production.
21% above production.
6,886,000 feet,
Last
Pine,
all regions reported
192,433,000 feet,
Shipments
the
for the preceding week
shipments,
week of 1937.
reported
totaled
mills
Reports
or
orders
mills.
same
reported
the corresponding
Lumber
feet;
of
materially smaller than the
Receipts from all crops were down more
showed
Pine, West Coast, Southern Hardwood and Northern
and
in
Southern
reported shipments below output.
Hemlock
186,027,000
shipped
feet;
below production
lock
items
combined;
Revised figures
197,930,000
70.5%
from
was
feet.
West
reported
All but
Hardwood
production,
190,835,000
regions
1938.
softwoods
199,126,000 feet.
seasonal
April was
over
seasonal variation the index of
fell
and
May,
in
more
change
195,244,000
67.5
May
in
marketings
for
marketings
farm
to
farm
adjustment
increased
volume of
1938, 534 mills prdouced
from
April
than
of 1937.
week ended June 25,
from
After
seasonally from April,
reported by 434 softwood mills were, respectively, 32%,
31% and 11% below similar items in corresponding week
During the
totaled
April, but a
over
chickens and eggs
as
The Association further reported:
income
78.0% reported for May,
than
greater
regional associations covering the opera¬
important hardwood
May,
in
payments
Government
increase
year.
in
seasonal.
receipts
average
•
Association
$4,000,000
increase
than
total
greater than any previous week during the second
were
tions.
last
months
The
less
stood at
from
9% decrease from
May, 1937.
The total for the first five months of the year was estimated
at
$2,780,000,000, or 13%
less than the $3,197,000,000 reported for
a
Ended
25, 1938
decrease
including
receipts,
$553,000,000,
these
some
$44,-
the $60,000,000 in
April but 33% greater than the $33,000,000 reported for
May, 1937. Total January-May payments amounted to $212,000,000 this year compared with $302,000,000 in the same
months last year.
In its announcement, the Bureau of
Agricultural Economics also had the following to say:
(XX),(XX),
London,
During the first half of June
markets.
Milan
Paris, Amsterdam and
May totaled
in
was
000,000 reported for April,
there was a definite shrinkage in
year
marketings
from
income
estimated on June 22 by the Bureau of
Agricultural Economics, United States Department of Agri¬
culture.
The May cash income was 4% above the $489,-
volume, causing the index to
fall to 94.8% of the 1929 average—a loss of 5.3% in the second half of
the year.
In the first quarter of 1938 the index experienced a further
loss, carrying it to 94.1% of the 1929 average.
World
prices of leading
raw
materials and foodstuffs declined 4%
during April.
The combined index of nine internationally traded com¬
that
cash
$509,000,090, it
to 42.1% of the 1929
of world trade, after allowance for
second quarter of 1937, when the
The peak in physical volume
average.
seasonal
Ago,
out¬
program.
February to March.
Estimated at $509,000,000
4% Above April but 12% Below Year
According to Bureau of Agricultural Eco¬
—Total Was
world trade in 76 countries registered a loss of 2.3%
The gold value of
from
for the second consecutive month.
in a depressed state, awaiting the final
improved
business continued
French
Good yields of tomatoes and
crops.
Farmers' Cash Income for May
automobile production registered gains in\ April.
output, and
Employment has
all
(1928 equals 100),
the
iron
to
prospect and tree fruit yields close to average are
business
Canada
districts and
districts have been
vegetables are In
indicated.
of heavy rain in the Cariboo and Kanloops
beneficial
gain of 6%.
This is the second consecutive month of rise, and 35% of
November-February losses have now been recovered.
Metal production,
a
weather has resulted in below average yields of
early hay and potatoes but recent intermittent rains in most
four days
market.
the
The decline
the persistent decline in the value
as
unwieldy inventory position, and the paralyzed
building plans, the
new
In
domestic
July 9, 1938
In British Columbia dry
result of decreased foreign trade combined
accelerated
was
Chronicle
Financial
194
crop
in
are
average
and
reported on July 1,
wheat
mandatory
total
in
and
the
1933.
and
atout
next
perhaps
if the July
consumption
would
exports
month or so will depend largely
the Government wheat loan, it
Wheat loans under the Agricultural, Adjustment Act of
prices
developments
pointed out.
domestic
1938,
July,
on
1 crop estimate exceeds
exports,
which
750,000,000
on
bushels.
the
basis
a
normal year's
the 10-year
of
Volume
Financial
147
small
Export supplies of the hard milling wheats, however, will continue
in
of
other
this
until
countries
the
wheat
type of
Canadian wheat crop is
new
the United
in
States
may
marketed.
Prices
independently
continue
strong relative to other wheats until the Canadian harvests get under way.
In
its
report
1939
rye
indicated
crop
crop
prospects,
by the June 1
the
Bureau
the
says
condition would be 12%
it may be the largest domestic
since 1924 with the exception of the big crop of 1935.
Europe also
crop
is
the
on
55,000,000-bushel
larger
production
than
result
And
Domestic rye
are
expected to average materially lower than in 1937-38, as a
of prospective large supplies and less active demand this year.
indicated
prices
1937.
in
have
to
larger rye crop this year
a
than last.
World Wheat Crop in 1938 Estimated as
This
which
will be equal to last year's,
unfavorable cir¬
hamper forthcoming harvests," the International,
Agriculture estimates, according to United Press
year's world wheat
cumstances
Institute of
crop
unless
abundant,
was
About Equal
That of Last Year
to
"numerous
advices from Rome to the "Wall Street Journal" of June 30,
which also had. the
It
was
following to
say:
habitually
wheat would have somewhat inferior harvests to those
of
recent years.
Hungary,
The
Rumania,
Jugoslavia,
Institute said,
expected
a
Institute forecast
Bulgaria, Poland and Lithuania, the
maximum production.
that
the North American harvest would be es¬
pecially satisfactory notwithstanding steady rains which had damaged the
crop
somewhat.
The American harvest, the Institute forecast, would be
of last year, and
superior to that
Russia's also would be superior to normal.
"The Institute's previous forecast that world wheat
probable," the
report said.
♦
;—
.
Normal Wheat Crop Looked for In Italy—Restriction
on Bread Content Relaxed by Government
July 2 of the Cereals Corporation, at which
presided, Edmundo Rossoni,
Minister of Agriculture, declared that the great improvement
in weather conditions during the last two months had re¬
moved the danger of any grave shortage in any staple
agricultural products.
This was reported in advices from
Rome July 2 to the New York "Times," from which the
following is also taken:
At
a
meeting
on
Mussolini
Benito
Premier
The wheat crop now is estimated at more
than 7,000,000 tons, or only
about 1,000,000 tons short of Italy's total requirements.
the crop is said to be
The quality of
excellent and all other crops are reported to be up to
1
average.
After Mussolini declared that the wheat crop was
corporation
decided that
will
single-type bread
"satisfactory," the
of adulteration of
flour would be reduced from 20% to 10% V A
the obligatory percentage
wheat flour with Indian corn
be made
for
all classes of the
The
population.
imported likely will be reduced to a comparatively
amount of wheat to be
small quantity.
Petroleum
and
18-Month
Mexican
Protest
Products—Crude
Its
Low—Davis
Co.
Oil—Netherlands
to
Oil
Buy
Output
at
$10,000,000
of
Joins
in
Government
Appropriation—California
Against
Sets
Daily average production of crude oil during the week
ended July 2 was at the lowest point since the final month of
1936, dipping 23,000 barrels to a total of 3,058,550 barrels,
according to reports compiled by the American Petroleum
Institute.
This total compared with the July allowable
of the United States Bureau of Mines of 3,398,100 and actual
production during the like 1937 period of 3,525,650 barrels
daily.
*
Substantial declines in production in Oklahoma, Kansas,
and, to a lesser degree, California offset gains in output of
the other two members of the "Big Five" oil-producing
States to establish a net decline in the Nation's outturn of
crude petroleum for the
initial period in July.
A drop of
31,900 barrels in production in Oklahoma pared the total to
376,550 barrels, as compared with the July market demand
estimate of the Federal oil agency of 518,400 barrels daily.
Kansas
to
operators
daily
a
brought their production down 9,850
of 143,150 barrels, against the
daily.
average
Bureau of Mines' recommendation of 172,300 barrels
drop of 1,300 barrels daily in California's total brought it
the recommended total of
642,300 barrels.
Texas production was up 6,600 barrels
to
1,192,450 barrels, against the Bureau's estimate of
1,360,300 barrels.
Louisiana gained 5,000 barrels to a daily
average of 263,650 barrels, against 260,600 barrels indicated
in the Bureau's forecast of probable demand.
The Mexican oil situation created international headlines
A
down to 663,100 barrels, against
again with the disclosure that the New York and European
oil firm of Davis & Co. had contracted with the Mexican
Government to take $10,000,000 of Mexican oil during the
next six months.
A United Press report from Mexico City,
dated July
6, stated that "William F. Flanley, Mexican
representative of W. R. Davis of New York, tonight an¬
nounced that President Lazaro Cardenas had signed a con¬
tract with Mr. Davis involving the sale of $10,000,000
worth of Mexican oil, expropriated from foreign oil com¬
panies."
Mr. Davis
agreed to
pay
Mexico 40% in cash and 60% in
European commodities, chiefly German, but also including
some
Italian and Swedish, the dispatch reported, adding
big deal to be announced as definitely
President Cardenas decreed expropriation of
that it was the first
closed
since
Italian and British flags.
"Profits to Mr. Davis from the deal will be
.
.
considerably
generally has been rumored among oil
men, Mr. Flanley said, because Mr. Davis was forced to pay
high prices to charter the tankers on account of a boycott
by companies whose properties were confiscated," the
dispatch stated.
"He admitted that Germany will benefit
chiefly from the deal, although, he said, a considerable part
of the 40% cash payment probably will be spent in the
United States.
Mr. Flanley said he did not believe the oil
companies, whose properties were seized, would make an
attempt to embargo the shipments abroad, inasmuch as they
probably realized that any such court action would be
unsuccessful."
V-:A-v
A'
- ,'NM
On the same day as the news of the $10,000,000 deal came
the disclosure that the Netherlands Government and Mexico
smaller than
what
have exchanged a series of notes regarding the expropriation
of foreign oil properties since the confiscation last March.
concerned
Eagle Oil
Co., a subsidiary of Royal Dutch Shell, which controls about
17% of the Mexican Eagle shares. While the Netherlands
The note sent by the Netherland's representatives
the seizure of holdings belonging to the Mexican
of the properties,
right to make further representations con¬
cerning the expropriation and expressed uneasiness over the
fact that Mexico is selling the confiscated oil without await¬
ing the final decision of the Mexican Supreme Court before
which an appeal of the foreign oil companies is slated to be
it reserved the
heard.
oil cases were
Lamp," house organ of the
held that the March seizure
of the $450,000,000 of foreign-owned oil properties by the
Cardenas Administration was not expropriation but con¬
fiscation," and held that the failure of government operations
of the seized properties "after a fair trail period" makes return
of the properties the only solution to be found.
"Three and a half months have slipped by since the seizure
of properties of the Huasteca Petroleum Co. and 16 other
oil concerns with no solution in sight," the editorial con¬
tinued in part, adding "during the interval events have
made it possible to trace the evident purpose of the small
radical group which has maneuvered Mexico into her present
unhappy position.
To recapitulate:
"1. It was necessary for President Cardenas to allay
public indignation over the high-handed manner of the
confiscation. And so by press and radio, the companies were
denounced. The spectre of 'foreign imperialism' was brought
forth. A pocket revolution (financed, it was alleged, by the
oil companies) was put down with much ostentation.
This
'revolution,' it seems probable, was a clever political strategy
Developments in the United States in the
featured by an editorial in "The
Standard Oil Co. (N. J.), which
to
July Allowable
barrels
United Press
Government did not demand restoration
production would be
superior to world needs now seem correct and more than
,
British oil properties last March 18.
The
quoted Mr. Flanley as saying that the deal
would extend over a six-month period, with the oil valued
slightly lower than the world price at the time of each ship¬
ment.
The Davis Co., it was declared, has about 26 tankers
chartered for moving oil, most of them flying Scandinavian,
American and
-
added, however, that those European nations which are
forced to import
195
Chronicle
unify Government support.
"2.
The
people of Mexico had to be
United States backed the action of the
tration in its seizure.
convinced that the
Cardenas Adminis¬
The protest note of the
United States
Department of State was never published in Mexico. In¬
stead, a single sentence conceding Mexico's 'sovereign right
to expropriate in the public interest'—a principle generally
accepted in the abstract in international law—was lifted out
of the text of the note and headlined as evidence that the
United States approved the confiscation.
,
"3. The moral integrity of Mexico had to be upheld in
the eyes
of the world.
forced upon it,
untenable position.
By the hasty action
the Government had been
placed in
an
Expropriation, to be legal, requires among other things
'immediate payment in cash of full, fair value for the proper¬
ties as a going concern.' Mexico admittedly had no resources
or credit with which to make such payment, and so under¬
took an expropriation which she was not in a legal position
to accomplish. The illegality of the seizure was conveniently
ignored. The attention of the world was diverted by staged
demonstrations in which women gave up
their jewelry and
of their wages, by numerous schemes for pay¬
ment, not one of which mentioned cash—or, in fact, was ever
formally submitted to the companies.
"4. Realizing its inability to pay 'full fair value as a going
concern' the Mexican Government has gone about sys¬
tematically to lay the foundation for reducing the value of
the confiscated properties.
Finally, the Government has
encouraged all sorts of trumped up claims against the oil com¬
panies in a further effort to reduce the net amount of the
workers part
valuation.
its significance than the properties
is the principle of private property rights
"More far reaching in
that
are
at stake
for international law which has been so openly
jeopardized by the Mexican seizure," the "Lamp" editorial
continued. "At a time when the foundations of peace have
been badly shaken by a growing disrespect for law and the
rights of others, society can ill afford to let so flagrant a case
to go unchallenged.
There are five billions in American
money invested in the South. Latin America, rich in natural
resources, needs foreign capital to develop them just as the
United States did in the earlier years of its industrial growth.
If a small radical group in Mexico can successfully ignore
and respect
Financial
196
the rights of private property, few
be regarded as safe, and the flow of
investments abroad can
foreign capital necessary
development of Latin America will be choked
to the further
off
through loss of confidence.
"The people of Mexico have suffered most from the illconsidered action of their radical leaders.
The peso has
dropped 30%, internal business reduced 35%, foodstuffs
and other merchandise raised 30 to 40%, production costs
boosted above the ability of the people to buy. Oil produc¬
tion has dwindled and Government revenues from this
once
prolific source have suffered correspondingly. Among the
country's 18,000 oil workers there is reported to be wide¬
spread disillusionment. Not only have they failed to realize
the wage increases and control of the business promised to
them but many of the provisions for double pay and social
benefits customary under operation by the companies have
Chronicle
of
business has
been vested
not
in
the
workers as they were led to believe, but in the hands of
political appointees. Today, as a result of the failure in
Government operation, after a fair test, it is more than ever
apparent that the only possible solution is to return the
properties to the owners. Preceding that there should be a
frank survey of the conditions which led up to the expropria¬
tion to permit of an understanding which will prove equally
helpful to the Mexican people and the oil companies in
avoiding a repetition of the troubles which proved to be
injurious to the development of an industry vital to the
prosperity of Mexico."
Texas
and it
was
posted notice of
gallon in tank car and dealer
prices of gasoline in Tennessee, Arkansas and Louisiana in
the improved tone in primary markets and also
freight rates, to become effective the following
day.
1V.
'--//I','
Gas and fuel oil inventories continued their steady climb
into record high territory, the July 2 period gain of 1,102,000
barrels setting the new high at 138,903,000 barrels, a new
high.
Oil authorities see no relief here for quite a while as
the high rate of refinery operations make it unavoidable that
heavy over-production of fuel oil result.
Representative price changes follow:
increased
.
July 5—Standard of Louisiana posted an increase of M to 1 cent a gallon
n
tank
ana,
and dealer prices of
car
gasoline in Tennessee, Arkansas and Louisi¬
effective the following day.
Refinery
the close of July going
__$.07J4
J„$.07H
Texas
So cony-Vacuum..
.07)4
Gulf.
.08 X
Shell Eastern
.07 H
Richfield OiKCal.)
Chicago..
.08H
Tide Water OH Co
.07 H
.07)4
Warner-Qulnlan..
—
.$.05
-.05)4
.06)4-.07
.05)4
04M-.04X
New Orleans.
Gulf ports...
Tulsa
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
I North Texas
New York—
Fuel OH, F.O.B.
I New Orleans.$.05Hr.05)4
$.04
$.05)4 | Los Angeles..
(Bayonne)..
I Tulsa
.03)4-.05
Refinery
Bunker C„
New Orleans C
$.90
Phila., Bunker C
$1.00-1.25
$.95
Diesel......
.03J4-.04
Terminal
or
California 24 plus D
N. Y. (Bayonne)—
.95
1.95
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)-
27plus.:—
I Chicago—
-.$.04)4
—
July proration hearing will be held July 18,
indicated that the Sunday shutdown order will be
voided in August with production at
back to a 7-day week basis.
Other Cities-
New York—
New York—
Commission announced late in the
Railroad
week that the
a
response to
Stand. Oil N.
The
M to 1 cent
U. S. Gasoline (Above 65 Octane, Tank Car Lots, F.O.B.
the
1938
9,
Standard Oil Co. of Louisiana on July 5
advances of
been eliminated.
"Control
July
I
..$.02J4-.03
1 Tulsa
$.053
28-30 D
I
Gasoline, Service Station, Tax Included
z
New York
z
Brooklyn
z
$.19
$.159 | Buffalo
.1851
| Newark
| Boston
.19
$.17
Not Including 2% city sales tax.
Stocks of domestic and foreign crude oil showed the sharp¬
est decline in years
during the week ended June 25 when they
slumped 2,468,000 barrels to 294,463,000 barrels, which is
within 8,000,000 barrels of the 17-year low set in January
last year.
Domestic stocks were off 2,401,000 barrels, and
foreign stocks off 67,000 barrels.
Standard of Louisiana on July 6 announced an initial
posting of 83 cents a barrel for crude oil of 25 gravity and less,
produced in the Buckner, Magnolia and Village pools in
Arkansas, effective the following morning. For each degree
higher, there is a 2-cent differential with a top price of $1.15
for 40
gravity and
over.
The Ashland Oil Co.
July 1 reduced the price of Somer¬
a barrel to $1.32 for Big Sandy
oil and $1.40 for Kentucky River production. The reduction
was made,
according to reports, because of the lower prices
for competitive oils in other areas, as well as the recent
paring of the crude oil prices in western Kentucky fields.
set
on
grade crude oil 10 cents
The Central Committee of California Oil Producers set a
July crude oil production quota of not more than 620,000
barrels daily, about the same as was in force during June.
The new quota compared with the 642,300-barrel daily
recommendation
Daily
of
the
United
States
Bureau
of
Mines.
production of crude in California during
670,196, according
to preliminary estimates,
which is the lowest daily average since mid-1937.
Crude oil price changes follow:
June
average
was
July 1—Ashland Oil reduced Somerset crude oil 10 cents
Sandy crude off to $1.32
a
a
barrel with Big
barrel, and Kentucky River crude to $1.40.
Average Crude Oil Production During Week
July 2, 1938, Placed at 3,058,550 Barrels
Daily
Ended
Petroleum
American
The
a
daily
States
average
ports for the week ended
51.80
1.25
Corning, Pa....
Illinois..
1,17
1.35
$1.27
1.35
Rusk, Texas, 40 and over
Darst Creek...
1.09
the
weeks ended
July 2 totaled 995,000 barrels,
144,250 barrels daily for the four
July 2.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended
July 2 totaled 120,000 barrels, a daily average of 17,143 barrels,
compared with a daily average of 16,714 barrels for the week ended June 25
and 20,964
barrels daily in the four weeks ended July 2.
Reports received from refining companies owning 89%
barrel
estimated
of the 4,159,000
daily potential refining capacity of the
United
indicate that the industry as a whole ran to stills, on a Bureau of
States,
Mines'
basis, 3,095,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries,
pipe lines
bulk terminals, in transit and in
of the end of the week, 80,634,000 barrels of finished and
as
138,903,000 barrels of
gas and
fuel oil.
charging capacity of all cracking units indicates that
Eldorado, Ark.; 40
that
of 142,143 barrels, compared with a daily average of 115,429
barrels for the week ended June 25 and
Cracked gasoline production by companies owning 94.8%
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
Lima (Ohio Oil Co.)
estimates
Imports of petroleum for domestic use and receipts in bond at principal
United
unfinished gasoline and
Prices of Typical Crudes per Barret at Wells
Institute
daily average gross crude oil production for the week ended
July 2, 1938, was 3,058,550 barrels. This was a decrease of
23,000 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 2, 1938, is estimated at 3,102,200
barrels.
The daily average output for the week ended
July 3, 1937, totaled 3,525,650 barrels. Further details as
reported by the Institute follow:
whole,
on a
of the potential
the industry
as
a
Bureau of Mines' basis, produced an average of 735,000 barrels
daily during the week.
Central Field. Mich
1.42
Western Kentucky
1.30
Mid Cont't, Okla.. 40 and above.. 1.30
Rodessa, Ark., 40 and above
1.26
Sunburst. Mont..
1.22
Kettleman Hills. 39 and over
1.42
b
Smackover, Ark.. 24 and
Petrolla, Canada
2.10
B. of
0.90
over.
DAILY
AVERAGE CRUDE
OIL PRODUCTION
(Figures In Barrels)
Huntington, Calif., 30 and over... 1.22
Four
M.,
Dept. of
REFINED
PRODUCTS—GASOLINE
STOCKS
DIP
DESPITE
CREASED
REFINERY
LOUISIANA
LIFTS
TION
SERIOUS, AS STOCKS AGAIN HIT NEW HIGH
SEEN
OPERATIONS—STANDARD
GASOLINE
PRICES—FUEL
OIL
Week
Allowable
Ended.
Colcu-
IN¬
State
Intetior
July 1
July 2
1938
lotions
OF
Change
Weeks
from
Ended
Ended
Pre no us
July 2
July 3
Week
1938
1937
Weet
(July)
SITUA¬
Petroleum Institute.
5,500,000 barrels
comparison to
a
more
This total is
only
a
little
more
than
than held at this time last year, in
disparity of 11,500,000 barrels earlier in the
season.
Refinery stocks
in,
518,400
428,000
376,550 —31,900
423,950
619,600
172,300
165.000
143,150
—9,850
151,100
193,000
64,300
62,900
70,800
72,600
28,150
180,700
33,650
200.600
Panhandle Texas
North Texas
73,200
—2,250
+4.700
West Central Texas...
28,400
+ 150
181,750
+ 1.050
West Texas
were
88.300
+ 1,000
364,300
203,850
+450
90,150
363,900
123,750
466,550
+ 600
205,300
Coastal Texas.
188,350
+ 900
187,600
236,450
202,500
...... .
1,360,300 C1602086 1,192,450
North Louisiana
Coastal Louisiana
Total Louisiana
+ 6.600 1,189,500 1,416,600
79,400
184,250
79,400
88,300
+
5~666
181,600
173,050
_
Michigan....
Wyoming
Montana
Colorado
New Mexico...
__
261,000
261,350
+4,450
145,400
+ 4,950
53,450
—400
45,850
141,800
54,850
123,550
43,100
55,500
13,500
Eastern
+ 5,000
56,$90
_
51,100
149,700
.
263,650
51,000
.
1938
running ahead of both the record 1937 and 1937
totals, it is likely that unless refinery operations move
sharply high the unwieldy gasoline stocks will be lowered
to comfortable working levels at the close of the summer
heavy-consumption period.
Last week's sharp gain was all the more
encouraging
because it took place in the face of a
gain of 1.8 points in
refinery operations to 75.5% of capacity.
This lifted daily
average runs of crude oil to stills during the July 2 period
to 3,095,000 barrels, up 70,000 barrels from the final week
of June.
Daily average production of cracked gasoline
gained 20,000 barrels to reach 735,000 barrels.
80,500
Southwest Texas
East Central Texas
East Texas
Total Texas
down 1,494,000 barrels to 46,386,000
w^e inventories of
bulk terminals slipped off
144,000 barrels.
Stocks of unfinished gasoline were off
140,000 barrels to 7,127,000 barrels.
With demand thus
far
Oklahoma
Kansas
Although the figures included only the first day of the
triple-July 4 holiday, stocks of finished and unfinished
gasoline were off 1,778,000 barrels during the week ended
July 2 to 80,634,000 barrels, according to the American
61,100
—350
57,100
13,650
—50
14,100
5.200
3,750
—100
3,850
91.200
—50
90.800
260,600
112,900
249,725
101,600
Total east of Calif.. 2,755,800
California
642,300 d620,000
Total United States. 3,398,100
28,350
48,900
17,200
4,300
114,600
2,395,450 —21,700 2,433,900 2,870,550
663,100 —1,300
668.300
655,100
3,058,550 —823000 83102200 3,525.650
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 June.
As demand may be supplied either from stocks or from new production,
contemplated
withdrawals from crude oil stocks must be deducted from the Bureau's estimate of
demand to determine the amount of new crude oil to be produced.
Volume
b Original June
barrels
on
Financial
147
154,000
1 allowable of 160,000 barrels revised to approximately
June 16 retroactive to June 1.
effective
Original
figures for June 1 of 1,578,726 barrels revised as above,
June 20. Saturday and Sunday shut-downs continued through June,
d Recommendation of Central Committee of California Oil Producers.
c
b Total barrels produced during the week converted to
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
r
equivalent coal assuming
pound of coal, c Sum of
1937 and 1929.
1938, and corresponding 25 weeks of
25 full weeks ended June 25,
o
production
<.,/
■
might have been surreptitiously produced.
;
,/„>
Revised.
estimated
oil which
Note—The figures Indicated above do not Include any estimate of any
197
Chronicle
4.
■
beehive coke
■
,
anthracite and
pennsylvania
of
(In Net Tons)
UNFINISHED
ENDED JULY 2, 1938
CRUDE RUNS TO 8TILLS AND STOCKS OF FINISHED AND
GASOLINE AND GAS AND FUEL OIL WEEK
Calendar Year to Date
Week Ended
June
June 25,
Daily Refining
Stocks of
Finished and
Unfinished Gasoline
Crude Jluns
;
to Stills
Capacity
1938
of
ated
P. C.
Total
Rate
P.
Oper¬
age
Reporting
tial
fuel
Fuel
Terms., Nap'tha
Distil.
fineries
At Re¬
Oil
71.7
480
669 100.0
669
13,970
7,202
1,170
Commercial
1,168
8,766
Appalachian.
146
129
88.4
108
83.7
1,149
1,730
Ind.,IJl.,Ky.
529
489
92.4
416
85.1
8,013
4,212
; 765
v
522
287
74.9
56.6
123
61.2
1.789
117
266
4,146
1,712
95.7
730
91 6
7,664
320
1,920
11,248
96.6
106
63.1
1,626
712
437
58
63.7
37
63.8
255
129
62
69.7
58
93.5
1,839
746
90.9
451
60.5
9,841
2,455
3,702
89.0
2,796
75.5
43,176
26,451
383
84.7
Inland Texas
355
201
Texas Gulf..
833
797
La. Gulf....
174
168
No. La.,Ark.
91
Rocky Mtn.
89
821
California
2,806
3,798
79
671,000
13,800
Dally average..
1,900
2,300
Includes washery and dredge coal,
a
91,644
b Excludes colliery ftiel.
operations,
of
,
1,782,600
•
3,278,300
11,805
497,200
65,600
10,933
21,711
3,293
and coal shipped by truck from authorized
c Adjusted to make comparable the number
working days In the three years.
ESTIMATED WEEKLY
912
1,341
864,000 22,040,000 25,894,000 31,916,000
pro¬
11,400
805
106
909,000 23,156,000 27,257,000 34,392,000
233,200
184,800
157,000
151,500
879,000
3,420
452
117,700
Beehive Coke—
Okla., Kan.,
Mo
706,000
154,200
United States total
12.272
251
c
925,000
a
Daily average..
duction b.
East Coast..
1929
1937 c
1938
1937
Anthracite
Total, lncl. colliery
and
in
C.
Daily
Aver¬
Poten¬
Gas
Unfin'd
Finished
District
Penn.
1938
;
Stocks
June 26,
18,
PRODUCTION OF COAL, BY STATES
(In Thousands of Net Tons)
[The current weekly estimates are based on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from district
ments and are
Reported
...
and State sources or of final annual returns from the
operators.]
2,810
270
670
3,210
299
457
Est. unrepd.
6,857 136,093
Week Ended
xEst.tot.U.S
June
25,'38--
4,159
June 18,'38..
4,159
3,095
46,386
27,121
47,880
27,265
7,267 137,801
U.S.B.ofM.
43.839
z3,380
xJune25,'37
June
State
7,127 138,903
3,025
4,159
4,159
7,440 102,262
23,685
June 18 June 11 June 19 June 20 June 15
1929
1936 r
1937 r
1938 p
1938 p
2
Alaska
164
Alabama
3
3
1
e
s
s
324
199
233
170
Avge.
1923
z
387
Arkaasas and Oklahoma
July, 1937 dally average.
20
16
14
20
59
70
Colorado
Estimated Bureau of Mines basis,
x
83
58
74
68
103
175
•
1
Georgia and North Carolina
June Production and Shipments
The
Zinc
American
Institute
6
ZINC STATISTICS
543
487
599
619
825
1,243
175
207
247
246
275
416
Iowa.........................
Kansas and Missouri
46
49
21
51
58
81
78
67
83
104
128
500
468
703
672
876
661
86
released
the
following: tabulation of slab zinc statistics:
SLAB
86
113
95
191
19
18
25
28
55
6
6
3
3
15
....
„
.
Kentucky—Eastern
(ALL GRADES)—1929-1938
'
Maryland
(Tons of 2,000 Pounds)
Michigan
Retorts
(a)
Shipped Operating
Shipped
During
During
Period
Period
602,601
523,166
39
41
38
26
23
36
24
45
51
Retorts
Orders
End of
During
Period
End of
Period
North and South Dakota
Period
57,999
31,240
68,491
47,769
19,875
23,099
129,842
Year 1936
35
Year 1931
Year 1932
Year 1933
Year 1934
436,275
314,514
15
18
24
27
24
55
89
205
200
222
169
239
240
21
30
23
1,176
1,100
1,594
408
382
500
64
8,478
Utah
Virginia
Washington
27,190
23,653
15,978
148
28,887
30,786
83,758
59
32,944
38.329
32,341
51,186
Virginia—Southern a
1. Northern b.................
561,969
44,955
0
42,965
37.915
78,626
Wyoming
22 :■■■■*£■•
West
63
*
40.047
51,227
33,775
40,285
46,953
24,618
18.183
42,786
59,635
43,635
76,544
77,969
April..:
43,660
41,177
55,012
56,229
55,201
13,963
May.........
13,774
43.724
43.429
81,448
67,143
Jane.........
50,526
50,219
14,081
59,209
July.........
49,181
49,701
13,561
August.......
48,309
50,643
11,227
43,205
*42,186
46.199
46,171
♦45,175
*45,147
47,737
October... ...
52,645
November.
49,393
32,676
42,534
51,715
50,578
80
73
86
104
1
1
s2
s5
7,115
6,768
9,478
10,866
*
on
the B.
& O. in Kanawha,
49,300
♦46,192
42,423
33,528
118,009
38.035
20,806
135,238
0
*38,180
36,466
38,923
*33,130
43,399
April
41,644
*34.583
March
48,339
District and Grant, Mineral,
and South Dakota included
148,120
0
June.*
30,799
29,248
149,671
0
*
Equivalent retorts computed on 24-hour basis.
In total shipments.
a
!
45,400
35,321
33,818
28,071
29,023
*30,317
26,437
,38,891
*23,728
^27,069
,23.444
'41,785
Export shipments are Included
Weekly Coal Production Statistics
The National Bituminous Coal
with "other Western
* Less than 1,000 tons.
States."
Pig Iron Output Off
June
tons, compared
*31,769
*23,541
24,628
31.525
*27,549
37,510
counties, b Rest of State,
and Tucker counties, c In¬
12.5%
of July 7 stated that pro¬
pig iron in June totaled 1,062,021 gross
"Iron Age" in its issue
The
duction of coke
*34,977
34,691
*29.710
May...
Virginian, K. & M., B. C. & G.*
Mason, and Clay
at the rate
and
with 1,255,025 tons in May.
of 35,400 tons, against
represented
Commission in its current
weekly report stated that production of
soft coal showed
total output
little change in the week ended June 25.
The
is estimated at 5,170,000 net tons, a decrease of
35,000 tons,
0.7% from the preceding week.
Production in the
corresponding week of 1937 amounted to 7,208,000 tons.
The United States Bureau of Mines in its report said that
a substantial increase marked the production of anthracite
for the week of June 25.
The total estimated output of
or
31% over the
tonnage reported for June 18, and was also about 2% higher
than production in the week of June 26, 1937.
a
Daily output
40,485 tons in May,
The "Iron Age" further
drop of 12.5%.
*41,659
39,267
0
44,623
•38,030
108,138
1,956
12,822
California, Idaho, Nevada, and
was
21,540
1,175
10,653
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,
a Alaska, Georgia, North Carolina
cludes Arizona,
61.151
49,350
47.437
0
881
7,649
Includes operations on the N. & W., C. & O.,
and
1938
20
973
8,088
75,086
45,383
88.532
870
5,995
*46,158
48.812
*45,704
24,931
5,125
*48,110
49,511
65,333
92,319
569,241
41.146
856
*49,766
♦46,311
28,675
106187
48,520
50,324
*47,552
25,817
February.
1,380
728
706
Grand total
Including the Panhandle
82,596
*47,190
51,809
13,517
40.345
50,163
*49,860
50.027
48,687
1,990
403
\
5,911
Pennsylvania anthracite d
_a
44,186
♦48.387
January
44
1,583
89,846
40,588
53,202
52,009
♦43,007
5,205
Total bituminous coal....
21
35
Other Western States c
37,794
49,135
113
18
36
239
March
Monthly avge.
97
16
105,560
589,619
68
66
16
119,830
February
Total for yr_
94
1,255
70
352,663
465.746
51.474
888
3,613
1,180
bituminous
344,001
January
December
445
2,802
Texas
170
40,613
39,948
...
332
1,917
Tennessee
1937
September
425
1,931
18,585
18.560
21,023
sl4
12
275
26,651
18,273
124,856
218.517
810
10
11
13
240
Ohio
Pennsylvania
Year 1930
12
38
41
75,430
143,618
Year 1935
631,601
504,463
300,738
213,531
324,705
366,933
431,499
Year 1929
47
36
New Mexico
for
Export
of
183
V
Montana
196
Period
End
88
Unfilled
Average
6,352
Stock at
Produced
8
r^'jv'S
Indiana......................
Illinois
of Slab Zinc
July
on
*
V.v
1
stated:
,
this year dropped to 7,873,026 tons from
19,706,593 in the corresponding period last year, or a loss of 60%. The
daily rate in the six months period was 43,497 tons contrasted with a daily
production of 108,876 tons in the same period last year, and approaches
most closely the 43,592 tons daily average for the year 1934.
On July 1 there were 70 furnaces making iron, operating at the rate of
34,385 tons daily, compared with 72 furnaces in blast on June 1, producing
at the rate of 37,225 tons daily. Eight furnaces were blown out or banked
and six were put in operation.
The Steel corporation took four off blast,
independent steel producers put three in operation and blew put or banked
the same number, and merchant producers blew in three and blew out or
Output for
the first naif of
banked one furnace.
Among the furnaces
Ore &
Iron Co.; No.
Struthers Iron &
blown in were the following: Standish, Chateaugay
3 Aliquippa, Jones & Laughlin Steel Corp.; Anna,
Steel Co.; No. 5 Haselton
and one Pioneer, Republic Steel
Colorado Fuel & Iron Co. unit.
blown out or banked included:
One Donner,
Corp.; and one
Furnaces
Republic Steel
Bethlehem Steel Co.; one Mingo, one Gary, Car¬
negie-Illinois Steel Corp.; the Jackson Iron Co. unit, one Calumet, Wisconsin
Steel Co., and one Ensley and one Fairfield, Tennessee Coal, Iron & RR. Co.
Corp.; one Bethlehem,
DAILY AVERAGE
STATES
IN THE UNITED
1933—GROSS TONS
PRODUCTION OF COKE PIG IRON
BY*
MONTHS SINCE JAN. 1.
925,000 tons showed a gain of 219,000 tons, or
ESTIMATED
STATES PRODUCTION OF COAL, WITH COM¬
PRODUCTION OF CRUDE PETROLEUM
UNITED
PARABLE DATA ON
1933
18,348
19,798
17,484
20.787
28,621
January
February
c
Calendar Year to Dale
1938
1938
r
1937
1937
862
Dally average
Crude Petroleum b—
Coal equivalent
a
64,338
24,536
54,134
54,138
74,331
108,876
39,510
49,041
34,012
29,935
56,816
59,216
83,686
87,475
30.679
31,898
33,149
63,820
68,864
67,950
96,512
98,246
100,485
112,866
116,317
113,679
93,311
66,891
48,075
—
57,821
59.142
50,742
43,754
36,174
38,131
mos. average..
26,199
43,592
67,556
63,658
100,305
June....
7,208 148,384 217,259 249,925
1,464
1*684
1,001
1,201
September
October..
...
November
of weekly output
Includes for purposes of
production of lignite and
868
4,940
5,025
5,654 133.289 136.023 106,747
historical comparison and statistical
convenience the
semi-anthracite and anthracite outside of Pennsylvania.
43,497
42,166
86,208
August
5,205
46,367
46.854
80,125
85,432
December
12
91,010
1938
46,100
107,115
51,570
July
5,170
fuel
57.448
1929
Bituminous Coal a—
Total, including mine
57.098
1937
103,597
55.449
65,713
First six months.
1938
52,243
57,561
1936
65,351
62,886
65,816
65,900
May....
Week Ended
1935
47,656
111,596
113,055
114,104
103,584
March
April...
June 25 June 18 June 26
1934
39,201
45.131
45,871
40,485
35,400
Financial
198
PRODUCTION
OF COKE
PIG IRON AND OF
FERROMANGANESE
(GROSS TONS)
Pig Iron
1937
will
1937
22,388
20.205
23,060
21,194
18,607
3,211,500
1,298,268
1,452,487
1,376,141
1,255,024
1,062,021
2,999,218
3,459.473
3,391,665
3,537.231
27,757
26,765
34,632
May
June
Hall year.
13.341
14,546
3,107,506
7,873,026
24,228
19,706,593
34,415
110,281
170,857
23,913
August
September.
3,410,371
26,100
October
2,892,629
2,006,724
1,490,324
25,473
22,674
36,611,317
324.961
Year.
x
These totals do not Include charcoal pig Iron,
y
Included In pig Iron figures
In many other instances consumers
than the amount of the actual price reduction
other
the
hand,
steel
many
obliged to absorb $2 to $3
a ton,
Baltimore
to
will
against 60c. formerly.
have
a
A Youngstown mill shipping hot rolled
in
even
better
times
unless
reductions of the proportions that
prices
Whether steel
prices
are
about
consumers
as
low
by
complicated
will
wage
10 to 20%
—
yield.
become persuaded that present steel
soon
might reasonably be expected and start a buying
as
be seen,
basing
will be
Even
advanced.
are
be expected—say
might
would not compensate all companies for their lower net
movement remains to
ton
a
but in pig iron, where price cuts were not
changes,
point
orders has almost immediately
fairly strong
a
upward
trend in
developed, particularly at Chicago, St. Louis
' ;• \
\
Developments of the past week in the basing point situation have included
Steel
Output in
June
Drops 9%
Below
May
the setting up of new basing points at Youngstown and Middletown, Ohio,
Production of steel ingots in June totaled
1,638,277 gross
tons, or about 9% less than the 1,806,805 gross tons produced
in May, according to a report released July 7 by the American
Iron and Steel Institute.
In June, 1937, 4,184,723 gross
tons were produced.
During June of this year, the steel industry operated at an
average of 28.46% of capacity, which compares with 30.39%
in May, and with 74.48% in June, 1937, when
oi>erations
were affected by strikes at several steel
plants.
An average of 381,883 gross tons of ingots was
produced
weekly during June, as against an average of 407,857 tons
in May, and 975,460 tons in June, 1937.
Production of steel ingots for the first six months of 1938
10,819,144
compared with 28,758,960
1937, indicating a decline of 62%.
Operations averaged 31.17% of capacity in the first half
of this year, compared with 84.88% of
capacity in the first
tons,
gross
tons in the first half of
six months of 1937.
the first half of this year
as against an average of 1,-
111,672 tons in the first half of 1937.
PRODUCTION
OF
OPEN-HEARTH
INGOTS—JANUARY, 1937,
(Calculations based
on
sheets and strip; plate basing points at
on
Cleveland and Claymont, Del.;
the establishment of Detroit delivered prices on sheets,
$2
a
of
a
ton above
present
the adoption
content
are
Mills situated at less important
of f.o.b. prices, but apparently for
the
to meet
strip and bars only
Chicago base prices; announcement
or
cold rolled strip.
on
have considered
centers
the
Pittsburgh, Cleveland
Chicago base
of their
competitors in
reductions have
been put into
quotations
nearby basing points.
Following changes
effect
on
steel axles,
on
major
down $4
products,
a
ton; wrought iron pipe is off $8 a ton on
black and $10 on galvanized; rail steel bar prices have been brought into
line with billet steel prices.
On standard steel pipe a further reduction has occurred at
original reduction
to cuts at
a
$8
was
a
ton on black and $10
Pittsburgh and Lorain, but
further reduction of $2.
butt weld and $12
a
on
judging from
Thus the total cuts at Chicago
contracts
Army and Navy work.
assured for
The
are
$10
on
black
galvanized butt weld.
on
many
Chicago.
galvanized, conforming
Chicago district producer has made
Government spending may soon make itself felt
awarded
in the steel markets,
Washington,
at
particularly
A Public Works Administration
for
has been
grant
Chicago subway construction, which will take 35,000 to 40,000
of steel.
tons
Weekly production during
averaged 418,212 gross tons,
MONTHLY
of $6.60
freight rate absorption
Nearly all steel companies will add to their losses
under present conditions of poor demand, and their profit margins
and Cleveland.
totaled
West Virginia, will be
and in some instances more, in order to
hold their trade at distant points.
sheets
because
especially those in the central
mills,
district embracing western Pennsylvania, Ohio and
26,348
November.
December..
29,596
Pittsburgh base.
more
favorably situated basing points.
reduced
3,498,858
3,605.818
July
much
save
of more
On
1,429,085
February.
April
1938
base price on hot rolled sheets from its nearby Sparrows
a
few weeks ago on a
y
1938
January..
March...
July 9,
Co. has established
Point mill, buyers will obtain their material at about $8 a ton less than a
Ferromanganese
x
1938
Chronicle
Structural steel lettings in the week totaled nearly 17,000
tons, mostly public work, and new projects out for bids amount to 19,000
A
tons.
Chicago mill booked
11,000 tons of sheet piling for Los Angeles
flood control work.
AND
BESSEMER
TO JUNE,
reports of companies which In
1937
STEEL
Steel scrap
scarce,
1938
made
98.26% of the
prices continue to advance.
increases
were
as
much
as
At
$2 to $3
a
Detroit, where material is
The "Iron Age" scrap
ton.
composite price has risen 50 cents to $12.58.
open-hearth and 100% of the Bessemer ingot production)
THE "IRON AGE"
Calculated
Monthly
COMPOSITE PRICES
Finished
Production
Calculated
Period—
Number of
Weeks in
Gross
Per Cent
Weekly
I'roduction
Tons
of Capacity
(Gross Tons)
1,732,764
1,703,726
2,012,406
29.15
Month
July 6, 1938, 2.300c. a Lb.
One week ago
2.350c.
One month ago
2.487c.
One year ago..
2.512c.
Steel
Based
on
steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
85% ot the United States output.
1938—
Low
High
March
First quarter.
391,143
425,932
4.43
1938
May 17
2.300c.
July
31.74
4.00
1937
Mar.
9
2.249c.
Mar
33.85
454.268
4.43
1936
Dec.
28
2.016c.
Mar. 10
1935
January..
February.
Oct.
1
2.056c.
Jan.
1.945c.
1934
5,448,896
31.58
423,709
12.86
33.44
448,757
4 29
30.39
407,857
4.43
1.638,277
28.46
381,883
4.29
5,370,248
30.76
412,778
10.819,144
31.17
418.212
July 6. 1938, $19.61 a Gross Tor*
One week ago
$21.91
1937—
4,718,436
March
First quarter
81.32
4,414,699
5,218,326
_
84.27
89.94
85.20
1,115,977
90.25
5,151,909
88.79
June.
4,184,723
74.48
84.55
1,107,417
28,758,960
84.88
1,111,672
23.25
Southern iron at Cincinnati.
4,556,304
4,877,826
78.48
4.289,507
76.30
13,723,637
79.58
1,045,212
6
20.25
Feb.
16
Nov. 24
18.73
Aug.
11
Nov.
5
17.83
May
14
May
1
16.90
Jan.
27
Dec.
5
13.56
Jan.
Jan.
5
13.56
Dec.
6
Jan.
7
15.90
Dec.
16
1927
13.13
Third quarter
Nine months
Jan.
4
17.54
Nov.
1
July 6, 1938, $12.58
4.28
October...
3,392,924
58.31
765,897
November.
2,154,365
1,473,021
38.23
502,183
333,263
40.68
534,270
72.38
949.423
52.14
from
New
The "Iron Age" in its issue of
July 7 reported that steel
is in a state of virtual
stagnation while buyers
digest the ramifying conditions arising from the elimination
business
basing point differentials between districts and the esta¬
new
basing points.
The "Iron Age" further
blishment of
reported:
circumstances,
operations
drop of only five points, from 28%
as a
of
the
Nov.16
12.67
June
9
13.42
Dec.
10
10 33
Apr.
23
13.00
Mar. 13
9 50
Sept. 25
12.25
Aug.
last week to 23%
10 to 15%
bearings.
this week,
as soon
as
may
be
producers
June business for many steel com¬
better than that of May.
Consumers of steel will benefit
greatly from the new price set-up, parti¬
cularly in the East and South.
At Baltimore, where the Bethlehem Steel
8
June
7
6.75
Jan.
3
8.50
Jan.
12
6.43
July
5
15.00
Feb.
18
11.25
Dec.
9
15.25
Jan.
17
13.08
Nov. 22
The American Iron and Steel Institute on
July 5 an¬
nounced that telegraphic reports which it had received in¬
dicated that the operating rate of steel companies having
98% of the steel capacity of the industry will be 22.4% of
capacity for the week beginning July 4, compared with
28.7% one week ago, 26.2% one month ago, and 67.3%
one
year ago.
This represents a decrease of 6.3 points,
or 21.9
% from the estimate for the week ended June 27, 1938.
Weekly indicated rates of steel operations since May 24,
1937, follows:
1937—
May 24
May 31
7
June 14
industry probably would
fair augury of a moderate
upward trend
and consumers have got their
was
12.92
Dec. 21
June
have been lower this week,
owing to the usual holiday influences, but with
the confusion that has resulted from
price and basing point changes, a
panies
Mar. 30
17.75
1927
13.14
Basing Points
regarded
21.92
1930
49.502.907
any
Low
$11.00
1932
Percent&ge8 of capacity operated are calculated on weekly capacities
of 1,341,856 gross tons based on
annual capacities as of Dec. 31, 1937, as follows:
Open-hearth and Bessemer Ingots, 69,964,356 gross tons.
Under
Jan.
4
1933
e
of
Chicago.
1934
4.42
7,020,310
Benefit
on
1
No.
heavy melting steel
quotations at Pittsburgh. Philadelphia
and
$14.00
1936
4.29
to
Based
17.42
1938....
4.43
Steel Business Dull—Consumers
11.00
Scrap
High
39.00
Total..
$12.08
3
1935
1,089,297
Fourth quarter
Gross Ton
1937
83.09
25.37
a
One week ago
One month ago
One year ago..
4.43
42,482,597
December.
$19.61
1930
4.42
September-
1,030,838
1,101,089
1,002,221
July
9
Steel
83.83
Low
June 21
Mar.
1932
25.87
August....
average ol basic Iron at Valley
foundry irons at Chicago,
Philadelphia,
Buffalo,
Valley,
and
1933
13.01
First six months
on
furnace and
1935
4.29
14,407,499
1
1934
4.43
Second quarter
29
1936
4.29
May.
1,182,020
1,162,959
975,460
Nov,
1937
12.86
5,070,867
Oct.
2.212c.
1938...2
4.43
14,351,461
1.962c,
High
4.00
April.
July
Based
4.43
1,065,110
1,103,675
1,177,952
7
4
23.25
One month ago..
One year ago
February.
2
Mar. 15
Pig Iron
25.87
January.
May
1.870c.
Jan.
1.953c.
13.01
First six months.
1.792c.
6
Apr. 24
1933
Second quarter..
2
3
Jan.
1927
Jan.
Oct.
1930
June.
2
8
Sept.
1932
May.
1,925,166
1,806,805
April.
6
June 21
1937—
91.0% Sept.
7
77.4% Sept. 13
76.2% Sept. 20
76.6% Sept. 27
June 28
75.9% Oct.
75.0% Oct.
11
July
5
67.3% Oct.
18
July
12
4
July
19
82.7% Oct. 25
1
82.5% Nov.
July
26
84.3% Nov.
Aug.
2
Aug.
9
Aug. 16
8
85.5% Nov. 15
84.6% Nov. 22
83.2% Nov. 29
Aug. 23_____83.8% Dec.
Aug. 30
84.1% Dec.
6
13
1937—
1938-
71.6%
Dec.
20
23.5% Mar. 28
80.4%
Dec.
27
19.2% Apr.
4
Apr.
11
32.7%
18
25
32.4%
32.©%
2
30.7%
76.1%
74.4%
66.1%
63.6%
55.8%
52.1%
48.6%
41.0%
36.4%
31.0%
29.6%
27.5%
27.4%
1938—
Jan.
3
Jan.
10
35.7%
32.6%
Jan.
17
25.6% Apr.
27.8% Apr.
29.8% May
Jan.
24
32.7% May
9
30.4%
Jan.
31
30.5% May 16
30.7% May 23
31.0% May 31
6
30.4% June
29.3% June 13
30.7%
Feb.
7
Feb.
14
Feb.
21
Feb.
28
Mar.
7
Mar. 14
Mar.
29.9%
32.1%
.29.0%
26.1%
26.2%
27.1%
June
20
June
27
28.0%
28.7%
5
22.4%
21.....33.7% July
Volume
"Steel" of Cleveland, in its summary of the iron
markets,
July 4, stated:
on
Copper
and steel
The increased buying interest in domestic copper
"
ance
Until
connected
uncertainties
pricing methods
with
the
radical
being put into effect
now
can
changes
and
prices
in
be cleared little effect on
buying will follow the heavy cuts in prices of steel products and pig iron.
Not only have prices been reduced $4 per ton on pig iron
and
even
more
industry is
on
following
changes
Steel users have
readjust to the new conditions and, in fact, in many cases
they will be able to obtain the
do not know from what producing center
changes going into effect, except for urgently
result of the multiple
needed
material
In some cases orders
at a standstill.
been
buying has
have been placed subject to pricing later,
when the situation clears.
Whether increased buying will be felt within a short time as a
the
new
Some observers believe now that
low prices is not now apparent.
reductions have been made, the
pectation of
a
restraint evident for several weeks in
cut in prices may release some pent-up
of inventories is
another factor that may
tonnage.
bring better orders.
probability of automotive demand in¬
these general considerations is the
creasing shortly and some influx of orders as a result of goverment spending.
Building industries
showing some important tonnages, 2,700 tons
are
being placed for the General Motors building at the New York World's Fair
closed by the United States engineer at San Fran¬
and 10,699 tons has been
has been placed
Tunnel work at New York requires
by the same agency.
5,250 tons, bids July 19.
A few scattering orders
of rails
have
for cars and locomotives and one lot of 500 tons
27,594 tons
totaling
booked
was
Kennecott
Copper
consumers
believe
copper over
29.
The
week is
Cleveland 23, Buffalo 28, Birmingham 42 and Detroit
holiday Monday will cut production considerably and the rate this
The daily rate
13.5% in daily average and 16.3% in
June
was
months
35,186 gross tons, the lowest since December,
was
Total tonnage produced in
1,055,597 tons, compared with 1,260,937 tons in
cumulative
this
tonnage
year
is
in
65 blast furnace stacks were in operation,
For five
May.
At the
compared with 73
May.
Steadily advancing prices of steelmaking scrap at
composite price of scrap at
the same time the other two composites dip
The composite of scrap grades advanced 70 cents, to $12.16
considerably.
per
the same time finished
being marked down furnishes a sharp increase in the
steel and pig iron are
ton, the second consecutive rise
after a long period of decline.
The
finished steel composite is $57.20, which is
$4.50 below the $61.70 at which
months.
The iron and steel composite,
it remained stationary for
many
finished steel components, is at
$36.29, a loss of $2.22 from the preceding week.
Automobile production last week was 40,945 cars, almost exactly even
with the 40,918 turned out the preceding week.
General Motors made
16,900, compared with 16,950; Chrysler 5,945, compared with 6,095; Ford
12,810, a drop from 13,810; other makers made 5,290 against 4,063 the
preceding week.
Due to
a
21,225
tons
May shipments were 20,419 tons, compared
April.
For
April.
in
five months the cumulative total?was
102,242 tons, compared with 225,158 tons in the same
decline of more than
period last year, a
Belgium led all other sources in tonnage in
50%.
May and in the five months, France and Germany being slightly
behind.
week ended July 4, which
downs over Independence
Day, a recognized holiday in the steel industry, is placed at
24% of capacity, according to the "Wall Street Journal"
of July 7.
This compares with 283^% in the previous week
and 273^ % two weeks ago.
The "Journal" further stated:
U. S. Steel is estimated at 22%, against 28 %% in
two
weeks
the differential
on
between the c.i.f.
The action of the London market in
firm at 9%c.
was
expected to have a strong influence on the
the next few days is
with approxi¬
week and 27%%
two weeks ago.
Lead
in the
the quotation
4.50c. to 4.75c., New York, and on July 6 another increase, to 4.90c.,
York, was made.
These quotations were also the contract settling
of the American Smelting & Refining Co.
Sales on open-market
Insistent
demand
for
by consumers brought two increases
lead
On June 30, producers raised
holiday week totaled 10,931 tons, against
the previous week and 9,206 tons two
well
The
diversified.
trade
a
comparison of the percentage of production
of previous years, together with the
approximate changes, in points, from the
■
11,567 tons in
Buying continued to be
June shipments will be between
weeks ago.
estimates
28,000 and 30,000 tons.
Helena lead smelter, in Montana, of the American
as a
;
factor heading for a tighter
July 6 at the East
on
Smelting & Refining Co.,
situation in lead intake for that company.
The market closed firm July 6 at 4.90c., New York, and 4.75c.,
St. Joseph Lead sold its own brands in the East at a premium.
St.
Louis.
July
of one-quarter
cent.
Before the price advanced, however, a fair tonnage sold at 4.50c.,
which accounts for the range in our quotation for that day of 4.50@4.75c.
Beginning with July 2, the price became firmly established at 4.75c.
Sales
by the Prime Western division for the week ended July 2 totaled a little
under 7,000 tons, against 17,680 tons in the week previous.
Zinc con¬
centrate advanced in the Joplin market to the basis of $30.50 per ton for
Though buying of zinc has moderated, offerings were light, and on
1 producers raised
the price to 4.75c., St. Louis, an increase
jig;, following the rise in the price of the metal.
week immediately preceding:
'
Industry
U. S
Steel
- :
Tin
improved sentiment in
the
market for a fair tonnage.
Since July 1, inquiries have increased, and on
July 1 between 200 and 300 tons of tin were sold.
Good business was
Higher tin prices during the last week reflected
Wall Street on prospects for
also reported on
and
good fall business, and buyers came into
July 2, just before the holiday.
the end of June, including the Eastern
Arnhem carry-overs, amounted to
29,061 long tons, according to the
This compares with 27,909 tons a month previous
and 23,291 tons a year ago.
United States deliveries for June totaled
4,205 tons, against 4,275 tons in May, and 6,645 tons in June last year.
Chinese tin, 99%
was nominally as follows: June 30, 41.600c.; July 1,
Commodity Exchange.
,
Average
July 5, 42.100c.; July 6, 42.100c.
July 2 are: Domestic copper
8.942c.; export copper, 9.075c.; Straits tin, 42.938c.; New
4.625c.; St. Louis lead, 4.475c.; St. Louis zinc, 4.563c.; and
prices for calendar week ended
f.o.b. refinery,
York lead,
silver, 42.750c.
DAILY
July
July
Independents
Zinc
Lead
Tin
St. Louis
St. Louis
New York
8.775
9.050
43.000
4.75
4.60
4.50
1
9.275
9.200
43.125
4.75
4.60
4.00@4.75
2
4
9.275
9.250
44.000
4.75
4.60
4.75
Dom.,Refy. Exp., Hefy.
July
Straits
New York
June 30--.--
July
QUOTATIONS)
PRICES OF METALS ("E. & M. J."
Electrolytic Copper
July
The following table gives
domestic
quotation.
the week before and
mately 25%%, compared with 28%% in the preceding
with the nearest corresponding week
September
July 1 of 50c. per long ton,
basis and the f.o.b. refinery quotation
export business has been revised to 0.325c.
The undertone
Leading independents are credited
ago.
optimistic anticipated.
41.725c.; July 2, 42.600c.; July 4, holiday;
Steel ingot production for the
reflects in part at least the shut
28%
As
buying confidence returned.
reduction in the ocean freight rate on
The world's visible supply of tin at
continued in May, following
Downward trend in steel and iron imports
with
actual consumption of
proportion of the tonnage booked last week was for
containing both rising scrap and falling
the small upturn in
Most
1.
Utah property on Aug.
moderate uplift in
7,925,948 tons, compared with
19,771,335 tons in the corresponding period of 1937, a loss of 60%.
end of June
a
The industry views the labor strike announced
40,675 tons in May.
1934, compared with
even
forward delivery.
expected to be several points lower.
tonnage.
that
The buying movement was larger than even the most
A substantial
business for the
change at Wheeling 38, Eastern Pennsyl¬
Pig iron production in June lost
July 1, announcement was made that plans
the remainder of the year alters the outlook completely.
basis
vania 27,
held throughout
As this important producer
seller.
liberal
a
it became evident that 9c. was bottom,
soon as
New
14 points to 2823%, Youngstown 4 points to 28 and St. Louis
was no
of 934c., which figure
been completed for reopening its
Pittsburgh lost 2 points to
There
was
raised its quotation on
have
open-market
5)
(July
Tuesday's
tons.
the basis
'7
points to 27%, New England 8 points to 23 and Cincinnati
3 points to 33.3.
65,483
on
July 6.
from
unchanged at 28%.
On June 30,
(July 1 and July 2)
with Friday and Saturday's
sold,
were
transactions
Chicago gained 2.5
national rate remained
influence the quota¬
after some metal sold at 934c., the
price quickly moved up to 934c. under very heavy buying.
week showed little variation in most centers
Steel mill operations last
Phelps Dodge advanced to 9%c.,
30,
day at that level were too small to
On the following day, however,
price during the last week.
but this has not been pushed actively.
and the
On June
anticipated.
but sales for that
tion.
expected from the Pennsylvania railroad for its car and locomotive pro¬
gram,
than
The activity brought about quicker action price-
buying.
Some tonnage is
contributions by railroads.
been the only
wise
One order for 7,721 tons of reinforcing bars
cisco for work in California.
in the
ex¬
Depletion
Added to
in the week totaled
Sales
wave.
115,886 tons, with both affiliated fabricators and independents well repre¬
first
result of
buying
full-fledged
a
business
'
best price and delivery.
a
basing
of new
establishment
points and elimination of differentials formerly existing.
As
and $3 to $7
of
that made its appear¬
during the last seven days to the
in the preceding week blossomed out
dimensions
sented
but the geography of the steel
finished steel products,
undergoing
not had time to
199
Financial Chronicle
147
9.250
Holiday
Holiday
Holiday
Holiday
9.525
9.625
43.500
4.75
4.60
4.75
9.525
9.625
43.500
4.90
4.75
4.75
9.275
9.333
43.425
4.78
4.63
4.675
Holiday
5
6----.
Average
week ended July 2 are: Domestic copper f.o.b. refinery*
9.075c.; Straits tin, 42.938c.; New York lead, 4.625c.; St.
Louis zinc, 4.563c., and silver, 42.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zone 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.
Average prices for calendar
1938
24
-4 %
22
—6
1937
70
—5
80
—6
—5%
61
—4
32
25 %
1936
65%
1935
34
1934
23%
1933...
—21 X
24
X
i
—3
62
—4 X
—5X
69
—3
-
35
23%
-16
—6
—5
—25%
53%
+ 1%
61
+1
1931
32
—IX
32 J4
—IX
32
_-1
45
+2
:
Not available
1932
1930
59
—5
64
—5
55
—5
1929
93
—1
96
—1
90
—1
1928
71
—1
75
68
—1
1927
66%
—1
69
64
—1
Non-Ferrous
Metals—Domestic
—1
Copper
Advanced
Heavy Sales—Lead and Zinc Higher
"Metal and Mineral Markets," in its issue of July
9%c.
8.942c.; export copper,
Louis lead, 4.475c.; St.
to
Daily London Prices
on
Copper, Sid.
7,
reported activity in non-ferrous metals continued last week
at an exceptionally high rate, with sales of copper the largest
in volume since October, 1936.
Prices recovered substan¬
tially from the depression levels of a few weeks ago.
Do¬
mestic copper advanced to 9%c., Valley, a net gain
of
three-quarters of a cent.
Lead, on July 6, closed at 4.90c.,
New York, a gain of 40 points for the week.
Prime Western
zinc advanced 25 points.
The publication further reported:
Copper
Zinc
Lead
Tin, Std.
Electro,
Spot
3M
June 30
37%
38*u
July
1
38h«
38%
July
4
5
6
39®j«
39%
40%
40%
July
July
39ui«
40%
Spot
3M
Spot
3M
15
15
14*16
14*18
189%
lfihi
15*16
14%
195%
141*18
15»i6
14h
195%
15%
15*16
14*16
141*16
194%
15*16
157,6
14%
14»u
3M
(Bid)
Spot
42
189%
190
42%
188%
44
194
44%
194
193%
44%
prices.
All are in pounds
14*16
for the first session of the
the official closing buyers'
sterling per long ton (2,240 lb.).
and zinc are the official buyer's prices
London Metal Exchange; prices for copper and tin are
Prices for lead
14%
Financial
200
Chronicle
July
1938
9,
Current Events and Discussions
The Week with the Federal Reserve Banks
increased
balances
bank
reserves arose
obligations
7
reserve
$33,000,000.
Additions to member
from decreases of $94,000,000 in Treasury
banks.
guaranteed by
fully
$15,000,000
ended July 6 member bank
During the week
New
in
York
Government increased
all reporting member
States
United
the
$7,000,000
City and
at
declined $47,000,000 in New York
Holdings of "other securities"
City and $48,000,000 at all reporting member banks.
Demand
.
with Federal Reserve banks and $8,000,000 in
nonmember deposits and other Federal Reserve accounts
and increases of $13,000,000 in Reserve bank credit, $5,000,000 in gold stock and $3,000,000 in Treasury currency,
offset in part by increases of $86,000,000 in mpney in cir¬
culation and $4,000,000 in Treasury cash.
Excess reserves
of member banks on July 6 were estimated to be approxi¬
mately $2,990,000,000, an increase of $90,000,000 for the
for
week.
deposits-adjusted
New
in
$90,000,000
increased
York
City,
June 29.
deposits
The statement in full for the week ended
on pages 228 and 229.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
Increase
(+)
-.v. .'..V:
:■
.
s
advances
(hot
A
of the principal assets and liabilities of the
summary
$
—1,000,000
Commercial, industrial and agri¬
+1,000,000
Total Reserve bank credit2,603,000,000
Gold stock—.
^-—12,967,000,000
Treasury currency
2,715,000,000
+13,000,000
+25,000,000
+ 5,000,000
+ 591,000,000
+ 3,000,000
+ 20,000,000
340,000,000
—8,000,000
652,000,000
+12,000,000
—795,000,000
583,000,000
+3,000,000
—131,000,000
+163,000,000
+1,000,000
—9,000,000
+15,000,000
+3,000,000
—531,000,000
brokers and dealers in
Loans to
securities
......
—
purchasing:
for
loans
Other
or
carrying securities
Real estate loans
1,160,000,000
113,000,000
1.537,000,000
......
Loans to banks
Member bank reserve balances
Money In circulation
8,074,000,000
.
—
Treasury cash
+33,000,000 +1,247,000,000
+ 86,000,000
—10,000,000
+ 4,000,000 —1,208.000,000
—94,000,000
+ 669,000,000
6,514,000,000
.
_
2,303,000,000
..
Other loans
..................
fully
by
guaranteed
624,000,000
...
+ 81,000,000
—8,000,000
+
of Member Banks in
Returns
New York
City and
Demand deposits—adjusted
465,000,000
—151,000,000
+ 4,000,000
—82,000,000
—10,000,000
+ 5,000,000
5,239,000,000
United States Government deposits
+ 764,000,000
—296,000,000
+1,000,000
Inter-bank deposits:
System for the New York City member
banks and also for the Chicago member banks for the cur¬
+100,000,000
—3,000,000
—18,000,000
15,036,000,000
Time deposits...
Below is the statement of the Board of Governors of the
Reserve
Reserve with Fed. Res. banks
Liabilities—
Chicago—Brokers' Loans
Federal
+ 7,000:000
+336,000,000
—48,000,000
—95,000,000
+126,000,000 +1,174,000,000
+ 20,000,000
+114,000,000
+ 6,000,000
+ 632,000,000
2,415,000,000
United States Government.....
Other securities
Non-member deposits and other Federal Reserve accounts..
1.488,000,000
2,982,000,000
6,574,000.000
417,000,000
Balances with domestic banks
770,000,000
+14,000,000
—12,000,000
7,770,000,000
U. S, Govt, direct obligations
Obligations
....
Cash in vault
Treasury deposits with F. R. bank..
—395,000,000
—127,000,000
3,936,000,000
...
Open market paper......
—6,000,000
+15,000,000
June 30, 1937
$
—11,000,000 —1,729,000,000
+42,000,000 —1,439,000,000
investments—total....20,561.000,000
i
8,321,000,000
Loans and
(—)
Decrease
or
June 22, 1938
$
Loans—total
cultural loans
16,000,000
14,000,000
-----
week
Since
Assets—"
—3,000,000
+38,000,000
(+)
Increase
'."v. *■■■'',^
Including
$13,000,000 commltm'ts—July 6)
Other Reserve bank credit
banks amounted to $1,000,000 on
reporting member banks, together with changes for the
and year ended June 29, 1938, follows:
$
........
during the
reporting member banks showing a net decrease of $10,000,000.
Borrowings of weekly reporting member
June 29,1938
—5,000,000
and Government deposits
$3,000,000
Deposits credited to domestic banks changed relatively little
week, all
v.
—2,000,000
1,000,000
2,564,000,000
,
U. 8. Government seourlties
Time deposits declined
July 7, 1937
$
8,000,000
i..........
Bills bought
Industrial
June 29, 1938
week.
the
$18,000,000.
(—)
Decrease
or
Since
Bills discounted
district, all reporting member banks showing a net increase of $100,000,000
July 6, will be
found
July 6, 1938
$37,000,000 in the Chicago district, $17,000,000 in the Cleveland district,
and $11,000,000 in the Boston district, and declined $69,000,000 in the
New York district outside New York City and $11,000,000 in the Richmond
5,780,000,000
Domestic banks
320,000,000
Foreign banks
Borrowings
1.000,000
-
rent
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL RESERVE CITIES
Spanish Insurgents Push Drive
Important Highway Point
(In Millions of Dollars)
-New York City
Chicago
Civilian
'
July 6,
June29,
July 7,
July 6,
June29,
July 7,
1938
1938
1937
1938
1938
1937
Assets—*"
$
Loans and Investments—total..
*'
of
S
$
'"
%
''
Plan
Seek
Centers—British
In¬
End
to
surgent Attacks on Their Ships
'r
Industrial
Spanish
insurgent
Mediter-
the
along
advanced
troops
7,494
2,968
7,552
8,417
4,000
1,797
511
1,813
525
1,963
3,000
666
ranean
1,463
Loans—total...
Commercial
$
Valencia—Capture
Burriana—United
on
States Ambassador Bullitt Denounces Bombings of
1,504
1,721
335
344
436
designed to capture the loyalist capital, and reported marked
and
agricultural loans
Valencia
toward
coast
this
week,
Open market paper
130
129
164
16
16
537
520
1,207
25
26
49
success
195
201
279
67
68
78
highway point 20 miles north of Sagunto.
14
had been encamped
a
drive
new
27
Loans to brokers and dealers.
in
Other loans for purchasing or
carrying securities-Real estate loans
118
Loans to banks
134
118
12
12
92
Other loans
U. S. Gov't obligations
86
73
1
1
2
433
___
442
422
55
58
60
2,844
2,885
3,006
859
864
684
678
429
123
122
95
998
989
982
304
302
291
Reserve with Fed, Res. banks—
945
946
583
3,277
3,339
2,462
Cash in vault
53
58
52
36
35
30
Balances with domestic banks..
Other assets—net..
72
71
68
209
216
156
482
491
460
49
50
60
Demand deposits—ad justed....
Time deposits
6,115
6,277
6,011
1,517
1,550
655
742
465
464
455
United States Govt, deposits...
Inter-bank deposits:
110
109
248
81
87
2,435
2,402
1,985
703
688
279
282
592
7
6
4
Other liabilities
543
7
might be ended, Prime Minister Chamber¬
lain told the House of Commons on July 7 that Great Brit¬
ain had demanded further
cisco
Franco.
Franco's
berlain
308
said,
The
301
402
17
20
19
1,485
1,475
246
245
conferring
239
Sir
Member
Banks
of
the
Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
selves
and
the
figures for
covering
the
same
the
Reserve
banks
them¬
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
commends of the Board
of Governors of the Federal
Reserve System respecting the
returns of the entire
The condition statement
a
decrease of
"Other
Holdings
of
$26,000,000 in
banks, and
loans"
United
increased
States
$14,000,000 in New York City.
Government
direct
as
much
being considered.
is
obligations
declined
City and $12,000,000 at all reporting member
increased $17,000,000 in the Cleveland district.
Holdings of
M.
examining Franco's proposal to make the Gov¬
"immune
an
port"
daye,
British shipping interests,
Hodgson,
British commercial
London
to
in
rise
gave
belief
to
attitude
for British ships and is
and
Franco's
with
England
that
intends
Chamberlain's
to
Sir
hold
insurgent
in
explanation,
Franco
until
the Prime Minister
agent
The
answers.
Cabinet
Robert
at
said.
Spain
Chamberlain
is
new
with
displeased
home
as
a
dis¬
British
gesture
^
in Spain was reported in the "Chronicle"
25, page 4034. Associated Press advices from Hen-
of June
war
the Franco-Spanish
on
progress
border, July 4, described the
of the insurgent advance as follows:
;
Insurgent dispatches declared "new positions of great importance" were
captured in the drive, which took Generalissimo Francisco Franco's forces
seven
one-half
and
miles
forward
strategic Teruel-Mediterranean
southeast of
The
Teruel
insurgent
and
a
over
highway.
included
conquests
10-mile
Puebla
miles from the
56
de
front
south
Valverde
is
the
of
13
miles
Mediterranean
by the highway.
[previously reported cap¬
Aldehuela
tured], three miles from the highway and eight miles northwest of Puebla
de
Valverde, and the region about Cubla, four miles south.
other
the
in
dragged
battlefield
a
near
region devoid
heavy
bombard
guns
General
up
Jose
Puebla
de
Valverde
the
natural
So
in the
At
mule tracks winding amid
Miaja's lines.
armies
Rocks
gray
faced
granite rocks
afforded the militiamen
away
each
The insurgents
to
their
at these formidable
defenses.
difficult
was
the terrain that tanks,
preliminary fighting,
the eastern
Sierra
de
end
Espadan,
a
of
were
slowed
the front the
range
William
an
which had played
a
leading role
up.
belligerents
were
deadlocked in the
about 30 miles north of Valencia, where the
government recaptured the strategic
in
two
of roads and human habitation.
only shelter, and planes roared overhead to blast
New York
also
it with
disapproval.
On
$48,000,000 in holdings of "other securities."
Commercial, industrial and agricultural loans increased $9,000,000 in
the Boston district, $3,000,000 in New York
City, $4,000,000 each in the
Chicago and Minneapolis districts, and $20,000,000 at all reporting member
banks.
"humanizing the warfare
suggestions for
were
remain
The civil
of
weekly reporting member banks in 101 lead¬
ing cities shows the following principal changes for the week ended
June 29:
Increases of $20,000,000 in
commercial, industrial and agricul¬
tural loans, $14,000,000 in ''other
loans," $126,000,000 in reserve balances
with Federal Reserve banks, and
$100,000,000 in demand deposits-adjusted,
and
will
action
body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business June 29:
on
ordered
was
Franco's
of
with
follows:
as
of Almeria
port
Robert
closed,
of
contained
Government
Press
previous British protest against the attacks, Cham¬
a
which
ernment-held
who
Returns
reply to
possible"
explanations from General Fran¬
London advices of July 7
Associated
.
1,476
Capital account
vessels in Medi¬
terranean waters
as
Foreign banks
Borrowings
taneously
just outside Burriana since the capture
As the British Government sought some method whereby
35
Domestic banks
important
an
Insurgent troops
June 17.
on
described the statement
Liabilities—
July 5,
on
the series of bombings of British merchant
1,494
655
Villarreal
of
911
United States Government..Other securities
Obligations fully guaranteed by
Complete
through the fall of Burriana
Pena
Negra
Massif.
C. Bullitt, United States Ambassador to France,
American Independence Day observance at Paris,
Volume
Financial
147
deplored bombings of civilian centers such as have occurred
in Spain.
V
V -"vv•--■•■■V
A
♦
'
Japanese Capture Strategic City of Hukow and Near
Chinese Provisional Capital—Chinese Claim Sink¬
ing of Japanese Aircraft Carrier—Reported Peace
Plan—Terrorism in Shanghai Marks First Anni¬
versary of Conflict
f
The Chinese provisional capital of Hankow was
this week
menaced
announced on July 5 the capture
of the important city of Hukow by Japanese troops advanc¬
ing toward Hankow.
With the capture of Hukow the
invaders reached within 160 miles of the capital and were
the Japanese
as
only 100 miles north of Nanchang, China's major air base,
where Japanese said 51 Chinese planes
had been destroyed
by Japanese aerial raiders.
Meanwhile, Chinese air force
officials had announced on July 4 that Chinese bombers had
sunk a Japanese aircraft carrier during a raid on a con¬
centration of Japanese warships in the Yangtze River near
Anking.
from
ports.
A number of foreigners are still resident in Kiukiang,
and
A
2, it was reported, by Chinese members of the
Peiping 'Provisional Government and their Japanese advis¬
ers.
Associated Press accounts from Peiping, July 2, from
July
Japanese
the
most
It
admitted
was
the
also had the following to say:
plan had little
Chinese Government of Generalissimo
to be
indication of the basis
an
the conflict, now only five
Japanese sources
spheres of influence
on
terminate
days from its first anniversary.
first-line
bond
bid
a
for
issue
The five autonomous States envisaged by the
North
aircraft
The
been
have
Chinese
the
draft plans
said to be:
were
Japan's
Wang,
Mongol
Province.
Japanese-dominated Nanking
the
China—Under
East
Gov¬
"Reformed
China—Under
South
combination
a
Kwangtung-Kwangsi
of
The
daily bombings of Japanese vessels
frequently destructive effect, according to air
continue their
planes
with
plan
said
was
to
provide
for
1
/
arrival
Little Hope of Peace Talks
.
of
Saturday
here
Clark Kerr, amid
John
Kerr
Chinese officials,
Valley, including Shanghai.
lows :
shot dead in the defense sector of the
by United States Marines.
The marine
guard in that zone was immediately doubled. The victims were the first
Japanese casualties in the sector since the outbreak of the war.
Japanese troops in Alabaster Road shot dead a Chinese man and
Two
civilians
Japanese
Settlement
International
wounded
three
soldiers.
A Japanese
Chinese
Two
assailant.
men
were
guarded
after
women
riding in
were
bombs
two
shot down
on
been
had
at
thrown
the
The outbreak of violence started
the Bund.
early in the day and spread quickly.
hospitals.
bombs
Two
Szechuen
and
Road
off
moored
thrown
were
Bund
the
on
bomb
a
that
Other
Bridge.
Bund and
the
the
at
a
branch
proved
to
bombings
of
the
be a
Yokohama
dud
damaged
was
Specie
city-owned
a
Bank
hurled at the
offices
and
Toward
Action
'
7."
Act to Protect Interests in
The
last referred to in the
Associated Press Shang¬
advices of July 5, reporting the capture of Hukow, said:
was
June 27 revealed that they
the strategic
had agreed
This week it was
off the South China coast, and
together to avoid
"complications."
French Government had
the
of
Governments
told Japan
land
on
and
troops
that
warning,
and
a
France's readiness to stand
confirmed
Paris
the island of Paracel, near
on
Commons
of
House
that
if
Foreign Office spokesman in
with Great Britain. The two
she persisted in
Great
disclosure was made
The
in the Commons as
Ambassador,
British
the
Sir
Robert
L.
dispatches from Tokio said
Craigie, spent a half-hour
Anglo-Japanese relations with the Japanese
Ugaki.
Hainan is opposite Northern French Indo-China, and lies close
route
between
Hongkong and Singapore, Great Britain's Far
discussing
in
today
reported that Japanese troops tried on Sunday to land on the
were repulsed
by machine-gun fire.
Butler's disclosure to the House of Commons answered a question
Chinese
but
Mr.
from
Graham whether the Government would
active assistance of His Majesty's
Alan
Captain
French
they "will have the
in
Hukow's
outer
military
defenses,
officials
said, the city's capitulation was almost bloodless, the Chinese withdrawing
leaving quantities of munitions.
forces
Japan's
whose banks
Anking
In
21
days ago.
addition
Chinese
the
were
the river
The
have advanced 70 miles up the mine-strewn Yangtze,
heavily defended by concrete pillboxes, since the fall of
to
piercing a protective boom of rock-laden junks,
to
at
Matowchen,
make
majority
way
the Japanese said,
they took
sunk by
207 mines from
forces
armed
they may consider necessary in order to restrain Japanese
from endangering the security of
French Indo-China by
occupation of Hainan
adjacent islets."
and the French Government," said Mr.
Ambassadors ' at Tokio, have made clear to the
forces and Government that they would regard any occupation
"through
Japanese
or
Government
Majesty's
"His
Hainan by
Japanese river
of the
rocky barrier which lies
fleet,
however, is still below the
25 miles downstream from Hukow.
offensive
guns
across
Lake
Poyang
against
Nanchang
and
an
overland
drive
Canton-Hankow railway, China's vital supply line.
from Hukow, is the next Japanese objec¬
at the mouth of Lake Poyang
still remain between the Japanese forces and Nanchang.
Translated, Kiukiang means "Nine Rivers."
Numerous waterways con¬
to
attempt to cut the
Kiukiang,
15
miles up-river
tive.
Formidable Chinese defense positions
verge
there.
The city lies 450 miles southwest of
ment
their
the Japanese forces as
calculated to give rise to
and
complications unfortunately arise,
the French Government would no doubt
any
support as appears
Shanghai and 135 by
warranted by the
undesirable
j
His Majesty's Govern¬
afford each other such
circumstances."
British Government would do its
States for efforts to bring about a
Replying to a question whether the
utmost to obtain support of the United
truce
between
Japan
"The Japanese
and
China, Mr. Butler replied:
Minister for Foreign Affairs as
publicly that he did not
recently as June 17 announced
think it possible for any power to
mediate between China
ready, either alone or in conjunction
with other powers, to use their good offices at any time in the hope of bringing about
a cessation of hostilities if this were agreeable to both parties."
*
capture of nine howitzers, four field guns, two anti¬
and much ammunition at Hukow.
.
.
Possession of Hukow gives the invaders a base from which to launch an
Japanese reported
aircraft
"Should
^"The^ritish
for their sweep inland.
assure the
Government
measures
any
complications.
pierced
to the
Eastern
strongholds.
hai
Japanese
Foreign
Minister, General Kazushige
of
the
reported intention to
a
Hainan there would result "undesirable complications"
Britain and France would act as the circumstances de¬
manded.
"Chronicle" of June 25, page 4035.
Once
landed a
Hainan. This
action was believed to be a precautionary move to prevent
any Japanese aggression in connection with Hainan.
In
reporting the Franco-British warning to Japan, Associated
Press advices of June 27 from London said:
Richard Austen Butler, Under-Secretary for Foreign Affaire, told the
small force
Butler,
Sino-Japanese conflict
Strategic Base
Japan not to attempt to occupy
had warned
and
V?;;
y >
of
Island
Off South China Coast
island
Imperialism and
"Remember
Down Japanese
Chinese Dead"
to Take
Hainan—
Britain Warn Japan Not
Great
Powers
Land Investment Company in Jinkee
Militarists,"
Japanese
July
Shanghai
Chinese to "Strike
"Remember the
the
exhorted
They
the
of
and
acceptable.
These demands are not
his government.
Aggressive
ferry
Japanese-owned dwelling in Macao Road.
Road
also were
bombed, presumably in retaliation for the company's having
rented a large part of the Broadway Mansions to Japanese. Another bomb¬
ing was at the Japanese-owned Kungdah cotton mills.
Thousands
of
pamphlets and handbills were shown from buildings.
The
result of the loss of Suchow
Yangtze Valley,, there is
prepared to accept any
terms the Japanese might
offer.
It is felt here that Tokio still wants
the virtual surrender and elimination of Generalissimo
Chiang Kai-shek
evidence
little
that
By mid morning reports of attacks on persons were being received steadily
at
prospects
settleemnt of the war
the Lunghai Railway and in the
that the Chinese Government is
along
reverses
jinriksha was shot dead by an unidentified
a
Sir Archibald
informed observers.
among
to act
of
anniversary
Ambassador,
British
has aroused little hope of a
also announced that the
Sino-Japanese hostilities was
celebrated on July 7, and on that date Chinese terrorists
in Shanghai launched a wave of violence that included
assassinations and bombings. A Shanghai dispatch of July 7
to the New York "Times" reported these incidents as fol¬
first
the
reports that he would discuss peace
Great Britain and France on
before the
France in South China.
The
immediate
Pengtseh, where they are
they encountered strong
Chinese troops.
fresh
from
island of Hainan,
lower Yangtze
advancing toward Hukow, the next
Japanese forces that are
spheres of
the following
World War.
the
Matang boom
to pick their
but large ships are unable to pass.
way across,
France
Germany in Shantung, where she had an economic foothold
in
into the heart of China appar¬
goal in the drive toward Hankow, have reached
said to have suffered heavy casualties when
Japan in North China and Inner Mongolia.
Britain
•"
along
force
'
penetration of the Japanese fleet
The
said
v-;■.1
being delayed by the difficulty in destroying the
the Yangtze.
The high water permits small boats
would be willing to recognize Chiang
Hankow regime if he would accept.
head of the
as
draft
■
She was reported to
ship.
cargo
Two other smaller ships were
ently is
influence:
Great
damaged.
Yangtze,
The
said Japan
sources
converted
a
was
600-pound bomb.
a
provincial
1
leaders.
Authoritative
F.
of
Government at Hankow.
China—Under the present Chinese
Central
Kai-shek
by
headquarters here.
and
of China."
reconstruction."
"refugee
for
While Chinese morale has suffered as a
friend, who heads
Mongolia federation with the capital at Kweihua, in Suiyuan
Teh
Mongolia—Under
the present
ernment
carrier
hit
been
have
present Peiping Provisional Government.
the
China—Under
Inner
$18,000,000
with
imminent.
Chinese air
the
of
Japanese aircraft carrier, said:
the
the
appeared
the aircraft
declared
planes
about
of
resistance
plan of imperialists of 40 years ago, when the break-up of China
the raid on Nanchang, one of
had dealt a knockout blow to
that
bases,
air
dispatch of July 4 to the New York "Times" from
Tillman Durin, at Hankow, after reporting the sinking
European
of China, giving the whole scheme a general resemblance to
conquest
and American
A
European Powers would be offered
acceptance of Japan's partial
that
indicated
as
which Japan would be glad to
Chinese
communique
the
acceptance by the
chance of early
Chiang Kai-shek, but it was believed
asserted
communique
important
of China's
one
destroyed represented almost all
defense, and said the victory
was
achived with only one Japanese plane missing.
It said the action
occurred yesterday, and that 45 of the Chinese planes were shot down in
dogfights and the rest destroyed on the ground.
Among the machines
shot down, it alleged, were planes of American, British and Soviet make.
v
Foreign advices said 50 Japanese planes dropped about 100 bombs on
Nanchang, which is 115 miles southeast of Hankow, and is the capital
of Kiangsi Province.
:
The Chinese Government announced immediate issuance of one-third of a
The
of
cross
which the foregoing is taken,
is
standing by to give protection if necessary.
air defense.
China's
•
Hankow, and
British gunboats are
to
plan for ending the Chinese-Japanese war by dividing
China into at least five autonomous units was being drafted
three greatest tea-shipping
airline
A
on
201
Chronicle
Government would be only too
Diplomatic quarters in London refused to go beyond Mr. Butler's state¬
on
Hainan.
Paris emphasized that there was no concentration of
ment
said the situation was "static."
preoccupations with Japan. In parliamen¬
tary questioning, Mr. Butler said Great Britain was watching closely
Japan's announced reorganization of railways in North China to see if the
result would "be seriously adverse to British interests" and intimated that
representations to Tokio were likely.
He said representations already had
been made to Tokio on the grounds that British shipping was unable to
obtain wharfing facilities at Tsingtao, Japanese-held port.
,;i
French
Great
warships near Hainan and
Britain also has other
202
Financial
Chronicle
Comparative Figures of Condition of Canadian Banks
building
In the following we compare
banks for May 31, 1938, with
the
fiscal
two
are
the condition of the Canadian
the figures for April 30, 1938,
THE
OF
CONDITION
OF
BANKS
OF
THE
DOMINION
OF CANADA
for
May 31, 1938 Apr. 30, 1938 May 31, 1937
Current gold and subsidiary coinIn Canada...
Elsewhere-——-—
Total.
5,201,421
4,483,038
10,199,360
Notes of other banks
52,185,613
189,130,979
6,416.259
—
United States & other foreign currencieson other banks
Loans to other banks In Canada, secured,
including bills redlscounted
made
with
and
balance
In
4,213,621
4,850,781
39,782,724
36,098,443
for
another
of
the
Signed
escalator
clause
of
the
1936
London
in effect by the protocol signed today, is considered a victory
by the United States, in aB much as the negotiations
24,109,707
86,898,985
89,378,871
marketable
value
182,377,283
12Z,612,<m
63,870,416
116,950,529
57.891,739
769,128,651
50,088,047
76,979,435
769,729,815
727,880,132
162,344,283
160,361,070
160,544,766
17,762,073
15,899,428
112,724,402
120,474,561
10,041,038
8,374,535
4.420,457
4,230,696
73,326,856
74,786,567
57,958,042
56,927,610
73,889,086
6,001,420
11,472,624
5,997,938
11,357,022
2,215,185
2,114,026
Liabilities of customers under letters of
credit as per contra
Deposit
with the Minister of Finance
for the security of note
circulation
Shares of and loans to controlled cos
Other assets not Included under
the fore¬
Liabilities
Notes In circulation
Balance due to Dominion Govt, after
de¬
ducting adv. for credits, pay-lists. Ac.
Advances under the Finance Act
Balance due to Provincial
governments
Deposits by the public, payable on de¬
mand In Canada
tons
regardless
that the alleged
continued
to
insist
treaty.
gentlemen's
in
agreement
of what
the
United
Japanese construction
of
the
bigger type does not directly affect any nation except the United States.
A
State
Department release accompanying the text of the protocol
that
"following the refusal of Japan to furnish information with
parties
to the
London
its plans
or
Naval
future
for
Treaty of
construction,
1936—that
the
from
limits of
the
announce
the
size
of
the
guns
treaty
size
new
of
in
for battleships,
retention
tone,
and
of
the
the gentlemen's
the
the United
is,
the battleship category."
45,000
It
to
depart
goes
16-inch
on
limit
agreement to
down
to
to
on
keep
40,000 tons for the time being.
Exchange Rules on Republic of Poland
8% Gold Bonds, Due 1950
The New York Stock
Exchange announced, as follows on
July 1, the adoption of rulings by its Committee on Floor
Procedure on the Republic of Poland
25-year external 8%
gold bonds, due 1950:
NEW
YORK
STOCK
July 1, 1938.
Notice
has
been
Republic of Poland
received
on
100,363,220
110,177,504
44,395,235
53,563,584
51,664] 135
669,938,337
45,455,485
687,101,740
after
699,566,400
1,625,497,864 1,630,544,534 1,573,466,165
404,306,127
397,716,805
420,124,173
to
17,793,793
18,285,737
11,665,189
11,165,714
12,270,310
15.437,036
44,039,547
41,899,014
285,049
3,319,842,99213,326,789,575
3,323,925,645
1,
1938,
on
to
an
offer published
therefrom at the rate
upon surrender of such
Floor
of 4
M%
per
on
July 2, 1938;
That the bonds shall continue to be dealt in "Flat"
and to be
of
carry the Jan.
annum
coupons.
Procedure rules that the bonds be quoted ex-
interest $21.25 per $1,000 bond
in settlement
by the
gold bonds, due 1950, may now receive payment
coupon
$1,000 bond)
per
The Committee
Exchange contracts
made
beginning July 2,
a
delivery
1938, must
1, 1939, and subsequent coupons.
ROBERT
L.
FISHER, Secretary.
Reference to the offer made by the Republic of Poland on
June 30, as noted in the
Exchange's announcement, ap¬
73,889,086
2,949,208
133,750,000
145,500,000
July
($21.25
pursuant
35,050.042
56,927,610
3,828,484
2,357,649
133,750,000
145,500,000
of the
that
June 30, 1938, holders of Republic of Poland
25-year
sinking fund external 8%
48,105,702
EXCHANGE
Floor Procedure
on
2,137,479
97,298,721
fixed day in Canada
Deposits elsewhere than m Canada
Loans from other banks In
Canada
secured. Including bills
redlscounted.
correspond¬
Kingdom
and "the
.II""
235,012
of" credit" "out¬
foregoing
40,000
at
1936
said
7,061,990
59,006,072
or on a
of the
temporary
a
New York Stock
3,331,522,866 3,337,320,115 3,334,228,395
.....
....
limit
theory
Committee
going heads....—...
Acceptances and letters
standing
Liabilities not incl. under
Dividends declared and
the
the
on
but Washington
limit
to
11,408,599
Real estate other than bank
premises
Mortgages on real estate sold by bank..
Bank premises at not more than
cost
less amounts (If any) written off
Elsewhere than in Canada
United Kingdom..
Bills payable..
keep
does,
8,649,331
vided for
ents In the United
States
12,182,634
8,426,704
4,448,280
73,617,862
cities, towns, municipalities
and school districts
Non-current loans, estimated loss pro¬
other banks In Canada
Due to banks and
banking
Europe to
Italy;
35,000-ton
amounts
108,864,005
10,035,596
to
Deposits made by and balances due
the
protocol
15",649]880
Loans to the Government of Canada
Loans to Provincial governments
payable
Germany and
from
States, Great Britain and France—mutually reached the decision
to
65,706,387
public,
with
race
release
regard to its naval construction,
cover
Deposits by the
tion of the naval race in
Europe, which had not at that time involved
competition in capital ships.
France apparently was anxious to avoid any
such
Powers
Elsewhere than In Canada
Other current loans & dlscts. In Canada.
Elsewhere
Total assets..
that time the British Navy, also
impressed by reports that Japan
building three super-battleshix»s, was willing to modify the: treaty to
the bigger ships.
However, France entered a protest in London
the ground that any such departure would
open the way for intensifica¬
was
87,867,025
177,547,517
123,337,745
123,899,962
secret trip to
a
winter.
permit
Today's
Government and Provincial
Government securities
1,148,028,856 1,155,050,331
1,131,995,947
Canadian municipal securities and Brit¬
ish, foreign and colonial public se¬
curities other than Canadian.
177,469,164
Railway and other bonds, debs. A storks
Call and short (not exceeding 30
days)
loans In Canada on stocks, deben¬
tures, bonds and other securities of
last
At
on
Dominion
sufficient
London
on
ents elsewhere than in Canada and the
United Kingdom
57,958,042
2,883,838
2,364,170
heads
unpaid
or reserve
invocation
opened when Rear Admiral Royal E. Ingersoll made
were
43,685,170
190,604,549
7,563,240
20,180,229
106,170,497
4,388,301
Due from banks and banking correspond¬
ents In the United Kingdom..
Due from banks and banking correspond
Rest
Act
and
more,
15.
the
fact,
treaty, put
9,995,824
due
from other banks In Canada...:
notice
two
decision, however, does not modify the Navy's desire to obtain two
nor does it mean any departure from the President's indicated
Protocol
4,826,999
46,905,579
195,729,138
5,392,803
22,830,561
118,088,119
24,950,867
108,518,420
Cheques
Loans
for
1938
9,
Supply
willingness to let the Navy have them at the earliest possible moment.
Dominion notes
Deposits with Bank of Canada.
a
Naval
for the position taken
Notes of Bank of Canada
Deposits
the
beginning tomorrow,
5,168,825
9,684,459
in
larger ships,
5
5,452,012
4,747,348
provided
are
provided for in the Second
about July
This
Assets
1939,
of
year
funds
Deficiency Appropriation Act, recently
signed by the President.
Today the Navy is standing on the statement
recently made at the White House by Admiral William D. Leahy, Chief of
Naval Operations, that bids on four 35,000-ton
battleships will be called
and May 31, 1937:
STATEMENT
July
initial
now;
fund
133,750,000
Capital paid up
145,500.0001
545,744
peared in
issue of July 2, page 37.
our
Payment Ordered
of
on
1957
'2,785,979
Total liabilities.
SiAe'nv,n'-the
,MUn"a
White, Weld & Co.,
City of Cordoba 7% Gold Bonds
by Argentine Court
fiscal agents for City of Cordoba
as
(Argentine) 7% external sinking fund gold bonds of 1957,
have received cable advice from their
Argentine counsel that
the Federal Appellate Court has affirmed the
judgment in
their favor for the August, 1937, service on the bonds and
has also reversed the decision of the lower
court which denied
attachment on the pledged revenues
pending final decision
in the suit recently
brought by the fiscal agents against the
an
Great
Britain
and
France
Join
creasing Limit for Size
Ions
Protocol Enables
of
United
States
Battleships
American
to
Navy
lhreatened
in
In¬
45,000
to
Meet
Japanese Competition
States, Great Britain and France
The United
and
on June 30
protocol at London
whereby, under the provisions
the 1936 naval
treaty the three Powers agreed to in¬
crease
the size limit of
signed
a
giving
the
battleships
American Navy
the
city for the principal of all outstanding bonds, it was an¬
nounced yesterday (July 8).
White, Weld & Co., it is stated,
are now
awaiting further details regarding these two decisions
to 45,000 tons,
authorization it has
thus
in
her
current
promised
to
agreement
for
lay
means
Europe and
time,
year's
give
under
its
estimate
notice
that
one
of
any
two
for
provided
will
not
exceed
intention
to
separate
yardsticks
Pacific.
the
In
meanGme President Roosevelt
to
put
a
acquition
speeding
up
of
of
numbers
already but
way
naval
may
fore, it has been decided
for
way
ships
at
of
the
craft,
has
today's
been
adopted,
United
States at
as
to
vessels
35,000
tons
earliest
designs
for
the
take six months
program,
or
slightly
more,
ahead
more
to
the
on
June 30:
of
acquisition
which
complete.
get six
STOCK
on
EXCHANGE
Floor Procedure
June 30, 1938.
Notice having been
will be made
of
battleships for which
to
YORK
Committee
of
them
under
that
payment
of the interest due
of $29.16
July 1, 1938,
per
$1,000 bond
on presentation for
and until further notice the said bonds shall be dealt
in "Flat" and to be
a
delivery must
carry the July 1, 1938 ($29.16 paid), and subsequent
coupons.
The Committee further rules that in settlement of all
are
There¬
received
on account
stamping of coupons from Austrian Government International Loan
1930
sinking fund 7% gold bonds, due 1957:
The Committee on Floor Procedure rules that
beginning July 1, 1938,
Exchange
contracts
in
said bonds on which interest
ordinarily would be computed through
July 1, 1938, interest shall be computed up to but not including
July 1, 1938-.
ROBERT
navy
Exchange
may
the plans already completed
and
following announcement regarding rulings of the Com¬
on Floor Procedure of the New York
Stock Exchange
bearing on the Austrian Government International Loan
1930 sinking fund
7% gold bonds, due 1957, was issued by
requires.
45,000-tonners,
or
to\take advantage of
The
mittee
NEW
Vessels
new
Austrian Government International Loan
7% Gold Bonds, Due 1937, Adopted by New
York Stock Exchange
any
and his leading naval advisers have
of
on
of the judgment for last August's
expected.
one
possible moment, leaving it for the next
Congress to
budget carrying funds for two
high-speed super-battleships.
35,000-ton ships, the North Carolina
and
the Washington,
are
approve a
Two
for
and
roughly of the 35,000-ton type.
only immediate step to be taken under
the new authorization will
The
under
the
tons,
capital
arger ships.
The result is that all six of
the
Congress has provided initial funds
are to be
be
have
effect,
President Roosevelt's Action
^
larger
ship replacement or
navy expansion
45,000-ton ships, as the situation
in the Pacific
down
decided
40,000
build
be
1930
new
.
to when payment
can
Rulings
been
seeKing to meet reported
Japanese naval construction.
The
pact was reported as
follows in a Washington
dispatch
ot June 30 to
the New York
"Herald Tribune":
sj"ce Great Britain has stated that the two capital ships
as
service
An item
of
L.
FISHER, Secretary.
concerning the interest due on the Austrian loan
1930 appeared in our
July 2 issue, page 36.
Volume
Financial
147
New York Stock
Exchange Rules on Kingdom of RouMonopolies
Institute
7%
Gold
Bonds,
mania
Stabilization and
Development Loan of 1929
notification recently sent by the
City Bank Farmers Trust Co., New York, to the holders of
Kingdom of Roumania Monopolies Institute 7 % guaranteed
external sinking fund gold bonds, Stabilization and Develop¬
ment Loan of 1929, due 1959, the New York Stock Exchange
has adopted several rulings affecting the bonds.
Reference
to the proposed offer was made in our June 25 issue, page
4036.
The rulings of the Stock Exchange were announced
as follows on July 1:
YORK
STOCK
Committee
on
Curb
Exchange during the week amounted to 444,190 shares,
trading for their own account was 18.37% of
transactions, which compares with a percentage of
19.66% in the preceding week ended June 4, when member
trading amounted to 154,640 shares and total transactions
the member
EXCHANGE
393,250 shares.
The data issued by the SEC is in the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress in June, 1936, on
the "Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer."
The figures for the
week ended June 4 were given in our issue of July 2, page 38.
In making available the data for the week ended June 11,
the Commission said:
Floor Procedure
The
July 1, 1938.
Notice has been received that
Kingdom
Roumania
of
due
offer has been made to the holders of
Monopolies
bonds,
sinking fund gold
an
Institute
Stabilization and
1959, in respect of which the
external
guaranteed
7%
Loan of 1929,
Development
1935,
bearing date of Feb. 1,
coupons
Stock
have been presented for payment to City Bank Farmers
Trust Co., New
York, whereby the Aug. 1, 1935, and subsequent
to and including
bearing date of Feb.
dollars to
57%
the basis of 53%
on
for the Feb. 1, 1936,
and 65%
coupon,
for the Feb. 1,
for the Aug. 1,
55%
coupon,
1937,
(aggregating $80.50
coupon
surrendered and is to be made in the order of presentation
In the event the
for
funds which
are
the week ended June 11
and if at the expiration of said period no funds are available
the
the
presented,
coupons
(This
we
7.8% larger than tne volume reported
for payment of
1938, reprint of which accompanies this
omit.—Ed.)
the rates
referred to above of the coupons from other bonds of the issue at
the office
of the foreign Associate
those
bonds
which
Special Paying Agent in the country where, upon
the bonds
were
distributed
were
distributed, with the exception of
originally in
the
States of
United
America.
exceeded
until
further
on
Exchange contracts in
Institute 7%
Monopolies
Stabilization
and
by
6.9%
the
Kingdom
of Roumania
guaranteed external sinking fund gold
Tne
data
Stock
published
based
are
upon
These reports are classified as
to and
including C54260; with Feb. 1,
Number of reports received
1934 (50%
As specialists
1,081
841
190
-
Other than
Initiated
103
*
specialists:
as
Initiated off floor
Reports showing
♦
215
67
590
....
transactions
no
33
222
on floor
620
Note—On the New York Curb Exchange the round-lot transactions of specialists
"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.
The number of reports
the number of reports
more
than
in the various classifications may total more than
received becuase, at times, a single report may carry
one
NEW
YORK
classification.
EXCHANGE—TRANSACTIONS
STOCK
FOR ACCOUNT OF MEMBERS
*
IN
ALL
STOCKS
(SHARES)
Week Ended June 11, 1938
Total for
Total volume of round-lot sales effected
on
Per
Cent
a
2,396,750
the Exchange
D19690,
paid), and
Round-lot
1.
transactions
of
members
except
transactions
of
specialists and odd-lot dealers in stocks in which registered:
Initiated on the floor—Bought
180,720
156,230
Sold
"bonds originally distributed in the United States of America num¬
as
in option
1938; with Feb. 1,
1934
2.
7.03
91,730
Initiated off the floor—Bought
paid), and subsequent coupons attached, with the exception of the
coupons
336,950
Total
(a) above, and included in the list published by tie City
Bank Farmers Trust Co. under date of June 22,
(50%
York
Curb
Exchange
Reports showing transactions:
1, 1934, and Feb. 1, 1935";
bered
New
Stock
Week
subsequent coupons attached, with the exception of the coupons due Aug.
(b)
their respective
York
Exchange
Development Loan of 1929, due 1959, unless otherwise
bered M16778 to and including M23729, D18801 to and including
and
follows:
New
bonds,
"bonds originally distributed in the United States of America num¬
and C53231
of rights
reports filed with the New York
Exchange and the New York Curb Exchange by
members.
specified at the time of contract shall be made as follows:
(a)
On tue New
(exclusive
volume
ticker
1938,
Floor Procedure rules that beginning July 5,
notice
2,396,750 shares,
the ticker.
on
warrants).
entries in
The Committee
and
shares,
The numbers of
be returned.
It is understood that provision has been made for payment at
their original issuance,
The total round-lot volume for
the New York Stock Exchange,
York Curb Exchange, total round-lot volume in the same week, 444,190
published by the City Bank Farmers
were
Trust Co. under date of June 22,
card.
may
coupons
the bonds included in this offer
on
of the coupons.
period of at least two weeks from the date of presentation
a
those exchanges as distinguisned
on
from the volume reported by the ticker.
presently available for payment of the
exhausted, the City Bank Farmers Trust Co. may hold the
coupons are
coupons
for the Aug.
Such payment to be in full settlement of the coupons
$1,000 bond).
per
1937, may be presented for payment in
City Bank Farmers Trust Co.
1, 1935, coupon,
1936,
1,
coupons
figures given for total round-lot volume in the table for the New York
Exchange and the New York Curb Exchange represent the volume
of ali round-lot sales of stock effected
was
coupons
203
total
In connection with the
NEW
Chronicle
88,910
Sold
due Aug. 1, 1934, to Feb. 1, 1937, inclusive";
That bids and offers shall be considered
as
(a) above, unless otherwise specified at the time of contract; and
Round-lot
That the bonds shall continue to be dealt in "Flat."
ROBERT
Note—In
the event that it
L.
180,640
Total
being for bonds under option
transactions
of
specialists
registered—Bought
FISHER, Secretary.
in
In
stocks
238,450
.
226,590
Sold
is established to the satisfaction of the Ex¬
3.77
which
465,040
Total
9.70
change that bonds bearing other numbers may be properly classified with
those referred to above, the numbers of such bonds may
be added to those
referred to in options (a) and (b) from time to time.
Total round-lot transactions of members, except transactions
510,900
of odd-lot dealers in stocks In which registered—Bought..
471,730
Sold
♦
982,630
Total
York
New
ments
to
missions
Exchange Members Adopt Amend¬
Constitution Relating to Members' Com¬
members
Deals
Canadian
on
mittee of Stock
The
of
and
Executive
Com¬
these amendments
Transactions for account of odd-lot dealers in stocks in which
registered:
the
New
York
Stock
was
Sold
Total.
Exchange have
noted in these columns of June 25,
Bought
.
379,642
Total
NEW
768,007
-
EXCHANGE—TRANSACTIONS IN ALL
ACCOUNT OF MEMBERS * (SHARES)
CURB
YORK
FOR
Week Ended June 11,
transactions
of members, except
Trading by all members of the New York Stock Exchange
York Curb Exchange (except odd-lot dealers
on the stock market) for their own account during the week
ended June 11 was below the previous week, it was announced
transactions of
12,110
14,300
Initiated on the floor—Bought
Sold
Total
2.
an
amount which
30,095
Exchange, total round-lot trans¬
actions for account of all members during the week ended
June 11 were 163,170 shares; as total transactions on the
in
In
stocks
\
60,200
75,010
88,160
-
163,170
Total
Odd-lot transactions of
Bought
12.01
of all members:
Bought
18.37
specialists in stocks in which registered:
41,871
24,923
—
-
Total
The term
46,465
106,665
-
Sold
3.39
which
-
Total round-lot transactions for accounts
*
transactions of 2,153,870 shares.
specialists
Total
preceding week ended June 4 trading by the Stock Exchange
21.38% of total
members amounted to 920,835 shares, or
of
registered—Bought
Sold
13,660
-
transactions
2.97
16,435
Sold
20.50% of total transactions of 2,396,750 shares on the
Exchange during the week ended June 11.
During the
was
On the New York Curb
26,410
.
Initiated off the floor—Bought
Round-lot
(July 8) by the Securities and Exchange Com¬
The Stock Exchange members traded for their
982,630 shares,
a
specialists in stocks In which registered:
1.
and the New
account in amount of
Per
Cent
444,190
Exchange
Total
Trading on New York Stock and New York
Curb Exchanges During Week Ended June 11
f3TOCKS
1938
Total for
Week
Total volume of round-lot sales effected on the
Round-lot
3.78
388,365
—
Sold
Member
mission.
180,960
specialists):
Sold...
♦
own
1
In odd-lots (including odd-lot transactions of
2.
4037.
yesterday
98,070
82,890
In round lots—Bought
1.
Clearing Corporation
approved the amendments to the Constitution of the Ex¬
change, adopted by the Board of Governors two weeks ago,
with reference to commissions to be charged by members on
transactions in listed securities effected by them on Canadian
exchanges of which they are also members, and eliminating
references to the executive committee of the Stock Clearing
Corporation in accordance with a recent amendment to the
by-laws of that corporation, the Exchange announced on
July 6. The vote on the amendment to the commission rules
was 757 approving, 13 disapproving; the vote on the amend¬
ments eliminating references to the executive committee of
the Stock Clearing Corporation was 737 approving and 3
disapproving.
The action of the Board of Governors on June 22 adopting
page
20.50
Stock
—
66,794
"members" includes all Exchange members, their firms and their
partners, including
special partners.
transactions to total Exchange transactions.
In
the total of members' transactions la compared with
volume for the reason that the total of members' trans¬
actions includes both purchases and sales, while the total Exchange volume includes
a
Percentage
of
members'
calculating these percentages
twice the total Exchange
only sales.
Financial
204
Market
Value
Stocks
Listed
of
New
on
York
Listed Stocks
i
30, 1938, there
were
1,256 stock issues aggregating 1,426,894,438 shares listed
on
the New York Stock Exchange with a total market value
of
$41,961,875,154, the
Exchange announced
on
July 5.
with 1,251 stock issues aggregating 1,424,479,669 shares listed on the Exchange on May 31 with a
This compares
total market value of
issues
aggregating 1,399,549,739 shares, with a total market
July 1, 1937.
In its announce¬
of July 5 the Stock Exchange said:
ment
of business June 30,
of the close
As
member total net borrowings in
1938. New York Stock Exchange
New York City on collateral amounted to
The ratio of these member total borrowings to the market
value of all listed stocks, on this date, was therefore 1.12%.
Member
$469,887,400.
broken down to separate those only on listed share
borrowings are not
collateral from
exceed
those
on
other collateral;
thus these ratios usually will
between borrowings on all listed shares and
the true relationship
oi
1, 1938, New York Stock Exchange member
June
total net borrowings
in New York City on collateral amounted
The ratio of these member total borrowings
$459,363,905.
to
value of all listed stocks, on that date,
to the market
was
following table listed stocks are classified by leading
In the
with
price for each:
average
the
groups
market value and
aggregate
'
.
June 30, 1938
Price
Value
32,476,150
(1) and (2) above
The scope of the above compilation Is exactly the same as
report issued
Below
by the Exchange a month ago.
we
furnish
a
in the loan
'
*
two-year compilation of the figures:
Total Loam
Demand Loans
Time Loans
June 30.
581.490.326
July 31
Aug. 31_....—-
571,304,492
591,906,169
598,851,729
661.285,603
708,177,287
768.439.342
407,052,915
396,076,915
381,878,415
372,679,515
313,642.415
Sept. 30
Oct.
—
31
NOV. 30...................
31
Dec.
$
$
1936—
988,543,241
967,381,407
973,784,584
971,531,244
974,928,018
984,004,702
1,051,425,161
275,827,415
282,985.819
1937—
Jan.
30...
27
734.435.343
792,419,705
804,749,884
777,836,642
818.832,335
836,864,420
872,462,148
Mar. 31
June'.30
31.
July
Aug. 31
1,026, ,372,092
1,074, ,832,139
307,266,765
340.396,796
366,264,500
382,529,500
374,376,346
367,495.246
336,893,088
313,987,000
719.105.327
Feb.
1,158, ,684,205
1,187, 279,384
1,152 .212.98S
1,186 327,581
1,173, ,757,508
1,186, 449.14S
1,039, ,120,516
725, 622,87*
687, 786,579
659, 219,305
732,505,016
306,615,500
493,340,168
498,567,175
511,888.305
232,282,704
490.954.040
*492,198,814
455,549.419
413,578,029
418,490.405
431,926.400
106.464,000
597.418.040
84,763,000
*576,961,814
Sept. 30
Oct. 30...................
-
Nov. 30
31
189,219.404
147,331,000
1938—
Jan.
31
...
Feb.
28
—
Mar. 31...................
65.567.500
521,116,919
53,188,500
466.766,529
459,363,905
40,873,500
37.961.000
469,887,400
Revised.
Aver.
Value
950,000
$37,961,000
469,887,400
$431,926,400
for the borrowings Included In Items
*
Market
,
Combined total of time and demand borrowings
June 30...........—....*
June 1, 1938
Aver.
$37,011,000
Total face amount of "Government securities" pledged as collateral
Apr. 30...
May 30.................J.*
Market
Time
collateral from New York banks
companies
-
Dec.
therefore 1.33%.
industrial
on
$401,999,100
(2) Net borrowings on collateral from private bankers.
v
brokers, foreign bank agencies or others In the
City of New York
29,927,300
or trust
30
May 29
1,1
As
Net borrowings
Apr.
their market values.
1938
9,
Demand
(1)
$34,584,614,803, and with 1,236 stock
value of $54,882,327,205 on
July
The detailed tabulation follows:
Stock
Exchange June 30 $41,961,875,154, as Compared
with
$34,584,614,803
May 31—Classification
of
As of the close of business on June
Chronicle
Price
Market Value of Bonds Listed
$
2,750,891,670
f
23.71
on
New York Stock Ex¬
change June 30 Above June 1
933,089,261
17.94
5,210,253,297
58.40
594,349,462
27.87
2,059,754,173
774,937,143
4,252,374,318
425,006,304
1,607,878,863
2,812,350,901
41.66
1.230.153.130
31.88
31.06
2,513,985,311
27.81
Rubber and tires...
351,772,481
33.59
270.054.926
25.79
Farm machinery
663,908,161
49.45
534,639,892
39.82
722,027
Amusements
306,829,818
16.97
242,229,843
13.40
market value of $43,756,516,009.
34,398,696
1,653,601,787
1,740,521,138
6.82
28,585,756
5.67
26.14
20.71
.....
4,993,986,296
25.93
1,311,073,215
1,325,132,589
4,068,473,249
346,657,323
18.85
263,112,005
14.83
1,753,349,113
23.84
23.88
2,347,300,724
19.87
42.49
1,588,174,547
32.00
....
2,158,116,193
2,821,695,604
2,108,839,453
207,222,133
29.35
Ry. oper. & holding co.'s & eqpt. mfrs.
Steel, iron and coke
15.96
160,680,441
12.38
1,998,801,087
25.02
1,793,522,843
1.042.272.131
22.50
1,179,622,773
3,124,199,349
12.15
Communications (cable, tel. & radio).
83.24
2,811,269,993
74.90
12.33
12.13
Market
Aver.
Market
Aver.
Value
Price
Value
Price
Autos and accessories
Financial..
.........
Chemicals..
....
Building
Electrical equipment
manufacturing..
Foods
—
Land and realty.
Machinery and metals
Mining (excluding iron)
Petroleum..
...
Paper and publishing......
Retail merchandising
Textiles.....
....
Gas and electric (operating)
Gas and electric (holding)
27.65
17.75
14.89
47.66
19.93
21.05
21.17
293.582.927
Ship operating and building
On June 1, 1938, there were 1,371 bond issues aggregating
$48,243,744,251 par value listed on the Exchange with a
total market value of $42,346,644,435.
In the following table, listed bonds are classified by gov¬
ernmental and industrial groups with the aggregate market
value and average price for each:
13.90
94,770,094
16.00
23.22
82,340,619
142,304,425
20.83
1,507,178,592
U. S. Govt. (incl. States, cities, &o.)_ 28,391,906.804 106.79 27,429,356,537 106.87
Foreign government.
1,790,328,946 57.17
1,818,267,154 58.07
Autos
53.59
1,358,396,371
48 43
26,282,677
15.66
Financial
18.96
15.69
Chemical.....
Foreign companies (incl. Cuba & Can.)
1,124,617,638
27.59
20.583,569
509,426,070
958,396,333
12.26
616,037,245
24.10
Building.
Electric equipment manufacturing
29.41 34.584,614,803
24.28
Garments
$
$
U. S. companies operating abroad....
Tobacco.........
June 1,1938
June 30, 1937
7.49
158,680,778
......
Leather and boots
1,368 bond issues aggregating $49,176,-
were
2.56
9.22
5,359,874
22,671,155
Shipping services
Miscellaneous businesses
1938, there
value listed on the New York Stock Exchange, with a total
par
25.80
3.48
27,751,364
...
30.44
7,294,519
Business and office equipment
As of June 30,
10.74
13.93
115,944,862
279,526,952
346,350,042
Aviation
following announcement showing the total market
on the New York Stock Exchange as of
was issued by the Exchange on July 7:
June 30
10.73
133,111,456
320,815,003
Miscellaneous utilities
The
value of listed bonds
and
accessories..
15,640,073 83.63
244,738,720 102.00
86,747,635
......
89.65
21,479,934 71.02
36,684,803 104.91
14,103,504 74.86
241,586,863 100.66
86,805.762
89.47
61.17
18,499,051
36,137,434 102.19
listed Stocks-
141,961,875,154
We give below a two-year compilation of the total market
value and the average price of stocks listed on the Exchange:
♦
Average
Value
V-v.
Market
Price
1936—
$38.00
Aug.
40.30
Sept.
1
$50,912,398,322
54,066,925.315
54,532,083,004
40.56
Oct.
1
1
55,105,218,329
40.88
Nov.
1
1
58.507.236,527
43.36
Dec.
1
1
60,019,557,197
44.26
1
Sept.
Oct.
Nov.
Dec.
Price
1937—
1
July
Aug.
Average
Value
Market
1937—
1
1
$59,393,594,170
56,623.913.315
49.034,032,639
$42.30
*44,669,978,318
40,716,032,190
*31.77
38,869,140,625
39,242,676,837
41,172,861.535
31.858,461,871
27.53
40.51
35.07
28.92
1938—
Jan.
1
Jan.
1
59,878,127,946
44.02
Feb.
1
Feb.
1
61,911,871.699
45.30
Mar.
1
Mar.
1
1
62,617.741,160
62,467,777,302
45.46
Apr.
47.26
May
1
May
1
57,962,789,210
41.80
June
1
June
1
57,323.818,936
41.27
July
1
54,882.327,205
27.59
28.94
22.32
39.21
^
Apr.
1
June 30
25.15
35,864,767.775
34,584,614,803
24.28
41,981,875,154
29.41
Food.
229,553,940 100.13
228,368,906
Rubber and tires
All
150,783,431 101.51
72,702,930 83.43
10,074,033 49.65
151,061,175 101.36
Amusements
Land and realty
51,278,532 91.84
124,618,277 57.48
430,212,824 104.22
Machinery and metals
Mining (excluding iron)..
Petroleum
70,316,795
9,324,226
99.2S
80.04
45.96
49,671,178
88.25
121,178,532
55.91
426,050,798 103.21
Paper and publishing
78,837,676
92.35
77.502,429
Retail merchandising
32,708,479
91.47
32,636,393
89.15
5,789, 945,627
528, 196,834
54.21
5,535,679,814
51.72
95.93
1, 540,000
80.00
Railway operating and holding com¬
panies and equip, manufacturers
Steel, Iron and coke
Textile
Gas and electric (operating)
Gas and electric (holding)
2,933, 406,848 103.30
170, 196,368 86.88
998, 469,921 100.78
213, 143,938 44.04
Communication (cable, tel. and radio)
Miscellaneous utilities
...
Business and office equipment
165,501,541
84.48
987,051,876
99.63
210,012,248
43.36
19, 094,450
,
97.00
18,503,900
94.06
13, 953.089
operating
48.82
11,642,774
45.17
50.37
10,734,300
46.74
4, 465,911 105.97
42, 877.090 124.47
178, 299,476 58.73
Leather and boots
Tobacco
U. S. companies operating abroad
cos.
92.31
1,463,000 76.06
2,863.100,716 102.44
11, 567,648
Shipping services
Shipbuilding and
Foreign
508,362,355
90.47
1,019, 545,064 65.53
35, 577,500 101.65
(incl. Cuba and Canada)
Miscellaneous businesses
4,457,516 105.77
43,048,402 124.97
160,421,853
1,008,432,486
52.86
64.59
35,303,125 100.87
• Revised.
All listed bonds
43,756,515,009
88.98 42,346,644,435
87.78
The
New
York
495
Stock
Exchange
Reports
Outstanding
$469,887,400 June 30—$10,523,Above Figures of May 31 But $716,440,181 Below
Brokers'
Loans
at
following table, compiled by us, gives a two-year
compariSbn of the total market value and the total average
price of bonds listed on the Exchange:
June 30, 1937
Outstanding brokers loans on the New York Stock Exchange increased during June to $469,887,400 at the end of
the month, the Exchange made known on July 5 in issuing
its monthly compilation.
This figure is $10,523,495 above
the May 31 total of $459,363,905 but $716,440,181 below the
June 30, 1937, figure of $1,186,327,581.
During June de¬
mand loans were above May but below June, 1937, while
time loans
were
lower than
on
the two earlier dates.
The
Exchange reported the demand loans outstanding on June 30
in amount of $431,926,400 against $418,490,405 May 31
and $818,832,335 June 30, 1937.
Time loans at the latest
date are shown at $37,961,000, as compared with $40,873,500
and $367,495,246, respectively, on the earlier dates.
The following is the report for June 30, 1938, as made
available by the Stock Exchange on July 5:
Market
1938, aggregated $469,887,400.
as
of the close of business June 30,
Market
Average
Price
Value
Price
1936—
$
1937—
$
$
Aug. 1
Sept.1
41,685,172,818
94.78
Aug. 1
44, 296,135.580
92.98
42.235,760.556
95.39
Sept. 1
43, 808,755.638
93.93
Oct.
43,305,464,747
43,179.898,504
43,779.640.206
95.79
Oct.
1
Nov. 1
Dec.
1
1
43, 270,678,790
92.76
95.92
Nov. 1
42, 591,139,774
91.51
97.01
Dec.
42, 109,154,661
90.11
1937—
1
1938—
Jan.
1
45,053,593.776
97.35
Jan.
Feb.
1
45,113.047.758
96,83
Feb.
1
Mar. 1
89.26
1
42, 782,348,673
42, 486.318,399
89.70
Mar. 1
42, 854.724,055
88.68
1
45,007.329,915
44,115.628,647
89.48
Apr.
96.64
Apr.
1.....
41, 450.248,311
85.71
May
1
43,920,989,575
93.88
May
1
87.82
June
1
44.170,837,675
93 33
June l._...
42, 398,688,128
42, 346,644,435
July
1
44,001.162,031
93.89
June 30
43, 756,515,009
88.98
Chicago
Incident
launched
87.78
Mercantile
Exchange
Increases
Associate
Memberships for Hide Dealers to 40
New York Stock Exchange member total net borrowings on collateral,
contracted for and carried in New York
Average
Value
on
to
the
Midwest's
new
hide
futures
market
the floor of the Chicago Mercantile Exchange
Volume
Financial
147
June 13, directors of the mart acted on June 30 to increase
to 40 the number of associate memberships available to hide
and leather manufacturers, it was an¬
nounced by the Exchange July 1.
Innovated to facilitate
operation of the new market and limited to those actively
engaged in the business of buying and selling hides, the
Exchange's associate memberships carry limited privileges
for hide transactions. Twenty-six were made available prior
to the inauguration of trading here and voted to as many
applicants. Since the start of trading additional applications
for the restricted memberships induced the mart's direc¬
torate to provide for 14 more hide trade members, Michael
E. Fox, Exchange President, said. Directors also approved a
recommendation of the hide committee that the number of
dealers,
tanners
that
body be increased from seven to nine members.
Reference to the opening of the market was made in our
issue of June 18, page 3881.
205
Chronicle
Issues Monthly Report on
Market Value of Listed Securities—Value of Stocks
on
June
30
Totaled $10,130,531,753,' Compared
with
Curb Exchange
$9,244,421,764 May 31
F
such sales to privately
relatively larger sale to a govern¬
exception is designed to include only
Also the
owned companies as are
incidental to a
mental body.
SEC
Adopts
of
Issuance
usual monthly tabulation showing by
the Exchange, the amount of the securities
The Exchange also released the
classification number of issues on
Notes
of June 30, 1938. For
the monthly totals of all stocks
monthly market value thereof beginning with
Exchange Commission announced on
adoption of a rule under the Holding Company
June 28 the
Act to facilitate the issuance of notes to consumers in con¬
nection with the construction of electric and gas line ex¬
tensions.
The rule became effective June 29.
The Com¬
mission's announcement
The
regarding the
The
Section 6 requires
of a declaration covering the issuance or sale of any security.
the filing
rule applies chiefly to rural extensions of a local nature, and
new
exemption thereunder is available only if the issuance of the notes has been
the New York Curb Exchange
OF SECURITIES AS OF
"
Itek M
,
The text of the Commission's action follows:
i
Acting pursuant to the authority conferred on it by sections 3(d)
and
20(a) of the Public Utility Holding Company Act of 1935, the Securities and
Exchange Commission deems it necessary and appropriate in the public
interest and for the protection of investors and consumers,
shall be known
as
and not contrary
Act, to adopt, and does hereby adopt a rule which
to the purposes of that
Rule U-3D-11 and shall read as follows:
Issue and sale of evidences of indebtedness to consumers
Rule U-3D-11.
by them to be used solely for construction of electric or gas
for advances
line extensions.
4
of the Act shall not apply to any public
The provisions of section 6(a)
is a subsidiary
utility company which
company
of a registered holding
with respect to the issue or sale by such company of its evidences
company
of indebtedness the proceeds
the proposed extension,
July 5 follows:
registered
necessity of applying to the Com¬
mission for an exemption under Section 6 of the Act.
and bonds and the aggregate
NEW YORK CURB EXCHANGE MARKET VALUE
JUNE 30, 1938
rule stated:
holding company to issue such notes to consumers to be served by such
of electric
The tabulation released by
new
Rule U-3 D-ll permits an operating subsidiary of a
new
indebtedness are issued
on
to
for
Construction of Line Extensions
comparative purposes the table indicates
1938.
Act
Consumers
to
The Securities and
outstanding, and the total market value thereof as
January,
Company
Holding
Under
Rule
Facilitate
approved by a State commission.
July 5 announced that
all stocks on the Exchange at June 30 had an aggregate
market value of $10,130,531,753, as against $9,244,421,764
aggregate market value at May 31, 1938.
The average price
of each share was $14.44, compared with $13.17 at the end
of the preceding month.
The total market value of all bonds
was $4,159,816,491, equal to $83.61 per $100 par value, as
against $4,128,834,825 total market value and $81.48 per
$100 par value of bonds at May 31,1938.
With the issuance
of the monthly tabulation the Curb Exchange further said:
The New York Curb Exchange on
with
it are physically connected
facilities already owned by it.
electric and gas line extensions without the
New York
however, is excepted from
No such sale to any privately owned company,
the rule unless the utility assets sold to
or
of which are to be used solely for construction
line extensions and related facilities, which evidences of
gas
or
sold exclusively to consumers to be served by
provided that
(a) Such issue or sale has been authorized or approved by the State
Commission of the State in which such public utility company is organized
or by the State Commission of each State in which the extension is to be
located; and
(b) The aggregate amount of indebtedness represented by such evidences
of indebtedness outstanding (including those proposed to be issued) does
not exceed 5% of the gross revenues of such public utility company for its
last fiscal year.
No.
Amount
Total Market
Average
Outstanding c
Value d
Price e
of
Issues
Unlisted
387
$5.60
6,665,880,660
15.66
645,408,055
$7,895,991,899
$12.23
117
$369,157,922
$29.86
205
12,362,406
43,679,702
1,865,381,932
42.70
322
.....
$1,230 111,239
425,679,261
793
...
...... ..
Totals
219.728,794
406
.
-
56,042,108
$2,234,539,854
$39.87
Preferred Slocks b—
Listed.
Unlisted.... .........
Totals
Bonds—
Listed-.--.-
54
$658,605,135
$633,388,565
f$96.17
337
4,316,878,260
3,526,427,926
181.69
391
$4,975,483,445
$4,159,816,491
f$83.61
........
Unl'sted.................
quests for . Confidential
with Commission.
..
1.125
745,981,856 $10,035,115,672
x$13.45
1.125
747,140.258
*13.98
Mar. 31, 1938...
1.123
Apr. 30, 1938
1.120
744,101,0f4
708,388,141
10,447,518,333
8,399,747,953
9,335.307,623
May 31, 1938...——...
1.119
701,819,915
9,244,421,764
13.17
1938............
1.115
701,450,163
10,130,531,753
June 30,
ing to hearings in connection with requests for confidential
of data filed with the Commission under the
Securities Exchange Act
Feb.
.
$5,205,858,132
5.124,613,832
5,087,310,157
5,084,609,357
5,067,340,577
4,975.483.445
397
......
28, 1938
395
Mar. 31, 1938
393
Apr., 30. 1938
May 31, 1938
June 30, 1938
393
394
391
Revised.
the person to have the matter submitted to the
for determination.
Failure to offer evidence
by
hearing in su^ort of any ground of objection may be
a waiver of such ground of objection.
;
at
13.17
deemed
a
herein
80.97
for
the
3,856,561,998
4,090,638,360
75.80
the
functions
80.45
4 128,834,825
81.48
upon
4,159,816.491
83.61
and
Holding Company Act—
Owned Utility Properties
and Securities to Publicly Owned Utilities Without
Commission's Approval
Under
Rule
Amends
in
the
appropriate in
investors
thereof,
that
UB2,
Rule
as
the public interest and
and necessary for the exercise of
pursuant to authority conferred
Commission,
it by the Securities Exchange Act of 1934,
24(b)
hereby amends paragraph
particularly Sections 23(a)
(e) of Rule UB2 to read
overruling the objection, if a hearing
with paragraph (b), at least 10
days' notice of the time and place of such hearing will be given by
registered mail to the person or his agent for service.
Failure of any
person
making ap application pursuant to paragraph (b) to request a
hearing, to appear at such hearing, or to offer evidence at the hearing in
support of his application, shall be deemed a consent by such person to
the submission
of his
objection for determination by the Commission.
shall
In
have
to
requested in accordance
in which a hearing has been held
case
any
sider
such
only
determination
any
been
evidence
adduced
evidence
in
grounds
at the
objection
may
be deemed by the
waiver
a
foregoing action shall be effective
The
the Commission need con¬
of objection as shall have been supported by
hearing and the failure at the hearing to adduce
of any ground of
thereof.
support
Commission
SEC
vested
finding
follows:
(e) Prior
•'
protection of
proper
Commission,
is necessary and
amended,
4,149,560.132
Exchange
and
Securities
$79.97
Includes warrant and debenture
follows:
The text of the Commission's action
$4,163,134,843
rights.
b Includes securities not necessarily designated as "Preferred," but which as to
dividends, or assets, or both, rank prior to Junior securities.
c Represents, as to listed securities, amounts actually outstanding as at dates of
above tables.
As to unlisted securities, the amounts outstanding are as per the
latest report issued prior to the date of each period indicated in the above tables.
d Based on last sale price on last trading day of each period, or in absence of a
sale on such day, the mean of the closiDg bid and asked price on such day.
In some
instances, In the absence of both sale and asked price on the last trading day In each
period, the closing bid price was used in computing market values.
e Average price found by dividing the total market value by the total shares of
stock or principal amount of bonds outstanding.
.-v.;..,
f Expressed in dollars per $100 ol par value.
a
or
support of the application will be deemed a con¬
Commission
as
x
hearing
a
in
dence
11.28
All Bonds—
31, 1938
Under the amended rule
of 1934.
requesting confidential treatment to
to appear at a hearing or to offer evi¬
the failure of a person
The
Jan.
Re¬
treatment
14.44
31, 1938..
on
On July 1 the Securities and Exchange Commission an¬
an amendment of the provision of Rule UB2 relat¬
sent
All Stocks—
Feb, 28.1938......-—...
Jan.
Hearings
Treatment of Data Filed
nounced
ask for
Totals....... .
Rule UB2 Relating to
Amends
SEC
Common Stocks a—
Listed.
immediately upon publication.
Permits Sale of Privately
On June 27 the Securities
nounced
an
and Exchange Commission
Adopts Rule U-6B-2—Provides for Filing of Certifi¬
of Notification for Holding Companies After
SEC
cate
Securities
Issuance of
an¬
amendment to its rules under the Holding Com¬
Securities and
The
Exchange Commission announced on
Act to permit, within certain limitations, the sale of
privately owned utility properties and securities to publicly
owned utilities without the necessity of obtaining the ap¬
1 the adoption of Rule U-6B-2 which prescribes the
form for a certificate of notification as required by section
proval of the Commission.
The purpose of the amendment
is to facilitate the type of transactions herein described.
In
making public the new amendment the SEC said:
Section 6(b)
pany
Rule
TJ-12D-1, which is amended,
securities
or
utility assets
requires that sales of public utility
by a registered holding company, directly or
indirectly, must be approved by
The amendment
announced adds an exception with respect to sales of
and securities to the Federal or a
State government,
and also with respect to
certain sales of utility assets to a privately owned company where a sale to a
governmental body is conditioned upon such sale to the privately owned
or
any
subdivision or instrumentality thereof,
company.-
of the Public Utility Holding Company Act
of the Act provides, in part, that:
6(b)
of 1935.
renewal, or guaranty exempted
by or under authority of this
subsection, such holding company or subsidiary company thereof shall
file with the Commission a certificate of notification in such form and
Within
the
from
10
days
setting
tion
as
of
as
the information required in a declaration under
Commission may by rules and regulations or order pre¬
such of
forth
7
scribe
after any issue, sale,
of subsection (a)
application
section
the Commission but provides certain ex¬
ceptions to this requirement.
utility properties
July
the
necessary
investors
or
or
appropriate in the public interest or for the protec¬
consumers.
• '
prescribed by the Commission is designated
Form U-6B-2 and requires in addition to a description of
The certificate
the security
which is reported a statement of the facts
which
206
Financial
relied
are
from
provisions
Form U-6B-2 will
SEC within
the
qualify
to
upon
the
the
security
for
6(a).
section
of
copies
few
secured
of
need
Procedure
for
Registration of Unemployed
Former
Employees of New York Stock Exchange Member
Firms Announced, by Committee of Replacement
of
constant
were
to
be
which
in
those
ascertainable
of
capital.
The Committee of Replacement, representing New York
substantial
the
at
doubtful
all
Stock Exchange member firms, announced on
July 1 in a
letter to members of the Exchange its procedure for the
charged
registration of unemployed former employees.
speculative and
been
The Com¬
mittee in its announcement stated that its immediate efforts
cessful,
will be confined to
The
of service.
years
further
announcement
stated:
In order to
expedite and facilitate the task of interviewing and registering
former employees and to avoid
of
use
traffic situation which would result
an acute
the
mittee sent
forms to
by the Committee.
appointment,
The applicant, when notified of his interview
bring with him
must
rience, education and training, and
firm employer.
complete record of his working expe¬
a
letter of reference from his last member
a
Former employees of firms
longer in business should
no
directly tQ the Replacement Committee for interview appointments.
Ik The Committee will open an office at 41 Broad St. the early part of next
Highly qualified
men
being borrowed,
are
interviewers, from
as
several of the larger industrial and financial
companies.
market
nearly one-half of the accumulated wealth if
about one-half of
the
annual
Letter."
world's
total,"
speaking, the
of
nearly
"With
income,"
its current
"New
population of less than lc/o of
added, "this means that, roughly
it
in
as
this country has command
goods
many
and
services
average person for the rest of the world."
communism
country
has
direction
bodied
less
all
and
to
swung
in
which
the
the
as
The bank
it
State
the
can
extreme
But
is
system
it
State
of
in order
go
is
added,
and with its
starvation
socialism
to survive,
and
there
that
is
doctrine of
providing
In
her
for
each
when
only
back
it
unskilled in
let
that,
us
which
of
em¬
class¬
a
according
one
to his
desperation, to stave off whole¬
do
jobs to be filled.
Our
this
provide
the risks
in
this
must
we
is
involved
for
that
way
that
so
our
the
are
clear.
It
that
so
is
on
heads and
our
that
ones
be
can
on
is
attain and
work
provide
can
distributed.
clouds
of
and
a
greater
To
accom¬
uncertainty
be willing to
will
capital
properly
can
done
be
to
the way for
pave
enterprise
economic system
for reform
eagerness
struggle to
only
to
more
reasonable return
a
of
there
overhanging
private
our
liberty.
unsatisfied
the
remove
incentive
an
centuries
individual
are
task
So in
down the temple
limitations,
volume of goods at lower cost
plish
pull
required
life and
human needs
as
not
that
human
abundant
an
long
of
there is here.
as
we
principles
view
with
that
sure
the
in
As
that country
make
us
the .examination
Superintendent White
Comments
—Urges Banks
invested.
It
function and
and
assume
is only
to
of
on
New
York
Banking Depart¬
New Bank Examination
to Avoid
Rules
Speculation and Unsound
R.
White, Superintendent of
July 1 issued a statement in
on
banks
to
avoid
bank
new
ers
speculation
examination
into effect
of the
new
which
unsound
he
loans
State
warned
under
the
investment rules, which went
Mr. White said that the objectives
were to
program
York
and
that date.
on
and
New
clarify the attitude of examin¬
toward
low-grade bonds, to unify examinations and to
aid in
analyzing situations as "they actually exist in banks."
Earlier comments by Mr. White on the new
regulations were
reported in the "Chronicle" of July 1, pages 54 and 55.
his statement of
July 1 he said, in part:
From
the
standpoint
of
State
Bank
Supervisors,
the
be briefly stated as follows:
To clarify the attitude of bank examiners and
objectives
In
assets
of
sub-standard
a
(2)
To effect
(3)
To
an
facilitate
the
the
of uniformity in
determination
expediency.
upon
There
loans.
ment
has
In
and
been
1934
proper
it
Fifty
in
on
months
the depreciation thus
As heretofore,
will
be
valued
will be classified
therein
valued
18
capital.
net
stocks
corporate
the period of
of
percent
computing
depreciation
and
reporting
An
a
examiner
bank
Bank
must
at
future examinations.
of
situations
examinations
all
times
as
they
cannot
determine
be
and
as
objectively and accurately as he can.
radical change made in the manner of
classifying
was
generally agreed that if hanks had good manage¬
no
diversification of assets,
a
loan
that
Decrease
Percent
released
were
SUMMARY BY
FEDERAL
No.
at
current
loss.
as
Noted in
Bank Debits
as
July 5 by
System:
the
Board
of
RESERVE
DISTRICTS
Week Ended—
of
Centers
Federal Reserve District
June 29,
lncl.
1938
June 22,
June 30,1937
1938
17
$432,131,000
$397,055,000
$481,818,000
2—New York
15
3,647,180,000
3,458,885,000
4,420,400,000
3—Philadelphia
18
398,827,000
404,925,000
1—Boston
4—Cleveland
534,201,000
25
417,976,000
494,627,000
614,022,000
24
249,489,000
278,519,000
6—Atlanta
26
213,600,000
322,495,000
220,571,000
1,290,426,000
5—-Richmond
-
-
7—Chicago
41
189,413,000
1,011,673,000
8—St. Louis
16
202,594,000
9—Minneapolis
17
129,358,000
141,381,000
256,330,000
153,375,000
10—-Kaasas City..
11—Dallas.
28
232,685,000
262,442,000
302,015,000
18
170,870,000
200,672,000
189,380,000
12—San Francisco
29
573,752,000
612,941,000
667,021,000
274
$7,655,948,000
$7,744,359,000
$9,452,054,000
New
1,054,182,000
225,130,000
Offering of $100,000,000, or Thereabouts, of 92-Day
Treasury Bills—To Be Dated July 13, 1938
Tenders to
a new offering of $100,000,000, or
thereabouts,
92-day Treasury bills to be received at the Federal Reserve
banks, or the branches thereof, up to 2 p.m., Eastern Stand¬
ard Time, July 11, were invited on July 7 by
Henry Morgenthau Jr., Secretary of the Treasury.
The tenders will not
be received at the Treasury Department,
Washington.
The Treasury bills will be sold on a discount basis to the
highest bidders. They will be dated July 13, 1938, and will
mature on Oct. 13, 1938; on the maturity date the face
amount of the bills will be payable without interest.
There
is a maturity of two issues of Treasury bills on
July 13 in
amounts of $50,103,000 and $100,188,000.
The following is
from Secretary Morgenthau's announcement of
July 7:
of
They (the bills) will be issued in bearer form only, and in amounts or
of $1,000, $10,000, $100,000, $500,000, and $1,000,000
(maturity value).
denominations
No
tender
for
an
formerly
may
have
amount
less
than
$1,000 will be considered.
The price offered
multiples of $1,000.
the basis of 100, with not more than three dedimal
on
must
places,
Each
be expressed
99.125.
e.g.,
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust
of
10%
companies and from responsible and recognized dealers in invest¬
are
Tenders from others must be accompanied by a
deposit
of the face amount of Treasury bills applied for, unless the tenders
accompanied by
bank
or
an
express
guaranty of payment by an incorporated
trust company.
Immediately after the closing hour the receipt of tenders
all tenders received at
the Federal Reserve Banks
or
on
July 11, 1938,
branches thereof up
to the
closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning.
reject any
The Secretary of the Treasury expressly
or
all tenders
or
reserves
any
mitting tenders will be advised
such respect shall be final.
of the
acceptance
or
Federal Reserve Banks in cash
or
other
Those sub¬
rejection thereof.
Payment at the price offered for Treasury bills allotted
on
the right to
parts of tenders, and to allot less than the amount
applied for, and his action in
must
be made at
Immediately available funds
July 13, 1938.
The Treasury bills will be exempt, as to principal and
interest, and any
or other disposition thereof will also be
exempt, from all
gain from the sale
taxation,
increased degree
report the condition of
supervisors regarding
nature.
actually exist in banks under examination.
based
all
over
quality will
be
to
are
Governors of the Federal Reserve
the
of
program may
(1)
deducted
and
prices and all
ment securities.
Banks,
be
bonds
default
Aggregate debits for the 141 cities for which a separate
January, 1919 amounted to
$7,070,000,000, compared with $7,116,000,000 the preced¬
ing week and $8,711,000,000 the week ended June 30 of
survive.
Loans
William
josses in the
be disregarded.
fluctuations will
in
prevailing
date.
is
tender must in
ment
to
total has been maintained since
again
people, Russia has been compelled to revamp her
system and to adopt the method of "differential rewards," with the conse¬
quence that there is as much of a spread in wages between the skilled and
surrender
order
from the sale
and
a
her
of
In
of inventory.
depreciation
backward step
a
inevitable that
underlying private enterprise.
Russia,
principles of communism with the establishment
the
needs, has found this to be true.
sale
economic
our
socialism.
principles
society,
up
for
but not
quality
price
average
Total
Any change in the essentials of
toward
essentially
If suc¬
last year.
in part:
toward
be
has
reported by banks in
leading cities for the week ended June 29, aggregated $7,656,000,000, or 1% below the total reported for the preceding
week and 19% below the total for the corresponding week of
world
a
average person
14 times
the
national
the First National Bank of Boston said in
England
there
dealing is
that so-called profits
care
that market
book and
or
of
an
Nineteen
Initiative and private enterprise have actuated the
prog¬
ress
of the United States which, in good
times, "accounts
as
to
Debits to individual accounts,
and Enterprise as Key to
Progress of United States
—Says any Change in Economic System Is Back¬
ward Step
well
writing
a
agreed
is
reserved
investment
defaulted
should
that
regardless of classification.
last year.
These figures
First National Bank of Boston Cites Private Initiative
the
of
portion of the
which
The Com¬
by former employees to each member
during the past 18
The Committee will interview applicants only after
receiving an
months.
employee's registration card.
as
basis
preceding
all
registering for interviews former members of
be filled out
firm which reported that employees had been released
for
below
Such
total
invested
net
agreed that securities of recognized investment
be valued at cost
Bonds
and
securities
to
as
by the great majority of bankers.
in
it
regard
the
of
the
in
report,
definitely
not
include that
to
uncollectible
or
but
defined
central registration office, the Committee has
requested
a
each member firm to assist in
their staff who are qualified for assistance
week.
held
been
It has
effect
be
always
with
value
50%
computing
of the market.
out
practice,
should
in
Instead,
examination
but
being
was
generally
procedure
new
deducted
was
regarded
in
results
determined
from the
write
it
and
so
is
the
adequately
and
asset.
sound
the
were
probable
appeared
worthless
recognized
trading in
securities
securities
member firm before
a
or after that date.
The Committee stated that they would
consider special cases of persons who do not fall within these
limitations but who merit special consideration because of a
good many
of
be
to
deemed
is
It
discourage such
registering former regular employees who
have been released since Jan. 1, 1937, and who had at least
12 consecutive months of service with
out.
some
is
assets
bank
a
losses
assets
1938
9,
was
slow
a
of
in
stated
Doubtful
Under
time.
as
considered
reasons
loss classification
The
of
assets
for
slow.
but
maturity
financial statements
those
and
assets
as
of
terms
longer be criticized
no
attention
classified
in
supported by
or
regularly would
unsatisfactory
only
days.
loan
slow
a
by collateral
serviced
office of
July
considered
been
exemption
an
Printed
be available at the Washington
a
Chronicle
except
estate
and
inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills
gift tax.)
No loss from the sale
shall be allowed
any tax now or
or
are not
exempt from the
other disposition of the
Treasury bills
otherwise recognized, for the purposes of
hereafter imposed by the United States or any of its
posses¬
as a
deduction,
or
sions.
Treasury Department Circular No.
418,
prescribe the terms of the Treasury bills and
issue.
as
amended,
govern
and
this
the condition
notice
of their
Volume
Financial
147
Secretary of the Treasury Henry Morgenthau Jr. an¬
on July 1 that the tenders to the offering of $100,000,000, or thereabouts, of 91-day Treasury bills totaled
$189,753,000, of which $100,001,000 were accepted.
The
tenders were received at the Federal Reserve banks and the
nounced
branches
thereof up to 2 p. m., Eastern Standard Time,
The Treasury bills are dated July 6 and will mature
on Oct. 5, 1938.
Previous reference to the offering was made
in our issue of July 2, page 43.
Regarding the accepted bids to the offering, Secretary
Morgenthau's announcement of July 1 had the following to
July 1.
say:
Total accepted
Total applied for $189,753,000
Range of accepted bids:
$100,001,000
the 1937 fiscal year the net
In
Tenders
of
$189,753,000
Received
to
Offering
of
$100,000,000 of 91-Day Treasury Bills Dated July 6—
$100,001,000 Accepted at Average Rate of 0.023%
Government receipts
in the
national
capita debt at $268.70, a total of $37,164,749,$740,126,583 more than a year ago.
From the
Washington "Post" we also quote:
Interest payments on the obligation in the year required $926,280,713,
315.15,
nearly
per
or
one-seventh
Many
it,
17
inheritance and gift
taxes).
Subscriptions will be received through the Federal
Reserve banks and the Treasury.
Regarding the new offer¬
ing the New York "Times" of July 6 said, in part:
Heretofore the RFC has borrowed primarily from
of securities to the
was
its
own
securities without using Treasury facilities.
.
.
May 31, the Treasury's proprietary interest in the
.
RFC, as repre¬
$1,505,600,000.
The changes in the accounting procedure of the Treasury
Department with respect to expenditures of the RFC and
the Civilian Conservation Corps is noted elsewhere in these
columns
today.
.
yj—;
•'
♦
|
Changes Accounting Procedure
Expenditures of RFC and CCC
Commencing with the new fiscal year beginning July 1,
the Treasury reports of budgetary expenditures ceased to
include spending of The Reconstruction Finance Corpora¬
tion, the Commodity Credit Corporation and the Export
Import Bank. Officials announcing the new policy explained
that the two agencies had arranged to finance themselves;
the Bank gets its funds from the RFC.
Previously the RFC
had been financed principally through the sale of its obliga¬
tions to the Treasury but this week it was announced that
the corporation would publicly offer for the first time, its
obligations in amounts of $200,000,000.
The CCC last
April offered a $200,000,000 issue of notes. The Treasury
has decided to regard these securities as contingent liabilities.
In reporting the new policy, Associated Press advices of
July 5 stated:
Treasury Department
with Respect to
Formerly,
the difference between receipts
$37,814,000,000.
revenue the
taxes
amounted
costs
the
to
;'-;v
,V''"
\"
unprecedented peace-time total
■
first
Works
reduced.
were
$1,472,499,478,
of
months
seven
$424,000,000
the
than
less
than
more
fiscal
new
12
provided for the
The 1938 WPA cost was
Administration
Progress
slightly
spent in the last
the amount
year.
the previous year.
that of
$6,242,000,000 Income
Federal
Total
income
the
for
fiscal
last
year
was
set
by the Treasury
$6,242,000,000, highest since 1920, when war-time taxes still
force produced more than $7,000,000,000.
The fact that the statement showed the smallest deficit in seven years
statement
in
at
deficit in the new
and the likelihood that tax
the Revenue Act of 1938,
offset, however, by the prospect of a much larger
was
fiscal
with the
year,
based
collections,
spending program
new
together with generally
with
1937
exclusive
debt
1937, and total
retirement, compared
for 1938 compared with
deficit of $1,459,000,000
and
of
1937.
in
$8,001,000,000
The net
for
fall below $6,000,000,000.
compared with $5,294,000,000 in
$7,701,000,000,
of
of
reduced business, will
The 1938 tax collections
expenditures
schedules
revamped
on
1936, the greatest
for
$4,361,000,000
'
$2,707,000,000
of the Roosevelt Ad¬
ministration.
Secretary Morgenthau
said:
fiscal year 1938, which amounted to $6,242,000,000,
receipts for this period as contained in the President's
Total receipts were estimated In the budget mes¬
sage as $6,321,000,000, or approximately $79,000,000 in excess of receipts actually
realized.
V;
'1;
■
v
"Income taxes produced $58,000,000 less than estimated; miscellaneous internal
revenue and taxes upon carriers and their employees produced exactly the amount
estimated.
Customs produced $56,000,000 less than estimated; while taxes under
the Social Security Act were about $33,000,000 greater than estimated, and miscel¬
laneous receipts $2,000,000 greater than estimated.
"Total general receipts for the fiscal year 1938 exceeded those for 1937 by $948,000,000.
More than half of this increase was accounted for by Income taxes, which
produced $477,000,000 more in 1938 than In 1937.
Taxes collected under the Social
Security Act increased $352,000,000, while taxes upon carriers and their employees,
reflecting taxes collected for the first time under the newly enacted Railroad Retire¬
ment Act of 1937, amounted to $150,000 000.
"Other Internal revenue taxes increased $97,000,000.
Customs duties, on the
other hand, decreased $127,000,000, reflecting the substantial contraction In Imports
during the last six months of the fiscal year as compared with the corresponding
Imports during the last six months of the fiscal year 1937, when imports were running
at an unusually high level,"
"The total receipts for the
nearly equalled the estimated
loans made to the RFC by the Treasury, was shown
sented by capital and
as
On these previous occasions the RFC marketed
income
and
years
the business slump had not yet developed and relief expendi¬
year ago
months
public totaling only $298,000,000, of which $60,000,000
borrowed last August.
As of
the Treasury, its sales
18
fv'-'V
This issue, it was
local taxation (except su rtaxes, estate,
in
,
defense
...
high of
all-time
reached an
deba
greatest
years.
expenses.
set by its figures for 1938 income
$974,157,233.
A
tures
Corporation, it was made known July 5.
stated, will be the first in which the Treas¬
ury has acted as fiscal agent for the RFC.
This offering
may be followed by several other open market borrowings
by the RFC to finance its lending program, it was added.
The corporation was said to have a borrowing margin in
excess of $1,603,000,000.
The new notes will be fully and
unconditionally guaranteed both as to principal and interest
by the United States and they will be exempt both as to
principal and interest from all Federal, State, municipal and
the
were
before income tax collections and other factors
12,
the public
were
National
Government's
the
On March
outgo.
largest in
of
of
Treasury fiscal records
new
Receipts
struction Finance
year
Washington "Post" of July 3 that the Treasury state¬
of the close of the fiscal year, June 30, 1938, put
reduced
Treasury Department on July 11 will announce an
offering of $200,000,000 of three-year notes of the Recon¬
in the
ment as
and
The
fiscal year.
ended last June 30 were
higher, except for 1920, than in any year in the Nation's
history. Receipts totaled $6,241,661,226, while expenditures,
exclusive of debt retirement, were $7,701,000,000.
Secretary of the Treasury Morgenthau on July 2 made
public the following statement regarding the Government's
financial operations for the last fiscal year.
It was noted
High,
Treasury to Offer $200,000,000 of Three-Year Notes of
RFC on July 11
$2,707,000,000,
deficit was
compared with $4,361,000,000 in the preceding
as
Low,
Average price,
100.00
99.992 Equivalent rate approximately 0.032%.
99.994 Equivalent rate approximately 0.023%.
(84% of the amount bid for at the low price was accepted.)
207
Chronicle
and disbursements of these
Last year budgetary
because of this practice.
budget message of Jan. 3, 1938.
General
000,000,
due
the
to
expenses
at $4,661,1937, largely
of the Government were listed
increase of $364,000,000 over the fiscal year
expenses of the Tennessee Valley Authority,
$154,000,000 ;
and national defense, $118,000,000.
the general expenditures under the Agri¬
Adjustment Act decreased $165,000,000.
Security Act, $108,000,000,
year,
cultural
In
an
added
Social
the
In
operating
or
the statement said,
the
discussing
figures,
Treasury
Associated
Press
Washington advices of July 2 said:
The Treasury listed as the public debt only its own direct obligations.
In addition, it said the Government had contingent liabilities of $4,925,000,000, or $182,000,000 more than a year ago.
These liabilities, officials
explained, were in the form of guaranties as to principal and interest on
the outstanding obligations
of the Reconstruction Finance Corporation,
the Home Owners' Loan Corporation, and other Federal corporations.
agencies was charged against budgetary expenditures.
expentitures totaled $50,000,000 higher
An official
Treasury memorandum explained:
simplify the daily Treasury statement,
and to eliminate confusion and misunderstanding concerning the effect of
such corporations' transactions on the Federal budget, particularly in cases
where tne Treasury acts only in the nature of a depositary of funds derived
by the corporations from the sale of their own obligations on the market."
Transfer
On
commodity credit, the budget
amount appropriated
in the case of the
hereafter will show only an annual
by Congress to reimburse the agency for losses, and
RFC the budget will show only money donated without
Other spending of these
agencies will be shown separately on another page of the daily statement.
Another change in the daily statement will show in ounces, as well as
dollars, the amount of gold and silver owned by the Treasury.
expectation of return to another Federal agency.
"in another"item inthis"issue reference is made to the
pro¬
$740,000,000 to $285.70 Per Capita
The Treasury
for the fiscal
on
year
bullion
$1,459,248,100, with the public debt aver¬
person in the country.
The total
deficit was $371,000,000 more than President Roosevelt had
estimated in his budget message last January (reported in
the "Chronicle" of Jan. 8, pages 174-177).
The Treasury's
statement of the deficit for the preceding fiscal year was
retirements,
was
aging $285.70 for every
given in the "Chronicle" of July 10, 1937, page 210.
The
deficit just reported was the eighth successive one, but was
the
smallest during the Roosevelt
Administration.
silver
holdings
to
the new United
States
begun early in
The task of moving the Government's
depositary at West Point, N. Y. was
the morning July
7.
silver hoard to the new
vault
on
the United States Military
Academy reservation is expected to take 10 months, said the
New York "Herald Tribune" of July 7, which stated that it
will be accomplished at a cost of $157,000, the contract having
been awarded to the 100-year-old trucking firm of Peter J.
Malley of New York City.
The trucks,
The same advices also said:
which made tne trip
yesterday, were loaded Tuesday after¬
where
Assay
Office, at 32 Wall Street; the Sub-Treasury Building, which adjoins the old
Assay Office, and the City Bank Farmers Trust Co.. at 65 Beaver St.
morning at the four depositaries in New York
has been storing its silver—the Assay Office, the old
and yesterday
the Treasury
From the New
July 2 revealed that the Federal deficit
which ended on June 30, including debt
depositaries in New York of the Federal
The transfer from
noon
Treasury Reports $1,459,248,100 Deficit for Fiscal Year
Ended June 30, 1938—Public Debt Advanced by
Government's Silver from Depositaries in
New Vault at West Point, N. Y.
Government's
posed $200,000,000 note offering of the RFC.
♦
of
New York to
"The purpose of this change is to
as
Once within the
gates and backed up at tne
trucks were screened
a
York "Times" of July 7 we quote in part
follows:
short time the Treasury
tons
of the pigs of
43 cents an ounce
unloading platforms, the
from tne outside world by sliding
steel doors, and In
114
price of
of $1.29
Department had under many locks and keys
white metal worth $1,376,000 at the market
and valued at $4,128,000 at the statutory price
an ounce.
Guard
When
the
tolal
amount of
points in New York, the
the one vault.
...
Against Hijackers
silver—70,000 tons—is moved from three
Government will have $1,290,000,000
worth in
208
Financial
Director of the Mint, arrived from Washington
Mrs. Nellie Tayloe Ross,
E. R. Lynch, assistant superintendent of the New
in the afternoon with
Chronicle
Roosevelt
York Assay Office, of which the depositary is an adjunct, to supervise the
unloading.
gold depositary at Fort Knox, Ky.t" Mrs. Ross said, "it is
the
commodious and equally impregnable."
a way as
Treasury Department guards
floodlights and a tower beacon.
24 hours
duty
are on
day in the reinforced concrete structure,
a
who
Administration Seeks to
Preserve "People's Government for People's Good"
G.
A.
Confederate
and
R.
Veterans
Reunion
at
Lincoln
The issue which Abraham
years
Nation
"will
ago
long as
so
be
at
Gettysburg
issue
before
founded—to preserve under the changing conditions of
was
each
people's government for the people's
good," President Roosevelt declared on July 4 in an ad¬
dress before 150,000 persons on the battlefield at Gettys¬
generation
a
where he dedicated a memorial of peace in the
burg, Pa.,
Civil War.
Among his auditors were 2,000 veterans of that
members of the United Confederate Veterans, and the
war,
Grand Army
the
of the Republic, who held a joint reunion for
to observe the seventy-fifth anniversary of
time
first
the Battle of
"another
not
with
Gettysburg.
justice
conflict,
that the Nation is
Immortal
American
deeds
of
the
fullness
which
him for
of
task
to
from
he
"the last
in
part,
In
address—three-quarters of
his
In
Northern
of
of
sacrifice
to
made
Virginia
who
those
eternal
the
represent
attempt
to
Meade's
dislodge
Union
Woodring paid tribute to the courage and
for
died
century, to the day, after Lee's army
a
first
its
Cemetery Ridge—Mr.
from
men
principles which
they "sincerely believed
truth."
Speaking of those who struggle to build a united country, Mr. Woodring
told the aged and feeble survivors of those two armies that
"we of a
generation are greatly heartened by the inspiration of their achieve¬
later
ments."
with
and the
difficulties
the
they
overcame,
troubles
present
our
"Inheriting from them the initiative, the ingenuity
small," he said.
manifest throughout their useful lives, we may rely on
courage so
that of
descendants to go forward with America to
our
Address
measure
full
of
to
Lincoln
of
generation
one
deals
with
day
from
Lincoln's
often
thig spot
long
so
the fundamental
the
to turn to
ever
us
years
ago
■'
"Xv
will be the
cling to the
we
as
under
preserve
75
different
popular
shapes
purposes
conditions
changing
government
interests,
different
at
from
comes
times.
political
interests,
of
sometimes
beat
off
same—whether
each
generation
have
we
all
of
challenge
that greatest
people
spoke
have
balm
their
here
in
united
made
it
easier
of
them
thankful
that
Lincoln
its
fought
devotion
they
there
must
down
be;
the
united
a
not asking
stand
together
Men
who
the
wore
Blue
fragment spared by time.
a
which
cause
under
that
when
flag
one
this
in
chief of
in
loyalties, but they
the
unfolding
the
new
to
decision
a
that
understood
constituted
government
that the fight
up ;
But
Lincoln
also
understood
through
peace
if the settlement of
energies to
face
purpose
in
and expected popular support.
that
his introduction,
his
.
.
"two
old
I**
.
friends,"
T. Secrest of Caldwell, Ohio,
This
was
the only
reference to Mr. Secrest, also a candidate for re-election.
In the
concluding paragraphs of his speech the President
had the following to say:
choose
same
forward-looking representatives to
run
their government, want the
co-operative security and have the same courage to achieve it, in
in
as
1788.
I
they know that we will always have
am sure
1938
frontier—of
a
social problems—and that we must always move in to bring law and order
to it.
In that confidence I am
pushing
on.
I
am sure you
will push
on
with
me.
beyond recall.
should seek
program
said,
I believe that the American people, not afraid of their own capacity to
clear that it is accepted as being
so
with his
on
President
which blocked off
ropes
park as the President served notice that he was
invited him to make the address several months ago.
years
wanted above all
He
peace.
challenge
a
The
a
Senator Bulkley and Representative Robert
now.
battle; he
people must in self-defense take it
fought through to
People, four and five deep, pressed against the
the speakers' stand in
the
and
field;
under which flag they fought then—
Chief
in
measure.
and
see.
Commander
was
is thrown
facing
attain
to
this
upon
wounds.
here together,
are
loyalty to
to
honor,
we
things to be commander
be
practical
who
upon
the Gray
wore
meet
must
previously declared right to intervene in primaries.
Senator Bulkley favored Mr. Roosevelt's Supreme Court reorganization
pressing
for all
solace
have
battle
the
summon
brought here by the memories of old divided
are
All
can
good for the greatest number which this government of
in
laid
who
men
They
The President thus exercised at the outset of his journey across the nation
to California his
them
created to insure.
was
Lincoln
years
always the
is
circumstances
own
retain
Marietta, Ohio, held to commemorate
anniversary of the founding of the first settlement
in the Northwest territory.
In an address marking the event,
the President stepped into the Ohio Democratic primary
with a word of praise for Senator Robert J. Bulkley, candi¬
date for renomination.
Observing this, Associated Press
accounts from Marietta, said:
the 150th
plan and voted for final passage of the President's executive re-organization
the
But
President Roosevelt left Washington on July 7 for his trip
the country, and yesterday (July 8), he participated
across
the
Sometimes
to
sometimes
in Praise of Senator
in the celebration at
nature and
his Presidency invite
on
Northwest Territory—Speaks
diffi¬
Not
Begins Trip to
Marietta,
at
Bulkley, Candidate for Renominationf?KB
would
concrete
day.
to
people's government for the people's good.
a
Pacific Coast—In
Ohio, Dedicates Monument
Commemorate Founding of First Settlement in
of
Abraham
which
statesman
done
Nation
Roosevelt
shrine
a
together.
that
old
after
unity.
new
Never
decision
a
the
can
a
democracy
can
democracy
a
clears
that striving;
in
such
For
difficulties
responsibilities.
new
it needs
as
a
keep alive
ground
have
it
as
and
At the conclusion of his
prepared address the President
said:
transfers
much
"I
ability
the end of battle does not end
hereby
dedicate
this
monument,
great
dedicated
150
to
years
of
Americanism."
infinity of those needs.
That is
that
battle end
the
denied.
In
in
why Lincoln—commander of
this
To
"with
those
years
needs
new
before
seeking to
in
We
conflict,
year's
fundamental
as
common
reason
to
fact.
ference
them
their
world-wide
tasks,
new
modes
strife.
of
Lincoln's,
as
and justice
on
fought
a
not
with
security for citi¬
by
the
wisdom
and
this winning
the
and through
humanity
the
of
heart
the
of
Lincoln.
"encampment"
June 29 and ended
of
tlie
as
on
for
Civil
July 5.
War
veterans
began
on
An Associated Press dispatch
follows:
The
today
latter
date
from
from
They
field
pledged
peace
in
a
where they
by
Few
futile
of
the
their
2,000
Hill,
fought
peach
orchard.
that
at
fury of Pickett's charge
the
But
and
the
locked
own
Nation united,"
flaming beacon atop Oak
and
South presents "right now the Nation's No. 1 eco¬
problem," President Roosevelt said on July 5 as he
urged a conference of Southern spokesmen in Washington
to draft
a
statement of economic conditions in the
in
words
a
Gray began their last retreat
combat
and
75
those
years
of
the
pledge uttered in the shadow of the
lighted Sunday.
Gettysburg; few of them
or
are
heroes
all,
of
or
can
recall
the
the wheat field
honored,
as
President
"in
may
to call you to
Washington.
perhaps I should say
of the
South,
a
country, in order that
not
a
That
purpose
is to obtain
a
statement—
restatement as of today—of the economic condi¬
picture of the South in relation to the rest of the
we may
do something about it, in order that
we may
only carry forward the work that has been begun toward the rehabilita¬
tion of the
was
the bloody slaughter
they
to
we
No purpose is closer to piy heart at this moment than that which caused
tions
ago.
President
area
do something about it."
His message
was read to the conference
by Lowell Mellett, Director of
the National Emergency Council, who called the meeting.
When the conferees agree on a report it will be sent to the
President, who will make it public.
The text of the Presi¬
dent's message to the conference follows:
me
the
are
The
nomic
Gettysburg discussed the reunion
straggling ranks of the Blue
"eternal
of Moment
order that
In
Says South Is "Nation's No. 1
Problem'*—Message Is Read to Con¬
Spokesmen in Washington—
Urges Prompt Action—Wages and Hours
of Southern
Executive
Here
thousand fronts—
country opportunity and
winning this battle.
live
we
Roosevelt
Economic
plea
society.
near
may
Abraham
Tlie
for oiir
save
are
President
for all."
long
Lincoln's
process
free
a
army—asked
unity became accepted
with
and
an
was
him,
new
and
arose,
glint of steel but with appeals to
zens
the
as
with charity
none,
after
bitterness
their
people as well
a
toward
came
give thanks that, avoiding war, we seek our ends through
of popular government under the Constitution.
we
another
is
malice
who
passed
perplexities,
land
peaceful
It
of
generation
later
our
the
hurt
A
their
in
Woodring welcomed the veterans on
United Press accounts from Gettysburg
of War
said:
died.
statesman
of
restated
founded—to
assumes
economic
by
here
'v-v"
before this
was
created
^
^
generation
threat
have
words
a
A
be
stature
which
it
how
forced upon
events
issue
which
The
the
must
issue
continuing
the
1.
July
President
words
patterns for the far-off future.
the
help.
the
For
and
legislation, said the
number
heights, far beyond the dreams of our forebears."
another.
which
he frame conscious
But
only
Congress to pay the
The official count was 1,918.
might attend.
Secretary
ability and
by
wonder
of
crisis
things
conflict
and
who
new
with
encompassed
are
and
men
helps to
the
culties—with
the
reverence,
will be returned to the Federal Treasury.
our
immortal
We
many
seldom
surmount
its
in
came
perhaps—died.
$500,000 of the $1,126,000 appropriated by
the reunion probably
but
the simple faith for which they
expressed
It
and
patriotism.
devotion"
each
thousands
of
homage to the veterans or to 6ee the spot where kinsmen
pay
fought and
Almost
for
...
fundamental
as
The address follows:
society."
for
to
speak.
hundreds
these
part
country opportunity and security for citizens in a free
mon
can
engaged
now
as Lincoln's, fought
appeals to reason and
thousand fronts—seeking to save for our com¬
a
on
had
bill
seem
steel
of
glint
anxious
most
"Compared
President Roosevelt said
in
the
them
to hear
hands and
For
this
the purposes for which it
cling to
we
behind.
remain
hearts, appreciative of the hospitality Ehown to
them, seemingly unaware of the pulse-throbbing moments they have given
the thousands who thronged this little town for the celebration, to 6hake
with full
went
appropriation was made large enough to take care of the maximum
stated
continuing
the
These
a
Representative Harry L. Haines, who introduced the
—Welcomed by Secretary Woodring
75
_
have answered the last roll call.
1861,
fighting
will
here
while
ill
They
Says
-—In Speech at Gettysburg Dedicating Memorial to
Peace He Likens Conflict to That of Civil'War—
in
one
The special train started pulling out today.
Some of those
automobile left yesterday.
Only a few who were injured
by
came
fell
or
their
Roosevelt
President
vast
the rear guard,
are
they came.
as
barracks near by, a siren that can be heard at great distances,
the military
comrades, the
asking under
"Not
stand together under
losing battle against time.
Amazing in their vitality, amusing in their humor, they are going home
2,000
even more
:
,
Some of the new vault's protective features are a radio in contact with
which flag they fought
flag now."
majority of the 1,500,000 men who sprang to
Sunday,
on
that they
North and South
in
arms
"Although the silver vault is not finished in quite so expensive
it
put
then—thankful
Their
July 9, 1938
South, but that the
the directions that this
new
program
presentation shall indicate.
My intimate interest in all that
to all of you,
of such work may be expanded in
concerns
but this interest is far
more
the South is, I believe, known
than
a
sentimental attachment
Volume
born of
considerable residence in your section and of close
a
ship for
Financial
147
of
so many
your
people.
:
personal friend¬
^
;
whole
Nation.
It is my conviction that the South presents right now the Nation's
No. 1 economic problem—the Nation's problem, not merely the South's.
feeling of responsibility toward the
It proceeds even more from my
For
we
have
an
very condition
It is
an
economic unbalance in the Nation as a
Whole, due to this
of the South.
unbalance that can and must be righted,
for the sake of the
South
and of the Nation.
the despoiling of this truly
to be—
American section
to get a
country's population—suffice it for the immediate purpose
of the
clear perspective of the task that is
presented to us.
That task embraces the wasted or neglected resources
the problems presented by the population
power;
of land and water,
and cheap
itself—a population still
the need for cheap fertilizer
by the soil,
the abuses suffered
In
ment
lishment
dog"
of
expressly
shall
definitely in recent years those in the
More and more
South who have
constituting the general problem
have come to agree on certain basic factors.
I have asked Mr. Mellett to
present for your consideration a statement of these factors as prepared by
various departments
of the Government.
and the
public
consider this statement critically, in
as
such.
attend your meeting and listen to your
with deep interest the
result of your labors.
under¬
condi¬
President Roosevelt in a letter to Mr.
according to J. Fred Essary, Washington
tions in the South by
Mellett in which,
(contained in that
correspondent of the Baltimore "Sun,"
paper .July 2), the President said:
"Discussions in Congress and
legislation
elsewhere in connection with
of the nation have served to point out the
difference in the problems and needs of the different sections of the country
and have indicated the advisability of a clear and concise statement of these
in a form readily available, not
"Attention has recently been
nection with the wages and
focused particularly upon the South in con¬
like the National Emer¬
of such a statement of the prob¬
hours bill, and I should
Council to undertake the preparation
and needs of the South.
I suggest that you call freely upon the
various governmental departments and administrative agencies for informa¬
tion as to matters with which they are especially acquainted, and also that
you request the assistance of Southerners well known for their interest in
the South and
unless
familiarity with its problems.
"The outcome of the undertaking may
studies with reference to
.
indicate the advisability of similar
other sections of the
President
Roosevelt will continue to seek
Congressional
bill reorganizing the Federal Government
estabSshment, despite the defeat of such a measure in the
House last session, he indicated at a press conference July
5.
The President revealed that he will place this subject
among the leading recommendations to the new Congress
passage
of
a
January.
His remarks were reported in the following
Washington dispatch of July 5 to the New York "Times":
The President's observations were made in a positive but light-hearted
vein.
He was deeply tanned by his recent holiday at Hyde Park and in
excellent spirits, apparently relishing the prospect of a long journey on
which he will start Thursday, to devote himself in turn to speech-making,
next
'
Taking up the reorganization
would
comment
on
a
organization committee, headed
reiterated his contention that
be put on a
He
topic in response to a question
visit to the White House
whether he
orders require
segments.
One reform he
lish
a
indicated he would insist upon was
the proposal to estab¬
share the functions of the Controller
business, he asked, does not have one system for checking
general accounting office to
General.
What
another to audit them
all that the proposed reform amounts to.
expenditures currently and
said, is
President
Roosevelt Signs
periodically?
That, he
Two Executive Orders En¬
Cover 130,000 Additional
Approve Bill Putting
14,500 Postmasters Under Civil Service
President Roosevelt on June 24 signed Executive Orders
extending the merit system to all those in regular Federal
employment except the highest policy-determining office¬
holders or persons specifically exempted by law.
His action
was regarded as the most comprehensive overhauling of the
larging Merit System to
Federal
Employees—Also
,
for campaign
contributions."
the heads of executive
departments and independent
each department and agency personnel divisions
for professional supervision and management
of their employees.
Such
divisions will be headed by a director of personnel.
The Council of Personnel Administration will consist of the directors
agencies to establish in
and agencies, representatives of the Bureau
Service Commission, and such additional
members as the President may designate.
The President will name the
Chairman of the Council, which will have advisory and investigative powers
looking toward coordination and perfection of the executive personnel
of
personnel of the departments
the
and
Budget
„
service" opportunities, the Civil Service
directed to establish practical training courses for employees
enhancing the "career
Further
provide
to
Civil
the
branches.
its
all
service in
credits
promotion examinations for satisfactory com¬
In
pletion of courses.
enforcement of the law and rules, the Commission is
recommend the discipline or dismissal of any person holding a
the
For
proper
directed to
position in violation of law.
Preferences to veterans are allowed
for
Opportunities
promotion
under the new orders, &s heretofore.
within the service by competition are
eligible for promotion
greatly increased.
Separate registers of employees
as a result of competition will be established and certified.
The orders also
time for full medical and character
prior to certification, wherever practicable.
provide for the -first
investigation of all applicants
President approved a
bill to extend civil
provisions to first, second and third
Associated Press Washington advices
reported the signing as
class post
of June 27
follows:
After
"without term" by the President, with
of these three methods:
A non-com¬
petitive civil service examination of the incumbent, a non-competitive
examination of civil service employees within the post office, or an open
competitive examination with selection from the three applicants ranking
Incumbents will serve out
that
their present specified appointments.
appointments shall be made
confirmation, through one
Senate
highest.
Postmaster General
The
may
decide which method
shall be used in any
The new Act limits appointment of acting postmasters to six
unless the Civil Service Commission consents to a longer period.
President also approved an Act establishing a separate system of
post office.
months
The
unemployment insurance for
measure
in
substitutes a single
the Nation's 900,000
railroad workers.
national system for benefits.
made
possible annual payment
operative before July 1,
The
States now pay
conjunction with the social security program.
The Act provides benefits ranging from $1.75 to
of Bill
the House who voted to
recommit the ill-fated Reorganization Bill agreed with it in principle.
The opposition members, Mr. Roosevelt said, objected to the bill in
some
details; perhaps various members voted as they did because they
objected to 10% of a bill which they approved in the other 90% .
He
conceded that the dissident Democrats probably objected to varying 10%
civil service
in
Democratic leaders are using the
income brackets
The
Statement
Congress to pass a reorganization
up
service, but in the case
>
charge that
Roosevelt
majority of members of
set
agencies are given 90 days in which
whether they should or should not be
the Commission
to
in future.
$3 a day,
of 80 times the daily rate.
1939.
with a maxi¬
It must he
by President Roosevelt Incident to
Providing Appropriations for Flood
—Measure
the country wanted
classes
under civil
Government payroll
to help finance party activities was re-echoed
today by the Republican
National Committee, which issued a statement saying that "the Democratic
National Committee is again shaking down Federal employees in the
business basis.
added that
bill and that the great
exempt
in
brought
be
will
B
recommend
United States must
by Louis Brownlow, President
'and
these, the heads of the respective
exempt
today by his special re¬
the Government of the
Future
classified service.
the civil service law
funds.
positions
of
mum
politics, fishing and loafing.
emergency
and
A
offices.
Reorganization—Will Place Subject in Forefront
Next Congress
pursuant to
specifically
On June 27 the
of Recommendations to
filled
to
country."
Fight for Government
be
confirmation,
those requiring Senate
be in the competitive
1
to
hereafter
new
service
President Roosevelt to Continue
Feb.
are
high-paid
Many
preparing this statement
"In
therein
statute and
by
excepted
in old and
and
of South
gency
lems
now
Commission is
To Learn Needs
Administration to act as "watch
excepted by executive order.
Incum¬
bents of all positions affected by the orders will be covered in through
non-competitive examinations, but will not acquire civil
service status
unless they can pass such tests of their fitness as the Civil Service Com¬
mission shall prescribe.
Among those affected are some 71,000 employees
only to the members of
Congress, but to the public generally.
of Personnel
"upward, outward and downward," the orders
positions in the executive branch of the Government
in the competitive classified service,
except those
all
not
and after
on
rules
of
affecting the economic welfare
needs and problems
that
vacancies
lower
A request that the National Emergency Council
take the preparation of a report to him on economic
Council
new
a
are
The
discussions. Un¬
happily, other pressing work makes this impossible.
Please accept my
sincere regret that I cannot be with you, and be assured that I anticipate
I had hoped to
effect
into
put
Extending competition
provide
schedules
the light of your own
general or specific knowledge, in order that it may be made representative
of the South's own best thought and that it may be presented to Congress
I ask you to
They
the merit system.
over
South and the re¬
and children in this field. There is
the problem of farm ownership, of which farm tenantry is a part, and of
farm income.
There are questions of taxation, of education, of housing
sought selflessly to evaluate the elements
defeated Govern¬
revisions long advocated
section of Mr. Roosevelt's
service
bill.
by the Civil Service Commission, the National Civil Service Reform League,
the Brownlow Committee on Personnel, and other groups, including estab¬
again, of absentee ownership of the new industries.
and of health.
the civil
in
reorganization
which
labor and employment in the
in today's orders parallel those
respects the changes visualized
many
projected
and Shiloh—the problems
presented by the South's capital resources and the absentee ownership of
those resources and problems growing out of the now industrial era and,
There is the problem of
1
service to about
130,000 Government employees not now covered, and will
create a revised system of rules to strengthen personnel prac¬
tices, increase opportunities for promotions and increase
restrictions on political activities of Government workers.
A Washington dispatch of June 24 to the New York "Herald
Tribune'" gave additional details as follows:
holding the great heritages of Kings Mountain
lated problem of protecting women
The orders, effective Feb.
system since its establishment.
next, will extend the competitive classified
the long history of how this situation came
Without going into
the long and ironic history of
209
Chronicle
Signing
Control
Approved with Reluctance
Roosevelt on June 28 of
appropriating $375,000,000 for flood control, a
statement was issued by him indicating that he had approved
With the
the
it
signing by President
bill
reluctance." The President states that the
in the right direction in the set-up pro¬
general Government planning."
"It is unwise,"
President, "to place recommendations to the
solely in the hands of the Engineer Corps of the
"with some
bill "is not a step
vided for
said
the
Congress
and of the Department of Agriculture
for the coming year he
would try to obtain "coordination by asking for complete
consultation between all groups and Government agercies
affected."
The President's memorandum issued with the
signing of the bill follows:
I have approved this bill with some reluctance.
It authorizes but does
not appropriate the money for a large number of public works on rivers
and harbors, these authorizations being in addition to many other very
large authorizations already on the statute books but for which money
Army in some cases
in other
has not
cases" and he stated that
yet been
appropriated.
It is unnecessary
large
for me to
continue
-
emphasize the importance of
:
,
carrying on a
erosion,
program to eliminate floods, lessen soil
reclamation, encourage reforestation and improve navigation.
and continuing
Financial
210
In so far as this bill
provides for an improvement in jurisdictional control
properties involved, and a more adequate control over conse¬
the
oyer
Chronicle
value of
I am in doubt as to the
of the projects provided for and
some
place recommendations to the Congress solely in the hands
Engineer Corps of the Army in some cases and of the Department
of the
United P'ess advices of July 6 from
Merchants
examination of more national problems than any one Bureau or Department
picture which takes
give to the Congress and to the country a.complete
the coming
therefore, approved the bill because it accomplishes a number
good things, with, however, the reservation that its deficiencies should
be corrected as early as possible.
Earlier reports were to the effect that the President had
signed the flood control Dill on June 20, and an item to that
appeared in these columns June 25, page 4041.
The bill signed on June 20, however, it has since been learned,
was that ''authorizing the construction, repair, and preser¬
vation of certain public works on rivers and harbors, and
for other purposes."
The texts of both bills as enacted
will be given another week.
The flood control bill, it was
noted in Associated Press advices from Hyde Park, N. Y., on
June 29, authorizes, but provides no money for, systems of
effect
flood control works
River and
The
of
as
will
program
proposed
by
projects
It
engineers
Army
added:
was
I
and
and
75th Congress Passed 1,759 Acts
Under date
of July
The 73rd passed
a
total of 1,759 acts and resolutions in its three
either of the two preceding Congresses.
975 and the 74th, 1,724.
last session of the most recent Congress fell below the
The third and
record established in its first session, passing
the latter months of
855 measures, compared with
The second session—the special
899 in the first session.
1937—set
a
one
convened in
low record for this century at least, passing
companies
adopted 371. public acts, 54 public resolutions, 428 private acts and two
private resolutions.
and
Investigate Monopolies Completed with
joint Senate-House-Administration Agency Monopoly
Committee is considering for investigation steel, rubber and
cement, as basic heavy industries touching almost every
phase of industrial production, it was disclosed on July 6
by William O. Douglas, Chairman of the Securities and
Exchange Commission and a member of the investigating
committee, after a meeting of the six Administration agency
cussed
on
the committee.
follows in
as
These plans
were
New York "Herald Tribune":
Douglas said that the agency officials met to discuss a tentative
Mr.
Department
instrument of economic power,
Industrial combinations
of Justice:
price policies of
and
Federal Trade Commission: Problems of production and distribution; any
Treasury Department: Government contracts, especially in rubber, steel
and cement;
also
broad research of anti trust laws in this country and in
a
Great Britain,
Department of Commerce: A general economic review based on the size
of various industrial groups, based on NRA.
Files of the Bureau of Foreign
Domestic Commerce and the Census Bureau,
will take part in these
Studies.
Department of Labor: The effect of combinations on labor, unemploy¬
ment and
living conditions in general.
membership of the joint
committee
congressional
investigating monopolies
and
depart¬
completed
was
June 24 following a conference at the White House.
non-congressional members named
terson Jr., Assistant Secretary of
Chairman
Douglas,
The
Richard C. Pat¬
Commerce; William O.
were:
Exchange Com¬
Securities and
of the
mission, with Jerome N. Frank
alternate; Isador Lubin,
as
Commissioner of the Bureau of Labor
Statistics of the De¬
of Labor; Assistant Attorney General Thurman
Arnold, head of the Department of Justice's anti-trust
division; Herman Oliphant, General Counsel of the Treas¬
partment
with Read Admiral Christian Peoples as alternate, and
Ferguson, Chairman of the Federal Trade Com¬
Commissioner Ewin L. Davis as alternate.
with
mission,
who
Those
conferred
President
with
Roosevelt
the
at
Plouse meeting
included: Secretary of the Treasury
Morgenthau, Socretary of Commerce Roper, Acting Secre¬
tary of Labor McLaughlin, Solicitor General Jackson, and
Messrs. Arnold, Douglas and Ferguson.
The congressional members of the committee, previously
designated,
of
Senators Joseph C. O'Mahoney
are:
Wyoming,
(Democrat)
(Republican) of Idaho,
(Democrat) of Utah, and Representatives
William
William H. King
Hatton
W.
Eiclier
Borah
E.
Sumners
(Democrat)
Texas,
of
C.
Edward
(Democrat) of Iowa, and B. Carroll Reece (Republi¬
A reference to the signing of the resolu¬
monopoly investigation appeared in our
issue of June 18, page 3884.
can
) of Tennessee.
tion
calling for
a
Secretary Ickes Urges Business Men to Reduce Prices
to Aid Recovery—Cites Example of Steel Industry
Substantial
as
Aid
Government
to
Drive
on
Un¬
employment
which will confer on the full agenda of the investigation.
Leaders
of insurance
investments
The
as an
existing combination in industry.
agenda which will be presented before the full committee tomorrow morning
Federal
Commission:
dis¬
Washington dispatch of July 6 to the
a
Exchange
they relate to their use
as
industries.
White
Appointment of Six Departmental Officials—Three
to Serve as Alternates—Steel, Cement and Rubber
Considered as Subjects for Inquiry
■j.-w*.
'
investment banking credit and corporate finance.
Garland S.
business in the long session this year the Congress
I
follows:
ury,
representatives
those industries where com¬
studying
-juumnKy
onlyjtfive measures, of which two were public acts and three were public
Committee to
in
I
resolutions.
In cleaning up its
complete, accurate
which competition is really effective," he
also
interested
are
Securities
on
5 Washington advices to the New
sessions, or more than were passed by
V
luncheon
Each of the six government agencies is to undertake a phase of the study,
as
mental
and Resolutions
York "Times" said:
f* The 75th Congress passed
V\;;'
■
a
meeting in Washington on July 7 of the full committee
a
The
The
•••'
told
committee,
by Senator Joseph C. O'Mahoney, Democrat, of
Wyoming, father of the resolution under which Congress
appropriated $c€0,0€0 for the inquiry, a tentative investiga¬
tion program was agreed upon, said advice s from Washington
that day to the "Herald Tribune" from which we also quote:
the Agriculture
Department $10,000,000, and surveys by the Power Commission $1,500,000.
y
of the
headed
and
examinations
$375,000,000;
cost
"We
At
as
Mississippi River basin.
construction
surveys
far east as the Merrimac
the Willamette and extending south
streams
on
far west
as
to the lower
member
a
picture of those industries in
said.
T»r
clear.
I have,
of
who is
petition is not effective and in such instances finding out why it is not."
\
In this way the wnole of the problem can be made
agencies affected.
"witch-burning
F/iv-'
..
goats."
however, I shall try to obtain this coordination
year,
by asking for complete consultation between all groups and Government
more
Patterson,
•
"The investigation is to be made in order to obtain a
legislation will be vitally important, in order to
all factors into consideration.
For
■"'!
meeting of the club that the Administration was not looking for "scape¬
qualified for.
In these respects future
Jr. assured the
Club of Chicago today that the Federal
Manufacturers
and
expedition."
Mr.
^ Coordination of all such public works involves a wider survey and the
is
Chicago added:
monopoly investigating committee would not conduct a
Agriculture in other cases.
of
monopoly study.
Assistant Secretary of Commerce Richard C. Patterson
Government planning.
by Congress.
ordered
of monopolies
study and investigation
Thomas C. Blaisdell has been appointed director of the
quential power developments, it is a definite step in the right direction.
It is not a step In the right direction in the set up provided for general
It is unwise to
the
under
July 9, 1938
Secretary of
Present
Interior Ickes,
the
in
radio address
a
on
Present at the conference in Mr. Douglas's office were:
July 4,
Herman
low the example of steel manufacturers by reducing prices
to create demand for their products and thus aid the Gov¬
Oliphant, general counsel of the Treasury.
Rear Admiral Christian Joy Peoples, head of the
Treasury Procurement
Division.
Thurman W. Arnold, head of the Justice Department
Anti-Trust Division.
Isador Lubin, director of the Bureau of Labor Statistics, Department of
ernment's recovery program.
Mr. Ickes praised the action
of the steel industry and said that a reduction in prices of
other
Labor.
Robert Nathan,
materials
building
spend
Department of Agriculture.
urged business men throughout the country to fol¬
more
would
enable the Government
under its public works program.
Garland S. Ferguson, Chairman of the Federal Trade Commission.
in
Leon Henderson, PWA economist and co-ordinator for the agency group.
lines of business, as it ought to be, will be
in the President's xerogram to help business
Jerome N. Frank, member of the SEC.
Mr. Douglas disclosed that in addition to the three industries tentatively
recommended for inquiry, milk distributors
are
also tentatively scheduled for
He said that the SEC will probably handle financial aspects of
scrutiny.
monopolies, which have not been covered by the Sherman anti-trust law.
Loans
on
prices for other products, he said, "if followed, in other
of material aid
employment."
ment
envisaging
"The
study of the capital market, invest¬
a
banking facilities, legal methods of controlling capital, holding com¬
panies, voting trusts and investment trusts.
Licensing
measure,
of
corporations
as
provided
under
the
Borah-O'Mahoney
and patents, rights, &c., will probably come under the aegis of
the Department of Justice.
Following the
meeting
with the
said the "tone of the conversations
of
a
substantial
ballyhoo."
agency
we
had
and constructive piece
He added that there
Emphasizing his point,
are
representatives
on
Mr.
Douglas
as
a-substitute
private
Douglas
declared: "I
think it
will
nounced
a
the
example
as
program
to
it
a
the Commission's duties
means
Government
same
"If
it
is
of
this
and
willing to cooperate
It
of
is
not
in
even
and
encouragement
"PWA
is not
competition with
aid
to
private
to
improve
our
economic
situation
an¬
to
is
Aid to Program
business
the price
of
will
and
of rteel
money
can
if
corporation,
great
to be,
ought
help
more
is
industry.
Sees
"The
division to be known as the
on
happy
highly encouraging.
public hearings, which are scheduled to begin early in September.
monopoly study for the purpose of carrying
is
an
with
cooperate
sum
new
It
in
in
a
as
effort to create more business, steel companies
reduction
of prices.
This willingness of private business
business,
question of somebody making speeches."
The SEC announced the creation of
Administration
private
industry.
"Recently,
the
a
Works
for
reduction
It will not be
and reduce un¬
July 4 to the
of
industry.
distinguished from
"no traces of 'witch burning.' "
Chairman
Public
the inquiry give it the flavor
of work,
dispatch
private industry as it has done in the past," he said.
He said that witnesses will be subpoened to appear before the committee's
be of service.
Washington
New York "Journal of Commerce" quoted the Secretary
with
of loans to small business,
A
follows:
List
In all probability the SEC will take down as its own agenda the problems
to
A reduction
be of
industry
or
buy
followed
material
and
aid
reduce
in
in
other
the
unemployment.
other building materials will
more
of
these
lines
materials,
of
President's
mean
thus
A
that
creating
work."
we
are
essential
to
keep up the pace we have set,
that
local
communities
and
and
private
so
achieve our goal,
industry
understand
Volume
what
he
we
doirg and give
are
declared.
cities
Financial
147
"The
submitted
have
their instant and enthusiastic cooperation,"
PWA can act only when our towns and
us
that
fact is
applications
for
projects
which
socially
represent
useful, permanent improvements.
: ■ :
Backlog of Projects
"Because
make
to
will
a
the
on
quick start, but from
depend
Submitted
As
to
us
the
have been made
new
to
■
.
.
his organization
1938
date for
disclosed that while the
is
program
a
total of
but two weeks old,
2,595 projects with a
taken by the Federal Government upon
projects represent action
Tenant applicants for loans, which total more
year.
E.
Hill,
creased from about
16 per 1,000 farms to about
The purchases, which already have been
and
cabbages,
are
expected
.
authorized in the case of
Department of Agriculture argued today, in an announcement,
would
retail
increase
not
prices
certain
The
conditions.
stabilize market
to
"stabilization"
by cities,
32.
Washington dispatch of June 22 to the New York
"Times" said that the Federal Surplus Commodities Corp.
plans to buy large quantities of cheese- and vegetables at
market prices for distribution to persons on relief.
-It added:
A
chasers from producers could afford to pay
that this
wholesale pur¬
because
better prices without pushing
retail prices if assured of continuity of sales at stabilized prices.
up
Critics
the 1938 Act.
said the number of
of the FCA,
Deputy Governor
includes
and also
expedited approval of applications which have been submitted
towns and other public bodies within the last few weeks under
of
the
purchase
Government with
have charged the
program
Combined
vide
estimated
an
on
Work
allotments approved to date can pro¬
man-months
4,842,000
of
employment,
which
of
employment at the sites of the projects.
factories, mines, mills, forests which will provide the material, and
transportation lines, employment also will be generated.
Workers em¬
man-months
1,894,000
In
Federal and non-Federal
artificial
direct
is
ployed at the sites will obtain
these projects,
Estimates
estimated.
it is
of
the
approximately $178,000,000 in wages from
of
Bureau
employment, hut also
Statistics, based on a comprehensive
in heavy orders for materials,
amounting to
approximately $342,642,000.
Regarded
Loans
Wheat
Mandatory
by
Necessary
Secretary Wallace
Secretary Wallace after visiting the
White House said:
private crop estimates, that when
It is obvious from
the Federal estimate
July 11 the size of the crop will be such as to
make mandatory
loans on wheat necessary.
Advices
4
York
Washington bureau to the New
its
from
loan provision of
the law calls for an advance of 52% of parity.
The parity price on June 15
was $1.14 per bushel.
On this basis the minimum loan would be about
59)i cents per bushel.
The Secretary did not
add, however, that the loan may range to a
Agricultural Adjustment Administration
of parity.
of 75%
mum
maxi¬
officials
60 cents per bushel over
the entire wheat belt. This would not be possible under the minimum loan
of 59H cents per bushel, as advances will be made on a sliding scale pro¬
viding differentials for lower grades and distances from terminal market
have
consistently stated that the loan will average
points.
AAA
approximately 75%
of all wheat growers
be limited to
this year and next.
loans under the requirement that they
cooperators in acreage
allotment programs
Outlook for Loans
It
was
crop
750,000,000 bushels of wheat, and a
000 at 60 cents per
It is felt,
for
bushel.
the program.
loans under
amount of wheat that would be
they made an off the record
around
Under
amount of the grain will be
While officials were reluctant to
however, that nowhere near that
hazard guesses as to the
be
production in the June 1
covering a maximum of about
total loan of approximately $400,000,-
explained that on the basis of indicated
estimate this would mean a program
offered
placed under loan,
estimate that the cost of the program
would
the farm
law
wheat loans are mandatory this year
under two
If the farm price on June
15 was less than 52% of the $1.14 parity
action
was
exceeded
purchase 3,600,000 pounds of sur¬
to
which will
This
York State.
taken after finding that stocks of all cheese in storage on
June 1
the previous record quantity in storage a year ago.
by 7%
AAA announced,
month during the
dairy products
on May 1 this year were over 17%
larger than on May 1, 1937."
Authorizations of purchases of vegetables were more elastic in view of
the varying seasonal nature of production, but the AAA's order was a
blanket one covering 12 Northeastern and Middle Atlantic States:
Maine,
New Hampshire, Vermont, Massachusetts,
Rhode Island, Connecticut,
New York, New Jersey, Pennsylvania, Maryland, Delaware, and Virginia.
"was 12%
of
the
principal
dairy
products,"
the
greater in April this year than for the same
for the past five years, while stocks of the principal
average
(^Earlier in the month (June 3) Secretary of Agriculture
on State and local relief organizations and
agencies to advise him on "the extent of unfilled need
for food and clothing among people on relief," to open what
similar
expected to be the biggest surplus commodity purchase
thus far undertaken by the Federal
Government.
On that date Associated Press accounts from
Washington said:
is
and distribution program
Secretary of Agriculture
Wallace said this "emergency" action would
be
disasters" of urban
unemployment and price-depressing accumulations of farm goods.
President's leadership to meet the "twin
He directed
the
Federal Surplus Commodities Corporation to canvass
State and local relief agencies on
to
needs for food and clothing.
emphasized that the corporation would seek "insofar as
Wallace
supplement rather than replace supplies
destitute through regular
"We must be sure," he
families
addition to the amounts already
handicap the functioning of the regular com¬
being consumed, and do not
mercial
possible"
ordinarily purchased for the
commercial channels.
said, "that any surplus commodities supplied to
relief are insofar as possible a net
on
system."
,
Washington the "Wall Street Journal" of July 6
reported the following:
'
' >
From
Tolley said yesterday that if the operations
to meet the need
$175,000,000.
The official's statement was based on a survey by the AAA of relief needs
as reported by the WPA and various state relief agencies over a ten-month
period.
At present the FSCC has about $79,000,000 available for mak ng
surplus purchases and distributing them through the relief agencies.
At the same time, Mr. Tolley disclosed that during the ten months under
survey, the FSCC made purchases amounting to $21,000,000, with about
$5,500,000 additional paid out for transportation.
He added that since
the close of the survey period on May 1, purchases have been increased
considerably and he estimated that their total cost for the fiscal year ending
of the Federal
Surplus Commodities Corp. were expanded
for such surplus
buying the program would cost about
with June 30 will
reach about $45,000,000.
production in excess of domestic
and export demand, or about 750,000,000 bushels.
The crop report as of
June 1 forecast a total production of between 1,023,000,000 and 1,045,000,000
bushels.
'
:v:
if the July 1 crop report indicates a
Surplus Farm Com¬
Those on Relief—
Agencies
Also
Consider
AAA Seeks to Widen Purchases of
modities
Distribution
for
Lending
Government
Plans
to
to
Tenant Farmers
Aid
The Agricultural Adjustment Administration on June 22
pushed forward plans for authorizations to purchase farm
surpluses, seeking to include vegetables and cheese among
the commodities so handled.
At the same time Federal
lending agencies revealed that they would broaden their
attack on the Nation's farm tenancy problem during the next
12 months.
That problem is found in the existence of about
3,000,000 farm tenants, share croppers and laborers, who
have been increasing at the rate of about 40,000 annually
during recent years.
Discussing plans to solve the problem,
Associated Press Washington advices of June 22 said:
The Farm
Security Administration
announced that a $25,000,000 con¬
gressional appropriation would enable it to make long-term, low-interest
loans to about 5,000 tenants.
The Farm Credit Administration said it expected to make farm purchase
2,000 a month, largely as the
farm loans.
Financing through this agency requires the borrower to supply at least 25%
of the purchase price.
FSA loans require no down payment.
Despite lower commodity prices, FCA officials reported farmers of small
means are now the main buying force in the farm real estate market.
Lending activities of the FSA were confined to 333 counties this year,
but will be extended to 367 additional counties during the coming fiscal
loans to tenant
farmers at the rate of about
result of congressional
action continuing low interest rates on
Non-FarmJ Real Estate Foreclosures During April
Decreased 3.3% Under March According to FHLBB
in
10,711, or 3.3% less
than the 11,073 reported for March, according to an an¬
nouncement issued recently by Convin A. Fergus, Director
of the Division of Research and Statistics of the Federal
Home Loan Bank Board.
"This decline, which brought the
index from 57.5 (1934 equals 100) in March to 55.7," Mr.
Fergus said, "was somewhat greater than the 1.7% Marchto-April drop manifested by the four-year average.
Also,
April was the seventh consecutive month during which fore¬
closures have remained below the average month of 1929."
Mr. Fergus further reported:
It is
price, which it was not; and
(2)
the FSCC
producers in the Northwest and in New
$100,000,000.
conditions:
(1)
benefit alike
AAA Administrator H. R.
officials estimated that
be eligible for
will
The AAA authorized
plus American cheese within the next eight days, an operation
July 5 had the following to say:
(Secretary Wallace) explained that the mandatory
He
prices
citing recent
operations in cabbages to substantiate that charge.
taken under the
'Journal of Commerce"
laws of supply and demand,
the usual
Wallace called
Mandatory loans for wheat, according to Secretary
Wallace, who made a statement to this effect on July 5,
after calling at the White House and leaving with President
Roosevelt a memorandum on the wheat loan situation.
is put out on
regard to
"Production
Labor
expenditures under the old public works program, indicate that
the $640,000,000 worth of Federal and non-Federal projects from which
allotments have been made to date should result not only in creation of
study of
much
manipulation of the market in a manner which has raised
without
Man-Months of
be
Ifetf
farm
families rising to the status of ownership this year was fully twice as large
as in
1932.
The national index of voluntary farm sales, which Mr. Hill
said usually indicates the rate at which the younger generation is acquiring
land, is now at the highest level in a decade.
Since 1932 the rate has in¬
F.
applications which have been pending under the earlier program,
the
than 40,000, must
approved by local farmer committees.
fruits
construction cost of $637,141,609.
total estimated
These
.
.
spoke,
under
recovery
allotments
the speed with which we operate
the
updn
Administrator
for
now on
speed with which the new projects are
by communities, and the speed with which actual work
entirely
projects is begun."
the
drive
backlog of desirable projects, we were able
built up a
had
we
211
Chronicle
estimated that non-farm real estate foreclosures
the United
but
All
closures in
Des
and
States during April totaled
three
Federal
Home Loan
Bank districts reported fewer fore¬
The Indianapolis, Portland
March of 17.1%, 14.8% and
April than in the preceding month.
Moines
districts showed rises over
respectively.
In comparison with their four-year average move¬
March-to-April changes were favorable in the Boston, New York,
Winston-Salem, Cincinnati, Chicago, Little Rock and Topeka districts.
The District of Columbia and 25 States revealed decreases aggregating
811 foreclosures, while 22 registered increasee totaling 449 cases, and one
State showed on change.
Thus for the country as a whole there was a net
decrease of 362 foreclosures.
...
In comparison with the same month of last year, April activity in the
United States declined 24.1%.
Only the Indianapolis district showed a
5.6%,
ments,
(1.5%),
rise
of
which
was
due to
to
Indiana,
in Indiana. In
greater number
size of community
increased foreclosures
only four other States reported
foreclosures than April, 1937.
All four groups by
addition
a
in March, substantial declines from the corresponding
time ranging from 18.8% to 34.3%.
foreclosures for the first four months of 1938 stood
23.2% under those for the same period of last year.
The average month
for the first four months of 1938 (10,436) stood well below the average
month for the year 1929 and about 800 cases above the average for the
again registered,
month of
as
last year, this
Non-farm real estate
year
1928.
Financial
212
ICC Authorizes Eastern Roads to Raise Fares One-Half
''A
■
Cent '
The Interstate Commerce Commission
July 6 authorized
coach fares from
on
the Eastern railroads to increase passenger
mile for a trial period of 18 months.
The
permissive and not mandatory, may be made
effective on 10 days' notice.
The 25% increase has been
estimated to yield $30,000,000 of additional revenue an¬
nually, based on 1936 traffic.
|| The Commission thus reversed its findings of two months
ago, when it denied the carriers' application for such an in¬
crease.
The evidence presented by the roads at a rehearing
coupled with their increasingly critical plight, apparently
2jto 2 lA cents
rates, which
convinced
a
are
Commission
the
that
increase
the
should
be
granted, in line with the recent advance to 3 cents a mile in
Pullman fares, 5 to 10% lifts in most freight rates last March
and the increase in coach fares from
mile
July 9, 1938
SEC, of ill transactions in corporate securities
on stock exchanges.
Frothingham, Coffin & Burr, Inc., Boston,
President of the Association, in announcing the action of
the Board, pointed out the necessity at this critical time for
cooperation by all agencies.
He said:
vision of the
other than those
i
■
Chronicle
cents to 2 cents
a
granted to Southern lines last November.
E.
Francis
when the employment of
The Board realizes that there never was a time
men was more
ing
The function of investment bank¬
than it is now.
necessary
capital to capital's need" was never more essential if
"bringing
of
therefore, makes it imperative that all agencies cooperate
creation of jobs,
everything possible be done to develop the free flow of the
and that
markets.
V
»•,
•'
In
'
■
•
A.'.': %
IO
capital
■
'
v-vTs-:-£ V-.'V
'■-.vh-
•
.
letter to all members of the Association announcing
a
stated:
the action of the Board, Mr. Frothingham
It is
The
provide jobs.
industry is to obtain funds to expand operations and
the responsibility of
now
the Board of Governors of the Investment
full membership
Bankers' Association to bring this whole subject before the
of the Association and to urge both its members and the
the intention and purposes
industry to support
of the Maloney Act.
Noting that the results of the trial of the new coach fares "cannot be ac¬
cepted. with
effective
an assurance
unless the increased fare is permitted to become
both interstate and intrastate traffic of the
simultaneously on
applicants," the Commission said: "Accordingly, it is our hope that the
Swedish Economy Acclaimed by Winthrop W. Aldrich—
Banker Cites Differences in Economic Life in Swe¬
respective State authorities can see their way clear to authorize a maximum
same
period
as
herein authorized on interstate traffic."
The Eastern railroads operate in a territory bounded
Lake
Michigan,
Louis, and
and
by
on
Chicago,
Springfield and
Cairo,
be regarded
held that the
as
111.,
St.
and
present 2-cent rate established in
1936
sur¬
sufficiently long trial peroid had not
been allowed.
"While
we
realize," said the Commission's report, "that no trial period
could probably be found the results of which would be acceptable as con¬
clusive to all concerned, it seems clear that the fare basis which will yield to
the applicants the
be determined only through the
greatest revenue can
trial-and-error method."
Only Commissioner Claude E.
Porter dissented outright from the 18-
month test of higher fares, asserting that no other industry in the throes
of
a
depression and in the face of vigorous competition sought to raise the
"It may be the railroads
price of what it sold.
laws, but I doubt it, but if they are bent
we
are
immune to economic
committing suicide, why should
on
seek to prevent them?" said Commissioner Porter.
of the increase to
saw
"no
war¬
period of 18 months," and'was
a
joined in this opinion by Commissioner Carroll Miller.
The
Commission
acknowledged that
evidence
no
had
offered in
argument by the Public Utility
Commission of New Jersey for retention of the existing 20-cent fare between
Commission, "we
accord it
see no
i ,000
who attended the dinner heard Mr. Aldrich
differences between the Swedish economy and that
of the United States.
Mr. Aldrich said that he wished to
stress these contrasts to refute the widespread opinion that
Sweden "is the outstanding example of a socialistic country;
of a 'controlled capitalism'; of a 'planned economy' that
works."
Sweden's economic life, he said, "is not nearly so
'controlled' or so 'planned' at most of the propagandists of
economic management would have us believe.
Perhaps after
all they have mistaken the shadow for the substance."
"In that situation," said the
unusual circumstances which would warrant
us
to
special treatment."
Mr. Aldrich added in part:
The high level of industrial activity attained by Sweden in recent years
has not been due to
to
Maloney Act Between Members
of
voluntary associations under the recently enacted
amendments to the Securities Exchange Act of 1934. The
following investment banking representatives attended the
conference:
John K.
attributable to her
The notion is advanced that Sweden deliberately "went
gold" In order to halt the deflation; that she has successfully stabilized
prices; and that as a result the depression has been routed and prosperity
All of these claims
recreated.
krona
added,
was devoted to a discussion of the
problems involved and of
the procedures to be followed in connection with the forma¬
States is the belief that
Sweden's enviable prosperity during the last few years is
she
mem¬
rising trend of industrial expansion, and above
A fallacy that has wide currency in the United
Association
conferred with Commissioner George C. Mathews and
bers of the Commission's staff. The conference, it was
a
all, of increasing productivity of labor and capital.
Representatives of Investment Bankers
Conferences, Inc., and Investment Bankers' Asso¬
ciation—Meeting
in
Chicago
of
Governors
of
The Securities and Exchange Commission announced on
July 1 that representatives of the Investment Bankers Con¬
ference, Inc., and the Investment Bankers' Association had
the result of favorable world price movements, of
came as
monetary policy.
of SEC and
tion
It
economy.
governmental economic "management," but rather it
dynamic economic forces inherent in an expanding industrial
expanding foreign trade, of
off
Conferences Relative
persons
compare
has been due to
been
behalf of the traveling public except an
New York City and Newark, about 10 miles.
The economic system of Sweden was praised on July 6 by
Winthrop W. Aldrich, Chairman of the Board of the Chase
National Bank of New York, who was the principal speaker
at a dinner given in New York City in honor of Crown Prince
Gustaf Adolf and the Crown Princess of Sweden.
Almost
Concurring in part
with the majority, Commissioner Charles D. Mahaffiesaid he
rant for the limitation
Sweden—Com¬
Abandonment of Gold
ments on
Cairo to Huntington, W.Va.,
"experimental" and that much "uncertainty"
rounded the present basis because a
Dinner Honor¬
the west by
line eastward to Norfolk, Va.
a
The Commission
must
Peoria,
the south by the Ohio River from
on
United States—Speaks at
ing Crown Prince and Princess of
den and
coach fare of 2.5 cents to become effective on intrastate traffic at the same
time and for the
In the first
forced to suspend
was
bankers tried to
was
are
unjustified in the light of actual facts.
place, Sweden did not voluntarily abandon the gold standard;
secure
a
Swedish
gold payments because England did.
stabilization
severed from its gold base.
New York just
loan in
before the
The loan could-not be secured at the
time because of the general pressure on the
world's money markets.
In the second place, prices Were not
"stabilized" by these monetary meas¬
After Sweden abandoned gold,
prices of domestic goods, and goods
destined for export, continued to fall.
The only prices that rose were those
ures.
of goods imported from
The apparent stability
gold-standard countries.
of the Riksbank's index of consumption during this period was due to
rise in the
It
hardly be claimed that this
can
people,
as
the
prices of imported goods which offset the fall in domestic prices.
they had to
was
Swedish
advantage to the
an
for the goods they bought while they
pay more
re¬
ceived less for the goods they sold.
Recovery did not become evident until the middle of 1933, when Swedish
The
began to increase.
exports
stiinulus thus
recovery
came
not from
internal monetary management, but from world demand.
Starkweather, of Starkweather & Co., Chairman of
Committee
Another misconception prevalent in the United States is that our Govern¬
Association, appointed to study the new law.
Nevil Ford, Vice President of First Boston
Corp., Chairman of a Commit¬
tee of the Investment Bankers
Conference, Inc.
ment, in recent years, has followed a budgetary policy similar to that of
a
of the Investment Bankers'
Joseph Hostetler,
vestment
attorney, representing
a
joint committee of the In¬
Bankers' Association and the Investment
Inc.
v;;;
Bankers Conferences,
;v'MV"v
Chicago
Governors
of
on
July 7
a
meeting
was
date, page 4020.
held of the Board of
the
Investment
Bankers' Association of
America, at which time wholehearted support of the Asso¬
ciation
was
association
pledged in the organization of
of
associations
pledge
self-regulatory
Maloney Act.
The
telegram to William O. Douglas,
under
a
the
was contained in a
Chairman of the 8EC, which said:
The
As
Swedish fiscal policy has
an
Association's influence and
resources in
working out procedure that will accomplish the purposes of the
Maloney Act.
The Board is recommending to its 765 members that
they
join one of the self-regulatory associations to be
organized to undertake the
regulation of the business.
It was decided that the Investment Bankers'
Association itself will continue the activities it has
conducted for 26 years,
and will extend every
cooperation to the SEC in this matter.
of
Governors, representing
section of the country, and John K. Starkweather,
Starkweather & Co., New York, Chairman of the Associa¬
tion's committee that has been
conferring with the SEC,
devoted the entire day of the special session to consideration
every
of this
new
of self-regulation.
The Maloney Act
anticipates the formation of one or more voluntary associa¬
tions that will undertake
self-regulation, under the
program
as
proof that government
sure-cure
for depressions.
few Swedish economists make the claim that the
responsible for turning the business tide.
were
works did not get under way until
It is
had already
super¬
1934; but by that time business
recovery
been initiated by the increased foreign demand for Swedish
goods and was forging ahead at a rapid pace.
What
is
even
significant, however, is that the fiscal philosophy
more
that budgetary" deficits are good in themselves was never subscribed to in
Sweden.
The policy of restricting governmental borrowing to the financing
of productive enterprises has
the
Swedish nation has
been
never
a
firmly established tradition.
been
burdened writh
As
a
result,
large public debt in¬
a
curred for nonproductive purposes.
When the decision
made, therefore, to allow
was
few years in order to provide the necessary
employment,
it
was
only
short-term loans.
It
with
was
the
a
budgetary deficit for
funds for the alleviation of
determined
budget would be balanced during the ensuing
years
understanding
of prosperity.
that
a
un¬
the
The loans
provided that the government obligations
floated in 1933 and 1934 should be repaid within the next seven years.
Since recovery proceeded faster than had been anticipated, the loans were
actually repaid within four
years.
By 1935 the budget
was
in balance, and
by July 1, 1937, final liquidation of the short-term loans
Swedish pump-priming
Sweden has
effects
was completed.
has differed in yet another respect form ours.
healthy fear of inflation—well remembering the devastating
a
of post-war
experience with
neighbor, Germany.
Thirty members of the Board
been cited
effective yet innocuous
matter of fact very
budgetary deficits
were
Board unanimously voted to lend the
a
generally conceded that extraordinary governmental expenditures for public
The proposed voluntary associations are to be formed
under the recently enacted
Maloney bill providing for the
regulation of over-the-counter security transactions.
The
text of the Maloney
Act, signed by President Roosevelt
June 25, was given in our issue of that
In
Sweden's.
"pump-priming" is
credit inflation,
As
which
a
a
depreciating currency
on
her close
result, Sweden has avoided the dangers of bank
come
about when
bank credit is created in large
quantities for the purchase of long-term government obligations.
In addition,
Sweden's public works program
not compete with
of those
projects
wage
were
was so
private industry for skilled labor,
nor
planned that it did
prevent the lowering
rates which were found to be too high.
Wages
kept slightly below the levels prevailing in the
on
same
public
locality
for the same kind of work.
While
speaking of
wage
rates and labor policy, it is significant that in
Sweden the advance in wage rates did not outrun the advance in prices.
\
Volume
Financial
147
Other addresses at the dinner
were
referred to as follows
in the New York ''Times" of July 7:
set
the
stage
of
knows,
one
course,
Both Parties Place Wreaths
for the Prince's closing
paid tribute to the memory
wreath-laying ceremonies,
Republican and Democratic parties j ust
Monticello this afternoon.
Waltman, publicity
that "indirect"
and "subtle" attacks were being made by the "fretful" Roosevelt Adminis¬
tration against freedom of the press.
To this, Charles Michelson, publicity
director for the Democratic National Committee, replied that such talk was
Tonight
i
Triumph of Reason Seen
that reason, tolerance
standing will again prevail in the world over
Big peoples and great nations do not handle
little
their affairs upon
Hatred and prejudice, suspicion and
passions.
and under¬
bigotry.
force, injustice and
appeals to
fear, must yield to
honestly and honorably developed,
will again lead to justice among nations and to brotherhood among men."
Governor Lehman pointed to Sweden as a nation convinced "that happi¬
ness aid permanent security can be found only through the guarantees of
sympathy and understanding, which, if
civil and religious
National Committee, declared
his visit pleasant,
including President Roosevelt, Gustaf Adolf turned to the Governor, re¬
marked they had in common the hobby of gardening; and continued:
"And I thoroughly corroborate what the Governor said about the neces¬
sity of freedom of thought and of speech in the world of today."
Toward the end of his speech he was discussing the fine care he has re¬
ceived
at
appreciation to many who had made
Harkness
the
mention that its benefits were
Medical
pamphlet of the hospital he had found
of the Columbia-Presbyterian
Pavilion
Center, and he remarked that in a
provided regardless of race,
That, he concluded, impressed him as summing up
creed or color.
the "secret" of
America.
LaGuardia,
a
went into such detail as to
Crown Prince saluted him as an
previous speaker,
history and progress that the
Swedish
expert from whom Swedes
could learn much.
the territory of any
other, respects her
seal of her government upon a
taminated during
treaty as
nation which "does not
War; has kept the peace
the terrible days of the World
there is a Sweden, there is
hope
the world."
in
royal party to the United States
mentioned in the "Chronicle" of July 2, pages 55 and 56.
The visit of the Swedish
was
United
of
Rovensky
States
Latin
of
Resources
have been jeered
we
New
"Not to
carry
there can be few
any
at
Institute
of
Public
(July 8) in an address before the Institute of Public Affairs
University of Virginia. Speaking on "Exploitation and
Economic Development in Latin America," Mr. Rovensky
reviewed the advances made in the Republics to the south
of the United States as'the result of the investment of Ameri¬
of the
capital.
He continued:
been able to draw the
and development,
undertaking always
represents an unusual risk and when that undertaking is in a foreign land,
the dangers and risks are multiplied.
Naturally, profits have sometimes
been made by many foreign entrepreneurs.
Naturally, too, profits were
high in the case of a new undertaking, for who can determine in advance
in a highly risky enterprise what is an exorbitant profit and what is a rea¬
sonable one?
What assurances could one have that his entire capital
investment would not be lost?
On the other hand, we have seen in our
own experience that when an investment proves reasonably safe, the return
to the investor gradually falls into alignment with the return on analogous
risks.
In other words, large returns, which might possibly be characterized
as
resulting from exploitation, gradually decline to reasonable and fair
yields as an undertaking matures.
We should have no quarrel with this
trend, which is a natural one.
Moreover, it is my observation that ample
powers remain with the authorities of any nation to see that undue ad¬
as
we
much thought on my part I have not
exploitation in the sinister sense of the word
should like to interpret it.
A new and untried
vantages are not maintained.
I
believe that fair-minded citizens of
Latin American countries are en¬
which have accrued to them
In increasing measure
products have supplied world markets.
Greater opportunities for
work have been created, and their standard of living has improved.
Homes
are being lighted and factory wheels are
being turned by the electricity
generated in plants which foreign capital, largely from the United States,
has constructed.
Messages speed over telephone wires, undersea cables,
and now through the air because of the investments of our own nationals
and those of other foreign countries.
Water and sanitary works have been
installed.
From the investments in electricity have resulted cheaper
tirely aware, on their part, of the advantages
from
our
in
collaboration
their
development.
their
production costs for local manufacturers;
from the telephone and
cable,
moment's notice; and from
All these investments
were, of course, made with the thought of profit, but clearly there was no
intent or desire to bold the people in financial or commercial bondage.
In short, the economic resources of Latin America have been developed
constructively to the lasting benefit of Latin Americans.
Would any
Latin American nation feel that the linking of the continents by air trans¬
the ability to
water
and
sell
or
buy on world markets at a
sanitation,
better
living
portation is not another dramatic step
a
!
lot of courage, capital and
the future requirements
conditions.
in their advancement?
skill to establish the air routes.
It required
Who knows
?
Speakers at the opening session of the Institute on July
4 included John D. M. Hamilton, Chairman of the Republi¬
can
National Committee, and Senator Claude Pepper of
Florida, who debated as to the merits of the New Deal.
A dispatch of July 4 from Charlottesville, Va., to the New
York "Herald Tribune" reported their remarks in part as
follows:
Mr.
Hamilton pointed out
plifies
his
country."
that his party "bears the name of the
party
today it better exem¬
political philosophy than any other organized group in this
Senator Pepper, who spoke immediately after, said, "Every
founded by
placed," Mr. Hamilton
necessity for confidence.
Spending Hit
Deal
the fight to stop
reckless spending of the New
Deal
despair, because now, after five years
who really believe that the Roosevelt Administration has
national budget into balance.
Thus,
will be, only disaster and financial
intention of ever bringing the
unless the New Deal is soon checked, as it
chaos await this Nation."
Hamilton
Mr.
abandoned
political spoilsmen some
Party, again "today
"pays only lip-service to the immor¬
declared that the party
the name he gave it
founded by Jefferson
when it fell into the hands of
and that as the Democratic
hundred years ago,
usurpers," it
under the domination of
tality of Jefferson."
*
the faith.
The
Hamilton said, was founded by a
original Jeffersonian party who had kept
Republican Party, Mr.
The present
faction of the descendants of the
Democratic
Jeffersonian
Party, said Senator Pepper, was
the offspring of the
and
"throughout all its
of
concepts
and freedom,
liberty
the sentiments of its origin.
degree never before known to our history, the American Govern¬
now the willing and intelligent servant of the American people,"
Senator
Pepper said.
long history has held steadfast to
"To
a
Graduates Its Second
President Citizens Na¬
tional Bank of Hampton, Va., Elected Permanent
President of Class of 1938—Dr. William Mather
School
Jefferson—the Republican party, and
of
Class—Joseph
Affairs—Other
_
line between
on
people in their
give way to disaster and
to
means
in Developing
Stressed by J. C.
"Exploitation" is a charge frequently made against the
pioneering of capitalism, Joseph C. Rovensky, Vice President
of the Chase National Bank of New York said last night
In spite of
the Nation could achieve pros¬
by persons highly
said, "yet Jefferson, too, recognized the
Investments
America
Speakers Include J, D. M. Hamilton and Senator
Pepper of Florida, Who Debate New Deal Record
can
indictment of some aspect of
perity "there must be a restoration of confidence" among
Federal Government and in their own future.
Graduate
Value
an
ment is
her own land since 1814—year, as long as
in
The Mayor, extemporaneous
covet
treaty obligations, considering the
a sacred pledge; refused to be con¬
usual, wound up with a fiery paean to a
as
"contain
"hardly a page" of Jefferson's writings
what the New Deal has
address that
Asserting in his
done," Mr. Hamilton declared that before
one
Mayor Acclaims Sweden
Mayor
"myth."
did not
"For that
liberties."
After expressing
a
Franklyn
Amphitheater,
Mclntyre
in
director for the Republican
"I know it is your hope, as it is ours,
Pepper, in separate
of Jefferson, the
missing each other at the tomb at
Following their addresses, Mr. Hamilton and Senator
of honor, "It is our confident
things throughout the world."
liberty would no more
with political despotism."
that Jefferson's passion for
compromise with economic despotism than
remarks at the
belief that your
presence will strengthen the sympathy and understanding that have existed
between the peoples of our two countries for many years, so that we may
continue to work shoulder to shoulder for the attainment of a new order of
Lehman
Governor
dinner when he told the guest
213
Chronicle
E.
Banking
Healey,
Speaker
Lewis Commencement
plea for a broad educational foundation as the basis
of culture and civilization was made at the commencement
A
Bruns¬
Mather Lewis, the commence¬
In his comments he said:
exercises of the Graduate
School of Banking at New
wick,
X. J., by Dr. William
ment
speaker.
Youth
attain
cannot
to freedom
and to new and better
Gtandards of life
the present social order and other established
institutions, but by rigid self-discipline, for the road to better things is
through a moral struggle in which none but the strong can hope to win
and which comes through understanding problems before one ventures to
offer a solution to them.
Such a process does not discourage liberty.
It
encourages it and discourages license.
by
immature attacks
upon
by the
resident
session on July 2 with a student enrollment of 625.
There
were 149 in the class of 1938 which was graduated July 1.
They came from 29 States, the District of Columbia and
Puerto Itico.
The Graduate School of Banking requires a
two-year course with three resident sessions of two weeks
each at Rutgers University here with 60 hours of classroom
work at each session (a total of 180 hours for the three),
plus additional lectures every night and 23 months of exten¬
sion work at home.
This is considerably more than the
average university requires for a master's degree, which in
Graduate
The
American
School of Banking, conducted
Association, closed its fourth
Bankers
work.
President of the Citizens National Bank,
Hampton, Va., was elected permanent President of the class
of 1938, and Frank M. Dana, Assistant Personnel Director
and Secretary of the Operating Committee of the Bank of
America N. T. & S. A., San Francisco, was elected perma¬
nent Secretary.
On behlaf of the class of 1938, W. Dale
Critser, Assistant Cashier of the Fourth National Bank,
Wichita, Kan., presented Rutgers University wtih a gift of
$750 to be added to the fund begun by the class of 1937 to
establish a financial library at Rutgers.
"If we are to
surmount the problems which distress
humanity, learned men in all fields must come out of their
water-tight compartments of specialization and pool their
knowledge and skill," Dr. Lewis asserted.
He added:
The
banker should be a man of broad culture and good taste.
The
engineer should be a man of letters; and the literary man should be solidly
grounded in science.
Men, in whatever field, must be intellectually compe¬
tent ; they must know men as well as machines; they must forget profes¬
sional jealousies and narrow lines of demarcation and unite their talents
with those of other intellectual leaders for the welfare of mankind.
It is possible that because we have substituted training for education
in these years of rapid scientific development we have not kept pace with
the machinery and organization we have created.
Only upon sound con¬
ceptions of education can sound national business conditions be built.
And there can be no sound education without hard and sustained effort.
No
get-rich quick methods are desirable here any more than in the
financial field.
The desire for real mental competence must supersede
most
cases
is 180 hours of classroom
Joseph E. Healy,
shoddy
achievement.
Dr. Lewis
,
stated that adequate
opportunities are not being
to
given to the intellectually competent.
He went on
say:
It
becomes increasingly evident that in our zeal for providing a con¬
siderable period of schooling for everyone not actually imbecile, we have
neglected the intensive rmlliods necessary to bring to the full realization
214
of
Financial
their
opportunities
whole
our
system
requirements,
whereas
of
we
which
neers,
We
are
must
exceptional
the
for
passing
giving
to
small
ability.
student.
average
grades
something
the
to
mental
In
Our
quantitative
demonstrated
are
education
enough
we
are
not
giving
intellectually competent
everyone,
of
group
have
been
if
lowest
education
is
mental
When
life
who
of
form
the
look
to
education
upon
mental
translation
of
as
activity.
knowledge
the
We
engi¬
have
not
simple
was
can
other than
its problems could
find
we
those
face
to
highest
whose
be mastered by
the
thinking
simple minds.
chaotic, tangled
complicated,
power
Those
of
best
who
us
service
deal
with
the
individual
to
youth
essential
disciplines.
it
the
business
of education
is
attained
only through
is
which
Rather
given to them by intelligent
have learned
students
than
urge
to
cannot
we
do
not
render
maintain
the
students to
demand this or that,
them for that sort of leadership
ability, and that preparation will best be
men
who lead them in their formative period,
older and younger
among
men
ing
by
Colonel
Leonard
P. Ayres, Vice-President of the
Cleveland, Ohio, on June 24, was
referred to in these columns July 2, page 51.
The opening
Trust Co.
of the sessions
of
June 20
on
best
were
noted in
our
the
American
for
support
that
Norwegian delegate and
maining
He
was more
of
idea
a
noncommittal than M.
continuing
"hesitant"
idea
came
President
toward
it,
he
June 25 issue,
page 4053.
from
of the
Judge
body
outside
Nansen
pointed
office.
that
out
Michael
the
Hansson,
Although
non-League
a
re¬
body
"under the authority of the United States" would have the
great practical
advantage of being able to make
ment
contact better with the German Govern¬
regarding Lord Winterton's problem of funds and other questions.
The
more
constructive side of Lord Winterton's
speech was a promise to
can accelerate the process
tion of the refugees already in it" and
ment was
an
of assimila¬
that his govern¬
announcement
actively "surveying the prospects of the admission of refugees"
to its vast colonial and overseas territories.
He stressed the difficulties rather than the
possibilities in this field, but
still was "not
unhopeful that
able to take
part, if only a relatively minor part," in solving the problem.
but
no
a
some colonial territories in their turn
may
be
was
examining especially the possibilities in East Africa, he said,
project was likely to settle "more than a limited number of selected
families, at any rate in the early stages."
Where
An address delivered before the Graduate School of Bank¬
Cleveland
Berenger, stressed the League's refugee work
avoiding duplication.
toward
London
best.
its
The
cooperative spirit.
a
cooperative spirit, when it is found
education at
Berenger
"explore how far the United Kingdom
that
we
seeking together the truth and suspending judgment until the evidence is in,
constitutes
Lord Winterton, like M.
and the need for
prepare
who do not encourage a contentious but
This
if
prospects of
League's Work Stressed
has been developed to the
highest degree?
the
1938
9,
some
success."
of
realized
the
July
able to start life in other countries with
are
League.
acquisition
into wisdom,
emigrants
the
out
activity.
today
situation
content
Chronicle
that
they come at all, the great statesmen and
the financiers, industrialists and labor leaders of the future.
form of
But
of
geared
70%
come,
knowledge—the
that
is
our
opportunities
proper
those
Mr.
Taylor stressed the question's humanitarian side and
M.
Berenger its democratic side, Lord Winterton alone mentioned that the
refugees could enrich the countries receiving them—though with character¬
istic prudence he did not stress this
point.
On
July 7 Mr. Taylor
Governmental
elected President of the Inter-
Refugees.
reporting this said:
accounts from Evian
He
was
Committee
Associated Press
on
nominated by Senator Henry Berenger of France and seconded
by Dr. To mas A. Lebreton of Argentina. Election was by acclamation.
Refugee Congress Opens with United States Plea for
Prompt Action—Myron C. Taylor Urges Creation
of Permanent Body to Facilitate Care of
Refugees
—French and British Also Present Statements
The international congress on
refugees which
voked
the
at
instance
of
President
Roosevelt
was
policy. Myron
delegation, warned
migration of political and racial groups can
bring "catastrophic suffering" upon the world. The British
statement was delivered
by Earl Winterton and that on
behalf of France by Senator
Henry Berenger, who suggested
a
program of "territorial, shipping, financial,
monetary and
con¬
Taylor's address, Associated Press
July 6 from Evian said:
groups and
we
have
come to
unavoid¬
He named only one
country—Germany.
discrimination and pressure against
disregard of elementary human life
ciples of what
were
regard
as
minority
are
contrary to the prin¬
accepted standards of civilization,"
the former head of the United States
Steel
Corporation declared.
He outlined the scope of the
conference as to take in all problems
dealing
with the "great bodies of
reluctant migrants who must be absorbed in
abnormal circumstances with a
disregard of economic conditions and at a
time of stress." This wave of
migration, he said, is forced upon the world
at large and
"artificially stimulated by governmental practices in some
countries."
Calling forced migration of minorities "chaotic
dumping of unfortunate
a more
disturbing practice even than dumping
merchandise, the disruptive consequences of which are
peoples," he declared this
It renders racial
generally known.
and
religious problems
more
acute in
all parts of the
world, he said, and encourages retaliation
against the responsible countries.
"International mistrust and suspicion is
heightened," he asserted, "and
fear, which is an important obstacle to
general
nations,
is
appeasement
between
"catastrophic human suffering" unless nations unite in
immediate
attention
Extracts from addresses of other
delegates were given in
following dispatch of July 6 to the New York "Times"
from Clarence E. Streit:
the
"to find
practical
unfortunate
people
declared
means
who
asked to receive them."
of
that
the
object
of the
present
relieving the difficulties
wish
to
He passed
meeting
which
confront
emigrate and the countries
over
was
which
the
-—he cracked out this
negative like
of emigration from other
are
the forced
and
a
whip—"to deal with the problem
even
in favorable
circumstances the goodwill of the
States represented here,
and it will only raise false
expectations if it is believed that
pressure on
minorities of race and
religion can force other countries to
Winterton, however,
open their
contributed
a
strong demand
on
doors,"
rendered insoluble unless the
country of origin is prepared
make its contribution and
unless the emigrants whom
other countries
may be asked to accept have some
means of
to
self-support."
"No thickly populated
country can be expected to
accept persons who
deprived of their means of
susbsistence
before they are able to enter
it,
nor can the resources of
private societies be
expected to make good the
losses the emigrants have
suffered," he continued.
"If the countries of
immigration are to do their best to facilitate
the
admission of emigrants, then
they are entitled to expect that the
country
of origin on its side will
equally assist in creating conditions in which
the
in
the
to
This
United
Country.
Singh Malik, first Trade Commissioner for India
Canada, arrived in New York with
his family on July 4 on the Cunard White Star liner
Queen
Mary.
Mr. Malik, who is 43 years old, was formerly a
Deputy India Trade Commissioner to London and a Com¬
missioner to Hamburg, Germany.
He was joint Secretary
to the
Government of India from 1934 to 1937, said the New
July 5, which further stated in part:
York "Times" of
was
welcomed at
Quarantine by
a
delegation from
the India Chamber of Commerce of
America, Inc., headed by its President,
Sirdar Kumar J. J. Singh, and at the
pier, West Fiftieth
Street, by
a num¬
ber of Sikhs and other East Indians.
In
brief statement Mr. Malik said:
a
s
"I consider it a great honor to be sent
here to represent my country in
trade matters, and I welcome the
opportunity it gives me to develop trade
relations between our two countries.
"India within tne last several years has had a
favorable trade balance
with the United States, exporting to this
country nearly $56,000,000 worth
of raw goods in 1937, as
compared with the figures of the United States for
export of manufactured goods to India totaling
slightly
000,000."
India's Industries
The Commissioner said he left India
tion
was
quiet.
Industries
were
less
than
$40,
Growing
on
March 31 and the political situa¬
progressing in all the large cities and
new
roads and business
buildings being constructed, he added.
In Rewal Pindi, in Northwest
India, where he comes from, great changes
were
going
on,
he said,
with improvements in transportation and motor
roads into
Kashmir.
Sugar growing was started eight years ago and now
India produces enough to
supply the country.
a
a graduate of Oxford University, was the first Indian
to
commission in the Royal Air Force during the World
War.
Creation of
New
Division of SEC Known
Study—T.
C.
Biaisdell
Named
as
re¬
Monopoly
Director
The Securities and
Exchange Commission announced on
July 6 the creation of a new division to be known as the
Monopoly Study for the purpose of carrying on the Com¬
mission's duties under the study and
investigation of monopo¬
lies ordered by Congress.
Thomas C. Biaisdell has been
appointed Director of the Monopoly Study.
The SEC
further stated:
Mr. Biaisdell has been in the Government service
1933.
He
was
first
on
as
an
economist since
the staff of the
Consumers' Counsel of the Agricul¬
Adjustment Administration; he was Director of the Consumers'
Ad¬
visory Board of National Recovery Administration; he served as
Economic
Advisor to the Administrator of the Resettlement
Administration;
and more
recently he has been Assistant Director of Research and Statistics at
the
Social Security Board and Consultant to the National
Resources Committee.
Mr. Biaisdell is the author of "The Federal Trade
Commission,
E. A.
an
Experi¬
Control of Business" (1932).
Before coming to the Govern¬
taught economics at Columbia University.
ment he
Bartlett Nominated to Succeed
Jr.
Germany,
saying that the tasks facing the
committee "will be
immeasurably compli¬
cated and even
are
India
ment in the
countries."
He explained that this
limited problem itself "will tax
to the full
Lord
for
Arrives
tural
character of this migra¬
tion, which M. Berenger, like Mr.
Taylor, stressed.
Lord Winterton
emphasized that "this
meeting has been convened to
consider the question of
emigration from Germany and from Austria
not
Canada
Hardit
"focus
Winterton
Commissioner
and
to the United States and
ceive
upon
the most pressing problem of
political
refugees from Germany (including
Austria)."
Accordingly, he said, the United States referred
specifically to the
German problem when
inviting nations to attend the refugee conference.
Lord
Trade
States
an
effort to halt this "anarchical
practice by some governments."
Mr. Taylor suggested to the
conference that, although its ultimate
goal should be to give aid "wherever
governmental intolerance shall have
created a refugee
problem," it might bo necessary at this time to
our
First
Mr. Malik,
accentuated."
He predicted
declined to accept the presidency, yielded to
delegations that he take the post on behalf of the
-
The Commissioner
Mr. Taylor said "general unrest and
international strain"
able results of this migration.
"I need not emphasize that
Taylor, who at first
the insistence of other
on
France gave statements of
general refugee
C. Taylor, Chairman of the American
advices of
be called, President Franklin Roosevelt."
United States.
opened
social measures" that he believed the
conference must
sider.
In reporting Mr.
For the first time since the meeting began
yesterday the delegates broke
into applause when Senator
Berenger referred to Mr. Taylor as "the per¬
sonal representative of the great humanitarian who caused
this meeting to
Mr.
con¬
July 6 at Evian, Prance, attended by delegates of 32 nations.
Representatives of the United States, Great Britain and
that the forced
was
as
Chairman
of
Board of
New
W.
McC.
Martin
York Stock Ex¬
change—Election
to Be Held July 20
meeting of the Nominating Committee of the New
York Stock
Exchange held on July 5 it was decided, in
accordance with Section 4, Article VIII of the
Constitution,
At
a
that the committee would exercise its
and report to the
privilege and
propose
Secretary of the Exchange a nominee for
election to the office of Chairman of the Board for
the unex¬
pired term.
The Nominating Committee on
July 6 proposed Edward E.
Bartlett Jr., as nominee for election to the office
of Chair-
Volume
Financial
147
unexpired term of William MeC.
resigned as Chairman of the Board upon
President on July 1, 1938.
The election
July 20.
The announcement of Secretary
of the Board for the
man
Martin Jr., who
taking office
will be held
as
on
J. C. Wotawa
by absentee ballot
the Secretary as promptly as possible, in order that the
may be sent to them in time for voting.
Members wishing to exercise
so
advise
necessary
ballots
the privilege of voting
The following concerning Mr. Bartlett's career was
by the Stock Exchange on July 6:
issued
New York Stock Exchange since
special partner in the firm of E. A.
Governor of the Ecchange since 1930, being
Mr. Bartlett has been a member of the
1926 and is,
at the present time,
He has been a
Pierce & Co.
Appointed Assistant to Auditor
Reserve Bank of St. Louis
of Federal
Joseph C. Wotawa has been appointed Assistant to Gen¬
Auditor of tlie Federal Reserve Bank of St. Louis,
eral
effective July 1, it was
Fisher also said:
should
215
Chronicle
He has bad
announced on June 28.
experience in banking, tlie past five as Auditor
of the Manufacturers Bank & Trust Co., St. Louis.
He is
First Vice-President of the St. Louis Conference of the
14
years'
Auditors and
National Association of Bank
ITEMS
TRUST
BANKS,
ABOUT
a
Arrangements were made July 6
Comptrollers.
COMPANIES,
for the transfer of a New
membership at $68,000.
the same price.
reelected last May for a one-year term.
York Stock Exchange
July 15, 1885. Following
his graduation from Columbia University in 1906, he joined the firm of
Gwathmey & Co., which, in 1926, merged with E. A. Pierce & Co.
He
was President of the New York Cotton Exchange from 1923 to 1925 and
still holds membership in that Exchange.
As a Governor of the New York
Stock Exchange, Mr. Bartlett has served as Chairman of the Arbitration
Committee and as a member of several former standing committees, includ¬
&c.
The previous
transaction (July 5) was at
Mr* Bartlett
was
bora in New York City on
ing the Committee on
Securities and the Committee on Quotations and
to his chairmanship of the Arbitration Com¬
In addition
Commissions.
member of the Executive Committee
New York Stock Exchange Building
Stock Clearing Corp., affiliated companies.
mittee, he is, at the present time, a
Exchange, Vice-President of the
of the
Co. and
a
Director of the
Douglas Reelected Chairman
William O.
and Exchange
Securities and Exchange
The
of Securities
Commission
Commission announced on
0. Douglas had been reelected Chair¬
man for the fiscal year ending June 30, 1939.
Chairman
Douglas was appointed a member of the Commission by
President Roosevelt in January, 1936, to fill the unexpired
term of Joseph P. Kennedy, and was elected Chairman in
September, 1937.
He first became associated with the
Commission in 1934 as Director of the Protective Committee
Study.
The Commission's announcement continued:
Chairman Douglas was born in Maine, Minn., on Oct. 16, 1898.
He
attended grade and high school in Kakima, Wash., and graduated from
Whitman College in Walla Walla, Wash., in 1920.
He studied law at
Columbia
University.
Subsequently he was engaged in private practice
of law in New York City and conducted courses in law at Columbia Uni¬
versity.
In 1928 he joined the faculty of Yale Law School, becoming
July 2 that William
Sterling Professor of Law,
Throop Resigns as General Counsel of SEC—C. T. Lane Named Successor While R. H. O'Brien
Becomes Assistant General Counsel
Allen
General Counsel of the Securities and
announced his resignation on June 28
to join the faculty of the Yale Law School next September.
It was also announced that Chester T. Lane, now Assistant
General Counsel, will succeed Mr. Throop, while Robert H.
O'Brien, Assistant Director of the Registration Division,
will replace Mr. Lane as Assistant General Counsel.
The
Commission's announcement regarding their careers said,
E. Throop,
Allen
Exchange Commission,
in
Commission's staff as Assistant General Counsel
September, 1934, and was appointed General Counsel on Jan. 15, 1937....
Mr. Lane became a member of the Commission's legal staff in 1935 and
part:
Throop joined the
Mr.
in
appointed Assistant General Counsel in January, 1937.
.
.
Mr. O'Brien has been an Assistant Director of the Registration
was
since June,
as
He first came with the
1937.
attorney in the
an
.
Division
Commission in November, 1934,
of the City of New York, in its
condition covering the three months ended
statement
of
increase in resources to $677,494,787 from
$600,675,789 and an increase in total deposits to $554,214,293
from $478,717,608 as compared with the March 31, 1938
statement.
Undivided profits are shown (June 30) at
June 30, shows an
Director and M.
Riger to Be Supervising
Attorney
Exchange Commission an¬
nounced the appointment of Samuel O. Clark Jr. as Director
of the new Reorganization Division created to carry out the
duties of the Commission under the recently-enacted re¬
vision of the National Bankruptcy Act (the Chandler Act).
Edmund Burke Jr. will be Assistant Director of the new
division, and Martin Riger will be Supervising Attorney.
The following is from the SEC's announcement in the
the Securities and
July 5
matter:
1934.
He
Study, which
was
established by the Commission to investigate and to report on the
work, activities, personnel, and functions of Protective and Reorganization
Committees.
For the past year Mr. Clark has been in charge of the
Protective Committee Study, supervising the preparation of its reports to
the
Congress.
Disclosures and recommendations contained in the Com¬
mission's Protective Committee Reports have served as the basis for many
Mr.
first
of
the
has
Clark
served
been
with
the Commission
Chief Attorney
as
since November,
of the Protective Committee
provisions of the Chandler
bill.
served as Trial Examiner in the Commission's
hearings in the Richard Whitney case.
.
.
Mr. Burke, a native of New York City,
joined the Commission's legal
staff in April, 1935, in the Forms and Regulations Division.
He was
transferred to the Commission's Protective Committee Study staff in the
Recently
Mr.
$2,500,-
against $7,683,270 (March 31) after making provision
for the April 1 dividend of $2,500,000.
Loans and discounts
rose to $82,493,603 on June 30from $69,973,785 on March 31
and
holdings of United States Government securities
amounted to $234,685,478 on June 30 against $236,021,044
at the end of the first quarter of 1938.
Cash and due from
bhnks was $226,495,061 at the latest date as compared with
$156,364,037 March 31. The bank's capital and surplus is
unchanged at $10,000,000 and $100,000,000, respectively.
Total
resources
at the close
the Bank
conditions at
$196,853,238
ofj$204,390,650 are reported by
of New York, New York, in its statement of
the close of business June 30, as compared with
of business March 31.
In the present statement,
hand, in Federal Reserve Bank, and due from banks
and bankers and exchanges for Clearing House and other
cash items amounted to $64,877,437, down from $74,458,772
cash
on
holdings of United States securities to $79,764,from $54,664,597, and loans and discounts were
$34,926;208, down from $40,291,875. On the debit side of
the statement, capital and surplus are shown unchanged at
on
March 31;
295,
up
undivided profits
total deposits at
$172,435,501 three months ago.
$6,000,000 and $9,000,000, respectively,
$4,479,664, up from $4,389,027, and
at
$180,843,439, up from
♦
»■
According to the June 30 statement of condition of the
Bankers Trust Co. of New York, resources on that date
and deposits, including outstanding
amounted to $915,956,619, comparing
with $975,069,368 and $852,796,841, respectively, on Dec.
31 last.
The principal items comprising the current state¬
ment are: Cash, due from banks and bankers, $324,078,437
(against $262,548,353 on Dec. 31); holdings of United
States Government securities, $399,353,060 (up from $343,935,274), and time loans and bills discounted, $131,690,747
totaled $1,038,156,262
and certified checks,
(down from $185,131,887 on the earlier date).
The com¬
pany's capital and surplus fund are unchanged at
and $50,000,000, respectively, but undivided profits have
increased to $27,650,902 from $26,932,372^at the endjfof
$25,000,000
1937.
b* In its report as
Clark Jr. Appointed Director, of New Reorgani¬
zation Division of SEC—E. Burke Named Assistant
On
the July 1 dividend of
$8,772,295 after providing for
000
Registration Division.
O.
S.
♦
•
The First National Bank
Clark
of June 30, the Irving
Trust Co. of New
total assets of $656,667,102 and total deposits
of $535,093,506, comparing with $650,226,936 and $519,097,285, respectively, on Dee. 31 last.
Cash on hand
due from banks on June 30 Ls shown as $263,365,913 as
York shows
and
$213,435,179 at the earlier date; United States
securities as $182,132,665 against $192,375,669,
and other loans and discounts are*given as $125,055,063,
contrasting with $138,742,147 on Dec. 31.
Capital stock
and surplus are unchanged at $50,000,000 and $55,000,000,
respectively, but undivided profits are now at $6,411,081
down from $6,732,194 on Dec. 31.
against
Government
The Corn
Co. of New York in its
the close of business June 30,
Exchange Bank Trust
condensed statement, as at
leports total deposits of
$330,968,473, comparing
$297,149,032 and total assets of
with $292,526,346 and $325,972,477, respectively, on Dec. 31, 1937.
In the current state¬
ment holdings of United States Government securities at par
are shown as $133,000,000 (comparing with $131,350,000 on
Dec. 31); cash in vaults and due from banks, $81,048,674
(up from $78,279,075); first mortgages, $19,301,975 (against
$19,578,665); and secured demand loans, $16,992,616 (com¬
pared with $17,580,672).
Capital remains the same at
$15,000,000, but surplus
compare
and undivided profits at $18,409,381
the earlier date.
with $18,052,039 at
—
fall
of
1936.
.
.
.
1910. He was graduated from
Columbia University School of
Law in 1934, where he was editor-in-chief of the "Columbia Law Review."
After a short period of practice in New York
City, he came with the
Commission in November, 1934, and has since been engaged in the work
Riger was born in New York City in
Cornell University in 1931 and from the
Mr.
the
of
Both
in
Protective Committee Study.
Mr.
Burke
of the
and
other
Mr.
Riger
of the Chandler bill,
investigations.
June
30 statement of the
New York was
on
that
date
$2,115,202,000
June 30,
assisted the congressional committees
and other proposed legislation growing
investigations of the Commission's Protective Committee Study
the drafting
out
and
The
made public July 6.
are
on
1937.
Chase National Bank of
The deposits of the bank
shown as
$2,152,228,000 compared with
7,
1938, and $2,130,387,000 on
March
Total resources
amounted to $2,449,207,000,
$2,423,645,000 on March 7, 1938, and $2,426,554,000 on June 30, 1937; cash in the bank's vaults and on
deposit with tlie Federal Reserve Bank and other banks,
contrasting with
216
Financial
Chronicle
.$801,270,000 compared with .$723,594,000 and $6S5,720,000 on
the respective dates; investments in United States Govern¬
ment
securities, $026,756,000 compared with $590,479,000
and $618,840,000; loans and discounts,
$654,027,000 compared
$1.09
for
both
June
121,000
amounts
30,
1938,
unchanged.
The
undivided
profits
Empire Trust Co. of New York, in its condition
ment
of
as
June
30,
against $77,544,230
comprising
the
on
total
reports
assets
March 31 last.
in
resources
the
of
Cash in vault and banks,
$21,157,965 (against
United States Government
securities,
items
;
(against
condensed
statement
New
of
Y'ork
824,134 and
(against $3,430,753), and total deposits as $62,500,825 (down
as
March 31.
on
30, the Chemical Bank
reported
and
113,594
due
from
banks
the later
on
date
$242,compared with $210,405,668; United States Gov¬
obligations amounted to $133,114,375, up from $105,-
040,460, but loans and discounts
were
$120,073,770
as
to the
the
The
York,
last
of
condition
of June
as
of
30,
of $709,748,290 shown
resources
Cash and due from banks is listed at $201,-
the
Grace
National
reported cash
in
Bank
vault
Common
stock
is
market and consequent
open
$32,998,440, unchanged from
Net
quarter.
same j)eriod last year.
Dividends of $233,913 were
paid on preferred stock and $824,959 on common stock, leav¬
ing a balance of $1,096,707.
Of this amount, $256,134 was
used
statement
New
Co.
for the
March 31.
of
Trust
1938, shows deposits of $619,of $737,811,929.
This compares with
operating earnings for the quarter
ending June 30, 193St were $2,155,579 as against $2,323,713
$137,937,349. Capital and surplus remained the
$20,000,000 and $45,000,000, respectively, but undi¬
profits
were
$9,904,361
against
$9,648,652
on
at
vided
Manufacturers
of
June 30,
purchase of shares in the
retirement.
com¬
pared with
same
30,
848,141, which compares with $215,780,570 at the end of the
previous quarter.
Preferred stock is $9,356,520, which repre¬
sents a decrease of $26,000 from the previous
quarter, due
totaled
as
ernment
June
as against $194,717,949 on March 31.
United States
Government securities stands at $183,533,695; three months
ago it was $161,987,880.
Loans and bills purchased is $221,-
&
total
deposits of $552,072,203 and total assets of $638,398,231 against
$515,766,211
and $007,739,359,
respectively, on March 31 last.
Cash on
hand
of
as
year,
689,318
As at the close of business June
York
of
resources
^
New
of condition
deposits of $592,002,054 and
$70,412,789).
of
condition
of
this
4
statement, capital is shown at $3,500,000 (the same as on
31) ; surplus and undivided profits at $3,460,881
Co.
statement
of
were
The
March
Trust
year,
$49,688,475 against $52,187,706.
Capital and sur¬
unchanged at $7,000,000 each, while undivided
profits were $2,084,058, up from $1,989,906 at the end of
the first quarter of 1938.
plus
$14,104,877), and street and demand collateral loans, $14,474,804 (against $131499,985).
On the debit side of the
from
share, and
ending June 30, 1937, $1.45
counts to
are
$28,834,706)
$14,902,244
its
for the
year,
per
hand and due from banks amounted to $56,203,619
against
$51,031,178; holdings of United States Government obliga¬
tions to $42,1)05,808 against $37,198,629, and loans and dis¬
$69,569,978
statement
present
1937, 73c.
total
state¬
The principal
periods last
same
1938
9,
1938, the bank reported total deposits of $150,275,432 and
resources of $169,662,826,
compared, respectively, with
$148,305,911 and $167,022,777 on March 31 last.
Cash on
were
•
The
the
share.
In
$31,999,000 compared with $28,March 7, 1938, and $27,950,000 on June 30, 1937.
on
half of
Earnings for the first quarter
ending March 31, 1938, were 48c. per share.
$733,095,000 and $8011,978,000.
On June 30, 1938, the
capital of the bank was $100,270,000 and the surplus $100,on
first
For the
ending June 30,
quarter,
the
per
with
270,000,
share.
per
second
July
to
bond
amortize
premiums
$840,573, which amount
and
for
transferred to
was
taxes,
reserve
leaving
account.
and
with banks amounted
to $12,659,387; demand loans to brok¬
secured, amounted to $2,930,000; United States Govern¬
securities amounting to
$2,149,406, and State, munici¬
pal and other public securities, $4,335,002,
it was an¬
nounced July 5.
Undivided profits stand at $545,026; de¬
posits are reported as $26,632,704, and surplus amounted to
At
ers,
Co.
ment
President.
in total
resources
to
$31,604,350 from $30,007,254 on
March 7, 1938, and
$30,744,286 on June 30, 1937. Deposits,
it is stated, have risen to
$27,330,008 from $20,226,067 on
March 7 and $26,407,052 a
year ago.
Cash holdings are
having increased to $13,153,605 from $8,331,267
on
March 7 and $9,320,920 a
year ago, while holdings of
United States Government securities total
$3,441,253 com¬
as
pared with $5,639,215 on March 7 and $2,280,867 a
year ago.
Holdings of State, municipal and corporate securities aggre¬
gate $1,512,197 against $1,617,455 on March 7 and
$1,822,226
a year ago.
Loans and discounts total $12,776,489
compared
$14,069,371
on
March 7 and $16,374,646
a
year
industrial
of industrial
the
deferred
customers.
credit
Manufacturers
Trust
5,
credit
division
established
was
years ago to
provide
manu¬
equipment and
sale
payment
Mr.
division
inception
Hall
of
of the
of
has been
their
Manufacturers
service.
various
in charge of
Prior
Co.
Trust
to
that
he
of the Finance Committee of the Industrial
poration.
Harry
C.
Kilpatrick,
formerly
President of Manufacturers Trust
estate
as
Co.
in
department, has also been elected
a
products
to
the industrial
ever
since
the
Chairman
was
Acceptance Cor¬
Assistant
Vice-
charge of its real
Vice-President.
Statement of condition of Fulton Trust Co. of New York
of June 30, 1938, shows aggregate resources of
as
$25,584,911
compared with $28,784,100
United
ago.
July
on
public utilities with
a means of
releasing working capital through the discount
of the long-term, amortized notes receivable
resulting from
Trust
with
The
facturers
The statement of condition of
Sterling National Bank &
Co. of New York
City, as of June 30, shows an in¬
of the directors of
York,
by Manufacturers Trust Co. two
4
reported
New
Percy M. Hall, officer in
charge of the Industrial Credit Division, was elected a Vice-
$1,500,000.
crease
the meeting
of
States
on
Government
Dec. 31, 1937.
securities
and
Cash items,
demand
loans
secured by collateral aggregate
In
its
statement
Clinton Trust Co.
of
condition
of
as
June
of New York
reports an
assetsTo $9,902,204 from $9,545,342
and discounts are
reported as
as
30,
1938,
of March 31.
Loans
increasing to $2,706,158
pared with $2,503,447
from banks amounted
on
March 31; cash
the
increase in total
on
com¬
hand and
due
to
$2,847,787 against $2,668,727, and
bonds, $3,817,881 compared with $3,843,961.
Deposits increased to $8,676,088 compared with
$8,255,520
investments in
three months ago.
Capital stock and capital notes remained
unchanged at $600,000 and $150,OCX),
respectively, and sur¬
plus and undivided profits totaled
$402,624 against $496,650
on March 31.
$14,127,537 as compared with
$17,303,226, while State and municipal bonds held by the
company decreased from $3,107,241 to
$2,699,095.
Other
securities rose $393,348 during the period from
$6,027,810 to
$6,421,158.
Deposits of the company, ■which is engaged ex¬
clusively in personal trust and personal banking business,
amounted
June 30 to $20,403,863 as compared with
on
$23,year-end.
Capital and surplus together re¬
unchanged at $4,000,000, a decrease in undivided
profits, after provision for the dividend, from $889,969 to
$751,743, being more than balanced by an increase in re¬
627,831
the
at
main
for
serves
to
taxes, expenses and contingencies from $214,610
$379,212.
♦
The
of
June
New
30
statement
of
the
United 'States
York shows total
deposits of
resources
Trust
Co.
$81,132,588 and total
of
$112,960,924 against $09,338,443 and $101,188,409, respectively, on March 31 last.
Cash in banks, in
statement, amount to $43,632,271 as compared
with $36,248,954 on the
earlier date, and loans
aggregate
$30,560,909 against $28,167,636.
Capital and surplus are
unchanged at $2,000,000 and $26,000,000,
the current
undivided profits
on
March 31.
respectivelv. while
are
given
as
The statement of condition of the
Guaranty Trust Co. of
30, 1938, published July 6, shows de¬
posits of $1,496,430,798 as compared with $1,446,430,62S on
March 31, 1938.
Resources totaling $1,816,207,890
compare
with $1,770,408,086 three months
ago.
Undivided profits
are $12,010,402 compared with
$11,840,362 on March 31 last.
New York
The company's capital and
surplus are $90,000,000 and
and total
^assets of $78,800,458,
$58,799,155 and $89,431,555
and
due
from
on
compared, respectively, with
Dec. 31, 1937.
Cash on hand
banks increased
to
$21,471,462 against $18,-
548,450;
are
holdings of United States Government
$14,984,071 against $17,341,454. Call loans
ances
of other banks increased
to
as
of Dec.
of
Dec.
securities
and
accept¬
John R.
as
The
operating
Co.
June 30,
and
for
of
earnings of the
New
York,
1938, amounted,
the
first
half
for
Public National
the
second
quarter
Bank
Babcock, Second Vice-President of the Guaranty
New York, died after a brief illness at
the
of
born
was
attended
in New York, on June 30.
Mr. Bab¬
Leonardsville, N. Y., Aug. 26, 1874.
He
University and Hamilton College, and. was
in
Alfred
graduated from Hamilton
College in the class of 1898.
He
joined the Babcock Manufacturing Co. of
Leonardsville, and
in 1901 became sales
manager.
Later he went to Texas for
his health, where he
merce
of Dallas
During the
Cross,
war
United
was
from
Secretary of the Chamber
Mr. Babcock
States
of Com¬
1909 to 1917.
Food
was
a
Secretary of the
Red
Administrator
for
Northern
Manager of the War Savings Stamp Camnaign
for the State of Texas.
For a year after the close of
Texas and
4
Trust
Co.
Polyclinic Hospital,
cock
$6,130,073 from $6,038,775
31, 1937.
Surplus increased from $11,025,283
31, 1937, to $11,054,959 as of June
30, 1938.
$170,-
♦
.
Trust
York, private
deposits of $53,368,740
.Tune
000,000, respectively.
$2,770,382 against $2,761,440
Brown Brothers Harriman
& Co. of New
bankers, reported as of June 30 total
of
as
&
ending
it is
announced, to 61c. per share,
of the
year,
ending June 30, 193S,
the
war
of
he
was
Dallas.
VieeJPresident
He joined
the
of
the
National
Standard
Bank
of
Steel
Tie
Co.
Commerce in
1919. and became District
Representative for New England
in December, 1920.
Later be was in charge of the business
Volume
The
In 1926 he was ap¬
Development Department of the bank.
with
Commerce
the
Guaranty Trust Co., Mr. Babcock
Guaranty Trust Co.
1931, when he returned to the main office in
until
on
New York
Samuel Reading
Bertron, President of the
international
banking firm of Bertron, Griscom & Co., Inc., New York,
died on June 30 at his home in Oyster Bay, Long Island,
A native of Port Gibson, Miss., Mr.
from Yale University in 1885.
He
studied law and was admitted to the New York bar, and
in 1894 established the banking firm of Bertron & Storrs.
Later he became head of Bertron, Griscom & Co., Inc., in
which he served until his final illness.
Mr. Bertron was
His age was 73.
N. Y.
Bertron
graduated
appointed a member of the Root Mission to Russia in 1917
by President Wilson.
He was honored by five European
nations for his wartime activities.
During the Wilson Ad¬
Secretary
ministration
adviser to
Bertron
Mr.
four
of the Treasury McAdoo appointed
the Excess Profits Tax Board for
He was also a member of the Capital Issues
years.
Commission, New York, during the war.
important part in the peace nego¬
tiations between Italy and Turkey in 1912, and was made a
Chevalier of the Crown of Italy in 1917.
During that same
Mr. Bertron played an
Swiss Government and
he received the thanks of the
year
In 1919 he was made a Commander
of the Order of Leopold II of Belgium, and the following
year was honored by France as a Chevalier of the Legion
of Honor.
He was also an Officer of the Crown of Rumania
and a founder of the French War Relief Bureau, which was
later taken over by the American Red Cross.
the King
Albert medal.
Irving Trust Co. of New York opened a new
48th Street at Rockefeller Plaza, New
City, in the Rockefeller Center business area.
The
On July 5
banking
York
office on
premises are held under a long-term lease and extensive
alterations were made to prepare them for banking pur¬
poses.
one
The office occupies three floors of the building, on
installed a commodious modern safe
of which has been
deposit vault.
Arthur N. Otis, Assistant Vice-President, is
in charge of the office.
Assisting him is the entire personnel
of the company's former 49th Street office, which was dis¬
continued July 2.
♦
;y;yyy
Co. of
30 showed cash on hand and
due
from
banks of $41,560,102 against $37,630,314 on
March 31 last, an increase of $3,929,788, while total loans
of all kinds were show n to be $32,355,557 against $36,134,716
three months ago, a decrease of $3,779,159.
Holdings of
United
States
Government
securities were $32,300,092
against $31,117,680 or» March 31 last.
Holdings of real
estate other than bank buildings showed a reduction of
$367,277 during the three-month period, being $1,226,165 on
June 30 against $1,593,442 on March 31, the decrease re¬
flecting the sale of a number of parcels.
The June 30
statement showed total deposits of $110,839,834 and total
resources of $125,817,553, comparing with $113,627,058 and
The statement of
condition of the Brooklyn Trust
Brooklyn, N. Y., as of June
Undivided
months ago,
$128,598,841, respectively, on March 31 last.
profits were $1,379,628 against $1,376,723 three
while capital and surplus were unchanged.
of condition as of June 30,
covering all offices and foreign branches, the First National
Bank of Boston, Boston, Mass., reports total deposits of
$642,570,482 and total assets of $743,576,803 as compared
with $613,871,278 and $718,150,948, respectively, on Mar. 7
1938.
Cash and due from banks in the current statement
total $302,108,378 (against $233,065,780 on Mar. 7); loans,
discounts and investments, $274,888,331 (comparing with
$274,019,967); United States Government securities, $113,755,792 (against $150,726,221), and State and Mniucipal
securities, $20,328,479 (comparing with $19,060,115).
The
bank's
capital remains unchanged at $27,812,500, < but
surplus and profits have increased to $52,012,661 from
$51,697,406 on Mar. 7.
The figures of Old Colony Trust
Co., which is beneficially owned by the stockholders of the
FirstJNational Bank of Boston, are not included in the fore¬
going statement.
♦
y-
■
30, the Pennsylvania
Co. for Insurance on Lives and Granting Annuities, Phila¬
delphia, Pa., shows total resources of $274,550,169 as com¬
pared with total resources of $251,569,343 on Dec. 31, 1937,
and total deposits of $246,772,786, as against $224,403,782
on the earlier date.
The chief items making up the assets
in the current statement are:
Cash and due from banks,
$101,448,158 against $86,080,210; United States Government
securities, $50,040,642 against $41,685,284; other loans upon
In its condition
collateral,
statement as of June
$37,113,120,
up
from
$35,773,208;
commercial
$29,156,675, up from $28,283,572. and other investment
securities, $24,140,640, up from $21,743,045 on Dec. 31.
On
the liabilities side of the statement, capital stock and sur¬
plus remain the same at $8,400,000 and $12,000,000. respec¬
tively, but undivided profits are now $2,688,550, up from
$2,548,595.
William Fulton Kurtz is President of the
paper,
company.
%ry f y
-
——«
yyyyv.yy
on
(against $23,635,517), and loans,
$14,618,591 (up from $13,-
capital and surplus remain un¬
changed at $4,000,000 and $9,000,000, respectively, but un¬
divided profits are lower at $821,721 against $2,370,539 on
The company's
824,556).
Albert A. Jackson is President.
Dec. 31.
4
of Phila¬
$102,679,656 and total
resources of $118,456,366 in its condition statement as of
June 30, comparing with total deposits and total assets of
$101,669,121 and total resources of $117,557,310, respectively,
on Dec. 31 last.
The- principal items making up the assets
The Corn
Exchange National Bank & Trust Co.
delphia, Pa., shows total deposits of
in the
current
statement
are:
Cash and due from banks,
$33,274,274 (comparing with $37,428,559 at the earlier date) ;
United States Government securities, $25,162,733
(against
$22,800,947) ; bills discounted, $18,842,235 (Against $18,428,333) ; other securities, $11,534,308 (comparing with $10,034,015), and demand loans, $9,052,329 (up from $8,916,294).
The bank's capital remains unchanged at $4,550,000, but
surplus and undivided profits have
risen to $9,137,148 from
$8,832,491 on Dec. 31, 1937.
_—4—_
statement of the Fidelity-Phila¬
Philadelphia, Pa., shows total assets
of $125,910,912 (as compared with total resources of $130,054,619 on Dec. 31, 1973), of which the following are the
principal items:
Cash on hand and in banks, $29,723,705
(comparing with $33,542,325 on Dec. 31) ; State, county and
municipal
securities, $30,361,076
(against $28,179,533);
loans, $20,516,977 (down from $23,096,829) ; other invest¬
ment securities, $18,938,327
(down from $20,433,092), and
United States Government securities, $17,077,152 (up from
$15,553,229). On the debit side of the statement, deposits
are shown at $100,224,012,
comparing with $104,145,512 six
months ago.
The trust company, which was organized in
1886, reports no change in capital or surplus, which stand,
respectively, at $6,700,000 and $15,000,000.
Its present un¬
divided profits' account is $2,192,187.
William P. Gest is
Chairman of the Board, and Marshall S. Morgan is Presi¬
The
June
30
condition
delphia Trust Co. of
'r
yyyyy/y:yy^yyyy\'..y. —♦— "f^yyyyy^ ■
As of June 30 the Central-Penn National Bank
dent.
of Phila¬
delphia, Philadelphia, Pa., reports total resources of $66,016,284 as against total assets of $61,952,021 on March 7
last, of which the chief items are:
Cash on hand, in Fed¬
eral Reserve Bank and due from banks, $20,951,264 (against
the earlier date) ; time loans and discounts,
(comparing with $20,589,783) ; United States
Government securities, $8,379,822 (the same as on March 7),
and demand loans, $8,236,257 (comparing with $8,311,127).
On the liabilities side of the statement, deposits are given
at $54,145,593
(as against $50,141,006 on March 7), while
capital and surplus remain unchanged at $3,040,000 and
$5,000,000, respectively. Archie D. Swift is President.
$15,782,983
$19,529,348
In its
011
condensed statement of conditions as
of June 30, the
Cleveland, Ohio, reports total deposits
of $327,394,381 and total resources of $365,037,442 as against
$347,218,076 and $385,088,986, respectively, on Dec. 31,
1937.
Cash on hand and in banks on June 30 totaled $100,172,975 (up from $91,950,025 six months ago); United States
Government obligations direct and fully guaranteed, $102,100,524 (down from $116,749,396) and loans discounts and
Cleveland Trust Co.,
♦
In its condensed statement
statement
June 30,
obligations,
,
&
yy'ryy
of
as
the earlier date) ; United States Government
$46,860,965
(down from $50,869,089) ; other
securities (including stocks of office buildings), $23,541,972
$32,539,843
appointed Second Vice-President of the company
July 30 of that year.
Co., Philadelphia, Pa., in its
1938, reports deposits of $105,427,119 and total resources of $120,784,498, contrasting with
$110,644,160 and $127,961,446, respectively, on Dec. 31, 1937.
The principal items making up the present assets are:
Cash, reserves and due from banks, $28,815,229 (down from
continued his work in the West for the
and was
Girard Trust
of condition
pointed Western rei>resentative and spent five years of the
Pacific Coast.
Following the merger of the National Bank
of
217
Financial Chronicle
147
yy'.y- -y-v(-.yy
advances,
less reserves,
$129,288,931
(down from $140,-
The company's capital structure is given
243,669 (against $32,087,676 at the close of 1937).
Creech is President of the institution.
757,458).
asf$32,Harris
4——
In its statement
of condition as of June
30 the National
Cleveland, Cleveland, Ohio, shows trust funds
and public funds and other demand and time deposits of
$145,255,492 as against $138,236,939 on Dec. 31 last, and
total assets of $163,149,220 as compared with $153,896,134
on
the earlier date.
The principal items making up the
resources in the present statement are:
Cash and due from
banks, $55,640,419 (up from $43,258,480 on Dec. 31) ; United
States Government obligations, $50,364,790 (up from $48,979,315), and loans and discounts, $36,408,723 (down from
$41,948,129). The bank's capital stock remains the same at
$7,500,000, while surplus has increased to $3,175,000 from
$3,125,000, but undivided profits are down to $1,333,031 from
$1,143,909 on the earlier date.
City Bank of
National Bank of Chicago, Chicago, 111., in its
of condition as of June 30, reports total assets of
$999,273,282 (comparing with $940,025,309 as of Dec. 31,
1937), the principal items of which are: Cash and due from
The First
statement
(up from $296,872,861 on the earlier
obligations (direct and fully guaranteed),
$280,820,961 (down from $292,744,832); loans and discounts,
$219,822,035 (down from $276,723,130), and other bonds
and securities, $73,131,726 (up from $59,144,077).
On the
debit side of the statement, total deposits are shown as
banks, $411,662,551
date); United States
218
Financial
Chronicle
$930,474,455 (comparing with $870,994,243 six months ago).
The institution's capital and surplus, at $30,000,000 each,
remain unchanged, but Mother undivided profits are now
$4,545,444 (against $3,899,002 on Dec. 31.
nental
ports
statement
Illinois
total
of
condition
highs
National
Bank
&
of
June 30, the Conti¬
Trust Co. of Chicago re¬
of
assets
$1,275,195,789 (as compared with
31, 1937), of which $545,095,655 repre¬
due from banks (against $366,100,554 on the
earlier date"); $476,922,063 represents United States
Gov¬
ernment obligations, direct and
fully guaranteed (against
$487,578,442), and $167,610,960 loans and discounts (against
$209,465,220).
On the debit side of the statement total
deposits are shown at $1,152,676,845 (as compared with
$1,133,180,037
$3.08
as
compared
share,
$1,006,694,791
Dec. 31).
The bank's capital remains un¬
changed at $75,000,000 (of which $25,000,000 is
preferred
stock and $50,000,000 common
stock), but surplus and un¬
divided
profits
are
now,
respectively,
$18,500,000 and
on
$7,136,682 (against $17,500,000 and $14,121,019,
respectively,
six
months ago.
♦
Horace H.
Lampert, President of the Liberty State Bank
Paul, Minn., was drowned on June 25 when a
speed
boat he was operating on'the St. Croix
river, near his summer
home, capsized. Mr. Lampert, who was 44
years old, was
also President of the
Snelling Investment Co. of St. Paul,
and of the
Lamport Lumber Yards, Inc., operating
through¬
of St.
northwest.
promotedjjfrom Cashier
from
to
a
Vice-President; Paul Hansen
Cashier to Cashier, and C. G. Pearson
Echtermeyer elected Assistant Cashiers. Other
Assistant
an
and H. H.
officers of the bank include W. P.
Board; Alvin E. Johnson,
Adkins, Cahirman of the
President; H. C. Karpf and H. O.
Vice-Presidents, and L. V. Pullman, Assistant
Wilson,
Cashier.
Dividends
annual
at
the
close
of
business
June 30,
jk°uis> St. Louis, Mo.,
i1
of
$227,9o4,836 and
pared
with
total
resources
$223,501,202
and
the close
the
reported
First National
total
deposits
of
$247,978,116 as com¬
$243,635,308, respectively, at
of business Dec. 31
last.
The chief items making
up the assets in the current
statement are:
Cash and due
from- other
banks, $98,067,514
^afe);
500,611
United States
(down from $61,298,662
discounts,
remains
$53,944,848
the
same
have decreased to
Total
ban
resources
(down
(against $78,398,791 on the
Government securities, $59,Dec. 31), and loans and
from $73,024,0S7).
on
Capital
at
$10,200,000, but surplus
$7,872,526 from $8,015,163.
of Wells
Francisco, Calif.,
as
and
profits
Fargo Bank & Union Trust Co.,
of June 30
$256,339,237. an
over a year
a£°Investments, totaling
$133,250,872, were 12.7% higher and cash of
$54,652,079
was,19% higher. Total loans ($57,336,024) held about even
Wli7LFlevels of a year earlier. Demand deposits showed
a
7% advance over a year
ago, while the $100,411,899 in
time deposits
(savings and commercial) were
9.6% higher.
were
During the six months ended June
30, 1938, two quarterly
dividends of $292,500 were
paid, or a total of $585,000; and
capital, surplus and undivided
profits were increased $57,014
to
$17,631,891, indicating total net
earnings during the
penod of $642,014,
comparing with $615,949 in the first six
months of 1937.
All previous
ica
high marks in capital
funds,
as Avell as in
more been exceeded
by Bank of Amer¬
National Trust &
Savings Association (head office San
earnings, liave
paid
of
rate
$4,800,000.
months
This
during the
first
months
6ix
at the annual rate
or
the full
period last
same
1937,
of
year
once
Francisco, Calif.),
according to the institution's statement
of
of
1938,
$6.16
share
and $4.08
year,
and
equal
a
$5.63
share,
a
a
for
plus account
profits
six
months
of
1938,
at
the present
4,000,000 shares outstanding, amounted to
than
more
paid
was
out
the
in
added to undivided profits account
was
$1,664,000 to
reserves
for amortization
first
six
$3,126,000
of bond premiums,
banking premises, &c., and after setting apart $2,730,000
on
for
reserves
first
on
$800,000
There
of
the
in
share
a
was
1937.
of
depreciation
as
out
$2.40
after addition
contingencies and to reduce carrying value of assets.
increased
was
$4,000,000
during the period
Sur¬
undivided
from
account.
In
commenting
Giannini
interest
$45,800,000
been
that
note
President
statement,
L.
M.
without resort
the
to
issue
of
preferred
surplus and undivided profits accounts, which
our
the
at
have
1932,
to
debentures
or
the
upon
said:
of
is
the
time
increased
present
$62,231,000,
to
re-assumed
management
the
highest
were
control
in
the
in
amount
history of the bank, after payment of $33,600,000 in dividends.
Conservative
protection
values
procedure has dictated the accumulation of this substantial
undivided
of
amount
against
other
or
profits,
amounting to $22,231,000,
now
possible
any
future
losses
further
a
as
depreciation
or
in
security
contingencies.
*
"Total
assets
798,542
Los
oj $123,172,309 and total deposits of $112,shown in the statement of condition of the
are
Citizens
National
Angeles,
Trust
Calif.,
&
Savings
Bank
Los
of
Angeles,
at the close of business June 30,
assets and deposits of $127,588,514 and
with
contrasting
as
$115,018,365, respectively, at the close of business Dec.
last.
In
the
up
its current
resources
from
statement
Loans
are:
31
the principal
items making
discounts, $47,154,386
and
cash and due
;
banks, $33,420,943
(up from $29,231,769), and United
States obligations, direct or fully guaranteed, $31,303,100
(down from $35,061,519). The bank's capital and undivided
profits remain unchanged at $5,000,000 and $1,150,000, re¬
spectively, but surplus account has increased to $3,135,000
from $3,116,000 at the close of 1937.
♦
'
A. W. Rice, New York Agent of The Dominion Bank, has
received the followipg wire from his home office in To¬
Canada:
ronto,
At
a' meeting
announced
that
Assistant
He
Bank
Montreal,
has
the
at
Peterborough, Ont.
in
Dominion
1911,
been
and
branches
two
Supervisor
a
in
Head
at
Toronto.
as
Office.
For
Mr.
He entered the Bank in 1915 in Toronto
age.
includes
ence
for
Directors of
three
Each
of
There
are
Assistant
seven
been
three Assistant
General
appointed
has
newly appointed
now
in
it
junior.
a
was
a
Manager,
a
Supervisor
officials
General
is
Managers.
located
in charge
6ince
1934.
specific work.
It. K. Beairsto, the Senior
Winnipeg,
in
to
years
His experi¬
was
Office
assigned
years
39
is
junior.
Head
at
be
will
has
six
past
Wilding
as
He
Lawrence Boule¬
the
in London, Eng. Branch where he
years
He
years.
the
Bank
Cook and Thomas Wilding have been appointed
Managers of the Bank.
Mr. Cook is 45 years of age.
Manager at several important branches including St.
vard,
of
the
entered
been
the Board of
of
Stanley C.
General
Manitoba,
and
was
1934.
•
«
According
to
advices
cable
received
by
representative of Barclays Bank Limited
the
shares
1938, at the rate of 10%
and
14%
These dividends
annum
per
are
the
on
same as
per
the
New
York
(head office Lon¬
don), dividends have been declared for the half
June 30,
As
new
bank's
$22,522,000 for 1936.
he
We learn from the "Commercial
West" of July 2 that the
following changes have been made in the personnel of the
Live Stock National Bank of
Omaha, Neb. R. H. Kroege
are
the
quote
(down from $50,475,466 on the earlier date)
Effective July 1, Kenneth M.
Burns, since 1934 Assistant
to|the President of The Detroit Bank, Detroit,
Mich.,
became Cashier of the
institution, succeeding Kenneth Paton
who resigned, it is learned from
the "Michigan Investor" of
July 2.
Mr. Burns is a former Executive Manager of the
Michigan Bankers Association. Joseph M. Dodge is Presi¬
dent of The Detroit Bank.
out the
We
with $10,007,000 for the
$19,203,000 for
or
bank.
$1,498,527,000,
These
period.
the
share for the half-year,
a
stand at
now
same
further:
$12,321,000
were
to
of
history
the
Earnings
On Dec.
sents cash and
in
announcement
stock
as
of $82,968,000 for the
gain
It
*_
its
while total resources
year ago,
a
ago.
In
1938
9,
of condition as of June 30, 1938, just released.
It shows
capital funds of $112,231,000 as compared with $107,268,000
on
June 30, 1937.
Deposits on June 30 this year were
$1,357,778,000, an increase of $77,058,000 over the same date
a
In its June 30 statement of condition the Harris Trust &
Savings Bank of Chicago, 111., reports total assets of $244,396,026 (as compared with total assets of $231,069,295 on
Dec. 31, 1937), of which the principal items are: Cash on
hand, in Federal Reserve Bank, and due from banks and
bankers, $93,251,876 (up from $79,651,593 on the earlier
date); United States Government securities, at par and
accrued interest, $40,898,809 (compared with
$39,711,201);
State and Municipal securities, not exceeding market
value,
$36,119,219 (up from $31,867,661); other bonds and invest¬
ments, not exceeding market value, $25,921,170 Cup from
$18,116,698), and time loans and bills discounted, $42,208,464 (compared with $51,685,678 on Dec.
31).
On the lia¬
bilities side of the statement, total deposits are
given as
$223,876,221 (up from $210,118,022 on the earlier date).
The company's capital and
surplus remain unchanged at
$6,000,000 and $7,000,000, respectively, but undivided
profits have risen to $3,570,646 from $3,438,016 six months
July
annum
"B"
have been
and
year
on
ended
the
"A"
"C'siiares.
paid by the bank
for many years past.
THE
The
Curb
most of
CURB
EXCHANGE
Exchange continued its upward swing during
the week, and while price movements showed
siderable
con¬
irregularity
at times due to profit taking, the
general course of the market wasftoward higher levels.
Mining and metal stocks have been fairly strong and in¬
dustrial
specialties in good demandfat higher prices.
Oil
wrere active and registered numerous
changes on
shares also
the side of the advance.
All markets
in observance of
were
closed
on
Monday
Independence Day.
Trading on the New York Curb Exchange continued fairly
heavy during the abbreviated session on Saturday.
The
trend of prices pointed upward throughout the session and
the market closed with approximately 220 shares on the
side of the advance and 52
Aluminum stocks
were
on
the side of the decline.
The
particularly active, Aluminum Co.
of America forging ahead 3 points to 92}^ while Alumi¬
nium, Ltd. climbed upward 5M points to 74.
Some profit
taking appeared from time to time but was quickly absorbed
as the market continued to hold to the
advance.
Outstand¬
ing
among the gains were Childs Co. pref., 2 points to
48, New Jersey Zinc, 2 points to 62; Peppereli
Manufacturing
Co., 5M points to 84; Pittsburgh Plate Glass, 23^ points
to 97; and Utah Power & Light
pref., 3^ points to 39.
The New York Curb
Exchange, the New York Stock
Exchange and the commodity markets were closed on
Monday in observance of Independence Day.
Volume
Financial
147
Following a strong opening on Tuesday during which
speculative favorites surged into new high ground for
the year, the Curb market moved lower, and while a few of
the more active stocks resisted the
downward!pressure, the
session closed with declines slightly in excess of|thefcadvances.
Moderate profit taking was apparent during midsession but
this had small effect on the market trend as it was generally
absorbed and had little reactionary influence.
The transfers
for the day were approximately 230,099 shares. Outstanding
among the stocks closing on the side of the decline were
American Gas & Electric, l%|points to 29% Childs Co.
pref., 4 points to 44; Jones & Laighlin Steel, 4% points to
32% and Pa. Salt, 10 points to 150.
The gains included
among others Brown Co. pref., 4 points to 30; American
Superpower 1 pref., 2 points to 67, South Penn Oil, 1 point
to 37; Pratt & Lambert, 2 points to 22 and Quaker Oats,
1 point to 100.
Irregular price movements were apparent during the first
hour on Wednesday, but there was a brisk rally as the day
progressed and a number of trading favorites registered gains
of a point or more.
Profit taking appeared for a brief period
several
but
advance.
well absorbed without serious check to the
was
Mining and metal issues were stronger on the rally and there
was a good demand for the industrial specialties.
Prominent
among the stocks closing on the side of the advance were
Virginia Public Service pref., 3% points to 67; Newmpnt
Mining, 3% points to 73% Aluminum Co. of America, 3%
points to 94; Aluminium, Ltd., 11 points to 114; Humble
Oil, 1% points to 70; National Oil Products, 4H points to
41; General Tire & Rubber pref. A (6), 3 % points to 75; and
Sherwin-Williams, 1 point to 100.
Higher prices were apparent among a number of the trad¬
ing favorites during the early dealings on Thursday, and
while there were occasional periods of profit taking, these
were^quickly absorbed as the market continued to move
upward.
In some instances new peaks for the current move¬
ment were registered while a number of the pivotal stocks
rose to new high levels for the year.
Mining and metal
shares were in large demand and some of the more active
issues moved over a wide range.
Aluminium Ltd. was
particularly strong and climbed to a new top at 116 but later
in the day dropped back to 108.
Oil stocks gave a good
account of themselves in the early dealings but fell off near
the close.
Specialties were active on the side of the advance
but public utilities were sluggish though some small gains
were in evidence at the close.
Among the shares closing on
the side of the advance were Todd Shipyard 3 points to 63;
Singer Manufacturing Co., 4 points to 254; Sherwin-Williams,
4Yi points to 103%
Jersey Zinc, 3 points to 65; Brown
Co. pref., 2 points to 31% and Kings County Lighting pref.,
(D), 6 points to 33.
Profit taking appeared in larger volume on Friday and the
market moved downward until the final hour when a brisk
toward higher levels. During
of the more active stocks slipped
but a goodly part of the morning
rally again turned the trend
the early trading a number
back 1 to 2 or more points
losses
We
approximately 266,compared with Friday of last week prices
The transfers for the day were
As
000 shares.
Light & Traction at 15% against 14% Fisk Rubber Corp.
6M against 6% Ford of Canada A at 19% against 18%
Gulf Oil Corp. at 44% against 42% Hollinger Consolidated
Gold Mines at 14% against 14% Lake Shore Mines at 51%
at
against 49% New Jersey Zinc at 64 against 60; Newmont
Mining Corp. at 71 against 70; Pennroad Corp. at 2%
against 2% Sherwin-Williams Co. at 105% against 98;
South Penn Oil Co. at 36% against 35% United Shoe
Machinery at 75% against 71% and Wright Hargreaves at
7% against 7%.
AT
TRANSACTIONS
I»AILY
THE
CURB
YORK
NEW
their
on
55 BROAD STREET,
Member Federal Reserve
Member New York
Member Federal
:
FOREIGN
EXCHANGE
BANKS TO
CERTIFIED
RATES
CNumber
July 8, 1938
Noon Buying Rate for
Value
Country and Monetary
Domestic
Government
Corporate
Total
229,839
218,914
345,470
266,215
1,218,000
1,611,000
2,051,000
1,578,000
1,283.963
$7,314,000
1,259,000
3,000
24,000
$97,000
$911,000
10,000
14,000
11,000
Saturday
Tuesday--Wednesday
—
—
-
Thursday
Friday
Total
July 7
Europe—
$
$
S
$
$
Belgium, belga
.169519
.169422
.169290
.169352
$
.169186
Bulgaria,
.012425*
.012425*
.012375*
.012375*
.012375*
lev
York
2,089,000
26,000
1,615,000
$97,000
$7,508,000
.034701
.034703
.220928
.220525
.220353
.220481
4.948263
4.940902
4.935902
4.939444
.021883
.021850
.021816
.021795
.021804
.027758
.027692
Denmark,
Finland, markka
France, franc
1937
Stocks—No. of shares-
1938
_
:
-
1,283,963
1,081,070
22,352,274
67,468,102
$7,314,000
$6,706,000
$172,093,000
3,685,000
$254,551,000
7,526,000
Foreign government-_
97,000
66,000
Foreign corporate-
97,000
142,000
3,394,000
6,530,000
$6,914,000
$179,172,000
$268,607,000
.027860
.027832
.027799
Germany, relchsmark
.402831
.402525
.401943
.401837
.009085*
.009076*
.009046*
.009046*
.009032*
Hungary, pengo
Itsly, lira
.197500*
.197575*
.197525*
.197400*
.197400*
.052600
.052603
.052603
.052600
.052603
Netherlands, guilder-
.553600
Norway,
.249025
.552127
.551227
.551000
.551561
.248690
.248231
.248025
.248168
Poland, zloty
Portugal, escudo
.188500
.188333
.188450
.188333
.188375
.044991
.044987
.044875
.044825
.044900
Rumania, leu
.007296*
.007307*
.007300*
.007292*
.007292*
Spain, peseta
Sweden, krona
.056500*
.057500*
.057000*
.057000*
.057000*
.255528
.255165
.254706
.254475
.254646
Switzerland, franc—
Yugoslavia, dinar...
.229444
.228969
.228519
.228475
.228572
.023350*
.023300*
.023275*
.023275*
.023262*
krone
HOLI¬
Asia—
China—
DAY
Chefoo (yuan) dol'r
.182916*
.183333*
.182916*
.182416*
Hankow (yuan) dol
.182916*
.183333*
.182916*
.182416*
.182416*
Shanghai (yuan)dol
.182187*
.183125*
.182187*
.181812*
.181812*
Tientsin (yuan) dol.
.182916*
.183333*
.182916*
.182416*
.182416*
Hongkong,
.303062
FOREIGN
Pursuant to the
1930, the
.182416*
dollar.
.308843
.308656
.308062
.038093
British India, rupee..
.367862
.368909
.368417
.368175
.368415
Japan, yen
.288810
.288541
.287787
.287447
.287742
Stra'ts Settlem'ts, dol
.577250
.577750
.576000
.575562
.575812
Australasia—
-
3.950000
3.944500
3.936500
3.932625
3.936000
New Zealand, pound. 3.980562
Africa—
3.975500
3,966041
3.963500
3.966562
South Africa, pound- 4.906666
4.903375
4.893125
4.888541
4.889583
Australia, pound
North America—
Canada, dollar
.990859
.992522
.992226
.992382
.992929
Cuba,
.999500
.999333
.999500
.999333
.999333
.205833*
.203100*
.199750*
.200000*
.200000*
.988593
.990000
.989765
.990078
.990364
.330320*
peso
Mexico,
peso
Newfoundl'd,
dollar.
South America—
"
Colombia,
*
,329355*
.328995*
.329190*
.058616*
.058540*
.058540*
.058540*
.051680*
.051680*
.051680*
.031680*
.040000*
.040000*
.040000*
XJ46000*
.040000*
.557900*
.561000*
.561000*
.562600*
.566600*
.652120*
export.
peso
Uruguay, peso
.330200*
.058300*
.051680*
Argentina, peso
Brazil, mllrels
Chile, peso—official.
.651312*
.650089*
.649657*
.649875*
Nominal rate.
Course of Bank
Bank clearings
Clearings
this week will again show
a
decrease
com¬
Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended today (Saturday,
July 9) bank clearings from all cities of the United States
from which it is possible to obtain weekly returns will be
16.8% below those for the corresponding week last year.
Our preliminary total stands at $4,423,103,325, against
$5,316,171,660 for the same week in 1937. At this center
there is a loss for the week ended Friday of 15.8%.
Our
comparative summary for the week follows:
pared with
a year ago.
Clearings—Returns by Telegraph
Per
1938
1937
....
$2,037,571,770
199,795,615
$2,418,857,161
216,795,868
.....
236,000,000
241,000,000
144,541,155
150,744,000
—4.1
64,157,854
84,159,244
—23.8
66,800,000
—18.3
100,288,000
72,340,987
51,899,182
99,981,000
+0.3
91,511,201
—20.9
66,041,430
—21.4
60,590,019
54,976,291
63,721,740
57,157,611
—4.9
$3,076,760,873
$3,556,769,255
—13.5
Week
■New York
.....
.
City..
-
—
San Francisco
-
-
-
Detroit
Baltimore
—
-
-
Eleven cities, five days
—
Cent
—15.8
—7.8
—2.1
—3.8
609,158,565
—8.8
$4,224,931,015
1,091,240,645
$4,423,103,325
days
—12.8
737,183,887
Total all cities, five
668,161,760
$3,685,919,438
Other cities, five days.
$5,316,171,660
—16.8
—32.4
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the Week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
of the week in
all
EXCHANGE
RATES
requirements of Section 522 of the Tariff
Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
We
cable transfers in the different countries of the world.
give below a record for the
week just passed:
has to be estimated.
detailed statement, however, which
cases
In the elaborate
Act of
.402014
until
$7,508,(X)0
Total
.034641
1937
Bonds
Domestic
.034673
Greece, drachma
Total all cities for week
1938
.034700
Jan. 1 to July 8
Curb
Exchange
July 8
.221243
krone
Engl'd, pound sterl'g 4.956458
Czechoslov'Ia, koruna
All cities, one day.
Week Ended July 8
Sale* at
New
Money
July 6
Cleveland--———
31,000
20,000
States
July 5
1,634,000
HOLIDA \
Monday
Cable Transfers in New York
United
July 4
Pittsburgh
$34,000
$21,000
in
July 2
Foreign
$856,000
RESERVE
OF 1930
Unit
Kansas
223,525
FEDERAL
BY
1938, INCLUSIVE
2, 1938 TO JULY 8,
54,600,000
EXCHANGE
Foreign
System
Clearing House Association
Deposit Insurance Corporation
TREASURY UNDER TARIFF ACT
JULY
Boston.
4
Shares)
NEW YORK
European Representative Office: 1, Cornhill, London,E.C.3
Chicago.——--*——————
+
COMPANY
TRUST
PRINCIPAL OFFICE AND FOREIGN DEPARTMENT
Philadelphia
Week Ended
attached, drawn
foreign correspondents and clients.
MANUFACTURERS
that the declines were in excess
closed.
purchase from Brokers and Investment
Firms drafts, with securities
canceled in the last hour rally despite the fact
of the advances as the market
were
219
Chronicle
we
present further below, we are able to give final and complete
results for the week previous—the week ended July 2.
For that week there was a decrease of 20.2%, the aggregate
of clearings for the whole country having amounted to
$6,235,514,303, against $7,817,759,728 in the same week in
1937.
Outside of this city there was a decrease of 18.2%,
the bank clearings at this center having recorded a loss of
Financial
220
We group the cities
21.5%.
according to the Federal Re-
locatdd, and from this it
appears that in the New York Reserve district (including
this city) the totals register a drop of 21.6%, in the Boston
Reserve District of 12.7% and in the Philadelphia Reserve
District of 14.6%.
In the Cleveland Reserve District the
totals are smaller by 24.2%, in the Richmond Reserve
District by 17% and in the Atlanta Res rve District by
7 6%
The Chicago Reserve District suffers a loss of 21.8%,
the St. Louis Reserve District of 20.2% and the Minneapolis
Reserve District of 16.4%.
In the Kansas City Reserve
districts in which they are
serve
1936
S
—12.7
280,596,120
274,095,851
5,049,667,849
—21.6
4,362,722,484
14,520.094
—14.6
369,998,066
—24.2
303,664,005
01,073,795
120,385,904
144,984,125
129,541,232
138,674,544
150,135,792
—7.6
125.426,733
456,504,547
—21.8
537,727,450
414,641,932
119,257,805
49,663,714
39.609,538
20,613,670
21,428,647
22.336,422
14,004.244
June
24,308,040
16,449,193
55,491,388
09,005,221
81,651,855
75,184,668
117,105,183
228,870,927
260,754,540
124,848,382
Second quarter..........
monthly detailed statement of transactions on
results for
the New York Stock Exchange is appended.
The
June and the six months of 1938 ana 1937 follow:
110,415,023
22,408,575
30,439.671
110,426,059
583,657,747
179,102,685
34,000,839
18,549.189
117,282,923
300,983,991
3,959,736,813
392,109,177
271,451,235
-
159,205,700
17,119,104
May............
227,050,414
—17.0
60,884,392
51,016,548
April
357,915,126
357,990,233
50,248,010
50,340,280
19,409,132
14,404,525
15,850,057
4,216,059,607
459,410,897
262,853,148
12 cities
2nd New York. 13
••
3rd PhlladelphialO
"
4th Cleveland.. 5
"
6th
Richmond
6
"
6th
Atlanta
10
"
7th
Chicago ...18
"
8th St. Louis... 4
"
Shares
22,995,770
Our usual
*
No.
07,201,745
58,071,410
24,151.931
First quarter............
1935
%
*
Dists.
Reserve
Boston
1st
Dec.
S
1930
No. Shares
March
Inc.or
1937
1937
No. Shares
Month of January
February
Six months
1938
1935
1938
No. Shares
districts:
1938
properties on the
the first six months of the
1935 to 1938 is indicated in the following:
years
23.4%, in the Dallas Reserve District
13.4% and in the San Francisco Reserve District 14.7%.
In the following we furnish a summary by Federal Reserve
Week Ended, July 2,
1938
9,
in share
transactions
of
volume
The
New York Stock Exchange for
District the decrease is
Federal
July
Chronicle
155,101,109
—20.2
Minneapolis 7
10th Kansas City 10
11th Dallas
6
"
"
"
91,657,507
109,594,312
—16.4
93,696,010
84,749,769
127,079,789
165,830,818
—23.4
126,269,670
124,144,011
57,545,127
66,428,909
-13.4
49,410,804
41,461,137
Fran.. 11
"
233,697,092
273,973,946
—14.7
214,060,379
6,712,370,758
1937
228,870,927
117,165,183
16,449,193
24,368,040
Stock, number of shares.
1938
1937
1938
Bonds
218,515,985
-20.2
Six Months
Month of June
Description
6,296,757,837
9th
12th San
123,819,420
6,235,514,303
Outside N. Y. City...*.
2,394,756,887
2,927,379.979
-18.2
2,476,629,160
2,215.358,248
32 cities
334,634,720
280.838,288
+19.2
322,074,577
362,865,934
Total.
Canada
24,986,000
9,729,000
14,020,000
$668,874,000 $1,245,417,000
191,827,000
121,856,000
267,109,000
77,897,000
$144,821,000 $178,898,000
bonds
Total
112 cities
7,817,759,728
16,397,000
$868,627,000 $1,704,353,000
Railroad & miscell. bonds $118,695,000 $139,892,000
State, foreign, &c., bonds
U. S. Government bonds
The following
compilation
the clearings by months
covers
since Jan. 1, 1938 and 1937:
MONTHLY CLEARINGS
We also furnish today a summary of the clearings for the
of June.
For that month there was a decrease
month
for
body of clearing houses of 8.2%, the 1938
the entire
being $26,348,295,682, and the 1937
aggregate $28,696,536,223.
In the New York Reserve Dis¬
trict the totals record a loss of 3.8%, in the Boston Reserve
District of 12.0%, and in the Philadelphia Reserve District
of 9.7%.
In the Cleveland Reserve District the totals show
a falling off of 24.6%, in the Richmond Reserve District of
13.6%, and in the Atlanta Reserve District of 9.1%.
In
the Chicago Reserve District the totals have fallen behind
by 15.2%, in the St. Louis Reserve District by 17.0%, and
in the Minneapolis Reserve District by 14.3%.
In the
Kansas City Reserve District the totals register a decline
of 15.0%, in the Dallas Reserve District of 9.4%, and in the
1
g-ga
•
1
t
1
1
Inc.or
June
June
1937
Dec.
1930
1935
$
%
24,299,036,964 29,925,437.829 —18.8 10,886,874,717 12,402,120,613 —12.2
19,680.017,707 26,070,830,610 —24.5 9,117,237,020 10,750,876,028 —15.2
25,258.493,756 32,237,936,055 —21.6 10,816,819,072 13,248,908.581 —18.4
14 cities
Boston
April.. 24,013,408,874 28,820,739,444 —16.7 10,313,185,935 12,747,155,854 —19.1
May.. 22,409,847,304 26,600,493,289 —15.8 10,026,696,237 12,039,069,993 —16.7
2d
York. 15
4th
1,111,324,820
0
mos.
142009 100,287 172357 972,450 —17.6 61,757.706,822 73,608,450,966 —16.1
course
of bank
clearings at leading cities of the country
—3.8
17,839,030,506
15,452,948,477
1,779,157,251
—9.7
1,646,184,687
1,480,844,112
1,168,358,677
"
"
1,550,336,590
—24.6
1,338,811,351
998,829,245
661,468,263
—13.6
598,627,612
482,148,061
16,877,239,529
6th
Richmond .10
"
571,206,320
6th
Atlanta
"
607,080,601
667,606,083
—9.1
590,858,219
459,926,858
1.950.852.059
2,301,081,800
—15.2
2,167,692,266
1,673,748,664
16
7th
Chicago...31
"
8th
St.
the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN MAY
970,771,078
1,606,519,133
"
Philadelphia 17
Cleveland..19
New
3d
12,420,319,897 —14.7
2d qu. 72,771,551,860 84,123,767,956 —13.5 30,936,776,013 37,206,545,744 —16.9
for the month of June and since Jan .1 in each of the last
—12.0
1,145,389,507
—8.2 10,596,893,841
June.. 26,348,295,082 28,696,536,223
S
S
%
*
S
1,008,198,571
16,236,173,470
$
%
1st qu. 69,237.548,427 88,234,204,494 —21.5 30,820.930.809 30,401,905,222 —15.3
four years is shown in
-
Federal Reserve Dists.
1st
1937
1938
$
$
The
June
1938
1937
1938
San Francisco Reserve District of 12.9%.
June
Clearings Outside New York
Clearings, Total All
Month
aggregate of clearings
Louis.. 7
"
551,474,516
664,415,857
—17.0
597,016,841
493,394,352
MlnneapollslG
10th KansasClty 18
"
"
425,474,627
496,627,273
—14.3
469,762,388
397,412,976
844,164,262
—15.0
761,815,516
661,319,668
11
"
457,880,395
505,553,188
■—9.4
424,847,146
321,375,474
Fran..20
"
1.047.819.060
1,203,496,620
—12.9
1,053,723,100
953,153,790
26,348,295.682
28,696,536,223
—8.2
28,599,694,452
24,345,872,735
10,596,893,841
12,420,319,897
—14.7
11,274,260,853
9,343,831,452
1,486,260,485
1,547,820,798
(000,000
Month
-;..y
—Jan. 1 to June 30-——
1936
1935
1938
$
$
$
$
$
§
J
80,251
7,121
98,749
8,582
97,823
7,452
91,731
6,276
15,751
16,276 17,325 15,002
1,278
1,409
1,354
1,046
Chicago
1937
1936
1937
$
/
New York.
Boston.
of June—
1938
omitted)
1935
855
971
950
831
5,012
6,276
5,746
5,091
1,518
1,674
1,547
1,424
348
423
392
329
10,280
2,414
9,036
2,140
459
664
586
444
3,771
3,869
1,817
3,094
3,412
1,562
__
Philadelphia...—
Cincinnati........
9th
11th Dallas
12th San
717,258,253
194 cities
Total
Outside N. Y. City
226
281
247
197
1,369
1,633
1,347
Kansas City
368
451
389
357
2,110
2,588
2,198
8,270
1,901
2,468
3,016
1,399
1,196
2,068
363
442
361
280
2,046
2,491
1,597
1,349
669
Pittsburgh-..-....
San Francisco
—...
Baltimore
Cleveland
627
574
521
8,736
2,047
2,724
3,368
278
St. Louis
320
303
246
1,595
Minneapolis
—4.0
1st
2d
New
3d
York. 15
1937
6 Months
1935
7,339,992,584
83,016,311,172 102,130,232,347
—19.3
1,702
1,934
1,479
904
952
768
649
350
519
472
365
2,097
3,046
2,574
2,238
Louisville—
132
157
132
110
790
894
765
671
116
128
135
119
695
784
802
696
44
50
42
37
250
289
253
219
83
92
87
69
490
551
493
398
126
167
142
119
755
960
789
703
103
112
113
101
604
639
593
561
121
137
125
100
683
802
673
578
73
84
71
61
422
488
398
348
147
Milwaukee..
I
S
%
I
5,921,345,942
"
0 Months
Dec.
S
14 cities
Boston
Inc.or
1938
Federal Reserve Dists.
6 Months
1,502
98
Providence
1936
6 Months
245
>129
Denver—...
Reserve districts for the six months for four years:
295
151
Buffalo
append another table showing the clearings by Federal
315
140
Omaha
1,561,158,141
1,627,349,611
264
St. Paul——
We
32 cities
New Orleans.
Detroit
Canada
—
6,693,267,637
5,910,642,716
—18.7 100,741,600,191
94,405,165,802
—
—
..
Indianapolis
Richmond
165
148
128
883
983
809
755
65
77
66
52
434
483
395
359
144
181
143
120
813
967
798
669
56
43
71
47
63
51
45
332
275
413
346
301
327
302
267
——24,021 25,991 26,240 22,497 128,308
156,750
147,981
135,774
Philadelphia 17
"
9,232,292,487
10,847,962,806
—14.9
9,558,536,635
8,607,733,211
Memphis
4th
Cleveland..19
"
6,872,823,493
8.853.051.846
—22.4
7,152,093,424
5,732,902,232
Seattle
5th
Richmond .10
"
3,748,539,290
—11.9
2,729,480.573
Salt Lake City....
6th
Atlanta
16
"
3,827,942,184
4,264,460,568
—10.2
3,427,798,404
3,011,746,419
Hartford....
7th
Chicago
31
"
11,114,166,265
13,819,090,028
—19.6
11,920,212,415
10,033,727,777
8th
St.
7
"
3,308,431,742
3.832.925.847
—13.7
3,333,949,068
2,943,082,164
9th
Louis..
3,301,944,202
3,171,824,941
Mlnneapollsie
"
2,407.220,855
2,670,092,257
—9.8
2,367,063,006
2,176,104,163
10th KansasClty 18
11th Dallas
11
"
4,134.680,838
4,884,550,133
—15.4
4,280,593,878
2,754,638,571
2,899,553,852
—5.0
2,386,339,596
1,960,543,910
12th San
"
6,117,302,536
7,067,520,892
—13.4
6,098,223,412
5,467,597,988
194 cities 142,009,100,287 172,357,972,450
—17.6
—
3,836,904,114
"
Total
50
Fran. .20
Total
Outside N. Y. City
73,608,450,966
—16.1
63,308,868,437
55,085,082,243
8,118,778,743
9,478,870,734
—14.3
9,140,088,058
8,044,315,689
CLEARINGS FOR JUNE,
2,327
1,849
15,608
13,151
11,042
172,358
161,132
146,816
73,608
63,309
55,085
add
now
12.420 11,274
9,344
61,758
detailed statement showing the figures
our
for each
years
city separately for June and since Jan. 1 for two
and for the week ended July 2 for four years:
SINCE JANUARY 1, AND FOR
Month of June
2,360
13,701
Outside New York. 10,597
We
2,706
26,348 28,697 28,600 24,346 142,009
Total all
161,131,502,607 146,815,631,069
61,757,706,822
Canada........32 cities
Other cities
WEEK ENDING JULY 2.
Six Months Ended. June 30
Week Ended July 2
Clearings at—
Inc.
1938
First Federal Reser
ve
Portland...
Fall
River
...
Holyoke
Lowell
New Bedford
...
Springfield
Worcester.
Conn.—Hartford
New
Haven
....
Waterbury
R.
I.—Providence
N. H.—Manchester
Total (14 cities)
1.008,198,571
Dec.
1938
1937
Dec.
1938
1937
Dec.
1936
$
$
%
$
$
%
$
$
727,279
900,773
—19.3
897,031
791,923
1935
District—B oston—
2,431,759
8,149,268
854,733,245
2,850,528
1,448,752
1,716,381
2,879,600
12,974,995
7,684,075
42,941,549
17,402,973
7,166,900
43,513,000
2,305,546
Mass.—Boston
Inc. or
or
%
1937
$
Maine—Bangor
Inc.
or
17 ,472,229
52 ,620,434
—24.5
—9.5
1,946,032
2,359,002
—17.5
2,100,910
1,792.866
6,275 ,567,964
—20.1
—12.5
241,365,491
238,291,402
—15.9
223,353,840
794,597
255,244,212
18 539,097
729,211
+9.0
8 955,822
10 090,007
—11.2
8 919,436
10 658,096
—7.9
342*631
391,732
—12*5
16 028,860
18, 347,077
—12.6
597,275
711,301
767,945
87, 214,119
-12.3
3,472,213
642,020
3,669,568
—7.0
76 496,684
—5.4
3.160,168
45, 204,163
56, 025,580
—19.3
1,822,050
—27.5
1,839,170
—9.5
275. 168,918
326, 933,726
-15.8
12,131.803
2,514,695
15,286,651
3,009,696
1,399,741
—20.6
13,296,384
12,617,902
-12.3
100, 128,730
38, 686,900
115, 684.998
-13.4
4,621,228
5,351,952
—13.7
4,505,589
4,839,079
47, 074,800
-17.8
289, 355,000
-13.6
11,591,000
12,836,700
—9.7
10,43 fh 500
9*. 13*9*, 200
—9.4
250, 084,300
12, 438,766
14, 409,457
-13.7
1,453,200
1,057,475
+37.4
1,359,433
540,284
—12.0
5,921,345,942
7,339,992,584
-19.3
262,853,148
300,983,991
—12.7
280,596,120
274,095,851
13 184,250
3,157,282
9,147,386
-23.0
-10.9
47 ,614,801
971,287,238
-12.0
3,287,353
-13.3
5,011 940,014
15 594,298
1,724,772
1,925,009
-16.0
-10.8
3,017,265
14,334,130
9,540,957
47,473,066
19,839,908
7,913,700
50,195,500
2,545,941
—4.6
—9.5
-19.5
1,145,389,507
—9.4
-13.3
■
593,811
587,539
~
■
*327*332
318*274
Volume
CLEARINGS
Six Months
Month of June
221
Chronicle
Financial
147
(Continued)
Week Ended July 2
Ended June St)
Clearings atInc.
Inc. or
1938
S
.
Second Federal Res
Bingham ton
48,072,310
4,676.939
126,097,203
.
Buffalo
2,369,522
2,936,862
15,751,401,841
32,352,001
Rochester.
Elmira
...
Jamestown
New
York
.......
Syracuse.
Utica.
16,460,506
Westchester County.
: ■...
15,757,119
22,540,568
3,620,306
Conn.—Stamford
N.
■
1,986,654
J.—Montclair—...
Newark... .
■
.
.
w. -
79,329,415
-•
124,861,096
Northern New Jersey
Oranges...
Dec.
$
3,711,128
....
43,903,377
5,688,302
166,761,840
2,790,908
3,473,402
16,276,216,326
35,516,639
23,964,036
4,063,681
16,550,819
25,158,766
1,992,853
88,450,943
178,588,446
4,119,191
1937
Dec.
$
$
%
$
Dec.
272.731,911
—17.8
—15.4
29,993,994
755,422,680
13,973,339
17,358,120
—3.2
80,251,393,465
—24.4
—15.1
—8.9
192,290,595
105,242,176
250.240.89C
+9.0
&9
$
33,853,165
—11 4
—21.3
18,900,922
—26.1
19,594,530
—11.4
—18.7
—9.5
—9.9
1,150,374
—26.3
32,200,000
+340,152
27,400,000
768,200
579,700
750,182
30,800,000
670,427
696,004
98,749,521,484
212,572,123
12,765,188
+ 13.0
41,800,000
1,384,598
959,599,146
$
12,319,018
16,477,290
1,536,519
18,622,192
1935
1936
%
1937
1938
+ 9.5
—10.6
—9.0
500,581
764,466
3,840,757,416 4,890,379,749
11,594,985
9,210,556
5,066,461
4,732,626
657,581
—21.5 4,235,741,598 4,08+399,589
3,911,808
8,774,247
5,856,557
+ 25*3
2",69+597
2",63+398
4,605,273
—4.9
—34.6
3,983,525
*380,000
3,324,187
606,306
17,089,418
26,507,442
—35.5
19,395,798
26,787,043
46,220,544
—42.0
19,709,376
40,697,303
123,415,574
—14.7
—10.9
19,048,829
22.700,010
92,403,239
104,720,404
10,459,451
465,163,163
663,366,733
22,743,073
94,813,428
—2.5
4,209" 702
3,358*632
115,476,339
11,714,574
—9.3
4,380,646
—10.7
396,285
533,665,018
—12.8
959,461,307
—30.9
—20.6
8,666,104
—6.6
—16.1
—4.8
—31.3
—10.4
—0.3
—10.3
—30.1
—9.9
—3.8
16,236,173,470 16,877,239,529
Total (15 cities)
1938
%
1937
District —New York—
erve
N.„Y.—Albany
Inc. or
or
24,703,843
—7.9
83,016,311,172 102,130.232,347
—18.7
400,000
51,533,210
3,959,736,813 5,049,667,849
—21.6 4,362,722,484 4,216,059,607
'
'
;
Third Federal Rese
Pa.—Aitoo na.
Bethlehem
Chester.
Harrisburg
Lancaster
Lebanon
Norristown
Philadelphia
Reading
...
Scranton
Wilkes-Barre..
York
Pottsville
.
.
rve
JM
District— Philadelphia
1,571,014
*1,595,400
1,412,703
9,111,574
5,016,854
1,921,637
1,991,706
1,518,000,000
5,821,362
9,702,595
3,819,323
6,147,343
1,141,384
2,482,592
*2,687,300
1,699,510
9,801,343
5,860,386
2,207,463
2,045,177
1,674,000,000
6,466,602
10,562,838
4,230,481
7,309,848
1,520,856
M*d
—36.7
—40.6
—16.9
—7.0
—14.4
—12.9
—2.6
—9.3
—10.0
—8.1
—9.7
—15.9
—25.0
Du BoiS...........
481,883
594,236
—18.9
Hazleton...........
2,383,086
2,696,548
—11.6
20,792,671
24,199,400
—7.9
19,154,169
Del.—Wilmington
N. J.—Trenton
1,606,519,133
citfes)
Total (17
17,247,100
....
1.779,157,251
—28.7
10,097,559
10,689,200
8,011,952
56,866,245
29,700,349
10,809,172
9,712,652
420,319
669,949
—37.3
649,283
504,692
13,841,620
—22.8
540,273
461,660
+ 17.0
535,496
486,030
9,037,143
,57,879,897
—11.3
348,752
610,819
—42.9
397,513
434,892
37,003,152
—19.7
1,173,927
*82+542
+42.4
+25+478
+067,430
342","ob"o"6oo
13,079,771
^
—22.8
—1.8
'2' 11,982,284
—9.8
12,950,681
—25.0
8,736,000,000 ,10,280,000,000
—15.0
35,007,653
56,116,173
22,718,829
36,306,105
7,473,817
3,069,002
13,711,463
89,130,116
96,872,200
376~,o6b"o66
44o"bbb"6b6
—1+5
356",bob",000
36,996,439
—5.4
1,896,241
+409,856
1,485,284
—13.0
3,075,125
+4.0
2,222,001
2,456,509
27,874,478
—18.5
988,588
—37.3
+797,659
45,166,785
8,960,024
—19.6
1,643,052
1,972,053
2,955,624
1,575,679
1,814,771
—3.£
64,510,538
—9.5
1,519.780
1,264,011
1,607,278
3,544,432
16,837,274
95,207,288
113,091,000
—16.6
—13.4
—18.6
—6.4
—14.3
6,022,900
8",525*866
—2~9~.4
+"20*8*666
6,609"000
392,109,177
459,410,897
—14.6
369,998.066
357,915,126
—9.7
9,232,292,487
10,847,962,806
—14.9
—31.9
47,424,640
1,368,580,961
2,046,026,560
61,549,815
—22.9
1,633,174,443
—16.2
2,491,270,513
—17.9
326,941,500
—21.4
13,707,292
9,795,823
—8.7
District —Cleveland—
Fourth Federal Res erve
'
7,047,134
226,354,993
362,950,645
42,282,100
2,224,764
10,350,884
281,493,640
441,677,160
55,081,100
—23.2
2,327,544
—4.4
257,092,900
12,515,457
859,967
—53.7
6,602,071
6,098,480
8,759,924
5,112,625
19,243,216
717,343
1,856,265
9,212,257
11,373,372
7,230,015
26,628,051
944,516
—33.8
36,375,113
54,475,418
33.2
—23.0
50,854,435
78,210,195
347,942
511,542
—32.0
5,695,356
2,958,584
—20.8
Franklin
Greensburg ....... .
613,316
857,961
—28.5
30.153,301
105,591,027
4,511,338
2,235,685
4,159,263
—22.7
4,462,056
—6.8
2,724,237,272
36,471,712
3,770,788,909
45,222,146
6 9,015,687
4,635,388
41,500,493
—27.8
... .....
Cincinnati
Cleveland
Columbus
Hamilton
..........
Lorain.............
Mansfield
Youngstown..
"
X
X
X
—35.0
39,030,810
143,407,908
Ohio—Canton
Newark..
.... ......
Toledo.....—-..-.
Pa.—Beaver County..
458,889,23?
Pittsburgh.....
Erie
5,953,667
—
—19.6
—17.8
—29.3
—27.7
—24.1
663,662,449
7,865,695
—30.9
—24.3
53,908,850
83,523,932
10,843,900
66,097,038
—18.4
—22.8
12,856,100
—15.7
54,166,150
77,734,894
9,742,500
47,417,607
108,229,700
1,19+933
1,89+513
—36*8
1.79+718
1,065*894
62,188,690
9,410,300
—32.6
X
x
X
X
X
J
—26.4
—24.4
121,979*,620
168,915*882 —*2+8
160,222" 743
106*,*96+923
271,451,235
357,990,233
—24.2
303,664,005
227,050,414
—19.3
—16.6
13,088,608
—36.2
573,161
881,814
—35.0
57,584,517
3,916,578
Ky.—Lexington
....
W. Va.—Wheeling. ...
5,410,036
—1.8
40,528,434
6,564,636
5,511,000
9,782,717
—32.9
37,962,229
57,209,510
—33.6
Total (19 cities).....
1,168,358,677
1,550,336,590
—24.6
6.872,823,493
8,853,051,846
—22.4
Oil
City.
8,355,491
....
Warren i.... ^
.
.
.
...
Fifth Federal Reser
ve
..
10,168,000
...
Va.—Norfolk..
148,046,487
4,701,881
8,044,248
» -
Richmond
S.
C.—Charleston
Columbia
iv-
N, C.—Durham
3,722,168
*13,500,000
Md.—Baltimore......
278,319,952
Greenville—.—-
-
1,467,346
101,841,824
Frederick....
D. C.—Washington...
571,206,320
Total (10 cities)
Sixth Federal Reser
Tenn.—Knoxville.....
Nashville.
........
.
ve
District—
Augusta.
Columbus
1,939,745
13,772,000
164,801,757
6,605,850
8,493,227
4,639,641
15,514,781
319,873,792
1,817,732
124,009,738
661,468,263
—28.1
7,970,596
9,391.057
—15.1
307,355
61,690,000
74,453,000
—17.1
476,323
3,428,000
—35.5
—26.2
—22.3
2.663,000
2,617,000
42,528,863
—14.1
29,834,455
1,659,066
—19.4
3+993,821
1,005,097
62*.145*915
—10.2
—28.8
—5.3
—19.8
—13.0
—10.2
36,497,985
49,974,177
31,024,856
85,655,272
1,817,128,463
9,871,315
—20.6
1,337,324
53", 51643 9
63*,758*439
—16T
69,736*800
566,055,431
651,259,935
—13.1
26",026",949
33*.133*434
—21.4
23",818*269
20*.8*2+476
3,301,944,202
3,748,539,290
—11.9
120,385,904
144,984,125
—17.0
129,541,232
117,282.923
78,221,594
1,595,033,481
—19.3
8,894,970
—13.6
15.659,727
—6.1
98,692,066
100,092,378
—1.4
3.690,985
3,803,737
—3.0
—10.5
436,422,688
468,796,853
—6.9
18,188,765
r—4,9
1,258,900,000
1,443,300,000
18,948,462
52,500,000
—11.0
—6.1
26,511,630
33,862,120
—21.7
1,178,783
—17.9
23,736,847
—19.3
25,881,465
494,589,220
—18.5
*98+624
13,618,000
16,575,000
—17.8
15,606,000
13,846,000
35,160,877
—14.6
537,380,095
—17.0
16",096", 404
18,*112*655
—11.1
15*.*75+289
—16.8
1,442,870
+885,056
—23.5
14,775,723
+181,664
526,976
585,685
—10.0
151,441,998
—7.4
Total (16 cities)...—
607,080,601
667,606,083
—9.1
3,827,942,184
—19.7
9,732,647
2,096,727,80?
24,415,448
60,944,614
10,428,209
35,081,122
12,812,805
—
.-
Ala.—Birmingham
Mobile
P Montgomery
Miss.—Hattiesburg.
t
Jackson.. . _ .
Meridian.
.....
3,138,339
3,462,828
66,476,345
4,608,214
73,489,387
6,047,764
2,994,659
3,631,000
6,045,325
1,171,712
_
Vicksburg
La.—New
—9.9
78,701,665
216,200,000
4,798,856
140,242,434
—
—8.7
—12.2
Atlanta—
Orleans.—.
Macon...
Tampa
1,726,132
—4.6
—21.0
70,430,280
19,163,127
21,082,398
454,969,538
30,014,288
445,835,193
37,823,706
19,044,236
24,568.000
38,761,775
8,437,125
3,637,913
904,078,501
Fla.—Jacksonville
135,945
324,245
983,283,230
882,896,082
28,970,351
47,696,930
24,514,767
—13.0
—17.9
.
2,664,000
36,534,137
14,710,713
205,600,000
4,504,625
Ga.—Atlanta
—2.3
District— Richmond—
1,394,414
W. Va.—Huntington-.
—15.5
..
3,824,707
4,121,982
74,802,246
5,551,159
87,769,262
7,665,083
3,283,868
4,669,000
7,104,525
1,426,320
*
—16.0
—11.1
—17.0
—16.3
—21.1
—8.8
—22.2
—14.9
—17.9
45,446,604
—12.8
—8.0
21,890,746
*975,000
"90+627
.
—4.0
2,875,421
14,193,612
2,312,143
12,463,001
36,500,000
—17.3
43,100,OCX)
893,174
—7.8
"82+503
*765*499
—17.7
748,850
1,449,768
—13.0
29,840,000
46,700,000
39,657,550
8,651,939
4,514,866
951,659,008
4,264,460,568
*
X
—2.3
—2.5
X
x
X
""-X
"
—1+1
"125*168
"*128*901
—19.4
15+833
"183*648
—5.0
36,900,060
35,966,827
+2.6
3+854.468
26,460,608
—10.2
138,874,544
150,135,792
—7.6
125,426,733
110,426,059
Seventh Federal Re
Mich.—Ann Arbor
Detroit
...—.
Flint
—
Grand
—
Rapids
Jackson
Lansing
f
■.— —
Muskegon
City
—
Ind.—Ft. Wayne-...
Bay
Gary
— —
Indianapolis
South Bend
Terre Haute
Wis.—Madison
Milwaukee
Oshkosh .....—...
Sheboygan
Watertown
serve
District —Chicago—
1,539,663
350,226,564
3,086,027
9,901,964
1,466,070
5,539,192
1,917,672
2.640,006
3,834,053
11,122,605
73,364,194
4,769.520
19,763,870
5,206,811
82,903,583
1,344,007
2,703,451
1,916,487
518,921,323
4,706,088
13,473,031
2,085,722
6,689,008
2,971,822
3,233,682
5,070,717
17,356,676
83,550,349
6,738,511
22,921,281
5,040,851
92,128,787
2,123,589
3,711,590
—32.5
—34.4
—26.5
—29.7
—17.2
—35.5
—18.4
—24.4
—35.9
—12.2
—29.2
—13.8
14,867,383
23.537,781
66,159,169
421,709,000
31,211,463
—36.7
110,437,751
31,143,172
489,548,202
8,260,619
—27.2
15,856.784
2,815,182
7,261,048
27,775,499
210,152,605
+3.3
—
10.0
474,267
529,634
—10.5
1,232,480
4,959,287
34,592,814
13,936,950
1,479,707
5,218,978
34,956,508
13,185,744
811,306
—16.7
2,053,704
1,988,024
1,277,975,900
4,204,207
15,117,454
5,515,812
6,099.596
2,621,089
2,422,113
1,408,944,773
4,733,315
18,944,259
—21.6
7,325,360
—24.7
6,552,572
—6.9
80,936,213
4,622,271
10,122,704
10,807,463
7,121,330,336
23,110,993
88,468,490
29,280,816
31,360,780
614,151
716,928
—14.3
3,247,889
1,950,852,059
2,301,081,800
—15.2
11,114,166,265
Manitowoc
Iowa—Cedar Rapids..
Des
Moines.
Sioux City
Ames.
758,161
111.—Aurora
Bloomington
Chicago
Decatur
Peoria.—————
Rock ford
Springfield
Sterling
Total (31
cities)
—5.0
—1.0
+ 5.7
—6.6
—17.9
—9.3
—11.2
—20.2
11,014,113
—11.6
281,337
350,880
—19.8
204,897
627,519
,3,046,346,192
—31.2
81,550,701
136,747,615
—40.4
120,907,612
75,208,090
30,015,895
—18.7
84,326,940
12,849,035
2,506*227
3,313,942
—24.4
2,335~470
1,*71+169
—18.8
l",598484
2,033,460
—2+4
1,655*896
+7*4+196
40,244,040
17,582,748
17,030,005
29,371,202
93,034,668
487,894,459
38,971,420
131,369,068
28,443,469
550,913,951
12,546,367
—27.7
—12.8
V
—27.1
—12.7
—
19.9
"
"928442
—*20*3
89+601
"*7*82*300
22*,482"666 —15*6
16,469*000
19*.80+00"
2,079,322
—43.4
6,617,314
—10.7
+492,146
5,711,253
912,569
4,053,089
23**18+895 —10*9
19,9*62*265
16*.1*9+509
+16*5*973
—28.9
—13.6
—
19.9
—15.9
19.106499
1,176,927
5,911,609
+ 9.5
—11.1
20,653*075
—34.2
18,633,407
3,144,258
8,528,791
28,548,100
—14.9
1,142",840
+359*995 —16*6
220,466,779
—4.7
9,223,217
9,589,797
—3.8
1,12+049
7,785,152
78,988,701
4,906,908
+ 2.5
3,269,345
3.21+762
+ 1.8
3,319,171
13,582,025
12,407,732
8,582,251,256
24,321,243
114,644,326
37,424,732
35,354,463
3,933,7351
13,819,090,028
—10.5
—14.9
—2.7
917,241
8,575,418
2,709,707
—5.8
—25.5
—12.9
—17.0
—5.0
—22.8
—21.8
—11.3
"317*831
"319*867
—0.6
*38+405
*346*285
301,478,123
1,192,732
3,409,084
1,436,803
1,320,971
362,623,460
—16.9
+21.9
346,574,314
742,012
275,619,360
978,339
4,437,836
+706,853
—23.2
2,732,878
+45+437
—9.0
5,562,237
1,498,101
1,102,869
456,504,547
583,657,747
—21.8
537,727,450
414,64+932
—15.8
610.632
1,33+039
849.931
—17.4
—19.6
Financial
222
Chronicle
(Concluded)
OLBARTNQB
Month of
June
July 9, 1938
Week Ended July
Six Months Ended June 30
2
Clearings at—
Inc.
1937
1938
Dec.
1938
1937
1936
Dec.
1935
%
%
District
erve
1938
Dec.
1937
S
Eighth Federal Re*
Inc. or
Inc. or
or
Louis—
-St.
347,80/,307
422,6/7,186
—17.7
3,134,684
3,590.103
-12.7
462,343
481,983
2,414,474,211
99.400.000
—20.1
76,100,000
72,100,000
—10.9
3,023,838
79.400,000
-15.2
20,454,155
-12.8
Independence
Ky.—Louisville
Tenn.—Memphis..
132,3/8.978
157,127,529
—is!s
2,047,135,506
18,223,136
2,638,071
789,999,559
*894,170,119
-11.7
30,215,069
38,226,228
-21.0
27,295,819
26,315.352
---
64,666,090
77,184,752
—16.3
434,449,260
483,404,735
-10.1
13,569,351
16,784,881
-19.2
15,279,986
11,541,671
111.—Jacksonville..
-
-
356,114
324,305
+ 9.8
1,683,789
+ 5.6
2,769,000
3.030,000
-10.6
1,778,210
14,208,000
15.715,000
—9.6
635,000
690,000
551,474,516
664,415.857
Mo.—St. Louis
Cape Girardeau.--
-
Qulncy...—-----Total (7
cities)
—-
Ninth Federal Rese
rve
Minneapolis.
r. Rochester..-
St. Paul——
—
Winona—---------
L
w.
Minot
—13.7
123,819,420
155,101,109
—20.2
119,257,805
87 ,814,945
—16.6
2,527,413
4,199,969
—39.8
4,082,864
2,471.791
315,213,552
—16.4
1,502 ,441,585
59,706,455
73,017,924
—18.2
62,641,344
55,767,122
—8.9
7 ,578,542
608 ,191,265
1,701 ,691,981
7 ,495,171
638 ,519,007
—11.7
1,422,908
111,692,945
23,942*856
25*,9*98*838
—7.9
21,139,794
20*.*892*688
8 ,953.279
8 ,933,518
2
2
1,978.364
2,218,927
—10.8
1,971,444
1,736,224
663,826
703,617
—5*7
621.621
1,627,146
—7.4
+ 12.7
—39.9
9,907,773
—6.2
—10.3
5 ,060,000
—29.5
4
3,154,307
1,037,000
1,089,181
3,335,835
6,631,545
7,206,367
—8.0
693,400
692,703
+ 0.1
2,970,537
3,134,592
10,420,561
2,901,621
+ 2.4
3,904,363
—19.7
12,379,479
—15.8
Sioux Falls.
Huron
Mont.—Hillings
Great Falls.
Helena..
,841,828
51 ,447,430
Tenth Federal Rese
—4.8
+2.2
—15.1
—3.9
3
—9.5
596,234
15 955,443
—9.8
—28.6
1, ,088,571
1, 450,480
**6*83* 779
—2*9
416,769
*469*696
2,771.258
—2*1*5
2,822*174
2,851*972
84,749,769
—25.0
2,407,220,855
2,670,092,257
—9.8
91,657,507
109,594,312
-16.4
93.696,010
,594,677
—8.2
77.839
106.670
-27.0
120,728
District— Kansas City-
427,102
—8.5
2
3
157,295
155,123
+ 1.4
99,537
117,522
-11.7
2,613,865
2,968,150
-11.9
2,693.724
2,767,948
—9.6
68 ,557,161
784 465,370
—11.4
28,557,706
32,374,393
-11.8
28,901,559
27,238.737
—1.3
93 ,012,020
98 170,881
—5.3
+0.2
+ 10.2
3 ,485,502
5 ,284,453
3 308,499
+ 5.4
4 616,077
+ 14.5
2,279,353
4,204,961
2,378,901
—4.2
3.486,671
2,253.822
7,533,427
—44.2
4,058,170
2,966,190
116,335*, 166 —25*9
82,947*467
84,828*003
2,910.077
—24.3
2,980,183
2.476,893
267,358
406,060
-34.2
320.291
698,641
548*667
662*851
-1*7*3
661*340
6*5*2" 141
124,144,011
556,301
+ 3.7
11,206,557
—4.1
Omaha--——-—
116,081,071
City.—
17,417,661
128,380,116
17,654,624
565,862
564,564
908,276
1,001,264
Parsons.—-------
3
,232,874
'
10,269,494
--
Wichita
Mo.—Joplln
+ 0.9
58 ,502.406
57, 743,207
+ 1.3
17,893,626
2,064,603
450,702,757
—20.0
84, 887,870
12, 345,266
—9.2
—10.1
77 ,075,262
11 ,728,881
—18.4
2,110 ,224,240
2,588, 487,062
—18.5
86,169*254
2,204,091
367,985,412
Kansas City
-—-—
12,725,649
519,231
79, 209,449
—12.0
,872,131
3, 439.091
—16.5
250, 331,769
—11.0
68 ,791,030
—27.8
46.419,853
—20.0
2
2,841,835
—8.7
15 ,585.264
17, 470,931
136,615,347
2,779,552
—11.8
683 ,481,641
802, 163,382
2,462,867
—11.4
13, ,536,036
1,457,375
1,458,096
—0.1
717,258,253
Denver
Pueblo
3,113,310
120,503,641
Colo.—Colo. Springs-
844,164,262
Wyo.—Casper
Total (18 cities)
Eleventh Federal R
Distric t— Dallas
eserve
7, ,309,391
7 285,674
+ 0.3
—15.0
4,134,680,838
4,884,550,133
—15.4
127.079,789
165,830,818
—23.4
126,269,670
+ 1.8
36 305,700
+6.7
1,346,856
1,400,754
—3.8
945,578
990,794
26, 990,234
1,289, 575,144
—5.5
43,594,348
47,350*350
—7*8
37*3*8*6*257
31,317483
El Paso
Worth
Gal ves ton.
20,022,589
—7.5
38, 752,457
25, 507,843
1,209, 774,303
115, 446,657
41,865,313
10,499,000
—19.5
171, 825,918
—2.8
178,153,463
2,277,701
—7.3
64, 016,000
997, 898,481
—22.8
11, 281,977
10,200,000
—-
Houston..
219,737,365
18,514,645
—.
165,197,318
-
Port Arthur
1,757,972
17
—
6,529,060
4,752,074
198,812,755
—
—14.8
—20.8
33,713,883
Beaumont
Dallas..-----.--
—10.8
099,024
6,644,392
4,065,333
Texas—Austin
—5.0
222 ,913,958
—11.5
11,266,313
374,983
37,151,493
Joseph
Carthage
Okla.—Tulsa.
10,174,698
14,311,303
1,855,563
Topeka
144,114
,374,743
60 522,434
694 .741,992
576,931
Manhattan
2
381,323
—4.2
10,744,465
Kan.—Kansas
"664*278
2,174*315
—14.3
—14.3
rve
—.—-
"
—0.
18 916,172
62 927,128
294,367
—
Lincoln
561,476
—1.9
38 728,433
496,627,273
390,720
Hastings...
Fort
+ 0.2
—4.8
210.257
Neb.—Fremont
St.
—5.4
,984,166
54 043,460
4 952,000
5 247.257
16 764,862
,454,950
16 ,104,713
37 ,974,381
3, ,254,175
15, ,861,441
16, ,204,014
56, ,764,812
—5.4
+ 1.1
425,474,627
Lewis town
Total (16 cities)
110,415,023
3,832,925,847
73 ,279.869
768,270
-
D.—Aberdeen..—-
8.
458,000
3.308,431,742
930,000
- - - -
582,000
—17.0
9,292,248
-—-—-
x
—8.0
—27.9
911,427
Forks...
-
x
23,010,606
547,542
Fergus Falls
N. D.—Fargo
Grand
x
x
District— Aflnneapolis-
16,582,444
263,622,641
1,295,654
103,387,485
1,833,144
Minn.—Duluth—
x
—14.5
—
9.5
—2.6
—6.2
119
—3.0
068,841
197, 177,496
—12.9
6.878*737
10,295,919
—3*3*2
6,277,961
4,725*661
67, 075,000
—4.6
2,134,000
2,995,000
-28.7
1,772,000
1,526,000
1,026, 558,814
12, 515,013
—2.8
—9.9
962,222
1.132,842
—15*1
798,724
*776*612
—6.4
2*.62*8*964
3,299*044
—2*0*3
2**2*36*284
2*. 12*4* 887
57.545,127
66,428,909
-13.4
49.410,804
41,461,137
26, 901,298
23, 782.166
+ 13.1
Texarkana....—
928,354
1,364,598
—32.0
6, 526,449
13,621,348
15,807,631
—13.8
86, 707,188
7, 888,251
92, 617,183
—17.3
La.—Sh reveport.—-
—9.4
Wichita Falls
4,544,394
4,424.395
Total (11 cities)
2,754,638,571
2,899,553,852
—5.0
—26.0
9 ,924,612
13 ,478,743
—26.4
180,615,384
—20.4
—15.8
32,423,847
39,800,729
—18.5
28,862,064
24,855,129
—23.3
813 370,645
188 ,212,815
966 ,518,222
45,027,000
228 ,458,000
—17.6
8,628,000
8,765,000
—1.6
7,518,000
7.683.000
4,327,645
—16.2
20 883,833
24, 949,121
—16.3
931,968
1,145,283
—18.6
931,900
642,010
5,730,227
—8.5
29 893,864
—4.0
1,018,967
1,084,000
—6.0
28 702,990
5 816,967
6, 127,000
—5.1
120,806,839
146,730,654
—17.7
27,286,680
32,366,866
—15.7
24,392,276
28,051,633
12,689*865
17*.029*584 —25*5
13*. 16*6 J 70
12,695,009
457,880,395
Twelfth Federal Re
serve
Wash.—Belllngham
Distric
505,553,188
-San
—
5,242,298
-
...
—
—
Yakima
Idaho—Boise-
Ore.—Eugene
Portland
Franc isco—
2,365,152
3,626,204
Seattle...
Spokane
*1,750,000
143,773,010
34,556,200
713 080,372
Utah—Ogden
Salt Lake City
2,257,021
3,054,765
—26.1
14
56,296,525
71,437,640
—21.2
331
Ariz.—Phoenix
12,182,166
16,113,842
8,602,779
8,519,118
20,507,416
18,424,216
Calif.—Bakerafield
Berkeley...
—18.7
—19.6
76 572,253
100, 004,836
—23.4
+ 1.0
48 948,962
+ 9.3
108 689,777
104 123,668
44, 786,280
127, 875,576
19,073,993
+ 7.5
18,618,973
3,621,000
—1.0
16,381,631
16,967,195
—3.5
3,693,832
568,728,124
10,976,045
4,123,777
627,333,788
11,925,370
Santa Barbara
5,940,539
Stockton
—15.0
111, 132,027
—6.3
18 795,000
94 080,411
20, 512,000
109, 377,136
—14.0
—10.4
20 225,579
—9.3
3,368 226,189
136,795*000
62 926,109
24 418,026
3,868 752,704
69 296,747
—12.9
—8.0
—9.2
2,780,847
6,259,091
—5.1
36 782,348
37 906,912
—3.0
1,451,029
9,714,248
10,568,006
—8.1
51
785,919
56 217,553
—7.9
1,047,819,060
1,203,466,620
6,117,302,536
7,067,520,892
-13.4
—8.2 142,009,100,287 172,357,972,450
-17.6
6,235,514,303 7,817,759,728
-20.2 6,712.370,758 6,296.757,837
-16.1
2,394,756,887 2,927,379,979
-18.2
:
Pasadena..
Riverside
San
—10.6
17, 868,571
—24.4
3,341,000
—
I4ng Beach
Modesto
797, 230,804
412, 716,770
535,381
618,706
Francisco
San Jose
Total (20 cities)
Grand total (194 cities) 26,348,295,682 28,696,536,223
Outside New York
10,596,893,841 12,420,319,897
CANADIAN
CLEARINGS
FOR
—7.7
-12.9
-14.7
61,757,706,822
JUNE,
SINCE
4,164,959
—0.2
3,821,474
3,478* 203
4*.53*2*858
—1*6
3*.133*062
3,082,778
158*,91*1*,000 —13*9
125**98*4*354
132*,454*631
2,975,768
—6.6
2,287,279
2,180.330
1,515,765
—4.3
2.095,176
2,766,134
—24.3
1,759,895
2,203,905
2,050,943
233,697.092
273,973,946
-14.7
214,060,379
218,515,985
—17.2
73,608,450,966
JANUARY
4,156,186
4,458*494
—8.4
1,
AND
FOR
WEEK
Six Months Ended June 30
Month of June
ENDING
1,342,319
2,476,629,160 2,215,358,248
JUNE
30.
Week Ended June 30
Clearings at—
Inc.
1938
Canada—
1937
$
Inc. or
or
Dec.
1938
Inc. or
543 ,545,822
551,949,155
—1.5
2,864,418,740
Montreal
478 ,516,667
117 ,510,636
459,404,570
160,401,488
+4.2
Winnipeg
—26.7
70 ,617,497
84,014,608
—15.9
2,526,841,613
699,805,627
407,273,608
Ottawa
79 ,026,120
Dec.
1938
%
%
Toronto
Vancouver
1937
$
1937
Dec.
1936
%
$
1935
3,322,944,701
2,929,146,069
119,189.440
119,251,547
105,939.435
121,701.099
—13.7
90,737,275
+31.4
98,946,493
963,476,373
—27.4
24,028.388
31,231,897
—23.1
42,891,050
99,934,448
61,578,297
—19.3
16,152,037
15,916,151
+ 1.5
17,684,688
15,585,688
18,931,694
—13.8
90,209,214
+32.1
—6.4
510,968,122
—9.3
14,825,174
13,300,890
+ 11.5
Quebec...
15,417,201
21 ,157,425
84,403,598
21,052,923
504,734,456
563,402,090
+ 0.5
120,624,715
124,202,892
—2.9
3,660,089
4,329,204
11 ,303,151
11,141,497
+ 1.5
61,527,766
64,062,275
—4.0
2,249,786
Hamilton
3,957,958
2,033,388
—7.5
Halifax
+ 10.6
2,013,633
22 ,521,194
2,350,061
24,356,720
—7.5
4,608,127
+8.1
—6.2
—20.9
4,860.041
4,749,360
+ 2.3
4,407,928
5.449,798
4,350.027
22,859,251
134,450,300
149,097.174
4,983.164
21 ,434,510
125,885,519
117,952,038
—6.4
Calgary
St.
__
John
8 ,207,941
4,450,002
5,647,743
1,611,498
1,662,364
3,232,743
4,178.217
3,941,418
Regina.
Brandon
—4.1
45,939,586
41,236,352
49,003,493
44,563,091
—7.5
1,666,282
1,477,058
1,410,136
+ 18.2
1,504,802
+8.4
67,587,380
72,571,482
—6.9
2,813.796
1,913,578
+ 47.0
2,686,479
16,733,086
+0.5
95,707,988
99,233,738
—3.6
3,630,151
3,468,941
15,586,996
—15.9
83,677,327
—7.6
+ 8.4
+ 6.3
254,925
+33.1
2,913,620
271,646
—3.2
7.668,687
10,370,855
2,641,080
339,242
—14 3
1 ,457,833
+0.4
372,322
345,747
+ 7.7
417,733
556,662
—20.0
90,534,895
7,213,667
10,325,899
34,651,241
4,216.677
3,080,135
—13.9
13 ,116,364
Edmonton
+ 2.7
7,781,989
12,892,938
16 ,820,506
London
7,993,042
7 ,462,165
13 ,973,595
Victoria.
—13.9
1,080,481
1,000.727
+8.0
1.291,547
1,425.846
15,236,330
Lethbridge
1 ,772,365
1,345,120
1,830,551
Saskatoon
4 ,911,722
6,137,123
__
—6.3
1,639,671
+ 11.0
1,594,905
304,763
—21.3
—17.4
Brantford
414,119
412,569
+0.4
3 ,998,047
2,563,613
4,305,824
29,825,362
12,587,008
533,460
638.911
—7.1
22,759,355
24.928,027
—8.7
Fort William
898,499
763,125
+ 17.7
3 ,245,799
597,312
1.180,116
3,677,781
—11.7
18,105,903
19,530,998
—7.1
608,788
626,066
—2.8
2 ,732,247
690,273
550,582
3,060,980
—10.7
15,542,890
—5.4
656,981
630,407
+ 4.2
701.775
827,118
544,556
904,439
—8.5
—S.8
Peterborough
182,210
180,726
+ 0.8
2 ,594,377
2,882,766
256,880
—10.0
Sherbrooke
3 ,263,903
3,174,809
+ 2.8
4,764,955
14,911,934
17,423,806
16,426,738
5,282,593
Kitchener
4 ,575,679
5,115,999
15,148,279
—10.6
—15.3
+8.8
1.0
Moose Jaw
2 ,016,721
New Westminster
Medicine
Hat
Windsor
12 ,834.604
Prince Albert...
1 .227,590
Sarnta
2 ,396,213
Sudbury
4 ,592,641
1,494,038
3,937,790
2,674,311
2,445,176
2,327,344
4,222,994
1.486.260.485
1,547.820.708
Moncton
3 ,590,994
Kingston
2 ,494,572
Chatham
2 ,514,467
Total (32 cities)
*
Estimated,
x
Figures not available.
16,198,653
—7.9
588,496
519,726
+ 13.2
179,122
614,584
16,404,493
+ 6.2
647,057
669,603
—3.4
628,454
611.851
27,823,736
27,889,013
—0.2
964,433
822.537
+ 17.3
1,028,261
1,020,981
74,977,900
81,089,914
—7.5
2,568.331
2,591,709
—0.9
2,549,699
—17.8
2,407,186
7,321,697
262,994
261,347
261,380
350.692
18,117,831
13,701,481
8,215,065
19,595,487
—10.9
—8.8
—7.5
921,806
883,543
+ 4.3
784,043
671,772
—0.1
507,438
387,809
+30.8
682,257
839,775
+ 2.2
490,686
498,533
453.721
411,523
499,553
*300,000
—1.8
+ 17.2
+37.2
269,130
460,012
24,160,377
13,714,417
14,374,545
12,399,994
23,970,631
8.118.778.743
9,478.870.734
—6.7
+ 2.8
+3.0
14,685,349
14,538,236
+0.6
756,417
+0.8
1.128,668
846,162
+33.4
827,191
659.912
—14.3
334,634,720
280,838,288
+19.2
322.074 577
362,855,934
Volume
ENGLISH
THE
GOLD
Quotations of representative stocks as
circular of
& Co. of London, written under date of
reprint the following from the weekly
We
Samuel Montagu
June 22,
each
-v"
GOLD
British Amer Tobacco.
■
June 16
v.
-
June 18
Rolls
103 /9
103/9
£393*
Ltd..
141/103*
£17
23/9"
Co
Bay
Imp Tob or C B A I—
London Midland Ry__
£85*
June 20
93*d.
June 21....—•
140s.
June 22
Imports
British India
France
New Zealand
Canada
Cuba
Soviet Union
------
Palestine..
-
— -—
Other countries-
Switzerland
Other countries-
£83*
Exports
Imports
,
—
92,971
158,326
776,151
British West Africa.--
British India
—
£6,400
139,735
------—
British Guinia-.
----------——..
78,294
V enezuela
—
Netherlands.
Switzerland_
-
------
— —
_ -— —
— -
10,133
1,748,128
2,457
613,932
728,716
-
- -
Italy.....
i'i i ------
637.922
1,184,311
2,817,598
47,094
\
17,247
—
-
-
20,411
81,077
17,036
£27,437,216
Yugoslavia
£7,813,313
—
-
,
:
•
———
Other countries..
From $25,000 to
18 ll-16d. for cash and
185*d. for two months'
delivery by the 18th inst. but this level had little attraction for sellers and
demand from India and for American trade, helped by the firmer tendency
of the dollar, caused a recovery, 18 15-16d. and 18 ll-16d. for the respective
deliveries being quoted today.
With the strain on cash delivery eased, the
difference between the two quotations gradually narrowed to Md.
Conditions have continued to be rather quiet, the market showing no
inclined to be rather easily influenced
either way.
were"the United Kingdom imports and exports of silver,
midday June 13th to midday June 20th.:
The following
registered from
£7,289
2,070
British West Africa
x£919,814
U. S. of America
Portugal
8,210
Norway
Denmark
20,200
2,167
1,080
Poland
4,739
— —
France
Belgium—
7,461
Other countries
3,174
1,380
..
Other countries
£32 943
Including £860,000 in coin not of legal
x
2,099
;
£946 740
tender In the United Kingdom.
Quotations during the week:
IN NEW
LONDON
IN
—
—
18 13-16d.
June 17--- —-18^d.
ll-16d.
13-16d.
15-16d.
15-16d.
18.823d.
18
18
18
18
June 18
June 20
June 21
June 22
Average.
YORK
(Per Ounce .999 Fine)
Bar Silver per Oz. Std.
Cash
2 Mos.
June 16.-
43
43
43
43
43
43
June 15-.-
18 7-16d.
18 7-16d.
185*d.
183*d.
183*d.
18 ll-16d.
June 16-
June 17
June 18
June 20—
June 21
Bank of Washington, Tacoma, Washington, Tacoma
Location of branches: Town of Pe Ell, Lewis Co., Washing¬
Washington.
Lewis Co., Washington; Town of Winlock, Lewis
Certificates Nos. 1411-A, 1412-A and 1413-A, re¬
spectively.
June 30—The National
of branch:
Location
Bank of Commerce of Seattle, Seattle, Washington.
Southeast corner of 14th Ave. and Hudson St.,
City of Longview, Cowlitz
The following
securities
were
SALES
sold at auction on Wednesday
of the current week:
$ per Share
Stocks
3 W. L. Douglas Shoe
500 Ontario
Co. convertible preferred
FINANCIAL MARKET—PER
cents
cents
cents
cents
cents
period
CABLE
The~daily closing quotations'for securities &c.fat London,
the past week:
as reported by cable, have been as follows
Mon.,
July 2
Tues.,
Wed.,
July 5
July 6
Fri.,
July 8
Thurs.,
July 4
Sat.,
July 7
Holiday
19»i«d.
193*d.
193*d.
193*d.
19*i sd.
140s.93*d. 140s.83*d. 140s. lid. 141s.l3*d. 1418.1 ^d.
£76»ie
£765*
£74 %
£74 %
£76 %
Holiday
£102%
£102%
£103%
£103%
£103%
Holiday
£113%
£113%
£114%
£114%
£114%
19d.
Consols, 23* %British 33*%
W. L
...
British 4%
1960-90
The
price of silver per ounce (in cents) in the
days has been:
United
States on the same
Bar
U.
Closed
N.Y.(for'n)
S. Treasury
(newly mined)
.
12%
—
Ltd., par $5; 5 warrants Continental Terminal, Inc.,
Continental Terminal Inc. conv. 6%s, Apr. 1947, series A, ctf.
stamped part paid
— - —
..— —$30
Rand,
and $5,000
of deposit,
lot
By Crockett & Co., Boston:
$ per Share
Slocks
Shares
49 Farr Alpaca
Merrimack
6 Brookslde
Co., par $50
Co.
Mfg.
—
-
-
-
Mills, par $100
10 Massachusetts
Fish Ice & Cold Storage preferred, par
3 Fitchburg Gas A
$100
Electric Light Co., par $25
1 Haverhill Electric
-
Light Co., par $25
3 Fall River Electric
-— -
Co., par $25
17 Montague Rod &
4%
103*
common—_
-
Reel preferred, par $100
4
95
395*
48
303*
5%
Per Cent
Bonds—
$2,000 Wiggin Terminals, Inc.,
REDEMPTION
1st 53*s, Sept. 1, 1945, ctf. of
CALLS
deposit—85* flat
SINKING
AND
425*
425*
425*
425*
425*
■
64.64
64.64
64.64
64.64
64.64
64.64
FUND
NOTICES
Below will be
found
a
list of bonds, notes and
preferred
called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
stocks of corporations
Atlantic Beach Bridge
Brown Shoe Co.,
Inc. 15-year 35* debs
♦Bush Terminal Co., 1st mtge.
4s, 1952
-
Station Co. 3%s guar, bonds, 1951-Sept.
Commonwealth Edison Co.—1st mtge. 5s, series A & B—-July
Chicago Union
Eastern Gas & Fuel
July 18
4112
-Aug.
bonds
6s, 1938
1
-—Sept. 1
-—-Oct. 15
--July 20
Co. 6%% pref. stock
Associates 1st mtge. 4s, 1956
Interurban Water Co.—
mortgage bonds, seires D
First mortgage
Aug. 1
Jan. 1, '39
Aug. 1
bonds, series A & B
El Paso Natural Gas Co.
1st mtge. 43*8, 1951
♦Equitable Office Building Corp., 35- year
♦Gatineau Power Co., 6% debentures
5% debs
July 29
♦Glen Alden Coal Co., 1st mtge. 4s, 1965
July 19
Great Consol. Elec. Power Co., Ltd., 1st mtge. 7s, 1944—-Aug.
1
Hazleton Water Co. 1st mtge. 5s,
Sept. 1
Houston Oil Co. of Texas 53*s. 1940
—--—
Aug. 1
Kansas City Gas Co. 1st mtge. 5s, 1946
Aug. 1
Kirby Lumber Corp.
3800
Co. of Bait.,
♦East St. Lmis &
First
264
xl08
3800
Edi¬
Dakota Power Co. 1st mtge.
Diamond State Telephone
I
xl06
3943
18
July 18
series A & B
Commonwealth Subsidiary Corp.
(Commonwealth
son Co.) 53*% debentures, 1948
1st mtge. coll. 5s,
1st refunding mortgage
Page
Date
Aug. 1
Aug. 1
July 28
Corp. 1st mtge. 6%s, 1942
,
Gold, p.fine oz. 140s. 9d.
3
-
Power common, par $15
6 3-10 Sierra Pacific
116
Bank, Worcester, par $100------
1% Mechanics National
♦Consolidated Gas Electric Light & Power
Silver, p. oz. d.
Certificate No. 1414-A.
Co., Washington.
Company and Issue—
cents
18.510d.
exchange on New York recorded during the
from June 16 to June 22, 1938 was $4.975* and the lowest $4,953*.
The highest rate of
ENGLISH
$15,000
AUTHORIZED
Exports
Imports
British South Africa
Argentina
111.
June 25—National
SILVER
decided tendency and still
of Increase
—
BRANCHES
25
Prices had declined to
Bank of Smithton, Sznithton,
National
$40,000
First
June 24—The
Shares
9,755,466
-
France
Finland
CAPITAL STOCK INCREASED
By R. L. Day & Co., Boston:
30,194
656,820
5,653,513
43,856
383,026
$nion
Sweden
banks is
480,000
——-————------
Belgium
£75*
Comptroller of the Currency, Treasury
AUCTION
22.725
1,053,550
...—386.643
United States of America __—
Germany.
£8
24/21/9
; •
.
496,740
86,643
25,824
-———
New Zealand
Brazil--------_
38/6
24/22/-
27,900
China--.
—
£45*
38/6
£45*
-
COMMON
Co., Washington.
-—437,984
—------
British East Africa
------
£385*
ton; Town of Toledo,
-£6,531,706
Union of South Africa
-
19/104/43*
£39
following information regarding National
weeklunder
Kingdopi imports and exports of
-
-
18/6
105/-
BANKS
NATIONAL
The
£1,404,891
made from Bombayjduring the
British West India Islands &
£854
£143*
£15
£8
,
75/-
£85*
38/3
24/22/-
£83*
'
-
£165*
74/-
Ami.
The following are the details of United
gold for the month of May, 1938:
Hongkong-
£165*
£43*
£45*
22/-
review.
Southern Rhodesia-
v
98/6
14/6
19/6
4/6"
1 /6
25/145/-
WItwatererand
'
.....
£4,424,713
No gold shipments were
18/6
■
38/3
24/22/-
Department:
7,183
40,654
20,631
France
m
24/"
from the office of the
994,742
Belgium
•»
Ltd
Areas
537,744
18,711
21,050
6,059
-
Switzerland---
37,451
23,052
494,557
172,900
1,133,445
«m
£95*
84,722
Belgium
7,724
British Malaya
Australia
•
vickera
£43,000
693,605
Netherlands
37,468
140,828
'
United Molasses..
West
Canada
£1,314,078
■
Royce
Royal Dutch Co
140s. lOd.
£15
£15
Roan Antelope Cop M.
140s. lOd.
Exports
British East Africa
.
73/6
73/103*
Ro Tlnto
the United Kingdom imports
British South Africa
Soviet
£17
DAY
A—
Budsons
3
4/6
i/6
23/9
141/6
HOLI¬
Gaumont Pictures ord.
and exports of gold,
midday June 13th to midday June 20th:
registered from
Canada
19
37/-
98/6
13/6
19/4/6
1/6
23/9
145/-
£39
Shell Transport
£395*
£45*
Ford
97/9
12/9
78/9
£93*
98/6
13/19/3
4/6
1/6
24/6 -S
143/6
£165*'
74 /£85*
£15J*
17/6
103/9
Unilever
_
•
/9
12/9
19/3
97
Co
Electric A Musical Ind.
140s. lOd.
_
The following were
-
£95*
Beers
Distillers
Per Fine Ounce
140s. lOd.
140s. 10 3*d.
140s. lOd.
-
June 17--
-
£223*
£543*
£93*
'
p
Rand Mines
Per Fine Ounce
Australia
5/6
£223*
76/3
37/6
m
"
76/3
Metal Box
Quotations:
Average
£563*
5/6
£22
43/6
5/6 :
£223*
77/6
76/103*
37/3
37/6
m
£22
Courtaulds 8 A Co
from holdings.
resales of gold
£54
42/3
43/3
108/-
37/73*
Marconi.
Min & Invest.
Cons Goldflelds of 8 A.
De
107/6
43/6
108/
£93*
Canadian
July 8
105/
"
Central
July 6
£535*
4/
£535*
Cable <fe W ordinary-..
Fri.,
Thurs.,
July 7
Wed.,
July 5
July 4
42/3
\( 105/7J*
Boots Pure Drugs
amounted to £326,410,111 on June 15 showing no change as compared with the previous
Wednesday.
1
'
:• '
In the open market about £3,750,000 of bar gold was disposed of at the
daily fixing during the week.
Although conditions were active, business
was on a smaller scale than last week, the fear of dollar devaluation be¬
coming less and being definitely discouraged by the emphatic denial made
by Mr. Morgenthau yesterday. The effect of the denial was immediately
reflected by an appreciation of the dollar against sterling, but the gold
price showed little change, the firmness of the dollar being offset by a
reduction in the premium over parity.
Offerings have included some
gold reserve against notes
received by cable
..V'-'.-'
Tues.,
Mon.,
Sat.,
July 2
of England
0
day of the past week:
1938:
The Bank
STOCK EXCHANGE
LONDON
THE
MARKETS
SILVER
AND
223
Chronicle
Financial
147
1st mtge. bonds
♦Langendorf United Bakeries, Inc., 63* % 1st mtge.
July |16
bonds.Sept. 1
267
3332
xlll
xlll
268
268
xlll
268
269
269
xll2
xll3
3670
3670
3958
272
Financial
224
Date
Company and Issue—
Chronicle
July
Page
Lawrence Gas & Elec. Co. 20-year 4 Ms------------
3670
Massachusetts Utilities Awociates. 5%
3809
Aug. 1
debs.. 1949
Aug. 9
♦Nashville Railway & Light Co., 5% bonds 1958-July 29
North American Gas & Elec. Co. 6% cum. inc. debs
July 19
Pearl River Valley Lumber Co. ref. inc. bonds, 1945
Sept. 1
Phila. Elec. Power Co. 1st mtge. 5Ms. 1972.Aug.
1
Poli-New England Theatres, Inc., 1st mtge. bonds...... July 20
♦Safe Harbor Water Power Corp., 1st mtge. 4Ms, 1979--Aug.
5
St. Joseph Ry., Lt., Ht. & Pr. Co. 1st mtge. 4Mb. 1947—Aug.
1
St. Joseph Stock Yards Co., 1st mtge. 5s, 1940
Aug.
1
Ban Antonio Public Service Co., 1st mtge. 5s
Aug.
1
1st mtge. 6s
Jan. 1 *39
Shippers Oar Line Corp. 5% gold ctfs. series H
July 15
♦Solvay American Corp., 5M% preferred stock-- —-...Aug. 15
(A. E.) Staley Mfg. Co. 1st mtge. 4s, 1946
Aug.
1
Texas Terminal Ry. 1st mtge. 6s. 1941-_
July 26
(Raphael) Weill & Co., 8% preferred stock
Sept. 1
♦West Disinfecting Co., 1st mtge. bonds, 1940
July 21
♦Wheeling & Lake Erie Ry., series D ref. bonds, 1966
Sept. 1
♦Wisconsin Public Service Corp., 1st mtge. 4s, 1961-.---Aug.
1
*
Announcements this week,
x
Dividends
are
xl24
Pacific Lighting Corp. (quar.)
Pacific Public Service 1st pref. (quar.)
Peerless Weighing & Vending Machine
4128
S3 cumulative preferred, vot. tr. ctfs
Peninsular Telephone (quar.)
280
xl31
3820
3679
3679
4130
280
xl33
3822
1898
286
137
286
Current volume (V. 147).
current week.
we
show
have not yet
Then
News
name
follow with
in
in
but which
Further details and record of past
given under the
many cases are
com¬
are:
When
Per
Share
Name of Company
American Alliance Insurance Co. (quar.)—.—
American Art Works, Inc., 6% pref. (quar.)American Can Co., com. (quar.)
25c
$1M
S1
—
lUc
(monthly)
American Machine & Foundry Co., common
American Reserve Insurance (quar.)
Amsterdam Trading Co., Amer. shs. (final)
20c
—
75c
81.72
__
Archer-Daniels-Midland, preferred (quar.)
Athol Mfg., 7% preferred (s.-a.)
Atlantic City Electric Co., $6 pref. (quar.)
Atlantic Safe Deposit Co. (N. Y.
Atlas Powder Co., preferred (quar.)
Auit & Wiborg Proprietary 514% pref. (quar.)
Baltimore American Insurance (s.-a.)--
83 M
SIM
SIM
SIM
SIM
—
10c
Extra
Barnsdall Oil Co
Birtman Electric Co. (quar.)
5c
25c
25c
Preferred (quar.)
Blue Ridge
Corp., $3 pref. vquar.)
Opt. div. of 1-32 sh. ot com. or cash.
Central Arizona Light & Power, $7 pref. (quar.)_
75c
SIM
SIM
4c
— —
$Ti
qp
Chase National Bank (s.-a.)
JL
70c
Chicago District Electric Generating Corp.—
$6 preferred (quar.)._
City Water Co. of Chattanooga, 6% pref. (qu.)
Cleveland Cincinnati Chicago & St. Louis (s.-a.)
Preferred (quar.)
Columbia Gas & Electric Corp.
6% cum. preferred series A (quar.).
5% cum. preferred (quar.)
5% cum. preferred (quar ■)■
Consolidated Royalty Oil (quar.)
Corn Exchange Bank Trust
(quar.)
Cresson Consol. Gold Min'g&MilPg Corp. (qu.)
Cuneo Press, Inc. (quar.)
Preferred (quar.)
Davenport Water Co., 6% preferred (quar.)
SIM
SIM
$5
SIM
SIM
SIM
SIM
5c
75c
2c
50c
-
—
Bonus
37 Mc
5uc
25c
50c
$5
—
3c
Fireman's Fund Insurance
(quar.)
Goldblatt Bros, (stock dividend)
l-60th of a share of com. for each share held.
Great American Insurance Co. (quar.)
Havana Elec. & Utilities Co.,
6% cum. pref
Homestake Mining Co. (monthly).
Illinois Northern Utilities,
25c
t75c
37 Mc
6% pref. (quar.)
SIM
Incorporated Investors
15c
International Cigar Machinery Co__
International Radio Corp.
—
5
-
Corp., 6% 1st pref. (quar.)__
5% class A preferred (s.-a.)__.
Jantzen Knitting Mills
(no action)
Preferred (quar.)
SIM
82 M
SIM
12Mc
87 Mc
Kalamazoo Stove & Furnace
Kentucky Utilities, prior preferred (quar.)
Keystone Custodian Fund, series B-l
76c
Kokomo
Water Works Co., 6% pref.
(quar.)
Lehigh Portland Cement Co
4% preferred
Loew's, Inc., S6M preferred (quar.)
Lyon Metal Products, Inc., 6% pref.
(quar.)
Maytag Co., 1st preferred (quar.)__
Cumulative preference (quar.)
Michigan Central Railroad (semi-ann.)
SIM
25c
SI
SIM
SIM
SIM
75c
S25
Monmonth Consol. Water
Co., $7 pref. (quar.)
Mehi Corp.
$in
(semi-ann.)
50c
2c
Liberty Insurance Co. (s.-a.)
10c
Extra
10c
Neisner Bros., Inc., 4M% conv.
New Bedford Gas & Edison
New York Merchandise
North American Oil Co
preferred
75c
10c
1.-1111
37 Mc
Shoe Co
'
25c
Ill"
Ohio Public Service Co., 1st
preferred
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
(quar.)_II
SIM
58 1-3C
;
50c
41 2-3 c
"
"
(reduced)
preferred (quar.)
2nd preferred (quar.)
25c
2c
Onomea Sugar Co. (monthly)
Outboard Marine & Mfg. Co
Outlet Co., common (quar.)
6c
25c
5% preferred (quar.)
1st
1.18M
Light (quar.)..
Oceanic Oil Co
Okonite Co.
$
Co
Northern Illinois Finance
Corp. (quar.)
Preferred (quar.)
Nunn-Busch
ic
50c
Jamestown Telep.
National City Bank of New York
National Investors Corp.
(Md.)
SI
10c
50c
•
_
—„
Brewing
Holders
Payable of Record
July
July
Aug.
July
Aug.
Aug.
July
Aug.
July
Aug.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
July
7
June 30
July 25*
June 30
July 18
July 15
July
9
July 21
June 24
July
6
July
6
July 20
July 15
July 30
July 30
July 12
July 15
July 15
5
Aug.
Toledo Edison Co., 7% preferred vmonthly
58 l-3c
50c
41 2-3c
37Mc
Upper Michigan Power & Light Co.
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)..,
Walgreen Co
4M% preferred, with warrants.
Walkerville Brewing, Ltd. (quar.).
Washington Gas Light (quar.K
Cum. conv. preferred (quar.)
SIM
SIM
SIM
25c
SIM
2 Mc
30c
SIM
Weisbaum Bros.-Brower
Weston (Geo.) Ltd., preferred (quar.).
Below
10c
SIM
Aug.
1 July 15
Aug.
1 July 15
July 20 June 30
Sept.
1 Aug. 19
Aug.
1 July 18
Aug.
1 July 14
75c
SIM
SIM
Sept.
1 Aug.
Aug.
1 July
July 30 July
July 30 July
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Sept.
Aug.
July
Aug.
Aug.
July
Aug.
July
Aug.
July
July
July
Aug.
15 July
15 July
15 July
15
20
21
21
20
20
20
25 July
15
21
15 July 31
1 July 20
15 Sept.
1
1 July 20
20 July
9
8 July
6
8 July
6
1 July
1 June 30
1 July
30 July
1 July
20 July
27
16
15*
11
15 June 30
15 July
1
July
July 15 July
Aug. 15 Aug.
July 25 July
1 July
Aug.
July 30 July
1 July
Aug.
July 20 July
1 June
July
1 June
July
5
18
paid.
7
1
20
15
6
18
16
15
15
Aug. 31 Aug. 25
Aug.
1 July 20
1
Aug. 20 Aug.
July 15 June 30
Aug.
1 July 20
Aug.
1 July 14
Oct.
1 Sept.14
Aug. 15 July 29
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 15
July 30 July 21
1
Aug. 15 Aug.
Aug.
1 July 15
9
Aug.
1 July
July 20 June 30
Aug.
Aug.
Aug.
July
Aug.
July
Aug.
Aug.
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
15 July
15 July
1 July
15 July
1 July
27 July
1 July
1 July
30 July
30 July
22 July
1 July
1 July
1 July
1 July
1 July
20 July
10 July
1 July
1 July
1 July
30
30
15
1
20
20
15
15
15
15
7
15
15
15
15
15
10
25
20
20
20
Dec.
July
Sept.
Sept.
Aug.
Aug.
July
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
July
Aug.
14
15
9
1
1
20
1
1
15
1
1
1
1
15
July
1
Aug. 31
Aug. 19
July
8
July 15
July
7
July 20
July 20
July
1
July 15
July 15
July 15
July 15
7 June 30
1 July 20
Aug.
1 July 15
July 15 July
7
July
9 May 19
Aug.
1 July 20
Aug.
1 July 20
July 15 July
1
Aug.
1 July 20
Aug.
1 July 20
Aug.
1 July 15
Sept. 15 Sept. 1
July 25 July 18
July 20 July
1
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 15
July 30 July 15
Aug.
1
Nov.
1
Feb.
1
Aug.
Sept.
July
Aug.
Aug.
July
Aug.
1
15
15
1
10
25
1
July
Aug.
July
July
July
July
July
15
26
5
15
30
8
20
Pa
Abbott Laboratories pref.
Abraham & Straus, Inc
Shaie
SIM
(quar.)
37 Mc
10c
Express Co. common
Adams (J. D.) Mfg. (quar.)
15c
Administered Fund Second
Affiliated Fund. Inc
Air Reduction Co.
4c
6c
(qua.)
25c
SIM
,
Alabama Power Co., $5pref. (quar.)
Alaska Juneau Gold Mining
(quar.)
Extra
;
-
an¬
being given in the preceding table.
Name of Company
-
15c
-—_
-
_
—
15c
_
All-Penn Oil & Gas (quar.)
Allied International Investing, preferred
10c
t50c
Alpha Portland Cement
Aluminium Ltd., pref. (quar.)
Aluminum Mfrs., Inc. (quar.)
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
Amalgamated Sugar 5% pref. (quar.)
Amerada Corp. (quar.)
Amerex Holding Corp.
(s.-a.)
American Asphalt Roof Corp., 6% pref. (quar.)
American Can Co. common (quar.)
;
American Cities Power & Light S3 class A
Opt. div., l-64th sh. of claas B stk. or cash.
American District Tel eg. (N. J.) pref.
(quar.)_
American Envelope Co., 7%
pref. A (qu.)
7% preferred A (quarterly)
American Fidelity & Casualty (quar.)
American Fork & Hoe pref. (quar.)
American Gas & Electric Co. pref. (quar.)
American Home Products Corp.
(monthly)
American Light & Traction (quar.)
(quar.)
25c
SIM
50c
50c
SIM
SIM
12 Mc
50c
70c
SIM
51
37Mc
SIM
SIM
SIM
15c
SIM
SIM
20c
30c
37 Mc
3uc
-
American Meter Co
American News Co
25c
American Republics Corp
American Rolling Mill, pref. (quar.)
American Ship Building.
American Smelting & Refining Co
10c
SIM
50c
50c
Preferred (quar.)
American Superpower Corp.. 1st pref.
(quar.)
American Telep. & Teleg. (quar.).American Thermos Bottle
Associated Insurance Fund (semi-ann.)
Associated Telep. Co., Ltd., SI M pref. (quar.)
SIM
tS3
S2M
25c
10c
—
31KJ!
Atlantic Refining Co.. pref. (quar.)
Aviation Corp. 83 par capital stock
Bangor Hydro-Electric (quar.)
Bayuk Cigar, Inc. 7% 1st pref. (quar.)
Beattie Gold Mines, Ltd
Beatty Bros., Ltd., 1st pref. (quar.)
Bell Telephone of Canada
(quar.)
Bell Telephone of Pennsylvania pref.
(quar.)
Bellows & Co. class A (quar.)
Class A (quar.)
Beneticial Industrial Loan Corp. pref. ser. A (qr.)
Biltmore Hats Ltd. (s.-a.)
Bloomingdale Bros., Inc
Bon Ami Co. class A (quar.)
Class B (quar.)
Boston Edison Co. (quar.)
Brantford Cordage Co., $1.30, 1st pref. (quar.)_
Bralorne Mines Ltd. (quar.)
Extra
15 July
1
Sept.15
The list does not include dividends
nounced this week, these
Preferred
20
15
give the dividends announced in previous weeks
we
and not yet
—
■
District Bond Co. 6% pref. (quar.)
Domestic Finance Corp., cum. pref. (quar.)
Employers Group Assoc. (quar.)
Eureka Pipe Lino Co
Federal Knitting Mills (liquidating).
Financial Shares Corp. (s.-a.)
—
Adams
$6 preferred (quar.)__
Central Investors Corp. (quar.)
Century Ribbon Mills, preferred (quar.)
Cerro de Pasco Copper Corp
Diamond Portland Cement (reduced)
Distillers Co., Ltd., Amer. dep. rec. (final)
Oct.
Jan.
6% preferred (monthly)
5% preferred (monthly)
Transamerica Corp. (semi-ann.)
Department" in the week when declared.
American Factors, Ltd.
July
40c
—
Tivoli
"General Corporation and Investment
our
The dividends announced this week
National
the
second table in which
a
previously announced,
been paid.
dividend payments
pany
we
In the
Aug. 15 July
Aug.
July
50c
—
all the dividends announced
dividends
the
Holders
Payable of Record
75c
32 Mc
—
40c
Quarterly
40c
Penasylvania Gas Co
SI
Pennsylvania Salt Mfg
20c
Phelps Dodge Corp
Philadelphia Electric Co., S5 pref. (quar.)
SIM
2.5c
Philadelphia Insulated Wire (semi-ann.)
Plymouth Cordage Co. (quar.)
SIM
Potomac Edison Co. 7% preferred (quar.)
SIM
6% preferred (quar.)
SIM
Prentice (G. E.) Mfg
50c
Public Service Co. or Colorado, 7% pref. (mo.). 58 l~3c
50c
6% preferred (monthly)
5 % preferred (monthly).
41 2-3c
.—;
30c
Quarterly Income Shares (quar.)
Reda Pump Co
15c
50c
Rich's, Inc. (quarterly).
Riverside Cement $6 1st preferred (quar.)
SIM
Rochester American Insurance Co. (quar.)
25c
58.2c
Rolls-Royce, Ltd., Am. dep. rets. ord. reg
St. Lawrence Flour Mills (quar.)
25c
Preferred (quar.)
SIM
Saratoga & Schenectady RR. (s.-a.)
S3
Securities Corp. General 87 preferred (quar.)
SIM
86 preferred (quar.)
SIM
87 Mc
Sharp & Dohme, Inc., 83M preferred, series A.
Spiegel, Inc., $4M preferred (quar.)
SIM
Texas Hydro-Electric Corp. preferred
25c
_
grouped in two separate tables.
bring together
we
Share
Company
2383
xl27
DIVIDENDS
first
When
Per
Name of
275
-
-
1938
9,
18Mc
3oc
SIM
5c
SIM
f$2
SIM
2oc
25c
87 Mc
25c
18
2|c
62Mc
52
32 Mc
15c
10c
-
Bridgeport Hydraulic Co. (quar.)
40c
Bridgeport Machine Co., pref. (quar.)
British Columbia Elec. Ry. 5% perp. pref
British Columbia Power Corp. Ltd. cl. A
(qu.)__
British Columbia Telep. 6% 2nd pref.
(quar.)
Brooklyn Borough Gas Co. (quar.)
Brooklyn National Corp..
Buckeye Steel Casting prior pref. (quar.)
6% preferred (quar.)
Buffalo Ankerite Gold Mines, Ltd. (quar.)
Buffalo Niagara & Eastern Power 85 pref.
(qu.)Bunte Bros., 5% pref. (quar.)
5% pref. (quar.)
Burdine's 82.80 pref. (quar.)
Calamba Sugar Estates (quar.)
Calif. Oregon Power Co., 6% pref. (quar.)
7% preferred (quar.)
Cambria Iron Co. (semi-annual)
x
SIM
t2M%
J 50c
:sim
75c
25c
SIM
SIM
J25c
SIM
SIM
SIM
70c
40c
SIM
SIM
81
When
Holders
Payable of Record
July
July
July
Aug.
July
July
July
Aug.
Aug.
Aug.
July
Aug.
Sept.
Sept.
Sept.
Dec.
Sept.
15
25
12
1
20
15
15
1
1
1
15
1
July
July
July
July
1
15
June 30
June 30
June 30
July
July
July
July
July
24 Sept.
1 Aug.
30 Sept.
20
5
31 Dec.
15
5
11
15
1
15
15
30 Sept. 15
Dec. 31 Dec.
Aug.
July
Aug.
July
Aug.
Aug.
1
15
15
10 July 16
30 July 15
July 12
15 June 30
15 July 25*
July 11
July 15 June 15
Sept,
Aug. 25
Dec.
Nov. 25
July 11 June
July 15 July
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
July 15 July
July 15 July
Tuly 11 June
July 15 June
1 July
Aug.
Aug. 31 Aug.
July 30 July
July 15 July
July 15 June
1 July
Aug.
July 15 July
1 July
Aug.
1 July
Aug.
July 22 July
1 July
Aug.
July 15 June
Aug. 20 July
1 July
Aug.
July 15 June
July 15 June
Sept. 16 Sept.
Dec.
July
July
July
July
July
Aug.
July
July
July
July
July
July
July
Aug.
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
30
D
8
14*
15
15
1
5
30
15
15
5
8
5
15
20
0
15
5
1
11
30
29
15
23
20
1
16 Dec.
1
30 July 15
15 June 30
25 July 15
30 July
30 July
1
July
15
15
11
15 June 20
15 June 30
15 June 30
15 June 30
11 July
15 July
1
3
15 June 30
1 July 16
11 June 30
15 June 30
1
July
1 July
20
20
15 Aug.
1 July
1
15
1 Aug. 26
Dec.
1 Nov. 25
July 11 June 30
Oct.
1 Sept. 15
July
July
Oct.
15 June 30
15 June 30
1 Sept. 15
Volume
Financial
147
__
62Mc
J20c
Canada Bud Breweries, Ltd
Canada Northern Power Corp.,
J30c
(1M%
Ltd. (quar.) —
7% cumul. preferred (quar.)
Canada Southern Ry. (semi-ann.)
Canadian Bronze Co., Ltd
Preferred (quar.)
Canadian Car & Foundry, pref
Canadian Fairbanks Morse pref. (quar.)
July
July
June 24
General Telephone Allied Corp.
General Theatres Equipment
June 30
Gilchrist Co
t44c
SIM
12Mc
12Mc
July
June 25
July
July
Aug.
Aug.
July
July
July
SI M
Aug.
July. 11
July
July
Aug.
Aug.
July
July
June 30
*81
SIM
$1M
& B
Carolina Clinchfield & Ohio Ry
—
Celotex Corp., preferred (quar.)
Central Hudson Gas & Electric (quar.)
preferred (quar.)
Central N. Y. Power,
July
*81M
(quar.)
(quar.)
Central Power Co. 7% cum. pref.
preferred (quar.)
-Central Power & Light, 7 % preferred
pr<0f0rr@ci
«*«»
»•»«•»
Central & South West Utilities 7% pr. pfd. (qu.)
6% prior preferred (quar.).
ifu
Centrifugal Pipe Corp. (quar.)
cum.
ii3
+81M
+81M
SIM
SIM
Champion Paper & Fiber Co. 6%
Chesapeake Corp
5% preferred (quar.)
(quar.)
- - - - -
Bonus
SIM
SIM
87 Mc
50c
Jan.
Sept.
Sept.
1 Aug.
1 Aug.
25c
25c
July
July
July
2M%
SI .62
10c
15 July
10
Sept. 16 Sept. 2
July 15
Aug.
1
July 15 July
10c
31 Mc
July
July
Aug,
tli
tsi
12Mc
8 July 30
July
1
Aug. 15
July 15
Aug.
SIM
SIM
*50c.
J 50c
20c
(s.-a.)
July
July
Sept. 30 Sept. 25
Dec. 31 Dec. 25
SIM
SIM
.
$2
Aug.
Sept.
Aug.
Aug.
June 30
Aug.
July
July
Aug.
July
July
80c
15 June 20
15 June 20
July
1 July
1 July
Aug.
July
July
20 July
15 July
25c
July
15 June 30
30c
July
11
SI
75c
July 15 July
Sept. 30 Sept.
July 15 June
July 15 July
July 25 July
Sept. 1 Aug.
75c
Dec.
2c
25c
SIM
82
Foundry (semi-annual)
Detroit River Tunnel (s.-a.)
Diamond Match Company (quar.)
Detroit Gray Iron
—
25c
Quarterly
75c
75c
preferred
pref. (quar.)—
old stock
...
-
25c
75c
Dow Chemical
Preferred (quar.)--_...------
Duplan Silk Corp. (semi-ann.)
du Pont de Nemours (E. I.) &
Co. pref. (quar.)
Debenture (quar.)
Duquesne Light Co., 5% cum. 1st
Early & Daniel Co., pref. (quar.)
Preferred (quar.)..
Preferred (quar.)
Preferred
pref. (qu.) —
(quar.).
East Penna. RR. 6% gtd. (s.-a.)
Eastern Theatres, Ltd., 7% preferred
(s.-a.)._
Township Telephone.--Electric Bond & Share Co. $6 pref. (quar.)
85 preferred (quar.)_
Elizabeth & Trenton RR. Co. (semi-ann.)
5% preferred (semi-ann.)
El Paso Electric Co. (Texas) 86 pref. (quar.) —
Ely & Walker Dry Goods Co., 1st pref. (s.-a.)-2d preferred (s.-a.)
Empire Casualty (Dallas) (quar.)
—
Quarterly
Eastern
Emporium Capwell Co.
4M% pref. A (quar.)-
4M% preferred A (quar.)
(Syracuse)
Federal Insurance Co. (J. C„ N. J.) (quar.)
Farmers & Traders Lire Insurance
1 Aug. 12
Aug. 18
Dec.
50c
SIM
50c
81M
81M
SIM
SIM
81M
81M
81M
81M
83M
36c
81M
$1H
1
15
22
Sept. 1 Aug. 10
2-10-39
3-1-39
July 15 June 20
Sept.
25c
Dominguez Oil Fields (monthly)
Monthly
Dominion Tar & Chemical pref. (qtfar.)
Dominion Textile, Ltd. pref. (quar.)
30
5 Dec. 20
8
July 15 July
Sept.
1 Aug. 10
Dec.
1 Nov. 10
25c
81
20
Jan.
25c
—»
—
5
1 Aug. 20
15 June 25
Sept.
Dictaphone Corp. preferred (quar.)—
Dr. Pepper Co. (quar.)
Dome Mines, Ltd.,
New stock
84
25c
Partic. preferred
Diamond State Telephone 6M%
Sept.
July
Detroit Edison Co. (quar.)
June 30
1 Nov. 19
1
Oct.
1 Oct.
Dec. 23 Dec. 23
.
...
16
16
5
5
Aug.
S2
Preferred (quar.)
Nov. 18
20 June 30
20 Juno 30
29 June 22
31 Aug. 22
July 12
Aug.
July 15 June 30
Aug. 15 July 30
Aug. 15 July 30
5
Aug. 15 Aug.
8
July 25 July
8
July 25 July
July 15 June 15
Sept. 3u Sept. 20
July
July
July
Aug.
31 Dec. 20
Mar. 31 Mar. 20
Dec.
June 30 June 20
9
July 19 July
July 30 June 30
Oct.
Aug.
Aug.
Oct,
July
6
July
6
Sept. 20
1 Sept. 20
81M
Oct.
81M
25c
July 15 June 30
2
July 15 July
2
July 15 July
Aug.
25c
Nov.
56Mc
56Mc
82 M
Oct.
Sept. 17
Jan.
Dec. 24
Oct.
Sept. 10
35c
Oct.
Sept.20
10c
—
-
(quar.)
Hibbard, Spencer, Bartlett &
Monthly
Monthly
Hobart Mfg. classA (quar.)_
Hollinger Consol. Gold Mines
15c
Co. (monthly)—
(monthly)
15c
15c
37 Mc
5c
lc
Holly Development Co. (quar.)
Holly Sugar Corp. preferred (quar.)
(monthly)
Horder's, Inc. \quar.)
Horn & Hardart (N. Y.) (quar.)
Household Finance Corp
5% preferred (quar.)
Houston Oil Field Material-
-
81M
10c
Honolulu Plantation
25c
81
SIM
50c
5c
North Amer. (semi-ann.)
35c
Interallied Investing Corp. class A (s.-a.)
Interchemical Corp. preferred (quar.) — .
SIM
37 Mc
37 Mc
(quar*.)
-
(quar.).
*&
SIM
SIM
11c
(quar.)
Kellogg Switchboard
Preferred (quar.)
12Mc
15c
& Supply
ill
Kemper-Thomas, 7% special pref. (quar.)
7% special preferred (quar.)
Kennedy's, Inc., preferred (quar.)
Kentucky Utilities, 6% preferred (quar.)
Klein (D. Emil) 5% pref. (quar.)
—
31Mc
SIM
62m
Knott Corp
4c
Kootenay Belle Gold Mines (quar.).
-
—
lc
——-----
class A pref. (quar.)
Kroehler Mfg. Co. 6%
6% class A preferred (quar.)
Kroger Grocery & Baking Co.,
(quar.)_-
-
7% pref. (quar.)
7% preferred (quar.)
—
7% preferred (quar.)
—
Lane Bryant, Inc., 7% pref. (quar.)
Lanston Monotype Machine
Lawrence Gas & Electric Co.—:——— ——Lazarus F. & R
Lee Rubber & Tire
—
• Lerner Stores Corp.—-——— ——-—
Preferred (quar.)-..——
6%
Insurance (Ft.
Wayne) —
(quar.)
:
Lion Oil Refining (quar.) — —
—
—Little Miami RR., special guaranteed (quar.) —
Special quaranteed (quarterly)-Original capital
Original capital. - - - - — -------Little Schuylkill Nav., RR. & Coal Co
Lockhart Power 7% pref. (s.-a.)
Lock-Joint Pipe Co. 8% pref. (quar.)—
8% preferred (quarterly)
Lone Star Gas Corp—.—
Preferred (quar.)
— —
Longhorn Portland Cement Co.—
5% refunding participating pref.
—
(quar.)
7%
30c
7% pref. (quar.).
*7)
preferred (quarterly)
'
■
Sept.
6
July
July
1
1
9
July
June
15
July
11
July 11
Aug. 22
1 Nov. 21
15 June 30
15 June
1 July
15 July
22 June
22 June
Sept. 30
25
20
1
15
15
1 July 20
5
Aug. 15 Aug.
Nov. 15 Nov.
5
Sept.
3
Dec.
6
Sept. 15
Dec. 15
Aug.
1
Aug. 31
July 13
July 25
Aug.
1
July 15
Aug.
1
Aug.
1
30c
Nov.
July 15
Aug. 19
June 30
July
July
July
July
July
15
15
6
20
20
1 Oct.
26
July
July
SIM
25c
50c
50c
11 June 30
11 June 30
Sept.
1 Aug. 10
Oct.
1 Sept. 15
5
July 25 July
Sept. 10 Aug. 25
Dec.
10 Nov. 25
81.10
Sept.10 Aug. 25
81.10
Dec.
81.05
S3
July 15 June 17
Sept. 30 Sept. 30
Oct.
1 Sept. 21
Jan.
3 Dec. 24
82
20c
81.63
82
—
(quar.)
Aug. 10
10 Nov.25
Aug. 20 July
Aug.
1 July
20
15
1M%
1M%
1M%
Sept.
Sept.
1 Aug. 20
1 Aug. 20
Dec.
-
£
McClatchy Newspapers.
June 30
1 Nov. 10
Dec.
preferred (quar
(quar
uls RR.
& St.
6% preferred (semi-ann.)
—Lunkenbeimer Co., 6M% preferred (quarterly)
6M% preferred (quarterly)
Mac Andrews & Forbes
l
cum.
5% cum. preferred
Louisville Henderson
"
SIM
25c
Lord & Taylor, 2nd preferred (quar.)
Louisville Gas & Electric Co.,
r.)-.
7% cum. preferred (quar "
Preferred
50c
participating pref. (quar.)
Extra
McCall Corp.
25c
SIM
(quar.)
Extra
6%
75c
12Mc
Sl|*
preferred (quar.)
5% refunding
SIM
SIM
—
Link Belt Co__
Preferred
Dec.
50c
—------- — —
Tel eg. A & B (quar.)—
June 30
Aug.
25c
25c
Quarterly
Lincoln Telep. &
SIM
June 30
Sept. 20
July 15
July 15
July 28
July 15
July 31
July 31
Sept. 1
July
July
Aug.
July
July
July
20*
20*
Dec. 31
Landls Machine
Lincoln National Life
Dec.
25c
15
15
2
2
20
1
1
June 30
30c
*1$
50c
(quar.)
30
July
July
July
July 20
July 20
July 20
Sept. 1
81
Joplin Water Works Co. 6% preferred
Julian & Kokenge Co. (s.-a.)
Kaufmann Dept. Stores, Inc
Kearney (James R.) (reduced)
30
July
July
30c
•
11
20
June 30
July
July
t87Mc
t81Mc
t75c
—
31
30
July
July
July
July
Aug.
July
—
quarterly
Jewel Tea Co., Inc.
Extra.
Aug.
20c
9c
7% preferred A
6M % preferred I3__
6% preferred C
Iron Fireman Mfg. vtc conv. (quar.)
vtc com.
3 Dec.
Aug.
(quar.)
15
20
12
10 Sept. 22
15 June 20
July
Aug.
Aug.
July
Aug.
July
Equipment
Interstate Home
Intertype Corp., common
Investors Fund C, Inc. ------- — ———
Iowa Electric Light & Power—
1 July
1 July
Oct.
S7MC
pref. (s.-a.)—
Corp. 87 prior pref. (qu.).
International Product*. 6%
83 M prior preferred (quar.)
Interstate Dept. Stores, Inc., pref.
1 July
10 June 30
II June 22
81M
SIM
6% pref--
1
July
50c
Harvester
International Utilities
15
27
27
July 15 June
July 15 July
1 July
Aug.
July 15 June
July 15 June
SIM
SIM
Quarterly
International Metal Industries,
2
15 June 30
15 June 30
15 June 30
Jan.
Quarterly
6% cum. partic. preferred (quar.)—
International Business Machines Corp.
1
9
1
July 20 July
6
July 15 July
July 21 July 11
1 Sept. 30
Oct.
12Mc
_—
(reduced)
Maryland Mines (monthly)
Imperial Life Assurance Co. (Canada) (quar.) —
Idaho
International Bronze Powder, Ltd.
8
15
Aug.
July 15 June 30*
July 15 June 30*
30c
...—
Hyde Park Breweries Assoc.
Insurance Co. of
15
10 Oct.
July
July
July
Aug.
July
Aug.
5c
Extra....
Quarterly
15
1
July 15 July
25c
July 30 July 20
Inc
30 July 20
81.06M July
4M % conv. preferred (quar.)
July 15 June 10
tSIM
Fenton United Cleaning & Dyeing Co., 7% pref1 July 16
Aug.
SIM
Fibreboard Products, 6% prior pref. (quar.)
80c July 11 June 30
Fidelity-Phenix Fire Insurance (s.-a.)
25c
July 25 July 15
Filene's (Wm.) Sons
81.ISM July 25 July 21
Preferred (quar.)
25c
5
July 20 July
Firestone Tire & Rubber
i
t25c July 15 June 25
First National Corp. (Portland, Ore.) $2 class A_
81M July 15 June 30
Fishman (M. H.) Co., 7% pref. (quar.)
81M July 15 June 30
5% preferred (quar.)
July 20 July 11
81M
Fisk Rubber Co., pref. (quar.)
Aug. 20
82 M
Sept.
Ford Motor of Canada. 6M% pref. (semi-ann.)
July 25
62Mc Aug.
Franklin Rayon Corp., $2 M prior pref. (quar.)
Nov.
Oct. 25
62 Mc
$2M prior preferred (quar.)
30c
July 23 July 15
Froedtert Grain & Malting Co., pref. (quar.)
Oct.
Sept. 22
81M
Fuller (Geo. A.) 7% pref. (quar.)
'•
25c
July 15 June 30
Fyr-Fyter Co., class A (quar.) —
25c July 20 July
8
Gardner-Denver Co. (quar.)
75c
Aug.. .1 July 20
Preferred (quar.)
Federal Mogul Corp
Federated Department Stores,
Preferred
15c
6% preferred, class A_
International Milling 5% preferred (quar.)
International Nickel Co. of Canada, Ltd.,pref.
25c
Cypress-Abbey Co
Darby Petroleum Corp. (semi-annual)
Dayton Rubber Mfg., class A
Dentist's Supply Co. of N. Y. (quar.)
Quarterly.
7% preferred (quar.).
r.).
7% preferred (quar
Denver Union Stockyards pref. (quar.)
Hershey Chocolate (quar.)
81M
81M
-
11 June 30
75c
(quar.)—
Harrisburg Gas Co. 7% pref. (quar.)
Hecker Products Corp. (quar.)
Hercules Powder Co. preferred (quar.)
30
1 July 15
Aug.
1 July 15
Aug.
July 15 June 30
July 15 June 30
8
July 15 July
1 July 18
Aug.
6
July 20 July
July 15 June 30
I July 11
Aug.
4
Aug. 15 Aug.
Aug. 15 July 25
15 July 25
Aug.
July 29 July 19
Aug. 26 Aug. 16
Sept. 30 Sept. 20
1 Aug. 16
Sept.
-
International
15c
Mills Ltd. 5% pref.
Creamery Package Mfg. (quar.)
Crum & Forster (quar.)
Oct.
(quar.)
15 July 15
15 June 30
SIM
-
Cosmos Imperial
....
15
SIM
B.) Co. (quar.)
7% preferred (quar.)_
(quar.)
Corn Products Refining
Preferred (quar.)
Quarterly
1
10
20 July
July
July
July
20c
17 Mc
10
10
I Nov. 10
1 Nov. 10
20 July
(quar.)
M % Pref. (quar.)
pref.
Harbison-Walker Refractories Co., pref.
1 Sept. 15
15 July 11
15 July
5
15 June
1 July
15 July
25 July
1 July
25 July
20 July
15 Aug.
29 July
29 July
1 July 12
Aug.
1 July 23
Aug.
July 15 June 30
1
July 11 July
cum.
Extra
June 30
1 Sept. 19
1 Dec. 19
SIM
Coon (W.
Partic.
15
15
June 30
Oct.
—
——
Consolidated Oil Corp. (quar.)
Consolidated Traction Co. (N. J.)
Continental Insurance Co. (s.-a.)_
June 30
Dec.
7% preferred (quar.)
Commodity Corp. (irregular)
Commonwealth Edison Co. (quar.)
Confederation Life Assoc. (Toronto) (quar.)
Quarterly
Coniagas Mines, Ltd
— - ———
Connecticut & Passumpsic RR. 6% pref. (s.-a.)_
Consolidated Cigar Corp. preferred (quar.)
Prior preferred (quar.)
Consolidated Edison Co. of New York, Inc—
$5 pref. (qu.)
Consolidated Laundries, pref. (quar.)
Consolidated Mining & Smelting Co. (Can.)—
(qu.)
_—
Hat Corp. of Amer., 6
July
8% preferred (quar.)
-
Co., Inc.,
preferred (quar.)
Engineering Works (quar.)
Great Lakes Power Co., Ltd., ser. A. pref. (qu.)
Great Southern Life Insurance Co. (quar.)
Quarterly
Green (H.L.) Co. (quar.)
Preferred (quar.)
Guarantee Co. of North Amer. (Que.) (quar.)—
7%
Halle Bros.
July
—
-
Great Lakes
5
35c
--——
Commercial Alcohols Ltd., 8% pref. (quar.)
Commercial Discount (Los Angeles)—
—
_,
Gotham Silk Hosiery
June 30
Dec.
Columbia Pictures Corp. v.t.c (payable in stock)
Columbus & South. Ohio Elect.Co.6M % pf.(qr.)
Extra
5
SIM
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)
Clinton Water Works 7% preferred (quar.)
Coca-Cola Bottling (St. Louis) (quar.)
Extra., i'-l wi——
.
Nov. 15 Nov.
5c
Cleveland & Pittsb. RR. Co., reg. guar,
4
9
26
Aug. 15 Aug.
Oct.
pref. (quar.)—
pref. (qu.)
Goodyear Tire & Rubber Co. 85 conv. pref.
Gotham Credit Corp. (quar.)
June 30
10c
Chilton Co., common
Cincinnati Union Terminal 5%
June 30
10c
Quarterly
(quar.)
Gimbel Bros, preferred (quar.)
Glen Alden Coal (interim)
June 30
July
July
Aug.
July
July
Aug.
July
July
Sept.
July
July
$6 pref. (quar.).
-
Gillette Safety Razor pref.
July
July
July
July
July
General Shoe Corp.
20
20
20c
—
Canadian Industries, A and B
.
June 38
50c
Ltd. (quar.)
Canadian Light & Power (s.-a.)
Canadian Wallpaper Mfg., cl. A
General Mills Inc. common (quar.)
General Motors Corp. 85 pref. (quar.)
Aug.
July
Aug.
pref. (initial quar.)
General Foods Corp. 84 M
General Electric Co
80
Aug.
Aug.
SIM
Registered (quar.)
6%
15 June
$1M.
Canadian General Investments,
Preferred
July
15 June 30
11 June 30
1 July 11
July 25 June 24
9*
Aug.
1 July
Aug.
1 July 11
July
July
Gardner Electric Light (s.-a.)
General Capital Corp
30
30
July 26 July 15
July 25 June 30
Aug. 15 July
Aug. 15|july
25c
California Packing
Preferred (quar.)
Payable of Record
Share
Name of Company
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
225
Chronicle
1 Nov. 21
1 Nov. 21
Aug.
1 July
15
15
15
Aug. 15
Aug.15
July
July
July
15
June 30
June 30
June 30
SIM
81M
Oct.
1
1
Sept. 21
Jan.
Dec. 21
50c
July
July
84
82 M
SIM
25c
43 Mc
43 Mc
Aug.
Aug.
15 June 30
15 June 30
July 15
Aug.
Aug. 31 Aug. 80
Nov. 30 Nov. 29
Chr^";cle
Financial
226
Per
SIX
SIX
SIX
McCo! 1-Frontenac Oil Co. pref. (quar.)
McCrory Stores preferred vquar.)—
_
Stores,preferred (quar.)
Madison Square Garden
Magnln (I.) & Co. 6% pref. (quar.)
McLellan
—
Preferred (quarterly)
Mahon (R. C.) Co. class
Convertible preferred
----
A preferred (quar.)___
(quar.)
Calculating Machine (quar.)
Merchant
Preferred
(s.-a.)
Margay Oil Corp. (quar.)
Maritime Telep. & Teleg. Co., Ltd. (quar.)____
7% preferred (quar.)
—
Massachusetts Investors Trust—
Massachusetts Utilities Assoc., pref.
(qu.)
50c
55c
25c
35c
25c
17 Xc
17&
__
May Dept. Stores (quar.)
Melville Shoe Corp. common
Preferred (quar.)
50c
(quar.)_
7Xo
Michigan Bakeries. Inc
--___
Michigan Bakeries, Inc., $7 pref. (quar.)
$1 non-cum. prior preferred (quar.)
Midwest Piping & Supply
Mill Creek & Mine Hill Nav. RR. Co. (s.-a.)__
Milwaukee Electric Ry. &
Monongahela
Light Co., pref
Valley Water 7% pref. (quar.) —
Monsanto Chemical Co.
S4X class A pref. (qu.)
preferred (quar.)
Montgomery Ward & Co
Montreal Light Heat & Power Consol. (quar.)__
Montreal Telegraph Co
Montreal Tramways (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
Mount Carbon & Port Carbon RR. (s.-a.)
Mountain States Telep. & Teleg
Mutual Chemical Co. of Amer. 6% pref. (qu.)__
6% preferred (quar.)..
--National Biscuit Co
Montana Power $6
____
...
............
Preferred
10c
SIX
25c
15c
SIX
six
Six
S2X
six
25c
3 He
68c
S2X
SIX
six
75c
84c
$1
SI
SIX
SIX
SIX
SIX
40c
SIX
(quar.)
National Bond & Share Corp
25c
National Cash Register.
National City Lines $3 pref. (quar.)___
National Distillers Products (quar.)
National Fuel Gas Co
25c
75c
20
11
16
5
Nov. 15 Nov.
20c
ill.
5
July
July
July
July
July
July
July
July
July
Sept.
Aug.
Aug.
July
Aug.
Aug.
July
July
Aug.
July
Dec.
Aug.
July
July
July
July
15 June 30
15 June 3u
Rochester Button Co. preferred (quar.)
9 June 20
15 June 20
15 June 20
20 June 30
15 June 30
1
15
Aug. 15
July 15
July 15
5
July
July 18
July 18
7
July
14
July
2
1 July
15
15
1
1
15 July
1
1 Nov. 10
1
July 12
15 June 10
30 June 30
15 June 30
15 July
4
1
Oct.
1
Jan.
2 Jan.
2
July 15 July
1
1 Aug. 15
Sept.
Sept. 1 Aug. 27
1
Nov. 26
2
July 14 July
July 15 June 30
Sept. 28 Sept. 15
Dec. 28 Dec.
July
Aug.
July
July
Aug.
Aug.
July
July
July
15 June
31
15
15
1
15
17
Aug. 12
June 30
June 30
—
-
-
fig
-
!iS
fl5*
__
("quar".)!
July
July
July
Prosperity Co., Inc., pref. (quar.).
Prudential Investors $6 preferred
(quar.)
Public Service of New Jersey
8 % preferred
(quar.)
7% preferred (quar.)
$5 preferred (quar.)
6% preferred (monthlv)
III
6% preferred (monthly)
6% preferred (monthly)
""
6% preferred (monthly)
No par common (quar.)
ailroad Employees Corp., class
Suaker Oats Co. pref. (quar.) A
July
1
Tune
30
Sept. 15 Aug. 15
July 15 June 15
Aug. 15 July 15
Sept. 15 Aug. 15
Oct. 15 Sept.15
Aug.
1 July 15
Aug.
I July 15
July 15 June 30
1
Aug. 31 Aug.
July 20 June 30
June 30
July
and B
Railway Equip. & Realty Co., Ltd.—
6% 1st preferred (quar.)
Reed (C. A.) $2 preferred A
Reed Drug Co. (interim).
24
„
II
80c. preferred (quar.)
June
Sept. 30 Sept. 1
Sept. 15 Aug. 15
Sept. 15, Aug. 15
(quar.)"
Putnam (George) Fund (quar.)
74, 70
75c
I_I'
SIX
t50c
10c
July
Aug.
July
June 30
July
July
20
1
July
July 15 June 30
Sept. 30 Sept. 14
75c
Schumacher Wall Board Corp. $2 partic. pref—
Schuylkill Valley Navigation & RR. (s.-a.)
Servel. Inc prer. (quarterly)
Preferred (quarterly)
Sheaffer (W. It.) Pen Co. 8% pref. (quar.)
Sheep Creek Gold Mines (quar.)
Extra.
.—
Shell Union Oil
15 Nov. 30
July
July
15 July
Jan.
14 July
2
1 Sept. 16
3 Dec. 17
$2
3c
July
July
20 June 30
15 June 20
July
35c
Corp. common (interim)
(quar.)
SIX
Sierra Pacific Power Co. pref.
Silbak Premier Mines, Ltd.
Dec.
t50e
SIX
SIX
SIX
lc
Quarterly
4c
(initial)
25c
Silver wood Dairies, Ltd., 40c. cum. pref__
Skelly Oil Co
6% preferred (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
Smith (H.) Paper Mills, pref. (quar.)
Solvay American Corp. 5X% pref. (quar.)
South Pittsburgh Water Co., 7% pref. (quar.)
6% preferred (quar.)
5% preferred (quar.)
Southern Calif. Edison Co., Ltd. (quar.)_
Original preferred (quar.)
5X% series C, preferred (quar.)
Southern Calif. Gas 6% pref. (quar.)
6% preferred A (quar.)
Southern Canada Power Co., Ltd. (quar.)
Preferred (quar.)
50c
M
$1
___
—
SIX
SIX
SIX
SIX
Six
37 Xc
37 Xc
34%c
37 Xc
37 Xc
X20c
tsix
Oct.
5
15 June 20
15 July
1 July
1
20
5
July 25 July
July 15 June 30
July 25 June 20
Juiy
6
Aug.
Aug.
1
Aug.
July
Aug.
Nov.
July
Aug.
July
July
Aug.
Aug.
July
July
July
July
Aug.
July
Nov.
1
1
15 June 30
July 15
July
1
July
1
Aug. 10
15 July 20
15 June 20
15 June 20
15 June 30
15 June 30
15 July 30
15 June 20
15
15
15
19
Southern Indiana Gas & Electric Co.—
4.8% preferred (quar.)
Southern New England Telep. (quar.).
Spicer Mfg. Corp., $3 preferred (quar.)
Standard Brands, Inc., pref. (quar.)__
U2%
75c
■SIX
SIX
Standard Oil of Ohio pref. (quar.)
-
...
Public Service of Northern Illinois
Milling Co.. Ltd
San Diego Consolidated Gas & Electric Co.
Preferred (quar.)
San Francisco Itemedial Loan Assn. (quar.)
Standard Wholesale Phosphate &
State Street Investment Corp
Acid Works.—
Preferred
(quar.)
25c
-—
-
luc
Sun Ray Drug
37Hc
Preferred (quar.)______ ________________
Super Mold Corp. of Calif, (quar.)
Extra
_
_
_
_
,
_
_
_
_
_ .
—
_ _
_
_
_
Superheater Co. (quar.)
Supervised
-
_____
2uc
$2.65
12Hc
6c
Shares
SIX
Tacony-Palmyra Bridge pref. (quar.)
Telautograph Corp..
Texas Gulf Sulphur (quar.)
;
Thatcher Mfg. preferred (quar.)
Tobacco & Allied Stocks
Toburn Gold Mines (quar,) _____
■
20c
43 Xc
43 Xc
Steel Co. of Canada (quar.)
__
Procter & Gamble Co.. 8%
pref.
50c
Extra
San Carlos
Aug. 11 July 14
Sept. 8 Aug. 18
14 June 23
Oct.
13 Sept. 22
5uc
5
7Xc July 15 July
1 July 21
luc
Aug.
8c
1
July 25 July
12c
July 25 July
1
37 He
Sept. 1 Aug. 19
9 May 19
16 X% July
1 Juiy 15
Aug.
SIX
75c July 15 July
5
5
SIX July 15 July
20c
2
July 20 July
5Uc
Rolls-Royce Ltd., Amer. dep. rec.ord.reg.(final)
Roos Bros., Inc., preferred (quar.)
Royal Typewriters Co., Inc
deferred (quar.)
15 June 30
Holders
Payable of Record
25c
15 June 30
Oct.
Dec.
Share
Company
Reading Co. (quar.)________
1st preferred (quar.)
2d preferred (quar.)
2nd preferred (quar.)
Reinsurance Corp. of N. Y
Reliance Manufacturing Co
Rickel (H. W.) &Co_
30
July 16
50c
1 July 15
25c
15 June 30
17 Xc
National Funding Corp., class A & B (quar.)..
20lJune 30
Class A and B (extra)
20 June 30
2Xc
National Lead Co. pref. B
1 July 22
SIX Aug.
National Paper & Type, 5% pref. (semi-ann.)..
My*
Aug. 15 July 30
June 27
National Power & Light Co., $6 pref. (quar.)..
Aug.
six
June 30
National Steel Car Corp
X50c
July
Neisner Bros., Inc., preferred (qqar.)
July 15
S1.1HX Aug.
July 16
Aug.
Newberry (J. J.) Realty Co., 634% pref. A (qu.)
July 16
6% preferred B (quar.)
SIX
Aug.
July 15
Niagara Hudson Power 1st pref. (quar.).
SIX
Aug.
2d preferred class A & B (quar.)
July 15
six
Aug.
1900 Corp., Class A (quar.)....
50c
1
Aug. 15 Aug.
Class A (quar.)
Nov. 15 Nov.
50c
1
Norfolk & Western Ry. (quar.)
S2X
Sept. 19 Aug. 31
Preferred (quar.)
July 30
Aug.
North American Edison Co., pref. (quar.).
Sept.
Aug. 15
Northeastern Water & Electric (special)..
25c
July
1
July
June 30
Northern Central Railway Co
$2
July
June 30
Northern Indiana Puolic Service 7% pref
July
June 30
6% preferred (quar.)
July
June 30
5X% preferred
SIX
July
Northern Ontario Power Co. Ltd. (quar.),
June 30
J75c
July
June 30
6% preferred (quar.)
XS1X July
June 30
Northern State; Power Co. (Minn.) $5 pref. (qu.)
July
Northern States Power (Del.) 7% preferred
si
July 20 June 30
6% preferred
July 20 June 30
Northwestern Yeast (liquidating)
Sept. 15
Dec. 15
Liquidating
$2
Oahu Sugar Co., Ltd. (monthly)
10c
5
July 15 July
Old Colony Trust Asso. (quar.)
20c
1
July 15 July
Oliver United Filters, class A (quar.)
50c
Aug.
1 July 20
Pacific Gas & Electric (quar.)
50c
July 15 June 30
Pacific Finance Corp. 8% pref. (quar.)
20c
Aug.
1 July 15
6X% preferred (quar.)
lQXc Aug.
1 July 15
5% preferred (quar.)__
SIX
Aug.
1 July 15
Pacific Gas & Electric Co
2%
July 15 June 30*
Pacific Lighting Corp., pref. (quar.).
six July 15 June 30
Pacific Telephone & Telegraph pref. (quar.)
SIX July 15 June 30
Pan American Airways
Aug.
1 July 20
Panhandle Eastern Pipe Line
75c
1
July 21 July
Paraffine Cos., Inc. 4% conv. pref.
$1
1
July 15 July
(quar.)_
Peninsular Telephone Co. common
40c
Oct.
1 Sept.15
7% A preferred
5
SIX Aug. 15 Aug.
7% A preferred
Nov 15 Nov.
5
SIX
Penmans, Ltd. (quar.)
75c
5
Aug. 15 Aug.
Preferred (quar.)
SIX
Aug.
1 July 21
Penn Traffic Co. (s.-a.)
7Xc July 25 July 11
Pennsylvania Power Co. $6 preferred (quar.)
Sept. 1 Aug. 20
SIX
$6.60preferred (monthly)
55c
Aug.
1 July 20
$6.60 preferred (monthly)
55c
Sept. 1 Aug. 20
Pet Milk Co. common
25c
July
9 June IS
Peterborough RR. Co. (s.-a.)
Oct.
1 Sept. 24
$15*
Philadelphia Co. (quar.)
10c
1
July 25 July
Philadelphia Electric Power pref. (quar.)__
5 )c
Oct.
1 Sept.
9
Pittsburgh Bessemer & Lake Erie (s.-a.)
Oct.
1 Sept. 15
75c
Pittsburgh Cincinnati Chicago & St. Louis RR..
9
S2X July 20 July
Pittsburgh Coke & Iron, $5 pref. (quar.)
SIX
Sept. 1 Aug. 19*
Pitts. Ft W. & Chicago Ry. 7% pref.
Oct.
4 Sept. 10
six
(quar.)..
7% preferred (quar.)
12-10-38
1-3-39
7% preferred (quar.)
4-1-39
3-10-39
7% preferred (quar.)
7-1-39 6-10-39
7% preferred (quar.)
0-10-39
10-1-39
7% preferred (quar.)
1-2-40
12-10-39
$15*
Pittsburgh Youngstown & Ashtabula Ry.—
7% preferred (quarterly)
Sept
1 Aug. 20
7% preferred (quarterlv)
Dec
1 Nov. 21
Pollock Paper & Box Co. 7% preferred (quar.)..
Sept. 15 Sept. 15
7% preferred (quar.)
Dec. 15 Dec. 15
Power Corp. of Canada
(interim)
July 25 June 30
1st preferred (quar.)
June 30
July
2d preferred
June 30
(quar.)
July
Premier Gold Mining Co. (quar.)
June 15
July
Premier Shares, Inc
June 30
July
-
Name of
Payable{of Record
July 15 June
Aug.
1 July
Aug.
1 July
Aug. 31 Aug.
Aug. 15 Aug.
When
Per
I Holders
When
Share
Name of Company
July 9, 1938
10c
50c
90c
$1
_ _ _ _
_ _ _ _ _ _ _
Extra.
2C
2c
Todd Shipyards Corp
Towle Manufacturing Co. (quar.)
Troy & Greenbusb RR. Assoc. (s.-a.)
Tucket Tobacco Co. preferred (quar.)
208 So. La Salle St. Corp. (quar.)
nx
July
July
Juiy
July
1
July
July
Aug.
July
5
June 30
June
Aug.
Sept.15
Aug. 15
July 15
Aug. 22
Aug. 22
July 15
July 15
Dec.
1
17
July 15
Sept. 1
July 30
July
1
July 22
July 22
June
1
July
9
15 Dec
1
15 June 30
pref. (quar.)___
July
50c
Oct.
2(JC
Sept. 15 Aug. 20
$1?*
Aug.
20c
July
SIX
SIX
75c
United Gas Improvement (quar.)
Preferred (quar.)_____.___________________
25c
United Gold Equities of Canada standard shs
uii/^u
United jL_/iguo & xvauw&jra, 7% prior pref. (mo.)_
Light ob Railways, 4 /o y
58 l-3c
58 l-3c
7% prior preferred (monthly)
58 l-3c
7% prior preierred (monthly)
53c
6.36% prior preferred (monthly)__
53c
6.36% prior pre*erred (monthly)
53c
6-36% prior preferred (monthly)
50c
6% prior preferred (monthly)
6 % prior preferred (monthly)
50c
50c
6% prior preferred (monthly)
United New Jersey RR. & Canal (quar.)__.
S2X
United Printers & Publishers, Inc., $2 pref.
t50c
United States Guarantee (quar.)
3(Jc
1__.
United States Hoffman Machine pref. (quar.)__
68Mc
United States Pipe & Foundry Co., com. (quar.)
50c
Common (quarterly)
50c
United States Smelting, Refg. & Min. Co
$1
Preferred (quar.)
87Hc
United States Sugar Corp.. pref. (quar.).
SIX
United Stock Yards Corp. (interim)
12Xc
Preferred (quar.)
17Xc
;
___
Universal Leaf Tobacco Co., Inc
Utility Equities Corp., $5X priority stock
Vapor Car Heating Co., inc., 7% pref. (quar.).
7% preferred (quar.)
Virginian Railway pref. (quar.)
Vulcan Detinning Co. (interim)
Preferred (quar.)
Preferred
(quarterly)
Waltham Watch Co., 6% pref. (quar.)__
Prior preferred (quar.)
Warren Foundry & Pipe Corp
Weill (Raphael) & Co., 8% pref. (s.-a.)
West Penn Electric Co., 6% pref. (quar.)
7% preferred (quar.)
West Penn Power 7% preferred (quar.)
6% preferred (quar.)
Western Grocers, Ltd. (quar.)
Preferred (quar.)
Western Pipe & Steel Co. (quar.).
Westinghouse Air Brake Co., quarterly
Quarterly
Westmoreland, Inc. (quar.).
Westvaco Chlorine Products, preferred (quar.)_
Wichita Water Co., 7% pref. (quar.)
Wicklund (J. V.) Development Co. (reduced)__
Winsted Hosier Co (quarterly)
Extra
Quarterly.
Extra
Worcester Salt Co. 6%
pref. (quar.).
Wrigley (Wm.) Jr. Co. (monthly)
75c
t$l
SIX
SIX
six
SIX
SIX
six
six
SIX
50c
$4
SIX
SIX
six
six
75c
Jan.
July
Sept.
Sept.
July
Aug.
Sept.
1 July
15
15 June 30
1
Sept.
9
3 Dec.
9
15 June 23
30 Aug. 31
30 Aug. 31
15 July
5
July 15
Aug. 15
Oct.
Sept.
July
Aug.
Sept.
July
Aug.
Sept.
Aug.
Sept.
Oct.
Aug.
Sept.
Oct.
15
15
15
15
15
15
15
July 10 June 20
July 25 June 25
Sept.3u Sept. 18
Aug.
July 21
31*
Sept. 20 Aug
Dec.
July
July
20 Nov. 30*
15 June 30
15 June 30
Juiy
16 June
July
July
Aug.
July
Sept.
15 June 29
15 June 29
Dec.
1 July
15 July
10 Sept.
10 Dec.
1 July
Aug.
July 20 July
July 20 July
Oct.
lo
19
5
1
1
16
11
11
20 Oct.
Aug.
10
Sept. 24
3 Sept 24
1 July 15
Sept.
1
Oct.
Oct.
3
Aug. 15 July 22
Aug. 15 July 22
Aug.
July
Aug.
5
July
June 20
June 20
5
25c
July
July
July
July
25c
Oct.
Sept. 30
25c
Oct.
Sept. 15
37 Xc
Aug.
July
11
SIX
July
Juiy
Aug.
Aug.
July
July
July
10
July
15
SIX
Nov.
Oct.
50c
Nov.
Oct.
15
15
SIX
25c
3c
SIX
50c
SIX
25c
Monthly
25c
Monthly
25c
Yale & Towne Manufacturing Co
1 Sept. 17
Oct.
United Fruit Co
*
15
SIX
SIX
Union Gas Co. of Canada (quar.)
United Biscuit Co. of Amer. pref. (quar.)
United Bond & Share Ltd.. common
United Dyewood Corp.
Preferred (quarterly)
July
Aug.
June 3u
July
July
5
July
Sept. 15 Sept. 1
July 15 June 30
June 30
July
June 30
July
July
7
Aug.
7
July
Aug.
July 18
Aug.
July 18
Aug.
15c
June 24
June 30
1
15
5
Aug. 15 Aug.
Aug.
1 July 20
Sept.
1 Aug. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 9
Transfer books not closed for this dividend,
t On account of accumulated dividends.
X 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
weekly statement issued by the New
Clearing House is given in full below:
STATEMENT
OF
Net Lemand
date last■ year:
Deposits,
Amaoe
■
corresponding
:.
29, 1938 July 7, 1937
June
Deposits,
Profits
I ■.
.
Time
Undivided
*
Average
Surplus and
Capital
with the previous week and the
in comparison
MEMBERS OF THE NEW YORK CLEARING HOUSE
THE WEEK ENDED SATURDAY, JULY 2. 1938
•
following shows the condition of the Federal Reserve
New York at the close of business July 6, 1938,
The
Bank of
ASSOCIATION FOR
Clearing Houie
York
Neu)
York City
The
Bank of
Condition of the Federal Reserve
York City
Weekly Return of the New
Clearing House
227
Chronicle
Members
July 6, 1938
Assets—
S
S
Gold certificates
11,280,000
38,793,000
176,024,000
7,609,000
56,179,000
143
,237,000
382 ,689,000
al,469 ,814,000
488 ,898,000
51,338 ,318,000
477 ,967,000
Bank ol N Y A Trust Co
6,000,000
13 ,389,000
Bank of Manhattan Co.
25 ,867,200
181 ,840,400
Corn Exch Bank Tr Co.
20,000,000
77,500,000
20,000,000
90,000,000
42,381,000
21,000,000
15,000,000
First National Bank
10,000,000
109 ,384,500
527 ,609,000
50,000,000
4,000,000
100,270,000
61 ,612,100
475 ,498,000
Natlonal City Bank
Chem Bank A Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover BkATr Co
Irving Trust Co
Continental Bk A Tr Co
Chase National Bank...
58
,493,500
54 ,648,700
45
,129,400
70 ,902,100
18 ,309,200
244 ,568,000
47 ,759,000
,198,800
128 ,391,400 dl,924 .881,000
3 ,674,700
Title Guar A Trust Co..
25,000,000
10,000,000
e796 ,031,000
Marine Midland Tr Co..
5,000,000
Bankers Trust Co
1
12 ,558,000
,026,800
93 ,339,000
27 ,812,800
12,500,000
New York Trust Co
,129,100
9
289 ,501,000
7,000,000
8
,247,400
84 ,785,000
523.151.000
908.102.600
Public Nat Bk A Tr Co.
Secured
U.
by
direct
S.
obligations,
Govt,
2,252,000
473,000
*
9,671.078.000
National, March 7, 1938; State, March
As per official reports:
3,155,000
525,000
3,863,000
1,845,000
2,725,000
3,680,000
5,708,000
210,000
211,000
4,267,000
5,889,000
226,407,000
354,504,000
199,236,000
216,454,000
338,922,000
210,233,000
334,566,000
190.479.000
180,230,000
780,147,000
745,855,000
725,029,000
787,338,000
754,013,000
738,039,000
69,000
68,000
3,401,000
126,367,000
9,890,000
12,865,000
3,435,000
146,011,000
10,053.000
fully guaranteed
or
Total
discounted
bills
Bills bought In open market
Industrial
United
4,256,000
advances
1,413,000
Government securities:
States
Bonds
Treasury notes
Treasury bills
Totals
97,882,000
4,496,235,000 4,565,920,000 3,368,819,000
Other bills discounted
9,377,000
32,155,000
2,893,000
49,770,000
76 ,248,000
7,000,000
8 ,932,000
Comm'l Nat Bk A Tr Co
1,441,000
74,594,000
980,000
1,854,000
97,137,000
Bills discounted:
2,069,000
46,991,000
2,161,000
44 ,832,000
77 ,113,500
4,397,244,000 4,467,058,000 3,292,784,000
...
t—■—-
Total reserves
2,782,000
5,945,000
1,380.000
53,559,000
4
500,000
Fifth Avenue Bank
Other cash
91,460,000
53,510,000
25,169,000
C752 546,000
hand and due from
on
United States Treasury.*
Redemption fund—F. R. notes
669.106.000
8. Government securities..
Total U
31, 1938; trust
companies, March 31, 1938.
(a) $270,104,000;
$4,773,000; (d) $118,042,000; (e) $33,396,000.
Includes
deposits
branches:
foreign
In
(5) $87,491,000; (c)
week
"Times" publishes regularly each
banks and trust companies
The New York
Total bills and securities
Due from foreign banks
number of
a
NOT
INSTITUTIONS
IN
AND
NATIONAL
CLEARING HOUSE WITH THE CLOSING
WEEK ENDED FRIDAY, JULY 1, 1938
STATE BANKS—AVER AGE FIGURES
Uncollected Items
...
Bank premises
.......
All other assets
12,033,000
5,453,433,000 5,472,524,000 4,278,472,000
Total assets...
OF
82,000
THE
FOR
BUSINESS
3,023,000
143,427,000
9,874,000
13.467,000
Federal Reserve notes of other banks...
which
are not members of the
New York Clearing House.
The
following are the figures for the week ended July 1:
of
returns
Liabilities—
913,591,000
F. R. notes In actual circulation
Elsewhere
Bant Notes
$
Trust Cos.
Deposits
$
$
Manhattan—
N.
Including
Y.
and
901,498,000
934,341,000
Deposits—Member bank reserve acc't.. 3,783,408,000 3,822,759,000 2,956,830,000
9,454,000
275,269,000
272,215,000
U. 8. Treasurer—General account
63.472,000
50,309,000
48,395,000
Foreign bank
49,037,000
177,848,000
177,991.000
Other
Gross
Res. Dep.,
Other Cash,
Investments
Dep. Other
Bants and
$
Loans,
Disc, and
deposits
$
Grace National
20,118,100
143,400
6,984,400
3,687,100
26,967,200
Sterling National
17,643,000
482,000
5,201,000
307,627
2,055,914
7,162,000
265,902
26,871,000
4,185,900
292.400
1,476,100
244,100
7,606,900
r; 90.000
609,000
459,000
5,514.000
Trade Bank of N. Y.
Brooklyn-
Lafayette National..
1
6,518,400
People's National
5,638,345
5,033.000
Capital
paid In
*
Surplus (Section 7)—..—..
Surplus (Section 13b)..
Reserve for contingencies..
FIGURES
COMPANIES—AVERAGE
TRUST
All other liabilities
Res. Dep..
Loans,
Dep. Other
Y. and
Gross
Trust Cos.
Deposits
$
Investments
I
$
Ratio
total
of
reserve
deposit
to
and
50,822,400
9,192,213
*5,460,400
10,035,300
Federation
185,724
Fiduciary
12,960,052
*1,782,481
1,409,986
1,510,237
18,787,600
27,212,400
66,051,535
*5.040,900
77,299,000
32,193,361
Empire
Fulton
Lawyers
United States..
.
323.900
60,648,900
16,632
13,511,139
334,900
*
...
Commitments
20,025,300
468,900
491,000
1,458,000
36,573,000
58,000 109,379,000
2,352.112
11.028.315
industrial
4,027,000
5,553,000
ad-
vances
81,466,294
3,180,000
make
to
33,718,900
*44,919,922
39.978,584
*8,081,000
Reserve as follows:
Includes amount with Federal
87.3%
purchased
10,217,366
bank's own Federal
t ' Other cash" does not include Federal Reserve notes or a
Reserve bank notes.
Brooklyn—
Brooklyn
Kings County
on
541,000
3,957,000
bills
for foreign correspondents
liability
Contingent
3,683,400
1,410,999
83 9%
86.5%
F. R. note liabilities combined
$
%
Manhattan—
50,937,000
51,943,000
7,744,000
8,210,000
3,783,000
5,453,433,000 5,472,524,000 4,278,472,000
liabilities
Total
Bants and
Elsewhere
N.
Cash
Disc, and
145,029,000
51,201,000
51,474,000
7,744,000
9,117,000
773,000
122,224,000
136,874,000
50,955,000
51,943,000
7,744,000
8,210,000
2,104,000
Deferred availability Items
!1
.
4,282,012,000 4,326,185,000 3,078.793,000
Total deposits
z
These are certificates given
over
to
59.06 cents,
difference, the difference
clary, $1,148,779; Fulton, $4,737, 100; Lawyers, $7,402,600; United States, $25,401,456.
gold taken
31, 1934, devalued from
by the United States Treasury for the
from the Reserve banks when the dollar was, on Jan.
100 cents
Empire, $3,526,500; Fidu-
of the
Treasury
these certificates being worth less to the extent
Itself having been appropriated as profit by the
Gold Reserve Act of 1934,
under the provisions of the
Federal Reserve System
Weekly Return for the Member Banks of the
issued by the Board of Governors of the Federal Reserve System, giving the principal
the reporting member banks in 101 leading cities from which weekly returns are obtained.
Following is the weekly statement
Items of the
resources
These figures are
and liabilities of
always
the Federal Reserve
The comment of the Board of Governors of
of "Current Events and Discussions
also give the figures of New York and Chicago reporting member banks for a week later
week behind those for the Reserve banks themselves.
a
System
upon
the figures for the latest week appears in our department
immediately preceding which we
Commencing with the statement
described in
an
announcement of the
of May 19. 1937, various changes were made in the breakdown of loan* a* reported In this
Federal Reserve Bank of New York of April 20, 1937, as follows:
statement, which were
primarily to show the
purchasing or carrying
those located
and commer¬
form are confined to the classification of loans and discounts.
This classification has been changed
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and
•utside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances
cial paper bought in open market" under the revised caption "open market paper." instead of in "all other loans," as formerly.
The changes in the report
the new items "commercial, industrial, and agricultural
and unsecured."
the May 29. 1937, issue of the "Chronicle." page 3590.
Subsequent to the above announcement it was made known that
each be segregated as "on securities" and "otherwise secured
would
"""
A
more
detailed'explanation
ASSETS AND LIABILITIES OF
of the revisions was published in
WEEKLY REPORTING MEMBER BANKS IN 101
Total
Federal Reserve Districts-
602
3,394
420
679
231
280
1,618
191
265
100
340
Open market paper
67
dealers In sees..
securities
San Fran
Dallas
$
$
2,121
2,821
625
358
601
481
280
830
277
158
236
225
989
147
474
163
75
142
142
339
30
6
5
17
2
29
6
2
4
2
543
139
20
12
10
3
22
4
7
29
•
12
652
Real estate loans
21
526
17
34
37
15
79
12
7
54
271
16
14
32
12
583
carrying
.....i..
58
31
28
91
48
6
22
377
223
173
20
83
1
4
5
1
7
1
1
113
3
86
2
2
98
69
76
35
63
177
531
168
44
116
38
1,537
122
*
190
146
172
706
742
1,343
207
7,770
145
obligation
284
Loans to banks
... —
...
United States Government
391
3,109
335
133
723
89
84
29
39
213
62
42
34
26
256
63
79
435
96
40
116
293
1,146
276
50
132
127
1,150
185
76
99
333
310
92
152
6.574
Govt.
14
1,488
2,982
Obligations fully guar, by U. 8
Other securities
3,464
242
344
67
11
6
131
137
429
124
121
294
227
163
277
211
167
25
213
72
566
22
1,280
-
40
134
15,036
1,021
5,239
Other assets—net
17
12
23
75
19
11
123
2,415
Reserve Bank..
domestic banks
13
417
Reserve with Federal
Cash In vault
261
465
8
85
6,797
782
1,047
1,049
290
740
117
20
35
103
LIABILITIES
-
Demand deposits—adjusted
Time deposits
United States Government
deposits..
Inter-bank deposits:
Foreign banks
229
2,469
287
338
320
9
284
5
;
38
81
23
17
394
328
2,250
404
269
481
395
868
198
185
879
186
119
145
132
1,055
25
91
199
1
23
115
15
2
188
900
267
124
340
187
252
1
13
18
7
5
"311
83
328
-----
12
1
.—
758
"22
313
"l8
~~20
""21"
7
24
7
7
3
3.648
Other liabilities
Capital account
18
5,780
Domestic banks
Borrowings
*
Kan. City
$
$
$
$
Minneap.
1,160
Other loans for purchasing or
Balances with
607
•3,936
Commercial, Indus and agrlcul. loans*
Other loans *
1,761
8,372
<81. Louis
Chicago
Atlanta
$
5
S
1,120
1,151
8,321
Loans—total...
Loans to brokers and
Richmond
20,561
investments—total...
1938, (In Million* of Dollar*)
LEADING CITIES BY DISTRICTS ON JUNE 29.
Cleveland
Phila.
$
$
$
S
ASSETS
Loans and
.Vete York
Boston
loans" and "other loam'
240
1,614
225
361
94
90
373
89
56
95
...
Including both loans "on
securities" and "otherwise secured and unsecured."
Financial
228
Chronicle
July
1938
9,
Weekly Return of the Board of Governor* of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the twelve Reserve banks at the close of business
for the
System
as a
on
Wednesday.
Thursday afternoon, July 7,
on
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the resources and liabilities separately for each of the twelve banks.
week last year.
Reserve note statement
Reserve Agents
The Fed era'
(third table following) gives details regarding transactions in Federal Reserve notes between the
and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System
the
upon
for the latest week appear in our department of "Current Events and Discussions
returns
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 6, 1938
June
July 6,
29,
1938
Thru civhtrt (000)
1938
1938.
June 15,
1938.
$
omittsd
$
S
1
ASSETS
10,634,927
9,884
*
Other cash
June 22,
June
1938.
June 1,
1938.
$
1
8,
May 18,
May 11,
July 7,
1938.
1938.
1938.
1937
S
$
J
May
25.
10.635,912
9,906
411,562
10,637,401
9,164
401,326
10,637,40c
10,638,900
10,639,417
9,619
397,797
8,186
389,350
8,881
374,414
10,635,929
9,387
406,523
11,019,225
11,051,839
11,057,374
11,047,891
11,044,816
4,704
6,111
3,580
6.054
3,254
3,454
5,992
3,404
7,958
9,691
9,508
9,396
_
Total reserves
—
$
10.640,912
8,835,406
411,903
10.639.916
8,948
414,244
8,886
427,070
277,661
11,036,436
11,060,201
11,063.108
11,076,868
9,123,466
5,442
3,126
5,479
2,935
5,661
3,007
4,932
2,903
5,321
9,623
2,844
3,305
8,568
8,414
8,668
7,835
8,165
13,018
10,399
Bills discounted:
Secured
U.
by
direct or fully
8. Government obligations
guaranteed
—
Other bills discounted
Total bills discounted.
537
537
537
537
536
534
534
534
550
3,669
16,331
16,590
16,535
16,635
16,732
16,818
16,771
16,899
16,421
21,783
744,105
1,165,105
654,805
744,105
1,165,105
744,105
1,141,819
678,091
744,105
1,132,053
657,253
1,191,905
687,857
714,857
657,253
1.191,905
714,857
657,253
1,191,905
714,857
657,253
1,191,905
714,857
857,253
1,191,905
654.805
714.867
732,508
1,165,713
627,969
2,564,015
2,564,015
2,564.015
2,564,015
2,564,015
2,564,015
2.564,015
2,564,015
2,564,015
2,526,190
2,588,871
2,590,833
2,590,595
2,590,583
2,589,851
2,589,781
2,589,988
2,589,283
2,589,151
2,564,660
Bills bought In open market.
Industrial advances
United States Government securities—Bonds..
Treasury notes
Treasury bills
—
Total U. S. Government securities
Other
securities
Foreign loans on goldTotal bills and securities.
Gold held abroad
183
183
184
186
186
186
170
22,473
20,816
513,229
44,641
49,267
18,742
582,086
44,641
21,950
527,851
44,695
47,547
527,996
44,730
46,396
638,313
48,070
21,109
597,351
44,730
46,746
19,973
44,616
44,953
22,109
682,909
44,657
41,525
20,427
549,768
44,621
42,560
14,303,512
14,271,986
14,307.574
14,429,857
14,262,804
14,319,942
14,290.895
14,362,513
14,305,284
12,436,186
Federal Reserve notes In actual circulation...
4,174,869
4,124,442
4,108.568
4,123,102
4,135,785
4,157,156
4,116,875
4,123,513
4,132,337
4,252,417
Deposits—Member banks' reserve account...
8,073,675
770,193
134,865
227,997
8,040,951
863,897
138,612
227,441
7,921,888
928,590
7,904,250
6,826,707
1,361,133
133,908
100,937
133,118
253,844
7,622,253
1,283,396
137,609
245,233
7,560,482
139,487
298,579
7,744,949
1,092,819
130,200
262,794
7,716,352
1,182,761
149,500
295,508
7,847.605
1,004,684
131,989
267,141
236,245
112,381
9,206,730
9,270,901
9,295,486
9,277,203
9,251,419
9,230,762
9,286,075
9,288,491
9,291,768
7,212,350
571,624
133,667
147,739
27,683
32,846
8,354
521,301
133,570
147,739
27,683
32,846
13,504
549,504
675,937
521,177
578,995
534,887
625,371
133,558
133,523
132,355
147,739
27,683
32,880
12,563
133,582
147,739
27,683
32,880
11,145
133,575
147,739
27,683
32,880
11,181
147,739
27,683
32,880
10,800
147,739
27,683
32,915
145,854
27,683
32,846
12,179
133,551
147,739
27,683
32,846
11,796
597,742
133,575
527,933
133,569
147,739
11,386
4,443
14,303,512
14,271,986
14,307,574
14,429,857
14,262,804
14,319,942
14,290,895
14,362,513
14,305,284
12,436,186
82.3%
82.5%
82.5%
82.4%
82.5%
82.4%
82.5%
82.5%
82.5%
79.6%
1,368
1,506
1,686
1.840
1,703
1,530
1,460
1,357
1,357
4,138
13,468
13,649
13,600
13,638
13,373
13,140
13,260
13,144
12,700
16,110
6,286
7,807
7,556
7,685
6,913
6,677
6,986
6,198
471
477
464
6,572
247
559
599
359
410
330
162
527
477
477
358
321
369
613
607
702
562
355
403
292
235
169
184
242
268
399
183
183
20,252
585,567
44,577
44,837
19,505
520,057
Due from foreign banks
Federal Reserve notes of other banks.
Uncollected
Bank
Items
premises...
All other assets
—
Total assets
219
45,601
41,977
LIABILITIES
United States Treasurer—General account.
Foreign banks...
Other
....
.........
deposits
Total deposits.
Deferred availability Items.
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for
All
other
contingencies..
liabilities
Total liabilities.
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent
foreign
liability
on
bills
purchased
934,887
■
27,490
35,906
for
•
correspondents
Commitments to make Industrial advances...
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
:
'
61-90 days bills discounted
Over 90 days bills discounted
503
395
1-15 days bills bought in open market
9,691
•
597
540
600
526
378
293
842
9 ,.508
9,396
8,568
8,414
8,668
7,835
8,165
13,018
4
128
75
87
178
438
69
107
110
4
117
117
117
75
229
298
299
1,256
83
247
164
104
104
131
129
128
158
253
238
226
110
127
Over 90 days bills bought In open market
.
Total bills bought In open market.
11,053
216
107
16-30 days bills bought In open market
31-60 days bills bought In open market
61-90 days bills bought In open market.......
Vl
595
581
7,958
Total bills discounted.
~
~
~ ~
348
"""297
1,627
------
537
1-15 days Industrial advanoes
16-30 days Industrial advances..........
81-60 days industrial advances..........
61-90 days Industrial advances
...
537
537
536
534
534
534
550
3,669
1,239
1,290
1,259
1,544
1,607
1,472
1,526
1,419
784
305
171
160
274
263
263
274
275
234
767
229
...
537
1,269
Over 90 days Industrial advances..
Total Industrial
172,325
286
316
298
405
262
367
406
522
341
1,034
934
920
885
1,022
798
923
937
960
969
13,960
13,849
13,919
13,498
13,888
13,735
13,755
13,286
18,922
13,524
advanoes.
16,535
16,361
......
......
Total U. 8. Government securities
......
1-15 days other securities.....
16-30 days other securities.........
81-60 days other
16,590
16,635
16,732
16,818
16,771
16,899
16,421
21,783
118,893
81,361
1-15 days U. 8. Government securities
16-30 days U. 8. Government securities
31-60 days U. 8. Government securities
61-90 days U. 8. Government securities
Over 90 days U. 8. Government securities
106,776
112,246
117,172
155,437
264,905
35,063
252,711
232,997
173,696
1,809,087
104,311
217,598
237,770
193,239
1,811,097
115,354
1,803,467
183,017
186,171
208,287
174,203
1,812,337
95,524
128,893
2,564,015
2,564,015
2,564,015
2,564,015
181,285
174,203
173,696
215,480
1,966,996
215,480
192,780
1,955,310
1,951,474
101,541
193,239
171,040
1,942,758
2,564,015
2,564,015
2,564,015
2,564,015
109,604
204,754
181.285
85,874
357,781
33,045
191,294
153,359
1,813,712
2,243,102
2,564,015
2,526,190
61,621
)
.
securities.............
61-90 days other securities.
Over 90 days other securities
m~,
II.
Total other securities
......
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank
.......
4,458,193
4,418,328
4,416,044
4,425,573
4,412,650
307,476
299,161
268,417
295,775
4,411,710
288,197
4,425,484
293,886
4,420,471
297,369
4,434,946
283,324
293,147
298,047
4,174,869
...
In actual circulation
4,124,442
4,108,568
4,123,102
4,135,785
4,157,156
4,116,875
4,123,513
4,132,337
4,252,417
4,543,632
4,533,632
7,810
4,531,632
4,535,632
8,321
4,535,632
7,659
4,535,632
4,527,632
7,707
4,535,632
6,865
4,539,632
7,208
4,563,632
8,505
4,550,464
Collateral Held by Agent as
Security for
Notes Issued to Bank—
Gold ctfs.
hand and due from U.S. Treas.
on
By eligible
"
paper.
United States Government securities
"II
Total collateral...
Other
s
These
cash
are
cents on Jan.
6,986
5.000
4,541,442
4,550,618
does
not
include
Federal
7.047
Reserve
notes,
t
4,540,137
Revised
4,543.953
4,543,291
4,542,679
4,540,339
31. 1934, these certificates being worth less
1934.
to
4,542,497
4,546.840
4,596,476
figure,
certificates given by the United
States Treasury for the gold taken oveifrom the Reserve banks when the dollar
provisions of the Gold Reserve Act of
12,844
20,000
the extent of the difference, the difference Itself having
was
devalued from 100 cents to 59.06
oeen appropriated as profit by the
Treasury under
Volume
Weekly Return of the Board of Governors
Three Ciphese (000) Omitted
Federal Reserve Agent at—
certificates on hand and
from United States Treasury
due
$
9,884
994
1.854
1,263
1.431
374,414
37,535
97,137
21,064
28,634
21,807
656,972 4,496,235
529,985
751,299
220,467 2,180,168
325,866
11,019,225
255
292
375
442
50,937
15,960
241,605 2.231,480
335,963
235,166
356
1,163
15,849
32,359
287,042
8,607
23,679
207,941
718,771
846
20,846
,
%
685,249
191,736
264,008
225,713
319,561
%
$
it*
San Fran,
Dallas
Atinneap, Kan. City
St. Louis
%
303,446
613
Redemption fund—Fed. Res. notes..
Total reserves
Chicago
I
721,234
507,658
618.443 4,397,244
10,634,927
Other cash *
Atlanta
$
i *
$
%
ASSETS
Gold
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 6, 1938
Cleveland Richmond
Phila.
Neto York
Boston
Total
of the Federal Reserve System (Concluded)
OF EACH OF THE 12
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
229
Chronicle
Financial
147
.
Bills discounted:
Secured by U. 8. Govt, obligations,
direct and (or) fully guaranteed..
4,704
500
2,252
621
289
304
195
Other bills discounted
3,254
161
473
571
209
383
557
7,958
661
2,725
1,192
498
687
752
537
40
210
55
49
23
19
16,361
2,381
4,256
2,865
771
118
558
136
33,203
Total bills discounted
....
Bills bought In open market
Industrial advances.
U. S. Government securities—Bonds.
Total U. S.
;
32
43
60
263
60
94
170
200
376
125
80
126
213
260
639
67
>2
16
16
V
38
422
825
1,345
34,429
24,657
60,347
744,105
66,972
69,728
32,270
89,155
354,504
104,864
57.812
50,528
126,703
51,989
53,906
38,608
94,493
50,106
199,236
58,935
109,176
61,358
1,185
21,310
33,367
32,491
28,398
71,209
29,219
18,753
30,296
21,698
53,106
2,564,015
Govt, securities
226,407
80,919
654,805
Total bills and securities
Due from foreign banks
56,942
1,499
36,921
1,165,105
Treasury notes
Treasury bills
■
■
;:S
20
125
196,203
780,147
230,771
240,262,'
127,224
111,196
278,831
114,411
73,430
118,631
84,963
207,946
199,285
787,338
234,883
241,580
129,433
112,085
279,581
114,629
74,743
119,282
86,064
209,968
2,588,871
18
17
8
6
22
3
2
342
629
1,218
2,071
2,012
2.532
1,967
1,736
1,468
543
3,023
2,711
63,260
53,335
21,895
75,624
26,780
17,080
31,369
24,870
34,745
4,528
4,223
2,316
1,540
1,407
3,121
1,271
3,295
1.731
1,850
1,400
3,745
331,674
445,037
322,094
973,248
.
premises
All other assets
585,567
....
Total assets
53.563
143,427
39,619
44,577
2,973
9,874
4,762
6,138
2,601
2,098
44.837
Bank
13
70
5
14
5
183
20,252
Fed. Res. notes of other banks
Uncollected Items
2,888
13,466
4,470
4,781
2,798
2 078
814,366 1,068,293
516,172
381,779 2,597,990
483,389
916,037 5,453,433
14,303,512
LIABILITIES
4.174,869
360,011
913,591
303,062
408,024
192,226
141,556
966,801
174,398
134,658
164,543
77,115
338,881
427,129 3,783,408
387,328
474,309
210,530
161,888 1,355,111
239,952
121,527
220,357
528,544
S.073,675
F. R. notes In actual circulation
19,956
Deposits:
U. 8. Treasurer—General account.
770,193
37,900
272,215
38,634
69,069
38,889
35,541
136,889
13,684
134,865
9,713
48,395
13,220
5,800
4,721
16,053
4,047
3,912
3,126
4,143
1,713
6.S29
530
2,652
25,744
9,578
12,661
177,994
1,683
12,411
9,973
3,912
Foreign
43,923
3,103
2,559
163,592
37.749
478, S76 4,282,012
206,293 1,509,766
270,784
171,112
238,483
207,905
576,527
76,211
27,532
16,410
31,770
25.897
13,202
22,387
3,908
2.907
4,163
3,942
4,667
3,613
3,892
33,108
10,164
9,805
1,142
Member bank
Other
reserve account
bank
4,134
227,997
deposits
440,865
565,762
258,345
Deferred availability Items....
571,624
52,879
136,874
37,667
61,858
50.500
Capital paid In
Surplus (Section 7)
Surplus (Section 13~B)_.
133,667
9,408
9,900
50,955
12,215
13,369
4,955
51,943
13.466
4,964
7,744
4,411
730
1,429
545
8,210
2,000
3,177
1,603
7,174
1,215
1.908
934
1,270
1,776
32,846
3,409
1,401
3,153
1,001
Reserve for contingencies
All other liabilities
2,874
1.448
14,323
1,007
5,626
773
372
604
1,020
525
294
2,000
642
2,104
650
389
641
340
8,354
814,366 1,068,293
516,172
381,779 2,597.990
483,389
331,674
445,037
322,094
973,248
916,037 5,453,433
134
48
163
41
40
40
97
491
59
31
98
126
1,483
1,857
183
24
611
238
91
3,096
3,957
130
381
1,417
Total deposits
9,206,730
147,739
27,683
Total liabilities
14,303,512
Contingent liability
on
bills purchased
for foreign correspondents
Commitments to make Indus, advs
*
i
*
1,368
13,468
i
20,918
4,449
-
2,121
"Other cash" does not Include Federal Reserve notes.
RESERVE NOTE STATEMENT
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bant of—
Issued to F. R. Bank by F. R. Agent
hand and
S
155,743 1.006,080
187,578
139,316
174,326
83,822
378,759
14,187
200,209
39,279
13,180
4,658
9,783
6,704
39,878
7,983
283,324
21,060
91,553
303,062
408,024
192,226
141,556
966,801
174,398
134,658
164,543
338,881
913,591
77,118
360,011
432,000
202,000
159,000 1,010,000
192,632
141,500
177.000
404.000
337,000
83,500
390,000 1,010,000
323
578
125
106
204
260
634
830
20
2.577
432,323
202,578
159,698 1,010.125
192,652
141,606
88,760
404,634
337,830
177,204
390,631 1,012.577
."'I.
banks:
to
on
429,929
21,905
$
$
.
13,154
Agent as security
for notes Issued
Gold certificates
316,216
$
$
San Fran,
Dallat
Minneap. Kan. City
St. Louis
S
4,174,869
In actual circulation...........
by
381,071 1,005,144
4,458,193
Held by Federal Reserve Bank
Collateral held
S
$
Federal Reserve notes:
M
$
S
$
s
Chicaoo
Atlanta
Cleveland Richmond
Phila.
New York
Boston
Tota
'
•
.
due
from United States Treasury
4,543 632
631
6,986
Eligible paper
698
U. S. Government Securities
Total collateral................
4,550,618
Rates
quoted
are
Bid
July
13 1938.—...j-
0
July
20 1938
0
27 1938
Asked
3
Aug.
17 1938
Aug, 24 1938
.
at
the
Stock
York
New
Daily, Weekly and Yearly—See page
Averages—See
Exchange,
245.
page
245.
0.08%
0.08%
0 08%
Sept.
THE
0.08%
Sept. 28 1938.
Oct
5 1938
BOURSE
PARIS
0.08%
-
cable
Quotations of representative stocks as received by
each day of the past week:
0.08%
,i.
Exchange—See following page.
Stock and Bond
0.08%
31 1938
7 1938
Aug.
0.08%
0.08%
0.08%
0.08%
1938
10 1938
Asked
Sept. 14 1938
Sept. 21 1938
08%
July
Aug.
York Stock
Transactions
Bid
08%
Aug.
Bills—Friday, July 8
for discount at purchase.
New
the
Government Securities on
States
United
United States Treasury
July 2
July 8
July5
July 6
July 7
July 8
Francs
Francs
Francs
Francs
Francs
7,100
1,260
7,200
1,284
7,100
6,700
6,800
1,257
1,229
464
467
463
452
257
248
258
249
23,100
22,400
22,600
22,600
Bank of France..
Banque de Parte et Des Pays Baa
Banque de 1'Union Parteieone—
Figures after decimal point represent one or more 32ds of
a
July 4
Franca
Quotations for United States Treasury Notes—Friday,
point.
Canadian
Paciflo
23,320
Canal de Suez cap
Cte Dtetr d'Electricite
683
Int.
int.
Rate
Maturity
Bid
Asked
rune
161940...
1
102.20
102.22
101.14
Dec.
16 1940...
1H%
102.23
102.25
H%
1 H%
102.17
102.19
Mar. 15 1940...
l%%
102.19
102.21
101.30
102
Mar.
15 1942...
1«%
103.25
103.27
1H%
102.1
102.3
Dec.
15 1942
1H%
104.10
104.12
102.21
2%
2 H%
2H%
105.8
105.10
June
15 1943
1 Ys%
101.16
101.18
Dec.
15 1938...
1 H%
101.12
Dec.
16 1941...
1
Sept. 15 1939...
Dec. 15 1939...
...
1H%
102.19
Mar. 15 1939...
m%
101.17
101.19
Sept. 15 1942
June 15 1939
Mar. 15 1941...
1
102.24
102.26
Sept. 15 1938...
June
15 1941._.
H7c
102.14
100.12
102.16
......
666
1,400
1,370
30
30
28
510
500
811
808
794
783
200
200
200
200
Courrlereb
235
236
230
230
Credit Commercial de France..
493
492
485
475
Credit
Transatlantique..
1,630
1,600
1,360
288
292
558
555
519
673
665
650
1,270
1,280
1,240
1,230
793
786
784
819
Energi© Eiectrique du
Kuhlmann
811
770
761
701
367
370
21
24
24
23
1,582
1,552
Nord
Littoral..
................
Liqulde
Holiday
Closing prices of representative stocks as
each day
———■——Per Cent
July
July
_
-
-
•
1920
m
6
7
8
118
118
161
158
160
120
120
120
120
125
125
125
125
C & C
Schneider A Cle
Societe Francatee Ford
Societe Generale Fonciere
112
111
111
Societe
156
155
155
155
115
113
112
112
_
-
~-
'
-
-
---
197
194
194
194
201
200
202
008
107
107
107
98.40
-
119
202
.108
Rentes 5%,
5
—
-
.197
Rentes
•
119
(8%)
July
'
•'
w
.112
(8%)
■m.'m-m m'
112
_
Siemens & Halske
July
1,220
368
369
-
-
-
•
74.60
74.10
74.00
72.40
71.90
71.50
70.30
70.80
71.90
1932, A
4^%. 1932 B
162
—
.161
.157
July
'.I.*
75.10
1917
1918
4
2
.125
July
of Par——■——r-
'
73.00
74.95
Rentes 4^%.
.129
Farbenindustrie I. G. (7%).
Mannesmann Roehren (5%)
Rentes 4%,
1,622
1,585
Peebiney
Rentes. Perpetual 3%
Rentes 4%,
•-.
Reichsbank
received by cable
of the past week:
1,340
"
—
6%
Capital
Orleans Ry
Pathe
STOCK EXCHANGE
1,550
517
667
801
Energie Eiectrique du
200
1,360
300
^.'I'mmm*
'/
1,580
1,430
315
1,610
Lyonnalse
Eaux dee Lyonnalse cap
Lyon (P L M)
Nord
Ry
BERLIN
26
494
Comptoir Nationale d'Escompte
Coty 8 A
1,340
28
524
L'AIr
THE
«
661
1,420
Citroen B
Cie Generate
Asked
Bid
Rate
Maturity
680
1,428
—
Cle Generate d Electriclte
V
Royal Dutch
__
2,081
Sa'nt Gobalo
Lyonnalse
Marse!liaise
Tub use Artificial Silk preferred..
Union d'Electricite......—...
Societe
Wafiron-Llts.... ........ ......
'
1,068
-
71.30
80.60
80.10
79.40
78.90
76.60
78.10
77.30
77.10
98.30
97.50
97.00
96.40
7,070
2,105
1,074
6,980
2,043
1,065
7,020
1,990
68
6,870
■
"
1,055
68
66
66
*"90
88
88
87
1,430
1,427
1,365
1,360
560
559
559
134
140
137
"
•
'
----
..■'f
135
447
445
416
414
90
94
91
89
.em mm*
-
'
.
J-' '
'
July
230
1938
9,
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
»
Occupying Altogether Sixteen Pages—Page One
in the day's range, unless they are the only
NOTICE—Cash and deferred delivery sales are disregarded
account Is
computing the range for the
taken of such sales in
No
of the day.
transaction
year.
United States Government Securities
the New York Stock Exchange
on
record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Below we furnish a daily
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more S2ds of a point.
Daily Record of U. S.
July 7
(Close
sales in $1,000 units...
1
118.22
109.23
109.23
109.26
103.12
103.10
(Low.
103.10
103.12
103.10
103.15
1
Total sales in $1,000 units...
1
1
9
114.16
High
102.28
102.27
102.30
102.31
102.30
Low.
102.28
102.22
102.26
102.28
102.30
Close
102.28
102.22
102.30
102.30
102.30
1
26
6
6
High
101.30
101.30
101.31
102
102.1
Low.
101.28
101.26
101.26
101.31
102
(Close
101.28
101.26
101.31
101.31
102
15
31
19
318
114.15
Low.
114.11
114.12
114.11
114.15
1
6
2
-
114.16
Total sales in $1,000 units...
2*8, 1951-54
114.15
Close
113.1
113.4
:
113.3
1°
HOLI¬
110.14
DAY
2*8, 1949^3-.^.
■
10
Total sales in $l,C00 wnU«...
110.15
110.14
High
Total sales in %l,000 units...
High
1956-69
Total sales in $1,000 units
113.3
113.4
--V-
2 *S,
113.3
113.3
113.1
15
Low.
110.14
110.12
110.14
| Close
110.14
110.15
110.14
Total tain <» $1,000 unite...
1
4
X2
(High
106.11
106.8
106.12
106.14
(Low.
(Close
106.9
106.6
106.12
106.12
106.9
106.8
106.12
106.13
3«s. 1043-47
3s. 1951-55
7
;2
6
2*8. 1945.
DAY
(Low.
'■'mm
;
7
104.14
—^ -m
104.16
104.10
104.16
104.10
±
(Close
107.28
106.3
....
(High
....(Low.
...
43
106.3
mmmm
mm.
Total tales in $1,000 units
2*8, 1948
9
106.3
HOLI¬
Close
107
107.26
Total sales in $1,000 units...
103.16
103.10
114.11
Low.
(Close
104.23
103.10
Total sales in $1,000 units...
•
104.23
m -
2
103.10
109.24
37
B*S. 1946-56
1
V—'' 'mm
2
109.24
109.26
3
113.1
50
104.23
,
■
103.12
109.24
109.23
5
High
104.23
103.12
109.23
109.22
3
4s, 1044-64.....
104.23
104.19
(Close
109.22
109.24
High
104.19
(High
109.24
109.24
(Close
(Low.
3 lis. 1943-45
104.19
104.19
Total salts in $1,000 units..
*1
6
109.24
(High
2*8, 1948-51
July 8
104.23
104.19
High
Treasury
July 7
July 6
July 5
Low
118.22
%>V
July 4
104.19
Close
118.22
118.19
118.19
—-
118.18
....
July 2
Dally Record of U. S. Bond Prices
July 8
118.20
118.18
1947-62.-..-..—- Low.
Total
July 6
118.18
High
Treasury
4KB,
July 5
July 4
Bond Prices July 2
104.16
104.17
1
1
32
Total sales in $J,000 units.
104.17
104.17
;-V'-„
(High
High
Low
107.26
107.26
Total sates in $1,000 units...
10
27
—•
101.31
102.1
102.2
102.4
101.29
101.27
101.30
102
102.2
(Close
....
107.28
3s. 1940-48
101.31
Low.
101.31
101.27
102.1
102
■
107.26
(Close
2*s, 1958-63....
5
Total sales in §1,000 units...
Federal Farm Mortgage
(v-'i;.
106.30
High
■'".mm
102.3
30
22
14
7
'rnmmm.
mm
m.m
«'
■
(Low.
High
106.16
106.15
106.13
106.16
106.15
106.13
106.15
106.16
106.15
106.13
106.15
8
1
1
14
106.30
106.15
(Low.
.
106.30
Close
3*8, 1944-04...
"
.
«...
mm
—
-
—-
'
'
3HS. 1940-43
''mm
Total sales in $1,000 units
1
sales in
-—
$1,000 units
(High
107.22
Low.
107.22
107.20
Close
107.22
107.20
IHs, 1941-43
Total tales
n
3s, 1944-49
$1,000 units...
2
•
100
106~~~
100""
106""
106.1"
Low.
Federal Farm Mortgage
106
106
105.31
106
106.1
106
106
105.31
106
106.1
Total sales in $1,000 units...
107.20
----
High
Close
(Close
Tola
(High
106
105.31
.(Low.
106
(Close
106
■>;:2
Total sales in $1,000 units.
High
3tfs. 1946-49
108.14
108.13
108.15
108.17
Federal Farm
Mortgage
2*s, 1942-47
108.17
Low.
108.14
108.12
108.12
108.17
108.17
(Close
108.14
108.12
108.15
108.17
.4
17
7
25
1
108.9
108.5
108.9
mm
m'
——
loVi"
106.2"
106" "
106
105.30
105.29
105.31
106
105.30
106.2
105.31
106.2
Total sales in $1,000 units...
1
5
10
12
36
(High
102.29
102.29
102.27
102.28
102.30
Low.
102.27
102.25
102.27
102.27
102.26
(Close
Home Owners'Loan
1
102.29
102.29
102.27
102.28
2*s. series B. 1939-49..
(High
108.3
108
108.1
(Low.
(Close
108.3
108.1
108
107.30
108.3
108.1
108
107.30
108.1
:
.
106
.(Low.
[Close
3s, series A, 1944-52
loeT
1O0~*~
(High
108.9
108.5
Close
3*8. 1941
m
203
1
Total sales in $1.000 units.
108.7
5
106
mm
mm
(Close
Low.
Total tales in $1,000 units...
,mm
Low
•
Home Owners' Loan
■
'
"•
-—
(High
3*s. 1949-52
:,'m'mm'm'
106
High
108.17
Total talet <a $1,000 unttf...
:mmm.m
105.31
1
..
1
201
100.2
105.31
Federal Farm Mortgage
3s, 1942-47..——-
4
4
1
Total sales in $1,000 units...
Home Owners' Loan
102.30
19
7
1
5
6
3
*1
104.5
104.6
104.7
104.5
Low.
104.3
1104.5
104.6
104.6
104.5
104.7
2*s, 1942-44
6
(High
109.23
109.23
109.24
109.21
109.23
109.23
109.24
109.22
109.23
109.23
Total talet in $1,000 units...
22
/\ ; 5
7
Total gales in $1,000 unus
109.24
(Low.
(Close
8Kb, 1944-46
104.7
Close
1
Total sales in $1,000 units...
(High
♦
109.24
r;;*;
Odd lot sales,
103.27
103.30
104
104
104.4
(Low.
(Close
103.27
103.25
103.29
103.31
103.30
103.27
103.27
104
103.31
103.30
2
Total salts in $1,000 units...
11
56
18
33
11
1
High
106.13
106.12
106.13
106.15
Low.
106.12
106.10
106.12
106.13
106.12
Close
106.12
106.10
106.13
106,15
106.14
3
3
3
3
6
table
2
2
2
% (Seller) Pays for delivery
includes
only
of
sales
coupon
106.16
Total sales in $1,000 units...
above
104.5
104.7
104.6
1
t Deferred delivery sale.
Note—The
(High
104.5
8
..
2*s. 1956-00
....
2*8. 1945-47
bonds.
Transactions in registered bonds were:
..109.22to 109.22
Treasury3*s, 1943-1945
Treasury 3*s, 1940-1943..
United States
106.9
Treasury Bills—See previous
United States Treasury Notes, &c.—See
to 106.9
page.
previous page.
New York Stock Record
LOW AND HIGH
SALE
PRICES—PER SHARE,
STOCKS
Sales
NOT PER CENT
NEW
Saturday
July 2
Monday
July 4
Tuesday
Wednesday
July 5
§ per share
§ per share
§ per share
Friday
the
July 0
July 8
§ per share
? per share
$ per share
Shares
47
47
48
48
49
40
*29
40
*32
40
*42
43%
4284
43
43
ULl
*19%
1168
4234
11*
*18%
1134
20
23*
11%
11%
*19
*21%
22%
*238
6134
i%
io*
2234
103s
Stock
US
Ills
Exchange
10%
1*
11%
11
10
11
22
2%
2%
61%
631a
Us
Range Since Jan.
STOCK
2%
2%
633g
60%
49%
900
49%
Par
Abbott Laboratories
No par
Abraham
No par
25
share
36* Feb 4
30* Mar 23
28
June 3
..Ns par
6* Mar 30
50
50
40
*32
43
43%
*42
42%
600
11%
12
11
11%
9,800
20
20
20
*19
20%
100
A dama-MUlls
23*
2%
21%
*2%
60*
21%
2%
*20%
22%
900
23g
23«
300
Address-Multigr Corp
10
Advance Rumely..
No par
4934
40
»
m
m
m
m m
A
Straus
Acme Steel Co.
Adams
Express
No par
60%.
1*
1%
1%
El Appliance.-N> par
10*
9%
10*
9%
10*
2,900
16,900
Alaska Juneau Gold Min...l0
8«4 Mar 31
1%
1%
11%
11*
1%
15,400
Allegheny
No par
% Mar 31
12%
13S
11%
12
20,100
6* June 17
12
10%
11
3,800
11
llip
10%
11
4,300
14
14
15*
14
14
1,100
19
19
19%
18%'
19*
4,000
5*% Pi A with $30 war. 100
5 * % Pf A with $40 war. 100
5*% pf A without war.100
$2.50 prior conv pret.No par
Alegheny Steel Co
No par
02*
1%
10
10%
10
62
Air Reduction Inc
Mr Way
No pa-
A.bany A Susq RR
*13
1334
1938
*25%
8%
1934
—
-
8%
17514
*83g
9
173
13
Indepen¬
dence
It*
10%
11
11
13
13
1934
13%
18%
*25%
*25%
8%
Day
1312
834
12*
19
Closed
9
"
12*
11*
11%
mm
m
~
8%
9
173% 175%
9
*8%
173
173%
9
9%
12%
13
S34
13%
9
12%
8%
9
9*
*25%
*8%
175
-
*25%;
-
8%'
9
176
934
13%
9%
m
m
m
-
8%
175
......
;
Allen
Allied Chemical A Dye. No pat
9%
500
12*
3,400
43,200
9%
55
60
56
56
58
58
56
56
49%
17%
503g
4734
49%
48
50
47*
47%
17
17%
18%
17%
18
21,000
4,100
25g
IS*
2%
17*
23g
47*
17%
2%
49%
18*
3
2,800
19%
74%
63%
19%
*19
21
75
75%
65
66
19%
19%
60
60%
*
2%
*18
72%
2%
22
7534
*63
19%
60%
Bid and asked prices: no sales
*19
*60%
on
2-%
*19
3
3
21
*18
21%
Alleghany A W. Ry 6% gtd 100
1,500
12*
9%
100
Corp
3,500
9%
9%
12%
9%
174
1%
55
*53
14% Mar 31
1%
1
1*
11%
per
9,200
1%
13g
$
16% Mar 31
1% Jan 4
40
May 2
% Mar 30
59
1
Range for Previous
Basis of 100-Share Lots
Lowest
*32
1
1%
11%
10%
10%
On
Week
*30
20
YORK
Year 1937
EXCHANGE
Thursday
July 7
Industries Inc
Allied Kid Co
1
5
"95
Apr 16
5
Mar 30
51 z June
17
734 June 18
11% Mar 31
28 May 11
4% Mar 30
124
Mar 31
7
Mar 31
Allied Mills Co Inc
No par
8% Mar 28
Allied Stores*Corp..
No par
4% Mar 26
5%
400
preferred
100
Allls-Chalmers Mfg
Alpha Portland Cem
No par
No par
Amalgam Leather Cos Inc
1
100
6% conv preferred
50
38
Mar 31
34* Mar 31
11* Apr 1
1* Mar 26
10
Mar 30
Lowest
Highest
$
per
50
share
$
per
share
Nov
55
Mar
37
Nov
69
Mar
52
Jan 14
Dec
85
Aug
July
12
July 7
*20% Jan 20
23* July
5
2% June 24
63% July 2
1* Jan 7
133g Feb %
95
Apr 16
43'4
7% Nov
17% Oet
16% Oct
1% Oct
44% Nov
% Oct
8
Oct
5%
Feb
Oct
5934
Feb
11
Oct
69
Feb
10
Oct
Feb
17% Jan 12
21% Jan 17
10%
Oct
58%
62%
13
Oct
45% Mar
103
Apr
110
Oct
23% Apr
258% Mar
28
May 11
97g Jan 17
176%
6%
Jan 10
145
9% July 7
143g Jan 19
10
9% July 7
58
July 7
5184 Jan 11
18% July 7
3% Jan 11
24
Jan 12
Nov
Dec
85
34
Oct
83i2
Jan
Oct
39*4
Jan
1*
Oct
8% Mar
Oct
62* Mar
114% Mar
19
4,800
Amerada
Corp
No par
Am Agric Chem (Del)-.1V0 par
55
7
49
May 27
Mar 26
76* July
1,800
4,900
66
Jan
8
61% Not
53% Oct
American Bank Note
10
Mar 30
21* July
60% July
7
10
this day.
t In receivership,
a Def. delivery,
n
New stock,
r
Cash sate.
Ex-righta.
5
Mar
Oct
8%
19%
.50
Jan
40
Dee
74
preferred
Feb
17% Aug
33% Jan
21% Mar
6%
65
6%
166
Oct
7*
19%
150
Jan
Feb
Aug
Oct
73*
60%
Jan
5*
1534
Oct
65
60
Jan
80*
1
21*
60%
Jan
438
11
76*
60%
Feb
36
.146
65
64
28%
7
1% Jan
64%
20*
An,4T
223g Mar
1778 Jan 12
17* Jan 12
17% Jan 12
74%
Attl.
share
36
June 30
75
10
per
7
39
65
20%
Highest
Oct
101%
41%
Jan
75%
Feb
Jan
f Called for redemption.
Volume
LOW
AND
HIGH
SALE
PRICES—PER
Monday
July 2
July 4
$ per share
39*4
July 5
39
39%
39%
*12234 125
*12258 125
99
100%
99l2 100*2
*165% 166
*165*4 166
99% 101
*165*4 166
255s
2434
45%
4538
17*4
16%
23i2
25
24
43%
42
16%
17
16*2
42%
17%
100*8 100*2
*95
111
111
111
111
111
111*2 111*2
23
*15
23
8*4 "J.-':; 8
13
13%
1234
1134
*15
45
17
*15
23
*15
23
8*4
8%
*7%
13%
12%
13
133g
12
121*
74
74
4*2
1234
1134
12
75
4%
4*2
45g
75
75
5
"5*4
5
"5*4
24*8
2478
24
24%
12
1934
207S
1134
4*4
1134
40*4
2
2
19
11%
1134
20
20
*12
23
12
11*4
20
V/,
377g
10434 10434
*2534
26*2
4-%
6^8
4%
3734
105
105
26
26
40
16*8
38*s
35
39*8
3434
33%
40*2
34%
15
15*2
*142
6%
6*4
634
15*2
*142
150
49*4
50*2
54
54
*140
-
;'vV
15*2
68%
1534
4%
4%
4%
4%
4%
36
3534
3434
37%
37%
*105% 110
*105% 119
*105% 119
26
26
25% 25%
25% 25%
6%
6
6*4
6%
6*2
6*2
38
38% 38%
39%
39% 41
34%
35%
3434
34%
34%
33*4
15
14%
15%
14%
15%
14%
150
150
150
17%
18
12%
32%
13*8
32
54
54
54
*53
75
17%
1734
12%
31%
47%
127
49%
14412
144% *140
27%
25*2 27*8
144*2 *140
27
12%
13
*70
78
78
78
6
6
12%
534
6%
5%
3734
39%
3734
8*4
"i) i'1!'- U
33%
47
47
*16*4
16
163s
167S
*3
267g
2678
*117*2 120
*94
953g
6
534
4634
4034
41
9
"834
4
4%
*4
27*2
26
117
*52
534
*45%
4G34
117*2 117%
*94
95%
6
534
45%
45*2
*52
97*2
*52
39
41
4*4
40%
9%
4-%
""£%
7934
0*4
00
40%
8%
39*2
834
9%
4%
4*4
*
7934
"8%
*
9%
*61
65
65
65
*63*8
*45
57
56
56
57
57
34
*29*2
34
34
*29*2
*81
84
*81
*80
w
37
53
53
23
A'
1234
12
2512
24-%
107
8*2
51
35g
94*2
21*4
9*2
30
14
1734
14%
113
a96
7*4
*76
*82
85
"—V
„
12%
13
5%
24%
12%
12%
24
23%
106% 107
1,600
24
7,700
Atlantic
^~
*6%
634
6*2
4%
1
*92
5*4
5*2
*2%
*18
4%
4
8%
834
9*4
834
11
10*8
34%
9334
34%
94%
20%
20
934
*24
1934
14
6%
5%
3
19
18
10%
9%
9%
11
12%
12%
9%
11*4
10%
11%
33%
98*2
2034
9%
11
34%
9384
21
18*g
14%
113
7%
*76*4
18*8
17%
4234
5934
43%
6184
61*4
153g
62*2
15%
15%
1534
*985g
99*2
98
*26
27
24%
16*2
17
17
98*4
25%
17%
145g
14%
1484
15
*15*4
17%
*14
*44
46
*42
•:
alio
*17
a96
10%
30
19
14%
110
17%
96
20
.
10
12,800
2,300
10
30
18*o
14
49,400
1434
17%
4,200
113
*17
10
400
17*4
300
98%
*95%
13%
43%
59%
15%
*110*2 116
8
734
*76
79%
1534
14%
15%
18
18
1734
43%
43%
43%
8
78*2
61%
1584
59%
15%
*98
99*2
*98
25
112
112
8
14%
79%
15%
1734
18
*43
1,300
27,900
2,500
43%
58
900
59%
89,000
16
16
16%
2,700
99%
26*4
97
97
62*2
300
2334
24
17*2
16%
16%
2,300
16%
15
1534
18,200
25%
24
16%
17%
14%
16%
27
*15
27
46
*42
46
17%
*15%
17%
1034
15%
*14%
46
*42
46
*42
28
26%
2734
2634
28%
27%
29%
28%
30%
253s
253s
2414
25
24
25*2
2434
25%
24%
25%
Bid and asked prices; no sales on
100
8%
*76
27*4
10
10*2
*26
*110
500
this day,
25
Refining
Corp
preferred
A...100
1
50
No par
Dei (The)-.3
Baldwin Loco Works v t c -.13
Baltimore A Ohio—
100
4% preferred
100
Bangor A Aroostook
60
Conv 5% preferred
100
Barber Asphalt Corp
10
56 prior A
Aviation Corp of
i
No par
Barker Brothers
50
preferred
t In receivership,
a
1,400
•
«»
im'mrn*,*
'
-"
—
m
77,300
2,800
Def. delivery,
5
Barnsdall Oil Co.—
Jan 10
Dec
110*4 May
93
4%
Oot
Oct
Jan 12
67
Dec
90
Feb
80
Oot
4%
Oct
25s
Oct
Nov
6
0
Dec
Jan 12
9*4 July
May 12
Beech-Nut Packing Co
Belding Hemlnway
20
No par
Belgian Nat Rys part pref
Bendix
Aviation......
6
Loan..No par
No par
Bethlehem Steel (DeO-Nopar
5% preferred
20
7% preferred
100
Blgdow Sanf Carp Inc.No par
Black A Decker Mfg Co No par
Blaw Knox Co
No par
Beneficial Indus
Best A Co
Bloomjngdale Brothers.No par
Blum en thai A Co pref—...100
Boeing Airplane Co
6
Bohn Aluminum A Brass
5
r
Cash sale.
Jan
Feb
79*8
Feb
09*2 Mar
97
Feq
24*4 Aug
111
Feb
37*2
10*4
Jan
Feb
40
Feb
121U
Feb
111
Mar
Feb
13*4
99*2 Mar
126
Jan
70*2 Mar
10*4 Feb
17*8
Jan
100
July
24*4 Mar
58
Dec
101
Jan
5
83
Nov
125
Mar
33
Dec
71*4
Dec
100
Feb
70
Dec
88
June
68*4 Mar
35
6
Feb
57*8
94*4 May
104
Feb
27*8 Jan 12
18
Oct
65*2 Ma
8*4 July 7
14*2 Jan 10
5
Oct
29
9
Oct
18
Oct
25%June 30
17*4 Mar 31
1017s Apr 12
6*4 Mar 30
38*4 Mar 26
107*4May 20
973 Jan 10
June 29
44
Mar 29
52
Jan
3
119
4i2 Apr
1
2
July
Mar
6
3
lol*8 Sept
7*s Dec
39*4
Oct
Mar
44
Jan
37
Mar
110*2
Feb
18*2 Mar
52*8 Mar
38
Nov
94
Mar
01
Deo
133
Jan
Mar 25
0*2 Jan 12
3*s Jan 19
2
Dec
Sept
12*4 Mar 30
212 Mar 29
20*2 Jan 25
4% Jan 10
15
Dec
214
Oct
Jan
80*4 Feb
9*2 Feb
52*2 Mar
9*4 Jan
5
Mar 30
6
Oct
23*4 Aug
4
Mar 31
10*4 Feb 23
11
July 7
13*4 Jan 11
8*8
Oct
10
Oct
40*2 Mar
47*4 Mar
3434 July
7
30
Oct
Mar 22
89
Dec
2*2June
2
5*2 Mar 29
29
Mar 31
80
Jan 21
7«s Jan 12
95
12*8 Mar 30
5
Mar 23
213s July
215s Mar 29
30
10*8 Mar 30
19
9
No par
50
Jan
20
May 27
Mar 31
109
preferred w w
Fen
14*8
79
Jan 10
69
5
107
414 Mar 25
0i2 Mar 26
100
25
Creamery
n New stock,
22
94i2 Jan 31
42
July
7
Ids July 7
5*8 Jan 13
Mar 29
Cigars Inc .....No par
1st preferred
55
Oct
2lj Dec
80
4
105
No par
JAuourn Automobile..No par
Austin Nichols
—No par
Beatrice
7
72
Mar 19
2i2 Mar 30
100
5% conv preferred
Bay ok
Jan 11
6%
5% Mar 25
36
Atlas Tack Corp
5H%
Oct
121*2 Mar 2
100*2 Jan 18
24% Mar 20
No par
Atlas Powder
Beech Creek RR..
115
7*2
78%
14%
43
18%
1434
1734
*110
33%
*8834
3434
98*2
21%
33,900
67,100
18,400
31
18
43
3434
*8834
20*8
10
1334
*76
20,700
9%
10%
*95% 100%
79*8
14%
30
934
98*s
14
18%
4%
*27
*110
200
3
*15
4*4
*95%
*7%
8,400
5*2
234
19
4*2
*17*4
*109" riY'
4%
234
*14
4%
17%
7*4
6%
6%
4%
17%
m"
6%
4%
*2%
6%
5%
10
14
14%
113
400
50
100
preferred
4% conv pref series
30
30
1678
50
52
1,100
9
17%
*110
*50
117*2 117*2 *117%
'
*24
9%
3C
16%
52
52
*117%
90
00i2 Dee
12%
0%
June 30
Jan 14
2434
52
*51
108
72
preferred
Atlas
Oct
14
12
100
Oct
10
40
24*2
14,200
39
100
Atl G A W I SS
8%
2412 Nov
Jan 15
RR—100
Lines.-No par
Atlantic Coast Line
1,000
43%
Jan 11
jan 11
18
827g Nov
3,200
8,500
8
6
25*4 Deo
3*4 Oct
*27*2 Oct
May 20
Jan 12
7%
*43*4
7
Oct
June
8%
43%
Oct
3*2
42
8%
43%
82
84
8%
106% 106%
8%
8%
Jan
80
30,100
8*4
29*2
Jan 22
2234
44%
Oct
Mar 29
5134
?
Feb
8
22U Mar 31
38%
8
Jan
20*8
72
2134
7*4
*43%
Feb
150*2
72
50%
106% 107
997g
25%
Oct
warrants..100
warrants 100
Fe.-lOO
35*2
8%
Dec
Mar 30
55 pref without
500
Jan
July
Atch Topeka A Santa
6%
99
66
23%
18
18
•
5% pref with
50
■«»;
„
Jab
Dec
27
55
*27
*106"
*83
July
Jan
187
z52
39
96
1734
84
84
*82
Jan
Oct
100
100
22%
3
34
16l2
*29%
143*4
Oct
.No par
7% 2d preferred
Assoc Investments Co.
53
20
8*2
10*8
*110
200
34
0% 1st preferred
300
59%
*29*2
37%
*2%
778
978
9*2
70
*59
33
2234
19%
4%
8%
834
10%
34%
9*8
30
*66%
60
66
1
Dry Goods
52
3
878
20%
60
*56*4
Associated
37*4
44*4
4*2
4%
34
11,700
8%
21%
8%
8
058
4*4
*8834
~~8%
Oct
50
378 Mar 26
28% Mar 28
50
Jan
4*4
iOO
Preferred
51
20
*25g
*18
Artloom Corp
34%
*43
*117*2
*117*2
6*2
Arnold
7934
23
107
*106
8%
46
51
9*4
Co...No par
(Corp.
6
......N ipar<
Cork
Constab
Armstrong
12%
25*8
,
7%
7*2
1134
25ig
*44
-
"9%
4%
100
preferred
7%
*.!*>
5,500
2,500
9%
*
-
8
22
*106
V' -
4%
—
5,900
41
40*8
9*4
4*2
10%
7934
:V~
No par
56 conv pref
600
97*2
5078
58*4
1
July 8
Mar 30
'
?
7
*81
-
4%
46
Jan
Dec
128*4 May
4% July 7
3014 Jan 13
82
26**
57
19
117
73*4
14
Mar 31
7% preferred—
100
ArmourACo(Del)pf 7% gtdlOO
Armour A Co of Illinois
6
Jan
Oct
140
7
7
7
12
12
20
914 July
Apr
Jan
Fob
10478
June 29
36*4
68*2
148
Dec
24
Jan 11
Jan
Jan
154
7%
Mar 31
70
300
15,000
Mar
106*4 Mar
22*2
10
20
68
Dec
9
683 June 30
May 26
Mar 29
No par
Co.
Feb
24%
Jan 10
Jan 18
86
Apr 16
42
Archer Daniels Mldl'd.No par
Feb
29
Oct
Mar 26
900
30
Oct
Nov
25
800
Dec
40
Jan
Jan
7*i
125
235s Mar 31
4% Mar 30
2
P W Paper
45*4 Mar
101% Aug
Deo
Dec
43
A
Oct
16*2
03*s
15*4
20
Copper Mining
Andes
53
51
22
~
934
.
*
42
50.50 conv preferred. No par
110
1,300
36%
34%
36*s
-
84
*81
84
*81
..
1
Anaconda
170
Nov
July
Jan
Oct
140
41
13i2 Jan
1084Mar 31
97
Apr 6
534
46
97*2
55 prior conv pref
1
25
Feb
778
3% Mar 31
29
95%
5-%
100
Preferred
Amer Zinc Lead A Smelt
08
21
4%
95
Woolen
Copper Mining..60
117
5%
No par
No par
50 1st preferred
American
Jan
72i2
29*2
Oct
122
142
378 Mar 28
6
Mar 30
Anchor Hock Glass Corp No par
26
*117% 118
*94
95%
Am Water Wks A Elec.No par
6884 Mar 31
Apr
1
130
2,100
16%
27
100
10
preferred..
Founders Inc
87*8
Oct
787s July
8H8 July
Anaconda W A Cable.-No par
108
16%
3%
6
*29*2
*106
1734
27%
584
9
108
108
*16%
25
Common class B
0%
Oot
9*4
1984 May 24
Jan 10
Mar 30
Jan
6884 Mar
129*2 Feb
31*2 Dec
16*2 Jan
Oct
149*4
400
1634
I684
*3%
94
4I0
48
26*2
4634
4634
103
*52
7934
40%
34% 189,900
48
4
118
9
4*4
40%
33*4
58
Am Type
300
42
26%
94
4134
8%
2,900
4,100
48,600
25
Feb
20
1171s Mar 14
12% Mar 30
Mar 30
Tel eg Co...100
13%
Dec
31
111
Tobacco
Oct
3
1234June
1018s Mar 31
American
3634
16%
18
38%
17
100
Amer Telep A
29*8 Mar
125
31
11*4
21i2Mar 30
Preferred
Oct
20
34*4
June 10
Feb
Oct
7
141
155a Mar 31
0i8 Mar 31
68*8
Oct
5484 June 30
June 23
7
Jan 17
130
17*4 Mar
Jan 17
131
100
200
37%
8%
4584 Apr
276s Feb
Jan 12
July
Jan 12
35% Jan 11
50*4 Jan 12
22»4 Apr 1
28% Mar 31
Mar 29
4*4 Mar
Oct
Nov
14%
103
65*4 Mar
52*8 Mar
Dec
2484 Nov
80% July 1
207s Jan 12
7% Mar 26
11*4 Mar
3
227$ Jan 15
American Sugar Refining..
1,100
6,800
45,700
5%
Mar 30
Jan
10*8
7
l534June 30
i05ii Jan 12
12
6,000
80
..100
No par
stores
Am Sumatra Tobacco..No par
48
3434
108
17
118
103
*62
108
18
*3%
26%
4
Feb
38*2
141*
35% July
par
200
534
9*4
*45
16*2
108
*16%
18
Jan
21
100
7%
American Stove Co—.No
12
11%
25
Snuff
American
9,000
*75
100
Amer Steel Foundries..No par
800
140% 14134
77%
77%
79*2
78%
40*8
834
*40%
49
16%
16*2
108
109
*106
Jan
587|
291* Jan 18
158s Mar 31
Budding Co.No par
preferred...
0%
-
1,700
1,100
19%
6*4
38
36%
*46
American
200
106
*18%
25
100
Mill
Preferred
*140% 142
7
634
734
7
42
33%
34%
48
27
106
Amer Ship
22,400
2,200
142
141
8%
40
3478
27*2
27%
105% 106
19%
19%
142
143%
78%
7834
81%
80%
39*2
7%
.
41
*33
Day
44
6878
53
Jan 17
41
14834 July
1
13% Mar 30
58
Mar 29
Amer Smelting A Refg.A'o par
300
13%
27%
48
Jan
Dec
Oct
June 21
107
Mar 31
9
Seating Co ..No par
American
43,500
54
*12%
3378
13*4
5*4
5
16*8 July 1
514 Jan 12
38>4 Jan 12
10i8 Mar 31
4H% conv pref
American Safety Racor_.18.50
300
*52%
No par
preferred
Jan 13
74%
Mar 30
19
7
23% Feb 25
314 Mar 29
Light—No par
American Rolling
730
32
127
23
preferred...
No par
Am Rad A Stand San'y.No par
Preferred
100
2,900
52%
125
78
99*4 Mar
131* Jan
Oct
5*4
2
883 July
9912 Mar 30
20
Mar 29
55
66,700
75
3234
50
$0
6,700
10,200
*12%
7634
*125
Amer Power A
19,700
1,100
2,000
13*4
*34
Mar
Jan 18
26
23s Mar 31
American News Co new No par
330
20*8
18
12%
32%
51%
48%
*124% 125
12lo
734
JaD
225
458 July
Mar 31
10
100
preferred
0% conv
70
*12%
8
17
Oct
2*2
17*2
1
25% Feb 25
123s July 7
4i8 Mar 30
12% Mar 29
44
June 17
Amer Mach A Metais_.No par
32,900
150
12%
27
27*2
27*2
108
*103% 105%
19*4
19%
19*8
143
140% 142%
77
77%
77%
80
79
79*4
14034 *140% 142
6%
7*2
7%
12
12%
11*4
734
Oct
175
5is July
30«4 Mar 26
100
Preferred...
300
19%
21%
76*2
20%
74%
150
8*4
dence
5
Jan 22
177
Amer Metal Co Ltd...No par
65%
15%
8%
397g
Oct
8,700
15*2
15%
Ice
Jan
Nov
2
Amer Mach A Fdy Co. .No par
20
67
8*4
375s
335s
80
5
7
American Locomotive..No par
22%
65
8%
11%
Oct
12%
Jan 12
Jan 18
3,000
2,700
4,200
21
6434
8*4
*70
30*4 Mar
17,800
21%
26%
Indepen¬
235s Mar
Oct
14
8
6
Jan
Oct
5*4
8*4
19%June 20
...50
preferred
American
300
7%
21%
7%
6%
American Home Products... 1
800
19
*18%
8%
25
78
Aug
4% July
684 July
Jan 22
Apr
90
29
10*4
Mar 29
160
1384 Mar 28
19
8
preferred
American Hide A Leather
1,200
8*2
6
preferred
Amer Hawaiian SS Co
2,800
27*4
78
4
177
100
Oct
112
88
2i2 Mar 25
Oet
Oct
Mar 29
19
8'.;
144% *140
0%
8% Mar 30
June 20
33*4 Aug
11*4
June 30
14
69
Jan
20*t Dec
8*2 July
Mar 29
9
Feb
7
7
1
12
2
8*2
Closed
111% July
19i2 Feb
Mar 29
2534
78%
19% Feb 7
412 Mar 29
2
8*2
77*2
Feb
Feb
80*4
80
4*2
50%
*140*8
104*2
1
27*4
Exchange
Oct
88% Mar 31
57
8,200
*8*4
*1214
76*2
76*2
79*4
78*2
*140*8 142
7*4
12
IPs
30
7
Jan 24
35%
32
142
Jan 15
18*2 July
No par
Amer A For'n Power...No par
100
4%
43s
4%
41%
15*2
54
Stock
50
Mar 31
12
1334
*12
14
64
125
19
Feb
May 26
24
1134
27*4
71
9
2
17%
106
Oct
10
2634
1212
27*4
27*4
104
105*2
19
19*8
142*2 143*2
15%
207g July
41%
76
*12
Jan 12
Mar 26
24
12%
*140
144*2
Jan
271*
10
2%
17%
*53
174
No par
19
*145
*124
125
Oct
56
25
7834
31*4
48*8
32
30*4
*123
1517g
2,600
41%
12
1214
8
2% Mar 30
13% Mar 29
5% Mar 30
2
77*2
17%
12*4
beb
6% non-cum pref
.100
Amer Internat Corp...No par
*12
20%
20
167
No par
No par
41
20
21%
78*2
1734
121
$7 2d preferred A
2
21%
20*8
78*2
17%
Doc
18
10%
al8
20*->
150
09
5,000
7,000
41
8
29*2
65%
15%
35%
43g
37
28", 400
23
1%
*18*4
8%
15%
2
5,900
19
16
July
41% July 7
2% June 23
19
1934
101
11
23
4%
2434
41
2
62
20*2
3
89% Feb 18
Amer Express Co
434
22%
12%
20*2
4%
~
23
41
2
2n%
62l2
21
62%
15*2
4*4
300
"5"
160
ll2 Mar 30
24
41
8
11*2
12%
4
4%
40*4
8*4
25%
Dec
No par
*12
13
23*4
*17*2
7%
"5%
Oct
109
14U Dec
7*4 Oct
2i2 Oct
2012 Oct
3214 Oct
1% Oct
4*4
2314
43g
5,900
634
*5
share
28
2
J(AUegCo*25
American Colortype Co
10
Am Comm'l Alcohol Corp_.20
American Crystal Sugar
10
0% lflt preferred
100
American Encaustic Tiling..1
Amer European Sees...No par
*170
5
24%
2034
12*4
634
24
5
47g
23%
484
4*2
4%
*170
per
3
100
Chicle
Highest
share $
per
421; Jan
9I2 Mar 29
Am Coal Co oi N
100
76
*74%
6%
6
*5*4
*170
*170
11*2
11%
11%
4*2
4%
4%
10
*5
8
*6*8
*170
*74
75
*72
$
share
per
125i2 Feb
27
100
preferred
American
2,400
3,900
3,100
834
1134
5
IOOI2
6%
i.'
8%
1234
11*2
8%
13
share
70*4 Jan
No par
Preferred.
per
23% Mar 31
Apr 21
Am Chain A Cable Inc.No par
600
111*2 111*2
Year 1937
Lowest
Highest
114
100
American Car A Fdy
300
103
■
8
Preferred
6,700
1,700
18,400
17*2
*95
100
r, 8
25
*4212
103
100
23
200
24%
110
111
7,200
165% 165%
4634
18%
17
Range for Previous
100-Share Lots
Basis of
160% Mar 30
125s Mar 30
5H % conv pref
100
American Can.—.........25
99%
27
25%
4534
$
Am Brake Shoe A Fdy.No par
20
125
97%
99% 100*4
165% 165%
25%
43
125
Par
1,900
39%
39%
125
125
*100
*15
Shares
40
3934
38*2
*122%
Week
$ per share
$ per share
$ per share
$ per share
% per share
39*4
On
STOCK
Lowest
July 8
July 7 %
July 6
YORK
EXCHANGE
the
Friday
Thursday
Wednesday
Tuesday
.
Ranoc Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE,
NEW
Saturday
231
New York Stock Record—Continued-Page 2
147
Mar 30
7
IOI2 Jan 12
4i2
3*8
10 >g
7*4
Oct
Oot
Dec
Jan 19
20
Nov
July
7
10
Oct
1478july
7
Jan 31
9*4
08
Oct
Oct
9
115
11*8 Mar 30
18
90i2 Apr 29
25
Apr 9
94*2 Apr 2
66*2 Jan 17
92
30*4 Mar 12
29*2
90*4
7*8
Dec
82*s
Deo
Apr
5*4 Mar 31
27
29
31
31
3984May 27
75%June
8% Mar
15*4 Mar
2078 Mar
l284June 14
75
Mar 31
17%June
3
9*4 Mar 30
10ig Mar 31
13% Apr 4
37
May 10
20'sMay 27
15*8 Mar 31
* Ex-dlv.
y
112
July
July
2
8
8*8 Jan 17
83'
Jan 11
13*4
8V
Oct
Nov
Oct
Oct
Oct
1584 July
7
19
Mar
2
15
Oct
433s July
5
29
Deo
Jan 11
41
Oct
14
Oct
657g
10*2 Jan 12
18*8
45
Feb
110*8 Feb
43*8 Mar
32
Jan
42
Jan
Feb
20*4 Jan
115
Aug
35*4
28*4
105*4
43U
114*4
16*4
88*8
30*2
23*4
02*4
10512
Feb
Mar
Feb
July
Feb
July
Feb
Jan
Jan
Mar
20
Jan
129*2
09*4
Feb
Feb
38
Jan
28
Jan 12
177«
Jan 11
85*» Nov
22U Deo
13*4 Nov
1658July 7
17*14 Jan 20
Oct
2978 Mar
15*8 Dec
3212 Jan
94*2 Jan
49*4 Mar
48*2 Feb
985s July
1
9
Feb 16
50
Deo
35*2 Jan 17
30
Jan 17
10
Oct
21
Oct
50
Ex-rights, f Called for redemption.
New York Stock Record—Continued—Page 3
232
LOW
SALE PRICES—PER SHARE,
AND HIGH
NOT PER CENT
Friday
July 4
Thursday
July 7
July 8
Week
$ per share
$ per share
$ per share
s per share
$ per share
Shares
Monday
S per share
1
94
95
95
95
ilo
46%
46%
47
47
47%
47%
11
14%
13
14
13
13
17;%
30
17'}
28%
31
3%
3%
94
*
%
j 6%
1 6%
17%
29%
30
27%
3%
9%
20
*32%
36%
21
26%
25
26%
35
35
35
36
36%
36%
*32%
35
36
303,}
21
9%
1%
2
1%
81}
8%
10%
11
28%
30
29
30%
17%
178}
17%
18%
*30%
36
21
1%
*1%
*7%
96
*90
47%
*12%
47%
13%
17%
29%
17-%
31%
4
4%
21%
10%
11
9%
1%
8%
108}
*32%
3%
25
93}
20%
7%
■v;5 9%
17%
38}
20%
9%
3%
21
21
21%
11%
25%
*32%
27%
37%
37
37
95
400
17%
9,400
28%
29%
4%
21%
17,600
10%
32.500
18,400
36%
':e';2-.v
1% '; 2
8%
10%
11%
11
28%
30
32%
33%
17
18
17%
*30%
36
8%
10%
30
*30%
19%
36% f
*30%
9%
9%
9341
9%
10%
28
-
,
9
8%
8%
9%
9%
11%
11%
1084
11%
10%
11%
11%
12
11
83
83
*80%
83
83
83
83
83
*82
5%
6
•
5%
5%
534
40%
4234
4%
27%
4%
2834
28
19
19
18%
19
11%
18%
2%
11%
10%
11
4%
27%
18%
11%,
18%
1734
18%
18
2%
2%
2%
*7%
9
*7
*15%
17
*14
8%
223}
*2134
22
3%
4
v-v
8
*2134
3%
42%
4%
4%
29
43
Oct
93
39
Oct
46%
Apr
5
11
Dec
25
Aug
28
Jan
28%
29%
28
19
19
20%
12%
11%
12%
18%
2'%
1834
1134
18%
2%
1734
Dec
Dec
3
Oct
Bearing Co..17
Roller
14
Mar 29
2214 Jan 13
11% July 7
27% July 7
15%
7
Dec
34
Aug
5% Mar 31
1234 Mar 30
Oct
23%
Feb
18
Oct
59%
Feb
18
35
6
22
Dec
53%
Feb
37i2June 30
2*4 Jan 13
28
Dec
47
Jan
1
Oct
8
Jan
5%
Dec
38%
Jan
63
Jan
102%
52*4
Jan
13,900
7%
8%
5,800
Mar 26
5,000
Bulova
16%
87s
*13
16%
30
834
3,700
.10
55sMay 31
22%
4%
11%
38%
500
6% conv preferred
30
165s Mar 30
8,700
Butte Copper A Zinc
5
2% Mar 30
6,700
Byers Co (A M)
4
113}
12%
11%
41
40
40%
18%
18
18
18%
18%
19%
17%
23%
23
23
23
23
22%
23%
22
51
12
12%
11%
39
40
37%
Butler Bros
j.
52
*49%
52
1%
2
1%
2
12,300
Callahan Zinc-Lead.
9%
9%
8%
9
34,000
*37%
7%
37
*7%
47
363}
4
4
22%
Stock
V
*69
75
X70
70
*60
75
18
*16%
17%
17
17
17%
4%
12
82
23
72
Closed
4%
*1033}
11%
6%
5%
23
Indepen¬
684
6%
dence
23%
45%
8-%
Day
8%
31%
54%
4
94%
*112
56
4%
*103%
11%
*9%
6%
6%
5%
5%
*93
56%
53%
17%
85
*80
88
24
24%
*66%
23%
23%
4%
12
4%
...
12
6%
5%
99
0%
*6%
*5%
34%
97%
25
25
27%
29
30%
28-%
12
12
*11%
4q
3034
41
£38%
38%
29%
30%
22,700
41
31
12%
*39%
30%
12%
40%
30%
75%
*73
75%
12%
*lo
31%
1
1
1
1
2%
2%
3
3%
34
3%
%
%
%
%
4%
4%
%
4%
1%
4%
1%
4%
1%
1%
2
2
14%
14%
14%
i'V %
%
14%
*%
14%
8}
1%
1%
1%
1%
r3%
32%
*73
1
*%
3%
3-%
%
75%
%
34
4%
*2%
14%
%
1%
4
•
*74
34
*2%
%
230
%
34
1,500
1%
5,100
1%
4
4%
1434
4%
4%
4%
4%
434
15%
14%
15%
14%
15%
*33
3634
35
35
*35
35%
35%
35
*40
438}
*40%
*%
42
41%
:",11
35%
41%
*%
1
2%
23}
2
2
734
8%
1
*40%
44
*40%
1%
1
1%
1,400
3
2%
2%
1,300
21.}
2%
2%
2%
2%
2%
1,300
10%
10%
10%
15%
*934
*14%
800
15%
10%
15%
10%
14%
1434
8
2,200
12,600
42
160
8%
7%
8%
7%
8%
734
38
38
3978
39
40
64%
66%
63%
68
66%
69%
64%
1134
1134
1134
11%
*11%
12
11%
1134
11%
71
71%
72%
72%
*70
83
*72
72%
72%
62
*49
62
*49
62
1934
19%
*109% 110
22%
22%
67%
43
4334
17%
18%
*118
123%
67%
13634 13634
5734
58
*1000
10%
*90
26%
*90
*23
*49
19
11%
4%
19
19
109% 110
22
110
24
25
*60%
90
*60%
90
1034
*90
11%
94
10%
*90
*20
26%
6-%
6%
10
*8%
9%
9
*7
10
*6
10
18%
10
19
17%
18%
18%
19%
18%
88
87
88%
*90
26%
*20
26%
7%
7%
9'%
10%
9
64
93-%
45
46%
102% 102%
-
6%
7%
9
21%
21%
88
89
90
91%
88
88%
1,600
14%
6,600
14%
14
*33
14%
34
1378
*33
7%
8%
8
834
734
68%
68
68%
6678
40%
*90
45%
62
*54
42
42%
43%
94
94
94
47
46
47
o'2
8%
8%
8%
8%
8%
1%
1%
1%
1%
1%
1%
1%
43%
27%
42%
£26%
105
43%
44
43
43%
42%
26%
27%
26%
27%
27
64
105
this day.
*103% 127
8%
1%
*54
41
*93%
45%
9%
-
9,000
.
34
8%
Class
1,500
80
12,700
46%
12,500
100
300
1%
■
13,100
31,200
62.75
conv
234 July
1
31
28
26
29
Mar 31
Mar 30
1% Feb 23
July
7
1% Jan 10
6% Jan 10
15
1
8
June 30
Jan
o
preferred
Commercial Credit
Oct
33
Feb
28*4
Dec
45
Aug
Dec
3% Mar
10% Feb
35% July
41% July
7
July
7
3
Oct
46%
Dec
11
Oct
57
Deo
92
Feb
Feb 2.3
68
Dec
74
July
2
2
Oct
10% Mar
17%
Dec
48
102*4 June
19% Dec
113
Oct
90
Jan
24% Nov
41
Dec
82
48%
Aug
Jan
Aug
Dec
2978 July
5
7
Dec
132% June
Oct
170%
May 17
56%
Jan
59
July
Apr
June
95
Dec
104%
Jan
27%June 30
18
Deo
02*4
Feb
May
8%
Oct
25*4 Mar
11%
Oct
8«4 Jan 12
5%
Deo
27% Mar
8
Dec
30
Dec
29
Jan
Dec
32
Aug
Deo
31% Aug
Mar 29
5384 Apr
9
1
Mar 30
27% Apr 1
5is Mar 30
57 May
3
50 May 16
84
Mar 28
8
H84 Jan 10
10
June 30
22% Jan 15
217s July 7
91% July 7
15% Jan 10
98*4 Nov
20
Jan
7%
10*4
10%
05
Nov
9% Jan 13
£4%
Oct
2078
Jau
79
Jan 15
108
Jan 18
z68%
64%
30%
Oct
65
Dec
101
43% July 7
95%May 18
Oct
Dec
80
Dec
July
6
34
Dec
July
Jan 31
105
10
25
Mar 31
45
22ig Mar 30
"oiJune 8
28
y
Jan
Apr
10
47
Ex-dlv.
Feb
125*4
39%
46%
2
x
Apr
51%
Dec
578 Mar 30
Commonwealth Edison Co..25
Rights
45
25*4
Mar
31l2 Mar 31
90
112*4 Mar
4
34
Mar 29
Cash sale,
Feb
Feb
13%
110%
93*4
12
July
95% Jan
1
r
Mar
Jan 15
13
Solvents.-No par
New stock,
Jan 27
80
135%
21%
5
7
4
Commonw'ltn A Sou...No par
n
July
Oct
8*4 Mar
27% Jan
22% Jan
1578 Mar
Feb
3i4 Mar 31
414 Mar 29
4
Apr
1
13% Mar 29
60 preferred series...No par
delivery,
Oct
29
100
6,300
Oct
20
Mar 30
27%
6%
12
June 24
23
26%
Oct
30
26% Jan 10
970
Oct
1
7
July
69% July 7
13% Jan 12
72% July 5
76
1%
7
8%July
40
Feb
6
1% Jan 20
3
6% Mar
19%
Jan 22
10
27%
Jan
3% Mar
7% Mar
9i8 Mar 30
No par
5,100
32
90
20
No par
42%
Dec
10
Deo
118% July
8734June 29
Comm'l Invest Trust..No par
64.25 conv pf ser '35.No par
Commercial
18% Mar
12% May
Deo
60
100
4% % conv preferred
Mar
Oct
Dec
%
140
Columbia Gas A Elec..No par
6% preferred series A...100
5%
4
3
2%
6*4
8
5
May 31
1314 Mar 31
Mar
4*4 Mar
13% Mar
2%
7
78
90% Mar
08% Mar
100
7
19% July
May
718 Mar 30
Feb
Feb
434 July
45%May 11
970
48
1534June 30
IOI2 Mar 31
3
Feb
63% June
Oct
16«4 Feb 18
Jan
Feb
82
Dec
Mar 29
5712 July
Oct
1
23%
111
%
Mar 25
5
Oct
Jan
86*8 Mar
1%
2% Jan 12
1284 Jan 12
Jan
Oct
14% Mar
115
6
Mar 28
Mar 30
*4
2
Jan
Jan
178 Jan 10
is4 Jan 10
105% Mar 30
preferred-No par
42
a Def.
4
111
2.50
44%
{ In receivership.
Dec
6714 July 2
32i2 Mar 29
100
B
Columbian Carbon ▼ t
Columbia Plot v t o
80,200
4134
9434
Oct
89
314 Mar 30
25
May 31
353gMar31
4% 1st preferred
..100
4% 2d preferred
..100
Columbia Br'd SysIncclA 2.50
100
64
31
8
100
2,900
68
*105% 110
834
8%
1%
'
~
Nov
x40
5
Jan
12
Colo Fuel ft Iron Corp.No par
Colorado A Southern
100
120
Oct
89
12% July
1
No par
conv preferred.
3% Oct
18% Oct
103% Dec
25% Nov
Apr 20
l2 Mar 18
9
% Mar 31
li8 Mar 28
Colonial Beacon Oil...No par
'
260
21%
34
preferred..
5%
2,600
20%
lUiJ%
on
—
19%
*54
41%
"i.-
■
16%
2134
a'4
*6%
68%
68
Bid and asked prloes; no sales
161}
*5
lUi.%
♦
173,8
21%
14
9338
*20
30% Jan 12
Dec
6
375gJune
No par
Collins A Alkman
100
90%
10
*33
46
*88%
*88%
22%
14%
40%
5,200
*6
33%
67%
100
25
20%
14
*54
12,700
94
25
100
A
Coca-Cola Inter. Corp ..No par
Colgate Palmollve-Peet No par
«.
*90
91
16%
.»M
10
33%
8%
10
11%
-
20%
1434
8
16%
7%
113s
m,
*612
18%
18%
34
39%
44%
91
26%
26%
17
"i"2 "
91
25%
91
*20
11%
94
26%
*88%
,
16%
6%
*90
Ti%
91
41
Class
''
91
67%
Preferred
Coca-Col* Co (The)...No par
1,300
i.
9% July
3634 July
106
Mar
Oct
Sept
34*4
Jan 12
10
2,700
3%
95
Apr
47% July
Mar 12
Cluett Peabody ft Co..No par
*1000
104
24
7,200
*1000
Jan
112
7,000
*1000
Oct
1058 Mar 26
Apr 7
15U Mar 26
1934
••
Oct
4
106
42%
-
8
5
19
58
7
8*4 Jan 10
6% July 2
12% July
60
4134
124
Jan
Mar 24
19%
57%
Jan
12%
Mar 22
43%
91
62
10
13734 13734
39%
107%
41*4
24*4
48% Mar 2
38% Jan 17
July
June
48% Mar
82% Jan
Oot
5
June 14
115
June
2
19%
*118
4
Feb
Aug
41% May
2
Jan 25
64
42
58
May
Oct
100
105%
96
4ig Jan 12
105
5
19%
124
Jan 12
100
43
140
Dec
69
18%
124
*118
118% 118% *118
134
136
137
138
135%
57%
58
57%
57%
57%
13
...100
42%
24%
61
160
2,800
90
Dec
187g Jan 12
10
19
*60%
97
Equipment
No par
Clev El Blum 64.50 pf.No par
Clev Graph Br once Co (The) 1
.
23
1
22
Clark
w
Nov
May 11
106
No par
43%
27
67%
W
Dec
40
24
84 Mar
6
1,100
•
4%
97
July
3
84 Mar
25
2,100
62
Nov
80
5
56i2June 30
Jan
i2 Mar
No pa\
Chrysler Corp
City Ice A Fuel
41a Jan 12
2
9834 July
113
28
678 Mar 31
18
25%
8%
Co
Chile Copper Co
9% Apr
19I*4 Aug
129*4 Jan
Mar 20
8^8 Mar
10
6H% preferred
City Investing Co
City Stores
19
*17%
1097s 110
23
Chllds
35% June
Oot
2%
1
0% preferred
100
Chicago Yellow Cab...No par
66% 171,200
1134
1,100
50
72%
13% Nov
Mar 31
June
Feb
Jan 11
Oct
June 15
18% Mar
52% Jan
102
18
U2 Mar 23
12 Jan 26
2% Mar 26
100
Chlckasha Cotton Oil
Oct
70
No par
preferred
Doc
27ig Mar 30
22 June 18
Clev A Pitts RR Co 7% gtd.60
Climax Molybdenum ..No par
16%
8%
*434
7%
Dec
90
Dec
2
90
7%
13%
*49
preferred
4%
37%
Dec
Mar 29
Jan
17% Mar
61% Jan
Jan 17
19%
Mar 20
38% Mar
01
86
62
par
*60%
42%
17%
86
20
110
27
26%
19%
5
24
7%
*32
19
4%
22
1634
10
5
*109% 110
23%
*1000
94
5
4%
*35
conv
7
7U Feb 25
Apr 18
40
Nov
90
6
Pr pf ($2.50) cumdlv—No par
tCblc Rock IbI A Pacific... 100
100
1
3
14%
*34
5
44
1
2%
12%
*11%
14%
7%
63
600
3914 July
28
Oct
1
100
Preferred
Oot
Dec
07a
7
18
100
Chicago Pneumat Tool No
7,200
2%
67
62
6.200
2,700
2%
37
434
1%
4%
14%
35%
2%
34%
62%
*49
1,600
%
44
Jan
1
8lg Jan 10
July
4l2 Mar 30
17i2 Mar 31
{Chicago Great Western.. 100
4% preferred
100
{Chic Ind A Loulsv 4% pf_100
Chicago Mall Order Co
6
{Chic Mil St P A Pac._No par
5% preferred
..100
{Chicago A North West'n.100
1,600
4,400
1%
1%
preferred
Jan 11
9%
65
100
0%
7
Oct
26% Jan
94
26
{Chic A East 111 Ry Co
500
14%
Dec
v.
94
314 Mar 31
100
1,700
234
14
49%
48% Feb
52% Sept
0% Feb
20% Jan
37% Feb
Mar 28
90
No par
Preferred series A
Mar 30
2014 Mar 29
5
Chesapeake A Ohio Ry
-
4%
153s
2%
VL-.
2%
4
1-%
Chesapeake Corp
4
3%
14%
15%
1%
1,200
34
334
%
5
1%
1%
4%
14%
1%
1,300
Cab
4
4
100
Checker
Jan
7
1
6% prior preferred
8,400
13
34% Mar
2
Cham Pap A Fib Co 6% pf 100
Common
No par
100
97%
29%
77
1%
1%
1538
Certain-Teed Products
2,140
97%
878
41
11
20,100
36%
*97
33%
10
9
8%
35
97%
3
9934 April
...100
.
35
9%
34%
9
91
Oct
Dec
20
Oerro do Pasco Copper .No par
97
43
*70
Preferred.
'
8%
31%
32%
15
-
8%
41%
*1%
•
97
8%
31
12
1%
W
17,600
46%
47%
Oct
Oot
12%
18%
July 5
12i2 Mar 26
Century Ribbon Mills.-No par
800
6%
4578
44
44%
2
82
Central Vloleta Sugar Co...l9
45%
4434
0
24
46
Central 111 Lt 4H% pref—100
Central RR of New Jersey. 100
900
6%
May
9
1
700
12
Mar 30
Jan
5
Oct
10018
No par
Centra! Foundry Co
.
-
99
*90
99
1,500
-
Mar
Oct
7
295g Mar 31
preferred
100
Central Agulrre Assoc ..No par
11,000
-
Feb
Dec
02i2 Mar 31
5%
23%
4
Feb
45%
Oct
10
10
98I4 Jan
100
Co
Celotex
72
4%
23%
*10334
12%
1134
534
5%
*94
2,700
^
7%
7% prior preferred
500
24
*66%
23'%
4%
*103%
88
22
68
39
1
03ig Apr 14
123gJune 13
2i2 Mar 25
6
1
100
...100
Feb
Dec
4
4ig Mar 3i
3414 Mar 28
No par
preferred
35%
11*4
June 30
44
Celanese Corp of Amer.No par
18,500
*80
25
72
5%
18% July
Oct
Oct
1*4
0%
18%
37'2 Apr 29
100
Caterpillar Tractor
Dec
36% Mar
9% Feb
33*4 Mar
1678 July
20'4 July
1
Preferred
160
200
11
*%
138
1%
1,900
4,300
105% 105% *105% 110
17%
18%
1634
18%
24%
12%
14
*334
98%
94%
94%
116
117% *112
Oct
5*4
15
2i* Jan 10
21
Carpenter Steel Co
Carriers A General Corp
Case (J I) Co
500
4
8,600
25
78%
""50
10%
10U Jan 11
5
Jan
65% Mar
45% Jan
Oct
85sMay 27
12ig Mar 30
13 preferred A__
...10
Carolina Clinch A Ohio Ry 100
.
Deo
Mar 31
26
Capital Admin class A
400
7%
55%
"25*
*75
4
55%
105% 105%
16%
84%
22%
*66%
23%
17%
7%*
31%
43%
*95
95
4%
99
*90
104
4434
17%
4
55%
82
*66
2234
30%
75
Exchange
4%
*10334
*
40
22%
68
5%
1,900
*34%
105%
1634
17%
23
*90
39
40
*105
18
84%
684
39
7%
*34%
54%
105%
*9%
39%
7%
7
40
3%
3%
93
97
97%
95%
*112
115
111% 113
55%
23
39
7
Feb
Mar 31
..No par
Cannon Mills
Jan
13
Oct
100
Canadian Pacific Ry
40,500
7%
98
Oct
5%
6
Canada Sou Ry Co..
47
7
1
Canada Dry Ginger Ale
55,500
14%
Oct
1
preferred...........60
Campbell W A C Fdy..No par
5,600
*31
7%
4
988}
*03
7%
15
20%
40
?
110% 111
*82
37
36%
38
47
14%
18%
*37%
*70
18
17%
7%
7%
*17
*104
7%
7%
15%
20%
*33
•
75
54%
46%
6%
47
7
8
*08
90
*37%
19%
*37%
*37%
7%
37%
40
*31
15%
19%
6%
Oct
2%
24%
5% Mar 30
Calumet A Hecla Cons Cop. .6
■
25% Feb
117% Mar
35
2%
45
■
*49%
9%
Jan
16%
2%
2412 Jan 11
4914 Feb 18
2
Jan
24%
7
87g July
Jan
50
Deo
70
15*4 Mar
2234 July
7
4% Jan 10
15i8 Mar 30
No par
Packing
51
15%
Jan 17
12% July
1%
18
11
19<4 Jan 12
8%
14%
4
7
6
41
*49%
14%
32% Mar
Mar 31
2
18%
June 30
Mar 30
9
17%
83
Mar 31
1%
14%
Oct
7
6
8%
14%
19
e%
July
13
8%
18-%
Oct
20
2
„
6
par
No
1%
:
Jan 10
California
2,000
2,100
_
10
Participating preferred ..100
Byron Jackson Co
No par
310
18%
22%
Dec
17U June 30
*14%
8%
22%
4%
8%
22%
34
6*4 Mar 30
Debentures
14
22'%
4%
Jan 24
100
No par
fBuah Terminal
300
8%
22%
41
20%July
12i2 July
20% Jan 10
31* Jan 15
Burlington Mills Corp
1
Burroughs Add Mach._No par
9%
-•
Dec
{Bush Term Bldg gu pf ctfs 100
7,300
.....No par
Co..
Bullard
2,100
12,400
No par
234
8%
15%
1512 Mar 26
1314 Mar 31
6®4 Mar 29
14i2 Mar 31
U2 Mar 28
4% Mar 26
Watch
*8
4'
211% Jan 11
647g Jan 11
5% Jan 20
Mar 26
3
9%
21%
Dec
0% Jan 12
9%
40%
1734
14%
Apr 18
21
3i4 Mar31
25
8%
.
75
9
12%
*49%
12
50% Aug
•
Dec
Jan 13
Jan 13
14
16%
8
13%
100
12
10% July
57g Mar 31
No par
preferred
July
7
37
Budd Wheel—---—No par
7%
19% Jan 12
3li2 July
31
29
27
26
zl0*4 Mar
10 <8 Mar
2734May
5% Mar
9
40
61
3
400
12
*49
Feb
llg Mar 25
3=% Mar 20
53s Mar 30
.....100
preferred
Mar 30
28
6
Budd (E G) Mr?
1.200
18
*2%
10
22*4
4»< Jan 10
Bucyrus-Erle Co
50
Jan
Mar 23
Bruns-Balke-Collender. No par
28,900
July
July
2
15
May 31
1012 Mar 31
16
—5
Tjoo
534
Apr
100
—
Corp
Brooklyn Union Gas.►.No par
Brown Shoe Co
No par
9.100
28%
1834
28%
40
18%
22.%
10,500
5
4%
12%
4
70*4
7
14
Manufacturing.No par
Brlggp A Stratton
No par
Bristol-Myers Co
—6
Brooklyn A Queens Tr.No par
>0 preferred
No par
Bklyn-Manh Transit..A'o par
10 preferred Berles A .No par
29,500
43
4%
2%
5
47-% July
Bower
3,900
11%
4%
5
95
5
2
Brlggs
5,900
90
4%
44-%
6
Jan
June
Bridgeport Brass Co ...No par
33
5%
41%
181;
*2%
9
8%
6%
5%
42
40
40%
■'
6
Highest
share S per share
per
9
Borg-Warner
1,100
9%
$
share
40
Borden Co (The)
100
18%
per
82
B
Boston A Maine RR
1.200
37%
36%
2%
10%
12%
35%
$
No par
Class
2,900
2534
share
Bon Ami Class A ......No par
150
200
13
*35
per
Bond Stores Ine.......«....l
95
10%
25
6
Lowest
Highest
Lowest
Par
47%
4%
21%
Range for Previous
Year 1937
100-Share Lots
EXCHANGE
the
47%
*12%
17%
9%
9%
On Basis of
YORK STOCK
NEW
f''T
Wednesday
July 6
Range Since Jan. 1
STOCKS
Sales
Tuesday
July 5
Saturday
July 2
July 9, 1938
09%
114
80%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
6
86
DfcO
Jan 12
5
Oct
21%
Jan
3
1
Oct
Jan
May 11
May 11
34
Oct
4%
76%
Jan
120
Jan
Jan
"64 June 22
Ex-rights.
^ Called for redemption.
Volume
LOW
AND
HIGH
PRICES—PER
SALE
Wednesday
July 5
July 6
July 7
July 8
Week
$ per share
$ per share
$ per share
Shares
$ per share
7
7
22%
22%
$ per share
634 ■!'. 7
*6%
8%
8
13%
13%
16%
-
8
8%
60%
7%
7%
28%
28%
28
99
99%
9834
10
10%
978
*103
4%
5
4%
103%
105
4%
4%
4%
%
%
%
4
4
4%
*16
89%
89%
1434
15
18%
19%
2%
2%
*89
2%
90
913i
47
1%
32%
1%
31%
33
32%
157s
50
*163%
4%
33%
-
-
-
67%
99%
4%
34
15%
15%
181,8
1834
25
24%
33%
31
31
29%
11%
30
46
000
16%
33%
1%
1%
32
32%
*%
8%
4%
*60%
16%
6%
65%
*163%
67
25
Apr
100
162
Apr 12
*105
24%
93$
10%
35
36%
24%
10%
35%
3634
4%
32
105
25
24%
10%
37%
*31%
35
*32
*30%
33%
*30%
13%
31
12%
13
11%
14%
1234
13%
36
33
80
*78
*%
%
8%
4%
62
16%
*16
16%
6%
16%
10%
45%
45
6%
45
Stock
2534
Exchange
8%
8%
107% 107%
22%
22%
22%
Closed
634
*2
1334
7%
2%
95%
96
634
8%
8
dence
13%
14%
20
*64
69%
*64
3334
*30%
45
G34
8
;
7%
6%
*2
8%
14%
15
27%
*68%
71%
15%
*1434
*31%
15%
32%
19%
2734
6%
27%
131%
131
20%
20%
10%
10%
2%
*10%
2%
11
113
*102
121% 122%
*134
135%
116
116
*11434 116%
6%
6%
171%
170
167
*162
18%
18%
*3
4
27%
2634
36%
9%
15%
14%
1434
70
70
70
400
15
*14%
*31%
15%
32%
300
8%
9
15
70
70
3634
14%
15
32%
*31%
28
28%
*5%
48%
5%
49
135
21%
10%
*2
3
*8
11
108
*2%
140%
21%
*18
10%
11
11
*2%
3
*8
*102% 108
132
5034
3
*8%
*102
109
6%
*165
133
136%
*18
21%
100
10%
800
3
100
10%
*2%
11
11
100
*102
110
116
118%
15,700
167
6%
170
*165
6%
4%
21%
22
21
.4
169
170
167
167
167
193.1
17%
17%
4
4%
•
4%
22%
3%
3%
20%
22%
21%
8%
8%
3%
8%
*3%
12%
11%
22
12%
44%
45%
834
3%
11%
42%
41
4134
39
40
39
40%
*28%
29
29
24%
28%
*1%
24%
41
40%
41
9%
3%
*28%
*1%
9%
3%
12%
29
1%
25
25%
*40
4434
*106% 108
634
7
58%
*55
58%
*59
2%
2%
58%
64%
2%
3
13s
24%
*39%
108
9%
*55
58%
*59
41%
44%
1%
108
6 3.1
638
42
39%
3%
13%
45%
41%
29
29
1%
24%
12%
.
1%
24%
*40%
i%
21
20%
8%
8%
11%
3%
12%
41
43
3%
40
*29
1%
2434
1%
26
25%
8,700
41
40%
40%
400
106% 106%
6%
6%
56
56
58
58
7
58%
*55
58%
*55
59
*57
5834
*56
60
*58
64%
2%
2%
3
3%
*58
2%
334
4'o
6
6%
6
6%
5%
6%
334
3%
3%
334
3%
;;: 6'%
4%
4%
4%
4%
4%
4%
4%
10%
10%
11
64%
2%
3%
7%
4%
11%
*58
23g
334
3%
6-%
7
4%
*434
4%
4%
10%
1034
15
14%
14%
1434
2
*134
1%
134
1*4
*134
8
7
7%
7
31%
31%
30%
31%
32
7%
32%
34
14%
*1%
7%
3034
2934
29%
29
29
6%
30%
28%
13%
29%
28%
29%
28
14%
14
14%
14%
14%
*80%
83
*85
87
14
14%
*80%
83
88
88
*97
*97
^
*80%
88
^
83
92
*80%
91
1%
20%
21%
4
*3%
3%
334
334
334
2%
2%
20%
3%
2
*18%
1934
*78%
82
*80
82
3334
34
34
*15%
20
*17%
*
34%
19%
Bid and asked prices; no sales on
2
2
19
20%
81
82
34%
82%
33%
82%
3334
*17%
19%
*17%
19%
this day.
34
1%
1%
21
2414 Mar
Oot
Feb
Jan
1*4
Oct
1078
Dec
146i2
5
Oct
22
May
734 July
39% Feb 28
12i8
29%
Oct
Dec
30
May
6
18U
Oct
30i2
30
Oct
40'8
28i2May
37
June 22
70i8
Feb
Feb
Feb
Deo
23
Apr
10
Oct
29
Mar
601$
Oct
90
Mar
684
5
2
Mar 30
Mar 26
17
Jan 12
15
Oct
25
Feb
Jan 12
27
Oct
4D4
10i2
Oct
46»4
Jan
Feb
22i2 Jan 11
2988June 28
77%
Oct
July
2
20i2
7
79i2 Nov
51
12% Mar
Jan
Dec
8% Jan 20
140% July
143*4 July
Dec
55
Jan
123s Jan 17
8U
Deo
39U
Jan
3% Jan
11
July
ll2
Oct
8%
Jan
17%
22
Jan 10
8
21
Jan
8
10
Oct
Jan 27
100
Nov
122
Jan
1233s Feb 23
98
Nov
130
Jan
Feb
115
Oct
180%
135%
6
107i2
Oct
112
1
7% Jan 12
109i2
Oct
115%
Jan
212
Oct
17
Mar
Nov
198
Aug
5
171
Apr 20
150
Apr
164
Nov
157
Jan
Dec
37%
Dec
10
Dec
45%
Feb
lOSg Jan 17
3»4
Oct
10
Feb
Jan 11
35g
0i8
Oct
Oct
7%
Feb
2058
Jan
27
Oct
97
4134 July
24
Oct
31% Mar
22
Oct
215s Jan 15
Mar 23
4*4 Jan 12
2
13i4 Mar 30
Mar 30
6
2i4May 27
0i8 Mar 29
22i2Mar 31
Mar 31
18
2184 Mar 31
i2 Mar 26
Elk Horn Coat Corp newNo par
Feb
15%
234
1478
10i2 Mar 30
225g July
4
7
1358 Jan 12
4512 Jul
2
;
>'' '
44'*
Mar
Jan
I an
Jan
1% July
17
3
26
July
<59
Jan
Apr
6
41
July
33
Nov
60
Feb
94i2 Apr 5
2% Mar 29
100
Feb
33
3
50
108
July
100
Nov
115%
7
July
Jan
Jan
14%
Oct
I
3
Oct
1734
;-!8%Mar 31
40
Mar 31
preferred-..
67%June 30
41
Oct
78%
Jan
59
June 30
45
Nov
81
Feb
Mar 29
0334June 30
2?8 Jan 11
51
Nov
80%
Feb
934
Jan
40
No par
a4 June 21
234 Mar 30
2
June
4
6*4 Jan
884 Jan
3
1*8 Dec
4U Oct
23% Mar
6
8I4
Oct
35*8 Mar
Oct
28% Mar
612 Jan 0
5% Jan 13
5
Jan
3
Oct
14%
0i2
Dec
34% Mar
pref.----100
5,500
Fairbanks Morse A Co.No par
19i2May 27
2,600
1,500
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction.—15
22i2May 31
078 Mar 30
333g Feb 18
1478 July
7
67
82
July
1
72*4 Dec
92
July
6
60
99i2May 17
4*8 Jan 12
48s Jan 12
90
2
Oct
1158
214 Oct
II4 Oct
14*4 Deo
11%
Feb
Feb
0
Jan
3
Ex Cell-0 Corp
$0
600
«.
-
-
-
-
4,700
1,700
2,300
2,200
300
33
1,300
a
6
Jan
2i8 Mar 20
514 Mar 31
1018 Apr 9
Hs Mar 31
3i2Mar30
1,200
5,8§0
10,800
85
f, In receivership,
58*8 Mar
Nov
...N par
No par
Batten ..No par
preferred
29
Oct
144
—
»
Oct
34
2
Mar 30
1
33
19%
8
June 30
4
Nov
$5K preferred w w..No '
Nov
31*4 Mar
174
preferred
preferred
$5conv
Jan
27
314 Mar 31
12ii2 Mar 31
shares—
Electric Power A Light-No nar
5% preferred.
Engineers Public Service
109
13
Jan
lJ4May 6
8i2Mar 28
102
Apr 23
100
Corp
Oct
19i2 Nov
93gJuly
0i2Mar 25
5
El Paso Natural Gas
Feb
205g Nov
Mar
15
Jan
24
88%
16
4%June
Oct
18%
Oct
90i2
Jan 12
75
li2 Mar 29
*78
*17%
3
5
877g Jan 27
(N J).No par
Endlcott-Johnson
Jan
888 Mar
23*4 Mar
Oct
6
478 Jan 24
Mar 30
2718 July
Schlld
Elec Storage
Oct
12l2
8i2 Feb 25
2i2 Jan 10
108
Mar 18
31
Elec A Mus Ind Am
$6
Oct
8i8
July
$7
Dec
2
Marl6
$6
—
20%
39t2
Jan 10
Mar 30
"
Exchange Buffet Corp .No par
4%
334
7
JErfe Railroad
100
4% 1st preferred
100
4% 2d preferred......—100
Eureka Vacuum Cleaner
5
Evans Products Co
—5
13%
3%
3%
Feb
15i4June 24
Equitable Office Bldg-.No par
91
3%
3%
Mar
2058
109i2
Jan
2834June
No par
Auto-Lite (The)
5
83
334
3%
43
Oct
116i2Mar
Fairbanks Co 8%
91
Deo
4
117
100
*97
12
137
510
*80%
Jan
0
12
18
10
10
1
134
4
334
1%
83
92
127
3
7%
13%
4%
"334
2
7%
*97
*97
334
19%
15%
1%
Deo
10012 Apr
11134 Jan
Boat..
Jan
Jan
70
l3034Mar 31
Electrlo
Oct
Feb
5",500
28%
1434
*134
284
178g
14*8
3
5
-100
Electric
Jan
Oct
Jan
11
No par
6% cum preferred
Mar
3
3
i2
pf 100
Eltlngon
135
Dec
Nov
80
65i8June 17
13i8May 25
No par
Eaton Manufacturing Co
Oct
Apr
81*4 Mar
27
12,400
6,200
3,300
32
14%
*7%
IO884
90i2Mar 31
Eastman Kodak
64
2-%
11%
1434
14%
16,400
Deo1
6% non-voting deb.——100
$4.50 pref
No par
400
6%
57%
21
Jan
86
2034 Jan
31% Jan
No par
Duquesne Light 5% 1st
Eastern Rolling Mills
200
•
4%
10%
240
106% 108
64%
2%
3%
10
3,500
Apr
Nemours(EI)A Co.20
Du P de
4,900
29%
39
107% 108
6%
6%
334
11
82,400
14,200
Jan
7
25U
62
25
No par
Dresser (SR)Mfg conv A No par
Class B............No par
Dunhlll International
1
10
3,400
6,800
13,800
12,900
2,100
300
56
3
2%
9
3%
12%
44%
338
4,200
2,300
6%
6%
172%
18%
19
4
40
47U
Oct
Dec
2i2May 31
458Jurie 11
Dominion Stores Ltd—No par
100
116
50i2
Dec
8%
Nov
12
1,000
116
Deo
30t2
18% Nov
Doehler Die Casting Co No par
Silk..
Jan
Feb
34
4
Jan
15t2 Jan 11
1778 Jan 12
No par
preferred
Jan
2884
10078
54i8
5% pref with warrants..100
Dixie-Vortex Co
No par
Class A
No par
8%
37
28% Nov
Mar 30
5% preferred........-.100
A.-No par
Diamond Match
No par
Duplan
115
Deo
24
Mar 31
Douglas Aircraft
Dow Chemical Co
Deo
Nov
0t2
7
7
Mar 26
Dome Mines Ltd new
885S
Jan
Feb
Aug
2
9
Devoe A Raynolds
30
135%
a;133% 133% *134
114% 11534
6%
169
17%
18%
34,200
2,100
11
117
2115-% 115%
116
11534 U.534 *115
117
169
200
6
49%
110
11734 121%
11634 12134 11734 120
*134
138
136% *135
4
2,300
7,400
28%
•
4
20
19
21
56i2
6
Mar 31
Distil Corp-Seagr'e Ltd
Jan 11
22i2 Nov
10U Mar
July
1
5,700
Oct
65
4
3,500
'
6:J8
49%
Det
8
7% Mar 29
0% participating pref
25
Diamond T Motor Car Co—2
700
9
283g
5%
1,500
36%
9
28%
:
*6
48%
*10%
167
27
36%
21
1,830
37%
*26%
20
*18
18%
32%
37
19%
10%
*102
38%
19
21%
170%
20
*6
*6
37
*18
169
9
90
4
*3
Jan
3
9i2 Feb 17
107%June 7
25% Feb 25
25
Jan 20
Detroit Edison
734
128
*116% 118
*11434 11534
6%
6%
4
Feb
7H4
17H2
Apr
2678 July
100
JDenv A R G West 6%
600
50i2
18% Jan
7U Jan
50% Jan
6U Jan
21%May
70
600
77
Oct
46*4 Nov
153
87
100
A Mackinac Ry Co.-.100
14,600
3558 Mar
July
94i2 Jan 17
D4 Jan 7
13% Feb 7
5% Jan 10
8
pf.100
7%
2%
2%
Oct
912
49
29% July
Diesel-Wemmer-Gllbert.... 10
97%
6-34
*92
36%
50%
126% 13G
10%
734
2%
97%
1434
*69%
14%
*31%
18%
273I
48%
*6
2%
97
26%
36%
9%
14%
9%
69%
7%
2%
96%
96%
36%
51
900
Jan
Feb
378
Oct
Mar 31
Delaware Lack A Western..50
7%
2%
36%
28%
63«
..20
Delaware & Hudson
36%
*6
Dayton Pow & Lt 4«% pf-100
Deere <fe Co new.
No par
Preferred
4234
Oct
24
6%June 4
I02i2 Jan 3
1334May 27
1934 Mar 29
Davison Chemical Co (The)_l
270
600
28
50
1,800
35,500
16,000
28
28
8
106% 106%
21%
20%
22%'
22%
Conv 6% pref...
Oct
Oct
78
69i8 Jan
108i2 Dec
25*4 Jan
1314 Mar 31
4% Mar 29
1314 Mar 29
18
6
25
Davega Stores Corp
100
14%
734
36%
*2634
36%
19
8
600
638
15%
12%
9
20%
*14%
preferred
Cutler-Hammer Ino newNo par
14
4
31%
20%
$8
June
Dec
23
14% July
314 Mar 30
12% Mar 30
48% Jan 11
pref..100
No par
Cushman's Sons 7%
10
12%
36%
6934
20
4,800
12%
*7%
*14%
31%
70
25
23%
*6%
35
Curtlss-Wrlght
1
Class A___—...—1
16
35%
27%
36%
834
23
22,400
12%
10%
15%
23
22%
20%
20%
15
36
8
107% 107%
22%
21%
1,500
63,900
12%
*7%
15
6%
15%
834
5
14%
96%
4
8%
26%
45
4%
13%
35
4
6%
*14
14
4
4
3,300
*30%
26
26%
22io
6%
6%
Packing
50
Curtis Pub Co (The)..No par
Preferred
No par
1O078
6t2
Jan
72i2 Jan 12
443$ Jan 11
58%May 31
12
May 25
4% Mar 31
Cudahy
Deo
3734
33*4 Jan 12
Mar 29
3
37%
87
5i2 Mar 31
100
Preferred
*12%
13
6%
*184
*92
700
45
107%
21%
22%
2234
Day
16%
6%
107
21%
2234
12%
16%
45%
5%
21%
14
22-%
17
6%
*6%
107% 107%
50
65
26%
15%
6,200
62%
45%
4%
2034
*303.1
24%
*8%
Indepen¬
13%
13%
24%
*14
434
61%
16%
5
65
63
V-U-A
634
634
15
63
*30
29%
5
No par
100
Cuban-American Sugar
10
June 30
3978 Jan 17
3gJune 20
Cuba RR 6% pref
65
9
Apr
Feb
1()78 July
19U Mar 31
70
Jan
10934
65
25
5
Mar 29
58
(The)
Cuba Co
210
%
*7%
434
*62
5
Corp
700
%' 58
%
"
45
4%
2(1
300
8%
GI9
6%
5%
20%
12,800
85
8%
4%
62
65
22%
4%
65
20%
*13
434
*62
33%
%
834
43i
8%
65
19%
634
%
8%
%
Mar 31
514 Mar 31
2214 Mar 30
29
Apr 13
25% Apr 1
7*2 Mar 29
No par
Crucible Steel of America..100
Preferred
100
84
*71
81
80
85
$5 conv prel
6I4
Oct
June 30
160t2May 3
478June 27
3 434June 30
107
July 7
215s Apr
Crown Zellerbach
33,900
Oct
1
Jan 31
$2.25 conv pref w w..No par
Pref ex-warrants
No par
373s Apr
Oct
1
Jan 12
Crosley Radio Corp
Crown Cork & Seal
800
34%
21%
25
35
Oct'
712
June 27
19
No par
10*4
69
234 Mar 26
No par
92i2 Aug
56
Cream of Wheat ctfs...No par
800
200
*73%
4%
*14
5,000
15,900
6234 Apr
Dec
1
100
5% conv preferred
1,400
10%
Apr
-.1
25
Coty Inc
Crane Co
4,400
27,600
31%
78%
80
Preferred...
+
33%
35%
*77%
*
33%
31%
35
31
+
106%
24%
10%
3434
35
Corn Products Refining
5,100
4-%
32%
4%
34
107
106
107
24%
24%
4%
32%
4%
34
78%
5%
29%
Mar 26
10
40
84
4%
*63
%May 20
2114 Mar 30
x53
34
6%
1
6
Oct
79*4
Jan 12
ll2l2June 28
9% Jan 17
3 534 June 30
1«4 Jan 16
3438 Jan 11
16i2 Jan 10
June 17
6
Oct
16
5
1738 July 7
1978July 7
238 Jan 13
2114 Mar 30
■
Apr
49
Corn Exch Bank Trust Co. .20
-
Feb
1778
93
Continental Steel Corp.No par
^
Jan
13i2
Oct
Apr
380
67
108
Oct
100
5
89i2 July
800
,
Nov
7
1314
Apr 18
15
66%
*163%
Jan
3%
5% Jan 12
22
Mar 31
52
~
Jan
Jan
15
66%
Jan
1884
4978
Oct
92
June 30
584
Oct
Dec
4%
21i8
Jan
Feb
51%
i-
1
Jan
15s
1534
■-
Mar
10%
5234
65%
Mar
95
10578
15%
67%
87
Oct
Oct
D4 Mar 29
05i2 Mar 31
36% Mar 30
107
Jan
5
No par
Continental Oil of Del
Oct
63
Oct
084May 27'
85s Mar 26
20
Motors
05
Dec
Continental Insurance_..$2.50
Continental
1878
*8
8
Continental Diamond Fibre..6
8,000
19,700
Oct
258
10
100
$4.50 pref
300
1,900
3,200
4*4
7
52
80
46
*44
7,600
July
4
78
No par
....
8% preferred
Continental Can Ino
400
Jan
20
i2 Jan
15
36%
4%
B—
22
Oct
7i2 Jan
Continental Bak class A No par
Class
Jan
Dec
10312 July
Container Corp of America.20
29,900
13,900
6,400
1914
2% Mar 31
i4 Mar 21
2t4 Mar 19
51
80
%
100
Dec
9R34 Mar 24
pf.100
^Consolidated Textile.-No par
Consol Coal Co (Del) v t C-.25
5% preferred v t o
100
Consumers P Co$4.60pfNo par
200
Feb
19i8
4512 Mar
678
534 Jan 15
10i2 Jan 10
15
34%
*73
9
No par
No par
share
per
Dec
8
178 Jan 11
100
S
7%
5
Jan
3014 July
Mar 30
7
20
7i2June 30
7
Mar 31
88% Apr 16
2% Mar 30
No par
..5
Consol RR of Cuba 6%
4,600
1,600
Mar 26
1
4i2 Mar 26
17
51
82%
35%
*80
preferred
Consol Oil Corp
$5 preferred
100
88
36%
82
*73
$5
1,100
2%
2%
88
5
..No par
Consol Laundries Corp.
55,800
1834
2%
$2 partlc pref
3,200
17
18%
90
1
Jan
Consol Edison of N Y..No par
92,000
2,100
47
4534
46% 47%
112
*107
110% 112
884
9%
8%
8%
33%
3234
3334
34%
1%
1%
1%
1%
33%
32%
32% 33%
8%
33
33
17%
90
47
8%
9%
3434
*31%
30%
12%
1134
2,000
7%
19%
2%
90
*110% 112
8%
34%
1%
9
9%
37
1%
7
1834
2%
90
Apr
Consol Film Industries
*1%
16*4
16%
19%
2%
2%
105
103
103
*24
76
65
71
share
4i8 Oct
1478 July 6
19i2 Jan 17
S38 July
68
Jan 15
80
Mar 19
4% Mar 29
100
1
6H% prior pref w w
76
8
4®4 Mar 30
Mar 29
-.100
preferred
7%
4%
Mar 29
11
__.l
No par
10
99
4%
*163% 167% *163%
434
4%
4%
32%
32% 34
.
103
9%
29
99
4%
Corp
Consolidated Cigar
60
1%
7%
30%
1%
73g
0
Highest
$ per
share
per
7i8 Jan 14
24i2 Jan 22
1
Mar 29
15%
50
67%
65%
293g
99
8
Aircraft
Consol
67
80
*76
1%
7%
8
378 Apr
50
*15
15%
50
*62%
1%
47
*8%
34%
1%
34
8%
60
7%
28li
*110% 112
8%
884
16%
13,200
1,800
1%
7%
29%
90
46
48%
*110% 112
670
16%
29%
28%
99%
98%
99%
5
434
4%
4-%
10
10
10%
10%
10%
10%
10%
110
*102% 110
103% *101% 110
*102%
4%
4%
*4%
4%
4%
4%
4%
»8
%
%
%
%
%
4
4
4%
4%
*3%
4%
*3%
*15
*16
1734
17%
1734
15%
15%
88%
88%
8934
89% *87%
*87% 8834
14%
1734
*87%
14%
16
$
share
15
Conn Ry & Ltg 4J*% pref.100
7%
*1334
.
*15%
17
200
7%
per
No par
Congoleum-Nalrn Ino..No par
Congress Cigar
No par
6,300
1434
*62
80
Conde Nast Pub Ino
900
6%
23
8
8%
*76
8
6%
22%
$
Lowest
Highest
Lowest
Par
14%
15%
62
62
7%
24%
6%
*7
16%
i'A- 8
76%
1%
;:*7
1%
14%
16
67
*62%
76%
:
2334
8
13-%
8%
8%
80
*634
1234
16%
123.J
*60%
*76%
1%
'
8
16
16%
*6% ;
7 c
2234
23%
23%
23%
100-Share Lots
EXCHANGE
Tuesday
July 4
$ per share
Range for Previous
Year 1937
Range Since Jan. 1
On Basis of
NEW YORK STOCK
f0J
the
Friday
Thursday
STOCKS
Sales
NOT PER CENT
SHARE,
Monday
Saturday
July 2
233
New York Stock Record—Continued—Page 4
147
-100
preferred
Def. delivery,
li8
1214
0778
22i2
stock,
r
Cash sale,
5
2
Mar 30
Mar 30
Mar 31
Mar 30
Jan 4
Mar 30
15
Preferred
n New
Apr 11
June
52l2 Apr
90i2 Feb
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 H % pf—100
Fidel Phen Fire Ins N Y..2.60
Fllene's (Wm) Sons Co.No par
Federal Mln A Smelting
2i8
178
x
Ex-div.
1
y
11% July
7
1538 July
7
178June 30
ID4 Jan 12
34
July
2i8 July
2178 July
82i2 July
35
7
1
7
7
June 30
1738June 30
Ex-rlghta.
~~1% "Oct
0*4
Jan
7i2
Oct
28
2312
Oct
717s
20
Oct
70
Jan
Oct
29*8
103
Jan
Jan
Nov
150
Mar
Oct
129
Apr
7i2
Z05
22i2
20
Oct
Oct
Dec
Jan
Jan
43*4 Mar
10878 Mar
4558 Jan
3984
Feb
T Called for redemption.
New York Stock Record—Continued—Page 5
234
ALE
PRICES—PER
SHARE,
NOT PER CENT
Saturday
July 2
July 4
$ per share
207s
S per
$ per share
21%
21%
*86
-86
29
86
29
19%
25%
2%
22
21%
86
86
87
2%
♦2%
2%
31
293.4
*29%
•100% 100% *100%
18
1734
17%
*63
7478 *65
18%
65
4
37g
*28
28
4%
4%
29%
22
25%
20%
*25%
22%
87%
29%
217g
25%
19
*17
19
*17
19
2%
31
19
2%
*28
70
234
434
2%
2%
4%
4%
15%
4%
.16
*13%
15%
*13%
15
*14
*90
93%
*90
93%
6%
*91
16
6%
2%
2%
4%
4%
5%
5
1578
6%
47
8%
15
15
15
49
*47
49
8
8
100
*97
*97
46%
87g
47%
9
11%
22%
109
109%
1%
1%
5%
1234
23%
23
68
67
63
123
*120% 123
377s
39
37%
36
2
*90
*121
122%
37%
39
123
39%
38%
118% 11834
37
*3534
36
*67$
934
2
2
21
20
95
*90
119
37
7%
978
*103
2l.i
20%
2%
21%
95
1%
*21%
29%
29%
29%
28
2934
24
25%
28%
23%
25
26
13%
14
20
23%
14%
*90
134
14
*17%
Stock
Exchange
S38
54
237S
24
42
42
Closed
Indepen¬
10%
1034
53
227g
24
42%
dence
3
3%
69%
234
3%
*64
Day
29%
24%
30%
£14%
31%
27%
1478
18%
18%
24%
99
~14~
8
3
23
91
*62
1%
1%
114
5%
5%
1%
6%
1778
16
16
26%
*22%
127g
19%
27
68
271o
23
"
13
207g
2734
11
1%
11%
16%
28%
1534
26%
23
*22%
127$
127$
19%
21%
*27%
27%
*128% 129
*35
40
35
35
21%
2C%
21%
55
50
50
2034
*40
62
1%
1%
*11%
16%
17
28
28%
*27%
28
23
*22%
12%
21%
20%
27
2734
127% 127%
21%
27%
128
35%
21%
*40
12%
1334
9%
9%
9%
1%
1%
1%
9%
1%
18%
18%
18%
*20
*5%
6
*263$
*33%
8%
*1534
*88%
*17
19
*17
*2578
27%
*26%
27%
*32
35
*32
35
9%
87g
9
17
17
17
90%
90%
91
87
27
27
6%
70
2%
*92
7%
*87
2%
95%
7%
105
*147
*87
149%
15
*147
15
56%
14%
5678
56
131
131
131
*51
56
*51
*88
91%
*17
22
90%
*17%
3784
38%
39
*107% 121%
11%
11%
17
17%
*104% 107%
58
59%
25%
25%
11%
11%
*57
100
8%
44
878
45%
2%
678
2934
7%
67g
2978
8
'
%
11%
11%
19
20
33
33
6%
*
7
Bid and asked
6
*35
55
*40
1478
10
13s
22
6%
21%
prloes;
2,700
13%
978
1%
*19%
5%
Gen Time Instru Corp .No par
6%
105
*92
14934 *147
15
5678
131%
5578
19
*17
19
27
*26%
*34
35
*17%
91
91
834
18%
*17
18
91
*89
91
105
*95
149% *147
15
16
55
55%
*51
56
90%
91
91
26
18%
18%
39%
15%
54%
*132
*51%
91
*19
105
*95
14934 *147
16%
5578
133
15
54
*132
day.
23,300
20,500
647$
jan
44%
Feb
Jan
109% July 6
1% Jan 11
Oct
3%
33
Nov
64%
2
48
Oct
657$
Apr 30
117
May
%
May 24
July
July
119% July
28%
7
7
38
111
June 24
$5
conv
3,100
10
5%
Jan
Oct
65%
Feb
91
June 29
85
Nov
Jan
2
Jan 10
1%
1
Oct
117%
5%
5
14
Oct
487$
Jan
7
2884 Jan 10
zl478 July 7
18
Oct
70%
Feb
13%
Oct
88
Jan
14% Jan 15
8
Oct
24
Aug
11% Feb 26
Feb 26
8
Oct
207$
Feb
56
Oct
88%
Feb
7
6%
Dec
Jan 13
49%
Oct
19%
Dec
37g
43
Oct
58%
1%
Oct
67$
Jan
Feb
Jan 11
2
Oct
8%
Feb
Jan 17
Dec
12%
Dec
50% Mar
Deo
87% Mar
80
Oct
15% Mar 31
69%June 17
2% Mar 30
247gJuly
7
16%
92
7
72%
Dec
No par
3%
Dec
52% Mar 30
65
1
.5
1
% Mar 29
2
5
June 29
Jan 12
Motors
2% Mar 31
July
5% July
55
Oct
Jan
1%
Oct
19
Apr
5
23% June 24
22
Dec
47%
20
Jan
3
23
19%
Dec
Oct
22% Deo
28% Mar
56% May
42% Jan
Dec
145% Mar
Mar 31
Mar 30
9% Mar 30
12% Mar 31
23% Apr 8
...100
122
100
35
Apr 12
10
Feb
Dec
481$
Feb
Jan
10
15% Jan 12
26% Jan 12
32
5%
27%
13
Jan 24
Oct
Oct
20%
Jan 14
23%
129
129%June 30
Jan 22
Dec
Greyhound Corp (The)-No par
preferred
10
7% Mar 31
7% Feb 4
Guantanamo Sugar
No par
7g Mar 31
100
12
Mar 28
Gulf Mobile A Northern.—100
3
Mar 25
preferred
7%
Dec
11% Mar
7g
Oct
28
Mar 29
19
Apr 28
Apr 1
35
10
5
Mar 25
12
Mar Si
2
25
Hazel-Atlas Glass Co
Hecker Pod Corp
1
Helme (G W)
Peferred
25
100
15
3,000
Hercules
54%
2,600
Hercules Powder new.-No par
400
100
8,800
30
$4
140
-100
.
600
11,000
400
300
35,900
4,800
1,100
500
9,000
20,700
6,200
20,800
1,100
Mining
Class
MarlO
Mar 28
5%
preferred
100
Howe Sound Co
5
Hudson A Manhattan-
Jan
95
81
Feb 24
8% July
5%
6
Mar 31
23% Mar 30
1
May 7
100
Nov
Dec
117% Aug
157$
Jan
Feb 25
86
Dec
126
Feb
152% Feb 17
129
Nov
166
Jan
94
58
11
Jan 11
395$
Feb
50
Nov
64
Dec
6
125
May
135%
Feb
517gjune 22
95 May 20
39%
2
Mar
1178 July 5
25% Jan 12
108
May 27
65% Jan 20
83
100
7%
15%
Dec
67%
Jan
Nov
111
Jan
Dec
37
June
Oct
Nov
Dec
Oct
109
Oct
£39%
Oct
52% Feb
120% Jan
30% Mar
43% Jan
114% Mar
53% Deo
21
Dec
41
Jan
7
6
Oct
277$
Feb
July 7
June 28
44
Oct
73
Jan
78%
Dec
94
Mar
4%
Oct
17%\Jan
Oct
90% Mar
57$ Jan
157$ Jan
26% July
12% July
60
Oct
Jan 11
July
8
9% July 7
53% Jan 13
Mar 29
2% Jan 13
7% Jan 13
Hudson Bay MIn A Sm LtdlOO
No par
20% Mar 30
%June 15
6% Mar 30
37
1%
3%
Oct
30%June 30
-1
5%
preferred—
3
100
Hudson Motor Car
Hupp Motor Car Corp
Illinois Central
5
100
260
220
12
6% preferred series A—100
Leased lines 4%
-—-100
RR Sec ctfs series A—1000
delivery.
Jan
Feb
8
93
5
v t c._25
Feb
17%
8
Mar 30
140
106%
7
6
Jan
58% Mar
Oct
July
46% Jan 4
83% Jan 26
Feb
105
Oct
July
1
108
Oct
Dec
110
Marl6
Nov
1%
Jan 10
l%June
Feb
5
40
1
Jan
Feb
31
55%
Jan 31
48% Apr 1
17% Mar 31
Feb
36
20%
z7% Jan 19
16%
15%
102
34%
Jan
69% July 7
2% Jan 11
20
5% Mar 26
stk. No par
Houston Oil of Texas
Dec
98
No par
com
121
17
12.50
B
Oct
10% Mar 25
Houdallle-Hershey cl A-No par
Household Fin
8
40
conv
Homes take
Jan
80
Hollander A Sons (A)
4,000
18
17
Chocolate
No par
preferred-..No par
preferred—No par
5
Holly Sugar Corp
No par
.7% preferred
100
92
132
Hlnde A Dauche Paper Co. 10
Holland Furnace
No par
5%
95
6
Mar 26
10
conv
1,200
2,200
Jan 18
Jan
42% Mar 31
126% Jan 19
No par
Motors
6% cum preferred
Hershey
4%June 3
50% Mar 31
l%June 14
70%June 1
5% Mar 25
81
May 5
100
preferred w w
59% Mar
27% June 35
120% Feb 28
96
1,000
Oct
Dec
Dec
100
7
17% Mar
17%
Mar 29
Jan
59
Oct
June 23
Feb
Oct
4%
6
9%June 25
21% Jan 15
15
Apr
12
Jan 12
Mar 11
June
4%
Oct
Apr
83
120
3%
7
23%
28%
88%June 30
6% preferred
100
Hat Corp of Amer class A„ 1
Hayes Body Corp
28
12
Jan 12
6% July
8
preferred
100
Co $5 pf.No par
Mar
167$
8
184 Jan 10
24
Hanna (M A)
39% Mar
Oct
30
Printing
64% Mar
98
7%
25
100
Water
Nov
Jan
8
25
preferred
preferred class A
7
June 30
15% July
1078 July
Hamilton Watch Co -—No par
...........
Feb
10%May 26
1
8
60
90
Jan
15
50
400
Jan
Oct
4%
7
17g Jan 11
13% Jan 11
18% Jan 10
34% Mar 29
6,700
Mar
3
634 July
100
6
13%
96
10
Greene Cananea Copper
460
47% Mar
141
Oct
2134 July
1,500
Feb
1%
1
6%
115
20
i
Green (H L) Co Inc
Hall
29% Mar
90% Mar
51% Jan
46
Refrac.No par
20
Nov
£83%
Harbison-Walk
*18%
3778
95
50% Sept
15% Oct
80
21
437$
Nov
40
40
95
Deo
95
19% Jan 15
2,300
52%
16
8
July 6
13% Mar 30
7%
Jan
Feb
6
57% Jan 15
Green Bay A West RR
6%
33%
Jan
June
Mar 31
Preferred
1,500
200
*51%
Oct
20
100
June 18
(W T)
Hackensack
*90
9%
Jan
10
Great Western Sugar.-No par
400
Jan
Dec
17
.100
preferred
8%
Feb
Mar
32
Granby Consol MSA P
~....-
913g
19
110
No par
Grant
20
15%
Oct
Deo
..No par
Gt Nor Iron Ore Prop.No par
Great Northern pref
.100
3,200
280
60%
2% July 7
26% Jan 15
27% Jan 11
51% Jan 19
3% Jan 10
1,900
44,200
Feb
Jan
1225$
Oct
Oct
£99
Feb
13
Preferred
5%
Jan
Feb
3
106
37
preferred-—No par
Graham-Paige
Jan
Feb
70%
Oct
8%
Jan
Dec
3%
734 June 30
10
124
21%
June 29
50
4,700
105
a Def.
Oct
58
Gotham Silk Hose
10
53%
$ In receivership,
152
34
28% Nov
347g June 30
11% July
Goodyear Tire A Rubb.No par
800
3,300
14934
133
126% Mar
52% Jan
.No par
preferred
5%
27
35
Oct
Mar 29
2%May 27
60% Apr 26
Feb
Mar
Dec
5
Mar 30
65
Deo
01
Apr 1
1% Mar 26
Oct
66
Mar 29
1
1
14
32% Mar
22
37%June 18
Goodrich Co (B F)
90
19
16%
6%June 13
Feb
Oct
Oct
z99
51
No par
preferred
Glldden Co (The)
1,600
*34
131% 132
no sales on this
52,900
534
*26%
8%
9
Feb
Jan
Jan 24
No par
$6
2,500
June
2%
6%
14%
86%
19%
153
Feb 23
No par
Brothers
Glmoel
1
Mar 29
98
100
Gold A Stock Telegraph Co 100
24,200
2334
19
9
—
S5 conv preferred-
300
15% 149,400
7,800
107g
800
1%
35
8%
preferred---
1,800
27
8%
8% Mar 23
14%May 23
Gen Theatre Eq Corp..No par
100
Oct
Oct
72
2,500
Mar 31
5
117
15% Mar
105% Jan
28
13
16%
55
7
31% Nov
120% Feb 11
45% Jan 10
Gen Steel Cast $6 pref. No par
$3 conv pref series.—No par
Granite City Steel
No par
21%
July
31% July
Grand Union (The) Co
40
25
15% Mar 31
1,200
37
39%
40
38%
38%
*107% 121% *1073$ 115% *107% 115%
110
110
11
117g
117g
*10%
11%
11%
1134
11%
17
17%
17%
17%
17%
17%
1734
17%
*105
107% *105
107%
107% *105
107% *105
58%
59
59
5834
60%
58%
59%
597g
26
25% 25%
26
26
26%
*26% 28%
10%
11
11%
10%
11%
11%
12%
11%
*57
58
*57
60
59%
58%
59%
58%
*98% 100
98
98
9934 100
*98
99%
8%
878
8%
87g
8%
8%
9%
87g
45%
46
47
45%
44%
45%
48%
46%
*2
2
2%
2%
2%
2%
2%
2%
6
7%
7
*6
7%
6%
6%
*6%
29
30
29
2834
29%
30%
29%
303s
8%
8%
8%
8%
8%
8%
87g
8%
1
78
1
1
1
%
78
78
1084
1134
10%
1134
11%
11%
12%
11%
19%
19%
20
19%
*19% 20%
20% 21
*32% 34%
33
3334
34%
33%
34%
32%
6%
6%
7
7
*6%
7
7%
*6%
58
*98
22
35%
21%
7
Oct
Nov
91
Jan 10
General Refractories.—No par
1,800
12%
July
23% July
preferred
12
88
86% 87% *87'
88
*85
100
88
27
26% 27%
27
27
27
265$
27%
*120% 132
*120% 132
♦1201s 132
*120% 132
6%
6%
6%
6%
6%
*6%
6%
6%
*66
70
*66
70
69%
69%
69%
69%
2%
2%
2%
2%
2%
2%
2%
2%
91
91
91
897$
91%
*88%
92% *89
8
734
778
7%
£7%
8%
77g
8%
*120% 132
*65
1%
128%
16%
6%
134
Mar 25
1
"5%
1
Feb 11
13% Mar 29
23
13%
22%
2778
*22%
12%
11%
23%
534
1%
12%
6%
1%
12%
5%
18%
66
11%
11%
9%
1%
2034
5%
18%
1%
6%
*61
434
1%
5%
*1%
12%
9%
1%
*5
62
4%
13
40
Mar 31
Jan
2
9%July 7
123%June 13
5% July 7
25% Mar 31
11178 Apr 25
21% Mar 30
4
33
June 25
8% July
No par
$6
Goebel Brewing Co—.
89
15% July
49
123
684 Mar 29
101% Apr 9
l%May 21
12% Mar 30
85% Mar 19
June
1,400
10,500
2,600
92
40
90%
"8",900
3
247g
1%
11%
preferred
----100
Gen Realty & Utilities
1
6%
3
92
5
Railway Signal.—No par
414% conv preferred
Gobel (Adolf)
23%
13g
55
4,200
Gen
No par
Gen Public Service
200
91%
11%
2078
3,500
1,400
91%
478
No par
234
22%
5
1
Ink
Printing
preferred
45%
907g
1%
$6
£39% June
Oct
Jan
4
No par
Common
General
10
6934
5
No par
preferred
Gen Outdoor Adv A...No par
2%
177g
48%
237g
1%
5%
$5
10
Dec
Feb
63
Gillette Safety Razor.-No par
17%
68
General Motors Corp
11%
10%
15% July
19%
35
Jan
Jan
7% Mar
106%
3
118
Jan
Oct
Dec
1%
Oct
Mar 25
General Tire & Rubber Co. .5
48
5%
100
9,900
*63%
*63%
% Mar 30
5034 Jan
Jan
32%
4
48
25
No par
Jan
18%
83
7% Jan 12
97
2% Mar 31
534 Mar 31
135
Nov
Mar 29
6% Mar 31
Apr 12
Oct
88
Mar 29
115
234
6
82
..No par
preferred...-
6%
16% Jan 20
93
29
10834June 28
"4",600
19
11%
*85
3%
69%
—
General Mills
60
June 25
4% Mar 31
$6 conv pref series A.No par
5,200
3%
69%
13%June 25
49
No par
8%
49%
1%
5%
20%
27%
5,000
"""600
23
3
4% Mar 29
No par
Foods
$4.50 preferred
Gen Gas A Elec A
900
Mar 30
MarlO
Mar 31
Apr 1
Mar 31
Mar 30
.No par
2,800
22%
3
Mar 30
General Electric
55%
*41
7
7
35
General
*5214
3
5% July
18
July
2078
108%
27%
2278
12,300
£54
24%
2% July
Mar 30
68,000
54%
45%
Oct
11
100
No par
100
Dec
18
9% Mar 29
5
50
preferred
7%
Sept
Feb
2% Mar 31
No par
7% cum preferred
60
54%
2
2
5
General Cigar Ino
600
Apr
98
29% July
No par
A
58
Oct
Dec
inc—3
Corp
Container
Oct
40
10
Feb
Feb
Oct
66
85
978
11%
8
Jan 18
No par
Industries
Class
25,400
2%
Wood
Oct
52% Mar
Feb
80
27
33% Jan 10
101% July
Oct
197g Mar 30
1% Mar 29
10
5,300
300
1%
Dec
5% Jan 12
40% Jan 13
2% Mar 31
Apr 13
25
1
Cable
11%
23
65
Bronze
10%
*40%
Mar 29
General
1158
3
Jan 10
50
General
11
45%
Jan
20% Jan 12
1334
18%
*62
127s
30
107g
23%
39% Mar
3
Mar 31
4,700
58
55
Dec
21
Mar 25
16,200
99
"13%
15
preferred
No par
Gen Am Transportation
5
General Baking
5
$8 1st preferred
No par
16,600
8
*35
17
25%
1334
1934
5
par
$6
~4~ 900
58
129
*S7g
14%
13%
*18%
*
46%
58%
Gen Amer Investors ...No par
_
8%
129
11%
9%
1%
22
Dec
Mar 29
5Vt% conv preferred
59%
129
*40
1%
22
18
Gaylord
"4",300
*587g
8%
61
*128
20%
1%
11%
29% Jan 12
Gannet Co conv S6 pf—No par
95
48%
5
27
27%
*90
90%
23
20
20%
95
2%
21%
347g Feb 11
July 6
201*
22
19«4 June 13
15
Apr 7
1% Mar 26
11
Gar
share
107$ Mar 26
85
preferred
per
41% Mar
107% Feb
24% Mar 30
100
Gamewell Co (The)
Oct
Nov
par
--10
S3
800
16%
90
Highest
share %
par
Galr Co Ino (Robert)
600
22
*
3,000
1,300
23
68
27
2
Jan 11
No par
No par
7% pf 100
Free port Sulphur Co
10
Gabriel Co (The) ci A—No par
11,500
934
Apr 14
per
par
Francisco Sugar Co
~M00
634
104
18%
24%
9078
5%
*22%
127g
9%
2%
22%
22%
*40%
27$
*65
*6%
104
•
47%
24%
23%
11%
17%
3%
68%
-
17%
17%
45
5%
1%
3
-
,4534
13%
48%
1%
52
678
97g
-
25% Jan 15
F'k'n Slmon&CoInc
37%
3834 146,200
119% £118% 118%
1,100
37
37
300
*35%
22%
30%
1434
1334
61%
62%
120% 121
$
share
92
$7 conv preferred
50
1,300
40
18%
48%
24%
17%
4.8
*62
77$
*58%
10%
42%
53
5
13%
8-%
1%
*22
20
99
137g
59
53
10%
*89
*18
*
59
10%
3%
*63%
14%
20
99
"13%
1378
59
278
*
134
23
*32
per
16% Mar 31
Foster-Wheeler
8,400
1,100
$
76
4H% conv pref
50
40
678
9%
*103
17g
1 7B
8%
*63
*121
23 %
8%
9%
68
123
22
13%
46
23%
67%
20%
62%
23
59
100
23
40
7
20%
21%
99
8%
Lowest
Highest
share
100
t Follansbee Brothers.-No par
Food Machinery Corp
100
600
6%
26
*32
500
""700
48
24%
*61
1,200
27,000
"Cm
15%
per
6% preferred series A...
First National Stores--No
Fllntkote Co (The)
No
Florence Stove Co
No
Florsbelm Shoe class A .No
800
50
12
6234
22
*15%
17
$
Firestone Tire A Rubber... 10
10,200
13%
93%
11%
*66
Lowest
Par
35
28%
2%
5%
13
40
934
2
95
1%
9%
4%
12%
*32
*103
20%
9%
*61
9%
9%
*90
45%
63
634
7%
*103
2
48
40
11834 H8%
118% 118%
37%
37%
*9%
*97
65
*12234 125
*122% 125
5%
5%
5%
5%
67
6234
*7
7%
100
9%
25
*32
40
63
11%
*63
42%
34
*17%
5
478
1178
*46%
8%
46
9%
122
48
the
20
27
*26
27
27
27% *26
257g
113
113% *113
115
113%
*112% 113% *113
41
42%
42%
407g 4278
41%
3978
4078
34%
34%
33%
33%
34%
3378
33%
34%
109% 109% 109% 109% *109% 109% £109
109
1
1
1
1
1
1
1%
1%
27
113%
417g
33%
122
6%
15
15%
15%
47%
434
70
68
46%
834
4734
9%
113$
22%
23%
27
*97
10C
*120% 122
5
117$
*110
7%
13%
6%
*47
*120% 122
4%
*16
*91
6%
*47
100
*94
18
15%
93%
16%
*14
*91
*14%
8%
*29
27%
2%
6%
734
*3%
287g
6%
7%
65
4%
35
28%
15%
93%
21«4
8734
29%
207g
25%
2%
2%
30
*29%
101% 101%
17%
18%
28%
2%
15%
7%
25%
*17
65
4%
*29
49
5%
15
*47
20
2%
65
4%
35
28%
2%
4%
157$
29%
21%
87%
29%
30
29%
*100% 101%
18%
19%
'
35
2%
15
29
29
18%
25%
2%
29%
29
21%
8734
19%
257g
2578
35
*28
Shares
29
*17
*98%
18%
64%
37g
$ per share
187g
31
31
Week
$ per share
29
19%
25%
20
*17
July 6
Friday
July 8
22%
100-Share Lots
EXCHANGE
Thursday
July 7
$ per share
share
On Basis of
STOCK
YORK
NEW
1938
9,
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Sales
for
Wednesday
Tuesday
July 5
Monday
July
nNewstook.
r
Cash sale,
23
Mar 30
y
Oct
Dec
Oct
23% Feb
4% Aug
38
Mar
16
Oct
34
Dec
72
7% Feb 25
5
Dec
25% Mar
38
Ex-dlv.
1%
7
21
2
4
8
4
6
Apr
Jan 13
17$ Jan 10
12% Feb 25
Mar 30
3% Apr
z
10
Oct
July
Jan
Er-rlghts.
67% Mar
Jan
Called for redemption.
Volume
AND
Saturday
July 2
HIGH
SALE PRICES—PER
Monday
July 4
$ per slMre
$ per share
21
86
87h
85%
*139
86%
141
76
77
76
78
14%
16%
15%
16%
*4%
434
*4%
5
5%
23%
434
5%
2434
83
83
4%
5%
23%
82%
434
8278
434
4*4
11%
11%
3
26%
155
65%
11%
27g
5%
11*4
3%
26
26
5
4%
9%
3
50%
5078
k13034 135
49%
50%
934
49
3978
4134
3934
438
4%
4%
t Interboro Rap Transit—.100
No par
63
100
80
No par
No par
2
Agricultural..No par
2
15
Int Business Machines-No par xl30
48
Internat Harvester
No par
*37~
39"
39
24
*23
*38
*23%
24
63
Il«4
12%
10
II84
117g
12%
*70
1134
113.4
21%
2114
*117% 122
7712
*75
11%
*1034
1134
Preferred
64
95%
132
38%
32
I,300
21
800
65
65
10
103g
10%
12
1234
*76
1134
78,600
13,800
7,600
""400
Inter type
65%
68
65
20
20%
20-%
3,600
1038
10%
934
To%
22
22
2178
2178
21
21
*19%
21
600
18
1784
1734
18
18
*17%
19%
17
17
300
13%
92
8
*1234
13%
13%
500
*71%
92
8'4
5%
*85%
9
*12%
*71%
834
6
6
88%
41%
43%
10%
2734
10%
2734
2%
*12%
*69%
92
834
6
6
*85%
88%
4134
40%
9%
2-'%
Exchange
8%
6%
88%
584
*85%
40%
934
48
15
15
1834
7%
1834
7%
2834
Indepen¬
28%
16%
17%
dence
2734
25
13
13
40%
10
*2
1034
2034
14%
*6%
28
28
17
17%
18%
7%
28
16%
17%
16%
15
15
25
13%
5%
5%
"5%
7L
%
*3%
27%
*9%
228%
7i
4%
28%
10J8
28%
3%
27%
9%
41
38%
34
4%
28
4%
2S38
10
10
29%
39%
30%
7%
40
7%
30
*29
9634
9634
383.i
5%
34
28%
7%
2934
*96
168
45
45
19
19%
29%
29%
24%
38%
*12%
2934
*1%
*7%
10%
2434
38%
*1234
5,300
*9%
934
9%
934
800
29%
40
29%
2934
28%
28%
2,400
41
42
38%
8
734
40%
734
10,800
1,600
*93%
9434
17
17%
143
•
*17%
45
28%
38
38%
23%
3734
12
12
*12%
29%
31
1%
8%
12
29%
1%
*7%
1%
1%
8%
13
12%
6
6
14
14
7%
*9%
5-%
"13
2%
200
18%
4.:>%
19
28%
....
24%
40%
1234
31%
1%
7%
12
534
14
234
51%
15,200
1063s 107%
2%
5034
4
9434
17%
17%
2%
51
4
18%
9434
17%
142%
18
18%
46
47 78
18%
28%
19%
287g
;
25%
39%
40%
1234
24
4
18%
10,400
43%
300
18
18%
29
29
12%
30%
1%
8%
11%
6
*1234
3134
1%
8%
2~4~
38%
3934
*12%
2834
1%
8%
13%
6%
13
14
13
13
1%
2%
1%
2
2
2%
6
6%
6
6%
5%
6%
1%
8%
1434
7%
578
*%
1
*34
*434
6
1034
1034
*434
12
1
1
293i
29%
1%
*29
11
11%
1078
24%
24%
3%
23%
43
44%
41
27
27%
160
27
3%
145
451"
46
53,i
6
20%
20
3%
42
27%
1C%
*72
*
10%
23%
3%
41%
27%
29%
113!
24%
3%
43%
27io
434
434
*434
12
12%
*1%
1%
297g
12%
29
27%
160
160
*152
46%
48
48
48%
6
5%
6
6
6%
21%
23%
2034
20%
——
133j
10%
1334
10
14
10%
79
79
Bid and asked prices; no
*152
20-%
14
10
*72
11
10%
80
sales on this day.
24
13%
10%
*72
25
14
10%
*13%
80
*72
10%
t In receivership,
...
110
500
100
25
Maracalbo OU Exploration.. 1
Marine Midland Corp
5
Modified 5% guar
Manhattan Shirt—
12
16,900
Marshall Field A
28,000
Martin
3%
1,800
2,800
2,000
25
10
5,700
4,900
2,600
..
1334
1034
80
1,000
5,700
100
100
100
100
....100
Jan
Oct
Dec
Oct
20% Mar
46*4 Apr
9% Mar
20
Dec
71
11
Dec
15%
Dec
35% July
29% Jan
Feb
4
Oct
15%
Jan
June 30
22
Dec
47%
Jan
17% Jan 17
14
Dec
18
Jan 12
0
Oct
Jan
Jan
30
Jan 12
8
Oct
24%
27%
41%
10%
Dec
24
5
Dec
17*4 Mar
27% Mar
14
July
6% July
18% July
Oct
9%
4%
Oct
%
Dec
2%
22*4
Dec
Dec
51%
203
Jan
Mar
Feb
Feb
23
Oct
23% Mar 31
33%
Dec
79
6
Mar 29
9
Jan 10
5
Oct
25
Mar 30
30%June 24
23
Oct
81
Mar 30
81% Mar 31
157
Apr 9
034 Feb 25
1% Jan 12
5% Jan 13
Feb
114
Jan
175
Jan
Oct
34% Jan 12
18%
Oct
20
53
July
5
Jan 12
Nov
33
14
Oct
Dec
July
7
43%
107% July
1
9934 Nov
234June 25
1
June
54% July 7
4% Feb 23
32
Oct
21
Jan 12
June 22
106
Jan 18
13»4 Mar 31
125
Apr 1
12% Mar 31
29% Apr 20
18
Jan 14
143% July 5
18% July 7
50% Jan 10
l2%May 27
21% Jan 12
Mar 29
31
116% Mar 30
16
Mar 29
120
24% Mar 30
10
Mar 26
113%
Oct
15%
48
22
Dec
83%
Feb 28
Mar 25
Jan
7
Jan 21
25% July
40% July
7
7
Jan
15% Mar
29
Aug
May
82
151
12% Mar 31
92
Oct
Jan 10
rl8
2% Mar 28
1434 Mar 31
2
8
102% Jan 11
108 June 29
100
14% Mar 31
20% Mar 20
2u
7
Jan 14
2%
Oct
17%
Dec
101
Oct
23% May
83% Feb
63
Aug
26% July
87% Aug
110
3%
43%
110
125
14%
Dec
28%
Oct
15%
Jan
Feb
75% Mar
10*4 Jan
147*4
Oct
28*4
Jan
May
Feb
Jan
Jan
Mar
48% Nov
99
13%
Oct
41*4 Mar
20«4
Oct
123% Nov
17*8 Dec
25
Dec
36
Feb
132%
Feb
62% Mar
58% Mar
8%
Oct
15%
18%
Oct
63
Jan 10
0
10
Jan
Dec
20% Jan 13
9
Jan 13
Oct
13% Feb 10
3134 July 7
2
9
Mar
Mar 15
4%
Oct
5
9%
Oct
1% Mar 31
2% Jan 11
1%
Mar 31
7% Jan 11
5%
Oct
2
l%May 12
7%May 11
14%May 11
34
Dec
3
Oct
0*4
Dec
1%
2% Mar 26
Mar 30
9
5
%May
3% Feb
7
Jan 28
7
14
July
14% Mar 30
Cash sale,
Feb
19%
1%
Co ...No par
Co
1
r
23%
109% Jan
09% Mar
5%
2%May 11
No par
Masonlte Corp
No par
Mathleson Alkali Wks. No par
7% preferred
100
May Department Stores... 10
Maytag Co
No par
83 preferred w w
No par
83 preferred ex-warr.No par
80 1st cum. pref
No par
McCall Corp
No par
McCrory Stores Corp
1
0% conv preferred
100
27%
110
17%
% Mar 30
(Glenn L.)
n New stock,
Oct
Deo
28% Nov
1834 Mar 30
Martin-Parry Corp
a Def. delivery,
4
80
1
6% 2d preferred
Marlln-Rockwell Corp
Oct
Jan 11
534 Mar 20
preferred
Nov
7
42
4% Mar 30
0%
80
30% July
No par
6% prior preferred
35
Nov
11
J Manhattan Ry 7% guar. 100
Market Street Ry
44%
Oct
13
28% July
18% Mar 31
34 Mar 29
Bros
Oct
15
14%
07g Mar 29
1934 Mar 30
% Mar 26
l%Mar 29
10
-1
24%
27%
159% 159%
46%
46%
6
534
*81
*81
*81
1%
42
48
Nashville..—.100
Ludlum
Steel
1
MacAndrews A Forbes
10
0% preferred
No par
Mack Trucks Inc..
No par
Macy (R H) Co Inc
No par
Madison Square Gard.-No par
Louisville A
110
*1%
...100
10
100
Louisville Gas A El A ..No par
Mandel
29
19% Mar 30
% Mar 26
Mar 31
Copper—
Manatl Sugar Co
Oct
"
24% Mar
3*4 Jan
18% Jan
43% June
21% Feb
58% Jan
26
Magma
46
121
6
Oct
Mar 29
3
No par
No par
preferred
Dec
Apr
Dec
Apr 18
7%
136
15%
115%
8
14
Mar 31
preferred
87%
155
126
97
33
5%
30
64% Nov
Jan 10
July
36%
65% Nov
Mar
120
7
July
102
LorUlard (P) Co
June 30
July
No par
Inc
Deo
115
Jan
No par
Long Bell Lumber A...No par
Loose-Wiles
Biscuit
25
1,140
27
160
584
7
42
334
640
12
4434
2434
3%
27%
34
30
11%
23%
43
12
400
1,360
7,700
3,700
11,100
*28%
11%
23%
3%
47
80
1334
*1%
29%
6
12%
1%
*152
*81
*79%
12
6
%
5,000
2,300
200
2
%
15,300
600
13
6%
%
7,900
30%
6%
2
*434
400
23%
6
6
1,500
5,500
No par
Lone Star Cement Corp
127
Oct
Sept
49
4
95
Inc
Loft
20%
25
86.50 preferred
290
18
43%
VfkB.No par
Belt Co
Loew's
120
17%
142
139
*17%
2
12%
1%
29%
11%
24%
3%
900
9434
2
%
46,100
7,500
2,000
*122
*122
Link
100
187g
9434
18%
142
143
51
*
54%
52%
4
4
94%
19
24%
234
5134
18%
9484
*122
23%
600
18
*106%
2%
50%
378
29%
168
53
13%
20
168
108
4%
18%
200
400
2,600
*17
17
17
30
97 %
100% 100%
*95%
9634
9634
100% 101
*165% 170%
51%
18%
45%
*28
30
30
30
52
50%
*28%
j;:r 7%
Liquid Carbonic Corp. .No par
123i
14
1,200
27%
4
Lima Locomotive
31
6%
5
4%
2678
1,800
37s
*18%
*122
*122
%
4%
28%
7,000
1,800
2%
5278
45
2,600
%
4
*106% 107
106
17%
17%
143% 143%
*18
18%
1
II,200
18%
50%
17%
63g
634
conv
31%
4734
52%
*140% 142%
*18
18%
preferred
100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
60
Lehman Corp (The).....—1
Lehn A Fink Prod Corp
5
Lerner Stores Corp
No par
Llbbey Owens Ford Gl.No par
Llbby McNeill A Llbby No par
Life Savers Corp
5
Liggett A Myers Tobacco..25
Series B
25
Preferred
100
Lily Tulip Cup Corp... No par
4%
18%
50%
*93%
10
46
52%
4%
125
*112
125
Jan
107% Apr
26% Jan
10% Mar 31
13% Mar 30
30%
51%
18%
9434
17%
Lehigh Portland Cement—.25
19
18%
4
Lee Rubber A Tire
5,300
47%
48
18%
18%
3,500
33
31%
46
19%
2%
0%
17%
24
18%
29%
46
106
Bryant
17%
23%
6%
31%
47%
3134
18%
2%
52%
Lane
8% Mar 31
3%May 13
No par
No par
5
Lambert Co (The)
18%
31%
45%
107
200
12% Mar 31
8
Mar 29
15
Mar 20
-100
preferred
6%
170
Deo
zll6
July
Feb
8% Nov
Nov
8
Jan 15
Jan
15%
9
June 30
29
Mar 20
22
18
17
2%
51%
*6
Kresge Dept Stores
Kress (S H) A Co
17
3%%
47%
*1534
17
*106
Laclede Gas Lt Co St Louis 100
Kresge (S S) Co
29%
46%
17
*16
630
28
34
4
*165% 175
168
15%
400
900
28
9%
9634
167
9,000
*14
9,800
18%
6%
34
1003.1
167
16%
—10
No par
No par
Kroger Grocery A Bak.No par
18%
8%
7
Mar 30
9
15% Mar 31
2% Mar 26
25
6%
S78
96
100% 100%
12% Jan
No par
85 prior preferred...No par
17%
*112
100
101
6% Mar 31
Feb 3
19
23%
..
7%
Kennecott
28
18
1,800
*28
101
1% Mar 29
13%
734
2934
9734
734
1
25
17%
23%
5%
400
1378
584
115
115
300
25
16%
22%
*112
4,800
2%
14
6%
*112
10%
26%
2634
16%
6
10
1334
23%
Jan
263g
25
*534
Mar 26
3
26%May 27
25
16%
2234
2
6
63
Apr 5
4*4 Mar 29
Copper
No par
Keystone Steel A W Co No par
Kimberly-Clark
No par
1434
8
16%
Mar 29
Kendall Co *0 pt pf A..No par
17%
1534
13%
534
5% Mar 29
493g
70
8
10% July 7
22
July
2
18% June 30
14% Jan 12
85 May 27
9>4 Jan 10
634 July 8
88% July 8
4338 July
7
1034July 6
2734 July 7
2% Jan 10
19% July 5
16% Jan 12
18% July 1
7%June 27
12% Apr
l0%May
1
*6%
*27%
16%
Dec
21
20
10
8%
119%June
90,400
170
Oct
78
1
8
403.4
15
18%
7%
7%
Mar
88%
48
03g
97
80
*15
Oct
130
12
Kinney (G R) Co
J8 preferred
Feb
4
64
12% Mar 25
Kaufmann Dept
Class B
Mar
110
Jan 24
4934 Apr
preferred
4%
52
Oct
24
100
Stores.S12.50
Kayser (J) A Co
5
Kelth-Albee-Orpheum pf—100
Kelsey Hayes Wh'l conv cl A.l
Kansas
Oct
117
pf ser B No par
City Southern
100
5,100
*1434
28
18%
16%
23%
*6
2234
634
88%
39%
2%
2678
13
3,000
15
13%
*22%
~
934
48
1534
15
92
15
14%
7%
10%
*15
48
28
18
10
107g
22
*1%
*18%
15%
1834
7%
18
Day
5%
88%
42%
934
2%
19%
14%
10%
22
10%
2634
28
Closed
15%
25
*85%
417g
19%
*19%
*14%
*71%
8%
*26
Stock
10
2734
*2
*12%
*7%
534
834
*26%
1334
92
13%
13%
i*69%
9%
Oct
16
8
118
Kan City P & L
Jan
Feb
Jan
Jan
66
10% July
7
13% Jan 12
75
Jan 11
12
Jan 18
Mar 31
122
100
Kalamazoo Stove & Furn—.10
*17%
4
June
Feb
8»4
30
113% Apr 30
44% Mar 30
68
Mar 29
Jones & Laughlln St'l pref. 100
121
*120
121
*120
121
Feb
16
1,950
21
10
67%
28>4
Dec
68% Jan 25
1034July
7
4
8
1
preferred
68% Sept
June 30
3534
21
0% Mar 30
63
Feb 10
No par
Preferred
50
65%
20
*120
Corp
600
67 %
Jan 24
6
100
Preferred
Apr
9% Apr
18
Oct
5% Feb
Inter Telep <fe Teleg
No par
20
19%
40% Mar 30
100
preferred
Johns-Manvllle
66
Apr 10
Jan
19% Sept
Oct
24
Mar 28
7%
2%
34
June 17
60
73% Mar
4% Sept
29% Deo
7
Jan
13534
Dec
48% Jan 21
12
8,800
72
6%
Jan 21
6
19% Mar 31
No par
20%
45% July
28
$6
66
7
100
89% 9034
*126% 132
130
11% July
162
127% May
1
No par
Jewel Tea Inc
20%
*120
Nov
135% Mar
No par
121
71
*120
Jan
37
62*4 Feb 23
Jan 19
Shoe
International
Island Creek CoaL.,.—
*20%
95
92%
130
18*4
International Silver
No par
Foreign share ctfs...No par
Interstate Dept Stores.No par
21
*60
*56%
Oct
28% Mar 25
....100
100
*120
65
64
0
Nov
4% Sept
600
21
121
943.1
Jan
Apr
No par
International Salt
Aug
15%
18% Mar 31
2% Mar 30
100
preferred
Jan
120
16%
No par
5%
189
8% Sept
Internat Rys of Cent Am..100
Apr
Apr
9%
63%
...
53% Nov
4% Mar 29
63%
21
20%
70
*20
C
5% conv pref
Oct
127% Nov
7
No par
77%
11%
*120
131%
;
.
10%
21
*56%
100
23%
32
122
92
94%
131% *130
92
*130
190
*19%
21
65
*56%
64
94
2,150
4%
38%
23%
'120
21U
122
*120
64,900
44%
Oct
18%
Oct
36% Mar 31
15
B
Oct
2
Oct
Mar 25
132
100
Inter Paper & Power Co
July
Oec
0
1%
Int Nickel or Canada. .No par
1
2%
5% July 7
13% Jan 12
3% Jan 17
29
Jan 17
111% July
11% Mar
28% Mar
3
65,500
107g
1134
Dec
Jan
7% Jan 12
47t Jan 11
117g Jan 21
4934
127g
77%
1134
*75
77%
*10%
21
75
*130
10%
65%
10%
10%
92
Apr 25
98
6% Mar 31
Corp
Voting trust ctfs
32
Apr
138
Internat Mining
4%
2078
65%
1034
64%
3% Mar 31
25
Class
24
Oct
Jan 11
2
42
32
Jan
20
Feb
6
June 27
9%
20%
J1'
1334
33%
Oct
70
Int Mercantile Marine.No par
Int Hydro-Elec Sys cl A
45%
434
10%
9%
10%
10%
11%
12
*63
7134
934
10%
1034
*70
19%
Oct
Oct
6*4 Jan 13
25
Jan 12
131% Mar
153
6,300
4,500
700
10%
31%
20
*63
63
10%
10%
31%
20
6%
3%
58% Nov
9
Mar
12~200
70,900
713.4
31%
31%
2014
8114
*19
7
434 June 28
per
May 27
141
.100
634
11
*38%
*23%
16% July
159
43g
135
39%
24
31%
20%
38%
*23%
July
Mar 31
100
6%
39
143
Mar 26
Prior preferred
10
4%
Feb
Oct
0% Mar 30
Class
4%
144
1
30
32
June
Mar 26
Rubber
Iron
Internat
Preferred
51% 9 48%
43%
4%
Nov
July
82
June 10
Mar 29
preferred.
Interlake
135
44
40%
423i
434
72
140
8
Feb
4%
7%
4%
9%
7
Mar 30
Intereont'l
20,900
64%
1
7
July
9
90
15
6%
*133% 135
10%
11%
10%
9%
10
9%
159
159
1
Intercbemlcal Corp
♦150
....
50
135
*133
132% 135
9%
3
25%
July
22% July
Mar 25
$
share
per
56% June 17
7% Mar 30
3% Apr 1
2% Mar 26
No par
Insuranshares Ctfs Inc
6,500
23,700
3,900
1,100
1,700
3
67%
4%
9%
5C78
5
Steel
Inspiration Cons Copper—.20
1,900
11%
25%
159
156
135
11,000
85
3%
26%
100
preferred
0%
Inland
Highest
share $ per share
22% Jan
5% Oct
15
Dec
47% Apr
143g Mar 31
60
100
5
12
4
10
Lowest
Highest
$
share
Mar 29
per
No par
80
*83
.83%
5%
26%
4%
978
4%
9%
5%
22%
8
No par
4,700
67,800
10%
5
11%
65%
4%
9
83
5%
1134
27S
25% 26%
151
152%
65
67%
*145% 151% *147%—-. *15034
634
6%
7
0%
6%
414
10
934
85
4%
11%
2%
67%
66%
7
4
23%
*83
152% 152%
*145%
6%
5
23
100-Share Lots
Ingersoll Rand
10
4%
6%
22%
14%
4%
2234
434
5%
23
Basis of
Industrial Rayon
2,300
7534
15%
74%
15%
Indian Refining
10,300
140
140
141
*139
79%
4%
6634
90
Par
1,400
8%
21%
8584
*8%
20%
*84%
*4%
15
278
*25%
15312
S per share
77
7934
14%
*414
23
8%
14%
79%
•
86
*139
141
*139
140
84
Week
Shares
834
22%
21
20
On
Lowest
July 8
$ per share
8%
213i
8%
8%
21
87%
77s
19%
8i2
8%
$ per share
$ per share
2034
EXCHANGE
Friday
Thursday
July 7
Wednesday
July 6
Tuesday
July 5
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
SHARE.
Sales
for
LOW
235
New York Stock Record—Continued—Page 6
147
5% Mar 30
2%May 24
25
Mar 29
1934 Mar 31
157
Jan 20
Oct
Oct
29% July
12% July
6
7
25%June 27
4% Jan 24
24
4434 July
7
20
Oct
27% Mar 10
22
Dec
Feb 23
142
May
165
7%
10
1*4
Dec
Dec
Oct
Oct
28% Mar 31
3% Mar 26
48% July
7
6% Jan 12
33*4
10% June
25
Jan 10
20%
21
Apr 22
35
June
91% Feb 10
16
Jan 18
93
Nov
20
Mar 29
75
Apr 5
834 Mar 31
6
Mar 23
61
Mir 31
x Ex-div
7
Jan 18
10% July
79
y Ex-rights,
4%
Dec
Oct
Dec
11%
Dec
7*4
Oct
z60
Oct
t Called for redemption.
New York Stock Record—Continued—Page 7
236
LOW
AND
HIGH
BALE PRICEB—PER
SHARE,
NOT PER CENT
1
Bales
Saturday
July 2
$ per share
Wednesday
July 4
8 per share
8 per share
Friday
July 6
Thursday
July 7
$ per share
$ per share
$ per share
l«i2
16%
16%
171-1
16%
16%
9%
10
42%
10
10%
10
415s
20*8
1978
10%
42
20%
7%
31%
*%
31%
8%
80
80
80
80
80
12%
13
61%
62
62
59%
58
58
59%
60%
47
48%
47
49
49
16
49
19%
7%
3H2
8%
*75
12%
61
*59%
4714
7
41%
19%
4178
20%
7%
32
8%
32
8
12%
512
21
538
58j
203s
20%
21%
22
13
13
13
13
12%
40'2
41
41%
4234
1038
10%
10%
11%
41%
1078
5%
22%
12%
42%
1134
19
24%
19'%
24%
183s
23%
99
99
19%
24%
99 1
18%
22%
99
19%
24
99%
5'4
I
987s
*90
93
*90
78
105
7%
*63
538
93
*90%
79%
77%
79%
*102
106
78l2
105
634
738
*57
67
106
*61
7%
65
*%
%
*%
2
1%
212
2%
238
8%
8%
1%
2%
16i2
93*8
*11358
4334
1%
1%
234
1634
2%
16%
94%
94
*113%
42%
...
4478
*28
5%
21%
7,800
100
13%
9,900
130
61%
*47
5%
61%
48
5%
20%
*13%
40%
10%
18%
*22%
5%
20%
20
42%
12
20
24%
99%
100
100
93
*90
600
11%
19%
23%
*%
17
86
81%
85%
106% *105
106%
7
6?s
7%
7%
17%
2%
2-%
234
8%
9%
878
1%
1%
1%
2%
2%
2%
16
16
1634
90
92
94%
114% *113% 114%
42%
44%
44
65
61
61
2,600
32,600
9,000
1,900
240
7,000
200
4,100
2,200
7,200
50
...
43%
30
30
*30
32
17
18%
12%
25%
778
17
80
17%
4,400
12
12
2,900
22%
23%
18
18%
12%
22%
6%
6%
38%
*12%
3934
13%
38%
44
45
46
46
48
46%
48
620
13
13
13
13
13
13%
13%
13%
800
52
73s
*50
100%
*50
*100
100
7%
7%
*46
52
*46
9%
i434
11%
834
24
*156
9%
10
14«4
1434
11%
11%
8%
9
24*8
2334
157
160
47
20
8
7%
*44
50
10%
1434
12
9%
14%
11%
8%
8%
23%
24%
157
*157
157s
49
10%
15
12
8%
24%
160
23
18
85
84
47
*43%
1934
20%
20
15%
16
15%
15%
16
15%
111
112
112
112
112% 112%
7%
5%
23%
22%
23%
22%
23%
5%
22%
17%
16
16
17%
18
17%
11%
10%
11%
30%
134
133
134
22%
8%
29
*133
63
6334
61
20%
20*4
19%
29%
29
*75
*7014
78*4
*70%
75%
75
3%
3-%
3%
3%
*k;i4
io%»
10%
10%
21
21.
22
291;
75
29%
75%
134
22
21%
8%
63%
2034
21%
21%
734
*68%
*68%
45
103
*35%
*100
8%
8
7%
33,i
29%
3%
10%
9%
115
*
57
5%
*110
115
%
*52
57
2%
1
1
5%
*%
5%
1
8
8%
7%
7%
51%
534
52
*45
16
22%
543;
54%
10%
*95
96
*78
80
9%
94%
*79
23%
55%
10%
94%
55%
9%
94
92
*79
10"s
11%
10%
11%
9434
*94%
94%
30
*28
30
2%
1978
11%
2%
197;;
*19
28%
28%
*28%
13
12'
13%
2%
10%
*94
28
2%
2%
26
*19
11%
26%
12
27%
12%
89%
13%
*89%
93
634
7
6%
23%
11%
27
12%
89%
6%
23% 24
*130% 132
23%
1078
*50ii
18%
*41%
*115
11%
52%
18%
45
....
130
11
29
*
8
14
29%
11%
12%
94
94
28
30%
30%
2%
7%
23%
93%
*30
11%
45,300
93%
500
31
278
2%
2%
2,400
*18%
25,300
27
26
11%
27%
12%
14%
18,300
*91
7%
23%
*130
100
8%
24
132
11%
*91
7%
23
129
7%
25%
130
10%
10%
11%
52
*42
52
19
19
*17
18%
*42
45
16%
7%
13%
28%
45
*115
66
65
8%
8%
8%
4%
4%
16%
16%
4%
4%
16%
8%
478
16%
7%
*12%
28%
13%
29%
8
on
55
....
66%
16%
13%
29
*43
*115
68
8
this day.
7%
*12%
29
69
8%
10%
100
52
....
20
26
12
29%
13%
13%
6%
"ii"
100
*2%
13%
22%
92
K
500
*18%
11%
27%
100
80%
700
48,800
*43
10
12,300
50
66
8%
4%
16
8
7
13%
29%
12%
28%
t In receivership,
Jan
4
127
July
24
10%
Dec
5
Oct
66%June 30
55
Oct
23
30
Jan
Mar 31
1
Feb
7
2
63%
Dec
Feb 23
75
Dec
4% Jan 14
11% June 20
3
23% Jan
7
70
Feb 11
32
Jan 18
99% Nov
Jan 10
19% Jan 15
39
Jan 10
Oct
Mar 25
22% Jan 10
38% Jan 12
14
Oct
30% Nov
18
Mar 30
2
Mar 25
5% Mar 26
Mar 30
Apr 28
% Mar 26
June
61
l
Jan 18
2% Jan 10
l%June 10
2% Mar 30
% Jan 5
4% Mar 29
38
30% July 2
4% Jan 11
11% Mar 1
120
Apr 25
111
Apr 28
% Jan 10
7% July 7
1% Jan 15
10% Jan 24
62
Mar 31
Jan 10
24% July
55% July
Oct
4%
Oct
1
Oct
3
Oct
30
Oct
%
Oct
Oct
5
48% June
3
Oct
Jan 13
93
Oct
93% Jan 13
13% Jan 12
June 21
6% Mar 31
91
8
May 12
Oct
9%
Oct
2
1% Mar 30
3
Jan 12
12% Mar 30
22
30
1%
Dec
Oct
Jan 13
15
May 26
14% Jan 10
9
Oct
19%May 31
7% Mar 30
83% Apr 1
32% Feb 23
14% July 8
24
Nov
9
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
100
4
par
No par
Mar 28
122
No par
96
Jsn 14
7
8
5
12
6% Mar 31
30% Apr
1
1st pref..No par
56
Mar 30
19
Apr 19
8%
4%
1,800
6
Mar 30
10
.10
2% Mar 26
—No par
10% Mar 25
3% Mar 29
9% Mar 26
*22% Mar 30
x
Ex-dlv.
y
Jan 12
Jan 11
July
6%
90
5%
20%
125
6%
48
Oct
Oct
Nov
Oct
Oct
Nov
Oct
Dec
12% Dec
50
39% Apr 28
5
MarlO
8% July
25% July
130% July
13% Mar 25
....100
Cash sale,
Dec
2
10% Jan 10
99
31% Jan 21
r
Oct
54%
7
25
New stock,
Oct
Nov
%
Apr
14% Oct
Northwestern
n
110
113
102
94% July
No par
Pacific Finance Corp (Cal)_10
Pacific Gas & Electric
25
Oct
180
93%July
Norwalk Tire & Rubber No par
Preferred
__50
Ohio Oil Co..
No par
Oct
5
Jan 13
75
50
Oct
2%
106% Jan 17
198
3
13% Mar 31
45% Apr 1
5% Mar 30
87%May 3
100
15
1% Jan 11
%June 16
Nort her n StatesPo werCo. $5pf 1
Coast..*.
Oct
Nov
7
50
1st preferred..
2d preferred
10%
29
15%
12% Mar 31
North Amer Aviation.—
1
No Amer Edison 36 pf. No par
Northern Central Ry Co
60
Pacific Amer Fisheries Inc
Nov
19% Jan 12
Mar 29
Pacific
Dec
9
Mar 29
June
conv
Deo
Jan 14
133
Steel
62
12
100
35.50
Dec
40
100
Otis
Oct
22%
106
Adjust 4% pref
...100
North American Co—No par
preferred
Dec
0%
Mar 31
Mar 30
a Def. delivery,
July
17% Dec
20% Dec
75
40
3,700
Feb 25
79% Mar
4
115
300
Jan 11
8% Jan 12
10
Shlpbldg Corp part stk—1
7% preferred
100
t Norfolk Southern
100
6%
Oct
130
54
8% preferred A
4%
1
July
4% June 28
9% Mar 31
20
Mar 26
100
Telegraph
Oct
Dec
Mar 29
Owens-Illinois Glass Co..12.50
500
11% July
Oct
17
17%
June
9,700
7%
12%
28%
5
Feb 25
Oct
Oct
Oct
67%
140
23% July
20
4
Oot
Outboard Marine A Mfg
5
Outlet Co
No par
Preferred
100
170
7
18
300
16
July
153
111
Otis Elevator
55
6
Oct
7
7
101
Oppenheim Coll A Co..No
"115
_
Jan 20
60
9,700
11,300
200
Mar 30
112% Mar
112% June 30
8% July 7
13
99% Apr 26
No par
Pacific
May
31
10% pref
50
{NY Investors Inc.—No par
Northern
Oct
Dec
145
7
17% Jan 10
159
28
No par
4,500
230
31
30
30
29
30
31
Apr 1
Mar
Mar
Mar
Mar
Mar
Mar
2%May 24
7% Mar 31
14% June 17
58
Apr 5
...No par
1
preferred
6%
17
July
3
70
4H% conv serial pref
100
Newberry Co (J J)
No par
5% pref series A..
100
t New Orl Tex A Mex
100
Newport Industries
...1
6%
Oct
June
63
100
Conv preferred..
—100
t N Y Ontario A Western..100
96
Oct
8
21
N Y
10%
159
Oct
10
14% Mar 31
No par
2,600
64,100
Dec
5
44% Mar 31
prior preferred—.100
Norfolk A Western
44
13% Mar 29
National Supply (The) Pa_. 10
32 preferred
40
2,600
55
11%
94%
11%
28%
5
5
14,400
40
Oct
47% Feb 24
12% Jan 10
16% July 7
13% Jan U
10% Jan 0
25%June 21
17% Mar 29
127
1%
1,400
Apr
3
Oct
7%
""800
Nov
102
7
Dec
N Y Lack A West Ry Co. .100
52
50
Jan 12
106%
104%
5%
6% preferred B_
..100
Nat Mall A St'l Cast Co No par
{NYNH&Hartford
Jan 12
8% July
Oct
National Power A Light No par
National Steel Corp....
25
preferred...
57
104
12
154
5%
Oct
Dec
Dec
20%June 30
16
July
"
11%
106%
105%
3%
3%
17%
11%
1
N Y Air Brake
9%
12% Mar 31
10
Co
50
par
par
100
534%
4%
64% Jan 13
14% Feb 23
Dec
No par
6% prior preferred
National Tea Co
12% Oct
8% Oct
15% Dec
Aug
..10
Lead
Jan 10
13
No par
preferred A
14
25% July
7% July
39
Nat Gypsum Co
7%
__
90
7
10
Oct
July
Nat Enam A Stamping.No par
National
July
June 30
l0%May 27
100
Nat Distillers Prod
Jan 17
45
84
1%
7%
55
105
Oct
Dec
Nov
45
"V, 500
*94
*71
Mar 31
2%
57
10%
95%
80
26
15% Mar 31
150
...100
N Y A Harlem
55%
80
132
130% *130
11%
10%
11
Bid and asked prices; no gales
978
94
17% July 7
94%June129
114% July 7
65
4,100
*46
Oct
Oct
Dec
37% Apr 12
6%
52
2
5%
1%
1%
12%
par
2%
8%
Dec
Oct
Dec
100
%
*52
57
2%
2%
678
7%
l;.\;'-':""l
*55
31,300
123
%
19
8%
*4%
5
*108
%
52
8i9
16%
10
20
290
660
*18
8%
5
*91
55%
94
1,200
115
*110
123
*46
10
*47
64%
7% pref class A
7% pref class B
Nat Dept Stores
6% preferred
Mar 25
6
5
...10
390
115
7%
1,600
37% Mar 29
pref—
5% pref series A w w
Nat Bond A Share Corp No
Nat Cash Register
No
Nat Dairy Products
No
6
Apr
Mar 29
4
-.100
Nat Bond A Invest Co.No par
cum
4%
4
19
*41%
7%
10
52
*115
Nat Aviation Corp
National Biscuit..
10%
19
68lo
6% Mar 30
7% Mar 22
8% Mar 30
95
NYC Omnibus Corp..No par
New York Dock
No par
52
6634
16%
*7%
*13%
1
19,000
32%
1,900
18% 162,700
..
102
9484
Nash-Kelvlnator Corp
5
Nashv Chatt A St Louie..100
National Acme
1
4,900
*%
*52
10,500
37
%
%
%
%
%
%
160
160
159% 161
161% 162%
102
*102
110
110
102% *102
22
23
22%
22%
231.1
24%
34
156% 160
2319
Mar 25
Mar 30
9% Apr
34% Mar 26
29%
*108
%
2
2%
s4
4
26
28%
*110
123
*108
%
102
90
500
27,900
.1
30
4%
10%
3%
8%
3,j
100
37 conv
Munslngwear Inc
..No par
Murphy Co (G C)
.No par
5% preferred...
100
Murray Corp of America... 10
Myers (F A E) Bros ...No par
6% preferred series A...100
10%
102
800
Mar 31
8
preferred. ..No par
Mulllns Mfg Co class B
5,100
9%
163
5,300
2,000
10% Mar 31
11% Mar 29
1
12,500
291.1
4%
102
13,400
Mar 31
Mueller Brass Co
17%
29%
3%
10%
159
~4~506
Mar 31
Motor Products Corp. .No par
Motor Wheel
5
25%
28%
15
Dec
Oct
16%
30
334
%
Dec
24%
26
%
36%
New York Central
No par
N Y Chic A St Louis Co
100
18
8
*45
17%
27
*84
52
16
31%
17
57
2%
17%
35
26
%
*52
2%
16%
19%
19%
28%
123
1C8
%
100
*70
32%
18%
17%
115
*110
123
31%
17%
%
39% Jan 13
21% Jan 10
50
Nelsner Bros Inc
15%
% Jan110
111
3% Jan
Oct
Oct
Dec
25
800
16%
4%
50
Morris A Essex
21%
30
Nov
Dec
21%
16%
33%
17%
18%
27%
Oct
53
21
23
16
5
91
98%
30
22%
16%
Jan
Oct
Nov
7
21
32%
2
Oct
87
1% Jan 11
1% Jan112
17% Jan113
3% Jan112
11% Jan 10
2% Jan 8
Oct
15
30% Jan117
21
1634
Mar 30
May
i
June 29
4%
14
25
Natomas
11
16%
100
08
33% Nov
22%May 27
900
17%
3011
600
36,600
23,100
102
100
111
10%
*7%
..100
preferred.—.No par
34.50
July 7
~
r
May 27
j
7% Jan 12
Oct
Montg Ward A Co lno No par
10%
102
No par
10
10%
*35%
10
67
10%
8
% Feb 2
58June 22
% Mar 28
10%May 27
1% Mar 26
4% Mar 29
% Mar 30
1% Mar 25
10
10%
34
Mar 31
20
10%
8
Mar 26
Preferred series A
94% Jan 26
86
110
4
...100
..100
Mission Corp
Mo-Kan-Texas RR
T, 100
16%
2934
334
934
7% preferred
4% leased line ctfs
75
3%
7%
16%
Dec
1
Apr
35
{Minn St Paul A S 8 M...100
*3%
*35%
37
38%
102% *102
10278
Apr 25
1
Imp!
36.50 preferred
*70%
7
Dec
14
49% Jan 28
100
100
No par
Minn Mollne Pow
75
378
—-
Apr
89
pf—100
pref series B
4
1
78
Minn-Honeywell Regu. No par
*70%
378
*70
10%
1
..100
75
3%
...
Mar
23
8% cum 1st pref
74%
1678
17
200
10%
28%
74
3
15%June
11
Dec
5% Jan 11
No par
*70%
3%
74
July
Midland Steel Prod
29%
75
75
Dec
60%
43% Jan 17
12
July 7
22% Jan 11
27% Jan 12
101% Jan 12
20%
34
26%
3,800
10,400
13,100
160
Dec
10
Jan 25
5% Mar 31
12% Mar 30
29%
8%
17%
10%
28%
*153
78%
Jan 12
26% Mar 30
19%
*36
38%
102% *102
283s
.
340
6,400
6
23
17%
134
133% 133% *133
22
*21
21%
22%
7%
7%
778
8%
59%
60%
60%
6278
18%
19%
19%
20%
29
29%
29%
30
74%
1
50
Mar 20
15
Miami Copper
5
Mld-Contlnent Petroleum.. 10
8
62%
*69%
17
11%
31
160
32% Apr
3% Mar 30
14 May 31
84
16% Jan 13
61
...
2634
11
29%
*153
36,500
80
5%
30%
20
110
111
6
400
20,400
112
7%
134
*53%
47
20%
16
5%
159
23
84
73;
*153
514
15
5%
158
2
9%
73s
dence
10%
%
111
9,900
14,100
51
112% *110% 112
7%
8
7%
8%
112% 112%
29
8%
17
8%
*5%
227s
*15%
Indepen¬
Day
*21%
17
50
...
12%
8%
8%
23%
24%
*156% 159%
*16%
17
*43%
19%
15%
11
34
159
15
7%
11%
*81
16%
158
*45
8%
23%
159
12%
8%
24%
85
30
*52
12
9%
10%
16%
47
20%
16%
158
*108
15
*45
50
*84
*153
*110
9%
7%
*43%
19%
23%
17
7%
*44
50
*101%
8<
85
778
5%
*37
52
47
2034
*112
112% 112%
*100
8
17
112
21
*50
*101% 105
*43%
Closed
17
8%
7%
Exchange
2034
15%
10%
29%
52
49%
50
100% *101% 105
•»
*81
17
85
7%
5%
7%
Stock
17
*81
*43%
112
7
(The)
1st pref
Oct
Morrell (J) A Co......No par
74,600
12*2
21*4
6%
7%
Dec
Monsanto Chemical Co
114% 114% *114
41%
43% 45
12%
23%
7%
Dec
37%
1,800
30
is
12%
22%
50
6
3,600
*29
11%
8
49
90
1%
3
30
17%
61%July
90
18,100
32
22
Jan
93
90
9%
*28
18
50
6
72
Apr 12
6% Mar 26
No par
16%
1%
100
"""126
Oct
Apr
70
June 13
conv
5%
28% Dec
55
Merch A Mln Trans Co.No par
Mesta Machine Co
5
4%
Dec
Oct
Dec
18%
100
No par
No par
Milw El Ry A Lt 6%
2,000
32
12%
conv
Dec
7%
Mar 26
35.50 pref ser B w w.No par
5%
45% Feb
26% Jan 12
8% Jan 10
35% Feb 23
9% July 7
11
30%
June 14
$6 pref series A..
Co
5
7
1
5
preferred
conv
17% July
10% July
Highest
$ per share
share
27
Mead Corp
4,300
16%
3
*28
22
6%
per
No par
Stores
t Missouri Pacific
5% conv preferred
Mohawk Carpet Mills
3
10%
%
2
1%
32
17
5
$
......I
33 conv preferred
*%
*%
*%
16%
2%
9%
1%
2%
16%
%
1%
17%
*28
12
McKesson A Bobbins
McLellan
Mengel
110
Mar 26
35% Mar 25
13%May 27
5% Mar 29
Mclntyre Porcupine Mines..6
McKeesport Tin Plate
10
Melville Shoe—
670
7
1
new
per
McGraw-Hill Pub Co..No par
3%
17%
%
*%
1%
16%
2%
9%
1%
i 2%
17%
32
21
MoGraw Elec Co
share
Jan 31
3
Lowest
Highest
10
Par
2,200
93
41
30
29*8
4,600
80%
13
14
42%
11%
19%
23%
99%
9
*62
22%
*13
7%
33%
*28
32
*25
8%
80%
*61
%
8%
6%
80
2
1%
17%
32
"4" 800
*78
17
7%
32%
9%
8%
83
*%
17
17
19%
*90
*r»8
%
19
*105
1%
*5S
43
20%
93
82
2
*%
42%
19
2,200
2,900
4,800
6,600
23,900
Year 1937
10O-Share Lots
Lowest
Bhares
106
6%
7%
63
42%
8%
1
10%
17%
10%
42%
6%
31%
7
634
31
16%
10%
14%
61%
01%
47%
13
61%
59%
12%
61
12%
61%
42
16%
10%
On Basis of
STOCK
EXCHANGE
the
Week
July 8
Range for Previous
Range Since Jan. 1
STOCKS
YORK
NEW
for
Tuesday
July 5
Monday
July 9, 1938
5
Jan 12
44
115
Apr 19
114
70% June 29
11% Jan 17
5% Jan 11
17% Feb 23
8% Jan 21
14% Jan 13
Ex-rlghts.
Dec
May
61% Nov
*9% Dec
2% Oct
7% Oct
4
Oct
10% Dec
22
Oct
1 Called for redemption
Volume
,
AND
HIGH
Saturday
July 4
$ per share
40*2
1634
17*2
39%
1634
40*2
40*2
17
17*2
July 8
S per share
41%
17%
40*4
41
17%
41%
16%
17*4
105
105
*105
115
*105
115
*105
140
140
141
141
142
142
*27
30
285s
2s58
14
14
14
478
5*4
5*4
*734
1*4
8*4
8*4
13%
5%
884
8*1
1*4
1*4
281"
*27
5*->
*1
115
*27
14
14
5%
5%
•
91"
500
*1
1*4
900
58%
800
JPanhandle Prod & Rel No par
8% conv preferred
100
46
62%
6034
46*4
4712
*46
46*2
46
47
45%
90
*86::
90
*90
92
92
11%
11%
12
11
11%
94%
95
97
95
95
11*2
12
113s
11%
12%
11%
11%
20*2
19*2
2%
20*2
*21
22%
3
22%
3%
*20*"
3*4
1134
37*2
*1778
37*2
37
37*2
37
3734
3734
39
18
1784
18-%
1834
1834
2*8
1734
2*8
1734
2*8
5&8
10i2
6
578
27g
.6*8
11
1034
2%'
55g
103s
53
7734
78*4
7734
795g
54
*51%
80*4
80
82
79
1%
2
2
*178
5
5
5*4
26
28%
*27*4
14
14
1934
20
*13*2
1938
14
28*4
116*4
*113
20*8
2812
19*2
*2634
28*-
1163j *113
*113
5
5*4
5*4
28*2
1434
20*2
28%
*13%
21%
*113
.
•
-
-
-
11
11
*438
11%
12%
1234
5%
1234
26
27
27
28
29%
30*2
30
2434
*13*8
1134
15
47s
5
4%
23
23*4
2.3
*13
15*4
IDs
*13
2434
*5
28
27
251;
25%
*13
-
11%
1134
7%
30*2
29
31*4
30
32*"
3112
33'%
*34
36
36
36
3534
35%
36*4
*34
35
65
*62*2
65
*62l2
61*2
65
*63
68%
200
73g
738
*2
*2
238
3*8
iz
358
3%
*2
Jz
7%
7*2
1187s IIS7*
*5
7
59
*234
334
*29
8*2
87s
*23%
24
24
*47
51
*6*4
*26
28*2
7*8
*678
63
8*8
1334
4234
43
27
40
*h
6*2
40
8%
50
9
24%
24
25
*45
*.
7
*24
28
*8%
*23%
51
7
6%
2734
"'v'-."-
1 H-* 0?"
:j.: 1
*
7
7
64
*54
'
-
-
156
12%
13*i
40
•10
27
*24
%
34
7*8
7%
34
8%
7%
50
20
39
280
23
24
150
33
84
35
*%
8
8%
;•
170
1
400
470
8
*12*8
12%
12%
12
13%
h
22-%
12%
11%
**2
h
**2
**2
%
2178
2114
21 %
21*4
21%
22
*8
10
*8
10
*8
10
*8
10
10*8
10*4
938
10%
10*i
10*2
10%
210
234
3
3
3
3
2*2-
*%
Pitts Ft W & Chi 7 % gtd
98
98
110
300
25%
26*2
5012 51
116% 116*2
5034
27*2
51%
9*s
27*4
50% 51
116% 117
31% 31%
3,900
25%
*118
121
137
137*2 138
116
.
*8%
32
97
97*4
1103g 11038 *108
121
137
9
97
110
*119
115
115
3378
3434
3334
35
12*4
1234
12
*86
92
83*2
83*2
83*4
107s
54
*75
5278
258
54*2
234
258
84
10*2
*11%
634
11*2
7*4
7
100
*75
*88
11*4
11*2
7*4
;
il84
92
12
7
116% 116%
33*4
32*4
97
96%
97
96%
500
170
7,900
900
97
*108% 113
*108% 113
119
119% *11938 121
13734 13734
137% 138
*137% 13734
*115
119
*115
118
*114
116%
36
34
33%
34%
33*4 34*2
8434
11*4
11
*11
32%
*25
5,900
16,300
100
100
5H 1st scr conv prior pref100
Pitts Term Coal Corp
1
6% preferred
—..—100
100
*75
100
130
100
15,000
Pullman
Pure Oil (The)
1234
1134
12%
91%
92
92
92
400
6%
85*4
85%
86
85%
86
5%
u
10%
11%
10*2
12
*11%
12%
734
*11*8
10%
12*2
7,900
4,600
7*4
7%
*75
100
*75
100
7%
5434
52%
53%
54%
2%
234
2%
234
22
*19
100
55
5634
234
100
738 113,400
55%
2%
*19
234
21
22
22
22
14%
15*8
2158
14*8
2134
15
1D%
14*2
14*2
15%
14%
213}
21*2
21%
20%
21*2
21
21
1638
16%
133i
15*4
15
15*4
15%
16%
15
16
25*2
*22
700
15
2u2
3,400
21,600
*22
26
*22
17*2
*20%
*22
26
18*2
*534
6
6
58
*43
51
1
1
1
*45
%
*8
8io
8*2
*4.5
.
984
9
*11
13*2
14*4
*%
*858
9*"
8%
9%
*9
9*2
123j
*12
12%
*45
934
9*4
15
14%
15%
*61
63
60
61
9,300
4,100
51
51
51
51
40
2
2
*60
63
1434
14%
14*4
2
2*4
2%
18%
2*8
19%
20%
18%
2%
18%
58%
58
58
57%
57%
58
60
60
60
60
20
2%
19
15%
1634
16*4
16%
16
18*4
17
33
34*2
33
34*2
35*2
60*2
18%
34*4
36
78
78
*
60
14*2
14*2
*5*2
8*4
8*2
55
7*4
684
10*2
«.
...
41
*53
*6*8
63s
634
10*"
14%
*84% 100
*84"s 100
*10
85g
42*8
55
7
634
10%
*
"14%
15
13%
*85%
95
*86%
8*4
9
41
41*2
*53
7%
6%
*10
18*2
19%
2%
41%
10*2
18*4
26
*1*2
2434
1*4
39
1
1
1
2*2
234
25g
Bid and asked prices; no
*6%
634
10%
1838
19%
25%
2434
134
134
42
3934
1
1
1
234
2*2
3
calee on thla day.
41%
*53
55
*6%
6*2
25*2
9
■I
42
1,100
12,100
1,500
150
_
_
14%
95
4,500
......
9%
42%
41
41%
4,400
10,400
55
5434
5434
20
7
*6%
7%
7*4
6%
10*2
8%
6%
10
8%
10
18*2
18
18
26
24
24%
2%
43
1%
1*8
234
3
*1%
41%
1%
234
t In receivership.
3
42%
1%
234
Arner—No
$5 preferred B
No
$3.60 conv 1st pref-.No
JRadlo-Kelth-Orph
No
par
par
par
par
Raybestos Manhattan.No par
Rayonier Inc
-1
$2 preferred...
-—--25
Reading..--------—-—-60
4% 1st preferred.—-----50
4% 2d preferred.— — 50
5
100
Real 811k Hosiery
Rets (Robt) &
1st
No par
Co
100
preferred
—No par
Co..--------10
Reliable Stores Corp.
Reliance Mfg
9
1
^
13,900
400
3,900
2,600
500
10,900
1,500
2,700
a Def. delivery,
June 10
9% Mar 30
---1
Remington-Rand
2
Preferred with
warrants..25
49%May
Rensselaer & Sar
RR Co..-100
5
40
Apr 28
U2 Mar 30
Corp-—No par
preferred
100
6% conv prior pref ser A. 100
Revere Copper & Brass..—.6
Class A..——————10
7% preferred
100
W4% preferred
.....100
Reynolds Metals Co—No par
5H% conv pref
100
lli4May 31
39% Mar 29
38 May 26
778 Mar 30
17*4 Mar 30
65
Apr 27
62% Feb24
l0i2June 9
843g Apr 25
..--.1
(R J) Tob class B. 10
4%Mar30
3334 Mar 30
Republic Steel
800
78
1438
No par
Quaker State Oil Ref Corp. .10
98,000
60%
16%
60
85
1934
415g
78
*
"14*4
26
4034
78
60
74% June 18
7 Mar 29
9 June 16
434 Mar 31
60% Jan 31
37% Mar 31
l78June 2
1434June 20
8% May 26
18 Mar 30
l03sJunel7
18 Mar 22
l3%June2i
2»4 Mar 25
34% Mar 29
% Mar 29
5 Apr 1
5*2 Mar 30
Purity Bakeries
Reo Motor Car
37
*84%
187s
2*4
*
60
25
*158
*67
78
*67
78
60
16%
*33
preferred-.--—...100
preferred
100
13,800
58
63
2%
3234
42*2
500
51
19
41*4
1,000
63
58%
*53
9%
13
*47
60
83s
8%
200
8%May 26
81
Apr 19
conv
Preferred
""•700
*60
20
"l4~
1
143.1
1938
78
51
13
13%
500
51
*47
60
*60
7«
"v.666
63*2
51
.
*4
18*8
14*8
62i2
178
1
*5
51
_
63
1434
62*2
*47
51
18%
534
4,700
1,600
7,500
5%
534
*45*2
*8*4
9%
9*2
12"s
23%
1734
53 4
*%
9'%
*8%
*11*2
20
21*2
18*"
53i
6
*22
26
17
17*2
18%
21%
Mar 31
Apr 23
Apr 8
Mar 29
Jan 12
21%May 27
No par
Radio Corp of
1
Mar 25
80%
101%
112
132
112
No par
-.100
100
...100
S5.No par
Inc..--------No par
55,800
12%
12%
July
25
Pub Ser El & Gas pf
92
6%
conv
Reynolds Spring...Reynolds
—
10
Rhine Westphalia Elec & Pow.
Richfield Oil Corp
No par
Ritter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
$ Rutland RR 7% pref
100
St. Joseph Lead
10
ISt Louis-San Francisco... 100
Common
6%
n New
100
preferred
stock.
r
Cash sale.
Oct
215s Mar
3
Oct
13U
7% June 21
3338 July
I8I2 Nov
3712 Jan 12
34% Nov
62
May 21
66
Dec
2% Oct
% Oct
I84
2% Feb 19
4i2 Jan 12
Mar
7
11034 July
7
8
1
121i2 July
Oct
65
June 27
7
Deo
Oct
5%
Nov
50i2Mar
9
50
4338 July
7
30%
Oct
178 Dec
20%
116
5% pf (ser of Feb 1 *29). 100
J- .No par
Pub Serv Corp of N
8% preferred
938
7
39% Mar 31
7% preferred.
Jan 11
July
No par
6% preferred
Jan
25
May 10
4i2Mar25
1334Mar30
300
Jan
91
Oot
52
—.6
50
$5 preferred
87
6
25
1% Mar 30
434Mar25
5% conv
Procter & Gamble
48*2 Mar
Dec
8
tPostal Tel & Cable 7% pf-100
Steel Car Co Inc-.l
1st pref
2d pref-.--
Oct
Dec
30%
11
51% Jan
5% June
>■ 5 Mar
7i2 Apr
14% Mar
13 Mar
31
21
25
11
30
31
l%June 18
25%May 27
%June 13
P8Mar25
* Ex-dlv.
Oct
Jan
Feb
5978 Mar
54*2
Jan
100*4
Jan
7*2 Feb
Jan
14
3*8 Feb
95*2 Aug
20
Jan
Jan
87*4
64
July
9*2
Jan
74*2 Jan
20*4 Apr
333s Jan
66
Feb
Oct
18*4
Jan 17
25
Oct
76*2
Jan
Jan
7U Feb 26
63
July 2
174
Mar 14
4
Dec
1414 Aug
48*4
Dec
35
Dec
36
4%
7i2 Jan 17
100*2 Aug
97*4 Apr
4% Oct
141
July
20
Mar
8
Oct
43
Mar
46i2June 30
32
Dec
122
Mar
27
June 29
23
Deo
30
Deo
6
30
Dec
45
Dec
*4 Nov
4
8
Deo
28
Jan
May 10
a:97l4
Apr
141
July
1658 Jan 10
8i2
%
Oct
Oct
87g Jan 10
16>4 Jan 12
45
Jan
Jan 13
1
Jan
12
57
8
Jan
47*4 Mar
3
Jan
223g July
7
13
Oct
2978
Apr
11
Jan
5
9
Dec
12
Jan 15
7
22i2 Aug
33*8 Feb
Jan 19
*4
83 Mar 31
Pressed
conv
9
30
31
5
30
30
21
6
Jan
Feb
Mar
Jan 12
Jan
5g June
Mar
38% Jan 15
Oct
Mar 31
8 Mar 28
5i8 Mar 29
1% Mar 26
63
3714 Jan 11
Oct
Mar 29
60*4 Mar
11634
17
4
6
Jan
12% Feb
76*2 Feb
2934 Feb
Oct
27
15
Jan
638
65*2
7
3
64
IO384 Mar
Oct
July
May
Jan
7%
3
July
Jan
10*2 Jan
2378 Mar
73s Feb
22
June 30
No par
Plymouth Oil Co.....---—5
Pond Creek Pocahon. .No par
Poor & Co class B
No par
Porto Rio-Am Tob cl A .No par
Class B
No par
5%
Dec
110% Sept
9
48
100
Pittsburgh & West Va4
9
Oct
27
39
7% Mar 29
20% Apr 7
11% Apr 8
23 May2i
%June 9
6 May 28
No par
5% pref class A
200
115
11938 119%
12-%
*86
600
9
8%
116*2 116*2
32
3234
33*4
'8
h
9
*83.4
51*2
33
^
8,000
2,200
3%
26
*1153i 1161?
^
8%
3%
8%
8-%
•/
10*4
3%
834
312
8*4
50*2
3
3%
9
26
9%
9%
334
513.
10
*8
9
78
2634
51ig
7,300
13% Dec
20
4
June 24
478May 26
7% pref class B.
Pittston Co (The).
%
22
3%
7s
83g
87s
8%
*25
1,480
12%
**2
21%
78
334
78
334
3%
83,j
8%
9%
3
**2
34
7S
;:7V' 338
11*2
Oct
3% Mar
20 May
3% Mar
41 Mar
145 June
...No par
pf 100
$5 conv pref
15
3
40
Pitts Coke & Iron Corp No par
Pittsburgh Steel Co
13
Apr 12
Oct
Oct
Mar29
20*2 Jan 3
100
6% preferred
1,800
7%
Oct
Nov
U4
2i4
_
Feb
5
4
Pittsb Screw & Bolt—No par
38
37
35
36
36
Flour
8,100
73.1
13
39
39
*23
64
152
152
Oct
30% Jan 18
Pirelli Co of Italy "Am shares"
8*2
13%
Oct
2l2
112i2 Feb
36% July
...100
Preferred
Pierce Oil 8% conv
Pillsbury
400
Oct
8
16% Jan 11
24i| Jan 15
31
pref...100
Mills.
25
No par
Pittsburgh Coal of Pa...-100
100
Oct
1U
4
538 July
2878 July
1% Arp 25
214 Mar 26
% Mar 26
75i4Mar29
114 June 25
4% Mar 30
38 May 4
27% Mar 31
2 Mar31
400
26%
7%
13%
July
2i2 Jan 10
17%Mar3l
Mar28
30
60
50
50
500
6*2
Jan
Oct
8*4 Feb
4434 Feb
29% Aug
13ia
2434
30
34*8
Oct
784 Mar 30
4«4 Jan 3
1,500
7*8
Oct
1
5
8*2
51
*6%
*25
6%
*52*4
64
*151
8*4
734
1234
7
156
*52*4
*150
9,
*6%
1
21*8
•
-
18l2
Jan
Pitts United con pf unstmp
i
*113
18,000
42%
'
40
7
7*4
*29
*24
27
**2
*4
40
42.
*35
Day
*29
8*4
6%
64
27
42
40
24
:
200
4
*46
156
27
*3
7
*40
dence
4
6*2
26*o
77s
12*8
143«
433g
*3
8
51
*52
Indepen¬
42
4
Jan 20
3% Jan 10
15
Philip Morris <fe Co
59
43*8
Oct
8*2 Mar 29
Phila & Read C & I
2,400
6%
*40
*29
*150
153
7%
*6
684
59
*3
41%
8*2
7
Closed
63
153
634
*40
41
423g
33j
*512
26*2
Exchange
2,000
13,100
121
59
24%
*47
Stock
7*2
*2
121
6
*40
40
*29
40
8%
*2
108% 10934
121
121*2
%
11034
Jan
Jan
8
200*2
26*4
24
Ltd...10
5% conv pref series A
100
Phillips Jones Corp
No par
7% preferred
-.100
Phillips Petroleum.
No par
Phoenix Hosiery...
6
330
108
28*4
Oct
No par
JPhila Rapid Trans Co
7% preferred
NO
334
119l2 12034
59
41*8
43
42*8
*234
2%
3%
" no"
6
*40
*1%
3%
1*
106
*6
*40
2%
Oct
15
No par
10978 Mar
8l2
512 Mar 26
1 73s Mar 26
15 Mar 23
Phelps-Dodge Corp
25
Philadelphia Co 6% pref.-.50
16 preferred
No par
Jan
8012
....100
100
100
50
Brewing Co
Pfelffer
2,200
53,300
7%
313s
%
3%
*3%
*2
7%
2934
7%
*1%
3%
y-2-%
2
2%
3%
101i2 105'%
II834 119
102l2 10234
11%
Feb 11
94
Jan
1278 Jan 10
97% Jan 10
1238 Jan 10
57i2 Nov
Petroleum Corp of Am
500
*62*2
36%
64%
7
29l2
11*4
Mar
37
No par
5% preferred
4,300
11%
7%
11*2
1134
90
5
July
Pet Milk
mr'*m
11%
32% Nov
z95
Sept
47% July
July
41
Corp...10
5% prior preferred
740
1434
May
82
Pere Marquette...;
27
121
54
600
-
*
Oct
Mar 30
640
-
29
55 Mar 31
DgJune 13
2% Mar 30
10% Mar 30
10
Mar 30
14% Mar 31
19% Mar 28
110 Mar 29
22% Mar 26
184Mar20
Pennsylvania RR
°
1434
*13
15
3
No par
..No par
200
m
4%
12
5%
1134
'J
Oct
6<4 Jan 12
1214 Jan
634 July
Peoples Drug Stores...No par
900
«
1
2% Jan 10
6% cum pref
.100
People's G L & C (Chic). . 100
Peoria & Eastern...
100
-
Feb
17i8
20®4 Feb 23
4,400
-
Apr
128s
Oct
Mar 31
34%
-
IDs
5
36*4
29*4
Oct
7
1% Mar 29
30
*113
26
5
35%
3534
Dec
4
3ig Mar 30
834 Mar 31
4
Mar 26
J7 conv pref ser A
No par
Penn G1 Sand Corp v to No par
400
25%
*1138
34*2
35%
II84
914 Feb 25
1% Jan 7
6314 July
1
13
Penn-Dlxie Cement
56,300
3334
*3%
1134
35
36
3558
1578 Jan 10
578 July
7
28
Penn Coal & Coke
900
1434
Jan
7
Penney (J. C)
10,500
21%
28*2
*26
149
39
Penick & Ford
300
20%
28%
Jan
Apr
31% Mar 31
Peerlees Corp
Jan
152
133
6
Nov
No par
Rust Proof Co.—2.50
NO par
Jan
4478
June 27
30
Mar 29
16
Patino Mines & EnterprNo par
900
*13%
2234
28%
July
Pathe Film Corp
5,300
4,700
27
2634
142
share
per
53*4
110
Jan 31
Parmelee Transporta'n.No par
8,100
5
53«
28%
1434
28%
116
1% Mar 30
Parker
900
5*8
*1%
10i8
1
1,100
79%
2*8
j34'4
7
1
11,700
54
Oct
Oct
7
177g July
Park <fc Tilford Inc
Parke Davis & Co
684
'6%
6%
share $
41% July
32% Mar 31
9% Mar 30
87
Apr 1
xl32%Mar30
18% June 18
10
Mar 18
3% Mar 30
7
Mar 29
«4 Mar 25
27%Mar26
29 Mar 31
8834June2l
534 Mar 31
65 Mar26
66s Mar 31
Highest
per
10
2,500
10%
"i 103g
6%
52%
28*2
14*4
28
11
6
2
2*8
103<
53*2
$
share
per
Park Utah CM
300
6%
6
53
51s
5%
d8
5212
28
2*8
*17%
1
...100
Lowest
Highest
$
share
6% 2d preferred
20,400
6%
5%
10%
100
preferred
conv
6% 1st preferred
1,400
7,100
38*2
18*4
2%
*51*2
78*4
6*8
52
*2
5%
37%
No par
Paramount Pictures Inc
75,300
3
2%
2
2
2
2
10%
6
6
578
3
4%
30
lc5s
94*2
*19*2
234
92
113s
95
20*2
27s
Parafflne Co Inc..
1,000
95
12
11%
*18
10
No par
*834
60
*.—.
Packard Motor Car
1%
61*2
11*2
Corp. (sp.stk) No par
Pac Western Oil Corp
9%
48*«>
97
PaclficTin
100
9
61
90
6% preferred
1*4
*44
95*2
100
834
58
~ir
No par
Pan-Amer Petrol & Transp__6
1%
58%
6C*4
No par
Pacific Telep & Teleg
120
*140*2 144
100
*27
28*2
2834
13
1,800
13*2
14*4
5% 103,900
5%
5%
1*4
6234
%;
Corp
Ltg
Pacific Mills
50
110
*105
Pacific
1,800
2,700
$ per
Year 1937
of lOO-Starc hols
Lowest
Par
*14012 144
13*4
On Basis
Week
Shares
$ per share
173s
Previous
EXCHANGE
Friday
July 7
40%
Range for
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
Thursday
$ per share
§ per share
$ per share
4012
SHARE,
Wednesday
July 6
Tuesday
July 5
Monday
July 2
PRICES—PER
SALE
Sales
for
LOW
237
New York Stock Record—Continued—Page 8
147
Oct
3®8 Jan 13
Da
22
17
10
16
17
52% July l
122i4May 18
35i2 Jan 13
84
U8 Jan
4% J»n
10% Jan
lots Jan
31% Jan
6i8
5%
20
Oct
4314 Oct
114% Mar
30*8 Oct
Jan
Feb
31
Feb
86
Feb
Jan
65*2
Jan
118*2
Jan
Jan
Feb
Oct
5234
112*4
Oct
128*2
Jan
140*8
162i8
113*8
Jan
72*8
Feb
2438
Feb
123if Jan 13
117
Oot
143
Jan 14
132
Sept
116
June 13
110
June
25%
138s Jan 11
Oot
884
867s Jan 17
Oct
85
98% Jan 18
30
14
Oct
107
Jan
Jan
Feb
7
1158June
16U Jan
734 July
77i2May
5634July
53a Jan
23*4 Jan
241* Jan
29% Jan
Jan
378
15*2
3178
91
5
July
1178
10312
Jan 12
981k
11038 July
Oct
Oct
Oct
Oct
Oct
2%
86
Feb
5»4
2384
13*8
Dec
1878
434
7
4
7
Oot
Oct
1234 Mar
Jan
96*2 Dec
116
Nov
Dec
80
Jan
44
2*4
11
15
11
18
Oct
19*2 Dec
10*8 ^pr
37*a I ug
L tC
20
Dec
26
26
Dec
29*2
DtC
18'8
Dec
47
Mar
30ii Jan 15
30
Dec
49
Jan
27i« Jan 25
6
July 5
23
Dec
43*4
Jan
Oct
I33g
Jan
22
Jan 13
3>8
July
1
39
Dec
li2 Jan
3
1
Sept
51
11
Jan 10
83
Jan
4*8 Mar
7*2
784
Deo
30
Dec
2238
9*4
Oct
35*2 Mar
8*8
Oct
29*8 Mar
Mar
Feb
984 Jan 10
13% July 7
15% Feb 25
87% Feb 24
61*2 Nov
667g Jan 22
69
Dec
20®4 Jan 15
Jan 15
1'4
1214
Oct
Oct
65
Dec
124
Jan 13
60
Dec
110*4 Mar
3
Jan 10
751*
73
94*4
110
9*2
Jan
Feb
Feb
47*4 Mar
Apr
183s July
7
9
49*8
Apr
87
Jan
8
26
Dec
98
85
Jan 21
76*4
Dec
139
Apr
Apr
60
54% Jan 21
178i Jan
7
87ia Jan 21
10% Jan 11
46ig Jan 8
58i j Jan 11
8i2
7%
11®4
20*4
26
Jan 7
Jan 10
Jan 10
Jan 19
July 2
212 Jan 10
July 7
43
1% Jan 12
3
Jan 10
y Ex-rlghts.
12*4
80
57s
40*4
Oct
Nov
Oct
Nov
Dec
Dec
95*4
Jan
30*8
Jan
112
34*4
58
Jan
Jan
Jan
Oct
67
Jan
10*i Nov
14
Feb
55
17*4
Oct
Dec
Dec
Oct
1
Oct
4*8
8*4
18*8
26*2 Nov
6*2
31*2
19*2
38
9«4
65
Oct
Feb
Dec
June
Feb
Mar
1
Oct
4*4
Mar
1*»
Oct
11*8
Feb
Called for redemption.
New York Stock Record—Continued—Page 9
238
AND
LOW
HIGH
SALE PRICES—PER SHARE,
NOT PER CENT
NEW
for
Saturday
July 2
$ per share
Thursday
July 4
Wednesday
July 6
July 7
Friday
July 8
$ per share
$ per share
$ per share
S per share
% per share
Monday
*2
3%
♦17*
3
*1%
3%
3
3%
*3%
*7%
18%,
♦7
*6%
*6%
*0%
19%
20>4
74
♦70
75
75
74
74
*69
*80
85
*80
84%
S3
84%
85
85
*83
95
95
96
96
95
95
94
94
95%
13%
14
14
14
14
14%
14
20%
18%
*70
19%
18%
20%
19%
20%
197g
Shares
74
74
73%
73%
%
*6
*6
7
44
4414
43%
60
2434
384
6S34
16%
*102
7%
%
2%
25%
*3%
4
66%
69%
14%
16%
15
64%
*61
60
60
60
5%
57g
43
9
9%
25
26
16
1634
*102%
103
7%
7%
24%
27g
I
43
*92
94%
*25
25
7%
*90
93
15
35%
66%
68%
28,200
15
15%
16
10,300
15%
61
61
400
6
13,300
6
f
5%
44
43%
9%
25
♦90
93
92
91
18%
15%
31%
130
*128
32%
*2%
*18%
30%
93
*89
98
104
95
132
104
"l'iio
19
19%
1,400
18
12%
15%
17%
11%
18
12
21
20
*130
1,300
16%
18%
16%
11%
17%
12%
17
12%
18%
187g
12%
17%
3434
25
25
*25%
34%
3%
13%
19%
34%
3%
11%
17
17%
*26%
3%
34%
3%
40%
*40
41
*38
41
3%
9%
3%
*8%
3%
9%
75
*24
*....
24%
227g
13%
36
*33%
11
237g
8
65
237g
8%
*100
9
434
Exchange
Closed
47g
934
10
22
27%
*%
31%
32%
*23'
,
3%
dence
23%
23%
*23
23%
""300
22%
13%
*33%
23%
14
23%
13%
35%
36,500
24
22%
227g
13%
*33%
36
*33%
13%
35%
35%
22%
13%
*33%
11
10%
12
12
137g
12%
13%
70j66
63%
65
65
67%
63%
24%
64%
25
2,400
8%
63%
23%
8%
22%
24%
8%
8%
100% 100%
2%
2%
101
25%
8%
101
26%
8%
101
20
2
19% Mar 26
Dec
30
23%June 3o
10
Oct
23%
7% Mar 31
15% Jan 10
10
Dec
35
39
Dec
50
Jan
Dec
28%
Feb
29
Mar 14
Jan
5
2
6% Mar 31
13% July
7
48%May 26
67% July
7
26% July
7
Mar 30
25,700
Standard Brands
No par
12% Mar 31
6% Mar 31
200
$4 50 preferred
No par
94
2%
3,900
{Stand Comm Tobacco..
4%
7,900
{Stand Gas A El Co..-No par
9%
17,400
.1
Mar 18
z39
9% Jan 10
107% Feb 5
3% Jan 10
6% Jan 12
11% Jan 12
19%
8%
49
Nov
16
Nov
7%
101
Oct
Jan
Jan
Aug
95% Apr
48% Mar
16% Jan
Oct 107%
Dec
23"906
25% Mar 31
32%
15,500
Standard Oil of Indiana
25
24% Mar 30
35% Jan
10
32% Apr 8
39% Mar 31
17% Mar 29
35% Feb 15
56% July 5
42
Nov
76
Mar
Jan 15
19%
Dec
48
Mar
Mar 29
*30
37
*30
37
*30
10
9%
7%
9%
10
6%
7%
*30
37
26
55%
40,900
25%
600
Oct
65
Jan
7
14
Oct
72%
Jan
%June 21
1
Dec
4
Jan
27% Dec
26% Oct
30% May
50
Feb
50
Feb
Standard Oil of New Jersey.25
Starrett Co
(The) L S__No
Sterling Products Inc
10
49
Dec
75
Jan
5
6
May 28
67%June 24
11% Jan 12
53%
Stewart-Warner
5%
Oct
21
Feb
1,000
Stokely Bros A Co Inc
1
5
June 17
11
Jan 13
6%
Dec
Jan
11%
10%
10%
49,600
Stone A Webster
6%
Oct
6%
6%
6%
30 100
Studebaker Corp
11% Jan 12
7% Jan 12
17%
33%
10%
6%
3
Oct
20
Feb
57%
125
*55%
57%
125%
200
77%
Jan
125
11%
11%
11,200
28
25
26%
26
27
25
26%
4,800
3%
5%
16
147g
26
25%
16%
25%
3%
15%
16%
26%
27%
.
3%
3%
»
5% Mar 29
1
3% Mar 30
No par
Aug
9
Oct
Superheater Co (The)..No par
Superior Oil...
1
17% Mar 31
1% Mar 26
29% Jan 13
18
Oct
8% Mar 31
17% Mar 30
3,300
Superior Steel
1,100
Sutherland Paper Co
Sweets Co of Amer (The)
25
9
18%
8
*6%
8
18
18%
18
18%
4",400
28
27%
27
27
1,100
Swift
7%
7%
7%
57S
5%
5%
7
6%
7
100
Swift A Co
27%
18%
27%
18%
27%
5%
*5%
7%
45%
7%
43%
4%
4%
337g
34%
10%
4%
33%
10%
9%
43
♦42
*20
23
*2C%
5%
7%
45%
4%
34
10%
9%
21%
22U
*53%
57
*53%
57
10
21%
5%
49
4
24%
1%
21
*4%
*43
*5%
8%
7%
7%
5?g
6
6%
5%
6%
7
44%
5%
49
♦42
7%
77g
*5%
7%
43%
447g
44%
4%
4%
33%
10%
33%
10%
4%
33%
9%
9%
21%
22%
221,j
*19
*537g
*4%
9%
10%
49
5%
3%
13%
14%
15%
93
94
94%
3
2%
4%
4%
147S
3
13%
14%
94%
Texas Corp
33%
33%
7,800
10%
9%
10%
9%
Texas Gulf Produc'g Co No par
Texas Gulf 8ulphur
No par
Texas Pacific Coal A Oil
10
13,900
*4%
3%
13%
15%
91%
*1%
*4%
14%
3
5%
49
4%
25
200
4%
4%
*13
1
4,400
25
*4%
2%
4%
"2,i00
5
15%
14%
14%
3,400
2%
3%
2%
3
3%
14
14
13%
13%
15%
15%
14%
15
conv
pref
200
5,000
500
14,300
Preferred
Thermold Co
2% Mar 31
15
1
1% Mar 28
No par
77% Apr 29
95
95%
900
12%
49%
12%
47%
8,000
47
11%
118/,
7%
11%
12
11%
12
11%
11%
7,000
Tlmken Detroit Axle....... 10
Tlmken Roller Bearing.No par
Transamerlca Corp
2
7%
8%
4%
67g
7
11,300
Transcont A West'n Air Inc.5
8%
2,900
4%
14,200
Transue A Williams St'l No par
Trl-Contlnental Corp..No par
5%
10%
24%
34
4.%
36%
9%
2%
5
*7%
23%
10%
24.%
*33
4%
38
8%
*5
*7%
34
34
5
5
a3S
9
13%
13%
80
82
21%
21%
82%
83
80
21%
82-%
73%
2%
58%
13%
81%
73%
73%
72
*20%
2778
21%
28%
21%
21%
27% "28%
5%
10%
25%
38
Rid and asked prices; no sales
"
23%
35
2%
57%
12%
78%
20%
59
8%
41o
80
on
8%
2%
577g
12%
77%
20%
80%
71%
21%
27%
5
8%
4%
80
5%
9
4%
80%
5%
8%
4%
80
80
5%
*5%
600
1,100
*8
10
*7%
10%
25
26%
24%
25%
27", 400
34%
34%
5%
2,300
*34
5
38%
37
9%
9
37
5%
37
9%
434
37%
200
240
9
4,800
9
*2
2%
1%
58
58
58%
57%
58%
2,200
13%
13%
14%
13%
14%
28,800
817g
21%
79
81%
78%
79%
22,300
21%
21%
81
80
83
72%
72%
21%
21%
27%
73%
21%
*21%
21%
900
28%
27%
28%
43,200
2%
28%
this day.
21
78
73
{ In receivership.
2
$4.50 conv pref
$6 preferred
Truax Traer Coal
No
400
$1.50
CorpNo
4% Apr
1
2% Mar 30
77
preferred
No
3% Mar 28
par
5% Mar 31
16% Mar 29
par
25% Mar 25
Twin City Rap Trans.-No par
Ulen A Co
57
4% preferred
New stock,
10%
40%
7
72
Dec
21% Feb
98% Aug
8
8
9% Jan 10
July
4% July
83
7
Jan 10
6% Jan 10
10%
Jan 11
26% July
3 4% July
r
287*
Oct
79
Feb
Oct
17
Aug
4
Oct
5%
3%
Dec
82
Oct
Dec
r
Oct
12
Dec
26% Mar
407, Mar
8
25
2%
Oct
Nov
17%
94
Jan
7
Oct
25
Mar
1% Oct
46% Nov
87* Dec
61% Nov
17% Oct
88% Jan 12
80
Nov
6
78
Oct
23% Jan 12
22
Nov
29% June 29
10%
Ex-rights,
Mar
Oct
Dec
81
y
50
Mar
39.
Mar 30
Ex-div.
22% Jan
27% Jan
11% Mar
109% Jan
7
18%
59% Feb 23
143* July 7
82
July 2
22
July 8
Jan
Feb
4%
7
19% Mar 30
5
Cash sale,
Oct
10
59% Apr 20
No par
Corp
Jan
Jan
36
8%
20
100
Union Tank Car
Mar 31
17% Mar 31
55% Mar 31
100
8% Jan
15% Mar
287g Feb
Oct
10% Jan 12
2% Jan 13
Union Carbide A Carb. No par
Union Oil California
25
Oct
Oct
Mar 25
Mar 31
Dec
Jan
Feb
Sept
Oct
6
1% Mar 26
Oct
4
10
13%
40
Jan
1%
6%
13%
J&n 13
7% Mar 30
1%
Oct
Sept
93%
6
Jan 11
No par
2%
36
Nov
7
6
41
n
8
65
Feb
-
July
44
Union Pacific
delivery
33g Jan
3%
16% Jan
15% Jan
54% Mar
15% Jan
95% July
14
Mar 30
6,700
Def
Mar 24
2% Mar 29
3,600
a
Jan 13
16
Under Elliott Fisher Co No par
Union Bag A Pap new.No par
Aircraft
13% Mar
1
Twin Coach Co.
United
Oct
100
Preferred
80
1,600
June 27
par
22
73
Mar 30
.10
20th Cen Fox Film
48
64
50% June 30
12% Jan 12
4
Mar
Oct
Jan 17
31% Mar 30
Mar 30
44
55
1
13% Jan 11
8
Oct
Jan
Feb 21
4% Jan 12
15
Oct
Feb 23
Mar
Mar 31
8
No par
Trusoon Steel
38
Mar 24
5% Mar 30
13%
8%
56
Apr 12
10% Mar 29
95%
4%
24%
24%
58%
434
10
12%
80
Mar 31
Mar 30
17% Dec
7% Oct
23% Oct
5% Oct
5% Oct
15% Nov
18% Dec
11% Feb 10
35
par
95%
87
June 30
par
Tide Water Assoc Oil..
48%
5
June 30
11
2% Jan 13
12%
4%
35
Mar 30
5% Jan 12
15% Jan 15
48
8%
Mar 30
2
Mar 31
117g
*80
Oct
Jan 11
47* Jan 10
8% Mar 28
46%
11%
4%
Oct
2
8
45% July
3% Mar 30
125g
80
5%
34%
67% Feb
8% Jan
15% Mar
65% Apr
9% Mar
25
49%
12
8
Oct
par
12
7%
4
13
100
Thompson (J R)
Thompson Prods Inc..No
Thornpson-Starrett Co. No
$3.50 cum pref
No
48
7%
5% June 29
15
......10
12%
7
Dec
53%June 23
2% Apr 13
1
$3 (11 v conv pref
Third Avenue Ry
49%
6%
15%
41
7
100
12%
8%
Dec
Jan 10
6% Mar 31
No par
49
3,700
6%
47
Apr
26
1
No par
The Fair
49
*43
Jan 18
Mar 30
32% Mar 30
2% Mar 29
25
Texas A Pacific Ry Co
100
Thatcher Mfg
..No par
$3.60
5%
*4%
(The)
Texas Pacific Land Trust
57
4
*12%
8,800
1,500
7
4
4% Mar 31
3% Mar 30
5
5
11,300
21%
24
Oct
Mar 31
34
45,200
8,200
Oct
4%
60
7%
7% Mar
47% Mar
397* jan
20% Jan
28% Mar
337* Mar
23% Jan
17% Jan
8% Jan 11
5
4%
Oct
Oct
3% May 27
..9
44%
1%
8
Oct
Talcott Inc (James)
Telautograph Corp
Tennessee Corp
Jan
20% July
61% Feb
15%
1
7%
21%
*13
13%
"""260
33* Jan 11
17% Jan 10
125
22%
4%
Without warrants
% preferred
126% July
4% Mar 30
6%June 13
22% Mar 30
Symington-Gould Corp ww._l
5
8
Jan
273* July 7
8% Feb 7
18% Jan 10
28
July 6
10% Jan 11
15
International Ltd
4%
*53%
4
5
200
10
43%
*23%
25
15%
5%
57
4
3%
13%
'5%
23
*43
15
13,300
7,600
44%
23
*13
2%
*42
23
4
2%
7
*6%
22%
25
1%
*4%
8
10%
4
14%
44%
5%
45%
4%
33%
10%
*13
4%
15%
7
*53%
57
*43
5%
*6%
119% Feb
50
*6%
18
27%
8
44% Dec
118
19,000
7%
Jan 24
7
3%
"
677g
143* Mar 10
15%
8
Mar 29
9% Mar 31
100
Sunshine Mining Co
27
14%
*26%
'6%
45
10
6% preferred
110
11%
No par
(The)
Sun Oil
9
*42
Dec
1,000
18%
27%
77g
43
43
6,500
11%
*6%
26
%
7%
11%
5%
337* Jan 12
7
9%
11%
*6%
par
Jan 13
64%
11%
3%
10
July
9%
7%
125
16%
2
28
Oct
64%
129
27
July
Mar 29
Mar 31
Oct
7%
*125
3 >4
Oct
23
13
2
2%
2%
10%
129
11%
26%
3%
15%
5
10% Mar 30
Standard Oil of Kansas
37
53%
*24
4% Mar 30
No par
l%June 13
7%
10%
6%
*125
11%
27%
1
No par
$4 preferred
$6 cum prior pref
12% Jan
14% Mar
32% Mar
1
9%
10
129
*
24
15% Mar 30
31%
'125
577g
Jan
*%
*55
9
Feb
31%
56
*2
Feb
94
30%
56
4%
31
73% Sept
7
1
57
36%
Jan 12
9% July
33%
57
*33
4
Mar 26
Mar
32
57
*8
Mar 25
4
Jan
Mar
*%
*56
23%
Jan 21
31%
32%
6%
5
46
32%
10%
4%
Mar 30
Mar
32
6%
SO
Dec
1% Oct
35% Oct
1% Oct
5% Dec
*%
10%
8%
27
334June 29
32%
1
31%
33%
66
7
32
31
*%
31%
32%
65%
93
Mar
Mar
Oct
Stand Investing Corp..No par
Standard Oil of Calif..No par
65%
3
65%
43%
60%
65%
117,
77%
9%
Oct
1
7%
13%
147g
Oct
9
$7 cum prior pref..-No par
65%
4%
17
2,000
7%
*1%
Jan
15.800
9%
14%
32%
26
64%
4
Jan
Jan
Oct
21
7%
10%
*17
Feb
17%
15
Jan 14
42%
155
25
10
*43
Oct
21
67
*4%
7
Oct
Aug
June
6%
28
97g
7li
10%
'21%
July
20%
1.30
23%
115
10%
22%
67
97g
25
Oct
21
55%
J0%
Jan 10
Oct
Mar
1%
22% Jan 12
13% Jan 12
21% Jan 10
8%
2%
4%
25%
66%
45
28
140% Mar 26
13
110
Jan
Feb
Feb
26
9%
54%
5%
7%
4
Oct
22%
25%
*41
Jan
113% Feb 28
3% Jan 13
9%
27
8%
55%
25%
*6%
Dec
7
*21%
25%
54%
25%
7%
534
10
July
13% Jan 15
16% Jan 10
64%
40%
29%
10
22%
27%
5
25
18
Feb
18
Conv $4.50 preferred. No par
Square D Co class B
102%
9%
26
4%
9%
4%
56%
*6%
July
Oct
Apr
Nov
4%
2%
54
*27
88
Apr
4%
2%
25
16
1
Mar
4%
2%
56
*25
Feb
68
26
60%
17% June 17
2% Mar 29
.100
Spiegel Inc
17% Oct
2% Nov
1534 Dec
26% Dec
34% Feb
105% Feb
177, Mar
2%
25
3
1,200
Oct
Mar 31
101%
8%
*101
#
Nov
Mar
19% Mar 31
Sparks Wlthington
No par
Spear A Co..
1
$5.50 preferred.....No par
Spencer Kellogg A Sons No par
Sperry Corp (The) vtc
1
Splcer Mfg Co
No par
$3 conv preferred A..No par
450
63%
22%
21%
Day
1
32
33%
26
1,300
14
55%
11
8,900
9
75
5%
Mar
Mobile A Ohio Stk tr ctfa 100
3%
9
91
120
Spalding (A G) A Bros. No par
*
247g
,
3%
9%
Feb
197
l6%May 24
100
1st preferred....
Jan
Feb
44
Oct
100
75
*---
Pacific Co
Feb
17%
Nov
Apr 14
1% Mar 29
25
14
65
June
10% Mar 31
128
Oct
Dec
6% Oct
24% Dec
14% Nov
13
111
100
34% Jan 10
Mar
96
8% Mar 29
No par
Jan 13
44
Feb
42% Mar
120
4%
Indepen¬
37
♦30
3%
9
75
Sugar
Dec
98% Aug
34
67
300
40
Jan 14
26% July 7
3% Jan 17
93
60
3%
July
9%June30
22
Oct
7
9% Mar 31
5% Mar 30
24
22%
*100
23
26%
9
*
40%
3%
8%
Jan 14
15
June 30
8% Mar 30
10%
Stock
101
9
3%
3%
9
75
41
~
Jan
98
100
13%
11%
64 34
*38
*3
July
3% Oct
49% Nov
1284 Dec
Jan
Apr
11% Mar
20% Jan 10
No par
23%
22%
23%
13%
41
♦26%
So Porto Rico
54%
Jan
102
Apr
So cony Vacuum Oil Co Inc. 15
Oct
16
Feb
Feb
2
8
May
13
10
Oct
Oct
34% Nov
Mar 28
91
5% preferred
17%
11%
17%
*37
45
Solvay Am Corp 5H% preflOO
Southern Railway
16
5
.
South Am Gold A Platinum. 1
Southern
17%
12
18
6
No par
$6 preferred
75,600
163i
11%
17%
66
48
2% Apr
Smith
100
24%
70
16% Jan 12
20% Jan 11
Mar 30
12% Mar 30
6% preferred..
100
SIoss Sheff Steel A Iron... 100
20,700
23%
♦3
3
Oct
1%
3%
23%
45%
2%
8%
Oct
3%
Jan
2% Jan 13
27% Feb 25
5% Jan 14
37%June 3
6% Mar 12
20% Apr
1
18% Mar 31
x84
Apr
1
40,700
25
3%
45% Msr 31
25
18%
24%
Mar 26
14% Mar 30
12%
24%
3%
9% Mar 30
10
10
17
24%
Mar 30
47
No par
~4~l66
24%
June 16
27% Mar
51% Mar
98% Mar
»4
45% July
%
Dec
%
9% Jan 11
8% preferred
Southern Calif Edison
24%
4
3
71
Jan
103%June 29
4,000
133
24%
*334
% Jan 6
1% Mar 29
15% Mar 29
Feb 23
1
7% Jan 11
Mar 30
Mar 20
53,200
133
27% Jan
85
June 14
Mar 30
15%
14%
15%
113
112% 112% *112
*20%
Feb
34% Mar 28
Snider Packing Corp...No par
*128
113
Oct
Dec
4% Mar 31
400
2%
20%
Dec
11
10
2,400
2%
x98
93
11%
2%
Feb 11
19
3
(A O) Corp...
..10
Smith A Cor Typewr...No par
2%
105
.100
Skelly OU Co
50
20%
,24%
*25
Rimmons Co
8,200
19%
16%
Mar 26
Slmonds Saw A Steel..No par
200
93
Jan
No par
Slmms Petroleum
2,300
19%
31
Jan
Mar
113
27% Jan 27
18% Jan 11
preferred-
conv
46
103
Deo
22
Sliver King Coalition Mines.5
15,400
96
*99
95%
*102
19%
16%
16%
11%
11% *10%
14%
15%
14%
15%
*111% 113
*111% 113
2
214
2%
2%
21
20
20
21%
24%
3
19%
*89
104
18%
26%
3
5M%
Dec
Dec
Jan
No par
Shell Union Oil
8,500
19%
96
*99
25%
7%
24%
3
7%
18
70
86
% Feb 10
G.)..No par
Sheaffer (W A) Pen Co. No par
600
share
per
20% Mar
37% Mar
Jan 18
14%June 10
$3.50 conv pref ser A.No par
12,700
Oct
Nov
62
Shattuck (Frank
50
16%
103%
3%
10
8% Mar 29
No par
No par
Sharpe A Dohme
3,600
26
16%
$5 conv pref
900
9%
Corp
Highest
share I
per
93
81
Mar 24
i--i.-l
Servel Inc
Sharon Steel
3,900
44
9%
103
25%
27«
19%
31%
760
$
23% Jan 12
Jan 20
Mar 30
Mar 29
70
Seagrave Corp..
—No par
Sears, Roebuck A Co.-No par
9%
26
102
*128
500
45%
*24
30
15%
130
*128
5%
11%
12
15%
15%
*111% 113
2%
2%
20% 21
21,100
3%
100
share
5% Jan 26
6
May 28
12
Seaboard Oil Co of Del. No par
25%
4
43%
9%
91
*11%
200
24%
*3%
67%
5%
102
18%
2,200
25%
23%
2%
19%
25
2%
18%
%
2%
24%
%
2%
16%
20
32%
94%
%
6
Mar 26
May 28
68
5
*2%
24%
3%
6
44
%
*2%
43
14,500
per
58
5H% preferred
100
{Schulte Retail Stores
1
8% preferred
100
Scott Paper Co
No par
{Seaboard Air Line
No par
4-2% preferred
—100
103
23%
*2%
18%
5,400
17%
17%
18
103% *103% 105%
8
8%
7%
8%
16%
103
♦19%
30%
21
104
*99
9
9%
95
31
5%
5%
43
31%
237g
♦234
*19%
♦60
400
%
$
share
6
par
62%
16
16%
73%
45
15
16%
15%
16%
43
9%
*25
♦%
*2%
23%
67%
14%
15%
17
5
42
%
23g
24
3%
68%
3%
18%
2,100
per
2
100
100
100
70
15%
16%
44
%
178
23%
334
67%
147g
16i2
44%
70
130
73%
%
6%
*6%
23»
22%
3,
%
44
44%
90
14%
18%
%
7
5% preferred
6% preferred
7% preferred
Savage Arms Corp
No
Scbenley Distill era Corp
30
197g
74
%
*6%
%
6%
%
%
%
~7"4O6
18%
75
$
{St Louis Southwestern
100
5% preferred
100
Safeway Stores
No par
120
....
74
19
76
20%
*73
19
20%
Par
Lowest
Highest
Lowest
Week
96
13«z
*13%
18%
Year 1937
100-Share Lots
EXCHANGE
the
3%
74
On Basis of
STOCK
YORK
1938
9,
Range for Previous
Range Since Jan. 1
STOCKS
Sales
Tuesday
July 5
July
Oct
67*
Jan
Jan
100% Jan
18% Sept
111
Feb
28% Feb
148% Mar
99%
Jan
31% Feb
35% Mar
t Called for redemption.
LOW
$ per share
$ per share
9*8
8%
18
*15
32%
6*8
6*4
6
34"
34
65*2
63
651?
11%
11
113s
100*2 10912 *1091i
6
6%
6%
778
8%
812
109% 109%
6
6*4
8%
8%
1%
88i2
891?
28*2
22
22%
6*o
37-38
79
80*i
7634
70*2
71
7fi,i
62%
62*4
62l2
5734
•5812
60%
59%
3714
6078
6*8
39*i
6i8
6834
62
3334
32*2
*43*8
3334
*33*2
34
*43%
Ah
46*2
*43i8
434
4i2
471?
4%
2%
2*2
23g
2'
*11
*140
4.5
1
1
34
2134
l$5s
24*4
%
22
1812
1734
107
35
35
*
Stock
4%
2,3'4
4%
llOU 110%
3
*9i«
10<2
*19212 113
6112
63%
Closed
*234
*11634
Indepen¬
1U
158
3*4
8%
2
2%
734
734
Day
17%
2334
*.—
*15
1%
312
3'4
3%
214
2i2
*2-%
712
19%
3*4
*8012
14%
147S
*18i.i
1434
314
3*4
3%
39%
6%
38%
35g
14
27
3%
13*2
2634
42
*39
'634
612
*78
500
Walgreen Co
200
% pref with
Walworth Co.
834
8%
3934
40
14%
3%
*39%
6*4
8%
8
9
39%
*18%
89
*18%
19
1434
3%
42
*18%
15
16*?
1434
43*2
300
*12%
13
13%
14
13
27
26*2
27
25*2
17
1634
17
17%
17%
16%
28%
2%
29%
2734
283i
211
29
23g
*%
27*2
2%
*78
23s
1
1
34%
35
35
80
8OI4
80%
97
98
S2i4
80%
-
88
*78%
36
82%
82*4
*80
82%
81*8
*81
85*2
"*"150
99%
100
100*4
180
81
99%
99*4
88
3434
34%
*86*2
121
121
12012 120*2
11934 120
120
"115
118
115*2 115*2
115*2 115*2
17
17%
*86*2
91
120*2 *120*2
90
88
116
18
1778
17*2
378
4
4
4
7
7%
7
718
I's
1U
.238
1%
3i8
3
32i8
243J
9978 10078
307s
2411
*12712 140
*1512
*33
15%
2712
2314
*73l2
50
163s
35
1578
2712
2414
32%
3
234
31
32%
3*4
33*2
3034
31%
15
15
*33
35
*33
1.53.1
16
157s
2714
24%
9534
271.4
24i4
22i2
95
*75
51
51
*13*2
10*2
8
8
*8
1%
178
1078
178
95
1634
16%
28
28
22%
35
*33
*28%
23*2
22%
*75
17*2
30
23%
95
1,800
2,100
2,200
1,200
25,300
8,700
27,100
40
500
35
*33
18*£
T.OOO
2-28*2
2134
28*£
22%
400
*75
95
17
7,900
95
51
51
52-%
5284
51*2
5234
"l",666
17
15
1-5
15
15%
100
11
1134
29,200
*8
814
900
1%
3,100
16*4
2,200
*13%
11%
11%
8-%
8
8%
8*4
12%
8*4
2
1%
1%
1%
2
10%
115s
16
17
3
17
1%
*15
278
278
234
2%
2%
2i2
25s
2%
2*2
2%
2%
2%
2i2
2%
2%
1,300
3
25S
16%
*2%
5
5i8
5
5
434
4%
4%
4,700
2,200
511
5%
5
434
5
134
4%
434
4%
4%
434
6,400
40%
41%
17
46h
18%
57*2
34*4
34,800
10,100
1434
2%
17
17
17*2
.
4?g
4212
1634
42U
42i4
40
41
42
16
1634
16%
453s
46%
48
46*4
46%
19U
18*4
1834
1934
18%
1812
16:*i
4734
19
17%
46
16%
4534
17%
17
1612
60
60
61
621
57*2
34%
34*4
3414
44%
88*2
34*4
44*2
91*2
453
42l2
4 612
70
*5812
*3414
4312
34U
433J
19
66
35*4
*40
45
91
92%
*61
3334
*6934
70'4
14%
385s
I5i8
95
95
17l2
183s
41%
3711
4012
*7n2100
1734
18i2
177s
19i2
89
*40
89*2
9H4
45
90
42
34%
300
69%
200
36
70*4
*69
70*4
70
70
39
*36%
37%
14*2
1534
96
96
95
96*4
*90
•17%
1518
9634
18
37%
16-%
36
14%
3734
16
18
183s
18%
19
39%
41%
38%
40*2
38%
40%
*71
90
-
*71
16%
173s
17
18%
193s
20%
20*2
4%
4%
23-%
4*4
4%
*71
95
•
98
600
44%
91%
38
96*2
70
91
*40
69%
*68l2
1,200
3,900
15%
18*2
37*2
*71
510
1,600
15% 109,000
8C
98
1834
38%
80%
2,600
41,200
"
17*?
3", 700
17%
18*4
1634
22
2534
22*4
23%
47,200
4%
4*4
4%
4.300
4%
86
Jan
147% Mar 11
135
Nov
164
Jan
Jan 12
29
Oct
108
Jan
54
%
Oct
8
July
2
8
9
17
115
Mar
47
May
66
June
80
Mar
Dec
1534 Jan 11
120% Feb 26
8
Oct
37
Jan
113
Deo
135
Mar
50
Deo
98
Mar
Mar 29
Feb
Oct
10*8 Mar
Oct
18% Mar
2%
6%
100
3% Feb 4
8% Jau 17
v
1% Apr 22
584 Mar 31
1384 June 10
74
Mar 29
4*2 Mar 30
30
Mar 31
3%
Oct
Oct
19%
7%
Oct
60%
Jan
Feb
2
Oct
10»4
Feb
Jan 18
20%
Dec
7% Jan 10
Jan 13
4*4
33
Oct
99% Mar
18
Jan
Deo
69*2
Jan
4% Jan 13
July 2
2%
Oct
12%
35*4
Jan
Jan
100
5
23
Mar 31
48
20
3»4 Mar 26
Mar 26
40
1% Mar 31
5
Mar 31
14
9
7% pref. 100
preferred
--100
Supply Co... 10
Wes tPenn Power
Western Auto
Maryland.......100
100
-—100
6% preferred
—100
Western Union Telegraph. 100
Westlngh'se Air Brake.No par
Weetlnghouse El A Mfg.—-50
preferred
...
60
Weston Elec Instrum't. No par
Class A
No par
Westvaco Chlor Prod—No par
1st
preferred
30
Steel Corp.—No par
5% conv
—.100
pref.—No par
White Dent'l Mfg (The S S)_20
White Motor Co
—----1
White Rock Mln Spr ctt No par
White Sewing Mach...No par
$4 conv pref erred... No par
Wilcox Oil A Gas
6
Willys-Overland Motors..... l
6% conv preferred
10
Wilson A Co Inc
No par
$5 conv prior
...100
Co
10
(F W) Co.. —-.10
WorthingtooPAM(Del) No par
Preferred A 7%-- -.- -100
Prior pref 4Vi% series ..10
Woodward Iron
Wool worth
S4 % conv series. 10
Aeronautical ...No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B . 1
Preferred
-100
Young Spring A Wire..No par
Youngstown SAT ...No par
5%% preferred......
100
Youngst'wn Steel Door.No par
Zenith Radio Corp.... No par
Prior pf 4
Wright
Corp.
-
-
-1
1*4 Mar 20
78June 9
25% Mar 31
71
Apr 8
70
Apr
1
82%May 28
16
40
Oct
38*4
Oct
50*4 Aug
Oct
2%
Mar;
84*2
Oct
108
Feb
Aug
88
June 29
66
Oct
109
Feb
Aug
102*2 Jan
102% Jan
3
3
97% Jan
121
Feb
3
70
Oot
103
Oct
123*2 Mar
116%
29*2
1
6
118
June 27
110%
Apr
1284May 31
2% Mar 31
19
Feb 23
14*?,
2%
Deo
5*2
Oct
Mar 31
Mar
3
4% Jan 10
0
Jan 10
25
1% Mar 18
16% Mar 31
1584 Mar 31
01»4Mar 31
103
Mar 31
27*2 Jan 15
109% Jan 15
140
Jan 27
17%
9*2 Mar 30
z33
31% Mar 28
10
Mar 31
Dec
17*4
Oct
87% Nov
Oct
113
Oct
10*4
Jan 15
June 17
31% Nov
Jan
/uly
11% Mar
$8% Mar
484 Mar
11*4 Mar
83% Jan
57%. Mar
Jan
167%
Jan
170
Jan
30%
May
39
10*4
Oot
27*4
Feb
21%
8
x28% July 8
2734 Jan 12
14% Mar 26
75
Mar 29
Oot
22%
18% July
Mar 31
Oct
1%
7
33% July
Oct
1
1% Jan 11
3*4 Jan 11
% Mar 23
20
2*4
July
1
23% Oct
73% Nov
117%
111% Jan
Feb
Feb
Jan
984
84
r
1% Jan 28
June 24
Mar 29
116
Nov
Oct
11%
7
36
76
Nov
.
20
June 30
29
16% Mar 31
Co
1
Webster julsenlohr
No par
Wells Fargo A Co
-1
Wesson Oil A Snowdrift No par
$4 conv preferred—No par
West Penn El class A ..No par
7% preferred
...—100
Zonlte Products
Oct
92*2 Aug
18*4 Mar
51% July
17
16% July 7
3*4 Jan 13
preferred
Feb
Dec
32
1734 July
$6
Feb
7184
2934 Jan 17
3
Jan 3 2
Wheeling
19%
49
Jan 15
74
Mar
10
Oot
193g Feb 18
44%
Mar 26
2d preferred
Oct
Jan
Dec
l7«4May 18
100
122*2
18
20*4 Jan 10
83 June 29
9
July 7
Mar 30
4%
Jan
2%
Mar 30
Western Pacific
1284
1' f*4
2
Mar 31
17
Western
Feb
116
June
3
11
6%
Apr
74%
Oct
18*2
105
Mar 20
preferred
12% Apr
Oct
111% July 8
4*2 Jan 20
Co..—----5
6%
Oct
%ipt
"2%
5% Jan 21
32% Jan 21
No par
$3.85 oonv pref
Oct
35*4 Nov
Jan 22
Apr
Jan
58*2 Jau
39% Mar
44% Jan
Oct
97
June 22
42
June
2%
14%
7
107
40
Jan
Oct
9*4
20% Jan 12
24% July
4%
10
Jan 17
25
Oct
%
1*4 Jan 7
1% Jan 10
8
Warner Bros Pictures
Jan
Dec
Nov
9*4
v
4% Jan 11
Preferred
*7.5
5112
17
35
30
,
5,500
3
24
2434
2434
25*2
24%
96*4
9834
98*2 102%
993.
*128
140
*128
140
127% 128
16
16
16
15%
15% *15*2
23%
2434
96I4
99%
"127*2 128
17
H38
*13l2
2%
29%
3'8
30i4
6*4
1*4
220
----
*11534 118
116
16*2
16%
17
17%
4%
4*4
4*8
7
7*4
7*2
7-%
1%
1*4
1*4
1%
*3%
,
600
"MOO
35%
81
87
*%C:;. I
May
64% July 7
118*2 Mar 21
258 Jan 11
Wayne Pump
35
98*2
88
*2
1
84*2
1% Mar 23
5,800
*78
81
98
25*
*%
8*8
Oct
2
Preferred
Feb
Oct
June 19
37
par
par
par
par
No par
Class B
Feb
9%
1
117*4 Jan 11
1
Mar 21
Waukesha Motor
800
"2% " Oct
46
47
1% Apr 13
5*4 Mar 26
2,100
26
16%
2834
,2%
...
~
15»4 Mar 30
Mar 30
5,400
13
26
warrants
-No
Walk(H) Good A W Ltd No
Preferred
..No
Ward Baking class A..No
Jan
150
Oct
7
July
74
Mar 26
100
Jan
126*2 Mar
48*2 Nov
100*4
13% Jan 14
,
105
No par
No par
4 H
Mar
75%
21
284 Mar 29
100
100
5% preferredA..
5% preferred B
Waldorf System
Feb
105
Deo
68
7
July
14
tWarren Bros
No par
$3 convertible pref.-No par
Warren Fdy A Pipe
No par
5,500
3?4
141"
9612
*1
38,800
40
26*2
*76i2
17*4
4,300
36
3%
3%
3*2
"2", 200
63,
6%
36
36
23,200
1,400
41
41
6%
6%
36
3l2
3%
3%
3*2
42%
6%
35
40*4
18%
16
3%
39%
1834
26
2712
87
17%
*13
*76%
87
1,100
3*2
37
8214
*3519.
120
7*2
334
3!2
1
*2l4
8%
25
21?
29
28
3,900
2%
*79
82
391?
*35
163t
16*2
3%
*17
82
""""so
118
52*2 Nov
8
258July
40
Coke. 100
5% preferred.
100
Virginia Ry Co 6% pre!-—100
Vulcan Detlnnlng
100
Preferred
100
J Wabash Railway
100
2%
17*2
82
*80
50
Oct
Deo
Feb 24
5
44
3
Mar
Mar
Jan
72% Mar
19%
43*2
30% Mar 30
Virginia Iron Coal A
*7%
6%
6%
67«
1738
200
1%
3
Feb
Feb
15*8 Mar
22% Mar
Oct
314
Mar
11% Mar 31
14% Mar 31
100
72*4
Mar
20
71
7%June 13
48
Mar 31
134 May 11
27*2 Mar 30
*2 Mar 30
%June 22
$6 pref...No par
1%
4
214
37
No par
Chem
112
Oct
36 June 20
45*4June 24
1
preferred
Va El A Pow
3*2
1%
71.2
1734
6«7o
100
T,5CC
1%
134
1%
314
'
Va-Carollna
4,100
Deo
24
Mar 21
Apr
97
4,300
65
81
25
3% Mar 30
1*4 Mar 26
40
100
Am.No par
Raalte Co Inc
5
*11634 125
*116% 125
1®8
66
*60*2
64%
63
60
*11634 125
*1814
6i2
~~~20C
16*4
43%
6% July
39% July
Mar 31
100
—5
Vlcksburg ShrevAPacRy Co 100
Victor Chem. Works
6
95
*15
Oct
Oct
Oct
July
114% Jan 10
7% 1st pref..
Vick Chemical Co
600
33%
1*2
28*4
60
60
*11634 125
8I4
*3514
'
33%
34%
95
17
4,%
4%
4.%
4%
20% 27%
28*4
29
111
111%
*111% 113
111
111
111*4 Ul'4
3*4
3%
3
3*4
3%
3*4
*2ij
3
11%
10%
10% *10
10i2
*884
10»2 *1C
*102% 113
*102% 113
*1021" 113
*102% 113
4*4
27*4
4%
28i2
27i2
395s
*39
34%
17
8%
8*2
*33%
70
16*g
3»4
6*g
29% Mar 30
Light A
1
No par
23% Mar
Deo
69% July
39% July
Mar 29
Feb
Deo
684 July
11
Mar 31
No par
172
5»4
29%
Mar 31
Preferred
Van
154% Nov
Jan
Jan
Feb
137
S% Jan 11
91»4May 31
1
Nov
70% Mar 6
02% Jan 25
Vanadium Corp of
'20
■
107
5%
53
June 29
July
2
35% Jau 12
2334 Jan 16
June 20
10
11,300
1,800
18%
24%
18
24
*100
I Utilities Pow A
Vadsco Sales
60
21
21
24%
107
95
40M
*79
7«
%
Oct
2% Mar 31
8% preferred
100
Universal Pictures 1st pref. 100
3,800
1,400
1
Jan
34%
70
7
July
80
45*2 Jan
No par
Universal Leaf Tob
3C
38*2
1
Feb
3%
38
Universal-Cyclops Steel Corp
24»4 Mar
20*2
21
new....-No par
$6 conv pref A...
30
38
20"
18%
24%
*100
106
34*2
40
17*2
82
40C
24io
*15
18
82
834
397g
1812
1434
1712
71%
*67
7u
*20
21%
19
24
*._.,
60
dence
125
200
38%
He
7o
16
4i2
Exchange
14
•146
1
95
16
*9%
71
*67
1
106
600
Deo
Nov
100*2
United Stores class A..-No par
44%
Feb
Oct
5%
Jan
16%
3*2
Oot
z55
United Stockyards Corp
*42%
7
21% Mar 30
new...——25
7% pref
I
July
June 30
113%
Oct
50
6,400
Ah
2%
8
3
14484 Mar 31
2~50C
2%
4%
11%
%
35
....
17
17
27%
11%
*20
106
*33
50
43%
70
■V,
241-
24H
*102
*1C0
43
*%
2134
*43%
----
4%
2%
44
70
1
3a
18*4
4%
2%
145*2 14512 *146
38%
*39
45
4912
*39
1
24*4
2U
11
146
*39
+20U
*43*8
4%
Preferred
80»4 Mar
17
Jan
Oct
'4
50
U S Tobacco
6CC
3334
48*2
3334
33%
Mar
63
Oct
Oct
0
No par
100
U S Steel Corp
58% 150,500
2,700
10734 108%
9% Mar
Oct
Oct
v
Feb
106*4
Dec
2%
Jan
4%
50
10
Preferred
500
63%
57
108% 109%
46'«
42
75
146
6134
33%
■'
*61
63%
59
45s
~
*66
74
67
63%
34
11*4
*11
11*2
73
69
238
43
*39
43
*39
75%
69
6OI4
108%
10«
108% 10914
109% 109%
80*
26»4 Apr
9
13% Mar 31
3*4 Mar 30
5% Mar 20
100
8% 1st preferred
U S Smelting Ref A Mln
Oct
Mar
1*4 Jan 18
No par
U S Rubber
0*2
52
172
100
20
U S Realty A Imp
21,100
6*2
37% 112,100
17,500
77
1,800
67
6*8
36*4
7734
63
771,1
6%
39%
6%
16
•7% Jan 12
10
Feb 15
24
50
Foundry
U S Pipe &
46%
Oct
101
102*4 Mar 28
4*8 Mar 29
Alcohol.No par
No par
conv class A. No par
Prior preferred
3734
36*4
39%
38
3958
7934
70
37%
Partlc &
~9~90C
Oct
5
7
96
U S Leather
70
25%
66%J*nie 30
113g Jan 5
Mar 31
U S Industrial
1,700
6.200
24
8*2
9
May
55
100
Corp...5
5V6% conv pref
3,200
1034
10
*67
preferred
7%
U S Hoffman Maoh
100
vi->
6%
6*4
..No par
20
U S Gypsum
40
2,900
21
21
70
*67
38*2
6i2
38*2
6*2
39
7812
7012
62lo
37l2
5%
38*4
6*2
10%
103,1
70
*61
*28%
23
634
11
2134
6*4
10
10i2
6.10C
734
29%
7.%
74
Jan 12
Jan
Oct
3% Mar 26
684 Mar 30
100
Freight
U S
Mar
2
%May 16
02
No par
prererred
2,400
29%
*28
297g
22
2 Hi
Conv
340
Feb
35
4*2 Apr
100
preferred
first
$5
Jan
Feb
Dec
Mar 26
3
30%
11734
109% July
8% Mar 30
Mar 14
USA Foreign Secur_„_JVo par
Oct
17*2
35
100
No par
10
.
United Paperboard
U 9 Dlstrlb Corp..:
7%
7%
75S
73s
*27
70
*62
38'?
38
100
preferred
$5
900
86
88
87%
9C34
171*4 171*4 *170- 17134
9Gli
6%
6%
10is
10*2
70
*63
11,500
7,300
7*4
93g
1713i
No par
Oct
91
1
Apr
15
110
7
Deo
Mar 26
3
Feb
11
29
Mar
3684
21% Mar 31
50
Mar 31
United Gas Improvt__.No par
*%
89
22
2134
6*4
6*1
10*4
,
7
*170
8
2978
*27
28*2
25,700
65*4
11%
109*2 1097s *109*4 10934
7*2
734
7
8
9
60
5
United Fruit
2.10C
1034
7
9
73i
8
734
*55g
172
172
172
•
6434
11%
*76
938
8978
8%
9*4
9
88%
172
1,000
34
34
4% June 18
4*2 Mar 29
United Electric Coal Cos....5
United Eng A Fdy
Mar 26
22U Mar 31
100
Preferred
1C
9,000
65
11
1*3
7
*578
7
*5%
3,700
31%
per
80% Jan 10
6*4 Jan 11
1
2
No par
No par
United Drug Ine
5
United Dyewood Corp.....10
534
534
35
35
-.64.:
12»4 Apr
$3 preferred.
share
Jan
Oct
$
share
58g Oct
per
5884 July 7
19% Jan 10
334 Jan 8
32% July 2
7
Jan 12
10
July
7
4
United Corp
9,800
6,400
72%
*68
7212
6
534
8i2
1%
*%
9*i
10
8i2
*70%
80
*76
80
*75l2
80
5%
6 *8
Jan
39
No par
United Carr Fast Corp.No par
78,300
3*4
31%
6*2
9*4
3%
303S
6!4
31
8t2
71%
578
33%
62%
1U8
10934
7*4
32is
6214
1078
3%
32%
3%
812
71l2
5%
53I
34
*75%
17
200
6
72l2
Preferred
24%
7
19% Jan
114
Highest
Lowest
$
share
10% July 8
per
10*2 July
6*4 Mar 31
1458 Mar 31
110% Jan 20
United Carbon
1,50C
17
3l2
65*4
11
56
17
*16
33*2
;
55
17
Mar 30
5
No par
..100
40
58%
3 Ms
6%
510
534
114
114
$
share
per
United Amer Bosch.—No par
United Biscuit..
600
17
314
*70
72-34
512
9*2
17%
583.i
293,1
8%
8*4
8
*70*4
9*2
Un Air Lines Transport
40,300
1,300
10%
*17*2
114
"113
812
32*i
v
1734
32%
6*4
314
SOU
9
$
Par
5
1937
Year
Highest
Lowest
'
*
1
v
58
55U
17
35fi
*1512
17
3%
$ per share
Shares
9*2
10*2
18
10%
114
*113
56
55l2
55*4
55%
1778
114
878
87S
912
1778
838
914
93l
17%
*113
114
■"113
share
85s
87,8
Week
Previous
Range for
EXCHANGE
the
July 8
? per share
$ per share
$ per
934
*17i8
10
9*4
17%
•
July 5
Friday
Thursday
July 7
Wednesday
July 6
Tuesday
July 4
On Basis of
NEW YORK STOCK
for
Jan. 1
100-Share Lots
Range Since
STOCKS
Sales
CENT
SHARE, NOT PER
SALE PRICES—PER
Monday
Saturday
July 2
:
HIGH
AND
239
Record—Concluded—Page 10
New York Stock
147
Volume
Dec
34%
Jan
Mar
19
Oct
65
4
75
Nov
126*4 Aug
42
May 27
59
Jan 14
55
Dec
90*4 Aug
12
Mar 26
.5 (5
Jan 13
14*2
Oct
23% May
33% Feb
18% Jan
Jan
95
6
0% Mar 31
6%June 20
1% Mar 31
■'
884 Mar 31
1% Mar 30
1*4 June 16
Oct
1%
Jan 22
3
21*4 Jan 24
3% July 1
3
Jan 7
Oct
8%
13% Jan 12
II
Jan 21
Oct
Oct
11
1«4
Oct
2
Dec
684 Mar
40*8
Jan
6% Jan
5% Sept
3% June 16
3
Mar 24
0% Jan 10
S>4 Jan 6
4%
Dec
12
4%
Oct
Mar 30
60*4 Jan 21
19% Jan 17
48
July " 7
4984
Dec
12*4 Feb
91% Mar
13*4 Deo
32
10% Mar 26
36
Jan
3
11*4 Mar 29
42
Mar 29
27
Mar 28
25
20
Feb
66
Jan 25
35*2 Feb 24
10*2
Dec
34
Dec
12
Oct
54*2
Oci
34
Dec
Sept
05%
Jan
47
Jan
112% Mar
40*4 Deo
28*4 Mar 30
40
Jan 10
3 >84
Dec
54
Nov
94
Jan 10
38
Oct
128
55% Mar 30
Mar
61*4 Mar 31
70% June 23
39
July 5
58%
Oct
70
Jan
21*4
Dec
02%
1684 July
7
7*?,
Oct
37%
Jan
Feb
9684 July
n
J-1/
5
2O84 Jan 3 J
8%
71
Jan 3
Mar 30
P% Mar 31
Mar 30
24
68
Dec
142
7
12%
Dec
46%
4384 Jan 12
341*
Nov
101%
115
Jan
Feb
Mar
Ian
62% Mar 31
75
70
Oct
11% Mar 26
9
Mar 31
22% Jan 15
2584 July 7
11%
Dec
4384
Aug
7
2%
Oct
9U
Ian
284
Jan
3
Jan 2°
5'4 Ma"
240
July 9, 1938
NEW
Bond
NOTICE— Prices
"and
are
YORK
STOCK
EXCHANGE
Record, Friday, Weekly and Yearly
Intercut"—except tor income
and defaulted bonds
Cash and deferred delivery aalee are
disregarded in tne weex e range
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
No acoount Is taken of such sales In
computing the range for the year
unless they
occur
S
Friday
Week's
lM*t
,
Range or
Friday's
BONDS
N.
Y
STOCK
EXCHANGE
Week Ended July
Safe
*£
8
Price
But
&
Friday
Range
Law
N.
Jan. 1
No.
High
U. S. Government
TjOw
Utek's
Last
Range or
Sale
Friday's
BONDS
Since
Asked
Y.
STOCK
EXCHANGE
Week Ended July
8
Price
Bid
High
Ask
<k
Low
No.
High
Foreign Govt. & Mun. (Cont.)
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
4%s.._Ocf
13 1947-1952 A
3%s.__Oct. 16 1943-1946 A
4s
Dec. 16 1944-1964 J
O
8%s...Mar. 16 1946-1966
3%s._-June 16 1943-1947
8
3s
3s
118.22 118.18
109.24 109.22
D
J
D
109.26
107.2
114.16 114.11
113.3
113.1
O
M
114.16
111.22114.23
113.4
110.8
110.14 110.12
Sept. 16 1961-1966 M S
June
16 1946-1948 J
16 1940-1943 J
D
16 1949-1962 J
D
Aug. 16 1941 F
16 1944-1946 A
107.28
37
106.16
107.22
4
108.17
54
107.30
108.3
11
O
109.24 109.21
109.24
38
107
^
^
m
16 1966-1960 M S 103.30 103.25
16 1946-1947 M S 106.14 106.10
16 1948-1961 M 8 104.23 104.19
D
M
S
*
*
«... «.
«.
103.10
104.4
129
106.16
18
104.23
54
103.16
13
102.30 102.22
102.31
102.3
102.4
101.27
102
Dec. 16 1945 J
101.26
D
'"
106.3
.1948 M 8 104.17 104.10
m-
Mar. 16 1944-1964 MS
May 16 1944-1949 IVi N
Jan.
2)48
16 1942-1947 J
Mar.
1
105.21106.27
106.29108.2
A
J
(Rep of) 7s
Cuba (Republic) 6s of 1904
105.27108.25
24
-
45
426
External 5s of 1914
102.1
J
101.24104.15
103.25106.23
Sinking fuDd 8s
«...«. «*>*» -
S
s
♦External
s
1947
External g4%s
Apr 15 1962
Deutsche Bk Am part ctf 6s...1932
{♦Stamped extd to Sept 1 1935.
M S
Dominican Rep Oust Ad 6%s..1942 M S
7
99.18102.2
34
102.14 106.7
78
101
104.17
'
23
103 13
1948 J
1967 J
J
101.9
104.7
J
*95
101.5
104.15
Finland
1945 M
S
105%
105%
20%
104%
20%
104%
100
100
112
112
A
O
6%
93%
91 %
82
82
80%
103%
104
100%
100%
J
35%
1945 F
1949 M
S
1955
J
D
J
D
1957 A
O
1957 A
O
1952 J
D
1957 M
S
1958 F
1950 J
D
103%
110%
100%
16%
14%
14%
14%
101%
21%
105%
103%
110%
100%
20%
14%
13
13%
13
100%
99%
101%
O
A
58%
59%
33
34
109%
♦Sinking fund 7s
♦Sinking fund 7«
of 1926
oi
For footnotes see
page 245
28
3
21%
105%
29
100
104
13
4
6
20%
20%
16%
14%
14%
14%
r
10
4
81
65
60
19
1
100%
23
108
12%
10%
10%
10%
100
10
95
101%
25
98
12
101%
102%
"58%
O
O
19%
19%
19%
54
O
17%
17
17%
16%
16%
17
17
*20%
51
53
34
5
109%
112%
102%
32%
36
105%
110
41
109%
98
102%
101%
43
98%
103
19
97%
101%
98%
155
92%
98%
20
62%
30%
19%
19%
34%
38
6
29
32
1
28
14%
♦
42
ITreas 6s
♦{Small
ot
6
F
A
1958 M
1952 J
♦6s series A
..1959 M
New So Wales
(State) extl 5e..l957 F
External s f 5s
...Apr 1958 A
J
1%
D
"~*%
D
1%
J
*1%
63%
8
10
10%
D
N
14%
15
21
10
16%
14
15
33
10
16%
23%
23%
23%
*23%
23%
25
23%
16%
*23%
23%
17
17%
56
9%
10%
10%
41
10%
*44%
41
1
50
~~4
41
102%
103%
18
102%
102%
*102%
102%
23
20%
50%
20%
A
...1903 F
J
D
F
A
1953 M S
1958 M N
..1955 A
1953 J
A..........1903
50%
47%
O
D
.........1903 M N
47%
101%
16
101%
101%
,
106
6
9
26
16
103
51%
60
48
16
5
102%
95
42%
95
2
48%
M N
18%
21%
"63%
103%
14%
19%
2%
61 %
J
O
A
12%
30
1%
1%
O
7
24%
8%
*%
*1%
104%
%s._......... 1065
♦Stamped...
8%
I
106%
104%
10
"
8%
0
H
104
17%
17%
17%
17%
16%
18
10
"24%
O
106
Oriental Devel guar 6s....
Extl deb 5%s
16%
78
S
19%
19%
19%
18%
18%
%
124
A
15
11
73%
56%
41
1944 F
195« M
15
13
"21
101
16
7
64
105%
105%
20
15
98
79%
79
101
19%
19%
19%
24
4
101%
Municipal Bank extl s f 5s...1970
♦Nuremburg (City) extl 6s
1952
ser
....
41%
105%
19%
19%
♦Extl s f 6s
18
19% m*
45
101
19%
Panama (Rep) extl
5%s
2
'
A
14%
Oslo (City) " f 4 %s
17
14
A
15
f ext loan
....
O
15
s
7
10
19%
al04
1943 F
10
12%
12%
72%
55%
A
...1959 M 8
♦Montevideo (City) 7s
4s
73%
20%
*21%
F
1954 J
1954 J
21
21
A
J
External sink fund
4%s
External s f 4
78%
*75
M N
Milan (City. Italy) extl
6%s... 1952 A
Mlnas Geraee
(State)—
Norway 20-year extl 6s
20-year external 6s
7
11
25
*1%
19%
19%
6
79%
"64""
62%
70%
55%
40%
*13 aasent(large) *33 J
♦Sec extl sf 6%s
♦Sec extl s f 0 %s
27%
*110
1954 J
♦4s of 1904
19%
22
15
A
1960 M N
♦Assenting 4a of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
32
15
"23%
41
♦Assenting 5e large...
♦Assenting 5s small
102%
J
.1946 M N
A
Lower Austria
(Province) 7 %s. 1950 J
113%
101
O
O
1979 F
♦Medellin (Colombia)
0%s
52%
*13
M
*42
♦Mexican Irrlg
assenting 4%s.l943 M
♦Mexico (US) extl 5s of 1899
£.1945 Q
♦Assenting 5s of 1899
1945 Q
9
12%
A
85
6
30
A
17%
20%
*17%
F
23
59%
37%
30%
17
30
*12
M N
78%
60
*34%'
30%
30%
19%
19%
19%
19%
19%
19%
19%
*27%
27%
24%
*12%
*13%
J
M N
65
64
26%
|
...1946
Japanese Govt 30-yr s f
6%»...1954
Extl sinking fund
6%s
1965
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947
96% 102
1
28%'
al04
J
1945
Italy (Kingdom of) extl 7s
Di
1951 J
Italian Cred Consortium 7s
ser B '47 M 8
Italian Public Utility extl
J
7s...1952 J
19%
19%
19%
34%
35%
111%
20%
1946
Irish Free State extl« f 5s
23
31%
112
26
72
1952
Extended at 4%s to
102%
19%
23%
24
18%
5
33%
27%
24%
extl 7%s '50
f g
s
58
*27%
*33%
1968 FA
s f g
2
33
100
100%
19%
33
109%
26%
D
♦Hungarian Land M Inst 7 %s. 1961
♦Sinking fund 7%s ser B
1961
♦Hungary (Kingdom of) 7%s..l944
100
107%
107% 115%
110%
*24
O
♦7%s secured
113
26%
22%
23
31%
1964
A
25
22%
M N
7s..1964
98
23
Helslngfors (City) ext 6%s
1960
Hungarian Cons Municipal Loan—
105%
32%
D
1927.^. .1947 F
15
ser
♦Hamburg (State) 6s
♦Heidelberg (German)
63
J
Oct 1961 A
51
Haiti (Republic) s f 6s
106%
98% 106%
96% 102
54%
102%
30%
♦Chilean Cons Munlc
7s...I" 1960 M S
♦Chinese (Hukuang
Ry) 6sIIII 1951 J D
♦6s of 1928
99
17
36%
1961
♦6s extl a f gold
Jan 1961 J
♦Colombia Mtge Bank
1947 A
8%s.
70
82
3
97%
♦Cologne (City) Germany 6
%s. 1950
Colombt* (Republic
of)—
104%
104%
100%
37%
s f ser
♦7s part paid
♦Sink fund secured 6s
♦6s part
96%
88%
88%
3
1962 M N
.
75
78%
78%
60%
98%
J
88
41%
*63%
57%
58%
59%
101%
1960 M N
.
45
♦Greek Government
1958 J
23
*100%
25%
paid............1968
78%
79%
70%
70%
70%
72%
19«1
.
82
1941
♦(Cons Agrlc Loan) 6%s
5%
7%
90% 100%
60%
40%
A
•Ry ref extl s f 6s
Jan 1961 F
A
♦Extl sinking fund
J
6s..Sept 1961 I
♦External sinking fund
6s.. 1962 M S
♦External sinking fund
6s
1963 M N
♦Chile Mtge Bank 6
)4s..
1967 J D
♦Sink fund
6)4" of 1928
♦Guar sink fund
6s..
♦Guar sink fund 6s.
115
1
1944 J
A
14
5
102%
102%
101%
6s...Feb" 1961
5
7%
04%
13%
1087 J
•Extl sinking fund
7%
78
J
1942 A
5
81
1961 J
„/External sinking fund 6s
4
'
12%
8
Oct 16 1960 A
7%
81
1968 MN
f 7s.
4%
6
'
*63
•Carlsbad (City) s f
8s."I
1954 J
♦Cent Agrlc Bank
(Ger) 7s.."* 1950 M
•
7
7%l
9
S
1952 M N
Farm Loan »f 6s
•Chile (Rep)—Extl
6
8%
8%
8%
8%
8
A
F
100%
D
1976
1960 A
35
20%
"20%
A
fls_.July 16 1960
ext 6s
♦5%s of 1930 stamped
1965 J I)
♦5%s unstamped
1965
♦5%s stamp(Canad'n Holder) '65
♦German Rep extl 7s stamped. 1949 AO
♦7s unstamped
...1949
German Prov A Communal Bks
♦7s secured
A
1955
1967
s f
6
91%
80%
23%
6
7%'
7
104)4
1977
•Farm Loan
7%i
7%
104)4
..".Aug lY 1945
30
6%
J
External re-adj
O
4)4s-4)4s...l976
External s f
4%s-4%s._..._1975 M N
8% external s f I bonds
J
1984 J
Bulgaria (Kingdom of)—
♦Secured s f 7s
J
10-year 2 )4s
(Republic)
External 7s stamped
1949 JO
7s unstamped
1949
German Govt International—
96
S
♦Budapest (City of) 6s
1962 J
♦Buenos Aires
(Prov) extl 6s...1961 M
♦6s stamped
...1961 M
♦6)4s stamped
1961 F
External s f 4)4-4)4s
M
26-year 3)4s
7-year 2)4s
80-year 3s
58
102.30
95
1956 M N
5s
4
♦Dresden (City) external 7s... 1946 M N
23%
94%
1957
Canada (Dom
of) 80-yr 4s.
65
58
O
1969 A
1
60
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
6%
1972 A
•Stabilisation loan 7)4s
60
62
99
65
106.23
16%
17%
1957 M
Refunding sf4)4s-4)4s
*58
*57%
99
102.13 105.10
23%
1955
6s
57%
*57%
103.9
106.3
*7%
tBergen (Norway) extl s f 6a_. 1960 M t
♦Berlin (Germany) s f
1950 A O
6%s
♦External sinking fund 6s... 1958 J D
Sinking fund gold
20-year s f 6s
57%
O
1940 A
17
93
105%
*57%
*20%
....
05
"7k"
38
101%
5%s 2d series......
7%
1972 F
1941
76
100%
103.22 106.18
7%
7%
7%
1971 M N
♦Brasil (U 8 of) external
8s
♦External s 1 6)4" of 1926...
♦External s f 6)4s of 1927—
♦7s (Central
Ry)
Brisbane (City) s f 6s
75
98%
205
23%
7s 3d series. 1967
♦Bavaria (Free
State) 6%«
Belgium 25-yr extl 6 Ms
External sf0s
External 30-year s f 7s
73%
99%
106.2
1945
t 7s
r99%
71%
101%
105.31
95
Antwerp (City) external 6s
1958
Argentine (National Government)—
s
103%
103
104%
100%
2d series sink fund 5%s
1940 A O
Customs Admins 5 %• 2d ser. 1961 M S
5%s 1st series
1969 A O
1
104
73%
1955
lstser6%sof 1926
5
2
18%
*72%
104%
103.28 107.7
103.4
106.17
*23%
1946
f 7s 1st series..'..1957
7s 2d series.1957
Austrian (Govt's)
O
211
1945
Apr
Australia 30-year 6s
External 6s of 1927
External g 4)4* of 1928
75
106.1
sec a f
sec s f
73%
O
103
1942
7%s unstamped..
..1948
8 t external
4%s
8 f extl conv loan 4s
Feb
8 t extl conv loan 4s
D
A
106.30
♦Antloqula (Dept) coll 7s A.-.1945
♦External
♦External
♦External
J
100.14 103.10
101.19 102.4
106.3
*104.24105.12
Akershus (King of
Norway) 4a. 1968
s
J
1942 A
B
J
Denmark 20-year extl 6s
External gold 5%s
Govt. & Municipals—
♦External
18%
*101%
103%
103%
r99%
A
101.27104.27
100.26103.18
Agricultural Mtge Bank
(Colombia)
f 7s series B
f 7s series C
f 7s series D
ser
8
A
4
80%
54%
80
F
105.31
104.3
a
1944 M
1949 F
106.30
'mi'
Home Owners' Loan
Corp—
3s series A
May
1 1944-1952 M N 106.2
105.29
2)4s series B..Aug.
1 1939-1949 F A 102.30 102.25
2)4" series Q
1942-1944 J
J 104.5
♦External
A
39
25
♦Frankfort (City of) s f 6%s...l953 M N
French Republic 7%s
stamped.1941 J D
1942-1947 M
♦Gtd sink fund 6s
♦Gtd sink fund 6s
ser
56*'
a80%
J
-.1951 M N
External loan 4%s ser C
1949
Sinking fund 5%s._.Jan 15 1963
♦Public wks 5%s
June 30 1945
Czechoslovak (Rep of) 8s
1951
110.3
104.17
Mortgage Corp—
3)4"
♦Costa Rica
98%
96%
a80%
56
97%
95%
96%
A
106.19108.16
107.4 108.14
D
3s
1957 F
Cordoba (Prov) Argentina 7s.. 1942 J
103.26 106.20
105.2
108.5
6
Treasury 2%a.._Dec. 16 1949-1953 J
Foreign
122
98
D
A
106.13
^
J
1953 M N
1967 F
108.9
D
38
25-year gold 4%s
{♦Cordoba (City) 7s..
{♦7s stamped
108.5
J
Federal Farm
Copenhagen (Cltf) 5s........1952
110.5
113.11
107.24 107.20
108.17 108.12
8
16 1946-1949 J
Treasury 2%s...June 16 1951-1964
Treasury 2%8 —Sept. 16 1968-1959
Treasury 2%s--_June. 15 1958-1963
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Treasury 244s
106". 15
119
107.18110.25
110.15
106.14,
107.26
D
16 1941-1943 M
116.4
106.6
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3%s..-Mar.
Treasury 3His..-June
Treasury 3%s...Dec.
Treasury 3%s
Treasury 3%s...Apr.
Treasury 2%s._.Mar.
Treasury 2«s—Sept.
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118.22
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2
41
18
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Pernambuco (State of) 7s
♦Peru (Rep of) external 7"
1947 M
1969 M
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ser..1960 J
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ser..1961 A
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1940 A
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1950 J
8..
6%
9%
S
6%
2
10%
9%
9%
125
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8%
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9%
43%
59%
60
40
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19
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31
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12
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Volume
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Week Ended July
8
—
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Sale
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Price
D
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1962 M N
M
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♦Prussia (Free State) extl 6 48.1951
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1947
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1960 M
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1946
1953
Belvldere Delaware
104
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19
224
19
23
21
13
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107
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30
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4s..1943
1951
1959
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conv
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84
51
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74
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324
152
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31
20
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J
84
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204
38
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4
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1936
J
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84
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114
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204
35
46
344
414
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32
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40
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444
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494
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A
484
464
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41
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424
524
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100
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1939
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1992
Ref A Imp mtge 34b ser D..1996
Ref A lmpt M 3 4s ser E
1996
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May 1940
Potts Creek Branch 1st 4s... 1946
RAA Dlv 1st con g 4s__
1989
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1989
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1949
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1977
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1971
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1947
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1947
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1047
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1966
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1956
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♦Gen 44s series E—May 1
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3 48—1987
...1987
♦Stpd 4s non-p Fed lnc tax 1987
♦Gen 44s stpd Fed lnc tax..1987
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1987
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1987
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...1936
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May 1 2037
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1949
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27
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102
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79
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11
604
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61
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78
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1946
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30
131
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...
4s
1947
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30
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1946
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1961
974
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1951
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164
104 4
97
74
1966
100
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974
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141
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1951
103
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124
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1948
1945
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1946
1959 A O
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1959
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1184
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1946
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Canadian Northern deb 6 4s.- .1946
1154
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121
5
744
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111
40
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264
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424
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42
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1947
1947
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86 4
1950
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1981
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1981
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conv
69
117
COMPANIES
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1
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1970
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June 16 1955
424
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784
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1960
1966 A O
1962 A O
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45
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1979
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434
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30
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284
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1955 F
39
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1962 M N
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54
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1962 M N
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1945
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1947 M
1044 1074
314
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69
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extl
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106
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82
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114
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924
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Brooklyn City RR 1st 5s
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164
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164
29
994 1054
143
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84
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100
984
Bklyn Man hat Transit 4 4s... 1966 M N
25
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104
734
60
65
1952 M N
♦8s extl secured s f
secured
724
724
724
A
♦February 1937 coupon paid..
64
10
9
9
9
O
♦Saarbruecken (City) 6s.__.__ 1963 J
Sao Paulo (City of, Brazil)—
♦6 4s extl
9
29 4
284
22 4
1054
1955 M N
1961
{♦Boston A N Y Air Line 1st 4s 1955
21
98
1967 M S
74.
94
20 4
4
944
1944
84
O
294
4
274
*274
Boston A Maine 1st 5s A C
A
1946 A
6 4s
sec
264
294
30
984
Big Sandy 1st 4s
F
♦8s extl loan of 1921
♦Extl
1
High
TjOW
NO.
High
274
1054
12
Rio Grande do 8ul (State of)—
Since
Jan
284
1956
D..1960
1966
..1952
M 44s ser
k2
Asked
A
*284
274
1956
Cons mtge 34s series E
31
64
3
♦Berlin Elec El A Undergr 6 Ha
109 4
25
cons
♦Deb sinking fund 6 4s
♦Debenture 6s
1024 108 4
12
1054
30
a
S
O
A
UH
62
-
9
204
105
105
Bid
High
w
Range
Range or
Friday's
Low
5H
i,' 1
-
I
Price
a.
>>
8
7H
21
204
_U
i.
Queensland (State) extl s 1 7s.. 1941 A
♦Rhlne-Maln-Danube 7a A
87
i
Sale
EXCHANGE
1
74
*75
1
STOCK
15
9
74
m
Y
Week Ended July
1
Jan
No.
High
9
9
J
N.
Since
§<§
Last
BONDS
Range
2
c
Ask
A
Low
Foreign Govt. &Munlc. (Concl.)
♦Porto Alegre (City ol>8s
1961 J
•Ext! loan 7 4s
..1966 J
Prague (Greater City) 74s.
We-ek s
Last
Inter st Perio,d
EXCHANGE
STOCK
Week's
Friday
Friday
BONDS
N.
241
2
New York Bond Record—Continued—Page
147
*244
274
194
364
20 4
48
254
30
26
28
J
J
F
20
204
36
274
28*
22
21
35 4
28
10
194
344
11
370
74
24
134
134
134
18
184
*104
A
28
27
J
34
94
34
M N
N
D
J
D
17
164
17
17
■5
144
174
19
18
154
22
164
184
224
7
*154
18
184
94
.....
D
M N
17
174
174
M N
J
44
3
16
M N
M
193
15
154
*164
M N
M N
34
15
M N
r
10
*19 "
17
94
134
6
15
184
124
114
94
10
23
94
104
13
64
114
174
34
74
54
7
New York Bond Record—Continued—Page 3
242
July
£
BONDS
n.
y.
Bennett Uros. & Johnson
Last
|
exchange
stock
Week Ended July
.
Range or
Sale
A
New York, N*
{♦Des M & Ft Dodge 4s ctfa,.. 1935 J
DIgby 4-5200
25
4
8%
4%
33
5%
1X3%
20
107%
110%
111%
19
108%
O
109%
18
*15
37
——
j 995 J
104%
109%
Duquesne Light 1st M 3%s.
Friday
BONDS
n.
y.
stock
Range or
Sale
Friday's
Mice
8
Bid.
&
Low
1
{♦Chicago Railways 1st 6s Btpd
Feb 1 1938 25% part paid
F
A
J
J
18 %
"m
Memphis Div 1st g 4s
1951 J D
D
Chic T ir & So'eastern 1st 5s. .1960 j
Inc gu 5s..
.--—
Dec 1 I960 M S
High
61
14%
14%
1
9
19%
18%
9%
8%
129
6%
6%
8
50
5
8
9%
91
5%
10
8
1
4%
5
81
*60 H
*50
80
55
70
65
86
86
8
5
d
J
15 1951
Ed El III Bklyn 1st eons 4a— 1939 J
Ed EJ III (N Y) 1st cons g 5s.. 1995 J
42
82
cl6
TVs
♦Certificates of deposit
♦Conv g 4 Ha.----.--.--.--I960 M N
1951 J D
June
19%
Low
2
8
Cb 8t L & New Orleans 5s
Gold 3%s
No.
44
17
Since
Jan. 1
al6
— ..
'11'
6%
45
45
55
42%
42%
45
78%
46
67
36
;
64%
103 H
103%
j
103 H
106
102%
M
99
"87 H
1st & ref M 4%s series D... .1962 M
deb 5s
-1943 A O
{♦Choc Okla & Gulf cons 6s—1952 IVI N
"73 %
Chi I da Co
F
1966
1967
Cin Leb & Nor 1st con gu 4s_._1942
Cin Un Term 1st gu 5s ser C—1957
1st mtge guar 3%s series D..1971
Clearfield & Mab 1st gu 5s
1943
A
J
Cincinnati Gas & Elec 3%s
1st mtge 3 Ms
47
71
85%
30
71
72
75
57
48%
75
15%
2
14
15%
106 %
*109
106%
109%
15
100%
109
104H
104%
102
J
J
60
97 H
*47
65
59
92%
"45
41
5
97
97%
82%
65
109%
4
78%
97%
103% 106
107% 112%
O
*.
107
Series C 3%s guar
1948 MN
*103%
1950 F
*102
1977l
A
104% 108
....
106% 108
.
*75
—
1972
1973
100
106%
101% 101%
84
73
104%
81H
Columbia G & E deb 5s—May 1952 IVI N
Debenture Ss.......Apr 15 1952 A O
Jan 15 1961 J
J
A
Columbus & Tol 1st ext 4s
1955 F
A
1965 MN
82
871
77 >' 105%
75
76%
30
71
72 H
1951 A O
debentures
--.1942 J D
Commercial Invest Tr deb 3 Ha 1951 J
J
Commonwealth Edison Co—
2%s
70%
72%
51
100%
"2
65%
102%
92%
*104
100
95% 101%
55
41
94 %
"92 %
O
Columbus Ry Pow & Lt 4s
Commercial Credit deb 3%s
80
76
1st a f 4%s series C.
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel & Ron Co gen s f 6s_. 1943
♦5s Income mtge
1970
Colo & South 4H8 series A—— 1980 IVI N
1948
105% 106%
*101%
*101%
Gen & ret mtge 4 Ha series B. 1981 J
Cleve Short Line 1st gu 4%s_
1961 A
60
7
40
65
41
43
93
30
47%
93
94%
92
106%
105%
106%
108
108
105
94%
95%
93%
105%
121
106%
1
1
-
102%
104%
108%
43
42
95% 100%
102%
49
105
21
99% 102%
105
100
105
108%
J
111 M
3
108%
111%
108%
112
S
109
35
105
109
1965 A O
107%
105%
13
102%
107%
105%
109%
107%
105%
108%
118
110%
147
1st mtge 3Hs series I
Conv debs 3%s—
1968 J
1958 J
Conn & Passum Riv 1st 4s
D
J
*108
*107%
107%
107%
104
103%
104
104%
1961
3Hs debentures——
1948
debentures
1956
3Hs debentures..
103%
1958
102
Consolidated Hydro-Elec Works
of Upper
Wuertemberg 7s.—1956 J
Consol Oil conv deb 3Hs
.1951 J
J
D
{♦Consol Ry non-conv deb 4s.-1954 J
J
♦Debenture 48
J
1955 J
^♦Debenture 4s
1955 A O
♦Debenture 4s
J
1956 J
s
1960 1
f 6s
102%
1st mtge 3Hs
May 1 1965
1966 M N
1946 J
D
1951 F
A
"97%
"38"
Day ton Pow «&Lt lst&ref 3 Hal 960 A
Den Gas & EI 1st & ret
s f
1 ee
1936 J
1936 J
104%
97% 103%
99% 102%
102%
25
103%
20%
114
24%
92% 103%
10
17%
10%
11%
16%
11%
104%
104%
102%
96
103%
102%
105%
37
38%
48
108%
44
108%
44
108%
103%
*106%
108%
108%
1951 M N
page 245.
-
104
103%
3
108%
5s...1951 MN
as to Penua tax
{{♦Den & R G 1st cons g 4s
{♦Consol gold 4 He
For footnotes
1971 J
104%
105%
2
40
_
-—1969 J
1969 J
40
D
1943 IVI N
4Hs
1st & ref 4%s
1st mortgage 4Hs
Stamped
J
100
"l3"
"2
13
15%
50%
2
40
54
108%
105%
2
105%
105%
103%
5
4
19
23
*103%
Cuba Nor Ry 1st 5Hs
D
104
13
105
105%
105%
103%
'102%
1942 J
107%
107% 108%
104% 108
12
13
Crown Cork & Seal s t 4s
1950 MN
Crown Willamette Paper 6s..—1951 J
J
Cuba RR 1st 5s g
1952 J
7 He series A extended to
1946— J
6s series B extended to 1946
J
*22%
102%
48%
107%
D
1943 J
102%
101%
107% 108%
108
*10%
IVI N
.1967 M N
Del & Hudson 1st & ref 4s
Del Power & Light 1st
105% 105%
108% 110%
13
J
—1970 MN
Container Corp 1st 6s
15-year deb 5s
Crane Co s f deb 3%s.—
109% 112%
109% 112%
12
Consumers Power 3%s.May 1 1965 IVI N
1st mtge 3Hs
1st mtge 3 Ha
1st mtge 3%s
14
100% 101
1951
—.1951
Consnl Edison (N Y) deb 3%s. 1946
♦Consolidation Coal
112%
1943
Conn Ry & L 1st & ref 4Hs
3 Ha
108
cons g
68%
90%
101% 103%
"73
94% 106%
109%
102% 105
106
79%
95%
1940
J
*102
103%
4s prior.. 1996
J
*25
102%
.......
♦1st consol gen lien g 4s
*45
45
1996
J
O
21
o
20%
♦Gen
44%
23%
18%
20%
24
♦Conv 4s series A———... 1953
♦Series B
1953
O
conv
105
*45
4s series D
1953 A
♦Ref & impt 5s of 1927—- 1967 IVI N
♦Ref & lmpt 5s of 1930.—— 1975 A
♦Erie & Jersey 1st s f 6s..
1955 J
*14
"l5"
O
1
46%
101
50
"97% "27
103%
103
105%
38
40%
4
56
1
25
66
50
3
40
1
108%
46%
108%
103%
1
26
69
16
21
32
13
61
12%
36%
1
20%
12%
*10%
41%
.307
9%
43
16%
397
9%
42%
29
38
"13%
45
40%
42
*39%
50
36
*75
84
75
S
*60
96
1st
s
J
f 6s.. 1957
1938 IVI
{♦3d mtge 4%s
Ernesto Breda 7s
1954 F
Fairbanks Morse deb 4s.
.1956 J
Federal Light & Traction 1st 5s 1942 IVI
5s
International series
1st lien
f 5s
1942 IVI
A
70
D
S
94
99
85
Flat deb
stamped
.1942
f 7s
J
{♦Fla Cent & Penin 5s
1943
{♦Florida East Coast 1st 4 %a__ 1959
J
1974 IVI
91%
89%
99
89% 100
98%
75
100%
cons 2-4s
{{♦Proof of claim filed by
97%
85
93% 100%
100%
55
35%
40
49
64%
8%
64%
1
8%
44
3%
7%
7%
10
3%
7%
*3%
7%
♦Certificates of deposit..
Fonda Johns & Glov 4%s.
1952
{{♦Proof of claim filed by owner. M N
(Amended) 1st
95
95
95
*75%
100%
*38%
64%
7%
D
S
97
94
J
♦1st & ref 5s series A
102%
89%
95
D
1946
s
71%
97
94
99
s
s
8
17%
2%
2%
1%
2%
1982
owner M
♦Certificates of deposit
Fort St U D Co 1st g 4%s—1941 J
N
2%
*1%
J
Francisco Sugar coll trust 6s... 1956 M N
Gas & EJ of Berg Co cons g 5s._ 1949 J
Gen Amer Investors deb 5s A.. 1952 F
Gen Cable 1st s f 5%s A..
1947 J
♦Gen Elec (Germany) 7s Jan 15 1945 J
*85
♦Sinking fund deb 0%s
♦20-year s f deb 6s...
1940 J
A
J
2%
4%
%
101%
2
31
31%
41
35
105%
48%
47%
4
39 /
48%
48
48
2
39
105
104
{♦Ga & Ala Ry 1st cons 5s Oct 1 *45
{{♦Ga Caro & Nor 1st ext 6s..1934
J
102%
104%
104%
J
"53"
D
D
N
*18
5s... 1947 J
1944 F
7s
..1950 J
Great Northern 4%s series A.. 1961
General 5%s series B
Genera) 5s series C
General 4%s series D
Genera! 4%s series E
General mtge 4s series G
Gen mtge 4s series H
Gen mtge 3%s series 1
95%
97
97
90
70%
J
61
61
61
J
101%
94%
93
71%
05% 111%
8
80
9
67
94%
83%
83%
.1977
J
1946
J
1946
J
68
89%
92%
04
120
74
103%
84%
82
84%
43
69%
95
72%
35
60
82
54
60
70%
*45
60
8%
66
"
65
67
*45
*45
A
O
*84
1966 A
O
105
105%
104%
104%
J
108
J
112
Illinois Bell Telep 3%s ser B..1970 A
Illinois Central 1st gold 4s
1951 J
O
1955 M N
2
29
2
99% 102%
24%
34
54%
Div & Term g 3%s..l953 J
Div 1st gold 3s
1951 F
31
"52%
47
20
17%
109
109
13
38%
30%
118% 121
120%
19%
-
109%
"45
40
56
153
11%
23%
11
106% 110%
91
85
98
87
*85
'
88
93%
77%
77%
75
47
48
I
44
51%
39%
.
.
"44"
.
2
47
47
J
A
65
102%
1955 M N
Refunding 5s
52
23
"~52%
J
40 year 4%s
....Aug 1 1966 F
Cairo Bridge gold 4s
1950 J
Litchfield Div 1st gold 3s. -1951 J
119%
74
31
31%
108
102
24
J
M N
108%
27
112
*66%
M N
O
89%
99% 105%
100% 104%
*27%
1957 A
92
76
*109
J
91
91%
90
J
O
82
90%
"93"
J
M N
81
55
80
J
O
10
55
106
_
*66
7
8%
J
D
s f 5s ser A... 1962 J
Hudson Co Gas 1st g 5s..
1949 M N
Hudson & Manhat 1st 5s ser A. 1957 F A
99%
90%
"45
O
Hudson Coal 1st
104
80
.1940 M N
O
04
78%
91%
Feb
1952 J
Loulsv
106%
29
83
1940 A
Omaha
104
7
101%
100%
*80
1953
98
77
J
Hackensack Water 1st 4s
_
99%
101% 106%
74% 86
60%
J
1951 J
84
21
49
1973
A
34
65
1976
♦Harpen Mining 6s._
1949
Hocking Val 1st cons g 4%s.._ 1999
Hoe (R) & Co 1st mtge
1944
{{♦Housatonlc Ry cons g 5s...1937
Houston Oil sink gund 5%s A. 1940
25
25%
78%
22
69
1961
3%s
12
104
70
Gulf States Steel s I 4 %s
Gulf States Utll 4s series C
10 year deb 4%s
1st gold
56
A
.1952
1952 J
♦Adjustment Income Ss.Feb
105
98%
104%
98%
67%
13
1
96%
*18"
104%
89
37%
14%
D
J
Gulf Mob & Nor 1st 5%s B... 1950 A
1st mtge 5s series C
-...1950 A
Gulf & S I 1st ref & ter 5s Feb 1952 J
Stamped
101
108
31%
104%
J
1967
♦Green Bay & West deb ctfs A——- Feb
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
17
"26"
104%
99%
38
....
18%
31%
93%
Gotham Silk Hosiery deb 5s w w '46 MS
Gouv & Oswegatehie 1st 5s
1942 J D
Grand R & I ext 1st gu g 4%s—1941 J
J
gu
56
103%
48%
101% 105%
1
52
O
IVI
105%
104%
98%
J
43
52
39
J
1952 J
58%
100
85
2
A
Purchased lines 3%s
Collateral trust gold 4s
109
25
47%
48
98
48
A
1st mtge 4%s
1956
Goodyear Tire & Rub 1st 5s.. 1957
12
96%
1951
♦Good Hope Steel & Ir sec 7s.. 1945
Goodrich (B F) conv deb 6s...1945
16
48
98
Gen Pub Serv deb 5%s
1939
Gen Steel Cast 5%s with warr.1949
15-year 3%s deb
39%
103% 103%
34
49%
*119%
102%
D
Refunding 4s
102% 106
100
37%
J
1948 IVI N
Gen Motors Accept Corp deb 3s.'46 F
39
D
99% 104
106%
100
1
"37% "54""
34%
49%
45
45
"29
31
45%
51%
52%
5
39
55%
37%
41%
263
23
41%
84
D
*65
84
78
J
*58
65
63
63
J
*47
54%
47
72
52
55
A
59%
St Louis Div & Term g 3s... 1951 J
Gold 3%s.—
1951 J
Springfield Div 1st g 3%s...l951 J
J
104
J
95
108
Western Lines 1st g 4s.
A
60
106%
108%
28
54%
106% 108%
37
105
101%
59
71%
102%
102
94
s
IVI
1st lien 6s stamped.
.....1942 IVI
30-year deb 6s series B
.1954
98% 103%
98% 105%
83
97%
103
108%
21%
16%
14
Extended 1st gold 3%a
1951 A O
1st gold 3s sterling
1951 IVI s
Collateral trust gold 4s...1952 A O
2
*108
"I§"
104% 109
101% 106%
102% 105%
100% 105%
3
107%
63
15
42%
106
84
103
100% 103
33%
70%
14%
15%
..
♦Geuessee River
96%
1981 IVI
f 3%b A
104%
*102
85
104% 112%
106% 109%
1957 J
s
101
16
108
J
Gt Cons El Pow (Japan)
1st & geD s f 6%s
1st mtge 3%s series H
Conn Riv Pow
23
U0
131% 132%
106%
O
Series C 3%s
{♦Erie RR 1st
105
O
98
1st mtge g
1st mtge g 4s series F
4Hs
14
106
*131%
*106
1965
86
3
112
guar
J
75%
1965
Grays Point Term 1st
112%
Stamped
102% 106
4
101
1940
;
99
1956 A O
4Hs series C
4hb series D
2
109
17
102
...
5s stamped.-ii...
Erie & Pitts g gu 3%s ser B
86
100%
100%
102H
37
33
88
99
96
"~3
67
97%
1
97%
105%
93
J
92%
73%
102%
61
"_2
97%
O
90%
50
105%
109%
*105%
Series D 3^8 guar
Gen 4%s series A
.
32
75
56
J
1942 J
'67%
*70
58
J
108%
75
05%
J
1942 A
.
102% 106%
106% 109%
109
Cleve & Pgb gen gu 4 %s ser B. 1942 A
Columbia & H V 1st ext g 4s.
92%
*30
N N
1940 J
Cleve Union Term gu 6 Ha
1st s f 5s series B guar
100
J
Cleve-Cllffs Iron 1st mtge 4% a. 1950 MN
Cleve Elec Ilium 1st M 3%s_ — 1965 J
J
1st mtge g
37
110
109%
97% 105%
88
1990 MN
1940 M S
Series B 3Hs guar
Series A 4%s guar—
99
IVI N
1977
4s
W WVal Div 1st g 4s
103
9
100% 102
107% 109%
Cairo Div 1st gold 4s
1939
Cin Wabash & M Div 1st 4s. 1991 J
g
5
95
*06%
100%
D
St L Div 1st coll tr g 4s
102% 107%
85
■
D
Ref & lmpt 4 %s series E
2
15H
M N
1993
-.
103%
106%
103%
99%
85
D
General 5s series B—..... 1993
Cleve Cin Chic & St L gen 4s.
5s
*100
74%
*101%
J
—.
El Paso AS W 1st 5s
-
55
Chic & West Indiana con 4s—1952 J
Debenture
111%
103% 109%
20
20
105
109H
107
♦N Y & Erie RR ext 1st 4s.. 1947 M.N
Guaranteed 4s—.........—.4944
1st ratge 4s series D—
1963
1st mtge 3%s series E
1963
3Ha guaranteed....
1951
Spr & Col Div 1st
93
17
17
Electric Auto Lite conv 4s
1952 F A
1941 IVI N
Elgin Joiiet & East 1st g 5s
D
El Paso Nat Gas 4%s ser A... 1951
8%
5%
3
Chicago Union Station—
K
J
J
..
East Ry Minn Nor Div 1st 4s.. 1948 A O
East T Va & Ga Div 1st 5s
1956 M N
Itange
Is
Asked
High
44
{♦ Refunding gold 4s
1934 AO
♦Certificates of deposit—
{♦Secured 4 %s series A.--.-1952 m"s
{♦Chic R I & P Ry gen 4s—*-1988
♦Certificates of deposit--.-...
92%
4
42
111% 113%
106% 109%
Weeks
Last
exchange
Week Ended July
9
108
d
♦Second gold 4s
7%
10%
3
40
Detroit Term & Tunnel 4%s.. 1961 IVI N
Dow Chemical deb 3s....... 1951 J
D
Teletype -h Cgo. 543
8
4%
42
*25
{{♦Dul Sou Shore & At J g 5s.. 1937 J
1965 J
<2S£. T. 1-761 -<• Well System
High
5
6%
Gen & ref mtge 3 %s ser G — 1966 MS
d
♦Detroit & Mac 1st lien g 4s.-. 1995 J
135 So. La Salle St.
Randolph 7711
One Wall Street
1965 A
F
ser
Low
6%
*3%
*20%
112%
J
.
Gen & ref M 4s
No.
Jan. 1
7%
{♦Des Pla'ns Val 1st gu 4 %s.. 1947 M S
Detroit Edison Co 4%s ser D-. 1961 F A
Gen & ref 5s ser E
1952 A O
Chicago, 111.
Y.
High
Since
09 to
6%
5%
♦Assented (subj
to plan).
♦Ref & impt 5s Ber B...Apr 1978 AO
MUNICIPAL
'BONDS
is
Ask
<fe
Low
{♦Den & R G West gen 5s. Aug 1955 F
Range
Friday's
Bid
Price
8
1938
9,
Week's
Friday
107% 108%
8%
15
9
16
1951
F
J
75
*45
55
"50% "75"
Volume
243
Record-Continued—Page 4
New York Bond
147
Weel's
Friday
Friday
BONDS
N.
EXCHANGE
STOCK
Y.
Range or
Range
Friday's
Since
Week Ended July
Sale
b
c
Bid
Price
a.
8
Last
Bonds Sold
Asled
&
BONDS
Y.
N
I
a fc
Range
Friday'8
Bid
&
Asled
Jan. 1
St L A N
111 Cent and Chic
39%
notes. .1932
7%
107
deb 4s
1947
5s stamped .—1942
JMnt-Grt Nor 1st 6s set A
1952
♦Adjustment 6s ser A.-July 1952
Int Agrlc Corp
—.1956
♦1st 5s series B
♦Istg 5s series C—.......1956
El deb 6s
1944
Int Merc Marine 8 f 6s
.1941
Internal Paper 5s ser A & B—1947
A
♦Ctfs w
♦Ctfs w
Kelth (B F)
19
48%
11
35%
72%
51
J
94
92
94%
31
80%
94%
85
83
86
61
54
M N
80
80
80
8
77
3
81
81
75
94
71
69
72
142
39%
72
♦1st A ref gold 4s
J
J
98%
98%
99
881
74
99
•Ref Aext 59 yrfisser A-.
f
A
75%
72%
77
290
42%
IV!
S
3%
J
D
70
J
D
104
19%
-
*50
93%
♦General
•
-
m
"95"" "95"
-
103%
20
95% 103%
26%
2
26%
25%
o
82%
82%
83%
9
75
90%
A
54%
54%
56/::
65
48
61%
56%
9
47
60
A
A
55%
*48%
A
*48%
56
*65
87
J
J
56
J
.
41%
53%
44
«
....
47%
89
95%
90
87
89
29
78
30%
30%
31%
42
24%
32%
59
59
59
4
48
71
58%
58%
5
48
65
85
85
3
85
95
35
35
1
27
35
F
*82
95
66
99%
F
38
38
2
26%
45
1
D
O
S
35
MontanaPower 1st & ret
97
104
77
77
*36"
50
51
52
*22
42
60
60
17%
13%
20
16
17%
V-
-
»
Gen & ref s f 5s
"7%
85
35
30
62
J
J
2
35
45
21
24%
324
24
24
26%
53
28
O
*33
A
O
-1944 A
O
-1951 F
A
D
..
.
11%
30%
13
32
17
6
30
•50%
34
6
45
23%
M N
40
f
52
45
50
105% 118
1
105%
128%
129
14
128%
131
122%
123
20
121%
126
112
128%
105%
112%
"99%
160"" "25
99
4
112%
M N
A
100
61
*55
-1950
55%
~
-
63%
75
12
62%
65
'94% 100%
90
-1949
80%
80%
80%
1
80%
87
83%
80
83%
6
73%
81
3
73%
88%
88%
79
.1949
.1944 A
O
.1951 F
A
.1969 J
J
.1966 M S
Elec 3%s__.
Co gu 4s._. .1945
Nashville RR—
Louis A Jeff Bdge
M
S
127%
5
127%
119%
77
120
73%
126
115% 122%
78%
60
56
20
105%
105%
105%
105
103%
105
101 %
9
102
79%
106
107%
98% 105
83% 102
.1940 J
J
100%
99%
100%
90
.2003 A
O
92%
92%
93%
15
75
93%
.2003 A
O
85
85%
4
.2003 A
O
74
82
4
74
90
.2003 A
C)
•77
81
16
65
82
F
A
96
96
1
96
M
S
76
76
2
76
82
M
S
*109
109
112
J
J
71
series E—.
.1946
Paducab A Mem Dlv 4s
.1980
St Louis Dlv 2d gold 3s—..
.1945
Mob A Montg 1st g 4%s
.1952
South Ry Joint Monon 4s...
.1955
Atl Knox A Cln Dlv 4s
.1944
Lower Austria Hydro E16%s..
M N
F
100%
M N
111%
-
-
-
1
71
101%
18
71
98
98
107%
80
111%
98%
97% 103%
103%
103%
103%
14
102
101%
102%
23
93% 102%
12
74
A
2013 J
48
67
41
43%
24
28%
33%
36%
50
28
48%
42%
38
44
25
45
16%
18
267
10
23%
21
21
15%
25%
15%
23
"17%
37
55
Newport A C
20
28%
N Y Cent
17%
32%
18%
19
8
16%
31%
8
10
23%
28%
24
29
23%
26%
19
18
19
■
4
185
15
25%
15
15
23
24
15
25%
1
15
23
150
3
4%
19
5
19%
"19%
15
25%
14%
132
18%
23
15
"20%
18%
18
23
•r 85
60
M
S
M
S
70
46
13%
8%
314
9
24
19%
20%
24
19%
20%
68
374
65
13%
14%
20%
6%
25%
23
*60
*55%
60%
106%
95%
105%
85
92%
94
84
99%
95%
J
99
95%
98*
A
106%
95%
A
93%
J
94%
96% 101
73
74%
84
*70
A
58
98% 107%
99
99
IVI N
8
15%
54
20%
17
79
72%
72%
69
69
80
A
74
74
71%
A
52%
54%
47
45
47
42
44%
34%
34%
*114
114%
54%
'"44%
62
55%
113%
112
99%
*56
25
~25~"
J
60
31
28
90% 100%
*101
D
68
18
65
22
FA
J
Ml N
102%
102
102%
IVI N
105
105
105%
92% 102%
167
54
106
100
J
J
J
1%
1%
A
A
O
*1%
J
1%
""% "2%
3
O
A
O
*1%
D
107%
107%
*30
IVI N
1998
1946
A....2013
Ref A tmpt 5s series C
2013
Conv secured 3%s
1952
3%
1%
1%
1%
1%
A
Bdge gen gu 4 %s 1945
2%
2%
1%
2%
1%
6
D
"l% "2%
1%
103
108%
116 %
108%
51
120"
32%
31
65
*919%
30
J
J
29
~30"
1
24%
22
29%
4
24%
5
122% 125%
3
120% 123%
D
125%
N
122%
125%
122%
167"
107%
95
A
O
56
J
"l6
104%
108
57
26
38
64%
46
15
34
50
98%
J
46
43
o
98
97%
43
86%
84%
98%
D
97%
97%
60%
60%
98%
64%
25
J
13
47
76
29%
14
23
31
29%
29
30
35
49
22
36
30
30
2
24
32
31%
32
4
22
35%
5
23
33%
30
22
37%
O
o
deposit
RR 4s series A
"7% "78
'.....
A....1955
1955
10-year 3%s sec s f
Ref A impt 4%s series
3
19
C
1956
♦1st 4%s series D
1956
♦1st 5%s series A__
—1954
♦Certificates of deposit.....
11
D
58
26
33
A
♦1st 5s series
14
"■18M "34%
25
57%
36%
1955
New
4s—1953
^{♦N O Tex A Mex n-c inc 5s..1935
♦1st 5s series B
1954
170
"~5
~25~"
42%
series B
Orleans Term 1st gu
27
69%
58
1st A ref 5s
48
5%
60%
"~8
96
24
3%s.i960
6%
2%
25
RR guar 1st 4s—1986
N J Pow A Light 1st 4%s
1960
New Orl Great Nor 5s A.-----1983
N O & N E 1st ref A imp 4 %s A 1952
New Orl Pub Serv 1st 5s ser A-.1952
26%
O
■'
'
t
N J Junction
44%
65
65
S
coll s f 4s
1965
{♦Naugatuck RR 1st g 4s
1954
Newark Consol Gas cons 5s-.-1948
^♦New England RR guar 5s—1945
♦Consol guar 4s
—1945
New England Tel A Tel 5s A.. 1952
1st g 4%s series B_.
—1981
26%
14%
3
6%
A
1914 coupon on
1977
♦48 April 1914 coupon off--—1977
♦Assent warr & rets No 5 on '77
Nat RR of Mex prior lien 4%s—
{♦Assent warr A rets No 4 on!926
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off---1951
♦Assent warr A rets No 4 on '51
74
7%
4
M
♦4s April
48
5%
8
3%
*3
M S
4s ser A
1978
4s stpd
1951
Nat Acme 4 %s extended to
1946
Nat Dairy Prod deb 3%s w W..1951
Nat Distillers Prod deb 4%s—1945
National Rys of Mexico♦4%s Jan 1914 coup on..—-1957
♦4%s July 1914 coup on
1957
♦4%s July 1914 coup off
1957
♦Assent warr A rets No 4 on '57
D
M N
3
9%
3%
1938 MN
Nassau Elec gu g
D
J
8
14 »
9%
8%
FA
91%
75
7%
*18
series B
♦Certificates of
9
8
series C..1955
A
Gen & ref s f 5s series D
1955
J
D
Morris A Essex 1st gu 3%s
2000
MN
Constr M 5s series A
1955
M N
Constr M 4 %s series B...... 1955
M N
Mutual Fuel Gas 1st gu g 5s—1947
IVI N
Mut Un Tel gtd 6s ext at 5% -.1941
74
26%
1990
•
25
A
.1951 IY1 N
Corp s f deb 5s.
.1950
McKesson A Robblns deb 5 %s.
.1945
Maine CeDtrat RR 4s ser A...
1960
Gen mtge 4%s ser A — ....
Manati Sugar 4s s f
Feb 1 1957
81
3%
8%
5
Nat Steel 1st
129%
4
1%
17
...1965
3%
1%
3
20%
F
7%
3%
*3
17
Nash Chatt A St L
•
"4
7%
7 v"
19
40
-1954
50
*16
MN
Gen A ref s f 4%s
39%
245.
104
J
ref 5s. _—1941
Gen A ref s f 5s series
18%
♦Second 4s.....---—------
103
J
J
J
J
J
4%s....._.......-I960
Montreal Tram 1st A
102
.1949
1st mtge
90%
95%
*50
87
^♦Manhat Ry (N Y) cons 4s..
♦Certificates of deposit...
98% 104%
J J
M N
mpt 4%s
6a debentures..... ......
19%
stamped.-..--—....
104%
95
1977
♦Secured 5% notes..
1938
Mohawk A Malone 1st gu g 4s_1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
♦Ref A
31%
75
4s
103%
103%
^♦Mobile A Ohio gen gold 4s—1938
♦Montgomery D v 1st g 5s. .1947
97
85%
8
97
19%
14%
16
104%
.1949 MN
.1980 A O
{♦MoPac3d 7s ext at 4%. July
89%
60
70
19
103%
103
"79% 103"
87%
*15%
18%
100
79%
Co 3%s ext to..
89%
87%
70
♦Certificates of deposit...
95%
-1947 J
page
*60
J
20%
98%
40
5S
94
IVI N
J
101
94
*70
M
26%
24
*26%
1
18%
103%
103%
S
Liquid Carbonic 4s conv debs.
:1962
Little Miami gen 4s series A..
.1946
Loews Inc s f deb 3 %s
.1952
Lombard Elec 7s ser A
For footnotes see
D
8H
19%
97
34
A
-1941 A
McCrory Stores
J
*
"*6%
5%s
6%
5%
S
S
95
-2003 M N
1st A ref 3%s
S
M
88% 100%
103%
J
1st gu g 5s..
.1965
A East 1st 50-yr 5s gu..
i—
.......
i
103
.2003 M N
series B
1st A ref 4%s series C
1st A ref 4s series D
A
M
6%
1
25
Tobacco 7s._
99% 103%
*18
4
98% ■?_
25
General cons 5s
103% 110%
S
99
*73
Leh Val Term Ry
110%
109%
A
92
103
M N
4%s_— -1940
-2003
4s
1st A ref 5s
F
M
H
♦Certificates of deposit........1981
♦1st & ref 5s series I
81%
71
23
*23
Lehigh Val (Pa) cons g
General cons 4 %s
Unified gold 4s
Q
.1975 M
79%
-1943
Term gu 5s—
Louisville Gas A
9
A
.1965 F
♦1st A ret g 5s series
.1974
1st 5s ser A..
4s.
♦Conv gold
150" 155"
156
*95%
-1964 F
deb 7s
lot
104
109%
103
IVI
.1977
F
....
♦Certificates of deposit
♦1st A ref 5s series G
..1978
♦Certificates of deposit..
1954
5s
91
102%
al00% al00%
?5
9%
N
IVI
deposit.
99
J
M
of
92
J
D
F
♦Certificates
74%
79%
1954 J
1954
Long Island Unified
Guar ref gold 4s
97
gold 4s
{♦MoPac 1st A ref 5s ser A...
98
*150%
1949 FA
J
87
92%
1997 AO
1965 A
Leh Val N Y 1st gu g
72
♦1st A ref 5s series
85
*50
27
1975
extend to.—-
75
75
♦
99% 108%
4
99%
99%
*70 "
1997 J
Sec 6% notes
90
75
Q
J
1949 M S
1978 J J
25
27
80
J
1954 J
20%
23%
w.C'
90
*86
1942
Leh Val Harbor
65
t*Mo-IH RR 1st 5s series A
Mo Kan A Tex 1st
41
14%
,.1 :i-
-
*23
1942
1st A ref s f 5s
Louisville A
40
41
—
1st A ref. b f 5s
Louisiana A Ark
103%
J
RR 4s A—
1945
A N Y 1st gu g 4s
1944
Val Coal 1st A ref s f 5s.
Lorillard (P) Co
40
*37
1941 J
lst A ref s f 5s
4s
104%
J
Lehigh C A Nav s f 4 %s A
1954
Cons sink fund 4%s ser C...
♦Long Dock
103%
J
1941
Liggett A Myers
103%
1961 J
5s
Lex
108%
106%
123
1961 J
Lehigh A New Eng
82%
4s.—.1941 M N
1959 J J
1990 J D
M-K-T RR pr lien 5s ser A...-1962 J
J
40-year 4s series B
1962 J J
Prior Hen 4%s series D-...--1978 J
J
Cum adjust 5s ser A
Jan 1967 A O
73%
1961 J
So g 3%s
Co Ltd—
13%
82%
O
tiat Chicago Term s f
73%
44%
J
♦1st mtge income reg
13%
.1946 J
5%s
1st ref 5 %s series B
27%
60
44
*25
2d gold
Lehigh
16%
26
73%
J
B...
33
1949 M S
.1962 Q F
,.
♦1st & ref 6s series A
♦25-year
73%
106%
M N
5s 1937
Lehigh
29%
105%
1946 MS
RR—
1947
extended at 3% to..
Lautaro Nitrate
20%
6
105%
Lake Erie A Western
Lake Sh A Mich
90
30
,
*16%
ext to.
1951
A—
1945
Kresge Foundation coll tr 4s..
1947
3 %s collateral trust notes
J*Kreuger A Toll secured 5s
1959
Uniform ctfs of deposit
1939
Laclede Gas Light ref A ext 5s.
1953
Coll A ref 5%s series C
1960
Coll A ref 5%s series D
Coll tr 68 series A
98%
26%
24%
M N
J
90
105
*100
"26 H
78%
23
96%
40
78
94%
94 %
*22
Koppers Co 4s ser
Coll tr 6s series
s
rvi
6
53
70
Kinney (G R) 5 %s
70
*13%
J§*MSt P & SS M con g4s Int gu *38
§♦1 st cons 5s.,.......-1938
{♦1st cons 5s gu as to int. —1938
3%
1%
9
3%
3
50
J
1st A ref 6%s
68
77
A
O
—
75
J*Milw A State Line 1st 3%S--1941
t »Minn A St Louis 5s ctfs
1934
J
F
1950 J
L A P 6s
County Elev 1st g 4s—
Co Lighting 1st 5s
96
*71%
1939 J D
1939
4s...1947 M S
J
1980 J
4%a unguaranteed
Con ext 4 %s._
82
1950 A
Kings County El
1st ext 4 %s
86
O
Plain.-..——.—-——-r
$5*Mll & No 1st ext 4%s(1880)
J*M11 Spar & N W 1st gu
s
rvi
*97%
N
1971
1934
1st mtge 5s...
12
54
16%
A
Stamped..........——~-
5%
50%
*14
-
—
O
Corp 1st 6s
19
*14
S925)-- 1943
(par
14
4%
19%
12
4
13
2%
72%
1987
gold 4s
1961
Kentucky A Ind Term 4 %s—
Kings
55
15%
47%
Kentucky Central
Kings
17
101%
70%
Electric 4%s—
1943
(Rudolph) 1st 6s—
1943
w stmp (par 5645)-1943
w stmp (par 5925)—
♦Ctfs with warr
100
A
Kansas Gas &
♦Karstadt
05
6
1960 J
1st 4s
Kansas City Term
87
32
71%
48.1936
Apr
Ref & irnpt 5s
1940
Jack Fans & Sag 3%s_.
1951
1st gold 3%s.___.......... 1952
Ref A impt 4 %a series C
1979
t*Mid of N J 1st ext 5s
1940
Mllw El Ry & Lt 1st 5s B
1961
City Air Line 4s
49%
..1959
1st gold 3s...-.
57%
A
Steel 4%s A.-1961
& Mich 1st gu g 4s.-1990
Kan City Sou
58%
40
1914 coupon)...-.1977
♦Miag Mill Mach 1st s f 7s
1956
Michigan Central Detroit A Bay
♦4s (Sept
A
Jones A Laughlin
J}*K C Ft S A M Ry ref g
♦Certificates of deposit
40
4
87
4
...
Kanawha
133
101
17
J
.,..1947
Int Telep & Teieg deb g 4Ha.. 1952
Conv deb 4%9
— -.1939
Debenture 5s.....*--1955
tMowa Central Ry 1st & ref 4s. 1951
Clear 1st 4b
.
85
.J.
J
1st lien A ref 6%s
James Frankl &
24%
101
O
A
1st 5s B—1972
Int Rys Cent Amer
57
10
48%
1977
♦Mex Internat 1st 4a asstd
42%
144
54
48%
J
1955
f Ss series A
3
1st 6s with
Metrop Ed 1st 4%s ser D
54
56%
1VI N
Mead Corp
24%
"24 %
18
1940
warr..l945
1968
Metrop Wat Sew A D 5%s
1950
^♦Met West Side El (Chic) 4s. 1938
Market St Ry 7s ser A.-. April
100%
101% 107%
60
42%
19
252
52
S
M
75
IV! N
IVI
f»Man G B & N W 1st 3 %s...1941
A
: J6s
1947
18
12%
i 60
O
A
70
85
9
J
107%
96
-r'i'-U
107%
50%
42
~87" ~90"
-
-
98
52
Internal Hydro
s
*"'T
75
107
59J4
1959
1st ext 4s
High
Low
*81
IVI
Marlon Steam Shove
21
deposit..
Interlake Iron conv
Ref
106
54
1932
5* 10-year 6s
conv
11
106%
*95"
tlnterboro Rap Tran 1st 5s—1966
♦Certificates of deposit..
♦Certificates of
28
*66"
J*Ind A Louisville lstgu4s
1956
Ind Union Ry 3%s series B_. 1986
Inland Steel 3%s series D
1961
§*10-year
69
100
.1950
4s
111 & Iowa 1st g
42
106
Illinois Steel deb 4%s
1940
Ind. Bloom A West 1st ext 4s..1940
Ind
97
4s...1939
Manila RR (South Lines)
46%
44%
1963
series C
29
41 %
42 %
A—.--1963
Joint 1st ref 5s series
1st & ref 4%s
Manila Elec RR A Lt s f 5s... 1953
No.
High
Low
High
Low
No.
High
Low
Since
\
Price
a.
8
Week Ended July
1
Jan.
EXCHANGE
STOCK
Range or
Sale
Weel's
Last
t-2
29%
F
O
A
36
31
35%
37%
32
J
J
......
*110%
32
111
26%
35%
110%
6
111%
48%
F
A
63%
63
67
A
O
74%
77
9
62
82
91%
56%
60
172
38%
85%
59%
66%
180
42
73
70%
115
51
84
A
O
75%
58%
A
O
61%
IVI N
69%
67%
124
New York Bond Record—Continued—Page 5
244
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended July
Ranoe
Sale
8
or
Rid
A
N Y Cent & Hud River 3%s—1997
SJnce
1st mtge 3%s
94%
Pena-Dlxie Cement 1st 6s A—1941
Pa Ohio & Det 1st A ref 4
53
82%
58%
84
41%
45%
1 CXI
30
37
41
352
26%
57%
30
66
104
1938
1947
D..——1965
3%s ser E.—-.1966
§ ♦Serial 5% notes
1st lien A ret
49%
65
"37
5s.. 1948
6
12
54%
~~50%
39
5
Codsoi sinking fund 4%s
General 4 %s series A
95%
N Y
4
1973
N Y A Long
Branch gen 4s
100
2
100%
50%
106
16
22
95
Peop Gas LAC 1st cons 6s
80
75
75
+
93
*60
17%
♦NoD-conv debenture 3%s—1947
15
♦Non-coDV debenture 3%s..l954
m
J''*,"**
16
15
Pere
Marquette 1st
103
1990
104
Phelps Dodge
J
conv
D
81
90
79%
1974 F
—1981 J
D
1967 J
D
sec
5s series A
15
16
20
12
19
16%
17%
18
9
11
21
18
28
Pblla Electric 1st A ref 3%s.._1967 M
{♦ Phlla A Reading C A I ref 68.1973 J
11
16%
17%
14
11
21
138
1940
1957
16%
13
20%
18%
23%
24%
28
5
{{♦Philippine Ry 1st s f 4s
1937 J
Plllsbury Flour Mills 20-yr 6s. .1943 A
35
11%
20
Pirelli Co (Italy) conv 7s
♦1st A ret 4%s ser of 1927—1967
t* Harlem R A Pt Cbes 1st 481964
5
12
Pitts Coke A Iron
10%
21
69
13
*52%
51
79
5
107
47
8
6
6
'■•4y'
100%
3
100
Non-conv debenture 4s
1955
♦Non-conv debenture 4s..--1956
♦Conv debenture 3%s_——-1956
1948
♦Conv debenture 6s—
♦Collateral trust 6s
♦Debenture 4s..
{♦N Y Ont A West ret K 4s
10
1992
21
-.-1955
♦General 4s
4s.. 1993
62%
4
53%
80%
57%
9
49%
75%
58%
12
50
108%
70
108%
106%
106%
93
14
106%
106%
2
103
93
1st mtge
"2
59
4%
15%
32
3
15
11
9
106
16
5%
41
1
40
4
40%
11%
8%
6
12
6
'r92%
"16
99
30
10%
♦Certificates of deposit—....
17
12
{{♦Norfolk South 1st A ref 58.1961
62
60
Deb 5 %s series B—Aug 15 1963
Deb SsHerleeCNov 16 1969
North Cent gen A ret 5s..
1974
102
97
48
39
119%
105%
99% 104
101
107
96%
116%
23
78 34
76%
78%
51 %
50 34
52
Ref A lmpt 4 %s series A...
2047
Ref A lmpt 6s series B
Ref A lmpt 5s series C
Ref A lmpt 6s series D
56%
2047
6834
2047
2047
60
103%
102%
{♦Providence Sec guar deb 4a__1957 IVI N
1956 IVI
J
for deb 6s A com stk
79
80
♦Rhelnelbe Union
g 4s
12
98
35
91%
98%
104%
101%
11334
10
98%
104%
110
113%
1961
Pacific Coast Co 1st g 5s
Pacific Gas A El 4s series G
76
1946
110 %
1938
1947
10634
10334
245.
76%
45
55
u034
107%
103%
106%
111%
102%
107%
98%
85
103%
69
60
106~
106""
2
106%
102%
43
102%
10334
82
70
102% 106
4s
66%
13
81
67
82
88
90%
28
78%
92%
45
45%
3
31%
46%
*90
*92%
89
118% 120
"69%
00
103
loo""
96
93
70
97% 103%
102% 103%
90
103%
88%
87
104
83
100%
52%
Rlchm Term Ry 1st gen 5s
75
69
93
86
91
100
100%
118%
100%
118% "~6
"96%
J
91
50
108
110
120
90
108
92
23
89%
96%
2
92
35%
1
28%
*22
23
20
27
31%
27
32
30
30
30
20
32
26%
32%
1953 F
A
1955 A
O
30
29%
-.1952 IVI
S
100
99%
30
100%
89% 101
*109
f 6s...
*104
41
35
28%
44%
17%
10%
18
10%
22%
*5%
*6%
J
9
D
O
St Jos A Grand Island 1st 4s
1947 J
St LawrA Adlr 1st g 5s
1996 J.
2d gold 6s
.......1966 A
50
41
J
4s
103
107%
99%
103
103%
109
88%
56%
P 5s stpd... 1955
54
10%
1950 J
♦Certificates of deposit.....
1978 IVI
1989
13%
*52%
"ll"%
♦Prior lien 5s series B
56%
31
1990 J
42%
64
46
62
18
12
50
64%
11%
13
9%
11
130
8%
!8%
69
16
s
12
7%
13%
13%
113
8%
11%
20
16%
13%
11%
9%
10%
52
51
J
9%
*28
J
J
60
11%
10%
J
M~N
♦2d g 4s lnc bond ctfs.. .Nov 1989 J
{♦1st terminal A unifying 5s. 1952 J
♦Gen A ref g 5s series A
12%
100% 104
94
17%
of deposit
4s bond ctfs
15
59%
{♦St L-San F terror lien 4s A..1950
{♦St L 8W 1st
10%
6
103%
O
N W 1st gu 6s—.1948
♦ConM 4 %s series A
♦Ctfs of deposit stamped
9
11
23
5%
12%
103%
J
1933 VI N
7%
20%
9
103
St Louis Iron Mm A Southern—
g
10%
22%
*104
103%
103%
105%
13%
20%
11«% 121
107% 110
*121
J
Safeway Stores s f deb 4s
1947
Saguenay Pow Ltd 1st M 4%8-1966
34
68%
33
J
....
104
28%
1948 A
{♦Rut-Onidian 4s strap.....1949
{♦Rutla. . RR let con 4%s_.1941
105%
*35"
D
{{♦R I Ark A Louis 1st 4%s__ 1934 IVI
mi A
24
36%
31
♦1st con A coll trust 4s A.... 1949
O
Roch G A E 4%8 series D
1977 M S
Gen mtge 6s series E
.1962 IVI S
♦Certificate
35%
*29%
J
St L Rocky
92%
101
-*30%
{♦Rio Grande West 1st gold 4s. 1939
a
100%
1950 M N
J
♦Stanr»"«l.
72
94%
A
s
84
too
118%
91
71%
94% 112
35%
1952
♦Ruhr Chemical
79%
90
103%
36
72
93%
s f 7s
...1955
♦Rio Grande June 1st gu 5s—1939
{♦S L Peoi
*119
70
♦Certificates ol deposit
98
62%
J
♦Rlma Steel lBt
♦{RJv A G Dlv 1st
82
*50
f conv debentures
100
95
*100%
*99%
s
102% 106%
103
92%
48%
55
94
9034
lor foorn< res see
page
59
80%
45%
1963
110% 118%
"0% 108%
94
1968
2a-yea. 4s
70
81
1944
1952
33
84
61%
97%
1949
1944
116%
105%
*61%
Parmelee Trans deb 6s
Guar 3 %s trust ctfs D
'
U ' 4" ser E trust ctfs
109
*95
106
'
Pat A Passaic G A E cons 5s
♦Paullsta Ry 1st ref s f 7s_
1942
Perm Co gu 3%s col) tr ser
B..1941
Guar 3J4S trust ctfs C
1942
103
*7034
1955
Paramount Pictures deb 68—1955
3%s conv debentures
Paris-Orleans RR ext 6%s
106%
1938
Panhandle Eastern Pipe L 4s.. 1952
Paramount Broadway Corp—
f g 3s loan ctfs
109%
107%
103%
I....1966
Pacific n el A Tel 3%s ser B—.1906
Ref mtge 3%s ser C
...1966
Paducah A 111 1st s f g 4%s
1955
110
8
32
82%
-.1952 IVI N
♦Cons mtge 6s of 1930
Richfield Oil Corp—
.
55
1964
1st A ref mtge
3%sser H...1961
1st A ref mtge 3%s ser
Par RIt of Mo 1st ext
g 4s
}♦ 'd ext gold 5s...
103
1
113%
99%
76%
99%
1962
113
"20
112
1946
Ore-Wash RR A Nav 4s
Otis Steel 1st mtge A 4 %s
96% 101%
111% 113%
4%
32
92%
58
104%
103
107
1946
Guar stpd cons 5s
98
7
42
59%
J
♦Rhine-Westphalia El Pr 7s.
67
11
J
♦Rhine-Ruhr Water Service 6s. 1953 J
108% 108%
18
70%
S
.1946 J
10?
97%
5s__. 1946
4%s. 1956
7s
103%
97%
44
A. 1950 M
102
14
113%
s f
♦Cons mtge 6s of 1928..
"73
4
•
55
57
1956 IVI N
♦Direct mtge 6s
6%
■
9%
103% 108
74%
85
69
*68%
100%
102%
Ontario Power N F 1st g 68.^.-1943
Ontario Transmission 1st 5s_..1945
s
46
103%
102%
10
61
104%
59
Gen mtge 4%s series B
1961 F A
Purcb money 1st M conv 5%s '54 M N
45
6%
1966
ser
6
1967
cons g
70
1997
3
13
92%
40
714
16
85
43
101
"2
107%
6%
*33
65
61
102%
48%
69%
1997
Gen A ref 4%s series B
62%
1972
con
1941
Gen mtge 4%s series C
Revere Cop A Br 1st mtge
8%
4%
iio*
(65% pd)..
Reading Co Jersey Cent coll 4a. 1951
76
88%
109%
{♦Radlo-Kelth-Orph pt pd ctfs
Republic Steel Corp 4%s
53%
6%
S
1948 J
f deb 5s.
Remington Rand deb 4%s w w.1956 IVI s
Rensselaer A Saratoga 6s gu—1941 IVI N
40
103%
1943
1965
84%
{♦Providence Term 1st 4s
s
14
106%
28
11
45%
15%
93%
41
"48
"59%
J
67
100
debentures........1946
1st M
10334
60%
"48%
S
Purity Bakeries
23
18
209
60
4s... 1948
1st mtge 3%s
Oregon RR A Nav
Ore Short Line 1st
57
70%
60%
55%
55%
*98%
.1951
{♦Debenture gold 6s
61
1938
1967
Northwestern Teleg 4%s ext—1944
4b
.v
331
42
32
D
28
*35
1997
Oklahoma Gas A Elec 3%s
1977 J
107%
*98%
Port Gen Elec 1st 4 %8—
1960 M
1st 5s 1935 extended to 1950.
J
conv 6s. .1942
70
2047
Ohio Edison 1st mtge 4s
1st mtge 4s....
D
Gen A ref 4%s series A
Apr *33 to Oct 34 coups...1945
♦Stamped
Ohio Connecting Ry 1st 4s
1962 F
1974 J
1st 4%s series D
♦Apr 1
1936 & sub coupons. 1945
♦Oct 1938 and sub coupons.. 1945
♦Ctfs of dep stamped
*100
1st gen 5s series B
"li
108
40
107
43
1st gen 5s series C...
103%
115"
1974
♦tNorthern Ohio Ry 1st guar 5s—
g
42
Pitts Y A Ash 1st 4s ser A—1948 J
112%
71% 104%
109
O
42
90
38
"l
4l""
1960 A
C
\\7~~
110%
94% 112%
106
45
53
111
76
20
93
41
{{♦Postal Teleg A Cable coll 58.1953
Potomac Elec Pow 1st M 3%8.1966
20
16
102%
*105
*41
16%
101%
106%
100%
107%
18
101%
D
Porto Rlcan Am Tob
104%
102%
105%
109
107
110
O
95%
48
3
O
100%
100%
91%
1959 A
99
115
105
A... 1957
*108%
D
A—.1958 J
82
15%
110%
i5"d" 109""
107%
1st mtge 4 %8 series
Pressed Steel Car deb 6s
*40%
107%
1964 IVI N
86%
8%
9
103
103% 104%
105 % 105 %
1st mtge 4%s series B_.
70
3%
6%
104% 109%
107% 108%
16
{{♦Norfolk A South 1st g 6s... 1941
Norf & W Ry 1st cons g 4s. —.1996
North Anier Co deb 6s
-.1961
{♦Og A L Cham let gu
4%s
A
104% 108%
62
107%
4%s
Pitts AW Va 1st 4 %s ser
52
87%
105
106
.
*105%
Gen 4 %s series C
1977 J
J
Pitts Va A Char 1st 4a guar—1943 M N
104% 107
77%
*101
cons guar
7
6%
31
109%
101% 108%
105%
*100
1963 F
Series J
27
20
*100
Gen mtge 5s series A
1970 J
Gen mtge 5s series B—.—1975 A
104%
108%
Nord Ry ext sink fund 8%s—.1950
INor Ry of Calif guar g 5b
Northern State Power 3 %s
D
1957 M N
1960 FA
106%
106%
103
10
Niagara Falls Power 3%s-_ —1966
Nlag Lock & O Pow 1st 6s A.-1956
Niagara Share (Mo) deb 6%s.l950
North Pacific prior Hen 4s_
Gen lieu ry A Id g 3s Jan
1953 J
Series G 4s guar
Series H cons guar 4a
cons
9%
—.1940
♦Terminal 1st gold 5s.----.1943
N Y Telep 1st A gensf4%S—1939
Ref mtge 3148 ser B
1967
N Y Trap Rock let 6s
1946
6s stamped........
1946
{{♦N Y Westcb&Bost 1st 4^s 1946
Gen A ret 4%s series A
A
Series I
♦General gold 5s
ser
1949 F
94%
106%
8
*104%
Series E 3%s guar gold
Series F 4s guar gold
70
{♦{N Y Susq A West 1st ref 68.1937
|*2d gold 4%s.
1937
No Am Edison deb 6s
106
*103
50
13
10
97%
90
*105
102%
106
108
*84'
s
1945 M N
109
104
103
109%
78%
95%
106
109%
35
4%
106
115
99
29
14
—1942 M N
49
1
4%
J
104
94%
108%
12
O
92
106
1961
-----1956
S
105% 110
13%
108%
O
106
18
12
1942 A
19
83
108%
99% 111%
97% 110%
114
103%
103
131
111
*101%
1940 A
16
106%
107
57%
1952 IVI N
107%
1947
60
.8%
58
62%
O
4%s A .1952 IVI
101%
N Y Queens El Lt A Pow 3 %s. 1965
JN Y Iiys prior Hen 6s stamp.. 1958
A
1961
1st mtge 5s
conv
Series C 4%s guar
Series D 4s guar
8
J
1949 IVI
Pitts C C C A St L 4 %s A
Series B 4%s guar
11%
4
*50
N Y A Rlchm Gas 1st 6s
N Y Steam 6s series A
6%
3
{♦N Y Providence A Boston 4S-1942
N Y & Putnam 1st con gu
19%
♦Conv deb 6s
8
112%
40
100%
62%
23
01
♦
89
109
46%
■5%
J
Phlla Co
65%
113% 117
115%
109
A
1977 J
91
2
115%
1943 M N
General 5s series B._.
17%
75
101 %
84% 101%
62
8
3 %s deb—1952
106
67
92%
J
1980
82
89% 111%
92%
A
74
95%
109% 120%
59
90
Apr
103% 109%
103% 114
103% 111%
43
89
80
General g 4%s series C
General 4%s series D
"l3" "l9%
11%
104 %
92% 101
86
81%
39
O
—1956
1st g 4 %s series C
8
108
92%
A 5s—1956
ser
1st 4» series B
"96%
85
95
*15
April
17
114%
96%
92%
1943 A
Pbila Bait A Wash 1st g 4s
m.m
95
{♦NYANE (BostTerm) 4a. -1939
PNYNHAH n-cdeb 4s.—1947
♦Income 4s
1
88
85%
113%
94%
1947 M S
4s—1940 A O
Peoria A Eastern 1st cons
103
45
*
107%
84%
60
75
*
1941
96
Peoria A Pekln Un 1st 5%s—1974 F
60%
*—
NYLE&W Dock A lmpt 6s 1943
114
"7
108%
"87%
1960
—1985
103%
121% 124%
112% 115%
High
77
90%
100% 104%
240
106%
107%
1
Low
83
166%
107%
1968
46
3
*45%
---1973
♦
NYLEAW Coal A RR 6%sl942
♦
18
100
2000
gold 3%s
Lack & West 4s ser A
11
115%
10
%s series B
*104
108%
Debenture g 4%s
—;—1970
General 4%s series D
.'.-1981
Gen mtge 4%s series E
1984
Conv deb 3%s.........—-1952
101
Jan
89
99%
General 5s series B
Refunding gold 5s
125
114%
68—1946
♦N Y & Greenwood Lake
N Y & Harlem
114%
100
4s.—1943 Ml N
cons g
Consolid gold 4s
1948 IVI N
4s sterl stpd dollar May 1 1948 M N
Gen mtge 3%s series C
1970
108
102% 109%
39%
65%
101% 106%
10
90%
89
98
16
105%
106%
*124
1949
4s
Purchase money gold
88%
*105%
O
O
_
N Y Gas E! Lt H A Pow g
S
D
A
44
104
4.3%
105%
105%
105%
N Y & Erie—See Erie RR
51%
72
100
53%
*100%
Conv 5% notes
N Y Edison 3%sser
7
67%
*65%
99%
102%
99%
%s A.1977
Pennsylvania PAL 1st 4%s—1981 A
77
00
1940
No
Since
oqeg
J
62
52
M
1st M 4%s._1960 J
4 %s series B...——....—1981 J
74
38 %
52
-.1963
1951
Penn Glass Sand
Pennsylvania RR
43%
Asked
High
A
IjOW
98%
65%
90
Hut
High
67
Range
!§
Friday's
Price
38
1
Range or
Sale
8
64
25
extended to..-1947
4%s A
1953
1st guar 68 series B
Week Ended July
18
N Y Connect 1st gu
N Y Dock 1st gold 4s
1
Low
N Y Chic & fit Louis—
4s collateral trust
N. Y. STOCK EXCHANGE
Jan.
42
2013
Lake Shore coll gold 3 %8—1998
Mich Cent coll gold 3%s
1998
Ref 5 %8 series A
.-1974
Ret 4 %s series C—...-.--1978
3-year 6s........ ..--Oct 1 1938
1938
9,
Week's
I
Last
159
1942
Itef & lmpt 4%s ser A
BONDS
is
*3
Asked
No
Debenture 4s.-
Friday j
Range
Friday's
Price
July
iYetk'S
Last
14%
22%
14%
11%
107
10%
61
52
10
7
7%
6%
14
11 %
38
67%
20
34%
24%
32%
23%
"•il"
13
15%
17
9
17
Volume
New York Bond Record—Concluded—Page 6
147
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended July
Asked
A
D
{♦St Paul E GrTrk 1st 4Kb—1947 J
{♦St Paul AKCShL gu 4%s.l941 F
A
*88
J
8%
Week Ended July
Virginian Ry 3%s series A
{{♦Wabash RR 1st gold 5s
♦2d gold 5b
9%
9%
8t Paul Minn A Man—
1940
1972
J
J
J
J
55 K
\San Antonio Pub Serv 1st 6a.
1952
San Diego Consol G A E 4s
1965 M n
Santa Fe Pres A Phen 1st 6b.
28
22
*28%
28%
32
O
A
O
1989 M N
o
1950 A
o
1949 F
A
1959 A
O
Oct
-
6s series A
1935 F
♦Series B certificates
8K
#
4
♦Toledo A Chic Dlv g 4s
{♦Wabash Ry ref A
51
54
4%
3%
S
1951 M
Shlnyetsu El Pow 1st 6 Kb
4952 J
.1935 J
J
♦Debenture
s
10%
9%
22
2%
6%
4%
.1946 F
Sile8lan-Am Corp coll tr 7s
Simmons Co deb 4s
.1941
A
Skelly Oil deb 4s._
.1951
102 k
Socony-Vacuum Oil 3 Kb
.1950
107 k
.1962
77%
94%
95%
28
79%
102
102%
27
90% 102%
106%
107%
52
San Fran Term 1st 4s
1950 A
S
{♦Warren Bros Co deb 6s
1941 M
S
83
93%
94
92
93
39
51
54%
88
45%
50%
245
44%
50
304
48%
44%
50
214
55%
55%
57
160
85
85%
O
J
J
61%
Devel A gen 6a
.1956
Devel A gen 8Kb
.1956 A
O
.1996 J
.1951 J
63%
71%
43%
56%
.1943
4Kb
deb 6s .1945
♦Studebaker Corp conv
57%
A Chem deb 6s
Tennessee
Corp deb 6a ser C.. .1944
A
—
87%
Texas A Pac 1st
102%
"76"
70
106%
106
106%
O
1977 J
J
West N Y A Pa gen gold
J
J
101
s
S
18%
95
"72% ""28
A
114
114
70
48
75%
70%
68
70
J
23%
23%
23%
J
58%
n
59
J
53
50
53
*101
104
100
105%
105
106
105
110%
S
"
1
69
24
63
40%
A
93%
92%
94%
79%
91%
.1940 M N
98%
98%
98%
91 %
99
D
5%
5%
5%
5s. .1942 J
gu
.1955 J
O
.1960 J
J
.1949 J
J
*12*
105% 109%
'
11
.
8
7%
7%
1st mtge 9f 4s ser C
8%
0%
100%
106%
D
106%
104
9%
5
5%
90
102%
126
102%
101%
101 %
N
IV!
.1961
14%
0%
*4%
Ii96l j
...
15%
0%
5%
11
*5%
.
89%
71
*12*"
11
-.
♦Certificates of deposit.
Wlsoonsln Pubic Servloe 4s.
7%
90% 101%
89%
88%
*105%
89%
4
100
99
100
J
.1947 A
.
{♦Sup A Dul dlv A term 1st 4s *36 IVI N
Cash sales transacted during the current
week and not Included In
the yearly
y:;.',v.
No sales.
Cash sale; only transaction during current
r
transaction
during
week,
current
week,
Odd lot sale,
n
Deferred delivery sale; only
year's range,
t The price represented Is
Accrued Interest payable at
a
not Included In
Ex-Interest.
"47
99
5
70
;'
109"
IV!
35
103% 106%
♦
s
Deferred delivery sales transacted
83%
30
84
9
6
97
70
88%
69
35%
34
7
8%
162
90%
104%
3%
*94%
*119%
106
m n
1st lien A ref 4s
June 2008 M
ri
102
1st lien A ref 5s
June 2008 M
8
1970 A o
35-year 3 Kb debenture
1971 M N
United Biscuit of Am deb 5s.-.1950 A O
United Oigar-WhelaD 8t» 5s.-.1952
United Drug Co (Del) 5a
1953
UNJRR & Canal gen 4s
1944
34-year 3kb deb.
110
109%
~9l%
1,472,420
$4,333,000
Monday
1,695,840
5,940,000
925.000
309,000
7,174.000
Tuesday....—
Wednesday
1,817,190
6,317,000
10,463.000
915,000
133,000
972.000
1,069,000
7,365,000
12.504,000
103%
108%
20
97
18
96
70%
14
67
8b
108%
43
105
109
7
7
2
7
118%
5
116%
110
48
104%
109%
34
114%
134
102
92%
92
107%
73%
73%
69%
75
96
82
20%
2
103
107%
7
116
69%
77%
60
81 %
107
"2l"% """6
27
33%
27%
27%
84%
52
73
4.699,110
128.516,943
235,078,712
$1,779,000
$79,803,000
State and foreign.....
4,272,000
$1,847,000
5,007,000
Railroad and Industrial
33,470,000
28,267,000
127,018,000
709.061,000
$269,981,000
199,289,000
1,286,698,000
$39,521,000
$35,121,000
$915,882,000
$1,755,968,000
Government
»
-
Total.
....
_
89%
87%
88%
45
7s %
92
55%
55%
55%
17
45
55%
55
55
50
45
55
94%
96
15
77
Stock and Bond Averages
Below
daily closing averages of representative
bonds listed on the New York Stock Exchange
are
the
96
stocks and
as
compiled by Dow, Jones & Co.:
*104
*104
1934 J
--
•
2%
*1
109%
%
109%
*10
42%
*50
52
35
10
*39"
10
20
15
Total
10
First
Second
10
Indus¬
Grade
Grade
40
Ralb
65
Utili¬
indus¬
Utili¬
Rails
bonis
roads
Rails
ties
trials
106% 109%
30
Date
45
89
52
.
Bonds
Stocks
104""
104
*1
J
O
9,326,840
Bonds
38
83%
55
2003 j
8
1937
36
27%
88%
S
Jan. 1 to July
1938
1937
36%
33%
34%
84%
1955 m n
$33,470,000
ll«
33%
1957 m n
7,636,000
$39,521,000
1938
Exchange
Stocks—No. of shares.
109%
19%
107
33%
Vanadium Corp of Am conv 5s. 1941 a
1955 f
Vandalla cons g 4s series A
197,000
$1,779,000
New York Stock
95%
13
1,022,000
$4,272,000
Week Ended July 8
Sales at
116
106
6,417,000
9,320,840
Total
107%
*3%
*108
113%
97
109%
"18
*33%
1947
1959
—
9%
14
90%
107%
A—1947
1944
1944
2,774,320
1,567,070
-
Friday
107% 114%
$438,000
HOLIDAY
—-
Thursday
110%
109%
100%
Saturday
119
"21%
$4,842,000
103
118%
109%
113%
{{♦United Rye St L 1st g 4s...l934
Fdy conv deb 3 Kb. 1946
♦Un Steel Works Corp 6Kb A.. 1951
♦Sec s f 6Kb series o.
..1951
U 8 Pipe A
Sabs
$71,000
117% 119
90%
74
bond
bonds
"95"
70
108%
Total
States
A
Bonds
108
*112%
7
Hoods
Shares '
July 8 1938
For'n
121
"25"
70
Exchange,
United
Municipal
M Iscell
Number oj
Ewea
We>k
State.
Railroad A
Stocks.
63%
80
the New York Stock
at
Daily, Weekly and Yearly1
"99"
*19%
A
Transactions
1
102
50
54
8%
104%
85
*
35%
90
98
49%
*163"
No sales
85%
24%
15
J
!
and not luoJudHl
during the current week
the yearly range:
104
71
"19
in
88%
71%
90
under
during current week.
Bonds selling flat
104% 116%
68
8
J
No salee transacted
Friday's bid and asked price.
"35
85
D
•
84
81%
82
32%
108%
maturity.
bankruptcy, receivership, or reorganized
securities assumed by such qompanlea
{ Companies reported as being In
Section 77 of the Bankruptcy Act. or
110%
106%
106
y!:
102
84
101%
1 Bonds called for redemption or neariDg
94
53
108%
47%
20%
68%
68%
.1949 MS rl05
♦Certificates of deposit
106%
104%
85
S
A
72%
143
69%
8
{ Negotiability Impaired by maturity,
the dollar quotation per 200-pound unit of bonds.
exchange rate of $4.8484
102
95
52%
o
1958
68%
48%
2361 J
{♦Wis CeDt 50-yr 1st gen 4s
x
125
104%
.1962 J
J
1945 A O
1942 F A
1952 J J
4s—1947 J
J
1st cons 58.—
20
58
.2361 J
Wilson A Co 1st M 4s series A
e
74%
46%
119%
85
M
1949 M
21
15%
51%
D
range..
105% 108
52%
{{♦Union Elev Ry (Chic) 5s...
Cons s f 4s series B
10
13
33
1953 J
RR 1st consol 4s
103%
102
104%
Union Oil of Calif 6s series A...
{♦Vera Cruz A P 1st gu 4Ks_..
{♦July coupon off
Virginia El A Pow 4s ser A—.
Va Iron Coal A Coke 1st g 5s...
Va A Southwest 1st gu 5s
24
19
68%
18%
1960 IVI
Registered
15
106
100
"97
103"
19%
18%
18%
1946 IV!
105%
9
,y4
*84
1945 M S
{♦Util Pow A Light 5 Kb
{♦Debenture 5s
35
101
15
68%
98%
73%
97% 108%
4
67
1946 IVI
1950 M N
30-year 5s
22
82
102
102%
Western Union g4%s
1951 J
102%
82
82
1943 AO
4s
101% 105%
103
58%
90%
106% 110
109%
8%
D
Utah Power A Light 1st 5s
100% 110
9
Youngstown Sheet A Tube—
103%
35%
D
Tol A Ohio Cent ref A Imp 3kb
F
98% 102%
120%
14
81
79
80
{♦Western Pac 1st 5s ser A
♦6a Eflsented.............
97%
27
82
J
60
7
J
Utah Lt A Trac 1st A ref 5s
35
82
Tokyo Elec Light Co Ltd—
1st 6s dollar series
♦Sink fund deb 6 Kb aer
1952 A
{♦Wor A Conn East lst4%8_- .1943 J
*90
S
J
1953
I960
Tol St Louis A West 1st 4s
4950
Tol W V A Ohio 4b ser C
1942
Toronto Ham A Buff 1st g 4b. .1946
Trenton GAEi 1st g 5s
1949
Trl-Cont Corp 5s conv deb A.. 1953
♦Tyrol Hydro-Elec Pow 7 Kb.-1955
Guar sec s f 7b
1952
64 %
70%
82
O
1952
28
5
ty
J
Tide Water Asso 011 3 Kb
63
43
83
D
A
1937
Id gr
Western Maryland 1st 4s
47%
26
92
104
102"
1960 J
Jan 1960
debentures
105%
Winston-Salem 8 B 1st 4s
102
90%
.1980 J
{♦Third Ave RR 1st g 5s
93
120%
.1979 A
Third Ave Ry 1st ref 4s
104%
2
90%
u6%
Gen A ref 5s series D
UJlgawa Elec Power s f 7s
Union Electric (Mo) 3kb
110
{{♦Wilkes-Barre A East
48
.1977 A
♦AdJ income 5s
106%
White Sew Mach deb 6s
101%
J
Gen A ref 5s series C
106% 111%
*102
104
Tex Pac Mo Pac Ter 5%a A_. .1964 M
116
1
105
Wheeling Steel 4%s series A_. .1966 F
106%
*110
Gen A ref 5s series B
4
109%
83%
120%
S
.2000 J
gold 5b
105%
104%
102%
103%
S
.1943 J
"55
119%
106%
63
23%
"49
89
109%
14%
A
TexA N O con gold 5s
102%
105%
Wheeling ALE Ry 4s ser D_. .1966 M
75
105
D
.1953 J
Gen refund s f g 4s
Texarkana A Ft S gu 5kb A.. .1950 F
.1951 J
Texas Corp deb 3 Ks
123
119
109%
76
52
100
87
.1944 F
lst cons gold 5s.
103% 105%
121%
1952
63%
63%
*45% "83""
"~6
50
108%
J
M
19
104%
102%
1961
3%s series I
West Shore 1st 4s guar
65
46%
J
.1947 J
4%s.- .1939
52%
*46
D
5s.. .1951 J
B.¬ .1944 M
Tenn Cop
'
*80
J
110
107%
109%
1966
69%
77
136
51
55
.1950 IW N
Swift & Co 1st M 3Ks
108%
104
105
104%
West Va Pulp A Paper 4 %s
43%
57
40%
54
J
♦{Spokane Internat 1st g 5s... .1955 J
Staley (A E) Mfg 1st M 4s.... .1946 F A
.1961
1)
Standard Oil N J deb 3s
105""
*108
102%
30
439
41%
1938 M S
Mobile & Ohio coll tr 4s
D
So'western Bell Tel 3 %s ser B. .1964
So'western Gas A Elec 4s ser D. .1960 M N
44
91
E..1963 M
30%
222
4938 M
Tenn Coal Iron A RR gen
ser
29
43
71
79%
50
*122
41
371
66%
J
East Tenn reorg lien g 5s
60%
J
St Louis Dlv 1st g 4s
44
104%
31%
29
"67%
.1956
41%
"66
82
63%
32
79%
*20
1950
1967
Conv deb 3%s..
J
...
35%
51%
48
4994 J
Mem Dlv 1st g 58.-
Westchester Ltg 5s stpd gtd
Gen mtge 3%s
105
55%
68%
75
44
1939
f 5s
s
25- year gold 5s.
100
91
69
46%
53
.1955 J
6% .10
100
74%
"79%
3%s.-.2000 F A
1948 Q M
A
3%s_
1945
4s
1945
Wash Term 1st gu
1st 40-year guar
94%
60
99%
49
J
64%
*73
Warren RR 1st ref gu g
87% 100
15
99 %
Devel A gen 4s series A
3Kb
105% 108%
106% 109
92 k
.1955 J
4s
4s stamped
Southern Ry 1st cons g 6s
Union Pac RR 1st A
101% 105
2
21
M N
67%
1939 M
1st A ref 5%s series A
120%
6
104%
48 k
1946 J
Term Assn of St L 1st g
110
107%
1969 M N
13
""6% "l3""
10%
104%
67%
O
104% 108
93 k
10-year secured 3Kb
109
*104
J
1955 A
♦Westphalia Un El Power 6s_-
4981
Gold 4kb
7
"'26
"l6%
11%
13%
11%
95%
109
1968 M
"l"6%
9%
10
10%
1955 A
6s debentures
24
64
i
Gold 4 Kb
Gold 4kb
60
*9
1st mtge
20%
17
107%
1951 A O
1st mtge pipe line 4 Ks
So Pac coll 4s (Cent Pac coll).. 1949 J D
1st 4kb (Oregon Lines) A— 1977 (VI
Tenn Elec Pow 1st 6s ser
61%
75
28
104
D
14%
*9
1st mtge 4s ser H
108%
.1947 J
1978 AO
..1980 AO
deb 4%e.l945
West Penn Power 1st 5s
108 k
A
Southern Kraft Corp 4Kb......1946 J
Staten Island Ry 1st
70%
104%
.1965 F
6%
4
*9
Walworth Co 1st M 4s
82
74
S
IW
.1961
1st
54
*100
1st mtge A ref 4s
Southern Colo Power 8s A
So Pac RR 1st ref guar
12
94%
Southern Calif Gas 4Ks
Natural Gas—
58%
"77
*22%
South A North Ala RR gu 5fl—.1963
Southern
96% 103%
75
.1952
3kb
38
77
♦Silesia Elec Corp 6Kb
South Bell Tel A Tel
103%
58 K
6%
7%
10%
i*
10
10%
2
81
10
Washington Cent 1st gold 4s
*98%
.1951 M S
f 6 Kb
A
1976 F
■;
10
10
yioi:.;y
deposit
Warner Bros Pict deb 6s
8
2%
103%
D
{♦Siemens A Halske s t 7s
103%
30
91%
♦Certificates of deposit
Wash Water Power
Shell Union Oil deb 3 Kb
18
45
-
39%
5%s A. 1975
gen
of
Wal ker (Hiram) G A W
8%
5%
*3
45
^i8y:
-
♦Certificates of deposit
17%
4%
13
23
39
'
20
9
2%
5%
124
8%
18
♦Certificates
♦Ref A gen 5s series B
♦Ref A gen 5s series D
4
8%
7%
35
75
18
*
1941
1941
♦Certificates of deposit
♦Ref A gen 4 %s series C
4
67
5%
17
A
1939
16%
*30
30
12
77
3%
6%
*3%
7%
8k
23
24
14
5%
♦Certificates of deposit...
4933 M S
{♦Alt A Blrm 1st gu 4s
{♦Seaboard All Fla 6s A ctfs... 1935 F A
12
25
3%
1945 MS
20
31
24
109% 116
113%
*11%
12%
♦Certificates of deposit—
15
28%
*112 K
{{♦Seaboard Air Line 1st g 4s.. 1950 A
{♦Gold 4a stamped
112%
*17
J
J
Scioto V A N E 1st gu 4s
cons
51
1941
105%
67%
32
9
26
1954
110%
104
*17""
1946 A
a f 6 %s series B
♦Stamped
108
109%
*
--
♦Guar
♦Adjustment 6s
{♦Refunding 4a
111
*110K
J
1946
81%
109% ll3'»i
112»3, 112 "31
1121'j»
1942 M S
>
{♦Schulco Co guar 6 Kb
♦Stamped
♦1st A
43
23
High
99%
62
103%
39%
23
♦Des Moines Dlv 1st g 4s
♦Omaha Dlv lstg3%s
45
57
L^Jr
42
A
♦Det A Chic Ext 1st 5s
102 %
109% 118%
113K
113K
1943
4s
98
97 K
'
*95
No
High
102%
102%
M N
1
Jan
Asked
A
♦1st lien g term 4s
fPaclflc ext gu 4s (large)
8t Paul Un Dep 6b guar
8 A A At Pass 1st gu g
8
M
1966
1939
...1939 F
Since
Friday's
bid
Low
98
7K
6K
45
Ranne
Range or
Sale
Price
8
H igh
93
20
9K
Last
Y. STOCK EXCHANGE
1
Loir
94K
*7K
N
Since
Jan.
No
Nigh
Loir
St Paul A Duluth let con g 4b..1968 J
1|
Friday's
bid
Price
BONDS
Range
Range or
Sale
8
245
Week's
Friday
Week's
FHday
ties
Stocks
61
trials
Total
27.20
21.58
44.8e
106.43
90.3?
105.2*
88.50
135.67
51.95
July S.¬
27.93
22.15
45.63
106.36
52.4 r
105.40
88.67
137.4"
90.4C
July 7
137.78
27.59
22.1"
106.2'
89,90
51.25
105.28
July 6.:
45.6"
87."6
27.21
50.81
July 5..
136.52
105.24
M .00
105.9'?
«7
,Ti>lV 9
1
s;?
07
;K7
21.83
1
99,97
45.12
106.2"
89.4*'
i03 1*>
no
*8.18
New York Curb
246
Exchange—Weekly and Yearly Record
July 9,
1938
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 2, 1938) and ending the present Friday (July 8, 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
which any dealings occurred during the week covered:
■
*
'
week
Friday
Last
STOCKS
Par
Acme wire
Class
Range
Price
Low
High
24%
*
OH
Air Associates Inc com—1
8
Air
36
June
34
Feb
17
Apr
23
Jan
Corp com
1
common—*
%
%
1%
Con v preferred.... - W --*
Warrants...
Gt Southern..60
Ala Power 17 pref
65
65
66
57
10
common.-
June
Jan
Apr
Jan
Mar
49%
68%
May
Mar
63
May
Bowman-BHtmore
90
99%
15%
97%
99%
15%
15%
106
~
100
101
10%
Jan
Breeze Corp
a £ 1
Brewster Aeronautical... 1
Jan
Feb
58
Mar
96%
July
Apr
106%
10%
5%
Mar
450
93
15
Apr
100
3
June
3,300
07
Mar
102%
15
300
94%
8
3,600
9%
4
3%
10%
2,300
%
4
103%
15
Mar
100
"lk "Ik
""900
100
10%
50
Centrifugal Corp.-l
Am Cities Power A T.t,—
27%
2%
B.....
28
3
400
23 %
*
29%
*
110%
American General Corp 10c
4%
■
j
1
22%
24%
~8~600
28
Apr
28
15%
•;<
%
Mar
Mar
12%
Feb
May
Buckeye Pipe Line—...50
109% 111%
4%
5
675
Apr
31%
111%
Feb
Mar
6
Buff Nlag A East Pr pref25
15 !at pref erred......
13%
104
2%
50
23
15%
~17%
16
'"566
3,800
......
19"
"26"
1
%
24
27
July
27%
13%
July
June
21%
Mar
24%
42
8%
8%
4%
2
4
com *
14%
Mar
18%
10
Mar
10
July
June
24%
May
11%
Apr
23
Jan
Apr
63%
Feb
1,100
H
Mar
Apr
10
50
9%
4%
30
5
Mar
700
3
June
7%
Jan
Carlb Syndicate
Carman A Co class A
Class B..
1%
Mar
Jan
Carnegie Metals
18%
1,200
June
400
7%
Apr
16%
Feb
11%
102
"16
103
S!6
30
%
96
1,300
75
18%
June
4
Mai
July
Feb
2%
Jan
Jan
Apr
103%
Jan
Mar
»«.
Feh
3%
3%
4%
3,700
Mar
4%
Jan
4
4%
12,300
2%
Mar
4%
Jan
6%
*
10
%
2%
4
Arkansas Nat Gas com...*
6%
6%
74%
1,000
4%
Mar
7%
May
May
Arkansas P 4 L $7 pref... *
Art Metal Works com
5
73%
8
Ashland Oil 4 Ref Co
1
Associated Elec Industries
4%
4%
20
59
Mar
100
5
Mar
2,400
£1
3%
8
Mar
8H
Assoc Gas 4. Elec—
75
:
1
Class A
1
%
1 %
Mar
•11
-v.; June
4%
Mar
15
*
8%
preferred
400
11
10
6,400
%
11%
3%
Mar
July
Jan
Jan
July
Jan
'it
Jan
%
RR Co pref
100
Atlanta GasLt0% pref 100
Atlantic Coast Fisheries..*
Mar
%
Jan
70
1%
3%
23%
1%
10%
Atlas Corp warrants
Atlas Plywood Corp.....*
9%
1
'18
4
23%
1%
11%
%
1,300
20
1,800
1,300
1%
7%
Automatic Voting Mach..*
Avery (B F)
5
1%
7%
200
6
5
1,300
2,000
6%
300
Mar
70
Mar
07
Atlantic Coast Line Co..50
Products
Jan
1 %
10
"•I
Assoc Laundries of Amer.*
Atlan Brlmingham 4 Coast
Mines.
1
Apr
1,600
Option warrants
Mar
80
June
2%
10
%
0%
%
%
6%
4
Mar
8%
Jan
Jan
Mar
Jan
Apr
21
Jan
Mar
13
Mar
1%
1%
100
2%
Aviation 4 Trans Corp
1
Axton-Fisher Tobacco—
Class A common
10
Babcock 4 Wilcox Co
*
2
2%
5,200
27%
27
27
29
29%
1,900
4%
7,400
16%
7%
1,250
1,300
Baldwin Locomotive—
com.
4
7%
preferred
30
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
3%
15%
7%
16
1%
7%
Basic Dolomite Inc com..]
Bath Iron Works
Corp.__l
Baumann (L) 4 Co com..*
6
8%
6%
13%
3%
1
6% pref without
7% preferred
warr
100
100
29
30%
July
June
Mar
4%
Jan
Apr
20%
26%
29'
13
3%
14
3%
114
~
1
17
Chic Rivet A Mach
Chief Consol Mining
4
1
Chtlds Co preferred
100
Cities Service new com.. 10
*
page 251
Mar
25%
May
7
500
5
19
100
14
3
800
4%
1,300
4%
11
35
300
31%
June
22%
800
18%
Apr
22%
Mar
200
88
Apr
101%
July
5,500
300
10
16
17%
3%
2%
7,.
200
600
2%
Mar
16
Jan
4%
Jan
10
147
Apr
30
114
July
119%
Mar
7
June
Mar
20
Mar
166
1%
»i« May
9%
30
Jan
%
Feb
Jan
Jan
Mar
11
July.
Mar
30%
Mar
Jan
Apr
6
Jan
18
Apr
22
Jan
19
Mar
28
June
27
27
25
3
3
100
2%
3
3
100
2
1?
1%
1%
9,900
1%
2T0OO
%
3%
Jan
Mar
1%
July
10%
Jan
1%
July
Jan
2%
Apr
100
17%
900
%
May
65%
Mar
60
85
JaD
80
32
vV 100
4%
May
6%
Jan
600
6%
Mar
15%
Jan
Apr
25
Jan
5%
11%
11%
12%
17
3%
Jan
Apr
24,900
70
July
1%
Mar
29%
3%
Jan
22
17%
25%
5%
66
Apr
3%
Apr
1
■
25%
5%
3%
16
Feb
22
%
Jan
Apr
15
22
4%
Mar
"it
7
1%
Mar
3,700
125
700
1%
Jan
Jan
3% July
Apr
60
'i
June
82
4%
Jan
59
7%
59
13%
13%
100
"87% z89~~
""530
7
20
8%
1,300
2
3,300
3,600
1,300
3
Mar
4%
14
3%
Mar
23%
Feb
50
June
69
Jan
Mar
14
May
10%
68%
75%
4%
•it
6%
14
6%
14
"
7
17
600
1
May
84
Feb
Apr
June
92
June
Mar
64
1%
Feb
83
8%
Mar
H
2%
%
7%
Apr
3
Mar
0
JaD
June
Jar
Jan
May
4
600
6
7%
600
Mar
17
July
8
'""275
6%
Apr
10
Apr
3
Mar
7%
Feb
3%
Mar
4
Jan
8%
7%
Jan
5
June
5
16
'"l25
109% 111
200
950
15%
68
68
8%
8%
%
45
9%
42%
69%
9%
42%
f
Jan
June
21
Jan
97
Mar
111
July
40
Jan
69%
July
8%
200
%
400
%
725
20%
7%
21%
Mar
48
July
May
11
May
47%
1%
JuDe
5
May
May
Mar
40
May
%
44
Mar
12%
48
10%
45%
6,700
2,200
5%
Mar
June
Mar
9%
"it
Jan
Jan
72
Feb
67
Feb
2,200
4
Mar
7
July
400
2%
Mar
4%
50
13%
June
City Auto Stamping
City A Suburban Homes.
*
10
JaD
100
'it
Jan
Jan
3%
Jan
3%
% June
Feb
8%
Mar
18
Apr
26
May
8%
Mar
Jan
25
4%
1,700
July
39
Mar
4%
6%
4
4
7
4%
17
17
1%
1%
1,300
Club
Alum Utensil Co...*
36
36
5%
1%
"~50
36
5%
1%
5%
500
2%
2%
£1
4%
4
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.25
6%
6%
6%
conv
pref
1
Jan
Conv 5%
preferred..100
1
2%
4%
7%
56
56
56
54
52%
54%
5,400
800
2,400
3%
Warrants
3%
4
Jan
Mar
6%
Feb
3%
1%
June
Feb
1
Mar
Mar
5%
1%
3%
3%
45
225
7,800
%
1
Jan
2%
June
100
Commonwealth A Southern
Commonw Dlstrlbut
20
June
30%
3%
1%
%
a16
T %
%
3,400
100
4
Mar
36% June
10
Jan
Jan
May
6%
June
3%
Mar
4%
Jan
Mar
7%
June
Jan
Jan
Mar
61
Feb
47%
2%
June
60
Jan
Mar
4%
Jan
%
Jan
Jan
%
Feb
%
%
Columbia Gas A Elec—
Columbia OH A Gas
Feb
Mar
7
1%
900
Cohn & Rosenberger Inc.*
Colon Development ord
"
2%
CHnchfleld Coal Corp.. 100
Jan
May
2%
1%
500
4% June
Apr
6
300
49%
Cleveland Elec Ilium....*
Cleveland Tractor com
*
Jan
Jan
May
49%
5%
Jan
Mar
Jan
40
29
Jar
2%
Mar
33
99% 101
2%
v
3%
25
July
6%
8
22
May
May
53
6%
63%
Jan
Apr
1%
53
Mar
Mar
Jan
July
20
June
Mar
33
33
10
June
May
Jan
"it June
Jau
7
rlt
Clark Controller Co
1
Claude Neon Lights Inc.-l
10
July
Mar
15%
1,150
Clayton A Lambert Mfg..*
300
Apr
22%
100
100
Jan
115
11
27%
26%
1,600
4
Jan
Feb
114
11
June
Apr
40
1%
2%
May
21%
21
Apr
Jan
Feb
4
9%
%
May
40
Mar
2,000
30
Apr
..*
June
5%
14%
Mar
Mar
15
Jan
Jan
Preferred BB
*
Cities Serv P & L <7 pref. *
<6 preferred
*
1
2,300
6%
28%
Apr
19%
200
10
4%
160
%
100
33
2%
2%
Conv preferred
100
Conv pref opt ser '29.100
Preferred
160
Bickfords Inc common...*
<2.50 conv pref
.*
16%
*87%
Steel Prod
Preferred B
1%
Purchase warrants
see
"ioi"
Cent Pow & Lt 7% preflOO
Cent <fe South West Util 50c
Cent States Elec com
1
7
*
Berkey 4 Gay Furniture.
11%
1,200
Jan
2%
4%
27%
8%
2
21%
13%
5
*
Conv pref
2%
Mar
Jan
Mar
10%
*
Jan
June
19
21
4%
"33""
Cent Maine Pw 7% pref 100
Cent N Y Pow 5% pref. 100
Jan
3
100
Bell Tel of Pa 64$ %
pf. 100
2%
2%
51
l
Benson 4 Hedges com
Mar
%
40
*
300
5,200
com.. 10
Bell Tel of Canada
Mar
20%
Cockshutt Plow Co com..*
Beech Aircraft Corp
i
Bell Aircraft Corp com... 1
com
13%
May
8
*'
700
2
6%
100
Beaunit Mills Ino
<7 dlv preferred.
1st preferred
Cent Hud G & E com
%
Bailum Stainless Steel... 1
Barlow 4 Seelig Mfg A...5
7% 1st pref
130
1%
1%
25%
2%
7% 1st partic pref... 100
Celluloid Corp common. 151
Cherry-Burrell com
..5
Chesebrough Mfg
25
Chicago F lexible Shaft Co 5
Mar
88
%
Jan
10%
May
800
10
Catalln Corp of Amer
1
Celanese Corp of Amer.ca
Charis Corp
13
1%
*
Jan
15
Warrants
Purch warrants for
Casco Products
Castle (A M) com
Jan
25
w
xw
*
common. 1
1%
15%
%
2%
8%
Jan
25
w
Carrier Corp
Carter (J W)Co
Mar
Mar
May
600
4
1
Jan
4%
7%
June
*
com
30
Mar
2
*
Mar
Mar
1%
July
July
5%
70
19
Centrifugal Pipe
*
Chamberlin Metal Weather
Strip Co
5
Mar
3,600
Carolina P A L $7 pref...*
<6 prefert ed
*
Cent Ohio
Common
7%
Feb
4%
14
"11 June
Carnation Co common...*
Jan
Mar
June
Mar
6%
25c
July
%
3%
12
May
33
1
9%
45
55%
8%
3%
1%
3%
3%
June
27%
*
200
'""2% "2% ""160
*
7
Apr
*
9,600
5
Mar
26%
Amer dep rets pref shs.£l
Calamba Sugar Estate. .20
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
B non-voting
Canadian Marconi
Jan
1
3,400
Mar
2%
Cable Elec Prods v t c.__*
Cables A Wireless Ltd—
Capital City Products
Jan
20%
Jan
8,500
Bunker Hill A Sullivan 2.50
Burma Corp Am dep rcts..
Burry Biscuit Corp._12%c
% June
1
Apr
10
Wupperman..!
Apex Elec Mfg Co com... *
Appalachian El Pow pre!.*
lArcturus Radio Tube..-1
For footnotes
Jar
67
Angostura
Bellanca Aircraft
Jan
%
06%
..*
Preferred............_ *
Amer deposit rets
Apr
22
2,900
24
42
Republics.... 10
Pi ef erred
Jan
Mar
Amer Pneumatic Service.*
Common class A
July
Mar
%
Amer Meter Co
Amer Potash A Chemical.*
American Thread pref
Anchor Post Fence
2
54
Pref erred........... 100
Corp
Mar
8
450
4
7
Mar
27
700
5,500
25%
Class A pref
*
Brown Forman Distillery. 1
8%
27
4%
6%
18
21
Jan
19%
2,100
4%
5%
Jan
_..-*
JBrown Co 6% pref
200
2,000
Mar
Am dep rets ord reg—10s
British Col Power class A. *
11,400
2
Jan
Feb
1%
7%
8
Am dep rets ord bearer£l
Arner dep rets reg
£1
British Celanese Ltd—
12%
17%
15%
Amer Mfg Co common 100
1st preferred
*
4%
500
22%
29
Feb
16%
2,700
3%
100
Jan
1%
Jan
4%
14
1%
July
3%
27%
26%
June
Mar
%
Brown Fence & Wire com. 1
21
25
Amer Seal-Kap com.
Mar
1%
Jan
Apr
%
Tobacco—
31 %
25
Amer Maracaibo Co
Apr
16%
25
.20
preferred
Mar
Amer
29
Amer Invest of 111 com...*
Amer Lt & Trac com
3%
2%
3
..;.,*
Registered
Jan
Jan
Mar
12%
6%
S6 prefer red
*
Brown Rubber Co com...l
Bruce (E L) Co com
5
12%
12.50 preferred
-.1
Amer Hard Rubber Co. .50
Amer Laundry Mach
66
May
July
Apr
Jan
July
11
100
British Amer OH coupon..*
_.
1%
11%
Amer Foreign Pow warr..
Amer Fork & Hoe com—*
preferred
23%
26
10
Preferred
Mar
Apr
1%
1,100
Cyanamid cUss A. 10
Amer Gas & Elec com
%
16
Class A with warrants.25
'
n-v—.
4
Mar
Mar
25
7% preferred
100
Brlllo Mfg Co common...*
■:Class A
July
2%
16%
10
100
Mar
7
*
Jan
Jan
10%
100
6%
;...*
Class B
..26
Class A
Mar
H
10%
.
Class A
9%
4%
75
Bright Star Elec cl B._...*
Brill Corp class B
Jan
200
3
Bridgeport Gas Light Co.*
Bridgeport Machine
*
Preferred..
100
Feb
52
Mar
0%
Feb
July
May
July
1%
Mar
2
500
%
19%
19%
Araei
•
Feb
Mar
44
lok
117
Jan
_
July
39%
1%
4%
9
Jan
1%
Apr
Mar
34
400
16%
1%
June
15
21%
July
16
12%
Mar
Feb
Mar
Mar
60
4%
Mar
H June
800
4%
com..*
7%
Brazilian Tr Lt & Pow...*
May
9%
9
11
9%
11
3,500
2%
16%
10%
June
Mar
4%
375
1%
37
10%
Feb
%
13 preferred
*
$5.50 prior pref...----*
6% preferred
25
»
High
Mar
6%
6,800
21
15
Feb
200
14
10c
0% pref
1st preferred-.-.100
%
%
Jan
British
Common class B
Automatic
7%
Apr
100
117
103
"ilk
10c
Silver
8%
Bo hack (H C) Co com...*
1st preferred
100
2d pieferred
.....100
Capitalcommon
Austin
37
2%
1%
4
3%
Amer Box Board Co com.l
Am Superpower
"*1%
*
Borne Scrymser Co.
Bourjols Inc...
5,300
90%
Ltd common.
6% preferred.
American
1
*
6
American Airlines Inc—10
6%
com
20%
1%
36%
8%
2%
1, 1938
Low
600
9%
8
9%
8%
1:
American Beverage com..l
American Book Co
100
$2
Ridge Corp
<3 opt conv pref
Blumenthal (S) & Co
Blue
Range Since Jan
STiares
10
5
%
12%
Aluminum Industries com
Class B
com
16%
26
6% preference
100
Aluminum Goods Mfg---*
Class
Jan
Laughlin
Mar
Mar
High
7%
1
Mar
10
Class A conv com
Class A
Jan
com
Feb
1%
S3 conv pref
Allied Products com
Amer
May
1%
Allied Internat Invest com*
American
9
2
2
Alliance Invest com....
Aluminium
Bliss A
new
H
33%
50%
44%
50
57
$6 preferred
Alles & Fisher Inc com...*
Co
June
Mar
Low
*
com
(E W)
11%
Alabama
Aluminum
8%
Mar
Price
Blrdsboro Steel Foundry a
Machine Co com......*
Blauner's
Bliss
Mar
1
Week
Jan
June
36
%
100
for
of Prices
Jan
June
1,500
1%
Week's Range
Sale
Par
Feb
4%
5%
7%
400
Last
High
14%
2%
900
Investors
1
17%
25
2,500
50
36
Air Devices
Low
24%
1
Mfg common..5
Alnsworth
Shares
"ili "I"
Agfa Ansco Corp com
STOCKS
(Continued)
Mfg class A
B
Sales
Friday
Range Since Jan. 1, 1938
for
Week
of Prices
20
t c com
v
Aero Supply
Sales
Week's
Hale
May
Volume
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
Community P & L $6 pref •
Community Pub Service 25
175
16
25
450
18%
Mar
%
Apr
1
Jan
Mar
15
1
leu
5%
55*
5%
5%
65*
72
35*
27,200
685*
68H
700
Apr
116%
June
•h
Apr
1%
May
60
60
35*
5%
.
Fruehauf Trailer Co
1
9
Jan
Fuller (Geo A) Co com.._1
15
July
mm
25%
1%
Mar
25*
165*
Mar
195*
12%
"l2%
com....*
13%
1,100
Mar
14
36
41
*
preferred
Jan
Jan
Gen Rayon Co A
1
May
Jan
General Telephone com.20
13%
13H
3%
Mar
8%
Jan
i
li
Mar
%
Jan
200
3%
Mar
100
8%
Mar
10H
Feb
Jan
Jan
1%
Feb
Glen
June
15
Jan
May
4%
33
Apr
102
Jan
106
Mar
June
10
Feb
9
July
6%
5
800
10
10
10 X
21
21
5%
10
1,000
100
Mar
May
3%
Dejay Stores..
---1
Dennlson Mfg 7% pref. 100
700
0%
com*
2%
9%
300
&
Mar
2
Mar
37 %
1
June
5%
June
10%
6% pref ww.
—20
Detroit Gray Iron Fdy—1
Det Mich Stove Co com.-l
lX
1%
2%
2%
3
1
Detroit Steel Products...*
De Vilblss Co com
10
Preferred~
-——10
Diamond Shoe Corp com.*
Distilled Liquors Cor p.-.5
Distillers Co Ltd
£1
Divco-Twin Truck com_.l
Dobeckmun Co com
1
Dominion Steel & Coal B 25
Domln Tar & Chem com.*
55*% preferred
100
Detroit Paper Prod
"
25 M
12 X
12%
26
Mar
2%
3%
26%
Class
37
July
7%
Jan
40
Jan
3%
Feb
58
9%
July
Jan
14
*
Non-vot com stock
1195*
295*
1%
9%
500
1%
May
3%
Jan
Grumman Aircraft
26%
July
135*
Mar
205*
3,600
%
55*
35*
Mar
15*
Mar
95*
Mar
7
%
7
6,800
Mar
9
Jan
Mar
24%
Feb
Hall
Mar
3%
Jan
Haloid Co.
13
Mar
16%
100
1175*
Apr
700
255*
Apr
2,200
45*
Mar
75*
100
X
85*
Mar
3
5%
1%
9%
6%
1%
10%
Jan
*
63
60
63
100
47
Mar
Mar
44%
42
1%
1%
1%
1,100
105*
June
X
June
33
Mar
44%
July
Feb
80
Jan
91
July
5
June
11,800
Eagle Plcher Lead
--10
East Gas A Fuel Assoc—
Mar
Mar
12
Jan
Apr
Apr
60
June
2
Feb
Hecla
65
Jan
5%
"11%
10%
12 X
X
Mar
Class
Jan
Feb
Jan
2%
May
7
Mar
13%
2%
800
45*% prior preferrd.100
42
35
—100
20
18%
20
700
12
12
50
Iron.25
States Corp
*
Malleable
16 X
551
16%
400
65*
2,400
300
25
25
25
6,100
10
9
3%
100
A
Jan
1% June
33% June
52
June
31
May
Jan
Apr
12
July
11
6%
3%
Jan
Co cl A—*
Co class A... 10
Holltnger Consol G M...5
Holophane Co commonHolt (Henry) & Co cl A—*
Hormel (Geo A) & Co com*
Horn (A C) Co common.. 1
Horn & Hardart————*
Hoe (R) &
17 preferred series
21%
23%
375
14
Mar
26
Jan
$6 preferred series
21
23%
,775
13
Mar
24
Jan
3%
300
Jan
14
Jan
5%
'l3*~
"""ioo
105*
Apr
14
Feb
Hubbell
1%
600
5*
4%
Mar
1%
Jan
Humble Oil A Ref.
Mar
Jan
May
Inc.—5
.*
Hummel-Ross Fibre Corp 5
Hussmann-Ligonier Co—*
May
3%
Economy
li
8%
%
10
51
52%
900
36
Mar
56
55
58%
59
25,200
Mar
3%
4X
3,300
2,200
42
45*
2
Mar
Class A_....—_1
4%
3%
4%
800
2
Mar
28%
30%
700
15%
Mar
4%
5%
1,600
2%
Mar
2%
2,200
1%
Elec P & L 2d pref
A
30
*
Option warrants
Electric Shareholding—
4%
....—-.1
*
Elec Shovel Coal $4 pref..*
Electrographlc Corp
1
2%
Common
2%
75
75
75
$6 conv pref ww
1%
1,200
2%
July
75%
Jan
May
Mar
1
Jan
Jan
6
13
Jan
1X
100
100
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
5%
Jan
Jan
55
May
Imperial Oil (Can)
Registered. —
coup..*
—*
Imperial Tobacco of Can.5
Imperial Tobacco of Great
150
28
Jan
56
May
50%
52
50
28
Feb
55 %
May
51%
250
28
Jan
57%
May
51%
10c
1
com...50
European Electric Corp—
50%
53%
150
32
Jan
68
May
May
22
Feb
200
17%
6%
10%
Feb
Indiana Pipe Line
X
Mar
lli»
Jan
Indiana Service
13
Jan
31
Jan
Equity Corp com
Esquire-Coronet
10
9%
1
1
4%
Candy coml
*
5
Federal Compress A
Warehouse Co com—25
Ferro Enamel Corp
1
"18%
7
22
%
300
4%
1,400
%
Option warrants
6,600
3,200
50
10%
22
22
Eureka Pipe Line
%
4
8%
9
500
Mar
May
July
>n
2
6%
Mar
%
Jan
Mar
4%
June
Mar
10
Apr
16%
Mar
20%
Jan
6
200
4
Mar
6%
Jan
7
Metallurgical
Fedders Mfg Co
100
5%
Fanny Farmer
7%
200
4%
Mar
8%
Jan
18%
18%
32
22%
13%
13%
6ie
1
Eire Association (Phlla).lO
Flsk Rubber Corp
1
J6 preferred
100
Fldelio Brewery
59
6%
59
6%
60
Jan
32
12 5*
Jan
Mar
155*
June
May
145*
300
100
60
7%
62
251
Jan
Jan
"idd
8
Mar
115*
3,200
56
Mar
71
July
5
500
12
100
9
350
12
Mar
July
65*
12
Jan
July
5*
Jan
July
i~66o
5*
^45*
Mar
Mar
Jan
75*
Jan
9
Mar
5%
July
June
25*
Jan
June
3
JaD
July
July
1%
5%
2
215*
50
45*
1,500
2
Mar
335*
45*
18
55*
115*
1,600
1,900
12
Mar
18
4
175*
400
15*
15
5
95*
1,350
35*
Mar
55*
Mar
485*
Jan
75*
2,400
17%
165*
175*
17
17
17
200
15
155*
400
15
Feb
Mar
6
Jan
135*
495*
Jan
Feb
85*
195*
Mar
19
Mar
Jan
8
700
12
13
70
14
14 5*
20
75*
12
155*
June
135*
Mar
15%
July
32
Mar
Mar
Jan
Jan
375*
85*
10
Feb
16
Mar
195*
May
June
65*
10
May
82
Apr
94
15*
1
100
1
June
15*
15*
15*
100
15*
Mar
15*
Feb
5*
%
100
X
Mar
X
July
Feb
115*
June
"665*
"""GOO
485*
Mar
675*
June
205*
205*
400
165*
Mar
22
Jan
17
19
2,400
85*
19
July
5*
Apr
Feb
7
Mar
15*
Mar
35*
Mar
315*
July
Mar
31
Mar
7
100
preferred
Co of No Am. 10
International Cigar Mach
"(55 ~
65
Hydro-Elec—
Pref 33.50 series
50
17
14%
Mar
hi
Jan
Apr
60 %
Jan
Indus cl A *
Internat Paper & Pow warr
Jan
International Petroleum..*
255*
Mar
Registered. —
International Products.—*
Internat Radio Corp
-1
105*
Mar
25*
21%
IX
"I
Jan
7%
63%
Feb
July
71
*115* '115*
55*
Mar
Mar
4
31
1025*
May
July
Vtc common
purch warrants
Internat Metal
Internat Safety
For footnotes see paee
Apr
215*
75*
June
275
35*
925
8
%
39%
4%
48%
Apr
12
14%
7,600
20
1,700
4%
11%
100
Apr
June
4
68
69
*
B
A stock
Feb
6
985*
"ll%
100
Jan
Feb
Mar
285*' .31
4
X29%
300
23
9
July
June
55*
18
10
Insurance
Internat
Jan
Mar
Industrial Finance—
7%
Feb
215* June
65*
115*
"366
£1
6% pf.100
Mar
Jan
75*
65*
10
12
900
21%
Flat Amer dep rights
Jan
Class
Mar
7
50
12
7% preferred
-.100
Indpls P A L6%% pf._100
Indian Ter Ilium Oil—
Non-voting class A
*
10
%
Apr
Mar
375*
Imperial Chem Indus—
Am dep rets ord reg..£l
50
Die
May
Mar
145*
5%
Ireland
Jan
65*
25*
Mar
Illuminating Shares cl A..*
A
Jan
105*
Mar
14 X
11%
24
Britain
Jan
30
6
105*
145*
—*
Zinc—
Illinois
9
Apr
27
95*
17%
Dlv arrear ctfs
Feb
May
45*
20
100
9%
50
preferred
May
600
7% pref unstamped..
Co.
Jan
165*
40
7% pref stamped
Illinois Iowa Power
Jan
15*
37
—-——1
Common
50%
50%
Fansteel
Apr
(Harvey)
16% June
G% preferred
—100
65*% preferred
100
7% preferred
100
8% preferred
...100
Empire Power part stock.*
Emsco Derrick A Equip..5
Falstaff Brewing—
Jan
Apr
60
Co—
Fatrchlld Aviation
July
preferred—.—.-100
31%
Elgin Nat Watch Co
15
Empire Dlst El 6% pf.100
Empire Gas A Fuel
35
July
July
10
IX
4%
4%
Jan
5%
3
1
Electrol Inc vtc
4%
10X
54%
Elec Power Assoc com—1
16 preferred...
1%
52
*
... *
$5 preferred
1
81
Elsler Electric Corp
Elec
2% June
13
"l3~
Stores...—2
1
Bond A Share com. .5
Edison Bros
Mar
Jan
15*
6
10
{Huylers of Del Inc—
A—*
B...»
B—*
Grocery Stores.*
Easy Washing Mach
H
July
9
Hires (Chas E)
1%
1,500
Apr
••
37
10
1%
Eastern
"u
5* Mar
25* June
135* Mar
18
10
Chemical
1
65*
65*
9%
Hewitt Rubber common..5
6
41%
100
——*
common..—r-2
Preferred w w
—25
11,700
42
100
Heller Co
Hey den
*
1%
4
3%
Jan
100
6%
6%
Helena Rubensteln..
Apr
400
IX
preferred
3 5*
1,400
2
4
16%
Mar
1,100
3
X
%
com...5
50
Mining Co.——25c
1
6%
9%
2,800
151
Hearn Dept Store
%
5%
Jan
35*
1%
Corp
Hazeltlne
Jan
Mar
Mar
Jan
9
Co.—*
110
64
100
Durham Hosiery cl B com *
Duro-Test Corp com
1
Duval Texas Sulphur
*
Duke Power Co
Jan
May
3,800
60
2%
cl B com. 1
June
6%
Feb
B5:V June
Brewing Co——1
Hat Corp of Am
Jan
63
20 %
Jan
33
25
1
Hartford Rayon v to
11%
103
10
Feb
1245*
5
Hartford Elec Light
Harvard
Jan
67
July
500
30
72
44%
-*
Lamp Co
Hartman Tobacco
7% preferred..
100
Dublller Condenser Corp.l
6% preferred
Jan
July
Jan
July
81
25
*
2%
Mar
Jan
;
52
Mar
36
Jan
52
preferred——
22X
67
Common.
36
200
9%
June
120
K
119
Guardian Investors
"200
9%
20
Feb
Engr.-l
"2% "2%
900
June
200
Gypsum Lime A Alabast.*
Dominion Textile com.
Diaper Corp..
Driver Harris Co
Jan
16
200
2%
19
29%
5X
Grocery Sts Prod com..25c
16%
Jan
Feb
50
100
Paper.....25
Tap & Die.—*
7% 1st preferred
Greenfield
10
*n
Apr
5%
Gt Northern
Jan
15
Feb
June
95
Apr
16
X
Rapids Varnish...*
Gray Telep Pay Station. 10
Great Atl & Pac Tea—
Jan
10
175*
Mar
100
Gulf States Utll 35.50 pref
10
Jan
20
Grand
3H
3
Jan
Jan
65*
35
Mar
18%
extend
{Grand Nation'l Films Inc 1
12^
3X
3X
Feb
2
Vtc agreement
Gulf Oil Corp
3%
May
hi May
.
"2%
Jan
65*
19%
preferred
2
May
Apr
10
*
Gorham Inc class A
33
June
5,500
Mar
11
June
65*
41
89
*
May
150
'"260
~16
"l5"
*
B
preferred
1 %
Mar
May
62
45*
4,000
6%
Goldfleld Consol Mines—1
IK
14
765*
Mar
26
100
300
5%
5%
iuoo
2
Apr
May
June
Gorham Mfg Co—
22
25
2%
Coal
Alden
Godchaux Sugars class A
Feb
10%
June
30
50
32
32
———
Jan
Apr
Mar
Jan
6
315*
45*
Mar
13X
Apr
5%
17
88
Mar
5
Preferred.
Mar
July
Apr
57
Gilchrist Co
May
Mar
58
25
76
76
preferred
35
Feb
2H
44
45*
265*
Gilbert (A C) common-
Jan
7'v
Jan
Mar
72
20
75
72
preferred
Georgia Power 36 pref—
1%
18
400
Jan
14
40
preferred A—...100
6%
Mar
X
15*
Mar
8J*
33
June
100
9
'""406
Gen Water G & E com.—1
1
25
8%
stock..
General Tire & Rubber—
14
89
4%
3%
Jan
5
*
preferred...—.*
conv
100
15
12
5
Jan
33
1,500
•
Jan
hi
2%
Jan
■
Mar
13%
Feb
4,499
Feb
July
50
>ii May
8,000
Jan
"16
Apr
Apr
July
1%
IX
5*
72
27%
®16
9
100
47
Mar
21
Eastern
15*
900
Feb
May
35
.
800
Mar
June
Petroleum com...5
Davenport Hosiery Mills "
Dayton Rubber Mfg com.*
-.
2%
195*
30
17%
15
July
2%
1851
2%
65
Jan
1H
Jan
June
10
12
4
Anr
June
70
June
June
14
c.*
*
Mfg
75
May
115*
835*
72
%
10%
IX
Mar
Jan
45
4%
3,300
11
72
400
5,200
2,100
165*
Mar
42
3,100
23%
7%
Jan
Jan
Jan
Gen Pub Serv 36 pref
1
3
*
10
.
87
85*
Gen Outdoor Adv 6% pflOO
10
3%
Darby
Pfpfpr rn/1
34
Jan
Jan
Mar
Jan
72
6 5*
———25
Derby Oil A Ref Corp
July
Mar
May
10%
Class A
3%
1%
53%
ha
Co com..25c
65*% preferred
Curtis Mfg Co (Mo).
July
%
6%
6% preferred
25%
100
215*
21%
(Md)_5
Cuneo Press Inc—
Mar
General Investment com.l
8%
5
Cuban Tobacco com v t
May
5
7%
ord reg.£l
July
8
May
June
Amer dep rets
Gen Fireproofing
1,300
com.l
Crystal Oil Ref com
July
215*
105* June
Gen Electric Co Ltd—
July
18
Mar
65
£1
Detroit Gasket A
Jan
1%
Internat A.
...
Mar
4%
1
Crowley, Milner A Co—*
Preferred
June
9%
85*
1J
Crocker Wheeler Elec...
Crown Drug
10%
54%
Mar
18%
Croft Brewing Co
Crown Cork
15
Mar
100
Warrants
50
Creole Petroleum
Crown Cent Petrol
Mar
Arp
5% preferred
100
General Alloys Co.^...^.*
700
3VS
com—1
Cramp (Win) & Sons
Feb
700
65
-——1
Courtaulds Ltd.
Mar
4
8%
23
65
Copperweld Steel com.. 10
Corroon & Reynolds—
Mar
100
200
Gatlneau Power Co com..*
255*
-r7!;v-:v; 8
7
Copper Range Co
14%
55*
65*
15%
9
15
8%
14
Jan
86
Jan
June
14
100
Apr
$3 conv preferred
%
4%
1,100
18
18
preference—
4%
15%
85*
51
*
Cooper Bessemer com....*
f4 preferred
preferred
15
6%
jContinental Secur com. .5
Varnish—*
conv
—
May
*ia May
4%
1,500
Cook Paint A
5%
Jan
80
Apr
preferred
Apr
2K
*
4% conv preferred--.100
Gamewel! Co 36 conv pf._*
Mar
Conv
25*
15*
7%
Mar
100
400
28
Jan
June
July
June
18
Jan
%
Jan
195*
20
65*
3%
1
Mar
July
9%
4%
4%
81H
1%
5%
2%
55*
15
3%
1
Common
64%
4,800
475*
May
Mar
145*
100
9%
3%
8%
800
100 frcs
5
Franklin Rayon Corp——l
Froedtert Grain A Malt—
Apr
400
%
Cont Roll & Steel Fdy—
19%
20
Brew Co
(Peter)
Mar
67 %
Continental Oil of Mex__.l
...
Amer dep rets...
Fox
Mar
900
5%
19
m
2%
1,100
"ix "i%
2,200
4%
Jan
75
5%
4%
reg..£l
*
High
Mar
650
45
47%
48 %
50
3%
26
47%
20
»
B
Low
Shares
High
Motor of France—
Ford
July
113%
1
Class
July
72
Mar
""it "~»i« ""ioo
100
10
Consol Steel Corp com—*
Cont G A E 7% prior pf 100
..
Am dep rets ord
May
6%
Mar
55
-100
8% preferred..
Consol Royalty Oil
$6 preferred A
Cosden Petroleum
May
5%
Jan
3%
400
6
1
Consol Min & Smelt Ltd.5
Common
Florida P & L 37 pref
Ford Motor Co Ltd—
Range Since Jan. 1, 1938
for
Weet
of Prices
Low
Price
Ford, Motor of Can cl A..*
Consol Copper Mines
5
Consol GELP Bait com *
$3 prior
25 %
265*
11
Consol Retail Stores
28
23 H
1946
5% pref class A
Consol Gas Utilities
Jan
Mar
25
25 5*
Sale
Par
High
Low
Week's Range
Last
(Continued)
Week
Community Water Serv.-l
Compo Shoe Mach—
Consol Biscuit Co
STOCKS
Range Since Jan. 1, 1938
STOCKS
Par
Sales
Friday
(Continued)
V t c ext to
247
New York Curb Exchange—Continued—Page 2
147
Razor B
5*
5*
5*
1,300
6
Apr
—„
"25* "3!
245*
35*
95*
26
35*
115*
li", 100
5,200
100
2,100
23
245*
25*
June
5*
Jan
May
Feb
5*
Mar
45*
Mar
5
115*
July
Jan
5*
June
248
New York Curb
Friday)
STOCKS
(< 0ntinned)
Week's
Range
of Prices
Sale
Par
Price
Exchange—Continued—Page
Low
High
for
Friday
Range Since Jan. 1. 1938
STOCKS
Week
Shares
'--j"
A
Class
B
.
8
—
1
—
I'M
$1.75 preferred..
$3.60 prior pref
8*4
1,300
8
H
100
7*4
1 t ( II 1 $
1
t
I
«
Jan
1
Jan
May
9)4
Jan
Apr
29*4
July
*4
Jan
«ia
Vitamin... 1
Interstate Home
9
24 h
I
Warrants series of 1940
International
Mar
Mar
H
""3*4 ""*3*4 "3«i "{,200
Equip.-1
3
3*4
'244
2*4
600
Feb
Mar
June
2554
Investors Royalty
Irving Aur Chute..
15
1
Italian Superpower
80
7ie
100
14*4
15
10*4
11
A....*
Jacobs (F L) Co..
"7?4"
7
'it
1
Iron Fireman Mfg v t c.. 10
11
*4
1
4
H
3*4
2*4
Keu- Had Tut
e
6% preferre
D—,
Kingston Prooucts
Jan
108*4
Mar
21*4
Jan
7*4
Mar
28*4
30
22
33
3 H
June
5
"99"
5
2*4
6*4
Mar
—
Nebraska Pow 7% pref. 100
Corp common
*
6% preferred....... 100
Mar
3*4
Jan
$2 pref........—...»
86*4
Jan
New England Tel A Tel 100
New Haven Clock Co.
*
New Idea Inc com—....*
'
*4
3.700
May
14
May
13
100
11*4
4,800
Newmont
New Process Co com..
*
N Y Auction Co com....*
24
July
July
25*4
Jan
"is
Mar
19*4
1
Mining
Corp. 10
14
Feb
NY Merchandise
25
Jan
N Y Pr A Lt 7% pref—100
2*4
22*4
11*4
Jan
Mar
"450
7*4
Mar
5*4
Mar
5,700
6*4
Mar
900
13*4
9*4
May
July
June
July
*
36
33
27*4
27*4
28
IV*
520
30
500
25
*
r
5% 1st pref
5% 2d preferred
8*4
Jan
34*4
2*4
Jan
6*4
8,300
42
Mar
M ar
9*4
Jan
Ma'
H
jan
300
8*4
8*4
"34"
1*4
34
34*4
250
June
1*4
24
Mar
38
Tan
J
n
H
2*4
300
1*4
Apr
30*4
100
29*4
June
45
16
16
1616
2*4
30*4
2*4
16
400
15
May
19*4
Mar
7*4
Jan
600
H
""*7*4 "8*4 1166
2*4"
1
-
2*4
2*4
8*4
„
14
14
,
Mar
1*4
Jan
3*4
Jan
9*4
Jan
Feb
15*4
:
110
11*4
Class A pref
—
-
50
90
400
May
Jan
17*4
111*4
June
Mar
3*4
Mar
45
4*4
Mar
13*4
66
Mar
July
Mar
Jan
19
Jan
3
------
"4*4
4
Mar
21
-4-
mm*
Mar
2
Mar
4*4
June
Apr
*4
Jan
"2I66
50
*4
30*4
7I6
716
*4
1,800
*4
1*4
1*4
200
h
48
48
Mar
60
400
29*4
Feb
Feb
Central Texas Oil
European Oil
Northwest
com
Mar
2*4
J an
5,100
42
Mar
76*4
July
Mar
19*4
Mar
69
2
76*4
cl A.. 100
Ohio Oil 6% pref
100
Ohio Power 6% pref—100
Ohio P S 7% 1st pref--.100
6% 1st preferred
100
102"
40
91*4
92
91
60
81
Apr
94 to
Jan
1,100
5
Mar
9*4
Jan
7
com. 16
Mar
"it
Jan
*4
Mar
*4
Jan
2
Apr
6*4
7*4
4
4
100
20
120
•u
3*4
3,300
%
""*4
'"206
3*4
3
*4
3*4
3
*
3*4
*
»16
".6
5
7*4
*4
5
*
U*4
7%
6
1
Jan
•n
3 *4
Mar
*4
M ay
6
Jan
Feb
1,700
1,500
1*4
*4
2,800
5*4
Apr
700
*4
May
4
Apr
Mar
l»i6
7*4
1
Jan
July
July
June
3*4
Apr
10
Feb
10
12
300
7*4
June
i14*4
Mar
70
75
59*4
May
Jan
1*4
1,500
June
8*4
xllii
600
*4
6H
200
8*4
Mar
80*4
1*4
8*4
xll*4
33
34"
""206
1*4
8
8
Mar
1*4
33*4
24
Mar
H
2*4
Jan
May
Feb
Feb
Pacific Ltg $6 pref_.....*
Pacific P A L 7% pref. 100
Pacific Public Service
*
1st preferred
Voehringer—$2.51
9
Monogram Pictures com.l
Monroe Loan Soo A
Montana Dakota Util-.-l
9
9
5*4
5*4
5*4
2*4
j,_._ t
2*4
2*4
■
'"266
Pan-Amer Airways_.
800
4,500
of Venez
Class B
July
76
Mar
M ay
108*4
June
4*4
June
$2.80 preferred
Penn Gas A Elec cl A
PenD Mex Fuel Co
PeDn Traffic Co
12*4
153*4
Pow_.
Corp Ltd com.,..
—
"8166
1U
100
1*4
page 251.
"150
122
300
28
175
20*4
28*4
.7
■
.
Apr
Mar
July
Fen
Mar
.
.—*
1
'it
Jan
1*4
June
6*4
7
July
"33*4
"33*4
3,100
"m "HI
1*4
1*4
July
Feb
Mar
May
33 *4
145
Feb
Jan
Perfect Circle Co
Feb
1*4
Mar
9*4
2*4
3
Mar
4*4
Jan
18,800
100
Feb
Mar
400
31
Mar
41
26
500
12*4
Mar
20
25
43
*4
41
July
25
100
Mai
25
43
43
July
1
100
1
100
4*4
11H
42
Apr
2*4
May
June
43
Jan
*4
Mar
1 U
Jan
3*4
Mar
4*4
July
,
200
June
Jan
47
66
fan
78
30
50
Apr
78
6
12*4
Apr
78
6
July
100
4
Mar
6
Feb
14
5,100
12*4
6*4
H
Jan
14 *4
July
34 to
Jan
20*4
June
34*4
Jan
87
May
May
94
300
200
18
29*4
30*4
525
94*4
50
104*4 105
300
14
Mar
14*4
24
94*4
105""
Mar
Mar
13*4
24
8*4
100
H
113
"94*4 "94*4
10*4
9*4
10*4
34
9*4
32
10
Feb
"~30
10*4
100
10
4,700
35
900
113
July
109*4
Apr
112*4
June
93*4
113
June
101*4
Mar
Apr
94*4
July
8*4
Mar
9*4
6*4
Mar
85
z)
"VA ' 2"
"966
1
7*4
7*4
30*4
July
95
June
s
M ay
Mar
106
106"
Mar
June
44
Mar
7*4
Mar
30H
25*4
98*4
Apr
27 H
Jan
Mar
106*4
June
"25
3*4
154
6
5
17*4
6*4
July
Jan
Mar
274
87
15*4
June
100
46
17*4
2*4
5*4
3*4
1,200
""
106~"
JaD
35
5 4
29*4
Jan
Jan
2*4
30*4
10*4
l*
89
5,900
89,300
12*4
Apr
Mar
61
6*4
Jan
June
Apr
18
June
June
June
88
June
May
19*4
Jan
3*4
May
7*4
Feb
3*4
June
4*4
Jan
14
16*4
16*4
600
Feb
15
Jan
"25*4
4
25*4
4
"50
100
12*4
June
19
Jan
13
Mayt
23
Jan
18
2*4
21
107*4
24
4*4
4*4
2
2*4
25*4
4*4
July
June
Jan
26
Apr
110
Feb
Mar
26
Apr
Jan
2*4
Apr
June
1*4
June
Mar
2*4
Mar
5,900
24
1*4
1*4
2*4
Mar
Mar
300
1
*
Jan
24*4
Mar
Feb
2H
JaD
5*4
6
300
4*4
May
6*4
June
91*4
93
295
79 4
Mar
93*4
June
83*4
5*4
92
$6 preferred
*
Penn Salt Mfg Co
50
Pa Water A Power Co..
Peppered Mfg Co
Jan
Mar
40
*
Pennroad Corp vtc
1
Penn Cent Airlines com..1
27
38*4
900
2.50
Pa Pr A Lt $7 pref..
31
89*4
Apr
""160
4
3*4
Mar
July
24*4
7*4
"2,100
*
July
155
3*4
80
36*4
100
July
Apr
July
July
July
6*4
*
3*4
May
Jan
com
*
5*4 May
9*4
85
63*4
Feb
*
2*4
June
145
i ' ;.
13
Mar
2*4
150*4 155
29*4
30*4
23*4
26*4
...
6*4
Mar
"3*4"
4*4
Moody Investors pref....
9
Mar
May
Apr
Penu Edison Co—
Mar
Jan
Mar
70
Jan
July
*4
*
34
Mar
4 to
.
20
*4
Parkersburg Rig A Reel —1
Patchogue-Plymoutb Mills*
Pender (D) Grocery A
*
Feb
6H
3*4
Mar
Jan
600
Paramount Motors Corp. 1
Parker Pen Co
10
June
2*4
Jan
July
*2166
com..*
103
""4*4 "4*4
10
102
*4
....
Pacific G A E 6% 1st pf-25
Peninsular Telph
Preferred
30
Apr
Apr
Jan
5*4
175
-.
Pantepec Oil
11*4
„
50
.
.
$1.30
4
10*4
16,300
•
Jan
July
1*4
6% conv pref..—..100
Oldetyme Distillers.
1
Page-Hersey Tubes
11
—
9*4
85
5*4% 1st preferred—25
70
—
84
2
13*4
Mar
60
Overseas Securities
*
Pacific Can Co com _....*
4,400
200
8*4
85
Oliver United Filters cl B_*
May
5*4
8*4
Jan
5
*4
20
6*4
92
17
100
Oilbtooks Ltd com...——6
$3 preferred
Jan
102
Engineering..*
May
May
July
150
com... 1
*4
85
1*4
72 *
28*4
5
74*4
,
Jan
13*4
Mar
28
_
Pow
10
May
Mai
nd Pub Ser 6% pf.100
% preferred
100
North ern Pipe Line
10
Nor St
Mar
18
\
Nor
Oklahoma Nat Gas
■
4*4
12
Mar
30*4
Apr
Jan
1*4
"24""
Jan
Apr
5*4
Novadei-Agene Corp..-.*
Jan
Jan
15
102
300
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
*
*4
1*4
62
Apr
Mar
"""106
Jan
Jan
25
10
9
Mar
45*4
1
—
.
7
Mar
13*4
June
25
Mar
1*4
4*4
No
July
May
200
..1
Common
Noi
4*4
10*4
13
13
-
6% prior preferred
50
No Am Utility Securities.*
3*4
60
July
Apr
1,250
1,700
Nor Amtr Lt A Pow—
Jan
53
June
13*4
1*4
71
$6 preferred
*
North Amer Rayon cl A..*
Class B com
*
Mar
7*4
3,000
:
......
...
see
—
July
July
July
Mar
Jan
Apr
65*4
100
Nlle8-Bement Pond*
Nineteen Hundred Corp B1
Nipisslng Mines.. .. -i—6
16*4
Feb
1*4
Jan
Mar
36
15
.....
6
common
69
For footnotes
Api
7*4
*4
5*4
1*4
9*4
Mar
47
Mar
8*4
2*4
Mar
1,250
17*4
4*4
Mar
4*4
.....
110
4
24
Mar
1,200
"ll66
16
June
3*4
1*4
400
14*4
.....
....
*
Montreal Lt Ht A
Mar
13*4
-
Noma Electric
7 *4
16
Midland Steel Products—
Moore
75
Niagara Share-
Class B
Jan
June
4*4
100
Class A opt warr
Class B opt warr
Mar
July
61*4
64
10
100
*4
50*4
111
85
8
1
Common
*4
I'*4
*
A
53
Jan
Feb
0
10
New York Transit Co
5
N Y Water Serv 6% pf.100
Jan
Jan
15
June
200
Jan
*4
Feb
May
45
4*4
N Y Shipbuilding Corp—
Founders shares
JaD
3
Mar
10
$6 preferred
5*4
9*4
5*4
N Y A Honduras Rosarlo 10
Jan
15,300
1*4
36*4
»
Montgomery Ward
-
Apr
Mar
13*4
9*4
...»
Common
—
Jan
H
_..
City OmnibusWarrants..
Jan
4*4
N Y
13*4
Mar
15*4
July
Feb
June
18*4
3*4
...100
July
Jan
2
45
June
ht
Neptune Meter class A—*
New Jersey Zinc..,
2o
New Mex A Ariz Land— 1
Mai
29*4
Nevada Calif Elec com. 100
Feb
Mar
105
49
—
(Herman) Corp..5
June
5*4
June
200
May
14
Mar
24
...
Feb
*4
13*4
24*4
1*4
Warrants
Midland OH Corp—
Jud,
""400
52*4
M»r
100
"50*4
Feb
May
9
.
Mock,
May
1*4
32
7ie
Niagara Hudson Power-
Michigan Bumper Corp..l
Michigan Gas A Oil
..1
Michigan Steel Tube..2.50
Midwest Piping & Sup...*
Mining Corp of Canada..*
Minnesota Mining & Mfg
12*4
100
15
68*4
*
50c
1,600
15
Mar
2*4
Metropolitan Ddison
Co
15
4*4
6,300
1*4
...
$2 non-cum dlv shs
Mar
New Bradford Oil Co
5
New Engl Pow Assoc—.*
5*4
9
6*4% A pref erred ...100
Iron Co
1
Metal Textile Corp new 25c
New partlc preferred.. 15
Mid-West Abrasive
Midwest Oil Co
*4
Feb
1*4
12*4
Warrants
pref
700
Feb
6*4
Merchants & Mfg cl A...1
conv
*4
JuJD
19
13*4
*
Class B vtc
Middle West
Corp com
H
12*4
Jan
"i ill 7H *4 "11*4"
Memphis Nat Gas com...5
Middle States Petrol—
Class A v t c_.
Jan
11
10 *4
McCord Rad A Mfg B...*
McWUIlams Dredging...*
Michigan Sugar Co
Preferred
1*4
46
Apr
w......*
Oil
4 *4
7*4
4,400
2*4
J; n
*4
12*4
May Hosiery Mills Ino—
Mexico-Ohio
1,300
2*4
8
June
""2*4" "loo
1
$6 pref
7*4
2*4
'it
May
37*4
13
«...
Mesabl
10*4
10 2*4
24
1
Participating preferred.*
Merritt Chapman & Scott *
700
June
6".
■
1*4
Jan
4*4
Mar
14 *4
Mar
200
22*4
*
Memphis P & L $7 pref...*
Mercantile Stores com...*
Mai
»!•
1*4
1*4
reg £1
Mead Johnson & Co
2*4
100
Jan
14*4
May
2 J 00
16
13*4
46*4
3,300
2,600
2*4
7i«
22*4
common. .*
w
""534
He
12.50
7% preferred
Apr
3
5*4
Feb
1*4
71<S
Marconi Intl Marine
$4 preierred
(4*4
July
June
4*4
4*4
1
Master Electric Co
Mar
9*4
95
""l"66
Margay Oil Corp—.—*
Massey Harris
38*4
12*4
3
*
Marlon Steam Shovel
Mass Utll Assoc v to
850
Jan
14
$5 conv preferred..
*
Mupes Consol Mfg Co...*
Communlca'ns ord
Jan
64 34
July
July
Mar
1*4
100
.......
3
33
62
Navarro Oil Co..—.—-*
Nebel (Oscar) Co com
*
Nelson
F'eb
Mai
Nat Tunnel A Mines
-*
Nat Union Radio Corp— I
Nehl
Jan
Jan
9
Mai
—
..100
liOiiIslana Land & Explor.l
Lucky Tiger Comb G M.10
Lynch Corp common
5
Majestic Radio & Tel
1
Stores
D
11*4
37
Apr
June
15
H
65
*
-
7
fan
J
Jan
May
12*4
37*4 June
11H June
5*4 Mar
38
May
"16
51 *4
2*4
Lighting—
7% preferred
0% pref class B
Loudon Packing..
Mldvale
15*4
x5
300
99
""7*4 "7 *4
*
Lock heed Aircraft —...w. 1
$2
1H
May
National Transit
V
1,600
10*4
9*4
"Si" *4" "4 9*4
Lone Star Gas Corp.....-*
Mangel
Mar
"""166
8*4
—
Island
lan
Feb
13*4
.....
—
Common......
July
June
3
Jxiblaw Groceterias cl A..*
Long
33
1*4
1,700
Jan
1
7
\
r.ooo
Nestle Le Mur Co cl A...*
*
Ixicke Steel Chain.
Mar
1,600
Develop...25
common
Mar
4
——
Lipton (Thus J) class A...1
G% preferred
25
Brothers
42
2*4
—...
*
Lion Oil Refining..
Mar
Mar
May
Apr
33"
National Sugar Refining.*
National Tea 6*4% pref. 10
30
July
7
5*4
National Steel Car Ltd...*
Jan
Mar
8
800
Conv part preferred...*
Jan
)
7*
8*4
Mar
7*4
13*4
—
li
Jan
"26*4
32
Nat Rubber Mach_ ..-.-*
Nat Service common.
1
Feb
*4
12*4
4
Apr
2*4
*
..
Mar
7*4
Jan
Jan
June
3*4
25
7\l
2
June
10,100
"
Nat Mfg A Stores com...*
Jan
3*4
Le Tourneau (R G) Inc. .1
Line Material Co new
5
Lit
Jan
May
21H
*
Oil
6o
106
.—*
.4
7
8
6*4
$3 conv prefi-.---.i-50
National Container (Del). 1
National Fuel Gas...——*
20
Lefcourt Realty common. 1
Leonard
Apr
Jan
43 *4
pref...100
..
Jan
»u
Lakey Foundry & Mach..l
»
Jan
*4
Mar
Lamrendorf United Bak
.
*4
7*4
21
27
Kreuger Brewing Co
1
Lackawanna RR CM J). 100
.
Mar
2*4
Lake Shores Mines Ltd-.-l
Preferred....
100
2,600
6,100
—-
Lehigh Coal A Nav
Jan
*4
39*4
10
B_.
12*4
*4
National Oil Products
10
Class. ■ A
June
National Candy Co com..*
National City Lines com. 1
4
Koppers Co 6% pref... 10
Kresge Dept Stores
:
6
9
Jan
National P A L $6 pref...*
National Refining Co—25
1
——Kobacker Stores common.*
".Class
200
8
i»i«
Jan
Knott Corp common
Lane Bryant 7%
Jan
"
Klein (D Emll) Co com..*
Klelnert (I Bj Rubber ColO
Kress (8 11) A Co
10
Nat Bellas Hess com.-... 1
30*4
27
1st pref
Mar
Jan
Jan
Klrkl'd Lake G M Co Ltd 1
conv
6
16*4
12*4
H
1
4%
Jan
500
100
5*4
1
Petroleum
8*4
7*4
73
"38*4 "38*4
Kir by
July
121
6*4
86
5*4
5*4
Mar
7*4
734
Apr'
1
4*4
100
634
Apr
& Lam,
Kingsbury Breweries
Kings Co Ltg 7% pf F
1,300
T"i0
7*4
68
4
5H
111*4 HI*4
7*4
8H
6*4
61
""206
Jan
Machman-Sprlngfllled —*
30
5*4
June
Mar
5H
Nat Auto Fibre com
1
National Baking Co com. 1
40
108*4 108*4
4*4
9*4
Jan
82*4
-
Feb
May
*4
Murray Ohio Mfg Co—.*
Muskegon Piston Rlng.2*4
"72"
Kennedy's Inc.......
*4
3*4
5*4
IMountaln States Power.*
Mountain Sta Tel & Tel 100
81*4
31*4
700
28~800
;
Jan
fune
June
*4
"7*4
"T
6*4
July
May
H
High
3*4
Mtge Bfe of Col Am shs...
Mountain City Cop com 5c
Mountain Producers
10
*4
62;
"71"
*4
I, 1938
Low
7*4
*4
200
*4
Range Since Jan
Week
Shares
High
Mar
2
5,800
Jan
28
"H' Mar
6
*4% preferred..
6% pi
7% pi
Feb
11*4
1,900
4
2*4
4*4
for
of Prices
Low
Mar
*it
300
Jan
Week's Range
Price
May
2*4
400
4
Sales
Sale
Par
High
jMoore (Ton*) Distillery.1
200
»16
i'ig
8
Last
(Continued)
Low
International Utility-
Class
July 9, 1938
3
Sales
Last
84
30
150
150
25
68*4
79
68*4
100
79
86
775
74
121 *4
59
54 *4
24
Mar
84
July
May
Mari
160
Aprl
86
July
24*4
Mar
Mar
72*4
July
Jan
Volume
Friday
STOCKS
Week's Range
Sale
Par
of Prices
Pharls Tire & Rubber
Philadelphia Co
Price
1
Low
High! Shares
*
5%
Mar
Phila Elec Co $5 pref
*
Phlla Elec Pow 8% pref 25
112H
Feb
com
May
Smith (H) Paper Mills.
Solar Mfg. Co
June
Sonotone Cori
June
6
Apr
300
6
5%
7%
116
"30%
30%
50
29%
Mar
31%
Feb
*
3%
3%
4%
2,400
2%
Mar
4%
July
1
C«
3%
3%
4%
3,600
1H
Mar
434
250
10 %
Mar
22%
July
2,000
zl0%
Mar
17%
July
1
Jan
1 %
Jan
Mar
3%
Jan
10
Conv pref series A
22
Pines
21%
22
17%
Pierce Governor common. *
15%
17%
1
Wlnterfront
""3"
Pioneer Gold Mines Ltd-.l
Pltney-Bowes
Meter
1,160
"3%
■ ■.
.
*
y
i7
50
-----
8
56
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
93%
93
Potrero
97%
4%
7%
So
1,100
6
5,200
1%
Mar
4%
10
June
14%
July
Feb
97
97
10
95
Feb
97
21%
2%
22%
600
17
June
22%
July
2%
16
15%
1,000
ht
Apr
»xi
Jan
700
3%
Mar
6%
Jan
6%
Mar
7%
Jan
"6% "7"
"5%
—*
*
"2,600
3%
Mar
7%
"6%
88
June
98
95
40
100
Mar
100
100
1st preferred
103 %
$6
Jan
Jan
56
preferred
35%
*
preferred
Puget Sound Pulp A
com—5
Manufacturing-.10
Quaker Oats common
*
6% preferred
—100
'"6% "5%
Mar
Mar
17%
May
7%
May
9
Apr
Mar
14%
Jan
18%
18%
1,700
15
Mar
18%
July
Mar
7%
Jan
Mar
22%
June
June
99%
Jan
5%
*
Raytheon Mfg com..._50c
Red Bank Oil Co
*
Reed Roller Bit Co
*
Reeves (Daniel) common.*
$3 conv preferred
10
be
new..50c
Reliance Elec & Eng'g—5
Reybarn Co Inc
1
Reynolds Investing
—1
Rice Stix Dry Goods
*
Richmond Radiator
1
Rio Grande Valley Gas Co-
3%
Mar
10%
July
be
Mar
be
700
0%
Mar
11%
July
600
2
Apr
3 %
June
Jan
"5%"
%
%
3
Marj
Jan
Stinnes
Feb
Siroock (8) Co...
%
Feb!
1st preferred
2d
200
700
5
200
100
5
be
be
700
10%
Feb
18
Feb
34
May
Jan
3%
8
May
Mar
29%
June
Mar
1%
3%
19
2% May
In June
July
5
July
be June
12%
13
600
Jan
Texas P & L 7%
June
Mar
1
Mar
Mar
bi
Apr
96%
11%
Apr
13%
June
9%
900
1 %
2%
700
2%
3
700
8
Jan
625
5%
Mar
8%
Jan
1 %
200
Jan
2
Feb
11%
9%
350
1%
7%
Mar
12
Jan
200
7
Jan
10
Mar
Mar
13%
Feb
Mar
3%
30%
Jan
Apr
Apr
11
2,706
2%
29%
6,000
2%
6%
31%
20%
Feb
6%
31%
June
be
%
Mar
%
Jan
700
23%
13,700
%
14%
Mar
J
#
4%
44
30
92%
June
70% June
Mar
11
5
July
3%
1,800
6%
Mar
14%
July
7%
Mar
11%
June
3
"58% "59% """206
4
6,100
63
150
3%
Jan
102
500
14%
10%
Mar
600
5
4%
12%
Jan
5%
May
25
100
100
Jan
1%
24% May
Mar
"62
02
3%
July
300
300
%
20%
Exports—*
Jan
"Feb
Mar
5%
30%
16,
Feb
May
100
5%
Jan
——-
*5%
6%
6%
Tobacco Allied Stocks
Apr
50
Mar
2%
Mar
5
Feb
59%
July
4
July
Tobacco Securities Trust—
9%
July
Am dep rets
Am dep rets
15%
ord reg—£1
July
def reg.—£1
Feb
1%
Feb
Mar
44
Jan
10%
1%
Jan
63
July
1%
Mar
3%
Jan
Todd Shipyards Corp.
Mar
9%
Jan
Toledo Edison 6%
pref. 100
85%
Apr
%
June
Feb
98%
Mar
June
7% preferred A
100
Tonopah Belmont Devel. 1
be
Jan
July
Tonopah Mining of Nev.l
%
Mar
1%
Jan
Mar
3%
Jan
7%
1*1
50
Petrol-—--*
1
200
30%
Apr
6%
1,700
4%
Mar
6%
8%
.1,700
5
Mar
9%
36 y3
150
35
Mar
3
52.50 conv
Ryerson & Haynes
3%
49%
5%
'be
78
78
50
1
400
2%
Mar
%
Mar
4,300
175
82
48
Mar
4% June
Ltd—*
—-50
Regis Paper com
5
Lawrence Corp
52 conv pref A
5
3%
13,900
~~2H
65%
150
2
2 %
1,200
13
13
13
"200
23%
22%
23 %
2,100
Jan
Jan
!
Jan
4%
Mar
5
42
June
June
16
July
110
2
110
Mar
65%
July
1%
Mar
3%
Jan
May
2%
Jan
Mar
7 %
7%
8
200
%
%
1
1%
Securities Corp
1%
100
Jan
June
Feb
Jan
23
June
Mar
8
July
%
Mar
1%
Jan
Mar
1%
July
1
100
29%
June
%
May
3%
13%
4%
1,200
2
Mar
13%
13%
100
11
June
35
Mar
1%
4%
17
Jan
June
Jan
1%
114
1%
9%
450
%
1,700
8
3
Mar
Mar
1%
48%
65
65
""""so
65
June
June
10
Mar
62%
49%
Mar
65
June
July
Selfridge Prov Stores—
1%
£1
Control.—1
dep rets reg
%
%
May
1%
Feb
be
Jan
be May
100
Serrick Corp (The)
4
4
100
3% June
4
Seton Leather
5%
6
500
4
6
2%
2%
5,100
1 %
Jan
8%
9%
5,900
10%
Jan
21%
700
5%
18%
Mar
20%
Apr
21%
July
97% 105%
1,150
66
Apr
105%
July
110% 110%
20
107
Jan
111%
Apr
2%
8%
105%
Mar
%
United
Jan
be
10
Corp
16%
2%
-2%
3%
Simplicity Pattern com... 1
Singer Mfg Co
100
254
2%
3%
254
1,100
100
10
1%
2%
212
Mar
Mar
Mar
Mar
4%
4%
4%
100
4%
88
E 7% pf 100
July
Jan
1
Am
4%
Apr
7%
Jan
1%
Mar
3%
July
Mar
2
Mir
1%
Mar
100
Jan
July
Mar
5%
13%
13%
300
Mar
i'Mb
11%
9,900
:'4 :• :i
■
4%
95
92
%
1
1
5,800
1,300
29,300
1,500
2,500
2%
3%
25%
15
Jan
Jan
Jan
0%
14%
Mar
2%
Mar
4%
Mar
12%
Jan
Mar
4%
July
10
Marj
June
»b.
Jan
%
Mar
%
Jari
2%
Mar
Mar
69
•11
Mar
1%
Mar
Apr
100
1%
Apr
13%
Mar
70
214
212
214
%
%
%
75%
40%
5%
:
.:•••
■
.
.
4%
Jari
Jan
27
July
Jan
23%
June
Apr
70
May
i ••
-
•■■
Jan
8% June
Jan
2%
8% June
9% May
2%
3%
1%
300
%
Mar
1%
62
1%
25%
4
4
(
Jun
1
3,100
1
2%
%
4
Jan
230
June
6%
5%
%
jI
%
30
2%
*
*
0%
July
212
400
June
40 %
25%
U 8 Rubber Reclaiming..
'•
3%
77%
'be
4
U 8 Stores Corp com
Jau
Jan
77
40
1%
10
Jan
Jan
Jan
1%
71
%
54%
58
—
Jan
5%
100
3,900
5,100
1,325
9%
9
1*
Card
Feb
34
%
5%
1
U 8 Lines pref
Jan
17%
U S and Int'l Securities.
U 8 Playing
Jan
Mar
12,800
3%
27
25
8,900
....... ...
with warr
Jan
Jan
3%
65
United N J RR & Canal
1st pref
11%
35
Mar
62
"2% "3%
reg—
Co class B
Mar
11%
Molasses Co——
dep rets ord
...
600
%
.
94
—
$7 conv 1st pref
251
Mar
United Specialties com
2%
5%
June
2
warrants
pref non-voting.*
May
Mar
88
18
600
%
U 8 Radiator com
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
1,000
30
pref. 100
United Lt & Pow com A_*
Common class B
*
$6 1st preferred—
*
United Milk Products...*
$3 preferred
—*
United
Jan
2,700
2%
6%
3%
%
Option warrants
June
5%
9%
11%
May
16%
254
7%
2%
United G & E 7%
U 8 Foil
*
H'ware & Paint.*
1% June
June
2
42%
100
United Profit Shar new 25c
Preferred
-10
United Shipyards cl A...
Class B—
-.1
United Shoe Macb com.25
Preferred ...........25
Apr
Simmons-Broadman Pub—
Conv preferred
June
3%
13%
13%
.........—- -
United Gas Corp com
July
3%
Jan
5%
July
30
com...*
$3 cum & part pref
*
Un Cigar-Whelan Sts.-lOc
Selected Industries Inc—
9
June
%
7%
United Chemicals
1st $7
1
5
25
4%
1,000
%
*
Union Investment com..*
Union Premier Foods Sts. 1
Union Traction Co (Pa)
$17.50 paid-in
50
United Aircraft Transport
Warrants
6,100
M
2%
6%
3%
Union Gas of Canada
25
6,700
33
'be
Unexcelled Mfg Co
Jan
113
%
33
Jan
16%
3%
400
pref
Series B
15
2
10%
'
9%
9%
31
*
*
*
10
preferred
div.
Ulen & Co ser A pref
1,600
2
1
Tung-Sol Lamp Works... 1
80c
Jau
31
M
1
A
29%
July
110
15
Warrants
June
Tubize Chatillon Corp...
Class
be
7
5%
7
Trl-Contlnental warrants..
I Trunz Pork Stores Inc..
1
June
104
2%
2
2%
j Transwestern Oil Co——10
1%
Apr
8
-1
4
92
Jan
95%
Screen—
Common
Fet
12%
2%
15%
Pict
Lux
Trans
Jan
60
61%
—
38
1%
60
7%
For footnotes see page
3%
Apr
"
pref—100
2%
35
Ryan Consol
1
common...*
Seversky Aircraft Corp. —1
Shattuck Derm Mining..5
Shawlnigan Wat & Pow..*
Sherwin-Williams com..25
5% cum pref ser AAA 100
Shreveport El Dorado Pipe
Line stamped
25
SIlex Co common.
*
Mar
8
—
22% June
8
8
55.50 prior stock
Allotment certificates...
2
"266
6%
general...*
Seeman Bros Inc
*
Segal Lock & Hardware.. 1
Selberllng Rubber com.. _*
Selby Shoe Co.—......*
Jan
1
Junel
7%
4%
Jan
3
3%
2%
49%
preferred
100
Corp com 1
Savoy Oil Co—
6
Sehiff Co common
*
Scovlll Mfg
25
Scranton Elec 56 pref
*
Scranton Lace common—*
Scranton Spring Brook
Water Service pref
*
Scullin Steel Co com
*
22% June
:"''"4vV- Mar
Mar
3%
"2% "T"
2%
Co..-.2
com....5
Tilo Roofing Inc
1
Tishman Realty & Constr*
Feb
%
300
Jan
7
8
Texou Oil A Land
Jan
90
%
%
29
500
6%
1 %
9
5%
3%
4
Jan
Mar
June
500
3%
3
8%
10%
Jan
700
Jan
1,500
5%
3%
Drug Co
June
600
4%
2%
Thew Shovel Co
2%
Steel——1
pref.
—*
Samson United
Corp
(Hugo)
1%
3
Apr
T%
*
5
*
*
3%
5%
2%
5%
Mar
5%
1,100
2%
May
2%
2%
4%;
24%
Technicolor Inc
July
12%
3%
% June
900
Apr
6
8%
""""% ""%
10%
_____
common.*
Teck-Huglies Mines
1
Tenn EI Pow 7% 1st pf.100
13
Apr
June
"166
_____
2%
13
Typewriter———*
com—1
Car Heat & Lt.._.*
....
*
Sunray Oil
---1
5% % conv pref——.50
Superior Ptld Cement B._*
$3.30 class A participate
Swan Finch Oil Corp....15
Taggart Corp com———1
Tampa Electric Co com..*
Tastyeast Inc class A...1
Taylor Distilling Co
1
July
29
5%
29%
Jan
02
June
1
12
3%
4%
preferred...
Sunray
Jan
700
2%
1,800
*%
62
— .--
Jan
%
3%
.
4%
*
10
%
18
%
11%
■10
12
Stetson (J 11) Co com
Jan
"3%
Rustless Iron &
Sioux City G &
2,900
3,200
July
Mar
29
Russeks Fifth Ave
Simmons
10'%
July
%
5%
5%
ref—£1
com—5
Roosevelt Field Inc.—---5
Root Petroleum Co
1
51.20 conv pref
-20
Rossia International—.—*
Amer
9%
16
%
rets ord
Sentry Safety
July
preferred...—100
6%%
Tobacco Prod
—
Jan
20%
Jan
100
G&E6%pfD 100
Convertible stock
1%
June
June
100
Pendleton Inc..*
Common
June
17%
7
%
16%
Rome Cable Corp
St
%
50
5
1
Sterchi Bros Stores..
Rolls-Royce Ltd—
St
300
7,500
Steel Co of Can Ltd.-—.*
Jan
be
.....
Jan
May
1%
20%
Starrett (The) Corp v t c.l
Feb
%
....
1%
i'h
1%
20%
Lead— —1
Silver
July
1
Standard Products Co
June
be
1
Voting trust ctfs
Safety
"T% "i%
1%
146
%
100
16%
2 J 00
90
i%
101
7%
"22%
14
*
.
Sullivan Machinery
Relter-Foster Oil
Royal
"2l"
"21%
*
Preferred........... .
Mar
150
be
17
Common.1—. ———
Am dep
6%
Standard Pow & Lt.—. -1
Raymond Concrete Pile—
Roeser &
18%
...—50
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc..1
13%
9%
ProdA—.—*—
*
B.—
-——*
Rochester
2%
100
preferred
May
136
10
Feb
2%
Apr
5
Mar
100
Jan
2
Mar
16
15%
Jan
Mar
18
Jan
11
Rainbow Luminous
Class
2%
%
22%
Jan
Mar
50
June
4%
146
146
146
Quebec Power Co
*
Ry & Light Secur com. — *
Railway & Utll Invest A—1
Class
%
2%
18
50
Apr
37
10%
4%
Jan
Jan
200
June
H
May
90
1 %
Works com...20
300
"""loo
Jan
4%
Jan
Wholesale Phosp
500
240
99% 101
%
Mar
1%
13
& Acid
7
16%
7 b
Feb
14
Mar
92
7
Jan
be
13
July
May
16
16%
Tim.*
Mar
22%
100
4%
4%
4%
I
86
75%
23%
Jan
7%
39
Apr
May
19
100
22%
11%
30
275
Mar
5%
28%
200
Jan
120
36%
3
500
16%
Tube cl B
86
34%
5%
Mar
1,000
37
22%
Standard
21
Pyle-National Co
Pyrene
35%
36%
Stein (A) & Co common..
——
Feb
Jan
Apr
Mar
14
Puget Sound I & L—
55
May
140%
2
100
2%
6%
16%
Standard Steel Spring
19%
M
June
-
3%
2%
6%
preferred-.20
pref*
Standard Oil (Ky)
..10
Standard Oil
(Neb)——25
Standard Oil (Ohio) com 25
Feb
460
87
I
135
Feb
45
June
30
10
Co—--*
37% June
Jan
37%
86
pref—100
7% prior lien pref—100
J Pub I'til Secur 57 pt pf—*
"38"
2
conv
31.60
Public Service of Okla—
6% prior lien
25 %
22%
*
Common
June
106
28%
Mar
Mar
Jan
Apr
22
Mar
3%
Feb
Standard
35
36
6%
200
Standard Invest 35%
Standard
preferred—.—*
preferred...— *
300
25%
38"
pre'erred
Standard
Public Service of Indiana
$7 prior
July
Feb
28%
1%
11
Jan
May
25%
_
Jan
39
27%
.10
Dredging Corp—
Conv
Common class B
100
Apr
Seal com. 1
Standard Cat
Colorado-
6% 1st preferred... -100
14
28
*
*
...
com
Standard Brewing
June
.
5%
preferred
Public Service of
7%
Jan
%
%
Gas
Mar
18
6%
Corp.—
Prudential Investors
37
Mar
9%
200
3%
£1
ord bearer £1
Feb
June
33
16
2%
Mar
1%
700
2%
Mar
•ii
800
400
Mar
Mar
Am dep rets ord reg
July
2 %
Amer—*
Prosperity Co class B—
$6
Am dep rets
Spencer Shoe Co
Stahl-Meyer Inc
25
%
4%
Prentice-Hall Inc—
Providence
Mar
22
Premier Gold Mining—
Producers
Jan
3%
97
Pratt & Lambert Co
Pressed Metals of
1%
8Vf
14
3%
Spanish & Gen Corp—
Jan
Feb
800
3
25
July
2H
Jan
5
Pipe Line..50
Junft
%
200
%
4%
Pa
June
14
Power Corp of
West
Mar
3%
July
1%
0%
*|
South Penn Oil—
Jan
7%
3%
Mar
Royalty Co.—5
Jan
Jan
6%
''■■■■ %
Canada— *
6% 1st preferred
100
Southland
9%
62%
55
Mar
1%
lOi
Gas
Mar
Jan
5
Powdrell A Alexander
Southern Union
Mar
3,300
1 %
2,200
25
— .
Southern Pipe Line
Mar
3
.
3%
Mar
4%
%
*
Co——25c
Sugar common...5
Polaris Mining
June
7%
39
1,800
1 %
5%
2%
100
34%
100
7
C.
preferred
7%
110
56
7
Inc
Plough
Jan
Mar
3%
1 %
5%
.25
B
ser es
Mar
13
Mar
13
2%
1%
Southern Colo Pow cl A.25
2,366
52%
Forgings..-.
6%
37%
"
"7%
Pittsburgh & Lake Erie. 50
Pittsburgh Metallurgical 10
6% preferred
High
Low
5% original preferred .25
5%% pref
I, U'38
Range Since Jan.
for
Week
Shares
High
1
South New Engl Tel...100
400
7%
Range
if Prices
Low
3%
..1
South Coast Corp com
Southern Calif Edison—
Postage
.
Pitts Bess ALE RR
Pittsburgh
2 %
Sale
Price
;
1
II
S088 Mfg com.
July
Phoenix Securities—
Common
1
Par
High
Low
Week's
Last
■
(Continued)
Week
3%
5%
STOCKS
Range Since Jan. 1, 1938
for
j
Sales
Friday
Sales
Last
(Continued)
Phillips Packing
249
New York Curb Exchange—Continued—Page 4
147
Feb
3
%
May
50%
Mar
77%
Jan
Jan
42%
May
Mar
6%
Jan
June
6%
39
Jan
Jan
July
62
650
42
Mar
400
1
Mar
1%
Jan
50
22
Feb
25%
July
1,200
2
Mar
4%
Jan
Jan
200
1%
Mar
3%
200
%
Jan
%
40
3
Feb
5
Jwd
Jan
New York Curb Exchange—Continued—Page 5
250
I
Last
Week's
Sale
Par
United Stores
of Prices
Low
High
Price
t c
v
Sales
Friday
STOCKS
(Concluded)
X
United Verde Exten...50c
1%
X
1%
United Wall Paper.4
2%
Range
2%
x
IX
2X
Friday
! Range Sines Jan. 1,1938
——
for
Week
I
Shares
Low
1,200
1,600
~2M
Mar
2%
""766
3
3
100
9
May
1%
600
1
Mar
25
31
Mar
1
2%
Mar
13%
IX
Mar
39
39
"2% "~2X
43
.
%
Conv preferred.......
1%
X
Class B
1
100
7% preferred..
Valspar Corp com..
14
2%
Mar
«u
2,900
2
Mar
Jan
1% Mar
20% June
17%
2%
July
28
29
19%
21%
2,000
Mar
21%
Venezuela Mex Oil Co..10
July
4
2%
Mar
4,100
%
Mar
4%
1%
July
1%
4%
VA
700
Venezuelan
4
1
Apr
77%
Jan
100
4%
June
Feb
100
Jan
El
6%
1%
5%
Mar
Wagner Baking v t c..—*
2%
8%
*7%
3%
Mar
11%
Jan
100
83
Wahl (The) Co common.*
Waltt & Bond class A
7% preferred
6
Jan
1%
Class B..
1
Wayne Knitting Mills—
Welsbaum Bros-Brower_.
100
IX
6 X
Walker Mining Co
1
1%
600
83
Mar
Jan
1%
7
Apr
%
Apr
"is June
Mar
Jan
Went worth Mfg
1st preferred
7%
Apr
6%
6%
Jan
Banks 6s- 5s stpd.__1961
Firestone Cot Mills 5s. 1948
2%
100
1%
Mar
3%
June
Firestone Tire <fc Rub 5s '42
VA
2,700
May
4%
Jan
First Bohemian Glass 7s '57
8
Jan
Florida Power 4s ser C 1966
Florida Power & Lt 5s. 1954
Jan
9
Wilson Products Inc.
oc
!
Wisconsin PAL 7% pf 100
Wolverine Portl Cement-10
70
6%
Apr
June
6
i.Clk
1
67%
%
4%
4%
2%
400
1%
9% Mar
78% June
Mar
100
IX
Wilson-Jones Co
May
700
70
Mar
2%
Jan
Apr
Apr
7%
5%
4%
Jan
Feb
9%
Petroleum
6%
6%
Wool worth (F W) Ltd—
Amer dep rets5c
Mar
3%
Jan
7%
July
70
Apr
July
Deb gold 68. June 15 1941
Georgia Pow A Lt 5s..1978
♦Gesfurel
6s
500
5%
May
6%
Jan
16
200
14%
Mar
16%
Jan
Gt Nor Pow 5s Btpd
Gobel
(Adolf) 4%s...l941
—
6,400
6%
Mar
8%
Feb
2
1,200
1%
Mar
2%
Jan
102%
102% 102%
$1,000
102
99%
92%
1968
1st A ref 4%s
1967
Aluminium Ltd debt 5sl948
Amer G A El debt 5s..2028
106%
108%
Am Pow A Lt deb 6s..2016
85%
81%
Amer Radiator 4%S—1947
14.000
92%
91%
87%
87%
80
81%
106% 106%
108% 109%
75%
86%
8,000
1,000
91%
91%
106
Amer Seating 6s stp-.1946
Appalac Power Deb 6s 2024
Jan
103%
89
Jan
101
78
Apr
96%
May
76%
94
May
116
Ark-Louisiana Gas 4s. 1951
98%
Associated Elec 4%s__1953
43%
Associated Gas A El Co—
Conv deb 5%s
1938
Conv deb 4%s C...1948
94
16,000
70%
Apr
Apr
45,000
65
Jan
Feb
May
May
Apr
109%
86%
July
Mar
Mar
107%
May
12,000
105% June
106
78,000
58%
104%
7,000
88
116
5,000
1,000
101% 101%
19,000
97%
98% 113,000
43
46
51,000
Apr
79
Jan
107%
May
89%
83%
107%
25,000
106%
87%
Arkansas Pr A Lt 5s.. 1956
90
July
Jan
III Northern Utll 5s.
*31
Mar
46
July
1947
92%
Jan
94
July
6%s series B
1953
93
20%
94
18,000
34
Mar
32
July
5s series C
1951
1st & ref 5s ser C
1956
Sf deb 5%s
May 1957
Indiana Electric Corp—
26
Mar
33
23
Apr
41
July
Indiana Service 5s
1950
23,000
62
Apr
1st lien & ref 5s
5O"O66
32
33
33
41
41
79
80
*98
*100
5s without warrantsl947
Baldwin Locom Works
112%
74%
I960
119%
122%
130
130
Birmingham Elec 4%sl968
Birmingham Gas 5S...1959
86
104%
102%
93%
Cedar Rapids M A P 5s '53
Central 111 Public Service—
132%
84%
86%
66
69%
18,000
99%
June
100%
June
♦Indianapolis Gas 5s A 1952
Ind'pollB P L 5s ser A. 1957
104%
Feb
95
Mar
International Power Sec—
6 %s series C
1955
57
Mar
81
July
14,000
15,000
120%
Apr
Apr
Jan
5,000
129
May
33,000
80%
Jan
114%
Jan
122%
Feb
122% June
140
Mar
70
Apr
86%
July
4,000
55%
Jan
69%
July
*80%
83
104% 104%
71%
Mar
~~7~66O
101%
Mar
102% 104
93%
94%
39,000
7,000
100%
73
Mar
Mar
87
104%
108%
98
Jan
Mar
June
92
July
19,000
78
10,000
102
11,000
Apr
Mar
104%
101%
100
Mar
101%
Apr
99%
Feb
Jan
Jan
71
3,000
63
Apr
73
Jan
82
83
3,000
75%
Apr
87%
Jan
77
79
78
91%
19,000
62
75
Jan
77
i3~66o
86
84%
65%
Apr
86
July
78,000
78
Mar
94
May
49%
June
93%
56%
31,000
72
53
66
66,000
Mar
79
July
Apr
68
Jan
30%
60
60
1,000
84%
7,000
Apr
33%
62
Feb
72
53
63
Apr
Jan
June
93%
Jan
81%
107
Feb
July
107%
Mar
Jan
70
50%
Apr
65
Jan
55
51
June
59
Feb
38
29
Mar
38
June
3,000
2,000
15,000
40
105%
Jan
107%
Jan
76%
33
June
Mar
96
June
34%
May
1952
102
97%
102
103
97
98%
100% 102%
97%
97%
99
*97
77%
80
13,000
86,000
*91%
105%
43
105% 105%
42%
45
97%
July
97
May
Jan
81
May
May
....1943
63
Jan
Jan
Mar
69
Mar
62%
For footnotes see page 251.
*129
65
Jan
May
67%
July
42,000
42%
Mar
67
July
30,000
43
Mar
67%
July
91,000
86%
Apr
100%
July
104,000
49,000
Mar
102%
July
74%
99%
129%
38~000
24,000
40
Mar
65
40
Mar
64%
70
64%
Jan
100%
July
June
75%
June
52
94%
125%
Mar
Jan
Apr
99%
128
July
79
2,000
84
Apr
2,000
64
Apr
92%
81%
108%
83~"
"s'ooo
75
17,000
104%
56%
59
24~66o
109%
45%
57
59
74
13,000
3,000
38,000
49%
100%
104% 104%
53
43
93
May
82% May
109% Mar
Jan
Mar
83
July
107 %
Apr
Apr
111%
Jan
Mar
63%
May
May
July
Mar
61%
Jan
74
Jan
Apr
106%
Jan
58%
Mar
56%
Apr
Apr
Mar
65%
60%
June
51%
1,000
48
57
58%
15,000
*55%
58%
108% 108% "7,666
52%
56
118,000
35% 37% 63,000
107
Jan
35
Mar
18%
109
'
June
Apr
56
July
Mar
37%
July
6,000
64
Mar
80
May
8,000
57%
Mar
Mar
74%
98%
July
90
91
June
105%
"i2"666
103% 104
Mar
98%
Jan
52%
...
Apr
96%
106%
104
Jan
Jan
Feb
July
July
65
63
Jan
Gas—
5s stamped..:
1942
45%
43%
45.%
8,000
32
Feb
104% 104%
1,000
100
Apr
Apr
Jersey Central Pow A Lt—
5s series B
—1947
4%sseries C__
1961
Kansas Elec Pow 3 %s. 1966
Kansas Gas A Elec 6s.2022
Kansas Power 5s
115%
1947
104% 105
35,000
98%
101
104%
1969
43%
62%
*100%
"73%
73%
99%
99%
103%
1955
47%
62%
1957
5%s series F
91%
92%
2,000
93
81%
*107
5s series
Jan
4,000
Mar
91%
92%
Iowa Pow A Lt 4%8._1958
Iowa Pub Serv 5s
May
Jan
Feb
102%
Jan
4,000
1st. mtge 5s ser H...1961
6 %s series D
1948
91%
102
Jan
July
85%
95
Jan
87
67
94%
92%
Mar
94
July
Apr
64%
Apr
Mar
68
1961
5s series B
41
July
65
67%
99% 100%
79
76
12,000
56
July
65%
23,000
63,000
20,000
79%
74%
Mar
71
65
100%
~
94
92%
81%
95
32%
Jan
75
1958
92
78%
73%
41
42
Debenture 5s
Jan
90
.79%
94%
94%
5,000
68%
6,000
67% 531,000
73%
Mar
4,000
65
78%
Mar
75
68%
1956
Mar
75
66
35
-.1958
79%
75
68%
108%
52%
Iowa-Neb LAP 5s... 1957
23%
52%
Jan
Service—
5s series D
4%s series F
24
71
"75"
100
July
Apr
95
Apr
85%
Jan
45%
July
106%
Feb
Feb
102%
Apr
110
June
July
Apr
June
85
88
101%
106
June
49
66%
2,000
38,000
62%
Jan
3,000
84
63
Jan
Apr
95
42,000
15
Mar
Mar
78
July
107%
"i'ooo
May
43
43
57%
39
98%
107%
12%
Feb
79
103
Jan
July
50
Apr
June
June
107%
*66
Mar
105%
102%
Apr
*62
94%
85%
105%
Apr
103
*47
Mar
93
94% 121,000
35%
36% 113,000
35%
37% 125,000
56
52%
34,000
106% 106% 107%
8,000
*106
107%
c
June
104
Feb
Isarco Hydro Elec 7s. 1952
May
92
93%
35%
1952
June
92
Apr
feotta Fraschlnl 7s... 1942
Italian Superpower 6s_1963
115%
85
36%
52%
"2"666
28
Feb
97%
96
3,000
Jan
Mar
82,000
~5~666
6s
Interstate Publi
Jacksonville
102%
98%
21%
83%
95
13"666
53
1957
International Salt 5s..1951
Interstate Power 5s.-.1957
Debenture
30
102
Jan
113%
1950
91%
73
1963
Feb
110%
117%
1966
Community P S 5s...1960
Conn Lt A Pr 7s A...1951
Mar
...
Apr
7s series E
178,000
Cities Service 5s
Conv deb 5s
1949
74
106% 107
*110%
90
*114% 115%
Chic Jet Ry A Union Stock
5%s.—
60,000
*109
82%
58%
58%
88
81
1998
Cities Serv P A L 5 Ha. 1952
July
7s series F
78%
112% 112%
119% 119%
122% 122%
♦Commerz A Prlvat 5%s'37
Community Pr A Lt 5s '57
91
81
96%
91%
*75
32
93%
91%
81%
92%
99%
100%
*89
Atlantic City Elec 4%s '64
Avery A 80ns (B F)—
5a with warrant8...1947
99
62
1st & ref 5%s ser B.1954
Feb
July
1,000
1,000
Registered..
Conv deb 5%s
1977
Assoc T A T deb 5 %s_A'55
Atlanta Gas Lt 4%s._1955
Line 6s
July
102%
107% 107%
30
July
98%
Indiana Gen Serv 5s..1948
Indiana Hydro Elec 5s 1958
Indiana & Mich Elec 5s '55
5s
1957
Debenture 5s
1969
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
87%
16,000
102
116
July
1955
Apr
88%
92
103% 104
101% 101%
*93%
102
July
July
6s series B__
76
37
Jan
35
...1940
Jan
154)00
*52
Apr
33%
Yards 5s
Jan
95
*56
Feb
Mar
{♦Chic Rys 5s ctfs
1927
Cincinnati St Ry 5%s A *52
58
87%
86%
89%
83%
96%
Mar
1961
June
*107% 112
86
Mar
6s series B
78%
106% 106%
97%
99%
20%
21%
Chic Dlst Elec Gen 4%s'70
Jan
105%
1957
111 Pr & Lt 1st 6s ser A. 1953
6sseries A....
92%
__
21
Chicago A Illinois Midland
Ry 4%s A.___
1956
Feb
105%
Apr
25
34,000
5%s ex-warranta.._1954
Cent States P & L 5%s '53
105
Mar
7,000
62
51,000
Cent Pow A Lt 1st 58.1956
Cent States Elec 5s...1948
July
May
*12%
57%
35
....1968
July
75%
101%
102%
*59
33%
4%s series H
1981
Cent Ohio Lt A Pr 5s.. 1950
Cent Power 5s eer D..1957
Feb
106%
102%
1949
6s series B
32%
1956
56
Feb
Apr
1,000
60
♦Hungarian Ital Bk 7%s'63
Hygrade Food 6s A... 1949
31
F.1967
102%
22,000
7,000
*101
31%
ser
May
May
July
103% 103%
103% 104%
6%s ex-warrants.-.1943
Houston Lt & Pr 3 %s. 1966
33%
31%
1st Are! 4)48
Jan
103
2,000
*26
1968
5s series G
104%
106% 106%
74
75%
& St Ry 5%s
1938
Heller (W E) 4s w w ..1946
Houston Gulf Gas 6s. .1943
1950
58 series E
95%
Apr
*33%
Debenture 5s
Canadian Pac Ry 6s_.1942
Carolina Pr A Lt 5s...1956
Apr
3,000
*30%
1935
30
Broad River Pow 5s..1954
Canada Northern Pr 5s '53
71%
43
♦Hamburg Elec 7s
1949
1st M 5b series B...1957
95%
106% 106%
95%
96
Conv deb 4%s
Conv deb 5s
♦Convertible 6s
1950
Bell Telep of Canada—
1st M 5s series A...1955
Mar
Apr
♦Hamburg El Underground
1951
.1956
xst A ref 5s
83%
93%
55
Guardian Investors 5s. 1948
.1946
1st A ref 5s
Mar
Hall Print 6s stpd—1947
1942
1st A ref 5s
98
"7l"%
Grocery Store Prod 6s. 1945
Guantanamo & West 6s '58
Alabama Power Co—
78
2,000
76% 243,000
*74
Hackensack Water 5s. 1977
Abott's Dairy 6s
109%
103
78%
1950
7%
BONDS
Apr
Mar
83
1953
Glen Alden Coal 4s...1965
1%
Yukon-Pacific Mining Co.5
June
106
May
Apr
May
May
May
71
General Pub Serv 5s.. 1953
Gen Pub Utll 6%s A. 1956
7%
7%
65
1,000
Feb
Feb
1%
1%
81%
Jen
l"l4~666
76
IOD32 101732
Grand Trunk West 4s .1950
6% preferred........£1
Wright Hargreaves Ltd..*
5s series C
90
103%
101%
Deb 6s series B....1941
General Bronze 6s
1940
,6%
16
5
Feb
X
1%
June
53%
97%
92%
Mar
1
5%
Gary Electric & Gas—
5s ex-warr stamped. 1944
Gatlneau Power 1st 5s. 1956
Georgia Power ref 5s. .1967
3%
9,000
9,000
...
Jan
58%
Feb
June
2,000
"84%
"1,500
103
1%
104% 104%
*65
♦General Rayon 6s A. 1948
Gen Wat Wks & El 5s. 1943
Jan
10
"6% "7%
7
103%
104%
Jan
10
2
.2
com
Feb
Mar
39.000
104 >
90
Mar
July
91
5
72%
87%
Weycnberg Shoe Mfg..
Williams (R C) A Co
*
Williams Oll-O-Mat lit..*
Bethlehem Steel 6s
106%
Apr
Westmoreland Coal Co-
1st A ref 5s
1967
Erie Lighting 5s_
22%
May
30,000
55
Federal Wat Serv 5 %s 1954
Finland Residential Mtge
75
July
110
105%
474)66
92
June
Mar
Jan
104
Mar
Mar
55
6
16% May
June
96%
June
55
1953
4%
3%
30%
Jan
61
93
94% 23,000
95% 250,000
100
100
100
108
94%
95%
3X
West Texas Utll ?6 pref
West Va Coal & Coke..
Woodley
103
900
...*
com
Wolverine Tube
6%s series A
July
Western Tab & Stat—
Apr
104
400
Jan
Jan
Mar
3%
3%
73%
-
6X
8
July
103
-W
1
2i
83
103
Mar
87%
5%
1%
*1%
73%
-t
4%
2
Jan
65%
Mar
May
90%
97%
15,000
105% 105%
101% 101%
Jan
May
Ercole Marelll Elec Mfg
July
Western Maryland Ry—
Vot tr ctfs
1950
1
Jan
124
47
1,000
3,000
26,000
112
109% 109%
2%
3%
104
"73%
VA
1.2
Western Air Express
Western Grocery Co
7%
Paso Elec 5s A
1%
Mar
108% June
106%
Apr
63%
100%
15,000
4
4X
5%
Wellington OH Co
94%
103
1%
Empire Dlst El 5s
1952
Empire Oil & Ref 5 %s. 1942
1,100
94
54
12,000
125,000
4
Aug 1 1952
♦Certificates of deposit
Eastern Gas & Fuel 4s. 1956
7%
69
83
*109
♦Deb 7s
2%
Jan
62%
81
101%
5s 1st series B
7%
30
61
101% 101%
.96%
96%
58%
58%
♦6%s
..Aug 1 1952
♦Certificates of deposit
Vogt Manufacturing
69
Feb
105%
Waco Aircraft Co..,
pref..100
120%
104
A. 1947
1950
Ber
Edison EI HI (Bost) 3%s 65
Elec Power & Light 5s. 2030
Elmlra Wat Lt & RR 5s *56
67
June
Detroit Internat Bridge—
Jan
28%
11
29
Va Pub Serv 7%
Jan
104%
"96%
Cuban Tobacco 5s
Jan
20
175
103%
1,000
81%
Jan
Mar
7
High
11,000
61%
Det City Gas 6s
.5
Petroleum.
1943
Denver Gas & Elec 5s_1949
%
2X
2X
6a ser A stamped...
Cont'l Gas & EI 5S...1958
Crucible Steel 5s...—1940
Jan
%
100
1954
Jan
2%
45
Van Norm an Mach Tool. 5
pref....'
Gen mtge 4%s
Consol Gas Utll Co—
July
%
Mar
Low
108%
108
94%
Jan
2%
Range Since Jan. 1. 1938
for
104% 104%
*123
125
1939
58%
June
650
N...1971
1944
%
3,300
ser
5s
Cudahy Packing 3%s_1955
Delaware El Pow 5 %s. 1959
1%
14%
Week
of Prices
Low
High Shares
Cuban Telephone 7%s 1941
Jan
June
500
1
13%
2
Jan
Sales
Week's Range
Sale
Consol Gas (Bait City)
Jan
Feb
Apr
June
450
6
8
200
%
VA
(Bilt) 3%s
Feb
July
16%
1%
43%
1938
Consol Gas El Lt & Power
Mar
1%
31%
45
Utility & Ind Corp com..
fiUtll Pow <fc Lt common..
"""366
Mar
I
Last
Price
3%
Jan
8% June
May
13 X
IX
Utility Equities Corp
Priority stock..
11
1% June
Universal Pictures com...
Universal Products Co...
1%
2%
Jan
7
Utah-Idaho Sugar
Utah Pow & Lt $7 pref—
Utah Radio Products..new
14 conv
Jan
i%
7
Universal Corp v t c—
Universal Insurance
»ii
1%
4,600
BONDS
(Continued)
High
Feb
%
10
Universal Consol Oil—
July 9,
22,000
97
Mar
5,000
17,000
112
Mar
101%
115% 115%
101% 102
95%
106
Jan
105%
101%
115%
I
Lake Sup Dlst Pow 3 %s '66
Lehigh Pow Secur 6s_.2026
♦Leonard Tletz 7%s..l946
82
98
90
105%
102
July
Mar
84
July
Apr
97
July
Middle States Pet 6%s '45
Midland Valley RR 5s 1943
May
Mllw Gas Light 4%s..1967
98
Mar
90
Jan
65
Mar
83
July
98%
99%
11,000
93
Jan
98%
July
Jan
27
May
Apr
Apr
97%
104%
100
Jan
6,000
4,000
101
76
Apr
100
Mar
3,000
97
55
Apr
83
Jan
87
Apr
95
July
24%
6,000
12,000
88
67%
Mar
Feb
105%
July
Apr
28%
June
Jan
102%
July
Feb
92% May
1,000
70
June
32,000
105% 106%
106% 107%
82%
82%
100
Apr
106%
Jan
Mar
108%
July
7,000
2,000
59
\J\J
t
*»vUU
97%
97%'
13,000
60%
74.
103
Mar
19,000
90
88
Apr
25
95
89%,
106%
107%
84
84
31,000
*26% 28
*90%
92%
103% 103%
88%
90
105
105%
95
Jan
78
"264)60
....
Memphis P A L 5s A..1948
Mengel Co conv 4%s.l947
1965
84%
90
83
*26%
102% 102%
*70% 80
McCord Rad A Mfg 6s '45
Memphis Comml Appeal—
Deb 4%s._
1952
4s series G
65
1,000
81%
98%
♦7s without warr'ts-1941
Marlon Res Pow 4%s.l954
Metropolitan Ed 4a E.1971
8,000
96
*88
Lexington Utilities 5s. 1952
Llbby McN A Llbby 5s '42
Long Island Ltg 6s__.1945
Louisiana Pow A Lt 5s 1957
Mansfield Mln A Smelt—
84
96
July
Apr
Kentucky Utilities Co—
96
Jan
July
2,000
101%
75%
93
Jan
Jan
95
Apr
50
Apr
63
88%
5 Feb
Jan
98
June
Volume
Last
Week's
Sale
of Prices
Low
High
Continued>
Price
Minn P<fc L4%s.—..1978
96%
1955
103%
1st & ret 5a
Mississippi Power 5s..1955
»
mm.
Miss Power & Lt 5s.._1957
93%
-
84%
Miss River Pow 1st 5s. 1951
Missouri Pub Serv 58.1960
Apr
96%
July
87%
apr^
103%
July
1st 4%s
Mar
Jan
4.000
54
Apr
May
May
95%
1944
5%s
3
Nassau & Suffolk Ltg 5s '45
$85%
86%
Nat Pow & Lt 6s A
2020
Deb 5s series B
2030
79%
m
mmmm
2022
Nelsner Bros Realty 0s '48
$111
120
7$87% 90
82%
83%
83%
117
116% 117
55
55%
56%
56
54%
56
—
May
New Amsterdam Gas 5s '48
1947
5s
1948
Conv deb 5s
«.
1950
3%s.l961
Eng Pow Assn 5s. 1948
»
mm
-
m m
*»
-
-
«
m mm m
Mar
87%
Apr
80%
May
July
June
44%
Jan
108
Mar
110%
May
111
Apr
120
June
80%
104% 105
7,000
...1942
♦Income 6s series A. 1949
93
64
Feb
June
July
81
Feb
86%
May
107%
88,000
105
Apr
95%
41,000
88
Apr
97%
Jan
105%
103%
113%
Mar
Wash Ry A Elec 4s
62%
Mar
102
101% 102%
101% 102%
mm
N'western Elec 6s stmpd'45
^
at
"
$104% 106%
93
93%
Ogden Gas 5s...
1945
Ohio Power 1st 5s B..1952
"16.5%
105%
1951
102%
96%
Feb
102%
Apr
102%
July
Apr
98%
July
Wise Pow A Lt 4s
Feb
105%
May
Apr
93%
July
107%
July
Jan
Mar
Feb
96
Jan
83
Apr
69
100
Mar
Pacific Pow & Ltg
75
114
Mar
116%
Feb
79
Apr
93%
July
""§4%
1954
93
May
♦7s
91%
July
♦7s ser B ctfs of dep.
7,000
78
Mar
70
Apr
98%
8,000
82
Apr
1,000
75
Mar
1,000
2,000
99
Mar
107%
Feb
93
Mar
103%
108%
May
98%
May
96
June
Jan
48 series
106% 106%
3,000
106%
June
107% 107%
35,000
106%
Apr
91%
26,000
13,000
78%
Mar
91%
July
82%
Mnr
93%
May
Jan
113%
Mar
Coke—
90
91%
B.__.._.._1981
D
1961
93%
93%
93%
43,000
111% 112
111%
4,000
70
71
57%
57%
18,000
105% 105%
7,000
"57%
105%
Coal 6s..
Pittsburgh Bteel 6s...
Pittsburgh
89
23%
$20%
"64%
Potomac Edison 5s
'mm
06
63%
mm mm
6,000
107% 108%
15,000
"37%
110
37%
37%
2,000
98%
98%
"22%
22%
22%
107%
E.
F
1961
Potrero Sug 7s stmpd.l
Power Corp(Can) 4 %sB
♦Prussian Electric 6s. .1
Public Service of N J—
20,000
90
89
138
6% perpetual certificates
140
2,000
1,000
series D..
1978
4Ms series E__
1980
1st & ref 4%s ser F.1981
110% 111m
$105
105
105
106m
105
$104% 105%
'104m 104% 104m
105% 105%
105%
4Ms series I—.....1960
Pub Serv of Oklahoma
103 m 103 m
4s series A
1966
Puget Sound P A L 5 Ms '49
1st & ret 5s ser C...1950
1st & ref 4Mb ser D.1950
73
75
Jan
109
♦
♦Caldas 7%s
Valley
Feb
♦Cauca
Feb
Feb
89
June
100
Jan
19
Jan
22
Apr
48
Jan
f
6
July
Apr
108 %
July
of dep.-.1846
dep.-----1941Cent Bk of German State A
♦Prov Banks 6s B..1951
♦6s series A
1952
Columbia (Republic of)—
♦6s ctfs of dep..July '61
♦6s ctfs of dep..Oct '61
Cundlamaka 6%s ctfs ol
Apr
108
Apr
June
65
Jan
98%
June
103
20%
Jan
25%
Apr
June
140
July
110
Apr
113
Feb
103 M
Apr
107
Mar
102M
Apr
105
July
101M
Apr
105%
May
i3~666
101%
Mar
104%
May
25,000
104
Apr
106%
Feb
130
70
71
67
8.000
*"l"666
dep.........-.---1958
1955
5B
1953
103%
June
1,000
98 %
Mar
92,000
60 %
Mar
75
May
6,000
36,000
59
Apr
72%
May
53
Jan
67
July
3,000
72 M
June
93 M
Jan
1,000
25 M
Feb
29 M
May
Ms.-1958
*22%
26%
108% 109
14m
14m
"7', 666
9,000
9M
1053i« 1053k
4,000
102 M
Jan
105% May
131m
2,000
128M
Feb
131%
108m 108%
24,000
108M
June
112
Feb
♦7s'ctfs of
24 m
24 %
3.000
24 M
July
28
Mar
♦7s ctfs of
26
26
1,000
21%
Jan
27
May
Jan
105*32
131
Joaquin L A P 6s B '52
1955
Sauda Falls 5s
"108 %
♦Saxon Pub Wks 6s... 1937
6s..1951
Scripp (E W) Co 5 Ms. 1943
Scullin Steel 3s
1951
Servel Inc 5s
..1948
Shawinigan W & P 4Mb '67
1st 4 Mb series B
1968
1st 4 M s series D
1970
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 5s. 1957
Southeast PAL 6s
2025
Sou Calif Edison Ltd—
Debenture 3 Ms
1945
Ref M 3%s.May 1 1960
Ref M 3Ms B.July 1 '60
1st A ref mtge 4s..-I960
Sou Counties Gas 4mb 1968
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
S'western Lt A Pow 5s 1957
So'west Pow A Lt 6s—2022
So'west Pub Serv 6s__1945
♦Schulte Real Est
~26 ""
101
101
51%
54%
+
101
54%
107 m
Mar
June
Apr
25
110M
15
Apr
♦Issue of May
104 M
♦Issue of Oct
Mar
May
July
18,000
96 M
Apr
10,000
38%
106 M
Apr
54%
Apr
107%
July
Jan
101 %
102
Mar
105%
May
♦7s ctfs of
♦Mtge Bk of
108
108
Mar
Mtge
♦Russian Govt 0
Apr
♦5%s
63 %
Jan
♦5%s
70
Mar
82%
July
♦Santa Fe 7s
71%
Mar
97%
July
♦Santiago 7s
46,000
38,000
8,000
101M
Apr
Apr
Apr
108%
July
Apr
110%
June
Apr
106%
Mar
"l"04%
104% 104%
102%
35M
47
102%
48
20.000
98
98 m
10,000
30,000
101% 102 m
♦6%s
166%
♦
56%
June
July
July
105%
65
93
Mar
Mar
M
83
Jan
52 %
52 %
54 %
24,000
40
Mar
55
52%
52%
55
42,000
38
Mar
55
54
54
54%
55
Jan
52%
54 m
39M
Mar
55
Jan
♦Certificates of deposit
54%
5,000
59,000
Mar
1951
11966
Standard Investg 5 Mb 1939
53 %
53 %
52 m
57
Mar
57
36 M
56%
July
75
75
76
7,000
54
Mar
Apr
52 M
52
54 %
54,000
36
Mar
53%
July
{Standard Pow A Lt 6sl957
♦Starrett Corp Inc 5s. 1950
Stinnes (Hugo) Corp—
29
28 m
29m
20,000
18%
Mar
31%
May
Debenture 6s. Dec
2d stamped
2d stamped
4s
4s
1940
1948
*50
52
76
Cash sales
e
6,000
July
Jan
24
July
20
Jan
24
July
July
July
6
20%
May
21
May
65
Apr
80%
6%
Apr
10
22%
Apr
27
Jan
25
Jan
28
Mar
%
Feb
11
9%
10
11%
Feb
76
Jan
May
16%
16%
10
Feb
3,000
98%
Apr
101%
99%
1,000
98
May
100%
Jan
44
1,000
39
June
21
16,000
59%
22%
Mar
Mar
20%
12,000
Mar
25
99% 100
Jan
23
Jan
25
July
Jan
22%
Mar
19
10
"9766
10
5,000
7%
3,000
9
Apr
July
9%
10
13%
18%
Jan
Feb
Jan
9%
May
10%
11
12,000
64
Feb
80%
June
5,000
21
Feb
23%
July
16%
80
Jan
23
12%"
Apr
17% June
23%
26
24
$22
17%
18
26
$22
99%
26
$9%
13
Jan
25
$22
$22
2,000
17%
26
10%
Apr
10%
Jan
Jan
Jan
Jan
Jan
%
Mar
%
Mar
1
Mar
65
%
%
%
%
12,000
%
*51%
102%
Mar
6
2766
Apr
7
%
$%
$%
$%
45
65
16
Mar
Feb
June
June
Jan
Jan
16%
11%
19
Jan
%
11 %
"2766
16
*16
Feb
96
1,000
99%
8
8
16
Jan
19%
23
$14
17%
19%
20
2,000
Jan
16%
July
Jan
52
39
Jan
53%
June
July
price.
receivership.
transacted during
included in year's range, n Under
Cash sales not Included in year s
No sales were
transacted during current week.
•'
the current week and not Included
v.
In weekly or
No sales.
p
Under-the-rule sales
transacted during the current
weekly or yearly range:
No sales.
z
In
Deferred delivery sales
week and not included in
1
transacted during the current
.
.
,
.
week and not Included
weekly or yearly range:
tsfo sales
Abbreviations
•cum
43
55
53 %
81%
yearly range:
July
56 m
67,000
55,000
37 M
53 m
Debenture 6s
May
68
$23%
traded flat.
Bonds being
{ Reported in
Jan
39
--
Feb
85
17%
6
a Deferred delivery sales not
included in year's range,
r
j8fridays*wd^an^asked
♦
Jan
{♦Stand Gas A Elec 6s 1935
♦Certificates of deposit
♦Convertible 6s.
.1935
No par value,
rule sales not
the
fa
Jan
98%
5,000
\
May
72
July
97
105%
14
27
27
23%
certificates...1919
1921
certificates...1921
July
102%
8,000
83
Apr
May
108%
Feb
-
100 M 100 %
81M
107
Apr
Apr
85
93
Feb
75
75
$22
1949
1961
106 %
103 M
Apr
96
0
9
stamped. 1945
~5~666
80%
12,000
*7
%s.—1919
105
108m
Mar
3,000
*8
78%
(State) 7s.-.1958
♦Rio de Janeiro 6%s.l959
105%
108
May
107
105%
9%
♦Parana
Mar
*109% 109%
108
21%
10
dep...1947
Bk of Denmark 5s '72
Mer
102%
Jan
June
25%
—
May
103% 103%
108m
108
June
105%
106
Jan
$20%
dep.—.1946
dep
..1947
♦7s
103%
May
55
June
Apr
93
Mar
32
25
1931
54
82 %
74%
20%
of Columbia—
102
97 m
July
20%
Chile 6S.1931
6s stamped
Mtge Bank
1,000
1,000
1,000
61,000
95 m
108%
44
1927
dep.Oct '47
14",000
82%
96
Mar
103
"6766
24
25%
*7%
'47
r4% 104%
104 m 104 m
1,000
June
99%
100
1927
♦7s ctfs of dep. May
104 m 104 m
57 m
57 m
"iC4M
102%
58%
$13%
♦6%s ctfs of
102
{♦St L Gas & Coke 6s.1947
^San Antonio P S 5s B 1958
21
Jan
100
Feb
96
25%
$13%
1952
♦German Con Munlc 7s '47
♦Secured 6s...
1947
♦Hanover (City) 7s...1939
♦Hanover (Prov) 6%s_1949
♦Lima (City) Peru 6%s '58
♦Maranhao 7s.
1958
♦MedelJln-7s series E.1951
♦6 %s ctfs of dep..-.1954
♦7s ctfs of dep.. ..-.1954
♦Mendoza 4s stamped.1951
Mtge Bk of Bogota 7s. 1947
29m
107
Mar
Apr
5,000
$26%
$26%
External 6%s
75
Safe Harbor Water 4mb '79
June
107%
17,000
24
$22%
23%
$9
7s ctfs of
74
♦Ruhr Housing 6
July
106%
18,000
97
96
25%
Apr
97
4,000
100% 101
82%
181%
81%
81%
$7%
♦7 %s ctfs
29 m
A
51
$69
$8%
$9%
1948
7s
79
Jan
14,000
35,000
68,000
10,000
93
105%
$70
1952
1947
ctfs of dep.'45
stamped
7s
♦7%s stamped
61
29%
7*666
Mar
June
12%
103%
106%
99%
45,000
18,000
108%
108
(5
108
105%
10,000
$20%
$11
♦Bogota 8s ctfs of dep. 1945
Buenos Aires (Province)-
Elec—
1952
Corp 6MS.1953
5 Ms series
San
75
66 m
"67"
Queens Boro Gas &
♦Ruhr Gas
A ctfs of dep.
ser
Apr
m ay
53
56,000
~
Jan
lumbia—
Danzig Port A Waterways
1956
1966
1st & ref 5s
4 Ms
(Dept
Danish 5%s
Pub Serv of Nor Illinois—
5s series C—.
♦6s ctfs of dep.. .Apr
Antioqula
June
65
104%
107
$108
4 Ms series
111
Feb
$22%
♦7s ser C ctfs of dep.
107%
4s series
Jan
84%
9%
9%
9%
9%
8%
8%
May
"106%
Peoples Gas L &
85
Apr
$6%
$6%
*5%
$5%
89%
102% 102%
_
90%
Apr
65
$6%
$6%
Mar
94%
Apr
75
1945
♦7s ser D ctfs of dep. 1945
♦7s 1st ser ctfs of dep. *57
♦7s 2d ser ctfs of dep.'57
♦7s 3d ser ctfs of dep.'57
♦Baden 7s
1951
74%
106
May
75
1945
1945
Jan
8,000
94%
86
25%
July
91%
98
May
Feb
10,000
$22%
$22%
May
77
34%
90
106
80%
21,000
'47
'48
of) Co¬
115
Mar
84%
23%
♦6s ctfs of dep...Aug
Apr
Mar
28
Penn Ohio Edison—
0s series A......
July
79
Feb
24766
23%
♦20-year 7s
J 947
♦7s ctfs otdep.Jan '47
55
89
"91%
"8l"%
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
♦7s ctfs of dep. Apr '46
113
89%
1971
May
Jan
64
municipalities—
and
1,000
45,000
mmmmmm*
107%
53%
government
32,000
'
83%
1st 5s.__-._—.....
5s series D
Jan
1,000
31
96%
1937
1947
Co 5s
July
75
106% 106%
106% 106%
1966
Stamped 5s
foreign
July
103%
15,000
31
Penn Electric 4s F
July
May
93%
$114% 117
74%
77
93%
5s..
5s..1955
Pacific Ltg & Pow
82
115% 115%
115%
1941
1st 6s series B
Jan
♦York Rys
May
Jan
106%
102%
(6%
Apr
22,000
July
107
Feb
103%
82%
81.
105
105
Yadkin River Power 5s '41
103%
96
July
80
85
89%
84%
91%
45%
Wheeling Elec Co 6s..l94i
Wise-Minn Lt A Pow 5s '44
Pacific Gas & Elec Co—
Pacific Invest 5s ser A.
West Newspaper Un 6s
86%
83
$101% 103%
'40
50
104%
6,000
9,000
12,000
1107 % 110
105%
105
101% 101%
93
'44
West United G A E 5%s'55
103%
64%
25%
23%
106% 106%
768%
West Texas Utll 5s A 1957
July
93%
$80
Pacific Coast Power 5s
West Penn Traction 5s '60
June
8,000
102% 102%
94
•
96%
Okla Power & Water f
July
47%
108%
3,000
107% 107%
5s conv debs
89
Apr
20,000
46,000
104% 105%
OklaNat Gas 4 Ms
Apr
80%
105% 105%
1st & ret 4%s ser D.1956
105%
Mar
"10,066
93%
1957
N'western Pub Serv 5s
2~7~666
94%
80
86%
24%
West Penn Elec 5s...2030
102
July
Apr
Feb
Feb
57%
80
1951
93
23,000
Mar
79%
83%
70
13,000
98%
97%
1970
series E
June
28
Mar
24,000
79
+80 %
84
30
10,000
27%
Jan
56
24
81
80%
76
"89%
Wash Water Cower 5s 1960
105%
Feb
23
7,000
79
1954
Income deb
♦5s
Jan
2,000
Apr
106% 106%
80
Wash Gas A Light 53.1958
Jan
16,000
July
62
52
Waldorf-Astoria Hotel—
53%
38,000
47%
108% 108%
.
4 Ms
89
47%
108%
6s-.1952
Northern Indiana P S—
5s series C.........1966
No Indiana G & E
Jan
108%
112%
88%
115
Mar
112%
40
28%
79%
1946
6s_
Apr
"~47%
16"
1944
A..1946
4%s
Jan
7,000
5%s series A.......1956
Jan
<Apr
1,000
1973
Va Pub Serv 5%s
Feb
45
2^000
47
6,000
$80
Utah Pow A Lt 6s A..2022
Mar
84
No Amer Lt & PowerNor Cont'l Utll 5Ms.. 1948
.
6%s...
July
100%
3,000
....
65%
Mar
8,000
t26 %
1st ref 5s series B...1950
55
Mar
60
60
1956
f 6s
s
6s series A
93
70
44
30
44
42%
*26%
July
55
115
Feb
61
26,000
114% 115
44
1949
1945
July
89%
55
61
Feb
86
$113%
1954
Debenture 5s
July
105% 106%
60%
65%
106
58%
104% 104%
Nippon El Pow 6%s._1953
Jan
Mar
Mar
94%
108%
57%
Mar
107
July
79%
74
95%
N Y & Westch'r Ltg 4s 2004
105%
80
70
107
NY State E&G 4%s 1980
Jan
36,000
82%
80
10,000
68
80%
82%
77
34,000
70
Jan
Apr
96
79
New York Penn <fe Ohio—
♦Ext 4%s stamped. 1950
N Y P & L Corp 1st 4%s'67
99%
1962
♦1st
May
2,000
Mar
96
96
Apr
39%
99%
90%
75%
103% 104
104
80
105
81
May
.1974
5%s
1959
Un Lt ARys (Del) 5%s '52
United Lt A Rys (Me)—
6s series A
1952
Feb
80
104%
.1975
89%
$97
1950
Mar
United Lt A Pow 6s.
86
80
stamped
N Y Central Elec 5 Ms
Jan
94
"94%
Feb
40
16,000
100%
Feb
102
93
91%
Mar
57%
20,000
63,000
10,000
92
May
82%
♦United Industrial 6%s '41
88%
92
96
48%
58,000
34,000
1,000
2,000
City Rap Tr 5%s '52
United El Serv 7s
Jan
New Orleans Pub Serv—
5s
57%
95%
Conv 68 4th stamp. 1950
85
85%
89%
94% 135,000
15,000
60
Leonard
see
United Elec N J 4s
Jan
Mar
40
46,000
May
Ulen Co—
July
118
(L)
Twin
83%
Apr
Jan
Jan
Feb
91%
2022
A
Toledo Edison 5s
93%
Apr
69
115%
series
TIetz
d Jan
40
18,666
106%
92%
Apr
Feb
Feb
Apr
106%
105% 105%
Tide Water Power 5s__1979
Feb
5%
62%
58%
79,000
5,000
■"mm
July
98%
June
6s
May
—
10,000
55%
54
104%
1954
Debenture 5%s
«+#■
~
55
New Eng Power
New
-
106%
65%
58
Texas Power A Lt 5s..1956
95
m
-
Nevada-Calif Elec 5s. 1956
N IS Gas & El Assn 5s
■
$109% 110%
*
1%
81%
40
80%
m
Nebraska Power 4%s.l981
0s series A
86%
87
80%
40
m mm
mm
m
{♦Nat Pub Serv 5s ctfs 1978
80
Apr
12,000
94%
Terni Hydro-El 6%s._ 1953
Texas Elec Service 5s. 1960
Apr
12,000
10,000
98%
3
104
103%
87
Tenn Public Service 5s 1970
Apr
110%
70%
Montana Dakota Power—
♦Munson S3 0%s ctfs.1937
4,000
5,000
85%
106
105%
Tennessee Elec Pow 5s 1956
89
Mar
70
12,000
9,000
High
Low
Shares
87
68
1970
81
61%
109
13,000
109% 110
68%
69%
Super Power of IU 4%s
83
94,000
17,000
96%
103% 103%
76%
77
84%
85%
1. 1938
Range Since Jan.
for
Week
of Prices
High
Low
Prtte
High
Low
Week's Ranoe
Sale
(Concluded)
Week
Shares
Last
BONDS
TO 00
•H
Range Since Jan. 1,
for
Range
Sales
Friday)
Sales
Friday
BONDS
<
251
Exchange—Concluded—Page 6
New York Curb
147
"v t
"
«
Above—"cod," certificates of deposit; "cons," consolidated;
convertible; "m," mortgage; *n-v, non-voting stock,
trust certificates; "w i," when issued; "w w." with warrants
x-w.
Used
cumulative: "conv,"
c," voting
without warrants
252
Financial Chronicle
July 9,
1938
Other Stock Exchanges
New York
Real
Estate Securities
Exchange
Closing bid and asked quotations, Friday,
July 8
Unlisted Bonds
B'way
38th
St
Bid
Ask
Unlisted Bonds
Bldg—
7s
Park Place
75
24
•
11
33
mmm
West 42d St 6%s_.1945
Internat Commerce Bldg—
6%s
r
'':4*
Income 5s
1952 v t c
10 East 40th St Bldg 5sl953
77
250 W 39tb St Bldgs 6s '37
9
m m
•
•
6
m
Paaf H.Davis & @o
mm
m
mm
■
Members
Chicago Stock Exchange
Chicago Board of Trade
•
''
mm
SECURITIES
Listed, and Unlisted
Ask
Dodge Corp—
>
1945
Bryant Park Bldg 0%sl946
CHICAGO
Bid
,.
m
New York Stock
Exchange
New York Curb
(Associate)
4
10 So. La Salle
Baltimore Stock
July 2
to
July 8, both inclusive, compiled from official sales
lists
Friday
Week's Range
Sale
Stocks—
Arundel
Par
Corp
Bait Transit Co
1st pref vtc
Black & Decker
Low
17 7A
2X
X
IX
*
6% preferred
-.100
Eastern Sugar Assoc—
Preferred
;.
I
Fidelity & Deposit
20
Finance Co of Am A com.5
100 x
Houston Oil pref
%
98
1,459
X
%
Apr
2%
17%
72
1
—
North Amer Oil com
17%
72
July
112%
Apr
116
June
Jan
275
11
Mar
18%
228
75%
Mar
104%
Jan
68
9%
May
9%
Feb
1,275
2%
300
1%
1%
May
24%
50
22%
June
1,215
13
13
155
100
21
11%
366
IX
IX
IX
6,987
X
X
100
1
Owings Mills Distillery. _.l
Penna Water &. Pow com.*
Phil lips Packing Co com. *
68
69
4
_
3
Jan
2%
Jan
25
Mar
June
11%
Jan
June
1
16%
25%
Jan
Apr
1%
Jan
Jan
•is
Mar
69%
Apr
75
July
Jan
May
4
50
14%
3
35
July
37
15%
Jan
2,278
8%
Bonds—
18
17%
18%
21
20
21
Finance Co of Arner 4% '42
100% 100%
Boston Stock
July 2
to
89,500
4,300
15
Mai-
23%
27
I'ar
Price
100%
July
Exchange
Week's
Range
of Prices
Low
High
50
1%
141%
Range Since Jan. 1. 1938
Week
Shares
..100
Associated G & E class AI
Boston & Albany
100
"78*"
Boston Edison Co
100
Boston Elevated..
100
Boston Herald Traveler..*
Boston «fe Maine—
Prior pref
123
1%
1%
140% 143%
1%
IX
77
Low
High
1%
Mar
2,103
110%
Mar
149%
Jan
5
78%
%
June
1%
108%
Apr
626
60
Mar
475
108
Apr
286
48%
130
Berghoff Brewing Co
1
Blnks Mfg Co cap
1
Bliss & Laughlln Inc com.5
(New)
Jan
12
Jan
Mar
4%
July
97
1
Mar
3%
July
80
1 %
June
4%
Jan
4
30
1%
June
4%
4
4 %
5 %
100
July
5%
10%
July
1,100
2%
8%
June
10 X
Apr
Jan
25
12%
25
75
Jan
10%
Jan
25
25
July
9%
864
5%
7 X
962
4%
8
Mar
May
•
7%
Jan
.__*
2%
4%% prior preferred 100
6% preferred
100
East Mass St Ry—
1st pref..100
X
126
43
3
40
Jan
43
100
23
June
20%
52
17%
20 X
244
June
30%
25
25
25
Adjustment
100
Eastern SS Lines corn....*
2V»
3%
'*3%
Employers Group
*
General Capital Corp....*
18
30%
..... _
.
30 X
296
4%
6%
Class B.
*
60c
150
27c
20c
...1
X
Isle Royal
Copper Co... 15
Maine Cent 5% cum
pf 100
Mass Utilities Assoc
2A
"2 A
25
1
com tc
4 %
YNH&HRR
2%
2.50
65c
Colony RR.......100
Ctfsofdep..
Pacific Mills Co
*
16%
50
Suburban El Sec 2nd
pfd.*
Torrlngton Co (The)
*
Union Cop Ld &
Mining.25
Union Twist Drill
Co....5
50c
3%
Feb
1%
Mar
900
18%
Mar
3%
Jan
5%
5c
54
2X
440
97
2
99
515
2%
746
53c
65c
4,375
3%
163
3%
5c
1%
81
22%
Jan
31%
4,400
16%
Mar
31%
July
6%
7%
11%
3%
8%
4,150
22%
425
24
300
14
55
56
100
41%
10
8%
%
7
1%
Utah Metal & Tunnel
Co. 1
Vermont & Mass Ry Co 100
Waldorf System
*
Warren Brothers
....
4%
1,605
95
150
27%
7,600
22
Mar
28
400
12
May
25
IX
26 %
Compressed Ind Gases cap*
Consolidated Biscuit com.l
17X
5X
Consumers Co—
t c pref part shares
v t c
.50
.
B
Continental Steel com
Cudahy Packing pref..
*
100
Mar
40%
Jan
Apr
27
Jan
100
5%
15c
20
20
20
15
71
77
649
50
40
98c
40
15
94c
99c
915
65 X
65X
7H
3 H
25
7X
3%
3%
105
230
38%
55c
56%
5%
1%
Jan
Series D 6s
For footnotes
1948
see
page 255.
64
64
70%^ 70%
82,000
50
com. 10
Heileman Brew Co G
cap.l
Hein Werner Motor
Parts 3
Houdaille-Hershey
Mar
Jan
Jan
55
Mar
Apr
65
75
M ay
Jan
5%
Feb
9
May
July
%
Feb
1%
Apr
July
17%
5
10
Mai
15%
July
July
'
20
48
May
15%
550
10%
300
21
50
70
Feb
11%
Apr
15%
Jan
5%
Mar
10%
Jan
21%
Feb
20
Jan
19
July
21
Jan
May
34
Jan
250
13
May
Jan
150
Jan
Feb
Mar
300
7%
10%
16%
14%
Mar
21
3%
1,250
2%
Mar
21%
250
15
Mar
5%
9%
100
5
Mar
12%
12%
20
21
3X
21
3%
21
5%
9%
2X
.....
2%
14%
2%
14%
2%
3
1%
1%
200
8
100
Mar
1%
1,200
Mar
2%
3,600
%
"l7 X
30
32
Jan
16%
400
13
June
8%
500
6
Mar
8
17%
18
8%
7%
9
6%
7
5%
8
7%
7%
1,000
110
11%
June
2%
Jan
12%
16
4%
Mar
2%
35
23%
8%
18
5
Mar
5%
5%
Mar
9%
8%
550
Jan
7%
300
4
Mar
5%
8%
Mar
12
Mar
11%
%
June
80
50
1
Mar
May
35
15%
8%
~
1,113
Jan
Jan
6%
June
35
16
24
Mar
10
405
4%
7%
Jan
Jan
Jan
July
Jan
Jan
June
June
June
Apr
July
July
June
1
350
7
7
8
800
5
Mar
108
108
10
100
Mar
108
23
Jan
200
14%
Mar
29
Jan
3%
10%
June
15%
Mar
"l4X
%
22%
4
4%
550
16%
23%
1,550
22%
40
.1
100
Kingsbury Brewing cap__l
10
Libby McNeill & Libby..*
Lincoln Printing com
*
S3 X preferred
*
49
4
Mar
29
Jarvls (W B) Co
cap
1
Jefferson Electric Co com. *
Joslyn Mfg <fc Sply com
5
Le Roi Co com
3%
108
Ken-Rad Tube&Lp com A*
Kentucky Utll Jr cum pf 50
8%
4%
June
100
May
Mar
May
1%
150
22 X
6% cumul pref.
10%
Jan
..10
Katz
Jan
June
1%
14%
11
Kellogg Switchboard com.*
Jan
Jan
Jan
200
12
Jan
1%
1%
12%
150
40
14%
Feb
43
Mar
Mar
7%
260
10%
Feb
103
Feb
June
1,300
11
25c
Jan
34
69%
1%
11
.11
%
1,450
11
20%
77%
Mar
150
*
Mar
June
Jan
com. 5
cl B
com
Mar
38%
15
Indep Pneu Tool v t c
*
Indiana Steel Prod com._l
Drug Co
25%
1,150
21
10
Apr
Mar
Bonds—
Eastern Mass St Ry—.
Series A 4%s
1948
*
1,300
31%
*
com
com
Mar
July
15c
Great Lakes D & D
Feb
June
19
IX
*
X
2%
31%
14%
A *
Goldblatt Bros Inc com
Gossard Co (H W) com
Feb
Mar
15"
com .5
Common
Godchaux Sugars Inc cl
Jan
17
15c
(Peter) Brewing
Fuller Mfg Co com
1
Gardner Denver Co com..*
Gen Finance
Corp com
1
Gen Household Utll—
Jan
X
1%
19
cap 10
fl.lnois Brick Co
111 North Utll
pref
36
76
Elec Household Utll
cap.5
Elgin Nat Watch
..15
FourWhl Drive Auto
9%
21
Dodge Mfg Corp com
_*
Eddy Paper Corp (The)..*
July
100
2,186
9X
21
*
.___*
9
12% June
17%
15%
64
14%
com. *
Common
5%
63
Dr Stores 2X
Dayton Rubber Mfg
19
6%
1%
14%
15%
*
CohtainerCorpof Am com 20
17%
24%
345
11%
July
Mar
26%
17%
5%
HubbelL Harvey Inc
Hupp Motors com
24%
5%
1%
21%
200
Jan
36
Apr
950
May
24 X
Jan
Mar
Mar
10%
1%
10
60c
May
2%
12
50
Jan
97
33%
10%
1%
com
3%
8
50
100
Jan
July
2%
Apr
June
8
Jan
36
780
5%
Mar
90
25%
613
Harnischfeger Corp
24 %
10
1
40
31
1%
11%
Jan
36
9%
9%
4,350
93
June
%
7
.
1%
May
June
Mar
May
31
Jan
57%
10
Jan
1%
%
3%
Jan
25
Apr
Mar
69%
Hall Printing Co
Jan
July
33
Jan
Mar
22%
67%
5
May
July
Mar
800
79c
9%
13%
Mar
50
93
Mar
July
5%
8%
300
31
5%
8
11%
7,000
Jan
4%
10%
11%
"io %
United Shoe Mach
Corp.25
Preferred
25
150
17%
Jan
May
May
X
Apr
1
2%
5%
2%
Jan
2%
2%
5%
6
50
%
7
2
600
1,950
X
Mar
30c
1,432
Feb
Jan
6%
Mar
2%
32%
June
17
17%
15c
2%
102
May
Mar
32 X
1
76
22 X
Jan
Mar
July
Mar
July
12%
"2X
2
40c
3
June
Jan
5%
4
1,900
Jan
Jan
15%
8%
28%
55%
Club Aluminum Uten Co.*
Commonwealth Edison—
New capital
..25
Fox
13
13
Mar
common..*
Preferred
37c
2
16%
July
July
60
738
25
Jan
22
4%
21 %
•
*
*
Apr
June
4%
22%
July
Mar
IX
25
Hhawmut Assn T C
Stone <& Webster
2%
12
40c
.25
Pennsylvania RR.
Qunlcy Mining Co..
20
2%
Old
Old DominionCo
17
%
Jan
Feb
60c
2%
25
2 %
98
100
North Butte
2%
1
Natl Tunnel & Mines
Co.*
New England Tel <fc
Tel 100
N
1,525
Jan
7%
5c
Mergenthaler Linotype..*
Narragansett Racing Asa'n
National Ser
100
3X
17
vto.l
Inc.*..
X
2X
July
11
Mar
June
*
Chicago Corp
Dixie-Vortex Co cl A..
30%
8
6%
8%
15
Jan
June
23%
135
8%
300
16%
July
Mar
Jan
15
May
20
Jan
10%
16%
3%
Apr
2%
June
ie%
2%
28
Mar
7%
250
22
Cherry Burreill Corp com .5
Chi City & Con Rys pt com*
Cunningham
1%
250
1,000
"hx
1
.......
Jan
Apr
May
5
6%
7%
7%
Jan
2,900
July
5
*
...
Apr
120
60c
*
2%
3%
10
Cumul class A pref...35
De Mets Inc
pref—...._.*
Apr
50
600
18%
June
13%
1%
2%
15%
2X
3 X
18
Hathaway Bakeries—
Oil Co t c
25
1 %
5
Gilchrist Co
Gillette safety Razor
Helvetia
2
X
Mar
8%
May
11%
2
1
Jan
21
10%
Prior lien pref
*
Preferred
*
Central States P & L pfd..*
Chain Belt Co com......*
v
1,500
1,250
1
Com part shs
X
6%
6%
East Gas & Fuel Assn—
1025
Mar
8%
7
..30
Convertible pref..
Central S W—
Jan
27
6,750
1
pref
Jan
200
12
7
1
5
com
July
1%
4%
29X
Castle & Co. (A M) com. 10
Cent 111 Pub Serv pref
*
Central 111 Sec—
(New)
Mar
23
.5
Common
Bruce Co (ET)
conv
Mar
%
33
Brown Fence & Wire-
5%
3%
550
Corp—
common
Apr
3,700
Jan
Jan
Mar
20
'16 A
20%
10%
Class D 1st pref std. .100
Boston Personal Prop TV. *
Boston & Providence...100
1%
15%
5
May
Mar
Mar
292
45
6
10%
8
67%
5%
1%
.
50
4%
9%
56%
6%
1%
36%
1%
11%
Chic Flexible Shaft com..5
13%
4%
June
9%
13%
9 %
Chic & Northw Ry com
100
Chic Yellow Cab Co
Inc..*
Cities Service Co—
35
4
Mar
6
31
JaD
430
3%
2
aO
5%
15
July
15%
3
250
1
68%
ii x
4
3%
8%
56%
55
5%
Jan
m
Class B 1st pref (stpd) 100
Class C 1st pref std._ 100
Common
Apr
15%
11
Class A 1st pre!
(stpd)100
Class A 1st pref
.100
Copper Range.
1
50
49 X
100
Calumet & Hecla
230
130
123
Mai
7%
3%
Belden Mfg Co com
10
Bendlx Aviation com..-.5
Common.
A mcr Pneumatic Serv—
6 % non-cum pref;
Auier Tel <fc Tel..
July
10%
8
Common
for
49%
Jan
Mar
2X
Sales
Sale
Stocks-
Apr
4%
8%
55
Barlow&Seelig Mfg A com 5
Bastlan-Blesslng Co com.*
Warner
36%
7%
Jan
July 8, both inclusive, compiled from
official sales lists
Last
High
40
1%
Borg
400
350
2
Jan
Mar
Feb
Low
6%
IX
Butler Brothers
15%
96%
81,000
Friday
10
6%
Aviation & Trans C cap.l
Burd Piston Ring com
Bait Transit 4s flat-.-1975
A 5s flat.
1975
Range Since Jan. 1, 1938
Shares
49%
*
com
33"
Jan
Mar
35
13%
48
Asbestos Mfg Co com
J
Associates Invest Co com. *
Automatic Product's com.5
Jan
%
100
35
14X
July
Mar
7%
65
4
17%
Mar
10
24
mm
*
Seaboard Comm'l pref-.25
U S Fidelity & Guar
2
Mar
11%
for
Week
High
10
American Pub Serv pref 100
Armour <fc Co common...5
10%
m
48 X
Advanced Alum Castings.5
Allied Products com
10
Jan
Adams Oil & Gas
24
00
Common (new)
*
Adams (J D) Mfg com—*
Mar
10X
mm
Apr
Mar
2X
Casualty 5
2%
9%
9%
2X
Low
Abbott Laboratories—
55%
23%
2X
Jan
30
16 X
Price
1
Mar
17%
2 X
::
Par
of Prices
July
88
99% 101
16 %
19%
101
115X 116 X
17 X
MonWPenn P 87% pref.25
New Amsterdam
Mar
9%
1
Common class A...
Stocks-
12%
14
100
Martin (Glenn L) Co com. 1
Merch <fe Miners Transp.. *
19X
Sales
Week's Range
Sale
High
16X
il5X
Friday
Last
Low
805
......
Consol Gas E L & Pow...*
Mar Tex Oil
Shares
68
*
July 8, both inclusive, compiled from official sales lists
to
Range Since Jan. 1, 1938
Week
High
19 X
t c. *
com
for
of Prices
Price
*
com v
Chicago Stock Exchange
July 2
Sales
Last
St., CHICAGO
Exchange
May
Lion Oil Ref Co com
May
Loudon Packing com....*
*
4%
8
9X
8
June
2
8%
7
Jan
Jan
Jan
50
35
May
18%
23%
40%
4%
100
3
Mar
8%
Jan
950
5%
6%
5%
Mar
8%
July
150
Jan
July
Jan
10
100
Mar
12
25%
26%
170
20
Mar
60
63
28%
20
53
1
Apr
1
400
%
Feb
8%
7%
8%
150
6%
7%
May
10
7%
3%
27%
7%
900
6
Mar
9
3%
27%
700
Apr
4
Jan
30
24%
Mar
23
30
24
Jan
200
16%
Mar
25
Jan
100
1%
Apr
"63"
1
3 X
23
9%
2
2
2
63
1%
2%
Jan
Jan
July
Mar
Feb
Jan
Jan
Volume
Sales
Friday
Last
Week's
Sale
Stocks (Concluded)
of Prices
Low
High
Price
Par
Manhatt-Dearborn com..*
253
Chronicle
Financial
147
%
Range
Ohio Listed and Unlisted Securities
High
Low
450
%
%
938
Range Since Jan. 1,
tor
Week
Shares
Jan
1%
Mar
%
Members Cleveland Stock Exchange
July
*
11%
8,900
5%
Mar
12
McCord Rad & Mfg A„_*
8%
8%
8%
30
5%
Mar
14%
Jan
Mer & Mfrs Sec cl A com.l
4%
4%
4%
1,800
2%
Mar
4%
Jan
4
3%
4%
4,350
1%
Mar
4%
July
7%
7
7%
15,350
4%
Mar
7%
July
1%
15,850
H
Mar
2
Marshall Field
com
12
11
MIckelberry's Food Prod—
Common
1
Middle West Corp cap...5
Stock purchase warrants
%
%
G ILL II
Jan
Common
*
Conv preferred A
Midland Utll—
%
4
2,150
100
1%
1%
100
1%
Jan
3
%
%
Jan
Feb
440
5%
%
%
5
»
5%
July
Feb
2
60
1
1%
120
1
100
%
%
20
%
Apr
1%
Mar
7% class A pref
100
%
%
180
%
May
1%
Jan
7 % prior lien
_
_
Cleveland Stock Exchange
Jan
July 2
to
20
154% 154%
Montgomery Ward cl A-.*
35
June
41 %
126
Apr
154%
July
7%
8%
550
7
24%
100
20
Mar
7%
1.-0
4
Sale
far
Mar
1
600
%
June
7
Nat Inv Tr Conv pf(stpd) *
1
National Standard
100
13%
Apr
23%
%
50
%
Mar
%
Parker Pen Co
com
850
5
Mar
8%
Jan
200
8%
Mar
14%
July
36
28
36
110
18%
Apr
36
July
17
15
17
840
8%
Mar
19% May
1
22
Process Corp corn
Quaker Oats Co common.*
May
1%
200
%
Mar
1%
101
450
85
Mar
101
July
145
50
129
Mar
145
June
.
7%
Mar
13
July
99
1%
700
%
Mar
1%
50
18%
July
20%
100
15%
Mar
9%
400
6%
May
13%
888
47%
Mar
69%
4%
450
2
Mar
5%
20
June
28%
12%
16%
17
16%
12
_
Sou Bend Lathe Wks cap.5
17
200
.
Convertible pref
v
»
*
Jan
65
Jan
74
7%
2%
Mar
4%
100
400
700
4%
25
18%
17%
18%
1,900
Thompson (J R) corn...25
Trane Co (The) common.2
4%
4%
4%
S
15
Mar
25
Mar
3%
18%
5%
17
550
14%
81 %
99
63%
Mar
89%
55
77%
June
2%
2%
2%
2,850
%
—
%
%
%
300
%
Jan
1%
1,200
10%
10%
250
76
76
17
10%
*.
-
^
+
Industries com..2
W--,1
*
Mar
1%
12%
—-
.
73%
Mar
79%
"20"
Jan
500
3%
May-
5%
4%
250
2 %
Mar
5%
Jan
2%
100
1 %
May
2%
July
25%
25,550
9%
May
25%
July
S2,000
109%
July
110
110
"
July
Telephone.
Main
Week's
Range
——1
1
Baldwin Rubber com —1
Bower Roller..
.—-■» 5
Allen Electric com
—
Auto City Brew coin.....
*
Burroughs Add Mach—
*
Burry Biscuit com — ..12%
—
*
Corp com——5
_..
.
.
-
— —
.
Cln Telephone
-
—
Cin Union Stock
High
Yard
official sales lists
Range Since Jan. 1, 1938
for
Feb
—
Gar Wood
Ind com
.—10
.1
1
*
A.,*
Paige com
Home Dairy class
— —
ar
Jan
Hoover Ball
Jan
3%
Feb
Houdaille-Hershey B._
5
Feb
5%
May
30
106
18%
May
31
Mar
Jan
155
75
10
10
Apr
13
225
6
Mar
82%
84
13
13
10%
16%
July
Jan
10%
July
11
6
Mar
7%
Jan
11
12
90
7%
Mar
12%
Jan
26%
26%
10
20
Apr
26%
July
26
------
26%
60
22%
Apr
6%
6%
Kindston Prod com
Kirisel Drug com
—1
. .. — 1
S) com
10
Lakey Fdy & M aeh com.. 1
Mahon (R C) A pref..---*
Masco Screw Prod corn.... 1
Kresge (S
—.
—
——
16%
*
Jan
1%
Mid-West Abrasive
Mar
52%
July
June
16
Jan
5
June
26
June
10%
May
Parke Davis com
%
51%
437
13
13
13
200
2%
1
39%
10
*26
25%
26
112
21%
Jan
-10
19
9%
10
55
7%
Mar
For footnotes see page
255
Jan
1%
%
Mar
0%
Mar
21 %
4%
Jan
Jan
Jan
181
12%
26%
1,894
13%
Mar
26
Jan
18%
600
15%
June
20%
jan
2%
2,250
1% June
3%
Jan
1%
2,000
1%
July
9
July
1%
100
0
62%
14%
1% '
68%
15
1%
1
May
7%
June
May
July
Feb
70c
May
1%
June
June
36
Mar
315
13
1.200
96
645
1
8s
77
2
1,300
1%
Jan
68%
15%
7,725
07
1%
97
1%
Jan
Mai
108
Jan
1%
Mar
2
Jan
1%
1%
2%
1,715
Jan
2,025
May
June
3%
3%
3%
15%
1,815
9
Mar
15%
Jan
July
July
508
6
Mar
11%
4
4
290
2%
Mar
4%
Jan
1%
1%
350
1
Mar
1 %
Apr
7%
8%
250
5%
Mai
10%
Jan
6%
6%
3,270
Mar
June
7%
4%
Jan
Jan
Mar
39%
July
Jan
2%
38%
2%
100
4 %
2
37%
39%
7,038
25%
1%
"7%
3%
2,340
1
1%
4,695
2%
3
3
3
7%
7%
9
0
2%
May
VOc
June
3%
1
%
Mar
3%
Jan
50
7%
June
7%
June
100
6%
Mar
10%
12%
2,090
6
Mar
7%
8%
5,005
5%
Mar
60c
56c
65c
2,470
37c
Apr
2%
2%
950
1%
Mar
880
12%
Jan
12% July
!>% ^Jan
%
Jan
3%
Mar
%
Jan
Mar
18%
June
1%
Mar
3%
Jan
Mar
19%
June
I %
July
Jan
Jan
60c
65c
18%
18%
2%
2%
10%
10%
30
1%
1%
2,860
80c
81c
60c
Mar
1 %
731
400
Jan
40c
15%
60c
18%
1%
Jan
2
600
8%
17
81c
100
30c
34c
2,950
%
Mar
55c
Apr
HOC
34c
Micromatic Hone
Jan
June
%
50%
*
Mar
Jan
1 %
%
7
12%
1*18
35c June
400
2,0o3
20%
9
65%
July
9%
17%
8
551
•50%
—
26%
Apr
Mar
50
17%
40
—
McClanahan Ref com
*
1
— .1
500
54c
81c
200
69c
Mar
1%.
Jan
%
Jan
Feb
...
— *
com...1
com50e
Motor Products com. — i. *
M otor Wh eel com — — —. 5
M urray Corp com
10
Packard Motor Car com.. *
25
8
8
16%
McClanahari Oil com.
1, 1938
High
Low
7%
2%
—
Car com — *
Hurd Lock & Mfg com—1
McAleer Mfg com
...
1%
Shares
25
18
& Bear com .10
Hudson Motor
official sales lists
Range Since Jan.
for
20%
25~
Jan
84
2 50
Card
~~7%
3
1
General Motors com.
3
M
& HAYES
7%
11%
15
100%
—
U S Playing
51c
10%
5
105%
Kroger...
Randa 11 A
1%
11%
20
Jan
*
P & G
1%
"l%
45
Apr
....
Magna vox
H igh
*
5%
June
.
Jan
Week
of Prices
14%
3
94
^
July
Exchange
14%
17
90
_
8
20
Chicago Stock Exchange
Range
1%
3
70
*
Wnrlltzer.
Mar
167
_
Mar
J" tie
DETROIT
3
5%
18%
3%
97%
-
Kahn com...
B
5
99%
„
5
15
New York Curb Associate
2%
Graham
98%
*
5
41
8
10%
1%
Goebei Brewing com
High
Low
shares
95
Eagle-Plcher Lead—— ..10
*
Farley & Daniel
Gibson Art
July
3%
General Finance com. --—
98%
„
Crystal Tissue
July
5%
Truck com
*
Frankenmuth Brew com.. 1
Fruehauf Trailer — —.. — J
4884
97
—
Jan
13%
Mar
2%
5
25%
*
Crosley Radio
July
32%
Mar
Low
"l%
-
_
.100
•
Jan
4%
Apr
3%
s
5%
-50
36%
Mar
0%
com.1
Prod com.—-1
Ex-Cell-O Aircraft com —3
.100
Preferred
Cin Gas & Elect pref.
Mar
2
12
10
—
—10
..100
17
......
*
Champ Paper & Fibre.
Price
—
5
*
30
30
Sules
~ -
.
IJrigfs Mfg com.,
Hall Lamp com
7
July
624
Det Paper
Week
of Prices
Low
20
July
6%
5%
Det-Mlcb Stove
Sales
Frtaay
*
Jan
11%
13
13%
Week's
Sale
Par
Stocks—
Det Gray Iron com
CINCINNATI, O.
July 2 to July 8, both inclusive, compiled from
Sale
.Apr
Jan
33
45
inclusive, compiled from
Det & Cleve Nav com.
Cincinnati Stock Exchange
Lust
858
4%
(
Last
Fed Motor
—
36
Exchange
Federal Mogul com.
Price
8%
Friday
Detroit Edison com
BUILDING
Par
4
110
20
15
15
Consolidated Paper com. 10
New York Stock Exchange
Cincinnati Stock Exchange
TERMINAL
Mar
660
0%
20
May
0%
300
10
June
20
13
Detroit Stock
Chrysler
Listed and Unlisted Securities
Members
prior pref..
20
—
W. D. GRADISON &CO.
Ldry Macli
380
8
Consum Stl
Part pref..-
3%
20%
Feb
12%
*
Feb
5%
109%
Cincinnati
Amer Prod
3%
June
5%
Brown McClaren
Amer
Jan
1%
June
33 %
:
—
Capital City Prod corn.
Aluminum Industries.
4%
13
—
Jan
10
■■■
Stocks—
8%
Mar
4
Jan
"
DIXIE
3%
Mar
2 %
36
July
20%
1
Bonds—
Common w Edis 3% 8—1958
Mai-
5%
Telephone: Randolph 5530
18%
22%
Apr
2%
6
——
Jan
4%
-
—.5
Zenith Radio Corp com..*
July
200
Buhl Building
5
„
.
-
Mar
20%
129
Detroit Stock Exchange
2%
WiscoasinBankshares com*
18
Mar
200
10
-.5
—
New York Stock
13% June
9% June
300
17%
1%
*
„
June
13
8%
3%
13
July 2 to July 8, both
-
Jan
16
3
...
_.
_
81% July
89% June
2% June
% June
Mar
Utility & Ind. Corp com..5
*
4
June
17
Feb
16
88%
Wieboldt Stores Inc com.. *
Apr
3%
3%
3
8% (Turn pref....L... 100
M A Corp..
Jan
79%
17
2
July
Members
June
S Gypsum Co corn.20
Utah Radio Products com *
*
14
60
17%
20
Jan
27%
U
Walgreen Co common
Jan
Jan
W ATLING, LERCHEN
Jan
5%
13
Apr
Mar
Union Carb & Carbon cap *
Wahl Co com
Jan
8
29
Bros.—
—
6%
8%
3 %
*
.
Mar
3%
,
3
Brick.
_
Jan
18%
Mar
130
17
20
July
14
Mar
7%
22%
300
cap
"\iy<
20
June
50
2%
2%
1
Jan
June
13
105
14
13
Corp..—.—.*
3
Richman
Jan
3%
Mar
250
14
1%
10%
Yafes-Amer Mach
.....
*
Electric
44%
12%
100
5%
5 Hi
May
550
2%
27%
Woodall
340
June
72
9%
—
27
50
15
'l5"~
July
101%
58
26%
Cumul prior pref
145
17
15
*
Tool
10
_
16
38
16
37
Steamship.-:.
Mfg—
30
10
Swift & Co
37
_
Weinberger Drucr Inc
74
27
International
July
Vlehek
65
15
Swift
39
Troxel
Apr
Sunstrand Mach Tool com6
Standard G & Ecom _....*
Apr
Feb
90
12%
-
31%
Jan
10
2%
20
165|
Feb
101
]
.
39
_
Seiberllng Rubber
Standard Dredge—
Common
37
—
17
65
65
Stkyds cap..?
Southwest Lt A Pow pref.*
100
—
—
pref---—
17%
101
------
Jan
100
June
13
74
pf 100
Feb
29
50
Mar
Mar
13%
10%
Mar
July
Feb
May
8%
10
60
500
July
21%
100
13
.Jan
Reliance Elec & Eng
Jan
16
16%
Sivyer Steel Cstgs com. ..*
115%
45
Jan
10
22
Jan
25
Packer
July
4
May
109
10
National Tile..
Jan
69%
22
-
July
Mar
10
170
25
Ohio Brass 13—
Jan
26%
9%
4%
.1
Slgnode Steel Strap pref .20
Common
*
21
11
100
3,530
45
Peerless Corp.
27
Jan
26
National Refining-
Feb
66%
9%
Sears Roebuck & Co com. *
32
20
Murray Ohio Mfg
June
18%
26%
Sangamo Electric Co com. *
Sehwitzer Cummins cap.. 1
Serrick Corp cl B com..
1%
18%
1%
May
19%
Metro Paving
Jan
95
19
Jan
45
McKay Machine..--—--*
Medusa Ptld Cement
*
July
10
115
*
—
Lima Cord Sole & Heel
July
95
Jan
Feb
26
Leland
July
1%
95
*
St Louis Nat
4%
Jan
10
1
Gas <fc El 7%
Mar
%
—100
Ross Gear & Tool com
w
1%
300
150
Rollins Hos Mlll8com
South
2,200
1%
13
Reliance Mfg Co com
Preferred.......
4%
13
64%
10%
21
10%
..
Jan
1%
5
—
Jan
June
115%
18 %
19%
115
pref-.-.100
Kelley Isld Lime & Tr.
Lamson & Sessions-—..-*
Jan
3%
3%
50c
v t c
6% prefvtc
20%
41%
458
Interlake
Raytheon Mfg Co—
Common
21%
Jaeger Machine
Jan
1%
1
143
100
Preferred
Jan
%
99%
i
..*
July
400
1%
1
—
62
20
Preferred-
Mar
Mar
150
%
——
14%
%
%
%
59 %
Halle Bros
29
11
June
80
Great Lakes To wing. ..100
36
24%
200
1
Potter Co com
200
227
26
14
17
20
Faultless Rubber
Mar
A pi-
14
36
12%
10
61
Colonial Finance Co com.l
May
14
16%
Mar
150
*
Dow Chemical
May
100
11%
537
June
17
Jan
14
24
34%
*
Pines Wlnterfront com
Apr
34%
Penn Elec Switch com A 10
Peoples G Lt&Coke cap 100
Perfect Circle Co
50
16
16
1%
Apr
8%
11%
Cleveland Ry
——.100
Cliffs Corp v t c—
—.*
July
1,050
7%
10
.....
3%
3%
14%
1
Cieve Cliffs Iron pref
June
24
Mar
12
1,550
7%
2%
*
100
100
7% preferred
24
13%
7%
Northwest Bancorp com..*
Northw Utll pr Hen pref
Clark Controller
July
4%
55
9
8%
11%
11%
.*
High
Low
16 %
City Ice & Fuel.
Jan
for
Shares
11%
Apex Electric Mfg pref. 100
Jan
21%
21%
North American Car com20
com...
July
%
Noblltt-Sparks Ind com..5
Co
1
Airway Elec Appl pref —100
July-
19%
National Union Radio corn!
Northwest Eng
7%
19%
19%
10
com..
July
25
1. 1938
Range Since Jan.
Week
of Prices
High
Low
Price
Mar
8%
Apr
24%
•
National Battery Co pref.*
Nat Pressure Cooker com.2
Weel's Range
Last
Stocks-
Nachman Springfield com *
Sales
Friday
Feb
10
35
35
*
official sales lists
July 8, both inclusive, compiled from
Monroe Chemical Co—
Preferred
A.T.&T.CLEV.565&566
Telephone: CHerry 5050
May
•\2
Mar
1%
1%
6% class A pref..
6% prior lien
Building, Cleveland
Union Commerce
Midland United Co—
60 c
65c
800
40c
Mar
3%
3%
100
2%
Mar
1%
1%
1%
850
87c June
2.00
Jan
17%
18%
845
12%
17%
12%
12%
435
8%
7%
7%
8%
8,663
5%
5
5%
5,027
38%
1,488
Mich Sugar com......
38
37%
4%
Mar
18%
Jan
13%
4%
June
Mar
3%
Mar
5%
31 %
Mar
38%
Jan
July
July
July
11
8%
254
Financial
Friday
Week's
Sale
(Concluded)
Par
Parker Rust-Proof coin2.50
17%
9
2%
2%
Range Since Jan. 1, 1938
7%
7%
2%
2
p*f
3%
2%
Week's
Range
of Prices
Low
High
Sale
Shares
Low
735
Stocks
High
14% June
20%
Jan
12
Jan
810
6 %
A pr
2,030
1%
May
1,387
Mar
Mar
200
4%
1%
2%
Mar
4
Jan
2
Mar
4%
Jan
3
Sales
Last
300
*
com...——.0
Jan
3%
7% June
Jan
2%
(Concluded)
Armour A Co (111)
Aviation Corp (The)
Par
Price
Scotten-Dlllon
10
com
Standard Tube B
25
1
com....
Tiraken-Det Axle
i
v
-
Tlvoli Brewing corn.
.3
Tom Moore Dist com
1
Union I
*
n vestment com...
United Shirt Dist
^
-
*
com—..
B
Warner Aircraft
5
com
100
4%
June
5%
(Del) 3
4%
4%
4%
4%
300
3
Mar
4%
Jan
5%
12%
500
Mar
July
44%
5%
12%
44%
Curtiss-Wright Corp
5
1
Electric Power A Light
12%
44%
137
20
350
360
2
2%
1,750
14
14
23
* ——A
23
100
3
500
2%
70c
%
10%
*
23%
22%
Packard Motor Car Co...*
Paramount Pictures Inc—1
5%
11%
11%
Young Spring A Wire.....*
Mar
17%
5
Jan
5%
Jau
3%
Jan
Radio Corp of America..
*
100
19
29
Mar
200
Mar
10%
Jan
July
Jau
10%
1,800
6
Mar
19%
10%
June
23%
600
15
Mar
23%
July
5%
11%
300
3%
Mar
5%
July
200
6%
Apr
11%
July
7%
400
5
Mar
7%
July
2%
19%
1% June
May
5%
June
100
13
19%
6%
200
5
5
7%
Jan
Radlo-Keith-Orphedm _..*
Jan
Republic Steel Corp
*
Studebaker Corp
1
Tide Water Assoc Oil Co. 10
United Aircraft Corp. —.5
2%
19%
.
7%
2%
19%
6%
6%
100
Apr
July
6%
July
15
15
15
100
10%
Mar
15
July
28%
28%
100
24%
Apr
28
14% June
United Corp (The) (Del).*
U S Steel Corp
*
28%
3%
May
57%
23
Warner Bros Pictures Inc.5
6%
57%
6%
Apr
July
3
3%
100
2%
July
3%
300
38%
Mar
61%
Jan
200
3%
Mar
7%
Jan
3%
60
6%
.
July
July
70C
70c
Mar
1%
2%
125
1
June
3%
Jan
27c
30c
350
22c June
%
18%
Jan
18%
......
New York Central RR—*
July
July
Jan
2%
27c
com..... 1
Montgomery Ward......*
100
3%
12%
*
1%
6%
Jan
1
North American Aviation. 1
4%
40c June
High
5%
12%
44%
17%
9%
4
3% May
2%
Apr
2% June
1% Mar
10%
Apr
4
3%
..4
.
5%
1,166
400
4
...v-
1
corn
Wayne Screw Prod
Wolverine Brew
70c
3
J,
*
_
1,701
2
Uhi versal Prod com... .—*
...
65c
-
m
-*
Walker A Co A
4
14
Low
5%
Feb
27
Shares
5%
Jan
Jan
1%
Apj
8% Mar
2% June
1,331
3
Universal Cooler A—i...*
22
11,350
3%
65c
340
3%
12%
12%
u
j.
-
25
3
3%
12%
10
com..
666
Range Since Jan. 1, 1938
for
Week
5
North American Co
Rbkel (H W) com......2
River Raisin Paper com..*
H
9
Friday
for
Week
18%
9%
2%
7%
2%
3%
Pfeiffer Brewing com
Reo Motor
Range
of Prices
High
Low
Price
Parker Wolverine corn...*
Penln Metal Prod com...1
July 9. 1938
Sales
iMSt
Stocks
Chronicle
200
18%
663
285
%
13%
Jan
Jan
Established
1874
July
DeHaven £1 Townsend
Members
New York Stock
Exchange
Philadelphia Stock Exchange
Wm.Cavalier&Co.
PHILADELPHIA
;,;;p MEMBERS
York Stock Exchange
San Francisco Stock Exchange
Los Angeles
Philadelphia Stock Exchange
Teletype L.A. 290
July 2 to July 8, both inclusive, compiled from official sales lists
Friday
Last
Los
July 2
to
Angeles Stock Exchange
Friday
.•Mil
lJui
Assoc Gas & Elec Co
Week's Rauyi
for
Sale
0] Prices
Price
Low
Hiy ft
■V 20(1
1.25
1.25
3%
3%
Barker Bros Corp corn...*
Barnhart-Morrow Cons.. 1
com.
10%
May
100
5
30c
200
25c
1%
9
300
Mar
Jan
10%
July
45c
Jan
3% June
June
1.200
2c
May
5c
Jan
3c
500
3c
A pr
5c
Feb
9
July
66
Preferred....... -.—*
Creameries of Amer vtc.l
10
200
9
1,100
6%
Mar
9%
July
200
7%
Mar
10%
2%
Mar
Jan
July
9%
10%
5%
6
400
36
v
Mar
66
July
6
10%
500
Apr
10%
Jan
4%
4%
1,300
3%
Mar
9%
77%c
9%
300
6%
Mar
4%
10%
Mar
80c
4,600
52c May
95c
Jan
37%
39%
700
-
Emsco Derrick & Equip. .5
Exeter Oil Co A com
1
10
38%
8
25%
General Paint Corp com _*
9%
9%
Gladding-McBean A Co.
Globe Grain A Milling..25
10%
10%
11
500
5
900
3%
23%
33
Mar
7
4%
Goodyear Tire& Rubber.*
23%
4%
23%
Hancock Oil Co A com...*
32%
32%
Holly Development Co...l
80c
80c
Honolulu Oil Cor p.. ..-..*
22%
87 %c
9%
100
6%
Mar
Jan
100
17
Apr
25
May
80c
400
22%
87 %C 87 %c
100
22%
39%
9%
65c
Jan
July
July
11
Mar
1,100
July
June
5%
23 %
Feb
33
June
Mar
95c
Apr
July
22%
22%
July
100
50c June
Petroleum.....
1.50
Jan
55c
50c
55c
600
36c
June
Jade Oil Co— ...10c
57 %c
5c
5c
5c
2,000
5c
Jan
7c
May
Apr
2c
Intercoast
Kinner Airpl & Motor.... 1
Lincoln Petroleum Co. 10c
5c
5c
5c
825
May
12c
Apr
12c
14c
850
10c
Apr
18c
Jan
12%
13%
4,300
5%
Mar
3,000
14c
Lockheed Aircraft Corp-.l
Los Ang Industries Inc...2
13
—
5%
13%
June
3%
3
3%
Los Ang Investment Co. 10
Jan
3%
Mar
3%
3%
4
300
3%
June
4%
Feb
Mascot Oil Co
1
65c
65c
65c
200
49c
Menasco Mfg Co
.1
Merchants Petroleum Co.l
May
75c
5
2%
1%
2%
6.200
80c
Mar
2%
14c
14c
14c
100
30c
Feb
35c
6%
Electric Storage BatterylOO
General Motors.
10
28%
4c
5c
3.0C0
3c
Feb
9c
-.1
17c
21c
36,350
6c
May
21c
1
30c
38%
30c
200
18c June
30c
97 %c
7
97 %c
1.00
300
75c May
6%
7
300
5
30c
30c
35c
80C
Pacific Finance Corp com 10
Pacific G&E 5% % 1st pf 25
12%
27%
12%
27%
27%
Pacific Indemnity Co... 10
Pacific Lighting com
*
25
25
25
300
41
300
18%
32%
Mar
106
10
101%
Mar
3
Mar
414
Phila Elec Pow pref...
Phila Rapid Transit
4%
7%
5%
7%
2
6%
8%
2%
22%
5,287
rll4% 116%
30%
30%
46
Mar
Feb
3
Mar
Jan
Feb
30% June
May
5%
July
6%
8%
2%
30%
Feb
186
3
Mar
345
4%
Mar
5,568
1%
14%
Mar
59
Jan
Jan
July
31%
41%
Mai
475
Jan
Jan
69%
7%
Mar
2,584
Jan
July
6%
5%
Mar
21%
25%
21%
30%
5%
19%
Mar
Mar
70
39%
21%
21
119%
2%
36
95
37%
6
Natl Power A Light—... .*
Pennroad Corp v t c
1
Pennsylvania RR
.50
Phila Elec of Pa 85 pref... *
11%
149%
July
3%
155
6%
Mar
114
2,474
2%
Y) com. _*
Lehigh Coal & Navigation*
Lehigh Valley......._.. 50
Mar
112
Feb
Jan
Jau
Jan
117
June
25
30%
862
29%
Apr
32%
Feb
.50
7 % preferi ed........ 50
2%
3%
2
2%
260
1%
Apr
July
2%
3%
204
2
6%
5%
6%
1.-320
2%
4%
7%
Philadelphia Traction
50
Reo Motor Car Co.
Salt Dome Oil
Scott Paper.
_
Corp.
5
2%
19%
2%
19%
45%
34%
44
1
Apr
1%
Apr
Jau
'Jan
Feb
2%
27% May
2,316
10%
Jan
45%
34%
196
Mar
45
48
35%
26%
Mar
34%
L«
he
200
ht
Jan
%
Feb
%
%
159
Mar
1
Mar
%
%
280
2%
Mar
3%
*
3%
31%
2%
3%
30%
1%
3%
%
%
1%
3%
954
*
32
*
_..
11
10%
11%
8,488
8%
Mar
109% 109%
10
99%
Mar
$7,000
5%
Apr
..
.........
Tonopah-Belmont
*
.
33
1
Transit Invest
Corp......
Preferred.........
Union Traction
United Corp com
Preferred
4%
300
2%
21
Mar
50
_
Tacony-Palmyra Bridge..*
—
United Gas Imp com
Preferred—..
Jan
1
Mar
30%
4%
Horn & Hard (N
July
30c
Mai-
12%
29
May
15c
111%
145
1,000
69%
High
6%
544
5
62%
Curtis Pub Co com......*
Jan
5c
6%
4%
65%
Low
568
.*
715
Apr
Jan
Mar
1%
22%
195
Mar
June
July
3% Mar
Jan
3%
32% May
Jan
11%
109% June
Jan
Mid-Western Oil Co...-5c
5%
5
Corp....
Go*,
Shares
8%
140% 143%
20% .21
113
116%
113
Range Since Jan. 1, 1938
■far
rw
High
8%
141%
20%
(EG) Mfg Co....
Chrysler
Low
8%
—
6%
4c
3c
10%
Hupp Motor Car Corp-..l
Budd
4c
65
100
...10
Bell Tel Co of Pa pref. .100
July
4
Mar
9
—6
Barber Go
Range
of Prices
Price
Budd Wheel Co.
1.25
Apr
900
Claude Neon Elec Prods. .*
com
2%
2%
Consolidated Oil Corp...*
Consolidated Steel Corp.
General Motors
Mar
10%
1
Chrysler Corp
87%c
1,200
1938
High
30c
Broadway Depfc Stores..
Buckeye Union Oil com._l
Vtc
Low
2%
10
.
Range Since Jan. 1,
Shares
1
Bolaa-Chica Oil A
American Tel A Tel
Week
Baudlnl Petroleum Co... 1
•
Pat
American Stores.—-....*
S
Last
Sales
Week's
Sale
Stocks—
July 8, both inclusive, compiled from official sales lists
Stocks-
YORK
30 Broad Street
Chicago Board of Trade
Los Angeles Stock Exchange
523 W. 6th St.
NEW
1613 Walnut Street
.
Veu>
—
Nordon Corp Ltd
Occidental Petroleum.
—
Oceanic Oil Co
Pacific Clay Products....*
Pacific Distillers Inc—..1
6% preferred
.....*
Republic Petroleum
41
105
com.l
40%
105
12%
2
Bonds—
Elec A Peoples tr ctfs 4s '45
1.20
Mar
49c
100
9%
Mar
26 %
Apr
14%
27%
Jan
BANK
Jan
100
UNION
Mar
30c
H. S. EDWARDS & CO.
Jan
7%
5%
5%
6%
6,200
17c
17c
500
Mar
41%
106
6%
120
July
July
17c
*
7
6%
7%
6,200
Mar
7%
Jan
2%
2%
2%
300
1.10
Mar
2.50
11c
11c
16,800
10c
June
Pittsburgh Stock Exchange
July
lie
Roberts Public Markets._2
Ryan Aeronautical Co...l
Samson Corp B com
*
3
3
300
2%
Apr
1%
1%
700
1.05
Mar
1.35
1.35
15
1.25
Apr
17
Signal Oil & Gas Co A
26%
—
..*
So Calif Edison Co Ltd. .25
Original pref
25
6% pref B
5% % Pref C
So Calif Gas Co
...25
3
1%
1.35
Shell Union Oil Corp..... *
24%
38%
27%
17
17
26%
27
23%
24%
37%
27%
38%
27%
100
200
1,400
156
400
13%
Apr
26c May
July
Armstrong Cork Co
Jan
38%
July
Blaw-Knox Co.—
Byers (AM) com
35
25%
Apr
27%
400
23%
Apr
17
28%
Apr
16%
17%
1,000
25%
Feb
30% June
21%
Jan
25
33%
300
9% Mar
25% Mar
2% June
July
31%
2%
32
41
40
3%
Jan
42%
800
26
Mar
11%
11%
21%
42%
11%
11%
20%
15%
July
11%
11%
21%
100
10
Apr
13%
Feb
2,900
2,300
*
com
24%
200
2
Allegheny Steel
Mar
25%
Superior Oil Co (The)...25
Taylor Milling Corp.....*
Par
19%
30%
Transam erica Corp
Union Oil of Calif
Sale
Stocks—
Apr
25%
30%
900
Last
27%
25%
2%
Friday
May
30%
2%
July 8, both inclusive, compiled from
18
25
31%
to
Jan
June
2.00 May
17
July
6% pf A 25
Southern Pacific Co
100
Standard Oil Co of Calif..*
Sunray Oil Corp
1
July 2
11c June
3%
1%
8%
17%
6%
Mar
BROADWAY, NEW YORK
Specialists in Pittsburgh Securities
July
1
Ridge OIL.
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
June
Richfield Oil Corp com
Warrants
5
BLDG.,
Tel. Court-6800
#
Jan
Rice Ranch OH Co
16c June
Jan
12%
Jan
Mar
21%
July
Jan
17%
July
Universal Consol Oil
10
Van de Kamp'sH D Bak__*
15%
8
8
8
Wellington Oil Co of Del. .1
100
4%
5%
Mar
4%
3%
4%
300
June
6%
500
May
3%
Jan
12c
Mar
23c May
5c June
Arkansas Natural Gas
Preferred
18%
*
.
39%
1
Devonian Oil Co
7%
10
com
*
67
6
70
325
95c
4,000
6
14%
11%
7%
6%
10%
100
Fort Pitt Brewing
1
Jones A Laughlin St pf 100
Koppers G & Coke pref 100
205
19%
3%
41%
15%
12%
19%
10%
5
Electric Products
Follansbee Bros pref
Range Since Jan. 1, 1938
Week
Shares
90c
15%
11%
Clark (D L) Candy Co...*
Columbia Gas & Elec
*
High
6
*
*
..
18%
6
*
for
of Prices
Low
3%
100
Carnegie Metals Co.!
Duquesue Brew
Price
Yosemite Ptld Cement pf 10
3%
600
8
July
18c
18c
20c
6,050
5c
4%c
5c
25,000
1
7c
7c
8c
Cons Chollar G A S Mng.l
3,800
6c
3%
June
22c
2%
3%
1,400
5c
5c
2%
June
4%
5c
Apr
1,000
3c
Mar
9c
'Jan
Cardinal Gold
ZendaGold
1
%c May
Amer Rad & Std Sanitary. *
15
36%
Copper.
For footnotes
50
see page
255.
15
33%
15
36%
100
400
9% Mar
21% May
15
36%
*
Mesta Machine Co
5
Mountain Fuel Supply. .10
Natl Fireproofiug
Corp
5
Jan
Unlisted—
Anaconda
*
McKinney Mfg Co...
Mining—
Blk Mammoth Cons MIOc
Calumet Gold
10c
Lone Star Gas Co
July
Jan
70c
64%
99%
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Brewing pref.
Forging Co
Oil A Gas
_
710
125
271
64%
99
9
1%
42%
Low
11%
2%
4%
24%
10%
6%
High
Mar
Mai
Mar
21%
4
Jan
6%
Jan
Mar
July
Mar
41%
15%
12%
50c May
1.75
3%
Mar
Jan
194
17
Mar
20
818
8
Apr
14
6%
225
6%
Apr
9%
Mar
Mar
11%
June
11
50
70c
5
300
70c
Feb
2
64%
100
50%
Apr
96
Apr
325
9%
1%
42%
1,584
200
6%
Mar
Jan
56
97%
July
2%
2%
1,150
1%
Mar
60
100
1%
100
7%
21%
97%
8%
21%
90
.
573
105
Jan
Feb
2%
8%
Jan
Jan
1%
Apr
23
Jau
25%
4%
1%
92%
Feb
19%° Mar
4% Mar
1%
Jan
Mar
8%
80c
73%
105
Jan
July
Apr
27%
1
9%
9%
1%
43%
6%
3%
90c
10
2,145
8
Jan
June
Mar
6
92%
July,
5
5%
23
July
1,780
5%
*
6
Jan
8%
19%
11%
5
Plate Glass..25
Screw & Bolt. .*
Plymouth Oil Co
5
official sales lists
Sales
Week's Range
Jan
3%
•3%
2%
17%
Jan
June
Jan
25
7
4%
15%
Apr
May
Mar
9%
9
21%
Feb
Jan
Jan
Jan
Jan
Jan
July
Volume 147
Financial
Friday
Par
Renner Co
Week's Range
Sale
(Concluded)
of Prices
Price
Low
.1
Reyrier & Bros
90c
3
Low
40
100
High
2
Jan
3
Mai
11
200
34 %
336
22
Mar
28
30
200
28
June
1
45c
Westinghouse Air Brake..*
24
%
Westinghouse El & Mfg.50
97 %
96
(Concluded)
Par
9%
High
9%
for
Range Since Jan. 1, 1938
Week
Shares
Low
328
9%
High
Mar
0%
10%
40%
Ewa Plantation Co cap..20
31
31
31
30
30
June
Fireman's Fund Ins Co..25
84
84
84
40
Jan
62
Mar
29%
29%
31
317
17
Mar
33
2.50
2.50
2.50
200
9%
9%
9%
1,740
15%
Mar
27 %
Jan
62 %
Mar
101%
Jan
General Paint Corp
45
Jan
65c
Feb
Gladding-McBean
Unlisted—
38%
*
com..
& Co..*
38
1.25
1%
.
2%
217
1%
Jan
June
July
9%
July
July
38%
1,876
Mar
39%
8%
10
1,135
6%
Mar
10
11
465
6%
May
11
881
2%
Apr
25%
Golden state Co Ltd.'.--.
Hale Bros Stores Inc
*
Hancock Oil of Calif A...*
15
15
15
300
11%
Apr
32%
32%
32%
545
25%
20%
26
26%
497
20%
8c
Holiy Develop Co Gp
10
Honolulu Oil Corp
all
Stock Exchange
New York Curb
(Associate)
St. Louis Stock Exchange
Chicago Board of Trade
Chicago Stock Exchange
315 North Fourth
Stocks-
Par
Price
of Prices
High
Low
Burkart Mfg pref.
20%
29
Falstan Brew
...1
"8%
Griesedieck-West Br com.*
277
29
Feb
30
Jan
55
4
June
5
34
19
2%
com
*
...
2%
Key Co
com
80
Laclede Steel
11
Mo Port Cement com
6%
22%
24
1,335
13%
12%
13%
5,615
75c
70c
75c
11%
11%
15%
1,325
13
12
13
10
July
13%
June
Jan
1%
Jan
7
Mar
13
8%
9%
Mar
15%
July
Feb
14%
June
Jan
7%
Mar
10
2.00
2.00
1,895
80c
Mar
2.20
June
7%
8%
3,460
3%
Mar
8%
July
10%
10%
10%
435
7%
Mar
11%
June
7%
300
7%
July
preferred..
9%
7%
240
10
7%
200
3%
Mar
July
100
38
37%
38
30
23
Mar
42
100
preferred
17
Apr
40
Jan
Mar
13%
Feb
May
10%
Jan
30%
36%
36%
20
12
12
12%
655
O'Connor Moffat cl AA._*
9
9
9
Oliver United Filters A„_*
22
22
22
9%
20
5
110
15
Mar
Feb
22
July
0%
6%
6%
941
3%
Mar
Paauhau Sugar Plant—15
Pacific Can Co com
*
5
5
5
10
,4%
May
12
Jan
0%
6%
7
584
4%
Mar
7
Jan
7%
7%
1.80
7H>
100
6
Pacific Clay Prod cap...
Pacific Coast Aggregates 10
Pacific Gas & Elec com..25
40% June
25
5%% 1st pref
25
Pac Light Corp com.....*
86 I)iv—
Pac Pub Ser
non-v
23
25
Mar
19
100%
6%
Mar
3 %
Feb
Mar
11%
11
Jan
Jan
41%
July
June
1,625
3%
Mar
590
13%
Mar
19%
90
87%
Apr
119%
Jan
100
131%
29%
Apr
140%
July
Mar
40%
July
54%
392
6
7%
6%
June
July
June
93
Feb
Api
58
June
7%
500
6
6
6
180
5
Jan
40
40
41
20
40
June
14%
14%
15
2,577
8
May
25
Preferred—25
Republic Petroleum com.l
21
20%
22
1,401
17%
June
29%
Jan
5%
5%
6%
3,475
2%
Mar
Rheem Manufacturing
Richfield Oil Corp com
6%
1
July
13%
13%
14%
975
9%
Mar
14%
*
Ryan Aeronautical Co...1
7%
6%
7%
3,376
4%
Mar
7%
Jan
1.60
1.60
1.75
275
1.05
Apr
1.75
June
19%
285
19%
July
RE&RCo Ltd
com
Preferred
July
8
28
106
6%
89
com.. *
Jan
19
19%
105% 106%
140% 140%
45%
46%
80
......100
com......
3% June
7%
0%
56%
July
Feb
Feb
June
Jan
July
Safewat Stores Inc
July
20%
13%
11%
Schlesinger (B F) 7% pf.25
Shell Union Oil com..
*
6%
100
3
Apr
20%
b%
July
10%
16%
16%
10
10
Apr
Feb
Signal Oil & Gas Co A.
16%
*
5
27
27
27
150
18
May
21%
21%
23
3,347
100
89
89
89
10
16%
16%
18
6,516
9%
July
com..
19%
18
May
30
Jan
0%
9%
9%
170
5
Mar
10
July
5%
6
200
4.
Apr
6
July
101
10
99
June
102
Mar
195
2
June
3
Jan
Southern Pacific Co.-.100
Standard Oil Co of Call!..*
6 %
Jan
Texas Consolidated Oil
116
Mar
99
20
30
Jan
Feb
32%
106
90
13
June
25%
181
40%
105
55
9% iMar
; June
743
40%
89
Rayonler Inc
9
27%
41%
27%
106
55
Jan
8%
29%
30%
June
Mar
90
June
Jan
Mar
27
Jan
30
6% May
Jan
23
55
45
10%
2.05
2,101
2,183
45%
May
70
Jan
29%
30%
Paraffine Cos common...*
Paraffinc Co's pref..... 100
Puget Sound P & T
Apr
1.40
July
28%
140%
July
4%
1,358
7%
30%
27%
....100
80
2% June
28%
1.95
Jan
Jan
30%
0%
*
Preferred
1.95
6%
28%
com..
1st preferred
Pac Tel & Tel com...«. .100
Jan
27
105
6% 1st pref
Philippine Long DIstTellOO
435
2%
5%
24
7%
Mar
14
5%
July
2.00
Apr
75
95
2%
June
Mar
50c
520
14%
6%
Mar
5%
300
11%
14%
July
Apr
3%
13
14%
40%
10
July
250
"'2%
850
Apr
June
1
12
205
'
6%
85c June
com 1
3%
14%
20%
13%
11%
101
June
0%
6
*
BldgEquip com*
Scruggs-V-B Inc com
5
Apr
June
7% May
10
13
Rice-Stix Dry Goods com.*
1st pref..100
St Louis B
1
11
11
23
22%
Apr
7%
19
25
Midwest Pipe & Sply com *
Bearing Metals com.*
Natl
Natl Candy com.-
10
45
7
Mar
12
15%
Jan
945
80
33% May
Jan
Jan
304
July
21
27%
10
July
4%
118
175
25
34
June
107
11%
20
com
Jan
Mar
10%
0%
10%
1%
1,562
130
7% June
Apr
Jan
2%
Jan
23%
18% June
6%
3%
10%
3%
26
325
32%
32
10%
3
44
3%
Knapp Monarch com
*
Laclede-Christy C Pr com *
10
80
44
44
"32 %
*
—
200
3%
11%
9%
0%
Johnson-S-S Shoe com...*
1,010
44
11%
5
Hyde Park Brew com.. .10
Hydraulic Pressed Br pf 100
150
19
42
....100
International Shoe
5
4%
30%
24
July
450
Mar
29
Hussinann-Ligonier com.. *
com..
High
4%
111% 111%
8%
8%
42
Hamllton-Br'n Shoe com.*
Huttig S & D
Preferred
Low
6
4
19
-.100
com
Shares
29%
4%
Pepper com
*
Ely & Walker D Gds com25
1st pref.......
Range Since Jai. 1. 1938
34
34
De
39
Oliver Utd Miters B._._.*
for
Week
6
Coca-Cola Bottling com__l
Columbia Brew com.
5
Apr
No American Oil Cons.. 10
4%
Century Electric Co-—10
Chic & Sou Air L pref...10
June
14%
5%%
Exchange
Range
Jan
66c
40%
Natomas Co..
&uit<
Week's
Sale
July
29%
Menasco Mfg Co com
July 8, both inclusive, compiled from official sales lists
Last
32%
Apr
32%
13%
14%
6%
Friday
July
Mar
20
39%
No Amer Invest com.. 100
to
15
100
14%
National Auto Fibres
Telephone Central 3350
July 2
July
June
Market Street Ry pr pf 100
Meier & Frank Co Inc...10
St., St. Louis, Mo.
St. Louis Stock
23
July
4%
39
39%
Magna vox Co Ltd..—2%
Maguin & Co (I) com.!
*
Marchant Cal Machine..5
MEMBERS
York
8c
39
Langendorf Utd Bk B._..*
LeTourneau (R G) Inc. —1
l^ckheed Aircraft Corp.. 1
Mid'Western and Southern Securities
New
23
4%
50
Pref
Business Established 1874
on
*
cap
4%
8c
39
Langend'fUtdBakA unstpd
i. m. simon &co.
Enquiries Incited
4%
.1
Home F & M Ins cap
ST. LOUIS MARKETS
Jan
2.50
Mar
10%
9%
11
Feb
June
Mar
6
Hawaiian Pine Co Ltd...*
Pennroad Corp v t C.....1
Feb
88
520
102%
jow
July
34%
45c June
Sales
Veck's Range
of Prices
July
Food Machine Corp com 10
Foster & Kieiser com... 2 %
Gen Metals Corp cap.
.2%
General Motors com
10
600
25
Price
Emsco Derrick & Equip..5
958
50c
24
6%
;
11
10
Stocks
Jan
1.25
75c May
3214.
34%
Last
Sale
Shares
90c
Standard Steel Spring....*
United Eng & Foundry
5
Vanadium Alloy Steel
*
Victor Brewing Co
Friday
Range Since Jan. 1, 1938
for
Week
High
3
*
com
255
Sales
Last
Stocks
Chronicle
Soundvlew
Pulp
com
Preferred
19%
0
6
Jan
27
11%
Mar
Mar
89
Mar
July
23
60
Jan
July
Jan
31%
31%
32%
3,414
25%
Mar
22%
33%
Sterling A lum
com
Wagner Electric
87
1
85c
85c
85c
238
70c
Mar
1.20
Jan
com 10
1.00
1.00
1.00
300
75c May
1.50
Jan
15%
15%
1,297
Mar
11%
15%
12%
July
12
20%
21%
2,412
17%
Mar
21%
July
12%
100
9%
Mar
Mar
10%
475
5%
Mar
22%
10%
July
17%
4,746
6%
Jan
17%
June
970
2%
Mar
4%
July
Jan
'U5%
1
.
15
com
280
4
Apr
5
87
July
387
115
June
123%
Mar
June
7%
Jan
Transamerlca Corp
2
11%
Jan
Union Oil Co of Calif—25
21%
Union Sugar com
Sedalia Water pref
100
Southwest'n Bell Tel pf 100
12%
12%
10%
15%
10%
15%
4%
9%
859
6
May
10%
Jan
50
25
May
41%
Jan
Mar
22%
Jan
32
Jan
87
115% 115%
5%
5%
23%
24%
117
241
4%
10% June
87
July
.17
Bonds
St Louis Car 6s extd-
70
tSculUn Steel 3s
$2,000
54*
•
21%
20%
1934
70
54
1941
tUnited Railways 4s.
t United Ry 4s c-d's_
65
Apr
79
Jan
fMar
54
July
19 %i June
28
Jan
19
27
Jan
2,000
40 %
21%
1,000
20%
5,000
TideWater Ass'd Oil
:
Pref.—-A.—.——
15
—
..25
United Air Lines Corp. —5
Universal Consol Oil.
10
Victor Equip Co com
Prcforrcd.
1
4
4%
June
<5
9%
Waialua Agricultural Co 20
Western Pipe & Steel... 10
32%
32
21%
21%
28
28
16,044
32%
21%
Yel Checker Cab
.
30
1... 50
ser
8%
10%
250
50
8
14%
22
Mar
May
Jan
Unlisted—
Dean Witter
MUNICIPAL AND CORPORATION BONDS
Members: NewYork Stock
New York Curb Exchange
Co.
&
AriVdte Leased Wires
Exchange, San Francisco Stock Exchange, Chicago BoardofTrads
(AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
American Tel & Tel Co. 100
141%
Anaconda Copper Mln—50
35%
Anglo Nat Corp A com... *
Argonaut Mining Co
5
14%
4%
4%
4%
100
Atch Top & Santa Fe__ 100
37%
36%
37%
200
Atlas Corp com
8%
10%
8%
8%
100
5
Bait & Ohio RR com...100
141% 143%
33% 35%
14
10%
245
Sacramento
San
Tacomo
Portland
Stockton Ifresno
NewYork
Beverly Hills
Francisco Stock
Honolulu
Los Angela#
Ppsadeno
Long Beach
11
36
Jan
Apr
17
Jun
372
Par
Alaska-Juneau Gold
for
Sale
Stocks—
Week's Range
of Prices
Week
Price
10
9%
Anglo-American Mining.. 1
.
Assoc Insur Fund Inc
420
13%
25c
25c
15%
176
4%
2,050
2%
Jan
9
8%
4%
9%
910
Jan
Mar
Mar
5%
19%
Mar
21
*
20
5%
18%
20
*
com
Calif Art Tile A
4%
5%
320
18%
18%
520
19%
20
615
17
5
4%
4%
253
*
com.
12
11
12
100
14
14
14%
227
25c
625
Mining
30
1
25c
25c
22%
22%
23
992
51
50%
51
60
Carson Hill Gold
1
com
—
25c
*
55%
Caterpillar Tract Co pf. 1C0
Central Eureka Mining
1
Preferred
105
1.90
16c June
12
4%
3%
13%
Calif Packing Corp com__*
Preferred
...50
25c
55
105
1.90
25c
500
55%
761
105
2.00
10
1,375
3%
8
5%
Mai
Mar
15c
10
4%
Jan
Jan
July
May
Mar
Jan
Jan
July
12
June
Mar
15
June
38c
Jan
Mar
24
Jan
Apr
51
July
A pr
30
Mar
99%
Mar
1.65
4%
Jan
15c June
15%
45%
45c
19
Feb
Jan
30c
Jan
55% June
105
May
2.35
Jan
2.35
Jan
1
1.90
2,000
1.65
Mar
62%
67
2,158
37%
Mar
67
July
10
Consol Chem Ind A
1.90
65%
35
35
35
192
30
Mar
35
July
27%
27
27%
758
22%'May
33
4%
11%
614
3%
Mar
14
12,230
7%
Mar
14
79
80
440
56
Mar
80
102
2.75 June
*
Creameries of Amer vtc.l
Zellerbach
com
Preferred
D1 Giorgio Frut cem_
Pref
-
5
.*
10
4%
100
Doernbecher Mfg Co
*
EI Dorado Oil Works
*
Emporium Capwell Corp.*
Preferred (w w)
4%
13%
79%
50
25
4%
20
4%
25
4%
1.95
4%
4%
25
4%
40
200
20
308
14%
19%
13%
14%
350
37
37
37
50
2.75
BuDker HilJ & Sullivan 2.50
17%
16%
10%
10%
10%
171
10%
9%
10%
10%
220
Grt West Elec Chem
*
.5
18%
3%
15%
9%
26%
Mar
4%
5%
28
Jan
Jan
July
July
Jan
Jan
June
5
Jan
Mar
Mar
20
July
Mar
37
14%
Jan
220
9%
May
4%
June
3
Mar
13% June
2.75
100
1.85
Mar
17%
335
10%
Mar
9%
260
8% May
7% Mar
5% Mar
4.25
Jan
37% June
Jan
8%
11
July
5%
Jan
14% June
2.85 June
17%
July
10% May
10%
July
9%
Jan
42%
July
May
42
42
674
32%
June
60
60
60
10
Mar
60
20
28
28
28
44%
26%
May
35%
400
1.00
Mar
1.50
Jan
500
4.95
Mar
7%
June
25c May
50c
25
*
1.50
1.50
Mines.. 1
6%
6%
7
40c
40c
47c
3,531
Italo Pet of Amer com
1
..1
2.60
1.50
Feb
Jan
2.70
1,927
1.50
Mar
3.20
*
41%
41%
41%
270
May
41%
July
Matson Navigation Co
*
33%
33%
35
Apr
34%
Jan
McKesson & Robblns
5
33%
7%
28%
33%
7%
July
M JA-M&MCons
..
2.60
7%
1
20c
20c
Montgomery Ward & Co.*
Mountain City Copper..5c
43%
43%
6%
6%
North American Aviation. 1
10%
10%
Ola a Sugar Co
7%
200
22c
2,500
45
7%
10%
20
0
6
6
Pacific Ptld Cem pref.. 100
Packard Motor Car com..*
50
50
50
759
19,325
Mar
Mar
June
38c
45
Jan
July
3% May
9%
Jan
10%
June
6%
Mar
4%
June
8
Jan
10
44%
Jan
50
July
5%
5%
185
7%
7%
7%
1,412
Schumach Wall Bd com..*
3%
3%
3%
100
*
15c
10
5%
Shasta Water Co
5%
31
Jan
740
Radio Corp of America...*
Jan
3%
4% Mar
7%
July
2
3%
July
Feb
5%
July
27
27
27
23%
Mar
27
Mar
So Calif Edison Ltd com. 25
24%
19%
Mar
32.5
24
27%
500
25%
Mar
24%
25%
29%
July
25%
24%
25%
745
So Cal Ed 5%% pref...25
30
July
30
July
18
Feb
com
55
27%
24%
25%
27%
So Calif Gas Co 6% pref. 25
S P Gold Gate 6% pref. 100
30
30
30
60
12%
12%
20
8%
Apr
Standard Oil Co of N J..25
55%
100
55%
July
Mkr
55%
7% June
25% June
9%
July
36%
Mar
0% preferred.....—25
Studebaker Corp
Sup Port Cement
55%
12%
55%
com
1
6%
6%
6%
361
com
B__*
9%
9%
9%
25
Title Guaranty Co pref..*
Union Carbide & Carbon.*
30
30
30
10
4
Apr
7
Feb
Jan
July
Jan
81
81
81
100
81
July
81
July
.United Aircraft Corp cap. 5
United Corp of Del
*
U 8 Petroleum Co
1
28%
28%
28%
792
19%
Mar
28%
July
3%
3%
3%
150
2%
Apr
3%
Jan
1.00
1.00
1.05
2,100
75c
Mar
1.55
Jan
United States Steel com..*
59%
59%
6%
6%
Warner Bros Pictures
*
r
t
July
4,514
"
Mar
6%
42
Hawaiian Sugar Co
Idaho-Maryland
5
14%
2
31% June
*
com.
Kennecott Copper com.
51
com
Clorox Chemical Co
Crown
Mai
15%
5
Chrysi er Corp
9
25c
500
2.75
Preferred..
High
4%
Byron Jackson Co
Calam ba Sugar com
Caterpillar Tractor
Low
15%
Bishop Oil Corp
Calif-Engels
10%
Shares
.20
Atlas Imp Diesel Engine..5
Calif Cotton Mills
9%
High
Range Since Jan. 1, 1938
10
Anglo Calif Nat Bank.
Calaveras Cement Co
Low
4%
14%
Hobbs Battery Co A
Sales
Last
4%
14%
General Electric Co
Exchange
July 2 to July 8, both inclusive, compiled from official sales lists
Friday
Bancamerica-Blair Corp.. 1
Bendix Aviation Corp. ...5
Bolsa-Chlca Oil A.
10
—
Jan
149%
May
11
Consolidated Oil Corp.
Elec Bon & Share Co
Oakland
Seattle
Apr
21
530
Cities Service Co com...10
San Francisco
111%
1,055
15%
No par value
5
60
6%
784
40
May
60%
Jan
324
4
Mar
7%
Jan
2nd Liq
Div. Pay Endorsed.
6 Ex-stock dividend,
Cash sale—Not Included In range for year,
x Ex-divldend.
yEx-rlgbts.
Listed,
a
t In default.
Financial
256
July 9,
Chronicle
1938
Canadian Markets
LISTED
AND
UNLISTED
Montreal
Municipal Issues
Provincial and
icock Exchange
Thurs
Wt-ek
Last
Ask
f5 3
54%
5s
Oct
Oct
11956
Columbia—
July 12 1949
5s
/52
53%
6s
Kept
99
100%
11953
95
JaD
—
4%s
-Oct
4%s
1942
5s
May
15 1943
1 1959
4s.
Prov of British
5s
l
June
1 1962
15 1965
4%s.._, ..Jan
97
Ask
Bid
Province of Ontario—
BUI
1 1948
Province o[ Alberta—
111 %
117% 118
121% 122%
108% 109%
115
116%
Province of Manitoba—
95
97
5s
i 1941
-...June 15 1954
-Dec
2 !959
of New Bruaswick—
92
94
15 1960
15 1961
106
107%
103
104%
109
110%
5 %s
117
118%
4%s
5s
Prov
4H8-.---.-Apr
4%s.
--Apr
.
5s
4s
Feb
1 1958
109
May
1 1961
111
110
-
-
15 1943
Nov
Oct
83%
85%
15 1946
1 1951
—June
85
87
Mines
81
79
Bid
4s
6s
——
4H8.----.-Dec
15 1944
July
1 1944
5s_.
Quebec
Regent Knitting.......
Roll and Papt r
...
5s
Dec
1 1954
98
1 1960
93%
July
Bid
1
1946
125
6
1
Grand Trunk Pacific Ry
115%
116
4 %B
...July
1
1957
114%
115
4s
.Jan
1
1962
...July
1
1969
116%
117
38........Jan
1
75
5s
1
1969
5s
1
1970
119% 110%
119% J 20
—
109H 1J0H
98%
68
.25
66
Preferred-
.....
9
..*
Tooke Brothers..
Tooke Bros pref— .....100
United Steel Corp
Vlau Biscuit
Montreal Stock Exchange
compiled from official sales lists
Thurs.
Week's
Sale
Par
Stocks-
Range
of Prices
Low
High
Price
Preferred...
Sales
Last
...
*
*
100
*
High
Low
Shares
5
110
110
20
9%
-100
Alberta, Pacific Grain A.,*
27
1,895
27
14H
14H
Preferred—.
.
.
Preferred
-
-
y-
-
......
Associated Breweries...
100
—
4H
Canadlenne
Apr
11
Jan
Commerce
110
Mai
May
Mar
20
2%
M on'treal.
—
July
100
_...100
—
100
_
Nova Scotia..
Royal
2
Mar
12
Jan
27
11%
Apr
14%
6%
June
11%
Mar
2.25
17
25
25
163
386
15
Mar
14H
31 H
17,280
147
Mar
940
7%
Mar
14%
July
5%
775
27%
Apr
33%
57%
58
4
245
3%
Mar
5
292
2%
June
4
Jan
Apr
57
Jan
223
July
300
305
Feb
186
300
190
191%
Jan
June
12%
Brazilian Tr Lt & Power.*
31 H
30 H
British Col Power Corp A.
3%
*
B
3%
56
56
*
Bruck Silk Mills
5
5
*
Building Products A
*
11
11
12%
3,190
Canada Cement
*
98
96%
98%
309
10
13
660
19%
19%
Can Forglngs class A
Can Northern Power
Canada Steamship
*
3%
*
25
544
4%
June
4,065
30
12%
13%
27
28
895
10
10
50
Canadian Fairbanks pf .100
100
100
150
40
Mar
13%
July
18%
Mar
28%
June
June
9
9%
Mar
20
10%
June
11
102
19
Feb
1,415
2%
Mar
4%
Saie
370
1.50
Mar
4
Jan
7%
13,241
Mar
8%
Jan
Par
Stocks—
11%
10%
12%
2,260
60
59%
61%
4,982
5
6%
47
Mar
12%
July
Mar
64%
Jan
6% cum pref
Pref ctfs of dep.
100
18
Jan
33
33
40
25
June.
33
July
73
75%
3,211
47
Mar
75%
July
2
July
—
3%
—100
7% cum pref..
Asbestos Corp Ltd.
*
19
160
16
Mar
19
15%
945
11
Mar
15%
32
32
32%
600
21
Mar
32%
18
18
18%
490
16
Mar
26
Jan
Brit Amer Oil Co Ltd
96%
June
108
Jan
British Columbia Packers *
9
Mar
16%
4%
10
Jan
Feb
73 %
3%
100
-
15
Paper.
...»
Electrolux Corp
__1
5
100
14%
16%
25,767
8
8
14%
83
30
75
June
65
80
58
May
70
8%
8
13%
1,355
395
14%
4
11%
Mar
Jan
July
8
8
*
14
14
250
7
305
8%
15
8%
*
8%
*21%
Can
June
4%
3,382
2%
Mar
5%
5%
155
5
May
7%
Feb
21%
21%
1.773
i 7
Mar
21%
July-
*33%
12
12
63
72
255
33%
330
33%
*
*
"T
70
Goodyear T pref inc '27.50
31
2%
330
1
...—*
21
553
14%
Preferred
15
Jan
10
Jan
Cndn General Invests Ltd *
15%
Jan
Cndn Marconi Co
Howard Smith Paper
Preferred
5
;*
*
117
8%
7%
Mar
12%
June
21
8%
8%
1.40
.1
1.50
Canadian
98
53
Mar
56
Feb
50
8%
2,070
1,870
16%
18
94%
28%
95
25
28%
31
1,535
976
*
Cndn Westlnghouse Co..*
54
8
10
Mar
70
14%
10
Mar
Mar
7%
*
5% cum pref
Can Vlckers Ltd
June
Mar
45
14%
2
8%
Mar
5
185
7%
2
86%
75
5,315
70
7%
14%
16%
.100
Hudson Bay Mining
83%
1,579
70
8
..*
Gypsum Lime & Alabas..*
11
8%
June
5
Mar
4
Mar
8%
Jan
Mar
15%
June
11%
10%
Mar
18
90
Mar
98
Feb
20%
Mar
31
Wineries——
—
Chosen Corp
*
17%
Imperial Tobacco of Can.5
Industrial Accept Corp... *
Int Nickel of Canada
Internat Pet Co Ltd..
International
Power
17%
17%
4,616
15%
15
15%
6,997
17%
16%
17%
160
2.00
5
Prefeired—-
Consolidated Paper Corp.*
*7%
15
Mar
19%
Feb
Dom Engineering
9
May
10
May
to
50
July-
100
2
May
5
7
Apr
40c
900
20c
300
1.25
1.50
800
Apr
Feb
Jan
8%
3,661
3%
Mar
8%
July
7%
1,385
3
Mar
7%
July-
7%
7%
7'
7
15%
July
Dominion Stores Ltd
*
Jan
Donnacona Paper A
Donnacona Paper B._
*
*
52%
Mar
31%
Mar
Ea Kootenay P 7%cmpfl00
10
Mar
4%
Jan
Eastern Dairies?^ cm pflOO
6
6%
218
7,150
1,295
25
37
74
May
10%
Mar
100
June
9
June
Lang & Sons Ltd (John A)*
11
11
210
*
Lindsay (CW)
MacKinnon Steel pref.. 100
4
4
40
3
84
70
10
7°
July
16%
105
13
Mar
70
8
Massey-H arris
*
Montreal Cottons Drpf.100
10%
9%
12,725
10%
10%
715
96
96
25
July-
s%
Mar
•
8%
35
3%
16
Mar
June
23%
100
3%
May
10
14%
Jan
4%
2,075
100
Feb
4%
21
10,093
14%
Jan
1.60
Mar
50
26%
*
35c
Mar
655
51%
49
Mar
6
25
80
15c
90c
4
33
5
29%
Fqb
4%
10
05.
5
5
6%
5%
5%
19%
5%
610
19
6%
19%
18%
19%
1,376
18%
21%
23
23
Jan
Ford Motor Co of Can A.*
May
Fraser Companies Ltd...*
Fraser Com panic Ltd—
Jan
Mar
8
Jan
19%
Voting trust ctfs.....
June
14
Apr L'r 98%
Inter-City Baking Co. .100
June
lntl Paints
(Can) f td A
Feb
*
Mar
No par value
25
__*
July
7
12
6%
Faircbild Aircraft Ltd
.*
3%
Apr
July-
4
32
Jan
40 c
Apr
49%
79
July-
JulyJune
3
25%
3
40c
3%
9
50
Works.*
Apr
10
34,534
4
13%
Jan
Feb
Mar
500
4
23
Mar
July-
3
9
7%
Feb
June
8
49%
3
Apr
Jan
June
5
*
Preferred —.......100
8%
1.50
Jan
8
July
July
Fleet Aircraft Ltd
McColl-Frontenac Oil
Mar
*
International Power pf. 100
Lake of the W oods
95c
1.00
2%
4
22
100
29-
8%
4
2%
1,175
Feb
_*
Ap
15C
1.50
David A Frere Ltee A.... *
Imperial Oil Ltd
36
40c
*
Alcohols
May
110
50%
7%
Mar
74
Jan
360
50
■
Apr
Mar
9
£1
*
Claude Neon Gen Adv
10
2%
8
50 %
*
Catelli Food Pr5% cm pfl5
Commercial
29%
103
106%
2
.....
Jail
14
Jan
Apr
104
Jan
54
100
100
10%
83%
11
10
59%
*
Breweries Ltd
Mar
Mar
439
4%
71%
12
Can A Dom Sugar
Jan
4%
3%
5%
*~4%
Cndn Pow A Paper Inv—*
Hollinger Gold Mines
July
4%
*
Corp...*
Brewers A Distill of Van..5
Co
*
Canada Malting Co
*
Can Nor P 7% cum pf.100
'
*
Foundation Co of Can
Beauharnois Pow
Jan
84
65
.
3,030
80
8
65
July
-
Batburst PAP Ltd B
9
English Electric B
Gurd (Charles)..
7,346
Jan
Mar
-
*
Preferred—
July
29
M ar
14%
*
Preferred
4%
Mar
9
19
.100
General Steel Wares
Mar
9%
100
25
Gatlneau
1.00
4%
29
26
19
100
Dominion Textile
54,335
25%
26
14%
Dominion Steel & Coal B 25
Dom Tar & Chemical
1938
High
Low
Shares
27
.*
Dominion Glass....
1.
Ranoe Since Jan.
for
Wfifilr
High
Ijow
26
*
Dominion Coal pref
Price
Range
of Prices
—100
Abitibl Pow A Paper Co—*
*
....
Dominion Bridge
Saies
Week's
Jan
3%
7
7%
25
Last
Jan
3%
compiled from official sales lists
Thurs.
Jan
Jan
102
July 2 to July 8, both inclusive,
Jan
3
*
Industrial Bonds
330 Bay St., Toronto
Montreal Curb Market
Feb
Mar
7%
3
3
*
DLstlll Corp Seagrams
Dryden
4
19
18%
18%
Canadian Indus Alcohol..*
Con Mln A Smelt new. ..25
St., Montreal
Sparks St., Ottawa
June
16%
11H
Cndn Foreign Invest.....*
Municipal
Public Utility and
Jan
4%
Mar
Canadian Converters. .100
Preferred
19%
Mar
100
.
Mar
56
Feb
7
540
Crown Cork & Seal.
17%
16%
2
17
Cockshutt Plow..
mconPORATcn
established xssi
Jan
783
13
Canadian Pacific Ry
HANSON BROS Canadian Government
Jan
470
17
B
June
12%
110
15%
11%
Class
June
38
*
Celanese
9
Mar
14%
12%
25
Preferred
7%
86%
37
27
*
Canadian Car & Foundry. *
Canadian
Jan
166
14 %
50
Preferred
Jan
17
38
(new).*
Canadian Bronze
38
•
255 St. James
100
Preferred
Feb
178
298
223
77
Feb
56
13 H
Feb
162%
161
76
218% 223
"77"
100
Feb
100
June
60
14
Apr
2,585
20
163
Bell Telephone
June
July
1.15
3,830
*
(N) Grain
Jan
2%
June
Preferred-...—-.-.100
Bawlf
Jan
3
3
2%
160
100
July
4%
55
2%
2
Bathurst Power & Paper A *
104
Feb
106
11%
10H
10 %
*
%
7
Mar
25
57%
50
June
5
4
3
50
Banks—
Canada
Agnew-Surpasa Shoe—..
May
July
18
2%
14
100
Preferred
Apr
6%
2%
16%
2%
2%
*
July
10%
50
2%
50
Wabasso Cotton
Winnipeg Electric A.
B
CO 00
Range Since Jan. 1, *-*
for
5%
75
158
153% 153%
5%
6%
W CCA
5
Ltd—*
Acme Glove Works
10
—
...100
Preferred..
Tuckett Tobacco pref..100
July 2 to July 8, both inclusive,
75
10
22
Preferred.—........ 100
Steel Co of Canada......*
1962
1956
1
...Feb
%8
47
Southern Canada Power.
5s
4
5%
17
50
pref 100
preferred
Simon (H) A Sons.
118%
July
6Hs
*
Saguenay Power pref... 100
St Lawrence Corp
*
Sherwin-Williams of Can.*
Ask
Canadian Northern Ry—
117%
30%
155
14
Shawlnlgan W A Pow...
Guaranteed Bonds
Ask
15 1955
June
4%s
30
Jan
July
98%
93
Dominion Government
115%
69%
Power.....
Ask
A
Bid
31
69%
100
97%
St Lawrence Paper
114%
28
66%
Jan
18%
*
.
96%
4 %s
Canadian National Ry—
1 1951
4 %s
...Sept
June
49
Canada...*
1 1946
111%
111
45
41 %
155
.....
..
Sept
Bid
90
95
July
45
100
4%s
103%
103
43
46
30
*
....
5 % preferred.......
Canadian Pacific Ry—
80
43
28
Price Broa A Co Ltd
Ask
79%
perpetual debentures.
Sept 15 1942
41
OttawaL H A Power... 100
Power Corp of
Canadian Pacific Ry—
Jan
43
"69"
Ogilvie Flour Mills
Penrnaas.
Railway Bonds
82%
Feb
39%
45
....
.
Jan
89
40%
Niagara Wire Weaving..
Preferred_
31
62
43
........
National Steel Car Corp.. *
Noranda
29%
58
82
Montreal Tramways... 10'
Preferred
29
58
29%
*
——
Telegraph....40
Fh-ov of Saskatchewan—
5s
Sept 15 1952
Mar
1 1960
4%s
10')% 110%
4%s
94
92
Scotia—
Province of Nova
2 1950
Mar
4%s
Mont L H A P Consol
Montreal
1, 1938
Range Since Jan.
tin no*
-
)J Pncei
H »e
Low
Price
Par
Stocks (Concluded)
National Breweries
Province of Quebec—
4%s..——Aug
Sale
112
4%
9
3 %
3
4%
14%
Feb
10
Apr
Jan
Mar
7%
6%
Jan
8%
Jan
Apr
Apr
Mar
19%
July-
9
Mar
19%
July
8.425
10
Mar
21%
July
20
20
Mar
23
617
760
1.70
Mar
4.50
Jan
Jan
Volume
147
Financial
Chronicle
257
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Thurs.
Last
Sale
Stocks (Concluded,)
Par
Intl Utilities Corp B
Lake Sulphite
VLake tit John P&P
1
90c
Range Since Jan. 1. 1938
Low
1.00
90c
475
3 34
695
33
34
55
2%
25
14
15
48 34
52
96
34
Mar
Biltmore Hats.
July
1.00
17
5 34
108
1434
870
90 H
Blue
90 H
9
.150
9
120
3
July
3134
834c 1434c
15
29
June
98,600
50
Provincial Transport....
Jan
98
634
Jan
Brewers & Distillers
Mar
1534
Jan
B A
95
Feb
10
Walkervllle Brewery
Walker-Good & Worts(H)*
1.55
...
cum
92
82
6%
5%
104H 104 H
Sou Can Pow 6% cm pf 100
United Securities Ltd.. 100
SI
100
Mar
pref
634 June
26
10
1.50
18H
1
Brazil
Traction
*
Buffalo Ankerlte.
Jan
Buffalo-Canadian
*
Mar
18H
56c
61c
17,250
42c
Mar
67c
lMc
134c
2,000
lc
Mar
334C
2c
2c
1,500
lc
435
1734 May
19
Building Products
Bunker
*
Apr
(FN)
Jan
Calgary & Edmonton
Jan
40c
40c
500
37c
Jan
40c
Jan
18c
20c
1,900
17c
Mar
33c
Feb
Big Missouri Mines
1
33c
35c
150
32c June
Bob jo Mines Ltd
57c
Jan
1
13c
13c
7,200
7 he May
13c
July
4,200
634c June
Feb
July
Apr
34
Jan
5
July
20
15c
June
68Hc
JaD
11c
Mar
17Hc
Feb
2 He
Mar
37
150
234
A pi
33c
25,700
1434
234
.17 h
2
May
164
15
June
22c
Mar
50
20
6he May
58
Apr
9He Mar
9H
Jan
May
Jan
14H
July
3
Jan
23 H
Feb
2.45
2.35
2.60
9,875
35c
36c
2,500
434
434
434
250
3
May
5
80
Mai
1,163
7
Mar
13
Jan
125
89
Apr
108
Jan
1C0
90
*
Preferred..
July
7h
7c
210
16c
13
*
A
56
13c
.1
Canada Cement..
14H
21 h
2)4 June
25,500
53
*
Calmont Oils
Canada Bread
Base Metals Mining..-..*
Beaufor Gold
1
Mar
28
1534c 1534c
1,500
3?4c 534c 255.141
13c
....25
July
June
1,000
Burlington Steel
*
Burry Biscuit— 12341
Feb
234c
4c
*
Hill...
Jan
14hc
10.25
2;
°34c
39c 42 34c
*
Jan
Feb
1.60
Burt
Arno Mines
15%c
15
b
9?4c
39c
106
18%
56c
*
34
Mar
Mar
754
120
5
Mines—
Aldermac Copper Corp...*
Alexandria Gold M Ltd-.l
3134
Jan
4J4 June
16H Mar
30
2.745J
31
5
7c
18,200
5 34
2134
534
Brown Oil
May
Apr
1434
1234
21
Jan
Mar
11h
8.00
1,205
1334
*
June
1.10
9.85
21 34
32
5
10
785
9.50
B_
June
7
9.50
Oil
104
If
1.60
Mar
9934
30
1234c
*
British Dominion Oil
97
58c
June
334
June
Apr
High
Mar
9
Bralorne Mines
May
30c
3
Bobjo Mines
Jan
Low
4,100
*
Preferred
Jan
38c
*
5134
July
Range Since Jan. 1. 1938
Week
.
Apr
78
Shares
Price
Ribbon...
Brit Col Power A
Page-Hersey Tubes Ltd.
Power Corp of Canada
6% cum 1st pref
100
for
of PHces
Low
High
3534c
8734
534
734
275
534
Par
Week's Range
Big Missouri...
Jan
1234
Mar
Jan
3234
1334
Mitchell (Robt) Co Ltd..*
1.00
Mar
7
935
95
Mar
40c
895
51H
Stocks (Continued)
High
Mai
13
95
cum pf 10U
55c
204
55
MacLaren Pow & Paper.
Sales
Last
Sa.e
Shares
3 34
McColl-Fron 6% cm pf. 100
Melchers Distillers Ltd pf*
Exchange
Thurs
for
Week
Low
Mackenzie Air Service.. _*
Massey-Har5%
Range
of Prices
High
Price
Toronto Stock
Sales
Week's
11
90
11
12
1.80
Mar
3.10
25c June
62c
92
Jan
Jan
4H
H
Feb
Jan
Brownlee Mines (1936)
8c
8c
Buffalo-Canadian Gold.
*
Buloio Gold Dredging...5
1334c
Feb
8c
500
3c
May
8c
Feb
6c
2,600
3c
June
10c
5c
July
5c
5c
5,000
29
334 c June
2434 June
3,135
90c
92c
2,600
77c
4c
2,500
Mar
6c
5,500
3 34c
5c
30c
34c
2.47
Cartler Malartic G M Ltd 1
2.47
16,900
1,000
2.12
24 c
6c
Castle-Trethewey Mines. 1
32c
Central Patricia Gold
Consol Chlbougamau
Dome Mines Ltd
*
5c
1
1
2234c
29
Duparquet Mining Co.-.l
5c
10,600
3 34c
1,92
13,100
1.05
2,050
Mar
Mar
6.95
55 34c
Feb
10c June
15 34c
May
4.90
28c
10c 1034c
1.17
Lebel-Oro Mines...
1
Macassa
7,166
2,210
1,10
Mar
2.65
May
2134
650
14 H
Mar
21 h
July
Canadian Oil.
46 34
Mar
5834
Feb
4.90
1,030
1.15
3.50
700
35
1.15
July
Mar
4434
52c
500
3034c
Jan
80c
Mar
6c
2,000
234c
Mar
4 34 c
Jan
72c
100
60c
May
1,14
Jan
Jan
5h
Feb
18 H
July
9
Jan
334
95
2%
45
6
92c
10
90c
94c
13
3
June
35
3
11,304
Jan
Jan
May
4
Feb
June
74c
4 h
10
Mar
Mar
1.28
Feb
125
May
110
Jan
120 h
June
21,979
5
Mar
8H
Jan
10
3
10
21
12034
7
734
1834
1834
*
.*
28 h
Apr
July
Mar
8
734
13 H
Mar
2 h
17
May
2
Apr
3%
Apr
Jan
2.58
July
Mar
86c
July
610
1
2.50
2.48
2.55
5,575
2.10
1134c
11c
12c
6,000
8 He
50c
50c
1,200
25c
16
May
1.65
Jan
20
Mar
50c
2.75
2.90
Mar
20c
June
2.05
2.00
2.05
1,150
1.55
Apr
2.18
2.11
2.33
9,650
1.37 May
1.35
1.47
6,900
1.02
JaD
1.77
4.60
4.90
300
3.90
Mar
5.15
10
Feb
Consol
Mar
5.40
Jan
Chromium
4.30
Feb
Commonwealth Petroluem*
Jan
Cockshutt Plow
Jan
Confederate Life...
Jan
Coniaurum Mines...
Feb
Cheste "ville-Larder Lake 1
1.40
1.35
Jan
Cons
1534
1534
60
5934
62c
2.70
2.65
Mining
12
100
*
1334
Mai
1734
2.10
100
1.70
Mar
2.39 June
2.20
2.20
100
1.85
Jan
2.35
Feb
Consumers Gas
2.65
3.83
1,000
2.60
Mar
4.50
Jan
Cosmos......-.....——*
9c
14c
Chlbougama.
63,620
Feb
7
25
140
July
100
179 34
21
June
75c
Mar
1.25
140
1.30
3,330
1.10
July
20,050
1.35
11 H
Mar
177
24c
62
Jan
July
140
July
400
43c
12H
Mar
1.45
16
Feb
Feb
60c
24He June
2,415
3.20
15c
35c June
4.600
22c
5
Crows Nest Coal.
7c June
75c
31c
1234
1
Smelters
Jan
30c
140
~
54c
1034
1.30
*
Bakeries...
Cons
58c
67c
30c
*
2.10
11,500
22
930
Central Patricia
290
14c
20
309
334
Central Porcupl ne
1
Chemical Research...... 1
2,400
1
26
12,625
26,100
A
Mar
86c
25c
Red Crest Gold
Apr
7h
18 h
82c
4.20
1634c 1634c
6h
2,193
82c
3.55
2.20
180
13 34
Jan
177
Api
1
3.65
1
Apr
16
C astle-Trethewey
3.40
1
Mar
4
210
Mar
June
23 54 c
Premier Gold....
Read Authier Mine
157
370
2,150
3.55
Powell-Rouyn Gold...
72
5
18.34
834
2.58
24 He
1.47
22
2.45
1
1
Jan
June
67
June
2.55
*
Development
July
15
1
Pandora Cad
Pickle Crow Gd M Ltd...l
Jan
h
16H June
52
176
12
Cndn Wlrebound Box
Pamour-Porcupine
Placer
Apr
150
120
Canadian Wineries.
Caribou Gold
1
Pato Consol Gd Dredging 1
Pend-Orellle M & M Co..l
Perron Gold Mines Ltd
1
6H
334
25
JaD
6c
3 .90
1,117
220
28 34
*
—
Jan
72c
"
—
C P R
Normetal Mining...;
O'Brien Gold
*
4
3
100
—
.
14c
June
34
150
Mar
25
3
_-*
5.50
Mar
73o
555
4.3
27c
534c June
36
May
2
12 ?4
28
25
Preferred
1.10
Apr
128
709
434
13
Canadian Locomotive- .100
Canadian Malartic
Jan
4.60
29
71
4
8
*
......
Feb
1
52c
B...
1.50
Lake....1
140
132
1834
Canadian Dredge.——... *
Canadian Ind Alcohol A..*
Mar
700
171
*
Can Car & Foundry
Preferred
June
1,210
175
20
preferred
'
20
5
1st preferred......
2d
99
33 34
130
*
7c
734c
42%
Preferred
99c
51%
6c
2.25
800
7Hc,
*
18
2.00
1,500
,
50 34
........
17
2.12
Jan
Mar
1,350
7hc
.
July
1,700
1.13
McWatters Gold
Jan
1.87
3.25
38c
7hc
New bee Mines
634c
Jan
6.25
1
43
bb
18
*
Breweries
97 34
33
Feb
June
Mar
36c
Kirkland Gd Rand Ltd.-.l
5
52
*
Mar
41c
96
1
6.25
Kirkland Lake Gold
Lake Shore Mines
Mclntyre-Porcupine
3.20
May
4c
2.18
Mines
55
Canada Wire B
May
3034
1.72
Mackenzie-Red
Canada Wire A......._*
Canadian Canners
69c
Mar
2.12
51%
7 He
1534
Feb
15c
Jupe
1.92
1
1334
934 c
Jan
Mar
20o
2.12
lOHc
15'%
Cndn Bk of Commerce. 100
27 34
1
J-M Consol Gold (New)...
3 34
Jan
1,510
1
36c
3%
Preferred
Feb
4,135
Eldorado Gold M Ltd
"
*
50
...
1.27
69c May
East Malartic Mines
Francoeur Gold M Ltd...*
Jan
29 %
27 34
4c
Falconbridge Nickel.....*
30
Mar
4c
1
100
33 34
130
Feb
28 h
28 H
Cndn Malartic Gold.....*
Capitol-Rouyn Gold
834c
8c
4c
1
9734
*
Canadian
Bouscadillac Gold
1
Brazil Gold & Diamond.. 1
100
Canada Malting....
Canada Permanent
Canada Steamships
July
1.84
Jan
1.45
July
16
Jan
3,650
20c
Mar
42c
Feb
4,971
46 H
Mar
64 H
Jan
199 h
..1
180
91
176
June
20
21
55
16
June
24
Feb
31
100
32
71
29
Apr
38
Feb
42c
1
3 he
334c
4c
6,000
Apr
634 c
Feb
Dark water...,
11c
10c
11c
1
12c
1034c
12c
IV 00
1.21
May
1.48
Feb
Davies Petroleum.
*
35c
33c
teherrltt-Gordon
36c
1.35
7,500
1
1.30
1.50
27.133
9l 34c
1.78
Jan
Denlson Nickel Mines
1
2334 c
22c
Slscoe Gold Mines Ltd...l
May
24c
16,300
2.30
2.29
2.34
5,985
2.01
May
3.40
Jan
Distillers Seagrams..—.*
Sladen Mai
1.15
1.10
1.17
13,150
Mar
1
Jan
Jan
Reward Mining....,
San Antonio Gold
Stadaoona
...
..1
(new)
1
Sylvanite Gold
1
Teck-Hughes Gold..
Thompson Cad
Wood
Mar
Dome Mines
(new)..
53c
May
Dominion Bank
95c
98c
3,500
Mar
1.23
Mar
3.45
2,375
2.70
Mar
3.60
Feb
4.70
1,608
4.40
Apr
5.60
Jan
Dominion Coal pref.... .25
Dominion Explorers..
I
Dominion Foundry
*
28c
22,900
10c
Mar
38c
Jan
24c 26 54 c
6,500
22c
Mar
43c
Jan
Dom Scot Inv pref—
Dom Steel Coal B
6.55
Mar
8.10
Jan
Dominion
1
24%c
24c
—1
..*
4.50
64c 141,610
7.40
7.50
580
39c
June
80c
78c
Anglo-Canadian Oil
1.40
20
40c
40c
40c
8,200
2.48
2.40
1.40
2.55
Mar
3 10
47c
50c
850
40c
Mar
70c
1*23
1.23
1.30
8,325
95c
Mar
Brown Oil
Calgary & Edmonton
*
Dalhousie Oil Co Ltd
*
Home Oil Co........
*
Okalta
Qlls Ltd.........*
*1
44
35 June
34c
June
1.86
1.51
May
6%
4
preferred
100
Atton Mines Ltd
Ajax Oil & Gas
1
Arom
Gold Mines
234c
Low
54c
63c
48,055
1
29c
23 34c
29c 158,800
1634c
1.45
4,056
95c
3.20
3.25
1,237
7c
2,700
2c
3c
76,400
500
66c
57
57
70c
13,166
5734
26
100
217
22234
Bank of Toronto
100
239
240
Base Metals Mln
..*
38Hc
45c
11
103*
1134
1.15
1.10
*
*
r*
5
-----
*
Bell Tel Co of Canada. 100
1
9
3%
163
25c
162
8h
Jan
_—>.*
834
934
600
4H
5
1.19
9,900
71,968
1.05
Mar
334
130
254
Mar
5
26 34
2634
10
26 H. July
31
2.12
2.19
10,760
1.97 May
6 H
634
1
—....
550
1,598
279
15.800
4H
11
6He
June
5H
6.25
3,065
4.70
Mar
18?4c
1834c
19c
3,305
16
Mar
5c
434c
5 34c
8,500
3Hc May
-1
19 34
19
23
Petroleum...25o
16c
Fernland Gold......
Fontana Gol d
.
.
-
6.00
45.600
16c
1.()( 0
5c
A
1954
5c
1,000
1934
3,652
14 h
20c
2,800
13c
....—*
40c
6,900
19
17c
19c
38c
34c
1.95
3.25
8
Jan
Jan
Mar
6 95
13He
Jan
June
Feb
Jan
Mar
leb
Jan
21 h
Jau
14c
Jan
18c June
16c
------—.
15c
Mar
1
Foundation Petroluem...*
30c
May
Mar
25c
5c June
20c
Feb
Mar
19H
Mar
22c
July
Apr
27c
Mar
53c
Anr
Feb
July
July
Gatineau Power......
Apr
July
June
*
11
1034
11
Preferred......... ..100
Mar
32c
4 h
26
2.12
—25
Federal- Kirkland
84
83 34
84
General Steel Wares.
734
Gillies Lake Gold
48
8«_
1,624
15c 1834c
69,400
6H
74J4
Feb
Mar
May
26 34
Jan
5c
5,600
*
54c
45 34 c
54c
33,824
31o
Mai
31c
31c
35c
28,300
14c
Mar
44c
44c
706
Gold Eagle
Goodfish Mining
1
22c
22c
16,510
J
334c
3 34c
3 34c
7,300
*
5934
59
59 34
184
55
54
55
Goodyear Tire
June
4.15
Jan
5c
Mar
10c
Jan
Graham-Bousquet..
434c
Jan
Granada Mines
44c
Mar
2c June
3c
50c
2.90
June
8%
32o
234c
Mines
Jan
86 H
Mar
Mar
3c
—
1.65
June
5
1
Gold Belt
12H
8c
16c
.1
Goldale
33c June
290
1
Glenora
Feb
19c
68c
35c
30c June
Apr
Jan
Jan
July
45c June
16o
May
3Hc
July
12c
52
72 H
68
40c
Feb
Jan
Feb
2c
20c
13c
62c
54c
June
Mar
Mar
Jan
June
Mar
25
26c
1.95
70c
May
1,233
84
9c June
834c
Mar
195
8,275
May
73
7c
God's Lake Mine
227
45,246
20
25,000
3 34
Jan
Jan
84
13c 1534c
10
1.72
3634c
9
4%
24hC 26 34c
.Jan
59
1034
163
Apr
80
14c
Mar
334
Mar
25,300
31c
Bank of Montreal
*
40c
18%
27c
Jurif
1634c June
100
1534c 1534c
I
50
1034
63*c
3.20
1
Cons
23
70
18c
2
1.40
1
Bank of Canada
Rloodgood Kirkland
4Hc
4,100
Augite-Porcupine Gold...l
Beatty Bros A
Beauharnols
June
20c
Astoria-Rouyn
B
134c
20c
3c
Beattie Gold
29
955
*
Bat hurst Power A.
Mar
8,200
Anglo-Huronian.
Ashley Gold
Bankfield
Mar
2,800
24c
4H June
1.90
High
834
20c
*
950
734c
Ford
1.00
4h
2634
1
634
East Crest Oil
Firestone
5,975
3hc
23
Jan
5 34
*
1. 1938
42,960
20c
Anglo-Can Hold Dev
Bagamac Mines
4h
3 he
56c
Mar
.-.-*
Falconbridge.
Fanny Farmer.......—1
Range Since Jan
3 h
24 34
Copper
*
American Cyanamid B..10
June
16 H
East M alartlc.. ;v— ..... 1
Exchange
1
Aldermac
44
33
Mar
Eldorado
29
Alberta Pacific Grain pf 100
A P Consolidated Oil
1
Jan
Apr
9
Jan
*
.......
Alberta Pacific Grain
3%
25 H
29
Feb
25 34
391
Feb
10
2.20
26 H
Mar
13,020
Preferred.—V...... 100
Dorval Slscoe:
1
Francoeur
Abitibi
Feb
7c
1634
4734
Shares
19 h
206
43 34
Mar
High
Apr
3 He June
Easy Washing.
Jan
Sales
Low
Apr
16
500
Jan
Week
Price
189
311
5c
Apr
1.45
July 2 to July 8, both inclusive, compiled from official sales lists
Par
10
1834
5c
30
June
of Prices
203
Jan
Jan
June
1434
1.08
Sale
18
16
29 h
4234
33 34
for
200
18
Mar
30
100
I Week's Range
11
27H June
1534
2,009
Last
2.180
3,641
30
1.50
Thurs.I
1534
Feb
Mar
50
*
Economic Investment.. .25
Toronto Stock
46C
58340 Apr
Equitable Life.
Stocks-
—
73
June
29
203
\
23 He
June
17c
25
—
45H
1.50
Royalite Oil Co
400
1
100
Stores
.
9c June
30
2734
...
Dominion Tar
Oil-
2,600
1434
"29"
*
3.30
4.50
Cad.
39
55c
"
1
Wright Hargreaves
88c
3.30
*
Sullivan Consolidated
3 34c
20c
Mar
634
June
2%
May
1.00 May
8
June
27c
Jan
1.03
Feb
60c
Feb
Preferred
50
;..
15
July
Jan
Jan
2
Mar
146 34
Mar
16634
Jan
20c
Feb
50c
Feb
5%
Jan
9 He
Mar
8
6c
634c
3,000
5c
654c
5,000
5c June
Great Lakes Paper.——.*
Preferred
1034
8
13
1,229
27
29
711
Grull-Wihksne.
July
July
534c
Feb
5
3Hc
6c
July
1.45
9.5O0
6c
22234
1134
6c
*
249
Feb
334c
1
51 H
......1
Grandoro Mines
Great West Saddlery..
Greening Wire
45c
90
Apr
Mar
...
Gunnar
Gold
:
2
*
1134
20
7c
7c
500
73c
76c
11,130
74c
Gypsum Lime <fc Alabaa..*
Halcrow-Swayze
1
Harding Carpets
*
734
3c
734
Hard Rock
1
2.80
Harker
1
1034c
1
1.05
8
1,205
13
July
33
Jan
2
July
Jan
12
10c
Jan
61c
1.09
Mar
Mar
Jan
4h
Mar
8h
Jan
2c
Apr
4c
June
Apr
3H
Jan
2h
2.81
66,965
1.10
1034c 1234c
20,200
1,000
2H
10
May
3He May
110
1.10
Jan
Mar
2,000
1.05
He June
11c
Mar
4c
2.58
Fell
16
334
3c
3
Hediey-Mascot
No oar value
65
1134
1
*
234
*
.1
4h
Jan
June
Jan
9c
Mar
1.00
May
2.81
July
17c
Mar
1.40
Feb
Financial
258
July 9, 1938
Chronicle
Canadian Markets—Listed and Unlisted
Week's Ranee
of Prices
Low
High
Week
Price
Pat
Range Since Jan. 1, 1938
Shares
Low
High
for
of Prices
Low
High
Week
Price
Par
Stocks (Concluded)
Week's Range
Sale
for
Hale
Sales
Last
Range Since Jan. 1, 1938
Last
Exchange
Thurs.
Sales
Thurs
Stocks (Continued)
Toronto Stock
Exchange
Toronto Stock
High
Low
Shares
"*
H Ighwood-Sareee.
*
-
11c
11c
1,000
*
15%
15
15%
285
Hollinger Consolidated--.6
Home Oil Co
*
14%
14%
14%
1,605
1.21
1.21
1.35
18c
19c
Hinde <fc Dauch—-
Homestead Oil—--------1
Howey
28c
Gold——-—-1
Hudson Bay Min <fc
Huron & Erie.-
29c
26c
13%
Mar
Apr
17%
July
15%
June
8,200
1,400
91c
Mar
1.47
Apr
10,660
22c
30%
3,930
69%
69%
7
20%
100
190
Mar
International Nickel
r
International Pete
6,812
15
Mar
19%
25%
85c
-
-
40c
2,200
64
63
65
13%
Mar
15%
July
1,600
40c
July
49c June
8
460
4%
Mar
9%
102%
10% c
Jan
Teck
Feb
Mar
Mar
1.00
3.00
2.85
Jan
100
9c
9c
50
49%
51%
19,116
6,176
26
25
1.00
80c
1,150
98% May
9c July
37
Mar
23
50c
2%
184
1%
Mar
2%
Julv
3.40
3,545
2.60
Mar
3.60
Feb
13%
170
12%
May-
5.70
Jan
1.57
Jan
57C
July
Mar
Toronto Mortgage.
82c
Mar
Tawaginac
Consol (New Btock)„l
—1
Kerr Addison
10 %c
10c ll%c
16,190
9%c June
16c
1.81
26,969
1.25 June
2.30
80c
1,600
60c
Mar
1.50
Jan
Union
1.07
1.18
17,866
95c
Mar
1.50
Jan
2.15
1,470
Mar
2.90
Jan
18%
305
12
Mar
18%
July
75
10
73
Mar
85
Mar
122
Jan
30c
*
Mar
3%c
Lamaque Contact
1
Lapa Cadillac..
—
Lee Gold-,
Leltch
46
Mar
68%
Feb
2
Mar
13
15%
15%
3%c
3,500
67c
60,800
2%c
54c
„
A
85c
74c
68c
71c
1,000
12,550
3.50
3.60
4,320
1 %e
22%
20%
23%
20%
1,210
696
Mar
1.13
Apr
lc June
68c
July
Feb
65
5%c June
3.50
20%
50
Jan
4,085
1%C
23%
15%
Mar
56
15,055
7c
1 %c
*
37%c
8c
7 %c
*
59c
11% June
2%e July
95c 99 %c
99 %e
*
B
29
60
1
1
Gold—
140
June
15c
Apr
Feb
Jan
Jan
Wiltsey-Coghlan
5.55
Jan
3.90
Mar
Feb
1,592
30%
Mar
44%
18%
18%
18%
1,162
17
14c
16c
10,100
*
24c
26c
7.55
Ymir Yankee Girl
27c
4c
3%
3%
July
4
4
Apr
6
May
9c
Mar
19 %C
Mar
4%
Mar
9%
July
Thurs.
10%c
8%
10c 11 %e
7,925
9%
11,209
8
28
Mar
52%
July
Last
Weet's
140
10
June
14
Feb
Sale
of Prices
Low
High
i
35
„
„
86%
Jan
99
May
35%
Mar
45
Jan
41%
„
_
„
43%
819
1.00
1.15
19,760
69c
Mar
1.15
June
15c
43
18c
9,900
10c
Mar
24c
Mar
32c
51c
64c
46,000
70c
70c
1,000
50c
Jan
Apr
80c
70c
Mar
July
18c
Jan
6c
*
6c
600
5c
Mai
8c
APr
1.94
2.15
16,215
1.45
Mar
2.49
Jan
13c
13c
2.00
*
3c
1.81
1,000
9,390
34
33
97
12c
1
8c June.
1,200
1.95
2%c
1.85
*
12c
3,000
4%c
2.56
Mar
Apr
1.60
25
35%
12c
Jan
July
12c
July
l%c
3%c
Jan
7%
Feb
58e
53 c
72c 334.390
4% June
13 %c Apr
55c
June
6 %c
♦
l%c June
170
3c
7c
July
38c
1
Nipissing
5
*
Nordon Oil.
7c
20c
17c
New Goden Rose
Noranda Mines
1.80
15c
1.85
1.75
66%
69
1
69
120
7,367
19c
15c
70,800
1,800
2c
May
12c May
1.65
Mar
Mar
48
7c
25,000
Apr
3%c
1
Norinetal
*
Northern Canada
*
80c
4c
35,000
2c
Mar
75c
86c
13,689
50c
Mar
27c
Apr
2.15
69
19c
Jan
July
July
5%c May
1.14
Jan
37c June
36c
36c
10,400
8.10
7.75
8.10
2,655
7.50 May
8.10
Apr
1.25
1.25
1.30
400
1.00 May
1.50
Feb
3%
-
Northern Empires Mines. 1
*
North Star Oil
3%
May
4%
~
-
5
Par
Stocks—
50
3%
Mar
4.20
44,775
2.75
5.45
1.49
1.69
2.30
Jan
2%c
10,050
2,500
1.07 June
2%c
2c June
5%c
Jan
52c
48c
52c
27,995
2.00
1.95
2.00
4.00
*
*
Omega Gold
1
Orange Crush.
Orange Crush pref
*
Oro
*
*
*
*
Porcupine...
3.70
4%
79c
♦
Page-Hersey
7c
5
75c
80c
75
70
5,600
3.40
7%c
88
90
90
3.35
3.60
12,415
25c
11,300
192
...1
Pantepec Oil.
...1
6%c
5%c
6%c
2,050
1
16%c
11c
17c
40,550
-
Gold
Paymaster
23c
.
31c
1.00
Mar
Mar
Mar
5%
Jan
Jan
1.45
Mar
6c June
78
Apr
Feb
Feb
4
7%
Feb
May
Jan
20c
5c June
22c
7%c
13c 100,400
9%C
46%C
12%c 13%c
22,378
25,750
1.33
1.47
14,400
16
16
4.70
4.55
4.95
3.05
3.00
3.05
2.12
2.08
2.18
14%
14%
370
9%
Apr
33c
35c
2,700
30c
Mar
Crow
Gold
Rouyn
1
*
Power Corp
Prairie Royalties
25c
i
Premier
33c
2.15
Pressed Metals
1
Prospectors Airways.
87%c
2.13
2.25
15
*
Preston E Dome
15
87%C 94 %c
Feb
63c
13c
100
96
4.30
11c
*
Photo Engravers
Feb
Mar
48c
1.47
17c
22c Junp
2.90
1
Perron Gold
July
Apr
1
50c
2.00
June
4
1
Cons
Payore Gold
55C
46c
9,100
6%c
Pandora-Cadillac
Partanen-M alar tic.
3c
2%C
5%
Canada
—
.
*
Red Lake Gold
*
Gold.
Canadian
1
Marconi
Coast Copper
.
— ... —
_
Consolidated Paper.-——*
—-*
Foothills
2.00 June
4.00
%c June
3% Mar
l%c
Mar
8%
July
15,562
Jan
50c
50c
14
75
32
69c
40c June
3,200
14
30
Jan
Mar
14%
June
21%
Mar
33
June
Mar
5
700
45c
19
50
14%
8
45
55c
55c
19
7%
7%
Feb
5
90c
19
Mar
Apr
July
8%
Jan
10
8
July
14
Jan
12
Mar
20%
Feb
Kirk land-To wnsite
1
Malrobic
1
14c
500
13c June
23c
Jan
lc
%c
lc
7,000
%c June
l%c
Feb
17c
16%c
19c
5,100
10c June
24c
*
29%
29%
29%
616
27
Mar
31
Mar
National Steel Car.——- *
45%
2%
45%
47
770
32
Mar
47
July
500
2%C June
Mandy
...
.«_
...
Montreal L H & P
*
Oil Selections.
14c
Pawnee-Kirkland
—
Pend Oreille.
2%
lie
11c
1,000
5c
Mar
lc
lc
15,500
lc
May
2c
2.01
2.35
40,015
1.30
Mar
2.62
Jan
l%c
1%C
700
3c
Jan
1%C
500
-1
1
—
Jan
2%
Oslsko Lake Mines——1
2.20
1
Jan
4%c
Apr
16c June
l%c June
Jan
Robt Simpson pref
Rogers Majestic——-
-—-
Shawinigan.
.
... -
Standard Paving
...
*
*
-.100
*
,
69c
Mar
1.02
Jar
15% June
1.76
19
840
2.80
Mar
3.30
Mar
9,600
1.37
Mar
2.41
Feb
15
Jan
Beauharnois Pr Corp 5s *73
52c
Apr
Bell Tel Co of Can 5s. 1955
Feb
Burns & Co 5s
59
61
Massey-Harris Co 5s. .1947
98%
McColl Frontenac Oil 6s '49
Mar
5%
5%
6
21
605
17%
17%
95
1.25
1.30
3,650
Apr
9c June
11,900
11,955
170
34%
95
Feb
Mar
June
10c
Mar
3
June
12% June
1.11
Mar
25
24c
190
48%
100
1961
5%s ex-stock
Minn & Ont
104%
93%
104%
94%
104
51
3%s._
93
114% 115%
1956
101
102
3%3
1973
96
97
98%
99%
Montreal Tramway 5s 1941
60
54
55
Ottawa Valley Pow 5 %s '70
87%
Power Corp. of Can 4%s'59
1957
102
76
Price Brothers 1st 5s..1957
93
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
96
98
49
51
Jan 11950
95
95
4s...l957
93
Provincial Pap Ltd 5 %s '47
100
103% 103%
2nd
conv
deb
94%
102
July
Gatineau Power 5s. —1956
103% 104
July
Gt Lakes Pap Co 1st 5s '55
Int Pr & Pap of Nfld 5s '68
Lake St John Pr & Pap Co
89
90
Jan
101
103
United Grain Grow 5s. 1948
93
95
1961
92
94
United Securs Ltd 5%s '52
69
72
1951
57
59
Winnipeg Elec 6s Oct 2 '54
82
6
Mar
27,250
9%c June
1,200
91c May
1.21
Feb
5%s
82,940
91c May
1.80
Jan
6s
1.00
1.00
20
34c
-
_
-
•
Apr
99%
103%
1.55
13c
71
98%
17%
Fraser Co 6s
1.49
110
1
Saguenay Power 4%s A *66
4%s series B._
1966
Shawinigan W & P 4 %s '67
Smith H Pa Mills 4%s '51
Mar
1.00
83
Dec
5s
"
20c
10c
83
105
75
Jan
105
50
3s
86%
96c
83
103
1939
par value)
Dom Gas & Elec 6%S-1945
June
99
Montreal L H & P (§50
Donnacona Paper Co—
4s
1956
Jan
1.29
Apr
98
104% 105
42
/41
Feb
1.35
1.00
Paper 6s. 1945
Montreal Island Pr 5%s '57
_
92
....
35
Mar
ll%c
*
2%s to '38-5%s to '49...
98
Canada North Pow5s.l953
As k
102
Maple Leaf Milling—
106
Jan
lie 12%c
92%
91%
112% 113
1941
.1958
Feb
11c
Bid
Calgary Power Co 5s.-1960
64c
10
Jan
July
Friday, July 8
Ask
Canada Bread 6s
36 %c
1,050
Mar
Utility Bonds
Jan
13%c June
39%c
Jan
45%
2.00
May
Feb
2.42
19
19,600
100
1.00
1.34
Mar
Mar
13%c 14%c
43%
585
2.00
67c May
1.81
10
Cedar Rapids M & P 5s '53
Consol Pap Corp 5%s 1961
100
Jan
42
81
Canadian Vickers Co 6s '47
10
31
Apr
101
Jan
63
Jan
30
1.75
1.80
Jan
25c
May
20
120
Manitoba Power 5%s_1951
Jan
24
9%o
20
37
MacLaren-Que Pr 5%s "61
45c
190
9.800
25
83
4.55
9%c 12%c
lie
24
69
July
24
June
81
7c June
185
37
fG 8
.
2.55
17,550
Apr
1946
Alberta Pac Grain 6s.
6,400
48c
31
Abltibi P & Pap ctfs 5s 1953
4,700
42c
145
July
4%
36%
Bid
18c
13%c
July
Closing bid and asked quotations,
Feb
Jan
143
25
Industrial and Public
Feb
5.10
7,500
22
Mar
Mar
Feb
23c
Mar
30,100
May
2
12
10c
10%c
18
60
36
*
Mar
815
36
1
Apr
4
662
-*
Thayers 1st pref.
United Fuel pref
Feb
115
May-
4
20
Temiskamlng Mines
2%c
June
3
22
3%
100
Stop & Shop
June
105
25
20%
*
Preferred.,-
Waterloo Mfg A
3%
3%
lc
56
350
115
112
Mar
Mar
12c June
38c
3.80
14,625
1%C
1
100
Robb-Montbray
2.80
-50r
1,025
1,500
3.25
l%c
50
14c
1.30
100
July
8
2.55
50
.
1.55
17
15c
45
Silverwoods
June
8
Canadian Lt & Pow 5s 1949
Royalite Oil
1
Jan
Feb
90c
552
17%
15
12c June
*
-.1
Jan
15
*
S8c
12%c
Sherritt Gordon
July
12c
9
July
Apr
*
Mar
188
Shawkey Gold
5%
Humbeistone
July
*
Sheep Creek
3
Honey Dew pre!.
50c
.100
San Antonio
1.55
31%
31%
*
Hamilton Bridge.-——--*
5%c
Long Lac
pref.
Feb
High
Mar
2%c June
90
lc
*
Fraser voting trust.
1,000
Bank
*
Low
2
340
6
7%
8
*
Dellavilland
Dominion Bridge
1,200
Royal
Corp
30c
Range Since Jan. 1. 1938
for
10C
3.00
i%c
——*
Dalhousie Oil—
10c
Roche
Saguenay Power pref— .100
St Anthony...
1.40
1.40
.5
1
Cobalt Contact
50c
43c
A
May
Week
16%
16
Vinegars.———*
2.56
Red Crest
St Lawrence
14c
4%c 107,850
5%
_
Canadian Inter Pap 6s 1949
Riverside Silk.
Feb
Shares
3
*
Canada Bud
10c
*
Read Authier
Range
3
Brett-Trethewey -------1
50c
_
Quemont Mines
Jan
8.20
Jan
1.55
2%c
1
Okalta Oils.
Olga Gas
Price
.*
Beath A
Ritchie Gold
Pacalta Oils
43c
Mar
Mar
1
Newbec Mines..
5,000
6%
*
Naybob Gold
1%C
5%
1
Plata
Jan
93
6.50
Jan
Mar
2%c May
5%
Murphy Gold
National Grocers
.
Apr
Feb
Sales
1,865
95
...1
O'Brien Gold
July
compiled from official sales lists
10%
._
North Star pref
15c
Exchange—Curb Section
Toronto Stock
July 2 to July 8, both inclusive,
52%
*
Norgold Mines
3
10%
62 %C
Corp
Feb
Jan
49%
1.12
Morris-Kirkland
17
25c
-
10%
...*
_
10,700
—
52
1
...
Mar
Jan
3%
l%c May
i% Mar
Apr
14
3%c
65
4,500
13%c June
14 %c
Mar
21 %c June
8,340
14%c 15%c
Feb
3c
10,500
7.35
Jan
4%
35
Mar
9
42
42
66
25c
7.50
1
...
Mar
8c
Feb
June
1%C
3,000
15c 191,800
11c
66
100
Wood (Alex) pref
Wood-Cadillac..
Wright Hargreaves
1 VJo
14c
Mai
May-
700
11
1%C
1
2
28
8,700
lie
10%
Jan
19%
20c
50
33%
10%c
10%
Mar
Mar
8c
35
3
3
30
......
1,000
...1
Moneta Porcupine
Simpsons
40%
6,000
1,295
—5
Corp
M into Gold
Reno
39%
2c
100
Merland Oil
Powell
40%
16c
Exploration.. ...5
Pioneer
Jan
July-
40c
#
Mercury Oil.
Pickle
1.25
5.20
16c
McWatters Gold—...
Paulore
Apr
Mar
l%c
100
McVlttie-Graham
Pamour
90c
1.02
37%c
39c
*
McKenzie Red Lake..
Jan
7.40
300
*
1
Mines
Mar
3,796
1.05
*
Preferred-
Jan
July
5.90
*
1
.
4.00
26c
6%
5.20 166,274
*
Preferred.
Moore
49c
Jan
Mar
Mar
13c
3
1.00
»
Jan
'
Mining
500
11,190
Jan
July
4.10
*
21%
Jan
McColl Frontenac
15%
11
3,405
16c
6%
5.70
—
24
Mar
Mines
Massey Harris.
Mar
14
5%
*
100
Preferred
Mar
1.30
Preferred
2.03
5.20
*
Preferred..
Mar
3.50
Maralgo
Jan
16c
*
Wendigo Gold-Western Canada Flour.
18
4,818
Maple JLeaf Milling
90c
66c
15%c
Amulet
19%
Mar
85,775
13%
West Turner Petroleum 50c
23,246
Mentor
Waite
Walkers........
White Eagle
3.40
■
2.03
1
Westons
4.85
Manitoba & Eastern..
1.92
6
*
Feb
4.60
Madsen Red Lake
Mar
*
Ventures
Feb
3.15
Mclntyre
United Steel
1.12
4.70
McDougall-Segur.
33c
14
*
6.00
3.40
-
July-
15,275
2%c May
1
Mines
♦
Mar
MacLeod Cockshutt-. ...1
Macassa
108%
55c
*
3.50 May
60c
25
45c
2.00
Jan
59
1
Little Long Lac
Loblaw
27c
350
30c
52
1
Gold
Oro
Lebel
65C
*
Laura Secord
9,140
2,272
3%
29c
50
15%
-
»
Lava Cap
1
1.78
108% 108%
•
...
49c
United Oil
3%
Lake of Woods
.50
Exploration -.1
Gas
80c
1.17
Jan
2.09
May
Uchi Gold
108
16%
17
Toronto Ceneral Trusts 100
40c
June
100
75
*
Feb
1.68
19
102
102
_—.
36c July
------
Jan
Mar
2.10
1
16
June
100
Tip Top Tailors pref...
...1
Jan
1,05
13 %c May
52
Mai
4.40
6,100
1
1.23
2,015
17,520
1
Mar
9,950
20c
Lake Shore
Mar
1.35
39c
Laguna Gold
19c
4.70
19c
1.75
3.80
Mar
85c
2,637
Mar
1.30
36c
-
Jan
2.00
4.50
19c
Kirkiand-Hudson
July
1.32
37c
KirklandLake
65
15%C
Apr
10c
7,690
•
Mar
Jan
69%
4.55
1
J M
May
•
—
1
32c
Jan
25c
*
Hughes
1
57c 172,850
Jan
70c
77c
13%
*
Cons
48c
Jan
2%
3.30
-.1
Tarnblyns
Mar
6c
16,000
95c
Jan
1.38
24c
3.30
*
Supeisllk A.
Sylvanite Gold
Toronto Elevators.
54c
Apr
3.25
90c
.
Mines
Jellicoe
54
48,900
14c 15 %C
15c
1
Texas Canadian
Mar
52%
31%
lie
Mar
Jan
Mar
9c
56
135
10c
Jack Waite..
Jacola
333
♦
3.40
July
4%C July
39%c May-
64c 259,698
70
May
40c
600
5%c-
66%
Mar
1,485
100% 100%
—_.l
Intl Utilities B_
40c
4%c
..
_
68%
Sudbury Contact
40c
ftc
49 %
_
-
*
Jan
7%
*
1
*
*
„
.25
Preferred.—---
17%
15
IntI Milling pref
Apr
53c
Steel of Canada
15%
17%
15%
-*
Mar
7c
54 c
Straw Lake Beach
40c
17 %
6
1
40c
86c
*
Jan
8%
214
28,700
*
—
Sudbury Basin
—*
Intl Mining Corp.---
6% May
1.16
*
July
3
2.00
14%c 17%c 112,800
15%c
Stadacona
June
30
13,545
1.15
1
Southwest Petroleum..
Spy Hill Royalties.--.. 25c
30%
8
1
Lake.
Jan
69%
203
Sladen Malartic
Slave
Jan
Mar
7
2.35
1.07
1
33o
Apr
57
2.27
2.27
Siscoe Gold
37o
15c May
Mar
20.3
Imperial Bank
Imperial Oil---.
Imperial Tobacco
Inspiration Mining
Inter. Metals A
Jan
Mar
.—.100
20%
20c
11
29
29
8m..*
100
8c
1.25 June
95
Jan
♦No par value.
/Flat price,
n
Nominal.
103
-
-
-
-
104% 104%
102
103%
Volume
147
11997765
Financial
Quotations
a3s
Jan
New York
Bid
1 1977
a3%sJuly
a3%sNov
a4%s Apr
15
May 1 1959...
a4s
May 1 1977.......
o4s
Oct
a4 % 8
Sept 1 1960
1 1958
1 1980..
Ask
100
98
National Bronx Bank...50
35
40
Bensonhurst National. __50
Chase
.13.55
75
100
National City
26%
118%
32%
Commercial National..100
118
119
1 1957
109% 110%
112% 113%
04 %s Mar
1 1963
a4 %s June
1 1965
04 %s July
1 1967
120%
a4%s Dec
....12%
25%
13%
9
11
43
48
26%
28%
23%
25%
16
19
131
137
National Safety Bank. 12%
Penn Exchange.
10
Avenue
100
700
First National of N Y..100 1620
Flatbush National
100
34
730
Peoples National
1660
Public National
34%
Fifth
122% 124%
104
..50
15%
118% 119%
119% 120%
a4%s Dec 15 1971
Bank
117% 118%
112% 114
Nov
Bid
Merchants
113
a4s
a4s
Par
18%
48
118% 119%
116
117%
116
117%
108 % 109%
May 1 1957_.
Ask
17%
117%
117%
'78
o4%s Mar 1 1981
o4%s May 1 1957.
109
a4s
Bid
40
116
114%
116%
116%
117%
a4%s Feb 15 1976
o4%s Jan
1 1977
a4%s Nov
Par
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
117% 118%
1 1966..
a4%s Apr 15 1972
a4%s June 1 1974........
103% 104%
102% 103%
102 % 103%
104% 107%
1 1975
a3%sJuly
New York Bank Stocks
Ask
Bid
99% 100%
1 1960
o3%sJan 15
City Bonds
QQ
103 % 104%
1 1954
«3%s Mar
259
Over-the-Counter Securities -Friday July 8
on
Ask
98
1
a3%s May 1 1954
Chronicle
a4 %s Nov
110
a4%sMar
1 1962.
114%
113% 114%
a4%s Mar
1 1964
114
1 1979
Kingsboro
National... 100
44
25
Sterling Nat Bank & Tr 25
65
Trade
Bank
-.12%
,
Chicago & San Francisco Banks
122
Par
115%
Bid
& Trust
'
Ask
American National Bank
Par
Bid
Ask
Harris Trust & Savings. 100
100
165
280
300
Northern Trust Co
185
500
540
100
Continental Illinois Natl
Bank & Trust....33 1-3
New York State Bonds
Bid
Ask
Bid
3s 1974
b 2.30 less
3s 1981
62.40 less 1
Canal & Highway—
5s Jan & Mar 1964 to '71
62.55
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964..
Can & High Imp 4%s 1965
First
1
National..
100
World War Bonus—
61.70
4%s April 1940 to 1949..
Highway Improvement—
4s Mar &
Sept 1958 to '67
Canal Imp 4s J&J '60 to '67
137
137
106
1939-1941
Gen & ref 4th ser 3s 1976
96%
97%
Gen &ref 3%s
1977
George Washington Bridge
4%s ser B 1940-53.MAN
97%
98%
110
E
Inland Terminal 4%s ser D
1939-1941.
1942-1960
109
Ask
M&S 60.50 to 1.25%
M&S
111
112
1942-1960.
...M&S 60.75 to 1.60%
...M&S
107% 109%
i
2%
.10
14%
10
24%
26
Importers & Exporters. ..5
7%
IJfe
73%
21%
76%
Ins Co of North Amer.. .10
63%
23
Knickerbocker
22%
24%
..5
Lincoln Fire._ ..5
10%
5
10
1
Maryland Casualty
Mass Bonding & Ins..12%
3%
45
48
Merch Fire Assur
43
46
7
12
2 %
4%s Oct
Ask
Bid
Honolulu
5s
63.50
1959
103% 104%
U S Panama 3s June 1 1961
4%s July
1952
Apr
1955.
103% 104%
100% 102
Govt of Puerto Rico—
5s
5s
Feb
1952
106
108
5%s Aug
1941
108
110
3.00
Hawaii 4%s Oct 1956
32%
13%
34%
26
27%
American Surety..—...25
Automobile
10
41%
43%
Merchants (Providence) ..5
31
33
National Casualty
National Fire...
Baltimore American...2%
Bankers & Shippers..—25
Boston
.100
Camden
Fire...
...
_.
.
6
.....5
......
_
_
.
_
Federal
119
121
113
116
Fire Assn of Phila
19
New
New York Fire
30
Northern
2%
5s
111
112%
109
111
Firemen's of Newark....5
109
111
Franklin Fire....
U S conversion 3s 1946
Conversion 3s 1947
44
5%
Fireman's Fd of San Fr.25
July 1948 opt 1243.
3%
42
20
Hampshire Fire.. .10
20
Jersey
15%
12.50
2.50
42%
17%
82
5
River
44%
39%
.
North
11%
30%
86
25%
27%
117
121
104
National .25
Pacific Fire
107%
76
Preferred
Accident
..5
80
15%
17%
Providence-Washington .10
32
34
10%
26%
Reinsurance Corp (N Y).2
Republic (Texas)
.10
Revere (Paul)
Rhode Island
6%
23%
21%
25%
23%
37%
82
86
9
25
__5
10%
28%
42%
Phoenix
43
99% 101%
60
58%
.10
New
Northwestern
6%
41
..10
Fidelity & Dep of Md
8
125
28%
5
.......
7
20%
23%
2%
.—_
6
119
28
5
H)
21%
60%
-.2
17%
26%
10
8%
,
19%
58%
National Union Fire... .20
New Amsterdam Cas.. ..2
New Brunswick
10
18%
22%
10
Employers Re-Insurance 10
Excess
84%
575
4%
7%
4
10
National Liberty
7
.
80%
565
12%
2%
2
com.. -.5
Merch & Mfrs Fire New'k 5
4%s July 1952
115% 117%
8%
American Re-Insurance. 10
American Reserve
10
Connecticut Gen Life
Continental Casualty
Ask
101%
3
16%
8%
65%
10
Eagle Fire
Bid
100
...
Equitable
Carolina
United States Insular Bonds
4s 1946
Ask
Home Fire Security
Homestead Fire
10
47%
City of New York......10
Philippine Government—
Bid
95
American Home..
American of Newark
Authority Bonds
104% 105%
100% 101%
Par
91
Agricultural ...........25
115%
Holland Tunnel 4%s ser
105
Gen & ref 2d ser 3%s '65
Gen & ref 3d ser 3 %s '76
48%
Companies
Ask
45%
Aetna
Bid
Gen & ref 4s Mar 1 1975.
Bid
10
American
Port of New York—
46%
Aetna
112%
Ask
FRANCISCO—
Aetna Cas & Surety....10
American Alliance
Bid
SAN
Bk of Amer N T & S A 12%
Insurance
--mm
129
BargeCT4%sJan 1 1945.
Port of New York
74
229
Par
Barge C T 4s Jan '42 & '46.
134
.
129
....
72
224
Ask
'
Fire
.10
8%
General Reinsurance Corp 5
Bid
3s 1955 opt 1945
Bid
Ask
20
22
Rossla
5
4
5
20%
21%
St Paul Fire & Marine.. .25
194
201
Glens Falls Fire...
Ask
35%
Georgia Home
10
Gibraltar Fire & Marine. 10
Federal Land Bank Bonds
5
40%
42%
Seaboard Fire & Marine ..5
....5
12%
25%
14%
Seaboard
28
64
67
24%
8%
26%
.10
Surety..
.10
Security New Haven
Springfield Fire & Mar. .25
5
Stuyvesant
9%
Sun Life Assurance.... 100
490
540
446
456
Globe & Republic
3%s 1955 opt 1945. —M&N
4s 1946 opt 1944... ...J&J
104% 105
Globe & Rutgers Fire.-.15
J&J
103% 103%
103% 103%
111
M&N
103% 103%
4%s 1958 opt 1938. ..M&N
101% 101%
2d preferred
Great American
J&J
3s 1956 opt 1946
3s 1956 opt 1946
'
111%
15
5
Great Amer Indemnity
1
Halifax
10
Joint Stock Land
Bid
Atlanta 3s
...
Ask
Burlington 5s.
Bid
Ask
Lafayette 5s
100
87
58
58
5s
88
91
New York 5s
First Carollnas 5s........
First of Fort Wayne 4%s_.
First of Montgomery 5s...
First of New Orleans 5s.
First Texas of Houston 5s.
First Trust of
Chicago 4%s
99%
99% 100%
99% 100%
4%s_
27%
29%
Westchester
100%
Bid
100
101
98
Pennsylvania 5s
100
101
Associated Mtge Cos Inc—
105
107
,-mmm-
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '53
100
99%
102
Phoenix
99% 100%
99% 100%
4%s....._
5s
Potomac 3s
106% 108
99% 100%
St Louis 5s
/28
102%
San Antonio 3s
100
80
Southwest
81
Southern Minnesota 5s
5s
64
/15
99% 100%
5s
99
30
Debenture
76
—
40
77
Cont'l Inv DebCorp3-6s '53
48
42
'
mmrn-
m
m
mm
Empire Properties Corp—
68
Interstate Deb Corp 2-5s'55
34
16%
Mortgage Bond Co of Md
100
2-3s
-
99% 100%
Iowa of Sioux City 4%s._.
93
96
Virginia-Carolina 3s
99% 101
1953
Inc 2-5s
Par
Bid
Atlanta
100
35
45
100
38
45
Dallas
100
85
90
100
22
26
55
m
mm
Ask
Par
New York
2
100
9
45
100
4
7
Fremont
100
1
2%
Lincoln
100
4
85
Carolina
100
60
65
Pennsylvania
100
20
24
100
75
85
100
55
60
Virginia
5
Virginia-Carolina
Federal Intermediate Credit Bank
Aug
FICl%s...Sept
F I C 1 %s...Oct
F I C 1 %s
Nov
100
1%
70
1%
80
Debentures
Ask
15 1938 b .20%
15 1938 6 .20%
Bid
F I C 1 %s_..Dec
mm —
/22
42
25
74
Par
F I C 1 %s—Feb
Bid
F I C 1
New York Trust
Bronx County
Brooklyn
100
....10
...
Ask
160
165
Bell Telep of Pa pref.._100
112
115
Cuban Telep 7% pref-.lOO
30
40
Emp & Bay State Tel..100
Franklin Telegraph
100
Gen Telep Allied Corp—
50
58
25
30
*
91
94
Int Ocean Telegraph...100
57
110
$6
preferred
1946
A si
102
Fulton
100
190
205
Guaranty
100
228
233
10
11
12
100
1550
25
28
,20
4%
80
Central Hanover
River Bridge 7s...1953
Bid
362
7
6%
85
Irving
mm
„
mm
mm
m
72
42
:
mm'm'm
deb
1953
44
—'mm
31
33
Bid
Ask
3-6s
Par
16
14
25
*
19
16
23%
25%
100
110
115
115
Telephone—
100
110
12
140%
143%
61
So & Atl Telegraph
25
Sou New Eng Telep... 100
S'western Bell Tel pref. 100
115
115%
115
Wisconsin Telep 7% pf.100
114
117
96%
Ask
Bid
New
97
16
Kings County
Lawyers
1590
32
Is....—--—July
Dec
2s
-
-
•
89
39
41
Federal
60
Preferred
..20
49%
51%
..25
11
14
New York.
25
92%
95%
Continental Bank & Tr.10
11%
13%
Title Guarantee & Tr. ..20
16 1943.opt'39
Home Owners' L'n Corp
2s
Aug 15 1938
Corn Exch Bk & Tr
51%
52%
Underwriters
16
17
United States
...Apr
2s
100
80
.100 1460
7
90
revenue
1944 b
2.40
less
1
revenue
1949 b
2.90
less
1
1 1943
l%s
101.24 101.27
w
i_
1953
50
52
99%
99%
June 1 1939
101.9
10L12
100.3
100.7
101.6
101.8
1510
page
Trlborough Bridge—
4s
s
f revenue '77 A&O
108
109
4s serial revenue.. 1942 b
Natl. Mtge Assn
2s May
For footnotes see
Reynolds Invest'g 5s 1948
Standard Oil of N J—
100.18 100.20
102.16 102.19
42
6
105
3%s
2%s
1939
55
.
104
3%s
-
1940
40
Manufacturers
101
Ask
York City Park¬
way Authority 3 %s '68
101.13 101.15
86
44
42
1953
$6.50 1st pref
.Sept 1 1939
l%s
20
20
Corp 3-68
Rochester
Fed'l Home Loan Banks
50
...10
ture
Preferred A
% % notes Nov 2 1939.
Federal Farm Mtge Corp
Clinton Trust
Empire
44
100.18 1,00.20
Chemical Bank & Trust. 10
Colonial Trust
1953
Pac & Atl Telegraph
Peninsular Telep com
Commodity Credit Corp
Par
354
......100
3-6s_.
New York Mutual Tel. 100
93
89%
Bid
Companies
Ask
47%
42
Miscellaneous Bonds
%s.__Apr
15 1939 b .35%
June 15 1939 6 .40%
90
45%
■mm mm
42
Ask
Bell Telepof Canada... 100
Associates Invest 3s.
Bankers
74
1953
Realty Bond & Mortgage
mmmm
44
Bear-Mountain-Hudson
Bank of New York.
3-6s
115% 117%
FIC 1%
Banca Comm Italians. .100
m
Unified Deben Corp 5s 1955
■
Am Dlst Teleg (N J) com.*
Preferred
..100
16 1939 6 .30%
15 1939 6 .30%
Jan
15 1938 6 .25%
Bid
^m'm
15 1938 b .30%
FI C 1 %s
15 1938 6 .25%
15 1938 6 .25%
Par
issues) 2-5s
1953
Potomac Cons Deb Corp—
Potomac Realty Atlantic
Deb Corp 3-6s
1953
(Central Fund'g series)..
11
6
Bid
74
,
Ask
San Antonio
100
1954
Series B 2-5s
52%
Telephone and Telegraph Stocks
Bid
Potomac
First Carollnas
1954
mmmm
Mtn States Tel & Tel..100
North
.
Ask
Corp—
'
Nat Bondholders part ctfs
Joint Stock Land Bank Stocks
Atlantic
Bid
Nat Union Mtge
Series A 3-6s
Potomac Maryland Deben¬
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-6S.1953
F I C 1 %s___ July
34
'
m
99% 100%
—
Virginian 5s
F I C 1 %s
32
Potomac Franklin Deb Co
49
91
Moines
2.50
Fire
Potomac Bond Corp (all
3-6s.„.1953
Cont'l Inv Bd Corp 2-52 '53
1945
100%
88
Des
50
Potomac Deb Corp 3-6s '53
101
Illinois Midwest 5s.
Denver
15%
53
47
uO
99% 100%
100
Union of Detroit 4 %s
...
14
10
Ask
84
Pacific Coast of Portland 5s
78
3s
4%
Surety Guaranteed Mortgage Bonds and Debentures
38
77
5s
Greensboro
Home
/34
Ohio-Pennsylvania 5s
101
Fletcher 3%s
3%
100
U S Guarantee
99% 100%
Denver 5s
118% 121%
U S Fire.
54%
Oregon-Washington 5s
/28
6%
/5%
100% 101%
Dallas 3s...
35
51
78
52%
..5
8%
24
33
Fidelity & Guar Co -.2
75
10
Allied Mtge Cos Inc—
All series 2-5S......1953
31
Chicago 4%s and 5s
..
6%
22
90
North Carolina 5s
Fremont
U S
7
101
Lincoln 4%s
/52
Central Illinois 5s
Travelers.
34
Hartford Steamboiler___10
99% 100%
/52
4%s
23%
32
Hartford Fire
Bank Bonds
99% 100%
Atlantic 3s
22%
Hanover..............10
5
5
261.
2.10
less
1
4s serial revenue..1968 b
3.50
less
1
United Stats Steel Corp—
Debentures 3%s..l948
102%
102%
Financial
260
July 9, 1938
Chronicle
Quotations on Over-the-Counter Securities—Friday July 8 -Continued
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
Youngs town 5 44s
Akron Canton and
6s-.
-
-----
Atlantic Coast Line 4s
3o$cpb Klalkers Sons
Members f\lew Tori
Dealers in
120 Broadway
Baltimore & Ohio 4448
Boston &
Stock Exchange
Boston &
Cambria <Sc Clearfield 4s—
...
...—..
—
Chicago Indiana & Southern 4s
2-6600
STOCKS
Chicago St. Louis & New Orleans
5s_„_.
Duluth Mlssabe & Iron Range 1st
Guaranteed Railroad Stocks
Florida Southern 4s.
Bid
Asked
100
6.00
56
61
100
—100
10.50
10
95
6.00
32
36
...'A)
Boston & Albany (New York Central)...
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central).-.-.—
100
Carolina Cllnchfleld & Ohio common 5% stamped..100
Cleve Cinn Chicago & St Louis pre! (N Y Central)..100
Cleveland
Pittsburgh (Pennsylvania)..50
Betterment
stock
j
50
Delaware (Penney 1 vania)
- 25
Fort Wayne & Jackson pre! (N Y Central)
..100
2.00
28
32
8.75
77
80
—.
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
25
8.50
20
2.85
40
48
5.00
70
75
5.00
55
62
3.50
70
67
40
44
2.00
35
39
5.50
47
52
Georgia RR & Banking (L & N-A C L)
100
Lackawanna RR ol N J (Del Lack <fc Western) — -.100
9.00
134
4.00
45
100
50.00
500
2.00
.
Michigan Central (New York Central)
Morris & Essex (Del Lack & Western)...;
New York Lackawanna & Western
Northern
Central
(Pennsylvania)
49
54
77
32
37
3.00
135
145
152
156
7.00
50
55
6.00
119
124
3.00
58
63
—
100
100
87
Canal 5s.
...
1939
Philadelphia & Reading Terminal 5s.
1941
Pittsburgh Bessemer & Lake Erie 5s....................1947
46
51
102
103
11444
116
Norwich & Worcester 444s
4s
5s
Toledo Peoria & Western 4s...
Providence & Worcester
Terre Haute <fc Pecoria
.....
—
Toledo Termirial 444s
-
Buffalo 4s..._
United New Jersey Railroad & Canal 344s
Vermont Valley 4448-———- —.......
Washington County Ry 344s
Toronto Hamilton &
—
Public
Bid
Par
644*
74
pref..*
Arkansas Pr & Lt 7% pref *
5
54*
24
2544
27
30
134*
154*
$7
106
109
65
6644
Mountain States Power—.
224*
Nassau &Suf Ltg 7% pf 100
*
76
78
Nebraska Pow 7% pref. 100
1064* 10844
6% preferred......__.*
67
6944
Newark Consol Gas
126
704*
7244
New Eng Pub Serv
61) 4*
6 2M
81
83
$7 prior lien pref
*
New Orl Pub Serv $7 pf.-*
8
New York Power & Light—
5.00
100
5.00
50
55
Central
3.50
23
28
% preferred
100
$6 preferred
.100
Cent Pr <fc Lt 7% pref. .100
Consol Elec & Gas $6 pref *
Consol Traction (N J). 100
6
38
42
Consumers Power $5 pref*
97?*
99
$1.60
7% preferred
preferred..—-.25
.
Boston &
65.00
Maine 444s
4.00
65.00
5s.....
2.75
63.10
Canadian Pacific 444s
Cent RR New Jersey 444s.
2.75
63.25
.
4.00
63.25
344s Dee 1 1936-1944...
Canadian National 444s..
4.00
65.00
6s
Bid
New York Central
65.75
5.00
444s
62.75
2.00
5s
61.75
67.00
6.00
67.00
St
6.00
67.00
86
66.00
5.00
5s
66.00
5.00
544s
66.00
5.00
65.75
5.00
65.75
5.00
66.00
5.00
66.00
5.00
62.25
1.50
5s
Northern Pacific 444 s
62.25
-
92
88
—
88
92
88
5s
Great Northern 454s-_...
92
88
444s
92
62.25
...
$6
1.25
Hocking Valley 5s
61.75
1.00
Illinois Central 4)*s
65.00
4.25
Jan & July
63.00
2.25
62.85
2.25
63.50
1937-49
2.75
2 Ms series G non-call
Dec 1
1937-50
Pere Marquette 444s
5S
63.25
2.50
62.50
.
2.00
90
St Louis-San Fran 4s
95
92
4 Ms
94
5s
3.00
Texas Pacific 4s
65.00
4.25
Internat Great Nor 444s.
65.75
64.25
3.25
5s
64.25
1.10
61.75
Maine Central 5s.
3.25
61.75
Louisv & Nash 444 s
53
1.10
64.50
3.75
64.50
3.75
Minn St P & 8 8 M 4s
64.25
3.50
Missouri Pacific 444s
65.50
4.75
544s
5s
65.50
4.75
65.50
•_
54*8-.
114
116
31
444a
...
2.75
1.50
61.50
1.00
1.00
1.00
61.70
5s
1.00
75
6s
85
75
544s
85
75
5s
85
75
Wabash Ry 444s
85
Western Maryland 444s___
63.50
2.50
Western Pacific 5s
66.00
5.00
Bid
Ohio
188
Ask
21
$6 cum preferred....—.
$6.50 cum
22
*
preferred
234*
$7 cum preferred-.....*
Gas & Elec of Bergen. .100
126
Hudson County Gas
B
/G Foods Inc
g
6
Bid
Ask
70
85
7% preferred.
common
Bickfords Inc..
*
14*
15*
*
1044
12
*
30
35
Bohack (H C) common...*
2
$2.50
conv
pref..
7% preferred
14
100
100
97
Flshman (M H) Co Inc..*
7
Diamond Shoe pref
3
1544
105
9
100
2344
Ohio Pub Serv
255*
110
7% preferred ......-100
Natural Gas..*
Interstate Power $7
Eastern Sugar Assoc
Preferred
10
65
112
23
8
9
744
154*
174*
261.
100
pref..100
35
39
53
100
7% preferred
100
100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr. 100
7% pf.
.
5544
82
84
108
37
40
2744
3544
29
25
2544
65
67
.100
7% preferred
6744
9344
..100
234*
254*
Republic Natural Gas....l
3 4*
6 % pref series
B......25
Tenn Elec Pow 6%
pf.100
94
44*
954*
84
87
2644
28
3744
188
191
56
58
100
5844
Texas Pow & Lt 7% pf.100
Toledo Edison 7% pf A. 100
96**
7% preferred
United Gas & El
partic pref. .50
Memphis Pr & Lt $7 pref. *
5%
conv
102
61
984*
104
(Conn)—
7% preferred.
100
Utah Pow & Lt $7 pref...*
Virginian Ry
Public
Bid
Amer
664*
Utility Serv 6s. 1961
.100
Dallas Pow & Lt 344s. 1967
Appalachian Elec Power—
1084*
Ask
109
66
67)4
106
10644
Green Mountain Pr 5s. 1948
103
102
102 44
Havana Elec Ry 5s
/ 4144
10444
43 44
105
10544
1952
H967
Power 35*3;
50
51
Idaho
Income deb 354S.-.1978
264*
27
Kan Pow & Lt 1st 444s '65
275*
1091*
1978
1978
2644
27
Lexington Water Pow 5s '68
734*
2944
30
Missouri Pr & Lt 35*s.l966
3344
Mtn States Pow 1st 6s.1938
Assoc Gas & Elec
Kan City Pub Serv 4s. 1957
Corp—
Income deb
35*s
Income deb
4s
Income deb 444s.-.1978
Conv deb 4s.
1973
3244
Conv
1973
53
54
1973
59
60
1973
65
deb
144s
Conv deb 53
.
5244
-
•
Debentures
34*9--.1968
Narragansett Elec 344b
"66
88
90
Newport N
Ham 5s. 1944
NY. Pa & N J Util 5s 1956
8744
8944
—
Sink fund inc
1965
4s
444s..1983
29
m
mm
1014* 1024*
1055* 10644
10244 10444
2244
1983
1986
..
-
-
cm
mi
no
102 44
103
Pennsylvania Elec 5s. 1962
Penn Telep
Corp 1st 4s '65
■
mm
mm
1st
1961
lien 3-6s
Portland Elec Power 6s '50
Cent Ark Pub Serv 5s. 1948
81
84
Central G & E 544S---1946
1st lien coll trust 6s. 1946
7144
73
76
78
ser
G '60
-
•
-
6s series
B__
535*
1014*
10644 107
Pow
1947
6344
/164*
66
1034*
6544
165*
68
...
1963
1st mtge 4s._
10344 1044*
Sioux City G & E 4s..
995*
994*
1966
9944
1004*
Sou Cities Util 5s A..1958
'52
34*
42
43
Tel Bond & Share 5s..1958
64
6544
.1961
844*
864*
Utlca Gas <fc El Co 5s. 1957
f2H
12244
10544
Texas Public Serv 5s
1968 t
1962
42
43*
Western Mass Co 35*s 1946
1962
42
43
Western Pub Serv 5448
Consolidated Edison Co—
344s
544s...1948
4443
Commonwealth Edison—
Consol E & G 6s A
515*
100
San Antonio Pub Serv—
Central Public Utility—
Income 544s with stk
95
Peoples Light & Power
23
28
5443-6448...1986
63
Pub Service 4s.. 1962
Old Dominion par 5s.. 1951
—
2744
27
S f inc
94
1065*
Ohio
-
23
Sink fund inc 5-6S..1986
60
1064*
St Joseph Ry Lt Heat &
4
91
North Boston Ltg Prop's—
109
31
89
Secured notes 3 44S--1947
21
Blackstone V G & E 4s 1965
Ask
75
102)* 1025*
N Y State Elec & Gas Corp
Conv deb 544s
98
2944
294*
Mountain States Tel & Tel
-
9844 101
3
...
1963
Pub Util Cons
29
434*
f debenture 444s..1948
1st mtge 4s
s
1015* 1034*
Bid
6844
414*
Bid
Ask
67 H
Bellows Falls Hy El 5s 1958
28
6644
125
Utility Bonds
Federated Util 544s.-.1957
S f Inc 4443-5443
7
22
West Indies Sugar Corp.-l
101
9244
South Jersey Gas & El. 100
Mass Utilities Associates—
114*
4
17
1
99
6444
Sioux City G & E $7 pf. 100
106
.
Kan Gas & El 7% pref.
21
114*
Savannah Sug Ref com
96
103
Southern Calif Edisbn—
50
preferred...
544s..1983
644% preferred
100
Murphy (G C) $5 pref .100
Reeves (Daniel) pref
100
United Cigar-Whelan Stores
$5 preferred
*
Par
100
11144 113
96
944*
103
10544
Rochester Gas & Elec—...
8
Jamaica Water Supply—
Debenture
For footnotes see page
6% pf__100
7% preferred
6% preferred C.....100
Sink fund inc 4-5s._1986
844
1
pref_--100
6% preferred
2444
644
pref. *
75
Kress (S H) 6% pref
Miller (I) Sons common..*
Ask
1
934*
Queens Borough G & E—
Utilities—
Iowa Southern
344s series I
Cuban Atlantic Sugar
9444
*
Pacific Pr& Lt 7% pf..l00
-
103
Interstate
Cent Maine Pr 4s
Bid
554*
pref
Okla G & E 7%
130
101
—*
$6 preferred
21
Sugar Stocks
Par
9244
102
Penn Pow & Lt $7 pref...*
Sink fund inc
Kobacker Stores
100
100
9344
*
Ohio Power 6%
Idaho Power—
Jer Cent P & L
Edison $6
23
188
100
Cous ref deb 444s..1958
Sink fund inc 4s
1983
Par
*
784*
52 4*
8s without warrants. 1940
66.00
544s-
764*
90 4*
100
*
pref
$7 preferred
Federal Water Serv Corp—
Sink fund inc 5s
7% preferred
7%
8-year 83 with warr. 1940
5.00
4.75
Chain Store Stocks
Par
(Del)
17
33
Power—
(Minn) 5% pref..
Assoc Gas & Elec Co—
Berland Shoe Stores
*
preferred...
States
16
3144
Associated Electric os.1961
61.50
61.70
5s
Virginia Ry 444s
Pf-*
Co—
34
2.75
62.25
Pacific
79 M
100
pref. 100
Derby Gas & El $7 pref..*
Essex Hudson Gas..
100
4.25
5.00
Long Island 4)^s........
Union
100
4.25
63.25
4448
....100
7% cum pref erred ...100
2.50
63.25
Southern Ry 444s
63.75
65.25
5s
4.75
65.25
....
4.75
63.00
Southern Pacifiv 444s.
65.50
65.50
St Louis Southwestern 5s_.
77 J*
7% preferred..
Dallas Pr & Lt 7%
744%
5s
5s
1.10
4s series E due
cum
Northern
1.75
61.80
5s......
1.50
61.75
Pennsylvania RR 444s
544s
Erie RR 55*s
6s
2.00
444s...
5s
Reading Co 44*8—
83
Denver & R G West 4Kb..
2.75
6.00
i"& Pacific-
Trustees' ctfs 3 44 s
63.75
&*Haftf 4~44s. I
N Y Chic & St L
N Y N H
6.00
67.00
Paul"
5s
Ch Icago" R
...
5s
58
Mliw"&
444s
5s
1.00
Chic
444s--
5.00
2.50
Chesapeake & Ohio—
Chicago & Nor West 444s.
Ask
65.50
63.00
New Orl Tex & Mex
—
New Eng G & E 544%
Mtyne Power—
7
Continental Gas & El-—
Ask
Penn
25
110
2144
Warren RR of N.J (Del Lack & Western)...........50
Equipment Bonds
West
Pub Serv 7% pref
Monongahela
644
preferred.-........*
Carolina Pr & Lt $7 pref.
51
63
108
48
48
6544
614*
Missouri Kan Pipe Line..5
50
3.00
56
62
Miss Riv Pow 6% pref. 100
43
46
Ask.
53
6 5*
5.00
42
oid
344
100
100
6.50
41
35
2yt
Buffalo Niagara & Electern
6.50
35
32
54*
Birmingham Elec $7 pref.*
67.50
65
1954
Gas & Electric
preferred.....*
Original
122
57.50
95
10244
$6.50 preferred -...._..*
Associated
217
5s
105
Mississippi Power $6 pref *
$7 preferred
*
Mississippi P & L $6 pref.*
76
117
Baltimore & Ohio 444b—
81
cat
66
212
62.60
101
Utility Stocks
6.00
Atlantic Coast Line 444 s..
70
98
Ask
10.00
2.00
60
1"°0
Pittsburgh 4s..
Virginia*
84
80
1961
..1947
1942
1967
1957
..1946
.1951
.1940
Portland Terminal 4s
90
80
Pennsylvania & New York
100
100
50
lio"
98
Atlantic City El 6% pref. *
6.00
70
63
82
85
100
Bid
55
97
.
(Pennsylvania)
Utlca Chenango & Susquehanna (D L & W)__
Valley (Delaware Lackawanna & Western)..
Vlcksburg Shreveport & Pacific (Illinois Central)
Railroad
70
49
1940
..2000
1948
...1947
......
Philadelphia & Norfolk 4s
Tunnel RR St Louis (Terminal RR)
(Pennsylvania)
10044
65
..1953
1950
1978
3448..
New York & Harlem
New York
Alabama Power $7
75
7.00
6.82
West Jersey & Seashore
...1962
1945
.
-
40
100
Preferred
35
107
<95*
108
36
1.50
St Louis Bridge 1st pref
United New Jersey RR & Canal
93
30
344s
— ... -
81
4.50
(Terminal RR)...
100
Second preferred....—..._ ...._...i........100
...
95
68
1959
58
4.00
Rensselaer & Saratoga (Delaware & Hudson)...... 100
...
90
60
60
33
30
5.00
(50
Pittsburgh Bessemer & Lake Erie (U S Steel).
..50
Preferred
.............50
Pittsburgh Fort Wayne & Chicago (Pennsylvania).. 100
Kansas Oklahoma &
Memphis Union Station on
New London Northern 4s
Ww
3.875
—..50
(D L & W).._..100
—.........50
Oswego & Syracuse (Del Lack & Western)
Preferred
71
30
105
4s
Gulf 5s
Indiana Illinois & Iowa
Dividend
Par in Dollars
Hudson)
68
33
..1951
...
Terminal 3448
Louisville Dlv. &
(Illinois Central)....
38 44
Illinois Central—
(Guarantor in Parentheses)
Alabama & Vlcksburg
4s...,
—
36
......1995
.
Connecting Railway of Philadelphia
28
24
9144
..1951
..1961
....
;
Chicago Stock Yards 5s —
Cleveland Terminal & Valley 4s—:
Since 1855.
Albany & Susquehanna (Delaware &
......
— — -. —
444
Tel. RE ctor
GUARANTIED
NEW YORK
;
Albany 444s....
Maine 5s
28
24
1945
1945
1939
1939
-.1943
1940
1944
1955
1956
1948 t
Cnmberl'd Co P*L 3V*s'66
-
«.
1024* 102**
'60
Wisconsin G & E 3 44s. 1966
Wis Mich Pow 35*3..1961
•
80
•
-
--
...
104 s* 105)4
1055* 10644
Financial
260
Quotations on Over-the-Counter
July
Chronicle
1938
9,
Securities—Friday July 8 - Continued
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
6s
3o$*pb CUalkcr $ Sons
Mtmktn New fork Sfck
Boston & Albany
Cambria & Clearfield 4s
STOCKS
6.00
56
61
10.50
10
95
6.00
32
36
2.00
28
32
8.75
77
80
8.50
20
25
2.85
40
48
5.00
70
75
5.00
55
62
3.50
(IllinoisCentral).
...100
Albany A Susquehanna (Delaware A Hudson)
100
Allegheny A Western (Buff Roch A Pitts)...,.—,—100
Beech Creek (New York Central)
— 50
Boston A Albany (New York Central)
..100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)..
100
Carolina Cllnehfield A Ohio common 5% stamped.. 100
Cleve Clnn Chicago A St Louis pref (N Y Central).. 100
Cleveland A Pittsburgh (Pennsylvania)....
-.50
Betterment stock
50
67
70
AlabamaA Vickaburg
.
2.00
40
44
2.00
35
39
5.50
47
52
Georgia RR & Banking (L A N-A C L)„
100
Lackawanna RR of N J (Del Lack A Western)..... 100
9.00
134
4.00
45
Michigan Central (New York Central)
100
Morris A liases (Del Lack A Western).............50
50.00
500
—
25
100
—
pref (N Y Central)...
3.875
30
5.00
54
77
32
37
—.......50
3.00
.100
100
100
100
7.00
Rensselaer A Saratoga (Delaware & Hudson)
St Louis Bridge 1st
Second
pref (Terminal RR)
preferred.....
— — —
New York Philadelphia &
Norfolk 4s
Norwich A Worcester 4mb
Pittsburgh Bessemer & Lake Erie 5b
Portland Terminal 4s
.8.,
Providence & Worcester 4s
Terre Haute & Pecoria 5s
—
....
Railroad & Canal 3Ms.
64M
74
156
152
(Pennsylvania)
50
55
6.00
119
124
3.00
58
63
Nassau & Suf Ltg 7% pf 100
'13m
Carolina Pr & Lt $7 pref..*
Nebraska Pow 7% pref. 100
106M
.......*
Newark Consol Gas
126
69 m
72m
51.
$6 preferred
..100
60 m
62 M
81
83
48
6%
preferred
.
.
6
New York Central 4mb
53.75
2.75
6.50
53.00
2.00
62.76
2.00
5s—
61.75
1.00
67.00
Chicago A Nor West 4Mb.
6.00
5s
Northern Pacific 4Ms
—
5.00
1.50
52.25
„
1.50
51.75
Pennsylvania RR 4MB—
1.10,
4s series E due
Jan &
& St Paul 4Ms.
July
1937-49
53.00
2.25
5s
6.00
2mb series G non-call
83
86
2.75
53.25
2.50
52.50
2.00
1937-50
42
97 h
99
5.00
5s.
66.00
5.00
5ms
66.00
5.00
St Louis-San Fran 4s
4Mb....
88
88
6s
92
92
88
55.50
5s
53.75
92
5s
61.80
1.25
Hocking Valley 5s
61.75
1.00
Illinois Central 4Ms.
65.00
4.25
—
—
—
114
116
31
5s
188
Essex Hudson Gas
4Mb
52.25
65.00
4.25
Internat Great Nor 4Mb.
65.75
Long Island 4Mb
3.25
64.25
3.25
61.75
1.10
1.00
51.70
1.00
51.70
5s
1.00
51.50
4Mb.
5s
Louisv & Nash 4mb
Virginia Ry 4Ms.
5s
...
1.00
75
Wabash Ry 4Ms.
85
61.75
1.10
5s
75
3.75
5Ms
75
85
64.50
6Ms
85
64.50
5s
Maine Central 5s..
3.75
75
85
3.50
Western Maryland 4Ms.
53.50
2.50
65.50
4.75
Western Pacific 5s
56.00
5.00
65.50
4.75
56.00
5.00
65.50
4.75
23 m
Ohio Pub Serv 6% pf—100
23 m
25m
126
Hudson County Gas
188
5MB—
7% preferred..
100
B/G Foods Inc common *
70
1M
Par
Ask
6
l
Bid
Ask
101
110
112
Gas..*
23
7% preferred
Natural
6M
H
35
100
7% preferred
preferred...
50
Jer Cent PAL 7% pf..l00
Kan Gas & El 7% pref. 100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr.100
7% preferred
100
Kress (S H) 6% pref——
65
84
108
37
40
27m
29
35 m
37m
25
25M
65
67
11M
Public
Bid
Amer
66 M
Utility Serv 6s. 1961
7
22
*
2
3
100
14
Diamond Shoe pref
100
Flshman (M H) Co Inc..*
97
105
7
9
Sugar Assoc
10
1
7m
15 m
17m
58 m
9om
102
66 m
41
m
125
Utility Bonds
Bid
4 sk
67 %
Dallas Pow A Lt 3 Mb- 1067
108M
67 M
104M
106M
Green Mountain Pr5s.l'Hx
103
102 M
Havana Elec Ry 5s.-.1952
/41M
50
1967
Power 3 Ms
Idaho
51
105
3Ms—1978
Income deb 3Ms. —1978
26 M
27
Kan Pow A Lt 1st 4Mb
'65
27 M
109 M
26 M
27
Lexington Water Pow 5s '68
73 H
1978
29 M
30
Missouri Pr A Lt 3Ms. 1966
1978
Mtn States Pow 1st 6.3.1938
Kau City Pub Serv 4s, 1957
Assoc Gas A Elec Corp—
Income deb
4s
Income deb
Ask
109
66
106
43 M
105 M
29 M
-
-
75
102M 102 M
89
91
1973
32 M
52 M
33 M
Conv deb 4s.
Conv
53
54
Conv deb 5s
1973
1973
60
Narragaasett Elec 3Ms '66
101M 102 M
105 H 106M
Conv deb 5 Ms
1973
65
Newport N A Ham 5s. 1944
102 M
88
90
NY, Pa AN J UtU 5s 1956
87 M
89 M
N Y State Elec A Gas Corp
Income deb
deb
4mb
4mb
51
98
United Cigar-Whelan Stores
$5 preferred
*
Mountain States Tel A Tel
Debentures
29
Sink fund Inc 4Mb..
1983
22 M
21
4M3-5MS—1986
23
Sink fund inc 5-6s_. 1986
1968
1965
Secured notes 3Mb.. 1947
Pub Service 4s—1962
Ohio
-
-
28
29 m
Old Dominion par 5s.. 1951
-
27M
Penasylvania Elec 5s. 1962
---
Penn Telep Corp 1st 4s '65
28
---
Bid
Ask
Savannah Sug Ref com___l
29
31
West Indies Sugar Corp.-l
3
4
81
84
Central CAE 5Ms—-1946
71M
73
76
78
4Ms
Heat A Pow
.1947
66
103 M
65 M
16 H
68
-
Jam
103M 104M
Sioux City G A E 4s. .1966
Sou Cities Util 5s A.. 1958
G '60
99 M
99 M
42
100 M
43
3M
Tel Bond A Share 5s..1958
64
65 M
86 M
1st mtge 4s
*52
f2M
1968 t
1963
.1961
84 M
Utica Gas A El Co 53.1957
-
-
105 M
1962
42
43
Western Mass Co 3 Ms 1946
1962
42
43
Western Pub Serv 5 Ms '60
1948 t
Wiscoasln G A E 3 Ms. 1966
—
.
-
-
Wis
Mich Pow 3Ms—1961
'
CumberFd Co PAL 3Ms'66
102 M
102M
99 M
122M
Texas Public Serv 5s
--
Consolidated Edison Co—
3 Ms
53 M
San Antonio Pub Serv—
Commonwealth Edison—
B
103
101M
106M 107
63 M
3-6s
St Joseph Ry Lt
6s series
51M
100
/16M
lien
109
Consol E A G 6s A
102 M
.1961
1st
Pub Utll Cons 5Ms—.1948
I
95
106M 106M
Peoples Light A Power
101M 103 M
ser
63
94
Portland Elec Power 6s '50
5M3-6M3—.1986
Bellows Falls Hy El 5s 1958
Income 5Ms with stk
104 M
60
North Boston Ltg Prop's—
•
---
27
S f inc
«.
Central Public Utility—
Par
3 Ms
4s
Elec Co—
Debenture
For footnotes see page 261.
100
Blackstone V G A E 4s 1965
101
8m
.1
56
102
3 mb series
Preferred
26 m
188
1963
Cent Maine Pr 4s
Eastern
Ry
Cent Ark Pub Serv 53.1948
98 m
Sugar Stocks
9
84
f debenture 4Mb..1948
1st mtge 4s
s
1st lien coll trust 6s. 1946
8
7 % preferred....... 100
Utah Pow A Lt $7 pref.:-.*
Federated Utll 5Ms—-1957
S f inc
4
17
Cuban Atlantic Sugar
6% pf.100
7 % preferred
100
Texas Pow A Lt 7% pf. 100
Toledo Edison 7% pf a. 100
—....
Appalachian Elec Power—
11M
common..*
6M% preferred
100
Murphy (G C) 15 pref.100
Reeves (Daniel) pref
100
Ask
pref series B
25
South Jersey Gas A El. 100
Virginian
21
Miller (I) Sons
Bid
3m
94
United Ga3 A El (Conn)—
5% conv partlc pref—50
Memphis Pr & Lt $7 pref.*
Sink fund inc 4-5s..l986
12
Par
6 %
Tenn Elec Pow
Mass Utilities Associates—
75
35
15m
23 m
39
55m
82
23
10m
7% preferred
92 m
6% preferred C.....100
Sioux City G A E $7 pf. 100
106
100
7% preferred..
64 m
Southern Calif Edison—
.53
24
30
Bohack (H C) common
99
*
Republic Natural Gas
1
Rochester Gas & Elec—...
Jamaica Water Supply—
1983
*
$2.50 conv pref
103
8
24m
Utilities—
inc5Ms..l983
*
Blckfords Inc.
94m
100
pref.. 100
Queens Borough G & E—
6% preferred
100
103
Interstate Power $7 pref. *
Sink fund
Kobacker Stores
85
93 m
100
111m
Pacific Pr A Lt 7% pf.. 100
*
100
$6 preferred
Sink fund inc 5s
Bid
93 m
Penn Pow & Lt $7 pref
100
Coas ref deb 4Ms—1958
Sink fund inc 4s
1983
Chain Store Stocks
*
pref... 100
7% preferred
Okla G A E 7%
130
Idaho Power—
Assoc Gas A
Par
52 m
8s without warrants. 1940
64.25
Missouri Pacific 4mb
5s
Borland Shoe Stores
*
...
Ohio Power 6%
22
preferred...*
Iowa Southern
*
23
$7 cum preferred
*
Gas & Elec of Bergen.. 100
Interstate
Edison $6 pref
Ohio
$7 preferred
$6 cum preferred
$6.50 cum
—
8-year 8s with warr.1940
Minn St P & S S M 4s
5MB
pref—.100
*
Associated Electric 5s. 1961
5.00
64.25
Pacific
1.50
51.50
5s
Union
7%
90 m
100
Power—
21
2.75
2.75
(Del)
preferred. ..100
States
(Minn) 5% pref
Federal Water Serv Corp—
4.25
53.25
Texas Pacific 4s..
cum
34
100
Light—
4.25
55.25
—
76 %
7%
79 m
100
Derby Gas & El $7 pref—*
Dallas Pr A Lt 7% pref.
1.75
Great Northern 4Mb
31m
$6 cum preferred......*
2.50
55.25
Southern Ry 4Mb.:
62.25
3.00
63.00
—
4.75
53.25
5s.
4.75
55.50
Southern Paclflv 4Ms
92
88
4MB—
95
92
—
St Louis Southwestern 5s.
5Ms
Erie RR5Ms..
94
90
—
77 u
7% preferred ....... 100
16
Pf- *
Co—
$7 prior lien pref...
*
Northern
7M%
58
66.00
Denver & R G West 4Ms..
2.25
53.50
Dec 1
6.00
Chicago R I A PacificTrustees' ctfs 3 Ms.
52.85
Pere Marquette 4mb
6.00
67.00
Mliw
5.00
52.25
—
Reading Co 4mb-
67.00
67.00
5s
Chic
5.00
56.00
—
5s
—
5.00
55.75
56.00
2.50
Chesapeake & Ohio—
4MB
55.75
58
100
27
New Eng Pub Serv
New York Power A
8
38
Consumers Power $5 pref*
6.50
...100
New Orl Pub Serv $7 pf—*
pref *
Consul Traction (N J). 100
Ask
Mountain States Power—.
New Eng G & E 5M %
Ceutral Maine Power—
Cent Pr & Lt 7% pref..100
Bid
7% pref....25
7% preferred
70m
N Y N H & Ilartf 4mb
24
78
67
N Y Chic & St L 4Mb
5
Perm
West
76
7% pref erred.... ...100
—
61M
66 m
28
5s
Pub Serv
62
108
22 M
23
3.00
50
6% pref. 100
53
21M
—25
preferred
48
67.50
5.00
41
35
65
$1,60
55
5.00
65.76
35
Monongahela
109*
50
b 5.50
63.10
65
32
106
50
67.50
Canadian Pacific 4Ms
Cent RR New Jersey 4Mb.
95
102 M
pref. *
43
New Orl Tex & Mex 4Ma-
2.75
105
Missouri Kan Pipe Line..5
5.00
2.00
2.75
81
6%
5.00
Ask
53.25
101
3M
5.00
Equipment Bonds
63.25
70
98
5%
6m
*
preferred.—....*
$7 preferred —.—...*
Atlantic City El 6%
52.60
5s
81
80
60
Original preferred
Continental Gas & EI—
3ms Dec 1 1936-1944...
Canadian National 4Mb..
116
$6.50
Consol Elec & Gas $6
4.00
114m,
Miss Riv Pow
3.50
Warren RR of N J (Del Lack & Western)
4.00
51
103
2H
100
50
......
4.00
90
102
$7 preferred.......—*
Buffalo Niagara A Electern
65.00
87
46
Mississippi P & L $6 pref.*
Birmingham Elec $7 pref.*
65.00
100
80
old
76
pref *
46
65.00
100
98
Mississippi Power $6 pref *
& Electric
122
Maine 4Mb
97
Utility Stocks
Associated Gas
217
&
lio"
85
Ask
Alabama Power $7 pref—*
42
5s
82
l"°0
Bid
BUT
117
Boston
70
63
—1954
Public
212
5s
55
108
,—1961
1947
1942
1967
1957
.1946
...——..1951
1940
Washington County Ry 3Ms..
Wwt Virginia <v Pittsburgh 4s.
6.00
Baltimore A Ohio 4mb
—
4mb
6.00
Atlantic Coast Line 4Mb..
70
49
.....
Toledo Terminal 4mb
10.00
Bid
65
—
....
Toronto Hamilton & Buffalo 4s.
United New Jersey
100
Railroad
100m
.............—. —
Toledo Peoria & Western 4s
(Pennsylvania).... 100
(D L A W)__
100
Valley (Delaware Lackawanna & Western)..
100
Vlcksburg Shreveport & Pacific (Illinois Central) —100
Tunnel RR St Louis (Terminal RR)
West Jersey & Seashore
35
107
!9M
1939
......1941
1947
Pennsylvania & New York Canal 5s
Philadelphia & Reading Terminal 5s._
Arkansas Pr & Lt 7 %
6.82
United New Jersey RR A Canal
Utica Chenango & Susquehanna
Preferred
30
1962
1945
1940
2000
1948
1947
—
145
135
...
93
105
1959
Memphis Union Station 5s
4s
New London Northern
66
75
7.00
Preferred
60
40
(U S Steel)
......
71
33
1950
1978
;
—
New York & Harlem 3Ms
36
1.50
68
1953
Terminal 3Ms.
81
4.50
Pittsburgh Fort Wayne A Chicago (Pennsylvania).. 100
Preferred
............
.
58
4.00
38m
33
100
-.50
60
50
(D L & W)
—
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie
49
36
1995
Kansas Oklahoma & Gulf 5s
Vermont Valley
91m
s
Louisville Div. &
Asked
Bid
28
24
1951
Indiana Illinois & Iowa 4s
Dividend
(Pennsylvania)
68
.........
Florida So uthern 4s
Illinois Central—
Par In Dollars
Central
95
60
Connecting Railway of Philadelphia 4s
Duiuth Mlssabe A Iron Range 1st 3Ms
(Guarantor in Parentheses)
Northern
90
Chicago Stock Yards 5s
Cleveland Terminal & Valley 4s.
Guaranteed Railroad Stocks
New York Lackawanna A Western
...1955
...
Chicago Indiana & Southern 4s
Chicago St. Louis A New Orleans 5s......._
2-6600
Since1855
Fort Wayne & Jackson
..—,—.1944
30
4m——
Tel. RE ctor
\SBS8S5SSSESSSSSmr
Delaware (Pennsylvania).—
— -
Boston & Maine 5a...
guaranteed
NEW YORK
4mb
28
24
1956
1951
—1961
—
Baltimore & Ohio.4mb
Exchange
Dealer* in
120 Broadway
-
-
Atlantic Coast Line 4s
1945
1945
1939
....
1939
..........1943
1940
oMs
Akron Canton and Youngstowu
•
-
-
-
80
104 M
105M
105M 106 M
Volume
147
Financial
Chronicle
Water Bonds
am
Alabama Wat Serv 56.1957
Ashtabula Wat Wks 5s
58
Atlantic County Wat 5s *58
Bid
10134
Alabama
101
American Arch.
1957
New Rochelle Water—
104 34
5s series B
1954
10034
5 34s series A..
1954
104%
Butler Water Co 5s
1957
104%
v—4
r-4
6s
.1951
534s series A
...1951
..1941
1951
85
91
76
81
8%
9334
9534
103
trust
1st & ref 5s
1950
100
1st consoi 4s
1948
99
1st consoi 5s
.1948
100
Prior lien 5s.^
.1948
10334
1957
105%
Phlla Suburb Wat 4s_. 1965
Pinellas Water Co 534s. '59
63
106
Plainlield Union Wat 5s '61
105
Roch & L Ont Wat 5s. 1938
100
66
70
100
1C2
..1958
88
93
97
10134 10334
92
1958
434s
1st mtge 5s
St Joseph Wat 4s
E St L & Interurb Water—
A. '66
Scranton
5s series A
1942
6s series B
1942
10234
1960
102
...1958
...
Water Service 5s. 1961
& Gas—
5s series A
.1952
5s series B_.
1952
1967
Shenango Val 4s
100
B 1961
ser
102
100
9734
South Bay Cons Wat 5s '50
106
1977
110
5s series A....;
5s series B
1954
10134
1954
103%
Terre Haute Water 5s B '56
1962
104
534s series B—
Huntington Water—
6s series A
1949
10534 10634
W
1958
pi ill
95
103
Middlesex Wat Co 534s '57
Monmouth Consoi WT 5s '56
107
77
...1950
8
109
3.84
22%
—
Corp...*
Continental Corp
Amer Gen Equities Inc 25 o
Am Insurance Stock
Corp*
Assoc. Stand Oil Shares..2
Bankers Nat Invest
Corp *
N
Class A new..
Basic
.
..
Fund
7
4%
Inc
—
British Type Invest A
1
Broad St Invest Co Inc..5
3.31
■
1*
~
.
15.70
45c
Lord & Taylor com
15
1960
.1949
A
Keystone Custodian Funds
Series B-l
Series B-2
25.14
27.52
21.70
...
150
100
3
23.86
Co
Inc
.1
2234
2434
.
11.96
New Britain Machine
13.83
15.30
Series S-4__
preferred—.....100
5%
5.48
Preferred
5.49
6.02
Northwestern
Mass Investors Trust.—. 1
20.53
21.78
Norwich
Mutual Invest Fund
.10
11.19
12.23
Ohio
Nation Wide Securities 25c
3.20
*
634%. --.100
Yeast.-.100
Pharmacal
5
Leather common...*
Ohio Match Co
Voting shares
2.22
2.19
8% preferred..
&
Forster
100
Common B share
10
Deposited Bank Shs
1.43
8.10
...
7.76
8.40
Bank stock
7.61
8.34
Building supplies
8%
7.89
8.54
y^v
7.61
8.24
8.92
9.65
Machinery
22
114
^
'
—
.
Oils
J.'..
30
■..'
Steel
-
-I
8.47
9.18
-
9.29
10.04
7.11
7.70
7.62
....
Railroad equipment....
2734
7.83
8.49
...——
Metals..._
24
8.28
No Amer Bond Trust ctfs.
4.56
3134
No Amer Tr Shares 1953.*
110
8.76
'
Electrical equipment.
Insurance stock
■
Insurance
7% preferred
100
Cumulative Trust Shares. *
1.31
.......
Aviation.....
2.64
Crum
....
Agriculture
3.65
2.19
Crum & Forster com.... 10
2.13
ser Al
Deposited Insur Shs A...1
Series 1955
1
Series 1956...
1
Series 1958
1
2.26
1.48
.
Diversified Trustee Shares
C.___._
3.50
...1
Pacific Southern Inv pref. *
■'.' Class • A.*
3.55
D
5.50
Dividend Shares
..25c
6.15
Class B.„.—.....
1.37
16.93
18,19
Equit Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
27.60
29.36
2534
2834
5% deb series A...
Representative TrustShslO
Republic Invest Fund.25c
Fidelity Fund Inc.
Royalties Management.. 1
ment
Fund series A-l.
Plymouth Fund Inc
28"
7
8
%
1%
10c
42c
47c
Quarterly Inc Shares..10c
10.75
11.77
98
102
9.67
10.17
29c
32c
40c
60c
.*
18.95
20.40
10c
2.41
2.66
Selected Amer Shares..234
9.17
series. 10c
3.29
3.66
Selected Income Shares...
4.06
Fixed Trust Shares A... 10
9.03
Fiscal Fund Inc™
Bank
stock
series
Insurance stk
B...
10
Foreign Bd Associates Inc.
■
„
-
7.15
Sovereign
Investors.-.-..
Spencer Trask Fund
6.77
*
9.99
70c
"77c
15.83
7.35
Standard Am Trust Shares
3.90
4.20
Standard
Inc.50c
18.19
State Street Invest Corp.*
Fundamental Tr Shares A2
4.77
5.38
Super Corp of Am Tr ShsA
7734
3.10
_-...*
4.30
;
''
Utilities
AA
1.80
Corp
Investors
5.16
1.13
1.23
Supervised Shares ......3
88c
97c
1.19
1.30
Series C.
1.39
1.51
Series D—
Chemical shares
1.25
1.36
83 c
91c
Food shares
Investing shares.......
77c
85c
Series B
1
Trusteed Amer Bank Shs B
1.03
1.13
Trusteed
1.39
U 8 El Lt & Pr Shares A..
Petroleum shares.
1.13
imW
_
»
84c
1.26
Un N Y Bank Trust C-3.*
1.00
1.10
UnNYTr Shs
34
■%
1
63c
1.03
Investors.. *
17.23
18.53
Corp
Institutional Securities Ltd
Voting shares
ser
57c
63c
94c
1.05
F
*
Wellington Fund.
.1
13%
14%
1.78
1.85
98c
2
2%
1
1%
13.05
14.38
Corp. 1
434
534
Central Nat Corp ci A—*
Class B.
*
30
1.18
First Boston Corp
.10
17%
5
19%
10c
1%
2%
32
2.58
2.95
11.05
85
122
4s_1951
107
7s—1942
90
Am Wire Fabrics
Cont'l Roll & Steel Fdy—
1st conv s f 6s
1940
Chicago Stock Yds 5s 1961
.
95
92 34
82
/74%
/634
85
7634
8
Kelsey Hayes Wheel CoConv.
deb
6s
1948
75
Witherbee Sherman 6s 1963
1134
2d
23 34
86
107
10834
Woodward Iron—
1st 5s..
/20 34
conv
rn-mm
2434
9334
Bid
Ask
Metropolitan Corp (Can)—
6s
1947
88
S f deb 5s
1945
92
61%
63%
24
26
N Y Athletic Club—
Chesebrough Bldg 1st 6s *48
4534
Colonade Constr'n 4s. 1948
34
65%
»
--
47
■
2s
.....1946
N Y Majestic
Corp—
4s with stock 8tmp.. 1956
/5%
534 s series BK
25
534« series C-2...
534 s series F-l
28
28
5%
46%
6%
48
/48
/32%
/47%
534s series Q
1950
Dorset 1st & fixed 2s_. 1957
6%
N Y Title & Mtge Co—
■"'•
Court & Remsen St Off Bid
— —
97
Metropol Playhouses Inc—
54
.
45
102
Mortgage Certificates
Ask
63
3%s—
income 5s—1962
42
100
10
Broadway Motors Bldg4-6s
-...1948
1st
..1962
—
C38
19th & Walnut Sts (Phila)
1st 0s-
21
24"
2934
3034
34%
4934
40
/19
d(\
50 Bway Bldg 1st 3s inc '46
5034
500 Fifth Avenue 634s. 1949
lst leasehold 3s. Jan 1 '52
34 %
Film Center Bldg 1st 4s *43
40
•
-
40
40 Wall St
1st
-
-
V
4234
60
^
^
2
BJdg—
6348 stamped..1948
34%
1st 2%-4s (w-s)
Graybar Bldg 5s
/iH
1944
31
34
1949
1946
.
37
32
34
40
43
49
51
44
45
—
/44
1957
49
5034
195G
27%
28%
with stock......1956
/20%
21%
..
—
3s with stock
2s
—
60 Park Place (Newark)
5534
60
334s
61 Broadway Bldg—
<■
34 34
1947
334s with stock..—1950
Syracuse Hotel (Syracuse)
63%
65
90%
92%
Textile Bldg—
41
43
40
37
39
6334
66
Trinity Bldgs Corp—
1st 3s..
.....1955
Rlty Corp
...1947
— —
1st 5s (L I).
47
1943
income.
Roxy Theatre—
1st fee & leasehold
——1950
37
.1939
2 Park Ave Bldg 1st 4s 1946
56
...
53
...
f\0
....1951
Walbridge Bldg (Buffalo)—
(The) Ave Apt Hotel
3034
1st 3s 1957 w-s.
3s with stock...
Wall & Beaver St
Majestic Apt Inc—
4s w-s 1948 stam perl....
5
634
1948
1st 4%s
—
.1950
1734
Corp—
w-s.......1951
2034
22
Westinghouse Bldg—
Metropolitan Chain Prop—
6s
39
45
—
1st 534s
1947
—
■
1958
1st 4s (w-s).
1952
1st 5s (Bklyn)
Mad
49
Sherneth Corp—
Bldg
w-s...1963
Income 534s
56
Savoy Plaza Corp—
Lexington units....
—
16
/47
1st 4s
62
Hotel
Ilarriman Bldg 1st 6s. 1951
_
42
165 Bway Bldg 1st 534s '51
Prudence Co—
39
5%
Hearst Brisbane Prop 6s '42
L
/e%
103 E 57th St 1st 6s—.1941
5s
1957
—
.1951
mtge 6s
Realty Assoc Sec Corp—
Fox Theatre & Off Bldg—
Income 3s
2d
534» stamped......1961
Corp 68—— 1958
42 Bway 1st 6s
1939
Broadway
---
1 Park Avenue—
52d & Madison Off Bldg-
1400
July 7 1939
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
8534
8834
1st fee & leasehold 4s '48
67
...
Investm't Banking Corp
Bancamerica-Blair
1.39
30
12%
5934
75
61
Ludwig Baumann—
1.26
10.37
11%
35%
Chanin Bldg inc 4s...1945
6.23
1.0<7
Investors Fund C._
I
56 34
46
32
5.83
Insurance Group Shares.
Invest Co. of Amer com.10
-
55
B'way & 41st Street—
1st 3s
1944
1st & gen 3s w-s
Bank Group shares.
Investors Fund of Am Inc.
;
'
33%
934
London Terrace Apts—
89c
2.
76c
Tobacco shares
Incorporated
Industry Shares.
1.15
Guardian Inv Trust com.*
/"
Machinery.....*
43
3134
1st 68—
2.38
Trustee Stand Oil Shs A.l
B
10.56
2.32
1.28
1.23
''V.'
,
Nat Radiator 5s
1946
N Y Shipbuilding 53—1946
Scovill Mfg 534s
1945
434
/22%
Loew's Theatre
1
Merchandise shares....
.
""
preferred
...100
Young (J S) Co com...100
7% preferred
100
21
Lincoln Building-
9.72
.1
...
Mining shares..
RR equipment shares
50
2234
3%
1957
1st 4s
5.64
Building snares........
1st 3s
Lewis Morris Apt Bldg—
Trustee Stand Invest Shs—
D—.
.
40
18
B'way Barclay 1st 2s.. 1956
Aiden
1st 4-5s extended to 1948
5.64
32.65
4.74
Automobile shares
23
100
21
-
Bid
Lefcourt Manhattan
2.10
30.32
Aviation shares
Huron Holding
56c
3.14
BB
C
*
Trust.*
Group Securities—
Agricultural shares
Steel shares.
2.25
81
2.10
B..
General Capital
General
43
Hotel St George 4s... 1950
52c
16.55
B..........
13
21
7%
Real Estate Bonds and Title Co.
Fuller Bldg deb 6s.
15.04
Invest Inc.2
Foundatlon Trust Shs A.l
Fundamental
9%
46
Equit Off Bldg deb 5s. 1952
Deb 5s 1952 legended.
26
*
1.26
Eaton & Howard Manage¬
8%
*
Hotel units
2.56
2.04
B1
7%
10
5
50
Deep Rock Oil 7s—... 1937
Haytian Corp 8s
..1938
90
Eastern Ambassador
2.60
2.94
Deposited Insur Shs
ser
'<77rl
Wickwire Spencer Steel..*
York Ice
2%
1834
3.70
......
24.12
2.64
16
New Haven Clock—
4.90
Series S~2
5.80
1
*
107
Nat Paper & Type com... *
13.65
1
8Q
Preferred—
10.72
22.43
1
113
100
Series K-2
Century Shares Trust...*
series
preferred
cum
17%
95%
Bonds—
30%
7% preferred
..100
Muskegon PLstou Ring.2 34
National Casket——...*
16.02
5.45
Series ACC mod
1%
White Rock Min Sprlng$7 1st preferred—__ .100
American Tobacco
434
35%
common.
15.38
12.70
Series A A mod
t c 1
com v
200
....*1
—
14,59
National Investors Corp.l
Accumulative
1434
100
100
14.03
New England Fund—...1
N Y Stocks Inc—
1
15%
91%
41
3934
100
Series B-3
4.20
Series A A
18
1334
...*
6% preferred
Ask
15%
Corporate Trust Shares.. 1
16
Mock Judson & Voehringer
Bid
25.74
7 34
%
734
1st 6% pref erred.... 100
3.85
3.41
$3
1734
100
West Dairies Inc
'"v.
8
634
1
2d 8% preferred
104 34
14%
1
734
734
46
Macfadden Pub common.*
104%
101
24.07
Shares pf.100
634
5%
j
46
1534
105
West Va PuJp & Pap com.*
Preferred..
3%'
35
$5 preferred_.......100
1956
Buliock Fund Ltd....._1
Continental
3
14
Lawrence Portl Cement 100
9934 10134
1
434
42
100
3134
Canadian Inv Fund Ltd..l
Commonwealth Invest
1834,
43
*
preferred
7%
33
5
1
9
334
(Northam)—
Worcester Salt.
16.76
30c
Warren
2934
Maryland Fund Inc...10c
~9%
21
*
Harrlsburg Steel Corp
Kildun Mining Corp
King Seeley Corp com
234
34
Welch Grape Juice com..5
29
10134
10,%
1%
8
100
27%
Long Bell Lumber
6%
5%
*
100
101
4%
5%
i
Corp__.__.l
Knight com
*
Series K-i
1.82
9%
*
com.
Great Lakes SS Co com..*
5s series B
64c
63341
17%
234
v 234
Humor
101
.
xo7c
7%
...
Industry Shares.. 10
Boston
6
*
Preferred
97
3.73
&
Shares
Business
70c cum pref
4
19
*
.
shares..
97 34
22%
3.38
Araer
Amer
3734
United Merch & Mfg com *
United Piece Dye Works.*
434
9434
4.24
United Artists Theat
Great Northern Pa per.. 25
Par
Affiliated Fund lnc...l%
35%
Stock Yards Corp—
100
Ask
Amerex Holding
39
6034
Graton &
Investing Companies
12.94
70
6034
*
Merck
12.16
55
Union
100
6s series
Adminis'd Fund 2nd Inc. *
2%
3134
Water Serv 534s '51
5s series C
•
1%
3
9%
1%
29%
Preferred-
30
834
*
31%
*
Good
10534
734
14%
*
35
*
Garlock Packing com
Gen Fire Extinguisher
10134
29
6 34
13%
Trico Products Corp
*
Tubize Chatillon cum pf.10
5734
*
com
Steel common
Tennessee Products
Va Water Serv 4s ..1961
W'msport Water 5s.-.1952
Bid
1
34
Preferred-....-.
Par
15
34
100
94
10134
105
13
112
American
102
26
*
Taylor Wharton Iron &
•32
Foundation Co For shs... *
103 34
5%
334
1951
Monongahela Valley Water
20
Sylvania Indus Corp
6
1950
9634
47
24 34
255
4%
Strom berg-Carlson Tel Mfg
4%
44
10
23%
5
Standard Screw.
53%
I
100
234
Fohs Oil Co
Wichita Water—
9334
*
Preferred
534
*
1st mtge 58
10434
Long Island Wato34s.l955
-
3%
1st mtge 534s
1950
Westmoreland Water 5s "52
Kokorno W W Co 5s..1958
534s
2%
5s series B
10434
Morgantown Water 5s 1965
234
Bake Shops
Preferred-
Western N Y Water Co—
90
w" Co" 5s III11957
W
7%
134
234
Wilcox & Gibba com
WJR The Goodwill St a
Union
5s
6
2034
1
434
*
Federal
105
1st mtge 3 34s. —-1966
Indianapolis W W Securs—
Skenandoa Rayon Corp..*
Standard Coated Prod. 10c
19
Corp
Manufacturing..25
$3 conv preferred
73
1960
_
Texarkana Wat 1st 5s. 1958
-
248
Draper Corp
8234
9934 10134
104
10134 103 34
Indianapolis Water
Singer Manufacturing..100
Singer Mfg Ltd
7834
104
A '52
os
65
43
Douglas (W L) Shoe—
Conv prior pref
101
7934
1960
5s series B..
5s...
Illinois Water Serv
Jo
99
Hpringf City Wat 4s A '56
6s
Hackensack Wat- Co 5s. '77
1734
55
Dixon (Jos) Crucible... 100
10634
South
Pittsburgh Water—
1st mtge 5s.
...1955
4
41
Preferred
Scranton-Spring Brook
1st & ref 5s A
Greenwich Water
9 34
3
*
Corp
Devoe & Raynoids B
Dictaphone Corp
Gas & Water Co
434s..
105
5s series D
ser
8%
2734
*
Crowell Publishing com..*
$7 preferred..
100
Denmson Mfg class A
10
Dentist's Supply com
10
107
Richmond W W Co 5s. 1957
1946
13%
Exploration
Scovill
Columbia Baking com
$1 cum preferred
101
Pittsburgh Sub Wat 5s '58
4%
11%
Pollack Manufacturing
*
Remington Arms com....*
26%
1534
*
Chic Burl & Quincy
Chilton Co common.
108
99
66
Connelisville Water 5s 1939
Consoi Water of Utlca
Products
%
3%
1
Pilgrim
90
25
Beneficial Indus Loan pf
Burdines Inc common
101
1st 5s series C
.100
Hardware
Maize
Vh
Petroleum Heat <fc Power. *
Belmont Radio
103
101
Community Water Service
1134
Bankers Indus Service A.*
4%S—1966
Peoria Water Works Co—
10134
11
Ask
97
Art Metal Construction. 10
Penna State Water—
coll
——10
Bid
*
1
Andian National
85
1st
30
American Mfg. 5% pref 100
82
—
Par
Pathe Film 7% pref
Petroleum Conversion
4%
26
pref
cum
Amer
ioi"
99
Ore-Wash Wat Serv 5s 1957
10134
Ask
4%
♦
pref.
conv
American
105
Ohio Water Service 5s_1958
106
1954
6s series A
90
104
OO
5s series B
1946
-
Bid
*
American Hard Rubber—
100
Ohio Cities Water 534s '53
Ohio Valley Water 5s. 1954
5%
94
97
City Water (Chattanooga)
5 34s series B
87
82
Newport Water Co 5s 1953
534s
Mills Inc..
American Cynamld—
1951
New York Wat Serv 5s '51
105%
City of New Castle WTater
5ft.......
Water 5s 1950
5s series B
Chester Wat Serv 434s '58
Citizens Wat Co (Wash)—
Par
105
New Jersey
102
Calif Water Service 4e 1961
Ask
Muncie Water Works 5s '65
Birmingham Water Wks—
5s series C
Industrial Stocks and Bonds
Ask
9734 100
261
2
33
,
—
No
/Flat
value,
par
price,
dividend.
t Now
Schoeikopf, Hutton &
Pomeroy Inc com
*
y
n
a
Interchangeable,
Nominal
listed
on
New
t Quotations per 100
b Basis price,
d Coupon,
e Ex-interest.
w i When issued,
w-s With stock,
x ExNew York Curb Exchange,
z Ex-stock dividend,
quotation,
Now selling on
York
Stock
Exchange.
gold rouble bond, equivalent to 77.4234 grams of pure gold.
Financial
262
9, 1938
Chronicle
Securities—Friday July 8—Concluded
Quotations on Over-the-Counter
Bonds
Foreign Unlisted Dollar
Bonds and Coupons
Foreign Stocks,
bid
German
Exchanges
Inactive
1934
52 William
St., N. Y.
/20
1935
July to Dec 1936
Jan to June 1937
Dollar Bonds
Foreign Unlisted
A St
hid
Anhalt 78 to
1946
Antloquia 8s
1946
Bank of Colombia 7%
7s
1947
1948
_
......—
Barranqullla ,s'35-40-46-48
1945
Bavaria 6 Ms to
1945
Cities 7s t0-„_
Bogota (Colombia) 6 Ms
8s
'47
1945
~
Bolivia" (Republic)" 8s 11947
1958
1969
7s
7s
...1940
6s..1953
runding 5s..1931-51
6s
Brandenburg Elec
Brazil
/20M
/27
/23
22 M
30
25
25
/23
/17
/20M
21M
/16
/12M
/12
/3M
fZH
f3K
P
19
Brazil funding scrip
Bremen (Germany)
6s
7s. 1935
1940
/21
/19M
/33M
13 M
13
4M
4M
„4M
:6M
1962
7 Ms
1953
Buenos Aires scrip........
7Ms '46
7s...1947
Cailao (Peru) 7 Ms
1944
Cauca Valley 7 Ms
1946
Ceara (Brazil) 8s
1947
.1966
7Ms
.1966
7Ms income.
:
37
/16 M
17 M
/16
/16M
18
/14
f2 4
/44
60 M
/9M
/22M
/20M
/20M
/22
/22M
/22M
47
122
10M
10M
/15M
fbVt
/JOM
/2
11M
4
61 M
9M
24
22
22
23
24
Funding 38- .......1946
—.
1934
Chile Govt 6s assented—..
7s assented.........—
Dec 1934 stamped......
/25
/16
/16
/64
Apr 15 '35 to Apr
18
99 M
23 M
6M
15 '38.
June 1 '35 to June '38—.
1968
1953
8
16
1954
NOTE—For
mechanical
reasons
However,
FILING
The following
a
UNDER
additional registration statements
York Steam Corp.
registration
(Nos.
(2-3736, Form A-2), of New York City, has
covering $32,000,000 1st mortgage 3M%
statement
Filed June 30, 1938.
Edifcon Co. of New York, Inc. (2-3737, Form A-2),
registration statement as guarantor of the principal and interest
of the bonds being registered by New York Steam Corp.
Filed June 30,
Queens Electric Light & Power Co. (2-3738, Form A-2),
Island City, N. Y,, has filed a registration statement covering the
of 8,772 shares of $100 par value 5% non-cumu¬
offered to holders of common and preferred stock
at $100 a share,
Proceeds will be used to reimburse treasury for capital
expenditures made and to be made.
No underwriter was named,
R. H.
Tapscott is President of the company.
Filed June 30, 1938.
of Long
issuance through warrants
lative preferred stock to be
(2-3739, Form A-l),
statement covering $450,000
Proceeds will be used
No underwriter was named.
Dr. George
100.
Filed June 30, 1938.
Co. <2-3740, Form A-2), of Newark,
covering $10,000,000 1st & refund¬
ing mortgage 3H% bonds, series due July 1, 1968.
Filed June 30, 1938.
(For further details see subsequent page.)
Public
Service
Electric
& Gas
N. J., has filed a registration statement
McKenna Oil Corp. (2-3741, Form
a
A-l), of Sterling, Mich., has filed
$1 par common stock.
registration statement covering 550,000 shares of
Of the total issue registered, 500,000 shares are to be offered through
Braham & Co., Inc., the principal underwriter, at $1.50 a share.
A. D.
The
balance, 50,000 shares, will go to the underwriter as compensation and will
be offered for resale at $1.50.
Proceeds will be used for drilling, machinery,
equipment, leases and working capital.
McKenna
is
President of the company.
United Gold Equities of Canada,
Filed July 1, 1938.
William T.
Ltd. (2-3742, Form A-l), of Char-
statement for
200,000 $1 par standard shares to be offered at market, with the aggregate
not to exceed $578,000.
Proceeds will be used for investment.
amount
be underwriter.
Filed July 5, 1938.
Charles King & Co. may
W. G. McBride is President of
Progress Vacuum Corp. (2-3621, Form A-l, a refiling), of Cleveland,
Ohio, has filed a registration statement covering 29,000 shares of $1 par
common stock to be sold at $6 per share by First National Investment Corp.,
stockholder.
Underwriters will be Republic Securities Corp. and First
National Investment Corp.
Clyde J. Townsend is President of the com¬
pany.
Filed July 5, 1938.
The last
in
our
previous list of registration statements was given
issue of July 2, page 100.
Acme Steel
to
T.he
list
Co.—Application Approved—
Stock Exchange has approved the application of the company
328,108 shares of common stock,
admitted
$25
par.
These shares will be
to^radin^on^registration under the Securities Exchange Act of
2d series
/22
Coupons—
66 M
Oct 1932 to
69
Oct 1935 to
7s.-.1946 /22
/70
Stlnnes 7s unstamped. 1936
/58
Certificates 4s... 1936
7s unstamped
1946 /69
/57
Certificates 4s-—1946
64
Toho Electric 7s
1955
Tollma 7s
1947 /10M
Union of Soviet Soc Repub
7% gold ruble
..1943 186.64
/22M
Unterelbe Electric 6s. .1953
Vesten Elec Ry 7s
1947 /2IM
Wurtemberg 7s to
1945 /20 %
/II
1948
/II
'47
1947
/97M
61M
/62
/47
April 1935
April 1937
Stettin Pub Util
22
62 M
in exact alphabetical order.
possible.
Co.—Trustee—
appointed Manufacturers Trust Co.,
Paying Agent, effective as of June 29, 1937, of its 10-year 4%
debentures, due Aug. 1, 1946.—V. 147, p. 100.
has
company
Alaska Juneau
Trustee and
% (stamped)
Gold Mining Co.—Earnings—
1938—Month—1937
1938—6 Mos—1937
$471,000
$433,000 $2,564,000 $2,809,500
189,300
204,800
1,002,500
1,414,300
x Includes other income and is after operating expenses and development
chzrges, but before depreciation, depletion and Federal income taxes.
Period End. June 30—
Gross
x
earnings
Net profit
—V.
146.
P.
--
4104.
Corp.—Kirby Reviews Events in Controversy
Trust Co.—
with Guaranty
Allan P. Kirby
has
which says in part:
correct and incorrect, about Mr.
issued a statement July 5
been
so
much
written,
with respect to Alleghany Corp. and
appropriate at this time to review
since our purchase of control on May 5,
Young's and my position and intentions
its controlled properties, that it seems
briefly the more important events
1937.
We paid the George & Frances Ball Foundation $6,375,000 for certain
Alleghany Corp. and related securities.
Of this sum, $4,000,000 was paid
in cash at the time of purchase; not $235,000 as certain financial columns
persist in saying.
This interest in Alleghany was so substantial that we
felt a responsibility to the public and to the stockholders beyond that of
mere investors.
We found that we had acquired the equity in a situation
whose tangled holding company super-structure was costly to investors.
It
carried also the
railroad
serves.
possibilities of harm to the public which the C. & O.
Young and I desired to do a constructive job, to
and to eliminate the possibilities of harm not
Mr.
eliminate unnecessary costs
only to the end of enhancing the value of the securities in which we had
invested, but for the satisfaction entailed in doing a constructive job in
the public interest.
We set out to do such a job.
The first step was obviously to simplify,
but the ramifactions of this tangled corporate structure ran into a powerful
financial circle in Wall Street.
Through those lines of control the members
of this financial circle drew nourishment from the underlying railroad
empire.
We have found,
through the experience of the past year, that it
public interest, when the public
is not easy to do a constructive job in the
interest runs counter to the private interest
of this financial circle.
We
fully analyzed the terms of the strange indentures under which the
Guaranty Trust Co. would come into voting control of these properties
under certain unusual market conditions.
At the time we made our pur¬
chase market values were such that Alleghany Corp. was in control by a
very wide margin.
Accordingly we set about to formulate our policies.
We elected to proceed slowly, particularly as to changes in personnel.
The C. & O. had an extraordinarily successful management.
The corner¬
stone of our policy was to leave it undisturbed.
The presidency of both
Alleghany and Chesapeake Corporations was vacant at the time of our
purchase, through the death of Mr. Van Sweringen.
Our intention was to
go slowly in filling this important position, hut, in deference to the persistent
urging of Mr. Ball, Charles L. Bradley, then vice-president, was promoted
to the presidency of both companies on May 5, 1937, and John P. Murphy
was reelected secretary of both corporations.
We did not then know that
these gentlemen would play the game of the private financial interests
which had so much at stake.
We did not then know to what lengths these
interests would go to block a program which, though in the public interest,
might tread on their toes.
We were to find that out later through bitter
experience.
On Oct. 8, 1937, Bradley and Murphy, with the backing of Guaranty
and J. P. Morgan & Co. and with the active support of Mr. Ball, attempted
had
i?i^e^own' Prince Edward Island, has filed a registration
the company.
/60
/60
...1956
5s.„.._..1956
24 M
24
Bk of
Adams Express
This
There
New York &
for loans to agricultural settlers.
Landauer is Managing Director.
deb 6s_2930 /425
and Investment News
1938.
Agricultural Settlement Association
'7.
/22M
/22M
/25
-;1951
6s..1947
Bk Jugoslavia
/22M
37
a
Palestine
Mtge
5s
/98
/98
Alleghany
of Jerusalem, Palestine, has filed a registration
of 4 % redeemable debentures to be offered at
State
/34
(For further details
Consolidated
has filed
Siem & Halske
/22M
it is not always possible to arrange companies
are always as near alphabetical
position as
$34,904,200.
New
Saxon State Mtge
/50
/24
they
inclusive, and 3621, a refiling) have been filed
with the Securities and Exchange Commission under the
Securities Act of 1933.
The total involved is approximately
bonds, series due July 1, 1963.
see subsequent page.)
6Ms
Flat price
3736 to 3742,
filed
Saxon
/42
UTILITY—INDUSTRIAL—MISCELLANEOUS
REGISTRATION STATEMENTS
SECURITIES ACT
OF
63
/I3M
6s_-1943
Pub Works 7s. .1945
Sao Paulo (Brazil)
12 M
General Corporation
RAILROAD—PUBLIC
/II
stamped. 1942
Fe 7s
Santa
Santander (Colom) 7s. 1948
North German Lloyd 6s
/20
Graz (Austria) 8s
/H
49M
50 M
6 Ms *38
-
/22
8%
50 M
1946-1947
Ms. 1948-1949
4s
/23
1947
Santa
49 M
Hungary 7 Ms
1962
National Hungarian & Ind
10M
no
/12
Dec 1 '35 stamped—...
67
/14
/28M
21M
Mtge 7s..-—--
/5
1948
deposit. 1948
Catharina (Brazil)
8s ctfs of
Nat Bank Panama
(C & D) 6
/21
deposit. 1957
8s
/20M
/20M
/22
Nat Central Savings
/22
4s scrip
/U
6 Ms '46
Leipzig Trade Fair 78.1953
Luneberg Power Light &
Water 7s
1948
Mannheim & Palat 7s. 1941
Merldionale Elec 7s... 1957
Munich 7s to
....1945
Munic Bk Hessen 7s to '45
Municipal Gas & Elec Corp
Recklinghausen 78..1947
33 M
/6M
/13M
/12M
f\l
(A <fc B) 6 Ms.
/32M
1957
7s ctfs of
/22
Nassau Landbank
31M
/22M
Salvador 7%
Koholyt 6 Ms
1943
Land M Bk Warsaw 8s '41
German Young coupons:
18
/22
/90
/22
Leipzig O'land Pr
German Dawes coupons:
P%
/15M
60
P
6 Ms '46
R C Church Welfare 7s '46
Haarbruecken M Bk 6s '47
Rom Cath Church
/54
Nov 1935 to May
22
Rio de Janeiro 6%
70
1935
1937
Nov 1932 to May
/18
/II
/18
1941
1933
6s
Co 11 po as—
24
7s income
German scrip
Central German Power
Chilean Nitrate 5s
v
18
.
German Central Bk
City Savings Bank
Budapest 7s..
b2
1941
Westph Elec 7% '36
Rhine
/20M
6s '33
Westphalia 6s '36
5s
112M 113M
/20
—
/35
/60
1967
.1907 /II
/II
Farmers Natl Mtge 7s.'63
Frankfurt 7s to
.1945 /20M
97
much Nat Mall SS 6s '52
Gelsenklrchen Mln 6s. 1934 flOO
6s....
1937 /100
6s
.........1940 /100
/45
German Atl Cable 7s.. 1945
German Building & Landbank 6 Ms
1948 /22
German Centra) Bank
Agricultural 6s.
1938 /30M
German Conversion Office
7s
Central Agrlc Bank
Madgeburg 6s
1953
Mortgage & In¬
A*l
.
Caldas (Colombia)
see
European
20 M
20
Burmelster & Wain 6s. 1940 /118
Call (Colombia)
6 Ms
vestment
Brown Coal Ind Corp—
6 Ms
1977
Cundinamarca 6 Ms
1959
Dortmund Mun Utll 6s '48
Duesseldorf 7s to
.1945
Duisburg7% to...—1945
East Prussian Pow 6s. 1953
Electric Pr (Ger'y) 6 Ms '50
Cuba 4 Ms
'22
19""
/17
/17
1949
5s
Hungarian Bank
British
...1946
Cordoba 7s stamped..1937
Costa Rica funding 5s. *51
Costa Rica Pac Ry 7 Ms '49
Colombia 4s
20
Palatlnitc Cons
Bavarian
Bid
Prov Bk
P
/22
/21M
/21M
/20
p2
/27
1946
many) 7s
Prov Bk Westphalia
&
/35
Church (Ger¬
Protestant
/2 4
Ireland—
4s_.
1960-1990
Guatemala 8s—
1948
Hanover Harz Water Wks
6s
1957
Haiti 6s
1953
Hamburg Electric 6s .1038
Hansa SS 6s
1939
Housing & Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7 Ms '32
Hungarian Discount & Ex¬
change Bank 7s
1936
Illseder Steel 6s
1948
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
Britain
/26
.1956
1936-1937
1968
Coupons
Porto Alegre 7s
/25
July to Dec 1937
Jan to July 1938.......
Great
6 Ms
5% scrip..
Poland 3s
/20
/20
/20
/26
July to Dec 1935.......
Jan to June 1936
2 5422
Panama
/20M
/26M
/32
1945
1952
7s to
Panama City
/20
July to Dec 1934.
Tel. HAnover
Oldenburg-Free State
/5 8
/40
July to Dec 1933
Jan to June
/22
Oberpfals Elec 7s-—-1946
defaulted coupons
Jan to June
BRAUNL & CO., INC.
Bid
Ask
to
remove
Mr.
Chesapeake
Young
so as to
as
chairman of the board of both Alleghany and
divest him of his powers,
under the by-laws, of voting
Volume
Financial
147
Chronicle
the
Chesapeake & Ohio Railway common stock at the forthcoming annual
meeting. This breach of good faith by Ball, Bradley and ]\ urphy was over¬
looked until Alleghany directors became
officially aware early in January
1938 that Bradley and Murphy were devoting most of their time and atten¬
tion to the Higbee Department Store of Cleveland, to the exclusion of
important matters to Alleghany such as the pending financial difficulties of
the Erie.
Bradley and Murphy were therefore relieved of their positions in
Alleghany by the board of nine, many of whom were Cleveland men who
■
American Fruit Growers, Inc.—Exchange Plan—
Company is proposing to holders of the 7% convertible notes, of which
>00.000 are outstanding, an exchange for new convertible notes to bear
5% interest and maturing Aug. 1, 1950.
The new notes would be con¬
vertible for five years into common stock at $3 to $5 per share, depending
upon the period when converted.
For ten months ended April 30, 1938 the company reports net loss of
$540,389.
In the fiscal year to June 30, 1937 net profit was $571,491.—
V. 145, p.1890.
would naturally be sympathetic to Bradley's and Murphy's actions could
they have been justified.
We
have
now
learned
that
it
George
was
Bradley and Murphy to buy the Higbee
Ball
himself who enabled
and that as
American Investment Co. of Illinois—Initial
company for a song,
.
land
is now
inquiring into the payment of $180,000 which Bradley and
Murphy authorized the Higbee store to make in February of this year to
J. P. Morgan & Co.
on account of this loan.
This sum should have been
paid to the Cleveland Terminals Building Co. on its prior claim for back
It is illuminating to learn of the extraordinary financial plane of
Bradley and Murphy in this connection, since they were both officers of the
Cleveland Terminals Building Co., as well, and one would suppose as such
would have given prior consideration to the interests of that company and
,
American Powfer & Light Co.
rent.
Period End. May 31—
Subsidiaries
Operating
__
The deadlock that they
willfully created in Chesapeake owing to there
being only four directors, Bradley, Murphy, Young and myself, has been
well publicized.
In early February of this year we submitted to
Guaranty the names of
a number of
outstanding men from whom it might take its pick as new
directors of Chesapeake, to break the inexcusable deadlock created by
Bradley's and Murphy's refusal to attend meetings.
The Guaranty Trust Co. refused to accept any of these gentlemen and
insisted that they be allowed to name three men to the Chesapeake Corp.
board but declined to divulge their identity.
Alleghany naturally rejected
this arbitrary proposal, which resulted in the litigation now pending for the
removal of Guaranty as trustees for breach of their fiduciary obligations to
Alleghany bondholders.
This litigation forced Guaranty into the open
with the names of three new candidates who were
voluntarily accepted on
serve on
through
have
one
Balance
applicable
minority interests
the C. & O. Executive and Finance Committees.
(& Subs.)—Earnings—
12 Months Ended May 31—
1938
1937
Gross operating earnings of subsidiary companies
(after eliminating inter-company transfers)
General operating expenses
______
Maintenance
._
_
____
Provision for retirement of general plant
General taxes and estimated Fed. income taxes_
._
Net earnings from operations of sub. cos_
Non-operating income of subsidiary companies.
_
Total income of subsidiary companies.
Int.,amort. &pref. divs. of subsidiary companies.
_
_
$41,001,225 $40,087,618
22,268,929
21,558,949
2,424,364
2,161,801
2,473,658
2,406,273
5,016,418
4,916,907
$8,817,855
Dr102,857
$9,333,262
4,207,131
81,037
65,682
19,686
$4,182,552 $13,961,360 $14,347,871
12,753
71,122
31,987
$3,263,955
109,714
729,429
$4,195,305 $14,032,482 $14,379,858
97,906
406,656
477,009
730,957
2,909,266
2,913,552
$3,366,442 $10,716,560 $10,989,297
,
Note—The above statement includes full revenues without consideration
for possible revenue losses of one subsidiary involved in rate litigation, for
which
the
a
has been provided by appropriations from surplus.
For
period ended May 31, 1938 and 1937, such appropriations
respectively.—Y. 146, p. 3797.
reserve
12 month
amounted to $627,063 and $569,065,
-Larger Semi-A nnuaJ-
American Reserve Insurance Co.-
Dividend—
Directors
declared
nave
a
semi-annual dividend of 75 cents per share on
the capital stock, par $10, payable Aug. 1 to holders of record July 15.
Previously regular semi-annual dividends of 50 cents and extra dividends of
25 cents per share were distributed.—V. 146, p. 271.
American Seating
Co.—Transfer Agent—
This company has rescinded the appointment of Registrar and
as the Jersey City transfer agent of its common stock, effective
Co.
Transfer
June 20,
1938.—V. 146, p. 3001.
American
Securities
Shares
(St.
Louis, Mo.—Smaller
Dividend—
Directors have dec!ared a dividend of 7 cents per share on the common
stock, payable June 30 to holders of record June 29.
A dividend of 18
cents was paid on Dec. 27, last, and one of 20 cents was paid on June 29,
1937.—V. 134, p, 678.
American
Water
Works & Electric
Co., Inc.—Weekly
Output-—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended July 2, 1938, totaled 37,513,000
under the output of 47,850,000 kilo¬
corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
years fohows:
kilowatt hours, a decrease of 21,6%
watt hours for the
June 25
38,033,000
37,879,000
1937
50,718,000
50,609,000
49,972,000
1936
44,155,000
45,115,000
45,601,000
1935
38,100,000
36,711,000
35,261,000
35,014,000
34,334,000
34,742,000
July
37,513,000
47,850,000
45,661,000
36,440,000
34,467,000
Week Ended— 1938
June 11
3^,670,000
18
June
2
1934
^
—V. 147, p. 101.
Amsterdam Trading Co .—Final
Dividend—
declared a final dividend
payable July 15 to holders
dividend of $1.09 was paid on July 15, 1937;
July 15, 1936; one of 33 cents paid on July 20,
42 cents per snare paid on July 20, 1934.—V.
Directors
American
have
snares
$1.72 per share on the
of record July 9.
A final
of 67 cents was paid on
of
one
1935,-and a final dividend of
145, p. 269.
Associated Gas & Electric Co.—Weekly Output—
For tne week ended July 1, Associated Gas & Electric
electric output of
82,784,515 units (kwh.).
System reports net
This is a decrease of 6,156,614
6.9% oelow production of 88,941,129 units a year ago.
Gross output, including saies to other utilities, amounted to
units.—V. 147, p. 102.
units
or
91,304,751
Vote on Stock Increase—
'1
at a special meeting on Sept. 12 will consider and vote
proposal that the indebtedness of the corporation may be increased
from time to time by amounts not exceeding $50,000,000 in the aggregate,
and amending tne Articles of Incorporation so as to increase the autnorized
common stock from 4,000,000 shares to 5,000,000 shares.—-V. 147, p. 103.
Atlantic Refining Co.—To
Stockholders
upon a
Bailey Run Sugar Creek & Athens Ky.—Merger—
$9,043,686
$8,714,998
4,487,472
$5,995,139 $21,198,696 $21,600,030
7,171,654
7,171,122
1,792,901
Balance carried to consoiidatedearnedsur. $2,424,812
This corporation announced the election of Edmand F. Mair as VicePresident.
Mr. Mair, who has had long experience in the commercial
American Light & Traction Co.
15,974,496
CV203.856
!,244,974
18,981
Total
Alton Water Co.—Bonds Placed
appointed Western Sales Manager of the company with headquarters in
Cnicago.—V. 146, p. 2029.
•
15,990,362
Cr399,518
$4,182,552 $13,961,360 $14,347,871
Int. & other deduc'ns
Let us now contrast this ruthless action of the trustee with the action of
Mr. Young and myself when we came into control of Alleghany on May 5,
1937. We leaned over backwards to make a minimum of changes in the direc¬
torate of both Alleghany and Chesapeake so much so that we—as it developed
finance field, and has Deen the company's western representative, will now
be located at the main office in New York,
Artnur T. Reeve has been
3.974,913
Cr77,763
>,244,974
Expenses, incl. taxes...
and another set when
the stock market is down.
The security holders may judge as to whether
such situation is healthy and to their best interests.
Vice-President—
i,571,746 $37,189,234
181,436
217,794
$9,892,289 $36,789,540 $37,370,670
12,922
Other income
market went down.
So we have the remarkable
trustee's taking the position that a great corporation should
American Business Credit Corp.—New
$5,050,811
1,792,915
Net equity in income of
subsidiaries
set of officers when the stock market is up
Privately—The company
on April 15 last placed
privately $975,000 1st mtge. series A
4Ms, dated April 1, 1938, due April 1, 1963.
Proceeds were
used principally for refunding purposes.—V. 146, p. 2673.
7,906,134
9,378,433
to
Net equity of A.P.&L.
Co. in inc. of subs__
Amer. P. & L. Co.—
a
later—nearly deprived ourselves of the control which we had purchased.
Yre made no changes in the C. & O. Railway board nor in its personnel.
It is true that last September Mr. Young became a member of the C. & O.
board of directors, but only to fill a vacancy by invitation of the board
itself.
The C. & O. Railway was an outstanding railroad from the manage¬
ment point of view on its record.
We, therefore, saw no reason hastily to
inject ourselves into its management, just as we could see no proper reason
for the over-zealousness of the Guaranty Trust Co. this Spring in going
so
far as to back Bradley and Murphy in calling a special meeting of *
Chesapeake Corporation, for the sole purpose of making changes in the
C. & O.
Mr. Bradley as President of Chesapeake could call such a meeting
without bringing Guaranty out into the open—it was hoped—in order to
hasten and anticipate what they characterized as fullfilling their responsi¬
bilities as trustee.
We have never heard a single complaint against the
C. & O. management from any security holder, employee or the public
which that railroad serves.
Guaranty and J. P. Morgan & Co. have no
direct ownership whatever in C. & O. as is the case in many other corpora¬
tions to whose managements they dictate.
Their interest lies in large bank¬
ing accounts, financing profits, agency fees, &c.
The attitude of these two banking institutions in thL, situation is difficult
to understand, particularly so in view of the fact that they were the original
sellers of the Alleghany securities.
The prices at which they reached the
uninformed public seemed high even in 1929, in view of the nature of Alle¬
ghany's capital structure wherein bonded debt was pyramided on bonded
debt all on a common stock base.
Even now they continue to unnecessarily
jeopardize the solvency of Alleghany Corp. by depriving it of operating
expense money to which it is entitled.—V. 146, p. 3796.
3,959,018
CV131,895
____
Portion
the stock
a
>,853,102
39,187
and
Pref. divs. to public
dec.ine in the value of the collateral pledged under
came into temporary control of the Chesa¬
peake Corp.
Happily the recent rally in security prices indicates that
Guaranty's power to serve its own interests at the expense of its investors
will be of brief duration.
They immediately placed on that board the three
gentlemen who had already by compromise been placed on the C. & O.
board.
On the following day a directors' meeting was held and these three
purportedly "independent and neutral" nominees of Guaranty joined
solidly with Bradley and Murphy in removing Mr. Young as chairman of
the Chesapeake board and in naming themselves as officers and members
of the two important committees which were appointed.
They unani¬
mously denied to Alleghany Corp. any consideration or representation
whatsoever either on committees or officerships.
It would seem that the
trustee (of 71% ownership) might have elected to share the responsibility
for the management and dissolution of the Chesapeake Corp. with the
other party in interest, Alleghany Corp.
Instead Guaranty elected to
assume the full responsibility of
management, to the exclusion of Alleghany,
the moment
1,980,166
$8,877,934
public
Int. charged to constr'n.
Alleghany bonds, Guaranty
situation of
2,293,007
$8,856,879
21,055
other deductions
the C. & O. board as additional members and not in replacement of old
and valued members as Guaranty desired.
Guaranty's repersentatives
also invited to
to
1938—12 Mos—1937
$24,095,720 $24,261,787 $98,616,336 $94,376,244
12,945,834
12,428,519
52,666,157
49,280,876
Gross income.
Interest
(& Subs.)—Earnings-
1938—3 Mos.—1937
Net oper. revenues
Other income (net)
_
On June 14,
revenues
Oper. exps., incl. taxes
Prop, retire. & depletion
reserve appropriations
its creditors and investors.
were
Pref. Div.t
Directors have declared an initial dividend of 25 cents per share on the
$2 series cumulative preferred stock and on the $2 cumulative preferred
stock both payable on July 1, the former to holders of record June 20, and
the latter class of stock to holders of record June 24.—V. 146, p. 3658.
Sart of the deal Bradley and Murphy acquired a participation in in loan of
P. Morgan & Co. to the Higbee company.
The Federal Court a Cleve¬
the
263
See Toledo & Ohio Central Ity. below.
289,576
Baltimore
American
Insurance
Co.—Extra Dividend—
of 5 cents per share in
dividend of 10 cents per share on the
capital stock, par $5, both payable Aug. 15 to holders of record July 30.
Similar payments were made on Feb. 15, last, Aug. 16, and on Feb. 15,
1937, and on Aug. 15 and Feb. 20, 1936.—V. 146, p. 271.
The directors
have declared
an
extra dividend
addition to the regular semi-annual
Balance.
_________
Proportion of earnings,
common
attributable
stock.
to
$4,227,525
$5,126,131
9,476
10,663
minority
.___•
Equity of American Light & Traction Co. in
earnings of suosidiary companies.
$4,218,049
Income of American Light & Traction Co. (ex¬
clusive of income received from subsidiaries)
1,575,929
Total
Expenses of American Light & Traction Co
Taxes of American Light & Traction Co___
$5,793,978
228,293
199,961
Baltimore & Ohio RR.— Would Borrow
$5,115,468
'
1,439,313
$6,554,781
188,109
233,278
July 7 applied to the Interstate Commerce Com¬
mission for authority to borrow $6,000,000 additional from the Reconstruc¬
tion Finance Corporation.
Tne road already is indebted to the RFC in
The
company
the amount of
"With
Balance..
company
$5,365,723
150,257
interest deductions
Balance transferred to consolidated surplus.___
Dividends
on
preferred stock
$6,133,394
137,826
$5,215,466
804,486
$5,995,568
804,486
$4,410,980
$1.59
$5,191,082
$1.88
on
$87,685,578 according to the application.
available," it said regarding the funds now sought,
these funds
"the company
Holding
wiJ be in position to maintain its property to the present
forces to the
might otnerwise be required and continue the employment in
maintenance forces of about 5,700,000 man-hours for a period of not less
than three months "
-4
standards of efficiency, avoid the reduction of maintenance
extent which
application declared that the B. & O. was unable to obtain the needed
1
railroad asked that the loan mature on Sept. 1, 1942, and that
$3,000,000 be made available on July 15 and a like amount on Aug. 15.
—V. 147, p. 103.
..jk
The
funds from other sources.
Balance
Earnings
per
___________
share of
common
—V. 146, p. 3944.
stock
$6,000,GOO From
RFC—
The
Financial
264
Gross earnings
-.
Operating expenses.-_
Taxes accrued
724,159
737,613
•
352,600
279,700
11,145
Net operating revenue
Fixed charges
......
11,162
159,476
148,721
$79,104
25.748
Depreciation.
$73,988
$978,860
294,446
23,981
25,483
21,721
on com,
stock.
25,483
18,101.
Balance
$6,422
$655,560
305,794
$136,171
$684,414
305,794
246,178
$6,151
..
Bank Farmers Trust Co. as successor trustee is inviting tenders
for the sale to it of first mortgage 4% 50-year
gold bonds due April 1,
1952 at prices not exceeding par and accrued interest, in an amount suf¬
ficient to exhaust the sum of $23,896 now in the sinking fund. Tenders wil
be received up to 12 o'clock noon on July 28. 1938.—V. 145, p. 3340.
The City
$1,015,986
360,425
$132,442
$50,007
$53,356
Surplus.
Dividend onpfd. stock..
Dividend
1938—12 Moa.—1937
$2,228,550 $2,168,566
1938—Month—1937
8176,604
$177,777
56,354
62,577
30,000
30,050
30—
213,595
1938
9,
Co.—Tenders—
Bush Terminal
Hydro-Electric Co.—Earnings—
Bangor
Period End. June
July
Chronicle
Power Co.—Earnings-—
California Oregon
ioo'n-e
ioo8«^i
31—
Years Ended May
Operating revenues...
Operating expenses, maintenance
$4,633,041
2,021,472
Net oper. rev. (before approp. for retire. res.)__
Interest on notes and accounts receivable, &c
$4,o83,9o8
$2,611,569
and taxes
$2,812,047
1,771,911
1,120
L104
Dr48,620
Merchandise and jobbing
Dr55,715
-V.146, p.3798.
Net
Net
profit
After
x
Beatrice Creamery
Period End. May 31—
sales
—
$158,142
y
Before
'
3189.
Federal taxes.—V. 146, p.
Net
$278,932
y$188,023
-
1936
provision for Federal income taxes,
charges and
all
1937
1938
Ended May 31—
6 Months
Co. f& Subs.)-
■Earnings—
1938—12 Mas.—-1937
1938—3 Mas.—1937
.$13,874,930 $15,186,378 $62,912,223 $61,770,021
Costs, expenses, ordinary
taxes, interest, &c.:
14,683,493
13,394,585
246,750
258,108
1
Depreciation
60,438,183
1,042,529
58,757,315
1,023,172
-
$222,237
64,656
$1,431,511
175,289
$1,989,534
154,302
$327,547
78,782
$1,606,800
190,312
$2,143,836
402,099
$248,765
$1,416,488
378,040
$0.26
-
71,412
$220,393
Total income
Fed. inc. tax & surtax..
$256,135
$286,893
66,500
Other income.
378,040
378,040
$1,741,737
378,040
$0.34
$2.46
$3.04
Gross
$25)-
Earnings per share
—V. 146, p. 3174.
Bell
Boston Consolidated
Net income
decrease of
outstanding;—V. 146,
_
__
Depreciation
pense on bonds
able income for
_
1935
...
...
Total surplus
Tax adjustment
1,292,374
139,459
515,180
1,351,605
9,550
428,203
$2,756,024
7,338,510
2,098,114
$591,748
$574,452
166,627
$588,674
166,627
$609,232
207,784
$407,824
$422,047
$401,448
4,934,054
4,526,230
4,104,183
68,040
3,634,695
$4,934,054
$4,526,230
$4,104,183
4.08%
4.22%
4.01%
2,622,642
Pursuant
\
...
4.52%
paid by
$1,407,000 less Dominion and U. S. Federal income tax
of $194,145.
1038
S
y
1937
$
of ordinance..
—
—
12,085,071
5,000,000
50,863
51,589
1,608,165
Accts. receivable^.
Cash on hand..—
Liabilities—
x
Refinery plant &
equipment ——.15,479,18C 15,283,445
Trucks
autos...
280,211
211,270
Goodwill
1
798,490
Mtges. receivable.
754,952
Invests, in and ad¬
assoc'd
and other co.'s
—
Cash............
10-year
4%
10,618,118
9.698,574
sink,
debentures.
3,500,000
3.778.000
4,000,000
Mtges. payable...
Amt. due to subs.
1
.....
vances to
....10,487,783
16,800
262,684
655,661
3.556.000
Serial
1,350,149
2,899,383
2,835,786
1,078,948
2,519,241
Dividend payable.
Accts.
Discounts and bills
334,442
1,049,057
payabPand
receivable......
2,454,244
2,397,542
accrued charges.
1,143,946
Inventories......
7,804,202
6.939,788
Int. accr. on debs.
55,330
Deferred charges..
148,072
149.059
Res. for Dorn. tax.
657,468
Total...... ...30,953,789
31.160.0241
Earnings of Eastern for 9-Day
837,167
59,332
759,392
Represented by 2,622,642 no par shares,
y After depreciation reserve
of $12,510,281 in 1937 and $11,536,745 in 1936 —V. 145, p. 599.
x
British-American Tobacco Co., Ltd.—Loses Gold Suit—
Federal Judge Leibell dismissed on July 1 a suit for $4,333,000 brought
Dy the company against the Federal Reserve Bank, based on its surrender
in August, 1933, of l,ul8 bars of gold in unwilling compliance with the antihoarding order issued by the President of the United States.
Judge Leibell not only held that ihe Executive order had been valid,
as had
the Emergency Banking Act of 19o3 and the Gold Reserve Act of
1934, but he also ruled that the Federal Reserve Bank, which paid the
Tobacco company $6,249,236 for the gold, had given as much for the gold
as
could have been obtained from any other market
—
V.
147, p.
.........
Traffic earnings....
—V.
147, p.
$4,475,955
$2,115,366
772,513
482,724
300,000
1,447,910
905,108
Other interest and deductions
Interest charged to
2,300,000
Dividends
on
stock —.
—
$6 preierred stock...
Dividends on common stock—...
x
Reclassified
62,046
— _______
Net income.
Dividends on $7 preferred
...
—
Crl,457
comparative purposes.
for
Note—No provisioas have been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1937 and 1936, since no taxable
undistributed adjusted net income was indicated for those periods.
S
Assets-
Plant, property,&c95 935,706
76.621
Investments
76.621
1 ,912,377
1,501,556
1,036.000
Cash In banks (time
deposits)
460,533
"
$
Liabilities—
$
786,000
—
b
Capital stock (no
value)
..43 ,315,742 43,315.742
Long-term debt...46 ,052.400 46.000,000
154,979
156.487
Accounts payable313,809
313,809
Dividends declared
par
Customers' deposits
Mlsceli.
19,524
47.141
1,640,043
13,333
11.698
and redemp.acet
Mlsceli. curr. assets
37,955
30,227
Notes payable (not
a
charges, but
$70,619
$0.04
receiv
Charles M. Egan at Jersey City on July 1 reserved
motion by the corporation to dismiss the temporary receiver
June 14. Daniel T. O'Regan was.named receiver after a stock¬
holder, Chester G. Bollenback of Bloomfieid.'N. J., had filed a complaint
charging the company's directors with fraudulent manipulation of the stock.
Maurice Brigadier, attorney for the complaining stocKhoIder, opposed
the contention of Edward O'Mara, counsel for the corporation, that the
new board of directors is undertaking in good faith to right the wrong done
by the old board.—V. 146, p 394/.
870,784
134,025
tal stock
deposits..
Matured
int..
long-term
on
debt,
C8.000
134,025
8,000
40.390
Reserves
29,805
2,417
4, 704.861
Def. credits to inc.
4,203.077
460
d Contributions..
Notes & accts. rec.
5.024
20,053
8,837
58,600
current)
Reacquired capi¬
Special
(not current)...
Up—
6.200
145,727
accounts-11 .979,946f 1.933.534
curr. liab.j
I
5,082
Prepayments.
Earnings for 6 Months Ended March 31. 1938
6.200
144,179
Notes payable....
Accrued
¥,000
1 ,430.619
562,472
Notes receivable—
Mater. & supplies-
Corp., Ltd.—Earnings—
1936
1937
1936
.
93,248,516
Cash in banks (on
Accounts
a
$4,937,273
bonds.:—2,300,000
72,704
coastruction...
CY112
$2,564,681
Gross income
Interest on mortgage
fiscal year, a decline of 7.2%.—V. 146, p. 3799.
on
$4,443,900
32,05o
...
......
Other income (net)...
U. S. Govt, secur.
Vice-Cnancellor
—
.
$12,166,759 $10,949,o30
6,179,558
5,54o,630
1,080,000
960,000
$4,907,201
30.072
Net operating re venues
Temp.cash invests.
appointed
1937
—
Operating expenses, incl. taxes—
Property retirement reserve appropriations..
$4,132,458 after year-end
adjustments of subsidiaries' sales, comparing with $4,453,990 in preceding
decision
$222,000
Light Co.—Earnings-
Operating revenues..
May and $373,842
Sales for fiscal year ended June 30 amounted to
Burco Inc.—Decision Held
Decrease
1937
$3,633,000
Balance Sheet Dec. 31
Brown Fence & Wire Co.—Sales—
Earnings per share on common stock
—V. 000, p. 0000.
Ended June 30
$3,411,000
....
Carolina Power &
In June 1937.
Net Income after oper. exps., Fed. inc. taxes and other
before Fed. surtax on undistributed profits
$661.906
105.
demand)
Sales in June totaled $382,627 as against $480,724 in
Decrease
1937
$5,056,183
1938
interim dividend of 19.7 cents per share on
American
Brown Oil
Period Ended June 30
$4,394,277
Earnings for 9-Day Period
here.
Depository Receipts for ordinary registered and ordinary
bearer snares, both payable July 8 to holders of record June 3.—V. 146.
p.1543.
the
18.804,825 18.356.078
—
Ry.—Earnings—-
Canadian Pacific
1937
an
.
105.
Interim Dividend—
Directors have declared
.
1938
Gross revenues........
30,953,789 31.160,024
Totil
Total..
Calendar Years—
In U.S. A..-..
89,474
10,000,000
4,934,054
5,385,562
Canadian National Ry.—Earnings—
25,914
fund debs......
86,713
payable-.
Surplus
144, p. 2291.
$
Capital stock...10,618.118
Surplus
3,332.5%)
Capital stock-...10,000,000
18,356,078
18.804,825
Total.
3,332,550
and
interest
accts.
11,955.066
5.000.000
.....
S
$
■,
1st mtge. 5s-.,—
Bond
property in terms
1938
$
1936
$
Liabilities—
of
price
Purchase
1937
1938
1937
?
Consolidated Balance Sheet Dec. 31
1037
repre¬
Balance Sheet Jan. 31
Assets—
—V.
States of America
Assets—
17,484
and operating agreement,
ordinance
unification
to
1
$8,732,194
$9,698,574
canceled
Percentage of net income
to cap. stock at par...
$7,996,420
wholly-owned subsidiaries in the United
dividends
$595,354
def6,680
$451,508
Previous surplus
2,098,114
$3,706,990
8,732,1,95
2,622,642
$10,487,7.83
Balance, Dec. 31.
$597,310
def22,858
—
Interest on bonds
$10,094,534
Dividends paid
$602,518
15,617
$618,136
166,627
Other income
1934
$2,884,675
7,996,420
$3,411,851
9,698,574
1935
Chicago Surface Lines
residue receipts...
221,766
$13,110,425 $12,439,185 $10,881,095
117,969
50,787
Net income
1936
40% of
Co.'s propor. of
Franchises
Previous surplus...
1937
$5,385,562
a
$4,767,150
315,737
557.853
647,158
Dominion income tax...
thereon
Ry. Co.- -Earnings-
1938
senting interest on capital.
$5,147,426
x$5,824,411
302,204
1,257,365
$5,614,930
248,137
1,307,783
Directors' fees.
Includes
as a deduction in its final income tax return for that year
discount and expense and redemption premium and ex¬
and debentures redeemed in 1936, which resulted in no tax¬
1936.—V. 147, p. 105.
claimed
the unamortized
Subsidiaries)
1936
1937
Calendar Years—
Profit for year
Debenture interest.
$1,109,652
$908,664
.
The revenues and expenses subsequent to Jan. 1, 1937 are
with the classifications of accounts prescribed by regu¬
latory commissions effective Jan. 1, 1937, which differ in certain respects
from the classifications previously followed by the company.
In certain
instances the figures prior to Jan. 1, 1937 have been adjusted in accordance
with the new classifications of accounts.
(2) No provision was made for
Federal income taxes or surtax on undistributed, profits for 1936 as the
a
Co., Ltd.—Earnings—
[Including Canadian
13,526
Notes—(1)
Net income......
1542.
British American Oil
202,982
45,047
3,029
shown in accordance
cost of bonds
31, equal to $11.67 a share on the 96,435 shares then
x
.......
844,909
Excess of par value over
Fund, Inc.— Value Gains—
The company reports total net assets of approximately $2,025,000 on
June 30, 1938, amounting to $15.36 a share on 131,828 shares outstanding
on that date.
This compares with total net assets of $1,125,000 on March
p.
300.000
238,199
844,745
203,217
45,047
7,270
16,911
electric properties.
(net)
— ...
Amortization of debt discount and expense......
Amort. of prelim, costs of projects abandoned...
Amortization of limited-term investment
Other income deductions ...
..... —
Total income
Gas Co.—June Output—
$2,457,452
238,305
Rent for lease of
Calumet & South Chicago
Company reports output for June of 897,524,000 cubic feet, a
0.4%, compared with June, 1937.—V. 146, p. 3004.
Boston
$2,264,053
Years End. Jan. 31—
reported a net loss of 4.415 stations in June, against a net
gain of 317 stations in June, 1937.
For tne first six months tne company gained 3,889 stations, against
44,610 in the 1937 period.—V. 146, p. 3798.
$2,757,452
Interest charges
Telephone Co. of Pa.—Loss in Phones—
The company
$2,564,053
300,000
...— _
income
company
Net profit..
Shs. corn. stk.(par
(before
other income
and
revenue
oper.
appropriation for retirement reserve)
Appropration for retirement reserve
Co.—Earnings—
Bastian-Blessing
Earned surplus
4 ,852,816
3,609,372
28,431
Special funds..
Unamort. debt disc.
597,530
and expense
Other def. charges
631,296
12.583
10.000
on
Total
a
.101,563,199 99,758.884
300 shares $7 preferred and
Total
.
—
.101,563,199 99.758.884
1,079 shares $6 preferred,
b Represented
$7 preferred, cumulative, authorized, 200.000 shares; issued, 112,232
shares: less in treasury. 1,573 shares; outstanding. 110.659 shares (including
18 shares to be exchanged for stocks of predecessor companies); $6 preferred
by:
Volume
147
Financial
Chronicle
265
cumulative,
authorized, 200,000 shares; issued, 81,533 shares
common;
ai*thorized 3,000,000 shares; issued
and outstanding, 2,500,000 shares,
c Matured
interest only,
d In aid of construction.—V. 147,
p. 106.
Cincinnati Lafayette &
Chicago RR.—Merger—
See Cleveland
Cincinnati Chicago & St. Louis Ry. above.—V.
30,
The
following
summary of operations
covers
current
Treated in
ill
n
Cleveland Cincinnati Chicago & St. Louis
Ry. below.—V. 146,
the first four months of the
fiscal year, viz.
February to May, inclusive;
Bullion produced (fine ounces
gold)
Value at $35 per ounce..
.$505,855.00
(tons)....
Citizens Utilities Co. v&
Subs.)-
32.922.2
ent (crosscuts, drifts, raises and
shaft) (feet).......
4,912.7
The company states that the
larger exploration program laid out for the
present year is well under
way, while the usual develop * ent in the various
ore-zones is
proceeding
satisfactorily.—V. 146,
very
Central Patricia Gold Mines,
5 Months Ended
May 31—
1937
$229,352
Company had
in June, 1937.
gain of 10,110
a
a net
(Baltimore)—
proportion...
1935
$3,218,309
3,682,030
$2,581,199
3,601,571
$2,908,865
3,596,258
$463,721
$1,020,372
23,511
51.733
$687,393
34,851
$440,210
2,893.063
$968,639
2,886,827
$1,391,771
379
$2,452,852
Dr64,274
$1,918,188
Dr48,689
62,325
$2,388,578
1,382,227
$1,869,498
1,382,228
$2,287,748
1.454,449
$1,006,351
$487,270
$833,299
180,000
180,000
$5.59
180,000
180,000
$2,225,423
year or years, as per ordinance.
s
2.°30.668
Aeots. receivable..
Real estate:.....
504,078
855,281
Deferred assets..
15,802
Pond
Real
15.80?
0.147
payable...
14,401
estate
330
4,712,170
18,000.000
Total...:.-..
15,305.006
e7.8"2.n47 06,401,004
143, p. 1869,
Years Ended Dec 31—
Net orofit from sales after
.
1936
55,234
39,890
147,691
-....
Net profit from operationsincome.
-
v
$535,483
152,864
18,245
com p.
-—
_.
_■
_
2_ j< -•-
-
-
Includes
$20,910
undistributed
■_
455
$670, l'>3
89,275
52,289
$537,538
194,343
........
($37,310 in
1936)
provision
for
profits.
Balance Sheet Dec. 31,
Assets-—Cash
in
banks and
on
88,867
—
payable in class C stock....
Net-profit- for year....
Dividends paid
a
16,431
payable
-
Net profit before provision for income
taxes and
management compensation
Federal income taxes.-..........
Management
$721,333
_.
....
a
$632,467
$6*8,347
notes
Federal
$7°4,448
96,076
106,465
$5r>l,907
120,528
surtax
on
hand.
fraction thereof from June 1. 1936 to date of
liquidation
(or redemption), less the aggregate amount of dividends
paid on each share):
authorized and issued. 38,770 shares, of no
par value; stated value ($1,923.612, less treasury stock, 72 shs., $1,391),
$1,922,220; class O common
(preferred ratably share for share with class A common
stock over authorized
class B common stock as to dividends to
the extent of $6 per share
during
any year without accumulation, and in
liquidation to the extent of $127
per share plus $3 for each period of six months or fraction
thereof from June
1, 1936 to date of liquidation, less the aggregate amount
of dividends
paid
on each share):
authorized, 8.224 shares of no par value, of which
3,728
shares are reserved for
management compensation: issued and
outstanding,
4,496 shares at stated value, $128,670; earned
surplus, of which $316,464
is
restricted
or
until
$4,296.465.—V.
serial
145,
p.
notes
L.
are
retired,
1093.
Chromium
crease
payable
Mining
Capital—
&
Smelting
Corp.,
$1,203,773;
Ltd.— To
total,
In¬
H. Timrnins, President
of this company, announced a
policy of en¬
smelter operating at Sault Ste. Marie in
larging the experimental
order to
bring the company quickly into commercial production.
The unit is expected to be in
production by November, with power
sup
plied by Great Lakes Power Co. and initial daily
capacity of 30.000 to
40.000 pounds of chromium
products.
To provide for refunding advances
and operating capital, the
proposed
application for supplementary letters patent would increase
authorized
capital stock of 3,000.000 no par shares, of Which
2,800.000 shares are out¬
standing, to 4,000,000 no par shares.
Company's intention is to offer
shareholders the right to
subscribe, pro rata, to a combined issue of shortterm notes and shares,
leaving a substantial balance of shares in the treasirry
.
V
$138,462
1936
Corn. stk. (par $1)
276,250
276,250
Long-term debt...
Accounts payable,
7,100,840
7.0^5,841
239,515
Liabilities-
9,727,406
Accrued Interest
25.000
25.000
Cent.
notes, Arc.
132,700
130,702
70,983
72,493
...
588,662
Other
243,500
:
"3480
4,430
440.000
261,737
9,905
99.602
15,800
292,085
accr.
current
Ar
liabilities..
Dpfprmj
15,400
22S.754
■
38.471
liabilities
Reserves
23,881
100.283
3,289,400
Contributions
3,172,495
in
aid of construct.
57.472
Capital surplus...
warrants &
Unbilled
37,513
on
Acciued Fed.,State
A- local taxes
533,356
deposit...
Instalment
■84,131
funded debt., In¬
come
..
Notes,
92.426
f'ustomers'depostts
370,060
370,060
Earned
311,485
147,391
surplus.v.
acets.
88,451
Income..
43.18"
Interest receivable
Material A-supplies
1,326
9"0
128,526
142.143
22,736
30.089
35,006
18,128
Otber assets
40,523
Deferred charges Along-
term debt......
249,500
11,848,108 11,642,541
Total......... 11.848,108
Company's 1st mortgage 20-year 514% gold bonds.—V. 146,
a
11.642.541
p.
Cincinnati
3663.
Chicago
Merger of Subsidiaries Approved—
The Interstate Commerce Commission
&
St.
Louis
Ry.—
June 17 approved the
following:
(1) Merger of the properties of the Cleveland Cincinnati
Chicago & St.
Louis Ry., the Cincinnati Northern RR., Cincinnati
Sandusky & Cleveland
RR., Cincinnati Lafayette & Chicago RR., Columbus
Hope & Greensburg
RR., Evansville Indianapolis & Terre Haute
Ry.. Evansville Mt, Carmel
& Northern Ry., Muncie Belt
Ry. and Vernon Greensburg & Rushville RR.
into the Cleveland Cincinnati
Chicago & St. Louis
on
Ry.
for
ownership,
Confirmatory supplemental lease to evidence inclusion in lease dated
Jan. 2. 1930, from Cleveland Cincinnati
Chicago & St. Louis Ry. to the
New York Central RR. of the
properties of the merging companies as
(3) Authority granted to the Cleveland Cincinnati
Chicago & St. Louis
Ry. to assume obligation and liability in respect of not exceeding
$1,000,000
Cincinnati Northern RR. first mortgage
4% 50-year gold bonds due July 1,
1951, and not exceeding $3,340,000 of New York Central Lines
equip¬
ment trust of 1924
5% equipment trust gold certificates due in
equal
instalments
on June 1, 1938 and 1939.
1
(4) Authority granted to the Cleveland Cincinnati Chicago & St. Loui
Ry. to issue not exceeding 3.582.06215 shares of common stock
(par $100)
arid necessary scrip for fractional shares, in
exchange for certain shares of
stock of the merging companies.
(5) Authority granted to the New York Central RR. to assume
obliga¬
tion and liability, as lessee, pursuant to a lease dated
Jan. 2, 1930, as
amended May 12, 1937, and proposed supplement
thereto, in respect of
not exceeding 3,582.06215
shares of stock of the Cleveland Cincinnati
Chicago & St. Louis Ry.
The report of the Commission says in part:
The Cleveland company is controlled by the New York Central
RR.
through ownership of large majorities of its stock, both common and
preferred. Since Feb. 1, 1930, the New York Central has operated ail of
the Cleveland company's lines, owned and leased, under lease
dated Jan. 2,
1930.
1937
$217,471; accounts and notes re¬
ceivable, $385,173; inventories, $1,615,194: advances on
logging and lumber
contracts, $83,951; plant, equipment and
timber, &c., $1,659,205; invest¬
ments, advances, &c., $268,835; deferred
charges, $75,635; goodwill, pat¬
ents, &c., $1; total, $4,296,465.
Liabilities—Bank loans, including current
maturity of serial notes pav
able, $225,000; accounts payable,
$67,567; accrued liabilities, $133,944
provision for Federal income taxes, $80,275: notes
payable due serially
from July 31, 1938 to
July 31, 1941, interest at varying rates from
3% to
4%, $425,000; reserves, &c., $110,016; class A common
stock (preferred
over authorized class B common
stock as to dividends to the extent of
$6
per share during any year without
accumulations, and in liquidation to the
extent of (and also redeemable
at) $127 per share Plus $3 for each period
of six months
J'*.
_
14,235
owned properties of the lessor.
$727,593
...
-
~
52,784"
(2)
1937
deducting cost of sales,
selling and administrative expenses.
.2.$745,056
Depreciation of'dant and equipment
61,882
Depletion of timber
_
■'•'''
management and operation.
Chicago Mill & Lumber Co.—Earnings—
Interest on serial
Ot her. interest.
to
Cleveland
a
_.........
$477,678
280,228
6,649
52,339
108.486
2~0
-
5,110
$512,407
280,154
1037
ad¬
(sub.not consul.)
Special deposit.-
114
taxes
accrued
4,712.170
$472,568
15,166
__
1936
con¬
A-
Total.....
6"1
Amount short of 5% of purchase rrice for
years ended Jan. 31, 1932,
1933, 1934, 1935, 1936, 1937 and 1938, due from
future receipts as per
ordinance, see contra,—V. 144, p. 2293; V.
_
_
U. S. Govt. sees..
27,644.550
691,114
Sosp,—see contra„ 6,227,6 -3
Capital stock..... 18,000,000
Surplus.......... 15,314,928
0.507
6,227,683
interest....
Accts.
Total.. .......07.8°o 047 fjQ 40] fio41
Other
.
$
..
hand....
a
.?
1st mtge. 5% gold
bonds... ..,i'._
27,644,550
57070,054
2,8°1.881
$1,729,965
8(6,143
111,124
141,067
24,188
174,874
Accrued pay roll. A-c
Miscell. invests...
Cash.
1037
Liabilities—
of
Bal. in closed banks
216,370
_V
15,127
152,754
prepd. evp8___.
1"38
$
__
in
Reacouired
1037
property in terms
of ordinance.
.58,208,508
on
_
-
of
rec....
Balance Sheet Jan. 31
1 °38
lieu
accounts rec
per share......
$0.06
$2.71
$4.63
Joint account expenses interest on
capital investments of the Chicago
Southern Street Ry.
Cash
_
.
Ainer.Pow.Corp.
Special
City Ry. and Calumet & South Chicago
Ry. and
y Shall be paid out of
receipts of subsequent
price
_
$165,233
tract..........
$652,542
2,877,965
-
out¬
standing (par $100)..
in
Invests,
a
Earned
Purchase
1
.
S
fulfill'mt of
$9,922
bonds
Assets—
_
.......
mtgd. prop, sold
Dep. to guarantee
vances
$1,515,503
2,907,274
_
x
:
1936
$1,924,118
912,523
.131,898
150,958
$497,241
.
_
Net income
Deps.
$1,392,150
1,382,227
Total.
on
1936
$1,596,612
81,108
capital invest...
Net income.
_.U
Shares capital stock
-
_
Property, plant &
equipment....10 023,377
1937
3,632,815
Income from oper....
Other income (net).....
Interest
_
31
$2,036,203
Net loss
on
_
1937
Lines
South St. Ry. property
yCo.'s
.
A suets—
1938
(40%)..
Int.
1937
_
Gross income.
^..._■ v .^_._
Interest 011 funded debt
2% normal tax & personal
property taxes refunded
Interest on 3% income notes for
year.......
Other income deductions.
gain of 889 stations in June, against net
gain of 1,027
Joint account exp., &c.
y
.
before.—V. 146, p. 3800.
year
Surface
_
....
Other income.
Chicago City Ry. Co.—Earnings—
Chicago
_
Net income from
operations.
For six months the net gain was
6,848 stations, against net
Years End. Jan. 31—
x
_
depreciation.____....
$187,044
$0.09
$0.09
$0.07
x After
operation expenses, normal Federal taxes,
depreciation and other
charges, but before provision for Fed. surtax on
undistributed earnings.
—V. 146. p. 273.
Chesaoeake & Potomac
Telephone Co.
Gain in Phones—
expenses
Taxes (other than income
taxes)
Federal and State income taxes.
Provision for
1936
$236,068
747.
-Earnings-
...
M aintenance
2.500,000 cap. shs.
on
Operating
Ltd.—Earnings—
1938
Net income.
x
Earns, per share
Calendar Years—
Total operating income
3662.
p.
p.
Cincinnati Sandusky & Cleveland
RR.—Merger—
See Cleveland Cincinnati
Chicago & St. Louis Ry. below.—V. 146, p. 747.
14,453.0
Developn
356.
p.
Cincinnati Northern
RR.—Merger—
See
Cariboo Gold Quartz
Mining Co., Ltd.—Operations—
On Jan. 18, 1938, the New York Central RR. and the
Cleveland com¬
by supplemental application, applied for authority to enter into a
proposed confirmatory supplemental lease to evidence the inclusion of
the properties of the merging companies in the
lease of Jan. 2,
1930.
pany,
On
the
same
date the Cleveland
company applied
for authority
(1) to
obligation and liability in respect of $1,000,0 /0 Cincinnati Northern
RR. first mortgage 4% 50-year gold bonds and $3,340,000 New
York Cen¬
tra! Lines equipment trust of 1924 5%, gold
certificates, and (2) to issue
assume
not
exceeding 3.582.06215 shares of common stock of the par
$100 each, and necessary scrip for fractional shares.
value of
The New York Central Raiiroad Co., as lessee,
by supplemental appli¬
cation, applied for authority to assume obligation and liability in
respect
of not exceeding 3,582.06215 shares of common
capital stock of the par
value of $100 a share of the Cleveland company.
The merging comparies are controlled by the Cleveland
company
through
stock ownership and, excepting the Cincinnati
Northern, the Evansville
Indianapolis k Torre Haute and the Muncie Belt, their properties were
operated by the Cleveland company, prior to the lease made by the Cleve¬
land company to the
Control
by
Northern
New York Central, under lease or other agreements.
the Cleveland company of the properties of the Cincinnati
and
the Evansville Indianapolis & Terre Haute, under
leases,
authorized in the unification proceedings cited above.
The Muncie
Belt operates separately and its properties were not included in the
Cleve¬
land company's xease to the New York Central, but its
was
capital stock was
The leasehold rights owned by the Cleveland
company
and, subject to certain encumbrances, its holdings of securities of its sub¬
sidiary companies were included in the Cleveland company's lease to the
New York Central, which company
subjected the leasehold interests so
acquired in and to the lines of railroad of the Cincinnati Northern/the
Cincinnati Sandusky & Cleveland, the Cincinnati
included therein.
Lafayette k Chicago,
the Evansvi.le Indianapolis & Terre Haute and the Vernon
Greensburg k
Rushville, to its refunding and improvement mortgage dated Oct.
1, 1913,
by supplemental indenture dated Feb. 1, 1930.
'The Cleveland company's properties are located in Ohio,
Indiana, Illi¬
nois, arxi "o a small extenti in Michigan.
They consist of a network of
rails that form one of the principal
operating groups of the New York
Central system, enabling .the lessee to serve extensive industrial and
agri¬
cultural territories'and giving it access to important Ohio and
Mississippi
River
The
of an
gateways.
proposed merger is to be accomplished pursuant to the provisions
agreement of merger dated Dec. 15, 1937, between the Cleveland
companv and the eight merging companies.
That agreement provides in
part that the Cleveland company is to survive, without
change of name,
and that no change will be made in connection with the
merger in the
number or personnel of directors or officers, or in the authorized
amount
Financial
266
classification, par value, or
number of shares of
capital stock of the Cleve¬
that all shares of the capital stock of each of the merging
companies owned by the Cleveland company at the effective dare of the
merger are to be cnoceled. and none of the Cleveland company's stock issued
in respect thereof; that each holder, other than the Cleveland company, of
shares of capital stock of the respective merging companies will be entitled
land company;
capital stock (or serin therefor in
or, if such stockholders sur¬
shares within three months after
the effective date of the merger, cash, in the respective amounts speci¬
fied for each share of stock of the merging companies; that any stock¬
holder of the
Cincinnati Northern or of the Cincinnati Sandusky &
Cleveland who refuses to convert his stock into stock of the Cleveland
company will do entitled to receive, upon compliance with the provisions
of Section 9034 of the General Code of Ohio, in lieu of the cash payment
specified the full market value of his shares at tne date of the agreement,
or tne damage to him, if any, because of the merger; and that tne capital
stock of the merging companies may be so exchanged for common stock
of the Cleveland company (or scrip therefor), at any time within 10 years
after the effective date of tne agreement, but tne privilege will terminate
upon the lapse of sucn 10 year period.
In cases where exchange of stock
would call for an issue of a fraction of a share, scrip certificates will oe
issued or, if tne exchange be made within three months after tne effective
date of the agreement, at the election of the surrendering stockholder,
payment in cash may be made for such fractional amount at the rate of
1200 a snare for the Cleveland company's stock.
Scrip certificates will not
entitle the holder to vote, but within a period of 10 years from the effective
date of the agreement tney may be exchanged in amounts representing
one or more full shares for stock certificates of tne Cleveland company,
but will become void at the expiration of the 10-year period.
After the
effective date of the agreement no dividends will he paid on any snare of
stock of the merging companies. Provision is made for adjustment of divi¬
dends by cash payment by the Cleveland company in case of stock of the
merging companies surrendered within three months after the effective
date or the agreement.
By the terms of agreement merging companies
transfer to the Cleveland company all tneir properties, franchises, and
interests, subject to mortgages, liens, and charges thereon, and the Cleve¬
land company assumes all contracts, mortgages, bonds, debts, obligations,
&c., of eacn of the merging companies. The agreement nas been approved
by tne stockholders of the several companies and will become effective
when approved and authorized by us and when the agreement or a certified
copy thereof has been filed in the offices of the Secretaries of State of tne
States of Ohio and Indiana. Tne result will be the unification of ownership
of 2,324.93 miles of main line railroad, of which 1,674.84 miles are now owned
by tne Cleveland company, and 13.97 miles of branch lines.
If the owners of the stock of the merging companies held as of Dec. 15,
1937, by tne public, should elect to exchange all of such stock for Cleveland
company common stock, 3,582.06215 snares of the latter would be required,
which is the number of shares in respect of which authority is requested.
As indicated beiow, that company nas acquired additional amounts of
to receive in
exchange
therefor common
of fractions) of the Cleveland company,
render their certificate or certificates of
case
merging companies since Dec, 15, 1937. In determining
exchange, and tne alternative cash payments, tne status
company's common stock under the lease of January 2,
stock of some of the
the
ratios
for
of the Cleveland
payments.
The commission asserted, however, that the
that by virtue of dividends declared or paid to Columbia
interests
In
are
involved, will oe canceled.
of Kailroads," (185
with
opinion
program to
would insist upon a
company's accounts as soon as
commission said it
The
of
capital assets.
,
approved payment of the dividends upon
The commission
Cincinnati, Chicago & St.
Commonwealth Edison Co. group (inter¬
company sales deducted) for the week ended July 2, 1938 was 117,941,000
kwh. compared with 129,051,000 kwh. in the corresponding period last year,
a
decrease of
The
8.6%.
„
records, and reduce the number
bodies.—V. 146, p. 3007.
Colgate-Pal molive-Peet Co.—-New
2
June
25.
June
18
June
11
-
_
Stock Exchange on July 2, admitted to trading $37,781,700
convertible debentures, 3y%% series, due July 1, 1958, and $33,000,000
1st mortgage 3341% bonds, series I, due June 1, 1968.—V. 147, p. 109.
Concord (N. H.)
Calendar Years—
Operating revenues
Total oper. expenses
Total
dividends
Common dividends
276,796
507
367
337
$142,271
13,500
140,000
$155,957
def 18,081
def$l 1,229
$2,457
19.S89
38,935
2,917
$119,148
$111,991
$94,920
39,584
948
720
5,150
40,190
1,488
700
4,585
34,000
31,545
Income deductions
Connecticut Gas & Coke
Securities Co.—Earnings—
—:L
Expenses
.
on
bond interest
Prov. for income tax
State taxes.
(deprec.)
Balance to surplus
$38,746
$33,482
notes
receivable
and
(merchandise
supplies,
contracts
$21,666;
discounted,
insurance
deposits,
contra),
$559,233
3,123
52,497
366
4,929
$520,159
4,729
•
$550,815
57,965
$524,930
11,789
75,000
Note—The above figures do not
from the
$601,720
596,991
$608,780
$2,897
Preferred dividends.
65,000
596,991
March 9, 1936—
Total
standing Dec.
$4,729
$11,789
596,991
include interest on loans obtained during
United Gas Improvement Co.,
which loans remain out¬
31, 1937 in the amount of $171,173. Interest on loans from
1935, is included.
1935 figures restated for com¬
others, repaid during
parative purposes.
Balance Sheet Dec. 31
S
Investments
15,316,330 15,316,330
Cash..
154,271
156.149
Deferred charges..
405
400
Amis—
•
—
$
companies, $7,525; deferred liabilities, $12,845: reserves,
$471,986; capital stock (outstanding 10,000 no par shares), $300,000;
surplus, $126,267; total, $1,735,439.—V. 146, p. 3331.
Columbia Gas & Electric Corp.—SEC Gives Approval
of Aug. 15 Dividends—Commission Says Disbursements Due
Company from Subsidiaries Will Make Pay ment Possible—
Payment by the corporation of the Aug. 15 dividends on its 5% and 6%
preferred and 5% preference stock in the aggregate amount of $1,627,175
has been approved by the Securities and Exchange Commission.
The
Commission noted in its opinion that due to the restoration to "surplus at
Dec. 31, 1937" of au amount equal to the Feb. 15 dividend and the pay¬
ment out of 1938 earnings of the May 15 dividend, the company did not
as of May 31 have sufficient 1938 earnings to cover the Aug. 15 dividend
1936
1937
1936
1937
.
liabilities—
.
15,134.792
Capital stocks
Loans payable..
171,173
Accounts payable
a
15,134.792
171,173
company)
95
100
Dividend payable.
149,248
149,248
Accrued taxes, &c.
12,802
12,836
2,896
4,729
(affil.
Earned
a
15,471.007 15.472.879
surplus...
Total
..15,471.007 15.472.879
Represented by 198,997 shares of no par, pref. stock and 299,498
par common stock.—V. 145, p. 433.
shs.
no
Consolidated Edison Co. of New York, Inc.—Registers
with SEC—
$1,328;
prepayments, $1,592; total, $1,735,439.
Liabilities— 1st mtge. 5}4% sinking fund gold bonds, $703,000; accounts
payable, $19,589; consumers' deposits, $21,900; notes receivable (mer¬
chandise contracts discounted, contra), $21,090; accrued items, $51,235;
$540,288
2,721
12,636
$599,888
agreement dated
of
Assets—Capital assets, $1,565,986; sinking fund (for retirement of bonds),
$64; miscellaneous investments, $961; cash, $46,050; accounts receivable,
materials
$506,735
payable
Net income
$25,750
Balance Sheet Dec. 31. 1937
$76,700;
$493,040
47,248
$535,038
2,425
12,454
_ _
—
Total...
$21,090;
$493,040
41,998
Surplus, balance Jan. 1
—...—
Advances from the U.G.I. Co. under
1935
1935
1936
1937
Calendar Years—
ncome—Dividends—
New Haven Gas Light Co. (subs.).
The Hartford Gas Co
.......
Taxes assumed
property,
24,000
Taxes
Prov.for renewals & repiace.
non-operating
$137,184; other investments (at cost), $70,612; cash, $63,519; accounts
$102,875; materials and supplies, $50,372; prepaid accounts,
$4,734; miscellaneous suspense, $39,256; total, $2,622,881*
Liabilities—Preferred stock ($100 par), $225,000; common stock (50,000
shares, no par), $1,100,010; notes payable, $75,000; accounts payable,
$19,535; consumers' deposits, $11,004; accrued liabilities, $32,128; reserves,
7 37,743; surplus, $422,458; total, $2,622,881.—V. 144, p. 2294.
41,315
1,263
610
1,981
Operation
Maintenance
Net corporate income....
Interest on funded debt
Interest miscellaneous
31, 1937
$2,154,328;
equipment,
and
Assets—Plant
13,500
140,000
receivable,
261,703
22,282
44,120
3,139
160
$135,419
13,500
140,000
Balance Sheet Dec.
$418,366
19,093
51,584
$156,295
$29,254
Preferred
$412,851
5.515
309,231
$142,638
$182,754
13,500
140,000
Net income.
1935
$458,329
$156,135
1,111
Surplus.
$499,057
revenue
$141,635
1,003
$135,925
$183,865
Inc. deduc. (int.
of
$451,824
6,505
-
$576,026
419,890
1,690
$134,236
$183,046
819
.
Total income...
$493,729
5,323
Operating revenue—electric
Non-operating revenue
Electric Co.—Earnings1937
1936
1935
$629,624
$594,023
$568,129
446,577
459,787
426,494
5.
of
He
Mississippi.
Calif —V. 146, p. 3008.
1936
8.6
8.5
11.8
10.5
134,789,000
132,677,000
133,803,000
Admitted to Trading—
Vice-President, &c.—
1937
Years—
,
The Chicago
Colorado Central Power Co.—Earnings—
Calendar
,
P. C.
1937
129,051,000
123,315,000
117,087,000
119.787,000
..
,
for the last
Decrease
1938
117,941,000
Week Ended—
July
B. W. Railey was elected on July 7 as a Vice-President and director
this company, following the monthly M eeting of the board of directors.
will be responsible for the company's soap business west of the
His offices will be Kansas City and Berkeley,
and percentage comparisons
corresponding periods last year:
Kilowatt-Hour Output
Interest on loans
accounting
of the
following are the output
four weeks and the
will
separate
Co.—Weekly Output—
Commonwealth Edison
The electricity output
Provision for Federal and
and
Greensburg RR.—Merger—
Louis Ry. above.
Columbus Hope &
See Cleveland,
win simplify the corporate structure of the Cleveland company,
eliminate the necessity and cost of maintaining eight separate cor¬
reports required by regulatory
the condition
since Dec. 31, 1937, in so far as
such earnings are available and that to the extent the Aug; 15 dividend
requirements may exceed 1938 earnings the company will restore to surplus
account an equivalent amount out of its next available 1938 earnings.
.
The commission further ordered that reservation of jurisdiction contained
in its April order in so far as it concerns payment of Nov; 15 preferred and
preference dividends remains in full force and effect.—V. 146, p. 3800.
will be out of earnings
that the payment
merger
porations
determination of the true
reasonably possible, "and
will take such action as may be ap¬
shall not be paid out of capital." The
commission emphasized that in its opinion maintenance of this policy is
necessary in all cases so that investors will be protected against dissipation
light of such determination
propriate, to the end that dividends
the
in
applicants is that the proposed
behalf of the
on
inflationary items in its investment account.
revealed that the company plans to present a
the commission in the near future with respect to this problem.
condition of the
•
submitted
,
the possible existence of
The officer's testimony also
to
Cleveland company, the Cincinnati Northern, the
Evansville Indianapolis & Terre Haute, and the Muncie Belt are specifically
included, and the properties of the four remaining merging companies are
included as leased properties without specific mention, in System No. 3,
Evidence
.
been afforded to
to de¬
said, sufficient opportunity has not
date, the SEC
To
New York Central, tne
New York Central.
,
complete the examination of the company's accounts necessary
termine the true status of its surplus and capital accounts.
It also directed attention to the testimony of an officer of the company
to the effect that the management was making an intensive study
reference to the questions raised by the commission in its April
as
ICC 403), the properties of the
"Consolidation
,
.
called attention to its opinion of April 8 in which it said
the exact status of the company's capital account.
The commission
is
properties in its lease of Jan. 2, 1930, to the New York Central; the Cleve¬
land company will assume ooiigation and liability in respect of the Cin¬
cinnati Northern bonds and tne latter company's obligation under tne
New York Central Lines equipment trust named; the Cleveland company
will issue such number of shares of its common stock as it may find necessary
to issue in order to make the exchanges for shares of the merging companies
above outlined, but not to exceed 3,582.06215 shares; the New York Central
will assume obligation and liability under lease dated Jan. 2, 1930, made to
it by tne Cleveland company in respect of such addtiional Cleveland com¬
pany common stock issued for that purpose; and intercompany deots be¬
tween the Cleveland company and the merging companies, where no outside
15 dividends.
which to pay the Aug.
record indicateGas by its sub
sufficient 1938 earnings with
that doubt exists as to
especially in view of the appraisal pro¬
that lease an annual rental of $10 a
payable to tne holders of such stock other fcnan tne New York
Central.
Since the effective date ot the lease the stock nas sold from a
high of $245 to a low of $85.
In 1937 its hign and low on the New York
Stock Exchange was $179, and so-cahed ticket sales, or over-the-counter
sales, ranged from a high of $201 to a low of $165.
A 5% basis was con¬
sidered to represent a fair average value thereof, which, on the rental
dividend fixed in the lease, is equivalent to $200 a share.
Summarizing tne foregoing transactions:
The Cleveland company's
leases of the merging companies will be canceled; the capital stock of those
companies and the oonds of the Evansville Mt. Carmel & Northern will be
canceled; subject to the mortgages on properties of tne merging companies
under which bonds have been issued amounting to $6,536,000, exclusive of
$2,118,000 Evansville Mt. Carmel & Northern bonds to be canceled, of
which $6,105,000 are pledged or deposited under one or more of tne Cleve¬
land company's mortgages, the properties of the merging companies will
become the properties of tne Cleveland company and be included as owned
the company will have
sidiaries during June,
1930, was the controlling factor,
visions of the Ohio statutes.
Under
share
1938
9,
July
Chronicle
See list given on
first page of this department.
Large Appliance Order—
for about 500,000 small household appliances having
about $3,500,000 were placed on July 5 by this company,
Electric Co., the Westlnghouse Electric & Mfg. Co., the
Proctor Electric Co., and the Artistic Lamp Mfg. Co.
The orders, the
first four of a series, are believed to be the largest ever awarded for house¬
hold applicances in this country, according to the announcement.
The appliances will be included in a "Bargain Electric Necessity Package"
to be featured by the Consolidated Edison Co. and its affiliated companies
in cooperation with their 900 approved appliance dealers in Manhattan, the
Bronx, Brooklyn, Queens and Westchester, starting Sept. 1. The packages
will be specially priced and will be sold in a campaign through the co¬
operating dealers.
It was stated that the "dealers will receive full com¬
mission on all sales including orders taken by the companies, employees."
On behalf of the manufacturers it was stated that filling the four orders
Orders
a
calling
dollar value of
with the General
would produce work in excess
immediate addition of more
146. p. 3951.
of 600,000 man-hours and will require the
1,500 men to present payrolls.—V.
than
Volume 147
Financial
Consolidated
Qas Electric
Baltimore—Tenders—
Light
&
Power
Co.
Chronicle
267
'IC:
of
Earnings—Years Ended Dec. 31
1937
1936
1935
$24,785,548 $15,623,457 $14,161,290
.
Netsales..
The Bankers Trust Co., will until 3
p. in. Aug. 1 receive bids for the
sale to it of first refunding
mortgage sinking fund bonds, series M, 3 lA % ,
due July 1
1965, series N
3H% due Dec. 1, 1971 and series O, 3M% due
15,1968, at prices not to exceed 106 for the series M bonds, 108 H for
the series N bonds and 109 for the series O bonds.—V.
147, p. 109.
June
--- - ----
2,792,738
3,144,060
profits..
2,434,867
572,317
237,951
2,910,683
2,117,095
443,481
236,342
135,153 (not applic.)
~
-vr v - - - -
Prof, before Fed. inc. &
exc.-prof. tax.
Fed. normal inc. & excess-profit taxes
Fed. surtax on undistributed
Net income..
Consolidated Retail Stores, Inc.—Sales—
Period End. June 30—
Sales
__
1938—Month—1937
8597,085
8636,650
$4,182,468
$4,474,650
—V. 146, p. 3800.
Container Corp. of America—Admitted to
At the opening of business July 2
781,253 shares of $20
Trading—
value capital
Chicago Stock
Exchange's optional odd lot system of trading.
This is the first corporation
to be admitted to trading under the
plan to add to the Chicago list corpora¬
tions having securities also listed on the New York Stock
Exchange.—
V. 146, p. 3665.
,
par
Continental Baking
Co.—Obituary—
George M. Gottfried, Vice-President in charge of sales, died on July
—V. 146, p. 3951.
v
6.
_
Continental Gas & Electric Corp. (&
Subs.)—Earnings
12 Months Ended May 31—
Gross operating earnings of subsidiary companies
(after eliminating inter-company transfers)
General operating expenses.
1938
1937
$37,594,656 $36,224,472
14,069,616
13,989,062
1,885,069
1,844,161
4,971,241
4,871,682
4,579,815
3,911,559
Maintenance
Provision for retire nent
General taxes & estimated Federal income taxes
Net eans. from oper. of subsidiary companies. __$12,088,914 $11,608,007
Non-operating income of subsidiary companies.
/J/279,939
589,518
__
.$11,808,975 $12,197,525
& pref. divs. of subsidiary companies.
4,674,710
4,782,988
amort.
$7,134,265
$7,414,538
16,694
15,809
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary companies.
$7,117,571
$7,398,729
:_
Proportion
of earnings, attributable
to
minority
stock.
common
Income of Continental Gas & Electric Corp. (ex¬
clusive of income received from subsidiaries)
Depreciation
,
Total
52,950
64,010
$7,170,522
117,169
15,278
Balance
$7,462,739
111,032
4,595
$7,038,074
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric Corp
$7,347,111
2,589,242
163,409
2,600,000
164,172
39,585
deductions:
5% debentures, due 1958
company
Interest
on
Amortization of debenture discount and expense..
Taxes on debenture interest.
Balance transferred to consolidated surplus
Dividends
prior preference stock.
on
deductions
made
-
-
...
* —
*
follows;
as
1937,
$1,098,276;
v
Debentures—The debentures will be issued under an indenture date as
of July 1. 1938, between the company and Bankers Trust Co., as trustee,
be limited to an issue of $10,000,000 and will be secured
by the pledge
of 16,200 shares of common
stock, constituting all the issued stock of Crown
Co., and all of the indebtedness of said company to the company as at
May 31, 1938, as evidenced by the books Of account of the company and of
Crown Can Co., which at said date amounted to
$13,942,411.
Indenture
will contain a convenant that if the
company or any of it subsidiaries
mortgages or pledges any of its property, the company will secure the out¬
standing debentures of this issue ratably with the debt secured by such
mortgage or pledge, and that in the event of the merger or consolidation
of Crown Can Co. with, or the sale of all or substantially all of its assets
to, the company, the debentures shall be secured by a first lien upon all
of the fixed assets which Crown Can Co. may own immediately prior to
such merger, consolidation or sale.
The indenture will permit the company,
subject to the provision thereof, to sell all of the pledged securities, to cause
all or substantially all of the assets of Crotvn Can Co. to be sold to any
person, firm or corporation other than the company, or to cause Crown Can
Co. to merge or consolidate with any corporation other than the company.
Can
Indenture will also contain certain other limitations on the issue of other
securities and the creation of other debts and liens by the
company and its
subsidiaries.
Underwriters—The
of the principal underwriters and the principal
names
amount of debentures
to be
purchased by each,
are as
follows:
Princ
Name and Address—
Paine, Webber & Co., New York
Hayden, Stone & Co., New York
W. C. Langley & Co., New York
Hallgarten & Co., New York
Cassatt & Co., Inc., New York
Estabrook & Co., Boston
S tone & Webster and Blodget, Inc. New York
Mackubin, Legg & Co., Baltimore
G. M.-P. Murphy & Co., New York
Stifel, Nicolaus & Co., Inc., St. Louis
Baker, Watts & Co., Baltimore
Stein Bros. &
Holding
$1,880,753
$2,332,048
on bonds, amortization of bond discount and expenses,
payable and Federal income and excess-profits taxes.
Afrit
_
Total income of subsidiary companies
Balance.
notes
on
1936, $524,508; 1935, $543,413.
stock of the corporation was admitted to
trading under the
Int.,
$1,624,598
2,399,394
Before interest
a
interest
1938—6 Mas.—1937
•
-
40,087
$4,245,336
1,320,053
$4,543,353
1,320,053
Boyce, Baltimore
of Deben.'
---$3,000,000
1,200,000
1,200,000
650,000
475,000
475,000
475,000
400,000
350,000
»
350,000
250,000
^
250,000
__
Putman & Co., Hartford
225,000
200,000
200,000
200,000
Hayden, Miller & Co., Cleveland
Stern, Wampler & Co., Inc., Chicago..
Whiting, Weeks & Knowles, Inc. Boston
W. L. Lyons & Co., Cincinnati
—V. 147, P. 110.
Dartmouth
Inc.,
Mills,
Reorganize—-
.
100.000
Bedford,
New
Mass.—-To
VY'O-;
.
.
Reorganization of the company is in process of negotiation following
taken by creditors to foreclose on mortgages which they hold on
estate and personal property of the corporation.
Operation of the
plant was suspended June 27, last.
Jacob Ziskind, representing the Crescent Corp. of Fall River, which
holds a mortgage on certain real estate, has advertised that this property
would be sold at auction under foreclosure proceedings on July 19 at 10
a. m., and George H. McFadden & Bro., holders of a mortgage on certain
machinery, supplies, equipment and personal property of the corporation,
is advertising a foreclosure sale of this property on July 19 at 10 a. m.
action
real
Balance.
Earnings
per
—V. 146, p.
$2,925,283
$13.64
share
3951.
$3,223.300
$15.03
& Seal Co.,
Inc.—Debentures Offered—
by means of a prospectus, of a new issue of
$10,000,000 10-year 4]/2% sinking fund debentures, was
announced July 7 by a banking group headed by Paine,
Webber & Co;> and including Hayden, Stone & Co.; W. C.
Langley & Co.; Hallgarten & Co.; Estabrook & Co.; Stone
& Webster and Blodget, Inc., and Cassatt & Co., Inc.
The debentures are priced at 99% and accrued interest.
Dated July 1, 1938; due July 1, 1948.
Crown
Cork
Public offering,
Principal and int. (J. & J.) payable at the office or agency of the company
in N. Y. City in such coin or currency of the U. S. of America as at the time
of payment is legal tender for public and private debts.
Coupon debentures
in the denom. of $1,000.
Penn. personal property tax and corporation
capital stock tax not exceeding 4 mills, property or securities taxes imposed
in Maryland not exceeding 45 cents on each $100, Conn, personal property
or exemption taxes not exceeding 4 mills and Mass. income taxes not ex¬
ceeding 6% per annum, refundable upon application as provided in the
indenture.
Redeemable, other than for the sinking fund, at the company's
option in whole at any time, or in part from time to time, on any semi¬
annual interest payment date, upon not less than 30 days' notice, at 103H %
if redeemed on or prior to July 1, 1939, at 10334% if redeemed thereafter
and on or prior to July 1, 1940, at 103% if redeemed thereafter and on or
prior to July 1, 1941, at 102 M% if redeemed thereafter and on or prior to
July 1, 1942, at 102H% if redeemed thereafter and on or prior to July 1,
1943, at 102% if redeemed thereafter and on or prior to July 1, 1944, at
1013^% if redeemed thereafter and on or prior to July 1, 1945, at 101%
if redeemed thereafter and on or prior to July 1, 1946, at 10034% if re¬
deemed thereafter and on or prior to July 1, 1947, and thereafter at 100%.
Also redeemable through operation of the sinking fund as stated below
on April 1 and Oct. 1 on 30 days' notice at 100%.
Sinking fund sufficient to retire, or to redeem, at the times hereinafter
stated, without premium, the principal amounts of debentures as follows:
Oct. 1, 1939, $250,000; April 1, 1940, $250,000; Oct. 1, 1940, $375,000"
April 1, 1941, $375,000; Oct. 1, 1941, $425,000; April 1, 1942, $425,000;
Oct. 1, 1942, $500,000; April 1, 1943, $500,000; Oct. 1, 1943, $500,000;
April 1, 1914, $500,000; Oct. 1, 1944, $525,000; April 1, 1945, $525,000;
Oct. 1, 1945, $550,000; April 1, 1946, $550,000; Oct. 1, 1946, $550,000;
April 1, 1947, $550,000; Oct. 1, 1947, $575,000; April 1, 1948, $575,000.
Any such sinking fund payment may be made at the option of the company
either in cash or in whole or in part in debentures, any such debentures to
be accepted by the trustee at the sinking fu id redemption price.
Sinking
fund payments may be anticipated by the company only if and to the extent
paiu in debentures.
Listing company has agreed to make application for the listing of the
debentures on the New York Stock Exchange.
Company—Incorp. in New York on Dec. 19, 1927, by a consolidation
of New Process Cork Co., Inc., and N. Y. Improved Patents Corp., Corpor¬
ation, together with subsidiaries, manufactures various types of closures
(including machinery used in connection therewith) for bottles, jars and
containers; cork products; rubber specialties; packers' sanitary, beer and
general line cans; metal containers and other miscellaneous products; and
also manufacturers certain production machi lery and equipment used in
the operations of the company and its subsidiaries.
In addition to the
conventional type of can, the company has developed seamless cans, which
it expects will be in commercial production within the next few months.
Company also owns rights to the Stero-Vac process for the rapid heating
of food products in the container.
The principal plants in the United States of the company and its sub¬
sidiaries are located in Baltimore, Md; Philadelphia, Pa.; San Francisco,
Calif.; Decatur, 111.; St. Louis, Mo.; Madison, Wise.; and Houston, Texas.
Notes Payable, Funded Debt and Capitalization at Dec. 31,
1937
$8,689,000
16-year 4% sinking fund bonds, due Nov. 1.1950--,5,250,000
$2.25cumul. pref. stock (outstanding, 225,000 shares).
9,562,500
Common stock, no par (outstanding 531,218 shares, of which
13,617 shares are in company's treasury)
2,656,091
Purpose—Net proceeds from the sale of the debentures (after deducting
the estimated expenses of the company and underwriting discounts, which
together are expected to approximate $339,775), will be $9,560,225 and
are to be applied (i) to the payment in full of notes payable aggregating
$8,689,000 and (ii) for other corporate purposes.
Notes payable
—
-
-
-
Dayton Rubber Mfg. Co.—Earnings—
Earnings for 7 Months Ended May 31, 1938
Net profit after all charges, incl. Federal income tax but before
undistributed profits tax
$189,039
$0.76
Earnings per share on' 176,839 shares of capital stock—
"TRfet-sales
for the seven-month period were 20% below those for the same
period of 1937 but were 10% above the like period of 1936, according to
A. L. Freedlander, President.
Inventories at the present time are approxi¬
mately 27 % less than they were at this time last year, Mr. Freedlander said.
The company's production schedules for the month of June showed an
increase over those of May and the schedules planned for the month of
July represent an increase over June, he stated.—V. 146, p. 2847.
&
Deere
Co.—Application Approved—
The Chicago
Stock Exchange has approved the application of the com¬
list 3,007,908 shares of common stock, no par, and 1,550,000 shares
of 7% cu nulative preferred stock, $20 par.
These shares will be admitted
to trading on registration under the Securities Exchange Act of 1934.—•
V. 146, p. 910.
pany to
City Gas Co.—Earnings—
Detroit
1937
Calendar Years—
1936
1935
1934
revenues...$16,990,455 $16,107,158 $15,220,481 $14,104,209
Operating expenses
9,369,465
8,688,603
8,179,507
7,852,544
Gross
oper.
2,114,471
1,112,081
Retirement
Total
Net
expense
2,003,043
1.098,337
257,061
2,101,115
940,145
600,000
572,778
deducns..$13,196,017 $13,785,889 $11,793,545 $11,210,985
3,794,438
3,321,269
3,426,936
2,893,224
rev.
revenue
Miscellaneous
non-oper-
Drl53,637
Balance
Other
interest
Other
deductions
income
Pref. stock dividends—
Balance
1,174
$3,412,881
1,685,000
$2,894,398
1,685,000
$1,712,046
31,406
84,623
$1,727,881
36,101
96,967
$1,209,398
12,888
95,040
$1,651,568
120,000
$1,596,017
120,000
$1,594,813
120,000
$1,101,470
120,000
$1,531,568
Bond interest..
Drl4,055
$3,397,046
1,685,000
$1,955,801
129,316
174,917
Total income
75,777
$3,640,801
1,685,000
(net)
ating income
Net
2,049,252
1,448,034
600,000
Taxes
Maintenance
$1,476,017
$1,474,813
$981,470
Balance
Sheet
1937
8
Assets—
3
Dec.
31
1937
Liabilities—
1936
S
1936
S
2,000,000
65,755,930 64,303,615 Preferred stock—. 2,000,000
MLscell. lnvestm'ts
1,700
1,700 Common stock. .26,072,300 26,072,300
Fixed capital
.
I/ong-term debt— .31,000,000 31,000,000
Unamort. debt dis¬
903,096
count & exp
Unamort. gas-con-
2,351,618
versionexps—._
charges
Def.
1,238,016
1,115,146
2,952,453
892,087
405,000
405,000
bond interest
-
-
1,862,212
1,095.038
Mat'ls & supplies.
2,500,000
364,086
731,202
749,329
.
703,536
676,678
476,745
369,089
1,826,492
_
Other
curr.
.
55,598
llab..
Contribs. for cxts
Surplus——.—
receivable,
...
Taxes accrued.....
Reserves
for pay. of
less reserves-—
Accounts payable
Interest accrued.
Cash..
Accts.
Notes payable.__ ,5.000,000
Def'd liabilities.
369,134
.
2,723,404
and
prepaid accts—
Deps.
962,936
7
...
.
.
322,979
7,298,629
7,061,223
196,431
196,431
2,643,411
1,819,953
76,565,113
73,113.941
883,561
---
76,565,113 73,113,941
Total
—V.
145,
p.
757.
Dominion
Foundries & Steel Ltd.—Stock Rights—
for four at a price
holdings as
Total
V
offering shareholders rights to subscribe to stock on basis of
of $15 per share. Allotment will be made on basis of
of July 15. Rights expire July 30.—V. 146, p. 3952.
Company is
one
,
Financial
268
(Company Only)
Statement of Income
Rubber Co.,
Dominion
Dividend Passed
Ltd.
decided to pass the dividend
on the 7% preferred stock.
A regular quarterly
was paid on March 31. last.—V, 146, p. 3952.
Directors
have
GfFrom subsidiaries..-.
and other
Int.
outstanding first mortgage gold bonds serif* D, due Feb. 1,
1960 have been called for redemption on Aug. 1 at 10,5 and accrued interest.
All of the outstanding first mortgage gold bonds series A and series B due
July 1, 1942 have been called for redemption on Jan. 1, 1939 at par and
of the
Trustee
Citv
$7.478
$298,934
52,887
56.469
278,295
2,lu3
$46,885
$59,431
Deficit
Associates (&
Eastern Utilities
Operating revenues.
Operation
-
- — _
341,516
23.729
63.741
92,618
360,117
22,243
63,718
92,284
$126,524
2,783
$151,593
18,771
—
Retirem'tres.
accruals,.
(incl. income)-..-
Net oper. revenues.
—
(net)-
Non-oper. income
4,197.485
329,074
293,000
764,733
1,088,587
$1,859,445
Dr2,179
$2,314,665
119,636
Pref. stock div.
surplus—
11,216
12,966
$144,171
$2,413,262
391,497
33,326
$1,914,385
453,846
43,617
$111,011
$1,988,439
Dr21,401
$1,416,923
Cr4,756
$1,967,038
103,579
$1,421,679
103,579
30,494
2,665
not
Dr495
$110,516
$122,173
$101,884 $1,863,459 $1,318,100
undistributed profits.—V.
8,631
and
-------
for surtax on
include provision
147, p. in.
$129,307
43,204
$170,365
43,209
$1,857,266
528,295
524,795
327
185
10,406
7,171
—$85,776
$126,970
dividend deductions B. V. G. & E. Co. _
$1,318,565
77,652
$1,902,336
77,652
$1,240,913
20,747
$1,824,684
28,616
$1,220,166
$1,796,067
$1,220,166
309,824
$1,796,067
$1,529,990
$2,10.5,891
amortization—
Miscell. deductions. ——
Balance
Balance
— —
— — — — - -
Applicable to minority interest -
- - - - —. - -
Earns, of sub.
companies applicaole to E.
i ncome
—
U. A—
Non-su bsid iary
---------
-
— ----- —
309,824
...
..
„
—..
_
.
Operating income.»___._- —
—
-
Total income
-
-
Amount not
Deficit.
Ebasco Services, Inc.—Weekly Input—
.Tune 30, 1938 the kilowatt-hour system input of the
1938
Operating Subsidiaries of—
Light Co-104,515,000
Electric Power & Light Corp. 49,184,000
National Power & Light Co— 79,508,000
American Power &
1937
i'
...
increase
Amount
122,117,000 *17,602,000
59,576,000 *10,392,000
80,303,000
*795,000
-
-
%
*14.4
*17.4
*1.0
Decrease.—V. 147, p. 111.
$1,384,175
$2,153,509
91,483
-
154,875
498,116
26,523
625
;
;
$1,202,152
365,300
1,216.080
$1,563,910
304.417
1,216,080
-
$379,228
sur$43,413
stk. (par$50)
$2.06
$3.11
—
_. — -
-.
1
— _
share on 405,360 shs. com.
$1,413,758 transferred from inventory reserve.
Consolidated Balance Sheet
Assets—
For the week ended
m
-
-
$2,012,976
140,533
May 28,'38 May 29,'37
May 28 ,'38 May 29,'37
x
■■■".
-
—--------
After deducting
x
income—net.—V. 146, p. 4114,
operating companies which are subsidiaries of American Power k Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1937, was as follows:
$1,158,471
225,704
_
surtax
Earns, per
$1,390,984 $1,966,965
Note—Blackstone Valley Gas & Electric Co. on Jan. 1, 1937 adopted the
Federal Power Commission System of Accounts, hence previous year's 12
months' ending figures are not exactly comparative, especially between
for dividends and surplus
operation and non-operating
—
profit
Preferred dividends._.
Common dividends..
$1,968,833
1,868
available for dividends and surplus.
Balance available
-
Net
137,058
May 28, '38 May 29, '37
$54,265,785 $69,149,274
-.*53,107,314
67,136,298
Interest, &c._»<.i--.vi-'v-i;
Federal and State income tax
_ _
Balance
—
Other income
Federal
139,006
— .
Weeks Ended—
Cost, expenses, &e
$1,390,984
interest
Expenses, taxes and
52
Sales..
'■ .V
.
(& Subs.)- -Earnings—
Endicott Johnson Corp.
— — ——
Applicable to E. U. A
*
$1,901,419
880
$130,805
8,631
requir..
Bal. for com. divs.
Does
$2,402,046
------
Net income
732,091
1,050,881
$143,290
before non¬
recurring income—
Non-recurring inc. (net)
8,661,903
$8,243,599
4,275.540
$2,434,301
Balance
Preferred
Net income
1938—12 Mos.—rl937
a
Int. and
Total
—
-
554,251
1,121,467
67,259
278,032
437,575
$130,805
income..-
Interest
$3,805,754
$167,293
33,764
2,724
—
Other i ncome
Total gross
$4,887,800
1,371,244
127,802
a432,457
$166,358
935
«*•— —
operating income
Net
Subs.)—Earnings—
1938—Month—1937
$648,128
$689,956
MaintenanceTaxes
—■
—■
1938—12 Mos.—1937
1938—Month—1937
$362,710
$336,050
98,249
105,433
10,074
8,826
44,429
a40,325
40,008
41,677
Amort, of debt expense.
Period End. May 31—
Co.—(Del.) (& Subs.)—Earnings
Paso Natural Gas
Prov. for retirements
3801.
$24,824
$234,786
Ioss$l 1,924
$75,199
T9fX6S
adjustments.—V. 146,
p.
486
340
Maintenance
$573,014
$535,138
depreciation, in¬
tax, capital stock
38,974
38,974
bonds
operating revenues
Operation.
-
above statement covers operations after
terest
rentals and local taxes, but before Federal income
tax
capital gains or losses and other non-operating
K0te—The
9,743
Gross
o.otH
4,21o
33,909
9,743
146. p. 3801.
El
29,>3 25
-
expense'.:,
1,550.000
17,586
Period End. May 31—
$250,691
-
934
prof$7,481
-
387,500
income
Net
-V.
1938—5 Mo*.—1937
$3,119,932
$3,538,270
3,418,866
3,788.961
.-u-
Other income
Other
7 77,134
676,085
Operating deficit —- -
$1,613,798
1,550,000
retired
(& Subs.)—Earnings—
1938—Month—1937
$668,607
$784,615
31
$1,858,155
debt disct. &
Securities Corp.
Steamship Lines, Inc.
Period End. May
$385,319
$490,368
5%
exp. on gold debs—_
Prem. k exp. on Power
Trust Co. has been appointed trustee under the
of June 1, 1938 covering $7,500,000 first mortgage bonds
due June 1, 1953.—V. 147, p. 111.
'4—•
Operating revenue. -.
Operating expense. . -
$1,826,190
212,392
bonds, Am. 6% series.
Farmers
Eastern
204.942
Power
on
Amort, of
indenture dated as
series A
$2,063,097
Securities
Corp. coll. trust gold
of 1953
for New 4 ]/\s
Bank
$423,022
37,703
42,710
2030—387,500
series due
will be made at the City Bank Farmers
of the above issues
York City.
Payment on all
$1,825,035
1,155
— -
int.
deductions
gold debs.,
on
Int.
f Tlf
Trust Co., New
$2,062,486
611
Net income before
Water Co.—Bonds Called—
& Interurban
East St. Louis
$423,022
$533,078
Total income
Exps., incl. taxes—
Harry H. Wetzel. Vice-President
He was 50 years old.—V. 146, p. 3952.
All
1938—12 Mos.—1937
,
$533,078
Other
Co.—Obituary—
and General Manager, died on July 5.
Dousdas Aircraft
1938—3 Mos.—1937
Period End. May 31—
ordinarily due at this time
dividend of SI .75 per share
1938
July 9,
Chronicle
■
8,168.344
1
1
Goodwill
7,306,000 7,306,000
Common stock. .20,268,000 20,268,000
9.000,000
Notes payable
8.000,000
942.388
Notes held by empl
613,780
5% pref..stock
y
21,948 ,598 24,755,456
9,621,905
7.714 ,568
2,093.574 Accts. payable, &c 1,297,801
fd., &c 2,149 ,879
104,247
43,543 Sundry creditors.Sundry debtors—
49 ,683
,379 (
431.333 Accrued Federal &
Miscell. investrn't
163
State tax
256,210
Sec. dep. for V. C,
Federal tax reserve
9,500
insurance..272 053:
250,000
233,018 Res. for work comp
Prepaid taxes, &c.
238 ,152
96,402 Inventory reserve.
649,813
Empl. stock acct-42 626
166,545
2,844,339 MLscell. reserve...
Cash
2,915 ,515
653,730 Earned surplus.-- 5,259,210'
Dies and lasts.-..
Inventories
Accts. & notesrpc.
$
$
Liabilities—
S
$
8,686 ,652
Property acct—
Em pi. bidg.
2.642,644
304,762
-
—
314.313
145,000
.
250.000
2,063,571
59,985
5,753,284
...
Edison
1938—6 Mos.—1937
$2,205,038 $12,101,627 $11,779,464
19.38—Month—1937
$2,187,180
Sales
—V.
146, p. 3801.
After
x
Contract—
"will be awarded a contract" for the construction of three
submarines—the 198, 199 and 200—for the sum of $3,067,000 each, with
contract periods 29, 31 and 33 months respectively, subject to adjustments
for changes in labor and material costs. Assistant Secretary of Navy Edison
announced on July 1.—V. 146, p. 3184.
Electric Power &
Operating revenuesOper. exps.,inel. taxes._ 13,995,281
Prop, retire, k depletion
reserve appropriations
3,993.872
Net oper. revenues-,.
Rent from lease of plants
$7,399,969
(net)
------
$7,399,969
Operating income
Other income.---.
.109,491
Other income deduc'ns..
114,225
Gross income
long-term debt..
Other
interest-.
Other
deductions
Int.
—
$7,395,235
3,114,689
497,026
-
282,740
charged to constr'n.
Balance
Pref. divs. to public
Portion
applicable
_
Cr30,360
1 938—12 Mos.—1937
$
S
107,802,640 103,703,782
13,875,842
58.593,749
54,423,432
3,310,761
15,644,101
Eureka Pipe Line
Directors have
$9,486,279 $33,564,790 $35,996,713
Dr2,429
>,483,850 $33,567,874 $35,994,612
88.769
692,476
797,074
129,736
3,531,140
1,971,618
$9,442,883 $33,399,474 $35,927,859
3,250,242
12,670.401
12.773,371
540,526
1,986.558
2,260,387
186,114
al,502,961
656,742
Crl9,990
0113,043
OS5.265
5,485.991
1,983,627
17,352.597
7,900,852
20,322,624
7,934,507
506,118
190,722
1,33 8,931
Corp. in inc. of subs.
1,504,934
2,996,246
9,261,023
11,049,186
2,996,246
9,261.023
1,155
Co.— To Pay HQ-Cent Dividend—
a
dividend of 50 cents per share on the common
,
Famise
x
Corp.—Earnings—
Net income
Shares common
stock
— —
Earnings per share-.-______
x
1,504,934
42,710
415,169
2,996,246
37,703
397,243
9,261,634
204,942
1,623,369
11,050,341
212.392
1,588,974
Federal surtax on
solidated earned
sur.
Erie RR.—Court Grants Delay on Plan—
90 days to Oct. 18 of the period for filing of a reorganiza¬
has been ordered by Federal Judge Samuel H, West at Cleveland
has asked for extension of the original six months filing period
which expires July 18 while creditors had argued against an extension.
—V. 147, p. 111.
An extension for
Period End. June 30—
Sales
1938—Month—1937
$382,587
$361,952
operation
—V. 146, p. 3802
Fonda
1,047,055
2,561,300
7,433,323
Johnstown
19.38—6 Mos.—1937
$1,747,351
$1,686,257
—38
&
Gloversville
RR.—Hearing
9,248,975
the quar¬
delay was granted on petition
31, 1937, for reorganization expenses of certain subsidiaries.
p.
34
on
Postponed—
Commerce Commission has postponed from July
Oct. 6 the date for a hearing on the reorganization of the company.
The
Includes $418,505 representing non-recurring charges during
$0.10
Federal income taxes and other charges, but
undistributed profits.—V. 146, p. 750.
tion plan
The road
Plan
Balance carried to con¬
a
1937
$18,340
125,000
After operating expenses,
before
Stores in
Int. & other deductions,
—
1938
$9,206
125,050
$0.02
Months Ended May 31—-
(M. H.) Fishman—-Sales—-
1,504,934
—
Total
Previously regular
2468.
Corp—
Expenses, incl. taxes
of record July 15.
each three months.—V. 146, p. 3334.
Evansville Mt. Carmel & Northern Ry.—Merger—
See Cleveland Cincinnati Chicago & St. Louis Ry. above.—V. 114, p.
11,049,186
611
declared
Evansville Indianapolis & Terre Haute Ry.—Merner—
Cincinnati Chicago & St. Louis Ry. above.—V. 142, p.
863.827
860,876
54,588
Electric Poic. & Ll.
ter ended Dec.
..44,181,106 49,049,947
See Cleveland,
3342.
Dr2,101
3,084
.P.&L.
Net equity in income of
subsidiaries
Other income
Total
Represented by 405,360 shares, par $50.—V.
stock, payable Aug. 1 to holders
dividend of $1 per share were paid
13,283,637
to
minority interests.
Net equity of E
y
Equitable Office Building Corp —Tenders—
6
on
depreciation,
This corporation announced that, it will purchase an amount of 35-year
5% sinking fund debentures, legended under agreement of Dec. 20. 1935,
tendered to it at lowest prices below par, sufficient, to fulfill the require¬
ments of tne sinking fund for the year ended April 30, 1938.
Such tenders
will be received by Empire Trust Co. as depository.—V. 146, p. 3498.
Light Corp. (& Subs.)—Earnings—
1938—3 Mos.—1937
$
$
26.672,882
25,389,122
31-
Subsidiaries—
Int.
...
..--.44,181,106 49.049,9471
Total
146, p. 1073.
Electric Boat Co.—To Get Submarine
This company
Period End.May
liquors..
Tanning
Brothers Stores, Inc.-— Sales—
Period End. June 30—
108,302
Interstate
4115.
6 to
The
of the trustee of the debtor road.—V. 146,
Volume
147
Financial
Chronicle
269
1
Robert) Gair Co., Inc.—Transfer
Agent—
This
company has
terminated
Co.
the
as
Boston
transfer
the
of
agent
effective June 30, 1938.—V.
146,
appointment
its
of
and
common
1937; 30
Old
Colony Trust
preferred
Years End. Jan. 31—
sales
Cost of mdse.
the New York Curb
Exchange that its 6%
sinking fund gold debentures due June
15, 1941 and its 6% gold debentures
series B due
April 1, 1941 have been called for
redemption on July 29 at
101 and accrued
sold
mfg. & altera'n
plus
Int.
on
Transfer, regis.,
14,088,853
12,702,386
11,946,937
$1,236,440
$986,088
$971,863
91,809
111,505
120,811
128,498
$1,347,945
$1,106,899
$1,100,361
377,190
331,153
333,751
349,431
$942,857
195,049
$1,016,793
$773,148
141,379
$750,930
104,243
$747,807
1,567,102
132,573
y
on
1935
$1,016,793
1,691,992
314,514
$631,768
1,418,674
1,051
$646,686
1,123,996
9,825
$2,447,483
358,797
$3,023,299
359,352
1,096,843
$2,051,493
359,502
$1,780,507
361,833
$2,088,686
$1,567,102
$1,691,992
$1,418,674
230,715
230,715
$2.42
230,715
230,715
$1.18
$1.23
$373,784
$627,705
165,000
$511,746
$373,784
165,000
165,000
3,960
41.381
3,960
3,960
23.525
50,174
trustee
20,948
64,680
22,062
64,904
$87,046
227,700
pref. stock
interest,
1936
165,000
3,960
31,068
Net Income-....
$330,398
233,250
z
furn., fixt.
Includes $3,376
Miscellaneous
Total surplus..
Divs. on pref. stock
re-
Miscellaneous
Balance
Shs.
1938
Liabilities—
owned (at
cost)
22,044,598 25,972,629
Rec. for securities
sold..
529,938
&
rec.
534,627
int.
a
Common
Int. accr.
on
78,377
bl 15.934
107,580
115,500
debs.
.....
Res. for taxes....
Pref. divs. payable
$1.68
No provision is
required for income taxes and s
to flood loss
charged to surplus account.
1938
Assets—
6,600,000
137,500
receivable
948,183
127,000
116,250
14,554,247
soldZ>rl,224,631
£)r93,068
2,738,175
69,062
2,849,267
121,952
Capital assets...
116,314
9,333,621
Deferred charges..
Goodwill
....
8,572,623
257,374
237,655
1
26,519.501
26,738,6891
Represented by 1,300,220
146,
Total
Dr49,925
26,738,689
shares,
no par
p. 2367.
General
198,504
89,650
183,861
89,800
348,218
Res. for inc. taxes-
193,580
Period—
Net income.
'
June 25, '38 June
26, '37 June 25, '38 June 26. *37
x$394,421
$0.23
$0.14
$861,661
$0.32
$0.14
but before surtax
on
Illinois Bell
Telephone
Uncollectible oper.
Orders
p.
4116.
Net oper.
Interstate Commerce Commission on
June 28 authorized the company-to extend from Aug. 1,
1933, to Aug. 1, 1948, the
maturity date of
not exceeding
$96,000 first mortgage 4>£%
bonds.—V. 122, p. 211.
(H. L.) Green Co.—Sales—
1938—Month—1937
1938—5 Mos.—1937
$2,496,204
$2,804,531 $11,601,919 $12,877,860
133
136
(W. T.) Grant Co.—Sales—
Western
at
1938—6 A/os.—1937
$8,462,106 $40,264,106 $43,109,948
Brewery Co.—To
an
a
special meeting to be
increase in company's no
75,000 shares.
Stockholders,
authorize the issuance of
at
the
san
30,000 shares of
Gulf Mobile & Northern
A merger of the Mobile &
Ohio
with the Gulf Mobile &
Northern
Vote
on
held
on
July
18 will
88,246
$2,360,765 $10,719,716 $11,920,487
1,172,513
5,897,545
5,832,309
$1,188,252
1,034,798
$4,822,171
4.006,183
of accumulations
a
stock from 60,000 shares to
r eeting will also
be asked to
% cumulative preferred stock,
e
RR.—Merger Under Discussion
dividend of 75 cents per share
on
account
the 6% cum. 1st pref.
stock, par $100, payable Aug. 15
to holders of record
Aug. 1.
Similar payments were made in
each of the
eight preceding quarters, on
Aug. 15 and May 15, 1935; Aug. 15,
May 15
and Feb. 15,
1933, and on Nov. 15, 1932. The last
regular quarterly pay¬
ment of $1.50
per share was made on
May 16, 1932.—V. 146, p. 2537.
on
(A.) Hollander & Son, Inc.— Transfer
Agent—
This company has
appointed the Manufacturers Trust Co. as
transfer
and dividend paying
agent of its capital stock, effective
July 18,
1938—V. 146, p. 915.
agent
Earnings for Year Ended
Dec. 31,
1937
—
expense..
-
Operating profit.
Miscellaneous income
Holston River Electric
Co.—Sale to TV A—
The company, affiliated with
Electric Bond & Share Co., has filed
an
application with EPC seeking approval of the
sale of its electric facilities
to
TVA for $87,500 cash.
According to the application, the sale price was
arrived at by negotiation between
the parties.
The company's facilities
consist of transmission and
distribution lines
from
rural
customers in
Hamblen and Hawkins
counties,
Tenn., and the town of Rogersville, also in
Tennessee, with electric energy
purchased from the Tennessee Public Service Co.
The TVA proposes to make
electric service available to the
customers at rates
tion states.
substantially lower than
Honolulu Rapid Transit
Co.,
Directors took
those
now
company's
in effect, the
applica¬
Ltd.—Dividend Passed—
no action on
payment of dividend ordinarily due
at this
the common shares. A
dividend of 10 cents was paid on
March 31,
last; one of 40 cents was paid on
^ov. 30, last; 35 cents paid on Sept. 30
on
$132,022
29,400
$102,622
....
459
$103,081
1.708
sale of capital assets
on
Miscellaneous deductions.
Depletion.
127
32,751
6,331
179
$61,984
Balance Sheet Dec. 31, 1987
Assets—Cash, $127,218; notes receivable, $950; expense advances
and
deposit, $25; advances to Toklan Royalty
Corp., $7,806; investments,
$10,220; royalties owned (after reserve of
$2,500,087), $484,828; Osage
headrights (after reserve of $368,071),
$108,773; furniture and fixtures,
(after reserve of $7,241), $1,296; deferred and
contingent claims, $200;
total, $741,317.
Liabilities—Accounts payable, $917; accrued
taxes, $1,518; preferred
(par $1), $5,110,716; preferred stock, class A
(no par) outstanding
260,000 shares, $3.900 000; deficit,
$8,271,834; total, $741,317—V. 145.
p. 2076.
stock
Incorporated Investors— To Pay 15-Cent Dividend—
The directors have declared
a
dividend of 15 cents
per
share payable
July 30 to holders of record July 6. A like amount was
paid on April 30,
last, and compares with 40 cents paid on Dec.
22, last; 25 cents paid on
Oct. 30, last; 30 cents on
July 30, 1937; 25 cents per share paid on April
30,
1937, and adividend of $1.90 distributed
on
Dec. 22,1936.—V. 146, p. 2854.
Independent (Subway) System of N. Y.
City—Earnings
Period End.
Apr. 30—
Operating
Operating
re venues.
expenses
1938—r-Month—1937
1938—10 Mos.—1937
$1,593,423
$1,377,258 $14,961,409 $12,171,662
1,211,635
994,939
11,992,72 1
9,008,771
Income from ry. oper.
Non-oper. income
Excess of
serves
$6,088,178
5,268,590
Stock
Havana Electric & Utilities
Co.—Accumulated Div.—
The
directors have declared
85,510
$2,200,740
1,188,264
861,734
be asked
RR., a subsidiary of the Southern
Ry.,
ItR., which is controlled by the
Chicago
Burlington & Quincy RR., is reported to have been
discussed by officials
of the companies.
It was said,
however, that the negotiations were in the
preliminary stage and that their outcome was
uncertain.
Ralph Budd, President of the
Burlington, and I. B. Tigrett, President
of the Gulf Mobile &
Northern, are said to have participated in the
nego¬
tiations.—V. 147, p. 113.
it
16,996
$7,392,170 $36,002,617 $35,917,001
5,031,405
25,282,901
23,996,514
Amortization Osage headrights
Depreciation furniture and fixtures-
par
$25.— V. 146, p. 3818.
which
19,334
Net income.
Stockholders
to authorize
2393.
Imperial Royalties Co.—Earnings—
Loss
1938—Month—1937
Increase—
185,700
Gross income
__
Griesedieck
income
Operating and general
$7,608,338
388,300
in
$1,012,482
Operating taxes
Net income
—V. 146, p. 3807.
Goldsboro Union Station
Co.—Bonds Extended—
The
Period End. June 30—
rev..
Net oper. revenues—
First
National Bank of the
City of New York will until 3 p. m.
July 19 receive bids for the sale to it of
sufficient 1st mtge. 4% gold bonds
due Sept. 1, 1965, to exhaust
the sum of
$2,000,000.—V. 146,
stock
Co.—Earnings—
Operating revenues— $7,287,551
Operating expenses.
5,086,805
Glen Alden Coal
Co.—Tenders—
Sales
1,567,102
3,000
4,800,000
Period End. May 31—
1938—Month—1937
1938—5 Mos.—1937
Operating revenues$7,306,885
$7,409,166 $36,090,863 $36,002,511
received during the second
quarter of 1938 amounted to
$62,847,423, con.pared with $1J 1,518,589
during the corresponding quarter of 1937,
a decrease of
44%.—V. 146, p. 3669.
—V. 146, p. 3805.
2,088,686
.........17,336,663 17,154,700
Total
.........17,336,663 17,154,700
After reserves of $
125,000.
b Cash surrender value of
policies.
c After
reserve for depreciation of
$4,695,400 in 1938 and $4,540,773 in 1937.
d Merchandise in
transit,
e
Reserve l'or risks on motor
vehicles, not
covered by insurance,
t Represented by
230,715 no par shares in 1938 and
240,000 no par shares in 1937 —V.
145,
p.
Stores in operation
—V. 146, p.3805.
3,154,961
a
by this company during* the first six
months this year
amounted to
$128,223,823, con pared with $217,265,619 for the same
period last year, a decrease of
41%, President Gerard Swope announced
on July 8.
Sales
6,375,000
4,614,300
3,154,961
_
Total
x$577,993
Orders received
Period End. June 30—
5,979,700
stock.
treasury—Dr—
General Electric Co.—Orders
Received—
time
par)
Common
x After
interest, depreciation, Federal
taxes, &c
undistributed profits.—V. 146,
p. 4115.
par value
e93,535
pref. stk.
cum.
($100
-26 Weeks-
$538,844
16,535
Reserves
6%
Pref. stock held In
Baking Co.- -Earnings-
Earns, per sh. on
1,588,697 shs. com. stock
512,984
194,130
treasury—Dr
-13 Weeks-
572,059
Bonuses payable..
Pref. dividend
Initial surplus-...
Earned surplus...
b Dividends receivable
only.
$
559,967
280,827
Accruals.*;
f Common
Total
1937
$
Accounts payable.
1
c
97,148
26.519.501
1938
2.565,963
d Accts. payable..
2,916,111
Invest' ts & ad vs..
Z>r280,751
356,076
1,834,411
b Life
insurance..
71,040
Inventories
2,807,790
364,000
on sees.
...
31
Liabilities—
Accts. and notes
a
Jan.
1937
$
Cash......
137,500
113,700
Pref. treas. stock.
The
x
out¬
Balance Sheet
1,300,220
Capital surplus...14,454,522
x
stock
per share
3,900,000
1,300,220
Payable for securs.
Undistributed inc.
—V.
Jan. 31---
5
3,S00,000
stock.
25-yr. 5% debs..^ 6,600.000
Loss
a
at
com.
Earnings
1937
$
$6 pref. stock
purchased
accrued....
Deferred charges..
of
See
debits
standing (no par)
x
1937
Seeurs.
Divs
.
credits
,
profits due
Assets—
3,759,009
.
Previous surplus.
$113,608
240,000
Balance Sheet, June 30
_.
equip._
Net profit for
year
(on the basis of first-in, firstunder surplus, $545,555.
(b) Aggregate
unrealized appreciation or
depreciation in value of securities as
with cost:
compared
Appreciation, June 30, 1938, $2,186,207; depreciation, Dec. 31,
1937, $954,297; appreciation,
$3,140,505; deduction for taxes at present
rates on
appreciation, if realized, $328,500;
appreciation less deduction for
taxes, $2,812,005.
Cash...
&
for income taxes
account
1938
&c
Profit before
providing
67,691
$210,172
240,000
received in preferred stocks,
ceived in preferred
stock.
Notes—(a) Net loss from sale of securities
rents,
Prov.for income taxes..;
22,034
60,405
Including $8,394
out), charged to special
1935
16,551,088
-
$490,055
21,691
$372,702
expenses, &c
Other expenses
Divs.
1937
z4,874
debentures
on
1 936
Gross prof. fr.
trauius- $1,228,238
Other income,
-Earnings-
y$621,978
5,727
$367,828
Amort, of disc, on debs.
Taxes paid & accrued.._
1937
$1,320,047
1938
bonds._.
March 31, 1937.-
on
costs &
.
Interest
paid
$17,779,326 $15,325,293 $13,688,474
$12,918,800
incl. oper. & adminis¬
trative exps., &c_
p. 112.
General American Investors
Co., Inc.-
6 Mos. End. June 30—
Dividends on stocks
cents
1938
Net
notified
interest.—V. 147,
1937, and 15
(Joseph) Home Co.—Earnings—
Gatineau Power
Co.—Debentures Called—
The
company has
June 30,
113.
stocks,
2850.
p.
cents on
V. 147, p.
$381,788
1,256
$382,319
1,042
$'2,968,688
$3,162,891
9,349
9,378
$383,044
$383,361
$2,978,037
$3,172,269
revenues over
operating expenses.
—V. 146, p. 3955.
Insuranshares Corp. of Del.—Commences Suit in
Canada
Initial
action
of United
ciers,
was
Northern
in the Canadian courts
arising out of the alleged looting
States investment trusts
by United States and Canadian finan¬
commenced June 24 when corporation
commenced suit against
Fiscal Corp., Ltd., to recover certain
assets.
An
injunction was also asked by plaintiff
restraining Northern Fiscal
Corp. from dealing in any way with either assets or
properties Of the latter
which might belong to Insuranshares.
Worthless preferred stock of Northern Fiscal
Corp. Ltd. had been sub¬
stituted in the investment portfolio of
Insuranshares to take the place of
stocks having a marketable value of
$6<a
eo
in the New York Stock
Exchange, G. W. Mason, counsel for Insuranshares, informed the
,
,
Insuranshares
Fiscal Corp.
the
courts.
granted an injunction until trial
restraining Northern
from trading in any securities without the
was
Ltd.
plaintiff company.—V.
consent
146.
p.
3956.
of
Financial
270
hattan lines in
Commission has issued an order declaring
the corporation not to be an electric utility company under the provisions
of the Public Utility Act.
The Commission found that both the company
and itssubsidiary were primarily engaged in a non-utility business.—V. 146,
The Securities and Exchange
3503.
p.
America—Asset Value—
The company reports net asset value as of June 30, 1938, with securities
owned adjusted to market prices, was $18.19 per share of common stock.
This compares with $15.39 per common share on May 31, 1938, and $55.37
Investment Co. of
per common share on June
Both the June and May,
stock dividend
June
30, 1937.
1938, asset value reflects adjustments for 100%
dividend, both dividends being paid on
and 50-cent cash
30, 1938.—V. 146, p. 3807.
International Harvester Co.—Application Approved—
The Chicago Stock Exchange has approved tne application of the com¬
pany to list 4,409,185 shares of common stock, no par, and 1,000,000 shares
of 7% cumulative preferred stock, $100 par. These shares will be admitted
to trading on registration under the Securities Exchange Act of 1934 except
176,675 unissued preferred shares which will be admitted to trading on
notice of issuance and registration under the Securities Exchange Act of
1934—V. 146, p. 3503.
International Radio Corp.—Pay Smaller Dividend—
have declared a dividend of 50 cents per share on the
stock, payable July 20 to holders of record July 16. A dividend of
cents was paid on July 19, 1937, and one of 25 cents per share was paid
Jan. 30, 1937.—V. 146, p. 4119.
The directors
,
common
60
on
Rapid Transit Co.—Bondholders' Com¬
Recent Happenings—
committee for the 1st & ref. mtge. 5% god bonds due
Interborough
mittee
The
Jan.
1,
Reports
on
protective
1966 (and of certificates of deposit therefor) has
issued a circular
letter dated July 1 which says:
The
committee desires to report upon
certain matters including Judge
Patterson's decision permitting disaffirmance of the Manhattan lease, and
his authorization of the payment of interest and a portion of the sinking
fund due July 1.
In view of the partial default in such sinking fund pay¬
ment and of the unification negotiations also reported upon, the committee
urges bondholders that they now deposit their bonds with the committee,
if they have not already done so.
Manhattan Lease
On June 18.
Disaffirmance
1938 Judge Robert P. Patterson
(who has succeeded Judge
in charge of the Interborough-Manhattan receivership
litigation, due to Judge Mack's retirement from the case in January on
account of illness) made public his opinion dated June 16, 1938, upon the
so-called Manhattan lease disaffirmance question in which he reached the
conclusion that the lease can and should be disaffirmned.
Depositors have been advised by the committee from time to time of the
progress of the receivership and of the efforts of this committee to have the
Manhattan lease disaffirmed.
Under this lease, Manhattan Ry. leased to
the Interborough in 1903 all of the Manhattan's elevated properties and
power plant facilities, which included generally the Second, Third, Sixth
and Ninth Avenue elevated lines in the Borough of Manhattan.
In 1913, as part of a program for the expansion of the
rapid transit
facilities in N. Y. City, the City of New York entered into several agree¬
ments with the Interborough designed to accomplish two
principal ends
one, the extension of the existing subway facilities, and two, the third
tracking of the existing Manhattan elevated facilities and the extension
thereof into outlying territory.
By a contract called Contract No. 3, the
city agreed to construct substantial extensions to the existing subways
operated by the Interborough and to lease the new subways to the Inter¬
borough for operation in conjunction with the old subways already leased to
Interborough under Contracts No.s 1 and 2.
The Interborough agreed to contribute the full cost of equipping and
half of the cost of constructing the new sbuways, its contribution to be pro¬
vided by the sale of the 5% bonds.
On the same date that Contract No. 3
was entered into, three other documents were executed, as follows:
(a) the
extension certificate by which Interborough was granted a franchise to
construct four elevated structures to connect the existing elevated railways
of the Manhattan with outlying portions of the new subways, which were,
in fact, elevated structures in the outlying districts in the Bronx, Queens
and Brooklyn; (b) the additional tracks certificate by which Manhattan
was granted
the right to construct a third or additional track along its
existing elevated railways; and (c) a joint trackage agreement in which it
was agreed between the city and the Interborough that Interborough should
have the right to run elevated trains over the outlying portions of the Con¬
tract No. 3 subway lines, in order that through elevated service might be
furnished over said portions, over the extensions and over the leased lines.
After the construction of all these additional subway and elevated iines,
through subway service was furnished by Interborough over the so-cailed
subway division and through elevated service was furnished over the three
portions constitut ing the so-called Manhattan division.
After the inception of this receivership, this committee agreed with the
Interborough receiver's position that the Manhattan lease was burdensome
and that the receiver should disaffirm it.
An application for that purpose
was made by said receiver on Feb. 1. 1934.
After various delays, resulting
from the positions taken from time to time by the Manhattan parties, the
city and the Transit Commission, the determination of a formula for fixing
the earnings of the Manhattan leased lines as distinguished from the earn¬
ings of the "Manhattan Division" was finally argued before Judge Mack
in April, 1937, and in October of that year Judge Mack announced that,
after studying that matter at great length, he had reached the conclusion
that he could not and should not attempt to decide upon this formula until
he decided certain legal questions which had been raised by the Manhattan,
the city and the Transit Commission as to the right of the Interborough
receiver, as a matter < f law, to disaffirm the Manhattan tease.
One of the
points argued by the parties in opposition on this point was that, because of
provisions of the extension certificate, the Interborough and its receiver
were under obligation to the city to continue operation of the Manhattan
leased lines for theduration of the certificate, and that therefore the receiver
could not now disaffirm the Manhattan lease.
This committee and Guar¬
anty Trust Co. of New York, as trustee of the 1st & ref. mtge., as well as
the committee for the 7% notes of the Interborough (which committee had
the same personnel as this committee until May 11, 1938) had always con¬
tended that the Interborough receiver couid and should disaffirm the Man¬
Mack
the Judge
as
hattan
lease.
Following Judge Mack's announcement .various pleadings were
filed by the
to
different parties, including applications by the Interborough receiver
disaffirm the extension certificate, the joint trackage agreement, and
an
agreement of 1906, relating to certain transfer service at 149th Street and
Third Avenue, and to affirm as separate documents Contracts No.s 1, 2 and
3.
The Manhattan receiver filed a petition requesting that the Inter¬
borough receiver be required to affirm the Manhattan lease.
Upon Judge Mack's illness last winter and his retirement from the case.
Judge Patterson took charge and heard oral argument for about two weeks
during March and April of this year upon all of the foregoing applications
and his decision deals with the questions presented thereby.
Judge Patterson, after devoting many pages to a history of the documents
involved, to the nature of operations performed, and to quoting various
pertinent provisions of the documents, authorized disaffirmance of the
Manhattan lease, and stated conclusions which may be summarized as
follows:
First, he found that there was ample proof that such lease was burden¬
to the Interborough estate (although in this opinion he did not set
a formula for determining the net earnings of the leased lines, this
being still to be determined by the Judge upon the testimony and briefs
already submitted).
Second, he found (a) that the extension certificate, while primarily a
franchise, is also, by virtue of the Rapid Transit Act, a contract between the
Interborough and the city, and that the receiver cannot abandon operation
under this certificate, (b) that the joint trackage agreement cannot be dis¬
affirmed because it must be read together with the extension certificate, the
certificate containing an obligation to operate over the joint trackage lines
in conjunction with the extensions, and (c) that it was unnecessary for him
to decide a contention advanced by the city and the Tranist Commission
some
forth
principally, that the extension certificate, Contract No. 3, the joint trackage
agreement and the addiional tracks certificate should be taken as making
"single contractural relationship."
Third, he stated that, since the extension certificate could not be dis¬
affirmed, it became necessary to decide whether there was anything in the
up a
July 9, 1938
certificate which bound the Interborough to operate the Man"
conjunction with the extensions for the 85-year period of the
certificate.
Judge Patterson, in a very careful and concise
extension
Corp.—Not Holding Company—
Interlake Iron
Chronicle
extension
analysis of the meaning of the terms of the extension certificate, found that
there was nothing in the certificate which required the Interborough to
operate the leased lines for 85 years or for any definite period of time.
Judge Patterson also pointed out, as had been advanced by this committe's
counsel as well as the receiver's counsel, that to interpret the certificate in
the maimer
the
contended for by the other parties would have in effect
rentals precedence over interest and sinking
Manhattan lease
given
fund
Interborough 1st & ref. mtge. 5% bonds as to monies earned
under Contract No. 3.
From a study of Contract No. 3 and the mortgage,
Judge Patterson concluded that:
"It is safe to say, as to the Interborough lease and appurtenant rights
under Contract 3, that neither the public authorities nor the Interborough
in making their 1913 agreements intended that holders of Manhattan bonds
and of 600,000 shares of Manhattan stock, unsecured creditors of the Inter¬
borough, should have priority in the day of trouble over those who were to
loan money on the faith of a first lien on Contract 3.
The concessions made
in 1922 by most of Manhattan stockholders suggest that they had no notion
that such priority existed."
payments on
In
addition to the foregoing,
Judge Patterson analyzed
certain general
history
arguments made by the other parties including an analysis of the
of certain clauses in earlier drafts of the certificate, in each case conclusively
finding that the correct arguments were those made by the Interborough
receiver's counsel and this committee's counsel.
Fourth, in the next to the last paragraph of the opinion. Judge Patterson
considered the 1906 agreement, and held that certain transfer privileges
accorded
passengers
149th Street and Third Avenue, as
at
between the
subway and the elevated lines which intersect at that point, constituted an
obligation of the Interborough even though the Manhattan lease might be
disaffirmed.
Judge Patterson stated:
"The transfer privilege that passengers now have may thus be traced to
the 1906 agreement and may not now be terminated.
But that agreement
does not require that the Interborough operate trains over the Manhattan
lines; the receiver may perform it by the continuance of the transfer privi¬
lege at the expense of the Interborough estate."
While a program has not been definitely determined on, it is likely that
the Interborough receiver and other Interborough parties will appeal from
this ruling concerning transfers and from that part of the decision that
refuses the applications to disaffirm the extension certificate, the joint
trackage agreement, and the 1906 agreement.
It is likely that the Man¬
hattan and city parties will appeal from the decision authorizing the dis¬
affirmance of the Manhattan lease.
In his opinion, Judge Patterson stated that he would grant a stay as to
the return of the leased lines to the Manhattan Ry. pending appeal.
This
means that, until such appeals as the Manhattan parties and the city may
decide to take are finally determined, the Interborough receiver will con¬
tinue to operate the elevated service on the Manhattan Division at the
present rate of fare.
However, it seems quite clear that the Court will not
require the further payment of any Manhattan rental items.
Since the
beginning of the receivership, and up through the year 1937, the Inter¬
borough receiver, over his and our opposition, was required to pay about
$1,600,000 a year of interest on the Manhattan consolidated 4% bonds, as
the main item of rental.
The semi-annual instalment of interest on the
Manhattan bonds, which was due on April 1, 1938, was not ordered paid.
As another part of the rental, the Interborough receiver was ordered to pay
taxes on the Manhattan properties which became due through the first half
of
1933.
The committee is
strongly of the view that if this decision as to the lease
courts, the holders of the 5% bonds will have ob¬
is affirmed by the higher
tained a signal victory.
The committee believes that the success thus far
organized representation by the committee of
realized has been due to the
5% bonds and in very large part to the unceasing efforts
of counsel to the committee, who have cooperated closely with the Inter¬
borough receiver's counsel in this matter.
the interests of the
The July 1, 1938
Interest and Sinking Fund Instalments
Judge Patterson signed an order authorizing
Interborough receiver to pay the interest on the 5% bonds
held by the public and on bonds pledged as collateral for the 7% notes
(which two items of interest aggregate $3,804,600) and that part of the sink¬
ing fund instalment required by the mortgage to be paid in cash, viz.,
$174,330.
This is the first occasion since tne receivership when the Court
has not autnorized or directed the receiver to make full payment of the semi¬
annual instalment of interest and sinking fund.
Heretofore this committee's
counsel has been successful in cooperation with Interborough receiver's
counsel and other Interborough parties' counsel, in obtaining the payment
on each
Jan. 1 and July 1, beginning with Jan. 1, 1933 and extending
through Jan. 1, 1938, of tne entire interest and sinking fund instalment.
The amounts so ordered paid during the period above mentioned nave
aggregated upwards of $69,000,000, and such orders have been secured pver
active opposition of all of the Manhattan parties.
Heretofore the Interborough receiver has had sufficient cash in his corpo¬
rate account to make tne foregoing payments, and the reason that the Court
at this time nas ordered less tnan the full instalment of sinking fund is that
tne Interborough receiver advised the Court that in his opinion there would
be available at June 30, 1938. only $4,810,000 in corporate cash account to
meet the total
interest and sinking fund instalment (partly estimated)
aggregating $6,274,000.
Thus for tne first time in the receiversnip the cash
available for the payment of fixed cnarges nas been less than sufficient to
cover the full interest and sinking fund on the 5% bonds.
This is due prin¬
cipally to the fact tnat the traffic has decreased, partly because of general
business depression conditions, and partly because of increased competition
from the city-owned Independent Subway and from bus lines.
At the
same time expenses have increased, partly because of the increased cost of
materials and supplies, but mainly because of a substantial increase in wages
granted to tne men during the last year.
Whereas in the fiscal year ended
After
a
hearing on June 22,
and directing the
June 30,
500,000
1937, the company earned approximately $13,348,000 of the $14,preferential, to which the Interborough is entitled under
that in the current fiscal year it will
company
Contract No. 3, the receiver estimates
approximately $10,000,000.
however, attention is ailed to the fact
has presently held that the Manhattan lease is un¬
profitable and may be disaffirmed and has stated that the Interborough
receiver will be required to account to the Manhattan for the net earnings
of the leased lines since receivership, or pay some equitable equivalent,
taking credit for all payments made by him to Manhattan bondholders and
on account of Manhattan taxes.
As indicated in Part 1, the Court still
has to determine tne proper formula for deciding the net earnings of tne
leased Jnes, but under the formula advocated by the Interborough receiver
and supported by this committee, the Interborough receiver has overpaid
the Manhattan an amount between $4,000,000 and $5,000,000 to wnich
Interborougn will become entitled if the Court upnolds sucn formula.
In
tnis connection the committee has taken the position that, with respect to
any amount so found to have been overpaid, the Interborough and its
creditors are entitled to a lien on the Manhattan properties and revenues
have earned
In connection with hit situation,
that Judge Patterson
Eriortherefore, asserted a claim onconsolidated 4% the sale and tne committee
to the lien of the Mannattan any portion of bonds, price of tne Man¬
as,
which was approved by Judge Patterson on
of Manhattan tax payments due the city.
quite possible tnat some formula will be established
by the Court whicn will show that the Interborough receiver will be entitled
to recover back from the Manhattan estate substantial amounts of over¬
payments.
The committee and its counsel are hopefui that to the extent
earnings improve so as to provide additional casn in the future or to the
extent that any of tne above overpayments may be available, the Court will
order the making up of any deficits in sinking fund payments; and in any
case they are of tne opinion that the Court will use available casn primarily
for the payment of interest and sinking fund instalments due on the Inter¬
borough secured debt.
hattan
Sixth
Avehue line,
June 24, in excess of the amount
In any case, it appears
Recent
As announced by Mayor
Unification Negotiations
LaGuardia on June 2, 1938, conferences between
representatives of the city, the Transit Commission, the Board of Transpor¬
tation, and various interests in the rapid transit companies have taken
place witn a view to seeing wnether a basis of agreement can be reached for
tne purchase by tne city of the rapid transit properties of the Interborough
Rapid Transit Co., Mannattan Ry. and the Brooklyn-Manhattan Transit
Corp.
In connection with the city's interest in this question, a section has
been proposed for the new constitution now being drafted, pursuant to which
the city would be permitted to issue an amount of bonds for transit unifica¬
tion purposes without including such bonds in the amount of debt which the
city is permitted by the constitution to incur and which is limited to a per¬
centage of the taxable property within the city.
This constitution is to b#»
Volume
Financial
147
submitted to the voters at the fall elections, prior to which time an attempt
will be made to reach an agreement as to the amounts to be paid for the
various classes of securities.
»
£ In the event tnat no agreement on unification is reached, the committee
feels that careful consideration should be given to
a plan for reorganization
of the mortgage securing the
fund is essential for the
protection of the security for the 5% bonds, as the lease under Contract
No. 3, which constitutes the most important part of such security, will
expire in 1967.
As stated above, the payment of interest on the 5% bonds
neld in the sinking fund, intended to constitute a steadily increasing part of
the sinking fund accumulation, will on July 1 be in default for the first time
since the receivership, although interest on the bonds held by the public,
and on those pledged for the 7% notes, is to be paid on July 1 pursuant to
the decision of Judge Patterson announced on June 22, 1938.
Earnings of
the Subway Division of the Interborough Rapid Transit Co. (excluding all
figures of the Manhattan Division, which includes not only the Manhattan
leased lines but also the extensions and jointly operated properties) are
of
the
Interborough,
bonds.
under
foreclosure
a
Tne maintenance of an adequate sinking
estimated at approximately $10,000,000 for the year ended June 30, 1938.
This sum is sufficient to pay interest at the rate of 5% on a principal amount
of debt equal to the combined total of the outstanding 5% bonds held held
by the public and the 7% notes secured by 5% bonds and, in addition, to
amortize such principal sum by the year 1967, when the lease by the city
of its properties to tne Interborough will terminate.
Need for
Additional Deposits
bondholders that the committee be em¬
powered to represent as completely as possible tne outstanding 5% bonds
for the purpose either of unification negotiations or of reorganization dis¬
cussions, tne committee urges that bondholders who have not yet deposited
their bonds witn the committee should deposit their bonds promptly with
J. P. Morgan & Co., 23 Wall St., New York, tne depositary of the com¬
mittee.
Such bonds must be deposited in negotiable form and accompanied
by unmatured interest coupons.
Upon such deposits, certificates of deposit,
listed on the New York Stock Exchange, will be issued.
At a meeting of the committee on March 25, 1938, the amendments to
tne deposit agreement were adopted, following their approval by Judge Pat¬
terson at a nearing heid on March 24, 1938.
T-iis notice advised, among
other things, that after April 23, 1938, depositors would, as a result of the
amendments to the deposit agreement, be permitted to withdraw only upon
payment of 2% (instead of 1% as theretofore) of the principal amount of
the bonds withdrawn, subject to possible partial refund.
The committee will continue to act as such without compensation.
In
Chronicle
271
Jewel Tea
Co., Inc.—Sales—
This company reports tnat its sales
for the four weeks ended June 18,
$1,800,775, as compared with $1,739,029 for parallel weeks in
an increase of 3.55%.
Sales for the first 24 weeks of 1938 were $10,954,915, as compared with
$10,543,712 for a like period in 1937, an increase of 3.90%.—V. 146, p. 3807.
1938,
1937,
were
Kanawha & Michigan
Ry.—Merger—
See Toledo & Ohio Ry. below.—Y. 85, p.
Kanawha & West Virginia
1402.
RR.—Merger—
See Toledo & Ohio Central Ry. below.
(Rudolph) Karstadt, Inc.—Earnings—
Year End.
Dec.
31
*37
11 Mos.End. —Years Ended Jan. 31—
Dec. 31
'36
1936
1935
Reichmarks Reichsmarks Reichsmarks Reichsmarks
Gross profit.
Net prof carried forward
from preceding period
82,308,012
75,498,706
-.
Rents receivable-
74,956
406,629
1,099,705
2,721,500
Other ordinary income..
Extraodrinary income..
8,556,350
Income from investments
Int. &divs. receivable.
.
79,033,040
26,150'
213,307
1,166,053
2,630,860
2,433,905
4,147,455
:.
3,199
158,078
1,328,645
2,879,595
2,428,980
10,603,593
71,666,317
194,082
x864,818
3,111,072
2,369,171
14,391,748
of the importance to
view
Interest
Total income
88,357,849
92,925,742
96,435,132
92,597,211
charges
46,208,093
Deprec. of buildings and
equipment..-..
5,162,562
39,839,842
40,819,860
38,710,027
6,636,028
6,450,950
14,693,895
75,462
305,001
185,012
19;844,618
2,750,000
145,820
145,384
262,217
16,607,162
877,100
200,511
1,745,672
16,029,946
Transfer to res.for adjust.
of assets
Depreciation
notiqe to the holders of the 10-year secured
convertiole 7% gold notes, due Sept. 1, 1932, states:
Pursuant to an order dated June 22, 1938 entered by the U. S. District
Court for the Southern District of New York, the receiver has paid to the
trustee, the interest due July 1, 1938, on the 1st & ref. mtge. 5% bonds
pledged as security for the notes.
By order of the Court dated Dec. 16,
1935, distribution of the funds representing such interest has been authorized
as of Juiy 1, 1938 on the basis set forth below.
The sum so received is sufficient to make payment on account of the
amount due on the notes of the sum of $43 per $1,000 note and appurtenant
Sept. 1, 1932 coupon and $1.45 per $35 coupon, which is at the same rate,
upon the outstanding and unpaid coupons maturing prior to Sept. 1, 1932,
appertaining to the above notes.
Pursuant to order of the Court the trustee will allocate the distribution
upon its records as follows:
Principal of
$1,000 Note $35 Coupon Total
(incl. int. at 7%
$960.56
$928,05
$32.51
31.38
1.10
32.48
10.17
.35
10.52
$41.55
$1.45
$43.00
$886.50
$31.06
.
.
22,242,004
10,800,000
334 407
diSsociditious
9,717469
Balance, profit
x
Interest
,
•
21,575,602
20,384,930
28,093
All other expenditures._
Losses on investments..
19,220
42,653
36,309
2,123,012
1,694,956
776,150
237.199
20,066,548
only.
Balance Sheet (Currency in German Reichsmarks)
4
Dec. 31
Assets—
*37 Dec. 31 '36 Jan. 31 '36
Property, buildings and equipment..
79,895,001
88,405,001
94,164,001
Investments
4,865,505
67,442,147
5.192,005
69,207,039
4,867,569
62,722,151
360,814
326,235
480,637
367,779
546,944
395,094
Current and other assets
Funds dep. with trustees for 1st mtge.
collateral 6% sinking fund bonds. _
Suspense items in debit.
152,889,704 163,652,462 162,695,760
Total
Liabilities
,
36,000,000
4,000,000
Capital stock
Statutory reserve
3,000,000
2,000,000*
4,500,000
9,917,166
1,800,000
Reserve for renewals
General
reserve.
Reserve for
$917.56
$43.00:
12th Distribution
invest's
on
Appropriations to res
Prov. for red. of outst'd'g
scrip
Subscriptions
to
trade
The Bankers Trust Co. in a
Balance due July 1, 1938
2,232,205
310,000
Other depreciationsInterest and taxes.
7% Gold Notes—
on
_
Wages, salaries and social
Other
-
pensions
reserves..
_
Welfare funds
Long-term indebtedness placed under
allocation plan:
1st mtge. coll. 6% s.f. bonds.
36,000,000
,4,000,000
28,854,000
1,000,000
_
2,000,000
1,500,000
4,000,000
3,500,000
11,354,792
1,400,000
8,388,420
800,000
,
.
Balance
due
distributions
after
of
as
the holders of such
such Sept. 1, 1932
1, 1932, respectively,
to the Bankers Trust
Co., trustee, at its corporate trust department, 16 Wall St., New York.
In cases where coupons are held apart from the notes, proportionate pay¬
9,573,102
Other loans secured by mortgages.
Indebtedness to banks
14,627,277
16,150,449
6,715,800
3,404,830
24,299,332
Reichsmark bonds
10,436,400
5,897,132
26,174,866
11,291,400
6,824,575
27,560,456
Long-term indebtedness
23,196,806
23,223,530
27,650,741
notes whether or
Other liabilities
21,164,252
21,378,948
15,866,272
and of such coupons maturing prior to Sept.
upon presentation thereof, for appropriate stamping,
Liability to scrip holders subject to
appro val of increase of capital stock
Suspense items in credit
Net profit
1,195,403
2,123,012
1,464,561
1,694,956
10,800,000
1,733,294
776,150
Accordingly, payments at such rates will be made to
not registered as to principal, and of
coupons,
separately.—V. 147, p. 114.
will be made
ment
152,889,704 163,652,462.162,695,760
Total
Iowa Southern Utilities
Period End. May 31—
Gross operating earns
Oper.exp.,maint. & taxes
Total net earnings
on
bonds
debt.
& oth. deduct'ns
mtge.
Int. on oth. fund.
Amort.
$4,062,385
2,400,561
$3,987,766
2,327,635
9,188
$112,343
10,270
$1,661,824
71,941
$1,660,130
97,270
$124,223
58,519
12,571
8,189
30,000
$122,614
58,519
12,585
7,505
26,250
$1,733,765
702,234
150,961
90,212
341,250
$1,757,400
$115,035
Net oper. earnings
Prov. for retirements
702,234
151,255
Kentucky Utilities Co.—Preferred Dividend—
The directors have
declared a dividend of 87 Yi cents per share on account
the 7% cumul. junior pref. stock, par $50, payable
(S. S.) Kresge Co.—Sales—
Period End. June 30-—
Sales-.
1938—Month—1937
1938—6 Mos.—1937
$11,293,038 $12,650,290 $63,730,079 $68,676,251
During June, company had 735 stores in operation, of which 679 were
American and 56 Canadian.
A year previous stores in operation totaled
53 Canadian.—V. 146, p. 3808.
735, with 682 American and
147, p. 115;
time.— V.
on
Aug. 20 to holders of record Aug. 1.
A like amount was paid on May 20,
last, and compares with $1.25 paid on Feb. 19, last; $1.62 Y Paid on Nov. 20,
last: dividends of 87M cents paid on Aug. 20 and May 20,1937; dividends or
$1.25 per share paid on Feb. 20,1937, Nov. 20, Aug. 20, May 20 and Feb. 27
1936; 87 lA cents paid on Nov. 20 and on Aug. 20, 1935; 50 cents paid on
May 29, 1935, and 25 cents on May 29, 1934.—V. 146, p. 3957.
94,647
$449,107
$494,264
Note—No provision has been made in the above statement for the Federal
surtax on undistributed profits applicable to income included therein for
1938, since the amount thereof cannot satisfactorily be determined at this
1424.
of accumulations
315,000
$17,754
$14,943
Net income
—V. 145. p.
1938—12 Mos.—1937
1938—Month—1937
$305,415
$307,602
190,380
195,259
Other income
Int.
Co. of Delaware—Earnings—
(S. H.) Kress &
Co.—Sales—
for the month of June were $6,235,036, a
9.6%.
months ended June 30 were $35,982,840, a decrease
$2,473,540, or 6.4%.—V. 146, p. 3808.
The sales of this company
(& Subs.)—Earnings—
Islands Gas & Electric Co.
Calendar Years—
$1,751,300
819,668
of subsidiaries- _
and other income charges of Islands Gas
income charges
$810,058
158,725
$758,965
28,885
Provision for retirements-
$798,695
11,363
$939,160
180,195
Non-operating income (net).
$1,661,307
$931,632
7,528
Operating expenses and taxes.
Interest and other
$651,333
8,619
Net income
700,523
Consolidated Balance Sheet Dec.
operty,
1937
Cap. stk. of Islands
Gas & El. Co.:
13 ,013.991 12,715,479
equipment
4 ,624,885
63,089
19,243
ah
72,580
101,669
440,166
453,360
$7
4,625.104
special deposits.
vestments
iking funds and
,
-—
c'ts receivable-le
from
her
inutile,
151,238
190,351
13,823
12,634
($1
par)
Long-term debt—
Notes payable
Accounts
50,000
50,000
100,000
100,000
9 ,251,104
2 ,500,000
2 ,018,250
9,612,104
stock
payable.
105,861
2,500,000
1.753,974
54,784
Consumers' depos.
materials,
supplies
335,533
288,003
f'd debit items.
68.145
67,367
ise.,
ind
pref.
cum.
stk. ($1 par)..
Common
Prop. pur. oblig..
foreign
receivables.
jovts. &
1936
$
$
Liabilities—
$
plant &
90,194
82.217
Accrued accounts.
476,487
337,460
505
6,157
2 ,753,956
2,647,920
1,510
Minority interest.
Capital surplus... 2 451,923
Earned deficit-— 1 016,340
2,464,284
Def'd credit itemsReserves
Total.
-V. 145. p.
18.783,453 18.473,212
1589.
I
Total
Kreuger & Toll Co.—Partial
The
nolders of certificates
Distribution—
of deposit representing 5% secured sinking
gold debentures deposited with the protective committee of which
Otis A. Glazebrook Jr. is Chairman are notified that a distribution of
Kr. 433.70 with respect to each certificate of deposit representing a $1,000
debenture and Kr. 216.85 with respect to each certificate of deposit rep¬
resenting a $500 debenture of Kreuger & Toll Co., will be made on July
fund
1938
15
'
'
1
1
fixed July 8,1938 as the record date for the determina¬
of registered certificates of deposit entitled to receive such
distribution, and only such holders as shall be the holders of record on the
date so fixed shall be entitled to receive such distribution.
A draft rep¬
resenting the above distribution will be mailed on July 15, 1938 to each
holder of a registered certificate of deposit registered in his name on the
books of the depositary at the close of business on July 8, 1938.
With respect to bearer certificates of deposit, such distribution will be
The committee has
made upon
31
1936
$•
Assets—
764,407
required for Eeueral income tax or surtax on
1937
of
862,612
$29,556 loss$121,693
—
-
The sales for the six
tion of holders
Interest
& Electric Co
Note—No provision was
undistributed profits.
decrease of $664,161, or
1936
1937
1,488
1.137,179
18.783,453 18.473.212
presentation thereof for perforation and stamping of notations
at Guaranty Trust Co. of New York. For the convenience
of such payments
of foreign holders of bearer certificates
been made whereby upon presentation
of deposit, arrangements have also
of their certificates of deposit for
perforation and stamping, payment of the amount of the distribution may
be received by holders of "London" bearer certificates of deposit at the
office of Guaranty Trust Co. of New York, London, Eng. (the issuer
thereof), and by holders of bearer certificates of deposit bearing the dis¬
tinguishing letters "EU" and "UNB," at the office of Swiss Bank Corp.,
Basle,
Switzerland, of Skandinaviska Kreditaktiebolaget, Stockholm,
Sweden, or of Stockholms Enskilda Bank, Stockholm, Sweden, in each
less any taxes which may be payable or withholdable by the paying
case
agent in th« country
of
of payment in connection therewith.
Bearer certificates
deposit will be redelivered at the place of presentation or sent by regis¬
mail in accordance with written instructions given- by the bearers
tered
presenting them or in letters accompanying them, as the case may be.
Holders desiring insurance coverage with respect to the redelivery of
bearer certificates of deposit must give clear instructions thereon and any
necessary disbursements will be deducted from the amount payable.
The above distribution will represent the full amount received from the
balance of the first distribution made by the Swedish Liquidators of Kreuger
& Toll Co., Kr. 38.90 per $1,000 debenture and Kr. 19.45 per $500 de¬
benture, the full amount (to the nearest practical fractions) received from
the second distribution made by the Swedish Liquidators of Kreuger &~
272
Financial
Toll
Co,, Kr, 383.59 per $1,000 debenture and Kr. 191.80 per $500 de¬
benture, and the full amount received from the first distribution made by
the Swedish Liquidators of the bankrupt estate of Ivar Kreuger, Kr. 11.22
per $1,000 debenture and Kr. 5.61 per $500 debenture.—V. 146, p. 3191.
Chronicle
Kroger Grocery & Baking Co.—Earnings—
(R.
24 Weeks Ended—
June 18 '38 June 19 '37 June 13 '36 June 15 '35
Net profit after deprec.,
Federal taxes, &c—-*$1,615,053 *$1,397,810
Number of shs. of com.
Before
x
surtax
1,821,989
$0.77
1,821,989
$0.88
stock outstanding
Earnings per com. share
undistributed
on
$984,840 y$2,353,947
profits,
1,813,092
$1.30
Includes $402,764
y
Earnings
.
Financial Condition
-
—
June 18 '38 June 19 '37
$34,863,556 $34,463,780
-----
Current liabilities
7,092,016
14,628,413
2.1—1
27,771,541
17.724,759
4,062
Ratio of cash to current liabilities.--
capital
—
-----—
Inventories
Number of stores in
—V.
147, p.
4.8—1
1 0,231,675
1.4—1
—
—
Net working
7,211,764
4.9—1
-
Current ratio
Cash—
operation
—
— —
27,252,016
21,862,419
4,184
117.
(G.) Krueger Brewing Co.—Earnings—
Earnings for the Year Ended Jan. 31, 1938
Income from sales after Excise taxes, discounts and allowancesCost of
$4,294,132
2,421,048
goods sold
Gross
profit—
—
Selling, delivery and administrative expenses. —
Operating profit
—.
-
— -
,— —
$1,873,084
1,277,086
$595,998
33,331
199,836
62,381
36,962
— ..„
Deductions from income (net)
Provision for
-.
depreciation.
...
Federal income and undistributed profits taxes.
Provision for contingencies
—
—
...
Lehman
-—
—
Earnings
per
— ~ -
—
$263,488
218,750
$1.05
—-—
—
share on 250,000 shs. of capital stock (par $1),
Balance Sheet Jan. 31, 1938
$334,669;
Assets—Cash,
unused
revenue
stamps
on
$33,659;
hand,
due from customers, after reserves, &c., $359,633; beer and ale inventory,
$316,112; raw materials, $65,983; Containers (barreis, boxes and bottles),
hand, with the trade, and against deposits, as per contra,
$379,870; plant and equipment (after reserves for depreciation of $511,610,
$2,755,042; investment in affiliated company, $18,000; prepaid expenses
and deferred charges, $47,729; total, $4,310,699.
Liabilities—Accounts payable and accrued expenses, $234,124; deposits
on
boxes and bottles, returnable to customers, as per contra, $102,581;
Federal income tax, $55,788; Federal surtax on undistributed profits,
$10,010; capital stock, ($1) $250,000; capital surplus, $2,357,702; earned
surplus, $1,271,486; reserve for contingencies, $29,007, total, $4,310,699.
—V. 146, p. 3019.
after reserves; on
Lane-Wells
A
Co.—Par
Value Reduced—
change in par value of the capital stock of this company from $10 to $1
approved and is now effective.—V. 145, p. 2851.
has been
Langendorf United Bakeries, Inc.,—New Loan Placed
Privately—The company has obtained a $500,(XX) loan from
the Equitable Life Assurance Society of the U. S. at 5%
interest.
The loan is to be amortized in equal amounts over
a period of 12 years with the privilege of paying it in a shorter
period.
1..
Proceeds of the loan
be used to pay off the outstanding 63^%
will
1st
mtge. bonds called for redemption Sept. 1 next at 102 and interest.—V. 146,
p. 3958.
Lawrence
Gas
Electric
&
Co.—Asks
for Proposals for
Bonds—
are to
be dated
as
of
July 1,1938, with interest payable semi-annually,
July and Jan., at a rate to be determined after proposals have been received,
be issued under
proposed first mortgage indenture to be made
with Boston Safe Deposit & Trust Co.. Boston, as trustee.—V. 146, p. 4122.
ana are to
a
-Balance Sheet Dec. 31, 1937
(H. D.) Lee Mercantile Co
$647,714
Cash...
c
Customers sects, receivable.
Advances to employees <fc
1,301,272
Trade accounts payable
Accrued taxes
Acer,
sales¬
—
$84,480
men's samples, less reserve.
28,174
Miscellaneous accts.
Miscellaneous accts. receivable
11,930
2,940,117
60,965
FederaJ and State income taxes
17,343
Res. for market decline on un¬
Inventories
Oust, notes & accts. receivable
15.980
Miscellaneous Investments
Plant sites
179,836
b Build., mach. &
Inventory of sundry supplies.
Earned surplus
$6,235.6341
————
6,535
47.510
Leath & Co. (&
...
Total.
Last
Quarter—
The
corporation report for the fiscal year ended June 30, 1938 gives a net
2,081,580 shares of capital stock outstanding equivalent to
a share, against $24.92 a share as of March 31, 1938.
The com¬
parable figure on June 30,1937 was $40.18 a share, which figure was arrived
at after deducting $1.61 a share for taxes and management conpensation
on unrealized appreciation as of that date.
Comparing the position as of June 30 with that of March 31, cash items
show a decline of about $3,600,000.
This decrease is largely represented
by the purchase on balance of 46,000 shares of stock and $260,000 of bonds.
Net unrealized depreciation of securities declined to $4,401,571 on June 30,
from $17,732,692 three months previously.
Examination of changes which occurred in the portfolio between March 31
and June 30 show that there were many more acquisitions than eliminations.
Most of the individual items, however, remained substantially unchanged.
In the agricultural machinery group 10,800 shares were acquired, con¬
sisting of 1,800 shares of Caterpillar Tractor; 7,300 shares of Deere & Co.;
800 shares of International Harvester; and 900 shares of Oliver Farm
Equipment.
in the automotive group two new items were 5,000 shares of General
Motors and 6,000 shares of Goodyear Tire & Rubber.
Existing holding
of 12,000 shares of U. S. Rubber as of March 31 was increased to 15,000.
In the building and construction group the most important changes in¬
volved acquisition of additional 5,700 shares of American Radiator and 2,800
shares
Johns-Manville.
of
The foods and beverages group saw an increase of 3,000 shares in Corn
Products; 1 ;500 shares of United Fruit; and a new acquisition of 5,200 shares
Foods.
industrial
Under
General
Electric
machinery and equipment stocks, 1,000 shares of
purchased and 3,000 shares of Westlnghouse sold.
were
The merchandising group was strengthened by an increase of 6,800 shares
in the holding of Montgomery Ward and 7,000 shares of F. W. Woolworth.
Metals and mining stocks saw an increase of 6,000 shares on Anaconda;
500 shares in Phelps Dodge; and 1,300 shares in St. Joseph Lead, while
5,000 shares of international Nickel of Canada, Ltd., and 1,000 shares of
Kennecott Copper were sold.
Oil holdings increased somewhat through the purchase of 5,000 shares of
Socony Vacuum, 1,400 shares of Creole Petroleum, 2,000 shares of Sea¬
board Oil, and 3,200 shares of Texas Corp., whereas 1,000 shares of Phillips
Petroleum were disposed of.
Some 3,700 shares of Atchison were purchased in the rail group but this
was offset by the sale of 4,100 shares of New York Central, 2,000 shares of
Northern Pacific and 4,100 shares of Pennsylvania RR.
In the steel list 2,500 shares of Bethlehem; 1,000 shares of National, and
4,800 Youngstown Sheet & Tube were purchased, and 5,000 U. 8. Steel sold.
The preferred stock list was added to in the utility and rail categories and
was otherwise without important change.
in the unlisted group, the corporation acquired $450,000 Commonwealth
Edison Co.
conv.
Bank of N. Y.
reduced
debentures 3H% of 1958.
Holdings in Chase National
reduced 1,500 shares and R-K-O Corp. common was
were
17,808 shares.
Income Account Years Ended June 30
1938
Interest earned
Cash dividends---.
Taxable divs. in secur—
Franch. & cap. stk. tax.
Regis., transf.,&c., exp.
Other oper. expenses
—
—
-.
$424,778
2,138,462
2,837
57,814
$2,728,497
103,336
78,410
428,578
$3,738,126
147,773
101,760
446,340
$2,566,077
152,924
62,995
389,787
$2,540,609
131,232
52,326
313,127
$2,118,172
$3,042,254
12,358,879
$1,960,371
10,055,847
$2,043,924
1,072,641
—
2,042
25,139
19,691
105,319
__——
Net realized prof, on inv.c 1,855,938
Net realized
profit on
commodity transact'ns
Recovery on real estate
loans & equities writ¬
ten off
20,328
Total income.
for
$600,121
1,882,674
-
$282,563 $15,420,824 $12,123,580
d2,015,000
al,359,797
Prov. for Federal taxes—
Prov.
1935
1936
$304,006
3,229,129
116,405
88,587
Miscellaneous income—
Total income.
1937
$318,653
2,304,511
105,333
------
$3,141,704
15,000
compensation
accrued under manage¬
ment agreement-—_
e908,485
427,247
$282,563 $12,497,339 $10,336,537
2,497,896
9,790,167
2,627,695
Dividends..
$3,126,704
xl,804,405
Balance,
surplus._.def$2,215,333
2,081,580
share.
$0.14
Shs. cap .stk. out. (no par)
per
Includes State income taxes,
a
surtax
on
undistributed
profits,
c
e
$2,707,172
2,065.065
$6.05
$7,708,842
679,500
$15.21
$1,322,299
681,700
$4.58
d Includes $55,000 for Federal
Under the terms of the management
Loss,
214,313
applied $337,865 of this amount to the purchase of shares of the capital stock
of the corporation.
Notes—-(1) The net unrealized depreciation of the corporation's assets
on June 30, 1938, based on market quotations or, in the absence of market
quotations, on fair value in the opinion of the directors, was $4,401,571.
The net inrealized
appreciation on June 30, 1937 was $13,072,385 after
deducting an allowance thereon of $3,345,000 for taxes and management
compensation.
(2) Under the terms of the management agreement no liability for mangement compensation accrued for the fiscal year ended June 30,1938.
(3) Dividends paid in securitirs which are taxable have been taken into
income, the basis being the proceeds from sale of such securities or the market
value as of June 30, 1938 for those securities still held.
The amounts so
taken into income were less than the amounts charged to surplus by the
distributing companies.
$6,235,634
Subs.)—Earnings—
'
In
agreement, and as shown in the report as of Dec. 31, 1936, Lehman Brothers
Represented by 192,692 no par shares, b After reserve for depreciation
$918,870. c After reserve of $139,385.—V. 143, p. 4159.
Years Ended Dec. 31—
Net sales.
.5
Up
5 ,796,202
Capital stock
a
of
Value
$30.72
Earnings
22,349
36,143
Prepaid Ins. & advertising....
—
15,192
991,150
1
equipment.
Trade-marks, goodwill & pats.
Total
payable-
completed purch. contracts.
a
On 450,000 common shares.
54,058
...
& commissions..
wages
Corp.-As.se/
Prof it for year...
Liabilities—
Assets—
y
asset value for
Profit-.----
Proposals for the purchase as a whole of a new issue of $1,500,000 1st
mtge. bonds, series A, due July 1, 1968, will be received at the office of the
Treasurer of the company, 441 Stuart St., Boston, Mass., up to 10 o'clock
a. m., Eastern Daylight Saving Time, July 20, 1938, at which time all pro¬
posals will be opened.
The bonds are to be issued for refunding outstand¬
ing $1,500,000 1st mtge. 4H% 20-year gold bonds, series B, due Aug. 1,
1940, which have been called for redemption on Aug. 1, 1938.
The coupon
bonds
$0-308
1938—5 Mas.—1937
$2,106,769
$2,238,622
469,572
533,082
$1,043
$1,184
Purchases Exceed Sales—
of General
Net profitDividends paid
$0,322
— .
138,485
non¬
earnings of company's subsidiary, Piggly
Wiggly Corp., which declared no dividends in the first six periods of 1938,
1937 or 1936.
'
>
_
share-
144,960
After provision for Federal income taxes,
—V. 146, p. 3670.
The statement does not include
-
per
1938—Month—1937
$522,924
$571,763
x
recurring profits.
Current assets—-
1938
9,
G.) Le Tourneau, Inc.—Earnings—
Period End. May 31—
Net sales.
x Net income---.
y
1,821,989
$0 54
July
Represented Dy: $2.50 cumulative preferred, 24,671 shares; common,
149,522 shares; (603 shares of preferred stock and 3.059H shares of common
stock are represented by old certificates which have not yet been surrendered
for new certificates under plan of recapitalization in 1936.)—V. 145, p. 2080.
a
1937
$2,723,324
2,604,410
$2,451,188
2,322,293
$118,914
154,666
$128,895
144,904
$273,580
35,000
8,000
$273,799
37,600
3,200
Balance, June 30,1937—
—
$81,739,884
Excess of proceeds over $1.66 2-3 per share (the value assigned
$230,580
61,905
74,762
Cost and expenses
$232,999
61,905
74,761
Amount transferred from capital stock account representing the
difference between $1.66 2-3 per share (the value assigned to
1936
.
Net profit from operations
Other income
Statement
of Surplus Fiscal Year Ended June 30, 1938
Capital Surplus—
Net prof, before provision for Federal inc. tax.
_
Provision for normal Federal income tax
Provision for surtax
on
undistributed profits..--_
_
to
capital stock) with respect to 16,515 shares of previously
unissued shares delivered under the management agreement-.
Net profit
Preferred dividends
Common dividends
i
Consolidated Balance Sheet Dec. 31, 1937
Assets—-Cash, $155,086; customers' instalment accounts receivable (less
reserve, $94,392), $733,178; other accounts and notes receivable (including
employees' current balances of $2,663), $11,865; merchandise inventories,
$497,612: cash surrender value of life insurance policies, $4,277; equipment
and leasehold Improvements (less depreciation reserve of $73,601), $130,961;
goodwill, $1; prepaid rents, insurance, &c., $40,520; total, $1,573,502.
Liabilities—Accounts payable for merchandise, expenses, &c., $38,270;
customers' deposits, $15,875; accrued salaries, commissions and extra com¬
pensation, $40,321; provision for general taxes, $32,717; provision for normal
Federal income tax and surtax on undistributed
profits, $42,330; reserve
for normal
Federal Income tax
on
instalment
sales
in
excess
of amount
payable in 1938, such tax being payable on basis of cash collection of re¬
ceivables, $57,357; reserve for store closings and contingencies, $32,533;
a capital stock, $795,729; capital
surplus, $197,173; earned surplus, $321.196; total, $1,573,502.
capital stock) and the new par value of $1 per share on 2,086,884 shares outstanding
542,256
1,391,256
Balance, June 30, 1938 (of which $87,710 is applicable to
to 5,304 shares of treasury stock). —
$83,673,396
—
Profit and
—
Loss Account—
Balance (debit), June30, 1937-Balance (profit) for the fiscal year ended June 30,1938
Dividends declared
Balance (debit), June 30,
—
1938—
The balance
.
.—$15,112,203
282,563
$14,829,640
—2,497,896
—
—
-x$17,327,536
(debit) at June 30, 1938 is made up as follows; Dividends
date of organization to June 30, 1938,
$25,446,083; accumulated income and profit and loss (profit) from date of
organization to June 30, 1938, $8,118,547; total (as above), $17,327,536.
x
declared by the corporation from
Volume
Financial
147
Balance Sheet Dec.
Balance Sheet June 30
1938
Assets—
1938
Secur. owned-- .53 ,061,159 67,301,178
Cash
l ,040,023
1,502,671
x
U. S. Govt.seourl3 .802,664
Invest, in real est
1 ,025,688
1,875
8.099
1
1
Payable for secur.
purchased
Accrd.
Receiv. for securi
2,974
79,958
191,307
pay--
Capital surplus.,
.
83,073,396 81,739,884
Profit & loss def. ..17,327,536
payable,
x
69.125,691
At
cost,
y
72,758,430
15,112.203
-.69,125,691 72,758,430
Total
Represented by 2,086,884 no par shares, excluding 5,304
of $87,710.
z Represented by 2,065,065
shares held in treasury, at cost
no
shares, excluding 5,304 shares held in treasury, at cost of
146. p
3808.
par
—V.
Lerner Stores
Sales.
—V.
$87,710
$23,414; customers'
for
advances
040.—V.
145,
p.
y
612.
$16,184,300
.
Loew's, Inc.—Earnings—
Weeks Ended—
Operating profit
Deprec,, taxes, &c
9, '38
June 3, '37 June 4,
Net profit before sub.
$7,390,495
x$8,352,675 x$l 1,714722
225
520
$169,599
60,333
v..;."Y;'.-vo
$108,473
69,040
4,530
v.-----
Other income
expeases
$553,204
44,837
loss$19,813
31,255
capital stock taxes
Payxnent under guar, of
divs. on pref. stock of
Lawbeck Corp. (net).
253,647
254,682
269,082
------
267,238.
257,221
stock outstanding.
$4.80
$7.07
x Before provision for surtaxes on undistributed
___
Oper. losses of real estate
subs, not consol. (be¬
fore depreciation).
100,792
166,664
141,532
$573,797prof$152,893
$319,150
$369,344
$5,840,351
Earns, per share on com.
$4.47
$3.50
profits.—V. 146, p. 2858.
Balance Sheet Dec. 31, 1937—Not
Inc.—Interest—
concerning the London Terrace Apartment Building,
compiled by Amott, Baker & Co., Inc., indicate that over the past year
the property has been able to pay 1% additional income interest above the
3% fixed rate.
The report points out that for the year ended March 31, 1938, gross in¬
come amounted to $654,409.
Average occupancy for the year was in excess
of 90% and net income, after payment of real estate taxes, amounted to
approximately $260,000.
The fixed 3% interest requirement on the first mortgage, which was set
in the recent 7/-B reorganization, amounted to $165,000 a year.
Excess
earnings for this latest fiscal year were used for the retirement of $68,600
par amount of the bonds.
The 1938 valuation on the entire property was raised from $9,325,000 to
$9,830,000. This increase of valuation, coupled with the higher rates, will
have the effect of increasing taxes on
the property by approximately
in Lawbeck Corp., $2,334,170; sundry
$5,708; total, $3,646,448.
$104,052: investment
estate,
receivables and prepayments,
data
Consolidated
Assets—Cash in banks, $387,264; listed stocks—at the lower of cost or
quoted market values, $475,253; investments in and advances to whollyowned real estate subsidiaries not consolidated, $340,000; investments in
real
London Terrace,
Statistical
210
Dividends received
$81,251
26,701
$148,127
21,248
Net loss for year..-..
'36 June 6, '35
---$12,907,877 $17,018,081 $11,488,106
$9,596,570
4,555,202
5,303,359
4,097,611
3,756,219
June
pref. dividends
1934
1935
1936
$516,881
36,113
loss$45,492
25,679
Write-down of listed stk.
146, p.3808.
40
profit realized on
sale of stock and bonds
Prov. for Fed'l income &
$3,621,895 $15,088,322
$3,3 56,529
__
Corp.—Earnings-
1937
Net
Administrative
1938—5 Mo.-?.—1937
1938—Month—1937
deposits, $9,636; accrued accounts, $6,715;
$56; reserves, $486,814; contribu¬
earned surplus, $144,823; total, $2,622,-
construction,
Manhattan-Dearborn
Total income
Corp.—Sales—
Period End. June 30—
$16,455;
(net),
total,
cash,
$2,442,168;
tions in aid of construction, $581;
Years End. Dec. HI—
Total
31, 1937
equipment,
and
$2,622,040.
Liabilities—7% cumulative preferred stock ($100 par), $900,000; common
customers'
570,620
—.—
328,550
and int.
...
2,197.225
managem't
compens.
ties sold
rec.
291,030
expenses & taxes
equities
plant
special deposits, $52,500; working funds, $1,205; accounts receivable
$61,305; materials and supplies, $39,951; deferred changes, $8,454;
stock ($100 par), $9u0,U00; 5% gold notes due Jan. 1, 1939, $5d,0UU; long
term debt maturing Jan. 1, 1939, $50,000; notes payable, $5u,000; accounts
73 311
—
Res've for accrued
Real estate loans &
accrued
yl,999,174 z3,362,905
payable
416,316
stock
Dividends
2,509,036
Misc.. investments
Capital
1,028,938
x
Divs.
5
Liabilities—
s
Assets—Property,
1937
$
1937
S
;
273
Chronicle
payable and accrued expenses, $14,131; capital
stock, 282,536 shares (no par), at declared value of $20 per share, $5,650,720; capital surplus, $556,593; deficit (Dr.), $2,571,289; treasury stock
at cost (3,132 sharas), Dr$3,707; total, $3,646,448.—V. 144, p. 4184.
Liabilities—Accounts
Ry.—Protective Committee for 4% Mortgage
Manhattan
Bonds
Urge Concerted Action—
The bondholders protective committee for Manhattan Ry. consol. mtge.
gold bonds, due April 1,1990, of which Van 8. Merle-Smith is Chairman,
today issued a statement urging holders of undeposited bonds to execute
and send promptly to the committee power of attorney to carry out the
4 %
committee's program
Avenue
line.
for the sale tq the City of New
The committee's letter dated June
York of the Sixth
30, states in part:
18,1938, Judge Robert P. Patterson of the U. S. District Court,
a decision authorizing the Interborough receiver to disaffirm
This decision, unless reversed, will result in the re¬
of the leased lines to the Manhattan receiver for separate, independent
On June
$15,000 a year—V. 146, p. 3507.
handed down
(K.y.) (& Subs.)—Earns.
Louisville Gas & Electric Co.
1938
1937
$10,934,732 $10,114,528
5,464,478
5,039,295
Years Ended May 31—
Operating revenues
Operating expenses, maintenance and taxes
Net oper. rev. (before approp.
Other income (net)..
for retire, res.).. $5,470,254
228,933
...
and other income (before
appropriation for retirement reserve)
$5,699,187
Appropriation for retirement reserve
.l_-_
1,181,000
Amort, of contractual capital expenditures
37,000
Net
oper.
308,118
Interest charges
$5,383,351
l,l8l,000
37,000
$4,481,187
(net)
Other income deductions.
*
Net income
—
-
1,134,351
160,220
329,167
19,300
149,679
25,000
17,351
$2,881,618
■,
Amortization of debt discount and expense
:
Amort. of flood & rehabil. exp. incurred during 1937
$4,165,351
1,090,882
income.
$2,838,968
Notes—(1) The above figures for the 12 months ended May 31, 1937 have
adjusted to reflect $43,345 of additional taxes applicable to the period
of 1936 included therein paid in 1937 and charged to surplus.
(2) No provision was made by the company for Federal or State income
taxes or for surtax on undistributed profits for the year 1936, as the com¬
been
deduction in its Federal and State income tax returns for
unamortized discount and expenses and redemption pre¬
mium and expense on bonds redeemed in 1936, which resulted in no taxable
income for that year.
Also, provision made for the year 1937 was reduced
as a result of deductions to be made in income tax returns for losses result¬
ing from the flood in Louisville during January and February, 1937.
No
surtax on undistributed profits was incurred by the other companies con¬
solidated herein fcr 1936.
No provision for surtax on undistributed profits
during 1937 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.—V. 146, p. 3958.
pany claimed as a
the year 1936 the
McCord Radiator & Mfg. Co.—To Extend
Debentures—
of 6%
and ex¬
issue of
$2,500,000 in 1928, there remain $1,413,000 currently outstanding.
Mr. McCord states that "present debentures do not mature until amost
five years hence, or Feb. 1, 1943.
In order to secure the desired modifica¬
McCord, President of this company, is asking holders
debentures for approval of a change in sinking fund requirements
tension of the maturity date from 1943 to 1948.
Of the original
C.
A.
tions in the annual sinking
fund requirements, it is obviously necessary to
longer period than five years over which to spread them.
On that
the proposal includes a change in the date of maturity to Feb. 1,
1948.
There will be no change in the 6% interest rate or other provisions
of the debentures.—V. 146, p. 3501.
have
a
account
,
McCrory Stores Corp.—Sales—
Period End. June 30—
Sales
1938—Month—1937
1938—6 Mos.—1937
$3,200,316
$3,365,005 $17,724,436 $18,381,038
201
Stores in
operation
—V. 146, p. 3809.
McLellan Stores Co.—Sales—
1938—Month—1937
$1,724,057
$1,82 ,943
p.
Manchester Gas
Maintenance
renewals
1934
$457,8.56
$469,075
278,308
42,518
255,965
45,735
$479,710
240,567
45,295
52,455
54,943
56,289
57,565
4,917
—
1935
$437,129
292,535
29,414
Ordinary expenses
1936
and
replacements
2,421
69,178
737
924
72,716
57,834
8,60/
1,147
55,237
def $8,876
$8,634
$47,411
$71,29)
Drl,869
Dr2,159
Dr4,007
1,546
def$10,746
$43,403
10,000
1,109
$72,837
12,500
426
Prov. for Fed. inc. taxes
Prov. for oth. Fed. taxes
Prov.
for other taxes
lines are now
As you are aware,
operated since
the Manhattan leased lines have been
so-called "Manhattan Division," which
leased lines, over certain "elevated
and over jointly operated properties
owned by the city.
Although he authorized the disaffirmance of the Man¬
hattan lease, Judge Patterson refused to authorize the disaffirmance of
certain contracts between Interborough and the City of New York which
require Interborough to provide free transfers between the leased lines and
the subway at 149th Street and Third Avenue and which further require
operation by Interborough over elevated extensions and jointly operated
1917
as
part of Interborough's
a
includes through operation over the
extensions" owned by Interborough
properties.
Certain of the
already announced their
parties to the proceeding have
appealing from this decision and Judge Patterson has stated that
in order that the present operation of the properties may
be continued pending the outcome of such appeal.
There can be no doubt
that Judge Patterson's decision permitting disaffirmance increases the
gravity of the situation confronting the holders of the consol. mtge. bonds
and emphasizes the necessity for prompt and concerted action by them for
intention of
he will grant a stay
their
protection.
own
by the City of New York of the real estate and special franchise
the property securing the bonds took place on June 30 last.
with interest to Aiiril 1, 1938, anount to $7,949,071, and
taxes now due for the first half of 1938 are added, the total liens
The sale
tax liens upon
The tax liens,
when
The city itself was the purchaser
12% interest rate.
These
consolidated mortgage and may be
taxes and all current taxes are paid
as they accrue.
Based on 1938 assessments and tax rates, these tax ac¬
cruals will probably amount to about $2,400,000 a year.
The committee
cannot over emphasize the extreme jeopardy arising from this tax situation.
Under Judge Patterson's disaffirmanance decision, the Manhattan par¬
ties cannot look to the Interborough receiver to satisfy the tax lien
but
must themselves provide the large sum required to avoid
a sacrifice of
their properties.
The Manhattan equity still has not evidenced its ability
and willingness to provide any portion of these taxes and the committee
still feels than an assessment upon the holders of the bonds is a hardship
which should be avoided if possible.
In view of the disaffirmance decision,
the committee is of the opinion that the only practicable solution of these
tax difficulties is the prompt sale of the Sixth Avenue Line to the City of
New Yo'rk for the sum of $12,500,000, out of which overdue taxes with
amount
to
approximately $8,625,000.
lien sale and bid in the tax liens at a
at the tax
liens are, of course, ahead of the
foreclosed unless interest on past due
tax
interest will be
paid.
submitted its program to Judge Patterson
„
,
,
for his approval
petition dated April 26, 1938.
Extended hearings were held and evi¬
dence submitted as to the fairness of the jiroposed price and as to the de¬
structive effect of competition from the new Sixth Avenue Subway which
is being built directly under the Sixth Avenue Elevated Line.
After the submission of briefs and the hearing of argument, Judge Pat¬
terson on June 24, 1938, handed down an opinion giving general approval
to the proposed sale and authorizing the committee to taice steps looking
towards the consummation of such sale.
Judge Patterson's opinion states
a
.
1937
$2,000,000 in
being run at an actual operating loss, as claimed by the Interborough re¬
ceiver, there can be no doubt that any income above operating expense
fails by wide margin to meet the rent and that this has been the condition
since receivership."
in part:
".
Co.—Earnings—
Operating revenue
for
1938—5 Mos.—1937
$7,737,387
$8,342,038
3809.
Calendar Years—
Prov.
a year, made up of about $1,500,000 in taxes and
bond interest and dividends.
Whether or not the Manhattan
by
Corp.—Registers with SEC—
Period End. June SO—
146,
197
first page of tnis department.
Sales
—V.
Judge Patterson stated in his opinion:
"There is ample proof that the Manhattan lease is burdensome to the
Interborough insolvent estate and to the creditors interested in it and that
if payments of rent under the lease are to be made, they must, in part at
least, come out of what the receiver earns on subway operation.
The mini¬
mum fixed rental called for by the lease as readjusted since 1922 exceeds
The committee
McKenna Oil
See list given on
turn
operation.
$3,500,000
revenue
-
Gross
$5,075,233
the Manhattan lease.
,
of the ordinary in two features.
The
amounting to $8.500,000 threaten to en¬
the present case is out
first is that the tax arrears, now
gulf the entire mortgage estate.
Unless the tax arrears are promptly paid,
the interests of all parties, bondholders and stockholders alike, will be at
hazard.
The Manhattan company, while opposing the petition, has not
brought forward any other feasible method whereby money to discharge
the tax lien may be raised.
The second feature is that within two years
the Sixth Avenue line will be faced with competition from a subway, and
the result cannot fail to be dammaging.
No other line of the Manhattan
company has competition as direct and severe.
"The program set forth for separate sale of
.
.
the Sixth Avenue Line on
Interest on funded
debt.
unfunded debt..
5,000
Int.
1,321
$6,475
7,500
1,571
interest._
Amortization of debt dis¬
455
479
581
206
311
420
531
less than $12,500,000, out of which the taxes now
in arrears will be paid to the city, will be approved, and the petitioners
may request the Central Hanover Bank & Trust Co. as trustee to take the
necessary steps."
The committee, therefore, on behalf of its depositors and certain other
bondholders, has requested Central Hanover Ban* & Trust Co., trustee
under the consol. mtge., to proceed with the pending foreclosure action,
to the end that the Sixth Avenue Line may be sold.
Under the terms of
the consox. mtge. the trustee is required in connection with foreclosure
$3,387 prof$31,292
33,750
7,875
prof$59,129
63,000
proceedings to comply with directions given by the holders of a majority
of the bonds.
The committee therefore should be put in a position, as
speedily as possible, to give any directions necessary to advance and con-
Operating income
Non-operating income..
Gross income
on
Miscellaneous
count and expense
251
'
$17,729
Net loss
Preferred
dividends....
foreclosure for a sum not
Chronicle
Financial
274
July 9, 1938
sixth well is drilling, the cost of
V. 146, p. 4124.
to the trustee to proceed with
sell or cause to be sold in the
proceedings, either all the property covered by the lien of the
consoi. mtge. or the Sixth Avenue Line separately.
Any delay may jeopard¬
ize the arrangement with the city, which is insistent upon acquiring the
Sixth Avenue Line promptly.
The committee at present represents and speaks for 43.7% of the bonds
and has received letters from holders of an additional 6.3% of the bonds
indicating their approval of the proposed program for the sale of the Sixth
Avenue Line.
In order that the committee may act on behalf of the hold¬
ers of undeposited bonds who are in favor of its program, the committee
should be authorized specifically to represent and speak for such bondsumxuate Its program, including directions
the foreclosure of the consoi. mtge. and to
foreclosure
Mississippi
•
;
Manila Electric Co.Total oper. revenues.',.Total oper. exp. & taxes.
$920,228
717,926
$726,055
638,467
$632,174
589,123
$142,796
43,378
$202,302
48,742
$87,587
27,888
$43,051
30,492
22
$153,560
$99,418
Operating income
Equipment rents
Joint facility rents
838
486
579
864
9,200
1,646
7,339
1,355
6,684
1,393
$106,382
60,626
9,646
116,855
14,239
$164,892
46,239
8,504
117,801
16,499
$68,951
33,801
8,179
123,795
7,860
$21,499
30,310
8,232
87,776
37,096
$94,985
182,345
$24,152
181,399
$104,684
175,404
$141,915
166,424
$277,330
Gross income
Equipment rents
Joint facility rents
$205,551
$280,089
$308,340
Int. on funded debt
Miscellaneous..--
—...
Net deficit
Sinking fund deductionsDeficit
Balance Sheet Dec. 31
1934
$5,349,366
3,335,070
$4,969,509
3,010,952
$4,719,685
2,735,943
$4,735,942
2.532,065
Cash—
Deposits
to
pay
due Jan.l
coups,
Liabilities—
$8,629,123 $8,675,977
103,089
117,288
Investment
1935
1936
1937
Assets—
-Earnings—
1936
Operating income-$2,014,296
Other income
20,066
$1,958,557
$1,983,741
$2,203,877
37,171
384
5,028
$2,034,362
interest on funded debt.
103.457
Total other deductions.i
1,112,797
$1,995,728
113,290
1,091,984
$1,984,125
122,707
1,028,340
$2,208,905
131,926
1,066,715
60.498
Traffic & car serv.
Audited accts. and
19,262
20,679
payable—
101,703
80,416
Miscell. accts. pay.
946
12,335
261.456
131,101
balances payable
$818,108
1,075,000
$790,454
$833,078
1,800,000
$1,010,264
Due
from
—
—
-
900,000
139,665
receivable
802
Working
from affil.
tured
funds, &c
1 993,000
Other
18,625
4,461
34,570
455,991
489,919
439
unadjusted
credits.
Add'ns
—
to
prop.
42,990
42,106
3,052,315
2,869,970
1,356,198
res..
Deficit
Total.....
1,075
625,000
925,000
225,928
23,405
183,056
Taxes accrued
105,048
58,510
18,625
Other def. liabils—
1,079,491
Total
...$8,953,652 $8,972,770
.
....-$8,953,652 $8,972,770
—V. 147, p. 120.
Notes pay. (banks)
-
5,809
9,443,377
(contra)
Mississippi Power & Light Co.—Earnings—
97,418
206,625
70,417
Miscell. accruals..
150
356
238,270
& line deposits-.
Mat'ls & supplies.
447,588
394,617
Reserves
872,892
Def'd debit items.
587,774
668,466
Corporate surplus.
254,277
$1,600,529
2,226
$1,453,107
2,624
$1,598,303
2,099
$1,450,483
2,110
$1,600,402
$1,452,593
817,700
817,700
75,486
380,000
Consumers' service
286,138
1936
$5,941,216
4,108,109
Operating revenues
Operating expenses, including taxes
Property retirement reserve appropriations
29,003
80,021
151,454
Notes receivable-Accts. receivable—
1937
$6,881,430
4,706,067
574,833
Calendar Years—
23,117
94,836
Interest accrued—
(incl. working
Inter¬
llabils.
2,193,000
debt
575
1,075
Deposits with trus¬
tees
for sinking
Cash
3,997
19,061
4,861,000
Accounts payable-
(contra)
482
debits
curr.
through surplus-
Matured bond int.
575
828
un¬
est accrued
Other
Sinking fund
able to parent co. 9 ,877,850
int.
Unmatured
316
♦
828
Unadjusted
Notes & accts. pay¬
ma¬
bond
72,939
ad¬
$
bll 446,000
Funded
8,479
36,969
cos—
for
fund
mac.
paid
18,017
17,979
Mat'ls & supplies.
1936
$
$50)
Notes & accts. rec.
Deposits
Interest
Common stock (par
24 ,103,295 25,669,664
61,482
61,482
Investments
8,975
ac¬
vances
1937
Liabilities—
$
3,592
conductors.
Other def'd assets.
1936
1937
Assets—
wages
counts receivable
Balance Sheet Dec. 31
Fixed capital
agents
Miscellaneous
Interest
Dividends—
24,832
1936
1937
13,940,000 $3,940,000
2,187,100
Long-term debt— 2,187,100
Loans & bills pay.
225,000
225,000
Capital Btock
22,324
■
lce balances rec.
and
Gross income..
i
$12,558
2,004
4,122
Miscellaneous
Traffic & car seiv-
Net income..
2
$59,677
Uncoil, railway revenue-
:
1937
Years End. Dec. 31—
1934
1935
1936
790,217
Net oper. revenue..-T
Tax accruals..
Transit Master Named to Hear I. R. T. Elevated Claims—
Federal Judge Robert P. Patterson announced July 6 the appointment
of Walter H. Pollak as special master to take testimony on a formula for
adjustment of claims or the Interborough Rapid Transit Co. and the
Manhattan Ry. against each other.
The question of these claims will
become material if appeal courts uphold Judge Patterson's recent decision
giving the Interborough receiver the right to disaffirm the company's
999-year lease of the elevated lines owned by the Manhattan Co.—V. 147,
,
1937
$933,014
Operating expenses
k°Accordingly,
119.
RR.—Earnings—
Central
Calendar Years—
Gross operating revenue
all holders of undeposited bonds, including those who have
already sent in letters of approval, are strongly urged to sign and mail
promptly to the secretary of the committee power of attorney authorizing
the committee to speak on their behalf in fa vor of this program.
The Secretary is O. E. rfigler, 70 Broadway, N. Y. City.
p.
which is being sustained by Bridgeport.-
60,509
funds)----
See b
Capital surplus
Net
operating revenues
Rent for lease of plant (net)
2,354,794
535,234
Operating income
income (net)
a6.585.000
—
Other
.25,702,993
Total
Total
..--25,702,993 27,298.910
Gross
b Including amount of capita
146, p. 3508.
from earned surplus,
Appropriated
a
27,298,910|
Interest
surplus appropriated from earned surplus.-—V.
Matson
Navigation Co.—Earnings1937
Calendar Years—
profit from vessexs'
operations
-----
$1,187,534
1,059,177
$980,960
1,579,389
$387,763
1,211,165
$490,997
1,071,309
Net income after prov.
for Fed. income tax. $2,246,711
$2,560,349
$1,598,928
1,545,856
$1,562,306
1,467,126
8,150,700
earnings.
Dividends
Dividends
2,538,275
$6 preferred stock.
on
capital stock outst.
Earned per share
Par $100.
x
y
$334,420
yl,660,199
$1.35
adjusted net income
was
$i.45
No par value.
General Balance Sheet Dec. 31
1937
1937
$
1936
$
1936
S
Assets—
$
Liabilities—
1936
S
$
5,274,417
Accounts payable.
1,811,802
1.982,765
4,805,108
3,787,891
Accrued items pay.
420,438
633,526
Deferred
credits..
716,992
324.567
items rec..
1,793,419
789,921
for
self-carr.
MatIs & supplies.
394,946
.
Marketable securs.
Notes,
and
accts.
accr.
Inv. In secur.
items
y
Capital stock...33,203,980 35,257,400
stock
scrip
lrac.
■*.'
from
3,013,966
ins., repairs, &c.x21,865,565
409,717
of, &
rec.
Res.
100
certificates
Capitalsur. paid in
dep. on acct. of
self-carr.ins., &c
310,458
870,122
577,771
62,276,203 44,700,892
Total...
Includes $19,451,716 reserve for depreciation,
Represented by 1,060,199 (1,762,870 in 1936) no-par shares.—V. 146, p. 282.
x
...
y
payable
b4,669
7,856
Currently
matur'g
657,122
Mat'ls & supplies.
226,151
669,786
182,389
and A. S. Men¬
asco, former President, has been elected Vice-President, according to a
letter mailed to stockholders by the board of directors.—V. 146, p. 3809.
May—
railway
Net from railway.
270,734
22,384
Accrued accounts. \
765,303
Reacq. cap. stock.
172,200
172,200
(contra)
11,139
12,749
Conslgn's
Gross from railway
railway.
Net after rents
—V.
147,
p.
Mission
on
and expense....
487,823
512,316
Other def'd chgs..
3,685
3,750
1,251,470
Contributions
16,654
200",88i
36,739,958
1,514,491
...37,285,156
Total
1,883,139
36,739,958
a
Represented by $6 pref. cum. (entitled upon liquidation to $100 a
share); authorized, 100,000 shares; outstanding, 69,000 shares; $6 second
pref., cum. (entitled upon liquidation to $100 a share); authorized, 50,000
shares; outstanding, 35,000 shares; common, authorized, 1,500,000 shs.;
outstanding, 1,000,000 shs.
b Notes receivable only,
c In aid of con¬
struction.—"V
146, p. 4124.
.
Gas Service
Corp.—Earnings—
1937
Calendar Years—
Operating revenues—Gas
Merchandise and jobbing—net....
Total
1936
1935
$533,531
18,217
$498,286
31,347
$476,520
25,151
$551,748
347,499
$529,633
343,186
20,510
17,689
$501,670
314,152
17,692
Uncollectible accounts
2,672
52,916
2,025
47,677
46,734
$128,152
$119,056
190
585
$123,369
3,546
$128,342
36,533
$119,641
22,033
$126,914
19,933
45,825
1,060
45,825
893
45,825
1,148
$44,923
$50,889
$60,008
44,923
50,889
60,008
„
Operation.
—
Taxes (see note)_Net operating revenues.
Non-operating income—net
Provision for retirements
530.492
642,404
210,115
342.052
interest
Oct.
1935
$1,969,312
599,175
348.006
10,550,882
1,634,138
310,016
9,775,405
1,321,513
def45,335
on
1st mtge.
1, 1956
—
—
_
Net income.
Provision for 1st mtge. income
series A and B
8,334,862
570,829
def589,832
bonds,
Remainder
;
Nil
Note—No provision was
undistributed profits.
CY277
bonds due
5%
Sundry int. & other income charges.
121.
Nil
required for Federal income tax
or
Nil
Federal surtax
on
Balance Sheet Dec. 31, 1937
Corp.—Acquisition—
operating company by recently
acquiring SU acres in the Habiger area, Rice County, Kansas, from Bridge¬
port Machine Co. for a cash consideration of about $250,000. Until May 12,
last, when stockholders authorized directors to actively engage in the oil
business as an operating company, Mission had been solely a holding
company with investments in Tide Water Associated Oil Co., Skelly Oil
Co. and Pacific Western Oil Corp.
On acreage just purchased, there are five producing wells with potential
of better than 20,000 barrels and allowable production of 174 barrels.
A
Company has taken its first step
1,653,129
Reserves
Earned surplus...
(
8,744,518
324,090
—df1,177,493
64,366
12,749
48,317
Capital surplus
37,285,156
4,409
32,511
11,139
(contra)
Sundry credits
c
247.965
(749,708
1
liab's./
Miscell. liabilities.
Gross income
216,045
def74,504
curr.
Conslgn's
Unamort. debt dis.
June 17 approved the lease
[Including Wisconsin Central Ry.l
1938
1937
1936
$1,836,331
$2,432,287
$2,337,725
Misc.
5,008
Maintenance
From Jan. 1—
Net from
debt & interest.
15,266
120.
Net after rents.
Matured long-term
rec's...
cur. assets..
Non-curr.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
Gross from
65,910
Cust's' deposits
by
Mound City & Eastern Ry. of that part of the Leola branch of the Min¬
neapolis & St. Louis RR. extending from a point outside the city limits of
Aberdeen, to Leola, 29.6 miles, all in Brown and McPherson counties,
p.
49,535
debt.
45,114
50,928
Minneapolis & St. Louis RR.—Lease—
147,
long-term
35,366
Middleport & Northeastern Ry.—Merger—
See Toledo & Ohio Central Ry. below.
The Interstate Commerce Commission
payable
45,952
Menasco Manufacturing Co.—New President—
H. Dak.—V.
__
Misc.
Mobile
G. W. Carr has been elected President of this company
>
190,000
Contracts
...
Total
62.276,203 44,700,892
Total
262,391
190,000
37,894
714,595
.
Prepd. & del. ckgs.
255,507
Loan
574
222,222
36,612
—
Special deposits.
2,596,344
Capital assets dess
depreciation). .36,587,781 14,971,965
15,399,641
16,775,889
Accounts payable.
997
332,145
Investments
Gash
892,125
18,174,616
.
$
$
Cap.stk.(no par) 15,399,641
Long-term debt...16,704,624
a
Plant, prop., fran¬
200
945,309
Earned surplus... 3,312,017
sub. & other cos. 12,425.974
U.S. Govt.sees.on
1936
1937
Liabilities—
Prepayments
5,088,394
Cash-.
31
Sheet Dec.
1937
Assets—
Accts. receivable..
$53,072 df$8055,520
x352,550
x325.960
$4.79
$4.54
369,974
indicated for the period.
Notes & loans iec-
$22,074
yl,762,87o
$559,407
$700,701
403,608
—
chises, Ac. ——35,256,027 34,799,795
Balance, surplus
Shs.
82,001
Note—No provision for Federal surtax on undistributed profits for the
12 months ended Dec. 31, 1936 was made since no taxable undistributed
Balance
1,912,291
paid, cash
8Lock dividend paid
-
bonds
mortgage
Net income..
1934
1935
1936
Net
Miscellaneous
income
on
Other interest and deductions—------
as
an
i
Assets—Property,
plant
and
equipment
(incl.
tangibles),
$2,640,430
miscellaneous investments, $9; special deposits, $55; cash, $35,801; notes
receivable
(less reserve, $1,186), $1,578; accounts receivable, $142,289;
rental, $23,620; merchandise, materials and supplies, $29,968
items, $5,803; total, $2,879,656.
capital stock (authorized and outstanding, 5,000
shares without par value), $430,701; 1st mtge. 5% bonds, $916,500; 1st
mtge. 9% income bonds, series A, $679,550; 1st mtge. 7% income bonds,
series B, $236,950; accounts payable, $66,514; accrued accounts, $18,847'
appliances
deferred
on
debit
Liabilities—Common
Volume
147
Financial
Chronicle
consumers'
deposits, $21,228; service extension deposits, $6,115; reserves'.
$503,249; total, $2,879,656—Y. 146, p. 1718.
\2Mos.End.
11 Mos.End.
Month End.
Dec. 31. *37
Nov. 30, '36
Dec. 31, '36
$1,506,728
Period—
Operating
$1,358,636
$125,121
4,807
3,482
48,958
15,309
19,015
revenues....
Power purchased
Gas purchased.
\
162,192/
*
r
Operation
Maintenance
552,361
120,048
230,574
127,139
538,257
157,771
172,513
118,889
$314,414
6,633
_
$280,779
3,756
_
...
Provision for retirements & deprec
Taxes
Net operating income.
Other income
...
Interest
funded debt
on
$321,046
222,285
5,230
...
General interest (net).
Amortiz. of bond disc't & expense
Miscellaneous deductions
56,284
34,142
_
_
_.
393
$284,535
291,087
$23,081
18,524
1,060
90,252
36,915
7,991
290
-
10.862
$22,688
!
«. «.
_
$3,496
Consolidated Balance Sheet Dec. 31
1937
1936
Liabilities—
Property, plant &
equipment.
Property not used
or
useful
Funded
42,559
Deferred
40.311
40,311
Accounts payable.
Prov. for reorgani¬
Misc. special funds
180
&
accts.
2,377
funds).........
141,615
441,792
income
144,061
62.031
taxes
1,540
108,416
329,611
Misc.
liabil._
4,289
5,725
17,500
Customers' depos.
Customers' adv
80,725
177,341
Mat'Ls and supplies
61,504
Contributions....
19,522
6,904
Earned surplus...
96.738
3,496
Total.... .....$9,235,507
$9,334,971
Tofal...... ...$9,235,507 $9,334,971'
a After reserve
of $11,032 in 1937 and $7,396 in
receivables.—V. 146, p. 3810.
1936 for uncollectible
RR.—Merger Discussions—
See Gulf Mobile & Northern RR. above.—V. 147,
p. 121.
Montreal Light Heat & Power
Electric output in June totaled
89,828,680 kwh. in the like
(Tom) Moore Distillery Co.—Assets—
In a letter to stockholders explaining the reasons for the recent
petition
for reorganization under 77-B of the national
Bankruptcy Act, a stock¬
holders' committee, containing two directors, has
included a May 31
total current assets
On Dec. 31, 1937, cash was
$14,127, total current assets $1,030,281, and current liabilities $734,565.
—V. 146, p. 3961.
balance sheet showing cash amounted to
$717,063, and current liabilities $442,662.
Mountain States Power
$12,268,
Co.—Revamping Plan Filed—
The company, a subsidiary of Standard Gas & Electric Co. and a
pre¬
ferred stockholders' committee have jointly filed an
application with the
Securities and Exchange Commission for approval of a plan of
reorganization
Another plan of reorganization previously had been filed
by
a bondholders'protective committee.
The treatment proposed for
security holders and the clhim of Standard Gas
& Electric Co. under the new plan is as follows;
1. For each $100 of 5% first
mortgage bonds, series
receive (a) $100 of new
2.
(a)
$100 of
stock
new common
4.
For
each
25
having
shares
of
a par or stated value
stock
of $25.
Standard Gas & Electric Co. for its disputed claim filed in the reorgani¬
proceeding will receive 130,993.54 shares of new common stock, but
neither Standard Gas & Electric Co. nor Standard Power &
Light Co.
will be given any participation under the plan for the 88,530.38 and
25,355
shares of
common stock held by these companies.
The reorganized company will be authorized to issue a total of $17,400,000
new
securities as follows: 4Yi%
first mortgage bonds (2C-year bonds),
$8,182,250; 4% cumulative preferred stock, $25 par, $5,304,400; common
stock, par or stated value, $25, 400,000 shares authorized, 156,534 shares
to be issued as follows; Standard Gas & Electric Co., 130,393.54
shares;
6% bondholders, 23,450.60 shares; 5% bondholders, 1,545.20 shares; com¬
mon stockholders
(exclusive of Standard Gas and of Standard Power &
Light, 1,144.66 shares, $3,913,350, subject to right of preferred stock¬
holders to elect to take new common.
The application states that the proposed plan does not purport to
carry
of the "death sentence" of the Public Utility Act, but by
out the purposes
placing the investment of Standard Gas in more marketable form, however,
it is contended that it may facilitate the ultimate simplification of its
corporate structure.—V. 146, p. 4125.
1
Income Account Six Months Ended June
30, 1938
$236,960
92,356
14 726
:
Tsixgs
Adjustment of
taxes accrued in 1937
Crl9,746
$149,624
__
Dividends declared
127,140
Security Profits Account Six Months Ended June 30, 1938
Loss realized on sale of securities,
computed on Fed. inc. tax basis $1,186,168
Excess of recorded value over market value of investments in
common stocks—at Dec. 31, 1937
$3,095,042
At June 30, 1938
190,288
$2,904,753
Balance Sheet June 30, 1938
A Q^Pf*?
-
Cash
$1,053,389
52,363
subscriptions to capital stock
71,706
Common stocks (recorded at Federal income tax cost, $15,818,123), market value..
15,627,836
Participation certificate in corporation formed to liquidate
closed bank, carried at remaining amount of claim ($30,500)
less allowance for possible loss ($30,499).
1
Prepaid insurance
_.r
!
528
Dividends receivable
Receivable
on
$16,805,822
Deduct—dividend payable on capital stock.
Payable on capital stock repurchased
62,231
6,329
Accrued expenses...
6,750
43,850
23,414
Provision for taxes
Reserve against purchase warrants
Net assets
$16,663,247
Represented by—
Capital stock of $1 par value—Issued or issuable
shares (incl. 478,433 shares held in treasury)
Capital surplus
3,589,094
$3,589,094
17,557,854
—
Less—Capital stock held in treasury—478,433 shares
.
$21,146,948
3,149,073
$17,997,875
Income surplus—Dec. 31, 1937
22,710
149,624
Drl27,140
3,365
—
Net income for the six months ended June 30,1938, per inc. acct.
Dividends paid or declared on capital stock
Security profits surplus (deficit) Dec. 31, 1937
Loss
realized
for
six
tne
months
June
ended
30,
1938,
per
1,186,168
security profits account
Excess of recorded value
common stocks
market value of investments in
over
_
$16,663,247
-
.
—V. 146, p. 2379.
■
Drl90,288
'
Liberty
Insurance
Co.
America—Extra
of
Dividend—
The directors have declared an extra dividend of 10 cents per share in
addition to the regular semi-annual dividend of like amount on tne capital
$2, botn payable Aug. 15 to holders of record July 30. A similar
paid on Feb. 15, last, Aug. 16 and Feb. 15, 1937 and on Aug. 15
Extra dividends of 5 cents were paid on Aug. 15 and
Feb. 20, 1935, and on Aug. 13, 1934.—V. 146, p. 284.
stock,
par
extra was
Public Service
Corp.—Sale Adjourned—
The sale at public auction by the New York Trust Co. as trustee under
indenture of 712,411 shares of the common stock of Jersey Central
the
Power & Light Co., originally advertised for Sept. 10, 1936, at the auction
of Adrian H. Muller & Son, auctioneers, at 75 Montgomery St.,
Jersey City, N. J., has been adjourned until Aug. 10, 1938, at the same
place.—V. 146, p. 3811.
block
Neisner
Brothers, Inc.—Sales—
Period End. June 30—
Sales
—V.
1938—Month—1937
$1,632,104
$2,063,993
1938—6 Mos.—1937
$8,602,079
$9,934,742
146, p. 3812.
New Haven Gas
1937
Maintenance
for
1936
1935
1934
$2,388,411
1,519,931
Operating revenue
Ordinary expenses
Prov.
Light Co —Earnings—
$2,389,033
1,518,210
86,160
$2,363,067
1,513,927
96,349
$2,458,457
1,527,108
70,892
72,929
7,675
Years—
Calendar
—
renewals
89,754
103,790
and
Prov. for Fed. inc. taxes
a86,393
Prov. for other Fed.taxes
11,613
215,230
71,671
83,443
6,168
211,256
202,700
73,753
85,323
7,054
199,015
$415,489
91,116
$412,124
89,231
$398,593
96,839
$462,413
90,228
$506,605
5,630
3,947
$501,355
1,725
3,804
$495,432
3,964
3,122
$552,641
$497,028
495,000
$495,826
495,000
$488,346
508,750
$549,769
577,500
50,000
replacements
Belt
8,900 United States Gypsum Co.
6,000 Westinghouse Air Brake Co.
Expenses
National
5.
Munice
10,600 Standard Oil Co. (New Jersey)
8,200 Kennecott Copper Corp.
7,100 I.ibbey Owe us Ford Glass Co
will receive one share of new common.
zation
Ry.—Merger—
See Cleveland Cincinnati
tificates)
of
and Feb. 20, 1936.
held
by persons other than
Standard Gas & Electric Co. and Standard Power & Light Co., the holder
common
32,800 Socony Vacuum Oil Co., Inc.
15,000 Sperry Corp. (voting trust cer¬
Canada, Lt
National
6% first mortgage bonds, series B, the holder will
4H% first mortgage bonds and (b) $8.57 of new
new
stock.
3. For each share of 7 % cumulative preferred stock and all accumulated
and unpaid dividends, the holder will receive four shares of new
4% cumu¬
lative preferred stock having a par value of $25 or at his election, four shares
of
Machines
Corp.
9,500 International Harvester Co.
15,100 International
Nickel
Co.
stock.
For each $100 of
common
10,600 Penney (J. C.) Co.
7,700 Pittsburgh Plate Glass Co.
Balance
A, the holder will
4H % first mortgage bonds and (b) $2.88 of new
receive
Business
Co.
1C.800 Montgomery Ward & Co., Inc.
12,100 National Steel Corp.
Consolidated—Output—
84,791,940 kwh., a decrease of 5.61%
1937 period.
Electric output for the
system during the first half of this year aggregated 559,370,800 kwh., a
decline of 1.24% from 566,361,710 kwh., in the first six months of last
year.
June gas output of the system was 416,773, m.e.f., against 424,143
m.c.f.,
in the similar period of last
year a reduction of 4.1%,
Gas output in the
first six months was 2,526,059 m.c.f., a drop of
1.61% from 2,567,455 m.c.f.
in the January-June period of 1937.—V.
146, p. 1407.
from
common
7,003 International
7,100 Minneapolis Honeywell Regulator
Decrease in unrealized loss
948,679
Capital surplus...
of the company.
11,700 Sears, Roebuck & Co.
2,054
Reserve for deprec.
Mobile & Ohio
21,400 Otis Elevator Co.
6,600 du Pont (E. I.) de Nemours Co.
13,500 General Motors Corp.
7,500 Inland Steel Co.
256
73,284
com¬
7,300 Monsanto Chemical Co.
Net income
State
Accrued interest..
accr.
Sperry Corp., and the complete liquidation of the
Youngstown Sheet & Tube.
at June 30 were;
4,000 Abbott Laboratories
15,700 Allls Chalmers Manufacturing Co.
12,000 Armstrong Cork Co.
8,500 Chrysler Corp.
17,800 Continental Can Co., Inc.
15,000 Crane Co.
68,136
35.712
receivable/
Investments
8S.872
14,018
taxes....
and
4,445,700
92,784
74,359
exp
Accrued
1,400
35,711
211,579
secur.
Notes receivable.. 1
Accts.
9,761
Federal
Special deposits...
a
liabilities
zation
def'd charges...
Cash (incl. working
Marketable
4,453,094
30,059
...
Investments
Prepaid
debt
15.000 shares of
pany s positions in U. S. Steel and
Tncome—cash dividends
shares).^$3,200,000 $3,200,000
no-par
at
Transactions during the second quarter Included the purchase of
4,000
Abbott Laboratories, 7,100 shares of Minneapolis Honeywell, and
1936
1937
Corn. stk. (133,705
$8,698,990 $8,508,491
iviarcn ol.
shares of
-----
Net income.
Assets—
assets of the corporation were invested
C0K3oi0n stoc^cs at June 30 compared with approximately 92%
at
Missouri Public Service Corp. (&
Subs.)—Earnings—
275
Approximately 93% of the total
Chicago & St. Louis Ry. above.
Prov. for other taxes
(G. C.) Murphy Co.—Sales—
Period End. June 30—
1938—Month—1937
Sales
$3,500,727
$3,293,857
Stores in operation...
1938—6 Mos.—1937
$17,865,797 $18,657,646
201
Operating income
Non-operating income.
-
195
Gross income
—V. 146, p. 3811.
Int.
Nashville Railway & Light Co.— Tenders—
on
unfunded debt..
Miscellaneous interest..
"2,871
The
Guaranty Trust Co. of N. Y. will until 10 a. m. July 29 receive bids
to it of sufficient refunding and extension mortgage 50-year
5% gold bonds due July 1, 1958 to exhaust the sum of $53,812 at prices not
exceeding 104 M and interest.—V. 146, p. 445.
for
the sale
Net income.
Dividends declared
Includes $225 provision for Federal surtax on undistributed profits.
a
Balance Sheet Dec. 31
National Broadcasting Co.—Billings—
Advertisers in June increased
their
use
of facilities of this company for
the seventh successive
gross
month, over comparable periods a year ago, with
billings rising to $3,200,569, up 6.6%, or $196,182, over June, 1937.
The
June
total,
continuing the series of record months,
brought the
cumulative total for
for any
1938 to $21,023,674, up 5.4% over 1937, the highest
similar period in the company's history.—V. 146, p. 3811.
National Industrial Loan
on
Corp.—Dividend Passed—
Directors nave decided to pass the dividend ordinarily due at tnis time
the common stock.
A dividend of tnree cents per share was paid on
March
15, last.—V.
144, p. 285.
National Investors
Corp.—Quarterly Report—
Corporation reports an asset value of $5.36 per share at June 30 com¬
pared with $3.99 at March 31, an increase of 34.3%.
The increase for the
first half of the year was from an asset value of $4.80 at
Dec. 31, 1937, or
11.7%.
1937
Property,
8
9,758,222
9,721,335
Investments
47,226
Cash
35,282
178,831
34,705
Notes receivable..
5,400
Marketable secur.
131,605
Divs. & Int. receiv.
a456
Rent receivable—
"moo
530
Accts. receivable.
.
Materials &suppl.
Deferred charges.
Total...
a
.
$
1936
6,875,000
Notes pay. (hanks)
285,000
Customers' depos.
94,597
$25)
$
6,875,000
125,000
83,999
"
79,606
L370
Accounts payableAccrued accounts.
103,272
320,305
Deferred credits..
3,595
Working funds
Liabilities—
Capital stock (par
plant &
equipment
1937
1936
S
Assets—
4,953
4,908
2,456,153
2,755.620
Reserves
Contrib.
722,437
672",447
179.744
141,873
29,856
-
In aid
323,161
of
33,581
10,914,355
Interest receivable
construction
Earned surplus
10,789,5431
only.—V. 144,
Total.
p.
4353.
230,798
544,275
542,248
.10,914,355 10,789,543
Financial
276
New Bedford Gas & Edison Light Co.—Div. Reduced—
Directors have declared a dividend of 75 cents per share on the common
stock, payable July 15 to holders of record July 1.
Previously regular
quarterly dividends ot $1 per share were distributed.—V. 146, p. 3347.
CJ. J.) Newberry
Co.—Sales—
Period End. June 30—
1938—Month—1937
1938—6 Mos.—1937
$3,867,418
$4,221,108 $20,254,150 $21,455,265
Sales
._
Federal
be held
Commission
Power
Aug.
in
29
New State Ice
1937
Ordinary
Maintenance
\
$429,978
301,409
23,989
1935
$377,008
263,559
21.995
$430,371
299,714
19,218
31,219
a7,874
21,007
1,852
23,952
4,058
695
592
560
30,111
a6,360
1,814
12,894
taxes.
Prov. for oth. Fed. taxes
Prov. for other taxes
1934
.
12,344
9,369
10,258
$50,399
7,506
$66,841
3,413
$58,632
5,949
$72,609
8,198
$57,906
Operating income
Non-operating income.
The
who are to be named by amendment to the registration statement provides
that Morgan Stanley & Co., Inc., is authorized to engage in certain market
operations in the bonds being registered.
The purpose of the agreement,
it is stated, is to facilitate the distribution of the bonds by effecting trans¬
effected, or, if effected, they will not be discontinued at any time," it is
The price at which the bonds are to be offered to the public, the under¬
writing discounts or commissions and the redemption provisions are to be
by amendment to the registration statement.—V. 147, p. 124.
furnished
New York Title &
bl936
$448,490
307,153
22,364
Pro v. for renewals & re¬
placements
Prov. for Fed. inc.
$400,000 and $4,400,000, respectively, exclusive of accrued interest.
premium required for the redemption of the above bonds and accrued
interest will be obtained from the company's current cash, it is stated.
The company states that an agreement among the several underwriters,
Co.—Earnings-
Yearn End. Dec. 31—
Total oper. revenues
1938
9,
actions in them for the purpose of stabilizing the market price.
"The ex¬
istence of this provision is no assurance that any such transactions will be
Light Co.—r-Hearing—
has announced tnat a public hearing
Washington to determine all facts, conditions,
practices or matters relating to the transaction in which the company on
March 14 acquired 341,350 shares of common stock of the Jersey Central
Power & Light Co.—V. 147, p. 123.
The
will
July
Co. of New York, Inc., and to Brooklyn Edison Co., Inc., and aggregating
,
—V. 146, p. 3812.
New Jersey Power &
Chronicle
$7>0,254
28,077
$64,581
34,583
$80,808
38,795
25
29
Mortgage Co.—Payments—
Trustees of the $5,500,000 series B-l mortgage certificates announced
July 1 in a report to Supreme Court Justice Alfred Frankenthaler a 1^%
interest distribution, totaling $76,000, to certificate holders of the issue.
The distribution, the same in amount for the first six months of 1938 as
for the same period of 1937, despite adverse business conditions this year,
made
was
of June 30.
as
„
.
Abraham N.
West
For
111th
series
Geller, trustee for series N-59, covering premises at 600
St., announced a 1 y2% interest distribution as of June 30.
N-85, covering property at 440 West End Ave., Mr. Geiler
Series N-59 totals $1,821,000 and
announced al%% income distribution.
series N-85 $1 282 500
Distributions totaling $18,343 were made by Daniel W. Blumenthal,
for various mortgage certificate issues, to holders as follows: To
LMC-101,540, 2% interest and
"
"
"
~
'
liivUX tSih dUU.
interest and /dk G* J- /O principal;
M of 1%
llltl1
principal; to BMC-213,395, 2%;
267,230, 2% interest.
The Continental Bank & Trust Co. of New York, as trustee, announces
distributions as of June 30, 1938, to holders of certificates as follows:
N-65, 114%; N-89, 2.7%; N-108, V2 of 1%; N-26, ^ of 1%; and also a
distribution of 214% to holders of Lawyers Mortgage Co. No. 101086
certificates.—V. 147, p. 124.
trustee
Gross income
Inc.
on
funded debt
24,411
Miscellaneous interest..
Taxes assumed on int
76
242
228
295
3,011
3,505
4,354
4,836
$30,179
24,000
Amort, of debt disct.
$38,134
36,000
$25,618
$37,147
m.
m,
_
expense
Net income
—
&
.
Dividends
Includes provision for Federal surtax on undistributed profits,
a
b 1936
North American
figures restated for comparative purposes.
Balance Sheet Dec. 31, 1937
Assets—Property, plant and equipment (inci. intaugibles), $876,378;
investments (at cost or less), $20,921; sinking fund and
property release
deposit, $41; cash, $98,721; special deposits, $155; working funds, $1,260;
notes receivables (customers), $3,234; accounts
receivable, $31,781; ma¬
terials and supplies, $17,326; deferred charges, $20,528; total,
$1,070,347.
Liabilities—-Capital stock (no par) authorized and outstanding (3,000 shs.)
$300,000; 1st mtge. 6% sinking fund gold bonds, series A, due March 1,
1943, $385,900; accounts payable, $18,997; accrued accounts, $30,912;
deferred credit, $1,892; reserves, $217,948; capital
surplus, $27,608; earned
surplus, $87,089; total, $1,070.347.—V. 145, p. 287.
New York
City Omnibus Corp.—Earnings—
[Incl. Madison Avenue Coach Co., Inc., and Eighth Avenue Coach
Corp.]
Month of May—
1938
1937
Gross
Net after Fed. income taxes and
x
$1,017,783
230,264
197,253
depreciation
Net income
x
After interest
$1,007,033
226,444
192,499
equipment obligations, interest on bonds assumed from
Railways Corp., amortization and other charges, but before
any prov. for Federal surtax on undistributed profits or excess profit tax.
New
on
York
Note—Net
income for May, 1938, and 1937, is before deduction of
$19,933 and $19,353, respectively, charged to income in respect of provision
for amortization of amount to be amortized on basis of
recapture contract
in monthly instalments.—V. 146, p. 3512.
NY Pa
NJ
Utilities
The Securities and
Co.—May Drop Subsidiary—
Exchange Commission has approved an application
by tne company, of the Associated Gas and Electric System, for
permission
to acquire 3,000 shares of common stock of the
Bradford Electric Co., ail
the outstanding capital
stock, from Keystone Utilities. Inc., wholly owned
subsidiary of the applicant, under a program which calls for tne
subsequent
dissolution of Keystone Utilities.
The applicant argued that the transaction would
simplify its structure
and
was
proposed to comply with the policy of corporate simplification
expressed oy the Public Utility Holding
Company Act.
Pointing out that Keystone Utilities was formed on Sept. 1,
1937, by
three employees of the law firm of
Travis, Brownback & Paxson, counsel
to the Associated system," the commission
said:
"The very complexity now
sought to be removed was introduced after
the effective date of the act
(Public Utility Holding Company Act) as the
result of N. Y., Pa., N. J.'s
acquisition of Bradford through a dummy
corporation rather than directly."
In approving the application, the
commission also declared:
'Whetner the retention of all of the
properties now in the N. Y., Pa.,
N. J. group is permissible under
the act is not now considered.
Further,
we have not considered
whether the retention of the Bradford or
any other
properties in the N. Y., Pa., N. J. group by the Associated Gas &
Electric
system is permitted by the act.
The record before us does not permit
determination
New
of any
York
&
of these problems."—V. 146, p. 3674.
Queens Electric Light & Power Co.—
Registers with SEC—
See list given
on
Stock Issue
profit after taxes,
depreciation, &c
After
1937
£_£omAan.y now pending before the Commission, for authority
8,772 additional shares of $5
preferred stock.
J.
the minority
interest, said the application by the
to issue
H. Schmid, counsel for
company was not made in
depreciation of $180,046.
Period End. May 31—
1938—Month—1937
1938—5 Mos.—1937
Operating revenues
$17,181,998 $17,435,259 $85,266,116 $86,031,571
Uncollectible oper. rev-.
90,736
63,276
419,477
353,380
Operating
taxes
—
Net operating income.
Net income
$3,234,934
2,263,020
$3,309,318 $14,264,941
3,010,864
12,322,717
$16,693,207
15,672,136
in
^
North American Co.—Electric
President J.
F.
a gain of 4,085
For the first six months the
company reported a gain of 13,462 stations,
against a gain of 71,040 in the like
period of 1937.—V.
147,
New York Steam
Corporation
8a
?
Act of 1933,
on
Output—
Fogarty made the following quarterly report of electric
output of subsidiaries:
"Electric output of the four groups of subsidiaries of the North American
Co. so far cnis year has been less than tneir output for the first half of 1937
during whicn all-time peak records were established.
Despite the decline,
however, the 1938 figures are still somewhat above those for the first half
of
1936.
On the basis of
preliminary figures for the quarter just ended,
output totals for corresponding periods of 1938 and the two preceding years
were:
1938
Millions of Kwh.
1937
1938
First quarter
Second quarter.
1,489
1,445
2,934
6,165
6 months to June 30
12 months to June 30
"The
lessened
demand
for
1,447
1,433
2,880
5,675
1,621
1,596
3,217
6,324
service
electric
p.
124.
Corp.—Registers $32,000,000 Bonds—
June 30 filed with the Securities and
statement (No. 2-3736, Form A-2),
Exchange Commis-
covering $32,000,000 of first mortgage 314% bonds series due
July 1, 1963.
Consolidated Edison Co. of New
York, Inc., also filed a
(No. 2-3767, Form A-2) as guarantor of the
principal and interest
bonds being registered
by New York Steam Corp.
'
According to the registration statement, the net
proceeds to be received
by New York Steam Corp. from the sale of the bonds are to be
applied to
the redemption on Nov.
1, 1938, of the following outstanding bonds of the
company at 105% and accrued int.: $5,605,500 first
mortgage 6% gold
bonds, series A, due 1947; $12,638,000 of first
mortgage 5% gold bonds,
series due
1951; and $8,700,000 of first mortgage
5% gold bonds, series
of the
The proceeds will also be
applied toward the repayment of ad¬
vances incurred in connection with the
acquisition of property and the
construction, completion, extension and improvement of the
company's
plant, equipment, and distributing system, payable to Consolidated Edison
Over
1936
—8.13%
—2.51%
2.93%
+0.83%
+ 1.88%
+8.63%
industrial
customers
+
—9.48'
—8.80%
Washington, D. C.
output
for
output has
Residential
area, representing about one-seventh of the aggregate
the four groups, have not been similarly affected and their
shown an increase each week during the first half of 1938.
use
of electric service continues to show an increase
territories of all North American subsidiaries."—V. 146, p. 2862.
North Shore Gas
in
the
Co.—Earnings—
Calendar Years—
Total operating revenues
1937
1936
$1,438,549
1,207,523
$1,431,889
Net earns, from oper. before prov. for retirem'ts.
Other income.-
$231,025
$340,834
30,548
Net income
Provision for retirements
$296,535
109,908
235,650
Oper. exps. and taxes (excl.
prov.
for retirement.
....
_
65,509
....____
...
....
Interest, amortization, &c.
__
Provision for normal Federal income tax
on retirement of joint 1st
mtge. bonds
1,091,055
1__
$371,383
108,662
225,355
6,994
Cr2,551
$46,472
prof$30,370
Balance Sheet Dec. 31
1937
Assets—
1936
1937
S
8
Fixed capital.....
9,927,907
9,879,179
Investments-
1,641,908
440,489
65,913
417,464
Liabilities—
7%
1936
$
$
2,795,600
2,795,600
3,000.000
cum.
3,000,000
pref. stk.
($100 par)
Common stk.
-
($25
262
259
Accts. rec., less res
Matls. & supplies
320,711
345.461
Cap. stk. subscrib.
330
90,773
96,386
Jt. 1st mtge. bds..
5,027,000
Other assets
122,436
212,998
4,690
..
.
Deferred charges.
51,748
par)
1st mtge.
5%
g.
b_
.
Accounts payable.
meter
Consumers'
330
3,855,000
_
106,274
78,386
31,519
30,922
Accrued taxes
85,718
84,265
Accrued Interest..
.
14,178
deposits
Misc.
curr.
llabs..
12,382,910
11,235,678
Total
695
932,155
28,772
265,050
50,977
313,934
12,382,910
Misc. unadj. cred.
Earned surplus
Total
93,410
1,027,775
Reserves
692
11,235,678
144, p.3013.
Northeastern Water Cos., Inc.—-Note Issue—
The Securities and Exchange Commission has issued
an
order consenting
to the withdrawal of the declaration
(File 43-118) of company covering the
issue and sale of a promissory note not to exceed
$2,100,000, which was to
refund its outstanding 5% promissory note, due
July 14, 1938.
applicant requested the withdrawal.—V. 146, p. 3512.
renew or
The
under the Securities
statement
due 1956.
by
19.38
Under
1937
1936
accounted for the decrease in the 1938 output of our subsidiaries
operating
in the St. Louis, Cleveland and Milwaukee areas.
The subsidiaries in the
—V.
JunlPai937eP°rted a Station loRS of 1,695 in June' aSainst
its
charges amounting to $234,861.
$5,698,334 $27,124,784 $28,840,580
2,389,016
12,859,843
12,147,373
Loss in Phones—
changed
company
The unfilled orders of the Engineering and Manufacturing Division at
March 31, 1938 amounted to $10,296,364 as compared with $6,013,556 at
March 31, 1937.—V. 146, p. 2216.
Operating revenues--.$17,091,262 $17,371,983
$84,846,639 $85,678,191
Operating expenses
11,718,529
11,673,649
57,721,855
56,837,611
$5,372,733
2,137,799
1936
of $149,802.
c After depreciation of $167,306 but including an accounted
profit of $1,268 realized on the sale of securities,
d After depreciation
Notes receivable
Net oper. revenues--
During
of depreciation on flying equipment.
If present rates had been in
eflect during first tnree months of 1936, depreciation charges would have
been $151,214 and profit would be $62,701.
b After charging depreciation
Cash
3963.
Telephone Co.—Earnings—
1935
a$33,869bJoss$36,798
c$70,319
Net loss transferred to surplus.
Opposed by Committee—
p.
1936
v
rates
for a Protective committee of
minority stockholders requested
the New York Public Service
Commission July 7 to deny the application of
New York
1938
d$212,085
Profit
first page of this department.
"good faith."—V. 146,
Aviation, Inc. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
Net
a
,
Northern
Natural
Gas Co.—Bonds Placed
Privately—
$3,000,000 4}^% debentures due July 1, 1948
been placed privately with institutional investors.
An issue of
has
Central Hanover Bank &
Trust Co. has been appointed
issue.—V. 142, p. 4187.
Nunn-Bush Shoe Co. (&
Subs.)—Earnings—
6 Months Ended April 30—
Net income after all charges incl. Federal taxes
Shares common stock
Earnings
—V.
per share.
146, P. 2544.
trustee of the
-
1938
$80,360
163,818
$0.26
1937
$142,450
163 573
$0 65
.
Volume
Financial
147
Water
Northeastern
&
Electric
1937
1936
$2,172,982
959,869
139,710
revenues
Oper., general & administrative expenses
Maintenance
Prov. for retirements, renewals & replacements
General taxes
Federal income taxes
$2,167,180
966,595
162,711
139,522
203,947
31,738
149,656
213,631
39,442
Net operating income
Other income...
420,342
Gross income
$1,091,014
305,708
3,285
44,376
Interest
on
8,234
unfunded debt
Amortization of debt discount and expense
Miscellaneous deductions.
Net income
Dividends
on
Dividends
S4 pref. stock
stock
366,309
.
172,235
/
1937
Fixed capital.
.
Investments
^
b $4 pref.
S
33,334
Accounts payable-
331,319
Accrued accounts.
223,212
315,186
Deps. for extens..
37,980
Deferred income..
8,708
54,191
9,363
2,279,276
2,229,086
6,510,607
6,486,962
356,409
389,191
Accounts receiv.
255,557
255,181
98,013
31,336
32,368
&
divs.
&
supplies
& el. appliances-
123,902
Other assets
155,627
39,427
686,041
Deferred charges..
588,333
1,004,588
Total
a
Less
value
p.
Funded debt
Capital surplus...
...18,237,446 20,913,175
of $50
$261,472
$250,013
27,500
xl75,000
202,619
each,
c
_
75,000
;
,
Liabilities—Accounts payable—trade,
$27,072; accrued liabilities, $70,971;
(par $10),
payable to common stockholders, $154,688; class A stock
$500,000; common stock (par $5), $500,000; paid-in sttrplus,
earned surplus, $255,746; total, $1,626,879.—V. 145, p. 2238.
$118,403;
Peon Mex Fuel Co. (& Subs.)—Earnings—
Consolidated Statement for the Year
Gross
profit
Ending Dec. 31, 1937
pipe line
after providing for cost of production,
sales,
on
$276,342
76,385
expenses and royalty oil purchased
General and administrative expenses
'
Co.-—Weekly Output—
Electric output of the Northern States Power Co. system for tne
$199,957
14,615
Profit
week
Other income
totaled 24,227,161 kwh., a decrease of 0.3% compared
week last year.—V. 147, p. 125.
with the corresponding
$214,573
Total income
Okonite Co.—To
Other charges
Pay Smaller Dividend—
Directors have declared
a
Special
dividend of $1 per share on the common stock,
Dominion
Water
80,000
Net profit
$104,765
Consolidated Balance Sheet Dec. 31, 1937
accounts receivable,
$5,697; oil lands, oil wells, pipe lines and equipment, $514,193; deferred
charges, $436; total, $751,216.
Liabilities—Accrued taxes, $4,658; accounts payable and miscellaneous
accruals, $8,538; reserve for property abandonments and amortization,
$187,867; capital stock (par $1), $394,391; capital surplus, $127,743;
earned surplus, $28,018; total, $751,216.—V. 147, p. 126.
June 8 last placed privately 8300,000 1st
Assets—Cash
mtge. 4% bonds, dated May 2, 1938, due May 2, 1948.
Inc.—V; 121,
p.
Co.,
2521.
O'Sullivan Rubber Co.,
Inc.—Earnings—
Gross operating profit
2.98,481
$104,033
Selling, general and administrative expenses
on
hand,
$230,890;
Industries, Inc.—Earnings—
Pennsylvania
$375,943
38,503
262,533
$74,907
$445,319
42,806
Depreciation
and
banks
in
1936
1937
Years Ended Dec. 31—
118,317
....
Corp.—Bonds Placed Privately—
The company is a subsidiary of American Water Works & Electric
producing
in
of investment
amortization
Dividends
Old
29,808
...
...
provision for
leaseholds
payable Aug. 1 to holders of record July 15. This compares with regular
quarterly dividends of $1.50 per share previously distributed.—V. 145,
p. 951.
The company on
Earnings for the Year Ended Dec. 31, 1937
Dividends............L.—.........
Interest
Net operating profit
Miscellaneous income
^
122
28
$104,155
State and Federal
32,780
10,781
$74,935
15,978
6.821
$60,594
$52,137
_.
Interest.
Federal income taxes
Net income
$150,391
6,914
—
—
...
,
...
,
»,
Net profit before loss on
on sale of securities
$114,127
securities sold
Provision for Federal surtax on undistributed
Assets—Cash, $39,942; trade receivables (less reserve for bad debts,
freight, discounts and allowances, $16,890), $100,815; Sundry receivables,
$5,035; inventories, $301,186; fixed assets (less reserve for depreciation
$361,453), $468,985; patents, trade-marks and goodwill, $535,319; deferred
charges, $30,220; total, $1,571,503.
Liabilities—Accounts payable, $51,525; notes payable, $263,791; accrued
salaries, interest, &c., $11,175; provision for Federal and State taxes,
$14,601; long term debt, $63,500; 6% cumulative preferred stock (par $25),
$500,000; unsubordinated common stock (par $1), $100,000; subordinated
common stock (par $1), $145,000; capital and paid-in surplus, $391,098
earned surplus, $30,812; total, $1,571,503.—V. 145, p. 951.
Net loss (before
404,054
2,664
profits
—_....*
—
IdabUUies—•
Assets—
$16,356
2,957
Cash
Accounts receivable..
......
1,774
Notes receivable
(.secured by
pledged).......
payable
Loans
securities
Accounts payable
cost)...13,570,448
_..... -
6%
cum.
pref.
stock
$100).
J'
$1,698,781
114,669
$1,529,293
83,952
Selling, general and administrative expenses, &c._
$1,813,450
1,243,491
$1,613,246
1,045,626
materials, interest
earned, rentals (less expenses), &c_~. —
$567,619
Bond interest
—
*
-
Other interest
—
-4
Amortization of bond discount and tax at source.
Loss on fixed assets sold and scrapped,
_
&c
Sundry deductions
normal income tax..
Prov. for est. Fed. surtax on undistributed profits.
Prov. for est. Federal
Net income
Dividends paid on
Dividends paid on
1st pref. stock
stock
common
....
Note—Depreciation in the amount of $211,669
31,237
to
4,400
134,851
9,850
125,251
with the present cost of producing power
will run for 10 years.
Long Island Lighting Co., which furnishes
outside of the district served by the Con¬
Co., will remain as at present.—V. 147, p. 127.
savings to the railroads compared
at their own plant.
The contract
■
53,000
27,000
($190,177 in 1936) has
Assets—Cash, $90,644; notes and accounts receivable, (less reserve,
$25,000), $434,312; inventories, $824,216; investments and other assets,
$161,458; property, plant and equipment (less reserve for depreciation,
$2,115,626), $3,859,568; intangible assets, $19,187; deferred charges, $127,824: total, $5,517,211.
Liabilities—Notes payable,
$180,546; accounts payable, $316,664; ac¬
Federal taxes on income (est.), $80,500; payments
covering repurchase of common stock and purchase
of equipment, supplies, patent rights, &c., $27,300; long term debt. $2,549,100; common stock (par $5), $1,123,760; capital surplus (from Sept. 10,
1936), $989,940; earned surplus (since Jan. 1, 1936), $192,002; total,
$5,517,211.—V. 146, p. 3199.
crued liabilities, $57,398;
due in 1938 on contracts
Agricultural Settlement Association—Reg¬
isters with SEC—
given on first page of this department.
Panhandle Eastern Pipe Line Co.—-Acquisition—
This company has announced that on June 30 the main transmission
facilities of the Panhandle Illinois Pipe Line Co., a wnolly-owned sub¬
sidiary, were transferred to tne Panhandle Eastern Pipe Line Co.
The
effect of this transfer is to place such assets directly under tne mortgage
whicn secures Panhandle Eastern 1st mtge. and 1st line oonds, wnich
issue heretofore had a collateral lien against such assets.
Property of
estimated that about 290,000,000 kilowatt-hours of
supplied annually under the contract at substantial
electrical energy will be
Consolidated Balance Sheet Dec. 31, 1937
See list
of the roads,
diMrCtLeBoutillier
been charged to costs and expenses.
Palestine
4125.
Co. of New York, Inc., to supply,electric power
operations in the New York area. George LeBoutillier, vice-i resi¬
has announced.
Consolidated Edison will take over
operation and maintenance of the railroads' Long Island City power plant,
which has been their main source of power in the New York metropolitan
$334,961
^
.$13,591,534
Total.....—.
Pennsylvania RR.—Consolidated Edison to Supply Power
Pennsylvania and Long Island Railroads—
Both the Pennsylvania RR. and the Long Island RR. have contracted
dent
'
—
322,160
for their
$591,403
137,700
7,745
11,241
19,754
—
6,925,000
x6,032,697
^-
with Consolidated Edison
23,783
$601,197
116,516
11,446
7,857
65,435
4,450
53,000
27,500
$314,993
_
(par
....
xRepresented by 593,320 no-par shares.—V. 145, p.
Sales of scrap and miscellaneous
Total income
$13,591,534
Total
-
...
1936
Gross
_
699
10,979
20.000
Earned surplus
$569,959
profit on sales of manufactured products,
after deducting the cost thereof, incl. deprec., &c.
$280,000
-
Prov. tor Fed. & State taxes.
Reserve for contingencies.—
Securities (at
Oswego Falls Corp. (& Subs.)—Earnings—
1937
$292,591
86,563
unrealized profit or loss on securs. owned)..
Preferred dividends
Common stock
Net hydro-electric revenue
11,469
17,881
capital stock and miscellaneous taxes
Sundry expenses
Condensed Balance Sheet Dec. 31,1937
Years End. Dec. 31—
$147,875
2,516
Loss
Total income
Interest
Total income
and
1937
$300,000; total, $1,626,879.
Total......... 18,237,446 20,913,17s
V
ended July 2, 1938,
60,000
notes
by 91,579.3 shares, no par at stated
Represented by 172,235 no par shares.—V. 147,
Northern States Power
$200,959
expenses,
manufacturing supplies, &c., $26,501; investments,
$157,190; piant and equipment (less reserve for depreciation of $126,201),
$382,857; patterns, dies and jigs at written-down cost, $31,377; patents
(less reserves for amortization of $177,158), $47,842; trade agreements,
b Represented
reserves,
124.
^
48,658
prepaid
1,853
Reserves....
Earned surplus.
53,395
12,069
Assets—Cash in banks and on hand, $24,371; receivables (less reserve
for bad debts of $8,000), $86,158; inventories, $570,583; traveling advances,
172,235
Notes payable....
126,621
int. receivable._
34,500
9,000
Balance Sheet Dec. 31,
393,962
a8,486
Matls.
$298,071
Net profit.
6,241,100
765
Declared
$326,935
Class A dividends
Common stock dividends
41,078
3,705,400
Notes receivable..
revenues.
14,957
$266,863
V 22,404
4,578,965
4,578,965
172,235
stock...
1,871,046
a
19,846
Federal and State income taxes._
Federal tax on undistributed profits.
S
:
Common stock..
720,378
Unbilled
$307,089
Comprises: $50,000 paid prior to recapitalization June 24, 1936,
$125,000 subsequently.
.p-'}.,.
Min. int. in subs..
c
$252,703
14,160
Total income
Other charges
1936
Liabilities—
...12,839,726 13,354,434
3,479,672
3,479,114
Cash
$283,114
414,906
722,852
333,605
x
1937
1936
^
'
*<4. sscts-**"*
1,339,571
Net profit from operations
Other income
Consolidated Balance Sheet Dec. 31
•
V
1936
$1,670,787
942,794
420,905
1,078,663
Sell., gen. & admin, expenses
$574,848
335,113
172,233
on common
1935
1937
$1,746,271
Cost of sales
2,939
Minority interest in net earnings
Co.—Earnings—
Calendar Years—
Net sales.
377.984
3,282
56,953
20,836
2,781
funded debt
Penn Electric Switch
$1,036,843
$726,628
on
126.
p.
$662,666
374,177
$670,672
Interest
Panhandle Illinois Pipe Line Co. in the State of Illinois, other than main
transmission facilities, has been transferred to a new company, Illinois
Natural Gas Co., which is also a wholly-owned subsidiary of Panhandle
Eastern.
Panhandle Illinois Pipe Line Co. is to be dissolved.—V. 147,
Subs.)—
(&
Corp.
Calendar Years—
Operating
277
Chronicle
The present contract with the
current to the Long Island RR.
solidated Edison
Pennsylvania Salt Mfg. Co.—To Pay
Si Dividend
declared a dividend of $1 per share on the common
payable Sept. 15 to holders of record Aug. 31. Like amount
was paid on June 15, last, and compares with $1.25 paid on March 15,
ldst; $3 paid on Dec. 15, last; $2 paid on Sept. 15, last; $2.50 paid on June
15, 1937; a dividend of $1.25 paid on March 15, 1937; an extra dividend of
$2.25 in addition to a quarterly dividend of $1 paid on Dec. 15, 193b; a
quarterly dividend of $1 paid on Oct. 15, 1936, and regular quarterly
dividends of 75 cents distributed previously.
In addition the following
extra dividends were paid: $1 on July 15 and April 15, 1936, and on June
28, 1935, and Oct. 15, 1929.—V. 146, p. 3514.
The directors have
stock, par $50,
Perfect Circle Co.
(& Subs.)—Earnings—
1934
$1,925,685
1937
$2,466,525
Selling & admin, exps...
1,029,000
Advertising & royalties.
464,038
Depreciation and State
and Federal taxes
x399,041
1936
$2,090,475
933,709
342,701
1935
$1,717,619
892,194
408,467
263,639
1/9,043
219,419
$574,445
11,922
$550,425
7,417
$237,915
$530,718
57,896
$586,367
$557,842
$259,877
Calendar Years—
Manufacturing profit...
Operating profit.-..Other income. —------Total income.
Mi seel 1.
Net
—
$586,367
profit-
mon
x
$588,614
38,853
$239,655
$549,763
444,689
323,410
323,410
$60,841
sh. on
stock.
$557,842
525,526
Balance, surplus
per
21,962
368,164
20,222
deductions...—_
Common dividends.
Earns,
^
$113,153
def$83,755
$226,353
__—
$3.63
$3.43
$1.47
$3.38
com¬
—
Includes surtax on undistributed profit.
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash
banks
in
and
receivable—trade, &c. (less reserve for collection losses of $11,700), $405,721; inventories, $936,384; investments, $67,958; physical properties, at
cost,
salaries, commissions,
and issued (162,500 shares, no
Net profit before deducting deprec., inc. taxes
and directors' fees....
1936
$525,447
$1,059.273
$850,864
324,398
24,680
$672,169
49.937
$501,786
17,430
$722,106
$519,216
112,323
293,961
86,544
200,267
$315,823
-
-
—
— -
.
u,.
Profit after other income
Other expense
.
Depletion and depreciation.
Net profit
for the
j
_
.
-,..
.
*
_. _....
yearl
x
_
32,510
32,234
32,550
$55,650
$47,600
$43,523
30,000
30,000
30,000
30,000
$25,650
for the year
$17,600
$13,523
$21,201
Including interest on bonds of $2,201 In 1938
$51,201
and $808 in 1937#; ;
FebT2S,~193S
$91,183; accounts and notes receivable (less reserve for
$170,166; inventories, at cost, $53,289; bonds, at cost,
(market value $78,808), $79,458; life insurance
Assets—Cash,
bad debts of $5,000)
accrued
with
interest
$302; investment in
surrender value), $20,615; deferred charges,
(cash
subsidiary, $220,181; fixed assets (less reserve for depreciation of $742,775)
$261,277; total, $896,472.
Liabilities—Accounts payable and accrued items, $7,655; taxes, $10,281;
dividend payable March 1, 1938, $15,000; capital stock (30,000 shs. no
par), $550,000; earned surplus, $313,536; total, $896,472.— v. 145, p. 2401.
Pierce Governor
Co., Earnings—
Earnings for Year Ending Dec. 31, 1937
-!
Sales..
$664,221
Returns and allowances
receivable, $102,166; inven¬
(valued at cost), $8,703; investment and advances, $739,497; proper¬
ties, $2,320,775; unexpired insurance, $590; contingent purchase coptract,
$300; total, $3,393,986.
tories
$18,795; accrued payrolls, $13,740; accrued
and reserve for taxes, $18,999;
capital stock (par $10), $1,579,310;
surplus, $1,783,739; total, $3,393,986—V. 146, P. 3812.
Liabilities—Accounts payable,
Federal income tax, $28,402; accrued taxes
contingent purchase contract, $1,000;
Phelps Dodge Corp.—To Pay Larger
10,752
160
240
■
Balance Sheet
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash in banks, $221,954; accounts
240
,
$232,405
—
Administrative expense
Operating profit
Other income.....
95,390
8,417
325,417
352,338
34,766
Total
Operating expenses
$157,503
96,588
9,271
240
Balance
341,110
—
____
..
$181,318
97,388
10,643
Net profit
Dividends..
1937
$718,163
Years Ended Dec. 31—
gasoline sales
x$186,735
80,087
Rejiumeration of executive officers, &c
Inc. (& Subs.)—Earnings—
Revenue—Oil sales
x$179,130
Directors'fees
company
and
Feb. 28, *35
■
Depreciation
paid a dividend of 25 cents per share on its common stock
on June 30 to holders of record June 20;
This compares with 50 cents paid
on March 31, last; $2 paid on Dec. 22 and on Sept. 30, last; $1 paid on
July 8,1937; and $2 paid on Dec. 12. 1936.
The last previous payment was
the 50-cent dividend paid on Dec. 24, 1930.—V. 146, p. 2219.
Gas
& Electrotypers, Ltd.—Earnings—
Income taxes
Perry-Fay Co.—Pays 25-Cent Dividend—
Petroleum Exploration
1938
9,
Feb. 28, '38 Feb. 27, '37 Feb. 29, '36
Years Ended—
total, $3,597,491.—V, 146, p. 2865.
The
$937,500; common
$2,659,253; total,
Photo Engravers
$31,970; patents and
$3,597,491.
State, Dominion
&c., $258,032; common stock—authorized
par), $1,625,000; earned surplus, $1,623,096;
$1,077,187; prepaid advertising, insurance, &c.,
licenses (at amortized values), $1,137; goodwill, $2; total,
Liabilities—Accounts payable, $91,363; accrued Federal,
taxes,
July
stock
$1,077,132; notes and accounts
hand,
on
Chronicle
mated), $34,204; 5H% cum. pref. stock (par $100),
(475,000 no-par shares), $1,930,100; surplus,
$6,742,903.—V. 145, p. 2239.
Financial
278
Cash discount..
share on the capital
stock, par $25, payable Sept. 19 to holders of record Aug. 19. This compares
with 15 cents paid on June 10, last; 10 cents paid on March 10, last; 35
cents paid on Dec. 18, last; 45 cents paid on Sept. 10 and on June 10, 1937
and a dividend of 35 cents paid on March 10, 1937; previously, regular
quarterly dividends of 25 cents per share were distributed.
In addition an
extra dividend of 25 cents was paid on Dec. 15. 1936.—V. 146, p. 3676.
558
1,905
;.—
Parcel post charges
$644,182
439,746
Net sales
Cost of sales
Selling expense
34,397
45,715
<
Administration expense
$124,324
gain from operations.
Net
Dividend—
17,575
....
____J
...
679
Additional income...
The directors have declared a di vidend of 20 cents per
Philadelphia Insulated Wire Co.—Dividend
Directors have declared
stock, payable Aug.
semi-annual
1
dividends
a
Net profit from
to holders of record July 15.
Previously
of 50 cents per share, were distributed.
$54,267
10,844
8,749
2,935
Discounts, prov. for reserves, &c. (net)
Prov. for Federal and State taxes
•
......
loss$6,909
18,525
all
Balance Sheet Dec. 31,
Assets—Cash
on
profits tax
Net gain for year after Federal tax
...
Dividends paid
Earnings per share on 87,500 shares capital stock (no
hand and
on
and accrued interest, $55,403; accounts receivable—customers (less reserve
for doubtful of $1,416), $53,631; raw material, goods in process, $275,331
on raw materials, $25,615; life insurance (cash
surrender value)
$3,160; notes receivable (employees), $30,904; treasury stock (1,335 shares,
at cost), $27,071; land, buildings, machinery (less allowance for deprecia¬
tion of $467,921), $478,211; prepaid insurance and taxes, $8,139; total,
$1,086,328.
Liabilities-*-Accounts payable, $6,878; accrued wages, $2,204; accrued
Federal and State taxes, $7,257; reserve for Federal and State income
taxes, $2,935; reserve, $11,300; capital stock (18,900 shares, no par),
$864,595; capital surplus, $125,321; earned surplus, $65,837; total, $1,086,328.—V. 145, p. 2239.
advances
Philadelphia Rapid Transit Co.—Payment Approved—
The U. S. Circuit Court of Appeals at Philadelphia has approved the
$1,000,000 additional payment Federal Judge Welsh granted the P. R. T.
Co. underliers June 6, last.
The $1,000,000 is payable to security holders of record June 20 and will
make a total of $5,300,000 the underliers will have received on the more
than $25,000,000 P. R. T. owes them in rentals under the 1902 lease.
—V. 146, p. 4128.
Telephone operating
Earnings for the Year Ended Dec. 31, 1937
$1,418,844
revenues
Miscellaneous income
i
.
Total income.
11,069
_
$1,429,913
......
422,277
Operating expenses.
215,371
Current maintenance
Depreciation and amortization
Taxes
....
296,256
27,025
21,457
90,000
56,852
....
.....
General services and licenses
Provisions for
—,— -
reserves
.....
Other deductions.
!
Net income
Dividends paid during 1937-----.-
$300,674
.....
— .-
367,675
-
Balance Sheet Dec. 31, 1937
Assets—Telephone plant, $4,479,828; organization and franchises, $49,589; investments in affiliated companies (at cost), $25,930; other invest¬
ments (at cost), $670; cash and deposits, $66,191; accounts receivable (less
reserve), $101,140; materials and supplies, $483,176; deferred debits, $52,520; total, $5,259,046.
Liabilities—Common stock (par $50), $3,528,550; notes payable, $200,000; accounts payable, $123,871; taxes accrued, $54,823; other accrued
liabilities, $4,279; reserves, $1,011,953; deferred credits, $12,813; earned
surplus, $322,756; total, $5,259,046—V. 145, p.. 4125.
Phillips Packing Co., Inc. (& Subs.)—Earnings—
Calendar Years—
Gross operating income.
Cost of sales..........
1937
1936
$8,523,215 $10,515,108
6,618,411
7,603,198
$98,561
52,500
$1.12
bank,
in
demand
deposit, $88,536; notes and accounts
bad debts, $1,386), $36,667; inventories,
$119,794; investments, $20,569; fixed assets (cost less reserves for de¬
preciation, $125,822) , $251,169; deferred charges ,$8,267; total, $525,002.
Liabilities—Accounts payable (trade),
$8,637; accrued liabilities, $33,594;
capital stock outstanding 87,500 no par shares (stated value), $87,500;
capital surplus, $387,500; earned surplus, $7,771; total, $525,002.—V.
146, p. 1563.
Porto
Rican-American Tobacco Co.—Bond Plan
Oper*
plan proposed by the management for waiving of sinking fund
requirements on company's 6% convertible bonds has been declared oper¬
ative.
More than a majority of the bonds had been deposited with the
The
company up
Porto
to June 28.—V. 146. d. 3354.
Rico
Telephone Co.—Earnings—
Gross earnings
Operating expenses_
..........
Amort, of franchises
Amortization
1935
1934
$9,046,578
$7,649,010
6,511,600
5,604.252
1934
$923,277
380
$874,359
202
$768,234
561
$689,179
484
$923,657
Non-operating revenues.
Taxes..
1935
1936
1937
Calendar Years—
Total oper. revenues
$874,561
413,955
$768,796
378,799
$689,663
414,207
71,862
9,386
77,579
9,386
69.025
49,915
— _
26,727
123,001
120,944
91,685
$33,478
366,914
of cyclone
damages
for deprcia'n,
replace. & renewals...
...
——
Provision
63,715
74,683
120,467
84,731
income....$151,687
Dividends on com. stock
108,000
$175,956
$115,773
Int. deductions (net)
212,799
Net
Balance Sheet Dec. 31,
Philippine Long Distance Telephone Co.—Earnings—
Statement of
......
par)....
ative—
1937
$128,864; U. S. Treasury notes
deposit,
17,728
248
8,466
Balance Sheet Dec. 31, 1937
Assets—Cash
$48,211 loss$12,842
37,245
19,332
in 1937, $34,777 in
-
—
receivable (trade) (less reserves for
loss$10,364
2,478
25,211 '
charges including provision of $35,195
1936 and $29,184 in 1935 for depreciation.
After
x
excess
regular
1935
1936
1937
operations.$4,775
Net profit for year
Cash dividends paid
Federal
Federal undistributed profits tax.....—
dividend of 25 cents per share on the common
Years Ended Dec. 31—
x
Halved—-
$125,003
Total net gain for year
Federal income tax
1937
Assets—Plant, property, equipment, &c., $3,323,968; special deposits'
$22,806; deferred charges, $29,454;
cash in banks and on hand, $18,571»
accounts receivable (less reserve, $22,644), $110,067; Materials and sup¬
plies, $88,517; total $3,593, 384.
Liabilities—Common stock (par $100), $1,800,000; 1st mtge. 6% 30-year
sinking fund gold bonds, dated Dec. 31, 1914, $321,000; owing to Inter¬
national Telephone &
Telegraph Corp.
(parent company), $619,951;
deferred liabilities and income, $71,662; accounts and wages
payable;
$10,007; accrued taxes, $28,523; accrued interest, $1,610; reserve for
depreciation, $304,759; earned surplus, $435,870; total, $3,593,384.—
V. 144, p. 4021.
Postal Telegraph & Cable
Corp.—Prooram Formulated—
of bondholders, represented by Percival E. Jackson, as counsel,
a plan of reorganization for the company, now being re¬
organized under Section 77-B of the Bankruptcy Act, and is seeking per¬
mission of the U. S. District Court to intervene in the proceedings and
submit the plan to bondholders.
'
The Jackson group represents roughly, it is said, $2,000,000 of tne $50,670.209 collateral trust bonds and debenture stock outstanding.
Mean¬
while, the Lenman committee, wnich represents about $25,000,000 of tne
bonds and debenture stock, is working on the final stages of a plan, which if
certain major items can be ironed out, may be in shape for submission
A group
formulated
nas
within the next few weeks.
The Jackson group plan proposes that holders of the present $50,670,209
collateral trust bonds and debenture stock with accrued interest of
$8,883,753 receive 40% of unpaid interest and principal in new 6% cumu¬
lative income collateral bonds and 60% in common voting stock of Postal
Communications, Inc., a new holding company.
5%
No provision is made for the $30,529,500 Postal preferred stock, of wnich
$2,000,000 is owned by International Telepnone & Telegraph Corp., or
1,017,650 shares of common stock, all of which are owned by Inter¬
national Telephone.
the
Gross profit..
$1,904,804
1,815,801
62,439
Federal income taxes9,635
Federal undistrib. profits
$2,911,909
1,777,719
100,382
155,121
1,600
$15,330
$832,224
$2,534,978
1,559,222
46,463
Admin, and selling.....
Other deductions (net)..
taxes..
Net profit..
.
—....
102,095
144,603
$2,044,758
1,219,504
79,574
100,477
proposed tnat preferred stockholders of the Mackay Companies
as the Associated Companies will receive one share of new
is
be known
Postal
Communications stock for eacn five shares owned.
The plan proposes to segregate the land
be disposed of" so that the profits of
lines "until sucn time as they
the cable and radio units can
It is proposed that this
can be accomplished by placing ownership of the stock in the 35 domestic
land line units in a new company, Postal Land Lines System, Inc., while
ownership of radio and cable business will be vested in anotner unit, Postal
can
-
...
be freed from the recurring losses of the land lines.
$729,059
$645,204
Note—Depreciation charges in the amount of $166,663 are included in
above costs and expenses for 1937, $160,230 for 1936.
the
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, $154,076; marketable securities, $1,900; notes and accounts
receivable
(less reserve of $19,000), $656,116; inventories, $3,391,624;
investments and other assets, $295,701; property, plant and equipment
(less reserve for depreciation of $1,380,363), $1,992,745; advertising sup¬
plies and prepaid expenses, $9,633; total, $6,742,903.
Liabilities—Notes payable to banks, $800,000; accounts payable, $331,-
008; accrued liabilities, $50,838; Federal and State taxes on income
It
to
(esti¬
Communications,
Inc.
To effectuate the plan, the new holding company would issue $23,821,886
income bonds oearing interest at 3% out of earnings, with the next 1% as
earned to go to a sinking fund and an additional 3% interest payment if
earned.
entail
the bond issue, as proposed, would
annually.—V. 147, p. 128.
Full 6% interest payment on
payment of $1,600,000
Progress Vacuum Corp.—Registers with SEC—
See list
given
on
first page of this department.—V. 146, p. 2866.
Volume
Financial
147
Postal Telegraph Land Lines System—EarningsPeriod. End. May 31—
Tel. & cableoper. revs—
Tot. tel.&cabie oper.exp.
1938—Month—1937
$1,746,864
$1,976,845
1,772,038
1,942,789
1938—5 Mos.—1937
$8,713,694 $10,022,761
Net tel.& cable oper .df
Uncol'ble oper. revs____
$25,174 prof$34,057
5,000
4,000
93,265
78,213
$24,872prof$507,929
25,000
28,000
441,829
392,376
.
Taxes assignable to oper.
9,514,832
8,738,565
$123,439
3,149
Gross deficit
Deducts, from gross
$48,156
3,092
$491,701 prof$87,553
12,730
18,428
$120,291
251,533
Operating deficit
Nonoperating income...
$45,064
245,812
279
Chronicle
While it
by representatives of the Transit Com¬
mission as just one of several plans under consideration, the information
now
is that the $340,000,000 figure is right because of the inclusion of
additional surface lines.
Tnis is more than a hundred million below the
price named in the Seabury-Berle plan, and more than that amount lower
than any other transit-unification plan ever broached.
The low price is possible because of the present financial'difficulties
of the private companies, plus the fact that if city bonds can be exempted
from the debt limit, and used to pay off tne private security holders, the
price is bound to be far less than if tne owners were asked to take bonds of
$478,971prof $105,981
1,258,707
1,220,544
a
described
was
then
Board of Transit Control, secured only by revenues
system.—V.
146,
p.
of
a
unified transit
3201.
Reece Folding Machine
Co.—No Dividend Action—
Directors at their recent meeting took no action on payment of a dividend
the company's common stock, par $10, at this time.
A dividend of
on
Net deficit
—V.
$371,823
$1,737,678
$290,876
$1,114,563
Colo.—Financing—
The company is said to have under consideration a refunding issue of
between $45,000,000 and $50,000,000, wnich may reach the market late
this summer.
This is one of the many issues which had been under dis¬
cussion
late last summer, but
V. 146, p. 3354.
was
dropped when the recession set in.—
•
Public Service Electric & Gas
Co.—-.Registers $10,000,000
Bonds—
Company
on
June 30 filed with the Securities and Exchange Commission
registration statement (No. 2-3740, Form A-2) under the Securities Act
1933, covering $10,000,000 1st & ref. mtge. 3H% bonds series due
July 1, 1968.
According to the registration statement, the net proceeds from the sale
of the bonds will be added to the company's cash funds which are to be
used, among other things, for expenditures in the ordinary course of business
a
of
property additions
The company's construction
and improvements.
budget authorized for 1938 plus balances on incompleted authorizations at
Jan. 1, 1938, amounted to approximately $20,000,000, excluding contingent
items
Both capital
totaling $3,000,000.
cluded and
are
classified
as
and replacement items are in¬
follows:
Electric
paid
on
Dec. 28, 1937.—V. 146, p. 3677.
Department
$8,341,743
Department
Substation
$9,285,735
__
_
_
1,822,985
1,897,448
27,281
457,620
1,014,591
6,689,238
2,768,920
$2,868,721
_
Miscellaneous.
___
Total authorized
The
names
are
as
of
457,620
1,014,591
4,791,790
Distribution..
each
Total
Department
$943,992
$16,428,729
Generation & works....
tHe underwriters and the
follows:
918,654
$918,654 $20,216,104
amounts to
be underwritten by
Morgan Stanley & Co., Inc., New York, $3,125,000;
Bonbright & Co., Inc., New York, $3,125,000; Brown Harriman & Co.,
Inc., New York, $1,250,000; The First Boston Corp., New York, $1,250,000; Smith, Barney & Co., New York, $1,250,000.
According to the prospectus an agreement among the underwriters
provides that Morgan Stanley & Co., Inc., and Bonbright & Co., Inc., are
authorized to engage in certain market operations in the securities being
registered.
"The purpose of this provision," it is stated, "is to facilitate
the distribution of the bonds by attempting to stabilize the market price
thereof.
Tne existence of this provision is no assurance that any such
transactions will be effected, or, if effected, they will not be discontinued
at any time.
The price at which the bonds are to be offered to the public, the under¬
writing discounts or commissions and the redemption provisions are to be
furnished by amendment to the registration statement.—V. 147, p. 129.
Puget Sound Power & Light Co.—Bonds—
July 21 making
subsidiary of Engineers
of its first and
refunding mortgage 6% gold bonds, series E, due Oct. 1, 1950.
The Commission makes the following findings:
The outstanding principal amount of bonds, the stated capital of the
preferred and common stocks, and the surplus of the company were as
follows as of Feb. 28, 1938:
The Securities and Exchange Commission issued an order
effective the declaration filed
by the
company,
a
Public Service Co. regarding the issue and sale of $7,000,000
Pacific Coast Pr. Co. 1st 5%
..$3,990,000
.36,040,000
8,925,000
.14,499,000
1940 (assumed)
Puget Sound Pr. & Lt. Co. 1st & ref. 5l/$% 1949
Puget Sound Pr. & Lt. Co. 1st & ref. 5% 1950
Puget Sound Pr. & Lt. Co. 1st & ref. 4)4% 1950
coupon notes due 1940....
$5 prior preference stock (110,000 shs., no
$6 preferred stock (263,995 shs., no par)
5)4%
Common stock
par).
...
(1,318,388 shs., no par)
Surplus.
—
...
2,919,500
x$9,327,304
-_y25,119,543
14,000,000
zl8,562,292
share in arrears as of April 15, 1938.
y $33.50 per share in
arrears a# of same date,
z Includes $10,805,995 capital surplus.
Of the $7,0u0,o00 of bonds covered by the declaration, $2,512,500 have
heretofore been certified by the trustee and are held in the declarant's
treasury.
The balance of $4,487,500 has not yet been certified or de¬
livered.
All of the bonds covered by the declaration will be secured by
$18.75
per
supplemental indentures to a first and refunding mortgage indenture
between Puget Sound Power & Light Co. and Old Colony Trust Co. of
Boston.
This is an open-end mortgage, dated June 2, 1924.
It appears from the evidence and declarant frankly states that there is
no immediate intention or prospect of selling these bonds at anything like
par.
No 6% bonds of the declarant are presently outstanding in the hands
public.
Declarant does, however, have outstanding 5)4% bonds
the neighborhood of 74.
On the same yield
of the
which are currently selling in
basis
the 6% bonds would command a market price of approximately 77,
than 20 points below the minimum price to declarant authorized by
or more
the Department of Public Service of the State
The facts sufficiently show that the bonds to
ments
of Section
of the bonds will
of Washington.
be issued fulfill the require¬
7(c) of the Act.
Declarant represents that the proceeds
used for the following purposes:
To discharge or refund $2,919,500 of declarant's 10-year 5)4% gold
due Feb. 1, 1940 which are now outstanding in the hands of
public, and
(b) To discharge or refund $3,990,000 Pacific Coast Power Co. 5% gold
bonds due March 1, 1940, heretofore assumed by declarant which are now
outstanding in the hands of the public, and
(c) To reimburse declarant for the sum of $78,980 heretofore expended by
declarant from income to acquire $80,500 10-year 5)4% gold coupon notes
due Feb. 1, 1940 which were outstanding in the hands of the public.
Basing its conclusion less upon the foregoing figures than upon the fact
that it does not appear that the bonds can be sold at par before the financial
condition of the company materially improves, and having in mind that
unless authorization to issue and sell these bonds can be presently obtained
valuable bondable credits will be lost, the Commission observes no basis for
(a)
coupon notes
the
making adverse findings under Section
7(d) of the Act.—V. 146, p. 3815.
City—$315,000,000 Fixed, Free
of Debt Limit, for Transit Unity by Constitutional Convention—
Rapid Transit in N. Y.
The New York
"Times" in
a
dispatch from Albany July 7 had the fol¬
lowing:
Representatives of the Transit Commission and of the La Guardia ad¬
ministration, meeting at Albany, N. Y., July 6, agreed on $315,000,000 as
the amount that should be exempted from tne New York City debt limit
to permit it to buy the privately operated transit lines of the B. M. T.f
I. R. T. and Manhattan Elevated System.
This price will be written into the proposed transit unification amendment
at a meeting of the Cities Committee of the Constitutional Convention.
It is not the exact price tne city is prepared to pay for the transit proper¬
ties, and tne city will have to make up the difference out of the unencum¬
bered debt margin of some $70,000,000 which it now has.
Tne exact price the city will pay is not being made puolic.
It depends,
to a certain extent, on how many trolley lines of the B. M. T. system in
Brooklyn are included. However, it is believed that the price is $340,000,000
for what the companies are now willing to sell.
Figure Disclosed Before
of $320,000,000 as the ptu-chase price was first disclosed
at the hearing on transit before the Cities Committee several weeks ago oy
a civic worker who did not
know he was announcing what at that time
was a confidential plan.
The
International,
junction Against SEC—
Chicago—Seeks In¬
drawal of the registration statement.
The Circuit Court of Appeals for
the Seventh Circuit recently dismissed
withdraw the statement on the ground that the
\
Following presentation of the company's request that the Commission
be enjoined, the court issued a rule, returnable July 12, directing the Com¬
the company's petition to
court had no jurisdiction.
mission to show cause
against it should not
why a temporary injunction
be issued.—V.
1564.
146, p.
Corp,—Bonds Offered—Offer¬
made July 8 of $1,657,000 general mortgage 3lA%
bonds due 1967, series I, at 104 and interest.
The offering
which represents new financing by the company, was made
by a group composed of the First Boston Corp., Smith,
Barney & Co., Goldman, Sachs & Co., Harris, Hall & Co.,
Inc., W. C. Langley & Co. and Sage, Rutty & Co., Inc.
Rochester Gas & Electric
was
According to the prospectus on which the offering is based, gross capital
expenditures of $1,260,499 already have been made by the company during
first four months of 1938.
Gross capital expenditures totaling $4,718,528 were made in 1937 in connection with the company's construction
the
program.
general construction and improve¬
The bonds will be secured by the lien
which, in the opinion of the company's
counsel, constitutes a first lien on substantially all the physical properties
of the company with certain exceptions.
Adjusted to give effect to the present financing, the company's total
funded debt as of April 30, 1938 amounts to $37,052,500.
Capitalization
consists of $23,887,100 of preferred stock and 775,914 shares of common
stock having a stated value of $14,383,208.
'
Corporation had total operating revenues of $15,891,972 for the 12 months
ended April 30, 1938 compared to $15,620,699 for the 12 months ended
Dec. 31, 1937 and $14,722,949 for the year ended Dec. 31, 1936. according
to the prospectus.
Gross income before provision fbr Federal income taxes,
interest charges and other deductions was $4,687,528 for the 12 months
ended April 30, 1938 as compared with $4,891,914 for the year ended
Dec. 31, 1937, and $4,501,331 for the year ended Dec. 31, 1936.
Annual
interest charges on the funded debt of the company to be outstanding upon
the issuance and sale of the bonds being offered today are $1,573,495.
The company does a general electric light, power and gas business in
Rochester, N. Y., and vicinity, serving a population of about 190,000 with
electricity and 428,000 with gas.
The territory extends over approximately
2,000 square miles.
In addition the company supplies steam for heating
and industrial purposes.
All of the properties of the company are located
in the State of New York.
For the year 1937 electric revenues totaled
$10,575,338, gas revenues $4,091,318 and steam revenuas $827,542.
The bonds will be redeemable as an entirety on 60 days notice on any
interest date at 108 of the principal amount if redeemed on or before
March 1, 1941 and thereafter at successively reducing premiums.—V. 146,
p. 3967.
Proceeds will be used to finance the
ment program of the corporation.
of the general mortgage indenture,
Rockland Light &
The New York P.
Power Co.—Bonds
S. Commission has
Authorized—
authorized the company to issue
$742,000 of 3%% first refunding mortgage bonds, series B, due
1961. Bonds are to be sold not less than 105)4, to realize proceeds of not
less than $782,810, which will be used with other funds of the company to
retire $848,000 of 5% first mortgage bonds of Rockland Light & Powe^Co.,
and seh
a
whole at
The bonds are redeemabl
interest payment, on 30 days
and decreasing
for each year
April 30, 1961, at 100)4—V. 146,
before Nov. 1.
constituent company, on or
in
f
time, or in part on any
any
notice, at 110 if before May 1, 1941,
tnereafter to 1960, and thereafter to
1889.
p.
Roosevelt Hotel,
Directors have
Inc.—Initial Dividend
declared
an
Ruberoid
the com¬
holders of record June 15.—V. 146, p. 3819
initial dividend of $3 per share on
pany's stock, payable July 1 to
Co.—Change in Subsidiary—
of the extensive asbestos mining and milling properties at
conducted by the Vermont Asbestos Corp., a whollyowned subsidiary of Ruberoid, will be carried on hereafter under the
name of Vermont Asbestos Mines,
Division of The Ruberoid Co., it was
announced on July 3 by Herbert Abraham, Ruberoid President.
Tne change, authorized at a recent meeting of the directors, was effected
by liquidation of the Vermont Asbestos Corp. and distribution of its assets
to the Ruberoid Co. as its sole stocknolder.
The purpose, Mr. Abraham,
said, was to simplify administration and to relate tne name of the Vermont
asbestos property more directly to that of the Ruberoid Co.
Since 1936, when the Ruberoid Co. first became interested in tne Vermont
property, extensive improvements made in the plant buildings and equip¬
ment have increased tne production of asbestos fiber by more than 35 %.
About 200 men are employed.—V. 146, p. 3519.
Operation
Eden, Vt., heretofore
Rutland RR.—Receiver Would
Drop Line—
George L. R. French, receiver on July 5, petitioned the Federal District
Court, at Rutland, Vt., for permission to sell or discontinue operation of the
line on the ground that revenues were insufficient.
Federal Judge ilarland
July 19 to allow creditors of the road
abandoned if necessary.
days after he announced a 15% wage cut
the 2,600 employees of the road, effective on Aug. 4.—V. 147, p. 131.
Howe ordered a public hearing on
B.
to show cause
why it should not be sold or
The receiver's action came two
for
St.
Louis County Water
Co.—Earnings—
1937
Calendar Years—
Operating revenue
b Operating expenses
Preferred dividends
for
1936.
$407,316
109,200
242,000
109,200
264,000
f°r comparative purposes,
b Includes Federal
undistributed profits in the amount of $253 for 1937 and $1,942
1936 figures restated
surtax on
....
—
39,120
$373,834
Balance of earnings
dividends
$446,436
40,680
Sinking fund appropriation
a
$601,703
155,266
$414,514
Net income
$581,267
20,436
$565,266
150,752
Gross income
$1,185,148
603,881
$548,097
17,169
Income deductions
Common
•
a 1936
$1,156,606
608,509
_
Operating income..
Non-operating income
figure
Corp.
The company has filed an injunction suit against the Securities and
Exchange Commission in U. S. District Court, Chicago, asking that the
Commission be restrained from holding further hearings on the company's
registration statement.
The company also asks that the Commission be restrained from enforcing
any fines or penalties against the company for failure to comply with its
orders, from denying the corporation withdrawal of its registration state¬
ment and from issuing any further press releases concerning the company.
The company complained that the Commission refused to permit with¬
ing
Commercial
Gas
Low tension transmission
x
was
Resources
Public Service Co. of
for
5 cents
146, p. 3677.
Financial
280
Balance Sheet Dec. 31,
Assets—Property, plant and equipment
1937
(including intangibles), $10,355,-
722; sinking fund, $156; cash, $23,653; working funds, $2,500; note
receivable, $1,085; accounts receivable, $69,588; rents receivable, $555;
supplies, $66,524; deferred charges, $10,880-, total $10,530,666.
cum. preferred stock issued and
outstanding—18,200
$1,794,800; common stock issued and outstanding—22,000
shares, (no par), $1,515,000; 1st mortgage bonds, 4% series, due 1955,
$3,702,000; notes payable—bank, $835,000; accounts payable, $24,984;
Cdvidend payable, preferred, $27,300; customers' deposits, $71,016; accrued
accounts, $102,910; deferred credits, $632,662; reserves, $1,331,176; con¬
tributions in aid of construction, $7,560; earned surplus, $486,256; total,
$10,530,666.—V. 140, p. 3401.
y
s
materials and
Liabilities—$6
shares (no par),
Chronicle
July
1938
9,
$26,682; materials and supplies, $9,285; unbilled water service, $14,780
prepaid insurance, $276; unamortized debt discount and expense, 4%
bonds, $76,021; total, $2,695,105.
Liabilities—Common stock, $10,000; 6%
preferred stock, $485,000;
1st mtge. 4% bonds, 1961, $1,500,000; notes payable, $58,000; consumOT'
deposits, $2,210; accounts payaole, $13,614; coupons payable, $17,255;
dividends payable, $2,191; interest accrued funded debt, $15,000; reserve
t
s
deposits, closed bank, $500; interest accrued unfunded debt, Dr.$251.
loss
interest accrued
consumers'
deposits, $1,461; taxes accrued, $13,489;
surplu8and reserves, $576,635; total, $2,695,105.—V. 144, p. 1976; V. 143,
p. 3333, 3162, 3011.
Sierra Pacific Power
Co.—Earnings-
__
A total
has
oeen
Payment will be made at the New York Trust
nitP-"*'
•
Co.—V. 146,
p.
1087.
$139,833
41.556
11,717
21,997
$1,924,138
720,386
116,520
264,717
$1,754,310
635,303
96,332
248,575
$71,061
$64,563
Dr7
97
$822,514
4,000
$774,100
4,554
$71,054
7,718
$64,659
8,479
$826,515
retirement accruals
$778,654
97,374
$63,336
11,451
$56,180
11,116
$734,358
131,329
$681,280
Int. & amortiz., &c
$51,885
$45,063
divs. deel—.
$603,029
210,000
$554,082
209,226
Common divs. decl.
263.654
257,500
Operating revenues
Operation
Maintenance
Taxes.
•
Consolidated Gas & Electric Co .-—Earnings
San Diego
Period End. May 31—
1938—Month—1937
Operating revenues.$678,232
$631,552
a Net operating revenue
263,986
249,291
Other income (net)
5
409
a
series due 1979,
accrued interest.
$152,862
53,734
6,998
21,068
Gross income—
of $88,000 1st mtge. s. f. gold bonds, 4^%
called for redemption on Aug. 5 at 104 and
'
oper.
rev.
&
other income..--—
1938—12 Mos.—1937
$8,170,718
3,192,931
1,212
3,393,906
4,015
Net oper. revenues—
Non-oper. inc. (net)
$8,121,086
Balance
Net
$249,701
$263,991
Appropriation for retirement reserve.
$3,194,144
$3,397,922
.
1,310,000
Gross income
a Before appropriation for retirement
Calendar
Electric
$1,884,144
$2,122,922
p. 3969.
reserve.—V. 146,
1937
Years—
Operation-...
1936
$6,468,751
1,768,081
1,785,942
437,277
-
578,014
799,247
—
—
Maintenance
——...
Depreciation
a
$6,001,264
745,608
—
—
— — -
Pref.
—V.
Co.—Earnings—
Operating revenue....
—
876,039
881,279
$2,174,257
47,640
$2,424,268
41,875
$2,221,898
Interest on funded debt
340,590
Amortization of debt discount and expense—12,075
Other deductions
34,312
$2,466,144
415,850
22,590
40,003
b Taxes
Operating income
Other income (net)
$1,834,920
319,488
1,325,000
-
$6 preferred dividends
Common dividends
a
Amounts restated
for
b
comparative purposes,
I \1,987,700
319,488
1,612,500
Includes
surtax
on
Silverwood Dairies,
Balance Sheet Dec. 31,
Ltd.—Earnings—
Apr. 2 *38
Sales—
——
$7,210,404
Cost of materials
3,970,946
Production, selling & general expenses—branches.
2,596,615
Provision for depreciation
269,372
Years Ended—
Gross profit on
sales
Apr. 3 '37
$6,714,016
3,672,487
2,431,149
250,952
$359,429
19,661
$373,473
-
12,334
revenue
17,502
$379,090
145,417
26,948
28,978
87,000
17,966
$87,993
$72,780
$385,806
Total
138,141
49,533
5,637
Management, administrative & general expenses..
Interest on 5% 1st mtge. bonds
Int. on mtges., old debs., & mtge. bonds of subs..
Interest on 6% debentures
Less prov. for Dominion & Provincial income taxes
£7,000
Net profit for the year
Rearranged for the purpose of proper comparison,
After eliminating
1937.
y
interbrancb sales of $i;574,754 in 1938 and $1,467,871 in
1937
x
y
x
undistributed profits.
127,197
146, p. 4130.
Miscellaneous
Total income
Net income
•92,156
1,275,000
—
Net income
Scranton
1938—12 Mos.—1937
193$—Month—1937
Period End. May 31—
Water Power Corp.—Bonds Called—
Safe Harbor
Liabilities—
Assets-
Utility plant.
Contractual construction
1st rntge. bds, 314 7c, due '67.
Other security investments..
Cash
22,213
cos.
108,810
Taxes accrued
25,500
r —.
792,364
Customers' deposits
Temporary cash investments
(at cost)
asso.
Interest accrued
298,044
Working funds-
189.829
Accounts payable,
9
Deferred credits..
200
Special deposits
99,834
27,301
Misc. current liabilities
915,000
—
Accounts receivable
728,934
670,978
Contributions
587,408
$6
271
Reserves..
Materials and supplies
Notes and accounts rec.,
current.
—
.
12,238,153
in
aid
of
con¬
struction
not
-
Deferred debits
119,107
—
cum.
no
par
1.007
pref.
stock
shs.)
—
(53,248
5,324,800
—
Common stock (2,500,000 no
par
shs.)
6,071,866
Capital surplus
780.000
Earned surplus..
Total
Consolidated Balance Sheet April 2,1938
$6,500,000
Accounts payable, general-
.—$32,352,170
2,945
$35,700,297
3,543,845
Total
$35,700,297
hand and in banks, $271,399; accounts and notes re¬
ceivable, less reserves, $242,598; inventories, $259,868; life insurance on
company executives (cash surrender value), $93,842; mortgages receivable
and sundry investments, $2,786; capital assets, $5,640,951; investment in
Sno-Creme, machinery, patent license and promotion expense, less amount
written off, $24,705; deferred assets, $101,183; total, $6,637,332.
Liabilities—Accounts payable milk and cream patrons, $177,778; other
accounts payable and accrued charges, $186,064; reserve for Dominion
income and Provincial corporation taxes, $42,633; interest due and accrued
on bonds, debentures, and mortgages, $17,151; drivers' deposits and un¬
earned revenue, $20,483; mortgages payable, $16,425; mortgage bonds of
a subsidiary company (assets have been taxen over by Silverwood Dairies,
Ltd.), $20,600; 1st (closed & ref. mtge. 5% red. serial bonds maturing
1939-51, $1,020,000; 6% reg. sinking fund red. debentures due April 1,
1966, $1,450,000; reserve for depreciation of buildings, plant and other
capital assets, $2,512,435; pref. stock (145,000 shares no par), $725,000;
com. stk. (issued
176,598 shs. no par), $265,000; earned surplus, $183,764;
total, $6,637,332.—V. 146, p. 4130.
Assets—Cash
on
—V. 138, p. 4477.
Solvay American Corp.—Preferred Stock Called—
Sears, Roebuck & Co.—-Application Approved—
The Chicago
Stock Exchange has approved the application of the com¬
list 50,000 additional shares of capital stock, no par, to be sold to
employees under a plan recently announced.
These shares will be admitted
to trading on registration under the Securities Exchange Act of 1934 and
notice of issuance.—V. 147, p. 131.
pany to
Shell Transport & Trading
**
Calendar Years—
1937
Int.&divs.rec
1 936
1935
£6,034,499
51,043
£5,067,195
Profit
Pref. divs. (5 %_)
£6,616,489
100,000
£5,983,456
100,000
700,000
5.427,306
£5,021,246
100,000
700,000
5,789,126
Ry.—Earnings—
—Fourth
1934
£6,686,691
70,202
pref. divs. (7%).
Southern
Co., Ltd.—Earnings—
Expenses—
2d
A total of 2,020 shares of hxA% cum. pref. stock has been called for
redemption on Aug. 15 at $110 per share and accrued dividend.
Payment
will be made at the office of J. P. Morgan & Co., New York City.—
V. 146, p. 3522.
45,949
£3,852,601
45,126
700,000
4,221,238
£3,807,475
1,00000
700,000
3,015,170
Week
of June
1938
Gross earnings (est.)
—V. 147, p. 133.
Southern Union Gas Co.
Calendar Years—
1938
(& Subs.)
1937
Total oper. revenue
Gas purchases
1 to June 30
Jan.
1937
1937
$3,105,676 $55,179,602 $07,741,915
$2,730,661
-Earnings-
1936
1935
1934
$2,157,965
406,205
577,305
$1,871,440
366,866
471,590
$1,558,132
311,070
470,910
:$1,286,661
$1,174,455
$1,032,984
15,899
$776,151
26,229
$706,001
$1,048,883
Assets
1
1937
1936
1935
1934
Property (shares, &c)_. £35,641,805 £36,064,959 £33,519,749 £33,678.415
Non-oper. rev. deduct-_
$1,260,989
136,639
125,825
$802,380
104,422
$760,527
122,148
Sub.
$1,124,349
Int. expense—net
338,770
Retire, and (or) dep. res.
174,358
Amortization reserved.
33,066
$023,058
384,455
165,946
29,264
$697,958
376,929
261,674
48,565
$638,379
419,174
210,402
76,806
$343,393
$10,790
a$68,003
Orainary dividends
.
Balance
£27,363 loss£243,850
137,841
381,691
Brought forward
Carried forward
£165,204
Balance
shs & divs to sub-
Debtors and loans
Dividends due
Investments
_
Cash.
-
—
Dec.
loss £7,695
£381,683
Operating exp
389,378
£381,691
£137,841
Sheet
640,000
15,865
6,606,322
10,299,961
185,616
-
£8
381,683
31
Gross income.
"l5,946
12",949
4,824,500
10,849,378
95,860
36,227
5,501,199
10,991,988
244,714
3,692,489
10.519,794
191,554
_
Net
Total---
--£53,389,569
a
Capital
Reserve, &c__
Creditors
-
-
Unclaimed dividends..
Pref. div. accrued
2d pref. div. accrued...
Profit balance
-
£40,945,633 £36,121,361 £36,121,361 £36,121,361
5,852,347
10,676,619
8,131,609
8,131,609
204,016
70,912
66,230
63,321
116,576
93,063
69,546
57,799
25,000
25,000
25,000
25,000
291,667
291,667
291,667
291,667
5,954,330
5,565,147
4,602,929
3,396,853
Total
-—£53,389,569
—V. 146, p. 3521.
-
—
£52,839,087
£49,305,433
£48,095,201
prof,
$578,155
Loss.
Calendar YearsGross operating revenues
Operating
certain
.-'K-
extraordinary and non-recurring items of income and
Non-operating revenue
1936
1937
Sinking fund cash
201
-
$
Cum.
pref. stock
(825 par):
CI. A 8% cum..
743,050
134,700
143,356
87,436
7% cum. stock.
Accounts receiv'le.
629,531
81.75 div. series
Inventories
280,796
574,624
262,341
1936
1935
$247,846
107,097
$227,550
83,368
$144,181
(not cons.)
Special deposits
2,189
1,427
$140,645
59,992
24,000
5,635
$142,93k
70,291
24,000
2,881
$145,609
64,800
24,000
1,515
of
Prepaid
a
em¬
ployees..
374
31,810
interest deductions
Amortization debt discount & expensei
Balance--
89,825
10,766
320
304,714
428,796
2,832
4,092
$51,017
26,292
10,000
—
$45,765
26,292
10,000
8,500
-
in
int.
—.
stock—subs
1,663,640
Minority interest. 1,059,173
Long-term debt.
5,679,832
$9,473
730,002
716,158
6,604,408
649,300
341,450
299,708
Taxes accrued
219,966
235,439
104,330
177,329
20.634
36,271
188,904
—
$9,001
.
Other eurr. liabs..
Consumers
Res.
for
depos.
rate
reserve
Total
a
15,238,210 14,026,694
Represented by 248,607
in 1936.—V. 144, p. 4023.
no par
Total..
214,351
ad¬
justment
Retire. & deplet'n
Balance Sheet Dec. 31,1937
..££^TPIant and Property, $2,252,873; S. V. W. Co. 6% treasury,
$46,800; investment securities (Masury Water Co.), $122,766; other in¬
vestment securities, $13,650; sinking fund
assets, $9,375; interest special
deposits, $17,255; cash on hand and in banks, $105,340; accounts receivable.
912,140
Notes payable
Accounts payable.
$55,293
26,292
20,000
$14,725
8.700
577,870
pref.
...
___
89.825
1,239,695
1,780,759
Surplus
Min.
Interest accrued.
Net corporate income
Preferred dividends
Common dividends.
expenses.
Other assets
743,050
134,500
J
cert, sub¬
scribed
26.592
42,861
.
1,243,035
Com.stock
Allot,
12,245
Def'd charges, &c.
Depreciation
stock
Indebt.ofaffii.cos.
$140,749
Indebted,
1936
Liabilities—
$
Fixed assets.-.—13,129,228 12,166,131
Investments
655,287
470,570
$139,469
1,176
-
have
Consolidated Balance Sheet Dec. 31
1937
Assets—
1937
expenses
expense
been eliminated.
$268,549
129,080
Net income from operations.
54,526
iv'*
Cash
-Earnings-
354,161
Note—In order to put the foregoing summary on a comparative basis,
..
Shenango Valley Water Co.
226,499
before Fed.
& State inc. taxes._
£52,839,087 £49,305,433 £48,095,201
Liabilities—
86,534
Non-operating revenue-
.
59.062
1,159,742
1,399,552
..15,238,210 14,026,694
shares in 1937 and 247,939
no par
shares
Volume
Financial
147
Southern Bell Telephone &
Period End. May 31—
Telegraph Co.—Earnings
1938—Month—1937
$5,291,948
23,002
1938—5 Mos.—1937
$5,210,436 $26,656,101 $25,963,578
20,5|39
111,225
104,412
Operating revenues.. $5,268,946
Operating expenses
3,495,533
$5,189,8^7 $26,544,876 $25,859,166
3,416.29\ 17,265,502 16,802,052
„
Operating
revenues
Uncollectible oper. rev._
Chronicle
which
the
281
of such
names
stock, by the
owner
of
a
in respect of the common
majority of the shares of that stock.
persons
appear
or,
The newly elected directors are as follows:
Notes and debentures:
Hamilton, Pell; prior preference stock, George N. Armsby, Thomas J.
Walker; common stock, James Bruce, Georges F. Doriot, Bernard W,
Lynch, Thomas A. O'Hara.
Two additional directors are to be elected by the holders of the $4 cum.
Sref. stock, nominatedpositions Benjamin L. Allen and Johnwhich they are
K. MacGowan
been for which
by the respective committees of
ave
Net operating revenues $1,773,413
Operating taxes
730,084
Net oper. income
$1,043,329
792,345
Net income
$1,773,605 ^$9,279,374
681,702
3,657,287
$9,057,114
3,451,107
$1,091,903
752,046
$5,606,007
4,279,589
$5,622,087
4,426,501
—V. 146, p. 3680.
Southern Street Ry.
Years End. Jan. 31—
Interest
(Chicago)—Earnings—
1937
1936
1935
$90,592
$90,585
$90,582
$90,580
81,108
9,930
23,511
2,317
51,733
3,610
34,851
9,649
$19,414
1,011.736
$69,392
942,344
$42,459
899,884
$65,378
834,507
*
Def. amt. short of 5%
of purch. price for year
Other income
Net income
Surp. at beginning of yr_
Total
*
surplus
$1,031,150
....
MacGowan be furnished
$1,011,736
$899,884
$942,343
Shall be paid out of receipts or subsequent year or years, as per
ordi¬
nance.
Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended
July 2,1938 totaled 97,660,762
kilowatt-hours, a decrease of 9.3% compared with the corresponding week
last year.-—V. 147. p. 133.
Standard Oil Co.
(Ohio)—$5,000,000 Debentures Placed
June 1 last sold to the Equitable
Life Assurance
Society of the United States $5,000,000
10-year 3YA% debentures.
Privately—The
Assets—
1938
price
1937
Liabilities—
of
Suspense—see
prop, in terms of
ordinance
Cash
on
hand
542,297
276,927
334,569
$253,461
3,411,736
253,461
.
Total
employed last
other additions and improvements to
plants.
During 1937 the company expended approximately $6,930,000 for replace¬
ments and renewals of bulk and service station
equipment, for the in¬
stallation of a new crackking unit at the company's Toledo
refinery, con¬
struction of crude oil pipe lines in
287,006
Deferred assets.
b Surplus
512,953
& notes ree.
Accts
a
$334,569
3,431,150
contra
$1,811,926 $1,811,776
800,000
800.000
Franchises.
1937
1938
company on
The purpose of the sale was to reimburse the treasury for
working capital
year in the construction of a new refinery and in making
Balance Sheet Jan. 31
Purchase
to these holders.
Mr. Lynch, the President of the
company, stated that it was expected
that shortly after July 26, 1938, a
meeting of the entire new board would
be held at which officers would be elected.
1938
capital
on
chairmen representing holders of that stock.
The election by tne holders of the $4 cum. pref. stock was adjourned
to July 26, 1938, in order to meet a
requirement of the Securities and
Exchange Commission that information regarding the affiliations of John K.
Michigan, Kentucky and Illinois, and the
building of gasoline pipe lines in Ohio.
The debentures are dated June 1, 1938.
They are entitled to benefits
a
sinking fund designed to retire not less than $3,750,000 of the deben¬
tures in the first nine years of their term.—V. 146, p. 3204.
of
.$3,765,719 $3,665,1971
Total
....$3,765,719 $3,665,197
a Amount short of
5% of purchase price for years ended Jan. 31, 1932,
1933, 1934, 1935, 1936, 1937 and 1938 due from future receipts, as per
ordinance, see contra,
b Represented by equity of $2,400,000 capital stock,
authorized and issued.—V. 144, p. 2321.
Southwestern Bell Telephone Co.—Underwriters Named
The company has filed an am3ndment with the Securities and Exchange
Commission namin# the following as underwriters for its $28,900,000 3%
first and refunding mortgage bonds to be offered publicly:
Morgan, Stanley & Co., Inc..$5,200,000
Kuhn, Loeb & Co.
2,600,000
Kidder, Peabody & Co
2,100,000
Schoellkopf, Hutton & Pome-
First Boston Corp
1,800,000
Stern Bros. &Co
350,000
Brown Harriman & Co., Inc..
1,800,000
1,800,000
Stone & Webster and Blodget,
Inc
350,000
1,050,000
"White, Weld & Co
350,000
350,000
roy, Inc
Securities Co. of Milwaukee..
350,000
Standard Oil Co.
(New Jersey)—$85,000,000 Securities
an under¬
writing group of 62 members, which offered publicly on
July 7 $81,000,000 of securities of the company.
The issues
Offered—Morgan Stanley & Co., Inc., headed
consisted
of $50,000,000 15-year 2%% debentures, due
July 1, 1953, which were offered at 99 and accrued interest,
to yield about 2.83% to
maturity, and $35,000,000 of serial
notes (of which only $31,000,000 were offered
publicly),
maturing serially from 1943 to 1947, which were priced
at
The serial
Jackson & Curtis
300,000
500,000
R. W. Pressprich & Co
300,000
Clark, Dodge & Co
400,000
Dean Witter & Co...
300,000
Dominick & Dominick
400,000
E. W. Clark & Co
250,000
Goldman, Sachs & Co
400,000
250,000
Harris, Hall & Co. (Inc.)
400,000
Glore, Forgan <fc Co
Graham, Parsons & Co
notes are to be issued in five series,
maturing on July 1, 1943 to 1947, with
interest rates as follows: 1%% for the 1943 maturities,
2% for the series due 1944, 2\i% for the notes due 1945,
2^% for those maturing 1946, and 2lA% for the series due
1947.
The remaining $4,000,000 of serial notes, repre¬
senting $800,000 of each series, have been placed privately
by the company at par, but without underwriting discounts
250,000
or
Lehman Bros
400,000
Smith, Moore & Co
250,000
350,000
Reinholdt & Gardner
200,000
Research.
350,000
I. M. Simon & Co....
200,000
200,000
Smith, Barney & Co..
Lee Hlgginson Corp
Blyth & Co., Inc
G.H. Walker & Co..
Coffin & Burr, Inc
L. Day & Co.......
300,000
Hemphill, Noyes & Co
300,000
600,000
_
—
Co
&
R.
700,000
....
Mellon Securities Corp
Lazard Freres & Co
Estabrook
700,000
700,000
...
Bonbright & Co., Inc
Hayden, Stone & Co
300,000
Hornblower & W^eeks
350,000
Stix & Co
W. E. Hutton & Co.........
350,000
F. S. Moseley & Co....
350,000
A. G. Becker & Co., Inc.——.
Alex Brown & Sons
150,000
150,000
Central Republic Co..
150,000
In
addition to the
bonds
being offered publicly, the
...
will sell
of pension
company
privately $1,100,000 bonds to Bankers Trust Co. as trustee
funds established by certain companies affiliated with Southwestern Bell.
The bonds are redeemable to and incl. July 1, 1943, at 105; thereafter to
and incl. July 1, 1948 at 104; thereafter to and incl. July 1, 1953 at 103;
thereafter to and incl. July 1, 1958 at 102; thereafter to and inc:l July 1,
1964, at 101; and thereafter at par.
The date of the proposed offering is July 14.—V. 146, p. 4130.
Spiegel, Inc.—Sales—
Period End. June 30—
1938—Month—1937
Sales.
—V.
$3,798,512
146,
1938—6 Mos.—1937
$3,915,602 $21,465,335 $23,863,938
3821.
p.
Standard Fuel
Co., Ltd. (& Subs.)-
Years Ended April 30—•
Profit from operations.
Inc. from investments..
-Earnings-
1937
1938
$89,896
1936
1935
4,984
$204,723
5,173
$218,806
5,347
$94,880
$95,853
$209,896
$224,154
35,704
38,124
38,324
36,421
12,448
2,440
4,500
Total income
Res. lor deprec. & obsol.
of bldgs., mach. & eqp
$90,866
4,987
12,465
2,551
4,500
28,901
35,206
2,752
4,500
Prov. for Dom. & Prov.
income taxes
Prov. for other Prov. tax
Fees paid in directors
Written-off
prelim,
acct.
on
2,475
4,500
par.
each of $7,000,000,
commissions,
The debentures
July 1,
1,399
1,399
1,399
as
&
exps. re
dock
now
at
$36,814
344,804
$38,388
280,015
May 1
and thereafter at 100%.
The notes are dated July
prop,
exprop.
Dr61,150
Cr625
as
$382,243
102,228
$447,353
102,550
$416,079
103,021
$280,015
$344,804
$313,058
at
April 30..
Earns per sh. on 50,000
shs. com. stk. (no par)
Nil
Consolidated
Assets—
Balance
$370,210
$716,663
384,630
329,296
_. — __
Accounts payable.
241,455
obsol. of
47,179
978,557
1
1
6)4%
..$2,105,625
Represented by 50,000
15,118
at
due $7,000,000 each July 1
100% from July 2 of the year preceding maturity to maturity and
100% plus a premium of 3V% % for each additional year or fraction thereof
the respective maturities; in each case with accrued
of unexpired life prior to
interest.
Interest on debentures and serial notes payable Jan. 1 and July 1 in
York City.
Company—Company, incorp. in New Jersey on Aug. 5, 1882, is a holding
company solely.
Subsidiaries and certain companies in which the company
has investments are engaged and intend to engage principally in producing,
from lands owned, leased or held under concession, refining, transporting,
buying and selling crude petroleum and products derived therefrom at
wholesale and retail and in producing, buying, selling and transporting and
distributing natural gas.
Subsidiaries own oil pipe lines, ships, refineries,
bulk plants, service stations and other marketing facilities, and natural gas
lands, wells and gas pipe lines.
New
Capitalization
(Company
Subsidiaries)
Outstanding
as
of Dec. 31,
Long-term debt—Subsidiaries.
20-year 3% debs., due June 1, 1961 of the company
Preferred stocks of subsidiaries held by public
Common stocks of subsidiaries held by public
Capital stock of the company (26,224,767 shares, par $25)
1937
x$54,268,807
85,000,000
6,357,001
yl52,082,330
655,619,175
Includes
$3,294,900 guaranteed as to principal and interest by the
Exclusive of minority common stockholders' interest of
the surplus of subsidiaries.
Note—In addition on Dec. 31, 1937 there was owing to Standard-Vacuum
company.
y
in
Oil Co.
(50% owned) $16,585,138 (which is not expected to be called for
$2,312,067no par
The
Purpose of Issue—No specific allocation of net proceeds to be derived
debentures and $35,000,000 of serial notes
(estimated to amount to $82,972,500, exclusive of accrued interest) has
been or can be made. The net proceeds will be placed in the general funds
of the company and used in making available to subsidiaries additional
money needed for capital expenditures and for financing inventories and
receivables, and for such other purposes as the board of directors may
determine to be in the interest of the company.
The program now under
study contemplates capital expenditures of approximately $175,000,000
during 1938, of which approximately $39,000,000 had been spent to March
31.
This program includes approximately $90,000,000 for acquiring and
developing crude reserves, $38,000,000 for improving and extending refining
capacity, $15,000,000 for tankers, $24,000,000 for marketing facilities and
$8,000,000 for miscellaneous purposes. Company makes no representation
that any amount of the net proceeds of these issues will be specifically
allocated to any part of this program.
Company may materially change,
enlarge or diminish the program or any part thereof, depending upon
developments in its business, which are unpredictable.
Earnings—The following figures are taken from the consolidated income
accounts of the company and subsidiaries:
275,469
red.
fund
pref.
stock
(par $100)
1,186,000
1,187,000
Common stock..
200,000
200,000
a
241,296
280,015
Prof, before parent co. fixed chgs.
b Parent company fixed charges..
Total.
shares.—V. 145,
1935
$2,105,625 $2,312,067
p.
1436.
special meeting of stockholders and registered holders of notes and
on July 1 seven directors were elected.
directors elected were previously nominated by certain
of the
committees whicn during the reorganization proceedings of the company
have represented holders of the securities of the respective classes under
a
debentures neld
demand but under the practical operation of the annuity
is made only as funds are required for pension fund
program such demand
disbursements.
cumul.
Standard Gas & Electric Co.—New Directors—
At
are
notice at
sink,
Earned surplus
x
14,512
bldgs.,
mach. & equip..
96,847
38,076
x
Total..
35,379
65,000
& Provlalcal tax
143,523
975,635
Goodwill
$254,086
31*798
299,338
taxes..
Res. for deprec. &
95,618
reserve.
1937
$132,681
(sec'd).
Municipal
mtge.at cost, less
Properties
1938
Prov.for Dominion
Bonds, shares and
Deferred charges._
$1.32
April 30
Bank loan
Cash In banks and
hand
Sheet
Liabilities—
Accounts rec., less
reserve..
$1.14
Nil
1937
1938
Inventories.
1938 and
from the sale of $50,000,000 of
$318,402
77,106
$241,296
credit
1,
payment during the year 1938) and also $82,703,645 to trustees of annuity
Total surplus..
Dividends paid
at
Medical
1943 to 1947, inclusive.
Each of the several series of serial notes is
redeemable at the option of the company as a whole at any time on 30 days'
trusts, payable on
written-off
Bal.
$143,875
333,355
Church St.
Adjusts, (net) applic. to
prior years
on
$134,295
313,058
of claim
Institute for
thereafter to and incl. July 1, 1944, at 102H%;
1, 1947, at 101 }4%', thereafter to and incl.
1950, at 101%; thereafter to and incl. July 1, 1951, at 100}^%;
$93,394,139
Unrealized bal.
Rockefeller
from
x
1,399
the
incl. July 1, 1941, at 103 H %',
thereafter to and incl. July
of
expenses
Net profit
Bal. at credit
to
dated July 1, 1938 and are due July 1, 1953. They are
redeemable, at option of company, at any time, in whole on 30 days' notice
or in part on 60 days' notice, at
following prices with accrued int.: To and
are
Profit from operations..
Income before deductions
— -
127,212,643
Deductions.
Net
a
profit..
-
$98,043,101
-
57,893,337
69,319,306
6,456,114
62,863,192
1936
1937
$144,369,962 $218,909,016
170,767,300
247,625,414
66,651,034
93,398,142
104,116,266
154,227,272
6,341,683
6,234,125
97,774,583
147,993,147
Includes among other things fixed charges pf subsidiaries exclusive of
interest paid to the company, dividends on preferred stocks of subsidiaries
and earnings applicable to minority interests in common stocks, provisions
for income taxes and undistributed earnings of certain foreign subsidiaries
affected by exchange restrictions,
b Exclusive of interest paid to sub¬
sidiaries—consolidated.
Debentures and Serial Notes—The 15-year 2% % debentures and the serial
notes are unsecured and are to be issued under an indenture dated July 1,
282
1938.
Financial
The
indenture does
not
the issuance of
authorize
Chronicle
additional
any
thereunder, but does not limit the amount of other securities
or unsecured, which may hereafter be issued
by the company.
Underwriters—The names of the several principal underwriters of the
Operating
Operating
secured
Debentures
Under-
Morgan Stanley & Co. Inc., New York
Kuhn, Loeb & Co., New York
310,000
...
-
Biddle, Whelen & Co.. Philadelphia
Blair, Bonner & Co., Chicago
Blyth & Co., Inc., New York....
Bonbright & Co., Inc., New York
Alex. Brown & Sons, Baltimore
Brown Harriman & Co., Inc., New York
Cassatt & Co., Inc., Philadelphia
Central Republic Co., Chicago
E. W. Clark & Co., Philadelphia
Clark, Dodge & Co., New York.
Coffin & Burr, Inc., Boston
R. L. Day & Co., Boston
Dominick & Dominick, New York
Equitable Securities Corp., Nashville
185,000
185,000
155,000
2,100,000
925,000
245,000
2,780,000
245,000
245,000
245,000
1,080,000
615,000
-
-------
.
_
310,000
1,080,000
155,000
465,000
2,780,000
310,000
1,235,000
310,000
310,000
465,000
310,000
615,000
Estabrook & Co., Boston
First Boston Corp., New York
Glore, Forgan & Co., Chicago
Goldman, Sachs & Co., New York
Graham, Parsons & Co., Philadelphia..
Hallgarten & Co., New York
Harris, Hall & Co. (Inc.), Chicago..
Hayden, Miller & Co., Cleveland
Hayden, Stone & Co., New York
Hemphill. Noyes & Co., New York...
J. J. B. Hilliard & Son, Louisville
Hornblower & Weeks, New York
W. E. Hutton & Co., New York
Jackson & Curtis, Boston
Kean, Taylor & Co., New York...
Kidder, Peabody & Co., New York...
Ladenburg, Thalmann & Co., New York...
Lazard Freres & Co., New York.
Lee Higginson Corp., New York
Lehman Brothers, New York.
Laurence M. Marks A Co., New York
Mellon Securities Corp., Pittsburgh
Merrill, Turben & Co., Cleveland.
F. S. Moseley & Co., Boston
W. H. Newbold's Son & Co.,
Philadelphia
Otis & Co., Cleveland
R. W. Pressprich & Co., New York
Salomon Bros. & Hutzler, New York
Schoellkopf, Hutton & Pomeroy, Inc., Buffalo
Schroder Rockefeller & Co., Inc., New York
Securities Co. of Milwaukee, Inc., Milwaukee
J. & W. Seligman & Co., New York
Shields & Co., New York.
Smith, Barney & Co., New York
Stone & Webster and
Blodget, Inc., New York
Spencer Trask & Co., New York
G. H. Walker & Co., St. Louis
Wells-Dickey Co.. Minneapolis
White, Weld & Co., New York
Whiting, Weeks & Knowles Inc., Boston.—
Dean Witter «Sc Co., San Francisco
Dillon, Read & Co., New York
615,000
310,000
310,000
1,235,000
615,000
1,545,000
1,080,000
1,235,000
245,000
2,160,000
155,000
615,000
185,000
155,000
310,000
615,000
465,000
310,000
370,000
465,(XX)
370,000
2,780,000
370,000
310,000
185,000
..
155,000
615,000
245,000
370,000
2,315,000
385,000
285,000
95,000
285,000
385,000
190.000
190,000
765,000
385,000
955,000
670,000
765,000
155,000
1.340,000
95,000
385,000
115,000
95,000
190,000
385,000
285,000
190,000
230,000
285,000
230,000
1,720,000
230,000
190,000
115,000
95,000
385,000
155,000
230,000
1,435,000
1938
1937
$731,863
.....
_
_
-
$125,694
$218,956
95,798
$118,101
61,699
II11
as
$123,159
94,784
$61,699
93,263
of
33,085
Total surplus
$179,801
$184,858
Includes $23,416 ($23,084 in
1937) depreciation of buildings, machinery
and equipment,
y Includes depreciation of $1,650
($1,290 in 1937).
Condensed Balance Sheet April 30
1938
1937
$34,710
$65,367
U. S. Govt. Treas.
bilis & notes, at
1938
1937
$12,712
$9,476
10.391
prop.
27.213
427,520
a427,520
61,699
661,699
118,102
123,159
&
352,750
2,660
6,524
con¬
(less
taxes, Ac
a Capital stock
Capital surplus-..
Inventories
214,212
62,353
Value of life Insur.
Oth. accts. recelv.
5,632
5,031
766
Treasury stock.,
21,816
surplus
14,046
Plant
Earned
741
y
x
(arising
Sun Ray
1938—Month—1937
$476,480
$468,490
$2,930,732
Drug Co.—Sales—
Period End. June 30—
Sales
—V.
147,
1938—6 Mos.—1937
$2,813,088
134.
p.
Superior Oil Corp.—Earnings—
5 Months Ended May 31—
Gross revenue
1938
Before Federal income
x
The balance sheet
$291,940
$173,730
Profit
x
$288,157
3,783
$414,733
11,006
178,983
51,014
income-
$487,964
199,807
$412,729
2,004
Profit
Other
1937
$662,413
249,684
Expenses, ordinary taxes, &c
$87,114
2,574
123,530
78,722
taxes.
of May 31, 1938 shows current
assets,
amounted to $620,870 and current liabilities,
as
including
$236,090 cash,
including
$370,000 of bank and other notes payable, were $516,166.
These compare
with cash of $267,617, current assets of $680,458 and current liabilities of
$597,660 on Dec. 31, 1937.
Total assets on
May 31, last, amounted to $7,473,279 as compared with
$7,487,632 on Dec. 31, 1937.
Capital surplus was $2,627,797 and operat¬
ing surplus was $1,226,147 against capital surplus of $2,600,772 and oper¬
ating surplus of $1,081,066 at the end of 1937.
Capital stock consists of
1,388,979 shares (par $1).—V. 146, p. 3525.
Superior Water, Light & Power Co.-—Edrnings—
Calendar Years—
1937
Operating revenues
Operating expenses, including taxes.
Property retirement reserve appropriations
1936
$1,001,679
—
749,862
-
48,000
$203,817
Other income-
384
$204,201
Interest on mortgage bonds.
Other interest
Interest charged to construction
—
Net income.
Dividends
on
Dividends
on
5,450
100,191
.—-
$973,520
701,934
48,000
$223,586
1,030
$224,616
5,450
95,778
CV26
$98,560
$35,0001
-
7% preferred stock---..--
$123,414
Unavail¬
stock--.
able
100,000/
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1937 and 1936, since no taxable
common
undistributed adjusted net income
was
indicated for those periods.
Balance Sheet Dec. 31,1937
Assets—Plant, property and equipment (including intangibles), $4,797,016; investment and fund accounts, $13,600: cash in banks, on demand,
$34,028; special deposit, $1,481; notes receivable, $13,265; accounts re¬
ceivable, $143,422; materials and supplies, $28,926; prepayments, $1,737;
other current
and
accrued
assets,
$1,600; deferred debits,
$35,323; total,
pref, stock
($100 par), $500,000; common stock
($100 par), $500,000; 1st consolidated mortgage gold bonds, series 1, 5%
due Nov. 1, 1965, $109,000; loans payable,
$1,636,000; accounts payable,
$45,555; dividend declared, $8,750; "matured long-term debt and interest
(cash in special deposit), $1,481; customers' deposits, $12,285; taxes accrued,
$28,630; interest accrued, $1,902; other current and accrued liabilities,
$2,351; deferred credits, $245; reserves, $815,873; contributions in aid of
construction, $5,438; earned surplus, $1,402,886; total, $5,070,400.—V.
147, p. 134.
cum.
on
to
govern proceedings under the act."
The proceedings against Swift & Co. were instituted
by the Secretary of
Agriculture Sept. 30, 1936. charging violation of the Packers and Stock¬
yards Act.
Hearings were begun in New York City Jan. 11, 1937, and were
concluded May 26, 1937.
The appeal requests the Circuit Court to review and set aside the three
remaining charges with respect to "unjustly discriminatory" credit, dis¬
count
April 30, 1934).
and
weight practices, the last two of which were introduced after
entered, and, according to the appeal, too late for the
evidence had been
company to
adequately prepare its defense
or
adequately cross-examine the
The Secretary's action in permitting a small group of
competitors to assist
in the prosecution caused Swift & Co. to
charge in its appeal that the pro¬
ceeding was not in the "public interest," but instead was a "proceeding
instituted and conducted for the sole benefit of a small
group of
purveyors. '
According to the appeal, the effect of this proceeding was to aid the busi¬
interests of the intervening purveyors and an effort to drive Swift & Co.
after
ness
out of
competition with these purveyors.
In its petition, the company asserts that
the "cease and desist" order is
only so general, indefinite and ambiguous that the company cannot
determine what course it must follow to obey, but it is an
attempt to regu¬
late in detail the private affairs and business of the
company.
The company
not
property,
at cost
117,192
Prepd. Insur.
$946,200
—V. 146. D. 3972.
witnesses.
Inc. A cap.stock
228,039
rec.
Liabilities—
Accounts payableAccrued
reserves)
$931,804
Denying Secretary of Agriculture Henry A. Wallace's charges of alleged
"unjustly discriminatory" credit, discount and weight practices, company
July 5 appealed the Secretary's recent "cease and desist'" order in the
U. S. Circuit Court of Appeals for the 7th Circuit
(Chicago).
k4
The original complaint contained weight
separate charges, with two addi¬
tional counts added after the hearings started.
Swift & Co. was exonerated
on seven of these charges,
including the most important charges of price
discrimination and reciprocity agreements with steamship
companies.
<4
In its appeal the company opposed the
Secretary's findings as contrary
to the evidence presented and the whole
proceedings as a denial of a "full
and fair hearing as required by the Fifth Amendment to the
Constitution of
the United States (due process of law),
by the Packers and Stockyards Act,
and by the rules of practice promulgated
by the Secretary of Agriculture
$32,752
123,159
_
x
tracts
Crl,S09
$981,840
during construction-
Net income.
Swift & Co.—Appeals Order of
Secretary Wallace—Denies
Charges of Unjustly Discriminatory Practices—
$61,699
_
Balance, April 30, 1937
A
Int.
199
$155,911
37,890
Capital surplus.
; --_-IIIIIIIIIIIIIIII
Adjust, of res. for deprec. of plant property
April 30, 1934.
cost
CrlQ
1,281,771
303.955
36,000
Cr4,384
$151,135
22,187
3,055
1,568
convertible preference stock
Accts.
182,063
36,000
$39,798
5,478
..........
__
z
$1,148,058
192,711
36,000
Cr73
$106,136
44,999
....
Net income
Previous earned surp.
(arising after Apr. 30, 1934).
....
$1,210,478
$34,263
5,535
...
Assets—
$1,180,477
181,504
36,000
$918,477
718,471
93,870
Gross income....
Provision for income taxes..
Additional Federal income tax for
prior years
Cash
$1,014,134
267.637
1934
607,250
90,350
Profit from operations.
Other income credits....
on
$880,440
267,618
$962,982
Amort, of dt. disc. & exp
Liabilities—7%
Years Ended April 30—
Divs.
$910,969
299,509
1935*'
$5,070,400.
Cost of goods sold...............
y Selling, gen. & adminis. expenses-
.
$875,956
304,521
Gross income.-Interest
Depreciation and depletion
Loss on leases surrendered, &c„
Inc.—Earnings-—
x
Interest paid.
263,609
479,214
498,131
Interest
Treasurer to Retire—
.....
532,211
585.605
190.000
Reuben P. Resor, Treasurer of this
company, will retire on Aug. 10 after
50 years of continuous service with the
company.—V. 147, p. 134.
Stott Briquet Co.,
442,791
766,269
765,000
190,000
190,000
285,000
190,000
155,000
...
485,544
904,753
_
Operating income
190,000
115,000
115,000
95,000
1,340,000
575,000
155,000
1,720,000
155,000
155,000
155,000
670,000
385,000
190,000
670,000
95,000
285.00 *»
1.720,000
465,000
.......
1,384,708
Other income
1,915,000
95,000
95,000
465,000
...
$3,639,796
1,538,734
219,203
Provision for retirement.
$4,410,000
155,000
155,000
Bancamerica-BIair Corp., New
York
A. G. Becker & Co., Inc., Chicago
$3,756,193
220.809
$3,954,736
1,600,078
234,629
written
$7,090,000
3,085,000
Baker, Watts & Co., Baltimore
Baker, Weeks & Harden, New York
$4,112,077
1,625,013
revenue
1936
Taxes
Serial Notes
Under¬
written
1938
9,
1937
expenses
Maintenance
$50,000,000 of debentures and $31,000,000 (out of a total issue of $35,000,000) of serial notes, and the several amounts underwritten by them
respectively, are as follows:
Name and Address—
July
Calendar Years—
securities
140,462
5,397
1,793
$630,424
prems
$649,066
is "not
x
y
After
Total
$630,424
$649,066
for depreciation of
reserves
$595,946 in 1938 and $572,79") in 1937.
Represented by 1,140 (766 in 1937) shares of
convertible preference stock
at cost
sented
z.After
reserve of
by 18,747
$5,863 in 1938 and $6,538 in 1937.
a
Repre¬
(19,121 in 1937) shares cumulative convertible
preference
stock and 65,617 shares of common
stock, both of no par value,
b After
charging
stodic
—W
thereagainst
W146
p
the^ adjusted profit
2710
and loss deficit
as
of April 30,
in 1937) is restricted in respect of treasury
Staten Island Edison
Corp.—To Issue Bonds—
Company,
subsidiary in the registered holding
company system of the
Associated Gas & Electric Co., has filed
with the Securities and
Exchange
Commission, a declaration covering the issuance of
$2,000,000 of refunding
and improvement
mortgage 4% bonds, due 1939.
The proceeds will be
used to refund the same amount
outstanding of refunding and imorovement mortgage 4% bonds,
originally due 1937 and extended to 1938.
A
hearing has been set for July 13.
a public utility and is not subject to such
regulation," it added.
"The evidence introduced in the hearings related
solely to a small part
our business, but the
findings are made to apply to transactions with^all
types of customers," the company said in its petition.
"The original complaint and notice of hearing and later
of
amendments
were
of its
and
witnesses.
"An important point," it adds, "is that the
Secreta^ of Agriculture'was
The evidence pertained only to intra-State commerce
without jurisdiction.
(New
York)."
Credit
a
'vague, general and indefinite'—so much so as to deprive the company
rights to know the charges made against it in advance of the hearing,
deprive it of its right to adequately cross-examine prosecution
to
as
The order against credit
"discrimination," regarded in the meat industry
the most important and far-reaching phase of the
finding, as well as the
most surprising, was vigorously
opposed by Swift & Co.
The company's
appeal on this point is an exposition of ihe fundamental
principles of credit
collections.
Swift and other meat packing
companies'pay spot cash for livestock'and
pay wages weekly, the appeal sets forthThese two items are more than
and
Volume 147
Financial
85% of all expenditures.
As a result, a quick turnover of
capital is necessary
and the
customery terms of credit in the meat
packing industry have always
been weekly.
"All credit is an assumption of
risk and a possible
liability," the appeal
continues.
"In granting credit to
anyone, Swift & Co. considers the
character, integrity, and reputation of the
operators of the business, their
ability, financial condition, location of
business, and all other factors of the
particular account.
The company then exercises
individual judgment and
'credit
sense' in the individual
case.
"These same factors apply to the
supervision of accounts to which
has been granted, and each account is
an individual risk and
always
of
credit
a matter
judgment.
The amount, or line of credit is as
important a credit factor
the length of credit, and the
question of credit cannot be considered or
as
comparisons of credit terms made, without
knowing the authorized amount
or line, of credit in each case as
well as the authorized
length of credit.
No
two customers are exactly alike as to
financial position."
Despite these and other explanations of credit
policy as generally followed
by all experienced business managements, the
Secretary found, and issued a
"cease and desist" order
accordingly, that Swift & Co. "extended terms of
credit to certain customers from 30 to 90
days while, in the same period and
under similar circumstances, it limited its
term of credit to other pur¬
chasers to periods of from five to seven
days from date of
thereby give undue and unreasonable preference
The
presented
company
evidence
in
purchase, and did
to certain of its customers."
the
hearing that weekly terms are
customary throughout the industry and that longer periods are
necessary
to meet competition in the cases of certain
Government department bureaus,
hospitals, hotels, restaurants, and charitable and other institutions.
Swift
& Co., in granting longer
terms, only followed the long-established custom
in
the
trade.
*
Accordingly,
Swift & Co.
denies
discrimination between
any
different
types of customers in questions of credit and seeks relief from an order
which, if allowed to stand, would profoundly affect the credit
practices of
If the average collection time for Swift accounts were but
one day longer,
$2,500,000 additional capital would be required to operate
the business, it was pointed out.
the company.
The Secretary's findings on the subject of
discount were opposed with
equal vigor, the company not only denying the allegations but
asserting that
charges never should have been made.
No reference to discounts was f
made in the hearing until an amendment to the
complaint was issued on
March 14, 1937, by which time the
Secretary had introduced, over objec¬
tions of Swift counsel, all his evidence with reference
to discounts.
"This unauthorized procedure
deprived Swift & Co. of its right to know
in advance of the hearing the
charges made against it, to prepare its defense,
the
to make an effective
cross-examination," the appeal contends.
The evidence failed to establish that
any discount constituted
preference
advantage or was unreasonable, or that any buyer was substantially
injured as the result of any discounts either granted or withheld.
The evi¬
or
dence showed that
Swift &
Co.
gives
no
discounts but that
sidiary in N. Y. City, competing with the middlemen,
a
local sub¬
discounts to
gave
a
small number of customers.
The company asserts also that the evidence
failed to establish that any discount given
that any buyer was
or
by its subsidiary
substantially injured.
was
unreasonable
Weights
The Secretary's order as to boxed fresh meats was based
on his finding
that the company sold boxed meats on marked
weights at the same price
that it charged for meats sold removed from containers.
In
attacking these findings the company asserts that it is entirely inno¬
cent, that boxed meats are sold on marked box weights and that when it is
sold out of the box it is sold at a higher price
per pound.
The company
denies there is any evidence of discrimination and asserts there not
only is
evidence to support the ruling made by the
Secretary but that the Secre¬
own trial examiner made no finding that prices under both
weighing
were the same.
no
tary's
methods
The
case
will be argued in the October term of the
Appeals
expected.—V. 146,
Tavares
&
p.
3822.
Gulf
Court, it is
RR.—Proposes Bond Extension—
The company,
Seaboard Air Line subsidiary, has asked the Interstate
for authority to extend to March
1, 1948, the
maturity date of 8425,000 first mortgage 5% bonds which fell due March 1,
Commerce
Commission
1937.
Interest rate would be reduced to 3% during period of
extension.
It also asked authority to issue 678 shares of common in
payment of open
indebtedness to Seaboard of $60,000, with $7,800 interest.
Holders of first mortgage bonds have agreed to waive all interest
account
from
Sept. 1, 1934, to March 1, 1937, and to accept the lower coupon rate
during
period_ of extension.—V. 141, p ._127v
Teck-Hughes Gold Mines, Ltd.—Earnings—
9 Months Ended May 31—
Gross earnings
1938
x
$1,218,442
Includes $60,106 ($80,241 in
4131.
Period End. May 31—
Operating revenues
Oper. exps..incl. taxes..
Prop, retire, res. approps
1936~
$3,688,678
1,856,583
Net oper. revenues—
Gross income
$1,707,184
Co.—Earnings—
$70,134
1,281
1938—12 Mos.—1937
$3,868,349
$3,676,523
2,601,018
2,538,198
387,210
373,731
$71,415
32,417
29,167
1,255
$880,121
16,837
368
$38,420
Balance
$764,594
12,011
$896,958
382,234
6,583
.
$38,630
Divs. applicable to pref. stock for the period,
whether paid or unpaid
$776,605
389,000
o.OOO
$508,141
$382,605
297,618
297,618
$210,523
-
$84,98
unpaid to May 31, 1938, amounted to
$620,038.
Latest dividend amounting to $6.75 a share on the $6
pref. stock,
was paid on Dec. 9, 1937.
Dividends on this stock are cumulative.
Note—No provisions have been made for Federal surtax on
undistributed
profits for the 12 months ended May 31, 1938 and 1937.—V.
147, p. 134.
accumulated
Texas Power &
of
and
limited-term
1938—Month—1937
1938—12 Mos.—1937
$897,440
$846,267 $11,451,444 $10,333,637
462,853
434,873
5,528,609
5,244,770
investments
33
166
res. approps
90,198
64,950
1,091,612
655,075
Net oper. revenues...
Other income (net)
$344,356
$346,444
$4,831,0o7
$4,433,792
9,033
Gross income.
Int.
Int.
on
on
mtge. bonds
deb. bonds
Other int. and deduct'ns
Netincome
Dr60
602
6.415
$344,296
$347,046
177,708
10,000
19,876
$4,837,472
2,132,500
120,000
222,272
$4,442,825
2,132,500
$139,462
period,
$2,362,700
$2,006,763
177,708
10,000
14,553
$142,035
Divs.
applicable to pref.
whether paid or unpaid
stocks
for the
120,000
183,562
'865,050
$1,141,713
Note—No provisions have been made for Federal surtax
Toledo & Ohio Central
on
undistributed
p.
135.
Ry.—Merger, &c.—
June 17 approved the
following:
(1) Acquisition by the Toledo & Ohio Central Ry. of
control, by purchase
of capital stock, of the Bailey Run Sugar Creek &
Athens Ry. and the
Middleport & Northeastern Ry.
of the
report
Commission says in part:
respect of all bonds issued or to be issued thereunder.
On the same date the Toledo
company, applied for authority to assume
obligation and liability in respect of (1) Kanawna &
Michigan securities,
consisting of $2,469,000 4% 100-year bonds and $463,186 of
promissory
notes, and (2) a Zanesville & Western
promissory note in the face amount
of $60,000.
The New York Central, applied for
liability,
authority to
assume
obligation and
as lessee, in respect of the payment of interest on
not exceeding
$2,469,000 of Kanawha & Michigan bonds, pursuant to
the lease of
Jan. 1, 1922, and toe proposed
supplement thereto.
The
Toledo company's properties, together with
those of the merging
companies, are operated as the Ohio Central division of the
New York
Central and afford that system access to bituminous coal
fields in Wast Vir¬
ginia and southern Ohio.
Its owned lines consist of 329.55
miles of main
line.
One extends from
a
connection with the New
ledo
York Central at To¬
through Thurston to Bremen, Ohio, and from New
Lexington to
Corning, Ohio, these two owned segments being connected
by means of
trackage rights over the Pennsylvania RR. between Bremen
and New
Lexington.
The other main line extends from Toledo to
Thusrton.
also
It
owns a branch line
extending from Truro to Woodland Avenue, Colubus, 6.56 miles, and another branch extending from a connection
with the
Cleveland, Cincinnati, Chicago & St. Louis Ry. at
Bellfontaino to St.
Marys, Ohio, 41.65 miles.
Its owned lines connect with lines of
the
latter
company at nine points.
Upon acquisition by the Toledo company of the capital stock of the
Bailey Run and the Middleport, the properties of the five
merging compan¬
ies, pursuant to an agreement dated Dec. 15, 1937, will
become the prop¬
erty of the Toledo company.
That agreement provides that the Toledo
company is to survive, without change of name, and that no
change is to
be made in the number or personnel ot directors or
officers, or in the author¬
ized amount, classification, par value, or number of
its snares of capital
stock; that all the shares of capital stock of the Kanawha & West
Virginia
(which are owned by the Kanawha & Michigan) and all shares of
capital
stock of the merging companies owned
by the Toledo company at th8
effective dare of the merger are to be canceled and no
capital stock of the
Toledo company issued in respect
thereof; that each holder, other than
the Toledo company, of the capital stock of the
Kanawha &
be entitled to receive $150 in cash for each share of
Michigan will
capital stock surrendered
time within 10 years after the effective date of the
merger, and, if
surrendered within three months after the effective date of
the merger, will
be entitled in addition, to accrued and
unpaid dividends from the last pre¬
ceding dividend payment to the date of surrender at the rate of
at any
5%
per
The agreement also provides that, upon
compliance with the pro¬
visions of section 9034 of the General Code of
Ohio, any stockholder of the
Kanawha & Michigan will be entitled to receive from the
Toledo company,
in lieu of the cash payment specified, the full market
value of his share at
the date of the agreement, or the damage to
him, if any, because of the
annum.
merger.
By the terms of the agreement, the merging companies transfer
to tne Toledo company all their
properties, franchises, and interest, sub¬
ject to all contracts, mortgages, bonds, etc., and duties of each of the
merging companies.
Upon consummation of the merger all the rights,
privileges, powers, exemjjtions, and franchises of each of the
merging com¬
panies and all of their properties of whatever kind will be transferred to
and invested in the Toledo company, subject to certain
encumbrances and
obligations, resulting in the unification of ownership of 546.09 miles of
main lines and 116.21 miles of branch lines.
The merger agreement has been approved
companies
and
will
become
effective
by the stockholders
when
approved
by
of the
and
us
Virginia.
May 1, 1935,
subjecting thereto the properties of the Kanawha &
Michigan, including
those formerly owned by the Kanawha & West
Virginia and the Point
Pleasant Bridge Co., and the properties of the Zanesville &
Western.
Such
supplemental indenture will also provide for the release of the stock and
bonds of the merging companies owned by the Toledo
company, and the
latter's leaseholds of the properties of the
merging companies, pledged
under such refunding and improvement mortgage.
A supplemental lease is to be made by and between the Toledo
company
and the New York Central, supplementing and
amending the lease dated
Jan. 1, 1922, made by the Toledo company to the New York
Central, so
as
(a) to include therein after-acquired properties, including those of the
merging companies, and (b) to subordinate said lease as so supplemented
and amended to the lien of the Toledo company's said
provement mortgage dated May 1,
that may at any
to
whicn bonds
refunding and im¬
1935, in respect of all bonds issued or
time be issued under said mortgage for
any of the purposes
are authorized to be issued thereunder.
Because of certain provisions of the laws of West
Virginia, the Toledo
company asks that there be included in our order authorization to the
Kanawha & Michigan to execute and deliver to the Toledo
company con¬
firmatory deed
in West
or
Virginia.
deeds covering the Kanawha & Micnigan's properties
In view of our approval of the proposed merger, it does
not appear to us necessary to specifically approve the procedure
necessary
to evidence the transfer of the title to the properties involved.
The foregoing transactions may be summarized as follows:
Leases of the merging companies to the Toledo
company or to the Kana¬
& Michigan will be canceled; all of the capital stock of the
merging
companies and the bonds of the Zanesville & Western will be canceled;
the properties of the merging companies will be acquired
by the Toledo
company and included as owned properties under its lease to the New York
Central dated Jan. 1, 1922, subject to the mortgage of the Kanawha &
Michigan as to properties formerly owned by the Kanawha & Michigan
the Toledo company will assume obligation and liability in
respect of the
Kanawha & Michigan bonds and in respect of notes of that
company and
the Zanesville & Western held by the New York Central, and the New York
Central will assume obligation, under lease, in respect of the interest
paya¬
ble on Kanawha & Michigan bonds; the Toledo
company will acquire 1,500
shares of the capital stock of the Zanesville Terminal RR. and 5,186 shares
of common and the same number of preferred
shares of stock of the New
Gauley Coal Corp.; all inter-company debts between the merging com¬
panies and the Toledo company will be canceled; and the Toledo company
will assume all other debts of the merging companies,
including those to
the New York Central, whether on open account or evidenced
by notes.
V. 146, P.610.
United
Aircraft
Corp.—Acquisition—
Corporation announced that
profits for the 12 months ended May 31, 1938 and 1937.—V.
147,
on
The
The Toledo company is controlled
by the New York Central RR. through
ownership of its entire capital stock, both common and
preferred.
On Jan. 14, 1938, New York
Central RR. and the Toledo
company, by
supplemental application, applied for authority to execute a
supplemental
lease, supplementing and amending the lease of Jan.
1, 1922, to evidence
the inclusion therein of
after-acquired properties, including the properties
of the merging
companies, and to subordinate said lease to the Toledo
company's refunding and improvement mortgage dated
May 1, 1935, in
865,050
$1,497,650
Balance
The ICC.
Michigan Ry.
wha
Light Co.—Earnings—
Period End. May 31—
Operating revenues
Oper. exps., incl. taxes._
Prop, retire,
Toledo &
Ohio Central Ry. and
proposed supplement thereto, in respect of the
pay¬
of interest on not
exceeding $2,469,000 of bonds of the Kanawha &
ment
A supplemental indenture is to be executed
by the Toledo company and
the trustees of its refunding and improvement
mortgage dated
$0.25
$68,842
—
Net income
Amort,
respect of (a) Kanawna & Michigan Ry. securities,
consisting of not exceeding $2,469,000 first
mortgage 4% 100-year bonds
due April 1, 1990, and
$334,186 of notes, and (b) a Zanesville & Western
Ry. note of $60,000.
(5) Authority granted to the New York Central RR. as
lessee, to assume
obligation and liability, pursuant to a lease between it and the
1937) income from investments.—Y.
146,
$67,668
1,174
Int. on mortgage bonds.
Other int. & deductions.
Dividends
(3) Supplemental lease to evidence inclusion in the lease dated
Jan. 1,
1922, from the Toledo & Ohio Central Ry. to the New York
Central RR.
of the properties of the
merging companies, as owned properties of the lessor.
(4) Authority granted to Toledo & Ohio Central
Ry. to assume obliga¬
tion and
liability in
when the agreement or certified copy thereof shall have
been filed in the
offices of the Secretaries of State of Ohio and West
1938—Month—1937
$315,237
$320,063
215,036
218,782
32,533
31,147
Other income
x
operation.
$1,832,094
$0.36'
$0.38
Tennessee Public Service
x
Merger of the properties of the Toledo & Ohio Central
Ry, Kanawha
& Michigan
Ry, Kanawha & West Virginia RR., Zanesville & Western
Ry,
Bailey Run. Sugar Creek & Athens Ry, and Middleport
Northeastern Ry.,
into
the Toledo & Ohio Central
Ry. for ownership, management and
several
Net profit
Earns, per sh. on 4,807,144 shs.outstg
p.
~
1937
_-x$3,038,041 x$3,538,766
1,819,600
1,831,582
Deductions from earnings
283
(2)
the
Discounts
or
Chronicle
as
of July
1,
1938, it has taken
over
the
business and assumed the liabilities of its former subsidiary, United
Aircraft
Exports Corp., and that the exports operations will, in the future, be con¬
ducted as a division of United Aircraft Corp.
Owing to the increasing
importance of United's license and sales negotiations in Europe, Thomas F.
Hamilton, former President of United Aircraft Exports Corp., has resigned
his
position
When Mr.
to
become the European representative of the corporation.
J. Reed Miller, Vice;President, became
Hamilton resigned,
President 6f United Aircraft Exports Corp. and now becomes Vice-President
and General Manager of the Export Division of this corporation.—V.
146,
p.
2873.
Financial
284
1937
1936
x$l ,280,024
Dr66,846
.
$541,097
Cr 12,890
$106,608
C'r48,586
$1,213,179
securities sold
on
$528,207
$58,022
1,000
expenses
y$l,212,179
$531,202
$58,022
$22,113
999
$41,125
4,431
$22,050
1,546
$23,112
$45,556
$23,596
y ? 4,952
5,342
2,210
1,200
$18,160
$40,214
$20,186
Distribution fund:
Cash dividends........
Sale of stock dividends and
Total income
—;.
-
-
-
-
-
rights..
—
fee
Expenses—Supervisory
posi tor corp
Capital stock tax.
-
due
de~
,—- -—
--
Net distribution income—--—
Income,
x
Comparative Balance Sheet June 30
deposlt.
o ri
8705,430
4,272,250
45,683
6,763
10,100
-
depoult.
on
Dlvs.
$127,063
4,164.900
25,938
-
♦Sccurltlesat rnkt.
Cash
Viabilities-
1937
1938
A ssets—
Cash
receivable..
1938
*
$4,903,031
Cost at June 30,
146,
$4,4*5,096
$2,992
Supervisory tee due
4,952
depositor corp'n
5,342
37,500
4,409,262
$4,903,031
Total
15,778
4,876,719
Capital stock
Total
1937
$5,582
Reserve for capital
stock tax...
Distribution pay'le
—V.
84,455.096
1938, $5,286,668, and at June 30, 1937, $4,078,496
770.
p.
Twentieth Century-Fox
Film Corp.—Director—
—
W. J.
Eadie, Comptroller of this corporation, has been elected a
board of directors to fill the vacancy caused
death of John D. Clark.—V. 146, p. 3681.
ber
of the company's
United
Cigar-Whelan
Stores
by the
Corp.- -President's
Con-
Terminated—
tract
Company announced on July 6 that its contract with Allen L. Woodworth
serve as President and director had been terminated by mutual consent
of June 30, 1938.
No successor has been appointed.
Under an agreement dated July 19, 1937, Mr, Woodworth was employed
as President of the company until Jan. 16, 1941, at a cash salary of
$50,000
per annum and, as further compensation; was granted certain options to
purchase common shares.—V. 147, p. 136.
to
as
United Gas Corp.
(& Subs.)—Earnings—
Period End. May 31—
1938—3 Mos.—1937
1938—12 Mos.—1937
Operating revenues
$10,383,902 $11,888,228 $44,422,268 $44,034,233
Oper. exp., incl. taxes.5,305,551
5,533,148
22,312,891
20,529,375
Prop., ret. & depletion
reserve appropriations
2,279,720
1,961,261
8,756,681
7,360,363
$2,798,631
Net oper. revenues—
Other income
81,926
104,106-
Other inc. deductions—
$2,776,451
Gross income
Int.
on
Int.
on
Int.
on
50,000
405,062
debentures
Other deductions
485,891
15,881
Int. chgd. to construct'n
Or8,969
Balance
$1,722,814
divs.
$3,247,903
212
to
12,220
$8,511,345 $11,719,624
public—
subsidiaries
Portion
$4,393,819 $13,352,796 $16,144,495
66,832
584,742
702,365
111,556
696,841
778,015
$4,349,095 $13,240,697 $16,068,845
148,573
496,996
643,885
57,313
204,956
229,250
405,062
1,620,250
1,411,917
488,539
1,930,137
2,093,043
7,375
a510,037
28,919
Cr5,670
Cr33,024
Cr57,793
105,772
mortgage bonds.
coll. trust bonds.
Other interest
Pref.
applic.
to
15,226
48,881
min.
15,765
10,375
Bal. carried to consol.
earned surplus
-$1,706,837
$3,225,308
interests
61,806
64,335
$8,434,313 $11,606,408
Includes $418,505 representing non-recurring charges during the
quarter
ended Dec. 3l, 1937 for reorganization expenses of subsidiaries.
a
Note—Figures previously published for prior
been rearranged in the above statement.
periods
have
in
certain
cases
Statement
of Income (Company Only)
Period End. May 31—
1938—3 Mos.—1937
Oper. revs., natural gas. $2,053,656
Oper. exp., incl. taxes..
1,574,278
Prop, retire, res. approp.
183,100
Net
1938—12 Mos.—1937
a$7,514,546
a5,874,007
a538,900
revs.—nat¬
oper.
ural gas
$296,278
993,899
80,624
Other income
6,269,878
$1,209,553
501,525
$1,519,802
443,517
Gross income
Int.
on
on notes
a$l,101,639
$1,611,641
91,839
443,517
$6,796,015
bl, 142,363
1,759,604
29,827
2,763
Other inc. deductions.--
Int.
debentures
& loans
Other interest
7,069
Other deductions
1,264
575,502
'
Int. chgd. to construct'n
Net income.
Items
a
$256,178
$1,076,285
$6,546,826
721,922
$5,824,904
1,936,688
280
Cr95
$3,861,553
$3,887,936
marked
so
represent operations of natural gas distribution
and subsequent to July 28, 1937.
b Represents
interest on United Gas Public Service Co. 6% debentures from Nov.
5,
1937 on which date said debentures were assumed by this
company.
properties acquired
This
letter
is
written
to
tell
about
the
on
Summary oj Surplus J or the 12 Months Ended May 31,1938
Total
„
Capital
Surplus, June 1, 1937
$21,932,809 $13,440,391
Adjust, upon liquidation of subs, (net) 15,646,008
1,012,695
Miscellaneous
19,383
14,732
action
------
Reductions in ledger value of miscel¬
laneous investments
Net
inc.
--
for the 12
by registration under the provisions of the Public Utility Holding Company
of 1935.
Notification of registration, with appropriate reservation
with the Securities and Exchange Com¬
mission on March 28, 1938.
Representatives of the corporation have conferred from time to time
with members of the SEC on questions arising under
the registration.
The tenor of these conferences leads your directors to believe that a practical
solution of these questions can be ultimately achieved.
It may become advisable, in view of the Holding Company Act and
particularly Sec. 11 thereof, to dispose of substantial blocks of the cor¬
poration's presently held securities, either by exchanges for other similar
securities or by sales.
The indicated market values of the securities which constitute the major
part .of the United Corp.'s assets are at levels substantially below the cost
or
declared value of such securities on the corporation's books.
It is
impossible to forecast how long the present reduced market values will
continue.
Recognition of a decline in the indicated market value of the
portfolio has previously been given through a transfer of $350,000,000
from the corporation's capital surplus to a reserve for depreciation of
securities, effective Oct. 6, 1936.
The history of the capital surplus of the corporation is as follows:
During the years 1929, 1930 and 1931 the corporation received cash
and securities as consideration for the issuance of its own securities.
In
accordance with the laws of Delaware the directors, by resolution, made
a determination that only part of the consideration so received should be
capital.
received
In accordance with the law the excess of the total net assets so
the amount so determined to be capital became capital
over
During the period the amount thus credited to capital surplus
$377,561,859.
To this was added the surplus arising from the reduction
of the common stock in 1938 in the amount of $58,117,966.
The charges to capital surplus consists of organization expenses
of $847,440, excess of the cost of the corporation's own securities acquired
over the stated value thereof of $44,293,
and a reserve of $350,000,000
for depreciation of securities set up by the directors in 1936.
The board of directors has been advised that any loss resulting from a
sale or exchange of securities at less than book cost should be charged first
to
earned surplus.
Because of the wide disparities presently existing
between the indicated market values of securities in the portfolio of the
corporation and of its wholly owned subsidiary, New York United Corp.,
surplus.
was
of the stated value
and the book cost of these securities, as shown on the consolidated balance
corporation and its wholly owned subsidiary, the loss that
exchanges of securities would
against earned surplus and might jeopardize
future dividend payments by the corporation.
Your directors are, therefore, recommending that the book costs of the
securities owned by the corporation be restated as of June 30, 1938, upon
the books at an aggregate amount of $145,918,968.
This figure represents a computation based on the following:
(a) For securities in the portfolio, other than stock of New York United
Corp., the actual market quotations at the close of business on Dec. 31,
1937;
(b) For the stock of New York United Corp., its book value at June 30,
1938, on the basis of restating the securities in its portfolio at that date
at the actual market quotations thereof at the close of business on Dec. 31,
sheet
of the
would be realized from any substantial sales or
necessitate substantial charges
1937.
The
Dec.
date,
31,
1937,
has
been
selected
mos.
end. May 31,
on
United
$7 preferred stock
Balance Sheet June 30,
1938 (Corporation Only)
% of Total
Shane
Vot. Stock
Held
Outstand'Q
152,844
13,544
152,844
13,544
$37,431,813 $14,467,819 $22,963,994
Declared
Value
a
Pro
Forma.
$
lnv. in sub., wholly-owned—consol.:
400,000
100.0
44,165,433
9,425,587
2,424,356
19.6
bl35,597,499
19,091,803
23.4
Invest, in other statutory subs.:
Columbia Gas & El. Corp. com..
3,861,553
17.044,801
Niagara Hud. Pr. Corp A option
holders
to
purch. 214,437 1-3 shares
stk. at $105 pei share
of
warrants,
entitling
71,787,484
Corp.—Plans Reduction in Book
remove
Value
of Invest¬
Set
a
in its portfolio, the stockholders are
meeting Aug. 11,
June 30, 1938.
988,271
13.9
United Gas Impt. Co. common..
6,066,223
26.1
Columbia
Oil
&
being asked to
approve at a special
a restatement of the book value of its investments as of
is recommended that
carried at
the book cost
32,118.808
64.453,619
Gasoline Corp.
49,053
investments be
Heretofore they have
1.8
183,949
5.1
3,371,756
Southern Corp.
common
Commonwealth & Southern Corp.
35,590,010
option warr'ts, entitling holders
to purchase 1,005.000 shares of
common
stock at $30 per share
Total cost or decl. val. of
sees...
Less res. for deprec. of sec.
of corporation's
an aggregate amount of
$145,918,967.
been stated at $580,049,455 less a reserve for
depreciation of securities of
$350,000,000.
78,461,600
214,447,420
1,798,270
Commonwealth
Amount at $145,918,967
Compared
$580,049,455 Less $350,000,000 Reserve at Present—
to
40,207
Public Service Corp. of N. J. com
Investments in other companies:
.$38,144,613 $14,467,819 $23,676,794
major obstacle in the way of future dividend
payments on the preferred stock, and also pave the way for
major changes
It
Total Cost
or
$
common
Held—Would
order
figure
books of the companies, the recommended figure is regarded by the directors
appropriate one upon which to base future transactions and accounting
by the corporation and its subsidiary.
The difference between the present book cost of securities owned by the
United Corp. and the proposed restatement, which amounts to $434,130,478,
would be charged to earned surplus, and the deficiency thereby created
in that account would be charged to reserve for depreciation of securities
and to capital surplus.
As a part of the proposed action which is being submitted to the stock¬
holders for their approval, the board of directors recommends that cor¬
poration as sole stockholder of New York United Corp. cause the book
cost or declared value of the securities in its portfolio to be restated as of
June 30, 1938, at an aggregate amount which will represent a computation
based on the actual market quotations of such securities at the close of
business on Dec. 31, 1937.
Declaration of the dividend on the $3 cum. preference stock for the
quarter ended June 30, 4938, was deferred in view of the recent fluctuations
and declines in the indicated market value of the securities held in the
corporation's portfolio.
As this dividend is cumulative, it would survive
the proposed adjustment of the corporation's books.
Directors believe
that the action proposed will remove a major obstacle in the way of future
payment of dividends by corporation.
In the event that the United Corp. or its subsidiary sells any of the
restated securities subsequent to such restatement at a price in excess of
that at which they were restated, any excess realized over such restatement,
except to the extent that the amount rezlized might exceed their actual
cost, would be credited to capital surplus until such time as the total
amount charged thereagainst, by reason of the restatement, is restored
thereto.
Should any such restated securities be sold subsequent to their
restatement below that at which they were restated, such additional loss
would be charged to earned surplus.
com.
Surplus, May 31, 1938.
In
The
as an
4,650
$41,293,367 $14,467,819 $26,825,548
3,148,754
3,148,754
-----------
-V. 146, p. 3822.
with
arbitrarily.
does not purport to represent the views of the directors as to the intrinsic
and probable worth of the securities, but, in view of the persistent level
of market quotations for such securities below their stated cost on the
New York United Corp. cap. stk.
3,861,553
Total
Dividends
and
Niagara Hudson Pow. Corp. com. 2,351,007
—
1938
ments
the officers
Act
Earned
$8,492,418
14,633,313
$37,598,201 $14,467,819 $23,130,382
Miscellaneous deductions
Balance-
which
28, 1938, the U. 8. Supreme Court affirmed the decisions of
the lower courts upholding the validity of the registration requirements of
the Public Utility Holding Company Act of 1935.
By virtue of its owner¬
ship of more than 10% of the voting securities of several public utility
holding companies, the United Corp. prima facie is subject to the regis¬
tration requirements of that statute.
Although the United Corp. has considered itself to be primarily an
investment company owning a limited and diversified list of public utility
holding company and operating company securities and not a public utility
holding company as that term is or was formerly understood, it was the
judgment of your directors, in the light of the court decisions, that the
inter&ts of the United Corp. and its security holders would better be served
Assets—
Total.-
letter to stockholders
of constitutional rights, was filed
Profit.
y
m
a
On March
2,992
1937 taxes..
charged to capital surplus.
George H. Howard, President, in
dated July 1, states in part:
directors recommend.
4
Expenses—Additional 1935 taxes.
Djgal
1938
the deficiency thereby created is to be charged to reserve for depreciation
of securities of $350,000,000 and the remaining deficiency of $71,678,031
is to be
fund:
Profit realized
July 9,
and the
proposed restatement is to be charged to earned surplus of $12,452,446:
1938
3 Months Ended June 30—
Capital
Chronicle
The difference of $434,130,478 between the present book cost
Shares—Earnings-
Trusteed Industry
Cash
on
Total
hand.
188,438
...
c580,049,446 dl45,918,968
c350,000,000
230,049,446
6,501,089
6,501.0
236,550,535
152,420,0
Volume
Financial
147
Liabilities—
Actual
S3
cum. preference stock (no par), stated value$50
Common stock, stated value $1 per share
Option warrants
chase
at
common
are
time
any
persh.S124.435,608 $124,435,608
14,529,492
14,529,492
_.
—
—
—
—
—
84,788,092
12,452,447
.
_
proposal to be submitted
to the special meeting of stockholders to be held on Aug. 11, 1938, providing for
the restatement of the book cost of the securities, in the portfolio of the corporation.
As a result thereof, the total cost or declared value of investments amounting to
$580,049,446 at June 30, 1938, Is restated at $145,918,968.
The difference of
$434,130,478 has been charged to earned surplus, thereby creating a deficit therein
of±$421,678,031.
This deficit has been charged to the reserve for depreciation
of securities of $350,000,000 to the extent of such reserve, and the balance of such
deficit amounting to $71,678,031 has been charged to capital surplus.
b The
proceeds from the sale in prior years of 42,123-5232 /8000 shares
Gas & Electric Corp. conv.
of Columbia
dividends
5% cum. preference stock received as stock
total cost or declared
value of the investment.
No segregation of value is made on the books for the
investment in Columbia Oil & Gasoline Corp. common stock, the value thereof
on the common
stock have been applied to the reduction of the
Electric Corp.
being included in the amount of the investment in Columbia Gas &
common
stock.
*7 >7','
■/: '%%:'c\:
market value at June 30,
Total investments had an indicated
c
1938, of $143,-
274,835, based upon last quotations at the close of business on June 30, 1938, on
the New York Stock Exchange and the New York Curb Exchange, as compared
with
a
total cost or declared value of $580,049,446.
indicated
market
value,
in New
the investment
ing liabilities—. $713,114 $2,169,893
2,221,500
Fundeddebt
2,161,500
107,820
Deferred liability.
1,465,809
Commod. (pledged
to secure
Prepaid
......$236,550,535 $152,420,057
...
Effect is given in this pro forma balance sheer to the
a
832,140
604,820
Deferred income..
99,849
88,676
Invest. & adv., &c.
604,710
x Fixed assets
4,680,352
Bond disc't & exp.
570,579
4,776,961
in
expenses.
process
amortization
x
Less
....$7,384,837 $8,988,627
Total
United Light & Power
C 12
Months Ended May 31—
Gross oper.
earns,
of sub.
cos.
transfers)
inter-company
Co. (& Subs.)—Earnings—
:''H'V■ ^
1938
^ 1937
(after eliminating
$89,363,418 $86,963,755
41,139,560 40,469,821
4,778,648
4,507,349
_
General operating expenses
Maintenance.
Provision for retirement
General taxes & estimated Fed. income taxes
The difference between the total cost or
on
based upon last quotations at
1,585,810
the close of business on June 30, 1938,
York Curb Exchange, as compared
Capital surplus at Dec. 31, 1S37, $26,643,971; add surplus arising from reduction
of stated value of common stock, $58,117,966; stated value of stocks in treasury
previously charged to capital surplus reinstated on retirement of said stocks,'
$26,155; balance at June 30, 1938, *84,788,0£2.
f Earned surplus at Dec. 31, 1937, $10,481,339; add net income Jan. 1 to June 30,
1938, $3,837,629; total, $14,318,968; deduct dividend paid on $3 cum. preference
stock (declared on Feb. 24,1938), $1,866,521; balance at June 30,1938, $12,452,447.
$9,422,809 $10,316,910
2,392,058
2,039,661
.
.
.
! $7,383,148
with the proposed
come
.
Shares
Held
Outstand'g
Assets-
Investments In statutory subs.:
Pro
Declared
Value
Forma
2,424,356
NiagaraHudsonPow.Corp.com. 2,351,007
Niagara Hudson Power Corp. A
option warr'ts entitling holders
to purch. 250,819 2-3 shares of
stock at $105 per share
xl35.725.768
19.6
23.4
19,091,804
17,044,801
74,282,284-'
—
78,461,600
26.1
214,447,420
2,7
84,769
3.1
1,798,270
5.1
...........
32,118,808
64,453,619
716,048
5,982,000
.....
35,590,010
33,175
34,857
0.5
Lehigh Coal &Navig. Co cap. stk
48,705
24,823,554
1.5
Electric Bond & Share Co. com..
188,438
j
....
203,900
4,460,313
&
3,782,374
5,969,201
2,220,946
2,090,025
305,006
176,556
y581,285,157
y350,000,000
Power Co. of Baltimore com—
144,528,214
2.8
2.5
Total cost or decl. val. of sees...
for deprec. of sees...
231,285,157
Cash
on
7,879,874
27,929
Prepaid taxes
—
Liabilities—
7,879,875
27,929
239,192,961
Actual
hand.....;
Total..
,436,018
152,
Forma
Pro
stock, no par, stated value $50 per sh.$124,435,608
par, authorized 24,000,000 shares;
in hands of public—
14,529,491
Option warrants are outstanding entitling holders to pur¬
chase at any time without limit 3,732,059 shares of
common stock at $27.50 per share.
$3 cum. preference
Common stock,
$124,
—
84,748,063
surplus......—15,118,941
Capital surplus
*
Earned
13
corporation and its wholly owned subsidiary had an
30, 1938, of $141,884,081, based upon last quota¬
June 30, 1938, on the New York Stock Exchange
and the New York Curb Exchange, as compared with a total cost or declared value
of $581,285,157.
As of Oct. 6. 1936. the directors created a reserve for depreciation
of securities of $350,000,000 by a charge to capital surplus.
The difference between
the total cost or declared value of the investments (less the above-mentioned reserve)
and the indicated market value thereof at June 30, 1938, Is $89,401,076.
Total investments of the
zSee footnote e above.
Earned surplus at Dec.
—V.
31,1937. $12,947,827; add net
June 30,1938, $15,118,941.
146, p. 3822.
United Gas Impt.
(kwh.)_
July 3 '37
85,629,287
86,879,797
84,713,082
110,596
241,940
73,489
$7,260,863
$7,721,991
1,364,765
1,375,000
42,988
—
% debentures, due 1952
Amortization of debenture discount and expense. _
Tax on debenture interest
Prior preferred
consolidated surplus....
r
42,699
18,761
.
17,549
$5,840,637
$6,286,453
1,231,543
1,220,150
stock dividends
Balance..
—
$4,620,487
"$5,054,910
—Y. 146, p. 3973.
162,260
6,573,946
116,192
6,297,310
115,880
7,349,659
147,374
10,257
$372,351
268,793
$166,753
276,395
$269,261
370.961
$206,008
407,261
6,413,772
—
Loss on plant &
►
(net)...
Net loss
equlp't
the
during
$7,301,282
48,483
8,702
15,646
46,923
x45,267
*50,494
x51,909
81,162
109,869
3,969
18,590
4,039
99,987
56,221
6,625
18,854
5,600
36,132
9,393
8,648
14,481
61,911
$885,844
$685,709
$795,077
$793,703
600
1,062
1,250
909
$886,444
$686,771
$796,327
$794,611
$886,444
bonded debt only.
$686,771
$796,327
$724,470
year
bonded debt, incl.
amort, of
Int.
1934
yl935
$6,143,929
production, incl.
gen'l
expenses
Taxes
Int. on
1936
yi
,523,:385
sell., adminis. &
discarded
Co.—Annual Report-
1937
$6,203,680
Calendar Years—
on
bond disc't.
&
notes
loans
(incl.
exps.
incident
thereto)
Int. on overdue taxes—
Special miscell. expenses
Discount on bonds pur¬
chase for sinking fund
613
18,854
1,999
Crl,825
(H. P. & D. Works)..
closed plant
Net loss, before prov.
for inc. taxes
Prov.
United Gold Equities
of Canada, Ltd.—Registers with
sec—
first page of this
Corp .—Report—.
Calendar Years—
1937
1936
1935
1934
Net income
$187,454 loss$21,189 lossy$l,698
y$323,408
After all operating expenses, income taxes, bond interest and deprecia¬
tion.
y Includes credit of $21,049 in 1935 and $33,568 in 1934 as adjust¬
x
x
prior years tax provisions,
Net loss, before applic.
thereof to min. &
department.—V. 145, p. 2867.
United States Cold Storage
ment of
115,424
Holding company deductions:
for Fed'l inc. undistrib. profit taxes... ^
136.
See list given on
Balance.
expenses
Co.—Weekly Output—
July 2 '38 June 25 '38
Electric output of system
147, p.
$8,037,422
Pawtucket
Week Ended—
—V.
income Jan. 1 to June 30,
deduct dividend paid on $3 cum. preference
24,1938), $1,866,521; balance at
$7,492,885
Interest on b}4
Amort, of reorg. exps—
$4,037,635; total, $16,985,462;
754,401
—
Expenses of United Lt. & Rys. Co
Rys. Co.
Depreciation
tions at the close of business on
•
793,414
Taxes of United Lt. &
Balance transferred to
$7,283,021
-
—
Other deductions
indicated market value at June
1938,
$6,699,471
$9,678,707
2,395,686
Co. (excl. of income
—. —
Total
Cost of
360,858
,110,061
xSee footnote b above.
stock (declared on Feb.
received from subs.)_..
Gross income
..$239,192,961 $152,436,018
Total
y
2,039,661
Rys. Co. in earns, of
Income of United Lt. & Rys.
United States Finishing
14,529,492
360,858
———————
z
$8,739,132
minority com. stock
Propor. of earns. attrib. to
,435,608
no
Issued, stated value $1 per share,
Accrued taxes
1,906,843
controlled cos
$22,142,247 $22,870,554
Int.,amortiz. & pref. divs. of sub. & controlled cos. 13,403,115
13,191,847
sub. & controlled cos
......
York, Inc., common..
res.
$20,963,711
810,818
Total income of sub. &
Equity of United Lt. &
holders
purchase 1,005,000 shares of
common at $30 per shares---.
Consolidated Edison Co. of New
to
1937
sub. & controlled cos..$21,331,429
controlled cos...
Balance-
3,371,756
Commonwealth & Southern Corp.
Less
Net earns, from opers. of
317,884
x
Commonwealth & Southern Corp.
Consolidated Gas Elec. Light
1938
$79,215,485 $76,874,226
36,351,544 35,560,279
4,309,785
4,006,323
7,610,970
7,499,094
9,611,756
8,844,819
Federal income taxes
General taxes & estimated
Non-oper. inc. of sub. &
63,002
Co., Inc., common
...
Columbia Oil & Gasoline Corp.
option warr'ts entitling
(& Subs.)—Earnings—
& controlled cos. (after
Gross oper. earns, of sub.
Provision for retirement
13.9
$186,350
3973.
Maintenance.
N. J. com..
988,271
United Gas Impt. Co. common._ 6,066,223
Investments in other companies:
American Water Works & Elec.
39,179
$424,955
Net income
—V. 146, p.
197,065
2,487,353
40,664
eliminating inter-company transfers)
General operating expenses.
145.530
Public Serv. Corp. of
common.....
debt
1937
$2,909,948
388,676
2,436,710
12 Months Ended May 31—
Niagara Hudson Powei Corp. B
option warr'ts entitling holders
to purchase 145,530 shares of
com. stk. at aggregate price of
$50 for each 1 1-6 shares
common
1938
$3,291,005
Expenses and taxes...
Int., am ortiz. of discount & expense on funded
United Light & Rys. Co.
47,029
$5,275,626
Comparative Income Statement (Company Only)
income
Other deductions
.
Columbia Gas & El. Corp. com..
common
or
2,526,533
$4,547,568
Balance transferred to consolidated surplus
12 Months Ended May 31—
Total Cost
$7,802,159
2,477,374
.
Gross
% of Total
Vol. Stock
$7,999,224
197,065
$7,024,943
United Light & Power Co.
74,372
$7,413,619
388,676
.
to e
Consolidated Balance Sheet June 30,1938
$7,924,852
30,470
received from subs.).
Expenses & taxes of
2,637,641
$25,470,590 $26,152,153
15,835,243
16,047,781
.
Balance
the New York Stock Exchange and the New
restated amount of $145,918,967.
In determining this aggregate
market value, the investment in New York United Corp. is stated at the indicated
market value of the various stocks in its portfolio, together with the net amount
of its other assets.
The difference between the proposed restated amount of the
investments and the indicated market value thereof at June 30, 1938, is $2,644,132.
8,461,678
10,010,394
$23,884,780 $23,514,511
.
declared value of the investments
above-mentioned reserve) and the indicated market value thereof at
June 30, 1938, is $86,774,611.
d Total investments had an indicated market value at June 30, 1938, of $143,-
274,834,
8,659,294
10,901,134
...
In determining this aggregate
York United Corp. is included
various stocks in its portfolio,
the
130,214
depreciation of $1,704,201 in 1937 and $1,610,152 in
for
together with the net amount of its other assets.
As of Oct. 6, 1936, the directors
created a reserve for depreciation of securities of $350,000,000 by a charge to capital
(less
593,083
Dr28,095
1936. y Represented by 75,000 shares, no par, in 1936. z Represented by
672 shares (170 shares in 1936) 7% cumulative preferred at cost and 766
shares of common at stated valufe.—V. 145, p. 3024.
at the indicated market value at June 30, 1938, of the
surplus.
1,875,000
76,082
66,220
..$7,384,837 $8,988,627
reserve
39,085
1,900,000
'
oi
Total...
87,947
24,910
30,670
7% pref. stock
1,900,000
y Common stock. 1,875,000
Capital surplus...
593,083
Earned surplus...
151,755
z Treasury stock.. Dr65,194
823,518
loans).
1936
Total curr.& work-
$354,861
845,699
1937
Liabilities—
1936
1937
$375,365
(lessreserve).
Inventories
344,896
13,110,061
344,896
—
b Capital surplus..
Total.........
Assefs—
Cash....
Notes receivable..
c
without limit 3,732,059 shares of
stock at $27.50 per share.
Accrued taxes
f Earned surplus...__
Condensed Consolidated Balance Sheet Dec. 31
Rec.
outstanding entitling holders to pur¬
285
Chronicle
Pro Forma
a
&c.
pref. stock interests
Net loss applic. to out¬
side interests in Hartsville Print &
70,141
Dye Wks.
Net loss for the year..
x
Interest
Dye Works.
on
y
Not including Hartsville Print &
Financial
286
Chronicle
Consolidated Balance Sheet Dec. 31
Li/JbUttiea-—
1936
1937
Assets—
6 Months Ended May 31—
1937
$83,218
$147,051
Accounts payable.
Accts. receivable..
187,531
391,383
297.388
516,639
1936
Notes payable and
Inventories
Cash
■
•
'
»
payable to
creditors........
57,938
1,062
16,680
1,498,900
1,511.019
1,179,654
1,305,089
Earnings
107,970
102,660
500,000
151,109
119,800
pref.stock
z
2,588,019
4,169,646
8,000
48,685
not
used In operation 2,206,402
Copper rollers....
455,814
119,800
463,731
Other assets.--.-.
6% prior pf. stk.
1,335,342
14,116
ment property..
7% cum. pref. stk.
(par SI 00)
3,600,000
a Common stock. 4,161,933
Deficit...
—b5,234,127
prop,
3,600,000
4,161,933
2,855,900
$502,087
208.376
$2.41
Supreme Court,
y Excess profits and undistributed profits taxes are not
provided, as they are not determinable until the end of the fiscal year,
Includes cancellation of reserve for Indiana gross income tax on inter¬
state sales to Nov. 30,1937, less related Federal income taxes in the amounts
of $67,236.
The provisions made in 1937 for Indiana gross income tax on interstate
sales
were canceled
in 1938, as the United States Supreme Court has
recently reversed the decision given in 1937 by the Indiana Supreme Court
i:''-
Directors have declared
83.602
44,889
$746,545
289,658
$2.58
_
—V. 147, p. 137.
stock,
Co.—10-Cent Dividend—
dividend of 10 cents per share on the common
a
payable July 25 to holders of record July 8.
A regular quarterly
was paid on June 1, last.—V.
146, p. 1093.
dividend of like amount
...$6,366,499 $8,526,7901
Total
78,000
$525,170
289,658
$1,81
share
per
Weisbaum Bros.-Brower
Deferred charges..
*63,000
yl03,000
z
1
marks
.
68,000
This provision is based on a recent decision of the Indiana Supreme
Court; it is expected that this decision will be appealed to the United States
trade-
&
Patents
$580,087
x
holders........
13,864
;
$912,545
periods)
Other liabilities.
1,348,722
Land, mill & tene¬
Other
applies to prior
Net profit for the period
Shares of capital stock outstanding.
Queen Dyeing Co.
and equipment.
*$593,170
Loan from RFC..
461,250
1936
Provision for Indiana gross income tax
on interstate sales (approx. $50,000
Estimated normal Federal income tax
Notes pay .to stock¬
water
rights
Buildings, rnach.
1937
1938
56,325
704
y
2,723
3,191
(not consol.)
Cash in sink. fund.
x
80,836
Prov. for Fed.taxes
by Hartsviiie
Print&DyeWks
and
63,260
'
5.400
Due
Land
1,904
78.769
Notes
est.
taxes....-*---.
1938
Profit after all charges, except Federal
income tax and special provision for
Indiana taxes
8,422
114,104
Accrued charges _t
tion of ilabil. for
real
$212,185
accrued Interest.
pend. determina¬
certain
$187,941
Real estate taxes..
Cash held by RFC
July 9,
Wayne Pump Co. (& Subs.)—Earnings—
Total....
$6,366,499 $8,526,790
x After
reserve for depreciation of $3,756,948 in 1937 and $5,000,340 in
y Payment
deferred and restricted under plan of reorganization.
Represented by 1,198 no par shares,
a Represented by 124,858 no par
shares, b $535,222 appertaining to Queer; Dyeing Co.—V. 146, p. 450.
1936.
West Penn
Power
Co.—Plans $17,000,000 Private Bond
Sale—
x
United States Plywood
Corp.—Report—
Company was formed May 6, 1937, in New York through the consolida¬
tion of United States Plywood Co., Inc. (New York), United States Ply¬
wood Co. of Del., Inc.
(Del.), and Aircraft Plywood Corp. (Wash).
Company has continued to engage in the business formerly carried on by
the constituent companies.
Statement
of Income ■Year Ended Dec. 31, 1937
(Including predecessor companies for four months ended April 30,
4 Mas, End.
8 Mos. End.
1937)
Year End.
The company, subsidiary of American Water Works & Electric Co., Inc.,
has filed a declaration with the Securities and Exchange Commission under
the Utility Act covering issuance of $17,000,000 3 Y\% first mortgage bonds,
series J, due 1968. The bonds are to be sold privately to a limited number of
purcliRSors.
Proceeds from sale of the bonds will be used to redeem $10,000,000 4%
first mortgage bonds, series H, due 1961, and to discharge bank loans of
$5,300,000 owed various banks and to provide for expenditures to be made
for the acquisition, construction or completion of improvements.
The company proposes to pay W. C. Langley & Co. for their services in
negotiating the sale of the bonds a fee equal to J^ths of 1 % of the principal
amount of the bonds.—V. 146, P. 3363.
Apr. 30, '37 Dec. 31, '37 Dec. 31, '37
$1,568,748
$2,986,046
$4,554,794
43,484
146,123
189,607
Gross sales
Discounts, returns & allowances
_
$1,525,264
1,321,020
Cost of sales and expenses......
.
Other income.
.
$4,365,187
3,886,354
$274,589
18,145
$478,833
21,830
$207,928
.
$2,839,923
2,565,334
$204,244
3,685
.
Western
Maryland Ry.—Earnings—
—
_
$292,734
1938
$500,662
Western Auto
7,984
5,939
13,924
1,200
747
453
3,400
26,775
7,329
45,335
_
$233,677
$402,699
a
The
provision for Federal
income taxes for the eight months ended
$403,721
$6,405,380
$9,118,260
Supply Co.—Sales—
Period End. June 30—
1938—6 Mos.—1937
1938—Month—1937
$3,762,000
$3,452,000
$14,738,000 $15,641,000
—V. 146, p.3823.
10,729
72,110
$169,022
Other interest charges.
Jan. 1 to June 30
1938
1937
1937
$322,243
Sales
ing year).
Week Ended June 30
Gross earnings (est.)....
—V. 147, p. 137.
Western Newspaper
Judge John
Union—Injunction Denied—
W. Clancy of the U. S. District Court recently denied an
a temporary injunction and appointment of a receiver for
brought by two directors.
The complaint alleged that the
H. Perry on June 4, 1938, of voting trust certificates and
application for
the company
to John
Dec. 31, 1937, includes approximately $10,000 in excess of the estimated
Federal income tax, but no specific provision has been made for
surtax on undistributed profits, the amount or which cannot be determined
sale
until the close of the
chase gave him control of the company.
The complaint also alleged that the sale of the securities to Perry enabled
him and the American Press Association to manage Western
Newspaper
Union in their own interests and to divert business from Western.
Judge
normal
company's fiscal year
on
April 30, 1938.
Balance Sheet, Dec. 31, 1937
Assets—Cash, $259,652; notes and accounts receivable (after reserves for
allowances of $50,819), $473,133; ad¬
vances on log purchases, $10,879; interest in assets of Flexwood Coperatons
in joint venture with the Mengal Co., $52,262; inventories, $1,176,998
investment in Washington Veneer Co., $453,900; cash surrender value of
life insurance policies, $29,697; due from officers and employees, $6,705;
miscellaneous assets, $9,950; property, plant and equipment (after reserves
for depreciation of $266,970), $678,332; prepaid insurance, interest and
taxes, $23,086; deferred reorganization and refinancing expenses, $51,069;
deferred logging expenses, $11,331; miscellaneous supplies, $4,522; total,
$3,241,517.
Liabilities—Notes payable to banks, $400,000; purchase money obli¬
gations (due within one year), $17,724; accounts payable (trade), $188,273;
accrued liabilities, $45,671; due to officers and employees, $835; provision
uncollectible accounts and freight
for Federal income taxes, $72,110; purchase money obligation (due after
one year), $65,000; $1.50 cumulative convertible
preferred stock (par $20),
$858,880; common stock (par $1), $191,961; surplus at organization,
$1,095,054; paid-in surplus, $101,186; earned surplus, $204,823; total,
$3,241,517.—V. 146, p. 3361.
whicn
24
Weeks Ended—
per
share
on common
June 19,'37
$185,134
$2.08
$141,640
stock.
After
charges and Federal taxes,
profits.—V. 146. p. 3974.
x
$1.58
but before surtax
on
June 16,'36
$155,729
$1.75
undistributed
Vernon Greensburg & Rushville
RR.—Merger—
Chicago & St. Louis Ry. above,
See Cleveland Cincinnati
Wabash
Ry.—Not to Pay
on
Equipment Principal—
Federal Judge Charles B. Davis at St. Louis, has entered an order
directing receivers to defer making payment of instalments of principal,
but to make interest payments maturing during the balance of the current
year upon certain equipment trust obligations and to negotiate agreements
with holders of all equipment trusts as to a feasible plan for deferment
of principal payments or creation of a new series of equipment trust certifi¬
cates as contemplated in the plan of reorganization filed Feb. 15.
The Court order states that until further notice the receivers
are
of instalment of principal on equipment trust obligations
becoming due as follows:
July 1, 1938—Equipment trust of 1923, series C, $134,000.
Dec. 1, 1938—Equipment trust of 1924, series D, $166,000; equipment
trust of 1924, series E, $171,000; and equipment trust of 1925, series F,
Interest will continue to be paid currently as they become due on follow¬
ing equipments;
July 1, 1938—Equipment trust of 1923, series C, $11,055.
July 15, 1938—Equipment trust of 1920, $22,512.
Aug. 1, 1938—Equipment trusts of 1922, $14,150; and equipment trust
of 1929, series H, $45,562.
Oct. 1, 1938—Equipment trust of 1927, series G, $27,562.
Dec. 1, 1938—Equipment trust of 1924, series D, $12,450:
equipment
of
1924, series E, $17,100; and equipment
trust
of 1925, series F,
$31,387.
Hearing
on
Plan Sept. 7—
The
Interstate Commerce Commission has called a hearing for Sept. 7
the plan of reorganization, which has been
pending since March.
The
Commission's action in assigning hearings followed
request of the carrier
management for a hearing in September in view of improved business
conditions which gave evidence of
permitting more accurate traffic and
earnings forecast.—V. 147,
p.
136.
Walgreen Co.—SalesPeriod End. June 30—
1938—Month—1937
1938—6 Mos.—1937
Sales$5,213,581
$5,539,662 $51,153,834 $50,862,357
Disinfecting Co.— Tenders—
The Chase National Bank of the
City of New York, as successor trustee,
inviting tenders for the sale to.it at prices not exceeding 100H and ac¬
crued interest of 1st mtge. sinking fund gold bonds due
July 1, 1940, in an
is
amount
fund.
the
p.
Electric
&
Mfg.
Co,—Application Ap¬
Exchange has approved the application of the com¬
pany to list the following securities: 79,974 shares preferred stock, 7% cumul.
partic.; par value $50, and 2,592,155 shares common stock, par value $50.
These securities will be admitted to trading upon registration under the
Securities Exchange Act of 1934 becoming effective.—V. 146, p. 3533.
Wisconsin Public Service Corp.—Bonds Called—A total of $251,000 1st mtge.
bonds, 4% series due 1961, has been called
102)^ and interest.
Payment will be made
of the City of New York or at the Harris
Trust & Savings Bank, Chicago.
redemption
the
Chase
Seeks
on
Aug.
National
1 at
Bank
Exemption for Bond Issue—
Company,
a
subsidiary in the registered holding
company system of the
Standard Gas & Electric Co., has filed with the SEC an application (File
32-96) for exemption from the requirement for filing a declaration with re¬
spect to theissuance of $2,500,000 first mortgage bonds, 4% series, due 1963.
The applicant expects to sell the bonds to one or more insurance
companies,
and to use the proceeds to pay for permanent additions to
property and
plant made and to be made.—V. 146, p. 4134.
Woodward Iron
Period Ended June 30,
Co.—Earnings—
1938—
3 Months
Net loss after
deprec., depl., income taxes and int.
Earnings per share on common stock
—V. 146, p. 4134.
6 Months
$26,429prof$260,961
Nil
$0.96
(F. W.) Woolworth Co.—SalesPeriod End. June 30—
Sales
1938—Month—1937
1938—6 Mos.—1937
$23,148,530 $24,236,963 $133055,491 $133879.892
—V. 146, p. 3823.
Youngstown
Sheet
&
Tube
Co.—Plans
Additional
.
The board of directors
sufficient to exhaust tne sum of $22,483 now held in the sinking
Tenders will be received up to 12 o'clock noon on
July 21, 1938, at
of the bank, 11 Broad Street.—V. 146,
corporate trust department
3532
on
July 6 called
a
special meeting of the share¬
holders of the company for Aug. 30, 1938 for the following
purposes:
To release pre-emptive rights of common shareholders on not
exceeding
500,000 authorized and unissued common shares without par value which
be issued from time to time within a period of one year from date of
of release, or issued in conversion of any securities of the
company which
may be created and issued within one year;
may
To authorize the directors to fix consideration for which
500,000
not
exceeding
shares may be issued, and in connection with the creation
to confer upon the holders of such securities the
right to convert them into common shares of the company upon terms and
conditions determined by the directors;
v
"
and
on
West
terms of the voting trust agreement under
majority of the common stock.
Perry's pur¬
a
Financing—
$279,000.
trust
the
deposited
The Chicago Stock
directed
to defer payment
violated
was
Westinghouse
proved—
at
June 18,'38
xNet income.
Earnings
Co.—Earnings—
there
Clancy, in his opinion, said the activities of the two companies do not
conflict and the court is "aware of no reason why we should assume, in
determining the justice of the application before us, that it is Western
Newspaper Union that is going to suffer.
That company appears to be
flourishing and liquid and we are not ready to believe that an individual who
may control it is ready to sacrifice or even injure it."—V. 145, p. 1756.
for
Van Norman Machine Tool
stock
common
common
issues of securities
If the above proposals are approved by the
shareholders, then to rescind
action taken at the special shareholders' meeting on Oct.
the
19,
1937,
releasing pre-emptive rights
on 400,000 shares of the company.
In connection with further financing contemplated by the
company, the
shareholders of the company on Oct. 19, 1937 approved an increase in the
authorized common shares of the company from two million to two and a
half million shares and released pre-empt ve r ghts of common shareholders
on
not
exceeding
400,000
shares.
Subsequent ot this meeting further
financing plans was postponed owing to the general
The proposals to be considered at the
Aug. 30
meeting will, if approved, place the company in a position to go ahead
with the new financing when and as the board of directors
may consider
progress
condition
with
of
new
business.
such action advisable, with the number of common shares wrhich
may be
converted set at 500,000 instead of 400,000 as originally
contemplated.
The board of directors fixed the close of business on July
16, 1938 as the
record date for determination of shareholders entitled to notice Of and to
vote at such
special meeting.—V. 146, p. 3039.
Zanesville & Western
Ry.—Merger—
See Toledo & Ohio Central Ry. above.—X. 134, p. 4155.
Volume
Financial
147
futures, chiefly speculative in origin, kept the
COMMERCIAL EPITOME
Friday Night, July 8, 1938.
in
points net
with sales totaling 35 lots.
The Rio contract closed 1 to 2 points higher on sales of 7
lots.
The reactionary trend of the securities market in¬
fluenced a number of traders to take profits in the Santos
contract.
Although the market for mild coffee continued
firm, it was not a barometer for operations in futures.
Traders were watching Brazilian grades, which on the recent
advance in milds have not budged.
That reflects Brazil's
low priced policy aimed at a continuation of a big crop
export
total.
The Havre market from Friday's close
advanced 3 to 3% francs.
On the 6th inst. futures closed 1 point up to 2 points down
in the Santos contract, with sales totaling 70 contracts.
The Rio contract closed 8 to 4 points net lower, with sales
totaling 16 contracts. Light selling sent coffee futures lower in
absence of demand.
Eight transferable notices covering
2,000 bags of Victoria coffees were issued against "A"
contracts, but were soon stopped.
.In early afternoon Santos
contracts were 4 to 5 points lower, with March at 6.19c.,
off 4 points, while Rios were 4 to 6 points lower, with De¬
cember at 4.37c., off 5 points.
Despite the firm tone of
mild coffees Brazils have not budged from the range in which
they have held for months.
This, in the opinion of observers,
has checked the rise.
Santos 4s were offered for prompt
the
Santos
contract,
shipment at 6.50c., and Santos 6s at 6.10c.
Milds con¬
tinued firm.
In Havre futures were % franc higher to %
franc lower.
points net higher in
On the 7th inst. futures closed 7 to 13
the Santos contract, with sales totaling 184 lots.
The Rio
contract closed 14 to 8 points net higher,
^itl i (U t c i 8 lots.
Demand for coffee futures improved, distant positions selling
high prices for the season.
The chief incentive was a
private cable saying that the Santos crop would reach only
14,000,000 bags. In the Santos market the spot price of soft
Santos 4s was 100 reis lower, but cost and freight offers were
about unchanged.
Mild coffees remained steady. Brazilian
temperatures dropped below 50 degrees but failed to get below
40 degrees in all five weather stations from which the New
York Coffee & Sugar Exchange receives daily reports. Today
futures closed 1 to 7 points up in the Santos contract, with
sales totaling 76 contracts.
The Rio contract closed 1 to 3
points up, with sales totaling 16 contracts.
Coffee futures
enjoyed a breathing spell after yesterday's sharp gains and
heavy trading.
Santos contracts stood 1 point higher to 4
points lower in early afternoon, with December at 6.26c., off
4 points.
Rios were 3 points lower with December at 4.45c.,
off 3.
Traders expressed the opinion that contracts were
scarce, with the result that any unusual deipand would have
forced prices up to new highs for the season. Cost and freight
offers from Brazil were about unchanged, roasters continuing
to show a good interest in all types of coffees.
Havre futures
were sharply higher, registering net gains of 434 to 6^ francs
in trading in 20,000 bags.
at new
Rio coffee
prices closed
July—
September
as follows:
4.301 March
4.44 May
Santos coffee prices
July
September
4.54
...4.56
-
closed
as follows:
6.12 March
6.17 May
6.38
6.41
__6.31
December
Cocoa—On the 5th inst. futures closed 2 to 5
points net
Opening sales were executed at no change to a gain
of 8 points.
Transactions totaled 263 lots, or 3,511 tons.
London noted gains of 6d. to 9d. on the outside and l^d.
to 6d. on the Terminal Cocoa Market, with 480 tons trading.
Wall Street houses were much less aggressively in the local
market today than last week, as is attested by the consider¬
able
drop in volume.
However, no important selling
lower.
was
pressure
noted,
although
some
longs
sold back for
accumulated
profits.
Local closing: July, 5.08; Sept.,
5.14; Oct., 5.20; Dec., 5.32; Jan., 5.39; March, 5.48; May,
5.56.
On the 6th inst. futures closed 2
up to 3 points down.
Absence of aggressive
points
Transactions totaled 371 contracts.
speculative demand for cocoa futures was reflected in easier
prices.
This afternoon the market was 5 to 7 points lower,
with September selling for 5.07c., off 7 points.
The London
market
was
what by
tone was
made
at
easier.
Sentiment
also
was
influenced
some¬
the lack of manufacturer demand, but the under¬
steady.
First sales of July, 1939, contracts were
5.62c.
Warehouse stocks increased 1,600 bags.
total 676,970 bags compared with 1,348,000 bags
Local closing: July, 5.08; Sept., 5.13; Dec.,
5.31; Jan., 5.37; March, 5.46; May, 5.55; July, 5.67.
They
a
now
year
ago.
On the 7th inst. futures closed 18 to 8 points net higher.
Transactions totaled 614 contracts.
Sales to
easier market in London.
mand
to
was
felt
as
there
speculative de¬
the market. Sales
The absence of
was no
pressure on
early afternoon totaled only 141 lots.
Warehouse stocks
overnight.
They now total 666,833
bags compared with 1,338,186 bags.
A little Bahia hedge
selling in this market was reported.
Local closing: Sept.,
5.16; Oct., 5.22; Dec., 5.32; Jan., 5.38; March, 5.47; May,
decreased 10,000 bags
5.57.
Sugar—On the 5th inst. futures closed 1 point lower to
1
Transactions totaled 246 lots, the bulk of
in the late months.
Initial prices were 1 to 3
point higher.
which
was
points higher, with distant months showing the maximum
gain.
May, on a turnover on the opening of 50 lots, sold
up to 1.98c., or 3 points above the previous close.
The
gain, however, was not maintained.
In the raw sugar
market the spot price of raw sugar advanced 3 points from
the previous nominal basis on a sale of 8,000 bags of Puerto
Ricos, clearing June 13 at 2.71c. to National.
The only
other reported sale was 3,000 tons of Philippines for second
half August shipment at 2.72c. to an operator.
At the close
there were buyers in forward positions at several points under
the asking price of 2.75c.
The world sugar contract closed
Yi point higher to 1 point lower, with sales totaling 44 lots.
The London market closed yd. higher to yd. lower, with
raws there unchanged at 5s.
yd., equal to .95c. f.o.b. Cuba,
with freight at 15s. per ton.
On the 6th inst. futures closed unchanged to 1 point down
in the domestic contract, with sales totaling 135 contracts.
While the market was fairly active, fluctuations were ex¬
tremely narrow, with trading devoid of any particular
feature.
In the raw sugar market July sugars were offered
at 2.75c., while buyers were believed willing to pay 2.71c.,
the spot price set late yesterday.
Withdrawals of refined
demand.
world
heavy
selling was not readily absorbed.
March sold at 0.94^,
off 3 points.
It was strictly a cable and rumor market.
are
sugar
believed to be fully up to last year's
Philadelphia strike is being arbitrated.
In the
sugar market prices were ll/z to 3y points lower as
The
The sugar
watched with much interest.
On the 7th inst. futures closed 1 point up to unchanged.
Sales totaled 196 contracts.
Reports that refined sugar is
moving in greater volume stimulated flagging interest in
domestic sugar futures and imparted a steady tone to the
market.
Prices this afternoon stood unchanged to 2 points
In London futures were
unchanged to yd. lower.
council's meeting is being
higher, with March selling at 1.93 cents, up 1 point. Selling
light. In the market for raws there were sales of
3,000 tons of July-August shipment Philippines at 2.72c. and
of 8,500 tons of August-September shipment Philippines at
2.74c.
Prices were slightly better than were recently paid.
pressure was
4.49)
December.
market quite
early afternoon totaled 500 lots." It was re¬
ported that manufacturers were showing slightly more in¬
terest in spot cocoa.
Hedge selling and profit taking were
absorbed by new Wall Street buying.
Warehouse stocks
decreased 700 bags.
They now total 676,270 bags com¬
pared with 1,339,000 bags a year ago.
The London market
was
steady.
Local closing: July, 5.20; Oct., 5.28; Dec.,
5.40; Jan., 5.45; March, 5.54; May, 5.64.
Today futures
closed 6 to 8 points net lower.
Transactions totaled 185
contracts.
Cocoa futures drifted lower in sympathy with an
active.
Coffee—On the 5th inst. futures closed 1 to 4
lower
287
Chronicle
A large trade in
cocoa
under the influence of bearish
London conference, and de¬
clined Yi to llA points, with March selling at 0.93 of a cent.
In London futures were 1 to llAd lower.
Today futures
closed 1 to 2 points up in the domestic contract, with sales
totaling 169 lots. The world sugar contract closed 3 to 63^
points net higher, with sales totaling 195 contracts. Heavy
buying of world sugar contracts on the strength of private
advices from London saying that the sugar council's meeting
was
progressing favorably, featured the trading in sugar
futures. In the early afternoon prices were 2^ to 4 points
higher after opening 1 to 1 Vi points lower, with May selling
at 0.99, against 0.943^ on the opening. London futures were
yd higher to Yd lower, while raws were quoted at about
0.913/6 f.o.b. Cuba.
In the domestic sugar market little
sugar was offered, with the result that light demand forced
prices up about 2 points, with May selling at 1.94 cents in
the early afternoon.
In the raw market the spot price ad¬
vanced 1 point, when Arbuekle paid 2.72 cents for 12,000
bags of Puerto Ricos, clearing July 12th.
World sugar futures continued
on the outcome of the
views
Prices were as follows:
July
1.78
-
SeptemberJanuary
Cnew)
—1
1.85
March (new)
May
1.93
1.96
-__.1.89
Sugar Consumption in 14 European Countries During
First Nine Months of Current Crop Year Reported
65,018 Tons Below Last Year
Consumption of sugar in the 14 principal European coun¬
tries during the first nine months of the current crop year,
288
Financial
September,
through May,
1937,
1938,
totaled
raw sugar value, as compared with 5,666,941
consumed during the similar period last season, a de¬
of 65,018
crease
tons, or
Co., New York.
1.1%, according to Lam born &
The firm's announcement further stated:
Sugar stocks
on
hand for these countries
3,399,200 tons
as
against
increase of 324,100 tons, or
3,075,100 tons
on
on
June 1,
the
1938, amounted to
same
date in
1937,
an
approximately 10.5%
sowings for the current season for the 14 principal
European countries, according to advices received from F. O. Licht, the
European sugar authority, is placed at 3,948,000 acres, as compared with
3,763,000
4.9%
acres
in
the previous season,
an
increase of
185,000
acres,
or
These countries produced 6,467,000 long tons of sugar last season.
The 14 countries included in the survey are Austria, Belgium,
Bulgaria,
.
Czechoslovakia, France, Germany, Holland, Hungary, Irish
Italy, Poland, lioumania, Sweden, and the United Kingdom.
Lard—On the 5th inst. futures closed 7 to
lower.
State,
10 points net
Lard futures ranged lower at the start of the
week,
due to selling influenced
markets
3 to 4
Free
by the lower action of gains.
Other
fairly steady, cottonseed oil futures opening
points higher, while hog prices at Chicago were up
were
5c. to 15c.
As
a
result of the above mentioned pressure, lard
values declined 10 to 12
points at
one stage
of the session. No
export clearances of lard were reported from the Port of New
York and the European demand was reported to be quiet.
Liverpool lard futures were quiet and prices on all deliveries
ended 4d. per cwt. lower.
Western hog marketings were
57,800 head against 50,400 head for the same day a
on hogs at Chicago closed 5c. to 15c. higher.
year ago.
Prices
The top
price reported throughout the day was $9.45, and scattered
were uncovered at prices ranging from $8.40
to $9.15.
On the 6th inst. futures closed 15 to 7 points net
transactions
higher.
Opening quotations were unchanged to 2 points
higher, but as the session progressed new buying for specu¬
lative account lifted values 15 points over the previous
closings. The principal factor influencing the upward move
were the continued firmness in hogs and the
strength of grains
and cotton-seed oil.
Lard clearances from the Port of New
York
yesterday were moderately heavy and totaled 185,550
pounds, destined for Southampton, Antwerp and Man¬
chester.
Liverpool lard futures closed 3d. to 9d. lower.
Chicago hog prices continued firm, showing gains of 10c. to
20c.
Sales ranged from $8.60 to $9.60.
Total receipts at
the leading Western markets amounted to 48,600 head,
against*40,300 head for the same day last year.
On the 7th inst. futures closed 22 to 10 points net
higher.
The market opened 5 points higher, but soon
developed
unusual strength with prices bounding forward 22 to 25
points over the previous final quotations.
This was due
largely to speculative covering stimulated by the firmness
in cotton oil and the continued steadiness in hogs.
There
was considerable realizing on the
bulge and prices settled
1938
9,
net lower.
rubber futures to.close with
heavy declines.
A weaker stock
market and the absence of any consistent buying probably
caused the decline.
Trading on the downside was fairly
active, with 5,430 tons sold.
Spot standard No. 1 ribbed
sheets in the actual market followed the declining trend to
close
The estimated beet
1
July
Rubber—On the 5th inst. futures closed 38 to 52 points
Trade selling running into stop loss orders caused
5,601,923
long tons,
tons
Chronicle
at
14He., off He.
After opening 1 to 21 points
slightly better cables, trade selling and hedging
entered the market to bring out lower quotations.
There
was some
rally from these levels, only to be followed again
by a further reaction.
Trading in the outside market was
quiet.
Rubber stocks in England showed an increase of
1,375 tons over the previous period.
Local closing: July,
14.80; Sept., 14.87; Oct., 14.87; Dec., 14.96; Jan., 15.01;
March, 15.12; May, 15.19.
higher
on
On the 6th inst. futures closed 70 to 64
points net higher.
After hesitating at the outset, rubber futures soared to new
high
levels for the year under heavy speculative buying
by improvement in the stock market and in
Stop loss orders were caught on the
rise, accelerating the advance.
Trading was active, totaling
4,930 tons to early afternoon.
It was said that shipment
offerings were scarce and dear.
London closed unchanged,
but Singapore declined 13-32 to y2d.
Local closing: July,
15.48; Sept., 15.53; Dec., 15.66; Jan., 15.70; March, 15.76;
May, 15.86.
influenced
other commodities.
On the 7th inst. futures closed 19 to 30
points net lower.
Transactions totaled 489 lots.
London's failure to respond
fully to the rise here checked the advance in rubber futures.
After opening 11 to 27 points net
higher, the market sold off
sharply, showing net losses of 17 to 26 points in the early
afternoon, with Sept. at 15.36 and Dec. at 15.43c. respec¬
tively. Sales to that time totaled 3,360 tons.
It was saidthat the trading was almost
exclusively done by commission
houses.
Factory interests were out of the market and dealers
also were inactive.
Prices advanced H to 13-32d. on the
London and Singapore markets.
Local closing: July, 15.24;
Sept., 15.34; Dec., 15.43; Jan., 15.47; March, 15.47; May,
15.56.
Today futures closed 15 to 21 points net lower.
Transactions
totaled 301 contracts.
Traders in
influenced somewhat by the easier tone
stock market and a
perhaps natural desire to take
after such an extended rise as the market has
enjoyed.
over London was lower.
The market broke 42 to 53
futures
on
were
rubber
of the
profits
More¬
points
portion of its losses, standing
the
opening, but recovered a
points lower this afternoon on transactions of 2,020
»Sept. stood at 15.17, off 17 points. It was said that
shipment offerings had increased.
London and Singapore
10 to 17
tons.
closed 5-32 to Hd. lower.
Local closing: July, 15.09; Sept.,
15.16; Dec., 15.27; Jan., 15.29; March, 15.28; May, 15.35.
Hides—On the 5th inst. futures closed 2 to 7
points net
The market opened 1 to 25
points advance.
Trad¬
back somewhat, but closed with substantial net gains.
lower.
clearances from the Port of New York
ing
Lard
today totaled 106,000
pounds, destined for Liverpool. Liverpool lard futures closed
6d to Is per cwt higher. Hog prices at Chicago closed 5c. to
10c. higher in spots, though some weights finished 15c.
lower. Hog sales ranged from .$7.70 to $9-65. Hog
receipts
at the leading Western centers totaled 50,200 head
against
38,200 head for the same day a year ago.
Today futures
closed 10 to,5
points net higher. There was nothing in the
news of a really stimulating
character, the market's firmness
being attributed largely to shorts covering over the week end.
DAILY CLOSING PRICES
Sat.
July
OF LARD FUTURES
Mon
.
Tues.
Wed.
H
8.57
8.72
8.85
9.00
September
8.85
O
8.57
8.90
9.00
9.07
October
8.92
L
8.82
8.97
9.07
9.17
December
8.82
.
8.77
8.90
9.02
9.07
Pork—(Export), mess, $27.37H per barrel (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., 15Hc.; 6 to 8pounds, 15c.;
8 to 10 lbs., 14c.
Skinned, loose,' c. a. f.—14 to 16 lbs.,
20HC-I 18 to 20 lbs., 20c. Bellies: clear, f. o. b., New York
—6 to 8 lbs., 19c.; 8 to 10 lbs.,
18Hc.; 10 to 12 lbs., 17%c.
Bellies: clear, dry salted—boxed, N. Y.—16 to 18
lbs., 13 He.;
18 to 20 lbs., 13c.; 20 to 25 lbs.,
12He.; 25 to 30 lbs., 11 He.
Butter: creamery, firsts to higher than extra and
premium
marks: 25 H to 26 Me. Cheese:
State, held, '36, 22 to 24c.;
held '37, 19H to 21 He.
Eggs: mixed colors, checks to
special packs: 18H to 22He.
Oils—Linseed oil deliveries are
reported to be good this
Linseed prices are quoted 8.0 to 8.2c.
Quotations:
China wood—tanks, 11.4 to
11.7; drums, 12HCoconut:
week.
crude, tanks, .03Hl Pacific Coast, .03. Corn: crude, west,
tanks, nearby, .07H to .07^Olive; denatured, spot,
drums, Algerian, 90 to 92c. Soy bean: crude,
tanks, west,
.05H to .06; L. C. L., N. Y.—.07H»
Edible: coconut: 76
degrees—9 He. Lard: prime, 9c.; extra winter strained, 8
He
Cod: crude, Norwegian, light filtered—31c.
Turpentine:
28H to 30Hc. Rosins: $4.80 to $7.92H.
•
Cottonseed
Oil
Crude, S. E., 7c.
July
AugustSeptember
October
sales, including switches, 96 contracts.
Prices closed
as
follows:
8.53@ 8.60 November
8.55(g)
n
December
8.65@
January
8.66@ 8.67 February
8.67 @
8.67 @
8.65@
n
were
reported on both sides of the
market the situation was little changed.
was
a
report current that 1,000 June-July,
Hide Association branded cows were sold
at 10c. a
but confirmation was
Packer
pound,
lacking.
Local closing: Sept., 10.50;
Dec., 10.83; March, 10.93; June, 11.03.
On the 6th inst. futures closed 40 to 52
points net higher.
at
News of sales of spot
advancing prices together with favorable
reports
from the leather trade caused
favorable sentiment towards
raw hide futures.
After opening 3 to 6 points
lower, prices
advanced, standing 10
noon.
Towards the
unusual
way
Up
to 12 points higher in the
there was a sudden
close
early after¬
display of
strength, prices soaring in a rather spectacular
and registering most substantial gains at the close.
to early afternoon sales totaled
5,440,000 pounds.
Certificated stocks of hides in warehouses
decreased 1,139
They now total 806,829 hides.
Local closing:
Sept., 10.90; Dec., 11.25; March, 11.45.
pieces.
On the 7th inst. futures closed 14 to 3
points net higher.
Transactions totaled 364 lots.
Trading in hide futures
was
active, with business fairly well divided between the
buying
selling sides.
On a turnover of 7,440,OCX) pounds the
market in early afternoon was 5
points higher on Sept. but
unchanged on Dec. and March respectively with
Sept. selling
at 10.95c.
Sales in the domestic
spot market totaled 16,000
hides including
light native cows, June takeoff at 10H to
10He. a pound.
Local closing: Sept., 11.04; Dec.,
11.32;
March, 11.48. Today futures closed 7 to 8 points net lower.
Transactions totaled 231 contracts.
Trading in raw hide
and
futures
was active and two sided.
Liquidation and specu¬
lative selling were fairly well absorbed
by new buying, but
the market on the whole was
easier, in spite of the strength
of the spot hide market.
Opening 18 to 33 points lower, the
market in early afternoon stood 17 to 19
points lower. Trans¬
actions totaled 6,400,000
pounds up to that time.
Sales in
the domestic spot market
yesterday totaled 57,400 hides,
including May-June light native cows at 11c.
Local
closing: Sept., 10.96; Dec., 11.25; March, 11.40.
Ocean
8.66@
houses
In the spot
There
hides
Fri.
8.65
-
Commission
market.
Transactions totaled 346 contracts.
IN CHICAGO
Thurs.
relatively quiet, with the undertone rather easy.
totaled
10,640,000 pounds.
A fairly large
part of the selling orders was supplied by a trade house.
was
Transactions
Freights—Moderately active chartering of grain
tonnage and tankers featured the market the latter half of
the week.
Charters included: Grain Booked: Two
loads,
Antwerp-Rotterdam, July, 14c.
Grain: Gulf to Antwerp-
Volume
Financial
147
Rotterdam, 2s 4J^d.
St. Lawrence to full range United
Kingdom and slow Irish ports, July 25-August 5, 2s 9d.
Time: Segundo, 2,668 tons net, three to six months' general
trading, August, Si.05. Trip across, $1.25, delivery Gulf,
late July.
Four to six months, delivery this side, August.
Charters: St. Lawrence to Greece, August 1-15, 3s 6d.
St.
Lawrence to full range
United Kingdom, July 13-15 canceling,
United Kingdom,
July 11-25 canceling, basis 2s 9d. Sugar: Cuba to Bordeaux,
St. Lawrence to full range
basis 2s 9d.
end
July, 18s 6d, option San Domingo loading, 17s 6d.
of"anthraeite coal here announced that
the 25c. per ton increase became effective on July 1st. Prices
on the line are currently quoted at $5.75 per ton for the egg,
stove and chestnut, and $4.25 per ton for the pea.
Quota¬
tions at Tidewater are 25c. lower.
The other sizes at both
localities remain the same.
At the moment the demand for
Coal—Wholesalers
wholesale
anthracite is very quiet.
289
Chronicle
Grade D silk in the outside market was
Local closing: July, 1.7334; Aug., 1.7134; Sept., 1.70;
Oct., 1.68; Nov., 1.68; Dec., 1.6734; Jan., 1.67 34; Feb.,
1.6734Today futures closed 134 to 3c. net lower. Trans¬
actions totaled 134 contracts.
The trend of raw silk futures
yen.
profit taking and Japanese sell¬
Opening 1 34 to 3c. lower, the market this afternoon
stood 2 to 3 points lower, with September at $1.65, off 3
points.
The price of crack double extra silk in the New
York spot market declined 2c. to $1.81.
The Yokohama
Bourse closed 3 to 6 yen lower.
Grade D silk was 1234 yen
lower at 790 yen a bale.
Local closing: July, 1.72; Aug.,
1.70; Sept., 1.67; Oct., 1.66; Nov.,^1.66; Dec., 1.6534;
Jan., 1.6534; Feb., 1.6534-
continued downward under
ing.
Operators reported a
flurry of business before the advance became effective, but
that slumped off on the first of the month.
Most of the
dealers had stocked up in May and replaced the stocks they
took out in June during the flurry at the end of the month.
It is further reported that the next increase, scheduled to take
place the first of August, has not been definitely decided
Retail anthracite prices for July have not been an¬
by the various dealers.
Bureau of Mines reports
that a substantial increase marked the production of anthra¬
cite for the week of June 24th.
The total estimated output
of 925,000 tons showed a gain of 219,000 tons, or 31 per cent
over the tonnage reported for June 18th, and was also about
2 per cent higher than production in the week of June 26th,
upon.
nounced
11 yen lower.
unchanged at 802 ^2
The Yokohama Bourse closed 8 to
$1.83.
COTTON
>
Friday Night, July 8, 1938
Movement of
The
the Crop,
indicated by our tele¬
as
For the
reached
17,684 bales, against 22,893 bales last week and 24,113 bales
the previous week, making the total receipts since Aug. 1,
1937, 7,089,181 bales, against 6,264,404 bales for the same
period of 1936-37, showing an increase since Aug. 1, 1937,
from the South tonight, is given below.
grams
ending this evening the total receipts have
week
of 824,777 bales.
Total
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat,
Receipts at—
1937.
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.
Wool—A much better feeling
prevails in the wool trade
Mill inquiry for wool is increasing and buying is
volume. It is predicted that the scoured
basis price for the finest grades of wool will be 65c. by Labor
Day.
Conservative wool men anticipated that by the end
of the year fine wools will be selling actively at fully 70c.
scoured basis, without difficulty.
In many sections of the
trade sentiment is becoming increasingly optimistic, with the
belief prevailing that the revival is here to stay .
It is as¬
serted that this change is due to continued high foreign
markets, higher top futures, and to a better demand for
goods, resulting in the purchase of more wool for replace¬
ment.
More activity in the security and commodity ex¬
changes is also a factor in the increased movement of wool.
Many manufacturers are reported to be covering for orders
as well as for future requirements in large amounts, as mills
have little wool on hand.
The call is largely for fine and
fine medium territories.
In the West, a large volume of wool
has moved within the last week at strong prices, including
2,500,000 pounds in Texas.
Buying in Idaho, Montana,
Oregon and Wyoming has been in larger volume.
In the
bright wool section, prices have advanced approximately
lc. per pound on all grades.
London cables state: "At the
forthcoming Colonial wool auctions, beginning next Tuesday,
wool brokers expect merinos to be about on par with May
sales, but crossbreds to be somewhat easier, possibly as much
as 5%.
Despite heavy buying at Australian sales, Germany
is expected to be active at the London sales."
just
now.
498
181
191
21
506
225
2,729
2,921
3,569
94
Houston.
Christi
Corpus
818
1,233
Galveston
413
413
.
_.
3,485
437
7,122
284
190
15
1,292
5
287
86
437
Mobile
138
3
Savannah
Charleston
Lake Charles
Wilmington
1,290
803
963
947
New Orleans
-
387
1,585
1
107
2,305
2,604
27
23
263
2
2
127
6
94
94
4,517
17,684
•
Baltimore
11
11
22
.....
Norfolk
6
1,010
«.
....
sustained in good
Totals this week.
table shows the week's total receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
The following
with last year:
there
was
a
futures closed 2c. to
sharp turnabout
movement, influenced some¬
by the strength in other commodity markets and
especially the stock market. As a result silk futures showed
substantial net gains at the close.
In the New York spot
market crack double extra silk was l^c. a pound lower at
$1.83^. The Yokohama Bourse closed 11 to 16 yen lower.
Grade D silk in the outside market was 2]/^ yen lower at
what
Slock
1936-37
1937-38
Receipts to
July 8
This
Houston
Corpus Christi.
Beaumont
Orleans
__
Mobile
&c_
Pensacola,
Jacksonville
Savannah
This
Since Aug
1,1937
Week
1. 1936
..
Charleston
Lake Charles..
Wilmington
Norfolk
2,570 1,294,129
100
284,119
23,286
6",940 2,024,768
321,071
1,712
39
100,949
120
4,597
143,947
1,451
171,664
2,112
56,000
"178
429
26,987
43,778
100
100
3,473
1,075
Boston
837
26,621
94
Baltimore
3,928
1,250
In order that
comparison may be made with other years,
leading ports for six seasons:
give below the totals at
102
11,688
15,749
15,342
9,450
5,916
""652
"l",662
4,610
3
8
40
599
341
12
638
1,303
"1,096
"3",637
"""168
'""953
17",618
17,159
13,381
13,918
34,622
82,935
571
502
2,570
6,940
1,712
1,451
1,448
4,656
1,789
1,585
"2", 112
"""646
27
178
429
'"518
17,684
Orleans.
Mobile
Savannah
Brunswick
1932-33
8,757
7,295
9,524
3,647
2,106
2,921
3,569
7,122
1,292
387
Galveston
1933-34
1934-35
1935-36
1936-37
1937-38
H ouston
71,142
17,059 6,264,404 2,362,548 1,119,286
17,684 7,089,181
Totals
New
309,983
255,622
24,673
14,264
278,182
30,238
3,702
1,648
127,224
29,144
5,040
11,978
22,310
27,912
New York
we
1937
1938
649,133
675,848
40,145
16 761
664,401
53,184
6,463
2,349
146,870
40,259
12,299
22,276
571 1,697,967
2,921 1,915,776
3,569 1,818,003
413
400,351
11,847
7", 122 2,119,225
220,064
1,292
77,954
3,615
387
134,180
197,215
1,585
11
78,981
27
28,489
263
56,860
Galveston
New
Since Aug
Week
Receipts at—
43^c. net lower.
The market today ruled rather nervous with trade hedging
and profit taking in evidence. There was also come Japanese
selling here.
Volume on the down side was fair, with 1,000
bales changing hands.
The average quotation of crack
double extra advanced 4c. to $1.85.
Prices from last Friday
to yesterday at Yokohama ranged 13 to 15 yen higher, while
Kobe during the similar period ran to 5 to 7 yen better.
Grade D closed at 805 yen at Yokohama, up 25 yen from
Friday and at 800 yen at Kobe, up 15 yen from Friday.
Total spot sales in both Japanese raw silk centers were 225
bales, while futures transactions amounted to 5,350 bales.
Local closing: July, 1.74; Aug., 1.70h£; Sept., 1.69; Oct.,
1.68Nov., 1.68; Dec., 1.68.
On the 6th inst. futures
closed 2 to 3c. net higher.
Sales totaled 118 contracts.
Scattered liquidation and selling by brokers with Japanese
connections caused the silk futures market to sell off in the
early trading.
Japanese markets were weak, influencing
sentiment here unfavorably.
Towards the close, however,
Silk—On the 5th inst.
963
1,974
5,321
359
2,304
4,556
3,481
2,635
660
"
Charleston.
_.
Wilmington.
.
263
Norfolk
N'port News.
"
All others
Total this wk.
4,018,184 7,327,042 8,644,649
1. 7,089,181 6,264,404 6,699,012
Since Aug.
for the week ending this evening reach a total
bales, of which 9,013 were to Great Britain, 1,031
to France, 9,485 to Germany, 8,418 to Italy, 6,462 to Japan,
and 9,630
to other destinations.
In the corresponding
week last year total exports were 43,148 bales.
For the
season to date aggregate exports have been 5,552,767 bales,
The exports
of 44,039
against 5,372,646 bales in the same period of
season.
Below are the exports for the week:
the previous
Exported to—
Week Ended
July 8, 1938
Exports from,—
Britain
Galveston.
...
Houston
Ger¬
Great
France
many
2,287
3,544
.
Italy
2,828
4,208
Japan
China
2,836
2,139
2,293
802H yen a bale.
New Orleans..
4,954
Lake Charles.
Sept.,
1.70; Feb., 1.70^On the 7th inst. futures
Mobile
400
5~226
656
15,560
50
"432
1,569
Norfolk
2,001
50
50
Pensacola, &c.
Japan¬
ese selling was blamed for a recession in the silk futures mar¬
ket of 13^ to 2h£c. on sales of 530 bales in the early trading.
It was said that the spread between the Japanese and the
New York markets was unusually narrow.
In the New York
spot market crack double extra silk was hs cent lower at
closed 2 to 3 H>c. net lower.
522
522
—
Los Angeles
_
.
3,564
3,268
143
153
901
600
1,501
9,485
8,418
6,462
9,630
44,039
4,325
7,329
3,619
1,402
16,820
4,182
6,707
8,695
43,148
San Francisco.
9,013
1,031
Total
1937...
6,528
Total
1936...
7,881
5,149
1,095
Total
7,951
12,184
4,030
"950
50
Local closing: July, 1.76; Aug., 1.73K;
1.72; Oct., 1.713^; Nov., 1.703^; Dec., 1.70; Jan.,
Total
25
631
Corpus Christi
Other
300
30,884
290
Financial
From
Chronicle
Exported to—
July 8. 1938
Exports from—
Great
Ger¬
France
Jiritain
Galveston
—
Beaumont
Orleans-
Lake Charles.
Italy
many
Japan
57,394
33,558
157,790 159,509
48,731
3,825
4,401
14,966
Total
1,543
Pensacola, &c.
Savannah....
'
41,568
54,223
103,135
__
'
•
139
'
-
-
200
-
-
50
18,994
1,742
357
395
54,057
914
6,456
98,817
53,799
100
9,078
166,112
1,000
1,200
36,647
r
177
....
"
v
200
Norfolk......
6,099
4,432
24,015
Gulf port
7,774
5,373
2,157
1,381
1,659
934
10
34
286
250
Wilmington..
New
York
„
_
—
3,622
Boston......
384
'
~
144
Baltimore.—.
——
420
1,681
2,249
18
400
271
561
322
103,836
22,414
30,467
100
10,863
26,436
/;
Total-.-.-.
10,075
2
1,163
Francisco
17,553
18,331
9,121
-
2(H)
Los Angeles—
San
10,325
•
530
Philadelphia-.
Seattle
198,681
60
11,560
37,224
mi
strong during the afternoon in
725
8,923
4,143 220,708 1320,550
26,352
64,910
2.853
43,780
Other
'
Jacksonville..
Charleston.
694
"
'i,
2,127
3,481
163,014
6,897
78,619
73,220
3,585
74,634
406,410
188,838
55
55
'im
•
*
elsewhere
Total
:
1600,199 756.570
881,826 533,381
656,130
cotton acreage
at 25,827,00U
91,381 1033280 5552,767
1936-37 1182,942 71.5,629
748,1.50 408,906 1574,986
1935-36 1418,073 709,536' 863,418 395.001 1536,643
23,185 718,848 5372,646
42,176 958,000 5922,846
returns concerning the same from
on
normal
warmth
obtained.
was
the Canadian border
Planted
however, of the numerous Inquiries
week, while reports from the customs
always very slow In coming to hand.
In view
we are
receiving regarding the matter,
estimated
by the American Cotton Crop Service.
acres
year was
inst.
steady at
were
week to
are
the 7th
in the United States this
prices closed 12 to 13 points net lower.
After displaying a mixed tone
throughout the earlier part
of the trading session, cotton
prices late this afternoon
turned easier and finished with losses for the
day.
Futures
NOTE—Exports to Canada—It has never been our practice to Include In the
above table reports of cotton shipments to Canada, the reason being that
virtually
all the cotton destined to the Dominion comes overland and It Is
Impossible to give
districts
about
■
:
On
Total
points net higher.
throughout the morning session, the cotton market turned
a large volume of transactions.
Trading was active at the opening, with prices 3 points
above to 1 point below
yesterday's last quotations.
Because
of the heavy offerings by local professionals and the moderate
selling by leading spot interests, futures only partly re¬
sponded to the advance in Liverpool.
The buying was
done by trade houses in
Liverpool and Wall Street.
The
announcement from Washington of a
purchasing program
by the Government covering surplus commodities caused
some
local buying.
During the afternoon dealings the
market turned firmer on outside
buying through commission
houses and ring trading by locals.
The weekly weather
report from Washington showed that abnormally low tem¬
peratures prevailed in the northeastern Cotton Belt, but
44,029 287,898 1422,257
28,448 224,401 1158,846
83,29 58,400 374,588
52.979
18,819
101,872
China
201,616
135,111
194,214 138,942
6,819
24,485
Mobile
\
247,965 159,648
293,353 187,748
266,151 171,579
92,652 75,776
123
4,250
468,401 261,268
Corpus Christi
New
14
1938
9,
irregularity at the opening and
Aug. 1. 1937 to
Houston--
July
On the 6th inst. prices closed 18 to
After showing considerable
mixed.
will
the
opening,
although
trading was rather
liquidation in the July option
a fair amount of
pre-bureau
A moderate volume of
was
have
renorted, and in addition
liquidation came out.
Locals
the exports
tered
we
that for the month of May the exports to the Dominion the present season
been 19,779 bales.
In the corresponding month of the preceding season
were 16,950 bales.
For the 10 months ended May 31. 1938, there
were 211,734 bales exported as against 239,806 bales for the 10 months of
1936-37.
say
In addition to above exports, our telegrams
tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
trade accounts.
while
both
the
sides
weather
On
Oieal
Britain
Galveston
New
France
1,500
5,987
2,144
Houston
Orleans..
Leaving
Ger¬
800
1,220
Other
many
Foreign
4,000
300
Coast¬
wise
Stock
Total
10,200
2,000
18,500
3,430
2,488
119
11,056
6,646
706
1,308
___
Mobile
"480
156
"636
Norfolk———
Other ports
Total 1938
Total 1937-.--
Total 1936-—
9,787
14,443
11,526
2,726
3,789
2,227
4,300
1,230
3,941
16,598
3,246
10,312
3,427
1,595
1,750
Speculation in cotton for future delivery
active, with price trend
more
or
36,838 2,325,710
24,303 1.094,983
29,756 1,302,957
less irregular.
There
side.
26,904,000
cultivation
was
ago,
July 1.
from
which
This
the
record
acres
of cotton
78.0% of the
crop
of
acreage
were
a
18,945,022 bales
ton
year
the effect that the American
ciation estimated the acreage at
Cotton
conditions,
The
undermined
today
which
sharp reaction
confidence
was
in
somewhat.
largely influenced
favorable
were
the
stock
over
the
market
also
advancing to
reactionary, and while
closing prices were 5 to 8 points above the lowest,
they showed
net losses of 8 to 10
points.
Significance was attached to
the fact that while the Government
ceased making loans at
9c. a pound at the end of
June, the market worked up to
slightly above that level.
There was no evidence that the
higher price had brought out more cotton in the
South, but
it apparently has created a
psychological selling point.
Considerable long cotton for domestic and
foreign account
was sold
early when demand was less active and there was
hesitation about taking an
aggressive buying position.
Complaints of weevil activities continue.
Higher tempera¬
tures and clear skies,
however, were against insect life and
there were enough uncertainties in
the situation to make
the substantial advance
experienced.
the
market had
Southern spot markets as
officially reported,
points lower.
Average price of middling at
the 10 designated spot markets was
8.99c.
5
to
Sat.
Mon.
Tues.
9.12
Hoi.
9.03
11
at
Wed.
Futures
Saturday
Monday
Tuesday
WednesdayThursday
Friday
_
Tothl
_
Thurs.
9.21
Fri.
9.04
9.17
New York
SALES
Market
Closed
Closed
Steady, 11 pts. adv_
HOLI
Quiet, 9 pts. dec
Spot
Contract
Total
Ver^ steady
Steady
51.800
4,300
8,100
4,000
pts. adv. Steady
Quet, 17 pts. dec
Barely steady—
Steady, 13
pts. adv. very steady
week.
51,800
4,300
8,100
4,000
68,200
Steady, 18
Since Aug. 1
68,200
47",567 220,400 267,967
Futures—The
highest,
lowest
and
New York for the
past week have been
Saturday
July 2
July (1938)
Range_.
closing
as
Closing.
Monday
July 4
Tuesday
July 5
8.97- 9.02
8.88-
9.02
8.93
9.02ft
8.92 n
9.02
Wednesday
July 6
prices
at
follows:
8.91-
9.11
Thursday
July 7
Friday
July 8
8.99- 9.14
8.93- 9.12
9.11
8.99
9.12
9.09w
—
8.97ft
9.10ft
8.95n
9.09ft
Aug.—
—-
Range..
Closing.
Sept.—
Range..
P
Closing.
9.01ft
8.92 n
9.08ft
8.86- 9.02
8.88-
8.92
9.07
Oct.—
After
above 9c. last week, cotton became
for caution after
December
and
Cooperative Asso¬
26,061,000 and 27,042,000 acres.
Southern spot markets
10 to 11 points higher.
Average price of middling at
the 10 designated spot markets was 9.08c.
On the 5th inst. prices closed 8 to 10
points net lower.
The cotton market's reaction
October
with
Spot Market
were
week-end.
and wire houses, while the
Shortly after the Government cot¬
issued prices made gains of 8 to 10
Market and Sales
24,818,000.
Earlier in the
private estimates indicated an acreage of between
weather
Street
The
to
were
acreage report was
July 2 to JulyS—
Middling upland.
establishing new highs for
May delivery touched a top of 9.20c
for an aggregate gain of $6.95 a bale from the low
on May 31.
Keeping abreast of the rise in the stock market and influenced
by smaller private acreage estimates, as well as growing
fears of insect damage, speculative
feeling quickened as a
broad general buying movement
developed.
Intermittent
flurries of hedging, selling
through spot houses and realizing
in advance of the extended week-end
adjournment by timid
longs, was promptly absorbed on slight reactions.
Final
prices were the best for the day.
Trading was active, the
momentum gaining toward the last when
reports circulated
by
house
The official quotation for
middling upland cotton in the
New York market each
day for the past week has been:
was
On the 2d inst. prices closed 11 to 13
points net higher.
The market ruled firm during the entire session.
All de¬
liveries sold over the 9c. level,
week other
market.
Liverpool sold,
Bombay interests were on
Early reports indicated that
conditions
points from the early lows,
options relatively strong.
in
ginned.
the movement.
bought.
sunported by Wall
South sold moderately.
The outstanding feature of the week was the Govern¬
ment announcement that
the
was
was
either
on
of
moderate sellers in the distant
contracts, but a leading
was a buyer of the October
delivery.
Brokers
with Japanese affiliations also
bought October. The market
moderately
nothing in the situation to warrant aggressiveness
New Orleans also bought.
Continent
were
spot
was
scat¬
Today prices closed 12 to 8 points net higher.
After
displaying a mixed tone during the earlier part of the ses¬
sion, prices for cotton futures developed a firmer trend
during the afternoon dealings, and closed with
gains for
the day.
A short time before the close of business active
positions showed advances of 6 to 12 points from the
closing
levels of the previous day in a moderate
volume of sales.
Trading was quiet at the opening, with prices
unchanged
to 2 points above
yesterday's last quotations.
Snot houses
630,633
664,792
657,755
146,870
40,259
52,548
27,912
104,941
Savannah
Charleston.
sellers, with
were fair, with high
temperatures still
prevailing through the Western belt, where highs of around
112 degrees were reported.
Shipboard Not Cleared for—
July 8 at—
fair
were
hedging and wire house pressure. Wall Street houses
bought, although the principal support again came through
Range
..
Closing.
8.95-
9.02
9.01- 9.02
9.09
8.88-
8.94
Nov.—
8.94- 9.11
9.08
9.08
Range..
Closing.
9.05 n
HOLI¬
Dec.—
Range..
Closing.
8.95 n
9.11ft
8.94- 9.10
8.96-
9.98ft
9.09- 9.10
8.99-
Range..
9.05-
8.94- 9.11
9.00-
Closing.
9.11ft
9.02
9.16
9.13«
9.05 n
9.16
9.19ft
9.00
9.15
9.09
9.15
9.04- 9.19
8.97- 9.21
9.04
9.16
Feb.—
F
8.96- 9.16
9.02
Jaw. (1939)
;
9.11ft
9.02- 9.18
DAY.
9.01- 9.10
9.16ft
Range.Closing.
9.06ft
March—-
Range..
9.10-
Closing.
9.16- 9.17
9.08
9.17ft
9.09ft
9.11- 9.20
9.03-
9.19-
9.10
9.17
9.00-
9.16
9.04-
9.22
9.22
April—
Range..
Closing.
May—
Range..
Closing.
June—
Range..
Closing.
ft
Nominal.
9.20
9.18n
9.09- 9.25
9.04-
9.09
9.21
9.21
9.23ft
9.17
9.10ft
9.22 ft
9.07- 9.25
9.24
9.12- 9.27
9.08- 9.24
9.12
9.23
Volume
147
Financial
Range for future prices at New York
2.1 V 8.
1
fl.Tlf?
frQ/lin
CI T1 OCX
KnnPor*
cr
nr»
for
no
nli
week
Chronicle
291
ending
nr\finr>
Movement to July 8, 1938
Towns
Option for—
Range for Week
Movement to July 9. 1937
Receipts
•
Receipts
1938..
8.88
5
July
9.12
8
July
7.65
Oct.
8 1937
11.36
Ala., Birm'am
Sept.1938..
8.31
Oct. 1938..
Nov. 1938..
8.86
Dec.
1938..
8.94
July
Jan.
1939..
8.94
July
Feb.
Apr.
9.11
July
.
7
9.39
Feb.
9.48
Feb.
5
60
Eufaula
18 1938
May 31 1938
23 1938
9.18
July
7
7.73
May 31 1938
9.50
Feb.
23 1938
5
9.21
July
8
7.74
May 31 1938
9.51
Feb.
23 1938
June
3 1938
8.74
June
28 1938
Helena
July
9.25
July
7.77
May 31 1938
9.25
July
8.34
5
9.27"
May 25 1938
8.34
9.03" Juiy
July
7.81
May 31 1938
9.27
7
Ark., Blythev.
""26
City
5
Jonesboro..
May 25 1938
7 1938
Little
July
3
Rock
Pine
Commodity
Department
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
figures
we
have
compiled the
following table.
given in bales of 500 lb. gross weight.
167
are
8,176
1
424
86
262
48,697
57,699
88,576
24,800
30,159
23,993
23,411
87,071
19,694
July 1
July 2
July 4
July 5
July 6
July 7
4,600
97,900
57,800
December
44,200
39,800
3,600
5,700
23,800
8,500
20,900
March
....
May
...
438
701,400
46,400
598,200
Mo., St. Louis
N.C., Gr'boro
3,200
4,400
129,300
17,100
21,600
422,200
12,100
13,000
215,200
S. C., Gr'ville
Tenn., Mem's
Texas, Abilene
July 2
July 5
July 4
Total all futures....
500
15,200
9,250
100
"159
3,940
694
16,076
401
9,185
3,938
11
39,539
262,756
44
24,177
63,177
3
39,423
"l04
989
86
10,529
12,920
26,005
10
106
1,691
2,388
3,766
1,621
51,409
333,006
1,722
2,261
314
3,042
5
10,974
141
3,299
1,638
137,531
3
177,310
3,033
81,715
545,925
7,530
1,426
237,039
3,851
68,614
2,620 2561,953
10,893
261,991
1,614
22,067
18,831
52,404
76,107
206,131
9,101
165
560
Robstown..
522,548
1,108 150,269
14,677 2679,086
46,035
18,051
14,017
114,992
93,578
15,667
San Antonio
20,998
7,639
Paris
3,450
500
3,700
47,350
600
400
900
20,300
21,750
22,600
50.050
26,700
29,700
378,150
850
Waco
11,000
127,050
42,161
91,119
.
17,341
day
942
364
the total show the complete figures for tonight
(Friday) we
add the item of exports from the United
States, for Friday
vV
■/.;
July 8—
1938
993,000
bales.
1937
1936
1935
1,138,000
234,000
249,000
9,000
720,000
197,000
33,000
10,000
8,000
158,000
12,000
73,000
76,000
12,000
11,000
591,000
Stock at Rotterdam
861,000
149,000
171,000
10,000
55,000
26,000
18,000
Great Britain
Stock at Bremen
736,000
125,000
626,000
145,000
Stock at Havre
381,000
539,000
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
53,969
38,932
22
1,438
2,233
16,253
6,426
5
1,277
193
33,853
83,042
435
2,907
22,750
71,825
623
13,701
280
646
38
8,952
143
35,243
2,102
146
18", 788
Total, 56 to wns
*
21,333 6626,873
4.5
13,241
,37,616
48,977 2053,529
9,292 6066.674
566
37,234
94,000
554,000
81,000
635,000
179,000
91,000
21,000
69,000
59,000
14,000
9,000
903,027
Includes the combined totals of 15 towns in Oklahoma.
The
above
decreased
totals
show
that
during the week
the
27,644
interior
stocks
bales and
The
more than at
the same period
receipts of all the towns have been 12,041 bales
than the
have
tonight
last year.
are
1,150,493 bales
Supply of Cotton tonight, as made up by
telegraph, is 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
Stock at Liverpool
Stock at Mancnester
33,500
167,100
The Visible
W Total
164,934
104
219
Brenham
7,000
2,550
1,900
2,450
10,900
11,650
Holi¬
cable and
only.
20,557
2,197
148
63
15 towns *_
July 5
2,400
100
475
1,157
Oklahoma—
19,800
300
19,853
21,198
100,182
28,074
54,618
2,375
66,100
41,300
23,700
1,050
538
48,662
8,669
66,198
68,000
1,150
(1939).
73,825
800
48,089
249
105
45,700
7,600
May
2,705
18,625
"553
1,765
40,928
302,189
39
9,400
March
13,356
14,412
103,455
682
375
55,809
Yazoo City.
8,050
...
8,075
790
49,500
450
January
_
518
29,480
363,880
206,378
1~,575
210
6.800
2,650
9,250
.....
14,048
14
147,487
260,822
298
Texarkana
(1938)
22
314
"l29
Open
July
26,758
147,702
128,664
34,900
27,903
9,873
200
Natchez
Contracts
December
13,495
380
5,139
13,300
"l02
2,498
158
Dallas
October
304
7,498
33,475
33,450
""59
Austin
July 1
176
449
47,309
16.97C
Greenwood-
156,200 145,700 158,300 2.115,900
June 29 June 30
28,004
2,405
4,800
3,850
400
Jackson
4,000
April (1939)...
New Orleans
23
3
10
25,200
12,500
188,000 144,200
~2(")1
229
54,557
19,792
193,364
234,186
177,850
342
La., Shrevep't
Miss., Clarksd
Inactive months—
Total all futures....
19,729
34,529
232
46,186
.
5,700
15,400
6,116
27.080
142,453
Macon
58,600
day
180
579
6
401
293
30,846
Rome
8,500
Holi¬
5
17,610
766
60,608
62,009
.
100
....
January (1939)
9
1,676
168,184
32,786
116
Vicksburg..
10,000
July
98
62,126
17,556
45,480
_
Augusta..
Columbus.
July 7
.531
961
Athens
Atlanta
Contracts
New York
438
1,378
4
187,410
Columbus..
July (1938)
October
Stocks
Week
84,327
9,406
53,234
55,384
"i78
_
Ga., Albany..
Open
75
456
43
Bliiff
Walnut Rge
The
23,671
60,486
101,172
65,899
36,552
146,215
46,399
22
Hope
7 1938
1,860
69,388
171,232
Newport...
Volume of Sales for Future
Delivery—The
Exchange Administration of the United States
of Agriculture makes
Season
12,117
52,895
3
22
_.
Forest
8.18
5
9.00
Ship¬
ments
Week
8
66,821
11
Montgom'y
Selma
1939..
May 1939..
May 25 1938
7.70
1939..
Mar. 1939..
5
July
July
Week
27 1937
July
Aug. 1938..
Season
Stocks
ments
Range Since Beginning of Option
Week
July
Ship¬
more
week last year.
same
Premiums and Discounts for Grade and
Staple—The
gives the premiums and discounts for grade and
staple in relation to the base grade, Middling 7/g, established
for deliveries on contract on July 14, 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 7.
table below
X
15-16
1 in. &
Inch
inch
Longer
15-16
White—
1 in. <fe
inch
inch
Longer
Spotted—
442,000
European stocks
1,729,000 1,242,000 1,259,000 1,077,000
138,000
110,000
91,000
98,000
American cotton afloat for Europe
96,000
99,000
124,000
172,000
Egypt, Brazil,&c.,afl't for Europe 245,000
183,000
180,000
172,000
Stock in Alexandria, Egypt..
356,000
116,000
142,000
134,000
Stock in Bombay, India.
1,118,000
984,000
807,000
699,000
Stock in U. S. ports
2,362,548 1,119,286 1,332,713 1,170,597
Stock in U. S. interior towns
2,053,520
903,027 1,349,502 1,161,421
U. S. exports today
8,371
5,326
9,028
3,104
India cotton afloat for Europe—
on
.87
on
1.09
on
Good Mid
.10
on
.29
on
.50
on
.57
on
.81
on
1.03
on
St. Mid
.06 off
.13
on
.34
on
Good Mid
.51
on
.74
on
.96 on
Mid.
.65 off
.46 off
St. Mid
Total
Continental Stocks
.63
St. Good Mid-
Total
.34
on
.60
on
.80
♦St. Low Mid..
1.47 off 1.39 off 1.33 off
Mid.
Basis
.25
on
.45 on
♦Low Mid
2.29 off 2.24 off 2.21 off
St. Low Mid-
.59 off
.36 off
.19 off
Tinged—
Good Mid
Mid. Fair
on
Low Mid
1.37 off 1.27 off 1.22 off
♦St. Good Ord. 2.22 off 2.17 off 2.13 off
♦Good Ord— 2.80 off 2.79 off 2.78 off
Extra White—
Good Mid
8,106,439 4,761.639 5,294,243 4,687,122
Of the above, totals of American
American—
Liverpool stock—
618,000
...
105,000
Manchester stock
Bremen stock
Havre stock
Otner Continental stock
American afloat for
and otner descriptions are
bales.
Europe
U. S. port stock
U. S. interior stock
U. S. exports today
Total American
273,000
53,000
105,000
136,000
35,000
169,000
210,000
67,000
96,000
99,000
2,362,548 1,119,286
2,053,520
903,027
8,371
5,326
as
follows:
246.000
179,000
43,000
31,000
152,000
128,000
116,000
74,000
83,000
98,000
124,000
172,000
1,332,713 1,170,597
1,349,502 1,161,421
9,028
3,104
5,689,439 2,728,639 3,455,243 3,017,122
East Indian, Brazil, &c.—
Liverpool stock
375,000
Mancnester stock
40,000
Bremen stock
65,000
39,000
41,000
Havre stock
Other Continental stock.
Indian afloat for
Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
138,000
245,000
356,000
1,118,000
463,000
72,000
44,000
35,000
26,000
110,000
183,000
116,000
984,000
380,000
51,000
46,000
42,000
100,000
91,000
180,000
142,000
807,000
375,000
50,000
51,000
73,000
18,000
98,000
172,000
134,000
699,000
2,417,000 2,033,000 1,839,000 1,670,000
5,689,439 2,728,639 3.455,243 3,017,122
Total American
Total visible supply
.8,106,439 4,761,639 5,294,243 4,687,122
Middling uplands, Liverpool
5.16d.
6.98d.
7.58d.
6.94d.
Middling uplands, New York
9.17c.
13.05c.
13.65c.
12.45c.
Egypt, good Sakel, Liverpool
9.16d.
11.27d.
10.44d.
8.29d.
Broach, fine, Liverpool
4.17d.
6,Old.
6.19d.
6.10d.
Peruvian Tanguis, g'd fair, L'pool
6.lid.
8.31d.
8.18d.
C.P.OomraNo.lstaple.s'fine, Liv
4.24d,
5.91d.
6.15d.
Continental imports for past week have been 107,000 bales.
The above figures for 1938 shows a decrease from last
week
of
35,620 bales, a gain of 3,344,800
2,812,196 bales over 1936, and
419,317 bales from 1935.
increase
of
1937, an
gain of 3,-
on
on
.96
on
.34
on
.60
on
.80
on
Mid
Even
.25
on
.45 on
St. Low Mid—.
Total visible supply
.51
St. Mid..;
.59 off
.36 off
.19 off
.74
Low Mid—.... 1.37 off 1.27 off 1.22 off
*8t. Good Ord. 2.22 off 2.17 off 2.13 off
♦Good Ord
2.80 off 2.79 off 2.78 off
on
the
Interior
Towns
the
.16 off
.57 off
.43 off
1.54 off 1.44 off 1.38 off
♦St. Low Mid.. 2.32 off 2.27 off 2.21 off
♦Low Mid
2.91 off 2.86 off 2.85 off
Yel. Stained—
Good Mid
1.19 off 1.05 off
.91 off
♦St. Mid
1.71 off 1.65 off 1.57 off
♦Mid
2.42 off 2.36 off 2.32 off
Gray-*
Good Mid
.57 off
.38 off
.20 off
.81 off
.60 off
.43 off
1.42 off 1.31 off 1.23 off
future contract.
New York
Quotations for 32 Years
The
quotations for middling upland at New York
July 8 for each of the past 32 years have been as follows:
1938
on
9.17c.
1930.
..13.15c.
1922
1937
,12.85c.
1929.
..18.60c.
1921
1936
.13.28c.
1928.
..22.80c.
1935...
1934...
.12.30c.
1927.
..17.15c.
1920
1919
22.75c.
12.20c.
40.50c.
34.80c.
1914-....13.25c.
1913
12.25c.
1912—
12.15c.
1911
.14.50c.
12.10c.
1926.
..18.70c.
1918
31.70c.
1910—...15.40c.
.
1933...
1932-.1931...
.11.00c.
.
.
—
1925.
..24.65c.
1917
26.70c.
1909
12.60c.
6.10c.
1924.
..29.60c.
1916
13.15c.
1908
11.20c.
9.55c.
1923.
..28.05c.
1915
9.20c.
1907
13.40c.
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1937-38
July 8—
1936-37-
Since
Shipped—
Week
Via St. Louis.
2,388
2.025
Aug. I
Since
Week
Aug. 1
Via Rock Island, &c
Via Louisville
94
h
h
h
Via Virginia points
Via other routes, &c
3,094
12,894
h
h
4,008
7,043
h
..20,495
h
14,995
h
Via Mounds, &c
1,722
h
2,130
h
92
h
h
h
h
over
a
Deduct
Shipments94
h
182
h
153
h
4,721
h
4,391
h
4,997
h
5,381
h
..15,498
15,498
h
9,614
h
..
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:
.33 off
.73 off
♦Mid.'
♦Mid
_
At
.47 off
St. Mid
St. Mid
*Not deliverable
.25 off
Total to be deducted
Leaving total net overland *
*
.
837
h
Including movement by rail to Canada,
h We withhold the totals
allow proper adjustments at the end of the crop year.
since Aug. 1 so as to
292
Financial
-1937-38-
In Sight
-1936-37-
Since
and Spinners'
h
17,059
9,614
140,000
h
166.673
*27,942
affected
Sea Island and American Egyptian cotton, which
agricultural adjustment program, show large
the
by
1937.
1938 over
The acreage
h
COTTON REPORT AS OF JULY
123,182
*27.644
h
of Southern mill takings
consumption to June 1—
Excess
over
1938
1,
Board of the Bureau of Agricultural Economics, from
furnished by crop correspondents, field statisticians and
cooperating State agencies, makes the following estimate of cotton acreage In
cultivation July 1, 1938,
the
h
Crop
Reporting
and
reports
data
h
138,731
h
Total in sight July 8
The
h
h
h
95,538
Island cotton is esti¬
of Sea
compared with 19,900 in 1937, and American
Egyptian at 41,000 acres in 1938, compared with 21,000 acres last year.
No report on probable production of lint will be made until Aug. 8.
h
h
not
1938
9,
mated at 27,000 acres in 1938,
h
h
15,498
90,000
65% respectively.
are
increases in
Aug. 1
h
17,684
Receipts at ports to July 8--.---Net overland to July 8---------South'n consumption to July 8—
Week
July
and
Since
Aug. 1
Week
Takings
Chronicle
h
10-Yr. Aver.
Acreage in CuPitatlon July 1
Abandonm't
h
July 8-- 15,945
15,945
North, spinn's' takings to
h
19,564
1928-1937
State
Per Cent
*
h We withhold the totals since Aug. 1 so
Decrease,
as to
..i.
1.6
--
1.4
......
1.0
Missouri.....
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
v-\, ' V
North Carolina
.
.
.
South Carolina.
.
Closing Quotations for Middling Cotton
.
...
Tennessee-.
.
Alabama....
.
Louisiana Jz_
.
.
Wed'day Thursday
Friday
_
9.00
New Mexico.....
New Orleans..
9.15
9.05
9.20
9.22
Arizona.
Mobile
8.91
9.10
8.84
8.82
8.97
8.98
816,000
995,000
82
2,191,000
2,705,000
81
2,726,000
78
1.7
2,479.000
3,495,000
3,099,000
1.0
1,649,000
1,244,000
1,575,000
79
3,485,000
1,903,000
2,471,000
3.0
14,571,000
...
3.2
117,000
—
9.23
0.5
9.20
Montgomery..
Augusta
Memphis.
9.10
DAY.
9.00
9.35
9.15
9.51
9.42
9.15
9.57
9.05
9.44
9.10
9.00
9.15
9.05
9.58
8.85
9.00
Little Rock—
9.00
8.95
9.05
8.95
8.63
8.52
8.64
8.51
Fort Worth
8.63
8.52
8.64
8.51
8.65
8.65
8.95
8.85
8.0 J
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
for
78
115,000
162,000
71
174,000
212,000
299,000
71
230,000
356,000
624,000
57
23,000
25,000
31.00C
81
2.1
37,380,000 26,904,000 34,471.000
78
140,000
67
(Old
2.4
Mexico)*...........
9.10
Dallas
California
77
9,960,000 12,769,000
1.2
...
....
United States total...
Lower
9.20
80
2.2
...
All other..
9.30
—
California
9.09
HOLI¬
9.07
9.15
9.22
9.25
75
984,000
-
8.87
9.16
77
79
120,000
3,014,000
_.
9.00
Savannah
1,705,000
2,674,000
90,000
3,559,000
3,083,000
....-
8.85
Norfolk.
1,313,000
2,121,000
112,000
4.1
.
—
1,758,000
1.0
...... -
... --
Oklahoma
82*
2,873,000
1.1.
....—
.
8.94
-
65
0.9
....
.
Galveston
—
67,000
1,111,000
1.3
.. .
...
Texas....
Houston...
70
44,000
911,000
of 1937
1.2
^-
.
Arkansas...
on-
Week Ended
>
569,000
2.7
...--..
GeorgiaFlorida
Mississippi.... i
Tuesday
1937
398,000
375,000
71,000
1,302,000
Virginia.
Saturday Monday
1938
1927-1936
allow proper
adjustments at the end of the crop year.
July 8
1938 %
Average,
94,000
99,000
*Not included in California figures nor in United States total.
Returns
by Telegraph—Reports to
by telegraph this
us
evening denote that in the northwest of Texas plants
Generally speaking,
squaring and blooming well.
of cotton is
are
progress
mostly satisfactory.
Rain
Monday
Tuesday
July 4
Saturday
July 2
July 5
July 6
897b- 900a
9.06- 9.08
July (1938)
Wednesday
9.11
Thursday
July 7
9.05
Rainfall
Days
Inches
High
Texas—Galveston
1
0.03
91
77
Amarillo
2
62
80
1
0.48
0.02
98
Austin
Friday
July 8
98
74
86
1
0.03
102
70
86
98
70
84
92
74
83
9.16
Abilene
Brenham...
Brownsville
August
September
October
9.00
9.05
9.17-
9.22
9.13
9.24
9.09
9.24
9.14
9.25
9.18
Jan. (1939)
DAY.
9.20
Dallas...
Henrietta.
Kerrville
9.25
9.15
9.30-
9.28
9.17
9.33
9.31
9.19
9.30
9.22
—-
9.34
Tone—
Barely stdy
Steady.
Spot...
Options
Dull.
Steady.
..
Quiet.
Dull.
Steady.
Steady.
Very stdy.
5,444,163
Loans
of
Aggregated $237,807,711 on
Through June 30—The Commodity
Bales
Credit Corporation announced on July 1 that "Advices of
Cotton Loans" received by it through June 30, 1938, showed
loans disbursed by the Corporation and lending agencies of
$237,807,711.18
paid
on 5,444,163 bales of cotton.
This includes
$6,928,044.28 on 164,798 bales which have been
and the cotton released.
The loans average 8.39
cents
per
loans
of
pound.
Stale—
Bales
on
Stale—
Arizona
—....
Arkansas...
...
.....
—
California
.... .
_
*
_
_
Arkansas—Eldorado
Fort Smith,...
.
Little Rock_.--..__----Louisiana—Alexandria
Amite.
Georgia
298,073
Tennessee........282,989
Texas....:
1,641,501
611,724
Virginia.
Wool
Loans
330,030
Net
of
......
9,697
CCC
Grease
Aggregated $8,046,761 on 45,Pounds Through June 25—The
Commodity Credit Corporation announced on July 1 that,
through June 25, 1938, 45,330,030 net grease pounds of wool
had been appraised for loans aggregating $8,046,760.64.
Of
this amount, loans of $1,081,136.82 have been completed on
6,021,425 pounds of wool, the remainder being in process.
The loans average 17.75 cents per grease pound.
New
Member
of
New
York
Cotton
Exchange—At a
meeting of the Board of Managers of the New York Cotton
Exchange held on July 7, Hughston M. McBain, First
Vice-President of Marshall Field & Co., Chicago, who are
engaged in retailing and manufacturing of textiles, was elected
to membership in the
Exchange.
Agricultural Department's Report
on Cotton Acreage
Agricultural Department at Washington on July 8
issued its report od cotton acreage as of July 1.
This report
placed the acreage of cotton in cultivation in the United
The
on
July 1
at
26,904,000
on
July 1, 1937.
estimated by the Crop Reporting Board
which is 22% less than the acreage
The report in full follows:
102
68
71
83
87
98
72
85
100
70
99
72
94
72
68
85
86
83
83
86
68
98
0.70
1
98
74
101
dry
73
87
85
83
84
2
0.14
98
72
1
0.06
94
72
0.84
1.60
99
2
92
1
0.32
96
73
70
72
90
66
78
92
74
74
72
93
85
81
92
67
68
80
90
68
79
1
Birmingham
Montgomery
dry
Miami
0.44
0.06
1.07
2
Oklahoma
450,504
_
70
98
dry
......
Shreveport
Mississippi—Meridian
Vicksburg
567,979
74,873
84,907
102
100
0.26
New Orleans
81
85
84
86
dry
1
125,781
82
0.44
Pine Bluff...
4
257,572
66
72
dry
dry
Pensacola
....
84
98
98
1.22
Tampa.
Georgia—Savannah
Atlanta
South Carolina
70
dry
...
77,086
North Carolina
98
0.36
......
...
49,024
995
85
68
dry
W eatherford
Bales
82
70
94
0.08
..........
64
100
0.08
Missouri.
Mississippi
92
dry
dry
dry
Carolina—Charlotte
Asheville
68
78
93
68
68
62
62
81
79
88
dry
dry
dry
dry
dry
88
88
86
92
94
75
75
74
62
73
70
66
96
2.02
3
Nashville
80
90
0.72
2
_
North
Raleigh
Wilmington
Tennessee—Memphis
Chattanooga
90
0.51
2
Augusta
Macon
South Carolina—Charleston.
96
81
84
dry
85
81
80
The following statement has also been received
by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
July 8. 1938
July 9, 1937
Feet
New
Orleans
Feet
of gaugeof gauge-
7.4
17.9
16.1
9.4
9.5
zero
of gauge.
of gauge.
7.8
4.5
zero
of gauge.
20.0
18.7
Above
Above
Above
Above
Nashville
Shreveport
Vicksburg..
zero
Above
Memphis
zero
zero
5.2
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which winally reaches the market through the outports.
as
acres,
The acreage of cotton in cultivation in the United States on
July 1
by the Grop Reporting Board to be 26,904,000 acres, which is
estimated
Week
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
End.
1938
1937
1936
1938
1937
1936
1938
1937
1936
Apr.
8.
51.480
50.142
35.607 2362,621 1503,310 1871,482
16,110
Nil
average
15.
26,976
42,828
Nil
22.
30,687
45,944
40,673
34,922 2338,818 1440,172 1833,913
34,771 2322.171 1387,245 1814,475
20,044 2289,937 1322,016 1779,076
3,173
average
14,040
13,710
Nil
Nil
Nil
24,610
40,825
Nil
Nil
Nil
iess than the 34,471,000
acres on July 1, 1937, 28% less than the
and 16.8% less than the 1933-37 average.
Applying the
(1928-37) abandonment to this year's planted acreage
would indicate the smallest
acreage for harvest since 1900.
The next
lowest acreage was in 1934, when
27,860,000 acres were planted.
Among
the causes for the
sharp reduction in 1938 are the Agricultural Adjustment
program, relatively low cotton prices received for last
year's crop, and
1927-36
10-year
100
dry
dry
New Mexico.
Louisiana
is
83
125,844
Florida
States
87
785,614
Alabama
-
68
66
Florida—J ackson vill e
^
83
106
100
Oklahoma—Oklahoma City—
which loans have
85
85
66
0.28
....
Alabama—Mobile
Figures showing the number of bales
been made by States are given below:
76
72
0.16
San Antonio.
CCC
94
98
1
Paris
Taylor
Cotton
84
0.02
Palestine..
Steady
Mean
1
.
Lampasas........
Luling
;
Nacogdoches...
i
April
May
1
Low
100
0.62
0.04
1
__
El Paso
.
March....
dry
dry
dry
Corpus Christi
HOLI¬
9.18
February
9.10
9.07
9.10
„.
November
December.
——-
-Thermometer-
difficulties in securing stands because of unfavorable weather.
Decreases are shown in all
States, with the greatest reductions occurring
west of the Mississippi River.
In this group California shows the heaviest
decrease Wlth acreage estimated at
57% of 1937, Missouri follows with70%, Arizona and New Mexico 71%, Oklahoma 77%, Texas 78%, and
Louisiana and Arkansas 79 and
80% respectively.
Mississippi River, where the decreases are not so marked,
the
1938 acreage in Tennessee and North Carolina is estimated at
of the acreage in 1937, followed
by Alabama with
82%
81%, Georgia with 79%,
Mississippi 78%, South Carolina 77%, and Florida and Virginia with 75
29.
44,904
4.617
Nil
15,333
May
6.
1,20
17,042
31,296
28.231
Nil
20.
39,157 2263.791 1255,379 1732,379
40,509 2237,238 1206,606 1693,071
45,482 2216.336 1162,626 1651,649
Nil
Nil
4,060
27.
14,112
25,457
52,470 2194,843 1107,259 1594,234
Nil
Nil
Nil
3.
17.425
23,761
Nil
Nil
7,151
10.
20,069
17.
27,019
24,113
23,325
15,944
47,072 2167,585 1064,946 1554,313
32.597 2138,409 1030,520 1517,933
998.705 1465.362
39,972 2119,356
7.966
Nil
Nil
19,653
21.698 2100,775
964,392 1424.612
5,53?
Nil
Nil
13.
16,918
/
Nil
June
24.
Nil
Nil
Nil
July
1.
22,893
15,752
21,952 2081,164
930,969 1384,154
3,282
Nil
Nil
8.
17,684
17,059
13,381 2053,520
903,027 1349.502
Nil
Nil
Nil
Volume
Financial
147
The above statement shows:
Chronicle
293
Shipping
(1) That the total receipts
News—As
shown
on
previous
a
the
page,
from the plantations since Aug. 1, 1937, are 8,427,704 bales;
in 1936-37 were 6,216,627 bales and in 1935-36 were 6,998,758
exports of cotton from the United States the past week have
reached 44,039 bales.
The shipments in detail, as made
bales.
up
(2) That, although the receipts at the outports the
were 17,684 bales,
the actual movement from
plantations was nil bales, stock at interior towns having
decreased 27,644 bales during the week.
week
past
World s Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
from all
seasons
Cotton
Takings,
of
out
amounts gone
or
To
Week
To Gdynia, July 6, Taurus, 1,125
To Gothenburg, July 6, Taurus, 128
Week
To Venice, July 1, West Camack, 1,233
To Antwerp, July 7, Binnendijk, 300
Season
h
To Ghent, July 7, Binnendijk, 58
To Bremen, July 7, Bockenheim, 3,313
To Hamburg, July 7, Bockenheim, 231
v
h
8,142,059
h
h
h
138", 731
h
h
h
h
31,000
14,000
1,200
8,000
h
To Rotterdam, July 1, Leerdam, 121; Effingham, 219
To Gdynia, July 1, Taurus, 1,050; July 5, Nishmaha,
h
5,097,136
h
To Gothenburg, July 1, Taurus,
To Riga, July 1, Leerdam, 200
8,106,439
h
4,761,639
h
To Havre, July 1, Effingham, 400
To Bremen, July 1. Edgehill, 1,240;
218,558
178,158
40,400
h
335,497
247,297
88,200
h
h
To Hamburg, Juiy 1, Edgehill, 1,200;
To Genoa, July 1, Effingnam, 950
95,538
19,000
52,000
4,400
12,000
h
8,324,997
Other India ship'ts to July 7.
Alexandria receipts to July 6.
Other supply to July 6*5
Total supply
Deduct—
Visible supply July 8
Total takings to July 8
Of which American.
-
_
_
P* Of which other
h
h
To Tallin, Juiy 7, Binnendijk, 1
NEW ORLEANS—To Ghent, July 1, Leerdam, 440; Effingham,
To Copenhagen, Ju»y 1, Taurus, 50
h
h
h
1,088
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
h We withhold the totals since Aug. 1 so as to allow proper adjustments
To
550
-
1,460; West Cohas,
j
2,548
__
__
__
...
__
_
2 406
...
To Guatemala City, July 1, Ulua, 25
LAKE CHARLES—To Liverpool, July 3, Recorder, 50
MOBILE—To Manchester, July 1, Senator, 100; June
India Cotton Movement from All Ports
3,252
1,974
950
250
Koenigsburg, 2,012
Koenigsburg, 774
Manchester, June 30, Mathias Stinnes, 182; West Cohas,
2,224.
b Estimated.
975
150
To Havana', July 5, Contessa, 250
To Liverpool, June 30, Mathias Stinnes,
h
*
at end of crop year,
23
200
1,840
673
220
1,125
128
2,293
2,354
621
1,233
300
58
3,313
231
1
1,415
50
340
1,600
150
200
400
To Japan, July 5, Vinnie, 2,293
To Genoa. July 1, Mombaldo, 1,391; West Camack, 963
To Trieste, July 1, West Camack, 621
4,904,205
Season
Copenhagen, July 1, Trolleholm, 23
HOUSTON—To Copennagen, July C, Taurus, 220
Week and Season
Visible supply July 1
Visible supply Aug. 1
American in sight to July 8
Bombay receipts to July 7_.
1,505
782
1,407
729
692
100
To Oslo, July 1, Trolleholm, 200
To Gdynia, July 1, Trolleholm, 1,840
To Gothenburg, July 1, Trolleholm, 673
'
1936-37
1937-38
follows:
are as
Bales
from which statistics
sources
obtainable; also the takings
sight for the like period:
are
from mail and telegraphic reports,
GALVESTON—To Liverpool, July 2, Recorder, 1,505
To Manchester, July 2, Recorder, 782
To Genoa, July 2, Mombaldo, 351; West Camack, 1,056
To Trieste, July 2, West Camack, 4; June 30, Lucia C, 725
To Venice, July 2, West Camack, 267; June 30, Lucia C, 425-To Buena Ventura, June 30, Ruth Lykes, 100
25
50
30, An610
959
432
522
tinous, 510
To Liverpool, July 1, Senator, 281; June 30, Antinous,
To Genoa, June 30, Monfiore, 432
1935-36
1936-37
1937-38
July 7
Week
19,000
Bombay..
Week
Aug. 1
Aug.
Week
1
For the Week
Aug. 1
52,000 2,983,000
31,000 3,083.000
2,436.000
NORFOLK—To Hamburg, July 8, Croton City, 522
CORPUS CHRISTI—To Antwerp, July 3, Hybert, 25
Since
Since
Since
Receipts—
Since Aug.
1
Great
Great
Conti¬
China
Total
Conti¬
Japan &
Britain
Jap'n &
nent
Britain
nent
China
*
To Havre, July 3, Hybert, 431
To Dunkirk, July 5, Elizabeth van Belgie, 200
PENSACOLA, &c.—To Bremen, July 1, Gateway
SAN FRANCISCO—To Japan, ?, 901
Total
To Japan,
?,
Norden,
Adams, 300
1,255;
Taiyo
25
431
200
50
901
600
153
143
-
-—--
City, 50
To Chile, ?, 600
LOS ANGELES—To Liverpool, ?, Knoxville City,
To Bremen, ?, Vancouver, 143.
Exports
from—
678
153
-
-
1,713; President
Maru,
3,268
Bombay—
24,000
112,000
739,000 1066,000
381,000 1490,000 1953,000
393,000 1314,000 1819,000
18.000
52,000
247,000
425,000
672,000
12,000
2,000
14,000
492,000
669,000
1161,000
4,000
10,000
14,000
368,000
601,000
969,000
22,000
86,000
306,000
693,000
739,000 1738,000
149,000 3114,000
9,000
1935-36-
34,000
59,000
7,000
13,000
82,000
5,000
3,000
1936-37—
22,000
6,000
1937-38-
19,000
268,000
Oth. India—
1937-38-
34,000
1936-371935-36-
-
TotaI
Cotton Freights—Current rates for cotton from New
York, as" furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
all—
1937-38-
37,000
1936-37-
12,000
8,000
7,000
27,000
574,000 1050,000
1935-36-
4,000
15,000
19,000
38,000
480,000
27,000
VI *
Liverpool
High
Stand-
High
Total
Density
.52c.
According to the foregoing, Bombay appears to show a
decrease
Density
ard
Trieste
d.45c.
d.45c.
.60c.
Manche8ter.52c.
.67c.
Flume
.52c.
.67c.
Barcelona
.52c.
.67c.
,85c.
Piraeus
.60c.
Antwerp
*
1.00
.85c.
1.00
d.85c.
1.00
Salonica
Japan
Venice
,52c.
.67c.
Shanghai
d.45c.
6.0c.
Bombay z
.50c.
.65c.
Gothenb'g
.72c.
Copenhag'n.67c.
Naples
d.45c.
Leghorn
d.45c.
Rotterdam
Genoa
Standard
High
Stand¬
Density
ard
.67c.
Havre
994,000 1314,000 2788,000
44,039
—
.60c.
.720.
.60c.
compared with last year in the week's receipts of
12,000 bales. Exports from all India ports record an increase
of 59,000 bales during the week, and since Aug. 1 show a
Olso
,58c.
.73c.
Bremen
.52c.
.67c.
Stockholm
.63c.
.78c.
Hamburg
.52c.
.67c.
decrease of 1,376,000 bales.
Liverpool—By cable from Liverpool we have the foliowing statement of the week's imports, stocks, &c., at that port:
Alexandria
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
ceive
weekly
dria, Egyjit.
a
*
No quotations,
z
1937-38
Alexandria, Egypt,
July 6
.
—
This
Week
This
Since
Aug.
1
49,000
To Manchester, &c
5,000 179,924
To Continent and India. 15,000 720,455
25,823
To America
23,000 1108047
Total exports
8,000
134,000
22,000
107,000
24,000
—
...
Liverpool market for spots and futures
day of the past week and the daily closing prices of
Week
This
Since
Week
1
Aug.
Since
Aug.
5,000 203,604
6,000 162,970
2,000 193,749
3,000 205.604
9,000 724,965
Friday
Thursday
Wednesday
A fair
A fair
business
business
doing.
doing
A fair
business
12:15
11,000 664,403
1,000 37,524
demand.
Mid.Upl'ds
14,000 1163688
23,000 1068501
Futures. I
(
5.16d.
Quiet at
Steady,
Stdy., 1 pt.
pts. steady, un¬ dec. to 1 pt 5 to 7 pts.
advance.
advance.
ci) anged.
5 to 7 pts.
Steady,
4 to 5 pts. 1 pt. adv.to steady, un¬ 6 to 8 pts.
advance.
1 pt. dec. changed to
advance.
Steady at
9 to 10 pts. 4
5
to
advance.
advance.
j
Quiet but
Steady,
Very stdy.,
5.19d.
5.15d.
5.18d.
5.16d.
5.09d.
[
Steady,
opened
Quiet.
Quiet.
Moderate
doing.
[
P. M.
42,370
that the receipts for the week
Tuesday
Monday
Saturday
Spot
1
Market
decline
ended July 6 were
22,000 cantars and the foreign shipments were 23,000 bales.
Market,
4
Market—Our report received
Manchester
730,000
24,000
4,000
107,000
20,000
July 8
40,000
1,138,000
723,000
49,000
14,000
176,000
18,000
spot cotton have been as follows:
Egyptian bales weigh about 750 lbs.
Note—A cantar is 99 lbs.
shows
30,000
6,000
imports
Of which American
Market,
3,000 181,845
Liverpool
This statement
46,000
1,153,000
742,000
The tone of the
1,000
8,208,101
6,000
8,834,406
22,000
10,336.162
_
Exports {Bales)—
To
June 24
42,000
Of which American
Total
each
This week
1
July 1
44,000
1,130,000
June 17
1,173,000
758,000
Forward
Total stocks
Of which American
Receipts (cnetars)—
Since Aug.
d Direct steamer.
Only small lots,
Amount afloat
1935-36
1936-37
.57c.
by cable to¬
night from Manchester states that the market in both yarns
and in cloths is firm.
Demand for home trade is improving.
Steady,
11 pts.
1
advance.
P. M.
Barely stdy
Quiet but
3
Prices of futures at Liverpool for
give prices today below and leave those for previous
weeks of this and last year for comparison:
pts.
4 to 5 pts.
decline
adv.
each day
are
given below:
We
Frl.
Thurs.
Wed.
Tues.
Mon.
Sat.
July 2
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
July 8
1937
1938
32s Cop
Twist
d.
ings, Common
to Finest
s.
d.
s.
Lbs.
Cotton
Middl'g
32s Cop
Upl'ds
d.
Cotton
Middl'g
to Finest
Upl'ds
Twist
d.
Shirt¬
ings, Common
s.
d.
s.
9
8-
15..
9H@UH
9
@10
9
9
@10
4.89
10
14^@15 ^
14K@15H 10
5.00
October
5.03
December
January (1939)
9
@11
7.87
9
@11
7.47
22-
9H@11H
9
9
@10
4.94
14H@15Ji 10
0
@10
9
7.49
29.
9H@10H
9
9
@10
4.80
14
10
6
@10
9
9M@10M
9
6
@
9
9
4.09
14H@15H 10
6
@10
9
9
6
@
9
9
4.77
10
6
@10
9
4K@
9
4.68
14H@15H 10
6
@10
9
9
27-
9
9
3
@
9
7H
6
4.46
14
10
6
@10
9
@9 3
@93
@93
4.43
14
10
@15
13J4@14J* 10
6
@10
9
@10
8
7.06
10
6
@10
9
6
@10
9
0.95
9
6
6
@10
9
6.87
@10
9
6.98
October
...
5.07
d.
d.
d.
d.
d.
4.98
4.91
4.95
4.92
4.99
4.99
4.96
4.95
.
5.05
5.07
5.00
5.03
5.00
5.07
5.07
5.03
6.02
6.08
5.07
-
.
«r
-
-
.
m
m
.
5.07
...
.
_
5.10
5.04
5.03
„
mm
mm
5.11
5.05
5.08
5.06
5.12
5.12
5.13
5.07
5.11
5.09
5.15
5.15
6.10
5.14
..
5.09
5.12
5.07
5.09
d.
4.95
*
5.10
July
6.92
10
~
d.
d.
.
5.15
5.09
5.13
5.11
5.18
5.18
5.13
5.13
5.19
——
....
....
....
5.15
5.12
t
-
mm
-
-
5.10
-
6.07
mm
mm
mm
mm
5.12
5.09
.
.
mm
-~
b.m
5.17
5.10
7.31
6
-
7.36
3
—
7.12
20-
9tf@10H
9tf@10H
May-—-
.
7.45
13.
—
5.05
-
7.22
6—
—
March
d.
Apr.
4.79
4.90
July (1938)
d.
d.
d.
New Contract
8H Lbs. Shirt¬
@15
May
@10
@15
5.12
5.08
December
3~
8«@ 9H
9
9%
9
17-
8H@ 9H
9
@10
9
9>* @io y»
9%®1Q%
24-
1H@
9
9
1H@
3
9
4.83
13H@15
13M@15
13K@1454
5.16
13^@14^ 10
4.69
July
1—
8-
@
6
....
Friday Night, July 8, 1938
4.54
4.96
4J*
9
9
9
5.17
5.10
BREADSTUFFS
7.29
June
10-
5.07
Flour—While
somewhat
chain
the
market
remains
far
wider interest was noted in
bakers,
from
flour.
active,
a
The larger
in particular, were in the market for some
fair lots to cover
their more immediate requirements.
Ru-
Financial
294
DAILY
of
mors
a
pending purchase of a vast quantity by a leading
This baker did, however, book
chain failed to be realized.
Although wheat prices have had some
setbacks, flour mills were generally holding
50,000 barrels.
some
rather
sharp
their price ideas.
July 9, 1938
Chronicle
PRICES
CLOSING
FUTURES IN CHICAGO
OP WHEAT
Sat.
Fri.
Thurs.
Wed.
71%
73 %
70%
71%
H
O
73
74%
July
September.
Tues.
Mon.
71%
72%
71%
72%
75%
74%
75
Season's High and
When Made
I
Season's Low and When Mads
July
105%
Sept. 28. 1937 July
67%
May 31, 1938
September
92%
Feb.
9, 1938[September ... 68%
May 31. 1938
December
84%
June 15 19381December
71
May 31, 1938
December
73%
L
76%
...
-
Wheat—On the 2d inst. prices
After
brief flurry in which
a
to lc. net lower.
closed
the market was carried frac¬
bushel. Hedging and
increasing movement of
tionally higher, prices fell off a cent a
influenced by an
scattered selling
winter wheat area and
business, depressed prices as much as l^c.
grain from parts of the Southwest
lack of export
from early
Traders generally anticipated an accumu¬
the week-end holiday. Also acting
factors were reports of weather favorable for
highs.
lation of new wheat over
bearish
as
growth and harvest of North American wheat crops and
weakness at Liverpool.
Beneficial rains fell in the Canadian
Province of Saskatchewan, which had not received earlier
and Alberta
rains that aided the Manitoba
of
Rainfall
crops.
the southeastern section of the
inches in
four
to
one
province did much good.
Weather southwest in United
States was clear and hot and favorable for harvest operations
2^c. to 2%c. net
the 5th inst. prices closed
there.
On
lower.
Enormous arrivals of new
wheat, with Kansas City's
total the largest ever received at any American market,
helped depress prices about 3c. today. Contributing to the
decline was a 3,082,000 bushel increase in the United States
visible supply total, together with rains beneficial for spring
crops both south and north of the Canadian boundary.
Dearth of any significant North American wheat export
business acted also as a weight on values.
Something of an
offset, however, was evidence that approximately half of the
arrivals of new wheat were going into storage to await
official notice of the actual rate for the government's wheat
loan.
Giving emphasis to Kansas City's record-breaking
receipts of 3,579 cars were arrivals of 1,127 at Fort Worth,
Texas, with Hutchinson, Kansas, reporting 1,077 cars,
Wichita 750, and Enid, Okla., 750.
St. Louis, Chicago and
Omaha receipts were also enlarged, and auspicious weather
for widening of harvest operations was noted.
Liverpool
wheat markets showed substantial net losses, these declines
being ascribed to better conditions in United States and
Canadian
spring
wheat
favorable
areas,
European
crop
reports and cheaper Canadian offers.
On the 6th inst. prices
closed lj^c. to lMc. net higher.
Indications of increased
tendency of growers to store their wheat pending announce¬
ment of the Federal loan rate did much today to hoist
Reports that
Chicago prices lMc.
a
trade pact between the
United States and Great Britain would be completed before
the end of the month served also as something of a stimulus.
In addition, forecasts indicated unsettled weather ahead
throughout practically the entire United States grain belt.
Liverpool quotations higher than looked for tended further
to lift values on the Chicago Board.
The Liverpool market,
due to % to l^c. off, showed only little loss much of the
time, but closed 7/s to lc. down. Some small lots of United
States hard winter wheat were reported as having been sold
overnight for shipment to European Continental countries.
Announcement that Italy had agreed to purchase 7,360,000
bushels of wheat from Hungary attracted notice.
On the 7th inst. prices closed % to %c. net lower.
Late
downturns of Chicago wheat prices today much more than
offset earlier bulges.
Material net losses were shown in
the final dealings.
Setbacks of wheat values were simul¬
taneous with tumbles of securities after preceding gains.
Argentine and Russian shipments of wheat made a bearish
showing.
Rains interfering with domestic winter crop har¬
vest progress did much to push Chicago values higher early,
as did stock market gains and reversal of a downward trend
of quotations at Liverpool.
There were likewise disquiet¬
ing reports about domestic and Canadian spring crop con¬
ditions.
II.
black rust
C.
was
in late
hit
wheat
was
fields,
seeded
being cut prematurely.
now
Wheat scored
but up¬
Today prices closed V2 to %c. net higher.
lc.
bushel
a
turn failed
D., that
S.
Mr. Donovan said damage would be
and that some of the worst
cept Thatcher wheat.
heavy
wired from Aberdeen,
Donovan
prevalent all the way from Sioux City, ex¬
maximum
to hold
net
well in
gain in Chicago today,
securities weakness.
the face of
Some buying
resulted from unfavorable harvest weather in
of the winter crop belt, a circumstance suggesting-
parts
decreased
movement
market.
to
There
black rust both sides of the Canadian
was
also
talk
of
Unfavor¬
able crop reports from domestic winter wheat areas had a
notably stimulating effect at times, lifting prices at some
stages
more
than l^c. from preceding small setbacks.
II. C. Donovan wired from Fargo, N. D., that non-resistent
wheat
was
now
infested
with
black
boundary.
rust
in
most
parts of
Minnesota, the two Dakotas, southern Manitoba and south¬
east
Saskatchewan.
weather
He
developments.
conditions
because
of
said
damage
was
depending
prevailed northward
from Aberdeen, S. D., to Edgely, and 20 miles east of Oakes,
N. D.
Open interest in wheat was 73,599.000 bushels.
DAILY CLOSING PRICES
No. 2 red
OP WHEAT IN
Sat. Mon.
Tues.
88
.
HOL.
85%
NEW YORK
Wed.
88%
Thurs.
87%
December
-
..
.
Corn—On the 2d inst.
This market ruled firm
Fri.
Thurs.
Wed.
Tues.
H
97%
98%
O
L
October
O
L
78%
76%
80%
78%
95%
98
80
76
78%
76%
to %e. net higher.
prices closed
during most of the short session in
spite of the sharp reaction in wheat. The firmness of corn
was attributed largelv to covering by shorts over the ex¬
tended week-end holiday.
On the 5th inst. prices closed Mc. off to %c. up.
Light
rural offerings, with export purchases of 400,000 bushels,
imparted some firmness to corn values.
On the 6th inst. prices closed y8c. to Kc. higher.
The
action of corn futures was rather disappointing in view of
the
pronounced firmness of wheat values and the substantial
1,000,000 bushels. However,
was firm during most of the
exports of corn, which totaled
the tone of the corn market
session.
On the 7th inst.
prices closed %c. up to %c. off.
Although
steady, due in part
to complaints of excessively wet weather.
Today prices
closed %c. up to %e. down.
Trading was relatively light
in corn futures, with the undertone barely steady.
Open
interest in corn up to the present writing was 36,482,000
trading was quiet, the undertone
was
bushels.
NEW YORK
DAILY CLOSING PRICES OF CORN IN
Sat. Mon. Tues.
No. 2
71% HOL.
yellow
DAILY CLOSING PRICES OF CORN
Sat.
July.
September
58
Season's
July
September
December
High and
66%
63%
59%
Thurs.
Wed.
71%
71%
Fri.
72
71%
FUTURES IN CHICAGO
Mon.
57%
58%
December
H
O
I*
Season's
When Made
Sept. 30, 1937 July..
Mar. 26, 1938 September
July
7, 1938 December
Wed.
Tues.
57%
57%
58%
58%
—
59%
58%
Fri.
57%
59%
58
59%
58%
58%
When
and
Low
Thurs.
Made
May 31, 1938
May 31, 1938
May 31, 1938
53%
54 %
52%
closed y8o. down to %e. up.
little to this market, trading being very
light and of routine character.
On the 5th inst. prices closed
to %c. net lower.
There was no real support to oat values, and when pressure
develpped prices eased readily. The pronounced Weakness
displayed by wheat markets had its depressing effect on
Oats—On the 2d inst. prices
There
was
very
oats.
prices closed y8o. decline to y8o. advance.
light and without feature.
On the 7th inst. prices closed y.c. off to %c. advance.
There was a moderate amount of trading, with prices irregu¬
On the 6th inst.
Trading
lar.
the
was
Excessively wet weather was said to be also affecting
of oats.
Today prices closed %e. down to
movement
Trading very
unchanged.
dull, with the undertone barely
steady.
DAILY
OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
CLOSING PRICES
July
H
O
27%
September
December
26%
28%
Season's
High and
32%
30%
December.... 28%
July
September
L
26%
26%
27%
26%
26%
27%
26%
26%
26%
27%
27%
27%
When Made
I
Season's Low and
Oct.
2, 1937 (July
25%
Jan. 10, 19381 September
25
July
2, 19381December.— 26%
When Made
Apr.
5,1938
May 31,1938
May 31, 1938
OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
DAILY CLOSING PRICES
H
October
^
December
...^
H
44
45%
44%
45%
O
L
July
O
L
36
33%
36%
33%
36%
33%
36%
33%
Rye—On the 2d inst. prices closed y8a. to YiO. lower.
of wheat together with selling by cautious
longs not caring to be committed over the extended week¬
end holiday, had a depressing effect on rye values. On the
5th inst. prices closed ]4,o. to jie.
lower. These declines
were
largely in sympathy with depressed state of wheat
values.
Bearish weather reports and heavy arrivals of rye
The heaviness
also had
their bearish effect
values.
on
On the 6th inst.
prices closed y8o. to y8c. net higher. The firmness of rye
was largely due to the pronounced firmness of wheat con¬
tracts.
Vs to %c. lower. Trading
with the news on rye
containing little of interest.
Today prices closed V2 to %c.
net higher.
The firmness of wheat was influenced largely
On the 7tli inst. prices closed
was
of
insignificant
proportions,
by the upturns in corn.
DAILY
CLOSING
PRICES
OF
RYE
Sat.
FUTURES
Mon.
53
-52%
H
O
53%
July
September
L
December
Season's
High and
July
72%
September
69%
December
on
dryness
WHEAT IN WINNIPEG
H
July
DAILY
It was added that bad spring crop
recent
DAILY CLOSING PRICES OP BONDED
Sat. Mon.
56
Tues.
Thurs.
53%
51%
53%
52%
52%
53%
53
53%
When
June
June
June
Made
1, 1938
1,1938
2, 1938
FUTURES IN WINNIPEG
Mon. Tues.
Wed.
Thurs. Fri.
OF RYE
Sat.
-
July..
H
H
48%
O
L
O
L
49%
50
51%
51%
50%
50%
October
December
DAILY
CLOSING PRICES
OF BARLEY FUTURES
Sat.
July...
Fri.
October
88
December..
Fri.
51%
Season's Low and
When Made
49%
Feb.
9, 1938 July
48
Feb.
9, 1938 September
June 11,1938 December..._ 50%
CLOSING PRICES
CHICAGO
IN
Wed.
53%
52%
52%
—
Mon.
H
H
O
L
O
L
Tues.
48%
47%
45%
50%
51
51%
51%
IN WINNIPEG
Wed.
Thurs.
Fri.
49%
49%
49%
48%
46%
47%
45%
48%
46%
Volume
Closing quotations
295
Chronicle
Financial
147
FLOUR
Sioux
147,000
sY.coo
17,000
661,000
14,000
8,000
35,000
77,000
122,000
City
Peoria.
.....
Chicago...
afloat
11,000
"
5", 000
6,000
316,000
120,000
114,000
621,000
179,000
Lakes
136,000
390", 000
1,297,600
2,746,000
790,000
114,000
6,000
152,000
Minneapolis
27,000
4,116,000
177,000
38%
Duluth
1,670,000
2,083,000
739,000
210,000
1,644,000
532,000
Rye, No. 2 f.o.b. bond N. Y.. 71%
Barley, New York—
54%
47H lbs. malting
Chicago, cash
35-52
Detroit
No. 2 white
72
90,000
"
2,000
4,000
2,000
140,000
2,574,000
Buffalo
4,155,000
376,000
429,000
135,000
250,000
afloat
......
1,193,000
58,000
26,000
27,607,000 23,799,000
6,602,000
24,527,000 23,104,000
16,212,000
5,522,000
6,995,000
1,012,000
1,119,000
2,945,000
3,208,000
1,759,000
1,350,000
3,290,000
On Canal
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Total July
2, 1938..
Total June 25, 1938..
Total July
3, 1937-
Oats—On Lakes, 96,000 bushels: total'
96,000 bushels, against $71,000 bushels in 1937.
Barley—On Lakes, 454,000 bush"
els: total, 454,000 bushels against 524,000 bushels In 1937.
Wheat—New York.
62,000 bushels; Buffalo, 230,000: Albany, 270,000; Erie, 258,000; on Lakes, 700,0001
on Canal, 20,000; total, 1,540,000 bushels, against 6,459,000 bushels in 1937.
Note—Bonded grain not included above:
of the last three years:
Corn
Bushels
Rye
Bushels
Bushels
65,000
695,000
159,000
1,084,000
713,000
2,662,000
3,505,000
3,433,000
3,755,000
919,000
1,038,000
284,000
4,459,000
5,061,000
3,943,000
6,602,000
3,505,000
1,012,000
919,000
2,945,000
4,459,000
51,950,000 23,799,000 10,107,000
49,727,000 23,104,000 10,428,000
42,763,000
5,522,000
5,514,000
1,931,000
2,157,000
1,634,000
7,404,000
8,269,000
7,233,000
7,653,000
676,000
824, 000
173, 000
75.000
200,000
Dulutii
598,000
939, 000
136 000
3,000
245,000
Total July
187,000
350, 000
2 000
4,000
132,000
Total June
26,000
80, ,000
130 000
......
8,109,000
Other Can. & other elev.
Minneapolis
Barley
Bushels
522,000
363,000
2,620,000
8,581,000
Ft. William & Pt. Arthur
bbls.196 lbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushASlbs.
29,000
17,000
421, 000
453,000
3,083, 000
197,000
Oats
Bushels
Wheal
Canadian—
Barley
Rye
Oats
Corn
Lake, bay, river & seabd.
...
19,000
34,000
252,000
70,000
1,028,000
13,000
3,000
5,135,000 10,934,000
441,000
Indianapolis
On
8,000
193,000
362,000
St. Louis..
All the statements below
Cliicago
(bush.)
469,000
Milwaukee
Wheat
(bush.)
4,630,000
Omaha.
Oats, New York—
Wheat, New York—
No. 2 red, c.i.f., domestic
88
Manitoba No. 1, f.o.b. N. Y.107H
Flour
(bush.)
125,000
...
Kansas City..
GRAIN
Receipts al-
Rye
(bush.)
800,000
St. Joseph
Spring oats, high protein.5.75@6.05 Rye flour patents
4.25@4.50
Spring patents
5.05@5.35 Seminola, bbl., Nos. l-3--6.50@
Clears, first spring
4.60%4.80 Oats good
2.30
Soft winter straights
4.15@4.55 Corn flour
Hard winter straights
4.85@5.10 Barley goods—
1.70
Hard winter patents
Coarse
4.00
5.05@5.30
Hard winter clears
4.40@4.60
Fancy pearl .Nos. 2,4&7 - 5.00 @ 5.25
Corn, New York—
No. 2 yellow, all rail
Barley
Corn
(bush.)
follows:
were as
Oats
Wheat
Milwaukee-
24,000
Toledo
479, ,000
164 000
113,000
680,000
208 ,000
116 000
1,000
7,000
30,000
14,000
586 ,000
100 000
5,000
52,000
5,238,000
278 ,000
18 000
469,000
211 ,000
19 ,000
131,000
80 ,000
18 ,000
61,000
1,000
Kansas City
12,000
Oinaha
St.
Joseph.
Wichita
Sioux
13,000
City.
Same wk '37
13,000
789,000
135,000
7,968,000
2,834,000
1,433,000
15,169,000
315,000
Same wk '36
332,000
24,343,000
.
2, 1938-
Total July
805,000
71,000
346,000
11,598,000
376,000
...
...
27,607,000 23,799,000
_
Total June 25, 1938-
1,000
819,000
Total wk '38
...
Summary—
American
Total July
11,367,000
5,176,000
1,545,000
329,000
1,278,000
Buffalo
25,200,000
3, 1937- 36,551,000
Canadian
2,008,000
...
25, 1938-
"2" 000
55,000
Louis..
St.
24,343,000
Total July
Peoria.....
Indianapolis
2, 1938-
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
678,000
108,000
3,1937-
......
ended
July 1, and since
following:
July 1, 1938, and July 1, 1937, are
shown in the
Since Aug. 1
1937
18,363,000 292,545,000 307,036,000 107,661,000 25,428,000 94,597,000
76,785,000 17,548,000 80,851,000
19,156,000 227,744,000 154,482,000
17,886,000 331,075,000 194,870,000 130,771,000 25,565,000 94,002,000
....
1936
....
1935
....
Total receipts of flour and grain at the seaboard
the week ended Saturdat, July 2, 1938, follow:
Corn
Black Sea.
1,368,000
Australia.
1,598,000
3,035,000
India.....
————-
bbls. 196 lbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bush.48lbs.
8,000
75,000
2,000
York.
165,000
Philadel'ia.
28,000
2,000
7,000
Baltimore..
11,000
7,000
28,000
1,079,000
is'.ooo
24,000
811666
200,000
Y2I666
New
.
Sorel
New Orl'ns*
Montreal..
Boston
572,000
......
6,000
299,000
2,662,000
2,127,000
125,000
57,000
454,000
7,051,000
47,890,000
51,820,000
2,563,000
1,951,000
8,751,000
256,000
2,908,000
783,000
216,000
43,000
138,000
7,157,000
....
33,178,000
20,337,000
2,515,000
2,334,000
658,000
1937.
Week
Since Jan. 1
1937
*
on
....
passing through New Orleans for foreign ports
Receipts do not include grain
through bills of lading.
The exports
from the several seaboard ports for the week
July 2, 1938, are shown in the annexed
ended Saturdat,
statement:
Wheat
Corn
Flour
Oats
Rye
816,000
496,000
408,000
514,000
514,000
910.000
10,367,000
..
10,367,000
8,879,000
5.260,000
5,260.000
8,094,000
Loans
Barrels
Bushels
Bushels
Bushels
Sorel
1,079,000
—
-
—
Montreal
7,666
572:600
1,025,000
——
52~,600
Total week 1938—
1937:
Same week
84,000
57:600
454:606
98,654
84,000
57,000
454,000
96,640
185,000
34,000
109,000
150,000
Three Rivers
—
1,850,000 2,590,000
9,000
3,028,000
The destination of these exports
for the week and since
July 1, 1937, is as below:
Exports for
...............
Week
July 2
Week
July 1
Since
Week
July 1
July 2
July 1
1938
1937
1938
Barrels
Barrels
2,387,456
515,105
633,500
1,543,000
23,500
1,474,500
29,000
1,000
4,535
98,654
5,304,369
96,640
5,487,288
53,985
2,134
14,500
West Indies.
Kingdom.
—
—
Brit. No. Am. Col.
Other countries...
Total 1938
Total 1937.......
295,000
11,000
1938
1937
Bushels
Bushels
813,000 47,639,000
54,820,000 1,775,000 44,110,000
174,000
2,000
1,258,000
6,000
74,000
1,000
2,116:666
12,000
1,8.50,000 131,443,000 2,590,000 91,942,000
34,000
9,000
3,028,000 121,366,000
comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 2, were as follows:
visible
grain,
supply of
18,000
New York
"
afloat-
»'*«
Baltimore.
'pi
*
47,000
Philadelphia
Bushels
Bushels
.
.
^
_
_
-^
-
-
12,000
12,000
56,000
21,000
7,000
359,000
11,000
2,000
25,000
3,000
—
2,000
New Orleans-
1,000
at many places
the
Fort Worth
.
1,310 000
Wichita
Hutchinson
3,784,000
..
1,475,000
87,000
general rule.
Mississippi River and Rocky Mountains the weather was
was
in the lower Lake region,
southern portions
33,000
5,000
2.000
10,000
tm
central Indiana, northern Illinois,
of Wisconsin and Minnesota, and northern Iowa,
weekly falls ranging up to from 3 to 6 inches in many
also considerable rain, locally heavy, in much of the
localities. There
Rocky Mountain
Basin of the West. In general, the northern
the Rocky Mountains had moderate to sub¬
rainfall, while in the South the weather was mostly fair with many
and parts of the Great
half of the country east of
area
stantial
reporting no rain.
of the central valleys, the week just
closed was favorable
operations and crop growth, and especially for harvesting in the
grain belt.
In the Eastern States night temperatures were too
low for best growth of warm-weather crops during much of the time,
especially from the Carolinas northward, but otherwise they were quite
generally favorable for the advance of vegetation.
Farm work was de¬
layed considerably by heavy rains and wet soil in much of the Ohio and
upper
8,000
603 000
Mississippi
the weekly
ranging from 2 degrees to
western
9,000
5,000
614,000
62,000
less marked than farther east,
Except in parts
Bushels
75,000
were
for farm
Barley
Rye
Oats
Bushels
Bushels
United States—
STOCKS
Corn
Wheat
three, broad north-south belts, each comprising
United States, in which marked variations occurred.
decidedly warm, especially in central and northern districts.
Fron North
Dakota and western Minnesota southward to Missouri and Oklahoma
the weekly averages were from 4 degrees to 9 degrees above normal.
In
contrast to this, practically all sections west of the Rocky Mountains had
below-normal temperatures for the week.
In the Great Basin and some
adjoining sections the averages were from 4 degrees to 6 degrees subnormal.
There was very little precipitation during the week from the lower
Missouri Valley and Kansas southward, except in a few, widely scattered,
local areas
In the Great Plains north of Kansas rainfall was mostly
moderate to fairly heavy and in the Atlantic area it was widespread, though
in most districts in moderate amounts.
Heavy to excessive rains occurred
stations
GRAIN
July 6—The
the Week Ended
Mississippi River the period was decidedly cool, with the great¬
est minus departures of temperatures extending from New England south¬
ward to the Carolinas, where the weekly means were from 6 degrees to 10
with
The
for
East of the
Between the
73,175,000
264,808
.......
So. & Cent. Amer.
Continent
1937
Bushels
'
Bushels
country,
there being
about one-third of the
5 degrees, as a
Since
July 2
'Since
Report
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended July 6, follows:
Temperatures during the week varied greatly in different parts of the
averages
Week
and Since
July 1 to—
United
Slate—
Bushels
Bushels
1,432,934
2,327 Missouri
Nebraska.....i.—3,445,524
■->7,499,996
96,112
1,035,066 Ohio
1,207,218
25,723,447 South Dakota
4,203
...........
25,661 Wisconsin
3,666,865
-
degrees below normal.
Between the Appalachian Mountains and
River, there was a tendency to subnormal temperatures, but
Corn
Wheat
Flour
held
Such
....
Weather
"
586,000
"88:606
Aggregated
-
Minnesota
709,000
Galveston
30
aggregated $21,396,185.38, based on a loan rate of 50
bushel, of 2^ cubic feet of ear corn testing up to
14y^% moisture; the average amount loaned per bushel
determined in this manner thus far has been .4847 cents.
Figures showing the number of bushels on which loans
have been made by States are given below:
63,000
Houston
June
cents per
Kansas
1,000
Baltimore..
Through
loans
Iowa
38,654
203,000
CCC
1938, showed loans disbursed by the Corporation and
by lending agencies on 44,139,353 bushels of corn.
Indiana..
20,000
of
$21,396,185 on 44,139,353 Bushels—Announcement was
made on July 1 by the Commodity Credit Corporation that
"Advices of Corn Loans" received by it through June 30,
Illinois
Barley
Bushels
York.
6,036,000
1,200,000
State—
Bushels
New
1,937,000
496,000
Colorado
Exports from—
1,148", 000
1,937,000
1,087,000
2,167,000
1,200,000
Corn
Since Jan. 1
1938
205,000
454,000
57,000
150I666
Total wk '38
2,604,000
3,035,000
countries
Total
841666
19,000
....
Riv's
Three
2,604,000
205,000
16,000
1,025,000
52i66o
Bushels
1,
Other
1,545,000
Galveston..
------
800,000
July 1,
1937
Bushels
Bushels
Bushels
3,601,000
Since
1938
1938
Bushels
Argentina.
Flour
Receipts at-
July
July 1,
1,
1937
2,670,000
1,368,000
1,598,000
Bushels
,
Barley
July
1,
Since
Week
Since
1938
2,670,000
No. Amer.
_
Wheat
July
July 1,
1938
ports for
Rye
Oats
Corn
Wheat
Since
Week
Exports
l
Mississippi Valleys, but otherwise the cultivation
satisfactory advance.
,
_
_
,
of row crops made
_
.
,.
.
drought has developed so far this year.
Rains would be
advantageous locally in Georgia, in parts of the lower Mississippi Valley,
and in the central Great Plains, but otherwise the moisture situation is
No extensive
Financial
296
generally favorable, with stiil a superabundance In some interior sections.
Heavy rains caused considerable flood damage to crops in the uppermiddle Wabash and eastern and western White River Valleys of Indiana,
the southern portions of Wisconsin and Minnesota, parts of Illinois and
In northwestern Iowa.
is unusually favorable rather generally in the
northern border States between the Lake region and Rocky Mountains,
with recent rains decidedly helpful in many places.
From the Rocky
Mountains westward the conditions continue mostly satisfactory, except
for a few local dry areas, while in the Southwest, especially New Mexico,
recent very beneficial rains have resulted in decided improvement in the
general outlook.
■ ■■
■
Small Grains—There was some interruption by rain to the harvest of
winter wheat in parts of the central belt, but otherwise cutting made
good advance, especially in the western and southwestern areas and in
the more eastern States.
Harvest is in full swing as far north as Pennsyl¬
vania and has oegun in northern Indiana, southern Iowa, and well to
the northern portion of the belt in the Great Plains.
Considerable wheat
in shock has been thoroughly soaked in some interior sections, while rain
has caused additional lodging.
In Missouri harvest is about completed,
while in
Kansas, where conditions were decidedly favorable, it is onehalf to three-fourths done, except in the northwest.
Threshing Ls pro¬
gressing satisfactorily.
Harvest is general in much of Nebraska where
grains have ripened fast under the influence of high temperatures.
Conditions remain rather favorable generally in the Spring Wheat Belt
where progress of ail grain crops continues satisfactory, in fact, good to
excellent in most sections.
Spring wheat is in the milk to dough stage
in much of the belt,
Oats and other shall grains continue to progress,
The
moisture situation
although there are additional complaints of
wind in some interior sections.
Harvest is
lodging from heavy rains and
well under way northward to
southwestern Iowa.
States the nights were rather too cool for
and there was again too much rain in parts of the
but otherwise conditions were generally favorable and the
corn crop made satisfactory advance.
In Ohio corn is growing well with
some fields waist high.
In Indiana and Kentucky progress is good, except
in flooded areas in the former State.
In Illinois condition and progress
are satisfactory with much corn laid by, while in Missouri growth is rapid
and the color good rather generally.
In the Plains States corn is making satisfactory development, although
moisture would be helpful in parts of South Dakota and Nebraska where
afternoon curling, mostly from high temperatures, is reported.
In Minnesots the crop is growing well, with some fields knee high.
In Iowa
development is mostly excellent, although in the southwest there was
leaf robing in the afternoons due to hot weather; half of the crop is laid
by in the southwest, but considerable areas, mostly in the north, are
weedy from lack of cultivation due to persistent rains.
In Southern States
development of the corn crop continued mostly satisfactory.
Cotton—Abnormally low temperatures prevailed in the northeastern
Cotton Belt, but elsewhere about-normal warmth obtained.
Rainfall was
substantial to rather heavy in Virginia and parts of North Caroiina, but
otherwise the week was mostly fair, with precipitation decidedly light, in a
few local areas.
Aside from nights too cool in the northeastern belt and the
soil there too wet in some areas for best results, the week was mostly favor¬
able for cotton and the crop made satisfactory development rather generally.
In Texas plants are squaring and blooming well toward the northwest;
progress of cotton is mostly satisfactory although insect activity is still
favored in some west-central and north-central portions.
In Oklahoma
weekly progress was good and the general condition fair to good, with
some blooms appearing in scattered fields.
In the central States of the
belt progress ranged mostly from good up to excellent in favored localities,
with plants beginning to bloom well to the north of Arkansas and in parts
o£ Tennises•'
•
.
./..
■ *». *■ (.
•» ■
In the east Gulf area growth is mostly satisfactory, with bolls appear¬
ing north beyond Atlanta.
In the Carolinas and Virginia conditions
were less
favorable, the nights being mostly too cool for good growth,
while many fields continue too wet in the extreme northern portion of the
area.
Virginia cotton is very poor, with many fields being replanted or
planted to substitute crops, though the weather turned more favorable
the latter part of the week.
Corn—In the more eastern
best growth of corn
central valleys,
The Weather Bureau furnished the following resume
of
conditions in the different States:
Virginia—Richmond: Rather cool, dry week favored crops and work.
half of fields being planted to other crops.
Corn ex¬
few fields tasseling.
Wheat still
germinating in shock, but drying and threshing begun.
Most tobacco
good color; some leaves almost ready for curing.
Pastures excellent.
Truck good, except potatoes.
Southwestern cabbage shipments increas¬
ing,
Apples and peaches growing well.
North Carolina—Raleigh: Some improvement over previous unfavorable
conditions in northeast, though some land still too wet to cultivate until
near
close of week.
Progress of cotton poor to fair; forming squares;
scattered bloom in southeast.
Some improvement in eastern tobacco;
curing becoming general on coastal plain; western tobacco fairly good ad¬
vance, though some complaints of too much rain in parts of north Pied¬
mont.
Other crops generally satisfactory progress.
Pastures excellent.
South Carolina—Columbia: Cool; scattered light rains;
favorable for
cultivation.
Corn, truck, sweet potatoes, and pastures good progress.
Elberta peach shipments begun in north.
Cotton blooming extended to
extreme north; bolls forming in east and south, but progress rather poor
account
cool weather; weather favorable for weevil activity.
Water¬
melons, cantaloupes and tomatoes marketed.
Cotton very poor;
cellent, except for wet, grassy fields; a
Georgia—Atlanta: Growth and condition of cotton generally good with
favorable for checking weevil; bolls plentiful in south and crop
weather
blooming in north beyond Atlanta.
Tobacco being cured rapidly.
Peach
season over in south.
Growth of corn fair to good, but many places need
rain.
Same true of minor crops generally.
Florida—Jacksonville: Normal warmth and rainfall.
Condition and
of cotton good; bolls forming; slight shedding.
Corn maturing;
Tobacco harvested; good crop.
Truck season over.
Citrus
groves improving; much new growth and bloom.
progress
fine crop.
Alabama—Montgomery: Cool first of week, warm at close; scattered
light rains last of week favorable for crops; sufficient moisture.
Fields
clean.
Cotton good; some delay by cool nights first of week; moderately
favorable for weevil activity, but not general.
Corn good condition and
progress.
Vegetables
and meadows good.
and miscellaneous
crops
Mississippi—Vicksburg: Dry; somewhat
normal
or
above.
cool
mostly
good.
Pastures
nights to Friday, then
Progress or cotton fair to fairly
good, ranging locally
good, with occasional small bolls in south and central; active poison¬
ing; weather favorable for holding weevil in check.
Progress of corn gen¬
erally fair.
Progress of gardens, pastures, and truck fair to good.
to very
Louisiana—New Orleans: Progress and condition
of cotton good to very
good; well cultivated; boiling in all sections; weather favorable for holding
beginning of week.
Progress and condition of
other crops good.
Some early rice headed.
Rain needed locally in south.
weevil in check, except at
Texas—Houston: Cool in extreme west, about
normal elsewhere; scat¬
tered rains, mostly light, in extreme west, southern Panhandle, and ex¬
treme northeast.
Winter wheat harvesting and threshing are nearly done,
rapid advance latter part of week;
that area.
Oats and minor grains
Progress and condition of corn
generally good, but rain would be helpful in west-central and north-central.
Mostly favorable for cotton, although local conditions still favored insect
activity in west-central and north-central; plants squaring and blooming
well to northwestward; some ginning being done in south.
Ranges, truck
and cattle mostly good.
Rice still late, but making rapid progress.
except in extreme northwest where
conditions favored rapid ripening in
about harvested; average condition good.
City: Warm, with widely scattered rains first
otherwise dry.
Favorable for grain harvest; threshing general.
plowing done.
Progress and condition of corn fair to good,
but beginning to need rain locally; much in roasting-ear stage.
Progress
of cotton good; condition fair to good; weather moderately favorable for
weevil activity in some southern and eastern counties; blooms showing in
scattered fields.
Considerable alfalfa harvested; good yields.
Pastimes,
gardens, and minor crops good progress and condition.
Oklahoma—Oklahoma
few days;
Some fall
Arkansas—Little Rock: Progress of cotton good to excellent, due to
dry weather and moderate temperatures first part and warmth latter part;
clean, well cultivated and growing rapidly; squares setting rapidly;
beginning to bloon in north; weather tended to harden plants where too
rank; weevil activity favored first of week, weather favored checking latter
crop
Chronicle
part.
July 9, 1938
Progress of corn good, except in hills where poor, due to drought
Rice made good progress.
Growth of meadows, pastures and
checked, but condition still mostly good.
and heat.
all minor crops
Tennessee—Nashville:
Progress
of
cotton
very
good,
condition
fairly
avorable
?;ood; few for cultivation, much silking; some of corn good Condition of
blooms. Progress and condition very small. to excellent;
winter
cellent;
wheat
threshing nearing completion.
Tobacco good to ex¬
rapid.
Hay crops excellent; favorable for harvesting.
being dug.
Sweet potato prospects good.
fair;
growth
Fine crop of potatoes
THE DRY GOODS TRADE
New
York, Friday Night, July 8, 1938
Helped by pre-holiday purchases, favorable weather con¬
ditions, the general improvement in the nearby business
outlook, and a mild upturn in the employment situation,
retail trade made
a
gratifying showing, with all sections of
the
country reporting a distinct increase in the volume
of sales.
In some instances the first actual gains over last
year
were
registered, notwithstanding the decline in the
general level of prices averaging from 5 to 6%.
While
buying interest of the consuming public centered in sports
apparel lines for, vacation and travel purposes, home fur¬
nishing items for the first time also attracted more attention.
For the week ending June 25, department store sales the
country over, according to the report of the Federal Reserve
Board, were 10% lower than for the same week in 1937.
Sales in the metropolitan district, according to the survey
of the Federal Reserve Bank of New York, decreased 5.2%,
while in Newark stores a decline of 5.9% was reported.
Trading in the wholesale dry goods markets continued
quite active as jobbers as well as retail merchants placed
additional orders for fall goods on a number of finished
staples such as sheets and pillowcases. Prices continued their.
rising trend, with advances being announced on percale
sheets, printed and woven tickings and men's and women's
corduroys.
The persistent strength and activity in the
primary textile markets supplied an important stimulus for
buying operations.
Business in silk goods expanded appre¬
ciably, and prices ruled higher, reflecting the further ad¬
vance in the raw material and the fact that wanted goods
are
becoming difficult to obtain for immediate delivery.
Trading in rayon yarns made further gains, with weavers
as well as knitters showing increased interest in offerings.
No change in quotations for August shipments was an¬
nounced, however, although the statistical position was
reported to have improved further.
Domestic
Cotton
Goods—Trading in the gray cloths
an
active pace, with prices on all
constructions registering further appreciable advances.
As
heretofore, the main stimulating influences were supplied
by the sustained activity and strength in the security
market, the further gain in raw cotton values and the
increasing eagerness on the part of converters to anticipate
forward requirements, in view of the brightening economic
outlook.
The growing conviction that this year's cotton
crop will be one of the smallest in years and that, as a
consequence, raw cotton quotations would appreciate over
the next few months, notwithstanding the existing large
surplus stocks, also served to help sentiment.
While the
markets
continued
at
continued advance in prices caused some buyers to assume
waiting attitude, mills in general showed little willingness
yield ground, inasmuch as the statistical position appeared
substantially improved, and considerable backlogs were re¬
ported to have been built up by a number of producers.
Sheetings, Osnaburgs, and carded broadcloths moved in
large volume, at slightly increased prices.
Business in fine
goods continued to expand, and prices again ruled higher.
Combed broadcloths were in steady demand, and active
interest existed in lawns, dimity stripes, voiles and plain
taffetas.
Closing prices in print cloths were as follows:
39-inch 80s, 6% to 6%c.; 39-inch 72-76s, 6Hc.; 39-inch
68-72s, 5Vs to 5He.; 38H-inch 64-60s, 4%c.; 38H-inch
60-48s, 4H to 4Hc.
a
to
Woolen
Goods—Trading in men's wear fabrics broad¬
appreciably as the resumption of operations by several
large clothing manufacturers was productive of an increased
flow of orders for fall suitings.
An additional stimulating
factor was the announcement that substantial Army orders
for serges, elastiques and meltons will be placed during the
current month.
With available stocks in jobbers' hands
being rapidly reduced, an early increase in operating
schedules by a number of mills is anticipated.
Reports
from retail clothing centers made an improved showing as
favorable weather conditions, pre-holdiay buying and the
ened
start
of
the
vacation
and
travel
season
stimulated
con¬
purchases, notably of sports apparel lines.
Business
in women's wear goods, while not as active as heretofore,
nevertheless gave a satisfactory account, with increased
covering of early fall requirements by retail merchants
causing garment manufacturers to maintain their steady
purchases of needed materials.
Most attention continued
to be attracted by boucles, suedes and tweeds.
sumer
Foreign Dry Goods—Trading in linens continued quiet,
although sentiment gave indications of an improvement
based on the upturn in other textile markets, and reports
that the conclusion of the Anglo-American tariff agreement
is not far off.
Business in burlap remained quite but prices
ruled higher, under the influence of better reports from the
Calcutta market.
Domestically lightweights were quoted
at 3.65c.; heavies at 4.90c.
Volume
Financial
147
297
Chronicle
11,494,000 Boston, Mass., various purpose bonds, due anually from 1939
to 1968, incl., were sold to an account headed by the Chase
National Bank, First Boston Corp. and Brown Harriman &
Co., Inc., all of New York, as2i^s, at 100.109, a basis of about
2.85%.
Public offering was made on a yield basis of from
0.60% to 2.85%, according to date of maturity.
8,612,200 Louisiana (State of) refunding bonds were sold to Edward
Jones & Co. of New Orleans and associates, as 2>£s, 334s, and
Specialists in
Illinois & Missouri Bonds
0.75% to 3.10% in the case or the 2^s and 3Ks, and at dollar
prices of 103 and 102.75 for the 3Ms, this latter series maturing
from 1957
STIFEL, NICOLAUS &. CO., Inc.
105 W. Adams St.
CHICAGO
314 N. Broadway
DIRECT
WIRE
ST.
to 1960.
6,000,000 Philadelphia
taken by the
Board as 2Ms,
1941 to 1963,
LOUIS
School District, Pa., school bldg. bonds were
Pennsylvania School Employees* Retirement
at 100.832, a basis of about 2.80%.
Due from
incl.
Four banking groups competed for the
loan, with the best bid being made by an account headed by
Lehman Bros, of New York City.
MUNICIPAL BOND
SALES
JUNE
IN
AND
FOR THE
HALF-YEAR
That the month of June
the fact that the
extremely busy period for
was an
dealers in State and municipal
bonds is clearly reflected in
grand volume of
new
issues brought out
during that time not only greatly exceeded the output in
of the
preceding months of 1938 but
was
any
the largest total
recorded since January, 1937.
Awards in the recent period
amounted to
against only $94,102,722 in
$143,681,403,
as
May and $110,609,180 in March, the latter having been the
largest total established in
any
of the earlier months of the
Moreover, the figure for last month, owing to
current year.
the temporary nature of the loan,
of
does not include the sale
$60,000,000 notes by the State of Pennsylvania.
from
the
strikingly large volume of issues placed
Aside
the
on
market during the recent month, of equal significance was
the
which characterized the re-distribution of
ease
by investment
volume
securities
of
In addition,
dealers.
which
the
offerings
despite the sizeable
market
was
required
to
absorb, the price structure remained firm and the trend to¬
ward higher quotations
and, conversely lower yields, which
had been in evidence since the latter part of April
continue3
unchecked.
The
outstanding
during June
was,
development in
of
course,
the
tax-exempt
field
the public offering of the $60,-
000,000 4% refunding issue of the Metropolitan Water Dis¬
trict
Southern
of
California.
This
represented
the
first
offering to the public of the district's securities and followed
the consummation of negotiations between the Reconstruc¬
tion Finance
In
Corporation and two separate banking
selling the issue at
obtained
a
price of 107 the Federal
profit of $4,200,000.
a
5,000,000 Allegheny County, Pa., various purposes bonds, due annually
from 1939 to 1968, incl., were awarded to a syndicate headed
by Haisey, Stuart & Co., Inc., New York, as 2Ms, at 102.099,
a basis of about 2.32%.
Re-offering was made by the bankers
on a yield basis of from 0.40% to 2.40%, according to
maturity,
3,848,200 Denver, Colo., 3, 3M, 3H and 4% refunding improvement
bonds, due on or before Aug. 1, 1953, were publicly offered
jointly by J. H. Goode of Denver and the Carleton D. Beh Co.
of Des Moines, at a price of par and accrued interest.
This
issue was sold by the city on a semi-private basis.
2,770,770 Port of New York Authority, N. Y., 3% bonds were taken
by New York State Comptroller Morris S. Tremaine in settle¬
ment of advances made by the State toward construction of the
George Washington Bridge.
Bonds mature March 1, 1941.
2,500,000 New Mexico (State of) highway debentures were purchased
by an account headed by Lazard Freres & Co. of New York
City, as 2Ms and 3s, at a price of 100.062, a basis of about
2.60 %. The issue is due semi-annually and consists of $750,000
3s, due 1943-1945, incl., and $1,750,000 2Ms, due from 1946
to 1951, incl.
In re-offering the bonds the bankers priced the
3s to yield from 1.85% to 2.35%, according to maturity and
the 2Ms on a basis of from 2.40% to 2.75%.
2,468,000 Tennessee (State of) bonds were sold to a group managed by
Haisey, Stuart & Co., Inc., New York, as 2Ms, at 100.77, a
basis of about 2.67%.
Bonds are due in 1948 and 1949 and
were re-offered to yield 2.50% and 2.60%, respectively.
2,400,000 Hartford County Metropolitan District, Conn., 2%% East
Branch additional water supply bonds, due from 1939 to 1978
incl., were taken by Lazard Freres & Co. of New York and
associates, at 103.90. a basis of about 2.02%.
They were reoffered to yield from 0.25% to 2.20%, according to maturity.
2,300,000 New Hampshire Water Resources Board, N. H., bonds,
comprising $1,400,000 series A 3Ms and $900,000 series B
2Ms, due serially from 1941 to 1987 incl., were sold to a group
headed by Brown Harriman & Co., Inc., New York, at a
price of 96.65.
The bonds were placed privately.
2,000,000 Buffalo, N. Y., refunding and general impt. water supply
bonds, due serially from 1939 to 1958 incl., were sold to an
account headed by the Chemical Bank & Trust Co., New York
City, as 3s, at 100.14, a basis of about 2.97%.
They were reoffered to yield 0.80% for the earliest maturity to a price of
par for bonds due from 1953 to 1958.
1,699,000 Worcester, Mass., 1M% funding and municipal relief bonds,
due annually from 1939 to 1958 incl., were purchased by a
groups.
froup managed of about Bankers Trust Co. orpublicly offered
New York, at
01.129, a basis by the
1.28%.
They were
agency
In connection with this
transaction, it is to be noted that the obligations will be
treated in
5,000,000 Philadelphia (City of),Pa.,3M% bonds, due June 16, 1988,
optional after 20 years, were also purchased by the Pennsyl¬
vania School Employees' Retirement Board at 102.298, a basis
of about 3.09%.
The only other bid for the entire issue was
made by Lehman Bros, of New York and associates, which
bid a price of 100.05.
compilations
as
new
though officially designated
as
to
refunding instruments, this
our
capital financing.
Al¬
yield from 0.25 to 1.45%, according to maturity.
1,100,000 Kansas City, Mo., 2% % and 3% municipal purposes bonds,
due from 1940 to 1975 incl., were sold to Brown Harriman &
Co., Inc., New York, and associates, at a price of 100.15.
Re-offered on a yield basis of from 1 % to 2.90%, according to
interest rate and maturity.
Following is
resulted solely through a substitution of 4% bonds in place
at
the time of
of the
17
and
5% liens originally acquired by the RFC.
previous debt, in accordance with
purchases
records,
as
a
by
we
new
Federal agencies,
consider it
proper
our
was
As the
policy with regard to
not
reflected
in
our
to include the recent emission
capital loan in making
up our
tabulations showing
the proportion of issues brought out for both
new capital and
refunding purposes.
According to our figures, States and municipalities nego¬
tiated the sale of a grand total of $509,907,492 bonds during
the first six months of 1938.
This compares with disposals
$556,806,135 in the same period of 1937; $614,446,413 in
1936; $600,010,462 in 1935; $519,570,.535 in 1934, and only
$226,425,126 in the first half of 1933.
The figures for 1938
and 1937 embrace refunding issues in the amount of $69,660,728 and $129,730,865, respectively.
Some of the larger
flotations during the 1938 period, besides the $60,000,000
Metropolitan Water District issue in June, were $93,000,000
by the City of New York, $33,668,000 by the State of
Mississippi, $18,000,000 by the New York City Parkway
Authority, and $11,494,000 by Boston, Mass.
The issues of $1,000,(XX) or more reported sold
during
of
June
are as
follows:
$60,000,000 Metropolitan Water District of Southern California,
Calif., 4% Colorado River waterworks refunding bonds were
purchasedfromthe Reconstruction Finance Corporation by a na¬
tionwide group of banks and investment banking houses, which
represented a consolidation of two separate syndicates headed
respectively by the Chase National Bank and Lehman Bros.,
both of New York City.
The Reconstruction Finance Cor¬
poration, which acquired the securities at a price of par, sold
them to the bankers at 107, or a premium of $4,200,000.
This
represented the first offering to the public of the water district's
obligations and aside from the current amount, the RFC still
retains an additional block of $87,000,000.
It is expected that
the district will be required to issue more than $200,000,000
bonds to finance the project, ail of which has been contracted
for by the Federal agency.
In making public offering of the
$60,000,000 initially acquired, the banking syndicate priced
them to yield from 2.65% to 3.65%, according to maturity.
They mature serially from 1946 to 1986, incl.
Page
outline of the issues which were not sold
offering during June.
Number of issues is
an
the amount of bonds involved
number
of
"Chronicle" is
the
totals $10,686,450.
given for reference
purposes:
Amount
Reported
$268,000
Bids rejected
39,000
No bids
155 Brighton, Mich
235,000
No bids
3842 Clyde Park, Mont
10,000
No bids
161 Custer County, S. Dak.__._
not exc. 4%
30,000
Bids rejected
159 Daybreak S. D. No. 17, N. Dak
not exc. 4%
10,000
No bids
160 Euclid, Ohio
4J*%
,42,000
No bids
3992 Eunice, La
T_.notexc. 6%
75,000
Bids rejected
4156 Glendale, Wis
3%
12,000
Sale postponed
156 Harrisville, Mich.
4%
30,000
Not sold
157 Hayti, Mo
—■
notexc. 4%
23,000
Bids rejected
4150 a Kentucky (Stateof)
notexc. 3%
7,500,000
Sale canceled
4152 Menominee, Mich..
..notexc. 4%
623,000
No bids
4152 b Minneapolis, Minn..
notexc. 6%
1,675,000
Sale canceled
156 Montrose, Mich
..notexc. 4%
32,200
No bids
162 Spokane Co. 8. D. 50, Wash
..not exc. 6%
8,000
No bids
156 Waterford Township, Mich
not exc. 6%
74,250
No bids
x Rate of interest was optional with the bidder,
a The State canceled the offering
of $7,500,000 announced for June 20 and later issued a call for bids on July 11 with
the amount increased to $10,300,000.
The latter notice has been rescinded as
result of State Supreme Court decisions enjoining the proposed financing.—V.
146, p. 154.
b Objections raised by taxpayers caused cancellation of proposed sale
4154
Int. Rale
Name
Page
Akron City S. D., Ohio
.
3844 Bedford City 8. D., Ohio
-
--
x
4M%
notexc. 4%
not exc. 6%
.
......
—
Temporary borrowing by States and municipal units, in
anticipation of tax collections or sale at later date of longterm obligations, was contracted in the principal amount of
$112,021,746 during June. The figure includes loans of $20,000,000 by the City of New York and $60,000,000 by the
State of Pennsylvania.
Sale of the latter issue was featured
by both intensive competition by bidding groups and the
rapidity with which the obligations were marketed by the
successful bidder.
the time of award.
due
on
This
was
achieved within
a
few hours of
The issue bears 13^% interest and is
May 31, 1939.,
quiet prevailed in the Canadian municipal bond
amounting to
Extreme
market last month, with sales of new issues
only $955,286.
The Dominion Government obtained a
record low rate of 0.465% in bringing out $50,000,000 Treas¬
ury bills.
The Province Alberta again defaulted on its
funded debt, when on June 1 it was announced that a ma-
298
Financial
turity of $2,000,000 4s would not be honored.
Later in the
month, the Dominion Government announced disallowance
of another series of so-called "debt adjustment" laws passed
by the Province's Social Credit Legislature.
The Territory of Hawaii accounted for the $2,886,000 of
United States Possession financing in June, having sold that
amount of 234% public improvement bonds to the Chase
National Bank of New York and associates, at 100.239, a
basis of about 2.29%.
Due from 1940 to 1957 incl.
Below we furnish a comparison of all the various forms of
obligations sold in June during the last five years:
1938
1930
1937
»
«
1935
1934
i
-.
$
Chronicle
July 9, 1938
New York State—Governor
Reports First Treasury Surplus
on July 5 that the
last of a $100,000,000 deficit which had accumulated during
1931 and 1932, the last two years of Governor Roosevelt's
term of office, was wiped out during the 1937-'38 fiscal year
which ended on June 30, according to Albany advices.
Since 1930—Governor Lehman announced
Mr. Lehman's figures show an operating
surplus of more than $16,600,000
accumulated surplus of about $6,500,000.
This is the
an accumulated surplus since 1930.
Although there was a shrinkage of $10,885,742.21 in the estimated rev¬
enues for the year,
tne Governor explained in his statement that this
was counterbalanced by a $7,000,000 budgetary reserve and by economies
and savings, as well as by tne receipt of $2,775,000 from the Port of New
York Authority on its indebtedness to the State.
Revenues during the fiscal year amounted to $388,986,557.59, while ex¬
for the year and an
first time the State has had
penditures amounted to $372,318,783.37.
:
$
■
■
•
Perm, loans (U, 8.). 143,681,403 112,050,839 108,597,733
♦
Temp. loans(U. 8.) 112,021,746 122,477,700
Canada I'm (penn.):
Placed in Canada955,286 33,332,163
None
None
Placed in U. 8....
1920
General
fund
89,508,370
6,233,600
64.735.885 115,120,622
83,455,000 90,794,000
36,075.000
735,200
None
None
None
bonds
*(N. Y.. City)....
None
None
None
None
None
Bonds U. 8. Poss'ns.
2,886,000
None
2,750.000
None
None
259,544,435 207.860,702 207.089,703 184.205,885 206,055,822
Total
*
Includes
temporary
securities
(revenue bonds and bills and corporate stock
notes) Issued by New York City, S20.000.000 in June 1938; $42,000,000 In June,
1937; none in June, 1930; $05,500,000 in June, 1935; $68,575,000 In June, 1934.
The number of
municipalities in the United States issuing
permanent bonds and the number of separate issues made
during June 1938, were 318 and 363, respectively.
This
contrasts with 332 and 391 for May, 1938, and 368 and 427
for June, 1937. ;
-,y y
-.;W
i;v.
For comparative purposes we give the following table,
showing the aggregate for June and the six months for a
series of years.
In these figures temporary loans and bonds
issued by Canadian municipalities are excluded:
Month
Month
0 Months
Jutic
June
1914
54,403,737
1913
.
1912
39,386,230
49,485,807
1911
27,470,820
1910
19,369,775
.$143,081,403 $509,907,492
112,050,839
550,806,135
614,446,413
108,597,733
600,010,462
04,735,885
1937
1935
1935...
1934..
115,120,022
519,570,535
226,425,126
1909.-_.__-.
62,124,450
88,794,393
1933.
528,469,540
1903.———.
31,606,004
120,611,521
851,188,436
1907....
21,390,486
151,639,581
150,703,034
765,536,582
1906...
21,086,622
670,383,755
1905
778,419,445
882,820,720
748,986,930
751,838.574
1904
19,010,754
24,245,909
10,926,019
28,417,172
13,468,098
103,399,535
1932
1931
.
1930
.
1929
.
—
1927
.
.—
.
...
.
1925........
1924
1923...
.
—
.
.
129,806,480
158,862,319
140,731,789
139,653,772
242,451,538
161,711,890
1922........
118,969,285
110,412,059
45,113,020
1919..
100,378,401
1918
27,821,083
1917——.
28,510,832
1916
47,555,691
1915...
108,976,230
.
.
1920-.—
.
.
.
.
.
.
1903
1902
1901
For the
of
.
1938.
1928—
For the
of
788,744,973
584,800,923
055,086,150
1900
29,348,742
9,704,925
466,415,487
1897
16,385,065
322,601,532
305,650,839
1890
12,792,308
102,846,110
207,125,317
169,082,579
115,347,889
102,338,245
111,723,054
137,869,155
79,576,434
87,628,395
61,223,000
77,943,665
63.345.376
19,070,120
1899
6 Months
357,557,177
218,879,270
246,289,293
223,262,370
1898..
44,078,547
73.275.377
43.176,964
56,991,613
1895...
15,907,441
151,706,284
1894
10,359,377
221,579,100
283,464,572
1893
1,888,935
60,420,992
32,663,115
1892
12,249,000
49,093,291
322,982,610
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail.
It will be given later.
PUBLIC
WORKS
ADMINISTRATION
Policy on Municipal Power Projects to Be Announced—-It was
stated by Harold L. Ickes,
Public Works Administrator,
that he would have
a
statement
soon on
policy. It is understood that the statement will deal
with the policy to be followed by PWA in making allotments
for municipal power plants which may compete with pri¬
vately owned power plants.
Mr. Ickes said he had not made a decision to hold up proposed Public
Works Administration projects for San Francisco until a satisfactory agree¬
reached on the proposal to comply with the Federal Raker Act,
ment is
requiring municipal distribution of power generated at the Federal Hetch
Hetchy project.
The Secretary said that Mayor Rossi of San Francisco apparently could
not understand the "plain English" of Mr. Ickes' last telegram.
Admin¬
istrator Ickes said that, while there was no intention of holding up PWA
projects for San Francisco, he wanted to know the complete city program
and especially wanted full information on the city's plans to erect a municipal
distribution system for distribution of Hetch Hetchy power.
News Items
York, N. Y.—Agreement Reached for Debt Exemption
on
Transit Unity Plan—The city would be permitted toexempt a bond issue of $315,000,000 from its constitutional
debt limit for the purpose of buying the Brooklyn-Manhat¬
tan Transit and the Interborough Rapid Transit systems
and the Manhattan Elevated lines under a proposed con¬
was
approved
on
July 6 by the
members of the Transit Commission and representatives of
Mayor La Guardia, meeting in Abany
Inclusion of
a
In his statement he gave figures showing that the State had an operating
deficit of $102,060,786.72 and a cumulative deficit of $42,793,540.11 in
1932, followed by an operating deficit of $51,634,956.56 and a cumulative
deficit of $94,428,496.67 in 1933. marking the last fiscal year of the
Roosevelt administration.
State
Tax
Cut
Deemed
Unlikely Despite Surplus—A re¬
held unlikely by fiscal experts of
the State, despite the Governor's statement on the above
described surplus.
duction in State taxes
was
In the opinion of experts all existing taxes will be needed for some years
to come to meet rising costs of government, the effects of which were not
fully shown in the fiscal year just ended.
On top of tne State's increasing
governmental expenditures, some of the present sources of revenue are ex¬
pected to show a shrinkage which it was held likely would be reflected in the
budgetary figures for the 1938~'39 fiscal year just started.
A heavy failing off of revenue from income taxes is looked for, as these
levies, payable next April, are based on incomes of the 1938 calendar year,
which are expected to sharply reflect the effects of the current depression.
"While it was considered likely that a movement for the repeal of the emerg¬
ency 1% flat income tax might be started on the basis of the Governor's
financial statement, it was pointed out such repeal could not be attempted
until the convening of the 1938 Legislature next January.
Close associates of the Governor expressed the view tnat under the State's
present financial set-up, no curtailment of existing taxes will be possible
for at least a few years, and only in the event that there is a marked upturn
in business.
They pointed out that the $16,600,000 operating surplus
reported by the Governor was so small a margin that it could easily be wiped
out by the shrinkage of revenues.
States
and
Municipalities Galled to Resist Federal
nation-wide call to States and munici¬
Tax Proposals—A
palities to organize for the protection of their employees
against retroactive taxation of past salaries, and to prevent
any Federal impost upon State and municipal revenues, or
upon their outstanding obligations was issued on July 6 by
the "Conference
Acting
on
State Defense."
spokesmen for the States, the Conference will be directed by
outstanding State and municipal officers, including Attorneys General
John J. Bennett, Jr. of New York, David T. Wilentz of New Jersey, Charles
J. McLaughlin of Connecticut, John P. Hartigan of Rhode Island, Greek
L. Rice or Mississippi, P, Warren Green of Delaware, Solicitor General
Henry Epstein of New York, Austin J. Tobin, representing The Port of
New York Authority, and Lewis L. Delafield, representing the New York
State and City Authorities headed by Commissioner Robert Moses.
The
announcement is addressed to the Governor, Secrretay of State and Attor¬
ney General of every State in the Union, as wed as to all municipal execu¬
as
tives.
Indicating their fear that Federal taxation may be extended to include
State and municipal revenues and outstanding bonds, as well as to the past
incomes of State employees, the Committee states that the Conference will
combat such taxation, as a policy which will not only work an inqui-
table hardship on all State employees, but as one under which "States could
be reduced to convenient geographical divisions or 'counties' of one cen¬
tral government."
As a result of recent Supreme Court decisions, the Conference Conmittee points out that the States themselves might shortly be faced with
attempts to impose federal corporate income taxes on State revenues,
and on the revenues of State agencies, and also with Federal attempts to
tax outstanding State and municipal bonds.
"In the recent Port Author¬
ity cases" says the Committee,
the Treasury Department claimed the
right to impose Federal corporate income taxes upon the net revenues of
The Port of New York Authority.
At the present time also, the Com¬
missioner of Internal Revenue is attempting to collect over $50,000.00
directly from the Delaware River Joint Commission for Federal stamp taxes
on its bonds.
The Commission is wholly owned by the States of New
Jersey and Pennsylvania.
"Such agencies were created on a self-liquidating basis, in order that
the States might fo forward with great construction programs without
additional burden on the general taxpayers.
Any attempt to collect Fed¬
eral taxes against the States in the operation of these projects would be
destructive of this work.
New
stitutional amendment which
S. Copeland, was elated over his success in balancing the State budget
against the $100,000,000 deficit handicap wnich faced him when he suc¬
ceeded Mr. Roosevelt as Governor on Jan. 1, 1933.
the Administration's
power
In his budget the Governor
had estimated that the year's revenues would amount to $399,872,299.80.
Tne sharpest shrinkage of revenues was in tne stock transfer tax, wnich
fell $11,324,077.83 below tne estimate, while the personal income tax
amounted to $7,175,964.55 over the estimate.
Tnere was a shrinkage of $4,527,907.47 in the inheritance and estate
tax, nowever, as well as snrinkagesof $1,543,988.41 in the motor fuel tax,
$1,520,486.18 in the unincorporated business tax, $661,521.22 in the motor
vehicle tax and $616,352.59 in the alcoholic Deverage tax.
The revenue
from alcoholic beverages licenses was $859,464.66 over the estimate.
Other
revenues fluctuated in lesser amounts aoove or below the estimated amounts.
Mr.
Lehman, who recently announced his candidacy for the Dem¬
ocratic nomination for the United States Senate to succeed the late Royal
on
that date.
definite figure in the amendment, which was introduced
"The cases of these two State instrumentalities, are merely illustrative
of the problem.
It is not local to New York, New Jersey or Pennsylvania.
It is of vital consequence to the responsible executive and legislative of¬
ficers of every State in the Union."
The Conference Committee takes issue
had been placed upon the Port Authority
Chief Counsel
of
Bureau
of
with
the
interpretations that
decision by John P. Wenchel,
Internal
Revenue.
Quoting a recent
speech in which Mr. Winchel had attacked the immunity of the States
the
from Federal taxation, the announcement said, "it points the most direct
path to a new system of government in America,
.
.
.
There can be
no
escape
from such
a
result—for what the Chief Counsel (Mr. Whenchei)
is sying is that the Federal Goverment has the power to tax the
States,
but that, conversely the States may not tax the Federal Government, nor
any
of its agencies or instrumentalities."
In the view of the Conference Committee "taxation by a
Federal Govern¬
city, or of any of their government
agencies would be the end of that "indestructible union of indestructible
in the Constitutional Convention on June 9 by M. Maldwin Fertig Com¬
mission member and Democratic delegate, confirmed month-old reports
ment on the actual income of a State, a
of the amount being considered for the bond issue exemption.
A figure
of $320,000,000 was disclosed about a montn ago at a transit hearing before
the Cities Committee by a civic worker, unaware that he was announcing
what was then a confidential plan.
States contemplated by the constitution'.
When the day comes that any
State, or any of its municipal agencies must file a Federal income tax re¬
turn, the independent States of this Union will have ceased to exist."
In his message of April 25, President Roosevelt did not recommend
taxation of the revenues of the States or their instrumentalities, thus im¬
plicitly recognizing that the income and revenues of the States and of
The amount in the original amendment was left blank in the hope that a
purchase price would be agreed
upon
by the companies and city before the
convention acted
on the amendment.
This theory was cast aside and the $315,000,000 figure agreed to by the
interested parties and Harold Riegelman, New York Republican and Chair¬
man of the Cities Committee, wnich now has the measure.
The figure
is
by no means the final purchase price, which it is believed will be about
$340,000,000, depending upon how many of the B. M. T.'s trolley lines in
Brooklyn are included in the deal.
The city will have to provide the remaining funds by issuing bonds
within debt margin, estimated at about $70,000,000 at present.
The
final draft is expected to be completed and reported out shortly, July 12
being the final day for action by committee.
their instrumentalities must remain inviolate.
United States—States Share Taxes with Local Governments
—The
of State administered taxes
local governments is shown
July 6 by the Federation of Tax
increasing importance
shared by the States with their
in
a
study made public
on
Administrators.
It was estimated that local governments
last year received more than $1,000,000,000 from State
Volume
147
Financial
Chronicle
administered taxes, or more than
25% of the amount which
they collected by taxation.
299
A
joint offer of 0.75%, plus a premium of $2,111.00, was submitted jointly
by R. H. Moulton & Co., Blyth & Co., Inc., and Kaiser & Co.
lected taxes
CONTRA COSTA COUNTY (P. O. Martinez), Calif— OAKLEY
SCHOOL BOND SALE—The $50,000 issue of
Oakley Union School District
offered for sale on July 5—V. 146,
p. 3990—was awarded to Dean Witter
a
3.13%,
Thj® tax
i
revenue sharing trend has developed since 1900, with State-col-
becoming a major source of local revenue only during the past
£
study shows.
A quarter of a century ago shared taxes totaled
about $119,000,000 or about
9% of all local taxes.
Forty-five States share
& Co.
their
revenue with local governments.
North Carolina, Vermont,
West Virginia are the
only States which do not have locally-shared
tax laws.
.
and
on
from June 15,
Although the first tax sharing laws granted local governments only a
portion of the State revenues from
corporation and inheritance taxes, the
for highway and street
improvements to accommodate increasing
1959 to 1963.
MONTEREY
COUNTY
(P.
O.
Salinas),
Calif.—SAN LUCAS
SCHOOL BOND SALE—The $45,000 issue of San Lucas Union School
District bonds offered for sale on July 1—Y. 146,
p. 4148—was awarded to
Blyth & Co. of San Francisco, as 334s,
traffic opened the way for further
sharing.
Between 1920 and
1930, 23 States enacted laws providing for the local
sharing of gasoline
taxes, and 11 passed statutes which provide for
sharing part of their motor
vehicle license fees.
100.41,
SAN
1960, inclusive.
MATEO
COUNTY
LOS SCHOOL BOND
m.
a.
paying a premium of $187, equal to
Dated Aug. 1, 1938.
Due from Aug. 1,
basis of about 3.21%.
a
1939 to
Among the taxe3 collected by all the States, gasoline taxes are shared by
30, motor vehicle license fees by 19, and
liquor taxes by 18.
Of the 34
States collecting State income taxes
only Massachusetts, Minnesota, Mon¬
tana, New Mexico, New York, Oklahoma, Tennessee and Wisconsin share
and of the 47 inheritance tax
Francisco, at a price of 100.124, a net interest cost of about
the bonds divided as follows:
$35,000 as 3 34 s, maturing on
$1,000, 1939 to 1943; $1,500, 1944 to 1948; $2,000, 1949 to 1953,
$2,500, 1954 to 1958; the remaining $15,000 as 3s, maturing $3,000
and
demand
them with local
governments,
of San
June 15:
(P. O.
Redwood City)). Calif.—SAN CAR¬
OFFERING—Sealed
bids will
be received
unti
11.
July 19, by W. H. Agustus, County Clerk, for the purchase of
a $45,000 issue of San
Carlos Elementary School District bonds.
Interest
rate is not to exceed
5%, payable J. & J.
Denom. $1,000.
Dated July 1,
1938.
Due on July 1 as follows: $2,000, 1939 to 1953, and $3,000 from
1954 to 1958.
Prin. and int. payable in legal tender at the County Treas¬
urer's office.
Interest rate to be in multiples of 34 of 1%.
The purchaser
will be required to furnish his own
legal opinion.
A certified check for
$1,000, payable to the Chairman of the Board of Supervisors, must ac¬
company the bid.
These bonds were approved at an election held on June 3,
States Con¬
necticut, Idaho, Minnesota, Montana, North Dakota, South Dakota and
Michigan share the revenue.
State sales taxes are shared by Arizona,
Kansas, Michigan, Ohio, Oklahoma and Utah, and tobacco taxes by
Kansas and Ohio.
The amount of State taxes
reverting to localities varies widely among the
States, although most States distribute sizeable portions of their gasoline
and liquor tax revenue to local units.
on
219 to 57.
37
States
Complete Mechanics for Interstate Cooperation—
Awaiting" Governor Richard W. Leche's approval of the bill
to establish
an
official commbson
on
TULARE
COUNTY
interstate cooperation
STAMFORD,
resolution in special legislative session, which must be
repeated next year
to insure permanence of the commission.
The 11 States
now without this legal
implement for attacking interstate
are: Arizona, Idaho, Nevada, Utah and
Washington in the West;
Missouri, North Dakota and Texas in the Middle West; and
Delaware and Maine on the Bast Coast.
The 37 agencies already set up
have been established since
1935, when the Council of State Governments
instituted the movement.
New Jersey and Colorado were the first two
States to take steps to create commissions.
From their inception the interstate commissions have further interstate
compacts and reciprocal agreements on subjects ranging from flood and river
control to highway regulation and fish conservation.
this
they are
using
a device that dates back more than 100 years, when interstate
agree¬
functioned in boundry settlements.
Recent U. S. Supreme Court approval of the La Plata water
compact
between Colorado and New Mexico re-focused attention on the interstate
a
modern device for joint action
by states to solve their
Financial Statement, July 1, 1938
Assessed valuation of the town (including exempt property
of $15,449,850.00)
$166,707,239.00
-
Total bonded debt, not including present loan
common
problems.
4,865,000.00
529,634.10
Sinking funds
Cross-border problems of the two
States
SCHOOL
Conn .—BOND
ments
compact as
Calif.—WAUKENA
OFFERING—Joseph P.
Zone,
Town
Treasurer, will receive sealed bids until noon (Daylight Saving Time) on
July 12 for the purchase of $350,000 coupon or registered emergency bonds
of 1938.
Dated July 15, 1938.
Denom. $1,000.
Due $35,000 on July 15
from 1940 to 1949 incl.
Bidder to name one rate of interest in a multiple
of 34 of 1 %.
Prin. and int. (J. & J. 15) payable at the First National Bank of
Boston.
These bonds will be valid general obligations of the town, and
ail taxable property in the town will be subject to the levy of unlimited ad
valorem taxes to pay both principal and interest.
They will be engraved
under the supervision of and authenticated as to their genuineness by The
First National Bank of Boston.
The legality of this issue will be examined
by Ropes, Gray, Boyden & Perkins, of Boston, a copy of whose opinion
will accompany the bonds when delivered without charge to the purchaser.
The original opinion and 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.
Louisiana's passage of the bill in current regular session leaves Texas
the only one of the southern States
lacking a cooperation commission.
California, the other State which set up the machinery this year, did so by
In
Visalia),
CONNECTICUT
machinery for solving interstate problems.
Kansas,
O.
Safe Deposit Co., as 3 34s, paying a price of 100.08, a basis of about
3.48%.
Dated July 1, 1938.
Due $1,5UU from 1940 to 1944 incl.
for Louisiana, the Council of State Governments on
July 5
announced that 37 of the 48 States are now
equipped with
problems
(P.
BOND SALE—The $7,500 issue of Waukena Union School District bonds
offered for sale on July 5—V. 146, p. 4148—was awarded to the Union
most
recently joining the in¬
shrimp fisheries regulation, cotton
production and control, and oil production, in Louisiana; motor vehicle
regulation, oil production and transient relief, in California.
Other prob¬
lems lending themselves to interstate solution are
liquor and milk regulation;
marriage laws; insurance and banking regulation; tobacco control; cattle
rustling; labor standards; and control of natural resources.
terstate cooperation movement include
Net Debt of town
Assessed valuation of the city
of
14,063,640.00)
-
—
-
Total bonded debt,-----
—--
Sinking funds..
Net debt of the city
No water debt, town or
$4,335,365.90
(including exempt property
$126,373,223.00
2,130,000.00
284,872.26
city.
—
--
Population, 56,532—1930
$1,845,127.74
Popu¬
census.
lation, 61,000—estimated.
Bond Proposals and Negotiations
STRATFORD (P. O. Stratford), Conn.—BOND OFFERING—William.
H. Shea, Town Manager, will receive sealed bids until 2 p. m.
Saving Time)
(Daylight
interest
Denom.
on Aug. 8 for the purchase of $98,000 not to exceed 6%
series of 1938 coupon public welfare bonds.
Dated Aug. 1, 1938.
ARKANSAS
BONDS
Markets in all State, County & Town Issues
$1,000.
Due $7,000 on Aug. 1 from 1939 to 1952 incl.
Bidder to name a
single rate of interest, expressed in a multiple of 34 of 1%.
Principal and
interest (F. & A.) payable at the Stratford Trust Go., Stratford.
A certified
check for 2%, payable to the order of the town, must accompany each
The approving legal opinion of Pullman & Comley of Bridgeport
Bonds will be ready for delivery
proposal.
will
be furnished the successful bidder.
about
Aug. 15.
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING,
ST.
FLORIDA
LOUIS, MO.
Clyde C. Pierce Corporation
ARKANSAS
ARKANSAS, State of—BOND OFFERING DETAILS—In
Barnett National
connection
with the
offering scheduled for July 29, of the $250,000 4% State Board of
Education revolving loan fund bonds, noted in our issue of July 2—V. 147,
p. 152—it is reported by W. H. Alford, Secretary of the State Board of
Education, that they are coupon bonds, dated July 1, 1938.
Denom.
$1,000.
Due from March 1, 1939 to 1957, incl.
Prin. and int. (M. & S.)
payable at the office of the State Treasurer in Little Rock.
Said bonds will be payable only out of and secured
by a pledge of the
Commercial National Bank of Little Rock as trustee of $5 )0,000 of Arkansas
School District Revolving Loan Fund bonds now held
by the board, a list
and description of which can be seen at the office of the board.
The bonds
will not be sold
for less than
par on
the basis of bonds bearing interest at
the rate of 4% per annum.
The State Board of Education will furnish the printed bonds and
opinion
of Rose,
Hemingway, Cantrell & Loughborough, of Little Rock, aoproving
their validity, and will pay the expense of trusteeing.
Cash for the bonds
shall b<3 paid into the State Treasury to the credit of the
Revolving Loan
Fund.
Sealed bids for said bonds will be received up to 10 o'clock a. m. on
the day of sale.
Bids must be accompanied
State Treasurer of Arkansas.
SOUTHEAST
Ark.—LARGE
by
a
ARKANSAS
PORTION
OF
certified check for $2,000 payable to the
LEVEE
BONDS
DISTRICT
DEPOSITED
(P.
O.
PLAN—
S. District Court at Little Rock.
The plan contemplates payment of $750 for each $1,000 bond plus
4%
interest from date of deposit until date of payment of that portion of the
settlement made available by the Reconstruction Finance Corporation,
namely, $600
each $1,000 bond.
The Court order approving the debt adjustment also directed the re¬
ceiver, Grady Miller, to deposit $2,413,500 with the refinancing agent as
on
the district's share of the settlement.
Walter W. Ainsworth of the Metro¬
politan St. Louis Co., is Chairman of the bondholders' protective committee.
CALIFORNIA
ALAMEDA COUNTY (P. O. Oakland), CalT.—II AY WARD SCHOOL
BONDS SOLD—The $30,000 issue of Hayward Elementary School District
bonds
approved by the voters on May 15 as noted in these columns—
146, p. 3547—were purchased on June 29 by Brush, Slocumb & Co. of
San Francisco, paying par for the first two maturities as 4s, the remainder
V.
234s.
as
Due from July 1, 1939 to 1953, inclusive.
CALIFORNIA, State of—WARRANT SALE—It is reported by Harry
Riley, State Comptroller, that the $3,000,000 unemployment relief
offered for sale on July 1—V. 147 p. 152—were purchased jointly
by the American Trust Co., and the Bankamerica Co., both of San Fran¬
cisco, at a price of 0.75% interest.
No other bid was received.
Bank
FLORIDA
TAMPA
Branch Offices
First
National
Bank
T
Building
TAX SCHOOL
DISTRICT
NO.
26
O.
Gainesville), Fla.—BOND SALE—The $175,000 issue of coupon
school bonds offered for sale on June 24—V. 146, p. 3696—was purchased
by the Federal Government as 4s at par.
No other bid was received, it
is stated by the County Superintendent.
Dated June 15, 1938.
Due from
June 15, 1941 .to 1962.
TENDERS RECEIVED—In connection
matured or unmatured refunding
bonds, time warrants, certificates of indebted¬
ness
and/or negotiable notes, noted here on June 18—V. 146, p. 3990—
it is reported by W. V. Knott, State Treasurer, that he received offerings
from 23 holders of bonds or obligations,
FLORIDA,
State
of—BOND
with the call for tenders up to July 1, of
road and bridge or highway
HARDEE
COUNTY
(P.
CHANGE EFFECTED—It.
O.
Wauchula),
Fla.—FIRST BOND
EX¬
E. Crummer & Co., Inc., fiscal agent for the
above county, under date of July 1 advised holders of undeposited countywide bonds and bonds of Special Road and Bridge districts therein that the
first exchange of bonds has been effected involving
& Bridge District No. 6.
Exchanges in other issues
to time as
rapidly
as
bonds of Special Road
will be made from time
circumstances will permit, completion of the refunding
program being expected during the summer, which should result in a com¬
plete readjustment of the entire debt structure.
Holders not having yet
exchanged their bonds are requested to send their bonds to the exchange
agent.
.
JACKSONVILLE, Fla.—LIST OF BIDS—The following is an official
tabulation of the bids submitted for the $275,000 coupon refunding, Second
Issue of 1938 bonds awarded on July 1, as reported in our issue of July 2—
V.
147,
p.
153:
Name
of Bidder—
Price Bid
G.
Bancroft,
Treasurer,
U.
S.
Michigan Corp., Boston.
$275,000.00
The First Boston Corp., New York; The
Atlantic National Bank of Jacksonville —275,110.00
The Barnett National Bank of Jacksonville. .278,940.50
Blyth & Co., Inc. and The Robinson-Hum-(165,000.00 (1951-52)
phrey Co___' 110,000.00 (1953)
Interes
♦Charles
_
!
2.50%
w°
3%
234%
Premium $511.00
100,000.00
Phelps, Fenn & Co., Fenner & Beane,
^
(1961)]
Inc.-] 65,000.00 (1952)
"
1110.000.00
2H%
3%
(1953)]
Childress and Co., Jacksonville; Trust Co. of
WARRANT SALE—The
$3,449,339.75 issue of genera
July 5—V. 147 p. 152—was awarded to
the American Trust Co., and the Bankamerica Co., both of San Francisco,
jointly, at 0.75%, plus a premium of $2,849.15.
Manager
FLORIDA
ALACHUA COUNTY SPECIAL
(P.
B.
ADDITIONAL
Resident
Pierre,
8
warrants
fund warrants offered for sale
Building
JACKSONVILLE
McGehee),
UNDER
According to notice by the Mercantile-Commerce Bank & Trust Co.,
bonds of $2,056,800, or 85.2% of the outstanding total of the above dis
trict, have been deposited under the plan of cash settlement approved by
the U.
BONDS
on
Georgia, Atlanta; Harris Trust & Savings
Bank
Chicago;
Mercantile
Trust
Co.,
276,869.72
Successful bid.
Baltimore
♦
2.70%
300
Financial
to issue the necessary announcement
(p. o.
Bancroft). Idaho—BONDS SOLD—It is stated by the District Clerk
reported that the balance will be taken up at a later date.
ILLINOIS
assumption. 111.—BONDS VOTED—The voters registered approval
of an issue of $8,000 city water tower improvement and fire equipment bonds
at an election on June 28—V. 146, p. 3991.
is
—BONDS SOLD—It
bonds has been sold.
high school district
that
reported
issue
an
of
no. 213,
iii.
chicago, iii.—MAJOR TAXING UNITS HAVE $419,000,000 IN
TAXES STILL DELINQUENT—Although the percentage of cumulative
delinquency in general property taxes levied for the six major governmental
bodies of the Chicago area for the years 1928 and later has decreased
progressively since Jan. 1. 1933, probably not more than 25 to 30% of the
nearly $419,000,000 uncollected as of March 11,1938, ever will be received,
according to the Civic Federation and Bureau of Public Efficiency.
Despite improvement in the 12 months ended March 1 over the pre¬
ceding similar period, the delinquent tax situation in the Chicago
com¬
111.—BONDS
SOLD—An
issue
of $72,000 school
an
issue of $50,000 water and sewer revenue bonds.
WADE TOWNSHIP
(P. O. Newton),III.—BOND SALE—An issue of
$22,000 4% road bonds secently approved by the voters, was sold to Vieth
Duncan & Wood of Davenport, at a price of par.
Dated June 15, 193,
and due serially from 1938 to 1947 incl.
Denom. $1,000.
Interest J. & D.
WORDEN, 111.—BONDS VOTED—At a recent election
plant construction bonds carried.
Int. Rale
....
Bacon, Whipple & Co
„
„;
-
Channer Securities Co
F. S. Moseley & Co
Premium
2)4%
2)4 %
234%
2)4%
2)4 %
2)4%
2)4 %
;
;
$647.00
634.00
570.87
431.00
337.77
265.00
241.27
152.50
2)4 %
2)4 %
Northern Trust Co
84.00
430.00
346.00
2%%
2%%
Brown Harriman & Co
elgin, 111.—BOND OFFERING—M. H. Brightman, City Clerk, will
receive sealed bids until 10 a. m. (Central
Daylight Saving Time) on July 11
for the purchase of $121,000 not to exceed
4% interest bonds, divided as
follows:
$50,000 highway right of
bonds.
Due July 2 as follows: $3,000 from
1939 to 1948 incl. and $4,000 from 1949 to 1953 incl.
71,000 bridge bonds. Due July 2 as follows: $3,000, 1939 to 1942
incl.;
$5,000, 1943 to 1949 incl. and $6,000 from 1950 to 1953 incl.
way
All of the bonds will be dated
July 2, 1938 and bids may
for either or both issues.
Denom. $1,000. Bonds must bear
be submitted
the same rate
interest, expressed in multiples of )4 or l-10th of 1%.
Prin. and int.
(J. & J. 2) payable at the City Treasurer's office.
Each bid must be accom¬
panied by a certified check for $5,000.
No qualified tender will be con¬
sidered.
Both issues of bonds were authorized at aH
special referendum
election May 7, 1938 and the payment of each issue is
secured by a direct
annual tax in addition to all other taxes which
may be levied in said city,
certificates of the levy of which are on file with
the county clerks of Kane
and Cook counties.
All proposals will be received
subject to delivery of
opinion by Chapman and Cutler, bond
attorneys, Chicago, approving
validity of the issue.
The bonds will be furnished by the
city fo Elgin,
and will be ready for
delivery about Aug. 1, 1938.
an
the
Financial Statement
'
'
The city
of Elgin is located mainly in Elgin Township, Kane
County
area of
approximately 750 acres (about 1% of total asssessed
valuation) in Hanover Township, Cook County.
The city was incorporated
with
in
small
a
1854.
It
now
has
the
commission
of government and operates
enacted by the State of Illinois for the
incorpora¬
under the general law as
tion of cities and
villages.
present time
their
own
It has
(35,929 by Federal
own
The total
form
a
population in
census
of 1930)
excass
of 40,000 at the
more than
homes.
80% of whom
assessed
valuation of all taxable
property within the city of
Elgin, as ascertained by the last assessment for
taxing purposes is $21,790,180.00 (estimated to be about 30% of the real
value).
The general property tax collections for
city purposes
as follows:
during the last
three years were
,
t
.
,
1935
,
1936
Total assessed valuation
$22,294,434.00 $21,310,684.00
Total tax rate per $1,000__.
12.00
12.80
Total tax levy...
Corrent tax collected
Back or forfeited tax collec'd
Total all taxes collected
Less collection
267,533.21
249,332.62
18,833.37
268,165.99
charges...6,072.4 1
11.60
272,776.75
255,598.97
14,225.33
269,824.30
6,109.52
262,093.58
1937
$21,454,953.00
263,714.78
Net tax receipts to
city
Tax money is collected
248,877.45
236,963.68
18,084.63
255,048.31
5,834.27
249,214.04
during the year following that of the levy.
Hence,
while the tax receipts are shown in
above schedule as of the year when
actually received, the assessed valuation, tax rates and
levy are really of
Previ°us to that indicated.
Tax rates, levies and receipts in¬
clude H of the
township road and bridge tax levied and collected for city
issue of $8,000
INDIANA
CROWN
POINT, Ind.—BOND SALE— The issue of $20,000 street
improvement bonds offered July 2—V". 146, p. 4149—was awarded to
Bartlett, Knight & Co. of Chicago, as 2Kb, for a premium of $130, equal
to 100.65, a basis of about 2.14%.
Dated June 1, 1938 and due Jan. 1
$2,000 from 1941 to 1946 incl. and $4,000 in 1947 and 1948.
follows:
Other bids:
Bidders
{All jor 2X% Bonds)—
Indianapolis Bond & Share Corp
McNurlen & Huncilman
Commercial Bank...
$208.00
102.80
■
76.00
•—
—
*
69.00
——
John Nuveen & Co
FORT
26.25
BRANCH, Ind.—BOND OFFERING—The Board of Trustees
will receive sealed bids until 7:30 p. m. on
July 29 for the purchase of $10,000
exceed 4% interest street improvemnet bonds.
Dated Sept. 1,
Denom. $500.
Due $500 July 1, 1939; $500 Jan. 1 and July 1
from 1940 to 1948 incl. and $500 Jan. 1, 1949.
Bidder to name a single
rate of interest, expressed in a multiple of Ai of 1%.
Interest payable
J. & J.
A certified check for $200, payable to the order of the town, must
not
to
1938.
accompany eacn proposal.
The bonds are direct obligations of the town,
payaole out of ad valorem taxes to be levied on all of its taxable property.
Successful bidder will be furnished with approving legal opinion of Matson,
Koss, McCord & Clifford of Indianapolis.
No conditional bids will be
considered.
Bonds will be delivered within 12 days after award.
GRANT TOWNSHIP (P. O. Linton, R. R. 1), Ind.—BOND OFFER¬
ING—Trustee John D. Taylor will receive sealed bids until 7 p. m. on July
15 for the purchase of $5,213 4% judgment funding bonds. Due in 10 years.
126.40
2)4%
Halsey, Stuart & Co., Inc
an
water
City Securities Corp---—
Stern, Warn pier & Co
bonds has
ROCKFORD, 111.—NO BOND ISSUE IN PROSPECT—E. O. Stroud,
City Clerk, informs us that, contrary to previous report, the city does not
intend to sell
just issued states.
The six governmental units are Cook County, the
City of Chicago, the
Chicago Park District, the Chicago Board of Education, the sanitary
District of Chicago and the Cook County Forest Preserve District.
Bidder—
T. E. Joiner & Co.
Robinson),
ROCKFORD, 111.—SCHOOL BONDS AUTHORIZED—At an election
on June 28 an issue of $20,000 school building bonds carried by a vote of
159 to 60.
An increase in tax limitation to 2% of assessed valuation also
was approved.
Public Works Administrstion aid will be sought in connec¬
tion with the school building.
as
"cook county school district no. 36 (p. o. Winnetka),
iii.—OTHER BIDS—The $40,000 school site bonds awarded to
Bartlett,
Knight & Co. of Chicago, as 214s, for a premium of $366, equal to 100.91,
a basis of about 2.15%—V. 146,
p. 4149—were also bid for as follows:
(P. O.
construction
been sold.
munity remains the worst of any large metropolitan center in the country,
the Bureau asserts in its fifth annual study of debts, taxes and assessments.
When current taxes show a tendency to remain stationary at a
20% or
higher delinquency, it means governmental deficiencies and increased taxes
later on, or the padding of tax levies and appropriations to include the loss
occasioned by non-collection, which means higher taxes later
on, the report
incident to the request for bids on an
TOWNSHIP SCHOOL DISTRICT
ROBINSON
$12,500 construction
BEAVERVILLE, III.—BONDS DEFEATED—At an election on June
25 the proposed $25,00 highway impt. bond issue was defeated by a narrow
margin.
John Nuveen & Co
First National Bank of Chicago
Harris Trust & Savings Bank
K. W. Pressprich & Co
1938
issue of $180,000 sewage disposal plant bonds.
that
the State Department of Public Investments has purchased $40,400 of a
total $60,000 gymnasium bonds approved recently by the voters.
It is
community
July 9,
PEKIN, III.—TO ASK FOR BIDS—The Village Clerk has been instructed
IDAHO
north gem independent school district no. 51
athens
Chronicle
HAGERSTOWN, Ind.—BOND OFFERING—The Board of Trustees
bids at 2 p. m. on July 11 for an issue of $5,000 drainage system
will open
bonds.
LAKE COUNTY (P. O. Crown Point), Ind.—BOND SALE—Halsey,
Inc. in account with the Bancamerica-Blair Corp., both of
Stuart & Co.,
New York, obtained the award on July 6 (V. 146, p.
of an aggregate of $1,164,000 bonds, as follows:
$1,000,000 advancement fund
(poor relief) bonds
3391, V. 147,
p.
154)
2Ks, at 101.067, a
basis of about 2.30%. Dated July 1,1938 and due $50,000 June 1
as
and Dec. 1 from 1939 to 1948, incl.
100 000 refunding bonds as 3s, at 103.827, a basis of about 2.46%.
Dated July 1, 1938 and due as follows:
$10,000, July 1, 1944;
$10,000, Jan. 1 and July 1, 1945; $10,000 Jan. 1 and $20,000,
July 1, 1946, and $20,000 Jan. 1 and July 1, 1947.
64,000 tax equipment bonds as 2s, at 100.60, a basis of about 1.81%.
Dated July 1, 1938 and due $32,000 July 1, 1941 and $32,000
Jan. 1,1942.
The bankers reoffered the bonds to yield from 0.75% to 2.40%, according
to maturity.
Other bids were: Lazard Freres & Co.; Stern, Wampler &
Co.; Illinois Co. of Chicago; First of Michigan Corp.; Union Trust Co. and
Fletcher Trust Col., both of Indianapolis, and Mullaney, Koss & Co., bid
for $1,000,000 2Hs, at 100.695; $100,000 3s, 103.058, and $64,000 2%s,
100.51. An account headed by Brown Harriman & Co., Inc., and including
Kelley, Richardson & Co.; John Nuveen & Co.; Milwaukee Co., Milwaukee;
Bartlett, Knight & Co. and A. G. Becker & Co., bid a price of 100.048 for
the issue of $1,000,000 to comprise $400,000 3s and $600,000
2)^s; $100,000
as 3s, and $64,000 as 2Ms.
LIBERTY
SCHOOL
TOWNSHIP,
Henry
OFFERING—Arthur Bland, Township Trustee,
until 10 a. m. (Central Standard Time) on
County,
will
Ind.—BOND
receive
sealed
bids
July 22 for the purchase of $40,-
000 not to exceed \)4% interest school bldg. bonds.
Dated July 1, 1938.
Denom. $500.
Due as follows: $2,000 Jan. 1 and $1,500 July 1 from 1940
to 1950 incl. and $1,500 Jan. 1, 1951.
Bidder to name a single rate of
interest, expressed in
a
multiple of
of 1%.
Interest payable J. & J.
A
payable to the order of the township, must ac¬
Bonds are direct obligations of the township,
certified check for $1000,
company each proposal.
payable out of unlimited ad valorem taxes
on
all of its taxable property.
Successful bidder will be furnished with approving legal opinion of Matson,
Ross, McCord & Clifford of Indianapolis.
No conditional bids will be con¬
sidered.
Bonds will be ready for delivery within 10 days after the award.
I
MUNCIE,
were
Ind.—NOTE SALE—The $136,000
notes
offered*June^7
awarded jointly to the Indianapolis Bond & Share Corp., Indianapolis,
and the Merchants National Bank of
of $31.
Due Dec. 30, 1938.
Muncie,
as
2s, at par and premium
VINCENNES, I nd.— WARRANT OFFERING—Joseph I. Muentzer,
City Clerk-Treasurer, will receive sealed bids until noon on July 14 for the
purchase of $30,000 not to exceed 6% interest direct obligation temporary
loan warrants.
Denom. $1,000. Payable Dec. 31, 1938 at the office of the
Clerk-Treasurer.
Successful bidder will be furnished with
approving legal
opinion of Matson, Ross, McCord & Clifford of Indianapolis.
i
purposes.
The city of Elgin has never failed
to promptly pay all
principal and in¬
terest in full on all of its
general obligations or
municipally-owned utility
ooods when presented for
payment on date of maturity.
The total
outstanding indebtedness of the city of Elgin as of
was as
follows:
General Obligation'Bonds—
Water works improvement.
Swimming poolL__
Public benefit
funding
Judgment funding
_____
Total gen. oblig.
farina,
v. 147, p.
the loan.
iii.—SALE
153,
Utility Bonds—
$15,000
13,000
352,000
10,000
Water
was not
revenue
bonds
of
1933
Water
revenue
bonds
of
100,000
Total utility bonds
exceed 4%, interest school building bonds.
Dated June 1, 1938.
Denom.
$1,000.
Due as follows: $1,000 July 1, 1939; $2,000 Jan. 1 and
$1,000 on
July 1 from 1940 to 1952 incl.
Bidder to name a single rate of interest,
expressed in a multiple of M of 1%.
Interest payable J. & J.
A certified
check for $1000, payable to the order of the
twonship, must accompany
each proposal.
The bonds are a direct obligation of the township, payable
out
$55,000
1936
bonds.-$390,000
water works bonds to the
May 1, 1938
WEST SCHOOL TOWNSHIP (P. O.
Plymouth), Ind.—BOND OF¬
FERING—Willis Koch, Trustee, will receive sealed bids until 7.30
p. m.
(Central Standard Time) on July 25 for the purchase of $40,000 not to
.$155,000
of unlimited ad valorem taxes to be collected on all of its
taxable prop¬
erty.
Township will furnish at its own expense the approving legal opinion
of Matson, Ross, McCord & Clifford of
Indianapolis.
No conditional bids
will be considered.
Bonds will be ready for delivery within about 12
days
after the award.
(The above issue
previously proposed for sale
was
NOT
CONSUMMATED—The sale of $12,500
White-Phillips Corp. of Davenport, reported in
consummated,
as
the voters refused to
authorize
bonds
mentioned
in
SOLD—The S39.000 water system rev¬
147, p. 153, have been sold, according to
Y.
IOWA
CANARY
(P.
rrJwF??SON £?VNJY (p-°-
H;,
an issue
of
L ^ 2n on
a
$96,000 bonds for
Mount Vernon), 111.—BOND
26 the voters will be aksed
new
ELEC-
to approve
county court house and jail.
!^\—At .a
6%
on
June
25.
apex¬
project.
rp™!_<!R<^HARI! TOWNSlrUP (p.
FEATED—An issue of $o,000
voters
recent election the voters
city's portion of proposed
bonds to provide
water works
O. Melvin), 111.—B0ATDS
refunding bonds
was
O.
Des
LAKE
INDEPENDENT
Moines),
Iowa—BOND
school bonds offered for sale
RURAL
SALE—The
SCHOOL
$4,000
DISTRICT
4%
semi-ann.
June 7—V. 146, p. 3696—was
purchased by
tne Iowa-Des Moines National Bank & Trust Co. of
Des Moines, at par.
Due on May 1, 1948; callable beginning on
on
May 1, 1940.
awh?sey^rillis?hool district, 111.—BONDS VOTED—At an
struction bonds6
voters authorized an issue of $30,000 school con™°7nfi for
penditure of $64,799 f '
June 22.)
of the town's intention to issue $10,000 street
improvement bonds.
HOOPESTON, 111.-—BONDS
enue
report.
on
ZIONSVILLE, Ind.—TO ISSUE BONDS—Taxpayers have been advised
DE¬
rejected by the
GREENFIELD
Iowa—BOND MATURITY— It is reported
by the
Town Clerk that the $13,000
4% semi-ann. water revenue bonds purchased
by Shaw, McDermott & Sparks of Des Moines, at a price of 100.12—V.
147, p. 154—are due $1,000 from 1939 to 1951, giving a basis of about
3.98%.
LETTS
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Letts),
informed by the Secretary
refunding bonds purchased by
Iowa—BOND SALE DETAILS—We are now
of the Board of Directors that the $15,000
the Carleton
noted
D.
here—V.
Beh Co.
147,
p.
of Des Moines, as 2Ms, at a price of
101.33, as
154—are coupon bonds,
dated Aug. 1, 19.38.
Volume
Financial
147
Period of fiscal year—October 1st to
Denom. $1,000.
Due $1,000 from 1939 to 1953 incl., giving a basis of about
2.32%. Interest payable M. & N.
OSKALOOSA INDEPENDENT SCHOOL DISTRICT (P. O. Oskaare informed by Howard L.
,
loo8a), Iowa—BONDS DEFEATED—We
Stewart, District Clerk, that at the election held on June 28, the voters
the proposal to issue $53,000 in school gymnasium-auditorium
defeated
bonds..
COTTONWOOD FALLS SCHOOL DISTRICT (P. O. Cottonwood
Fallsi), Kan.—BONDS SOLD—It is reported that $5,500 high school
building bonds were purchased recently by the Dunne-Israel Investment Co.
of Wichita, as 2s, paying a price of 100.51.
KENTUCKY
BOYD
COUNTY
O.
(P.
Catlettsburg),
Ky.—COURT APPROVES
FUNDING BOND ISSUE—An Associated Press dispatch from Frankfort
June 24 reported as
follows:
Judgment of Boyd circuit court upholding the validity of a $200,000
bond issue to liquidate outstanding warrants w's upheld today by the
Court of Appeals;'
'•.■■■v...1'::- v •
-•
%;,/
In another opinion the court held that Boyd County could issue bonds to
refund a debt of $29,000 which will be due and payable July 1, but cannot
issue bonds for $33,000 to take care of a debt that will mature during the
fiscal year starting next July 1.
■
The court refused to approve a $16,000 bond issue proposed by the
Board of Education of Paintsville to fund an outstanding debt because the
board failed to establish the validity of the debt.
The latter decision re¬
on
versed
a
$46,452,000.00
19354
Offset to Funded Debt:
Annuity mortgage of Northern Central Railway Co_
Cash in annuity bond fund (May 31,1938)
1,500,000.00
4,796,983.41
—
2,251,543,088.98
486,210,720.97
30,1937)
Securities (Sept. 30, 1937)
Rate on real and personal property,
2.31 per thousand.
Rate on securities, 1.50 per thousand.
Floating debt; tax anticipation notes; bank loans (against
taxes)—None.
Population:
census
of 1930—1,631,526;
Estimated July 1, 1937—1,760,200.
State
uncollected
1920—1,449,610.
of
census
of Maryland—Record of Tax Collections
Uncollected
Fiscal
Year
1933_—
1936____
1937-___
$6,349,972.16
5,410,069.53
5,399,001.98
5,495,229.21
5,171,011.40
WASHINGTON
Uncollected
End of
Fiscal Year
PerCent
$2,570,258,53 40.48%
1,462,392.32 27.03%
1,258,402.58 23.31%
1,174,650.87 21.38%
977,040.66 19.02%
Total Levy
SUBURBAN
: >
Mar. 31, 1938 Per Cent
$52,298.09
.91%
55,528,-37
1.03%
90,455.90-1.68%
151,880.72 . 2.76%
481,532.36
9.31%
SANITARY DISTRICT, Md.—BOND
Sanitary Commission
Tower Bldg., 14th and K Sts.,N.W.,
OFFERING—T. Howard Duckett, Chairman of the
will receive sealed bids at his office, 804
Washington, D. C., until 3 p. m. on July 20 for the purchase of $400,000
3J4% series NN water bonds.
Dated July 1, 1938.
Due in 50 years;
The bonds carry all the exemption as to taxes of
Maryland municipal bonds and are guaranteed unconditionally as to both
principal and interest by Montgomery and Prince George's Counties by
endorsement on each bond.
A certified check for $4,000 must accompany
redeemable in 30 years.
Johnson circuit court judgment.
BROOKSVILLE, Ky.—BOND SALE DETAILS—It is stated by the
City Clerk that the $53,000 4H% semi-ann. water works revenue bonds
recently, as noted here—V. 146, p. 4150—were purchased jointly by
Holton, Foster & Co., and J. D. Van Hooser & Co., both of Lexington, at a
sold
price of 94.00, a basis of about 5.10%.
May 1, 1943 to 1958.
September 30th.
Funded Debt:
Loans, serial annuity plan (June 30, 1938)
Taxable Basis:
Real and personal property (Sept.
'>\if
KANSAS
_
301
Chronicle
each
York
Due from
Dated May 1, 1938.
proposal.
Approving legal opinion of Masslich
City will be furnished the successful bidder.
asked to approve
Commission of Maryland has been
& Mitchell of New
The Public Service
the loan.
MASSACHUSETTS
(P. O. Taunton), Mass.—NOTE OFFERING—
will receive bids until 10 a. m. (Day¬
light Saving Time) on July 12, for the purchase of $250,000 notes issued in
anticipation of taxes for the year 1938.
Notes issued therefor will be in
denominations of 8 at $25,000, 4 at $10,000 and 2 at $5,000 each, dated
BRISTOL
Louisiana
Municipal Bonds
Bought and Sold
July 12, 1938 and payable Nov. 16, 1938, at the National Shawmut Bank
of Boston, in Boston, and will be ready for delivery on or about Wednesday,
July 13, 1938.
Said notes will be certified as to genuineness and validity
by the National Shawmut Bank of Boston, under advice of Ropes, Gray,
Boyd en & Perkins, of Boston, and all legal papers incident to this issue will
be filed with said bank, where they may be inspected.
-
Whitney National Bank
of
Orleans
New
COUNTY
Ernest W. Kilroy, County Treasurer,
June 1, 1938
Financial Statement as of
.$396,211,656
$396,211,656
1937
$396,211,656
481,848
502.025
554,662
None
None
None
125,000
1936
1935
Assessed
LOUISIANA
Tax levy
OF THE CHARITY HOSPITAL
ORLEANS—BOND OFFERING DETAILS—
In connection with the offering scheduled for July 12, of the $4,500,000
charity hospital bonds, descrioed in our issue of July 2—V. 147, p. 154—
we are now advised that Paragraph 6 of the official offering notice nas been
cnanged to read as follows:
Any balance from the sum of $400,000 auth¬
orized by Act 166 of 1934, as amended and re-enacted by Act 72 of 1936,
to be paid annually to this Board from the Corporation Franchise Tax that
would otherwise be available for general operation, maintenance and improve¬
ment of The Hospital is also pledged as additional security for the bonds
herein referred to to tne extent that such balance or any part thereof in
any year becomes necessary to pay said bonds and any interest tnereon, is
being the intention to create a first charge on the surplus of the first $400,000
to the extent that such balance or any part thereof in any year becomes
necessary to pay said bonds and any interest thereon; and a first charge on
BOARD
OF ADMINISTRATORS
Uncollected
OF LOUISIANA AT NEW
the second $400,000 pledged to secure
Net
will
bids
First Boston Corp
follows:
Rate Bid
Int. Rate
Bidder—
Frederick M.
155—were
2M%
101.00
2M%
2j|%
—
100.75
_____
234%
234%
100.579
100.07
100.41
______
Swan & Co
234%
100.279
__
Second National Bank of Boston.,
Frederick M. Swan & Co.
____
Kennedy, Spence & Co
MARYLAND
MARYLAND (State of)—BOND
OFFERING—Hooper S. Miles, State
27 for the purchase
Treasurer, will receive sealed bids until noon on July
$3,413,000 coupon, registerable as to principal, certificates of indebted¬
ness known as "general bond issue of 1937." Dated Aug. 15, 1938.
Denom.
$1,000.
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.
Bidder to name a single rate of interest,
expressed in a multiple of 34 of 1%.
Interest payable F. & A.
A certi¬
fied check for 5% of the amount bid for, payable to the order of the State
Treasurer, must accompany each proposal.
Both principal and interest
on issue are exempt from Federal income tax, and from State, county and
municipal taxation in the State of Maryland.
Payment for and delivery
of bonds to be made at State Treasurer's office on Aug. 15.
Bidders are
referred to Chapter 487 of the Acts of the General Assembly of 1937, as con¬
taining the full terms and provisions of this loan.
It is one of the terms of
the offering that the bonds when issued will be the legal and valid binding
obligations of the State.
The opinion of the Attorney General of Mary¬
land and the opinions of Ritchie, Janney, Ober & Williams, and Mullikin,
Stockbridge & Waters, both of Baltimore, to this effect will be delivered
to the successful bidder.
Bidders may if they wish make the legality and
of
validity of the bonds one of the terms of the bid by making the bid " sub¬
ject to legality" or using any equivalent form of expression, but without
leaving this question to the decision of the bidders or their counsel
All
bids conditioned upon the approval
of bidders or counsel, whether named
or unnamed, will be treated as conditional bids and rejected, unless the
condition is waived by the bidder to the satisfaction of the Board before
the award has been made.
General Information
.
,
Principal and interest payable in Baltimore in lawful money.
No de¬
fault on State debt for over 75 years.
No legal debt limit.
Bank deposits
fully secured by collateral.
No discount allowed on State taxes.
Interest
at 34 of 1% per month on all taxes not paid by Oct. 1st following levy.
Source of funds for debt service:
Real and
personal property tax.
Securities tax.
Gasoline tax and
motor vehicle revenue.
Inheritance tax.
100.499
100.316
100.299
vehicle excise__.$177,928,700.00
Total bonded debt, not including present issue. 1_
9,501,500.00
Water bonds, included in total debt
800,500.00
Sinking funds, other than wator..________>^____v____ ___
2,282,737.58
Assessed valuation, 1937, including motor
Population,
1935,
_______
1.
'_
_
162,679.53
_'
118,075.
CAMBRIDGE, Mass.—NOTE SALE—The issue of $500,000 notes
offered July 8 was awarded to the National Shawrr ut Bank and the Mer¬
chants National Bank, both of Boston, jointly, at 0.21% discount.
Dated
July 11, 1938 and due March 29, 1939. Other bids:
Bidder—
.
Discount
,
Whiting, Weeks & Knowles
Second National Bank of Boston
Brown Harrirran & Co., Inc
First National Bank of Boston.
_
p.
100.559
100.558
114%
1 \4 %
114%
__
Water sinking funds.
1.93%—V. 147,
114%
1)4%
Financial Statement, July 1, 1938
1 (P. O. Ruston), La.—BOND
until 10 a. m. on Aug. 1, by
AUBURN, Me.—OTHER BIDS
The $45,000 improvement and high
bonds awarded to Edward L. Robinson & Co., Inc. of Portland, as
E. II. Rollins & Sons, Inc
H. M. Payson & Co.
___
Chase, Whiteside & Co..
MAINE
as
___'
Whiting, Weeks & Knowles and R. L. Day & Co—
Halsey, Stuart & Co., Inc
Harris Trust & Savings Bank.
Bancamerica-Blair Corp
H. L. Campbell, Secretary of the Parish School Board, for the purchase of a
$325,000 issue of high school bonds.
Interest rate is not to exceed 6%,
payable F. & A.
Denom. $1,000.
Dated Aug. 1, 1938.
Due from Aug.
I,1940tol963.
The approving opinion of B. A. Campbell of New Orleans,
will be furnished to the purchaser.
A certified check for $6,500, payable to
the Treasurer, must accompany the bid.
also bid for
100.126
100.09
100.019
100.51
Second National Bank of Boston
be received
2s, at a price of 100.30, a basis of about
100.144
1%
1%
1%
114%
Newton, Abbe & Co
way
100.429
*
1%
Jackson & Curtis
this issue.
NO.
1%
-
Tyler & Co., Inc
School Board will be considered.
SCHOOL DISTRICT
Rale Bid
Int. Rate
Bidder—
Brown Harriman & Co., Inc
DISTRICT NO. 4 (P. O.
OFFERING DETAILS—It is stated by C. B.
Turner, Secretary of the School Board, that the $100,000 school bonds
scheduled for sale on Aug. 23, as noted in our issue of July 2—Y. 147, p. 155
—are due on Sept. 1 as follows: $3,000 in 1939; $4,000, 1940 to 1945; $5,000,
1946 to 1950; $6,000, 1951 to 1954; $7,000, 1955 to 1957, and $3,000 in
1958.
Prin. and int. (M. & S.) payable at the office of the Secretary of the
Parish School Board, or at some bank to be designated by the purchaser.
Only sealed bids submitted on bid forms furnished by the Superintendent
RUSTON
debt__.__
Mass.—BOND SALE—The issue of $200,000 coupon
street bonds offered July 7 was awarded to Lee Higginson Corp., as Is, at
100.464, a basis of about 0.84%.
Dated July 1, 1938 and due $40,000 on
July 1 from 1939 to 1943, incl.
Principal and interest (J. & J.) payable at
the First National Bank of Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
Other bids:
EAST BATON ROUGE PARISH SCHOOL
of the Parish
bonded
CAMBRIDGE,
Baton Rouge), La.—BOND
OFFERING—Sealed
valuation
Leavitt & Co.
-
_ -
0.245%
0.267%
_.
_
_
_ _ _ _ _ _ _ _ _
_
_ _ _
*—- - —
....
Frederick M. Swan & Co
—
_
±
;_
0.285%
0.296 %
_ _ _ _ _
- - - - - « - »-
:•
0.309 % ■
0.37%
— ______
EASTHAMPTON, Mass .—NOTE SALE—'The issue of $75,000 revenue
offered July 6 was awarded to tne Merchants National Bank of
Boston, at 0.31% discount.
Payable April 14, 1939. Next highest Didder
was the Second National Bank of Boston at 0.329%.
notes
Mass .—NOTE OFFERING—Emil
W. Lundgren, City
bids until 11 a. m. (Daylight saving time) on July 12,
purchase at discount of $500,000 notes issued in anticipation of
revenue for the year 1938, dated July 12.1938, and payable $250,000 thereof
on June 30, 1939 and $250,000 thereof on July 11, 1939, at tne National
Shawmut Bank of Boston, in Boston, and will be ready for delivery at said
bank against payment in Boston funds on or about Tuesday, July 12, 1938,
bids to be for all or none.
Denoms. $25,000, $10,000 and $.5,000.
Said
notes will be authenticated as to genuineness and validity by the National
Shawmut Bank of Boston, under advice of Ropes, Gray, Boyden & Perkins
of Boston, and all legal papers incident to this issue will be filed with said
bank where they may be inspected.
EVERETT,
Treasurer, will receive
for
the
LENOX, Mass.—NOTE SALE—'The Second National Bank of Boston
awarded on June 28 an issue of $25,000 revenue notes at 0.17% dis¬
Due in one year.
was
count.
MALDEN, Mass.—BOND SALE—The $17.5,000 coupon bonds
July 6 were awarded to Tyler & Co. of Boston, as 2s, at a price of
a basis of about 1.80%.
The sale included:
$50,000 street construction bonds.
'inclusive.
offered
100.93,
Due $5,000 July 1 from 1939 to
1948
.
40,000 sidewalk bonds.
Due $8,000 July 1 from 1939 to 1943, incl.
35,000 water bonds.
Due $7,000 July 1 from 1939 to 1943, incl.
50,000 sewer construction bonds.
Due July 1 as follows:
$.3,000 from
1939 to 194», incl. and $2,000 from 1949 to 1958, inclusive.
All of the bonds are dated July I, 1938.
Denom. $1,000.
Principal and
interest
(J.
&
J.)
payable
at
the National
Shawmut Bank of Boston.
Legality approved by Ropes, Gray, Boyden & Perkins of Boston.
Second
high bidder at the sale was Halsey, Stuart & Co., Inc., New York, at 100.92
for 2s.
R. L. Day & Co., Estabrook & Co. and Whiting, Weeks & Knowles,
jointly, offered 100.54 for 2s.
The Harris Trust & Savings Bank of Chicago
bid 100.157 for combination of $75,000 1 Hs, $50,000 1
and $50,000 234s.
Financial Statement, July 1,
Total gross
debt, not incl. these issues but excl.
1938
of water debt.$3,416,000.00
Water bonds
Sinking-funds other than water
Borrowing capacity as
_______ —
of July 1, 1938 (not incl. these issues)
34,000.00
239,363.98
296,789.58
Population—57,979.
MASSACHUSETTS
(State
of)—NOTE OFFERING—William
E.
Hurley, State Treasurer, will receive sealed bids until noon (Daylight
Saving Time) on July 14, for the purchase of $6,000,000 notes, dated
July 28, 1938, due July 21, 1939 and issued under the provisions of chapter
Financial
302
amehded, creating an Emergency Finance Board,
being in renewal of a similar amount of notes due July 28, 1938.
Award
of this loan is subject to the approval of the Governor and Council.
The notes are direct obligations of the Commonwealth and interest will
49 of the Acts of 1933
as
Chronicle
July
1938
9,
MACOMB COUNTY (P. O. Mount Clemens), Mich.—CERTIFICATE
TENDER ACCEPTED—In response to the call for tenders of $5,000
series
bonds and $15,000 interest refunding certificates dated Feb. 15,
bid of 101.80 on $10,200 certificates was accepted, according to
B
1936,
a
be
payable at maturity.
The Commonwealth figures the interest on exact
number of days on a 360 day year basis.
Boston delivery, with principal
4nd interest payable in Boston or New York at option of purchaser.
Sherwood J. Bennett, County Comptroller.
NEW BEDFORD, Mass .—PRICE PAID—The $526,000 234 % poor relief
bonds sold privately to an account headed by Borwn Harriman & Co., Inc.,
New York—V. 147, p. 155—were soid to the bankers at a price of 100.50,
a basis of about 2.40%.
orize
SOMERVILLE, Mass.—BOND SALE—The issue of $175,000 coupon
was awarded to Halsey, Stuart & Co., Inc.,
about 1.98%.
Dated July 1, 1938
1939 to 1943 incl. and $17,000 from
1944 to 1948 incl.
Principal and interest (J. & J.) payable at the National
Shawmut Bank of Boston.
Legality approved by Storey, Thorndike,
Palmer & Dodge of Boston.
Other bids:
relief bonds offered July 7
New York, as 2s, at 100.088, a basis of
and due July 1 as follows: $18,000 from
Bidder—
Int. Ttate
Kennedy, Spence& Co
•„
—
2H%
"Whiting, Weeks & Knowlesand Brown Harriman & Co.,
Inc., jointly
2%%
National Shawmut Bank of Boston and Merchants Na¬
tional Bank of Boston, jointly,—.
2H %
Financial Statement
of July 1, 1938
1938 assessed val'n.$114,522,100.00
1938 tax rate
1937 tax levy
5,086,381.19
Uncollected, 1.436
1938 tax levy
5,086,598.19
Uncollected, 1937
Total bonded debt, excluding this issue and tax title loans
Water debt (included in above)
Cash
hand
on
Rate Bid
100.919
100.21
100.10
as
MENOMINEE
—
—
$43.90
$93,382.44
922,001.81
$4,102,400.00
180,000.00
460,000.00
Mas*.—NOTE
OFFERING—Herbert W.
Lewis, Town
Treasurer, whl receive sealed bids until 11 a. m. (Daylight Saving Time)
on auly 12 for the purchase of $28,765 sewer and street notes.
Dated July 1,
1938.
One note for $10,765 and two for $9,000.
Due July 1 as follows:
$10,765 in 1939, and $9,000 in 1940 and 1941.
Bidder to name rate of
interest in multiples of 34 of 1%.
Principal and interest payable at the
Merchants National Bank of Boston.
Notes will be certified as to genuine¬
ness by the Director of Accounts, Department of Corporations and Taxa¬
tion, Commonwealth of Massachusetts.
Legal opinion of Kenneth H.
MIDLAND SCHOOL
1935
$454,390.98
$456,981.04
$348,534.32
None
15,967.40
57,203.06
1936
1937
assessed
valuation, $11,664,620.
Tax rate 1937, $29.50.
Tax
1938, $8;829.56.
Borrowed against tax titles, none.
Population, 7,449.
r
Funded Debt as of July 1, 1938
School bonds...,
$96,500
Sewerage loan bonds
120,000
Sewer and street bonds
34,000
Water bonds
58,000
This issue
28,765
titles July 1,
...
,
......
........$337,265
WOBURN, Mass.—BOND SALE—C. F. Childs & Co. of Boston pur¬
chased on June 27 an issue of $50,000 2%% poor relief bonds.
MICHIGAN
,
Bidder—
Int. Rate
134 %
134%
1%%
l%%
,
.
Premium
$22.50
9.36
53.00
46.57
,
MILWAUKEE TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O. R. F.
No. 2, Saginaw), Mich.—BOND SALE—The issue of $30,000 school
D.
offered May 31—V. 146, p. 3552—was awarded to the First of
Michigan Corp., Detroit, as 234sDated June 1,-1938 and due $6,000
Jan. 15 from 1939 to 1943 incl.
bonds
BUFFALO
NEW
New
MUNICIPALS
TOWNSHIP
SCHOOL
UNIT
DISTRICT
(P.
July 1—V.
Other bids:
1939 to 1943 incl.
Int. Rate
Securities
Channer
Co
Stranahan, Harris & Co.....
First of Michigan Corp.
Citizens Bank of Michigan City
Merchants National Bank of Michigan City
Premium
2%%
2%%
1_2M%
---3%
Bidder—
John Nuveen & Co
$31.51
22.50
21.50
110.00
—
4%
200.00
526.00
NORTON TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O.
Muskegon)
Mich.—BOND ISSUE APPROVED—The Public Debt Commission of the
State has issued a certificate approving an issue
of $55,000 school addition
and alteration bonds to mature serially from 1939 to 1943 incl.
CLAIR
a
SHORES,
Mich.—REFUNDING PLAN AMENDED—.
notice issued under date of June 25 by Matthew Carey,
refunding agent, 2149 Union Guardian Bldg., Detroit, the refunding plan
for the village, dated Nov. 29, 1937, was amended in several particulars by
the Village Commission on June 21.
These changes, according to Mr. Carey,
have satisfied the reservations which several large bondholders have had on
the debt adjustment program and it is anticipated that their assents to its
provisions may permit the consummation of the proposal at an early date.
The amendments follow:
"Resolved, Further, That, notwithstanding anything in this resolution
con¬
tained, the levy for the payment of principal and interest on the refunding
of the obligations proposed herein
to be refunded which shall not have been exchanged for such refunding
obligation, shall be not less than three mills upon each $1,000 of assessed
valuation in 1939 and four mills annually thereafter until all refunding
obligations shall have been retired.
Any collections of the tax levy required
by this paragraph, over and above the tax levy required under other
paragraphs of this resolution, shall be paid into the various sinking funds
created hereunder for the retirement of refunding bonds in proportion to
the amounts outstanding on the first day of July of the year of such levy.
"Resulted, Further, That the 1939 levy for operation expenses shall make
adequate provision for tax delinquency and shall be not less than 10 mills
upon each $1,000 of assessed valuation
"Resolved, Further, That if, at any time prior to the retirement of all of
obligations authorized herein, and
on any
.
the certificates of indebtedness issued under the terms of this resolution
;•
■
f '77',.;h'yy
y 77
• ■
DETROIT
GRAND RAPIDS
Telephone Cherry 6828
Grps
Any collections of the tax levy required by this paragraph shall
be used first to correct the breach, and thereafter be paid into the various
sinking funds created hereunder for the retirement of certificates of indebted¬
ness and refunding bonds in proportion to the amounts outstanding on the
first day of July of the year of such levy."
the successful
DETROIT,
bidder.
CURRENT
BUDGET—'The
special bulletin devoted to
beginning July 1 commented as
a
how efficient
Tne increase in assessed values is not keep¬
receiving,
essential it may appear.
no matter
ing pace with the increase in governmental costs,"
The high points in the budget, as
analyzed by the bureau, are:
—For the fifth consecutive year, the
budget appropriations have increased.
highest in the city's nistory
$143,411,393, an increase of 8.5%
with a tax levy of $65,992,816, an increase of
11.3% over last year.
—A deficit of at least $7 million faces the
city at the beginning of the fiscal
year, due to unrealized current and delinquent tax collections, unantici¬
pated welfare expenditures, &c.
—The policy on salaries: No
increases; held to 1937-38 level.
Pay in¬
the highest since 193 >—31, and fourth
—'lha gross budget appropriations are
is
and added personnel
during the
year
increased salaries and wages
$1,280,796
*
years.
FARIBAULT COUNTY (P. O. Blue Earth), Minn.—BOAT£> SALE—
of drainage ditch bonds offered for sale on June 30—
146, p. 3698—was aivarded to the Blue Earth Valley National Bank of
Winnebago, as 234s, paying a premium of $150.00, equal to 101.00, a basis
of about 2.41%.
Dated July 1, 1938.
Due from July 1, 1944 to 1958 incl.
JACOB'S COMMON SCHOOL
"Financing government on the level set in this budget is going to be dif¬
ficult for the coming year,
Detroit may well consider whether it can af¬
ford the luxury of all the government it is
creases
$20,000 issue of permanent
improvement, revolving fund bonds offered for sale on July 5—V. 147. P156—was awarded to Kalman & Co. of St. Paul, as 334s at par, according
to the City Clerk.
Due $2,000 from 1939 to 1948; callable after five
V.
ON
follows:
It
BRAINERD, Minn.—BOND SALE—The
The $15,000 issue
Mich.—COMMENT
Detroit Bureau of Governmental Research in
the municipal budget for the fiscal year
or
MINNESOTA
Mich.—BOND
OFFERING—Myron A. Stevens, City
Clerk, will receive sealed bids until 8 p. m. (Eastern Standard Time) on
July 19 for the purchase of $55,000 not to exceed 6% interest coupon,
registerable as to principal, street resurfacing bonds.
Dated Aug. 1, 1938
Due Aug. 1 as follows $6,000 in 1939, and $7,000 from 1940 to 1946 incl.
Principal and interest (F. & A.) payable at the City Treasurer's office.
A certified check for $1,000 must
accompany eacn proposal.
The approving
legal opinion of Miller, Canficld, Paddock & Stone of Detroit will be fur¬
nished
over the previous year.
Credits amount to $75,643,577, but
eliminating revenues of the water de¬
partment and street railways, amount to $47,694,563, an increase of 3.1%.
issue of
$1,775,t)0() for sewage disposal is contemplated.
—Debt service amounts to
$13,511,417 from taxes, an increase of 2.8%.
It is contemplated retiring $3.5 million of
debt if delinquent tax receipts of
this amount are received.
—Pension requirements are $1.7 million
an
increase of 26.5%
due to
new
traffic engineer.
TOWNSHIP
NEW PRAGUE, Minn.—BOND OFFERING—It is stated by George J.
Sticha, City Clerk, that sealed and oral bids will be received until July 19,
for the purchase of a $13,000 issue of refunding bonds.
Interest
at 8 p.m.,
rate
Aug.
O.
Pointe), Mich.—
Township Clerk, will receive sealed
Time) on July 11, for the purchase of
not more than $50,000 not to exceed
4% interest tax anticipation notes, to
be dated as of day of issuance and mature Feb.
1, 1939.
The notes will be
issued in anticipation of the 1938
township tax and interest will be payable
at maturity.
Bidders must agree to take up the notes in such amounts as
funds are requited by the
township.
Bidders will be required to furnish
HOUGHTON, Mich.—BONDS VOTED—At
-^,y?*,ers.?:utll£riz^d an issue °f $50,000 4%
the
election
on
June
20
street paving bonds by a count
Bonds will be in denoms. of
$1,000, mature $5,000 annually
Sept. 1 from 1939 to 1948 incl. and payable at the Houghton National
Bank.
Interest M. & S.
not
1,
to
exceed
334%. payable F.
Due $1,000 from Aug.
1938.
Minneapolis, will be furnished.
to the
& A.
Denom. $1,000.
Dated
1939 to 1951 incl.
Prin. and
1,
A certified check for at least $500, payable
city, must accompany the bid.
RAMSEY COUNTY (P. O. St. Paul) Minn.—BOND SALE—The
$435,000 issue of public welfare, series M bonds offered for sale on July 5—
V. 146, p. 4152—was awarded to Blyth & Co., Inc., Paine, Webber & Co.,
and Eastman, Dillon & Co.. all of New York, as 234s, at a price of 100.60,
a basis of about 2.13%.
Dated July 1, 1938.
Due on July 1 as follows:
$43,000, 1939 to 1947, and $48,000 in 1948.
BONDS
OFFERED
FOR
INVESTMENT—The
successful
bidders
the above bonds for public subscription at prices to yield from
0.50% to 2.35%, according to maturity. These bonds are said to be legal
investments for savings banks in New York State.
(P. O. Renville), Minn.—BOND SALE—The $96,000 issue of refunding
on July 6—V. 146, p. 4152—wras awarded to
a syn¬
bonds offered for sale
of Kalman & Co. of St. Paul, the Allison-Williams Co.
Bigelow, Webb & Co. and the First National Bank & Trust Co., all of
Minneapolis, as 3 34s, paying a premium of $1,351, equal to 101.407. a
basis of about 3.10%.
Dated July 15, 1938.
Due from July 15, 1939 to
ST.
Grosse
legal opinion.
on
is
int. payable at the Northwestern National Bank & Trust Co., Minneapolis.
The approving opinion of Junell, Dorsey, Fletcher, Barker & Colman of
1958, inclusive.
(P.
NOTE OFFERING—Carl
Schwerhart,
bids until 7 p. m. (Eastern Standard
of 258 to 10.
on
dicate composed
reason
governmental costs increase: six new activities appear in
budget of which only one replaces a current activity, incinerartion; others are sewage disposal, pension bureau, auditor-general, housing
own
(P. O. Howard),
RENVILLE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 33
—
operation and maintenance costs have
the current
commission and
19
1946 incl.
tection to persons and
property.
—The per capita cost of Detroit
appropriations is $109.
—Since the high budget of 1929-30,
increased about $20 million.
DISTRICT NO.
Minn.—BOND OFFERING— Sealed bids will be received until 2 p. nr.
July 11, by the Clerk of the School Board, for the purchase of $2,000 issue
of 534% coupon semi-ann. school bonds.
Due $200 from July 1, 1939 to
reoffered
pension amendment.
Over half the total appropriations are due to
educational costs and pro¬
—The
levy of four mills upon each $1,000 of assessed
valuation.
7
MICHIGAN
DEARBORN,
additional debt service
an
Telephone 9-8256
A.T.T. Tel
or
the setting aside of sufficient funds to complete the retirement of said
certificates, the village shall fail to comply with any of the terms and con¬
ditions of this resolution, there shall be added to the tax levy of each of
the next ensuing years, until such breach shall have been corrected, or until
provision shall have been made for the retirement of all certificates issued,
7\7; i".:c'7;
Cray, McFawn & Petter
A.T.T. Tel. DET 640-541
O.
Mich.—BOND SALE—'The $20,000 school bldg. bonds
147, p. 156—were awarded to E. W. Cress & Co. of
Benton Harbor, as 2Kb, at par and premium of $21, equal to 100.106, a
basis of about 2.465%.
Dated Aug. 1, 1938 and due $4,000 on Aug, 1
Buffalo),
offered
According to
Financial Statement
Year—
Total.......
DISTRICT, Mich.—BOND SALE—The issue of
Among other oids were the following:
ST.
Tax levy
Uncollected
'
Menominee), Mich.—BOND ELEC¬
Wright, Martin & Co., Detroit
Shannon, Kenower & Co., Detroit
Donovan, Gilbert & Co., Lansing.—
First of Michigan Corp
Damren will be furnished the successful bidder.
July 1, 1938
O.
$30,000 school bonds offered July 1—V. 146, p. 3994—was awarded to
McDonald, Moore & Hayes of Detroit, as 1M&> at par plus a premium of
$54, equal to 100.18, a basis of about 1.38%.
Dated Aug. 1, 1938 and due
$15,000 on Aug. 1 in 1939 and 1940.
Second high bidder was Braun,
Bosworth & Co. of Toledo, whose offer 100.17 for IKs.
from
1937
(P.
on
SPRINGFIELD, Mass.—AWL SALE—The First National Bank of
Boston purchased privately on July 1 an issue of $550,000 notes at 0.229%
discount.
Due $300,000 March 16 and $250,000 April 12, 1939.
WALPOLE,
COUNTY
TION—At the Sept. 13 primary election the voters will be asked to auth¬
an issue of $190,000 road improvement bonds.
18
(P.
LOUIS
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
O. Gilbert),
Minn.—BOND OFFERING DETAILS— In connec¬
July 12, of the $200,000 funding bonds,
147, p. 156—it is stated by John Ocepek,
District Clerk, that the approving opinion of Junell, Fletcher, Dorsey,
Barker & Coleman of Minneapolis, will be furnished the successful bidder.
tion with the offering scheduled for
described in our issue of July 2—V.
ST. PAUL, Minn.—BOND SALE—The $165,000 issue of coupon public
bonds offered for sale on July 7-—V. 147, p. 156—was awarded
jointly to Phelps, Fenn & Co. of New York and the Wells-Dickey Co. of
Minneapolis as 2.10s, at a price of 100.159, a basis of about 2.07%.
Dated
July 1, 1938.
Due from July 1, 1944 to 1948, inclusive.
welfare
BONDS
OFFERED
FOR
INVESTMENT—'The
offered the above bonds for public subscription at
to
2.30%, according to maturity.t
successful
bidders
re-
prices to yield from 0.50%
Volume
WILLMAR.
sealed
303
Financial Chronicle
147
Minn.—CERTIFICATE
is reported that
by Hans Gunderson,
OFFERING—It
bids will be received until 7 p. m. on July 11,
City Clerk, for the purchase of a $2,600 issue of 4% street improvement
certificates of indebtedness.
Denom. $260.
Dated June 1, 1938.
Due
$520 from June 1, 1939 to 1943, inclusive.
International Trust Co.
Mississippi
to the Federal
Government.
DISTRICT NO. 1 (P. O. Tupelo),
Miss.—BONDS SOLD—It is reported that $33,000 4K% semi-ann. re¬
funding bonds were purchased by the First National Bank of Memphis.
Dated May 3, 1938.
Legal approval by Charles & Trauernicht, of St.
(P. O. Buffalo), N. Y.—CORRECTION—In con¬
nection with the report in—V. 147, p. 1580—of the award to E. H. Rollins
& Sons, Inc. and A. C. Allyn & Co., Inc., both of New York, jointly, of
$80,000 debt equalization and impt. bonds, we are advised that the suc¬
cessful bid of 100.09 was for the obligations as 3s, not 3 Ms, a basis of about
2.98 %.
CHEEKTOWAGA
LEE COUNTY SUPERVISORS
Louis,
.
:
■
■
MISSOURI
COLUMBIA, Mo.—BOND SALE—The $225,000 issue of sewer bonds
offered for sale on July 1—V. 146, p. 4152—was awarded to the BaumBernheimer Co., and Callender, Burke & MacDonald, both of Kansas
City, divided as follows:
$100,000 serial bonds, of which $40,00 are 2s, and $60,000 are l^s, paying
a premium of $63.30, equal to
100.063.
125,000 callable bonds in blocks of $25,000, as 2Ms, paying a premium
of $115.00, equal to 100.092.
PALMYRA
DISTRICT
SCHOOL
(P.
O.
Palmyra),
Mo.—BOND
F.
OFFERING—Sealed bids will be received until 7 p. m. on July 8, by R,
Fogle, Clerk of the Board of Education, for the purchase of a $53,500 issue
of 3% semi-ann. school building bonds.
Due as follows: $3,000 from 1941
to 1954; $4,000,
1955 and 1956, and $3,500 in 1957.
It is reported that these wrere tentatively awarded prior to this offering.
They were approved by the voters on June 28, by a count of 531 to 60.
SEDALIA, Mo .—BONDS DEFEATED—It is stated by J. M. Bailey.
City Clerk, that at the election held on June 30, the voters
proposal to issue $1,489,000 in water system bonds.
defeated the
DISTRICT NO. 1 (P. O.
Hysham), Mont.—BOND OFFERING—Sealed bids wil be received until
8 p. m. on July 25, by Edith M. Bradbrook, District Clerk, for the purchase
of a $16,000 issue of school bonds.
Interst rate is not to exceed 6%,
payable J. & J.
Dated July 1, 1938.
A certified check for $800, payable
to the above Clerk, must accompany bid.
COUNTY
HIGH
SCHOOL
COOK, Neb.—BOND OFFERING—It is stated by Charles
Skalla.
City Clerk, that $50,000 auditorium bonds will be offered for sale at public
auction on July 11.
Sealed bids will be received until 7:30 p. m. on that
date and open bids thereafter.
Interest rate is not to exceed 4 %. payable
J. & J.
Denom. $500.
Dated July 1, 1938.
Due $2,500 from July 1,
1939 to 1958; redeemable at the option of the city five years from their
date of issue.
Prin. and int. payable at the County Treasurer's office in
McCook.
Bonds are not to be sold for less than par.
These bonds were
approved by the voters on June 15 by a count of 1197 to 583.
These bonds
are reported to be full faith and credit obligations of the city.
HAMPSHIRE
NASHUA, N. H.—NOTE OFFERING—The City Treasurer will receive
a. m-. (Daylight Saving Time) on July 11 for the purchase at
discount of $50,000 notes, payable July 3, 1939.
NEW
of the district, payable
from unlimited taxes.
Hoyt, Washburn & Clay of New York City.
DUNKIRK, N. Y.—BOND SALE—The $11,360 coupon bonds offered
July 7—V. 147, p. 158—were awarded to the Dunkirk Trust Co., Dunkirk,
as 4s, at par plus a premium of $40, equal to 100.34.
The sale consisted of:
Beagle St. improvement bonds.
Due July 1 as follows$340 in 1939, and $450 from 1940 to 1948, inclusive.
Due July 1 as follows: $360 in 1939,
3,510 Lord St. improvement bonds.
and $350 from 1940 to 1948, inclusive.
2,160 North Roberts Road improvement bonds.
Due July 1 as follows:
$260, 1939; $250 in 1940 and 1941 and $200 from 1942 to 1948, incl.
1,300 North Ocelot improvement bonds.
Due July 1 as follows:
$150
from 1939 to 1944, incl. and $100 from 1945 to 1948, inclusive.
All of the bonds are dated July 1, 1938.
The offering attracted just one
other bid, made by D. S. Wright of Dunkirk, who named a premium of
$50 for 4>£s.
$4,390 North
EAST ROCK A WAY, N. Y .—BOND OFFERING—Guy E. Thompson,
Village Clerk, will receive sealed bids until 3 p. m. (Eastern Standard
Time) on July 15 for the purchase of $6,000 not to exceed 6% interest
Dated Sept. 1, 1938.
in 1939 and $1,000
of interest, expressed
in a multiple of Ai or l-10th of 1%.
Principal and interest (M. & S.)
payable at the East Rockaway National Bank & Trust Co., East Rockaway, or at the Bank of New Yoi*k & Trust Co., New York City, at option
of the holder.
A certified check for $120, payable to the order of the
village, must accompany each proposal.
The bonds are general obligations
of the village, payable from unlimited ad valorem taxes on all its taxable
Dated July 1, 1938 and due $1,000 on July 1 from
Interest payable J. & J.
Bank of Jersey City, the only other bidder,
price of par.
29,000 water bonds.
1939 to 1967 incl.
The Hudson County National
J.—BOND SALE— The $24,000 coupon or
N.
N. J.—FINANCIAL STUDY ISSUED—A study of
condition of the city has been prepared for distribu¬
by MacBride, Miller & Co., 744 Broad St., Newark.
JERSEY
CITY,
the current financial
LITTLE FALLS SCHOOL DISTRICT,
wras
N. i.—BONDS DEFEATED—
proposal to issue $284,450 school bldg.
At the June 28 election the
bonds
decisively defeated.
MIDDLESEX COUNTY (P. O. New
Brunswick), N. J .—BONDS PUB¬
Boland & Co. of New York, are offering a new
improvement bonds due July 1, 1939 to 1952 at
prices to yield from .60% to 2.55%, according to maturity.
The bonds
are, in the opinion of the bankers, legal investments for savings banks and
trust funds in New York and New Jersey, and are exempt from all present
Federal income taxes. (V. 147, p. 157).
LICLY OFFERED—H. B.
issue of $724,000 2.50%
NEWARK, N. J.—REPORTS CASH DEFICIT FOR 1937—According
to a report compiled by the accounting firm of Puder & Puder, wiiic t was
presented to the City Comnrssion by Finance Director Murphy on July 6.
the city operated at a cash deficit of $1,864,726.66 in the calendar year
1937, despite the fact that it is functioning under the provisions of the
State law requiring a cash basis of operation.
Net debt of the city on
Dec. 31, 1937, was given as $81,720,877.98, or 11.28% of average valua¬
tions of $724,359,350, according to report.
The ratio at the close of 1936
was 11.16%.
The figure for 1937, it was said, would be increased to 11.59%
with the inclusion of debt on the Army base and swimming pools.
Funded
debt was reduced by $4,048,254 last year through retirement of bonds and
increased sinking fund assets. Collections of both
taxes showed a decrease from the earlier year.
WEST
NEW
000 series G and $105,000
bonds.
WEST
WILDWOOD
J.—BONDS
N.
YORK,
mission on June 28 adopted
current and delinquent
AUTHORIZED—'Town Com¬
ordinances providing for the issuance of $475,series H not to exceed 5% interest refunding
(P.
ISSUE—A public hearing is
O. Wildwood), N. J .—PROPOSED BOND
scheduled for July 30 on the proposal to issue
$35,000 6% sewage bonds.
NEW
Carlsbad), N. Me«.—
DETAILS
now
EUNICE
SCHOOL
DISTRICT
(P.
O.
Lovington),
N.
court
time,
1948.
Mex.—
MATURITY—Tt is now reported by the County Treasurer that the
$85,000 3K% semi-ann. school bonds purchased by the State, at par—
V. 147, p. 157—are due as follows:
$8,000, 1939 to 1943, and $9,000,
1944 to 1948, all incl.
SANTA FE, N.
bonds offered
Mex.—BOND SALE—The $75,000 issue of coupon sewer
1—V. 146, p. 3996—was awarded to the
for sale on July
.,,-$11,364,456
180,500
this issue
debt does not include the
other subdivision having power to levy taxes upon any or all of
Total bonded debt, including
The above statement of bonded
subjept
.census,
the
3,340.
to
taxing
of the village.
power
1935-36
levies.....$119,273.58
Year—
Tax
Uncollected
at
1936-37
1937-38
$112,853.41 $109,421.79
1938-39
$109,098.77
of
end
fiscal year.'....
20,899.68
*6,918.30
.
Uncollected June 1, 1938
*
debt of any
the property
Population, 1930 Federal
Includes tax sales certificates
19,718.52
19,198.74
*10,182.85
a
purchased by village,
a First half due
*7,841.44
1,1938—payable before July 1, 1938.
CITY,
Y.—BOND SALE—The $80,000 coupon or re¬
N.
gistered general improvement bonds offered July 7—V. 147, p. 158—were
awarded to the Garden City Bank & Trust Co. of Garden City, as Is, at
100.03, a basis of about 0.99%.
Dated July 1, 1938 and due $16,000 on
July 1 from 1939 to 1943 incl. Among other bids were:
Int. Rate
1.10%
Hern on,
100.036
100.199
1.20%
100.186
GREENBURGH (P. O. Tarrytown), N. Y.—BOND
William C. Duell, Town Supervisor, will receive sealed bids
Saving Time) on July 20 for
exceed 5% interest coupon or
$30,000 Greenville
100.091
100.089
1.10%
1.20%
Pearsall & Co
(Daylight
Rate Bid
1.10%
—1.10%
Stranahan, Harris & Co., Inc
...
Goldman, Sachs & Co.
Manufacturers & Traders Trust Co
Lehman Bros
Sewer
OFFERING—
until 11 a. m.
the purchase of $78,500 not to
registered bonds, divided as follows:
District bonds.
Due $3,000 on July 1 from
1939 to 1948 inclusive.
30,000 Greenville
Water District bonds.
Due $3,000 on July 1 from
1939 to 1948 inclusive.
10,000 Fairview Sewer District
1939 to 1948 inclusive.
8,500 Fairview
from
—
bonds.
,
Due $1,000 on July 1
Water District bonds.
Due July 1 as
and $530 in 1947.
follows:
„
from
$1,000
1939 to 1946 inclusive,
1, 1938.
One for $500, others,
$1,000 each.
Bidder to name a single rate of interest, expressed in a rautiple of M or l-10th of fc%.
Principal and interest (J. & J.) payable at the
Washington Irving Trust Co., Tarrytown, with New York exchange.
The bonds are general obligations of the town, payable from unlimited
taxes, although payable primarily from assessments on property in the
special town districts.
A certified check for $1,580, payable to the order
of the town, is required.
Legal opinion of Dillon, Vandewater & Moore
of New York City will be furnished the purchaser.
All
of the
bonds will
HAVERSTRAW
(P.
be dated July
O.
Haverstraw), N.
Y.—BOND OFFERING—
Town Supervisor, will receive sealed bids until 1 p. m.
Time) on July 11 for the purchase of $45,000 not to
exceed 5% interest coupon or registered highway bonds.
Dated July 1,
1938.
Denoms. $1,000 and $500.
Due $4,500 annually on July 1 from
1939 to 1948 incl.
Bidder to name a single rate of interest, expressed in a
multiple of M or l-10th of 1%.
Prin. and int. (J. & J.) payable at the
National Bank of Haverstraw & Trust Co., Haverstraw.
The bonds are
Victor J. Shankey,
(Eastern Standard
general obligations of the town, payable from unlimited taxes.
A certi¬
fied check for $900, payable to the order of the town, must accompany each
lew York The will be furnished the
Sroposal. City approving opinion ofsuccessful bidder. SuccessfulClay of
Reed, Hoyt, Washburn & bidder
of bonds to date of delivery.
SCHOOL DISTRICT NO. 6 (P. O.
Maybrook), N. Y.—BOND OFFERING— Kathleen McCormick, District
Clerk, will receive sealed bids until 1 p. m. (Eastern Standard Time) on
July 30 for the purchase of $14,000 not to exceed 6% interest coupon or
registered school bonds.
Dated May 1, 1938.
Denom. $1,000. Due
$1,000 on Nov. 1 from 1940 to 1953 incl.
Bidder to name a single rate of
interest, expressed in a multiple of M or 1-10th of 1%.
Prin. and int.
(M & N ) payable at tbe Maybrook National Bank, Maybrook.
A certi¬
fied check for $280, payable to the order of the Board of Education, must
accompany
each proposal.
The approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
to pay
accrued interest from date
MONTGOMERY UNION FREE
bidder.
MEXICO
reported by the County Treasurer that the $190,000
house bonds purchased by the State last March, as noted here at the
were sold as 2^s, and mature on June 15 as follows: $9,000, 1939 to
and $10,00, 1949 to 1958, all incl.
is
Longfellow of New
incl. special franchises.
Assessed valuations, real property,
of
YORK, N. Y,—JUNE FINANCING—During the month
borrowed from local banks $20,000,000 on 0.35% special
Oct. 28, 1938.
In addition, an issue of $1(1,000,000
3U% special assessment bonds, maturing on or before June 20, 1948, was
absorbed by various sinking funds.
This transaction, it should Ixj noted
is not reflected in our tabulations on the volume of State and municipal
financing negotiated last month.
NEW
EDDY COUNTY (P. O.
—It
$2,000
Financial Statement
registered
municipal building bonds offered July 1—V. 146, p. 4153—were awarded
to Minsch, Monell & Co., Inc., New York, as 4s, at par plus a premium
of $304.80, equal to 101.27, a basis of about 3.87%.
Dated July 1, 1938
and due $1,000 on July 1 from 1939 to 1962 incl.
tion
1938.
Bidder to name a single rate
from 1940 to 1943 incl.
Brown & Groll
BAYONNE, N. J .—BOND SALE— The $44,000 AM% coupon or regis¬
5—V. 146, p. 4153—were awarded to Ellis & Co.
of Cincinnati, at par plus a premium of $854.43, equal to 101.94, a basis of
about 4.06%.
The sale consisted of:
$15,000 general funding bonds.
Dated June 1, 1938 and due June 1, 1951.
Interest payable J. & D.
EMERSON,
Legality approved by Reed,
Bidder—
JERSEY
tered bonds offered July
offered to pay a
on
GARDEN
bids until 11
obtained the
July 7 of $12,500 coupon or registered building bonds as 3.20s, at
100.071, a basis of about 3.19%.
Dated Aug. 1, 1938 and due Aug.
1 as follows:
$1,000 from 1939 to 1943 incl. and $1,500 from 1944 to
1948 incl. Principal and interest (F. & A.) payable at the Peoples Bank of
Haverstraw, with New York excnange.
The bonds are general obligations
June
NEW
Clarkstown,
CONGERS FIRE DISTRICT (P. O. Congers), Town of
Y.—BOND SALE—R. D. White & Co. of New York
Property. will be furnished of Hawkins, Delafield &
ork City
Legal opinion the successful bidder.
NEBRASKA
FALLS CITY, Neb.—BONDS SOLD—It is reported that $25,000 mem¬
orial auditorium building bonds were purchased recently by three local
banks.
MC
N.
award
coupon or registered equipment bonds of
Denom. $1,000.
Due Sept. 1 as follows:
MONTANA
TREASURE
YORK
NEW
FORREST COUNTY (P. O. Hattiesburr), MUs.—
ELECTION
-—We are informed by the County Clerk that an election will be held on
Aug. 9 in order to vote on tbe issuance of $275,000 in 4% school improve¬
ment bonds.
Due serially in 25 years.
He states that if these bonds are approved by the voters they will be sold
associates, paying a premium of
of Denver, and
$1.00, equal to 100.001, a net interest cost of about 2.64%, on the bonds
as follows: $51,000 as 2%b, maturing on July
1: $6,000, 1940 to
19^5, and $3,000, 1946 to 1950; the remaining $24,000 as 2^s, maturing
$3,000 from July 1, 1951 to 1958 incl.
divided
June
the city
revenue
bills, due
NIAGARA, N. Y.—SALE OF BELDEN CENTER SEWER DISTRICT
BONDS—The $14,359.71 coupon or registered sewer bonds offered July 6
V
147 P- 158—were awarded to the Manufacturers & Traders Trust
of Buffalo, as 3s, at 100.199, a basis of about 2.98%.
Dated June 1, 1938
and Due June 1 as follows: $750 from 1939 to 1956 incl. and $859.71 in
1957.
Other bids:
Co.
304
Financial
Bidder—
Fred H. Krull
Int. Rale
V-
-
Rate
Chronicle
July
3.10%
Marine Trust Co. of Buffalo
100.31
Roosevelt & Weigold, Inc
A. C. Allyn & Co., Inc
3.40%
3.60%
v
-
OHIO
" 100.42
100.045
FREE SCHOOL DISTRICT NO. 4
(P. O. Port Washington), N. Y.—OTHER BIDS — FINANCIAL
STATEMENT—In connection with the report in—V. 147, p. 159—of the
award toHalsey, Stuart & Co., Inc., New York, of $92,000 school bonds as
2^s, at 100.05, a basis of about 2.24%, we give the following list of un¬
successful bids and a report on the district's financial status:
MUNICIPALS
HEMPSTEAD UNION
NORTH
Bidder—
Int. Rate
Marine Trust Co
MITCHELL, HERRICK & CO
700 CUYAHOGA
$76.36
607.20
276.00
2.60%
2.40%
2.40%
165.60
165.60
404.80
_2.70%
184.00
AKRON
CANTON
Premium
23^%
23^%
23^%
-
Manufacturers & Traders Trust Co—
Roosevelt & Weigold, Inc
Inc., jointly
—■
A. C. Allyn & Co.. Inc
Bacon, Stevenson & CoOSSINING
-
—
—
(P. O. Ossining),
man, Dillon & Co. of New York
tax lien certificates at 0.69%.
VALLEY
——
N. Y.—CERTIFICATE SALE—East
purchased
July 1 an issue of $60,122.15
Dated July 6, 1938 and due July 6, 1939
on
N. Y.—BOND OFFERING— F. G. Chalmers,
Village Clerk, will receive sealed bids until 3 p. m. (Daylight Saving
Time) on July 18 for the purchase of $61,000 not to exceed 5% interest
coupon or registered public improvement bonds.
Dated July 1, 1938.
Denoin. $1,000.
Due July 1 as follows:
$10,000, 1939 to 1943 incl.;
$2,000 from 1944 to 1946 incl., and $1,000 from 1947 to 1951 incl.
Bidder
to name a single rate of interest, expressed in a
multiple of 34 or l-10th
of 1%.
Principal and interest (J. & J.) payable at the Valley Stream
National Bank & Trust Co., Valley Stream, with New York
Exchange.
The bonds are general obligations of the village, payable from unlimited
taxes.
A certified check for $1,220, payable to the order of the
village,
must accompany each proposal.
Legal opinion of Dillon, Vandewater &
Moore of New York City will be furnished the successful bidder.
STREAM,
VOLNEY
(P.
O.
Fulton,
R.
D.
No. 3), N. Y.—PRICE PAID—In
159, of the purchase by the Oswego
connection with the report in V. 147, p.
County Trust Co. of Fulton of $3,500 water district bonds, we learn that
was 100.10 for 3.70s, a basis of about
3.67%.
the successful bid
WATERTOWN,
N.
Y .—BOND
SALE— The
$300,000
coupon
or
registered bonds offered July 7—V. 147, p. 159—were awarded to the First
Boston Corp., New York, as 1.30s, at a price of par.
Reoffered by the
bankers to yield from 0.25% to 1.50%, according to
maturity.
The sale
consisted of:
*
$176,000 public welfare bonds, series of 1938.
Due Aug. 1 as follows:
$17,000 from 1939 to 1942 incl. and $18,000 from 1943 to 1948,
incl.
124,000 public works bonds, series of 1938.
from 1939 to 1942 incl. and
All of the bonds
are
Due Aug. 1
as
$12,000 from 1943
dated Aug. 1, 1938.
follows:
Bidder—
Int. Rate
A. G. Becker & Co_
Salomon Bros. & Hutzler
Trust
1.60%
_
Premium
1.40%
1.40%
1.50%
$390.00
451.00
1,200.00
1,290.00
1.50%
1.50%
1.40%
1.50%
<1.50%
1.40%
1.50%
1.50%
1.50%
1.50%
1.40%
1.50%
869.70
927.00
360.00
282.00
1,149.00
333.00
1,296.00
660.57
717.00
1,047.00
837.00
1,049.70
—
R. W. Pressprich & Co...
Geo. B. Gibbons & Co
$13,000
to 1948 incl.
Other bids:
—
&
Savings Bank, Chicago, and Wash¬
burn & Co., Boston
Bankers Trust Co
Troy Savings Bank
Halsey Stuart & Co., Inc
B. E. Daley & Co., Inc
-
Sherwood & Reichard
Northern New York Trust Co
A. B. Treman & Co._
—
Roberts, Morgan & Moran
Manufacturing & Traders Trustj
Barr Bros. & Co., Inc
Jefferson County National Bank
_
;_•»
WEST SENECA
869.10 coupon
(P .O, Ebenezer), N. Y.—BOND SALE—The $19,registered bonds offered July 6—V. 146, p. 4153—were
or
awarded
to the Manufacturers & Traders Trust Co. of
Buffalo, as 3.3Cs,
100.219, a basis of about 3.27%.
The award included:
$15,147.59 Water District No. 3 bonds.
Due July 1 as follows: $747.59
in 1939, and $800 from $940 to 1957 incl.
4,721.51 Water District No. 1 extension bonds.
Due July 1 as follows:
BUILDING, CLEVELAND
CINCINNATI
SPRINGFIELD
COLUMBUS
Am
OHIO
Sherwood & Reichard and George B. Gibbons & Co.,
Brown & Groll
Harris
1938
9,
d
Ohio—BOND SALE—The
CARROLLTON,
issue
of
$50,000
sewer
bonds offered July 2—V. 146, p. 3998—was awarded to the First National
Bank of Carrollton, as 2M«. at par plus a premium of $390, equal to 100.78,
a basis of about
2.35%.
Dated April 1, 1938 and due $2,000, April 1 and
$3,000, Oct. 1 from 1939 to 1948 incl.
GENEVA, Ohio—BONDS AUTHORIZED—W. B. Stocking, City Clerk
of $20,000 3M% sewage disposal bonds, to be dated
Sept. 1, 1938, in $2,000 denoms. and mature $2,000 each Oct. 1, from 1939
reports authorization
to 1948 incl.
Financial Statement
as
of July 1,
Assessed valuation, realty onlyTotal bonded debt (excl. this issue)—:
_
Water debt
_
_
.
1938
-——
—
—
_
_
-
Sinking fund for general debt
Sinking fund for water debt--.
Floating debt
Population, 1930 census, 3,791.
COUNTY
HAMILTON
_
——,
.
—___ —
—
$4,716,3 80
42,650
9,000
14,000
9,360
None
(P. O. Cincinnati), Ohio—COUNTY, CITY
AND SCHOOL BOND PROGRAM TOTALS $11,050,000—TAc Joint Bond
Improvement Program Committee has approved a 1938-39 bond program of
$11,050,000 for the city, schools and county. Of the total sum, $5,400,000
a school building program, $3,500,000 for the city, and $2,150,000 for
the county.
The county program includes $1,650,000 for a library and
$500,000 for sewers.
In order to take advantage of 45% Public Works Administration grants,
the committee approved a plan for the schools and county to submit their
requests, totaling $7,550,000, for approval by the voters at the primary,
Aug. 9. Public Works Administration applications must be presented before
Sept. 30.
Since the city has bond authorities already available sufficient to finance
all except $200,000 of its 1938-39 program, it will not request new ref¬
erendum authority at the primary, but will wait until the November election
to submit a $3,500,000 request, it was explained.
If all of the bond requests were approved, the issues would not increase
the county tax rate although the school tax rate would be raised .46 of a
mill, Dale E. Fox, of the Governmental Bureau of Research estimated.
The city's bonds would not increase the city tax rate since the bonds would
not be issued immediately, it was explained.
is for
HASKINS, Ohio— BOND SALE—The $12,000 sewer system bonds
146, p. 4154—were awarded to Fox, Einhorn & Co.,
Inc., Cincinnati. Dated June 1, 1938 and due $1,000 on Oct. 1 from 1939
to 1950, incl.
Successful bid as par and premium of $70.17 for 3Ms,
equal to 100.59, a basis of about 3.15%. Other bids:
offered July 5—V.
Bidder—
Int. Rate
Ryan, Sutherland & Co
Bliss, Bowman & Co—__
Saunders, Stiver & Co-
MANSFIELD,
Clerk informs
on an
us
_
Premium
3M %
4%
3M%
$69.00
13.20
87.00
— -
___——
Ohio—NO ELECTION ON BOND ISSUE— The City
that no vote will be taken at the Aug. 9 primary election
issue of $50,000 relief bonds, as previously reported.
A proposal for
a
special levy of 2 mills will be considered at that time.
MAYFIELD
HEIGHTS,
Ohio—TENDERS RECEIVED—In response
refunding bonds dated Oct. 1, 1936, the
submitted, according to Village Attorney George M.
Roudebush:
$6,500 at 49; $20,000, 48.75; $20,000, 49.75; $20,000, 50.75;
$4,5oO,
51.75.
to the call for tenders on June 30 of
following offers
were
at
$221.51 in 1939, and $250 from 1940 to 1957 incl.
All of the bonds will be dated
July 1, 1938.
Among other bids were an
offer of 100.088 for 3Ms made
by A. C. Allyn & Co., Inc., and that of
100.368 for 3.7(,s tendered by R. £>. Wnite & Co. of New York.
SHAKER
HEIGHTS
CITY
SCHOOL
DISTRICT, Ohio— BOND
$121,500 coupon refunding bonds offered July 5—V. 146,
3999—were awarded to Otis & Co., of Cleveland, as 2J^s, at- par plus a
premium of $944.07, equal to 100.777, a basis of about 2.34%.
Dated
July 1, 1938 and due $13,500 on Oct. 1 from 1939 to 1947 incl.
Second
high bidder was the Banc Ohio Securities Co. of Columbus, with 100.41
for 2Ms.
SALE—The
p.
Other bids
were as
follows:
Bidder—
NORTH
CAROLINA
ASHEBORO, N. C.—BOND SALE—Tbe two issues of bonds, aggregat¬
ing $42,000, offered for sale on July 5—V. 147, p. 159—were awarded to
the William B. Greene Co. of
Winston-Salem, as follows:
$10,000 street improvement bonds as 4s, paying a premium of $7.27, equal
to 100.0727, a Dasis of about
3.98%.
Due $1,000 from July 15,
1939 to 1948, inclusive.
32,000 water bonds for a premium of $30.28, equal to 100.094, a net
interest cost of about 3.84%, on $20,000 as 4s, maturing $2,000
from June 15, 1939 to 1948, the
remaining $12,000 as 3Ms, maturing $2,000 from June 15, 1949 to 1954.
The second highest bid was an offer of $86
premium for a combination
of 4Ms and 3Ms, tendered
by R. S. Dickson & Co. of Charlotte.
BESSEMER CITY, N. C.—NOTES SOLD—It is
reported that $1,500
notes were purchased at
6% by the Bessemer City Bank.
COLUMBUS COUNTY (P.
O. Whiteville),
N. C.—NOTES SOLD—■
It is reported that $17,000 notes were
purchased recently by the Waccamaw
Bank & Trust Co. of
Whiteville, at
5%, plus
a
premium of $4.27.
FREMONT, N. C.—NOTES SOLD—It
were
is reported that $1,000 notes
purchased by the Bank of Wayne, of Goldsboro, at
3.75%.
Int. Rate
McDonald-Coolidge& Co.;Merrill, Turben & Co
Fox, Einhorn & Co.; Seasongood & Mayer; P. E.
Kline, Inc.; Johnson, Kase & Co
i»
Ryan, Sutherland & Co
The First Cleveland Corp.; Van Lahr, Doll & Isphording, Inc.; The Weil, Roth & Irving Co—
Mitchell, Herrick & Co.; Stranahan, Harris & Co——
Braun, Bosworth & Co
Premium
2%%
—
$182.25
3%
3%
1,106.00
877.00
751.40
3%
— ——
3%
Middendorf & Co
706.60
3M%
3M%
331.00
814.05
SHELBY, Ohio—BONDS TO BE SOLD—The City plans to issue $21,000
4% storm sewer system bonds.
Dated May 1, 1938.
Denom. $1,400.
Due $1,400 on Nov. 1 from 1939 to 1953 incl.
(M. & N.) payable at the office of the Director
Principal and interest
of Finance and Public
Record.
STRUTHERS, Ohio—BONDS VOTED—At
voters authorized
an
an
election
on
May 24 the
issue of $40,000 public improvement bonds by a count
of 1,108 to 107.
UNIVERSITY
HEIGHTS
(P.
OFFERING DATE—W. A. Horkey,
sale of
an
for July
O.
South
Euclid),
Ohio—NEW
Village Clerk, announces that date of
issue of $155,600 series A of 1938 refunding bonds, originally set
16—V. 147,
p.
160—has been changed to July 23.
HENDERSON. N. C.—NOTES SOLD—It is reported that the Citizens
Bank & Trust Co. of Southern Pines has
purchased $7,000 notes at
3M%.
t
HICKORY, N. C.—NOTES SOLD—It is stated by tne Secretary of the
Local Government Commission
that $35,000 bond anticipation notes were
purchased recently by the First National Bank of
Hickory, at 2%.
Dated
June 30, 1938.
R. J.
KINSTON, N. C.—NOTES
anticipation
Concord
on
notes
were
SOLD—It is reported that $10,000 revenue
purcnased by the Concord National Bank of
July 5 at 2M %. plus
LOUISBURG, N.
a
EDWARDS, Inc.
Municipal Bonds Since 1892
premium of $5.50.
C.—NOTES SOLD—It is said that the Trust Co. of
Louisburg purchased $4,500 bond anticipation
Oklahoma City, Oklahoma
notes on July 5 at 6%.
WHITEVILLE, N. C.—NOTES SOLD—It is reported that $5,000 note5
^e™£n Purchased by the Citizens Bank & Trust Co. of Southern Pines*
at
AT&T
Ok
Cy
19
Long
Distance 787
.
3.99%.
NORTH
rr,GI,LUV"..TOWNSH,P (p- °as
OKLAHOMA
DAKOTA
Grand Forks), N. Dak.—BOND
SALE—
$5,000 issue of town hall construction bonds offered for sale on
July 5
4l54r—-was awarded to Charles A. Fuller & Co. of
Minneapolis,
4Ms at par.
Due $500 from Dec. 1, 1939 to 1948
inclusive.
The
NORTH DAKOTA, State
of—CERTIFICATES SOLD—It is reported
by James Mulloy, Secretary of the State Industrial
Commission, that there
were no
ness
bids received for the entire issue of
offered
on
July 6—V. 146,
p.
$900,000 certificates of indebted¬
4154.
He states that all the tenders for
portions of the whole issue were rejected
and the entire $900,000 was sold
later to the Bank of North Dakota, of
Bismarck,
as
4s, paying par.
STRABANE
TOWNSHIP
Dated July 6, 1938.
SCHOOL
Due
DISTRICT
on
N.
DIS¬
$20,000
July 5—V. 147, p. 160—was awarded
to the Brown-Crummer Investment Co. of Wichita,
according to the School
Director.
Due from July 1, 1942 to 1955.
issuepf school bonds offered for sale
on
FAIRVIEW, Okla.—BOND SALE—The $60,000 issue of electric bonds
offered for sale on July 1—V. 146, p. 4155—was awarded to the BrownCrummer Investment Co. of Wichita, as 3Ms,
according to the City
Clerk. Dated July 1,1938. Due from July 1, 1942 to 1949.
OREGON
July 6, 1939.
NO.
106
(P. O.
Dak.—BOND OFFERING—It is reported that sealed bids
will be received until
2p.m. on July 12, by G. L. Muir, District Clerk,
for the purchase of a $2,500 issue of
school bonds.
Interest rate is not
to exceed 5%, payable J. & D.
Due from Dec. 1. 1939 to 1946 incl.
'"hater),
CARTER AND JEFFERSON COUNTIES JOINT SCHOOL
TRICT NO. 65 (P. O. Healdton), Okla.—BOND SALE—1The
CENTRAL POINT, Ore.—BOND SALE— The $15,000 issue of water
system improvement, general obligation bonds offered for sale on
July 6
—V. 147, p. 160—was awarded to the First National Bank of
Portland,
according to Mayor Hatfield.
Dated July 1, 1938.
1948; optional on and after July 1, 1940.
to
Due from July 1, 1939
Volume
Financial
147
COUNTY
SCHOOL
DISTRICT
NO. 40
(P. O.
Ore.—PRICE PAID—It is stated by the District Clerk that
MULTNOMAH
June 28 by Jaxtneimer & Co.
p. 160—were sold as 1 'As, at a price of 100.03, a basis
Due $2,000 from July 1,1939 to 1941, incl.
the
$6,000 school
Portland—V. 147,
about 1.74%.
bonds
purchased
on
of
of
SALEM, Ore.—BOND OFFERING—Sealed bids will be received until
A. Warren Jones, City Recorder, for the purchase
a $50,000 issue of sewerage bonds, Series of 1938.
Bidders to specify
the rate of interest.
Denom. $500.
Dated Aug- 1, 1938.
Due $2,500
from Aug. 1, 1939 to 1958; optional on any interest payment date on and
after five years from date of issue.
Bonds will not be sold at less than par
and accrued interest.
Prin. and int. payable at the City Treasurer's of¬
fice.
Tne approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley
of Portland, will oe furnished.
A certified cneck for 2%, payable to the
city, must accompany the bid.
305
Chronicle
as
principal only, high school building bonds.
Dated Aug. 1, 1938.
Due Aug. 1 as follows: $10,000 from 1939 to 1953 incl.
$11,000 from 1954 to 1963 incl.
Bidder to name a single rate of in¬
to
Denom. $1,000.
and
payable F. & A.
A certified check for 2% of the bonds bid for,
payable to the order of the District Treasurer, must accompany each pro¬
posal.
The bonds will be issued subject to approving legal opinion of
Townsend, Elliott & Munson of Philadelphia.
terest,
8 p. m. on July 18, by
of
Ore.—BOND OFFERING—It is stated that sealed bids
will be received until 8 p. m. on July 12, by the City Recorder, for the
purchase of an $18,000 issue of refunding bonds.
Interest rate is not to
exceed 6%, payable F. & A. Dated Aug. 1, 1938. Due $1,000 from Aug. 1,
1941 to 1958; redeemable on any interest paying date on and after Feb. 1,
1939.
Principal and interest payable at the City Treasurer's office.
A
certified check for 5% of the amount of the bid, payable to the city, is
WALLOWA,
RHODE
folxows:
Int. Rate
2H%
Rate Bid
100.06
3%
3%
3%
Bidder—
Estabrook & Co
101.179
101.319
100.344
Brown, Lisle & Marshall
Kidder, Peabody & Co
E. H. Rollins & Sons, Inc
$115,000
required.
4i/2s
STATE OF SOUTH CAROLINA Hwy.
WASHINGTON COUNTY SCHOOL DISTRICT NO. 1-C, JT. (P. O.
Tualatin), Ore.—BOND SALE DETAILS—It is
now reported by the
_
Atkin¬
son, Jones & Co. of Portland, as noted here—V. 146, p. 4155—were sold
at a price of 100.11 for the bonds divided as follows: $17,500 as 3s, maturing
$2,500 from June 15, 1940 to 1946; the remaining $10,500 as 2 t£s, maturing
on June 15: $2,500 in 1947 to 1949, and $3,000 in 1950, giving a basis of
District Clerk that the $28,000 school bonds awarded on June 21 to
about 2.72%.
The next best
ISLAND
NARRAGANSETT, R. I '.—OTHER BIDS—The $150,000 water bonds
awarded to Stepnen W. Tourtellot of Providence, as 2^s, at 101.27, a
basis of about 2.14%, as reported in—V. 147, p. 161—were also bid for as
Due
Aug. 1, 1944-45 at 2.50-2.60% basis
F. W. CRAIGIE &
COMPANY
Richmond, Va.
bid
was
an
tendered by E. M.
offer of 100.17 on 2%&,
Phone
Adams & Co. of Portland.
Ore.—BOND SALE— The $2,346.63 issue of 6% semi¬
annual improvement bonds offered for sale on July 5-—V. 147, p. 160—
was sold at
a
price of 104.49, according to the City Recorder.
Dated
March 15, 1938.
Due in 10 years.
A. T. T. Tel. Rich. Va. 83
3-9137
WOOD BURN,
SOUTH
CAROLINA
AIKEN COUNTY (P. O. Aiken), S. C.—BOND OFFERING DETAILS
connection with the offering scheduled for July 11, of the $330,000
—In
of July 2—V. 146, p. 161—we are
principal and interest is secured not only
highway bonds, described in our issue
informed that the payment of the
City of Philadelphia
4% Bonds due November
by an unlimited tax on the county but also by the one-cent
payable to the county, and by a reimbursement agreement
county and the State Highway Commission.
1946
1,
108.474 & Interest to Net 2.85%
Price:
P ANDERSON
gasoline tax
between the
S. C*
note®
investmen"
SCHOOL DISTRICT NO. 17 (P. O. Anderson),
OFFERED—A $50,000 issue of 2M% school
—NOTES PUBLICLY
being offered by Hamilton & Co. of Chester, S. C., for public
at prices to yield from 1.25% to 2.00%, according to maturity.
Coupon
notes in denominations of $1,000.
Dated June 1, 1938.
Due on June 1
as follows: $11,000, 1939; $12,000, 1940; $13,000, 1941, and $14,000 in 1942.
Prin. and int. (June 1) payable at the Central Hanover Bank & Trust Co.,
New York City.
Legal opinion by Storey, Thorndike, Palmer & Dodge
are
Moncure Biddle & Co.
1520 Locust St.. Philadelphia
of Boston.
EUTAWVILLE SCHOOL
BOND OFFERING—It is
PHILADELPHIA
CITY OF
by the District Clerk, for
BONDS
DISTRICT (P. O. Orangeburg), S. C.—
reported that bids will be received
the purchase of a $10,000 issue of
COUNTY (P. O. Hampton),
P*HAMPTON
S. C —BOND SALE—The
premium of $750.00, equal to 100.75, according
of the County Board of Commissioners.
a
YARN ALL & CO.
1528
The following is an
Philadelphia
Walnut St.
official list of the bids
received:
Premium
Bidders—
Phila. 22
—
June 30—V. 146, p.
of Savannah, paying
to F. S. Hughes, Clerk
$100,000 issue of highway bonds offered for sale on
4155-—was awarded to Jonnson, Lane, Space & Co.
Bought—Sold—Quoted
A. T. & T. Teletype
Johnson, Lane. Space & Co., Savannah.*—
James Connor & Co., Charleston
R. S. DicRson & Co., Charlotte
McAlister Smith & Pate,
—
3M%
3M%
.3M %
^M%
3H%
1280.91
3H%
—
Charleston
& Co., Columbia—
Provident Savings Bank & Tr. Co., Cincinnati—
PENNSYLVANIA
C.
BLAIRSVILLE, Pa.—PRICE PAID—In connection with the report in—
V. 147, 160—of the award to Singer, Deane & Scribner of Pittsburgh of
$20,000 3XA% coupon bonds, we are informed that the successful bid was
par plus a premium of $341, equal to 101.705 a basis of about 3.14%.
Other bids—
Premium,
Bidder—
$315.00
306.20
182.00
165.00
101.00
& Co
t
Moore, Leonard & Lynch
.
Glover & MacGregor
E. H. Rollins & Sons, Inc
Blairsville Savings & Trust Co_
SALE—The $200,000 coupon
refunding bonds offered July 6—V. 146, p. 4155—were
composed of Mackey, Dunn & Co., Inc., New York;
George E. Snyder & Co. and C. C. Codings & Co., both of Philadelphia, as
2Ms, at 100.92, a basis of about 2.085%.
Dated Aug. 1, 1938 and due
Aug. 1 as follows:
$22,000 from 1940 to 1947 incl. and $24,000 in 1948.
Among other bids was an offer of 101.53 for 2 Ms made by Brown Harriman
& Co., Inc., New York.
The successful banking group reoffered the bonds
from a yield of 1.15% to a price of 100.50.
ERIE SCHOOL DISTRICT, Pa.—BOND
or
registered
awarded to
NEW
a
group
Pa .—BOND OFFERING DETAILS—The
BRIGHTON,
$35,000
4% interest street and sewer improvement bonds slated for
July 13—V. 147, p. 161—will be dated July 1, 1938, and payable as
not to exceed
sale
on
principal and interest at the Union National Bank
Registerable as to principal only and interchangeable.
to both
NEW
CASTLE,
$65,000 coupon refunding bonds, originally scheduled for
4155—was put off until the following day.
Dated Aug.
$13,000 on Aug. 1 from 1939 to 1943 incl.
p.
(State
PENNSYIVANIA
of the
July 7—V. 146,
1,1938 and due
DEFERRED—Award
AWARD
Pa.—BOND
of New Brighton.
of)—LOCAL
W. Haynes
*
1958.
SOUTH
Duryea
Amount Date Approved
County:
$20,000
June 27
128,000
June 27
45,000
District,
School
Borough
June 27
Luzerne County,
fund floating
refund bonded indebtedness $22,000;
indebtedness, $106,000
East
Fallowfieid
Townsnip
School District, Chester
County, erect, equip, furnish
building.
Shlcnango Township School
fund floating indebtedness
and complete school
District, Mercer County,
manent street
Blairsvihe
and
28,000
June 28
20,000
June 30
150,000
June 30
refunding
bonded indebtedness
Uniontown City School
June 28
of per¬
sewer
Borough,
June 27
June 28
20,000
improvements
Indiana
County,
8,000
25,000
Bellevue Borough, Allegheny County, pay cost
District, Fayette County, tax
anticipation notes
Dallas Township School District, Luzerne County,
funding floating indebtedness
Ross Township School District, Allegheny County,
Purchase lands for building sites; construct a new
school building
check for 2% must accompany
WAMPUM, Pa.—BOND SALE—The $30,000 coupon sewer construction
146, p. 3846—were awarded to Johnson & McLean
plus a premium of $212.50, equal to 100.78,
Dated July 1, 1938 and due $1,000 annually from
of Pittsburgh, as 3Ms, at par
basis of about 3.19%.
1940 to 1969 incl.; callable after 10 years.
Other bids:
Int. Rate
Bidder—
Burr & Co., Inc
3M%
3M%
4M%
r
Glover & MacGregor
Leach Bros
WYOMISSING
SCHOOL
DISTRICT,
Pa.—BOND
Premium
$53.70
325.00
48.00
OFFERING—
Margaret Thun Fry, Secretary of the Board of School Directors, will receive
sealed bids until 6 p. m. (Eastern Standard Time) on July 22 for the pur¬
chase
of $260,000 2, 2M. 2M, 2%, 3,
the bid.
HUMBOLDT, S. Dak .—BOND SALE— The $8,500 issue of sewage
disposal plant bonds offered for sale on June 27—V. 146, p. 4001—was
purchased by the Community Bank of Hartford, according to report.
Dated July 1,1938. Due from July 1,1941 to 1951; optional on July 1, 1943.
It is stated by Fred M. Herdina, Town Clerk, that these coupon bonds
were sold as 4s, for a premium of $176,00, equal to 102.07.
The second best bid was an offer of $175.00 premium on 4s, submitted
a
local investor.
SCHOOL DISTRICT (P. O.
OFFERING—Sealed bids will be received
Murphy, District Clerk, for the purchase
of a $20,000 issue of school bonds.
Interest rate is not to exceed 5%,
payable semi-annually.
Dated Aug. 1, 1938.
Due as follows: $500 in
1941 and 1942; $1,000, 1943, and $2,()U0, 1944 to 1952; optional on any
LAKE
TIMBER
INDEPENDENT
Timber Lake), S. Dak.—BOND
until 8 r>. m. on July 11, by J. H.
date.
TENNESSEE
MEMPHIS, Tenn.—BOND OFFERING— It is reported that sealed bids
will be received until Aug. 9, by the City Clerk, for the purcnase of an
$825,000 issue of public improvement bonds.
Dated Aug. 1, 1938. Due
from Aug. 1, 1939 to 1968.
TENNESSEE, State of—STATEMENT ON COUNTY HIGHWAY
REIMBURSEMENT BONDS—The following information has just been
received from the Cumberland Securities
In relation to Highway Bonds subject
Corp. of Nashville:
to reimbursement under the au¬
the
thority of Chapter 23 Public Acts of 1927, it was mandatory upon
State of Tennessee that a reorganization of the State's payments to the
Counties should be effected by 1939.
Under tnis authority it was specified
that means should be found whereby the State would pay to the Counties
the
money
Counties
owed to them on account of highway
and so that by 1949
one-tenth each year,
would be liquidated.
amounts of
reimbursement in the
the State's debt to the
reorganization has been effected, and will commence operation on
At that time the State will pay to the Counties one-tenth of
bonds bearing the current market rate of interest.
This
will continue each year until 1948, when the entire debt of the State to the
Counties will be liquidated.
The principal payment to the Counties will be held in the physical custody
of the State Board of Claims until the maturity of the County bonds or until
1949.
However, in the event that any County has long-term bonds out¬
standing it will be necessary for such Counties to make up the interest
difference between the rate of the State bonds and the rate of the outstanding
County bonds.
,
,
This
Jan
its
1, 1939.
debt in State
t
bonds offered July 5—V.
a
DAKOTA
HURON, S. Dak.—BOND OFFERING—Sealed bids will be received
until July 25, by William H. Olson, City Treasurer, for the purchase of a
$39,000 issue of 3M% semi-ann. airport improvement bonds.
A certified
interest payment
of issue and date approved:
Municipality and Purpose—
3M%
SPARTANBURG SCHOOL DISTRICT NO. 34 (P. O. Spartanburg),
S. C.—BOND SALE—The $150,000 issue of coupon school bonds offered
for sale on July 7—V. 146, p. 4155—was awarded to R. S. Dickson & Co.
of Charlotte, N. C., as3Ms, paying a premium of $2,031, equal to 101.354,
a basis of about 3.12%.
Dated July 1, 1938.
Due from 3an. 1, 1942 to
APPROVED—The
ISSUES
Carbondale City School Dist., Lackawanna
tax anticipation notes
320.00
Sucessful bid.
Department of Internal Affairs, Bureau of Municipal Affairs, has approved
the following local bond issues.
Information includes name of the municip¬
ality, amount and purpose
Int. Rate
508-50
£79*QQ
812.00
$750.00
1135.00
Seabrook & Karrow, Charleston
S. K. Cunningham
until July 11,
school bonds.
3M or 3M% coupon, registerable
To prevent this interest loss, the State is
months, to offer the Counties State bonds
prepared, during the next six
at coupon rates from 3.00 to
depending upon the maturity and the market price of the outstanding
County bonds.
It is contemplated that these State bonds will materially
assist the Counties in purchasing their outstanding indebtedness prior to
Jan
1, 1939.
No State bonds will be turned over to the Counties unless
a like amount of County debt can be simultaneously cancelled.
All Counties
not liquidating their debt on Jan. 1, 1939 will receive for their benefit 10%
(10%) of what the State owes them as explained above, this being under
the authority of Chapter 165 Public Acts of 1937.
3 75%
Financial
306
Chronicle
July
WISCONSIN
TEXAS
COUNTY
COCHRAN
(P. O.
OFFERED—Two issues of \Yi%
offered by William N. Edwards &
tion at prices to yield from 2.50%
The issues
are
divided
as
Morton), Texas —BONDS PUBLJLY
bonds aggregating $125,000, are being
Co. of Fort Worth, for public subscrip¬
to 4.10%, according to maturity.
follows:
$99,000 court house and jail refunding bonds.
Due on April 1 as follows:
$2,000. 1941; $5,000, 1942 to 1960, and $2,000 in 1961.
26,000 road and bridge refunding bonds.
Due on April 1 as follows
$2,000, 1941; $1,000, 1942 to 1944; $2,000, 1945 to 1950; $1,000,
1951 and 1952; $2,000, 1953 and 1954, and $3,000 in 1955.
Denom. $1,000. Dated April 1, 1938.
at the
New
Irving Trust Co.,
Lubbock,
These bonds
Prin. and int. (A. & O.) payable
York, or at the Citizens National Bank,
issued to refund at a lower rate of interest a like amount
obligations of the county and constitute direct obligations
ad valorem taxes levied against all the taxable
property in the county, within the limits prescribed by law.
These bonds are offered on a when, as and if issued basis subject to the
approval of the Attorney General of the State of Texas and Chapman &
Cutler, Chicago.
were
of legally issued
DALLAS, Texas—BONDS OFFERED— Sealed bids were received until
m. on July 8, by Earl Goforth, City Secretary, for the following
bonds totaling $1,650,000:
1.15 p.
coupon
$750,000 School bonds. Bids were desired for tne purchase of the bonds as
20-year seriais, and, separately, as 30-year serials.
If the City
Council's decision is to issue 20-year serials, the bonds will ma¬
ture Aug. 1, as follows:
$37,000 in 1939, $38,000 in 1940, $37,000
in 1941, $38,000 in 1942, $37,000 in 1943, $38,000 in 1944, $37,000
in 1945, $38,000 in 1946, $37,000in 1947, $38,000 in 1948, $37,000
in 1949, $38,000 in 1950,. $37,000 m 1951, $38,000 in 1952,
$37,000 in 1953, $38,000 in 1954, $37,000 in 1955, $38,000 in
1956, $37,000 in 1957,, and $38,000 in 1958. If 30-year serials are
issued, the bonds will mature $25,000 Aug. 1, 1939 to 1968. The
bonds were authorized at the election held, on April 6, 1937.
500,000 Storxn sewer improvement bonds.
Bids were desired for the
purchase of the bonds as 20-year serials, and, separately, as
30-year serials. If tne City Council's decision is to issue 20-year
serials, the bonds will mature $25,000 Aug. 1, 1939 to 1958.
If
30-year serials are issued, the bonds will mature Aug. 1, as
follows:
$16,000 in 1939, $17,000 in 1940 and 1941, $16,000 in
1942, $17,000 in 1943 and 1944, $16,000 in 1945, $17,000 in 1946
and 1947, $16,000 in 1948, $17,000 in 1949 and 1950, $16,000 in
1951, $17,000 in 1952 and 1953, $16,000 in 1954, $17,000 in 1955
and 1956, $16,000 in 1957, $17,000 in 1958 and 1959, $16,000 in
1960, $17,000 ;n 1961 and 1962, $16,000 in 1963, $17,000 in 1964
and 1965, $16,000 in 1966, and $17,000 in 1967 and 1968.
Tnese
bonds were authorized at the election held on April 5, 1938.
300,000 Airport improvement bonds.
Bids were desired for the purchase
of the bonds as 20-year serials, and, separately, as 30-year seriais.
If the City Council's decision is to issue 20-year serials, the bonds
will mature $15,000 Aug. 1, 1939 to 1958.
If 30-year serials are
issued the bonds will mature $10,000 Aug. 1, 1939 to 1968. These
bonds were authorized at the election held on April 5, 1938.
100,000 Street opening and widening bonds. Due, $5,000 Aug. 1, 1939 to
1958. These bonds were authorized at tne election held on Dec. 15,
1927.
Dated Aug. 1,1938. Denom. $1,000. Principal and interest payable at the
Chase National Bank, New York. Tne bonds will be payable to bearer with
option of registration as to principal only. The city reserves the privilege
tne
of
repurchasing from hte successful bidder for investment purposes and
at the bid price, $70,000 face value of the school bonds, maturing $10,000
Aug. 1, 1948 to 1954. When the successful bidder is notified of tne accept¬
ance of his bid, the
city will at the same time exercise or waive this option.
HIGH BID—We were informed late on July 8 that the highest bid for the
above bonds was submitted by a syndicate composed of Lazard Freres &
Co., Inc., of Chicago, the First National Bank in Dallas, C. F. Childs &
Co. of Chicago, Braun, Bosworth & Co. of Toledo, Callihan & Jackson of
Dallas, and Milton R. Underwood, of Houston.
No award of the bonds had been announced at that time.
MARION COMMON SCHOOL DISTRICT (P. O. Seguln), Texas—
BOND SALE DETAILS—It is now reported by the County Superintendent
that the $27,500 construction bonds sold in May as 3>£s, as noted here—
V.
146,
COUNTY (P. O. A.hland), Wi
It is stated by Edwin fl. Quistorff, County Clerk, that he will receive sealed
bids until 10 a. m. on July 21, for the purchase of an issue of $180,000
coupon county highway improvement, Series C bonds.
Interest rate is
not to exceed 3%, payable M. & N.
Denom. $1,000. Due on May 1 as
follows:
$50,000, 1940 to 1942, and $3,000 in 1943. Prin. and int. payable
at the County Treasurer's office.
ASHLAND
DANE COUNTY
O.
(P.
Madison),
Wis .—BOND
OFFERING—It is
stated by Austin N. Johnson, County Clerk, that he will receive auction
bids until 10 a. m. (Central Standard Time), on July 12, for the purchase
of
$310,000 issue of 2% court house annex building bonds.
Denomina¬
as may be agreed upon by the purchaser and the Audit Committee
Dated July 1, 1938.
Due $31,000 from July 1, 1939
to 1948 incl.
Prin. and int. (J. & J.) payable at the County Treasurer's
office.
Bonds and legal opinion to be furnished by the successful bidder.
A certified check for $1,000 is required to be deposited before any bid is
accepted..
Av
"'V-'K'V■ 1 ■
a
tions
of the County Board.
of the county, payable from
^
1938
9,
3557—were purchasedtby Mr. Julius Schwarts, of Schulenberg,
paying a price of 100.909, a basis of about 3.43%.
Dated. April 10, 1938.
DUNN COUNTY (P. O. Menomonie), Win.—BOND OFFERING—It
reported that sealed and auction bids will be received by Leonard
Kingsley, County Clerk, until July 18, at 10 a. m., for the purchase of an
issue or $100,000 3% highway improvement, series B bonds.
Denom.
$1,000.
Dated April 1, 1938.
Due on April 1, 1942.
Prin. and int.
(A. & O.) payable at the County Treasurer's office. The bonds will be sold
at not less than par and accrued interest to date of delivery.
These bonds
are to be issued subject to the approving opinion of Chapman & Cutler of
Chicago.
A certified check for not less than 2% of the par value of the
bonds, payable to the County Treasurer, must accompany the bid.
is
HIGHLAND, Wis.—BOND SALE—The $2,000 issue of 4%
semi-annua1
water works bonds offered for sale on June 25—V. 146, p. 4156—was pur¬
chased by the Highland State Bank, at par, according to the Village Clerk.
Due from March 1, 1947 to 1949 optional after March 1, 1943.
RHINELANDER, Wis.—BOND OFFERING—Sealed bids will be re¬
ceived until 5 p. m. on July 18, by Mabel Carr, City Clerk, for the pur¬
chase of a $75,000 issue of 3% semi-ann. school construction bonds.
Dated
June 1, 1938.
ance
The bonds to be in units of $1,000 and to mature in accord¬
with schedule set forth in resolution of intention, a copy of which will
bidder upon request.
Any bid of less than
plus accrued interest, cannot, by law, be accepted.
bids on the basis of $100, plus accrued interest.
No special bid forms are required.
It is believed that all proper legal steps
of the issuance of these bonds have been complied with, but the successful
bidder will be allowed 1.5 days from date of proposal for checking legal
procedure at his own expense and on failure to do so within said time limit
the Common Council may award the contract to the next highest bidder.
The purchaser shall furnish the blank bonds, as approved by the City
Attorney, without expense to the city.
Enclose a certified check for $1,000
payable to the city.
A':'\j'A
-VAA
be furnished to any interest
95%
of face value,
Bidders shall make their
TOMAH, Wis.—BOND OFFERING—It is stated by E. J. McKean,
Superintendent of Schools, that sealed bids will be received by the Finance
Committee until 7:30 p. m. on July 12, for the purchase of a $70,850 issue
of coupon high school building bonds. Denom. $500, one for $850. Due on
April 1 as follows: $4,000, 1940 to 1946; $5,000, 1947 to 1952; $6,000 in
1953, and $6,850 in 1954.
These bonds may be registered as to principal
only. They are stated to be a general city liability.
BOND SALE POSTPONED—In
a
letter dated July 6, we were informed
follows by Mr. McKean:
as
On June 30, 1938,1 informed you in a letter about a school oond issue to
be sold by the local municipality on Tuesday, July 12.
I have now been
informed that
these bonds will
be sold at
a
later date.
As
soon
as
that
date is determined, I will again communicate with you.
WYOMING
BIG HORN COUNTY SCHOOL DISTRICT NO. 20
(P. O. Burling.
ton), Wyo.—BOND OFFERING—Sealed bids will be received until 3 p.m.,
July 30, by O. A. Johnson, District Clerk, for the purchase of a $20,000
issue of 5% coupon school bonds.
Denom. $1,000.
Dated July 1, 1938
Due on July 1 as follows: $1,000, 1949 to 1958, and $2,000, 1959 to 1963,
all incl. Prin. and int. (J. & J.) payable at the County Treasurers' office
on
The bonds will be sold for not less than
at the State Treasurer's office.
ar
A certified check for 10% of the bid is required.
value.
par
p.
Due from
1939 to 1968.
NATRONA
COUNTY
(P. O. Casper), Wyo .—BOND ELECTION—
Aug. 2 to have the voters pass on the issuance
$250,000 in bonds to match funds allocated by the Public Works Ad¬
ministration for the construction of a courthouse and jail at Caspar.
An election has been called for
of
MARLIN, Texas—BOND
OFFERING—Sealed
bids
will
received
be
until 8 p. m. on July 26, by Mayor M.J. Kennedy, for the purchase of two
issues of 3%
follows:
$67,UUU
sewer
semi-ann. refunding bonds aggregating $93,00J, divided
bonds.
Due in from
26,000 high school bonds.
A certified check for
NECHES
SCHOOL
one
as
Due in from
one to
The
20 years.
5% must accompany each bid.
DISTRICT
(P.
Neches)
O.
Texas—BONDS
SOLD—It is reported by the District Secretary tnat $20,000 construction
bonds were sold recently to the State Board of Education.
SAN
fixed
Wyo.—NO BIDS—It is stated by John J. Hickey, City
bonds
are
divided
as
follows:
$23,000 4 % % surfacing district No. 1 bonds.
Due in 10 years.
1,300 41£% surfacing district No. 2 bonds.
Due in 10 years.
(A block of $5,000 of these bonds was purchased at par on June 24 by
George W. Vallery & Co. of Denver.)
BONDS SOLD—Mr.
ANGELO, Texas—BONDS VOTED—At the election held
by the voters at
voters
Hickey states that $10,000 sewer bonds approved
election held on May 14, have been purchased by local
banks.
on June
approved the issuance of $250,000 in construction bonds,
according to the City Clerk,
He reports that an offering date has not been
the
28
RAWLINS,
Treasurer, that the two issues of bonds aggregating $24,300, offered on
7—V. 146, p. 3390—were not sold as there were no bids received.
June
to 22 years.
as
an
yet.
SWEETWATER,
Texas—BONDS
EXCHANGED—It
is
stated
% bonds by the Ranson-Davidson Co. of San Antonio.
Due from April 1, 1939 to 1962.
LIVERPOOL, N. S.—BOND SALE—The Dominion Securities Corp. of
Toronto was awarded
an
issue of $20,000 3improvement bonds at a
price of 100.37, a basis of about 3.44%.
Due in 15 annual installments.
Denom. $1,000.
Dated April 1, 1938.
TORNILLO SCHOOL DISTRICT (P. O. fornillo) Texas—BONDS
TO BE SOLD—The Secretary of the Board of Education states that $4,500
school construction bonds will be
CANADA
by
W. H. Whaley, City
Secretary, that the $148,000 4H% semi-annual city
hall and fire station refunding bonds authorized
by the City Council in
May, as noted here—V. 146, p. 3557—have been exchanged for the original
purchased by the sinking fund.
MONTREAL, Que.—PLANS $4,000,000 BOND ISSUE—1The city is
reported to have practically concluded negotiations for the sale to a banking
group of an issue of $4,000,000 bonds, of which $1,500,000 will be sold
outright and the balance taken on option.
The syndicate may be headed
by Savard, Hodgson & Co. and W. C. Pitfield.
Bonds will bear 4%
interest and mature Dec.
for
VIRGINIA
VIRGINIA, State of—$14,000,000
SURPLUS REPORTED AT END
OF I ISCAL YEAR—The Commonwealth of
Virginia ended its fiscal year
June 30 with more than $14,000,000 cash on hand, estimates of the
State Treasurer's office indicated.
At the close of business on that date
on
5^? ^t?'s casl1
on hand totaled $14,792,000 which compares with $11,105,000 for the like date of 1937.
A considerable amount of cash, however,
was drawn out with the begin¬
ning of the new fiscal year on Friday, when more than $3,000,000 was
paid on maturing bonds, semi-annual interest, and other accounts.
Virginia's book surplus on May 31, amounted to $ 13,271,932, Comptroller
Hodges reported to Governor Price.
The surplus in the general fund was
given as $7,962,724 and in special funds at $5,309,208.
f
Revenue for the 11 months increased $6,789,491, while
expenditures were
$4,313,507.
Total expenditures for the period were $67,331,006
last year.
Total revenues were $79,460,875 against
$72,671,383.
Revenue applicable to the general fund was $19,972,754
against $17,395,804 a year previously.
up only
WENATCHEE,
Wash.—BOND
$3,000 issue of
semi-ann. sewer bonds offered for sale on July 5—V. 147, p. 162—
purchased by the State of Washington, according to the Town Clerk.
KING
COUNTY
SCHOOL
DISTRICT
NO.
177
(P.
O.
Seattle),
J—BOND SALE—The $5,000 issue of
offered for sale on
coupon school addition bonds
July 2—V. 146, p. 4002—was purchased by the State of
Washington, as 4s at par, according to the County Treasurer.
No other
bid was received, he states. Due in 22
years; callable on or after five years.
LONG
BEACH, Wash.
BOND OFFERING—Sealed bids
will
be
re¬
ceived until 8p. m. on July 18, by R. C. Bell, Town Treasurer, for the
purchase of a $2,700 issue of general obligation bonds; to bear interest at
not exceeding 6%, payable semi-annually.
A certified check for 5% of tne
amount of the bid is required.
(These bonds were offered for sale without success on May 20, as noted
here at the time.)
Other
GATINEAU, Que.—BOND SALE—The issue of $20,000 bonds
27 was awarded to Comptoir Nationale de Placement of
5s, at a price of 102.50.
June
Montreal,
as
bids:
J
Rate Bid
Bidder—
Bruno Jeannotte-
102.03
i
_
Credit Anglo-Francais, Ltd
-
—
98.50
QUEBEC, Que—TO ISSUE BONDS—It is reported that the city will
appear in the Canadian investment market shortly with an offering of
$2,264,600 bonds.
As was the case in the last previous flotation, the loan
will not be firmly underwritten by the banking group.
Instead, the city
will pay the bankers a commission of K of 1% on all bonds taken up by
them.
Proceeds of the projected issue will provide $300,000 for financing
the 1937-1938 deficit; $893,300 to meet maturing obligations; $611,000 to
finance deficit on workmen's houses; $358,700 for direct relief and $78,100
expected to be headed by L. G.
,
"«*RIMOUSKI,
SALE—The
coupon
was
POINTE
offered
for paving purposes.
The syndicate is
Beaubien & Co. of Montreal.
WASHINGTON
EAST
1, 1946.
Of the proceeds $3,000,000 will be used
public works, and $500,000 each for relief and settlement of Protestant
and Catholic school hoard claims against the city.
bonds for
Que.—BONDS SOLD—The $62,500 4%
which all bids were rejected on June 20—V. 146,
improvement
p. 4156—were
sold later to local investors.
SMITH TOWNSHIP. Ont.—BOND SALE—An issue of $21,500 3M%
improvement bonds, due in 20 annual installments, was sold to the Midland
Securities Co. of Toronto, at a price of 100.57, a basis of about 3.43 %.
Other bids:
"
Bidder—
J. L. Graham & Co
3H% Bonds
100.675
----
Dyment, Anderson & CoR. A. Daly & Co., Ltd
C. H. Burgess & Co._-Harris, Ramsay & Co
Harris, McKinnon & Goss & Co
Bell, Gouinlock & Co., Ltd
Gairdner & Co., Ltd
__
100.53
100.04
100.00
100.00
----
lOO.OO
—
98.60
98.60
4% Bonds
105.25
104.87
104.00
-----
103.05
100.27
@FedFRASER